Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 22, 2019 | Jun. 30, 2018 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | UMBF | ||
Entity Registrant Name | UMB FINANCIAL CORP | ||
Entity Central Index Key | 101,382 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 49,053,206 | ||
Entity Public Float | $ 3,442,816,067 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
ASSETS | ||
Loans | $ 12,178,150 | $ 11,280,513 |
Allowance for loan losses | (103,635) | (100,604) |
Net loans | 12,074,515 | 11,179,909 |
Loans held for sale | 3,192 | 1,460 |
Securities: | ||
Available for sale | 6,542,800 | 6,258,577 |
Held to maturity (fair value of $1,070,532 and $1,207,447, respectively) | 1,170,646 | 1,261,014 |
Trading securities | 61,011 | 54,055 |
Other securities | 73,692 | 65,897 |
Total investment securities | 7,848,149 | 7,639,543 |
Federal funds sold and securities purchased under agreements to resell | 627,001 | 191,601 |
Interest-bearing due from banks | 1,047,830 | 1,351,760 |
Cash and due from banks | 645,123 | 392,723 |
Premises and equipment, net | 283,879 | 275,942 |
Accrued income | 110,168 | 98,863 |
Goodwill | 180,867 | 180,867 |
Other intangibles, net | 15,003 | 20,257 |
Other assets | 515,392 | 438,658 |
Total assets | 23,351,119 | 21,771,583 |
Deposits: | ||
Noninterest-bearing demand | 6,680,070 | 6,839,171 |
Interest-bearing demand and savings | 11,454,442 | 9,903,565 |
Time deposits under $250,000 | 593,904 | 547,990 |
Time deposits of $250,000 or more | 552,844 | 732,274 |
Total deposits | 19,281,260 | 18,023,000 |
Federal funds purchased and repurchase agreements | 1,518,920 | 1,260,704 |
Long-term debt | 82,671 | 79,281 |
Accrued expenses and taxes | 177,731 | 191,464 |
Other liabilities | 62,067 | 35,603 |
Total liabilities | 21,122,649 | 19,590,052 |
SHAREHOLDERS’ EQUITY | ||
Common stock, $1.00 par value; 80,000,000 shares authorized, 55,056,730 shares issued and 49,117,222 and 49,894,990 shares outstanding, respectively | 55,057 | 55,057 |
Capital surplus | 1,054,601 | 1,046,095 |
Retained earnings | 1,488,421 | 1,338,110 |
Accumulated other comprehensive loss, net | (95,782) | (45,525) |
Treasury stock, 5,939,508 and 5,161,740 shares, at cost, respectively | (273,827) | (212,206) |
Total shareholders' equity | 2,228,470 | 2,181,531 |
Total liabilities and shareholders' equity | $ 23,351,119 | $ 21,771,583 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Statement Of Financial Position [Abstract] | ||
Held to Maturity, Fair value | $ 1,070,532 | $ 1,207,447 |
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 | 49,117,222 | 49,894,990 |
Treasury stock, shares | 5,939,508 | 5,161,740 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
INTEREST INCOME | |||
Loans | $ 559,351 | $ 461,301 | $ 386,274 |
Securities: | |||
Taxable interest | 83,333 | 73,125 | 73,560 |
Tax-exempt interest | 74,411 | 73,419 | 57,516 |
Total securities income | 157,744 | 146,544 | 131,076 |
Federal funds and resell agreements | 4,808 | 3,700 | 2,708 |
Interest-bearing due from banks | 7,910 | 3,871 | 2,341 |
Trading securities | 2,148 | 1,496 | 632 |
Total interest income | 731,961 | 616,912 | 523,031 |
INTEREST EXPENSE | |||
Deposits | 92,101 | 36,354 | 17,936 |
Federal funds and repurchase agreements | 24,737 | 17,906 | 6,524 |
Other | 4,677 | 3,739 | 3,248 |
Total interest expense | 121,515 | 57,999 | 27,708 |
Net interest income | 610,446 | 558,913 | 495,323 |
Provision for loan losses | 70,750 | 41,000 | 32,500 |
Net interest income after provision for loan losses | 539,696 | 517,913 | 462,823 |
NONINTEREST INCOME | |||
Trading and investment banking | 15,584 | 23,183 | 21,422 |
Gains on sales of securities available for sale, net | 578 | 4,192 | 8,509 |
Other | 33,467 | 33,651 | 28,833 |
Total noninterest income | 401,698 | 423,562 | 402,511 |
NONINTEREST EXPENSE | |||
Salaries and employee benefits | 419,091 | 413,830 | 390,059 |
Occupancy, net | 45,239 | 44,462 | 44,255 |
Equipment | 75,184 | 72,008 | 66,337 |
Supplies and services | 16,103 | 17,173 | 18,535 |
Marketing and business development | 24,372 | 21,469 | 21,208 |
Processing fees | 46,977 | 42,331 | 36,005 |
Legal and consulting | 29,859 | 23,406 | 20,801 |
Bankcard | 17,514 | 19,471 | 20,757 |
Amortization of other intangible assets | 5,764 | 7,326 | 8,695 |
Regulatory fees | 12,695 | 15,527 | 14,178 |
Other | 25,002 | 28,126 | 25,915 |
Total noninterest expense | 717,800 | 705,129 | 666,745 |
Income before income taxes | 223,594 | 236,346 | 198,589 |
Income tax expense | 27,334 | 53,370 | 44,955 |
Income from continuing operations | 196,260 | 182,976 | 153,634 |
Discontinued Operations | |||
(Loss) income from discontinued operations before taxes | (917) | 101,226 | 8,415 |
Income tax (benefit) expense | (170) | 37,097 | 3,248 |
(Loss) income from discontinued operations | (747) | 64,129 | 5,167 |
NET INCOME | $ 195,513 | $ 247,105 | $ 158,801 |
Basic: | |||
Income from continuing operations | $ 3.98 | $ 3.72 | $ 3.15 |
(Loss) income from discontinued operations | (0.01) | 1.30 | 0.10 |
Net income – basic | 3.97 | 5.02 | 3.25 |
Diluted: | |||
Income from continuing operations | 3.94 | 3.67 | 3.12 |
(Loss) income from discontinued operations | (0.01) | 1.29 | 0.10 |
Net income - diluted | $ 3.93 | $ 4.96 | $ 3.22 |
Weighted average shares outstanding – basic | 49,334,937 | 49,223,661 | 48,828,313 |
Weighted average shares outstanding – diluted | 49,770,737 | 49,839,290 | 49,277,055 |
Trust and Securities Processing [Member] | |||
NONINTEREST INCOME | |||
Noninterest income | $ 172,163 | $ 176,646 | $ 166,315 |
Service Charges On Deposit Accounts [Member] | |||
NONINTEREST INCOME | |||
Noninterest income | 84,287 | 87,680 | 86,662 |
Insurance Fees and Commissions [Member] | |||
NONINTEREST INCOME | |||
Noninterest income | 1,292 | 1,972 | 4,188 |
Brokerage Fees [Member] | |||
NONINTEREST INCOME | |||
Noninterest income | 25,807 | 23,208 | 17,833 |
Bankcard Fees [Member] | |||
NONINTEREST INCOME | |||
Noninterest income | $ 68,520 | $ 73,030 | $ 68,749 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 195,513 | $ 247,105 | $ 158,801 | |
Unrealized gains and losses on debt securities: | ||||
Change in unrealized holding gains and losses, net | (51,271) | 21,139 | (77,794) | |
Less: Reclassification adjustment for net gains included in net income | (578) | (4,192) | (8,509) | |
Change in unrealized gains and losses on debt securities during the period | (51,849) | 16,947 | (86,303) | |
Change in unrealized gains and losses on derivative hedges | 1,906 | (1,050) | (516) | |
Income tax benefit (expense) | 12,735 | (3,880) | 32,995 | |
Other comprehensive (loss) income before reclassifications | (37,208) | 12,017 | (53,824) | |
Amounts reclassified from accumulated other comprehensive income | [1],[2] | (13,049) | ||
Net current-period other comprehensive (loss) income | (50,257) | 12,017 | (53,824) | |
Comprehensive income | $ 145,256 | $ 259,122 | $ 104,977 | |
[1] | See Note 2, “New Accounting Pronouncements,” for discussion of the Company’s adoption of ASU No. 2018-02. | |||
[2] | See Note 2, “New Accounting Pronouncements,” for discussions of the Company’s adoption of Accounting Standards Update (ASU) No. 2016-01. |
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 | Treasury Stock | |
Beginning Balance at Dec. 31, 2015 | $ 1,893,694 | $ 55,057 | $ 1,019,889 | $ 1,033,990 | $ (3,718) | $ (211,524) | |
Total comprehensive income (loss) | 104,977 | 158,801 | (53,824) | ||||
Dividends | (49,048) | (49,048) | |||||
Purchase of treasury stock | (16,367) | (16,367) | |||||
Issuance of equity awards | 429 | (3,011) | 3,440 | ||||
Recognition of equity based compensation | 11,306 | 11,306 | |||||
Sale of treasury stock | 1,096 | 480 | 616 | ||||
Exercise of stock options | 15,815 | 3,417 | 12,398 | ||||
Cumulative effect adjustment | ASU No. 2016-09 [Member] | [1] | 482 | 1,338 | (856) | |||
Ending Balance at Dec. 31, 2016 | 1,962,384 | 55,057 | 1,033,419 | 1,142,887 | (57,542) | (211,437) | |
Total comprehensive income (loss) | 259,122 | 247,105 | 12,017 | ||||
Dividends | (51,882) | (51,882) | |||||
Purchase of treasury stock | (15,276) | (15,276) | |||||
Issuance of equity awards | 472 | (2,871) | 3,343 | ||||
Recognition of equity based compensation | 12,844 | 12,844 | |||||
Sale of treasury stock | 1,120 | 608 | 512 | ||||
Exercise of stock options | 12,747 | 2,095 | 10,652 | ||||
Ending Balance at Dec. 31, 2017 | 2,181,531 | 55,057 | 1,046,095 | 1,338,110 | (45,525) | (212,206) | |
Total comprehensive income (loss) | 145,256 | 195,513 | (50,257) | ||||
Reclassification of certain tax effects | [2] | 12,917 | 12,917 | ||||
Dividends | (58,264) | (58,264) | |||||
Purchase of treasury stock | (76,507) | (2,807) | (73,700) | ||||
Issuance of equity awards | 495 | (2,004) | 2,499 | ||||
Recognition of equity based compensation | 10,579 | 10,579 | |||||
Sale of treasury stock | 1,062 | 524 | 538 | ||||
Exercise of stock options | 11,256 | 2,214 | 9,042 | ||||
Cumulative effect adjustment | ASU Nos. 2016-01 and 2017-12 [Member] | [3] | 145 | 145 | ||||
Ending Balance at Dec. 31, 2018 | $ 2,228,470 | $ 55,057 | $ 1,054,601 | $ 1,488,421 | $ (95,782) | $ (273,827) | |
[1] | Related to the adoption of ASU No. 2016-09. See Note 2, “New Accounting Pronouncements,” for further detail. | ||||||
[2] | Related to the adoption of ASU No. 2018-02. See Note 2, “New Accounting Pronouncements,” for further detail. | ||||||
[3] | Related to the adoption of ASU Nos. 2016-01 and 2017-12. See Note 2, “New Accounting Pronouncements,” for further detail. |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement Of Stockholders Equity [Abstract] | |||||||||||
Dividends, per share | $ 0.300 | $ 0.290 | $ 0.290 | $ 0.290 | $ 0.275 | $ 0.255 | $ 0.255 | $ 0.255 | $ 1.17 | $ 1.04 | $ 0.99 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
OPERATING ACTIVITIES | |||
Net income | $ 195,513 | $ 247,105 | $ 158,801 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for loan losses | 70,750 | 41,000 | 32,500 |
Net accretion of premiums and discounts from acquisition | (398) | (1,906) | (2,303) |
Depreciation and amortization | 53,116 | 54,875 | 54,556 |
Deferred income tax (benefit) expense | (20,261) | 59,738 | 2,756 |
Net increase in trading securities and other earning assets | (9,889) | (10,805) | (12,420) |
Gains on sales of securities available for sale, net | (578) | (4,192) | (8,509) |
Gains on sales of assets | (2,721) | (103,346) | (762) |
Amortization of securities premiums, net of discount accretion | 43,773 | 48,101 | 54,467 |
Originations of loans held for sale | (59,687) | (65,163) | (92,438) |
Gains on sales of loans held for sale, net | (1,183) | (1,561) | (1,774) |
Proceeds from sales of loans held for sale | 59,138 | 70,543 | 89,522 |
Equity based compensation | 11,074 | 13,316 | 11,735 |
Net tax benefit related to equity compensation plans | 2,364 | 3,612 | 1,073 |
Changes in: | |||
Accrued income | (11,305) | (9,201) | (8,918) |
Accrued expenses and taxes | (13,747) | (40,806) | 14,112 |
Other assets and liabilities, net | (18,862) | 25,216 | 4,042 |
Net cash provided by operating activities | 297,097 | 326,526 | 296,440 |
INVESTING ACTIVITIES | |||
Proceeds from maturities of securities held to maturity | 114,550 | 87,595 | 48,539 |
Proceeds from sales of securities available for sale | 95,525 | 578,517 | 951,264 |
Proceeds from maturities of securities available for sale | 1,017,230 | 1,198,834 | 1,792,357 |
Purchases of securities held to maturity | (33,158) | (236,832) | (500,682) |
Purchases of securities available for sale | (1,486,578) | (1,585,395) | (2,546,028) |
Net increase in loans | (970,399) | (770,727) | (1,129,026) |
Net (increase) decrease in fed funds sold and resell agreements | (435,400) | 132,726 | (150,700) |
Net cash activity from acquisitions and divestitures | (8,907) | 164,561 | |
Net decrease in interest bearing balances due from other financial institutions | 9,389 | 45,752 | 88,009 |
Purchases of premises and equipment | (57,940) | (36,447) | (50,841) |
Proceeds from sales of premises and equipment | 5,379 | 3,037 | 1,760 |
Purchases of bank-owned and company-owned life insurance | (62,800) | (7,095) | |
Proceeds from bank-owned life insurance death benefit | 16 | 2,601 | |
Net cash used in investing activities | (1,750,293) | (478,578) | (1,502,443) |
FINANCING ACTIVITIES | |||
Net increase in demand and savings deposits | 1,402,119 | 1,307,843 | 1,598,026 |
Net (decrease) increase in time deposits | (129,159) | 144,543 | (119,315) |
Net increase (decrease) in fed funds purchased and repurchase agreements | 258,216 | (596,233) | 38,875 |
Net decrease in short-term debt | (5,000) | ||
Proceeds from long-term debt | 4,000 | 3,003 | 1,500 |
Repayment of long-term debt | (1,653) | (1,524) | (11,703) |
Payment of contingent consideration on acquisitions | (3,031) | ||
Cash dividends paid | (58,279) | (51,876) | (49,038) |
Proceeds from exercise of stock options and sales of treasury shares | 12,318 | 13,867 | 16,911 |
Purchases of treasury stock | (76,507) | (15,276) | (16,367) |
Net cash provided by financing activities | 1,411,055 | 804,347 | 1,450,858 |
(Decrease) increase in cash and cash equivalents | (42,141) | 652,295 | 244,855 |
Cash and cash equivalents at beginning of year | 1,716,262 | 1,063,967 | 819,112 |
Cash and cash equivalents at end of year | 1,674,121 | 1,716,262 | 1,063,967 |
Supplemental disclosures: | |||
Income taxes paid | 63,127 | 45,749 | 44,076 |
Total interest paid | $ 115,163 | $ 56,820 | $ 27,999 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES UMB Financial Corporation is a bank holding company, which offers a wide range of banking and other financial services to its customers through its branches and offices in the states of Missouri, Kansas, Colorado, Illinois, Oklahoma, Texas, Arizona, Nebraska, Pennsylvania, South Dakota, Indiana, Utah, Minnesota, California, and Wisconsin. The preparation of consolidated financial statements in conformity with 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 consolidated financial statements. These estimates and assumptions also impact reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Following is a summary of the more significant accounting policies to assist the reader in understanding the financial presentation. Consolidation The Company and its wholly owned subsidiaries are included in the Consolidated Financial Statements (references hereinafter to the “Company” in these Notes to Consolidated Financial Statements include wholly owned subsidiaries). Intercompany accounts and transactions have been eliminated in consolidation. Revenue Recognition Interest on loans and securities is recognized based on rate times the principal amount outstanding. This includes the impact of amortization of premiums and discounts. Interest accrual is discontinued when, in the opinion of management, the likelihood of collection becomes doubtful. Other noninterest income is recognized when performance obligations are satisfied. Cash and cash equivalents Cash and cash equivalents include Cash and due from banks and amounts due from the FRB. 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 FRB are interest-bearing for all periods presented and are included in the Interest-bearing due from banks line on the Company’s Consolidated Balance Sheets. This table provides a summary of cash and cash equivalents as presented on the Consolidated Statements of Cash Flows as of December 31, 2018 and 2017 (in thousands) : December 31, 2018 2017 Due from the FRB $ 1,028,998 $ 1,323,539 Cash and due from banks 645,123 392,723 Cash and cash equivalents at end of year $ 1,674,121 $ 1,716,262 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 $18.8 million and $28.2 million at December 31, 2018 and 2017, respectively. Loans and Loans Held for Sale Loans are classified by the portfolio segments of commercial, real estate, consumer, and leases. The portfolio segments are further disaggregated into the loan classes of commercial, asset-based, factoring, commercial credit card, real estate – construction, real estate – commercial, real estate – residential, real estate – HELOC, consumer – credit card, consumer – other, and leases. A loan is considered to be impaired when management believes it is probable that it will be unable to collect all principal and interest due according to the contractual terms of the loan. If a loan is impaired, the Company records a valuation allowance equal to the carrying amount of the loan in excess of the present value of the estimated future cash flows discounted at the loan’s effective rate, based on the loan’s observable market price or the fair value of the collateral if the loan is collateral dependent. A loan is accounted for as a troubled debt restructuring when a concession had been granted to a debtor experiencing financial difficulties. The Company’s modifications generally include interest rate adjustments, and amortization and maturity date extensions. These modifications allow the debtor short-term cash relief to allow them to improve their financial condition. Restructured loans are individually evaluated for impairment as part of the allowance for loan loss analysis. Loans, including those that are considered to be impaired and restructured, are evaluated regularly by management. Loans are considered delinquent when payment has not been received within 30 days of its contractual due date. The adequacy of the allowance for loan losses is based on management’s continuing evaluation of the pertinent factors underlying the quality of the loan portfolio, including actual loan loss experience, current economic conditions, detailed analysis of individual loans for which full collectability may not be assured, determination of the existence and realizable value of the collateral and guarantees securing such loans. The actual losses, notwithstanding such considerations, however, could differ from the amounts estimated by management. The Company maintains a reserve, separate from the allowance for loan losses, to address the risk of loss associated with loan contingencies, which is included in the Accrued expenses and taxes line item in the Consolidated Balance Sheets. In order to maintain the reserve for off-balance sheet items at an appropriate level, a provision to increase or reduce the reserve is included in the Company’s Consolidated Statements of Income. The level of the reserve will be adjusted as needed to maintain the reserve at a specified level in relation to contingent loan risk. The risk of loss arising from un-funded loan commitments has been assessed by dividing the contingencies into pools of similar loan commitments and by applying two factors to each pool. The gross amount of contingent exposure is first multiplied by a potential use factor to estimate the degree to which the unused commitments might reasonably be expected to be used in a time of high usage. The resultant figure is then multiplied by a factor to estimate the risk of loss assuming funding of these loans. The potential loss estimates for each segment of the portfolio are added to arrive at a total potential loss estimate that is used to set the reserve. Purchased loans are recorded at estimated fair value at the acquisition date with no carryover of the related allowance. Purchased loans are segregated between those considered to be performing, non-purchased credit impaired loans (Non-PCI), and those with evidence of credit deterioration, purchased credit impaired loans (PCI). Purchased loans are considered impaired if there is evidence of credit deterioration and if it is probable, at acquisition, that all contractually required payments will not be collected. Loans held for sale are carried at the lower of aggregate cost or market value. Loan fees (net of certain direct loan origination costs) on loans held for sale are deferred until the related loans are sold or repaid. Gains or losses on loan sales are recognized at the time of sale and determined using the specific identification method. Securities Debt securities available for sale principally include U.S. Treasury and agency securities, Government Sponsored Entity (GSE) mortgage-backed securities, certain securities of state and political subdivisions, and corporates. Debt securities classified as available for sale are measured at fair value. Unrealized holding gains and losses are excluded from earnings and reported in Accumulated other comprehensive income (loss) (AOCI) until realized. Realized gains and losses on sales are computed by the specific identification method at the time of disposition and are shown separately as a component of noninterest income. Securities held to maturity are carried at amortized historical cost based on management’s intention, and the Company’s ability to hold them to maturity. The Company classifies certain securities of state and political subdivisions as held to maturity. Trading securities, acquired for subsequent sale to customers, are carried at fair value. Market adjustments, fees and gains or losses on the sale of trading securities are considered to be a normal part of operations and are included in trading and investment banking income. Equity-method investments The Company accounts for certain other investments using equity-method accounting. For non-marketable equity-method investments, the Company’s proportionate share of the income or loss is recognized on a one-quarter lag. When transparency in pricing exists, other investments are considered marketable equity-method investments. For marketable equity-method investments, the Company recognizes its proportionate share of income or loss as of the date of the Company’s Consolidated Financial Statements. Goodwill and Other Intangibles Goodwill is tested for impairment annually and more frequently whenever events or changes in circumstances indicate that it is more likely than not that the fair value of a reporting unit is less than its carrying value. To test goodwill for impairment, the Company performs a qualitative assessment of each reporting unit. If the Company determines, on the basis of qualitative factors, that the fair value of the reporting unit is more likely than not greater than the carrying amount, the quantitative impairment test is not required. Otherwise, the Company compares the fair value of its reporting units to their carrying amounts to determine if an impairment exists and the amount of impairment loss. An impairment loss is measured as the excess of the carrying value of a reporting unit’s goodwill over its fair value. As a result of such impairment analysis, the Company has not recognized an impairment charge. No goodwill impairments were recognized in 2018, 2017, or 2016. Other intangible assets are amortized over a period of up to 17 years and are evaluated for impairment when events or circumstances dictate. No intangible asset impairments were recognized in 2018, 2017, or 2016. The Company does not have any indefinite lived intangible assets. Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation, which is computed primarily on the straight line method. Premises are depreciated over 15 to 40 year lives, while equipment is depreciated over lives of 3 to 20 years. Gains and losses from the sale of Premises and equipment are included in Other noninterest income and Other noninterest expense, respectively. Impairment of Long-Lived Assets Long-lived assets, including Premises and equipment, are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset or group of assets may not be recoverable. The impairment review includes a comparison of future cash flows expected to be generated by the asset or group of assets to their current carrying value. If the carrying value of the asset or group of assets exceeds expected cash flows (undiscounted and without interest charges), an impairment loss is recognized to the extent the carrying value exceeds fair value. No impairments were recognized in 2018, 2017, or 2016. Income Taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are measured based on the differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the periods in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The provision for deferred income taxes represents the change in the deferred income tax accounts during the year excluding the tax effect of the change in net unrealized gain (loss) on securities available for sale. The Company records deferred tax assets to the extent these assets will more likely than not be realized. All available evidence is considered in making such determination, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations. A valuation allowance is recorded for the portion of deferred tax assets that are not more-likely-than-not to be realized, and any changes to the valuation allowance are recorded in income tax expense. The Company records the financial statement effects of an income tax position when it is more likely than not, based on the technical merits, that it will be sustained upon examination. A tax position that meets the more-likely-than-not recognition threshold is measured and recorded as the largest amount of tax benefit that is greater than 50 percent likely of being realized upon ultimate settlement with a taxing authority. Previously recognized tax positions are derecognized in the first period in which it is no longer more likely than not that the tax position will be sustained. The benefit associated with previously unrecognized tax positions are generally recognized in the first period in which the more-likely-than-not threshold is met at the reporting date, the tax matter is ultimately settled through negotiation or litigation, or when the related statute of limitations for the relevant taxing authority to examine and challenge the tax position has expired. The recognition, derecognition and measurement of tax positions are based on management’s best judgment given the facts, circumstance and information available at the reporting date. The Company recognizes accrued interest related to unrecognized tax benefits in interest expense and penalties in other noninterest expense. Accrued interest and penalties are included within the related liability lines in the Consolidated Balance Sheets. For the year ended December 31, 2018, the Company has recognized an immaterial amount in interest and penalties related to the unrecognized tax benefits. Derivatives The Company records all derivatives on the Consolidated Balance Sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Currently, three of the Company’s derivatives are designated in qualifying hedging relationships. However, the remainder of the Company’s derivatives are not designated in qualifying hedging relationships, as the derivatives are not used to manage risks within the Company’s assets or liabilities. All changes in fair value of the Company’s non-designated derivatives are recognized directly in earnings. Changes in fair value of the Company’s fair value hedges are recognized directly in earnings. Changes in fair value of the Company’s cash flow hedges are recognized in AOCI. Per Share Data Basic income per share is computed based on the weighted average number of shares of common stock outstanding during each period. Diluted year-to-date income per share includes the dilutive effect of 435,800, 615,629, and 448,742 shares issuable upon the exercise of stock options and nonvested restricted shares granted by the Company that were outstanding at December 31, 2018, 2017, and 2016, respectively. Options issued under employee benefit plans to purchase 125,765, 149,413, and 390,503 shares of common stock were outstanding at December 31, 2018, 2017, and 2016, respectively, but were not included in the computation of diluted earnings per share because the options were anti-dilutive. Accounting for Stock-Based Compensation The Company measures the cost of employee services received in exchange for an award of equity instruments based on the fair value of the award on the date of the grant. For stock options and restricted stock and service-based restricted stock unit awards, the grant date fair value is estimated using either an option-pricing model which is consistent with the terms of the award or an observed market price, if such a price exists. For performance-based restricted stock unit awards, the grant date fair value is based on the quoted price of our common stock on the grant date less the present value of expected dividends not received during the vesting period. Such cost is generally recognized over the vesting period during which an employee is required to provide service in exchange for the award and, in some cases, when performance metrics are met. The Company accounts for forfeitures of stock-based compensation on an actual basis as they occur. |
NEW ACCOUNTING PRONOUNCEMENTS
NEW ACCOUNTING PRONOUNCEMENTS | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Changes And Error Corrections [Abstract] | |
NEW ACCOUNTING PRONOUNCEMENTS | 2. NEW ACCOUNTING PRONOUNCEMENTS Revenue Recognition In May 2014, the Financial Accounting Standards Board (FASB) issued ASU No. 2014-09, “Revenue from Contracts with Customers.” The ASU replaced most existing revenue recognition guidance in U.S. GAAP when it became effective. In August 2015, the FASB issued ASU No. 2015-14, which deferred the effective date of ASU No. 2014-09 to annual reporting periods that begin after December 15, 2017. In March, April, and May 2016, the FASB issued implementation amendments to the May 2014 ASU (collectively, the amended guidance). The amended guidance affects any entity that enters into contracts with customers to transfer goods and services, unless those contracts are within the scope of other standards. The amended guidance specifically excludes interest income, as well as other revenues associated with financial assets and liabilities, including loans, leases, securities, and derivatives. The amended guidance permits the use of either the full retrospective approach or a modified retrospective approach. The Company adopted the amended guidance using the modified retrospective approach on January 1, 2018. The adoption of this guidance had no impact on the Company’s Consolidated Financial Statements, except for additional financial statement disclosures. See Note 13, “Revenue Recognition” for related disclosures. Financial Instruments In January 2016, the FASB issued ASU No. 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities.” The amendment is intended to address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. The amendments in this update were adopted on January 1, 2018. Upon adoption, the Company recorded a cumulative effect adjustment to the Company’s Consolidated Balance Sheets of $132 thousand as an increase to the opening balance of total shareholders’ equity. Leases In February 2016, the FASB issued ASU No. 2016-02, “Leases.” In January and July 2018, the FASB issued implementation amendments to the February 2016 ASU (collectively, the amended guidance). The amended guidance changes the accounting treatment of leases, in that lessees will recognize most leases on-balance sheet. This will increase reported assets and liabilities, as lessees will be required to recognize a right-of-use asset along with a lease liability, measured on a discounted basis. Lessees are allowed to account for short-term leases (those with a term of twelve months or less) off-balance sheet. The amendments in this update are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The amended guidance allows an entity to choose either the effective date, or the beginning of the earliest comparative period presented in the financial statements, as its date of initial application. Early adoption is permitted. The Company will adopt the amended guidance on January 1, 2019 and use the effective date as the date of initial application. The Company does not anticipate that there will be a cumulative effect adjustment made to retained earnings as a result of adopting the amended guidance. The most significant effects of the adoption of this guidance will be additional financial statement disclosures. The Company expects to record a right-of-use asset of approximately $58 million and a lease liability of approximately $63 million to its Consolidated Balance Sheets as of January 1, 2019. Extinguishments of Liabilities In March 2016, the FASB issued ASU No. 2016-04, “Recognition of Breakage for Certain Prepaid Stored-Value Products.” The amendment is intended to reduce the diversity in practice related to the recognition of breakage. Breakage refers to the portion of a prepaid stored-value product, such as a gift card, that goes unused wholly or partially for an indefinite period of time. This amendment requires that breakage be accounted for consistent with the breakage guidance within ASU No. 2014-09, “Revenue from Contracts with Customers.” The amendments in this update were adopted January 1, 2018 in conjunction with the adoption of ASU No. 2014-09, and the adoption had no impact on the Company’s Consolidated Financial Statements. Equity-Based Compensation In March 2016, the FASB issued ASU No. 2016-09, “Improvements to Employee Share-Based Payment Accounting.” The amendment is part of the FASB’s simplification initiative and is intended to simplify the accounting around share-based payment award transactions. The amendments include changing the recording of excess tax benefits from being recognized as a part of surplus capital to being charged directly to the income statement, changing the classification of excess tax benefits within the statement of cash flows, and allowing companies to account for forfeitures on an actual basis, as well as tax withholding changes. The amendment requires different transition methods for various components of the standard. The amendments in this update were effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption was permitted. In September 2016, the Company early adopted ASU No. 2016-09 with an effective date of January 1, 2016. As part of the adoption of this standard, the Company made an accounting policy election to account for forfeitures on an actual basis and discontinue the use of an estimated forfeiture approach. Additionally, the Company selected the retrospective transition method for the reclassification of the “Net tax benefit related to equity compensation plans” from the financing section to the operating section of the Company’s Consolidated Statement of Cash Flows. Upon adoption, the Company recorded a cumulative effect adjustment to the Company’s Consolidated Balance Sheets of $482 thousand as an increase to the opening balance of total equity. Credit Losses In June 2016, the FASB issued ASU 2016-13, “Measurement of Credit Losses on Financial Instruments.” This update replaces the current incurred loss methodology for recognizing credit losses with a current expected credit loss model, which requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. This amendment broadens the information that an entity must consider in developing its expected credit loss estimates. Additionally, the update amends the accounting for credit losses for available-for-sale debt securities and purchased financial assets with a more-than-insignificant amount of credit deterioration since origination. This update requires enhanced disclosures to help investors and other financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of a company’s loan portfolio. The amendments in this update are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption in fiscal years beginning after December 15, 2018 is permitted. The amendment requires the use of the modified retrospective approach for adoption. The Company is currently evaluating the impact that this standard will have on its Consolidated Financial Statements. Statement of Cash Flows In August 2016, the FASB issued ASU 2016-15 “Classification of Certain Receipts and Cash Payments.” This amendment adds to and clarifies existing guidance regarding the classification of certain cash receipts and payments in the statement of cash flows with the intent of reducing diversity in practice with respect to eight types of cash flows. The amendments in this update require full retrospective adoption. The amendments in this update were adopted on January 1, 2018 and did not have an impact on the Company’s Consolidated Statement of Cash Flows. Goodwill and Other Intangibles In January 2017, the FASB issued ASU 2017-04, “Simplifying the Test for Goodwill Impairment.” The amendment eliminates Step 2 from the goodwill impairment test. The amendment also eliminates the requirement for any reporting unit with a zero or negative carrying amount to perform a qualitative test and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test. The amendments in this update were adopted on October 1, 2017. The adoption of this accounting pronouncement had no impact on the Company’s Consolidated Financial Statements. Derivatives and Hedging In August 2017, the FASB issued ASU 2017-12, “Targeted Improvements to Accounting for Hedging Activities.” The purpose of this updated guidance is to better align financial reporting for hedging activities with the economic objectives of those activities. The amendments in this update are effective for fiscal years beginning after December 15, 2018, with early adoption, including adoption in an interim period, permitted, and require the modified retrospective transition approach as of the date of adoption. The Company early adopted ASU 2017-12 with an effective date of January 1, 2018. Upon adoption, the Company recorded a cumulative effect adjustment to the Company’s Consolidated Balance Sheets of $13 thousand as an increase to the opening balance of total shareholders’ equity. Comprehensive Income In February 2018, the FASB issued ASU No. 2018-02, “Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” Under existing U.S. GAAP, the effects of changes in tax rates and laws on deferred tax balances are recorded as a component of income tax expense in the period in which the law was enacted. When deferred tax balances related to items originally recorded in AOCI are adjusted, certain tax effects become stranded in AOCI. This amendment allows a reclassification from AOCI to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act (the Tax Act), and requires certain disclosures about stranded tax effects. The amendments in this update are effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption, including adoption in any interim period, is permitted. The Company early adopted ASU 2018-02 using a security-by-security approach with an effective date of January 1, 2018. Upon adoption, the Company reclassified stranded tax effects totaling $12.9 million from AOCI to retained earnings. |
LOANS AND ALLOWANCE FOR LOAN LO
LOANS AND ALLOWANCE FOR LOAN LOSSES | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
LOANS AND ALLOWANCE FOR LOAN LOSSES | 3. LOANS AND ALLOWANCE FOR LOAN LOSSES Loan Origination/Risk Management The Company has certain lending policies and procedures in place that are designed to minimize the level of risk within the loan portfolio. Diversification of the loan portfolio manages the risk associated with fluctuations in economic conditions. Authority levels are established for the extension of credit to ensure consistency throughout the Company. It is necessary that policies, processes and practices implemented to control the risks of individual credit transactions and portfolio segments are sound and adhered to. The Company maintains an independent loan review department that reviews and validates the credit risk program on a continual basis. Management regularly evaluates the results of the loan reviews. The loan review process complements and reinforces the risk identification and assessment decisions made by lenders and credit personnel, as well as the Company’s policies and procedures. Commercial loans are underwritten after evaluating and understanding the borrower’s ability to operate profitably and prudently expand its business. Commercial loans are made based on the identified cash flows of the borrower and on the underlying collateral provided by the borrower. The cash flows of the borrower, however, may not be as expected and the collateral securing these loans may fluctuate in value. Most commercial loans are secured by the assets being financed or other business assets such as accounts receivable or inventory and may incorporate a personal guarantee. In the case of loans secured by accounts receivable, the availability of funds for the repayment of these loans may be substantially dependent on the ability of the borrower to collect amounts from its customers. Commercial credit cards are generally unsecured and are underwritten with criteria similar to commercial loans including an analysis of the borrower’s cash flow, available business capital, and overall credit-worthiness of the borrower. Asset-based loans are offered primarily in the form of revolving lines of credit to commercial borrowers that do not generally qualify for traditional bank financing. Asset-based loans are underwritten based primarily upon the value of the collateral pledged to secure the loan, rather than on the borrower’s general financial condition as traditionally reflected by cash flow, balance sheet strength, operating results, and credit bureau ratings. The Company utilizes pre-loan due diligence techniques, monitoring disciplines, and loan management practices common within the asset-based lending industry to underwrite and manage loans with these borrowers. Factoring loans provide working capital through the purchase and/or financing of accounts receivable to borrowers in the transportation industry and to commercial borrowers that do not generally qualify for traditional bank financing. Commercial real estate loans are subject to underwriting standards and processes similar to commercial loans, in addition to those of real estate loans. These loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Commercial real estate lending typically involves higher loan principal amounts, and the repayment of these loans is largely dependent on the successful operation of the property securing the loan or the business conducted on the property securing the loan. The Company requires an appraisal of the collateral be made at origination and on an as-needed basis, in conformity with current market conditions and regulatory requirements. The underwriting standards address both owner and non-owner occupied real estate. Construction loans are underwritten using feasibility studies, independent appraisal reviews, sensitivity analysis or absorption and lease rates and financial analysis of the developers and property owners. Construction loans are based upon estimates of costs and value associated with the complete project. Construction loans often involve the disbursement of substantial funds with repayment substantially dependent on the success of the ultimate project. Sources of repayment for these types of loans may be pre-committed permanent loans, sales of developed property or an interim loan commitment from the Company until permanent financing is obtained. These loans are closely monitored by on-site inspections and are considered to have higher risks than other real estate loans due to their repayment being sensitive to interest rate changes, governmental regulation of real property, economic conditions, and the availability of long-term financing. Underwriting standards for residential real estate and home equity loans are based on the borrower’s loan-to-value percentage, collection remedies, and overall credit history. Consumer loans are underwritten based on the borrower’s repayment ability. The Company monitors delinquencies on all of its consumer loans and leases and periodically reviews the distribution of FICO scores relative to historical periods to monitor credit risk on its credit card loans. The underwriting and review practices combined with the relatively small loan amounts that are spread across many individual borrowers, minimizes risk. Consumer loans and leases that are 90 days past due or more are considered non-performing. Credit risk is a potential loss resulting from nonpayment of either the primary or secondary exposure. Credit risk is mitigated with formal risk management practices and a thorough initial credit-granting process including consistent underwriting standards and approval process. Control factors or techniques to minimize credit risk include knowing the client, understanding total exposure, analyzing the client and debtor’s financial capacity, and monitoring the client’s activities. Credit risk and portions of the portfolio risk are managed through concentration considerations, average risk ratings, and other aggregate characteristics. Loan Aging Analysis This table provides a summary of loan classes and an aging of past due loans at December 31, 2018 and 2017 (in thousands): December 31, 2018 30-89 Days Past Due and Accruing Greater than 90 Days Past Due and Accruing Non- Accrual Loans Total Past Due Current Total Loans Commercial: Commercial $ 5,717 $ 133 $ 27,060 $ 32,910 $ 5,195,492 $ 5,228,402 Asset-based — — — — 380,738 380,738 Factoring — — — — 261,591 261,591 Commercial – credit card 490 90 — 580 165,754 166,334 Real estate: Real estate – construction — — — — 792,565 792,565 Real estate – commercial 7,385 90 11,662 19,137 3,695,143 3,714,280 Real estate – residential 246 3,750 807 4,803 702,701 707,504 Real estate – HELOC 764 — 2,776 3,540 542,181 545,721 Consumer: Consumer – credit card 2,022 1,945 648 4,615 226,367 230,982 Consumer – other 199 1 65 265 144,520 144,785 Leases — — — — 5,248 5,248 Total loans $ 16,823 $ 6,009 $ 43,018 $ 65,850 $ 12,112,300 $ 12,178,150 December 31, 2017 30-89 Days Past Due and Accruing Greater than 90 Days Past Due and Accruing Non- Accrual Loans Total Past Due Current Total Loans Commercial: Commercial $ 11,216 $ 672 $ 38,644 $ 50,532 $ 4,502,508 $ 4,553,040 Asset-based — — — — 336,614 336,614 Factoring — — — — 221,672 221,672 Commercial – credit card 387 79 — 466 171,825 172,291 Real estate: Real estate – construction 6,666 243 93 7,002 710,847 717,849 Real estate – commercial 832 — 16,115 16,947 3,546,683 3,563,630 Real estate – residential 791 — 929 1,720 636,871 638,591 Real estate – HELOC 1,254 — 3,013 4,267 644,112 648,379 Consumer: Consumer – credit card 2,155 2,057 312 4,524 248,173 252,697 Consumer – other 835 40 36 911 150,872 151,783 Leases — — — — 23,967 23,967 Total loans $ 24,136 $ 3,091 $ 59,142 $ 86,369 $ 11,194,144 $ 11,280,513 Loans are considered past due or delinquent when the contractual principal or interest due in accordance with the terms of the loan agreement remains unpaid after the due date of the scheduled payment. Non-accrual loans include troubled debt restructurings on non-accrual status. Loan delinquency for all loans is shown in the tables above at December 31, 2018 and December 31, 2017, respectively. The Company sold residential real estate loans with proceeds of $59.1 million, $70.5 million, and $89.5 million in the secondary market without recourse during the periods ended December 31, 2018, 2017, and 2016, respectively. The Company has ceased the recognition of interest on loans with a carrying value of $43.0 million and $59.1 million at December 31, 2018 and 2017, respectively. Restructured loans totaled $21.1 million and $41.0 million at December 31, 2018 and 2017, respectively. Loans 90 days past due and still accruing interest amounted to $6.0 million and $3.1 million at December 31, 2018 and 2017, respectively. There was an immaterial amount of interest recognized on impaired loans during 2018, 2017, and 2016. 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 – This rating represents credit exposure that presents higher than average risk and warrants greater than routine attention by Company personnel due to conditions affecting the borrower, the Borrower’s industry or the economic environment. These conditions have resulted in some degree of uncertainty that results in higher than average credit risk. • Special Mention – This rating reflects a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or the institution’s credit position at some future date. The rating is not adversely classified and does not expose an institution to sufficient risk to warrant adverse classification. • Substandard – This rating represents an asset inadequately protected by the current sound worth and paying capacity of the borrower or of the collateral pledged, if any. Assets so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. Loans in this category are characterized by the distinct possibility that the bank will sustain some loss if the deficiencies are not corrected. Loss potential, while existing in the aggregate amount of substandard assets, does not have to exist in individual assets classified substandard. This category may include loans where the collection of full principal is doubtful or remote. 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, Loans and Debt Securities Purchased with Deteriorated Credit Quality, at December 31, 2018 and December 31, 2017 (in thousands): Credit Exposure Credit Risk Profile by Risk Rating Commercial Asset-based Factoring December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 Non-watch list $ 4,788,234 $ 4,048,238 $ 296,719 $ 306,899 $ 260,727 $ 220,795 Watch 192,653 162,788 — — — — Special Mention 55,927 106,638 84,019 29,715 864 47 Substandard 191,588 235,376 — — — 830 Total $ 5,228,402 $ 4,553,040 $ 380,738 $ 336,614 $ 261,591 $ 221,672 Real estate – construction Real estate – commercial December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 Non-watch list $ 792,256 $ 716,830 $ 3,551,537 $ 3,434,982 Watch 204 631 64,998 50,715 Special Mention — — 32,826 35,940 Substandard 105 388 64,919 41,993 Total $ 792,565 $ 717,849 $ 3,714,280 $ 3,563,630 Credit Exposure Credit Risk Profile Based on Payment Activity Commercial – credit card Real estate – residential Real estate – HELOC December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 Performing $ 166,334 $ 172,291 $ 706,697 $ 637,662 $ 542,945 $ 645,366 Non-performing — — 807 929 2,776 3,013 Total $ 166,334 $ 172,291 $ 707,504 $ 638,591 $ 545,721 $ 648,379 Consumer – credit card Consumer – other Leases December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 Performing $ 230,334 $ 252,385 $ 144,720 $ 151,747 $ 5,248 $ 23,967 Non-performing 648 312 65 36 — — Total $ 230,982 $ 252,697 $ 144,785 $ 151,783 $ 5,248 $ 23,967 Allowance for Loan Losses The allowance for loan losses is a reserve established through a provision for loan losses charged to expense, which represents management’s judgment of inherent probable losses within the Company’s loan portfolio as of the balance sheet date. The allowance is necessary to reserve for estimated loan losses and risks inherent in the loan portfolio. Accordingly, the methodology is based on historical loss trends. The Company’s process for determining the appropriate level of the allowance for loan losses is designed to account for credit deterioration as it occurs. The provision for probable loan losses reflects loan quality trends, including the levels of and trends related to non-accrual loans, past due loans, potential problem loans, criticized loans and net charge-offs or recoveries, among other factors. The level of the allowance reflects management’s continuing evaluation of industry concentrations, specific credit risks, loan loss experience, current loan portfolio quality, present economic, political and regulatory conditions and unidentified losses inherent in the current loan portfolio. Portions of the allowance may be allocated for specific loans; however, the entire allowance is available for any loan that, in management’s judgment, should be charged off. While management utilizes its best judgment and information available, the adequacy of the allowance is dependent upon a variety of factors beyond the Company’s control, including, among other things, the performance of the Company’s loan portfolio, the economy, changes in interest rates and changes in the regulatory environment. The Company’s allowance for loan losses consists of specific valuation allowances and general valuation allowances based on historical loan loss experience for similar loans with similar characteristics and trends, general economic conditions and other qualitative risk factors both internal and external to the Company. The allowances established for probable losses on specific loans are based on a regular analysis and evaluation of impaired loans. Loans are classified based on an internal risk grading process that evaluates the obligor’s ability to repay, the underlying collateral, if any, and the economic environment and industry in which the borrower operates. When a loan is considered impaired, the loan is analyzed to determine the need, if any, to specifically allocate a portion of the allowance for loan losses to the loan. Specific valuation allowances are determined by analyzing the borrower’s ability to repay amounts owed, collateral deficiencies, the relative risk ranking of the loan and economic conditions affecting the borrower’s industry. General valuation allowances are calculated based on the historical loss experience of specific types of loans including an evaluation of the time span and volume of the actual charge-off. The Company calculates historical loss ratios for pools of similar loans with similar characteristics based on the proportion of actual charge-offs experienced to the total population of loans in the pool. The historical loss ratios are updated based on actual charge-off experience. A valuation allowance is established for each pool of similar loans based upon the product of the historical loss ratio, time span to charge-off, and the total dollar amount of the loans in the pool. The Company’s pools of similar loans include similarly risk-graded groups of commercial loans, commercial real estate loans, commercial credit card, home equity loans, consumer real estate loans and consumer and other loans. The Company also considers a loan migration analysis for criticized loans. This analysis includes an assessment of the probability that a loan will move to a loss position based on its risk rating. The consumer credit card pool is evaluated based on delinquencies and credit scores. In addition, a portion of the allowance is determined by a review of qualitative factors by management, including concentrations of credit, current economic conditions, and loan growth. Generally, the unsecured portion of a commercial or commercial real estate loan is charged-off when, after analyzing the borrower’s financial condition, it is determined that the borrower is incapable of servicing the debt, little or no prospect for near term improvement exists, and no realistic and significant strengthening action is pending. For collateral dependent commercial or commercial real estate loans, an analysis is completed regarding the Company’s collateral position to determine if the amounts due from the borrower are in excess of the calculated current fair value of the collateral. Specific allocations of the allowance for loan losses are made for any collateral deficiency. If a collateral deficiency is ultimately deemed to be uncollectible, the amount is charged-off. Revolving commercial loans (such as commercial credit cards) which are past due 90 cumulative days are classified as a loss and charged off Generally, a consumer loan, or a portion thereof, is charged-off in accordance with regulatory guidelines which provide that such loans be charged-off when the Company becomes aware of the loss, such as from a triggering event that may include but is not limited to new information about a borrower’s intent and ability to repay the loan, bankruptcy, fraud, or death. However, the charge-off timeframe should not exceed the specified delinquency time frames, which state that closed-end retail loans (such as real estate mortgages, home equity loans and consumer installment loans) that become past due 120 cumulative days and open-end retail loans (such as home equity lines of credit and consumer credit cards) that become past due 180 cumulative days are classified as a loss and charged-off. ALLOWANCE FOR LOAN LOSSES AND RECORDED INVESTMENT IN LOANS This table provides a rollforward of the allowance for loan losses by portfolio segment for the year ended December 31, 2018 (in thousands): Year Ended December 31, 2018 Commercial Real estate Consumer Leases Total Allowance for loan losses: Beginning balance $ 81,156 $ 9,312 $ 10,083 $ 53 $ 100,604 Charge-offs (64,371 ) (3,428 ) (9,744 ) — (77,543 ) Recoveries 6,753 445 2,626 — 9,824 Provision 57,350 7,335 6,106 (41 ) 70,750 Ending Balance $ 80,888 $ 13,664 $ 9,071 $ 12 $ 103,635 Ending Balance: individually evaluated for impairment $ 4,605 $ 106 $ — $ — $ 4,711 Ending Balance: collectively evaluated for impairment 76,283 13,558 9,071 12 98,924 Loans: Ending Balance: loans $ 6,037,065 $ 5,760,070 $ 375,767 $ 5,248 $ 12,178,150 Ending Balance: individually evaluated for impairment 31,006 8,233 — — 39,239 Ending Balance: collectively evaluated for impairment 6,006,059 5,751,837 375,767 5,248 12,138,911 This table provides a rollforward of the allowance for loan losses by portfolio segment for the year ended December 31, 2017 (in thousands): Year Ended December 31, 2017 Commercial Real estate Consumer Leases Total Allowance for loan losses: Beginning balance $ 71,657 $ 10,569 $ 9,311 $ 112 $ 91,649 Charge-offs (27,985 ) (992 ) (9,629 ) — (38,606 ) Recoveries 3,522 966 2,073 — 6,561 Provision 33,962 (1,231 ) 8,328 (59 ) 41,000 Ending Balance $ 81,156 $ 9,312 $ 10,083 $ 53 $ 100,604 Ending Balance: individually evaluated for impairment $ 6,605 $ 78 $ — $ — $ 6,683 Ending Balance: collectively evaluated for impairment 74,551 9,234 10,083 53 93,921 Loans: Ending Balance: loans $ 5,283,617 $ 5,568,449 $ 404,480 $ 23,967 $ 11,280,513 Ending Balance: individually evaluated for impairment 61,820 12,956 — — 74,776 Ending Balance: collectively evaluated for impairment 5,221,797 5,555,493 404,480 23,967 11,205,737 This table provides a rollforward of the allowance for loan losses by portfolio segment for the year ended December 31, 2016 (in thousands): Year Ended December 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 (12,788 ) (6,756 ) (9,279 ) — (28,823 ) Recoveries 3,596 985 2,248 — 6,829 Provision 17,002 8,120 7,393 (15 ) 32,500 Ending Balance $ 71,657 $ 10,569 $ 9,311 $ 112 $ 91,649 Ending Balance: individually evaluated for impairment $ 7,866 $ 68 $ — $ — $ 7,934 Ending Balance: collectively evaluated for impairment 63,791 10,501 9,311 112 83,715 Ending Balance: PCI Loans — — — — — Loans: Ending Balance: loans $ 4,923,321 $ 5,167,870 $ 409,660 $ 39,532 $ 10,540,383 Ending Balance: individually evaluated for impairment 74,351 13,314 — — 87,665 Ending Balance: collectively evaluated for impairment 4,848,970 5,154,556 408,860 39,532 10,451,918 Ending Balance: PCI Loans — — 800 — 800 Impaired Loans This table provides an analysis of impaired loans by class for the year ended December 31, 2018 (in thousands): As of December 31, 2018 Unpaid Principal Balance Recorded Investment with No Allowance Recorded Investment with Allowance Total Recorded Investment Related Allowance Average Recorded Investment Commercial: Commercial $ 40,402 $ 16,470 $ 14,536 $ 31,006 $ 4,605 $ 43,335 Asset-based — — — — — — Factoring — — — — — 275 Commercial – credit card — — — — — — Real estate: Real estate – construction — — — — — 55 Real estate – commercial 10,856 7,776 165 7,941 28 11,279 Real estate – residential 304 197 95 292 78 303 Real estate – HELOC — — — — — — Consumer: Consumer – credit card — — — — — — Consumer – other — — — — — — Leases — — — — — — Total $ 51,562 $ 24,443 $ 14,796 $ 39,239 $ 4,711 $ 55,247 This table provides an analysis of impaired loans by class for the year ended December 31, 2017 (in thousands): As of December 31, 2017 Unpaid Principal Balance Recorded Investment with No Allowance Recorded Investment with Allowance Total Recorded Investment Related Allowance Average Recorded Investment Commercial: Commercial $ 84,749 $ 44,525 $ 16,465 $ 60,990 $ 6,299 $ 65,385 Asset-based — — — — — — Factoring 830 — 830 830 306 207 Commercial – credit card — — — — — — Real estate: Real estate – construction 108 93 — 93 — 148 Real estate – commercial 16,284 7,968 4,477 12,445 3 10,506 Real estate – residential 427 321 97 418 75 221 Real estate – HELOC — — — — — — Consumer: Consumer – credit card — — — — — — Consumer – other — — — — — 8 Leases — — — — — — Total $ 102,398 $ 52,907 $ 21,869 $ 74,776 $ 6,683 $ 76,475 This table provides an analysis of impaired loans by class for the year ended December 31, 2016 (in thousands): As of December 31, 2016 Unpaid Principal Balance Recorded Investment with No Allowance Recorded Investment with Allowance Total Recorded Investment Related Allowance Average Recorded Investment Commercial: Commercial $ 80,405 $ 43,260 $ 31,091 $ 74,351 $ 7,866 $ 69,776 Asset-based — — — — — — Factoring — — — — — — Commercial – credit card — — — — — — Real estate: Real estate – construction 510 181 113 294 68 405 Real estate – commercial 18,107 12,303 487 12,790 — 8,956 Real estate – residential 231 230 — 230 — 520 Real estate – HELOC — — — — — 79 Consumer: Consumer – credit card — — — — — — Consumer – other — — — — — 1,981 Leases — — — — — — Total $ 99,253 $ 55,974 $ 31,691 $ 87,665 $ 7,934 $ 81,717 Troubled Debt Restructurings A loan modification is considered a troubled debt restructuring (TDR) when a concession had been granted to a debtor experiencing financial difficulties. The Company’s modifications generally include interest rate adjustments, principal reductions, and amortization and maturity date extensions. These modifications allow the debtor short-term cash relief to allow them to improve their financial condition. The Company’s restructured loans are individually evaluated for impairment and evaluated as part of the allowance for loan loss as described above in the Allowance for Loan Losses section of this note. The Company had no commitments to lend to borrowers with loan modifications classified as TDRs as of December 31, 2018, but did have $3.1 million in commitments to lend to borrowers with loan modifications classified as TDRs as of December 31, 2017. The Company monitors loan payments on an on-going basis to determine if a loan is considered to have a payment default. Determination of payment default involves analyzing the economic conditions that exist for each customer and their ability to generate positive cash flows during the loan term. During the year ended December 31, 2018, there were no TDRs with payment defaults. There was an immaterial amount of interest recognized on loans classified as TDRs during 2018 and 2017. For the year ended December 31, 2018, the Company had three commercial TDRs with pre- and post-modification loan balances of $6.7 million, and one residential real estate TDR with a pre-modification loan balance of $93 thousand and a post-modification loan balance of $92 thousand. For the year ended December 31, 2017, the Company had one commercial TDR with a pre- and post-modification loan balance of $7.2 million, and one residential real estate TDR with a pre-modification loan balance of $97 thousand and a post-modification loan balance of $98 thousand. |
SECURITIES
SECURITIES | 12 Months Ended |
Dec. 31, 2018 | |
Investments Debt And Equity Securities [Abstract] | |
SECURITIES | 4. SECURITIES Securities Available for Sale This table provides detailed information about securities available for sale at December 31, 2018 and 2017 (in thousands): Gross Gross Amortized Unrealized Unrealized Fair 2018 Cost Gains Losses Value U.S. Treasury $ 248,494 $ 192 $ (1,556 ) $ 247,130 U.S. Agencies 200 — (1 ) 199 Mortgage-backed 3,914,289 6,145 (108,223 ) 3,812,211 State and political subdivisions 2,507,107 7,643 (31,490 ) 2,483,260 Total $ 6,670,090 $ 13,980 $ (141,270 ) $ 6,542,800 Gross Gross Amortized Unrealized Unrealized Fair 2017 Cost Gains Losses Value U.S. Treasury $ 40,092 $ — $ (1,449 ) $ 38,643 U.S. Agencies 14,762 — (10 ) 14,752 Mortgage-backed 3,719,369 1,914 (72,040 ) 3,649,243 State and political subdivisions 2,546,517 11,965 (15,809 ) 2,542,673 Corporates 13,278 — (12 ) 13,266 Total $ 6,334,018 $ 13,879 $ (89,320 ) $ 6,258,577 The following table presents contractual maturity information for securities available for sale at December 31, 2018 (in thousands): Amortized Fair Cost Value Due in 1 year or less $ 534,750 $ 534,418 Due after 1 year through 5 years 936,651 930,098 Due after 5 years through 10 years 723,908 708,567 Due after 10 years 560,492 557,506 Total 2,755,801 2,730,589 Mortgage-backed securities 3,914,289 3,812,211 Total securities available for sale $ 6,670,090 $ 6,542,800 Securities may be disposed of before contractual maturities due to sales by the Company or because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Proceeds from the sales of securities available for sale were $95.5 million, $578.5 million, and $951.3 million for 2018, 2017, and 2016, respectively. Securities transactions resulted in gross realized gains of $581 thousand for 2018, $4.2 million for 2017, and $8.5 million for 2016. The gross realized losses were $3 thousand for 2018, $10 thousand for 2017, and $1 thousand for 2016. Securities available for sale with a fair value of $5.7 billion at both December 31, 2018 and December 31, 2017, were pledged to secure U.S. Government deposits, other public deposits, certain trust deposits, derivative transactions, and repurchase agreements. Of this amount, securities with a fair value of $1.0 billion at December 31, 2018 and $1.8 billion at December 31, 2017 were pledged at the Federal Reserve Discount Window but were unencumbered as of those dates. The following table shows the Company’s available for sale investments’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2018 and 2017 (in thousands). Less than 12 months 12 months or more Total 2018 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Description of Securities U.S. Treasury $ 18,775 $ (4 ) $ 38,552 $ (1,552 ) $ 57,327 $ (1,556 ) U.S. Agencies — — 199 (1 ) 199 (1 ) Mortgage-backed 228,406 (1,256 ) 3,007,233 (106,967 ) 3,235,639 (108,223 ) State and political subdivisions 371,394 (1,490 ) 1,419,875 (30,000 ) 1,791,269 (31,490 ) Total temporarily-impaired debt securities available for sale $ 618,575 $ (2,750 ) $ 4,465,859 $ (138,520 ) $ 5,084,434 $ (141,270 ) Less than 12 months 12 months or more Total 2017 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Description of Securities U.S. Treasury $ 9,851 $ (64 ) $ 28,792 $ (1,385 ) $ 38,643 $ (1,449 ) U.S. Agencies 14,553 (10 ) — — 14,553 (10 ) Mortgage-backed 1,990,006 (19,980 ) 1,562,333 (52,060 ) 3,552,339 (72,040 ) State and political subdivisions 1,076,930 (7,325 ) 376,560 (8,484 ) 1,453,490 (15,809 ) Corporates 13,266 (12 ) — — 13,266 (12 ) Total temporarily-impaired debt securities available for sale $ 3,104,606 $ (27,391 ) $ 1,967,685 $ (61,929 ) $ 5,072,291 $ (89,320 ) The unrealized losses in the Company’s investments in U.S. treasury obligations, U.S. government agencies, GSE mortgage-backed securities, municipal securities, and corporates were caused by changes in the interest rate environment. The Company does not have the intent to sell these securities and does not believe it is more likely than not that the Company will be required to sell these securities before a recovery of amortized cost. The Company expects to recover its cost basis in the securities and does not consider these investments to be other-than-temporarily impaired at December 31, 2018. Securities Held to Maturity The following table shows the Company’s held to maturity investments’ amortized cost, fair value, and gross unrealized gains and losses at December 31, 2018 and net unrealized gains, aggregated by maturity category, at December 31, 2017, respectively (in thousands). Gross Gross Amortized Unrealized Unrealized Fair 2018 Cost Gains Losses Value State and political subdivisions: Due in 1 year or less $ 3,386 $ 38 $ (29 ) $ 3,395 Due after 1 year through 5 years 115,162 467 (7,988 ) 107,641 Due after 5 years through 10 years 380,108 1,894 (24,621 ) 357,381 Due after 10 years 671,990 2,163 (72,038 ) 602,115 Total state and political subdivisions $ 1,170,646 $ 4,562 $ (104,676 ) $ 1,070,532 Gross Gross Amortized Unrealized Unrealized Fair 2017 Cost Gains Losses Value State and political subdivisions: Due in 1 year or less $ 2,275 $ 3 $ (24 ) $ 2,254 Due after 1 year through 5 years 100,648 3,111 (2,834 ) 100,925 Due after 5 years through 10 years 372,234 5,006 (14,117 ) 363,123 Due after 10 years 785,857 6,952 (51,664 ) 741,145 Total state and political subdivisions $ 1,261,014 $ 15,072 $ (68,639 ) $ 1,207,447 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 2018, 2017, or 2016. The unrealized losses in the Company’s held to maturity portfolio were caused by changes in the interest rate environment. The underlying bonds are subject to a risk-ranking process similar to the Company’s loan portfolio and evaluated for impairment if deemed necessary. 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 as of December 31, 2018. Trading Securities The net unrealized loss on trading securities at December 31, 2018 was $18 thousand. The net unrealized gains on trading securities at December 31, 2017 and 2016 were $188 thousand and $233 thousand, respectively. Net unrealized gains/losses are included in trading and investment banking income on the Consolidated Statements of Income. Securities sold not yet purchased totaled $27.2 million and $4.1 million at December 31, 2018 and 2017, respectively, and are classified within the Other liabilities line of the Company’s Consolidated Balance Sheets. Other Securities The table below provides detailed information for Federal Reserve Bank stock and Federal Home Loan Bank stock and other securities at December 31, 2018 and 2017 (in thousands): Gross Gross Amortized Unrealized Unrealized Fair 2018 Cost Gains Losses Value FRB and FHLB stock $ 33,262 $ — $ — $ 33,262 Other securities – marketable — 4,385 — 4,385 Other securities – non-marketable 32,011 4,034 — 36,045 Total Federal Reserve Bank stock and other $ 65,273 $ 8,419 $ — $ 73,692 Gross Gross Amortized Unrealized Unrealized Fair 2017 Cost Gains Losses Value FRB and FHLB stock $ 33,262 $ — $ — $ 33,262 Other securities – marketable 3 4,637 — 4,640 Other securities – non-marketable 26,606 1,389 — 27,995 Total Federal Reserve Bank stock and other $ 59,871 $ 6,026 $ — $ 65,897 Investment in FRB stock is based on the capital structure of the investing bank, and investment in FHLB stock is mainly tied to the level of borrowings from the FHLB. These holdings are carried at cost. Other marketable and non-marketable securities include PCM alternative investments in hedge funds and private equity funds, which are accounted for as equity-method investments. The fair value of other marketable securities includes alternative investment securities of $4.4 million at December 31, 2018 and $4.6 million at December 31, 2017. The fair value of other non-marketable securities includes alternative investment securities of $5.8 million at December 31, 2018 and $3.4 million at December 31, 2017. Unrealized gains or losses on alternative investments are recognized in the Other noninterest income line of the Company’s Consolidated Statements of Income. |
SECURITIES PURCHASED UNDER AGRE
SECURITIES PURCHASED UNDER AGREEMENTS TO RESELL | 12 Months Ended |
Dec. 31, 2018 | |
Banking And Thrift [Abstract] | |
SECURITIES PURCHASED UNDER AGREEMENTS TO RESELL | 5. SECURITIES PURCHASED UNDER AGREEMENTS TO RESELL The Company regularly enters into agreements for the purchase of securities with simultaneous agreements to resell (resell agreements). The agreements permit the Company to sell or repledge these securities. Resell agreements were $626.5 million and $186.5 million at December 31, 2018 and 2017, respectively. The Company obtains possession of collateral with a market value equal to or in excess of the principal amount loaned under resell agreements. |
LOANS TO OFFICERS AND DIRECTORS
LOANS TO OFFICERS AND DIRECTORS | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
LOANS TO OFFICERS AND DIRECTORS | 6. LOANS TO OFFICERS AND DIRECTORS Certain executive officers and directors of the Company and the Bank, including companies in which those persons are principal holders of equity securities or are general partners, borrow in the normal course of business from the Bank. All such loans have been made on substantially the same terms, including interest rates and collateral, as those prevailing at the same time for comparable transactions with unrelated parties. In addition, all such loans are current as to repayment terms. During the year ended December 31, 2017, changes in the composition of the Bank board of directors resulted in a reduction of $101.0 million in the reportable loans to officers and directors. For the years 2018 and 2017, an analysis of activity with respect to such aggregate loans to related parties appears below (in thousands): Year Ended December 31, 2018 2017 Balance – beginning of year $ 187,662 $ 321,392 New loans 83,978 61,697 Repayments (14,065 ) (94,378 ) Reduction due to change in reportable loans — (101,049 ) Balance – end of year $ 257,575 $ 187,662 |
GOODWILL AND OTHER INTANGIBLES
GOODWILL AND OTHER INTANGIBLES | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER INTANGIBLES | 7. GOODWILL AND OTHER INTANGIBLES Changes in the carrying amount of goodwill for the years ended December 31, 2018 and December 31, 2017 by operating segment are as follows (in thousands): Commercial Banking Institutional Banking Personal Banking Healthcare Services Total Balances as of January 1, 2018 $ 59,419 $ 51,332 $ 70,116 $ — $ 180,867 Balances as of December 31, 2018 $ 59,419 $ 51,332 $ 70,116 $ — $ 180,867 Balances as of January 1, 2017 $ 59,419 $ 98,861 $ 70,116 $ — $ 228,396 Discontinued assets — (47,529 ) — — (47,529 ) Balances as of December 31, 2017 $ 59,419 $ 51,332 $ 70,116 $ — $ 180,867 Following are the intangible assets that continue to be subject to amortization as of December 31, 2018 and 2017 (in thousands) : As of December 31, 2018 Core Deposit Intangible Assets Customer Relationships Total Gross Carrying Amount $ 50,059 $ 71,852 $ 121,911 Accumulated Amortization 44,998 61,910 106,908 Net Carrying Amounts $ 5,061 $ 9,942 $ 15,003 As of December 31, 2017 Core Deposit Intangible Assets Customer Relationships Total Gross Carrying Amount $ 50,059 $ 71,342 $ 121,401 Accumulated Amortization 42,209 58,935 101,144 Net Carrying Amounts $ 7,850 $ 12,407 $ 20,257 Amortization expense for the years ended December 31, 2018, 2017, and 2016 was $5.8 million, $7.3 million and $8.7 million, respectively. The following table discloses the estimated amortization expense of intangible assets in future years (in thousands): For the year ending December 31, 2019 $ 4,785 For the year ending December 31, 2020 3,830 For the year ending December 31, 2021 2,825 For the year ending December 31, 2022 1,886 For the year ending December 31, 2023 1,167 |
PREMISES AND EQUIPMENT
PREMISES AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2018 | |
Property Plant And Equipment [Abstract] | |
PREMISES AND EQUIPMENT | 8 . PREMISES AND EQUIPMENT Premises and equipment consisted of the following (in thousands): December 31, 2018 2017 Land $ 44,580 $ 46,415 Buildings and leasehold improvements 344,267 328,384 Equipment 159,717 148,425 Software 209,877 186,269 Total 758,441 709,493 Accumulated depreciation (320,476 ) (300,103 ) Accumulated amortization (154,086 ) (133,448 ) Premises and equipment, net $ 283,879 $ 275,942 Premises and equipment depreciation and amortization expenses were $47.4 million in 2018, $45.6 million in 2017, and $41.9 million in 2016. Rental and operating lease expenses were $14.8 million in 2018, $14.8 million in 2017, and $14.6 million in 2016. Minimum future rental commitments as of December 31, 2018, for all non-cancelable operating leases are as follows (in thousands): 2019 $ 12,257 2020 11,592 2021 8,886 2022 8,078 2023 6,457 Thereafter 27,092 Total $ 74,362 |
BORROWED FUNDS
BORROWED FUNDS | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
BORROWED FUNDS | 9. BORROWED FUNDS The components of the Company's long-term debt are as follows (in thousands): December 31, 2018 2017 Trust Preferred Securities: Marquette Capital Trust I subordinated debentures 3.77% due 2036 $ 16,914 $ 16,636 Marquette Capital Trust II subordinated debentures 3.77% due 2036 17,548 17,285 Marquette Capital Trust III subordinated debentures 4.32% due 2036 6,906 6,804 Marquette Capital Trust IV subordinated debentures 4.39% due 2036 27,960 27,560 Kansas Equity Fund IX, L.P. 0% due 2023 64 133 Kansas Equity Fund X, L.P. 0% due 2021 141 207 St. Louis Equity Fund 2007 L.L.C. 0% due 2019 13 13 St. Louis Equity Fund 2012 L.L.C. 0% due 2020 84 163 St. Louis Equity Fund 2013 L.L.C. 0% due 2021 562 859 St. Louis Equity Fund 2014 L.L.C. 0% due 2022 912 1,209 St. Louis Equity Fund 2015, L.L.C. 0% due 2023 604 759 MHEG Community Fund 41, L.P. 0% due 2024 545 680 MHEG Community Fund 43, L.P. 0% due 2026 979 1,165 MHEG Community Fund 45, L.P. 0% due 2027 1,174 1,353 MHEG Community Fund 47, L.P. 0% due 2028 1,414 1,485 MHEG Community Fund 49, L.P. 0% due 2034 2,951 2,970 MHEG Community Fund 50, L.P. 0% due 2035 2,970 — Open Prairie Rural Opportunities Fund, L.P. 0% due 2022 930 — Total long-term debt $ 82,671 $ 79,281 Aggregate annual repayments of long-term debt at December 31, 2018, are as follows (in thousands): 2019 $ 2,180 2020 3,801 2021 2,806 2022 1,349 2023 889 Thereafter 71,646 Total $ 82,671 The Company assumed long-term debt obligations from the acquisition of Marquette and consists of debt obligations payable to four unconsolidated trusts (Marquette Capital Trust I, Marquette Capital Trust II, Marquette Capital Trust III, and Marquette Capital Trust IV) that previously issued trust preferred securities. These long-term debt obligations had an aggregate contractual balance of $103.1 million and had a carrying value of $69.3 million as of December 31, 2018. Interest rates on trust preferred securities are tied to the three-month The Company is a member bank of the FHLB of Des Moines. Through this relationship, the Company purchased $10.0 million of FHLB stock and has access to additional liquidity and funding sources through FHLB advances. The Company’s borrowing capacity is dependent upon the amount of collateral the Company places at the FHLB. The Company’s borrowing capacity with the FHLB was $814.6 million as of December 31, 2018. The Company had no outstanding FHLB advances at FHLB of Des Moines as of December 31, 2018. The Company has a revolving line of credit with Wells Fargo Bank, N.A. which allows the Company to borrow up to $50.0 million for general working capital purposes. The interest rate applied to borrowed balances will be at the Company’s option either 1.00 percent above LIBOR or 1.75 percent below the prime rate on the date of an advance. The Company pays 0.3 percent unused commitment fee for unused portions of the line of credit. The Company currently has no outstanding balance on this line of credit. The Company enters into sales of securities with simultaneous agreements to repurchase (repurchase agreements). The Company utilizes repurchase agreements to facilitate the needs of customers and to facilitate secured short-term funding needs. Repurchase agreements are stated at the amount of cash received in connection with the transaction. The Company monitors collateral levels on a continuous basis and may be required to provide additional collateral based on the fair value of the underlying securities. Securities pledged as collateral under repurchase agreements are maintained with the Company’s safekeeping agents. The amounts received under these agreements represent short-term borrowings. The amount outstanding at December 31, 2018, was $1.5 billion (with accrued interest payable of $174 thousand). The amount outstanding at December 31, 2017, was $1.2 billion (with accrued interest payable of $197 thousand). The carrying amounts and market values of the securities and the related repurchase liabilities and weighted average interest rates of the repurchase liabilities (grouped by maturity of the repurchase agreements) were as follows as of December 31, 2018 (in thousands): As of December 31, 2018 Securities Fair Market Value Repurchase Liabilities Weighted Average Interest Rate Maturity of the Repurchase Liabilities 2 to 30 days $ 1,529,683 $ 1,511,991 2.08 % Over 90 Days 251 250 0.03 Total $ 1,529,934 $ 1,512,241 2.08 % The table below presents the remaining contractual maturities of repurchase agreements outstanding at December 31, 2018, in addition to the various types of marketable securities that have been pledged as collateral for these borrowings (in thousands). As of December 31, 2018 Remaining Contractual Maturities of the Agreements Repurchase agreements, secured by: 2-29 days Over 90 Days Total U.S. Treasury $ 181,531 $ — $ 181,531 U.S. Agency 1,330,460 250 1,330,710 Total repurchase agreements $ 1,511,991 $ 250 $ 1,512,241 |
REGULATORY REQUIREMENTS
REGULATORY REQUIREMENTS | 12 Months Ended |
Dec. 31, 2018 | |
Banking And Thrift [Abstract] | |
REGULATORY REQUIREMENTS | 10. REGULATORY REQUIREMENTS Payment of dividends by the Bank to the parent company is subject to various regulatory restrictions. For national banks, the governing regulatory agency must approve the declaration of any dividends generally in excess of the sum of net income for that year and retained net income for the preceding two years. The Bank maintains a reserve balance with the FRB as required by law. During 2018, this amount averaged $396.0 million, compared to $303.8 million in 2017. At December 31, 2018, the Company is required to have minimum common equity tier 1, tier 1, and total capital ratios of 4.5%, 6.0% and 8.0%, respectively. The Company’s actual ratios at that date were 12.89%, 12.89% and 13.95%, respectively. The Company is required to have a minimum leverage ratio of 4.0%, and the leverage ratio at December 31, 2018, was 9.87%. As of December 31, 2018, the most recent notification from the OCC categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well-capitalized the Bank must maintain total risk-based, tier 1 risk-based, common equity tier 1, and tier 1 leverage ratios of 10.0%, 8.0%, 6.5%, and 5.0%, respectively. There are no conditions or events that have occurred since the receipt of the most recent notification that management believes have changed the Bank’s categorization. In addition, under amendments to the BHCA introduced by the Dodd-Frank Act and commonly known as the Volcker Rule, the Company and its subsidiaries are subject to extensive limits on proprietary trading and on owning or sponsoring hedge funds and private-equity funds. The limits on proprietary trading are largely focused on purchases or sales of financial instruments by a banking entity as principal primarily for the purpose of short-term resale, benefitting from actual or expected short-term price movements, or realizing short-term arbitrage profits. The limits on owning or sponsoring hedge funds and private-equity funds are designed to ensure that banking entities generally maintain only small positions in managed or advised funds and are not exposed to significant losses arising directly or indirectly from them. The Volcker Rule also provides for increased capital charges, quantitative limits, rigorous compliance programs, and other restrictions on permitted proprietary trading and fund activities, including a prohibition on transactions with a covered fund that would constitute a covered transaction under Sections 23A and 23B of the Federal Reserve Act. The fund activities of the Company and its subsidiaries are in conformance with the Volcker Rule, which became effective July 21, 2015. Actual capital amounts as well as required and well-capitalized common equity tier 1, tier 1, total and tier 1 leverage ratios as of December 31, 2018 and 2017 for the Company and the Bank are as follows (in thousands): 2018 Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio Common Equity Tier 1 Capital: UMB Financial Corporation $ 2,142,469 12.89 % $ 748,009 4.50 % $ N/A N/A % UMB Bank, n. a. 1,921,615 11.65 742,322 4.50 1,072,243 6.50 Tier 1 Capital: UMB Financial Corporation 2,142,469 12.89 997,346 6.00 N/A N/A UMB Bank, n. a. 1,921,615 11.65 989,763 6.00 1,319,683 8.00 Total Capital: UMB Financial Corporation 2,318,145 13.95 1,329,794 8.00 N/A N/A UMB Bank, n. a. 2,027,962 12.29 1,319,683 8.00 1,649,604 10.00 Tier 1 Leverage: UMB Financial Corporation 2,142,469 9.87 867,879 4.00 N/A N/A UMB Bank, n. a. 1,921,615 8.85 868,916 4.00 1,086,145 5.00 2017 Common Equity Tier 1 Capital: UMB Financial Corporation $ 2,041,504 12.95 % $ 709,309 4.50 % $ N/A N/A % UMB Bank, n. a. 1,750,297 11.19 704,062 4.50 1,016,979 6.50 Tier 1 Capital: UMB Financial Corporation 2,041,504 12.95 945,746 6.00 N/A N/A UMB Bank, n. a. 1,750,297 11.19 938,750 6.00 1,251,666 8.00 Total Capital: UMB Financial Corporation 2,213,050 14.04 1,260,994 8.00 N/A N/A UMB Bank, n. a. 1,853,558 11.85 1,251,666 8.00 1,564,583 10.00 Tier 1 Leverage: UMB Financial Corporation 2,041,504 9.94 821,527 4.00 N/A N/A UMB Bank, n. a. 1,750,297 8.57 816,859 4.00 1,021,073 5.00 |
EMPLOYEE BENEFITS
EMPLOYEE BENEFITS | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
EMPLOYEE BENEFITS | 11. EMPLOYEE BENEFITS The Company has a discretionary noncontributory profit sharing plan, which features an employee stock ownership plan. This plan is for the benefit of substantially all eligible officers and employees of the Company and its subsidiaries. The Company has accrued and anticipates making a discretionary payment of $1.5 million in March 2019, for 2018. A $4.0 million contribution was paid in 2018, for 2017. A $1.5 million contribution was paid in 2017, for 2016. The Company has a qualified 401(k) profit sharing plan that permits participants to make contributions by salary deduction. The Company made a matching contribution to this plan of $6.8 million in 2018, for 2017 and $6.7 million in 2017, for 2016. In 2018, the Company changed the timing of matching contributions from annually to every pay period. As a result, the Company made matching contributions to the plan of $9.1 million in 2018 for current year activity, and anticipates making an additional matching contribution of $0.1 million in January 2019, for 2018. The Company recognized $1.5 million, $2.5 million, and $2.1 million in expense related to outstanding stock options and $8.2 million, $10.4 million, and $9.2 million in expense related to outstanding restricted stock and restricted stock unit grants for the years ended December 31, 2018, 2017, and 2016, respectively. The Company had $2.2 million of unrecognized compensation expense related to the outstanding options and $14.8 million of unrecognized compensation expense related to outstanding restricted stock and restricted stock unit grants at December 31, 2018. 2002 Incentive Stock Option Plan On April 18, 2002, the shareholders of the Company approved the 2002 Incentive Stock Options Plan (the 2002 Plan), which provides incentive options to certain key employees to receive up to 2 million common shares of the Company. All options that are issued under the 2002 Plan terminate after 10 years (except for any option granted to a person holding more than 10 percent of the Company’s stock, in which case the option terminates after five years). All options issued prior to 2005, under the 2002 Plan, could not be exercised until at least four years and 11 months after the date they are granted. Options issued in 2006, 2007, and 2008 under the 2002 Plan, have a vesting schedule of 50 percent after three years; 75 percent after four years and 100 percent after four years and 11 months. Except under circumstances of death, disability or certain retirements, the options cannot be exercised after the grantee has left the employment of the Company or its subsidiaries. The exercise period for an option may be accelerated upon the optionee’s qualified disability, retirement or death. All options expire at the end of the exercise period. Options are granted at exercise prices of no less than 100 percent of the fair market value of the underlying shares based on the fair value of the option at date of grant. On January 25, 2011, the Board amended and froze the 2002 Plan such that no shares of Company stock shall thereafter be available for grants under the 2002 Plan. Existing awards granted under the 2002 Plan will continue in accordance with their terms under the 2002 Plan. The 2002 Plan expired without modification on April 17, 2012. The table below discloses the information relating to option activity in 2018, under the 2002 Plan: Number of Shares Weighted Average Price Per Share Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Stock Options Under the 2002 Plan Outstanding - December 31, 2017 31,686 $ 40.93 Granted — — Expired (938 ) 40.93 Exercised (30,748 ) 40.93 Outstanding - December 31, 2018 — $ — — $ — Exercisable - December 31, 2018 — $ — — $ — No options were granted under the 2002 Plan during 2018, 2017, or 2016. The total intrinsic value of options exercised during the year ended December 31, 2018, 2017, and 2016 was $0.9 million, $2.0 million, and $2.3 million, respectively. As of December 31, 2018, there was no unrecognized compensation cost related to the nonvested options. Long-Term Incentive Compensation Plan At the April 26, 2005 shareholders’ meeting, the shareholders of the Company approved the UMB Financial Corporation Long-Term Incentive Compensation Plan (LTIP) which became effective as of January 1, 2005. The LTIP permits the issuance to selected officers of the Company service-based restricted stock grants, performance-based restricted stock grants and non-qualified stock options. Service-based restricted stock grants contain a service requirement. The performance-based restricted grants contain performance and service requirements. The non-qualified stock option grants contain a service requirement. At the April 23, 2013 shareholders’ meeting, the shareholders of the Company approved amendments to the LTIP Plan, including increasing the number of shares of the Company’s stock reserved for issuance under the Plan from 5.25 million shares to 7.44 million shares. Additionally, the shareholders approved increasing the maximum benefits any one eligible employee may receive under the plan during any one fiscal year from $1 million to $2 million taking into account the value of all stock options and restricted stock received. The service-based restricted stock grants contain a service requirement with varying vesting schedules. The majority of these grants issued prior to 2016 utilize a vesting schedule in which 50 percent of the shares vest after three years of service, 75 percent after four years of service and 100 percent after five years of service. The majority of these grants issued in 2016 and beyond utilize a vesting schedule in which 50 percent of the shares vest after two years of service, 75 percent after three years of service and 100 percent after four years of service. Certain other grants utilize vesting schedules in which the grants vest ratably over the requisite service period or contain a three-year cliff vesting. The performance-based restricted stock grants contain a service and a performance requirement. The performance requirement is based on a predetermined performance requirement over a three year period. The service requirement portion is a three year cliff vesting. If the performance requirement is not met, the participants do not receive the shares. The dividends on service and performance-based restricted stock grants are treated as two separate transactions. First, cash dividends are paid on the restricted stock. Those cash dividends are then paid to purchase additional shares of restricted stock. Dividends earned as additional shares of restricted stock have the same terms as the associated grant. The dividends paid on the stock are recorded as a reduction to retained earnings (similar to all dividend transactions). The table below discloses the status of the service-based restricted shares during 2018: Number of Shares Weighted Average Grant Date Fair Value Service-Based Restricted Stock Nonvested - December 31, 2017 470,133 $ 55.39 Granted 136,170 72.30 Canceled (45,591 ) 59.96 Vested (195,425 ) 50.22 Nonvested - December 31, 2018 365,287 $ 63.89 As of December 31, 2018, there was $13.9 million of unrecognized compensation cost related to the nonvested shares. The cost is expected to be recognized over a period of 2.3 years. Total fair value of shares vested during the year ended December 31, 2018, 2017, and 2016 was $14.5 million, $9.9 million, and $7.4 million, respectively. The table below discloses the status of the performance-based restricted shares during 2018: Number of Shares Weighted Average Grant Date Fair Value Performance-Based Restricted Stock Nonvested - December 31, 2017 135,214 $ 57.22 Granted — — Canceled (24,872 ) 57.79 Vested (34,128 ) 51.42 Nonvested - December 31, 2018 76,214 $ 59.62 As of December 31, 2018, there was $0.9 million of unrecognized compensation cost related to the nonvested shares. The cost is expected to be recognized over a period of 1.0 years. Total fair value of shares vested during the years ended December 31, 2018, 2017 and 2016, was $2.6 million, $1.4 million and $1.0 million, respectively. The non-qualified stock options carry a service requirement and grants issued prior to 2016 will vest 50 percent after three years, 75 percent after four years and 100 percent after five years, while grants issued in 2016 and beyond will vest 50 percent after two years, 75 percent after three years and 100 percent after four years. The table below discloses the information relating to non-qualified option activity in 2018 under the LTIP: Number of Shares Weighted Average Price Per Share Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Stock Options Under the LTIP Outstanding - December 31, 2017 1,047,461 $ 52.13 Granted — — Canceled (76,530 ) 58.05 Expired (1,929 ) 52.57 Exercised (215,358 ) 46.42 Outstanding - December 31, 2018 753,644 $ 53.16 5.6 $ 5,882,568 Exercisable - December 31, 2018 421,802 $ 47.71 4.5 $ 5,593,676 The Company uses the Black-Scholes pricing model to determine the fair value of its options. The assumptions for stock-based awards in the past three years utilized in the model are shown in the table below. 2018 2017 2016 Black-Scholes pricing model: Weighted average fair value of the granted option $ — $ 17.88 $ 9.90 Weighted average risk-free interest rate — 1.29 % 1.30 % Expected option life in years — 6.25 6.25 Expected volatility — 24.41 % 25.71 % Expected dividend yield — 2.03 % 2.02 % The expected option life is derived from historical exercise patterns and represents the amount of time that options granted are expected to be outstanding. The expected volatility is based on historical volatilities of the Company’s stock. The risk-free interest rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. There were no options granted during 2018. The weighted average grant-date fair value of options granted during the years 2017 and 2016 was $17.88 and $9.90, respectively. The total intrinsic value of options exercised during the years ended December 31, 2018, 2017, and 2016, was $6.1 million, $8.1 million and $5.8 million, respectively. As of December 31, 2018, there was $2.2 million of unrecognized compensation cost related to the nonvested options. The cost is expected to be recognized over a period of 1.6 years. Cash received from options exercised under all share based compensation plans was $11.3 million, $12.7 million, and $15.8 million for the years ended December 31, 2018, 2017, and 2016, respectively. The tax benefit realized for stock options exercised was $2.4 million, $3.6 million, and $1.1 million for the years ended December 31, 2018, 2017, and 2016, respectively. The Company has no specific policy to repurchase common shares to mitigate the dilutive impact of options; however, the Company has historically made adequate discretionary repurchases of common shares in an amount that exceeds stock option exercise activity. See a description of the Company’s share repurchase plan in Note 14, “Common Stock and Earnings Per Share,” in the Notes to the Consolidated Financial Statements provided in Item 8, page 94 of this report. Omnibus Incentive Compensation Plan At the April 24, 2018 shareholders’ meeting, the shareholders of the Company approved the UMB Financial Corporation Omnibus Incentive Compensation Plan (OICP) which became effective as of April 24, 2018. The OICP permits the issuance to key employees of the Company various types of awards, including stock options, restricted stock and restricted stock units, performance awards and other stock-based awards. In 2018, stock-based compensation under the OICP was issued in the form of restricted stock awards, restricted stock units and performance stock units. Restricted stock awards do not contain a service or performance requirement and were vested immediately upon grant. Service-based restricted stock unit awards contain a service requirement and the performance-based restricted stock unit awards contain performance and service requirements. The number of shares of the Company’s stock reserved for issuance under the Plan is 5.40 million shares. The maximum benefits any one eligible employee may receive under the Plan during any one fiscal year is $1 million. The service-based years of service The performance-based restricted stock unit awards are payable in shares of stock and contain a service and a performance requirement. The performance requirement is based on two predetermined performance requirements over a three year period. The service requirement portion is a three year cliff vesting. If the performance requirement is not met, the participants do not receive the shares. The dividends on service-based restricted stock grants and service-based restricted stock units are treated as two separate transactions. First, cash dividends are paid on the restricted stock or stock units. Those cash dividends are then paid to purchase additional shares of restricted stock or stock units. Dividends earned as additional shares of restricted stock or stock units have the same terms as the associated grant. The dividends paid on the stock are recorded as a reduction to retained earnings (similar to all dividend transactions). Dividends are not paid on performance-based restricted stock units. The table below discloses the status of the restricted stock awards during 2018: Number of Shares Weighted Average Price Per Share Service Based Restricted Stock Under the OICP Nonvested - December 31, 2017 — $ — Granted 240 74.24 Canceled — — Vested (240 ) 74.24 Nonvested - December 31, 2018 — $ — As of December 31, 2018 , there was no unrecognized compensation cost related to the restricted stock awards. Total fair value of shares vested during the year ended December 31, 2018, was $18 thousand. The table below discloses the status of the service-based restricted stock units during 2018: Number of Units Weighted Average Price Per Unit Service Based Restricted Stock Units Under the OICP Nonvested - December 31, 2017 — $ — Granted 14,257 71.98 Canceled — — Vested — — Nonvested - December 31, 2018 14,257 $ 71.98 As of December 31, 2018, there was $0.9 million of unrecognized compensation cost related to the nonvested units. The cost is expected to be recognized over a period of 2.6 years. There were no units vested during 2018. The table below discloses the status of the performance-based restricted stock units during 2018: Number of Units Weighted Average Price Per Unit Performance Based Restricted Stock Units Under the OICP Nonvested - December 31, 2017 — $ — Granted 45,030 76.68 Canceled (6,015 ) 76.68 Vested — — Nonvested - December 31, 2018 39,015 $ 76.68 As of December 31, 2018, there was $2.3 million of unrecognized compensation cost related to the nonvested units. The cost is expected to be recognized over a period of 2.0 years. There were no units vested during 2018. |
BUSINESS SEGMENT REPORTING
BUSINESS SEGMENT REPORTING | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
BUSINESS SEGMENT REPORTING | 12. BUSINESS SEGMENT REPORTING The Company has strategically aligned its operations into the following four reportable segments: Commercial Banking, Institutional Banking, Personal Banking, and Healthcare Services (collectively, the Business Segments). Senior executive officers regularly evaluate Business Segment financial results produced by the Company’s internal reporting system in deciding how to allocate resources and assess performance for individual Business Segments. Previously, the Company had the following three Business Segments: Bank, Institutional Investment Management, and Asset Servicing. During 2017, the Company sold all of the outstanding stock of Scout, its institutional investment management subsidiary. As the operations of Scout are included in discontinued operations, the Company no longer presents such operations as one of its business segments. The Company’s reportable Business Segments include certain corporate overhead, technology and service costs that are allocated based on methodologies that are applied consistently between periods. For comparability purposes, amounts in all periods are based on methodologies in effect at December 31, 2018. Previously reported results have been reclassified in this filing to conform to the current organizational structure. The following summaries provide information about the activities of each segment: Commercial Banking serves the commercial lending and leasing, capital markets, and treasury management needs of the Company’s mid-market businesses and governmental entities by offering various products and services. Such services include commercial loans, commercial credit cards, letters of credit, loan syndication services, consultative services, and a variety of financial options for companies that need non-traditional banking services. Capital markets services include asset-based financing, asset securitization, equity and mezzanine financing, factoring, private and public placement of senior debt, as well as merger and acquisition consulting. Treasury management services include depository services, account reconciliation services, electronic fund transfer services, controlled disbursements, lockbox services, and remote deposit capture services. Institutional Banking is a combination of banking services, fund services, and asset management services provided to institutional clients. This segment also provides mutual fund cash management, international payments, corporate trust and escrow services, as well as correspondent banking and investment banking. Products and services include bond trading transactions, cash letter collections, investment portfolio accounting and safekeeping, reporting for asset/liability management, and Federal funds transactions. Institutional Banking also includes UMBFS, which provides fund administration and accounting, investor services and transfer agency, marketing and distribution, custody, and alternative investment services. Personal Banking combines consumer services and asset management provided to personal clients. This segment combines the Company’s consumer bank with the individual investment and wealth management solutions. The range of services offered to UMB clients varies from a basic checking account to estate planning and trust services. Products and services include the Company’s bank branches, call center, internet banking and ATM network, deposit accounts, retail credit cards, private banking, installment loans, home equity lines of credit, residential mortgages, small business loans, brokerage services, and insurance services in addition to a full spectrum of investment advisory, trust, and custody services. Healthcare Services provides healthcare payment solutions including custodial services for health savings accounts (HSAs) and private label, multipurpose debit cards to insurance carriers, third-party administrators, software companies, employers, and financial institutions. BUSINESS SEGMENT INFORMATION S egment financial results were as follows (in thousands): Year Ended December 31, 2018 Commercial Banking Institutional Banking Personal Banking Healthcare Services Total Net interest income $ 380,266 $ 66,585 $ 125,045 $ 38,550 $ 610,446 Provision for loan losses 63,841 1,335 5,574 — 70,750 Noninterest income 74,931 173,591 118,344 34,832 401,698 Noninterest expense 253,740 189,708 225,406 48,946 717,800 Income before taxes 137,616 49,133 12,409 24,436 223,594 Income tax expense 16,824 6,007 1,517 2,986 27,334 Income from continuing operations $ 120,792 $ 43,126 $ 10,892 $ 21,450 $ 196,260 Average assets $ 9,856,000 $ 3,995,000 $ 4,959,000 $ 2,190,000 $ 21,000,000 Year Ended December 31, 2017 Commercial Banking Institutional Banking Personal Banking Healthcare Services Total Net interest income $ 353,627 $ 51,977 $ 122,304 $ 31,005 $ 558,913 Provision for loan losses 32,937 1,461 6,602 — 41,000 Noninterest income 82,221 187,003 118,896 35,442 423,562 Noninterest expense 250,308 184,618 226,634 43,569 705,129 Income before taxes 152,603 52,901 7,964 22,878 236,346 Income tax expense 34,460 11,946 1,798 5,166 53,370 Income from continuing operations $ 118,143 $ 40,955 $ 6,166 $ 17,712 $ 182,976 Average assets $ 9,717,000 $ 3,622,000 $ 5,160,000 $ 1,897,000 $ 20,396,000 Year Ended December 31, 2016 Commercial Banking Institutional Banking Personal Banking Healthcare Services Total Net interest income $ 308,852 $ 39,272 $ 122,896 $ 24,303 $ 495,323 Provision for loan losses 22,730 410 9,360 — $ 32,500 Noninterest income 76,756 171,543 121,250 32,962 $ 402,511 Noninterest expense 227,161 165,539 236,808 37,237 $ 666,745 Income (loss) before taxes 135,717 44,866 (2,022 ) 20,028 198,589 Income tax expense (benefit) 30,722 10,157 (458 ) 4,534 44,955 Income (loss) from continuing operations $ 104,995 $ 34,709 $ (1,564 ) $ 15,494 $ 153,634 Average assets $ 8,683,000 $ 4,199,000 $ 5,216,000 $ 1,495,000 $ 19,593,000 |
REVENUE RECOGNITION
REVENUE RECOGNITION | 12 Months Ended |
Dec. 31, 2018 | |
Revenue From Contract With Customer [Abstract] | |
REVENUE RECOGNITION | 13. REVENUE RECOGNITION As of January 1, 2018, the Company adopted ASU No. 2014-09, Revenue from Contracts with Customers The following is a description of the principal activities from which the Company generates revenue that are within the scope of ASC 606: Trust and securities processing - Trust and securities processing income consists of fees earned on personal and corporate trust accounts, custody of securities services, trust investments and wealth management services, and mutual fund and alternative asset servicing. The performance obligations related to this revenue include items such as performing full bond trustee service administration, investment advisory services, custody and record-keeping services, and fund administrative and accounting services. These fees are part of long-term contractual agreements and the performance obligations are satisfied upon completion of service and fees are generally a fixed flat monthly rate or based on a percentage of the account’s market value per the contract with the customer. These fees are primarily recorded within the Company’s Institutional and Personal Banking segments. Trading and investment banking - Trading and investment banking income consists of income earned related to the Company’s trading securities portfolio, including futures hedging, dividends, bond underwriting, and other securities incomes. The vast majority of this revenue is recognized in accordance with ASC 320, , and is out of the scope of ASC 606. A portion of trading and investment banking represents fees earned for management fees, commissions, and underwriting of corporate bond issuances. The performance obligations related to these fees include reviewing the credit worthiness of the customer, ensuring appropriate regulatory approval and participating in due diligence. The fees are fixed per the bond prospectus and the performance obligations are satisfied upon registration approval of the bonds by the applicable regulatory agencies. Revenue is recognized at the point in time upon completion of service and when approval is granted by the regulators. Service charges on deposits - Service charges on deposit accounts represent monthly analysis fees recognized for the services related to customer deposit accounts, including account maintenance and depository transactions processing fees. Commercial Banking and Institutional Banking depository accounts charge fees in accordance with the customer’s pricing schedule while Personal Banking account holders are generally charged a flat service fee per month. Deposit service charges for the Healthcare Services segment are priced according to either standard pricing schedules with individual account holders or according to service agreements between the Company and employer groups or third party administrators. The Company satisfies the performance obligation related to providing depository accounts monthly as transactions are processed and deposit service charge revenue is recorded monthly. These fees are recognized within all Business Segments. Insurance fees and commissions – Insurance fees and commissions includes all insurance-related fees earned, including commissions for individual life, variable life, group life, health, group health, fixed annuity, and variable annuity insurance contracts. The performance obligations related to these revenues primarily represent the placement of insurance policies with the insurance company partners. The fees are based on the contracts with insurance company partners and the performance obligations are satisfied when the terms of the policy have been agreed to and the insurance policy becomes effective. Brokerage fees – Brokerage fees represent income earned related to providing brokerage transaction services, including commissions on equity and commodity trades, and fees for investment management, advisory and administration. The performance obligations related to transaction services are executing the specified trade and are priced according to the customer’s fee schedule. Such income is recognized at a point in time as the trade occurs and the performance obligation is fulfilled. The performance obligations related to investment management, advisory and administration include allocating customer assets across a wide range of mutual funds and other investments, on-going account monitoring and re-balancing of the portfolio. These performance obligations are satisfied over time and the related revenue is calculated monthly based on the assets under management of each customer. All material performance obligations are satisfied as of the end of each accounting period. Bankcard fees – Bankcard fees primarily represent income earned from interchange revenue from MasterCard and Visa for the Company’s processing of debit, credit, HSA, and flexible spending account transactions. Additionally, the Company earns income and incentives related to various referrals of customers to card programs. The performance obligation for interchange revenue is the processing of each transaction through the Company’s access to the banking system. This performance obligation is completed for each individual transaction and income is recognized per transaction in accordance with interchange rates established by MasterCard and Visa. The performance obligations for various referral and incentive programs include either referring customers to certain card products or issuing exclusively branded cards for certain customer segments. The pricing of these incentive and referral programs are in accordance with the agreement with the individual card partner. These performance obligations are completed as the referrals are made or over a period of time when the Company is exclusively issuing branded cards. For the years ended December 31, 2018, 2017 and 2016, the Company also has approximately $36.0 million, $27.8 million, and $29.0 million of expense, respectively, recorded within the Bankcard fees line on the Company’s Consolidated Income Statements related to rebates and rewards programs that are outside of the scope of ASC 606. All material performance obligations are satisfied as of the end of each accounting period. Gains on sales of securities available for sale, net – In the regular course of business, the Company recognizes gains on the sale of available for sale securities. These gains are recognized in accordance with ASC 320, , and are outside of the scope of ASC 606. Other income – The Company recognizes other miscellaneous income through a variety of other revenue streams, the most material of which include letter of credit fees, certain loan origination fees, gains on the sale of assets, gains and losses on equity-method investments, derivative income, and bank-owned and company-owned life insurance income. These revenue streams are outside of the scope of ASC 606 and are recognized in accordance with the applicable U.S. GAAP. The remainder of Other income is primarily earned through transactions with personal banking customers, including wire transfer service charges, stop payment charges, and fees for items like money orders and cashier’s checks. The performance obligations of these types of fees are satisfied as transactions are completed and revenue is recognized upon transaction execution according to established fee schedules with the customers. The Company had no material contract assets, contract liabilities, or remaining performance obligations as of December 31, 2018. Total receivables from revenue recognized under the scope of ASC 606 were $52.2 million and $53.5 million as of December 31, 2018 and December 31, 2017, respectively. These receivables are included as part of the Other assets line on the Company’s Consolidated Balance Sheets. The following tables depict the disaggregation of revenue according to revenue stream and Business Segment for the three years ended December 31, 2018, 2017, and 2016. As stated in Note 12, “Business Segment Reporting,” for comparability purposes, amounts in all periods are based on methodologies in effect at December 31, 2018 and previously reported results have been reclassified in this filing to confirm to the current organizational structure. Disaggregated revenue is as follows (in thousands): Year Ended December 31, 2018 NONINTEREST INCOME Commercial Banking Institutional Banking Personal Banking Healthcare Services Revenue (Expense) out of Scope of ASC 606 Total Trust and securities processing $ — $ 107,236 $ 64,927 $ — $ — $ 172,163 Trading and investment banking — — — — 15,584 15,584 Service charges on deposit accounts 30,313 25,174 11,551 17,123 126 84,287 Insurance fees and commissions — — 1,292 — — 1,292 Brokerage fees 194 17,026 8,587 — — 25,807 Bankcard fees 59,596 5,816 22,080 16,264 (35,236 ) 68,520 Gains on sales of securities available for sale, net — — — — 578 578 Other 2,660 618 7,273 743 22,173 33,467 Total Noninterest income $ 92,763 $ 155,870 $ 115,710 $ 34,130 $ 3,225 $ 401,698 Year Ended December 31, 2017 NONINTEREST INCOME Commercial Banking Institutional Banking Personal Banking Healthcare Services Revenue (Expense) out of Scope of ASC 606 Total Trust and securities processing $ — $ 110,237 $ 66,409 $ — $ — $ 176,646 Trading and investment banking — 712 — — 22,471 23,183 Service charges on deposit accounts 31,251 29,043 11,818 15,454 114 87,680 Insurance fees and commissions — — 1,972 — — 1,972 Brokerage fees 160 14,630 8,415 3 — 23,208 Bankcard fees 53,239 6,176 22,918 17,791 (27,094 ) 73,030 Gains on sales of securities available for sale, net — — — — 4,192 4,192 Other 2,354 601 3,708 399 26,589 33,651 Total Noninterest income $ 87,004 $ 161,399 $ 115,240 $ 33,647 $ 26,272 $ 423,562 Year Ended December 31, 2016 NONINTEREST INCOME Commercial Banking Institutional Banking Personal Banking Healthcare Services Revenue (Expense) out of Scope of ASC 606 Total Trust and securities processing $ 7 $ 105,130 $ 61,178 $ — $ — $ 166,315 Trading and investment banking — — — — 21,422 21,422 Service charges on deposit accounts 33,009 28,484 12,213 12,750 206 86,662 Insurance fees and commissions — — 4,188 — — 4,188 Brokerage fees 221 9,100 8,494 18 — 17,833 Bankcard fees 47,839 2,912 27,255 18,677 (27,934 ) 68,749 Gains on sales of securities available for sale, net — — — — 8,509 8,509 Other 2,563 708 3,289 160 22,113 28,833 Total Noninterest income $ 83,639 $ 146,334 $ 116,617 $ 31,605 $ 24,316 $ 402,511 |
COMMON STOCK AND EARNINGS PER S
COMMON STOCK AND EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2018 | |
Text Block [Abstract] | |
COMMON STOCK AND EARNINGS PER SHARE | 14. COMMON STOCK AND EARNINGS PER SHARE The following table summarizes the share transactions for the three years ended December 31, 2018 (in thousands, except for share data): Shares Issued Shares in Treasury Balance December 31, 2015 55,056,730 (5,660,364 ) Purchase of Treasury Stock — (399,677 ) Sale of Treasury Stock — 21,036 Issued for stock options & restricted stock — 655,331 Balance December 31, 2016 55,056,730 (5,383,674 ) Purchase of Treasury Stock — (245,982 ) Sale of Treasury Stock — 14,908 Issued for stock options & restricted stock — 453,008 Balance December 31, 2017 55,056,730 (5,161,740 ) Accelerated Share Repurchase Program — (780,321 ) Purchase of Treasury Stock — (401,038 ) Sale of Treasury Stock — 14,631 Issued for stock options & restricted stock — 388,960 Balance December 31, 2018 55,056,730 (5,939,508 ) The Board authorized the repurchase of up to 2 million shares of common stock annually at its 2016, 2017 and 2018 meetings. During 2018, the Company entered into an agreement with BAML to repurchase an aggregate of $50.0 million of the Company’s common stock through an ASR. Under the ASR, the Company repurchased a total of 780,321 shares. The final settlement of the transactions under the ASR occurred in December 2018. Other than purchases pursuant to the ASR, all share purchases pursuant to the Repurchase Authorizations are intended to be within the scope of Rule 10b-18 promulgated under the Exchange Act. Rule 10b-18 provides a safe harbor for purchases in a given day if the Company satisfies the manner, timing and volume conditions of the rule when purchasing its own common shares. The Company has not made any repurchase of its securities other than pursuant to the Repurchase Authorizations. Basic earnings per share are computed by dividing income available to common shareholders by the weighted average number of shares outstanding during the year. Diluted earnings per share gives effect to all potential common shares that were outstanding during the year. The shares used in the calculation of basic and diluted earnings per share, are shown below: For the Years Ended December 31, 2018 2017 2016 Weighted average basic common shares outstanding 49,334,937 49,223,661 48,828,313 Dilutive effect of stock options and restricted stock 435,800 615,629 448,742 Weighted average diluted common shares outstanding 49,770,737 49,839,290 49,277,055 |
COMMITMENTS, CONTINGENCIES AND
COMMITMENTS, CONTINGENCIES AND GUARANTEES | 12 Months Ended |
Dec. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
COMMITMENTS, CONTINGENCIES AND GUARANTEES | 15. COMMITMENTS, CONTINGENCIES AND GUARANTEES In the normal course of business, the Company is a party to financial instruments with off-balance-sheet risk in order to meet the financing needs of its customers and to reduce its own exposure to fluctuations in interest rates. These financial instruments include commitments to extend credit, commercial letters of credit, standby letters of credit, and futures contracts. These instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the Consolidated Balance Sheets. The contract or notional amount of those instruments reflects the extent of involvement the Company has in particular classes of financial instruments. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instruments for commitments to extend credit, commercial letters of credit, and standby letters of credit is represented by the contract or notional amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the agreement. These conditions generally include, but are not limited to, each customer being current as to repayment terms of existing loans and no deterioration in the customer’s financial condition. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. The interest rate is generally a variable rate. If the commitment has a fixed interest rate, the rate is generally not set until such time as credit is extended. For credit card customers, the Company has the right to change or terminate terms or conditions of the credit card account at any time. Since a large portion of the commitments and unused credit card lines are never actually drawn upon, the total commitment amount does not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on an individual basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation. Collateral pledged by customers varies but may include accounts receivable, inventory, real estate, plant and equipment, stock, securities and certificates of deposit. Commercial letters of credit are issued specifically to facilitate trade or commerce. Under the terms of a commercial letter of credit, as a general rule, drafts will be drawn when the underlying transaction is consummated as intended. Standby letters of credit are conditional commitments issued by the Company payable upon the non-performance of a customer’s obligation to a third party. The Company issues standby letters of credit for terms ranging from three months to six years. The Company generally requires the customer to pledge collateral to support the letter of credit. The maximum liability to the Company under standby letters of credit at December 31, 2018 and 2017, was $298.9 million and $316.1 million, respectively. As of December 31, 2018 and 2017, standby letters of credit totaling $36.5 million and $42.5 million, respectively, were with related parties to the Company. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities. The Company holds collateral supporting those commitments when deemed necessary. Collateral varies but may include such items as those described for commitments to extend credit. Futures contracts are contracts for delayed delivery of securities or money market instruments in which the seller agrees to make delivery at a specified future date, of a specified instrument, at a specified yield. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movement in securities values and interest rates. Instruments used in trading activities are carried at market value and gains and losses on futures contracts are settled in cash daily. Any changes in the market value are recognized in trading and investment banking income. The Company uses contracts to offset interest rate risk on specific securities held in the trading portfolio. As of December 31, 2018 and 2017, there were no notional amounts outstanding for these contracts. There were no open futures contract positions during the year ended December 31, 2018 or 2017. There was no net futures activity for the year ended December 31, 2018. Net futures activity resulted in losses of $6 thousand and $142 thousand for 2017 and 2016, respectively. The Company controls the credit risk of its futures contracts through credit approvals, limits and monitoring procedures. The Company also enters into foreign exchange contracts on a limited basis. For operating purposes, the Company maintains certain balances in foreign banks. Foreign exchange contracts are purchased on a monthly basis to avoid foreign exchange risk on these foreign balances. The Company will also enter into foreign exchange contracts to facilitate foreign exchange needs of customers. The Company will enter into a contract to buy or sell a foreign currency at a future date only as part of a contract to sell or buy the foreign currency at the same future date to a customer. During 2018, contracts to purchase and to sell foreign currency averaged approximately $23.9 million compared to $36.8 million during 2017. The net gains on these foreign exchange contracts for 2018, 2017 and 2016 were $2.1 million, $1.9 million and $1.6 million, respectively. With respect to group concentrations of credit risk, most of the Company’s business activity is with customers in the states of Missouri, Kansas, Colorado, Oklahoma, Nebraska, Arizona, Illinois, and Texas. At December 31, 2018, the Company did not have any significant credit concentrations in any particular industry. The following table summarizes the Company’s off-balance sheet financial instruments as described above (in thousands): Contract or Notional Amount December 31, 2018 2017 Commitments to extend credit for loans (excluding credit card loans) $ 6,870,451 $ 6,689,467 Commitments to extend credit under credit card loans 3,152,439 2,975,507 Commercial letters of credit 1,892 813 Standby letters of credit 298,915 316,054 Forward contracts 29,796 29,007 Spot foreign exchange contracts 11,183 628 |
DIVESTITURES
DIVESTITURES | 12 Months Ended |
Dec. 31, 2018 | |
Discontinued Operations And Disposal Groups [Abstract] | |
DIVESTITURES | 16. DIVESTITURES On November 17, 2017, the Company closed the sale of all of the outstanding stock of Scout, its institutional investment management subsidiary, for $172.5 million in cash, which was subject to customary post-closing purchase adjustments. The gain recorded on the disposal of Scout was $103.6 million. This table summarizes the components of income from discontinued operations, net of taxes, for the years ended December 31, 2018, 2017, and 2016 presented in the Consolidated Statements of Income (in thousands): For the years ended December 31, 2018 2017 2016 Total noninterest income $ — $ 63,416 $ 73,564 Total noninterest expense 917 65,834 65,149 (Loss) income from discontinued operations (917 ) (2,418 ) 8,415 Gain on the disposal of discontinued operations — 103,644 — Total (loss) income from discontinued operations (917 ) 101,226 8,415 Income tax (benefit) expense (170 ) 37,097 3,248 Net (loss) income on discontinued operations $ (747 ) $ 64,129 $ 5,167 The components of net cash provided by operating and investing activities of discontinued operations included in the Consolidated Statements of Cash Flows are as follows (in thousands): For the years ended December 31, 2018 2017 2016 (Loss) income from discontinued operations $ (747 ) $ 64,129 $ 5,167 Gain on the disposal of discontinued operations — (103,644 ) — Depreciation and amortization — 1,647 3,596 Net cash (used in) provided by operating activities of discontinued operations $ (747 ) $ (37,868 ) $ 8,763 Proceeds on disposal of discontinued operations $ — $ 167,183 $ — Net cash provided by investing activities of discontinued operations $ — $ 167,183 $ — |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 17. INCOME TAXES On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the Tax Act). The Tax Act includes numerous changes to existing tax law, including among other things, a permanent reduction in the federal corporate income tax rate from 35% to 21% effective January 1, 2018. The Company recognized the income tax effects of the Tax Act in its 2017 financial statements, and upon completion of the 2017 tax return, recorded a favorable provision-to-return adjustment in its 2018 financial statements. As of December 31, 2018, we consider the accounting for the effects of the rate change on our deferred tax balances to be complete. Income taxes on continuing operations produce effective income tax rates of 12.2 percent in 2018, 22.6 percent in 2017, and 22.6 percent in 2016. These percentages are computed by dividing income tax expense by Income from continuing operations before income taxes. Income tax expense from continuing operations includes the following components (in thousands): Year Ended December 31, 2018 2017 2016 Current tax Federal $ 43,027 $ (8,260 ) $ 41,860 State 4,568 1,889 1,570 Total current tax expense (benefit) 47,595 (6,371 ) 43,430 Deferred tax Federal (19,355 ) 57,851 1,145 State (906 ) 1,890 380 Total deferred tax (benefit) expense (20,261 ) 59,741 1,525 Total tax expense $ 27,334 $ 53,370 $ 44,955 Income taxes from discontinued operations produce effective income tax rates of 18.5 percent in 2018, 36.6 percent in 2017, and 38.6 percent in 2016. These percentages are computed by dividing income tax expense by Income from discontinued operations before income taxes. Income tax expense from discontinued operations includes the following components (in thousands): Year Ended December 31, 2018 2017 2016 Current tax Federal $ (154 ) $ 35,169 $ 1,759 State (16 ) 1,930 258 Total current tax (benefit) expense (170 ) 37,099 2,017 Deferred tax Federal — 260 1,187 State — (262 ) 44 Total deferred tax (benefit) expense — (2 ) 1,231 Total tax (benefit) expense $ (170 ) $ 37,097 $ 3,248 The reconciliation between the income tax expense and the amount computed by applying the statutory federal tax rate of 21% for 2018 and 35% for 2017 and 2016 to income from continuing operations before income taxes is as follows (in thousands): Year Ended December 31, 2018 2017 2016 Statutory federal income tax expense $ 46,955 $ 82,721 $ 69,506 Tax-exempt interest income (15,525 ) (25,697 ) (20,196 ) Tax-exempt life insurance related income (1,744 ) (5,769 ) (3,405 ) Meals, entertainment and related expenses 1,547 1,380 1,323 State and local income taxes, net of federal tax benefits 2,767 2,439 1,365 Impacts related to the 2017 Tax Act (4,974 ) 2,997 — Equity-based compensation (2,364 ) (3,297 ) (1,095 ) Federal tax credits, net of amortization of LIHTC (1) (1,135 ) (1,119 ) (2,480 ) Other 1,807 (285 ) (63 ) Total tax expense $ 27,334 $ 53,370 $ 44,955 (1) Low income housing tax credits In preparing its tax returns, the Company is required to interpret tax laws and regulations to determine its taxable income. Periodically, the Company is subject to examinations by various taxing authorities that may give rise to differing interpretations of these laws. Upon examination, agreement of tax liabilities between the Company and the multiple tax jurisdictions in which the Company files tax returns may ultimately be different. The Company is in the examination process with the Internal Revenue Service for tax years 2014 and 2015 and with one state taxing authority for tax years 2015 and 2016. The Company believes the aggregate amount of any additional liabilities that may result from these examinations, if any, will not have a material adverse effect on the financial condition, results of operations, or cash flows of the Company. Deferred income taxes result from differences between the carrying value of assets and liabilities measured for financial reporting and the tax basis of assets and liabilities for income tax return purposes. The significant components of deferred tax assets and liabilities are reflected in the following table (in thousands): December 31, 2018 2017 Deferred tax assets: Net unrealized loss on securities available for sale $ 31,260 $ 18,023 Loans, principally due to allowance for loan losses 25,104 23,646 Equity-based compensation 5,167 4,975 Accrued expenses 21,090 17,248 Miscellaneous 3,810 3,762 Total deferred tax assets before valuation allowance 86,431 67,654 Valuation allowance (2,150 ) (3,498 ) Total deferred tax assets 84,281 64,156 Deferred tax liabilities: Real Estate Investment Trust dividend — (32,591 ) Land, buildings and equipment (28,383 ) (17,783 ) Original issue discount (3,002 ) (2,580 ) Partnership investments (3,369 ) (1,005 ) Trust preferred securities (8,374 ) (7,202 ) Intangibles (10,071 ) (5,769 ) Miscellaneous (3,935 ) (3,117 ) Total deferred tax liabilities (57,134 ) (70,047 ) Net deferred tax asset (liability) $ 27,147 $ (5,891 ) The Company had various state net operating loss carryforwards of approximately $1.2 million as of December 31, 2018. These net operating losses expire at various times between 2019 and 2038. The Company has a full valuation allowance for a majority of these state net operating losses as they are not expected to be realized. In addition, the Company has a valuation allowance of $1.0 million to reduce certain other state deferred tax assets to the amount of tax benefit management believes it will more likely than not realize. The net deferred tax asset at December 31, 2018 is included in the Other assets line of the Company’s Consolidated Balance Sheets while the net deferred tax liability at December 31, 2017 is included in the Accrued expenses and taxes line of the Company’s Consolidated Balance Sheets. The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various states. With few exceptions, the Company is no longer subject to U.S. federal, state and local income tax examinations by tax authorities for tax years prior to 2014 in the jurisdictions in which it files. Liabilities Associated With Unrecognized Tax Benefits The gross amount of unrecognized tax benefits totaled $4.9 million and $3.8 million at December 31, 2018 and 2017, respectively. The total amount of unrecognized tax benefits, net of associated deferred tax benefit, that would impact the effective tax rate, if recognized, would be $3.8 million and $3.0 million at December 31, 2018 and December 31, 2017, respectively. The unrecognized tax benefits relate to state tax positions that have a corresponding federal tax benefit. While it is expected that the amount of unrecognized tax benefits will change in the next twelve months, the Company does not expect this change to have a material impact on the financial condition, results of operations, or cash flows of the Company. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): December 31, 2018 2017 Unrecognized tax benefits - opening balance $ 3,846 $ 4,375 Gross increases - tax positions in prior period — 323 Gross decreases - tax positions in prior period (1,373 ) — Gross increases - current-period tax positions 2,874 228 Lapse of statute of limitations (488 ) (1,080 ) Unrecognized tax benefits - ending balance $ 4,859 $ 3,846 |
DERIVATIVES AND HEDGING ACTIVIT
DERIVATIVES AND HEDGING ACTIVITIES | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | 18. DERIVATIVES AND HEDGING ACTIVITIES Risk Management Objective of Using Derivatives The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its assets and liabilities. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the values of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to certain fixed rate assets and liabilities. The Company also has interest rate derivatives that result from a service provided to certain qualifying customers and, therefore, are not used to manage interest rate risk of the Company’s assets or liabilities. The Company has entered into an offsetting position for each of these derivative instruments with a matching instrument from another financial institution in order to minimize its net risk exposure resulting from such transactions. Fair Values of Derivative Instruments on the Consolidated Balance Sheets The table below presents the fair value of the Company’s derivative financial instruments as of December 31, 2018 and 2017. The Company’s derivative assets and derivative liabilities are located within Other Assets and Other Liabilities, respectively, on the Company’s Consolidated Balance Sheets. Derivatives fair values are determined using valuation techniques including discounted cash flow analysis on the expected cash flows from each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves, foreign exchange rates, and implied volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivatives contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. This table provides a summary of the fair value of the Company’s derivative assets and liabilities as of December 31, 2018 and December 31, 2017 : Derivative Assets Derivative Liabilities December 31, December 31, Fair Value 2018 2017 2018 2017 Interest Rate Products: Derivatives not designated as hedging instruments $ 9,339 $ 10,116 $ 5,498 $ 7,326 Derivatives designated as hedging instruments — 33 15 1,580 Total $ 9,339 $ 10,149 $ 5,513 $ 8,906 Fair Value Hedges of Interest Rate Risk The Company is exposed to changes in the fair value of certain of its fixed rate assets and liabilities due to changes in the benchmark interest rate, LIBOR. Interest rate swaps designated as fair value hedges involve either making fixed rate payments to a counterparty in exchange for the Company receiving variable rate payments, or making variable rate payments to a counterparty in exchange for the Company receiving fixed rate payments, over the life of the agreements without the exchange of the underlying notional amount. As of December 31, 2018, the Company had one interest rate swap with a notional amount of $5.6 million that was designated as a fair value hedge of interest rate risk associated with the Company’s fixed rate loan assets. 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. Cash Flow Hedges of Interest Rate Risk The Company is exposed to changes in the fair value of certain of its variable-rate liabilities due to changes in the benchmark interest rate, LIBOR. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. As of December 31, 2018, 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 change in fair value is recorded in AOCI and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects 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 expects to reclassify $13 thousand from AOCI to Interest expense during the next 12 months. As of December 31, 2018, the Company is hedging its exposure to the variability in future cash flows for forecasted transactions over a maximum period of 17.72 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. 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 hedge accounting requirements, changes in the fair value of both the customer swaps and the offsetting swaps are recognized directly in earnings. As of December 31, 2018, the Company had 110 interest rate swaps with an aggregate notional amount of $1.3 billion related to this program. 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 for the years ended December 31, 2018, 2017, and 2016 related to the Company’s derivative assets and liabilities (in thousands): Amount of Gain (Loss) Recognized For the Year Ended December 31, 2018 2017 2016 Interest Rate Products Derivatives not designated as hedging instruments $ (94 ) $ (579 ) $ 195 Total $ (94 ) $ (579 ) $ 195 Interest Rate Products Derivatives designated as fair value hedging instruments Fair value adjustments on derivatives $ 59 $ (189 ) $ (181 ) Fair value adjustments on hedged items (58 ) 193 186 Total $ 1 $ 4 $ 5 This table provides a summary of the amount of gain or loss recognized in AOCI in the Consolidated Statements of Comprehensive Income for the years ended December 31, 2018, 2017, and 2016 related to the Company’s derivative assets and liabilities (in thousands): Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives For the Year Ended December 31, Derivatives in Cash Flow Hedging Relationships 2018 2017 2016 Interest rate products Derivatives designated as cash flow hedging instruments $ 1,906 $ (1,050 ) $ (516 ) Total $ 1,906 $ (1,050 ) $ (516 ) Credit-risk-related Contingent Features The Company has agreements with certain of its derivative counterparties that contain a provision where if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. As of December 31, 2018, the termination value of derivatives in a net liability position, which includes accrued interest, related to these agreements was $2.2 million. The Company has minimum collateral posting thresholds with certain of its derivative counterparties. As of December 31, 2018 the Company had posted $2.6 million of collateral. If the Company had breached any of these provisions at December 31, 2018, it could have been required to settle its obligations under the agreements at the termination value. |
DISCLOSURES ABOUT FAIR VALUE OF
DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS | 19. DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS The following table presents information about the Company’s assets measured at fair value on a recurring basis as of December 31, 2018, and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value. Fair values determined by Level 1 inputs utilize quoted prices in active markets for identical assets and liabilities that the Company has the ability to access. Fair values determined by Level 2 inputs utilize inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In certain cases, the inputs used to measure fair value may fall into different levels of the hierarchy. In such cases, the fair value is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Assets and liabilities measured at fair value on a recurring basis as of December 31, 2018 and 2017 Fair Value Measurement at December 31, 2018 Using Description December 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets U.S. Treasury $ — $ — $ — $ — U.S. Agencies 3,063 — 3,063 — Mortgage-backed 713 — 713 — State and political subdivisions 37,974 — 37,974 — Corporates 7,125 7,125 — — Trading - other 12,136 12,136 — — Trading securities 61,011 19,261 41,750 — U.S. Treasury 247,130 247,130 — — U.S. Agencies 199 — 199 — Mortgage-backed 3,812,211 — 3,812,211 — State and political subdivisions 2,483,260 — 2,483,260 — Available for sale securities 6,542,800 247,130 6,295,670 — Company-owned life insurance 54,152 — 54,152 — Bank-owned life insurance 273,553 — 273,553 — Derivatives 9,339 — 9,339 — Total $ 6,940,855 $ 266,391 $ 6,674,464 $ — Liabilities Deferred compensation $ 50,063 $ 50,063 $ — $ — Derivatives 5,513 — 5,513 — Securities sold not yet purchased 27,238 — 27,238 — Total $ 82,814 $ 50,063 $ 32,751 $ — Fair Value Measurement at December 31, 2017 Using Description December 31, 2017 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets U.S. Treasury $ 18 $ 18 $ — $ — U.S. Agencies 9,976 — 9,976 — Mortgage-backed 1,949 — 1,949 — State and political subdivisions 27,114 — 27,114 — Corporates 1,885 1,885 — — Trading - other 13,113 12,434 679 — Trading securities 54,055 14,337 39,718 — U.S. Treasury 38,643 38,643 — — U.S. Agencies 14,752 — 14,752 — Mortgage-backed 3,649,243 — 3,649,243 — State and political subdivisions 2,542,673 — 2,542,673 — Corporates 13,266 13,266 — — Available for sale securities 6,258,577 51,909 6,206,668 — Company-owned life insurance 53,577 — 53,577 — Bank-owned life insurance 265,823 — 265,823 — Derivatives 10,149 — 10,149 — Total $ 6,642,181 $ 66,246 $ 6,575,935 $ — Liabilities Deferred compensation $ 50,963 $ 50,963 $ — $ — Derivatives 8,906 $ — 8,906 — Securities sold not yet purchased 4,130 — 4,130 — Total $ 63,999 $ 50,963 $ 13,036 $ — 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 Fair values for trading securities (including financial futures), are based on quoted market prices where available. If quoted market prices are not available, fair value is estimated using quoted market prices for similar securities. Securities Available for Sale Fair values are based on quoted market prices or dealer quotes, if available. If a quoted market price is not available, fair value is estimated using quoted market prices for similar securities. Prices are provided by third-party pricing services and are based on observable market inputs. On an annual basis, the Company compares a sample of these prices to other independent sources for the same securities. Additionally, throughout the year if securities are sold, comparisons are made between the pricing services prices and the market prices at which the securities were sold. Variances are analyzed, and, if appropriate, additional research is conducted with the third-party pricing services. Based on this research, the pricing services may affirm or revise their quoted price. No significant adjustments have been made to the prices provided by the pricing services. The pricing services also provide documentation on an ongoing basis that includes reference data, inputs and methodology by asset class, which is reviewed to ensure that security placement within the fair value hierarchy is appropriate. Company-owned Life Insurance Fair value is equal to the cash surrender value of the life insurance policies. Bank-owned Life Insurance Fair value is equal to the cash surrender value of the life insurance policies. Derivatives Fair values are determined using valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves, foreign exchange rates, and implied volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. Deferred Compensation Fair values are based on quoted market prices. Securities sold not yet purchased Fair values are based on quoted market prices or dealer quotes, if available. If a quoted market price is not available, fair value is estimated using quoted market prices for similar securities. Prices are provided by third-party pricing services and are based on observable market inputs. Assets measured at fair value on a non-recurring basis as of December 31, 2018 and 2017 Fair Value Measurement at December 31, 2018 Using Description December 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Gains Recognized During the Twelve Months Ended December 31 Impaired loans $ 10,085 $ — $ — $ 10,085 $ 1,972 Other real estate owned 3,132 — — 3,132 6 Total $ 13,217 $ — $ — $ 13,217 $ 1,978 Fair Value Measurement at December 31, 2017 Using Description December 31, 2017 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Gains Recognized During the Twelve Months Ended December 31 Impaired loans $ 15,186 $ — $ — $ 15,186 $ 1,251 Other real estate owned 1,488 — — 1,488 13 Total $ 16,674 $ — $ — $ 16,674 $ 1,264 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 While the overall loan portfolio is not carried at fair value, adjustments are recorded on certain loans to reflect write-downs that are based on the external appraisal value of the underlying collateral. The external appraisals are generally based on recent sales of comparable properties which are then adjusted for the unique characteristics of the property being valued. In the case of non-real estate collateral, reliance is placed on a variety of sources, including external estimates of value and judgments based on the experience and expertise of internal specialists within the Company’s property management group and the Company’s credit department. The valuation of the impaired loans is reviewed on a quarterly basis. Because many of these inputs are not observable, the measurements are classified as Level 3. Other real estate owned Other real estate owned consists of loan collateral which has been repossessed through foreclosure. This collateral is comprised of commercial and residential real estate and other non-real estate property, including auto, recreational and marine vehicles. Other real estate owned is recorded as held for sale initially at the lower of the loan balance or fair value of the collateral. The initial valuation of the foreclosed property is obtained through an appraisal process similar to the process described in the impaired loans paragraph above. Subsequent to foreclosure, valuations are reviewed quarterly and updated periodically, and the assets may be marked down further, reflecting a new cost basis. Fair value measurements may be based upon appraisals, third-party price opinions, or internally developed pricing methods and those measurements are classified as Level 3. Goodwill Valuation of goodwill to determine impairment is performed annually, or more frequently if there is an event or circumstance that would indicate impairment may have occurred. The process involves calculations to determine the fair value of each reporting unit on a stand-alone basis. A combination of formulas using current market multiples, based on recent sales of financial institutions within the Company’s geographic marketplace, is used to estimate the fair value of each reporting unit. That fair value is compared to the carrying amount of the reporting unit, including its recorded goodwill. Impairment is considered to have occurred if the fair value of the reporting unit is lower than the carrying amount of the reporting unit. The fair value of the Company’s common stock relative to its computed book value per share is also considered as part of the overall evaluation. These measurements are classified as Level 3. Fair value disclosures require disclosure of the fair value of financial assets and financial liabilities, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring basis or non-recurring basis. The estimated fair value of the Company’s financial instruments at December 31, 2018 and 2017 are as follows (in thousands): Fair Value Measurement at December 31, 2018 Using Carrying Amount Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Estimated Fair Value FINANCIAL ASSETS Cash and short-term investments $ 2,319,954 $ 1,693,453 $ 626,501 $ — $ 2,319,954 Securities available for sale 6,542,800 247,130 6,295,670 — 6,542,800 Securities held to maturity 1,170,646 — 1,070,532 — 1,070,532 Trading securities 61,011 19,261 41,750 — 61,011 Other securities 73,692 — 73,692 — 73,692 Loans (exclusive of allowance for loan loss) 12,181,342 — 12,190,599 — 12,190,599 Derivatives 9,339 — 9,339 — 9,339 FINANCIAL LIABILITIES Demand and savings deposits 18,134,512 18,134,512 — — 18,134,512 Time deposits 1,146,748 — 1,146,748 — 1,146,748 Other borrowings 1,518,920 6,679 1,512,241 — 1,518,920 Long-term debt 82,671 — 82,818 — 82,818 Derivatives 5,513 — 5,513 — 5,513 OFF-BALANCE SHEET ARRANGEMENTS Commitments to extend credit for loans 5,425 Commercial letters of credit 115 Standby letters of credit 2,658 Fair Value Measurement at December 31, 2017 Using Carrying Amount Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Estimated Fair Value FINANCIAL ASSETS Cash and short-term investments $ 1,936,084 $ 1,749,618 $ 186,466 $ — $ 1,936,084 Securities available for sale 6,258,577 51,909 6,206,668 — 6,258,577 Securities held to maturity 1,261,014 — 1,207,447 — 1,207,447 Trading securities 54,055 14,337 39,718 — 54,055 Other securities 65,897 — 65,897 — 65,897 Loans (exclusive of allowance for loan loss) 11,281,973 — 11,318,764 — 11,318,764 Derivatives 10,149 — 10,149 — 10,149 FINANCIAL LIABILITIES Demand and savings deposits 16,742,736 16,742,736 — — 16,742,736 Time deposits 1,280,264 — 1,280,264 — 1,280,264 Other borrowings 1,260,704 11,334 1,249,370 — 1,260,704 Long-term debt 79,281 — 79,496 — 79,496 Derivatives 8,906 — 8,906 — 8,906 OFF-BALANCE SHEET ARRANGEMENTS Commitments to extend credit for loans 6,654 Commercial letters of credit 136 Standby letters of credit 2,514 Cash and short-term investments The carrying amounts of cash and due from banks, federal funds sold and resell agreements are reasonable estimates of their fair values. Securities held to maturity Fair value of held-to-maturity securities are estimated by discounting the future cash flows using current market rates. Other securities Amount consists of FRB and FHLB stock held by the Company, PCM equity-method investments, and other miscellaneous investments. The fair value of FRB and FHLB stock is considered to be the carrying value as no readily determinable market exists for these investments because they can only be redeemed with the FRB or FHLB. The fair value of PCM marketable equity-method investments are based on quoted market prices used to estimate the value of the underlying investment. For non-marketable equity-method investments, the Company’s proportionate share of the income or loss is recognized on a one-quarter lag based on the valuation of the underlying investments. Loans Fair values are estimated for portfolios with similar financial characteristics. Loans are segregated by type, such as commercial, real estate, consumer, and credit card. Each loan category is further segmented into fixed and variable interest rate categories. The fair value of loans are based on quoted market prices for similar instruments or estimated using discounting the future cash flow analysis. The discount rates used are estimated using comparable market rates for similar types of instruments adjusted to be commensurate with the credit risk, overhead costs, and optionality of such instruments. Demand and savings deposits The fair value of demand deposits and savings accounts is the amount payable on demand at December 31, 2018 and 2017. Time deposits The fair value of fixed-maturity certificates of deposit is estimated by discounting the future cash flows using the rates that are currently offered for deposits of similar remaining maturities. Other borrowings The carrying amounts of federal funds purchased, repurchase agreements and other short-term debt are reasonable estimates of their fair value because of the short-term nature of their maturities. Long-term debt Rates currently available to the Company for debt with similar terms and remaining maturities are used to estimate fair value of existing debt. Other off-balance sheet instruments The fair value of loan commitments and letters of credit are determined based on the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreement and the present creditworthiness of the counterparties. Neither the fees earned during the year on these instruments nor their fair value at year-end are significant to the Company’s consolidated financial position. |
PARENT COMPANY FINANCIAL INFORM
PARENT COMPANY FINANCIAL INFORMATION | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
PARENT COMPANY FINANCIAL INFORMATION | 20. PARENT COMPANY FINANCIAL INFORMATION UMB FINANCIAL CORPORATION BALANCE SHEETS (in thousands) December 31, 2018 2017 ASSETS Investment in subsidiaries: Banks $ 1,934,082 $ 1,815,953 Non-banks 156,529 149,145 Total investment in subsidiaries 2,090,611 1,965,098 Goodwill on purchased affiliates 5,011 5,011 Cash 165,771 260,621 Securities available for sale and other 82,792 68,550 Total assets $ 2,344,185 $ 2,299,280 LIABILITIES AND SHAREHOLDERS' EQUITY Long-term debt $ 69,329 $ 68,285 Accrued expenses and other 46,386 49,464 Total liabilities 115,715 117,749 Shareholders' equity 2,228,470 2,181,531 Total liabilities and shareholders' equity $ 2,344,185 $ 2,299,280 STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (in thousands) Year Ended December 31, 2018 2017 2016 INCOME Dividends and income received from subsidiaries $ 47,250 $ 55,000 $ 47,000 Service fees from subsidiaries 50,858 43,691 40,579 Other 651 10,390 4,207 Total income 98,759 109,081 91,786 EXPENSE Salaries and employee benefits 46,707 43,716 38,198 Other 19,149 18,652 20,436 Total expense 65,856 62,368 58,634 Income before income taxes and equity in undistributed earnings of subsidiaries 32,903 46,713 33,152 Income tax benefit (4,432 ) (1,202 ) (3,903 ) Income before equity in undistributed earnings of subsidiaries 37,335 47,915 37,055 Equity in undistributed earnings of subsidiaries: Banks 156,771 140,873 119,551 Non-Banks 2,154 (5,812 ) (2,972 ) Income from continuing operations 196,260 182,976 153,634 (Loss) income from discontinued operations (747 ) 64,129 5,167 Net income $ 195,513 $ 247,105 $ 158,801 Other comprehensive (loss) income (50,257 ) 12,017 (53,824 ) Comprehensive income $ 145,256 $ 259,122 $ 104,977 STATEMENTS OF CASH FLOWS (in thousands) Year Ended December 31, 2018 2017 2016 OPERATING ACTIVITIES Net income $ 195,513 $ 247,105 $ 158,801 Adjustments to reconcile net income to cash provided by operating activities: Equity in earnings of subsidiaries (206,175 ) (146,367 ) (163,993 ) Dividends received from subsidiaries 47,250 96,391 54,000 Depreciation and amortization 486 424 457 Equity based compensation 11,073 13,316 11,735 Net tax benefit related to equity compensation plans 2,364 3,612 1,073 Gains on sales of assets — (103,715 ) — Changes in other assets and liabilities, net (5,994 ) 5,424 (11,717 ) Net cash provided by operating activities 44,517 116,190 50,356 INVESTING ACTIVITIES Net capital investment in subsidiaries (17,961 ) (37,474 ) (10,006 ) Net cash activity from divestitures and acquisitions — 168,361 — Net decrease (increase) in securities available for sale 1,062 1,575 (1,034 ) Net cash (used in) provided by investing activities (16,899 ) 132,462 (11,040 ) FINANCING ACTIVITIES Cash dividends paid (58,279 ) (51,876 ) (49,038 ) Proceeds from exercise of stock options and sales of treasury stock 12,318 13,867 16,911 Purchases of treasury stock (76,507 ) (15,276 ) (16,367 ) Net cash used in financing activities (122,468 ) (53,285 ) (48,494 ) Net (decrease) increase in cash (94,850 ) 195,367 (9,178 ) Cash and cash equivalents at beginning of period 260,621 65,254 74,432 Cash and cash equivalents at end of period $ 165,771 $ 260,621 $ 65,254 |
SUMMARY OF OPERATING RESULTS BY
SUMMARY OF OPERATING RESULTS BY QUARTER | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
SUMMARY OF OPERATING RESULTS BY QUARTER | 21. SUMMARY OF OPERATING RESULTS BY QUARTER (unaudited) (in thousands except per share data) Three Months Ended 2018 March 31 June 30 Sept 30 Dec 31 Interest income $ 167,665 $ 176,480 $ 185,097 $ 202,719 Interest expense 19,743 26,254 34,607 40,911 Net interest income 147,922 150,226 150,490 161,808 Provision for loan losses 10,000 7,000 5,750 48,000 Noninterest income 105,525 100,289 100,885 94,999 Noninterest expense 175,876 177,218 180,385 184,321 Income tax expense (benefit) 10,038 10,873 7,391 (968 ) Net income from continuing operations $ 57,533 $ 55,424 $ 57,849 $ 25,454 2017 March 31 June 30 Sept 30 Dec 31 Interest income $ 144,690 $ 151,211 $ 157,895 $ 163,116 Interest expense 10,375 13,817 17,037 16,770 Net interest income 134,315 137,394 140,858 146,346 Provision for loan losses 9,000 14,500 11,500 6,000 Noninterest income 102,917 110,306 104,306 106,033 Noninterest expense 173,810 176,939 171,821 182,559 Income tax expense 12,446 11,490 12,971 16,463 Net income from continuing operations $ 41,976 $ 44,771 $ 48,872 $ 47,357 Per Share Three Months Ended 2018 March 31 June 30 Sept 30 Dec 31 Net income from continuing operations - basic $ 1.16 $ 1.12 $ 1.17 $ 0.52 Net income from continuing operations - diluted 1.15 1.11 1.16 0.52 Dividend 0.290 0.290 0.290 0.300 Book value 43.31 43.96 44.20 45.37 Per Share 2017 March 31 June 30 Sept 30 Dec 31 Net income from continuing operations - basic $ 0.85 $ 0.91 $ 0.99 $ 0.96 Net income from continuing operations - diluted 0.84 0.90 0.98 0.95 Dividend 0.255 0.255 0.255 0.275 Book value 40.34 41.42 42.15 43.72 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Nature Of Operations | UMB Financial Corporation is a bank holding company, which offers a wide range of banking and other financial services to its customers through its branches and offices in the states of Missouri, Kansas, Colorado, Illinois, Oklahoma, Texas, Arizona, Nebraska, Pennsylvania, South Dakota, Indiana, Utah, Minnesota, California, and Wisconsin. The preparation of consolidated financial statements in conformity with 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 consolidated financial statements. These estimates and assumptions also impact reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Following is a summary of the more significant accounting policies to assist the reader in understanding the financial presentation. |
Consolidation | Consolidation The Company and its wholly owned subsidiaries are included in the Consolidated Financial Statements (references hereinafter to the “Company” in these Notes to Consolidated Financial Statements include wholly owned subsidiaries). Intercompany accounts and transactions have been eliminated in consolidation. |
Revenue Recognition | Revenue Recognition Interest on loans and securities is recognized based on rate times the principal amount outstanding. This includes the impact of amortization of premiums and discounts. Interest accrual is discontinued when, in the opinion of management, the likelihood of collection becomes doubtful. Other noninterest income is recognized when performance obligations are satisfied. |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents include Cash and due from banks and amounts due from the FRB. 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 FRB are interest-bearing for all periods presented and are included in the Interest-bearing due from banks line on the Company’s Consolidated Balance Sheets. This table provides a summary of cash and cash equivalents as presented on the Consolidated Statements of Cash Flows as of December 31, 2018 and 2017 (in thousands) : December 31, 2018 2017 Due from the FRB $ 1,028,998 $ 1,323,539 Cash and due from banks 645,123 392,723 Cash and cash equivalents at end of year $ 1,674,121 $ 1,716,262 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 $18.8 million and $28.2 million at December 31, 2018 and 2017, respectively. |
Loans and Loans Held for Sale | Loans and Loans Held for Sale Loans are classified by the portfolio segments of commercial, real estate, consumer, and leases. The portfolio segments are further disaggregated into the loan classes of commercial, asset-based, factoring, commercial credit card, real estate – construction, real estate – commercial, real estate – residential, real estate – HELOC, consumer – credit card, consumer – other, and leases. A loan is considered to be impaired when management believes it is probable that it will be unable to collect all principal and interest due according to the contractual terms of the loan. If a loan is impaired, the Company records a valuation allowance equal to the carrying amount of the loan in excess of the present value of the estimated future cash flows discounted at the loan’s effective rate, based on the loan’s observable market price or the fair value of the collateral if the loan is collateral dependent. A loan is accounted for as a troubled debt restructuring when a concession had been granted to a debtor experiencing financial difficulties. The Company’s modifications generally include interest rate adjustments, and amortization and maturity date extensions. These modifications allow the debtor short-term cash relief to allow them to improve their financial condition. Restructured loans are individually evaluated for impairment as part of the allowance for loan loss analysis. Loans, including those that are considered to be impaired and restructured, are evaluated regularly by management. Loans are considered delinquent when payment has not been received within 30 days of its contractual due date. The adequacy of the allowance for loan losses is based on management’s continuing evaluation of the pertinent factors underlying the quality of the loan portfolio, including actual loan loss experience, current economic conditions, detailed analysis of individual loans for which full collectability may not be assured, determination of the existence and realizable value of the collateral and guarantees securing such loans. The actual losses, notwithstanding such considerations, however, could differ from the amounts estimated by management. The Company maintains a reserve, separate from the allowance for loan losses, to address the risk of loss associated with loan contingencies, which is included in the Accrued expenses and taxes line item in the Consolidated Balance Sheets. In order to maintain the reserve for off-balance sheet items at an appropriate level, a provision to increase or reduce the reserve is included in the Company’s Consolidated Statements of Income. The level of the reserve will be adjusted as needed to maintain the reserve at a specified level in relation to contingent loan risk. The risk of loss arising from un-funded loan commitments has been assessed by dividing the contingencies into pools of similar loan commitments and by applying two factors to each pool. The gross amount of contingent exposure is first multiplied by a potential use factor to estimate the degree to which the unused commitments might reasonably be expected to be used in a time of high usage. The resultant figure is then multiplied by a factor to estimate the risk of loss assuming funding of these loans. The potential loss estimates for each segment of the portfolio are added to arrive at a total potential loss estimate that is used to set the reserve. Purchased loans are recorded at estimated fair value at the acquisition date with no carryover of the related allowance. Purchased loans are segregated between those considered to be performing, non-purchased credit impaired loans (Non-PCI), and those with evidence of credit deterioration, purchased credit impaired loans (PCI). Purchased loans are considered impaired if there is evidence of credit deterioration and if it is probable, at acquisition, that all contractually required payments will not be collected. Loans held for sale are carried at the lower of aggregate cost or market value. Loan fees (net of certain direct loan origination costs) on loans held for sale are deferred until the related loans are sold or repaid. Gains or losses on loan sales are recognized at the time of sale and determined using the specific identification method. |
Securities | Securities Debt securities available for sale principally include U.S. Treasury and agency securities, Government Sponsored Entity (GSE) mortgage-backed securities, certain securities of state and political subdivisions, and corporates. Debt securities classified as available for sale are measured at fair value. Unrealized holding gains and losses are excluded from earnings and reported in Accumulated other comprehensive income (loss) (AOCI) until realized. Realized gains and losses on sales are computed by the specific identification method at the time of disposition and are shown separately as a component of noninterest income. Securities held to maturity are carried at amortized historical cost based on management’s intention, and the Company’s ability to hold them to maturity. The Company classifies certain securities of state and political subdivisions as held to maturity. Trading securities, acquired for subsequent sale to customers, are carried at fair value. Market adjustments, fees and gains or losses on the sale of trading securities are considered to be a normal part of operations and are included in trading and investment banking income. |
Equity-method investments | Equity-method investments The Company accounts for certain other investments using equity-method accounting. For non-marketable equity-method investments, the Company’s proportionate share of the income or loss is recognized on a one-quarter lag. When transparency in pricing exists, other investments are considered marketable equity-method investments. For marketable equity-method investments, the Company recognizes its proportionate share of income or loss as of the date of the Company’s Consolidated Financial Statements. |
Goodwill and Other Intangibles | Goodwill and Other Intangibles Goodwill is tested for impairment annually and more frequently whenever events or changes in circumstances indicate that it is more likely than not that the fair value of a reporting unit is less than its carrying value. To test goodwill for impairment, the Company performs a qualitative assessment of each reporting unit. If the Company determines, on the basis of qualitative factors, that the fair value of the reporting unit is more likely than not greater than the carrying amount, the quantitative impairment test is not required. Otherwise, the Company compares the fair value of its reporting units to their carrying amounts to determine if an impairment exists and the amount of impairment loss. An impairment loss is measured as the excess of the carrying value of a reporting unit’s goodwill over its fair value. As a result of such impairment analysis, the Company has not recognized an impairment charge. No goodwill impairments were recognized in 2018, 2017, or 2016. Other intangible assets are amortized over a period of up to 17 years and are evaluated for impairment when events or circumstances dictate. No intangible asset impairments were recognized in 2018, 2017, or 2016. The Company does not have any indefinite lived intangible assets. |
Premises and Equipment | Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation, which is computed primarily on the straight line method. Premises are depreciated over 15 to 40 year lives, while equipment is depreciated over lives of 3 to 20 years. Gains and losses from the sale of Premises and equipment are included in Other noninterest income and Other noninterest expense, respectively. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets Long-lived assets, including Premises and equipment, are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset or group of assets may not be recoverable. The impairment review includes a comparison of future cash flows expected to be generated by the asset or group of assets to their current carrying value. If the carrying value of the asset or group of assets exceeds expected cash flows (undiscounted and without interest charges), an impairment loss is recognized to the extent the carrying value exceeds fair value. No impairments were recognized in 2018, 2017, or 2016. |
Income Taxes | Income Taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are measured based on the differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the periods in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The provision for deferred income taxes represents the change in the deferred income tax accounts during the year excluding the tax effect of the change in net unrealized gain (loss) on securities available for sale. The Company records deferred tax assets to the extent these assets will more likely than not be realized. All available evidence is considered in making such determination, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations. A valuation allowance is recorded for the portion of deferred tax assets that are not more-likely-than-not to be realized, and any changes to the valuation allowance are recorded in income tax expense. The Company records the financial statement effects of an income tax position when it is more likely than not, based on the technical merits, that it will be sustained upon examination. A tax position that meets the more-likely-than-not recognition threshold is measured and recorded as the largest amount of tax benefit that is greater than 50 percent likely of being realized upon ultimate settlement with a taxing authority. Previously recognized tax positions are derecognized in the first period in which it is no longer more likely than not that the tax position will be sustained. The benefit associated with previously unrecognized tax positions are generally recognized in the first period in which the more-likely-than-not threshold is met at the reporting date, the tax matter is ultimately settled through negotiation or litigation, or when the related statute of limitations for the relevant taxing authority to examine and challenge the tax position has expired. The recognition, derecognition and measurement of tax positions are based on management’s best judgment given the facts, circumstance and information available at the reporting date. The Company recognizes accrued interest related to unrecognized tax benefits in interest expense and penalties in other noninterest expense. Accrued interest and penalties are included within the related liability lines in the Consolidated Balance Sheets. For the year ended December 31, 2018, the Company has recognized an immaterial amount in interest and penalties related to the unrecognized tax benefits. |
Derivatives | Derivatives The Company records all derivatives on the Consolidated Balance Sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Currently, three of the Company’s derivatives are designated in qualifying hedging relationships. However, the remainder of the Company’s derivatives are not designated in qualifying hedging relationships, as the derivatives are not used to manage risks within the Company’s assets or liabilities. All changes in fair value of the Company’s non-designated derivatives are recognized directly in earnings. Changes in fair value of the Company’s fair value hedges are recognized directly in earnings. Changes in fair value of the Company’s cash flow hedges are recognized in AOCI. |
Per Share Data | Per Share Data Basic income per share is computed based on the weighted average number of shares of common stock outstanding during each period. Diluted year-to-date income per share includes the dilutive effect of 435,800, 615,629, and 448,742 shares issuable upon the exercise of stock options and nonvested restricted shares granted by the Company that were outstanding at December 31, 2018, 2017, and 2016, respectively. Options issued under employee benefit plans to purchase 125,765, 149,413, and 390,503 shares of common stock were outstanding at December 31, 2018, 2017, and 2016, respectively, but were not included in the computation of diluted earnings per share because the options were anti-dilutive. |
Accounting for Stock-Based Compensation | Accounting for Stock-Based Compensation The Company measures the cost of employee services received in exchange for an award of equity instruments based on the fair value of the award on the date of the grant. For stock options and restricted stock and service-based restricted stock unit awards, the grant date fair value is estimated using either an option-pricing model which is consistent with the terms of the award or an observed market price, if such a price exists. For performance-based restricted stock unit awards, the grant date fair value is based on the quoted price of our common stock on the grant date less the present value of expected dividends not received during the vesting period. Such cost is generally recognized over the vesting period during which an employee is required to provide service in exchange for the award and, in some cases, when performance metrics are met. The Company accounts for forfeitures of stock-based compensation on an actual basis as they occur. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Cash and Cash Equivalents | This table provides a summary of cash and cash equivalents as presented on the Consolidated Statements of Cash Flows as of December 31, 2018 and 2017 (in thousands) : December 31, 2018 2017 Due from the FRB $ 1,028,998 $ 1,323,539 Cash and due from banks 645,123 392,723 Cash and cash equivalents at end of year $ 1,674,121 $ 1,716,262 |
LOANS AND ALLOWANCE FOR LOAN _2
LOANS AND ALLOWANCE FOR LOAN LOSSES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Summary of Loan Classes and Aging of Past Due Loans | This table provides a summary of loan classes and an aging of past due loans at December 31, 2018 and 2017 (in thousands): December 31, 2018 30-89 Days Past Due and Accruing Greater than 90 Days Past Due and Accruing Non- Accrual Loans Total Past Due Current Total Loans Commercial: Commercial $ 5,717 $ 133 $ 27,060 $ 32,910 $ 5,195,492 $ 5,228,402 Asset-based — — — — 380,738 380,738 Factoring — — — — 261,591 261,591 Commercial – credit card 490 90 — 580 165,754 166,334 Real estate: Real estate – construction — — — — 792,565 792,565 Real estate – commercial 7,385 90 11,662 19,137 3,695,143 3,714,280 Real estate – residential 246 3,750 807 4,803 702,701 707,504 Real estate – HELOC 764 — 2,776 3,540 542,181 545,721 Consumer: Consumer – credit card 2,022 1,945 648 4,615 226,367 230,982 Consumer – other 199 1 65 265 144,520 144,785 Leases — — — — 5,248 5,248 Total loans $ 16,823 $ 6,009 $ 43,018 $ 65,850 $ 12,112,300 $ 12,178,150 December 31, 2017 30-89 Days Past Due and Accruing Greater than 90 Days Past Due and Accruing Non- Accrual Loans Total Past Due Current Total Loans Commercial: Commercial $ 11,216 $ 672 $ 38,644 $ 50,532 $ 4,502,508 $ 4,553,040 Asset-based — — — — 336,614 336,614 Factoring — — — — 221,672 221,672 Commercial – credit card 387 79 — 466 171,825 172,291 Real estate: Real estate – construction 6,666 243 93 7,002 710,847 717,849 Real estate – commercial 832 — 16,115 16,947 3,546,683 3,563,630 Real estate – residential 791 — 929 1,720 636,871 638,591 Real estate – HELOC 1,254 — 3,013 4,267 644,112 648,379 Consumer: Consumer – credit card 2,155 2,057 312 4,524 248,173 252,697 Consumer – other 835 40 36 911 150,872 151,783 Leases — — — — 23,967 23,967 Total loans $ 24,136 $ 3,091 $ 59,142 $ 86,369 $ 11,194,144 $ 11,280,513 |
Credit Risk Profile by Risk Rating and Based on Payment Activity | This table provides an analysis of the credit risk profile of each loan class excluded from ASC 310-30, Loans and Debt Securities Purchased with Deteriorated Credit Quality, at December 31, 2018 and December 31, 2017 (in thousands): Credit Exposure Credit Risk Profile by Risk Rating Commercial Asset-based Factoring December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 Non-watch list $ 4,788,234 $ 4,048,238 $ 296,719 $ 306,899 $ 260,727 $ 220,795 Watch 192,653 162,788 — — — — Special Mention 55,927 106,638 84,019 29,715 864 47 Substandard 191,588 235,376 — — — 830 Total $ 5,228,402 $ 4,553,040 $ 380,738 $ 336,614 $ 261,591 $ 221,672 Real estate – construction Real estate – commercial December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 Non-watch list $ 792,256 $ 716,830 $ 3,551,537 $ 3,434,982 Watch 204 631 64,998 50,715 Special Mention — — 32,826 35,940 Substandard 105 388 64,919 41,993 Total $ 792,565 $ 717,849 $ 3,714,280 $ 3,563,630 Credit Exposure Credit Risk Profile Based on Payment Activity Commercial – credit card Real estate – residential Real estate – HELOC December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 Performing $ 166,334 $ 172,291 $ 706,697 $ 637,662 $ 542,945 $ 645,366 Non-performing — — 807 929 2,776 3,013 Total $ 166,334 $ 172,291 $ 707,504 $ 638,591 $ 545,721 $ 648,379 Consumer – credit card Consumer – other Leases December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 Performing $ 230,334 $ 252,385 $ 144,720 $ 151,747 $ 5,248 $ 23,967 Non-performing 648 312 65 36 — — Total $ 230,982 $ 252,697 $ 144,785 $ 151,783 $ 5,248 $ 23,967 |
Rollforward of Allowance for Loan Losses by Portfolio Segment | This table provides a rollforward of the allowance for loan losses by portfolio segment for the year ended December 31, 2018 (in thousands): Year Ended December 31, 2018 Commercial Real estate Consumer Leases Total Allowance for loan losses: Beginning balance $ 81,156 $ 9,312 $ 10,083 $ 53 $ 100,604 Charge-offs (64,371 ) (3,428 ) (9,744 ) — (77,543 ) Recoveries 6,753 445 2,626 — 9,824 Provision 57,350 7,335 6,106 (41 ) 70,750 Ending Balance $ 80,888 $ 13,664 $ 9,071 $ 12 $ 103,635 Ending Balance: individually evaluated for impairment $ 4,605 $ 106 $ — $ — $ 4,711 Ending Balance: collectively evaluated for impairment 76,283 13,558 9,071 12 98,924 Loans: Ending Balance: loans $ 6,037,065 $ 5,760,070 $ 375,767 $ 5,248 $ 12,178,150 Ending Balance: individually evaluated for impairment 31,006 8,233 — — 39,239 Ending Balance: collectively evaluated for impairment 6,006,059 5,751,837 375,767 5,248 12,138,911 This table provides a rollforward of the allowance for loan losses by portfolio segment for the year ended December 31, 2017 (in thousands): Year Ended December 31, 2017 Commercial Real estate Consumer Leases Total Allowance for loan losses: Beginning balance $ 71,657 $ 10,569 $ 9,311 $ 112 $ 91,649 Charge-offs (27,985 ) (992 ) (9,629 ) — (38,606 ) Recoveries 3,522 966 2,073 — 6,561 Provision 33,962 (1,231 ) 8,328 (59 ) 41,000 Ending Balance $ 81,156 $ 9,312 $ 10,083 $ 53 $ 100,604 Ending Balance: individually evaluated for impairment $ 6,605 $ 78 $ — $ — $ 6,683 Ending Balance: collectively evaluated for impairment 74,551 9,234 10,083 53 93,921 Loans: Ending Balance: loans $ 5,283,617 $ 5,568,449 $ 404,480 $ 23,967 $ 11,280,513 Ending Balance: individually evaluated for impairment 61,820 12,956 — — 74,776 Ending Balance: collectively evaluated for impairment 5,221,797 5,555,493 404,480 23,967 11,205,737 This table provides a rollforward of the allowance for loan losses by portfolio segment for the year ended December 31, 2016 (in thousands): Year Ended December 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 (12,788 ) (6,756 ) (9,279 ) — (28,823 ) Recoveries 3,596 985 2,248 — 6,829 Provision 17,002 8,120 7,393 (15 ) 32,500 Ending Balance $ 71,657 $ 10,569 $ 9,311 $ 112 $ 91,649 Ending Balance: individually evaluated for impairment $ 7,866 $ 68 $ — $ — $ 7,934 Ending Balance: collectively evaluated for impairment 63,791 10,501 9,311 112 83,715 Ending Balance: PCI Loans — — — — — Loans: Ending Balance: loans $ 4,923,321 $ 5,167,870 $ 409,660 $ 39,532 $ 10,540,383 Ending Balance: individually evaluated for impairment 74,351 13,314 — — 87,665 Ending Balance: collectively evaluated for impairment 4,848,970 5,154,556 408,860 39,532 10,451,918 Ending Balance: PCI Loans — — 800 — 800 |
Analysis of Impaired Loans | This table provides an analysis of impaired loans by class for the year ended December 31, 2018 (in thousands): As of December 31, 2018 Unpaid Principal Balance Recorded Investment with No Allowance Recorded Investment with Allowance Total Recorded Investment Related Allowance Average Recorded Investment Commercial: Commercial $ 40,402 $ 16,470 $ 14,536 $ 31,006 $ 4,605 $ 43,335 Asset-based — — — — — — Factoring — — — — — 275 Commercial – credit card — — — — — — Real estate: Real estate – construction — — — — — 55 Real estate – commercial 10,856 7,776 165 7,941 28 11,279 Real estate – residential 304 197 95 292 78 303 Real estate – HELOC — — — — — — Consumer: Consumer – credit card — — — — — — Consumer – other — — — — — — Leases — — — — — — Total $ 51,562 $ 24,443 $ 14,796 $ 39,239 $ 4,711 $ 55,247 This table provides an analysis of impaired loans by class for the year ended December 31, 2017 (in thousands): As of December 31, 2017 Unpaid Principal Balance Recorded Investment with No Allowance Recorded Investment with Allowance Total Recorded Investment Related Allowance Average Recorded Investment Commercial: Commercial $ 84,749 $ 44,525 $ 16,465 $ 60,990 $ 6,299 $ 65,385 Asset-based — — — — — — Factoring 830 — 830 830 306 207 Commercial – credit card — — — — — — Real estate: Real estate – construction 108 93 — 93 — 148 Real estate – commercial 16,284 7,968 4,477 12,445 3 10,506 Real estate – residential 427 321 97 418 75 221 Real estate – HELOC — — — — — — Consumer: Consumer – credit card — — — — — — Consumer – other — — — — — 8 Leases — — — — — — Total $ 102,398 $ 52,907 $ 21,869 $ 74,776 $ 6,683 $ 76,475 This table provides an analysis of impaired loans by class for the year ended December 31, 2016 (in thousands): As of December 31, 2016 Unpaid Principal Balance Recorded Investment with No Allowance Recorded Investment with Allowance Total Recorded Investment Related Allowance Average Recorded Investment Commercial: Commercial $ 80,405 $ 43,260 $ 31,091 $ 74,351 $ 7,866 $ 69,776 Asset-based — — — — — — Factoring — — — — — — Commercial – credit card — — — — — — Real estate: Real estate – construction 510 181 113 294 68 405 Real estate – commercial 18,107 12,303 487 12,790 — 8,956 Real estate – residential 231 230 — 230 — 520 Real estate – HELOC — — — — — 79 Consumer: Consumer – credit card — — — — — — Consumer – other — — — — — 1,981 Leases — — — — — — Total $ 99,253 $ 55,974 $ 31,691 $ 87,665 $ 7,934 $ 81,717 |
SECURITIES (Tables)
SECURITIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Securities Available for Sale | This table provides detailed information about securities available for sale at December 31, 2018 and 2017 (in thousands): Gross Gross Amortized Unrealized Unrealized Fair 2018 Cost Gains Losses Value U.S. Treasury $ 248,494 $ 192 $ (1,556 ) $ 247,130 U.S. Agencies 200 — (1 ) 199 Mortgage-backed 3,914,289 6,145 (108,223 ) 3,812,211 State and political subdivisions 2,507,107 7,643 (31,490 ) 2,483,260 Total $ 6,670,090 $ 13,980 $ (141,270 ) $ 6,542,800 Gross Gross Amortized Unrealized Unrealized Fair 2017 Cost Gains Losses Value U.S. Treasury $ 40,092 $ — $ (1,449 ) $ 38,643 U.S. Agencies 14,762 — (10 ) 14,752 Mortgage-backed 3,719,369 1,914 (72,040 ) 3,649,243 State and political subdivisions 2,546,517 11,965 (15,809 ) 2,542,673 Corporates 13,278 — (12 ) 13,266 Total $ 6,334,018 $ 13,879 $ (89,320 ) $ 6,258,577 |
Gross Unrealized Losses and Fair Value of Investment Securities Available for Sale | The following table shows the Company’s available for sale investments’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2018 and 2017 (in thousands). Less than 12 months 12 months or more Total 2018 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Description of Securities U.S. Treasury $ 18,775 $ (4 ) $ 38,552 $ (1,552 ) $ 57,327 $ (1,556 ) U.S. Agencies — — 199 (1 ) 199 (1 ) Mortgage-backed 228,406 (1,256 ) 3,007,233 (106,967 ) 3,235,639 (108,223 ) State and political subdivisions 371,394 (1,490 ) 1,419,875 (30,000 ) 1,791,269 (31,490 ) Total temporarily-impaired debt securities available for sale $ 618,575 $ (2,750 ) $ 4,465,859 $ (138,520 ) $ 5,084,434 $ (141,270 ) Less than 12 months 12 months or more Total 2017 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Description of Securities U.S. Treasury $ 9,851 $ (64 ) $ 28,792 $ (1,385 ) $ 38,643 $ (1,449 ) U.S. Agencies 14,553 (10 ) — — 14,553 (10 ) Mortgage-backed 1,990,006 (19,980 ) 1,562,333 (52,060 ) 3,552,339 (72,040 ) State and political subdivisions 1,076,930 (7,325 ) 376,560 (8,484 ) 1,453,490 (15,809 ) Corporates 13,266 (12 ) — — 13,266 (12 ) Total temporarily-impaired debt securities available for sale $ 3,104,606 $ (27,391 ) $ 1,967,685 $ (61,929 ) $ 5,072,291 $ (89,320 ) |
Schedule of Federal Reserve Bank Stock and Federal Home Loan Bank Stock and Other Securities | The table below provides detailed information for Federal Reserve Bank stock and Federal Home Loan Bank stock and other securities at December 31, 2018 and 2017 (in thousands): Gross Gross Amortized Unrealized Unrealized Fair 2018 Cost Gains Losses Value FRB and FHLB stock $ 33,262 $ — $ — $ 33,262 Other securities – marketable — 4,385 — 4,385 Other securities – non-marketable 32,011 4,034 — 36,045 Total Federal Reserve Bank stock and other $ 65,273 $ 8,419 $ — $ 73,692 Gross Gross Amortized Unrealized Unrealized Fair 2017 Cost Gains Losses Value FRB and FHLB stock $ 33,262 $ — $ — $ 33,262 Other securities – marketable 3 4,637 — 4,640 Other securities – non-marketable 26,606 1,389 — 27,995 Total Federal Reserve Bank stock and other $ 59,871 $ 6,026 $ — $ 65,897 |
Available-for-sale Securities [Member] | |
Contractual Maturity Information | The following table presents contractual maturity information for securities available for sale at December 31, 2018 (in thousands): Amortized Fair Cost Value Due in 1 year or less $ 534,750 $ 534,418 Due after 1 year through 5 years 936,651 930,098 Due after 5 years through 10 years 723,908 708,567 Due after 10 years 560,492 557,506 Total 2,755,801 2,730,589 Mortgage-backed securities 3,914,289 3,812,211 Total securities available for sale $ 6,670,090 $ 6,542,800 |
Held-to-maturity Securities [Member] | |
Contractual Maturity Information | The following table shows the Company’s held to maturity investments’ amortized cost, fair value, and gross unrealized gains and losses at December 31, 2018 and net unrealized gains, aggregated by maturity category, at December 31, 2017, respectively (in thousands). Gross Gross Amortized Unrealized Unrealized Fair 2018 Cost Gains Losses Value State and political subdivisions: Due in 1 year or less $ 3,386 $ 38 $ (29 ) $ 3,395 Due after 1 year through 5 years 115,162 467 (7,988 ) 107,641 Due after 5 years through 10 years 380,108 1,894 (24,621 ) 357,381 Due after 10 years 671,990 2,163 (72,038 ) 602,115 Total state and political subdivisions $ 1,170,646 $ 4,562 $ (104,676 ) $ 1,070,532 Gross Gross Amortized Unrealized Unrealized Fair 2017 Cost Gains Losses Value State and political subdivisions: Due in 1 year or less $ 2,275 $ 3 $ (24 ) $ 2,254 Due after 1 year through 5 years 100,648 3,111 (2,834 ) 100,925 Due after 5 years through 10 years 372,234 5,006 (14,117 ) 363,123 Due after 10 years 785,857 6,952 (51,664 ) 741,145 Total state and political subdivisions $ 1,261,014 $ 15,072 $ (68,639 ) $ 1,207,447 |
LOANS TO OFFICERS AND DIRECTO_2
LOANS TO OFFICERS AND DIRECTORS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Activity with Respect to Aggregate Loans to Related Parties | For the years 2018 and 2017, an analysis of activity with respect to such aggregate loans to related parties appears below (in thousands): Year Ended December 31, 2018 2017 Balance – beginning of year $ 187,662 $ 321,392 New loans 83,978 61,697 Repayments (14,065 ) (94,378 ) Reduction due to change in reportable loans — (101,049 ) Balance – end of year $ 257,575 $ 187,662 |
GOODWILL AND OTHER INTANGIBLES
GOODWILL AND OTHER INTANGIBLES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Changes in Carrying Amount of Goodwill | Changes in the carrying amount of goodwill for the years ended December 31, 2018 and December 31, 2017 by operating segment are as follows (in thousands): Commercial Banking Institutional Banking Personal Banking Healthcare Services Total Balances as of January 1, 2018 $ 59,419 $ 51,332 $ 70,116 $ — $ 180,867 Balances as of December 31, 2018 $ 59,419 $ 51,332 $ 70,116 $ — $ 180,867 Balances as of January 1, 2017 $ 59,419 $ 98,861 $ 70,116 $ — $ 228,396 Discontinued assets — (47,529 ) — — (47,529 ) Balances as of December 31, 2017 $ 59,419 $ 51,332 $ 70,116 $ — $ 180,867 |
Changes in Intangible Assets | Following are the intangible assets that continue to be subject to amortization as of December 31, 2018 and 2017 (in thousands) : As of December 31, 2018 Core Deposit Intangible Assets Customer Relationships Total Gross Carrying Amount $ 50,059 $ 71,852 $ 121,911 Accumulated Amortization 44,998 61,910 106,908 Net Carrying Amounts $ 5,061 $ 9,942 $ 15,003 As of December 31, 2017 Core Deposit Intangible Assets Customer Relationships Total Gross Carrying Amount $ 50,059 $ 71,342 $ 121,401 Accumulated Amortization 42,209 58,935 101,144 Net Carrying Amounts $ 7,850 $ 12,407 $ 20,257 |
Estimated Amortization Expense of Intangible Assets | The following table discloses the estimated amortization expense of intangible assets in future years (in thousands): For the year ending December 31, 2019 $ 4,785 For the year ending December 31, 2020 3,830 For the year ending December 31, 2021 2,825 For the year ending December 31, 2022 1,886 For the year ending December 31, 2023 1,167 |
PREMISES AND EQUIPMENT (Tables)
PREMISES AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property Plant And Equipment [Abstract] | |
Components of Premises and Equipment | Premises and equipment consisted of the following (in thousands): December 31, 2018 2017 Land $ 44,580 $ 46,415 Buildings and leasehold improvements 344,267 328,384 Equipment 159,717 148,425 Software 209,877 186,269 Total 758,441 709,493 Accumulated depreciation (320,476 ) (300,103 ) Accumulated amortization (154,086 ) (133,448 ) Premises and equipment, net $ 283,879 $ 275,942 |
Minimum Future Rental Commitments for all Non-cancelable Operating Leases | Minimum future rental commitments as of December 31, 2018, for all non-cancelable operating leases are as follows (in thousands): 2019 $ 12,257 2020 11,592 2021 8,886 2022 8,078 2023 6,457 Thereafter 27,092 Total $ 74,362 |
BORROWED FUNDS (Tables)
BORROWED FUNDS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Components of Short-Term and Long Term Debt | The components of the Company's long-term debt are as follows (in thousands): December 31, 2018 2017 Trust Preferred Securities: Marquette Capital Trust I subordinated debentures 3.77% due 2036 $ 16,914 $ 16,636 Marquette Capital Trust II subordinated debentures 3.77% due 2036 17,548 17,285 Marquette Capital Trust III subordinated debentures 4.32% due 2036 6,906 6,804 Marquette Capital Trust IV subordinated debentures 4.39% due 2036 27,960 27,560 Kansas Equity Fund IX, L.P. 0% due 2023 64 133 Kansas Equity Fund X, L.P. 0% due 2021 141 207 St. Louis Equity Fund 2007 L.L.C. 0% due 2019 13 13 St. Louis Equity Fund 2012 L.L.C. 0% due 2020 84 163 St. Louis Equity Fund 2013 L.L.C. 0% due 2021 562 859 St. Louis Equity Fund 2014 L.L.C. 0% due 2022 912 1,209 St. Louis Equity Fund 2015, L.L.C. 0% due 2023 604 759 MHEG Community Fund 41, L.P. 0% due 2024 545 680 MHEG Community Fund 43, L.P. 0% due 2026 979 1,165 MHEG Community Fund 45, L.P. 0% due 2027 1,174 1,353 MHEG Community Fund 47, L.P. 0% due 2028 1,414 1,485 MHEG Community Fund 49, L.P. 0% due 2034 2,951 2,970 MHEG Community Fund 50, L.P. 0% due 2035 2,970 — Open Prairie Rural Opportunities Fund, L.P. 0% due 2022 930 — Total long-term debt $ 82,671 $ 79,281 |
Aggregate Annual Repayments of Long-Term Debt | Aggregate annual repayments of long-term debt at December 31, 2018, are as follows (in thousands): 2019 $ 2,180 2020 3,801 2021 2,806 2022 1,349 2023 889 Thereafter 71,646 Total $ 82,671 |
Remaining Contractual Maturities Of Repurchase Agreements | The carrying amounts and market values of the securities and the related repurchase liabilities and weighted average interest rates of the repurchase liabilities (grouped by maturity of the repurchase agreements) were as follows as of December 31, 2018 (in thousands): As of December 31, 2018 Securities Fair Market Value Repurchase Liabilities Weighted Average Interest Rate Maturity of the Repurchase Liabilities 2 to 30 days $ 1,529,683 $ 1,511,991 2.08 % Over 90 Days 251 250 0.03 Total $ 1,529,934 $ 1,512,241 2.08 % |
Repurchase Agreements [Member] | |
Remaining Contractual Maturities Of Repurchase Agreements | The table below presents the remaining contractual maturities of repurchase agreements outstanding at December 31, 2018, in addition to the various types of marketable securities that have been pledged as collateral for these borrowings (in thousands). As of December 31, 2018 Remaining Contractual Maturities of the Agreements Repurchase agreements, secured by: 2-29 days Over 90 Days Total U.S. Treasury $ 181,531 $ — $ 181,531 U.S. Agency 1,330,460 250 1,330,710 Total repurchase agreements $ 1,511,991 $ 250 $ 1,512,241 |
REGULATORY REQUIREMENTS (Tables
REGULATORY REQUIREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Banking And Thrift [Abstract] | |
Actual Capital Amounts as well as Required and Well-Capitalized Common Equity Tier One, Tier One, Total and Tier One Leverage Ratios | Actual capital amounts as well as required and well-capitalized common equity tier 1, tier 1, total and tier 1 leverage ratios as of December 31, 2018 and 2017 for the Company and the Bank are as follows (in thousands): 2018 Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio Common Equity Tier 1 Capital: UMB Financial Corporation $ 2,142,469 12.89 % $ 748,009 4.50 % $ N/A N/A % UMB Bank, n. a. 1,921,615 11.65 742,322 4.50 1,072,243 6.50 Tier 1 Capital: UMB Financial Corporation 2,142,469 12.89 997,346 6.00 N/A N/A UMB Bank, n. a. 1,921,615 11.65 989,763 6.00 1,319,683 8.00 Total Capital: UMB Financial Corporation 2,318,145 13.95 1,329,794 8.00 N/A N/A UMB Bank, n. a. 2,027,962 12.29 1,319,683 8.00 1,649,604 10.00 Tier 1 Leverage: UMB Financial Corporation 2,142,469 9.87 867,879 4.00 N/A N/A UMB Bank, n. a. 1,921,615 8.85 868,916 4.00 1,086,145 5.00 2017 Common Equity Tier 1 Capital: UMB Financial Corporation $ 2,041,504 12.95 % $ 709,309 4.50 % $ N/A N/A % UMB Bank, n. a. 1,750,297 11.19 704,062 4.50 1,016,979 6.50 Tier 1 Capital: UMB Financial Corporation 2,041,504 12.95 945,746 6.00 N/A N/A UMB Bank, n. a. 1,750,297 11.19 938,750 6.00 1,251,666 8.00 Total Capital: UMB Financial Corporation 2,213,050 14.04 1,260,994 8.00 N/A N/A UMB Bank, n. a. 1,853,558 11.85 1,251,666 8.00 1,564,583 10.00 Tier 1 Leverage: UMB Financial Corporation 2,041,504 9.94 821,527 4.00 N/A N/A UMB Bank, n. a. 1,750,297 8.57 816,859 4.00 1,021,073 5.00 |
EMPLOYEE BENEFITS (Tables)
EMPLOYEE BENEFITS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Status of Service Based Restricted Shares | The table below discloses the status of the service-based restricted shares during 2018: Number of Shares Weighted Average Grant Date Fair Value Service-Based Restricted Stock Nonvested - December 31, 2017 470,133 $ 55.39 Granted 136,170 72.30 Canceled (45,591 ) 59.96 Vested (195,425 ) 50.22 Nonvested - December 31, 2018 365,287 $ 63.89 |
Status of Performance Based Restricted Shares | The table below discloses the status of the performance-based restricted shares during 2018: Number of Shares Weighted Average Grant Date Fair Value Performance-Based Restricted Stock Nonvested - December 31, 2017 135,214 $ 57.22 Granted — — Canceled (24,872 ) 57.79 Vested (34,128 ) 51.42 Nonvested - December 31, 2018 76,214 $ 59.62 |
Assumptions for Stock-Based Awards | The Company uses the Black-Scholes pricing model to determine the fair value of its options. The assumptions for stock-based awards in the past three years utilized in the model are shown in the table below. 2018 2017 2016 Black-Scholes pricing model: Weighted average fair value of the granted option $ — $ 17.88 $ 9.90 Weighted average risk-free interest rate — 1.29 % 1.30 % Expected option life in years — 6.25 6.25 Expected volatility — 24.41 % 25.71 % Expected dividend yield — 2.03 % 2.02 % |
Service Based Restricted Stock [Member] | |
Status of Service Based Restricted Shares | The table below discloses the status of the restricted stock awards during 2018: Number of Shares Weighted Average Price Per Share Service Based Restricted Stock Under the OICP Nonvested - December 31, 2017 — $ — Granted 240 74.24 Canceled — — Vested (240 ) 74.24 Nonvested - December 31, 2018 — $ — |
Service Based Restricted Stock Units [Member] | |
Status of Service Based Restricted Shares | The table below discloses the status of the service-based restricted stock units during 2018: Number of Units Weighted Average Price Per Unit Service Based Restricted Stock Units Under the OICP Nonvested - December 31, 2017 — $ — Granted 14,257 71.98 Canceled — — Vested — — Nonvested - December 31, 2018 14,257 $ 71.98 |
Performance Based Restricted Stock Unit [Member] | |
Status of Service Based Restricted Shares | The table below discloses the status of the performance-based restricted stock units during 2018: Number of Units Weighted Average Price Per Unit Performance Based Restricted Stock Units Under the OICP Nonvested - December 31, 2017 — $ — Granted 45,030 76.68 Canceled (6,015 ) 76.68 Vested — — Nonvested - December 31, 2018 39,015 $ 76.68 |
2002 Plan [Member] | |
Information Relating to Option Activity | The table below discloses the information relating to option activity in 2018, under the 2002 Plan: Number of Shares Weighted Average Price Per Share Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Stock Options Under the 2002 Plan Outstanding - December 31, 2017 31,686 $ 40.93 Granted — — Expired (938 ) 40.93 Exercised (30,748 ) 40.93 Outstanding - December 31, 2018 — $ — — $ — Exercisable - December 31, 2018 — $ — — $ — |
Long-Term Incentive Compensation Plan (LTIP) [Member] | |
Information Relating to Option Activity | The table below discloses the information relating to non-qualified option activity in 2018 under the LTIP: Number of Shares Weighted Average Price Per Share Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Stock Options Under the LTIP Outstanding - December 31, 2017 1,047,461 $ 52.13 Granted — — Canceled (76,530 ) 58.05 Expired (1,929 ) 52.57 Exercised (215,358 ) 46.42 Outstanding - December 31, 2018 753,644 $ 53.16 5.6 $ 5,882,568 Exercisable - December 31, 2018 421,802 $ 47.71 4.5 $ 5,593,676 |
BUSINESS SEGMENT REPORTING (Tab
BUSINESS SEGMENT REPORTING (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Line of Business Segment Financial Results | S egment financial results were as follows (in thousands): Year Ended December 31, 2018 Commercial Banking Institutional Banking Personal Banking Healthcare Services Total Net interest income $ 380,266 $ 66,585 $ 125,045 $ 38,550 $ 610,446 Provision for loan losses 63,841 1,335 5,574 — 70,750 Noninterest income 74,931 173,591 118,344 34,832 401,698 Noninterest expense 253,740 189,708 225,406 48,946 717,800 Income before taxes 137,616 49,133 12,409 24,436 223,594 Income tax expense 16,824 6,007 1,517 2,986 27,334 Income from continuing operations $ 120,792 $ 43,126 $ 10,892 $ 21,450 $ 196,260 Average assets $ 9,856,000 $ 3,995,000 $ 4,959,000 $ 2,190,000 $ 21,000,000 Year Ended December 31, 2017 Commercial Banking Institutional Banking Personal Banking Healthcare Services Total Net interest income $ 353,627 $ 51,977 $ 122,304 $ 31,005 $ 558,913 Provision for loan losses 32,937 1,461 6,602 — 41,000 Noninterest income 82,221 187,003 118,896 35,442 423,562 Noninterest expense 250,308 184,618 226,634 43,569 705,129 Income before taxes 152,603 52,901 7,964 22,878 236,346 Income tax expense 34,460 11,946 1,798 5,166 53,370 Income from continuing operations $ 118,143 $ 40,955 $ 6,166 $ 17,712 $ 182,976 Average assets $ 9,717,000 $ 3,622,000 $ 5,160,000 $ 1,897,000 $ 20,396,000 Year Ended December 31, 2016 Commercial Banking Institutional Banking Personal Banking Healthcare Services Total Net interest income $ 308,852 $ 39,272 $ 122,896 $ 24,303 $ 495,323 Provision for loan losses 22,730 410 9,360 — $ 32,500 Noninterest income 76,756 171,543 121,250 32,962 $ 402,511 Noninterest expense 227,161 165,539 236,808 37,237 $ 666,745 Income (loss) before taxes 135,717 44,866 (2,022 ) 20,028 198,589 Income tax expense (benefit) 30,722 10,157 (458 ) 4,534 44,955 Income (loss) from continuing operations $ 104,995 $ 34,709 $ (1,564 ) $ 15,494 $ 153,634 Average assets $ 8,683,000 $ 4,199,000 $ 5,216,000 $ 1,495,000 $ 19,593,000 |
REVENUE RECOGNITION (Tables)
REVENUE RECOGNITION (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue From Contract With Customer [Abstract] | |
Summary of Disaggregation of Revenue According to Revenue Stream and Business Segment | The following tables depict the disaggregation of revenue according to revenue stream and Business Segment for the three years ended December 31, 2018, 2017, and 2016. As stated in Note 12, “Business Segment Reporting,” for comparability purposes, amounts in all periods are based on methodologies in effect at December 31, 2018 and previously reported results have been reclassified in this filing to confirm to the current organizational structure. Disaggregated revenue is as follows (in thousands): Year Ended December 31, 2018 NONINTEREST INCOME Commercial Banking Institutional Banking Personal Banking Healthcare Services Revenue (Expense) out of Scope of ASC 606 Total Trust and securities processing $ — $ 107,236 $ 64,927 $ — $ — $ 172,163 Trading and investment banking — — — — 15,584 15,584 Service charges on deposit accounts 30,313 25,174 11,551 17,123 126 84,287 Insurance fees and commissions — — 1,292 — — 1,292 Brokerage fees 194 17,026 8,587 — — 25,807 Bankcard fees 59,596 5,816 22,080 16,264 (35,236 ) 68,520 Gains on sales of securities available for sale, net — — — — 578 578 Other 2,660 618 7,273 743 22,173 33,467 Total Noninterest income $ 92,763 $ 155,870 $ 115,710 $ 34,130 $ 3,225 $ 401,698 Year Ended December 31, 2017 NONINTEREST INCOME Commercial Banking Institutional Banking Personal Banking Healthcare Services Revenue (Expense) out of Scope of ASC 606 Total Trust and securities processing $ — $ 110,237 $ 66,409 $ — $ — $ 176,646 Trading and investment banking — 712 — — 22,471 23,183 Service charges on deposit accounts 31,251 29,043 11,818 15,454 114 87,680 Insurance fees and commissions — — 1,972 — — 1,972 Brokerage fees 160 14,630 8,415 3 — 23,208 Bankcard fees 53,239 6,176 22,918 17,791 (27,094 ) 73,030 Gains on sales of securities available for sale, net — — — — 4,192 4,192 Other 2,354 601 3,708 399 26,589 33,651 Total Noninterest income $ 87,004 $ 161,399 $ 115,240 $ 33,647 $ 26,272 $ 423,562 Year Ended December 31, 2016 NONINTEREST INCOME Commercial Banking Institutional Banking Personal Banking Healthcare Services Revenue (Expense) out of Scope of ASC 606 Total Trust and securities processing $ 7 $ 105,130 $ 61,178 $ — $ — $ 166,315 Trading and investment banking — — — — 21,422 21,422 Service charges on deposit accounts 33,009 28,484 12,213 12,750 206 86,662 Insurance fees and commissions — — 4,188 — — 4,188 Brokerage fees 221 9,100 8,494 18 — 17,833 Bankcard fees 47,839 2,912 27,255 18,677 (27,934 ) 68,749 Gains on sales of securities available for sale, net — — — — 8,509 8,509 Other 2,563 708 3,289 160 22,113 28,833 Total Noninterest income $ 83,639 $ 146,334 $ 116,617 $ 31,605 $ 24,316 $ 402,511 |
COMMON STOCK AND EARNINGS PER_2
COMMON STOCK AND EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text Block [Abstract] | |
Summary of Share Transactions | The following table summarizes the share transactions for the three years ended December 31, 2018 (in thousands, except for share data): Shares Issued Shares in Treasury Balance December 31, 2015 55,056,730 (5,660,364 ) Purchase of Treasury Stock — (399,677 ) Sale of Treasury Stock — 21,036 Issued for stock options & restricted stock — 655,331 Balance December 31, 2016 55,056,730 (5,383,674 ) Purchase of Treasury Stock — (245,982 ) Sale of Treasury Stock — 14,908 Issued for stock options & restricted stock — 453,008 Balance December 31, 2017 55,056,730 (5,161,740 ) Accelerated Share Repurchase Program — (780,321 ) Purchase of Treasury Stock — (401,038 ) Sale of Treasury Stock — 14,631 Issued for stock options & restricted stock — 388,960 Balance December 31, 2018 55,056,730 (5,939,508 ) |
Shares Used in Calculation of Basic and Diluted Earnings | The shares used in the calculation of basic and diluted earnings per share, are shown below: For the Years Ended December 31, 2018 2017 2016 Weighted average basic common shares outstanding 49,334,937 49,223,661 48,828,313 Dilutive effect of stock options and restricted stock 435,800 615,629 448,742 Weighted average diluted common shares outstanding 49,770,737 49,839,290 49,277,055 |
COMMITMENTS, CONTINGENCIES AN_2
COMMITMENTS, CONTINGENCIES AND GUARANTEES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Notional Amount of Off-Balance Sheet Financial Instruments | The following table summarizes the Company’s off-balance sheet financial instruments as described above (in thousands): Contract or Notional Amount December 31, 2018 2017 Commitments to extend credit for loans (excluding credit card loans) $ 6,870,451 $ 6,689,467 Commitments to extend credit under credit card loans 3,152,439 2,975,507 Commercial letters of credit 1,892 813 Standby letters of credit 298,915 316,054 Forward contracts 29,796 29,007 Spot foreign exchange contracts 11,183 628 |
DIVESTITURES (Tables)
DIVESTITURES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Schedule of Components of Income from Discontinued Operations, Net of Taxes and Consolidated Statements of Cash Flows | This table summarizes the components of income from discontinued operations, net of taxes, for the years ended December 31, 2018, 2017, and 2016 presented in the Consolidated Statements of Income (in thousands): For the years ended December 31, 2018 2017 2016 Total noninterest income $ — $ 63,416 $ 73,564 Total noninterest expense 917 65,834 65,149 (Loss) income from discontinued operations (917 ) (2,418 ) 8,415 Gain on the disposal of discontinued operations — 103,644 — Total (loss) income from discontinued operations (917 ) 101,226 8,415 Income tax (benefit) expense (170 ) 37,097 3,248 Net (loss) income on discontinued operations $ (747 ) $ 64,129 $ 5,167 The components of net cash provided by operating and investing activities of discontinued operations included in the Consolidated Statements of Cash Flows are as follows (in thousands): For the years ended December 31, 2018 2017 2016 (Loss) income from discontinued operations $ (747 ) $ 64,129 $ 5,167 Gain on the disposal of discontinued operations — (103,644 ) — Depreciation and amortization — 1,647 3,596 Net cash (used in) provided by operating activities of discontinued operations $ (747 ) $ (37,868 ) $ 8,763 Proceeds on disposal of discontinued operations $ — $ 167,183 $ — Net cash provided by investing activities of discontinued operations $ — $ 167,183 $ — |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Components of Income Tax Expense (Benefit) from Continuing Operations | Income tax expense from continuing operations includes the following components (in thousands): Year Ended December 31, 2018 2017 2016 Current tax Federal $ 43,027 $ (8,260 ) $ 41,860 State 4,568 1,889 1,570 Total current tax expense (benefit) 47,595 (6,371 ) 43,430 Deferred tax Federal (19,355 ) 57,851 1,145 State (906 ) 1,890 380 Total deferred tax (benefit) expense (20,261 ) 59,741 1,525 Total tax expense $ 27,334 $ 53,370 $ 44,955 |
Components of Income Tax Expense (Benefit) from Discontinued Operations | Income tax expense from discontinued operations includes the following components (in thousands): Year Ended December 31, 2018 2017 2016 Current tax Federal $ (154 ) $ 35,169 $ 1,759 State (16 ) 1,930 258 Total current tax (benefit) expense (170 ) 37,099 2,017 Deferred tax Federal — 260 1,187 State — (262 ) 44 Total deferred tax (benefit) expense — (2 ) 1,231 Total tax (benefit) expense $ (170 ) $ 37,097 $ 3,248 |
Reconciliation Between Income Tax Expense and Amount Computed by Applying Federal Statutory Tax Rate from Continuing Operations | The reconciliation between the income tax expense and the amount computed by applying the statutory federal tax rate of 21% for 2018 and 35% for 2017 and 2016 to income from continuing operations before income taxes is as follows (in thousands): Year Ended December 31, 2018 2017 2016 Statutory federal income tax expense $ 46,955 $ 82,721 $ 69,506 Tax-exempt interest income (15,525 ) (25,697 ) (20,196 ) Tax-exempt life insurance related income (1,744 ) (5,769 ) (3,405 ) Meals, entertainment and related expenses 1,547 1,380 1,323 State and local income taxes, net of federal tax benefits 2,767 2,439 1,365 Impacts related to the 2017 Tax Act (4,974 ) 2,997 — Equity-based compensation (2,364 ) (3,297 ) (1,095 ) Federal tax credits, net of amortization of LIHTC (1) (1,135 ) (1,119 ) (2,480 ) Other 1,807 (285 ) (63 ) Total tax expense $ 27,334 $ 53,370 $ 44,955 (1) Low income housing tax credits |
Components of Deferred Tax Assets and Liabilities | The significant components of deferred tax assets and liabilities are reflected in the following table (in thousands): December 31, 2018 2017 Deferred tax assets: Net unrealized loss on securities available for sale $ 31,260 $ 18,023 Loans, principally due to allowance for loan losses 25,104 23,646 Equity-based compensation 5,167 4,975 Accrued expenses 21,090 17,248 Miscellaneous 3,810 3,762 Total deferred tax assets before valuation allowance 86,431 67,654 Valuation allowance (2,150 ) (3,498 ) Total deferred tax assets 84,281 64,156 Deferred tax liabilities: Real Estate Investment Trust dividend — (32,591 ) Land, buildings and equipment (28,383 ) (17,783 ) Original issue discount (3,002 ) (2,580 ) Partnership investments (3,369 ) (1,005 ) Trust preferred securities (8,374 ) (7,202 ) Intangibles (10,071 ) (5,769 ) Miscellaneous (3,935 ) (3,117 ) Total deferred tax liabilities (57,134 ) (70,047 ) Net deferred tax asset (liability) $ 27,147 $ (5,891 ) |
Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): December 31, 2018 2017 Unrecognized tax benefits - opening balance $ 3,846 $ 4,375 Gross increases - tax positions in prior period — 323 Gross decreases - tax positions in prior period (1,373 ) — Gross increases - current-period tax positions 2,874 228 Lapse of statute of limitations (488 ) (1,080 ) Unrecognized tax benefits - ending balance $ 4,859 $ 3,846 |
DERIVATIVES AND HEDGING ACTIV_2
DERIVATIVES AND HEDGING ACTIVITIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Summary of Fair Value of Derivative Assets and Liabilities | This table provides a summary of the fair value of the Company’s derivative assets and liabilities as of December 31, 2018 and December 31, 2017 : Derivative Assets Derivative Liabilities December 31, December 31, Fair Value 2018 2017 2018 2017 Interest Rate Products: Derivatives not designated as hedging instruments $ 9,339 $ 10,116 $ 5,498 $ 7,326 Derivatives designated as hedging instruments — 33 15 1,580 Total $ 9,339 $ 10,149 $ 5,513 $ 8,906 |
Summary of Amount of Gain (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 for the years ended December 31, 2018, 2017, and 2016 related to the Company’s derivative assets and liabilities (in thousands): Amount of Gain (Loss) Recognized For the Year Ended December 31, 2018 2017 2016 Interest Rate Products Derivatives not designated as hedging instruments $ (94 ) $ (579 ) $ 195 Total $ (94 ) $ (579 ) $ 195 Interest Rate Products Derivatives designated as fair value hedging instruments Fair value adjustments on derivatives $ 59 $ (189 ) $ (181 ) Fair value adjustments on hedged items (58 ) 193 186 Total $ 1 $ 4 $ 5 |
Summary of Amount of Gain (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 for the years ended December 31, 2018, 2017, and 2016 related to the Company’s derivative assets and liabilities (in thousands): Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives For the Year Ended December 31, Derivatives in Cash Flow Hedging Relationships 2018 2017 2016 Interest rate products Derivatives designated as cash flow hedging instruments $ 1,906 $ (1,050 ) $ (516 ) Total $ 1,906 $ (1,050 ) $ (516 ) |
DISCLOSURES ABOUT FAIR VALUE _2
DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | Assets and liabilities measured at fair value on a recurring basis as of December 31, 2018 and 2017 Fair Value Measurement at December 31, 2018 Using Description December 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets U.S. Treasury $ — $ — $ — $ — U.S. Agencies 3,063 — 3,063 — Mortgage-backed 713 — 713 — State and political subdivisions 37,974 — 37,974 — Corporates 7,125 7,125 — — Trading - other 12,136 12,136 — — Trading securities 61,011 19,261 41,750 — U.S. Treasury 247,130 247,130 — — U.S. Agencies 199 — 199 — Mortgage-backed 3,812,211 — 3,812,211 — State and political subdivisions 2,483,260 — 2,483,260 — Available for sale securities 6,542,800 247,130 6,295,670 — Company-owned life insurance 54,152 — 54,152 — Bank-owned life insurance 273,553 — 273,553 — Derivatives 9,339 — 9,339 — Total $ 6,940,855 $ 266,391 $ 6,674,464 $ — Liabilities Deferred compensation $ 50,063 $ 50,063 $ — $ — Derivatives 5,513 — 5,513 — Securities sold not yet purchased 27,238 — 27,238 — Total $ 82,814 $ 50,063 $ 32,751 $ — Fair Value Measurement at December 31, 2017 Using Description December 31, 2017 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets U.S. Treasury $ 18 $ 18 $ — $ — U.S. Agencies 9,976 — 9,976 — Mortgage-backed 1,949 — 1,949 — State and political subdivisions 27,114 — 27,114 — Corporates 1,885 1,885 — — Trading - other 13,113 12,434 679 — Trading securities 54,055 14,337 39,718 — U.S. Treasury 38,643 38,643 — — U.S. Agencies 14,752 — 14,752 — Mortgage-backed 3,649,243 — 3,649,243 — State and political subdivisions 2,542,673 — 2,542,673 — Corporates 13,266 13,266 — — Available for sale securities 6,258,577 51,909 6,206,668 — Company-owned life insurance 53,577 — 53,577 — Bank-owned life insurance 265,823 — 265,823 — Derivatives 10,149 — 10,149 — Total $ 6,642,181 $ 66,246 $ 6,575,935 $ — Liabilities Deferred compensation $ 50,963 $ 50,963 $ — $ — Derivatives 8,906 $ — 8,906 — Securities sold not yet purchased 4,130 — 4,130 — Total $ 63,999 $ 50,963 $ 13,036 $ — |
Assets Measured at Fair Value on Non-Recurring Basis | Assets measured at fair value on a non-recurring basis as of December 31, 2018 and 2017 Fair Value Measurement at December 31, 2018 Using Description December 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Gains Recognized During the Twelve Months Ended December 31 Impaired loans $ 10,085 $ — $ — $ 10,085 $ 1,972 Other real estate owned 3,132 — — 3,132 6 Total $ 13,217 $ — $ — $ 13,217 $ 1,978 Fair Value Measurement at December 31, 2017 Using Description December 31, 2017 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Gains Recognized During the Twelve Months Ended December 31 Impaired loans $ 15,186 $ — $ — $ 15,186 $ 1,251 Other real estate owned 1,488 — — 1,488 13 Total $ 16,674 $ — $ — $ 16,674 $ 1,264 |
Estimated Fair Value of Financial Instruments | The estimated fair value of the Company’s financial instruments at December 31, 2018 and 2017 are as follows (in thousands): Fair Value Measurement at December 31, 2018 Using Carrying Amount Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Estimated Fair Value FINANCIAL ASSETS Cash and short-term investments $ 2,319,954 $ 1,693,453 $ 626,501 $ — $ 2,319,954 Securities available for sale 6,542,800 247,130 6,295,670 — 6,542,800 Securities held to maturity 1,170,646 — 1,070,532 — 1,070,532 Trading securities 61,011 19,261 41,750 — 61,011 Other securities 73,692 — 73,692 — 73,692 Loans (exclusive of allowance for loan loss) 12,181,342 — 12,190,599 — 12,190,599 Derivatives 9,339 — 9,339 — 9,339 FINANCIAL LIABILITIES Demand and savings deposits 18,134,512 18,134,512 — — 18,134,512 Time deposits 1,146,748 — 1,146,748 — 1,146,748 Other borrowings 1,518,920 6,679 1,512,241 — 1,518,920 Long-term debt 82,671 — 82,818 — 82,818 Derivatives 5,513 — 5,513 — 5,513 OFF-BALANCE SHEET ARRANGEMENTS Commitments to extend credit for loans 5,425 Commercial letters of credit 115 Standby letters of credit 2,658 Fair Value Measurement at December 31, 2017 Using Carrying Amount Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Estimated Fair Value FINANCIAL ASSETS Cash and short-term investments $ 1,936,084 $ 1,749,618 $ 186,466 $ — $ 1,936,084 Securities available for sale 6,258,577 51,909 6,206,668 — 6,258,577 Securities held to maturity 1,261,014 — 1,207,447 — 1,207,447 Trading securities 54,055 14,337 39,718 — 54,055 Other securities 65,897 — 65,897 — 65,897 Loans (exclusive of allowance for loan loss) 11,281,973 — 11,318,764 — 11,318,764 Derivatives 10,149 — 10,149 — 10,149 FINANCIAL LIABILITIES Demand and savings deposits 16,742,736 16,742,736 — — 16,742,736 Time deposits 1,280,264 — 1,280,264 — 1,280,264 Other borrowings 1,260,704 11,334 1,249,370 — 1,260,704 Long-term debt 79,281 — 79,496 — 79,496 Derivatives 8,906 — 8,906 — 8,906 OFF-BALANCE SHEET ARRANGEMENTS Commitments to extend credit for loans 6,654 Commercial letters of credit 136 Standby letters of credit 2,514 |
PARENT COMPANY FINANCIAL INFO_2
PARENT COMPANY FINANCIAL INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Schedule of Parent Company Balance Sheets | BALANCE SHEETS (in thousands) December 31, 2018 2017 ASSETS Investment in subsidiaries: Banks $ 1,934,082 $ 1,815,953 Non-banks 156,529 149,145 Total investment in subsidiaries 2,090,611 1,965,098 Goodwill on purchased affiliates 5,011 5,011 Cash 165,771 260,621 Securities available for sale and other 82,792 68,550 Total assets $ 2,344,185 $ 2,299,280 LIABILITIES AND SHAREHOLDERS' EQUITY Long-term debt $ 69,329 $ 68,285 Accrued expenses and other 46,386 49,464 Total liabilities 115,715 117,749 Shareholders' equity 2,228,470 2,181,531 Total liabilities and shareholders' equity $ 2,344,185 $ 2,299,280 |
Schedule of Parent Company Statements of Income and Comprehensive Income | STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (in thousands) Year Ended December 31, 2018 2017 2016 INCOME Dividends and income received from subsidiaries $ 47,250 $ 55,000 $ 47,000 Service fees from subsidiaries 50,858 43,691 40,579 Other 651 10,390 4,207 Total income 98,759 109,081 91,786 EXPENSE Salaries and employee benefits 46,707 43,716 38,198 Other 19,149 18,652 20,436 Total expense 65,856 62,368 58,634 Income before income taxes and equity in undistributed earnings of subsidiaries 32,903 46,713 33,152 Income tax benefit (4,432 ) (1,202 ) (3,903 ) Income before equity in undistributed earnings of subsidiaries 37,335 47,915 37,055 Equity in undistributed earnings of subsidiaries: Banks 156,771 140,873 119,551 Non-Banks 2,154 (5,812 ) (2,972 ) Income from continuing operations 196,260 182,976 153,634 (Loss) income from discontinued operations (747 ) 64,129 5,167 Net income $ 195,513 $ 247,105 $ 158,801 Other comprehensive (loss) income (50,257 ) 12,017 (53,824 ) Comprehensive income $ 145,256 $ 259,122 $ 104,977 |
Schedule of Parent Company Statements of Cash Flows | STATEMENTS OF CASH FLOWS (in thousands) Year Ended December 31, 2018 2017 2016 OPERATING ACTIVITIES Net income $ 195,513 $ 247,105 $ 158,801 Adjustments to reconcile net income to cash provided by operating activities: Equity in earnings of subsidiaries (206,175 ) (146,367 ) (163,993 ) Dividends received from subsidiaries 47,250 96,391 54,000 Depreciation and amortization 486 424 457 Equity based compensation 11,073 13,316 11,735 Net tax benefit related to equity compensation plans 2,364 3,612 1,073 Gains on sales of assets — (103,715 ) — Changes in other assets and liabilities, net (5,994 ) 5,424 (11,717 ) Net cash provided by operating activities 44,517 116,190 50,356 INVESTING ACTIVITIES Net capital investment in subsidiaries (17,961 ) (37,474 ) (10,006 ) Net cash activity from divestitures and acquisitions — 168,361 — Net decrease (increase) in securities available for sale 1,062 1,575 (1,034 ) Net cash (used in) provided by investing activities (16,899 ) 132,462 (11,040 ) FINANCING ACTIVITIES Cash dividends paid (58,279 ) (51,876 ) (49,038 ) Proceeds from exercise of stock options and sales of treasury stock 12,318 13,867 16,911 Purchases of treasury stock (76,507 ) (15,276 ) (16,367 ) Net cash used in financing activities (122,468 ) (53,285 ) (48,494 ) Net (decrease) increase in cash (94,850 ) 195,367 (9,178 ) Cash and cash equivalents at beginning of period 260,621 65,254 74,432 Cash and cash equivalents at end of period $ 165,771 $ 260,621 $ 65,254 |
SUMMARY OF OPERATING RESULTS _2
SUMMARY OF OPERATING RESULTS BY QUARTER (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Operating Results By Quarter | Three Months Ended 2018 March 31 June 30 Sept 30 Dec 31 Interest income $ 167,665 $ 176,480 $ 185,097 $ 202,719 Interest expense 19,743 26,254 34,607 40,911 Net interest income 147,922 150,226 150,490 161,808 Provision for loan losses 10,000 7,000 5,750 48,000 Noninterest income 105,525 100,289 100,885 94,999 Noninterest expense 175,876 177,218 180,385 184,321 Income tax expense (benefit) 10,038 10,873 7,391 (968 ) Net income from continuing operations $ 57,533 $ 55,424 $ 57,849 $ 25,454 2017 March 31 June 30 Sept 30 Dec 31 Interest income $ 144,690 $ 151,211 $ 157,895 $ 163,116 Interest expense 10,375 13,817 17,037 16,770 Net interest income 134,315 137,394 140,858 146,346 Provision for loan losses 9,000 14,500 11,500 6,000 Noninterest income 102,917 110,306 104,306 106,033 Noninterest expense 173,810 176,939 171,821 182,559 Income tax expense 12,446 11,490 12,971 16,463 Net income from continuing operations $ 41,976 $ 44,771 $ 48,872 $ 47,357 Per Share Three Months Ended 2018 March 31 June 30 Sept 30 Dec 31 Net income from continuing operations - basic $ 1.16 $ 1.12 $ 1.17 $ 0.52 Net income from continuing operations - diluted 1.15 1.11 1.16 0.52 Dividend 0.290 0.290 0.290 0.300 Book value 43.31 43.96 44.20 45.37 Per Share 2017 March 31 June 30 Sept 30 Dec 31 Net income from continuing operations - basic $ 0.85 $ 0.91 $ 0.99 $ 0.96 Net income from continuing operations - diluted 0.84 0.90 0.98 0.95 Dividend 0.255 0.255 0.255 0.275 Book value 40.34 41.42 42.15 43.72 |
Summary of Cash and Cash Equiva
Summary of Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Accounting Policies [Abstract] | ||||
Due from the FRB | $ 1,028,998 | $ 1,323,539 | ||
Cash and due from banks | 645,123 | 392,723 | ||
Cash and cash equivalents at end of year | $ 1,674,121 | $ 1,716,262 | $ 1,063,967 | $ 819,112 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Summary Of Significant Accounting Policies [Line Items] | |||
Interest bearing amounts held at other financial institutions | $ 18,800,000 | $ 28,200,000 | |
Days loan should be past due after contractual due date to be considered as delinquent loan | 30 days | ||
Days in which collection of interest or principal should be past to be placed on non-accrual status | 90 days | ||
Goodwill impairment | $ 0 | 0 | $ 0 |
Impairment of intangible assets | 0 | 0 | 0 |
Indefinite lived intangible assets | 0 | ||
Impairment charges | $ 0 | $ 0 | $ 0 |
Dilutive effect of common stock issuable upon exercise of options and nonvested restricted shares | 435,800 | 615,629 | 448,742 |
Anti-dilutive shares | 125,765 | 149,413 | 390,503 |
Maximum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Amortizable intangible assets, amortization period | 17 years | ||
Maximum [Member] | Premises [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, depreciation period | 40 years | ||
Maximum [Member] | Equipment [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, depreciation period | 20 years | ||
Minimum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Tax benefit, Percentage | 50.00% | ||
Minimum [Member] | Premises [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, depreciation period | 15 years | ||
Minimum [Member] | Equipment [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, depreciation period | 3 years |
New Accounting Pronouncements -
New Accounting Pronouncements - Additional Information (Detail) - USD ($) $ in Thousands | Jan. 01, 2018 | Feb. 28, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Reclassified stranded tax effects from AOCI to retained earnings | $ (4,974) | $ 2,997 | |||||
Accounting Standards Update 2016-01 [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Cumulative effect adjustment | $ 132 | ||||||
Accounting Standards Update 2016-02 [Member] | Subsequent Event [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Right-of-use asset | $ 58,000 | ||||||
Lease liability | $ 63,000 | ||||||
Accounting Standards Update 2016-09 [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Cumulative effect adjustment | [1] | $ 482 | |||||
Accounting Standards Update 2017-12 [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Cumulative effect adjustment | $ 13 | ||||||
Accounting Standards Update 2018-02 [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Reclassified stranded tax effects from AOCI to retained earnings | $ 12,900 | ||||||
[1] | Related to the adoption of ASU No. 2016-09. See Note 2, “New Accounting Pronouncements,” for further detail. |
Summary of Loan Classes and Agi
Summary of Loan Classes and Aging of Past Due Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | $ 65,850 | $ 86,369 | |
Non- Accrual Loans | 43,018 | 59,142 | |
Current | 12,112,300 | 11,194,144 | |
Total Loans | 12,178,150 | 11,280,513 | $ 10,540,383 |
30-89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 16,823 | 24,136 | |
Greater than 90 days Past Due and Accruing [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 6,009 | 3,091 | |
Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans | 375,767 | 404,480 | 409,660 |
Leases [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Current | 5,248 | 23,967 | |
Total Loans | 5,248 | 23,967 | $ 39,532 |
Prime [Member] | Real estate - residential [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 4,803 | 1,720 | |
Non- Accrual Loans | 807 | 929 | |
Current | 702,701 | 636,871 | |
Total Loans | 707,504 | 638,591 | |
Prime [Member] | Real estate - residential [Member] | 30-89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 246 | 791 | |
Prime [Member] | Real estate - residential [Member] | Greater than 90 days Past Due and Accruing [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 3,750 | ||
Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 32,910 | 50,532 | |
Non- Accrual Loans | 27,060 | 38,644 | |
Current | 5,195,492 | 4,502,508 | |
Total Loans | 5,228,402 | 4,553,040 | |
Commercial [Member] | 30-89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 5,717 | 11,216 | |
Commercial [Member] | Greater than 90 days Past Due and Accruing [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 133 | 672 | |
Asset-based [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Current | 380,738 | 336,614 | |
Total Loans | 380,738 | 336,614 | |
Factoring [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Current | 261,591 | 221,672 | |
Total Loans | 261,591 | 221,672 | |
Commercial - credit card [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 580 | 466 | |
Current | 165,754 | 171,825 | |
Total Loans | 166,334 | 172,291 | |
Commercial - credit card [Member] | 30-89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 490 | 387 | |
Commercial - credit card [Member] | Greater than 90 days Past Due and Accruing [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 90 | 79 | |
Construction [Member] | Real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 7,002 | ||
Non- Accrual Loans | 93 | ||
Current | 792,565 | 710,847 | |
Total Loans | 792,565 | 717,849 | |
Construction [Member] | Real estate [Member] | 30-89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 6,666 | ||
Construction [Member] | Real estate [Member] | Greater than 90 days Past Due and Accruing [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 243 | ||
Real estate - commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 19,137 | 16,947 | |
Non- Accrual Loans | 11,662 | 16,115 | |
Current | 3,695,143 | 3,546,683 | |
Total Loans | 3,714,280 | 3,563,630 | |
Real estate - commercial [Member] | 30-89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 7,385 | 832 | |
Real estate - commercial [Member] | Greater than 90 days Past Due and Accruing [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 90 | ||
Real estate - HELOC [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 3,540 | 4,267 | |
Non- Accrual Loans | 2,776 | 3,013 | |
Current | 542,181 | 644,112 | |
Total Loans | 545,721 | 648,379 | |
Real estate - HELOC [Member] | 30-89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 764 | 1,254 | |
Credit card [Member] | Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 4,615 | 4,524 | |
Non- Accrual Loans | 648 | 312 | |
Current | 226,367 | 248,173 | |
Total Loans | 230,982 | 252,697 | |
Credit card [Member] | Consumer [Member] | 30-89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 2,022 | 2,155 | |
Credit card [Member] | Consumer [Member] | Greater than 90 days Past Due and Accruing [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 1,945 | 2,057 | |
Other [Member] | Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 265 | 911 | |
Non- Accrual Loans | 65 | 36 | |
Current | 144,520 | 150,872 | |
Total Loans | 144,785 | 151,783 | |
Other [Member] | Consumer [Member] | 30-89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 199 | 835 | |
Other [Member] | Consumer [Member] | Greater than 90 days Past Due and Accruing [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | $ 1 | $ 40 |
Loans and Allowance for Loan _3
Loans and Allowance for Loan Losses - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Proceeds from sales of loans held for sale | $ 59,138,000 | $ 70,543,000 | $ 89,522,000 |
Non- Accrual Loans | 43,018,000 | 59,142,000 | |
Restructured loans | 21,100,000 | 41,000,000 | |
Total Past Due | 65,850,000 | 86,369,000 | |
Commitments to lend to borrowers with loan modifications classified as TDR's | 0 | $ 3,100,000 | |
Default payment of troubled restructuring, commercial real estate loan | $ 0 | ||
Real estate - residential [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Number of Contracts | 1 | 1 | |
Pre-Modification Outstanding Recorded Investment | $ 93,000 | $ 97,000 | |
Post-Modification Outstanding Recorded Investment | 92,000 | 98,000 | |
Commercial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Non- Accrual Loans | 27,060,000 | 38,644,000 | |
Total Past Due | $ 32,910,000 | $ 50,532,000 | |
Number of Contracts | 3 | 1 | |
Pre-Modification Outstanding Recorded Investment | $ 6,700,000 | $ 7,200,000 | |
Post-Modification Outstanding Recorded Investment | $ 6,700,000 | 7,200,000 | |
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 | ||
Greater than 90 days Past Due and Accruing [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total Past Due | $ 6,009,000 | 3,091,000 | |
Greater than 90 days Past Due and Accruing [Member] | Commercial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total Past Due | $ 133,000 | $ 672,000 |
Credit Risk Profile by Risk Rat
Credit Risk Profile by Risk Rating - Originated and Non-PCI Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | $ 12,178,150 | $ 11,280,513 | $ 10,540,383 |
Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 5,228,402 | 4,553,040 | |
Commercial [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 5,228,402 | 4,553,040 | |
Asset-based [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 380,738 | 336,614 | |
Asset-based [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 380,738 | 336,614 | |
Factoring [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 261,591 | 221,672 | |
Factoring [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 261,591 | 221,672 | |
Real estate - construction [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 792,565 | 717,849 | |
Real estate - commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 3,714,280 | 3,563,630 | |
Real estate - commercial [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 3,714,280 | 3,563,630 | |
Non-watch list [Member] | Commercial [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 4,788,234 | 4,048,238 | |
Non-watch list [Member] | Asset-based [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 296,719 | 306,899 | |
Non-watch list [Member] | Factoring [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 260,727 | 220,795 | |
Non-watch list [Member] | Real estate - construction [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 792,256 | 716,830 | |
Non-watch list [Member] | Real estate - commercial [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 3,551,537 | 3,434,982 | |
Watch [Member] | Commercial [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 192,653 | 162,788 | |
Watch [Member] | Real estate - construction [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 204 | 631 | |
Watch [Member] | Real estate - commercial [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 64,998 | 50,715 | |
Special Mention [Member] | Commercial [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 55,927 | 106,638 | |
Special Mention [Member] | Asset-based [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 84,019 | 29,715 | |
Special Mention [Member] | Factoring [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 864 | 47 | |
Special Mention [Member] | Real estate - commercial [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 32,826 | 35,940 | |
Substandard [Member] | Commercial [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 191,588 | 235,376 | |
Substandard [Member] | Factoring [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 830 | ||
Substandard [Member] | Real estate - construction [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 105 | 388 | |
Substandard [Member] | Real estate - commercial [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | $ 64,919 | $ 41,993 |
Credit Risk Profile Based on Pa
Credit Risk Profile Based on Payment Activity - Originated and Non-PCI Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | $ 12,178,150 | $ 11,280,513 | $ 10,540,383 |
Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 375,767 | 404,480 | 409,660 |
Leases [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 5,248 | 23,967 | $ 39,532 |
Commercial - credit card [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 166,334 | 172,291 | |
Real estate - HELOC [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 545,721 | 648,379 | |
Credit card [Member] | Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 230,982 | 252,697 | |
Other [Member] | Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 144,785 | 151,783 | |
Originated and Non-PCI Loans [Member] | Real estate - residential [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 707,504 | 638,591 | |
Originated and Non-PCI Loans [Member] | Leases [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 5,248 | 23,967 | |
Originated and Non-PCI Loans [Member] | Commercial - credit card [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 166,334 | 172,291 | |
Originated and Non-PCI Loans [Member] | Real estate - HELOC [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 545,721 | 648,379 | |
Originated and Non-PCI Loans [Member] | Credit card [Member] | Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 230,982 | 252,697 | |
Originated and Non-PCI Loans [Member] | Other [Member] | Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 144,785 | 151,783 | |
Originated and Non-PCI Loans [Member] | Performing [Member] | Real estate - residential [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 706,697 | 637,662 | |
Originated and Non-PCI Loans [Member] | Performing [Member] | Leases [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 5,248 | 23,967 | |
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 | 166,334 | 172,291 | |
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 | 542,945 | 645,366 | |
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 | 230,334 | 252,385 | |
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 | 144,720 | 151,747 | |
Originated and Non-PCI Loans [Member] | Non-performing [Member] | Real estate - residential [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 807 | 929 | |
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 | 2,776 | 3,013 | |
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 | 648 | 312 | |
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 | $ 65 | $ 36 |
Rollforward of Allowance for Lo
Rollforward of Allowance for Loan Losses by Portfolio Segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | $ 100,604 | $ 91,649 | $ 81,143 |
Charge-offs | (77,543) | (38,606) | (28,823) |
Recoveries | 9,824 | 6,561 | 6,829 |
Provision | 70,750 | 41,000 | 32,500 |
Ending Balance | 103,635 | 100,604 | 91,649 |
Ending Balance: individually evaluated for impairment | 4,711 | 6,683 | 7,934 |
Ending Balance: collectively evaluated for impairment | 98,924 | 93,921 | 83,715 |
Ending Balance: loans | 12,178,150 | 11,280,513 | 10,540,383 |
Ending Balance: individually evaluated for impairment | 39,239 | 74,776 | 87,665 |
Ending Balance: collectively evaluated for impairment | 12,138,911 | 11,205,737 | 10,451,918 |
Ending Balance: PCI Loans | 800 | ||
Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 81,156 | 71,657 | 63,847 |
Charge-offs | (64,371) | (27,985) | (12,788) |
Recoveries | 6,753 | 3,522 | 3,596 |
Provision | 57,350 | 33,962 | 17,002 |
Ending Balance | 80,888 | 81,156 | 71,657 |
Ending Balance: individually evaluated for impairment | 4,605 | 6,605 | 7,866 |
Ending Balance: collectively evaluated for impairment | 76,283 | 74,551 | 63,791 |
Ending Balance: loans | 6,037,065 | 5,283,617 | 4,923,321 |
Ending Balance: individually evaluated for impairment | 31,006 | 61,820 | 74,351 |
Ending Balance: collectively evaluated for impairment | 6,006,059 | 5,221,797 | 4,848,970 |
Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 9,312 | 10,569 | 8,220 |
Charge-offs | (3,428) | (992) | (6,756) |
Recoveries | 445 | 966 | 985 |
Provision | 7,335 | (1,231) | 8,120 |
Ending Balance | 13,664 | 9,312 | 10,569 |
Ending Balance: individually evaluated for impairment | 106 | 78 | 68 |
Ending Balance: collectively evaluated for impairment | 13,558 | 9,234 | 10,501 |
Ending Balance: loans | 5,760,070 | 5,568,449 | 5,167,870 |
Ending Balance: individually evaluated for impairment | 8,233 | 12,956 | 13,314 |
Ending Balance: collectively evaluated for impairment | 5,751,837 | 5,555,493 | 5,154,556 |
Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 10,083 | 9,311 | 8,949 |
Charge-offs | (9,744) | (9,629) | (9,279) |
Recoveries | 2,626 | 2,073 | 2,248 |
Provision | 6,106 | 8,328 | 7,393 |
Ending Balance | 9,071 | 10,083 | 9,311 |
Ending Balance: collectively evaluated for impairment | 9,071 | 10,083 | 9,311 |
Ending Balance: loans | 375,767 | 404,480 | 409,660 |
Ending Balance: collectively evaluated for impairment | 375,767 | 404,480 | 408,860 |
Ending Balance: PCI Loans | 800 | ||
Leases [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 53 | 112 | 127 |
Provision | (41) | (59) | (15) |
Ending Balance | 12 | 53 | 112 |
Ending Balance: collectively evaluated for impairment | 12 | 53 | 112 |
Ending Balance: loans | 5,248 | 23,967 | 39,532 |
Ending Balance: collectively evaluated for impairment | $ 5,248 | $ 23,967 | $ 39,532 |
Analysis of Impaired Loans by C
Analysis of Impaired Loans by Class (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid Principal Balance | $ 51,562 | $ 102,398 | $ 99,253 |
Recorded Investment with No Allowance | 24,443 | 52,907 | 55,974 |
Recorded Investment with Allowance | 14,796 | 21,869 | 31,691 |
Total Recorded Investment | 39,239 | 74,776 | 87,665 |
Related Allowance | 4,711 | 6,683 | 7,934 |
Average Recorded Investment | 55,247 | 76,475 | 81,717 |
Real estate - residential [Member] | Prime [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid Principal Balance | 304 | 427 | 231 |
Recorded Investment with No Allowance | 197 | 321 | 230 |
Recorded Investment with Allowance | 95 | 97 | |
Total Recorded Investment | 292 | 418 | 230 |
Related Allowance | 78 | 75 | |
Average Recorded Investment | 303 | 221 | 520 |
Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid Principal Balance | 40,402 | 84,749 | 80,405 |
Recorded Investment with No Allowance | 16,470 | 44,525 | 43,260 |
Recorded Investment with Allowance | 14,536 | 16,465 | 31,091 |
Total Recorded Investment | 31,006 | 60,990 | 74,351 |
Related Allowance | 4,605 | 6,299 | 7,866 |
Average Recorded Investment | 43,335 | 65,385 | 69,776 |
Factoring [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid Principal Balance | 830 | ||
Recorded Investment with Allowance | 830 | ||
Total Recorded Investment | 830 | ||
Related Allowance | 306 | ||
Average Recorded Investment | 275 | 207 | |
Construction [Member] | Real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid Principal Balance | 108 | 510 | |
Recorded Investment with No Allowance | 93 | 181 | |
Recorded Investment with Allowance | 113 | ||
Total Recorded Investment | 93 | 294 | |
Related Allowance | 68 | ||
Average Recorded Investment | 55 | 148 | 405 |
Real estate - commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid Principal Balance | 10,856 | 16,284 | 18,107 |
Recorded Investment with No Allowance | 7,776 | 7,968 | 12,303 |
Recorded Investment with Allowance | 165 | 4,477 | 487 |
Total Recorded Investment | 7,941 | 12,445 | 12,790 |
Related Allowance | 28 | 3 | |
Average Recorded Investment | $ 11,279 | 10,506 | 8,956 |
Real estate - HELOC [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Average Recorded Investment | 79 | ||
Other [Member] | Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Average Recorded Investment | $ 8 | $ 1,981 |
Securities Available for Sale (
Securities Available for Sale (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 6,670,090 | $ 6,334,018 |
Gross Unrealized Gains | 13,980 | 13,879 |
Gross Unrealized Losses | (141,270) | (89,320) |
Available for sale | 6,542,800 | 6,258,577 |
U.S. Treasury [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 248,494 | 40,092 |
Gross Unrealized Gains | 192 | |
Gross Unrealized Losses | (1,556) | (1,449) |
Available for sale | 247,130 | 38,643 |
U.S. Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 200 | 14,762 |
Gross Unrealized Losses | (1) | (10) |
Available for sale | 199 | 14,752 |
Mortgage-backed [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 3,914,289 | 3,719,369 |
Gross Unrealized Gains | 6,145 | 1,914 |
Gross Unrealized Losses | (108,223) | (72,040) |
Available for sale | 3,812,211 | 3,649,243 |
State and political subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 2,507,107 | 2,546,517 |
Gross Unrealized Gains | 7,643 | 11,965 |
Gross Unrealized Losses | (31,490) | (15,809) |
Available for sale | $ 2,483,260 | 2,542,673 |
Corporates [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 13,278 | |
Gross Unrealized Losses | (12) | |
Available for sale | $ 13,266 |
Summary of Contractual Maturity
Summary of Contractual Maturity Information for Securities Available for Sale (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Investments Debt And Equity Securities [Abstract] | ||
Due in 1 year or less, Amortized Cost | $ 534,750 | |
Due after 1 year through 5 years, Amortized Cost | 936,651 | |
Due after 5 years through 10 years, Amortized Cost | 723,908 | |
Due after 10 years, Amortized Cost | 560,492 | |
Total, Amortized Cost | 2,755,801 | |
Mortgage-backed securities, Amortized Cost | 3,914,289 | |
Amortized Cost | 6,670,090 | $ 6,334,018 |
Due in 1 year or less, Fair Value | 534,418 | |
Due after 1 year through 5 years, Fair Value | 930,098 | |
Due after 5 years through 10 years, Fair Value | 708,567 | |
Due after 10 years, Fair Value | 557,506 | |
Total, Fair Value | 2,730,589 | |
Mortgage-backed securities, Fair Value | 3,812,211 | |
Total securities available for sale, Fair Value | $ 6,542,800 | $ 6,258,577 |
Securities - Additional Informa
Securities - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Proceeds from sales of securities available for sale | $ 95,525,000 | $ 578,517,000 | $ 951,264,000 |
Gross realized gains from securities | 581,000 | 4,200,000 | 8,500,000 |
Gross realized losses from securities | 3,000 | 10,000 | 1,000 |
Sales of securities held to maturity | 0 | 0 | 0 |
Unrealized gain (loss) on trading securities | (18,000) | 188,000 | 233,000 |
Securities sold not yet purchased | 27,200,000 | 4,100,000 | |
Other securities - marketable [Member] | |||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Fair value of securities including alternative investment securities | 4,400,000 | 4,600,000 | |
Other Non-marketable Securities [Member] | |||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Fair value of securities including alternative investment securities | $ 5,800,000 | 3,400,000 | |
Collateral Pledged [Member] | 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 | 5,700,000,000 | |
Collateral Pledged [Member] | Federal Reserve Discount Window [Member] | |||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Pledged securities for deposits | $ 1,000,000,000 | $ 1,800,000,000 |
Gross Unrealized Losses and Fai
Gross Unrealized Losses and Fair Value of Investment Securities Available for Sale (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Gain (Loss) on Investments [Line Items] | ||
Less than 12 months, Fair Value | $ 618,575 | $ 3,104,606 |
Less than 12 months, Unrealized Losses | (2,750) | (27,391) |
12 months or more, Fair Value | 4,465,859 | 1,967,685 |
12 months or more, Unrealized Losses | (138,520) | (61,929) |
Total Fair Value | 5,084,434 | 5,072,291 |
Total Unrealized Losses | (141,270) | (89,320) |
U.S. Treasury [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Less than 12 months, Fair Value | 18,775 | 9,851 |
Less than 12 months, Unrealized Losses | (4) | (64) |
12 months or more, Fair Value | 38,552 | 28,792 |
12 months or more, Unrealized Losses | (1,552) | (1,385) |
Total Fair Value | 57,327 | 38,643 |
Total Unrealized Losses | (1,556) | (1,449) |
U.S. Agencies [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Less than 12 months, Fair Value | 14,553 | |
Less than 12 months, Unrealized Losses | (10) | |
12 months or more, Fair Value | 199 | |
12 months or more, Unrealized Losses | (1) | |
Total Fair Value | 199 | 14,553 |
Total Unrealized Losses | (1) | (10) |
Mortgage-backed [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Less than 12 months, Fair Value | 228,406 | 1,990,006 |
Less than 12 months, Unrealized Losses | (1,256) | (19,980) |
12 months or more, Fair Value | 3,007,233 | 1,562,333 |
12 months or more, Unrealized Losses | (106,967) | (52,060) |
Total Fair Value | 3,235,639 | 3,552,339 |
Total Unrealized Losses | (108,223) | (72,040) |
State and political subdivisions [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Less than 12 months, Fair Value | 371,394 | 1,076,930 |
Less than 12 months, Unrealized Losses | (1,490) | (7,325) |
12 months or more, Fair Value | 1,419,875 | 376,560 |
12 months or more, Unrealized Losses | (30,000) | (8,484) |
Total Fair Value | 1,791,269 | 1,453,490 |
Total Unrealized Losses | $ (31,490) | (15,809) |
Corporates [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Less than 12 months, Fair Value | 13,266 | |
Less than 12 months, Unrealized Losses | (12) | |
Total Fair Value | 13,266 | |
Total Unrealized Losses | $ (12) |
Contractual Maturity Informatio
Contractual Maturity Information for Securities Held to Maturity (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Investments Debt And Equity Securities [Abstract] | ||
Due in 1 year or less, Amortized Cost | $ 3,386 | $ 2,275 |
Due after 1 year through 5 years, Amortized Cost | 115,162 | 100,648 |
Due after 5 years through 10 years, Amortized Cost | 380,108 | 372,234 |
Due after 10 years, Amortized Cost | 671,990 | 785,857 |
Total state and political subdivisions, Amortized Cost | 1,170,646 | 1,261,014 |
Due in 1 year or less, Gross Unrealized Gains | 38 | 3 |
Due after 1 year through 5 years, Gross Unrealized Gains | 467 | 3,111 |
Due after 5 years through 10 years, Gross Unrealized Gains | 1,894 | 5,006 |
Due after 10 years, Gross Unrealized Gains | 2,163 | 6,952 |
Total state and political subdivisions, Gross Unrealized Gains | 4,562 | 15,072 |
Due in 1 year or less, Gross Unrealized Losses | (29) | (24) |
Due after 1 year through 5 years, Gross Unrealized Losses | (7,988) | (2,834) |
Due after 5 years through 10 years, Gross Unrealized Losses | (24,621) | (14,117) |
Due after 10 years, Gross Unrealized Losses | (72,038) | (51,664) |
Total state and political subdivisions, Gross Unrealized Losses | (104,676) | (68,639) |
Due in 1 year or less, Fair Value | 3,395 | 2,254 |
Due after 1 year through 5 years, Fair Value | 107,641 | 100,925 |
Due after 5 years through 10 years, Fair Value | 357,381 | 363,123 |
Due after 10 years, Fair Value | 602,115 | 741,145 |
Total state and political subdivisions, Fair Value | $ 1,070,532 | $ 1,207,447 |
Schedule of Federal Reserve Ban
Schedule of Federal Reserve Bank Stock and Federal Home Loan Bank Stock and Other Securities (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule of Other Securities [Line Items] | ||
Fair Value | $ 73,692 | $ 65,897 |
Federal Reserve Bank Stock and Other Securities [Member] | ||
Schedule of Other Securities [Line Items] | ||
Amortized Cost | 65,273 | 59,871 |
Gross Unrealized Gains | 8,419 | 6,026 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 73,692 | 65,897 |
FRB and FHLB stock [Member] | Federal Reserve Bank Stock and Other Securities [Member] | ||
Schedule of Other Securities [Line Items] | ||
Amortized Cost | 33,262 | 33,262 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 33,262 | 33,262 |
Other securities - marketable [Member] | Federal Reserve Bank Stock and Other Securities [Member] | ||
Schedule of Other Securities [Line Items] | ||
Amortized Cost | 0 | 3 |
Gross Unrealized Gains | 4,385 | 4,637 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 4,385 | 4,640 |
Other securities - non-marketable [Member] | Federal Reserve Bank Stock and Other Securities [Member] | ||
Schedule of Other Securities [Line Items] | ||
Amortized Cost | 32,011 | 26,606 |
Gross Unrealized Gains | 4,034 | 1,389 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | $ 36,045 | $ 27,995 |
Securities Purchased Under Ag_2
Securities Purchased Under Agreements to Resell - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure Of Repurchase Agreements [Abstract] | ||
Securities purchased under agreements to resell | $ 626.5 | $ 186.5 |
Loans to Officers and Directo_3
Loans to Officers and Directors - Additional Information (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Receivables [Abstract] | |
Reduction due to change in reportable loans | $ (101,049) |
Loans to Officers and Directo_4
Loans to Officers and Directors - Activity with Respect to Aggregate Loans to Related Parties (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Transactions [Abstract] | ||
Balance – beginning of year | $ 187,662 | $ 321,392 |
New loans | 83,978 | 61,697 |
Repayments | (14,065) | (94,378) |
Reduction due to change in reportable loans | (101,049) | |
Balance – end of year | $ 257,575 | $ 187,662 |
Changes in Carrying Amount of G
Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill And Other Intangible Assets [Line Items] | ||
Beginning Balance | $ 180,867 | |
Discontinued assets | 0 | $ (47,529) |
Ending Balance | 180,867 | 180,867 |
Segment, Continuing and Discontinued Operations [Member] | ||
Goodwill And Other Intangible Assets [Line Items] | ||
Beginning Balance | 180,867 | 228,396 |
Ending Balance | 180,867 | |
Continuing Operations [Member] | ||
Goodwill And Other Intangible Assets [Line Items] | ||
Beginning Balance | 180,867 | |
Ending Balance | 180,867 | 180,867 |
Commercial Banking [Member] | ||
Goodwill And Other Intangible Assets [Line Items] | ||
Discontinued assets | 0 | 0 |
Commercial Banking [Member] | Segment, Continuing and Discontinued Operations [Member] | ||
Goodwill And Other Intangible Assets [Line Items] | ||
Beginning Balance | 59,419 | 59,419 |
Ending Balance | 59,419 | |
Commercial Banking [Member] | Continuing Operations [Member] | ||
Goodwill And Other Intangible Assets [Line Items] | ||
Beginning Balance | 59,419 | |
Ending Balance | 59,419 | 59,419 |
Institutional Banking [Member] | ||
Goodwill And Other Intangible Assets [Line Items] | ||
Discontinued assets | 0 | (47,529) |
Institutional Banking [Member] | Segment, Continuing and Discontinued Operations [Member] | ||
Goodwill And Other Intangible Assets [Line Items] | ||
Beginning Balance | 51,332 | 98,861 |
Ending Balance | 51,332 | |
Institutional Banking [Member] | Continuing Operations [Member] | ||
Goodwill And Other Intangible Assets [Line Items] | ||
Beginning Balance | 51,332 | |
Ending Balance | 51,332 | 51,332 |
Personal Banking [Member] | ||
Goodwill And Other Intangible Assets [Line Items] | ||
Discontinued assets | 0 | 0 |
Personal Banking [Member] | Segment, Continuing and Discontinued Operations [Member] | ||
Goodwill And Other Intangible Assets [Line Items] | ||
Beginning Balance | 70,116 | 70,116 |
Ending Balance | 70,116 | |
Personal Banking [Member] | Continuing Operations [Member] | ||
Goodwill And Other Intangible Assets [Line Items] | ||
Beginning Balance | 70,116 | |
Ending Balance | 70,116 | 70,116 |
Healthcare Services [Member] | ||
Goodwill And Other Intangible Assets [Line Items] | ||
Discontinued assets | 0 | 0 |
Healthcare Services [Member] | Segment, Continuing and Discontinued Operations [Member] | ||
Goodwill And Other Intangible Assets [Line Items] | ||
Beginning Balance | 0 | 0 |
Ending Balance | 0 | |
Healthcare Services [Member] | Continuing Operations [Member] | ||
Goodwill And Other Intangible Assets [Line Items] | ||
Beginning Balance | 0 | |
Ending Balance | $ 0 | $ 0 |
Changes In Intangible Assets (D
Changes In Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 121,911 | $ 121,401 |
Accumulated Amortization | 106,908 | 101,144 |
Net Carrying Amounts | 15,003 | 20,257 |
Core deposit intangible assets [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 50,059 | 50,059 |
Accumulated Amortization | 44,998 | 42,209 |
Net Carrying Amounts | 5,061 | 7,850 |
Customer relationships [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 71,852 | 71,342 |
Accumulated Amortization | 61,910 | 58,935 |
Net Carrying Amounts | $ 9,942 | $ 12,407 |
Goodwill and Other Intangible_2
Goodwill and Other Intangibles - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Amortization expense | $ 5,764 | $ 7,326 | $ 8,695 |
Estimated Amortization Expense
Estimated Amortization Expense of Intangible Assets (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Goodwill And Intangible Assets Disclosure [Abstract] | |
For the year ending December 31, 2019 | $ 4,785 |
For the year ending December 31, 2020 | 3,830 |
For the year ending December 31, 2021 | 2,825 |
For the year ending December 31, 2022 | 1,886 |
For the year ending December 31, 2023 | $ 1,167 |
Components of Premises and Equi
Components of Premises and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Property Plant And Equipment [Abstract] | ||
Land | $ 44,580 | $ 46,415 |
Buildings and leasehold improvements | 344,267 | 328,384 |
Equipment | 159,717 | 148,425 |
Software | 209,877 | 186,269 |
Total | 758,441 | 709,493 |
Accumulated depreciation | (320,476) | (300,103) |
Accumulated amortization | (154,086) | (133,448) |
Premises and equipment, net | $ 283,879 | $ 275,942 |
Premises and Equipment - Additi
Premises and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property Plant And Equipment [Abstract] | |||
Consolidated premises and equipment depreciation and amortization expenses | $ 47.4 | $ 45.6 | $ 41.9 |
Consolidated rental and operating lease expenses | $ 14.8 | $ 14.8 | $ 14.6 |
Minimum Future Rental Commitmen
Minimum Future Rental Commitments for all Non-cancelable Operating Leases (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Property Plant And Equipment [Abstract] | |
2,019 | $ 12,257 |
2,020 | 11,592 |
2,021 | 8,886 |
2,022 | 8,078 |
2,023 | 6,457 |
Thereafter | 27,092 |
Total | $ 74,362 |
Components of Long-Term Debt (D
Components of Long-Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Long-term debt | $ 82,671 | $ 79,281 |
Marquette Capital Trust I subordinated debentures 3.77% due 2036 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 16,914 | 16,636 |
Marquette Capital Trust II subordinated debentures 3.77% due 2036 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 17,548 | 17,285 |
Marquette Capital Trust III subordinated debentures 4.32% due 2036 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 6,906 | 6,804 |
Marquette Capital Trust IV subordinated debentures 4.39% due 2036 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 27,960 | 27,560 |
Kansas Equity Fund IX, L.P. 0% due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 64 | 133 |
Kansas Equity Fund X, L.P. 0% due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 141 | 207 |
St. Louis Equity Fund 2007 L.L.C. 0% due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 13 | 13 |
MHEG Community Fund 50, L.P. 0% due 2035 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 2,970 | |
St. Louis Equity Fund 2012 L.L.C. 0% due 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 84 | 163 |
Open Prairie Rural Opportunities Fund, L.P. 0% due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 930 | |
St. Louis Equity Fund 2013 L.L.C. 0% due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 562 | 859 |
St. Louis Equity Fund 2014 L.L.C. 0% due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 912 | 1,209 |
St. Louis Equity Fund 2015 L.L.C. 0% due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 604 | 759 |
MHEG Community Fund 41, L.P. 0% due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 545 | 680 |
MHEG Community Fund 43, L.P. 0% due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 979 | 1,165 |
MHEG Community Fund 45, L.P. 0% due 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 1,174 | 1,353 |
MHEG Community Fund 47, L.P. 0% due 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 1,414 | 1,485 |
MHEG Community Fund 49, L.P. 0% due 2034 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 2,951 | $ 2,970 |
Components of Long-Term Debt (P
Components of Long-Term Debt (Parenthetical) (Detail) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Marquette Capital Trust I subordinated debentures 3.77% due 2036 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate | 3.77% | 3.77% |
Debt instrument, maturity year | 2,036 | 2,036 |
Marquette Capital Trust II subordinated debentures 3.77% due 2036 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate | 3.77% | 3.77% |
Debt instrument, maturity year | 2,036 | 2,036 |
Marquette Capital Trust III subordinated debentures 4.32% due 2036 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate | 4.32% | 4.32% |
Debt instrument, maturity year | 2,036 | 2,036 |
Marquette Capital Trust IV subordinated debentures 4.39% due 2036 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate | 4.39% | 4.39% |
Debt instrument, maturity year | 2,036 | 2,036 |
Kansas Equity Fund IX, L.P. 0% due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate | 0.00% | 0.00% |
Debt instrument, maturity year | 2,023 | 2,023 |
Kansas Equity Fund X, L.P. 0% due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate | 0.00% | 0.00% |
Debt instrument, maturity year | 2,021 | 2,021 |
St. Louis Equity Fund 2007 L.L.C. 0% due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate | 0.00% | 0.00% |
Debt instrument, maturity year | 2,019 | 2,019 |
St. Louis Equity Fund 2012 L.L.C. 0% due 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate | 0.00% | 0.00% |
Debt instrument, maturity year | 2,020 | 2,020 |
St. Louis Equity Fund 2013 L.L.C. 0% due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate | 0.00% | 0.00% |
Debt instrument, maturity year | 2,021 | 2,021 |
St. Louis Equity Fund 2014 L.L.C. 0% due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate | 0.00% | 0.00% |
Debt instrument, maturity year | 2,022 | 2,022 |
St. Louis Equity Fund 2015 L.L.C. 0% due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate | 0.00% | 0.00% |
Debt instrument, maturity year | 2,023 | 2,023 |
MHEG Community Fund 41, L.P. 0% due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate | 0.00% | 0.00% |
Debt instrument, maturity year | 2,024 | 2,024 |
MHEG Community Fund 50, L.P. 0% due 2035 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate | 0.00% | 0.00% |
Debt instrument, maturity year | 2,035 | 2,035 |
MHEG Community Fund 43, L.P. 0% due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate | 0.00% | 0.00% |
Debt instrument, maturity year | 2,026 | 2,026 |
Open Prairie Rural Opportunities Fund, L.P. 0% due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate | 0.00% | 0.00% |
Debt instrument, maturity year | 2,022 | 2,022 |
MHEG Community Fund 45, L.P. 0% due 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate | 0.00% | 0.00% |
Debt instrument, maturity year | 2,027 | 2,027 |
MHEG Community Fund 47, L.P. 0% due 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate | 0.00% | 0.00% |
Debt instrument, maturity year | 2,028 | 2,028 |
MHEG Community Fund 49, L.P. 0% due 2034 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate | 0.00% | 0.00% |
Debt instrument, maturity year | 2,034 | 2,034 |
Aggregate Annual Repayments of
Aggregate Annual Repayments of Long-Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Maturities Of Long Term Debt [Abstract] | ||
2,019 | $ 2,180 | |
2,020 | 3,801 | |
2,021 | 2,806 | |
2,022 | 1,349 | |
2,023 | 889 | |
Thereafter | 71,646 | |
Total | $ 82,671 | $ 79,281 |
Borrowed Funds - Additional Inf
Borrowed Funds - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||
Payments to acquire federal home loan bank stock | $ 10,000,000 | |
Securities sold under agreements to repurchase | 1,512,241,000 | $ 1,200,000,000 |
Accrued interest payable | 174,000 | $ 197,000 |
FHLB [Member] | ||
Debt Instrument [Line Items] | ||
Federal home loan bank amount outstanding | 0 | |
Letter of Credit [Member] | FHLB [Member] | ||
Debt Instrument [Line Items] | ||
Borrowing capacity | $ 814,600,000 | |
Wells Fargo Bank 1.25% due 2012 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate based on LIBOR | 1.00 percent above LIBOR | |
Borrowing capacity | $ 50,000,000 | |
Debt instrument, interest rate based on prime lending rate | 1.75 percent below the prime | |
Revolving line of credit, commitment fee for unused portion | 0.30% | |
Revolving line of credit outstanding amount | $ 0 | |
Marquette Capital Trust I, Marquette Capital Trust II, Marquette Capital Trust III And Marquette Capital Trust IV [Member] | Marquette [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 103,100,000 | |
Long-term debt acquired at fair value | $ 69,300,000 | |
Trust Preferred Securities [Member] | Marquette Capital Trust I, Marquette Capital Trust III And Marquette Capital Trust IV [Member] | Marquette [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate based on LIBOR | LIBOR rate with spreads ranging from 133 basis points to 160 basis points | |
Preferred securities maturity date range, start | Jan. 31, 2036 | |
Preferred securities maturity date range, end | Sep. 30, 2036 | |
Minimum [Member] | Trust Preferred Securities [Member] | Marquette Capital Trust I, Marquette Capital Trust III And Marquette Capital Trust IV [Member] | Marquette [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate of trust preferred securities | 1.33% | |
Maximum [Member] | Trust Preferred Securities [Member] | Marquette Capital Trust I, Marquette Capital Trust III And Marquette Capital Trust IV [Member] | Marquette [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate of trust preferred securities | 1.60% |
Carrying Amounts and Market Val
Carrying Amounts and Market Values of Securities and Related Repurchase Liabilities and Weighted Average Interest Rates of Repurchase Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Fair Market Value | $ 1,529,934 | |
Repurchase Liabilities | $ 1,512,241 | $ 1,200,000 |
Weighted Average Interest Rate | 2.08% | |
2 to 29 days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Fair Market Value | $ 1,529,683 | |
Repurchase Liabilities | $ 1,511,991 | |
Weighted Average Interest Rate | 2.08% | |
Over 90 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Fair Market Value | $ 251 | |
Repurchase Liabilities | $ 250 | |
Weighted Average Interest Rate | 0.03% |
Remaining Contractual Maturitie
Remaining Contractual Maturities Of Repurchase Agreements (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total repurchase agreements | $ 1,512,241 | $ 1,200,000 |
2 to 29 days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total repurchase agreements | 1,511,991 | |
Over 90 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total repurchase agreements | 250 | |
U.S. Treasury [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total repurchase agreements | 181,531 | |
U.S. Treasury [Member] | 2 to 29 days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total repurchase agreements | 181,531 | |
U.S. Agencies [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total repurchase agreements | 1,330,710 | |
U.S. Agencies [Member] | 2 to 29 days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total repurchase agreements | 1,330,460 | |
U.S. Agencies [Member] | Over 90 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total repurchase agreements | $ 250 |
Regulatory Requirements - Addit
Regulatory Requirements - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Regulatory Requirements [Line Items] | ||
Reserve balance with Federal Reserve Bank maintained by affiliate bank | $ 396 | $ 303.8 |
Tier 1 Capital For Capital Adequacy Purposes, Ratio | 6.00% | |
Total Capital For Capital Adequacy Purposes, Ratio | 8.00% | |
Tier 1 Capital, Actual Ratio | 12.89% | |
Total Capital, Actual Ratio | 13.95% | |
Tier 1 Leverage for Capital Adequacy Purposes, Ratio | 4.00% | |
Tier 1 Leverage, Actual Ratio | 9.87% | |
Tier 1 Capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 10.00% | |
Tier 1 Capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 8.00% | |
Tier 1 Leverage To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 5.00% | |
Common Equity Tier One Capital [Member] | ||
Regulatory Requirements [Line Items] | ||
Tier 1 Capital For Capital Adequacy Purposes, Ratio | 4.50% | |
Tier 1 Capital, Actual Ratio | 12.89% | |
Tier 1 Capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 6.50% |
Actual Capital Amounts as well
Actual Capital Amounts as well as Required and Well-Capitalized Common Equity Tier One, Tier One, Total and Tier One Leverage Ratios (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 Capital, Actual Ratio | 12.89% | |
Tier 1 Capital For Capital Adequacy Purposes, Ratio | 6.00% | |
Tier 1 Capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 8.00% | |
Total Capital, Actual Ratio | 13.95% | |
Total Capital For Capital Adequacy Purposes, Ratio | 8.00% | |
Total Capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 10.00% | |
Tier 1 Leverage, Actual Ratio | 9.87% | |
Tier 1 Leverage for Capital Adequacy Purposes, Ratio | 4.00% | |
Tier 1 Leverage To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 5.00% | |
Common Equity Tier One Capital [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 Capital, Actual Ratio | 12.89% | |
Tier 1 Capital For Capital Adequacy Purposes, Ratio | 4.50% | |
Tier 1 Capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 6.50% | |
UMB Financial Corporation [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 Capital, Actual Amount | $ 2,142,469 | $ 2,041,504 |
Tier 1 Capital, Actual Ratio | 12.89% | 12.95% |
Tier 1 Capital For Capital Adequacy Purposes, Amount | $ 997,346 | $ 945,746 |
Tier 1 Capital For Capital Adequacy Purposes, Ratio | 6.00% | 6.00% |
Total Capital, Actual Amount | $ 2,318,145 | $ 2,213,050 |
Total Capital, Actual Ratio | 13.95% | 14.04% |
Total Capital For Capital Adequacy Purposes, Amount | $ 1,329,794 | $ 1,260,994 |
Total Capital For Capital Adequacy Purposes, Ratio | 8.00% | 8.00% |
Tier 1 Leverage, Actual Amount | $ 2,142,469 | $ 2,041,504 |
Tier 1 Leverage, Actual Ratio | 9.87% | 9.94% |
Tier 1 Leverage For Capital Adequacy Purposes, Amount | $ 867,879 | $ 821,527 |
Tier 1 Leverage for Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
UMB Financial Corporation [Member] | Common Equity Tier One Capital [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 Capital, Actual Amount | $ 2,142,469 | $ 2,041,504 |
Tier 1 Capital, Actual Ratio | 12.89% | 12.95% |
Tier 1 Capital For Capital Adequacy Purposes, Amount | $ 748,009 | $ 709,309 |
Tier 1 Capital For Capital Adequacy Purposes, Ratio | 4.50% | 4.50% |
UMB Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 Capital, Actual Amount | $ 1,921,615 | $ 1,750,297 |
Tier 1 Capital, Actual Ratio | 11.65% | 11.19% |
Tier 1 Capital For Capital Adequacy Purposes, Amount | $ 989,763 | $ 938,750 |
Tier 1 Capital For Capital Adequacy Purposes, Ratio | 6.00% | 6.00% |
Tier 1 Capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 1,319,683 | $ 1,251,666 |
Tier 1 Capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 8.00% | 8.00% |
Total Capital, Actual Amount | $ 2,027,962 | $ 1,853,558 |
Total Capital, Actual Ratio | 12.29% | 11.85% |
Total Capital For Capital Adequacy Purposes, Amount | $ 1,319,683 | $ 1,251,666 |
Total Capital For Capital Adequacy Purposes, Ratio | 8.00% | 8.00% |
Total Capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 1,649,604 | $ 1,564,583 |
Total Capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 10.00% | 10.00% |
Tier 1 Leverage, Actual Amount | $ 1,921,615 | $ 1,750,297 |
Tier 1 Leverage, Actual Ratio | 8.85% | 8.57% |
Tier 1 Leverage For Capital Adequacy Purposes, Amount | $ 868,916 | $ 816,859 |
Tier 1 Leverage for Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Tier 1 Leverage To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 1,086,145 | $ 1,021,073 |
Tier 1 Leverage To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 5.00% | 5.00% |
UMB Bank [Member] | Common Equity Tier One Capital [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 Capital, Actual Amount | $ 1,921,615 | $ 1,750,297 |
Tier 1 Capital, Actual Ratio | 11.65% | 11.19% |
Tier 1 Capital For Capital Adequacy Purposes, Amount | $ 742,322 | $ 704,062 |
Tier 1 Capital For Capital Adequacy Purposes, Ratio | 4.50% | 4.50% |
Tier 1 Capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 1,072,243 | $ 1,016,979 |
Tier 1 Capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 6.50% | 6.50% |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) - USD ($) | Apr. 24, 2018 | Apr. 23, 2013 | Apr. 22, 2013 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Accrued contributions related to discretionary noncontributory profit sharing plan | $ 1,500,000 | |||||
Contributions paid related to discretionary noncontributory profit sharing plan | 4,000,000 | $ 1,500,000 | ||||
401(k) profit sharing contributions paid | 6,800,000 | 6,700,000 | ||||
Accrued 401(k) profit sharing contribution | $ 9,100,000 | $ 100,000 | ||||
Weighted average grant-date fair value of options granted | $ 17.88 | $ 9.90 | ||||
2002 Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common shares authorized for grant to employees | 2,000,000 | |||||
Plan effective period, in years | 10 years | |||||
Exercise price of options as percentage of fair market value at grant date, minimum | 100.00% | |||||
Plan expiration date | Apr. 17, 2012 | |||||
Options granted | 0 | 0 | 0 | |||
Unrecognized compensation expense | $ 0 | |||||
Total intrinsic value of options exercised | 900,000 | $ 2,000,000 | $ 2,300,000 | |||
Long-Term Incentive Compensation Plan (LTIP) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Total intrinsic value of options exercised | $ 6,100,000 | $ 8,100,000 | $ 5,800,000 | |||
Cost is expected to be recognized, (in years) | 1 year 7 months 6 days | |||||
Weighted average grant-date fair value of options granted | $ 0 | $ 17.88 | $ 9.90 | |||
Cash received from options exercised | $ 11,300,000 | $ 12,700,000 | $ 15,800,000 | |||
Tax benefit realized for stock options exercised | 2,400,000 | 3,600,000 | 1,100,000 | |||
Long-Term Incentive Compensation Plan (LTIP) [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares of stock reserved | 7,440,000 | 5,250,000 | ||||
Benefits received by eligible employee | $ 2,000,000 | $ 1,000,000 | ||||
Omnibus Incentive Compensation Plan (OICP) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares of stock reserved | 5,400,000 | |||||
Benefits received by eligible employee | $ 1,000,000 | |||||
Employee Stock Option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Recognized expense | 1,500,000 | 2,500,000 | 2,100,000 | |||
Unrecognized compensation expense | 2,200,000 | |||||
Employee Stock Option [Member] | Long-Term Incentive Compensation Plan (LTIP) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unrecognized compensation expense | 2,200,000 | |||||
Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Recognized expense | 8,200,000 | 10,400,000 | 9,200,000 | |||
Unrecognized compensation expense | $ 14,800,000 | |||||
Options Granted to Person Holding More Than 10 Percent of Stock [Member] | 2002 Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Plan effective period, in years | 5 years | |||||
Options issued prior to 2005 [Member] | 2002 Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Time Period for 100% Vesting | 4 years 11 months | |||||
Options Issued in 2006, 2007 and 2008 [Member] | 2002 Plan [Member] | After Three Years [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting schedule | Options issued in 2006, 2007, and 2008 under the 2002 Plan, have a vesting schedule of 50 percent after three years | |||||
Options Issued in 2006, 2007 and 2008 [Member] | 2002 Plan [Member] | After Four Years [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting schedule | 75 percent after four years | |||||
Options Issued in 2006, 2007 and 2008 [Member] | 2002 Plan [Member] | Four Years And Eleven Months [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting schedule | 100 percent after four years and 11 months | |||||
Service Based Restricted Stock [Member] | After Three Years [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting schedule | 75 percent after three years of service | |||||
Service Based Restricted Stock [Member] | After Three Years [Member] | Prior to Twenty Sixteen [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting schedule | 50 percent of the shares vest after three years of service | |||||
Service Based Restricted Stock [Member] | After Four Years [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting schedule | 100 percent after four years of service | |||||
Service Based Restricted Stock [Member] | After Four Years [Member] | Prior to Twenty Sixteen [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting schedule | 75 percent after four years of service | |||||
Service Based Restricted Stock [Member] | After Five Years [Member] | Prior to Twenty Sixteen [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting schedule | 100 percent after five years of service | |||||
Service Based Restricted Stock [Member] | After Two Years [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting schedule | 50 percent of the shares vest after two years of service | |||||
Service Based Restricted Stock [Member] | Long-Term Incentive Compensation Plan (LTIP) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unrecognized compensation expense | $ 13,900,000 | |||||
Cost is expected to be recognized, (in years) | 2 years 3 months 18 days | |||||
Total fair value of shares vested | $ 14,500,000 | 9,900,000 | 7,400,000 | |||
Service Based Restricted Stock [Member] | Omnibus Incentive Compensation Plan (OICP) [Member] | After Three Years [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting schedule | 50 percent of the units vest after two years of service | |||||
Service Based Restricted Stock [Member] | Omnibus Incentive Compensation Plan (OICP) [Member] | After Two Years [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting schedule | 50 percent of the units vest after two years of service | |||||
Performance Based Restricted Stock Unit [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Performance requirement period | 3 years | |||||
Performance Based Restricted Stock Unit [Member] | Long-Term Incentive Compensation Plan (LTIP) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unrecognized compensation expense | $ 900,000 | |||||
Cost is expected to be recognized, (in years) | 1 year | |||||
Total fair value of shares vested | $ 2,600,000 | $ 1,400,000 | $ 1,000,000 | |||
Nonqualified Stock Option Plan [Member] | Long-Term Incentive Compensation Plan (LTIP) [Member] | After Three Years [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting schedule | 75 percent after three years | |||||
Nonqualified Stock Option Plan [Member] | Long-Term Incentive Compensation Plan (LTIP) [Member] | After Three Years [Member] | Prior to Twenty Sixteen [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting schedule | 50 percent after three years | |||||
Nonqualified Stock Option Plan [Member] | Long-Term Incentive Compensation Plan (LTIP) [Member] | After Four Years [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting schedule | 100 percent after four years | |||||
Nonqualified Stock Option Plan [Member] | Long-Term Incentive Compensation Plan (LTIP) [Member] | After Four Years [Member] | Prior to Twenty Sixteen [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting schedule | 75 percent after four years | |||||
Nonqualified Stock Option Plan [Member] | Long-Term Incentive Compensation Plan (LTIP) [Member] | After Five Years [Member] | Prior to Twenty Sixteen [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting schedule | 100 percent after five years | |||||
Nonqualified Stock Option Plan [Member] | Long-Term Incentive Compensation Plan (LTIP) [Member] | After Two Years [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting schedule | 50 percent after two years |
Information Relating to Option
Information Relating to Option Activity (Detail) | 12 Months Ended |
Dec. 31, 2018USD ($)$ / sharesshares | |
Long-Term Incentive Compensation Plan (LTIP) [Member] | |
Number of Shares | |
Outstanding, Beginning Balance | shares | 1,047,461 |
Canceled | shares | (76,530) |
Expired | shares | (1,929) |
Exercised | shares | (215,358) |
Outstanding, Ending Balance | shares | 753,644 |
Exercisable | shares | 421,802 |
Weighted Average Price Per Share | |
Outstanding, Beginning Balance | $ / shares | $ 52.13 |
Canceled | $ / shares | 58.05 |
Expired | $ / shares | 52.57 |
Exercised | $ / shares | 46.42 |
Outstanding, Ending Balance | $ / shares | 53.16 |
Exercisable | $ / shares | $ 47.71 |
Weighted Average Remaining Contractual Term | |
Outstanding | 5 years 7 months 6 days |
Exercisable | 4 years 6 months |
Aggregate Intrinsic Value | |
Outstanding | $ | $ 5,882,568 |
Exercisable | $ | $ 5,593,676 |
2002 Plan [Member] | |
Number of Shares | |
Outstanding, Beginning Balance | shares | 31,686 |
Expired | shares | (938) |
Exercised | shares | (30,748) |
Weighted Average Price Per Share | |
Outstanding, Beginning Balance | $ / shares | $ 40.93 |
Expired | $ / shares | 40.93 |
Exercised | $ / shares | $ 40.93 |
Weighted Average Remaining Contractual Term | |
Outstanding | 0 years |
Exercisable | 0 years |
Status of Service Based Restric
Status of Service Based Restricted Shares (Detail) | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Service Based Restricted Stock [Member] | |
Number of Shares | |
Nonvested, Beginning Balance | shares | 470,133 |
Granted | shares | 136,170 |
Canceled | shares | (45,591) |
Vested | shares | (195,425) |
Nonvested, Ending Balance | shares | 365,287 |
Weighted Average Grant Date Fair Value | |
Nonvested, Beginning Balance | $ / shares | $ 55.39 |
Granted | $ / shares | 72.30 |
Canceled | $ / shares | 59.96 |
Vested | $ / shares | 50.22 |
Nonvested, Ending Balance | $ / shares | $ 63.89 |
Service Based Restricted Stock Unit [Member] | Omnibus Incentive Compensation Plan (OICP) [Member] | |
Number of Shares | |
Granted | shares | 14,257 |
Nonvested, Ending Balance | shares | 14,257 |
Service Based Restricted Stock Units [Member] | Omnibus Incentive Compensation Plan (OICP) [Member] | |
Weighted Average Grant Date Fair Value | |
Granted | $ / shares | $ 71.98 |
Nonvested, Ending Balance | $ / shares | $ 71.98 |
Status of Performance Based Res
Status of Performance Based Restricted Shares (Detail) - Performance Based Restricted Stock Unit [Member] | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Number of Shares | |
Nonvested, Beginning Balance | shares | 135,214 |
Canceled | shares | (24,872) |
Vested | shares | (34,128) |
Nonvested, Ending Balance | shares | 76,214 |
Weighted Average Grant Date Fair Value | |
Nonvested, Beginning Balance | $ / shares | $ 57.22 |
Canceled | $ / shares | 57.79 |
Vested | $ / shares | 51.42 |
Nonvested, Ending Balance | $ / shares | $ 59.62 |
Omnibus Incentive Compensation Plan (OICP) [Member] | |
Number of Shares | |
Granted | shares | 45,030 |
Canceled | shares | (6,015) |
Nonvested, Ending Balance | shares | 39,015 |
Weighted Average Grant Date Fair Value | |
Granted | $ / shares | $ 76.68 |
Canceled | $ / shares | 76.68 |
Nonvested, Ending Balance | $ / shares | $ 76.68 |
Assumptions for Stock-Based Awa
Assumptions for Stock-Based Awards (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Weighted average fair value of the granted option | $ 17.88 | $ 9.90 | |
Weighted average risk-free interest rate | 1.29% | 1.30% | |
Expected option life in years | 0 years | 6 years 3 months | 6 years 3 months |
Expected volatility | 24.41% | 25.71% | |
Expected dividend yield | 2.03% | 2.02% |
Status of Service Based Restr_2
Status of Service Based Restricted Stock Awards (Detail) - Omnibus Incentive Compensation Plan (OICP) [Member] - Restricted Stock [Member] | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Number of Shares | |
Granted | shares | 240 |
Vested | shares | (240) |
Weighted Average Grant Date Fair Value | |
Granted | $ / shares | $ 74.24 |
Vested | $ / shares | $ 74.24 |
Business Segment Reporting - Ad
Business Segment Reporting - Additional Information (Detail) - Segment | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting [Abstract] | |||
Number of reportable segments | 4 | 2 | 3 |
Schedule of Segment Financial R
Schedule of Segment Financial Results (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | $ 161,808 | $ 150,490 | $ 150,226 | $ 147,922 | $ 146,346 | $ 140,858 | $ 137,394 | $ 134,315 | $ 610,446 | $ 558,913 | $ 495,323 |
Provision for loan losses | 48,000 | 5,750 | 7,000 | 10,000 | 6,000 | 11,500 | 14,500 | 9,000 | 70,750 | 41,000 | 32,500 |
Noninterest income | 94,999 | 100,885 | 100,289 | 105,525 | 106,033 | 104,306 | 110,306 | 102,917 | 401,698 | 423,562 | 402,511 |
Noninterest expense | 184,321 | 180,385 | 177,218 | 175,876 | 182,559 | 171,821 | 176,939 | 173,810 | 717,800 | 705,129 | 666,745 |
Income before income taxes | 223,594 | 236,346 | 198,589 | ||||||||
Income tax expense (benefit) | (968) | 7,391 | 10,873 | 10,038 | 16,463 | 12,971 | 11,490 | 12,446 | 27,334 | 53,370 | 44,955 |
Income from continuing operations | $ 25,454 | $ 57,849 | $ 55,424 | $ 57,533 | $ 47,357 | $ 48,872 | $ 44,771 | $ 41,976 | 196,260 | 182,976 | 153,634 |
Average assets | 21,000,000 | 20,396,000 | 19,593,000 | ||||||||
Commercial Banking [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | 380,266 | 353,627 | 308,852 | ||||||||
Provision for loan losses | 63,841 | 32,937 | 22,730 | ||||||||
Noninterest income | 74,931 | 82,221 | 76,756 | ||||||||
Noninterest expense | 253,740 | 250,308 | 227,161 | ||||||||
Income before income taxes | 137,616 | 152,603 | 135,717 | ||||||||
Income tax expense (benefit) | 16,824 | 34,460 | 30,722 | ||||||||
Income from continuing operations | 120,792 | 118,143 | 104,995 | ||||||||
Average assets | 9,856,000 | 9,717,000 | 8,683,000 | ||||||||
Personal Banking [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | 125,045 | 122,304 | 122,896 | ||||||||
Provision for loan losses | 5,574 | 6,602 | 9,360 | ||||||||
Noninterest income | 118,344 | 118,896 | 121,250 | ||||||||
Noninterest expense | 225,406 | 226,634 | 236,808 | ||||||||
Income before income taxes | 12,409 | 7,964 | (2,022) | ||||||||
Income tax expense (benefit) | 1,517 | 1,798 | (458) | ||||||||
Income from continuing operations | 10,892 | 6,166 | (1,564) | ||||||||
Average assets | 4,959,000 | 5,160,000 | 5,216,000 | ||||||||
Institutional Banking [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | 66,585 | 51,977 | 39,272 | ||||||||
Provision for loan losses | 1,335 | 1,461 | 410 | ||||||||
Noninterest income | 173,591 | 187,003 | 171,543 | ||||||||
Noninterest expense | 189,708 | 184,618 | 165,539 | ||||||||
Income before income taxes | 49,133 | 52,901 | 44,866 | ||||||||
Income tax expense (benefit) | 6,007 | 11,946 | 10,157 | ||||||||
Income from continuing operations | 43,126 | 40,955 | 34,709 | ||||||||
Average assets | 3,995,000 | 3,622,000 | 4,199,000 | ||||||||
Healthcare Services [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | 38,550 | 31,005 | 24,303 | ||||||||
Noninterest income | 34,832 | 35,442 | 32,962 | ||||||||
Noninterest expense | 48,946 | 43,569 | 37,237 | ||||||||
Income before income taxes | 24,436 | 22,878 | 20,028 | ||||||||
Income tax expense (benefit) | 2,986 | 5,166 | 4,534 | ||||||||
Income from continuing operations | 21,450 | 17,712 | 15,494 | ||||||||
Average assets | $ 2,190,000 | $ 1,897,000 | $ 1,495,000 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - ASC 606 [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disaggregation Of Revenue [Line Items] | |||
Total receivables of revenue recognized | $ 52.2 | $ 53.5 | |
Bankcard Fees [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Bankcard expenses | $ 36 | $ 27.8 | $ 29 |
Summary of Disaggregation of Re
Summary of Disaggregation of Revenue According to Revenue Stream and Business Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disaggregation Of Revenue [Line Items] | |||||||||||
Trading and investment banking | $ 15,584 | $ 23,183 | $ 21,422 | ||||||||
Gains on sales of securities available for sale, net | 578 | 4,192 | 8,509 | ||||||||
Other | 33,467 | 33,651 | 28,833 | ||||||||
Total noninterest income | $ 94,999 | $ 100,885 | $ 100,289 | $ 105,525 | $ 106,033 | $ 104,306 | $ 110,306 | $ 102,917 | 401,698 | 423,562 | 402,511 |
Revenue (Expense) out of Scope of ASC 606 [Member] | ASC 606 [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Trading and investment banking | 15,584 | 22,471 | 21,422 | ||||||||
Gains on sales of securities available for sale, net | 578 | 4,192 | 8,509 | ||||||||
Other | 22,173 | 26,589 | 22,113 | ||||||||
Total noninterest income | 3,225 | 26,272 | 24,316 | ||||||||
Trust and Securities Processing [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Noninterest income | 172,163 | 176,646 | 166,315 | ||||||||
Service Charges On Deposit Accounts [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Noninterest income | 84,287 | 87,680 | 86,662 | ||||||||
Noninterest income, including revenue from out of scope of ASC 606 | 84,287 | 87,680 | 86,662 | ||||||||
Service Charges On Deposit Accounts [Member] | Revenue (Expense) out of Scope of ASC 606 [Member] | ASC 606 [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Noninterest income, Revenue (Expense) out of Scope of ASC 606 | 126 | 114 | 206 | ||||||||
Insurance Fees and Commissions [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Noninterest income | 1,292 | 1,972 | 4,188 | ||||||||
Brokerage Fees [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Noninterest income | 25,807 | 23,208 | 17,833 | ||||||||
Bankcard Fees [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Noninterest income | 68,520 | 73,030 | 68,749 | ||||||||
Noninterest income, including revenue from out of scope of ASC 606 | 68,520 | 73,030 | 68,749 | ||||||||
Bankcard Fees [Member] | Revenue (Expense) out of Scope of ASC 606 [Member] | ASC 606 [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Noninterest income, Revenue (Expense) out of Scope of ASC 606 | (35,236) | (27,094) | (27,934) | ||||||||
Commercial Banking [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total noninterest income | 74,931 | 82,221 | 76,756 | ||||||||
Commercial Banking [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ASC 606 [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Other | 2,660 | 2,354 | 2,563 | ||||||||
Total noninterest income | 92,763 | 87,004 | 83,639 | ||||||||
Commercial Banking [Member] | Trust and Securities Processing [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ASC 606 [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Noninterest income | 7 | ||||||||||
Commercial Banking [Member] | Service Charges On Deposit Accounts [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ASC 606 [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Noninterest income | 30,313 | 31,251 | 33,009 | ||||||||
Commercial Banking [Member] | Brokerage Fees [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ASC 606 [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Noninterest income | 194 | 160 | 221 | ||||||||
Commercial Banking [Member] | Bankcard Fees [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ASC 606 [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Noninterest income | 59,596 | 53,239 | 47,839 | ||||||||
Institutional Banking [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total noninterest income | 173,591 | 187,003 | 171,543 | ||||||||
Institutional Banking [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ASC 606 [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Trading and investment banking | 712 | ||||||||||
Other | 618 | 601 | 708 | ||||||||
Total noninterest income | 155,870 | 161,399 | 146,334 | ||||||||
Institutional Banking [Member] | Trust and Securities Processing [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ASC 606 [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Noninterest income | 107,236 | 110,237 | 105,130 | ||||||||
Institutional Banking [Member] | Service Charges On Deposit Accounts [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ASC 606 [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Noninterest income | 25,174 | 29,043 | 28,484 | ||||||||
Institutional Banking [Member] | Brokerage Fees [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ASC 606 [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Noninterest income | 17,026 | 14,630 | 9,100 | ||||||||
Institutional Banking [Member] | Bankcard Fees [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ASC 606 [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Noninterest income | 5,816 | 6,176 | 2,912 | ||||||||
Personal Banking [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total noninterest income | 118,344 | 118,896 | 121,250 | ||||||||
Personal Banking [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ASC 606 [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Other | 7,273 | 3,708 | 3,289 | ||||||||
Total noninterest income | 115,710 | 115,240 | 116,617 | ||||||||
Personal Banking [Member] | Trust and Securities Processing [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ASC 606 [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Noninterest income | 64,927 | 66,409 | 61,178 | ||||||||
Personal Banking [Member] | Service Charges On Deposit Accounts [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ASC 606 [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Noninterest income | 11,551 | 11,818 | 12,213 | ||||||||
Personal Banking [Member] | Insurance Fees and Commissions [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ASC 606 [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Noninterest income | 1,292 | 1,972 | 4,188 | ||||||||
Personal Banking [Member] | Brokerage Fees [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ASC 606 [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Noninterest income | 8,587 | 8,415 | 8,494 | ||||||||
Personal Banking [Member] | Bankcard Fees [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ASC 606 [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Noninterest income | 22,080 | 22,918 | 27,255 | ||||||||
Healthcare Services [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total noninterest income | 34,832 | 35,442 | 32,962 | ||||||||
Healthcare Services [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ASC 606 [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Other | 743 | 399 | 160 | ||||||||
Total noninterest income | 34,130 | 33,647 | 31,605 | ||||||||
Healthcare Services [Member] | Service Charges On Deposit Accounts [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ASC 606 [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Noninterest income | 17,123 | 15,454 | 12,750 | ||||||||
Healthcare Services [Member] | Brokerage Fees [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ASC 606 [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Noninterest income | 3 | 18 | |||||||||
Healthcare Services [Member] | Bankcard Fees [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ASC 606 [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Noninterest income | $ 16,264 | $ 17,791 | $ 18,677 |
Summary of Share Transactions (
Summary of Share Transactions (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |||
Shares Issued, Beginning Balance | 55,056,730 | 55,056,730 | 55,056,730 |
Shares Issued, Ending Balance | 55,056,730 | 55,056,730 | 55,056,730 |
Shares in Treasury, Beginning Balance | (5,161,740) | (5,383,674) | (5,660,364) |
Stock Repurchased During Period, Shares | (780,321) | ||
Purchase of Treasury Stock | (401,038) | (245,982) | (399,677) |
Sale of Treasury Stock | 14,631 | 14,908 | 21,036 |
Issued for stock options & restricted stock | 388,960 | 453,008 | 655,331 |
Shares in Treasury, Ending Balance | (5,939,508) | (5,161,740) | (5,383,674) |
Common Stock and Earnings Per_3
Common Stock and Earnings Per Share - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Class Of Stock [Line Items] | |||
Common stock share repurchase program, number of shares authorized to be repurchased | 2,000,000 | 2,000,000 | 2,000,000 |
Total number of shares repurchased | 780,321 | ||
BAML Share Repurchase Agreement [Member] | |||
Class Of Stock [Line Items] | |||
Agreegate amount of common stock, shares to be repurchase | $ 50,000,000 | ||
Total number of shares repurchased | 780,321 |
Shares Used in Calculation of B
Shares Used in Calculation of Basic and Diluted Earnings (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |||
Weighted average basic common shares outstanding | 49,334,937 | 49,223,661 | 48,828,313 |
Dilutive effect of stock options and restricted stock | 435,800 | 615,629 | 448,742 |
Weighted average diluted common shares outstanding | 49,770,737 | 49,839,290 | 49,277,055 |
Commitments, Contingencies an_3
Commitments, Contingencies and Guarantees - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2018USD ($)Activity | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Commitments and Contingencies Disclosure [Line Items] | |||
Notional amount outstanding | $ 0 | $ 0 | |
Open futures contract positions and average | $ 0 | 0 | |
Net future activity | Activity | 0 | ||
Loss from net futures activity | 6,000 | $ 142,000 | |
Average of contracts to purchase and to sell foreign currency | $ 23,900,000 | 36,800,000 | |
Net gains on foreign exchange contracts | $ 2,100,000 | 1,900,000 | $ 1,600,000 |
Maximum [Member] | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Standby letters of credit term | 6 years | ||
Standby letters of credit | $ 298,900,000 | 316,100,000 | |
Minimum [Member] | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Standby letters of credit term | 3 months | ||
Related Parties [Member] | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Standby letters of credit | $ 36,500,000 | $ 42,500,000 |
Notional Amount of Off-Balance
Notional Amount of Off-Balance Sheet Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
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 | $ 6,870,451 | $ 6,689,467 |
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 | 3,152,439 | 2,975,507 |
Commercial letters of credit [Member] | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Contract or notional amount of off-balance sheet financial instruments | 1,892 | 813 |
Standby letters of credit [Member] | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Contract or notional amount of off-balance sheet financial instruments | 298,915 | 316,054 |
Forward contracts [Member] | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Contract or notional amount of off-balance sheet financial instruments | 29,796 | 29,007 |
Spot foreign exchange contracts [Member] | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Contract or notional amount of off-balance sheet financial instruments | $ 11,183 | $ 628 |
Divestitures - Additional Infor
Divestitures - Additional Information (Detail) - USD ($) $ in Thousands | Nov. 17, 2017 | Dec. 31, 2017 |
Discontinued Operations And Disposal Groups [Abstract] | ||
Sale of outstanding stock of subsidiary in cash | $ 172,500 | |
Gain on the disposal of discontinued operations | $ 103,600 | $ 103,644 |
Schedule of Components of (Loss
Schedule of Components of (Loss) Income from Discontinued Operations, Net of Taxes (Detail) - USD ($) $ in Thousands | Nov. 17, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Discontinued Operations And Disposal Groups [Abstract] | ||||
Total noninterest income | $ 63,416 | $ 73,564 | ||
Total noninterest expense | $ 917 | 65,834 | 65,149 | |
(Loss) income from discontinued operations | (917) | (2,418) | 8,415 | |
Gain on the disposal of discontinued operations | $ 103,600 | 103,644 | ||
Total (loss) income from discontinued operations | (917) | 101,226 | 8,415 | |
Income tax (benefit) expense | (170) | 37,097 | 3,248 | |
(Loss) income from discontinued operations | $ (747) | $ 64,129 | $ 5,167 |
Schedule of Components of Net C
Schedule of Components of Net Cash Provided by Operating and Investing Activities of Discontinued Operations Consolidated Statements of Cash Flows (Detail) - USD ($) $ in Thousands | Nov. 17, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Discontinued Operations And Disposal Groups [Abstract] | ||||
(Loss) income from discontinued operations | $ (747) | $ 64,129 | $ 5,167 | |
Gain on the disposal of discontinued operations | $ (103,600) | (103,644) | ||
Depreciation and amortization | 1,647 | 3,596 | ||
Net cash (used in) provided by operating activities of discontinued operations | $ (747) | (37,868) | $ 8,763 | |
Proceeds on disposal of discontinued operations | 167,183 | |||
Net cash provided by investing activities of discontinued operations | $ 167,183 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Taxes [Line Items] | |||
Statutory federal tax rate | 21.00% | 35.00% | 35.00% |
Effective income tax rates on continuing operations | 12.20% | 22.60% | 22.60% |
Effective income tax rates from discontinued operations | 18.50% | 36.60% | 38.60% |
State net operating loss carry forwards | $ 1,200 | ||
Change in valuation allowance, unrealized deferred tax assets | 1,000 | ||
Gross amount of unrecognized tax benefits | 4,859 | $ 3,846 | $ 4,375 |
Total amount of unrecognized tax benefits, net of associated deferred tax benefit that would impact effective tax rate, if recognized | $ 3,800 | $ 3,000 | |
Minimum [Member] | |||
Income Taxes [Line Items] | |||
State net operating loss carry forwards, expiration year | 2,019 | ||
Maximum [Member] | |||
Income Taxes [Line Items] | |||
State net operating loss carry forwards, expiration year | 2,038 |
Components of Income Tax Expens
Components of Income Tax Expense (Benefit) from Continuing Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Current tax | |||||||||||
Federal | $ 43,027 | $ (8,260) | $ 41,860 | ||||||||
State | 4,568 | 1,889 | 1,570 | ||||||||
Total current tax expense (benefit) | 47,595 | (6,371) | 43,430 | ||||||||
Deferred tax | |||||||||||
Federal | (19,355) | 57,851 | 1,145 | ||||||||
State | (906) | 1,890 | 380 | ||||||||
Total deferred tax (benefit) expense | (20,261) | 59,741 | 1,525 | ||||||||
Total tax expense | $ (968) | $ 7,391 | $ 10,873 | $ 10,038 | $ 16,463 | $ 12,971 | $ 11,490 | $ 12,446 | $ 27,334 | $ 53,370 | $ 44,955 |
Components of Income Tax Expe_2
Components of Income Tax Expense (Benefit) from Discontinued Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Current tax | |||
Federal | $ (154) | $ 35,169 | $ 1,759 |
State | (16) | 1,930 | 258 |
Total current tax (benefit) expense | (170) | 37,099 | 2,017 |
Deferred tax | |||
Federal | 260 | 1,187 | |
State | (262) | 44 | |
Total deferred tax (benefit) expense | (2) | 1,231 | |
Total tax (benefit) expense | $ (170) | $ 37,097 | $ 3,248 |
Reconciliation Between Income T
Reconciliation Between Income Tax Expense and Amount Computed by Applying Federal Statutory Tax Rate from Continuing Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Income Tax Disclosure [Abstract] | ||||||||||||
Statutory federal income tax expense | $ 46,955 | $ 82,721 | $ 69,506 | |||||||||
Tax-exempt interest income | (15,525) | (25,697) | (20,196) | |||||||||
Tax-exempt life insurance related income | (1,744) | (5,769) | (3,405) | |||||||||
Meals, entertainment and related expenses | 1,547 | 1,380 | 1,323 | |||||||||
State and local income taxes, net of federal tax benefits | 2,767 | 2,439 | 1,365 | |||||||||
Impacts related to the 2017 Tax Act | (4,974) | 2,997 | ||||||||||
Equity-based compensation | (2,364) | (3,297) | (1,095) | |||||||||
Federal tax credits, net of amortization of LIHTC investments | [1] | (1,135) | (1,119) | (2,480) | ||||||||
Other | 1,807 | (285) | (63) | |||||||||
Total tax expense | $ (968) | $ 7,391 | $ 10,873 | $ 10,038 | $ 16,463 | $ 12,971 | $ 11,490 | $ 12,446 | $ 27,334 | $ 53,370 | $ 44,955 | |
[1] | Low income housing tax credits |
Components of Deferred Tax Asse
Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred tax assets: | ||
Net unrealized loss on securities available for sale | $ 31,260 | $ 18,023 |
Loans, principally due to allowance for loan losses | 25,104 | 23,646 |
Equity-based compensation | 5,167 | 4,975 |
Accrued expenses | 21,090 | 17,248 |
Miscellaneous | 3,810 | 3,762 |
Total deferred tax assets before valuation allowance | 86,431 | 67,654 |
Valuation allowance | (2,150) | (3,498) |
Total deferred tax assets | 84,281 | 64,156 |
Deferred tax liabilities: | ||
Real Estate Investment Trust dividend | (32,591) | |
Land, buildings and equipment | (28,383) | (17,783) |
Original issue discount | (3,002) | (2,580) |
Partnership investments | (3,369) | (1,005) |
Trust preferred securities | (8,374) | (7,202) |
Intangibles | (10,071) | (5,769) |
Miscellaneous | (3,935) | (3,117) |
Total deferred tax liabilities | (57,134) | (70,047) |
Net deferred tax asset | $ 27,147 | |
Net deferred tax (liability) | $ (5,891) |
Reconciliation of Unrecognized
Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||
Unrecognized tax benefits - opening balance | $ 3,846 | $ 4,375 |
Gross increases - tax positions in prior period | 323 | |
Gross decreases - tax positions in prior period | (1,373) | |
Gross increases - current-period tax positions | 2,874 | 228 |
Lapse of statute of limitations | (488) | (1,080) |
Unrecognized tax benefits - ending balance | $ 4,859 | $ 3,846 |
Summary of Fair Value of Deriva
Summary of Fair Value of Derivative Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Derivatives, Fair Value [Line Items] | ||
Derivative Assets, Fair Value | $ 9,339 | $ 10,149 |
Derivative Liabilities, Fair Value | 5,513 | 8,906 |
Derivatives not Designated as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets, Fair Value | 9,339 | 10,116 |
Derivative Liabilities, Fair Value | 5,498 | 7,326 |
Derivatives Designated as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets, Fair Value | 33 | |
Derivative Liabilities, Fair Value | $ 15 | $ 1,580 |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2018USD ($)Derivative | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Termination value of derivatives in net liability position | $ 2,200,000 |
Collateral posted for derivative instruments | $ 2,600,000 |
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Interest rate hedging exposure to variability in future cash flows for forecasted transactions, maximum period | 17 years 8 months 19 days |
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 | $ 5,600,000 |
Number of interest rate swaps | Derivative | 1 |
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 |
Reclassification from AOCI to interest expenses | $ 13,000 |
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 | $ 1,300,000 |
Number of interest rate swaps | Derivative | 110 |
Summary of Amount of Gain (Loss
Summary of Amount of Gain (Loss) Recognized in Other Non-Interest Expense in Consolidated Statements of Income Related to Derivative Assets and Liabilities (Detail) - Interest Rate Swap [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Derivatives not Designated as Hedging Instruments [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized | $ (94) | $ (579) | $ 195 |
Derivatives Designated as Hedging Instruments [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized | 1 | 4 | 5 |
Derivatives Designated as Hedging Instruments [Member] | Fair value adjustments on derivatives [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized | 59 | (189) | (181) |
Derivatives Designated as Hedging Instruments [Member] | Fair Value Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized | $ (58) | $ 193 | $ 186 |
Summary of Amount of Gain (Lo_2
Summary of Amount of Gain (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] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives | $ 1,906 | $ (1,050) | $ (516) |
Interest Rate Swap [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives | $ 1,906 | $ (1,050) | $ (516) |
Assets and Liabilities Measured
Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | $ 61,011 | $ 54,055 |
Available for sale | 6,542,800 | 6,258,577 |
Derivative Assets, Fair Value | 9,339 | 10,149 |
Derivative Liabilities, Fair Value | 5,513 | 8,906 |
Securities sold not yet purchased | 27,200 | 4,100 |
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 | 19,261 | 14,337 |
Available for sale | 247,130 | 51,909 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 41,750 | 39,718 |
Available for sale | 6,295,670 | 6,206,668 |
U.S. Treasury [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale | 247,130 | 38,643 |
U.S. Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale | 199 | 14,752 |
Mortgage-backed [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale | 3,812,211 | 3,649,243 |
State and political subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale | 2,483,260 | 2,542,673 |
Corporates [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale | 13,266 | |
Fair Value Measurement, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 61,011 | 54,055 |
Available for sale | 6,542,800 | 6,258,577 |
Company-owned life insurance | 54,152 | 53,577 |
Bank-owned life insurance | 273,553 | 265,823 |
Derivative Assets, Fair Value | 9,339 | 10,149 |
Total | 6,940,855 | 6,642,181 |
Deferred compensation | 50,063 | 50,963 |
Derivative Liabilities, Fair Value | 5,513 | 8,906 |
Securities sold not yet purchased | 27,238 | 4,130 |
Total | 82,814 | 63,999 |
Fair Value Measurement, Recurring [Member] | Trading - other [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 12,136 | 13,113 |
Fair Value Measurement, Recurring [Member] | 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 | 19,261 | 14,337 |
Available for sale | 247,130 | 51,909 |
Total | 266,391 | 66,246 |
Deferred compensation | 50,063 | 50,963 |
Total | 50,063 | 50,963 |
Fair Value Measurement, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Trading - other [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 12,136 | 12,434 |
Fair Value Measurement, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 41,750 | 39,718 |
Available for sale | 6,295,670 | 6,206,668 |
Company-owned life insurance | 54,152 | 53,577 |
Bank-owned life insurance | 273,553 | 265,823 |
Derivative Assets, Fair Value | 9,339 | 10,149 |
Total | 6,674,464 | 6,575,935 |
Derivative Liabilities, Fair Value | 5,513 | 8,906 |
Securities sold not yet purchased | 27,238 | 4,130 |
Total | 32,751 | 13,036 |
Fair Value Measurement, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Trading - other [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 679 | |
Fair Value Measurement, Recurring [Member] | U.S. Treasury [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 18 | |
Available for sale | 247,130 | 38,643 |
Fair Value Measurement, Recurring [Member] | U.S. Treasury [Member] | 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 | |
Available for sale | 247,130 | 38,643 |
Fair Value Measurement, Recurring [Member] | U.S. Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 3,063 | 9,976 |
Available for sale | 199 | 14,752 |
Fair Value Measurement, Recurring [Member] | U.S. Agencies [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 3,063 | 9,976 |
Available for sale | 199 | 14,752 |
Fair Value Measurement, Recurring [Member] | Mortgage-backed [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 713 | 1,949 |
Available for sale | 3,812,211 | 3,649,243 |
Fair Value Measurement, Recurring [Member] | Mortgage-backed [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 713 | 1,949 |
Available for sale | 3,812,211 | 3,649,243 |
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 | 37,974 | 27,114 |
Available for sale | 2,483,260 | 2,542,673 |
Fair Value Measurement, Recurring [Member] | State and political subdivisions [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 37,974 | 27,114 |
Available for sale | 2,483,260 | 2,542,673 |
Fair Value Measurement, Recurring [Member] | Corporates [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 7,125 | 1,885 |
Available for sale | 13,266 | |
Fair Value Measurement, Recurring [Member] | Corporates [Member] | 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 | $ 7,125 | 1,885 |
Available for sale | $ 13,266 |
Assets Measured at Fair Value o
Assets Measured at Fair Value on Non-Recurring Basis (Detail) - Fair Value, Measurements, Non-Recurring [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | $ 13,217 | $ 16,674 |
Total Gains Recognized | 1,978 | 1,264 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 13,217 | 16,674 |
Impaired loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 10,085 | 15,186 |
Total Gains Recognized | 1,972 | 1,251 |
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 | 10,085 | 15,186 |
Other real estate owned [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 3,132 | 1,488 |
Total Gains Recognized | 6 | 13 |
Other real estate owned [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | $ 3,132 | $ 1,488 |
Estimated Fair Value of Financi
Estimated Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and short-term investments | $ 2,319,954 | $ 1,936,084 |
Securities available for sale | 6,542,800 | 6,258,577 |
Securities held to maturity | 1,170,646 | 1,261,014 |
Trading securities | 61,011 | 54,055 |
Other securities | 73,692 | 65,897 |
Loans (exclusive of allowance for loan loss) | 12,181,342 | 11,281,973 |
Derivatives | 9,339 | 10,149 |
Demand and savings deposits | 18,134,512 | 16,742,736 |
Time deposits | 1,146,748 | 1,280,264 |
Other borrowings | 1,518,920 | 1,260,704 |
Long-term debt | 82,671 | 79,281 |
Derivatives | 5,513 | 8,906 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and short-term investments | 2,319,954 | 1,936,084 |
Securities available for sale | 6,542,800 | 6,258,577 |
Securities held to maturity | 1,070,532 | 1,207,447 |
Trading securities | 61,011 | 54,055 |
Other securities | 73,692 | 65,897 |
Loans (exclusive of allowance for loan loss) | 12,190,599 | 11,318,764 |
Derivatives | 9,339 | 10,149 |
Demand and savings deposits | 18,134,512 | 16,742,736 |
Time deposits | 1,146,748 | 1,280,264 |
Other borrowings | 1,518,920 | 1,260,704 |
Long-term debt | 82,818 | 79,496 |
Derivatives | 5,513 | 8,906 |
Commitments to extend credit for loans | 5,425 | 6,654 |
Commercial letters of credit | 115 | 136 |
Standby letters of credit | 2,658 | 2,514 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and short-term investments | 1,693,453 | 1,749,618 |
Securities available for sale | 247,130 | 51,909 |
Trading securities | 19,261 | 14,337 |
Demand and savings deposits | 18,134,512 | 16,742,736 |
Other borrowings | 6,679 | 11,334 |
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 | 626,501 | 186,466 |
Securities available for sale | 6,295,670 | 6,206,668 |
Securities held to maturity | 1,070,532 | 1,207,447 |
Trading securities | 41,750 | 39,718 |
Other securities | 73,692 | 65,897 |
Loans (exclusive of allowance for loan loss) | 12,190,599 | 11,318,764 |
Derivatives | 9,339 | 10,149 |
Time deposits | 1,146,748 | 1,280,264 |
Other borrowings | 1,512,241 | 1,249,370 |
Long-term debt | 82,818 | 79,496 |
Derivatives | $ 5,513 | $ 8,906 |
Schedule of Parent Company Bala
Schedule of Parent Company Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||||
Goodwill on purchased affiliates | $ 180,867 | $ 180,867 | ||
Securities available for sale and other | 7,848,149 | 7,639,543 | ||
Total assets | 23,351,119 | 21,771,583 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Long-term debt | 82,671 | 79,281 | ||
Total liabilities | 21,122,649 | 19,590,052 | ||
Shareholders' equity | 2,228,470 | 2,181,531 | $ 1,962,384 | $ 1,893,694 |
Total liabilities and shareholders' equity | 23,351,119 | 21,771,583 | ||
Parent Company [Member] | ||||
ASSETS | ||||
Investment in subsidiaries: Banks | 1,934,082 | 1,815,953 | ||
Investment in subsidiaries: Non-banks | 156,529 | 149,145 | ||
Total investment in subsidiaries | 2,090,611 | 1,965,098 | ||
Goodwill on purchased affiliates | 5,011 | 5,011 | ||
Cash | 165,771 | 260,621 | ||
Securities available for sale and other | 82,792 | 68,550 | ||
Total assets | 2,344,185 | 2,299,280 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Long-term debt | 69,329 | 68,285 | ||
Accrued expenses and other | 46,386 | 49,464 | ||
Total liabilities | 115,715 | 117,749 | ||
Shareholders' equity | 2,228,470 | 2,181,531 | ||
Total liabilities and shareholders' equity | $ 2,344,185 | $ 2,299,280 |
Schedule of Parent Company Stat
Schedule of Parent Company Statements of Income and Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
EXPENSE | |||||||||||
Salaries and employee benefits | $ 419,091 | $ 413,830 | $ 390,059 | ||||||||
Income tax expense (benefit) | $ (968) | $ 7,391 | $ 10,873 | $ 10,038 | $ 16,463 | $ 12,971 | $ 11,490 | $ 12,446 | 27,334 | 53,370 | 44,955 |
Income from continuing operations | $ 25,454 | $ 57,849 | $ 55,424 | $ 57,533 | $ 47,357 | $ 48,872 | $ 44,771 | $ 41,976 | 196,260 | 182,976 | 153,634 |
(Loss) income from discontinued operations | (747) | 64,129 | 5,167 | ||||||||
NET INCOME | 195,513 | 247,105 | 158,801 | ||||||||
Other comprehensive (loss) income | (50,257) | 12,017 | (53,824) | ||||||||
Comprehensive income | 145,256 | 259,122 | 104,977 | ||||||||
Parent Company [Member] | |||||||||||
INCOME | |||||||||||
Dividends and income received from subsidiaries | 47,250 | 55,000 | 47,000 | ||||||||
Service fees from subsidiaries | 50,858 | 43,691 | 40,579 | ||||||||
Other | 651 | 10,390 | 4,207 | ||||||||
Total income | 98,759 | 109,081 | 91,786 | ||||||||
EXPENSE | |||||||||||
Salaries and employee benefits | 46,707 | 43,716 | 38,198 | ||||||||
Other | 19,149 | 18,652 | 20,436 | ||||||||
Total expense | 65,856 | 62,368 | 58,634 | ||||||||
Income before income taxes and equity in undistributed earnings of subsidiaries | 32,903 | 46,713 | 33,152 | ||||||||
Income tax expense (benefit) | (4,432) | (1,202) | (3,903) | ||||||||
Income before equity in undistributed earnings of subsidiaries | 37,335 | 47,915 | 37,055 | ||||||||
Banks | 156,771 | 140,873 | 119,551 | ||||||||
Non-Banks | 2,154 | (5,812) | (2,972) | ||||||||
Income from continuing operations | 196,260 | 182,976 | 153,634 | ||||||||
(Loss) income from discontinued operations | (747) | 64,129 | 5,167 | ||||||||
NET INCOME | 195,513 | 247,105 | 158,801 | ||||||||
Other comprehensive (loss) income | (50,257) | 12,017 | (53,824) | ||||||||
Comprehensive income | $ 145,256 | $ 259,122 | $ 104,977 |
Schedule of Parent Company St_2
Schedule of Parent Company Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
OPERATING ACTIVITIES | |||
Net income | $ 195,513 | $ 247,105 | $ 158,801 |
Depreciation and amortization | 53,116 | 54,875 | 54,556 |
Equity based compensation | 11,074 | 13,316 | 11,735 |
Net tax benefit related to equity compensation plans | 2,364 | 3,612 | 1,073 |
Gains on sales of assets | (2,721) | (103,346) | (762) |
Changes in other assets and liabilities, net | (18,862) | 25,216 | 4,042 |
Net cash provided by operating activities | 297,097 | 326,526 | 296,440 |
INVESTING ACTIVITIES | |||
Net cash activity from divestitures and acquisitions | 167,183 | ||
Net cash used in investing activities | (1,750,293) | (478,578) | (1,502,443) |
FINANCING ACTIVITIES | |||
Cash dividends paid | (58,279) | (51,876) | (49,038) |
Purchases of treasury stock | (76,507) | (15,276) | (16,367) |
Net cash provided by financing activities | 1,411,055 | 804,347 | 1,450,858 |
(Decrease) increase in cash and cash equivalents | (42,141) | 652,295 | 244,855 |
Cash and cash equivalents at beginning of year | 1,716,262 | 1,063,967 | 819,112 |
Cash and cash equivalents at end of year | 1,674,121 | 1,716,262 | 1,063,967 |
Parent Company [Member] | |||
OPERATING ACTIVITIES | |||
Net income | 195,513 | 247,105 | 158,801 |
Equity in earnings of subsidiaries | (206,175) | (146,367) | (163,993) |
Dividends received from subsidiaries | 47,250 | 96,391 | 54,000 |
Depreciation and amortization | 486 | 424 | 457 |
Equity based compensation | 11,073 | 13,316 | 11,735 |
Net tax benefit related to equity compensation plans | 2,364 | 3,612 | 1,073 |
Gains on sales of assets | (103,715) | ||
Changes in other assets and liabilities, net | (5,994) | 5,424 | (11,717) |
Net cash provided by operating activities | 44,517 | 116,190 | 50,356 |
INVESTING ACTIVITIES | |||
Net capital investment in subsidiaries | (17,961) | (37,474) | (10,006) |
Net cash activity from divestitures and acquisitions | 168,361 | ||
Net decrease (increase) in securities available for sale | 1,062 | 1,575 | (1,034) |
Net cash used in investing activities | (16,899) | 132,462 | (11,040) |
FINANCING ACTIVITIES | |||
Cash dividends paid | (58,279) | (51,876) | (49,038) |
Proceeds from exercise of stock options and sales of treasury stock | 12,318 | 13,867 | 16,911 |
Purchases of treasury stock | (76,507) | (15,276) | (16,367) |
Net cash provided by financing activities | (122,468) | (53,285) | (48,494) |
(Decrease) increase in cash and cash equivalents | (94,850) | 195,367 | (9,178) |
Cash and cash equivalents at beginning of year | 260,621 | 65,254 | 74,432 |
Cash and cash equivalents at end of year | $ 165,771 | $ 260,621 | $ 65,254 |
Summary of Operating Results _3
Summary of Operating Results by Quarter (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Interest income | $ 202,719 | $ 185,097 | $ 176,480 | $ 167,665 | $ 163,116 | $ 157,895 | $ 151,211 | $ 144,690 | $ 731,961 | $ 616,912 | $ 523,031 |
Interest expense | 40,911 | 34,607 | 26,254 | 19,743 | 16,770 | 17,037 | 13,817 | 10,375 | 121,515 | 57,999 | 27,708 |
Net interest income | 161,808 | 150,490 | 150,226 | 147,922 | 146,346 | 140,858 | 137,394 | 134,315 | 610,446 | 558,913 | 495,323 |
Provision for loan losses | 48,000 | 5,750 | 7,000 | 10,000 | 6,000 | 11,500 | 14,500 | 9,000 | 70,750 | 41,000 | 32,500 |
Noninterest income | 94,999 | 100,885 | 100,289 | 105,525 | 106,033 | 104,306 | 110,306 | 102,917 | 401,698 | 423,562 | 402,511 |
Noninterest expense | 184,321 | 180,385 | 177,218 | 175,876 | 182,559 | 171,821 | 176,939 | 173,810 | 717,800 | 705,129 | 666,745 |
Income tax expense (benefit) | (968) | 7,391 | 10,873 | 10,038 | 16,463 | 12,971 | 11,490 | 12,446 | 27,334 | 53,370 | 44,955 |
Income from continuing operations | $ 25,454 | $ 57,849 | $ 55,424 | $ 57,533 | $ 47,357 | $ 48,872 | $ 44,771 | $ 41,976 | $ 196,260 | $ 182,976 | $ 153,634 |
Net income from continuing operations - basic | $ 0.52 | $ 1.17 | $ 1.12 | $ 1.16 | $ 0.96 | $ 0.99 | $ 0.91 | $ 0.85 | $ 3.98 | $ 3.72 | $ 3.15 |
Net income from continuing operations - diluted | 0.52 | 1.16 | 1.11 | 1.15 | 0.95 | 0.98 | 0.90 | 0.84 | 3.94 | 3.67 | 3.12 |
Dividend | 0.300 | 0.290 | 0.290 | 0.290 | 0.275 | 0.255 | 0.255 | 0.255 | $ 1.17 | $ 1.04 | $ 0.99 |
Book value | $ 45.37 | $ 44.20 | $ 43.96 | $ 43.31 | $ 43.72 | $ 42.15 | $ 41.42 | $ 40.34 |