Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 30, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Entity Current Reporting Status | Yes | |
Trading Symbol | WTFC | |
Entity Registrant Name | WINTRUST FINANCIAL CORP | |
Entity Central Index Key | 1015328 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 47,420,182 |
Consolidated_Statements_Of_Con
Consolidated Statements Of Condition (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |||
Assets | |||
Cash and due from banks | $286,743 | $225,136 | $330,262 |
Federal funds sold and securities purchased under resale agreements | 4,129 | 5,571 | 12,476 |
Interest bearing deposits with banks | 697,799 | 998,437 | 540,964 |
Available-for-sale securities, at fair value | 1,721,030 | 1,792,078 | 1,949,697 |
Trading account securities | 7,811 | 1,206 | 1,068 |
Federal Home Loan Bank and Federal Reserve Bank stock | 92,948 | 91,582 | 78,524 |
Brokerage customer receivables | 25,287 | 24,221 | 26,884 |
Mortgage loans held-for-sale, at fair value | 446,355 | 351,290 | 215,231 |
Loans, net of unearned income, excluding covered loans | 14,953,059 | 14,409,398 | 13,133,160 |
Covered loans | 209,694 | 226,709 | 312,478 |
Total loans | 15,162,753 | 14,636,107 | 13,445,638 |
Less: Allowance for loan losses | 94,446 | 91,705 | 92,275 |
Less: Allowance for covered loan losses | 1,878 | 2,131 | 3,447 |
Net loans | 15,066,429 | 14,542,271 | 13,349,916 |
Premises and equipment, net | 559,281 | 555,228 | 531,763 |
FDIC indemnification asset | 10,224 | 11,846 | 60,298 |
Accrued interest receivable and other assets | 537,117 | 501,882 | 549,705 |
Trade date securities receivable | 488,063 | 485,534 | 182,600 |
Goodwill | 420,197 | 405,634 | 373,725 |
Other intangible assets | 18,858 | 18,811 | 18,050 |
Total assets | 20,382,271 | 20,010,727 | 18,221,163 |
Deposits: | |||
Non-interest bearing | 3,779,609 | 3,518,685 | 2,773,922 |
Interest bearing | 13,159,160 | 12,763,159 | 12,355,123 |
Total deposits | 16,938,769 | 16,281,844 | 15,129,045 |
Federal Home Loan Bank advances | 416,036 | 733,050 | 387,672 |
Other borrowings | 187,006 | 196,465 | 231,086 |
Subordinated notes | 140,000 | 140,000 | 0 |
Junior subordinated debentures | 249,493 | 249,493 | 249,493 |
Trade date securities payable | 2,929 | 3,828 | 0 |
Accrued interest payable and other liabilities | 316,964 | 336,225 | 283,724 |
Total liabilities | 18,251,197 | 17,940,905 | 16,281,020 |
Preferred stock, no par value; 20,000,000 shares authorized: | |||
Series C - $1,000 liquidation value; 126,427 shares issued and outstanding at March 31, 2015, 126,467 shares issued and outstanding at December 31, 2014, and 126,477 shares issued and outstanding at March, 31, 2014 | 126,427 | 126,467 | 126,477 |
Common stock, no par value; $1.00 stated value; 100,000,000 shares authorized at March 31, 2015, December 31, 2014, and March 31, 2014; 47,474,721 shares issued at March 31, 2015, 46,881,108 shares issued at December 31, 2014, and 46,332,213 shares issued at March 31, 2014 | 47,475 | 46,881 | 46,332 |
Surplus | 1,156,542 | 1,133,955 | 1,122,233 |
Treasury stock, at cost, 85,113 shares at March 31, 2015, 76,053 shares at December 31, 2014, and 73,253 shares at March 31, 2014 | -3,948 | -3,549 | -3,380 |
Retained earnings | 835,669 | 803,400 | 705,234 |
Accumulated other comprehensive loss | -31,091 | -37,332 | -56,753 |
Total shareholders' equity | 2,131,074 | 2,069,822 | 1,940,143 |
Total liabilities and shareholders' equity | $20,382,271 | $20,010,727 | $18,221,163 |
Consolidated_Statements_Of_Con1
Consolidated Statements Of Condition (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
Preferred stock, no par value | |||
Preferred stock, 20,000,000 shares authorized | 20,000,000 | 20,000,000 | 20,000,000 |
Common stock, no par value | |||
Common stock, $1.00 stated value | $1 | $1 | $1 |
Common stock, 100,000,000 shares authorized | 100,000,000 | 100,000,000 | 100,000,000 |
Common stock, shares issued | 47,474,721 | 46,881,108 | 46,332,213 |
Treasury stock, shares | 85,113 | 76,053 | 73,253 |
Series C - $1,000 liquidation value; 126,427 shares issued and outstanding at March 31, 2015, 126,467 shares issued and outstanding at December 31, 2014, and 126,477 shares issued and outstanding at March 31, 2014 | |||
Preferred stock, $1,000 liquidation value | $1,000 | $1,000 | $1,000 |
Preferred stock, shares outstanding | 126,427 | 126,467 | 126,477 |
Consolidated_Statements_Of_Inc
Consolidated Statements Of Income (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Interest income | ||
Interest and fees on loans | $154,676 | $147,030 |
Interest bearing deposits with banks | 316 | 249 |
Federal funds sold and securities purchased under resale agreements | 2 | 4 |
Available-for-sale securities | 14,400 | 13,114 |
Trading account securities | 13 | 9 |
Federal Home Loan Bank and Federal Reserve Bank stock | 769 | 711 |
Brokerage customer receivables | 181 | 209 |
Total interest income | 170,357 | 161,326 |
Interest expense | ||
Interest on deposits | 11,814 | 11,923 |
Interest on Federal Home Loan Bank advances | 2,156 | 2,643 |
Interest on other borrowings | 788 | 750 |
Interest on subordinated notes | 1,775 | 0 |
Interest on junior subordinated debentures | 1,933 | 2,004 |
Total interest expense | 18,466 | 17,320 |
Net interest income | 151,891 | 144,006 |
Provision for credit losses | 6,079 | 1,880 |
Net interest income after provision for credit losses | 145,812 | 142,126 |
Non-interest income | ||
Wealth management | 18,100 | 16,813 |
Mortgage banking | 27,800 | 16,428 |
Service charges on deposit accounts | 6,297 | 5,346 |
Gains (losses) on available-for-sale securities, net | 524 | -33 |
Fees from covered call options | 4,360 | 1,542 |
Trading losses, net | -477 | -652 |
Other | 7,937 | 6,085 |
Total non-interest income | 64,541 | 45,529 |
Non-interest expense | ||
Salaries and employee benefits | 90,130 | 79,934 |
Equipment | 7,836 | 7,403 |
Occupancy, net | 12,351 | 10,993 |
Data processing | 5,448 | 4,715 |
Advertising and marketing | 3,907 | 2,816 |
Professional fees | 4,664 | 3,454 |
Amortization of other intangible assets | 1,013 | 1,163 |
FDIC insurance | 2,987 | 2,951 |
OREO expense, net | 1,411 | 3,976 |
Other | 17,571 | 13,910 |
Total non-interest expense | 147,318 | 131,315 |
Income before taxes | 63,035 | 56,340 |
Income tax expense | 23,983 | 21,840 |
Net income | 39,052 | 34,500 |
Preferred stock dividends and discount accretion | 1,581 | 1,581 |
Net income applicable to common shares | $37,471 | $32,919 |
Net income per common share-Basic (in usd per share) | $0.79 | $0.71 |
Net income per common share-Diluted (in usd per share) | $0.76 | $0.68 |
Cash dividends declared per common share (in usd per share) | $0.11 | $0.10 |
Weighted average common shares outstanding | 47,239 | 46,195 |
Dilutive potential common shares | 4,233 | 4,509 |
Average common shares and dilutive common shares | 51,472 | 50,704 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Net income | $39,052 | $34,500 |
Unrealized gains on securities | ||
Before tax | 26,276 | 22,526 |
Tax effect | -10,331 | -8,804 |
Net of tax | 15,945 | 13,722 |
Less: Reclassification of net gains (losses) included in net income | ||
Before tax | 524 | -33 |
Tax effect | -206 | 13 |
Net of tax | 318 | -20 |
Net unrealized gains on securities | 15,627 | 13,742 |
Unrealized losses on derivative instruments | ||
Before tax | -561 | -98 |
Tax effect | 220 | 39 |
Net unrealized losses on derivative instruments | -341 | -59 |
Foreign currency translation adjustment | ||
Before tax | -12,290 | -9,959 |
Tax effect | 3,245 | 2,559 |
Net foreign currency translation adjustment | -9,045 | -7,400 |
Total other comprehensive income | 6,241 | 6,283 |
Comprehensive income | $45,293 | $40,783 |
Consolidated_Statements_Of_Cha
Consolidated Statements Of Changes In Shareholders Equity (Unaudited) (USD $) | Total | Preferred stock | Common stock | Surplus | Treasury stock | Retained earnings | Accumulated other comprehensive loss |
In Thousands, unless otherwise specified | |||||||
Balance at Dec. 31, 2013 | $1,900,589 | $126,477 | $46,181 | $1,117,032 | ($3,000) | $676,935 | ($63,036) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 34,500 | 34,500 | |||||
Other comprehensive income, net of tax | 6,283 | 6,283 | |||||
Cash dividends declared on common stock | -4,620 | -4,620 | |||||
Dividends on preferred stock | -1,581 | -1,581 | |||||
Stock-based compensation | 1,681 | 1,681 | 0 | ||||
Common stock issued for: | |||||||
Exercise of stock options and warrants | 2,270 | 77 | 2,464 | -271 | |||
Restricted stock awards | 43 | 41 | 111 | -109 | |||
Employee stock purchase plan | 600 | 13 | 587 | ||||
Director compensation plan | 378 | 20 | 358 | ||||
Balance at Mar. 31, 2014 | 1,940,143 | 126,477 | 46,332 | 1,122,233 | -3,380 | 705,234 | -56,753 |
Balance at Dec. 31, 2014 | 2,069,822 | 126,467 | 46,881 | 1,133,955 | -3,549 | 803,400 | -37,332 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 39,052 | 39,052 | 0 | ||||
Other comprehensive income, net of tax | 6,241 | 6,241 | |||||
Cash dividends declared on common stock | -5,202 | -5,202 | |||||
Dividends on preferred stock | -1,581 | -1,581 | |||||
Stock-based compensation | 2,271 | 2,271 | |||||
Conversion of Series C preferred stock to common stock | 0 | -40 | 1 | 39 | |||
Common stock issued for: | |||||||
Acquisitions | 19,004 | 422 | 18,582 | 0 | |||
Exercise of stock options and warrants | 457 | 52 | 535 | -130 | |||
Restricted stock awards | 144 | 84 | 329 | -269 | |||
Employee stock purchase plan | 681 | 15 | 666 | ||||
Director compensation plan | 185 | 20 | 165 | ||||
Balance at Mar. 31, 2015 | $2,131,074 | $126,427 | $47,475 | $1,156,542 | ($3,948) | $835,669 | ($31,091) |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating Activities: | ||
Net income | $39,052 | $34,500 |
Adjustments to reconcile net income to net cash (used for) provided by operating activities | ||
Provision for credit losses | 6,079 | 1,880 |
Depreciation and amortization | 7,895 | 7,753 |
Stock-based compensation expense | 2,271 | 1,681 |
Tax (expense) benefit from stock-based compensation arrangements | -623 | 3 |
Excess tax benefits from stock-based compensation arrangements | -471 | -156 |
Net amortization of premium on securities | 845 | 233 |
Mortgage servicing rights fair value change, net | 514 | 253 |
Originations and purchases of mortgage loans held-for-sale | -941,651 | -527,272 |
Proceeds from sales of mortgage loans held-for-sale | 867,194 | 658,588 |
Increase in trading securities, net | -6,605 | -571 |
Net (increase) decrease in brokerage customer receivables | -1,066 | 4,069 |
Gains on mortgage loans sold | -20,608 | -12,220 |
(Gains) losses on available-for-sale securities, net | -524 | 33 |
Losses on sales of premises and equipment, net | 81 | 795 |
Net (gains) losses on sales and fair value adjustments of other real estate owned | -549 | 2,460 |
(Increase) decrease in accrued interest receivable and other assets, net | -21,291 | 27,584 |
Decrease in accrued interest payable and other liabilities, net | -48,874 | -37,348 |
Net Cash (Used for) Provided by Operating Activities | -118,331 | 162,265 |
Investing Activities: | ||
Proceeds from maturities of available-for-sale securities | 122,163 | 98,007 |
Proceeds from sales of available-for-sale securities | 635,532 | 14,800 |
Purchases of available-for-sale securities | -629,008 | -349,979 |
Net cash received for acquisitions | 12,004 | 0 |
Proceeds from sales of other real estate owned | 11,733 | 20,362 |
(Payments provided to) proceeds received from the FDIC related to reimbursements on covered assets | -2,056 | 9,669 |
Net decrease (increase) in interest bearing deposits with banks | 300,706 | -45,390 |
Net increase in loans | -407,522 | -227,040 |
Purchases of premises and equipment, net | -5,902 | -7,596 |
Net Cash Provided by (Used for) Investing Activities | 37,650 | -487,167 |
Financing Activities: | ||
Increase in deposit accounts | 486,960 | 460,551 |
Decrease in other borrowings, net | -20,327 | -24,018 |
Decrease in Federal Home Loan Bank advances, net | -321,565 | -30,000 |
Excess tax benefits from stock-based compensation arrangements | 471 | 156 |
Issuance of common shares resulting from exercise of stock options, employee stock purchase plan and conversion of common stock warrants | 2,489 | 3,668 |
Common stock repurchases | -399 | -380 |
Dividends paid | -6,783 | -6,201 |
Net Cash Provided by Financing Activities | 140,846 | 403,776 |
Net Increase in Cash and Cash Equivalents | 60,165 | 78,874 |
Cash and Cash Equivalents at Beginning of Period | 230,707 | 263,864 |
Cash and Cash Equivalents at End of Period | $290,872 | $342,738 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation |
The consolidated financial statements of Wintrust Financial Corporation and Subsidiaries (“Wintrust” or “the Company”) presented herein are unaudited, but in the opinion of management reflect all necessary adjustments of a normal or recurring nature for a fair presentation of results as of the dates and for the periods covered by the consolidated financial statements. | |
The accompanying consolidated financial statements are unaudited and do not include information or footnotes necessary for a complete presentation of financial condition, results of operations or cash flows in accordance with U.S. generally accepted accounting principles ("GAAP"). The consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 (“2014 Form 10-K”). Operating results reported for the three-month periods are not necessarily indicative of the results which may be expected for the entire year. Reclassifications of certain prior period amounts have been made to conform to the current period presentation. | |
The preparation of the financial statements requires management to make estimates, assumptions and judgments that affect the reported amounts of assets and liabilities. Management believes that the estimates made are reasonable, however, changes in estimates may be required if economic or other conditions develop differently from management’s expectations. Certain policies and accounting principles inherently have a greater reliance on the use of estimates, assumptions and judgments and as such have a greater possibility of producing results that could be materially different than originally reported. Management views critical accounting policies to be those which are highly dependent on subjective or complex judgments, estimates and assumptions, and where changes in those estimates and assumptions could have a significant impact on the financial statements. Management currently views the determination of the allowance for loan losses, allowance for covered loan losses and the allowance for losses on lending-related commitments, loans acquired with evidence of credit quality deterioration since origination, estimations of fair value, the valuations required for impairment testing of goodwill, the valuation and accounting for derivative instruments and income taxes as the accounting areas that require the most subjective and complex judgments, and as such could be the most subject to revision as new information becomes available. Descriptions of our significant accounting policies are included in Note 1 - “Summary of Significant Accounting Policies” of the Company’s 2014 Form 10-K. |
Recent_Accounting_Developments
Recent Accounting Developments | 3 Months Ended |
Mar. 31, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Developments | Recent Accounting Developments |
Accounting for Investments in Qualified Affordable Housing Projects | |
In January 2014, the FASB issued ASU No. 2014-01, “Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects,” to provide guidance on accounting for investments by a reporting entity in flow-through limited liability entities that invest in affordable housing projects that qualify for the low-income housing tax credit. This ASU permits a new accounting treatment, if certain conditions are met, which allows the Company to amortize the initial cost of an investment in proportion to the amount of tax credits and other tax benefits received with recognition of the investment performance in income tax expense. The Company adopted this new guidance beginning January 1, 2015. The guidance did not have a material impact on the Company's consolidated financial statements. | |
Repossession of Residential Real Estate Collateral | |
In January 2014, the FASB issued ASU No. 2014-04, “Receivables - Troubled Debt Restructurings by Creditors (Topic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure,” to address diversity in practice and clarify guidance regarding the accounting for an in-substance repossession or foreclosure of residential real estate collateral. This ASU clarifies that an in-substance repossession or foreclosure occurs upon either the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or the borrower conveying all interest in the residential real estate property to the creditor. Additionally, this ASU requires disclosure of both the amount of foreclosed residential real estate property held by the Company and the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure. The Company adopted this new guidance beginning January 1, 2015. The guidance did not have a material impact on the Company's consolidated financial statements. | |
Revenue Recognition | |
In May 2014, the FASB issued ASU No. 2014-09, which created "Revenue from Contracts with Customers (Topic 606), to clarify the principles for recognizing revenue and develop a common revenue standard for customer contracts. This ASU provides guidance regarding how an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also added a new subtopic to the codification, ASC 340-40, "Other Assets and Deferred Costs: Contracts with Customers" to provide guidance on costs related to obtaining and fulfilling a customer contract. Furthermore, the new standard requires disclosure of sufficient information to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. At this time, the guidance is effective for fiscal years beginning after December 15, 2016. In April 2015, the FASB proposed to defer the effective date by one year, which would result in the guidance becoming effective for fiscal years beginning after December 15, 2017. The Company is currently evaluating the impact of adopting this new guidance on the consolidated financial statements. | |
Extraordinary and Unusual Items | |
In January 2015, the FASB issued ASU No. 2015-01, “Income Statement - Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items,” to eliminate the concept of extraordinary items related to separately classifying, presenting and disclosing certain events and transactions that meet the criteria for that concept. This guidance is effective for fiscal years beginning after December 15, 2015 and is to be applied either prospectively or retrospectively. The Company does not expect this guidance to have a material impact on the Company’s consolidated financial statements. | |
Consolidation | |
In February 2015, the FASB issued ASU No. 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis,” which changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. This guidance is effective for fiscal years beginning after December 15, 2015 and is to be applied retrospectively. The Company is currently evaluating the impact of adopting this new guidance on the consolidated financial statements. | |
Debt Issuance Costs | |
In April 2015, the FASB issued ASU No. 2015-03, "Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs," to clarify the the presentation of debt issuance costs within the balance sheet. This ASU requires that an entity present debt issuance costs related to a recognized debt liability on the balance sheet as a direct deduction from the carrying amount of that debt liability, not as a separate asset. The ASU does not affect the current guidance for the recognition and measurement for these debt issuance costs. This guidance is effective for fiscal years beginning after December 15, 2015 and is to be applied retrospectively. The Company does not expect this guidance to have a material impact on the Company’s consolidated financial statements. |
Business_Combinations
Business Combinations | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Business Combinations [Abstract] | ||||||||
Business Combinations | Business Combinations | |||||||
Non-FDIC Assisted Bank Acquisitions | ||||||||
On January 16, 2015 the Company acquired Delavan Bancshares, Inc. ("Delavan"). Delavan was the parent company of Community Bank CBD, which had four banking locations. Community Bank CBD was merged into the Company's wholly-owned subsidiary Town Bank. The Company acquired assets with a fair value of approximately $223.9 million, including approximately $128.0 million of loans, and assumed liabilities with a fair value of approximately $185.6 million, including approximately $170.2 million of deposits. Additionally the Company recorded goodwill of $16.7 million on the acquisition. | ||||||||
On August 8, 2014, the Company, through its wholly-owned subsidiary Town Bank, acquired eleven branch offices and deposits of Talmer Bank & Trust. Subsequent to this date, the Company acquired loans from these branches as well. In total, the Company acquired assets with a fair value of approximately $361.3 million, including approximately $41.5 million of loans, and assumed liabilities with a fair value of approximately $361.3 million, including approximately $354.9 million of deposits. Additionally, the Company recorded goodwill of $9.7 million on the acquisition. | ||||||||
On July 11, 2014 the Company, through its wholly-owned subsidiary Town Bank, acquired the Pewaukee, Wisconsin branch of THE National Bank. The Company acquired assets with a fair value of approximately $94.1 million, including approximately $75.0 million of loans, and assumed deposits with a fair value of approximately $36.2 million. Additionally, the Company recorded goodwill of $16.3 million on the acquisition. | ||||||||
On May 16, 2014, the Company, through its wholly-owned subsidiary Hinsdale Bank and Trust Company ("Hinsdale Bank") acquired the Stone Park branch office and certain related deposits of Urban Partnership Bank ("UPB"). The Company assumed liabilities with a fair value of approximately $5.5 million, including approximately $5.4 million of deposits. Additionally, the Company recorded goodwill of $678,000 on the acquisition. | ||||||||
See Note 17 - Subsequent Events for discussion regarding the Company's announced acquisitions of Community Financial Shares, Inc ("CFIS"), North Bank and Suburban Illinois Bancorp, Inc. ("Suburban"). | ||||||||
FDIC-Assisted Transactions | ||||||||
Since 2010, the Company acquired the banking operations, including the acquisition of certain assets and the assumption of liabilities, of nine financial institutions in FDIC-assisted transactions. Loans comprise the majority of the assets acquired in nearly all of these FDIC-assisted transactions since 2010, most of which are subject to loss sharing agreements with the FDIC whereby the FDIC has agreed to reimburse the Company for 80% of losses incurred on the purchased loans, other real estate owned (“OREO”), and certain other assets. Additionally, the loss share agreements with the FDIC require the Company to reimburse the FDIC in the event that actual losses on covered assets are lower than the original loss estimates agreed upon with the FDIC with respect of such assets in the loss share agreements. The Company refers to the loans subject to these loss-sharing agreements as “covered loans” and uses the term “covered assets” to refer to covered loans, covered OREO and certain other covered assets. The agreements with the FDIC require that the Company follow certain servicing procedures or risk losing the FDIC reimbursement of covered asset losses. | ||||||||
The loans covered by the loss sharing agreements are classified and presented as covered loans and the estimated reimbursable losses are recorded as an FDIC indemnification asset in the Consolidated Statements of Condition. The Company recorded the acquired assets and liabilities at their estimated fair values at the acquisition date. The fair value for loans reflected expected credit losses at the acquisition date. Therefore, the Company will only recognize a provision for credit losses and charge-offs on the acquired loans for any further credit deterioration subsequent to the acquisition date. See Note 7 — Allowance for Loan Losses, Allowance for Losses on Lending-Related Commitments and Impaired Loans for further discussion of the allowance on covered loans. | ||||||||
The loss share agreements with the FDIC cover realized losses on loans, foreclosed real estate and certain other assets. These loss share assets are measured separately from the loan portfolios because they are not contractually embedded in the loans and are not transferable with the loans should the Company choose to dispose of them. Fair values at the acquisition dates were estimated based on projected cash flows available for loss-share based on the credit adjustments estimated for each loan pool and the loss share percentages. The loss share assets are recorded as FDIC indemnification assets on the Consolidated Statements of Condition. Subsequent to the acquisition date, reimbursements received from the FDIC for actual incurred losses will reduce the FDIC indemnification assets. Reductions to expected losses, to the extent such reductions to expected losses are the result of an improvement to the actual or expected cash flows from the covered assets, will also reduce the FDIC indemnification assets. Although these assets are contractual receivables from the FDIC, there are no contractual interest rates. Additional expected losses, to the extent such expected losses result in recognition of an allowance for covered loan losses, will increase the FDIC indemnification asset. The corresponding accretion is recorded as a component of non-interest income on the Consolidated Statements of Income. | ||||||||
The following table summarizes the activity in the Company’s FDIC indemnification asset during the periods indicated: | ||||||||
Three Months Ended | ||||||||
(Dollars in thousands) | March 31, | March 31, | ||||||
2015 | 2014 | |||||||
Balance at beginning of period | $ | 11,846 | $ | 85,672 | ||||
Additions from acquisitions | — | — | ||||||
Additions from reimbursable expenses | 1,575 | 1,282 | ||||||
Amortization | (1,260 | ) | (1,603 | ) | ||||
Changes in expected reimbursements from the FDIC for changes in expected credit losses | (3,993 | ) | (15,384 | ) | ||||
Payments provided to (received from) the FDIC | 2,056 | (9,669 | ) | |||||
Balance at end of period | $ | 10,224 | $ | 60,298 | ||||
Specialty Finance Acquisition | ||||||||
On April 28, 2014, the Company, through its wholly-owned subsidiary, First Insurance Funding of Canada, Inc., acquired Policy Billing Services Inc. and Equity Premium Finance Inc., two affiliated Canadian insurance premium funding and payment services companies. Through this transaction, the Company acquired approximately $7.4 million of premium finance receivables. The Company recorded goodwill of approximately $6.5 million on the acquisition. | ||||||||
Purchased Credit Impaired ("PCI") Loans | ||||||||
Purchased loans acquired in a business combination are recorded at estimated fair value on their purchase date. Expected future cash flows at the purchase date in excess of the fair value of loans are recorded as interest income over the life of the loans if the timing and amount of the future cash flows is reasonably estimable (“accretable yield”). The difference between contractually required payments and the cash flows expected to be collected at acquisition is referred to as the non-accretable difference and represents probable losses in the portfolio. | ||||||||
In determining the acquisition date fair value of PCI loans, and in subsequent accounting, the Company aggregates these purchased loans into pools of loans by common risk characteristics, such as credit risk rating and loan type. Subsequent to the purchase date, increases in cash flows over those expected at the purchase date are recognized as interest income prospectively. Subsequent decreases to the expected cash flows will generally result in a provision for loan losses. | ||||||||
The Company purchased a portfolio of life insurance premium finance receivables in 2009. These purchased life insurance premium finance receivables are valued on an individual basis with the accretable component being recognized into interest income using the effective yield method over the estimated remaining life of the loans. The non-accretable portion is evaluated each quarter and if the loans’ credit related conditions improve, a portion is transferred to the accretable component and accreted over future periods. In the event a specific loan prepays in whole, any remaining accretable and non-accretable discount is recognized in income immediately. If credit related conditions deteriorate, an allowance related to these loans will be established as part of the provision for credit losses. | ||||||||
See Note 6—Loans, for more information on PCI loans. |
Cash_and_Cash_Equivalents
Cash and Cash Equivalents | 3 Months Ended |
Mar. 31, 2015 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | Cash and Cash Equivalents |
For purposes of the Consolidated Statements of Cash Flows, the Company considers cash and cash equivalents to include cash on hand, cash items in the process of collection, non-interest bearing amounts due from correspondent banks, federal funds sold and securities purchased under resale agreements with original maturities of three months or less. |
AvailableForSale_Securities
Available-For-Sale Securities | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Available-for-sale Securities [Abstract] | ||||||||||||||||||||||||
Investments in Debt and Marketable Equity Securities | Available-For-Sale Securities | |||||||||||||||||||||||
The following tables are a summary of the available-for-sale securities portfolio as of the dates shown: | ||||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||
(Dollars in thousands) | Amortized | Gross | Gross | Fair | ||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | |||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
U.S. Treasury | $ | 273,173 | $ | 148 | $ | (1,847 | ) | $ | 271,474 | |||||||||||||||
U.S. Government agencies | 665,177 | 5,348 | (8,732 | ) | 661,793 | |||||||||||||||||||
Municipal | 264,949 | 6,485 | (1,522 | ) | 269,912 | |||||||||||||||||||
Corporate notes: | ||||||||||||||||||||||||
Financial issuers | 129,360 | 1,965 | (1,321 | ) | 130,004 | |||||||||||||||||||
Other | 3,759 | 52 | (1 | ) | 3,810 | |||||||||||||||||||
Mortgage-backed: (1) | ||||||||||||||||||||||||
Mortgage-backed securities | 280,679 | 5,983 | (2,529 | ) | 284,133 | |||||||||||||||||||
Collateralized mortgage obligations | 45,299 | 435 | (276 | ) | 45,458 | |||||||||||||||||||
Equity securities | 48,717 | 5,979 | (250 | ) | 54,446 | |||||||||||||||||||
Total available-for-sale securities | $ | 1,711,113 | $ | 26,395 | $ | (16,478 | ) | $ | 1,721,030 | |||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | |||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | |||||||||||||||||||||
(Dollars in thousands) | Gains | Losses | ||||||||||||||||||||||
U.S. Treasury | $ | 388,713 | $ | 84 | $ | (6,992 | ) | $ | 381,805 | |||||||||||||||
U.S. Government agencies | 686,106 | 4,113 | (21,903 | ) | 668,316 | |||||||||||||||||||
Municipal | 234,951 | 5,318 | (1,740 | ) | 238,529 | |||||||||||||||||||
Corporate notes: | ||||||||||||||||||||||||
Financial issuers | 129,309 | 2,006 | (1,557 | ) | 129,758 | |||||||||||||||||||
Other | 3,766 | 55 | — | 3,821 | ||||||||||||||||||||
Mortgage-backed: (1) | ||||||||||||||||||||||||
Mortgage-backed securities | 271,129 | 5,448 | (4,928 | ) | 271,649 | |||||||||||||||||||
Collateralized mortgage obligations | 47,347 | 249 | (535 | ) | 47,061 | |||||||||||||||||||
Equity securities | 46,592 | 4,872 | (325 | ) | 51,139 | |||||||||||||||||||
Total available-for-sale securities | $ | 1,807,913 | $ | 22,145 | $ | (37,980 | ) | $ | 1,792,078 | |||||||||||||||
31-Mar-14 | ||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | |||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | |||||||||||||||||||||
(Dollars in thousands) | Gains | Losses | ||||||||||||||||||||||
U.S. Treasury | $ | 354,109 | $ | 263 | $ | (14,194 | ) | $ | 340,178 | |||||||||||||||
U.S. Government agencies | 874,845 | 3,286 | (49,856 | ) | 828,275 | |||||||||||||||||||
Municipal | 175,028 | 3,439 | (3,167 | ) | 175,300 | |||||||||||||||||||
Corporate notes: | ||||||||||||||||||||||||
Financial issuers | 129,413 | 2,306 | (1,735 | ) | 129,984 | |||||||||||||||||||
Other | 4,986 | 100 | (3 | ) | 5,083 | |||||||||||||||||||
Mortgage-backed: (1) | ||||||||||||||||||||||||
Mortgage-backed securities | 371,825 | 3,919 | (13,188 | ) | 362,556 | |||||||||||||||||||
Collateralized mortgage obligations | 55,190 | 356 | (799 | ) | 54,747 | |||||||||||||||||||
Equity securities | 50,570 | 3,543 | (539 | ) | 53,574 | |||||||||||||||||||
Total available-for-sale securities | $ | 2,015,966 | $ | 17,212 | $ | (83,481 | ) | $ | 1,949,697 | |||||||||||||||
-1 | Consisting entirely of residential mortgage-backed securities, none of which are subprime. | |||||||||||||||||||||||
The following table presents the portion of the Company’s available-for-sale securities portfolio which has gross unrealized losses, reflecting the length of time that individual securities have been in a continuous unrealized loss position at March 31, 2015: | ||||||||||||||||||||||||
Continuous unrealized | Continuous unrealized | Total | ||||||||||||||||||||||
losses existing for | losses existing for | |||||||||||||||||||||||
less than 12 months | greater than 12 months | |||||||||||||||||||||||
(Dollars in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||
U.S. Treasury | $ | 198,297 | $ | (1,847 | ) | $ | — | $ | — | $ | 198,297 | $ | (1,847 | ) | ||||||||||
U.S. Government agencies | 163,928 | (2,158 | ) | 259,346 | (6,574 | ) | 423,274 | (8,732 | ) | |||||||||||||||
Municipal | 41,611 | (500 | ) | 37,899 | (1,022 | ) | 79,510 | (1,522 | ) | |||||||||||||||
Corporate notes: | ||||||||||||||||||||||||
Financial issuers | 9,968 | (31 | ) | 44,667 | (1,290 | ) | 54,635 | (1,321 | ) | |||||||||||||||
Other | 999 | (1 | ) | — | — | 999 | (1 | ) | ||||||||||||||||
Mortgage-backed: | ||||||||||||||||||||||||
Mortgage-backed securities | 16,725 | (92 | ) | 127,433 | (2,437 | ) | 144,158 | (2,529 | ) | |||||||||||||||
Collateralized mortgage obligations | 1,015 | (1 | ) | 10,502 | (275 | ) | 11,517 | (276 | ) | |||||||||||||||
Equity securities | — | — | 8,611 | (250 | ) | 8,611 | (250 | ) | ||||||||||||||||
Total | $ | 432,543 | $ | (4,630 | ) | $ | 488,458 | $ | (11,848 | ) | $ | 921,001 | $ | (16,478 | ) | |||||||||
The Company conducts a regular assessment of its investment securities to determine whether securities are other-than-temporarily impaired considering, among other factors, the nature of the securities, credit ratings or financial condition of the issuer, the extent and duration of the unrealized loss, expected cash flows, market conditions and the Company’s ability to hold the securities through the anticipated recovery period. | ||||||||||||||||||||||||
The Company does not consider securities with unrealized losses at March 31, 2015 to be other-than-temporarily impaired. The Company does not intend to sell these investments and it is more likely than not that the Company will not be required to sell these investments before recovery of the amortized cost bases, which may be the maturity dates of the securities. The unrealized losses within each category have occurred as a result of changes in interest rates, market spreads and market conditions subsequent to purchase. Securities with continuous unrealized losses existing for more than twelve months were primarily agency bonds, treasury notes and mortgage-backed securities. Unrealized losses recognized on agency bonds, treasury notes and mortgage-backed securities are the result of increases in yields for similar types of securities which also have a longer duration and maturity. | ||||||||||||||||||||||||
The following table provides information as to the amount of gross gains and gross losses realized and proceeds received through the sales of available-for-sale investment securities: | ||||||||||||||||||||||||
Three months ended March 31, | ||||||||||||||||||||||||
(Dollars in thousands) | 2015 | 2014 | ||||||||||||||||||||||
Realized gains | $ | 553 | $ | 55 | ||||||||||||||||||||
Realized losses | (29 | ) | (88 | ) | ||||||||||||||||||||
Net realized gains (losses) | $ | 524 | $ | (33 | ) | |||||||||||||||||||
Other than temporary impairment charges | — | — | ||||||||||||||||||||||
Gains (losses) on available-for-sale securities, net | $ | 524 | $ | (33 | ) | |||||||||||||||||||
Proceeds from sales of available-for-sale securities | $ | 635,532 | $ | 14,800 | ||||||||||||||||||||
The amortized cost and fair value of securities as of March 31, 2015, December 31, 2014 and March 31, 2014, by contractual maturity, are shown in the following table. Contractual maturities may differ from actual maturities as borrowers may have the right to call or repay obligations with or without call or prepayment penalties. Mortgage-backed securities are not included in the maturity categories in the following maturity summary as actual maturities may differ from contractual maturities because the underlying mortgages may be called or prepaid without penalties: | ||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | 31-Mar-14 | ||||||||||||||||||||||
(Dollars in thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||
Due in one year or less | $ | 151,585 | $ | 151,854 | $ | 285,596 | $ | 285,889 | $ | 203,749 | $ | 203,942 | ||||||||||||
Due in one to five years | 249,861 | 250,483 | 172,647 | 172,885 | 338,130 | 338,980 | ||||||||||||||||||
Due in five to ten years | 837,926 | 836,598 | 331,389 | 325,644 | 344,296 | 330,546 | ||||||||||||||||||
Due after ten years | 97,046 | 98,058 | 653,213 | 637,811 | 652,206 | 605,352 | ||||||||||||||||||
Mortgage-backed | 325,978 | 329,591 | 318,476 | 318,710 | 427,015 | 417,303 | ||||||||||||||||||
Equity securities | 48,717 | 54,446 | 46,592 | 51,139 | 50,570 | 53,574 | ||||||||||||||||||
Total available-for-sale securities | $ | 1,711,113 | $ | 1,721,030 | $ | 1,807,913 | $ | 1,792,078 | $ | 2,015,966 | $ | 1,949,697 | ||||||||||||
Securities having a carrying value of $1.1 billion at March 31, 2015, $1.1 billion at December 31, 2014 and $1.2 billion at March 31, 2014, were pledged as collateral for public deposits, trust deposits, FHLB advances, securities sold under repurchase agreements and derivatives. At March 31, 2015, there were no securities of a single issuer, other than U.S. Government-sponsored agency securities, which exceeded 10% of shareholders’ equity. |
Loans
Loans | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Loans and Leases Receivable Disclosure [Abstract] | ||||||||||||||||
Loans | Loans | |||||||||||||||
The following table shows the Company’s loan portfolio by category as of the dates shown: | ||||||||||||||||
March 31, | December 31, | March 31, | ||||||||||||||
(Dollars in thousands) | 2015 | 2014 | 2014 | |||||||||||||
Balance: | ||||||||||||||||
Commercial | $ | 4,211,932 | $ | 3,924,394 | $ | 3,439,197 | ||||||||||
Commercial real-estate | 4,710,486 | 4,505,753 | 4,262,255 | |||||||||||||
Home equity | 709,283 | 716,293 | 707,748 | |||||||||||||
Residential real-estate | 495,925 | 483,542 | 426,769 | |||||||||||||
Premium finance receivables—commercial | 2,319,623 | 2,350,833 | 2,208,361 | |||||||||||||
Premium finance receivables—life insurance | 2,375,654 | 2,277,571 | 1,929,334 | |||||||||||||
Consumer and other | 130,156 | 151,012 | 159,496 | |||||||||||||
Total loans, net of unearned income, excluding covered loans | $ | 14,953,059 | $ | 14,409,398 | $ | 13,133,160 | ||||||||||
Covered loans | 209,694 | 226,709 | 312,478 | |||||||||||||
Total loans | $ | 15,162,753 | $ | 14,636,107 | $ | 13,445,638 | ||||||||||
Mix: | ||||||||||||||||
Commercial | 28 | % | 26 | % | 26 | % | ||||||||||
Commercial real-estate | 31 | 31 | 32 | |||||||||||||
Home equity | 5 | 5 | 5 | |||||||||||||
Residential real-estate | 3 | 3 | 3 | |||||||||||||
Premium finance receivables—commercial | 15 | 16 | 17 | |||||||||||||
Premium finance receivables—life insurance | 16 | 16 | 14 | |||||||||||||
Consumer and other | 1 | 1 | 1 | |||||||||||||
Total loans, net of unearned income, excluding covered loans | 99 | % | 98 | % | 98 | % | ||||||||||
Covered loans | 1 | 2 | 2 | |||||||||||||
Total loans | 100 | % | 100 | % | 100 | % | ||||||||||
The Company’s loan portfolio is generally comprised of loans to consumers and small to medium-sized businesses located within the geographic market areas that the banks serve. The premium finance receivables portfolios are made to customers throughout the United States and Canada. The Company strives to maintain a loan portfolio that is diverse in terms of loan type, industry, borrower and geographic concentrations. Such diversification reduces the exposure to economic downturns that may occur in different segments of the economy or in different industries. | ||||||||||||||||
Certain premium finance receivables are recorded net of unearned income. The unearned income portions of such premium finance receivables were $48.1 million at March 31, 2015, $46.9 million at December 31, 2014 and $40.3 million at March 31, 2014, respectively. Certain life insurance premium finance receivables attributable to the life insurance premium finance loan acquisition in 2009 as well as PCI loans are recorded net of credit discounts. See “Acquired Loan Information at Acquisition” below. | ||||||||||||||||
Total loans, excluding PCI loans, include net deferred loan fees and costs and fair value purchase accounting adjustments totaling $(3.7) million at March 31, 2015, $330,000 at December 31, 2014 and $(6.2) million at March 31, 2014. The net credit balances at March 31, 2015 and March 31, 2014 are primarily the result of purchase accounting adjustments related to acquisitions in 2015 and 2014. | ||||||||||||||||
It is the policy of the Company to review each prospective credit in order to determine the appropriateness and, when required, the adequacy of security or collateral necessary to obtain when making a loan. The type of collateral, when required, will vary from liquid assets to real estate. The Company seeks to ensure access to collateral, in the event of default, through adherence to state lending laws and the Company’s credit monitoring procedures. | ||||||||||||||||
Acquired Loan Information at Acquisition—PCI Loans | ||||||||||||||||
As part of our previous acquisitions, we acquired loans for which there was evidence of credit quality deterioration since origination (PCI loans) and we determined that it was probable that the Company would be unable to collect all contractually required principal and interest payments. The following table presents the unpaid principal balance and carrying value for these acquired loans: | ||||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||
Unpaid | Carrying | Unpaid | Carrying | |||||||||||||
Principal | Principal | |||||||||||||||
(Dollars in thousands) | Balance | Value | Balance | Value | ||||||||||||
Bank acquisitions | $ | 277,163 | $ | 222,837 | $ | 285,809 | $ | 227,229 | ||||||||
Life insurance premium finance loans acquisition | 394,632 | 389,048 | 399,665 | 393,479 | ||||||||||||
The following table provides estimated details as of the date of acquisition on loans acquired in 2015 with evidence of credit quality deterioration since origination: | ||||||||||||||||
(Dollars in thousands) | Delavan | |||||||||||||||
Contractually required payments including interest | $ | 15,791 | ||||||||||||||
Less: Nonaccretable difference | 1,442 | |||||||||||||||
Cash flows expected to be collected (1) | 14,349 | |||||||||||||||
Less: Accretable yield | 898 | |||||||||||||||
Fair value of PCI loans acquired | 13,451 | |||||||||||||||
(1) Represents undiscounted expected principal and interest cash at acquisition. | ||||||||||||||||
See Note 7—Allowance for Loan Losses, Allowance for Losses on Lending-Related Commitments and Impaired Loans for further discussion regarding the allowance for loan losses associated with PCI loans at March 31, 2015. | ||||||||||||||||
Accretable Yield Activity - PCI Loans | ||||||||||||||||
Changes in expected cash flows may vary from period to period as the Company periodically updates its cash flow model assumptions for PCI loans. The factors that most significantly affect the estimates of gross cash flows expected to be collected, and accordingly the accretable yield, include changes in the benchmark interest rate indices for variable-rate products and changes in prepayment assumptions and loss estimates. The following table provides activity for the accretable yield of PCI loans: | ||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||
31-Mar-15 | 31-Mar-14 | |||||||||||||||
(Dollars in thousands) | Bank Acquisitions | Life Insurance | Bank | Life Insurance | ||||||||||||
Premium Finance Loans | Acquisitions | Premium | ||||||||||||||
Finance Loans | ||||||||||||||||
Accretable yield, beginning balance | $ | 77,485 | $ | 1,617 | $ | 107,655 | $ | 8,254 | ||||||||
Acquisitions | 898 | — | — | — | ||||||||||||
Accretable yield amortized to interest income | (5,504 | ) | (601 | ) | (7,770 | ) | (1,771 | ) | ||||||||
Accretable yield amortized to indemnification asset (1) | (3,576 | ) | — | (5,648 | ) | — | ||||||||||
Reclassification from non-accretable difference (2) | 1,103 | — | 8,580 | — | ||||||||||||
Increases (decreases) in interest cash flows due to payments and changes in interest rates | (1,224 | ) | — | (5,143 | ) | 78 | ||||||||||
Accretable yield, ending balance (3) | $ | 69,182 | $ | 1,016 | $ | 97,674 | $ | 6,561 | ||||||||
-1 | Represents the portion of the current period accreted yield, resulting from lower expected losses, applied to reduce the loss share indemnification asset. | |||||||||||||||
-2 | Reclassification is the result of subsequent increases in expected principal cash flows. | |||||||||||||||
-3 | As of March 31, 2015, the Company estimates that the remaining accretable yield balance to be amortized to the indemnification asset for the bank acquisitions is $15.8 million. The remainder of the accretable yield related to bank acquisitions is expected to be amortized to interest income. | |||||||||||||||
Accretion to interest income from loans acquired in bank acquisitions totaled $5.5 million and $7.8 million in the first quarter of 2015 and 2014, respectively. These amounts include accretion from both covered and non-covered loans, and are included together within interest and fees on loans in the Consolidated Statements of Income. |
Allowance_for_Loan_Losses_Allo
Allowance for Loan Losses, Allowance for Losses on Lending-Related Commitments and Impaired Loans | 3 Months Ended | |||||||||||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||||||||||
Loans and Leases Receivable, Allowance [Abstract] | ||||||||||||||||||||||||||||||||||||
Allowance for Loan Losses, Allowance for Losses on Lending-Related Commitments and Impaired Loans | Allowance for Loan Losses, Allowance for Losses on Lending-Related Commitments and Impaired Loans | |||||||||||||||||||||||||||||||||||
The tables below show the aging of the Company’s loan portfolio at March 31, 2015, December 31, 2014 and March 31, 2014: | ||||||||||||||||||||||||||||||||||||
As of March 31, 2015 | 90+ days and still accruing | 60-89 days past due | 30-59 days past due | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Nonaccrual | Current | Total Loans | |||||||||||||||||||||||||||||||||
Loan Balances: | ||||||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 5,586 | $ | — | $ | 4,756 | $ | 16,949 | $ | 2,457,174 | $ | 2,484,465 | ||||||||||||||||||||||||
Franchise | — | — | — | 457 | 225,305 | 225,762 | ||||||||||||||||||||||||||||||
Mortgage warehouse lines of credit | — | — | — | — | 186,372 | 186,372 | ||||||||||||||||||||||||||||||
Community Advantage—homeowners association | — | — | — | — | 108,382 | 108,382 | ||||||||||||||||||||||||||||||
Aircraft | — | — | 291 | 389 | 6,295 | 6,975 | ||||||||||||||||||||||||||||||
Asset-based lending | — | — | — | 4,819 | 805,866 | 810,685 | ||||||||||||||||||||||||||||||
Tax exempt | — | — | — | — | 205,195 | 205,195 | ||||||||||||||||||||||||||||||
Leases | — | — | 65 | 517 | 171,432 | 172,014 | ||||||||||||||||||||||||||||||
Other | — | — | — | — | 2,735 | 2,735 | ||||||||||||||||||||||||||||||
PCI - commercial (1) | — | 612 | — | — | 8,735 | 9,347 | ||||||||||||||||||||||||||||||
Total commercial | 5,586 | 612 | 5,112 | 23,131 | 4,177,491 | 4,211,932 | ||||||||||||||||||||||||||||||
Commercial real-estate: | ||||||||||||||||||||||||||||||||||||
Residential construction | — | — | — | — | 46,796 | 46,796 | ||||||||||||||||||||||||||||||
Commercial construction | — | — | — | 992 | 209,039 | 210,031 | ||||||||||||||||||||||||||||||
Land | 2,646 | — | — | 1,942 | 84,454 | 89,042 | ||||||||||||||||||||||||||||||
Office | 8,243 | — | 171 | 3,144 | 731,568 | 743,126 | ||||||||||||||||||||||||||||||
Industrial | 3,496 | — | 61 | 1,719 | 599,050 | 604,326 | ||||||||||||||||||||||||||||||
Retail | 4,975 | — | — | 2,562 | 734,990 | 742,527 | ||||||||||||||||||||||||||||||
Multi-family | 1,750 | — | 393 | 3,671 | 649,589 | 655,403 | ||||||||||||||||||||||||||||||
Mixed use and other | 8,872 | — | 808 | 10,847 | 1,532,036 | 1,552,563 | ||||||||||||||||||||||||||||||
PCI - commercial real-estate (1) | — | 18,120 | 4,639 | 3,242 | 40,671 | 66,672 | ||||||||||||||||||||||||||||||
Total commercial real-estate | 29,982 | 18,120 | 6,072 | 28,119 | 4,628,193 | 4,710,486 | ||||||||||||||||||||||||||||||
Home equity | 7,665 | — | 693 | 2,825 | 698,100 | 709,283 | ||||||||||||||||||||||||||||||
Residential real estate | 14,248 | — | 753 | 8,735 | 469,826 | 493,562 | ||||||||||||||||||||||||||||||
PCI - residential real estate (1) | — | 266 | — | 84 | 2,013 | 2,363 | ||||||||||||||||||||||||||||||
Premium finance receivables | ||||||||||||||||||||||||||||||||||||
Commercial insurance loans | 15,902 | 8,062 | 4,476 | 19,392 | 2,271,791 | 2,319,623 | ||||||||||||||||||||||||||||||
Life insurance loans | — | — | 8,994 | 5,415 | 1,972,197 | 1,986,606 | ||||||||||||||||||||||||||||||
PCI - life insurance loans (1) | — | — | — | — | 389,048 | 389,048 | ||||||||||||||||||||||||||||||
Consumer and other | 236 | 91 | 111 | 634 | 129,084 | 130,156 | ||||||||||||||||||||||||||||||
Total loans, net of unearned income, excluding covered loans | $ | 73,619 | $ | 27,151 | $ | 26,211 | $ | 88,335 | $ | 14,737,743 | $ | 14,953,059 | ||||||||||||||||||||||||
Covered loans | 7,079 | 16,434 | 558 | 6,128 | 179,495 | 209,694 | ||||||||||||||||||||||||||||||
Total loans, net of unearned income | $ | 80,698 | $ | 43,585 | $ | 26,769 | $ | 94,463 | $ | 14,917,238 | $ | 15,162,753 | ||||||||||||||||||||||||
-1 | PCI loans represent loans acquired with evidence of credit quality deterioration since origination, in accordance with ASC 310-30. Loan agings are based upon contractually required payments. | |||||||||||||||||||||||||||||||||||
As of December 31, 2014 | 90+ days and still accruing | 60-89 days past due | 30-59 days past due | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Nonaccrual | Current | Total Loans | |||||||||||||||||||||||||||||||||
Loan Balances: | ||||||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 9,132 | $ | 474 | $ | 3,161 | $ | 7,492 | $ | 2,213,105 | $ | 2,233,364 | ||||||||||||||||||||||||
Franchise | — | — | 308 | 1,219 | 231,789 | 233,316 | ||||||||||||||||||||||||||||||
Mortgage warehouse lines of credit | — | — | — | — | 139,003 | 139,003 | ||||||||||||||||||||||||||||||
Community Advantage—homeowners association | — | — | — | — | 106,364 | 106,364 | ||||||||||||||||||||||||||||||
Aircraft | — | — | — | — | 8,065 | 8,065 | ||||||||||||||||||||||||||||||
Asset-based lending | 25 | — | 1,375 | 2,394 | 802,608 | 806,402 | ||||||||||||||||||||||||||||||
Tax exempt | — | — | — | — | 217,487 | 217,487 | ||||||||||||||||||||||||||||||
Leases | — | — | 77 | 315 | 159,744 | 160,136 | ||||||||||||||||||||||||||||||
Other | — | — | — | — | 11,034 | 11,034 | ||||||||||||||||||||||||||||||
PCI - commercial (1) | — | 365 | 202 | 138 | 8,518 | 9,223 | ||||||||||||||||||||||||||||||
Total commercial | 9,157 | 839 | 5,123 | 11,558 | 3,897,717 | 3,924,394 | ||||||||||||||||||||||||||||||
Commercial real-estate | ||||||||||||||||||||||||||||||||||||
Residential construction | — | — | 250 | 76 | 38,370 | 38,696 | ||||||||||||||||||||||||||||||
Commercial construction | 230 | — | — | 2,023 | 185,513 | 187,766 | ||||||||||||||||||||||||||||||
Land | 2,656 | — | — | 2,395 | 86,779 | 91,830 | ||||||||||||||||||||||||||||||
Office | 7,288 | — | 2,621 | 1,374 | 694,149 | 705,432 | ||||||||||||||||||||||||||||||
Industrial | 2,392 | — | — | 3,758 | 617,820 | 623,970 | ||||||||||||||||||||||||||||||
Retail | 4,152 | — | 116 | 3,301 | 723,919 | 731,488 | ||||||||||||||||||||||||||||||
Multi-family | 249 | — | 249 | 1,921 | 603,323 | 605,742 | ||||||||||||||||||||||||||||||
Mixed use and other | 9,638 | — | 2,603 | 9,023 | 1,443,853 | 1,465,117 | ||||||||||||||||||||||||||||||
PCI - commercial real-estate (1) | — | 10,976 | 6,393 | 4,016 | 34,327 | 55,712 | ||||||||||||||||||||||||||||||
Total commercial real-estate | 26,605 | 10,976 | 12,232 | 27,887 | 4,428,053 | 4,505,753 | ||||||||||||||||||||||||||||||
Home equity | 6,174 | — | 983 | 3,513 | 705,623 | 716,293 | ||||||||||||||||||||||||||||||
Residential real-estate | 15,502 | — | 267 | 6,315 | 459,224 | 481,308 | ||||||||||||||||||||||||||||||
PCI - residential real-estate (1) | — | 549 | — | — | 1,685 | 2,234 | ||||||||||||||||||||||||||||||
Premium finance receivables | ||||||||||||||||||||||||||||||||||||
Commercial insurance loans | 12,705 | 7,665 | 5,995 | 17,328 | 2,307,140 | 2,350,833 | ||||||||||||||||||||||||||||||
Life insurance loans | — | — | 13,084 | 339 | 1,870,669 | 1,884,092 | ||||||||||||||||||||||||||||||
PCI - life insurance loans (1) | — | — | — | — | 393,479 | 393,479 | ||||||||||||||||||||||||||||||
Consumer and other | 277 | 119 | 293 | 838 | 149,485 | 151,012 | ||||||||||||||||||||||||||||||
Total loans, net of unearned income, excluding covered loans | $ | 70,420 | $ | 20,148 | $ | 37,977 | $ | 67,778 | $ | 14,213,075 | $ | 14,409,398 | ||||||||||||||||||||||||
Covered loans | 7,290 | 17,839 | 1,304 | 4,835 | 195,441 | 226,709 | ||||||||||||||||||||||||||||||
Total loans, net of unearned income | $ | 77,710 | $ | 37,987 | $ | 39,281 | $ | 72,613 | $ | 14,408,516 | $ | 14,636,107 | ||||||||||||||||||||||||
-1 | PCI loans represent loans acquired with evidence of credit quality deterioration since origination, in accordance with ASC 310-30. Loan agings are based upon contractually required payments. | |||||||||||||||||||||||||||||||||||
As of March 31, 2014 | 90+ days and still accruing | 60-89 days past due | 30-59 days past due | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Nonaccrual | Current | Total Loans | |||||||||||||||||||||||||||||||||
Loan Balances: | ||||||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 11,112 | $ | 387 | $ | 2,235 | $ | 16,150 | $ | 1,965,425 | $ | 1,995,309 | ||||||||||||||||||||||||
Franchise | — | — | — | 75 | 221,026 | 221,101 | ||||||||||||||||||||||||||||||
Mortgage warehouse lines of credit | — | — | — | — | 60,809 | 60,809 | ||||||||||||||||||||||||||||||
Community Advantage—homeowners association | — | — | — | — | 91,414 | 91,414 | ||||||||||||||||||||||||||||||
Aircraft | — | — | — | — | 8,840 | 8,840 | ||||||||||||||||||||||||||||||
Asset-based lending | 670 | — | — | 10,573 | 729,425 | 740,668 | ||||||||||||||||||||||||||||||
Tax exempt | — | — | — | — | 177,973 | 177,973 | ||||||||||||||||||||||||||||||
Leases | — | — | — | — | 121,986 | 121,986 | ||||||||||||||||||||||||||||||
Other | — | — | — | — | 10,261 | 10,261 | ||||||||||||||||||||||||||||||
PCI - commercial (1) | — | 1,079 | — | 865 | 8,892 | 10,836 | ||||||||||||||||||||||||||||||
Total commercial | 11,782 | 1,466 | 2,235 | 27,663 | 3,396,051 | 3,439,197 | ||||||||||||||||||||||||||||||
Commercial real-estate: | ||||||||||||||||||||||||||||||||||||
Residential construction | — | — | 680 | 27 | 35,690 | 36,397 | ||||||||||||||||||||||||||||||
Commercial construction | 844 | — | — | — | 150,786 | 151,630 | ||||||||||||||||||||||||||||||
Land | 2,405 | — | 2,682 | 3,438 | 99,445 | 107,970 | ||||||||||||||||||||||||||||||
Office | 6,970 | — | 1,672 | 8,868 | 633,655 | 651,165 | ||||||||||||||||||||||||||||||
Industrial | 6,101 | — | 1,114 | 2,706 | 615,139 | 625,060 | ||||||||||||||||||||||||||||||
Retail | 9,540 | — | 217 | 3,089 | 664,584 | 677,430 | ||||||||||||||||||||||||||||||
Multi-family | 1,327 | — | — | 3,820 | 570,616 | 575,763 | ||||||||||||||||||||||||||||||
Mixed use and other | 6,546 | — | 6,626 | 10,744 | 1,337,320 | 1,361,236 | ||||||||||||||||||||||||||||||
PCI - commercial real-estate (1) | — | 21,073 | 2,791 | 6,169 | 45,571 | 75,604 | ||||||||||||||||||||||||||||||
Total commercial real-estate | 33,733 | 21,073 | 15,782 | 38,861 | 4,152,806 | 4,262,255 | ||||||||||||||||||||||||||||||
Home equity | 7,311 | — | 1,650 | 4,972 | 693,815 | 707,748 | ||||||||||||||||||||||||||||||
Residential real estate | 14,385 | — | 946 | 4,889 | 403,474 | 423,694 | ||||||||||||||||||||||||||||||
PCI - residential real estate (1) | — | 1,414 | — | 248 | 1,413 | 3,075 | ||||||||||||||||||||||||||||||
Premium finance receivables | ||||||||||||||||||||||||||||||||||||
Commercial insurance loans | 14,517 | 6,808 | 5,600 | 20,777 | 2,160,659 | 2,208,361 | ||||||||||||||||||||||||||||||
Life insurance loans | — | — | — | 4,312 | 1,511,820 | 1,516,132 | ||||||||||||||||||||||||||||||
PCI - life insurance loans (1) | — | — | — | — | 413,202 | 413,202 | ||||||||||||||||||||||||||||||
Consumer and other | 1,144 | 105 | 213 | 570 | 157,464 | 159,496 | ||||||||||||||||||||||||||||||
Total loans, net of unearned income, excluding covered loans | $ | 82,872 | $ | 30,866 | $ | 26,426 | $ | 102,292 | $ | 12,890,704 | $ | 13,133,160 | ||||||||||||||||||||||||
Covered loans | 9,136 | 35,831 | 6,682 | 7,042 | 253,787 | 312,478 | ||||||||||||||||||||||||||||||
Total loans, net of unearned income | $ | 92,008 | $ | 66,697 | $ | 33,108 | $ | 109,334 | $ | 13,144,491 | $ | 13,445,638 | ||||||||||||||||||||||||
-1 | PCI loans represent loans acquired with evidence of credit quality deterioration since origination, in accordance with ASC 310-30. Loan agings are based upon contractually required payments. | |||||||||||||||||||||||||||||||||||
Our ability to manage credit risk depends in large part on our ability to properly identify and manage problem loans. To do so, the Company operates a credit risk rating system under which our credit management personnel assign a credit risk rating (1 to 10 rating) to each loan at the time of origination and review loans on a regular basis. | ||||||||||||||||||||||||||||||||||||
Each loan officer is responsible for monitoring his or her loan portfolio, recommending a credit risk rating for each loan in his or her portfolio and ensuring the credit risk ratings are appropriate. These credit risk ratings are then ratified by the bank’s chief credit officer and/or concurrence credit officer. Credit risk ratings are determined by evaluating a number of factors including: a borrower’s financial strength, cash flow coverage, collateral protection and guarantees. | ||||||||||||||||||||||||||||||||||||
The Company’s Problem Loan Reporting system automatically includes all loans with credit risk ratings of 6 through 9. This system is designed to provide an on-going detailed tracking mechanism for each problem loan. Once management determines that a loan has deteriorated to a point where it has a credit risk rating of 6 or worse, the Company’s Managed Asset Division performs an overall credit and collateral review. As part of this review, all underlying collateral is identified and the valuation methodology is analyzed and tracked. As a result of this initial review by the Company’s Managed Asset Division, the credit risk rating is reviewed and a portion of the outstanding loan balance may be deemed uncollectible or an impairment reserve may be established. The Company’s impairment analysis utilizes an independent re-appraisal of the collateral (unless such a third-party evaluation is not possible due to the unique nature of the collateral, such as a closely-held business or thinly traded securities). In the case of commercial real-estate collateral, an independent third party appraisal is ordered by the Company’s Real Estate Services Group to determine if there has been any change in the underlying collateral value. These independent appraisals are reviewed by the Real Estate Services Group and sometimes by independent third party valuation experts and may be adjusted depending upon market conditions. | ||||||||||||||||||||||||||||||||||||
Through the credit risk rating process, loans are reviewed to determine if they are performing in accordance with the original contractual terms. If the borrower has failed to comply with the original contractual terms, further action may be required by the Company, including a downgrade in the credit risk rating, movement to non-accrual status, a charge-off or the establishment of a specific impairment reserve. If we determine that a loan amount, or portion thereof, is uncollectible, the loan’s credit risk rating is immediately downgraded to an 8 or 9 and the uncollectible amount is charged-off. Any loan that has a partial charge-off continues to be assigned a credit risk rating of an 8 or 9 for the duration of time that a balance remains outstanding. The Company undertakes a thorough and ongoing analysis to determine if additional impairment and/or charge-offs are appropriate and to begin a workout plan for the credit to minimize actual losses. | ||||||||||||||||||||||||||||||||||||
If, based on current information and events, it is probable that the Company will be unable to collect all amounts due to it according to the contractual terms of the loan agreement, a specific impairment reserve is established. In determining the appropriate charge-off for collateral-dependent loans, the Company considers the results of appraisals for the associated collateral. | ||||||||||||||||||||||||||||||||||||
Non-performing loans include all non-accrual loans (8 and 9 risk ratings) as well as loans 90 days past due and still accruing interest, excluding PCI loans. The remainder of the portfolio is considered performing under the contractual terms of the loan agreement. The following table presents the recorded investment based on performance of loans by class, excluding covered loans, per the most recent analysis at March 31, 2015, December 31, 2014 and March 31, 2014: | ||||||||||||||||||||||||||||||||||||
Performing | Non-performing | Total | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) | March 31, | 31-Dec-14 | March 31, | 31-Mar-15 | 31-Dec-14 | 31-Mar-14 | March 31, | 31-Dec-14 | March 31, | |||||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||||||||||||||||||||||
Loan Balances: | ||||||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 2,478,879 | $ | 2,223,758 | $ | 1,983,810 | $ | 5,586 | $ | 9,606 | $ | 11,499 | $ | 2,484,465 | $ | 2,233,364 | $ | 1,995,309 | ||||||||||||||||||
Franchise | 225,762 | 233,316 | 221,101 | — | — | — | 225,762 | 233,316 | 221,101 | |||||||||||||||||||||||||||
Mortgage warehouse lines of credit | 186,372 | 139,003 | 60,809 | — | — | — | 186,372 | 139,003 | 60,809 | |||||||||||||||||||||||||||
Community Advantage—homeowners association | 108,382 | 106,364 | 91,414 | — | — | — | 108,382 | 106,364 | 91,414 | |||||||||||||||||||||||||||
Aircraft | 6,975 | 8,065 | 8,840 | — | — | — | 6,975 | 8,065 | 8,840 | |||||||||||||||||||||||||||
Asset-based lending | 810,685 | 806,377 | 739,998 | — | 25 | 670 | 810,685 | 806,402 | 740,668 | |||||||||||||||||||||||||||
Tax exempt | 205,195 | 217,487 | 177,973 | — | — | — | 205,195 | 217,487 | 177,973 | |||||||||||||||||||||||||||
Leases | 172,014 | 160,136 | 121,986 | — | — | — | 172,014 | 160,136 | 121,986 | |||||||||||||||||||||||||||
Other | 2,735 | 11,034 | 10,261 | — | — | — | 2,735 | 11,034 | 10,261 | |||||||||||||||||||||||||||
PCI - commercial (1) | 9,347 | 9,223 | 10,836 | — | — | — | 9,347 | 9,223 | 10,836 | |||||||||||||||||||||||||||
Total commercial | 4,206,346 | 3,914,763 | 3,427,028 | 5,586 | 9,631 | 12,169 | 4,211,932 | 3,924,394 | 3,439,197 | |||||||||||||||||||||||||||
Commercial real-estate | ||||||||||||||||||||||||||||||||||||
Residential construction | 46,796 | 38,696 | 36,397 | — | — | — | 46,796 | 38,696 | 36,397 | |||||||||||||||||||||||||||
Commercial construction | 210,031 | 187,536 | 150,786 | — | 230 | 844 | 210,031 | 187,766 | 151,630 | |||||||||||||||||||||||||||
Land | 86,396 | 89,174 | 105,565 | 2,646 | 2,656 | 2,405 | 89,042 | 91,830 | 107,970 | |||||||||||||||||||||||||||
Office | 734,883 | 698,144 | 644,195 | 8,243 | 7,288 | 6,970 | 743,126 | 705,432 | 651,165 | |||||||||||||||||||||||||||
Industrial | 600,830 | 621,578 | 618,959 | 3,496 | 2,392 | 6,101 | 604,326 | 623,970 | 625,060 | |||||||||||||||||||||||||||
Retail | 737,552 | 727,336 | 667,890 | 4,975 | 4,152 | 9,540 | 742,527 | 731,488 | 677,430 | |||||||||||||||||||||||||||
Multi-family | 653,653 | 605,493 | 574,436 | 1,750 | 249 | 1,327 | 655,403 | 605,742 | 575,763 | |||||||||||||||||||||||||||
Mixed use and other | 1,543,691 | 1,455,479 | 1,354,690 | 8,872 | 9,638 | 6,546 | 1,552,563 | 1,465,117 | 1,361,236 | |||||||||||||||||||||||||||
PCI - commercial real-estate(1) | 66,672 | 55,712 | 75,604 | — | — | — | 66,672 | 55,712 | 75,604 | |||||||||||||||||||||||||||
Total commercial real-estate | 4,680,504 | 4,479,148 | 4,228,522 | 29,982 | 26,605 | 33,733 | 4,710,486 | 4,505,753 | 4,262,255 | |||||||||||||||||||||||||||
Home equity | 701,618 | 710,119 | 700,437 | 7,665 | 6,174 | 7,311 | 709,283 | 716,293 | 707,748 | |||||||||||||||||||||||||||
Residential real-estate | 479,314 | 465,806 | 409,309 | 14,248 | 15,502 | 14,385 | 493,562 | 481,308 | 423,694 | |||||||||||||||||||||||||||
PCI - residential real-estate (1) | 2,363 | 2,234 | 3,075 | — | — | — | 2,363 | 2,234 | 3,075 | |||||||||||||||||||||||||||
Premium finance receivables | ||||||||||||||||||||||||||||||||||||
Commercial insurance loans | 2,295,659 | 2,330,463 | 2,187,036 | 23,964 | 20,370 | 21,325 | 2,319,623 | 2,350,833 | 2,208,361 | |||||||||||||||||||||||||||
Life insurance loans | 1,986,606 | 1,884,092 | 1,516,132 | — | — | — | 1,986,606 | 1,884,092 | 1,516,132 | |||||||||||||||||||||||||||
PCI - life insurance loans (1) | 389,048 | 393,479 | 413,202 | — | — | — | 389,048 | 393,479 | 413,202 | |||||||||||||||||||||||||||
Consumer and other | 129,829 | 150,617 | 158,295 | 327 | 395 | 1,201 | 130,156 | 151,012 | 159,496 | |||||||||||||||||||||||||||
Total loans, net of unearned income, excluding covered loans | $ | 14,871,287 | $ | 14,330,721 | $ | 13,043,036 | $ | 81,772 | $ | 78,677 | $ | 90,124 | $ | 14,953,059 | $ | 14,409,398 | $ | 13,133,160 | ||||||||||||||||||
-1 | PCI loans represent loans acquired with evidence of credit quality deterioration since origination, in accordance with ASC 310-30. See Note 6 - Loans for further discussion of these purchased loans. | |||||||||||||||||||||||||||||||||||
A summary of activity in the allowance for credit losses by loan portfolio (excluding covered loans) for the three months ended March 31, 2015 and 2014 is as follows: | ||||||||||||||||||||||||||||||||||||
Three months ended March 31, 2015 | Commercial Real-estate | Home Equity | Residential Real-estate | Premium Finance Receivable | Consumer and Other | Total, Excluding Covered Loans | ||||||||||||||||||||||||||||||
(Dollars in thousands) | Commercial | |||||||||||||||||||||||||||||||||||
Allowance for credit losses | ||||||||||||||||||||||||||||||||||||
Allowance for loan losses at beginning of period | $ | 31,699 | $ | 35,533 | $ | 12,500 | $ | 4,218 | $ | 6,513 | $ | 1,242 | $ | 91,705 | ||||||||||||||||||||||
Other adjustments | (17 | ) | (180 | ) | — | (3 | ) | (48 | ) | — | (248 | ) | ||||||||||||||||||||||||
Reclassification from allowance for unfunded lending-related commitments | — | (113 | ) | — | — | — | — | (113 | ) | |||||||||||||||||||||||||||
Charge-offs | (677 | ) | (1,005 | ) | (584 | ) | (631 | ) | (1,263 | ) | (111 | ) | (4,271 | ) | ||||||||||||||||||||||
Recoveries | 370 | 312 | 48 | 76 | 329 | 53 | 1,188 | |||||||||||||||||||||||||||||
Provision for credit losses | 2,351 | 2,455 | 700 | 436 | 461 | (218 | ) | 6,185 | ||||||||||||||||||||||||||||
Allowance for loan losses at period end | $ | 33,726 | $ | 37,002 | $ | 12,664 | $ | 4,096 | $ | 5,992 | $ | 966 | $ | 94,446 | ||||||||||||||||||||||
Allowance for unfunded lending-related commitments at period end | $ | — | $ | 888 | $ | — | $ | — | $ | — | $ | — | $ | 888 | ||||||||||||||||||||||
Allowance for credit losses at period end | $ | 33,726 | $ | 37,890 | $ | 12,664 | $ | 4,096 | $ | 5,992 | $ | 966 | $ | 95,334 | ||||||||||||||||||||||
Individually evaluated for impairment | $ | 1,814 | $ | 3,256 | $ | 948 | $ | 208 | $ | — | $ | 26 | $ | 6,252 | ||||||||||||||||||||||
Collectively evaluated for impairment | 31,912 | 34,521 | 11,716 | 3,794 | 5,992 | 940 | 88,875 | |||||||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | — | 113 | — | 94 | — | — | 207 | |||||||||||||||||||||||||||||
Loans at period end | ||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 12,361 | $ | 75,886 | $ | 7,879 | $ | 17,144 | $ | — | $ | 381 | $ | 113,651 | ||||||||||||||||||||||
Collectively evaluated for impairment | 4,190,224 | 4,567,928 | 701,404 | 476,418 | 4,306,229 | 129,775 | 14,371,978 | |||||||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | 9,347 | 66,672 | — | 2,363 | 389,048 | — | 467,430 | |||||||||||||||||||||||||||||
Three months ended March 31, 2014 | Commercial | Commercial Real-estate | Home Equity | Residential Real-estate | Premium Finance Receivable | Consumer and Other | Total, Excluding Covered Loans | |||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||
Allowance for credit losses | ||||||||||||||||||||||||||||||||||||
Allowance for loan losses at beginning of period | $ | 23,092 | $ | 48,658 | $ | 12,611 | $ | 5,108 | $ | 5,583 | $ | 1,870 | $ | 96,922 | ||||||||||||||||||||||
Other adjustments | (15 | ) | (121 | ) | (1 | ) | (2 | ) | (9 | ) | — | (148 | ) | |||||||||||||||||||||||
Reclassification from allowance for unfunded lending-related commitments | — | (18 | ) | — | — | — | — | (18 | ) | |||||||||||||||||||||||||||
Charge-offs | (648 | ) | (4,493 | ) | (2,267 | ) | (226 | ) | (1,210 | ) | (173 | ) | (9,017 | ) | ||||||||||||||||||||||
Recoveries | 317 | 145 | 257 | 131 | 321 | 61 | 1,232 | |||||||||||||||||||||||||||||
Provision for credit losses | 1,943 | 434 | 366 | (320 | ) | 897 | (16 | ) | 3,304 | |||||||||||||||||||||||||||
Allowance for loan losses at period end | $ | 24,689 | $ | 44,605 | $ | 10,966 | $ | 4,691 | $ | 5,582 | $ | 1,742 | $ | 92,275 | ||||||||||||||||||||||
Allowance for unfunded lending-related commitments at period end | $ | — | $ | 737 | $ | — | $ | — | $ | — | $ | — | $ | 737 | ||||||||||||||||||||||
Allowance for credit losses at period end | $ | 24,689 | $ | 45,342 | $ | 10,966 | $ | 4,691 | $ | 5,582 | $ | 1,742 | $ | 93,012 | ||||||||||||||||||||||
Individually evaluated for impairment | $ | 3,107 | $ | 4,041 | $ | 596 | $ | 455 | $ | — | $ | 95 | $ | 8,294 | ||||||||||||||||||||||
Collectively evaluated for impairment | 21,512 | 41,301 | 10,370 | 4,147 | 5,582 | 1,647 | 84,559 | |||||||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | 70 | — | — | 89 | — | — | 159 | |||||||||||||||||||||||||||||
Loans at period end | ||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 18,350 | $ | 99,480 | $ | 7,537 | $ | 18,026 | $ | — | $ | 1,592 | $ | 144,985 | ||||||||||||||||||||||
Collectively evaluated for impairment | 3,410,011 | 4,087,171 | 700,211 | 405,668 | 3,724,493 | 157,662 | 12,485,216 | |||||||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | 10,836 | 75,604 | — | 3,075 | 413,202 | 242 | 502,959 | |||||||||||||||||||||||||||||
A summary of activity in the allowance for covered loan losses for the three months ended March 31, 2015 and 2014 is as follows: | ||||||||||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||||||
March 31, | March 31, | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2015 | 2014 | ||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 2,131 | $ | 10,092 | ||||||||||||||||||||||||||||||||
Provision for covered loan losses before benefit attributable to FDIC loss share agreements | (529 | ) | (7,121 | ) | ||||||||||||||||||||||||||||||||
Benefit attributable to FDIC loss share agreements | 423 | 5,697 | ||||||||||||||||||||||||||||||||||
Net provision for covered loan losses | (106 | ) | (1,424 | ) | ||||||||||||||||||||||||||||||||
Decrease in FDIC indemnification asset | (423 | ) | (5,697 | ) | ||||||||||||||||||||||||||||||||
Loans charged-off | (237 | ) | (2,864 | ) | ||||||||||||||||||||||||||||||||
Recoveries of loans charged-off | 513 | 3,340 | ||||||||||||||||||||||||||||||||||
Net recoveries | 276 | 476 | ||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 1,878 | $ | 3,447 | ||||||||||||||||||||||||||||||||
In conjunction with FDIC-assisted transactions, the Company entered into loss share agreements with the FDIC. Additional expected losses, to the extent such expected losses result in the recognition of an allowance for loan losses, will increase the FDIC indemnification asset. The allowance for loan losses for loans acquired in FDIC-assisted transactions is determined without giving consideration to the amounts recoverable through loss share agreements (since the loss share agreements are separately accounted for and thus presented “gross” on the balance sheet). On the Consolidated Statements of Income, the provision for credit losses is reported net of changes in the amount recoverable under the loss share agreements. Reductions to expected losses, to the extent such reductions to expected losses are the result of an improvement to the actual or expected cash flows from the covered assets, will reduce the FDIC indemnification asset. Additions to expected losses will require an increase to the allowance for loan losses, and a corresponding increase to the FDIC indemnification asset. See “FDIC-Assisted Transactions” within Note 3 – Business Combinations for more detail. | ||||||||||||||||||||||||||||||||||||
Impaired Loans | ||||||||||||||||||||||||||||||||||||
A summary of impaired loans, including troubled debt restructurings ("TDRs"), is as follows: | ||||||||||||||||||||||||||||||||||||
March 31, | December 31, | March 31, | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2015 | 2014 | 2014 | |||||||||||||||||||||||||||||||||
Impaired loans (included in non-performing and TDRs): | ||||||||||||||||||||||||||||||||||||
Impaired loans with an allowance for loan loss required (1) | $ | 48,610 | $ | 69,487 | $ | 86,381 | ||||||||||||||||||||||||||||||
Impaired loans with no allowance for loan loss required | 63,794 | 57,925 | 56,596 | |||||||||||||||||||||||||||||||||
Total impaired loans (2) | $ | 112,404 | $ | 127,412 | $ | 142,977 | ||||||||||||||||||||||||||||||
Allowance for loan losses related to impaired loans | $ | 6,199 | $ | 6,270 | $ | 8,197 | ||||||||||||||||||||||||||||||
TDRs | $ | 67,218 | $ | 82,275 | $ | 92,517 | ||||||||||||||||||||||||||||||
-1 | These impaired loans require an allowance for loan losses because the estimated fair value of the loans or related collateral is less than the recorded investment in the loans. | |||||||||||||||||||||||||||||||||||
-2 | Impaired loans are considered by the Company to be non-accrual loans, TDRs or loans with principal and/or interest at risk, even if the loan is current with all payments of principal and interest. | |||||||||||||||||||||||||||||||||||
The following tables present impaired loans evaluated for impairment by loan class for the periods ended as follows: | ||||||||||||||||||||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||||||||||||||||||||
As of March 31, 2015 | 31-Mar-15 | |||||||||||||||||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||
Impaired loans with a related ASC 310 allowance recorded | ||||||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 7,230 | $ | 7,830 | $ | 1,795 | $ | 7,465 | $ | 92 | ||||||||||||||||||||||||||
Franchise | — | — | — | — | — | |||||||||||||||||||||||||||||||
Mortgage warehouse lines of credit | — | — | — | — | — | |||||||||||||||||||||||||||||||
Community Advantage—homeowners association | — | — | — | — | — | |||||||||||||||||||||||||||||||
Aircraft | — | — | — | — | — | |||||||||||||||||||||||||||||||
Asset-based lending | — | — | — | — | — | |||||||||||||||||||||||||||||||
Tax exempt | — | — | — | — | — | |||||||||||||||||||||||||||||||
Leases | — | — | — | — | — | |||||||||||||||||||||||||||||||
Other | — | — | — | — | — | |||||||||||||||||||||||||||||||
Commercial real-estate | ||||||||||||||||||||||||||||||||||||
Residential construction | — | — | — | — | — | |||||||||||||||||||||||||||||||
Commercial construction | — | — | — | — | — | |||||||||||||||||||||||||||||||
Land | 4,475 | 8,090 | 29 | 4,734 | 127 | |||||||||||||||||||||||||||||||
Office | 8,354 | 11,053 | 598 | 8,399 | 131 | |||||||||||||||||||||||||||||||
Industrial | 1,402 | 1,487 | 559 | 1,406 | 20 | |||||||||||||||||||||||||||||||
Retail | 10,259 | 12,286 | 371 | 10,294 | 128 | |||||||||||||||||||||||||||||||
Multi-family | 2,266 | 2,363 | 241 | 2,273 | 26 | |||||||||||||||||||||||||||||||
Mixed use and other | 7,891 | 10,041 | 1,449 | 7,907 | 116 | |||||||||||||||||||||||||||||||
Home equity | 2,807 | 2,962 | 948 | 2,809 | 29 | |||||||||||||||||||||||||||||||
Residential real-estate | 3,728 | 3,934 | 183 | 3,724 | 45 | |||||||||||||||||||||||||||||||
Premium finance receivables | ||||||||||||||||||||||||||||||||||||
Commercial insurance | — | — | — | — | — | |||||||||||||||||||||||||||||||
Life insurance | — | — | — | — | — | |||||||||||||||||||||||||||||||
PCI - life insurance | — | — | — | — | — | |||||||||||||||||||||||||||||||
Consumer and other | 198 | 200 | 26 | 203 | 4 | |||||||||||||||||||||||||||||||
Impaired loans with no related ASC 310 allowance recorded | ||||||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 4,630 | $ | 7,595 | $ | — | $ | 4,647 | $ | 125 | ||||||||||||||||||||||||||
Franchise | — | — | — | — | — | |||||||||||||||||||||||||||||||
Mortgage warehouse lines of credit | — | — | — | — | — | |||||||||||||||||||||||||||||||
Community Advantage—homeowners association | — | — | — | — | — | |||||||||||||||||||||||||||||||
Aircraft | — | — | — | — | — | |||||||||||||||||||||||||||||||
Asset-based lending | — | — | — | — | — | |||||||||||||||||||||||||||||||
Tax exempt | — | — | — | — | — | |||||||||||||||||||||||||||||||
Leases | — | — | — | — | — | |||||||||||||||||||||||||||||||
Other | — | — | — | — | — | |||||||||||||||||||||||||||||||
Commercial real-estate | ||||||||||||||||||||||||||||||||||||
Residential construction | — | — | — | — | — | |||||||||||||||||||||||||||||||
Commercial construction | 2,645 | 2,645 | — | 2,645 | 30 | |||||||||||||||||||||||||||||||
Land | 5,134 | 5,868 | — | 5,137 | 62 | |||||||||||||||||||||||||||||||
Office | 6,890 | 6,965 | — | 6,971 | 77 | |||||||||||||||||||||||||||||||
Industrial | 2,772 | 3,134 | — | 2,837 | 55 | |||||||||||||||||||||||||||||||
Retail | 5,053 | 9,130 | — | 5,315 | 105 | |||||||||||||||||||||||||||||||
Multi-family | 777 | 1,199 | — | 778 | 13 | |||||||||||||||||||||||||||||||
Mixed use and other | 17,479 | 17,723 | — | 17,688 | 185 | |||||||||||||||||||||||||||||||
Home equity | 5,072 | 6,771 | — | 5,126 | 70 | |||||||||||||||||||||||||||||||
Residential real-estate | 13,159 | 14,644 | — | 13,190 | 145 | |||||||||||||||||||||||||||||||
Premium finance receivables | ||||||||||||||||||||||||||||||||||||
Commercial insurance | — | — | — | — | — | |||||||||||||||||||||||||||||||
Life insurance | — | — | — | — | — | |||||||||||||||||||||||||||||||
PCI - life insurance | — | — | — | — | — | |||||||||||||||||||||||||||||||
Consumer and other | 183 | 249 | — | 145 | 3 | |||||||||||||||||||||||||||||||
Total loans, net of unearned income, excluding covered loans | $ | 112,404 | $ | 136,169 | $ | 6,199 | $ | 113,693 | $ | 1,588 | ||||||||||||||||||||||||||
For the Twelve Months Ended | ||||||||||||||||||||||||||||||||||||
As of December 31, 2014 | 31-Dec-14 | |||||||||||||||||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||
Impaired loans with a related ASC 310 allowance recorded | ||||||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 9,989 | $ | 10,785 | $ | 1,915 | $ | 10,784 | $ | 539 | ||||||||||||||||||||||||||
Franchise | — | — | — | — | — | |||||||||||||||||||||||||||||||
Mortgage warehouse lines of credit | — | — | — | — | — | |||||||||||||||||||||||||||||||
Community Advantage—homeowners association | — | — | — | — | — | |||||||||||||||||||||||||||||||
Aircraft | — | — | — | — | — | |||||||||||||||||||||||||||||||
Asset-based lending | — | — | — | — | — | |||||||||||||||||||||||||||||||
Tax exempt | — | — | — | — | — | |||||||||||||||||||||||||||||||
Leases | — | — | — | — | — | |||||||||||||||||||||||||||||||
Other | — | — | — | — | — | |||||||||||||||||||||||||||||||
Commercial real-estate | ||||||||||||||||||||||||||||||||||||
Residential construction | — | — | — | — | — | |||||||||||||||||||||||||||||||
Commercial construction | — | — | — | — | — | |||||||||||||||||||||||||||||||
Land | 5,011 | 8,626 | 43 | 5,933 | 544 | |||||||||||||||||||||||||||||||
Office | 11,038 | 12,863 | 305 | 11,567 | 576 | |||||||||||||||||||||||||||||||
Industrial | 195 | 277 | 15 | 214 | 13 | |||||||||||||||||||||||||||||||
Retail | 11,045 | 14,566 | 487 | 12,116 | 606 | |||||||||||||||||||||||||||||||
Multi-family | 2,808 | 3,321 | 158 | 2,839 | 145 | |||||||||||||||||||||||||||||||
Mixed use and other | 21,777 | 24,076 | 2,240 | 21,483 | 1,017 | |||||||||||||||||||||||||||||||
Home equity | 1,946 | 2,055 | 475 | 1,995 | 80 | |||||||||||||||||||||||||||||||
Residential real-estate | 5,467 | 5,600 | 606 | 5,399 | 241 | |||||||||||||||||||||||||||||||
Premium finance receivables | — | |||||||||||||||||||||||||||||||||||
Commercial insurance | — | — | — | — | — | |||||||||||||||||||||||||||||||
Life insurance | — | — | — | — | — | |||||||||||||||||||||||||||||||
Purchased life insurance | — | — | — | — | — | |||||||||||||||||||||||||||||||
Consumer and other | 211 | 213 | 26 | 214 | 10 | |||||||||||||||||||||||||||||||
Impaired loans with no related ASC 310 allowance recorded | ||||||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 5,797 | $ | 8,862 | $ | — | $ | 6,664 | $ | 595 | ||||||||||||||||||||||||||
Franchise | — | — | — | — | — | |||||||||||||||||||||||||||||||
Mortgage warehouse lines of credit | — | — | — | — | — | |||||||||||||||||||||||||||||||
Community Advantage—homeowners association | — | — | — | — | — | |||||||||||||||||||||||||||||||
Aircraft | — | — | — | — | — | |||||||||||||||||||||||||||||||
Asset-based lending | 25 | 1,952 | — | 87 | 100 | |||||||||||||||||||||||||||||||
Tax exempt | — | — | — | — | — | |||||||||||||||||||||||||||||||
Leases | — | — | — | — | — | |||||||||||||||||||||||||||||||
Other | — | — | — | — | — | |||||||||||||||||||||||||||||||
Commercial real-estate | ||||||||||||||||||||||||||||||||||||
Residential construction | — | — | — | — | — | |||||||||||||||||||||||||||||||
Commercial construction | 2,875 | 3,085 | — | 3,183 | 151 | |||||||||||||||||||||||||||||||
Land | 10,210 | 10,941 | — | 10,268 | 430 | |||||||||||||||||||||||||||||||
Office | 4,132 | 5,020 | — | 4,445 | 216 | |||||||||||||||||||||||||||||||
Industrial | 4,160 | 4,498 | — | 3,807 | 286 | |||||||||||||||||||||||||||||||
Retail | 5,487 | 7,470 | — | 6,915 | 330 | |||||||||||||||||||||||||||||||
Multi-family | — | — | — | — | — | |||||||||||||||||||||||||||||||
Mixed use and other | 7,985 | 8,804 | — | 9,533 | 449 | |||||||||||||||||||||||||||||||
Home equity | 4,453 | 6,172 | — | 4,666 | 256 | |||||||||||||||||||||||||||||||
Residential real-estate | 12,640 | 14,334 | — | 12,682 | 595 | |||||||||||||||||||||||||||||||
Premium finance receivables | ||||||||||||||||||||||||||||||||||||
Commercial insurance | — | — | — | — | — | |||||||||||||||||||||||||||||||
Life insurance | — | — | — | — | — | |||||||||||||||||||||||||||||||
Purchased life insurance | — | — | — | — | — | |||||||||||||||||||||||||||||||
Consumer and other | 161 | 222 | — | 173 | 11 | |||||||||||||||||||||||||||||||
Total loans, net of unearned income, excluding covered loans | $ | 127,412 | $ | 153,742 | $ | 6,270 | $ | 134,967 | $ | 7,190 | ||||||||||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||||||||||||||||||||
As of March 31, 2014 | 31-Mar-14 | |||||||||||||||||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||
Impaired loans with a related ASC 310 allowance recorded | ||||||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 9,167 | $ | 10,029 | $ | 2,459 | $ | 9,340 | $ | 120 | ||||||||||||||||||||||||||
Franchise | — | — | — | — | — | |||||||||||||||||||||||||||||||
Mortgage warehouse lines of credit | — | — | — | — | — | |||||||||||||||||||||||||||||||
Community Advantage—homeowners association | — | — | — | — | — | |||||||||||||||||||||||||||||||
Aircraft | — | — | — | — | — | |||||||||||||||||||||||||||||||
Asset-based lending | 670 | 2,465 | 620 | 677 | 31 | |||||||||||||||||||||||||||||||
Tax exempt | — | — | — | — | — | |||||||||||||||||||||||||||||||
Leases | — | — | — | — | — | |||||||||||||||||||||||||||||||
Other | — | — | — | — | — | |||||||||||||||||||||||||||||||
Commercial real-estate | ||||||||||||||||||||||||||||||||||||
Residential construction | — | — | — | — | — | |||||||||||||||||||||||||||||||
Commercial construction | 3,099 | 3,099 | 24 | 3,099 | 28 | |||||||||||||||||||||||||||||||
Land | 9,260 | 9,625 | 174 | 9,688 | 79 | |||||||||||||||||||||||||||||||
Office | 8,712 | 9,398 | 1,069 | 8,767 | 90 | |||||||||||||||||||||||||||||||
Industrial | 6,597 | 6,765 | 513 | 5,985 | 81 | |||||||||||||||||||||||||||||||
Retail | 12,763 | 12,903 | 826 | 12,819 | 132 | |||||||||||||||||||||||||||||||
Multi-family | 2,053 | 2,143 | 122 | 2,057 | 23 | |||||||||||||||||||||||||||||||
Mixed use and other | 25,420 | 25,591 | 1,272 | 25,853 | 291 | |||||||||||||||||||||||||||||||
Home equity | 2,109 | 2,534 | 596 | 2,117 | 24 | |||||||||||||||||||||||||||||||
Residential real-estate | 6,222 | 6,362 | 427 | 6,094 | 68 | |||||||||||||||||||||||||||||||
Premium finance receivables | ||||||||||||||||||||||||||||||||||||
Commercial insurance | — | — | — | — | — | |||||||||||||||||||||||||||||||
Life insurance | — | — | — | — | — | |||||||||||||||||||||||||||||||
Purchased life insurance | — | — | — | — | — | |||||||||||||||||||||||||||||||
Consumer and other | 309 | 367 | 95 | 290 | 5 | |||||||||||||||||||||||||||||||
Impaired loans with no related ASC 310 allowance recorded | ||||||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 7,789 | $ | 14,415 | $ | — | $ | 8,179 | $ | 208 | ||||||||||||||||||||||||||
Franchise | — | — | — | — | — | |||||||||||||||||||||||||||||||
Mortgage warehouse lines of credit | — | — | — | — | — | |||||||||||||||||||||||||||||||
Community Advantage—homeowners association | — | — | — | — | — | |||||||||||||||||||||||||||||||
Aircraft | — | — | — | — | — | |||||||||||||||||||||||||||||||
Asset-based lending | — | — | — | — | — | |||||||||||||||||||||||||||||||
Tax exempt | — | — | — | — | — | |||||||||||||||||||||||||||||||
Leases | — | — | — | — | — | |||||||||||||||||||||||||||||||
Other | — | — | — | — | — | |||||||||||||||||||||||||||||||
Commercial real-estate | ||||||||||||||||||||||||||||||||||||
Residential construction | 891 | 891 | — | 1,245 | 12 | |||||||||||||||||||||||||||||||
Commercial construction | 1,466 | 1,471 | — | 1,418 | 17 | |||||||||||||||||||||||||||||||
Land | 4,982 | 8,764 | — | 4,985 | 109 | |||||||||||||||||||||||||||||||
Office | 6,260 | 6,301 | — | 6,266 | 83 | |||||||||||||||||||||||||||||||
Industrial | 2,298 | 2,470 | — | 2,314 | 47 | |||||||||||||||||||||||||||||||
Retail | 10,419 | 12,273 | — | 11,006 | 140 | |||||||||||||||||||||||||||||||
Multi-family | 1,078 | 2,013 | — | 1,201 | 23 | |||||||||||||||||||||||||||||||
Mixed use and other | 3,161 | 5,044 | — | 3,096 | 67 | |||||||||||||||||||||||||||||||
Home equity | 5,428 | 7,044 | — | 5,777 | 73 | |||||||||||||||||||||||||||||||
Residential real-estate | 11,541 | 14,427 | — | 11,699 | 137 | |||||||||||||||||||||||||||||||
Premium finance receivables | ||||||||||||||||||||||||||||||||||||
Commercial insurance | — | — | — | — | — | |||||||||||||||||||||||||||||||
Life insurance | — | — | — | — | — | |||||||||||||||||||||||||||||||
Purchased life insurance | — | — | — | — | — | |||||||||||||||||||||||||||||||
Consumer and other | 1,283 | 1,809 | — | 1,285 | 27 | |||||||||||||||||||||||||||||||
Total loans, net of unearned income, excluding covered loans | $ | 142,977 | $ | 168,203 | $ | 8,197 | $ | 145,257 | $ | 1,915 | ||||||||||||||||||||||||||
TDRs | ||||||||||||||||||||||||||||||||||||
At March 31, 2015, the Company had $67.2 million in loans modified in TDRs. The $67.2 million in TDRs represents 125 credits in which economic concessions were granted to certain borrowers to better align the terms of their loans with their current ability to pay. | ||||||||||||||||||||||||||||||||||||
The Company’s approach to restructuring loans, excluding PCI loans, is built on its credit risk rating system which requires credit management personnel to assign a credit risk rating to each loan. In each case, the loan officer is responsible for recommending a credit risk rating for each loan and ensuring the credit risk ratings are appropriate. These credit risk ratings are then reviewed and approved by the bank’s chief credit officer and/or concurrence credit officer. Credit risk ratings are determined by evaluating a number of factors including a borrower’s financial strength, cash flow coverage, collateral protection and guarantees. The Company’s credit risk rating scale is one through ten with higher scores indicating higher risk. In the case of loans rated six or worse following modification, the Company’s Managed Assets Division evaluates the loan and the credit risk rating and determines that the loan has been restructured to be reasonably assured of repayment and of performance according to the modified terms and is supported by a current, well-documented credit assessment of the borrower’s financial condition and prospects for repayment under the revised terms. | ||||||||||||||||||||||||||||||||||||
A modification of a loan, excluding PCI loans, with an existing credit risk rating of six or worse or a modification of any other credit which will result in a restructured credit risk rating of six or worse, must be reviewed for possible TDR classification. In that event, our Managed Assets Division conducts an overall credit and collateral review. A modification of these loans is considered to be a TDR if both (1) the borrower is experiencing financial difficulty and (2) for economic or legal reasons, the bank grants a concession to a borrower that it would not otherwise consider. The modification of a loan, excluding PCI loans, where the credit risk rating is five or better both before and after such modification is not considered to be a TDR. Based on the Company’s credit risk rating system, it considers that borrowers whose credit risk rating is five or better are not experiencing financial difficulties and therefore, are not considered TDRs. | ||||||||||||||||||||||||||||||||||||
All credits determined to be a TDR will continue to be classified as a TDR in all subsequent periods, unless at any subsequent re-modification the borrower has been in compliance with the loan’s modified terms for a period of six months (including over a calendar year-end) and the current interest rate represents a market rate at the time of restructuring. The Managed Assets Division, in consultation with the respective loan officer, determines whether the modified interest rate represented a current market rate at the time of restructuring. Using knowledge of current market conditions and rates, competitive pricing on recent loan originations, and an assessment of various characteristics of the modified loan (including collateral position and payment history), an appropriate market rate for a new borrower with similar risk is determined. If the modified interest rate meets or exceeds this market rate for a new borrower with similar risk, the modified interest rate represents a market rate at the time of restructuring. Additionally, before removing a loan from TDR classification, a review of the current or previously measured impairment on the loan and any concerns related to future performance by the borrower is conducted. If concerns exist about the future ability of the borrower to meet its obligations under the loans based on a credit review by the Managed Assets Division, the TDR classification is not removed from the loan. | ||||||||||||||||||||||||||||||||||||
TDRs are reviewed at the time of the modification and on a quarterly basis to determine if a specific reserve is necessary. The carrying amount of the loan is compared to the expected payments to be received, discounted at the loan's original rate, or for collateral dependent loans, to the fair value of the collateral. Any shortfall is recorded as a specific reserve. The Company, in accordance with ASC 310-10, continues to individually measure impairment of these loans after the TDR classification is removed. | ||||||||||||||||||||||||||||||||||||
Each TDR was reviewed for impairment at March 31, 2015 and approximately $866,000 of impairment was present and appropriately reserved for through the Company’s normal reserving methodology in the Company’s allowance for loan losses. For TDRs in which impairment is calculated by the present value of future cash flows, the Company records interest income representing the decrease in impairment resulting from the passage of time during the respective period, which differs from interest income from contractually required interest on these specific loans. During the three months ended March 31, 2015 and 2014, the Company recorded $193,000 and $132,000, respectively, in interest income representing this decrease in impairment. | ||||||||||||||||||||||||||||||||||||
TDRs may arise in which, due to financial difficulties experienced by the borrower, the Company obtains through physical possession one or more collateral assets in satisfaction of all or part of an existing credit. Once possession is obtained, the Company reclassifies the appropriate portion of the remaining balance of the credit from loans to OREO, which is included within other assets in the Consolidated Statements of Condition. For any residential real estate property collateralizing a consumer mortgage loan, the Company is considered to possess the related collateral only if legal title is obtained upon completion of foreclosure, or the borrower conveys all interest in the residential real estate property to the Company through completion of a deed in lieu of foreclosure or similar legal agreement. Excluding covered OREO, at March 31, 2015, the Company had $9.9 million of foreclosed residential real estate properties included within OREO. | ||||||||||||||||||||||||||||||||||||
The tables below present a summary of the post-modification balance of loans restructured during the three months ended March 31, 2015 and 2014, respectively, which represent TDRs: | ||||||||||||||||||||||||||||||||||||
Three months ended | Total (1)(2) | Extension at | Reduction of Interest | Modification to | Forgiveness of Debt(2) | |||||||||||||||||||||||||||||||
31-Mar-15 | Below Market | Rate (2) | Interest-only | |||||||||||||||||||||||||||||||||
Terms (2) | Payments (2) | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Count | Balance | Count | Balance | Count | Balance | Count | Balance | Count | Balance | ||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||
Commercial and industrial | — | $ | — | — | $ | — | — | $ | — | — | $ | — | — | $ | — | |||||||||||||||||||||
Commercial real-estate | ||||||||||||||||||||||||||||||||||||
Industrial | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Retail | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Mixed use and other | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Residential real estate and other | 3 | 294 | 3 | 294 | 2 | 80 | 1 | 50 | — | — | ||||||||||||||||||||||||||
Total loans | 3 | $ | 294 | 3 | $ | 294 | 2 | $ | 80 | 1 | $ | 50 | — | $ | — | |||||||||||||||||||||
Three months ended | Total (1)(2) | Extension at | Reduction of Interest | Modification to | Forgiveness of Debt(2) | |||||||||||||||||||||||||||||||
31-Mar-14 | Below Market | Rate (2) | Interest-only | |||||||||||||||||||||||||||||||||
Terms (2) | Payments (2) | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Count | Balance | Count | Balance | Count | Balance | Count | Balance | Count | Balance | ||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||
Commercial and industrial | 1 | $ | 88 | 1 | $ | 88 | — | $ | — | 1 | $ | 88 | — | $ | — | |||||||||||||||||||||
Commercial real-estate | ||||||||||||||||||||||||||||||||||||
Industrial | 1 | 1,078 | 1 | 1,078 | — | — | 1 | 1,078 | — | — | ||||||||||||||||||||||||||
Retail | 1 | 202 | 1 | 202 | — | — | — | — | — | — | ||||||||||||||||||||||||||
Mixed use and other | 3 | 3,877 | 2 | 2,604 | 3 | 3,877 | 1 | 1,273 | — | — | ||||||||||||||||||||||||||
Residential real estate and other | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Total loans | 6 | $ | 5,245 | 5 | $ | 3,972 | 3 | $ | 3,877 | 3 | $ | 2,439 | — | $ | — | |||||||||||||||||||||
-1 | TDRs may have more than one modification representing a concession. As such, TDRs during the period may be represented in more than one of the categories noted above. | |||||||||||||||||||||||||||||||||||
-2 | Balances represent the recorded investment in the loan at the time of the restructuring. | |||||||||||||||||||||||||||||||||||
During the three months ended March 31, 2015, three loans totaling $294,000 were determined to be TDRs, compared to six loans totaling $5.2 million in the same period of 2014. Of these loans extended at below market terms, the weighted average extension had a term of approximately 17 months during the three months ended March 31, 2015 compared to 13 months for the same period of 2014. Further, the weighted average decrease in the stated interest rate for loans with a reduction of interest rate during the period was approximately 180 basis points and 176 basis points during the three months ending March 31, 2015 and 2014, respectively. Interest-only payment terms were approximately 24 months during the three months ending March 31, 2015 compared to approximately nine months during the three months ending March 31, 2014. Additionally, no principal balances were forgiven in the first quarter of 2015 or 2014. | ||||||||||||||||||||||||||||||||||||
The following table presents a summary of all loans restructured in TDRs during the twelve months ended March 31, 2015 and 2014, and such loans which were in payment default under the restructured terms during the respective periods below: | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | As of March 31, 2015 | Three Months Ended | As of March 31, 2014 | Three Months Ended | ||||||||||||||||||||||||||||||||
31-Mar-15 | 31-Mar-14 | |||||||||||||||||||||||||||||||||||
Total (1)(3) | Payments in Default (2)(3) | Total (1)(3) | Payments in Default (2)(3) | |||||||||||||||||||||||||||||||||
Count | Balance | Count | Balance | Count | Balance | Count | Balance | |||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||
Commercial and industrial | 1 | $ | 1,461 | — | $ | — | 1 | $ | 88 | — | $ | — | ||||||||||||||||||||||||
Commercial real-estate | ||||||||||||||||||||||||||||||||||||
Commercial construction | — | — | — | — | 3 | 6,120 | 3 | 6,120 | ||||||||||||||||||||||||||||
Land | — | — | — | — | 1 | 2,352 | — | — | ||||||||||||||||||||||||||||
Office | 2 | 1,510 | 1 | 790 | 4 | 4,021 | 3 | 3,465 | ||||||||||||||||||||||||||||
Industrial | 1 | 685 | — | — | 2 | 2,027 | — | — | ||||||||||||||||||||||||||||
Retail | — | — | — | — | 1 | 202 | — | — | ||||||||||||||||||||||||||||
Multi-family | 1 | 181 | 1 | 181 | — | — | — | — | ||||||||||||||||||||||||||||
Mixed use and other | 4 | 1,049 | 3 | 816 | 9 | 8,919 | 2 | 399 | ||||||||||||||||||||||||||||
Residential real estate and other | 9 | 2,131 | 2 | 261 | 6 | 1,919 | — | — | ||||||||||||||||||||||||||||
Total loans | 18 | $ | 7,017 | 7 | $ | 2,048 | 27 | $ | 25,648 | 8 | $ | 9,984 | ||||||||||||||||||||||||
-1 | Total TDRs represent all loans restructured in TDRs during the previous twelve months from the date indicated. | |||||||||||||||||||||||||||||||||||
-2 | TDRs considered to be in payment default are over 30 days past-due subsequent to the restructuring. | |||||||||||||||||||||||||||||||||||
-3 | Balances represent the recorded investment in the loan at the time of the restructuring. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets | |||||||||||||||||||
A summary of the Company’s goodwill assets by business segment is presented in the following table: | ||||||||||||||||||||
(Dollars in thousands) | January 1, | Goodwill | Impairment | Goodwill Adjustments | March 31, | |||||||||||||||
2015 | Acquired | Loss | 2015 | |||||||||||||||||
Community banking | $ | 331,752 | $ | 16,718 | $ | — | $ | — | $ | 348,470 | ||||||||||
Specialty finance | 41,768 | — | — | (2,155 | ) | 39,613 | ||||||||||||||
Wealth management | 32,114 | — | — | — | 32,114 | |||||||||||||||
Total | $ | 405,634 | $ | 16,718 | $ | — | $ | (2,155 | ) | $ | 420,197 | |||||||||
The community banking segment's goodwill increased $16.7 million in the first quarter of 2015 as a result of the acquisition of Delavan. The specialty finance segment's goodwill decreased $2.2 million in the first quarter of 2015 as a result of foreign currency translation adjustments related to the Canadian acquisitions. | ||||||||||||||||||||
A summary of finite-lived intangible assets as of the dates shown and the expected amortization as of March 31, 2015 is as follows: | ||||||||||||||||||||
(Dollars in thousands) | March 31, | 31-Dec-14 | March 31, | |||||||||||||||||
2015 | 2014 | |||||||||||||||||||
Community banking segment: | ||||||||||||||||||||
Core deposit intangibles: | ||||||||||||||||||||
Gross carrying amount | $ | 25,881 | $ | 29,379 | $ | 40,770 | ||||||||||||||
Accumulated amortization | (14,192 | ) | (17,879 | ) | (30,209 | ) | ||||||||||||||
Net carrying amount | $ | 11,689 | $ | 11,500 | $ | 10,561 | ||||||||||||||
Specialty finance segment: | ||||||||||||||||||||
Customer list intangibles: | ||||||||||||||||||||
Gross carrying amount | $ | 1,800 | $ | 1,800 | $ | 1,800 | ||||||||||||||
Accumulated amortization | (971 | ) | (941 | ) | (842 | ) | ||||||||||||||
Net carrying amount | $ | 829 | $ | 859 | $ | 958 | ||||||||||||||
Wealth management segment: | ||||||||||||||||||||
Customer list and other intangibles: | ||||||||||||||||||||
Gross carrying amount | $ | 7,940 | $ | 7,940 | $ | 7,690 | ||||||||||||||
Accumulated amortization | (1,600 | ) | (1,488 | ) | (1,159 | ) | ||||||||||||||
Net carrying amount | $ | 6,340 | $ | 6,452 | $ | 6,531 | ||||||||||||||
Total other intangible assets, net | $ | 18,858 | $ | 18,811 | $ | 18,050 | ||||||||||||||
Estimated amortization | ||||||||||||||||||||
Actual in three months ended March 31, 2015 | $ | 1,013 | ||||||||||||||||||
Estimated remaining in 2015 | 2,700 | |||||||||||||||||||
Estimated—2016 | 3,007 | |||||||||||||||||||
Estimated—2017 | 2,499 | |||||||||||||||||||
Estimated—2018 | 2,186 | |||||||||||||||||||
Estimated—2019 | 1,837 | |||||||||||||||||||
The core deposit intangibles recognized in connection with prior bank acquisitions are amortized over a ten-year period on an accelerated basis. The customer list intangibles recognized in connection with the purchase of life insurance premium finance assets in 2009 are being amortized over an 18-year period on an accelerated basis while the customer list intangibles recognized in connection with prior acquisitions within the wealth management segment are being amortized over a ten-year period on a straight-line basis. | ||||||||||||||||||||
Total amortization expense associated with finite-lived intangibles totaled approximately $1.0 million and $1.2 million for the three months ended March 31, 2015 and 2014, respectively. |
Deposits
Deposits | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Deposits [Abstract] | ||||||||||||
Deposits | Deposits | |||||||||||
The following table is a summary of deposits as of the dates shown: | ||||||||||||
(Dollars in thousands) | March 31, | December 31, 2014 | March 31, | |||||||||
2015 | 2014 | |||||||||||
Balance: | ||||||||||||
Non-interest bearing | $ | 3,779,609 | $ | 3,518,685 | $ | 2,773,922 | ||||||
NOW and interest bearing demand deposits | 2,262,928 | 2,236,089 | 1,983,251 | |||||||||
Wealth management deposits | 1,528,963 | 1,226,916 | 1,289,134 | |||||||||
Money market | 3,791,762 | 3,651,467 | 3,454,271 | |||||||||
Savings | 1,563,752 | 1,508,877 | 1,443,943 | |||||||||
Time certificates of deposit | 4,011,755 | 4,139,810 | 4,184,524 | |||||||||
Total deposits | $ | 16,938,769 | $ | 16,281,844 | $ | 15,129,045 | ||||||
Mix: | ||||||||||||
Non-interest bearing | 22 | % | 22 | % | 18 | % | ||||||
NOW and interest bearing demand deposits | 13 | 14 | 13 | |||||||||
Wealth management deposits | 9 | 8 | 8 | |||||||||
Money market | 23 | 22 | 23 | |||||||||
Savings | 9 | 9 | 10 | |||||||||
Time certificates of deposit | 24 | 25 | 28 | |||||||||
Total deposits | 100 | % | 100 | % | 100 | % | ||||||
Wealth management deposits represent deposit balances (primarily money market accounts) at the Company’s subsidiary banks from brokerage customers of Wayne Hummer Investments, trust and asset management customers of CTC and brokerage customers from unaffiliated companies. |
Federal_Home_Loan_Bank_Advance
Federal Home Loan Bank Advances, Other Borrowings and Subordinated Notes | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Debt Disclosure [Abstract] | ||||||||||||
Federal Home Loan Bank Advances, Other Borrowings and Subordinated Notes | Federal Home Loan Bank Advances, Other Borrowings and Subordinated Notes | |||||||||||
The following table is a summary of notes payable, Federal Home Loan Bank advances, other borrowings and subordinated notes as of the dates shown: | ||||||||||||
(Dollars in thousands) | 31-Mar-15 | 31-Dec-14 | 31-Mar-14 | |||||||||
Federal Home Loan Bank advances | $ | 416,036 | $ | 733,050 | $ | 387,672 | ||||||
Other borrowings: | ||||||||||||
Notes payable | — | — | 182 | |||||||||
Securities sold under repurchase agreements | 50,076 | 48,566 | 211,692 | |||||||||
Other | 18,689 | 18,822 | 19,212 | |||||||||
Secured borrowings | 118,241 | 129,077 | — | |||||||||
Total other borrowings | 187,006 | 196,465 | 231,086 | |||||||||
Subordinated notes | 140,000 | 140,000 | — | |||||||||
Total Federal Home Loan Bank advances, other borrowings and subordinated notes | $ | 743,042 | $ | 1,069,515 | $ | 618,758 | ||||||
Federal Home Loan Bank Advances | ||||||||||||
Federal Home Loan Bank advances consist of obligations of the banks and are collateralized by qualifying residential real-estate and home equity loans and certain securities. FHLB advances are stated at par value of the debt adjusted for unamortized fair value adjustments recorded in connection with advances acquired through acquisitions. | ||||||||||||
Notes Payable | ||||||||||||
At March 31, 2015 and December 31, 2014, the Company had no notes payable outstanding compared to $182,000 outstanding at March 31, 2014. Notes payable represented an unsecured promissory note to a Great Lakes Advisor shareholder ("Unsecured Promissory Note") assumed by the Company as a result of the respective acquisition in 2011 and separate loan agreements with unaffiliated banks. Under the Unsecured Promissory Note, the Company made quarterly principal payments and paid interest at a rate of the federal funds rate plus 100 basis points. At March 31, 2014, this Unsecured Promissory Note had an outstanding balance of $182,000. In the second quarter of 2014, the remaining balance of the Unsecured Promissory Note was paid off. | ||||||||||||
In prior periods, the Company has had a $101.0 million loan agreement with unaffiliated banks dated as of October 30, 2009, which had been amended at least annually between 2009 and 2014. The agreement consisted of a $100.0 million revolving credit facility, maturing on October 25, 2013, and a $1.0 million term loan maturing on June 1, 2015. In 2013, the Company repaid and terminated the $1.0 million term loan, and amended the agreement, effectively extending the maturity date on the revolving credit facility from October 25, 2013 to November 6, 2014. The agreement was also amended in 2014 effectively extending the term to December 15, 2014 at which time the agreement matured. At March 31, 2014, no amount was outstanding on the $100.0 million revolving credit facility. | ||||||||||||
On December 15, 2014, the Company entered into a new $150.0 million loan agreement with unaffiliated banks. The agreement consists of a $75.0 million revolving credit facility ("Revolving Credit Facility") and a $75.0 million term facility ("Term Facility"). At March 31, 2015 and December 31, 2014, the Company had no outstanding balance under the Revolving Credit Facility or the Term Facility. All borrowings under the Revolving Credit Facility must be repaid by December 14, 2015. The Company is required to borrow the entire amount of the Term Facility no later than June 15, 2015 and all such borrowings must be repaid by June 15, 2020. Beginning September 30, 2015, the Company will be required to make straight-line quarterly amortizing payments on the Term Facility. Borrowings under the agreement that are considered “Base Rate Loans” will bear interest at a rate equal to the sum of (1) 50 basis points (in the case of a borrowing under the Revolving Credit Facility) or 75 basis points (in the case of a borrowing under the Term Facility) plus (2) the highest of (a) the federal funds rate plus 50 basis points, (b) the lender's prime rate, and (c) the Eurodollar Rate (as defined below) that would be applicable for an interest period of one month plus 100 basis points. Borrowings under the agreement that are considered “Eurodollar Rate Loans” will bear interest at a rate equal to the sum of (1) 150 basis points (in the case of a borrowing under the Revolving Credit Facility) or 175 basis points (in the case of a borrowing under the Term Facility) plus (2) the LIBOR rate for the applicable period, as adjusted for statutory reserve requirements for eurocurrency liabilities (the “Eurodollar Rate”). A commitment fee is payable quarterly equal to 0.20% of the actual daily amount by which the lenders' commitment under the Revolving Credit Facility exceeded the amount outstanding under such facility. | ||||||||||||
Borrowings under the agreement are secured by pledges of and first priority perfected security interests in the Company's equity interest in its bank subsidiaries and contain several restrictive covenants, including the maintenance of various capital adequacy levels, asset quality and profitability ratios, and certain restrictions on dividends and other indebtedness. At March 31, 2015, the Company was in compliance with all such covenants. The Revolving Credit Facility and the Term Facility are available to be utilized, as needed, to provide capital to fund continued growth at the Company’s banks and to serve as an interim source of funds for acquisitions, common stock repurchases or other general corporate purposes. | ||||||||||||
Securities Sold Under Repurchase Agreements | ||||||||||||
At March 31, 2015, December 31, 2014 and March 31, 2014, securities sold under repurchase agreements represent $50.1 million, $48.6 million and $31.7 million, respectively, of customer sweep accounts in connection with master repurchase agreements at the banks as well as $180.0 million of short-term borrowings from banks and brokers at March 31, 2014 that were paid off in the second quarter of 2014. The Company records securities sold under repurchase agreements at their gross value and does not offset positions on the Consolidated Statements of Condition. As of March 31, 2015, the Company had pledged securities related to its customer balances in sweep accounts of $78.0 million, which exceeds the outstanding borrowings resulting in no net credit exposure. Securities pledged for customer balances in sweep accounts and short-term borrowings from brokers are maintained under the Company’s control and consist of U.S. Government agency, mortgage-backed and corporate securities. These securities are included in the available-for-sale securities portfolio as reflected on the Company’s Consolidated Statements of Condition. | ||||||||||||
Other Borrowings | ||||||||||||
Other borrowings at March 31, 2015 represent a fixed-rate promissory note issued by the Company in August 2012 ("Fixed-Rate Promissory Note") related to and secured by an office building owned by the Company. At March 31, 2015, the Fixed-Rate Promissory Note had an outstanding balance of $18.7 million compared to an outstanding balance of $18.8 million and $19.2 million at December 31, 2014 and March 31, 2014, respectively. Under the Fixed-Rate Promissory Note, the Company will make monthly principal payments and pay interest at a fixed rate of 3.75% until maturity on September 1, 2017. | ||||||||||||
Secured Borrowings | ||||||||||||
In December 2014, the Company, through its subsidiary, FIFC Canada, sold an undivided co-ownership interest in all receivables owed to FIFC Canada to an unrelated third party in exchange for a cash payment of approximately C$150 million pursuant to a receivables purchase agreement (“Receivables Purchase Agreement”). The proceeds received from the transaction are reflected on the Company’s Consolidated Statements of Condition as a secured borrowing owed to the unrelated third party and translated to the Company’s reporting currency as of the respective date. At March 31, 2015 the translated balance of the secured borrowing under the Receivable Purchase Agreement totaled $118.2 million compared to $129.1 million at December 31, 2014. Additionally, the interest rate under the Receivables Purchase Agreement at March 31, 2015 was 1.6093%. | ||||||||||||
Subordinated Notes | ||||||||||||
At March 31, 2015 and December 31, 2014, the Company had outstanding subordinated notes totaling $140.0 million. In the second quarter of 2014, the Company issued $140.0 million of subordinated notes receiving $139.1 million in net proceeds. The notes have a stated interest rate of 5.00% and mature in June 2024. At March 31, 2014, the Company had no outstanding subordinated notes. |
Junior_Subordinated_Debentures
Junior Subordinated Debentures | 3 Months Ended | ||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust [Abstract] | |||||||||||||||||||||||
Junior Subordinated Debentures | Junior Subordinated Debentures | ||||||||||||||||||||||
As of March 31, 2015, the Company owned 100% of the common securities of nine trusts, Wintrust Capital Trust III, Wintrust Statutory Trust IV, Wintrust Statutory Trust V, Wintrust Capital Trust VII, Wintrust Capital Trust VIII, Wintrust Capital Trust IX, Northview Capital Trust I, Town Bankshares Capital Trust I, and First Northwest Capital Trust I (the “Trusts”) set up to provide long-term financing. The Northview, Town and First Northwest capital trusts were acquired as part of the acquisitions of Northview Financial Corporation, Town Bankshares, Ltd., and First Northwest Bancorp, Inc., respectively. The Trusts were formed for purposes of issuing trust preferred securities to third-party investors and investing the proceeds from the issuance of the trust preferred securities and common securities solely in junior subordinated debentures issued by the Company (or assumed by the Company in connection with an acquisition), with the same maturities and interest rates as the trust preferred securities. The junior subordinated debentures are the sole assets of the Trusts. In each Trust, the common securities represent approximately 3% of the junior subordinated debentures and the trust preferred securities represent approximately 97% of the junior subordinated debentures. | |||||||||||||||||||||||
The Trusts are reported in the Company’s consolidated financial statements as unconsolidated subsidiaries. Accordingly, in the Consolidated Statements of Condition, the junior subordinated debentures issued by the Company to the Trusts are reported as liabilities and the common securities of the Trusts, all of which are owned by the Company, are included in available-for-sale securities. | |||||||||||||||||||||||
The following table provides a summary of the Company’s junior subordinated debentures as of March 31, 2015. The junior subordinated debentures represent the par value of the obligations owed to the Trusts. | |||||||||||||||||||||||
(Dollars in thousands) | Common | Trust | Junior | Rate | Contractual rate | Issue | Maturity | Earliest | |||||||||||||||
Securities | Preferred | Subordinated | Structure | at 3/31/2015 | Date | Date | Redemption | ||||||||||||||||
Securities | Debentures | Date | |||||||||||||||||||||
Wintrust Capital Trust III | $ | 774 | $ | 25,000 | $ | 25,774 | L+3.25 | 3.51 | % | Apr-03 | Apr-33 | Apr-08 | |||||||||||
Wintrust Statutory Trust IV | 619 | 20,000 | 20,619 | L+2.80 | 3.08 | % | Dec-03 | Dec-33 | Dec-08 | ||||||||||||||
Wintrust Statutory Trust V | 1,238 | 40,000 | 41,238 | L+2.60 | 2.88 | % | May-04 | May-34 | Jun-09 | ||||||||||||||
Wintrust Capital Trust VII | 1,550 | 50,000 | 51,550 | L+1.95 | 2.22 | % | Dec-04 | Mar-35 | Mar-10 | ||||||||||||||
Wintrust Capital Trust VIII | 1,238 | 40,000 | 41,238 | L+1.45 | 1.73 | % | Aug-05 | Sep-35 | Sep-10 | ||||||||||||||
Wintrust Capital Trust IX | 1,547 | 50,000 | 51,547 | L+1.63 | 1.9 | % | Sep-06 | Sep-36 | Sep-11 | ||||||||||||||
Northview Capital Trust I | 186 | 6,000 | 6,186 | L+3.00 | 3.25 | % | Aug-03 | Nov-33 | Aug-08 | ||||||||||||||
Town Bankshares Capital Trust I | 186 | 6,000 | 6,186 | L+3.00 | 3.25 | % | Aug-03 | Nov-33 | Aug-08 | ||||||||||||||
First Northwest Capital Trust I | 155 | 5,000 | 5,155 | L+3.00 | 3.28 | % | May-04 | May-34 | May-09 | ||||||||||||||
Total | $ | 249,493 | 2.46 | % | |||||||||||||||||||
The junior subordinated debentures totaled $249.5 million at March 31, 2015, December 31, 2014 and March 31, 2014. | |||||||||||||||||||||||
The interest rates on the variable rate junior subordinated debentures are based on the three-month LIBOR rate and reset on a quarterly basis. At March 31, 2015, the weighted average contractual interest rate on the junior subordinated debentures was 2.46%. The Company entered into interest rate swaps and caps with an aggregate notional value of $225 million to hedge the variable cash flows on certain junior subordinated debentures. The hedge-adjusted rate on the junior subordinated debentures as of March 31, 2015, was 3.22%. Distributions on the common and preferred securities issued by the Trusts are payable quarterly at a rate per annum equal to the interest rates being earned by the Trusts on the junior subordinated debentures. Interest expense on the junior subordinated debentures is deductible for income tax purposes. | |||||||||||||||||||||||
The Company has guaranteed the payment of distributions and payments upon liquidation or redemption of the trust preferred securities, in each case to the extent of funds held by the Trusts. The Company and the Trusts believe that, taken together, the obligations of the Company under the guarantees, the junior subordinated debentures, and other related agreements provide, in the aggregate, a full, irrevocable and unconditional guarantee, on a subordinated basis, of all of the obligations of the Trusts under the trust preferred securities. Subject to certain limitations, the Company has the right to defer the payment of interest on the junior subordinated debentures at any time, or from time to time, for a period not to exceed 20 consecutive quarters. The trust preferred securities are subject to mandatory redemption, in whole or in part, upon repayment of the junior subordinated debentures at maturity or their earlier redemption. The junior subordinated debentures are redeemable in whole or in part prior to maturity at any time after the earliest redemption dates shown in the table, and earlier at the discretion of the Company if certain conditions are met, and, in any event, only after the Company has obtained Federal Reserve approval, if then required under applicable guidelines or regulations. | |||||||||||||||||||||||
Prior to January 1, 2015, the junior subordinated debentures, subject to certain limitations, qualified as Tier 1 regulatory capital of the Company and the amount in excess of those certain limitations could, subject to other restrictions, be included in Tier 2 capital. At December 31, 2014 and March 31, 2014, all of the junior subordinated debentures, net of the Common Securities, were included in the Company's Tier 1 regulatory capital. Starting in 2015, a portion of these junior subordinated debentures still qualified as Tier 1 regulatory capital of the Company and the amount in excess of those certain limitations, subject to certain restrictions, was included in Tier 2 capital. At March 31, 2015, $60.5 million and $181.5 million of the junior subordinated debentures, net of Common Securities, were included in the Company's Tier 1 and Tier 2 regulatory capital, respectively. |
Segment_Information
Segment Information | 3 Months Ended | ||||||||||||||
Mar. 31, 2015 | |||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||
Segment Information | Segment Information | ||||||||||||||
The Company’s operations consist of three primary segments: community banking, specialty finance and wealth management. | |||||||||||||||
The three reportable segments are strategic business units that are separately managed as they offer different products and services and have different marketing strategies. In addition, each segment’s customer base has varying characteristics and each segment has a different regulatory environment. While the Company’s management monitors each of the fifteen bank subsidiaries’ operations and profitability separately, these subsidiaries have been aggregated into one reportable operating segment due to the similarities in products and services, customer base, operations, profitability measures, and economic characteristics. | |||||||||||||||
For purposes of internal segment profitability, management allocates certain intersegment and parent company balances. Management allocates a portion of revenues to the specialty finance segment related to loans originated by the specialty finance segment and sold to the community banking segment. Similarly, for purposes of analyzing the contribution from the wealth management segment, management allocates a portion of the net interest income earned by the community banking segment on deposit balances of customers of the wealth management segment to the wealth management segment. See Note 9 — Deposits, for more information on these deposits. Finally, expenses incurred at the Wintrust parent company are allocated to each segment based on each segment's risk-weighted assets. | |||||||||||||||
The segment financial information provided in the following tables has been derived from the internal profitability reporting system used by management to monitor and manage the financial performance of the Company. The accounting policies of the segments are substantially similar to as those described in “Summary of Significant Accounting Policies” in Note 1 of the Company’s 2014 Form 10-K. The Company evaluates segment performance based on after-tax profit or loss and other appropriate profitability measures common to each segment. | |||||||||||||||
The following is a summary of certain operating information for reportable segments: | |||||||||||||||
Three months ended | $ Change in | % Change in | |||||||||||||
(Dollars in thousands) | March 31, | March 31, | Contribution | Contribution | |||||||||||
2015 | 2014 | ||||||||||||||
Net interest income: | |||||||||||||||
Community Banking | $ | 122,681 | $ | 116,755 | $ | 5,926 | 5 | % | |||||||
Specialty Finance | 21,046 | 19,212 | 1,834 | 10 | |||||||||||
Wealth Management | 4,189 | 4,099 | 90 | 2 | |||||||||||
Total Operating Segments | 147,916 | 140,066 | 7,850 | 6 | |||||||||||
Intersegment Eliminations | 3,975 | 3,940 | 35 | 1 | |||||||||||
Consolidated net interest income | $ | 151,891 | $ | 144,006 | $ | 7,885 | 5 | % | |||||||
Non-interest income: | |||||||||||||||
Community Banking | $ | 44,912 | $ | 27,319 | $ | 17,593 | 64 | % | |||||||
Specialty Finance | 7,871 | 7,881 | (10 | ) | — | ||||||||||
Wealth Management | 18,728 | 16,941 | 1,787 | 11 | |||||||||||
Total Operating Segments | 71,511 | 52,141 | 19,370 | 37 | |||||||||||
Intersegment Eliminations | (6,970 | ) | (6,612 | ) | (358 | ) | (5 | ) | |||||||
Consolidated non-interest income | $ | 64,541 | $ | 45,529 | $ | 19,012 | 42 | % | |||||||
Net revenue: | |||||||||||||||
Community Banking | $ | 167,593 | $ | 144,074 | $ | 23,519 | 16 | % | |||||||
Specialty Finance | 28,917 | 27,093 | 1,824 | 7 | |||||||||||
Wealth Management | 22,917 | 21,040 | 1,877 | 9 | |||||||||||
Total Operating Segments | 219,427 | 192,207 | 27,220 | 14 | |||||||||||
Intersegment Eliminations | (2,995 | ) | (2,672 | ) | (323 | ) | (12 | ) | |||||||
Consolidated net revenue | $ | 216,432 | $ | 189,535 | $ | 26,897 | 14 | % | |||||||
Segment profit: | |||||||||||||||
Community Banking | $ | 24,965 | $ | 22,581 | $ | 2,384 | 11 | % | |||||||
Specialty Finance | 10,952 | 8,982 | 1,970 | 22 | |||||||||||
Wealth Management | 3,135 | 2,937 | 198 | 7 | |||||||||||
Consolidated net income | $ | 39,052 | $ | 34,500 | $ | 4,552 | 13 | % | |||||||
Segment assets: | |||||||||||||||
Community Banking | $ | 17,050,262 | $ | 15,160,507 | $ | 1,889,755 | 12 | % | |||||||
Specialty Finance | 2,784,069 | 2,532,362 | 251,707 | 10 | |||||||||||
Wealth Management | 547,940 | 528,294 | 19,646 | 4 | |||||||||||
Consolidated total assets | $ | 20,382,271 | $ | 18,221,163 | $ | 2,161,108 | 12 | % | |||||||
Derivative_Financial_Instrumen
Derivative Financial Instruments | 3 Months Ended | |||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||
Derivative Financial Instruments | Derivative Financial Instruments | |||||||||||||||||||||||||
The Company primarily enters into derivative financial instruments as part of its strategy to manage its exposure to changes in interest rates. Derivative instruments represent contracts between parties that result in one party delivering cash to the other party based on a notional amount and an underlying term (such as a rate, security price or price index) specified in the contract. The amount of cash delivered from one party to the other is determined based on the interaction of the notional amount of the contract with the underlying term. Derivatives are also implicit in certain contracts and commitments. | ||||||||||||||||||||||||||
The derivative financial instruments currently used by the Company to manage its exposure to interest rate risk include: (1) interest rate swaps and caps to manage the interest rate risk of certain fixed and variable rate assets and variable rate liabilities; (2) interest rate lock commitments provided to customers to fund certain mortgage loans to be sold into the secondary market; (3) forward commitments for the future delivery of such mortgage loans to protect the Company from adverse changes in interest rates and corresponding changes in the value of mortgage loans held-for-sale; and (4) covered call options to economically hedge specific investment securities and receive fee income effectively enhancing the overall yield on such securities to compensate for net interest margin compression. The Company also enters into derivatives (typically interest rate swaps) with certain qualified borrowers to facilitate the borrowers’ risk management strategies and concurrently enters into mirror-image derivatives with a third party counterparty, effectively making a market in the derivatives for such borrowers. Additionally, the Company enters into foreign currency contracts to manage foreign exchange risk associated with certain foreign currency denominated assets. | ||||||||||||||||||||||||||
The Company has purchased interest rate cap derivatives to hedge or manage its own risk exposures. Certain interest rate cap derivatives have been designated as cash flow hedge derivatives of the variable cash outflows associated with interest expense on the Company’s junior subordinated debentures and certain deposits. Other cap derivatives are not designated for hedge accounting but are economic hedges of the Company's overall portfolio, therefore any mark to market changes in the value of these caps are recognized in earnings. | ||||||||||||||||||||||||||
Below is a summary of the interest rate cap derivatives held by the Company as of March 31, 2015: | ||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||
Notional | Accounting | Fair Value as of | ||||||||||||||||||||||||
Effective Date | Maturity Date | Amount | Treatment | 31-Mar-15 | ||||||||||||||||||||||
3-May-12 | 3-May-15 | 77,000 | Non-Hedge Designated | — | ||||||||||||||||||||||
3-May-12 | 3-May-16 | 215,000 | Non-Hedge Designated | 17 | ||||||||||||||||||||||
1-Jun-12 | 1-Apr-15 | 96,530 | Non-Hedge Designated | — | ||||||||||||||||||||||
29-Aug-12 | 29-Aug-16 | 216,500 | Cash Flow Hedging | 89 | ||||||||||||||||||||||
22-Feb-13 | 22-Aug-16 | 43,500 | Cash Flow Hedging | 26 | ||||||||||||||||||||||
22-Feb-13 | 22-Aug-16 | 56,500 | Non-Hedge Designated | 34 | ||||||||||||||||||||||
21-Mar-13 | 21-Mar-17 | 100,000 | Non-Hedge Designated | 275 | ||||||||||||||||||||||
16-May-13 | 16-Nov-16 | 75,000 | Non-Hedge Designated | 95 | ||||||||||||||||||||||
15-Sep-13 | 15-Sep-17 | 50,000 | Cash Flow Hedging | 299 | ||||||||||||||||||||||
30-Sep-13 | 30-Sep-17 | 40,000 | Cash Flow Hedging | 254 | ||||||||||||||||||||||
$ | 970,030 | $ | 1,089 | |||||||||||||||||||||||
The Company recognizes derivative financial instruments in the consolidated financial statements at fair value regardless of the purpose or intent for holding the instrument. The Company records derivative assets and derivative liabilities on the Consolidated Statements of Condition within accrued interest receivable and other assets and accrued interest payable and other liabilities, respectively. Changes in the fair value of derivative financial instruments are either recognized in income or in shareholders’ equity as a component of other comprehensive income depending on whether the derivative financial instrument qualifies for hedge accounting and, if so, whether it qualifies as a fair value hedge or cash flow hedge. Generally, changes in fair values of derivatives accounted for as fair value hedges are recorded in income in the same period and in the same income statement line as changes in the fair values of the hedged items that relate to the hedged risk(s). Changes in fair values of derivative financial instruments accounted for as cash flow hedges, to the extent they are effective hedges, are recorded as a component of other comprehensive income, net of deferred taxes, and reclassified to earnings when the hedged transaction affects earnings. Changes in fair values of derivative financial instruments not designated in a hedging relationship pursuant to ASC 815, including changes in fair value related to the ineffective portion of cash flow hedges, are reported in non-interest income during the period of the change. Derivative financial instruments are valued by a third party and are corroborated through comparison with valuations provided by the respective counterparties. Fair values of certain mortgage banking derivatives (interest rate lock commitments and forward commitments to sell mortgage loans) are estimated based on changes in mortgage interest rates from the date of the loan commitment. The fair value of foreign currency derivatives is computed based on changes in foreign currency rates stated in the contract compared to those prevailing at the measurement date. | ||||||||||||||||||||||||||
The table below presents the fair value of the Company’s derivative financial instruments as of March 31, 2015, December 31, 2014 and March 31, 2014: | ||||||||||||||||||||||||||
Derivative Assets | Derivative Liabilities | |||||||||||||||||||||||||
Fair Value | Fair Value | |||||||||||||||||||||||||
(Dollars in thousands) | 31-Mar-15 | 31-Dec-14 | 31-Mar-14 | 31-Mar-15 | 31-Dec-14 | 31-Mar-14 | ||||||||||||||||||||
Derivatives designated as hedging instruments under ASC 815: | ||||||||||||||||||||||||||
Interest rate derivatives designated as Cash Flow Hedges | $ | 668 | $ | 1,390 | $ | 2,578 | $ | 1,867 | $ | 1,994 | $ | 2,892 | ||||||||||||||
Interest rate derivatives designated as Fair Value Hedges | 20 | 52 | 90 | — | — | 1 | ||||||||||||||||||||
Total derivatives designated as hedging instruments under ASC 815 | $ | 688 | $ | 1,442 | $ | 2,668 | $ | 1,867 | $ | 1,994 | $ | 2,893 | ||||||||||||||
Derivatives not designated as hedging instruments under ASC 815: | ||||||||||||||||||||||||||
Interest rate derivatives | $ | 46,862 | $ | 36,399 | $ | 34,571 | $ | 45,831 | $ | 34,927 | $ | 32,097 | ||||||||||||||
Interest rate lock commitments | 15,296 | 10,028 | 13,658 | — | 20 | 115 | ||||||||||||||||||||
Forward commitments to sell mortgage loans | — | 23 | 625 | 7,410 | 4,239 | 2,688 | ||||||||||||||||||||
Foreign exchange contracts | 138 | 72 | 7 | 117 | — | 4 | ||||||||||||||||||||
Total derivatives not designated as hedging instruments under ASC 815 | $ | 62,296 | $ | 46,522 | $ | 48,861 | $ | 53,358 | $ | 39,186 | $ | 34,904 | ||||||||||||||
Total Derivatives | $ | 62,984 | $ | 47,964 | $ | 51,529 | $ | 55,225 | $ | 41,180 | $ | 37,797 | ||||||||||||||
Cash Flow Hedges of Interest Rate Risk | ||||||||||||||||||||||||||
The Company’s objectives in using interest rate derivatives are to add stability to net interest income and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps and interest rate caps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without the exchange of the underlying notional amount. Interest rate caps designated as cash flow hedges involve the receipt of payments at the end of each period in which the interest rate specified in the contract exceeds the agreed upon strike price. | ||||||||||||||||||||||||||
During the first quarter of 2014, the Company designated two existing interest rate cap derivatives as cash flow hedges of variable rate deposits. The cap derivatives had notional amounts of $216.5 million and $43.5 million, respectively, both maturing in August 2016. Additionally, as of March 31, 2015, the Company had two interest rate swaps and two interest rate caps designated as hedges of the variable cash outflows associated with interest expense on the Company’s junior subordinated debentures. The effective portion of changes in the fair value of these cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified to interest expense as interest payments are made on the Company’s variable rate junior subordinated debentures. The changes in fair value (net of tax) are separately disclosed in the Consolidated Statements of Comprehensive Income. The ineffective portion of the change in fair value of these derivatives is recognized directly in earnings; however, no hedge ineffectiveness was recognized during the three months ended March 31, 2015 or March 31, 2014. The Company uses the hypothetical derivative method to assess and measure hedge effectiveness. | ||||||||||||||||||||||||||
The table below provides details on each of these cash flow hedges as of March 31, 2015: | ||||||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||||
(Dollars in thousands) | Notional | Fair Value | ||||||||||||||||||||||||
Maturity Date | Amount | Asset (Liability) | ||||||||||||||||||||||||
Interest Rate Swaps: | ||||||||||||||||||||||||||
Sep-16 | 50,000 | (1,222 | ) | |||||||||||||||||||||||
Oct-16 | 25,000 | (645 | ) | |||||||||||||||||||||||
Total Interest Rate Swaps | 75,000 | (1,867 | ) | |||||||||||||||||||||||
Interest Rate Caps: | ||||||||||||||||||||||||||
Aug-16 | 43,500 | 26 | ||||||||||||||||||||||||
Aug-16 | 216,500 | 89 | ||||||||||||||||||||||||
Sep-17 | 50,000 | 299 | ||||||||||||||||||||||||
Sep-17 | 40,000 | 254 | ||||||||||||||||||||||||
Total Interest Rate Caps | 350,000 | 668 | ||||||||||||||||||||||||
Total Cash Flow Hedges | $ | 425,000 | $ | (1,199 | ) | |||||||||||||||||||||
A rollforward of the amounts in accumulated other comprehensive loss related to interest rate derivatives designated as cash flow hedges follows: | ||||||||||||||||||||||||||
Three months ended | ||||||||||||||||||||||||||
(Dollars in thousands) | March 31, | March 31, | ||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||
Unrealized loss at beginning of period | $ | (4,062 | ) | $ | (3,971 | ) | ||||||||||||||||||||
Amount reclassified from accumulated other comprehensive loss to interest expense on junior subordinated debentures | 414 | 493 | ||||||||||||||||||||||||
Amount of loss recognized in other comprehensive income | (975 | ) | (591 | ) | ||||||||||||||||||||||
Unrealized loss at end of period | $ | (4,623 | ) | $ | (4,069 | ) | ||||||||||||||||||||
As of March 31, 2015, the Company estimates that during the next twelve months, $2.4 million will be reclassified from accumulated other comprehensive loss as an increase to interest expense. | ||||||||||||||||||||||||||
Fair Value Hedges of Interest Rate Risk | ||||||||||||||||||||||||||
Interest rate swaps designated as fair value hedges involve the payment of fixed amounts to a counterparty in exchange for the Company receiving variable payments over the life of the agreements without the exchange of the underlying notional amount. As of March 31, 2015, the Company has three interest rate swaps with an aggregate notional amount of $4.7 million that were designated as fair value hedges associated with fixed rate commercial franchise loans. | ||||||||||||||||||||||||||
For derivatives designated and that qualify as fair value hedges, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in earnings. The Company includes the gain or loss on the hedged item in the same line item as the offsetting loss or gain on the related derivatives. The Company recognized a net loss of $4,000 and $2,000 in other income related to hedge ineffectiveness for the three months ended March 31, 2015 and 2014, respectively. | ||||||||||||||||||||||||||
On June 1, 2013, the Company de-designated a $96.5 million cap which was previously designated as a fair value hedge of interest rate risk associated with an embedded cap in one of the Company’s floating rate loans. The hedged loan was restructured which resulted in the interest rate cap no longer qualifying as an effective fair value hedge. As such, the interest rate cap derivative is no longer accounted for under hedge accounting and all changes in value subsequent to June 1, 2013 are recorded in earnings. Additionally, the Company has recorded amortization of the basis in the previously hedged item as a reduction to interest income of $43,000 in both the three month periods ended March 31, 2015 and 2014, respectively. | ||||||||||||||||||||||||||
The following table presents the gain/(loss) and hedge ineffectiveness recognized on derivative instruments and the related hedged items that are designated as a fair value hedge accounting relationship as of March 31, 2015 and 2014: | ||||||||||||||||||||||||||
(Dollars in thousands) | Location of Gain/(Loss) | Amount of Gain/(Loss) Recognized | Amount of Gain/(Loss) Recognized | Income Statement Gain/ | ||||||||||||||||||||||
Recognized in Income on | in Income on Derivative | in Income on Hedged Item | (Loss) due to Hedge | |||||||||||||||||||||||
Derivative | Three Months Ended | Three Months Ended | Ineffectiveness | |||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||
Derivatives in Fair Value | ||||||||||||||||||||||||||
Hedging Relationships | 31-Mar-15 | 31-Mar-14 | 31-Mar-15 | 31-Mar-14 | 31-Mar-15 | 31-Mar-14 | ||||||||||||||||||||
Interest rate swaps | Trading (losses) gains, net | $ | (32 | ) | $ | (17 | ) | $ | 28 | $ | 15 | $ | (4 | ) | $ | (2 | ) | |||||||||
Non-Designated Hedges | ||||||||||||||||||||||||||
The Company does not use derivatives for speculative purposes. Derivatives not designated as hedges are used to manage the Company’s exposure to interest rate movements and other identified risks but do not meet the strict hedge accounting requirements of ASC 815. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings. | ||||||||||||||||||||||||||
Interest Rate Derivatives—The Company has interest rate derivatives, including swaps and option products, resulting from a service the Company provides to certain qualified borrowers. The Company’s banking subsidiaries execute certain derivative products (typically interest rate swaps) directly with qualified commercial borrowers to facilitate their respective risk management strategies. For example, these arrangements allow the Company’s commercial borrowers to effectively convert a variable rate loan to a fixed rate. In order to minimize the Company’s exposure on these transactions, the Company simultaneously executes offsetting derivatives with third parties. In most cases, the offsetting derivatives have mirror-image terms, which result in the positions’ changes in fair value substantially offsetting through earnings each period. However, to the extent that the derivatives are not a mirror-image and because of differences in counterparty credit risk, changes in fair value will not completely offset resulting in some earnings impact each period. Changes in the fair value of these derivatives are included in non-interest income. At March 31, 2015, the Company had interest rate derivative transactions with an aggregate notional amount of approximately $3.1 billion (all interest rate swaps and caps with customers and third parties) related to this program. These interest rate derivatives had maturity dates ranging from April 2015 to February 2045. | ||||||||||||||||||||||||||
Mortgage Banking Derivatives—These derivatives include interest rate lock commitments provided to customers to fund certain mortgage loans to be sold into the secondary market and forward commitments for the future delivery of such loans. It is the Company’s practice to enter into forward commitments for the future delivery of a portion of our residential mortgage loan production when interest rate lock commitments are entered into in order to economically hedge the effect of future changes in interest rates on its commitments to fund the loans as well as on its portfolio of mortgage loans held-for-sale. The Company’s mortgage banking derivatives have not been designated as being in hedge relationships. At March 31, 2015, the Company had forward commitments to sell mortgage loans with an aggregate notional amount of approximately $829.0 million and interest rate lock commitments with an aggregate notional amount of approximately $531.8 million. Additionally, the Company’s total mortgage loans held-for-sale at March 31, 2015 was $446.4 million. The fair values of these derivatives were estimated based on changes in mortgage rates from the dates of the commitments. Changes in the fair value of these mortgage banking derivatives are included in mortgage banking revenue. | ||||||||||||||||||||||||||
Foreign Currency Derivatives—These derivatives include foreign currency contracts used to manage the foreign exchange risk associated with foreign currency denominated assets and transactions. Foreign currency contracts, which include spot and forward contracts, represent agreements to exchange the currency of one country for the currency of another country at an agreed-upon price on an agreed-upon settlement date. As a result of fluctuations in foreign currencies, the U.S. dollar-equivalent value of the foreign currency denominated assets or forecasted transactions increase or decrease. Gains or losses on the derivative instruments related to these foreign currency denominated assets or forecasted transactions are expected to substantially offset this variability. As of March 31, 2015 the Company held foreign currency derivatives with an aggregate notional amount of approximately $9.6 million. | ||||||||||||||||||||||||||
Other Derivatives—Periodically, the Company will sell options to a bank or dealer for the right to purchase certain securities held within the banks’ investment portfolios (covered call options). These option transactions are designed primarily to mitigate overall interest rate risk and to increase the total return associated with the investment securities portfolio. These options do not qualify as hedges pursuant to ASC 815, and, accordingly, changes in fair value of these contracts are recognized in non-interest income. There were no covered call options outstanding as of March 31, 2015, December 31, 2014 or March 31, 2014. | ||||||||||||||||||||||||||
As discussed above, the Company has entered into interest rate cap derivatives to protect the Company in a rising rate environment against increased margin compression due to the repricing of variable rate liabilities and lack of repricing of fixed rate loans and/or securities. As of March 31, 2015, the Company held six interest rate cap derivative contracts, which are not designated in hedge relationships, with an aggregate notional value of $620.0 million. | ||||||||||||||||||||||||||
Amounts included in the Consolidated Statements of Income related to derivative instruments not designated in hedge relationships were as follows: | ||||||||||||||||||||||||||
(Dollars in thousands) | Three Months Ended | |||||||||||||||||||||||||
Derivative | Location in income statement | March 31, | March 31, | |||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||
Interest rate swaps and caps | Trading losses, net | $ | (450 | ) | $ | (677 | ) | |||||||||||||||||||
Mortgage banking derivatives | Mortgage banking revenue | 2,094 | 3,677 | |||||||||||||||||||||||
Covered call options | Fees from covered call options | 4,360 | 1,542 | |||||||||||||||||||||||
Foreign exchange contracts | Trading losses, net | (51 | ) | (1 | ) | |||||||||||||||||||||
Credit Risk | ||||||||||||||||||||||||||
Derivative instruments have inherent risks, primarily market risk and credit risk. Market risk is associated with changes in interest rates and credit risk relates to the risk that the counterparty will fail to perform according to the terms of the agreement. The amounts potentially subject to market and credit risks are the streams of interest payments under the contracts and the market value of the derivative instrument and not the notional principal amounts used to express the volume of the transactions. Market and credit risks are managed and monitored as part of the Company's overall asset-liability management process, except that the credit risk related to derivatives entered into with certain qualified borrowers is managed through the Company's standard loan underwriting process since these derivatives are secured through collateral provided by the loan agreements. Actual exposures are monitored against various types of credit limits established to contain risk within parameters. When deemed necessary, appropriate types and amounts of collateral are obtained to minimize credit exposure. | ||||||||||||||||||||||||||
The Company has agreements with certain of its interest rate derivative counterparties that contain cross-default provisions, which provide that if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. The Company also has agreements with certain of its derivative counterparties that contain a provision allowing the counterparty to terminate the derivative positions if the Company fails to maintain its status as a well or adequately capitalized institution, which would require the Company to settle its obligations under the agreements. As of March 31, 2015 the fair value of interest rate derivatives in a net liability position that were subject to such agreements, which includes accrued interest related to these agreements, was $30.0 million. If the Company had breached any of these provisions at March 31, 2015 it would have been required to settle its obligations under the agreements at the termination value and would have been required to pay any additional amounts due in excess of amounts previously posted as collateral with the respective counterparty. | ||||||||||||||||||||||||||
The Company's is also exposed to the credit risk of its commercial borrowers who are counterparties to interest rate derivatives with the banks. This counterparty risk related to the commercial borrowers is managed and monitored through the banks' standard underwriting process applicable to loans since these derivatives are secured through collateral provided by the loan agreement. The counterparty risk associated with the mirror-image swaps executed with third parties is monitored and managed in connection with the Company's overall asset liability management process. | ||||||||||||||||||||||||||
The Company records interest rate derivatives subject to master netting agreements at their gross value and does not offset derivative assets and liabilities on the Consolidated Statements of Condition. The tables below summarize the Company's interest rate derivatives and offsetting positions as of the dates shown. | ||||||||||||||||||||||||||
Derivative Assets | Derivative Liabilities | |||||||||||||||||||||||||
Fair Value | Fair Value | |||||||||||||||||||||||||
(Dollars in thousands) | 31-Mar-15 | 31-Dec-14 | 31-Mar-14 | 31-Mar-15 | 31-Dec-14 | 31-Mar-14 | ||||||||||||||||||||
Gross Amounts Recognized | $ | 47,550 | $ | 37,841 | $ | 37,239 | $ | 47,698 | $ | 36,921 | $ | 34,990 | ||||||||||||||
Less: Amounts offset in the Statements of Financial Condition | — | — | — | — | — | — | ||||||||||||||||||||
Net amount presented in the Statements of Financial Condition | $ | 47,550 | $ | 37,841 | $ | 37,239 | $ | 47,698 | $ | 36,921 | $ | 34,990 | ||||||||||||||
Gross amounts not offset in the Statements of Financial Condition | ||||||||||||||||||||||||||
Offsetting Derivative Positions | (1,563 | ) | (2,771 | ) | (7,359 | ) | (1,563 | ) | (2,771 | ) | (7,359 | ) | ||||||||||||||
Collateral Posted (1) | — | — | — | (46,135 | ) | (34,150 | ) | (27,631 | ) | |||||||||||||||||
Net Credit Exposure | $ | 45,987 | $ | 35,070 | $ | 29,880 | $ | — | $ | — | $ | — | ||||||||||||||
-1 | As of March 31, 2015, December 31, 2014 and March 31, 2014, the Company posted collateral of $51.3 million, $43.8 million and $37.1 million, respectively which resulted in excess collateral with its counterparties. For purposes of this disclosure, the amount of posted collateral is limited to the amount offsetting the derivative liability. |
Fair_Values_of_Assets_and_Liab
Fair Values of Assets and Liabilities | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||
Fair Values of Assets and Liabilities | Fair Values of Assets and Liabilities | |||||||||||||||||||||||
The Company measures, monitors and discloses certain of its assets and liabilities on a fair value basis. These financial assets and financial liabilities are measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the observability of the assumptions used to determine fair value. These levels are: | ||||||||||||||||||||||||
• | Level 1—unadjusted quoted prices in active markets for identical assets or liabilities. | |||||||||||||||||||||||
• | Level 2—inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability or inputs that are derived principally from or corroborated by observable market data by correlation or other means. | |||||||||||||||||||||||
• | Level 3—significant unobservable inputs that reflect the Company’s own assumptions that market participants would use in pricing the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. | |||||||||||||||||||||||
A financial instrument’s categorization within the above valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the assets or liabilities. Following is a description of the valuation methodologies used for the Company’s assets and liabilities measured at fair value on a recurring basis. | ||||||||||||||||||||||||
Available-for-sale and trading account securities—Fair values for available-for-sale and trading securities are typically based on prices obtained from independent pricing vendors. Securities measured with these valuation techniques are generally classified as Level 2 of the fair value hierarchy. Typically, standard inputs such as benchmark yields, reported trades for similar securities, issuer spreads, benchmark securities, bids, offers and reference data including market research publications are used to fair value a security. When these inputs are not available, broker/dealer quotes may be obtained by the vendor to determine the fair value of the security. We review the vendor’s pricing methodologies to determine if observable market information is being used, versus unobservable inputs. Fair value measurements using significant inputs that are unobservable in the market due to limited activity or a less liquid market are classified as Level 3 in the fair value hierarchy. | ||||||||||||||||||||||||
The Company’s Investment Operations Department is responsible for the valuation of Level 3 available-for-sale securities. The methodology and variables used as inputs in pricing Level 3 securities are derived from a combination of observable and unobservable inputs. The unobservable inputs are determined through internal assumptions that may vary from period to period due to external factors, such as market movement and credit rating adjustments. | ||||||||||||||||||||||||
At March 31, 2015, the Company classified $56.0 million of municipal securities as Level 3. These municipal securities are bond issues for various municipal government entities located in the Chicago metropolitan area and southern Wisconsin and are privately placed, non-rated bonds without CUSIP numbers. The Company’s methodology for pricing the non-rated bonds focuses on three distinct inputs: equivalent rating, yield and other pricing terms. To determine the rating for a given non-rated municipal bond, the Investment Operations Department references a publicly issued bond by the same issuer if available. A reduction is then applied to the rating obtained from the comparable bond, as the Company believes if liquidated, a non-rated bond would be valued less than a similar bond with a verifiable rating. The reduction applied by the Company is one complete rating grade (i.e. a “AA” rating for a comparable bond would be reduced to “A” for the Company’s valuation). In the first quarter of 2015, all of the ratings derived in the above process by Investment Operations were BBB or better, for both bonds with and without comparable bond proxies. The fair value measurement of municipal bonds is sensitive to the rating input, as a higher rating typically results in an increased valuation. The remaining pricing inputs used in the bond valuation are observable. Based on the rating determined in the above process, Investment Operations obtains a corresponding current market yield curve available to market participants. Other terms including coupon, maturity date, redemption price, number of coupon payments per year, and accrual method are obtained from the individual bond term sheets. Certain municipal bonds held by the Company at March 31, 2015 have a call date that has passed, and are now continuously callable. When valuing these bonds, the fair value is capped at par value as the Company assumes a market participant would not pay more than par for a continuously callable bond. | ||||||||||||||||||||||||
At March 31, 2015, the Company held $24.7 million of equity securities classified as Level 3. The securities in Level 3 are primarily comprised of auction rate preferred securities. The Company utilizes an independent pricing vendor to provide a fair market valuation of these securities. The vendor’s valuation methodology includes modeling the contractual cash flows of the underlying preferred securities and applying a discount to these cash flows by a credit spread derived from the market price of the securities underlying debt. At March 31, 2015, the vendor considered five different securities whose implied credit spreads were believed to provide a proxy for the Company’s auction rate preferred securities. The credit spreads ranged from 1.70%-2.34% with an average of 2.04% which was added to three-month LIBOR to be used as the discount rate input to the vendor’s model. Fair value of the securities is sensitive to the discount rate utilized as a higher discount rate results in a decreased fair value measurement. | ||||||||||||||||||||||||
Mortgage loans held-for-sale—The fair value of mortgage loans held-for-sale is determined by reference to investor price sheets for loan products with similar characteristics. | ||||||||||||||||||||||||
Mortgage servicing rights—Fair value for mortgage servicing rights is determined utilizing a third party valuation model which stratifies the servicing rights into pools based on product type and interest rate. The fair value of each servicing rights pool is calculated based on the present value of estimated future cash flows using a discount rate commensurate with the risk associated with that pool, given current market conditions. At March 31, 2015, the Company classified $7.9 million of mortgage servicing rights as Level 3. The weighted average discount rate used as an input to value the pool of mortgage servicing rights at March 31, 2015 was 9.15% with discount rates applied ranging from 9%-12%. The higher the rate utilized to discount estimated future cash flows, the lower the fair value measurement. Additionally, fair value estimates include assumptions about prepayment speeds which ranged from 11%-20% or a weighted average prepayment speed of 13.29% used as an input to value the pool of mortgage servicing rights at March 31, 2015. Prepayment speeds are inversely related to the fair value of mortgage servicing rights as an increase in prepayment speeds results in a decreased valuation. | ||||||||||||||||||||||||
Derivative instruments—The Company’s derivative instruments include interest rate swaps and caps, commitments to fund mortgages for sale into the secondary market (interest rate locks), forward commitments to end investors for the sale of mortgage loans and foreign currency contracts. Interest rate swaps and caps are valued by a third party, using models that primarily use market observable inputs, such as yield curves, and are corroborated by comparison with valuations provided by the respective counterparties. The credit risk associated with derivative financial instruments that are subject to master netting agreements is measured on a net basis by counterparty portfolio. The fair value for mortgage-related derivatives is based on changes in mortgage rates from the date of the commitments. The fair value of foreign currency derivatives is computed based on change in foreign currency rates stated in the contract compared to those prevailing at the measurement date. | ||||||||||||||||||||||||
Nonqualified deferred compensation assets—The underlying assets relating to the nonqualified deferred compensation plan are included in a trust and primarily consist of non-exchange traded institutional funds which are priced based by an independent third party service. | ||||||||||||||||||||||||
The following tables present the balances of assets and liabilities measured at fair value on a recurring basis for the periods presented: | ||||||||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||||||
(Dollars in thousands) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Available-for-sale securities | ||||||||||||||||||||||||
U.S. Treasury | $ | 271,474 | $ | — | $ | 271,474 | $ | — | ||||||||||||||||
U.S. Government agencies | 661,793 | — | 661,793 | — | ||||||||||||||||||||
Municipal | 269,912 | — | 213,863 | 56,049 | ||||||||||||||||||||
Corporate notes | 133,814 | — | 133,814 | — | ||||||||||||||||||||
Mortgage-backed | 329,591 | — | 329,591 | — | ||||||||||||||||||||
Equity securities | 54,446 | — | 29,790 | 24,656 | ||||||||||||||||||||
Trading account securities | 7,811 | — | 7,811 | — | ||||||||||||||||||||
Mortgage loans held-for-sale | 446,355 | — | 446,355 | — | ||||||||||||||||||||
Mortgage servicing rights | 7,852 | — | — | 7,852 | ||||||||||||||||||||
Nonqualified deferred compensation assets | 8,718 | — | 8,718 | — | ||||||||||||||||||||
Derivative assets | 62,984 | — | 62,984 | — | ||||||||||||||||||||
Total | $ | 2,254,750 | $ | — | $ | 2,166,193 | $ | 88,557 | ||||||||||||||||
Derivative liabilities | $ | 55,225 | $ | — | $ | 55,225 | $ | — | ||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
(Dollars in thousands) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Available-for-sale securities | ||||||||||||||||||||||||
U.S. Treasury | $ | 381,805 | $ | — | $ | 381,805 | $ | — | ||||||||||||||||
U.S. Government agencies | 668,316 | — | 668,316 | — | ||||||||||||||||||||
Municipal | 238,529 | — | 179,576 | 58,953 | ||||||||||||||||||||
Corporate notes | 133,579 | — | 133,579 | — | ||||||||||||||||||||
Mortgage-backed | 318,710 | — | 318,710 | — | ||||||||||||||||||||
Equity securities | 51,139 | — | 27,428 | 23,711 | ||||||||||||||||||||
Trading account securities | 1,206 | — | 1,206 | — | ||||||||||||||||||||
Mortgage loans held-for-sale | 351,290 | — | 351,290 | — | ||||||||||||||||||||
Mortgage servicing rights | 8,435 | — | — | 8,435 | ||||||||||||||||||||
Nonqualified deferred compensation assets | 7,951 | — | 7,951 | — | ||||||||||||||||||||
Derivative assets | 47,964 | — | 47,964 | — | ||||||||||||||||||||
Total | $ | 2,208,924 | $ | — | $ | 2,117,825 | $ | 91,099 | ||||||||||||||||
Derivative liabilities | $ | 41,180 | $ | — | $ | 41,180 | $ | — | ||||||||||||||||
31-Mar-14 | ||||||||||||||||||||||||
(Dollars in thousands) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Available-for-sale securities | ||||||||||||||||||||||||
U.S. Treasury | $ | 340,178 | $ | — | $ | 340,178 | $ | — | ||||||||||||||||
U.S. Government agencies | 828,275 | — | 828,275 | — | ||||||||||||||||||||
Municipal | 175,300 | — | 135,528 | 39,772 | ||||||||||||||||||||
Corporate notes | 135,067 | — | 135,067 | — | ||||||||||||||||||||
Mortgage-backed | 417,303 | — | 417,303 | — | ||||||||||||||||||||
Equity securities | 53,574 | — | 30,136 | 23,438 | ||||||||||||||||||||
Trading account securities | 1,068 | — | 1,068 | — | ||||||||||||||||||||
Mortgage loans held-for-sale | 215,231 | — | 215,231 | — | ||||||||||||||||||||
Mortgage servicing rights | 8,719 | — | — | 8,719 | ||||||||||||||||||||
Nonqualified deferred compensation assets | 7,783 | — | 7,783 | — | ||||||||||||||||||||
Derivative assets | 51,529 | — | 51,529 | — | ||||||||||||||||||||
Total | $ | 2,234,027 | $ | — | $ | 2,162,098 | $ | 71,929 | ||||||||||||||||
Derivative liabilities | $ | 37,797 | $ | — | $ | 37,797 | $ | — | ||||||||||||||||
The aggregate remaining contractual principal balance outstanding as of March 31, 2015, December 31, 2014 and March 31, 2014 for mortgage loans held-for-sale measured at fair value under ASC 825 was $421.2 million, $327.1 million and $199.3 million, respectively, while the aggregate fair value of mortgage loans held-for-sale was $446.4 million, $351.3 million and $215.2 million, for the same respective periods, as shown in the above tables. There were no nonaccrual loans or loans past due greater than 90 days and still accruing in the mortgage loans held-for-sale portfolio measured at fair value as of March 31, 2015, December 31, 2014 and March 31, 2014. | ||||||||||||||||||||||||
The changes in Level 3 assets measured at fair value on a recurring basis during the three months ended March 31, 2015 and 2014 are summarized as follows: | ||||||||||||||||||||||||
Equity securities | Mortgage | |||||||||||||||||||||||
(Dollars in thousands) | Municipal | servicing rights | ||||||||||||||||||||||
Balance at January 1, 2015 | $ | 58,953 | $ | 23,711 | $ | 8,435 | ||||||||||||||||||
Total net gains (losses) included in: | ||||||||||||||||||||||||
Net Income (1) | — | — | (583 | ) | ||||||||||||||||||||
Other comprehensive income | 203 | 945 | — | |||||||||||||||||||||
Purchases | 6,674 | — | — | |||||||||||||||||||||
Issuances | — | — | — | |||||||||||||||||||||
Sales | — | — | — | |||||||||||||||||||||
Settlements | (9,781 | ) | — | — | ||||||||||||||||||||
Net transfers into/(out of) Level 3 | — | — | — | |||||||||||||||||||||
Balance at March 31, 2015 | $ | 56,049 | $ | 24,656 | $ | 7,852 | ||||||||||||||||||
-1 | Changes in the balance of mortgage servicing rights are recorded as a component of mortgage banking revenue in non-interest income. | |||||||||||||||||||||||
Equity securities | Mortgage | |||||||||||||||||||||||
(Dollars in thousands) | Municipal | servicing rights | ||||||||||||||||||||||
Balance at January 1, 2014 | $ | 36,386 | $ | 22,163 | $ | 8,946 | ||||||||||||||||||
Total net gains (losses) included in: | ||||||||||||||||||||||||
Net Income (1) | — | — | (227 | ) | ||||||||||||||||||||
Other comprehensive income | 147 | 1,275 | — | |||||||||||||||||||||
Purchases | 3,360 | — | — | |||||||||||||||||||||
Issuances | — | — | — | |||||||||||||||||||||
Sales | — | — | — | |||||||||||||||||||||
Settlements | (121 | ) | — | — | ||||||||||||||||||||
Net transfers into/(out of) Level 3 | — | — | — | |||||||||||||||||||||
Balance at March 31, 2014 | $ | 39,772 | $ | 23,438 | $ | 8,719 | ||||||||||||||||||
-1 | Changes in the balance of mortgage servicing rights are recorded as a component of mortgage banking revenue in non-interest income. | |||||||||||||||||||||||
Also, the Company may be required, from time to time, to measure certain other financial assets at fair value on a nonrecurring basis in accordance with GAAP. These adjustments to fair value usually result from impairment charges on individual assets. For assets measured at fair value on a nonrecurring basis that were still held in the balance sheet at the end of the period, the following table provides the carrying value of the related individual assets or portfolios at March 31, 2015. | ||||||||||||||||||||||||
March 31, 2015 | Three Months | |||||||||||||||||||||||
Ended March 31, 2015 | ||||||||||||||||||||||||
(Dollars in thousands) | Total | Level 1 | Level 2 | Level 3 | Fair Value Losses Recognized, net | |||||||||||||||||||
Impaired loans—collateral based | $ | 69,002 | $ | — | $ | — | $ | 69,002 | $ | 2,731 | ||||||||||||||
Other real estate owned, including covered other real estate owned (1) | 81,042 | — | — | 81,042 | 2,362 | |||||||||||||||||||
Total | $ | 150,044 | $ | — | $ | — | $ | 150,044 | $ | 5,093 | ||||||||||||||
-1 | Fair value losses recognized, net on other real estate owned include valuation adjustments and charge-offs during the respective period. | |||||||||||||||||||||||
Impaired loans—A loan is considered to be impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due pursuant to the contractual terms of the loan agreement. A loan restructured in a troubled debt restructuring is an impaired loan according to applicable accounting guidance. Impairment is measured by estimating the fair value of the loan based on the present value of expected cash flows, the market price of the loan, or the fair value of the underlying collateral. Impaired loans are considered a fair value measurement where an allowance is established based on the fair value of collateral. Appraised values, which may require adjustments to market-based valuation inputs, are generally used on real estate collateral-dependent impaired loans. | ||||||||||||||||||||||||
The Company’s Managed Assets Division is primarily responsible for the valuation of Level 3 measurements of impaired loans. For more information on the Managed Assets Division review of impaired loans refer to Note 7 – Allowance for Loan Losses, Allowance for Losses on Lending-Related Commitments and Impaired Loans. At March 31, 2015, the Company had $112.4 million of impaired loans classified as Level 3. Of the $112.4 million of impaired loans, $69.0 million were measured at fair value based on the underlying collateral of the loan as shown in the table above. The remaining $43.4 million were valued based on discounted cash flows in accordance with ASC 310. | ||||||||||||||||||||||||
Other real estate owned (including covered other real estate owned)—Other real estate owned is comprised of real estate acquired in partial or full satisfaction of loans and is included in other assets. Other real estate owned is recorded at its estimated fair value less estimated selling costs at the date of transfer, with any excess of the related loan balance over the fair value less expected selling costs charged to the allowance for loan losses. Subsequent changes in value are reported as adjustments to the carrying amount and are recorded in other non-interest expense. Gains and losses upon sale, if any, are also charged to other non-interest expense. Fair value is generally based on third party appraisals and internal estimates and is therefore considered a Level 3 valuation. | ||||||||||||||||||||||||
The Company’s Managed Assets Division is primarily responsible for the valuation of Level 3 measurements for non-covered other real estate owned and covered other real estate owned. At March 31, 2015, the Company had $81.0 million of other real estate owned classified as Level 3. The unobservable input applied to other real estate owned relates to the valuation adjustment determined by the Company’s appraisals. The valuation adjustments applied to other real estate owned range from an 154% write-up to a 79% write-down of the carrying value at March 31, 2015, with a weighted average write-down adjustment of 1.76%. A higher appraisal valuation results in an increased carrying value. | ||||||||||||||||||||||||
The valuation techniques and significant unobservable inputs used to measure both recurring and non-recurring Level 3 fair value measurements at March 31, 2015 were as follows: | ||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Fair Value | Valuation Methodology | Significant Unobservable Input | Range | Weighted | Impact to valuation | |||||||||||||||||||
of Inputs | Average | from an increased or | ||||||||||||||||||||||
of Inputs | higher input value | |||||||||||||||||||||||
Measured at fair value on a recurring basis: | ||||||||||||||||||||||||
Municipal Securities | $ | 56,049 | Bond pricing | Equivalent rating | BBB-AA+ | N/A | Increase | |||||||||||||||||
Equity Securities | 24,656 | Discounted cash flows | Discount rate | 1.70%-2.34% | 2.04% | Decrease | ||||||||||||||||||
Mortgage Servicing Rights | 7,852 | Discounted cash flows | Discount rate | 9%-12% | 9.15% | Decrease | ||||||||||||||||||
Constant prepayment rate (CPR) | 11%-20% | 13.29% | Decrease | |||||||||||||||||||||
Measured at fair value on a non-recurring basis: | ||||||||||||||||||||||||
Impaired loans—collateral based | $ | 69,002 | Appraisal value | N/A | N/A | N/A | N/A | |||||||||||||||||
Other real estate owned, including covered other real estate owned | 81,042 | Appraisal value | Property specific valuation adjustment | (79)%-154% | -1.76% | Increase | ||||||||||||||||||
The Company is required under applicable accounting guidance to report the fair value of all financial instruments on the consolidated statements of condition, including those financial instruments carried at cost. The table below presents the carrying amounts and estimated fair values of the Company’s financial instruments as of the dates shown: | ||||||||||||||||||||||||
At March 31, 2015 | At December 31, 2014 | At March 31, 2014 | ||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | Carrying | Fair | |||||||||||||||||||
(Dollars in thousands) | Value | Value | Value | Value | Value | Value | ||||||||||||||||||
Financial Assets: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 290,872 | $ | 290,872 | $ | 230,707 | $ | 230,707 | $ | 342,738 | $ | 342,738 | ||||||||||||
Interest bearing deposits with banks | 697,799 | 697,799 | 998,437 | 998,437 | 540,964 | 540,964 | ||||||||||||||||||
Available-for-sale securities | 1,721,030 | 1,721,030 | 1,792,078 | 1,792,078 | 1,949,697 | 1,949,697 | ||||||||||||||||||
Trading account securities | 7,811 | 7,811 | 1,206 | 1,206 | 1,068 | 1,068 | ||||||||||||||||||
Federal Home Loan Bank and Federal Reserve Bank stock, at cost | 92,948 | 92,948 | 91,582 | 91,582 | 78,524 | 78,524 | ||||||||||||||||||
Brokerage customer receivables | 25,287 | 25,287 | 24,221 | 24,221 | 26,884 | 26,884 | ||||||||||||||||||
Mortgage loans held-for-sale, at fair value | 446,355 | 446,355 | 351,290 | 351,290 | 215,231 | 215,231 | ||||||||||||||||||
Total loans | 15,162,753 | 15,868,532 | 14,636,107 | 15,346,266 | 13,445,638 | 14,078,788 | ||||||||||||||||||
Mortgage servicing rights | 7,852 | 7,852 | 8,435 | 8,435 | 8,719 | 8,719 | ||||||||||||||||||
Nonqualified deferred compensation assets | 8,718 | 8,718 | 7,951 | 7,951 | 7,783 | 7,783 | ||||||||||||||||||
Derivative assets | 62,984 | 62,984 | 47,964 | 47,964 | 51,529 | 51,529 | ||||||||||||||||||
FDIC indemnification asset | 10,224 | 10,224 | 11,846 | 11,846 | 60,298 | 60,298 | ||||||||||||||||||
Accrued interest receivable and other | 181,998 | 181,998 | 169,156 | 169,156 | 169,580 | 169,580 | ||||||||||||||||||
Total financial assets | $ | 18,716,631 | $ | 19,422,410 | $ | 18,370,980 | $ | 19,081,139 | $ | 16,898,653 | $ | 17,531,803 | ||||||||||||
Financial Liabilities | ||||||||||||||||||||||||
Non-maturity deposits | $ | 12,927,014 | $ | 12,927,014 | $ | 12,142,034 | $ | 12,142,034 | $ | 10,944,521 | $ | 10,944,521 | ||||||||||||
Deposits with stated maturities | 4,011,755 | 4,017,565 | 4,139,810 | 4,143,161 | 4,184,524 | 4,197,918 | ||||||||||||||||||
Federal Home Loan Bank advances | 416,036 | 422,305 | 733,050 | 738,113 | 387,672 | 393,145 | ||||||||||||||||||
Other borrowings | 187,006 | 187,006 | 196,465 | 197,883 | 231,086 | 231,086 | ||||||||||||||||||
Subordinated notes | 140,000 | 147,851 | 140,000 | 143,639 | — | — | ||||||||||||||||||
Junior subordinated debentures | 249,493 | 250,196 | 249,493 | 250,305 | 249,493 | 250,578 | ||||||||||||||||||
Derivative liabilities | 55,225 | 55,225 | 41,180 | 41,180 | 37,797 | 37,797 | ||||||||||||||||||
Accrued interest payable | 8,583 | 8,583 | 8,001 | 8,001 | 7,218 | 7,218 | ||||||||||||||||||
Total financial liabilities | $ | 17,995,112 | $ | 18,015,745 | $ | 17,650,033 | $ | 17,664,316 | $ | 16,042,311 | $ | 16,062,263 | ||||||||||||
Not all the financial instruments listed in the table above are subject to the disclosure provisions of ASC Topic 820, as certain assets and liabilities result in their carrying value approximating fair value. These include cash and cash equivalents, interest bearing deposits with banks, brokerage customer receivables, FHLB and FRB stock, FDIC indemnification asset, accrued interest receivable and accrued interest payable and non-maturity deposits. | ||||||||||||||||||||||||
The following methods and assumptions were used by the Company in estimating fair values of financial instruments that were not previously disclosed. | ||||||||||||||||||||||||
Loans. Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are analyzed by type such as commercial, residential real-estate, etc. Each category is further segmented by interest rate type (fixed and variable) and term. For variable-rate loans that reprice frequently, estimated fair values are based on carrying values. The fair value of residential loans is based on secondary market sources for securities backed by similar loans, adjusted for differences in loan characteristics. The fair value for other fixed rate loans is estimated by discounting scheduled cash flows through the estimated maturity using estimated market discount rates that reflect credit and interest rate risks inherent in the loan. The primary impact of credit risk on the present value of the loan portfolio, however, was assessed through the use of the allowance for loan losses, which is believed to represent the current fair value of probable incurred losses for purposes of the fair value calculation. In accordance with ASC 820, the Company has categorized loans as a Level 3 fair value measurement. | ||||||||||||||||||||||||
Deposits with stated maturities. The fair value of certificates of deposit is based on the discounted value of contractual cash flows. The discount rate is estimated using the rates currently in effect for deposits of similar remaining maturities. In accordance with ASC 820, the Company has categorized deposits with stated maturities as a Level 3 fair value measurement. | ||||||||||||||||||||||||
Federal Home Loan Bank advances. The fair value of Federal Home Loan Bank advances is obtained from the Federal Home Loan Bank which uses a discounted cash flow analysis based on current market rates of similar maturity debt securities to discount cash flows. In accordance with ASC 820, the Company has categorized Federal Home Loan Bank advances as a Level 3 fair value measurement. | ||||||||||||||||||||||||
Subordinated notes. The fair value of the subordinated notes is based on a market price obtained from an independent pricing vendor. In accordance with ASC 820, the Company has categorized subordinated notes as a Level 2 fair value measurement. | ||||||||||||||||||||||||
Junior subordinated debentures. The fair value of the junior subordinated debentures is based on the discounted value of contractual cash flows. In accordance with ASC 820, the Company has categorized junior subordinated debentures as a Level 3 fair value measurement. |
StockBased_Compensation_Plans
Stock-Based Compensation Plans | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Share-based Compensation [Abstract] | ||||||||||||||
Stock-Based Compensation Plans | Stock-Based Compensation Plans | |||||||||||||
The 2007 Stock Incentive Plan (“the 2007 Plan”), which was approved by the Company's shareholders in January 2007, permits the grant of incentive stock options, nonqualified stock options, rights and restricted stock. The 2007 Plan initially provided for the issuance of up to 500,000 shares of common stock. In May 2009 and May 2011, the Company's shareholders approved an additional 325,000 shares and 2,860,000 shares, respectively, of common stock that may be offered under the 2007 Plan. All grants made after 2006 have been made pursuant to the 2007 Plan. The 2007 Plan replaced the Wintrust Financial Corporation 1997 Stock Incentive Plan (“the 1997 Plan”) which had substantially similar terms. The 2007 Plan and the 1997 Plan are collectively referred to as “the Plans.” The Plans cover substantially all employees of Wintrust. The Compensation Committee of the Board of Directors administers all stock-based compensation programs and authorizes all awards granted pursuant to the Plans. | ||||||||||||||
The Company historically awarded stock-based compensation in the form time-vested of nonqualified stock options and time-vested restricted share awards (“restricted shares”). The grants of options provide for the purchase shares of Wintrust's common stock at the fair market value of the stock on the date the options are granted. Stock options under the 2007 Plan generally vest ratably over periods of three to five years and have a maximum term of seven years from the date of grant. Stock options granted under the 1997 Plan provided for a maximum term of 10 years. Restricted shares entitle the holders to receive, at no cost, shares of the Company’s common stock. Restricted shares generally vest over periods of one to five years from the date of grant. | ||||||||||||||
Beginning in 2011, the Company has awarded annual grants under The Long-Term Incentive Program (“LTIP”), which is administered under the 2007 Plan. The LTIP is designed in part to align the interests of management with the interests of shareholders, foster retention, create a long-term focus based on sustainable results and provide participants a target long-term incentive opportunity. It is anticipated that LTIP awards will continue to be granted annually. LTIP grants to date have consisted of time-vested nonqualified stock options and performance-based stock and cash awards. Stock options granted under the LTIP have a term of seven years and will generally vest equally over three years based on continued service. Performance-based stock and cash awards granted under the LTIP are contingent upon the achievement of pre-established long-term performance goals set in advance by the Compensation Committee over a three-year period with overlapping performance periods starting at the beginning of each calendar year. These performance awards are granted at a target level, and based on the Company’s achievement of the pre-established long-term goals, the actual payouts can range from 0% to a maximum of 150% (for 2015 awards) or 200% (for prior awards) of the target award. The awards vest in the quarter after the end of the performance period upon certification of the payout by the Compensation Committee of the Board of Directors. Holders of performance-based stock awards are entitled to shares of common stock at no cost. | ||||||||||||||
Holders of restricted share awards and performance-based stock awards received under the Plans are not entitled to vote or receive cash dividends (or cash payments equal to the cash dividends) on the underlying common shares until the awards are vested. Except in limited circumstances, these awards are canceled upon termination of employment without any payment of consideration by the Company. | ||||||||||||||
Stock-based compensation is measured as the fair value of an award on the date of grant, and the measured cost is recognized over the period which the recipient is required to provide service in exchange for the award. The fair values of restricted share and performance-based stock awards are determined based on the average of the high and low trading prices on the grant date, and the fair value of stock options is estimated using a Black-Scholes option-pricing model that utilizes the assumptions outlined in the following table. Option-pricing models require the input of highly subjective assumptions and are sensitive to changes in the option's expected life and the price volatility of the underlying stock, which can materially affect the fair value estimate. Expected life has been based on historical exercise and termination behavior as well as the term of the option, but the expected life of the options granted since the inception of the LTIP awards has been based on the safe harbor rule of the SEC Staff Accounting Bulletin No. 107 “Share-Based Payment” as the Company believes historical exercise data may not provide a reasonable basis to estimate the expected term of these options. Expected stock price volatility is based on historical volatility of the Company's common stock, which correlates with the expected life of the options, and the risk-free interest rate is based on comparable U.S. Treasury rates. Management reviews and adjusts the assumptions used to calculate the fair value of an option on a periodic basis to better reflect expected trends. | ||||||||||||||
The following table presents the weighted average assumptions used to determine the fair value of options granted in the three month periods ending March 31, 2015 and 2014. | ||||||||||||||
Three Months Ended | ||||||||||||||
March 31, | March 31, | |||||||||||||
2015 | 2014 | |||||||||||||
Expected dividend yield | 0.9 | % | 0.4 | % | ||||||||||
Expected volatility | 26.5 | % | 30.8 | % | ||||||||||
Risk-free rate | 1.3 | % | 0.7 | % | ||||||||||
Expected option life (in years) | 4.5 | 4.5 | ||||||||||||
Stock based compensation is recognized based upon the number of awards that are ultimately expected to vest, taking into account expected forfeitures. In addition, for performance-based awards, an estimate is made of the number of shares expected to vest as a result of projected performance against the performance criteria in the award to determine the amount of compensation expense to recognize. The estimate is reevaluated periodically and total compensation expense is adjusted for any change in estimate in the current period. Stock-based compensation expense recognized in the Consolidated Statements of Income was $2.3 million in the first quarter of 2015 and $3.8 million in the first quarter of 2014. The first quarter of 2014 includes a $2.1 million charge for a modification to the performance measurement criteria related to the 2011 LTIP performance-based stock grants that were vested and paid out in the first quarter of 2014. The cost of the modification was determined based on the stock price on the date of re-measurement and paid to the holders of the performance-based stock awards in cash. | ||||||||||||||
A summary of the Company's stock option activity for the three months ended March 31, 2015 and March 31, 2014 is presented below: | ||||||||||||||
Stock Options | Common | Weighted | Remaining | Intrinsic | ||||||||||
Shares | Average | Contractual | Value (2) | |||||||||||
Strike Price | Term (1) | $0 | ||||||||||||
Outstanding at January 1, 2015 | 1,618,426 | $ | 43 | |||||||||||
Conversion of options of acquired company | 16,364 | 21.18 | ||||||||||||
Granted | 487,259 | 44.11 | ||||||||||||
Exercised | (51,522 | ) | 31.5 | |||||||||||
Forfeited or canceled | (175,579 | ) | 54.4 | |||||||||||
Outstanding at March 31, 2015 | 1,894,948 | $ | 42.35 | 4.6 | $ | 11,649 | ||||||||
Exercisable at March 31, 2015 | 1,158,991 | $ | 41 | 3.3 | $ | 9,291 | ||||||||
Stock Options | Common | Weighted | Remaining | Intrinsic | ||||||||||
Shares | Average | Contractual | Value (2) | |||||||||||
Strike Price | Term (1) | $0 | ||||||||||||
Outstanding at January 1, 2014 | 1,524,672 | $ | 42 | |||||||||||
Granted | 358,440 | 46.86 | ||||||||||||
Exercised | (77,311 | ) | 34.79 | |||||||||||
Forfeited or canceled | (18,898 | ) | 45.56 | |||||||||||
Outstanding at March 31, 2014 | 1,786,903 | $ | 43.25 | 3.7 | $ | 12,834 | ||||||||
Exercisable at March 31, 2014 | 1,166,309 | $ | 43.96 | 2.4 | $ | 8,655 | ||||||||
-1 | Represents the remaining weighted average contractual life in years. | |||||||||||||
-2 | Aggregate intrinsic value represents the total pre-tax intrinsic value (i.e., the difference between the Company's stock price on the last trading day of the quarter and the option exercise price, multiplied by the number of shares) that would have been received by the option holders if they had exercised their options on the last day of the quarter. Options with exercise prices above the stock price on the last trading day of the quarter are excluded from the calculation of intrinsic value. The intrinsic value will change based on the fair market value of the Company's stock. | |||||||||||||
The weighted average grant date fair value per share of options granted during the three months ended March 31, 2015 and March 31, 2014 was $9.68 and $11.96, respectively. The aggregate intrinsic value of options exercised during the three months ended March 31, 2015 and 2014, was $744,000 and $911,000, respectively. | ||||||||||||||
A summary of the Plans' restricted share activity for the three months ended March 31, 2015 and March 31, 2014 is presented below: | ||||||||||||||
Three months ended March 31, 2015 | Three months ended March 31, 2014 | |||||||||||||
Restricted Shares | Common | Weighted | Common | Weighted | ||||||||||
Shares | Average | Shares | Average | |||||||||||
Grant-Date | Grant-Date | |||||||||||||
Fair Value | Fair Value | |||||||||||||
Outstanding at January 1 | 146,112 | $ | 47.45 | 181,522 | $ | 43.39 | ||||||||
Granted | 12,300 | 44.11 | 2,775 | 46.86 | ||||||||||
Vested and issued | (4,925 | ) | 36.74 | (24,900 | ) | 33.81 | ||||||||
Forfeited | — | — | (451 | ) | 44.29 | |||||||||
Outstanding at March 31 | 153,487 | $ | 47.53 | 158,946 | $ | 44.95 | ||||||||
Vested, but not issuable at March 31 | 85,000 | $ | 51.88 | 85,000 | $ | 51.88 | ||||||||
A summary of the 2007 Plan's performance-based stock award activity, based on the target level of the awards, for the three months ended March 31, 2015 and March 31, 2014 is presented below: | ||||||||||||||
Three months ended March 31, 2015 | Three months ended March 31, 2014 | |||||||||||||
Performance-based Stock | Common | Weighted | Common | Weighted | ||||||||||
Shares | Average | Shares | Average | |||||||||||
Grant-Date | Grant-Date | |||||||||||||
Fair Value | Fair Value | |||||||||||||
Outstanding at January 1 | 295,679 | $ | 38.18 | 307,512 | $ | 34.01 | ||||||||
Granted | 102,828 | 44.11 | 91,501 | 46.86 | ||||||||||
Vested and issued | (78,590 | ) | 31.1 | (15,944 | ) | 33.25 | ||||||||
Forfeited | (29,926 | ) | 31.41 | (81,551 | ) | 33.38 | ||||||||
Outstanding at March 31 | 289,991 | $ | 42.9 | 301,518 | $ | 38.12 | ||||||||
Based on the achievement of the pre-established performance goals over a three-year period, the actual performance-based award payouts can be adjusted downward to 0% or upward to a maximum of 150% of the target awards granted in 2015 and 200% of the target awards granted prior to 2015. The awards vest in the quarter after the end of the performance period. The Company issues new shares to satisfy its obligation to issue shares granted pursuant to the Plans. |
Shareholders_Equity_and_Earnin
Shareholders' Equity and Earnings Per Share | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Earnings Per Share, Basic and Diluted, Other Disclosures [Abstract] | ||||||||||||||||
Shareholders' Equity and Earnings Per Share | Shareholders’ Equity and Earnings Per Share | |||||||||||||||
Series C Preferred Stock | ||||||||||||||||
In March 2012, the Company issued and sold 126,500 shares of non-cumulative perpetual convertible preferred stock, Series C, liquidation preference $1,000 per share (the “Series C Preferred Stock”) for $126.5 million in an equity offering. If declared, dividends on the Series C Preferred Stock are payable quarterly in arrears at a rate of 5.00% per annum. The Series C Preferred Stock is convertible into common stock at the option of the holder at a conversion rate of 24.3132 shares of common stock per share of Series C Preferred Stock subject to customary anti-dilution adjustments. In the first quarter of 2015, pursuant to such terms, 40 shares of the Series C Preferred Stock were converted at the option of the respective holders into 972 shares of the Company's common stock. In 2014, 10 shares of the Series C Preferred Stock were converted at the option of the respective holders into 244 shares of the Company's common stock. On and after April 15, 2017, the Company will have the right under certain circumstances to cause the Series C Preferred Stock to be converted into common stock if the closing price of the Company’s common stock exceeds a certain amount. | ||||||||||||||||
Common Stock Warrant | ||||||||||||||||
Pursuant to the U.S. Department of the Treasury’s (the “U.S. Treasury”) Capital Purchase Program, on December 19, 2008, the Company issued to the U.S. Treasury a warrant to exercise 1,643,295 warrant shares of Wintrust common stock at a per share exercise price of $22.82, subject to customary anti-dilution adjustments, and with a term of 10 years. In February 2011, the U.S. Treasury sold all of its interest in the warrant issued to it in a secondary underwritten public offering. No warrant shares were exercised in the first quarter of 2015. During 2014, certain holders of the interest in the warrant exercised 705,878 warrant shares at the exercise price, which resulted in 363,155 shares of common stock issued. At March 31, 2015, all remaining holders of the interest in the warrant are able to exercise 937,417 warrant shares. | ||||||||||||||||
Other | ||||||||||||||||
In January 2015, the Company issued 422,121 shares of its common stock in the acquisition of Delavan. | ||||||||||||||||
At the January 2015 Board of Directors meeting, a quarterly cash dividend of $0.11 per share ($0.44 on an annualized basis) was declared. It was paid on February 19, 2015 to shareholders of record as of February 5, 2015. | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||
The following tables summarize the components of other comprehensive income (loss), including the related income tax effects, and the related amount reclassified to net income for the periods presented (in thousands). | ||||||||||||||||
Accumulated | Accumulated | Accumulated | Total | |||||||||||||
Unrealized (Losses) Gains on Securities | Unrealized | Foreign | Accumulated | |||||||||||||
Losses on | Currency | Other | ||||||||||||||
Derivative | Translation | Comprehensive | ||||||||||||||
Instruments | Adjustments | (Loss) Income | ||||||||||||||
Balance at January 1, 2015 | $ | (9,533 | ) | $ | (2,517 | ) | $ | (25,282 | ) | $ | (37,332 | ) | ||||
Other comprehensive income (loss) during the period, net of tax, before reclassifications | 15,945 | (593 | ) | (9,045 | ) | 6,307 | ||||||||||
Amount reclassified from accumulated other comprehensive income (loss), net of tax | (318 | ) | 252 | — | (66 | ) | ||||||||||
Net other comprehensive income (loss)during the period, net of tax | $ | 15,627 | $ | (341 | ) | $ | (9,045 | ) | $ | 6,241 | ||||||
Balance at March 31, 2015 | $ | 6,094 | $ | (2,858 | ) | $ | (34,327 | ) | $ | (31,091 | ) | |||||
Balance at January 1, 2014 | $ | (53,665 | ) | $ | (2,462 | ) | $ | (6,909 | ) | $ | (63,036 | ) | ||||
Other comprehensive income (loss) during the period, net of tax, before reclassifications | 13,722 | (356 | ) | (7,400 | ) | 5,966 | ||||||||||
Amount reclassified from accumulated other comprehensive income (loss), net of tax | 20 | 297 | — | 317 | ||||||||||||
Net other comprehensive income (loss) during the period, net of tax | $ | 13,742 | $ | (59 | ) | $ | (7,400 | ) | $ | 6,283 | ||||||
Balance at March 31, 2014 | $ | (39,923 | ) | $ | (2,521 | ) | $ | (14,309 | ) | $ | (56,753 | ) | ||||
Amount Reclassified from Accumulated Other Comprehensive Income for the | ||||||||||||||||
Details Regarding the Component of Accumulated Other Comprehensive Income | Three months ended | Impacted Line on the Consolidated Statements of Income | ||||||||||||||
March 31, | ||||||||||||||||
2015 | 2014 | |||||||||||||||
Accumulated unrealized losses on securities | ||||||||||||||||
Gains (losses) included in net income | $ | 524 | $ | (33 | ) | Gains (losses) on available-for-sale securities, net | ||||||||||
524 | (33 | ) | Income before taxes | |||||||||||||
Tax effect | $ | (206 | ) | $ | 13 | Income tax expense | ||||||||||
Net of tax | $ | 318 | $ | (20 | ) | Net income | ||||||||||
Accumulated unrealized losses on derivative instruments | ||||||||||||||||
Amount reclassified to interest expense on junior subordinated debentures | $ | 414 | $ | 493 | Interest on junior subordinated debentures | |||||||||||
(414 | ) | (493 | ) | Income before taxes | ||||||||||||
Tax effect | $ | 162 | $ | 196 | Income tax expense | |||||||||||
Net of tax | $ | (252 | ) | $ | (297 | ) | Net income | |||||||||
Earnings per Share | ||||||||||||||||
The following table shows the computation of basic and diluted earnings per share for the periods indicated: | ||||||||||||||||
Three Months Ended | ||||||||||||||||
(In thousands, except per share data) | March 31, | March 31, | ||||||||||||||
2015 | 2014 | |||||||||||||||
Net income | $ | 39,052 | $ | 34,500 | ||||||||||||
Less: Preferred stock dividends and discount accretion | 1,581 | 1,581 | ||||||||||||||
Net income applicable to common shares—Basic | (A) | 37,471 | 32,919 | |||||||||||||
Add: Dividends on convertible preferred stock, if dilutive | 1,581 | 1,581 | ||||||||||||||
Net income applicable to common shares—Diluted | (B) | 39,052 | 34,500 | |||||||||||||
Weighted average common shares outstanding | (C) | 47,239 | 46,195 | |||||||||||||
Effect of dilutive potential common shares | ||||||||||||||||
Common stock equivalents | 1,158 | 1,434 | ||||||||||||||
Convertible preferred stock, if dilutive | 3,075 | 3,075 | ||||||||||||||
Total dilutive potential common shares | 4,233 | 4,509 | ||||||||||||||
Weighted average common shares and effect of dilutive potential common shares | (D) | 51,472 | 50,704 | |||||||||||||
Net income per common share: | ||||||||||||||||
Basic | (A/C) | $ | 0.79 | $ | 0.71 | |||||||||||
Diluted | (B/D) | $ | 0.76 | $ | 0.68 | |||||||||||
Potentially dilutive common shares can result from stock options, restricted stock unit awards, stock warrants, the Company’s convertible preferred stock and shares to be issued under the Employee Stock Purchase Plan and the Directors Deferred Fee and Stock Plan, being treated as if they had been either exercised or issued, computed by application of the treasury stock method. While potentially dilutive common shares are typically included in the computation of diluted earnings per share, potentially dilutive common shares are excluded from this computation in periods in which the effect would reduce the loss per share or increase the income per share. For diluted earnings per share, net income applicable to common shares can be affected by the conversion of the Company’s convertible preferred stock. Where the effect of this conversion would reduce the loss per share or increase the income per share, net income applicable to common shares is not adjusted by the associated preferred dividends. |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events |
On April 2, 2015, the Company announced the signing of a definitive agreement to acquire Suburban. Suburban is the parent company of Suburban Bank & Trust Company ("SBT") which operates ten banking locations in Chicago and its suburbs. At December 31, 2014, SBT had approximately $470 million in assets, approximately $297 million in loans, and approximately $411 million in deposits. | |
On March 30, 2015, the Company announced the signing of a definitive agreement, through its subsidiary Wintrust Bank, to acquire North Bank, headquartered in downtown Chicago, Illinois. Through this transaction, Wintrust Bank will acquire two banking locations. At December 31, 2014, North Bank approximately $108 million in assets, approximately $55 million in loans, and approximately $96 million in deposits. | |
On March 2, 2015, the Company announced the signing of a definitive agreement to acquire CFIS. CFIS is the parent company of Community Bank - Wheaton/Glen Ellyn ("CBWGE"). Through this transaction, the Company will acquire CBWGE's four banking locations in Wheaton and Glen Ellyn, Illinois. At December 31, 2014, CBWGE had approximately $343 million in assets and approximately $310 million in deposits. |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 3 Months Ended | |
Mar. 31, 2015 | ||
Accounting Policies [Abstract] | ||
Income Tax, Policy | Accounting for Investments in Qualified Affordable Housing Projects | |
In January 2014, the FASB issued ASU No. 2014-01, “Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects,” to provide guidance on accounting for investments by a reporting entity in flow-through limited liability entities that invest in affordable housing projects that qualify for the low-income housing tax credit. This ASU permits a new accounting treatment, if certain conditions are met, which allows the Company to amortize the initial cost of an investment in proportion to the amount of tax credits and other tax benefits received with recognition of the investment performance in income tax expense. The Company adopted this new guidance beginning January 1, 2015. The guidance did not have a material impact on the Company's consolidated financial statements. | ||
Loans and Leases Receivable, Troubled Debt Restructuring, Policy | Repossession of Residential Real Estate Collateral | |
In January 2014, the FASB issued ASU No. 2014-04, “Receivables - Troubled Debt Restructurings by Creditors (Topic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure,” to address diversity in practice and clarify guidance regarding the accounting for an in-substance repossession or foreclosure of residential real estate collateral. This ASU clarifies that an in-substance repossession or foreclosure occurs upon either the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or the borrower conveying all interest in the residential real estate property to the creditor. Additionally, this ASU requires disclosure of both the amount of foreclosed residential real estate property held by the Company and the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure. The Company adopted this new guidance beginning January 1, 2015. The guidance did not have a material impact on the Company's consolidated financial statements. | ||
The Company’s approach to restructuring loans, excluding PCI loans, is built on its credit risk rating system which requires credit management personnel to assign a credit risk rating to each loan. In each case, the loan officer is responsible for recommending a credit risk rating for each loan and ensuring the credit risk ratings are appropriate. These credit risk ratings are then reviewed and approved by the bank’s chief credit officer and/or concurrence credit officer. Credit risk ratings are determined by evaluating a number of factors including a borrower’s financial strength, cash flow coverage, collateral protection and guarantees. The Company’s credit risk rating scale is one through ten with higher scores indicating higher risk. In the case of loans rated six or worse following modification, the Company’s Managed Assets Division evaluates the loan and the credit risk rating and determines that the loan has been restructured to be reasonably assured of repayment and of performance according to the modified terms and is supported by a current, well-documented credit assessment of the borrower’s financial condition and prospects for repayment under the revised terms. | ||
A modification of a loan, excluding PCI loans, with an existing credit risk rating of six or worse or a modification of any other credit which will result in a restructured credit risk rating of six or worse, must be reviewed for possible TDR classification. In that event, our Managed Assets Division conducts an overall credit and collateral review. A modification of these loans is considered to be a TDR if both (1) the borrower is experiencing financial difficulty and (2) for economic or legal reasons, the bank grants a concession to a borrower that it would not otherwise consider. The modification of a loan, excluding PCI loans, where the credit risk rating is five or better both before and after such modification is not considered to be a TDR. Based on the Company’s credit risk rating system, it considers that borrowers whose credit risk rating is five or better are not experiencing financial difficulties and therefore, are not considered TDRs. | ||
All credits determined to be a TDR will continue to be classified as a TDR in all subsequent periods, unless at any subsequent re-modification the borrower has been in compliance with the loan’s modified terms for a period of six months (including over a calendar year-end) and the current interest rate represents a market rate at the time of restructuring. The Managed Assets Division, in consultation with the respective loan officer, determines whether the modified interest rate represented a current market rate at the time of restructuring. Using knowledge of current market conditions and rates, competitive pricing on recent loan originations, and an assessment of various characteristics of the modified loan (including collateral position and payment history), an appropriate market rate for a new borrower with similar risk is determined. If the modified interest rate meets or exceeds this market rate for a new borrower with similar risk, the modified interest rate represents a market rate at the time of restructuring. Additionally, before removing a loan from TDR classification, a review of the current or previously measured impairment on the loan and any concerns related to future performance by the borrower is conducted. If concerns exist about the future ability of the borrower to meet its obligations under the loans based on a credit review by the Managed Assets Division, the TDR classification is not removed from the loan. | ||
TDRs are reviewed at the time of the modification and on a quarterly basis to determine if a specific reserve is necessary. The carrying amount of the loan is compared to the expected payments to be received, discounted at the loan's original rate, or for collateral dependent loans, to the fair value of the collateral. Any shortfall is recorded as a specific reserve. The Company, in accordance with ASC 310-10, continues to individually measure impairment of these loans after the TDR classification is removed. | ||
Each TDR was reviewed for impairment at March 31, 2015 and approximately $866,000 of impairment was present and appropriately reserved for through the Company’s normal reserving methodology in the Company’s allowance for loan losses. For TDRs in which impairment is calculated by the present value of future cash flows, the Company records interest income representing the decrease in impairment resulting from the passage of time during the respective period, which differs from interest income from contractually required interest on these specific loans. During the three months ended March 31, 2015 and 2014, the Company recorded $193,000 and $132,000, respectively, in interest income representing this decrease in impairment. | ||
TDRs may arise in which, due to financial difficulties experienced by the borrower, the Company obtains through physical possession one or more collateral assets in satisfaction of all or part of an existing credit. Once possession is obtained, the Company reclassifies the appropriate portion of the remaining balance of the credit from loans to OREO, which is included within other assets in the Consolidated Statements of Condition. For any residential real estate property collateralizing a consumer mortgage loan, the Company is considered to possess the related collateral only if legal title is obtained upon completion of foreclosure, or the borrower conveys all interest in the residential real estate property to the Company through completion of a deed in lieu of foreclosure or similar legal agreement. Excluding covered OREO, at March 31, 2015, the Company had $9.9 million of foreclosed residential real estate properties included within OREO. | ||
FDIC-Assisted Transactions, Policy | Since 2010, the Company acquired the banking operations, including the acquisition of certain assets and the assumption of liabilities, of nine financial institutions in FDIC-assisted transactions. Loans comprise the majority of the assets acquired in nearly all of these FDIC-assisted transactions since 2010, most of which are subject to loss sharing agreements with the FDIC whereby the FDIC has agreed to reimburse the Company for 80% of losses incurred on the purchased loans, other real estate owned (“OREO”), and certain other assets. Additionally, the loss share agreements with the FDIC require the Company to reimburse the FDIC in the event that actual losses on covered assets are lower than the original loss estimates agreed upon with the FDIC with respect of such assets in the loss share agreements. The Company refers to the loans subject to these loss-sharing agreements as “covered loans” and uses the term “covered assets” to refer to covered loans, covered OREO and certain other covered assets. The agreements with the FDIC require that the Company follow certain servicing procedures or risk losing the FDIC reimbursement of covered asset losses. | |
The loans covered by the loss sharing agreements are classified and presented as covered loans and the estimated reimbursable losses are recorded as an FDIC indemnification asset in the Consolidated Statements of Condition. The Company recorded the acquired assets and liabilities at their estimated fair values at the acquisition date. The fair value for loans reflected expected credit losses at the acquisition date. Therefore, the Company will only recognize a provision for credit losses and charge-offs on the acquired loans for any further credit deterioration subsequent to the acquisition date. See Note 7 — Allowance for Loan Losses, Allowance for Losses on Lending-Related Commitments and Impaired Loans for further discussion of the allowance on covered loans. | ||
The loss share agreements with the FDIC cover realized losses on loans, foreclosed real estate and certain other assets. These loss share assets are measured separately from the loan portfolios because they are not contractually embedded in the loans and are not transferable with the loans should the Company choose to dispose of them. Fair values at the acquisition dates were estimated based on projected cash flows available for loss-share based on the credit adjustments estimated for each loan pool and the loss share percentages. The loss share assets are recorded as FDIC indemnification assets on the Consolidated Statements of Condition. Subsequent to the acquisition date, reimbursements received from the FDIC for actual incurred losses will reduce the FDIC indemnification assets. Reductions to expected losses, to the extent such reductions to expected losses are the result of an improvement to the actual or expected cash flows from the covered assets, will also reduce the FDIC indemnification assets. Although these assets are contractual receivables from the FDIC, there are no contractual interest rates. Additional expected losses, to the extent such expected losses result in recognition of an allowance for covered loan losses, will increase the FDIC indemnification asset. The corresponding accretion is recorded as a component of non-interest income on the Consolidated Statements of Income. | ||
Purchased Credit Impaired (PCI) Loans, Policy | Purchased loans acquired in a business combination are recorded at estimated fair value on their purchase date. Expected future cash flows at the purchase date in excess of the fair value of loans are recorded as interest income over the life of the loans if the timing and amount of the future cash flows is reasonably estimable (“accretable yield”). The difference between contractually required payments and the cash flows expected to be collected at acquisition is referred to as the non-accretable difference and represents probable losses in the portfolio. | |
In determining the acquisition date fair value of PCI loans, and in subsequent accounting, the Company aggregates these purchased loans into pools of loans by common risk characteristics, such as credit risk rating and loan type. Subsequent to the purchase date, increases in cash flows over those expected at the purchase date are recognized as interest income prospectively. Subsequent decreases to the expected cash flows will generally result in a provision for loan losses. | ||
The Company purchased a portfolio of life insurance premium finance receivables in 2009. These purchased life insurance premium finance receivables are valued on an individual basis with the accretable component being recognized into interest income using the effective yield method over the estimated remaining life of the loans. The non-accretable portion is evaluated each quarter and if the loans’ credit related conditions improve, a portion is transferred to the accretable component and accreted over future periods. In the event a specific loan prepays in whole, any remaining accretable and non-accretable discount is recognized in income immediately. If credit related conditions deteriorate, an allowance related to these loans will be established as part of the provision for credit losses. | ||
Cash and Cash Equivalents, Policy | For purposes of the Consolidated Statements of Cash Flows, the Company considers cash and cash equivalents to include cash on hand, cash items in the process of collection, non-interest bearing amounts due from correspondent banks, federal funds sold and securities purchased under resale agreements with original maturities of three months or less. | |
Available-for-sale Securities, Policy | The Company conducts a regular assessment of its investment securities to determine whether securities are other-than-temporarily impaired considering, among other factors, the nature of the securities, credit ratings or financial condition of the issuer, the extent and duration of the unrealized loss, expected cash flows, market conditions and the Company’s ability to hold the securities through the anticipated recovery period. | |
Finance, Loans and Leases Receivable, Policy | Certain premium finance receivables are recorded net of unearned income. The unearned income portions of such premium finance receivables were $48.1 million at March 31, 2015, $46.9 million at December 31, 2014 and $40.3 million at March 31, 2014, respectively. Certain life insurance premium finance receivables attributable to the life insurance premium finance loan acquisition in 2009 as well as PCI loans are recorded net of credit discounts. | |
Receivables, Policy | These amounts include accretion from both covered and non-covered loans, and are included together within interest and fees on loans in the Consolidated Statements of Income. | |
Allowance and Nonperforming Loans, Allowance Policy | As a result of this initial review by the Company’s Managed Asset Division, the credit risk rating is reviewed and a portion of the outstanding loan balance may be deemed uncollectible or an impairment reserve may be established. The Company’s impairment analysis utilizes an independent re-appraisal of the collateral (unless such a third-party evaluation is not possible due to the unique nature of the collateral, such as a closely-held business or thinly traded securities). In the case of commercial real-estate collateral, an independent third party appraisal is ordered by the Company’s Real Estate Services Group to determine if there has been any change in the underlying collateral value. These independent appraisals are reviewed by the Real Estate Services Group and sometimes by independent third party valuation experts and may be adjusted depending upon market conditions. | |
Through the credit risk rating process, loans are reviewed to determine if they are performing in accordance with the original contractual terms. If the borrower has failed to comply with the original contractual terms, further action may be required by the Company, including a downgrade in the credit risk rating, movement to non-accrual status, a charge-off or the establishment of a specific impairment reserve. If we determine that a loan amount, or portion thereof, is uncollectible, the loan’s credit risk rating is immediately downgraded to an 8 or 9 and the uncollectible amount is charged-off. Any loan that has a partial charge-off continues to be assigned a credit risk rating of an 8 or 9 for the duration of time that a balance remains outstanding. The Company undertakes a thorough and ongoing analysis to determine if additional impairment and/or charge-offs are appropriate and to begin a workout plan for the credit to minimize actual losses. | ||
If, based on current information and events, it is probable that the Company will be unable to collect all amounts due to it according to the contractual terms of the loan agreement, a specific impairment reserve is established. In determining the appropriate charge-off for collateral-dependent loans, the Company considers the results of appraisals for the associated collateral. | ||
Loans and Leases Receivable, Nonperforming Loan and Lease, Policy | Non-performing loans include all non-accrual loans (8 and 9 risk ratings) as well as loans 90 days past due and still accruing interest, excluding PCI loans. The remainder of the portfolio is considered performing under the contractual terms of the loan agreement. | |
Loans and Leases Receivable, Allowance for Loan Losses, Policy | In conjunction with FDIC-assisted transactions, the Company entered into loss share agreements with the FDIC. Additional expected losses, to the extent such expected losses result in the recognition of an allowance for loan losses, will increase the FDIC indemnification asset. The allowance for loan losses for loans acquired in FDIC-assisted transactions is determined without giving consideration to the amounts recoverable through loss share agreements (since the loss share agreements are separately accounted for and thus presented “gross” on the balance sheet). On the Consolidated Statements of Income, the provision for credit losses is reported net of changes in the amount recoverable under the loss share agreements. Reductions to expected losses, to the extent such reductions to expected losses are the result of an improvement to the actual or expected cash flows from the covered assets, will reduce the FDIC indemnification asset. Additions to expected losses will require an increase to the allowance for loan losses, and a corresponding increase to the FDIC indemnification asset. | |
Impaired Financing Receivable, Policy | These impaired loans require an allowance for loan losses because the estimated fair value of the loans or related collateral is less than the recorded investment in the loans. | |
Impaired loans are considered by the Company to be non-accrual loans, TDRs or loans with principal and/or interest at risk, even if the loan is current with all payments of principal and interest. | ||
A loan is considered to be impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due pursuant to the contractual terms of the loan agreement. A loan restructured in a troubled debt restructuring is an impaired loan according to applicable accounting guidance. Impairment is measured by estimating the fair value of the loan based on the present value of expected cash flows, the market price of the loan, or the fair value of the underlying collateral. Impaired loans are considered a fair value measurement where an allowance is established based on the fair value of collateral. Appraised values, which may require adjustments to market-based valuation inputs, are generally used on real estate collateral-dependent impaired loans. | ||
Goodwill and Intangible Assets, Intangible Assets, Policy | The core deposit intangibles recognized in connection with prior bank acquisitions are amortized over a ten-year period on an accelerated basis. The customer list intangibles recognized in connection with the purchase of life insurance premium finance assets in 2009 are being amortized over an 18-year period on an accelerated basis while the customer list intangibles recognized in connection with prior acquisitions within the wealth management segment are being amortized over a ten-year period on a straight-line basis. | |
Debt, Policy | The proceeds received from the transaction are reflected on the Company’s Consolidated Statements of Condition as a secured borrowing owed to the unrelated third party and translated to the Company’s reporting currency as of the respective date. | |
FHLB advances are stated at par value of the debt adjusted for unamortized fair value adjustments recorded in connection with advances acquired through acquisitions. | ||
Offsetting Assets and Liabilities, Policy | The Company records securities sold under repurchase agreements at their gross value and does not offset positions on the Consolidated Statements of Condition. | |
Repurchase Agreements, Policy | Securities pledged for customer balances in sweep accounts and short-term borrowings from brokers are maintained under the Company’s control and consist of U.S. Government agency, mortgage-backed and corporate securities. These securities are included in the available-for-sale securities portfolio as reflected on the Company’s Consolidated Statements of Condition. | |
Segment Reporting, Policy | The Company’s operations consist of three primary segments: community banking, specialty finance and wealth management. | |
The three reportable segments are strategic business units that are separately managed as they offer different products and services and have different marketing strategies. In addition, each segment’s customer base has varying characteristics and each segment has a different regulatory environment. While the Company’s management monitors each of the fifteen bank subsidiaries’ operations and profitability separately, these subsidiaries have been aggregated into one reportable operating segment due to the similarities in products and services, customer base, operations, profitability measures, and economic characteristics. | ||
For purposes of internal segment profitability, management allocates certain intersegment and parent company balances. Management allocates a portion of revenues to the specialty finance segment related to loans originated by the specialty finance segment and sold to the community banking segment. Similarly, for purposes of analyzing the contribution from the wealth management segment, management allocates a portion of the net interest income earned by the community banking segment on deposit balances of customers of the wealth management segment to the wealth management segment. See Note 9 — Deposits, for more information on these deposits. Finally, expenses incurred at the Wintrust parent company are allocated to each segment based on each segment's risk-weighted assets. | ||
The segment financial information provided in the following tables has been derived from the internal profitability reporting system used by management to monitor and manage the financial performance of the Company. The accounting policies of the segments are substantially similar to as those described in “Summary of Significant Accounting Policies” in Note 1 of the Company’s 2014 Form 10-K. The Company evaluates segment performance based on after-tax profit or loss and other appropriate profitability measures common to each segment. | ||
Derivatives, Policy | The Company recognizes derivative financial instruments in the consolidated financial statements at fair value regardless of the purpose or intent for holding the instrument. The Company records derivative assets and derivative liabilities on the Consolidated Statements of Condition within accrued interest receivable and other assets and accrued interest payable and other liabilities, respectively. Changes in the fair value of derivative financial instruments are either recognized in income or in shareholders’ equity as a component of other comprehensive income depending on whether the derivative financial instrument qualifies for hedge accounting and, if so, whether it qualifies as a fair value hedge or cash flow hedge. Generally, changes in fair values of derivatives accounted for as fair value hedges are recorded in income in the same period and in the same income statement line as changes in the fair values of the hedged items that relate to the hedged risk(s). Changes in fair values of derivative financial instruments accounted for as cash flow hedges, to the extent they are effective hedges, are recorded as a component of other comprehensive income, net of deferred taxes, and reclassified to earnings when the hedged transaction affects earnings. Changes in fair values of derivative financial instruments not designated in a hedging relationship pursuant to ASC 815, including changes in fair value related to the ineffective portion of cash flow hedges, are reported in non-interest income during the period of the change. Derivative financial instruments are valued by a third party and are corroborated through comparison with valuations provided by the respective counterparties. Fair values of certain mortgage banking derivatives (interest rate lock commitments and forward commitments to sell mortgage loans) are estimated based on changes in mortgage interest rates from the date of the loan commitment. The fair value of foreign currency derivatives is computed based on changes in foreign currency rates stated in the contract compared to those prevailing at the measurement date. | |
The fair values of these derivatives were estimated based on changes in mortgage rates from the dates of the commitments. Changes in the fair value of these mortgage banking derivatives are included in mortgage banking revenue. | ||
Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings. | ||
For derivatives designated and that qualify as fair value hedges, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in earnings. The Company includes the gain or loss on the hedged item in the same line item as the offsetting loss or gain on the related derivatives. The Company recognized a net loss of $4,000 and $2,000 in other income related to hedge ineffectiveness for the three months ended March 31, 2015 and 2014, respectively. | ||
On June 1, 2013, the Company de-designated a $96.5 million cap which was previously designated as a fair value hedge of interest rate risk associated with an embedded cap in one of the Company’s floating rate loans. The hedged loan was restructured which resulted in the interest rate cap no longer qualifying as an effective fair value hedge. As such, the interest rate cap derivative is no longer accounted for under hedge accounting and all changes in value subsequent to June 1, 2013 are recorded in earnings. Additionally, the Company has recorded amortization of the basis in the previously hedged item as a reduction to interest income of $43,000 in both the three month periods ended March 31, 2015 and 2014, respectively. | ||
The effective portion of changes in the fair value of these cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified to interest expense as interest payments are made on the Company’s variable rate junior subordinated debentures. The changes in fair value (net of tax) are separately disclosed in the Consolidated Statements of Comprehensive Income. The ineffective portion of the change in fair value of these derivatives is recognized directly in earnings; however, no hedge ineffectiveness was recognized during the three months ended March 31, 2015 or March 31, 2014. The Company uses the hypothetical derivative method to assess and measure hedge effectiveness. | ||
Derivatives, Offsetting Fair Value Amounts, Policy | The Company records interest rate derivatives subject to master netting agreements at their gross value and does not offset derivative assets and liabilities on the Consolidated Statements of Condition | |
Fair Value of Financial Instruments, Policy | The Company measures, monitors and discloses certain of its assets and liabilities on a fair value basis. These financial assets and financial liabilities are measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the observability of the assumptions used to determine fair value. These levels are: | |
• | Level 1—unadjusted quoted prices in active markets for identical assets or liabilities. | |
• | Level 2—inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability or inputs that are derived principally from or corroborated by observable market data by correlation or other means. | |
• | Level 3—significant unobservable inputs that reflect the Company’s own assumptions that market participants would use in pricing the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. | |
A financial instrument’s categorization within the above valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the assets or liabilities. Following is a description of the valuation methodologies used for the Company’s assets and liabilities measured at fair value on a recurring basis. | ||
Available-for-sale and trading account securities—Fair values for available-for-sale and trading securities are typically based on prices obtained from independent pricing vendors. Securities measured with these valuation techniques are generally classified as Level 2 of the fair value hierarchy. Typically, standard inputs such as benchmark yields, reported trades for similar securities, issuer spreads, benchmark securities, bids, offers and reference data including market research publications are used to fair value a security. When these inputs are not available, broker/dealer quotes may be obtained by the vendor to determine the fair value of the security. We review the vendor’s pricing methodologies to determine if observable market information is being used, versus unobservable inputs. Fair value measurements using significant inputs that are unobservable in the market due to limited activity or a less liquid market are classified as Level 3 in the fair value hierarchy. | ||
The Company’s Investment Operations Department is responsible for the valuation of Level 3 available-for-sale securities. The methodology and variables used as inputs in pricing Level 3 securities are derived from a combination of observable and unobservable inputs. The unobservable inputs are determined through internal assumptions that may vary from period to period due to external factors, such as market movement and credit rating adjustments. | ||
At March 31, 2015, the Company classified $56.0 million of municipal securities as Level 3. These municipal securities are bond issues for various municipal government entities located in the Chicago metropolitan area and southern Wisconsin and are privately placed, non-rated bonds without CUSIP numbers. The Company’s methodology for pricing the non-rated bonds focuses on three distinct inputs: equivalent rating, yield and other pricing terms. To determine the rating for a given non-rated municipal bond, the Investment Operations Department references a publicly issued bond by the same issuer if available. A reduction is then applied to the rating obtained from the comparable bond, as the Company believes if liquidated, a non-rated bond would be valued less than a similar bond with a verifiable rating. The reduction applied by the Company is one complete rating grade (i.e. a “AA” rating for a comparable bond would be reduced to “A” for the Company’s valuation). In the first quarter of 2015, all of the ratings derived in the above process by Investment Operations were BBB or better, for both bonds with and without comparable bond proxies. The fair value measurement of municipal bonds is sensitive to the rating input, as a higher rating typically results in an increased valuation. The remaining pricing inputs used in the bond valuation are observable. Based on the rating determined in the above process, Investment Operations obtains a corresponding current market yield curve available to market participants. Other terms including coupon, maturity date, redemption price, number of coupon payments per year, and accrual method are obtained from the individual bond term sheets. Certain municipal bonds held by the Company at March 31, 2015 have a call date that has passed, and are now continuously callable. When valuing these bonds, the fair value is capped at par value as the Company assumes a market participant would not pay more than par for a continuously callable bond. | ||
At March 31, 2015, the Company held $24.7 million of equity securities classified as Level 3. The securities in Level 3 are primarily comprised of auction rate preferred securities. The Company utilizes an independent pricing vendor to provide a fair market valuation of these securities. The vendor’s valuation methodology includes modeling the contractual cash flows of the underlying preferred securities and applying a discount to these cash flows by a credit spread derived from the market price of the securities underlying debt. At March 31, 2015, the vendor considered five different securities whose implied credit spreads were believed to provide a proxy for the Company’s auction rate preferred securities. The credit spreads ranged from 1.70%-2.34% with an average of 2.04% which was added to three-month LIBOR to be used as the discount rate input to the vendor’s model. Fair value of the securities is sensitive to the discount rate utilized as a higher discount rate results in a decreased fair value measurement. | ||
Mortgage loans held-for-sale—The fair value of mortgage loans held-for-sale is determined by reference to investor price sheets for loan products with similar characteristics. | ||
Mortgage servicing rights—Fair value for mortgage servicing rights is determined utilizing a third party valuation model which stratifies the servicing rights into pools based on product type and interest rate. The fair value of each servicing rights pool is calculated based on the present value of estimated future cash flows using a discount rate commensurate with the risk associated with that pool, given current market conditions. At March 31, 2015, the Company classified $7.9 million of mortgage servicing rights as Level 3. The weighted average discount rate used as an input to value the pool of mortgage servicing rights at March 31, 2015 was 9.15% with discount rates applied ranging from 9%-12%. The higher the rate utilized to discount estimated future cash flows, the lower the fair value measurement. Additionally, fair value estimates include assumptions about prepayment speeds which ranged from 11%-20% or a weighted average prepayment speed of 13.29% used as an input to value the pool of mortgage servicing rights at March 31, 2015. Prepayment speeds are inversely related to the fair value of mortgage servicing rights as an increase in prepayment speeds results in a decreased valuation. | ||
Derivative instruments—The Company’s derivative instruments include interest rate swaps and caps, commitments to fund mortgages for sale into the secondary market (interest rate locks), forward commitments to end investors for the sale of mortgage loans and foreign currency contracts. Interest rate swaps and caps are valued by a third party, using models that primarily use market observable inputs, such as yield curves, and are corroborated by comparison with valuations provided by the respective counterparties. The credit risk associated with derivative financial instruments that are subject to master netting agreements is measured on a net basis by counterparty portfolio. The fair value for mortgage-related derivatives is based on changes in mortgage rates from the date of the commitments. The fair value of foreign currency derivatives is computed based on change in foreign currency rates stated in the contract compared to those prevailing at the measurement date. | ||
Nonqualified deferred compensation assets—The underlying assets relating to the nonqualified deferred compensation plan are included in a trust and primarily consist of non-exchange traded institutional funds which are priced based by an independent third party service. | ||
Fair Value Measurement, Policy | Also, the Company may be required, from time to time, to measure certain other financial assets at fair value on a nonrecurring basis in accordance with GAAP. These adjustments to fair value usually result from impairment charges on individual assets. | |
The following methods and assumptions were used by the Company in estimating fair values of financial instruments that were not previously disclosed. | ||
Loans. Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are analyzed by type such as commercial, residential real-estate, etc. Each category is further segmented by interest rate type (fixed and variable) and term. For variable-rate loans that reprice frequently, estimated fair values are based on carrying values. The fair value of residential loans is based on secondary market sources for securities backed by similar loans, adjusted for differences in loan characteristics. The fair value for other fixed rate loans is estimated by discounting scheduled cash flows through the estimated maturity using estimated market discount rates that reflect credit and interest rate risks inherent in the loan. The primary impact of credit risk on the present value of the loan portfolio, however, was assessed through the use of the allowance for loan losses, which is believed to represent the current fair value of probable incurred losses for purposes of the fair value calculation. In accordance with ASC 820, the Company has categorized loans as a Level 3 fair value measurement. | ||
Deposits with stated maturities. The fair value of certificates of deposit is based on the discounted value of contractual cash flows. The discount rate is estimated using the rates currently in effect for deposits of similar remaining maturities. In accordance with ASC 820, the Company has categorized deposits with stated maturities as a Level 3 fair value measurement. | ||
Federal Home Loan Bank advances. The fair value of Federal Home Loan Bank advances is obtained from the Federal Home Loan Bank which uses a discounted cash flow analysis based on current market rates of similar maturity debt securities to discount cash flows. In accordance with ASC 820, the Company has categorized Federal Home Loan Bank advances as a Level 3 fair value measurement. | ||
Subordinated notes. The fair value of the subordinated notes is based on a market price obtained from an independent pricing vendor. In accordance with ASC 820, the Company has categorized subordinated notes as a Level 2 fair value measurement. | ||
Junior subordinated debentures. The fair value of the junior subordinated debentures is based on the discounted value of contractual cash flows. In accordance with ASC 820, the Company has categorized junior subordinated debentures as a Level 3 fair value measurement. | ||
Foreclosed Assets, Policy | Other real estate owned is comprised of real estate acquired in partial or full satisfaction of loans and is included in other assets. Other real estate owned is recorded at its estimated fair value less estimated selling costs at the date of transfer, with any excess of the related loan balance over the fair value less expected selling costs charged to the allowance for loan losses. Subsequent changes in value are reported as adjustments to the carrying amount and are recorded in other non-interest expense. Gains and losses upon sale, if any, are also charged to other non-interest expense. Fair value is generally based on third party appraisals and internal estimates and is therefore considered a Level 3 valuation. | |
Stock-Based Compensation, Policy | The 2007 Stock Incentive Plan (“the 2007 Plan”), which was approved by the Company's shareholders in January 2007, permits the grant of incentive stock options, nonqualified stock options, rights and restricted stock. The 2007 Plan initially provided for the issuance of up to 500,000 shares of common stock. In May 2009 and May 2011, the Company's shareholders approved an additional 325,000 shares and 2,860,000 shares, respectively, of common stock that may be offered under the 2007 Plan. All grants made after 2006 have been made pursuant to the 2007 Plan. The 2007 Plan replaced the Wintrust Financial Corporation 1997 Stock Incentive Plan (“the 1997 Plan”) which had substantially similar terms. The 2007 Plan and the 1997 Plan are collectively referred to as “the Plans.” The Plans cover substantially all employees of Wintrust. The Compensation Committee of the Board of Directors administers all stock-based compensation programs and authorizes all awards granted pursuant to the Plans. | |
The Company historically awarded stock-based compensation in the form time-vested of nonqualified stock options and time-vested restricted share awards (“restricted shares”). The grants of options provide for the purchase shares of Wintrust's common stock at the fair market value of the stock on the date the options are granted. Stock options under the 2007 Plan generally vest ratably over periods of three to five years and have a maximum term of seven years from the date of grant. Stock options granted under the 1997 Plan provided for a maximum term of 10 years. Restricted shares entitle the holders to receive, at no cost, shares of the Company’s common stock. Restricted shares generally vest over periods of one to five years from the date of grant. | ||
Beginning in 2011, the Company has awarded annual grants under The Long-Term Incentive Program (“LTIP”), which is administered under the 2007 Plan. The LTIP is designed in part to align the interests of management with the interests of shareholders, foster retention, create a long-term focus based on sustainable results and provide participants a target long-term incentive opportunity. It is anticipated that LTIP awards will continue to be granted annually. LTIP grants to date have consisted of time-vested nonqualified stock options and performance-based stock and cash awards. Stock options granted under the LTIP have a term of seven years and will generally vest equally over three years based on continued service. Performance-based stock and cash awards granted under the LTIP are contingent upon the achievement of pre-established long-term performance goals set in advance by the Compensation Committee over a three-year period with overlapping performance periods starting at the beginning of each calendar year. These performance awards are granted at a target level, and based on the Company’s achievement of the pre-established long-term goals, the actual payouts can range from 0% to a maximum of 150% (for 2015 awards) or 200% (for prior awards) of the target award. The awards vest in the quarter after the end of the performance period upon certification of the payout by the Compensation Committee of the Board of Directors. Holders of performance-based stock awards are entitled to shares of common stock at no cost. | ||
Holders of restricted share awards and performance-based stock awards received under the Plans are not entitled to vote or receive cash dividends (or cash payments equal to the cash dividends) on the underlying common shares until the awards are vested. Except in limited circumstances, these awards are canceled upon termination of employment without any payment of consideration by the Company. | ||
Stock-based compensation is measured as the fair value of an award on the date of grant, and the measured cost is recognized over the period which the recipient is required to provide service in exchange for the award. The fair values of restricted share and performance-based stock awards are determined based on the average of the high and low trading prices on the grant date, and the fair value of stock options is estimated using a Black-Scholes option-pricing model that utilizes the assumptions outlined in the following table. Option-pricing models require the input of highly subjective assumptions and are sensitive to changes in the option's expected life and the price volatility of the underlying stock, which can materially affect the fair value estimate. Expected life has been based on historical exercise and termination behavior as well as the term of the option, but the expected life of the options granted since the inception of the LTIP awards has been based on the safe harbor rule of the SEC Staff Accounting Bulletin No. 107 “Share-Based Payment” as the Company believes historical exercise data may not provide a reasonable basis to estimate the expected term of these options. Expected stock price volatility is based on historical volatility of the Company's common stock, which correlates with the expected life of the options, and the risk-free interest rate is based on comparable U.S. Treasury rates. Management reviews and adjusts the assumptions used to calculate the fair value of an option on a periodic basis to better reflect expected trends. | ||
Share-based Compensation, Option and Incentive Plans, Policy | Stock based compensation is recognized based upon the number of awards that are ultimately expected to vest, taking into account expected forfeitures. In addition, for performance-based awards, an estimate is made of the number of shares expected to vest as a result of projected performance against the performance criteria in the award to determine the amount of compensation expense to recognize. The estimate is reevaluated periodically and total compensation expense is adjusted for any change in estimate in the current period. Stock-based compensation expense recognized in the Consolidated Statements of Income was $2.3 million in the first quarter of 2015 and $3.8 million in the first quarter of 2014. The first quarter of 2014 includes a $2.1 million charge for a modification to the performance measurement criteria related to the 2011 LTIP performance-based stock grants that were vested and paid out in the first quarter of 2014. The cost of the modification was determined based on the stock price on the date of re-measurement and paid to the holders of the performance-based stock awards in cash. | |
Junior Subordinated Debentures, Policy | The Trusts are reported in the Company’s consolidated financial statements as unconsolidated subsidiaries. Accordingly, in the Consolidated Statements of Condition, the junior subordinated debentures issued by the Company to the Trusts are reported as liabilities and the common securities of the Trusts, all of which are owned by the Company, are included in available-for-sale securities. | |
Earnings Per Share, Policy | Potentially dilutive common shares can result from stock options, restricted stock unit awards, stock warrants, the Company’s convertible preferred stock and shares to be issued under the Employee Stock Purchase Plan and the Directors Deferred Fee and Stock Plan, being treated as if they had been either exercised or issued, computed by application of the treasury stock method. While potentially dilutive common shares are typically included in the computation of diluted earnings per share, potentially dilutive common shares are excluded from this computation in periods in which the effect would reduce the loss per share or increase the income per share. For diluted earnings per share, net income applicable to common shares can be affected by the conversion of the Company’s convertible preferred stock. Where the effect of this conversion would reduce the loss per share or increase the income per share, net income applicable to common shares is not adjusted by the associated preferred dividends. |
Business_Combinations_Tables
Business Combinations (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Business Combinations [Abstract] | ||||||||
Summary of FDIC Indemnification Asset | The following table summarizes the activity in the Company’s FDIC indemnification asset during the periods indicated: | |||||||
Three Months Ended | ||||||||
(Dollars in thousands) | March 31, | March 31, | ||||||
2015 | 2014 | |||||||
Balance at beginning of period | $ | 11,846 | $ | 85,672 | ||||
Additions from acquisitions | — | — | ||||||
Additions from reimbursable expenses | 1,575 | 1,282 | ||||||
Amortization | (1,260 | ) | (1,603 | ) | ||||
Changes in expected reimbursements from the FDIC for changes in expected credit losses | (3,993 | ) | (15,384 | ) | ||||
Payments provided to (received from) the FDIC | 2,056 | (9,669 | ) | |||||
Balance at end of period | $ | 10,224 | $ | 60,298 | ||||
AvailableForSale_Securities_Ta
Available-For-Sale Securities (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Available-for-sale Securities [Abstract] | ||||||||||||||||||||||||
Schedule of the Available-for-Sale Securities Reconciliation | The following tables are a summary of the available-for-sale securities portfolio as of the dates shown: | |||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||
(Dollars in thousands) | Amortized | Gross | Gross | Fair | ||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | |||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
U.S. Treasury | $ | 273,173 | $ | 148 | $ | (1,847 | ) | $ | 271,474 | |||||||||||||||
U.S. Government agencies | 665,177 | 5,348 | (8,732 | ) | 661,793 | |||||||||||||||||||
Municipal | 264,949 | 6,485 | (1,522 | ) | 269,912 | |||||||||||||||||||
Corporate notes: | ||||||||||||||||||||||||
Financial issuers | 129,360 | 1,965 | (1,321 | ) | 130,004 | |||||||||||||||||||
Other | 3,759 | 52 | (1 | ) | 3,810 | |||||||||||||||||||
Mortgage-backed: (1) | ||||||||||||||||||||||||
Mortgage-backed securities | 280,679 | 5,983 | (2,529 | ) | 284,133 | |||||||||||||||||||
Collateralized mortgage obligations | 45,299 | 435 | (276 | ) | 45,458 | |||||||||||||||||||
Equity securities | 48,717 | 5,979 | (250 | ) | 54,446 | |||||||||||||||||||
Total available-for-sale securities | $ | 1,711,113 | $ | 26,395 | $ | (16,478 | ) | $ | 1,721,030 | |||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | |||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | |||||||||||||||||||||
(Dollars in thousands) | Gains | Losses | ||||||||||||||||||||||
U.S. Treasury | $ | 388,713 | $ | 84 | $ | (6,992 | ) | $ | 381,805 | |||||||||||||||
U.S. Government agencies | 686,106 | 4,113 | (21,903 | ) | 668,316 | |||||||||||||||||||
Municipal | 234,951 | 5,318 | (1,740 | ) | 238,529 | |||||||||||||||||||
Corporate notes: | ||||||||||||||||||||||||
Financial issuers | 129,309 | 2,006 | (1,557 | ) | 129,758 | |||||||||||||||||||
Other | 3,766 | 55 | — | 3,821 | ||||||||||||||||||||
Mortgage-backed: (1) | ||||||||||||||||||||||||
Mortgage-backed securities | 271,129 | 5,448 | (4,928 | ) | 271,649 | |||||||||||||||||||
Collateralized mortgage obligations | 47,347 | 249 | (535 | ) | 47,061 | |||||||||||||||||||
Equity securities | 46,592 | 4,872 | (325 | ) | 51,139 | |||||||||||||||||||
Total available-for-sale securities | $ | 1,807,913 | $ | 22,145 | $ | (37,980 | ) | $ | 1,792,078 | |||||||||||||||
31-Mar-14 | ||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | |||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | |||||||||||||||||||||
(Dollars in thousands) | Gains | Losses | ||||||||||||||||||||||
U.S. Treasury | $ | 354,109 | $ | 263 | $ | (14,194 | ) | $ | 340,178 | |||||||||||||||
U.S. Government agencies | 874,845 | 3,286 | (49,856 | ) | 828,275 | |||||||||||||||||||
Municipal | 175,028 | 3,439 | (3,167 | ) | 175,300 | |||||||||||||||||||
Corporate notes: | ||||||||||||||||||||||||
Financial issuers | 129,413 | 2,306 | (1,735 | ) | 129,984 | |||||||||||||||||||
Other | 4,986 | 100 | (3 | ) | 5,083 | |||||||||||||||||||
Mortgage-backed: (1) | ||||||||||||||||||||||||
Mortgage-backed securities | 371,825 | 3,919 | (13,188 | ) | 362,556 | |||||||||||||||||||
Collateralized mortgage obligations | 55,190 | 356 | (799 | ) | 54,747 | |||||||||||||||||||
Equity securities | 50,570 | 3,543 | (539 | ) | 53,574 | |||||||||||||||||||
Total available-for-sale securities | $ | 2,015,966 | $ | 17,212 | $ | (83,481 | ) | $ | 1,949,697 | |||||||||||||||
-1 | Consisting entirely of residential mortgage-backed securities, none of which are subprime. | |||||||||||||||||||||||
Available-for-Sale Securities, Continuous Unrealized Loss Position, Fair Value | The following table presents the portion of the Company’s available-for-sale securities portfolio which has gross unrealized losses, reflecting the length of time that individual securities have been in a continuous unrealized loss position at March 31, 2015: | |||||||||||||||||||||||
Continuous unrealized | Continuous unrealized | Total | ||||||||||||||||||||||
losses existing for | losses existing for | |||||||||||||||||||||||
less than 12 months | greater than 12 months | |||||||||||||||||||||||
(Dollars in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||
U.S. Treasury | $ | 198,297 | $ | (1,847 | ) | $ | — | $ | — | $ | 198,297 | $ | (1,847 | ) | ||||||||||
U.S. Government agencies | 163,928 | (2,158 | ) | 259,346 | (6,574 | ) | 423,274 | (8,732 | ) | |||||||||||||||
Municipal | 41,611 | (500 | ) | 37,899 | (1,022 | ) | 79,510 | (1,522 | ) | |||||||||||||||
Corporate notes: | ||||||||||||||||||||||||
Financial issuers | 9,968 | (31 | ) | 44,667 | (1,290 | ) | 54,635 | (1,321 | ) | |||||||||||||||
Other | 999 | (1 | ) | — | — | 999 | (1 | ) | ||||||||||||||||
Mortgage-backed: | ||||||||||||||||||||||||
Mortgage-backed securities | 16,725 | (92 | ) | 127,433 | (2,437 | ) | 144,158 | (2,529 | ) | |||||||||||||||
Collateralized mortgage obligations | 1,015 | (1 | ) | 10,502 | (275 | ) | 11,517 | (276 | ) | |||||||||||||||
Equity securities | — | — | 8,611 | (250 | ) | 8,611 | (250 | ) | ||||||||||||||||
Total | $ | 432,543 | $ | (4,630 | ) | $ | 488,458 | $ | (11,848 | ) | $ | 921,001 | $ | (16,478 | ) | |||||||||
Schedule of Realized Gain (Loss) | The following table provides information as to the amount of gross gains and gross losses realized and proceeds received through the sales of available-for-sale investment securities: | |||||||||||||||||||||||
Three months ended March 31, | ||||||||||||||||||||||||
(Dollars in thousands) | 2015 | 2014 | ||||||||||||||||||||||
Realized gains | $ | 553 | $ | 55 | ||||||||||||||||||||
Realized losses | (29 | ) | (88 | ) | ||||||||||||||||||||
Net realized gains (losses) | $ | 524 | $ | (33 | ) | |||||||||||||||||||
Other than temporary impairment charges | — | — | ||||||||||||||||||||||
Gains (losses) on available-for-sale securities, net | $ | 524 | $ | (33 | ) | |||||||||||||||||||
Proceeds from sales of available-for-sale securities | $ | 635,532 | $ | 14,800 | ||||||||||||||||||||
Investments Classified by Contractual Maturity Date | The amortized cost and fair value of securities as of March 31, 2015, December 31, 2014 and March 31, 2014, by contractual maturity, are shown in the following table. Contractual maturities may differ from actual maturities as borrowers may have the right to call or repay obligations with or without call or prepayment penalties. Mortgage-backed securities are not included in the maturity categories in the following maturity summary as actual maturities may differ from contractual maturities because the underlying mortgages may be called or prepaid without penalties: | |||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | 31-Mar-14 | ||||||||||||||||||||||
(Dollars in thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||
Due in one year or less | $ | 151,585 | $ | 151,854 | $ | 285,596 | $ | 285,889 | $ | 203,749 | $ | 203,942 | ||||||||||||
Due in one to five years | 249,861 | 250,483 | 172,647 | 172,885 | 338,130 | 338,980 | ||||||||||||||||||
Due in five to ten years | 837,926 | 836,598 | 331,389 | 325,644 | 344,296 | 330,546 | ||||||||||||||||||
Due after ten years | 97,046 | 98,058 | 653,213 | 637,811 | 652,206 | 605,352 | ||||||||||||||||||
Mortgage-backed | 325,978 | 329,591 | 318,476 | 318,710 | 427,015 | 417,303 | ||||||||||||||||||
Equity securities | 48,717 | 54,446 | 46,592 | 51,139 | 50,570 | 53,574 | ||||||||||||||||||
Total available-for-sale securities | $ | 1,711,113 | $ | 1,721,030 | $ | 1,807,913 | $ | 1,792,078 | $ | 2,015,966 | $ | 1,949,697 | ||||||||||||
Loans_Tables
Loans (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Loans and Leases Receivable Disclosure [Abstract] | ||||||||||||||||
Summary of Loan Portfolio | The following table shows the Company’s loan portfolio by category as of the dates shown: | |||||||||||||||
March 31, | December 31, | March 31, | ||||||||||||||
(Dollars in thousands) | 2015 | 2014 | 2014 | |||||||||||||
Balance: | ||||||||||||||||
Commercial | $ | 4,211,932 | $ | 3,924,394 | $ | 3,439,197 | ||||||||||
Commercial real-estate | 4,710,486 | 4,505,753 | 4,262,255 | |||||||||||||
Home equity | 709,283 | 716,293 | 707,748 | |||||||||||||
Residential real-estate | 495,925 | 483,542 | 426,769 | |||||||||||||
Premium finance receivables—commercial | 2,319,623 | 2,350,833 | 2,208,361 | |||||||||||||
Premium finance receivables—life insurance | 2,375,654 | 2,277,571 | 1,929,334 | |||||||||||||
Consumer and other | 130,156 | 151,012 | 159,496 | |||||||||||||
Total loans, net of unearned income, excluding covered loans | $ | 14,953,059 | $ | 14,409,398 | $ | 13,133,160 | ||||||||||
Covered loans | 209,694 | 226,709 | 312,478 | |||||||||||||
Total loans | $ | 15,162,753 | $ | 14,636,107 | $ | 13,445,638 | ||||||||||
Mix: | ||||||||||||||||
Commercial | 28 | % | 26 | % | 26 | % | ||||||||||
Commercial real-estate | 31 | 31 | 32 | |||||||||||||
Home equity | 5 | 5 | 5 | |||||||||||||
Residential real-estate | 3 | 3 | 3 | |||||||||||||
Premium finance receivables—commercial | 15 | 16 | 17 | |||||||||||||
Premium finance receivables—life insurance | 16 | 16 | 14 | |||||||||||||
Consumer and other | 1 | 1 | 1 | |||||||||||||
Total loans, net of unearned income, excluding covered loans | 99 | % | 98 | % | 98 | % | ||||||||||
Covered loans | 1 | 2 | 2 | |||||||||||||
Total loans | 100 | % | 100 | % | 100 | % | ||||||||||
Schedule of Unpaid Principal Balance and Carrying Value of Acquired Loans | The following table presents the unpaid principal balance and carrying value for these acquired loans: | |||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||
Unpaid | Carrying | Unpaid | Carrying | |||||||||||||
Principal | Principal | |||||||||||||||
(Dollars in thousands) | Balance | Value | Balance | Value | ||||||||||||
Bank acquisitions | $ | 277,163 | $ | 222,837 | $ | 285,809 | $ | 227,229 | ||||||||
Life insurance premium finance loans acquisition | 394,632 | 389,048 | 399,665 | 393,479 | ||||||||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period | The following table provides estimated details as of the date of acquisition on loans acquired in 2015 with evidence of credit quality deterioration since origination: | |||||||||||||||
(Dollars in thousands) | Delavan | |||||||||||||||
Contractually required payments including interest | $ | 15,791 | ||||||||||||||
Less: Nonaccretable difference | 1,442 | |||||||||||||||
Cash flows expected to be collected (1) | 14,349 | |||||||||||||||
Less: Accretable yield | 898 | |||||||||||||||
Fair value of PCI loans acquired | 13,451 | |||||||||||||||
(1) Represents undiscounted expected principal and interest cash at acquisition. | ||||||||||||||||
Activity Related to Accretable Yield of Loans Acquired With Evidence of Credit Quality Deterioratio Since Origination | The following table provides activity for the accretable yield of PCI loans: | |||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||
31-Mar-15 | 31-Mar-14 | |||||||||||||||
(Dollars in thousands) | Bank Acquisitions | Life Insurance | Bank | Life Insurance | ||||||||||||
Premium Finance Loans | Acquisitions | Premium | ||||||||||||||
Finance Loans | ||||||||||||||||
Accretable yield, beginning balance | $ | 77,485 | $ | 1,617 | $ | 107,655 | $ | 8,254 | ||||||||
Acquisitions | 898 | — | — | — | ||||||||||||
Accretable yield amortized to interest income | (5,504 | ) | (601 | ) | (7,770 | ) | (1,771 | ) | ||||||||
Accretable yield amortized to indemnification asset (1) | (3,576 | ) | — | (5,648 | ) | — | ||||||||||
Reclassification from non-accretable difference (2) | 1,103 | — | 8,580 | — | ||||||||||||
Increases (decreases) in interest cash flows due to payments and changes in interest rates | (1,224 | ) | — | (5,143 | ) | 78 | ||||||||||
Accretable yield, ending balance (3) | $ | 69,182 | $ | 1,016 | $ | 97,674 | $ | 6,561 | ||||||||
-1 | Represents the portion of the current period accreted yield, resulting from lower expected losses, applied to reduce the loss share indemnification asset. | |||||||||||||||
-2 | Reclassification is the result of subsequent increases in expected principal cash flows. | |||||||||||||||
-3 | As of March 31, 2015, the Company estimates that the remaining accretable yield balance to be amortized to the indemnification asset for the bank acquisitions is $15.8 million. The remainder of the accretable yield related to bank acquisitions is expected to be amortized to interest income. |
Allowance_for_Loan_Losses_Allo1
Allowance for Loan Losses, Allowance for Losses on Lending-Related Commitments and Impaired Loans Allowance for Loan Losses, Allowance for Losses on Lending-Related Commitments and Impaired Loans (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||||||||||
Loans and Leases Receivable, Allowance [Abstract] | ||||||||||||||||||||||||||||||||||||
Schedule of Aging of the Company's Loan Portfolio | The tables below show the aging of the Company’s loan portfolio at March 31, 2015, December 31, 2014 and March 31, 2014: | |||||||||||||||||||||||||||||||||||
As of March 31, 2015 | 90+ days and still accruing | 60-89 days past due | 30-59 days past due | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Nonaccrual | Current | Total Loans | |||||||||||||||||||||||||||||||||
Loan Balances: | ||||||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 5,586 | $ | — | $ | 4,756 | $ | 16,949 | $ | 2,457,174 | $ | 2,484,465 | ||||||||||||||||||||||||
Franchise | — | — | — | 457 | 225,305 | 225,762 | ||||||||||||||||||||||||||||||
Mortgage warehouse lines of credit | — | — | — | — | 186,372 | 186,372 | ||||||||||||||||||||||||||||||
Community Advantage—homeowners association | — | — | — | — | 108,382 | 108,382 | ||||||||||||||||||||||||||||||
Aircraft | — | — | 291 | 389 | 6,295 | 6,975 | ||||||||||||||||||||||||||||||
Asset-based lending | — | — | — | 4,819 | 805,866 | 810,685 | ||||||||||||||||||||||||||||||
Tax exempt | — | — | — | — | 205,195 | 205,195 | ||||||||||||||||||||||||||||||
Leases | — | — | 65 | 517 | 171,432 | 172,014 | ||||||||||||||||||||||||||||||
Other | — | — | — | — | 2,735 | 2,735 | ||||||||||||||||||||||||||||||
PCI - commercial (1) | — | 612 | — | — | 8,735 | 9,347 | ||||||||||||||||||||||||||||||
Total commercial | 5,586 | 612 | 5,112 | 23,131 | 4,177,491 | 4,211,932 | ||||||||||||||||||||||||||||||
Commercial real-estate: | ||||||||||||||||||||||||||||||||||||
Residential construction | — | — | — | — | 46,796 | 46,796 | ||||||||||||||||||||||||||||||
Commercial construction | — | — | — | 992 | 209,039 | 210,031 | ||||||||||||||||||||||||||||||
Land | 2,646 | — | — | 1,942 | 84,454 | 89,042 | ||||||||||||||||||||||||||||||
Office | 8,243 | — | 171 | 3,144 | 731,568 | 743,126 | ||||||||||||||||||||||||||||||
Industrial | 3,496 | — | 61 | 1,719 | 599,050 | 604,326 | ||||||||||||||||||||||||||||||
Retail | 4,975 | — | — | 2,562 | 734,990 | 742,527 | ||||||||||||||||||||||||||||||
Multi-family | 1,750 | — | 393 | 3,671 | 649,589 | 655,403 | ||||||||||||||||||||||||||||||
Mixed use and other | 8,872 | — | 808 | 10,847 | 1,532,036 | 1,552,563 | ||||||||||||||||||||||||||||||
PCI - commercial real-estate (1) | — | 18,120 | 4,639 | 3,242 | 40,671 | 66,672 | ||||||||||||||||||||||||||||||
Total commercial real-estate | 29,982 | 18,120 | 6,072 | 28,119 | 4,628,193 | 4,710,486 | ||||||||||||||||||||||||||||||
Home equity | 7,665 | — | 693 | 2,825 | 698,100 | 709,283 | ||||||||||||||||||||||||||||||
Residential real estate | 14,248 | — | 753 | 8,735 | 469,826 | 493,562 | ||||||||||||||||||||||||||||||
PCI - residential real estate (1) | — | 266 | — | 84 | 2,013 | 2,363 | ||||||||||||||||||||||||||||||
Premium finance receivables | ||||||||||||||||||||||||||||||||||||
Commercial insurance loans | 15,902 | 8,062 | 4,476 | 19,392 | 2,271,791 | 2,319,623 | ||||||||||||||||||||||||||||||
Life insurance loans | — | — | 8,994 | 5,415 | 1,972,197 | 1,986,606 | ||||||||||||||||||||||||||||||
PCI - life insurance loans (1) | — | — | — | — | 389,048 | 389,048 | ||||||||||||||||||||||||||||||
Consumer and other | 236 | 91 | 111 | 634 | 129,084 | 130,156 | ||||||||||||||||||||||||||||||
Total loans, net of unearned income, excluding covered loans | $ | 73,619 | $ | 27,151 | $ | 26,211 | $ | 88,335 | $ | 14,737,743 | $ | 14,953,059 | ||||||||||||||||||||||||
Covered loans | 7,079 | 16,434 | 558 | 6,128 | 179,495 | 209,694 | ||||||||||||||||||||||||||||||
Total loans, net of unearned income | $ | 80,698 | $ | 43,585 | $ | 26,769 | $ | 94,463 | $ | 14,917,238 | $ | 15,162,753 | ||||||||||||||||||||||||
-1 | PCI loans represent loans acquired with evidence of credit quality deterioration since origination, in accordance with ASC 310-30. Loan agings are based upon contractually required payments. | |||||||||||||||||||||||||||||||||||
As of December 31, 2014 | 90+ days and still accruing | 60-89 days past due | 30-59 days past due | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Nonaccrual | Current | Total Loans | |||||||||||||||||||||||||||||||||
Loan Balances: | ||||||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 9,132 | $ | 474 | $ | 3,161 | $ | 7,492 | $ | 2,213,105 | $ | 2,233,364 | ||||||||||||||||||||||||
Franchise | — | — | 308 | 1,219 | 231,789 | 233,316 | ||||||||||||||||||||||||||||||
Mortgage warehouse lines of credit | — | — | — | — | 139,003 | 139,003 | ||||||||||||||||||||||||||||||
Community Advantage—homeowners association | — | — | — | — | 106,364 | 106,364 | ||||||||||||||||||||||||||||||
Aircraft | — | — | — | — | 8,065 | 8,065 | ||||||||||||||||||||||||||||||
Asset-based lending | 25 | — | 1,375 | 2,394 | 802,608 | 806,402 | ||||||||||||||||||||||||||||||
Tax exempt | — | — | — | — | 217,487 | 217,487 | ||||||||||||||||||||||||||||||
Leases | — | — | 77 | 315 | 159,744 | 160,136 | ||||||||||||||||||||||||||||||
Other | — | — | — | — | 11,034 | 11,034 | ||||||||||||||||||||||||||||||
PCI - commercial (1) | — | 365 | 202 | 138 | 8,518 | 9,223 | ||||||||||||||||||||||||||||||
Total commercial | 9,157 | 839 | 5,123 | 11,558 | 3,897,717 | 3,924,394 | ||||||||||||||||||||||||||||||
Commercial real-estate | ||||||||||||||||||||||||||||||||||||
Residential construction | — | — | 250 | 76 | 38,370 | 38,696 | ||||||||||||||||||||||||||||||
Commercial construction | 230 | — | — | 2,023 | 185,513 | 187,766 | ||||||||||||||||||||||||||||||
Land | 2,656 | — | — | 2,395 | 86,779 | 91,830 | ||||||||||||||||||||||||||||||
Office | 7,288 | — | 2,621 | 1,374 | 694,149 | 705,432 | ||||||||||||||||||||||||||||||
Industrial | 2,392 | — | — | 3,758 | 617,820 | 623,970 | ||||||||||||||||||||||||||||||
Retail | 4,152 | — | 116 | 3,301 | 723,919 | 731,488 | ||||||||||||||||||||||||||||||
Multi-family | 249 | — | 249 | 1,921 | 603,323 | 605,742 | ||||||||||||||||||||||||||||||
Mixed use and other | 9,638 | — | 2,603 | 9,023 | 1,443,853 | 1,465,117 | ||||||||||||||||||||||||||||||
PCI - commercial real-estate (1) | — | 10,976 | 6,393 | 4,016 | 34,327 | 55,712 | ||||||||||||||||||||||||||||||
Total commercial real-estate | 26,605 | 10,976 | 12,232 | 27,887 | 4,428,053 | 4,505,753 | ||||||||||||||||||||||||||||||
Home equity | 6,174 | — | 983 | 3,513 | 705,623 | 716,293 | ||||||||||||||||||||||||||||||
Residential real-estate | 15,502 | — | 267 | 6,315 | 459,224 | 481,308 | ||||||||||||||||||||||||||||||
PCI - residential real-estate (1) | — | 549 | — | — | 1,685 | 2,234 | ||||||||||||||||||||||||||||||
Premium finance receivables | ||||||||||||||||||||||||||||||||||||
Commercial insurance loans | 12,705 | 7,665 | 5,995 | 17,328 | 2,307,140 | 2,350,833 | ||||||||||||||||||||||||||||||
Life insurance loans | — | — | 13,084 | 339 | 1,870,669 | 1,884,092 | ||||||||||||||||||||||||||||||
PCI - life insurance loans (1) | — | — | — | — | 393,479 | 393,479 | ||||||||||||||||||||||||||||||
Consumer and other | 277 | 119 | 293 | 838 | 149,485 | 151,012 | ||||||||||||||||||||||||||||||
Total loans, net of unearned income, excluding covered loans | $ | 70,420 | $ | 20,148 | $ | 37,977 | $ | 67,778 | $ | 14,213,075 | $ | 14,409,398 | ||||||||||||||||||||||||
Covered loans | 7,290 | 17,839 | 1,304 | 4,835 | 195,441 | 226,709 | ||||||||||||||||||||||||||||||
Total loans, net of unearned income | $ | 77,710 | $ | 37,987 | $ | 39,281 | $ | 72,613 | $ | 14,408,516 | $ | 14,636,107 | ||||||||||||||||||||||||
-1 | PCI loans represent loans acquired with evidence of credit quality deterioration since origination, in accordance with ASC 310-30. Loan agings are based upon contractually required payments. | |||||||||||||||||||||||||||||||||||
As of March 31, 2014 | 90+ days and still accruing | 60-89 days past due | 30-59 days past due | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Nonaccrual | Current | Total Loans | |||||||||||||||||||||||||||||||||
Loan Balances: | ||||||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 11,112 | $ | 387 | $ | 2,235 | $ | 16,150 | $ | 1,965,425 | $ | 1,995,309 | ||||||||||||||||||||||||
Franchise | — | — | — | 75 | 221,026 | 221,101 | ||||||||||||||||||||||||||||||
Mortgage warehouse lines of credit | — | — | — | — | 60,809 | 60,809 | ||||||||||||||||||||||||||||||
Community Advantage—homeowners association | — | — | — | — | 91,414 | 91,414 | ||||||||||||||||||||||||||||||
Aircraft | — | — | — | — | 8,840 | 8,840 | ||||||||||||||||||||||||||||||
Asset-based lending | 670 | — | — | 10,573 | 729,425 | 740,668 | ||||||||||||||||||||||||||||||
Tax exempt | — | — | — | — | 177,973 | 177,973 | ||||||||||||||||||||||||||||||
Leases | — | — | — | — | 121,986 | 121,986 | ||||||||||||||||||||||||||||||
Other | — | — | — | — | 10,261 | 10,261 | ||||||||||||||||||||||||||||||
PCI - commercial (1) | — | 1,079 | — | 865 | 8,892 | 10,836 | ||||||||||||||||||||||||||||||
Total commercial | 11,782 | 1,466 | 2,235 | 27,663 | 3,396,051 | 3,439,197 | ||||||||||||||||||||||||||||||
Commercial real-estate: | ||||||||||||||||||||||||||||||||||||
Residential construction | — | — | 680 | 27 | 35,690 | 36,397 | ||||||||||||||||||||||||||||||
Commercial construction | 844 | — | — | — | 150,786 | 151,630 | ||||||||||||||||||||||||||||||
Land | 2,405 | — | 2,682 | 3,438 | 99,445 | 107,970 | ||||||||||||||||||||||||||||||
Office | 6,970 | — | 1,672 | 8,868 | 633,655 | 651,165 | ||||||||||||||||||||||||||||||
Industrial | 6,101 | — | 1,114 | 2,706 | 615,139 | 625,060 | ||||||||||||||||||||||||||||||
Retail | 9,540 | — | 217 | 3,089 | 664,584 | 677,430 | ||||||||||||||||||||||||||||||
Multi-family | 1,327 | — | — | 3,820 | 570,616 | 575,763 | ||||||||||||||||||||||||||||||
Mixed use and other | 6,546 | — | 6,626 | 10,744 | 1,337,320 | 1,361,236 | ||||||||||||||||||||||||||||||
PCI - commercial real-estate (1) | — | 21,073 | 2,791 | 6,169 | 45,571 | 75,604 | ||||||||||||||||||||||||||||||
Total commercial real-estate | 33,733 | 21,073 | 15,782 | 38,861 | 4,152,806 | 4,262,255 | ||||||||||||||||||||||||||||||
Home equity | 7,311 | — | 1,650 | 4,972 | 693,815 | 707,748 | ||||||||||||||||||||||||||||||
Residential real estate | 14,385 | — | 946 | 4,889 | 403,474 | 423,694 | ||||||||||||||||||||||||||||||
PCI - residential real estate (1) | — | 1,414 | — | 248 | 1,413 | 3,075 | ||||||||||||||||||||||||||||||
Premium finance receivables | ||||||||||||||||||||||||||||||||||||
Commercial insurance loans | 14,517 | 6,808 | 5,600 | 20,777 | 2,160,659 | 2,208,361 | ||||||||||||||||||||||||||||||
Life insurance loans | — | — | — | 4,312 | 1,511,820 | 1,516,132 | ||||||||||||||||||||||||||||||
PCI - life insurance loans (1) | — | — | — | — | 413,202 | 413,202 | ||||||||||||||||||||||||||||||
Consumer and other | 1,144 | 105 | 213 | 570 | 157,464 | 159,496 | ||||||||||||||||||||||||||||||
Total loans, net of unearned income, excluding covered loans | $ | 82,872 | $ | 30,866 | $ | 26,426 | $ | 102,292 | $ | 12,890,704 | $ | 13,133,160 | ||||||||||||||||||||||||
Covered loans | 9,136 | 35,831 | 6,682 | 7,042 | 253,787 | 312,478 | ||||||||||||||||||||||||||||||
Total loans, net of unearned income | $ | 92,008 | $ | 66,697 | $ | 33,108 | $ | 109,334 | $ | 13,144,491 | $ | 13,445,638 | ||||||||||||||||||||||||
-1 | PCI loans represent loans acquired with evidence of credit quality deterioration since origination, in accordance with ASC 310-30. Loan agings are based upon contractually required payments. | |||||||||||||||||||||||||||||||||||
Summary of Performance by Loan Class | The following table presents the recorded investment based on performance of loans by class, excluding covered loans, per the most recent analysis at March 31, 2015, December 31, 2014 and March 31, 2014: | |||||||||||||||||||||||||||||||||||
Performing | Non-performing | Total | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) | March 31, | 31-Dec-14 | March 31, | 31-Mar-15 | 31-Dec-14 | 31-Mar-14 | March 31, | 31-Dec-14 | March 31, | |||||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||||||||||||||||||||||
Loan Balances: | ||||||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 2,478,879 | $ | 2,223,758 | $ | 1,983,810 | $ | 5,586 | $ | 9,606 | $ | 11,499 | $ | 2,484,465 | $ | 2,233,364 | $ | 1,995,309 | ||||||||||||||||||
Franchise | 225,762 | 233,316 | 221,101 | — | — | — | 225,762 | 233,316 | 221,101 | |||||||||||||||||||||||||||
Mortgage warehouse lines of credit | 186,372 | 139,003 | 60,809 | — | — | — | 186,372 | 139,003 | 60,809 | |||||||||||||||||||||||||||
Community Advantage—homeowners association | 108,382 | 106,364 | 91,414 | — | — | — | 108,382 | 106,364 | 91,414 | |||||||||||||||||||||||||||
Aircraft | 6,975 | 8,065 | 8,840 | — | — | — | 6,975 | 8,065 | 8,840 | |||||||||||||||||||||||||||
Asset-based lending | 810,685 | 806,377 | 739,998 | — | 25 | 670 | 810,685 | 806,402 | 740,668 | |||||||||||||||||||||||||||
Tax exempt | 205,195 | 217,487 | 177,973 | — | — | — | 205,195 | 217,487 | 177,973 | |||||||||||||||||||||||||||
Leases | 172,014 | 160,136 | 121,986 | — | — | — | 172,014 | 160,136 | 121,986 | |||||||||||||||||||||||||||
Other | 2,735 | 11,034 | 10,261 | — | — | — | 2,735 | 11,034 | 10,261 | |||||||||||||||||||||||||||
PCI - commercial (1) | 9,347 | 9,223 | 10,836 | — | — | — | 9,347 | 9,223 | 10,836 | |||||||||||||||||||||||||||
Total commercial | 4,206,346 | 3,914,763 | 3,427,028 | 5,586 | 9,631 | 12,169 | 4,211,932 | 3,924,394 | 3,439,197 | |||||||||||||||||||||||||||
Commercial real-estate | ||||||||||||||||||||||||||||||||||||
Residential construction | 46,796 | 38,696 | 36,397 | — | — | — | 46,796 | 38,696 | 36,397 | |||||||||||||||||||||||||||
Commercial construction | 210,031 | 187,536 | 150,786 | — | 230 | 844 | 210,031 | 187,766 | 151,630 | |||||||||||||||||||||||||||
Land | 86,396 | 89,174 | 105,565 | 2,646 | 2,656 | 2,405 | 89,042 | 91,830 | 107,970 | |||||||||||||||||||||||||||
Office | 734,883 | 698,144 | 644,195 | 8,243 | 7,288 | 6,970 | 743,126 | 705,432 | 651,165 | |||||||||||||||||||||||||||
Industrial | 600,830 | 621,578 | 618,959 | 3,496 | 2,392 | 6,101 | 604,326 | 623,970 | 625,060 | |||||||||||||||||||||||||||
Retail | 737,552 | 727,336 | 667,890 | 4,975 | 4,152 | 9,540 | 742,527 | 731,488 | 677,430 | |||||||||||||||||||||||||||
Multi-family | 653,653 | 605,493 | 574,436 | 1,750 | 249 | 1,327 | 655,403 | 605,742 | 575,763 | |||||||||||||||||||||||||||
Mixed use and other | 1,543,691 | 1,455,479 | 1,354,690 | 8,872 | 9,638 | 6,546 | 1,552,563 | 1,465,117 | 1,361,236 | |||||||||||||||||||||||||||
PCI - commercial real-estate(1) | 66,672 | 55,712 | 75,604 | — | — | — | 66,672 | 55,712 | 75,604 | |||||||||||||||||||||||||||
Total commercial real-estate | 4,680,504 | 4,479,148 | 4,228,522 | 29,982 | 26,605 | 33,733 | 4,710,486 | 4,505,753 | 4,262,255 | |||||||||||||||||||||||||||
Home equity | 701,618 | 710,119 | 700,437 | 7,665 | 6,174 | 7,311 | 709,283 | 716,293 | 707,748 | |||||||||||||||||||||||||||
Residential real-estate | 479,314 | 465,806 | 409,309 | 14,248 | 15,502 | 14,385 | 493,562 | 481,308 | 423,694 | |||||||||||||||||||||||||||
PCI - residential real-estate (1) | 2,363 | 2,234 | 3,075 | — | — | — | 2,363 | 2,234 | 3,075 | |||||||||||||||||||||||||||
Premium finance receivables | ||||||||||||||||||||||||||||||||||||
Commercial insurance loans | 2,295,659 | 2,330,463 | 2,187,036 | 23,964 | 20,370 | 21,325 | 2,319,623 | 2,350,833 | 2,208,361 | |||||||||||||||||||||||||||
Life insurance loans | 1,986,606 | 1,884,092 | 1,516,132 | — | — | — | 1,986,606 | 1,884,092 | 1,516,132 | |||||||||||||||||||||||||||
PCI - life insurance loans (1) | 389,048 | 393,479 | 413,202 | — | — | — | 389,048 | 393,479 | 413,202 | |||||||||||||||||||||||||||
Consumer and other | 129,829 | 150,617 | 158,295 | 327 | 395 | 1,201 | 130,156 | 151,012 | 159,496 | |||||||||||||||||||||||||||
Total loans, net of unearned income, excluding covered loans | $ | 14,871,287 | $ | 14,330,721 | $ | 13,043,036 | $ | 81,772 | $ | 78,677 | $ | 90,124 | $ | 14,953,059 | $ | 14,409,398 | $ | 13,133,160 | ||||||||||||||||||
-1 | PCI loans represent loans acquired with evidence of credit quality deterioration since origination, in accordance with ASC 310-30. See Note 6 - Loans for further discussion of these purchased loans. | |||||||||||||||||||||||||||||||||||
Summary of Activity in the Allowance for Credit Losses | A summary of activity in the allowance for credit losses by loan portfolio (excluding covered loans) for the three months ended March 31, 2015 and 2014 is as follows: | |||||||||||||||||||||||||||||||||||
Three months ended March 31, 2015 | Commercial Real-estate | Home Equity | Residential Real-estate | Premium Finance Receivable | Consumer and Other | Total, Excluding Covered Loans | ||||||||||||||||||||||||||||||
(Dollars in thousands) | Commercial | |||||||||||||||||||||||||||||||||||
Allowance for credit losses | ||||||||||||||||||||||||||||||||||||
Allowance for loan losses at beginning of period | $ | 31,699 | $ | 35,533 | $ | 12,500 | $ | 4,218 | $ | 6,513 | $ | 1,242 | $ | 91,705 | ||||||||||||||||||||||
Other adjustments | (17 | ) | (180 | ) | — | (3 | ) | (48 | ) | — | (248 | ) | ||||||||||||||||||||||||
Reclassification from allowance for unfunded lending-related commitments | — | (113 | ) | — | — | — | — | (113 | ) | |||||||||||||||||||||||||||
Charge-offs | (677 | ) | (1,005 | ) | (584 | ) | (631 | ) | (1,263 | ) | (111 | ) | (4,271 | ) | ||||||||||||||||||||||
Recoveries | 370 | 312 | 48 | 76 | 329 | 53 | 1,188 | |||||||||||||||||||||||||||||
Provision for credit losses | 2,351 | 2,455 | 700 | 436 | 461 | (218 | ) | 6,185 | ||||||||||||||||||||||||||||
Allowance for loan losses at period end | $ | 33,726 | $ | 37,002 | $ | 12,664 | $ | 4,096 | $ | 5,992 | $ | 966 | $ | 94,446 | ||||||||||||||||||||||
Allowance for unfunded lending-related commitments at period end | $ | — | $ | 888 | $ | — | $ | — | $ | — | $ | — | $ | 888 | ||||||||||||||||||||||
Allowance for credit losses at period end | $ | 33,726 | $ | 37,890 | $ | 12,664 | $ | 4,096 | $ | 5,992 | $ | 966 | $ | 95,334 | ||||||||||||||||||||||
Individually evaluated for impairment | $ | 1,814 | $ | 3,256 | $ | 948 | $ | 208 | $ | — | $ | 26 | $ | 6,252 | ||||||||||||||||||||||
Collectively evaluated for impairment | 31,912 | 34,521 | 11,716 | 3,794 | 5,992 | 940 | 88,875 | |||||||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | — | 113 | — | 94 | — | — | 207 | |||||||||||||||||||||||||||||
Loans at period end | ||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 12,361 | $ | 75,886 | $ | 7,879 | $ | 17,144 | $ | — | $ | 381 | $ | 113,651 | ||||||||||||||||||||||
Collectively evaluated for impairment | 4,190,224 | 4,567,928 | 701,404 | 476,418 | 4,306,229 | 129,775 | 14,371,978 | |||||||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | 9,347 | 66,672 | — | 2,363 | 389,048 | — | 467,430 | |||||||||||||||||||||||||||||
Three months ended March 31, 2014 | Commercial | Commercial Real-estate | Home Equity | Residential Real-estate | Premium Finance Receivable | Consumer and Other | Total, Excluding Covered Loans | |||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||
Allowance for credit losses | ||||||||||||||||||||||||||||||||||||
Allowance for loan losses at beginning of period | $ | 23,092 | $ | 48,658 | $ | 12,611 | $ | 5,108 | $ | 5,583 | $ | 1,870 | $ | 96,922 | ||||||||||||||||||||||
Other adjustments | (15 | ) | (121 | ) | (1 | ) | (2 | ) | (9 | ) | — | (148 | ) | |||||||||||||||||||||||
Reclassification from allowance for unfunded lending-related commitments | — | (18 | ) | — | — | — | — | (18 | ) | |||||||||||||||||||||||||||
Charge-offs | (648 | ) | (4,493 | ) | (2,267 | ) | (226 | ) | (1,210 | ) | (173 | ) | (9,017 | ) | ||||||||||||||||||||||
Recoveries | 317 | 145 | 257 | 131 | 321 | 61 | 1,232 | |||||||||||||||||||||||||||||
Provision for credit losses | 1,943 | 434 | 366 | (320 | ) | 897 | (16 | ) | 3,304 | |||||||||||||||||||||||||||
Allowance for loan losses at period end | $ | 24,689 | $ | 44,605 | $ | 10,966 | $ | 4,691 | $ | 5,582 | $ | 1,742 | $ | 92,275 | ||||||||||||||||||||||
Allowance for unfunded lending-related commitments at period end | $ | — | $ | 737 | $ | — | $ | — | $ | — | $ | — | $ | 737 | ||||||||||||||||||||||
Allowance for credit losses at period end | $ | 24,689 | $ | 45,342 | $ | 10,966 | $ | 4,691 | $ | 5,582 | $ | 1,742 | $ | 93,012 | ||||||||||||||||||||||
Individually evaluated for impairment | $ | 3,107 | $ | 4,041 | $ | 596 | $ | 455 | $ | — | $ | 95 | $ | 8,294 | ||||||||||||||||||||||
Collectively evaluated for impairment | 21,512 | 41,301 | 10,370 | 4,147 | 5,582 | 1,647 | 84,559 | |||||||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | 70 | — | — | 89 | — | — | 159 | |||||||||||||||||||||||||||||
Loans at period end | ||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 18,350 | $ | 99,480 | $ | 7,537 | $ | 18,026 | $ | — | $ | 1,592 | $ | 144,985 | ||||||||||||||||||||||
Collectively evaluated for impairment | 3,410,011 | 4,087,171 | 700,211 | 405,668 | 3,724,493 | 157,662 | 12,485,216 | |||||||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | 10,836 | 75,604 | — | 3,075 | 413,202 | 242 | 502,959 | |||||||||||||||||||||||||||||
Summary of Activity in the Allowance for Covered Loan Losses | A summary of activity in the allowance for covered loan losses for the three months ended March 31, 2015 and 2014 is as follows: | |||||||||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||||||
March 31, | March 31, | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2015 | 2014 | ||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 2,131 | $ | 10,092 | ||||||||||||||||||||||||||||||||
Provision for covered loan losses before benefit attributable to FDIC loss share agreements | (529 | ) | (7,121 | ) | ||||||||||||||||||||||||||||||||
Benefit attributable to FDIC loss share agreements | 423 | 5,697 | ||||||||||||||||||||||||||||||||||
Net provision for covered loan losses | (106 | ) | (1,424 | ) | ||||||||||||||||||||||||||||||||
Decrease in FDIC indemnification asset | (423 | ) | (5,697 | ) | ||||||||||||||||||||||||||||||||
Loans charged-off | (237 | ) | (2,864 | ) | ||||||||||||||||||||||||||||||||
Recoveries of loans charged-off | 513 | 3,340 | ||||||||||||||||||||||||||||||||||
Net recoveries | 276 | 476 | ||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 1,878 | $ | 3,447 | ||||||||||||||||||||||||||||||||
Summary of Impaired Loans, Including Restructured Loans | A summary of impaired loans, including troubled debt restructurings ("TDRs"), is as follows: | |||||||||||||||||||||||||||||||||||
March 31, | December 31, | March 31, | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2015 | 2014 | 2014 | |||||||||||||||||||||||||||||||||
Impaired loans (included in non-performing and TDRs): | ||||||||||||||||||||||||||||||||||||
Impaired loans with an allowance for loan loss required (1) | $ | 48,610 | $ | 69,487 | $ | 86,381 | ||||||||||||||||||||||||||||||
Impaired loans with no allowance for loan loss required | 63,794 | 57,925 | 56,596 | |||||||||||||||||||||||||||||||||
Total impaired loans (2) | $ | 112,404 | $ | 127,412 | $ | 142,977 | ||||||||||||||||||||||||||||||
Allowance for loan losses related to impaired loans | $ | 6,199 | $ | 6,270 | $ | 8,197 | ||||||||||||||||||||||||||||||
TDRs | $ | 67,218 | $ | 82,275 | $ | 92,517 | ||||||||||||||||||||||||||||||
-1 | These impaired loans require an allowance for loan losses because the estimated fair value of the loans or related collateral is less than the recorded investment in the loans. | |||||||||||||||||||||||||||||||||||
-2 | Impaired loans are considered by the Company to be non-accrual loans, TDRs or loans with principal and/or interest at risk, even if the loan is current with all payments of principal and interest. | |||||||||||||||||||||||||||||||||||
Summary of Impaired Loans by Loan Class | The following tables present impaired loans evaluated for impairment by loan class for the periods ended as follows: | |||||||||||||||||||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||||||||||||||||||||
As of March 31, 2015 | 31-Mar-15 | |||||||||||||||||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||
Impaired loans with a related ASC 310 allowance recorded | ||||||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 7,230 | $ | 7,830 | $ | 1,795 | $ | 7,465 | $ | 92 | ||||||||||||||||||||||||||
Franchise | — | — | — | — | — | |||||||||||||||||||||||||||||||
Mortgage warehouse lines of credit | — | — | — | — | — | |||||||||||||||||||||||||||||||
Community Advantage—homeowners association | — | — | — | — | — | |||||||||||||||||||||||||||||||
Aircraft | — | — | — | — | — | |||||||||||||||||||||||||||||||
Asset-based lending | — | — | — | — | — | |||||||||||||||||||||||||||||||
Tax exempt | — | — | — | — | — | |||||||||||||||||||||||||||||||
Leases | — | — | — | — | — | |||||||||||||||||||||||||||||||
Other | — | — | — | — | — | |||||||||||||||||||||||||||||||
Commercial real-estate | ||||||||||||||||||||||||||||||||||||
Residential construction | — | — | — | — | — | |||||||||||||||||||||||||||||||
Commercial construction | — | — | — | — | — | |||||||||||||||||||||||||||||||
Land | 4,475 | 8,090 | 29 | 4,734 | 127 | |||||||||||||||||||||||||||||||
Office | 8,354 | 11,053 | 598 | 8,399 | 131 | |||||||||||||||||||||||||||||||
Industrial | 1,402 | 1,487 | 559 | 1,406 | 20 | |||||||||||||||||||||||||||||||
Retail | 10,259 | 12,286 | 371 | 10,294 | 128 | |||||||||||||||||||||||||||||||
Multi-family | 2,266 | 2,363 | 241 | 2,273 | 26 | |||||||||||||||||||||||||||||||
Mixed use and other | 7,891 | 10,041 | 1,449 | 7,907 | 116 | |||||||||||||||||||||||||||||||
Home equity | 2,807 | 2,962 | 948 | 2,809 | 29 | |||||||||||||||||||||||||||||||
Residential real-estate | 3,728 | 3,934 | 183 | 3,724 | 45 | |||||||||||||||||||||||||||||||
Premium finance receivables | ||||||||||||||||||||||||||||||||||||
Commercial insurance | — | — | — | — | — | |||||||||||||||||||||||||||||||
Life insurance | — | — | — | — | — | |||||||||||||||||||||||||||||||
PCI - life insurance | — | — | — | — | — | |||||||||||||||||||||||||||||||
Consumer and other | 198 | 200 | 26 | 203 | 4 | |||||||||||||||||||||||||||||||
Impaired loans with no related ASC 310 allowance recorded | ||||||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 4,630 | $ | 7,595 | $ | — | $ | 4,647 | $ | 125 | ||||||||||||||||||||||||||
Franchise | — | — | — | — | — | |||||||||||||||||||||||||||||||
Mortgage warehouse lines of credit | — | — | — | — | — | |||||||||||||||||||||||||||||||
Community Advantage—homeowners association | — | — | — | — | — | |||||||||||||||||||||||||||||||
Aircraft | — | — | — | — | — | |||||||||||||||||||||||||||||||
Asset-based lending | — | — | — | — | — | |||||||||||||||||||||||||||||||
Tax exempt | — | — | — | — | — | |||||||||||||||||||||||||||||||
Leases | — | — | — | — | — | |||||||||||||||||||||||||||||||
Other | — | — | — | — | — | |||||||||||||||||||||||||||||||
Commercial real-estate | ||||||||||||||||||||||||||||||||||||
Residential construction | — | — | — | — | — | |||||||||||||||||||||||||||||||
Commercial construction | 2,645 | 2,645 | — | 2,645 | 30 | |||||||||||||||||||||||||||||||
Land | 5,134 | 5,868 | — | 5,137 | 62 | |||||||||||||||||||||||||||||||
Office | 6,890 | 6,965 | — | 6,971 | 77 | |||||||||||||||||||||||||||||||
Industrial | 2,772 | 3,134 | — | 2,837 | 55 | |||||||||||||||||||||||||||||||
Retail | 5,053 | 9,130 | — | 5,315 | 105 | |||||||||||||||||||||||||||||||
Multi-family | 777 | 1,199 | — | 778 | 13 | |||||||||||||||||||||||||||||||
Mixed use and other | 17,479 | 17,723 | — | 17,688 | 185 | |||||||||||||||||||||||||||||||
Home equity | 5,072 | 6,771 | — | 5,126 | 70 | |||||||||||||||||||||||||||||||
Residential real-estate | 13,159 | 14,644 | — | 13,190 | 145 | |||||||||||||||||||||||||||||||
Premium finance receivables | ||||||||||||||||||||||||||||||||||||
Commercial insurance | — | — | — | — | — | |||||||||||||||||||||||||||||||
Life insurance | — | — | — | — | — | |||||||||||||||||||||||||||||||
PCI - life insurance | — | — | — | — | — | |||||||||||||||||||||||||||||||
Consumer and other | 183 | 249 | — | 145 | 3 | |||||||||||||||||||||||||||||||
Total loans, net of unearned income, excluding covered loans | $ | 112,404 | $ | 136,169 | $ | 6,199 | $ | 113,693 | $ | 1,588 | ||||||||||||||||||||||||||
For the Twelve Months Ended | ||||||||||||||||||||||||||||||||||||
As of December 31, 2014 | 31-Dec-14 | |||||||||||||||||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||
Impaired loans with a related ASC 310 allowance recorded | ||||||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 9,989 | $ | 10,785 | $ | 1,915 | $ | 10,784 | $ | 539 | ||||||||||||||||||||||||||
Franchise | — | — | — | — | — | |||||||||||||||||||||||||||||||
Mortgage warehouse lines of credit | — | — | — | — | — | |||||||||||||||||||||||||||||||
Community Advantage—homeowners association | — | — | — | — | — | |||||||||||||||||||||||||||||||
Aircraft | — | — | — | — | — | |||||||||||||||||||||||||||||||
Asset-based lending | — | — | — | — | — | |||||||||||||||||||||||||||||||
Tax exempt | — | — | — | — | — | |||||||||||||||||||||||||||||||
Leases | — | — | — | — | — | |||||||||||||||||||||||||||||||
Other | — | — | — | — | — | |||||||||||||||||||||||||||||||
Commercial real-estate | ||||||||||||||||||||||||||||||||||||
Residential construction | — | — | — | — | — | |||||||||||||||||||||||||||||||
Commercial construction | — | — | — | — | — | |||||||||||||||||||||||||||||||
Land | 5,011 | 8,626 | 43 | 5,933 | 544 | |||||||||||||||||||||||||||||||
Office | 11,038 | 12,863 | 305 | 11,567 | 576 | |||||||||||||||||||||||||||||||
Industrial | 195 | 277 | 15 | 214 | 13 | |||||||||||||||||||||||||||||||
Retail | 11,045 | 14,566 | 487 | 12,116 | 606 | |||||||||||||||||||||||||||||||
Multi-family | 2,808 | 3,321 | 158 | 2,839 | 145 | |||||||||||||||||||||||||||||||
Mixed use and other | 21,777 | 24,076 | 2,240 | 21,483 | 1,017 | |||||||||||||||||||||||||||||||
Home equity | 1,946 | 2,055 | 475 | 1,995 | 80 | |||||||||||||||||||||||||||||||
Residential real-estate | 5,467 | 5,600 | 606 | 5,399 | 241 | |||||||||||||||||||||||||||||||
Premium finance receivables | — | |||||||||||||||||||||||||||||||||||
Commercial insurance | — | — | — | — | — | |||||||||||||||||||||||||||||||
Life insurance | — | — | — | — | — | |||||||||||||||||||||||||||||||
Purchased life insurance | — | — | — | — | — | |||||||||||||||||||||||||||||||
Consumer and other | 211 | 213 | 26 | 214 | 10 | |||||||||||||||||||||||||||||||
Impaired loans with no related ASC 310 allowance recorded | ||||||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 5,797 | $ | 8,862 | $ | — | $ | 6,664 | $ | 595 | ||||||||||||||||||||||||||
Franchise | — | — | — | — | — | |||||||||||||||||||||||||||||||
Mortgage warehouse lines of credit | — | — | — | — | — | |||||||||||||||||||||||||||||||
Community Advantage—homeowners association | — | — | — | — | — | |||||||||||||||||||||||||||||||
Aircraft | — | — | — | — | — | |||||||||||||||||||||||||||||||
Asset-based lending | 25 | 1,952 | — | 87 | 100 | |||||||||||||||||||||||||||||||
Tax exempt | — | — | — | — | — | |||||||||||||||||||||||||||||||
Leases | — | — | — | — | — | |||||||||||||||||||||||||||||||
Other | — | — | — | — | — | |||||||||||||||||||||||||||||||
Commercial real-estate | ||||||||||||||||||||||||||||||||||||
Residential construction | — | — | — | — | — | |||||||||||||||||||||||||||||||
Commercial construction | 2,875 | 3,085 | — | 3,183 | 151 | |||||||||||||||||||||||||||||||
Land | 10,210 | 10,941 | — | 10,268 | 430 | |||||||||||||||||||||||||||||||
Office | 4,132 | 5,020 | — | 4,445 | 216 | |||||||||||||||||||||||||||||||
Industrial | 4,160 | 4,498 | — | 3,807 | 286 | |||||||||||||||||||||||||||||||
Retail | 5,487 | 7,470 | — | 6,915 | 330 | |||||||||||||||||||||||||||||||
Multi-family | — | — | — | — | — | |||||||||||||||||||||||||||||||
Mixed use and other | 7,985 | 8,804 | — | 9,533 | 449 | |||||||||||||||||||||||||||||||
Home equity | 4,453 | 6,172 | — | 4,666 | 256 | |||||||||||||||||||||||||||||||
Residential real-estate | 12,640 | 14,334 | — | 12,682 | 595 | |||||||||||||||||||||||||||||||
Premium finance receivables | ||||||||||||||||||||||||||||||||||||
Commercial insurance | — | — | — | — | — | |||||||||||||||||||||||||||||||
Life insurance | — | — | — | — | — | |||||||||||||||||||||||||||||||
Purchased life insurance | — | — | — | — | — | |||||||||||||||||||||||||||||||
Consumer and other | 161 | 222 | — | 173 | 11 | |||||||||||||||||||||||||||||||
Total loans, net of unearned income, excluding covered loans | $ | 127,412 | $ | 153,742 | $ | 6,270 | $ | 134,967 | $ | 7,190 | ||||||||||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||||||||||||||||||||
As of March 31, 2014 | 31-Mar-14 | |||||||||||||||||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||
Impaired loans with a related ASC 310 allowance recorded | ||||||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 9,167 | $ | 10,029 | $ | 2,459 | $ | 9,340 | $ | 120 | ||||||||||||||||||||||||||
Franchise | — | — | — | — | — | |||||||||||||||||||||||||||||||
Mortgage warehouse lines of credit | — | — | — | — | — | |||||||||||||||||||||||||||||||
Community Advantage—homeowners association | — | — | — | — | — | |||||||||||||||||||||||||||||||
Aircraft | — | — | — | — | — | |||||||||||||||||||||||||||||||
Asset-based lending | 670 | 2,465 | 620 | 677 | 31 | |||||||||||||||||||||||||||||||
Tax exempt | — | — | — | — | — | |||||||||||||||||||||||||||||||
Leases | — | — | — | — | — | |||||||||||||||||||||||||||||||
Other | — | — | — | — | — | |||||||||||||||||||||||||||||||
Commercial real-estate | ||||||||||||||||||||||||||||||||||||
Residential construction | — | — | — | — | — | |||||||||||||||||||||||||||||||
Commercial construction | 3,099 | 3,099 | 24 | 3,099 | 28 | |||||||||||||||||||||||||||||||
Land | 9,260 | 9,625 | 174 | 9,688 | 79 | |||||||||||||||||||||||||||||||
Office | 8,712 | 9,398 | 1,069 | 8,767 | 90 | |||||||||||||||||||||||||||||||
Industrial | 6,597 | 6,765 | 513 | 5,985 | 81 | |||||||||||||||||||||||||||||||
Retail | 12,763 | 12,903 | 826 | 12,819 | 132 | |||||||||||||||||||||||||||||||
Multi-family | 2,053 | 2,143 | 122 | 2,057 | 23 | |||||||||||||||||||||||||||||||
Mixed use and other | 25,420 | 25,591 | 1,272 | 25,853 | 291 | |||||||||||||||||||||||||||||||
Home equity | 2,109 | 2,534 | 596 | 2,117 | 24 | |||||||||||||||||||||||||||||||
Residential real-estate | 6,222 | 6,362 | 427 | 6,094 | 68 | |||||||||||||||||||||||||||||||
Premium finance receivables | ||||||||||||||||||||||||||||||||||||
Commercial insurance | — | — | — | — | — | |||||||||||||||||||||||||||||||
Life insurance | — | — | — | — | — | |||||||||||||||||||||||||||||||
Purchased life insurance | — | — | — | — | — | |||||||||||||||||||||||||||||||
Consumer and other | 309 | 367 | 95 | 290 | 5 | |||||||||||||||||||||||||||||||
Impaired loans with no related ASC 310 allowance recorded | ||||||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 7,789 | $ | 14,415 | $ | — | $ | 8,179 | $ | 208 | ||||||||||||||||||||||||||
Franchise | — | — | — | — | — | |||||||||||||||||||||||||||||||
Mortgage warehouse lines of credit | — | — | — | — | — | |||||||||||||||||||||||||||||||
Community Advantage—homeowners association | — | — | — | — | — | |||||||||||||||||||||||||||||||
Aircraft | — | — | — | — | — | |||||||||||||||||||||||||||||||
Asset-based lending | — | — | — | — | — | |||||||||||||||||||||||||||||||
Tax exempt | — | — | — | — | — | |||||||||||||||||||||||||||||||
Leases | — | — | — | — | — | |||||||||||||||||||||||||||||||
Other | — | — | — | — | — | |||||||||||||||||||||||||||||||
Commercial real-estate | ||||||||||||||||||||||||||||||||||||
Residential construction | 891 | 891 | — | 1,245 | 12 | |||||||||||||||||||||||||||||||
Commercial construction | 1,466 | 1,471 | — | 1,418 | 17 | |||||||||||||||||||||||||||||||
Land | 4,982 | 8,764 | — | 4,985 | 109 | |||||||||||||||||||||||||||||||
Office | 6,260 | 6,301 | — | 6,266 | 83 | |||||||||||||||||||||||||||||||
Industrial | 2,298 | 2,470 | — | 2,314 | 47 | |||||||||||||||||||||||||||||||
Retail | 10,419 | 12,273 | — | 11,006 | 140 | |||||||||||||||||||||||||||||||
Multi-family | 1,078 | 2,013 | — | 1,201 | 23 | |||||||||||||||||||||||||||||||
Mixed use and other | 3,161 | 5,044 | — | 3,096 | 67 | |||||||||||||||||||||||||||||||
Home equity | 5,428 | 7,044 | — | 5,777 | 73 | |||||||||||||||||||||||||||||||
Residential real-estate | 11,541 | 14,427 | — | 11,699 | 137 | |||||||||||||||||||||||||||||||
Premium finance receivables | ||||||||||||||||||||||||||||||||||||
Commercial insurance | — | — | — | — | — | |||||||||||||||||||||||||||||||
Life insurance | — | — | — | — | — | |||||||||||||||||||||||||||||||
Purchased life insurance | — | — | — | — | — | |||||||||||||||||||||||||||||||
Consumer and other | 1,283 | 1,809 | — | 1,285 | 27 | |||||||||||||||||||||||||||||||
Total loans, net of unearned income, excluding covered loans | $ | 142,977 | $ | 168,203 | $ | 8,197 | $ | 145,257 | $ | 1,915 | ||||||||||||||||||||||||||
Summary of the Post-Modification Balance of TDRs | The tables below present a summary of the post-modification balance of loans restructured during the three months ended March 31, 2015 and 2014, respectively, which represent TDRs: | |||||||||||||||||||||||||||||||||||
Three months ended | Total (1)(2) | Extension at | Reduction of Interest | Modification to | Forgiveness of Debt(2) | |||||||||||||||||||||||||||||||
31-Mar-15 | Below Market | Rate (2) | Interest-only | |||||||||||||||||||||||||||||||||
Terms (2) | Payments (2) | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Count | Balance | Count | Balance | Count | Balance | Count | Balance | Count | Balance | ||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||
Commercial and industrial | — | $ | — | — | $ | — | — | $ | — | — | $ | — | — | $ | — | |||||||||||||||||||||
Commercial real-estate | ||||||||||||||||||||||||||||||||||||
Industrial | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Retail | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Mixed use and other | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Residential real estate and other | 3 | 294 | 3 | 294 | 2 | 80 | 1 | 50 | — | — | ||||||||||||||||||||||||||
Total loans | 3 | $ | 294 | 3 | $ | 294 | 2 | $ | 80 | 1 | $ | 50 | — | $ | — | |||||||||||||||||||||
Three months ended | Total (1)(2) | Extension at | Reduction of Interest | Modification to | Forgiveness of Debt(2) | |||||||||||||||||||||||||||||||
31-Mar-14 | Below Market | Rate (2) | Interest-only | |||||||||||||||||||||||||||||||||
Terms (2) | Payments (2) | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Count | Balance | Count | Balance | Count | Balance | Count | Balance | Count | Balance | ||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||
Commercial and industrial | 1 | $ | 88 | 1 | $ | 88 | — | $ | — | 1 | $ | 88 | — | $ | — | |||||||||||||||||||||
Commercial real-estate | ||||||||||||||||||||||||||||||||||||
Industrial | 1 | 1,078 | 1 | 1,078 | — | — | 1 | 1,078 | — | — | ||||||||||||||||||||||||||
Retail | 1 | 202 | 1 | 202 | — | — | — | — | — | — | ||||||||||||||||||||||||||
Mixed use and other | 3 | 3,877 | 2 | 2,604 | 3 | 3,877 | 1 | 1,273 | — | — | ||||||||||||||||||||||||||
Residential real estate and other | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Total loans | 6 | $ | 5,245 | 5 | $ | 3,972 | 3 | $ | 3,877 | 3 | $ | 2,439 | — | $ | — | |||||||||||||||||||||
-1 | TDRs may have more than one modification representing a concession. As such, TDRs during the period may be represented in more than one of the categories noted above. | |||||||||||||||||||||||||||||||||||
-2 | Balances represent the recorded investment in the loan at the time of the restructuring. | |||||||||||||||||||||||||||||||||||
Summary of TDRs Subsequent Default Under the Restructured Terms | The following table presents a summary of all loans restructured in TDRs during the twelve months ended March 31, 2015 and 2014, and such loans which were in payment default under the restructured terms during the respective periods below: | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | As of March 31, 2015 | Three Months Ended | As of March 31, 2014 | Three Months Ended | ||||||||||||||||||||||||||||||||
31-Mar-15 | 31-Mar-14 | |||||||||||||||||||||||||||||||||||
Total (1)(3) | Payments in Default (2)(3) | Total (1)(3) | Payments in Default (2)(3) | |||||||||||||||||||||||||||||||||
Count | Balance | Count | Balance | Count | Balance | Count | Balance | |||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||
Commercial and industrial | 1 | $ | 1,461 | — | $ | — | 1 | $ | 88 | — | $ | — | ||||||||||||||||||||||||
Commercial real-estate | ||||||||||||||||||||||||||||||||||||
Commercial construction | — | — | — | — | 3 | 6,120 | 3 | 6,120 | ||||||||||||||||||||||||||||
Land | — | — | — | — | 1 | 2,352 | — | — | ||||||||||||||||||||||||||||
Office | 2 | 1,510 | 1 | 790 | 4 | 4,021 | 3 | 3,465 | ||||||||||||||||||||||||||||
Industrial | 1 | 685 | — | — | 2 | 2,027 | — | — | ||||||||||||||||||||||||||||
Retail | — | — | — | — | 1 | 202 | — | — | ||||||||||||||||||||||||||||
Multi-family | 1 | 181 | 1 | 181 | — | — | — | — | ||||||||||||||||||||||||||||
Mixed use and other | 4 | 1,049 | 3 | 816 | 9 | 8,919 | 2 | 399 | ||||||||||||||||||||||||||||
Residential real estate and other | 9 | 2,131 | 2 | 261 | 6 | 1,919 | — | — | ||||||||||||||||||||||||||||
Total loans | 18 | $ | 7,017 | 7 | $ | 2,048 | 27 | $ | 25,648 | 8 | $ | 9,984 | ||||||||||||||||||||||||
-1 | Total TDRs represent all loans restructured in TDRs during the previous twelve months from the date indicated. | |||||||||||||||||||||||||||||||||||
-2 | TDRs considered to be in payment default are over 30 days past-due subsequent to the restructuring. | |||||||||||||||||||||||||||||||||||
-3 | Balances represent the recorded investment in the loan at the time of the restructuring. |
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||
Goodwill Assets by Business Segment | A summary of the Company’s goodwill assets by business segment is presented in the following table: | |||||||||||||||||||
(Dollars in thousands) | January 1, | Goodwill | Impairment | Goodwill Adjustments | March 31, | |||||||||||||||
2015 | Acquired | Loss | 2015 | |||||||||||||||||
Community banking | $ | 331,752 | $ | 16,718 | $ | — | $ | — | $ | 348,470 | ||||||||||
Specialty finance | 41,768 | — | — | (2,155 | ) | 39,613 | ||||||||||||||
Wealth management | 32,114 | — | — | — | 32,114 | |||||||||||||||
Total | $ | 405,634 | $ | 16,718 | $ | — | $ | (2,155 | ) | $ | 420,197 | |||||||||
Summary of Finite-Lived Intangible Assets | A summary of finite-lived intangible assets as of the dates shown and the expected amortization as of March 31, 2015 is as follows: | |||||||||||||||||||
(Dollars in thousands) | March 31, | 31-Dec-14 | March 31, | |||||||||||||||||
2015 | 2014 | |||||||||||||||||||
Community banking segment: | ||||||||||||||||||||
Core deposit intangibles: | ||||||||||||||||||||
Gross carrying amount | $ | 25,881 | $ | 29,379 | $ | 40,770 | ||||||||||||||
Accumulated amortization | (14,192 | ) | (17,879 | ) | (30,209 | ) | ||||||||||||||
Net carrying amount | $ | 11,689 | $ | 11,500 | $ | 10,561 | ||||||||||||||
Specialty finance segment: | ||||||||||||||||||||
Customer list intangibles: | ||||||||||||||||||||
Gross carrying amount | $ | 1,800 | $ | 1,800 | $ | 1,800 | ||||||||||||||
Accumulated amortization | (971 | ) | (941 | ) | (842 | ) | ||||||||||||||
Net carrying amount | $ | 829 | $ | 859 | $ | 958 | ||||||||||||||
Wealth management segment: | ||||||||||||||||||||
Customer list and other intangibles: | ||||||||||||||||||||
Gross carrying amount | $ | 7,940 | $ | 7,940 | $ | 7,690 | ||||||||||||||
Accumulated amortization | (1,600 | ) | (1,488 | ) | (1,159 | ) | ||||||||||||||
Net carrying amount | $ | 6,340 | $ | 6,452 | $ | 6,531 | ||||||||||||||
Total other intangible assets, net | $ | 18,858 | $ | 18,811 | $ | 18,050 | ||||||||||||||
Estimated Amortization | ||||||||||||||||||||
Estimated amortization | ||||||||||||||||||||
Actual in three months ended March 31, 2015 | $ | 1,013 | ||||||||||||||||||
Estimated remaining in 2015 | 2,700 | |||||||||||||||||||
Estimated—2016 | 3,007 | |||||||||||||||||||
Estimated—2017 | 2,499 | |||||||||||||||||||
Estimated—2018 | 2,186 | |||||||||||||||||||
Estimated—2019 | 1,837 | |||||||||||||||||||
Deposits_Deposits_Tables
Deposits Deposits (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Deposits [Abstract] | ||||||||||||
Summary of Deposits | The following table is a summary of deposits as of the dates shown: | |||||||||||
(Dollars in thousands) | March 31, | December 31, 2014 | March 31, | |||||||||
2015 | 2014 | |||||||||||
Balance: | ||||||||||||
Non-interest bearing | $ | 3,779,609 | $ | 3,518,685 | $ | 2,773,922 | ||||||
NOW and interest bearing demand deposits | 2,262,928 | 2,236,089 | 1,983,251 | |||||||||
Wealth management deposits | 1,528,963 | 1,226,916 | 1,289,134 | |||||||||
Money market | 3,791,762 | 3,651,467 | 3,454,271 | |||||||||
Savings | 1,563,752 | 1,508,877 | 1,443,943 | |||||||||
Time certificates of deposit | 4,011,755 | 4,139,810 | 4,184,524 | |||||||||
Total deposits | $ | 16,938,769 | $ | 16,281,844 | $ | 15,129,045 | ||||||
Mix: | ||||||||||||
Non-interest bearing | 22 | % | 22 | % | 18 | % | ||||||
NOW and interest bearing demand deposits | 13 | 14 | 13 | |||||||||
Wealth management deposits | 9 | 8 | 8 | |||||||||
Money market | 23 | 22 | 23 | |||||||||
Savings | 9 | 9 | 10 | |||||||||
Time certificates of deposit | 24 | 25 | 28 | |||||||||
Total deposits | 100 | % | 100 | % | 100 | % | ||||||
Federal_Home_Loan_Bank_Advance1
Federal Home Loan Bank Advances, Other Borrowings and Subordinated Notes Federal Home Loan Bank Advances, Other Borrowings and Subordinated Notes (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Debt Disclosure [Abstract] | ||||||||||||
Summary of Debt | The following table is a summary of notes payable, Federal Home Loan Bank advances, other borrowings and subordinated notes as of the dates shown: | |||||||||||
(Dollars in thousands) | 31-Mar-15 | 31-Dec-14 | 31-Mar-14 | |||||||||
Federal Home Loan Bank advances | $ | 416,036 | $ | 733,050 | $ | 387,672 | ||||||
Other borrowings: | ||||||||||||
Notes payable | — | — | 182 | |||||||||
Securities sold under repurchase agreements | 50,076 | 48,566 | 211,692 | |||||||||
Other | 18,689 | 18,822 | 19,212 | |||||||||
Secured borrowings | 118,241 | 129,077 | — | |||||||||
Total other borrowings | 187,006 | 196,465 | 231,086 | |||||||||
Subordinated notes | 140,000 | 140,000 | — | |||||||||
Total Federal Home Loan Bank advances, other borrowings and subordinated notes | $ | 743,042 | $ | 1,069,515 | $ | 618,758 | ||||||
Junior_Subordinated_Debentures1
Junior Subordinated Debentures Junior Subordinated Debentures (Tables) | 3 Months Ended | ||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust [Abstract] | |||||||||||||||||||||||
Summary Of The Company's Junior Subordinated Debentures | The following table provides a summary of the Company’s junior subordinated debentures as of March 31, 2015. The junior subordinated debentures represent the par value of the obligations owed to the Trusts. | ||||||||||||||||||||||
(Dollars in thousands) | Common | Trust | Junior | Rate | Contractual rate | Issue | Maturity | Earliest | |||||||||||||||
Securities | Preferred | Subordinated | Structure | at 3/31/2015 | Date | Date | Redemption | ||||||||||||||||
Securities | Debentures | Date | |||||||||||||||||||||
Wintrust Capital Trust III | $ | 774 | $ | 25,000 | $ | 25,774 | L+3.25 | 3.51 | % | Apr-03 | Apr-33 | Apr-08 | |||||||||||
Wintrust Statutory Trust IV | 619 | 20,000 | 20,619 | L+2.80 | 3.08 | % | Dec-03 | Dec-33 | Dec-08 | ||||||||||||||
Wintrust Statutory Trust V | 1,238 | 40,000 | 41,238 | L+2.60 | 2.88 | % | May-04 | May-34 | Jun-09 | ||||||||||||||
Wintrust Capital Trust VII | 1,550 | 50,000 | 51,550 | L+1.95 | 2.22 | % | Dec-04 | Mar-35 | Mar-10 | ||||||||||||||
Wintrust Capital Trust VIII | 1,238 | 40,000 | 41,238 | L+1.45 | 1.73 | % | Aug-05 | Sep-35 | Sep-10 | ||||||||||||||
Wintrust Capital Trust IX | 1,547 | 50,000 | 51,547 | L+1.63 | 1.9 | % | Sep-06 | Sep-36 | Sep-11 | ||||||||||||||
Northview Capital Trust I | 186 | 6,000 | 6,186 | L+3.00 | 3.25 | % | Aug-03 | Nov-33 | Aug-08 | ||||||||||||||
Town Bankshares Capital Trust I | 186 | 6,000 | 6,186 | L+3.00 | 3.25 | % | Aug-03 | Nov-33 | Aug-08 | ||||||||||||||
First Northwest Capital Trust I | 155 | 5,000 | 5,155 | L+3.00 | 3.28 | % | May-04 | May-34 | May-09 | ||||||||||||||
Total | $ | 249,493 | 2.46 | % | |||||||||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | ||||||||||||||
Mar. 31, 2015 | |||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||
Summary of Segment Information | The following is a summary of certain operating information for reportable segments: | ||||||||||||||
Three months ended | $ Change in | % Change in | |||||||||||||
(Dollars in thousands) | March 31, | March 31, | Contribution | Contribution | |||||||||||
2015 | 2014 | ||||||||||||||
Net interest income: | |||||||||||||||
Community Banking | $ | 122,681 | $ | 116,755 | $ | 5,926 | 5 | % | |||||||
Specialty Finance | 21,046 | 19,212 | 1,834 | 10 | |||||||||||
Wealth Management | 4,189 | 4,099 | 90 | 2 | |||||||||||
Total Operating Segments | 147,916 | 140,066 | 7,850 | 6 | |||||||||||
Intersegment Eliminations | 3,975 | 3,940 | 35 | 1 | |||||||||||
Consolidated net interest income | $ | 151,891 | $ | 144,006 | $ | 7,885 | 5 | % | |||||||
Non-interest income: | |||||||||||||||
Community Banking | $ | 44,912 | $ | 27,319 | $ | 17,593 | 64 | % | |||||||
Specialty Finance | 7,871 | 7,881 | (10 | ) | — | ||||||||||
Wealth Management | 18,728 | 16,941 | 1,787 | 11 | |||||||||||
Total Operating Segments | 71,511 | 52,141 | 19,370 | 37 | |||||||||||
Intersegment Eliminations | (6,970 | ) | (6,612 | ) | (358 | ) | (5 | ) | |||||||
Consolidated non-interest income | $ | 64,541 | $ | 45,529 | $ | 19,012 | 42 | % | |||||||
Net revenue: | |||||||||||||||
Community Banking | $ | 167,593 | $ | 144,074 | $ | 23,519 | 16 | % | |||||||
Specialty Finance | 28,917 | 27,093 | 1,824 | 7 | |||||||||||
Wealth Management | 22,917 | 21,040 | 1,877 | 9 | |||||||||||
Total Operating Segments | 219,427 | 192,207 | 27,220 | 14 | |||||||||||
Intersegment Eliminations | (2,995 | ) | (2,672 | ) | (323 | ) | (12 | ) | |||||||
Consolidated net revenue | $ | 216,432 | $ | 189,535 | $ | 26,897 | 14 | % | |||||||
Segment profit: | |||||||||||||||
Community Banking | $ | 24,965 | $ | 22,581 | $ | 2,384 | 11 | % | |||||||
Specialty Finance | 10,952 | 8,982 | 1,970 | 22 | |||||||||||
Wealth Management | 3,135 | 2,937 | 198 | 7 | |||||||||||
Consolidated net income | $ | 39,052 | $ | 34,500 | $ | 4,552 | 13 | % | |||||||
Segment assets: | |||||||||||||||
Community Banking | $ | 17,050,262 | $ | 15,160,507 | $ | 1,889,755 | 12 | % | |||||||
Specialty Finance | 2,784,069 | 2,532,362 | 251,707 | 10 | |||||||||||
Wealth Management | 547,940 | 528,294 | 19,646 | 4 | |||||||||||
Consolidated total assets | $ | 20,382,271 | $ | 18,221,163 | $ | 2,161,108 | 12 | % | |||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 3 Months Ended | |||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||
Interest Rate Cap Derivative Summary | Below is a summary of the interest rate cap derivatives held by the Company as of March 31, 2015: | |||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||
Notional | Accounting | Fair Value as of | ||||||||||||||||||||||||
Effective Date | Maturity Date | Amount | Treatment | 31-Mar-15 | ||||||||||||||||||||||
3-May-12 | 3-May-15 | 77,000 | Non-Hedge Designated | — | ||||||||||||||||||||||
3-May-12 | 3-May-16 | 215,000 | Non-Hedge Designated | 17 | ||||||||||||||||||||||
1-Jun-12 | 1-Apr-15 | 96,530 | Non-Hedge Designated | — | ||||||||||||||||||||||
29-Aug-12 | 29-Aug-16 | 216,500 | Cash Flow Hedging | 89 | ||||||||||||||||||||||
22-Feb-13 | 22-Aug-16 | 43,500 | Cash Flow Hedging | 26 | ||||||||||||||||||||||
22-Feb-13 | 22-Aug-16 | 56,500 | Non-Hedge Designated | 34 | ||||||||||||||||||||||
21-Mar-13 | 21-Mar-17 | 100,000 | Non-Hedge Designated | 275 | ||||||||||||||||||||||
16-May-13 | 16-Nov-16 | 75,000 | Non-Hedge Designated | 95 | ||||||||||||||||||||||
15-Sep-13 | 15-Sep-17 | 50,000 | Cash Flow Hedging | 299 | ||||||||||||||||||||||
30-Sep-13 | 30-Sep-17 | 40,000 | Cash Flow Hedging | 254 | ||||||||||||||||||||||
$ | 970,030 | $ | 1,089 | |||||||||||||||||||||||
Schedule Of Fair Value Of Derivative Financial Instruments | The table below presents the fair value of the Company’s derivative financial instruments as of March 31, 2015, December 31, 2014 and March 31, 2014: | |||||||||||||||||||||||||
Derivative Assets | Derivative Liabilities | |||||||||||||||||||||||||
Fair Value | Fair Value | |||||||||||||||||||||||||
(Dollars in thousands) | 31-Mar-15 | 31-Dec-14 | 31-Mar-14 | 31-Mar-15 | 31-Dec-14 | 31-Mar-14 | ||||||||||||||||||||
Derivatives designated as hedging instruments under ASC 815: | ||||||||||||||||||||||||||
Interest rate derivatives designated as Cash Flow Hedges | $ | 668 | $ | 1,390 | $ | 2,578 | $ | 1,867 | $ | 1,994 | $ | 2,892 | ||||||||||||||
Interest rate derivatives designated as Fair Value Hedges | 20 | 52 | 90 | — | — | 1 | ||||||||||||||||||||
Total derivatives designated as hedging instruments under ASC 815 | $ | 688 | $ | 1,442 | $ | 2,668 | $ | 1,867 | $ | 1,994 | $ | 2,893 | ||||||||||||||
Derivatives not designated as hedging instruments under ASC 815: | ||||||||||||||||||||||||||
Interest rate derivatives | $ | 46,862 | $ | 36,399 | $ | 34,571 | $ | 45,831 | $ | 34,927 | $ | 32,097 | ||||||||||||||
Interest rate lock commitments | 15,296 | 10,028 | 13,658 | — | 20 | 115 | ||||||||||||||||||||
Forward commitments to sell mortgage loans | — | 23 | 625 | 7,410 | 4,239 | 2,688 | ||||||||||||||||||||
Foreign exchange contracts | 138 | 72 | 7 | 117 | — | 4 | ||||||||||||||||||||
Total derivatives not designated as hedging instruments under ASC 815 | $ | 62,296 | $ | 46,522 | $ | 48,861 | $ | 53,358 | $ | 39,186 | $ | 34,904 | ||||||||||||||
Total Derivatives | $ | 62,984 | $ | 47,964 | $ | 51,529 | $ | 55,225 | $ | 41,180 | $ | 37,797 | ||||||||||||||
Schedule Of Cash Flow Hedging Instruments | The table below provides details on each of these cash flow hedges as of March 31, 2015: | |||||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||||
(Dollars in thousands) | Notional | Fair Value | ||||||||||||||||||||||||
Maturity Date | Amount | Asset (Liability) | ||||||||||||||||||||||||
Interest Rate Swaps: | ||||||||||||||||||||||||||
Sep-16 | 50,000 | (1,222 | ) | |||||||||||||||||||||||
Oct-16 | 25,000 | (645 | ) | |||||||||||||||||||||||
Total Interest Rate Swaps | 75,000 | (1,867 | ) | |||||||||||||||||||||||
Interest Rate Caps: | ||||||||||||||||||||||||||
Aug-16 | 43,500 | 26 | ||||||||||||||||||||||||
Aug-16 | 216,500 | 89 | ||||||||||||||||||||||||
Sep-17 | 50,000 | 299 | ||||||||||||||||||||||||
Sep-17 | 40,000 | 254 | ||||||||||||||||||||||||
Total Interest Rate Caps | 350,000 | 668 | ||||||||||||||||||||||||
Total Cash Flow Hedges | $ | 425,000 | $ | (1,199 | ) | |||||||||||||||||||||
Rollforward Of Amounts In Accumulated Other Comprehensive Income Related To Interest Rate Swaps Designated As Cash Flow Hedges | A rollforward of the amounts in accumulated other comprehensive loss related to interest rate derivatives designated as cash flow hedges follows: | |||||||||||||||||||||||||
Three months ended | ||||||||||||||||||||||||||
(Dollars in thousands) | March 31, | March 31, | ||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||
Unrealized loss at beginning of period | $ | (4,062 | ) | $ | (3,971 | ) | ||||||||||||||||||||
Amount reclassified from accumulated other comprehensive loss to interest expense on junior subordinated debentures | 414 | 493 | ||||||||||||||||||||||||
Amount of loss recognized in other comprehensive income | (975 | ) | (591 | ) | ||||||||||||||||||||||
Unrealized loss at end of period | $ | (4,623 | ) | $ | (4,069 | ) | ||||||||||||||||||||
Derivatives Used To Hedge Changes In Fair Value Attributable To Interest Rate Risk | The following table presents the gain/(loss) and hedge ineffectiveness recognized on derivative instruments and the related hedged items that are designated as a fair value hedge accounting relationship as of March 31, 2015 and 2014: | |||||||||||||||||||||||||
(Dollars in thousands) | Location of Gain/(Loss) | Amount of Gain/(Loss) Recognized | Amount of Gain/(Loss) Recognized | Income Statement Gain/ | ||||||||||||||||||||||
Recognized in Income on | in Income on Derivative | in Income on Hedged Item | (Loss) due to Hedge | |||||||||||||||||||||||
Derivative | Three Months Ended | Three Months Ended | Ineffectiveness | |||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||
Derivatives in Fair Value | ||||||||||||||||||||||||||
Hedging Relationships | 31-Mar-15 | 31-Mar-14 | 31-Mar-15 | 31-Mar-14 | 31-Mar-15 | 31-Mar-14 | ||||||||||||||||||||
Interest rate swaps | Trading (losses) gains, net | $ | (32 | ) | $ | (17 | ) | $ | 28 | $ | 15 | $ | (4 | ) | $ | (2 | ) | |||||||||
Summary Amounts Included In Consolidated Statement Of Income Related To Derivatives | Amounts included in the Consolidated Statements of Income related to derivative instruments not designated in hedge relationships were as follows: | |||||||||||||||||||||||||
(Dollars in thousands) | Three Months Ended | |||||||||||||||||||||||||
Derivative | Location in income statement | March 31, | March 31, | |||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||
Interest rate swaps and caps | Trading losses, net | $ | (450 | ) | $ | (677 | ) | |||||||||||||||||||
Mortgage banking derivatives | Mortgage banking revenue | 2,094 | 3,677 | |||||||||||||||||||||||
Covered call options | Fees from covered call options | 4,360 | 1,542 | |||||||||||||||||||||||
Foreign exchange contracts | Trading losses, net | (51 | ) | (1 | ) | |||||||||||||||||||||
Derivative Asset and Liability Balance Sheet Offsetting | The Company records interest rate derivatives subject to master netting agreements at their gross value and does not offset derivative assets and liabilities on the Consolidated Statements of Condition. The tables below summarize the Company's interest rate derivatives and offsetting positions as of the dates shown. | |||||||||||||||||||||||||
Derivative Assets | Derivative Liabilities | |||||||||||||||||||||||||
Fair Value | Fair Value | |||||||||||||||||||||||||
(Dollars in thousands) | 31-Mar-15 | 31-Dec-14 | 31-Mar-14 | 31-Mar-15 | 31-Dec-14 | 31-Mar-14 | ||||||||||||||||||||
Gross Amounts Recognized | $ | 47,550 | $ | 37,841 | $ | 37,239 | $ | 47,698 | $ | 36,921 | $ | 34,990 | ||||||||||||||
Less: Amounts offset in the Statements of Financial Condition | — | — | — | — | — | — | ||||||||||||||||||||
Net amount presented in the Statements of Financial Condition | $ | 47,550 | $ | 37,841 | $ | 37,239 | $ | 47,698 | $ | 36,921 | $ | 34,990 | ||||||||||||||
Gross amounts not offset in the Statements of Financial Condition | ||||||||||||||||||||||||||
Offsetting Derivative Positions | (1,563 | ) | (2,771 | ) | (7,359 | ) | (1,563 | ) | (2,771 | ) | (7,359 | ) | ||||||||||||||
Collateral Posted (1) | — | — | — | (46,135 | ) | (34,150 | ) | (27,631 | ) | |||||||||||||||||
Net Credit Exposure | $ | 45,987 | $ | 35,070 | $ | 29,880 | $ | — | $ | — | $ | — | ||||||||||||||
-1 | As of March 31, 2015, December 31, 2014 and March 31, 2014, the Company posted collateral of $51.3 million, $43.8 million and $37.1 million, respectively which resulted in excess collateral with its counterparties. For purposes of this disclosure, the amount of posted collateral is limited to the amount offsetting the derivative liability. |
Fair_Values_of_Assets_and_Liab1
Fair Values of Assets and Liabilities (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||
Summary Of Balances Of Assets And Liabilities Measured At Fair Value On A Recurring Basis | The following tables present the balances of assets and liabilities measured at fair value on a recurring basis for the periods presented: | |||||||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||||||
(Dollars in thousands) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Available-for-sale securities | ||||||||||||||||||||||||
U.S. Treasury | $ | 271,474 | $ | — | $ | 271,474 | $ | — | ||||||||||||||||
U.S. Government agencies | 661,793 | — | 661,793 | — | ||||||||||||||||||||
Municipal | 269,912 | — | 213,863 | 56,049 | ||||||||||||||||||||
Corporate notes | 133,814 | — | 133,814 | — | ||||||||||||||||||||
Mortgage-backed | 329,591 | — | 329,591 | — | ||||||||||||||||||||
Equity securities | 54,446 | — | 29,790 | 24,656 | ||||||||||||||||||||
Trading account securities | 7,811 | — | 7,811 | — | ||||||||||||||||||||
Mortgage loans held-for-sale | 446,355 | — | 446,355 | — | ||||||||||||||||||||
Mortgage servicing rights | 7,852 | — | — | 7,852 | ||||||||||||||||||||
Nonqualified deferred compensation assets | 8,718 | — | 8,718 | — | ||||||||||||||||||||
Derivative assets | 62,984 | — | 62,984 | — | ||||||||||||||||||||
Total | $ | 2,254,750 | $ | — | $ | 2,166,193 | $ | 88,557 | ||||||||||||||||
Derivative liabilities | $ | 55,225 | $ | — | $ | 55,225 | $ | — | ||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
(Dollars in thousands) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Available-for-sale securities | ||||||||||||||||||||||||
U.S. Treasury | $ | 381,805 | $ | — | $ | 381,805 | $ | — | ||||||||||||||||
U.S. Government agencies | 668,316 | — | 668,316 | — | ||||||||||||||||||||
Municipal | 238,529 | — | 179,576 | 58,953 | ||||||||||||||||||||
Corporate notes | 133,579 | — | 133,579 | — | ||||||||||||||||||||
Mortgage-backed | 318,710 | — | 318,710 | — | ||||||||||||||||||||
Equity securities | 51,139 | — | 27,428 | 23,711 | ||||||||||||||||||||
Trading account securities | 1,206 | — | 1,206 | — | ||||||||||||||||||||
Mortgage loans held-for-sale | 351,290 | — | 351,290 | — | ||||||||||||||||||||
Mortgage servicing rights | 8,435 | — | — | 8,435 | ||||||||||||||||||||
Nonqualified deferred compensation assets | 7,951 | — | 7,951 | — | ||||||||||||||||||||
Derivative assets | 47,964 | — | 47,964 | — | ||||||||||||||||||||
Total | $ | 2,208,924 | $ | — | $ | 2,117,825 | $ | 91,099 | ||||||||||||||||
Derivative liabilities | $ | 41,180 | $ | — | $ | 41,180 | $ | — | ||||||||||||||||
31-Mar-14 | ||||||||||||||||||||||||
(Dollars in thousands) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Available-for-sale securities | ||||||||||||||||||||||||
U.S. Treasury | $ | 340,178 | $ | — | $ | 340,178 | $ | — | ||||||||||||||||
U.S. Government agencies | 828,275 | — | 828,275 | — | ||||||||||||||||||||
Municipal | 175,300 | — | 135,528 | 39,772 | ||||||||||||||||||||
Corporate notes | 135,067 | — | 135,067 | — | ||||||||||||||||||||
Mortgage-backed | 417,303 | — | 417,303 | — | ||||||||||||||||||||
Equity securities | 53,574 | — | 30,136 | 23,438 | ||||||||||||||||||||
Trading account securities | 1,068 | — | 1,068 | — | ||||||||||||||||||||
Mortgage loans held-for-sale | 215,231 | — | 215,231 | — | ||||||||||||||||||||
Mortgage servicing rights | 8,719 | — | — | 8,719 | ||||||||||||||||||||
Nonqualified deferred compensation assets | 7,783 | — | 7,783 | — | ||||||||||||||||||||
Derivative assets | 51,529 | — | 51,529 | — | ||||||||||||||||||||
Total | $ | 2,234,027 | $ | — | $ | 2,162,098 | $ | 71,929 | ||||||||||||||||
Derivative liabilities | $ | 37,797 | $ | — | $ | 37,797 | $ | — | ||||||||||||||||
Summary Of Changes In Level 3 Assets And Liabilities Measured At Fair Value On A Recurring Basis | The changes in Level 3 assets measured at fair value on a recurring basis during the three months ended March 31, 2015 and 2014 are summarized as follows: | |||||||||||||||||||||||
Equity securities | Mortgage | |||||||||||||||||||||||
(Dollars in thousands) | Municipal | servicing rights | ||||||||||||||||||||||
Balance at January 1, 2015 | $ | 58,953 | $ | 23,711 | $ | 8,435 | ||||||||||||||||||
Total net gains (losses) included in: | ||||||||||||||||||||||||
Net Income (1) | — | — | (583 | ) | ||||||||||||||||||||
Other comprehensive income | 203 | 945 | — | |||||||||||||||||||||
Purchases | 6,674 | — | — | |||||||||||||||||||||
Issuances | — | — | — | |||||||||||||||||||||
Sales | — | — | — | |||||||||||||||||||||
Settlements | (9,781 | ) | — | — | ||||||||||||||||||||
Net transfers into/(out of) Level 3 | — | — | — | |||||||||||||||||||||
Balance at March 31, 2015 | $ | 56,049 | $ | 24,656 | $ | 7,852 | ||||||||||||||||||
-1 | Changes in the balance of mortgage servicing rights are recorded as a component of mortgage banking revenue in non-interest income. | |||||||||||||||||||||||
Equity securities | Mortgage | |||||||||||||||||||||||
(Dollars in thousands) | Municipal | servicing rights | ||||||||||||||||||||||
Balance at January 1, 2014 | $ | 36,386 | $ | 22,163 | $ | 8,946 | ||||||||||||||||||
Total net gains (losses) included in: | ||||||||||||||||||||||||
Net Income (1) | — | — | (227 | ) | ||||||||||||||||||||
Other comprehensive income | 147 | 1,275 | — | |||||||||||||||||||||
Purchases | 3,360 | — | — | |||||||||||||||||||||
Issuances | — | — | — | |||||||||||||||||||||
Sales | — | — | — | |||||||||||||||||||||
Settlements | (121 | ) | — | — | ||||||||||||||||||||
Net transfers into/(out of) Level 3 | — | — | — | |||||||||||||||||||||
Balance at March 31, 2014 | $ | 39,772 | $ | 23,438 | $ | 8,719 | ||||||||||||||||||
-1 | Changes in the balance of mortgage servicing rights are recorded as a component of mortgage banking revenue in non-interest income. | |||||||||||||||||||||||
Summary Of Assets Measured At Fair Value On A Nonrecurring Basis | For assets measured at fair value on a nonrecurring basis that were still held in the balance sheet at the end of the period, the following table provides the carrying value of the related individual assets or portfolios at March 31, 2015. | |||||||||||||||||||||||
March 31, 2015 | Three Months | |||||||||||||||||||||||
Ended March 31, 2015 | ||||||||||||||||||||||||
(Dollars in thousands) | Total | Level 1 | Level 2 | Level 3 | Fair Value Losses Recognized, net | |||||||||||||||||||
Impaired loans—collateral based | $ | 69,002 | $ | — | $ | — | $ | 69,002 | $ | 2,731 | ||||||||||||||
Other real estate owned, including covered other real estate owned (1) | 81,042 | — | — | 81,042 | 2,362 | |||||||||||||||||||
Total | $ | 150,044 | $ | — | $ | — | $ | 150,044 | $ | 5,093 | ||||||||||||||
-1 | Fair value losses recognized, net on other real estate owned include valuation adjustments and charge-offs during the respective period. | |||||||||||||||||||||||
Schedule Of Valuation Techniques And Significant Unobservable Inputs Used To Measure Both Recurring And Non-Recurring | The valuation techniques and significant unobservable inputs used to measure both recurring and non-recurring Level 3 fair value measurements at March 31, 2015 were as follows: | |||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Fair Value | Valuation Methodology | Significant Unobservable Input | Range | Weighted | Impact to valuation | |||||||||||||||||||
of Inputs | Average | from an increased or | ||||||||||||||||||||||
of Inputs | higher input value | |||||||||||||||||||||||
Measured at fair value on a recurring basis: | ||||||||||||||||||||||||
Municipal Securities | $ | 56,049 | Bond pricing | Equivalent rating | BBB-AA+ | N/A | Increase | |||||||||||||||||
Equity Securities | 24,656 | Discounted cash flows | Discount rate | 1.70%-2.34% | 2.04% | Decrease | ||||||||||||||||||
Mortgage Servicing Rights | 7,852 | Discounted cash flows | Discount rate | 9%-12% | 9.15% | Decrease | ||||||||||||||||||
Constant prepayment rate (CPR) | 11%-20% | 13.29% | Decrease | |||||||||||||||||||||
Measured at fair value on a non-recurring basis: | ||||||||||||||||||||||||
Impaired loans—collateral based | $ | 69,002 | Appraisal value | N/A | N/A | N/A | N/A | |||||||||||||||||
Other real estate owned, including covered other real estate owned | 81,042 | Appraisal value | Property specific valuation adjustment | (79)%-154% | -1.76% | Increase | ||||||||||||||||||
Summary Of Carrying Amounts And Estimated Fair Values Of Financial Instruments | The table below presents the carrying amounts and estimated fair values of the Company’s financial instruments as of the dates shown: | |||||||||||||||||||||||
At March 31, 2015 | At December 31, 2014 | At March 31, 2014 | ||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | Carrying | Fair | |||||||||||||||||||
(Dollars in thousands) | Value | Value | Value | Value | Value | Value | ||||||||||||||||||
Financial Assets: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 290,872 | $ | 290,872 | $ | 230,707 | $ | 230,707 | $ | 342,738 | $ | 342,738 | ||||||||||||
Interest bearing deposits with banks | 697,799 | 697,799 | 998,437 | 998,437 | 540,964 | 540,964 | ||||||||||||||||||
Available-for-sale securities | 1,721,030 | 1,721,030 | 1,792,078 | 1,792,078 | 1,949,697 | 1,949,697 | ||||||||||||||||||
Trading account securities | 7,811 | 7,811 | 1,206 | 1,206 | 1,068 | 1,068 | ||||||||||||||||||
Federal Home Loan Bank and Federal Reserve Bank stock, at cost | 92,948 | 92,948 | 91,582 | 91,582 | 78,524 | 78,524 | ||||||||||||||||||
Brokerage customer receivables | 25,287 | 25,287 | 24,221 | 24,221 | 26,884 | 26,884 | ||||||||||||||||||
Mortgage loans held-for-sale, at fair value | 446,355 | 446,355 | 351,290 | 351,290 | 215,231 | 215,231 | ||||||||||||||||||
Total loans | 15,162,753 | 15,868,532 | 14,636,107 | 15,346,266 | 13,445,638 | 14,078,788 | ||||||||||||||||||
Mortgage servicing rights | 7,852 | 7,852 | 8,435 | 8,435 | 8,719 | 8,719 | ||||||||||||||||||
Nonqualified deferred compensation assets | 8,718 | 8,718 | 7,951 | 7,951 | 7,783 | 7,783 | ||||||||||||||||||
Derivative assets | 62,984 | 62,984 | 47,964 | 47,964 | 51,529 | 51,529 | ||||||||||||||||||
FDIC indemnification asset | 10,224 | 10,224 | 11,846 | 11,846 | 60,298 | 60,298 | ||||||||||||||||||
Accrued interest receivable and other | 181,998 | 181,998 | 169,156 | 169,156 | 169,580 | 169,580 | ||||||||||||||||||
Total financial assets | $ | 18,716,631 | $ | 19,422,410 | $ | 18,370,980 | $ | 19,081,139 | $ | 16,898,653 | $ | 17,531,803 | ||||||||||||
Financial Liabilities | ||||||||||||||||||||||||
Non-maturity deposits | $ | 12,927,014 | $ | 12,927,014 | $ | 12,142,034 | $ | 12,142,034 | $ | 10,944,521 | $ | 10,944,521 | ||||||||||||
Deposits with stated maturities | 4,011,755 | 4,017,565 | 4,139,810 | 4,143,161 | 4,184,524 | 4,197,918 | ||||||||||||||||||
Federal Home Loan Bank advances | 416,036 | 422,305 | 733,050 | 738,113 | 387,672 | 393,145 | ||||||||||||||||||
Other borrowings | 187,006 | 187,006 | 196,465 | 197,883 | 231,086 | 231,086 | ||||||||||||||||||
Subordinated notes | 140,000 | 147,851 | 140,000 | 143,639 | — | — | ||||||||||||||||||
Junior subordinated debentures | 249,493 | 250,196 | 249,493 | 250,305 | 249,493 | 250,578 | ||||||||||||||||||
Derivative liabilities | 55,225 | 55,225 | 41,180 | 41,180 | 37,797 | 37,797 | ||||||||||||||||||
Accrued interest payable | 8,583 | 8,583 | 8,001 | 8,001 | 7,218 | 7,218 | ||||||||||||||||||
Total financial liabilities | $ | 17,995,112 | $ | 18,015,745 | $ | 17,650,033 | $ | 17,664,316 | $ | 16,042,311 | $ | 16,062,263 | ||||||||||||
StockBased_Compensation_Plans_
Stock-Based Compensation Plans (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Share-based Compensation [Abstract] | ||||||||||||||
Weighted Average Assumptions Used To Determine The Options Fair Value | The following table presents the weighted average assumptions used to determine the fair value of options granted in the three month periods ending March 31, 2015 and 2014. | |||||||||||||
Three Months Ended | ||||||||||||||
March 31, | March 31, | |||||||||||||
2015 | 2014 | |||||||||||||
Expected dividend yield | 0.9 | % | 0.4 | % | ||||||||||
Expected volatility | 26.5 | % | 30.8 | % | ||||||||||
Risk-free rate | 1.3 | % | 0.7 | % | ||||||||||
Expected option life (in years) | 4.5 | 4.5 | ||||||||||||
Summary Of Stock Option Activity | A summary of the Company's stock option activity for the three months ended March 31, 2015 and March 31, 2014 is presented below: | |||||||||||||
Stock Options | Common | Weighted | Remaining | Intrinsic | ||||||||||
Shares | Average | Contractual | Value (2) | |||||||||||
Strike Price | Term (1) | $0 | ||||||||||||
Outstanding at January 1, 2015 | 1,618,426 | $ | 43 | |||||||||||
Conversion of options of acquired company | 16,364 | 21.18 | ||||||||||||
Granted | 487,259 | 44.11 | ||||||||||||
Exercised | (51,522 | ) | 31.5 | |||||||||||
Forfeited or canceled | (175,579 | ) | 54.4 | |||||||||||
Outstanding at March 31, 2015 | 1,894,948 | $ | 42.35 | 4.6 | $ | 11,649 | ||||||||
Exercisable at March 31, 2015 | 1,158,991 | $ | 41 | 3.3 | $ | 9,291 | ||||||||
Stock Options | Common | Weighted | Remaining | Intrinsic | ||||||||||
Shares | Average | Contractual | Value (2) | |||||||||||
Strike Price | Term (1) | $0 | ||||||||||||
Outstanding at January 1, 2014 | 1,524,672 | $ | 42 | |||||||||||
Granted | 358,440 | 46.86 | ||||||||||||
Exercised | (77,311 | ) | 34.79 | |||||||||||
Forfeited or canceled | (18,898 | ) | 45.56 | |||||||||||
Outstanding at March 31, 2014 | 1,786,903 | $ | 43.25 | 3.7 | $ | 12,834 | ||||||||
Exercisable at March 31, 2014 | 1,166,309 | $ | 43.96 | 2.4 | $ | 8,655 | ||||||||
-1 | Represents the remaining weighted average contractual life in years. | |||||||||||||
-2 | Aggregate intrinsic value represents the total pre-tax intrinsic value (i.e., the difference between the Company's stock price on the last trading day of the quarter and the option exercise price, multiplied by the number of shares) that would have been received by the option holders if they had exercised their options on the last day of the quarter. Options with exercise prices above the stock price on the last trading day of the quarter are excluded from the calculation of intrinsic value. The intrinsic value will change based on the fair market value of the Company's stock. | |||||||||||||
Summary Of Plans' Restricted Share And Performance-Vested Stock Award Activity | A summary of the Plans' restricted share activity for the three months ended March 31, 2015 and March 31, 2014 is presented below: | |||||||||||||
Three months ended March 31, 2015 | Three months ended March 31, 2014 | |||||||||||||
Restricted Shares | Common | Weighted | Common | Weighted | ||||||||||
Shares | Average | Shares | Average | |||||||||||
Grant-Date | Grant-Date | |||||||||||||
Fair Value | Fair Value | |||||||||||||
Outstanding at January 1 | 146,112 | $ | 47.45 | 181,522 | $ | 43.39 | ||||||||
Granted | 12,300 | 44.11 | 2,775 | 46.86 | ||||||||||
Vested and issued | (4,925 | ) | 36.74 | (24,900 | ) | 33.81 | ||||||||
Forfeited | — | — | (451 | ) | 44.29 | |||||||||
Outstanding at March 31 | 153,487 | $ | 47.53 | 158,946 | $ | 44.95 | ||||||||
Vested, but not issuable at March 31 | 85,000 | $ | 51.88 | 85,000 | $ | 51.88 | ||||||||
A summary of the 2007 Plan's performance-based stock award activity, based on the target level of the awards, for the three months ended March 31, 2015 and March 31, 2014 is presented below: | ||||||||||||||
Three months ended March 31, 2015 | Three months ended March 31, 2014 | |||||||||||||
Performance-based Stock | Common | Weighted | Common | Weighted | ||||||||||
Shares | Average | Shares | Average | |||||||||||
Grant-Date | Grant-Date | |||||||||||||
Fair Value | Fair Value | |||||||||||||
Outstanding at January 1 | 295,679 | $ | 38.18 | 307,512 | $ | 34.01 | ||||||||
Granted | 102,828 | 44.11 | 91,501 | 46.86 | ||||||||||
Vested and issued | (78,590 | ) | 31.1 | (15,944 | ) | 33.25 | ||||||||
Forfeited | (29,926 | ) | 31.41 | (81,551 | ) | 33.38 | ||||||||
Outstanding at March 31 | 289,991 | $ | 42.9 | 301,518 | $ | 38.12 | ||||||||
Shareholders_Equity_and_Earnin1
Shareholders' Equity and Earnings Per Share (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Earnings Per Share, Basic and Diluted, Other Disclosures [Abstract] | ||||||||||||||||
Components Of Other Comprehensive Income (Loss) | The following tables summarize the components of other comprehensive income (loss), including the related income tax effects, and the related amount reclassified to net income for the periods presented (in thousands). | |||||||||||||||
Accumulated | Accumulated | Accumulated | Total | |||||||||||||
Unrealized (Losses) Gains on Securities | Unrealized | Foreign | Accumulated | |||||||||||||
Losses on | Currency | Other | ||||||||||||||
Derivative | Translation | Comprehensive | ||||||||||||||
Instruments | Adjustments | (Loss) Income | ||||||||||||||
Balance at January 1, 2015 | $ | (9,533 | ) | $ | (2,517 | ) | $ | (25,282 | ) | $ | (37,332 | ) | ||||
Other comprehensive income (loss) during the period, net of tax, before reclassifications | 15,945 | (593 | ) | (9,045 | ) | 6,307 | ||||||||||
Amount reclassified from accumulated other comprehensive income (loss), net of tax | (318 | ) | 252 | — | (66 | ) | ||||||||||
Net other comprehensive income (loss)during the period, net of tax | $ | 15,627 | $ | (341 | ) | $ | (9,045 | ) | $ | 6,241 | ||||||
Balance at March 31, 2015 | $ | 6,094 | $ | (2,858 | ) | $ | (34,327 | ) | $ | (31,091 | ) | |||||
Balance at January 1, 2014 | $ | (53,665 | ) | $ | (2,462 | ) | $ | (6,909 | ) | $ | (63,036 | ) | ||||
Other comprehensive income (loss) during the period, net of tax, before reclassifications | 13,722 | (356 | ) | (7,400 | ) | 5,966 | ||||||||||
Amount reclassified from accumulated other comprehensive income (loss), net of tax | 20 | 297 | — | 317 | ||||||||||||
Net other comprehensive income (loss) during the period, net of tax | $ | 13,742 | $ | (59 | ) | $ | (7,400 | ) | $ | 6,283 | ||||||
Balance at March 31, 2014 | $ | (39,923 | ) | $ | (2,521 | ) | $ | (14,309 | ) | $ | (56,753 | ) | ||||
Other Comprehensive Income Reclassified from AOCI | ||||||||||||||||
Amount Reclassified from Accumulated Other Comprehensive Income for the | ||||||||||||||||
Details Regarding the Component of Accumulated Other Comprehensive Income | Three months ended | Impacted Line on the Consolidated Statements of Income | ||||||||||||||
March 31, | ||||||||||||||||
2015 | 2014 | |||||||||||||||
Accumulated unrealized losses on securities | ||||||||||||||||
Gains (losses) included in net income | $ | 524 | $ | (33 | ) | Gains (losses) on available-for-sale securities, net | ||||||||||
524 | (33 | ) | Income before taxes | |||||||||||||
Tax effect | $ | (206 | ) | $ | 13 | Income tax expense | ||||||||||
Net of tax | $ | 318 | $ | (20 | ) | Net income | ||||||||||
Accumulated unrealized losses on derivative instruments | ||||||||||||||||
Amount reclassified to interest expense on junior subordinated debentures | $ | 414 | $ | 493 | Interest on junior subordinated debentures | |||||||||||
(414 | ) | (493 | ) | Income before taxes | ||||||||||||
Tax effect | $ | 162 | $ | 196 | Income tax expense | |||||||||||
Net of tax | $ | (252 | ) | $ | (297 | ) | Net income | |||||||||
Computation Of Basic And Diluted Earnings Per Common Share | The following table shows the computation of basic and diluted earnings per share for the periods indicated: | |||||||||||||||
Three Months Ended | ||||||||||||||||
(In thousands, except per share data) | March 31, | March 31, | ||||||||||||||
2015 | 2014 | |||||||||||||||
Net income | $ | 39,052 | $ | 34,500 | ||||||||||||
Less: Preferred stock dividends and discount accretion | 1,581 | 1,581 | ||||||||||||||
Net income applicable to common shares—Basic | (A) | 37,471 | 32,919 | |||||||||||||
Add: Dividends on convertible preferred stock, if dilutive | 1,581 | 1,581 | ||||||||||||||
Net income applicable to common shares—Diluted | (B) | 39,052 | 34,500 | |||||||||||||
Weighted average common shares outstanding | (C) | 47,239 | 46,195 | |||||||||||||
Effect of dilutive potential common shares | ||||||||||||||||
Common stock equivalents | 1,158 | 1,434 | ||||||||||||||
Convertible preferred stock, if dilutive | 3,075 | 3,075 | ||||||||||||||
Total dilutive potential common shares | 4,233 | 4,509 | ||||||||||||||
Weighted average common shares and effect of dilutive potential common shares | (D) | 51,472 | 50,704 | |||||||||||||
Net income per common share: | ||||||||||||||||
Basic | (A/C) | $ | 0.79 | $ | 0.71 | |||||||||||
Diluted | (B/D) | $ | 0.76 | $ | 0.68 | |||||||||||
Business_Combinations_Summary_
Business Combinations (Summary of FDIC Indemnification Asset) (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
FDIC Indemnification Asset [Roll Forward] | ||
Balance at beginning of period | $11,846 | $85,672 |
Additions from acquisitions | 0 | 0 |
Additions from reimbursable expenses | 1,575 | 1,282 |
Amortization | -1,260 | -1,603 |
Changes in expected reimbursements from the FDIC for changes in expected credit losses | -3,993 | -15,384 |
Payments provided to (received from) the FDIC | -2,056 | 9,669 |
Balance at end of period | $10,224 | $60,298 |
Business_Combinations_Narrativ
Business Combinations (Narrative) (Detail) (USD $) | 3 Months Ended | 0 Months Ended | 63 Months Ended | 0 Months Ended | |||
Mar. 31, 2015 | Jan. 16, 2015 | Aug. 08, 2014 | Jul. 11, 2014 | 16-May-14 | Mar. 31, 2015 | Apr. 28, 2014 | |
locations | financial_institution | ||||||
Business Acquisition [Line Items] | |||||||
Additional goodwill recorded on acquisition | $16,718,000 | ||||||
FDIC loss sharing percentage on purchased loans, OREO, and certain other assets | 80.00% | ||||||
Delavan Bancshares | |||||||
Business Acquisition [Line Items] | |||||||
Effective date of acquisition | 16-Jan-15 | ||||||
Number of locations | 4 | ||||||
Assets acquired | 223,900,000 | ||||||
Loans acquired | 128,000,000 | ||||||
Liabilities assumed | 185,600,000 | ||||||
Assumed deposits | 170,200,000 | ||||||
Additional goodwill recorded on acquisition | 16,700,000 | ||||||
Talmer Bank & Trust | |||||||
Business Acquisition [Line Items] | |||||||
Effective date of acquisition | 8-Aug-14 | ||||||
Number of locations | 11 | ||||||
Assets acquired | 361,300,000 | ||||||
Loans acquired | 41,500,000 | ||||||
Liabilities assumed | 361,300,000 | ||||||
Assumed deposits | 354,900,000 | ||||||
Additional goodwill recorded on acquisition | 9,700,000 | ||||||
THE National Bank | |||||||
Business Acquisition [Line Items] | |||||||
Effective date of acquisition | 11-Jul-14 | ||||||
Assets acquired | 94,100,000 | ||||||
Loans acquired | 75,000,000 | ||||||
Assumed deposits | 36,200,000 | ||||||
Additional goodwill recorded on acquisition | 16,300,000 | ||||||
Urban Partnership Bank, Stone Park branch | |||||||
Business Acquisition [Line Items] | |||||||
Effective date of acquisition | 16-May-14 | ||||||
Liabilities assumed | 5,500,000 | ||||||
Assumed deposits | 5,400,000 | ||||||
Additional goodwill recorded on acquisition | 678,000 | ||||||
FDIC Assisted | |||||||
Business Acquisition [Line Items] | |||||||
Number of FDIC assisted banks acquired | 9 | ||||||
Policy Billing Services Inc. And Equity Premium Finance Inc. | |||||||
Business Acquisition [Line Items] | |||||||
Effective date of acquisition | 28-Apr-14 | ||||||
Loans acquired | 7,400,000 | ||||||
Additional goodwill recorded on acquisition | $6,500,000 | ||||||
Number of affiliated companies acquired | 2 |
AvailableForSale_Securities_Sc
Available-For-Sale Securities (Schedule of Available-for-Sale Securities Reconciliation) (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | |||
In Thousands, unless otherwise specified | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Amortized Cost | $1,711,113 | $1,807,913 | $2,015,966 | |||
Gross Unrealized Gains | 26,395 | 22,145 | 17,212 | |||
Gross Unrealized Losses | -16,478 | -37,980 | -83,481 | |||
Fair Value | 1,721,030 | 1,792,078 | 1,949,697 | |||
U.S. Treasury | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Amortized Cost | 273,173 | 388,713 | 354,109 | |||
Gross Unrealized Gains | 148 | 84 | 263 | |||
Gross Unrealized Losses | -1,847 | -6,992 | -14,194 | |||
Fair Value | 271,474 | 381,805 | 340,178 | |||
U.S. Government agencies | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Amortized Cost | 665,177 | 686,106 | 874,845 | |||
Gross Unrealized Gains | 5,348 | 4,113 | 3,286 | |||
Gross Unrealized Losses | -8,732 | -21,903 | -49,856 | |||
Fair Value | 661,793 | 668,316 | 828,275 | |||
Municipal | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Amortized Cost | 264,949 | 234,951 | 175,028 | |||
Gross Unrealized Gains | 6,485 | 5,318 | 3,439 | |||
Gross Unrealized Losses | -1,522 | -1,740 | -3,167 | |||
Fair Value | 269,912 | 238,529 | 175,300 | |||
Corporate notes, Financial issuers | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Amortized Cost | 129,360 | 129,309 | 129,413 | |||
Gross Unrealized Gains | 1,965 | 2,006 | 2,306 | |||
Gross Unrealized Losses | -1,321 | -1,557 | -1,735 | |||
Fair Value | 130,004 | 129,758 | 129,984 | |||
Corporate notes, Other | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Amortized Cost | 3,759 | 3,766 | 4,986 | |||
Gross Unrealized Gains | 52 | 55 | 100 | |||
Gross Unrealized Losses | -1 | 0 | -3 | |||
Fair Value | 3,810 | 3,821 | 5,083 | |||
Mortgage-backed securities | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Amortized Cost | 280,679 | [1] | 271,129 | [1] | 371,825 | [1] |
Gross Unrealized Gains | 5,983 | [1] | 5,448 | [1] | 3,919 | [1] |
Gross Unrealized Losses | -2,529 | [1] | -4,928 | [1] | -13,188 | [1] |
Fair Value | 284,133 | [1] | 271,649 | [1] | 362,556 | [1] |
Mortgage-backed, Collateralized mortgage obligations | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Amortized Cost | 45,299 | [1] | 47,347 | [1] | 55,190 | [1] |
Gross Unrealized Gains | 435 | [1] | 249 | [1] | 356 | [1] |
Gross Unrealized Losses | -276 | [1] | -535 | [1] | -799 | [1] |
Fair Value | 45,458 | [1] | 47,061 | [1] | 54,747 | [1] |
Equity securities | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Amortized Cost | 48,717 | 46,592 | 50,570 | |||
Gross Unrealized Gains | 5,979 | 4,872 | 3,543 | |||
Gross Unrealized Losses | -250 | -325 | -539 | |||
Fair Value | $54,446 | $51,139 | $53,574 | |||
[1] | Consisting entirely of residential mortgage-backed securities, none of which are subprime. |
AvailableForSale_Securities_Av
Available-For-Sale Securities (Available-For-Sale Securities, Continuous Unrealized Loss Position, Fair Value) (Detail) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Schedule of Available-for-sale Securities [Line Items] | |
Continuous unrealized losses existing for less than 12 months, Fair value | $432,543 |
Continuous unrealized losses existing for less than 12 months, Unrealized losses | -4,630 |
Continuous unrealized losses existing for greater than 12 months, Fair value | 488,458 |
Continuous unrealized losses existing for greater than 12 months, Unrealized losses | -11,848 |
Total, Fair value | 921,001 |
Total, Unrealized losses | -16,478 |
U.S. Treasury | |
Schedule of Available-for-sale Securities [Line Items] | |
Continuous unrealized losses existing for less than 12 months, Fair value | 198,297 |
Continuous unrealized losses existing for less than 12 months, Unrealized losses | -1,847 |
Continuous unrealized losses existing for greater than 12 months, Fair value | 0 |
Continuous unrealized losses existing for greater than 12 months, Unrealized losses | 0 |
Total, Fair value | 198,297 |
Total, Unrealized losses | -1,847 |
U.S. Government agencies | |
Schedule of Available-for-sale Securities [Line Items] | |
Continuous unrealized losses existing for less than 12 months, Fair value | 163,928 |
Continuous unrealized losses existing for less than 12 months, Unrealized losses | -2,158 |
Continuous unrealized losses existing for greater than 12 months, Fair value | 259,346 |
Continuous unrealized losses existing for greater than 12 months, Unrealized losses | -6,574 |
Total, Fair value | 423,274 |
Total, Unrealized losses | -8,732 |
Municipal | |
Schedule of Available-for-sale Securities [Line Items] | |
Continuous unrealized losses existing for less than 12 months, Fair value | 41,611 |
Continuous unrealized losses existing for less than 12 months, Unrealized losses | -500 |
Continuous unrealized losses existing for greater than 12 months, Fair value | 37,899 |
Continuous unrealized losses existing for greater than 12 months, Unrealized losses | -1,022 |
Total, Fair value | 79,510 |
Total, Unrealized losses | -1,522 |
Corporate notes, Financial issuers | |
Schedule of Available-for-sale Securities [Line Items] | |
Continuous unrealized losses existing for less than 12 months, Fair value | 9,968 |
Continuous unrealized losses existing for less than 12 months, Unrealized losses | -31 |
Continuous unrealized losses existing for greater than 12 months, Fair value | 44,667 |
Continuous unrealized losses existing for greater than 12 months, Unrealized losses | -1,290 |
Total, Fair value | 54,635 |
Total, Unrealized losses | -1,321 |
Corporate notes, Other | |
Schedule of Available-for-sale Securities [Line Items] | |
Continuous unrealized losses existing for less than 12 months, Fair value | 999 |
Continuous unrealized losses existing for less than 12 months, Unrealized losses | -1 |
Continuous unrealized losses existing for greater than 12 months, Fair value | 0 |
Continuous unrealized losses existing for greater than 12 months, Unrealized losses | 0 |
Total, Fair value | 999 |
Total, Unrealized losses | -1 |
Mortgage-backed securities | |
Schedule of Available-for-sale Securities [Line Items] | |
Continuous unrealized losses existing for less than 12 months, Fair value | 16,725 |
Continuous unrealized losses existing for less than 12 months, Unrealized losses | -92 |
Continuous unrealized losses existing for greater than 12 months, Fair value | 127,433 |
Continuous unrealized losses existing for greater than 12 months, Unrealized losses | -2,437 |
Total, Fair value | 144,158 |
Total, Unrealized losses | -2,529 |
Mortgage-backed, Collateralized mortgage obligations | |
Schedule of Available-for-sale Securities [Line Items] | |
Continuous unrealized losses existing for less than 12 months, Fair value | 1,015 |
Continuous unrealized losses existing for less than 12 months, Unrealized losses | -1 |
Continuous unrealized losses existing for greater than 12 months, Fair value | 10,502 |
Continuous unrealized losses existing for greater than 12 months, Unrealized losses | -275 |
Total, Fair value | 11,517 |
Total, Unrealized losses | -276 |
Equity securities | |
Schedule of Available-for-sale Securities [Line Items] | |
Continuous unrealized losses existing for less than 12 months, Fair value | 0 |
Continuous unrealized losses existing for less than 12 months, Unrealized losses | 0 |
Continuous unrealized losses existing for greater than 12 months, Fair value | 8,611 |
Continuous unrealized losses existing for greater than 12 months, Unrealized losses | -250 |
Total, Fair value | 8,611 |
Total, Unrealized losses | ($250) |
AvailableForSale_Securities_Sc1
Available-For-Sale Securities (Schedule of Realized Gain (Loss)) (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Available-for-sale Securities [Abstract] | ||
Realized gains | $553 | $55 |
Realized losses | -29 | -88 |
Net realized gains (losses) | 524 | -33 |
Other than temporary impairment charges | 0 | 0 |
Gains (losses) on available-for-sale securities, net | 524 | -33 |
Proceeds from sales of available-for-sale securities | $635,532 | $14,800 |
AvailableForSale_Securities_In
Available-For-Sale Securities (Investments Classified by Contractual Maturity Date) (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Due in one year or less, Amortized Cost | $151,585 | $285,596 | $203,749 |
Due in one to five years, Amortized Cost | 249,861 | 172,647 | 338,130 |
Due in five to ten years, Amortized Cost | 837,926 | 331,389 | 344,296 |
Due after ten years, Amortized Cost | 97,046 | 653,213 | 652,206 |
Amortized Cost | 1,711,113 | 1,807,913 | 2,015,966 |
Due in one year or less, Fair Value | 151,854 | 285,889 | 203,942 |
Due in one to five years, Fair Value | 250,483 | 172,885 | 338,980 |
Due in five to ten years, Fair Value | 836,598 | 325,644 | 330,546 |
Due after ten years, Fair Value | 98,058 | 637,811 | 605,352 |
Available-for-sale securities, at fair value | 1,721,030 | 1,792,078 | 1,949,697 |
Mortgage-backed securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 325,978 | 318,476 | 427,015 |
Available-for-sale securities, at fair value | 329,591 | 318,710 | 417,303 |
Equity securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 48,717 | 46,592 | 50,570 |
Available-for-sale securities, at fair value | $54,446 | $51,139 | $53,574 |
AvailableForSale_Securities_Na
Available-For-Sale Securities (Narrative) (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
In Billions, unless otherwise specified | securities | ||
Available-for-sale Securities [Abstract] | |||
Pledged Securities, carrying value | $1.10 | $1.10 | $1.20 |
Number of securities by a single non-goverment sponsored issuer exceeding 10% of shareholders' equity | 0 |
Loans_Summary_of_Loan_Portfoli
Loans (Summary of Loan Portfolio) (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |||
Loans [Line Items] | |||
Loans, net of unearned income, excluding covered loans | $14,953,059 | $14,409,398 | $13,133,160 |
Covered loans | 209,694 | 226,709 | 312,478 |
Total loans | 15,162,753 | 14,636,107 | 13,445,638 |
Total loans, net of unearned income, excluding covered loans, percentage | 99.00% | 98.00% | 98.00% |
Covered loans, percentage | 1.00% | 2.00% | 2.00% |
Total loans, percentage | 100.00% | 100.00% | 100.00% |
Commercial | |||
Loans [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 4,211,932 | 3,924,394 | 3,439,197 |
Total loans, net of unearned income, excluding covered loans, percentage | 28.00% | 26.00% | 26.00% |
Commercial real-estate | |||
Loans [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 4,710,486 | 4,505,753 | 4,262,255 |
Total loans, net of unearned income, excluding covered loans, percentage | 31.00% | 31.00% | 32.00% |
Home equity | |||
Loans [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 709,283 | 716,293 | 707,748 |
Total loans, net of unearned income, excluding covered loans, percentage | 5.00% | 5.00% | 5.00% |
Residential real-estate | |||
Loans [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 495,925 | 483,542 | 426,769 |
Total loans, net of unearned income, excluding covered loans, percentage | 3.00% | 3.00% | 3.00% |
Premium finance receivables | |||
Loans [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 2,319,623 | 2,350,833 | 2,208,361 |
Consumer and other | |||
Loans [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 130,156 | 151,012 | 159,496 |
Total loans, net of unearned income, excluding covered loans, percentage | 1.00% | 1.00% | 1.00% |
Commercial insurance loans | Premium finance receivables | |||
Loans [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 2,319,623 | 2,350,833 | 2,208,361 |
Total loans, net of unearned income, excluding covered loans, percentage | 15.00% | 16.00% | 17.00% |
Life insurance | Premium finance receivables | |||
Loans [Line Items] | |||
Loans, net of unearned income, excluding covered loans | $2,375,654 | $2,277,571 | $1,929,334 |
Total loans, net of unearned income, excluding covered loans, percentage | 16.00% | 16.00% | 14.00% |
Loans_Schedule_of_Unpaid_Princ
Loans (Schedule of Unpaid Principal Balance And Carrying Value Of Acquired Loans) (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Bank acquisitions | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||
Unpaid Principal Balance | $277,163 | $285,809 |
Carrying Value | 222,837 | 227,229 |
Life insurance premium finance loans acquisition | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||
Unpaid Principal Balance | 394,632 | 399,665 |
Carrying Value | $389,048 | $393,479 |
Loans_Loans_Certain_Loans_Acqu
Loans Loans (Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period) (Details) (Delavan Bancshares, USD $) | Jan. 16, 2015 | |
In Thousands, unless otherwise specified | ||
Delavan Bancshares | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||
Contractually required payments including interest | $15,791 | |
Less: Nonaccretable difference | 1,442 | |
Cash flows expected to be collected | 14,349 | [1] |
Less: Accretable yield | 898 | |
Fair value of PCI loans acquired | $13,451 | |
[1] | Represents undiscounted expected principal and interest cash at acquisition. |
Loans_Activity_Related_to_Accr
Loans (Activity Related to Accretable Yield of Loans Acquired With Evidence of Credit Quality Deterioration Since Origination) (Detail) (USD $) | 3 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | |||
Schedule Of Accretable Yield Activity Related to Loans Acquired With Evidence Of Credit Quality Deterioration Since Origination Table [Line Items] | ||||
Certain Loans Acquired In Transfer Not Accounted fo as Debt Securities, Accretable Yield, To Be Amortized To Indem Asset | $15,800,000 | |||
Bank acquisitions | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||||
Accretable yield, beginning balance | 77,485,000 | 107,655,000 | ||
Acquisitions | 898,000 | 0 | ||
Accretable yield amortized to interest income | -5,504,000 | -7,770,000 | ||
Accretable yield amortized to indemnification asset | -3,576,000 | [1] | -5,648,000 | [1] |
Reclassification from non-accretable difference | 1,103,000 | [2] | 8,580,000 | [2] |
(Decreases) increases in interest cash flows due to payments and changes in interest rates | -1,224,000 | -5,143,000 | ||
Accretable yield, ending balance | 69,182,000 | [3] | 97,674,000 | [3] |
Life insurance premium finance loans acquisition | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||||
Accretable yield, beginning balance | 1,617,000 | 8,254,000 | ||
Acquisitions | 0 | 0 | ||
Accretable yield amortized to interest income | -601,000 | -1,771,000 | ||
Accretable yield amortized to indemnification asset | 0 | [1] | 0 | [1] |
Reclassification from non-accretable difference | 0 | [2] | 0 | [2] |
(Decreases) increases in interest cash flows due to payments and changes in interest rates | 0 | 78,000 | ||
Accretable yield, ending balance | $1,016,000 | [3] | $6,561,000 | [3] |
[1] | Represents the portion of the current period accreted yield, resulting from lower expected losses, applied to reduce the loss share indemnification asset. | |||
[2] | Reclassification is the result of subsequent increases in expected principal cash flows. | |||
[3] | As of March 31, 2015, the Company estimates that the remaining accretable yield balance to be amortized to the indemnification asset for the bank acquisitions is $15.8 million. The remainder of the accretable yield related to bank acquisitions is expected to be amortized to interest income. |
Loans_Narrative_Detail
Loans (Narrative) (Detail) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Schedule Of Accretable Yield Activity Related to Loans Acquired With Evidence Of Credit Quality Deterioration Since Origination Table [Line Items] | |||
Deferred Discounts, Finance Charges and Interest Included in Receivables | ($3,700,000) | ($6,200,000) | $330,000 |
Bank acquisitions | |||
Schedule Of Accretable Yield Activity Related to Loans Acquired With Evidence Of Credit Quality Deterioration Since Origination Table [Line Items] | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Accretion | 5,504,000 | 7,770,000 | |
Premium finance receivables | |||
Schedule Of Accretable Yield Activity Related to Loans Acquired With Evidence Of Credit Quality Deterioration Since Origination Table [Line Items] | |||
Loans and Leases Receivable, Deferred Income | $48,100,000 | $40,300,000 | $46,900,000 |
Allowance_for_Loan_Losses_Allo2
Allowance for Loan Losses, Allowance for Losses on Lending-Related Commitments and Impaired Loans Allowance for Loan Losses, Allowance for Losses on Lending-Related Commitments and Impaired Loans (Schedule of Aging of the Company's Loan Portfolio) (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | |||
In Thousands, unless otherwise specified | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Nonaccrual | $80,698 | $77,710 | $92,008 | |||
90+ days and still accruing | 43,585 | 37,987 | 66,697 | |||
Current | 14,917,238 | 14,408,516 | 13,144,491 | |||
Loans, net of unearned income, excluding covered loans | 14,953,059 | 14,409,398 | 13,133,160 | |||
Nonaccrual | 73,619 | 70,420 | 82,872 | |||
90+ days and still accruing | 27,151 | 20,148 | 30,866 | |||
Current | 14,737,743 | 14,213,075 | 12,890,704 | |||
Covered loans, Nonaccrual | 7,079 | 7,290 | 9,136 | |||
Covered loans, 90 plus days and still accruing | 16,434 | 17,839 | 35,831 | |||
Covered loans, Current | 179,495 | 195,441 | 253,787 | |||
Covered loans | 209,694 | 226,709 | 312,478 | |||
Total loans | 15,162,753 | 14,636,107 | 13,445,638 | |||
60-89 days past due | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Past Due | 26,769 | 39,281 | 33,108 | |||
60-89 days past due | 26,211 | 37,977 | 26,426 | |||
Covered loans, 60-89 days past due | 558 | 1,304 | 6,682 | |||
30-59 days past due | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Past Due | 94,463 | 72,613 | 109,334 | |||
30-59 days past due | 88,335 | 67,778 | 102,292 | |||
Covered loans, 30-59 days past due | 6,128 | 4,835 | 7,042 | |||
Commercial | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Nonaccrual | 5,586 | 9,157 | 11,782 | |||
90+ days and still accruing | 612 | 839 | 1,466 | |||
Current | 4,177,491 | 3,897,717 | 3,396,051 | |||
Loans, net of unearned income, excluding covered loans | 4,211,932 | 3,924,394 | 3,439,197 | |||
Commercial | 60-89 days past due | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Past Due | 5,112 | 5,123 | 2,235 | |||
Commercial | 30-59 days past due | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Past Due | 23,131 | 11,558 | 27,663 | |||
Commercial | Commercial and industrial | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Nonaccrual | 5,586 | 9,132 | 11,112 | |||
90+ days and still accruing | 0 | 474 | 387 | |||
Current | 2,457,174 | 2,213,105 | 1,965,425 | |||
Loans, net of unearned income, excluding covered loans | 2,484,465 | 2,233,364 | 1,995,309 | |||
Commercial | Commercial and industrial | 60-89 days past due | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Past Due | 4,756 | 3,161 | 2,235 | |||
Commercial | Commercial and industrial | 30-59 days past due | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Past Due | 16,949 | 7,492 | 16,150 | |||
Commercial | Franchise | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Nonaccrual | 0 | 0 | 0 | |||
90+ days and still accruing | 0 | 0 | 0 | |||
Current | 225,305 | 231,789 | 221,026 | |||
Loans, net of unearned income, excluding covered loans | 225,762 | 233,316 | 221,101 | |||
Commercial | Franchise | 60-89 days past due | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Past Due | 0 | 308 | 0 | |||
Commercial | Franchise | 30-59 days past due | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Past Due | 457 | 1,219 | 75 | |||
Commercial | Mortgage warehouse lines of credit | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Nonaccrual | 0 | 0 | 0 | |||
90+ days and still accruing | 0 | 0 | 0 | |||
Current | 186,372 | 139,003 | 60,809 | |||
Loans, net of unearned income, excluding covered loans | 186,372 | 139,003 | 60,809 | |||
Commercial | Mortgage warehouse lines of credit | 60-89 days past due | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Past Due | 0 | 0 | 0 | |||
Commercial | Mortgage warehouse lines of credit | 30-59 days past due | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Past Due | 0 | 0 | 0 | |||
Commercial | Community Advanatage - homeowners association | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Nonaccrual | 0 | 0 | 0 | |||
90+ days and still accruing | 0 | 0 | 0 | |||
Current | 108,382 | 106,364 | 91,414 | |||
Loans, net of unearned income, excluding covered loans | 108,382 | 106,364 | 91,414 | |||
Commercial | Community Advanatage - homeowners association | 60-89 days past due | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Past Due | 0 | 0 | 0 | |||
Commercial | Community Advanatage - homeowners association | 30-59 days past due | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Past Due | 0 | 0 | 0 | |||
Commercial | Aircraft | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Nonaccrual | 0 | 0 | 0 | |||
90+ days and still accruing | 0 | 0 | 0 | |||
Current | 6,295 | 8,065 | 8,840 | |||
Loans, net of unearned income, excluding covered loans | 6,975 | 8,065 | 8,840 | |||
Commercial | Aircraft | 60-89 days past due | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Past Due | 291 | 0 | 0 | |||
Commercial | Aircraft | 30-59 days past due | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Past Due | 389 | 0 | 0 | |||
Commercial | Asset-based lending | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Nonaccrual | 0 | 25 | 670 | |||
90+ days and still accruing | 0 | 0 | 0 | |||
Current | 805,866 | 802,608 | 729,425 | |||
Loans, net of unearned income, excluding covered loans | 810,685 | 806,402 | 740,668 | |||
Commercial | Asset-based lending | 60-89 days past due | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Past Due | 0 | 1,375 | 0 | |||
Commercial | Asset-based lending | 30-59 days past due | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Past Due | 4,819 | 2,394 | 10,573 | |||
Commercial | Tax exempt | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Nonaccrual | 0 | 0 | 0 | |||
90+ days and still accruing | 0 | 0 | 0 | |||
Current | 205,195 | 217,487 | 177,973 | |||
Loans, net of unearned income, excluding covered loans | 205,195 | 217,487 | 177,973 | |||
Commercial | Tax exempt | 60-89 days past due | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Past Due | 0 | 0 | 0 | |||
Commercial | Tax exempt | 30-59 days past due | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Past Due | 0 | 0 | 0 | |||
Commercial | Leases | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Nonaccrual | 0 | 0 | 0 | |||
90+ days and still accruing | 0 | 0 | 0 | |||
Current | 171,432 | 159,744 | 121,986 | |||
Loans, net of unearned income, excluding covered loans | 172,014 | 160,136 | 121,986 | |||
Commercial | Leases | 60-89 days past due | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Past Due | 65 | 77 | 0 | |||
Commercial | Leases | 30-59 days past due | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Past Due | 517 | 315 | 0 | |||
Commercial | Other | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Nonaccrual | 0 | 0 | 0 | |||
90+ days and still accruing | 0 | 0 | 0 | |||
Current | 2,735 | 11,034 | 10,261 | |||
Loans, net of unearned income, excluding covered loans | 2,735 | 11,034 | 10,261 | |||
Commercial | Other | 60-89 days past due | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Past Due | 0 | 0 | 0 | |||
Commercial | Other | 30-59 days past due | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Past Due | 0 | 0 | 0 | |||
Commercial | PCI - commercial | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Nonaccrual | 0 | [1] | 0 | [1] | 0 | [1] |
90+ days and still accruing | 612 | [1] | 365 | [1] | 1,079 | [1] |
Current | 8,735 | [1] | 8,518 | [1] | 8,892 | [1] |
Loans, net of unearned income, excluding covered loans | 9,347 | [1],[2] | 9,223 | [1],[2] | 10,836 | [1],[2] |
Commercial | PCI - commercial | 60-89 days past due | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Past Due | 0 | [1] | 202 | [1] | 0 | [1] |
Commercial | PCI - commercial | 30-59 days past due | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Past Due | 0 | [1] | 138 | [1] | 865 | [1] |
Commercial real-estate | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Nonaccrual | 29,982 | 26,605 | 33,733 | |||
90+ days and still accruing | 18,120 | 10,976 | 21,073 | |||
Current | 4,628,193 | 4,428,053 | 4,152,806 | |||
Loans, net of unearned income, excluding covered loans | 4,710,486 | 4,505,753 | 4,262,255 | |||
Commercial real-estate | 60-89 days past due | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Past Due | 6,072 | 12,232 | 15,782 | |||
Commercial real-estate | 30-59 days past due | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Past Due | 28,119 | 27,887 | 38,861 | |||
Commercial real-estate | Residential construction | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Nonaccrual | 0 | 0 | 0 | |||
90+ days and still accruing | 0 | 0 | 0 | |||
Current | 46,796 | 38,370 | 35,690 | |||
Loans, net of unearned income, excluding covered loans | 46,796 | 38,696 | 36,397 | |||
Commercial real-estate | Residential construction | 60-89 days past due | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Past Due | 0 | 250 | 680 | |||
Commercial real-estate | Residential construction | 30-59 days past due | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Past Due | 0 | 76 | 27 | |||
Commercial real-estate | Commercial construction | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Nonaccrual | 0 | 230 | 844 | |||
90+ days and still accruing | 0 | 0 | 0 | |||
Current | 209,039 | 185,513 | 150,786 | |||
Loans, net of unearned income, excluding covered loans | 210,031 | 187,766 | 151,630 | |||
Commercial real-estate | Commercial construction | 60-89 days past due | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Past Due | 0 | 0 | 0 | |||
Commercial real-estate | Commercial construction | 30-59 days past due | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Past Due | 992 | 2,023 | 0 | |||
Commercial real-estate | Land | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Nonaccrual | 2,646 | 2,656 | 2,405 | |||
90+ days and still accruing | 0 | 0 | 0 | |||
Current | 84,454 | 86,779 | 99,445 | |||
Loans, net of unearned income, excluding covered loans | 89,042 | 91,830 | 107,970 | |||
Commercial real-estate | Land | 60-89 days past due | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Past Due | 0 | 0 | 2,682 | |||
Commercial real-estate | Land | 30-59 days past due | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Past Due | 1,942 | 2,395 | 3,438 | |||
Commercial real-estate | Office | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Nonaccrual | 8,243 | 7,288 | 6,970 | |||
90+ days and still accruing | 0 | 0 | 0 | |||
Current | 731,568 | 694,149 | 633,655 | |||
Loans, net of unearned income, excluding covered loans | 743,126 | 705,432 | 651,165 | |||
Commercial real-estate | Office | 60-89 days past due | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Past Due | 171 | 2,621 | 1,672 | |||
Commercial real-estate | Office | 30-59 days past due | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Past Due | 3,144 | 1,374 | 8,868 | |||
Commercial real-estate | Industrial | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Nonaccrual | 3,496 | 2,392 | 6,101 | |||
90+ days and still accruing | 0 | 0 | 0 | |||
Current | 599,050 | 617,820 | 615,139 | |||
Loans, net of unearned income, excluding covered loans | 604,326 | 623,970 | 625,060 | |||
Commercial real-estate | Industrial | 60-89 days past due | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Past Due | 61 | 0 | 1,114 | |||
Commercial real-estate | Industrial | 30-59 days past due | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Past Due | 1,719 | 3,758 | 2,706 | |||
Commercial real-estate | Retail | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Nonaccrual | 4,975 | 4,152 | 9,540 | |||
90+ days and still accruing | 0 | 0 | 0 | |||
Current | 734,990 | 723,919 | 664,584 | |||
Loans, net of unearned income, excluding covered loans | 742,527 | 731,488 | 677,430 | |||
Commercial real-estate | Retail | 60-89 days past due | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Past Due | 0 | 116 | 217 | |||
Commercial real-estate | Retail | 30-59 days past due | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Past Due | 2,562 | 3,301 | 3,089 | |||
Commercial real-estate | Multi-family | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Nonaccrual | 1,750 | 249 | 1,327 | |||
90+ days and still accruing | 0 | 0 | 0 | |||
Current | 649,589 | 603,323 | 570,616 | |||
Loans, net of unearned income, excluding covered loans | 655,403 | 605,742 | 575,763 | |||
Commercial real-estate | Multi-family | 60-89 days past due | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Past Due | 393 | 249 | 0 | |||
Commercial real-estate | Multi-family | 30-59 days past due | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Past Due | 3,671 | 1,921 | 3,820 | |||
Commercial real-estate | Mixed use and other | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Nonaccrual | 8,872 | 9,638 | 6,546 | |||
90+ days and still accruing | 0 | 0 | 0 | |||
Current | 1,532,036 | 1,443,853 | 1,337,320 | |||
Loans, net of unearned income, excluding covered loans | 1,552,563 | 1,465,117 | 1,361,236 | |||
Commercial real-estate | Mixed use and other | 60-89 days past due | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Past Due | 808 | 2,603 | 6,626 | |||
Commercial real-estate | Mixed use and other | 30-59 days past due | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Past Due | 10,847 | 9,023 | 10,744 | |||
Commercial real-estate | PCI - commercial real estate | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Nonaccrual | 0 | [1] | 0 | [1] | 0 | [1] |
90+ days and still accruing | 18,120 | [1] | 10,976 | [1] | 21,073 | [1] |
Current | 40,671 | [1] | 34,327 | [1] | 45,571 | [1] |
Loans, net of unearned income, excluding covered loans | 66,672 | [1],[2] | 55,712 | [1],[2] | 75,604 | [1],[2] |
Commercial real-estate | PCI - commercial real estate | 60-89 days past due | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Past Due | 4,639 | [1] | 6,393 | [1] | 2,791 | [1] |
Commercial real-estate | PCI - commercial real estate | 30-59 days past due | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Past Due | 3,242 | [1] | 4,016 | [1] | 6,169 | [1] |
Home equity | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Nonaccrual | 7,665 | 6,174 | 7,311 | |||
90+ days and still accruing | 0 | 0 | 0 | |||
Current | 698,100 | 705,623 | 693,815 | |||
Loans, net of unearned income, excluding covered loans | 709,283 | 716,293 | 707,748 | |||
Home equity | 60-89 days past due | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Past Due | 693 | 983 | 1,650 | |||
Home equity | 30-59 days past due | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Past Due | 2,825 | 3,513 | 4,972 | |||
Residential real-estate | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 495,925 | 483,542 | 426,769 | |||
Residential real-estate | Residential real estate | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Nonaccrual | 14,248 | 15,502 | 14,385 | |||
90+ days and still accruing | 0 | 0 | 0 | |||
Current | 469,826 | 459,224 | 403,474 | |||
Loans, net of unearned income, excluding covered loans | 493,562 | 481,308 | 423,694 | |||
Residential real-estate | Residential real estate | 60-89 days past due | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Past Due | 753 | 267 | 946 | |||
Residential real-estate | Residential real estate | 30-59 days past due | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Past Due | 8,735 | 6,315 | 4,889 | |||
Residential real-estate | PCI - residential real estate | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Nonaccrual | 0 | [1] | 0 | [1] | 0 | [1] |
90+ days and still accruing | 266 | [1] | 549 | [1] | 1,414 | [1] |
Current | 2,013 | [1] | 1,685 | [1] | 1,413 | [1] |
Loans, net of unearned income, excluding covered loans | 2,363 | [1],[2] | 2,234 | [1],[2] | 3,075 | [1],[2] |
Residential real-estate | PCI - residential real estate | 60-89 days past due | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Past Due | 0 | [1] | 0 | [1] | 0 | [1] |
Residential real-estate | PCI - residential real estate | 30-59 days past due | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Past Due | 84 | [1] | 0 | [1] | 248 | [1] |
Premium finance receivables | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 2,319,623 | 2,350,833 | 2,208,361 | |||
Premium finance receivables | Commercial insurance loans | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Nonaccrual | 15,902 | 12,705 | 14,517 | |||
90+ days and still accruing | 8,062 | 7,665 | 6,808 | |||
Current | 2,271,791 | 2,307,140 | 2,160,659 | |||
Loans, net of unearned income, excluding covered loans | 2,319,623 | 2,350,833 | 2,208,361 | |||
Premium finance receivables | Commercial insurance loans | 60-89 days past due | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Past Due | 4,476 | 5,995 | 5,600 | |||
Premium finance receivables | Commercial insurance loans | 30-59 days past due | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Past Due | 19,392 | 17,328 | 20,777 | |||
Premium finance receivables | Life insurance loans | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Nonaccrual | 0 | 0 | 0 | |||
90+ days and still accruing | 0 | 0 | 0 | |||
Current | 1,972,197 | 1,870,669 | 1,511,820 | |||
Loans, net of unearned income, excluding covered loans | 1,986,606 | 1,884,092 | 1,516,132 | |||
Premium finance receivables | Life insurance loans | 60-89 days past due | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Past Due | 8,994 | 13,084 | 0 | |||
Premium finance receivables | Life insurance loans | 30-59 days past due | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Past Due | 5,415 | 339 | 4,312 | |||
Premium finance receivables | PCI - life insurance loans | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Nonaccrual | 0 | [1] | 0 | [1] | 0 | [1] |
90+ days and still accruing | 0 | [1] | 0 | [1] | 0 | [1] |
Current | 389,048 | [1] | 393,479 | [1] | 413,202 | [1] |
Loans, net of unearned income, excluding covered loans | 389,048 | [1],[2] | 393,479 | [1],[2] | 413,202 | [1],[2] |
Premium finance receivables | PCI - life insurance loans | 60-89 days past due | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Past Due | 0 | [1] | 0 | [1] | 0 | [1] |
Premium finance receivables | PCI - life insurance loans | 30-59 days past due | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Past Due | 0 | [1] | 0 | [1] | 0 | [1] |
Consumer and other | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Nonaccrual | 236 | 277 | 1,144 | |||
90+ days and still accruing | 91 | 119 | 105 | |||
Current | 129,084 | 149,485 | 157,464 | |||
Loans, net of unearned income, excluding covered loans | 130,156 | 151,012 | 159,496 | |||
Consumer and other | 60-89 days past due | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Past Due | 111 | 293 | 213 | |||
Consumer and other | 30-59 days past due | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Past Due | $634 | $838 | $570 | |||
[1] | PCI loans represent loans acquired with evidence of credit quality deterioration since origination, in accordance with ASC 310-30. Loan agings are based upon contractually required payments. | |||||
[2] | PCI loans represent loans acquired with evidence of credit quality deterioration since origination, in accordance with ASC 310-30. See Note 6 - Loans for further discussion of these purchased loans. |
Allowance_for_Loan_Losses_Allo3
Allowance for Loan Losses, Allowance for Losses on Lending-Related Commitments and Impaired Loans Allowance for Loan Losses, Allowance for Losses on Lending-Related Commitments and Impaired Loans (Summary of Performance by Loan Class) (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | |||
In Thousands, unless otherwise specified | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | $14,953,059 | $14,409,398 | $13,133,160 | |||
Performing | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 14,871,287 | 14,330,721 | 13,043,036 | |||
Non-performing | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 81,772 | 78,677 | 90,124 | |||
Commercial | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 4,211,932 | 3,924,394 | 3,439,197 | |||
Commercial | Performing | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 4,206,346 | 3,914,763 | 3,427,028 | |||
Commercial | Non-performing | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 5,586 | 9,631 | 12,169 | |||
Commercial real-estate | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 4,710,486 | 4,505,753 | 4,262,255 | |||
Commercial real-estate | Performing | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 4,680,504 | 4,479,148 | 4,228,522 | |||
Commercial real-estate | Non-performing | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 29,982 | 26,605 | 33,733 | |||
Home equity | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 709,283 | 716,293 | 707,748 | |||
Home equity | Performing | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 701,618 | 710,119 | 700,437 | |||
Home equity | Non-performing | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 7,665 | 6,174 | 7,311 | |||
Residential real-estate | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 495,925 | 483,542 | 426,769 | |||
Premium finance receivables | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 2,319,623 | 2,350,833 | 2,208,361 | |||
Consumer and other | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 130,156 | 151,012 | 159,496 | |||
Consumer and other | Performing | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 129,829 | 150,617 | 158,295 | |||
Consumer and other | Non-performing | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 327 | 395 | 1,201 | |||
Commercial and industrial | Commercial | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 2,484,465 | 2,233,364 | 1,995,309 | |||
Commercial and industrial | Commercial | Performing | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 2,478,879 | 2,223,758 | 1,983,810 | |||
Commercial and industrial | Commercial | Non-performing | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 5,586 | 9,606 | 11,499 | |||
Franchise | Commercial | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 225,762 | 233,316 | 221,101 | |||
Franchise | Commercial | Performing | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 225,762 | 233,316 | 221,101 | |||
Franchise | Commercial | Non-performing | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 0 | 0 | 0 | |||
Mortgage warehouse lines of credit | Commercial | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 186,372 | 139,003 | 60,809 | |||
Mortgage warehouse lines of credit | Commercial | Performing | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 186,372 | 139,003 | 60,809 | |||
Mortgage warehouse lines of credit | Commercial | Non-performing | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 0 | 0 | 0 | |||
Community Advanatage - homeowners association | Commercial | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 108,382 | 106,364 | 91,414 | |||
Community Advanatage - homeowners association | Commercial | Performing | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 108,382 | 106,364 | 91,414 | |||
Community Advanatage - homeowners association | Commercial | Non-performing | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 0 | 0 | 0 | |||
Aircraft | Commercial | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 6,975 | 8,065 | 8,840 | |||
Aircraft | Commercial | Performing | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 6,975 | 8,065 | 8,840 | |||
Aircraft | Commercial | Non-performing | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 0 | 0 | 0 | |||
Asset-based lending | Commercial | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 810,685 | 806,402 | 740,668 | |||
Asset-based lending | Commercial | Performing | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 810,685 | 806,377 | 739,998 | |||
Asset-based lending | Commercial | Non-performing | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 0 | 25 | 670 | |||
Tax exempt | Commercial | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 205,195 | 217,487 | 177,973 | |||
Tax exempt | Commercial | Performing | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 205,195 | 217,487 | 177,973 | |||
Tax exempt | Commercial | Non-performing | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 0 | 0 | 0 | |||
Leases | Commercial | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 172,014 | 160,136 | 121,986 | |||
Leases | Commercial | Performing | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 172,014 | 160,136 | 121,986 | |||
Leases | Commercial | Non-performing | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 0 | 0 | 0 | |||
Other | Commercial | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 2,735 | 11,034 | 10,261 | |||
Other | Commercial | Performing | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 2,735 | 11,034 | 10,261 | |||
Other | Commercial | Non-performing | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 0 | 0 | 0 | |||
PCI - commercial | Commercial | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 9,347 | [1],[2] | 9,223 | [1],[2] | 10,836 | [1],[2] |
PCI - commercial | Commercial | Performing | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 9,347 | [2] | 9,223 | [2] | 10,836 | [2] |
PCI - commercial | Commercial | Non-performing | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 0 | [2] | 0 | [2] | 0 | [2] |
Residential construction | Commercial real-estate | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 46,796 | 38,696 | 36,397 | |||
Residential construction | Commercial real-estate | Performing | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 46,796 | 38,696 | 36,397 | |||
Residential construction | Commercial real-estate | Non-performing | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 0 | 0 | 0 | |||
Commercial construction | Commercial real-estate | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 210,031 | 187,766 | 151,630 | |||
Commercial construction | Commercial real-estate | Performing | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 210,031 | 187,536 | 150,786 | |||
Commercial construction | Commercial real-estate | Non-performing | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 0 | 230 | 844 | |||
Land | Commercial real-estate | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 89,042 | 91,830 | 107,970 | |||
Land | Commercial real-estate | Performing | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 86,396 | 89,174 | 105,565 | |||
Land | Commercial real-estate | Non-performing | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 2,646 | 2,656 | 2,405 | |||
Office | Commercial real-estate | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 743,126 | 705,432 | 651,165 | |||
Office | Commercial real-estate | Performing | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 734,883 | 698,144 | 644,195 | |||
Office | Commercial real-estate | Non-performing | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 8,243 | 7,288 | 6,970 | |||
Industrial | Commercial real-estate | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 604,326 | 623,970 | 625,060 | |||
Industrial | Commercial real-estate | Performing | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 600,830 | 621,578 | 618,959 | |||
Industrial | Commercial real-estate | Non-performing | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 3,496 | 2,392 | 6,101 | |||
Retail | Commercial real-estate | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 742,527 | 731,488 | 677,430 | |||
Retail | Commercial real-estate | Performing | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 737,552 | 727,336 | 667,890 | |||
Retail | Commercial real-estate | Non-performing | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 4,975 | 4,152 | 9,540 | |||
Multi-family | Commercial real-estate | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 655,403 | 605,742 | 575,763 | |||
Multi-family | Commercial real-estate | Performing | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 653,653 | 605,493 | 574,436 | |||
Multi-family | Commercial real-estate | Non-performing | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 1,750 | 249 | 1,327 | |||
Mixed use and other | Commercial real-estate | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 1,552,563 | 1,465,117 | 1,361,236 | |||
Mixed use and other | Commercial real-estate | Performing | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 1,543,691 | 1,455,479 | 1,354,690 | |||
Mixed use and other | Commercial real-estate | Non-performing | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 8,872 | 9,638 | 6,546 | |||
PCI - commercial real estate | Commercial real-estate | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 66,672 | [1],[2] | 55,712 | [1],[2] | 75,604 | [1],[2] |
PCI - commercial real estate | Commercial real-estate | Performing | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 66,672 | [2] | 55,712 | [2] | 75,604 | [2] |
PCI - commercial real estate | Commercial real-estate | Non-performing | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 0 | [2] | 0 | [2] | 0 | [2] |
Residential real estate | Residential real-estate | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 493,562 | 481,308 | 423,694 | |||
Residential real estate | Residential real-estate | Performing | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 479,314 | 465,806 | 409,309 | |||
Residential real estate | Residential real-estate | Non-performing | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 14,248 | 15,502 | 14,385 | |||
PCI - residential real estate | Residential real-estate | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 2,363 | [1],[2] | 2,234 | [1],[2] | 3,075 | [1],[2] |
PCI - residential real estate | Residential real-estate | Performing | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 2,363 | [2] | 2,234 | [2] | 3,075 | [2] |
PCI - residential real estate | Residential real-estate | Non-performing | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 0 | [2] | 0 | [2] | 0 | [2] |
Commercial insurance loans | Premium finance receivables | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 2,319,623 | 2,350,833 | 2,208,361 | |||
Commercial insurance loans | Premium finance receivables | Performing | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 2,295,659 | 2,330,463 | 2,187,036 | |||
Commercial insurance loans | Premium finance receivables | Non-performing | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 23,964 | 20,370 | 21,325 | |||
Life insurance loans | Premium finance receivables | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 1,986,606 | 1,884,092 | 1,516,132 | |||
Life insurance loans | Premium finance receivables | Performing | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 1,986,606 | 1,884,092 | 1,516,132 | |||
Life insurance loans | Premium finance receivables | Non-performing | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 0 | 0 | 0 | |||
PCI - life insurance loans | Premium finance receivables | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 389,048 | [1],[2] | 393,479 | [1],[2] | 413,202 | [1],[2] |
PCI - life insurance loans | Premium finance receivables | Performing | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | 389,048 | [2] | 393,479 | [2] | 413,202 | [2] |
PCI - life insurance loans | Premium finance receivables | Non-performing | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans, net of unearned income, excluding covered loans | $0 | [2] | $0 | [2] | $0 | [2] |
[1] | PCI loans represent loans acquired with evidence of credit quality deterioration since origination, in accordance with ASC 310-30. Loan agings are based upon contractually required payments. | |||||
[2] | PCI loans represent loans acquired with evidence of credit quality deterioration since origination, in accordance with ASC 310-30. See Note 6 - Loans for further discussion of these purchased loans. |
Allowance_for_Loan_Losses_Allo4
Allowance for Loan Losses, Allowance for Losses on Lending-Related Commitments and Impaired Loans Allowance for Loan Losses, Allowance for Losses on Lending-Related Commitments and Impaired Loans (Summary of Activity in the Allowance for Credit Losses) (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for loan losses at beginning of period | $91,705 | $96,922 |
Other adjustments | -248 | -148 |
Reclassification from allowance for unfunded lending-related commitments | -113 | -18 |
Charge-offs | -4,271 | -9,017 |
Recoveries | 1,188 | 1,232 |
Provision for credit losses | 6,185 | 3,304 |
Allowance for loan losses at period end | 94,446 | 92,275 |
Allowance for unfunded lending-related commitments at period end | 888 | 737 |
Allowance for credit losses at period end | 95,334 | 93,012 |
Allowance for credit losses at period end, Individually evaluated for impairment | 6,252 | 8,294 |
Allowance for credit losses at period end, Collectively evaluated for impairment | 88,875 | 84,559 |
Loans at period end, Individually evaluated for impairment | 113,651 | 144,985 |
Loans at period end, Collectively evaluated for impairment | 14,371,978 | 12,485,216 |
Receivables Acquired with Deteriorated Credit Quality | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for credit losses at period end | 207 | 159 |
Loans at period end, Loans acquired with deteriorated credit quality | 467,430 | 502,959 |
Commercial | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for loan losses at beginning of period | 31,699 | 23,092 |
Other adjustments | -17 | -15 |
Reclassification from allowance for unfunded lending-related commitments | 0 | 0 |
Charge-offs | -677 | -648 |
Recoveries | 370 | 317 |
Provision for credit losses | 2,351 | 1,943 |
Allowance for loan losses at period end | 33,726 | 24,689 |
Allowance for unfunded lending-related commitments at period end | 0 | 0 |
Allowance for credit losses at period end | 33,726 | 24,689 |
Allowance for credit losses at period end, Individually evaluated for impairment | 1,814 | 3,107 |
Allowance for credit losses at period end, Collectively evaluated for impairment | 31,912 | 21,512 |
Loans at period end, Individually evaluated for impairment | 12,361 | 18,350 |
Loans at period end, Collectively evaluated for impairment | 4,190,224 | 3,410,011 |
Commercial | Receivables Acquired with Deteriorated Credit Quality | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for credit losses at period end | 0 | 70 |
Loans at period end, Loans acquired with deteriorated credit quality | 9,347 | 10,836 |
Commercial real-estate | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for loan losses at beginning of period | 35,533 | 48,658 |
Other adjustments | -180 | -121 |
Reclassification from allowance for unfunded lending-related commitments | -113 | -18 |
Charge-offs | -1,005 | -4,493 |
Recoveries | 312 | 145 |
Provision for credit losses | 2,455 | 434 |
Allowance for loan losses at period end | 37,002 | 44,605 |
Allowance for unfunded lending-related commitments at period end | 888 | 737 |
Allowance for credit losses at period end | 37,890 | 45,342 |
Allowance for credit losses at period end, Individually evaluated for impairment | 3,256 | 4,041 |
Allowance for credit losses at period end, Collectively evaluated for impairment | 34,521 | 41,301 |
Loans at period end, Individually evaluated for impairment | 75,886 | 99,480 |
Loans at period end, Collectively evaluated for impairment | 4,567,928 | 4,087,171 |
Commercial real-estate | Receivables Acquired with Deteriorated Credit Quality | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for credit losses at period end | 113 | 0 |
Loans at period end, Loans acquired with deteriorated credit quality | 66,672 | 75,604 |
Home equity | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for loan losses at beginning of period | 12,500 | 12,611 |
Other adjustments | 0 | -1 |
Reclassification from allowance for unfunded lending-related commitments | 0 | 0 |
Charge-offs | -584 | -2,267 |
Recoveries | 48 | 257 |
Provision for credit losses | 700 | 366 |
Allowance for loan losses at period end | 12,664 | 10,966 |
Allowance for unfunded lending-related commitments at period end | 0 | 0 |
Allowance for credit losses at period end | 12,664 | 10,966 |
Allowance for credit losses at period end, Individually evaluated for impairment | 948 | 596 |
Allowance for credit losses at period end, Collectively evaluated for impairment | 11,716 | 10,370 |
Loans at period end, Individually evaluated for impairment | 7,879 | 7,537 |
Loans at period end, Collectively evaluated for impairment | 701,404 | 700,211 |
Home equity | Receivables Acquired with Deteriorated Credit Quality | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for credit losses at period end | 0 | 0 |
Loans at period end, Loans acquired with deteriorated credit quality | 0 | 0 |
Residential real-estate | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for loan losses at beginning of period | 4,218 | 5,108 |
Other adjustments | -3 | -2 |
Reclassification from allowance for unfunded lending-related commitments | 0 | 0 |
Charge-offs | -631 | -226 |
Recoveries | 76 | 131 |
Provision for credit losses | 436 | -320 |
Allowance for loan losses at period end | 4,096 | 4,691 |
Allowance for unfunded lending-related commitments at period end | 0 | 0 |
Allowance for credit losses at period end | 4,096 | 4,691 |
Allowance for credit losses at period end, Individually evaluated for impairment | 208 | 455 |
Allowance for credit losses at period end, Collectively evaluated for impairment | 3,794 | 4,147 |
Loans at period end, Individually evaluated for impairment | 17,144 | 18,026 |
Loans at period end, Collectively evaluated for impairment | 476,418 | 405,668 |
Residential real-estate | Receivables Acquired with Deteriorated Credit Quality | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for credit losses at period end | 94 | 89 |
Loans at period end, Loans acquired with deteriorated credit quality | 2,363 | 3,075 |
Premium finance receivables | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for loan losses at beginning of period | 6,513 | 5,583 |
Other adjustments | -48 | -9 |
Reclassification from allowance for unfunded lending-related commitments | 0 | 0 |
Charge-offs | -1,263 | -1,210 |
Recoveries | 329 | 321 |
Provision for credit losses | 461 | 897 |
Allowance for loan losses at period end | 5,992 | 5,582 |
Allowance for unfunded lending-related commitments at period end | 0 | 0 |
Allowance for credit losses at period end | 5,992 | 5,582 |
Allowance for credit losses at period end, Individually evaluated for impairment | 0 | 0 |
Allowance for credit losses at period end, Collectively evaluated for impairment | 5,992 | 5,582 |
Loans at period end, Individually evaluated for impairment | 0 | 0 |
Loans at period end, Collectively evaluated for impairment | 4,306,229 | 3,724,493 |
Premium finance receivables | Receivables Acquired with Deteriorated Credit Quality | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for credit losses at period end | 0 | 0 |
Loans at period end, Loans acquired with deteriorated credit quality | 389,048 | 413,202 |
Consumer and other | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for loan losses at beginning of period | 1,242 | 1,870 |
Other adjustments | 0 | 0 |
Reclassification from allowance for unfunded lending-related commitments | 0 | 0 |
Charge-offs | -111 | -173 |
Recoveries | 53 | 61 |
Provision for credit losses | -218 | -16 |
Allowance for loan losses at period end | 966 | 1,742 |
Allowance for unfunded lending-related commitments at period end | 0 | 0 |
Allowance for credit losses at period end | 966 | 1,742 |
Allowance for credit losses at period end, Individually evaluated for impairment | 26 | 95 |
Allowance for credit losses at period end, Collectively evaluated for impairment | 940 | 1,647 |
Loans at period end, Individually evaluated for impairment | 381 | 1,592 |
Loans at period end, Collectively evaluated for impairment | 129,775 | 157,662 |
Consumer and other | Receivables Acquired with Deteriorated Credit Quality | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for credit losses at period end | 0 | 0 |
Loans at period end, Loans acquired with deteriorated credit quality | $0 | $242 |
Allowance_for_Loan_Losses_Allo5
Allowance for Loan Losses, Allowance for Losses on Lending-Related Commitments and Impaired Loans Allowance for Loan Losses, Allowance for Losses on Lending-Related Commitments and Impaired Loans (Summary of Activity in the Allowance for Covered Loan Losses) (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Allowance for Covered Loan Losses [Roll Forward] | ||
Balance at beginning of period | $2,131 | $10,092 |
Provision for covered loan losses before benefit attributable to FDIC loss share agreements | -529 | -7,121 |
Benefit attributable to FDIC loss share agreements | 423 | 5,697 |
Net provision for covered loan losses | -106 | -1,424 |
Decrease in FDIC indemnification asset | -423 | -5,697 |
Loans charged-off | -237 | -2,864 |
Recoveries of loans charged-off | 513 | 3,340 |
Net recoveries | 276 | 476 |
Balance at end of period | $1,878 | $3,447 |
Allowance_for_Loan_Losses_Allo6
Allowance for Loan Losses, Allowance for Losses on Lending-Related Commitments and Impaired Loans Allowance for Loan Losses, Allowance for Losses on Lending-Related Commitments and Impaired Loans (Summary of Impaired Loans, Including Restructured Loans) (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | |||
Financing Receivable, Impaired [Line Items] | ||||||
Impaired loans with an allowance for loan loss required | $48,610,000 | [1] | $69,487,000 | [1] | $86,381,000 | [1] |
Impaired loans with no allowance for loan loss required | 63,794,000 | 57,925,000 | 56,596,000 | |||
Total impaired loans | 112,404,000 | [2] | 127,412,000 | [2] | 142,977,000 | [2] |
Allowance for loan losses related to impaired loans | 6,199,000 | 6,270,000 | 8,197,000 | |||
Financing Receivable | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Allowance for loan losses related to impaired loans | 866,000 | |||||
TDRs | $67,218,000 | $82,275,000 | $92,517,000 | |||
[1] | These impaired loans require an allowance for loan losses because the estimated fair value of the loans or related collateral is less than the recorded investment in the loans. | |||||
[2] | Impaired loans are considered by the Company to be non-accrual loans, TDRs or loans with principal and/or interest at risk, even if the loan is current with all payments of principal and interest. |
Allowance_for_Loan_Losses_Allo7
Allowance for Loan Losses, Allowance for Losses on Lending-Related Commitments and Impaired Loans Allowance for Loan Losses, Allowance for Losses on Lending-Related Commitments and Impaired Loans (Summary of Impaired Loans by Loan Class) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | ||||
Financing Receivable, Impaired [Line Items] | ||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | $48,610,000 | [1] | $86,381,000 | [1] | $69,487,000 | [1] |
Impaired Financing Receivable, Related Allowance | 6,199,000 | 8,197,000 | 6,270,000 | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 63,794,000 | 56,596,000 | 57,925,000 | |||
Impaired Financing Receivable, Recorded Investment | 112,404,000 | [2] | 142,977,000 | [2] | 127,412,000 | [2] |
Impaired Financing Receivable, Unpaid Principal Balance | 136,169,000 | 168,203,000 | 153,742,000 | |||
Impaired Financing Receivable, Average Recorded Investment | 113,693,000 | 145,257,000 | 134,967,000 | |||
Impaired Financing Receivable, Interest Income Recognized | 1,588,000 | 1,915,000 | 7,190,000 | |||
Commercial | Commercial and industrial | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 7,230,000 | 9,167,000 | 9,989,000 | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 7,830,000 | 10,029,000 | 10,785,000 | |||
Impaired Financing Receivable, Related Allowance | 1,795,000 | 2,459,000 | 1,915,000 | |||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 7,465,000 | 9,340,000 | 10,784,000 | |||
Impaired Financing Receivable, with Related Allowance, Interest Income Recognized | 92,000 | 120,000 | 539,000 | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 4,630,000 | 7,789,000 | 5,797,000 | |||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 7,595,000 | 14,415,000 | 8,862,000 | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 4,647,000 | 8,179,000 | 6,664,000 | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income Recognized | 125,000 | 208,000 | 595,000 | |||
Commercial | Franchise | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 | 0 | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 0 | 0 | |||
Impaired Financing Receivable, Related Allowance | 0 | 0 | 0 | |||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 0 | 0 | 0 | |||
Impaired Financing Receivable, with Related Allowance, Interest Income Recognized | 0 | 0 | 0 | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 0 | 0 | 0 | |||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 0 | 0 | 0 | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 0 | 0 | 0 | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income Recognized | 0 | 0 | 0 | |||
Commercial | Mortgage warehouse lines of credit | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 | 0 | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 0 | 0 | |||
Impaired Financing Receivable, Related Allowance | 0 | 0 | 0 | |||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 0 | 0 | 0 | |||
Impaired Financing Receivable, with Related Allowance, Interest Income Recognized | 0 | 0 | 0 | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 0 | 0 | 0 | |||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 0 | 0 | 0 | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 0 | 0 | 0 | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income Recognized | 0 | 0 | 0 | |||
Commercial | Community Advanatage - homeowners association | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 | 0 | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 0 | 0 | |||
Impaired Financing Receivable, Related Allowance | 0 | 0 | 0 | |||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 0 | 0 | 0 | |||
Impaired Financing Receivable, with Related Allowance, Interest Income Recognized | 0 | 0 | 0 | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 0 | 0 | 0 | |||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 0 | 0 | 0 | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 0 | 0 | 0 | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income Recognized | 0 | 0 | 0 | |||
Commercial | Aircraft | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 | 0 | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 0 | 0 | |||
Impaired Financing Receivable, Related Allowance | 0 | 0 | 0 | |||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 0 | 0 | 0 | |||
Impaired Financing Receivable, with Related Allowance, Interest Income Recognized | 0 | 0 | 0 | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 0 | 0 | 0 | |||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 0 | 0 | 0 | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 0 | 0 | 0 | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income Recognized | 0 | 0 | 0 | |||
Commercial | Asset-based lending | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 670,000 | 0 | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 2,465,000 | 0 | |||
Impaired Financing Receivable, Related Allowance | 0 | 620,000 | 0 | |||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 0 | 677,000 | 0 | |||
Impaired Financing Receivable, with Related Allowance, Interest Income Recognized | 0 | 31,000 | 0 | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 0 | 0 | 25,000 | |||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 0 | 0 | 1,952,000 | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 0 | 0 | 87,000 | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income Recognized | 0 | 0 | 100,000 | |||
Commercial | Tax exempt | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 | 0 | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 0 | 0 | |||
Impaired Financing Receivable, Related Allowance | 0 | 0 | 0 | |||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 0 | 0 | 0 | |||
Impaired Financing Receivable, with Related Allowance, Interest Income Recognized | 0 | 0 | 0 | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 0 | 0 | 0 | |||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 0 | 0 | 0 | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 0 | 0 | 0 | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income Recognized | 0 | 0 | 0 | |||
Commercial | Leases | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 | 0 | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 0 | 0 | |||
Impaired Financing Receivable, Related Allowance | 0 | 0 | 0 | |||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 0 | 0 | 0 | |||
Impaired Financing Receivable, with Related Allowance, Interest Income Recognized | 0 | 0 | 0 | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 0 | 0 | 0 | |||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 0 | 0 | 0 | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 0 | 0 | 0 | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income Recognized | 0 | 0 | 0 | |||
Commercial | Other | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 | 0 | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 0 | 0 | |||
Impaired Financing Receivable, Related Allowance | 0 | 0 | 0 | |||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 0 | 0 | 0 | |||
Impaired Financing Receivable, with Related Allowance, Interest Income Recognized | 0 | 0 | 0 | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 0 | 0 | 0 | |||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 0 | 0 | 0 | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 0 | 0 | 0 | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income Recognized | 0 | 0 | 0 | |||
Commercial real-estate | Residential construction | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 | 0 | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 0 | 0 | |||
Impaired Financing Receivable, Related Allowance | 0 | 0 | 0 | |||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 0 | 0 | 0 | |||
Impaired Financing Receivable, with Related Allowance, Interest Income Recognized | 0 | 0 | 0 | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 0 | 891,000 | 0 | |||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 0 | 891,000 | 0 | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 0 | 1,245,000 | 0 | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income Recognized | 0 | 12,000 | 0 | |||
Commercial real-estate | Commercial construction | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 3,099,000 | 0 | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 3,099,000 | 0 | |||
Impaired Financing Receivable, Related Allowance | 0 | 24,000 | 0 | |||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 0 | 3,099,000 | 0 | |||
Impaired Financing Receivable, with Related Allowance, Interest Income Recognized | 0 | 28,000 | 0 | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 2,645,000 | 1,466,000 | 2,875,000 | |||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 2,645,000 | 1,471,000 | 3,085,000 | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 2,645,000 | 1,418,000 | 3,183,000 | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income Recognized | 30,000 | 17,000 | 151,000 | |||
Commercial real-estate | Land | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 4,475,000 | 9,260,000 | 5,011,000 | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 8,090,000 | 9,625,000 | 8,626,000 | |||
Impaired Financing Receivable, Related Allowance | 29,000 | 174,000 | 43,000 | |||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 4,734,000 | 9,688,000 | 5,933,000 | |||
Impaired Financing Receivable, with Related Allowance, Interest Income Recognized | 127,000 | 79,000 | 544,000 | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 5,134,000 | 4,982,000 | 10,210,000 | |||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 5,868,000 | 8,764,000 | 10,941,000 | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 5,137,000 | 4,985,000 | 10,268,000 | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income Recognized | 62,000 | 109,000 | 430,000 | |||
Commercial real-estate | Office | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 8,354,000 | 8,712,000 | 11,038,000 | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 11,053,000 | 9,398,000 | 12,863,000 | |||
Impaired Financing Receivable, Related Allowance | 598,000 | 1,069,000 | 305,000 | |||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 8,399,000 | 8,767,000 | 11,567,000 | |||
Impaired Financing Receivable, with Related Allowance, Interest Income Recognized | 131,000 | 90,000 | 576,000 | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 6,890,000 | 6,260,000 | 4,132,000 | |||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 6,965,000 | 6,301,000 | 5,020,000 | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 6,971,000 | 6,266,000 | 4,445,000 | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income Recognized | 77,000 | 83,000 | 216,000 | |||
Commercial real-estate | Industrial | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 1,402,000 | 6,597,000 | 195,000 | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 1,487,000 | 6,765,000 | 277,000 | |||
Impaired Financing Receivable, Related Allowance | 559,000 | 513,000 | 15,000 | |||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 1,406,000 | 5,985,000 | 214,000 | |||
Impaired Financing Receivable, with Related Allowance, Interest Income Recognized | 20,000 | 81,000 | 13,000 | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 2,772,000 | 2,298,000 | 4,160,000 | |||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 3,134,000 | 2,470,000 | 4,498,000 | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 2,837,000 | 2,314,000 | 3,807,000 | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income Recognized | 55,000 | 47,000 | 286,000 | |||
Commercial real-estate | Retail | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 10,259,000 | 12,763,000 | 11,045,000 | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 12,286,000 | 12,903,000 | 14,566,000 | |||
Impaired Financing Receivable, Related Allowance | 371,000 | 826,000 | 487,000 | |||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 10,294,000 | 12,819,000 | 12,116,000 | |||
Impaired Financing Receivable, with Related Allowance, Interest Income Recognized | 128,000 | 132,000 | 606,000 | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 5,053,000 | 10,419,000 | 5,487,000 | |||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 9,130,000 | 12,273,000 | 7,470,000 | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 5,315,000 | 11,006,000 | 6,915,000 | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income Recognized | 105,000 | 140,000 | 330,000 | |||
Commercial real-estate | Multi-family | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 2,266,000 | 2,053,000 | 2,808,000 | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 2,363,000 | 2,143,000 | 3,321,000 | |||
Impaired Financing Receivable, Related Allowance | 241,000 | 122,000 | 158,000 | |||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 2,273,000 | 2,057,000 | 2,839,000 | |||
Impaired Financing Receivable, with Related Allowance, Interest Income Recognized | 26,000 | 23,000 | 145,000 | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 777,000 | 1,078,000 | 0 | |||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 1,199,000 | 2,013,000 | 0 | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 778,000 | 1,201,000 | 0 | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income Recognized | 13,000 | 23,000 | 0 | |||
Commercial real-estate | Mixed use and other | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 7,891,000 | 25,420,000 | 21,777,000 | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 10,041,000 | 25,591,000 | 24,076,000 | |||
Impaired Financing Receivable, Related Allowance | 1,449,000 | 1,272,000 | 2,240,000 | |||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 7,907,000 | 25,853,000 | 21,483,000 | |||
Impaired Financing Receivable, with Related Allowance, Interest Income Recognized | 116,000 | 291,000 | 1,017,000 | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 17,479,000 | 3,161,000 | 7,985,000 | |||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 17,723,000 | 5,044,000 | 8,804,000 | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 17,688,000 | 3,096,000 | 9,533,000 | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income Recognized | 185,000 | 67,000 | 449,000 | |||
Home equity | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 2,807,000 | 2,109,000 | 1,946,000 | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 2,962,000 | 2,534,000 | 2,055,000 | |||
Impaired Financing Receivable, Related Allowance | 948,000 | 596,000 | 475,000 | |||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 2,809,000 | 2,117,000 | 1,995,000 | |||
Impaired Financing Receivable, with Related Allowance, Interest Income Recognized | 29,000 | 24,000 | 80,000 | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 5,072,000 | 5,428,000 | 4,453,000 | |||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 6,771,000 | 7,044,000 | 6,172,000 | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 5,126,000 | 5,777,000 | 4,666,000 | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income Recognized | 70,000 | 73,000 | 256,000 | |||
Residential real-estate | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 3,728,000 | 6,222,000 | 5,467,000 | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 3,934,000 | 6,362,000 | 5,600,000 | |||
Impaired Financing Receivable, Related Allowance | 183,000 | 427,000 | 606,000 | |||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 3,724,000 | 6,094,000 | 5,399,000 | |||
Impaired Financing Receivable, with Related Allowance, Interest Income Recognized | 45,000 | 68,000 | 241,000 | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 13,159,000 | 11,541,000 | 12,640,000 | |||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 14,644,000 | 14,427,000 | 14,334,000 | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 13,190,000 | 11,699,000 | 12,682,000 | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income Recognized | 145,000 | 137,000 | 595,000 | |||
Premium finance receivables | Commercial insurance loans | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 | 0 | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 0 | 0 | |||
Impaired Financing Receivable, Related Allowance | 0 | 0 | 0 | |||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 0 | 0 | 0 | |||
Impaired Financing Receivable, with Related Allowance, Interest Income Recognized | 0 | 0 | 0 | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 0 | 0 | 0 | |||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 0 | 0 | 0 | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 0 | 0 | 0 | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income Recognized | 0 | 0 | 0 | |||
Premium finance receivables | Life insurance loans | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 | 0 | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 0 | 0 | |||
Impaired Financing Receivable, Related Allowance | 0 | 0 | 0 | |||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 0 | 0 | 0 | |||
Impaired Financing Receivable, with Related Allowance, Interest Income Recognized | 0 | 0 | 0 | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 0 | 0 | 0 | |||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 0 | 0 | 0 | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 0 | 0 | 0 | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income Recognized | 0 | 0 | 0 | |||
Premium finance receivables | PCI - life insurance loans | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 | 0 | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 0 | 0 | |||
Impaired Financing Receivable, Related Allowance | 0 | 0 | 0 | |||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 0 | 0 | 0 | |||
Impaired Financing Receivable, with Related Allowance, Interest Income Recognized | 0 | 0 | 0 | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 0 | 0 | 0 | |||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 0 | 0 | 0 | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 0 | 0 | 0 | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income Recognized | 0 | 0 | 0 | |||
Consumer and other | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 198,000 | 309,000 | 211,000 | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 200,000 | 367,000 | 213,000 | |||
Impaired Financing Receivable, Related Allowance | 26,000 | 95,000 | 26,000 | |||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 203,000 | 290,000 | 214,000 | |||
Impaired Financing Receivable, with Related Allowance, Interest Income Recognized | 4,000 | 5,000 | 10,000 | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 183,000 | 1,283,000 | 161,000 | |||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 249,000 | 1,809,000 | 222,000 | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 145,000 | 1,285,000 | 173,000 | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income Recognized | $3,000 | $27,000 | $11,000 | |||
[1] | These impaired loans require an allowance for loan losses because the estimated fair value of the loans or related collateral is less than the recorded investment in the loans. | |||||
[2] | Impaired loans are considered by the Company to be non-accrual loans, TDRs or loans with principal and/or interest at risk, even if the loan is current with all payments of principal and interest. |
Allowance_for_Loan_Losses_Allo8
Allowance for Loan Losses, Allowance for Losses on Lending-Related Commitments and Impaired Loans Allowance for Loan Losses, Allowance for Losses on Lending-Related Commitments and Impaired Loans (Summary of the Post-Modification Balance of TDRs) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | ||||
contracts | contracts | contracts | contracts | |||||
Financing Receivable, Modifications [Line Items] | ||||||||
TDRs, number | 3 | [1],[2] | 6 | [1],[2] | 18 | [1],[3] | 27 | [1],[3] |
TDRs | $294 | [1],[2] | $5,245 | [1],[2] | $7,017 | [1],[3] | $25,648 | [1],[3] |
Extension at Below Market Terms | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
TDRs, number | 3 | [1] | 5 | [1] | ||||
TDRs | 294 | [1] | 3,972 | [1] | ||||
Reduction of Interest Rate | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
TDRs, number | 2 | [1] | 3 | [1] | ||||
TDRs | 80 | [1] | 3,877 | [1] | ||||
Modification to Interest Only Payments | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
TDRs, number | 1 | [1] | 3 | [1] | ||||
TDRs | 50 | [1] | 2,439 | [1] | ||||
Forgiveness of Debt | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
TDRs, number | 0 | [1] | 0 | [1] | ||||
TDRs | 0 | [1] | 0 | [1] | ||||
Residential real estate and other | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
TDRs, number | 3 | [1],[2] | 0 | [1],[2] | 9 | [1],[3] | 6 | [1],[3] |
TDRs | 294 | [1],[2] | 0 | [1],[2] | 2,131 | [1],[3] | 1,919 | [1],[3] |
Residential real estate and other | Extension at Below Market Terms | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
TDRs, number | 3 | [1] | 0 | [1] | ||||
TDRs | 294 | [1] | 0 | [1] | ||||
Residential real estate and other | Reduction of Interest Rate | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
TDRs, number | 2 | [1] | 0 | [1] | ||||
TDRs | 80 | [1] | 0 | [1] | ||||
Residential real estate and other | Modification to Interest Only Payments | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
TDRs, number | 1 | [1] | 0 | [1] | ||||
TDRs | 50 | [1] | 0 | [1] | ||||
Residential real estate and other | Forgiveness of Debt | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
TDRs, number | 0 | [1] | 0 | [1] | ||||
TDRs | 0 | [1] | 0 | [1] | ||||
Commercial and industrial | Commercial | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
TDRs, number | 0 | [1],[2] | 1 | [1],[2] | 1 | [1],[3] | 1 | [1],[3] |
TDRs | 0 | [1],[2] | 88 | [1],[2] | 1,461 | [1],[3] | 88 | [1],[3] |
Commercial and industrial | Commercial | Extension at Below Market Terms | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
TDRs, number | 0 | [1] | 1 | [1] | ||||
TDRs | 0 | [1] | 88 | [1] | ||||
Commercial and industrial | Commercial | Reduction of Interest Rate | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
TDRs, number | 0 | [1] | 0 | [1] | ||||
TDRs | 0 | [1] | 0 | [1] | ||||
Commercial and industrial | Commercial | Modification to Interest Only Payments | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
TDRs, number | 0 | [1] | 1 | [1] | ||||
TDRs | 0 | [1] | 88 | [1] | ||||
Commercial and industrial | Commercial | Forgiveness of Debt | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
TDRs, number | 0 | [1] | 0 | [1] | ||||
TDRs | 0 | [1] | 0 | [1] | ||||
Industrial | Commercial real-estate | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
TDRs, number | 0 | [1],[2] | 1 | [1],[2] | 1 | [1],[3] | 2 | [1],[3] |
TDRs | 0 | [1],[2] | 1,078 | [1],[2] | 685 | [1],[3] | 2,027 | [1],[3] |
Industrial | Commercial real-estate | Extension at Below Market Terms | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
TDRs, number | 0 | [1] | 1 | [1] | ||||
TDRs | 0 | [1] | 1,078 | [1] | ||||
Industrial | Commercial real-estate | Reduction of Interest Rate | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
TDRs, number | 0 | [1] | 0 | [1] | ||||
TDRs | 0 | [1] | 0 | [1] | ||||
Industrial | Commercial real-estate | Modification to Interest Only Payments | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
TDRs, number | 0 | [1] | 1 | [1] | ||||
TDRs | 0 | [1] | 1,078 | [1] | ||||
Industrial | Commercial real-estate | Forgiveness of Debt | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
TDRs, number | 0 | [1] | 0 | [1] | ||||
TDRs | 0 | [1] | 0 | [1] | ||||
Retail | Commercial real-estate | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
TDRs, number | 0 | [1],[2] | 1 | [1],[2] | 0 | [1],[3] | 1 | [1],[3] |
TDRs | 0 | [1],[2] | 202 | [1],[2] | 0 | [1],[3] | 202 | [1],[3] |
Retail | Commercial real-estate | Extension at Below Market Terms | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
TDRs, number | 0 | [1] | 1 | [1] | ||||
TDRs | 0 | [1] | 202 | [1] | ||||
Retail | Commercial real-estate | Reduction of Interest Rate | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
TDRs, number | 0 | [1] | 0 | [1] | ||||
TDRs | 0 | [1] | 0 | [1] | ||||
Retail | Commercial real-estate | Modification to Interest Only Payments | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
TDRs, number | 0 | [1] | 0 | [1] | ||||
TDRs | 0 | [1] | 0 | [1] | ||||
Retail | Commercial real-estate | Forgiveness of Debt | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
TDRs, number | 0 | [1] | 0 | [1] | ||||
TDRs | 0 | [1] | 0 | [1] | ||||
Mixed use and other | Commercial real-estate | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
TDRs, number | 0 | [1],[2] | 3 | [1],[2] | 4 | [1],[3] | 9 | [1],[3] |
TDRs | 0 | [1],[2] | 3,877 | [1],[2] | 1,049 | [1],[3] | 8,919 | [1],[3] |
Mixed use and other | Commercial real-estate | Extension at Below Market Terms | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
TDRs, number | 0 | [1] | 2 | [1] | ||||
TDRs | 0 | [1] | 2,604 | [1] | ||||
Mixed use and other | Commercial real-estate | Reduction of Interest Rate | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
TDRs, number | 0 | [1] | 3 | [1] | ||||
TDRs | 0 | [1] | 3,877 | [1] | ||||
Mixed use and other | Commercial real-estate | Modification to Interest Only Payments | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
TDRs, number | 0 | [1] | 1 | [1] | ||||
TDRs | 0 | [1] | 1,273 | [1] | ||||
Mixed use and other | Commercial real-estate | Forgiveness of Debt | ||||||||
Financing Receivable, Modifications [Line Items] | ||||||||
TDRs, number | 0 | [1] | 0 | [1] | ||||
TDRs | $0 | [1] | $0 | [1] | ||||
[1] | Balances represent the recorded investment in the loan at the time of the restructuring. | |||||||
[2] | TDRs may have more than one modification representing a concession. As such, TDRs during the period may be represented in more than one of the categories noted above. | |||||||
[3] | Total TDRs represent all loans restructured in TDRs during the previous twelve months from the date indicated. |
Allowance_for_Loan_Losses_Allo9
Allowance for Loan Losses, Allowance for Losses on Lending-Related Commitments and Impaired Loans Allowance for Loan Losses, Allowance for Losses on Lending-Related Commitments and Impaired Loans (Summary of TDRs Subsequent Default Under the Restructured Terms) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | ||||
contracts | contracts | contracts | contracts | |||||
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items] | ||||||||
Total, Count | 3 | [1],[2] | 6 | [1],[2] | 18 | [1],[3] | 27 | [1],[3] |
Total, Balance | $294 | [1],[2] | $5,245 | [1],[2] | $7,017 | [1],[3] | $25,648 | [1],[3] |
Subsequent Default, Count | 7 | [1],[4] | 8 | [1],[4] | ||||
Subsequent Default, Balance | 2,048 | [1],[4] | 9,984 | [1],[4] | ||||
Commercial | Commercial and industrial | ||||||||
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items] | ||||||||
Total, Count | 0 | [1],[2] | 1 | [1],[2] | 1 | [1],[3] | 1 | [1],[3] |
Total, Balance | 0 | [1],[2] | 88 | [1],[2] | 1,461 | [1],[3] | 88 | [1],[3] |
Subsequent Default, Count | 0 | [1],[4] | 0 | [1],[4] | ||||
Subsequent Default, Balance | 0 | [1],[4] | 0 | [1],[4] | ||||
Commercial real-estate | Commercial construction | ||||||||
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items] | ||||||||
Total, Count | 0 | [1],[3] | 3 | [1],[3] | ||||
Total, Balance | 0 | [1],[3] | 6,120 | [1],[3] | ||||
Subsequent Default, Count | 0 | [1],[4] | 3 | [1],[4] | ||||
Subsequent Default, Balance | 0 | [1],[4] | 6,120 | [1],[4] | ||||
Commercial real-estate | Land | ||||||||
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items] | ||||||||
Total, Count | 0 | [1],[3] | 1 | [1],[3] | ||||
Total, Balance | 0 | [1],[3] | 2,352 | [1],[3] | ||||
Subsequent Default, Count | 0 | [1],[4] | 0 | [1],[4] | ||||
Subsequent Default, Balance | 0 | [1],[4] | 0 | [1],[4] | ||||
Commercial real-estate | Office | ||||||||
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items] | ||||||||
Total, Count | 2 | [1],[3] | 4 | [1],[3] | ||||
Total, Balance | 1,510 | [1],[3] | 4,021 | [1],[3] | ||||
Subsequent Default, Count | 1 | [1],[4] | 3 | [1],[4] | ||||
Subsequent Default, Balance | 790 | [1],[4] | 3,465 | [1],[4] | ||||
Commercial real-estate | Industrial | ||||||||
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items] | ||||||||
Total, Count | 0 | [1],[2] | 1 | [1],[2] | 1 | [1],[3] | 2 | [1],[3] |
Total, Balance | 0 | [1],[2] | 1,078 | [1],[2] | 685 | [1],[3] | 2,027 | [1],[3] |
Subsequent Default, Count | 0 | [1],[4] | 0 | [1],[4] | ||||
Subsequent Default, Balance | 0 | [1],[4] | 0 | [1],[4] | ||||
Commercial real-estate | Retail | ||||||||
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items] | ||||||||
Total, Count | 0 | [1],[2] | 1 | [1],[2] | 0 | [1],[3] | 1 | [1],[3] |
Total, Balance | 0 | [1],[2] | 202 | [1],[2] | 0 | [1],[3] | 202 | [1],[3] |
Subsequent Default, Count | 0 | [1],[4] | 0 | [1],[4] | ||||
Subsequent Default, Balance | 0 | [1],[4] | 0 | [1],[4] | ||||
Commercial real-estate | Multi-family | ||||||||
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items] | ||||||||
Total, Count | 1 | [1],[3] | 0 | [1],[3] | ||||
Total, Balance | 181 | [1],[3] | 0 | [1],[3] | ||||
Subsequent Default, Count | 1 | [1],[4] | 0 | [1],[4] | ||||
Subsequent Default, Balance | 181 | [1],[4] | 0 | [1],[4] | ||||
Commercial real-estate | Mixed use and other | ||||||||
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items] | ||||||||
Total, Count | 0 | [1],[2] | 3 | [1],[2] | 4 | [1],[3] | 9 | [1],[3] |
Total, Balance | 0 | [1],[2] | 3,877 | [1],[2] | 1,049 | [1],[3] | 8,919 | [1],[3] |
Subsequent Default, Count | 3 | [1],[4] | 2 | [1],[4] | ||||
Subsequent Default, Balance | 816 | [1],[4] | 399 | [1],[4] | ||||
Residential real estate and other | ||||||||
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items] | ||||||||
Total, Count | 3 | [1],[2] | 0 | [1],[2] | 9 | [1],[3] | 6 | [1],[3] |
Total, Balance | 294 | [1],[2] | 0 | [1],[2] | 2,131 | [1],[3] | 1,919 | [1],[3] |
Subsequent Default, Count | 2 | [1],[4] | 0 | [1],[4] | ||||
Subsequent Default, Balance | $261 | [1],[4] | $0 | [1],[4] | ||||
[1] | Balances represent the recorded investment in the loan at the time of the restructuring. | |||||||
[2] | TDRs may have more than one modification representing a concession. As such, TDRs during the period may be represented in more than one of the categories noted above. | |||||||
[3] | Total TDRs represent all loans restructured in TDRs during the previous twelve months from the date indicated. | |||||||
[4] | TDRs considered to be in payment default are over 30 days past-due subsequent to the restructuring. |
Recovered_Sheet1
Allowance for Loan Losses, Allowance for Losses on Lending-Related Commitments and Impaired Loans Allowance for Loan Losses, Allowance for Losses on Lending-Related Commitments and Impaired Loans (Narrative) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |||||
contracts | contracts | contracts | contracts | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||
TDRs, number | 3 | [1],[2] | 6 | [1],[2] | 18 | [1],[3] | 27 | [1],[3] | |
Allowance for loan losses related to impaired loans | $6,199,000 | $8,197,000 | $6,199,000 | $8,197,000 | $6,270,000 | ||||
TDRs | 294,000 | [1],[2] | 5,245,000 | [1],[2] | 7,017,000 | [1],[3] | 25,648,000 | [1],[3] | |
Weighted average extension term | 17 months | 13 months | |||||||
Weighted average stated interest rate, basis points | 1.80% | 1.76% | |||||||
Weighted average interest only term | 24 months | 9 months | |||||||
Loan forgiveness | 0 | 0 | |||||||
Modification to Interest Only Payments | |||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||
TDRs, number | 1 | [1] | 3 | [1] | |||||
TDRs | 50,000 | [1] | 2,439,000 | [1] | |||||
Financing Receivable | |||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||
Restructured loans | 67,218,000 | 92,517,000 | 67,218,000 | 92,517,000 | 82,275,000 | ||||
TDRs, number | 125 | ||||||||
Allowance for loan losses related to impaired loans | 866,000 | 866,000 | |||||||
Interest income, passage of time | 193,000 | 132,000 | |||||||
Residential Real Estate [Member] | Financing Receivable | |||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||
Repossessed Assets | $9,900,000 | $9,900,000 | |||||||
[1] | Balances represent the recorded investment in the loan at the time of the restructuring. | ||||||||
[2] | TDRs may have more than one modification representing a concession. As such, TDRs during the period may be represented in more than one of the categories noted above. | ||||||||
[3] | Total TDRs represent all loans restructured in TDRs during the previous twelve months from the date indicated. |
Recovered_Sheet2
Goodwill And Other Intangible Assets (Goodwill Assets by Business Segment) (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Goodwill [Roll Forward] | ||
Beginning balance | $405,634,000 | $373,725,000 |
Goodwill Acquired | 16,718,000 | |
Impairment Loss | 0 | |
Goodwill Adjustments | -2,155,000 | |
Ending balance | 420,197,000 | 373,725,000 |
Community banking | ||
Goodwill [Roll Forward] | ||
Beginning balance | 331,752,000 | |
Goodwill Acquired | 16,718,000 | |
Impairment Loss | 0 | |
Goodwill Adjustments | 0 | |
Ending balance | 348,470,000 | |
Specialty finance | ||
Goodwill [Roll Forward] | ||
Beginning balance | 41,768,000 | |
Goodwill Acquired | 0 | |
Impairment Loss | 0 | |
Goodwill Adjustments | -2,155,000 | |
Ending balance | 39,613,000 | |
Wealth management | ||
Goodwill [Roll Forward] | ||
Beginning balance | 32,114,000 | |
Goodwill Acquired | 0 | |
Impairment Loss | 0 | |
Goodwill Adjustments | 0 | |
Ending balance | $32,114,000 |
Recovered_Sheet3
Goodwill And Other Intangible Assets (Summary of Finite-Lived Intangible Assets) (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |||
Finite-Lived Intangible Assets [Line Items] | |||
Total other intangible assets, net | $18,858 | $18,811 | $18,050 |
Core deposit intangibles | Community banking | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 25,881 | 29,379 | 40,770 |
Accumulated amortization | -14,192 | -17,879 | -30,209 |
Net carrying amount | 11,689 | 11,500 | 10,561 |
Customer list intangibles | Specialty finance | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 1,800 | 1,800 | 1,800 |
Accumulated amortization | -971 | -941 | -842 |
Net carrying amount | 829 | 859 | 958 |
Customer list and other intangibles | Wealth management | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 7,940 | 7,940 | 7,690 |
Accumulated amortization | -1,600 | -1,488 | -1,159 |
Net carrying amount | $6,340 | $6,452 | $6,531 |
Goodwill_And_Other_Intangible_2
Goodwill And Other Intangible Assets (Estimated Amortization) (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Actual in three months ended March 31, 2015 | $1,013 | $1,163 |
Estimated remaining in 2015 | 2,700 | |
Estimatedb2016 | 3,007 | |
Estimatedb2017 | 2,499 | |
Estimatedb2018 | 2,186 | |
Estimatedb2019 | $1,837 |
Goodwill_And_Other_Intangible_3
Goodwill And Other Intangible Assets (Narrative) (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Indefinite-lived Intangible Assets [Line Items] | ||
Amortization of other intangible assets | $1,013,000 | $1,163,000 |
Community banking | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Goodwill increase or decrease in the period | 16,700,000 | |
Community banking | Core deposit intangibles | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Amortization period in years, core deposit intangibles | 10 years | |
Specialty finance | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Goodwill increase or decrease in the period | $2,200,000 | |
Specialty finance | Customer list intangibles | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Amortization period in years, core deposit intangibles | 18 years | |
Wealth management | Customer list intangibles | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Amortization period in years, core deposit intangibles | 10 years |
Deposits_Deposits_Summary_of_D
Deposits Deposits (Summary of Deposits) (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |||
Balance: | |||
Non-interest bearing | $3,779,609 | $3,518,685 | $2,773,922 |
NOW and interest bearing demand deposits | 2,262,928 | 2,236,089 | 1,983,251 |
Wealth management deposits | 1,528,963 | 1,226,916 | 1,289,134 |
Money market | 3,791,762 | 3,651,467 | 3,454,271 |
Savings | 1,563,752 | 1,508,877 | 1,443,943 |
Time certificates of deposit | 4,011,755 | 4,139,810 | 4,184,524 |
Total deposits | $16,938,769 | $16,281,844 | $15,129,045 |
Mix: | |||
Non-interest bearing | 22.00% | 22.00% | 18.00% |
NOW and interest bearing demand deposits | 13.00% | 14.00% | 13.00% |
Wealth management deposits | 9.00% | 8.00% | 8.00% |
Money market | 23.00% | 22.00% | 23.00% |
Savings | 9.00% | 9.00% | 10.00% |
Time certificates of deposit | 24.00% | 25.00% | 28.00% |
Total deposits | 100.00% | 100.00% | 100.00% |
Federal_Home_Loan_Bank_Advance2
Federal Home Loan Bank Advances, Other Borrowings and Subordinated Notes Federal Home Loan Bank Advances, Other Borrowings and Subordinated Notes (Summary of Debt) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |||
Debt Disclosure [Abstract] | |||
Federal Home Loan Bank advances | $416,036 | $733,050 | $387,672 |
Other borrowings: | |||
Notes payable | 0 | 0 | 182 |
Securities sold under repurchase agreements | 50,076 | 48,566 | 211,692 |
Other | 18,689 | 18,822 | 19,212 |
Secured borrowings | 118,241 | 129,077 | 0 |
Total other borrowings | 187,006 | 196,465 | 231,086 |
Subordinated notes | 140,000 | 140,000 | 0 |
Total Federal Home Loan Bank advances, other borrowings and subordinated notes | $743,042 | $1,069,515 | $618,758 |
Federal_Home_Loan_Bank_Advance3
Federal Home Loan Bank Advances, Other Borrowings and Subordinated Notes Federal Home Loan Bank Advances, Other Borrowings and Subordinated Notes (Narrative) (Details) (USD $) | 1 Months Ended | 3 Months Ended | 1 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 15, 2014 | Sep. 30, 2013 | Nov. 06, 2014 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | ||||||||
Notes payable | $0 | 0 | $182,000 | |||||
Loan agreement with unaffiliated banks | 150,000,000 | 101,000,000 | ||||||
Securities sold under repurchase agreements | 48,566,000 | 50,076,000 | 211,692,000 | |||||
Net credit exposure repurchase agreements | 0 | |||||||
Fixed rate promissory note | 18,822,000 | 18,689,000 | 19,212,000 | |||||
Proceeds from issuance of debt | 150,000,000 | |||||||
Secured borrowings | 129,077,000 | 118,241,000 | 0 | |||||
Subordinated notes | 140,000,000 | 140,000,000 | 0 | |||||
Subordinated debt issued, gross | 140,000,000 | |||||||
Proceeds from issuance of subordinated notes, net | 139,100,000 | |||||||
Unsecured Debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes payable | 182,000 | |||||||
Debt instrument, Frequency of periodic payment | quarterly | |||||||
Loans Payable | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes payable | 0 | 0 | 0 | |||||
Debt instrument, Issuance date | 15-Dec-14 | 30-Oct-09 | ||||||
Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, Frequency of periodic payment | quarterly | |||||||
Maximum borrowing capacity | 75,000,000 | 100,000,000 | ||||||
Maturity date | 14-Dec-15 | 15-Dec-14 | 25-Oct-13 | 6-Nov-14 | ||||
Line of credit facility, Unused capacity, Commitment fee percentage | 0.20% | |||||||
Notes Payable to Banks | ||||||||
Debt Instrument [Line Items] | ||||||||
Loan agreement with unaffiliated banks | 1,000,000 | |||||||
Maturity date | 1-Jun-15 | |||||||
Repayments of debt | 1,000,000 | |||||||
Term Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, Frequency of periodic payment | quarterly | |||||||
Loan agreement with unaffiliated banks | 75,000,000 | |||||||
Maturity date | 15-Jun-20 | |||||||
Debt instrument, Date of first required payment | 30-Sep-15 | |||||||
Securities Sold under Agreements to Repurchase | ||||||||
Debt Instrument [Line Items] | ||||||||
Securities sold under repurchase agreements | 48,600,000 | 50,100,000 | 31,700,000 | |||||
Pledged financial instruments, Not separately reported, Securities for repurchase agreements | 78,000,000 | |||||||
Borrowings From Banks And Brokers | ||||||||
Debt Instrument [Line Items] | ||||||||
Securities sold under repurchase agreements | 180,000,000 | |||||||
Fixed Rate Promissory Note | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, Frequency of periodic payment | monthly | |||||||
Maturity date | 1-Sep-17 | |||||||
Debt instrument, Issuance date | 31-Aug-12 | |||||||
Fixed rate promissory note | $18,800,000 | 18,700,000 | $19,200,000 | |||||
Contractual rate | 3.75% | |||||||
Secured Debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Contractual rate | 1.61% | |||||||
Subordinated Debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Maturity date | 13-Jun-24 | |||||||
Contractual rate | 5.00% | |||||||
Federal Funds Rate | Unsecured Debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 1.00% | |||||||
Base Rate Loan | Federal Funds Rate | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 0.50% | |||||||
Base Rate Loan | Base Rate | Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 0.50% | |||||||
Base Rate Loan | Base Rate | Term Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 0.75% | |||||||
Base Rate Loan | Eurodollar Rate | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 1.00% | |||||||
Eurodollar Rate Loan | London Interbank Offered Rate (LIBOR) | Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 1.50% | |||||||
Eurodollar Rate Loan | London Interbank Offered Rate (LIBOR) | Term Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 1.75% |
Junior_Subordinated_Debentures2
Junior Subordinated Debentures Junior Subordinated Debentures (Summary Of The Company's Junior Subordinated Debentures) (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
Rate | |||
Subordinated Borrowing [Line Items] | |||
Junior subordinated debentures | $249,493 | $249,493 | $249,493 |
Wintrust Capital Trust III | |||
Subordinated Borrowing [Line Items] | |||
Common Securities | 774 | ||
Trust Preferred Securities | 25,000 | ||
Junior subordinated debentures | 25,774 | ||
Rate Structure | L+3.25 | ||
Contractual rate | 3.51% | ||
Issue Date | 30-Apr-03 | ||
Maturity Date | 30-Apr-33 | ||
Earliest Redemption Date | 30-Apr-08 | ||
Wintrust Statutory Trust IV | |||
Subordinated Borrowing [Line Items] | |||
Common Securities | 619 | ||
Trust Preferred Securities | 20,000 | ||
Junior subordinated debentures | 20,619 | ||
Rate Structure | L+2.80 | ||
Contractual rate | 3.08% | ||
Issue Date | 31-Dec-03 | ||
Maturity Date | 31-Dec-33 | ||
Earliest Redemption Date | 31-Dec-08 | ||
Wintrust Statutory Trust V | |||
Subordinated Borrowing [Line Items] | |||
Common Securities | 1,238 | ||
Trust Preferred Securities | 40,000 | ||
Junior subordinated debentures | 41,238 | ||
Rate Structure | L+2.60 | ||
Contractual rate | 2.88% | ||
Issue Date | 31-May-04 | ||
Maturity Date | 31-May-34 | ||
Earliest Redemption Date | 30-Jun-09 | ||
Wintrust Capital Trust VII | |||
Subordinated Borrowing [Line Items] | |||
Common Securities | 1,550 | ||
Trust Preferred Securities | 50,000 | ||
Junior subordinated debentures | 51,550 | ||
Rate Structure | L+1.95 | ||
Contractual rate | 2.22% | ||
Issue Date | 31-Dec-04 | ||
Maturity Date | 31-Mar-35 | ||
Earliest Redemption Date | 31-Mar-10 | ||
Wintrust Capital Trust VIII | |||
Subordinated Borrowing [Line Items] | |||
Common Securities | 1,238 | ||
Trust Preferred Securities | 40,000 | ||
Junior subordinated debentures | 41,238 | ||
Rate Structure | L+1.45 | ||
Contractual rate | 1.73% | ||
Issue Date | 31-Aug-05 | ||
Maturity Date | 30-Sep-35 | ||
Earliest Redemption Date | 30-Sep-10 | ||
Wintrust Capital Trust IX | |||
Subordinated Borrowing [Line Items] | |||
Common Securities | 1,547 | ||
Trust Preferred Securities | 50,000 | ||
Junior subordinated debentures | 51,547 | ||
Rate Structure | L+1.63 | ||
Contractual rate | 1.90% | ||
Issue Date | 30-Sep-06 | ||
Maturity Date | 30-Sep-36 | ||
Earliest Redemption Date | 30-Sep-11 | ||
Northview Capital Trust I | |||
Subordinated Borrowing [Line Items] | |||
Common Securities | 186 | ||
Trust Preferred Securities | 6,000 | ||
Junior subordinated debentures | 6,186 | ||
Rate Structure | L+3.00 | ||
Contractual rate | 3.25% | ||
Issue Date | 31-Aug-03 | ||
Maturity Date | 30-Nov-33 | ||
Earliest Redemption Date | 31-Aug-08 | ||
Town Bankshares Capital Trust I | |||
Subordinated Borrowing [Line Items] | |||
Common Securities | 186 | ||
Trust Preferred Securities | 6,000 | ||
Junior subordinated debentures | 6,186 | ||
Rate Structure | L+3.00 | ||
Contractual rate | 3.25% | ||
Issue Date | 31-Aug-03 | ||
Maturity Date | 30-Nov-33 | ||
Earliest Redemption Date | 31-Aug-08 | ||
First Northwest Capital Trust I | |||
Subordinated Borrowing [Line Items] | |||
Common Securities | 155 | ||
Trust Preferred Securities | 5,000 | ||
Junior subordinated debentures | $5,155 | ||
Rate Structure | L+3.00 | ||
Contractual rate | 3.28% | ||
Issue Date | 31-May-04 | ||
Maturity Date | 31-May-34 | ||
Earliest Redemption Date | 31-May-09 | ||
Junior Subordinated Debt | |||
Subordinated Borrowing [Line Items] | |||
Debt, weighted average interest rate | 2.46% | ||
London Interbank Offered Rate (LIBOR) | Wintrust Capital Trust III | |||
Subordinated Borrowing [Line Items] | |||
Incremental interest rate over base rate | 3.25% | ||
London Interbank Offered Rate (LIBOR) | Wintrust Statutory Trust IV | |||
Subordinated Borrowing [Line Items] | |||
Incremental interest rate over base rate | 2.80% | ||
London Interbank Offered Rate (LIBOR) | Wintrust Statutory Trust V | |||
Subordinated Borrowing [Line Items] | |||
Incremental interest rate over base rate | 2.60% | ||
London Interbank Offered Rate (LIBOR) | Wintrust Capital Trust VII | |||
Subordinated Borrowing [Line Items] | |||
Incremental interest rate over base rate | 1.95% | ||
London Interbank Offered Rate (LIBOR) | Wintrust Capital Trust VIII | |||
Subordinated Borrowing [Line Items] | |||
Incremental interest rate over base rate | 1.45% | ||
London Interbank Offered Rate (LIBOR) | Wintrust Capital Trust IX | |||
Subordinated Borrowing [Line Items] | |||
Incremental interest rate over base rate | 1.63% | ||
London Interbank Offered Rate (LIBOR) | Northview Capital Trust I | |||
Subordinated Borrowing [Line Items] | |||
Incremental interest rate over base rate | 3.00% | ||
London Interbank Offered Rate (LIBOR) | Town Bankshares Capital Trust I | |||
Subordinated Borrowing [Line Items] | |||
Incremental interest rate over base rate | 3.00% | ||
London Interbank Offered Rate (LIBOR) | First Northwest Capital Trust I | |||
Subordinated Borrowing [Line Items] | |||
Incremental interest rate over base rate | 3.00% |
Junior_Subordinated_Debentures3
Junior Subordinated Debentures (Narrative) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
Subordinated Borrowing [Line Items] | |||
Percentage ownership interest in subsidiary trusts | 100.00% | ||
Common securities, approximate percentage of junior subordinated debentures | 3.00% | ||
Trust preferred securities, approximate percentage of junior subordinated debentures | 97.00% | ||
Junior subordinated debentures | $249,493,000 | $249,493,000 | $249,493,000 |
Consecutive quarters of deferred payment | 20 | ||
Junior Subordinated Debt | |||
Subordinated Borrowing [Line Items] | |||
Debt, weighted average interest rate | 2.46% | ||
Debt, Hedge Adjusted Weighted Average Interest Rate | 3.22% | ||
Tier One Risk Based Capital | 60,500,000 | ||
Tier Two Risk Based Capital | 181,500,000 | ||
Cash Flow Hedge of Junior Subordinated Debentures | Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swaps and Caps | |||
Subordinated Borrowing [Line Items] | |||
Notional amount | $225,000,000 |
Segment_Information_Summary_of
Segment Information (Summary of Segment Information) (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Segment Reporting Information [Line Items] | |||
Total net interest income | $151,891 | $144,006 | |
Total net interest income, Change in Contribution | 7,885 | ||
Total net interest income, Change in Contribution Percentage | 5.00% | ||
Total non-interest income | 64,541 | 45,529 | |
Total non-interest income, Change in Contribution | 19,012 | ||
Total non-interest income, Change in Contribution Percentage | 42.00% | ||
Total net revenue | 216,432 | 189,535 | |
Total net revenue, Change in Contribution | 26,897 | ||
Total net revenue, Change in Contribution Percentage | 14.00% | ||
Net income | 39,052 | 34,500 | |
Total segment profit, Change in Contribution | 4,552 | ||
Total segment profit, Change in Contribution Percentage | 13.00% | ||
Total assets | 20,382,271 | 18,221,163 | 20,010,727 |
Total segment assets, Change in Contribution | 2,161,108 | ||
Total segment assets, Change in Contribution Percentage | 12.00% | ||
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total net interest income | 147,916 | 140,066 | |
Total net interest income, Change in Contribution | 7,850 | ||
Total net interest income, Change in Contribution Percentage | 6.00% | ||
Total non-interest income | 71,511 | 52,141 | |
Total non-interest income, Change in Contribution | 19,370 | ||
Total non-interest income, Change in Contribution Percentage | 37.00% | ||
Total net revenue | 219,427 | 192,207 | |
Total net revenue, Change in Contribution | 27,220 | ||
Total net revenue, Change in Contribution Percentage | 14.00% | ||
Operating Segments | Community banking | |||
Segment Reporting Information [Line Items] | |||
Total net interest income | 122,681 | 116,755 | |
Total net interest income, Change in Contribution | 5,926 | ||
Total net interest income, Change in Contribution Percentage | 5.00% | ||
Total non-interest income | 44,912 | 27,319 | |
Total non-interest income, Change in Contribution | 17,593 | ||
Total non-interest income, Change in Contribution Percentage | 64.00% | ||
Total net revenue | 167,593 | 144,074 | |
Total net revenue, Change in Contribution | 23,519 | ||
Total net revenue, Change in Contribution Percentage | 16.00% | ||
Net income | 24,965 | 22,581 | |
Total segment profit, Change in Contribution | 2,384 | ||
Total segment profit, Change in Contribution Percentage | 11.00% | ||
Total assets | 17,050,262 | 15,160,507 | |
Total segment assets, Change in Contribution | 1,889,755 | ||
Total segment assets, Change in Contribution Percentage | 12.00% | ||
Operating Segments | Specialty finance | |||
Segment Reporting Information [Line Items] | |||
Total net interest income | 21,046 | 19,212 | |
Total net interest income, Change in Contribution | 1,834 | ||
Total net interest income, Change in Contribution Percentage | 10.00% | ||
Total non-interest income | 7,871 | 7,881 | |
Total non-interest income, Change in Contribution | -10 | ||
Total non-interest income, Change in Contribution Percentage | 0.00% | ||
Total net revenue | 28,917 | 27,093 | |
Total net revenue, Change in Contribution | 1,824 | ||
Total net revenue, Change in Contribution Percentage | 7.00% | ||
Net income | 10,952 | 8,982 | |
Total segment profit, Change in Contribution | 1,970 | ||
Total segment profit, Change in Contribution Percentage | 22.00% | ||
Total assets | 2,784,069 | 2,532,362 | |
Total segment assets, Change in Contribution | 251,707 | ||
Total segment assets, Change in Contribution Percentage | 10.00% | ||
Operating Segments | Wealth management | |||
Segment Reporting Information [Line Items] | |||
Total net interest income | 4,189 | 4,099 | |
Total net interest income, Change in Contribution | 90 | ||
Total net interest income, Change in Contribution Percentage | 2.00% | ||
Total non-interest income | 18,728 | 16,941 | |
Total non-interest income, Change in Contribution | 1,787 | ||
Total non-interest income, Change in Contribution Percentage | 11.00% | ||
Total net revenue | 22,917 | 21,040 | |
Total net revenue, Change in Contribution | 1,877 | ||
Total net revenue, Change in Contribution Percentage | 9.00% | ||
Net income | 3,135 | 2,937 | |
Total segment profit, Change in Contribution | 198 | ||
Total segment profit, Change in Contribution Percentage | 7.00% | ||
Total assets | 547,940 | 528,294 | |
Total segment assets, Change in Contribution | 19,646 | ||
Total segment assets, Change in Contribution Percentage | 4.00% | ||
Intersegment Eliminations | |||
Segment Reporting Information [Line Items] | |||
Total net interest income | 3,975 | 3,940 | |
Total net interest income, Change in Contribution | 35 | ||
Total net interest income, Change in Contribution Percentage | 1.00% | ||
Total non-interest income | -6,970 | -6,612 | |
Total non-interest income, Change in Contribution | -358 | ||
Total non-interest income, Change in Contribution Percentage | -5.00% | ||
Total net revenue | -2,995 | -2,672 | |
Total net revenue, Change in Contribution | ($323) | ||
Total net revenue, Change in Contribution Percentage | -12.00% |
Derivative_Financial_Instrumen2
Derivative Financial Instruments Derivative Financial Instruments (Interest Rate Cap Derivative Summary) (Detail) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Interest Rate Cap Seventy Seven Million Notional May Two Thousand Fifteen Maturity | Not Designated as Hedging Instrument | |
Interest Rate Cap Derivative Summary [Line Items] | |
Notional amount | $77,000 |
Fair Value as of End of Period | 0 |
Interest Rate Cap Two Hundred Fifteen Million Notional May Two Thousand Sixteen Maturity | Not Designated as Hedging Instrument | |
Interest Rate Cap Derivative Summary [Line Items] | |
Notional amount | 215,000 |
Fair Value as of End of Period | 17 |
Interest Rate Cap Ninety Six Million Five Hundred Thirty Thousand Notional April Two Thousand Fifteen Maturity | Not Designated as Hedging Instrument | |
Interest Rate Cap Derivative Summary [Line Items] | |
Notional amount | 96,530 |
Fair Value as of End of Period | 0 |
Interest Rate Cap Fifty Six Million Five Hundred Thousand Notional August Two Thousand Sixteen Maturity | Not Designated as Hedging Instrument | |
Interest Rate Cap Derivative Summary [Line Items] | |
Notional amount | 56,500 |
Fair Value as of End of Period | 34 |
Interest Rate Cap One Hundred Million Notional March Two Thousand Seventeen Maturity | Not Designated as Hedging Instrument | |
Interest Rate Cap Derivative Summary [Line Items] | |
Notional amount | 100,000 |
Fair Value as of End of Period | 275 |
Interest Rate Cap Seventy Five Million Notional November Two Thousand Sixteen Maturity | Not Designated as Hedging Instrument | |
Interest Rate Cap Derivative Summary [Line Items] | |
Notional amount | 75,000 |
Fair Value as of End of Period | 95 |
Total Interest Rate Cap | |
Interest Rate Cap Derivative Summary [Line Items] | |
Notional amount | 970,030 |
Fair Value as of End of Period | 1,089 |
Cash Flow Hedging | Interest Rate Cap Two Hundred Sixteen Million Five Hundred Thousand Notional August Two Thousand Sixteen Maturity | Designated as Hedging Instrument | |
Interest Rate Cap Derivative Summary [Line Items] | |
Notional amount | 216,500 |
Fair Value as of End of Period | 89 |
Cash Flow Hedging | Interest Rate Cap Forty Three Million Five Hundred Thousand Notional August Two Thousand Sixteen Maturity | Designated as Hedging Instrument | |
Interest Rate Cap Derivative Summary [Line Items] | |
Notional amount | 43,500 |
Fair Value as of End of Period | 26 |
Cash Flow Hedging | Interest Rate Cap Fifty Million Notional September Two Thousand Seventeen Maturity | Designated as Hedging Instrument | |
Interest Rate Cap Derivative Summary [Line Items] | |
Notional amount | 50,000 |
Fair Value as of End of Period | 299 |
Cash Flow Hedging | Interest Rate Cap Forty Million Notional September Two Thousand Seventeen Maturity | Designated as Hedging Instrument | |
Interest Rate Cap Derivative Summary [Line Items] | |
Notional amount | 40,000 |
Fair Value as of End of Period | 254 |
Cash Flow Hedging | Total Interest Rate Cap | Designated as Hedging Instrument | |
Interest Rate Cap Derivative Summary [Line Items] | |
Notional amount | 350,000 |
Fair Value as of End of Period | $668 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments Derivative Financial Instruments (Schedule Of Fair Value Of Derivative Financial Instruments) (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |||
Derivative [Line Items] | |||
Derivative Assets, Fair Value, Amount not Offset Against Collateral | $47,550 | $37,841 | $37,239 |
Derivative Liabilities, Fair Value, Amount Not Offset Against Collateral | 47,698 | 36,921 | 34,990 |
Other Assets | |||
Derivative [Line Items] | |||
Derivative Assets, Fair Value, Amount not Offset Against Collateral | 62,984 | 47,964 | 51,529 |
Other Assets | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Derivative Assets, Fair Value, Amount not Offset Against Collateral | 688 | 1,442 | 2,668 |
Other Assets | Designated as Hedging Instrument | Interest Rate Contract | Cash Flow Hedging | |||
Derivative [Line Items] | |||
Derivative Assets, Fair Value, Amount not Offset Against Collateral | 668 | 1,390 | 2,578 |
Other Assets | Designated as Hedging Instrument | Interest Rate Contract | Fair Value Hedging | |||
Derivative [Line Items] | |||
Derivative Assets, Fair Value, Amount not Offset Against Collateral | 20 | 52 | 90 |
Other Assets | Not Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Derivative Assets, Fair Value, Amount not Offset Against Collateral | 62,296 | 46,522 | 48,861 |
Other Assets | Not Designated as Hedging Instrument | Interest Rate Contract | |||
Derivative [Line Items] | |||
Derivative Assets, Fair Value, Amount not Offset Against Collateral | 46,862 | 36,399 | 34,571 |
Other Assets | Not Designated as Hedging Instrument | Interest Rate Lock Commitments | |||
Derivative [Line Items] | |||
Derivative Assets, Fair Value, Amount not Offset Against Collateral | 15,296 | 10,028 | 13,658 |
Other Assets | Not Designated as Hedging Instrument | Forward Commitments to Sell Mortgage Loans | |||
Derivative [Line Items] | |||
Derivative Assets, Fair Value, Amount not Offset Against Collateral | 0 | 23 | 625 |
Other Assets | Not Designated as Hedging Instrument | Foreign Exchange Contract | |||
Derivative [Line Items] | |||
Derivative Assets, Fair Value, Amount not Offset Against Collateral | 138 | 72 | 7 |
Other Liabilities | |||
Derivative [Line Items] | |||
Derivative Liabilities, Fair Value, Amount Not Offset Against Collateral | 55,225 | 41,180 | 37,797 |
Other Liabilities | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Derivative Liabilities, Fair Value, Amount Not Offset Against Collateral | 1,867 | 1,994 | 2,893 |
Other Liabilities | Designated as Hedging Instrument | Interest Rate Contract | Cash Flow Hedging | |||
Derivative [Line Items] | |||
Derivative Liabilities, Fair Value, Amount Not Offset Against Collateral | 1,867 | 1,994 | 2,892 |
Other Liabilities | Designated as Hedging Instrument | Interest Rate Contract | Fair Value Hedging | |||
Derivative [Line Items] | |||
Derivative Liabilities, Fair Value, Amount Not Offset Against Collateral | 0 | 0 | 1 |
Other Liabilities | Not Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Derivative Liabilities, Fair Value, Amount Not Offset Against Collateral | 53,358 | 39,186 | 34,904 |
Other Liabilities | Not Designated as Hedging Instrument | Interest Rate Contract | |||
Derivative [Line Items] | |||
Derivative Liabilities, Fair Value, Amount Not Offset Against Collateral | 45,831 | 34,927 | 32,097 |
Other Liabilities | Not Designated as Hedging Instrument | Interest Rate Lock Commitments | |||
Derivative [Line Items] | |||
Derivative Liabilities, Fair Value, Amount Not Offset Against Collateral | 0 | 20 | 115 |
Other Liabilities | Not Designated as Hedging Instrument | Forward Commitments to Sell Mortgage Loans | |||
Derivative [Line Items] | |||
Derivative Liabilities, Fair Value, Amount Not Offset Against Collateral | 7,410 | 4,239 | 2,688 |
Other Liabilities | Not Designated as Hedging Instrument | Foreign Exchange Contract | |||
Derivative [Line Items] | |||
Derivative Liabilities, Fair Value, Amount Not Offset Against Collateral | $117 | $0 | $4 |
Derivative_Financial_Instrumen4
Derivative Financial Instruments Derivative Financial Instruments (Schedule Of Cash Flow Hedging Instruments) (Detail) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Total Interest Rate Cap | |
Derivative [Line Items] | |
Notional amount | $970,030 |
Fair Value Asset (Liability) | 1,089 |
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap Fifty Million Notional September Two Thousand Sixteen Maturity [Member] | |
Derivative [Line Items] | |
Notional amount | 50,000 |
Fair Value Asset (Liability) | -1,222 |
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap Twenty Five Million Notional October Two Thousand Sixteen Maturity [Member] | |
Derivative [Line Items] | |
Notional amount | 25,000 |
Fair Value Asset (Liability) | -645 |
Cash Flow Hedging | Designated as Hedging Instrument | Total Interest Rate Swap [Member] | |
Derivative [Line Items] | |
Notional amount | 75,000 |
Fair Value Asset (Liability) | -1,867 |
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Cap Forty Three Million Five Hundred Thousand Notional August Two Thousand Sixteen Maturity | |
Derivative [Line Items] | |
Notional amount | 43,500 |
Fair Value Asset (Liability) | 26 |
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Cap Two Hundred Sixteen Million Five Hundred Thousand Notional August Two Thousand Sixteen Maturity | |
Derivative [Line Items] | |
Notional amount | 216,500 |
Fair Value Asset (Liability) | 89 |
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Cap Fifty Million Notional September Two Thousand Seventeen Maturity | |
Derivative [Line Items] | |
Notional amount | 50,000 |
Fair Value Asset (Liability) | 299 |
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Cap Forty Million Notional September Two Thousand Seventeen Maturity | |
Derivative [Line Items] | |
Notional amount | 40,000 |
Fair Value Asset (Liability) | 254 |
Cash Flow Hedging | Designated as Hedging Instrument | Total Interest Rate Cap | |
Derivative [Line Items] | |
Notional amount | 350,000 |
Fair Value Asset (Liability) | 668 |
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swaps and Caps | |
Derivative [Line Items] | |
Notional amount | 425,000 |
Fair Value Asset (Liability) | ($1,199) |
Derivative_Financial_Instrumen5
Derivative Financial Instruments Derivative Financial Instruments (Rollforward Of Amounts In Accumulated Other Comprehensive Income Related To Interest Rate Swaps Designated As Cash Flow Hedges) (Detail) (Interest Rate Contract, USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Interest Rate Contract | ||
Rollforward of AOCI from Cash Flow Hedging Derivatives [Roll Forward] | ||
Unrealized loss at beginning of period | ($4,062) | ($3,971) |
Amount reclassified from accumulated other comprehensive income to interest expense on junior subordinated debentures | 414 | 493 |
Amount of loss recognized in other comprehensive income | -975 | -591 |
Unrealized loss at end of period | ($4,623) | ($4,069) |
Derivative_Financial_Instrumen6
Derivative Financial Instruments Derivative Financial Instruments (Derivatives Used To Hedge Changes In Fair Value Attributable To Interest Rate Risk) (Detail) (Fair Value Hedging, Designated as Hedging Instrument, Interest Rate Contract, USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Fair Value Hedging | Designated as Hedging Instrument | Interest Rate Contract | ||
Derivative [Line Items] | ||
Amount of Gain or (Loss) Recognized in Income on Derivative | ($32) | ($17) |
Amount of Gain or (Loss) Recognized in Income on Hedged Item | 28 | 15 |
Income Statement Gain/(Loss) due to Hedge Ineffectiveness | ($4) | ($2) |
Derivative_Financial_Instrumen7
Derivative Financial Instruments Derivative Financial Instruments (Summary Amounts Included In Consolidated Statement Of Income Related To Derivatives) (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Interest Rate Swaps and Caps | Trading Revenue [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Gain (Loss) on Derivative, Net | ($450) | ($677) |
Mortgage Banking Derivatives [Member] | Mortgage Banking Revenue [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Gain (Loss) on Derivative, Net | 2,094 | 3,677 |
Covered Call Options [Member] | Fees From Covered Call Options [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Gain (Loss) on Derivative, Net | 4,360 | 1,542 |
Foreign Exchange Contract | Trading Revenue [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Gain (Loss) on Derivative, Net | ($51) | ($1) |
Derivative_Financial_Instrumen8
Derivative Financial Instruments Derivative Financial Instruments (Derivative Asset and Liability Balance Sheet Offsetting) (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | |||
Derivative Assets | ||||||
Gross Amounts Recognized | $47,550,000 | $37,841,000 | $37,239,000 | |||
Less: Amounts offset in the Statements of Financial Condition | 0 | 0 | 0 | |||
Net amount presented in the Statements of Financial Condition | 47,550,000 | 37,841,000 | 37,239,000 | |||
Offsetting Derivative Positions | -1,563,000 | -2,771,000 | -7,359,000 | |||
Collateral Posted | 0 | 0 | 0 | |||
Net Credit Exposure | 45,987,000 | 35,070,000 | 29,880,000 | |||
Derivative Liabilities | ||||||
Gross Amounts Recognized | 47,698,000 | 36,921,000 | 34,990,000 | |||
Less: Amounts offset in the Statements of Financial Condition | 0 | 0 | 0 | |||
Net amount presented in the Statements of Financial Condition | 47,698,000 | 36,921,000 | 34,990,000 | |||
Offsetting Derivative Positions | -1,563,000 | -2,771,000 | -7,359,000 | |||
Collateral Posted | -46,135,000 | [1] | -34,150,000 | [1] | -27,631,000 | [1] |
Net Credit Exposure | 0 | 0 | 0 | |||
Security Owned and Pledged as Collateral, Fair Value | $51,300,000 | $43,800,000 | $37,100,000 | |||
[1] | As of MarchB 31, 2015, December 31, 2014 and March 31, 2014, the Company posted collateral of $51.3 million, $43.8 million and $37.1 million, respectively which resulted in excess collateral with its counterparties. For purposes of this disclosure, the amount of posted collateral is limited to the amount offsetting the derivative liability. |
Derivative_Financial_Instrumen9
Derivative Financial Instruments Derivative Financial Instruments (Narrative) (Detail) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount reclassified from accumulated other comprehensive income to interest expense | $2,400,000 | ||
Basis Amortization of Hedged item no longer in a Hedging Relationship | 43,000 | 43,000 | |
Loans Held-for-sale, Fair Value Disclosure | 446,355,000 | 215,231,000 | 351,290,000 |
Derivative, Net Liability Position, Aggregate Fair Value | 30,000,000 | ||
Interest Rate Cap [Member] | Not Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Number of Interest Rate Derivatives Held | 6 | ||
Notional amount | 620,000,000 | ||
Interest Rate Contract | Not Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Notional amount | 3,100,000,000 | ||
Forward Commitments to Sell Mortgage Loans | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Notional amount | 829,000,000 | ||
Interest Rate Lock Commitments | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Notional amount | 531,800,000 | ||
Foreign Exchange Contract | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Notional amount | 9,600,000 | ||
Call Options Written [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Number of Instruments Held | 0 | 0 | 0 |
Minimum [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, maturity date | 30-Apr-15 | ||
Maximum [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, maturity date | 28-Feb-45 | ||
Cash Flow Hedging | Interest Rate Contract | Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Cash Flow Hedge Ineffectiveness, Net | 0 | 0 | |
Fair Value Hedging | Interest Rate Swap [Member] | Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Number of Interest Rate Derivatives Held | 3 | ||
Notional amount | 4,700,000 | ||
Fair Value Hedging | Interest Rate Contract | Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Income Statement Gain/(Loss) due to Hedge Ineffectiveness | -4,000 | -2,000 | |
Cash flow hedge of variable rate deposits [Member] | Cash Flow Hedging | Interest Rate Cap [Member] | Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Number of Interest Rate Derivatives Held | 2 | ||
Interest Rate Cap Two Hundred Sixteen Million Five Hundred Thousand Notional August Two Thousand Sixteen Maturity | Cash Flow Hedging | Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Notional amount | 216,500,000 | ||
Interest Rate Cap Forty Three Million Five Hundred Thousand Notional August Two Thousand Sixteen Maturity | Cash Flow Hedging | Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Notional amount | 43,500,000 | ||
Cash Flow Hedge of Junior Subordinated Debentures | Cash Flow Hedging | Interest Rate Cap [Member] | Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Number of Interest Rate Derivatives Held | 2 | ||
Cash Flow Hedge of Junior Subordinated Debentures | Cash Flow Hedging | Interest Rate Swap [Member] | Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Number of Interest Rate Derivatives Held | 2 | ||
De-designated Hedge [Member] | Interest Rate Cap [Member] | Not Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Notional amount | $96,500,000 |
Recovered_Sheet4
Fair Values Of Assets And Liabilities (Summary Of Balances Of Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | $1,721,030,000 | $1,792,078,000 | $1,949,697,000 |
Trading account securities | 7,811,000 | 1,206,000 | 1,068,000 |
Derivative assets | 47,550,000 | 37,841,000 | 37,239,000 |
Derivative liabilities | 47,698,000 | 36,921,000 | 34,990,000 |
U.S. Treasury | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 271,474,000 | 381,805,000 | 340,178,000 |
U.S. Government agencies | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 661,793,000 | 668,316,000 | 828,275,000 |
Municipal | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 269,912,000 | 238,529,000 | 175,300,000 |
Mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 329,591,000 | 318,710,000 | 417,303,000 |
Equity securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 54,446,000 | 51,139,000 | 53,574,000 |
Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Trading account securities | 7,811,000 | 1,206,000 | 1,068,000 |
Mortgage loans held-for-sale | 446,355,000 | 351,290,000 | 215,231,000 |
Mortgage servicing rights | 7,852,000 | 8,435,000 | 8,719,000 |
Nonqualified deferred compensation assets | 8,718,000 | 7,951,000 | 7,783,000 |
Derivative assets | 62,984,000 | 47,964,000 | 51,529,000 |
Total | 2,254,750,000 | 2,208,924,000 | 2,234,027,000 |
Derivative liabilities | 55,225,000 | 41,180,000 | 37,797,000 |
Fair Value, Measurements, Recurring [Member] | U.S. Treasury | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 271,474,000 | 381,805,000 | 340,178,000 |
Fair Value, Measurements, Recurring [Member] | U.S. Government agencies | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 661,793,000 | 668,316,000 | 828,275,000 |
Fair Value, Measurements, Recurring [Member] | Municipal | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 269,912,000 | 238,529,000 | 175,300,000 |
Fair Value, Measurements, Recurring [Member] | Corporate Notes [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 133,814,000 | 133,579,000 | 135,067,000 |
Fair Value, Measurements, Recurring [Member] | Mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 329,591,000 | 318,710,000 | 417,303,000 |
Fair Value, Measurements, Recurring [Member] | Equity securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 54,446,000 | 51,139,000 | 53,574,000 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Trading account securities | 7,811,000 | 1,206,000 | 1,068,000 |
Mortgage loans held-for-sale | 446,355,000 | 351,290,000 | 215,231,000 |
Mortgage servicing rights | 0 | 0 | 0 |
Nonqualified deferred compensation assets | 8,718,000 | 7,951,000 | 7,783,000 |
Derivative assets | 62,984,000 | 47,964,000 | 51,529,000 |
Total | 2,166,193,000 | 2,117,825,000 | 2,162,098,000 |
Derivative liabilities | 55,225,000 | 41,180,000 | 37,797,000 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | U.S. Treasury | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 271,474,000 | 381,805,000 | 340,178,000 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | U.S. Government agencies | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 661,793,000 | 668,316,000 | 828,275,000 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Municipal | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 213,863,000 | 179,576,000 | 135,528,000 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Corporate Notes [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 133,814,000 | 133,579,000 | 135,067,000 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 329,591,000 | 318,710,000 | 417,303,000 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Equity securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 29,790,000 | 27,428,000 | 30,136,000 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Trading account securities | 0 | 0 | 0 |
Mortgage loans held-for-sale | 0 | 0 | 0 |
Mortgage servicing rights | 7,852,000 | 8,435,000 | 8,719,000 |
Nonqualified deferred compensation assets | 0 | 0 | 0 |
Derivative assets | 0 | 0 | 0 |
Total | 88,557,000 | 91,099,000 | 71,929,000 |
Derivative liabilities | 0 | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | U.S. Treasury | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 0 | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | U.S. Government agencies | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 0 | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Municipal | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 56,049,000 | 58,953,000 | 39,772,000 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Corporate Notes [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 0 | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 0 | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Equity securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | $24,656,000 | $23,711,000 | $23,438,000 |
Recovered_Sheet5
Fair Values Of Assets And Liabilities (Summary Of Changes In Level 3 Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Detail) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Mortgage Servicing Rights [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | $8,435 | $8,946 | ||
Total net gains (losses) included in Net income | -583 | [1] | -227 | [1] |
Ending Balance | 7,852 | 8,719 | ||
Municipal | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 58,953 | 36,386 | ||
Total net gains (losses) included in Other comprehensive income | 203 | 147 | ||
Purchases | 6,674 | 3,360 | ||
Settlements | -9,781 | -121 | ||
Ending Balance | 56,049 | 39,772 | ||
Equity securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 23,711 | 22,163 | ||
Total net gains (losses) included in Other comprehensive income | 945 | 1,275 | ||
Ending Balance | $24,656 | $23,438 | ||
[1] | Changes in the balance of mortgage servicing rights are recorded as a component of mortgage banking revenue in non-interest income. |
Fair_Values_Of_Assets_And_Liab2
Fair Values Of Assets And Liabilities (Summary Of Assets Measured At Fair Value On A Nonrecurring Basis) (Detail) (USD $) | 3 Months Ended | |||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Impaired loansbcollateral based | $112,404 | [1] | $127,412 | [1] | $142,977 | [1] |
Fair Value Losses Recognized, Impaired loansbcollateral based | 2,731 | |||||
Fair Value Losses Recognized, Other real estate owned | 2,362 | [2] | ||||
Fair Value Losses Recognized, Total | 5,093 | |||||
Fair Value, Measurements, Nonrecurring [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Impaired loansbcollateral based | 69,002 | |||||
Other real estate owned | 81,042 | [2] | ||||
Total | 150,044 | |||||
Fair Value, Measurements, Nonrecurring [Member] | Level 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Impaired loansbcollateral based | 0 | |||||
Other real estate owned | 0 | [2] | ||||
Total | 0 | |||||
Fair Value, Measurements, Nonrecurring [Member] | Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Impaired loansbcollateral based | 0 | |||||
Other real estate owned | 0 | [2] | ||||
Total | 0 | |||||
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Impaired loansbcollateral based | 69,002 | |||||
Other real estate owned | 81,042 | [2] | ||||
Total | $150,044 | |||||
[1] | Impaired loans are considered by the Company to be non-accrual loans, TDRs or loans with principal and/or interest at risk, even if the loan is current with all payments of principal and interest. | |||||
[2] | Fair value losses recognized, net on other real estate owned include valuation adjustments and charge-offs during the respective period. |
Recovered_Sheet6
Fair Values Of Assets and Liabilities (Schedule Of Valuation Techniques And Significant Unobservable Inputs Used To Measure Both Recurring And Non-Recurring) (Detail) (USD $) | 3 Months Ended | |||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||||
Available-for-sale securities, at fair value | $1,721,030 | $1,792,078 | $1,949,697 | |||
Impaired Financing Receivable, Recorded Investment | 112,404 | [1] | 127,412 | [1] | 142,977 | [1] |
Municipal | ||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||||
Available-for-sale securities, at fair value | 269,912 | 238,529 | 175,300 | |||
Equity securities | ||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||||
Available-for-sale securities, at fair value | 54,446 | 51,139 | 53,574 | |||
Fair Value, Measurements, Recurring [Member] | ||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||||
Mortgage servicing rights | 7,852 | 8,435 | 8,719 | |||
Fair Value, Measurements, Recurring [Member] | Municipal | ||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||||
Available-for-sale securities, at fair value | 269,912 | 238,529 | 175,300 | |||
Fair Value, Measurements, Recurring [Member] | Equity securities | ||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||||
Available-for-sale securities, at fair value | 54,446 | 51,139 | 53,574 | |||
Fair Value, Measurements, Nonrecurring [Member] | ||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||||
Other real estate owned | 81,042 | [2] | ||||
Impaired Financing Receivable, Recorded Investment | 69,002 | |||||
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||||
Mortgage servicing rights | 7,852 | 8,435 | 8,719 | |||
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Mortgage Servicing Rights [Member] | ||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||||
Valuation Methodology | Discounted cash flows | |||||
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Mortgage Servicing Rights [Member] | Minimum [Member] | ||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||||
Fair Value Inputs, Discount Rate | 9.00% | |||||
Fair Value Inputs, Prepayment Rate | 11.00% | |||||
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Mortgage Servicing Rights [Member] | Maximum [Member] | ||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||||
Fair Value Inputs, Discount Rate | 12.00% | |||||
Fair Value Inputs, Prepayment Rate | 20.00% | |||||
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Mortgage Servicing Rights Discount Rate Input [Member] | ||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||||
Significant Unobservable Input | Discount rate | |||||
Range of Inputs | 9%-12% | |||||
Weighted Average of Inputs | 9.15% | |||||
Impact to valuation from an increased or higher input value | Decrease | |||||
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Mortgage Servicing Rights Prepayment Rate Input [Member] | ||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||||
Significant Unobservable Input | Constant prepayment rate (CPR) | |||||
Range of Inputs | 11%-20% | |||||
Weighted Average of Inputs | 13.29% | |||||
Impact to valuation from an increased or higher input value | Decrease | |||||
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Municipal | ||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||||
Available-for-sale securities, at fair value | 56,049 | 58,953 | 39,772 | |||
Valuation Methodology | Bond pricing | |||||
Significant Unobservable Input | Equivalent rating | |||||
Range of Inputs | BBB-AA+ | |||||
Impact to valuation from an increased or higher input value | Increase | |||||
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Equity securities | ||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||||
Available-for-sale securities, at fair value | 24,656 | 23,711 | 23,438 | |||
Valuation Methodology | Discounted cash flows | |||||
Significant Unobservable Input | Discount rate | |||||
Range of Inputs | 1.70%-2.34% | |||||
Weighted Average of Inputs | 2.04% | |||||
Impact to valuation from an increased or higher input value | Decrease | |||||
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Equity securities | Minimum [Member] | ||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||||
Fair Value Inputs, Discount Rate | 1.70% | |||||
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Equity securities | Maximum [Member] | ||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||||
Fair Value Inputs, Discount Rate | 2.34% | |||||
Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||||
Other real estate owned | 81,042 | [2] | ||||
Impaired Financing Receivable, Recorded Investment | $69,002 | |||||
Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | ||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||||
Valuation Methodology | Appraisal value | |||||
Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [Member] | ||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||||
Valuation Methodology | Appraisal value | |||||
Significant Unobservable Input | Property specific valuation adjustment | |||||
Range of Inputs | (79)%-154% | |||||
Weighted Average of Inputs | -1.76% | |||||
Impact to valuation from an increased or higher input value | Increase | |||||
Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [Member] | Minimum [Member] | ||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||||
Fair Value Inputs, Property Specific Valuation Adjustment | -79.00% | |||||
Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [Member] | Maximum [Member] | ||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||||
Fair Value Inputs, Property Specific Valuation Adjustment | 154.00% | |||||
[1] | Impaired loans are considered by the Company to be non-accrual loans, TDRs or loans with principal and/or interest at risk, even if the loan is current with all payments of principal and interest. | |||||
[2] | Fair value losses recognized, net on other real estate owned include valuation adjustments and charge-offs during the respective period. |
Fair_Values_Of_Assets_And_Liab3
Fair Values Of Assets And Liabilities (Summary Of Carrying Amounts And Estimated Fair Values Of Financial Instruments) (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Interest bearing deposits with banks | $697,799,000 | $998,437,000 | $540,964,000 | |
Available-for-sale securities, at fair value | 1,721,030,000 | 1,792,078,000 | 1,949,697,000 | |
Trading account securities | 7,811,000 | 1,206,000 | 1,068,000 | |
Federal Home Loan Bank and Federal Reserve Bank stock, at cost | 92,948,000 | 91,582,000 | 78,524,000 | |
Brokerage customer receivables | 25,287,000 | 24,221,000 | 26,884,000 | |
Derivative assets | 45,987,000 | 35,070,000 | 29,880,000 | |
FDIC indemnification asset | 10,224,000 | 11,846,000 | 60,298,000 | 85,672,000 |
Accrued interest receivable and other | 537,117,000 | 501,882,000 | 549,705,000 | |
Federal Home Loan Bank advances | 416,036,000 | 733,050,000 | 387,672,000 | |
Other borrowings | 187,006,000 | 196,465,000 | 231,086,000 | |
Subordinated notes | 140,000,000 | 140,000,000 | 0 | |
Junior subordinated debentures | 249,493,000 | 249,493,000 | 249,493,000 | |
Derivative liabilities | 47,698,000 | 36,921,000 | 34,990,000 | |
Carrying Value [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 290,872,000 | 230,707,000 | 342,738,000 | |
Interest bearing deposits with banks | 697,799,000 | 998,437,000 | 540,964,000 | |
Available-for-sale securities, at fair value | 1,721,030,000 | 1,792,078,000 | 1,949,697,000 | |
Trading account securities | 7,811,000 | 1,206,000 | 1,068,000 | |
Federal Home Loan Bank and Federal Reserve Bank stock, at cost | 92,948,000 | 91,582,000 | 78,524,000 | |
Brokerage customer receivables | 25,287,000 | 24,221,000 | 26,884,000 | |
Mortgage loans held-for-sale, at fair value | 446,355,000 | 351,290,000 | 215,231,000 | |
Total loans | 15,162,753,000 | 14,636,107,000 | 13,445,638,000 | |
Mortgage servicing rights | 7,852,000 | 8,435,000 | 8,719,000 | |
Nonqualified deferred compensation assets | 8,718,000 | 7,951,000 | 7,783,000 | |
Derivative assets | 62,984,000 | 47,964,000 | 51,529,000 | |
FDIC indemnification asset | 10,224,000 | 11,846,000 | 60,298,000 | |
Accrued interest receivable and other | 181,998,000 | 169,156,000 | 169,580,000 | |
Total financial assets | 18,716,631,000 | 18,370,980,000 | 16,898,653,000 | |
Non-maturity deposits | 12,927,014,000 | 12,142,034,000 | 10,944,521,000 | |
Deposits with stated maturities | 4,011,755,000 | 4,139,810,000 | 4,184,524,000 | |
Federal Home Loan Bank advances | 416,036,000 | 733,050,000 | 387,672,000 | |
Other borrowings | 187,006,000 | 196,465,000 | 231,086,000 | |
Subordinated notes | 140,000,000 | 140,000,000 | 0 | |
Junior subordinated debentures | 249,493,000 | 249,493,000 | 249,493,000 | |
Derivative liabilities | 55,225,000 | 41,180,000 | 37,797,000 | |
Accrued interest payable | 8,583,000 | 8,001,000 | 7,218,000 | |
Total financial liabilities | 17,995,112,000 | 17,650,033,000 | 16,042,311,000 | |
Fair Value [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 290,872,000 | 230,707,000 | 342,738,000 | |
Interest bearing deposits with banks | 697,799,000 | 998,437,000 | 540,964,000 | |
Available-for-sale securities, at fair value | 1,721,030,000 | 1,792,078,000 | 1,949,697,000 | |
Trading account securities | 7,811,000 | 1,206,000 | 1,068,000 | |
Federal Home Loan Bank and Federal Reserve Bank stock, at cost | 92,948,000 | 91,582,000 | 78,524,000 | |
Brokerage customer receivables | 25,287,000 | 24,221,000 | 26,884,000 | |
Mortgage loans held-for-sale, at fair value | 446,355,000 | 351,290,000 | 215,231,000 | |
Total loans | 15,868,532,000 | 15,346,266,000 | 14,078,788,000 | |
Mortgage servicing rights | 7,852,000 | 8,435,000 | 8,719,000 | |
Nonqualified deferred compensation assets | 8,718,000 | 7,951,000 | 7,783,000 | |
Derivative assets | 62,984,000 | 47,964,000 | 51,529,000 | |
FDIC indemnification asset | 10,224,000 | 11,846,000 | 60,298,000 | |
Accrued interest receivable and other | 181,998,000 | 169,156,000 | 169,580,000 | |
Total financial assets | 19,422,410,000 | 19,081,139,000 | 17,531,803,000 | |
Non-maturity deposits | 12,927,014,000 | 12,142,034,000 | 10,944,521,000 | |
Deposits with stated maturities | 4,017,565,000 | 4,143,161,000 | 4,197,918,000 | |
Federal Home Loan Bank advances | 422,305,000 | 738,113,000 | 393,145,000 | |
Other borrowings | 187,006,000 | 197,883,000 | 231,086,000 | |
Subordinated notes | 147,851,000 | 143,639,000 | 0 | |
Junior subordinated debentures | 250,196,000 | 250,305,000 | 250,578,000 | |
Derivative liabilities | 55,225,000 | 41,180,000 | 37,797,000 | |
Accrued interest payable | 8,583,000 | 8,001,000 | 7,218,000 | |
Total financial liabilities | $18,015,745,000 | $17,664,316,000 | $16,062,263,000 |
Fair_Values_Of_Assets_And_Liab4
Fair Values Of Assets And Liabilities (Narrative) (Detail) (USD $) | 3 Months Ended | |||||
Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available-for-sale securities, at fair value | 1,721,030,000 | $1,792,078,000 | $1,949,697,000 | |||
Impaired loansbcollateral based | 112,404,000 | [1] | 127,412,000 | [1] | 142,977,000 | [1] |
Estimate of Fair Value Measurement [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available-for-sale securities, at fair value | 1,721,030,000 | 1,792,078,000 | 1,949,697,000 | |||
Mortgage servicing rights | 7,852,000 | 8,435,000 | 8,719,000 | |||
Remaining contractual principal balance outstanding, mortgage loans held-for-sale | 421,200,000 | 327,100,000 | 199,300,000 | |||
Mortgage loans held-for-sale | 446,355,000 | 351,290,000 | 215,231,000 | |||
Impaired loansbcollateral based | 69,000,000 | |||||
Portion at Other than Fair Value Measurement [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Impaired loansbcollateral based | 43,400,000 | |||||
Municipal | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available-for-sale securities, at fair value | 269,912,000 | 238,529,000 | 175,300,000 | |||
Equity securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available-for-sale securities, at fair value | 54,446,000 | 51,139,000 | 53,574,000 | |||
Fair Value, Measurements, Recurring [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Mortgage servicing rights | 7,852,000 | 8,435,000 | 8,719,000 | |||
Mortgage loans held-for-sale | 446,355,000 | 351,290,000 | 215,231,000 | |||
Fair Value, Measurements, Recurring [Member] | Municipal | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available-for-sale securities, at fair value | 269,912,000 | 238,529,000 | 175,300,000 | |||
Fair Value, Measurements, Recurring [Member] | Equity securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available-for-sale securities, at fair value | 54,446,000 | 51,139,000 | 53,574,000 | |||
Fair Value, Measurements, Nonrecurring [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Impaired loansbcollateral based | 69,002,000 | |||||
Other real estate owned | 81,042,000 | [2] | ||||
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Mortgage servicing rights | 7,852,000 | 8,435,000 | 8,719,000 | |||
Mortgage loans held-for-sale | 0 | 0 | 0 | |||
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Minimum [Member] | Mortgage Servicing Rights [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fair Value Inputs, Discount Rate | 9.00% | |||||
Fair Value Inputs, Prepayment Rate | 11.00% | |||||
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Maximum [Member] | Mortgage Servicing Rights [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fair Value Inputs, Discount Rate | 12.00% | |||||
Fair Value Inputs, Prepayment Rate | 20.00% | |||||
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Weighted Average [Member] | Mortgage Servicing Rights [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fair Value Inputs, Discount Rate | 9.15% | |||||
Fair Value Inputs, Prepayment Rate | 13.29% | |||||
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Municipal | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available-for-sale securities, at fair value | 56,049,000 | 58,953,000 | 39,772,000 | |||
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Equity securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available-for-sale securities, at fair value | 24,656,000 | 23,711,000 | 23,438,000 | |||
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Equity securities | Minimum [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fair Value Inputs, Discount Rate | 1.70% | |||||
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Equity securities | Maximum [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fair Value Inputs, Discount Rate | 2.34% | |||||
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Equity securities | Weighted Average [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fair Value Inputs, Discount Rate | 2.04% | |||||
Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Impaired loansbcollateral based | 69,002,000 | |||||
Other real estate owned | 81,042,000 | [2] | ||||
Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Minimum [Member] | Other Real Estate Owned [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fair Value Inputs, Property Specific Valuation Adjustment | -79.00% | |||||
Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Maximum [Member] | Other Real Estate Owned [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fair Value Inputs, Property Specific Valuation Adjustment | 154.00% | |||||
Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Weighted Average [Member] | Other Real Estate Owned [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fair Value Inputs, Property Specific Valuation Adjustment | -1.76% | |||||
Non-performing | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Mortgage loans held-for-sale | 0 | $0 | $0 | |||
[1] | Impaired loans are considered by the Company to be non-accrual loans, TDRs or loans with principal and/or interest at risk, even if the loan is current with all payments of principal and interest. | |||||
[2] | Fair value losses recognized, net on other real estate owned include valuation adjustments and charge-offs during the respective period. |
StockBased_Compensation_Plans_1
Stock-Based Compensation Plans (Weighted Average Assumptions Used To Determine The Options Fair Value) (Detail) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Share-based Compensation [Abstract] | ||
Expected dividend yield | 0.90% | 0.40% |
Expected volatility | 26.50% | 30.80% |
Risk-free rate | 1.30% | 0.70% |
Expected option life (in years) | 4 years 6 months | 4 years 6 months |
StockBased_Compensation_Plans_2
Stock-Based Compensation Plans (Summary Of Stock Option Activity) (Detail) (USD $) | 3 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Common Shares, Outstanding at beginning of the period | 1,618,426 | 1,524,672 | ||
Common Shares, Conversion of options of acquired company | 16,364 | |||
Common Shares, Granted | 487,259 | 358,440 | ||
Common Shares, Exercised | -51,522 | -77,311 | ||
Common Shares, Forfeited or canceled | -175,579 | -18,898 | ||
Common Shares, Outstanding at end of the period | 1,894,948 | 1,786,903 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ||||
Weighted Average Strike Price, Outstanding at beginning of period | $43 | $42 | ||
Weighted Average Strike Price, Conversion of options of acquired company | 21.18 | |||
Weighted Average Strike Price, Granted | $44.11 | $46.86 | ||
Weighted Average Strike Price, Exercised | $31.50 | $34.79 | ||
Weighted Average Strike Price, Forfeited or canceled | $54.40 | $45.56 | ||
Weighted Average Strike Price, Outstanding at end of period | $42.35 | $43.25 | ||
Stock Options, Exercisable | 1,158,991 | 1,166,309 | ||
Stock Options, Weighted Average Strike Price, Exercisable | $41 | $43.96 | ||
Stock Options, Remaining Contractual Term, Outstanding, Years | 4 years 7 months 6 days | [1] | 3 years 8 months 12 days | [1] |
Stock Options, Remaining Contractual Term, Exercisable, Years | 3 years 3 months 18 days | [1] | 2 years 4 months 24 days | [1] |
Stock Options, Intrinsic Value, Outstanding | $11,649 | [2] | $12,834 | [2] |
Stock Options, Intrinsic Value, Exercisable | $9,291 | [2] | $8,655 | [2] |
[1] | Represents the remaining weighted average contractual life in years. | |||
[2] | Aggregate intrinsic value represents the total pre-tax intrinsic value (i.e., the difference between the Company's stock price on the last trading day of the quarter and the option exercise price, multiplied by the number of shares) that would have been received by the option holders if they had exercised their options on the last day of the quarter. Options with exercise prices above the stock price on the last trading day of the quarter are excluded from the calculation of intrinsic value. The intrinsic value will change based on the fair market value of the Company's stock. |
StockBased_Compensation_Plans_3
Stock-Based Compensation Plans (Summary Of Plans' Restricted Share And Performance-Vested Stock Award Activity) (Detail) (USD $) | 3 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Shares, Beginning of the Period | 146,112 | 181,522 | ||
Shares, Granted | 12,300 | 2,775 | ||
Shares, Vested and issued | -4,925 | -24,900 | ||
Shares, Forfeited | 0 | -451 | ||
Shares, Outstanding, End of the Period | 153,487 | 158,946 | ||
Shares, Vested, but not issuable | 85,000 | 85,000 | ||
Weighted Average Grant-Date Fair Value | $47.53 | $44.95 | $47.45 | $43.39 |
Weighted Average Grant-Date Fair Value, Granted | $44.11 | $46.86 | ||
Weighted Average Grant-Date Fair Value, Vested and issued | $36.74 | $33.81 | ||
Weighted Average Grant-Date Fair Value, Forfeited | $0 | $44.29 | ||
Weighted Average Grant-Date Fair Value, Vested, but not issuable | $51.88 | $51.88 | ||
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Shares, Beginning of the Period | 295,679 | 307,512 | ||
Shares, Granted | 102,828 | 91,501 | ||
Shares, Vested and issued | -78,590 | -15,944 | ||
Shares, Forfeited | -29,926 | -81,551 | ||
Shares, Outstanding, End of the Period | 289,991 | 301,518 | ||
Weighted Average Grant-Date Fair Value | $42.90 | $38.12 | $38.18 | $34.01 |
Weighted Average Grant-Date Fair Value, Granted | $44.11 | $46.86 | ||
Weighted Average Grant-Date Fair Value, Vested and issued | $31.10 | $33.25 | ||
Weighted Average Grant-Date Fair Value, Forfeited | $31.41 | $33.38 |
StockBased_Compensation_Plans_4
Stock-Based Compensation Plans (Narrative) (Detail) (USD $) | 3 Months Ended | ||||
Mar. 31, 2015 | Mar. 31, 2014 | 31-May-11 | 31-May-09 | Jan. 31, 2007 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated Share-based Compensation Expense | $2,300,000 | $3,800,000 | |||
Allocated Sharebased Compensation Expense Modification Of Performance Measurement | 2,100,000 | ||||
Weighted average grant date fair value per share of options granted | $9.68 | $11.96 | |||
Aggregate intrinsic value of options exercised | $744,000 | $911,000 | |||
Two Thousand And Seven Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares approved for issuance | 500,000 | ||||
Shares additionally approved for issuance | 2,860,000 | 325,000 | |||
Two Thousand And Seven Plan [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period | 3 years | ||||
Two Thousand And Seven Plan [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period | 5 years | ||||
Share based payment award options term | 7 years | ||||
Nineteen Ninety Seven Plan [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share based payment award options term | 10 years | ||||
Restricted Stock [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period | 1 year | ||||
Restricted Stock [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period | 5 years | ||||
Ltip Awards [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period | 3 years | ||||
Share based payment award options term | 7 years | ||||
Ltip Awards [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percentage Of Performance Based Award Payouts | 0.00% | ||||
Granted in Two Thousand Fifteen | Ltip Awards [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percentage Of Performance Based Award Payouts | 150.00% | ||||
Granted Prior To Two Thousand Fifteen | Ltip Awards [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percentage Of Performance Based Award Payouts | 200.00% |
Recovered_Sheet7
Shareholders' Equity And Earnings Per Share (Components Of Other Comprehensive Income (Loss)) (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of period | ($37,332) | ($63,036) |
Other comprehensive income (loss) during the period, net of tax, before reclassifications | 6,307 | 5,966 |
Amount reclassified from accumulated other comprehensive income (loss), net of tax | -66 | 317 |
Other comprehensive income, net of tax | 6,241 | 6,283 |
Balance at end of period | -31,091 | -56,753 |
Accumulated Unrealized (Losses) Gains on Securities | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of period | -9,533 | -53,665 |
Other comprehensive income (loss) during the period, net of tax, before reclassifications | 15,945 | 13,722 |
Amount reclassified from accumulated other comprehensive income (loss), net of tax | -318 | 20 |
Other comprehensive income, net of tax | 15,627 | 13,742 |
Balance at end of period | 6,094 | -39,923 |
Accumulated Unrealized Losses on Derivative Instruments | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of period | -2,517 | -2,462 |
Other comprehensive income (loss) during the period, net of tax, before reclassifications | -593 | -356 |
Amount reclassified from accumulated other comprehensive income (loss), net of tax | 252 | 297 |
Other comprehensive income, net of tax | -341 | -59 |
Balance at end of period | -2,858 | -2,521 |
Accumulated Foreign Currency Translation Adjustment | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of period | -25,282 | -6,909 |
Other comprehensive income (loss) during the period, net of tax, before reclassifications | -9,045 | -7,400 |
Amount reclassified from accumulated other comprehensive income (loss), net of tax | 0 | 0 |
Other comprehensive income, net of tax | -9,045 | -7,400 |
Balance at end of period | ($34,327) | ($14,309) |
Shareholders_Equity_and_Earnin2
Shareholders' Equity and Earnings Per Share Shareholders' Equity And Earnings Per Share (Other Comprehensive Income Reclassified from AOCI) (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Gains (losses) on available-for-sale securities, net | $524 | ($33) |
Interest on junior subordinated debentures | 1,933 | 2,004 |
Income before taxes | 63,035 | 56,340 |
Income tax expense | -23,983 | -21,840 |
Net income | 39,052 | 34,500 |
Reclassification Out of Accumulated Other Comprehensive Income [Member] | Accumulated Unrealized Losses on Securities | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Gains (losses) on available-for-sale securities, net | 524 | -33 |
Income before taxes | 524 | -33 |
Income tax expense | -206 | 13 |
Net income | 318 | -20 |
Reclassification Out of Accumulated Other Comprehensive Income [Member] | Accumulated Unrealized Losses on Derivative Instruments | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Interest on junior subordinated debentures | 414 | 493 |
Income before taxes | -414 | -493 |
Income tax expense | 162 | 196 |
Net income | ($252) | ($297) |
Recovered_Sheet8
Shareholders' Equity And Earnings Per Share (Computation Of Basic And Diluted Earnings Per Common Share) (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Earnings Per Share, Basic and Diluted, Other Disclosures [Abstract] | ||
Net income | $39,052 | $34,500 |
Less: Preferred stock dividends and discount accretion | 1,581 | 1,581 |
Net income applicable to common sharesbBasic | 37,471 | 32,919 |
Add: Dividends on convertible preferred stock, if dilutive | 1,581 | 1,581 |
Net income applicable to common sharesbDiluted | $39,052 | $34,500 |
Weighted average common shares outstanding | 47,239 | 46,195 |
Effect of dilutive potential common shares | ||
Common stock equivalents | 1,158 | 1,434 |
Convertible preferred stock, if dilutive | 3,075 | 3,075 |
Total dilutive potential common shares | 4,233 | 4,509 |
Weighted average common shares and effect of dilutive potential common shares | 51,472 | 50,704 |
Net income per common share-Basic | $0.79 | $0.71 |
Net income per common share-Diluted | $0.76 | $0.68 |
Recovered_Sheet9
Shareholders' Equity And Earnings Per Share (Narrative) (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Jan. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 19, 2008 | Dec. 31, 2014 | Mar. 31, 2012 |
Temporary Equity [Line Items] | ||||||
Preferred stock, value | $126,427 | $126,477 | 126,467 | |||
Cash dividends declared per common share (in usd per share) | $0.11 | $0.11 | $0.10 | |||
Common Stock Dividends Per Share Declared Annualized | $0.44 | |||||
Dividends Payable, Date to be Paid | 19-Feb-15 | |||||
Dividends Payable, Date of Record | 5-Feb-15 | |||||
Delavan Bancshares | ||||||
Temporary Equity [Line Items] | ||||||
Common stock, shares issued, acquisition | 422,121 | |||||
US Treasury [Member] | ||||||
Temporary Equity [Line Items] | ||||||
Warrants outstanding | 937,417 | 1,643,295 | ||||
Investment Warrants, Exercise Price | $22.82 | |||||
Warrant Termination Period | 10 years | |||||
Warrants Exercised | 0 | 705,878 | ||||
Common Stock, Shares, Issued from Exercise of Warrant Shares | 363,155 | |||||
Series C Preferred Stock [Member] | ||||||
Temporary Equity [Line Items] | ||||||
Preferred stock, shares issued | 126,500 | |||||
Preferred stock, liquidation value per share | $1,000 | $1,000 | 1,000 | $1,000 | ||
Preferred stock, value | $126,500 | |||||
Preferred Stock, Dividend Payment Terms | quarterly | |||||
Preferred stock, dividend rate, percentage | 5.00% | |||||
Convertible Preferred Stock, Terms of Conversion | 24.3132 | |||||
Preferred Stock, Shares Converted | 40 | 10 | ||||
Common Stock, Shares, Conversion of Preferred Stock | 972 | 244 |
Subsequent_Events_Subsequent_E
Subsequent Events Subsequent Events (Narrative) (Detail) (Subsequent Event [Member], USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2015 |
locations | |
Suburban Illinois Bancorp [Member] | |
Subsequent Event [Line Items] | |
Business Acquisition, Date of Acquisition Agreement | 2-Apr-15 |
Number of locations | 10 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | $470 |
Business Combination, Acquired Receivables, Fair Value | 297 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deposits | 411 |
North Bank [Member] | |
Subsequent Event [Line Items] | |
Business Acquisition, Date of Acquisition Agreement | 30-Mar-15 |
Number of locations | 2 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 108 |
Business Combination, Acquired Receivables, Fair Value | 55 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deposits | 96 |
Community Financial Shares Inc. [Member] | |
Subsequent Event [Line Items] | |
Business Acquisition, Date of Acquisition Agreement | 2-Mar-15 |
Number of locations | 4 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 343 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deposits | $310 |