Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 24, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,015 | ||
Trading Symbol | WTFC | ||
Entity Registrant Name | WINTRUST FINANCIAL CORP | ||
Entity Central Index Key | 1,015,328 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 48,429,151 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Public Float | $ 2,514,968,967 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No |
Consolidated Statements Of Cond
Consolidated Statements Of Condition - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||
Cash and due from banks | $ 271,454 | $ 225,136 |
Federal funds sold and securities purchased under resale agreements | 4,341 | 5,571 |
Interest bearing deposits with banks | 607,782 | 998,437 |
Available-for-sale securities, at fair value | 1,716,388 | 1,792,078 |
Held-to-maturity securities, at amortized cost ($878.1 million fair value at December 31, 2015) | 884,826 | 0 |
Trading account securities | 448 | 1,206 |
Federal Home Loan Bank and Federal Reserve Bank stock | 101,581 | 91,582 |
Brokerage customer receivables | 27,631 | 24,221 |
Mortgage loans held-for-sale | 388,038 | 351,290 |
Loans, net of unearned income, excluding covered loans | 17,118,117 | 14,409,398 |
Covered loans | 148,673 | 226,709 |
Total loans | 17,266,790 | 14,636,107 |
Less: Allowance for loan losses | 105,400 | 91,705 |
Less: Allowance for covered loan losses | 3,026 | 2,131 |
Net loans | 17,158,364 | 14,542,271 |
Premises and equipment, net | 592,256 | 555,228 |
Lease investments, net | 63,170 | 426 |
FDIC indemnification asset | 0 | 11,846 |
Accrued interest receivable and other assets | 604,917 | 501,456 |
Trade date securities receivable | 0 | 485,534 |
Goodwill | 471,761 | 405,634 |
Other intangible assets | 24,209 | 18,811 |
Total assets | 22,917,166 | 20,010,727 |
Deposits: | ||
Non-interest bearing | 4,836,420 | 3,518,685 |
Interest bearing | 13,803,214 | 12,763,159 |
Total deposits | 18,639,634 | 16,281,844 |
Federal Home Loan Bank advances | 859,876 | 733,050 |
Other borrowings | 266,019 | 196,465 |
Subordinated notes | 140,000 | 140,000 |
Junior subordinated debentures | 268,566 | 249,493 |
Trade date securities payable | 538 | 3,828 |
Accrued interest payable and other liabilities | 390,259 | 336,225 |
Total liabilities | 20,564,892 | 17,940,905 |
Preferred stock, no par value; 20,000,000 shares authorized: | ||
Common stock, no par value; $1.00 stated value; 100,000,000 shares authorized at December 31, 2015 and 2014; 48,468,894 shares issued at December 31, 2015 and 46,881,108 shares issued at December 31, 2014 | 48,469 | 46,881 |
Surplus | 1,190,988 | 1,133,955 |
Treasury stock, at cost, 85,615 shares issued at December 31, 2015 and 76,053 shares at December 31, 2014 | (3,973) | (3,549) |
Retained earnings | 928,211 | 803,400 |
Accumulated other comprehensive loss | (62,708) | (37,332) |
Total shareholders' equity | 2,352,274 | 2,069,822 |
Total liabilities and shareholders' equity | 22,917,166 | 20,010,727 |
Series C - $1,000 liquidation value; 126,287 and 126,467 shares issued and outstanding at December 31, 2015 and 2014, respectively | ||
Preferred stock, no par value; 20,000,000 shares authorized: | ||
Preferred stock, Series C and Series D | 126,287 | 126,467 |
Series D - $25 liquidation value; 5,000,000 shares issued and outstanding at December 30, 2015 and no shares issued and outstanding at December 31, 2014 | ||
Preferred stock, no par value; 20,000,000 shares authorized: | ||
Preferred stock, Series C and Series D | $ 125,000 | $ 0 |
Consolidated Statements Of Con3
Consolidated Statements Of Condition (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Preferred stock, no par value | $ 0 | $ 0 |
Preferred stock, 20,000,000 shares authorized | 20,000,000 | 20,000,000 |
Common stock, no par value | $ 0 | $ 0 |
Common stock, $1.00 stated value | $ 1 | $ 1 |
Common stock, 100,000,000 shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 48,468,894 | 46,881,108 |
Treasury stock, shares | 85,615 | 76,053 |
Held-to-maturity securities, fair value | $ 878,111 | $ 0 |
Series C preferred stock | ||
Preferred stock, liquidation value per share | $ 1,000 | $ 1,000 |
Preferred stock, shares issued | 126,287 | 126,467 |
Preferred stock, shares outstanding | 126,287 | 126,467 |
Series D preferred stock | ||
Preferred stock, liquidation value per share | $ 25 | $ 0 |
Preferred stock, shares issued | 5,000,000 | 0 |
Preferred stock, shares outstanding | 5,000,000 | 0 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest income | |||
Interest and fees on loans | $ 651,831 | $ 613,024 | $ 588,435 |
Interest bearing deposits with banks | 1,486 | 1,472 | 1,644 |
Federal funds sold and securities purchased under resale agreements | 4 | 25 | 27 |
Investment securities | 61,006 | 52,951 | 37,025 |
Trading account securities | 108 | 79 | 25 |
Federal Home Loan Bank and Federal Reserve Bank stock | 3,232 | 2,920 | 2,773 |
Brokerage customer receivables | 797 | 796 | 780 |
Total interest income | 718,464 | 671,267 | 630,709 |
Interest expense | |||
Interest on deposits | 48,863 | 48,411 | 53,191 |
Interest on Federal Home Loan Bank advances | 9,110 | 10,523 | 11,014 |
Interest on other borrowings | 3,627 | 1,773 | 4,341 |
Interest on subordinated notes | 7,105 | 3,906 | 167 |
Interest on junior subordinated debentures | 8,230 | 8,079 | 11,369 |
Total interest expense | 76,935 | 72,692 | 80,082 |
Net interest income | 641,529 | 598,575 | 550,627 |
Provision for credit losses | 32,942 | 20,537 | 46,033 |
Net interest income after provision for credit losses | 608,587 | 578,038 | 504,594 |
Non-interest income | |||
Wealth management | 73,452 | 71,343 | 63,042 |
Mortgage banking | 115,011 | 91,617 | 106,857 |
Service charges on deposit accounts | 27,384 | 23,307 | 20,366 |
Gains (losses) on available-for-sale securities, net | 323 | (504) | (3,000) |
Fees from covered call options | 15,364 | 7,859 | 4,773 |
Trading (losses) gains, net | (247) | (1,609) | 892 |
Operating lease income, net | 2,728 | 163 | 0 |
Other | 37,582 | 23,064 | 29,467 |
Total non-interest income | 271,597 | 215,240 | 222,397 |
Non-interest expense | |||
Salaries and employee benefits | 382,080 | 335,506 | 308,794 |
Equipment | 32,812 | 29,609 | 26,450 |
Equipment on operating lease | 1,826 | 142 | 0 |
Occupancy, net | 48,880 | 42,889 | 36,633 |
Data processing | 26,940 | 19,336 | 18,672 |
Advertising and marketing | 21,924 | 13,571 | 11,051 |
Professional fees | 18,225 | 15,574 | 14,922 |
Amortization of other intangible assets | 4,621 | 4,692 | 4,627 |
FDIC insurance | 12,386 | 12,168 | 12,728 |
OREO expenses, net | 4,483 | 9,367 | 5,834 |
Other | 74,242 | 63,993 | 62,840 |
Total non-interest expense | 628,419 | 546,847 | 502,551 |
Income before taxes | 251,765 | 246,431 | 224,440 |
Income tax expense | 95,016 | 95,033 | 87,230 |
Net income | 156,749 | 151,398 | 137,210 |
Preferred stock dividends and discount accretion | 10,869 | 6,323 | 8,395 |
Net income applicable to common shares | $ 145,880 | $ 145,075 | $ 128,815 |
Net income per common share - Basic | $ 3.05 | $ 3.12 | $ 3.33 |
Net income per common share - Diluted | 2.93 | 2.98 | 2.75 |
Cash dividends declared per common share | $ 0.44 | $ 0.40 | $ 0.18 |
Weighted average common shares outstanding | 47,838 | 46,524 | 38,699 |
Dilutive potential common shares | 4,099 | 4,321 | 11,249 |
Average common shares and dilutive common shares | 51,937 | 50,845 | 49,948 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 156,749 | $ 151,398 | $ 137,210 |
Unrealized (losses) gains on securities | |||
Before tax | (13,176) | 72,488 | (102,790) |
Tax effect | 5,153 | (28,660) | 40,608 |
Net of tax | (8,023) | 43,828 | (62,182) |
Reclassification of net gains (losses) included in net income | |||
Before tax | 323 | (504) | (3,000) |
Tax effect | (127) | 200 | 1,193 |
Net of tax | 196 | (304) | (1,807) |
Reclassification of amortization of unrealized losses on investment securities transferred to held-to-maturity from available-for-sale | |||
Before tax | (128) | 0 | 0 |
Tax effect | 50 | 0 | 0 |
Net of tax | (78) | 0 | 0 |
Net unrealized (losses) gains on securities | (8,141) | 44,132 | (60,375) |
Unrealized gains (losses) on derivative instruments | |||
Before tax | 533 | (91) | 4,702 |
Tax effect | (209) | 36 | (1,872) |
Net unrealized gains (losses) on derivative instruments | 324 | (55) | 2,830 |
Foreign currency translation adjustment | |||
Before tax | (24,001) | (24,346) | (17,564) |
Tax effect | 6,442 | 5,973 | 4,362 |
Net foreign currency translation adjustment | (17,559) | (18,373) | (13,202) |
Total other comprehensive (loss) income | (25,376) | 25,704 | (70,747) |
Comprehensive income | $ 131,373 | $ 177,102 | $ 66,463 |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Shareholders' Equity - USD ($) $ in Thousands | Total | Preferred stock | Common stock | Surplus | Treasury stock | Retained earnings | Accumulated other comprehensive income (loss) | Series A preferred stock | Series A preferred stockPreferred stock | Series A preferred stockCommon stock | Series A preferred stockSurplus | Series A preferred stockTreasury stock | Series A preferred stockRetained earnings | Series A preferred stockAccumulated other comprehensive income (loss) | Series C preferred stock | Series C preferred stockPreferred stock | Series C preferred stockCommon stock | Series C preferred stockSurplus | Series C preferred stockTreasury stock | Series C preferred stockRetained earnings | Series C preferred stockAccumulated other comprehensive income (loss) |
Balance at Dec. 31, 2012 | $ 1,804,705 | $ 176,406 | $ 37,108 | $ 1,036,295 | $ (7,838) | $ 555,023 | $ 7,711 | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||
Net income | 137,210 | 0 | 0 | 0 | 0 | 137,210 | 0 | ||||||||||||||
Other comprehensive income (loss), net of tax | (70,747) | 0 | 0 | 0 | 0 | 0 | (70,747) | ||||||||||||||
Cash dividends declared on common stock | (6,903) | 0 | 0 | 0 | 0 | (6,903) | 0 | ||||||||||||||
Dividends on preferred stock | (8,325) | 0 | 0 | 0 | 0 | (8,325) | 0 | ||||||||||||||
Accretion on preferred stock | 0 | 70 | 0 | 0 | 0 | (70) | 0 | ||||||||||||||
Stock-based compensation | 6,799 | 0 | 0 | 6,799 | 0 | 0 | 0 | ||||||||||||||
Conversion of Series A C preferred stock to common stock | $ 0 | $ (49,976) | $ 1,944 | $ 48,032 | $ 0 | $ 0 | $ 0 | $ 0 | $ (23) | $ 1 | $ 22 | $ 0 | $ 0 | $ 0 | |||||||
Settlement of prepaid common stock purchase contracts | 0 | 0 | 5,870 | (14,212) | 8,342 | 0 | 0 | ||||||||||||||
Common stock issued for: | |||||||||||||||||||||
Acquisitions | 23,070 | 0 | 648 | 22,422 | 0 | 0 | 0 | ||||||||||||||
Exercise of stock options and warrants | 10,770 | 0 | 372 | 13,613 | (3,215) | 0 | 0 | ||||||||||||||
Restricted stock awards | 38 | 0 | 145 | 182 | (289) | 0 | 0 | ||||||||||||||
Employee stock purchase plan | 2,459 | 0 | 62 | 2,397 | 0 | 0 | |||||||||||||||
Director compensation plan | 1,513 | 0 | 31 | 1,482 | 0 | 0 | |||||||||||||||
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 | 151,398 | 0 | 0 | 0 | 0 | 151,398 | |||||||||||||||
Other comprehensive income (loss), net of tax | 25,704 | 0 | 0 | 0 | 0 | 25,704 | |||||||||||||||
Cash dividends declared on common stock | (18,610) | 0 | 0 | 0 | 0 | (18,610) | |||||||||||||||
Dividends on preferred stock | (6,323) | 0 | 0 | 0 | 0 | (6,323) | |||||||||||||||
Stock-based compensation | 7,754 | 0 | 0 | 7,754 | 0 | 0 | |||||||||||||||
Conversion of Series A C preferred stock to common stock | 0 | (10) | 1 | 9 | 0 | 0 | 0 | ||||||||||||||
Common stock issued for: | |||||||||||||||||||||
Exercise of stock options and warrants | 4,639 | 0 | 538 | 4,414 | (313) | 0 | 0 | ||||||||||||||
Restricted stock awards | 18 | 0 | 76 | 178 | (236) | 0 | 0 | ||||||||||||||
Employee stock purchase plan | 3,004 | 0 | 65 | 2,939 | 0 | 0 | 0 | ||||||||||||||
Director compensation plan | 1,649 | 0 | 20 | 1,629 | 0 | 0 | |||||||||||||||
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 | 156,749 | 0 | 0 | 0 | 0 | 156,749 | 0 | ||||||||||||||
Other comprehensive income (loss), net of tax | (25,376) | 0 | 0 | 0 | 0 | 0 | (25,376) | ||||||||||||||
Cash dividends declared on common stock | (21,069) | 0 | 0 | 0 | 0 | (21,069) | 0 | ||||||||||||||
Dividends on preferred stock | (10,869) | 0 | 0 | 0 | 0 | (10,869) | 0 | ||||||||||||||
Stock-based compensation | 9,656 | 0 | 0 | 9,656 | 0 | 0 | 0 | ||||||||||||||
Issuance of Series D preferred stock | 120,842 | 125,000 | 0 | (4,158) | 0 | 0 | 0 | ||||||||||||||
Conversion of Series A C preferred stock to common stock | $ 0 | $ (180) | $ 4 | $ 176 | $ 0 | $ 0 | $ 0 | ||||||||||||||
Common stock issued for: | |||||||||||||||||||||
Acquisitions | 38,723 | 0 | 811 | 37,912 | 0 | 0 | 0 | ||||||||||||||
Exercise of stock options and warrants | 9,606 | 0 | 587 | 9,149 | (130) | 0 | 0 | ||||||||||||||
Restricted stock awards | (243) | 0 | 108 | (57) | (294) | 0 | 0 | ||||||||||||||
Employee stock purchase plan | 2,750 | 0 | 58 | 2,692 | 0 | 0 | 0 | ||||||||||||||
Director compensation plan | 1,683 | 0 | 20 | 1,663 | 0 | 0 | 0 | ||||||||||||||
Balance at Dec. 31, 2015 | $ 2,352,274 | $ 251,287 | $ 48,469 | $ 1,190,988 | $ (3,973) | $ 928,211 | $ (62,708) |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Activities: | |||
Net income | $ 156,749 | $ 151,398 | $ 137,210 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Provision for credit losses | 32,942 | 20,537 | 46,033 |
Depreciation and amortization | 36,671 | 32,117 | 26,180 |
Deferred income tax expense | 23,054 | 4,125 | 1,539 |
Stock-based compensation expense | 9,656 | 7,754 | 6,799 |
Excess tax benefits from stock-based compensation arrangements | (744) | (444) | (474) |
Net amortization of premium on securities | 3,398 | 1,498 | 2,934 |
Accretion of discounts on loans | (34,378) | (42,539) | (34,273) |
Mortgage servicing rights fair value change, net | (213) | 1,428 | (1,739) |
Originations and purchases of mortgage loans held-for-sale | (3,903,777) | (3,182,684) | (3,708,364) |
Proceeds from sales of mortgage loans held-for-sale | 3,971,724 | 3,241,489 | 3,862,030 |
Bank owned life insurance income, net of claims | (3,146) | (2,701) | (3,446) |
Decrease (increase) in trading securities, net | 758 | (709) | 86 |
Net (increase) decrease in brokerage customer receivables | (3,410) | 6,732 | (6,089) |
Gains on mortgage loans sold | (104,695) | (75,768) | (75,793) |
(Gains) losses on available-for-sale securities, net | (323) | 504 | 3,000 |
Loss on sales of premises and equipment, net | 807 | 644 | 23 |
Net (gains) losses on sales and fair value adjustments of other real estate owned | (350) | 3,735 | 136 |
(Increase) decrease in accrued interest receivable and other assets, net | (147,063) | 77,409 | 53,166 |
Decrease in accrued interest payable and other liabilities, net | 292 | (38,902) | (21,749) |
Net Cash Provided by Operating Activities | 37,952 | 205,623 | 287,209 |
Investing Activities: | |||
Proceeds from maturities of available-for-sale securities | 506,798 | 431,347 | 295,807 |
Proceeds from maturities of held-to-maturity securities | 55 | 0 | 0 |
Proceeds from sales of available-for-sale securities | 1,515,559 | 852,330 | 138,274 |
Proceeds from calls of held-to-maturity securities | 770 | 0 | 0 |
Purchases of available-for-sale securities | (2,092,652) | (1,597,587) | (489,131) |
Purchases of held-to-maturity securities | (22,892) | 0 | 0 |
(Purchase) redemption of Federal Home Loan Bank and Federal Reserve Bank stock, net | (9,999) | (12,321) | 303 |
Net cash (paid) received for acquisitions | (15,428) | 228,946 | (14,491) |
Divestiture of operations | 0 | 0 | (149,100) |
Proceeds from sales of other real estate owned | 50,405 | 92,620 | 100,162 |
Proceeds received from the FDIC related to reimbursements on covered assets | 1,859 | 19,999 | 53,443 |
Net decrease (increase) in interest-bearing deposits with banks | 531,396 | (502,863) | 643,626 |
Net increase in loans | (2,066,666) | (1,311,927) | (747,420) |
Redemption of bank owned life insurance | 2,701 | 0 | 0 |
Purchases of premises and equipment, net | (43,459) | (38,136) | (37,694) |
Net Cash Used for Investing Activities | (1,641,553) | (1,837,592) | (206,221) |
Financing Activities: | |||
Increase (decrease) in deposit accounts | 1,381,425 | 1,217,396 | (78,946) |
Increase (decrease) in other borrowings, net | 44,685 | (58,639) | (22,396) |
Increase (decrease) in Federal Home Loan Bank advances, net | 115,186 | 315,550 | (18,000) |
Proceeds from issuance of subordinated notes, net | 0 | 139,090 | 0 |
Repayment of subordinated notes | 0 | 0 | (15,000) |
Excess tax benefits from stock-based compensation arrangements | 744 | 444 | 474 |
Net proceeds from issuance of Series D preferred stock | 120,842 | 0 | 0 |
Issuance of common shares resulting from exercise of stock options, employee stock purchase plan and conversion of common stock warrants | 16,119 | 10,453 | 19,113 |
Common stock repurchases | (424) | (549) | (3,504) |
Dividends paid | (29,888) | (24,933) | (13,893) |
Net Cash Provided by (Used for) Financing Activities | 1,648,689 | 1,598,812 | (132,152) |
Net Increase (Decrease) in Cash and Cash Equivalents | 45,088 | (33,157) | (51,164) |
Cash and Cash Equivalents at Beginning of Period | 230,707 | 263,864 | 315,028 |
Cash and Cash Equivalents at End of Period | 275,795 | 230,707 | 263,864 |
Cash paid during the year for: | |||
Interest | 77,737 | 73,334 | 83,395 |
Income taxes, net | 94,723 | 72,575 | 97,703 |
Acquisitions: | |||
Fair value of assets acquired, including cash and cash equivalents | 1,187,115 | 475,398 | 559,694 |
Value ascribed to goodwill and other intangible assets | 79,879 | 37,526 | 35,056 |
Fair value of liabilities assumed | 1,033,219 | 405,801 | 511,603 |
Non-cash activities | |||
Transfer of available-for-sale securities to held-to-maturity securities | 862,712 | 0 | 0 |
Transfer to other real estate owned from loans | 28,565 | 52,102 | 81,526 |
Common stock issued for acquisitions | $ 38,723 | $ 0 | $ 23,070 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies The accounting and reporting policies of Wintrust Financial Corporation ("Wintrust" or the "Company") and its subsidiaries conform to generally accepted accounting principles in the United States and prevailing practices of the banking industry. In the preparation of the consolidated financial statements, management is required to make certain estimates and assumptions that affect the reported amounts contained in the consolidated financial statements. Management believes that the estimates made are reasonable; however, changes in estimates may be required if economic or other conditions change beyond management’s expectations. Reclassifications of certain prior year amounts have been made to conform to the current year presentation. The following is a summary of the Company’s significant accounting policies. Principles of Consolidation The consolidated financial statements of Wintrust include the accounts of the Company and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements. Earnings per Share Basic earnings per share is computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. The weighted-average number of common shares outstanding is increased by the assumed conversion of outstanding convertible preferred stock and tangible equity unit shares from the beginning of the year or date of issuance, if later, and the number of common shares that would be issued assuming the exercise of stock options, the issuance of restricted shares and stock warrants using the treasury stock method. The adjustments to the weighted-average common shares outstanding are only made when such adjustments will dilute earnings per common share. Net income applicable to common shares used in the diluted earnings per share calculation can be affected by the conversion of the Company's 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 The Company accounts for business combinations under the acquisition method of accounting in accordance with ASC 805, “Business Combinations” (“ASC 805”). The Company recognizes the fair value of the assets acquired and liabilities assumed, immediately expenses transaction costs and accounts for restructuring plans separately from the business combination. There is no separate recognition of the acquired allowance for loan losses on the acquirer’s balance sheet as credit related factors are incorporated directly into the fair value of the loans recorded at the acquisition date. The excess of the cost of the acquisition over the fair value of the net tangible and intangible assets acquired is recorded as goodwill. Alternatively, a gain is recorded equal to the amount by which the fair value of assets purchased exceeds the fair value of liabilities assumed and consideration paid. Results of operations of the acquired business are included in the income statement from the effective date of acquisition. Cash Equivalents For purposes of the consolidated statements of cash flows, Wintrust considers 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, to be cash equivalents. Securities The Company classifies securities upon purchase in one of three categories: trading, held-to-maturity, or available-for-sale. Debt and equity securities held for resale are classified as trading securities. Debt securities for which the Company has the ability and positive intent to hold until maturity are classified as held-to-maturity. All other securities are classified as available-for-sale as they may be sold prior to maturity in response to changes in the Company’s interest rate risk profile, funding needs, demand for collateralized deposits by public entities or other reasons. Held-to-maturity securities are stated at amortized cost, which represents actual cost adjusted for premium amortization and discount accretion using methods that approximate the effective interest method. Available-for-sale securities are stated at fair value, with unrealized gains and losses, net of related taxes, included in shareholders’ equity as a separate component of other comprehensive income. Trading account securities are stated at fair value. Realized and unrealized gains and losses from sales and fair value adjustments are included in other non-interest income. Declines in the fair value of held-to-maturity and available-for-sale investment securities (with certain exceptions for debt securities noted below) that are deemed to be other-than-temporary are charged to earnings as a realized loss, and a new cost basis for the securities is established. In evaluating other-than-temporary impairment, management considers the length of time and extent to which the fair value has been less than cost, the financial condition and near-term prospects of the issuer, and the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value in the near term. Declines in the fair value of debt securities below amortized cost are deemed to be other-than-temporary in circumstances where: (1) the Company has the intent to sell a security; (2) it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis; or (3) the Company does not expect to recover the entire amortized cost basis of the security. If the Company intends to sell a security or if it is more likely than not that the Company will be required to sell the security before recovery, an other-than-temporary impairment write-down is recognized in earnings equal to the difference between the security’s amortized cost basis and its fair value. If an entity does not intend to sell the security or it is not more likely than not that it will be required to sell the security before recovery, the other-than-temporary impairment write-down is separated into an amount representing credit loss, which is recognized in earnings, and an amount related to all other factors, which is recognized in other comprehensive income. Interest and dividends, including amortization of premiums and accretion of discounts, are recognized as interest income when earned. Realized gains and losses on sales (using the specific identification method) and declines in value judged to be other-than-temporary are included in non-interest income. Federal Home Loan Bank and Federal Reserve Bank Stock Investments in Federal Home Loan Bank and Federal Reserve Bank stock are restricted as to redemption and are carried at cost. Securities Purchased Under Resale Agreements and Securities Sold Under Repurchase Agreements Securities purchased under resale agreements and securities sold under repurchase agreements are generally treated as collateralized financing transactions and are recorded at the amount at which the securities were acquired or sold plus accrued interest. Securities, generally U.S. government and Federal agency securities, pledged as collateral under these financing arrangements cannot be sold by the secured party. The fair value of collateral either received from or provided to a third party is monitored and additional collateral is obtained or requested to be returned as deemed appropriate. Brokerage Customer Receivables The Company, under an agreement with an out-sourced securities clearing firm, extends credit to its brokerage customers to finance their purchases of securities on margin. The Company receives income from interest charged on such extensions of credit. Brokerage customer receivables represent amounts due on margin balances. Securities owned by customers are held as collateral for these receivables. Mortgage Loans Held-for-Sale Mortgage loans are classified as held-for-sale when originated or acquired with the intent to sell the loan into the secondary market. Market conditions or other developments may change management’s intent with respect to the disposition of these loans and loans previously classified as mortgage loans held-for-sale may be reclassified to the loan portfolio, with the balance transferred at the lower of cost or market. ASC 825, “Financial Instruments” provides entities with an option to report selected financial assets and liabilities at fair value. Mortgage loans originated by Wintrust Mortgage are measured at fair value which is determined by reference to investor prices for loan products with similar characteristics. Changes in fair value are recognized in mortgage banking revenue. Loans, Allowance for Loan Losses, Allowance for Covered Loan Losses and Allowance for Losses on Lending-Related Commitments Loans are generally reported at the principal amount outstanding, net of unearned income. Interest income is recognized when earned. Loan origination fees and certain direct origination costs are deferred and amortized over the expected life of the loan as an adjustment to the yield using methods that approximate the effective interest method. Finance charges on premium finance receivables are earned over the term of the loan, using a method which approximates the effective yield method. Interest income is not accrued on loans where management has determined that the borrowers may be unable to meet contractual principal and/or interest obligations, or where interest or principal is 90 days or more past due, unless the loans are adequately secured and in the process of collection. Cash receipts on non-accrual loans are generally applied to the principal balance until the remaining balance is considered collectible, at which time interest income may be recognized when received. The Company maintains its allowance for loan losses at a level believed appropriate by management to absorb probable losses inherent in the loan portfolio and is based on the size and current risk characteristics of the loan portfolio, an assessment of internal problem loan reporting system loans and actual loss experience, changes in the composition of the loan portfolio, historical loss experience, changes in lending policies and procedures, including underwriting standards and collections, charge-off and recovery practices, changes in experience, ability and depth of lending management and staff, changes in national and local economic and business conditions and developments, including the condition of various market segments and changes in the volume and severity of past due and classified loans and trends in the volume of non-accrual loans, troubled debt restructurings and other loan modifications. The allowance for loan losses also includes an element for estimated probable but undetected losses and for imprecision in the credit risk models used to calculate the allowance. Loans with a credit risk rating of a 6 through 9 are reviewed on a monthly basis to determine if (a) an amount is deemed uncollectible (a charge-off) or (b) it is probable that the Company will be unable to collect amounts due in accordance with the original contractual terms of the loan (an impaired loan). If a loan is impaired, 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 less the estimated cost to sell. Any shortfall is recorded as a specific reserve. For loans with a credit risk rating of 7 or better that are not considered impaired loans, reserves are established based on the type of loan collateral, if any, and the assigned credit risk rating. Determination of the allowance is inherently subjective as it requires significant estimates, including the amounts and timing of expected future cash flows on impaired loans, estimated losses on pools of homogeneous loans based on the average historical loss experience, and consideration of current environmental factors and economic trends, all of which may be susceptible to significant change. Loan losses are charged off against the allowance, while recoveries are credited to the allowance. A provision for credit losses is charged to income based on management’s periodic evaluation of the factors previously mentioned, as well as other pertinent factors. Evaluations are conducted at least quarterly and more frequently if deemed necessary. Under accounting guidance applicable to loans acquired with evidence of credit quality deterioration since origination, the excess of cash flows expected at acquisition over the estimated fair value is referred to as the accretable yield and is recognized in interest income over the remaining estimated life of the loans, using the effective-interest method. The difference between contractually required payments at acquisition and the cash flows expected to be collected at acquisition is referred to as the nonaccretable difference. Changes in the expected cash flows from the date of acquisition will either impact the accretable yield or result in a charge to the provision for credit losses. Subsequent decreases to expected principal cash flows will result in a charge to provision for credit losses and a corresponding increase to allowance for loan losses. Subsequent increases in expected principal cash flows will result in recovery of any previously recorded allowance for loan losses, to the extent applicable, and a reclassification from nonaccretable difference to accretable yield for any remaining increase. All changes in expected interest cash flows, including the impact of prepayments, will result in reclassifications to/from nonaccretable differences. In estimating expected losses, the Company evaluates loans for impairment in accordance ASC 310, “Receivables.” A loan is considered impaired when, based on current information and events, it is probable that a creditor will be unable to collect all amounts due pursuant to the contractual terms of the loan. Impaired loans include non-accrual loans, restructured loans or loans with principal and/or interest at risk, even if the loan is current with all payments of principal and interest. 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 less costs to sell. If the estimated fair value of the loan is less than the recorded book value, a valuation allowance is established as a component of the 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. The Company also maintains an allowance for lending-related commitments, specifically unfunded loan commitments and letters of credit, to provide for the risk of loss inherent in these arrangements. The allowance is computed using a methodology similar to that used to determine the allowance for loan losses. This allowance is included in other liabilities on the statement of condition while the corresponding provision for these losses is recorded as a component of the provision for credit losses. Mortgage Servicing Rights Mortgage Servicing Rights (“MSRs”) are recorded in the Consolidated Statements of Condition at fair value in accordance with ASC 860, “Transfers and Servicing.” The Company originates mortgage loans for sale to the secondary market, the majority of which are sold without retaining servicing rights. There are certain loans, however, that are originated and sold with servicing rights retained. MSRs associated with loans originated and sold, where servicing is retained, are capitalized at the time of sale at fair value based on the future net cash flows expected to be realized for performing the servicing activities, and included in other assets in the Consolidated Statements of Condition. The change in the fair value of MSRs is recorded as a component of mortgage banking revenue in non-interest income in the Consolidated Statements of Income. A third party valuation is obtained for purposes of measuring fair value related to a portion of MSRs. This third party valuation stratifies the servicing rights into pools based on homogenous characteristics, such as 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. Estimates of fair value include assumptions about prepayment speeds, interest rates and other factors which are subject to change over time. Changes in these underlying assumptions could cause the fair value of MSRs to change significantly in the future. Premises and Equipment Premises and equipment, including leasehold improvements, are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the related assets. Useful lives range from two to 12 years for furniture, fixtures and equipment, two to five years for software and computer-related equipment and seven to 39 years for buildings and improvements. Land improvements are amortized over a period of 15 years and leasehold improvements are amortized over the shorter of the useful life of the improvement or the term of the respective lease including any lease renewals deemed to be reasonably assured. Land and antique furnishings and artwork are not subject to depreciation. Expenditures for major additions and improvements are capitalized, and maintenance and repairs are charged to expense as incurred. Internal costs related to the configuration and installation of new software and the modification of existing software that provides additional functionality are capitalized. Long-lived depreciable assets are evaluated periodically for impairment when events or changes in circumstances indicate the carrying amount may not be recoverable. Impairment exists when the expected undiscounted future cash flows of a long-lived asset are less than its carrying value. In that event, a loss is recognized for the difference between the carrying value and the estimated fair value of the asset based on a quoted market price, if applicable, or a discounted cash flow analysis. Impairment losses are recognized in other non-interest expense. FDIC Loss Share Asset (Liability) In conjunction with FDIC-assisted transactions, the Company entered into loss share agreements with the FDIC. These agreements cover losses incurred with respect to loans, foreclosed real estate and certain other assets. The loss share assets and liabilities 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 and liabilities are recorded as FDIC indemnification assets and other liabilities on the Consolidated Statements of Condition. Subsequent to the acquisition date, reimbursements received from the FDIC for actual incurred losses will reduce the FDIC loss share 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 loss share assets and, if necessary, increase any loss share liability when necessary reductions exceed the current value of the FDIC loss share assets. In accordance with certain clawback provisions, the Company may be required to reimburse the FDIC when actual losses are less than certain thresholds established for each loss share agreement. The balance of these estimated reimbursements and any related amortization are adjusted periodically for changes in the expected losses on covered assets. On the Consolidated Statements of Condition, estimated reimbursements from clawback provisions are recorded as a reduction to the FDIC loss share assets or, if necessary, an increase to the loss share liability. 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 the recognition of an allowance for loan losses, will increase the FDIC loss share assets. The corresponding amortization or accretion is recorded as a component of non-interest income on the Consolidated Statements of Income. 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. Any excess of the related loan balance over the fair value less expected selling costs is charged to the allowance for loan losses. In contrast, any excess of the fair value less expected selling costs over the related loan balance is recorded as a recovery of prior charge-offs on the loan and, if any portion of the excess exceeds prior charge-offs, as an increase to earnings. 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. At December 31, 2015 and 2014, other real estate owned, excluding covered other real estate owned, totaled $43.9 million and $45.6 million , respectively. Goodwill and Other Intangible Assets Goodwill represents the excess of the cost of an acquisition over the fair value of net assets acquired. Other intangible assets represent purchased assets that also lack physical substance but can be distinguished from goodwill because of contractual or other legal rights or because the asset is capable of being sold or exchanged either on its own or in combination with a related contract, asset or liability. In accordance with accounting standards, goodwill is not amortized, but rather is tested for impairment on an annual basis or more frequently when events warrant, using a qualitative or quantitative approach. Intangible assets which have finite lives are amortized over their estimated useful lives and also are subject to impairment testing. All of the Company’s other intangible assets have finite lives and are amortized over varying periods not exceeding twenty years. Bank-Owned Life Insurance The Company owns BOLI on certain executives. BOLI balances are recorded at their cash surrender values and are included in other assets. Changes in the cash surrender values are included in non-interest income. At December 31, 2015 and 2014 , BOLI totaled $136.2 million and $121.4 million , respectively. Derivative Instruments The Company enters into derivative transactions principally to protect against the risk of adverse price or interest rate movements on the future cash flows or the value of certain assets and liabilities. The Company is also required to recognize certain contracts and commitments, including certain commitments to fund mortgage loans held-for-sale, as derivatives when the characteristics of those contracts and commitments meet the definition of a derivative. The Company accounts for derivatives in accordance with ASC 815, “Derivatives and Hedging”, which requires that all derivative instruments be recorded in the statement of condition at fair value. The accounting for changes in the fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and further, on the type of hedging relationship. Derivative instruments designated in a hedge relationship to mitigate exposure to changes in the fair value of an asset or liability attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivative instruments designated in a hedge relationship to mitigate exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Formal documentation of the relationship between a derivative instrument and a hedged asset or liability, as well as the risk-management objective and strategy for undertaking each hedge transaction and an assessment of effectiveness is required at inception to apply hedge accounting. In addition, formal documentation of ongoing effectiveness testing is required to maintain hedge accounting. Fair value hedges are accounted for by recording the changes in the fair value of the derivative instrument and the changes in the fair value related to the risk being hedged of the hedged asset or liability on the statement of condition with corresponding offsets recorded in the income statement. The adjustment to the hedged asset or liability is included in the basis of the hedged item, while the fair value of the derivative is recorded as a freestanding asset or liability. Actual cash receipts or payments and related amounts accrued during the period on derivatives included in a fair value hedge relationship are recorded as adjustments to the interest income or expense recorded on the hedged asset or liability. Cash flow hedges are accounted for by recording the changes in the fair value of the derivative instrument on the statement of condition as either a freestanding asset or liability, with a corresponding offset recorded in other comprehensive income within shareholders’ equity, net of deferred taxes. Amounts are reclassified from accumulated other comprehensive income to interest expense in the period or periods the hedged forecasted transaction affects earnings. Under both the fair value and cash flow hedge scenarios, changes in the fair value of derivatives not considered to be highly effective in hedging the change in fair value or the expected cash flows of the hedged item are recognized in earnings as non-interest income during the period of the change. Derivative instruments that are not designated as hedges according to accounting guidance are reported on the statement of condition at fair value and the changes in fair value are recognized in earnings as non-interest income during the period of the change. Commitments to fund mortgage loans (i.e. interest rate locks) to be sold into the secondary market and forward commitments for the future delivery of these mortgage loans are accounted for as derivatives and are not designated in hedging relationships. Fair values of these mortgage derivatives are estimated based on changes in mortgage rates from the date of the commitments. Changes in the fair values of these derivatives are included in mortgage banking revenue. Forward currency contracts used to manage foreign exchange risk associated with certain assets are accounted for as derivatives and are not designated in hedging relationships. Foreign currency derivatives are recorded at fair value based on prevailing currency exchange rates at the measurement date. Changes in the fair values of these derivatives resulting from fluctuations in currency rates are recognized in earnings as non-interest income during the period of change. Periodically, the Company sells options to an unrelated 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 as an economic hedge to compensate for net interest margin compression by increasing the total return associated with holding the related securities as earning assets by using fee income generated from these options. These transactions are not designated in hedging relationships pursuant to accounting guidance and, accordingly, changes in fair values of these contracts, are reported in other non-interest income. There were no covered call option contracts outstanding as of December 31, 2015 and 2014. Trust Assets, Assets Under Management and Brokerage Assets Assets held in fiduciary or agency capacity for customers are not included in the consolidated financial statements as they are not assets of Wintrust or its subsidiaries. Fee income is recognized on an accrual basis and is included as a component of non-interest income. Income Taxes Wintrust and its subsidiaries file a consolidated Federal income tax return. Income tax expense is based upon income in the consolidated financial statements rather than amounts reported on the income tax return. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using currently enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized as an income tax benefit or income tax expense in the period that includes the enactment date. Positions taken in the Company’s tax returns may be subject to challenge by the taxing authorities upon examination. In accordance with applicable accounting guidance, uncertain tax positions are initially recognized in the financial statements when it is more likely than not the positions will be sustained upon examination by the tax authorities. Such tax positions are both initially and subsequently measured as the largest amount of tax benefit that is greater than 50% likely being realized upon settlement with the tax authority, assuming full knowledge of the position and all relevant facts. Interest and penalties on income tax uncertainties are classified within income tax expense in the income statement. Stock-Based Compensation Plans In accordance with ASC 718, “Compensation — Stock Compensation”, compensation cost is measured as the fair value of the awards on their date of grant. A Black-Scholes model is utilized to estimate the fair value of stock options and the market price of the Company’s stock at the date of grant is used to estimate the fair value of restricted stock awards. Compensation cost is recognized over the required service period, generally defined as the vesting period. For awards with graded vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. Accounting guidance requires the recognition of stock based compensation for the number of awards that are ultimately expected to vest. As a result, recognized compensation expense for stock options and restricted share awards is reduced for estimated forfeitures prior to vesting. Forfeitures rates are estimated for each type of award based on historical forfeiture experience. Estimated forfeitures will be reassessed in subsequent periods and may change based on new facts and circumstances. The Company issues new shares to satisfy option exercises and vesting of restricted shares. Comprehensive Income Comprehensive income consists of net income and other comprehensive income. Other comprehensive income includes unrealized gains and losses on available-for-sale securities, net of deferred taxes, changes in deferred gains and losses on investment securities transferred from available-for-sale securities to held-to-maturity securities, net of deferred taxes, adjustments related to cash flow hedges, net of deferred taxes and foreign currency translation adjustments, net of taxes. Stock Repurchases The Company periodically repurchases shares of its outstanding common stock through open market purchases or |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements 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 the time ASU No. 2014-09 was issued, the guidance was effective for fiscal years beginning after December 15, 2016. In July 2015, the FASB approved a deferral of 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 does not expect this guidance to have a material impact on the Company’s 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 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. Additionally, in August 2015, the FASB issued ASU No. 2015-15, "Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting," to further clarify the the presentation of debt issuance costs related to line-of-credit agreements. This ASU states the SEC would not object to an entity deferring and presenting debt issuance costs related to line-of-credit agreements as an asset on the balance sheet and subsequently amortizing these costs ratably over the term of the agreement, regardless of any outstanding borrowing under the line-of-credit agreement. 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 In September 2015, the FASB issued ASU No. 2015-16, "Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments," to simplify the accounting for subsequent adjustments made to provisional amounts recognized at the acquisition date of a business combination. This ASU eliminates the requirement to retrospectively account for these adjustment for all prior periods impacted. The acquirer is required to recognize these adjustments identified during the measurement period in the reporting period in which the adjustment amount is determined. Additionally, the ASU requires an entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings that would have been recorded in previous reporting periods if the adjustment had been recognized at the acquisition date. This guidance is effective for fiscal years beginning after December 15, 2015 and is to be applied prospectively. The Company does not expect this guidance to have a material impact on the Company’s consolidated financial statements. Financial Instruments In January 2016, the FASB issued ASU No. 2016-01, "Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities," to improve the accounting for financial instruments. This ASU requires equity investments with readily determinable fair values to be measured at fair value with changes recognized in net income regardless of classification. For equity investments without a readily determinable fair value, the value of the investment would be measured at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer instead of fair value, unless a qualitative assessment indicates impairment. Additionally, this ASU requires the separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements. This guidance is effective for fiscal years beginning after December 15, 2017 and is to be applied prospectively with a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The Company is currently evaluating the impact of adopting this new guidance on the consolidated financial statements. Leases In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)," to improve transparency and comparability across entities regarding leasing arrangements. This ASU requires the recognition of a separate lease liability representing the required lease payments over the lease term and a separate lease asset representing the right to use the underlying asset during the same lease term. Additionally, this ASU provides clarification regarding the identification of certain components of contracts that would represent a lease as well as requires additional disclosures to the notes of the financial statements. This guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, and is to be applied under a modified retrospective approach, including the option to apply certain practical expedients. The Company is currently evaluating the impact of adopting this new guidance on the consolidated financial statements. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities A summary of the available-for-sale and held-to-maturity securities portfolios presenting carrying amounts and gross unrealized gains and losses as of December 31, 2015 and 2014 is as follows: December 31, 2015 December 31, 2014 (Dollars in thousands) Amortized Cost Gross unrealized gains Gross unrealized losses Fair Value Amortized Cost Gross unrealized gains Gross unrealized losses Fair Value Available-for-sale securities U.S. Treasury $ 312,282 $ — $ (5,553 ) $ 306,729 $ 388,713 $ 84 $ (6,992 ) $ 381,805 U.S. Government agencies 70,313 198 (275 ) 70,236 686,106 4,113 (21,903 ) 668,316 Municipal 105,702 3,249 (356 ) 108,595 234,951 5,318 (1,740 ) 238,529 Corporate notes: Financial issuers 80,014 1,510 (1,481 ) 80,043 129,309 2,006 (1,557 ) 129,758 Other 1,500 4 (2 ) 1,502 3,766 55 — 3,821 Mortgage-backed: (1) Mortgage-backed securities 1,069,680 3,834 (21,004 ) 1,052,510 271,129 5,448 (4,928 ) 271,649 Collateralized mortgage obligations 40,421 172 (506 ) 40,087 47,347 249 (535 ) 47,061 Equity securities 51,380 5,799 (493 ) 56,686 46,592 4,872 (325 ) 51,139 Total available-for-sale securities $ 1,731,292 $ 14,766 $ (29,670 ) $ 1,716,388 $ 1,807,913 $ 22,145 $ (37,980 ) $ 1,792,078 Held-to-maturity securities U.S. Government agencies $ 687,302 $ 4 $ (7,144 ) $ 680,162 $ — $ — $ — $ — Municipal 197,524 867 (442 ) 197,949 — — — — Total held-to-maturity securities $ 884,826 $ 871 $ (7,586 ) $ 878,111 $ — $ — $ — $ — (1) Consisting entirely of residential mortgage-backed securities, none of which are subprime. In 2015, the Company transferred $862.7 million of investment securities with an unrealized loss of $14.4 million from the available-for-sale classification to the held-to-maturity classification. No investment securities were transferred from the available-for-sale classification to the held-to-maturity classification in 2014. The following table presents the portion of the Company’s available-for-sale and held-to-maturity securities portfolios which has gross unrealized losses, reflecting the length of time that individual securities have been in a continuous unrealized loss position at December 31, 2015 : Continuous unrealized losses existing for less than 12 months Continuous unrealized losses existing for greater than 12 months Total (Dollars in thousands) Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses Available-for-sale securities U.S. Treasury $ 306,729 $ (5,553 ) $ — $ — $ 306,729 $ (5,553 ) U.S. Government agencies 56,193 (192 ) 8,434 (83 ) 64,627 (275 ) Municipal 24,673 (261 ) 3,680 (95 ) 28,353 (356 ) Corporate notes: Financial issuers 16,225 (266 ) 34,744 (1,215 ) 50,969 (1,481 ) Other 998 (2 ) — — 998 (2 ) Mortgage-backed: Mortgage-backed securities 835,086 (15,753 ) 121,249 (5,251 ) 956,335 (21,004 ) Collateralized mortgage obligations 12,782 (189 ) 9,196 (317 ) 21,978 (506 ) Equity securities 4,896 (77 ) 8,485 (416 ) 13,381 (493 ) Total available-for-sale securities $ 1,257,582 $ (22,293 ) $ 185,788 $ (7,377 ) $ 1,443,370 $ (29,670 ) Held-to-maturity securities U.S. Government agencies $ 450,800 $ (4,223 ) $ 235,518 $ (2,921 ) $ 686,318 $ (7,144 ) Municipal 51,933 (282 ) 29,192 (160 ) 81,125 (442 ) Total held-to-maturity securities $ 502,733 $ (4,505 ) $ 264,710 $ (3,081 ) $ 767,443 $ (7,586 ) The following table presents the portion of the Company’s available-for-sale and held-to-maturity securities portfolios which has gross unrealized losses, reflecting the length of time that individual securities have been in a continuous unrealized loss position at December 31, 2014 : Continuous unrealized losses existing for less than 12 months Continuous unrealized losses existing for greater than 12 months Total (Dollars in thousands) Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses Available-for-sale securities U.S. Treasury $ 97,395 $ (31 ) $ 193,187 $ (6,961 ) $ 290,582 $ (6,992 ) U.S. Government agencies 13,164 (120 ) 459,035 (21,783 ) 472,199 (21,903 ) Municipal 40,904 (315 ) 45,438 (1,425 ) 86,342 (1,740 ) Corporate notes: Financial issuers 1,311 (1 ) 57,624 (1,556 ) 58,935 (1,557 ) Other — — — — — — Mortgage-backed: Mortgage-backed securities 4,875 (60 ) 142,301 (4,868 ) 147,176 (4,928 ) Collateralized mortgage obligations 13,198 (13 ) 14,828 (522 ) 28,026 (535 ) Equity securities — — 9,462 (325 ) 9,462 (325 ) Total available-for-sale securities $ 170,847 $ (540 ) $ 921,875 $ (37,440 ) $ 1,092,722 $ (37,980 ) Held-to-maturity securities U.S. Government agencies $ — $ — $ — $ — $ — $ — Municipal — — — — — — Total held-to-maturity securities $ — $ — $ — $ — $ — $ — 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 December 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 U.S. government agencies and mortgage-backed securities. Unrealized losses recognized on corporate notes and mortgage-backed securities are the result of increases in yields for similar types of securities which have a longer duration and maturity. In 2013, the Company recorded an other-than-temporary impairment charge related to a money market preferred security. The Company recognized this charge because it estimated that it would not be able to recover its amortized basis prior to its anticipated sale of the security as a result of the Volcker Rule. 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: Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Realized gains $ 658 $ 405 $ 434 Realized losses (335 ) (909 ) (106 ) Net realized gains $ 323 $ (504 ) $ 328 Other than temporary impairment charges — — (3,328 ) Gains (losses) on available-for-sale securities, net $ 323 $ (504 ) $ (3,000 ) Proceeds from sales of available-for-sale securities, net $ 1,515,559 $ 852,330 $ 138,274 Net gains on available-for-sale securities resulted in income tax expense of $122,000 in 2015. Net losses on available-for-sale securities resulted in an income tax benefit included in income tax expense of $194,000 and $1.2 million in 2014 and 2013, respectively. The amortized cost and fair value of securities as of December 31, 2015 and December 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: December 31, 2015 December 31, 2014 (Dollars in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Available-for-sale securities Due in one year or less $ 160,856 $ 160,756 $ 285,596 $ 285,889 Due in one to five years 166,550 166,468 172,647 172,885 Due in five to ten years 228,652 225,699 331,389 325,644 Due after ten years 13,753 14,182 653,213 637,811 Mortgage-backed 1,110,101 1,092,597 318,476 318,710 Equity securities 51,380 56,686 46,592 51,139 Total available-for-sale securities $ 1,731,292 $ 1,716,388 $ 1,807,913 $ 1,792,078 Held-to-maturity securities Due in one year or less $ — $ — $ — $ — Due in one to five years 19,208 19,156 — — Due in five to ten years 96,454 96,091 — — Due after ten years 769,164 762,864 — — Total held-to-maturity securities $ 884,826 $ 878,111 $ — $ — At December 31, 2015 and December 31, 2014 , securities having a carrying value of $1.2 billion and $1.1 billion , respectively, were pledged as collateral for public deposits, trust deposits, FHLB advances, securities sold under repurchase agreements and derivatives. At December 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 | 12 Months Ended |
Dec. 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: (Dollars in thousands) December 31, 2015 December 31, 2014 Balance: Commercial $ 4,713,909 $ 3,924,394 Commercial real estate 5,529,289 4,505,753 Home equity 784,675 716,293 Residential real estate 607,451 483,542 Premium finance receivables—commercial 2,374,921 2,350,833 Premium finance receivables—life insurance 2,961,496 2,277,571 Consumer and other 146,376 151,012 Total loans, net of unearned income, excluding covered loans $ 17,118,117 $ 14,409,398 Covered loans 148,673 226,709 Total loans, net of unearned income $ 17,266,790 $ 14,636,107 Mix: Commercial 27 % 26 % Commercial real estate 32 31 Home equity 5 5 Residential real estate 3 3 Premium finance receivables—commercial 14 16 Premium finance receivables—life insurance 17 16 Consumer and other 1 1 Total loans, net of unearned income, excluding covered loans 99 % 98 % Covered loans 1 2 Total loans, net of unearned income 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 $56.7 million and $46.9 million at December 31, 2015 and 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 $(9.2) million and $330,000 at December 31, 2015 and 2014 , respectively. The net credit balance at December 31, 2015 is primarily the result of purchase accounting adjustments related to the various acquisitions during 2015. Certain real estate loans, including mortgage loans held-for-sale, and home equity loans with balances totaling approximately $3.8 billion and $3.6 billion at December 31, 2015 and 2014, respectively, were pledged as collateral to secure the availability of borrowings from certain federal agency banks. At December 31, 2015, approximately $3.2 billion of these pledged loans are included in a blanket pledge of qualifying loans to the FHLB. The remaining $579.2 million of pledged loans was used to secure potential borrowings at the Federal Reserve Bank discount window. At December 31, 2015 and 2014 , the banks borrowed $859.9 million and $733.1 million , respectively, from the FHLB in connection with these collateral arrangements. See Note 11 – Federal Home Loan Bank Advances for a summary of these borrowings. 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 assure 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: December 31, 2015 December 31, 2014 (Dollars in thousands) Unpaid Principal Balance Carrying Value Unpaid Principal Balance Carrying Value Bank acquisitions $ 326,470 $ 271,260 $ 285,809 $ 227,229 Life insurance premium finance loans acquisition 372,738 368,292 399,665 393,479 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) North Bank CBWGE Suburban Delavan Contractually required payments including interest $ 8,563 $ 38,656 $ 95,804 $ 15,791 Less: Nonaccretable difference 1,027 4,437 13,888 1,442 Cash flows expected to be collected (1) $ 7,536 $ 34,219 $ 81,916 $ 14,349 Less: Accretable yield 866 2,895 5,334 898 Fair value of PCI loans acquired $ 6,670 $ 31,324 $ 76,582 $ 13,451 (1) Represents undiscounted expected principal and interest cash at acquisition. See Note 5 - 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 December 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. Years Ended December 31, (Dollars in thousands) 2015 2014 Accretable yield, beginning balance $ 79,102 $ 115,909 Acquisitions 9,993 — Accretable yield amortized to interest income (24,115 ) (36,956 ) Accretable yield amortized to indemnification asset (1) (13,495 ) (30,691 ) Reclassification from non-accretable difference (2) 7,390 35,967 Increases (decreases) in interest cash flows due to payments and changes in interest rates 5,027 (5,127 ) Accretable yield, ending balance (3) $ 63,902 $ 79,102 (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 December 31, 2015, the Company estimates that the remaining accretable yield balance to be amortized to the indemnification asset for the bank acquisitions is $6.6 million . The remainder of the accretable yield related to bank acquisitions is expected to be amortized to interest income. Accretion to interest income from acquired loans totaled $24.1 million and $37.0 million in 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 Allow
Allowance for Loan Losses Allowance for Losses on Lending-Related Commitments and Impaired Loans | 12 Months Ended |
Dec. 31, 2015 | |
Loans and Leases Receivable, Allowance [Abstract] | |
Allowance for Credit Losses [Text Block] | 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 December 31, 2015 and 2014 : As of December 31, 2015 (Dollars in thousands) Nonaccrual 90+ days and still accruing 60-89 days past due 30-59 days past due Current Total Loans Loan Balances: Commercial Commercial and industrial $ 12,416 $ 6 $ 6,749 $ 12,930 $ 2,819,253 $ 2,851,354 Franchise — — — — 245,228 245,228 Mortgage warehouse lines of credit — — — — 222,806 222,806 Community Advantage — homeowners association — — — — 130,986 130,986 Aircraft 288 — — — 5,039 5,327 Asset-based lending 8 — 3,864 1,844 736,968 742,684 Tax exempt — — — — 267,273 267,273 Leases — 535 748 4,192 220,599 226,074 Other — — — — 3,588 3,588 PCI - commercial (1) — 892 — 2,510 15,187 18,589 Total commercial $ 12,712 $ 1,433 $ 11,361 $ 21,476 $ 4,666,927 $ 4,713,909 Commercial real estate: Residential construction $ 273 $ — $ — $ 45 $ 70,063 $ 70,381 Commercial construction 33 — 1,371 1,600 285,275 288,279 Land 1,751 — — 120 76,546 78,417 Office 4,619 — 764 3,817 853,801 863,001 Industrial 9,564 — 1,868 1,009 715,207 727,648 Retail 1,760 — 442 2,310 863,887 868,399 Multi-family 1,954 — 597 6,568 733,230 742,349 Mixed use and other 6,691 — 6,723 7,215 1,712,187 1,732,816 PCI - commercial real estate (1) — 22,111 4,662 16,559 114,667 157,999 Total commercial real estate $ 26,645 $ 22,111 $ 16,427 $ 39,243 $ 5,424,863 $ 5,529,289 Home equity 6,848 — 1,889 5,517 770,421 784,675 Residential real estate 12,043 — 1,964 3,824 586,154 603,985 PCI - residential real estate (1) — 488 202 79 2,697 3,466 Premium finance receivables Commercial insurance loans 14,561 10,294 6,624 21,656 2,321,786 2,374,921 Life insurance loans — — 3,432 11,140 2,578,632 2,593,204 PCI - life insurance loans (1) — — — — 368,292 368,292 Consumer and other 263 211 204 1,187 144,511 146,376 Total loans, net of unearned income, excluding covered loans $ 73,072 $ 34,537 $ 42,103 $ 104,122 $ 16,864,283 $ 17,118,117 Covered loans 5,878 7,335 703 5,774 128,983 148,673 Total loans, net of unearned income $ 78,950 $ 41,872 $ 42,806 $ 109,896 $ 16,993,266 $ 17,266,790 (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. See Note 4 - Loans for further discussion of these purchased loans. As of December 31, 2014 (Dollars in thousands) Nonaccrual 90+ days and still accruing 60-89 days past due 30-59 days past due Current Total Loans Loan Balances: Commercial Commercial and industrial $ 9,132 $ 474 $ 3,161 $ 7,492 $ 2,194,221 $ 2,214,480 Franchise — — 308 1,219 250,673 252,200 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. See Note 4 - Loans for further discussion of these purchased loans. 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 and covered 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 December 31, 2015 and 2014 : Performing Non-performing Total December 31, December 31, December 31, December 31, December 31, December 31, (Dollars in thousands) 2015 2014 2015 2014 2015 2014 Loan Balances: Commercial Commercial and industrial $ 2,838,932 $ 2,204,874 $ 12,422 $ 9,606 $ 2,851,354 $ 2,214,480 Franchise 245,228 252,200 — — 245,228 252,200 Mortgage warehouse lines of credit 222,806 139,003 — — 222,806 139,003 Community Advantage—homeowners association 130,986 106,364 — — 130,986 106,364 Aircraft 5,039 8,065 288 — 5,327 8,065 Asset-based lending 742,676 806,377 8 25 742,684 806,402 Tax exempt 267,273 217,487 — — 267,273 217,487 Leases 225,539 160,136 535 — 226,074 160,136 Other 3,588 11,034 — — 3,588 11,034 PCI - commercial (1) 18,589 9,223 — — 18,589 9,223 Total commercial $ 4,700,656 $ 3,914,763 $ 13,253 $ 9,631 $ 4,713,909 $ 3,924,394 Commercial real estate Residential construction $ 70,108 $ 38,696 $ 273 $ — $ 70,381 $ 38,696 Commercial construction 288,246 187,536 33 230 288,279 187,766 Land 76,666 89,174 1,751 2,656 78,417 91,830 Office 858,382 698,144 4,619 7,288 863,001 705,432 Industrial 718,084 621,578 9,564 2,392 727,648 623,970 Retail 866,639 727,336 1,760 4,152 868,399 731,488 Multi-family 740,395 605,493 1,954 249 742,349 605,742 Mixed use and other 1,726,125 1,455,479 6,691 9,638 1,732,816 1,465,117 PCI - commercial real estate (1) 157,999 55,712 — — 157,999 55,712 Total commercial real estate $ 5,502,644 $ 4,479,148 $ 26,645 $ 26,605 $ 5,529,289 $ 4,505,753 Home equity 777,827 710,119 6,848 6,174 784,675 716,293 Residential real estate 591,942 465,806 12,043 15,502 603,985 481,308 PCI - residential real estate (1) 3,466 2,234 — — 3,466 2,234 Premium finance receivables Commercial insurance loans 2,350,066 2,330,463 24,855 20,370 2,374,921 2,350,833 Life insurance loans 2,593,204 1,884,092 — — 2,593,204 1,884,092 PCI - life insurance loans (1) 368,292 393,479 — — 368,292 393,479 Consumer and other 145,963 150,617 413 395 146,376 151,012 Total loans, net of unearned income, excluding covered loans $ 17,034,060 $ 14,330,721 $ 84,057 $ 78,677 $ 17,118,117 $ 14,409,398 (1) PCI loans represent loans acquired with evidence of credit quality deterioration since origination, in accordance with ASC 310-30. See Note 4 - Loans for further discussion of these purchased loans. A summary of the activity in the allowance for credit losses by loan portfolio (excluding covered loans) for the years ended December 31, 2015 and 2014 is as follows: Year Ended December 31, 2015 (Dollars in thousands) Commercial Commercial Real Estate Home Equity Residential Real Estate Premium Finance Receivable Consumer and Other Total, Excluding Covered Loans 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 (51 ) (419 ) — (125 ) (142 ) — (737 ) Reclassification to/from allowance for unfunded lending-related commitments — (138 ) — — — — (138 ) Charge-offs (4,253 ) (6,543 ) (4,227 ) (2,903 ) (7,060 ) (521 ) (25,507 ) Recoveries 1,432 2,840 312 283 1,304 159 6,330 Provision for credit losses 7,308 12,485 3,427 3,261 6,618 648 33,747 Allowance for loan losses at period end $ 36,135 $ 43,758 $ 12,012 $ 4,734 $ 7,233 $ 1,528 $ 105,400 Allowance for unfunded lending-related commitments at period end — 949 — — — — 949 Allowance for credit losses at period end $ 36,135 $ 44,707 $ 12,012 $ 4,734 $ 7,233 $ 1,528 $ 106,349 Individually evaluated for impairment 2,026 3,733 333 316 — 10 6,418 Collectively evaluated for impairment 34,025 40,625 11,679 4,416 7,233 1,518 99,496 Loans acquired with deteriorated credit quality 84 349 — 2 — — 435 Loans at period end Individually evaluated for impairment $ 18,789 $ 59,871 $ 6,847 $ 16,522 $ — $ 392 $ 102,421 Collectively evaluated for impairment 4,676,531 5,311,419 777,828 587,463 4,968,125 144,640 16,466,006 Loans acquired with deteriorated credit quality 18,589 157,999 — 3,466 368,292 1,344 549,690 Year Ended December 31, 2014 (Dollars in thousands) Commercial Commercial Real Estate Home Equity Residential Real Estate Premium Finance Receivable Consumer and Other Total, Excluding Covered Loans 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 (83 ) (665 ) (3 ) (9 ) (64 ) — (824 ) Reclassification to/from allowance for unfunded lending-related commitments — (56 ) — — — — (56 ) Charge-offs (4,153 ) (15,788 ) (3,895 ) (1,750 ) (5,726 ) (792 ) (32,104 ) Recoveries 1,198 1,334 535 335 1,150 326 4,878 Provision for credit losses 11,645 2,050 3,252 534 5,570 (162 ) 22,889 Allowance for loan losses at period end $ 31,699 $ 35,533 $ 12,500 $ 4,218 $ 6,513 $ 1,242 $ 91,705 Allowance for unfunded lending-related commitments at period end — 775 — — — — 775 Allowance for credit losses at period end $ 31,699 $ 36,308 $ 12,500 $ 4,218 $ 6,513 $ 1,242 $ 92,480 Individually evaluated for impairment 1,936 3,260 475 632 — 26 6,329 Collectively evaluated for impairment 29,763 32,960 12,025 3,482 6,513 1,197 85,940 Loans acquired with deteriorated credit quality — 88 — 104 — 19 211 Loans at period end Individually evaluated for impairment $ 16,326 $ 87,225 $ 6,399 $ 18,365 $ — $ 372 $ 128,687 Collectively evaluated for impairment 3,898,845 4,362,816 709,894 462,943 4,234,925 150,640 13,820,063 Loans acquired with deteriorated credit quality 9,223 55,712 — 2,234 393,479 — 460,648 A summary of activity in the allowance for covered loan losses for the years ended December 31, 2015 and 2014 is as follows: Years Ended December 31, December 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 (5,350 ) (11,762 ) Benefit attributable to FDIC loss share agreements 4,545 9,410 Net provision for covered loan losses $ (805 ) $ (2,352 ) (Decrease) increase in FDIC indemnification asset (4,545 ) (9,410 ) Loans charged-off (827 ) (5,521 ) Recoveries of loans charged-off 7,072 9,322 Net recoveries (charge-offs) $ 6,245 $ 3,801 Balance at end of period $ 3,026 $ 2,131 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 loss share asset or reduce any FDIC loss share liability. 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 loss share asset or increase any FDIC loss share liability. Additions to expected losses will require an increase to the allowance for loan losses, and a corresponding increase to the FDIC loss share asset or reduction to any FDIC loss share liability. See "FDIC-Assisted Transactions" within Note 7 - Business Combinations for more detail. Impaired Loans A summary of impaired loans, including TDRs, at December 31, 2015 and 2014 is as follows: (Dollars in thousands) 2015 2014 Impaired loans (included in non-performing and restructured loans): Impaired loans with an allowance for loan loss required (1) $ 49,961 $ 69,487 Impaired loans with no allowance for loan loss required 51,294 57,925 Total impaired loans (2) $ 101,255 $ 127,412 Allowance for loan losses related to impaired loans $ 6,380 $ 6,270 TDRs 51,853 82,275 Reduction of interest income from non-accrual loans 3,006 2,222 Interest income recognized on impaired loans 6,198 7,190 (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 as of December 31, 2015 and 2014 : As of For the Year Ended December 31, 2015 (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized Impaired loans with a related ASC 310 allowance recorded Commercial Commercial and industrial $ 9,754 $ 12,498 $ 2,012 $ 10,123 $ 792 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 4,929 8,711 41 5,127 547 Office 5,050 6,051 632 5,394 314 Industrial 8,413 9,105 1,943 10,590 565 Retail 8,527 9,230 343 8,596 386 Multi-family 370 370 202 372 25 Mixed use and other 7,590 7,708 570 7,681 328 Home equity 423 435 333 351 16 Residential real estate 4,710 4,799 294 4,618 182 Premium finance receivables Commercial insurance — — — — — Life insurance — — — — — PCI - life insurance — — — — — Consumer and other 195 220 10 216 12 Impaired loans with no related ASC 310 allowance recorded Commercial Commercial and industrial $ 8,274 $ 9,537 $ — $ 9,510 $ 494 Franchise — — — — — Mortgage warehouse lines of credit — — — — — Community Advantage—homeowners association — — — — — Aircraft 288 378 — 375 27 Asset-based lending 8 1,570 — 5 88 Tax exempt — — — — — Leases — — — — — Other — — — — — Commercial real estate Residential construction 2,296 2,296 — 2,300 112 Commercial construction 32 33 — 16 1 Land 888 2,373 — 929 90 Office 3,500 4,484 — 3,613 237 Industrial 2,217 2,426 — 2,286 188 Retail 2,757 2,925 — 2,897 129 Multi-family 2,344 2,807 — 2,390 117 Mixed use and other 10,510 14,060 — 11,939 624 Home equity 6,424 7,987 — 5,738 288 Residential real estate 11,559 13,979 — 11,903 624 Premium finance receivables Commercial insurance — — — — — Life insurance — — — — — PCI - life insurance — — — — — Consumer and other 197 267 — 201 12 Total loans, net of unearned income, excluding covered loans $ 101,255 $ 124,249 $ 6,380 $ 107,170 $ 6,198 As of For the Year Ended December 31, 2014 (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized 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 — — — — — PCI - 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 — — — — — PCI - 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 Average recorded investment in impaired loans for the years ended December 31, 2015 , 2014 , and 2013 were $107.2 million , $135.0 million , and $170.7 million , respectively. Interest income recognized on impaired loans was $6.2 million , $7.2 million , and $8.9 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively. TDRs At December 31, 2015 , the Company had $51.9 million in loans modified in TDRs. The $51.9 million in TDRs represents 102 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 6 or worse or a modification of any other credit, which will result in a restructured credit risk rating of 6 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 5 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 5 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 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 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 December 31, 2015 and approximately $1.8 million 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. For the year ended December 31, 2015 and 2014, the Company recorded $573,000 and $724,000 , 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 December 31, 2015, the Company had $14.2 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 years ended December 31, 2015 , 2014 , and 2013 , which represent TDRs: Year ended December 31, 2015 Total (1)(2) Extension at Below Market Terms (2) Reduction of Interest Rate (2) Modification to Interest-only Payments (2) Forgiveness of Debt (2) (Dollars in thousands) Count Balance Count Balance Count Balance Count Balance Count Balance Commercial Commercial and industrial — $ — — $ — — $ — — $ — — $ — Commercial real estate Commercial construction — — — — — — — — — — Land — — — — — — — — — — Office — — — — — — — — — — Industrial 1 169 1 169 — — 1 169 — — Retail — — — — — — — — — — Multi-family — — — — — — — — — — Mixed use and other 2 201 2 201 — — 2 201 — — Residential real estate and other 9 1,664 9 1,664 5 674 1 50 — — Total loans 12 $ 2,034 12 $ 2,034 5 $ 674 4 $ 420 — $ — Year ended December 31, 2014 Total (1)(2) Extension at Below Market Terms (2) Reduction of Interest Rate (2) Modification to Interest-only Payments (2) Forgiveness of Debt (2) (Dollars in thousands) Count Balance Count Balance Count Balance Count Balance Count Balance Commercial Commercial and industrial 2 $ 1,549 1 $ 88 1 $ 1,461 2 $ 1,549 — $ — Commercial real estate Commercial construction — — — — — — — — — — Land — — — — — — — — — — Office 2 1,510 2 1,510 — — — — — — Industrial 2 1,763 2 1,763 1 685 1 1,078 — — Retail 1 202 1 202 — — — — — — Multi-family 1 181 — — 1 181 — — — — Mixed use and other 7 4,926 3 2,837 7 4,926 1 1,273 — — Residential real estate and other 6 1,836 5 1,625 4 1,138 1 220 — — Total loans 21 $ 11,967 14 $ 8,025 14 $ 8,391 5 $ 4,120 — $ — Year ended December 31, 2013 Total (1)(2) Extension at Below Market Terms (2) Reduction of Interest Rate (2) Modification to Interest-only Payments (2) Forgiveness of Debt (2) (Dollars in thousands) Count Balance Count Balance Count Balance Count Balance Count Balance Commercial Commercial and industrial 6 $ 708 5 $ 573 4 $ 553 2 $ 185 — $ — Commercial real estate Commercial construction 3 6,120 3 6,120 — — 3 6,120 — — Land 3 2,639 3 2,639 2 287 — — 1 73 Office 4 4,021 4 4,021 1 556 — — — — Industrial 1 949 1 949 1 949 — — — — Retail 1 200 1 200 1 200 — — — — Multi-family 1 705 1 705 1 705 — — — — Mixed use and other 6 5,042 6 5,042 5 4,947 1 932 — — Residential real estate and other 10 2,296 6 1,613 7 931 2 234 1 1,000 Total loans 35 $ 22,680 30 $ 21,862 22 $ 9,128 8 $ 7,471 2 $ 1,073 (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 year ended December 31, 2015 , $2.0 million , or 12 loans, were determined to be TDRs, compared to $12.0 million , or 21 loans, and $22.7 million , or 35 loans, in the years ended 2014 and 2013 , respectively. Of these loans extended at below market terms, the weighted average extension had a term of approximately 45 months in 2015 compared to 19 months in 2014 and 18 months in 2013 . Further, the weighted average decrease in the stated interest rate for loans with a reduction of interest rate during the period was approximately 358 basis points, 170 basis points and 184 basis points during the years ended December 31, 2015 , 2014 , and 2013 , respectively. Interest-only payment terms were approximately 17 months during the year ended 2015 compared to seven months and 11 months for the years ended 2014 and 2013 , respectively. Additionally, no principal balances were forgiven during 2015 and 2014 , compared to $1.0 million forgiven during 2013 . The tables below present a summary of all loans restructured in TDRs during the years ended December 31, 2015 , 2014 , and 2013 , and such loans which were in payment default under the restructured terms during the respective periods: Year Ended December 31, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013 Total (1)(3) Payments in Default (2)(3) Total (1)(3) Payments in Default (2)(3) Total (1)(3) Payments in Default (2)(3) (Dollars in thousands) Count Balance Count Balance Count Balance Count Balance Count Balance Count Balance Commercial Commercial and industrial — $ — — $ — 2 $ 1,549 1 $ 88 6 $ 708 1 $ 20 Commercial real-estate Commercial construction — — — — — — — — 3 6,120 — — Land — — — — — — — — 3 2,639 1 215 Office — — — — 2 1,510 — — 4 4,021 1 1,648 Industrial 1 169 — — 2 1,763 1 1,078 1 949 — — Retail — — — — 1 202 — — 1 200 — — Multi-family — — — — 1 181 1 181 1 705 1 705 Mixed use and other 2 201 2 201 7 4,926 2 569 6 5,042 1 95 Residential real estate and other 9 1,664 4 568 6 1,836 1 211 10 2,296 — — Total loans 12 $ 2,034 6 $ 769 21 $ 11,967 6 $ 2,127 35 $ 22,680 5 $ 2,683 (1) Total TDRs represent all lo |
Mortgage Servicing Rights
Mortgage Servicing Rights | 12 Months Ended |
Dec. 31, 2015 | |
Disclosures Pertaining to Servicing Assets and Servicing Liabilities [Abstract] | |
Mortgage Servicing Rights | Mortgage Servicing Rights Following is a summary of the changes in the carrying value of MSRs, accounted for at fair value, for the years ending December 31, 2015 , 2014 and 2013 : December 31, December 31, December 31, (Dollars in thousands) 2015 2014 2013 Balance at beginning of year $ 8,435 $ 8,946 $ 6,750 Additions from loans sold with servicing retained 1,759 213 523 Additions from acquisitions — 704 — Estimate of changes in fair value due to: Payoffs and paydowns (1,315 ) (976 ) (941 ) Changes in valuation inputs or assumptions 213 (452 ) 2,614 Fair value at end of year $ 9,092 $ 8,435 $ 8,946 Unpaid principal balance of mortgage loans serviced for others $ 939,819 $ 877,899 $ 961,619 The Company recognizes MSR assets upon the sale of residential real estate loans when it retains the obligation to service the loans and the servicing fee is more than adequate compensation. Additionally, in 2014, the Company recognized MSRs related to certain agricultural and farmland-related loans purchased from an unaffiliated bank. The initial recognition of MSR assets from loans sold with servicing retained and subsequent changes in fair value of all MSRs are recognized in mortgage banking revenue. MSRs are subject to changes in value from actual and expected prepayment of the underlying loans. The Company does not specifically hedge the value of its MSRs. The Company uses a third party to assist in the valuation of a portion of MSRs. Fair values are determined by using a discounted cash flow model that incorporates the objective characteristics of the portfolio as well as subjective valuation parameters that purchasers of servicing would apply to such portfolios sold into the secondary market. The subjective factors include loan prepayment speeds, interest rates, servicing costs and other economic factors. |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Business Combinations | Business Combinations Non-FDIC Assisted Bank Acquisitions On July 24, 2015 , the Company acquired CFIS. CFIS was the parent company of CBWGE, which had four banking locations. CBWGE was merged into Wheaton Bank. The Company acquired assets with a fair value of approximately $350.5 million , including approximately $159.5 million of loans, and assumed deposits with a fair value of approximately $290.0 million . Additionally, the Company recorded goodwill of $27.6 million on the acquisition. On July 17, 2015 , the Company acquired Suburban. Suburban was the parent company of SBT, which operated ten banking locations. SBT was merged into Hinsdale Bank. The Company acquired assets with a fair value of approximately $494.7 million , including approximately $257.8 million of loans, and assumed deposits with a fair value of approximately $416.7 million . Additionally, the Company recorded goodwill of $18.8 million on the acquisition. On July 1, 2015 , the Company, through its wholly-owned subsidiary Wintrust Bank, acquired North Bank, which had two banking locations. The Company acquired assets with a fair value of $117.9 million , including approximately $51.6 million of loans, and assumed deposits with a fair value of approximately $101.0 million . Additionally, the Company recorded goodwill of $6.7 million on the acquisition. On January 16, 2015 , the Company acquired 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 $224.1 million , including approximately $128.0 million of loans, and assumed liabilities with a fair value of approximately $186.4 million , including approximately $170.2 million of deposits. Additionally the Company recorded goodwill of $16.8 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 acquired the Stone Park branch office and certain related deposits of Urban Partnership Bank. 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. On October 18, 2013 , the Company acquired Diamond Bancorp, Inc. ("Diamond"). Diamond was the parent company of Diamond Bank, FSB ("Diamond Bank"), which operated four banking locations in Chicago, Schaumburg, Elmhurst, and Northbrook, Illinois. As part of the transaction, Diamond Bank was merged into Wintrust Bank. The Company acquired assets with a fair value of approximately $172.5 million , including approximately $91.7 million of loans, and assumed liabilities with a fair value of approximately $169.1 million , including approximately $140.2 million of deposits. Additionally, the Company recorded goodwill of $8.4 million on the acquisition. On May 1, 2013 , the Company acquired First Lansing Bancorp, Inc. ("FLB"). FLB was the parent company of First National Bank of Illinois ("FNBI"), which operated seven banking locations in the south and southwest suburbs of Chicago, as well as one location in northwest Indiana. As part of this transaction, FNBI was merged into Old Plank Trail Bank. The Company acquired assets with a fair value of approximately $373.4 million , including approximately $123.0 million of loans, and assumed liabilities with a fair value of approximately $334.7 million , including approximately $331.4 million of deposits. Additionally, the Company recorded goodwill of $14.0 million on the acquisition. FDIC Assisted Bank Acquisitions 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, 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, clawback provisions within these 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 5 — 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 and require the Company to record loss share assets and liabilities that 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 and liabilities are recorded as FDIC indemnification assets and other liabilities, respectively, 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 and, if necessary, increase any loss share liability when necessary reductions exceed the current value of the FDIC indemnification assets. In accordance with the clawback provision noted above, the Company may be required to reimburse the FDIC when actual losses are less than certain thresholds established for each loss share agreement. The balance of these estimated reimbursements in accordance with clawback provisions and any related amortization are adjusted periodically for changes in the expected losses on covered assets. On the Consolidated Statements of Condition, estimated reimbursements from clawback provisions are recorded as a reduction to the FDIC indemnification asset or, if necessary, an increase to the loss share liability, which is included within accrued interest payable and other liabilities. 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 amortization 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 loss share asset (liability) during the periods indicated: Year Ended December 31, (Dollars in thousands) 2015 2014 Balance at beginning of period $ 11,846 $ 85,672 Additions from acquisitions — — Additions from reimbursable expenses 3,805 6,490 Amortization (3,282 ) (5,763 ) Changes in expected reimbursements from the FDIC for changes in expected credit losses (16,610 ) (54,554 ) Payments received from the FDIC (1,859 ) (19,999 ) Balance at end of period $ (6,100 ) $ 11,846 Divestiture of Previous FDIC-Assisted Acquisition On February 1, 2013 , the Company completed the divestiture of the deposits and current banking operations of Second Federal to an unaffiliated financial institution. Through this transaction, the Company divested approximately $149 million of related deposits. Specialty Finance Acquisitions On April 28, 2014 , the Company, through its wholly-owned subsidiary, First Insurance Funding of Canada, Inc., completed its acquisition of 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. Wealth Management Acquisitions On August 8, 2014 , CTC acquired the trust operations certain branches acquired from Talmer Bank & Trust. The Company recorded goodwill of $250,000 on this trust operations acquisition. Mortgage Banking Acquisitions On October 1, 2013 , the Company acquired certain assets and assumed certain liabilities of the mortgage banking business of Surety of Sherman Oaks, California. Surety had five offices located in southern California which originated approximately $1.0 billion in the twelve months prior to the acquisition date. The Company recorded goodwill of $9.5 million on the acquisition. 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 purchased impaired 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 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 4 — Loans, for more information on loans acquired with evidence of credit quality deterioration since origination. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 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 Acquired Impairment Loss Goodwill Adjustments December 31, 2015 Community banking $ 331,752 $ 69,860 $ — $ — $ 401,612 Specialty finance 41,768 — — (3,733 ) 38,035 Wealth management 32,114 — — — 32,114 Total $ 405,634 $ 69,860 $ — $ (3,733 ) $ 471,761 The community banking segment's goodwill increased $69.9 million in 2015 as a result of the acquisitions of Delavan, Suburban, North Bank and CFIS. The specialty finance segment's goodwill decreased $3.7 million in 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 December 31, 2015 is as follows: December 31, (Dollars in thousands) 2015 2014 Community banking segment: Core deposit intangibles: Gross carrying amount $ 34,841 $ 29,379 Accumulated amortization (17,382 ) (17,879 ) Net carrying amount $ 17,459 $ 11,500 Specialty finance segment: Customer list intangibles: Gross carrying amount $ 1,800 $ 1,800 Accumulated amortization (1,052 ) (941 ) Net carrying amount $ 748 $ 859 Wealth management segment: Customer list and other intangibles: Gross carrying amount $ 7,940 $ 7,940 Accumulated amortization (1,938 ) (1,488 ) Net carrying amount $ 6,002 $ 6,452 Total other intangible assets, net $ 24,209 $ 18,811 Estimated amortization Estimated—2016 $ 4,668 Estimated—2017 3,876 Estimated—2018 3,371 Estimated—2019 2,855 Estimated—2020 2,318 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 in 2015, 2014 and 2013 was $4.6 million , $4.7 million and $4.6 million , respectively. |
Premises and Equipment, Net
Premises and Equipment, Net | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment, Net | Premises and Equipment, Net A summary of premises and equipment at December 31, 2015 and 2014 is as follows: December 31, (Dollars in thousands) 2015 2014 Land $ 134,030 $ 128,766 Buildings and leasehold improvements 506,977 470,636 Furniture, equipment, and computer software 173,330 160,659 Construction in progress 12,610 5,737 $ 826,947 $ 765,798 Less: Accumulated depreciation and amortization 234,691 210,570 Total premises and equipment, net $ 592,256 $ 555,228 Depreciation and amortization expense related to premises and equipment totaled $31.1 million in 2015, $28.1 million in 2014 and $26.0 million in 2013 . |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2015 | |
Deposits [Abstract] | |
Deposits | Deposits The following is a summary of deposits at December 31, 2015 and 2014 : (Dollars in thousands) 2015 2014 Balance: Non-interest bearing $ 4,836,420 $ 3,518,685 NOW and interest bearing demand deposits 2,390,217 2,236,089 Wealth management deposits 1,643,653 1,226,916 Money market 4,041,300 3,651,467 Savings 1,723,367 1,508,877 Time certificates of deposit 4,004,677 4,139,810 Total deposits $ 18,639,634 $ 16,281,844 Mix: Non-interest bearing 26 % 22 % NOW and interest bearing demand deposits 13 14 Wealth management deposits 9 8 Money market 22 22 Savings 9 9 Time certificates of deposit 21 25 Total deposits 100 % 100 % Wealth management deposits represent deposit balances (primarily money market accounts) at the Company’s subsidiary banks from brokerage customers of WHI, trust and asset management customers of CTC and brokerage customers from unaffiliated companies. The scheduled maturities of time certificates of deposit at December 31, 2015 and 2014 are as follows: (Dollars in thousands) 2015 2014 Due within one year $ 2,851,153 $ 2,722,029 Due in one to two years 846,107 1,009,936 Due in two to three years 148,199 247,418 Due in three to four years 85,169 86,884 Due in four to five years 73,440 69,360 Due after five years 609 4,183 Total time certificate of deposits $ 4,004,677 $ 4,139,810 The following table sets forth the scheduled maturities of time deposits in denominations of $100,000 or more at December 31, 2015 and 2014 : (Dollars in thousands) 2015 2014 Maturing within three months $ 535,459 $ 612,936 After three but within six months 434,591 466,203 After six but within 12 months 900,156 711,361 After 12 months 709,376 925,921 Total $ 2,579,582 $ 2,716,421 Time deposits in denominations of $250,000 or more were $1.3 billion and $1.5 billion at December 31, 2015 and 2014 , respectively. |
Federal Home Loan Bank Advances
Federal Home Loan Bank Advances | 12 Months Ended |
Dec. 31, 2015 | |
Advances from Federal Home Loan Banks [Abstract] | |
Federal Home Loan Bank Advances | Federal Home Loan Bank Advances A summary of the outstanding FHLB advances at December 31, 2015 and 2014 , is as follows: (Dollars in thousands) 2015 2014 0.13% advance due January 2015 $ — $ 405,550 0.72% advance due February 2015 — 141,000 0.73% advance due February 2015 — 5,000 0.16% advance due January 2016 331,100 — 0.19% advance due January 2016 68,000 — 0.99% advance due February 2016 26,500 26,500 1.25% advance due February 2017 25,000 25,000 3.47% advance due November 2017 10,000 10,000 0.89% advance due December 2017 90,000 — 1.49% advance due February 2018 95,000 95,000 1.31% advance due August 2018 94,597 — 1.89% advance due August 2020 94,679 — 4.18% advance due February 2022 25,000 25,000 Total Federal Home Loan Bank advances $ 859,876 $ 733,050 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. The banks have arrangements with the FHLB whereby, based on available collateral, they could have borrowed an additional $931.0 million at December 31, 2015 . FHLB advances are stated at par value of the debt adjusted for unamortized fair value adjustments recorded in connection with advances acquired through acquisitions. Prepayment fees paid at the time of restructurings of FHLB advances are classified in other assets on the Consolidated Statements of Condition and are amortized as an adjustment to interest expense using the effective interest method. Approximately $35.0 million of the FHLB advances outstanding at December 31, 2015 , have varying put dates in February 2016. At December 31, 2015 , the weighted average contractual interest rate on FHLB advances was 0.92% . |
Subordinated Notes
Subordinated Notes | 12 Months Ended |
Dec. 31, 2015 | |
Subordinated Borrowings [Abstract] | |
Subordinated Notes | Subordinated Notes At December 31, 2015 and December 31, 2014, the Company had outstanding subordinated notes totaling $140.0 million . In 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 . Previously, the Company borrowed $75.0 million under three separate $25.0 million subordinated note agreements. Each subordinated note required annual principal payments of $5.0 million beginning in the sixth year of the note and had a term of ten years . The interest rate on each subordinated note was calculated at a rate equal to LIBOR plus 130 basis points . In 2013, the only remaining subordinated note with a balance of $10.0 million was paid off prior to maturity. In connection with the issuance of subordinated notes in 2014, the Company incurred costs totaling $1.3 million . These costs are included in other assets and will be amortized to interest expense using a method that approximates the effective interest method. At December 31, 2015 , the unamortized balances of these costs were approximately $1.1 million . These subordinated notes qualify as Tier II capital under the regulatory capital requirements, subject to restrictions. |
Other Borrowings
Other Borrowings | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Other Borrowings The following is a summary of other borrowings at December 31, 2015 and 2014 : (Dollars in thousands) 2015 2014 Notes payable $ 67,500 $ — Short-term borrowings 63,887 48,566 Other 19,017 18,822 Secured borrowings 115,615 129,077 Total other borrowings $ 266,019 $ 196,465 Notes Payable At December 31, 2015, notes payable represented a $67.5 million term facility ("Term Facility"), which is part of a $150.0 million loan agreement with unaffiliated banks dated December 15, 2014 . The agreement consists of the Term Facility and a $75.0 million revolving credit facility ("Revolving Credit Facility"). At December 31, 2015, the Company had an outstanding balance of $67.5 million compared to no outstanding balance at December 31, 2014 under the Term Facility. The Company was contractually required to borrow the entire amount of the Term Facility on June 15, 2015 and all such borrowings must be repaid by June 15, 2020 . Beginning September 30, 2015 , the Company was required to make straight-line quarterly amortizing payments on the Term Facility. At December 31, 2015 and 2014, the Company had no outstanding balance under the Revolving Credit Facility. In December 2015, the Company amended the loan agreement, effectively extending the maturity date on the Revolving Credit Facility from December 14, 2015 to December 12, 2016 . Borrowings under the agreement that are considered “Base Rate Loans” 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” 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. 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 December 31, 2014, no amount was outstanding on the $100.0 million revolving credit facility. Borrowings under the agreements 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 December 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. Short-term Borrowings Short-term borrowings include securities sold under repurchase agreements and federal funds purchased. These borrowings totaled $63.9 million and $48.6 million at December 31, 2015 and 2014, respectively. At December 31, 2015 and 2014, securities sold under repurchase agreements represent $58.9 million and $48.6 million , respectively, of customer sweep accounts in connection with master repurchase agreements at the banks. During 2014, additional short-term borrowings from banks and brokers totaling $180.0 million were paid off. 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 December 31, 2015, the Company had pledged securities related to its customer balances in sweep accounts of $88.2 million . 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 and held-to-maturity securities portfolios as reflected on the Company’s Consolidated Statements of Condition. The following is a summary of these securities pledged as of December 31, 2015 disaggregated by investment category and maturity, and reconciled to the outstanding balance of securities sold under repurchase agreements: (Dollars in thousands) Overnight Sweep Collateral Available-for-sale securities pledged U.S. Treasury $ 26,315 Municipal 824 Corporate notes: Financial issuers 11,884 Mortgage-backed securities 18,089 Held-to-maturity securities pledged U.S. Government agencies 29,448 Municipal 1,604 Total collateral pledged $ 88,164 Excess collateral 29,277 Securities sold under repurchase agreements $ 58,887 Other Borrowings Other borrowings at December 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, and non-recourse notes issued by the Company to other banks related to certain capital leases. At December 31, 2015 , the Fixed-rate Promissory Note had an outstanding balance of $18.3 million compared to $18.8 million at December 31, 2014. 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 . At December 31, 2015 , the non-recourse notes related to certain capital leases totaled $732,000 . Junior subordinated amortizing notes issued by the Company in connection with the issuance of the TEU's in December 2010 were paid off in 2013. At issuance, the junior subordinated notes were recorded at their initial principal balance of $44.7 million , net of issuance costs. These notes had a stated interest rate of 9.5% and required quarterly principal and interest payments of $4.3 million , with an initial payment of $4.6 million that was paid on March 15, 2011 . The issuance costs were being amortized to interest expense using the effective-interest method. The final installment payment on the notes was made as scheduled on December 15, 2013 . See Note 22 — Shareholders’ Equity for further discussion of the TEUs. 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 Receivables Purchase Agreement was amended in December 2015, effectively extending the maturity date from December 15, 2015 to December 15, 2017 . Additionally, at that time, the unrelated third party paid an additional C$10 million , which increased the total payments to C$160 million . These transactions were not considered sales of receivables and, as such, related proceeds received 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 December 31, 2015, the translated balance of the secured borrowing totaled $115.6 million compared to $129.1 million at December 31, 2014. Additionally, the interest rate under the Receivables Purchase Agreement at December 31, 2015 was 1.4452% . |
Junior Subordinated Debentures
Junior Subordinated Debentures | 12 Months Ended |
Dec. 31, 2015 | |
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust [Abstract] | |
Junior Subordinated Debentures | Junior Subordinated Debentures As of December 31, 2015 , the Company owned 100% of the common securities of eleven 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, First Northwest Capital Trust I, Suburban Illinois Capital Trust II, and Community Financial Shares Statutory Trust II (the “Trusts”) set up to provide long- term financing. The Northview, Town, First Northwest, Suburban and Community Financial Shares capital trusts were acquired as part of the acquisitions of Northview Financial Corporation, Town Bankshares, Ltd., First Northwest Bancorp, Inc., Suburban and CFIS, 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 December 31, 2015 and 2014 . The junior subordinated debentures represent the par value of the obligations owed to the Trusts. Common Securities Trust Preferred Securities Junior Subordinated Debentures Rate Structure Contractual rate at 12/31/2015 Maturity Date Earliest Redemption Date (Dollars in thousands) 2015 2014 Issue Date Wintrust Capital Trust III $ 774 $ 25,000 $ 25,774 $ 25,774 L+3.25 3.57 % 04/2003 04/2033 04/2008 Wintrust Statutory Trust IV 619 20,000 20,619 20,619 L+2.80 3.41 12/2003 12/2033 12/2008 Wintrust Statutory Trust V 1,238 40,000 41,238 41,238 L+2.60 3.21 05/2004 05/2034 06/2009 Wintrust Capital Trust VII 1,550 50,000 51,550 51,550 L+1.95 2.46 12/2004 03/2035 03/2010 Wintrust Capital Trust VIII 1,238 40,000 41,238 41,238 L+1.45 2.06 08/2005 09/2035 09/2010 Wintrust Capital Trust IX 1,547 50,000 51,547 51,547 L+1.63 2.14 09/2006 09/2036 09/2011 Northview Capital Trust I 186 6,000 6,186 6,186 L+3.00 3.33 08/2003 11/2033 08/2008 Town Bankshares Capital Trust I 186 6,000 6,186 6,186 L+3.00 3.33 08/2003 11/2033 08/2008 First Northwest Capital Trust I 155 5,000 5,155 5,155 L+3.00 3.61 05/2004 05/2034 05/2009 Suburban Illinois Capital Trust II 464 15,000 15,464 — L+1.75 2.26 12/2006 12/2036 12/2011 Community Financial Shares Statutory Trust II 109 3,500 3,609 — L+1.62 2.13 06/2007 09/2037 06/2012 Total $ 268,566 $ 249,493 2.68 % The junior subordinated debentures totaled $268.6 million and $249.5 million at December 31, 2015 and 2014 , respectively. 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 December 31, 2015 , the weighted average contractual interest rate on the junior subordinated debentures was 2.68% . 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. Two of these interest rate caps, which were purchased in 2013 with an aggregate notional amount of $90 million , replaced two interest swaps that matured in September 2013 . The hedge-adjusted rate on the junior subordinated debentures as of December 31, 2015 , was 3.34 %. 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, all of the junior subordinated debentures, net of the common securities, were included in the Company's Tier 1 regulatory capital. 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 December 31, 2015, $65.1 million and $195.4 million of the junior subordinated debentures, net of common securities, were included in the Company's Tier 1 and Tier 2 regulatory capital, respectively. |
Minimum Lease Commitments
Minimum Lease Commitments | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Minimum Lease Commitments | Minimum Lease Commitments The Company occupies certain facilities under operating lease agreements. Gross rental expense related to the Company’s operating leases were $15.7 million in 2015, $10.5 million in 2014, and $9.1 million in 2013 . The Company also leases certain owned premises and receives rental income from such lease agreements. Gross rental income related to the Company’s buildings totaled $7.7 million , $6.9 million and $7.0 million , in 2015, 2014 and 2013 , respectively. The approximate minimum annual gross rental payments and gross rental receipts under noncancelable agreements for office space with remaining terms in excess of one year as of December 31, 2015 , are as follows (in thousands): Payments Receipts 2016 $ 10,515 $ 5,163 2017 10,139 3,946 2018 9,725 2,688 2019 8,824 1,729 2020 9,516 1,214 2021 and thereafter 114,513 1,058 Total minimum future amounts $ 163,232 $ 15,798 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income tax expense (benefit) for the years ended December 31, 2015 , 2014 and 2013 is summarized as follows: Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Current income taxes: Federal $ 62,584 $ 75,945 $ 67,449 State 9,417 10,397 16,046 Foreign (39 ) 4,566 2,196 Total current income taxes $ 71,962 $ 90,908 $ 85,691 Deferred income taxes: Federal $ 15,550 $ 466 $ 1,813 State 5,962 6,113 (114 ) Foreign 1,542 (2,454 ) (160 ) Total deferred income taxes $ 23,054 $ 4,125 $ 1,539 Total income tax expense $ 95,016 $ 95,033 $ 87,230 The Company's income before income taxes in 2015, 2014 and 2013 includes $3.9 million , $3.8 million and $4.3 million , respectively, of foreign income attributable to its Canadian subsidiary. The tax effect of fair value adjustments on securities available-for-sale and derivative instruments in cash flow hedges are recorded directly to shareholders' equity as part of other comprehensive income (loss) and are reflected on the Consolidated Statements of Comprehensive Income. In addition, tax expense of $1.9 million , $594,000 , and $831,000 in 2015, 2014 and 2013, respectively, related to the exercise and expiration of certain stock options and vesting and issuance of restricted shares and performance stock awards pursuant to the Stock Incentive Plans and the issuance of shares pursuant to the Directors Deferred Fee and Stock Plan, was recorded directly to shareholders’ equity. A reconciliation of the differences between taxes computed using the statutory Federal income tax rate of 35% and actual income tax expense is as follows: Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Income tax expense based upon the Federal statutory rate on income before income taxes $ 88,118 $ 86,251 $ 78,554 Increase (decrease) in tax resulting from: Tax-exempt interest, net of interest expense disallowance (2,878 ) (1,936 ) (1,423 ) State taxes, net of federal tax benefit 9,996 10,731 10,355 Income earned on bank owned life insurance (1,562 ) (896 ) (1,157 ) Non-deductible compensation costs 528 561 654 Meals, entertainment and related expenses 1,283 1,026 993 Foreign subsidiary, net 148 775 588 Tax benefits related to tax credit investments (778 ) (1,498 ) (1,553 ) Other, net 161 19 219 Income tax expense $ 95,016 $ 95,033 $ 87,230 The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at December 31, 2015 and 2014 are as follows: Years Ended December 31, (Dollars in thousands) 2015 2014 Deferred tax assets: Allowance for credit losses $ 39,561 $ 35,455 Deferred compensation 25,492 19,349 Covered assets 17,754 18,246 Stock-based compensation 9,760 10,735 Other real estate owned 7,610 7,546 Foreign net operating loss carryforward 6,616 2,521 Federal net operating loss carryforward 4,705 2,108 AMT credit carryforward 1,498 1,177 Foreign tax credit carryforward — 302 Nonaccrued interest 1,603 1,329 Mortgage banking recourse obligation 1,565 1,206 Discount on purchased loans 749 — Net unrealized losses on securities included in other comprehensive income 11,476 6,242 Net unrealized losses on derivatives included in other comprehensive income 1,386 1,601 Other 3,361 3,523 Total gross deferred tax assets 133,136 111,340 Deferred tax liabilities: Premises and equipment 33,423 35,902 Equipment leasing 15,089 — Goodwill and intangible assets 8,198 3,501 Fair value adjustments on loans 6,086 9,444 Deferred loan fees and costs 6,045 4,927 Capitalized servicing rights 3,330 3,037 FHLB stock dividends 904 1,416 Discount on purchased loans — 11,324 Other 5,874 5,625 Total gross deferred liabilities 78,949 75,176 Net deferred tax assets $ 54,187 $ 36,164 Management has determined that a valuation allowance is not required for the deferred tax assets at December 31, 2015 because it is more likely than not that these assets could be realized through carry back to taxable income in prior years, future reversals of existing taxable temporary differences, tax planning strategies and future taxable income. This conclusion is based on the Company's historical earnings, its current level of earnings and prospects for continued growth and profitability. The Company has a Federal AMT credit carryforward of $1.5 million which has no expiration date and a Federal NOL carryforward of $13.4 million that begins to expire in 2028 through 2034 and is subject to Internal Revenue Code Section 382 annual limitation. These credit and loss carryforwards were a result of acquisitions made in 2012, 2013 and 2015. The Company has a Foreign NOL carryforward of $25.1 million that begins to expire in 2034 through 2035 . Management believes it is more likely than not that it will be able to fully utilize the Federal and Foreign NOLs and tax credits in future tax years. The Company is required to record a liability (or a reduction of an asset) for the uncertainty associated with certain tax positions. This liability, if any, reflects the fact that the Company has not recognized the benefit associated with the tax position. The Company had no unrecognized tax benefits at December 31, 2014 and it did not have increases or decreases in unrecognized tax benefits during 2015 and does not have any tax positions for which unrecognized tax benefits must be recorded at December 31, 2015. In addition, for the year ended December 31, 2015, the Company has no interest or penalties relating to income tax positions recognized in the income statement or in the balance sheet. If the Company were to record interest and penalties associated with uncertain tax positions or as a result of an audit by a tax jurisdiction, the interest and penalties would be included in income tax expense. The Company does not believe it is reasonably possible that unrecognized tax benefits will significantly change in the next 12 months. The Company and its subsidiaries are subject to U.S. federal income tax as well as income tax in numerous state jurisdictions and in Canada. In the ordinary course of business we are routinely subject to audit by the taxing authorities of these jurisdictions. Currently, the Company's U.S. federal income tax returns are open and subject to audit for the 2012 tax return year forward, and in general, the Company's state income tax returns are open and subject to audit from the 2012 tax return year forward, subject to individual state statutes of limitation. The Company's Canadian subsidiary's Canadian income tax returns are also subject to audit for the 2012 tax return year forward. |
Stock Compensation Plans and Ot
Stock Compensation Plans and Other Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Share-based Compensation [Abstract] | |
Stock Compensation Plans and Other Employee Benefit Plans | Stock Compensation Plans and Other Employee Benefit Plans Stock Incentive Plan In May 2015, the Company’s shareholders approved the 2015 Stock Incentive Plan (“the 2015 Plan”) which provides for the issuance of up to 5,485,000 shares of common stock. The 2015 Plan replaced the 2007 Stock Incentive Plan (“the 2007 Plan”), which replaced the 1997 Stock Incentive Plan (“the 1997 Plan”). The 2015 Plan, the 2007 Plan and the 1997 Plan are collectively referred to as “the Plans.” The 2015 Plan has substantially similar terms to the 2007 Plan and the 1997 Plan. Outstanding awards under the Plans for which common shares are not issued by reason of cancellation, forfeiture, lapse of such award or settlement of such award in cash, are again available under the 2015 Plan. All grants made after the approval of the 2015 Plan will be made pursuant to the 2015 Plan. As of December 31, 2015, approximately 5.6 million shares were available for future grants (assuming the maximum number of shares are issued for the performance awards outstanding.) 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 Plans permit the grant of incentive stock options, non-qualified stock options, stock appreciation rights, stock awards, restricted share or unit awards, performance based awards settled in shares of common stock and other incentive awards based in whole or in part by reference to the Company’s stock price. The Company historically awarded stock-based compensation in the form of time-vested nonqualified stock options and time-vested restricted share unit awards (“restricted shares”). In general, the grants of options provide for the purchase shares of the Company’s common stock at the fair market value of the stock on the date the options are granted. Options under the 2015 Plan and 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 Plans. The LTIP is designed in part to align the interests of management with 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. 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 150% (for awards granted in 2015) or 200% (for awards granted prior to 2015) 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 and issued. 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. Options granted in 2013, 2014 and 2015, were primarily granted as LTIP awards. The expected life of the options granted pursuant to the LTIP awards is 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 years ending December 31, 2015 , 2014 and 2013 : 2015 2014 2013 Expected dividend yield 0.9 % 0.5 % 0.5 % Expected volatility 26.5 % 29.8 % 59.0 % Risk-free rate 1.3 % 0.8 % 1.0 % Expected option life (in years) 4.5 4.5 4.5 Stock based compensation is recognized based on the number of awards that are ultimately expected to vest. Forfeitures are estimated based on historical forfeiture experience. For performance-based stock awards, an estimate is made of the number of shares expected to vest as a result of actual performance against the performance criteria to determine the amount of compensation expense to be recognized. The estimate is reevaluated quarterly and total compensation expense is adjusted for any change in the current period. Stock-based compensation expense recognized in the Consolidated Statements of Income was $9.7 million , $10.1 million and $6.7 million and the related tax benefits were $3.8 million , $4.0 million and $2.5 million in 2015, 2014 and 2013, respectively. The 2014 stock-based compensation expense 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 Plans’ stock option activity for the years ended December 31, 2015 , 2014 and 2013 is as follows: Stock Options Common Shares Weighted Average Strike Price Remaining Contractual Term (1) Intrinsic Value (2) ($000) Outstanding at January 1, 2013 1,745,427 $ 42.31 Granted 236,120 38.01 Exercised (371,826 ) 40.46 Forfeited or canceled (85,049 ) 44.12 Outstanding at December 31, 2013 1,524,672 $ 42.00 2.6 $ 11,021 Exercisable at December 31, 2013 1,097,836 $ 44.82 1.5 $ 6,165 Outstanding at January 1, 2014 1,524,672 $ 42.00 Granted 447,153 46.38 Exercised (176,009 ) 33.32 Forfeited or canceled (177,390 ) 52.55 Outstanding at December 31, 2014 1,618,426 $ 43.00 3.5 $ 9,303 Exercisable at December 31, 2014 941,741 $ 43.35 2.0 $ 6,392 Outstanding at January 1, 2015 1,618,426 $ 43.00 Granted 502,517 44.36 Options outstanding in acquired plans 16,364 21.18 Exercised (273,411 ) 42.82 Forfeited or canceled (312,162 ) 52.53 Outstanding at December 31, 2015 1,551,734 $ 41.32 4.4 $ 11,433 Exercisable at December 31, 2015 720,580 $ 37.64 3.1 $ 8,045 Vested or expected to vest at December 31, 2015 1,534,045 $ 41.28 4.4 $ 11,371 (1) Represents the weighted average contractual remaining life in years. (2) Aggregate intrinsic value represents the total pretax intrinsic value (i.e., the difference between the Company’s stock price at year end 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 year. Options with exercise prices above the year end stock price 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 per share grant date fair value of options granted during the years ended December 31, 2015, 2014 and 2013 was $9.72 , $11.52 and $17.49 , respectively. The aggregate intrinsic value of options exercised during the years ended December 31, 2015, 2014 and 2013, was $2.5 million , $2.3 million and $1.2 million , respectively. The actual tax benefit realized for the tax deductions from option exercises totaled $985,000 , $900,000 and $485,000 for 2015, 2014 and 2013, respectively. Cash received from option exercises under the Plans for the years ended December 31, 2015, 2014 and 2013 was $11.7 million , $5.9 million and $15.0 million , respectively. A summary of the Plans’ restricted share activity for the years ended December 31, 2015 , 2014 and 2013 is as follows: 2015 2014 2013 Restricted Shares Common Shares Weighted Average Grant-Date Fair Value Common Shares Weighted Average Grant-Date Fair Value Common Shares Weighted Average Grant-Date Fair Value Outstanding at January 1 146,112 $ 47.45 181,522 $ 43.39 314,226 $ 37.99 Granted 27,165 48.17 31,463 45.00 16,932 42.14 Vested and issued (29,018 ) 39.33 (60,121 ) 34.98 (144,860 ) 31.83 Forfeited (6,666 ) 40.76 (6,752 ) 37.95 (4,776 ) 33.93 Outstanding at end of year 137,593 $ 49.63 146,112 $ 47.45 181,522 $ 43.39 Vested, but not issuable at end of year 85,000 $ 51.88 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 years ended December 31, 2015, 2014, and 2013 is as follows: 2015 2014 2013 Performance Shares Common Shares Weighted Average Grant-Date Fair Value Common Shares Weighted Average Grant-Date Fair Value Common Shares Weighted Average Grant-Date Fair Value Outstanding at January 1 295,679 $ 38.18 307,512 $ 34.01 214,565 $ 32.08 Granted 106,017 44.35 93,535 46.86 106,268 37.90 Expired, canceled or forfeited (46,573 ) 35.51 (89,424 ) 33.78 (13,321 ) 34.00 Vested and issued (78,590 ) 31.10 (15,944 ) 33.25 — — Outstanding at end of year 276,533 $ 43.01 295,679 $ 38.18 307,512 $ 34.01 In the first quarter of 2015, the 2012 grants vested and were paid, and in 2014, the 2011 grants vested and were paid. As previously discussed, the Compensation Committee of the Board of Directors of the Company modified the 2011 awards such that 17% of the awards were paid in shares and the remainder in cash. As a result, the remaining shares granted in connection with the 2011 awards were canceled and remain available for future use under the Plan. The Company issues new shares to satisfy its obligation to issue shares granted pursuant to the Plans. At December 31, 2015, the maximum number of performance-based shares that could be issued on outstanding awards if performance is attained at the maximum amount ( 200% of target for 2013 and 2014 grants and 150% of target for 2015 grants) was approximately 503,000 shares. The actual tax benefit realized upon the vesting of restricted shares and performance-based stock is based on the fair value of the shares on the issue date and the estimated tax benefit of the awards is based on fair value of the awards on the grant date. The actual tax benefit realized upon the vesting of restricted shares and performance-based stock in 2015, 2014 and 2013 was $517,000 , $254,000 and $329,000 , respectively, more than the estimated tax benefit for those shares. These differences in actual and estimated tax benefits were recorded directly to shareholders’ equity. As of December 31, 2015, there was $11.0 million of total unrecognized compensation cost related to non-vested share based arrangements under the Plans. That cost is expected to be recognized over a weighted average period of approximately two years. The total fair value of shares vested during the years ended December 31, 2015, 2014 and 2013 was $7.9 million , $7.8 million and $7.4 million , respectively. The Company issues new shares to satisfy its obligation to issue shares granted pursuant to the Plans. Cash Incentive and Retention Plan The Cash Incentive and Retention Plan (“CIRP”) allows the Company to provide cash compensation to the Company’s and its subsidiaries’ officers and employees. The CIRP is administered by the Compensation Committee of the Board of Directors. The CIRP generally provides for the grants of cash awards, which may be earned pursuant to the achievement of performance criteria established by the Compensation Committee and/or continued employment. The performance criteria, if any, established by the Compensation Committee must relate to one or more of the criteria specified in the CIRP, which includes: earnings, earnings growth, revenues, stock price, return on assets, return on equity, improvement of financial ratings, achievement of balance sheet or income statement objectives and expenses. These criteria may relate to the Company, a particular line of business or a specific subsidiary of the Company. The Company’s expense related to the CIRP was approximately $20,000 and $115,000 in 2014 and 2013. There was no expense related to CIRP in 2015. In 2015 and 2014, the Company paid $100,000 and $473,000 related to CIRP awards. No awards were paid in 2013. As of December 31, 2015, there were no outstanding awards under this plan. Other Employee Benefits Wintrust and its subsidiaries also provide 401(k) Retirement Savings Plans (“401(k) Plans”). The 401(k) Plans cover all employees meeting certain eligibility requirements. Contributions by employees are made through salary deferrals at their direction, subject to certain Plan and statutory limitations. Employer contributions to the 401(k) Plans are made at the employer’s discretion. Generally, participants completing 501 hours of service are eligible to share in an allocation of employer contributions. The Company’s expense for the employer contributions to the 401(k) Plans was approximately $6.4 million in 2015, $5.0 million in 2014, and $4.9 million in 2013. The Wintrust Financial Corporation Employee Stock Purchase Plan (“ESPP”) is designed to encourage greater stock ownership among employees, thereby enhancing employee commitment to the Company. The ESPP gives eligible employees the right to accumulate funds over an offering period to purchase shares of common stock. All shares offered under the ESPP will be either newly issued shares of the Company or shares issued from treasury, if any. In accordance with the ESPP, beginning January 1, 2015, the purchase price of the shares of common stock will be equal to 95% of the closing price of the Company’s common stock on the last day of the offering period. Previously, the Company’s Board of Directors authorized a purchase price calculation of the lesser of 90% of fair market value per share of the common stock on the first day of the offering period or 90% of the fair market value of the common stock on the last day of the offering period. During 2015, 56,517 shares of common stock were earned by participants and no compensation expense was recorded. In 2014 and 2013, a total of 66,521 shares and 62,096 shares, respectively, were earned by participants and approximately $377,000 and $355,000 , respectively, of compensation expense was recognized. The Company plans to continue to offer common stock through this ESPP on an ongoing basis. In May 2012, the Company's shareholders authorized an additional 300,000 shares of common stock that may be offered under the ESPP. At December 31, 2015, the Company had an obligation to issue 14,053 shares of common stock to participants and had 135,982 shares available for future grants under the ESPP. As a result of the Company's acquisition of HPK in December 2012, the Company assumed the obligations of a noncontributory pension plan, (“the HPK Plan”), that covers approximately 100 participants with benefits based on years of service and compensation prior to retirement. The HPK Plan was “frozen” as of December 31, 2006, with no additional years of credit earned for service or compensation paid. As of December 31, 2015, the projected benefit obligation was $6.1 million and the fair value of the plan's assets was $4.9 million . Similarly, in connection with the Company's acquisition of Diamond in October 2013, the Company assumed the obligation of Diamond's pension plan, which covers approximately 35 participants. The Diamond Plan was "frozen" as of December 31, 2004, and only service and compensation prior to this date is considered in determining benefits. As of December 31, 2015, the projected benefit obligation was $3.1 million and the fair value of the plan's assets was $2.1 million . The Company has accrued liabilities for the unfunded portions of these plans. The Company recorded expense (benefit) of $1.4 million and ( $1.1 million ) in 2015 and 2014 related to these plans. There was no expense related to these plans in 2013. The Company does not currently offer other postretirement benefits such as health care or other pension plans. Directors Deferred Fee and Stock Plan The Wintrust Financial Corporation Directors Deferred Fee and Stock Plan (“DDFS Plan”) allows directors of the Company and its subsidiaries to choose to receive payment of directors’ fees in either cash or common stock of the Company and to defer the receipt of the fees. The DDFS Plan is designed to encourage stock ownership by directors. All shares offered under the DDFS Plan will be either newly issued shares of the Company or shares issued from treasury. The number of shares issued is determined on a quarterly basis based on the fees earned during the quarter and the fair market value per share of the common stock on the last trading day of the preceding quarter. The shares are issued annually and the directors are entitled to dividends and voting rights upon the issuance of the shares. During 2015, 2014 and 2013, a total of 20,475 shares, 19,488 shares and 30,547 shares, respectively, were issued to directors. For those directors that elect to defer the receipt of the common stock, the Company maintains records of stock units representing an obligation to issue shares of common stock. The number of stock units equals the number of shares that would have been issued had the director not elected to defer receipt of the shares. Additional stock units are credited at the time dividends are paid, however no voting rights are associated with the stock units. The shares of common stock represented by the stock units are issued in the year specified by the directors in their participation agreements. In July 2015, the shares authorized under the DDFS Plan were increased by 150,000 . At December 31, 2015, the Company has an obligation to issue 279,479 shares of common stock to directors and has 148,363 shares available for future grants under the DDFS Plan. |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2015 | |
Regulatory Capital Requirements [Abstract] | |
Regulatory Matters | Regulatory Matters Banking laws place restrictions upon the amount of dividends that can be paid to Wintrust by the banks. Based on these laws, the banks could, subject to minimum capital requirements, declare dividends to Wintrust without obtaining regulatory approval in an amount not exceeding (a) undivided profits, and (b) the amount of net income reduced by dividends paid for the current and prior two years. During 2015 , 2014 and 2013 , cash dividends totaling $22.2 million , $77.0 million and $112.8 million , respectively, were paid to Wintrust by the banks and other subsidiaries. As of January 1, 2016, the banks had approximately $70.2 million available to be paid as dividends to Wintrust without prior regulatory approval and without reducing their capital below the well-capitalized level. The banks are also required by the Federal Reserve Act to maintain reserves against deposits. Reserves are held either in the form of vault cash or balances maintained with the Federal Reserve Bank and are based on the average daily deposit balances and statutory reserve ratios prescribed by the type of deposit account. At December 31, 2015 and 2014 , reserve balances of approximately $412.7 million and $291.0 million , respectively, were required to be maintained at the Federal Reserve Bank. The Company and the banks are subject to various regulatory capital requirements established by the federal banking agencies that take into account risk attributable to balance sheet and off-balance sheet activities. Failure to meet minimum capital requirements can initiate certain mandatory — and possibly discretionary — actions by regulators, that if undertaken could have a direct material effect on the Company’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the banks must meet specific capital guidelines that involve quantitative measures of the Company’s assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. Quantitative measures established by regulation to ensure capital adequacy require the Company and the banks to maintain minimum amounts and ratios of total and Tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined) and Tier 1 leverage capital (as defined) to average quarterly assets (as defined). The Federal Reserve’s capital guidelines require bank holding companies to maintain a minimum ratio of qualifying total capital to risk-weighted assets of 8.0% , of which at least 4.50% must be in the form of common equity Tier 1 capital and 6.0% must be in the form of Tier 1 capital. The Federal Reserve also requires a minimum leverage ratio of Tier 1 capital to total assets of 4.0% . In addition the Federal Reserve continues to consider the Tier 1 leverage ratio in evaluating proposals for expansion or new activities. As reflected in the following table, the Company met all minimum capital requirements at December 31, 2015 and 2014 : 2015 2014 Total capital to risk weighted assets 12.2 % 13.0 % Tier 1 capital to risk weighted assets 10.0 11.6 Common equity Tier 1 capital to risk weighted assets 8.4 N/A Tier 1 leverage Ratio 9.1 10.2 Wintrust is designated as a financial holding company. Bank holding companies approved as financial holding companies may engage in an expanded range of activities, including the businesses conducted by its wealth management subsidiaries. As a financial holding company, Wintrust’s banks are required to maintain their capital positions at the “well-capitalized” level. As of December 31, 2015 , the banks were categorized as well capitalized under the regulatory framework for prompt corrective action. The ratios required for the banks to be “well capitalized” by regulatory definition are 10.0% , 8.0% , 6.5% and 5.0% for Total capital to risk-weighted assets, Tier 1 capital to risk-weighted assets, Common equity Tier 1 capital to risk weighted assets and Tier 1 leverage ratio, respectively. The banks’ actual capital amounts and ratios as of December 31, 2015 and 2014 are presented in the following table: (Dollars in thousands) December 31, 2015 December 31, 2014 Actual To Be Well Capitalized by Regulatory Definition Actual To Be Well Capitalized by Regulatory Definition Amount Ratio Amount Ratio Amount Ratio Amount Ratio Total Capital (to Risk Weighted Assets): Lake Forest Bank $ 282,921 11.3 % $ 251,560 10.0 % $ 245,248 10.9 % $ 224,354 10.0 % Hinsdale Bank 200,436 12.1 165,157 10.0 155,797 11.4 136,415 10.0 Wintrust Bank 377,015 11.3 334,596 10.0 312,223 11.2 279,295 10.0 Libertyville Bank 124,665 11.5 108,619 10.0 113,513 11.4 99,999 10.0 Barrington Bank 187,062 11.3 165,810 10.0 163,162 11.9 137,527 10.0 Crystal Lake Bank 89,476 11.9 75,314 10.0 87,138 12.9 67,482 10.0 Northbrook Bank 145,390 11.0 132,200 10.0 126,325 11.1 114,042 10.0 Schaumburg Bank 87,182 11.4 76,422 10.0 73,999 11.3 65,485 10.0 Village Bank 117,543 11.2 105,027 10.0 103,148 11.2 92,110 10.0 Beverly Bank 92,843 11.1 83,442 10.0 73,808 11.3 65,229 10.0 Town Bank 159,508 12.0 133,344 10.0 130,699 12.1 108,434 10.0 Wheaton Bank 117,373 11.5 102,479 10.0 77,366 11.6 66,920 10.0 State Bank of the Lakes 89,488 11.1 80,923 10.0 78,048 11.6 67,272 10.0 Old Plank Trail Bank 110,058 11.3 97,223 10.0 100,082 12.4 80,420 10.0 St. Charles Bank 81,524 11.2 72,812 10.0 71,123 11.1 63,912 10.0 Tier 1 Capital (to Risk Weighted Assets): Lake Forest Bank $ 256,126 10.2 % $ 201,248 8.0 % $ 231,448 10.3 % $ 134,612 6.0 % Hinsdale Bank 191,553 11.6 132,125 8.0 146,290 10.7 81,849 6.0 Wintrust Bank 311,322 9.3 267,677 8.0 222,845 8.0 167,577 6.0 Libertyville Bank 117,965 10.9 86,895 8.0 107,649 10.8 59,999 6.0 Barrington Bank 176,489 10.6 132,648 8.0 150,705 11.0 82,516 6.0 Crystal Lake Bank 85,521 11.4 60,251 8.0 83,788 12.4 40,489 6.0 Northbrook Bank 129,514 9.8 105,760 8.0 116,808 10.2 68,425 6.0 Schaumburg Bank 71,958 9.4 61,137 8.0 67,427 10.3 39,291 6.0 Village Bank 108,221 10.3 84,021 8.0 97,684 10.6 55,266 6.0 Beverly Bank 76,708 9.2 66,754 8.0 71,197 10.9 39,137 6.0 Town Bank 153,902 11.5 106,675 8.0 125,716 11.6 65,061 6.0 Wheaton Bank 96,799 9.5 81,983 8.0 70,632 10.6 40,152 6.0 State Bank of the Lakes 76,609 9.5 64,738 8.0 69,176 10.3 40,363 6.0 Old Plank Trail Bank 100,506 10.3 77,778 8.0 96,689 12.0 48,252 6.0 St. Charles Bank 75,348 10.4 58,250 8.0 67,588 10.6 38,347 6.0 Common Equity Tier 1 Capital (to Risk Weighted Assets): Lake Forest Bank $ 256,126 10.2 % $ 163,514 6.5 % N/A N/A N/A N/A Hinsdale Bank 191,553 11.6 107,352 6.5 N/A N/A N/A N/A Wintrust Bank 311,322 9.3 217,488 6.5 N/A N/A N/A N/A Libertyville Bank 117,965 10.9 70,603 6.5 N/A N/A N/A N/A Barrington Bank 176,489 10.6 107,777 6.5 N/A N/A N/A N/A Crystal Lake Bank 85,521 11.4 48,954 6.5 N/A N/A N/A N/A Northbrook Bank 129,514 9.8 85,930 6.5 N/A N/A N/A N/A Schaumburg Bank 71,958 9.4 49,674 6.5 N/A N/A N/A N/A Village Bank 108,221 10.3 68,267 6.5 N/A N/A N/A N/A Beverly Bank 76,708 9.2 54,237 6.5 N/A N/A N/A N/A Town Bank 153,902 11.5 86,674 6.5 N/A N/A N/A N/A Wheaton Bank 96,799 9.5 66,611 6.5 N/A N/A N/A N/A State Bank of the Lakes 76,609 9.5 52,600 6.5 N/A N/A N/A N/A Old Plank Trail Bank 100,506 10.3 63,195 6.5 N/A N/A N/A N/A St. Charles Bank 75,348 10.4 47,328 6.5 N/A N/A N/A N/A (Dollars in thousands) December 31, 2015 December 31, 2014 Actual To Be Well Capitalized by Regulatory Definition Actual To Be Well Capitalized by Regulatory Definition Amount Ratio Amount Ratio Amount Ratio Amount Ratio Tier 1 Leverage Ratio: Lake Forest Bank $ 256,126 9.1 % $ 140,541 5.0 % $ 231,448 9.0 % $ 128,590 5.0 % Hinsdale Bank 191,553 9.9 97,023 5.0 146,290 9.7 75,509 5.0 Wintrust Bank 311,322 8.9 174,117 5.0 222,845 7.4 149,925 5.0 Libertyville Bank 117,965 9.6 61,320 5.0 107,649 9.3 58,032 5.0 Barrington Bank 176,489 9.8 90,168 5.0 150,705 9.4 80,086 5.0 Crystal Lake Bank 85,521 9.4 45,445 5.0 83,788 10.3 40,502 5.0 Northbrook Bank 129,514 8.6 75,287 5.0 116,808 8.9 65,626 5.0 Schaumburg Bank 71,958 8.4 42,707 5.0 67,427 8.9 37,930 5.0 Village Bank 108,221 9.2 58,817 5.0 97,684 9.4 51,753 5.0 Beverly Bank 76,708 8.4 45,757 5.0 71,197 9.3 38,304 5.0 Town Bank 153,902 10.3 74,452 5.0 125,716 10.1 62,283 5.0 Wheaton Bank 96,799 8.1 59,482 5.0 70,632 8.8 40,152 5.0 State Bank of the Lakes 76,609 8.3 46,001 5.0 69,176 8.4 41,382 5.0 Old Plank Trail Bank 100,506 8.5 59,383 5.0 96,689 8.4 57,717 5.0 St. Charles Bank 75,348 9.4 39,942 5.0 67,588 9.8 34,504 5.0 Wintrust’s mortgage banking division and broker/dealer subsidiary are also required to maintain minimum net worth capital requirements with various governmental agencies. The mortgage banking division’s net worth requirements are governed by the Department of Housing and Urban Development and the broker/dealer’s net worth requirements are governed by the SEC. As of December 31, 2015 , these business units met their minimum net worth capital requirements. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The Company has outstanding, at any time, a number of commitments to extend credit. These commitments include revolving home equity line and other credit agreements, term loan commitments and standby and commercial letters of credit. Standby and commercial letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party. Standby letters of credit are contingent upon the failure of the customer to perform according to the terms of the underlying contract with the third party, while commercial letters of credit are issued specifically to facilitate commerce and typically result in the commitment being drawn on when the underlying transaction is consummated between the customer and the third party. These commitments involve, to varying degrees, elements of credit and interest rate risk in excess of the amounts recognized in the Consolidated Statements of Condition. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company uses the same credit policies in making commitments as it does for on-balance sheet instruments. Commitments to extend commercial, commercial real estate and construction loans totaled $3.7 billion and $3.1 billion as of December 31, 2015 and 2014 , respectively, and unused home equity lines totaled $855.1 million and $744.3 million as of December 31, 2015 and 2014 , respectively. Standby and commercial letters of credit totaled $176.1 million at December 31, 2015 and $175.7 million at December 31, 2014 . In addition, at December 31, 2015 and 2014 , the Company had approximately $473.4 million and $427.4 million , respectively, in commitments to fund residential mortgage loans to be sold into the secondary market. These lending commitments are also considered derivative instruments. The Company also enters into forward contracts for the future delivery of residential mortgage loans at specified interest rates to reduce the interest rate risk associated with commitments to fund loans as well as mortgage loans held-for-sale. These forward contracts are also considered derivative instruments and had contractual amounts of approximately $753.9 million at December 31, 2015 and $575.4 million at December 31, 2014 . See Note 20 for further discussion on derivative instruments. The Company enters into residential mortgage loan sale agreements with investors in the normal course of business. These agreements usually require certain representations concerning credit information, loan documentation, collateral and insurability. On occasion, investors have requested the Company to indemnify them against losses on certain loans or to repurchase loans which the investors believe do not comply with applicable representations. Management maintains a liability for estimated losses on loans expected to be repurchased or on which indemnification is expected to be provided and regularly evaluates the adequacy of this recourse liability based on trends in repurchase and indemnification requests, actual loss experience, known and inherent risks in the loans, and current economic conditions. The Company sold approximately $4.0 billion of mortgage loans in 2015 and $3.2 billion in 2014 . The liability for estimated losses on repurchase and indemnification claims for residential mortgage loans previously sold to investors was $4.0 million and $3.1 million at December 31, 2015 and 2014 , respectively, and was included in other liabilities on the Consolidated Statements of Condition. Losses charged against the liability were $1.1 million in 2015 as compared to $435,000 in 2014 . These losses relate to mortgages which experienced early payment and other defaults meeting certain representation and warranty recourse requirements. The Company utilizes an out-sourced securities clearing platform and has agreed to indemnify the clearing broker of WHI for losses that it may sustain from the customer accounts introduced by WHI. As of December 31, 2015 , the total amount of customer balances maintained by the clearing broker and subject to indemnification was approximately $26.7 million . WHI seeks to control the risks associated with its customers’ activities by requiring customers to maintain margin collateral in compliance with various regulatory and internal guidelines. In the ordinary course of business, there are legal proceedings pending against the Company and its subsidiaries. Management does not believe that a material loss related to these matters is reasonably possible. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 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) as 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 December 31, 2015 : (Dollars in thousands) Notional Accounting Fair Value as of Effective Date Maturity Date Amount Treatment December 31, 2015 May 3, 2012 May 3, 2016 $ 215,000 Non-Hedge Designated $ — August 29, 2012 August 29, 2016 216,500 Cash Flow Hedging 3 February 22, 2013 August 22, 2016 56,500 Non-Hedge Designated 2 February 22, 2013 August 22, 2016 43,500 Cash Flow Hedging 1 March 21, 2013 March 21, 2017 100,000 Non-Hedge Designated 80 May 16, 2013 November 16, 2016 75,000 Non-Hedge Designated 14 September 15, 2013 September 15, 2017 50,000 Cash Flow Hedging 128 September 30, 2013 September 30, 2017 40,000 Cash Flow Hedging 110 $ 796,500 $ 338 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 by 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 December 31, 2015 and December 31, 2014 : Derivative Assets Derivative Liabilities Fair Value Fair Value (Dollars in thousands) December 31, 2015 December 31, 2014 December 31, 2015 December 31, 2014 Derivatives designated as hedging instruments under ASC 815: Interest rate derivatives designated as Cash Flow Hedges $ 242 $ 1,390 $ 846 $ 1,994 Interest rate derivatives designated as Fair Value Hedges 27 52 143 — Total derivatives designated as hedging instruments under ASC 815 $ 269 $ 1,442 $ 989 $ 1,994 Derivatives not designated as hedging instruments under ASC 815: Interest rate derivatives $ 42,510 $ 36,399 $ 41,469 $ 34,927 Interest rate lock commitments 7,401 10,028 171 20 Forward commitments to sell mortgage loans 745 23 2,275 4,239 Foreign exchange contracts 373 72 115 — Total derivatives not designated as hedging instruments under ASC 815 $ 51,029 $ 46,522 $ 44,030 $ 39,186 Total Derivatives $ 51,298 $ 47,964 $ 45,019 $ 41,180 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 December 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 years ended December 31, 2015 or December 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 December 31, 2015: (Dollars in thousands) December 31, 2015 Maturity Date Notional Amount Fair Value Asset (Liability) Interest Rate Swaps: September 2016 $ 50,000 $ (548 ) October 2016 25,000 (298 ) Total Interest Rate Swaps $ 75,000 $ (846 ) Interest Rate Caps: August 2016 $ 43,500 $ 1 August 2016 216,500 3 September 2017 50,000 128 September 2017 40,000 110 Total Interest Rate Caps $ 350,000 $ 242 Total Cash Flow Hedges $ 425,000 $ (604 ) A rollforward of the amounts in accumulated other comprehensive loss related to interest rate derivatives designated as cash flow hedges follows: December 31, (Dollars in thousands) 2015 2014 Unrealized loss at beginning of period $ (4,062 ) $ (3,971 ) Amount reclassified from accumulated other comprehensive income to interest expense on deposits and junior subordinated debentures 2,082 1,974 Amount of loss recognized in other comprehensive income (1,549 ) (2,065 ) Unrealized loss at end of period $ (3,529 ) $ (4,062 ) As of December 31, 2015 , the Company estimates that during the next twelve months, $2.6 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 December 31, 2015, the Company has four interest rate swaps with an aggregate notional amount of $16.4 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 $16,000 and $5,000 in other income related to hedge ineffectiveness for the years ended 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 recorded amortization of the basis in the previously hedged item as a reduction to interest income of $172,000 for both of the years ended 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 December 31, 2015 and 2014: (Dollars in thousands) Derivatives in Fair Value Hedging Relationships Location of Gain or (Loss) Recognized in Income on Derivative Amount of Gain or (Loss) Recognized in Income on Derivative Year Ended December 31, Amount of Gain or (Loss) Recognized in Income on Hedged Item Year Ended December 31, Income Statement Gain/ (Loss) due to Hedge Ineffectiveness Year Ended December 31, 2015 2014 2015 2014 2015 2014 Interest rate swaps Trading (losses)/gains, net $ (168 ) (53 ) $ 152 48 $ (16 ) (5 ) 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 other non-interest income. At December 31, 2015 , the Company had interest rate derivative transactions with an aggregate notional amount of approximately $3.4 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 January 2016 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 December 31, 2015 , the Company had forward commitments to sell mortgage loans with an aggregate notional amount of approximately $753.9 million and interest rate lock commitments with an aggregate notional amount of approximately $326.7 million . Additionally, the Company’s total mortgage loans held-for-sale at December 31, 2015 was $388.0 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 December 31, 2015 the Company held foreign currency derivatives with an aggregate notional amount of approximately $22.0 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 as other non-interest income. There were no covered call options outstanding as of December 31, 2015 or December 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 December 31, 2015 , the Company held four interest rate cap derivative contracts, which are not designated in hedge relationships, have an aggregate notional value of $446.5 million . Amounts included in the Consolidated Statements of Income related to derivative instruments not designated in hedge relationships were as follows: (Dollars in thousands) December 31, Derivative Location in income statement 2015 2014 Interest rate swaps and caps Trading (losses) gains, net $ (454 ) $ (1,675 ) Mortgage banking derivatives Mortgage banking revenue (299 ) (2,012 ) Covered call options Fees from covered call options 15,364 7,859 Foreign exchange contracts Trading (losses) gains, net 186 68 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 December 31, 2015 , the fair value of interest rate derivatives in a net liability position, which includes accrued interest related to these agreements, was $43.3 million . If the Company had breached any of these provisions at December 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 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) December 31, 2015 December 31, 2014 December 31, 2015 December 31, 2014 Gross Amounts Recognized $ 42,779 $ 37,841 $ 42,458 $ 36,921 Less: Amounts offset in the Statements of Condition — — — — Net amount presented in the Statements of Condition $ 42,779 $ 37,841 $ 42,458 $ 36,921 Gross amounts not offset in the Statements of Condition Offsetting Derivative Positions $ (753 ) $ (2,771 ) $ (753 ) $ (2,771 ) Collateral Posted (1) — — (41,705 ) (34,150 ) Net Credit Exposure $ 42,026 $ 35,070 $ — $ — (1) As of December 31, 2015 and 2014, the Company posted collateral of $45.5 million and $43.8 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 Value of Assets and Liabil
Fair Value of Assets and Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Assets and Liabilities | Fair Value 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 inputs 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 December 31, 2015 , the Company classified $68.6 million of municipal securities as Level 3. These municipal securities are bond issues for various municipal government entities primarily 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 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 December 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 December 31, 2015 , the Company held $25.2 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 December 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 1.85% - 2.12% with an average of 2.01% 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 December 31, 2015 , the Company classified $9.1 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 December 31, 2015 was 9.13% with discount rates applied ranging from 9% - 13% . 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 8% - 26% or a weighted average prepayment speed of 11.77% used as an input to value the pool of mortgage servicing rights at December 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 validated 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: December 31, 2015 (Dollars in thousands) Total Level 1 Level 2 Level 3 Available-for-sale securities U.S. Treasury $ 306,729 $ — $ 306,729 $ — U.S. Government agencies 70,236 — 70,236 — Municipal 108,595 — 39,982 68,613 Corporate notes 81,545 — 81,545 — Mortgage-backed 1,092,597 — 1,092,597 — Equity securities 56,686 — 31,487 25,199 Trading account securities 448 — 448 — Mortgage loans held-for-sale 388,038 — 388,038 — Mortgage servicing rights 9,092 — — 9,092 Nonqualified deferred compensations assets 8,517 — 8,517 — Derivative assets 51,298 — 51,298 — Total $ 2,173,781 $ — $ 2,070,877 $ 102,904 Derivative liabilities $ 45,019 $ — $ 45,019 $ — December 31, 2014 (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 compensations 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 $ — The aggregate remaining contractual principal balance outstanding as of December 31, 2015 and 2014 for mortgage loans held- for-sale measured at fair value under ASC 825 was $372.0 million and $327.1 million , respectively, while the aggregate fair value of mortgage loans held-for-sale was $388.0 million and $351.3 million , respectively, 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 December 31, 2015 and 2014 . The changes in Level 3 assets measured at fair value on a recurring basis during the year ended December 31, 2015 are summarized as follows: Equity securities Mortgage servicing rights (Dollars in thousands) Municipal Balance at January 1, 2015 $ 58,953 $ 23,711 $ 8,435 Total net (losses) gains included in: Net income (1) — — 657 Other comprehensive income (1,198 ) 1,488 — Purchases 33,998 — — Issuances — — — Sales — — — Settlements (23,140 ) — — Net transfers into/(out of) Level 3 — — — Balance at December 31, 2015 $ 68,613 $ 25,199 $ 9,092 (1) Changes in the balance of mortgage servicing rights are recorded as a component of mortgage banking revenue in non-interest income. The changes in Level 3 assets measured at fair value on a recurring basis during the year ended December 31, 2014 are summarized as follows: (Dollars in thousands) Municipal Equity securities Mortgage servicing rights Balance at January 1, 2014 $ 36,386 $ 22,163 $ 8,946 Total net (losses) gains included in: Net income (1) — — (1,214 ) Other comprehensive income 202 1,548 — Purchases 27,437 — 703 Issuances — — — Sales — — — Settlements (13,954 ) — — Net transfers into/(out of) of Level 3 (2) 8,882 — — Balance at December 31, 2014 $ 58,953 $ 23,711 $ 8,435 (1) Changes in the balance of mortgage servicing rights are recorded as a component of mortgage banking revenue in non-interest income. (2) Transfers into Level 3 relate to a reclassification of municipal bonds in the third quarter of 2014. 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 December 31, 2015 . December 31, 2015 Twelve Months Ended December 31, 2015 Fair Value Losses Recognized, net (Dollars in thousands) Total Level 1 Level 2 Level 3 Impaired loans-collateral based $ 65,626 $ — $ — $ 65,626 $ 14,571 Other real estate owned, including covered other real estate owned (1) 65,328 — — 65,328 7,154 Total $ 130,954 $ — $ — $ 130,954 $ 21,725 (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 modified in a TDR 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 inputs of impaired loans. For more information on the Managed Assets Division review of impaired loans refer to Note 5 – Allowance for Loan Losses, Allowance for Losses on Lending-Related Commitments and Impaired Loans. At December 31, 2015 , the Company had $101.3 million of impaired loans classified as Level 3. Of the $101.3 million of impaired loans, $65.6 million were measured at fair value based on the underlying collateral of the loan as shown in the table above. The remaining $35.7 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 that are adjusted by a discount representing the estimated cost of sale and is therefore considered a Level 3 valuation. The Company’s Managed Assets Division is primarily responsible for the valuation of Level 3 inputs for non-covered other real estate owned and covered other real estate owned. At December 31, 2015 , the Company had $65.3 million of other real estate owned classified as Level 3. The unobservable input applied to other real estate owned relates to the 10% reduction to the appraisal value representing the estimated cost of sale of the foreclosed property. A higher discount for the estimated cost of sale results in a decreased carrying value. The valuation techniques and significant unobservable inputs used to measure both recurring and non-recurring Level 3 fair value measurements at December 31, 2015 were as follows: (Dollars in thousands) Fair Value Valuation Methodology Significant Unobservable Input Range of Inputs Weighted Average of Inputs Impact to valuation from an increased or higher input value Measured at fair value on a recurring basis: Municipal Securities $ 68,613 Bond pricing Equivalent rating BBB-AA+ N/A Increase Equity Securities 25,199 Discounted cash flows Discount rate 1.85%-2.12% 2.01% Decrease Mortgage Servicing Rights 9,092 Discounted cash flows Discount rate 9%-13% 9.13% Decrease Constant prepayment rate (CPR) 8%-26% 11.77% Decrease Measured at fair value on a non-recurring basis: Impaired loans—collateral based 65,626 Appraisal value Appraisal adjustment - cost of sale 10% 10.00% Decrease Other real estate owned, including covered other real-estate owned 65,328 Appraisal value Appraisal adjustment - cost of sale 10% 10.00% Decrease 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: December 31, 2015 December 31, 2014 (Dollars in thousands) Carrying Value Fair Value Carrying Value Fair Value Financial Assets: Cash and cash equivalents $ 275,795 $ 275,795 $ 230,707 $ 230,707 Interest bearing deposits with banks 607,782 607,782 998,437 998,437 Available-for-sale securities 1,716,388 1,716,388 1,792,078 1,792,078 Held-to-maturity securities 884,826 878,111 — — Trading account securities 448 448 1,206 1,206 Federal Home Loan Bank and Federal Reserve Bank stock, at cost 101,581 101,581 91,582 91,582 Brokerage customer receivables 27,631 27,631 24,221 24,221 Mortgage loans held-for-sale, at fair value 388,038 388,038 351,290 351,290 Total loans 17,266,790 18,106,829 14,636,107 15,346,266 Mortgage servicing rights 9,092 9,092 8,435 8,435 Nonqualified deferred compensation assets 8,517 8,517 7,951 7,951 Derivative assets 51,298 51,298 47,964 47,964 FDIC indemnification asset — — 11,846 11,846 Accrued interest receivable and other 193,092 193,092 169,156 169,156 Total financial assets $ 21,531,278 $ 22,364,602 $ 18,370,980 $ 19,081,139 Financial Liabilities Non-maturity deposits $ 14,634,957 $ 14,634,957 $ 12,142,034 $ 12,142,034 Deposits with stated maturities 4,004,677 3,998,180 4,139,810 4,143,161 Federal Home Loan Bank advances 859,876 863,437 733,050 738,113 Other borrowings 266,019 266,019 196,465 197,883 Subordinated notes 140,000 140,302 140,000 143,639 Junior subordinated debentures 268,566 268,046 249,493 250,305 Derivative liabilities 45,019 45,019 41,180 41,180 Accrued interest payable 7,394 7,394 8,001 8,001 Total financial liabilities $ 20,226,508 $ 20,223,354 $ 17,650,033 $ 17,664,316 Not all of 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. Held-to-maturity securities. Held-to-maturity securities include U.S. Government-sponsored agency securities and municipal bonds issued by various municipal government entities primarily located in the Chicago metropolitan area and southern Wisconsin. Fair values for held-to-maturity securities are typically based on prices obtained from independent pricing vendors. In accordance with ASC 820, the Company has categorized held-to-maturity securities as a Level 2 fair value measurement. 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. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | Shareholders’ Equity A summary of the Company’s common and preferred stock at December 31, 2015 and 2014 is as follows: 2015 2014 Common Stock: Shares authorized 100,000,000 100,000,000 Shares issued 48,468,894 46,881,108 Shares outstanding 48,383,279 46,805,055 Cash dividend per share $ 0.44 $ 0.40 Preferred Stock: Shares authorized 20,000,000 20,000,000 Shares issued 5,126,287 126,467 Shares outstanding 5,126,287 126,467 The Company reserves shares of its authorized common stock specifically for the 2007 Plan, the ESPP and the Directors Deferred Fee and Stock Plan ("the DDFS"). The reserved shares and these plans are detailed in Note 17 - Stock Compensation Plans and Other Employee Benefit Plans. The Company also reserves its authorized common stock for conversion of convertible preferred stock and common stock warrants. Tangible Equity Units In December 2010, the Company sold 4.6 million 7.50% TEU's at a public offering price of $50.00 per unit. The Company received net proceeds of $222.7 million after deducting underwriting discounts and commissions and estimated offering expenses. Each tangible equity unit was composed of a prepaid common stock purchase contract and a junior subordinated amortizing note due December 15, 2013 . The prepaid stock purchase contracts were recorded as surplus (a component of shareholders’ equity), net of issuance costs, and the junior subordinated amortizing notes were recorded as debt within other borrowings. Issuance costs associated with the debt component were recorded as a discount within other borrowings and were amortized over the term of the instrument to December 15, 2013 at which time they were paid off in full. The Company allocated the proceeds from the issuance of the TEU to equity and debt based on the relative fair values of the respective components of each unit. The aggregate fair values assigned to each component of the TEU offering at the issuance date were as follows: (Dollars and units in thousands, except unit price) Equity Component Debt Component TEU Total Units issued (1) 4,600 4,600 4,600 Unit price $ 40.271818 $ 9.728182 $ 50.00 Gross proceeds 185,250 44,750 230,000 Issuance costs, including discount 5,934 1,419 7,353 Net proceeds $ 179,316 $ 43,331 $ 222,647 Balance sheet impact Other borrowings — 43,331 43,331 Surplus 179,316 — 179,316 (1) TEUs consisted of two components: one unit of the equity component and one unit of the debt component. The fair value of the debt component was determined using a discounted cash flow model using the following assumptions: (1) quarterly cash payments of 7.5% ; (2) a maturity date of December 15, 2013 ; and (3) an assumed discount rate of 9.5% . The discount rate used for estimating the fair value was determined by obtaining yields for comparably-rated issuers trading in the market. The debt component was recorded at fair value, and the discount was amortized using the level yield method over the term of the instrument to the settlement date of December 15, 2013 . The fair value of the equity component was determined using Black-Scholes valuation models applied to the range of stock prices contemplated by the terms of the TEU and using the following assumptions: (1) risk-free interest rate of 0.95% ; (2) expected stock price volatility in the range of 35% - 45% ; (3) dividend yield plus stock borrow cost of 0.85% ; and (4) term of 3.02 years. Each junior subordinated amortizing note, which had an initial principal amount of $9.728182 , had a stated interest rate of 9.50% per annum, and had a scheduled final installment payment date of December 15, 2013 . On each March 15, June 15, September 15 and December 15, the Company paid equal quarterly installments of $0.9375 on each amortizing note. The quarterly installment payable at March 15, 2011, however, was $0.989583 . Each payment constituted a payment of interest and a partial repayment of principal. The issuance costs were amortized to interest expense using the effective-interest method. Each prepaid common stock purchase contract automatically settled on December 15, 2013 and the Company delivered 1.3333 shares of its common stock based on the applicable market value at that time (the average of the volume weighted average price of Company common stock for the twenty ( 20 ) consecutive trading days ending on the third trading day immediately preceding December 15, 2013 ). Upon settlement, an amount equal to $1.00 per common share issued was reclassified from surplus to common stock. Series A Preferred Stock In August 2008, the Company issued and sold 50,000 shares of non-cumulative perpetual convertible preferred stock, Series A, liquidation preference $1,000 per share (the "Series A Preferred Stock") for $50 million in a private transaction. Dividends on the Series A Preferred Stock were payable quarterly in arrears at a rate of 8.00% per annum. The Series A Preferred Stock was convertible into common stock at the option of the holder at a conversion rate of 38.88 shares of common stock per share of Series A Preferred Stock. On July 19, 2013, pursuant to such terms, the holder of the Series A Preferred Stock elected to convert all 50,000 shares of Series A Preferred Stock into 1,944,000 shares of the Company's common stock, no par value. 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 a public offering. When, as and 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 2015, pursuant to such terms, 180 shares of the Series C Preferred Stock were converted at the option of the respective holders into 4,374 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. Series D Preferred Stock In June 2015, the Company issued and sold 5,000,000 shares of fixed-to-floating non-cumulative perpetual preferred stock, Series D, liquidation preference $25 per share (the “Series D Preferred Stock”) for $125.0 million in a public offering. When, as and if declared, dividends on the Series D Preferred Stock are payable quarterly in arrears at a fixed rate of 6.50% per annum from the original issuance date to, but excluding, July 15, 2025 , and from (and including) that date at a floating rate equal to three-month LIBOR plus a spread of 4.06% per annum. Common Stock Warrants 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. During 2015, certain holders of the interest in the warrant exercised 569,985 warrant shares, which resulted in 313,751 shares of common stock issued. At December 31, 2015, all remaining holders of the interest in the warrant were able to exercise 367,432 warrant shares. Other In July 2015, the Company issued 388,573 shares of its common stock in the acquisition of CFIS. In January 2015, the Company issued 422,122 shares of its common stock in the acquisition of Delavan. In May 2013, the Company issued 648,286 shares of its common stock in the acquisition of FNBI. At the January 2016 Board of Directors meeting, a quarterly cash dividend of $0.12 per share ( $0.48 on an annualized basis) was declared. It was paid on February 25, 2016 to shareholders of record as of February 11, 2016 . The following tables summarize the components of other comprehensive income (loss), including the related income tax effects, for the years ending December 31, 2015 , 2014 and 2013 : (In thousands) Accumulated Unrealized Losses on Securities Accumulated Unrealized Losses on Derivative Instruments Accumulated Foreign Currency Translation Adjustments Total Accumulated Other Comprehensive (Loss) Income Balance at January 1, 2015 $ (9,533 ) $ (2,517 ) $ (25,282 ) $ (37,332 ) Other comprehensive loss during the period, net of tax, before reclassification (8,023 ) (941 ) (17,559 ) (26,523 ) Amount reclassified from accumulated other comprehensive income into net income, net of tax (196 ) 1,265 — 1,069 Amount reclassified from accumulated other comprehensive income related to amortization of unrealized losses on investment securities transferred to held-to-maturity from available-for-sale 78 — — 78 Net other comprehensive (loss) income during the period, net of tax $ (8,141 ) $ 324 $ (17,559 ) $ (25,376 ) Balance at December 31, 2015 $ (17,674 ) $ (2,193 ) $ (42,841 ) $ (62,708 ) Balance at January 1, 2014 $ (53,665 ) $ (2,462 ) $ (6,909 ) $ (63,036 ) Other comprehensive income (loss) during the period, net of tax, before reclassification 43,828 (1,244 ) (18,373 ) 24,211 Amount reclassified from accumulated other comprehensive income, net of tax 304 1,189 — 1,493 Net other comprehensive income (loss) during the period, net of tax $ 44,132 $ (55 ) $ (18,373 ) $ 25,704 Balance at December 31, 2014 $ (9,533 ) $ (2,517 ) $ (25,282 ) $ (37,332 ) Balance at January 1, 2013 $ 6,710 $ (5,292 ) $ 6,293 $ 7,711 Other comprehensive loss during the period, net of tax, before reclassification (62,182 ) (251 ) (13,202 ) (75,635 ) Amount reclassified from accumulated other comprehensive income, net of tax 1,807 3,081 — 4,888 Net other comprehensive (loss) income during the period, net of tax $ (60,375 ) $ 2,830 $ (13,202 ) $ (70,747 ) Balance at December 31, 2013 $ (53,665 ) $ (2,462 ) $ (6,909 ) $ (63,036 ) Amount Reclassified from Accumulated Other Comprehensive Income for the Year Ended, Details Regarding the Component of Accumulated Other Comprehensive Income December 31, Impacted Line on the Consolidated Statements of Income 2015 2014 Accumulated unrealized losses on securities Gains (losses) included in net income $ 323 $ (504 ) Gains (losses) on available-for-sale securities, net 323 (504 ) Income before taxes Tax effect (127 ) 200 Income tax expense Net of tax $ 196 $ (304 ) Net income Accumulated unrealized losses on derivative instruments Amount reclassified to interest expense on deposits $ 252 $ — Interest on deposits Amount reclassified to interest expense on junior subordinated debentures 1,830 1,974 Interest on junior subordinated debentures (2,082 ) (1,974 ) Income before taxes Tax effect 817 785 Income tax expense Net of tax $ (1,265 ) $ (1,189 ) Net income |
Segment Information
Segment Information | 12 Months Ended |
Dec. 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 10 — 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 those described in the Summary of Significant Accounting Policies in Note 1. 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: (Dollars in thousands) Community Banking Specialty Finance Wealth Management Total Operating Segments Intersegment Eliminations Consolidated 2015 Net interest income $ 523,112 $ 85,258 $ 17,012 $ 625,382 $ 16,147 $ 641,529 Provision for credit losses 29,746 3,196 — 32,942 — 32,942 Non-interest income 191,248 33,625 75,496 300,369 (28,772 ) 271,597 Non-interest expense 522,199 47,245 71,600 641,044 (12,625 ) 628,419 Income tax expense 60,488 26,352 8,176 95,016 — 95,016 Net income $ 101,927 $ 42,090 $ 12,732 $ 156,749 $ — $ 156,749 Total assets at end of year $ 19,251,616 $ 3,116,631 $ 548,919 $ 22,917,166 $ — $ 22,917,166 2014 Net interest income $ 484,523 $ 82,415 $ 15,968 $ 582,906 $ 15,669 $ 598,575 Provision for credit losses 17,708 2,829 — 20,537 — 20,537 Non-interest income 136,307 32,534 73,388 242,229 (26,989 ) 215,240 Non-interest expense 444,416 44,320 69,431 558,167 (11,320 ) 546,847 Income tax expense 60,033 27,167 7,833 95,033 — 95,033 Net income $ 98,673 $ 40,633 $ 12,092 $ 151,398 $ — $ 151,398 Total assets at end of year $ 16,724,834 $ 2,766,017 $ 519,876 $ 20,010,727 $ — $ 20,010,727 2013 Net interest income $ 448,173 $ 73,903 $ 14,118 $ 536,194 $ 14,433 $ 550,627 Provision for credit losses 45,396 637 — 46,033 — 46,033 Non-interest income 150,543 30,890 65,597 247,030 (24,633 ) 222,397 Non-interest expense 409,780 40,529 62,442 512,751 (10,200 ) 502,551 Income tax expense 55,161 25,508 6,561 87,230 — 87,230 Net income $ 88,379 $ 38,119 $ 10,712 $ 137,210 $ — $ 137,210 Total assets at end of year $ 15,132,912 $ 2,470,832 $ 494,039 $ 18,097,783 $ — $ 18,097,783 |
Condensed Parent Company Financ
Condensed Parent Company Financial Statements | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Parent Company Financial Statements | Condensed Parent Company Financial Statements Condensed parent company only financial statements of Wintrust follow: Statements of Financial Condition December 31, (In thousands) 2015 2014 Assets Cash $ 116,889 $ 151,303 Available-for-sale securities, at fair value 12,243 10,725 Investment in and receivable from subsidiaries 2,600,716 2,205,487 Loans, net of unearned income 2,820 3,993 Less: Allowance for loan losses — 972 Net Loans $ 2,820 $ 3,021 Goodwill 8,371 8,371 Other assets 149,935 119,739 Total assets $ 2,890,974 $ 2,498,646 Liabilities and Shareholders’ Equity Other liabilities $ 44,349 $ 20,509 Subordinated notes 140,000 140,000 Other borrowings 85,785 18,822 Junior subordinated debentures 268,566 249,493 Shareholders’ equity 2,352,274 2,069,822 Total liabilities and shareholders’ equity $ 2,890,974 $ 2,498,646 Statements of Income Years Ended December 31, (In thousands) 2015 2014 2013 Income Dividends and other revenue from subsidiaries $ 47,639 $ 98,296 $ 114,241 (Losses) gains on available-for-sale securities, net — (33 ) 111 Other income 796 221 4,529 Total income $ 48,435 $ 98,484 $ 118,881 Expenses Interest expense $ 16,669 $ 12,553 $ 13,424 Salaries and employee benefits 38,926 30,636 17,831 Other expenses 50,425 38,428 24,739 Total expenses $ 106,020 $ 81,617 $ 55,994 (Loss) income before income taxes and equity in undistributed income of subsidiaries $ (57,585 ) $ 16,867 $ 62,887 Income tax benefit 30,504 22,909 18,599 (Loss) income before equity in undistributed net income of subsidiaries $ (27,081 ) $ 39,776 $ 81,486 Equity in undistributed net income of subsidiaries 183,830 111,622 55,724 Net income $ 156,749 $ 151,398 $ 137,210 Statements of Cash Flows Years Ended December 31, (In thousands) 2015 2014 2013 Operating Activities: Net income $ 156,749 $ 151,398 $ 137,210 Adjustments to reconcile net income to net cash (used for) provided by operating activities Provision for credit losses (96 ) 945 1,765 Losses (gains) on available-for-sale securities, net — 33 (111 ) Depreciation and amortization 8,182 7,756 3,744 Deferred income tax (benefit) expense (1,872 ) 2,753 1,217 Stock-based compensation expense 9,656 7,754 6,799 Excess tax benefits from stock-based compensation arrangements (278 ) (139 ) (112 ) Increase in other assets (45,287 ) (10,090 ) (3,882 ) Increase in other liabilities 21,840 7,114 (4,517 ) Equity in undistributed net income of subsidiaries (183,830 ) (111,622 ) (55,724 ) Net Cash (Used for) Provided by Operating Activities $ (34,936 ) $ 55,902 $ 86,389 Investing Activities: Capital contributions to subsidiaries, net $ (97,400 ) $ (105,244 ) $ (8,293 ) Net cash paid for acquisitions, net (51,060 ) — — Other investing activity, net (24,908 ) (3,907 ) (21,206 ) Net Cash Used for Investing Activities $ (173,368 ) $ (109,151 ) $ (29,499 ) Financing Activities: Increase (decrease) in notes payable and other borrowings, net $ 66,963 $ (517 ) $ (17,860 ) Proceeds from the issuance of subordinated notes, net — 139,090 — Repayment of subordinated note — — (15,000 ) Excess tax benefits from stock-based compensation arrangements 278 139 112 Net proceeds from issuance of Series D preferred stock 120,842 — — Issuance of common shares resulting from exercise of stock options, employee stock purchase plan and conversion of common stock warrants 16,119 10,453 19,113 Dividends paid (29,888 ) (24,933 ) (13,893 ) Common stock repurchases (424 ) (549 ) (3,504 ) Net Cash Provided by (Used For) Financing Activities $ 173,890 $ 123,683 $ (31,032 ) Net (Decrease) Increase in Cash and Cash Equivalents $ (34,414 ) $ 70,434 $ 25,858 Cash and Cash Equivalents at Beginning of Year 151,303 80,869 55,011 Cash and Cash Equivalents at End of Year $ 116,889 $ 151,303 $ 80,869 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following table sets forth the computation of basic and diluted earnings per common share for 2015 , 2014 and 2013 : (In thousands, except per share data) 2015 2014 2013 Net income $ 156,749 $ 151,398 $ 137,210 Less: Preferred stock dividends and discount accretion 10,869 6,323 8,395 Net income applicable to common shares—Basic (A) $ 145,880 $ 145,075 $ 128,815 Add: Dividends on convertible preferred stock, if dilutive 6,314 6,323 8,325 Net income applicable to common shares—Diluted (B) $ 152,194 $ 151,398 $ 137,140 Weighted average common shares outstanding (C) 47,838 46,524 38,699 Effect of dilutive potential common shares: Common stock equivalents 1,029 1,246 7,108 Convertible preferred stock, if dilutive 3,070 3,075 4,141 Total dilutive potential common shares 4,099 4,321 11,249 Weighted average common shares and effect of dilutive potential common shares (D) 51,937 50,845 49,948 Net income per common share: Basic (A/C) $ 3.05 $ 3.12 $ 3.33 Diluted (B/D) 2.93 2.98 2.75 Potentially dilutive common shares can result from stock options, restricted stock unit awards, stock warrants, the Company’s convertible preferred stock, tangible equity unit shares and shares to be issued under the ESPP and the DDFS 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. |
Quarterly Financial Summary (Un
Quarterly Financial Summary (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Summary (Unaudited) | Quarterly Financial Summary (Unaudited) The following is a summary of quarterly financial information for the years ended December 31, 2015 and 2014 : 2015 Quarters 2014 Quarters (In thousands, except per share data) First Second Third Fourth First Second Third Fourth Interest income $ 170,357 175,241 185,379 187,487 $ 161,326 166,550 170,676 172,715 Interest expense 18,466 18,349 19,839 20,281 17,320 17,370 19,006 18,996 Net interest income 151,891 156,892 165,540 167,206 144,006 149,180 151,670 153,719 Provision for credit losses 6,079 9,482 8,322 9,059 1,880 6,660 5,864 6,133 Net interest income after provision for credit losses 145,812 147,410 157,218 158,147 142,126 142,520 145,806 147,586 Non-interest income, excluding net securities gains (losses) 64,017 77,037 65,051 65,169 45,562 54,438 58,105 57,639 Net securities gains (losses) 524 (24 ) (98 ) (79 ) (33 ) (336 ) (153 ) 18 Non-interest expense 147,318 154,297 159,974 166,829 131,315 133,591 138,500 143,441 Income before taxes 63,035 70,126 62,197 56,408 56,340 63,031 65,258 61,802 Income tax expense 23,983 26,295 23,842 20,896 21,840 24,490 25,034 23,669 Net income $ 39,052 43,831 38,355 35,512 $ 34,500 38,541 40,224 38,133 Preferred stock dividends and discount accretion 1,581 1,580 4,079 3,629 1,581 1,581 1,581 1,580 Net income applicable to common shares $ 37,471 42,251 34,276 31,883 $ 32,919 36,960 38,643 36,553 Net income per common share: Basic $ 0.79 $ 0.89 $ 0.71 $ 0.66 $ 0.71 $ 0.79 $ 0.83 $ 0.78 Diluted 0.76 0.85 0.69 0.64 0.68 0.76 0.79 0.75 Cash dividends declared per common share 0.11 0.11 0.11 0.11 0.10 0.10 0.10 0.10 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On January 14, 2016 , the Company announced the signing of a definitive agreement to acquire Generations Bancorp, Inc. ("Generations"). Generations is the parent company of Foundations Bank which operates one banking location in Pewaukee, Wisconsin. At September 30, 2015, Foundations Bank had approximately $125 million in assets, approximately $72 million in loans, and approximately $97 million in deposits. On January 21, 2016, the Company acquired $15.0 million of trust preferred securities issued by Wintrust Capital Trust VIII from a third-party investor. The purchase effectively extinguished $15.0 million of junior subordinated debentures related to Wintrust Capital Trust VIII and resulted in a $4.3 million gain. |
Summary Of Significant Accoun35
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Accounting Policies [Abstract] | ||
Basis of Accounting, Policy | The accounting and reporting policies of Wintrust Financial Corporation ("Wintrust" or the "Company") and its subsidiaries conform to generally accepted accounting principles in the United States and prevailing practices of the banking industry. In the preparation of the consolidated financial statements, management is required to make certain estimates and assumptions that affect the reported amounts contained in the consolidated financial statements. Management believes that the estimates made are reasonable; however, changes in estimates may be required if economic or other conditions change beyond management’s expectations. Reclassifications of certain prior year amounts have been made to conform to the current year presentation. The following is a summary of the Company’s significant accounting policies. | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements of Wintrust include the accounts of the Company and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements. | |
Earnings per Share | Earnings per Share Basic earnings per share is computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. The weighted-average number of common shares outstanding is increased by the assumed conversion of outstanding convertible preferred stock and tangible equity unit shares from the beginning of the year or date of issuance, if later, and the number of common shares that would be issued assuming the exercise of stock options, the issuance of restricted shares and stock warrants using the treasury stock method. The adjustments to the weighted-average common shares outstanding are only made when such adjustments will dilute earnings per common share. Net income applicable to common shares used in the diluted earnings per share calculation can be affected by the conversion of the Company's 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. Potentially dilutive common shares can result from stock options, restricted stock unit awards, stock warrants, the Company’s convertible preferred stock, tangible equity unit shares and shares to be issued under the ESPP and the DDFS 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 | Business Combinations The Company accounts for business combinations under the acquisition method of accounting in accordance with ASC 805, “Business Combinations” (“ASC 805”). The Company recognizes the fair value of the assets acquired and liabilities assumed, immediately expenses transaction costs and accounts for restructuring plans separately from the business combination. There is no separate recognition of the acquired allowance for loan losses on the acquirer’s balance sheet as credit related factors are incorporated directly into the fair value of the loans recorded at the acquisition date. The excess of the cost of the acquisition over the fair value of the net tangible and intangible assets acquired is recorded as goodwill. Alternatively, a gain is recorded equal to the amount by which the fair value of assets purchased exceeds the fair value of liabilities assumed and consideration paid. Results of operations of the acquired business are included in the income statement from the effective date of acquisition. 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, 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, clawback provisions within these 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 5 — 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 and require the Company to record loss share assets and liabilities that 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 and liabilities are recorded as FDIC indemnification assets and other liabilities, respectively, 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 and, if necessary, increase any loss share liability when necessary reductions exceed the current value of the FDIC indemnification assets. In accordance with the clawback provision noted above, the Company may be required to reimburse the FDIC when actual losses are less than certain thresholds established for each loss share agreement. The balance of these estimated reimbursements in accordance with clawback provisions and any related amortization are adjusted periodically for changes in the expected losses on covered assets. On the Consolidated Statements of Condition, estimated reimbursements from clawback provisions are recorded as a reduction to the FDIC indemnification asset or, if necessary, an increase to the loss share liability, which is included within accrued interest payable and other liabilities. 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 amortization is recorded as a component of non-interest income on the Consolidated Statements of Income | |
Cash Equivalents | Cash Equivalents For purposes of the consolidated statements of cash flows, Wintrust considers 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, to be cash equivalents. | |
Securities | Securities The Company classifies securities upon purchase in one of three categories: trading, held-to-maturity, or available-for-sale. Debt and equity securities held for resale are classified as trading securities. Debt securities for which the Company has the ability and positive intent to hold until maturity are classified as held-to-maturity. All other securities are classified as available-for-sale as they may be sold prior to maturity in response to changes in the Company’s interest rate risk profile, funding needs, demand for collateralized deposits by public entities or other reasons. Held-to-maturity securities are stated at amortized cost, which represents actual cost adjusted for premium amortization and discount accretion using methods that approximate the effective interest method. Available-for-sale securities are stated at fair value, with unrealized gains and losses, net of related taxes, included in shareholders’ equity as a separate component of other comprehensive income. Trading account securities are stated at fair value. Realized and unrealized gains and losses from sales and fair value adjustments are included in other non-interest income. Declines in the fair value of held-to-maturity and available-for-sale investment securities (with certain exceptions for debt securities noted below) that are deemed to be other-than-temporary are charged to earnings as a realized loss, and a new cost basis for the securities is established. In evaluating other-than-temporary impairment, management considers the length of time and extent to which the fair value has been less than cost, the financial condition and near-term prospects of the issuer, and the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value in the near term. Declines in the fair value of debt securities below amortized cost are deemed to be other-than-temporary in circumstances where: (1) the Company has the intent to sell a security; (2) it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis; or (3) the Company does not expect to recover the entire amortized cost basis of the security. If the Company intends to sell a security or if it is more likely than not that the Company will be required to sell the security before recovery, an other-than-temporary impairment write-down is recognized in earnings equal to the difference between the security’s amortized cost basis and its fair value. If an entity does not intend to sell the security or it is not more likely than not that it will be required to sell the security before recovery, the other-than-temporary impairment write-down is separated into an amount representing credit loss, which is recognized in earnings, and an amount related to all other factors, which is recognized in other comprehensive income. Interest and dividends, including amortization of premiums and accretion of discounts, are recognized as interest income when earned. Realized gains and losses on sales (using the specific identification method) and declines in value judged to be other-than-temporary are included in non-interest income. 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. | |
Federal Home Loan Bank and Federal Reserve Bank Stock | Federal Home Loan Bank and Federal Reserve Bank Stock Investments in Federal Home Loan Bank and Federal Reserve Bank stock are restricted as to redemption and are carried at cost. | |
Securities Purchased Under Resale Agreements and Securities Sold Under Repurchase Agreements | Securities Purchased Under Resale Agreements and Securities Sold Under Repurchase Agreements Securities purchased under resale agreements and securities sold under repurchase agreements are generally treated as collateralized financing transactions and are recorded at the amount at which the securities were acquired or sold plus accrued interest. Securities, generally U.S. government and Federal agency securities, pledged as collateral under these financing arrangements cannot be sold by the secured party. The fair value of collateral either received from or provided to a third party is monitored and additional collateral is obtained or requested to be returned as deemed appropriate. | |
Brokerage Customer Receivables | Brokerage Customer Receivables The Company, under an agreement with an out-sourced securities clearing firm, extends credit to its brokerage customers to finance their purchases of securities on margin. The Company receives income from interest charged on such extensions of credit. Brokerage customer receivables represent amounts due on margin balances. Securities owned by customers are held as collateral for these receivables. | |
Mortgage Loans Held-for-Sale | Mortgage Loans Held-for-Sale Mortgage loans are classified as held-for-sale when originated or acquired with the intent to sell the loan into the secondary market. Market conditions or other developments may change management’s intent with respect to the disposition of these loans and loans previously classified as mortgage loans held-for-sale may be reclassified to the loan portfolio, with the balance transferred at the lower of cost or market. ASC 825, “Financial Instruments” provides entities with an option to report selected financial assets and liabilities at fair value. Mortgage loans originated by Wintrust Mortgage are measured at fair value which is determined by reference to investor prices for loan products with similar characteristics. Changes in fair value are recognized in mortgage banking revenue. | |
Loans, Allowance for Loan Losses, Allowance for Covered Loan Losses and Allowance for Losses on Lending-Related Commitments | Loans, Allowance for Loan Losses, Allowance for Covered Loan Losses and Allowance for Losses on Lending-Related Commitments Loans are generally reported at the principal amount outstanding, net of unearned income. Interest income is recognized when earned. Loan origination fees and certain direct origination costs are deferred and amortized over the expected life of the loan as an adjustment to the yield using methods that approximate the effective interest method. Finance charges on premium finance receivables are earned over the term of the loan, using a method which approximates the effective yield method. Interest income is not accrued on loans where management has determined that the borrowers may be unable to meet contractual principal and/or interest obligations, or where interest or principal is 90 days or more past due, unless the loans are adequately secured and in the process of collection. Cash receipts on non-accrual loans are generally applied to the principal balance until the remaining balance is considered collectible, at which time interest income may be recognized when received. The Company maintains its allowance for loan losses at a level believed appropriate by management to absorb probable losses inherent in the loan portfolio and is based on the size and current risk characteristics of the loan portfolio, an assessment of internal problem loan reporting system loans and actual loss experience, changes in the composition of the loan portfolio, historical loss experience, changes in lending policies and procedures, including underwriting standards and collections, charge-off and recovery practices, changes in experience, ability and depth of lending management and staff, changes in national and local economic and business conditions and developments, including the condition of various market segments and changes in the volume and severity of past due and classified loans and trends in the volume of non-accrual loans, troubled debt restructurings and other loan modifications. The allowance for loan losses also includes an element for estimated probable but undetected losses and for imprecision in the credit risk models used to calculate the allowance. Loans with a credit risk rating of a 6 through 9 are reviewed on a monthly basis to determine if (a) an amount is deemed uncollectible (a charge-off) or (b) it is probable that the Company will be unable to collect amounts due in accordance with the original contractual terms of the loan (an impaired loan). If a loan is impaired, 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 less the estimated cost to sell. Any shortfall is recorded as a specific reserve. For loans with a credit risk rating of 7 or better that are not considered impaired loans, reserves are established based on the type of loan collateral, if any, and the assigned credit risk rating. Determination of the allowance is inherently subjective as it requires significant estimates, including the amounts and timing of expected future cash flows on impaired loans, estimated losses on pools of homogeneous loans based on the average historical loss experience, and consideration of current environmental factors and economic trends, all of which may be susceptible to significant change. Loan losses are charged off against the allowance, while recoveries are credited to the allowance. A provision for credit losses is charged to income based on management’s periodic evaluation of the factors previously mentioned, as well as other pertinent factors. Evaluations are conducted at least quarterly and more frequently if deemed necessary. Under accounting guidance applicable to loans acquired with evidence of credit quality deterioration since origination, the excess of cash flows expected at acquisition over the estimated fair value is referred to as the accretable yield and is recognized in interest income over the remaining estimated life of the loans, using the effective-interest method. The difference between contractually required payments at acquisition and the cash flows expected to be collected at acquisition is referred to as the nonaccretable difference. Changes in the expected cash flows from the date of acquisition will either impact the accretable yield or result in a charge to the provision for credit losses. Subsequent decreases to expected principal cash flows will result in a charge to provision for credit losses and a corresponding increase to allowance for loan losses. Subsequent increases in expected principal cash flows will result in recovery of any previously recorded allowance for loan losses, to the extent applicable, and a reclassification from nonaccretable difference to accretable yield for any remaining increase. All changes in expected interest cash flows, including the impact of prepayments, will result in reclassifications to/from nonaccretable differences. In estimating expected losses, the Company evaluates loans for impairment in accordance ASC 310, “Receivables.” A loan is considered impaired when, based on current information and events, it is probable that a creditor will be unable to collect all amounts due pursuant to the contractual terms of the loan. Impaired loans include non-accrual loans, restructured loans or loans with principal and/or interest at risk, even if the loan is current with all payments of principal and interest. 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 less costs to sell. If the estimated fair value of the loan is less than the recorded book value, a valuation allowance is established as a component of the 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. The Company also maintains an allowance for lending-related commitments, specifically unfunded loan commitments and letters of credit, to provide for the risk of loss inherent in these arrangements. The allowance is computed using a methodology similar to that used to determine the allowance for loan losses. This allowance is included in other liabilities on the statement of condition while the corresponding provision for these losses is recorded as a component of the provision for credit losses. 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 loss share asset or reduce any FDIC loss share liability. 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 loss share asset or increase any FDIC loss share liability. Additions to expected losses will require an increase to the allowance for loan losses, and a corresponding increase to the FDIC loss share asset or reduction to any FDIC loss share liability. | |
Mortgage Servicing Rights | Mortgage Servicing Rights Mortgage Servicing Rights (“MSRs”) are recorded in the Consolidated Statements of Condition at fair value in accordance with ASC 860, “Transfers and Servicing.” The Company originates mortgage loans for sale to the secondary market, the majority of which are sold without retaining servicing rights. There are certain loans, however, that are originated and sold with servicing rights retained. MSRs associated with loans originated and sold, where servicing is retained, are capitalized at the time of sale at fair value based on the future net cash flows expected to be realized for performing the servicing activities, and included in other assets in the Consolidated Statements of Condition. The change in the fair value of MSRs is recorded as a component of mortgage banking revenue in non-interest income in the Consolidated Statements of Income. A third party valuation is obtained for purposes of measuring fair value related to a portion of MSRs. This third party valuation stratifies the servicing rights into pools based on homogenous characteristics, such as 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. Estimates of fair value include assumptions about prepayment speeds, interest rates and other factors which are subject to change over time. Changes in these underlying assumptions could cause the fair value of MSRs to change significantly in the future. | |
Premises and Equipment | Premises and Equipment Premises and equipment, including leasehold improvements, are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the related assets. Useful lives range from two to 12 years for furniture, fixtures and equipment, two to five years for software and computer-related equipment and seven to 39 years for buildings and improvements. Land improvements are amortized over a period of 15 years and leasehold improvements are amortized over the shorter of the useful life of the improvement or the term of the respective lease including any lease renewals deemed to be reasonably assured. Land and antique furnishings and artwork are not subject to depreciation. Expenditures for major additions and improvements are capitalized, and maintenance and repairs are charged to expense as incurred. Internal costs related to the configuration and installation of new software and the modification of existing software that provides additional functionality are capitalized. Long-lived depreciable assets are evaluated periodically for impairment when events or changes in circumstances indicate the carrying amount may not be recoverable. Impairment exists when the expected undiscounted future cash flows of a long-lived asset are less than its carrying value. In that event, a loss is recognized for the difference between the carrying value and the estimated fair value of the asset based on a quoted market price, if applicable, or a discounted cash flow analysis. Impairment losses are recognized in other non-interest expense. | |
FDIC Loss Share Asset (Liability) | FDIC Loss Share Asset (Liability) In conjunction with FDIC-assisted transactions, the Company entered into loss share agreements with the FDIC. These agreements cover losses incurred with respect to loans, foreclosed real estate and certain other assets. The loss share assets and liabilities 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 and liabilities are recorded as FDIC indemnification assets and other liabilities on the Consolidated Statements of Condition. Subsequent to the acquisition date, reimbursements received from the FDIC for actual incurred losses will reduce the FDIC loss share 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 loss share assets and, if necessary, increase any loss share liability when necessary reductions exceed the current value of the FDIC loss share assets. In accordance with certain clawback provisions, the Company may be required to reimburse the FDIC when actual losses are less than certain thresholds established for each loss share agreement. The balance of these estimated reimbursements and any related amortization are adjusted periodically for changes in the expected losses on covered assets. On the Consolidated Statements of Condition, estimated reimbursements from clawback provisions are recorded as a reduction to the FDIC loss share assets or, if necessary, an increase to the loss share liability. 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 the recognition of an allowance for loan losses, will increase the FDIC loss share assets. The corresponding amortization or accretion is recorded as a component of non-interest income on the Consolidated Statements of Income. | |
Other Real Estate Owned | 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. Any excess of the related loan balance over the fair value less expected selling costs is charged to the allowance for loan losses. In contrast, any excess of the fair value less expected selling costs over the related loan balance is recorded as a recovery of prior charge-offs on the loan and, if any portion of the excess exceeds prior charge-offs, as an increase to earnings. 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. At December 31, 2015 and 2014, other real estate owned, excluding covered other real estate owned, totaled $43.9 million and $45.6 million , respectively. 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 that are adjusted by a discount representing the estimated cost of sale and is therefore considered a Level 3 valuation. | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill represents the excess of the cost of an acquisition over the fair value of net assets acquired. Other intangible assets represent purchased assets that also lack physical substance but can be distinguished from goodwill because of contractual or other legal rights or because the asset is capable of being sold or exchanged either on its own or in combination with a related contract, asset or liability. In accordance with accounting standards, goodwill is not amortized, but rather is tested for impairment on an annual basis or more frequently when events warrant, using a qualitative or quantitative approach. Intangible assets which have finite lives are amortized over their estimated useful lives and also are subject to impairment testing. All of the Company’s other intangible assets have finite lives and are amortized over varying periods not exceeding twenty years. 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. | |
Bank-Owned Life Insurance | Bank-Owned Life Insurance The Company owns BOLI on certain executives. BOLI balances are recorded at their cash surrender values and are included in other assets. Changes in the cash surrender values are included in non-interest income. At December 31, 2015 and 2014 , BOLI totaled $136.2 million and $121.4 million , respectively. | |
Derivative Instruments | Derivative Instruments The Company enters into derivative transactions principally to protect against the risk of adverse price or interest rate movements on the future cash flows or the value of certain assets and liabilities. The Company is also required to recognize certain contracts and commitments, including certain commitments to fund mortgage loans held-for-sale, as derivatives when the characteristics of those contracts and commitments meet the definition of a derivative. The Company accounts for derivatives in accordance with ASC 815, “Derivatives and Hedging”, which requires that all derivative instruments be recorded in the statement of condition at fair value. The accounting for changes in the fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and further, on the type of hedging relationship. Derivative instruments designated in a hedge relationship to mitigate exposure to changes in the fair value of an asset or liability attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivative instruments designated in a hedge relationship to mitigate exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Formal documentation of the relationship between a derivative instrument and a hedged asset or liability, as well as the risk-management objective and strategy for undertaking each hedge transaction and an assessment of effectiveness is required at inception to apply hedge accounting. In addition, formal documentation of ongoing effectiveness testing is required to maintain hedge accounting. Fair value hedges are accounted for by recording the changes in the fair value of the derivative instrument and the changes in the fair value related to the risk being hedged of the hedged asset or liability on the statement of condition with corresponding offsets recorded in the income statement. The adjustment to the hedged asset or liability is included in the basis of the hedged item, while the fair value of the derivative is recorded as a freestanding asset or liability. Actual cash receipts or payments and related amounts accrued during the period on derivatives included in a fair value hedge relationship are recorded as adjustments to the interest income or expense recorded on the hedged asset or liability. Cash flow hedges are accounted for by recording the changes in the fair value of the derivative instrument on the statement of condition as either a freestanding asset or liability, with a corresponding offset recorded in other comprehensive income within shareholders’ equity, net of deferred taxes. Amounts are reclassified from accumulated other comprehensive income to interest expense in the period or periods the hedged forecasted transaction affects earnings. Under both the fair value and cash flow hedge scenarios, changes in the fair value of derivatives not considered to be highly effective in hedging the change in fair value or the expected cash flows of the hedged item are recognized in earnings as non-interest income during the period of the change. Derivative instruments that are not designated as hedges according to accounting guidance are reported on the statement of condition at fair value and the changes in fair value are recognized in earnings as non-interest income during the period of the change. Commitments to fund mortgage loans (i.e. interest rate locks) to be sold into the secondary market and forward commitments for the future delivery of these mortgage loans are accounted for as derivatives and are not designated in hedging relationships. Fair values of these mortgage derivatives are estimated based on changes in mortgage rates from the date of the commitments. Changes in the fair values of these derivatives are included in mortgage banking revenue. Forward currency contracts used to manage foreign exchange risk associated with certain assets are accounted for as derivatives and are not designated in hedging relationships. Foreign currency derivatives are recorded at fair value based on prevailing currency exchange rates at the measurement date. Changes in the fair values of these derivatives resulting from fluctuations in currency rates are recognized in earnings as non-interest income during the period of change. Periodically, the Company sells options to an unrelated 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 as an economic hedge to compensate for net interest margin compression by increasing the total return associated with holding the related securities as earning assets by using fee income generated from these options. These transactions are not designated in hedging relationships pursuant to accounting guidance and, accordingly, changes in fair values of these contracts, are reported in other non-interest income. There were no covered call option contracts outstanding as of December 31, 2015 and 2014. 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 years ended December 31, 2015 or December 31, 2014. The Company uses the hypothetical derivative method to assess and measure hedge effectiveness. 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. 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. 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 as other non-interest income. 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 by 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. | 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. |
Trust Assets, Assets Under Management and Brokerage Assets | Trust Assets, Assets Under Management and Brokerage Assets Assets held in fiduciary or agency capacity for customers are not included in the consolidated financial statements as they are not assets of Wintrust or its subsidiaries. Fee income is recognized on an accrual basis and is included as a component of non-interest income. | |
Income Taxes | Income Taxes Wintrust and its subsidiaries file a consolidated Federal income tax return. Income tax expense is based upon income in the consolidated financial statements rather than amounts reported on the income tax return. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using currently enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized as an income tax benefit or income tax expense in the period that includes the enactment date. Positions taken in the Company’s tax returns may be subject to challenge by the taxing authorities upon examination. In accordance with applicable accounting guidance, uncertain tax positions are initially recognized in the financial statements when it is more likely than not the positions will be sustained upon examination by the tax authorities. Such tax positions are both initially and subsequently measured as the largest amount of tax benefit that is greater than 50% likely being realized upon settlement with the tax authority, assuming full knowledge of the position and all relevant facts. Interest and penalties on income tax uncertainties are classified within income tax expense in the income statement. 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 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. This guidance was effective for fiscal years beginning after December 15, 2014 and did not have a material impact on the Company’s consolidated financial statements. The tax effect of fair value adjustments on securities available-for-sale and derivative instruments in cash flow hedges are recorded directly to shareholders' equity as part of other comprehensive income (loss) and are reflected on the Consolidated Statements of Comprehensive Income. In addition, tax expense of $1.9 million , $594,000 , and $831,000 in 2015, 2014 and 2013, respectively, related to the exercise and expiration of certain stock options and vesting and issuance of restricted shares and performance stock awards pursuant to the Stock Incentive Plans and the issuance of shares pursuant to the Directors Deferred Fee and Stock Plan, was recorded directly to shareholders’ equity. | |
Stock-Based Compensation Plans | Stock-Based Compensation Plans In accordance with ASC 718, “Compensation — Stock Compensation”, compensation cost is measured as the fair value of the awards on their date of grant. A Black-Scholes model is utilized to estimate the fair value of stock options and the market price of the Company’s stock at the date of grant is used to estimate the fair value of restricted stock awards. Compensation cost is recognized over the required service period, generally defined as the vesting period. For awards with graded vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. Accounting guidance requires the recognition of stock based compensation for the number of awards that are ultimately expected to vest. As a result, recognized compensation expense for stock options and restricted share awards is reduced for estimated forfeitures prior to vesting. Forfeitures rates are estimated for each type of award based on historical forfeiture experience. Estimated forfeitures will be reassessed in subsequent periods and may change based on new facts and circumstances. The Company issues new shares to satisfy option exercises and vesting of restricted shares. The actual tax benefit realized upon the vesting of restricted shares and performance-based stock is based on the fair value of the shares on the issue date and the estimated tax benefit of the awards is based on fair value of the awards on the grant date. The actual tax benefit realized upon the vesting of restricted shares and performance-based stock in 2015, 2014 and 2013 was $517,000 , $254,000 and $329,000 , respectively, more than the estimated tax benefit for those shares. These differences in actual and estimated tax benefits were recorded directly to shareholders’ equity. As of December 31, 2015, there was $11.0 million of total unrecognized compensation cost related to non-vested share based arrangements under the Plans. That cost is expected to be recognized over a weighted average period of approximately two years. The total fair value of shares vested during the years ended December 31, 2015, 2014 and 2013 was $7.9 million , $7.8 million and $7.4 million , respectively. | |
Comprehensive Income | Comprehensive Income Comprehensive income consists of net income and other comprehensive income. Other comprehensive income includes unrealized gains and losses on available-for-sale securities, net of deferred taxes, changes in deferred gains and losses on investment securities transferred from available-for-sale securities to held-to-maturity securities, net of deferred taxes, adjustments related to cash flow hedges, net of deferred taxes and foreign currency translation adjustments, net of taxes. | |
Stock Repurchases | Stock Repurchases The Company periodically repurchases shares of its outstanding common stock through open market purchases or other methods. Repurchased shares are recorded as treasury shares on the trade date using the treasury stock method, and the cash paid is recorded as treasury stock. | |
Foreign Currency Transactions and Translations Policy | Foreign Currency Translation The Company revalues assets, liabilities, revenue and expense denominated in non-U.S. currencies into U.S. dollars at the end of each month using applicable exchange rates. Gains and losses relating to translating functional currency financial statements for U.S. reporting are included in other comprehensive income. Gains and losses relating to the remeasurement of transactions to the functional currency are reported in the Consolidated Statements of Income. | |
Loans and Leases Receivable, Troubled Debt Restructuring Policy | 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. This guidance was effective for fiscal years beginning after December 15, 2014 and 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 6 or worse or a modification of any other credit, which will result in a restructured credit risk rating of 6 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 5 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 5 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 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 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 December 31, 2015 and approximately $1.8 million 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. For the year ended December 31, 2015 and 2014, the Company recorded $573,000 and $724,000 , 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 December 31, 2015, the Company had $14.2 million of foreclosed residential real estate properties included within OREO. | |
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 $56.7 million and $46.9 million at December 31, 2015 and 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. | |
Deteriorated Loans Transferred In, 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 purchased impaired 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 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. | |
Finance, Loan and Lease Receivables, Held-for-investment, 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 | 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 and covered loans. The remainder of the portfolio is considered performing under the contractual terms of the loan agreement. | |
Impaired Financing Receivable, Policy | (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. | 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. |
Transfers and Servicing of Financial Assets, Servicing of Financial Assets, Policy | The Company recognizes MSR assets upon the sale of residential real estate loans when it retains the obligation to service the loans and the servicing fee is more than adequate compensation. Additionally, in 2014, the Company recognized MSRs related to certain agricultural and farmland-related loans purchased from an unaffiliated bank. The initial recognition of MSR assets from loans sold with servicing retained and subsequent changes in fair value of all MSRs are recognized in mortgage banking revenue. MSRs are subject to changes in value from actual and expected prepayment of the underlying loans. The Company does not specifically hedge the value of its MSRs. The Company uses a third party to assist in the valuation of a portion of MSRs. Fair values are determined by using a discounted cash flow model that incorporates the objective characteristics of the portfolio as well as subjective valuation parameters that purchasers of servicing would apply to such portfolios sold into the secondary market. The subjective factors include loan prepayment speeds, interest rates, servicing costs and other economic factors. | |
Debt, Policy | FHLB advances are stated at par value of the debt adjusted for unamortized fair value adjustments recorded in connection with advances acquired through acquisitions. Prepayment fees paid at the time of restructurings of FHLB advances are classified in other assets on the Consolidated Statements of Condition and are amortized as an adjustment to interest expense using the effective interest method. In connection with the issuance of subordinated notes in 2014, the Company incurred costs totaling $1.3 million . These costs are included in other assets and will be amortized to interest expense using a method that approximates the effective interest method. At December 31, 2015 , the unamortized balances of these costs were approximately $1.1 million . These transactions were not considered sales of receivables and, as such, related proceeds received 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 December 31, 2015, the translated balance of the secured borrowing totaled $115.6 million compared to $129.1 million at December 31, 2014. At issuance, the junior subordinated notes were recorded at their initial principal balance of $44.7 million , net of issuance costs. These notes had a stated interest rate of 9.5% and required quarterly principal and interest payments of $4.3 million , with an initial payment of $4.6 million that was paid on March 15, 2011 . The issuance costs were being amortized to interest expense using the effective-interest method. | |
Tangible Equity Unit Policy | The prepaid stock purchase contracts were recorded as surplus (a component of shareholders’ equity), net of issuance costs, and the junior subordinated amortizing notes were recorded as debt within other borrowings. Issuance costs associated with the debt component were recorded as a discount within other borrowings and were amortized over the term of the instrument to December 15, 2013 at which time they were paid off in full. The Company allocated the proceeds from the issuance of the TEU to equity and debt based on the relative fair values of the respective components of each unit. The aggregate fair values assigned to each component of the TEU offering at the issuance date were as follows: (Dollars and units in thousands, except unit price) Equity Component Debt Component TEU Total Units issued (1) 4,600 4,600 4,600 Unit price $ 40.271818 $ 9.728182 $ 50.00 Gross proceeds 185,250 44,750 230,000 Issuance costs, including discount 5,934 1,419 7,353 Net proceeds $ 179,316 $ 43,331 $ 222,647 Balance sheet impact Other borrowings — 43,331 43,331 Surplus 179,316 — 179,316 (1) TEUs consisted of two components: one unit of the equity component and one unit of the debt component. The fair value of the debt component was determined using a discounted cash flow model using the following assumptions: (1) quarterly cash payments of 7.5% ; (2) a maturity date of December 15, 2013 ; and (3) an assumed discount rate of 9.5% . The discount rate used for estimating the fair value was determined by obtaining yields for comparably-rated issuers trading in the market. The debt component was recorded at fair value, and the discount was amortized using the level yield method over the term of the instrument to the settlement date of December 15, 2013 . The fair value of the equity component was determined using Black-Scholes valuation models applied to the range of stock prices contemplated by the terms of the TEU and using the following assumptions: (1) risk-free interest rate of 0.95% ; (2) expected stock price volatility in the range of 35% - 45% ; (3) dividend yield plus stock borrow cost of 0.85% ; and (4) term of 3.02 years. Each junior subordinated amortizing note, which had an initial principal amount of $9.728182 , had a stated interest rate of 9.50% per annum, and had a scheduled final installment payment date of December 15, 2013 . On each March 15, June 15, September 15 and December 15, the Company paid equal quarterly installments of $0.9375 on each amortizing note. The quarterly installment payable at March 15, 2011, however, was $0.989583 . Each payment constituted a payment of interest and a partial repayment of principal. The issuance costs were amortized to interest expense using the effective-interest method. Each prepaid common stock purchase contract automatically settled on December 15, 2013 and the Company delivered 1.3333 shares of its common stock based on the applicable market value at that time (the average of the volume weighted average price of Company common stock for the twenty ( 20 ) consecutive trading days ending on the third trading day immediately preceding December 15, 2013 ). Upon settlement, an amount equal to $1.00 per common share issued was reclassified from surplus to common stock. | |
Repurchase Agreements, Collateral, 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 and held-to-maturity securities portfolios as reflected on the Company’s Consolidated Statements of Condition. | |
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. | |
Income Tax Uncertainties, Policy | The Company is required to record a liability (or a reduction of an asset) for the uncertainty associated with certain tax positions. This liability, if any, reflects the fact that the Company has not recognized the benefit associated with the tax position. The Company had no unrecognized tax benefits at December 31, 2014 and it did not have increases or decreases in unrecognized tax benefits during 2015 and does not have any tax positions for which unrecognized tax benefits must be recorded at December 31, 2015. In addition, for the year ended December 31, 2015, the Company has no interest or penalties relating to income tax positions recognized in the income statement or in the balance sheet. If the Company were to record interest and penalties associated with uncertain tax positions or as a result of an audit by a tax jurisdiction, the interest and penalties would be included in income tax expense. The Company does not believe it is reasonably possible that unrecognized tax benefits will significantly change in the next 12 months. | |
Compensation Related Costs, Policy | 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. Options granted in 2013, 2014 and 2015, were primarily granted as LTIP awards. The expected life of the options granted pursuant to the LTIP awards is 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 years ending December 31, 2015 , 2014 and 2013 : 2015 2014 2013 Expected dividend yield 0.9 % 0.5 % 0.5 % Expected volatility 26.5 % 29.8 % 59.0 % Risk-free rate 1.3 % 0.8 % 1.0 % Expected option life (in years) 4.5 4.5 4.5 Stock based compensation is recognized based on the number of awards that are ultimately expected to vest. Forfeitures are estimated based on historical forfeiture experience. For performance-based stock awards, an estimate is made of the number of shares expected to vest as a result of actual performance against the performance criteria to determine the amount of compensation expense to be recognized. The estimate is reevaluated quarterly and total compensation expense is adjusted for any change in the current period. Stock-based compensation expense recognized in the Consolidated Statements of Income was $9.7 million , $10.1 million and $6.7 million and the related tax benefits were $3.8 million , $4.0 million and $2.5 million in 2015, 2014 and 2013, respectively. The 2014 stock-based compensation expense 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. | |
Liability Reserve Estimate, Policy | Management maintains a liability for estimated losses on loans expected to be repurchased or on which indemnification is expected to be provided and regularly evaluates the adequacy of this recourse liability based on trends in repurchase and indemnification requests, actual loss experience, known and inherent risks in the loans, and current economic conditions. The liability for estimated losses on repurchase and indemnification claims for residential mortgage loans previously sold to investors was $4.0 million and $3.1 million at December 31, 2015 and 2014 , respectively, and was included in other liabilities on the Consolidated Statements of Condition. | |
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. | |
Disclosure about Offsetting Assets and Liabilities | The Company records securities sold under repurchase agreements at their gross value and does not offset positions on the Consolidated Statements of Condition. | |
Fair Value Measurement, Policy | 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 modified in a TDR 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 inputs of impaired loans. For more information on the Managed Assets Division review of impaired loans refer to Note 5 – Allowance for Loan Losses, Allowance for Losses on Lending-Related Commitments and Impaired Loans. At December 31, 2015 , the Company had $101.3 million of impaired loans classified as Level 3. Of the $101.3 million of impaired loans, $65.6 million were measured at fair value based on the underlying collateral of the loan as shown in the table above. The remaining $35.7 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 that are adjusted by a discount representing the estimated cost of sale and is therefore considered a Level 3 valuation. The Company’s Managed Assets Division is primarily responsible for the valuation of Level 3 inputs for non-covered other real estate owned and covered other real estate owned. At December 31, 2015 , the Company had $65.3 million of other real estate owned classified as Level 3. The unobservable input applied to other real estate owned relates to the 10% reduction to the appraisal value representing the estimated cost of sale of the foreclosed property. A higher discount for the estimated cost of sale results in a decreased carrying value. The following methods and assumptions were used by the Company in estimating fair values of financial instruments that were not previously disclosed. Held-to-maturity securities. Held-to-maturity securities include U.S. Government-sponsored agency securities and municipal bonds issued by various municipal government entities primarily located in the Chicago metropolitan area and southern Wisconsin. Fair values for held-to-maturity securities are typically based on prices obtained from independent pricing vendors. In accordance with ASC 820, the Company has categorized held-to-maturity securities as a Level 2 fair value measurement. 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. 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. | |
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 inputs 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 December 31, 2015 , the Company classified $68.6 million of municipal securities as Level 3. These municipal securities are bond issues for various municipal government entities primarily 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 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 December 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 December 31, 2015 , the Company held $25.2 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 December 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 1.85% - 2.12% with an average of 2.01% 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 December 31, 2015 , the Company classified $9.1 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 December 31, 2015 was 9.13% with discount rates applied ranging from 9% - 13% . 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 8% - 26% or a weighted average prepayment speed of 11.77% used as an input to value the pool of mortgage servicing rights at December 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 validated 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. | |
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 10 — 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 those described in the Summary of Significant Accounting Policies in Note 1. The Company evaluates segment performance based on after-tax profit or loss and other appropriate profitability measures common to each segment. |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | A summary of the available-for-sale and held-to-maturity securities portfolios presenting carrying amounts and gross unrealized gains and losses as of December 31, 2015 and 2014 is as follows: December 31, 2015 December 31, 2014 (Dollars in thousands) Amortized Cost Gross unrealized gains Gross unrealized losses Fair Value Amortized Cost Gross unrealized gains Gross unrealized losses Fair Value Available-for-sale securities U.S. Treasury $ 312,282 $ — $ (5,553 ) $ 306,729 $ 388,713 $ 84 $ (6,992 ) $ 381,805 U.S. Government agencies 70,313 198 (275 ) 70,236 686,106 4,113 (21,903 ) 668,316 Municipal 105,702 3,249 (356 ) 108,595 234,951 5,318 (1,740 ) 238,529 Corporate notes: Financial issuers 80,014 1,510 (1,481 ) 80,043 129,309 2,006 (1,557 ) 129,758 Other 1,500 4 (2 ) 1,502 3,766 55 — 3,821 Mortgage-backed: (1) Mortgage-backed securities 1,069,680 3,834 (21,004 ) 1,052,510 271,129 5,448 (4,928 ) 271,649 Collateralized mortgage obligations 40,421 172 (506 ) 40,087 47,347 249 (535 ) 47,061 Equity securities 51,380 5,799 (493 ) 56,686 46,592 4,872 (325 ) 51,139 Total available-for-sale securities $ 1,731,292 $ 14,766 $ (29,670 ) $ 1,716,388 $ 1,807,913 $ 22,145 $ (37,980 ) $ 1,792,078 Held-to-maturity securities U.S. Government agencies $ 687,302 $ 4 $ (7,144 ) $ 680,162 $ — $ — $ — $ — Municipal 197,524 867 (442 ) 197,949 — — — — Total held-to-maturity securities $ 884,826 $ 871 $ (7,586 ) $ 878,111 $ — $ — $ — $ — (1) Consisting entirely of residential mortgage-backed securities, none of which are subprime. |
Schedule of Investment Securities Portfolio Continuous Unrealized Loss Position | The following table presents the portion of the Company’s available-for-sale and held-to-maturity securities portfolios which has gross unrealized losses, reflecting the length of time that individual securities have been in a continuous unrealized loss position at December 31, 2015 : Continuous unrealized losses existing for less than 12 months Continuous unrealized losses existing for greater than 12 months Total (Dollars in thousands) Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses Available-for-sale securities U.S. Treasury $ 306,729 $ (5,553 ) $ — $ — $ 306,729 $ (5,553 ) U.S. Government agencies 56,193 (192 ) 8,434 (83 ) 64,627 (275 ) Municipal 24,673 (261 ) 3,680 (95 ) 28,353 (356 ) Corporate notes: Financial issuers 16,225 (266 ) 34,744 (1,215 ) 50,969 (1,481 ) Other 998 (2 ) — — 998 (2 ) Mortgage-backed: Mortgage-backed securities 835,086 (15,753 ) 121,249 (5,251 ) 956,335 (21,004 ) Collateralized mortgage obligations 12,782 (189 ) 9,196 (317 ) 21,978 (506 ) Equity securities 4,896 (77 ) 8,485 (416 ) 13,381 (493 ) Total available-for-sale securities $ 1,257,582 $ (22,293 ) $ 185,788 $ (7,377 ) $ 1,443,370 $ (29,670 ) Held-to-maturity securities U.S. Government agencies $ 450,800 $ (4,223 ) $ 235,518 $ (2,921 ) $ 686,318 $ (7,144 ) Municipal 51,933 (282 ) 29,192 (160 ) 81,125 (442 ) Total held-to-maturity securities $ 502,733 $ (4,505 ) $ 264,710 $ (3,081 ) $ 767,443 $ (7,586 ) The following table presents the portion of the Company’s available-for-sale and held-to-maturity securities portfolios which has gross unrealized losses, reflecting the length of time that individual securities have been in a continuous unrealized loss position at December 31, 2014 : Continuous unrealized losses existing for less than 12 months Continuous unrealized losses existing for greater than 12 months Total (Dollars in thousands) Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses Available-for-sale securities U.S. Treasury $ 97,395 $ (31 ) $ 193,187 $ (6,961 ) $ 290,582 $ (6,992 ) U.S. Government agencies 13,164 (120 ) 459,035 (21,783 ) 472,199 (21,903 ) Municipal 40,904 (315 ) 45,438 (1,425 ) 86,342 (1,740 ) Corporate notes: Financial issuers 1,311 (1 ) 57,624 (1,556 ) 58,935 (1,557 ) Other — — — — — — Mortgage-backed: Mortgage-backed securities 4,875 (60 ) 142,301 (4,868 ) 147,176 (4,928 ) Collateralized mortgage obligations 13,198 (13 ) 14,828 (522 ) 28,026 (535 ) Equity securities — — 9,462 (325 ) 9,462 (325 ) Total available-for-sale securities $ 170,847 $ (540 ) $ 921,875 $ (37,440 ) $ 1,092,722 $ (37,980 ) Held-to-maturity securities U.S. Government agencies $ — $ — $ — $ — $ — $ — Municipal — — — — — — Total held-to-maturity securities $ — $ — $ — $ — $ — $ — |
Schedule of Available-for-Sale Investment Securities Gross Gains and Gross Losses Realized | 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: Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Realized gains $ 658 $ 405 $ 434 Realized losses (335 ) (909 ) (106 ) Net realized gains $ 323 $ (504 ) $ 328 Other than temporary impairment charges — — (3,328 ) Gains (losses) on available-for-sale securities, net $ 323 $ (504 ) $ (3,000 ) Proceeds from sales of available-for-sale securities, net $ 1,515,559 $ 852,330 $ 138,274 |
Contractual Maturities of Investment Securities | The amortized cost and fair value of securities as of December 31, 2015 and December 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: December 31, 2015 December 31, 2014 (Dollars in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Available-for-sale securities Due in one year or less $ 160,856 $ 160,756 $ 285,596 $ 285,889 Due in one to five years 166,550 166,468 172,647 172,885 Due in five to ten years 228,652 225,699 331,389 325,644 Due after ten years 13,753 14,182 653,213 637,811 Mortgage-backed 1,110,101 1,092,597 318,476 318,710 Equity securities 51,380 56,686 46,592 51,139 Total available-for-sale securities $ 1,731,292 $ 1,716,388 $ 1,807,913 $ 1,792,078 Held-to-maturity securities Due in one year or less $ — $ — $ — $ — Due in one to five years 19,208 19,156 — — Due in five to ten years 96,454 96,091 — — Due after ten years 769,164 762,864 — — Total held-to-maturity securities $ 884,826 $ 878,111 $ — $ — |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 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: (Dollars in thousands) December 31, 2015 December 31, 2014 Balance: Commercial $ 4,713,909 $ 3,924,394 Commercial real estate 5,529,289 4,505,753 Home equity 784,675 716,293 Residential real estate 607,451 483,542 Premium finance receivables—commercial 2,374,921 2,350,833 Premium finance receivables—life insurance 2,961,496 2,277,571 Consumer and other 146,376 151,012 Total loans, net of unearned income, excluding covered loans $ 17,118,117 $ 14,409,398 Covered loans 148,673 226,709 Total loans, net of unearned income $ 17,266,790 $ 14,636,107 Mix: Commercial 27 % 26 % Commercial real estate 32 31 Home equity 5 5 Residential real estate 3 3 Premium finance receivables—commercial 14 16 Premium finance receivables—life insurance 17 16 Consumer and other 1 1 Total loans, net of unearned income, excluding covered loans 99 % 98 % Covered loans 1 2 Total loans, net of unearned income 100 % 100 % |
Unpaid Principal Balance and Carrying Value of Acquired Loans | The following table presents the unpaid principal balance and carrying value for these acquired loans: December 31, 2015 December 31, 2014 (Dollars in thousands) Unpaid Principal Balance Carrying Value Unpaid Principal Balance Carrying Value Bank acquisitions $ 326,470 $ 271,260 $ 285,809 $ 227,229 Life insurance premium finance loans acquisition 372,738 368,292 399,665 393,479 |
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) North Bank CBWGE Suburban Delavan Contractually required payments including interest $ 8,563 $ 38,656 $ 95,804 $ 15,791 Less: Nonaccretable difference 1,027 4,437 13,888 1,442 Cash flows expected to be collected (1) $ 7,536 $ 34,219 $ 81,916 $ 14,349 Less: Accretable yield 866 2,895 5,334 898 Fair value of PCI loans acquired $ 6,670 $ 31,324 $ 76,582 $ 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 Deterioration Since Origination | The following table provides activity for the accretable yield of PCI loans. Years Ended December 31, (Dollars in thousands) 2015 2014 Accretable yield, beginning balance $ 79,102 $ 115,909 Acquisitions 9,993 — Accretable yield amortized to interest income (24,115 ) (36,956 ) Accretable yield amortized to indemnification asset (1) (13,495 ) (30,691 ) Reclassification from non-accretable difference (2) 7,390 35,967 Increases (decreases) in interest cash flows due to payments and changes in interest rates 5,027 (5,127 ) Accretable yield, ending balance (3) $ 63,902 $ 79,102 (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 December 31, 2015, the Company estimates that the remaining accretable yield balance to be amortized to the indemnification asset for the bank acquisitions is $6.6 million . The remainder of the accretable yield related to bank acquisitions is expected to be amortized to interest income. |
Allowance for Loan Losses All38
Allowance for Loan Losses Allowance for Losses on Lending-Related Commitments and Impaired Loans (Tables) | 12 Months Ended |
Dec. 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 December 31, 2015 and 2014 : As of December 31, 2015 (Dollars in thousands) Nonaccrual 90+ days and still accruing 60-89 days past due 30-59 days past due Current Total Loans Loan Balances: Commercial Commercial and industrial $ 12,416 $ 6 $ 6,749 $ 12,930 $ 2,819,253 $ 2,851,354 Franchise — — — — 245,228 245,228 Mortgage warehouse lines of credit — — — — 222,806 222,806 Community Advantage — homeowners association — — — — 130,986 130,986 Aircraft 288 — — — 5,039 5,327 Asset-based lending 8 — 3,864 1,844 736,968 742,684 Tax exempt — — — — 267,273 267,273 Leases — 535 748 4,192 220,599 226,074 Other — — — — 3,588 3,588 PCI - commercial (1) — 892 — 2,510 15,187 18,589 Total commercial $ 12,712 $ 1,433 $ 11,361 $ 21,476 $ 4,666,927 $ 4,713,909 Commercial real estate: Residential construction $ 273 $ — $ — $ 45 $ 70,063 $ 70,381 Commercial construction 33 — 1,371 1,600 285,275 288,279 Land 1,751 — — 120 76,546 78,417 Office 4,619 — 764 3,817 853,801 863,001 Industrial 9,564 — 1,868 1,009 715,207 727,648 Retail 1,760 — 442 2,310 863,887 868,399 Multi-family 1,954 — 597 6,568 733,230 742,349 Mixed use and other 6,691 — 6,723 7,215 1,712,187 1,732,816 PCI - commercial real estate (1) — 22,111 4,662 16,559 114,667 157,999 Total commercial real estate $ 26,645 $ 22,111 $ 16,427 $ 39,243 $ 5,424,863 $ 5,529,289 Home equity 6,848 — 1,889 5,517 770,421 784,675 Residential real estate 12,043 — 1,964 3,824 586,154 603,985 PCI - residential real estate (1) — 488 202 79 2,697 3,466 Premium finance receivables Commercial insurance loans 14,561 10,294 6,624 21,656 2,321,786 2,374,921 Life insurance loans — — 3,432 11,140 2,578,632 2,593,204 PCI - life insurance loans (1) — — — — 368,292 368,292 Consumer and other 263 211 204 1,187 144,511 146,376 Total loans, net of unearned income, excluding covered loans $ 73,072 $ 34,537 $ 42,103 $ 104,122 $ 16,864,283 $ 17,118,117 Covered loans 5,878 7,335 703 5,774 128,983 148,673 Total loans, net of unearned income $ 78,950 $ 41,872 $ 42,806 $ 109,896 $ 16,993,266 $ 17,266,790 (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. See Note 4 - Loans for further discussion of these purchased loans. As of December 31, 2014 (Dollars in thousands) Nonaccrual 90+ days and still accruing 60-89 days past due 30-59 days past due Current Total Loans Loan Balances: Commercial Commercial and industrial $ 9,132 $ 474 $ 3,161 $ 7,492 $ 2,194,221 $ 2,214,480 Franchise — — 308 1,219 250,673 252,200 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. See Note 4 - Loans for further discussion of these purchased loans. |
Summary of Recorded Investment Based on Performance of Loans by Class | The following table presents the recorded investment based on performance of loans by class, excluding covered loans, per the most recent analysis at December 31, 2015 and 2014 : Performing Non-performing Total December 31, December 31, December 31, December 31, December 31, December 31, (Dollars in thousands) 2015 2014 2015 2014 2015 2014 Loan Balances: Commercial Commercial and industrial $ 2,838,932 $ 2,204,874 $ 12,422 $ 9,606 $ 2,851,354 $ 2,214,480 Franchise 245,228 252,200 — — 245,228 252,200 Mortgage warehouse lines of credit 222,806 139,003 — — 222,806 139,003 Community Advantage—homeowners association 130,986 106,364 — — 130,986 106,364 Aircraft 5,039 8,065 288 — 5,327 8,065 Asset-based lending 742,676 806,377 8 25 742,684 806,402 Tax exempt 267,273 217,487 — — 267,273 217,487 Leases 225,539 160,136 535 — 226,074 160,136 Other 3,588 11,034 — — 3,588 11,034 PCI - commercial (1) 18,589 9,223 — — 18,589 9,223 Total commercial $ 4,700,656 $ 3,914,763 $ 13,253 $ 9,631 $ 4,713,909 $ 3,924,394 Commercial real estate Residential construction $ 70,108 $ 38,696 $ 273 $ — $ 70,381 $ 38,696 Commercial construction 288,246 187,536 33 230 288,279 187,766 Land 76,666 89,174 1,751 2,656 78,417 91,830 Office 858,382 698,144 4,619 7,288 863,001 705,432 Industrial 718,084 621,578 9,564 2,392 727,648 623,970 Retail 866,639 727,336 1,760 4,152 868,399 731,488 Multi-family 740,395 605,493 1,954 249 742,349 605,742 Mixed use and other 1,726,125 1,455,479 6,691 9,638 1,732,816 1,465,117 PCI - commercial real estate (1) 157,999 55,712 — — 157,999 55,712 Total commercial real estate $ 5,502,644 $ 4,479,148 $ 26,645 $ 26,605 $ 5,529,289 $ 4,505,753 Home equity 777,827 710,119 6,848 6,174 784,675 716,293 Residential real estate 591,942 465,806 12,043 15,502 603,985 481,308 PCI - residential real estate (1) 3,466 2,234 — — 3,466 2,234 Premium finance receivables Commercial insurance loans 2,350,066 2,330,463 24,855 20,370 2,374,921 2,350,833 Life insurance loans 2,593,204 1,884,092 — — 2,593,204 1,884,092 PCI - life insurance loans (1) 368,292 393,479 — — 368,292 393,479 Consumer and other 145,963 150,617 413 395 146,376 151,012 Total loans, net of unearned income, excluding covered loans $ 17,034,060 $ 14,330,721 $ 84,057 $ 78,677 $ 17,118,117 $ 14,409,398 (1) PCI loans represent loans acquired with evidence of credit quality deterioration since origination, in accordance with ASC 310-30. See Note 4 - Loans for further discussion of these purchased loans. |
Summary of Activity in the Allowance for Credit Losses by Loan Portfolio | A summary of the activity in the allowance for credit losses by loan portfolio (excluding covered loans) for the years ended December 31, 2015 and 2014 is as follows: Year Ended December 31, 2015 (Dollars in thousands) Commercial Commercial Real Estate Home Equity Residential Real Estate Premium Finance Receivable Consumer and Other Total, Excluding Covered Loans 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 (51 ) (419 ) — (125 ) (142 ) — (737 ) Reclassification to/from allowance for unfunded lending-related commitments — (138 ) — — — — (138 ) Charge-offs (4,253 ) (6,543 ) (4,227 ) (2,903 ) (7,060 ) (521 ) (25,507 ) Recoveries 1,432 2,840 312 283 1,304 159 6,330 Provision for credit losses 7,308 12,485 3,427 3,261 6,618 648 33,747 Allowance for loan losses at period end $ 36,135 $ 43,758 $ 12,012 $ 4,734 $ 7,233 $ 1,528 $ 105,400 Allowance for unfunded lending-related commitments at period end — 949 — — — — 949 Allowance for credit losses at period end $ 36,135 $ 44,707 $ 12,012 $ 4,734 $ 7,233 $ 1,528 $ 106,349 Individually evaluated for impairment 2,026 3,733 333 316 — 10 6,418 Collectively evaluated for impairment 34,025 40,625 11,679 4,416 7,233 1,518 99,496 Loans acquired with deteriorated credit quality 84 349 — 2 — — 435 Loans at period end Individually evaluated for impairment $ 18,789 $ 59,871 $ 6,847 $ 16,522 $ — $ 392 $ 102,421 Collectively evaluated for impairment 4,676,531 5,311,419 777,828 587,463 4,968,125 144,640 16,466,006 Loans acquired with deteriorated credit quality 18,589 157,999 — 3,466 368,292 1,344 549,690 Year Ended December 31, 2014 (Dollars in thousands) Commercial Commercial Real Estate Home Equity Residential Real Estate Premium Finance Receivable Consumer and Other Total, Excluding Covered Loans 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 (83 ) (665 ) (3 ) (9 ) (64 ) — (824 ) Reclassification to/from allowance for unfunded lending-related commitments — (56 ) — — — — (56 ) Charge-offs (4,153 ) (15,788 ) (3,895 ) (1,750 ) (5,726 ) (792 ) (32,104 ) Recoveries 1,198 1,334 535 335 1,150 326 4,878 Provision for credit losses 11,645 2,050 3,252 534 5,570 (162 ) 22,889 Allowance for loan losses at period end $ 31,699 $ 35,533 $ 12,500 $ 4,218 $ 6,513 $ 1,242 $ 91,705 Allowance for unfunded lending-related commitments at period end — 775 — — — — 775 Allowance for credit losses at period end $ 31,699 $ 36,308 $ 12,500 $ 4,218 $ 6,513 $ 1,242 $ 92,480 Individually evaluated for impairment 1,936 3,260 475 632 — 26 6,329 Collectively evaluated for impairment 29,763 32,960 12,025 3,482 6,513 1,197 85,940 Loans acquired with deteriorated credit quality — 88 — 104 — 19 211 Loans at period end Individually evaluated for impairment $ 16,326 $ 87,225 $ 6,399 $ 18,365 $ — $ 372 $ 128,687 Collectively evaluated for impairment 3,898,845 4,362,816 709,894 462,943 4,234,925 150,640 13,820,063 Loans acquired with deteriorated credit quality 9,223 55,712 — 2,234 393,479 — 460,648 |
Summary of Activity in the Allowance for Covered Loan Losses | A summary of activity in the allowance for covered loan losses for the years ended December 31, 2015 and 2014 is as follows: Years Ended December 31, December 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 (5,350 ) (11,762 ) Benefit attributable to FDIC loss share agreements 4,545 9,410 Net provision for covered loan losses $ (805 ) $ (2,352 ) (Decrease) increase in FDIC indemnification asset (4,545 ) (9,410 ) Loans charged-off (827 ) (5,521 ) Recoveries of loans charged-off 7,072 9,322 Net recoveries (charge-offs) $ 6,245 $ 3,801 Balance at end of period $ 3,026 $ 2,131 |
Summary of Impaired Loans, Including Restructured Loans | A summary of impaired loans, including TDRs, at December 31, 2015 and 2014 is as follows: (Dollars in thousands) 2015 2014 Impaired loans (included in non-performing and restructured loans): Impaired loans with an allowance for loan loss required (1) $ 49,961 $ 69,487 Impaired loans with no allowance for loan loss required 51,294 57,925 Total impaired loans (2) $ 101,255 $ 127,412 Allowance for loan losses related to impaired loans $ 6,380 $ 6,270 TDRs 51,853 82,275 Reduction of interest income from non-accrual loans 3,006 2,222 Interest income recognized on impaired loans 6,198 7,190 (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 Evaluated for Impairment by Loan Class | The following tables present impaired loans evaluated for impairment by loan class as of December 31, 2015 and 2014 : As of For the Year Ended December 31, 2015 (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized Impaired loans with a related ASC 310 allowance recorded Commercial Commercial and industrial $ 9,754 $ 12,498 $ 2,012 $ 10,123 $ 792 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 4,929 8,711 41 5,127 547 Office 5,050 6,051 632 5,394 314 Industrial 8,413 9,105 1,943 10,590 565 Retail 8,527 9,230 343 8,596 386 Multi-family 370 370 202 372 25 Mixed use and other 7,590 7,708 570 7,681 328 Home equity 423 435 333 351 16 Residential real estate 4,710 4,799 294 4,618 182 Premium finance receivables Commercial insurance — — — — — Life insurance — — — — — PCI - life insurance — — — — — Consumer and other 195 220 10 216 12 Impaired loans with no related ASC 310 allowance recorded Commercial Commercial and industrial $ 8,274 $ 9,537 $ — $ 9,510 $ 494 Franchise — — — — — Mortgage warehouse lines of credit — — — — — Community Advantage—homeowners association — — — — — Aircraft 288 378 — 375 27 Asset-based lending 8 1,570 — 5 88 Tax exempt — — — — — Leases — — — — — Other — — — — — Commercial real estate Residential construction 2,296 2,296 — 2,300 112 Commercial construction 32 33 — 16 1 Land 888 2,373 — 929 90 Office 3,500 4,484 — 3,613 237 Industrial 2,217 2,426 — 2,286 188 Retail 2,757 2,925 — 2,897 129 Multi-family 2,344 2,807 — 2,390 117 Mixed use and other 10,510 14,060 — 11,939 624 Home equity 6,424 7,987 — 5,738 288 Residential real estate 11,559 13,979 — 11,903 624 Premium finance receivables Commercial insurance — — — — — Life insurance — — — — — PCI - life insurance — — — — — Consumer and other 197 267 — 201 12 Total loans, net of unearned income, excluding covered loans $ 101,255 $ 124,249 $ 6,380 $ 107,170 $ 6,198 As of For the Year Ended December 31, 2014 (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized 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 — — — — — PCI - 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 — — — — — PCI - 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 |
Summary of the Post-Modification Balance of Loans Restructured | The tables below present a summary of the post-modification balance of loans restructured during the years ended December 31, 2015 , 2014 , and 2013 , which represent TDRs: Year ended December 31, 2015 Total (1)(2) Extension at Below Market Terms (2) Reduction of Interest Rate (2) Modification to Interest-only Payments (2) Forgiveness of Debt (2) (Dollars in thousands) Count Balance Count Balance Count Balance Count Balance Count Balance Commercial Commercial and industrial — $ — — $ — — $ — — $ — — $ — Commercial real estate Commercial construction — — — — — — — — — — Land — — — — — — — — — — Office — — — — — — — — — — Industrial 1 169 1 169 — — 1 169 — — Retail — — — — — — — — — — Multi-family — — — — — — — — — — Mixed use and other 2 201 2 201 — — 2 201 — — Residential real estate and other 9 1,664 9 1,664 5 674 1 50 — — Total loans 12 $ 2,034 12 $ 2,034 5 $ 674 4 $ 420 — $ — Year ended December 31, 2014 Total (1)(2) Extension at Below Market Terms (2) Reduction of Interest Rate (2) Modification to Interest-only Payments (2) Forgiveness of Debt (2) (Dollars in thousands) Count Balance Count Balance Count Balance Count Balance Count Balance Commercial Commercial and industrial 2 $ 1,549 1 $ 88 1 $ 1,461 2 $ 1,549 — $ — Commercial real estate Commercial construction — — — — — — — — — — Land — — — — — — — — — — Office 2 1,510 2 1,510 — — — — — — Industrial 2 1,763 2 1,763 1 685 1 1,078 — — Retail 1 202 1 202 — — — — — — Multi-family 1 181 — — 1 181 — — — — Mixed use and other 7 4,926 3 2,837 7 4,926 1 1,273 — — Residential real estate and other 6 1,836 5 1,625 4 1,138 1 220 — — Total loans 21 $ 11,967 14 $ 8,025 14 $ 8,391 5 $ 4,120 — $ — Year ended December 31, 2013 Total (1)(2) Extension at Below Market Terms (2) Reduction of Interest Rate (2) Modification to Interest-only Payments (2) Forgiveness of Debt (2) (Dollars in thousands) Count Balance Count Balance Count Balance Count Balance Count Balance Commercial Commercial and industrial 6 $ 708 5 $ 573 4 $ 553 2 $ 185 — $ — Commercial real estate Commercial construction 3 6,120 3 6,120 — — 3 6,120 — — Land 3 2,639 3 2,639 2 287 — — 1 73 Office 4 4,021 4 4,021 1 556 — — — — Industrial 1 949 1 949 1 949 — — — — Retail 1 200 1 200 1 200 — — — — Multi-family 1 705 1 705 1 705 — — — — Mixed use and other 6 5,042 6 5,042 5 4,947 1 932 — — Residential real estate and other 10 2,296 6 1,613 7 931 2 234 1 1,000 Total loans 35 $ 22,680 30 $ 21,862 22 $ 9,128 8 $ 7,471 2 $ 1,073 (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. |
Troubled Debt Restructuring Subsequent Default [Table Text Block] | The tables below present a summary of all loans restructured in TDRs during the years ended December 31, 2015 , 2014 , and 2013 , and such loans which were in payment default under the restructured terms during the respective periods: Year Ended December 31, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013 Total (1)(3) Payments in Default (2)(3) Total (1)(3) Payments in Default (2)(3) Total (1)(3) Payments in Default (2)(3) (Dollars in thousands) Count Balance Count Balance Count Balance Count Balance Count Balance Count Balance Commercial Commercial and industrial — $ — — $ — 2 $ 1,549 1 $ 88 6 $ 708 1 $ 20 Commercial real-estate Commercial construction — — — — — — — — 3 6,120 — — Land — — — — — — — — 3 2,639 1 215 Office — — — — 2 1,510 — — 4 4,021 1 1,648 Industrial 1 169 — — 2 1,763 1 1,078 1 949 — — Retail — — — — 1 202 — — 1 200 — — Multi-family — — — — 1 181 1 181 1 705 1 705 Mixed use and other 2 201 2 201 7 4,926 2 569 6 5,042 1 95 Residential real estate and other 9 1,664 4 568 6 1,836 1 211 10 2,296 — — Total loans 12 $ 2,034 6 $ 769 21 $ 11,967 6 $ 2,127 35 $ 22,680 5 $ 2,683 (1) Total TDRs represent all loans restructured in TDRs during the year 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. |
Mortgage Servicing Rights (Tabl
Mortgage Servicing Rights (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosures Pertaining to Servicing Assets and Servicing Liabilities [Abstract] | |
Schedule of Servicing Assets at Fair Value [Table Text Block] | Following is a summary of the changes in the carrying value of MSRs, accounted for at fair value, for the years ending December 31, 2015 , 2014 and 2013 : December 31, December 31, December 31, (Dollars in thousands) 2015 2014 2013 Balance at beginning of year $ 8,435 $ 8,946 $ 6,750 Additions from loans sold with servicing retained 1,759 213 523 Additions from acquisitions — 704 — Estimate of changes in fair value due to: Payoffs and paydowns (1,315 ) (976 ) (941 ) Changes in valuation inputs or assumptions 213 (452 ) 2,614 Fair value at end of year $ 9,092 $ 8,435 $ 8,946 Unpaid principal balance of mortgage loans serviced for others $ 939,819 $ 877,899 $ 961,619 |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Summary of FDIC Indemnification Asset | The following table summarizes the activity in the Company’s FDIC loss share asset (liability) during the periods indicated: Year Ended December 31, (Dollars in thousands) 2015 2014 Balance at beginning of period $ 11,846 $ 85,672 Additions from acquisitions — — Additions from reimbursable expenses 3,805 6,490 Amortization (3,282 ) (5,763 ) Changes in expected reimbursements from the FDIC for changes in expected credit losses (16,610 ) (54,554 ) Payments received from the FDIC (1,859 ) (19,999 ) Balance at end of period $ (6,100 ) $ 11,846 |
Goodwill and Other Intangible41
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 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 Acquired Impairment Loss Goodwill Adjustments December 31, 2015 Community banking $ 331,752 $ 69,860 $ — $ — $ 401,612 Specialty finance 41,768 — — (3,733 ) 38,035 Wealth management 32,114 — — — 32,114 Total $ 405,634 $ 69,860 $ — $ (3,733 ) $ 471,761 |
Summary of Finite-Lived Intangible Assets | A summary of finite-lived intangible assets as of the dates shown and the expected amortization as of December 31, 2015 is as follows: December 31, (Dollars in thousands) 2015 2014 Community banking segment: Core deposit intangibles: Gross carrying amount $ 34,841 $ 29,379 Accumulated amortization (17,382 ) (17,879 ) Net carrying amount $ 17,459 $ 11,500 Specialty finance segment: Customer list intangibles: Gross carrying amount $ 1,800 $ 1,800 Accumulated amortization (1,052 ) (941 ) Net carrying amount $ 748 $ 859 Wealth management segment: Customer list and other intangibles: Gross carrying amount $ 7,940 $ 7,940 Accumulated amortization (1,938 ) (1,488 ) Net carrying amount $ 6,002 $ 6,452 Total other intangible assets, net $ 24,209 $ 18,811 |
Estimated Amortization | Estimated amortization Estimated—2016 $ 4,668 Estimated—2017 3,876 Estimated—2018 3,371 Estimated—2019 2,855 Estimated—2020 2,318 |
Premises and Equipment, Net (Ta
Premises and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Summary of Premises and Equipment | A summary of premises and equipment at December 31, 2015 and 2014 is as follows: December 31, (Dollars in thousands) 2015 2014 Land $ 134,030 $ 128,766 Buildings and leasehold improvements 506,977 470,636 Furniture, equipment, and computer software 173,330 160,659 Construction in progress 12,610 5,737 $ 826,947 $ 765,798 Less: Accumulated depreciation and amortization 234,691 210,570 Total premises and equipment, net $ 592,256 $ 555,228 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Deposits [Abstract] | |
Summary of Deposits | The following is a summary of deposits at December 31, 2015 and 2014 : (Dollars in thousands) 2015 2014 Balance: Non-interest bearing $ 4,836,420 $ 3,518,685 NOW and interest bearing demand deposits 2,390,217 2,236,089 Wealth management deposits 1,643,653 1,226,916 Money market 4,041,300 3,651,467 Savings 1,723,367 1,508,877 Time certificates of deposit 4,004,677 4,139,810 Total deposits $ 18,639,634 $ 16,281,844 Mix: Non-interest bearing 26 % 22 % NOW and interest bearing demand deposits 13 14 Wealth management deposits 9 8 Money market 22 22 Savings 9 9 Time certificates of deposit 21 25 Total deposits 100 % 100 % |
Schedule of Maturities of Time Certificates of Deposit | The scheduled maturities of time certificates of deposit at December 31, 2015 and 2014 are as follows: (Dollars in thousands) 2015 2014 Due within one year $ 2,851,153 $ 2,722,029 Due in one to two years 846,107 1,009,936 Due in two to three years 148,199 247,418 Due in three to four years 85,169 86,884 Due in four to five years 73,440 69,360 Due after five years 609 4,183 Total time certificate of deposits $ 4,004,677 $ 4,139,810 |
Schedule of Maturities of Time Deposits Over One Hundred Thousand Dollars | The following table sets forth the scheduled maturities of time deposits in denominations of $100,000 or more at December 31, 2015 and 2014 : (Dollars in thousands) 2015 2014 Maturing within three months $ 535,459 $ 612,936 After three but within six months 434,591 466,203 After six but within 12 months 900,156 711,361 After 12 months 709,376 925,921 Total $ 2,579,582 $ 2,716,421 |
Federal Home Loan Bank Advanc44
Federal Home Loan Bank Advances (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Advances from Federal Home Loan Banks [Abstract] | |
Summary of Outstanding FHLB Advances | A summary of the outstanding FHLB advances at December 31, 2015 and 2014 , is as follows: (Dollars in thousands) 2015 2014 0.13% advance due January 2015 $ — $ 405,550 0.72% advance due February 2015 — 141,000 0.73% advance due February 2015 — 5,000 0.16% advance due January 2016 331,100 — 0.19% advance due January 2016 68,000 — 0.99% advance due February 2016 26,500 26,500 1.25% advance due February 2017 25,000 25,000 3.47% advance due November 2017 10,000 10,000 0.89% advance due December 2017 90,000 — 1.49% advance due February 2018 95,000 95,000 1.31% advance due August 2018 94,597 — 1.89% advance due August 2020 94,679 — 4.18% advance due February 2022 25,000 25,000 Total Federal Home Loan Bank advances $ 859,876 $ 733,050 |
Other Borrowings (Tables)
Other Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Summary Of Other Borrowings | The following is a summary of other borrowings at December 31, 2015 and 2014 : (Dollars in thousands) 2015 2014 Notes payable $ 67,500 $ — Short-term borrowings 63,887 48,566 Other 19,017 18,822 Secured borrowings 115,615 129,077 Total other borrowings $ 266,019 $ 196,465 |
Schedule of Financial Instruments Owned and Pledged as Collateral | The following is a summary of these securities pledged as of December 31, 2015 disaggregated by investment category and maturity, and reconciled to the outstanding balance of securities sold under repurchase agreements: (Dollars in thousands) Overnight Sweep Collateral Available-for-sale securities pledged U.S. Treasury $ 26,315 Municipal 824 Corporate notes: Financial issuers 11,884 Mortgage-backed securities 18,089 Held-to-maturity securities pledged U.S. Government agencies 29,448 Municipal 1,604 Total collateral pledged $ 88,164 Excess collateral 29,277 Securities sold under repurchase agreements $ 58,887 |
Junior Subordinated Debentures
Junior Subordinated Debentures (Tables) | 12 Months Ended |
Dec. 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 December 31, 2015 and 2014 . The junior subordinated debentures represent the par value of the obligations owed to the Trusts. Common Securities Trust Preferred Securities Junior Subordinated Debentures Rate Structure Contractual rate at 12/31/2015 Maturity Date Earliest Redemption Date (Dollars in thousands) 2015 2014 Issue Date Wintrust Capital Trust III $ 774 $ 25,000 $ 25,774 $ 25,774 L+3.25 3.57 % 04/2003 04/2033 04/2008 Wintrust Statutory Trust IV 619 20,000 20,619 20,619 L+2.80 3.41 12/2003 12/2033 12/2008 Wintrust Statutory Trust V 1,238 40,000 41,238 41,238 L+2.60 3.21 05/2004 05/2034 06/2009 Wintrust Capital Trust VII 1,550 50,000 51,550 51,550 L+1.95 2.46 12/2004 03/2035 03/2010 Wintrust Capital Trust VIII 1,238 40,000 41,238 41,238 L+1.45 2.06 08/2005 09/2035 09/2010 Wintrust Capital Trust IX 1,547 50,000 51,547 51,547 L+1.63 2.14 09/2006 09/2036 09/2011 Northview Capital Trust I 186 6,000 6,186 6,186 L+3.00 3.33 08/2003 11/2033 08/2008 Town Bankshares Capital Trust I 186 6,000 6,186 6,186 L+3.00 3.33 08/2003 11/2033 08/2008 First Northwest Capital Trust I 155 5,000 5,155 5,155 L+3.00 3.61 05/2004 05/2034 05/2009 Suburban Illinois Capital Trust II 464 15,000 15,464 — L+1.75 2.26 12/2006 12/2036 12/2011 Community Financial Shares Statutory Trust II 109 3,500 3,609 — L+1.62 2.13 06/2007 09/2037 06/2012 Total $ 268,566 $ 249,493 2.68 % |
Minimum Lease Commitments (Tabl
Minimum Lease Commitments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Approximate Minimum Annual Gross Rental Payments and Gross Rental Income | The approximate minimum annual gross rental payments and gross rental receipts under noncancelable agreements for office space with remaining terms in excess of one year as of December 31, 2015 , are as follows (in thousands): Payments Receipts 2016 $ 10,515 $ 5,163 2017 10,139 3,946 2018 9,725 2,688 2019 8,824 1,729 2020 9,516 1,214 2021 and thereafter 114,513 1,058 Total minimum future amounts $ 163,232 $ 15,798 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Expense (Benefit) | Income tax expense (benefit) for the years ended December 31, 2015 , 2014 and 2013 is summarized as follows: Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Current income taxes: Federal $ 62,584 $ 75,945 $ 67,449 State 9,417 10,397 16,046 Foreign (39 ) 4,566 2,196 Total current income taxes $ 71,962 $ 90,908 $ 85,691 Deferred income taxes: Federal $ 15,550 $ 466 $ 1,813 State 5,962 6,113 (114 ) Foreign 1,542 (2,454 ) (160 ) Total deferred income taxes $ 23,054 $ 4,125 $ 1,539 Total income tax expense $ 95,016 $ 95,033 $ 87,230 |
Reconciliation of the Differences Between Taxes Computed Using the Statutory Federal Income Tax Rate and Actual Income Tax Expense | A reconciliation of the differences between taxes computed using the statutory Federal income tax rate of 35% and actual income tax expense is as follows: Years Ended December 31, (Dollars in thousands) 2015 2014 2013 Income tax expense based upon the Federal statutory rate on income before income taxes $ 88,118 $ 86,251 $ 78,554 Increase (decrease) in tax resulting from: Tax-exempt interest, net of interest expense disallowance (2,878 ) (1,936 ) (1,423 ) State taxes, net of federal tax benefit 9,996 10,731 10,355 Income earned on bank owned life insurance (1,562 ) (896 ) (1,157 ) Non-deductible compensation costs 528 561 654 Meals, entertainment and related expenses 1,283 1,026 993 Foreign subsidiary, net 148 775 588 Tax benefits related to tax credit investments (778 ) (1,498 ) (1,553 ) Other, net 161 19 219 Income tax expense $ 95,016 $ 95,033 $ 87,230 |
Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at December 31, 2015 and 2014 are as follows: Years Ended December 31, (Dollars in thousands) 2015 2014 Deferred tax assets: Allowance for credit losses $ 39,561 $ 35,455 Deferred compensation 25,492 19,349 Covered assets 17,754 18,246 Stock-based compensation 9,760 10,735 Other real estate owned 7,610 7,546 Foreign net operating loss carryforward 6,616 2,521 Federal net operating loss carryforward 4,705 2,108 AMT credit carryforward 1,498 1,177 Foreign tax credit carryforward — 302 Nonaccrued interest 1,603 1,329 Mortgage banking recourse obligation 1,565 1,206 Discount on purchased loans 749 — Net unrealized losses on securities included in other comprehensive income 11,476 6,242 Net unrealized losses on derivatives included in other comprehensive income 1,386 1,601 Other 3,361 3,523 Total gross deferred tax assets 133,136 111,340 Deferred tax liabilities: Premises and equipment 33,423 35,902 Equipment leasing 15,089 — Goodwill and intangible assets 8,198 3,501 Fair value adjustments on loans 6,086 9,444 Deferred loan fees and costs 6,045 4,927 Capitalized servicing rights 3,330 3,037 FHLB stock dividends 904 1,416 Discount on purchased loans — 11,324 Other 5,874 5,625 Total gross deferred liabilities 78,949 75,176 Net deferred tax assets $ 54,187 $ 36,164 |
Stock Compensation Plans and 49
Stock Compensation Plans and Other Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 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 years ending December 31, 2015 , 2014 and 2013 : 2015 2014 2013 Expected dividend yield 0.9 % 0.5 % 0.5 % Expected volatility 26.5 % 29.8 % 59.0 % Risk-free rate 1.3 % 0.8 % 1.0 % Expected option life (in years) 4.5 4.5 4.5 |
Summary of Stock Option Activity | A summary of the Plans’ stock option activity for the years ended December 31, 2015 , 2014 and 2013 is as follows: Stock Options Common Shares Weighted Average Strike Price Remaining Contractual Term (1) Intrinsic Value (2) ($000) Outstanding at January 1, 2013 1,745,427 $ 42.31 Granted 236,120 38.01 Exercised (371,826 ) 40.46 Forfeited or canceled (85,049 ) 44.12 Outstanding at December 31, 2013 1,524,672 $ 42.00 2.6 $ 11,021 Exercisable at December 31, 2013 1,097,836 $ 44.82 1.5 $ 6,165 Outstanding at January 1, 2014 1,524,672 $ 42.00 Granted 447,153 46.38 Exercised (176,009 ) 33.32 Forfeited or canceled (177,390 ) 52.55 Outstanding at December 31, 2014 1,618,426 $ 43.00 3.5 $ 9,303 Exercisable at December 31, 2014 941,741 $ 43.35 2.0 $ 6,392 Outstanding at January 1, 2015 1,618,426 $ 43.00 Granted 502,517 44.36 Options outstanding in acquired plans 16,364 21.18 Exercised (273,411 ) 42.82 Forfeited or canceled (312,162 ) 52.53 Outstanding at December 31, 2015 1,551,734 $ 41.32 4.4 $ 11,433 Exercisable at December 31, 2015 720,580 $ 37.64 3.1 $ 8,045 Vested or expected to vest at December 31, 2015 1,534,045 $ 41.28 4.4 $ 11,371 (1) Represents the weighted average contractual remaining life in years. (2) Aggregate intrinsic value represents the total pretax intrinsic value (i.e., the difference between the Company’s stock price at year end 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 year. Options with exercise prices above the year end stock price 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 Award Activity | A summary of the Plans’ restricted share activity for the years ended December 31, 2015 , 2014 and 2013 is as follows: 2015 2014 2013 Restricted Shares Common Shares Weighted Average Grant-Date Fair Value Common Shares Weighted Average Grant-Date Fair Value Common Shares Weighted Average Grant-Date Fair Value Outstanding at January 1 146,112 $ 47.45 181,522 $ 43.39 314,226 $ 37.99 Granted 27,165 48.17 31,463 45.00 16,932 42.14 Vested and issued (29,018 ) 39.33 (60,121 ) 34.98 (144,860 ) 31.83 Forfeited (6,666 ) 40.76 (6,752 ) 37.95 (4,776 ) 33.93 Outstanding at end of year 137,593 $ 49.63 146,112 $ 47.45 181,522 $ 43.39 Vested, but not issuable at end of year 85,000 $ 51.88 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 years ended December 31, 2015, 2014, and 2013 is as follows: 2015 2014 2013 Performance Shares Common Shares Weighted Average Grant-Date Fair Value Common Shares Weighted Average Grant-Date Fair Value Common Shares Weighted Average Grant-Date Fair Value Outstanding at January 1 295,679 $ 38.18 307,512 $ 34.01 214,565 $ 32.08 Granted 106,017 44.35 93,535 46.86 106,268 37.90 Expired, canceled or forfeited (46,573 ) 35.51 (89,424 ) 33.78 (13,321 ) 34.00 Vested and issued (78,590 ) 31.10 (15,944 ) 33.25 — — Outstanding at end of year 276,533 $ 43.01 295,679 $ 38.18 307,512 $ 34.01 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Regulatory Capital Requirements [Abstract] | |
Minimum Capital Requirements | As reflected in the following table, the Company met all minimum capital requirements at December 31, 2015 and 2014 : 2015 2014 Total capital to risk weighted assets 12.2 % 13.0 % Tier 1 capital to risk weighted assets 10.0 11.6 Common equity Tier 1 capital to risk weighted assets 8.4 N/A Tier 1 leverage Ratio 9.1 10.2 |
Actual Capital Amounts And Ratios | The banks’ actual capital amounts and ratios as of December 31, 2015 and 2014 are presented in the following table: (Dollars in thousands) December 31, 2015 December 31, 2014 Actual To Be Well Capitalized by Regulatory Definition Actual To Be Well Capitalized by Regulatory Definition Amount Ratio Amount Ratio Amount Ratio Amount Ratio Total Capital (to Risk Weighted Assets): Lake Forest Bank $ 282,921 11.3 % $ 251,560 10.0 % $ 245,248 10.9 % $ 224,354 10.0 % Hinsdale Bank 200,436 12.1 165,157 10.0 155,797 11.4 136,415 10.0 Wintrust Bank 377,015 11.3 334,596 10.0 312,223 11.2 279,295 10.0 Libertyville Bank 124,665 11.5 108,619 10.0 113,513 11.4 99,999 10.0 Barrington Bank 187,062 11.3 165,810 10.0 163,162 11.9 137,527 10.0 Crystal Lake Bank 89,476 11.9 75,314 10.0 87,138 12.9 67,482 10.0 Northbrook Bank 145,390 11.0 132,200 10.0 126,325 11.1 114,042 10.0 Schaumburg Bank 87,182 11.4 76,422 10.0 73,999 11.3 65,485 10.0 Village Bank 117,543 11.2 105,027 10.0 103,148 11.2 92,110 10.0 Beverly Bank 92,843 11.1 83,442 10.0 73,808 11.3 65,229 10.0 Town Bank 159,508 12.0 133,344 10.0 130,699 12.1 108,434 10.0 Wheaton Bank 117,373 11.5 102,479 10.0 77,366 11.6 66,920 10.0 State Bank of the Lakes 89,488 11.1 80,923 10.0 78,048 11.6 67,272 10.0 Old Plank Trail Bank 110,058 11.3 97,223 10.0 100,082 12.4 80,420 10.0 St. Charles Bank 81,524 11.2 72,812 10.0 71,123 11.1 63,912 10.0 Tier 1 Capital (to Risk Weighted Assets): Lake Forest Bank $ 256,126 10.2 % $ 201,248 8.0 % $ 231,448 10.3 % $ 134,612 6.0 % Hinsdale Bank 191,553 11.6 132,125 8.0 146,290 10.7 81,849 6.0 Wintrust Bank 311,322 9.3 267,677 8.0 222,845 8.0 167,577 6.0 Libertyville Bank 117,965 10.9 86,895 8.0 107,649 10.8 59,999 6.0 Barrington Bank 176,489 10.6 132,648 8.0 150,705 11.0 82,516 6.0 Crystal Lake Bank 85,521 11.4 60,251 8.0 83,788 12.4 40,489 6.0 Northbrook Bank 129,514 9.8 105,760 8.0 116,808 10.2 68,425 6.0 Schaumburg Bank 71,958 9.4 61,137 8.0 67,427 10.3 39,291 6.0 Village Bank 108,221 10.3 84,021 8.0 97,684 10.6 55,266 6.0 Beverly Bank 76,708 9.2 66,754 8.0 71,197 10.9 39,137 6.0 Town Bank 153,902 11.5 106,675 8.0 125,716 11.6 65,061 6.0 Wheaton Bank 96,799 9.5 81,983 8.0 70,632 10.6 40,152 6.0 State Bank of the Lakes 76,609 9.5 64,738 8.0 69,176 10.3 40,363 6.0 Old Plank Trail Bank 100,506 10.3 77,778 8.0 96,689 12.0 48,252 6.0 St. Charles Bank 75,348 10.4 58,250 8.0 67,588 10.6 38,347 6.0 Common Equity Tier 1 Capital (to Risk Weighted Assets): Lake Forest Bank $ 256,126 10.2 % $ 163,514 6.5 % N/A N/A N/A N/A Hinsdale Bank 191,553 11.6 107,352 6.5 N/A N/A N/A N/A Wintrust Bank 311,322 9.3 217,488 6.5 N/A N/A N/A N/A Libertyville Bank 117,965 10.9 70,603 6.5 N/A N/A N/A N/A Barrington Bank 176,489 10.6 107,777 6.5 N/A N/A N/A N/A Crystal Lake Bank 85,521 11.4 48,954 6.5 N/A N/A N/A N/A Northbrook Bank 129,514 9.8 85,930 6.5 N/A N/A N/A N/A Schaumburg Bank 71,958 9.4 49,674 6.5 N/A N/A N/A N/A Village Bank 108,221 10.3 68,267 6.5 N/A N/A N/A N/A Beverly Bank 76,708 9.2 54,237 6.5 N/A N/A N/A N/A Town Bank 153,902 11.5 86,674 6.5 N/A N/A N/A N/A Wheaton Bank 96,799 9.5 66,611 6.5 N/A N/A N/A N/A State Bank of the Lakes 76,609 9.5 52,600 6.5 N/A N/A N/A N/A Old Plank Trail Bank 100,506 10.3 63,195 6.5 N/A N/A N/A N/A St. Charles Bank 75,348 10.4 47,328 6.5 N/A N/A N/A N/A (Dollars in thousands) December 31, 2015 December 31, 2014 Actual To Be Well Capitalized by Regulatory Definition Actual To Be Well Capitalized by Regulatory Definition Amount Ratio Amount Ratio Amount Ratio Amount Ratio Tier 1 Leverage Ratio: Lake Forest Bank $ 256,126 9.1 % $ 140,541 5.0 % $ 231,448 9.0 % $ 128,590 5.0 % Hinsdale Bank 191,553 9.9 97,023 5.0 146,290 9.7 75,509 5.0 Wintrust Bank 311,322 8.9 174,117 5.0 222,845 7.4 149,925 5.0 Libertyville Bank 117,965 9.6 61,320 5.0 107,649 9.3 58,032 5.0 Barrington Bank 176,489 9.8 90,168 5.0 150,705 9.4 80,086 5.0 Crystal Lake Bank 85,521 9.4 45,445 5.0 83,788 10.3 40,502 5.0 Northbrook Bank 129,514 8.6 75,287 5.0 116,808 8.9 65,626 5.0 Schaumburg Bank 71,958 8.4 42,707 5.0 67,427 8.9 37,930 5.0 Village Bank 108,221 9.2 58,817 5.0 97,684 9.4 51,753 5.0 Beverly Bank 76,708 8.4 45,757 5.0 71,197 9.3 38,304 5.0 Town Bank 153,902 10.3 74,452 5.0 125,716 10.1 62,283 5.0 Wheaton Bank 96,799 8.1 59,482 5.0 70,632 8.8 40,152 5.0 State Bank of the Lakes 76,609 8.3 46,001 5.0 69,176 8.4 41,382 5.0 Old Plank Trail Bank 100,506 8.5 59,383 5.0 96,689 8.4 57,717 5.0 St. Charles Bank 75,348 9.4 39,942 5.0 67,588 9.8 34,504 5.0 |
Derivative Financial Instrume51
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 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 December 31, 2015 : (Dollars in thousands) Notional Accounting Fair Value as of Effective Date Maturity Date Amount Treatment December 31, 2015 May 3, 2012 May 3, 2016 $ 215,000 Non-Hedge Designated $ — August 29, 2012 August 29, 2016 216,500 Cash Flow Hedging 3 February 22, 2013 August 22, 2016 56,500 Non-Hedge Designated 2 February 22, 2013 August 22, 2016 43,500 Cash Flow Hedging 1 March 21, 2013 March 21, 2017 100,000 Non-Hedge Designated 80 May 16, 2013 November 16, 2016 75,000 Non-Hedge Designated 14 September 15, 2013 September 15, 2017 50,000 Cash Flow Hedging 128 September 30, 2013 September 30, 2017 40,000 Cash Flow Hedging 110 $ 796,500 $ 338 |
Schedule of Fair Value of Derivative Financial Instruments | The table below presents the fair value of the Company’s derivative financial instruments as of December 31, 2015 and December 31, 2014 : Derivative Assets Derivative Liabilities Fair Value Fair Value (Dollars in thousands) December 31, 2015 December 31, 2014 December 31, 2015 December 31, 2014 Derivatives designated as hedging instruments under ASC 815: Interest rate derivatives designated as Cash Flow Hedges $ 242 $ 1,390 $ 846 $ 1,994 Interest rate derivatives designated as Fair Value Hedges 27 52 143 — Total derivatives designated as hedging instruments under ASC 815 $ 269 $ 1,442 $ 989 $ 1,994 Derivatives not designated as hedging instruments under ASC 815: Interest rate derivatives $ 42,510 $ 36,399 $ 41,469 $ 34,927 Interest rate lock commitments 7,401 10,028 171 20 Forward commitments to sell mortgage loans 745 23 2,275 4,239 Foreign exchange contracts 373 72 115 — Total derivatives not designated as hedging instruments under ASC 815 $ 51,029 $ 46,522 $ 44,030 $ 39,186 Total Derivatives $ 51,298 $ 47,964 $ 45,019 $ 41,180 |
Schedule of Cash Flow Hedging Instruments | The table below provides details on each of these cash flow hedges as of December 31, 2015: (Dollars in thousands) December 31, 2015 Maturity Date Notional Amount Fair Value Asset (Liability) Interest Rate Swaps: September 2016 $ 50,000 $ (548 ) October 2016 25,000 (298 ) Total Interest Rate Swaps $ 75,000 $ (846 ) Interest Rate Caps: August 2016 $ 43,500 $ 1 August 2016 216,500 3 September 2017 50,000 128 September 2017 40,000 110 Total Interest Rate Caps $ 350,000 $ 242 Total Cash Flow Hedges $ 425,000 $ (604 ) |
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: December 31, (Dollars in thousands) 2015 2014 Unrealized loss at beginning of period $ (4,062 ) $ (3,971 ) Amount reclassified from accumulated other comprehensive income to interest expense on deposits and junior subordinated debentures 2,082 1,974 Amount of loss recognized in other comprehensive income (1,549 ) (2,065 ) Unrealized loss at end of period $ (3,529 ) $ (4,062 ) |
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | 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 December 31, 2015 and 2014: (Dollars in thousands) Derivatives in Fair Value Hedging Relationships Location of Gain or (Loss) Recognized in Income on Derivative Amount of Gain or (Loss) Recognized in Income on Derivative Year Ended December 31, Amount of Gain or (Loss) Recognized in Income on Hedged Item Year Ended December 31, Income Statement Gain/ (Loss) due to Hedge Ineffectiveness Year Ended December 31, 2015 2014 2015 2014 2015 2014 Interest rate swaps Trading (losses)/gains, net $ (168 ) (53 ) $ 152 48 $ (16 ) (5 ) |
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) December 31, Derivative Location in income statement 2015 2014 Interest rate swaps and caps Trading (losses) gains, net $ (454 ) $ (1,675 ) Mortgage banking derivatives Mortgage banking revenue (299 ) (2,012 ) Covered call options Fees from covered call options 15,364 7,859 Foreign exchange contracts Trading (losses) gains, net 186 68 |
Derivative Asset and Liability Balance Sheet Offsetting [Table Text Block] | 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) December 31, 2015 December 31, 2014 December 31, 2015 December 31, 2014 Gross Amounts Recognized $ 42,779 $ 37,841 $ 42,458 $ 36,921 Less: Amounts offset in the Statements of Condition — — — — Net amount presented in the Statements of Condition $ 42,779 $ 37,841 $ 42,458 $ 36,921 Gross amounts not offset in the Statements of Condition Offsetting Derivative Positions $ (753 ) $ (2,771 ) $ (753 ) $ (2,771 ) Collateral Posted (1) — — (41,705 ) (34,150 ) Net Credit Exposure $ 42,026 $ 35,070 $ — $ — (1) As of December 31, 2015 and 2014, the Company posted collateral of $45.5 million and $43.8 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 Value of Assets and Liab52
Fair Value of Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 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: December 31, 2015 (Dollars in thousands) Total Level 1 Level 2 Level 3 Available-for-sale securities U.S. Treasury $ 306,729 $ — $ 306,729 $ — U.S. Government agencies 70,236 — 70,236 — Municipal 108,595 — 39,982 68,613 Corporate notes 81,545 — 81,545 — Mortgage-backed 1,092,597 — 1,092,597 — Equity securities 56,686 — 31,487 25,199 Trading account securities 448 — 448 — Mortgage loans held-for-sale 388,038 — 388,038 — Mortgage servicing rights 9,092 — — 9,092 Nonqualified deferred compensations assets 8,517 — 8,517 — Derivative assets 51,298 — 51,298 — Total $ 2,173,781 $ — $ 2,070,877 $ 102,904 Derivative liabilities $ 45,019 $ — $ 45,019 $ — December 31, 2014 (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 compensations 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 $ — |
Summary of Changes in Level Three 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 year ended December 31, 2015 are summarized as follows: Equity securities Mortgage servicing rights (Dollars in thousands) Municipal Balance at January 1, 2015 $ 58,953 $ 23,711 $ 8,435 Total net (losses) gains included in: Net income (1) — — 657 Other comprehensive income (1,198 ) 1,488 — Purchases 33,998 — — Issuances — — — Sales — — — Settlements (23,140 ) — — Net transfers into/(out of) Level 3 — — — Balance at December 31, 2015 $ 68,613 $ 25,199 $ 9,092 (1) Changes in the balance of mortgage servicing rights are recorded as a component of mortgage banking revenue in non-interest income. The changes in Level 3 assets measured at fair value on a recurring basis during the year ended December 31, 2014 are summarized as follows: (Dollars in thousands) Municipal Equity securities Mortgage servicing rights Balance at January 1, 2014 $ 36,386 $ 22,163 $ 8,946 Total net (losses) gains included in: Net income (1) — — (1,214 ) Other comprehensive income 202 1,548 — Purchases 27,437 — 703 Issuances — — — Sales — — — Settlements (13,954 ) — — Net transfers into/(out of) of Level 3 (2) 8,882 — — Balance at December 31, 2014 $ 58,953 $ 23,711 $ 8,435 (1) Changes in the balance of mortgage servicing rights are recorded as a component of mortgage banking revenue in non-interest income. (2) Transfers into Level 3 relate to a reclassification of municipal bonds in the third quarter of 2014. |
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 December 31, 2015 . December 31, 2015 Twelve Months Ended December 31, 2015 Fair Value Losses Recognized, net (Dollars in thousands) Total Level 1 Level 2 Level 3 Impaired loans-collateral based $ 65,626 $ — $ — $ 65,626 $ 14,571 Other real estate owned, including covered other real estate owned (1) 65,328 — — 65,328 7,154 Total $ 130,954 $ — $ — $ 130,954 $ 21,725 (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 Nonrecurring | The valuation techniques and significant unobservable inputs used to measure both recurring and non-recurring Level 3 fair value measurements at December 31, 2015 were as follows: (Dollars in thousands) Fair Value Valuation Methodology Significant Unobservable Input Range of Inputs Weighted Average of Inputs Impact to valuation from an increased or higher input value Measured at fair value on a recurring basis: Municipal Securities $ 68,613 Bond pricing Equivalent rating BBB-AA+ N/A Increase Equity Securities 25,199 Discounted cash flows Discount rate 1.85%-2.12% 2.01% Decrease Mortgage Servicing Rights 9,092 Discounted cash flows Discount rate 9%-13% 9.13% Decrease Constant prepayment rate (CPR) 8%-26% 11.77% Decrease Measured at fair value on a non-recurring basis: Impaired loans—collateral based 65,626 Appraisal value Appraisal adjustment - cost of sale 10% 10.00% Decrease Other real estate owned, including covered other real-estate owned 65,328 Appraisal value Appraisal adjustment - cost of sale 10% 10.00% Decrease |
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: December 31, 2015 December 31, 2014 (Dollars in thousands) Carrying Value Fair Value Carrying Value Fair Value Financial Assets: Cash and cash equivalents $ 275,795 $ 275,795 $ 230,707 $ 230,707 Interest bearing deposits with banks 607,782 607,782 998,437 998,437 Available-for-sale securities 1,716,388 1,716,388 1,792,078 1,792,078 Held-to-maturity securities 884,826 878,111 — — Trading account securities 448 448 1,206 1,206 Federal Home Loan Bank and Federal Reserve Bank stock, at cost 101,581 101,581 91,582 91,582 Brokerage customer receivables 27,631 27,631 24,221 24,221 Mortgage loans held-for-sale, at fair value 388,038 388,038 351,290 351,290 Total loans 17,266,790 18,106,829 14,636,107 15,346,266 Mortgage servicing rights 9,092 9,092 8,435 8,435 Nonqualified deferred compensation assets 8,517 8,517 7,951 7,951 Derivative assets 51,298 51,298 47,964 47,964 FDIC indemnification asset — — 11,846 11,846 Accrued interest receivable and other 193,092 193,092 169,156 169,156 Total financial assets $ 21,531,278 $ 22,364,602 $ 18,370,980 $ 19,081,139 Financial Liabilities Non-maturity deposits $ 14,634,957 $ 14,634,957 $ 12,142,034 $ 12,142,034 Deposits with stated maturities 4,004,677 3,998,180 4,139,810 4,143,161 Federal Home Loan Bank advances 859,876 863,437 733,050 738,113 Other borrowings 266,019 266,019 196,465 197,883 Subordinated notes 140,000 140,302 140,000 143,639 Junior subordinated debentures 268,566 268,046 249,493 250,305 Derivative liabilities 45,019 45,019 41,180 41,180 Accrued interest payable 7,394 7,394 8,001 8,001 Total financial liabilities $ 20,226,508 $ 20,223,354 $ 17,650,033 $ 17,664,316 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Summary of the Company's Common and Preferred Stock | A summary of the Company’s common and preferred stock at December 31, 2015 and 2014 is as follows: 2015 2014 Common Stock: Shares authorized 100,000,000 100,000,000 Shares issued 48,468,894 46,881,108 Shares outstanding 48,383,279 46,805,055 Cash dividend per share $ 0.44 $ 0.40 Preferred Stock: Shares authorized 20,000,000 20,000,000 Shares issued 5,126,287 126,467 Shares outstanding 5,126,287 126,467 |
Schedule Of Aggregate Fair Values Assigned To Each Component Of Tangible Equity Unit Offering Table [Text Block] | The aggregate fair values assigned to each component of the TEU offering at the issuance date were as follows: (Dollars and units in thousands, except unit price) Equity Component Debt Component TEU Total Units issued (1) 4,600 4,600 4,600 Unit price $ 40.271818 $ 9.728182 $ 50.00 Gross proceeds 185,250 44,750 230,000 Issuance costs, including discount 5,934 1,419 7,353 Net proceeds $ 179,316 $ 43,331 $ 222,647 Balance sheet impact Other borrowings — 43,331 43,331 Surplus 179,316 — 179,316 (1) TEUs consisted of two components: one unit of the equity component and one unit of the debt component. |
Components of Other Comprehensive Income (Loss), Including the Related Income Tax Effects | The following tables summarize the components of other comprehensive income (loss), including the related income tax effects, for the years ending December 31, 2015 , 2014 and 2013 : (In thousands) Accumulated Unrealized Losses on Securities Accumulated Unrealized Losses on Derivative Instruments Accumulated Foreign Currency Translation Adjustments Total Accumulated Other Comprehensive (Loss) Income Balance at January 1, 2015 $ (9,533 ) $ (2,517 ) $ (25,282 ) $ (37,332 ) Other comprehensive loss during the period, net of tax, before reclassification (8,023 ) (941 ) (17,559 ) (26,523 ) Amount reclassified from accumulated other comprehensive income into net income, net of tax (196 ) 1,265 — 1,069 Amount reclassified from accumulated other comprehensive income related to amortization of unrealized losses on investment securities transferred to held-to-maturity from available-for-sale 78 — — 78 Net other comprehensive (loss) income during the period, net of tax $ (8,141 ) $ 324 $ (17,559 ) $ (25,376 ) Balance at December 31, 2015 $ (17,674 ) $ (2,193 ) $ (42,841 ) $ (62,708 ) Balance at January 1, 2014 $ (53,665 ) $ (2,462 ) $ (6,909 ) $ (63,036 ) Other comprehensive income (loss) during the period, net of tax, before reclassification 43,828 (1,244 ) (18,373 ) 24,211 Amount reclassified from accumulated other comprehensive income, net of tax 304 1,189 — 1,493 Net other comprehensive income (loss) during the period, net of tax $ 44,132 $ (55 ) $ (18,373 ) $ 25,704 Balance at December 31, 2014 $ (9,533 ) $ (2,517 ) $ (25,282 ) $ (37,332 ) Balance at January 1, 2013 $ 6,710 $ (5,292 ) $ 6,293 $ 7,711 Other comprehensive loss during the period, net of tax, before reclassification (62,182 ) (251 ) (13,202 ) (75,635 ) Amount reclassified from accumulated other comprehensive income, net of tax 1,807 3,081 — 4,888 Net other comprehensive (loss) income during the period, net of tax $ (60,375 ) $ 2,830 $ (13,202 ) $ (70,747 ) Balance at December 31, 2013 $ (53,665 ) $ (2,462 ) $ (6,909 ) $ (63,036 ) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Amount Reclassified from Accumulated Other Comprehensive Income for the Year Ended, Details Regarding the Component of Accumulated Other Comprehensive Income December 31, Impacted Line on the Consolidated Statements of Income 2015 2014 Accumulated unrealized losses on securities Gains (losses) included in net income $ 323 $ (504 ) Gains (losses) on available-for-sale securities, net 323 (504 ) Income before taxes Tax effect (127 ) 200 Income tax expense Net of tax $ 196 $ (304 ) Net income Accumulated unrealized losses on derivative instruments Amount reclassified to interest expense on deposits $ 252 $ — Interest on deposits Amount reclassified to interest expense on junior subordinated debentures 1,830 1,974 Interest on junior subordinated debentures (2,082 ) (1,974 ) Income before taxes Tax effect 817 785 Income tax expense Net of tax $ (1,265 ) $ (1,189 ) Net income |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Summary of Certain Operating Information for Reportable Segments | The following is a summary of certain operating information for reportable segments: (Dollars in thousands) Community Banking Specialty Finance Wealth Management Total Operating Segments Intersegment Eliminations Consolidated 2015 Net interest income $ 523,112 $ 85,258 $ 17,012 $ 625,382 $ 16,147 $ 641,529 Provision for credit losses 29,746 3,196 — 32,942 — 32,942 Non-interest income 191,248 33,625 75,496 300,369 (28,772 ) 271,597 Non-interest expense 522,199 47,245 71,600 641,044 (12,625 ) 628,419 Income tax expense 60,488 26,352 8,176 95,016 — 95,016 Net income $ 101,927 $ 42,090 $ 12,732 $ 156,749 $ — $ 156,749 Total assets at end of year $ 19,251,616 $ 3,116,631 $ 548,919 $ 22,917,166 $ — $ 22,917,166 2014 Net interest income $ 484,523 $ 82,415 $ 15,968 $ 582,906 $ 15,669 $ 598,575 Provision for credit losses 17,708 2,829 — 20,537 — 20,537 Non-interest income 136,307 32,534 73,388 242,229 (26,989 ) 215,240 Non-interest expense 444,416 44,320 69,431 558,167 (11,320 ) 546,847 Income tax expense 60,033 27,167 7,833 95,033 — 95,033 Net income $ 98,673 $ 40,633 $ 12,092 $ 151,398 $ — $ 151,398 Total assets at end of year $ 16,724,834 $ 2,766,017 $ 519,876 $ 20,010,727 $ — $ 20,010,727 2013 Net interest income $ 448,173 $ 73,903 $ 14,118 $ 536,194 $ 14,433 $ 550,627 Provision for credit losses 45,396 637 — 46,033 — 46,033 Non-interest income 150,543 30,890 65,597 247,030 (24,633 ) 222,397 Non-interest expense 409,780 40,529 62,442 512,751 (10,200 ) 502,551 Income tax expense 55,161 25,508 6,561 87,230 — 87,230 Net income $ 88,379 $ 38,119 $ 10,712 $ 137,210 $ — $ 137,210 Total assets at end of year $ 15,132,912 $ 2,470,832 $ 494,039 $ 18,097,783 $ — $ 18,097,783 |
Condensed Parent Company Fina55
Condensed Parent Company Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Statements of Financial Condition | Statements of Financial Condition December 31, (In thousands) 2015 2014 Assets Cash $ 116,889 $ 151,303 Available-for-sale securities, at fair value 12,243 10,725 Investment in and receivable from subsidiaries 2,600,716 2,205,487 Loans, net of unearned income 2,820 3,993 Less: Allowance for loan losses — 972 Net Loans $ 2,820 $ 3,021 Goodwill 8,371 8,371 Other assets 149,935 119,739 Total assets $ 2,890,974 $ 2,498,646 Liabilities and Shareholders’ Equity Other liabilities $ 44,349 $ 20,509 Subordinated notes 140,000 140,000 Other borrowings 85,785 18,822 Junior subordinated debentures 268,566 249,493 Shareholders’ equity 2,352,274 2,069,822 Total liabilities and shareholders’ equity $ 2,890,974 $ 2,498,646 |
Statements of Income | Statements of Income Years Ended December 31, (In thousands) 2015 2014 2013 Income Dividends and other revenue from subsidiaries $ 47,639 $ 98,296 $ 114,241 (Losses) gains on available-for-sale securities, net — (33 ) 111 Other income 796 221 4,529 Total income $ 48,435 $ 98,484 $ 118,881 Expenses Interest expense $ 16,669 $ 12,553 $ 13,424 Salaries and employee benefits 38,926 30,636 17,831 Other expenses 50,425 38,428 24,739 Total expenses $ 106,020 $ 81,617 $ 55,994 (Loss) income before income taxes and equity in undistributed income of subsidiaries $ (57,585 ) $ 16,867 $ 62,887 Income tax benefit 30,504 22,909 18,599 (Loss) income before equity in undistributed net income of subsidiaries $ (27,081 ) $ 39,776 $ 81,486 Equity in undistributed net income of subsidiaries 183,830 111,622 55,724 Net income $ 156,749 $ 151,398 $ 137,210 |
Statements of Cash Flows | Statements of Cash Flows Years Ended December 31, (In thousands) 2015 2014 2013 Operating Activities: Net income $ 156,749 $ 151,398 $ 137,210 Adjustments to reconcile net income to net cash (used for) provided by operating activities Provision for credit losses (96 ) 945 1,765 Losses (gains) on available-for-sale securities, net — 33 (111 ) Depreciation and amortization 8,182 7,756 3,744 Deferred income tax (benefit) expense (1,872 ) 2,753 1,217 Stock-based compensation expense 9,656 7,754 6,799 Excess tax benefits from stock-based compensation arrangements (278 ) (139 ) (112 ) Increase in other assets (45,287 ) (10,090 ) (3,882 ) Increase in other liabilities 21,840 7,114 (4,517 ) Equity in undistributed net income of subsidiaries (183,830 ) (111,622 ) (55,724 ) Net Cash (Used for) Provided by Operating Activities $ (34,936 ) $ 55,902 $ 86,389 Investing Activities: Capital contributions to subsidiaries, net $ (97,400 ) $ (105,244 ) $ (8,293 ) Net cash paid for acquisitions, net (51,060 ) — — Other investing activity, net (24,908 ) (3,907 ) (21,206 ) Net Cash Used for Investing Activities $ (173,368 ) $ (109,151 ) $ (29,499 ) Financing Activities: Increase (decrease) in notes payable and other borrowings, net $ 66,963 $ (517 ) $ (17,860 ) Proceeds from the issuance of subordinated notes, net — 139,090 — Repayment of subordinated note — — (15,000 ) Excess tax benefits from stock-based compensation arrangements 278 139 112 Net proceeds from issuance of Series D preferred stock 120,842 — — Issuance of common shares resulting from exercise of stock options, employee stock purchase plan and conversion of common stock warrants 16,119 10,453 19,113 Dividends paid (29,888 ) (24,933 ) (13,893 ) Common stock repurchases (424 ) (549 ) (3,504 ) Net Cash Provided by (Used For) Financing Activities $ 173,890 $ 123,683 $ (31,032 ) Net (Decrease) Increase in Cash and Cash Equivalents $ (34,414 ) $ 70,434 $ 25,858 Cash and Cash Equivalents at Beginning of Year 151,303 80,869 55,011 Cash and Cash Equivalents at End of Year $ 116,889 $ 151,303 $ 80,869 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Common Share | The following table sets forth the computation of basic and diluted earnings per common share for 2015 , 2014 and 2013 : (In thousands, except per share data) 2015 2014 2013 Net income $ 156,749 $ 151,398 $ 137,210 Less: Preferred stock dividends and discount accretion 10,869 6,323 8,395 Net income applicable to common shares—Basic (A) $ 145,880 $ 145,075 $ 128,815 Add: Dividends on convertible preferred stock, if dilutive 6,314 6,323 8,325 Net income applicable to common shares—Diluted (B) $ 152,194 $ 151,398 $ 137,140 Weighted average common shares outstanding (C) 47,838 46,524 38,699 Effect of dilutive potential common shares: Common stock equivalents 1,029 1,246 7,108 Convertible preferred stock, if dilutive 3,070 3,075 4,141 Total dilutive potential common shares 4,099 4,321 11,249 Weighted average common shares and effect of dilutive potential common shares (D) 51,937 50,845 49,948 Net income per common share: Basic (A/C) $ 3.05 $ 3.12 $ 3.33 Diluted (B/D) 2.93 2.98 2.75 |
Quarterly Financial Summary (57
Quarterly Financial Summary (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Quarterly Financial Information | The following is a summary of quarterly financial information for the years ended December 31, 2015 and 2014 : 2015 Quarters 2014 Quarters (In thousands, except per share data) First Second Third Fourth First Second Third Fourth Interest income $ 170,357 175,241 185,379 187,487 $ 161,326 166,550 170,676 172,715 Interest expense 18,466 18,349 19,839 20,281 17,320 17,370 19,006 18,996 Net interest income 151,891 156,892 165,540 167,206 144,006 149,180 151,670 153,719 Provision for credit losses 6,079 9,482 8,322 9,059 1,880 6,660 5,864 6,133 Net interest income after provision for credit losses 145,812 147,410 157,218 158,147 142,126 142,520 145,806 147,586 Non-interest income, excluding net securities gains (losses) 64,017 77,037 65,051 65,169 45,562 54,438 58,105 57,639 Net securities gains (losses) 524 (24 ) (98 ) (79 ) (33 ) (336 ) (153 ) 18 Non-interest expense 147,318 154,297 159,974 166,829 131,315 133,591 138,500 143,441 Income before taxes 63,035 70,126 62,197 56,408 56,340 63,031 65,258 61,802 Income tax expense 23,983 26,295 23,842 20,896 21,840 24,490 25,034 23,669 Net income $ 39,052 43,831 38,355 35,512 $ 34,500 38,541 40,224 38,133 Preferred stock dividends and discount accretion 1,581 1,580 4,079 3,629 1,581 1,581 1,581 1,580 Net income applicable to common shares $ 37,471 42,251 34,276 31,883 $ 32,919 36,960 38,643 36,553 Net income per common share: Basic $ 0.79 $ 0.89 $ 0.71 $ 0.66 $ 0.71 $ 0.79 $ 0.83 $ 0.78 Diluted 0.76 0.85 0.69 0.64 0.68 0.76 0.79 0.75 Cash dividends declared per common share 0.11 0.11 0.11 0.11 0.10 0.10 0.10 0.10 |
Summary Of Significant Accoun58
Summary Of Significant Accounting Policies (Narrative) (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2015USD ($)contracts | Dec. 31, 2014USD ($)contracts | |
Other real estate owned | $ 43.9 | $ 45.6 |
Bank-owned life insurance | $ 136.2 | $ 121.4 |
Number of covered call option contracts outstanding | contracts | 0 | 0 |
Land Improvements | ||
Premises and equipment, useful lives | 15 years | |
Minimum | ||
Tax benefit realized on settlement, percentage | 50.00% | |
Minimum | Furniture, Fixtures and Equipment | ||
Premises and equipment, useful lives | 2 years | |
Minimum | Software and Computer-Related Equipment | ||
Premises and equipment, useful lives | 2 years | |
Minimum | Buildings and Improvements | ||
Premises and equipment, useful lives | 7 years | |
Maximum | ||
Finite-lived intangibles, useful life | 20 years | |
Maximum | Furniture, Fixtures and Equipment | ||
Premises and equipment, useful lives | 12 years | |
Maximum | Software and Computer-Related Equipment | ||
Premises and equipment, useful lives | 5 years | |
Maximum | Buildings and Improvements | ||
Premises and equipment, useful lives | 39 years |
Investment Securities (Marketab
Investment Securities (Marketable Securities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, Amortized Cost Basis | $ 1,731,292 | $ 1,807,913 | |
Available-for-sale securities, Gross unrealized gains | (14,766) | (22,145) | |
Available-for-sale securities, Gross unrealized losses | (29,670) | (37,980) | |
Available-for-sale Securities | 1,716,388 | 1,792,078 | |
Held-to-maturity securities | 884,826 | 0 | |
Held-to-maturity securities, Gross unrealized gains | (871) | 0 | |
Held-to-maturity securities, Gross unrealized losses | (7,586) | 0 | |
Held-to-maturity securities, fair value | 878,111 | 0 | |
U.S. Treasury | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, Amortized Cost Basis | 312,282 | 388,713 | |
Available-for-sale securities, Gross unrealized gains | 0 | (84) | |
Available-for-sale securities, Gross unrealized losses | (5,553) | (6,992) | |
Available-for-sale Securities | 306,729 | 381,805 | |
US Government agencies | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, Amortized Cost Basis | 70,313 | 686,106 | |
Available-for-sale securities, Gross unrealized gains | (198) | (4,113) | |
Available-for-sale securities, Gross unrealized losses | (275) | (21,903) | |
Available-for-sale Securities | 70,236 | 668,316 | |
Held-to-maturity securities | 687,302 | ||
Held-to-maturity securities, Gross unrealized gains | (4) | ||
Held-to-maturity securities, Gross unrealized losses | (7,144) | ||
Held-to-maturity securities, fair value | 680,162 | ||
Municipal | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, Amortized Cost Basis | 105,702 | 234,951 | |
Available-for-sale securities, Gross unrealized gains | (3,249) | (5,318) | |
Available-for-sale securities, Gross unrealized losses | (356) | (1,740) | |
Available-for-sale Securities | 108,595 | 238,529 | |
Held-to-maturity securities | 197,524 | ||
Held-to-maturity securities, Gross unrealized gains | (867) | ||
Held-to-maturity securities, Gross unrealized losses | (442) | ||
Held-to-maturity securities, fair value | 197,949 | ||
Corporate notes, financial issuers | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, Amortized Cost Basis | 80,014 | 129,309 | |
Available-for-sale securities, Gross unrealized gains | (1,510) | (2,006) | |
Available-for-sale securities, Gross unrealized losses | (1,481) | (1,557) | |
Available-for-sale Securities | 80,043 | 129,758 | |
Corporate notes, other | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, Amortized Cost Basis | 1,500 | 3,766 | |
Available-for-sale securities, Gross unrealized gains | (4) | (55) | |
Available-for-sale securities, Gross unrealized losses | (2) | 0 | |
Available-for-sale Securities | 1,502 | 3,821 | |
Mortgage-backed securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, Amortized Cost Basis | [1] | 1,069,680 | 271,129 |
Available-for-sale securities, Gross unrealized gains | [1] | (3,834) | (5,448) |
Available-for-sale securities, Gross unrealized losses | [1] | (21,004) | (4,928) |
Available-for-sale Securities | [1] | 1,052,510 | 271,649 |
Mortgage-backed, collateralized mortgage obligations | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, Amortized Cost Basis | [1] | 40,421 | 47,347 |
Available-for-sale securities, Gross unrealized gains | [1] | (172) | (249) |
Available-for-sale securities, Gross unrealized losses | [1] | (506) | (535) |
Available-for-sale Securities | [1] | 40,087 | 47,061 |
Equity securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, Amortized Cost Basis | 51,380 | 46,592 | |
Available-for-sale securities, Gross unrealized gains | (5,799) | (4,872) | |
Available-for-sale securities, Gross unrealized losses | (493) | (325) | |
Available-for-sale Securities | $ 56,686 | $ 51,139 | |
[1] | (1)Consisting entirely of residential mortgage-backed securities, none of which are subprime. |
Investment Securities (Schedule
Investment Securities (Schedule of Investment Securities Portfolio Continuous Unrealized Loss Position) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, continuous unrealized losses existing for less than 12 months, Fair value | $ 1,257,582 | $ 170,847 |
Available-for-sale, continuous unrealized losses existing for less than 12 months, Unrealized losses | (22,293) | (540) |
Available-for-sale, continuous unrealized losses existing for greater than 12 months, Fair value | 185,788 | 921,875 |
Available-for-sale, continuous unrealized losses existing for greater than 12 months, Unrealized losses | (7,377) | (37,440) |
Available-for-sale, continuous unrealized loss position, Fair value | 1,443,370 | 1,092,722 |
Available-for-sale, continuous unrealized loss position, Unrealized losses | (29,670) | (37,980) |
Held-to-maturity securities, continuous unrealized loss position, less than 12 months, Fair value | 502,733 | 0 |
Held-to-maturity securities, continuous unrealized loss position, less than 12 months, Unrealized loss | (4,505) | 0 |
Held-to-maturity securities, continuous unrealized loss position, 12 months or longer, Fair value | 264,710 | 0 |
Held-to-maturity securities, continuous unrealized loss position, 12 months or longer, Unrealized loss | (3,081) | 0 |
Held-to-maturity securities, continuous unrealized loss position, Fair value | 767,443 | 0 |
Held-to-maturity securities, continuous unrealized loss position, Unrealized loss | (7,586) | 0 |
U.S. Treasury | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, continuous unrealized losses existing for less than 12 months, Fair value | 306,729 | 97,395 |
Available-for-sale, continuous unrealized losses existing for less than 12 months, Unrealized losses | (5,553) | (31) |
Available-for-sale, continuous unrealized losses existing for greater than 12 months, Fair value | 0 | 193,187 |
Available-for-sale, continuous unrealized losses existing for greater than 12 months, Unrealized losses | 0 | (6,961) |
Available-for-sale, continuous unrealized loss position, Fair value | 306,729 | 290,582 |
Available-for-sale, continuous unrealized loss position, Unrealized losses | (5,553) | (6,992) |
Held-to-maturity securities, continuous unrealized loss position, less than 12 months, Fair value | 450,800 | 0 |
Held-to-maturity securities, continuous unrealized loss position, less than 12 months, Unrealized loss | (4,223) | 0 |
Held-to-maturity securities, continuous unrealized loss position, 12 months or longer, Fair value | 235,518 | 0 |
Held-to-maturity securities, continuous unrealized loss position, 12 months or longer, Unrealized loss | (2,921) | 0 |
Held-to-maturity securities, continuous unrealized loss position, Fair value | 686,318 | 0 |
Held-to-maturity securities, continuous unrealized loss position, Unrealized loss | (7,144) | 0 |
US Government agencies | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, continuous unrealized losses existing for less than 12 months, Fair value | 56,193 | 13,164 |
Available-for-sale, continuous unrealized losses existing for less than 12 months, Unrealized losses | (192) | (120) |
Available-for-sale, continuous unrealized losses existing for greater than 12 months, Fair value | 8,434 | 459,035 |
Available-for-sale, continuous unrealized losses existing for greater than 12 months, Unrealized losses | (83) | (21,783) |
Available-for-sale, continuous unrealized loss position, Fair value | 64,627 | 472,199 |
Available-for-sale, continuous unrealized loss position, Unrealized losses | (275) | (21,903) |
Municipal | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, continuous unrealized losses existing for less than 12 months, Fair value | 24,673 | 40,904 |
Available-for-sale, continuous unrealized losses existing for less than 12 months, Unrealized losses | (261) | (315) |
Available-for-sale, continuous unrealized losses existing for greater than 12 months, Fair value | 3,680 | 45,438 |
Available-for-sale, continuous unrealized losses existing for greater than 12 months, Unrealized losses | (95) | (1,425) |
Available-for-sale, continuous unrealized loss position, Fair value | 28,353 | 86,342 |
Available-for-sale, continuous unrealized loss position, Unrealized losses | (356) | (1,740) |
Held-to-maturity securities, continuous unrealized loss position, less than 12 months, Fair value | 51,933 | 0 |
Held-to-maturity securities, continuous unrealized loss position, less than 12 months, Unrealized loss | (282) | 0 |
Held-to-maturity securities, continuous unrealized loss position, 12 months or longer, Fair value | 29,192 | 0 |
Held-to-maturity securities, continuous unrealized loss position, 12 months or longer, Unrealized loss | (160) | 0 |
Held-to-maturity securities, continuous unrealized loss position, Fair value | 81,125 | 0 |
Held-to-maturity securities, continuous unrealized loss position, Unrealized loss | (442) | 0 |
Corporate notes, financial issuers | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, continuous unrealized losses existing for less than 12 months, Fair value | 16,225 | 1,311 |
Available-for-sale, continuous unrealized losses existing for less than 12 months, Unrealized losses | (266) | (1) |
Available-for-sale, continuous unrealized losses existing for greater than 12 months, Fair value | 34,744 | 57,624 |
Available-for-sale, continuous unrealized losses existing for greater than 12 months, Unrealized losses | (1,215) | (1,556) |
Available-for-sale, continuous unrealized loss position, Fair value | 50,969 | 58,935 |
Available-for-sale, continuous unrealized loss position, Unrealized losses | (1,481) | (1,557) |
Corporate notes, other | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, continuous unrealized losses existing for less than 12 months, Fair value | 998 | 0 |
Available-for-sale, continuous unrealized losses existing for less than 12 months, Unrealized losses | (2) | 0 |
Available-for-sale, continuous unrealized losses existing for greater than 12 months, Fair value | 0 | 0 |
Available-for-sale, continuous unrealized losses existing for greater than 12 months, Unrealized losses | 0 | 0 |
Available-for-sale, continuous unrealized loss position, Fair value | 998 | 0 |
Available-for-sale, continuous unrealized loss position, Unrealized losses | (2) | 0 |
Mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, continuous unrealized losses existing for less than 12 months, Fair value | 835,086 | 4,875 |
Available-for-sale, continuous unrealized losses existing for less than 12 months, Unrealized losses | (15,753) | (60) |
Available-for-sale, continuous unrealized losses existing for greater than 12 months, Fair value | 121,249 | 142,301 |
Available-for-sale, continuous unrealized losses existing for greater than 12 months, Unrealized losses | (5,251) | (4,868) |
Available-for-sale, continuous unrealized loss position, Fair value | 956,335 | 147,176 |
Available-for-sale, continuous unrealized loss position, Unrealized losses | (21,004) | (4,928) |
Mortgage-backed, collateralized mortgage obligations | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, continuous unrealized losses existing for less than 12 months, Fair value | 12,782 | 13,198 |
Available-for-sale, continuous unrealized losses existing for less than 12 months, Unrealized losses | (189) | (13) |
Available-for-sale, continuous unrealized losses existing for greater than 12 months, Fair value | 9,196 | 14,828 |
Available-for-sale, continuous unrealized losses existing for greater than 12 months, Unrealized losses | (317) | (522) |
Available-for-sale, continuous unrealized loss position, Fair value | 21,978 | 28,026 |
Available-for-sale, continuous unrealized loss position, Unrealized losses | (506) | (535) |
Equity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, continuous unrealized losses existing for less than 12 months, Fair value | 4,896 | 0 |
Available-for-sale, continuous unrealized losses existing for less than 12 months, Unrealized losses | (77) | 0 |
Available-for-sale, continuous unrealized losses existing for greater than 12 months, Fair value | 8,485 | 9,462 |
Available-for-sale, continuous unrealized losses existing for greater than 12 months, Unrealized losses | (416) | (325) |
Available-for-sale, continuous unrealized loss position, Fair value | 13,381 | 9,462 |
Available-for-sale, continuous unrealized loss position, Unrealized losses | $ (493) | $ (325) |
Investment Securities (Schedu61
Investment Securities (Schedule of Available-for-Sale Investment Securities Gross Gains and Gross Losses Realized) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Investments, Debt and Equity Securities [Abstract] | |||||||||||
Realized gains | $ 658 | $ 405 | $ 434 | ||||||||
Realized losses | (335) | (909) | (106) | ||||||||
Net realized gains | 323 | (504) | 328 | ||||||||
Other than temporary impairment charges | 0 | 0 | (3,328) | ||||||||
Gains (losses) on available-for-sale securities, net | $ (79) | $ (98) | $ (24) | $ 524 | $ 18 | $ (153) | $ (336) | $ (33) | 323 | (504) | (3,000) |
Proceeds from sales of available-for-sale securities, net | $ 1,515,559 | $ 852,330 | $ 138,274 |
Investment Securities (Contract
Investment Securities (Contractual Maturities of Investment Securities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, due in one year or less, Amortized Cost | $ 160,856 | $ 285,596 |
Available-for-sale securities, due in one year or less, Fair Value | 160,756 | 285,889 |
Available-for-sale securities, due in one to five years, Amortized Cost | 166,550 | 172,647 |
Available-for-sale securities, due in one to five years, Fair Value | 166,468 | 172,885 |
Available-for-sale securities, due in five to ten years, Amortized Cost | 228,652 | 331,389 |
Available-for-sale securities, due in five to ten years, Fair Value | 225,699 | 325,644 |
Available-for-sale securities, due after ten years, Amortized Cost | 13,753 | 653,213 |
Available-for-sale securities, due after ten years, Fair Value | 14,182 | 637,811 |
Total available-for-sale securities, Amortized Cost | 1,731,292 | 1,807,913 |
Available-for-sale securities, at fair value | 1,716,388 | 1,792,078 |
Held-to-maturity securities, due in one year or less, Amortized Cost | 0 | 0 |
Held-to-maturity securities, due in one year or less, Fair Value | 0 | 0 |
Held-to-maturity securities, due in one to five years, Amortized Cost | 19,208 | 0 |
Held-to-maturity securities, due in one to five years, Fair Value | 19,156 | 0 |
Held-to-maturity securities, due in five to ten years, Amortized Cost | 96,454 | 0 |
Held-to-maturity securities, due in five to ten years, Fair Value | 96,091 | 0 |
Held-to-maturity securities, due after ten years, Amortized Cost | 769,164 | 0 |
Held-to-maturity securities, due after ten years, Fair Value | 762,864 | 0 |
Held-to-maturity securities | 884,826 | 0 |
Held-to-maturity Securities, Fair Value | 878,111 | 0 |
Mortgage-backed | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available-for-sale securities, Amortized Cost | 1,110,101 | 318,476 |
Available-for-sale securities, at fair value | 1,092,597 | 318,710 |
Equity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total available-for-sale securities, Amortized Cost | 51,380 | 46,592 |
Available-for-sale securities, at fair value | $ 56,686 | $ 51,139 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015USD ($)securities | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($)securities | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Transfer of available-for-sale securities to held-to-maturity securities | $ 862,712,000 | $ 0 | $ 0 | ||||||||
Available-for-sale securities, transferred to held-to-maturity, unrealized gain(loss) | 14,400,000 | ||||||||||
Income tax expense | $ 20,896,000 | $ 23,842,000 | $ 26,295,000 | $ 23,983,000 | $ 23,669,000 | $ 25,034,000 | $ 24,490,000 | $ 21,840,000 | 95,016,000 | 95,033,000 | 87,230,000 |
Investment securities pledged as collateral | $ 1,200,000,000 | $ 1,100,000,000 | $ 1,200,000,000 | 1,100,000,000 | |||||||
Number of securities by a single non-goverment sponsored issuer exceeding 10% of shareholders' equity | securities | 0 | 0 | |||||||||
Available-for-sale securities | |||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Income tax expense | $ 122,000 | $ 194,000 | $ 1,200,000 |
Loans (Summary of Loan Portfoli
Loans (Summary of Loan Portfolio) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Loans [Line Items] | ||
Loans, net of unearned income, excluding covered loans | $ 17,118,117 | $ 14,409,398 |
Covered loans | 148,673 | 226,709 |
Total loans | $ 17,266,790 | $ 14,636,107 |
Total loans, percentage | 99.00% | 98.00% |
Covered loans, percentage | 1.00% | 2.00% |
Percentage of Loans Net of Unearned Income Including Covered Loans | 100.00% | 100.00% |
Commercial | ||
Loans [Line Items] | ||
Loans, net of unearned income, excluding covered loans | $ 4,713,909 | $ 3,924,394 |
Total loans, percentage | 27.00% | 26.00% |
Commercial real estate | ||
Loans [Line Items] | ||
Loans, net of unearned income, excluding covered loans | $ 5,529,289 | $ 4,505,753 |
Total loans, percentage | 32.00% | 31.00% |
Home equity | ||
Loans [Line Items] | ||
Loans, net of unearned income, excluding covered loans | $ 784,675 | $ 716,293 |
Total loans, percentage | 5.00% | 5.00% |
Residential real estate | ||
Loans [Line Items] | ||
Loans, net of unearned income, excluding covered loans | $ 607,451 | $ 483,542 |
Total loans, percentage | 3.00% | 3.00% |
Premium finance receivables | Life insurance | ||
Loans [Line Items] | ||
Loans, net of unearned income, excluding covered loans | $ 2,961,496 | $ 2,277,571 |
Total loans, percentage | 17.00% | 16.00% |
Premium finance receivables | Commercial insurance loans | ||
Loans [Line Items] | ||
Loans, net of unearned income, excluding covered loans | $ 2,374,921 | $ 2,350,833 |
Total loans, percentage | 14.00% | 16.00% |
Consumer and other | ||
Loans [Line Items] | ||
Loans, net of unearned income, excluding covered loans | $ 146,376 | $ 151,012 |
Total loans, percentage | 1.00% | 1.00% |
Loans (Unpaid Principal Balance
Loans (Unpaid Principal Balance and Carrying Value of Acquired Loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Bank acquisitions | ||
Loans [Line Items] | ||
Unpaid Principal Balance | $ 326,470 | $ 285,809 |
Carrying Value | 271,260 | 227,229 |
Life insurance premium finance loans acquisition | ||
Loans [Line Items] | ||
Unpaid Principal Balance | 372,738 | 399,665 |
Carrying Value | $ 368,292 | $ 393,479 |
Loans (Certain Loans Acquired i
Loans (Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | [1] | Jul. 24, 2015 | Jul. 17, 2015 | Jul. 01, 2015 | Jan. 16, 2015 | Dec. 31, 2014 | [1] | Dec. 31, 2013 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||||||||||
Less: Accretable yield | $ 63,902 | $ 79,102 | $ 115,909 | |||||||
North Bank | ||||||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||||||||||
Contractually required payments including interest | $ 8,563 | |||||||||
Less: Nonaccretable difference | 1,027 | |||||||||
Cash flows expected to be collected | [2] | 7,536 | ||||||||
Less: Accretable yield | 866 | |||||||||
Fair value of PCI loans acquired | $ 6,670 | |||||||||
Community Financial Shares Inc. | ||||||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||||||||||
Contractually required payments including interest | $ 38,656 | |||||||||
Less: Nonaccretable difference | 4,437 | |||||||||
Cash flows expected to be collected | [2] | 34,219 | ||||||||
Less: Accretable yield | 2,895 | |||||||||
Fair value of PCI loans acquired | $ 31,324 | |||||||||
Suburban Illinois Bancorp | ||||||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||||||||||
Contractually required payments including interest | $ 95,804 | |||||||||
Less: Nonaccretable difference | 13,888 | |||||||||
Cash flows expected to be collected | [2] | 81,916 | ||||||||
Less: Accretable yield | 5,334 | |||||||||
Fair value of PCI loans acquired | $ 76,582 | |||||||||
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 | [2] | 14,349 | ||||||||
Less: Accretable yield | 898 | |||||||||
Fair value of PCI loans acquired | $ 13,451 | |||||||||
[1] | As of December 31, 2015, the Company estimates that the remaining accretable yield balance to be amortized to the indemnification asset for the bank acquisitions is $6.6 million. The remainder of the accretable yield related to bank acquisitions is expected to be amortized to interest income. | |||||||||
[2] | Represents undiscounted expected principal and interest cash at acquisition. |
Loans (Activity Related to Accr
Loans (Activity Related to Accretable Yield of Loans Acquired with Evidence of Credit Quality Deterioration Since Origination) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||||
Accretable yield, beginning balance | $ 79,102 | [1] | $ 115,909 | |
Acquisitions | 9,993 | 0 | ||
Accretable yield amortized to interest income | (24,115) | (36,956) | ||
Accretable yield amortized to indemnification asset | [2] | (13,495) | (30,691) | |
Reclassifications from nonaccretable difference | [3] | 7,390 | 35,967 | |
Increases (decreases) in interest cash flows due to payments and changes in interest rates | 5,027 | (5,127) | ||
Accretable yield, ending balance | [1] | 63,902 | $ 79,102 | |
Bank acquisitions | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||||
Remaining accretable yield balance to be amortized | $ 6,600 | |||
[1] | As of December 31, 2015, the Company estimates that the remaining accretable yield balance to be amortized to the indemnification asset for the bank acquisitions is $6.6 million. The remainder of the accretable yield related to bank acquisitions is expected to be amortized to interest income. | |||
[2] | Represents the portion of the current period accreted yield, resulting from lower expected losses, applied to reduce the loss share indemnification asset. | |||
[3] | Reclassification is the result of subsequent increases in expected principal cash flows. |
Loans (Narrative) (Details)
Loans (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Loans [Line Items] | ||
Deferred discounts, finance charges and Interest Included in receivables | $ (9,200,000) | $ 330,000 |
Loans pledged as collateral | 3,800,000,000 | 3,600,000,000 |
Federal Home Loan Bank advances | 859,876,000 | 733,050,000 |
Accretion to interest income | 24,115,000 | 36,956,000 |
Federal Home Loan Bank Advances | ||
Loans [Line Items] | ||
Loans pledged as collateral | 3,200,000,000 | |
Federal Reserve Bank Advances | ||
Loans [Line Items] | ||
Loans pledged as collateral | 579,200,000 | |
Premium finance receivables | ||
Loans [Line Items] | ||
Loans and leases receivable, deferred income | $ 56,700,000 | $ 46,900,000 |
Allowance for Loan Losses All69
Allowance for Loan Losses Allowance for Losses on Lending-Related Commitments and Impaired Loans (Schedule of Aging of the Company's Loan Portfolio) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | $ 78,950 | $ 77,710 | |
90+ days and still accruing | 41,872 | 37,987 | |
Current | 16,993,266 | 14,408,516 | |
Total loans | 17,266,790 | 14,636,107 | |
Loans, net of unearned income excluding covered loans, Nonaccrual | 73,072 | 70,420 | |
Loans, net of unearned income excluding covered loans, 90+ days past due and still accruing | 34,537 | 20,148 | |
Loans, net of unearned income excluding covered loans, current | 16,864,283 | 14,213,075 | |
Loans, net of unearned income, excluding covered loans | 17,118,117 | 14,409,398 | |
Covered loans, Nonaccrual | 5,878 | 7,290 | |
Covered loans, 90+ days past due and still accruing | 7,335 | 17,839 | |
Covered loans, Current | 128,983 | 195,441 | |
Covered loans | 148,673 | 226,709 | |
Commercial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 12,712 | 9,157 | |
90+ days and still accruing | 1,433 | 839 | |
Current | 4,666,927 | 3,897,717 | |
Loans, net of unearned income, excluding covered loans | 4,713,909 | 3,924,394 | |
Commercial | Commercial and industrial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 12,416 | 9,132 | |
90+ days and still accruing | 6 | 474 | |
Current | 2,819,253 | 2,194,221 | |
Loans, net of unearned income, excluding covered loans | 2,851,354 | 2,214,480 | |
Commercial | Franchise | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 0 | 0 | |
90+ days and still accruing | 0 | 0 | |
Current | 245,228 | 250,673 | |
Loans, net of unearned income, excluding covered loans | 245,228 | 252,200 | |
Commercial | Mortgage warehouse lines of credit | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 0 | 0 | |
90+ days and still accruing | 0 | 0 | |
Current | 222,806 | 139,003 | |
Loans, net of unearned income, excluding covered loans | 222,806 | 139,003 | |
Commercial | Community Advanatage - homeowners association | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 0 | 0 | |
90+ days and still accruing | 0 | 0 | |
Current | 130,986 | 106,364 | |
Loans, net of unearned income, excluding covered loans | 130,986 | 106,364 | |
Commercial | Aircraft | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 288 | 0 | |
90+ days and still accruing | 0 | 0 | |
Current | 5,039 | 8,065 | |
Loans, net of unearned income, excluding covered loans | 5,327 | 8,065 | |
Commercial | Asset-based lending | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 8 | 25 | |
90+ days and still accruing | 0 | 0 | |
Current | 736,968 | 802,608 | |
Loans, net of unearned income, excluding covered loans | 742,684 | 806,402 | |
Commercial | Tax exempt | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 0 | 0 | |
90+ days and still accruing | 0 | 0 | |
Current | 267,273 | 217,487 | |
Loans, net of unearned income, excluding covered loans | 267,273 | 217,487 | |
Commercial | Leases | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 0 | 0 | |
90+ days and still accruing | 535 | 0 | |
Current | 220,599 | 159,744 | |
Loans, net of unearned income, excluding covered loans | 226,074 | 160,136 | |
Commercial | Other | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 0 | 0 | |
90+ days and still accruing | 0 | 0 | |
Current | 3,588 | 11,034 | |
Loans, net of unearned income, excluding covered loans | 3,588 | 11,034 | |
Commercial | PCI - commercial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | [1] | 0 | 0 |
90+ days and still accruing | [1] | 892 | 365 |
Current | [1] | 15,187 | 8,518 |
Loans, net of unearned income, excluding covered loans | [1],[2] | 18,589 | 9,223 |
Commercial real estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 26,645 | 26,605 | |
90+ days and still accruing | 22,111 | 10,976 | |
Current | 5,424,863 | 4,428,053 | |
Loans, net of unearned income, excluding covered loans | 5,529,289 | 4,505,753 | |
Commercial real estate | Residential construction | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 273 | 0 | |
90+ days and still accruing | 0 | 0 | |
Current | 70,063 | 38,370 | |
Loans, net of unearned income, excluding covered loans | 70,381 | 38,696 | |
Commercial real estate | Commercial construction | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 33 | 230 | |
90+ days and still accruing | 0 | 0 | |
Current | 285,275 | 185,513 | |
Loans, net of unearned income, excluding covered loans | 288,279 | 187,766 | |
Commercial real estate | Land | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 1,751 | 2,656 | |
90+ days and still accruing | 0 | 0 | |
Current | 76,546 | 86,779 | |
Loans, net of unearned income, excluding covered loans | 78,417 | 91,830 | |
Commercial real estate | Office | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 4,619 | 7,288 | |
90+ days and still accruing | 0 | 0 | |
Current | 853,801 | 694,149 | |
Loans, net of unearned income, excluding covered loans | 863,001 | 705,432 | |
Commercial real estate | Industrial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 9,564 | 2,392 | |
90+ days and still accruing | 0 | 0 | |
Current | 715,207 | 617,820 | |
Loans, net of unearned income, excluding covered loans | 727,648 | 623,970 | |
Commercial real estate | Retail | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 1,760 | 4,152 | |
90+ days and still accruing | 0 | 0 | |
Current | 863,887 | 723,919 | |
Loans, net of unearned income, excluding covered loans | 868,399 | 731,488 | |
Commercial real estate | Multi-family | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 1,954 | 249 | |
90+ days and still accruing | 0 | 0 | |
Current | 733,230 | 603,323 | |
Loans, net of unearned income, excluding covered loans | 742,349 | 605,742 | |
Commercial real estate | Mixed use and other | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 6,691 | 9,638 | |
90+ days and still accruing | 0 | 0 | |
Current | 1,712,187 | 1,443,853 | |
Loans, net of unearned income, excluding covered loans | 1,732,816 | 1,465,117 | |
Commercial real estate | PCI - commercial real estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | [1] | 0 | 0 |
90+ days and still accruing | [1] | 22,111 | 10,976 |
Current | [1] | 114,667 | 34,327 |
Loans, net of unearned income, excluding covered loans | [1],[2] | 157,999 | 55,712 |
Home equity | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 6,848 | 6,174 | |
90+ days and still accruing | 0 | 0 | |
Current | 770,421 | 705,623 | |
Loans, net of unearned income, excluding covered loans | 784,675 | 716,293 | |
Residential real estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 607,451 | 483,542 | |
Residential real estate | Residential real estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 12,043 | 15,502 | |
90+ days and still accruing | 0 | 0 | |
Current | 586,154 | 459,224 | |
Loans, net of unearned income, excluding covered loans | 603,985 | 481,308 | |
Residential real estate | PCI - residential real estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | [1] | 0 | 0 |
90+ days and still accruing | [1] | 488 | 549 |
Current | [1] | 2,697 | 1,685 |
Loans, net of unearned income, excluding covered loans | [1],[2] | 3,466 | 2,234 |
Premium finance receivables | Commercial insurance loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 14,561 | 12,705 | |
90+ days and still accruing | 10,294 | 7,665 | |
Current | 2,321,786 | 2,307,140 | |
Loans, net of unearned income, excluding covered loans | 2,374,921 | 2,350,833 | |
Premium finance receivables | Life insurance loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 0 | 0 | |
90+ days and still accruing | 0 | 0 | |
Current | 2,578,632 | 1,870,669 | |
Loans, net of unearned income, excluding covered loans | 2,593,204 | 1,884,092 | |
Premium finance receivables | PCI - life insurance loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | [1] | 0 | 0 |
90+ days and still accruing | [1] | 0 | 0 |
Current | [1] | 368,292 | 393,479 |
Loans, net of unearned income, excluding covered loans | [1],[2] | 368,292 | 393,479 |
Consumer and other | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 263 | 277 | |
90+ days and still accruing | 211 | 119 | |
Current | 144,511 | 149,485 | |
Loans, net of unearned income, excluding covered loans | 146,376 | 151,012 | |
60 to 89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30 to 89 days past due | 42,806 | 39,281 | |
Loans, net of unearned income excluding covered loans, 60-89 days past due and still accruing | 42,103 | 37,977 | |
Covered loans, 60-89 days past due and still accruing | 703 | 1,304 | |
60 to 89 Days Past Due | Commercial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30 to 89 days past due | 11,361 | 5,123 | |
60 to 89 Days Past Due | Commercial | Commercial and industrial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30 to 89 days past due | 6,749 | 3,161 | |
60 to 89 Days Past Due | Commercial | Franchise | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30 to 89 days past due | 0 | 308 | |
60 to 89 Days Past Due | Commercial | Mortgage warehouse lines of credit | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30 to 89 days past due | 0 | 0 | |
60 to 89 Days Past Due | Commercial | Community Advanatage - homeowners association | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30 to 89 days past due | 0 | 0 | |
60 to 89 Days Past Due | Commercial | Aircraft | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30 to 89 days past due | 0 | 0 | |
60 to 89 Days Past Due | Commercial | Asset-based lending | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30 to 89 days past due | 3,864 | 1,375 | |
60 to 89 Days Past Due | Commercial | Tax exempt | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30 to 89 days past due | 0 | 0 | |
60 to 89 Days Past Due | Commercial | Leases | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30 to 89 days past due | 748 | 77 | |
60 to 89 Days Past Due | Commercial | Other | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30 to 89 days past due | 0 | 0 | |
60 to 89 Days Past Due | Commercial | PCI - commercial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30 to 89 days past due | [1] | 0 | 202 |
60 to 89 Days Past Due | Commercial real estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30 to 89 days past due | 16,427 | 12,232 | |
60 to 89 Days Past Due | Commercial real estate | Residential construction | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30 to 89 days past due | 0 | 250 | |
60 to 89 Days Past Due | Commercial real estate | Commercial construction | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30 to 89 days past due | 1,371 | 0 | |
60 to 89 Days Past Due | Commercial real estate | Land | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30 to 89 days past due | 0 | 0 | |
60 to 89 Days Past Due | Commercial real estate | Office | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30 to 89 days past due | 764 | 2,621 | |
60 to 89 Days Past Due | Commercial real estate | Industrial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30 to 89 days past due | 1,868 | 0 | |
60 to 89 Days Past Due | Commercial real estate | Retail | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30 to 89 days past due | 442 | 116 | |
60 to 89 Days Past Due | Commercial real estate | Multi-family | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30 to 89 days past due | 597 | 249 | |
60 to 89 Days Past Due | Commercial real estate | Mixed use and other | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30 to 89 days past due | 6,723 | 2,603 | |
60 to 89 Days Past Due | Commercial real estate | PCI - commercial real estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30 to 89 days past due | [1] | 4,662 | 6,393 |
60 to 89 Days Past Due | Home equity | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30 to 89 days past due | 1,889 | 983 | |
60 to 89 Days Past Due | Residential real estate | Residential real estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30 to 89 days past due | 1,964 | 267 | |
60 to 89 Days Past Due | Residential real estate | PCI - residential real estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30 to 89 days past due | [1] | 202 | 0 |
60 to 89 Days Past Due | Premium finance receivables | Commercial insurance loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30 to 89 days past due | 6,624 | 5,995 | |
60 to 89 Days Past Due | Premium finance receivables | Life insurance loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30 to 89 days past due | 3,432 | 13,084 | |
60 to 89 Days Past Due | Premium finance receivables | PCI - life insurance loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30 to 89 days past due | [1] | 0 | 0 |
60 to 89 Days Past Due | Consumer and other | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30 to 89 days past due | 204 | 293 | |
30 to 59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30 to 89 days past due | 109,896 | 72,613 | |
Loans, net of unearned income excluding covered loans, 30-59 days past due and still accruing | 104,122 | 67,778 | |
Covered loans, 30-59 days past due and still accruing | 5,774 | 4,835 | |
30 to 59 Days Past Due | Commercial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30 to 89 days past due | 21,476 | 11,558 | |
30 to 59 Days Past Due | Commercial | Commercial and industrial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30 to 89 days past due | 12,930 | 7,492 | |
30 to 59 Days Past Due | Commercial | Franchise | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30 to 89 days past due | 0 | 1,219 | |
30 to 59 Days Past Due | Commercial | Mortgage warehouse lines of credit | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30 to 89 days past due | 0 | 0 | |
30 to 59 Days Past Due | Commercial | Community Advanatage - homeowners association | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30 to 89 days past due | 0 | 0 | |
30 to 59 Days Past Due | Commercial | Aircraft | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30 to 89 days past due | 0 | 0 | |
30 to 59 Days Past Due | Commercial | Asset-based lending | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30 to 89 days past due | 1,844 | 2,394 | |
30 to 59 Days Past Due | Commercial | Tax exempt | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30 to 89 days past due | 0 | 0 | |
30 to 59 Days Past Due | Commercial | Leases | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30 to 89 days past due | 4,192 | 315 | |
30 to 59 Days Past Due | Commercial | Other | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30 to 89 days past due | 0 | 0 | |
30 to 59 Days Past Due | Commercial | PCI - commercial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30 to 89 days past due | [1] | 2,510 | 138 |
30 to 59 Days Past Due | Commercial real estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30 to 89 days past due | 39,243 | 27,887 | |
30 to 59 Days Past Due | Commercial real estate | Residential construction | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30 to 89 days past due | 45 | 76 | |
30 to 59 Days Past Due | Commercial real estate | Commercial construction | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30 to 89 days past due | 1,600 | 2,023 | |
30 to 59 Days Past Due | Commercial real estate | Land | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30 to 89 days past due | 120 | 2,395 | |
30 to 59 Days Past Due | Commercial real estate | Office | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30 to 89 days past due | 3,817 | 1,374 | |
30 to 59 Days Past Due | Commercial real estate | Industrial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30 to 89 days past due | 1,009 | 3,758 | |
30 to 59 Days Past Due | Commercial real estate | Retail | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30 to 89 days past due | 2,310 | 3,301 | |
30 to 59 Days Past Due | Commercial real estate | Multi-family | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30 to 89 days past due | 6,568 | 1,921 | |
30 to 59 Days Past Due | Commercial real estate | Mixed use and other | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30 to 89 days past due | 7,215 | 9,023 | |
30 to 59 Days Past Due | Commercial real estate | PCI - commercial real estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30 to 89 days past due | [1] | 16,559 | 4,016 |
30 to 59 Days Past Due | Home equity | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30 to 89 days past due | 5,517 | 3,513 | |
30 to 59 Days Past Due | Residential real estate | Residential real estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30 to 89 days past due | 3,824 | 6,315 | |
30 to 59 Days Past Due | Residential real estate | PCI - residential real estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30 to 89 days past due | [1] | 79 | 0 |
30 to 59 Days Past Due | Premium finance receivables | Commercial insurance loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30 to 89 days past due | 21,656 | 17,328 | |
30 to 59 Days Past Due | Premium finance receivables | Life insurance loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30 to 89 days past due | 11,140 | 339 | |
30 to 59 Days Past Due | Premium finance receivables | PCI - life insurance loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30 to 89 days past due | [1] | 0 | 0 |
30 to 59 Days Past Due | Consumer and other | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30 to 89 days past due | $ 1,187 | $ 838 | |
[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. See Note 4 - Loans for further discussion of these purchased loans. | ||
[2] | PCI loans represent loans acquired with evidence of credit quality deterioration since origination, in accordance with ASC 310-30. See Note 4 - Loans for further discussion of these purchased loans. |
Allowance for Loan Losses All70
Allowance for Loan Losses Allowance for Losses on Lending-Related Commitments and Impaired Loans (Summary of Recorded Investment Based on Performance of Loans by Class) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | $ 17,118,117 | $ 14,409,398 | |
Performing | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 17,034,060 | 14,330,721 | |
Non-performing | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 84,057 | 78,677 | |
Commercial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 4,713,909 | 3,924,394 | |
Commercial | Commercial and industrial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 2,851,354 | 2,214,480 | |
Commercial | Franchise | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 245,228 | 252,200 | |
Commercial | Mortgage warehouse lines of credit | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 222,806 | 139,003 | |
Commercial | Community Advanatage - homeowners association | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 130,986 | 106,364 | |
Commercial | Aircraft | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 5,327 | 8,065 | |
Commercial | Asset-based lending | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 742,684 | 806,402 | |
Commercial | Tax exempt | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 267,273 | 217,487 | |
Commercial | Leases | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 226,074 | 160,136 | |
Commercial | Other | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 3,588 | 11,034 | |
Commercial | PCI - commercial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | [1],[2] | 18,589 | 9,223 |
Commercial | Performing | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 4,700,656 | 3,914,763 | |
Commercial | Performing | Commercial and industrial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 2,838,932 | 2,204,874 | |
Commercial | Performing | Franchise | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 245,228 | 252,200 | |
Commercial | Performing | Mortgage warehouse lines of credit | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 222,806 | 139,003 | |
Commercial | Performing | Community Advanatage - homeowners association | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 130,986 | 106,364 | |
Commercial | Performing | Aircraft | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 5,039 | 8,065 | |
Commercial | Performing | Asset-based lending | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 742,676 | 806,377 | |
Commercial | Performing | Tax exempt | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 267,273 | 217,487 | |
Commercial | Performing | Leases | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 225,539 | 160,136 | |
Commercial | Performing | Other | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 3,588 | 11,034 | |
Commercial | Performing | PCI - commercial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | [2] | 18,589 | 9,223 |
Commercial | Non-performing | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 13,253 | 9,631 | |
Commercial | Non-performing | Commercial and industrial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 12,422 | 9,606 | |
Commercial | Non-performing | Franchise | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 0 | 0 | |
Commercial | Non-performing | Mortgage warehouse lines of credit | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 0 | 0 | |
Commercial | Non-performing | Community Advanatage - homeowners association | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 0 | 0 | |
Commercial | Non-performing | Aircraft | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 288 | 0 | |
Commercial | Non-performing | Asset-based lending | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 8 | 25 | |
Commercial | Non-performing | Tax exempt | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 0 | 0 | |
Commercial | Non-performing | Leases | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 535 | 0 | |
Commercial | Non-performing | Other | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 0 | 0 | |
Commercial | Non-performing | PCI - commercial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | [2] | 0 | 0 |
Commercial real estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 5,529,289 | 4,505,753 | |
Commercial real estate | Residential construction | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 70,381 | 38,696 | |
Commercial real estate | Commercial construction | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 288,279 | 187,766 | |
Commercial real estate | Land | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 78,417 | 91,830 | |
Commercial real estate | Office | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 863,001 | 705,432 | |
Commercial real estate | Industrial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 727,648 | 623,970 | |
Commercial real estate | Retail | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 868,399 | 731,488 | |
Commercial real estate | Multi-family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 742,349 | 605,742 | |
Commercial real estate | Mixed use and other | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 1,732,816 | 1,465,117 | |
Commercial real estate | PCI - commercial real estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | [1],[2] | 157,999 | 55,712 |
Commercial real estate | Performing | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 5,502,644 | 4,479,148 | |
Commercial real estate | Performing | Residential construction | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 70,108 | 38,696 | |
Commercial real estate | Performing | Commercial construction | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 288,246 | 187,536 | |
Commercial real estate | Performing | Land | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 76,666 | 89,174 | |
Commercial real estate | Performing | Office | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 858,382 | 698,144 | |
Commercial real estate | Performing | Industrial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 718,084 | 621,578 | |
Commercial real estate | Performing | Retail | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 866,639 | 727,336 | |
Commercial real estate | Performing | Multi-family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 740,395 | 605,493 | |
Commercial real estate | Performing | Mixed use and other | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 1,726,125 | 1,455,479 | |
Commercial real estate | Performing | PCI - commercial real estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | [2] | 157,999 | 55,712 |
Commercial real estate | Non-performing | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 26,645 | 26,605 | |
Commercial real estate | Non-performing | Residential construction | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 273 | 0 | |
Commercial real estate | Non-performing | Commercial construction | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 33 | 230 | |
Commercial real estate | Non-performing | Land | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 1,751 | 2,656 | |
Commercial real estate | Non-performing | Office | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 4,619 | 7,288 | |
Commercial real estate | Non-performing | Industrial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 9,564 | 2,392 | |
Commercial real estate | Non-performing | Retail | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 1,760 | 4,152 | |
Commercial real estate | Non-performing | Multi-family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 1,954 | 249 | |
Commercial real estate | Non-performing | Mixed use and other | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 6,691 | 9,638 | |
Commercial real estate | Non-performing | PCI - commercial real estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | [2] | 0 | 0 |
Home equity | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 784,675 | 716,293 | |
Home equity | Performing | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 777,827 | 710,119 | |
Home equity | Non-performing | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 6,848 | 6,174 | |
Residential real estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 607,451 | 483,542 | |
Residential real estate | Residential real estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 603,985 | 481,308 | |
Residential real estate | PCI - residential real estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | [1],[2] | 3,466 | 2,234 |
Residential real estate | Performing | Residential real estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 591,942 | 465,806 | |
Residential real estate | Performing | PCI - residential real estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | [2] | 3,466 | 2,234 |
Residential real estate | Non-performing | Residential real estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 12,043 | 15,502 | |
Residential real estate | Non-performing | PCI - residential real estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | [2] | 0 | 0 |
Premium finance receivables | Commercial insurance loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 2,374,921 | 2,350,833 | |
Premium finance receivables | Life insurance loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 2,593,204 | 1,884,092 | |
Premium finance receivables | PCI - life insurance loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | [1],[2] | 368,292 | 393,479 |
Premium finance receivables | Performing | Commercial insurance loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 2,350,066 | 2,330,463 | |
Premium finance receivables | Performing | Life insurance loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 2,593,204 | 1,884,092 | |
Premium finance receivables | Performing | PCI - life insurance loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | [2] | 368,292 | 393,479 |
Premium finance receivables | Non-performing | Commercial insurance loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 24,855 | 20,370 | |
Premium finance receivables | Non-performing | Life insurance loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 0 | 0 | |
Premium finance receivables | Non-performing | PCI - life insurance loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | [2] | 0 | 0 |
Consumer and other | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 146,376 | 151,012 | |
Consumer and other | Performing | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | 145,963 | 150,617 | |
Consumer and other | Non-performing | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans, net of unearned income, excluding covered loans | $ 413 | $ 395 | |
[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. See Note 4 - Loans for further discussion of these purchased loans. | ||
[2] | PCI loans represent loans acquired with evidence of credit quality deterioration since origination, in accordance with ASC 310-30. See Note 4 - Loans for further discussion of these purchased loans. |
Allowance for Loan Losses All71
Allowance for Loan Losses Allowance for Losses on Lending-Related Commitments and Impaired Loans (Summary of Activity in the Allowance for Credit Losses by Loan Portfolio) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Allowance for Loan Losses [Roll Forward] | ||
Allowance for loan losses at beginning of period | $ 91,705 | $ 96,922 |
Other adjustments | (737) | (824) |
Reclassification to/from allowance for unfunded lending-related commitments | (138) | (56) |
Charge-offs | (25,507) | (32,104) |
Recoveries | 6,330 | 4,878 |
Provision for credit losses | 33,747 | 22,889 |
Allowance for loan losses at period end | 105,400 | 91,705 |
Allowance for unfunded lending-related commitments at period end | 949 | 775 |
Allowance for credit losses at period end | 106,349 | 92,480 |
Allowance for credit losses, Individually evaluated for impairment | 6,418 | 6,329 |
Allowance for credit losses, Collectively evaluated for impairment | 99,496 | 85,940 |
Loans, Individually evaluated for impairment | 102,421 | 128,687 |
Loans, Collectively evaluated for impairment | 16,466,006 | 13,820,063 |
Loans, net of unearned income | 17,118,117 | 14,409,398 |
Commercial | ||
Allowance for Loan Losses [Roll Forward] | ||
Allowance for loan losses at beginning of period | 31,699 | 23,092 |
Other adjustments | (51) | (83) |
Reclassification to/from allowance for unfunded lending-related commitments | 0 | 0 |
Charge-offs | (4,253) | (4,153) |
Recoveries | 1,432 | 1,198 |
Provision for credit losses | 7,308 | 11,645 |
Allowance for loan losses at period end | 36,135 | 31,699 |
Allowance for unfunded lending-related commitments at period end | 0 | 0 |
Allowance for credit losses at period end | 36,135 | 31,699 |
Allowance for credit losses, Individually evaluated for impairment | 2,026 | 1,936 |
Allowance for credit losses, Collectively evaluated for impairment | 34,025 | 29,763 |
Loans, Individually evaluated for impairment | 18,789 | 16,326 |
Loans, Collectively evaluated for impairment | 4,676,531 | 3,898,845 |
Loans, net of unearned income | 4,713,909 | 3,924,394 |
Commercial real estate | ||
Allowance for Loan Losses [Roll Forward] | ||
Allowance for loan losses at beginning of period | 35,533 | 48,658 |
Other adjustments | (419) | (665) |
Reclassification to/from allowance for unfunded lending-related commitments | (138) | (56) |
Charge-offs | (6,543) | (15,788) |
Recoveries | 2,840 | 1,334 |
Provision for credit losses | 12,485 | 2,050 |
Allowance for loan losses at period end | 43,758 | 35,533 |
Allowance for unfunded lending-related commitments at period end | 949 | 775 |
Allowance for credit losses at period end | 44,707 | 36,308 |
Allowance for credit losses, Individually evaluated for impairment | 3,733 | 3,260 |
Allowance for credit losses, Collectively evaluated for impairment | 40,625 | 32,960 |
Loans, Individually evaluated for impairment | 59,871 | 87,225 |
Loans, Collectively evaluated for impairment | 5,311,419 | 4,362,816 |
Loans, net of unearned income | 5,529,289 | 4,505,753 |
Home equity | ||
Allowance for Loan Losses [Roll Forward] | ||
Allowance for loan losses at beginning of period | 12,500 | 12,611 |
Other adjustments | 0 | (3) |
Reclassification to/from allowance for unfunded lending-related commitments | 0 | 0 |
Charge-offs | (4,227) | (3,895) |
Recoveries | 312 | 535 |
Provision for credit losses | 3,427 | 3,252 |
Allowance for loan losses at period end | 12,012 | 12,500 |
Allowance for unfunded lending-related commitments at period end | 0 | 0 |
Allowance for credit losses at period end | 12,012 | 12,500 |
Allowance for credit losses, Individually evaluated for impairment | 333 | 475 |
Allowance for credit losses, Collectively evaluated for impairment | 11,679 | 12,025 |
Loans, Individually evaluated for impairment | 6,847 | 6,399 |
Loans, Collectively evaluated for impairment | 777,828 | 709,894 |
Loans, net of unearned income | 784,675 | 716,293 |
Residential real estate | ||
Allowance for Loan Losses [Roll Forward] | ||
Allowance for loan losses at beginning of period | 4,218 | 5,108 |
Other adjustments | (125) | (9) |
Reclassification to/from allowance for unfunded lending-related commitments | 0 | 0 |
Charge-offs | (2,903) | (1,750) |
Recoveries | 283 | 335 |
Provision for credit losses | 3,261 | 534 |
Allowance for loan losses at period end | 4,734 | 4,218 |
Allowance for unfunded lending-related commitments at period end | 0 | 0 |
Allowance for credit losses at period end | 4,734 | 4,218 |
Allowance for credit losses, Individually evaluated for impairment | 316 | 632 |
Allowance for credit losses, Collectively evaluated for impairment | 4,416 | 3,482 |
Loans, Individually evaluated for impairment | 16,522 | 18,365 |
Loans, Collectively evaluated for impairment | 587,463 | 462,943 |
Loans, net of unearned income | 607,451 | 483,542 |
Premium finance receivables | ||
Allowance for Loan Losses [Roll Forward] | ||
Allowance for loan losses at beginning of period | 6,513 | 5,583 |
Other adjustments | (142) | (64) |
Reclassification to/from allowance for unfunded lending-related commitments | 0 | 0 |
Charge-offs | (7,060) | (5,726) |
Recoveries | 1,304 | 1,150 |
Provision for credit losses | 6,618 | 5,570 |
Allowance for loan losses at period end | 7,233 | 6,513 |
Allowance for unfunded lending-related commitments at period end | 0 | 0 |
Allowance for credit losses at period end | 7,233 | 6,513 |
Allowance for credit losses, Individually evaluated for impairment | 0 | 0 |
Allowance for credit losses, Collectively evaluated for impairment | 7,233 | 6,513 |
Loans, Individually evaluated for impairment | 0 | 0 |
Loans, Collectively evaluated for impairment | 4,968,125 | 4,234,925 |
Consumer and other | ||
Allowance for Loan Losses [Roll Forward] | ||
Allowance for loan losses at beginning of period | 1,242 | 1,870 |
Other adjustments | 0 | 0 |
Reclassification to/from allowance for unfunded lending-related commitments | 0 | 0 |
Charge-offs | (521) | (792) |
Recoveries | 159 | 326 |
Provision for credit losses | 648 | (162) |
Allowance for loan losses at period end | 1,528 | 1,242 |
Allowance for unfunded lending-related commitments at period end | 0 | 0 |
Allowance for credit losses at period end | 1,528 | 1,242 |
Allowance for credit losses, Individually evaluated for impairment | 10 | 26 |
Allowance for credit losses, Collectively evaluated for impairment | 1,518 | 1,197 |
Loans, Individually evaluated for impairment | 392 | 372 |
Loans, Collectively evaluated for impairment | 144,640 | 150,640 |
Loans, net of unearned income | 146,376 | 151,012 |
Receivables Acquired with Deteriorated Credit Quality | ||
Allowance for Loan Losses [Roll Forward] | ||
Allowance for credit losses at period end | 435 | 211 |
Loans, net of unearned income | 549,690 | 460,648 |
Receivables Acquired with Deteriorated Credit Quality | Commercial | ||
Allowance for Loan Losses [Roll Forward] | ||
Allowance for credit losses at period end | 84 | 0 |
Loans, net of unearned income | 18,589 | 9,223 |
Receivables Acquired with Deteriorated Credit Quality | Commercial real estate | ||
Allowance for Loan Losses [Roll Forward] | ||
Allowance for credit losses at period end | 349 | 88 |
Loans, net of unearned income | 157,999 | 55,712 |
Receivables Acquired with Deteriorated Credit Quality | Home equity | ||
Allowance for Loan Losses [Roll Forward] | ||
Allowance for credit losses at period end | 0 | 0 |
Loans, net of unearned income | 0 | 0 |
Receivables Acquired with Deteriorated Credit Quality | Residential real estate | ||
Allowance for Loan Losses [Roll Forward] | ||
Allowance for credit losses at period end | 2 | 104 |
Loans, net of unearned income | 3,466 | 2,234 |
Receivables Acquired with Deteriorated Credit Quality | Premium finance receivables | ||
Allowance for Loan Losses [Roll Forward] | ||
Allowance for credit losses at period end | 0 | 0 |
Loans, net of unearned income | 368,292 | 393,479 |
Receivables Acquired with Deteriorated Credit Quality | Consumer and other | ||
Allowance for Loan Losses [Roll Forward] | ||
Allowance for credit losses at period end | 0 | 19 |
Loans, net of unearned income | $ 1,344 | $ 0 |
Allowance for Loan Losses All72
Allowance for Loan Losses Allowance for Losses on Lending-Related Commitments and Impaired Loans (Summary of Activity in the Allowance for Covered Loan Losses) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 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 | (5,350) | (11,762) |
Benefit attributable to FDIC loss share agreements | 4,545 | 9,410 |
Net provision for covered loan losses | (805) | (2,352) |
(Decrease) increase in FDIC indemnification asset | (4,545) | (9,410) |
Loans charged-off | (827) | (5,521) |
Recoveries of loans charged-off | 7,072 | 9,322 |
Net recoveries (charge-offs) | 6,245 | 3,801 |
Balance at end of period | $ 3,026 | $ 2,131 |
Allowance for Loan Losses All73
Allowance for Loan Losses Allowance for Losses on Lending-Related Commitments and Impaired Loans (Summary of Impaired Loans, Including Restructured Loans) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Loans and Leases Receivable, Allowance [Abstract] | ||||
Impaired loans with an allowance for loan loss required | [1] | $ 49,961 | $ 69,487 | |
Impaired loans with no allowance for loan loss required | 51,294 | 57,925 | ||
Total impaired loans | [2] | 101,255 | 127,412 | |
Allowance for loan losses related to impaired loans | 6,380 | 6,270 | ||
TDRs | 51,853 | 82,275 | ||
Reduction of interest income from non-accrual loans | 3,006 | 2,222 | ||
Interest income recognized on impaired loans | $ 6,198 | $ 7,190 | $ 8,900 | |
[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 All74
Allowance for Loan Losses Allowance for Losses on Lending-Related Commitments and Impaired Loans (Summary of Impaired Loans Evaluated for Impairment by Loan Class) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | [1] | $ 49,961 | $ 69,487 | |
Related Allowance | 6,380 | 6,270 | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 51,294 | 57,925 | ||
Impaired Financing Receivable, Recorded Investment | [2] | 101,255 | 127,412 | |
Impaired Financing Receivable, Unpaid Principal Balance | 124,249 | 153,742 | ||
Impaired Financing Receivable, Average Recorded Investment | 107,170 | 134,967 | $ 170,700 | |
Impaired Financing Receivable, Interest Income, Accrual Method | 6,198 | 7,190 | $ 8,900 | |
Home equity | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 423 | 1,946 | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 435 | 2,055 | ||
Related Allowance | 333 | 475 | ||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 351 | 1,995 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 16 | 80 | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 6,424 | 4,453 | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 7,987 | 6,172 | ||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 5,738 | 4,666 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 288 | 256 | ||
Residential real estate | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 4,710 | 5,467 | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 4,799 | 5,600 | ||
Related Allowance | 294 | 606 | ||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 4,618 | 5,399 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 182 | 241 | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 11,559 | 12,640 | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 13,979 | 14,334 | ||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 11,903 | 12,682 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 624 | 595 | ||
Consumer and other | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 195 | 211 | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 220 | 213 | ||
Related Allowance | 10 | 26 | ||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 216 | 214 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 12 | 10 | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 197 | 161 | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 267 | 222 | ||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 201 | 173 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 12 | 11 | ||
Commercial and industrial | Commercial | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 9,754 | 9,989 | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 12,498 | 10,785 | ||
Related Allowance | 2,012 | 1,915 | ||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 10,123 | 10,784 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 792 | 539 | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 8,274 | 5,797 | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 9,537 | 8,862 | ||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 9,510 | 6,664 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 494 | 595 | ||
Franchise | Commercial | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 0 | ||
Related Allowance | 0 | 0 | ||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 0 | 0 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 0 | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 0 | 0 | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 0 | 0 | ||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 0 | 0 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 0 | ||
Mortgage warehouse lines of credit | Commercial | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 0 | ||
Related Allowance | 0 | 0 | ||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 0 | 0 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 0 | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 0 | 0 | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 0 | 0 | ||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 0 | 0 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 0 | ||
Community Advanatage - homeowners association | Commercial | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 0 | ||
Related Allowance | 0 | 0 | ||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 0 | 0 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 0 | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 0 | 0 | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 0 | 0 | ||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 0 | 0 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 0 | ||
Aircraft | Commercial | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 0 | ||
Related Allowance | 0 | 0 | ||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 0 | 0 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 0 | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 288 | 0 | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 378 | 0 | ||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 375 | 0 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 27 | 0 | ||
Asset-based lending | Commercial | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 0 | ||
Related Allowance | 0 | 0 | ||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 0 | 0 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 0 | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 8 | 25 | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 1,570 | 1,952 | ||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 5 | 87 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 88 | 100 | ||
Tax exempt | Commercial | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 0 | ||
Related Allowance | 0 | 0 | ||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 0 | 0 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 0 | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 0 | 0 | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 0 | 0 | ||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 0 | 0 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 0 | ||
Leases | Commercial | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 0 | ||
Related Allowance | 0 | 0 | ||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 0 | 0 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 0 | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 0 | 0 | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 0 | 0 | ||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 0 | 0 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 0 | ||
Other | Commercial | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 0 | ||
Related Allowance | 0 | 0 | ||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 0 | 0 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 0 | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 0 | 0 | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 0 | 0 | ||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 0 | 0 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 0 | ||
Residential construction | Commercial real estate | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 0 | ||
Related Allowance | 0 | 0 | ||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 0 | 0 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 0 | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 2,296 | 0 | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 2,296 | 0 | ||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 2,300 | 0 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 112 | 0 | ||
Commercial construction | Commercial real estate | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 0 | ||
Related Allowance | 0 | 0 | ||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 0 | 0 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 0 | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 32 | 2,875 | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 33 | 3,085 | ||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 16 | 3,183 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 1 | 151 | ||
Land | Commercial real estate | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 4,929 | 5,011 | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 8,711 | 8,626 | ||
Related Allowance | 41 | 43 | ||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 5,127 | 5,933 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 547 | 544 | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 888 | 10,210 | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 2,373 | 10,941 | ||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 929 | 10,268 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 90 | 430 | ||
Office | Commercial real estate | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 5,050 | 11,038 | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 6,051 | 12,863 | ||
Related Allowance | 632 | 305 | ||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 5,394 | 11,567 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 314 | 576 | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 3,500 | 4,132 | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 4,484 | 5,020 | ||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 3,613 | 4,445 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 237 | 216 | ||
Industrial | Commercial real estate | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 8,413 | 195 | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 9,105 | 277 | ||
Related Allowance | 1,943 | 15 | ||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 10,590 | 214 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 565 | 13 | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 2,217 | 4,160 | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 2,426 | 4,498 | ||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 2,286 | 3,807 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 188 | 286 | ||
Retail | Commercial real estate | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 8,527 | 11,045 | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 9,230 | 14,566 | ||
Related Allowance | 343 | 487 | ||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 8,596 | 12,116 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 386 | 606 | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 2,757 | 5,487 | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 2,925 | 7,470 | ||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 2,897 | 6,915 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 129 | 330 | ||
Multi-family | Commercial real estate | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 370 | 2,808 | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 370 | 3,321 | ||
Related Allowance | 202 | 158 | ||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 372 | 2,839 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 25 | 145 | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 2,344 | 0 | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 2,807 | 0 | ||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 2,390 | 0 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 117 | 0 | ||
Mixed use and other | Commercial real estate | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 7,590 | 21,777 | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 7,708 | 24,076 | ||
Related Allowance | 570 | 2,240 | ||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 7,681 | 21,483 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 328 | 1,017 | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 10,510 | 7,985 | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 14,060 | 8,804 | ||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 11,939 | 9,533 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 624 | 449 | ||
Commercial insurance loans | Premium finance receivables | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 0 | ||
Related Allowance | 0 | 0 | ||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 0 | 0 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 0 | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 0 | 0 | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 0 | 0 | ||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 0 | 0 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 0 | ||
Life insurance loans | Premium finance receivables | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 0 | ||
Related Allowance | 0 | 0 | ||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 0 | 0 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 0 | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 0 | 0 | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 0 | 0 | ||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 0 | 0 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 0 | ||
PCI - life insurance loans | Premium finance receivables | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 0 | ||
Related Allowance | 0 | 0 | ||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 0 | 0 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 0 | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 0 | 0 | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 0 | 0 | ||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 0 | 0 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | $ 0 | $ 0 | ||
[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 All75
Allowance for Loan Losses Allowance for Losses on Lending-Related Commitments and Impaired Loans (Summary of the Post-Modification Balance of Loans Restructured) (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015USD ($)contracts | Dec. 31, 2014USD ($)contracts | Dec. 31, 2013USD ($)contracts | ||
Financing Receivables, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contracts | [1],[2],[3],[4] | 12 | 21 | 35 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | [1],[2],[3],[4] | $ 2,034 | $ 11,967 | $ 22,680 |
Extension At Below Market Terms | ||||
Financing Receivables, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contracts | [1] | 12 | 14 | 30 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | [1] | $ 2,034 | $ 8,025 | $ 21,862 |
Reduction Of Interest Rate | ||||
Financing Receivables, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contracts | [1] | 5 | 14 | 22 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | [1] | $ 674 | $ 8,391 | $ 9,128 |
Modification To Interest Only Payments | ||||
Financing Receivables, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contracts | [1] | 4 | 5 | 8 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | [1] | $ 420 | $ 4,120 | $ 7,471 |
Forgiveness Of Debt | ||||
Financing Receivables, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contracts | [1] | 0 | 0 | 2 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | [1] | $ 0 | $ 0 | $ 1,073 |
Commercial | Commercial and industrial | ||||
Financing Receivables, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contracts | [1],[2],[3],[4] | 0 | 2 | 6 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | [1],[2],[3],[4] | $ 0 | $ 1,549 | $ 708 |
Commercial | Extension At Below Market Terms | Commercial and industrial | ||||
Financing Receivables, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contracts | [1] | 0 | 1 | 5 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | [1] | $ 0 | $ 88 | $ 573 |
Commercial | Reduction Of Interest Rate | Commercial and industrial | ||||
Financing Receivables, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contracts | [1] | 0 | 1 | 4 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | [1] | $ 0 | $ 1,461 | $ 553 |
Commercial | Modification To Interest Only Payments | Commercial and industrial | ||||
Financing Receivables, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contracts | [1] | 0 | 2 | 2 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | [1] | $ 0 | $ 1,549 | $ 185 |
Commercial | Forgiveness Of Debt | Commercial and industrial | ||||
Financing Receivables, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contracts | [1] | 0 | 0 | 0 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | [1] | $ 0 | $ 0 | $ 0 |
Commercial real estate | Commercial construction | ||||
Financing Receivables, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contracts | [1],[2],[3],[4] | 0 | 0 | 3 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | [1],[2],[3],[4] | $ 0 | $ 0 | $ 6,120 |
Commercial real estate | Land | ||||
Financing Receivables, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contracts | [1],[2],[3],[4] | 0 | 0 | 3 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | [1],[2],[3],[4] | $ 0 | $ 0 | $ 2,639 |
Commercial real estate | Office | ||||
Financing Receivables, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contracts | [1],[2],[3],[4] | 0 | 2 | 4 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | [1],[2],[3],[4] | $ 0 | $ 1,510 | $ 4,021 |
Commercial real estate | Industrial | ||||
Financing Receivables, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contracts | [1],[2],[3],[4] | 1 | 2 | 1 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | [1],[2],[3],[4] | $ 169 | $ 1,763 | $ 949 |
Commercial real estate | Retail | ||||
Financing Receivables, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contracts | [1],[2],[3],[4] | 0 | 1 | 1 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | [1],[2],[3],[4] | $ 0 | $ 202 | $ 200 |
Commercial real estate | Multi-family | ||||
Financing Receivables, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contracts | [1],[2],[3],[4] | 0 | 1 | 1 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | [1],[2],[3],[4] | $ 0 | $ 181 | $ 705 |
Commercial real estate | Mixed use and other | ||||
Financing Receivables, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contracts | [1],[2],[3],[4] | 2 | 7 | 6 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | [1],[2],[3],[4] | $ 201 | $ 4,926 | $ 5,042 |
Commercial real estate | Extension At Below Market Terms | Commercial construction | ||||
Financing Receivables, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contracts | [1] | 0 | 0 | 3 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | [1] | $ 0 | $ 0 | $ 6,120 |
Commercial real estate | Extension At Below Market Terms | Land | ||||
Financing Receivables, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contracts | [1] | 0 | 0 | 3 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | [1] | $ 0 | $ 0 | $ 2,639 |
Commercial real estate | Extension At Below Market Terms | Office | ||||
Financing Receivables, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contracts | [1] | 0 | 2 | 4 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | [1] | $ 0 | $ 1,510 | $ 4,021 |
Commercial real estate | Extension At Below Market Terms | Industrial | ||||
Financing Receivables, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contracts | [1] | 1 | 2 | 1 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | [1] | $ 169 | $ 1,763 | $ 949 |
Commercial real estate | Extension At Below Market Terms | Retail | ||||
Financing Receivables, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contracts | [1] | 0 | 1 | 1 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | [1] | $ 0 | $ 202 | $ 200 |
Commercial real estate | Extension At Below Market Terms | Multi-family | ||||
Financing Receivables, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contracts | [1] | 0 | 0 | 1 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | [1] | $ 0 | $ 0 | $ 705 |
Commercial real estate | Extension At Below Market Terms | Mixed use and other | ||||
Financing Receivables, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contracts | [1] | 2 | 3 | 6 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | [1] | $ 201 | $ 2,837 | $ 5,042 |
Commercial real estate | Reduction Of Interest Rate | Commercial construction | ||||
Financing Receivables, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contracts | [1] | 0 | 0 | 0 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | [1] | $ 0 | $ 0 | $ 0 |
Commercial real estate | Reduction Of Interest Rate | Land | ||||
Financing Receivables, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contracts | [1] | 0 | 0 | 2 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | [1] | $ 0 | $ 0 | $ 287 |
Commercial real estate | Reduction Of Interest Rate | Office | ||||
Financing Receivables, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contracts | [1] | 0 | 0 | 1 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | [1] | $ 0 | $ 0 | $ 556 |
Commercial real estate | Reduction Of Interest Rate | Industrial | ||||
Financing Receivables, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contracts | [1] | 0 | 1 | 1 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | [1] | $ 0 | $ 685 | $ 949 |
Commercial real estate | Reduction Of Interest Rate | Retail | ||||
Financing Receivables, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contracts | [1] | 0 | 0 | 1 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | [1] | $ 0 | $ 0 | $ 200 |
Commercial real estate | Reduction Of Interest Rate | Multi-family | ||||
Financing Receivables, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contracts | [1] | 0 | 1 | 1 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | [1] | $ 0 | $ 181 | $ 705 |
Commercial real estate | Reduction Of Interest Rate | Mixed use and other | ||||
Financing Receivables, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contracts | [1] | 0 | 7 | 5 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | [1] | $ 0 | $ 4,926 | $ 4,947 |
Commercial real estate | Modification To Interest Only Payments | Commercial construction | ||||
Financing Receivables, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contracts | [1] | 0 | 0 | 3 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | [1] | $ 0 | $ 0 | $ 6,120 |
Commercial real estate | Modification To Interest Only Payments | Land | ||||
Financing Receivables, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contracts | [1] | 0 | 0 | 0 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | [1] | $ 0 | $ 0 | $ 0 |
Commercial real estate | Modification To Interest Only Payments | Office | ||||
Financing Receivables, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contracts | [1] | 0 | 0 | 0 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | [1] | $ 0 | $ 0 | $ 0 |
Commercial real estate | Modification To Interest Only Payments | Industrial | ||||
Financing Receivables, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contracts | [1] | 1 | 1 | 0 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | [1] | $ 169 | $ 1,078 | $ 0 |
Commercial real estate | Modification To Interest Only Payments | Retail | ||||
Financing Receivables, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contracts | [1] | 0 | 0 | 0 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | [1] | $ 0 | $ 0 | $ 0 |
Commercial real estate | Modification To Interest Only Payments | Multi-family | ||||
Financing Receivables, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contracts | [1] | 0 | 0 | 0 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | [1] | $ 0 | $ 0 | $ 0 |
Commercial real estate | Modification To Interest Only Payments | Mixed use and other | ||||
Financing Receivables, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contracts | [1] | 2 | 1 | 1 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | [1] | $ 201 | $ 1,273 | $ 932 |
Commercial real estate | Forgiveness Of Debt | Commercial construction | ||||
Financing Receivables, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contracts | [1] | 0 | 0 | 0 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | [1] | $ 0 | $ 0 | $ 0 |
Commercial real estate | Forgiveness Of Debt | Land | ||||
Financing Receivables, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contracts | [1] | 0 | 0 | 1 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | [1] | $ 0 | $ 0 | $ 73 |
Commercial real estate | Forgiveness Of Debt | Office | ||||
Financing Receivables, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contracts | [1] | 0 | 0 | 0 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | [1] | $ 0 | $ 0 | $ 0 |
Commercial real estate | Forgiveness Of Debt | Industrial | ||||
Financing Receivables, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contracts | [1] | 0 | 0 | 0 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | [1] | $ 0 | $ 0 | $ 0 |
Commercial real estate | Forgiveness Of Debt | Retail | ||||
Financing Receivables, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contracts | [1] | 0 | 0 | 0 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | [1] | $ 0 | $ 0 | $ 0 |
Commercial real estate | Forgiveness Of Debt | Multi-family | ||||
Financing Receivables, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contracts | [1] | 0 | 0 | 0 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | [1] | $ 0 | $ 0 | $ 0 |
Commercial real estate | Forgiveness Of Debt | Mixed use and other | ||||
Financing Receivables, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contracts | [1] | 0 | 0 | 0 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | [1] | $ 0 | $ 0 | $ 0 |
Residential real estate and other | ||||
Financing Receivables, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contracts | [1],[2],[3],[4] | 9 | 6 | 10 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | [1],[2],[3],[4] | $ 1,664 | $ 1,836 | $ 2,296 |
Residential real estate and other | Extension At Below Market Terms | ||||
Financing Receivables, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contracts | [1] | 9 | 5 | 6 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | [1] | $ 1,664 | $ 1,625 | $ 1,613 |
Residential real estate and other | Reduction Of Interest Rate | ||||
Financing Receivables, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contracts | [1] | 5 | 4 | 7 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | [1] | $ 674 | $ 1,138 | $ 931 |
Residential real estate and other | Modification To Interest Only Payments | ||||
Financing Receivables, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contracts | [1] | 1 | 1 | 2 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | [1] | $ 50 | $ 220 | $ 234 |
Residential real estate and other | Forgiveness Of Debt | ||||
Financing Receivables, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contracts | [1] | 0 | 0 | 1 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | [1] | $ 0 | $ 0 | $ 1,000 |
[1] | Balances represent the recorded investment in the loan at the time of the restructuring. | |||
[2] | Balances represent the recorded investment in the loan at the time of the restructuring. | |||
[3] | 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. | |||
[4] | Total TDRs represent all loans restructured in TDRs during the year indicated. |
Allowance for Loan Losses All76
Allowance for Loan Losses Allowance for Losses on Lending-Related Commitments and Impaired Loans (Summary of Loans Restructured and Subsequently Defaulted Under the Restructured Terms) (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015USD ($)contracts | Dec. 31, 2014USD ($)contracts | Dec. 31, 2013USD ($)contracts | ||
Financing Receivables, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contracts | [1],[2],[3],[4] | 12 | 21 | 35 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | [1],[2],[3],[4] | $ 2,034 | $ 11,967 | $ 22,680 |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | contracts | [2],[5] | 6 | 6 | 5 |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ | [2],[5] | $ 769 | $ 2,127 | $ 2,683 |
Residential real estate and other | ||||
Financing Receivables, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contracts | [1],[2],[3],[4] | 9 | 6 | 10 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | [1],[2],[3],[4] | $ 1,664 | $ 1,836 | $ 2,296 |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | contracts | [2],[5] | 4 | 1 | 0 |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ | [2],[5] | $ 568 | $ 211 | $ 0 |
Commercial and industrial | Commercial | ||||
Financing Receivables, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contracts | [1],[2],[3],[4] | 0 | 2 | 6 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | [1],[2],[3],[4] | $ 0 | $ 1,549 | $ 708 |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | contracts | [2],[5] | 0 | 1 | 1 |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ | [2],[5] | $ 0 | $ 88 | $ 20 |
Commercial construction | Commercial real estate | ||||
Financing Receivables, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contracts | [1],[2],[3],[4] | 0 | 0 | 3 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | [1],[2],[3],[4] | $ 0 | $ 0 | $ 6,120 |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | contracts | [2],[5] | 0 | 0 | 0 |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ | [2],[5] | $ 0 | $ 0 | $ 0 |
Land | Commercial real estate | ||||
Financing Receivables, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contracts | [1],[2],[3],[4] | 0 | 0 | 3 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | [1],[2],[3],[4] | $ 0 | $ 0 | $ 2,639 |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | contracts | [2],[5] | 0 | 0 | 1 |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ | [2],[5] | $ 0 | $ 0 | $ 215 |
Office | Commercial real estate | ||||
Financing Receivables, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contracts | [1],[2],[3],[4] | 0 | 2 | 4 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | [1],[2],[3],[4] | $ 0 | $ 1,510 | $ 4,021 |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | contracts | [2],[5] | 0 | 0 | 1 |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ | [2],[5] | $ 0 | $ 0 | $ 1,648 |
Industrial | Commercial real estate | ||||
Financing Receivables, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contracts | [1],[2],[3],[4] | 1 | 2 | 1 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | [1],[2],[3],[4] | $ 169 | $ 1,763 | $ 949 |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | contracts | [2],[5] | 0 | 1 | 0 |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ | [2],[5] | $ 0 | $ 1,078 | $ 0 |
Retail | Commercial real estate | ||||
Financing Receivables, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contracts | [1],[2],[3],[4] | 0 | 1 | 1 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | [1],[2],[3],[4] | $ 0 | $ 202 | $ 200 |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | contracts | [2],[5] | 0 | 0 | 0 |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ | [2],[5] | $ 0 | $ 0 | $ 0 |
Multi-family | Commercial real estate | ||||
Financing Receivables, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contracts | [1],[2],[3],[4] | 0 | 1 | 1 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | [1],[2],[3],[4] | $ 0 | $ 181 | $ 705 |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | contracts | [2],[5] | 0 | 1 | 1 |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ | [2],[5] | $ 0 | $ 181 | $ 705 |
Mixed use and other | Commercial real estate | ||||
Financing Receivables, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contracts | [1],[2],[3],[4] | 2 | 7 | 6 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | [1],[2],[3],[4] | $ 201 | $ 4,926 | $ 5,042 |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | contracts | [2],[5] | 2 | 2 | 1 |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ | [2],[5] | $ 201 | $ 569 | $ 95 |
[1] | Balances represent the recorded investment in the loan at the time of the restructuring. | |||
[2] | Balances represent the recorded investment in the loan at the time of the restructuring. | |||
[3] | 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. | |||
[4] | Total TDRs represent all loans restructured in TDRs during the year indicated. | |||
[5] | TDRs considered to be in payment default are over 30 days past-due subsequent to the restructuring. |
Allowance for Loan Losses All77
Allowance for Loan Losses Allowance for Losses on Lending-Related Commitments and Impaired Loans (Narrative) (Details) | 12 Months Ended | |||
Dec. 31, 2015USD ($)contractsRate | Dec. 31, 2014USD ($)contractsRate | Dec. 31, 2013USD ($)contractsRate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Average recorded investment | $ 107,170,000 | $ 134,967,000 | $ 170,700,000 | |
Impaired Financing Receivable, Interest Income, Accrual Method | 6,198,000 | 7,190,000 | $ 8,900,000 | |
Financing Receivable, Modifications, Recorded Investment | $ 51,853,000 | $ 82,275,000 | ||
Financing Receivable, Modifications, Number of Contracts | contracts | [1],[2],[3],[4] | 12 | 21 | 35 |
Allowance for loan losses related to impaired loans | $ 6,380,000 | $ 6,270,000 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | [1],[2],[3],[4] | $ 2,034,000 | $ 11,967,000 | $ 22,680,000 |
Financing Receivables, Modifications, Weighted Average Extension Term | 45 months | 19 months | 18 months | |
Weighted Average Stated Interest Rate Basis Points | Rate | 3.58% | 1.70% | 1.84% | |
Financing Receivables, Modifications, Weighted Average Interest Only Term | 17 months | 7 months | 11 months | |
Loan Forgiveness | $ 0 | $ 0 | $ 1,000,000 | |
Financing Receivable | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | contracts | 102 | |||
Allowance for loan losses related to impaired loans | $ 1,800,000 | |||
Loans and Leases Receivable, Impaired, Interest Income Recognized, Change in Present Value Attributable to Passage of Time | 573,000 | $ 724,000 | ||
Residential Real Estate | Financing Receivable | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Other real estate owned | $ 14,200,000 | |||
[1] | Balances represent the recorded investment in the loan at the time of the restructuring. | |||
[2] | Balances represent the recorded investment in the loan at the time of the restructuring. | |||
[3] | 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. | |||
[4] | Total TDRs represent all loans restructured in TDRs during the year indicated. |
Mortgage Servicing Rights (Sche
Mortgage Servicing Rights (Schedule Of Changes In Carrying Value Of MSR) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Servicing Asset at Fair Value, Amount [Roll Forward] | |||
Balance at beginning of year | $ 8,435 | $ 8,946 | $ 6,750 |
Additions from loans sold with servicing retained | 1,759 | 213 | 523 |
Additions from acquisitions | 0 | 704 | 0 |
Estimate of changes in fair value due to: | |||
Payoffs and paydowns | (1,315) | (976) | (941) |
Changes in valuation inputs or assumptions | 213 | (452) | 2,614 |
Fair value at end of year | 9,092 | 8,435 | 8,946 |
Unpaid principal balance of mortgage loans serviced for others | $ 939,819 | $ 877,899 | $ 961,619 |
Business Combinations (Summary
Business Combinations (Summary of FDIC Indemnification Asset) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 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 | 3,805 | 6,490 |
Amortization | (3,282) | (5,763) |
Changes in expected reimbursements from the FDIC for changes in expected credit losses | (16,610) | (54,554) |
Payments received from the FDIC | (1,859) | (19,999) |
Balance at end of period - Asset | 0 | $ 11,846 |
Balance at end of period - Liability | $ (6,100) |
Business Combinations (Narrativ
Business Combinations (Narrative) (Details) | Jul. 24, 2015USD ($)locations | Jul. 17, 2015USD ($)locations | Jul. 02, 2015USD ($) | Jan. 16, 2015USD ($)locations | Aug. 08, 2014USD ($)locations | Jul. 11, 2014USD ($) | May. 16, 2014USD ($) | Apr. 28, 2014USD ($) | Oct. 18, 2013USD ($)locations | Oct. 02, 2013USD ($) | May. 01, 2013USD ($)locations | Feb. 01, 2013USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2013USD ($)locations | Dec. 31, 2015locations | Jul. 01, 2015USD ($)locations |
Business Acquisition [Line Items] | ||||||||||||||||
Additional goodwill recorded on acquisition | $ 69,860,000 | |||||||||||||||
FDIC loss sharing percentage on purchased loans, OREO, and certain other assets | 80.00% | |||||||||||||||
Second Federal | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Disposal Date | Feb. 1, 2013 | |||||||||||||||
Divestiture of Businesses, Deposits Disposed | $ 149,000,000 | |||||||||||||||
Community Financial Shares Inc. | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Date of acquisition | Jul. 24, 2015 | |||||||||||||||
Number of locations | locations | 4 | |||||||||||||||
Fair value of assets acquired, at the acquisition date | $ 350,500,000 | |||||||||||||||
Fair value of loans acquired, at the acquisition date | 159,500,000 | |||||||||||||||
Fair value of deposits | 290,000,000 | |||||||||||||||
Additional goodwill recorded on acquisition | $ 27,600,000 | |||||||||||||||
Suburban Illinois Bancorp | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Date of acquisition | Jul. 17, 2015 | |||||||||||||||
Number of locations | locations | 10 | |||||||||||||||
Fair value of assets acquired, at the acquisition date | $ 494,700,000 | |||||||||||||||
Fair value of loans acquired, at the acquisition date | 257,800,000 | |||||||||||||||
Fair value of deposits | 416,700,000 | |||||||||||||||
Additional goodwill recorded on acquisition | $ 18,800,000 | |||||||||||||||
North Bank | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Date of acquisition | Jul. 1, 2015 | |||||||||||||||
Number of locations | locations | 2 | |||||||||||||||
Fair value of assets acquired, at the acquisition date | $ 117,900,000 | |||||||||||||||
Fair value of loans acquired, at the acquisition date | 51,600,000 | |||||||||||||||
Fair value of deposits | $ 101,000,000 | |||||||||||||||
Additional goodwill recorded on acquisition | $ 6,700,000 | |||||||||||||||
Delavan Bancshares | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Date of acquisition | Jan. 16, 2015 | |||||||||||||||
Number of locations | locations | 4 | |||||||||||||||
Fair value of assets acquired, at the acquisition date | $ 224,100,000 | |||||||||||||||
Fair value of loans acquired, at the acquisition date | 128,000,000 | |||||||||||||||
Fair value of liabilities assumed, at the acquisition date | 186,400,000 | |||||||||||||||
Fair value of deposits | 170,200,000 | |||||||||||||||
Additional goodwill recorded on acquisition | $ 16,800,000 | |||||||||||||||
THE National Bank | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Date of acquisition | Jul. 11, 2014 | |||||||||||||||
Fair value of assets acquired, at the acquisition date | $ 94,100,000 | |||||||||||||||
Fair value of loans acquired, at the acquisition date | 75,000,000 | |||||||||||||||
Fair value of deposits | 36,200,000 | |||||||||||||||
Additional goodwill recorded on acquisition | $ 16,300,000 | |||||||||||||||
Urban Partnership Bank, Stone Park Branch | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Date of acquisition | May 16, 2014 | |||||||||||||||
Fair value of liabilities assumed, at the acquisition date | $ 5,500,000 | |||||||||||||||
Fair value of deposits | 5,400,000 | |||||||||||||||
Additional goodwill recorded on acquisition | $ 678,000 | |||||||||||||||
Diamond Bancorp, Inc. | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Date of acquisition | Oct. 18, 2013 | |||||||||||||||
Number of locations | locations | 4 | |||||||||||||||
Fair value of assets acquired, at the acquisition date | $ 172,500,000 | |||||||||||||||
Fair value of loans acquired, at the acquisition date | 91,700,000 | |||||||||||||||
Fair value of liabilities assumed, at the acquisition date | 169,100,000 | |||||||||||||||
Fair value of deposits | 140,200,000 | |||||||||||||||
Additional goodwill recorded on acquisition | $ 8,400,000 | |||||||||||||||
First Lansing Bancorp, Inc. | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Date of acquisition | May 1, 2013 | |||||||||||||||
Fair value of assets acquired, at the acquisition date | $ 373,400,000 | |||||||||||||||
Fair value of loans acquired, at the acquisition date | 123,000,000 | |||||||||||||||
Fair value of liabilities assumed, at the acquisition date | 334,700,000 | |||||||||||||||
Fair value of deposits | 331,400,000 | |||||||||||||||
Additional goodwill recorded on acquisition | $ 14,000,000 | |||||||||||||||
First Lansing Bancorp, Inc. | South and Southwest Suburbs of Chicago, Illinois | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Number of locations | locations | 7 | |||||||||||||||
First Lansing Bancorp, Inc. | Northwest Indiana | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Number of locations | locations | 1 | |||||||||||||||
FDIC Assisted | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Number of FDIC-assisted banks acquired | locations | 9 | |||||||||||||||
Policy Billing Services Inc. And Equity Premium Finance Inc. | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Date of acquisition | Apr. 28, 2014 | |||||||||||||||
Fair value of loans acquired, at the acquisition date | $ 7,400,000 | |||||||||||||||
Additional goodwill recorded on acquisition | $ 6,500,000 | |||||||||||||||
Number of Affiliated Companies Acquired | 2 | |||||||||||||||
Surety Financial Services | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Date of acquisition | Oct. 1, 2013 | |||||||||||||||
Number of locations | locations | 5 | |||||||||||||||
Additional goodwill recorded on acquisition | $ 9,500,000 | |||||||||||||||
Mortgage Loan Originations | $ 1,000,000,000 | |||||||||||||||
Community Banking | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Additional goodwill recorded on acquisition | $ 69,860,000 | |||||||||||||||
Community Banking | Talmer Bank & Trust | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Date of acquisition | Aug. 8, 2014 | |||||||||||||||
Number of locations | locations | 11 | |||||||||||||||
Fair value of assets acquired, at the acquisition date | $ 361,300,000 | |||||||||||||||
Fair value of loans acquired, at the acquisition date | 41,500,000 | |||||||||||||||
Fair value of liabilities assumed, at the acquisition date | 361,300,000 | |||||||||||||||
Fair value of deposits | 354,900,000 | |||||||||||||||
Additional goodwill recorded on acquisition | $ 9,700,000 | |||||||||||||||
Wealth Management | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Additional goodwill recorded on acquisition | $ 0 | |||||||||||||||
Wealth Management | Talmer Bank & Trust | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Date of acquisition | Aug. 8, 2014 | |||||||||||||||
Additional goodwill recorded on acquisition | $ 250,000 |
Goodwill and Other Intangible81
Goodwill and Other Intangible Assets (Goodwill Assets by Business Segment) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Goodwill [Roll Forward] | |
January 1, 2015 | $ 405,634 |
Goodwill Acquired | 69,860 |
Impairment Loss | 0 |
Goodwill Adjustments | (3,733) |
December 31, 2015 | 471,761 |
Community banking | |
Goodwill [Roll Forward] | |
January 1, 2015 | 331,752 |
Goodwill Acquired | 69,860 |
Impairment Loss | 0 |
Goodwill Adjustments | 0 |
December 31, 2015 | 401,612 |
Specialty finance | |
Goodwill [Roll Forward] | |
January 1, 2015 | 41,768 |
Goodwill Acquired | 0 |
Impairment Loss | 0 |
Goodwill Adjustments | (3,733) |
December 31, 2015 | 38,035 |
Wealth management | |
Goodwill [Roll Forward] | |
January 1, 2015 | 32,114 |
Goodwill Acquired | 0 |
Impairment Loss | 0 |
Goodwill Adjustments | 0 |
December 31, 2015 | $ 32,114 |
Goodwill and Other Intangible82
Goodwill and Other Intangible Assets (Summary of Finite-Lived Intangible Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Indefinite-lived Intangible Assets by Major Class [Line Items] | ||
Total other intangible assets, net | $ 24,209 | $ 18,811 |
Community banking | Core deposit intangibles | ||
Indefinite-lived Intangible Assets by Major Class [Line Items] | ||
Gross carrying amount | 34,841 | 29,379 |
Accumulated amortization | (17,382) | (17,879) |
Net carrying amount | 17,459 | 11,500 |
Specialty finance | Customer list intangibles | ||
Indefinite-lived Intangible Assets by Major Class [Line Items] | ||
Gross carrying amount | 1,800 | 1,800 |
Accumulated amortization | (1,052) | (941) |
Net carrying amount | 748 | 859 |
Wealth management | Customer list and other intangibles | ||
Indefinite-lived Intangible Assets by Major Class [Line Items] | ||
Gross carrying amount | 7,940 | 7,940 |
Accumulated amortization | (1,938) | (1,488) |
Net carrying amount | $ 6,002 | $ 6,452 |
Goodwill and Other Intangible83
Goodwill and Other Intangible Assets (Estimated Amortization) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Estimated - 2016 | $ 4,668 |
Estimated - 2017 | 3,876 |
Estimated - 2018 | 3,371 |
Estimated - 2019 | 2,855 |
Estimated - 2020 | $ 2,318 |
Goodwill and Other Intangible84
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill [Line Items] | |||
Goodwill Acquired | $ 69,860 | ||
Goodwill, translation and purchase accounting adjustments | (3,733) | ||
Amortization of other intangible assets | 4,621 | $ 4,692 | $ 4,627 |
Community banking | |||
Goodwill [Line Items] | |||
Goodwill Acquired | 69,860 | ||
Goodwill, translation and purchase accounting adjustments | 0 | ||
Specialty finance | |||
Goodwill [Line Items] | |||
Goodwill Acquired | 0 | ||
Goodwill, translation and purchase accounting adjustments | (3,733) | ||
Wealth management | |||
Goodwill [Line Items] | |||
Goodwill Acquired | 0 | ||
Goodwill, translation and purchase accounting adjustments | $ 0 | ||
Core deposit intangibles | Community banking | |||
Goodwill [Line Items] | |||
Finite-lived intangibles, useful life | 10 years | ||
Customer list intangibles | Specialty finance | |||
Goodwill [Line Items] | |||
Finite-lived intangibles, useful life | 18 years | ||
Customer list intangibles | Wealth management | |||
Goodwill [Line Items] | |||
Finite-lived intangibles, useful life | 10 years |
Premises and Equipment, Net (Su
Premises and Equipment, Net (Summary of Premises and Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $ 826,947 | $ 765,798 |
Less: Accumulated depreciation and amortization | 234,691 | 210,570 |
Total premises and equipment, net | 592,256 | 555,228 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 134,030 | 128,766 |
Buildings and leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 506,977 | 470,636 |
Furniture, equipment, and computer software | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 173,330 | 160,659 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $ 12,610 | $ 5,737 |
Premises and Equipment, Net (Na
Premises and Equipment, Net (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation, Depletion and Amortization | $ 31.1 | $ 28.1 | $ 26 |
Deposits (Summary of Deposits)
Deposits (Summary of Deposits) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deposits [Abstract] | ||
Non-interest bearing, Balance | $ 4,836,420 | $ 3,518,685 |
NOW and interest bearing demand deposits, Balance | 2,390,217 | 2,236,089 |
Wealth management deposits, Balance | 1,643,653 | 1,226,916 |
Money market, Balance | 4,041,300 | 3,651,467 |
Savings, Balance | 1,723,367 | 1,508,877 |
Time certificates of deposit, Balance | 4,004,677 | 4,139,810 |
Total deposits | $ 18,639,634 | $ 16,281,844 |
Non-interest bearing, Mix | 26.00% | 22.00% |
NOW and interest bearing demand deposits, Mix | 13.00% | 14.00% |
Wealth management deposits, Mix | 9.00% | 8.00% |
Money market, Mix | 22.00% | 22.00% |
Savings, Mix | 9.00% | 9.00% |
Time certificates of deposit, Mix | 21.00% | 25.00% |
Total deposits, Mix | 100.00% | 100.00% |
Deposits (Schedule of Maturitie
Deposits (Schedule of Maturities of Time Certificates of Deposit) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deposits [Abstract] | ||
Due within one year | $ 2,851,153 | $ 2,722,029 |
Due in one to two years | 846,107 | 1,009,936 |
Due in two to three years | 148,199 | 247,418 |
Due in three to four years | 85,169 | 86,884 |
Due in four to five years | 73,440 | 69,360 |
Due after five years | 609 | 4,183 |
Total time certificates of deposit | $ 4,004,677 | $ 4,139,810 |
Deposits (Schedule Of Maturit89
Deposits (Schedule Of Maturities of Time Deposits Over One Hundred Thousand Dollars) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deposits [Abstract] | ||
Maturing within three months | $ 535,459 | $ 612,936 |
After three but within six months | 434,591 | 466,203 |
After six but within 12 months | 900,156 | 711,361 |
After 12 months | 709,376 | 925,921 |
Total | $ 2,579,582 | $ 2,716,421 |
Deposits (Narrative) (Details)
Deposits (Narrative) (Details) - USD ($) $ in Billions | Dec. 31, 2015 | Dec. 31, 2014 |
Deposits [Abstract] | ||
Time Deposits, Two Hundred Fifty Thousand Dollars Or More | $ 1.3 | $ 1.5 |
Federal Home Loan Bank Advanc91
Federal Home Loan Bank Advances (Summary of Outstanding FHLB Advances) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Federal Home Loan Bank, Advances, Branch Of FHLB Bank [Line Items] | ||
Federal Home Loan Bank advances | $ 859,876 | $ 733,050 |
0.13% advance due January 2015 | ||
Federal Home Loan Bank, Advances, Branch Of FHLB Bank [Line Items] | ||
Federal Home Loan Bank advances | $ 0 | 405,550 |
Debt instrument, interest rate, stated percentage | 0.13% | |
Debt instrument, maturity date | 2,015 | |
0.72% advance due February 2015 | ||
Federal Home Loan Bank, Advances, Branch Of FHLB Bank [Line Items] | ||
Federal Home Loan Bank advances | $ 0 | 141,000 |
Debt instrument, interest rate, stated percentage | 0.72% | |
Debt instrument, maturity date | 2,015 | |
0.73% advance due February 2015 | ||
Federal Home Loan Bank, Advances, Branch Of FHLB Bank [Line Items] | ||
Federal Home Loan Bank advances | $ 0 | 5,000 |
Debt instrument, interest rate, stated percentage | 0.73% | |
Debt instrument, maturity date | 2,015 | |
0.16% advance due January 2016 | ||
Federal Home Loan Bank, Advances, Branch Of FHLB Bank [Line Items] | ||
Federal Home Loan Bank advances | $ 331,100 | 0 |
Debt instrument, interest rate, stated percentage | 0.16% | |
Debt instrument, maturity date | 2,016 | |
0.19% advance due January 2016 | ||
Federal Home Loan Bank, Advances, Branch Of FHLB Bank [Line Items] | ||
Federal Home Loan Bank advances | $ 68,000 | 0 |
Debt instrument, interest rate, stated percentage | 0.19% | |
Debt instrument, maturity date | 2,016 | |
0.99% advance due February 2016 | ||
Federal Home Loan Bank, Advances, Branch Of FHLB Bank [Line Items] | ||
Federal Home Loan Bank advances | $ 26,500 | 26,500 |
Debt instrument, interest rate, stated percentage | 0.99% | |
Debt instrument, maturity date | 2,016 | |
1.25% advance due February 2017 | ||
Federal Home Loan Bank, Advances, Branch Of FHLB Bank [Line Items] | ||
Federal Home Loan Bank advances | $ 25,000 | 25,000 |
Debt instrument, interest rate, stated percentage | 1.25% | |
Debt instrument, maturity date | 2,017 | |
3.47% advance due November 2017 | ||
Federal Home Loan Bank, Advances, Branch Of FHLB Bank [Line Items] | ||
Federal Home Loan Bank advances | $ 10,000 | 10,000 |
Debt instrument, interest rate, stated percentage | 3.47% | |
Debt instrument, maturity date | 2,017 | |
0.89% advance due December 2017 | ||
Federal Home Loan Bank, Advances, Branch Of FHLB Bank [Line Items] | ||
Federal Home Loan Bank advances | $ 90,000 | 0 |
Debt instrument, interest rate, stated percentage | 0.89% | |
Debt instrument, maturity date | 2,017 | |
1.49% advance due February 2018 | ||
Federal Home Loan Bank, Advances, Branch Of FHLB Bank [Line Items] | ||
Federal Home Loan Bank advances | $ 95,000 | 95,000 |
Debt instrument, interest rate, stated percentage | 1.49% | |
Debt instrument, maturity date | 2,018 | |
1.31% advance due August 2018 | ||
Federal Home Loan Bank, Advances, Branch Of FHLB Bank [Line Items] | ||
Federal Home Loan Bank advances | $ 94,597 | 0 |
Debt instrument, interest rate, stated percentage | 1.31% | |
Debt instrument, maturity date | 2,018 | |
1.89% advance due August 2020 | ||
Federal Home Loan Bank, Advances, Branch Of FHLB Bank [Line Items] | ||
Federal Home Loan Bank advances | $ 94,679 | 0 |
Debt instrument, interest rate, stated percentage | 1.89% | |
Debt instrument, maturity date | 2,020 | |
4.18% advance due February 2022 | ||
Federal Home Loan Bank, Advances, Branch Of FHLB Bank [Line Items] | ||
Federal Home Loan Bank advances | $ 25,000 | $ 25,000 |
Debt instrument, interest rate, stated percentage | 4.18% | |
Debt instrument, maturity date | 2,022 |
Federal Home Loan Bank Advanc92
Federal Home Loan Bank Advances (Narrative) (Details) $ in Millions | Dec. 31, 2015USD ($)Rate |
Federal Home Loan Bank, Advances [Line Items] | |
Federal Home Loan Bank advances having varying put dates | $ 35 |
Federal Home Loan Bank Advances | |
Federal Home Loan Bank, Advances [Line Items] | |
Federal Home Loan Bank advances, Additional borrowings possible | $ 931 |
Weighted average interest rate | Rate | 0.92% |
Subordinated Notes (Narrative)
Subordinated Notes (Narrative) (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($)Rate | |
Debt Instrument [Line Items] | ||||
Subordinated notes | $ 140,000 | $ 140,000 | $ 75,000 | |
Subordinated debt issued, gross | 140,000 | $ 25,000 | ||
Proceeds from issuance of subordinated debt | $ 0 | 139,090 | $ 0 | |
Debt instrument, maturity date | Jun. 15, 2020 | |||
Debt instruments, number Of instruments | 3 | |||
Debt instrument, frequency of periodic payment | quarterly | annual | ||
Repayments of subordinated debt | $ 5,000 | |||
Debt instrument, term period | 10 years | |||
Repayment of subordinated notes | $ 10,000 | |||
Debt issuance costs | $ 1,300 | |||
Debt instrument, unamortized discount | $ 1,100 | |||
Subordinated Debt | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, interest rate, stated percentage | 5.00% | |||
Debt instrument, maturity date | Jun. 13, 2024 | |||
London Interbank Offered Rate (LIBOR) | Subordinated Debt | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | Rate | 1.30% |
Other Borrowings (Summary Of Ot
Other Borrowings (Summary Of Other Borrowings) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Disclosure [Abstract] | ||
Notes Payable | $ 67,500 | $ 0 |
Short-term borrowings | 63,887 | 48,566 |
Other | 19,017 | 18,822 |
Secured borrowings | 115,615 | 129,077 |
Total other borrowings | $ 266,019 | $ 196,465 |
Other Borrowings (Schedule of F
Other Borrowings (Schedule of Financial Instruments Owned and Pledged as Collateral) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Financial Assets Sold under Agreements to Repurchase, Gross Including Not Subject to Master Netting Arrangement | $ 88,164 | |
Excess Pledged Collateral | 29,277 | |
Securities Sold under Agreements to Repurchase | ||
Debt Instrument [Line Items] | ||
Securities Sold under Agreements to Repurchase | 58,887 | $ 48,600 |
Available-for-sale securities | U.S. Treasury | ||
Debt Instrument [Line Items] | ||
Financial Assets Sold under Agreements to Repurchase, Gross Including Not Subject to Master Netting Arrangement | 26,315 | |
Available-for-sale securities | Municipal | ||
Debt Instrument [Line Items] | ||
Financial Assets Sold under Agreements to Repurchase, Gross Including Not Subject to Master Netting Arrangement | 824 | |
Available-for-sale securities | Corporate notes, financial issuers | ||
Debt Instrument [Line Items] | ||
Financial Assets Sold under Agreements to Repurchase, Gross Including Not Subject to Master Netting Arrangement | 11,884 | |
Available-for-sale securities | Mortgage-backed securities | ||
Debt Instrument [Line Items] | ||
Financial Assets Sold under Agreements to Repurchase, Gross Including Not Subject to Master Netting Arrangement | 18,089 | |
Held-to-maturity securities | Municipal | ||
Debt Instrument [Line Items] | ||
Financial Assets Sold under Agreements to Repurchase, Gross Including Not Subject to Master Netting Arrangement | 1,604 | |
Held-to-maturity securities | US Government agencies | ||
Debt Instrument [Line Items] | ||
Financial Assets Sold under Agreements to Repurchase, Gross Including Not Subject to Master Netting Arrangement | $ 29,448 |
Other Borrowings (Narrative) (D
Other Borrowings (Narrative) (Details) - USD ($) | Mar. 15, 2011 | Dec. 31, 2014 | Dec. 15, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Nov. 06, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 | Dec. 31, 2015 | Dec. 15, 2013 | Dec. 07, 2010 |
Debt Instrument [Line Items] | ||||||||||||
Notes Payable | $ 0 | $ 67,500,000 | $ 0 | $ 67,500,000 | ||||||||
Loans Payable to Bank | 101,000,000 | $ 150,000,000 | 101,000,000 | 150,000,000 | ||||||||
Debt instrument, maturity date | Jun. 15, 2020 | |||||||||||
Debt instrument, date of first required payment | Sep. 30, 2015 | |||||||||||
Debt instrument, frequency of periodic payment | quarterly | annual | ||||||||||
Short-term borrowings | 48,566,000 | $ 63,887,000 | 48,566,000 | 63,887,000 | ||||||||
Financial Assets Sold under Agreements to Repurchase, Gross Including Not Subject to Master Netting Arrangement | 88,164,000 | 88,164,000 | ||||||||||
Other | 18,822,000 | 19,017,000 | 18,822,000 | 19,017,000 | ||||||||
Secured Debt | 129,077,000 | 115,615,000 | 129,077,000 | 115,615,000 | ||||||||
Term Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Notes Payable | 0 | $ 67,500,000 | $ 0 | 67,500,000 | ||||||||
Loans Payable to Bank | $ 1,000,000 | |||||||||||
Debt instrument, maturity date | Jun. 1, 2015 | |||||||||||
Repayments of Debt | $ 1,000,000 | |||||||||||
Loans Payable | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, issuance date | Dec. 15, 2014 | Oct. 30, 2009 | ||||||||||
Revolving Credit Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Notes Payable | 0 | $ 0 | $ 0 | 0 | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 100,000,000 | $ 75,000,000 | 100,000,000 | 75,000,000 | ||||||||
Debt instrument, maturity date | Dec. 15, 2014 | Dec. 12, 2016 | Nov. 6, 2014 | Oct. 25, 2013 | ||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.20% | |||||||||||
Banks And Brokers | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Securities sold under repurchase agreements | $ 180,000,000 | |||||||||||
Securities Sold under Agreements to Repurchase | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Securities sold under repurchase agreements | 48,600,000 | $ 58,887,000 | $ 48,600,000 | 58,887,000 | ||||||||
Fixed Rate Promissory Note | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, issuance date | Aug. 31, 2012 | |||||||||||
Debt instrument, maturity date | Sep. 1, 2017 | |||||||||||
Debt instrument, frequency of periodic payment | monthly | |||||||||||
Other | 18,800,000 | $ 18,300,000 | $ 18,800,000 | $ 18,300,000 | ||||||||
Contractual Rate | 3.75% | 3.75% | ||||||||||
Non Recourse Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Other | $ 732,000 | $ 732,000 | ||||||||||
Junior Subordinated Amortizing Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, issuance date | Dec. 31, 2010 | |||||||||||
Debt instrument, maturity date | Dec. 15, 2013 | Dec. 15, 2013 | ||||||||||
Debt instrument, date of first required payment | Mar. 15, 2011 | |||||||||||
Debt instrument, frequency of periodic payment | quarterly | |||||||||||
Contractual Rate | 9.50% | |||||||||||
Junior subordinated notes | $ 44,700,000 | |||||||||||
Quarterly principal and interest payments | $ 4,300,000 | |||||||||||
Debt Instrument, Initial Payment | $ 4,600,000 | |||||||||||
Secured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, maturity date | Dec. 15, 2017 | |||||||||||
Contractual Rate | 1.4452% | 1.4452% | ||||||||||
Proceeds from Issuance of Debt | $ 150,000,000 | $ 10,000,000 | $ 160,000,000 | |||||||||
Base Rate Loan | Highest Rate | Term Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, basis spread on variable rate | 0.75% | |||||||||||
Base Rate Loan | Highest Rate | Revolving Credit Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, basis spread on variable rate | 0.50% | |||||||||||
Base Rate Loan | Federal Funds Rate | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, basis spread on variable rate | 0.50% | |||||||||||
Base Rate Loan | Eurodollar | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, basis spread on variable rate | 1.00% | |||||||||||
Eurodollar Rate Loan | Highest Rate | Term Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, basis spread on variable rate | 1.75% | |||||||||||
Eurodollar Rate Loan | Highest Rate | Revolving Credit Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, basis spread on variable rate | 1.50% |
Junior Subordinated Debenture97
Junior Subordinated Debentures (Summary of the Company's Junior Subordinated Debentures) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Subordinated Borrowing [Line Items] | ||
Junior subordinated debentures | $ 268,566 | $ 249,493 |
Maturity Date | Jun. 15, 2020 | |
Wintrust Capital Trust Three | ||
Subordinated Borrowing [Line Items] | ||
Common Securities | $ 774 | |
Trust Preferred Securities | 25,000 | |
Junior subordinated debentures | $ 25,774 | 25,774 |
Rate Structure | L+3.25 | |
Contractual Rate | 3.57% | |
Debt instrument, issuance date | Apr. 30, 2003 | |
Maturity Date | Apr. 30, 2033 | |
Earliest Redemption Date | Apr. 30, 2008 | |
Wintrust Statutory Trust Four | ||
Subordinated Borrowing [Line Items] | ||
Common Securities | $ 619 | |
Trust Preferred Securities | 20,000 | |
Junior subordinated debentures | $ 20,619 | 20,619 |
Rate Structure | L+2.80 | |
Contractual Rate | 3.41% | |
Debt instrument, issuance date | Dec. 31, 2003 | |
Maturity Date | Dec. 31, 2033 | |
Earliest Redemption Date | Dec. 31, 2008 | |
Wintrust Statutory Trust Five | ||
Subordinated Borrowing [Line Items] | ||
Common Securities | $ 1,238 | |
Trust Preferred Securities | 40,000 | |
Junior subordinated debentures | $ 41,238 | 41,238 |
Rate Structure | L+2.60 | |
Contractual Rate | 3.21% | |
Debt instrument, issuance date | May 31, 2004 | |
Maturity Date | May 31, 2034 | |
Earliest Redemption Date | Jun. 30, 2009 | |
Wintrust Capital Trust Seven | ||
Subordinated Borrowing [Line Items] | ||
Common Securities | $ 1,550 | |
Trust Preferred Securities | 50,000 | |
Junior subordinated debentures | $ 51,550 | 51,550 |
Rate Structure | L+1.95 | |
Contractual Rate | 2.46% | |
Debt instrument, issuance date | Dec. 31, 2004 | |
Maturity Date | Mar. 31, 2035 | |
Earliest Redemption Date | Mar. 31, 2010 | |
Wintrust Capital Trust Eight | ||
Subordinated Borrowing [Line Items] | ||
Common Securities | $ 1,238 | |
Trust Preferred Securities | 40,000 | |
Junior subordinated debentures | $ 41,238 | 41,238 |
Rate Structure | L+1.45 | |
Contractual Rate | 2.06% | |
Debt instrument, issuance date | Aug. 31, 2005 | |
Maturity Date | Sep. 30, 2035 | |
Earliest Redemption Date | Sep. 30, 2010 | |
Wintrust Capital Trust Nine | ||
Subordinated Borrowing [Line Items] | ||
Common Securities | $ 1,547 | |
Trust Preferred Securities | 50,000 | |
Junior subordinated debentures | $ 51,547 | 51,547 |
Rate Structure | L+1.63 | |
Contractual Rate | 2.14% | |
Debt instrument, issuance date | Sep. 30, 2006 | |
Maturity Date | Sep. 30, 2036 | |
Earliest Redemption Date | Sep. 30, 2011 | |
Northview Capital Trust One | ||
Subordinated Borrowing [Line Items] | ||
Common Securities | $ 186 | |
Trust Preferred Securities | 6,000 | |
Junior subordinated debentures | $ 6,186 | 6,186 |
Rate Structure | L+3.00 | |
Contractual Rate | 3.33% | |
Debt instrument, issuance date | Aug. 31, 2003 | |
Maturity Date | Nov. 30, 2033 | |
Earliest Redemption Date | Aug. 31, 2008 | |
Town Bankshares Capital Trust One | ||
Subordinated Borrowing [Line Items] | ||
Common Securities | $ 186 | |
Trust Preferred Securities | 6,000 | |
Junior subordinated debentures | $ 6,186 | 6,186 |
Rate Structure | L+3.00 | |
Contractual Rate | 3.33% | |
Debt instrument, issuance date | Aug. 31, 2003 | |
Maturity Date | Nov. 30, 2033 | |
Earliest Redemption Date | Aug. 31, 2008 | |
First Northwest Capital Trust One | ||
Subordinated Borrowing [Line Items] | ||
Common Securities | $ 155 | |
Trust Preferred Securities | 5,000 | |
Junior subordinated debentures | $ 5,155 | 5,155 |
Rate Structure | L+3.00 | |
Contractual Rate | 3.61% | |
Debt instrument, issuance date | May 31, 2004 | |
Maturity Date | May 31, 2034 | |
Earliest Redemption Date | May 31, 2009 | |
Suburban Illinois Capital Trust Two | ||
Subordinated Borrowing [Line Items] | ||
Common Securities | $ 464 | |
Trust Preferred Securities | 15,000 | |
Junior subordinated debentures | $ 15,464 | 0 |
Rate Structure | L+1.75 | |
Contractual Rate | 2.26% | |
Debt instrument, issuance date | Dec. 31, 2006 | |
Maturity Date | Dec. 31, 2036 | |
Earliest Redemption Date | Dec. 31, 2011 | |
Community Financial Shares Statutory Trust Two | ||
Subordinated Borrowing [Line Items] | ||
Common Securities | $ 109 | |
Trust Preferred Securities | 3,500 | |
Junior subordinated debentures | $ 3,609 | $ 0 |
Rate Structure | L+1.62 | |
Contractual Rate | 2.13% | |
Debt instrument, issuance date | Jun. 30, 2007 | |
Maturity Date | Sep. 30, 2037 | |
Earliest Redemption Date | Jun. 30, 2012 | |
Junior Subordinated Debt | ||
Subordinated Borrowing [Line Items] | ||
Weighted average interest rate | 2.68% | |
London Interbank Offered Rate (LIBOR) | Wintrust Capital Trust Three | ||
Subordinated Borrowing [Line Items] | ||
Debt instrument, basis spread on variable rate | 3.25% | |
London Interbank Offered Rate (LIBOR) | Wintrust Statutory Trust Four | ||
Subordinated Borrowing [Line Items] | ||
Debt instrument, basis spread on variable rate | 2.80% | |
London Interbank Offered Rate (LIBOR) | Wintrust Statutory Trust Five | ||
Subordinated Borrowing [Line Items] | ||
Debt instrument, basis spread on variable rate | 2.60% | |
London Interbank Offered Rate (LIBOR) | Wintrust Capital Trust Seven | ||
Subordinated Borrowing [Line Items] | ||
Debt instrument, basis spread on variable rate | 1.95% | |
London Interbank Offered Rate (LIBOR) | Wintrust Capital Trust Eight | ||
Subordinated Borrowing [Line Items] | ||
Debt instrument, basis spread on variable rate | 1.45% | |
London Interbank Offered Rate (LIBOR) | Wintrust Capital Trust Nine | ||
Subordinated Borrowing [Line Items] | ||
Debt instrument, basis spread on variable rate | 1.63% | |
London Interbank Offered Rate (LIBOR) | Northview Capital Trust One | ||
Subordinated Borrowing [Line Items] | ||
Debt instrument, basis spread on variable rate | 3.00% | |
London Interbank Offered Rate (LIBOR) | Town Bankshares Capital Trust One | ||
Subordinated Borrowing [Line Items] | ||
Debt instrument, basis spread on variable rate | 3.00% | |
London Interbank Offered Rate (LIBOR) | First Northwest Capital Trust One | ||
Subordinated Borrowing [Line Items] | ||
Debt instrument, basis spread on variable rate | 3.00% | |
London Interbank Offered Rate (LIBOR) | Suburban Illinois Capital Trust Two | ||
Subordinated Borrowing [Line Items] | ||
Debt instrument, basis spread on variable rate | 1.75% | |
London Interbank Offered Rate (LIBOR) | Community Financial Shares Statutory Trust Two | ||
Subordinated Borrowing [Line Items] | ||
Debt instrument, basis spread on variable rate | 1.62% |
Junior Subordinated Debenture98
Junior Subordinated Debentures (Narrative) (Details) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2013 | Dec. 31, 2015USD ($)Rate | Dec. 31, 2013 | Dec. 31, 2014USD ($) | |
Subordinated Borrowing [Line Items] | ||||
Percentage ownership interest in subsidiary trusts | 100.00% | |||
Number of unconsolidated subsidiary trusts | 11 | |||
Common securities, approximate percentage of junior subordinated debentures | 3.00% | |||
Trust preferred securities, approximate percentage of junior subordinated debentures | 97.00% | |||
Junior subordinated debentures | $ 268,566 | $ 249,493 | ||
Consecutive quarters of deferred payment | 20 | |||
Wintrust Capital Trust Nine | ||||
Subordinated Borrowing [Line Items] | ||||
Junior subordinated debentures | $ 51,547 | $ 51,547 | ||
Junior Subordinated Debt | ||||
Subordinated Borrowing [Line Items] | ||||
Debt, weighted average interest rate | Rate | 2.68% | |||
Debt, hedge adjusted weighted average interest rate | Rate | 3.34% | |||
Tier 1 Capital to Risk Weighted Assets, Amount | $ 65,100 | |||
Tier Two Risk Based Capital | 195,400 | |||
Cash flow hedge of junior subordinated debentures | Designated as hedging instrument | Cash flow hedging | Interest rate cap | ||||
Subordinated Borrowing [Line Items] | ||||
Interest rate swaps to hedge variable cash flows | $ 90,000 | |||
Number of derivative contracts | 2 | |||
Cash flow hedge of junior subordinated debentures | Designated as hedging instrument | Cash flow hedging | Interest rate swaps and caps | ||||
Subordinated Borrowing [Line Items] | ||||
Interest rate swaps to hedge variable cash flows | $ 225,000 | |||
Cash flow hedge of junior subordinated debentures | Designated as hedging instrument | Cash flow hedging | Interest rate swap | ||||
Subordinated Borrowing [Line Items] | ||||
Number of derivative contracts | 2 | |||
Derivative, maturity date | Sep. 30, 2013 |
Minimum Lease Commitments (Appr
Minimum Lease Commitments (Approximate Minimum Annual Gross Rental Payments And Gross Rental Income) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Leases [Abstract] | |
2016 - Payments | $ 10,515 |
2017 - Payments | 10,139 |
2018 - Payments | 9,725 |
2019 - Payments | 8,824 |
2020 - Payments | 9,516 |
2021 and thereafter - Payments | 114,513 |
Total minimum future amounts - Payments | 163,232 |
2016 - Receipts | 5,163 |
2017 - Receipts | 3,946 |
2018 - Receipts | 2,688 |
2019 - Receipts | 1,729 |
2020 - Receipts | 1,214 |
2021 and thereafter - Receipts | 1,058 |
Total minimum future amounts - Receipts | $ 15,798 |
Minimum Lease Commitments (Narr
Minimum Lease Commitments (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Leases [Abstract] | |||
Operating Leases, Rent Expense, Net | $ 15.7 | $ 10.5 | $ 9.1 |
Lease Income From Properties Owned | $ 7.7 | $ 6.9 | $ 7 |
Income Taxes (Income Tax Expens
Income Taxes (Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current income taxes: | |||||||||||
Federal | $ 62,584 | $ 75,945 | $ 67,449 | ||||||||
State | 9,417 | 10,397 | 16,046 | ||||||||
Foreign | (39) | 4,566 | 2,196 | ||||||||
Total current income taxes | 71,962 | 90,908 | 85,691 | ||||||||
Deferred income taxes: | |||||||||||
Federal | 15,550 | 466 | 1,813 | ||||||||
State | 5,962 | 6,113 | (114) | ||||||||
Foreign | 1,542 | (2,454) | (160) | ||||||||
Total deferred income taxes | 23,054 | 4,125 | 1,539 | ||||||||
Total income tax expense | $ 20,896 | $ 23,842 | $ 26,295 | $ 23,983 | $ 23,669 | $ 25,034 | $ 24,490 | $ 21,840 | $ 95,016 | $ 95,033 | $ 87,230 |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of the Differences Between Taxes Computed Using the Statutory Federal Income Tax Rate and Actual Income Tax Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||||||||||
Income tax expense based upon the Federal statutory rate on income before income taxes | $ 88,118 | $ 86,251 | $ 78,554 | ||||||||
Increase (decrease) in tax resulting from: | |||||||||||
Tax-exempt interest, net of interest expense disallowance | (2,878) | (1,936) | (1,423) | ||||||||
State taxes, net of federal tax benefit | 9,996 | 10,731 | 10,355 | ||||||||
Income earned on bank owned life insurance | (1,562) | (896) | (1,157) | ||||||||
Non-deductible compensation costs | 528 | 561 | 654 | ||||||||
Meals, entertainment and related expenses | 1,283 | 1,026 | 993 | ||||||||
Foreign subsidiary, net | 148 | 775 | 588 | ||||||||
Tax benefits related to tax credit investments | (778) | (1,498) | (1,553) | ||||||||
Other, net | 161 | 19 | 219 | ||||||||
Total income tax expense | $ 20,896 | $ 23,842 | $ 26,295 | $ 23,983 | $ 23,669 | $ 25,034 | $ 24,490 | $ 21,840 | $ 95,016 | $ 95,033 | $ 87,230 |
Effective income tax rate reconciliation, at Federal satutory income tax rate, percent | 35.00% |
Income Taxes (Deferred Tax Asse
Income Taxes (Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||
Allowance for credit losses | $ 39,561 | $ 35,455 |
Deferred compensation | 25,492 | 19,349 |
Covered assets | 17,754 | 18,246 |
Stock-based compensation | 9,760 | 10,735 |
Other real estate owned | 7,610 | 7,546 |
Foreign net operating loss carryforward | 6,616 | 2,521 |
Federal net operating loss carryforward | 4,705 | 2,108 |
AMT credt carryforward | 1,498 | 1,177 |
Foreign tax credit carryfoward | 0 | 302 |
Nonaccrued interest | 1,603 | 1,329 |
Mortgage banking recourse obligation | 1,565 | 1,206 |
Discount on purchased loans | 749 | 0 |
Net unrealized losses on securities included in other comprehensive income | 11,476 | 6,242 |
Net unrealized losses on derivatives included in other comprehensive income | 1,386 | 1,601 |
Other | 3,361 | 3,523 |
Total gross deferred tax assets | 133,136 | 111,340 |
Deferred tax liabilities: | ||
Premises and equipment | 33,423 | 35,902 |
Equipment leasing | 15,089 | 0 |
Goodwill and intangible assets | 8,198 | 3,501 |
Fair value adjustments on loans | 6,086 | 9,444 |
Deferred loan fees and costs | 6,045 | 4,927 |
Capitalized servicing rights | 3,330 | 3,037 |
FHLB stock dividends | 904 | 1,416 |
Discount on purchased loans | 0 | 11,324 |
Other | 5,874 | 5,625 |
Total gross deferred liabilities | 78,949 | 75,176 |
Net deferred tax assets | $ 54,187 | $ 36,164 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Loss Carryforwards [Line Items] | |||||||||||
Income before taxes | $ 56,408,000 | $ 62,197,000 | $ 70,126,000 | $ 63,035,000 | $ 61,802,000 | $ 65,258,000 | $ 63,031,000 | $ 56,340,000 | $ 251,765,000 | $ 246,431,000 | $ 224,440,000 |
Tax benefits from stock-based compensation arrangements | (1,900,000) | (594,000) | (831,000) | ||||||||
AMT credt carryforward | 1,498,000 | 1,177,000 | 1,498,000 | 1,177,000 | |||||||
Unrecognized Tax Benefits | 0 | $ 0 | 0 | 0 | |||||||
Unrecognized Tax Benefits, Period Increase (Decrease) | 0 | ||||||||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 0 | 0 | |||||||||
Domestic Tax Authority | |||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||
Operating Loss Carryforwards | 13,400,000 | 13,400,000 | |||||||||
Foreign Tax Authority | |||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||
Operating Loss Carryforwards | $ 25,100,000 | 25,100,000 | |||||||||
Geographic distribution, foreign | |||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||
Income before taxes | $ 3,900,000 | $ 3,800,000 | $ 4,300,000 | ||||||||
Minimum | Domestic Tax Authority | |||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||
Operating Loss Carryforwards, Expiration Date | Jan. 1, 2028 | ||||||||||
Minimum | Foreign Tax Authority | |||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||
Operating Loss Carryforwards, Expiration Date | Jan. 1, 2034 | ||||||||||
Maximum | Domestic Tax Authority | |||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2034 | ||||||||||
Maximum | Foreign Tax Authority | |||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2035 |
Stock Compensation Plans and105
Stock Compensation Plans and Other Employee Benefit Plans (Weighted Average Assumptions Used To Determine The Options Fair Value) (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation [Abstract] | |||
Expected dividend yield | 0.90% | 0.50% | 0.49% |
Expected volatility | 26.50% | 29.80% | 59.00% |
Risk-free rate | 1.30% | 0.80% | 1.00% |
Expected option life (in years) | 4 years 6 months | 4 years 6 months | 4 years 6 months |
Stock Compensation Plans and106
Stock Compensation Plans and Other Employee Benefit Plans (Summary of Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Stock Options Outstanding [Roll Forward] | ||||
Outstanding at beginning of the period | 1,618,426 | 1,524,672 | 1,745,427 | |
Granted | 502,517 | 447,153 | 236,120 | |
Options outstanding in acquired plans | 16,364 | |||
Exercised | (273,411) | (176,009) | (371,826) | |
Forfeited or canceled | (312,162) | (177,390) | (85,049) | |
Outstanding at end of the period | 1,551,734 | 1,618,426 | 1,524,672 | |
Exercisable | 720,580 | 941,741 | 1,097,836 | |
Vested or expected to vest | 1,534,045 | |||
Stock Options, Weighted Average Strike Price [Roll Forward] | ||||
Outstanding at beginning of the period | $ 43 | $ 42 | $ 42.31 | |
Granted | 44.36 | 46.38 | 38.01 | |
Options outstanding in acquired plans | 21.18 | |||
Exercised | 42.82 | 33.32 | 40.46 | |
Forfeited or canceled | 52.53 | 52.55 | 44.12 | |
Outstanding at end of the period | 41.32 | 43 | 42 | |
Exercisable | 37.64 | $ 43.35 | $ 44.82 | |
Vested or expected to vest | $ 41.28 | |||
Stock Options Additional Disclosures | ||||
Outstanding, Remaining Contractual Term | [1] | 4 years 4 months 24 days | 3 years 6 months | 2 years 7 months 6 days |
Outstanding, Intrinsic Value | [2] | $ 11,433 | $ 9,303 | $ 11,021 |
Exercisable, Remaining Contractual Term | [1] | 3 years 1 month 6 days | 2 years | 1 year 6 months |
Exercisable, Intrinsic Value | [2] | $ 8,045 | $ 6,392 | $ 6,165 |
Vested or expected to vest, Remaining Contractual Term | [1] | 4 years 4 months 24 days | ||
Vested or expected to vest, Intrinsic Value | [2] | $ 11,371 | ||
[1] | Represents the weighted average contractual remaining life in years. | |||
[2] | Aggregate intrinsic value represents the total pretax intrinsic value (i.e., the difference between the Company’s stock price at year end 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 year. Options with exercise prices above the year end stock price are excluded from the calculation of intrinsic value. The intrinsic value will change based on the fair market value of the Company’s stock. |
Stock Compensation Plans and107
Stock Compensation Plans and Other Employee Benefit Plans (Summary of Plans' Restricted Share Award Activity) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restricted Stock | |||
Non-Option Equity Instruments Outstanding [Roll Forward] | |||
Outstanding at the beginning of period | 146,112 | 181,522 | 314,226 |
Granted | 27,165 | 31,463 | 16,932 |
Vested and issued | (29,018) | (60,121) | (144,860) |
Forfeited | (6,666) | (6,752) | (4,776) |
Outstanding at the end of period | 137,593 | 146,112 | 181,522 |
Non-Options Equity Instruments Outstanding, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Outstanding at beginning of the period | $ 47.45 | $ 43.39 | $ 37.99 |
Granted | 48.17 | 45 | 42.14 |
Vested and issued | 39.33 | 34.98 | 31.83 |
Forfeited | 40.76 | 37.95 | 33.93 |
Outstanding at end of the period | $ 49.63 | $ 47.45 | $ 43.39 |
Vested, but not issuable, Common Shares | 85,000 | 85,000 | 85,000 |
Vested, but not issuable, Weighted Average Grant-Date Fair Value | $ 51.88 | $ 51.88 | $ 51.88 |
Performance Shares | |||
Non-Option Equity Instruments Outstanding [Roll Forward] | |||
Outstanding at the beginning of period | 295,679 | 307,512 | 214,565 |
Granted | 106,017 | 93,535 | 106,268 |
Vested and issued | (78,590) | (15,944) | 0 |
Forfeited | (46,573) | (89,424) | (13,321) |
Outstanding at the end of period | 276,533 | 295,679 | 307,512 |
Non-Options Equity Instruments Outstanding, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Outstanding at beginning of the period | $ 38.18 | $ 34.01 | $ 32.08 |
Granted | 44.35 | 46.86 | 37.90 |
Vested and issued | 31.10 | 33.25 | 0 |
Forfeited | 35.51 | 33.78 | 34 |
Outstanding at end of the period | $ 43.01 | $ 38.18 | $ 34.01 |
Stock Compensation Plans and108
Stock Compensation Plans and Other Employee Benefit Plans (Narrative) (Details) | 1 Months Ended | 12 Months Ended | |||||
May. 31, 2012shares | Dec. 31, 2015USD ($)$ / sharesRateshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2013USD ($)$ / sharesshares | Jul. 31, 2015shares | May. 31, 2015shares | Dec. 31, 2012shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | shares | 5,600,000 | ||||||
Allocated Share-based Compensation Expense | $ 9,700,000 | $ 10,100,000 | $ 6,700,000 | ||||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 3,800,000 | 4,000,000 | $ 2,500,000 | ||||
Allocated Sharebased Compensation Expense Modification Of Performance Measurement | $ 2,100,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 9.72 | $ 11.52 | $ 17.49 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 2,500,000 | $ 2,300,000 | $ 1,200,000 | ||||
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | 985,000 | 900,000 | 485,000 | ||||
Employee Service Share-based Compensation, Cash Received from Exercise of Stock Options | 11,700,000 | 5,900,000 | 15,000,000 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 11,000,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | 7,900,000 | 7,800,000 | 7,400,000 | ||||
Defined Contribution Plan, Employer Discretionary Contribution Amount | 6,400,000 | 5,000,000 | 4,900,000 | ||||
Pension Expense | $ 1,400,000 | $ (1,100,000) | $ 0 | ||||
Two Thousand And Fifteen Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | shares | 5,485,000 | ||||||
Restricted Stock | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Maximum number of shares that could be issued based on the grants made to date | shares | 137,593 | 146,112 | 181,522 | 314,226 | |||
Ltip Awards | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||
Performance Shares | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Percentage Of Awards Paid In Performance Shares | 17.00% | ||||||
Maximum number of shares that could be issued based on the grants made to date | shares | 276,533 | 295,679 | 307,512 | 214,565 | |||
Excess Tax Benefit Over Estimate | $ 517,000 | $ 254,000 | $ 329,000 | ||||
Minimum | Two Thousand And Seven Plan And Two Thousand And Fifteen Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||
Minimum | Restricted Stock | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||||||
Minimum | Ltip Awards | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Percentage Of Performance Based Award Payouts | Rate | 0.00% | ||||||
Maximum | Two Thousand And Seven Plan And Two Thousand And Fifteen Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||||||
Share Based Compensation By Share Based Payment Award Options Term | 7 years | ||||||
Maximum | Nineteen Ninety Seven Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share Based Compensation By Share Based Payment Award Options Term | 10 years | ||||||
Maximum | Restricted Stock | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||||||
Maximum | Ltip Awards | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share Based Compensation By Share Based Payment Award Options Term | 7 years | ||||||
Maximum | Performance Shares | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Maximum number of shares that could be issued based on the grants made to date | shares | 503,000 | ||||||
HPK Financial Corporation | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Defined Benefit Plan, Number Of Participants | 100 | ||||||
Defined Benefit Plan, Benefit Obligation | $ 6,100,000 | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 4,900,000 | ||||||
Diamond Bancorp, Inc. | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Defined Benefit Plan, Number Of Participants | 35 | ||||||
Defined Benefit Plan, Benefit Obligation | $ 3,100,000 | ||||||
Defined Benefit Plan, Fair Value of Plan Assets | 2,100,000 | ||||||
Cash Incentive And Retention Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Deferred Compensation Arrangement with Individual, Compensation Expense | 0 | 20,000 | 115,000 | ||||
Deferred Compensation Arrangement with Individual, Distributions Paid | 100,000 | $ 473,000 | $ 0 | ||||
Deferred Compensation, Cash Awards, Outstanding | $ 0 | ||||||
Employee Stock | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 95.00% | 90.00% | |||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | shares | 56,517 | 66,521 | 62,096 | ||||
Employee Stock Purchase Plan, Compensation Expense | $ 0 | $ 377,000 | $ 355,000 | ||||
Employee Stock Purchase Plan, Additional Shares Authorized | shares | 300,000 | ||||||
Employee Stock Ownership Plan (ESOP), Number of Committed-to-be-Released Shares | shares | 14,053 | ||||||
Employee Stock Ownership Plan (ESOP), Shares in ESOP | shares | 135,982 | ||||||
Directors Deferred Fee And Stock Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Deferred Compensation Arrangement with Individual, Shares Issued | shares | 20,475 | 19,488 | 30,547 | ||||
Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Additionally Authorized | shares | 150,000 | ||||||
Deferred Compensation, Shares To Be Issued | shares | 279,479 | ||||||
Deferred Compensation Arrangement with Individual, Common Stock Reserved for Future Issuance | shares | 148,363 | ||||||
Granted in Two Thousand Fifteen | Maximum | Ltip Awards | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Percentage Of Performance Based Award Payouts | Rate | 150.00% | ||||||
Granted in Two Thousand Fifteen | Maximum | Performance Shares | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Percentage Of Performance Based Award Payouts | Rate | 150.00% | ||||||
Granted Prior To Two Thousand Fifteen | Maximum | Ltip Awards | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Percentage Of Performance Based Award Payouts | Rate | 200.00% | ||||||
Granted in Two Thousand and Thirteen and Two Thousand and Fourteen | Maximum | Performance Shares | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Percentage Of Performance Based Award Payouts | Rate | 200.00% |
Regulatory Matters (Schedule of
Regulatory Matters (Schedule of Compliance with Minimum Capital Requirements) (Details) | Dec. 31, 2015Rate | Dec. 31, 2014Rate |
Regulatory Capital Requirements [Abstract] | ||
Total Capital to Risk Weighted Assets | 12.20% | 13.00% |
Tier 1 Capital to Risk Weighted Assets | 10.00% | 11.60% |
Common Equity Tier 1 Capital to Risk Weighted Assets | 8.40% | |
Tier 1 Leverage Ratio | 9.10% | 10.20% |
Regulatory Matters (Schedule110
Regulatory Matters (Schedule of Actual Capital Amounts and Ratios) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total Capital to Risk Weighted Assets, Ratio | 12.20% | 13.00% |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 10.00% | |
Tier 1 Capital to Risk Weighted Assets, Ratio | 10.00% | 11.60% |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 8.00% | |
Common Equity Tier 1 Capital to Risk Weighted Assets, Ratio | 8.40% | |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 6.50% | |
Tier 1 Leverage Ratio, Ratio | 9.10% | 10.20% |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Ratio | 5.00% | |
Lake Forest Bank [Member] | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total Capital to Risk Weighted Assets, Amount | $ 282,921 | $ 245,248 |
Total Capital to Risk Weighted Assets, Ratio | 11.30% | 10.90% |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 251,560 | $ 224,354 |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 10.00% | 10.00% |
Tier 1 Capital to Risk Weighted Assets, Amount | $ 256,126 | $ 231,448 |
Tier 1 Capital to Risk Weighted Assets, Ratio | 10.20% | 10.30% |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 201,248 | $ 134,612 |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 8.00% | 6.00% |
Common Equity Tier 1 Capital to Risk Weighted Assets, Amount | $ 256,126 | |
Common Equity Tier 1 Capital to Risk Weighted Assets, Ratio | 10.20% | |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 163,514 | |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 6.50% | |
Tier 1 Leverage Ratio, Amount | $ 256,126 | $ 231,448 |
Tier 1 Leverage Ratio, Ratio | 9.10% | 9.00% |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Amount | $ 140,541 | $ 128,590 |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Ratio | 5.00% | 5.00% |
Hinsdale Bank [Member] | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total Capital to Risk Weighted Assets, Amount | $ 200,436 | $ 155,797 |
Total Capital to Risk Weighted Assets, Ratio | 12.10% | 11.40% |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 165,157 | $ 136,415 |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 10.00% | 10.00% |
Tier 1 Capital to Risk Weighted Assets, Amount | $ 191,553 | $ 146,290 |
Tier 1 Capital to Risk Weighted Assets, Ratio | 11.60% | 10.70% |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 132,125 | $ 81,849 |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 8.00% | 6.00% |
Common Equity Tier 1 Capital to Risk Weighted Assets, Amount | $ 191,553 | |
Common Equity Tier 1 Capital to Risk Weighted Assets, Ratio | 11.60% | |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 107,352 | |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 6.50% | |
Tier 1 Leverage Ratio, Amount | $ 191,553 | $ 146,290 |
Tier 1 Leverage Ratio, Ratio | 9.90% | 9.70% |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Amount | $ 97,023 | $ 75,509 |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Ratio | 5.00% | 5.00% |
Wintrust Bank [Member] | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total Capital to Risk Weighted Assets, Amount | $ 377,015 | $ 312,223 |
Total Capital to Risk Weighted Assets, Ratio | 11.30% | 11.20% |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 334,596 | $ 279,295 |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 10.00% | 10.00% |
Tier 1 Capital to Risk Weighted Assets, Amount | $ 311,322 | $ 222,845 |
Tier 1 Capital to Risk Weighted Assets, Ratio | 9.30% | 8.00% |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 267,677 | $ 167,577 |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 8.00% | 6.00% |
Common Equity Tier 1 Capital to Risk Weighted Assets, Amount | $ 311,322 | |
Common Equity Tier 1 Capital to Risk Weighted Assets, Ratio | 9.30% | |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 217,488 | |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 6.50% | |
Tier 1 Leverage Ratio, Amount | $ 311,322 | $ 222,845 |
Tier 1 Leverage Ratio, Ratio | 8.90% | 7.40% |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Amount | $ 174,117 | $ 149,925 |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Ratio | 5.00% | 5.00% |
Libertyville Bank [Member] | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total Capital to Risk Weighted Assets, Amount | $ 124,665 | $ 113,513 |
Total Capital to Risk Weighted Assets, Ratio | 11.50% | 11.40% |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 108,619 | $ 99,999 |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 10.00% | 10.00% |
Tier 1 Capital to Risk Weighted Assets, Amount | $ 117,965 | $ 107,649 |
Tier 1 Capital to Risk Weighted Assets, Ratio | 10.90% | 10.80% |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 86,895 | $ 59,999 |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 8.00% | 6.00% |
Common Equity Tier 1 Capital to Risk Weighted Assets, Amount | $ 117,965 | |
Common Equity Tier 1 Capital to Risk Weighted Assets, Ratio | 10.90% | |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 70,603 | |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 6.50% | |
Tier 1 Leverage Ratio, Amount | $ 117,965 | $ 107,649 |
Tier 1 Leverage Ratio, Ratio | 9.60% | 9.30% |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Amount | $ 61,320 | $ 58,032 |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Ratio | 5.00% | 5.00% |
Barrington Bank [Member] | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total Capital to Risk Weighted Assets, Amount | $ 187,062 | $ 163,162 |
Total Capital to Risk Weighted Assets, Ratio | 11.30% | 11.90% |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 165,810 | $ 137,527 |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 10.00% | 10.00% |
Tier 1 Capital to Risk Weighted Assets, Amount | $ 176,489 | $ 150,705 |
Tier 1 Capital to Risk Weighted Assets, Ratio | 10.60% | 11.00% |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 132,648 | $ 82,516 |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 8.00% | 6.00% |
Common Equity Tier 1 Capital to Risk Weighted Assets, Amount | $ 176,489 | |
Common Equity Tier 1 Capital to Risk Weighted Assets, Ratio | 10.60% | |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 107,777 | |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 6.50% | |
Tier 1 Leverage Ratio, Amount | $ 176,489 | $ 150,705 |
Tier 1 Leverage Ratio, Ratio | 9.80% | 9.40% |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Amount | $ 90,168 | $ 80,086 |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Ratio | 5.00% | 5.00% |
Crystal Lake Bank [Member] | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total Capital to Risk Weighted Assets, Amount | $ 89,476 | $ 87,138 |
Total Capital to Risk Weighted Assets, Ratio | 11.90% | 12.90% |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 75,314 | $ 67,482 |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 10.00% | 10.00% |
Tier 1 Capital to Risk Weighted Assets, Amount | $ 85,521 | $ 83,788 |
Tier 1 Capital to Risk Weighted Assets, Ratio | 11.40% | 12.40% |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 60,251 | $ 40,489 |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 8.00% | 6.00% |
Common Equity Tier 1 Capital to Risk Weighted Assets, Amount | $ 85,521 | |
Common Equity Tier 1 Capital to Risk Weighted Assets, Ratio | 11.40% | |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 48,954 | |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 6.50% | |
Tier 1 Leverage Ratio, Amount | $ 85,521 | $ 83,788 |
Tier 1 Leverage Ratio, Ratio | 9.40% | 10.30% |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Amount | $ 45,445 | $ 40,502 |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Ratio | 5.00% | 5.00% |
Northbrook Bank [Member] | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total Capital to Risk Weighted Assets, Amount | $ 145,390 | $ 126,325 |
Total Capital to Risk Weighted Assets, Ratio | 11.00% | 11.10% |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 132,200 | $ 114,042 |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 10.00% | 10.00% |
Tier 1 Capital to Risk Weighted Assets, Amount | $ 129,514 | $ 116,808 |
Tier 1 Capital to Risk Weighted Assets, Ratio | 9.80% | 10.20% |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 105,760 | $ 68,425 |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 8.00% | 6.00% |
Common Equity Tier 1 Capital to Risk Weighted Assets, Amount | $ 129,514 | |
Common Equity Tier 1 Capital to Risk Weighted Assets, Ratio | 9.80% | |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 85,930 | |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 6.50% | |
Tier 1 Leverage Ratio, Amount | $ 129,514 | $ 116,808 |
Tier 1 Leverage Ratio, Ratio | 8.60% | 8.90% |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Amount | $ 75,287 | $ 65,626 |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Ratio | 5.00% | 5.00% |
Schaumburg Bank [Member] | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total Capital to Risk Weighted Assets, Amount | $ 87,182 | $ 73,999 |
Total Capital to Risk Weighted Assets, Ratio | 11.40% | 11.30% |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 76,422 | $ 65,485 |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 10.00% | 10.00% |
Tier 1 Capital to Risk Weighted Assets, Amount | $ 71,958 | $ 67,427 |
Tier 1 Capital to Risk Weighted Assets, Ratio | 9.40% | 10.30% |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 61,137 | $ 39,291 |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 8.00% | 6.00% |
Common Equity Tier 1 Capital to Risk Weighted Assets, Amount | $ 71,958 | |
Common Equity Tier 1 Capital to Risk Weighted Assets, Ratio | 9.40% | |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 49,674 | |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 6.50% | |
Tier 1 Leverage Ratio, Amount | $ 71,958 | $ 67,427 |
Tier 1 Leverage Ratio, Ratio | 8.40% | 8.90% |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Amount | $ 42,707 | $ 37,930 |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Ratio | 5.00% | 5.00% |
Village Bank [Member] | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total Capital to Risk Weighted Assets, Amount | $ 117,543 | $ 103,148 |
Total Capital to Risk Weighted Assets, Ratio | 11.20% | 11.20% |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 105,027 | $ 92,110 |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 10.00% | 10.00% |
Tier 1 Capital to Risk Weighted Assets, Amount | $ 108,221 | $ 97,684 |
Tier 1 Capital to Risk Weighted Assets, Ratio | 10.30% | 10.60% |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 84,021 | $ 55,266 |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 8.00% | 6.00% |
Common Equity Tier 1 Capital to Risk Weighted Assets, Amount | $ 108,221 | |
Common Equity Tier 1 Capital to Risk Weighted Assets, Ratio | 10.30% | |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 68,267 | |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 6.50% | |
Tier 1 Leverage Ratio, Amount | $ 108,221 | $ 97,684 |
Tier 1 Leverage Ratio, Ratio | 9.20% | 9.40% |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Amount | $ 58,817 | $ 51,753 |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Ratio | 5.00% | 5.00% |
Beverly Bank [Member] | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total Capital to Risk Weighted Assets, Amount | $ 92,843 | $ 73,808 |
Total Capital to Risk Weighted Assets, Ratio | 11.10% | 11.30% |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 83,442 | $ 65,229 |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 10.00% | 10.00% |
Tier 1 Capital to Risk Weighted Assets, Amount | $ 76,708 | $ 71,197 |
Tier 1 Capital to Risk Weighted Assets, Ratio | 9.20% | 10.90% |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 66,754 | $ 39,137 |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 8.00% | 6.00% |
Common Equity Tier 1 Capital to Risk Weighted Assets, Amount | $ 76,708 | |
Common Equity Tier 1 Capital to Risk Weighted Assets, Ratio | 9.20% | |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 54,237 | |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 6.50% | |
Tier 1 Leverage Ratio, Amount | $ 76,708 | $ 71,197 |
Tier 1 Leverage Ratio, Ratio | 8.40% | 9.30% |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Amount | $ 45,757 | $ 38,304 |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Ratio | 5.00% | 5.00% |
Town Bank [Member] | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total Capital to Risk Weighted Assets, Amount | $ 159,508 | $ 130,699 |
Total Capital to Risk Weighted Assets, Ratio | 12.00% | 12.10% |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 133,344 | $ 108,434 |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 10.00% | 10.00% |
Tier 1 Capital to Risk Weighted Assets, Amount | $ 153,902 | $ 125,716 |
Tier 1 Capital to Risk Weighted Assets, Ratio | 11.50% | 11.60% |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 106,675 | $ 65,061 |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 8.00% | 6.00% |
Common Equity Tier 1 Capital to Risk Weighted Assets, Amount | $ 153,902 | |
Common Equity Tier 1 Capital to Risk Weighted Assets, Ratio | 11.50% | |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 86,674 | |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 6.50% | |
Tier 1 Leverage Ratio, Amount | $ 153,902 | $ 125,716 |
Tier 1 Leverage Ratio, Ratio | 10.30% | 10.10% |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Amount | $ 74,452 | $ 62,283 |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Ratio | 5.00% | 5.00% |
Wheaton Bank [Member] | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total Capital to Risk Weighted Assets, Amount | $ 117,373 | $ 77,366 |
Total Capital to Risk Weighted Assets, Ratio | 11.50% | 11.60% |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 102,479 | $ 66,920 |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 10.00% | 10.00% |
Tier 1 Capital to Risk Weighted Assets, Amount | $ 96,799 | $ 70,632 |
Tier 1 Capital to Risk Weighted Assets, Ratio | 9.50% | 10.60% |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 81,983 | $ 40,152 |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 8.00% | 6.00% |
Common Equity Tier 1 Capital to Risk Weighted Assets, Amount | $ 96,799 | |
Common Equity Tier 1 Capital to Risk Weighted Assets, Ratio | 9.50% | |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 66,611 | |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 6.50% | |
Tier 1 Leverage Ratio, Amount | $ 96,799 | $ 70,632 |
Tier 1 Leverage Ratio, Ratio | 8.10% | 8.80% |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Amount | $ 59,482 | $ 40,152 |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Ratio | 5.00% | 5.00% |
State Bank Of The Lakes [Member] | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total Capital to Risk Weighted Assets, Amount | $ 89,488 | $ 78,048 |
Total Capital to Risk Weighted Assets, Ratio | 11.10% | 11.60% |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 80,923 | $ 67,272 |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 10.00% | 10.00% |
Tier 1 Capital to Risk Weighted Assets, Amount | $ 76,609 | $ 69,176 |
Tier 1 Capital to Risk Weighted Assets, Ratio | 9.50% | 10.30% |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 64,738 | $ 40,363 |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 8.00% | 6.00% |
Common Equity Tier 1 Capital to Risk Weighted Assets, Amount | $ 76,609 | |
Common Equity Tier 1 Capital to Risk Weighted Assets, Ratio | 9.50% | |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 52,600 | |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 6.50% | |
Tier 1 Leverage Ratio, Amount | $ 76,609 | $ 69,176 |
Tier 1 Leverage Ratio, Ratio | 8.30% | 8.40% |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Amount | $ 46,001 | $ 41,382 |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Ratio | 5.00% | 5.00% |
Old Plank Trail Bank [Member] | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total Capital to Risk Weighted Assets, Amount | $ 110,058 | $ 100,082 |
Total Capital to Risk Weighted Assets, Ratio | 11.30% | 12.40% |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 97,223 | $ 80,420 |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 10.00% | 10.00% |
Tier 1 Capital to Risk Weighted Assets, Amount | $ 100,506 | $ 96,689 |
Tier 1 Capital to Risk Weighted Assets, Ratio | 10.30% | 12.00% |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 77,778 | $ 48,252 |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 8.00% | 6.00% |
Common Equity Tier 1 Capital to Risk Weighted Assets, Amount | $ 100,506 | |
Common Equity Tier 1 Capital to Risk Weighted Assets, Ratio | 10.30% | |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 63,195 | |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 6.50% | |
Tier 1 Leverage Ratio, Amount | $ 100,506 | $ 96,689 |
Tier 1 Leverage Ratio, Ratio | 8.50% | 8.40% |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Amount | $ 59,383 | $ 57,717 |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Ratio | 5.00% | 5.00% |
St. Charles Bank [Member] | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total Capital to Risk Weighted Assets, Amount | $ 81,524 | $ 71,123 |
Total Capital to Risk Weighted Assets, Ratio | 11.20% | 11.10% |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 72,812 | $ 63,912 |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 10.00% | 10.00% |
Tier 1 Capital to Risk Weighted Assets, Amount | $ 75,348 | $ 67,588 |
Tier 1 Capital to Risk Weighted Assets, Ratio | 10.40% | 10.60% |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 58,250 | $ 38,347 |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 8.00% | 6.00% |
Common Equity Tier 1 Capital to Risk Weighted Assets, Amount | $ 75,348 | |
Common Equity Tier 1 Capital to Risk Weighted Assets, Ratio | 10.40% | |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 47,328 | |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio | 6.50% | |
Tier 1 Leverage Ratio, Amount | $ 75,348 | $ 67,588 |
Tier 1 Leverage Ratio, Ratio | 9.40% | 9.80% |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Amount | $ 39,942 | $ 34,504 |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Ratio | 5.00% | 5.00% |
Regulatory Matters (Narrative)
Regulatory Matters (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |||
Cash dividends paid to parent Company by consolidated subsidiaries | $ 22.2 | $ 77 | $ 112.8 |
Amount available to be paid as dividends without prior regulatory approval | $ 70.2 | ||
Minimum ratio of qualifying total capital to risk-weighted assets | 8.00% | ||
Common Equity Tier 1 capital required for capital adequacy to risk weighted assets | 4.50% | ||
Tier 1 risk based capital required for capital adequacy to risk weighted assets | 6.00% | ||
Tier 1 leverage capital required for capital adequacy to average assets | 4.00% | ||
Ratios required for the banks to be well capitalized, Total Capital to Risk-Weighted Assets | 10.00% | ||
Ratios required for the banks to be well capitalized, Tier1 Capital to Risk-Weighted Assets | 8.00% | ||
Ratio required for the banks to be well capitalized, Common Equity Tier 1 Capital to Risk-Weighted Assets | 6.50% | ||
Ratios required for the banks to be well capitalized, Tier 1 Leverage Ratio | 5.00% | ||
Federal Reserve Bank | |||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |||
Cash reserve requirement | $ 412.7 | $ 291 |
Commitments And Contingencies (
Commitments And Contingencies (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Commitments And Contingencies [Line Items] | |||
Letters of credit outstanding, amount | $ 176,100,000 | $ 175,700,000 | |
Mortgage loans sold | 3,971,724,000 | 3,241,489,000 | $ 3,862,030,000 |
Additional amount related to loss indemnification claims for residential mortgage loans previously sold to investors | 4,000,000 | 3,100,000 | |
Losses charged against indemnification liability | 1,100,000 | 435,000 | |
Customer balances maintained by clearing broker and subject to indemnification | 26,700,000 | ||
Commitments to extend credit | |||
Commitments And Contingencies [Line Items] | |||
Derivative, notional amount | 473,400,000 | 427,400,000 | |
Forward commitments to sell mortgage loans | |||
Commitments And Contingencies [Line Items] | |||
Derivative, notional amount | 753,900,000 | 753,900,000 | $ 575,400,000 |
Commercial, Commercial Real Estate And Construction Loans [Member] | |||
Commitments And Contingencies [Line Items] | |||
Loans and leases receivable, commitments | 3,700,000,000 | 3,100,000,000 | |
Home equity | |||
Commitments And Contingencies [Line Items] | |||
Loans and leases receivable, commitments | $ 855,100,000 | $ 744,300,000 |
Derivative Financial Instrum113
Derivative Financial Instruments (Interest Rate Cap Derivative Summary) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Interest Rate Cap Two Hundred Fifteen Million Notional May Two Thousand Sixteen Maturity [Member] | Not designed as hedging instrument | |
Interest Rate Cap Derivative Summary [Line Items] | |
Derivative, maturity date | May 3, 2016 |
Derivative, notional amount | $ 215,000 |
Interest Rate Derivatives, at Fair Value, Net | $ 0 |
Interest Rate Cap Two Hundred Sixteen Million Five Hundred Thousand Notional August Two Thousand Sixteen Maturity [Member] | Cash flow hedging | Designated as hedging instrument | |
Interest Rate Cap Derivative Summary [Line Items] | |
Derivative, maturity date | Aug. 29, 2016 |
Derivative, notional amount | $ 216,500 |
Interest Rate Derivatives, at Fair Value, Net | $ 3 |
Interest Rate Cap Fifty Six Million Five Hundred Thousand Notional August Two Thousand Sixteen Maturity [Member] | Not designed as hedging instrument | |
Interest Rate Cap Derivative Summary [Line Items] | |
Derivative, maturity date | Aug. 22, 2016 |
Derivative, notional amount | $ 56,500 |
Interest Rate Derivatives, at Fair Value, Net | $ 2 |
Interest Rate Cap Forty Three Million Five Hundred Thousand Notional August Two Thousand Sixteen Maturity [Member] | Cash flow hedging | Designated as hedging instrument | |
Interest Rate Cap Derivative Summary [Line Items] | |
Derivative, maturity date | Aug. 22, 2016 |
Derivative, notional amount | $ 43,500 |
Interest Rate Derivatives, at Fair Value, Net | $ 1 |
Interest Rate Cap One Hundred Million Notional March Two Thousand Seventeen Maturity [Member] | Not designed as hedging instrument | |
Interest Rate Cap Derivative Summary [Line Items] | |
Derivative, maturity date | Mar. 21, 2017 |
Derivative, notional amount | $ 100,000 |
Interest Rate Derivatives, at Fair Value, Net | $ 80 |
Interest Rate Cap Seventy Five Million Notional November Two Thousand Sixteen Maturity [Member] | Not designed as hedging instrument | |
Interest Rate Cap Derivative Summary [Line Items] | |
Derivative, maturity date | Nov. 16, 2016 |
Derivative, notional amount | $ 75,000 |
Interest Rate Derivatives, at Fair Value, Net | $ 14 |
Interest Rate Cap Fifty Million Notional September Two Thousand Seventeen Maturity [Member] | Cash flow hedging | Designated as hedging instrument | |
Interest Rate Cap Derivative Summary [Line Items] | |
Derivative, maturity date | Sep. 15, 2017 |
Derivative, notional amount | $ 50,000 |
Interest Rate Derivatives, at Fair Value, Net | $ 128 |
Interest Rate Cap Forty Million Notional September Two Thousand Seventeen Maturity [Member] | Cash flow hedging | Designated as hedging instrument | |
Interest Rate Cap Derivative Summary [Line Items] | |
Derivative, maturity date | Sep. 30, 2017 |
Derivative, notional amount | $ 40,000 |
Interest Rate Derivatives, at Fair Value, Net | 110 |
Total Interest Rate Cap [Member] | |
Interest Rate Cap Derivative Summary [Line Items] | |
Derivative, notional amount | 796,500 |
Interest Rate Derivatives, at Fair Value, Net | 338 |
Total Interest Rate Cap [Member] | Cash flow hedging | Designated as hedging instrument | |
Interest Rate Cap Derivative Summary [Line Items] | |
Derivative, notional amount | 350,000 |
Interest Rate Derivatives, at Fair Value, Net | $ 242 |
Derivative Financial Instrum114
Derivative Financial Instruments (Schedule of Fair Value of Derivative Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Derivative [Line Items] | ||
Derivative Assets | $ 42,779 | $ 37,841 |
Derivative liabilities | 42,458 | 36,921 |
Other Assets | ||
Derivative [Line Items] | ||
Derivative Assets | 51,298 | 47,964 |
Other Assets | Designated as hedging instrument | ||
Derivative [Line Items] | ||
Derivative Assets | 269 | 1,442 |
Other Assets | Not designed as hedging instrument | ||
Derivative [Line Items] | ||
Derivative Assets | 51,029 | 46,522 |
Other Assets | Not designed as hedging instrument | Interest Rate Derivatives | ||
Derivative [Line Items] | ||
Derivative Assets | 42,510 | 36,399 |
Other Assets | Not designed as hedging instrument | Interest Rate Lock Commitments | ||
Derivative [Line Items] | ||
Derivative Assets | 7,401 | 10,028 |
Other Assets | Not designed as hedging instrument | Forward commitments to sell mortgage loans | ||
Derivative [Line Items] | ||
Derivative Assets | 745 | 23 |
Other Assets | Not designed as hedging instrument | Foreign Exchange Contract | ||
Derivative [Line Items] | ||
Derivative Assets | 373 | 72 |
Other Liabilities | ||
Derivative [Line Items] | ||
Derivative liabilities | 45,019 | 41,180 |
Other Liabilities | Designated as hedging instrument | ||
Derivative [Line Items] | ||
Derivative liabilities | 989 | 1,994 |
Other Liabilities | Not designed as hedging instrument | ||
Derivative [Line Items] | ||
Derivative liabilities | 44,030 | 39,186 |
Other Liabilities | Not designed as hedging instrument | Interest Rate Derivatives | ||
Derivative [Line Items] | ||
Derivative liabilities | 41,469 | 34,927 |
Other Liabilities | Not designed as hedging instrument | Interest Rate Lock Commitments | ||
Derivative [Line Items] | ||
Derivative liabilities | 171 | 20 |
Other Liabilities | Not designed as hedging instrument | Forward commitments to sell mortgage loans | ||
Derivative [Line Items] | ||
Derivative liabilities | 2,275 | 4,239 |
Other Liabilities | Not designed as hedging instrument | Foreign Exchange Contract | ||
Derivative [Line Items] | ||
Derivative liabilities | 115 | 0 |
Cash flow hedging | Other Assets | Designated as hedging instrument | Interest Rate Derivatives | ||
Derivative [Line Items] | ||
Derivative Assets | 242 | 1,390 |
Cash flow hedging | Other Liabilities | Designated as hedging instrument | Interest Rate Derivatives | ||
Derivative [Line Items] | ||
Derivative liabilities | 846 | 1,994 |
Fair value hedging | Other Assets | Designated as hedging instrument | Interest Rate Derivatives | ||
Derivative [Line Items] | ||
Derivative Assets | 27 | 52 |
Fair value hedging | Other Liabilities | Designated as hedging instrument | Interest Rate Derivatives | ||
Derivative [Line Items] | ||
Derivative liabilities | $ 143 | $ 0 |
Derivative Financial Instrum115
Derivative Financial Instruments (Schedule of Cash Flow Hedging Derivatives) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Total Interest Rate Cap [Member] | |
Derivative [Line Items] | |
Fair Value Gain (Loss) | $ 338 |
Derivative, notional amount | 796,500 |
Cash flow hedging | Interest Rate Swap Fifty Million Notional September Two Thousand Sixteen Maturity [Member] | Designated as hedging instrument | |
Derivative [Line Items] | |
Fair Value Gain (Loss) | (548) |
Derivative, notional amount | 50,000 |
Cash flow hedging | Interest Rate Swap Twenty Five Million Notional October Two Thousand Sixteen Maturity [Member] | Designated as hedging instrument | |
Derivative [Line Items] | |
Fair Value Gain (Loss) | (298) |
Derivative, notional amount | 25,000 |
Cash flow hedging | Total Interest Rate Swaps [Member] | Designated as hedging instrument | |
Derivative [Line Items] | |
Fair Value Gain (Loss) | (846) |
Derivative, notional amount | 75,000 |
Cash flow hedging | Interest Rate Cap Forty Three Million Five Hundred Thousand Notional August Two Thousand Sixteen Maturity [Member] | Designated as hedging instrument | |
Derivative [Line Items] | |
Fair Value Gain (Loss) | 1 |
Derivative, notional amount | 43,500 |
Cash flow hedging | Interest Rate Cap Two Hundred Sixteen Million Five Hundred Thousand Notional August Two Thousand Sixteen Maturity [Member] | Designated as hedging instrument | |
Derivative [Line Items] | |
Fair Value Gain (Loss) | 3 |
Derivative, notional amount | 216,500 |
Cash flow hedging | Interest Rate Cap Fifty Million Notional September Two Thousand Seventeen Maturity [Member] | Designated as hedging instrument | |
Derivative [Line Items] | |
Fair Value Gain (Loss) | 128 |
Derivative, notional amount | 50,000 |
Cash flow hedging | Interest Rate Cap Forty Million Notional September Two Thousand Seventeen Maturity [Member] | Designated as hedging instrument | |
Derivative [Line Items] | |
Fair Value Gain (Loss) | 110 |
Derivative, notional amount | 40,000 |
Cash flow hedging | Total Interest Rate Cap [Member] | Designated as hedging instrument | |
Derivative [Line Items] | |
Fair Value Gain (Loss) | 242 |
Derivative, notional amount | 350,000 |
Cash flow hedging | Interest rate swaps and caps | Designated as hedging instrument | |
Derivative [Line Items] | |
Fair Value Gain (Loss) | (604) |
Derivative, notional amount | $ 425,000 |
Derivative Financial Instrum116
Derivative Financial Instruments (Rollforward of Amounts in Accumulated Other Comprehensive Income Related to Interest Rate Swaps Designated as Cash Flow Hedges) (Details) - Interest Rate Contract - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
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 deposits and junior subordinated debentures | 2,082 | 1,974 |
Amount of loss recognized in other comprehensive income | (1,549) | (2,065) |
Unrealized loss at end of period | $ (3,529) | $ (4,062) |
Derivative Financial Instrum117
Derivative Financial Instruments (Derivatives Used to Hedge Changes in Fair Value Attributable to Interest Rate Risk) (Details) - Fair value hedging - Designated as hedging instrument - Interest Rate Contract - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain or (Loss) Recognized in Income on Derivative | $ (168) | $ (53) |
Amount of Gain or (Loss) Recognized in Income on Hedged Item | 152 | 48 |
Income Statement Gain/(Loss) due to Hedge Ineffectiveness | $ (16) | $ (5) |
Derivative Financial Instrum118
Derivative Financial Instruments (Summary Amounts Included in Consolidated Statement of Income Related to Derivatives) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Interest rate swaps and caps | Trading Revenue | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Income related to derivative instruments not designated in hedge relationships | $ (454) | $ (1,675) |
Mortgage Banking Derivatives | Mortgage Banking Revenue | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Income related to derivative instruments not designated in hedge relationships | (299) | (2,012) |
Call Options Written | Fees From Covered Call Options | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Income related to derivative instruments not designated in hedge relationships | 15,364 | 7,859 |
Foreign Exchange Contract | Trading Revenue | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Income related to derivative instruments not designated in hedge relationships | $ 186 | $ 68 |
Derivative Financial Instrum119
Derivative Financial Instruments (Derivative Asset and Liability Balance Sheet Offsetting) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative Asset [Abstract] | |||
Derivative Asset, Fair Value, Gross Asset | $ 42,779 | $ 37,841 | |
Derivative Asset, Fair Value, Gross Liability | 0 | 0 | |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 42,779 | 37,841 | |
Derivative Asset, Fair Value, Gross Liability Not Offset in the Statement of Financial Condition | (753) | (2,771) | |
Derivative, Collateral, Obligation to Return Securities | [1] | 0 | 0 |
Derivative assets | 42,026 | 35,070 | |
Derivative Liability [Abstract] | |||
Derivative Liability, Fair Value, Gross Liability | 42,458 | 36,921 | |
Derivative Liability, Fair Value, Gross Asset | 0 | 0 | |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 42,458 | 36,921 | |
Derivative Liability, Fair Value, Gross Asset Not Offset in the Statement of Financial Condition | (753) | (2,771) | |
Derivative, Collateral, Right to Reclaim Securities | [1] | (41,705) | (34,150) |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 0 | 0 | |
Security Owned and Pledged as Collateral, Fair Value | $ 45,500 | $ 43,800 | |
[1] | As of December 31, 2015 and 2014, the Company posted collateral of $45.5 million and $43.8 million, respectively which resulted in excess collateral with its counterparties. For purposes of this disclosure, the amount of posted collateral is limited to the amount offsetting the derivative liability. |
Derivative Financial Instrum120
Derivative Financial Instruments (Narrative) (Details) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2013 | Dec. 31, 2015USD ($)contractsderivative_instruments | Dec. 31, 2014USD ($)derivative_instruments | Dec. 31, 2013USD ($) | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount reclassified from accumulated other comprehensive income to interest expense | $ 2,600,000 | |||
Basis Amortization of Hedged item no longer in a Hedging Relationship | 172,000 | $ 172,000 | ||
Mortgage loans held-for-sale | 388,038,000 | 351,290,000 | ||
Derivative, Net Liability Position, Aggregate Fair Value | 43,300,000 | |||
Forward commitments to sell mortgage loans | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, notional amount | 753,900,000 | $ 753,900,000 | $ 575,400,000 | |
Interest Rate Lock Commitments | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, notional amount | 326,700,000 | |||
Foreign Exchange Contract | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, notional amount | $ 22,000,000 | |||
Call Options Written | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Number of Instruments Held | derivative_instruments | 0 | 0 | ||
Not designed as hedging instrument | Interest rate cap | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Number of interest rate derivatives held | contracts | 4 | |||
Derivative, notional amount | $ 446,500,000 | |||
Not designed as hedging instrument | Interest Rate Contract | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, notional amount | $ 3,400,000,000 | |||
Minimum | Not designed as hedging instrument | Interest Rate Contract | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Lower Remaining Maturity Range | Jan. 31, 2016 | |||
Maximum | Not designed as hedging instrument | Interest Rate Contract | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Lower Remaining Maturity Range | Feb. 28, 2045 | |||
Cash flow hedging | Designated as hedging instrument | Interest Rate Contract | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) on Cash Flow Hedge Ineffectiveness, Net | $ 0 | $ 0 | ||
Fair value hedging | Designated as hedging instrument | Interest rate swap | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Number of interest rate derivatives held | derivative_instruments | 4 | |||
Derivative, notional amount | $ 16,400,000 | |||
Fair value hedging | Designated as hedging instrument | Interest Rate Contract | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Fair value of derivatives, hedge ineffectiveness | $ 16,000 | $ 5,000 | ||
Cash flow hedge of variable rate deposits [Member] | Cash flow hedging | Designated as hedging instrument | Interest rate cap | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Number of interest rate derivatives held | derivative_instruments | 2 | |||
Interest Rate Cap Two Hundred Sixteen Million Five Hundred Thousand Notional August Two Thousand Sixteen Maturity [Member] | Cash flow hedging | Designated as hedging instrument | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, notional amount | $ 216,500,000 | |||
Derivative, Lower Remaining Maturity Range | Aug. 29, 2016 | |||
Interest Rate Cap Forty Three Million Five Hundred Thousand Notional August Two Thousand Sixteen Maturity [Member] | Cash flow hedging | Designated as hedging instrument | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, notional amount | $ 43,500,000 | |||
Derivative, Lower Remaining Maturity Range | Aug. 22, 2016 | |||
Cash flow hedge of junior subordinated debentures | Cash flow hedging | Designated as hedging instrument | Interest rate swap | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Number of interest rate derivatives held | derivative_instruments | 2 | |||
Derivative, Lower Remaining Maturity Range | Sep. 30, 2013 | |||
Cash flow hedge of junior subordinated debentures | Cash flow hedging | Designated as hedging instrument | Interest rate cap | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Number of interest rate derivatives held | derivative_instruments | 2 | |||
Derivative, notional amount | $ 90,000,000 | |||
Cash flow hedge of junior subordinated debentures | Cash flow hedging | Designated as hedging instrument | Interest rate swaps and caps | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, notional amount | 225,000,000 | |||
FairValueHedgeInterestRateRiskAssociatedWithAnEmbeddedCapInFloatingRateLoans [Member] | Not designed as hedging instrument | Interest rate cap | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, notional amount | $ 96,500,000 |
Fair Value of Assets and Lia121
Fair Value of Assets and Liabilities (Summary of Balances of Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale Securities | $ 1,716,388 | $ 1,792,078 | ||
Trading account securities | 448 | 1,206 | ||
Mortgage loans held-for-sale | 388,038 | 351,290 | ||
Mortgage servicing rights | 9,092 | 8,435 | $ 8,946 | $ 6,750 |
Derivative assets | 42,779 | 37,841 | ||
Derivative liabilities | 42,458 | 36,921 | ||
U.S. Treasury | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale Securities | 306,729 | 381,805 | ||
US Government agencies | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale Securities | 70,236 | 668,316 | ||
Municipal | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale Securities | 108,595 | 238,529 | ||
Mortgage-backed | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale Securities | 1,092,597 | 318,710 | ||
Equity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale Securities | 56,686 | 51,139 | ||
Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading account securities | 448 | 1,206 | ||
Mortgage loans held-for-sale | 388,038 | 351,290 | ||
Mortgage servicing rights | 9,092 | 8,435 | ||
Nonqualified deferred compensation assets | 8,517 | 7,951 | ||
Derivative assets | 51,298 | 47,964 | ||
Total | 2,173,781 | 2,208,924 | ||
Derivative liabilities | 45,019 | 41,180 | ||
Fair Value, Measurements, Recurring | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading account securities | 448 | 1,206 | ||
Mortgage loans held-for-sale | 388,038 | 351,290 | ||
Mortgage servicing rights | 0 | 0 | ||
Nonqualified deferred compensation assets | 8,517 | 7,951 | ||
Derivative assets | 51,298 | 47,964 | ||
Total | 2,070,877 | 2,117,825 | ||
Derivative liabilities | 45,019 | 41,180 | ||
Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading account securities | 0 | 0 | ||
Mortgage loans held-for-sale | 0 | 0 | ||
Mortgage servicing rights | 9,092 | 8,435 | ||
Nonqualified deferred compensation assets | 0 | 0 | ||
Derivative assets | 0 | 0 | ||
Total | 102,904 | 91,099 | ||
Derivative liabilities | 0 | 0 | ||
Fair Value, Measurements, Recurring | U.S. Treasury | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale Securities | 306,729 | 381,805 | ||
Fair Value, Measurements, Recurring | U.S. Treasury | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale Securities | 306,729 | 381,805 | ||
Fair Value, Measurements, Recurring | U.S. Treasury | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale Securities | 0 | 0 | ||
Fair Value, Measurements, Recurring | US Government agencies | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale Securities | 70,236 | 668,316 | ||
Fair Value, Measurements, Recurring | US Government agencies | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale Securities | 70,236 | 668,316 | ||
Fair Value, Measurements, Recurring | US Government agencies | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale Securities | 0 | 0 | ||
Fair Value, Measurements, Recurring | Municipal | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale Securities | 108,595 | 238,529 | ||
Fair Value, Measurements, Recurring | Municipal | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale Securities | 39,982 | 179,576 | ||
Fair Value, Measurements, Recurring | Municipal | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale Securities | 68,613 | 58,953 | ||
Fair Value, Measurements, Recurring | Corporate notes | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale Securities | 81,545 | 133,579 | ||
Fair Value, Measurements, Recurring | Corporate notes | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale Securities | 81,545 | 133,579 | ||
Fair Value, Measurements, Recurring | Corporate notes | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale Securities | 0 | 0 | ||
Fair Value, Measurements, Recurring | Mortgage-backed | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale Securities | 1,092,597 | 318,710 | ||
Fair Value, Measurements, Recurring | Mortgage-backed | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale Securities | 1,092,597 | 318,710 | ||
Fair Value, Measurements, Recurring | Mortgage-backed | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale Securities | 0 | 0 | ||
Fair Value, Measurements, Recurring | Equity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale Securities | 56,686 | 51,139 | ||
Fair Value, Measurements, Recurring | Equity securities | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale Securities | 31,487 | 27,428 | ||
Fair Value, Measurements, Recurring | Equity securities | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale Securities | $ 25,199 | $ 23,711 |
Fair Value of Assets and Lia122
Fair Value of Assets and Liabilities (Summary of Changes in Level Three Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Beginning Balance | $ 8,435 | ||||
Ending Balance | $ 8,435 | ||||
Mortgage Servicing Rights | |||||
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 | 657 | [1] | (1,214) | [2] | |
Purchases | 703 | ||||
Issuances | 0 | ||||
Sales | 0 | ||||
Ending Balance | 9,092 | 8,435 | |||
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 | (1,198) | 202 | |||
Purchases | 33,998 | 27,437 | |||
Issuances | 0 | ||||
Sales | 0 | ||||
Settlements | (23,140) | (13,954) | |||
Net transfers into (out of) Level 3 | [3] | 8,882 | |||
Ending Balance | 68,613 | 58,953 | |||
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 | 1,488 | 1,548 | |||
Issuances | 0 | ||||
Sales | 0 | ||||
Ending Balance | $ 25,199 | $ 23,711 | |||
[1] | Changes in the balance of mortgage servicing rights are recorded as a component of mortgage banking revenue in non-interest income. | ||||
[2] | Changes in the balance of mortgage servicing rights are recorded as a component of mortgage banking revenue in non-interest income. | ||||
[3] | Transfers into Level 3 relate to a reclassification of municipal bonds in the third quarter of 2014. |
Fair Value of Assets and Lia123
Fair Value of Assets and Liabilities (Summary of Assets Measured at Fair Value on a Nonrecurring Basis) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans | [1] | $ 101,255 | $ 127,412 |
Impaired loans, fair value losses (gains) recognized | 14,571 | ||
Real estate acquired through oreclosure fair value losses recognized | [2] | 7,154 | |
Fair value losses (gains) recognized | 21,725 | ||
Fair Value, Measurements, Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans | 65,626 | ||
Other real estate owned | 65,328 | ||
Fair value of assets measured on nonrecurring basis | 130,954 | ||
Fair Value, Measurements, Nonrecurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans | 0 | ||
Other real estate owned | 0 | ||
Fair value of assets measured on nonrecurring basis | 0 | ||
Fair Value, Measurements, Nonrecurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans | 0 | ||
Other real estate owned | 0 | ||
Fair value of assets measured on nonrecurring basis | 0 | ||
Fair Value, Measurements, Nonrecurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans | 65,626 | ||
Other real estate owned | 65,328 | ||
Fair value of assets measured on nonrecurring basis | $ 130,954 | ||
[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 Value of Assets and Lia124
Fair Value of Assets and Liabilities (Schedule of Valuation Techniques and Significant Unobservable Inputs Used to Measure Both Recurring and Nonrecurring) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 8,435 | |||
Impaired loans | [1] | $ 101,255 | 127,412 | |
Fair Value, Measurements, Nonrecurring | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Impaired loans | 65,626 | |||
Other real estate owned | 65,328 | |||
Fair Value, Measurements, Nonrecurring | Level 3 | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Impaired loans | 65,626 | |||
Other real estate owned | 65,328 | |||
Municipal | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 68,613 | 58,953 | $ 36,386 | |
Municipal | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
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 | |||
Equity securities | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 25,199 | 23,711 | 22,163 | |
Equity securities | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Valuation Methodology | Discounted cash flows | |||
Significant Unobservable Input | Discount rate | |||
Range of Inputs | 1.85%-2.12% | |||
Weighted Average of Inputs | 2.01% | |||
Impact to Valuation from an Increased or HIgher Input Value | Decrease | |||
Other Real Estate Owned | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Fair value inputs, discount for lack of marketability | 10.00% | |||
Other Real Estate Owned | Fair Value, Measurements, Nonrecurring | Level 3 | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Valuation Methodology | Appraisal value | |||
Significant Unobservable Input | Appraisal adjustment - cost of sale | |||
Range of Inputs | 0.1 | |||
Weighted Average of Inputs | 10.00% | |||
Impact to Valuation from an Increased or HIgher Input Value | Decrease | |||
Impaired Loans | Fair Value, Measurements, Nonrecurring | Level 3 | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Valuation Methodology | Appraisal value | |||
Significant Unobservable Input | Appraisal adjustment - cost of sale | |||
Range of Inputs | 0.1 | |||
Weighted Average of Inputs | 10.00% | |||
Impact to Valuation from an Increased or HIgher Input Value | Decrease | |||
Minimum | Equity securities | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Range of Inputs - Discount Rate | 1.85% | |||
Minimum | Other Real Estate Owned | Fair Value, Measurements, Nonrecurring | Level 3 | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Fair value inputs, discount for lack of marketability | 10.00% | |||
Minimum | Impaired Loans | Fair Value, Measurements, Nonrecurring | Level 3 | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Fair value inputs, discount for lack of marketability | 10.00% | |||
Maximum | Equity securities | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Range of Inputs - Discount Rate | 2.12% | |||
Maximum | Other Real Estate Owned | Fair Value, Measurements, Nonrecurring | Level 3 | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Fair value inputs, discount for lack of marketability | 10.00% | |||
Maximum | Impaired Loans | Fair Value, Measurements, Nonrecurring | Level 3 | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Fair value inputs, discount for lack of marketability | 10.00% | |||
Mortgage Servicing Rights Prepayment Rate Input | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Significant Unobservable Input | Constant prepayment rate (CPR) | |||
Range of Inputs | 8%-26% | |||
Weighted Average of Inputs | 11.77% | |||
Impact to Valuation from an Increased or HIgher Input Value | Decrease | |||
Mortgage Servicing Rights Discount Rate Input | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Significant Unobservable Input | Discount rate | |||
Range of Inputs | 9%-13% | |||
Weighted Average of Inputs | 9.13% | |||
Impact to Valuation from an Increased or HIgher Input Value | Decrease | |||
Mortgage Servicing Rights | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 9,092 | $ 8,435 | $ 8,946 | |
Mortgage Servicing Rights | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Valuation Methodology | Discounted cash flows | |||
Mortgage Servicing Rights | Minimum | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Range of Inputs - Discount Rate | 9.00% | |||
Range of Inputs - Prepayment Rate | 8.00% | |||
Mortgage Servicing Rights | Maximum | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Range of Inputs - Discount Rate | 13.00% | |||
Range of Inputs - Prepayment Rate | 26.00% | |||
[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. |
Fair Value of Assets and Lia125
Fair Value of Assets and Liabilities (Summary of Carrying Amounts and Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Interest bearing deposits with banks | $ 607,782 | $ 998,437 | ||
Available-for-sale securities, at fair value | 1,716,388 | 1,792,078 | ||
Held-to-maturity securities | 884,826 | 0 | ||
Trading account securities | 448 | 1,206 | ||
Federal Home Loan Bank and Federal Reserve Bank stock, at cost | 101,581 | 91,582 | ||
Brokerage customer receivables | 27,631 | 24,221 | ||
Mortgage loans held-for-sale | 388,038 | 351,290 | ||
Mortgage servicing rights | 9,092 | 8,435 | $ 8,946 | $ 6,750 |
Derivative assets | 42,026 | 35,070 | ||
FDIC indemnification asset | 0 | 11,846 | $ 85,672 | |
Accrued interest receivable and other | 604,917 | 501,456 | ||
Federal Home Loan Bank advances | 859,876 | 733,050 | ||
Other borrowings | 266,019 | 196,465 | ||
Subordinated notes | 140,000 | 140,000 | $ 75,000 | |
Junior subordinated debentures | 268,566 | 249,493 | ||
Derivative liabilities | 42,458 | 36,921 | ||
Carrying Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 275,795 | 230,707 | ||
Interest bearing deposits with banks | 607,782 | 998,437 | ||
Available-for-sale securities, at fair value | 1,716,388 | 1,792,078 | ||
Held-to-maturity securities | 884,826 | 0 | ||
Trading account securities | 448 | 1,206 | ||
Federal Home Loan Bank and Federal Reserve Bank stock, at cost | 101,581 | 91,582 | ||
Brokerage customer receivables | 27,631 | 24,221 | ||
Mortgage loans held-for-sale | 388,038 | 351,290 | ||
Total Loans | 17,266,790 | 14,636,107 | ||
Mortgage servicing rights | 9,092 | 8,435 | ||
Nonqualified deferred compensation assets | 8,517 | 7,951 | ||
Derivative assets | 51,298 | 47,964 | ||
FDIC indemnification asset | 0 | 11,846 | ||
Accrued interest receivable and other | 193,092 | 169,156 | ||
Total financial assets | 21,531,278 | 18,370,980 | ||
Non-maturity deposits | 14,634,957 | 12,142,034 | ||
Deposits with stated maturities | 4,004,677 | 4,139,810 | ||
Federal Home Loan Bank advances | 859,876 | 733,050 | ||
Other borrowings | 266,019 | 196,465 | ||
Subordinated notes | 140,000 | 140,000 | ||
Junior subordinated debentures | 268,566 | 249,493 | ||
Derivative liabilities | 45,019 | 41,180 | ||
Accrued interest payable | 7,394 | 8,001 | ||
Total financial liabilities | 20,226,508 | 17,650,033 | ||
Fair Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 275,795 | 230,707 | ||
Interest bearing deposits with banks | 607,782 | 998,437 | ||
Available-for-sale securities, at fair value | 1,716,388 | 1,792,078 | ||
Held-to-maturity securities | 878,111 | 0 | ||
Trading account securities | 448 | 1,206 | ||
Federal Home Loan Bank and Federal Reserve Bank stock, at cost | 101,581 | 91,582 | ||
Brokerage customer receivables | 27,631 | 24,221 | ||
Mortgage loans held-for-sale | 388,038 | 351,290 | ||
Total Loans | 18,106,829 | 15,346,266 | ||
Mortgage servicing rights | 9,092 | 8,435 | ||
Nonqualified deferred compensation assets | 8,517 | 7,951 | ||
Derivative assets | 51,298 | 47,964 | ||
FDIC indemnification asset | 0 | 11,846 | ||
Accrued interest receivable and other | 193,092 | 169,156 | ||
Total financial assets | 22,364,602 | 19,081,139 | ||
Non-maturity deposits | 14,634,957 | 12,142,034 | ||
Deposits with stated maturities | 3,998,180 | 4,143,161 | ||
Federal Home Loan Bank advances | 863,437 | 738,113 | ||
Other borrowings | 266,019 | 197,883 | ||
Subordinated notes | 140,302 | 143,639 | ||
Junior subordinated debentures | 268,046 | 250,305 | ||
Derivative liabilities | 45,019 | 41,180 | ||
Accrued interest payable | 7,394 | 8,001 | ||
Total financial liabilities | $ 20,223,354 | $ 17,664,316 |
Fair Value of Assets and Lia126
Fair Value of Assets and Liabilities (Narrative) (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale Securities | $ 1,716,388,000 | $ 1,792,078,000 | |||
Mortgage servicing rights | 9,092,000 | 8,435,000 | $ 8,946,000 | $ 6,750,000 | |
Mortgage loans held-for-sale | 388,038,000 | 351,290,000 | |||
Impaired loans | [1] | 101,255,000 | 127,412,000 | ||
Fair value | 8,435,000 | ||||
Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Mortgage servicing rights | 9,092,000 | 8,435,000 | |||
Mortgage loans held-for-sale | 388,038,000 | 351,290,000 | |||
Fair Value, Measurements, Recurring | Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Mortgage servicing rights | 9,092,000 | 8,435,000 | |||
Mortgage loans held-for-sale | 0 | 0 | |||
Fair Value, Measurements, Nonrecurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Impaired loans | 65,626,000 | ||||
Other real estate owned | 65,328,000 | ||||
Fair Value, Measurements, Nonrecurring | Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Impaired loans | 65,626,000 | ||||
Other real estate owned | 65,328,000 | ||||
Municipal | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale Securities | 108,595,000 | 238,529,000 | |||
Fair value | 68,613,000 | 58,953,000 | 36,386,000 | ||
Municipal | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale Securities | 108,595,000 | 238,529,000 | |||
Municipal | Fair Value, Measurements, Recurring | Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale Securities | 68,613,000 | 58,953,000 | |||
Equity securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale Securities | 56,686,000 | 51,139,000 | |||
Fair value | 25,199,000 | 23,711,000 | 22,163,000 | ||
Equity securities | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale Securities | 56,686,000 | 51,139,000 | |||
Equity securities | Fair Value, Measurements, Recurring | Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale Securities | $ 25,199,000 | 23,711,000 | |||
Weighted average of inputs | 2.01% | ||||
Minimum | Equity securities | Fair Value, Measurements, Recurring | Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Discount rate input | 1.85% | ||||
Maximum | Equity securities | Fair Value, Measurements, Recurring | Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Discount rate input | 2.12% | ||||
Weighted Average | Equity securities | Fair Value, Measurements, Recurring | Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Discount rate input | 2.01% | ||||
Mortgage Servicing Rights | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value | $ 9,092,000 | 8,435,000 | $ 8,946,000 | ||
Mortgage Servicing Rights | Minimum | Fair Value, Measurements, Recurring | Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Discount rate input | 9.00% | ||||
Prepayment rate | 8.00% | ||||
Mortgage Servicing Rights | Maximum | Fair Value, Measurements, Recurring | Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Discount rate input | 13.00% | ||||
Prepayment rate | 26.00% | ||||
Mortgage Servicing Rights | Weighted Average | Fair Value, Measurements, Recurring | Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Discount rate input | 9.13% | ||||
Prepayment rate | 11.77% | ||||
Other Real Estate Owned | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value inputs, discount for lack of marketability | 10.00% | ||||
Other Real Estate Owned | Fair Value, Measurements, Nonrecurring | Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Weighted average of inputs | 10.00% | ||||
Other Real Estate Owned | Minimum | Fair Value, Measurements, Nonrecurring | Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value inputs, discount for lack of marketability | 10.00% | ||||
Other Real Estate Owned | Maximum | Fair Value, Measurements, Nonrecurring | Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value inputs, discount for lack of marketability | 10.00% | ||||
Non-performing | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Mortgage loans held-for-sale | $ 0 | 0 | |||
Estimate of Fair Value Measurement [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale Securities | 1,716,388,000 | 1,792,078,000 | |||
Mortgage servicing rights | 9,092,000 | 8,435,000 | |||
Principal amount outstanding on loans held-for-sale or securitization or asset-backed financing arrangement | 372,000,000 | 327,100,000 | |||
Mortgage loans held-for-sale | 388,038,000 | $ 351,290,000 | |||
Valued Using Discounted Cash Flow Model [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Impaired loans | $ 35.7 | ||||
[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. |
Shareholders' Equity (Summary o
Shareholders' Equity (Summary of the Company's Common and Preferred Stock) (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 48,468,894 | 46,881,108 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock | ||
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 48,468,894 | 46,881,108 |
Common stock, shares outstanding | 48,383,279 | 46,805,055 |
Common stock, cash dividend per share | $ 0.44 | $ 0.40 |
Preferred stock | ||
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 5,126,287 | 126,467 |
Preferred stock, shares outstanding | 5,126,287 | 126,467 |
Shareholders' Equity (Aggregate
Shareholders' Equity (Aggregate Fair Values Assigned to Each Component of Tangible Equity Units Offering) (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2010USD ($) | Dec. 07, 2010USD ($)$ / sharesshares | ||
Class of Stock [Line Items] | |||
Units issued | shares | [1] | 4,600 | |
Unit price | $ / shares | $ 50 | ||
Gross proceeds | $ 230,000 | ||
Issuance costs, including discount | $ 7,353 | ||
Net proceeds | $ 222,647 | ||
Tangible Equity Unit Components | 2 | ||
Equity Component | |||
Class of Stock [Line Items] | |||
Units issued | shares | [1] | 4,600 | |
Unit price | $ / shares | $ 40.271818 | ||
Gross proceeds | $ 185,250 | ||
Issuance costs, including discount | $ 5,934 | ||
Net proceeds | 179,316 | ||
Tangible Equity Unit Components | 1 | ||
Debt Component | |||
Class of Stock [Line Items] | |||
Units issued | shares | [1] | 4,600 | |
Unit price | $ / shares | $ 9.728182 | ||
Gross proceeds | $ 44,750 | ||
Issuance costs, including discount | $ 1,419 | ||
Net proceeds | 43,331 | ||
Tangible Equity Unit Components | 1 | ||
Other borrowings | |||
Class of Stock [Line Items] | |||
Net proceeds | 43,331 | ||
Other borrowings | Equity Component | |||
Class of Stock [Line Items] | |||
Net proceeds | 0 | ||
Other borrowings | Debt Component | |||
Class of Stock [Line Items] | |||
Net proceeds | 43,331 | ||
Surplus | |||
Class of Stock [Line Items] | |||
Net proceeds | 179,316 | ||
Surplus | Equity Component | |||
Class of Stock [Line Items] | |||
Net proceeds | 179,316 | ||
Surplus | Debt Component | |||
Class of Stock [Line Items] | |||
Net proceeds | $ 0 | ||
[1] | TEUs consisted of two components: one unit of the equity component and one unit of the debt component. |
Shareholders' Equity (Component
Shareholders' Equity (Components of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Activity Accumulated Other Comprehensive Income [Roll Forward] | |||
Balance at beginning of period | $ (37,332) | $ (63,036) | $ 7,711 |
Other comprehensive income (loss) during the period, net of tax, before reclassification | (26,523) | 24,211 | (75,635) |
Amount reclassified from accumulated other comprehensive income (loss), net of tax | 1,069 | 1,493 | 4,888 |
Amount reclassified from accumulated other comprehensive income related to amortization of unrealized losses on investment securities transferred to held-to-maturity from available-for-sale | 78 | ||
Total other comprehensive (loss) income | (25,376) | 25,704 | (70,747) |
Balance at end of period | (62,708) | (37,332) | (63,036) |
Accumulated Unrealized Losses on Securities | |||
Activity Accumulated Other Comprehensive Income [Roll Forward] | |||
Balance at beginning of period | (9,533) | (53,665) | 6,710 |
Other comprehensive income (loss) during the period, net of tax, before reclassification | (8,023) | 43,828 | (62,182) |
Amount reclassified from accumulated other comprehensive income (loss), net of tax | (196) | 304 | 1,807 |
Amount reclassified from accumulated other comprehensive income related to amortization of unrealized losses on investment securities transferred to held-to-maturity from available-for-sale | 78 | ||
Total other comprehensive (loss) income | (8,141) | 44,132 | (60,375) |
Balance at end of period | (17,674) | (9,533) | (53,665) |
Accumulated Unrealized Losses on Derivative Instruments | |||
Activity Accumulated Other Comprehensive Income [Roll Forward] | |||
Balance at beginning of period | (2,517) | (2,462) | (5,292) |
Other comprehensive income (loss) during the period, net of tax, before reclassification | (941) | (1,244) | (251) |
Amount reclassified from accumulated other comprehensive income (loss), net of tax | 1,265 | 1,189 | 3,081 |
Amount reclassified from accumulated other comprehensive income related to amortization of unrealized losses on investment securities transferred to held-to-maturity from available-for-sale | 0 | ||
Total other comprehensive (loss) income | 324 | (55) | 2,830 |
Balance at end of period | (2,193) | (2,517) | (2,462) |
Accumulated Foreign Currency Translation Adjustments | |||
Activity Accumulated Other Comprehensive Income [Roll Forward] | |||
Balance at beginning of period | (25,282) | (6,909) | 6,293 |
Other comprehensive income (loss) during the period, net of tax, before reclassification | (17,559) | (18,373) | (13,202) |
Amount reclassified from accumulated other comprehensive income (loss), net of tax | 0 | 0 | 0 |
Amount reclassified from accumulated other comprehensive income related to amortization of unrealized losses on investment securities transferred to held-to-maturity from available-for-sale | 0 | ||
Total other comprehensive (loss) income | (17,559) | (18,373) | (13,202) |
Balance at end of period | $ (42,841) | $ (25,282) | $ (6,909) |
Shareholders' Equity (Reclassif
Shareholders' Equity (Reclassification from Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Gains (losses) on available-for-sale securities, net | $ (79) | $ (98) | $ (24) | $ 524 | $ 18 | $ (153) | $ (336) | $ (33) | $ 323 | $ (504) | $ (3,000) |
Income before taxes | 56,408 | 62,197 | 70,126 | 63,035 | 61,802 | 65,258 | 63,031 | 56,340 | 251,765 | 246,431 | 224,440 |
Income tax expense | (20,896) | (23,842) | (26,295) | (23,983) | (23,669) | (25,034) | (24,490) | (21,840) | (95,016) | (95,033) | (87,230) |
Net income | $ 35,512 | $ 38,355 | $ 43,831 | $ 39,052 | $ 38,133 | $ 40,224 | $ 38,541 | $ 34,500 | 156,749 | 151,398 | 137,210 |
Interest on deposits | 48,863 | 48,411 | 53,191 | ||||||||
Interest on junior subordinated debentures | 8,230 | 8,079 | $ 11,369 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated unrealized losses on securities | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Gains (losses) on available-for-sale securities, net | 323 | (504) | |||||||||
Income before taxes | 323 | (504) | |||||||||
Income tax expense | (127) | 200 | |||||||||
Net income | 196 | (304) | |||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated unrealized losses on derivative instruments | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Income before taxes | (2,082) | (1,974) | |||||||||
Income tax expense | 817 | 785 | |||||||||
Net income | (1,265) | (1,189) | |||||||||
Interest on deposits | 252 | 0 | |||||||||
Interest on junior subordinated debentures | $ 1,830 | $ 1,974 |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) - USD ($) | Dec. 15, 2013 | May. 01, 2013 | Mar. 15, 2011 | Dec. 19, 2008 | Jan. 31, 2016 | Jul. 31, 2015 | Jun. 30, 2015 | Jan. 31, 2015 | Jul. 19, 2013 | Mar. 31, 2012 | Aug. 31, 2008 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 | Jun. 25, 2015 | Dec. 07, 2010 |
Shareholders' Equity [Line Items] | ||||||||||||||||||||||||||
Tangible equity units sold (in shares) | 4,600,000 | |||||||||||||||||||||||||
Percentage of tangible equity units sold | 7.50% | |||||||||||||||||||||||||
Tangible equity unit public offering price per unit (in usd per share) | $ 50 | |||||||||||||||||||||||||
Tangible equity unit, net proceeds | $ 222,700,000 | |||||||||||||||||||||||||
Debt instrument, maturity date | Jun. 15, 2020 | |||||||||||||||||||||||||
Debt instrument, frequency of periodic payment | quarterly | annual | ||||||||||||||||||||||||
Common stock, no par value | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||||||||||||||
Cash dividends declared per common share | $ 0.11 | $ 0.11 | $ 0.11 | $ 0.11 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.44 | $ 0.40 | $ 0.18 | |||||||||||||||
Series A preferred stock | ||||||||||||||||||||||||||
Shareholders' Equity [Line Items] | ||||||||||||||||||||||||||
Preferred stock, shares issued | 50,000 | |||||||||||||||||||||||||
Preferred stock, liquidation value (in usd per share) | $ 1,000 | |||||||||||||||||||||||||
Preferred stock, value, issued | $ 50,000,000 | |||||||||||||||||||||||||
Preferred stock, dividend payment terms | quarterly | |||||||||||||||||||||||||
Preferred stock, dividend rate, percentage | 8.00% | |||||||||||||||||||||||||
Convertible preferred stock, terms of conversion | 38.88 | |||||||||||||||||||||||||
Preferred stock, shares converted | 50,000 | |||||||||||||||||||||||||
Common stock, shares, conversion of preferred stock | 1,944,000 | |||||||||||||||||||||||||
Series C preferred stock | ||||||||||||||||||||||||||
Shareholders' Equity [Line Items] | ||||||||||||||||||||||||||
Preferred stock, shares issued | 126,500 | 126,287 | 126,467 | 126,287 | 126,467 | |||||||||||||||||||||
Preferred stock, liquidation value (in usd per share) | $ 1,000 | $ 1,000 | $ 1,000 | $ 1,000 | $ 1,000 | |||||||||||||||||||||
Preferred stock, value, issued | $ 126,500,000 | $ 126,287,000 | $ 126,467,000 | $ 126,287,000 | $ 126,467,000 | |||||||||||||||||||||
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 | 180 | 10 | ||||||||||||||||||||||||
Common stock, shares, conversion of preferred stock | 4,374 | 244 | ||||||||||||||||||||||||
Series D preferred stock | ||||||||||||||||||||||||||
Shareholders' Equity [Line Items] | ||||||||||||||||||||||||||
Preferred stock, shares issued | 5,000,000 | 0 | 5,000,000 | 0 | 5,000,000 | |||||||||||||||||||||
Preferred stock, liquidation value (in usd per share) | $ 25 | $ 0 | $ 25 | $ 0 | $ 25 | |||||||||||||||||||||
Preferred stock, value, issued | $ 125,000,000 | $ 0 | $ 125,000,000 | $ 0 | $ 125,000,000 | |||||||||||||||||||||
Preferred stock, dividend payment terms | quarterly | |||||||||||||||||||||||||
Preferred stock, dividend rate, percentage | 6.50% | |||||||||||||||||||||||||
Preferred stock, dividend rate, percentage, variable spread | 4.06% | |||||||||||||||||||||||||
Community Financial Shares Inc. | ||||||||||||||||||||||||||
Shareholders' Equity [Line Items] | ||||||||||||||||||||||||||
Shares issued in acquisitions | 388,573 | |||||||||||||||||||||||||
Delavan Bancshares | ||||||||||||||||||||||||||
Shareholders' Equity [Line Items] | ||||||||||||||||||||||||||
Shares issued in acquisitions | 422,122 | |||||||||||||||||||||||||
First Lansing Bancorp, Inc. | ||||||||||||||||||||||||||
Shareholders' Equity [Line Items] | ||||||||||||||||||||||||||
Shares issued in acquisitions | 648,286 | |||||||||||||||||||||||||
Junior Subordinated Amortizing Notes | ||||||||||||||||||||||||||
Shareholders' Equity [Line Items] | ||||||||||||||||||||||||||
Debt instrument, maturity date | Dec. 15, 2013 | Dec. 15, 2013 | ||||||||||||||||||||||||
Debt instrument, frequency of periodic payment | quarterly | |||||||||||||||||||||||||
Contractual Rate | 9.50% | |||||||||||||||||||||||||
Debt [Member] | Junior Subordinated Amortizing Notes | ||||||||||||||||||||||||||
Shareholders' Equity [Line Items] | ||||||||||||||||||||||||||
Debt instrument, maturity date | Dec. 15, 2013 | |||||||||||||||||||||||||
Debt instrument, frequency of periodic payment | quarterly | |||||||||||||||||||||||||
Percentage of fair value of debt component quarterly cash payments | 7.50% | |||||||||||||||||||||||||
Discount rate on debt component | 9.50% | |||||||||||||||||||||||||
Junior subordinated amortizing note, initial principal amount | $ 9.728182 | |||||||||||||||||||||||||
Contractual Rate | 9.50% | |||||||||||||||||||||||||
Quarterly installments on amortizing note | $ 0.989583 | $ 0.9375 | ||||||||||||||||||||||||
Equity [Member] | ||||||||||||||||||||||||||
Shareholders' Equity [Line Items] | ||||||||||||||||||||||||||
Debt instrument, maturity date | Dec. 15, 2013 | |||||||||||||||||||||||||
Fair Value Assumptions, Risk Free Interest Rate | 0.95% | |||||||||||||||||||||||||
Percent of dividend yield plus stock borrow cost | 0.85% | |||||||||||||||||||||||||
Fair Value Assumptions, Expected Term | 3 years 7 days | |||||||||||||||||||||||||
Settlement rate | 1.3333 | |||||||||||||||||||||||||
Number of consecutive trading days | 20 days | |||||||||||||||||||||||||
Amount Per Share Reclassified From Surplus To Common Stock | $ 1 | |||||||||||||||||||||||||
Minimum | Equity [Member] | ||||||||||||||||||||||||||
Shareholders' Equity [Line Items] | ||||||||||||||||||||||||||
Fair Value Assumptions, Expected Volatility Rate | 35.00% | |||||||||||||||||||||||||
Maximum | Equity [Member] | ||||||||||||||||||||||||||
Shareholders' Equity [Line Items] | ||||||||||||||||||||||||||
Fair Value Assumptions, Expected Volatility Rate | 45.00% | |||||||||||||||||||||||||
US Treasury | ||||||||||||||||||||||||||
Shareholders' Equity [Line Items] | ||||||||||||||||||||||||||
Warrants outstanding (in shares) | 1,643,295 | 367,432 | 367,432 | |||||||||||||||||||||||
Exercise price of common stock (in usd per share) | $ 22.82 | |||||||||||||||||||||||||
Warrant termination period | 10 years | |||||||||||||||||||||||||
Warrants exercised (in shares) | 569,985 | |||||||||||||||||||||||||
Common stock, shares, issued from exercise of warrant shares | 313,751 | |||||||||||||||||||||||||
Subsequent Event | ||||||||||||||||||||||||||
Shareholders' Equity [Line Items] | ||||||||||||||||||||||||||
Cash dividends declared per common share | $ 0.12 | |||||||||||||||||||||||||
Common stock dividends per share declared annualized (in usd per share) | $ 0.48 | |||||||||||||||||||||||||
Dividends payable, date to be paid | Feb. 25, 2016 | |||||||||||||||||||||||||
Dividends payable, date of record | Feb. 11, 2016 |
Segment Information (Summary Of
Segment Information (Summary Of Certain Operating Information For Reportable Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | $ 167,206 | $ 165,540 | $ 156,892 | $ 151,891 | $ 153,719 | $ 151,670 | $ 149,180 | $ 144,006 | $ 641,529 | $ 598,575 | $ 550,627 |
Provision for credit losses | 9,059 | 8,322 | 9,482 | 6,079 | 6,133 | 5,864 | 6,660 | 1,880 | 32,942 | 20,537 | 46,033 |
Non-interest income | 271,597 | 215,240 | 222,397 | ||||||||
Non-interest expense | 166,829 | 159,974 | 154,297 | 147,318 | 143,441 | 138,500 | 133,591 | 131,315 | 628,419 | 546,847 | 502,551 |
Income tax expense | 20,896 | 23,842 | 26,295 | 23,983 | 23,669 | 25,034 | 24,490 | 21,840 | 95,016 | 95,033 | 87,230 |
Net income | 35,512 | $ 38,355 | $ 43,831 | $ 39,052 | 38,133 | $ 40,224 | $ 38,541 | $ 34,500 | 156,749 | 151,398 | 137,210 |
Total assets at end of year | 22,917,166 | 20,010,727 | 22,917,166 | 20,010,727 | 18,097,783 | ||||||
Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | 625,382 | 582,906 | 536,194 | ||||||||
Provision for credit losses | 32,942 | 20,537 | 46,033 | ||||||||
Non-interest income | 300,369 | 242,229 | 247,030 | ||||||||
Non-interest expense | 641,044 | 558,167 | 512,751 | ||||||||
Income tax expense | 95,016 | 95,033 | 87,230 | ||||||||
Net income | 156,749 | 151,398 | 137,210 | ||||||||
Total assets at end of year | 22,917,166 | 20,010,727 | 22,917,166 | 20,010,727 | 18,097,783 | ||||||
Operating Segments | Community Banking | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | 523,112 | 484,523 | 448,173 | ||||||||
Provision for credit losses | 29,746 | 17,708 | 45,396 | ||||||||
Non-interest income | 191,248 | 136,307 | 150,543 | ||||||||
Non-interest expense | 522,199 | 444,416 | 409,780 | ||||||||
Income tax expense | 60,488 | 60,033 | 55,161 | ||||||||
Net income | 101,927 | 98,673 | 88,379 | ||||||||
Total assets at end of year | 19,251,616 | 16,724,834 | 19,251,616 | 16,724,834 | 15,132,912 | ||||||
Operating Segments | Specialty Finance | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | 85,258 | 82,415 | 73,903 | ||||||||
Provision for credit losses | 3,196 | 2,829 | 637 | ||||||||
Non-interest income | 33,625 | 32,534 | 30,890 | ||||||||
Non-interest expense | 47,245 | 44,320 | 40,529 | ||||||||
Income tax expense | 26,352 | 27,167 | 25,508 | ||||||||
Net income | 42,090 | 40,633 | 38,119 | ||||||||
Total assets at end of year | 3,116,631 | 2,766,017 | 3,116,631 | 2,766,017 | 2,470,832 | ||||||
Operating Segments | Wealth Management | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | 17,012 | 15,968 | 14,118 | ||||||||
Provision for credit losses | 0 | 0 | 0 | ||||||||
Non-interest income | 75,496 | 73,388 | 65,597 | ||||||||
Non-interest expense | 71,600 | 69,431 | 62,442 | ||||||||
Income tax expense | 8,176 | 7,833 | 6,561 | ||||||||
Net income | 12,732 | 12,092 | 10,712 | ||||||||
Total assets at end of year | 548,919 | 519,876 | 548,919 | 519,876 | 494,039 | ||||||
Intersegment Eliminations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | 16,147 | 15,669 | 14,433 | ||||||||
Provision for credit losses | 0 | 0 | 0 | ||||||||
Non-interest income | (28,772) | (26,989) | (24,633) | ||||||||
Non-interest expense | (12,625) | (11,320) | (10,200) | ||||||||
Income tax expense | 0 | 0 | 0 | ||||||||
Net income | 0 | 0 | 0 | ||||||||
Total assets at end of year | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2015segment | |
Segment Reporting Information [Line Items] | |
Number of Reportable Segments | 3 |
Number of bank subsidiaries that management monitors | 15 |
Community Banking | Operating Segments | |
Segment Reporting Information [Line Items] | |
Number of Reportable Segments | 1 |
Condensed Parent Company Fin134
Condensed Parent Company Financial Statements (Statements of Financial Condition) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Assets | ||||
Cash | $ 271,454 | $ 225,136 | ||
Available-for-sale Securities | 1,716,388 | 1,792,078 | ||
Loans, net of unearned income | 17,118,117 | 14,409,398 | ||
Less: Allowance for loan losses | 105,400 | 91,705 | $ 96,922 | |
Goodwill | 471,761 | 405,634 | ||
Total assets | 22,917,166 | 20,010,727 | 18,097,783 | |
Liabilities and Shareholders' Equity | ||||
Subordinated notes | 140,000 | 140,000 | $ 75,000 | |
Other borrowings | 266,019 | 196,465 | ||
Junior subordinated debentures | 268,566 | 249,493 | ||
Shareholders' equity | 2,352,274 | 2,069,822 | $ 1,900,589 | $ 1,804,705 |
Total liabilities and shareholders' equity | 22,917,166 | 20,010,727 | ||
Reportable Legal Entities [Member] | Parent Company [Member] | ||||
Assets | ||||
Cash | 116,889 | 151,303 | ||
Available-for-sale Securities | 12,243 | 10,725 | ||
Investment in and receivable from subsidiaries | 2,600,716 | 2,205,487 | ||
Loans, net of unearned income | 2,820 | 3,993 | ||
Less: Allowance for loan losses | 0 | 972 | ||
Net Loans | 2,820 | 3,021 | ||
Goodwill | 8,371 | 8,371 | ||
Other assets | 149,935 | 119,739 | ||
Total assets | 2,890,974 | 2,498,646 | ||
Liabilities and Shareholders' Equity | ||||
Other liabilities | 44,349 | 20,509 | ||
Subordinated notes | 140,000 | 140,000 | ||
Other borrowings | 85,785 | 18,822 | ||
Junior subordinated debentures | 268,566 | 249,493 | ||
Shareholders' equity | 2,352,274 | 2,069,822 | ||
Total liabilities and shareholders' equity | $ 2,890,974 | $ 2,498,646 |
Condensed Parent Company Fin135
Condensed Parent Company Financial Statements (Statements Of Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income | |||||||||||
Gains (losses) on available-for-sale securities, net | $ (79) | $ (98) | $ (24) | $ 524 | $ 18 | $ (153) | $ (336) | $ (33) | $ 323 | $ (504) | $ (3,000) |
Expenses | |||||||||||
Interest expense | 20,281 | 19,839 | 18,349 | 18,466 | 18,996 | 19,006 | 17,370 | 17,320 | 76,935 | 72,692 | 80,082 |
Salaries and employee benefits | 382,080 | 335,506 | 308,794 | ||||||||
(Loss) income before income taxes and equity in undistributed income of subsidiaries | 56,408 | 62,197 | 70,126 | 63,035 | 61,802 | 65,258 | 63,031 | 56,340 | 251,765 | 246,431 | 224,440 |
Total income tax benefit | (20,896) | (23,842) | (26,295) | (23,983) | (23,669) | (25,034) | (24,490) | (21,840) | (95,016) | (95,033) | (87,230) |
Net income | $ 35,512 | $ 38,355 | $ 43,831 | $ 39,052 | $ 38,133 | $ 40,224 | $ 38,541 | $ 34,500 | 156,749 | 151,398 | 137,210 |
Reportable Legal Entities [Member] | Parent Company [Member] | |||||||||||
Income | |||||||||||
Dividends and other revenue from subsidiaries | 47,639 | 98,296 | 114,241 | ||||||||
Gains (losses) on available-for-sale securities, net | 0 | (33) | 111 | ||||||||
Other income | 796 | 221 | 4,529 | ||||||||
Total income | 48,435 | 98,484 | 118,881 | ||||||||
Expenses | |||||||||||
Interest expense | 16,669 | 12,553 | 13,424 | ||||||||
Salaries and employee benefits | 38,926 | 30,636 | 17,831 | ||||||||
Other expenses | 50,425 | 38,428 | 24,739 | ||||||||
Total expenses | 106,020 | 81,617 | 55,994 | ||||||||
(Loss) income before income taxes and equity in undistributed income of subsidiaries | (57,585) | 16,867 | 62,887 | ||||||||
Total income tax benefit | 30,504 | 22,909 | 18,599 | ||||||||
(Loss) income before equity in undistributed net income of subsidiaries | (27,081) | 39,776 | 81,486 | ||||||||
Equity in undistributed net income of subsidiaries | 183,830 | 111,622 | 55,724 | ||||||||
Net income | $ 156,749 | $ 151,398 | $ 137,210 |
Condensed Parent Company Fin136
Condensed Parent Company Financial Statements (Statements Of Cash Flows) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Activities: | |||||||||||
Net income | $ 35,512 | $ 38,355 | $ 43,831 | $ 39,052 | $ 38,133 | $ 40,224 | $ 38,541 | $ 34,500 | $ 156,749 | $ 151,398 | $ 137,210 |
Adjustments to reconcile net income to net cash provided by (used for) operating activities | |||||||||||
Provision for credit losses | 9,059 | 8,322 | 9,482 | 6,079 | 6,133 | 5,864 | 6,660 | 1,880 | 32,942 | 20,537 | 46,033 |
Losses (gains) on available-for-sale securities, net | 79 | $ 98 | $ 24 | (524) | (18) | $ 153 | $ 336 | 33 | (323) | 504 | 3,000 |
Depreciation and amortization | 36,671 | 32,117 | 26,180 | ||||||||
Deferred income tax expense | 23,054 | 4,125 | 1,539 | ||||||||
Stock-based compensation expense | 9,656 | 7,754 | 6,799 | ||||||||
Excess tax benefits from stock-based compensation arrangements | (744) | (444) | (474) | ||||||||
Increase in other assets | (147,063) | 77,409 | 53,166 | ||||||||
Increase in other liabilities | 292 | (38,902) | (21,749) | ||||||||
Net Cash (Used for) Provided by Operating Activities | 37,952 | 205,623 | 287,209 | ||||||||
Investing Activities: | |||||||||||
Net cash paid for acquisitions, net | (15,428) | 228,946 | (14,491) | ||||||||
Net Cash Used for Investing Activities | (1,641,553) | (1,837,592) | (206,221) | ||||||||
Financing Activities: | |||||||||||
Decrease in other borrowings, net | 44,685 | (58,639) | (22,396) | ||||||||
Proceeds from issuance of subordinated notes, net | 0 | 139,090 | 0 | ||||||||
Repayment of subordinated note | 0 | 0 | (15,000) | ||||||||
Excess tax benefits from stock-based compensation arrangements | 744 | 444 | 474 | ||||||||
Net proceeds from issuance of Series D preferred stock | 120,842 | 0 | 0 | ||||||||
Issuance of common shares resulting from exercise of stock options, employee stock purchase plan and conversion of common stock warrants | 16,119 | 10,453 | 19,113 | ||||||||
Dividends paid | (29,888) | (24,933) | (13,893) | ||||||||
Common stock repurchases | (424) | (549) | (3,504) | ||||||||
Net Cash Provided by (Used for) Financing Activities | 1,648,689 | 1,598,812 | (132,152) | ||||||||
Net (Decrease) Increase in Cash and Cash Equivalents | 45,088 | (33,157) | (51,164) | ||||||||
Cash and Cash Equivalents at Beginning of Period | 230,707 | 263,864 | 230,707 | 263,864 | 315,028 | ||||||
Cash and Cash Equivalents at End of Period | 275,795 | 230,707 | 275,795 | 230,707 | 263,864 | ||||||
Reportable Legal Entities [Member] | Parent Company [Member] | |||||||||||
Operating Activities: | |||||||||||
Net income | 156,749 | 151,398 | 137,210 | ||||||||
Adjustments to reconcile net income to net cash provided by (used for) operating activities | |||||||||||
Provision for credit losses | (96) | 945 | 1,765 | ||||||||
Losses (gains) on available-for-sale securities, net | 0 | 33 | (111) | ||||||||
Depreciation and amortization | 8,182 | 7,756 | 3,744 | ||||||||
Deferred income tax expense | (1,872) | 2,753 | 1,217 | ||||||||
Stock-based compensation expense | 9,656 | 7,754 | 6,799 | ||||||||
Excess tax benefits from stock-based compensation arrangements | (278) | (139) | (112) | ||||||||
Increase in other assets | (45,287) | (10,090) | (3,882) | ||||||||
Increase in other liabilities | 21,840 | 7,114 | (4,517) | ||||||||
Equity in undistributed net income of subsidiaries | (183,830) | (111,622) | (55,724) | ||||||||
Net Cash (Used for) Provided by Operating Activities | (34,936) | 55,902 | 86,389 | ||||||||
Investing Activities: | |||||||||||
Capital contributions to subsidiaries, net | (97,400) | (105,244) | (8,293) | ||||||||
Net cash paid for acquisitions, net | (51,060) | 0 | 0 | ||||||||
Other investing activity, net | (24,908) | (3,907) | (21,206) | ||||||||
Net Cash Used for Investing Activities | (173,368) | (109,151) | (29,499) | ||||||||
Financing Activities: | |||||||||||
Decrease in other borrowings, net | 66,963 | (517) | (17,860) | ||||||||
Proceeds from issuance of subordinated notes, net | 0 | 139,090 | 0 | ||||||||
Repayment of subordinated note | 0 | 0 | (15,000) | ||||||||
Excess tax benefits from stock-based compensation arrangements | 278 | 139 | 112 | ||||||||
Net proceeds from issuance of Series D preferred stock | 120,842 | 0 | 0 | ||||||||
Issuance of common shares resulting from exercise of stock options, employee stock purchase plan and conversion of common stock warrants | 16,119 | 10,453 | 19,113 | ||||||||
Dividends paid | (29,888) | (24,933) | (13,893) | ||||||||
Common stock repurchases | (424) | (549) | (3,504) | ||||||||
Net Cash Provided by (Used for) Financing Activities | 173,890 | 123,683 | (31,032) | ||||||||
Net (Decrease) Increase in Cash and Cash Equivalents | (34,414) | 70,434 | 25,858 | ||||||||
Cash and Cash Equivalents at Beginning of Period | $ 151,303 | $ 80,869 | 151,303 | 80,869 | 55,011 | ||||||
Cash and Cash Equivalents at End of Period | $ 116,889 | $ 151,303 | $ 116,889 | $ 151,303 | $ 80,869 |
Earnings Per Share (Computation
Earnings Per Share (Computation Of Basic And Diluted Earnings Per Common Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||||||||||
Net income | $ 35,512 | $ 38,355 | $ 43,831 | $ 39,052 | $ 38,133 | $ 40,224 | $ 38,541 | $ 34,500 | $ 156,749 | $ 151,398 | $ 137,210 |
Less: Preferred stock dividends and discount accretion | 3,629 | 4,079 | 1,580 | 1,581 | 1,580 | 1,581 | 1,581 | 1,581 | 10,869 | 6,323 | 8,395 |
Net income applicable to common shares - Basic | $ 31,883 | $ 34,276 | $ 42,251 | $ 37,471 | $ 36,553 | $ 38,643 | $ 36,960 | $ 32,919 | 145,880 | 145,075 | 128,815 |
Add: Dividends on convertible preferred stock, if dilutive | 6,314 | 6,323 | 8,325 | ||||||||
Net income applicable to common shares - Diluted | $ 152,194 | $ 151,398 | $ 137,140 | ||||||||
Weighted average common shares outstanding | 47,838 | 46,524 | 38,699 | ||||||||
Common stock equivalents | 1,029 | 1,246 | 7,108 | ||||||||
Convertible preferred stock, if dilutive | 3,070 | 3,075 | 4,141 | ||||||||
Total dilutive potential common shares | 4,099 | 4,321 | 11,249 | ||||||||
Weighted average common shares and effect of dilutive potential common shares | 51,937 | 50,845 | 49,948 | ||||||||
Net income per common share - Basic | $ 0.66 | $ 0.71 | $ 0.89 | $ 0.79 | $ 0.78 | $ 0.83 | $ 0.79 | $ 0.71 | $ 3.05 | $ 3.12 | $ 3.33 |
Net income per common share - Diluted | $ 0.64 | $ 0.69 | $ 0.85 | $ 0.76 | $ 0.75 | $ 0.79 | $ 0.76 | $ 0.68 | $ 2.93 | $ 2.98 | $ 2.75 |
Quarterly Financial Summary 138
Quarterly Financial Summary (Unaudited) (Summary Of Quarterly Financial Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Interest income | $ 187,487 | $ 185,379 | $ 175,241 | $ 170,357 | $ 172,715 | $ 170,676 | $ 166,550 | $ 161,326 | $ 718,464 | $ 671,267 | $ 630,709 |
Interest expense | 20,281 | 19,839 | 18,349 | 18,466 | 18,996 | 19,006 | 17,370 | 17,320 | 76,935 | 72,692 | 80,082 |
Net interest income | 167,206 | 165,540 | 156,892 | 151,891 | 153,719 | 151,670 | 149,180 | 144,006 | 641,529 | 598,575 | 550,627 |
Provision for credit losses | 9,059 | 8,322 | 9,482 | 6,079 | 6,133 | 5,864 | 6,660 | 1,880 | 32,942 | 20,537 | 46,033 |
Net interest income after provision for credit losses | 158,147 | 157,218 | 147,410 | 145,812 | 147,586 | 145,806 | 142,520 | 142,126 | 608,587 | 578,038 | 504,594 |
Non-interest income, excluding net securities gains (losses) | 65,169 | 65,051 | 77,037 | 64,017 | 57,639 | 58,105 | 54,438 | 45,562 | |||
Net securities gains (losses) | (79) | (98) | (24) | 524 | 18 | (153) | (336) | (33) | 323 | (504) | (3,000) |
Non-interest expense | 166,829 | 159,974 | 154,297 | 147,318 | 143,441 | 138,500 | 133,591 | 131,315 | 628,419 | 546,847 | 502,551 |
Income before taxes | 56,408 | 62,197 | 70,126 | 63,035 | 61,802 | 65,258 | 63,031 | 56,340 | 251,765 | 246,431 | 224,440 |
Income tax expense | 20,896 | 23,842 | 26,295 | 23,983 | 23,669 | 25,034 | 24,490 | 21,840 | 95,016 | 95,033 | 87,230 |
Net income | 35,512 | 38,355 | 43,831 | 39,052 | 38,133 | 40,224 | 38,541 | 34,500 | 156,749 | 151,398 | 137,210 |
Preferred stock dividends and discount accretion | 3,629 | 4,079 | 1,580 | 1,581 | 1,580 | 1,581 | 1,581 | 1,581 | 10,869 | 6,323 | 8,395 |
Net income applicable to common shares | $ 31,883 | $ 34,276 | $ 42,251 | $ 37,471 | $ 36,553 | $ 38,643 | $ 36,960 | $ 32,919 | $ 145,880 | $ 145,075 | $ 128,815 |
Net income per common share: | |||||||||||
Net income per common share - Basic | $ 0.66 | $ 0.71 | $ 0.89 | $ 0.79 | $ 0.78 | $ 0.83 | $ 0.79 | $ 0.71 | $ 3.05 | $ 3.12 | $ 3.33 |
Net income per common share - Diluted | 0.64 | 0.69 | 0.85 | 0.76 | 0.75 | 0.79 | 0.76 | 0.68 | 2.93 | 2.98 | 2.75 |
Cash dividends declared per common share | $ 0.11 | $ 0.11 | $ 0.11 | $ 0.11 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.44 | $ 0.40 | $ 0.18 |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) - Subsequent Event $ in Millions | Jan. 22, 2016USD ($) | Jan. 15, 2016 | Jan. 14, 2016USD ($)financial_institution |
Generations Bancorp Inc | |||
Subsequent Event [Line Items] | |||
Business acquisition, date of acquisition agreement | Jan. 14, 2016 | ||
Number of locations | financial_institution | 1 | ||
Business acquisition, acquired assets | $ 125 | ||
Business acquisition, acquired receivables, fair value | 72 | ||
Business acquisition, acquired deposits | $ 97 | ||
Wintrust Capital Trust Eight | |||
Subsequent Event [Line Items] | |||
Payments for repurchase of trust preferred securities | $ 15 | ||
Extinguishment of debt, amount | 15 | ||
Gains (losses) on extinguishment of debt | $ 4.3 |