Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 30, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Entity Current Reporting Status | Yes | |
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 | 48,560,301 |
Consolidated Statements Of Cond
Consolidated Statements Of Condition (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Assets | |||
Cash and due from banks | $ 208,480 | $ 271,454 | $ 286,743 |
Federal funds sold and securities purchased under resale agreements | 3,820 | 4,341 | 4,129 |
Interest bearing deposits with banks | 817,013 | 607,782 | 697,799 |
Available-for-sale securities, at fair value | 770,983 | 1,716,388 | 1,721,030 |
Held-to-maturity securities, at amortized cost ($924.3 million and $878.1 million fair value at March 31, 2016 and December 31, 2015, respectively) | 911,715 | 884,826 | 0 |
Trading account securities | 2,116 | 448 | 7,811 |
Federal Home Loan Bank and Federal Reserve Bank stock | 113,222 | 101,581 | 92,948 |
Brokerage customer receivables | 28,266 | 27,631 | 25,287 |
Mortgage loans held-for-sale | 314,554 | 388,038 | 446,355 |
Loans, net of unearned income, excluding covered loans | 17,446,413 | 17,118,117 | 14,953,059 |
Covered loans | 138,848 | 148,673 | 209,694 |
Total loans | 17,585,261 | 17,266,790 | 15,162,753 |
Less: Allowance for loan losses | 110,171 | 105,400 | 94,446 |
Less: Allowance for covered loan losses | 2,507 | 3,026 | 1,878 |
Net loans | 17,472,583 | 17,158,364 | 15,066,429 |
Premises and equipment, net | 591,608 | 592,256 | 559,281 |
Lease investments, net | 89,337 | 63,170 | 383 |
FDIC indemnification asset | 0 | 0 | 10,224 |
Accrued interest receivable and other assets | 647,853 | 597,099 | 526,029 |
Trade date securities receivable | 1,008,613 | 0 | 488,063 |
Goodwill | 484,280 | 471,761 | 420,197 |
Other intangible assets | 23,725 | 24,209 | 18,858 |
Total assets | 23,488,168 | 22,909,348 | 20,371,566 |
Deposits: | |||
Non-interest bearing | 5,205,410 | 4,836,420 | 3,779,609 |
Interest bearing | 14,011,661 | 13,803,214 | 13,159,160 |
Total deposits | 19,217,071 | 18,639,634 | 16,938,769 |
Federal Home Loan Bank advances | 799,482 | 853,431 | 406,839 |
Other borrowings | 253,126 | 265,785 | 186,716 |
Subordinated notes | 138,888 | 138,861 | 138,782 |
Junior subordinated debentures | 253,566 | 268,566 | 249,493 |
Trade date securities payable | 0 | 538 | 2,929 |
Accrued interest payable and other liabilities | 407,593 | 390,259 | 316,964 |
Total liabilities | 21,069,726 | 20,557,074 | 18,240,492 |
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 March 31, 2016, December 31, 2015 and March 31, 2015; 48,608,559 shares issued at March 31, 2016, 48,468,894 shares issued at December 31, 2015 and 47,474,721 shares issued at March 31, 2015 | 48,608 | 48,469 | 47,475 |
Surplus | 1,194,750 | 1,190,988 | 1,156,542 |
Treasury stock, at cost, 89,561 shares at March 31, 2016, 85,615 shares at December 31, 2015, and 85,113 shares at March 31, 2015 | (4,145) | (3,973) | (3,948) |
Retained earnings | 967,882 | 928,211 | 835,669 |
Accumulated other comprehensive loss | (39,910) | (62,708) | (31,091) |
Total shareholders' equity | 2,418,442 | 2,352,274 | 2,131,074 |
Total liabilities and shareholders' equity | 23,488,168 | 22,909,348 | 20,371,566 |
Series C - $1,000 liquidation value; 126,257 shares issued and outstanding at March 31, 2016, 126,287 shares issued and outstanding at December 31, 2015, and 126,427 shares issued and outstanding at March 31, 2015 | |||
Preferred stock, no par value; 20,000,000 shares authorized: | |||
Preferred stock, Series C and Series D | 126,257 | 126,287 | 126,427 |
Series D - $25 liquidation value; 5,000,000 shares issued and outstanding at March 31, 2016 and December 31, 2015 and no shares issued and outstanding at March 31, 2015 | |||
Preferred stock, no par value; 20,000,000 shares authorized: | |||
Preferred stock, Series C and Series D | $ 125,000 | $ 125,000 | $ 0 |
Consolidated Statements Of Con3
Consolidated Statements Of Condition (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Held-to-maturity securities, Fair Value | $ 924,344 | $ 878,111 | $ 0 |
Preferred stock, no par value | |||
Preferred stock, 20,000,000 shares authorized | 20,000,000 | 20,000,000 | 20,000,000 |
Common stock, no par value | |||
Common stock, $1.00 stated value | $ 1 | $ 1 | $ 1 |
Common stock, 100,000,000 shares authorized | 100,000,000 | 100,000,000 | 100,000,000 |
Common stock, shares issued | 48,608,559 | 48,468,894 | 47,474,721 |
Treasury stock, shares | 89,561 | 85,615 | 85,113 |
Series C Preferred Stock | |||
Preferred stock, liquidation value per share | $ 1,000 | $ 1,000 | $ 1,000 |
Preferred stock, shares outstanding | 126,257 | 126,287 | 126,427 |
Series D Preferred Stock | |||
Preferred stock, liquidation value per share | $ 25 | $ 25 | $ 0 |
Preferred stock, shares outstanding | 5,000,000 | 5,000,000 | 0 |
Consolidated Statements Of Inco
Consolidated Statements Of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Interest income | ||
Interest and fees on loans | $ 173,127 | $ 154,676 |
Interest bearing deposits with banks | 746 | 316 |
Federal funds sold and securities purchased under resale agreements | 1 | 2 |
Investment securities | 17,190 | 14,400 |
Trading account securities | 11 | 13 |
Federal Home Loan Bank and Federal Reserve Bank stock | 937 | 769 |
Brokerage customer receivables | 219 | 181 |
Total interest income | 192,231 | 170,357 |
Interest expense | ||
Interest on deposits | 12,781 | 11,814 |
Interest on Federal Home Loan Bank advances | 2,886 | 2,156 |
Interest on other borrowings | 1,058 | 788 |
Interest on subordinated notes | 1,777 | 1,775 |
Interest on junior subordinated debentures | 2,220 | 1,933 |
Total interest expense | 20,722 | 18,466 |
Net interest income | 171,509 | 151,891 |
Provision for credit losses | 8,034 | 6,079 |
Net interest income after provision for credit losses | 163,475 | 145,812 |
Non-interest income | ||
Wealth management | 18,320 | 18,100 |
Mortgage banking | 21,735 | 27,800 |
Service charges on deposit accounts | 7,406 | 6,297 |
Gains on available-for-sale securities, net | 1,325 | 524 |
Fees from covered call options | 1,712 | 4,360 |
Trading losses, net | (168) | (477) |
Operating lease income, net | 2,806 | 65 |
Other | 15,616 | 7,872 |
Total non-interest income | 68,752 | 64,541 |
Non-interest expense | ||
Salaries and employee benefits | 95,811 | 90,130 |
Equipment | 8,767 | 7,779 |
Operating lease equipment depreciation | 2,050 | 57 |
Occupancy, net | 11,948 | 12,351 |
Data processing | 6,519 | 5,448 |
Advertising and marketing | 3,779 | 3,907 |
Professional fees | 4,059 | 4,664 |
Amortization of other intangible assets | 1,298 | 1,013 |
FDIC insurance | 3,613 | 2,987 |
OREO expense, net | 560 | 1,411 |
Other | 15,326 | 17,571 |
Total non-interest expense | 153,730 | 147,318 |
Income before taxes | 78,497 | 63,035 |
Income tax expense | 29,386 | 23,983 |
Net income | 49,111 | 39,052 |
Preferred stock dividends and discount accretion | 3,628 | 1,581 |
Net income applicable to common shares | $ 45,483 | $ 37,471 |
Net income per common share-Basic | $ 0.94 | $ 0.79 |
Net income per common share-Diluted | 0.90 | 0.76 |
Cash dividends declared per common share | $ 0.12 | $ 0.11 |
Weighted average common shares outstanding | 48,448 | 47,239 |
Dilutive potential common shares | 3,820 | 4,233 |
Average common shares and dilutive common shares | 52,268 | 51,472 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 49,111 | $ 39,052 |
Unrealized gains on securities | ||
Before tax | 25,176 | 26,276 |
Tax effect | (9,988) | (10,331) |
Net of tax | 15,188 | 15,945 |
Reclassification of net gains included in net income | ||
Before tax | 1,325 | 524 |
Tax effect | (521) | (206) |
Net of tax | 804 | 318 |
Reclassification of amortization of unrealized losses on investment securities transferred to held-to-maturity from available-for-sale | ||
Before tax | (3,425) | 0 |
Tax effect | 1,339 | 0 |
Net of tax | (2,086) | 0 |
Net unrealized gains on securities | 16,470 | 15,627 |
Unrealized gains (losses) on derivative instruments | ||
Before tax | 478 | (561) |
Tax effect | (188) | 220 |
Net unrealized gains (losses) on derivative instruments | 290 | (341) |
Foreign currency adjustment | ||
Before tax | 8,347 | (12,290) |
Tax effect | (2,309) | 3,245 |
Net foreign currency adjustment | 6,038 | (9,045) |
Total other comprehensive income | 22,798 | 6,241 |
Comprehensive income | $ 71,909 | $ 45,293 |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Preferred stock | Common stock | Surplus | Treasury stock | Retained earnings | Accumulated other comprehensive loss |
Balance at Dec. 31, 2014 | $ 2,069,822 | $ 126,467 | $ 46,881 | $ 1,133,955 | $ (3,549) | $ 803,400 | $ (37,332) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 39,052 | 39,052 | |||||
Other comprehensive income, net of tax | 6,241 | 6,241 | |||||
Cash dividends declared on common stock | (5,202) | (5,202) | |||||
Dividends on preferred stock | (1,581) | (1,581) | |||||
Stock-based compensation | 2,271 | 2,271 | 0 | ||||
Conversion of Series C preferred stock to common stock | 0 | (40) | 1 | 39 | |||
Common stock issued for: | |||||||
Acquisitions | 19,004 | 422 | 18,582 | ||||
Exercise of stock options and warrants | 457 | 52 | 535 | (130) | |||
Restricted stock awards | 144 | 84 | 329 | (269) | |||
Employee stock purchase plan | 681 | 15 | 666 | ||||
Director compensation plan | 185 | 20 | 165 | ||||
Balance at Mar. 31, 2015 | 2,131,074 | 126,427 | 47,475 | 1,156,542 | (3,948) | 835,669 | (31,091) |
Balance at Dec. 31, 2015 | 2,352,274 | 251,287 | 48,469 | 1,190,988 | (3,973) | 928,211 | (62,708) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 49,111 | 49,111 | 0 | ||||
Other comprehensive income, net of tax | 22,798 | 22,798 | |||||
Cash dividends declared on common stock | (5,812) | (5,812) | |||||
Dividends on preferred stock | (3,628) | (3,628) | |||||
Stock-based compensation | 2,484 | 2,484 | |||||
Conversion of Series C preferred stock to common stock | 0 | (30) | 1 | 29 | |||
Common stock issued for: | |||||||
Exercise of stock options and warrants | 141 | 17 | 124 | 0 | |||
Restricted stock awards | 16 | 82 | 106 | (172) | |||
Employee stock purchase plan | 648 | 14 | 634 | ||||
Director compensation plan | 410 | 25 | 385 | ||||
Balance at Mar. 31, 2016 | $ 2,418,442 | $ 251,257 | $ 48,608 | $ 1,194,750 | $ (4,145) | $ 967,882 | $ (39,910) |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Operating Activities: | ||
Net income | $ 49,111 | $ 39,052 |
Adjustments to reconcile net income to net cash provided by (used for) operating activities | ||
Provision for credit losses | 8,034 | 6,079 |
Depreciation, amortization and accretion, net | 13,610 | 9,077 |
Stock-based compensation expense | 2,484 | 2,271 |
Excess tax benefits from stock-based compensation arrangements | (193) | (471) |
Net amortization of premium on securities | 632 | 845 |
Accretion of discount on loans | (8,276) | (7,583) |
Mortgage servicing rights fair value change, net | (1,036) | 514 |
Originations and purchases of mortgage loans held-for-sale | (736,648) | (941,651) |
Proceeds from sales of mortgage loans held-for-sale | 826,419 | 867,194 |
Bank owned life insurance, net of claims | (472) | (766) |
Increase in trading securities, net | (1,668) | (6,605) |
Net increase in brokerage customer receivables | (635) | (1,066) |
Gains on mortgage loans sold | (16,287) | (20,608) |
Gains on available-for-sale securities, net | (1,325) | (524) |
Gains on early extinguishment of debt | (4,305) | 0 |
Losses on sales of premises and equipment, net | 21 | 81 |
Net gains on sales and fair value adjustments of other real estate owned | (119) | (549) |
Increase in accrued interest receivable and other assets, net | (75,172) | (20,964) |
Increase (decrease) in accrued interest payable and other liabilities, net | 12,187 | (48,874) |
Net Cash Provided by (Used for) Operating Activities | 66,362 | (124,548) |
Investing Activities: | ||
Proceeds from maturities of available-for-sale securities | 26,128 | 122,163 |
Proceeds from maturities of held-to-maturity securities | 181 | 0 |
Proceeds from sales of available-for-sale securities | 3,201 | 635,532 |
Proceeds from calls of held-to-maturity securities | 98,243 | 0 |
Purchases of available-for-sale securities | (39,267) | (629,008) |
Purchases of held-to-maturity securities | (125,208) | 0 |
Purchase of Federal Home Loan Bank and Federal Reserve Bank stock, net | (11,641) | (1,366) |
Net cash (paid) received for acquisitions | (17,452) | 12,004 |
Proceeds from sales of other real estate owned | 10,341 | 11,733 |
Proceeds received from (payments provided to) the FDIC related to reimbursements on covered assets | 363 | (2,056) |
Net (increase) decrease in interest bearing deposits with banks | (204,994) | 300,706 |
Net increase in loans | (248,893) | (399,939) |
Purchases of premises and equipment, net | (8,677) | (5,902) |
Net Cash (Used for) Provided by Investing Activities | (517,675) | 43,867 |
Financing Activities: | ||
Increase in deposit accounts | 477,466 | 486,960 |
Decrease in other borrowings, net | (12,700) | (20,327) |
Decrease in Federal Home Loan Bank advances, net | (58,466) | (321,565) |
Redemption of junior subordinated debentures, net | (10,695) | 0 |
Excess tax benefits from stock-based compensation arrangements | 193 | 471 |
Issuance of common shares resulting from the exercise of stock options and the employee stock purchase plan | 1,632 | 2,489 |
Common stock repurchases | (172) | (399) |
Dividends paid | (9,440) | (6,783) |
Net Cash Provided by Financing Activities | 387,818 | 140,846 |
Net (Decrease) Increase in Cash and Cash Equivalents | (63,495) | 60,165 |
Cash and Cash Equivalents at Beginning of Period | 275,795 | 230,707 |
Cash and Cash Equivalents at End of Period | $ 212,300 | $ 290,872 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements of Wintrust Financial Corporation and Subsidiaries (“Wintrust” or “the Company”) presented herein are unaudited, but in the opinion of management reflect all necessary adjustments of a normal or recurring nature for a fair presentation of results as of the dates and for the periods covered by the consolidated financial statements. The accompanying consolidated financial statements are unaudited and do not include information or footnotes necessary for a complete presentation of financial condition, results of operations or cash flows in accordance with U.S. generally accepted accounting principles ("GAAP"). The consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 (“ 2015 Form 10-K”). Operating results reported for the three-month periods are not necessarily indicative of the results which may be expected for the entire year. Reclassifications of certain prior period amounts have been made to conform to the current period presentation. The preparation of the financial statements requires management to make estimates, assumptions and judgments that affect the reported amounts of assets and liabilities. Management believes that the estimates made are reasonable, however, changes in estimates may be required if economic or other conditions develop differently from management’s expectations. Certain policies and accounting principles inherently have a greater reliance on the use of estimates, assumptions and judgments and as such have a greater possibility of producing results that could be materially different than originally reported. Management views critical accounting policies to be those which are highly dependent on subjective or complex judgments, estimates and assumptions, and where changes in those estimates and assumptions could have a significant impact on the financial statements. Management currently views the determination of the allowance for loan losses, allowance for covered loan losses and the allowance for losses on lending-related commitments, loans acquired with evidence of credit quality deterioration since origination, estimations of fair value, the valuations required for impairment testing of goodwill, the valuation and accounting for derivative instruments and income taxes as the accounting areas that require the most subjective and complex judgments, and as such could be the most subject to revision as new information becomes available. Descriptions of the Company's significant accounting policies are included in Note 1 - “Summary of Significant Accounting Policies” of the 2015 Form 10-K. |
Recent Accounting Developments
Recent Accounting Developments | 3 Months Ended |
Mar. 31, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Developments | Recent Accounting Developments 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. In March 2016, the FASB issued ASU No. 2016-08, "Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)", to clarify the implementation guidance within ASU No. 2014-09 surrounding principal versus agent considerations and its impact on revenue recognition. Additionally, in April 2016, the FASB issued ASU No. 2016-10, "Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing", to also clarify the implementation guidance within ASU No. 2014-09 related to these two topics. Like ASU No. 2014-09, this guidance is 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 was effective for fiscal years beginning after December 15, 2015 and did not 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 was effective for fiscal years beginning after December 15, 2015 and did not 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 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 was effective for fiscal years beginning after December 15, 2015 and was applied retrospectively within the Company’s consolidated financial statements. For December 31, 2015 and March 31, 2015, the Company reclassified as a direct reduction to the related debt balance $7.8 million and $10.7 million , respectively, of debt issuance costs that were previously presented as accrued interest receivable and other assets on the Consolidated Statements of Condition. 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 was effective for fiscal years beginning after December 15, 2015 and did not 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. Derivatives In March 2016, the FASB issued ASU No. 2016-05, "Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships," to clarify guidance surrounding the effect on an existing hedging relationship of a change in the counterparty to a derivative instrument that has been designated as a hedging instrument. This ASU states that a change in counterparty to such derivative instrument does not, in and of itself, require dedesignation of that hedging relationship provided that all other hedge accounting criteria continue to be met. This guidance is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years, and is to be applied either under a prospective or a modified retrospective approach. The Company does not expect this guidance to have a material impact on the Company's consolidated financial statements. Equity Method Investments In March 2016, the FASB issued ASU No. 2016-07, "Investments - Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting," to simplify the accounting for investments qualifying for the use of the equity method of accounting. This ASU eliminates the requirement to retroactively adopt the equity method of accounting when an investment qualifies for such method as a result of an increase in the level of ownership interest or degree of influence. The ASU requires the equity method investor add the cost of acquiring the additional interest to the current basis and adopt the equity method of accounting as of that date going forward. Additionally, for available-for-sale equity securities that become qualified for equity method accounting, the ASU requires the related unrealized holding gains or losses included in accumulated other comprehensive income be recognized in earnings at the date the investment qualifies for such accounting. This guidance is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years, and is to be applied under a prospective approach. The Company does not expect this guidance to have a material impact on the Company's consolidated financial statements. Employee Share-Based Compensation In March 2016, the FASB issued ASU No. 2016-09, "Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting," to simplify the accounting for several areas of share-based payment transactions. This includes the recognition of all excess tax benefits and tax deficiencies as income tax expense instead of surplus, the classification on the statement of cash flows of excess tax benefits and taxes paid when the employer withholds shares for tax-withholding purposes. Additionally, related to forfeitures, the ASU provides the option to estimate the number of awards that are expected to vest or account for forfeitures as they occur. This guidance is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years, and is to be applied under a modified retrospective and retrospective approach based upon the specific amendment of the ASU. The Company is currently evaluating the impact of adopting this new guidance on the consolidated financial statements. |
Business Combinations
Business Combinations | 3 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
Business Combinations | Business Combinations Non-FDIC Assisted Bank Acquisitions On March 31, 2016 , the Company acquired Generations Bancorp, Inc ("Generations"). Generations was the parent company of Foundations Bank, which had one banking location in Pewaukee, Wisconsin. Foundations Bank was merged into the Company's wholly-owned subsidiary Town Bank. The Company acquired assets with a fair value of approximately $134.2 million , including approximately $67.5 million of loans, and assumed deposits with a fair value of approximately $100.1 million . Additionally, the Company recorded goodwill of $11.3 million on the acquisition. Certain purchase price allocations for Generations are preliminary. The final determination of the amounts is not expected to result in material changes to recorded amounts. On July 24, 2015 , the Company acquired Community Financial Shares, Inc ("CFIS"). CFIS was the parent company of Community Bank - Wheaton/Glen Ellyn ("CBWGE"), which had four banking locations. CBWGE was merged into the Company's wholly-owned subsidiary Wheaton Bank & Trust Company ("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 Illinois Bancorp, Inc. ("Suburban"). Suburban was the parent company of Suburban Bank & Trust Company ("SBT"), which operated ten banking locations. SBT was merged into the Company's wholly-owned subsidiary Hinsdale Bank & Trust Company ("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 $18.6 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 Bancshares, Inc. ("Delavan"). Delavan was the parent company of Community Bank CBD, which had four banking locations. Community Bank CBD was merged into the Company's wholly-owned subsidiary Town Bank. The Company acquired assets with a fair value of approximately $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. FDIC-Assisted Transactions Since 2010, the Company acquired the banking operations, including the acquisition of certain assets and the assumption of liabilities, of nine financial institutions in FDIC-assisted transactions. Loans comprise the majority of the assets acquired in nearly all of these FDIC-assisted transactions, 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 7 — Allowance for Loan Losses, Allowance for Losses on Lending-Related Commitments and Impaired Loans for further discussion of the allowance on covered loans. The loss share agreements with the FDIC cover realized losses on loans, foreclosed real estate and certain other assets 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 lose 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 and these liabilities are contractual payables to 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 indemnification (liability) asset during the periods indicated: Three Months Ended (Dollars in thousands) March 31, 2016 March 31, 2015 Balance at beginning of period $ (6,100 ) $ 11,846 Additions from acquisitions — — Additions from reimbursable expenses 82 1,575 Amortization (101 ) (1,260 ) Changes in expected reimbursements from the FDIC for changes in expected credit losses (3,547 ) (3,993 ) (Payments received from) provided to the FDIC (363 ) 2,056 Balance at end of period $ (10,029 ) $ 10,224 Purchased Credit Impaired ("PCI") Loans Purchased loans acquired in a business combination are recorded at estimated fair value on their purchase date. Expected future cash flows at the purchase date in excess of the fair value of loans are recorded as interest income over the life of the loans if the timing and amount of the future cash flows is reasonably estimable (“accretable yield”). The difference between contractually required payments and the cash flows expected to be collected at acquisition is referred to as the non-accretable difference and represents probable losses in the portfolio. In determining the acquisition date fair value of PCI loans, and in subsequent accounting, the Company aggregates these purchased loans into pools of loans by common risk characteristics, such as credit risk rating and loan type. Subsequent to the purchase date, increases in cash flows over those expected at the purchase date are recognized as interest income prospectively. Subsequent decreases to the expected cash flows will generally result in a provision for loan losses. The Company purchased a portfolio of life insurance premium finance receivables in 2009. These purchased life insurance premium finance receivables are valued on an individual basis with the accretable component being recognized into interest income using the effective yield method over the estimated remaining life of the loans. The non-accretable portion is evaluated each quarter and if the loans’ credit related conditions improve, a portion is transferred to the accretable component and accreted over future periods. In the event a specific loan prepays in whole, any remaining accretable and non-accretable discount is recognized in income immediately. If credit related conditions deteriorate, an allowance related to these loans will be established as part of the provision for credit losses. See Note 6—Loans, for additional information on PCI loans. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 3 Months Ended |
Mar. 31, 2016 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of the Consolidated Statements of Cash Flows, the Company considers cash and cash equivalents to include cash on hand, cash items in the process of collection, non-interest bearing amounts due from correspondent banks, federal funds sold and securities purchased under resale agreements with original maturities of three months or less. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2016 | |
Available-for-sale Securities and Held-to-maturity Securities [Abstract] | |
Investment Securities | Investment Securities The following tables are a summary of the available-for-sale and held-to-maturity securities portfolios as of the dates shown: March 31, 2016 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale securities U.S. Treasury $ 117,105 $ 22 $ (38 ) $ 117,089 U.S. Government agencies 93,990 194 (12 ) 94,172 Municipal 118,187 3,232 (224 ) 121,195 Corporate notes: Financial issuers 78,048 1,492 (1,830 ) 77,710 Other 2,500 3 — 2,503 Mortgage-backed: (1) Mortgage-backed securities 262,109 3,795 (1,900 ) 264,004 Collateralized mortgage obligations 38,565 324 (198 ) 38,691 Equity securities 51,402 4,585 (368 ) 55,619 Total available-for-sale securities $ 761,906 $ 13,647 $ (4,570 ) $ 770,983 Held-to-maturity securities U.S. Government agencies $ 712,732 $ 11,569 $ (1,455 ) $ 722,846 Municipal 198,983 2,672 (157 ) 201,498 Total held-to-maturity securities $ 911,715 $ 14,241 $ (1,612 ) $ 924,344 December 31, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Dollars in thousands) Available-for-sale securities U.S. Treasury $ 312,282 $ — $ (5,553 ) $ 306,729 U.S. Government agencies 70,313 198 (275 ) 70,236 Municipal 105,702 3,249 (356 ) 108,595 Corporate notes: Financial issuers 80,014 1,510 (1,481 ) 80,043 Other 1,500 4 (2 ) 1,502 Mortgage-backed: (1) Mortgage-backed securities 1,069,680 3,834 (21,004 ) 1,052,510 Collateralized mortgage obligations 40,421 172 (506 ) 40,087 Equity securities 51,380 5,799 (493 ) 56,686 Total available-for-sale securities $ 1,731,292 $ 14,766 $ (29,670 ) $ 1,716,388 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 March 31, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Dollars in thousands) Available-for-sale securities U.S. Treasury $ 273,173 $ 148 $ (1,847 ) $ 271,474 U.S. Government agencies 665,177 5,348 (8,732 ) 661,793 Municipal 264,949 6,485 (1,522 ) 269,912 Corporate notes: Financial issuers 129,360 1,965 (1,321 ) 130,004 Other 3,759 52 (1 ) 3,810 Mortgage-backed: (1) Mortgage-backed securities 280,679 5,983 (2,529 ) 284,133 Collateralized mortgage obligations 45,299 435 (276 ) 45,458 Equity securities 48,717 5,979 (250 ) 54,446 Total available-for-sale securities $ 1,711,113 $ 26,395 $ (16,478 ) $ 1,721,030 Held-to-maturity securities U.S. Government agencies $ — $ — $ — $ — Municipal — — — — Total held-to-maturity securities $ — $ — $ — $ — (1) Consisting entirely of residential mortgage-backed securities, none of which are subprime. In the fourth quarter of 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 the first quarter of 2016. 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 March 31, 2016 : 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 $ 75,049 $ (38 ) $ — $ — $ 75,049 $ (38 ) U.S. Government agencies 13,982 (10 ) 1,833 (2 ) 15,815 (12 ) Municipal 18,399 (40 ) 6,977 (184 ) 25,376 (224 ) Corporate notes: Financial issuers 22,952 (237 ) 34,367 (1,593 ) 57,319 (1,830 ) Other — — — — — — Mortgage-backed: Mortgage-backed securities 2,038 (3 ) 122,371 (1,897 ) 124,409 (1,900 ) Collateralized mortgage obligations 4,880 (42 ) 7,803 (156 ) 12,683 (198 ) Equity securities 3,964 (55 ) 8,599 (313 ) 12,563 (368 ) Total available-for-sale securities $ 141,264 $ (425 ) $ 181,950 $ (4,145 ) $ 323,214 $ (4,570 ) Held-to-maturity securities U.S. Government agencies $ 208,405 $ (1,455 ) $ — $ — $ 208,405 $ (1,455 ) Municipal 15,919 (125 ) 4,917 (32 ) 20,836 (157 ) Total held-to-maturity securities $ 224,324 $ (1,580 ) $ 4,917 $ (32 ) $ 229,241 $ (1,612 ) The Company conducts a regular assessment of its investment securities to determine whether securities are other-than-temporarily impaired considering, among other factors, the nature of the securities, credit ratings or financial condition of the issuer, the extent and duration of the unrealized loss, expected cash flows, market conditions and the Company’s ability to hold the securities through the anticipated recovery period. The Company does not consider securities with unrealized losses at March 31, 2016 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 corporate notes 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. The following table provides information as to the amount of gross gains and gross losses realized and proceeds received through the sales of available-for-sale investment securities: Three months ended March 31, (Dollars in thousands) 2016 2015 Realized gains $ 2,550 $ 553 Realized losses (1,225 ) (29 ) Net realized gains $ 1,325 $ 524 Other than temporary impairment charges — — Gains on available-for-sale securities, net $ 1,325 $ 524 Proceeds from sales of available-for-sale securities $ 3,201 $ 635,532 The amortized cost and fair value of securities as of March 31, 2016 , December 31, 2015 and March 31, 2015 , 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: March 31, 2016 December 31, 2015 March 31, 2015 (Dollars in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Available-for-sale securities Due in one year or less $ 208,518 $ 208,641 $ 160,856 $ 160,756 $ 151,585 $ 151,854 Due in one to five years 158,668 158,804 166,550 166,468 249,861 250,483 Due in five to ten years 28,970 31,363 228,652 225,699 837,926 836,598 Due after ten years 13,674 13,861 13,753 14,182 97,046 98,058 Mortgage-backed 300,674 302,695 1,110,101 1,092,597 325,978 329,591 Equity securities 51,402 55,619 51,380 56,686 48,717 54,446 Total available-for-sale securities $ 761,906 $ 770,983 $ 1,731,292 $ 1,716,388 $ 1,711,113 $ 1,721,030 Held-to-maturity securities Due in one year or less $ — $ — $ — $ — $ — $ — Due in one to five years 24,319 24,448 19,208 19,156 — — Due in five to ten years 65,879 66,432 96,454 96,091 — — Due after ten years 821,517 833,464 769,164 762,864 — — Total held-to-maturity securities $ 911,715 $ 924,344 $ 884,826 $ 878,111 $ — $ — Securities having a fair value of $1.2 billion at March 31, 2016 as well as securities having a carrying value of $1.2 billion and $1.1 billion at December 31, 2015 and March 31, 2015 , respectively, were pledged as collateral for public deposits, trust deposits, FHLB advances, securities sold under repurchase agreements and derivatives. At March 31, 2016 , there were no securities of a single issuer, other than U.S. Government-sponsored agency securities, which exceeded 10% of shareholders’ equity. |
Loans
Loans | 3 Months Ended |
Mar. 31, 2016 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Loans | Loans The following table shows the Company’s loan portfolio by category as of the dates shown: March 31, December 31, March 31, (Dollars in thousands) 2016 2015 2015 Balance: Commercial $ 4,890,246 $ 4,713,909 $ 4,211,932 Commercial real estate 5,737,959 5,529,289 4,710,486 Home equity 774,342 784,675 709,283 Residential real estate 626,043 607,451 495,925 Premium finance receivables—commercial 2,320,987 2,374,921 2,319,623 Premium finance receivables—life insurance 2,976,934 2,961,496 2,375,654 Consumer and other 119,902 146,376 130,156 Total loans, net of unearned income, excluding covered loans $ 17,446,413 $ 17,118,117 $ 14,953,059 Covered loans 138,848 148,673 209,694 Total loans $ 17,585,261 $ 17,266,790 $ 15,162,753 Mix: Commercial 28 % 27 % 28 % Commercial real estate 32 32 31 Home equity 4 5 5 Residential real estate 4 3 3 Premium finance receivables—commercial 13 14 15 Premium finance receivables—life insurance 17 17 16 Consumer and other 1 1 1 Total loans, net of unearned income, excluding covered loans 99 % 99 % 99 % Covered loans 1 1 1 Total loans 100 % 100 % 100 % The Company’s loan portfolio is generally comprised of loans to consumers and small to medium-sized businesses located within the geographic market areas that the banks serve. The premium finance receivables portfolios are made to customers throughout the United States and Canada. The Company strives to maintain a loan portfolio that is diverse in terms of loan type, industry, borrower and geographic concentrations. Such diversification reduces the exposure to economic downturns that may occur in different segments of the economy or in different industries. Certain premium finance receivables are recorded net of unearned income. The unearned income portions of such premium finance receivables were $56.9 million at March 31, 2016 , $56.7 million at December 31, 2015 and $48.1 million at March 31, 2015 , 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 $(8.9) million at March 31, 2016 , $(9.2) million at December 31, 2015 and $(3.7) million at March 31, 2015 . The net credit balance at these dates, is primarily the result of purchase accounting adjustments related to acquisitions in 2016 and 2015. It is the policy of the Company to review each prospective credit in order to determine the appropriateness and, when required, the adequacy of security or collateral necessary to obtain when making a loan. The type of collateral, when required, will vary from liquid assets to real estate. The Company seeks to ensure access to collateral, in the event of default, through adherence to state lending laws and the Company’s credit monitoring procedures. Acquired Loan Information at Acquisition—PCI Loans As part of our previous acquisitions, we acquired loans for which there was evidence of credit quality deterioration since origination (PCI loans) and we determined that it was probable that the Company would be unable to collect all contractually required principal and interest payments. The following table presents the unpaid principal balance and carrying value for these acquired loans: March 31, 2016 December 31, 2015 Unpaid Principal Carrying Unpaid Principal Carrying (Dollars in thousands) Balance Value Balance Value Bank acquisitions $ 331,354 $ 276,012 $ 326,470 $ 271,260 Life insurance premium finance loans acquisition 299,915 296,138 372,738 368,292 The following table provides estimated details as of the date of acquisition on loans acquired in 2016 with evidence of credit quality deterioration since origination: (Dollars in thousands) Foundations Contractually required payments including interest $ 19,350 Less: Nonaccretable difference 3,640 Cash flows expected to be collected (1) $ 15,710 Less: Accretable yield 1,141 Fair value of PCI loans acquired $ 14,569 (1) Represents undiscounted expected principal and interest cash at acquisition. See Note 7—Allowance for Loan Losses, Allowance for Losses on Lending-Related Commitments and Impaired Loans for further discussion regarding the allowance for loan losses associated with PCI loans at March 31, 2016 . Accretable Yield Activity - PCI Loans Changes in expected cash flows may vary from period to period as the Company periodically updates its cash flow model assumptions for PCI loans. The factors that most significantly affect the estimates of gross cash flows expected to be collected, and accordingly the accretable yield, include changes in the benchmark interest rate indices for variable-rate products and changes in prepayment assumptions and loss estimates. The following table provides activity for the accretable yield of PCI loans: Three Months Ended (Dollars in thousands) March 31, March 31, Accretable yield, beginning balance $ 63,902 $ 79,102 Acquisitions 1,141 898 Accretable yield amortized to interest income (5,457 ) (6,105 ) Accretable yield amortized to indemnification asset (1) (2,171 ) (3,576 ) Reclassification from non-accretable difference (2) 4,193 1,103 Decreases in interest cash flows due to payments and changes in interest rates (2,390 ) (1,224 ) Accretable yield, ending balance (3) $ 59,218 $ 70,198 (1) Represents the portion of the current period accreted yield, resulting from lower expected losses, applied to reduce the loss share indemnification asset. (2) Reclassification is the result of subsequent increases in expected principal cash flows. (3) As of March 31, 2016, the Company estimates that the remaining accretable yield balance to be amortized to the indemnification asset for the bank acquisitions is $4.8 million . The remainder of the accretable yield related to bank acquisitions is expected to be amortized to interest income. Accretion to interest income accounted for under ASC 310-30 totaled $5.5 million and $6.1 million in the first quarter of 2016 and 2015, respectively. These amounts include accretion from both covered and non-covered loans, and are both included within interest and fees on loans in the Consolidated Statements of Income. |
Allowance for Loan Losses, Allo
Allowance for Loan Losses, Allowance for Losses on Lending-Related Commitments and Impaired Loans | 3 Months Ended |
Mar. 31, 2016 | |
Loans and Leases Receivable, Allowance [Abstract] | |
Allowance for Loan Losses, Allowance for Losses on Lending-Related Commitments and Impaired Loans | Allowance for Loan Losses, Allowance for Losses on Lending-Related Commitments and Impaired Loans The tables below show the aging of the Company’s loan portfolio at March 31, 2016 , December 31, 2015 and March 31, 2015 : As of March 31, 2016 90+ days and still accruing 60-89 days past due 30-59 days past due (Dollars in thousands) Nonaccrual Current Total Loans Loan Balances: Commercial Commercial, industrial and other $ 12,370 $ 338 $ 3,228 $ 25,608 $ 3,363,011 $ 3,404,555 Franchise — — — 1,400 273,158 274,558 Mortgage warehouse lines of credit — — — 1,491 192,244 193,735 Asset-based lending 3 — 117 10,597 737,184 747,901 Leases — — — 5,177 244,241 249,418 PCI - commercial (1) — 1,893 — 128 18,058 20,079 Total commercial 12,373 2,231 3,345 44,401 4,827,896 4,890,246 Commercial real estate: Construction 273 — — 2,023 389,026 391,322 Land 1,746 — — — 93,834 95,580 Office 7,729 1,260 980 12,571 865,954 888,494 Industrial 10,960 — — 3,935 728,061 742,956 Retail 1,633 — 2,397 2,657 890,780 897,467 Multi-family 287 — 655 2,047 760,084 763,073 Mixed use and other 4,368 — 187 12,312 1,778,850 1,795,717 PCI - commercial real estate (1) — 24,738 1,573 10,344 126,695 163,350 Total commercial real estate 26,996 25,998 5,792 45,889 5,633,284 5,737,959 Home equity 9,365 — 791 4,474 759,712 774,342 Residential real estate, including PCI 11,964 406 193 10,108 603,372 626,043 Premium finance receivables Commercial insurance loans 15,350 9,548 5,583 15,086 2,275,420 2,320,987 Life insurance loans — 1,641 3,432 198 2,675,525 2,680,796 PCI - life insurance loans (1) — — — — 296,138 296,138 Consumer and other, including PCI 484 245 118 364 118,691 119,902 Total loans, net of unearned income, excluding covered loans $ 76,532 $ 40,069 $ 19,254 $ 120,520 $ 17,190,038 $ 17,446,413 Covered loans 5,324 7,995 349 6,491 118,689 138,848 Total loans, net of unearned income $ 81,856 $ 48,064 $ 19,603 $ 127,011 $ 17,308,727 $ 17,585,261 As of December 31, 2015 90+ days and still accruing 60-89 days past due 30-59 days past due (Dollars in thousands) Nonaccrual Current Total Loans Loan Balances: Commercial Commercial, industrial and other $ 12,704 $ 6 $ 6,749 $ 12,930 $ 3,226,139 $ 3,258,528 Franchise — — — — 245,228 245,228 Mortgage warehouse lines of credit — — — — 222,806 222,806 Asset-based lending 8 — 3,864 1,844 736,968 742,684 Leases — 535 748 4,192 220,599 226,074 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 Construction 306 — 1,371 1,645 355,338 358,660 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, including PCI 12,043 488 2,166 3,903 588,851 607,451 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, including PCI 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. As of March 31, 2015 90+ days and still accruing 60-89 days past due 30-59 days past due (Dollars in thousands) Nonaccrual Current Total Loans Loan Balances: Commercial Commercial, industrial and other $ 5,586 $ — $ 5,047 $ 17,338 $ 2,779,781 $ 2,807,752 Franchise — — — 457 225,305 225,762 Mortgage warehouse lines of credit — — — — 186,372 186,372 Asset-based lending — — — 4,819 805,866 810,685 Leases — — 65 517 171,432 172,014 PCI - commercial (1) — 612 — — 8,735 9,347 Total commercial 5,586 612 5,112 23,131 4,177,491 4,211,932 Commercial real estate: Construction — — — 992 255,835 256,827 Land 2,646 — — 1,942 84,454 89,042 Office 8,243 — 171 3,144 731,568 743,126 Industrial 3,496 — 61 1,719 599,050 604,326 Retail 4,975 — — 2,562 734,990 742,527 Multi-family 1,750 — 393 3,671 649,589 655,403 Mixed use and other 8,872 — 808 10,847 1,532,036 1,552,563 PCI - commercial real estate (1) — 18,120 4,639 3,242 40,671 66,672 Total commercial real estate 29,982 18,120 6,072 28,119 4,628,193 4,710,486 Home equity 7,665 — 693 2,825 698,100 709,283 Residential real estate, including PCI 14,248 266 753 8,819 471,839 495,925 Premium finance receivables Commercial insurance loans 15,902 8,062 4,476 19,392 2,271,791 2,319,623 Life insurance loans — — 8,994 5,415 1,972,197 1,986,606 PCI - life insurance loans (1) — — — — 389,048 389,048 Consumer and other, including PCI 236 91 111 634 129,084 130,156 Total loans, net of unearned income, excluding covered loans $ 73,619 $ 27,151 $ 26,211 $ 88,335 $ 14,737,743 $ 14,953,059 Covered loans 7,079 16,434 558 6,128 179,495 209,694 Total loans, net of unearned income $ 80,698 $ 43,585 $ 26,769 $ 94,463 $ 14,917,238 $ 15,162,753 (1) PCI loans represent loans acquired with evidence of credit quality deterioration since origination, in accordance with ASC 310-30. Loan agings are based upon contractually required payments. The Company's 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 March 31, 2016 , December 31, 2015 and March 31, 2015 : Performing Non-performing Total (Dollars in thousands) March 31, December 31, 2015 March 31, March 31, December 31, 2015 March 31, March 31, December 31, 2015 March 31, Loan Balances: Commercial Commercial, industrial and other $ 3,391,847 $ 3,245,818 $ 2,802,166 $ 12,708 $ 12,710 $ 5,586 $ 3,404,555 $ 3,258,528 $ 2,807,752 Franchise 274,558 245,228 225,762 — — — 274,558 245,228 225,762 Mortgage warehouse lines of credit 193,735 222,806 186,372 — — — 193,735 222,806 186,372 Asset-based lending 747,898 742,676 810,685 3 8 — 747,901 742,684 810,685 Leases 249,418 225,539 172,014 — 535 — 249,418 226,074 172,014 PCI - commercial (1) 20,079 18,589 9,347 — — — 20,079 18,589 9,347 Total commercial 4,877,535 4,700,656 4,206,346 12,711 13,253 5,586 4,890,246 4,713,909 4,211,932 Commercial real estate Construction 391,049 358,354 256,827 273 306 — 391,322 358,660 256,827 Land 93,834 76,666 86,396 1,746 1,751 2,646 95,580 78,417 89,042 Office 879,505 858,382 734,883 8,989 4,619 8,243 888,494 863,001 743,126 Industrial 731,996 718,084 600,830 10,960 9,564 3,496 742,956 727,648 604,326 Retail 895,834 866,639 737,552 1,633 1,760 4,975 897,467 868,399 742,527 Multi-family 762,786 740,395 653,653 287 1,954 1,750 763,073 742,349 655,403 Mixed use and other 1,791,349 1,726,125 1,543,691 4,368 6,691 8,872 1,795,717 1,732,816 1,552,563 PCI - commercial real estate (1) 163,350 157,999 66,672 — — — 163,350 157,999 66,672 Total commercial real estate 5,709,703 5,502,644 4,680,504 28,256 26,645 29,982 5,737,959 5,529,289 4,710,486 Home equity 764,977 777,827 701,618 9,365 6,848 7,665 774,342 784,675 709,283 Residential real estate, including PCI 614,079 595,408 481,677 11,964 12,043 14,248 626,043 607,451 495,925 Premium finance receivables Commercial insurance loans 2,296,089 2,350,066 2,295,659 24,898 24,855 23,964 2,320,987 2,374,921 2,319,623 Life insurance loans 2,679,155 2,593,204 1,986,606 1,641 — — 2,680,796 2,593,204 1,986,606 PCI - life insurance loans (1) 296,138 368,292 389,048 — — — 296,138 368,292 389,048 Consumer and other, including PCI 119,238 145,963 129,829 664 413 327 119,902 146,376 130,156 Total loans, net of unearned income, excluding covered loans $ 17,356,914 $ 17,034,060 $ 14,871,287 $ 89,499 $ 84,057 $ 81,772 $ 17,446,413 $ 17,118,117 $ 14,953,059 (1) PCI loans represent loans acquired with evidence of credit quality deterioration since origination, in accordance with ASC 310-30. See Note 6 - Loans for further discussion of these purchased loans. A summary of activity in the allowance for credit losses by loan portfolio (excluding covered loans) for the three months ended March 31, 2016 and 2015 is as follows: Three months ended March 31, 2016 Commercial Real Estate Home Equity Residential Real Estate Premium Finance Receivable Consumer and Other Total, Excluding Covered Loans (Dollars in thousands) Commercial Allowance for credit losses Allowance for loan losses at beginning of period $ 36,135 $ 43,758 $ 12,012 $ 4,734 $ 7,233 $ 1,528 $ 105,400 Other adjustments (9 ) (76 ) — (30 ) 37 — (78 ) Reclassification from allowance for unfunded lending-related commitments — (81 ) — — — — (81 ) Charge-offs (671 ) (671 ) (1,052 ) (493 ) (2,480 ) (107 ) (5,474 ) Recoveries 629 369 48 112 787 36 1,981 Provision for credit losses 2,351 1,964 1,907 841 1,628 (268 ) 8,423 Allowance for loan losses at period end $ 38,435 $ 45,263 $ 12,915 $ 5,164 $ 7,205 $ 1,189 $ 110,171 Allowance for unfunded lending-related commitments at period end $ — $ 1,030 $ — $ — $ — $ — $ 1,030 Allowance for credit losses at period end $ 38,435 $ 46,293 $ 12,915 $ 5,164 $ 7,205 $ 1,189 $ 111,201 Individually evaluated for impairment $ 2,319 $ 3,028 $ 1,695 $ 700 $ — $ 70 $ 7,812 Collectively evaluated for impairment 35,448 43,261 11,220 4,384 7,205 1,119 102,637 Loans acquired with deteriorated credit quality 668 4 — 80 — — 752 Loans at period end Individually evaluated for impairment $ 17,969 $ 52,977 $ 9,365 $ 16,159 $ — $ 527 $ 96,997 Collectively evaluated for impairment 4,852,198 5,521,632 764,977 606,503 5,001,783 119,375 16,866,468 Loans acquired with deteriorated credit quality 20,079 163,350 — 3,381 296,138 — 482,948 Three months ended March 31, 2015 Commercial Commercial Real Estate Home Equity Residential Real Estate Premium Finance Receivable Consumer and Other Total, Excluding Covered Loans (Dollars in thousands) Allowance for credit losses Allowance for loan losses at beginning of period $ 31,699 $ 35,533 $ 12,500 $ 4,218 $ 6,513 $ 1,242 $ 91,705 Other adjustments (17 ) (180 ) — (3 ) (48 ) — (248 ) Reclassification from allowance for unfunded lending-related commitments — (113 ) — — — — (113 ) Charge-offs (677 ) (1,005 ) (584 ) (631 ) (1,263 ) (111 ) (4,271 ) Recoveries 370 312 48 76 329 53 1,188 Provision for credit losses 2,351 2,455 700 436 461 (218 ) 6,185 Allowance for loan losses at period end $ 33,726 $ 37,002 $ 12,664 $ 4,096 $ 5,992 $ 966 $ 94,446 Allowance for unfunded lending-related commitments at period end $ — $ 888 $ — $ — $ — $ — $ 888 Allowance for credit losses at period end $ 33,726 $ 37,890 $ 12,664 $ 4,096 $ 5,992 $ 966 $ 95,334 Individually evaluated for impairment $ 1,814 $ 3,256 $ 948 $ 208 $ — $ 26 $ 6,252 Collectively evaluated for impairment 31,912 34,521 11,716 3,794 5,992 940 88,875 Loans acquired with deteriorated credit quality — 113 — 94 — — 207 Loans at period end Individually evaluated for impairment $ 12,361 $ 75,886 $ 7,879 $ 17,144 $ — $ 381 $ 113,651 Collectively evaluated for impairment 4,190,224 4,567,928 701,404 476,418 4,306,229 129,775 14,371,978 Loans acquired with deteriorated credit quality 9,347 66,672 — 2,363 389,048 — 467,430 A summary of activity in the allowance for covered loan losses for the three months ended March 31, 2016 and 2015 is as follows: Three Months Ended March 31, March 31, (Dollars in thousands) 2016 2015 Balance at beginning of period $ 3,026 $ 2,131 Provision for covered loan losses before benefit attributable to FDIC loss share agreements (1,946 ) (529 ) Benefit attributable to FDIC loss share agreements 1,557 423 Net provision for covered loan losses (389 ) (106 ) Decrease in FDIC indemnification asset (1,557 ) (423 ) Loans charged-off (230 ) (237 ) Recoveries of loans charged-off 1,657 513 Net recoveries (charge-offs) 1,427 276 Balance at end of period $ 2,507 $ 1,878 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 3 – Business Combinations for more detail. Impaired Loans A summary of impaired loans, including troubled debt restructurings ("TDRs"), is as follows: March 31, December 31, March 31, (Dollars in thousands) 2016 2015 2015 Impaired loans (included in non-performing and TDRs): Impaired loans with an allowance for loan loss required (1) $ 50,710 $ 49,961 $ 48,610 Impaired loans with no allowance for loan loss required 45,400 51,294 63,794 Total impaired loans (2) $ 96,110 $ 101,255 $ 112,404 Allowance for loan losses related to impaired loans $ 7,775 $ 6,380 $ 6,199 TDRs $ 52,555 $ 51,853 $ 67,218 (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 by loan class, excluding covered loans, for the periods ended as follows: For the Three Months Ended As of March 31, 2016 March 31, 2016 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized (Dollars in thousands) Impaired loans with a related ASC 310 allowance recorded Commercial Commercial, industrial and other $ 9,711 $ 12,905 $ 2,309 $ 9,527 $ 207 Asset-based lending — — — — — Commercial real estate Construction — — — — — Land 5,577 9,358 49 5,583 142 Office 3,688 4,688 363 3,701 57 Industrial 8,325 9,065 1,872 8,382 115 Retail 7,757 7,775 296 7,785 83 Multi-family 1,477 1,477 128 1,050 11 Mixed use and other 4,753 4,900 293 4,761 58 Home equity 3,508 3,559 1,695 3,508 25 Residential real estate 5,726 5,957 700 5,743 61 Consumer and other 188 215 70 190 3 Impaired loans with no related ASC 310 allowance recorded Commercial Commercial, industrial and other $ 7,802 $ 8,591 $ — $ 8,090 $ 116 Asset-based lending 3 1,567 — 5 22 Commercial real estate Construction 2,296 2,296 — 2,296 28 Land 2,112 2,852 — 2,116 28 Office 7,172 8,548 — 7,323 110 Industrial 3,692 3,910 — 3,686 67 Retail 1,800 2,499 — 1,806 25 Multi-family 92 175 — 148 2 Mixed use and other 3,802 4,377 — 3,886 58 Home equity 5,857 6,974 — 5,962 92 Residential real estate 10,433 12,692 — 10,481 148 Consumer and other 339 413 — 340 5 Total impaired loans, net of unearned income $ 96,110 $ 114,793 $ 7,775 $ 96,369 $ 1,463 For the Twelve Months Ended As of December 31, 2015 December 31, 2015 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized (Dollars in thousands) Impaired loans with a related ASC 310 allowance recorded Commercial Commercial, industrial and other $ 9,754 $ 12,498 $ 2,012 $ 10,123 $ 792 Asset-based lending — — — — — Commercial real estate 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 Consumer and other 195 220 10 216 12 Impaired loans with no related ASC 310 allowance recorded Commercial Commercial, industrial and other $ 8,562 $ 9,915 $ — $ 9,885 $ 521 Asset-based lending 8 1,570 — 5 88 Commercial real estate Construction 2,328 2,329 — 2,316 113 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 Consumer and other 197 267 — 201 12 Total impaired loans, net of unearned income $ 101,255 $ 124,249 $ 6,380 $ 107,170 $ 6,198 For the Three Months Ended As of March 31, 2015 March 31, 2015 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized (Dollars in thousands) Impaired loans with a related ASC 310 allowance recorded Commercial Commercial, industrial and other $ 7,230 $ 7,830 $ 1,795 $ 7,465 $ 92 Asset-based lending — — — — — Commercial real estate Construction — — — — — Land 4,475 8,090 29 4,734 127 Office 8,354 11,053 598 8,399 131 Industrial 1,402 1,487 559 1,406 20 Retail 10,259 12,286 371 10,294 128 Multi-family 2,266 2,363 241 2,273 26 Mixed use and other 7,891 10,041 1,449 7,907 116 Home equity 2,807 2,962 948 2,809 29 Residential real estate 3,728 3,934 183 3,724 45 Consumer and other 198 200 26 203 4 Impaired loans with no related ASC 310 allowance recorded Commercial Commercial, industrial and other $ 4,630 $ 7,595 $ — $ 4,647 $ 125 Asset-based lending — — — — — Commercial real estate Construction 2,645 2,645 — 2,645 30 Land 5,134 5,868 — 5,137 62 Office 6,890 6,965 — 6,971 77 Industrial 2,772 3,134 — 2,837 55 Retail 5,053 9,130 — 5,315 105 Multi-family 777 1,199 — 778 13 Mixed use and other 17,479 17,723 — 17,688 185 Home equity 5,072 6,771 — 5,126 70 Residential real estate 13,159 14,644 — 13,190 145 Consumer and other 183 249 — 145 3 Total impaired loans, net of unearned income $ 112,404 $ 136,169 $ 6,199 $ 113,693 $ 1,588 TDRs At March 31, 2016 , the Company had $52.6 million in loans modified in TDRs. The $52.6 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 six or worse, must be reviewed for possible TDR classification. In that event, our Managed Assets Division conducts an overall credit and collateral review. A modification of these loans is considered to be a TDR if both (1) the borrower is experiencing financial difficulty and (2) for economic or legal reasons, the bank grants a concession to a borrower that it would not otherwise consider. The modification of a loan, excluding PCI loans, where the credit risk rating is 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 the modification and on a quarterly basis to determine if a specific reserve is necessary. The carrying amount of the loan is compared to the expected payments to be received, discounted at the loan's original rate, or for collateral dependent loans, to the fair value of the collateral. Any shortfall is recorded as a specific reserve. The Company, in accordance with ASC 310-10, continues to individually measure impairment of these loans after the TDR classification is removed. Each TDR was reviewed for impairment at March 31, 2016 and approximately $3.1 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. During the three months ended March 31, 2016 and 2015, the Company recorded $90,000 and $193,000 , respectively, in interest income representing this decrease in impairment. TDRs may arise in which, due to financial difficulties experienced by the borrower, the Company obtains through physical possession one or more collateral assets in satisfaction of all or part of an existing credit. Once possession is obtained, the Company reclassifies the appropriate portion of the remaining balance of the credit from loans to OREO, which is included within other assets in the Consolidated Statements of Condition. For any residential real estate property collateralizing a consumer mortgage loan, the Company is considered to possess the related collateral only if legal title is obtained upon completion of foreclosure, or the borrower conveys all interest in the residential real estate property to the Company through completion of a deed in lieu of foreclosure or similar legal agreement. Excluding covered OREO, at March 31, 2016 , the Company had $13.3 million of foreclosed residential real estate properties included within OREO. The tables below present a summary of the post-modification balance of loans restructured during the three months ended March 31, 2016 and 2015, respectively, which represent TDRs: Three months ended March 31, 2016 (Dollars in thousands) Total (1)(2) Extension at Below Market (2) Reduction of Interest Rate (2) Modification to Interest-only Payments (2) Forgiveness of Debt (2) Count Balance Count Balance Count Balance Count Balance Count Balance Commercial Commercial, industrial and other 1 $ 42 1 $ 42 — $ — — $ — — $ — Commercial real estate Office 1 450 1 450 — — — — — — Industrial 6 7,921 6 7,921 3 7,196 — — — — Mixed use and other 2 150 2 150 — — — — — — Residential real estate and other 1 160 — — 1 160 — — — — Total loans 11 $ 8,723 10 $ 8,563 4 $ 7,356 — $ — — $ — Three months ended March 31, 2015 (Dollars in thousands) Total (1)(2) Extension at Below Market Terms (2) Reduction of Interest Rate (2) Modification to Interest-only Payments (2) Forgiveness of Debt (2) Count Balance Count Balance Count Balance Count Balance Count Balance Commercial Commercial, industrial and other — $ — — $ — — $ — — $ — — $ — Commercial real estate Office — — — — — — — — — — Industrial — — — — — — — — — — Mixed use and other — — — — — — — — — — Residential real estate and other 3 294 3 294 2 80 1 50 — — Total loans 3 $ 294 3 $ 294 2 $ 80 1 $ 50 — $ — (1) TDRs may have more than one modification representing a concession. As such, TDRs during the period may be represented in more than one of the categories noted above. (2) Balances represent the recorded investment in the loan at the time of the restructuring. During the three months ended March 31, 2016 , 11 loans totaling $8.7 million were determined to be TDRs, compared to three loans totaling $294,000 in the same period of 2015. Of these loans extended at below market terms, the weighted average extension had a term of approximately three months during the quarter ended March 31, 2016 compared to 17 months for the quarter ended March 31, 2015. Further, the weighted average decrease in the stated interest rate for loans with a reduction of interest rate during the period was approximately 17 basis points and 180 basis points during the three months ending March 31, 2016 and 2015, respectively. Interest-only payment terms were approximately 24 months during the three months ending March 31, 2016. Additionally, no principal balances were forgiven in the first quarters of 2016 and 2015. The following table presents a summary of all loans restructured in TDRs during the twelve months ended March 31, 2016 and 2015, and such loans which were in payment default under the restructured terms during the respective periods below: (Dollars in thousands) As of March 31, 2016 Three Months Ended March 31, 2016 As of March 31, 2015 Three Months Ended March 31, 2015 Total (1)(3) Payments in Default (2)(3) Total (1)(3) Payments in Default (2)(3) Count Balance Count Balance Count Balance Count Balance Commercial Commercial, industrial and other 1 $ 42 — $ — 1 1,461 — $ — Commercial real estate Office 1 450 1 450 2 1,510 1 790 Industrial 7 8,090 3 725 1 685 — — Multi-family — — — — 1 181 1 181 Mixed use and other 4 351 3 217 4 1,049 3 816 Residential real estate and other 7 1,530 — — 9 2,131 2 261 Total loans 20 $ 10,463 7 $ 1,392 18 7,017 7 $ 2,048 (1) Total TDRs represent all loans restructured in TDRs during the previous twelve months from the date indicated. (2) TDRs considered to be in payment default are over 30 days past-due subsequent to the restructuring. (3) Balances represent the recorded investment in the loan at the time of the restructuring. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2016 | |
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, 2016 Goodwill Acquired Impairment Loss Goodwill Adjustments March 31, 2016 Community banking $ 401,612 $ 11,305 $ — $ (195 ) $ 412,722 Specialty finance 38,035 — — 1,409 39,444 Wealth management 32,114 — — — 32,114 Total $ 471,761 $ 11,305 $ — $ 1,214 $ 484,280 The community banking segment's goodwill increased $11.1 million in the first three months of 2016 primarily as a result of the acquisition of Generations. The specialty finance segment's goodwill increased $1.4 million in the first three months of 2016 as a result of foreign currency translation adjustments related to the Canadian acquisitions. A summary of finite-lived intangible assets as of the dates shown and the expected amortization as of March 31, 2016 is as follows: (Dollars in thousands) March 31, 2016 December 31, 2015 March 31, 2015 Community banking segment: Core deposit intangibles: Gross carrying amount $ 35,654 $ 34,841 $ 25,881 Accumulated amortization (18,543 ) (17,382 ) (14,192 ) Net carrying amount $ 17,111 $ 17,459 $ 11,689 Specialty finance segment: Customer list intangibles: Gross carrying amount $ 1,800 $ 1,800 $ 1,800 Accumulated amortization (1,076 ) (1,052 ) (971 ) Net carrying amount $ 724 $ 748 $ 829 Wealth management segment: Customer list and other intangibles: Gross carrying amount $ 7,940 $ 7,940 $ 7,940 Accumulated amortization (2,050 ) (1,938 ) (1,600 ) Net carrying amount $ 5,890 $ 6,002 $ 6,340 Total other intangible assets, net $ 23,725 $ 24,209 $ 18,858 Estimated amortization Actual in three months ended March 31, 2016 $ 1,298 Estimated remaining in 2016 3,477 Estimated—2017 4,013 Estimated—2018 3,493 Estimated—2019 2,961 Estimated—2020 2,410 The core deposit intangibles recognized in connection with prior bank acquisitions are amortized over a ten -year period on an accelerated basis. The customer list intangibles recognized in connection with the purchase of life insurance premium finance assets in 2009 are being amortized over an 18 -year period on an accelerated basis while the customer list intangibles recognized in connection with prior acquisitions within the wealth management segment are being amortized over a ten -year period on a straight-line basis. Total amortization expense associated with finite-lived intangibles totaled approximately $1.3 million and $1.0 million for the three months ended March 31, 2016 and 2015, respectively. |
Deposits
Deposits | 3 Months Ended |
Mar. 31, 2016 | |
Deposits [Abstract] | |
Deposits | Deposits The following table is a summary of deposits as of the dates shown: (Dollars in thousands) March 31, 2016 December 31, 2015 March 31, 2015 Balance: Non-interest bearing $ 5,205,410 $ 4,836,420 $ 3,779,609 NOW and interest bearing demand deposits 2,369,474 2,390,217 2,262,928 Wealth management deposits 1,761,710 1,643,653 1,528,963 Money market 4,157,083 4,041,300 3,791,762 Savings 1,766,552 1,723,367 1,563,752 Time certificates of deposit 3,956,842 4,004,677 4,011,755 Total deposits $ 19,217,071 $ 18,639,634 $ 16,938,769 Mix: Non-interest bearing 27 % 26 % 22 % NOW and interest bearing demand deposits 12 13 13 Wealth management deposits 9 9 9 Money market 22 22 23 Savings 9 9 9 Time certificates of deposit 21 21 24 Total deposits 100 % 100 % 100 % Wealth management deposits represent deposit balances (primarily money market accounts) at the Company’s subsidiary banks from brokerage customers of Wayne Hummer Investments, trust and asset management customers of Company and brokerage customers from unaffiliated companies. |
Federal Home Loan Bank Advances
Federal Home Loan Bank Advances, Other Borrowings and Subordinated Notes | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Federal Home Loan Bank Advances, Other Borrowings and Subordinated Notes | Federal Home Loan Bank Advances, Other Borrowings and Subordinated Notes The following table is a summary of notes payable, Federal Home Loan Bank advances, other borrowings and subordinated notes as of the dates shown: (Dollars in thousands) March 31, 2016 December 31, 2015 March 31, 2015 Federal Home Loan Bank advances $ 799,482 $ 853,431 $ 406,839 Other borrowings: Notes payable 63,683 67,429 — Short-term borrowings 47,680 63,887 50,076 Other 18,811 18,965 18,538 Secured borrowings 122,952 115,504 118,102 Total other borrowings 253,126 265,785 186,716 Subordinated notes 138,888 138,861 138,782 Total Federal Home Loan Bank advances, other borrowings and subordinated notes $ 1,191,496 $ 1,258,077 $ 732,337 Federal Home Loan Bank Advances Federal Home Loan Bank advances consist of obligations of the banks and are collateralized by qualifying residential real estate and home equity loans and certain securities. FHLB advances are stated at par value of the debt adjusted for unamortized prepayment fees paid at the time of prior restructurings of FHLB advances and unamortized fair value adjustments recorded in connection with advances acquired through acquisitions. Notes Payable At March 31, 2016, notes payable represented a $63.7 million term facility ("Term Facility"), which is part of a $150.0 million loan agreement ("Credit Agreement") with unaffiliated banks dated December 15, 2014 . The Credit Agreement consists of the Term Facility with an original outstanding balance of $75.0 million and a $75.0 million revolving credit facility ("Revolving Credit Facility"). At March 31, 2016, the Company had a balance of $63.7 million compared to a $67.4 million balance at December 31, 2015 and no balance at March 31, 2015 under the Term Facility. The Term Facility is stated at par of the current outstanding balance of the debt adjusted for unamortized costs paid by the Company in relation to the debt issuance. The Company was 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 March 31, 2016, December 31, 2015 and March 31, 2015, the Company had no outstanding balance under the Revolving Credit Facility. As no outstanding balance exists on the Revolving Credit Facility, unamortized costs paid by the Company in relation to the issuance of this debt are classified in other assets on the Consolidated Statements of Condition. In December 2015, the Company amended the Credit Agreement, effectively extending the maturity date on the Revolving Credit Facility from December 14, 2015 to December 12, 2016 . Borrowings under the Credit 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. Borrowings under the Credit Agreement are secured by pledges of and first priority perfected security interests in the Company's equity interest in its bank subsidiaries and contain several restrictive covenants, including the maintenance of various capital adequacy levels, asset quality and profitability ratios, and certain restrictions on dividends and other indebtedness. At March 31, 2016, after giving effect to the limited waiver discussed in Note 17 - Regulatory Matters, 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 $47.7 million at March 31, 2016 compared to $63.9 million at December 31, 2015 and $50.1 million at March 31, 2015 . At March 31, 2016 , December 31, 2015 and March 31, 2015 , securities sold under repurchase agreements represent $47.7 million , $58.9 million and $50.1 million , respectively, of customer sweep accounts in connection with master repurchase agreements at the banks. The Company records securities sold under repurchase agreements at their gross value and does not offset positions on the Consolidated Statements of Condition. As of March 31, 2016 , the Company had pledged securities related to its customer balances in sweep accounts of $60.4 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 March 31, 2016 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 $ 9,992 Corporate notes: Financial issuers 4,937 Mortgage-backed securities 33,943 Held-to-maturity securities pledged U.S. Government agencies 11,547 Total collateral pledged $ 60,419 Excess collateral 12,739 Securities sold under repurchase agreements $ 47,680 Other Borrowings Other borrowings at March 31, 2016 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 March 31, 2016 , the Fixed-Rate Promissory Note had a balance of $18.1 million compared to a balance of $18.3 million and $18.5 million at December 31, 2015 and March 31, 2015, respectively. Under the Fixed-Rate Promissory Note, the Company will make monthly principal payments and pay interest at a fixed rate of 3.75% until maturity on September 1, 2017 . At March 31, 2016 and December 31, 2015, the non-recourse notes related to certain capital leases totaled $662,000 and $732,000 , respectively. 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, net of unamortized debt issuance costs, and translated to the Company’s reporting currency as of the respective date. At March 31, 2016 , the translated balance of the secured borrowing totaled $123.0 million compared to $115.5 million at December 31, 2015 and $118.1 million at March 31, 2015. Additionally, the interest rate under the Receivables Purchase Agreement at March 31, 2016 was 1.5322% . Subordinated Notes At March 31, 2016, the Company had outstanding subordinated notes totaling $138.9 million compared to $138.9 million and $138.8 million outstanding at December 31, 2015 and March 31, 2015, respectively. The notes have a stated interest rate of 5.00% and mature in June 2024 . These notes are stated at par adjusted for unamortized costs paid related to the issuance of this debt. |
Junior Subordinated Debentures
Junior Subordinated Debentures | 3 Months Ended |
Mar. 31, 2016 | |
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust [Abstract] | |
Junior Subordinated Debentures | Junior Subordinated Debentures As of March 31, 2016 , 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. In January 2016, the Company acquired $15.0 million of the $40.0 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 from the early extinguishment of debt. The Trusts are reported in the Company’s consolidated financial statements as unconsolidated subsidiaries. Accordingly, in the Consolidated Statements of Condition, the junior subordinated debentures issued by the Company to the Trusts are reported as liabilities and the common securities of the Trusts, all of which are owned by the Company, are included in available-for-sale securities. The following table provides a summary of the Company’s junior subordinated debentures as of March 31, 2016 . The junior subordinated debentures represent the par value of the obligations owed to the Trusts. (Dollars in thousands) Common Securities Trust Preferred Securities Junior Subordinated Debentures Rate Structure Contractual rate at 3/31/2016 Issue Date Maturity Date Earliest Redemption Date Wintrust Capital Trust III $ 774 $ 25,000 $ 25,774 L+3.25 3.87 % 04/2003 04/2033 04/2008 Wintrust Statutory Trust IV 619 20,000 20,619 L+2.80 3.43 % 12/2003 12/2033 12/2008 Wintrust Statutory Trust V 1,238 40,000 41,238 L+2.60 3.23 % 05/2004 05/2034 06/2009 Wintrust Capital Trust VII 1,550 50,000 51,550 L+1.95 2.58 % 12/2004 03/2035 03/2010 Wintrust Capital Trust VIII 1,238 25,000 26,238 L+1.45 2.08 % 08/2005 09/2035 09/2010 Wintrust Capital Trust IX 1,547 50,000 51,547 L+1.63 2.26 % 09/2006 09/2036 09/2011 Northview Capital Trust I 186 6,000 6,186 L+3.00 3.62 % 08/2003 11/2033 08/2008 Town Bankshares Capital Trust I 186 6,000 6,186 L+3.00 3.62 % 08/2003 11/2033 08/2008 First Northwest Capital Trust I 155 5,000 5,155 L+3.00 3.63 % 05/2004 05/2034 05/2009 Suburban Illinois Capital Trust II 464 15,000 15,464 L+1.75 2.38 % 12/2006 12/2036 12/2011 Community Financial Shares Statutory Trust II 109 3,500 3,609 L+1.62 2.25 % 06/2007 09/2037 06/2012 Total $ 253,566 2.83 % The junior subordinated debentures totaled $253.6 million at March 31, 2016 compared to $268.6 million at December 31, 2015 and $249.5 million at March 31, 2015 . The interest rates on the variable rate junior subordinated debentures are based on the three-month LIBOR rate and reset on a quarterly basis. At March 31, 2016 , the weighted average contractual interest rate on the junior subordinated debentures was 2.83% . The Company entered into interest rate swaps and caps with an aggregate notional value of $225 million to hedge the variable cash flows on certain junior subordinated debentures. The hedge-adjusted rate on the junior subordinated debentures as of March 31, 2016 , was 3.71% . 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. Starting in 2015, a portion of these junior subordinated debentures still qualified as Tier 1 regulatory capital of the Company and the amount in excess of those certain limitations, subject to certain restrictions, was included in Tier 2 capital. At 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. At March 31, 2015, $60.5 million and $181.5 million of the junior subordinated debentures, net of common securities, were included in the Company's Tier 1 and Tier 2 regulatory capital, respectively. Starting in 2016, none of the junior subordinated debentures qualified as Tier 1 regulatory capital of the Company resulting in $245.5 million of the junior subordinated debentures, net of common securities, being included in the Company's Tier 2 regulatory capital. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2016 | |
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 and leases originated by the specialty finance segment and sold or assigned to the community banking segment. Similarly, for purposes of analyzing the contribution from the wealth management segment, management allocates a portion of the net interest income earned by the community banking segment on deposit balances of customers of the wealth management segment to the wealth management segment. See Note 9 — Deposits, for more information on these deposits. Finally, expenses incurred at the Wintrust parent company are allocated to each segment based on each segment's risk-weighted assets. The segment financial information provided in the following tables has been derived from the internal profitability reporting system used by management to monitor and manage the financial performance of the Company. The accounting policies of the segments are substantially similar to those described in “Summary of Significant Accounting Policies” in Note 1 of the Company’s 2015 Form 10-K. The Company evaluates segment performance based on after-tax profit or loss and other appropriate profitability measures common to each segment. The following is a summary of certain operating information for reportable segments: Three months ended $ Change in Contribution % Change in Contribution (Dollars in thousands) March 31, 2016 March 31, 2015 Net interest income: Community Banking $ 141,698 $ 122,681 $ 19,017 16 % Specialty Finance 21,180 21,046 134 1 Wealth Management 4,483 4,189 294 7 Total Operating Segments 167,361 147,916 19,445 13 Intersegment Eliminations 4,148 3,975 173 4 Consolidated net interest income $ 171,509 $ 151,891 $ 19,618 13 % Non-interest income: Community Banking $ 45,667 $ 44,912 $ 755 2 % Specialty Finance 12,403 7,871 4,532 58 Wealth Management 18,752 18,728 24 — Total Operating Segments 76,822 71,511 5,311 7 Intersegment Eliminations (8,070 ) (6,970 ) (1,100 ) (16 ) Consolidated non-interest income $ 68,752 $ 64,541 $ 4,211 7 % Net revenue: Community Banking $ 187,365 $ 167,593 $ 19,772 12 % Specialty Finance 33,583 28,917 4,666 16 Wealth Management 23,235 22,917 318 1 Total Operating Segments 244,183 219,427 24,756 11 Intersegment Eliminations (3,922 ) (2,995 ) (927 ) (31 ) Consolidated net revenue $ 240,261 $ 216,432 $ 23,829 11 % Segment profit: Community Banking $ 34,757 $ 24,965 $ 9,792 39 % Specialty Finance 11,472 10,952 520 5 Wealth Management 2,882 3,135 (253 ) (8 ) Consolidated net income $ 49,111 $ 39,052 $ 10,059 26 % Segment assets: Community Banking $ 19,575,709 $ 17,039,668 $ 2,536,041 15 % Specialty Finance 3,322,807 2,783,958 538,849 19 Wealth Management 589,652 547,940 41,712 8 Consolidated total assets $ 23,488,168 $ 20,371,566 $ 3,116,602 15 % |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments The Company primarily enters into derivative financial instruments as part of its strategy to manage its exposure to changes in interest rates. Derivative instruments represent contracts between parties that result in one party delivering cash to the other party based on a notional amount and an underlying term (such as a rate, security price or price index) specified in the contract. The amount of cash delivered from one party to the other is determined based on the interaction of the notional amount of the contract with the underlying term. Derivatives are also implicit in certain contracts and commitments. The derivative financial instruments currently used by the Company to manage its exposure to interest rate risk include: (1) interest rate swaps and caps to manage the interest rate risk of certain fixed and variable rate assets and variable rate liabilities; (2) interest rate lock commitments provided to customers to fund certain mortgage loans to be sold into the secondary market; (3) forward commitments for the future delivery of such mortgage loans to protect the Company from adverse changes in interest rates and corresponding changes in the value of mortgage loans held-for-sale; and (4) covered call options to economically hedge specific investment securities and receive fee income effectively enhancing the overall yield on such securities to compensate for net interest margin compression. The Company also enters into derivatives (typically interest rate swaps) with certain qualified borrowers to facilitate the borrowers’ risk management strategies and concurrently enters into mirror-image derivatives with a third party counterparty, effectively making a market in the derivatives for such borrowers. Additionally, the Company enters into foreign currency contracts to manage foreign exchange risk associated with certain foreign currency denominated assets. The Company has purchased interest rate cap derivatives to hedge or manage its own risk exposures. Certain interest rate cap derivatives have been designated as cash flow hedge derivatives of the variable cash outflows associated with interest expense on the Company’s junior subordinated debentures and certain deposits. Other cap derivatives are not designated for hedge accounting but are economic hedges of the Company's overall portfolio, therefore any mark to market changes in the value of these caps are recognized in earnings. Below is a summary of the interest rate cap derivatives held by the Company as of March 31, 2016 : (Dollars in thousands) Notional Accounting Fair Value as of Effective Date Maturity Date Amount Treatment March 31, 2016 May 3, 2012 May 3, 2016 215,000 Non-Hedge Designated — August 29, 2012 August 29, 2016 216,500 Cash Flow Hedging — February 22, 2013 August 22, 2016 43,500 Cash Flow Hedging — February 22, 2013 August 22, 2016 56,500 Non-Hedge Designated — March 21, 2013 March 21, 2017 100,000 Non-Hedge Designated 15 May 16, 2013 November 16, 2016 75,000 Non-Hedge Designated 2 September 15, 2013 September 15, 2017 50,000 Cash Flow Hedging 34 September 30, 2013 September 30, 2017 40,000 Cash Flow Hedging 30 $ 796,500 $ 81 The Company recognizes derivative financial instruments in the consolidated financial statements at fair value regardless of the purpose or intent for holding the instrument. The Company records derivative assets and derivative liabilities on the Consolidated Statements of Condition within accrued interest receivable and other assets and accrued interest payable and other liabilities, respectively. Changes in the fair value of derivative financial instruments are either recognized in income or in shareholders’ equity as a component of other comprehensive income depending on whether the derivative financial instrument qualifies for hedge accounting and, if so, whether it qualifies as a fair value hedge or cash flow hedge. Generally, changes in fair values of derivatives accounted for as fair value hedges are recorded in income in the same period and in the same income statement line as changes in the fair values of the hedged items that relate to the hedged risk(s). Changes in fair values of derivative financial instruments accounted for as cash flow hedges, to the extent they are effective hedges, are recorded as a component of other comprehensive income, net of deferred taxes, and reclassified to earnings when the hedged transaction affects earnings. Changes in fair values of derivative financial instruments not designated in a hedging relationship pursuant to ASC 815, including changes in fair value related to the ineffective portion of cash flow hedges, are reported in non-interest income during the period of the change. Derivative financial instruments are valued by a third party and are corroborated through comparison with valuations provided by the respective counterparties. Fair values of certain mortgage banking derivatives (interest rate lock commitments and forward commitments to sell mortgage loans) are estimated based on changes in mortgage interest rates from the date of the loan commitment. The fair value of foreign currency derivatives is computed based on changes in foreign currency rates stated in the contract compared to those prevailing at the measurement date. The table below presents the fair value of the Company’s derivative financial instruments as of March 31, 2016 , December 31, 2015 and March 31, 2015 : Derivative Assets Derivative Liabilities Fair Value Fair Value (Dollars in thousands) March 31, 2016 December 31, 2015 March 31, March 31, 2016 December 31, 2015 March 31, Derivatives designated as hedging instruments under ASC 815: Interest rate derivatives designated as Cash Flow Hedges $ 64 $ 242 $ 668 $ 586 $ 846 $ 1,867 Interest rate derivatives designated as Fair Value Hedges — 27 20 670 143 — Total derivatives designated as hedging instruments under ASC 815 $ 64 $ 269 $ 688 $ 1,256 $ 989 $ 1,867 Derivatives not designated as hedging instruments under ASC 815: Interest rate derivatives $ 73,921 $ 42,510 $ 46,862 $ 72,763 $ 41,469 $ 45,831 Interest rate lock commitments 12,104 7,401 15,296 3,574 171 — Forward commitments to sell mortgage loans — 745 — 3,857 2,275 7,410 Foreign exchange contracts 248 373 138 262 115 117 Total derivatives not designated as hedging instruments under ASC 815 $ 86,273 $ 51,029 $ 62,296 $ 80,456 $ 44,030 $ 53,358 Total Derivatives $ 86,337 $ 51,298 $ 62,984 $ 81,712 $ 45,019 $ 55,225 Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to net interest income and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps and interest rate caps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without the exchange of the underlying notional amount. Interest rate caps designated as cash flow hedges involve the receipt of payments at the end of each period in which the interest rate specified in the contract exceeds the agreed upon strike price. During the first quarter of 2014, the Company designated two existing interest rate cap derivatives as cash flow hedges of variable rate deposits. The cap derivatives had notional amounts of $216.5 million and $43.5 million , respectively, both maturing in August 2016. Additionally, as of March 31, 2016 , the Company had two interest rate swaps and two interest rate caps designated as hedges of the variable cash outflows associated with interest expense on the Company’s junior subordinated debentures. The effective portion of changes in the fair value of these cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified to interest expense as interest payments are made on the Company’s variable rate junior subordinated debentures. The changes in fair value (net of tax) are separately disclosed in the Consolidated Statements of Comprehensive Income. The ineffective portion of the change in fair value of these derivatives is recognized directly in earnings; however, no hedge ineffectiveness was recognized during the three months ended March 31, 2016 or March 31, 2015 . The Company uses the hypothetical derivative method to assess and measure hedge effectiveness. The table below provides details on each of these cash flow hedges as of March 31, 2016 : March 31, 2016 (Dollars in thousands) Notional Fair Value Maturity Date Amount Asset (Liability) Interest Rate Swaps: September 2016 $ 50,000 $ (370 ) October 2016 25,000 (216 ) Total Interest Rate Swaps $ 75,000 $ (586 ) Interest Rate Caps: August 2016 43,500 — August 2016 216,500 — September 2017 50,000 34 September 2017 40,000 30 Total Interest Rate Caps $ 350,000 $ 64 Total Cash Flow Hedges $ 425,000 $ (522 ) A rollforward of the amounts in accumulated other comprehensive loss related to interest rate derivatives designated as cash flow hedges follows: Three months ended (Dollars in thousands) March 31, 2016 March 31, 2015 Unrealized loss at beginning of period $ (3,529 ) $ (4,062 ) Amount reclassified from accumulated other comprehensive loss to interest expense on deposits and junior subordinated debentures 723 414 Amount of loss recognized in other comprehensive income (245 ) (975 ) Unrealized loss at end of period $ (3,051 ) $ (4,623 ) As of March 31, 2016 , the Company estimates that during the next twelve months, $2.3 million will be reclassified from accumulated other comprehensive loss as an increase to interest expense. Fair Value Hedges of Interest Rate Risk Interest rate swaps designated as fair value hedges involve the payment of fixed amounts to a counterparty in exchange for the Company receiving variable payments over the life of the agreements without the exchange of the underlying notional amount. As of March 31, 2016 , the Company has four interest rate swaps with an aggregate notional amount of $20.8 million that were designated as fair value hedges associated with fixed rate commercial and industrial and 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 $39,000 in other income related to hedge ineffectiveness for the three months ended March 31, 2016 and a $4,000 net loss for the three months ended March 31, 2015. 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 the interest rate cap derivative value subsequent to June 1, 2013 are recorded in earnings. Additionally, the Company has recorded amortization of the basis in the previously hedged item as a reduction to interest income of $43,000 in the three month periods ended March 31, 2016 and 2015, respectively. The following table presents the gain/(loss) and hedge ineffectiveness recognized on derivative instruments and the related hedged items that are designated as a fair value hedge accounting relationship as of March 31, 2016 and 2015: (Dollars in thousands) Derivatives in Fair Value Hedging Relationships Location of Gain/(Loss) Recognized in Income on Derivative Amount of Gain/(Loss) Recognized in Income on Derivative Three Months Ended Amount of (Loss)/Gain Recognized in Income on Hedged Item Three Months Ended Income Statement Gain/ (Loss) due to Hedge Ineffectiveness Three Months Ended March 31, 2016 March 31, 2015 March 31, 2016 March 31, 2015 March 31, 2016 March 31, 2015 Interest rate swaps Trading (losses) gains, net $ (554 ) $ (32 ) $ 515 $ 28 $ (39 ) $ (4 ) Non-Designated Hedges The Company does not use derivatives for speculative purposes. Derivatives not designated as hedges are used to manage the Company’s exposure to interest rate movements and other identified risks but do not meet the strict hedge accounting requirements of ASC 815. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings. Interest Rate Derivatives —The Company has interest rate derivatives, including swaps and option products, resulting from a service the Company provides to certain qualified borrowers. The Company’s banking subsidiaries execute certain derivative products (typically interest rate swaps) directly with qualified commercial borrowers to facilitate their respective risk management strategies. For example, these arrangements allow the Company’s commercial borrowers to effectively convert a variable rate loan to a fixed rate. In order to minimize the Company’s exposure on these transactions, the Company simultaneously executes offsetting derivatives with third parties. In most cases, the offsetting derivatives have mirror-image terms, which result in the positions’ changes in fair value substantially offsetting through earnings each period. However, to the extent that the derivatives are not a mirror-image and because of differences in counterparty credit risk, changes in fair value will not completely offset resulting in some earnings impact each period. Changes in the fair value of these derivatives are included in non-interest income. At March 31, 2016 , the Company had interest rate derivative transactions with an aggregate notional amount of approximately $3.7 billion (all interest rate swaps and caps with customers and third parties) related to this program. These interest rate derivatives had maturity dates ranging from April 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 March 31, 2016 , the Company had forward commitments to sell mortgage loans with an aggregate notional amount of approximately $982.4 million and interest rate lock commitments with an aggregate notional amount of approximately $623.4 million . The fair values of these derivatives were estimated based on changes in mortgage rates from the dates of the commitments. Changes in the fair value of these mortgage banking derivatives are included in mortgage banking revenue. Foreign Currency Derivatives— These derivatives include foreign currency contracts used to manage the foreign exchange risk associated with foreign currency denominated assets and to facilitate the respective risk management strategies of certain customer's foreign currency 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. For certain foreign currency contracts with customers, the Company simultaneously executes offsetting derivatives with third parties. These offsetting derivatives have mirror-image terms, which result in the positions’ changes in fair value substantially offsetting through earnings each period. As of March 31, 2016 the Company held foreign currency derivatives with an aggregate notional amount of approximately $21.5 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 March 31, 2016 , December 31, 2015 or March 31, 2015 . As discussed above, the Company has entered into interest rate cap derivatives to protect the Company in a rising rate environment against increased margin compression due to the repricing of variable rate liabilities and lack of repricing of fixed rate loans and/or securities. As of March 31, 2016 , the Company held four interest rate cap derivative contracts, which are not designated in hedge relationships, with 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) Three Months Ended Derivative Location in income statement March 31, 2016 March 31, 2015 Interest rate swaps and caps Trading (losses) gains, net $ 76 $ (450 ) Mortgage banking derivatives Mortgage banking revenue 1,864 2,094 Covered call options Fees from covered call options 1,712 4,360 Foreign exchange contracts Trading (losses) gains, net (63 ) (51 ) Credit Risk Derivative instruments have inherent risks, primarily market risk and credit risk. Market risk is associated with changes in interest rates and credit risk relates to the risk that the counterparty will fail to perform according to the terms of the agreement. The amounts potentially subject to market and credit risks are the streams of interest payments under the contracts and the market value of the derivative instrument and not the notional principal amounts used to express the volume of the transactions. Market and credit risks are managed and monitored as part of the Company's overall asset-liability management process, except that the credit risk related to derivatives entered into with certain qualified borrowers is managed through the Company's standard loan underwriting process since these derivatives are secured through collateral provided by the loan agreements. Actual exposures are monitored against various types of credit limits established to contain risk within parameters. When deemed necessary, appropriate types and amounts of collateral are obtained to minimize credit exposure. The Company has agreements with certain of its interest rate derivative counterparties that contain cross-default provisions, which provide that if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. The Company also has agreements with certain of its derivative counterparties that contain a provision allowing the counterparty to terminate the derivative positions if the Company fails to maintain its status as a well or adequately capitalized institution, which would require the Company to settle its obligations under the agreements. As of March 31, 2016 the fair value of interest rate derivatives in a net liability position that were subject to such agreements, which includes accrued interest related to these agreements, was $75.6 million . If at March 31, 2016 the Company had breached any of these provisions and the derivative positions were terminated as a result, the Company 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) March 31, 2016 December 31, 2015 March 31, 2015 March 31, 2016 December 31, 2015 March 31, 2015 Gross Amounts Recognized $ 73,985 $ 42,779 $ 47,550 $ 74,019 $ 42,458 $ 47,698 Less: Amounts offset in the Statements of Financial Condition — — — — — — Net amount presented in the Statements of Financial Condition $ 73,985 $ 42,779 $ 47,550 $ 74,019 $ 42,458 $ 47,698 Gross amounts not offset in the Statements of Financial Condition Offsetting Derivative Positions (156 ) (753 ) (1,563 ) (156 ) (753 ) (1,563 ) Collateral Posted (1) — — — (73,863 ) (41,705 ) (46,135 ) Net Credit Exposure $ 73,829 $ 42,026 $ 45,987 $ — $ — $ — (1) As of March 31, 2016, December 31, 2015 and March 31, 2015, the Company posted collateral of $81.6 million , $45.5 million and $51.3 million , respectively, which resulted in excess collateral with its counterparties. For purposes of this disclosure, the amount of posted collateral is limited to the amount offsetting the derivative liability. |
Fair Values of Assets and Liabi
Fair Values of Assets and Liabilities | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Values of Assets and Liabilities | Fair Values of Assets and Liabilities The Company measures, monitors and discloses certain of its assets and liabilities on a fair value basis. These financial assets and financial liabilities are measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the observability of the assumptions used to determine fair value. These levels are: • Level 1—unadjusted quoted prices in active markets for identical assets or liabilities. • Level 2 — inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability or inputs that are derived principally from or corroborated by observable market data by correlation or other means. • Level 3—significant unobservable inputs that reflect the Company’s own assumptions that market participants would use in pricing the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. A financial instrument’s categorization within the above valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the assets or liabilities. Following is a description of the valuation methodologies used for the Company’s assets and liabilities measured at fair value on a recurring basis. Available-for-sale and trading account securities —Fair values for available-for-sale and trading securities are typically based on prices obtained from independent pricing vendors. Securities measured with these valuation techniques are generally classified as Level 2 of the fair value hierarchy. Typically, standard inputs such as benchmark yields, reported trades for similar securities, issuer spreads, benchmark securities, bids, offers and reference data including market research publications are used to fair value a security. When these inputs are not available, broker/dealer quotes may be obtained by the vendor to determine the fair value of the security. We review the vendor’s pricing methodologies to determine if observable market information is being used, versus unobservable inputs. Fair value measurements using significant inputs that are unobservable in the market due to limited activity or a less liquid market are classified as Level 3 in the fair value hierarchy. The Company’s Investment Operations Department is responsible for the valuation of Level 3 available-for-sale securities. The methodology and variables used as inputs in pricing Level 3 securities are derived from a combination of observable and unobservable inputs. The unobservable inputs are determined through internal assumptions that may vary from period to period due to external factors, such as market movement and credit rating adjustments. At March 31, 2016 , the Company classified $70.2 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 the first quarter of 2016, all of the ratings derived in the above process by Investment Operations were BBB or better, for both bonds with and without comparable bond proxies. The fair value measurement of municipal bonds is sensitive to the rating input, as a higher rating typically results in an increased valuation. The remaining pricing inputs used in the bond valuation are observable. Based on the rating determined in the above process, Investment Operations obtains a corresponding current market yield curve available to market participants. Other terms including coupon, maturity date, redemption price, number of coupon payments per year, and accrual method are obtained from the individual bond term sheets. Certain municipal bonds held by the Company at March 31, 2016 have a call date that has passed, and are now continuously callable. When valuing these bonds, the fair value is capped at par value as the Company assumes a market participant would not pay more than par for a continuously callable bond. At March 31, 2016 , the Company held $24.1 million of equity securities classified as Level 3. The securities in Level 3 are primarily comprised of auction rate preferred securities. The Company’s valuation methodology includes modeling the contractual cash flows of the underlying preferred securities and applying a discount to these cash flows by a market spread derived from the market price of the securities underlying debt. At March 31, 2016 , the Company considered three different securities whose implied market spreads were believed to provide a proxy for the Company’s auction rate preferred securities. The market spreads ranged from 2.81% - 3.13% with an average of 2.98% which was added to three-month LIBOR to be used as the discount rate input to the Company'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 valuation model which calculates the fair value of each servicing rights based on the present value of estimated future cash flows. The Company uses a discount rate commensurate with the risk associated with each servicing rights, given current market conditions. At March 31, 2016 , the Company classified $10.1 million of mortgage servicing rights as Level 3. The weighted average discount rate used as an input to value the mortgage servicing rights at March 31, 2016 was 6.20% with discount rates applied ranging from 4% - 7% . 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 1% - 46% or a weighted average prepayment speed of 11.39% used as an input to value the mortgage servicing rights at March 31, 2016 . Prepayment speeds are inversely related to the fair value of mortgage servicing rights as an increase in prepayment speeds results in a decreased valuation. Derivative instruments —The Company’s derivative instruments include interest rate swaps and caps, commitments to fund mortgages for sale into the secondary market (interest rate locks), forward commitments to end investors for the sale of mortgage loans and foreign currency contracts. Interest rate swaps and caps are valued by a third party, using models that primarily use market observable inputs, such as yield curves, and are corroborated by comparison with valuations provided by the respective counterparties. The credit risk associated with derivative financial instruments that are subject to master netting agreements is measured on a net basis by counterparty portfolio. The fair value for mortgage-related derivatives is based on changes in mortgage rates from the date of the commitments. The fair value of foreign currency derivatives is computed based on change in foreign currency rates stated in the contract compared to those prevailing at the measurement date. Nonqualified deferred compensation assets —The underlying assets relating to the nonqualified deferred compensation plan are included in a trust and primarily consist of non-exchange traded institutional funds which are priced based by an independent third party service. The following tables present the balances of assets and liabilities measured at fair value on a recurring basis for the periods presented: March 31, 2016 (Dollars in thousands) Total Level 1 Level 2 Level 3 Available-for-sale securities U.S. Treasury $ 117,089 $ — $ 117,089 $ — U.S. Government agencies 94,172 — 94,172 — Municipal 121,195 — 50,953 70,242 Corporate notes 80,213 — 80,213 — Mortgage-backed 302,695 — 302,695 — Equity securities 55,619 — 31,565 24,054 Trading account securities 2,116 — 2,116 — Mortgage loans held-for-sale 314,554 — 314,554 — Mortgage servicing rights 10,128 — — 10,128 Nonqualified deferred compensation assets 8,926 — 8,926 — Derivative assets 86,337 — 86,337 — Total $ 1,193,044 $ — $ 1,088,620 $ 104,424 Derivative liabilities $ 81,712 $ — $ 81,712 $ — 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 compensation 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 $ — March 31, 2015 (Dollars in thousands) Total Level 1 Level 2 Level 3 Available-for-sale securities U.S. Treasury $ 271,474 $ — $ 271,474 $ — U.S. Government agencies 661,793 — 661,793 — Municipal 269,912 — 213,863 56,049 Corporate notes 133,814 — 133,814 — Mortgage-backed 329,591 — 329,591 — Equity securities 54,446 — 29,790 24,656 Trading account securities 7,811 — 7,811 — Mortgage loans held-for-sale 446,355 — 446,355 — Mortgage servicing rights 7,852 — — 7,852 Nonqualified deferred compensation assets 8,718 — 8,718 — Derivative assets 62,984 — 62,984 — Total $ 2,254,750 $ — $ 2,166,193 $ 88,557 Derivative liabilities $ 55,225 $ — $ 55,225 $ — The aggregate remaining contractual principal balance outstanding as of March 31, 2016 , December 31, 2015 and March 31, 2015 for mortgage loans held-for-sale measured at fair value under ASC 825 was $299.0 million , $372.0 million and $421.2 million , respectively, while the aggregate fair value of mortgage loans held-for-sale was $314.6 million , $388.0 million and $446.4 million , for the same respective periods, as shown in the above tables. There were no nonaccrual loans or loans past due greater than 90 days and still accruing in the mortgage loans held-for-sale portfolio measured at fair value as of March 31, 2016 , December 31, 2015 and March 31, 2015 . The changes in Level 3 assets measured at fair value on a recurring basis during the three months ended March 31, 2016 and 2015 are summarized as follows: Equity securities Mortgage servicing rights (Dollars in thousands) Municipal Balance at January 1, 2016 $ 68,613 $ 25,199 $ 9,092 Total net gains (losses) included in: Net income (1) — — 1,036 Other comprehensive income (13 ) (1,145 ) — Purchases 3,271 — — Issuances — — — Sales — — — Settlements (1,629 ) — — Net transfers into/(out of) Level 3 — — — Balance at March 31, 2016 $ 70,242 $ 24,054 $ 10,128 Equity securities Mortgage servicing rights (Dollars in thousands) Municipal Balance at January 1, 2015 $ 58,953 $ 23,711 $ 8,435 Total net gains (losses) included in: Net income (1) — — (583 ) Other comprehensive income 203 945 — Purchases 6,674 — — Issuances — — — Sales — — — Settlements (9,781 ) — — Net transfers into/(out of) Level 3 — — — Balance at March 31, 2015 $ 56,049 $ 24,656 $ 7,852 (1) Changes in the balance of mortgage servicing rights are recorded as a component of mortgage banking revenue in non-interest income. Also, the Company may be required, from time to time, to measure certain other financial assets at fair value on a nonrecurring basis in accordance with GAAP. These adjustments to fair value usually result from impairment charges on individual assets. For assets measured at fair value on a nonrecurring basis that were still held in the balance sheet at the end of the period, the following table provides the carrying value of the related individual assets or portfolios at March 31, 2016 . March 31, 2016 Three Months Ended March 31, 2016 Fair Value Losses Recognized, net (Dollars in thousands) Total Level 1 Level 2 Level 3 Impaired loans—collateral based $ 66,008 $ — $ — $ 66,008 $ 2,333 Other real estate owned, including covered other real estate owned (1) 58,978 — — 58,978 1,087 Total $ 124,986 $ — $ — $ 124,986 $ 3,420 (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 7 – Allowance for Loan Losses, Allowance for Losses on Lending-Related Commitments and Impaired Loans. At March 31, 2016 , the Company had $96.1 million of impaired loans classified as Level 3. Of the $96.1 million of impaired loans, $66.0 million were measured at fair value based on the underlying collateral of the loan as shown in the table above. The remaining $30.1 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 March 31, 2016 , the Company had $59.0 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 March 31, 2016 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 $ 70,242 Bond pricing Equivalent rating BBB-AA+ N/A Increase Equity Securities 24,054 Discounted cash flows Discount rate 2.81%-3.13% 2.98% Decrease Mortgage Servicing Rights 10,128 Discounted cash flows Discount rate 4%-7% 6.20% Decrease Constant prepayment rate (CPR) 1%-46% 11.39% Decrease Measured at fair value on a non-recurring basis: Impaired loans—collateral based $ 66,008 Appraisal value Appraisal adjustment - cost of sale 10% 10.00% Decrease Other real estate owned, including covered other real estate owned 58,978 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: At March 31, 2016 At December 31, 2015 At March 31, 2015 Carrying Fair Carrying Fair Carrying Fair (Dollars in thousands) Value Value Value Value Value Value Financial Assets: Cash and cash equivalents $ 212,300 $ 212,300 $ 275,795 $ 275,795 $ 290,872 $ 290,872 Interest bearing deposits with banks 817,013 817,013 607,782 607,782 697,799 697,799 Available-for-sale securities 770,983 770,983 1,716,388 1,716,388 1,721,030 1,721,030 Held-to-maturity securities 911,715 924,344 884,826 878,111 — — Trading account securities 2,116 2,116 448 448 7,811 7,811 Federal Home Loan Bank and Federal Reserve Bank stock, at cost 113,222 113,222 101,581 101,581 92,948 92,948 Brokerage customer receivables 28,266 28,266 27,631 27,631 25,287 25,287 Mortgage loans held-for-sale, at fair value 314,554 314,554 388,038 388,038 446,355 446,355 Total loans 17,585,261 18,551,606 17,266,790 18,106,829 15,162,753 15,868,532 Mortgage servicing rights 10,128 10,128 9,092 9,092 7,852 7,852 Nonqualified deferred compensation assets 8,926 8,926 8,517 8,517 8,718 8,718 Derivative assets 86,337 86,337 51,298 51,298 62,984 62,984 FDIC indemnification asset — — — — 10,224 10,224 Accrued interest receivable and other 202,018 202,018 193,092 193,092 181,998 181,998 Total financial assets $ 21,062,839 $ 22,041,813 $ 21,531,278 $ 22,364,602 $ 18,716,631 $ 19,422,410 Financial Liabilities Non-maturity deposits $ 15,260,229 $ 15,260,229 $ 14,634,957 $ 14,634,957 $ 12,927,014 $ 12,927,014 Deposits with stated maturities 3,956,842 3,956,157 4,004,677 3,998,180 4,011,755 4,017,565 Federal Home Loan Bank advances 799,482 807,265 853,431 863,437 406,839 422,305 Other borrowings 253,126 253,126 265,785 265,785 186,716 186,716 Subordinated notes 138,888 139,849 138,861 140,302 138,782 147,851 Junior subordinated debentures 253,566 254,290 268,566 268,046 249,493 250,196 Derivative liabilities 81,712 81,712 45,019 45,019 55,225 55,225 FDIC indemnification liability 10,029 10,029 6,100 6,100 — — Accrued interest payable 9,208 9,208 7,394 7,394 8,583 8,583 Total financial liabilities $ 20,763,082 $ 20,771,865 $ 20,224,790 $ 20,229,220 $ 17,984,407 $ 18,015,455 Not all the financial instruments listed in the table above are subject to the disclosure provisions of ASC Topic 820, as certain assets and liabilities result in their carrying value approximating fair value. These include cash and cash equivalents, interest bearing deposits with banks, brokerage customer receivables, FHLB and FRB stock, FDIC indemnification asset and liability, 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. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 3 Months Ended |
Mar. 31, 2016 | |
Share-based Compensation [Abstract] | |
Stock-Based Compensation Plans | Stock-Based Compensation Plans 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. 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 awards settled in shares of common stock and other incentive awards based in whole or in part by reference to the Company’s common stock. The Company historically awarded stock-based compensation in the form of time-vested non-qualified stock options and time-vested restricted share unit awards (“restricted shares”). The grants of options provide for the purchase of shares of the Company’s common stock at the fair market value of the stock on the date the options are granted. Stock 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 the interests of shareholders, foster retention, create a long-term focus based on sustainable results and provide participants with 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 non-qualified stock options and performance-based stock and cash awards. 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 starting at the beginning of each calendar year. These performance awards are granted at a target level, and based on the Company’s achievement of the pre-established long-term goals, the actual payouts can range from 0% to a maximum of 150% (for awards granted in 2015 and 2016) 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 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. Shares that are vested but not issuable pursuant to deferred compensation arrangements accrue additional shares based on the value of dividends otherwise paid. Stock-based compensation is measured as the fair value of an award on the date of grant, and the measured cost is recognized over the period which the recipient is required to provide service in exchange for the award. The fair values of restricted share and performance-based stock awards are determined based on the average of the high and low trading prices on the grant date, and the fair value of stock options is estimated using a Black-Scholes option-pricing model that utilizes the assumptions outlined in the following table. Option-pricing models require the input of highly subjective assumptions and are sensitive to changes in the option's expected life and the price volatility of the underlying stock, which can materially affect the fair value estimate. Expected life of options granted since the inception of the LTIP awards has been based on the safe harbor rule of the SEC Staff Accounting Bulletin No. 107 “Share-Based Payment” as the Company believes historical exercise data may not provide a reasonable basis to estimate the expected term of these options. Expected stock price volatility is based on historical volatility of the Company's common stock, which correlates with the expected life of the options, and the risk-free interest rate is based on comparable U.S. Treasury rates. Management reviews and adjusts the assumptions used to calculate the fair value of an option on a periodic basis to better reflect expected trends. The following table presents the weighted average assumptions used to determine the fair value of options granted in the three month periods ending March 31, 2016 and 2015 . Three Months Ended March 31, March 31, 2016 2015 Expected dividend yield 0.9 % 0.9 % Expected volatility 25.2 % 26.5 % Risk-free rate 1.3 % 1.3 % Expected option life (in years) 4.5 4.5 Stock based compensation is recognized based upon the number of awards that are ultimately expected to vest, taking into account expected forfeitures. In addition, for performance-based awards, an estimate is made of the number of shares expected to vest as a result of actual performance against the performance criteria in the award to determine the amount of compensation expense to recognize. The estimate is reevaluated periodically and total compensation expense is adjusted for any change in estimate in the current period. Stock-based compensation expense recognized in the Consolidated Statements of Income was $2.5 million in the first quarter of 2016 and $2.2 million in the first quarter of 2015. A summary of the Company's stock option activity for the three months ended March 31, 2016 and March 31, 2015 is presented below: Stock Options Common Shares Weighted Average Strike Price Remaining Contractual Term (1) Intrinsic Value (2) ($000) Outstanding at January 1, 2016 1,551,734 $ 41.32 Granted 554,107 40.87 Exercised (19,110 ) 32.86 Forfeited or canceled (57,004 ) 51.08 Outstanding at March 31, 2016 2,029,727 $ 41.00 5.0 $ 7,951 Exercisable at March 31, 2016 983,659 $ 39.13 3.8 $ 5,885 Stock Options Common Shares Weighted Average Strike Price Remaining Contractual Term (1) Intrinsic Value (2) ($000) Outstanding at January 1, 2015 1,618,426 $ 43.00 Conversion of options of acquired company 16,364 21.18 Granted 487,259 44.11 Exercised (51,522 ) 31.50 Forfeited or canceled (175,579 ) 54.40 Outstanding at March 31, 2015 1,894,948 $ 42.35 4.6 $ 11,649 Exercisable at March 31, 2015 1,158,991 $ 41.00 3.3 $ 9,291 (1) Represents the remaining weighted average contractual life in years. (2) Aggregate intrinsic value represents the total pre-tax intrinsic value (i.e., the difference between the Company's stock price on the last trading day of the quarter and the option exercise price, multiplied by the number of shares) that would have been received by the option holders if they had exercised their options on the last day of the quarter. Options with exercise prices above the stock price on the last trading day of the quarter are excluded from the calculation of intrinsic value. The intrinsic value will change based on the fair market value of the Company's stock. The weighted average grant date fair value per share of options granted during the three months ended March 31, 2016 and March 31, 2015 was $8.60 and $9.68 , respectively. The aggregate intrinsic value of options exercised during the three months ended March 31, 2016 and 2015, was $196,000 and $744,000 , respectively. A summary of the Plans' restricted share activity for the three months ended March 31, 2016 and March 31, 2015 is presented below: Three months ended March 31, 2016 Three months ended March 31, 2015 Restricted Shares Common Shares Weighted Average Grant-Date Fair Value Common Shares Weighted Average Grant-Date Fair Value Outstanding at January 1 137,593 $ 49.63 146,112 $ 47.45 Granted 10,516 40.77 12,300 44.11 Vested and issued (3,726 ) 43.87 (4,925 ) 36.74 Outstanding at March 31 144,383 $ 49.14 153,487 $ 47.53 Vested, but not issuable at March 31 88,493 $ 51.43 85,000 $ 51.88 A summary of the Plans' performance-based stock award activity, based on the target level of the awards, for the three months ended March 31, 2016 and March 31, 2015 is presented below: Three months ended March 31, 2016 Three months ended March 31, 2015 Performance-based Stock Common Weighted Common Weighted Outstanding at January 1 276,533 $ 43.01 295,679 $ 38.18 Granted 116,576 40.87 102,828 44.11 Vested and issued (78,410 ) 37.90 (78,590 ) 31.10 Forfeited (7,417 ) 39.32 (29,926 ) 31.41 Outstanding at March 31 307,282 $ 43.59 289,991 $ 42.90 Vested, but deferred at March 31 6,612 $ 37.85 — $ — The Company issues new shares to satisfy its obligation to issue shares granted pursuant to the Plans. |
Shareholders' Equity and Earnin
Shareholders' Equity and Earnings Per Share | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share, Basic and Diluted, Other Disclosures [Abstract] | |
Shareholders' Equity and Earnings Per Share | Shareholders’ Equity and Earnings Per Share 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. 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 the first quarter of 2016, pursuant to such terms, 30 shares of the Series C Preferred Stock were converted at the option of the respective holders into 729 shares of the Company's common stock. 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. On and after April 15, 2017, the Company will have the right under certain circumstances to cause the Series C Preferred Stock to be converted into common stock if the closing price of the Company’s common stock exceeds a certain amount. Common Stock Warrant Pursuant to the U.S. Department of the Treasury’s (the “U.S. Treasury”) Capital Purchase Program, on December 19, 2008, the Company issued to the U.S. Treasury a warrant to exercise 1,643,295 warrant shares of Wintrust common stock at a per share exercise price of $22.82 , subject to customary anti-dilution adjustments, and with a term of 10 years. In February 2011, the U.S. Treasury sold all of its interest in the warrant issued to it in a secondary underwritten public offering. During the first three months of 2016, no warrant shares were exercised. At March 31, 2016, 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. 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 . Accumulated Other Comprehensive Income (Loss) The following tables summarize the components of other comprehensive income (loss), including the related income tax effects, and the related amount reclassified to net income for the periods presented (in thousands). Accumulated Unrealized Gains (Losses) on Securities Accumulated Unrealized Losses on Derivative Instruments Accumulated Foreign Currency Translation Adjustments Total Accumulated Other Comprehensive Loss Balance at January 1, 2016 $ (17,674 ) $ (2,193 ) $ (42,841 ) $ (62,708 ) Other comprehensive income (loss) during the period, net of tax, before reclassifications 15,188 (149 ) 6,038 21,077 Amount reclassified from accumulated other comprehensive income (loss) into net income, net of tax (804 ) 439 — (365 ) Amount reclassified from accumulated other comprehensive income (loss) related to amortization of unrealized losses on investment securities transferred to held-to-maturity from available-for-sale, net of tax 2,086 — — 2,086 Net other comprehensive income (loss) during the period, net of tax $ 16,470 $ 290 $ 6,038 $ 22,798 Balance at March 31, 2016 $ (1,204 ) $ (1,903 ) $ (36,803 ) $ (39,910 ) Balance at January 1, 2015 $ (9,533 ) $ (2,517 ) $ (25,282 ) $ (37,332 ) Other comprehensive income (loss) during the period, net of tax, before reclassifications 15,945 (593 ) (9,045 ) 6,307 Amount reclassified from accumulated other comprehensive income (loss) into net income, net of tax (318 ) 252 — (66 ) Net other comprehensive income (loss) during the period, net of tax $ 15,627 $ (341 ) $ (9,045 ) $ 6,241 Balance at March 31, 2015 $ 6,094 $ (2,858 ) $ (34,327 ) $ (31,091 ) Amount Reclassified from Accumulated Other Comprehensive Income for the Details Regarding the Component of Accumulated Other Comprehensive Income Three Months Ended Impacted Line on the Consolidated Statements of Income March 31, 2016 2015 Accumulated unrealized losses on securities Gains included in net income $ 1,325 $ 524 Gains on available-for-sale securities, net 1,325 524 Income before taxes Tax effect $ (521 ) $ (206 ) Income tax expense Net of tax $ 804 $ 318 Net income Accumulated unrealized losses on derivative instruments Amount reclassified to interest expense on deposits $ 255 $ — Interest on deposits Amount reclassified to interest expense on junior subordinated debentures 468 414 Interest on junior subordinated debentures (723 ) (414 ) Income before taxes Tax effect $ 284 $ 162 Income tax expense Net of tax $ (439 ) $ (252 ) Net income Earnings per Share The following table shows the computation of basic and diluted earnings per share for the periods indicated: Three Months Ended (In thousands, except per share data) March 31, 2016 March 31, 2015 Net income $ 49,111 $ 39,052 Less: Preferred stock dividends and discount accretion 3,628 1,581 Net income applicable to common shares—Basic (A) 45,483 37,471 Add: Dividends on convertible preferred stock, if dilutive 1,578 1,581 Net income applicable to common shares—Diluted (B) 47,061 39,052 Weighted average common shares outstanding (C) 48,448 47,239 Effect of dilutive potential common shares Common stock equivalents 750 1,158 Convertible preferred stock, if dilutive 3,070 3,075 Total dilutive potential common shares 3,820 4,233 Weighted average common shares and effect of dilutive potential common shares (D) 52,268 51,472 Net income per common share: Basic (A/C) $ 0.94 $ 0.79 Diluted (B/D) $ 0.90 $ 0.76 Potentially dilutive common shares can result from stock options, restricted stock unit awards, stock warrants, the Company’s convertible preferred stock and shares to be issued under the Employee Stock Purchase Plan and the Directors Deferred Fee and Stock Plan, being treated as if they had been either exercised or issued, computed by application of the treasury stock method. While potentially dilutive common shares are typically included in the computation of diluted earnings per share, potentially dilutive common shares are excluded from this computation in periods in which the effect would reduce the loss per share or increase the income per share. For diluted earnings per share, net income applicable to common shares can be affected by the conversion of the Company’s convertible preferred stock. Where the effect of this conversion would reduce the loss per share or increase the income per share, net income applicable to common shares is not adjusted by the associated preferred dividends. |
Regulatory Matters
Regulatory Matters | 3 Months Ended |
Mar. 31, 2016 | |
Regulatory Capital Requirements [Abstract] | |
Regulatory Capital Requirements under Banking Regulations | Regulatory Matters The Company is a bank holding company that has elected to be treated by the Federal Reserve as a financial holding company for purposes of the Bank Holding Company Act of 1956 (as amended, the “BHC Act”). The activities of bank holding companies generally are limited to the business of banking, managing or controlling banks, and other activities determined by the Federal Reserve, by regulation or order prior to November 11, 1999, to be so closely related to banking as to be a proper incident thereto. Impermissible activities for bank holding companies and their subsidiaries include activities that are related to commerce, such as retail sales of nonfinancial products or manufacturing. As a financial holding company, we may engage in an expanded range of activities, including securities and insurance activities conducted as agent or principal that are considered to be financial in nature. Moreover, financial holding companies may engage in activities incidental or complementary to financial activities, if the Federal Reserve determines that such activities pose no substantial risk to the safety or soundness of depository institutions or the financial system in general. Maintaining our financial holding company status requires that our subsidiary banks remain “well-capitalized” and “well-managed” as defined by regulation, and maintain at least a “satisfactory” rating under the Community Reinvestment Act. In addition, under the Dodd-Frank Wall Street Reform and Consumer Protection Act, we must also remain well-capitalized and well-managed to maintain our financial holding company status. If we or our subsidiary banks fail to continue to meet these requirements, we could be subject to restrictions on new activities and acquisitions, and/or be required to cease and possibly divest of operations that conduct existing activities that are not permissible for a bank holding company that is not a financial holding company. In light of these requirements, the Company consistently monitors the capitalization of its banks, utilizing the ratios required by regulatory definition: 10.0% , 8.0% , 6.5% and 5.0% for each of total capital to risk-weighted assets, Tier I capital to risk-weighted assets, common equity Tier 1 capital to risk-weighted assets and Tier 1 leverage ratio, respectively. To maintain adequate capitalization in satisfaction of these required ratios, the Company from time to time makes subordinated loans to one or more of its subsidiary banks, with a corresponding intercompany subordinated note issued by such subsidiary bank to the Company on account of each such loan. Such subordinated indebtedness is included in the Company’s calculation of its subsidiary banks’ respective Tier 2 capital. On April 29, 2016 the Company was informed by the Office of the Comptroller of the Currency (“OCC”) that the intercompany subordinated note agreements that the Company’s subsidiary national banks utilized to issue subordinated debt did not conform with the provisions of 12 CFR 5.47(f)(ii) and OCC Bulletin 2015-22, which were issued in early 2015. This ruling impacted four of the Company’s national bank subsidiaries: Beverly Bank & Trust Company, N.A. (“Beverly Bank”), Schaumburg Bank & Trust Company, N.A. (“Schaumburg Bank”), Barrington Bank & Trust Company, N.A. (“Barrington Bank”) and Old Plank Trail Community Bank, N.A. (“Old Plank Trail Bank”). Accordingly, the Company has recalculated the capitalization ratios of its affected subsidiary national banks to exclude subordinated debt that had been issued by such banks subsequent to January 1, 2015 from each bank’s respective Tier 2 capital. On April 29, 2016, each of these banks repaid to the Company 100% of their respective outstanding subordinated indebtedness, and the Company in turn infused corresponding amounts of capital surplus (Tier 1 capital) into the four banks as follows: (a) Beverly - $13.0 million ; (b) Schaumburg - $10.3 million ; (c) Barrington - $5.0 million ; and (d) Old Plank - $4.0 million . Following this effective substitution of Tier 1 capital for Tier 2 capital, the total capital to risk-weighted assets ratios of the four banks remained identical and each bank remains well capitalized. After excluding the following outstanding amounts of subordinated debt from Tier 2 capital, the recalculated total capital to risk-weighted assets ratios for each bank were as follows: March 31, December 31, September 30, June 30, March 31, (Dollars in thousands) 2016 2015 2015 2015 2015 Subordinated debt excluded from Tier 2 capital Beverly Bank $ 13,000 $ 13,000 $ 11,000 $ 11,000 $ 1,000 Schaumburg Bank 8,500 8,500 3,500 3,500 3,500 Barrington Bank 5,000 — — — — Old Plank Trail Bank 4,000 — — — — Total capital (to risk-weighted assets) Beverly Bank 9.7 % 9.6 % 10.1 % 10.2 % 11.0 % Schaumburg Bank 10.2 10.3 10.7 10.8 10.7 Barrington Bank 11.4 11.3 11.6 11.4 11.1 Old Plank Trail Bank 10.8 11.3 11.8 11.6 11.9 The Company believes that all of its banks have effectively been consistently well capitalized at all times during 2015 and 2016. As a technical matter under these revised ratio calculations, however, Beverly was not considered to be well capitalized at December 31, 2015 or March 31, 2016. The Company considers this to be immaterial because of the amount of subordinated indebtedness that actually was held by Beverly as of both dates, respectively, notwithstanding the required recalculation to exclude subordinated indebtedness from Tier 2 capital. Nonetheless, because the Credit Agreement requires that the Company’s banks remain well capitalized under the regulatory ratios, the Company has received a waiver from the Required Lenders under the Credit Agreement, waiving any technical default that may have existed on these dates. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy | The consolidated financial statements of Wintrust Financial Corporation and Subsidiaries (“Wintrust” or “the Company”) presented herein are unaudited, but in the opinion of management reflect all necessary adjustments of a normal or recurring nature for a fair presentation of results as of the dates and for the periods covered by the consolidated financial statements. The accompanying consolidated financial statements are unaudited and do not include information or footnotes necessary for a complete presentation of financial condition, results of operations or cash flows in accordance with U.S. generally accepted accounting principles ("GAAP"). The consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 (“ 2015 Form 10-K”). Operating results reported for the three-month periods are not necessarily indicative of the results which may be expected for the entire year. Reclassifications of certain prior period amounts have been made to conform to the current period presentation. The preparation of the financial statements requires management to make estimates, assumptions and judgments that affect the reported amounts of assets and liabilities. Management believes that the estimates made are reasonable, however, changes in estimates may be required if economic or other conditions develop differently from management’s expectations. Certain policies and accounting principles inherently have a greater reliance on the use of estimates, assumptions and judgments and as such have a greater possibility of producing results that could be materially different than originally reported. Management views critical accounting policies to be those which are highly dependent on subjective or complex judgments, estimates and assumptions, and where changes in those estimates and assumptions could have a significant impact on the financial statements. Management currently views the determination of the allowance for loan losses, allowance for covered loan losses and the allowance for losses on lending-related commitments, loans acquired with evidence of credit quality deterioration since origination, estimations of fair value, the valuations required for impairment testing of goodwill, the valuation and accounting for derivative instruments and income taxes as the accounting areas that require the most subjective and complex judgments, and as such could be the most subject to revision as new information becomes available. Descriptions of the Company's significant accounting policies are included in Note 1 - “Summary of Significant Accounting Policies” of the 2015 Form 10-K. |
FDIC-Assisted Transactions, Policy | Since 2010, the Company acquired the banking operations, including the acquisition of certain assets and the assumption of liabilities, of nine financial institutions in FDIC-assisted transactions. Loans comprise the majority of the assets acquired in nearly all of these FDIC-assisted transactions, 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 7 — Allowance for Loan Losses, Allowance for Losses on Lending-Related Commitments and Impaired Loans for further discussion of the allowance on covered loans. The loss share agreements with the FDIC cover realized losses on loans, foreclosed real estate and certain other assets 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 lose 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 and these liabilities are contractual payables to 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. |
Purchased Credit Impaired (PCI) Loans, Policy | Purchased loans acquired in a business combination are recorded at estimated fair value on their purchase date. Expected future cash flows at the purchase date in excess of the fair value of loans are recorded as interest income over the life of the loans if the timing and amount of the future cash flows is reasonably estimable (“accretable yield”). The difference between contractually required payments and the cash flows expected to be collected at acquisition is referred to as the non-accretable difference and represents probable losses in the portfolio. In determining the acquisition date fair value of PCI loans, and in subsequent accounting, the Company aggregates these purchased loans into pools of loans by common risk characteristics, such as credit risk rating and loan type. Subsequent to the purchase date, increases in cash flows over those expected at the purchase date are recognized as interest income prospectively. Subsequent decreases to the expected cash flows will generally result in a provision for loan losses. The Company purchased a portfolio of life insurance premium finance receivables in 2009. These purchased life insurance premium finance receivables are valued on an individual basis with the accretable component being recognized into interest income using the effective yield method over the estimated remaining life of the loans. The non-accretable portion is evaluated each quarter and if the loans’ credit related conditions improve, a portion is transferred to the accretable component and accreted over future periods. In the event a specific loan prepays in whole, any remaining accretable and non-accretable discount is recognized in income immediately. If credit related conditions deteriorate, an allowance related to these loans will be established as part of the provision for credit losses. |
Cash and Cash Equivalents, Policy | For purposes of the Consolidated Statements of Cash Flows, the Company considers cash and cash equivalents to include cash on hand, cash items in the process of collection, non-interest bearing amounts due from correspondent banks, federal funds sold and securities purchased under resale agreements with original maturities of three months or less. |
Investment Securities, Policy | The Company conducts a regular assessment of its investment securities to determine whether securities are other-than-temporarily impaired considering, among other factors, the nature of the securities, credit ratings or financial condition of the issuer, the extent and duration of the unrealized loss, expected cash flows, market conditions and the Company’s ability to hold the securities through the anticipated recovery period. The Company does not consider securities with unrealized losses at March 31, 2016 to be other-than-temporarily impaired. |
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 $56.9 million at March 31, 2016 , $56.7 million at December 31, 2015 and $48.1 million at March 31, 2015 , 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 both included within interest and fees on loans in the Consolidated Statements of Income. |
Allowance and Nonperforming Loans, Allowance Policy | As a result of this initial review by the Company’s Managed Asset Division, the credit risk rating is reviewed and a portion of the outstanding loan balance may be deemed uncollectible or an impairment reserve may be established. The Company’s impairment analysis utilizes an independent re-appraisal of the collateral (unless such a third-party evaluation is not possible due to the unique nature of the collateral, such as a closely-held business or thinly traded securities). In the case of commercial real estate collateral, an independent third party appraisal is ordered by the Company’s Real Estate Services Group to determine if there has been any change in the underlying collateral value. These independent appraisals are reviewed by the Real Estate Services Group and sometimes by independent third party valuation experts and may be adjusted depending upon market conditions. Through the credit risk rating process, loans are reviewed to determine if they are performing in accordance with the original contractual terms. If the borrower has failed to comply with the original contractual terms, further action may be required by the Company, including a downgrade in the credit risk rating, movement to non-accrual status, a charge-off or the establishment of a specific impairment reserve. If we determine that a loan amount, or portion thereof, is uncollectible, the loan’s credit risk rating is immediately downgraded to an 8 or 9 and the uncollectible amount is charged-off. Any loan that has a partial charge-off continues to be assigned a credit risk rating of an 8 or 9 for the duration of time that a balance remains outstanding. The Company undertakes a thorough and ongoing analysis to determine if additional impairment and/or charge-offs are appropriate and to begin a workout plan for the credit to minimize actual losses. If, based on current information and events, it is probable that the Company will be unable to collect all amounts due to it according to the contractual terms of the loan agreement, a specific impairment reserve is established. In determining the appropriate charge-off for collateral-dependent loans, the Company considers the results of appraisals for the associated collateral. |
Loans and Leases Receivable, Nonperforming Loan and Lease, Policy | Non-performing loans include all non-accrual loans (8 and 9 risk ratings) as well as loans 90 days past due and still accruing interest, excluding PCI and covered loans. The remainder of the portfolio is considered performing under the contractual terms of the loan agreement. |
Loans and Leases Receivable, Allowance for Loan Losses, Policy | In conjunction with FDIC-assisted transactions, the Company entered into loss share agreements with the FDIC. Additional expected losses, to the extent such expected losses result in the recognition of an allowance for loan losses, will increase the FDIC 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. |
Impaired Financing Receivable, Policy | 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. 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. 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. |
Loans and Leases Receivable, Troubled Debt Restructuring Policy | 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 six or worse, must be reviewed for possible TDR classification. In that event, our Managed Assets Division conducts an overall credit and collateral review. A modification of these loans is considered to be a TDR if both (1) the borrower is experiencing financial difficulty and (2) for economic or legal reasons, the bank grants a concession to a borrower that it would not otherwise consider. The modification of a loan, excluding PCI loans, where the credit risk rating is 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 the modification and on a quarterly basis to determine if a specific reserve is necessary. The carrying amount of the loan is compared to the expected payments to be received, discounted at the loan's original rate, or for collateral dependent loans, to the fair value of the collateral. Any shortfall is recorded as a specific reserve. The Company, in accordance with ASC 310-10, continues to individually measure impairment of these loans after the TDR classification is removed. Each TDR was reviewed for impairment at March 31, 2016 and approximately $3.1 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. During the three months ended March 31, 2016 and 2015, the Company recorded $90,000 and $193,000 , respectively, in interest income representing this decrease in impairment. TDRs may arise in which, due to financial difficulties experienced by the borrower, the Company obtains through physical possession one or more collateral assets in satisfaction of all or part of an existing credit. Once possession is obtained, the Company reclassifies the appropriate portion of the remaining balance of the credit from loans to OREO, which is included within other assets in the Consolidated Statements of Condition. For any residential real estate property collateralizing a consumer mortgage loan, the Company is considered to possess the related collateral only if legal title is obtained upon completion of foreclosure, or the borrower conveys all interest in the residential real estate property to the Company through completion of a deed in lieu of foreclosure or similar legal agreement. Excluding covered OREO, at March 31, 2016 , the Company had $13.3 million of foreclosed residential real estate properties included within OREO. |
Goodwill and Intangible Assets, Intangible Assets, Policy | The core deposit intangibles recognized in connection with prior bank acquisitions are amortized over a ten -year period on an accelerated basis. The customer list intangibles recognized in connection with the purchase of life insurance premium finance assets in 2009 are being amortized over an 18 -year period on an accelerated basis while the customer list intangibles recognized in connection with prior acquisitions within the wealth management segment are being amortized over a ten -year period on a straight-line basis. |
Debt, Policy | As no outstanding balance exists on the Revolving Credit Facility, unamortized costs paid by the Company in relation to the issuance of this debt are classified in other assets on the Consolidated Statements of Condition. These notes are stated at par adjusted for unamortized costs paid related to the issuance of this debt. FHLB advances are stated at par value of the debt adjusted for unamortized prepayment fees paid at the time of prior restructurings of FHLB advances and unamortized fair value adjustments recorded in connection with advances acquired through acquisitions. The Term Facility is stated at par of the current outstanding balance of the debt adjusted for unamortized costs paid by the Company in relation to the debt issuance. 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, net of unamortized debt issuance costs, and translated to the Company’s reporting currency as of the respective date. |
Offsetting Assets and Liabilities, Policy | The Company records securities sold under repurchase agreements at their gross value and does not offset positions on the Consolidated Statements of Condition. |
Repurchase Agreements, Policy | Securities pledged for customer balances in sweep accounts and short-term borrowings from brokers are maintained under the Company’s control and consist of U.S. Government agency, mortgage-backed and corporate securities. These securities are included in the available-for-sale 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. |
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 and leases originated by the specialty finance segment and sold or assigned to the community banking segment. Similarly, for purposes of analyzing the contribution from the wealth management segment, management allocates a portion of the net interest income earned by the community banking segment on deposit balances of customers of the wealth management segment to the wealth management segment. See Note 9 — Deposits, for more information on these deposits. Finally, expenses incurred at the Wintrust parent company are allocated to each segment based on each segment's risk-weighted assets. The segment financial information provided in the following tables has been derived from the internal profitability reporting system used by management to monitor and manage the financial performance of the Company. The accounting policies of the segments are substantially similar to those described in “Summary of Significant Accounting Policies” in Note 1 of the Company’s 2015 Form 10-K. The Company evaluates segment performance based on after-tax profit or loss and other appropriate profitability measures common to each segment. |
Derivatives, Policy | The 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. In most cases, the offsetting derivatives have mirror-image terms, which result in the positions’ changes in fair value substantially offsetting through earnings each period. However, to the extent that the derivatives are not a mirror-image and because of differences in counterparty credit risk, changes in fair value will not completely offset resulting in some earnings impact each period. Changes in the fair value of these derivatives are included in non-interest income. 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 the interest rate cap derivative value subsequent to June 1, 2013 are recorded in earnings. Additionally, the Company has recorded amortization of the basis in the previously hedged item as a reduction to interest income of $43,000 in the three month periods ended March 31, 2016 and 2015, respectively. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings. The effective portion of changes in the fair value of these cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified to interest expense as interest payments are made on the Company’s variable rate junior subordinated debentures. The changes in fair value (net of tax) are separately disclosed in the Consolidated Statements of Comprehensive Income. The ineffective portion of the change in fair value of these derivatives is recognized directly in earnings; however, no hedge ineffectiveness was recognized during the three months ended March 31, 2016 or March 31, 2015 . The Company uses the hypothetical derivative method to assess and measure hedge effectiveness. The Company recognizes derivative financial instruments in the consolidated financial statements at fair value regardless of the purpose or intent for holding the instrument. The Company records derivative assets and derivative liabilities on the Consolidated Statements of Condition within accrued interest receivable and other assets and accrued interest payable and other liabilities, respectively. Changes in the fair value of derivative financial instruments are either recognized in income or in shareholders’ equity as a component of other comprehensive income depending on whether the derivative financial instrument qualifies for hedge accounting and, if so, whether it qualifies as a fair value hedge or cash flow hedge. Generally, changes in fair values of derivatives accounted for as fair value hedges are recorded in income in the same period and in the same income statement line as changes in the fair values of the hedged items that relate to the hedged risk(s). Changes in fair values of derivative financial instruments accounted for as cash flow hedges, to the extent they are effective hedges, are recorded as a component of other comprehensive income, net of deferred taxes, and reclassified to earnings when the hedged transaction affects earnings. Changes in fair values of derivative financial instruments not designated in a hedging relationship pursuant to ASC 815, including changes in fair value related to the ineffective portion of cash flow hedges, are reported in non-interest income during the period of the change. Derivative financial instruments are valued by a third party and are corroborated through comparison with valuations provided by the respective counterparties. Fair values of certain mortgage banking derivatives (interest rate lock commitments and forward commitments to sell mortgage loans) are estimated based on changes in mortgage interest rates from the date of the loan commitment. The fair value of foreign currency derivatives is computed based on changes in foreign currency rates stated in the contract compared to those prevailing at the measurement date. 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 $39,000 in other income related to hedge ineffectiveness for the three months ended March 31, 2016 and a $4,000 net loss for the three months ended March 31, 2015. 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. |
Derivatives, Offsetting Fair Value Amounts, Policy | The Company records interest rate derivatives subject to master netting agreements at their gross value and does not offset derivative assets and liabilities on the Consolidated Statements of Condition. |
Fair Value of Financial Instruments, Policy | The Company measures, monitors and discloses certain of its assets and liabilities on a fair value basis. These financial assets and financial liabilities are measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the observability of the assumptions used to determine fair value. These levels are: • Level 1—unadjusted quoted prices in active markets for identical assets or liabilities. • Level 2 — inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability or inputs that are derived principally from or corroborated by observable market data by correlation or other means. • Level 3—significant unobservable inputs that reflect the Company’s own assumptions that market participants would use in pricing the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. A financial instrument’s categorization within the above valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the assets or liabilities. Following is a description of the valuation methodologies used for the Company’s assets and liabilities measured at fair value on a recurring basis. Available-for-sale and trading account securities —Fair values for available-for-sale and trading securities are typically based on prices obtained from independent pricing vendors. Securities measured with these valuation techniques are generally classified as Level 2 of the fair value hierarchy. Typically, standard inputs such as benchmark yields, reported trades for similar securities, issuer spreads, benchmark securities, bids, offers and reference data including market research publications are used to fair value a security. When these inputs are not available, broker/dealer quotes may be obtained by the vendor to determine the fair value of the security. We review the vendor’s pricing methodologies to determine if observable market information is being used, versus unobservable inputs. Fair value measurements using significant inputs that are unobservable in the market due to limited activity or a less liquid market are classified as Level 3 in the fair value hierarchy. The Company’s Investment Operations Department is responsible for the valuation of Level 3 available-for-sale securities. The methodology and variables used as inputs in pricing Level 3 securities are derived from a combination of observable and unobservable inputs. The unobservable inputs are determined through internal assumptions that may vary from period to period due to external factors, such as market movement and credit rating adjustments. At March 31, 2016 , the Company classified $70.2 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 the first quarter of 2016, all of the ratings derived in the above process by Investment Operations were BBB or better, for both bonds with and without comparable bond proxies. The fair value measurement of municipal bonds is sensitive to the rating input, as a higher rating typically results in an increased valuation. The remaining pricing inputs used in the bond valuation are observable. Based on the rating determined in the above process, Investment Operations obtains a corresponding current market yield curve available to market participants. Other terms including coupon, maturity date, redemption price, number of coupon payments per year, and accrual method are obtained from the individual bond term sheets. Certain municipal bonds held by the Company at March 31, 2016 have a call date that has passed, and are now continuously callable. When valuing these bonds, the fair value is capped at par value as the Company assumes a market participant would not pay more than par for a continuously callable bond. At March 31, 2016 , the Company held $24.1 million of equity securities classified as Level 3. The securities in Level 3 are primarily comprised of auction rate preferred securities. The Company’s valuation methodology includes modeling the contractual cash flows of the underlying preferred securities and applying a discount to these cash flows by a market spread derived from the market price of the securities underlying debt. At March 31, 2016 , the Company considered three different securities whose implied market spreads were believed to provide a proxy for the Company’s auction rate preferred securities. The market spreads ranged from 2.81% - 3.13% with an average of 2.98% which was added to three-month LIBOR to be used as the discount rate input to the Company'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 valuation model which calculates the fair value of each servicing rights based on the present value of estimated future cash flows. The Company uses a discount rate commensurate with the risk associated with each servicing rights, given current market conditions. At March 31, 2016 , the Company classified $10.1 million of mortgage servicing rights as Level 3. The weighted average discount rate used as an input to value the mortgage servicing rights at March 31, 2016 was 6.20% with discount rates applied ranging from 4% - 7% . 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 1% - 46% or a weighted average prepayment speed of 11.39% used as an input to value the mortgage servicing rights at March 31, 2016 . Prepayment speeds are inversely related to the fair value of mortgage servicing rights as an increase in prepayment speeds results in a decreased valuation. Derivative instruments —The Company’s derivative instruments include interest rate swaps and caps, commitments to fund mortgages for sale into the secondary market (interest rate locks), forward commitments to end investors for the sale of mortgage loans and foreign currency contracts. Interest rate swaps and caps are valued by a third party, using models that primarily use market observable inputs, such as yield curves, and are corroborated by comparison with valuations provided by the respective counterparties. The credit risk associated with derivative financial instruments that are subject to master netting agreements is measured on a net basis by counterparty portfolio. The fair value for mortgage-related derivatives is based on changes in mortgage rates from the date of the commitments. The fair value of foreign currency derivatives is computed based on change in foreign currency rates stated in the contract compared to those prevailing at the measurement date. Nonqualified deferred compensation assets —The underlying assets relating to the nonqualified deferred compensation plan are included in a trust and primarily consist of non-exchange traded institutional funds which are priced based by an independent third party service. |
Foreclosed Assets, Policy | Other real estate owned is comprised of real estate acquired in partial or full satisfaction of loans and is included in other assets. Other real estate owned is recorded at its estimated fair value less estimated selling costs at the date of transfer, with any excess of the related loan balance over the fair value less expected selling costs charged to the allowance for loan losses. Subsequent changes in value are reported as adjustments to the carrying amount and are recorded in other non-interest expense. Gains and losses upon sale, if any, are also charged to other non-interest expense. Fair value is generally based on third party appraisals and internal estimates that are adjusted by a discount representing the estimated cost of sale and is therefore considered a Level 3 valuation. |
Fair Value Measurement, Policy | 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. 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. |
Stock-Based Compensation, 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. Expected life of options granted since the inception of the LTIP awards has been based on the safe harbor rule of the SEC Staff Accounting Bulletin No. 107 “Share-Based Payment” as the Company believes historical exercise data may not provide a reasonable basis to estimate the expected term of these options. Expected stock price volatility is based on historical volatility of the Company's common stock, which correlates with the expected life of the options, and the risk-free interest rate is based on comparable U.S. Treasury rates. Management reviews and adjusts the assumptions used to calculate the fair value of an option on a periodic basis to better reflect expected trends. |
Share-based Compensation, Option and Incentive Plans, Policy | Stock based compensation is recognized based upon the number of awards that are ultimately expected to vest, taking into account expected forfeitures. In addition, for performance-based awards, an estimate is made of the number of shares expected to vest as a result of actual performance against the performance criteria in the award to determine the amount of compensation expense to recognize. The estimate is reevaluated periodically and total compensation expense is adjusted for any change in estimate in the current period. Stock-based compensation expense recognized in the Consolidated Statements of Income was $2.5 million in the first quarter of 2016 and $2.2 million in the first quarter of 2015. |
Earnings Per Share, Policy | Potentially dilutive common shares can result from stock options, restricted stock unit awards, stock warrants, the Company’s convertible preferred stock and shares to be issued under the Employee Stock Purchase Plan and the Directors Deferred Fee and Stock Plan, being treated as if they had been either exercised or issued, computed by application of the treasury stock method. While potentially dilutive common shares are typically included in the computation of diluted earnings per share, potentially dilutive common shares are excluded from this computation in periods in which the effect would reduce the loss per share or increase the income per share. For diluted earnings per share, net income applicable to common shares can be affected by the conversion of the Company’s convertible preferred stock. Where the effect of this conversion would reduce the loss per share or increase the income per share, net income applicable to common shares is not adjusted by the associated preferred dividends. |
Business Combinations (Tables)
Business Combinations (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
Summary of FDIC Indemnification Asset | The following table summarizes the activity in the Company’s FDIC indemnification (liability) asset during the periods indicated: Three Months Ended (Dollars in thousands) March 31, 2016 March 31, 2015 Balance at beginning of period $ (6,100 ) $ 11,846 Additions from acquisitions — — Additions from reimbursable expenses 82 1,575 Amortization (101 ) (1,260 ) Changes in expected reimbursements from the FDIC for changes in expected credit losses (3,547 ) (3,993 ) (Payments received from) provided to the FDIC (363 ) 2,056 Balance at end of period $ (10,029 ) $ 10,224 |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Available-for-sale Securities and Held-to-maturity Securities [Abstract] | |
Marketable Securities | The following tables are a summary of the available-for-sale and held-to-maturity securities portfolios as of the dates shown: March 31, 2016 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale securities U.S. Treasury $ 117,105 $ 22 $ (38 ) $ 117,089 U.S. Government agencies 93,990 194 (12 ) 94,172 Municipal 118,187 3,232 (224 ) 121,195 Corporate notes: Financial issuers 78,048 1,492 (1,830 ) 77,710 Other 2,500 3 — 2,503 Mortgage-backed: (1) Mortgage-backed securities 262,109 3,795 (1,900 ) 264,004 Collateralized mortgage obligations 38,565 324 (198 ) 38,691 Equity securities 51,402 4,585 (368 ) 55,619 Total available-for-sale securities $ 761,906 $ 13,647 $ (4,570 ) $ 770,983 Held-to-maturity securities U.S. Government agencies $ 712,732 $ 11,569 $ (1,455 ) $ 722,846 Municipal 198,983 2,672 (157 ) 201,498 Total held-to-maturity securities $ 911,715 $ 14,241 $ (1,612 ) $ 924,344 December 31, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Dollars in thousands) Available-for-sale securities U.S. Treasury $ 312,282 $ — $ (5,553 ) $ 306,729 U.S. Government agencies 70,313 198 (275 ) 70,236 Municipal 105,702 3,249 (356 ) 108,595 Corporate notes: Financial issuers 80,014 1,510 (1,481 ) 80,043 Other 1,500 4 (2 ) 1,502 Mortgage-backed: (1) Mortgage-backed securities 1,069,680 3,834 (21,004 ) 1,052,510 Collateralized mortgage obligations 40,421 172 (506 ) 40,087 Equity securities 51,380 5,799 (493 ) 56,686 Total available-for-sale securities $ 1,731,292 $ 14,766 $ (29,670 ) $ 1,716,388 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 March 31, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Dollars in thousands) Available-for-sale securities U.S. Treasury $ 273,173 $ 148 $ (1,847 ) $ 271,474 U.S. Government agencies 665,177 5,348 (8,732 ) 661,793 Municipal 264,949 6,485 (1,522 ) 269,912 Corporate notes: Financial issuers 129,360 1,965 (1,321 ) 130,004 Other 3,759 52 (1 ) 3,810 Mortgage-backed: (1) Mortgage-backed securities 280,679 5,983 (2,529 ) 284,133 Collateralized mortgage obligations 45,299 435 (276 ) 45,458 Equity securities 48,717 5,979 (250 ) 54,446 Total available-for-sale securities $ 1,711,113 $ 26,395 $ (16,478 ) $ 1,721,030 Held-to-maturity securities U.S. Government agencies $ — $ — $ — $ — Municipal — — — — Total held-to-maturity securities $ — $ — $ — $ — (1) Consisting entirely of residential mortgage-backed securities, none of which are subprime. |
Investment Securities, Continuous Unrealized Loss Position, Fair Value | 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 March 31, 2016 : 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 $ 75,049 $ (38 ) $ — $ — $ 75,049 $ (38 ) U.S. Government agencies 13,982 (10 ) 1,833 (2 ) 15,815 (12 ) Municipal 18,399 (40 ) 6,977 (184 ) 25,376 (224 ) Corporate notes: Financial issuers 22,952 (237 ) 34,367 (1,593 ) 57,319 (1,830 ) Other — — — — — — Mortgage-backed: Mortgage-backed securities 2,038 (3 ) 122,371 (1,897 ) 124,409 (1,900 ) Collateralized mortgage obligations 4,880 (42 ) 7,803 (156 ) 12,683 (198 ) Equity securities 3,964 (55 ) 8,599 (313 ) 12,563 (368 ) Total available-for-sale securities $ 141,264 $ (425 ) $ 181,950 $ (4,145 ) $ 323,214 $ (4,570 ) Held-to-maturity securities U.S. Government agencies $ 208,405 $ (1,455 ) $ — $ — $ 208,405 $ (1,455 ) Municipal 15,919 (125 ) 4,917 (32 ) 20,836 (157 ) Total held-to-maturity securities $ 224,324 $ (1,580 ) $ 4,917 $ (32 ) $ 229,241 $ (1,612 ) |
Schedule of Realized Gain (Loss) | The following table provides information as to the amount of gross gains and gross losses realized and proceeds received through the sales of available-for-sale investment securities: Three months ended March 31, (Dollars in thousands) 2016 2015 Realized gains $ 2,550 $ 553 Realized losses (1,225 ) (29 ) Net realized gains $ 1,325 $ 524 Other than temporary impairment charges — — Gains on available-for-sale securities, net $ 1,325 $ 524 Proceeds from sales of available-for-sale securities $ 3,201 $ 635,532 |
Investments Classified by Contractual Maturity Date | The amortized cost and fair value of securities as of March 31, 2016 , December 31, 2015 and March 31, 2015 , 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: March 31, 2016 December 31, 2015 March 31, 2015 (Dollars in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Available-for-sale securities Due in one year or less $ 208,518 $ 208,641 $ 160,856 $ 160,756 $ 151,585 $ 151,854 Due in one to five years 158,668 158,804 166,550 166,468 249,861 250,483 Due in five to ten years 28,970 31,363 228,652 225,699 837,926 836,598 Due after ten years 13,674 13,861 13,753 14,182 97,046 98,058 Mortgage-backed 300,674 302,695 1,110,101 1,092,597 325,978 329,591 Equity securities 51,402 55,619 51,380 56,686 48,717 54,446 Total available-for-sale securities $ 761,906 $ 770,983 $ 1,731,292 $ 1,716,388 $ 1,711,113 $ 1,721,030 Held-to-maturity securities Due in one year or less $ — $ — $ — $ — $ — $ — Due in one to five years 24,319 24,448 19,208 19,156 — — Due in five to ten years 65,879 66,432 96,454 96,091 — — Due after ten years 821,517 833,464 769,164 762,864 — — Total held-to-maturity securities $ 911,715 $ 924,344 $ 884,826 $ 878,111 $ — $ — |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Summary of Loan Portfolio | The following table shows the Company’s loan portfolio by category as of the dates shown: March 31, December 31, March 31, (Dollars in thousands) 2016 2015 2015 Balance: Commercial $ 4,890,246 $ 4,713,909 $ 4,211,932 Commercial real estate 5,737,959 5,529,289 4,710,486 Home equity 774,342 784,675 709,283 Residential real estate 626,043 607,451 495,925 Premium finance receivables—commercial 2,320,987 2,374,921 2,319,623 Premium finance receivables—life insurance 2,976,934 2,961,496 2,375,654 Consumer and other 119,902 146,376 130,156 Total loans, net of unearned income, excluding covered loans $ 17,446,413 $ 17,118,117 $ 14,953,059 Covered loans 138,848 148,673 209,694 Total loans $ 17,585,261 $ 17,266,790 $ 15,162,753 Mix: Commercial 28 % 27 % 28 % Commercial real estate 32 32 31 Home equity 4 5 5 Residential real estate 4 3 3 Premium finance receivables—commercial 13 14 15 Premium finance receivables—life insurance 17 17 16 Consumer and other 1 1 1 Total loans, net of unearned income, excluding covered loans 99 % 99 % 99 % Covered loans 1 1 1 Total loans 100 % 100 % 100 % |
Schedule of Unpaid Principal Balance and Carrying Value of Acquired Loans | The following table presents the unpaid principal balance and carrying value for these acquired loans: March 31, 2016 December 31, 2015 Unpaid Principal Carrying Unpaid Principal Carrying (Dollars in thousands) Balance Value Balance Value Bank acquisitions $ 331,354 $ 276,012 $ 326,470 $ 271,260 Life insurance premium finance loans acquisition 299,915 296,138 372,738 368,292 |
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 2016 with evidence of credit quality deterioration since origination: (Dollars in thousands) Foundations Contractually required payments including interest $ 19,350 Less: Nonaccretable difference 3,640 Cash flows expected to be collected (1) $ 15,710 Less: Accretable yield 1,141 Fair value of PCI loans acquired $ 14,569 (1) Represents undiscounted expected principal and interest cash at acquisition. |
Activity Related to Accretable Yield of Loans Acquired With Evidence of Credit Quality Deterioratio Since Origination | The following table provides activity for the accretable yield of PCI loans: Three Months Ended (Dollars in thousands) March 31, March 31, Accretable yield, beginning balance $ 63,902 $ 79,102 Acquisitions 1,141 898 Accretable yield amortized to interest income (5,457 ) (6,105 ) Accretable yield amortized to indemnification asset (1) (2,171 ) (3,576 ) Reclassification from non-accretable difference (2) 4,193 1,103 Decreases in interest cash flows due to payments and changes in interest rates (2,390 ) (1,224 ) Accretable yield, ending balance (3) $ 59,218 $ 70,198 (1) Represents the portion of the current period accreted yield, resulting from lower expected losses, applied to reduce the loss share indemnification asset. (2) Reclassification is the result of subsequent increases in expected principal cash flows. (3) As of March 31, 2016, the Company estimates that the remaining accretable yield balance to be amortized to the indemnification asset for the bank acquisitions is $4.8 million . The remainder of the accretable yield related to bank acquisitions is expected to be amortized to interest income. |
Allowance for Loan Losses, Al29
Allowance for Loan Losses, Allowance for Losses on Lending-Related Commitments and Impaired Loans (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Loans and Leases Receivable, Allowance [Abstract] | |
Schedule of Aging of the Company's Loan Portfolio | The tables below show the aging of the Company’s loan portfolio at March 31, 2016 , December 31, 2015 and March 31, 2015 : As of March 31, 2016 90+ days and still accruing 60-89 days past due 30-59 days past due (Dollars in thousands) Nonaccrual Current Total Loans Loan Balances: Commercial Commercial, industrial and other $ 12,370 $ 338 $ 3,228 $ 25,608 $ 3,363,011 $ 3,404,555 Franchise — — — 1,400 273,158 274,558 Mortgage warehouse lines of credit — — — 1,491 192,244 193,735 Asset-based lending 3 — 117 10,597 737,184 747,901 Leases — — — 5,177 244,241 249,418 PCI - commercial (1) — 1,893 — 128 18,058 20,079 Total commercial 12,373 2,231 3,345 44,401 4,827,896 4,890,246 Commercial real estate: Construction 273 — — 2,023 389,026 391,322 Land 1,746 — — — 93,834 95,580 Office 7,729 1,260 980 12,571 865,954 888,494 Industrial 10,960 — — 3,935 728,061 742,956 Retail 1,633 — 2,397 2,657 890,780 897,467 Multi-family 287 — 655 2,047 760,084 763,073 Mixed use and other 4,368 — 187 12,312 1,778,850 1,795,717 PCI - commercial real estate (1) — 24,738 1,573 10,344 126,695 163,350 Total commercial real estate 26,996 25,998 5,792 45,889 5,633,284 5,737,959 Home equity 9,365 — 791 4,474 759,712 774,342 Residential real estate, including PCI 11,964 406 193 10,108 603,372 626,043 Premium finance receivables Commercial insurance loans 15,350 9,548 5,583 15,086 2,275,420 2,320,987 Life insurance loans — 1,641 3,432 198 2,675,525 2,680,796 PCI - life insurance loans (1) — — — — 296,138 296,138 Consumer and other, including PCI 484 245 118 364 118,691 119,902 Total loans, net of unearned income, excluding covered loans $ 76,532 $ 40,069 $ 19,254 $ 120,520 $ 17,190,038 $ 17,446,413 Covered loans 5,324 7,995 349 6,491 118,689 138,848 Total loans, net of unearned income $ 81,856 $ 48,064 $ 19,603 $ 127,011 $ 17,308,727 $ 17,585,261 As of December 31, 2015 90+ days and still accruing 60-89 days past due 30-59 days past due (Dollars in thousands) Nonaccrual Current Total Loans Loan Balances: Commercial Commercial, industrial and other $ 12,704 $ 6 $ 6,749 $ 12,930 $ 3,226,139 $ 3,258,528 Franchise — — — — 245,228 245,228 Mortgage warehouse lines of credit — — — — 222,806 222,806 Asset-based lending 8 — 3,864 1,844 736,968 742,684 Leases — 535 748 4,192 220,599 226,074 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 Construction 306 — 1,371 1,645 355,338 358,660 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, including PCI 12,043 488 2,166 3,903 588,851 607,451 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, including PCI 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. As of March 31, 2015 90+ days and still accruing 60-89 days past due 30-59 days past due (Dollars in thousands) Nonaccrual Current Total Loans Loan Balances: Commercial Commercial, industrial and other $ 5,586 $ — $ 5,047 $ 17,338 $ 2,779,781 $ 2,807,752 Franchise — — — 457 225,305 225,762 Mortgage warehouse lines of credit — — — — 186,372 186,372 Asset-based lending — — — 4,819 805,866 810,685 Leases — — 65 517 171,432 172,014 PCI - commercial (1) — 612 — — 8,735 9,347 Total commercial 5,586 612 5,112 23,131 4,177,491 4,211,932 Commercial real estate: Construction — — — 992 255,835 256,827 Land 2,646 — — 1,942 84,454 89,042 Office 8,243 — 171 3,144 731,568 743,126 Industrial 3,496 — 61 1,719 599,050 604,326 Retail 4,975 — — 2,562 734,990 742,527 Multi-family 1,750 — 393 3,671 649,589 655,403 Mixed use and other 8,872 — 808 10,847 1,532,036 1,552,563 PCI - commercial real estate (1) — 18,120 4,639 3,242 40,671 66,672 Total commercial real estate 29,982 18,120 6,072 28,119 4,628,193 4,710,486 Home equity 7,665 — 693 2,825 698,100 709,283 Residential real estate, including PCI 14,248 266 753 8,819 471,839 495,925 Premium finance receivables Commercial insurance loans 15,902 8,062 4,476 19,392 2,271,791 2,319,623 Life insurance loans — — 8,994 5,415 1,972,197 1,986,606 PCI - life insurance loans (1) — — — — 389,048 389,048 Consumer and other, including PCI 236 91 111 634 129,084 130,156 Total loans, net of unearned income, excluding covered loans $ 73,619 $ 27,151 $ 26,211 $ 88,335 $ 14,737,743 $ 14,953,059 Covered loans 7,079 16,434 558 6,128 179,495 209,694 Total loans, net of unearned income $ 80,698 $ 43,585 $ 26,769 $ 94,463 $ 14,917,238 $ 15,162,753 (1) PCI loans represent loans acquired with evidence of credit quality deterioration since origination, in accordance with ASC 310-30. Loan agings are based upon contractually required payments. |
Summary of Performance by Loan Class | The following table presents the recorded investment based on performance of loans by class, excluding covered loans, per the most recent analysis at March 31, 2016 , December 31, 2015 and March 31, 2015 : Performing Non-performing Total (Dollars in thousands) March 31, December 31, 2015 March 31, March 31, December 31, 2015 March 31, March 31, December 31, 2015 March 31, Loan Balances: Commercial Commercial, industrial and other $ 3,391,847 $ 3,245,818 $ 2,802,166 $ 12,708 $ 12,710 $ 5,586 $ 3,404,555 $ 3,258,528 $ 2,807,752 Franchise 274,558 245,228 225,762 — — — 274,558 245,228 225,762 Mortgage warehouse lines of credit 193,735 222,806 186,372 — — — 193,735 222,806 186,372 Asset-based lending 747,898 742,676 810,685 3 8 — 747,901 742,684 810,685 Leases 249,418 225,539 172,014 — 535 — 249,418 226,074 172,014 PCI - commercial (1) 20,079 18,589 9,347 — — — 20,079 18,589 9,347 Total commercial 4,877,535 4,700,656 4,206,346 12,711 13,253 5,586 4,890,246 4,713,909 4,211,932 Commercial real estate Construction 391,049 358,354 256,827 273 306 — 391,322 358,660 256,827 Land 93,834 76,666 86,396 1,746 1,751 2,646 95,580 78,417 89,042 Office 879,505 858,382 734,883 8,989 4,619 8,243 888,494 863,001 743,126 Industrial 731,996 718,084 600,830 10,960 9,564 3,496 742,956 727,648 604,326 Retail 895,834 866,639 737,552 1,633 1,760 4,975 897,467 868,399 742,527 Multi-family 762,786 740,395 653,653 287 1,954 1,750 763,073 742,349 655,403 Mixed use and other 1,791,349 1,726,125 1,543,691 4,368 6,691 8,872 1,795,717 1,732,816 1,552,563 PCI - commercial real estate (1) 163,350 157,999 66,672 — — — 163,350 157,999 66,672 Total commercial real estate 5,709,703 5,502,644 4,680,504 28,256 26,645 29,982 5,737,959 5,529,289 4,710,486 Home equity 764,977 777,827 701,618 9,365 6,848 7,665 774,342 784,675 709,283 Residential real estate, including PCI 614,079 595,408 481,677 11,964 12,043 14,248 626,043 607,451 495,925 Premium finance receivables Commercial insurance loans 2,296,089 2,350,066 2,295,659 24,898 24,855 23,964 2,320,987 2,374,921 2,319,623 Life insurance loans 2,679,155 2,593,204 1,986,606 1,641 — — 2,680,796 2,593,204 1,986,606 PCI - life insurance loans (1) 296,138 368,292 389,048 — — — 296,138 368,292 389,048 Consumer and other, including PCI 119,238 145,963 129,829 664 413 327 119,902 146,376 130,156 Total loans, net of unearned income, excluding covered loans $ 17,356,914 $ 17,034,060 $ 14,871,287 $ 89,499 $ 84,057 $ 81,772 $ 17,446,413 $ 17,118,117 $ 14,953,059 (1) PCI loans represent loans acquired with evidence of credit quality deterioration since origination, in accordance with ASC 310-30. See Note 6 - Loans for further discussion of these purchased loans. |
Summary of Activity in the Allowance for Credit Losses | A summary of activity in the allowance for credit losses by loan portfolio (excluding covered loans) for the three months ended March 31, 2016 and 2015 is as follows: Three months ended March 31, 2016 Commercial Real Estate Home Equity Residential Real Estate Premium Finance Receivable Consumer and Other Total, Excluding Covered Loans (Dollars in thousands) Commercial Allowance for credit losses Allowance for loan losses at beginning of period $ 36,135 $ 43,758 $ 12,012 $ 4,734 $ 7,233 $ 1,528 $ 105,400 Other adjustments (9 ) (76 ) — (30 ) 37 — (78 ) Reclassification from allowance for unfunded lending-related commitments — (81 ) — — — — (81 ) Charge-offs (671 ) (671 ) (1,052 ) (493 ) (2,480 ) (107 ) (5,474 ) Recoveries 629 369 48 112 787 36 1,981 Provision for credit losses 2,351 1,964 1,907 841 1,628 (268 ) 8,423 Allowance for loan losses at period end $ 38,435 $ 45,263 $ 12,915 $ 5,164 $ 7,205 $ 1,189 $ 110,171 Allowance for unfunded lending-related commitments at period end $ — $ 1,030 $ — $ — $ — $ — $ 1,030 Allowance for credit losses at period end $ 38,435 $ 46,293 $ 12,915 $ 5,164 $ 7,205 $ 1,189 $ 111,201 Individually evaluated for impairment $ 2,319 $ 3,028 $ 1,695 $ 700 $ — $ 70 $ 7,812 Collectively evaluated for impairment 35,448 43,261 11,220 4,384 7,205 1,119 102,637 Loans acquired with deteriorated credit quality 668 4 — 80 — — 752 Loans at period end Individually evaluated for impairment $ 17,969 $ 52,977 $ 9,365 $ 16,159 $ — $ 527 $ 96,997 Collectively evaluated for impairment 4,852,198 5,521,632 764,977 606,503 5,001,783 119,375 16,866,468 Loans acquired with deteriorated credit quality 20,079 163,350 — 3,381 296,138 — 482,948 Three months ended March 31, 2015 Commercial Commercial Real Estate Home Equity Residential Real Estate Premium Finance Receivable Consumer and Other Total, Excluding Covered Loans (Dollars in thousands) Allowance for credit losses Allowance for loan losses at beginning of period $ 31,699 $ 35,533 $ 12,500 $ 4,218 $ 6,513 $ 1,242 $ 91,705 Other adjustments (17 ) (180 ) — (3 ) (48 ) — (248 ) Reclassification from allowance for unfunded lending-related commitments — (113 ) — — — — (113 ) Charge-offs (677 ) (1,005 ) (584 ) (631 ) (1,263 ) (111 ) (4,271 ) Recoveries 370 312 48 76 329 53 1,188 Provision for credit losses 2,351 2,455 700 436 461 (218 ) 6,185 Allowance for loan losses at period end $ 33,726 $ 37,002 $ 12,664 $ 4,096 $ 5,992 $ 966 $ 94,446 Allowance for unfunded lending-related commitments at period end $ — $ 888 $ — $ — $ — $ — $ 888 Allowance for credit losses at period end $ 33,726 $ 37,890 $ 12,664 $ 4,096 $ 5,992 $ 966 $ 95,334 Individually evaluated for impairment $ 1,814 $ 3,256 $ 948 $ 208 $ — $ 26 $ 6,252 Collectively evaluated for impairment 31,912 34,521 11,716 3,794 5,992 940 88,875 Loans acquired with deteriorated credit quality — 113 — 94 — — 207 Loans at period end Individually evaluated for impairment $ 12,361 $ 75,886 $ 7,879 $ 17,144 $ — $ 381 $ 113,651 Collectively evaluated for impairment 4,190,224 4,567,928 701,404 476,418 4,306,229 129,775 14,371,978 Loans acquired with deteriorated credit quality 9,347 66,672 — 2,363 389,048 — 467,430 |
Summary of Activity in the Allowance for Covered Loan Losses | A summary of activity in the allowance for covered loan losses for the three months ended March 31, 2016 and 2015 is as follows: Three Months Ended March 31, March 31, (Dollars in thousands) 2016 2015 Balance at beginning of period $ 3,026 $ 2,131 Provision for covered loan losses before benefit attributable to FDIC loss share agreements (1,946 ) (529 ) Benefit attributable to FDIC loss share agreements 1,557 423 Net provision for covered loan losses (389 ) (106 ) Decrease in FDIC indemnification asset (1,557 ) (423 ) Loans charged-off (230 ) (237 ) Recoveries of loans charged-off 1,657 513 Net recoveries (charge-offs) 1,427 276 Balance at end of period $ 2,507 $ 1,878 |
Summary of Impaired Loans, Including Restructured Loans | A summary of impaired loans, including troubled debt restructurings ("TDRs"), is as follows: March 31, December 31, March 31, (Dollars in thousands) 2016 2015 2015 Impaired loans (included in non-performing and TDRs): Impaired loans with an allowance for loan loss required (1) $ 50,710 $ 49,961 $ 48,610 Impaired loans with no allowance for loan loss required 45,400 51,294 63,794 Total impaired loans (2) $ 96,110 $ 101,255 $ 112,404 Allowance for loan losses related to impaired loans $ 7,775 $ 6,380 $ 6,199 TDRs $ 52,555 $ 51,853 $ 67,218 (1) These impaired loans require an allowance for loan losses because the estimated fair value of the loans or related collateral is less than the recorded investment in the loans. (2) Impaired loans are considered by the Company to be non-accrual loans, TDRs or loans with principal and/or interest at risk, even if the loan is current with all payments of principal and interest. |
Summary of Impaired Loans by Loan Class | The following tables present impaired loans by loan class, excluding covered loans, for the periods ended as follows: For the Three Months Ended As of March 31, 2016 March 31, 2016 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized (Dollars in thousands) Impaired loans with a related ASC 310 allowance recorded Commercial Commercial, industrial and other $ 9,711 $ 12,905 $ 2,309 $ 9,527 $ 207 Asset-based lending — — — — — Commercial real estate Construction — — — — — Land 5,577 9,358 49 5,583 142 Office 3,688 4,688 363 3,701 57 Industrial 8,325 9,065 1,872 8,382 115 Retail 7,757 7,775 296 7,785 83 Multi-family 1,477 1,477 128 1,050 11 Mixed use and other 4,753 4,900 293 4,761 58 Home equity 3,508 3,559 1,695 3,508 25 Residential real estate 5,726 5,957 700 5,743 61 Consumer and other 188 215 70 190 3 Impaired loans with no related ASC 310 allowance recorded Commercial Commercial, industrial and other $ 7,802 $ 8,591 $ — $ 8,090 $ 116 Asset-based lending 3 1,567 — 5 22 Commercial real estate Construction 2,296 2,296 — 2,296 28 Land 2,112 2,852 — 2,116 28 Office 7,172 8,548 — 7,323 110 Industrial 3,692 3,910 — 3,686 67 Retail 1,800 2,499 — 1,806 25 Multi-family 92 175 — 148 2 Mixed use and other 3,802 4,377 — 3,886 58 Home equity 5,857 6,974 — 5,962 92 Residential real estate 10,433 12,692 — 10,481 148 Consumer and other 339 413 — 340 5 Total impaired loans, net of unearned income $ 96,110 $ 114,793 $ 7,775 $ 96,369 $ 1,463 For the Twelve Months Ended As of December 31, 2015 December 31, 2015 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized (Dollars in thousands) Impaired loans with a related ASC 310 allowance recorded Commercial Commercial, industrial and other $ 9,754 $ 12,498 $ 2,012 $ 10,123 $ 792 Asset-based lending — — — — — Commercial real estate 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 Consumer and other 195 220 10 216 12 Impaired loans with no related ASC 310 allowance recorded Commercial Commercial, industrial and other $ 8,562 $ 9,915 $ — $ 9,885 $ 521 Asset-based lending 8 1,570 — 5 88 Commercial real estate Construction 2,328 2,329 — 2,316 113 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 Consumer and other 197 267 — 201 12 Total impaired loans, net of unearned income $ 101,255 $ 124,249 $ 6,380 $ 107,170 $ 6,198 For the Three Months Ended As of March 31, 2015 March 31, 2015 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized (Dollars in thousands) Impaired loans with a related ASC 310 allowance recorded Commercial Commercial, industrial and other $ 7,230 $ 7,830 $ 1,795 $ 7,465 $ 92 Asset-based lending — — — — — Commercial real estate Construction — — — — — Land 4,475 8,090 29 4,734 127 Office 8,354 11,053 598 8,399 131 Industrial 1,402 1,487 559 1,406 20 Retail 10,259 12,286 371 10,294 128 Multi-family 2,266 2,363 241 2,273 26 Mixed use and other 7,891 10,041 1,449 7,907 116 Home equity 2,807 2,962 948 2,809 29 Residential real estate 3,728 3,934 183 3,724 45 Consumer and other 198 200 26 203 4 Impaired loans with no related ASC 310 allowance recorded Commercial Commercial, industrial and other $ 4,630 $ 7,595 $ — $ 4,647 $ 125 Asset-based lending — — — — — Commercial real estate Construction 2,645 2,645 — 2,645 30 Land 5,134 5,868 — 5,137 62 Office 6,890 6,965 — 6,971 77 Industrial 2,772 3,134 — 2,837 55 Retail 5,053 9,130 — 5,315 105 Multi-family 777 1,199 — 778 13 Mixed use and other 17,479 17,723 — 17,688 185 Home equity 5,072 6,771 — 5,126 70 Residential real estate 13,159 14,644 — 13,190 145 Consumer and other 183 249 — 145 3 Total impaired loans, net of unearned income $ 112,404 $ 136,169 $ 6,199 $ 113,693 $ 1,588 |
Summary of the Post-Modification Balance of TDRs | The tables below present a summary of the post-modification balance of loans restructured during the three months ended March 31, 2016 and 2015, respectively, which represent TDRs: Three months ended March 31, 2016 (Dollars in thousands) Total (1)(2) Extension at Below Market (2) Reduction of Interest Rate (2) Modification to Interest-only Payments (2) Forgiveness of Debt (2) Count Balance Count Balance Count Balance Count Balance Count Balance Commercial Commercial, industrial and other 1 $ 42 1 $ 42 — $ — — $ — — $ — Commercial real estate Office 1 450 1 450 — — — — — — Industrial 6 7,921 6 7,921 3 7,196 — — — — Mixed use and other 2 150 2 150 — — — — — — Residential real estate and other 1 160 — — 1 160 — — — — Total loans 11 $ 8,723 10 $ 8,563 4 $ 7,356 — $ — — $ — Three months ended March 31, 2015 (Dollars in thousands) Total (1)(2) Extension at Below Market Terms (2) Reduction of Interest Rate (2) Modification to Interest-only Payments (2) Forgiveness of Debt (2) Count Balance Count Balance Count Balance Count Balance Count Balance Commercial Commercial, industrial and other — $ — — $ — — $ — — $ — — $ — Commercial real estate Office — — — — — — — — — — Industrial — — — — — — — — — — Mixed use and other — — — — — — — — — — Residential real estate and other 3 294 3 294 2 80 1 50 — — Total loans 3 $ 294 3 $ 294 2 $ 80 1 $ 50 — $ — (1) TDRs may have more than one modification representing a concession. As such, TDRs during the period may be represented in more than one of the categories noted above. (2) Balances represent the recorded investment in the loan at the time of the restructuring. |
Summary of TDRs Subsequent Default Under the Restructured Terms | The following table presents a summary of all loans restructured in TDRs during the twelve months ended March 31, 2016 and 2015, and such loans which were in payment default under the restructured terms during the respective periods below: (Dollars in thousands) As of March 31, 2016 Three Months Ended March 31, 2016 As of March 31, 2015 Three Months Ended March 31, 2015 Total (1)(3) Payments in Default (2)(3) Total (1)(3) Payments in Default (2)(3) Count Balance Count Balance Count Balance Count Balance Commercial Commercial, industrial and other 1 $ 42 — $ — 1 1,461 — $ — Commercial real estate Office 1 450 1 450 2 1,510 1 790 Industrial 7 8,090 3 725 1 685 — — Multi-family — — — — 1 181 1 181 Mixed use and other 4 351 3 217 4 1,049 3 816 Residential real estate and other 7 1,530 — — 9 2,131 2 261 Total loans 20 $ 10,463 7 $ 1,392 18 7,017 7 $ 2,048 (1) Total TDRs represent all loans restructured in TDRs during the previous twelve months from the date indicated. (2) TDRs considered to be in payment default are over 30 days past-due subsequent to the restructuring. (3) Balances represent the recorded investment in the loan at the time of the restructuring. |
Goodwill and Other Intangible30
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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, 2016 Goodwill Acquired Impairment Loss Goodwill Adjustments March 31, 2016 Community banking $ 401,612 $ 11,305 $ — $ (195 ) $ 412,722 Specialty finance 38,035 — — 1,409 39,444 Wealth management 32,114 — — — 32,114 Total $ 471,761 $ 11,305 $ — $ 1,214 $ 484,280 |
Summary of Finite-Lived Intangible Assets | A summary of finite-lived intangible assets as of the dates shown and the expected amortization as of March 31, 2016 is as follows: (Dollars in thousands) March 31, 2016 December 31, 2015 March 31, 2015 Community banking segment: Core deposit intangibles: Gross carrying amount $ 35,654 $ 34,841 $ 25,881 Accumulated amortization (18,543 ) (17,382 ) (14,192 ) Net carrying amount $ 17,111 $ 17,459 $ 11,689 Specialty finance segment: Customer list intangibles: Gross carrying amount $ 1,800 $ 1,800 $ 1,800 Accumulated amortization (1,076 ) (1,052 ) (971 ) Net carrying amount $ 724 $ 748 $ 829 Wealth management segment: Customer list and other intangibles: Gross carrying amount $ 7,940 $ 7,940 $ 7,940 Accumulated amortization (2,050 ) (1,938 ) (1,600 ) Net carrying amount $ 5,890 $ 6,002 $ 6,340 Total other intangible assets, net $ 23,725 $ 24,209 $ 18,858 |
Estimated Amortization | Estimated amortization Actual in three months ended March 31, 2016 $ 1,298 Estimated remaining in 2016 3,477 Estimated—2017 4,013 Estimated—2018 3,493 Estimated—2019 2,961 Estimated—2020 2,410 |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Deposits [Abstract] | |
Summary of Deposits | The following table is a summary of deposits as of the dates shown: (Dollars in thousands) March 31, 2016 December 31, 2015 March 31, 2015 Balance: Non-interest bearing $ 5,205,410 $ 4,836,420 $ 3,779,609 NOW and interest bearing demand deposits 2,369,474 2,390,217 2,262,928 Wealth management deposits 1,761,710 1,643,653 1,528,963 Money market 4,157,083 4,041,300 3,791,762 Savings 1,766,552 1,723,367 1,563,752 Time certificates of deposit 3,956,842 4,004,677 4,011,755 Total deposits $ 19,217,071 $ 18,639,634 $ 16,938,769 Mix: Non-interest bearing 27 % 26 % 22 % NOW and interest bearing demand deposits 12 13 13 Wealth management deposits 9 9 9 Money market 22 22 23 Savings 9 9 9 Time certificates of deposit 21 21 24 Total deposits 100 % 100 % 100 % |
Federal Home Loan Bank Advanc32
Federal Home Loan Bank Advances, Other Borrowings and Subordinated Notes (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Summary of Debt | The following table is a summary of notes payable, Federal Home Loan Bank advances, other borrowings and subordinated notes as of the dates shown: (Dollars in thousands) March 31, 2016 December 31, 2015 March 31, 2015 Federal Home Loan Bank advances $ 799,482 $ 853,431 $ 406,839 Other borrowings: Notes payable 63,683 67,429 — Short-term borrowings 47,680 63,887 50,076 Other 18,811 18,965 18,538 Secured borrowings 122,952 115,504 118,102 Total other borrowings 253,126 265,785 186,716 Subordinated notes 138,888 138,861 138,782 Total Federal Home Loan Bank advances, other borrowings and subordinated notes $ 1,191,496 $ 1,258,077 $ 732,337 |
Summary of Pledged Securities Related to Securities Sold Under Repurchase Agreements | The following is a summary of these securities pledged as of March 31, 2016 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 $ 9,992 Corporate notes: Financial issuers 4,937 Mortgage-backed securities 33,943 Held-to-maturity securities pledged U.S. Government agencies 11,547 Total collateral pledged $ 60,419 Excess collateral 12,739 Securities sold under repurchase agreements $ 47,680 |
Junior Subordinated Debentures
Junior Subordinated Debentures (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust [Abstract] | |
Summary of Junior Subordinated Debentures | The following table provides a summary of the Company’s junior subordinated debentures as of March 31, 2016 . The junior subordinated debentures represent the par value of the obligations owed to the Trusts. (Dollars in thousands) Common Securities Trust Preferred Securities Junior Subordinated Debentures Rate Structure Contractual rate at 3/31/2016 Issue Date Maturity Date Earliest Redemption Date Wintrust Capital Trust III $ 774 $ 25,000 $ 25,774 L+3.25 3.87 % 04/2003 04/2033 04/2008 Wintrust Statutory Trust IV 619 20,000 20,619 L+2.80 3.43 % 12/2003 12/2033 12/2008 Wintrust Statutory Trust V 1,238 40,000 41,238 L+2.60 3.23 % 05/2004 05/2034 06/2009 Wintrust Capital Trust VII 1,550 50,000 51,550 L+1.95 2.58 % 12/2004 03/2035 03/2010 Wintrust Capital Trust VIII 1,238 25,000 26,238 L+1.45 2.08 % 08/2005 09/2035 09/2010 Wintrust Capital Trust IX 1,547 50,000 51,547 L+1.63 2.26 % 09/2006 09/2036 09/2011 Northview Capital Trust I 186 6,000 6,186 L+3.00 3.62 % 08/2003 11/2033 08/2008 Town Bankshares Capital Trust I 186 6,000 6,186 L+3.00 3.62 % 08/2003 11/2033 08/2008 First Northwest Capital Trust I 155 5,000 5,155 L+3.00 3.63 % 05/2004 05/2034 05/2009 Suburban Illinois Capital Trust II 464 15,000 15,464 L+1.75 2.38 % 12/2006 12/2036 12/2011 Community Financial Shares Statutory Trust II 109 3,500 3,609 L+1.62 2.25 % 06/2007 09/2037 06/2012 Total $ 253,566 2.83 % |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Summary of Segment Information | The following is a summary of certain operating information for reportable segments: Three months ended $ Change in Contribution % Change in Contribution (Dollars in thousands) March 31, 2016 March 31, 2015 Net interest income: Community Banking $ 141,698 $ 122,681 $ 19,017 16 % Specialty Finance 21,180 21,046 134 1 Wealth Management 4,483 4,189 294 7 Total Operating Segments 167,361 147,916 19,445 13 Intersegment Eliminations 4,148 3,975 173 4 Consolidated net interest income $ 171,509 $ 151,891 $ 19,618 13 % Non-interest income: Community Banking $ 45,667 $ 44,912 $ 755 2 % Specialty Finance 12,403 7,871 4,532 58 Wealth Management 18,752 18,728 24 — Total Operating Segments 76,822 71,511 5,311 7 Intersegment Eliminations (8,070 ) (6,970 ) (1,100 ) (16 ) Consolidated non-interest income $ 68,752 $ 64,541 $ 4,211 7 % Net revenue: Community Banking $ 187,365 $ 167,593 $ 19,772 12 % Specialty Finance 33,583 28,917 4,666 16 Wealth Management 23,235 22,917 318 1 Total Operating Segments 244,183 219,427 24,756 11 Intersegment Eliminations (3,922 ) (2,995 ) (927 ) (31 ) Consolidated net revenue $ 240,261 $ 216,432 $ 23,829 11 % Segment profit: Community Banking $ 34,757 $ 24,965 $ 9,792 39 % Specialty Finance 11,472 10,952 520 5 Wealth Management 2,882 3,135 (253 ) (8 ) Consolidated net income $ 49,111 $ 39,052 $ 10,059 26 % Segment assets: Community Banking $ 19,575,709 $ 17,039,668 $ 2,536,041 15 % Specialty Finance 3,322,807 2,783,958 538,849 19 Wealth Management 589,652 547,940 41,712 8 Consolidated total assets $ 23,488,168 $ 20,371,566 $ 3,116,602 15 % |
Derivative Financial Instrume35
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Interest Rate Cap Derivative Summary | Below is a summary of the interest rate cap derivatives held by the Company as of March 31, 2016 : (Dollars in thousands) Notional Accounting Fair Value as of Effective Date Maturity Date Amount Treatment March 31, 2016 May 3, 2012 May 3, 2016 215,000 Non-Hedge Designated — August 29, 2012 August 29, 2016 216,500 Cash Flow Hedging — February 22, 2013 August 22, 2016 43,500 Cash Flow Hedging — February 22, 2013 August 22, 2016 56,500 Non-Hedge Designated — March 21, 2013 March 21, 2017 100,000 Non-Hedge Designated 15 May 16, 2013 November 16, 2016 75,000 Non-Hedge Designated 2 September 15, 2013 September 15, 2017 50,000 Cash Flow Hedging 34 September 30, 2013 September 30, 2017 40,000 Cash Flow Hedging 30 $ 796,500 $ 81 |
Schedule Of Fair Value Of Derivative Financial Instruments | The table below presents the fair value of the Company’s derivative financial instruments as of March 31, 2016 , December 31, 2015 and March 31, 2015 : Derivative Assets Derivative Liabilities Fair Value Fair Value (Dollars in thousands) March 31, 2016 December 31, 2015 March 31, March 31, 2016 December 31, 2015 March 31, Derivatives designated as hedging instruments under ASC 815: Interest rate derivatives designated as Cash Flow Hedges $ 64 $ 242 $ 668 $ 586 $ 846 $ 1,867 Interest rate derivatives designated as Fair Value Hedges — 27 20 670 143 — Total derivatives designated as hedging instruments under ASC 815 $ 64 $ 269 $ 688 $ 1,256 $ 989 $ 1,867 Derivatives not designated as hedging instruments under ASC 815: Interest rate derivatives $ 73,921 $ 42,510 $ 46,862 $ 72,763 $ 41,469 $ 45,831 Interest rate lock commitments 12,104 7,401 15,296 3,574 171 — Forward commitments to sell mortgage loans — 745 — 3,857 2,275 7,410 Foreign exchange contracts 248 373 138 262 115 117 Total derivatives not designated as hedging instruments under ASC 815 $ 86,273 $ 51,029 $ 62,296 $ 80,456 $ 44,030 $ 53,358 Total Derivatives $ 86,337 $ 51,298 $ 62,984 $ 81,712 $ 45,019 $ 55,225 |
Schedule Of Cash Flow Hedging Instruments | The table below provides details on each of these cash flow hedges as of March 31, 2016 : March 31, 2016 (Dollars in thousands) Notional Fair Value Maturity Date Amount Asset (Liability) Interest Rate Swaps: September 2016 $ 50,000 $ (370 ) October 2016 25,000 (216 ) Total Interest Rate Swaps $ 75,000 $ (586 ) Interest Rate Caps: August 2016 43,500 — August 2016 216,500 — September 2017 50,000 34 September 2017 40,000 30 Total Interest Rate Caps $ 350,000 $ 64 Total Cash Flow Hedges $ 425,000 $ (522 ) |
Rollforward Of Amounts In Accumulated Other Comprehensive Income Related To Interest Rate Swaps Designated As Cash Flow Hedges | A rollforward of the amounts in accumulated other comprehensive loss related to interest rate derivatives designated as cash flow hedges follows: Three months ended (Dollars in thousands) March 31, 2016 March 31, 2015 Unrealized loss at beginning of period $ (3,529 ) $ (4,062 ) Amount reclassified from accumulated other comprehensive loss to interest expense on deposits and junior subordinated debentures 723 414 Amount of loss recognized in other comprehensive income (245 ) (975 ) Unrealized loss at end of period $ (3,051 ) $ (4,623 ) |
Derivatives Used To Hedge Changes In Fair Value Attributable To Interest Rate Risk | The following table presents the gain/(loss) and hedge ineffectiveness recognized on derivative instruments and the related hedged items that are designated as a fair value hedge accounting relationship as of March 31, 2016 and 2015: (Dollars in thousands) Derivatives in Fair Value Hedging Relationships Location of Gain/(Loss) Recognized in Income on Derivative Amount of Gain/(Loss) Recognized in Income on Derivative Three Months Ended Amount of (Loss)/Gain Recognized in Income on Hedged Item Three Months Ended Income Statement Gain/ (Loss) due to Hedge Ineffectiveness Three Months Ended March 31, 2016 March 31, 2015 March 31, 2016 March 31, 2015 March 31, 2016 March 31, 2015 Interest rate swaps Trading (losses) gains, net $ (554 ) $ (32 ) $ 515 $ 28 $ (39 ) $ (4 ) |
Summary Amounts Included In Consolidated Statement Of Income Related To Derivatives | Amounts included in the Consolidated Statements of Income related to derivative instruments not designated in hedge relationships were as follows: (Dollars in thousands) Three Months Ended Derivative Location in income statement March 31, 2016 March 31, 2015 Interest rate swaps and caps Trading (losses) gains, net $ 76 $ (450 ) Mortgage banking derivatives Mortgage banking revenue 1,864 2,094 Covered call options Fees from covered call options 1,712 4,360 Foreign exchange contracts Trading (losses) gains, net (63 ) (51 ) |
Derivative Asset and Liability Balance Sheet Offsetting | 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) March 31, 2016 December 31, 2015 March 31, 2015 March 31, 2016 December 31, 2015 March 31, 2015 Gross Amounts Recognized $ 73,985 $ 42,779 $ 47,550 $ 74,019 $ 42,458 $ 47,698 Less: Amounts offset in the Statements of Financial Condition — — — — — — Net amount presented in the Statements of Financial Condition $ 73,985 $ 42,779 $ 47,550 $ 74,019 $ 42,458 $ 47,698 Gross amounts not offset in the Statements of Financial Condition Offsetting Derivative Positions (156 ) (753 ) (1,563 ) (156 ) (753 ) (1,563 ) Collateral Posted (1) — — — (73,863 ) (41,705 ) (46,135 ) Net Credit Exposure $ 73,829 $ 42,026 $ 45,987 $ — $ — $ — (1) As of March 31, 2016, December 31, 2015 and March 31, 2015, the Company posted collateral of $81.6 million , $45.5 million and $51.3 million , respectively, which resulted in excess collateral with its counterparties. For purposes of this disclosure, the amount of posted collateral is limited to the amount offsetting the derivative liability. |
Fair Values of Assets and Lia36
Fair Values of Assets and Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Summary Of Balances Of Assets And Liabilities Measured At Fair Value On A Recurring Basis | The following tables present the balances of assets and liabilities measured at fair value on a recurring basis for the periods presented: March 31, 2016 (Dollars in thousands) Total Level 1 Level 2 Level 3 Available-for-sale securities U.S. Treasury $ 117,089 $ — $ 117,089 $ — U.S. Government agencies 94,172 — 94,172 — Municipal 121,195 — 50,953 70,242 Corporate notes 80,213 — 80,213 — Mortgage-backed 302,695 — 302,695 — Equity securities 55,619 — 31,565 24,054 Trading account securities 2,116 — 2,116 — Mortgage loans held-for-sale 314,554 — 314,554 — Mortgage servicing rights 10,128 — — 10,128 Nonqualified deferred compensation assets 8,926 — 8,926 — Derivative assets 86,337 — 86,337 — Total $ 1,193,044 $ — $ 1,088,620 $ 104,424 Derivative liabilities $ 81,712 $ — $ 81,712 $ — 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 compensation 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 $ — March 31, 2015 (Dollars in thousands) Total Level 1 Level 2 Level 3 Available-for-sale securities U.S. Treasury $ 271,474 $ — $ 271,474 $ — U.S. Government agencies 661,793 — 661,793 — Municipal 269,912 — 213,863 56,049 Corporate notes 133,814 — 133,814 — Mortgage-backed 329,591 — 329,591 — Equity securities 54,446 — 29,790 24,656 Trading account securities 7,811 — 7,811 — Mortgage loans held-for-sale 446,355 — 446,355 — Mortgage servicing rights 7,852 — — 7,852 Nonqualified deferred compensation assets 8,718 — 8,718 — Derivative assets 62,984 — 62,984 — Total $ 2,254,750 $ — $ 2,166,193 $ 88,557 Derivative liabilities $ 55,225 $ — $ 55,225 $ — |
Summary Of Changes In Level 3 Assets And Liabilities Measured At Fair Value On A Recurring Basis | The changes in Level 3 assets measured at fair value on a recurring basis during the three months ended March 31, 2016 and 2015 are summarized as follows: Equity securities Mortgage servicing rights (Dollars in thousands) Municipal Balance at January 1, 2016 $ 68,613 $ 25,199 $ 9,092 Total net gains (losses) included in: Net income (1) — — 1,036 Other comprehensive income (13 ) (1,145 ) — Purchases 3,271 — — Issuances — — — Sales — — — Settlements (1,629 ) — — Net transfers into/(out of) Level 3 — — — Balance at March 31, 2016 $ 70,242 $ 24,054 $ 10,128 Equity securities Mortgage servicing rights (Dollars in thousands) Municipal Balance at January 1, 2015 $ 58,953 $ 23,711 $ 8,435 Total net gains (losses) included in: Net income (1) — — (583 ) Other comprehensive income 203 945 — Purchases 6,674 — — Issuances — — — Sales — — — Settlements (9,781 ) — — Net transfers into/(out of) Level 3 — — — Balance at March 31, 2015 $ 56,049 $ 24,656 $ 7,852 (1) Changes in the balance of mortgage servicing rights are recorded as a component of mortgage banking revenue in non-interest income. |
Summary Of Assets Measured At Fair Value On A Nonrecurring Basis | For assets measured at fair value on a nonrecurring basis that were still held in the balance sheet at the end of the period, the following table provides the carrying value of the related individual assets or portfolios at March 31, 2016 . March 31, 2016 Three Months Ended March 31, 2016 Fair Value Losses Recognized, net (Dollars in thousands) Total Level 1 Level 2 Level 3 Impaired loans—collateral based $ 66,008 $ — $ — $ 66,008 $ 2,333 Other real estate owned, including covered other real estate owned (1) 58,978 — — 58,978 1,087 Total $ 124,986 $ — $ — $ 124,986 $ 3,420 (1) Fair value losses recognized, net on other real estate owned include valuation adjustments and charge-offs during the respective period. |
Schedule Of Valuation Techniques And Significant Unobservable Inputs Used To Measure Both Recurring And Non-Recurring | The valuation techniques and significant unobservable inputs used to measure both recurring and non-recurring Level 3 fair value measurements at March 31, 2016 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 $ 70,242 Bond pricing Equivalent rating BBB-AA+ N/A Increase Equity Securities 24,054 Discounted cash flows Discount rate 2.81%-3.13% 2.98% Decrease Mortgage Servicing Rights 10,128 Discounted cash flows Discount rate 4%-7% 6.20% Decrease Constant prepayment rate (CPR) 1%-46% 11.39% Decrease Measured at fair value on a non-recurring basis: Impaired loans—collateral based $ 66,008 Appraisal value Appraisal adjustment - cost of sale 10% 10.00% Decrease Other real estate owned, including covered other real estate owned 58,978 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: At March 31, 2016 At December 31, 2015 At March 31, 2015 Carrying Fair Carrying Fair Carrying Fair (Dollars in thousands) Value Value Value Value Value Value Financial Assets: Cash and cash equivalents $ 212,300 $ 212,300 $ 275,795 $ 275,795 $ 290,872 $ 290,872 Interest bearing deposits with banks 817,013 817,013 607,782 607,782 697,799 697,799 Available-for-sale securities 770,983 770,983 1,716,388 1,716,388 1,721,030 1,721,030 Held-to-maturity securities 911,715 924,344 884,826 878,111 — — Trading account securities 2,116 2,116 448 448 7,811 7,811 Federal Home Loan Bank and Federal Reserve Bank stock, at cost 113,222 113,222 101,581 101,581 92,948 92,948 Brokerage customer receivables 28,266 28,266 27,631 27,631 25,287 25,287 Mortgage loans held-for-sale, at fair value 314,554 314,554 388,038 388,038 446,355 446,355 Total loans 17,585,261 18,551,606 17,266,790 18,106,829 15,162,753 15,868,532 Mortgage servicing rights 10,128 10,128 9,092 9,092 7,852 7,852 Nonqualified deferred compensation assets 8,926 8,926 8,517 8,517 8,718 8,718 Derivative assets 86,337 86,337 51,298 51,298 62,984 62,984 FDIC indemnification asset — — — — 10,224 10,224 Accrued interest receivable and other 202,018 202,018 193,092 193,092 181,998 181,998 Total financial assets $ 21,062,839 $ 22,041,813 $ 21,531,278 $ 22,364,602 $ 18,716,631 $ 19,422,410 Financial Liabilities Non-maturity deposits $ 15,260,229 $ 15,260,229 $ 14,634,957 $ 14,634,957 $ 12,927,014 $ 12,927,014 Deposits with stated maturities 3,956,842 3,956,157 4,004,677 3,998,180 4,011,755 4,017,565 Federal Home Loan Bank advances 799,482 807,265 853,431 863,437 406,839 422,305 Other borrowings 253,126 253,126 265,785 265,785 186,716 186,716 Subordinated notes 138,888 139,849 138,861 140,302 138,782 147,851 Junior subordinated debentures 253,566 254,290 268,566 268,046 249,493 250,196 Derivative liabilities 81,712 81,712 45,019 45,019 55,225 55,225 FDIC indemnification liability 10,029 10,029 6,100 6,100 — — Accrued interest payable 9,208 9,208 7,394 7,394 8,583 8,583 Total financial liabilities $ 20,763,082 $ 20,771,865 $ 20,224,790 $ 20,229,220 $ 17,984,407 $ 18,015,455 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Share-based Compensation [Abstract] | |
Weighted Average Assumptions Used To Determine The Options Fair Value | The following table presents the weighted average assumptions used to determine the fair value of options granted in the three month periods ending March 31, 2016 and 2015 . Three Months Ended March 31, March 31, 2016 2015 Expected dividend yield 0.9 % 0.9 % Expected volatility 25.2 % 26.5 % Risk-free rate 1.3 % 1.3 % Expected option life (in years) 4.5 4.5 |
Summary Of Stock Option Activity | A summary of the Company's stock option activity for the three months ended March 31, 2016 and March 31, 2015 is presented below: Stock Options Common Shares Weighted Average Strike Price Remaining Contractual Term (1) Intrinsic Value (2) ($000) Outstanding at January 1, 2016 1,551,734 $ 41.32 Granted 554,107 40.87 Exercised (19,110 ) 32.86 Forfeited or canceled (57,004 ) 51.08 Outstanding at March 31, 2016 2,029,727 $ 41.00 5.0 $ 7,951 Exercisable at March 31, 2016 983,659 $ 39.13 3.8 $ 5,885 Stock Options Common Shares Weighted Average Strike Price Remaining Contractual Term (1) Intrinsic Value (2) ($000) Outstanding at January 1, 2015 1,618,426 $ 43.00 Conversion of options of acquired company 16,364 21.18 Granted 487,259 44.11 Exercised (51,522 ) 31.50 Forfeited or canceled (175,579 ) 54.40 Outstanding at March 31, 2015 1,894,948 $ 42.35 4.6 $ 11,649 Exercisable at March 31, 2015 1,158,991 $ 41.00 3.3 $ 9,291 (1) Represents the remaining weighted average contractual life in years. (2) Aggregate intrinsic value represents the total pre-tax intrinsic value (i.e., the difference between the Company's stock price on the last trading day of the quarter and the option exercise price, multiplied by the number of shares) that would have been received by the option holders if they had exercised their options on the last day of the quarter. Options with exercise prices above the stock price on the last trading day of the quarter are excluded from the calculation of intrinsic value. The intrinsic value will change based on the fair market value of the Company's stock. |
Summary Of Plans' Restricted Share And Performance-Vested Stock Award Activity | A summary of the Plans' restricted share activity for the three months ended March 31, 2016 and March 31, 2015 is presented below: Three months ended March 31, 2016 Three months ended March 31, 2015 Restricted Shares Common Shares Weighted Average Grant-Date Fair Value Common Shares Weighted Average Grant-Date Fair Value Outstanding at January 1 137,593 $ 49.63 146,112 $ 47.45 Granted 10,516 40.77 12,300 44.11 Vested and issued (3,726 ) 43.87 (4,925 ) 36.74 Outstanding at March 31 144,383 $ 49.14 153,487 $ 47.53 Vested, but not issuable at March 31 88,493 $ 51.43 85,000 $ 51.88 A summary of the Plans' performance-based stock award activity, based on the target level of the awards, for the three months ended March 31, 2016 and March 31, 2015 is presented below: Three months ended March 31, 2016 Three months ended March 31, 2015 Performance-based Stock Common Weighted Common Weighted Outstanding at January 1 276,533 $ 43.01 295,679 $ 38.18 Granted 116,576 40.87 102,828 44.11 Vested and issued (78,410 ) 37.90 (78,590 ) 31.10 Forfeited (7,417 ) 39.32 (29,926 ) 31.41 Outstanding at March 31 307,282 $ 43.59 289,991 $ 42.90 Vested, but deferred at March 31 6,612 $ 37.85 — $ — |
Shareholders' Equity and Earn38
Shareholders' Equity and Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share, Basic and Diluted, Other Disclosures [Abstract] | |
Components Of Other Comprehensive Income (Loss) | The following tables summarize the components of other comprehensive income (loss), including the related income tax effects, and the related amount reclassified to net income for the periods presented (in thousands). Accumulated Unrealized Gains (Losses) on Securities Accumulated Unrealized Losses on Derivative Instruments Accumulated Foreign Currency Translation Adjustments Total Accumulated Other Comprehensive Loss Balance at January 1, 2016 $ (17,674 ) $ (2,193 ) $ (42,841 ) $ (62,708 ) Other comprehensive income (loss) during the period, net of tax, before reclassifications 15,188 (149 ) 6,038 21,077 Amount reclassified from accumulated other comprehensive income (loss) into net income, net of tax (804 ) 439 — (365 ) Amount reclassified from accumulated other comprehensive income (loss) related to amortization of unrealized losses on investment securities transferred to held-to-maturity from available-for-sale, net of tax 2,086 — — 2,086 Net other comprehensive income (loss) during the period, net of tax $ 16,470 $ 290 $ 6,038 $ 22,798 Balance at March 31, 2016 $ (1,204 ) $ (1,903 ) $ (36,803 ) $ (39,910 ) Balance at January 1, 2015 $ (9,533 ) $ (2,517 ) $ (25,282 ) $ (37,332 ) Other comprehensive income (loss) during the period, net of tax, before reclassifications 15,945 (593 ) (9,045 ) 6,307 Amount reclassified from accumulated other comprehensive income (loss) into net income, net of tax (318 ) 252 — (66 ) Net other comprehensive income (loss) during the period, net of tax $ 15,627 $ (341 ) $ (9,045 ) $ 6,241 Balance at March 31, 2015 $ 6,094 $ (2,858 ) $ (34,327 ) $ (31,091 ) |
Other Comprehensive Income Reclassified from AOCI | Amount Reclassified from Accumulated Other Comprehensive Income for the Details Regarding the Component of Accumulated Other Comprehensive Income Three Months Ended Impacted Line on the Consolidated Statements of Income March 31, 2016 2015 Accumulated unrealized losses on securities Gains included in net income $ 1,325 $ 524 Gains on available-for-sale securities, net 1,325 524 Income before taxes Tax effect $ (521 ) $ (206 ) Income tax expense Net of tax $ 804 $ 318 Net income Accumulated unrealized losses on derivative instruments Amount reclassified to interest expense on deposits $ 255 $ — Interest on deposits Amount reclassified to interest expense on junior subordinated debentures 468 414 Interest on junior subordinated debentures (723 ) (414 ) Income before taxes Tax effect $ 284 $ 162 Income tax expense Net of tax $ (439 ) $ (252 ) Net income |
Computation Of Basic And Diluted Earnings Per Common Share | The following table shows the computation of basic and diluted earnings per share for the periods indicated: Three Months Ended (In thousands, except per share data) March 31, 2016 March 31, 2015 Net income $ 49,111 $ 39,052 Less: Preferred stock dividends and discount accretion 3,628 1,581 Net income applicable to common shares—Basic (A) 45,483 37,471 Add: Dividends on convertible preferred stock, if dilutive 1,578 1,581 Net income applicable to common shares—Diluted (B) 47,061 39,052 Weighted average common shares outstanding (C) 48,448 47,239 Effect of dilutive potential common shares Common stock equivalents 750 1,158 Convertible preferred stock, if dilutive 3,070 3,075 Total dilutive potential common shares 3,820 4,233 Weighted average common shares and effect of dilutive potential common shares (D) 52,268 51,472 Net income per common share: Basic (A/C) $ 0.94 $ 0.79 Diluted (B/D) $ 0.90 $ 0.76 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Regulatory Capital Requirements [Abstract] | |
Schedule Of Adjusted Total Risk Based Capital Ratios | After excluding the following outstanding amounts of subordinated debt from Tier 2 capital, the recalculated total capital to risk-weighted assets ratios for each bank were as follows: March 31, December 31, September 30, June 30, March 31, (Dollars in thousands) 2016 2015 2015 2015 2015 Subordinated debt excluded from Tier 2 capital Beverly Bank $ 13,000 $ 13,000 $ 11,000 $ 11,000 $ 1,000 Schaumburg Bank 8,500 8,500 3,500 3,500 3,500 Barrington Bank 5,000 — — — — Old Plank Trail Bank 4,000 — — — — Total capital (to risk-weighted assets) Beverly Bank 9.7 % 9.6 % 10.1 % 10.2 % 11.0 % Schaumburg Bank 10.2 10.3 10.7 10.8 10.7 Barrington Bank 11.4 11.3 11.6 11.4 11.1 Old Plank Trail Bank 10.8 11.3 11.8 11.6 11.9 |
Recent Accounting Developments
Recent Accounting Developments (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Mar. 31, 2015 |
Accounting Changes and Error Corrections [Abstract] | ||
Debt Issuance Cost | $ 7.8 | $ 10.7 |
Business Combinations (Summary
Business Combinations (Summary of FDIC Indemnification Asset) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
FDIC Indemnification Asset [Roll Forward] | ||
Balance at beginning of period | $ 0 | $ 11,846 |
Balance at beginning of period, Liability | (6,100) | |
Additions from acquisitions | 0 | 0 |
Additions from reimbursable expenses | 82 | 1,575 |
Amortization | (101) | (1,260) |
Changes in expected reimbursements from the FDIC for changes in expected credit losses | (3,547) | (3,993) |
(Payments received from) provided to the FDIC | (363) | 2,056 |
Balance at end of period | 0 | $ 10,224 |
Balance at end of period, Liability | $ (10,029) |
Business Combinations (Narrativ
Business Combinations (Narrative) (Detail) $ in Thousands | Mar. 31, 2016USD ($)locations | Jul. 24, 2015USD ($)locations | Jul. 17, 2015USD ($)locations | Jul. 02, 2015USD ($) | Jan. 16, 2015USD ($)locations | Mar. 31, 2016USD ($)locations | Mar. 31, 2016USD ($)locationsfinancial_institution | Jul. 01, 2015USD ($)locations |
Business Acquisition [Line Items] | ||||||||
Goodwill, Acquired During Period | $ 11,305 | |||||||
FDIC loss sharing percentage on purchased loans, OREO, and certain other assets | 80.00% | |||||||
Generations Bancorp Inc. | ||||||||
Business Acquisition [Line Items] | ||||||||
Effective date of acquisition | Mar. 31, 2016 | |||||||
Number of locations | locations | 1 | 1 | 1 | |||||
Assets acquired | $ 134,200 | $ 134,200 | $ 134,200 | |||||
Loans acquired | 67,500 | 67,500 | 67,500 | |||||
Assumed deposits | 100,100 | $ 100,100 | $ 100,100 | |||||
Goodwill, Acquired During Period | $ 11,300 | |||||||
Community Financial Shares, Inc. | ||||||||
Business Acquisition [Line Items] | ||||||||
Effective date of acquisition | Jul. 24, 2015 | |||||||
Number of locations | locations | 4 | |||||||
Assets acquired | $ 350,500 | |||||||
Loans acquired | 159,500 | |||||||
Assumed deposits | 290,000 | |||||||
Goodwill, Acquired During Period | $ 27,600 | |||||||
Suburban Illinois Bancorp | ||||||||
Business Acquisition [Line Items] | ||||||||
Effective date of acquisition | Jul. 17, 2015 | |||||||
Number of locations | locations | 10 | |||||||
Assets acquired | $ 494,700 | |||||||
Loans acquired | 257,800 | |||||||
Assumed deposits | 416,700 | |||||||
Goodwill, Acquired During Period | $ 18,600 | |||||||
North Bank | ||||||||
Business Acquisition [Line Items] | ||||||||
Effective date of acquisition | Jul. 1, 2015 | |||||||
Number of locations | locations | 2 | |||||||
Assets acquired | $ 117,900 | |||||||
Loans acquired | 51,600 | |||||||
Assumed deposits | $ 101,000 | |||||||
Goodwill, Acquired During Period | $ 6,700 | |||||||
Delavan Bancshares | ||||||||
Business Acquisition [Line Items] | ||||||||
Effective date of acquisition | Jan. 16, 2015 | |||||||
Number of locations | locations | 4 | |||||||
Assets acquired | $ 224,100 | |||||||
Loans acquired | 128,000 | |||||||
Assumed deposits | 170,200 | |||||||
Goodwill, Acquired During Period | 16,800 | |||||||
Liabilities assumed | $ 186,400 | |||||||
FDIC Assisted | ||||||||
Business Acquisition [Line Items] | ||||||||
Number of FDIC assisted banks acquired | financial_institution | 9 |
Investment Securities (Marketab
Investment Securities (Marketable Securities) (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale securities, Amortized Cost | $ 761,906 | $ 1,731,292 | $ 1,711,113 | |
Gross Unrealized Gains | 13,647 | 14,766 | 26,395 | |
Gross Unrealized Losses | (4,570) | (29,670) | (16,478) | |
Available-for-sale securities, Fair Value | 770,983 | 1,716,388 | 1,721,030 | |
Held-to-maturity securities, Amortized Cost | 911,715 | 884,826 | 0 | |
Held-to-maturity securities, Gross Unrealized Gains | 14,241 | 871 | 0 | |
Held-to-maturity securities, Gross Unrealized Losses | (1,612) | (7,586) | 0 | |
Held-to-maturity securities, Fair Value | 924,344 | 878,111 | 0 | |
U.S. Treasury | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale securities, Amortized Cost | 117,105 | 312,282 | 273,173 | |
Gross Unrealized Gains | 22 | 0 | 148 | |
Gross Unrealized Losses | (38) | (5,553) | (1,847) | |
Available-for-sale securities, Fair Value | 117,089 | 306,729 | 271,474 | |
U.S. Government agencies | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale securities, Amortized Cost | 93,990 | 70,313 | 665,177 | |
Gross Unrealized Gains | 194 | 198 | 5,348 | |
Gross Unrealized Losses | (12) | (275) | (8,732) | |
Available-for-sale securities, Fair Value | 94,172 | 70,236 | 661,793 | |
Held-to-maturity securities, Amortized Cost | 712,732 | 687,302 | 0 | |
Held-to-maturity securities, Gross Unrealized Gains | 11,569 | 4 | 0 | |
Held-to-maturity securities, Gross Unrealized Losses | (1,455) | (7,144) | 0 | |
Held-to-maturity securities, Fair Value | 722,846 | 680,162 | 0 | |
Municipal | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale securities, Amortized Cost | 118,187 | 105,702 | 264,949 | |
Gross Unrealized Gains | 3,232 | 3,249 | 6,485 | |
Gross Unrealized Losses | (224) | (356) | (1,522) | |
Available-for-sale securities, Fair Value | 121,195 | 108,595 | 269,912 | |
Held-to-maturity securities, Amortized Cost | 198,983 | 197,524 | 0 | |
Held-to-maturity securities, Gross Unrealized Gains | 2,672 | 867 | 0 | |
Held-to-maturity securities, Gross Unrealized Losses | (157) | (442) | 0 | |
Held-to-maturity securities, Fair Value | 201,498 | 197,949 | 0 | |
Corporate notes, Financial issuers | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale securities, Amortized Cost | 78,048 | 80,014 | 129,360 | |
Gross Unrealized Gains | 1,492 | 1,510 | 1,965 | |
Gross Unrealized Losses | (1,830) | (1,481) | (1,321) | |
Available-for-sale securities, Fair Value | 77,710 | 80,043 | 130,004 | |
Corporate notes, Other | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale securities, Amortized Cost | 2,500 | 1,500 | 3,759 | |
Gross Unrealized Gains | 3 | 4 | 52 | |
Gross Unrealized Losses | 0 | (2) | (1) | |
Available-for-sale securities, Fair Value | 2,503 | 1,502 | 3,810 | |
Mortgage-backed securities | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale securities, Amortized Cost | [1] | 262,109 | 1,069,680 | 280,679 |
Gross Unrealized Gains | [1] | 3,795 | 3,834 | 5,983 |
Gross Unrealized Losses | [1] | (1,900) | (21,004) | (2,529) |
Available-for-sale securities, Fair Value | [1] | 264,004 | 1,052,510 | 284,133 |
Mortgage-backed, Collateralized mortgage obligations | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale securities, Amortized Cost | [1] | 38,565 | 40,421 | 45,299 |
Gross Unrealized Gains | [1] | 324 | 172 | 435 |
Gross Unrealized Losses | [1] | (198) | (506) | (276) |
Available-for-sale securities, Fair Value | [1] | 38,691 | 40,087 | 45,458 |
Equity securities | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale securities, Amortized Cost | 51,402 | 51,380 | 48,717 | |
Gross Unrealized Gains | 4,585 | 5,799 | 5,979 | |
Gross Unrealized Losses | (368) | (493) | (250) | |
Available-for-sale securities, Fair Value | 55,619 | 56,686 | 54,446 | |
Mortgage-backed securities, subprime | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale securities, Fair Value | $ 0 | $ 0 | $ 0 | |
[1] | Consisting entirely of residential mortgage-backed securities, none of which are subprime. |
Investment Securities (Investme
Investment Securities (Investment Securities, Continuous Unrealized Loss Position, Fair Value) (Detail) $ in Thousands | Mar. 31, 2016USD ($) |
Schedule of Available-for-sale Securities [Line Items] | |
Continuous unrealized losses existing for less than 12 months, Fair value | $ 141,264 |
Continuous unrealized losses existing for less than 12 months, Unrealized losses | (425) |
Continuous unrealized losses existing for greater than 12 months, Fair value | 181,950 |
Continuous unrealized losses existing for greater than 12 months, Unrealized losses | (4,145) |
Total, Fair value | 323,214 |
Total, Unrealized losses | (4,570) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 224,324 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | (1,580) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 4,917 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | (32) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | 229,241 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Unrealized Losses | (1,612) |
U.S. Treasury | |
Schedule of Available-for-sale Securities [Line Items] | |
Continuous unrealized losses existing for less than 12 months, Fair value | 75,049 |
Continuous unrealized losses existing for less than 12 months, Unrealized losses | (38) |
Continuous unrealized losses existing for greater than 12 months, Fair value | 0 |
Continuous unrealized losses existing for greater than 12 months, Unrealized losses | 0 |
Total, Fair value | 75,049 |
Total, Unrealized losses | (38) |
U.S. Government agencies | |
Schedule of Available-for-sale Securities [Line Items] | |
Continuous unrealized losses existing for less than 12 months, Fair value | 13,982 |
Continuous unrealized losses existing for less than 12 months, Unrealized losses | (10) |
Continuous unrealized losses existing for greater than 12 months, Fair value | 1,833 |
Continuous unrealized losses existing for greater than 12 months, Unrealized losses | (2) |
Total, Fair value | 15,815 |
Total, Unrealized losses | (12) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 208,405 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | (1,455) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | 208,405 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Unrealized Losses | (1,455) |
Municipal | |
Schedule of Available-for-sale Securities [Line Items] | |
Continuous unrealized losses existing for less than 12 months, Fair value | 18,399 |
Continuous unrealized losses existing for less than 12 months, Unrealized losses | (40) |
Continuous unrealized losses existing for greater than 12 months, Fair value | 6,977 |
Continuous unrealized losses existing for greater than 12 months, Unrealized losses | (184) |
Total, Fair value | 25,376 |
Total, Unrealized losses | (224) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 15,919 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | (125) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 4,917 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | (32) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | 20,836 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Unrealized Losses | (157) |
Corporate notes, Financial issuers | |
Schedule of Available-for-sale Securities [Line Items] | |
Continuous unrealized losses existing for less than 12 months, Fair value | 22,952 |
Continuous unrealized losses existing for less than 12 months, Unrealized losses | (237) |
Continuous unrealized losses existing for greater than 12 months, Fair value | 34,367 |
Continuous unrealized losses existing for greater than 12 months, Unrealized losses | (1,593) |
Total, Fair value | 57,319 |
Total, Unrealized losses | (1,830) |
Corporate notes, Other | |
Schedule of Available-for-sale Securities [Line Items] | |
Continuous unrealized losses existing for less than 12 months, Fair value | 0 |
Continuous unrealized losses existing for less than 12 months, Unrealized losses | 0 |
Continuous unrealized losses existing for greater than 12 months, Fair value | 0 |
Continuous unrealized losses existing for greater than 12 months, Unrealized losses | 0 |
Total, Fair value | 0 |
Total, Unrealized losses | 0 |
Mortgage-backed securities | |
Schedule of Available-for-sale Securities [Line Items] | |
Continuous unrealized losses existing for less than 12 months, Fair value | 2,038 |
Continuous unrealized losses existing for less than 12 months, Unrealized losses | (3) |
Continuous unrealized losses existing for greater than 12 months, Fair value | 122,371 |
Continuous unrealized losses existing for greater than 12 months, Unrealized losses | (1,897) |
Total, Fair value | 124,409 |
Total, Unrealized losses | (1,900) |
Mortgage-backed, Collateralized mortgage obligations | |
Schedule of Available-for-sale Securities [Line Items] | |
Continuous unrealized losses existing for less than 12 months, Fair value | 4,880 |
Continuous unrealized losses existing for less than 12 months, Unrealized losses | (42) |
Continuous unrealized losses existing for greater than 12 months, Fair value | 7,803 |
Continuous unrealized losses existing for greater than 12 months, Unrealized losses | (156) |
Total, Fair value | 12,683 |
Total, Unrealized losses | (198) |
Equity securities | |
Schedule of Available-for-sale Securities [Line Items] | |
Continuous unrealized losses existing for less than 12 months, Fair value | 3,964 |
Continuous unrealized losses existing for less than 12 months, Unrealized losses | (55) |
Continuous unrealized losses existing for greater than 12 months, Fair value | 8,599 |
Continuous unrealized losses existing for greater than 12 months, Unrealized losses | (313) |
Total, Fair value | 12,563 |
Total, Unrealized losses | $ (368) |
Investment Securities (Schedule
Investment Securities (Schedule of Realized Gain (Loss)) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Available-for-sale Securities and Held-to-maturity Securities [Abstract] | ||
Realized gains | $ 2,550 | $ 553 |
Realized losses | (1,225) | (29) |
Net realized (losses) gains | 1,325 | 524 |
Other than temporary impairment charges | 0 | 0 |
Gains on available-for-sale securities, net | 1,325 | 524 |
Proceeds from sales of available-for-sale securities | $ 3,201 | $ 635,532 |
Investment Securities (Invest46
Investment Securities (Investments Classified by Contractual Maturity Date) (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | |||
Due in one year or less, Amortized Cost | $ 208,518 | $ 160,856 | $ 151,585 |
Due in one to five years, Amortized Cost | 158,668 | 166,550 | 249,861 |
Due in five to ten years, Amortized Cost | 28,970 | 228,652 | 837,926 |
Due after ten years, Amortized Cost | 13,674 | 13,753 | 97,046 |
Amortized Cost | 761,906 | 1,731,292 | 1,711,113 |
Due in one year or less, Fair Value | 208,641 | 160,756 | 151,854 |
Due in one to five years, Fair Value | 158,804 | 166,468 | 250,483 |
Due in five to ten years, Fair Value | 31,363 | 225,699 | 836,598 |
Due after ten years, Fair Value | 13,861 | 14,182 | 98,058 |
Available-for-sale securities, at fair value | 770,983 | 1,716,388 | 1,721,030 |
Held-to-maturity securities, Due in one year or less, Amortized Cost | 0 | 0 | 0 |
Held-to-maturity securities, Due in one to five years, Amortized Cost | 24,319 | 19,208 | 0 |
Held-to-maturity securities, Due in five to ten years, Amortized Cost | 65,879 | 96,454 | 0 |
Held-to-maturity securities, Due after ten years, Amortized Cost | 821,517 | 769,164 | 0 |
Held-to-maturity securities, Due in one year or less, Fair Value | 0 | 0 | 0 |
Held-to-maturity securities, Due in one to five years, Fair Value | 24,448 | 19,156 | 0 |
Held-to-maturity securities, Due in five to ten years, Fair Value | 66,432 | 96,091 | 0 |
Held-to-maturity securities, Due after ten years, Fair Value | 833,464 | 762,864 | 0 |
Held-to-maturity securities, Amortized Cost | 911,715 | 884,826 | 0 |
Held-to-maturity securities, Fair Value | 924,344 | 878,111 | 0 |
Mortgage-backed securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 300,674 | 1,110,101 | 325,978 |
Available-for-sale securities, at fair value | 302,695 | 1,092,597 | 329,591 |
Equity securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 51,402 | 51,380 | 48,717 |
Available-for-sale securities, at fair value | $ 55,619 | $ 56,686 | $ 54,446 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Detail) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016USD ($)securities | Dec. 31, 2015USD ($) | Mar. 31, 2015USD ($) | |
Available-for-sale Securities and Held-to-maturity Securities [Abstract] | |||
Available-for-sale securities, transferred to held-to-maturity securities | $ 0 | $ 862.7 | |
Available-for-sale securities, transferred to held-to-maturity, unrealized gain (loss) | 14.4 | ||
Pledged Securities, carrying value | $ 1,200 | $ 1,200 | $ 1,100 |
Number of securities by a single non-goverment sponsored issuer exceeding 10% of shareholders' equity | securities | 0 |
Loans (Summary of Loan Portfoli
Loans (Summary of Loan Portfolio) (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Loans [Line Items] | |||
Loans, net of unearned income, excluding covered loans | $ 17,446,413 | $ 17,118,117 | $ 14,953,059 |
Covered loans | 138,848 | 148,673 | 209,694 |
Total loans | $ 17,585,261 | $ 17,266,790 | $ 15,162,753 |
Total loans, net of unearned income, excluding covered loans, percentage | 99.00% | 99.00% | 99.00% |
Covered loans, percentage | 1.00% | 1.00% | 1.00% |
Total loans, percentage | 100.00% | 100.00% | 100.00% |
Commercial | |||
Loans [Line Items] | |||
Loans, net of unearned income, excluding covered loans | $ 4,890,246 | $ 4,713,909 | $ 4,211,932 |
Total loans, net of unearned income, excluding covered loans, percentage | 28.00% | 27.00% | 28.00% |
Commercial real estate | |||
Loans [Line Items] | |||
Loans, net of unearned income, excluding covered loans | $ 5,737,959 | $ 5,529,289 | $ 4,710,486 |
Total loans, net of unearned income, excluding covered loans, percentage | 32.00% | 32.00% | 31.00% |
Home equity | |||
Loans [Line Items] | |||
Loans, net of unearned income, excluding covered loans | $ 774,342 | $ 784,675 | $ 709,283 |
Total loans, net of unearned income, excluding covered loans, percentage | 4.00% | 5.00% | 5.00% |
Residential real estate | |||
Loans [Line Items] | |||
Loans, net of unearned income, excluding covered loans | $ 626,043 | $ 607,451 | $ 495,925 |
Total loans, net of unearned income, excluding covered loans, percentage | 4.00% | 3.00% | 3.00% |
Consumer and other | |||
Loans [Line Items] | |||
Loans, net of unearned income, excluding covered loans | $ 119,902 | $ 146,376 | $ 130,156 |
Total loans, net of unearned income, excluding covered loans, percentage | 1.00% | 1.00% | 1.00% |
Commercial insurance loans | Premium finance receivables | |||
Loans [Line Items] | |||
Loans, net of unearned income, excluding covered loans | $ 2,320,987 | $ 2,374,921 | $ 2,319,623 |
Total loans, net of unearned income, excluding covered loans, percentage | 13.00% | 14.00% | 15.00% |
Life insurance | Premium finance receivables | |||
Loans [Line Items] | |||
Loans, net of unearned income, excluding covered loans | $ 2,976,934 | $ 2,961,496 | $ 2,375,654 |
Total loans, net of unearned income, excluding covered loans, percentage | 17.00% | 17.00% | 16.00% |
Loans (Schedule of Unpaid Princ
Loans (Schedule of Unpaid Principal Balance And Carrying Value Of Acquired Loans) (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Bank acquisitions | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||
Unpaid Principal Balance | $ 331,354 | $ 326,470 |
Carrying Value | 276,012 | 271,260 |
Life insurance premium finance loans acquisition | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||
Unpaid Principal Balance | 299,915 | 372,738 |
Carrying Value | $ 296,138 | $ 368,292 |
Loans (Certain Loans Acquired i
Loans (Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period) (Details) - Generations Bancorp Inc. $ in Thousands | Mar. 31, 2016USD ($) | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||
Contractually required payments including interest | $ 19,350 | |
Less: Nonaccretable difference | 3,640 | |
Cash flows expected to be collected | 15,710 | [1] |
Less: Accretable yield | 1,141 | |
Fair value of PCI loans acquired | $ 14,569 | |
[1] | Represents undiscounted expected principal and interest cash at acquisition. |
Loans (Activity Related to Accr
Loans (Activity Related to Accretable Yield of Loans Acquired With Evidence of Credit Quality Deterioration Since Origination) (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||
Accretable yield, beginning balance | $ 63,902 | $ 79,102 | |
Acquisitions | 1,141 | 898 | |
Accretable yield amortized to interest income | (5,457) | (6,105) | |
Accretable yield amortized to indemnification asset | [1] | (2,171) | (3,576) |
Reclassification from non-accretable difference | [2] | 4,193 | 1,103 |
Decreases in interest cash flows due to payments and changes in interest rates | (2,390) | (1,224) | |
Accretable yield, ending balance | [3] | 59,218 | $ 70,198 |
Accretable yield, to be amortized to indemnification asset | $ 4,800 | ||
[1] | Represents the portion of the current period accreted yield, resulting from lower expected losses, applied to reduce the loss share indemnification asset. | ||
[2] | Reclassification is the result of subsequent increases in expected principal cash flows. | ||
[3] | As of March 31, 2016, the Company estimates that the remaining accretable yield balance to be amortized to the indemnification asset for the bank acquisitions is $4.8 million. The remainder of the accretable yield related to bank acquisitions is expected to be amortized to interest income. |
Loans (Narrative) (Detail)
Loans (Narrative) (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Schedule Of Accretable Yield Activity Related to Loans Acquired With Evidence Of Credit Quality Deterioration Since Origination Table [Line Items] | |||
Deferred Discounts, Finance Charges and Interest Included in Receivables | $ (8,900) | $ (3,700) | $ (9,200) |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Accretion | 5,457 | 6,105 | |
Premium finance receivables | |||
Schedule Of Accretable Yield Activity Related to Loans Acquired With Evidence Of Credit Quality Deterioration Since Origination Table [Line Items] | |||
Loans and Leases Receivable, Deferred Income | $ 56,900 | $ 48,100 | $ 56,700 |
Allowance for Loan Losses, Al53
Allowance for Loan Losses, Allowance for Losses on Lending-Related Commitments and Impaired Loans (Schedule of Aging of the Company's Loan Portfolio) (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Nonaccrual | $ 81,856 | $ 78,950 | $ 80,698 | |
90+ days and still accruing | 48,064 | 41,872 | 43,585 | |
Current | 17,308,727 | 16,993,266 | 14,917,238 | |
Loans, net of unearned income, excluding covered loans | 17,446,413 | 17,118,117 | 14,953,059 | |
Nonaccrual | 76,532 | 73,072 | 73,619 | |
90+ days and still accruing | 40,069 | 34,537 | 27,151 | |
Current | 17,190,038 | 16,864,283 | 14,737,743 | |
Covered loans, Nonaccrual | 5,324 | 5,878 | 7,079 | |
Covered loans, 90 plus days and still accruing | 7,995 | 7,335 | 16,434 | |
Covered loans, Current | 118,689 | 128,983 | 179,495 | |
Covered loans | 138,848 | 148,673 | 209,694 | |
Total loans | 17,585,261 | 17,266,790 | 15,162,753 | |
60-89 days past due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past Due | 19,603 | 42,806 | 26,769 | |
60-89 days past due | 19,254 | 42,103 | 26,211 | |
Covered loans, 60-89 days past due | 349 | 703 | 558 | |
30-59 days past due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past Due | 127,011 | 109,896 | 94,463 | |
30-59 days past due | 120,520 | 104,122 | 88,335 | |
Covered loans, 30-59 days past due | 6,491 | 5,774 | 6,128 | |
Commercial | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Nonaccrual | 12,373 | 12,712 | 5,586 | |
90+ days and still accruing | 2,231 | 1,433 | 612 | |
Current | 4,827,896 | 4,666,927 | 4,177,491 | |
Loans, net of unearned income, excluding covered loans | 4,890,246 | 4,713,909 | 4,211,932 | |
Commercial | 60-89 days past due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past Due | 3,345 | 11,361 | 5,112 | |
Commercial | 30-59 days past due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past Due | 44,401 | 21,476 | 23,131 | |
Commercial | Commercial, industrial and other | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Nonaccrual | 12,370 | 12,704 | 5,586 | |
90+ days and still accruing | 338 | 6 | 0 | |
Current | 3,363,011 | 3,226,139 | 2,779,781 | |
Loans, net of unearned income, excluding covered loans | 3,404,555 | 3,258,528 | 2,807,752 | |
Commercial | Commercial, industrial and other | 60-89 days past due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past Due | 3,228 | 6,749 | 5,047 | |
Commercial | Commercial, industrial and other | 30-59 days past due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past Due | 25,608 | 12,930 | 17,338 | |
Commercial | Franchise | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Nonaccrual | 0 | 0 | 0 | |
90+ days and still accruing | 0 | 0 | 0 | |
Current | 273,158 | 245,228 | 225,305 | |
Loans, net of unearned income, excluding covered loans | 274,558 | 245,228 | 225,762 | |
Commercial | Franchise | 60-89 days past due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past Due | 0 | 0 | 0 | |
Commercial | Franchise | 30-59 days past due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past Due | 1,400 | 0 | 457 | |
Commercial | Mortgage warehouse lines of credit | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Nonaccrual | 0 | 0 | 0 | |
90+ days and still accruing | 0 | 0 | 0 | |
Current | 192,244 | 222,806 | 186,372 | |
Loans, net of unearned income, excluding covered loans | 193,735 | 222,806 | 186,372 | |
Commercial | Mortgage warehouse lines of credit | 60-89 days past due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past Due | 0 | 0 | 0 | |
Commercial | Mortgage warehouse lines of credit | 30-59 days past due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past Due | 1,491 | 0 | 0 | |
Commercial | Asset-based lending | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Nonaccrual | 3 | 8 | 0 | |
90+ days and still accruing | 0 | 0 | 0 | |
Current | 737,184 | 736,968 | 805,866 | |
Loans, net of unearned income, excluding covered loans | 747,901 | 742,684 | 810,685 | |
Commercial | Asset-based lending | 60-89 days past due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past Due | 117 | 3,864 | 0 | |
Commercial | Asset-based lending | 30-59 days past due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past Due | 10,597 | 1,844 | 4,819 | |
Commercial | Leases | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Nonaccrual | 0 | 0 | 0 | |
90+ days and still accruing | 0 | 535 | 0 | |
Current | 244,241 | 220,599 | 171,432 | |
Loans, net of unearned income, excluding covered loans | 249,418 | 226,074 | 172,014 | |
Commercial | Leases | 60-89 days past due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past Due | 0 | 748 | 65 | |
Commercial | Leases | 30-59 days past due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past Due | 5,177 | 4,192 | 517 | |
Commercial | PCI - commercial | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Nonaccrual | [1] | 0 | 0 | 0 |
90+ days and still accruing | [1] | 1,893 | 892 | 612 |
Current | [1] | 18,058 | 15,187 | 8,735 |
Loans, net of unearned income, excluding covered loans | [1],[2] | 20,079 | 18,589 | 9,347 |
Commercial | PCI - commercial | 60-89 days past due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past Due | [1] | 0 | 0 | 0 |
Commercial | PCI - commercial | 30-59 days past due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past Due | [1] | 128 | 2,510 | 0 |
Commercial real estate | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Nonaccrual | 26,996 | 26,645 | 29,982 | |
90+ days and still accruing | 25,998 | 22,111 | 18,120 | |
Current | 5,633,284 | 5,424,863 | 4,628,193 | |
Loans, net of unearned income, excluding covered loans | 5,737,959 | 5,529,289 | 4,710,486 | |
Commercial real estate | 60-89 days past due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past Due | 5,792 | 16,427 | 6,072 | |
Commercial real estate | 30-59 days past due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past Due | 45,889 | 39,243 | 28,119 | |
Commercial real estate | Construction | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Nonaccrual | 273 | 306 | 0 | |
90+ days and still accruing | 0 | 0 | 0 | |
Current | 389,026 | 355,338 | 255,835 | |
Loans, net of unearned income, excluding covered loans | 391,322 | 358,660 | 256,827 | |
Commercial real estate | Construction | 60-89 days past due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past Due | 0 | 1,371 | 0 | |
Commercial real estate | Construction | 30-59 days past due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past Due | 2,023 | 1,645 | 992 | |
Commercial real estate | Land | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Nonaccrual | 1,746 | 1,751 | 2,646 | |
90+ days and still accruing | 0 | 0 | 0 | |
Current | 93,834 | 76,546 | 84,454 | |
Loans, net of unearned income, excluding covered loans | 95,580 | 78,417 | 89,042 | |
Commercial real estate | Land | 60-89 days past due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past Due | 0 | 0 | 0 | |
Commercial real estate | Land | 30-59 days past due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past Due | 0 | 120 | 1,942 | |
Commercial real estate | Office | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Nonaccrual | 7,729 | 4,619 | 8,243 | |
90+ days and still accruing | 1,260 | 0 | 0 | |
Current | 865,954 | 853,801 | 731,568 | |
Loans, net of unearned income, excluding covered loans | 888,494 | 863,001 | 743,126 | |
Commercial real estate | Office | 60-89 days past due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past Due | 980 | 764 | 171 | |
Commercial real estate | Office | 30-59 days past due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past Due | 12,571 | 3,817 | 3,144 | |
Commercial real estate | Industrial | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Nonaccrual | 10,960 | 9,564 | 3,496 | |
90+ days and still accruing | 0 | 0 | 0 | |
Current | 728,061 | 715,207 | 599,050 | |
Loans, net of unearned income, excluding covered loans | 742,956 | 727,648 | 604,326 | |
Commercial real estate | Industrial | 60-89 days past due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past Due | 0 | 1,868 | 61 | |
Commercial real estate | Industrial | 30-59 days past due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past Due | 3,935 | 1,009 | 1,719 | |
Commercial real estate | Retail | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Nonaccrual | 1,633 | 1,760 | 4,975 | |
90+ days and still accruing | 0 | 0 | 0 | |
Current | 890,780 | 863,887 | 734,990 | |
Loans, net of unearned income, excluding covered loans | 897,467 | 868,399 | 742,527 | |
Commercial real estate | Retail | 60-89 days past due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past Due | 2,397 | 442 | 0 | |
Commercial real estate | Retail | 30-59 days past due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past Due | 2,657 | 2,310 | 2,562 | |
Commercial real estate | Multi-family | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Nonaccrual | 287 | 1,954 | 1,750 | |
90+ days and still accruing | 0 | 0 | 0 | |
Current | 760,084 | 733,230 | 649,589 | |
Loans, net of unearned income, excluding covered loans | 763,073 | 742,349 | 655,403 | |
Commercial real estate | Multi-family | 60-89 days past due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past Due | 655 | 597 | 393 | |
Commercial real estate | Multi-family | 30-59 days past due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past Due | 2,047 | 6,568 | 3,671 | |
Commercial real estate | Mixed use and other | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Nonaccrual | 4,368 | 6,691 | 8,872 | |
90+ days and still accruing | 0 | 0 | 0 | |
Current | 1,778,850 | 1,712,187 | 1,532,036 | |
Loans, net of unearned income, excluding covered loans | 1,795,717 | 1,732,816 | 1,552,563 | |
Commercial real estate | Mixed use and other | 60-89 days past due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past Due | 187 | 6,723 | 808 | |
Commercial real estate | Mixed use and other | 30-59 days past due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past Due | 12,312 | 7,215 | 10,847 | |
Commercial real estate | PCI - commercial real estate | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Nonaccrual | [1] | 0 | 0 | 0 |
90+ days and still accruing | [1] | 24,738 | 22,111 | 18,120 |
Current | [1] | 126,695 | 114,667 | 40,671 |
Loans, net of unearned income, excluding covered loans | [1],[2] | 163,350 | 157,999 | 66,672 |
Commercial real estate | PCI - commercial real estate | 60-89 days past due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past Due | [1] | 1,573 | 4,662 | 4,639 |
Commercial real estate | PCI - commercial real estate | 30-59 days past due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past Due | [1] | 10,344 | 16,559 | 3,242 |
Home equity | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Nonaccrual | 9,365 | 6,848 | 7,665 | |
90+ days and still accruing | 0 | 0 | 0 | |
Current | 759,712 | 770,421 | 698,100 | |
Loans, net of unearned income, excluding covered loans | 774,342 | 784,675 | 709,283 | |
Home equity | 60-89 days past due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past Due | 791 | 1,889 | 693 | |
Home equity | 30-59 days past due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past Due | 4,474 | 5,517 | 2,825 | |
Residential real estate | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Nonaccrual | 11,964 | 12,043 | 14,248 | |
90+ days and still accruing | 406 | 488 | 266 | |
Current | 603,372 | 588,851 | 471,839 | |
Loans, net of unearned income, excluding covered loans | 626,043 | 607,451 | 495,925 | |
Residential real estate | 60-89 days past due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past Due | 193 | 2,166 | 753 | |
Residential real estate | 30-59 days past due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past Due | 10,108 | 3,903 | 8,819 | |
Premium finance receivables | Commercial insurance loans | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Nonaccrual | 15,350 | 14,561 | 15,902 | |
90+ days and still accruing | 9,548 | 10,294 | 8,062 | |
Current | 2,275,420 | 2,321,786 | 2,271,791 | |
Loans, net of unearned income, excluding covered loans | 2,320,987 | 2,374,921 | 2,319,623 | |
Premium finance receivables | Commercial insurance loans | 60-89 days past due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past Due | 5,583 | 6,624 | 4,476 | |
Premium finance receivables | Commercial insurance loans | 30-59 days past due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past Due | 15,086 | 21,656 | 19,392 | |
Premium finance receivables | Life insurance loans | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Nonaccrual | 0 | 0 | 0 | |
90+ days and still accruing | 1,641 | 0 | 0 | |
Current | 2,675,525 | 2,578,632 | 1,972,197 | |
Loans, net of unearned income, excluding covered loans | 2,680,796 | 2,593,204 | 1,986,606 | |
Premium finance receivables | Life insurance loans | 60-89 days past due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past Due | 3,432 | 3,432 | 8,994 | |
Premium finance receivables | Life insurance loans | 30-59 days past due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past Due | 198 | 11,140 | 5,415 | |
Premium finance receivables | PCI - life insurance loans | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Nonaccrual | [1] | 0 | 0 | 0 |
90+ days and still accruing | [1] | 0 | 0 | 0 |
Current | [1] | 296,138 | 368,292 | 389,048 |
Loans, net of unearned income, excluding covered loans | [1],[2] | 296,138 | 368,292 | 389,048 |
Premium finance receivables | PCI - life insurance loans | 60-89 days past due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past Due | [1] | 0 | 0 | 0 |
Premium finance receivables | PCI - life insurance loans | 30-59 days past due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past Due | [1] | 0 | 0 | 0 |
Consumer and other | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Nonaccrual | 484 | 263 | 236 | |
90+ days and still accruing | 245 | 211 | 91 | |
Current | 118,691 | 144,511 | 129,084 | |
Loans, net of unearned income, excluding covered loans | 119,902 | 146,376 | 130,156 | |
Consumer and other | 60-89 days past due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past Due | 118 | 204 | 111 | |
Consumer and other | 30-59 days past due | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Past Due | $ 364 | $ 1,187 | $ 634 | |
[1] | PCI loans represent loans acquired with evidence of credit quality deterioration since origination, in accordance with ASC 310-30. Loan agings are based upon contractually required payments. | |||
[2] | PCI loans represent loans acquired with evidence of credit quality deterioration since origination, in accordance with ASC 310-30. See Note 6 - Loans for further discussion of these purchased loans. |
Allowance for Loan Losses, Al54
Allowance for Loan Losses, Allowance for Losses on Lending-Related Commitments and Impaired Loans (Summary of Performance by Loan Class) (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | |
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income, excluding covered loans | $ 17,446,413 | $ 17,118,117 | $ 14,953,059 | |
Performing | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income, excluding covered loans | 17,356,914 | 17,034,060 | 14,871,287 | |
Non-performing | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income, excluding covered loans | 89,499 | 84,057 | 81,772 | |
Commercial | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income, excluding covered loans | 4,890,246 | 4,713,909 | 4,211,932 | |
Commercial | Performing | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income, excluding covered loans | 4,877,535 | 4,700,656 | 4,206,346 | |
Commercial | Non-performing | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income, excluding covered loans | 12,711 | 13,253 | 5,586 | |
Commercial real estate | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income, excluding covered loans | 5,737,959 | 5,529,289 | 4,710,486 | |
Commercial real estate | Performing | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income, excluding covered loans | 5,709,703 | 5,502,644 | 4,680,504 | |
Commercial real estate | Non-performing | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income, excluding covered loans | 28,256 | 26,645 | 29,982 | |
Home equity | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income, excluding covered loans | 774,342 | 784,675 | 709,283 | |
Home equity | Performing | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income, excluding covered loans | 764,977 | 777,827 | 701,618 | |
Home equity | Non-performing | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income, excluding covered loans | 9,365 | 6,848 | 7,665 | |
Residential real estate | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income, excluding covered loans | 626,043 | 607,451 | 495,925 | |
Residential real estate | Performing | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income, excluding covered loans | 614,079 | 595,408 | 481,677 | |
Residential real estate | Non-performing | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income, excluding covered loans | 11,964 | 12,043 | 14,248 | |
Consumer and other | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income, excluding covered loans | 119,902 | 146,376 | 130,156 | |
Consumer and other | Performing | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income, excluding covered loans | 119,238 | 145,963 | 129,829 | |
Consumer and other | Non-performing | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income, excluding covered loans | 664 | 413 | 327 | |
Commercial, industrial and other | Commercial | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income, excluding covered loans | 3,404,555 | 3,258,528 | 2,807,752 | |
Commercial, industrial and other | Commercial | Performing | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income, excluding covered loans | 3,391,847 | 3,245,818 | 2,802,166 | |
Commercial, industrial and other | Commercial | Non-performing | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income, excluding covered loans | 12,708 | 12,710 | 5,586 | |
Franchise | Commercial | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income, excluding covered loans | 274,558 | 245,228 | 225,762 | |
Franchise | Commercial | Performing | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income, excluding covered loans | 274,558 | 245,228 | 225,762 | |
Franchise | Commercial | Non-performing | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income, excluding covered loans | 0 | 0 | 0 | |
Mortgage warehouse lines of credit | Commercial | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income, excluding covered loans | 193,735 | 222,806 | 186,372 | |
Mortgage warehouse lines of credit | Commercial | Performing | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income, excluding covered loans | 193,735 | 222,806 | 186,372 | |
Mortgage warehouse lines of credit | Commercial | Non-performing | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income, excluding covered loans | 0 | 0 | 0 | |
Asset-based lending | Commercial | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income, excluding covered loans | 747,901 | 742,684 | 810,685 | |
Asset-based lending | Commercial | Performing | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income, excluding covered loans | 747,898 | 742,676 | 810,685 | |
Asset-based lending | Commercial | Non-performing | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income, excluding covered loans | 3 | 8 | 0 | |
Leases | Commercial | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income, excluding covered loans | 249,418 | 226,074 | 172,014 | |
Leases | Commercial | Performing | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income, excluding covered loans | 249,418 | 225,539 | 172,014 | |
Leases | Commercial | Non-performing | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income, excluding covered loans | 0 | 535 | 0 | |
PCI - commercial | Commercial | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income, excluding covered loans | [1],[2] | 20,079 | 18,589 | 9,347 |
PCI - commercial | Commercial | Performing | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income, excluding covered loans | [2] | 20,079 | 18,589 | 9,347 |
PCI - commercial | Commercial | Non-performing | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income, excluding covered loans | [2] | 0 | 0 | 0 |
Construction | Commercial real estate | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income, excluding covered loans | 391,322 | 358,660 | 256,827 | |
Construction | Commercial real estate | Performing | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income, excluding covered loans | 391,049 | 358,354 | 256,827 | |
Construction | Commercial real estate | Non-performing | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income, excluding covered loans | 273 | 306 | 0 | |
Land | Commercial real estate | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income, excluding covered loans | 95,580 | 78,417 | 89,042 | |
Land | Commercial real estate | Performing | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income, excluding covered loans | 93,834 | 76,666 | 86,396 | |
Land | Commercial real estate | Non-performing | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income, excluding covered loans | 1,746 | 1,751 | 2,646 | |
Office | Commercial real estate | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income, excluding covered loans | 888,494 | 863,001 | 743,126 | |
Office | Commercial real estate | Performing | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income, excluding covered loans | 879,505 | 858,382 | 734,883 | |
Office | Commercial real estate | Non-performing | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income, excluding covered loans | 8,989 | 4,619 | 8,243 | |
Industrial | Commercial real estate | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income, excluding covered loans | 742,956 | 727,648 | 604,326 | |
Industrial | Commercial real estate | Performing | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income, excluding covered loans | 731,996 | 718,084 | 600,830 | |
Industrial | Commercial real estate | Non-performing | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income, excluding covered loans | 10,960 | 9,564 | 3,496 | |
Retail | Commercial real estate | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income, excluding covered loans | 897,467 | 868,399 | 742,527 | |
Retail | Commercial real estate | Performing | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income, excluding covered loans | 895,834 | 866,639 | 737,552 | |
Retail | Commercial real estate | Non-performing | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income, excluding covered loans | 1,633 | 1,760 | 4,975 | |
Multi-family | Commercial real estate | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income, excluding covered loans | 763,073 | 742,349 | 655,403 | |
Multi-family | Commercial real estate | Performing | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income, excluding covered loans | 762,786 | 740,395 | 653,653 | |
Multi-family | Commercial real estate | Non-performing | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income, excluding covered loans | 287 | 1,954 | 1,750 | |
Mixed use and other | Commercial real estate | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income, excluding covered loans | 1,795,717 | 1,732,816 | 1,552,563 | |
Mixed use and other | Commercial real estate | Performing | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income, excluding covered loans | 1,791,349 | 1,726,125 | 1,543,691 | |
Mixed use and other | Commercial real estate | Non-performing | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income, excluding covered loans | 4,368 | 6,691 | 8,872 | |
PCI - commercial real estate | Commercial real estate | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income, excluding covered loans | [1],[2] | 163,350 | 157,999 | 66,672 |
PCI - commercial real estate | Commercial real estate | Performing | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income, excluding covered loans | [2] | 163,350 | 157,999 | 66,672 |
PCI - commercial real estate | Commercial real estate | Non-performing | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income, excluding covered loans | [2] | 0 | 0 | 0 |
Commercial insurance loans | Premium finance receivables | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income, excluding covered loans | 2,320,987 | 2,374,921 | 2,319,623 | |
Commercial insurance loans | Premium finance receivables | Performing | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income, excluding covered loans | 2,296,089 | 2,350,066 | 2,295,659 | |
Commercial insurance loans | Premium finance receivables | Non-performing | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income, excluding covered loans | 24,898 | 24,855 | 23,964 | |
Life insurance loans | Premium finance receivables | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income, excluding covered loans | 2,680,796 | 2,593,204 | 1,986,606 | |
Life insurance loans | Premium finance receivables | Performing | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income, excluding covered loans | 2,679,155 | 2,593,204 | 1,986,606 | |
Life insurance loans | Premium finance receivables | Non-performing | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income, excluding covered loans | 1,641 | 0 | 0 | |
PCI - life insurance loans | Premium finance receivables | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income, excluding covered loans | [1],[2] | 296,138 | 368,292 | 389,048 |
PCI - life insurance loans | Premium finance receivables | Performing | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income, excluding covered loans | [2] | 296,138 | 368,292 | 389,048 |
PCI - life insurance loans | Premium finance receivables | Non-performing | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans, net of unearned income, excluding covered loans | [2] | $ 0 | $ 0 | $ 0 |
[1] | PCI loans represent loans acquired with evidence of credit quality deterioration since origination, in accordance with ASC 310-30. Loan agings are based upon contractually required payments. | |||
[2] | PCI loans represent loans acquired with evidence of credit quality deterioration since origination, in accordance with ASC 310-30. See Note 6 - Loans for further discussion of these purchased loans. |
Allowance for Loan Losses, Al55
Allowance for Loan Losses, Allowance for Losses on Lending-Related Commitments and Impaired Loans (Summary of Activity in the Allowance for Credit Losses) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for loan losses at beginning of period | $ 105,400 | $ 91,705 |
Other adjustments | (78) | (248) |
Reclassification from allowance for unfunded lending-related commitments | (81) | (113) |
Charge-offs | (5,474) | (4,271) |
Recoveries | 1,981 | 1,188 |
Provision for credit losses | 8,423 | 6,185 |
Allowance for loan losses at period end | 110,171 | 94,446 |
Allowance for unfunded lending-related commitments at period end | 1,030 | 888 |
Allowance for credit losses at period end | 111,201 | 95,334 |
Allowance for credit losses at period end, Individually evaluated for impairment | 7,812 | 6,252 |
Allowance for credit losses at period end, Collectively evaluated for impairment | 102,637 | 88,875 |
Loans at period end, Individually evaluated for impairment | 96,997 | 113,651 |
Loans at period end, Collectively evaluated for impairment | 16,866,468 | 14,371,978 |
Receivables Acquired with Deteriorated Credit Quality | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for credit losses at period end | 752 | 207 |
Loans at period end, Loans acquired with deteriorated credit quality | 482,948 | 467,430 |
Commercial | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for loan losses at beginning of period | 36,135 | 31,699 |
Other adjustments | (9) | (17) |
Reclassification from allowance for unfunded lending-related commitments | 0 | 0 |
Charge-offs | (671) | (677) |
Recoveries | 629 | 370 |
Provision for credit losses | 2,351 | 2,351 |
Allowance for loan losses at period end | 38,435 | 33,726 |
Allowance for unfunded lending-related commitments at period end | 0 | 0 |
Allowance for credit losses at period end | 38,435 | 33,726 |
Allowance for credit losses at period end, Individually evaluated for impairment | 2,319 | 1,814 |
Allowance for credit losses at period end, Collectively evaluated for impairment | 35,448 | 31,912 |
Loans at period end, Individually evaluated for impairment | 17,969 | 12,361 |
Loans at period end, Collectively evaluated for impairment | 4,852,198 | 4,190,224 |
Commercial | Receivables Acquired with Deteriorated Credit Quality | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for credit losses at period end | 668 | 0 |
Loans at period end, Loans acquired with deteriorated credit quality | 20,079 | 9,347 |
Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for loan losses at beginning of period | 43,758 | 35,533 |
Other adjustments | (76) | (180) |
Reclassification from allowance for unfunded lending-related commitments | (81) | (113) |
Charge-offs | (671) | (1,005) |
Recoveries | 369 | 312 |
Provision for credit losses | 1,964 | 2,455 |
Allowance for loan losses at period end | 45,263 | 37,002 |
Allowance for unfunded lending-related commitments at period end | 1,030 | 888 |
Allowance for credit losses at period end | 46,293 | 37,890 |
Allowance for credit losses at period end, Individually evaluated for impairment | 3,028 | 3,256 |
Allowance for credit losses at period end, Collectively evaluated for impairment | 43,261 | 34,521 |
Loans at period end, Individually evaluated for impairment | 52,977 | 75,886 |
Loans at period end, Collectively evaluated for impairment | 5,521,632 | 4,567,928 |
Commercial real estate | Receivables Acquired with Deteriorated Credit Quality | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for credit losses at period end | 4 | 113 |
Loans at period end, Loans acquired with deteriorated credit quality | 163,350 | 66,672 |
Home equity | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for loan losses at beginning of period | 12,012 | 12,500 |
Other adjustments | 0 | 0 |
Reclassification from allowance for unfunded lending-related commitments | 0 | 0 |
Charge-offs | (1,052) | (584) |
Recoveries | 48 | 48 |
Provision for credit losses | 1,907 | 700 |
Allowance for loan losses at period end | 12,915 | 12,664 |
Allowance for unfunded lending-related commitments at period end | 0 | 0 |
Allowance for credit losses at period end | 12,915 | 12,664 |
Allowance for credit losses at period end, Individually evaluated for impairment | 1,695 | 948 |
Allowance for credit losses at period end, Collectively evaluated for impairment | 11,220 | 11,716 |
Loans at period end, Individually evaluated for impairment | 9,365 | 7,879 |
Loans at period end, Collectively evaluated for impairment | 764,977 | 701,404 |
Home equity | Receivables Acquired with Deteriorated Credit Quality | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for credit losses at period end | 0 | 0 |
Loans at period end, Loans acquired with deteriorated credit quality | 0 | 0 |
Residential real estate | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for loan losses at beginning of period | 4,734 | 4,218 |
Other adjustments | (30) | (3) |
Reclassification from allowance for unfunded lending-related commitments | 0 | 0 |
Charge-offs | (493) | (631) |
Recoveries | 112 | 76 |
Provision for credit losses | 841 | 436 |
Allowance for loan losses at period end | 5,164 | 4,096 |
Allowance for unfunded lending-related commitments at period end | 0 | 0 |
Allowance for credit losses at period end | 5,164 | 4,096 |
Allowance for credit losses at period end, Individually evaluated for impairment | 700 | 208 |
Allowance for credit losses at period end, Collectively evaluated for impairment | 4,384 | 3,794 |
Loans at period end, Individually evaluated for impairment | 16,159 | 17,144 |
Loans at period end, Collectively evaluated for impairment | 606,503 | 476,418 |
Residential real estate | Receivables Acquired with Deteriorated Credit Quality | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for credit losses at period end | 80 | 94 |
Loans at period end, Loans acquired with deteriorated credit quality | 3,381 | 2,363 |
Premium finance receivables | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for loan losses at beginning of period | 7,233 | 6,513 |
Other adjustments | 37 | (48) |
Reclassification from allowance for unfunded lending-related commitments | 0 | 0 |
Charge-offs | (2,480) | (1,263) |
Recoveries | 787 | 329 |
Provision for credit losses | 1,628 | 461 |
Allowance for loan losses at period end | 7,205 | 5,992 |
Allowance for unfunded lending-related commitments at period end | 0 | 0 |
Allowance for credit losses at period end | 7,205 | 5,992 |
Allowance for credit losses at period end, Individually evaluated for impairment | 0 | 0 |
Allowance for credit losses at period end, Collectively evaluated for impairment | 7,205 | 5,992 |
Loans at period end, Individually evaluated for impairment | 0 | 0 |
Loans at period end, Collectively evaluated for impairment | 5,001,783 | 4,306,229 |
Premium finance receivables | Receivables Acquired with Deteriorated Credit Quality | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for credit losses at period end | 0 | 0 |
Loans at period end, Loans acquired with deteriorated credit quality | 296,138 | 389,048 |
Consumer and other | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for loan losses at beginning of period | 1,528 | 1,242 |
Other adjustments | 0 | 0 |
Reclassification from allowance for unfunded lending-related commitments | 0 | 0 |
Charge-offs | (107) | (111) |
Recoveries | 36 | 53 |
Provision for credit losses | (268) | (218) |
Allowance for loan losses at period end | 1,189 | 966 |
Allowance for unfunded lending-related commitments at period end | 0 | 0 |
Allowance for credit losses at period end | 1,189 | 966 |
Allowance for credit losses at period end, Individually evaluated for impairment | 70 | 26 |
Allowance for credit losses at period end, Collectively evaluated for impairment | 1,119 | 940 |
Loans at period end, Individually evaluated for impairment | 527 | 381 |
Loans at period end, Collectively evaluated for impairment | 119,375 | 129,775 |
Consumer and other | Receivables Acquired with Deteriorated Credit Quality | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for credit losses at period end | 0 | 0 |
Loans at period end, Loans acquired with deteriorated credit quality | $ 0 | $ 0 |
Allowance for Loan Losses, Al56
Allowance for Loan Losses, Allowance for Losses on Lending-Related Commitments and Impaired Loans (Summary of Activity in the Allowance for Covered Loan Losses) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Allowance for Covered Loan Losses [Roll Forward] | ||
Balance at beginning of period | $ 3,026 | $ 2,131 |
Provision for covered loan losses before benefit attributable to FDIC loss share agreements | (1,946) | (529) |
Benefit attributable to FDIC loss share agreements | 1,557 | 423 |
Net provision for covered loan losses | (389) | (106) |
Decrease in FDIC indemnification asset | (1,557) | (423) |
Loans charged-off | (230) | (237) |
Recoveries of loans charged-off | 1,657 | 513 |
Net recoveries (charge-offs) | 1,427 | 276 |
Balance at end of period | $ 2,507 | $ 1,878 |
Allowance for Loan Losses, Al57
Allowance for Loan Losses, Allowance for Losses on Lending-Related Commitments and Impaired Loans (Summary of Impaired Loans, Including Restructured Loans) (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | |
Financing Receivable, Impaired [Line Items] | ||||
Impaired loans with an allowance for loan loss required | [1] | $ 50,710 | $ 49,961 | $ 48,610 |
Impaired loans with no allowance for loan loss required | 45,400 | 51,294 | 63,794 | |
Total impaired loans | [2] | 96,110 | 101,255 | 112,404 |
Allowance for loan losses related to impaired loans | 7,775 | 6,380 | 6,199 | |
Financing Receivable | ||||
Financing Receivable, Impaired [Line Items] | ||||
Allowance for loan losses related to impaired loans | 3,100 | |||
TDRs | $ 52,555 | $ 51,853 | $ 67,218 | |
[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, Al58
Allowance for Loan Losses, Allowance for Losses on Lending-Related Commitments and Impaired Loans (Summary of Impaired Loans by Loan Class) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | ||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | [1] | $ 50,710 | $ 48,610 | $ 49,961 |
Impaired Financing Receivable, Related Allowance | 7,775 | 6,199 | 6,380 | |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 45,400 | 63,794 | 51,294 | |
Impaired Financing Receivable, Recorded Investment | [2] | 96,110 | 112,404 | 101,255 |
Impaired Financing Receivable, Unpaid Principal Balance | 114,793 | 136,169 | 124,249 | |
Impaired Financing Receivable, Average Recorded Investment | 96,369 | 113,693 | 107,170 | |
Impaired Financing Receivable, Interest Income Recognized | 1,463 | 1,588 | 6,198 | |
Commercial | Commercial, industrial and other | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 9,711 | 7,230 | 9,754 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 12,905 | 7,830 | 12,498 | |
Impaired Financing Receivable, Related Allowance | 2,309 | 1,795 | 2,012 | |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 9,527 | 7,465 | 10,123 | |
Impaired Financing Receivable, with Related Allowance, Interest Income Recognized | 207 | 92 | 792 | |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 7,802 | 4,630 | 8,562 | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 8,591 | 7,595 | 9,915 | |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 8,090 | 4,647 | 9,885 | |
Impaired Financing Receivable, with No Related Allowance, Interest Income Recognized | 116 | 125 | 521 | |
Commercial | Asset-based lending | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 | 0 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 0 | 0 | |
Impaired Financing Receivable, Related Allowance | 0 | 0 | 0 | |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 0 | 0 | 0 | |
Impaired Financing Receivable, with Related Allowance, Interest Income Recognized | 0 | 0 | 0 | |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 3 | 0 | 8 | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 1,567 | 0 | 1,570 | |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 5 | 0 | 5 | |
Impaired Financing Receivable, with No Related Allowance, Interest Income Recognized | 22 | 0 | 88 | |
Commercial real estate | Construction | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 | 0 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 0 | 0 | |
Impaired Financing Receivable, Related Allowance | 0 | 0 | 0 | |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 0 | 0 | 0 | |
Impaired Financing Receivable, with Related Allowance, Interest Income Recognized | 0 | 0 | 0 | |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 2,296 | 2,645 | 2,328 | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 2,296 | 2,645 | 2,329 | |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 2,296 | 2,645 | 2,316 | |
Impaired Financing Receivable, with No Related Allowance, Interest Income Recognized | 28 | 30 | 113 | |
Commercial real estate | Land | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 5,577 | 4,475 | 4,929 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 9,358 | 8,090 | 8,711 | |
Impaired Financing Receivable, Related Allowance | 49 | 29 | 41 | |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 5,583 | 4,734 | 5,127 | |
Impaired Financing Receivable, with Related Allowance, Interest Income Recognized | 142 | 127 | 547 | |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 2,112 | 5,134 | 888 | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 2,852 | 5,868 | 2,373 | |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 2,116 | 5,137 | 929 | |
Impaired Financing Receivable, with No Related Allowance, Interest Income Recognized | 28 | 62 | 90 | |
Commercial real estate | Office | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 3,688 | 8,354 | 5,050 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 4,688 | 11,053 | 6,051 | |
Impaired Financing Receivable, Related Allowance | 363 | 598 | 632 | |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 3,701 | 8,399 | 5,394 | |
Impaired Financing Receivable, with Related Allowance, Interest Income Recognized | 57 | 131 | 314 | |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 7,172 | 6,890 | 3,500 | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 8,548 | 6,965 | 4,484 | |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 7,323 | 6,971 | 3,613 | |
Impaired Financing Receivable, with No Related Allowance, Interest Income Recognized | 110 | 77 | 237 | |
Commercial real estate | Industrial | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 8,325 | 1,402 | 8,413 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 9,065 | 1,487 | 9,105 | |
Impaired Financing Receivable, Related Allowance | 1,872 | 559 | 1,943 | |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 8,382 | 1,406 | 10,590 | |
Impaired Financing Receivable, with Related Allowance, Interest Income Recognized | 115 | 20 | 565 | |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 3,692 | 2,772 | 2,217 | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 3,910 | 3,134 | 2,426 | |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 3,686 | 2,837 | 2,286 | |
Impaired Financing Receivable, with No Related Allowance, Interest Income Recognized | 67 | 55 | 188 | |
Commercial real estate | Retail | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 7,757 | 10,259 | 8,527 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 7,775 | 12,286 | 9,230 | |
Impaired Financing Receivable, Related Allowance | 296 | 371 | 343 | |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 7,785 | 10,294 | 8,596 | |
Impaired Financing Receivable, with Related Allowance, Interest Income Recognized | 83 | 128 | 386 | |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 1,800 | 5,053 | 2,757 | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 2,499 | 9,130 | 2,925 | |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 1,806 | 5,315 | 2,897 | |
Impaired Financing Receivable, with No Related Allowance, Interest Income Recognized | 25 | 105 | 129 | |
Commercial real estate | Multi-family | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 1,477 | 2,266 | 370 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 1,477 | 2,363 | 370 | |
Impaired Financing Receivable, Related Allowance | 128 | 241 | 202 | |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 1,050 | 2,273 | 372 | |
Impaired Financing Receivable, with Related Allowance, Interest Income Recognized | 11 | 26 | 25 | |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 92 | 777 | 2,344 | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 175 | 1,199 | 2,807 | |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 148 | 778 | 2,390 | |
Impaired Financing Receivable, with No Related Allowance, Interest Income Recognized | 2 | 13 | 117 | |
Commercial real estate | Mixed use and other | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 4,753 | 7,891 | 7,590 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 4,900 | 10,041 | 7,708 | |
Impaired Financing Receivable, Related Allowance | 293 | 1,449 | 570 | |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 4,761 | 7,907 | 7,681 | |
Impaired Financing Receivable, with Related Allowance, Interest Income Recognized | 58 | 116 | 328 | |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 3,802 | 17,479 | 10,510 | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 4,377 | 17,723 | 14,060 | |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 3,886 | 17,688 | 11,939 | |
Impaired Financing Receivable, with No Related Allowance, Interest Income Recognized | 58 | 185 | 624 | |
Home equity | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 3,508 | 2,807 | 423 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 3,559 | 2,962 | 435 | |
Impaired Financing Receivable, Related Allowance | 1,695 | 948 | 333 | |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 3,508 | 2,809 | 351 | |
Impaired Financing Receivable, with Related Allowance, Interest Income Recognized | 25 | 29 | 16 | |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 5,857 | 5,072 | 6,424 | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 6,974 | 6,771 | 7,987 | |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 5,962 | 5,126 | 5,738 | |
Impaired Financing Receivable, with No Related Allowance, Interest Income Recognized | 92 | 70 | 288 | |
Residential real estate | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 5,726 | 3,728 | 4,710 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 5,957 | 3,934 | 4,799 | |
Impaired Financing Receivable, Related Allowance | 700 | 183 | 294 | |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 5,743 | 3,724 | 4,618 | |
Impaired Financing Receivable, with Related Allowance, Interest Income Recognized | 61 | 45 | 182 | |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 10,433 | 13,159 | 11,559 | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 12,692 | 14,644 | 13,979 | |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 10,481 | 13,190 | 11,903 | |
Impaired Financing Receivable, with No Related Allowance, Interest Income Recognized | 148 | 145 | 624 | |
Consumer and other | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 188 | 198 | 195 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 215 | 200 | 220 | |
Impaired Financing Receivable, Related Allowance | 70 | 26 | 10 | |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 190 | 203 | 216 | |
Impaired Financing Receivable, with Related Allowance, Interest Income Recognized | 3 | 4 | 12 | |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 339 | 183 | 197 | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 413 | 249 | 267 | |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 340 | 145 | 201 | |
Impaired Financing Receivable, with No Related Allowance, Interest Income Recognized | $ 5 | $ 3 | $ 12 | |
[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, Al59
Allowance for Loan Losses, Allowance for Losses on Lending-Related Commitments and Impaired Loans (Summary of the Post-Modification Balance of TDRs) (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||
Mar. 31, 2016USD ($)contracts | Mar. 31, 2015USD ($)contracts | Mar. 31, 2016USD ($)Loan | [3],[4] | Mar. 31, 2015USD ($)Loan | [3],[4] | ||||
Financing Receivable, Modifications [Line Items] | |||||||||
TDRs, number | 11 | [1],[2] | 3 | [1],[2] | 20 | 18 | |||
TDRs, Additions | $ 8,723 | [1],[2] | $ 294 | [1],[2] | $ 10,463 | $ 7,017 | |||
Extension at Below Market Terms | |||||||||
Financing Receivable, Modifications [Line Items] | |||||||||
TDRs, number | contracts | [1] | 10 | 3 | ||||||
TDRs, Additions | [1] | $ 8,563 | $ 294 | ||||||
Reduction of Interest Rate | |||||||||
Financing Receivable, Modifications [Line Items] | |||||||||
TDRs, number | contracts | [1] | 4 | 2 | ||||||
TDRs, Additions | [1] | $ 7,356 | $ 80 | ||||||
Modification to Interest Only Payments | |||||||||
Financing Receivable, Modifications [Line Items] | |||||||||
TDRs, number | contracts | [1] | 0 | 1 | ||||||
TDRs, Additions | [1] | $ 0 | $ 50 | ||||||
Forgiveness of Debt | |||||||||
Financing Receivable, Modifications [Line Items] | |||||||||
TDRs, number | contracts | [1] | 0 | 0 | ||||||
TDRs, Additions | [1] | $ 0 | $ 0 | ||||||
Residential real estate and other | |||||||||
Financing Receivable, Modifications [Line Items] | |||||||||
TDRs, number | 1 | [1],[2] | 3 | [1],[2] | 7 | 9 | |||
TDRs, Additions | $ 160 | [1],[2] | $ 294 | [1],[2] | $ 1,530 | $ 2,131 | |||
Residential real estate and other | Extension at Below Market Terms | |||||||||
Financing Receivable, Modifications [Line Items] | |||||||||
TDRs, number | contracts | [1] | 0 | 3 | ||||||
TDRs, Additions | [1] | $ 0 | $ 294 | ||||||
Residential real estate and other | Reduction of Interest Rate | |||||||||
Financing Receivable, Modifications [Line Items] | |||||||||
TDRs, number | contracts | [1] | 1 | 2 | ||||||
TDRs, Additions | [1] | $ 160 | $ 80 | ||||||
Residential real estate and other | Modification to Interest Only Payments | |||||||||
Financing Receivable, Modifications [Line Items] | |||||||||
TDRs, number | contracts | [1] | 0 | 1 | ||||||
TDRs, Additions | [1] | $ 0 | $ 50 | ||||||
Residential real estate and other | Forgiveness of Debt | |||||||||
Financing Receivable, Modifications [Line Items] | |||||||||
TDRs, number | contracts | [1] | 0 | 0 | ||||||
TDRs, Additions | [1] | $ 0 | $ 0 | ||||||
Commercial, industrial and other | Commercial | |||||||||
Financing Receivable, Modifications [Line Items] | |||||||||
TDRs, number | 1 | [1],[2] | 0 | [1],[2] | 1 | 1 | |||
TDRs, Additions | $ 42 | [1],[2] | $ 0 | [1],[2] | $ 42 | $ 1,461 | |||
Commercial, industrial and other | Commercial | Extension at Below Market Terms | |||||||||
Financing Receivable, Modifications [Line Items] | |||||||||
TDRs, number | contracts | [1] | 1 | 0 | ||||||
TDRs, Additions | [1] | $ 42 | $ 0 | ||||||
Commercial, industrial and other | Commercial | Reduction of Interest Rate | |||||||||
Financing Receivable, Modifications [Line Items] | |||||||||
TDRs, number | contracts | [1] | 0 | 0 | ||||||
TDRs, Additions | [1] | $ 0 | $ 0 | ||||||
Commercial, industrial and other | Commercial | Modification to Interest Only Payments | |||||||||
Financing Receivable, Modifications [Line Items] | |||||||||
TDRs, number | contracts | [1] | 0 | 0 | ||||||
TDRs, Additions | [1] | $ 0 | $ 0 | ||||||
Commercial, industrial and other | Commercial | Forgiveness of Debt | |||||||||
Financing Receivable, Modifications [Line Items] | |||||||||
TDRs, number | contracts | [1] | 0 | 0 | ||||||
TDRs, Additions | [1] | $ 0 | $ 0 | ||||||
Office | Commercial real estate | |||||||||
Financing Receivable, Modifications [Line Items] | |||||||||
TDRs, number | 1 | [1],[2] | 0 | [1],[2] | 1 | 2 | |||
TDRs, Additions | $ 450 | [1],[2] | $ 0 | [1],[2] | $ 450 | $ 1,510 | |||
Office | Commercial real estate | Extension at Below Market Terms | |||||||||
Financing Receivable, Modifications [Line Items] | |||||||||
TDRs, number | contracts | [1] | 1 | 0 | ||||||
TDRs, Additions | [1] | $ 450 | $ 0 | ||||||
Office | Commercial real estate | Reduction of Interest Rate | |||||||||
Financing Receivable, Modifications [Line Items] | |||||||||
TDRs, number | contracts | [1] | 0 | 0 | ||||||
TDRs, Additions | [1] | $ 0 | $ 0 | ||||||
Office | Commercial real estate | Modification to Interest Only Payments | |||||||||
Financing Receivable, Modifications [Line Items] | |||||||||
TDRs, number | contracts | [1] | 0 | 0 | ||||||
TDRs, Additions | [1] | $ 0 | $ 0 | ||||||
Office | Commercial real estate | Forgiveness of Debt | |||||||||
Financing Receivable, Modifications [Line Items] | |||||||||
TDRs, number | contracts | [1] | 0 | 0 | ||||||
TDRs, Additions | [1] | $ 0 | $ 0 | ||||||
Industrial | Commercial real estate | |||||||||
Financing Receivable, Modifications [Line Items] | |||||||||
TDRs, number | 6 | [1],[2] | 0 | [1],[2] | 7 | 1 | |||
TDRs, Additions | $ 7,921 | [1],[2] | $ 0 | [1],[2] | $ 8,090 | $ 685 | |||
Industrial | Commercial real estate | Extension at Below Market Terms | |||||||||
Financing Receivable, Modifications [Line Items] | |||||||||
TDRs, number | contracts | [1] | 6 | 0 | ||||||
TDRs, Additions | [1] | $ 7,921 | $ 0 | ||||||
Industrial | Commercial real estate | Reduction of Interest Rate | |||||||||
Financing Receivable, Modifications [Line Items] | |||||||||
TDRs, number | contracts | [1] | 3 | 0 | ||||||
TDRs, Additions | [1] | $ 7,196 | $ 0 | ||||||
Industrial | Commercial real estate | Modification to Interest Only Payments | |||||||||
Financing Receivable, Modifications [Line Items] | |||||||||
TDRs, number | contracts | [1] | 0 | 0 | ||||||
TDRs, Additions | [1] | $ 0 | $ 0 | ||||||
Industrial | Commercial real estate | Forgiveness of Debt | |||||||||
Financing Receivable, Modifications [Line Items] | |||||||||
TDRs, number | contracts | [1] | 0 | 0 | ||||||
TDRs, Additions | [1] | $ 0 | $ 0 | ||||||
Mixed use and other | Commercial real estate | |||||||||
Financing Receivable, Modifications [Line Items] | |||||||||
TDRs, number | 2 | [1],[2] | 0 | [1],[2] | 4 | 4 | |||
TDRs, Additions | $ 150 | [1],[2] | $ 0 | [1],[2] | $ 351 | $ 1,049 | |||
Mixed use and other | Commercial real estate | Extension at Below Market Terms | |||||||||
Financing Receivable, Modifications [Line Items] | |||||||||
TDRs, number | contracts | [1] | 2 | 0 | ||||||
TDRs, Additions | [1] | $ 150 | $ 0 | ||||||
Mixed use and other | Commercial real estate | Reduction of Interest Rate | |||||||||
Financing Receivable, Modifications [Line Items] | |||||||||
TDRs, number | contracts | [1] | 0 | 0 | ||||||
TDRs, Additions | [1] | $ 0 | $ 0 | ||||||
Mixed use and other | Commercial real estate | Modification to Interest Only Payments | |||||||||
Financing Receivable, Modifications [Line Items] | |||||||||
TDRs, number | contracts | [1] | 0 | 0 | ||||||
TDRs, Additions | [1] | $ 0 | $ 0 | ||||||
Mixed use and other | Commercial real estate | Forgiveness of Debt | |||||||||
Financing Receivable, Modifications [Line Items] | |||||||||
TDRs, number | contracts | [1] | 0 | 0 | ||||||
TDRs, Additions | [1] | $ 0 | $ 0 | ||||||
[1] | Balances represent the recorded investment in the loan at the time of the restructuring. | ||||||||
[2] | TDRs may have more than one modification representing a concession. As such, TDRs during the period may be represented in more than one of the categories noted above. | ||||||||
[3] | Balances represent the recorded investment in the loan at the time of the restructuring. | ||||||||
[4] | Total TDRs represent all loans restructured in TDRs during the previous twelve months from the date indicated. |
Allowance for Loan Losses, Al60
Allowance for Loan Losses, Allowance for Losses on Lending-Related Commitments and Impaired Loans (Summary of TDRs Subsequent Default Under the Restructured Terms) (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||
Mar. 31, 2016USD ($)contractsLoan | Mar. 31, 2015USD ($)contractsLoan | Mar. 31, 2016USD ($)Loan | Mar. 31, 2015USD ($)Loan | ||||||
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items] | |||||||||
Total, Count | 11 | [1],[2] | 3 | [1],[2] | 20 | [3],[4] | 18 | [3],[4] | |
Total, Balance | $ 8,723 | [1],[2] | $ 294 | [1],[2] | $ 10,463 | [3],[4] | $ 7,017 | [3],[4] | |
Subsequent Default, Count | Loan | [3],[5] | 7 | 7 | ||||||
Subsequent Default, Balance | [3],[5] | $ 1,392 | $ 2,048 | ||||||
Commercial | Commercial, industrial and other | |||||||||
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items] | |||||||||
Total, Count | 1 | [1],[2] | 0 | [1],[2] | 1 | [3],[4] | 1 | [3],[4] | |
Total, Balance | $ 42 | [1],[2] | $ 0 | [1],[2] | $ 42 | [3],[4] | $ 1,461 | [3],[4] | |
Subsequent Default, Count | Loan | [3],[5] | 0 | 0 | ||||||
Subsequent Default, Balance | [3],[5] | $ 0 | $ 0 | ||||||
Commercial real estate | Office | |||||||||
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items] | |||||||||
Total, Count | 1 | [1],[2] | 0 | [1],[2] | 1 | [3],[4] | 2 | [3],[4] | |
Total, Balance | $ 450 | [1],[2] | $ 0 | [1],[2] | $ 450 | [3],[4] | $ 1,510 | [3],[4] | |
Subsequent Default, Count | Loan | [3],[5] | 1 | 1 | ||||||
Subsequent Default, Balance | [3],[5] | $ 450 | $ 790 | ||||||
Commercial real estate | Industrial | |||||||||
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items] | |||||||||
Total, Count | 6 | [1],[2] | 0 | [1],[2] | 7 | [3],[4] | 1 | [3],[4] | |
Total, Balance | $ 7,921 | [1],[2] | $ 0 | [1],[2] | $ 8,090 | [3],[4] | $ 685 | [3],[4] | |
Subsequent Default, Count | Loan | [3],[5] | 3 | 0 | ||||||
Subsequent Default, Balance | [3],[5] | $ 725 | $ 0 | ||||||
Commercial real estate | Multi-family | |||||||||
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items] | |||||||||
Total, Count | Loan | [3],[4] | 0 | 1 | ||||||
Total, Balance | [3],[4] | $ 0 | $ 181 | ||||||
Subsequent Default, Count | Loan | [3],[5] | 0 | 1 | ||||||
Subsequent Default, Balance | [3],[5] | $ 0 | $ 181 | ||||||
Commercial real estate | Mixed use and other | |||||||||
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items] | |||||||||
Total, Count | 2 | [1],[2] | 0 | [1],[2] | 4 | [3],[4] | 4 | [3],[4] | |
Total, Balance | $ 150 | [1],[2] | $ 0 | [1],[2] | $ 351 | [3],[4] | $ 1,049 | [3],[4] | |
Subsequent Default, Count | Loan | [3],[5] | 3 | 3 | ||||||
Subsequent Default, Balance | [3],[5] | $ 217 | $ 816 | ||||||
Residential real estate and other | |||||||||
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items] | |||||||||
Total, Count | 1 | [1],[2] | 3 | [1],[2] | 7 | [3],[4] | 9 | [3],[4] | |
Total, Balance | $ 160 | [1],[2] | $ 294 | [1],[2] | $ 1,530 | [3],[4] | $ 2,131 | [3],[4] | |
Subsequent Default, Count | Loan | [3],[5] | 0 | 2 | ||||||
Subsequent Default, Balance | [3],[5] | $ 0 | $ 261 | ||||||
[1] | Balances represent the recorded investment in the loan at the time of the restructuring. | ||||||||
[2] | TDRs may have more than one modification representing a concession. As such, TDRs during the period may be represented in more than one of the categories noted above. | ||||||||
[3] | Balances represent the recorded investment in the loan at the time of the restructuring. | ||||||||
[4] | Total TDRs represent all loans restructured in TDRs during the previous twelve months from the date indicated. | ||||||||
[5] | TDRs considered to be in payment default are over 30 days past-due subsequent to the restructuring. |
Allowance for Loan Losses, Al61
Allowance for Loan Losses, Allowance for Losses on Lending-Related Commitments and Impaired Loans (Narrative) (Detail) | 3 Months Ended | 12 Months Ended | ||||||||
Mar. 31, 2016USD ($)contractsRate | Mar. 31, 2015USD ($)contractsRate | Mar. 31, 2016USD ($)Loan | Mar. 31, 2015USD ($)Loan | Dec. 31, 2015USD ($) | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||
TDRs, number | 11 | [1],[2] | 3 | [1],[2] | 20 | [3],[4] | 18 | [3],[4] | ||
Allowance for loan losses related to impaired loans | $ 7,775,000 | $ 6,199,000 | $ 7,775,000 | $ 6,199,000 | $ 6,380,000 | |||||
TDRs, Additions | $ 8,723,000 | [1],[2] | $ 294,000 | [1],[2] | 10,463,000 | [3],[4] | 7,017,000 | [3],[4] | ||
Weighted average extension term | 3 months | 17 months | ||||||||
Weighted average stated interest rate, basis points | Rate | 0.17% | 1.80% | ||||||||
Weighted average interest only term | 24 months | |||||||||
Loan forgiveness | $ 0 | $ 0 | ||||||||
Modification to Interest Only Payments | ||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||
TDRs, number | contracts | [1] | 0 | 1 | |||||||
TDRs, Additions | [1] | $ 0 | $ 50,000 | |||||||
Financing Receivable | ||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||
TDRs | $ 52,555,000 | 67,218,000 | 52,555,000 | $ 67,218,000 | $ 51,853,000 | |||||
TDRs, number | contracts | 102 | |||||||||
Allowance for loan losses related to impaired loans | $ 3,100,000 | 3,100,000 | ||||||||
Interest income, passage of time | 90,000 | $ 193,000 | ||||||||
Residential Real Estate | Financing Receivable | ||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||
Foreclosed residential properties | $ 13,300,000 | $ 13,300,000 | ||||||||
[1] | Balances represent the recorded investment in the loan at the time of the restructuring. | |||||||||
[2] | TDRs may have more than one modification representing a concession. As such, TDRs during the period may be represented in more than one of the categories noted above. | |||||||||
[3] | Balances represent the recorded investment in the loan at the time of the restructuring. | |||||||||
[4] | Total TDRs represent all loans restructured in TDRs during the previous twelve months from the date indicated. |
Goodwill And Other Intangible62
Goodwill And Other Intangible Assets (Goodwill Assets by Business Segment) (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Goodwill [Roll Forward] | |
Beginning balance | $ 471,761 |
Goodwill Acquired | 11,305 |
Impairment Loss | 0 |
Goodwill Adjustments | 1,214 |
Ending balance | 484,280 |
Community banking | |
Goodwill [Roll Forward] | |
Beginning balance | 401,612 |
Goodwill Acquired | 11,305 |
Impairment Loss | 0 |
Goodwill Adjustments | (195) |
Ending balance | 412,722 |
Specialty finance | |
Goodwill [Roll Forward] | |
Beginning balance | 38,035 |
Goodwill Acquired | 0 |
Impairment Loss | 0 |
Goodwill Adjustments | 1,409 |
Ending balance | 39,444 |
Wealth management | |
Goodwill [Roll Forward] | |
Beginning balance | 32,114 |
Goodwill Acquired | 0 |
Impairment Loss | 0 |
Goodwill Adjustments | 0 |
Ending balance | $ 32,114 |
Goodwill And Other Intangible63
Goodwill And Other Intangible Assets (Summary of Finite-Lived Intangible Assets) (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | |||
Total other intangible assets, net | $ 23,725 | $ 24,209 | $ 18,858 |
Core deposit intangibles | Community banking | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 35,654 | 34,841 | 25,881 |
Accumulated amortization | (18,543) | (17,382) | (14,192) |
Net carrying amount | 17,111 | 17,459 | 11,689 |
Customer list intangibles | Specialty finance | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 1,800 | 1,800 | 1,800 |
Accumulated amortization | (1,076) | (1,052) | (971) |
Net carrying amount | 724 | 748 | 829 |
Customer list and other intangibles | Wealth management | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 7,940 | 7,940 | 7,940 |
Accumulated amortization | (2,050) | (1,938) | (1,600) |
Net carrying amount | $ 5,890 | $ 6,002 | $ 6,340 |
Goodwill And Other Intangible64
Goodwill And Other Intangible Assets (Estimated Amortization) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Actual in three months ended March 31, 2016 | $ 1,298 | $ 1,013 |
Estimated remaining in 2016 | 3,477 | |
Estimated—2017 | 4,013 | |
Estimated—2018 | 3,493 | |
Estimated—2019 | 2,961 | |
Estimated—2020 | $ 2,410 |
Goodwill And Other Intangible65
Goodwill And Other Intangible Assets (Narrative) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Indefinite-lived Intangible Assets [Line Items] | ||
Goodwill Adjustments | $ 1,214 | |
Amortization of other intangible assets | 1,298 | $ 1,013 |
Community banking | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Goodwill, Period Increase (Decrease) | 11,100 | |
Goodwill Adjustments | $ (195) | |
Community banking | Core deposit intangibles | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Amortization period in years, other intangible assets | 10 years | |
Specialty finance | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Goodwill Adjustments | $ 1,409 | |
Specialty finance | Customer list intangibles | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Amortization period in years, other intangible assets | 18 years | |
Wealth management | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Goodwill Adjustments | $ 0 | |
Wealth management | Customer list intangibles | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Amortization period in years, other intangible assets | 10 years |
Deposits (Summary of Deposits)
Deposits (Summary of Deposits) (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Balance: | |||
Non-interest bearing | $ 5,205,410 | $ 4,836,420 | $ 3,779,609 |
NOW and interest bearing demand deposits | 2,369,474 | 2,390,217 | 2,262,928 |
Wealth management deposits | 1,761,710 | 1,643,653 | 1,528,963 |
Money market | 4,157,083 | 4,041,300 | 3,791,762 |
Savings | 1,766,552 | 1,723,367 | 1,563,752 |
Time certificates of deposit | 3,956,842 | 4,004,677 | 4,011,755 |
Total deposits | $ 19,217,071 | $ 18,639,634 | $ 16,938,769 |
Mix: | |||
Non-interest bearing | 27.00% | 26.00% | 22.00% |
NOW and interest bearing demand deposits | 12.00% | 13.00% | 13.00% |
Wealth management deposits | 9.00% | 9.00% | 9.00% |
Money market | 22.00% | 22.00% | 23.00% |
Savings | 9.00% | 9.00% | 9.00% |
Time certificates of deposit | 21.00% | 21.00% | 24.00% |
Total deposits | 100.00% | 100.00% | 100.00% |
Federal Home Loan Bank Advanc67
Federal Home Loan Bank Advances, Other Borrowings and Subordinated Notes (Summary of Debt) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Debt Disclosure [Abstract] | |||
Federal Home Loan Bank advances | $ 799,482 | $ 853,431 | $ 406,839 |
Other borrowings: | |||
Notes payable | 63,683 | 67,429 | 0 |
Short-term borrowings | 47,680 | 63,887 | 50,076 |
Other | 18,811 | 18,965 | 18,538 |
Secured borrowings | 122,952 | 115,504 | 118,102 |
Total other borrowings | 253,126 | 265,785 | 186,716 |
Subordinated notes | 138,888 | 138,861 | 138,782 |
Total Federal Home Loan Bank advances, other borrowings and subordinated notes | $ 1,191,496 | $ 1,258,077 | $ 732,337 |
Federal Home Loan Bank Advanc68
Federal Home Loan Bank Advances, Other Borrowings and Subordinated Notes (Summary of Pledged Securities Related to Securities Sold Under Repurchase Agreements) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Excess pledged collateral | $ 12,739 | ||
Securities sold under agreements to repurchase | 47,680 | ||
Securities Sold under Agreements to Repurchase | |||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Pledged financial instruments, Not separately reported, Securities for repurchase agreements | 60,400 | ||
Securities sold under agreements to repurchase | 47,700 | $ 58,900 | $ 50,100 |
Maturity Overnight | Securities Sold under Agreements to Repurchase | |||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Pledged financial instruments, Not separately reported, Securities for repurchase agreements | 60,419 | ||
Available-for-sale securities | Maturity Overnight | U.S. Treasury | |||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Pledged financial instruments, Not separately reported, Securities for repurchase agreements | 9,992 | ||
Available-for-sale securities | Maturity Overnight | Corporate notes, Financial issuers | |||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Pledged financial instruments, Not separately reported, Securities for repurchase agreements | 4,937 | ||
Available-for-sale securities | Maturity Overnight | Mortgage-backed securities | |||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Pledged financial instruments, Not separately reported, Securities for repurchase agreements | 33,943 | ||
Held-to-maturity securities | Maturity Overnight | U.S. Government agencies | |||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Pledged financial instruments, Not separately reported, Securities for repurchase agreements | $ 11,547 |
Federal Home Loan Bank Advanc69
Federal Home Loan Bank Advances, Other Borrowings and Subordinated Notes (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | 24 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2015 | Jun. 15, 2015 | Mar. 31, 2015 | |
Debt Instrument [Line Items] | |||||||
Notes payable | $ 67,429 | $ 63,683 | $ 67,429 | $ 67,429 | $ 0 | ||
Loan agreement with unaffiliated banks | 150,000 | ||||||
Short-term borrowings | 63,887 | 47,680 | 63,887 | 63,887 | 50,076 | ||
Securities sold under agreements to repurchase | 47,680 | ||||||
Fixed rate promissory note | 18,965 | 18,811 | 18,965 | 18,965 | 18,538 | ||
Secured borrowings | 115,504 | 122,952 | 115,504 | 115,504 | 118,102 | ||
Subordinated notes | 138,861 | $ 138,888 | 138,861 | 138,861 | 138,782 | ||
Loans Payable | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, Issuance date | Dec. 15, 2014 | ||||||
Term Facility | |||||||
Debt Instrument [Line Items] | |||||||
Notes payable | 67,400 | $ 63,700 | 67,400 | 67,400 | $ 75,000 | 0 | |
Maturity date | Jun. 15, 2020 | ||||||
Debt instrument, Date of first required payment | Sep. 30, 2015 | ||||||
Debt instrument, Frequency of periodic payment | quarterly | ||||||
Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Notes payable | 0 | $ 0 | $ 0 | 0 | 0 | ||
Maximum borrowing capacity | $ 75,000 | ||||||
Maturity date | Dec. 12, 2016 | Dec. 14, 2015 | |||||
Debt instrument, Frequency of periodic payment | quarterly | ||||||
Line of credit facility, Unused capacity, Commitment fee percentage | 0.20% | ||||||
Securities Sold under Agreements to Repurchase | |||||||
Debt Instrument [Line Items] | |||||||
Securities sold under agreements to repurchase | 58,900 | $ 47,700 | $ 58,900 | 58,900 | 50,100 | ||
Pledged financial instruments, Not separately reported, Securities for repurchase agreements | $ 60,400 | ||||||
Fixed Rate Promissory Note | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, Issuance date | Aug. 31, 2012 | ||||||
Maturity date | Sep. 1, 2017 | ||||||
Debt instrument, Frequency of periodic payment | monthly | ||||||
Fixed rate promissory note | 18,300 | $ 18,100 | 18,300 | 18,300 | $ 18,500 | ||
Contractual rate | 3.75% | ||||||
Non Recourse Debt | |||||||
Debt Instrument [Line Items] | |||||||
Fixed rate promissory note | 732 | $ 662 | $ 732 | 732 | |||
Secured Debt | |||||||
Debt Instrument [Line Items] | |||||||
Maturity date | Dec. 15, 2015 | Dec. 15, 2017 | |||||
Contractual rate | 1.5322% | ||||||
Proceeds from issuance of debt | $ 10,000 | $ 150,000 | $ 160,000 | ||||
Subordinated Debt | |||||||
Debt Instrument [Line Items] | |||||||
Maturity date | Jun. 13, 2024 | ||||||
Contractual rate | 5.00% | ||||||
Base Rate Loan | Base Rate | Term Facility | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 0.75% | ||||||
Base Rate Loan | Base Rate | Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 0.50% | ||||||
Base Rate Loan | Eurodollar Rate | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 1.00% | ||||||
Base Rate Loan | Federal Funds Rate | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 0.50% | ||||||
Eurodollar Rate Loan | London Interbank Offered Rate (LIBOR) | Term Facility | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 1.75% | ||||||
Eurodollar Rate Loan | London Interbank Offered Rate (LIBOR) | Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 1.50% |
Junior Subordinated Debenture70
Junior Subordinated Debentures (Summary of Junior Subordinated Debentures) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2016 | Jan. 22, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | |
Subordinated Borrowing [Line Items] | ||||
Junior subordinated debentures | $ 253,566 | $ 268,566 | $ 249,493 | |
Wintrust Capital Trust III | ||||
Subordinated Borrowing [Line Items] | ||||
Common Securities | 774 | |||
Trust Preferred Securities | 25,000 | |||
Junior subordinated debentures | $ 25,774 | |||
Rate Structure | L+3.25 | |||
Contractual rate | 3.87% | |||
Issue Date | Apr. 30, 2003 | |||
Maturity Date | Apr. 30, 2033 | |||
Earliest Redemption Date | Apr. 30, 2008 | |||
Wintrust Statutory Trust IV | ||||
Subordinated Borrowing [Line Items] | ||||
Common Securities | $ 619 | |||
Trust Preferred Securities | 20,000 | |||
Junior subordinated debentures | $ 20,619 | |||
Rate Structure | L+2.80 | |||
Contractual rate | 3.43% | |||
Issue Date | Dec. 31, 2003 | |||
Maturity Date | Dec. 31, 2033 | |||
Earliest Redemption Date | Dec. 31, 2008 | |||
Wintrust Statutory Trust V | ||||
Subordinated Borrowing [Line Items] | ||||
Common Securities | $ 1,238 | |||
Trust Preferred Securities | 40,000 | |||
Junior subordinated debentures | $ 41,238 | |||
Rate Structure | L+2.60 | |||
Contractual rate | 3.23% | |||
Issue Date | May 31, 2004 | |||
Maturity Date | May 31, 2034 | |||
Earliest Redemption Date | Jun. 30, 2009 | |||
Wintrust Capital Trust VII | ||||
Subordinated Borrowing [Line Items] | ||||
Common Securities | $ 1,550 | |||
Trust Preferred Securities | 50,000 | |||
Junior subordinated debentures | $ 51,550 | |||
Rate Structure | L+1.95 | |||
Contractual rate | 2.58% | |||
Issue Date | Dec. 31, 2004 | |||
Maturity Date | Mar. 31, 2035 | |||
Earliest Redemption Date | Mar. 31, 2010 | |||
Wintrust Capital Trust VIII | ||||
Subordinated Borrowing [Line Items] | ||||
Common Securities | $ 1,238 | |||
Trust Preferred Securities | 25,000 | $ 15,000 | $ 40,000 | |
Junior subordinated debentures | $ 26,238 | $ 15,000 | ||
Rate Structure | L+1.45 | |||
Contractual rate | 2.08% | |||
Issue Date | Aug. 31, 2005 | |||
Maturity Date | Sep. 30, 2035 | |||
Earliest Redemption Date | Sep. 30, 2010 | |||
Wintrust Capital Trust IX | ||||
Subordinated Borrowing [Line Items] | ||||
Common Securities | $ 1,547 | |||
Trust Preferred Securities | 50,000 | |||
Junior subordinated debentures | $ 51,547 | |||
Rate Structure | L+1.63 | |||
Contractual rate | 2.26% | |||
Issue Date | Sep. 30, 2006 | |||
Maturity Date | Sep. 30, 2036 | |||
Earliest Redemption Date | Sep. 30, 2011 | |||
Northview Capital Trust I | ||||
Subordinated Borrowing [Line Items] | ||||
Common Securities | $ 186 | |||
Trust Preferred Securities | 6,000 | |||
Junior subordinated debentures | $ 6,186 | |||
Rate Structure | L+3.00 | |||
Contractual rate | 3.62% | |||
Issue Date | Aug. 31, 2003 | |||
Maturity Date | Nov. 30, 2033 | |||
Earliest Redemption Date | Aug. 31, 2008 | |||
Town Bankshares Capital Trust I | ||||
Subordinated Borrowing [Line Items] | ||||
Common Securities | $ 186 | |||
Trust Preferred Securities | 6,000 | |||
Junior subordinated debentures | $ 6,186 | |||
Rate Structure | L+3.00 | |||
Contractual rate | 3.62% | |||
Issue Date | Aug. 31, 2003 | |||
Maturity Date | Nov. 30, 2033 | |||
Earliest Redemption Date | Aug. 31, 2008 | |||
First Northwest Capital Trust I | ||||
Subordinated Borrowing [Line Items] | ||||
Common Securities | $ 155 | |||
Trust Preferred Securities | 5,000 | |||
Junior subordinated debentures | $ 5,155 | |||
Rate Structure | L+3.00 | |||
Contractual rate | 3.63% | |||
Issue Date | May 31, 2004 | |||
Maturity Date | May 31, 2034 | |||
Earliest Redemption Date | May 31, 2009 | |||
Suburban Illinois Capital Trust II | ||||
Subordinated Borrowing [Line Items] | ||||
Common Securities | $ 464 | |||
Trust Preferred Securities | 15,000 | |||
Junior subordinated debentures | $ 15,464 | |||
Rate Structure | L+1.75 | |||
Contractual rate | 2.38% | |||
Issue Date | Dec. 31, 2006 | |||
Maturity Date | Dec. 31, 2036 | |||
Earliest Redemption Date | Dec. 31, 2011 | |||
Community Financial Shares Statutory Trust II | ||||
Subordinated Borrowing [Line Items] | ||||
Common Securities | $ 109 | |||
Trust Preferred Securities | 3,500 | |||
Junior subordinated debentures | $ 3,609 | |||
Rate Structure | L+1.62 | |||
Contractual rate | 2.25% | |||
Issue Date | Jun. 30, 2007 | |||
Maturity Date | Sep. 30, 2037 | |||
Earliest Redemption Date | Jun. 30, 2012 | |||
Junior Subordinated Debt | ||||
Subordinated Borrowing [Line Items] | ||||
Debt, weighted average interest rate | 2.83% | |||
London Interbank Offered Rate (LIBOR) | Wintrust Capital Trust III | ||||
Subordinated Borrowing [Line Items] | ||||
Rate Structure, Incremental interest rate over base rate | 3.25% | |||
London Interbank Offered Rate (LIBOR) | Wintrust Statutory Trust IV | ||||
Subordinated Borrowing [Line Items] | ||||
Rate Structure, Incremental interest rate over base rate | 2.80% | |||
London Interbank Offered Rate (LIBOR) | Wintrust Statutory Trust V | ||||
Subordinated Borrowing [Line Items] | ||||
Rate Structure, Incremental interest rate over base rate | 2.60% | |||
London Interbank Offered Rate (LIBOR) | Wintrust Capital Trust VII | ||||
Subordinated Borrowing [Line Items] | ||||
Rate Structure, Incremental interest rate over base rate | 1.95% | |||
London Interbank Offered Rate (LIBOR) | Wintrust Capital Trust VIII | ||||
Subordinated Borrowing [Line Items] | ||||
Rate Structure, Incremental interest rate over base rate | 1.45% | |||
London Interbank Offered Rate (LIBOR) | Wintrust Capital Trust IX | ||||
Subordinated Borrowing [Line Items] | ||||
Rate Structure, Incremental interest rate over base rate | 1.63% | |||
London Interbank Offered Rate (LIBOR) | Northview Capital Trust I | ||||
Subordinated Borrowing [Line Items] | ||||
Rate Structure, Incremental interest rate over base rate | 3.00% | |||
London Interbank Offered Rate (LIBOR) | Town Bankshares Capital Trust I | ||||
Subordinated Borrowing [Line Items] | ||||
Rate Structure, Incremental interest rate over base rate | 3.00% | |||
London Interbank Offered Rate (LIBOR) | First Northwest Capital Trust I | ||||
Subordinated Borrowing [Line Items] | ||||
Rate Structure, Incremental interest rate over base rate | 3.00% | |||
London Interbank Offered Rate (LIBOR) | Suburban Illinois Capital Trust II | ||||
Subordinated Borrowing [Line Items] | ||||
Rate Structure, Incremental interest rate over base rate | 1.75% | |||
London Interbank Offered Rate (LIBOR) | Community Financial Shares Statutory Trust II | ||||
Subordinated Borrowing [Line Items] | ||||
Rate Structure, Incremental interest rate over base rate | 1.62% |
Junior Subordinated Debenture71
Junior Subordinated Debentures (Narrative) (Detail) - USD ($) $ in Thousands | Jan. 22, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 |
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 | $ 253,566 | $ 249,493 | $ 268,566 | |
Gains on early extinguishment of debt | $ 4,305 | 0 | ||
Consecutive quarters of deferred payment | 20 | |||
Wintrust Capital Trust VIII | ||||
Subordinated Borrowing [Line Items] | ||||
Trust Preferred Securities | $ 15,000 | $ 25,000 | 40,000 | |
Junior subordinated debentures | 15,000 | $ 26,238 | ||
Gains on early extinguishment of debt | $ 4,300 | |||
Junior Subordinated Debt | ||||
Subordinated Borrowing [Line Items] | ||||
Debt, weighted average interest rate | 2.83% | |||
Debt, Hedge Adjusted Weighted Average Interest Rate | 3.71% | |||
Tier One Risk Based Capital | $ 0 | 60,500 | 65,100 | |
Tier Two Risk Based Capital | 245,500 | $ 181,500 | $ 195,400 | |
Cash Flow Hedge of Junior Subordinated Debentures | Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swaps and Caps | ||||
Subordinated Borrowing [Line Items] | ||||
Notional amount | $ 225,000 |
Segment Information (Summary of
Segment Information (Summary of Segment Information) (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Net interest income | $ 171,509 | $ 151,891 | |
Net interest income, Change in Contribution | $ 19,618 | ||
Net interest income, Change in Contribution Percentage | 13.00% | ||
Non-interest income | $ 68,752 | 64,541 | |
Non-interest income, Change in Contribution | $ 4,211 | ||
Non-interest income, Change in Contribution Percentage | 7.00% | ||
Net revenue | $ 240,261 | 216,432 | |
Net revenue, Change in Contribution | $ 23,829 | ||
Net revenue, Change in Contribution Percentage | 11.00% | ||
Segment profit | $ 49,111 | 39,052 | |
Segment profit, Change in Contribution | $ 10,059 | ||
Segment profit, Change in Contribution Percentage | 26.00% | ||
Segment assets | $ 23,488,168 | 20,371,566 | $ 22,909,348 |
Segment assets, Change in Contribution | $ 3,116,602 | ||
Segment assets, Change in Contribution Percentage | 15.00% | ||
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Net interest income | $ 167,361 | 147,916 | |
Net interest income, Change in Contribution | $ 19,445 | ||
Net interest income, Change in Contribution Percentage | 13.00% | ||
Non-interest income | $ 76,822 | 71,511 | |
Non-interest income, Change in Contribution | $ 5,311 | ||
Non-interest income, Change in Contribution Percentage | 7.00% | ||
Net revenue | $ 244,183 | 219,427 | |
Net revenue, Change in Contribution | $ 24,756 | ||
Net revenue, Change in Contribution Percentage | 11.00% | ||
Operating Segments | Community banking | |||
Segment Reporting Information [Line Items] | |||
Net interest income | $ 141,698 | 122,681 | |
Net interest income, Change in Contribution | $ 19,017 | ||
Net interest income, Change in Contribution Percentage | 16.00% | ||
Non-interest income | $ 45,667 | 44,912 | |
Non-interest income, Change in Contribution | $ 755 | ||
Non-interest income, Change in Contribution Percentage | 2.00% | ||
Net revenue | $ 187,365 | 167,593 | |
Net revenue, Change in Contribution | $ 19,772 | ||
Net revenue, Change in Contribution Percentage | 12.00% | ||
Segment profit | $ 34,757 | 24,965 | |
Segment profit, Change in Contribution | $ 9,792 | ||
Segment profit, Change in Contribution Percentage | 39.00% | ||
Segment assets | $ 19,575,709 | 17,039,668 | |
Segment assets, Change in Contribution | $ 2,536,041 | ||
Segment assets, Change in Contribution Percentage | 15.00% | ||
Operating Segments | Specialty finance | |||
Segment Reporting Information [Line Items] | |||
Net interest income | $ 21,180 | 21,046 | |
Net interest income, Change in Contribution | $ 134 | ||
Net interest income, Change in Contribution Percentage | 1.00% | ||
Non-interest income | $ 12,403 | 7,871 | |
Non-interest income, Change in Contribution | $ 4,532 | ||
Non-interest income, Change in Contribution Percentage | 58.00% | ||
Net revenue | $ 33,583 | 28,917 | |
Net revenue, Change in Contribution | $ 4,666 | ||
Net revenue, Change in Contribution Percentage | 16.00% | ||
Segment profit | $ 11,472 | 10,952 | |
Segment profit, Change in Contribution | $ 520 | ||
Segment profit, Change in Contribution Percentage | 5.00% | ||
Segment assets | $ 3,322,807 | 2,783,958 | |
Segment assets, Change in Contribution | $ 538,849 | ||
Segment assets, Change in Contribution Percentage | 19.00% | ||
Operating Segments | Wealth management | |||
Segment Reporting Information [Line Items] | |||
Net interest income | $ 4,483 | 4,189 | |
Net interest income, Change in Contribution | $ 294 | ||
Net interest income, Change in Contribution Percentage | 7.00% | ||
Non-interest income | $ 18,752 | 18,728 | |
Non-interest income, Change in Contribution | $ 24 | ||
Non-interest income, Change in Contribution Percentage | 0.00% | ||
Net revenue | $ 23,235 | 22,917 | |
Net revenue, Change in Contribution | $ 318 | ||
Net revenue, Change in Contribution Percentage | 1.00% | ||
Segment profit | $ 2,882 | 3,135 | |
Segment profit, Change in Contribution | $ (253) | ||
Segment profit, Change in Contribution Percentage | (8.00%) | ||
Segment assets | $ 589,652 | 547,940 | |
Segment assets, Change in Contribution | $ 41,712 | ||
Segment assets, Change in Contribution Percentage | 8.00% | ||
Intersegment Eliminations | |||
Segment Reporting Information [Line Items] | |||
Net interest income | $ 4,148 | 3,975 | |
Net interest income, Change in Contribution | $ 173 | ||
Net interest income, Change in Contribution Percentage | 4.00% | ||
Non-interest income | $ (8,070) | (6,970) | |
Non-interest income, Change in Contribution | $ (1,100) | ||
Non-interest income, Change in Contribution Percentage | (16.00%) | ||
Net revenue | $ (3,922) | $ (2,995) | |
Net revenue, Change in Contribution | $ (927) | ||
Net revenue, Change in Contribution Percentage | (31.00%) |
Segment Information (Narrative)
Segment Information (Narrative) (Detail) | 3 Months Ended |
Mar. 31, 2016segment | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | 3 |
Number Of Subsidiaries | 15 |
Community banking | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | 1 |
Derivative Financial Instrume74
Derivative Financial Instruments (Interest Rate Cap Derivative Summary) (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Interest Rate Cap Two Hundred Fifteen Million Notional May Two Thousand Sixteen Maturity | Not Designated as Hedging Instrument | |
Interest Rate Cap Derivative Summary [Line Items] | |
Derivative, maturity date | May 3, 2016 |
Notional amount | $ 215,000 |
Fair Value as of End of Period | $ 0 |
Interest Rate Cap Fifty Six Million Five Hundred Thousand Notional August Two Thousand Sixteen Maturity | Not Designated as Hedging Instrument | |
Interest Rate Cap Derivative Summary [Line Items] | |
Derivative, maturity date | Aug. 22, 2016 |
Notional amount | $ 56,500 |
Fair Value as of End of Period | $ 0 |
Interest Rate Cap One Hundred Million Notional March Two Thousand Seventeen Maturity | Not Designated as Hedging Instrument | |
Interest Rate Cap Derivative Summary [Line Items] | |
Derivative, maturity date | Mar. 21, 2017 |
Notional amount | $ 100,000 |
Fair Value as of End of Period | $ 15 |
Interest Rate Cap Seventy Five Million Notional November Two Thousand Sixteen Maturity | Not Designated as Hedging Instrument | |
Interest Rate Cap Derivative Summary [Line Items] | |
Derivative, maturity date | Nov. 16, 2016 |
Notional amount | $ 75,000 |
Fair Value as of End of Period | 2 |
Total Interest Rate Cap | |
Interest Rate Cap Derivative Summary [Line Items] | |
Notional amount | 796,500 |
Fair Value as of End of Period | $ 81 |
Cash Flow Hedging | Interest Rate Cap Two Hundred Sixteen Million Five Hundred Thousand Notional August Two Thousand Sixteen Maturity | Designated as Hedging Instrument | |
Interest Rate Cap Derivative Summary [Line Items] | |
Derivative, maturity date | Aug. 29, 2016 |
Notional amount | $ 216,500 |
Fair Value as of End of Period | $ 0 |
Cash Flow Hedging | Interest Rate Cap Forty Three Million Five Hundred Thousand Notional August Two Thousand Sixteen Maturity | Designated as Hedging Instrument | |
Interest Rate Cap Derivative Summary [Line Items] | |
Derivative, maturity date | Aug. 22, 2016 |
Notional amount | $ 43,500 |
Fair Value as of End of Period | $ 0 |
Cash Flow Hedging | Interest Rate Cap Fifty Million Notional September Two Thousand Seventeen Maturity | Designated as Hedging Instrument | |
Interest Rate Cap Derivative Summary [Line Items] | |
Derivative, maturity date | Sep. 15, 2017 |
Notional amount | $ 50,000 |
Fair Value as of End of Period | $ 34 |
Cash Flow Hedging | Interest Rate Cap Forty Million Notional September Two Thousand Seventeen Maturity | Designated as Hedging Instrument | |
Interest Rate Cap Derivative Summary [Line Items] | |
Derivative, maturity date | Sep. 30, 2017 |
Notional amount | $ 40,000 |
Fair Value as of End of Period | 30 |
Cash Flow Hedging | Total Interest Rate Cap | Designated as Hedging Instrument | |
Interest Rate Cap Derivative Summary [Line Items] | |
Notional amount | 350,000 |
Fair Value as of End of Period | $ 64 |
Derivative Financial Instrume75
Derivative Financial Instruments (Schedule Of Fair Value Of Derivative Financial Instruments) (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Derivative [Line Items] | |||
Derivative Assets, Fair Value, Amount not Offset Against Collateral | $ 73,985 | $ 42,779 | $ 47,550 |
Derivative Liabilities, Fair Value, Amount Not Offset Against Collateral | 74,019 | 42,458 | 47,698 |
Other Assets | |||
Derivative [Line Items] | |||
Derivative Assets, Fair Value, Amount not Offset Against Collateral | 86,337 | 51,298 | 62,984 |
Other Assets | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Derivative Assets, Fair Value, Amount not Offset Against Collateral | 64 | 269 | 688 |
Other Assets | Designated as Hedging Instrument | Interest Rate Contract | Cash Flow Hedging | |||
Derivative [Line Items] | |||
Derivative Assets, Fair Value, Amount not Offset Against Collateral | 64 | 242 | 668 |
Other Assets | Designated as Hedging Instrument | Interest Rate Contract | Fair Value Hedging | |||
Derivative [Line Items] | |||
Derivative Assets, Fair Value, Amount not Offset Against Collateral | 0 | 27 | 20 |
Other Assets | Not Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Derivative Assets, Fair Value, Amount not Offset Against Collateral | 86,273 | 51,029 | 62,296 |
Other Assets | Not Designated as Hedging Instrument | Interest Rate Contract | |||
Derivative [Line Items] | |||
Derivative Assets, Fair Value, Amount not Offset Against Collateral | 73,921 | 42,510 | 46,862 |
Other Assets | Not Designated as Hedging Instrument | Interest Rate Lock Commitments | |||
Derivative [Line Items] | |||
Derivative Assets, Fair Value, Amount not Offset Against Collateral | 12,104 | 7,401 | 15,296 |
Other Assets | Not Designated as Hedging Instrument | Forward Commitments to Sell Mortgage Loans | |||
Derivative [Line Items] | |||
Derivative Assets, Fair Value, Amount not Offset Against Collateral | 0 | 745 | 0 |
Other Assets | Not Designated as Hedging Instrument | Foreign Exchange Contract | |||
Derivative [Line Items] | |||
Derivative Assets, Fair Value, Amount not Offset Against Collateral | 248 | 373 | 138 |
Other Liabilities | |||
Derivative [Line Items] | |||
Derivative Liabilities, Fair Value, Amount Not Offset Against Collateral | 81,712 | 45,019 | 55,225 |
Other Liabilities | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Derivative Liabilities, Fair Value, Amount Not Offset Against Collateral | 1,256 | 989 | 1,867 |
Other Liabilities | Designated as Hedging Instrument | Interest Rate Contract | Cash Flow Hedging | |||
Derivative [Line Items] | |||
Derivative Liabilities, Fair Value, Amount Not Offset Against Collateral | 586 | 846 | 1,867 |
Other Liabilities | Designated as Hedging Instrument | Interest Rate Contract | Fair Value Hedging | |||
Derivative [Line Items] | |||
Derivative Liabilities, Fair Value, Amount Not Offset Against Collateral | 670 | 143 | 0 |
Other Liabilities | Not Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Derivative Liabilities, Fair Value, Amount Not Offset Against Collateral | 80,456 | 44,030 | 53,358 |
Other Liabilities | Not Designated as Hedging Instrument | Interest Rate Contract | |||
Derivative [Line Items] | |||
Derivative Liabilities, Fair Value, Amount Not Offset Against Collateral | 72,763 | 41,469 | 45,831 |
Other Liabilities | Not Designated as Hedging Instrument | Interest Rate Lock Commitments | |||
Derivative [Line Items] | |||
Derivative Liabilities, Fair Value, Amount Not Offset Against Collateral | 3,574 | 171 | 0 |
Other Liabilities | Not Designated as Hedging Instrument | Forward Commitments to Sell Mortgage Loans | |||
Derivative [Line Items] | |||
Derivative Liabilities, Fair Value, Amount Not Offset Against Collateral | 3,857 | 2,275 | 7,410 |
Other Liabilities | Not Designated as Hedging Instrument | Foreign Exchange Contract | |||
Derivative [Line Items] | |||
Derivative Liabilities, Fair Value, Amount Not Offset Against Collateral | $ 262 | $ 115 | $ 117 |
Derivative Financial Instrume76
Derivative Financial Instruments (Schedule Of Cash Flow Hedging Instruments) (Detail) $ in Thousands | Mar. 31, 2016USD ($) |
Total Interest Rate Cap | |
Derivative [Line Items] | |
Notional amount | $ 796,500 |
Fair Value Asset (Liability) | 81 |
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap Fifty Million Notional September Two Thousand Sixteen Maturity | |
Derivative [Line Items] | |
Notional amount | 50,000 |
Fair Value Asset (Liability) | (370) |
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap Twenty Five Million Notional October Two Thousand Sixteen Maturity | |
Derivative [Line Items] | |
Notional amount | 25,000 |
Fair Value Asset (Liability) | (216) |
Cash Flow Hedging | Designated as Hedging Instrument | Total Interest Rate Swap | |
Derivative [Line Items] | |
Notional amount | 75,000 |
Fair Value Asset (Liability) | (586) |
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Cap Forty Three Million Five Hundred Thousand Notional August Two Thousand Sixteen Maturity | |
Derivative [Line Items] | |
Notional amount | 43,500 |
Fair Value Asset (Liability) | 0 |
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Cap Two Hundred Sixteen Million Five Hundred Thousand Notional August Two Thousand Sixteen Maturity | |
Derivative [Line Items] | |
Notional amount | 216,500 |
Fair Value Asset (Liability) | 0 |
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Cap Fifty Million Notional September Two Thousand Seventeen Maturity | |
Derivative [Line Items] | |
Notional amount | 50,000 |
Fair Value Asset (Liability) | 34 |
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Cap Forty Million Notional September Two Thousand Seventeen Maturity | |
Derivative [Line Items] | |
Notional amount | 40,000 |
Fair Value Asset (Liability) | 30 |
Cash Flow Hedging | Designated as Hedging Instrument | Total Interest Rate Cap | |
Derivative [Line Items] | |
Notional amount | 350,000 |
Fair Value Asset (Liability) | 64 |
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swaps and Caps | |
Derivative [Line Items] | |
Notional amount | 425,000 |
Fair Value Asset (Liability) | $ (522) |
Derivative Financial Instrume77
Derivative Financial Instruments (Rollforward Of Amounts In Accumulated Other Comprehensive Income Related To Interest Rate Swaps Designated As Cash Flow Hedges) (Detail) - Interest Rate Contract - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Rollforward of AOCI from Cash Flow Hedging Derivatives [Roll Forward] | ||
Unrealized loss at beginning of period | $ (3,529) | $ (4,062) |
Amount reclassified from accumulated other comprehensive income to interest expense on deposits and junior subordinated debentures | 723 | 414 |
Amount of loss recognized in other comprehensive income | (245) | (975) |
Unrealized loss at end of period | $ (3,051) | $ (4,623) |
Derivative Financial Instrume78
Derivative Financial Instruments (Derivatives Used To Hedge Changes In Fair Value Attributable To Interest Rate Risk) (Detail) - Fair Value Hedging - Designated as Hedging Instrument - Interest Rate Contract - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Derivative [Line Items] | ||
Amount of Gain or (Loss) Recognized in Income on Derivative | $ (554) | $ (32) |
Amount of Gain or (Loss) Recognized in Income on Hedged Item | 515 | 28 |
Income Statement Gain/(Loss) due to Hedge Ineffectiveness | $ (39) | $ (4) |
Derivative Financial Instrume79
Derivative Financial Instruments (Summary Amounts Included In Consolidated Statement Of Income Related To Derivatives) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Interest Rate Swaps and Caps | Trading (losses) gains, net | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Gain (Loss) on Derivative, Net | $ 76 | $ (450) |
Mortgage Banking Derivatives | Mortgage banking revenue | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Gain (Loss) on Derivative, Net | 1,864 | 2,094 |
Covered Call Options | Fees from covered call options | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Gain (Loss) on Derivative, Net | 1,712 | 4,360 |
Foreign Exchange Contract | Trading (losses) gains, net | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Gain (Loss) on Derivative, Net | $ (63) | $ (51) |
Derivative Financial Instrume80
Derivative Financial Instruments (Derivative Asset and Liability Balance Sheet Offsetting) (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | |
Derivative Assets | ||||
Gross Amounts Recognized | $ 73,985 | $ 42,779 | $ 47,550 | |
Less: Amounts offset in the Statements of Financial Condition | 0 | 0 | 0 | |
Net amount presented in the Statements of Financial Condition | 73,985 | 42,779 | 47,550 | |
Offsetting Derivative Positions | (156) | (753) | (1,563) | |
Collateral Posted | 0 | 0 | 0 | |
Net Credit Exposure | 73,829 | 42,026 | 45,987 | |
Derivative Liabilities | ||||
Gross Amounts Recognized | 74,019 | 42,458 | 47,698 | |
Less: Amounts offset in the Statements of Financial Condition | 0 | 0 | 0 | |
Net amount presented in the Statements of Financial Condition | 74,019 | 42,458 | 47,698 | |
Offsetting Derivative Positions | (156) | (753) | (1,563) | |
Collateral Posted | [1] | (73,863) | (41,705) | (46,135) |
Net Credit Exposure | 0 | 0 | 0 | |
Security Owned and Pledged as Collateral, Fair Value | $ 81,600 | $ 45,500 | $ 51,300 | |
[1] | As of March 31, 2016, December 31, 2015 and March 31, 2015, the Company posted collateral of $81.6 million, $45.5 million and $51.3 million, respectively, which resulted in excess collateral with its counterparties. For purposes of this disclosure, the amount of posted collateral is limited to the amount offsetting the derivative liability. |
Derivative Financial Instrume81
Derivative Financial Instruments (Narrative) (Detail) | 3 Months Ended | ||
Mar. 31, 2016USD ($)contractsderivative_instruments | Mar. 31, 2015USD ($)derivative_instruments | Dec. 31, 2015derivative_instruments | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount reclassified from accumulated other comprehensive income to interest expense in the next twelve months | $ 2,300,000 | ||
Basis Amortization of Hedged item no longer in a Hedging Relationship | 43,000 | $ 43,000 | |
Derivative, Net Liability Position, Aggregate Fair Value | $ 75,600,000 | ||
Interest Rate Cap | Not Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Number of Interest Rate Derivatives Held | contracts | 4 | ||
Notional amount | $ 446,500,000 | ||
Interest Rate Contract | Not Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Notional amount | 3,700,000,000 | ||
Forward Commitments to Sell Mortgage Loans | Not Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Notional amount | 982,400,000 | ||
Interest Rate Lock Commitments | Not Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Notional amount | 623,400,000 | ||
Foreign Exchange Contract | Not Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Notional amount | $ 21,500,000 | ||
Covered Call Options | Not Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Number of Instruments Held | derivative_instruments | 0 | 0 | 0 |
Minimum | Interest Rate Contract | Not Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, maturity date | Apr. 30, 2016 | ||
Maximum | Interest Rate Contract | Not Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, maturity date | Feb. 28, 2045 | ||
Cash Flow Hedging | Interest Rate Contract | Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Cash Flow Hedge Ineffectiveness, Net | $ 0 | $ 0 | |
Fair Value Hedging | Interest Rate Swap | Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Number of Interest Rate Derivatives Held | derivative_instruments | 4 | ||
Notional amount | $ 20,800,000 | ||
Fair Value Hedging | Interest Rate Contract | Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Income Statement Gain/(Loss) due to Hedge Ineffectiveness | $ (39,000) | $ (4,000) | |
Cash flow hedge of variable rate deposits | Cash Flow Hedging | Interest Rate Cap | Designated as Hedging Instrument | |||
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 | Cash Flow Hedging | Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Notional amount | $ 216,500,000 | ||
Derivative, maturity date | Aug. 29, 2016 | ||
Interest Rate Cap Forty Three Million Five Hundred Thousand Notional August Two Thousand Sixteen Maturity | Cash Flow Hedging | Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Notional amount | $ 43,500,000 | ||
Derivative, maturity date | Aug. 22, 2016 | ||
Cash Flow Hedge of Junior Subordinated Debentures | Cash Flow Hedging | Interest Rate Cap | Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Number of Interest Rate Derivatives Held | derivative_instruments | 2 | ||
Cash Flow Hedge of Junior Subordinated Debentures | Cash Flow Hedging | Interest Rate Swap | Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Number of Interest Rate Derivatives Held | derivative_instruments | 2 | ||
De-designated Hedge | Interest Rate Cap | Not Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Notional amount | $ 96,500,000 |
Fair Values Of Assets And Lia82
Fair Values Of Assets And Liabilities (Summary Of Balances Of Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | $ 770,983 | $ 1,716,388 | $ 1,721,030 |
Trading account securities | 2,116 | 448 | 7,811 |
Mortgage loans held-for-sale | 314,554 | 388,038 | 446,355 |
Derivative assets | 73,985 | 42,779 | 47,550 |
Derivative liabilities | 74,019 | 42,458 | 47,698 |
U.S. Treasury | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 117,089 | 306,729 | 271,474 |
U.S. Government agencies | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 94,172 | 70,236 | 661,793 |
Municipal | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 121,195 | 108,595 | 269,912 |
Mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 302,695 | 1,092,597 | 329,591 |
Equity securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 55,619 | 56,686 | 54,446 |
Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Trading account securities | 2,116 | 448 | 7,811 |
Mortgage loans held-for-sale | 314,554 | 388,038 | 446,355 |
Mortgage servicing rights | 10,128 | 9,092 | 7,852 |
Nonqualified deferred compensation assets | 8,926 | 8,517 | 8,718 |
Derivative assets | 51,298 | 62,984 | |
Total | 1,193,044 | 2,173,781 | 2,254,750 |
Derivative liabilities | 45,019 | 55,225 | |
Fair Value, Measurements, Recurring | U.S. Treasury | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 117,089 | 306,729 | 271,474 |
Fair Value, Measurements, Recurring | U.S. Government agencies | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 94,172 | 70,236 | 661,793 |
Fair Value, Measurements, Recurring | Municipal | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 121,195 | 108,595 | 269,912 |
Fair Value, Measurements, Recurring | Corporate notes | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 80,213 | 81,545 | 133,814 |
Fair Value, Measurements, Recurring | Mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 302,695 | 1,092,597 | 329,591 |
Fair Value, Measurements, Recurring | Equity securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 55,619 | 56,686 | 54,446 |
Fair Value, Measurements, Recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Trading account securities | 2,116 | 448 | 7,811 |
Mortgage loans held-for-sale | 314,554 | 388,038 | 446,355 |
Mortgage servicing rights | 0 | 0 | 0 |
Nonqualified deferred compensation assets | 8,926 | 8,517 | 8,718 |
Derivative assets | 86,337 | 51,298 | 62,984 |
Total | 1,088,620 | 2,070,877 | 2,166,193 |
Derivative liabilities | 81,712 | 45,019 | 55,225 |
Fair Value, Measurements, Recurring | Level 2 | U.S. Treasury | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 117,089 | 306,729 | 271,474 |
Fair Value, Measurements, Recurring | Level 2 | U.S. Government agencies | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 94,172 | 70,236 | 661,793 |
Fair Value, Measurements, Recurring | Level 2 | Municipal | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 50,953 | 39,982 | 213,863 |
Fair Value, Measurements, Recurring | Level 2 | Corporate notes | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 80,213 | 81,545 | 133,814 |
Fair Value, Measurements, Recurring | Level 2 | Mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 302,695 | 1,092,597 | 329,591 |
Fair Value, Measurements, Recurring | Level 2 | Equity securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 31,565 | 31,487 | 29,790 |
Fair Value, Measurements, Recurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Trading account securities | 0 | 0 | 0 |
Mortgage loans held-for-sale | 0 | 0 | 0 |
Mortgage servicing rights | 10,128 | 9,092 | 7,852 |
Nonqualified deferred compensation assets | 0 | 0 | 0 |
Derivative assets | 0 | 0 | 0 |
Total | 104,424 | 102,904 | 88,557 |
Derivative liabilities | 0 | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | U.S. Treasury | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 0 | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | U.S. Government agencies | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 0 | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Municipal | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 70,242 | 68,613 | 56,049 |
Fair Value, Measurements, Recurring | Level 3 | Corporate notes | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 0 | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 0 | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Equity securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, at fair value | 24,054 | 25,199 | 24,656 |
Other Assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 86,337 | 51,298 | 62,984 |
Other Liabilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liabilities | $ 81,712 | $ 45,019 | $ 55,225 |
Fair Values Of Assets And Lia83
Fair Values Of Assets And Liabilities (Summary Of Changes In Level 3 Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Mortgage Servicing Rights | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning Balance | $ 9,092 | $ 8,435 | |
Total net gains (losses) included in Net income | 1,036 | (583) | [1] |
Net transfers into/(out of) Level 3 | 0 | ||
Ending Balance | 10,128 | 7,852 | |
Municipal | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning Balance | 68,613 | 58,953 | |
Total net gains (losses) included in Other comprehensive income | (13) | 203 | |
Purchases | 3,271 | 6,674 | |
Settlements | (1,629) | (9,781) | |
Ending Balance | 70,242 | 56,049 | |
Equity securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning Balance | 25,199 | 23,711 | |
Total net gains (losses) included in Other comprehensive income | (1,145) | 945 | |
Net transfers into/(out of) Level 3 | 0 | ||
Ending Balance | $ 24,054 | $ 24,656 | |
[1] | Changes in the balance of mortgage servicing rights are recorded as a component of mortgage banking revenue in non-interest income. |
Fair Values Of Assets And Lia84
Fair Values Of Assets And Liabilities (Summary Of Assets Measured At Fair Value On A Nonrecurring Basis) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loans—collateral based | [1] | $ 96,110 | $ 101,255 | $ 112,404 |
Fair Value Losses Recognized, Impaired loans—collateral based | 2,333 | |||
Fair Value Losses Recognized, Other real estate owned | [2] | 1,087 | ||
Fair Value Losses Recognized, Total | 3,420 | |||
Fair Value, Measurements, Nonrecurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loans—collateral based | 66,008 | |||
Other real estate owned | [2] | 58,978 | ||
Total | 124,986 | |||
Fair Value, Measurements, Nonrecurring | Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loans—collateral based | 0 | |||
Other real estate owned | [2] | 0 | ||
Total | 0 | |||
Fair Value, Measurements, Nonrecurring | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loans—collateral based | 0 | |||
Other real estate owned | [2] | 0 | ||
Total | 0 | |||
Fair Value, Measurements, Nonrecurring | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loans—collateral based | 66,008 | |||
Other real estate owned | 58,978 | |||
Total | $ 124,986 | |||
[1] | Impaired loans are considered by the Company to be non-accrual loans, TDRs or loans with principal and/or interest at risk, even if the loan is current with all payments of principal and interest. | |||
[2] | Fair value losses recognized, net on other real estate owned include valuation adjustments and charge-offs during the respective period. |
Fair Values Of Assets and Lia85
Fair Values Of Assets and Liabilities (Schedule Of Valuation Techniques And Significant Unobservable Inputs Used To Measure Both Recurring And Non-Recurring) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Available-for-sale securities, at fair value | $ 770,983 | $ 1,716,388 | $ 1,721,030 | |
Impaired loans—collateral based | [1] | $ 96,110 | 101,255 | 112,404 |
Other Real Estate Owned | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Fair Value Inputs, Discount for Lack of Marketability | 10.00% | |||
Municipal | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Available-for-sale securities, at fair value | $ 121,195 | 108,595 | 269,912 | |
Equity securities | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Available-for-sale securities, at fair value | 55,619 | 56,686 | 54,446 | |
Fair Value, Measurements, Recurring | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Mortgage servicing rights | 10,128 | 9,092 | 7,852 | |
Fair Value, Measurements, Recurring | Municipal | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Available-for-sale securities, at fair value | 121,195 | 108,595 | 269,912 | |
Fair Value, Measurements, Recurring | Equity securities | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Available-for-sale securities, at fair value | 55,619 | 56,686 | 54,446 | |
Fair Value, Measurements, Nonrecurring | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Impaired loans—collateral based | 66,008 | |||
Other real estate owned | [2] | 58,978 | ||
Level 3 | Fair Value, Measurements, Recurring | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Mortgage servicing rights | $ 10,128 | 9,092 | 7,852 | |
Level 3 | Fair Value, Measurements, Recurring | Mortgage Servicing Rights | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Valuation Methodology | Discounted cash flows | |||
Level 3 | Fair Value, Measurements, Recurring | Mortgage Servicing Rights | Minimum | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Fair Value Inputs, Discount Rate | 4.00% | |||
Fair Value Inputs, Prepayment Rate | 1.00% | |||
Level 3 | Fair Value, Measurements, Recurring | Mortgage Servicing Rights | Maximum | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Fair Value Inputs, Discount Rate | 7.00% | |||
Fair Value Inputs, Prepayment Rate | 46.00% | |||
Level 3 | Fair Value, Measurements, Recurring | Mortgage Servicing Rights Discount Rate Input | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Significant Unobservable Input | Discount rate | |||
Range of Inputs | 4%-7% | |||
Weighted Average of Inputs | 6.20% | |||
Impact to valuation from an increased or higher input value | Decrease | |||
Level 3 | Fair Value, Measurements, Recurring | Mortgage Servicing Rights Prepayment Rate Input | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Significant Unobservable Input | Constant prepayment rate (CPR) | |||
Range of Inputs | 1%-46% | |||
Weighted Average of Inputs | 11.39% | |||
Impact to valuation from an increased or higher input value | Decrease | |||
Level 3 | Fair Value, Measurements, Recurring | Municipal | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Available-for-sale securities, at fair value | $ 70,242 | 68,613 | 56,049 | |
Valuation Methodology | Bond pricing | |||
Significant Unobservable Input | Equivalent rating | |||
Range of Inputs | BBB-AA+ | |||
Impact to valuation from an increased or higher input value | Increase | |||
Level 3 | Fair Value, Measurements, Recurring | Equity securities | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Available-for-sale securities, at fair value | $ 24,054 | $ 25,199 | $ 24,656 | |
Valuation Methodology | Discounted cash flows | |||
Significant Unobservable Input | Discount rate | |||
Range of Inputs | 2.81%-3.13% | |||
Weighted Average of Inputs | 2.98% | |||
Impact to valuation from an increased or higher input value | Decrease | |||
Level 3 | Fair Value, Measurements, Recurring | Equity securities | Minimum | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Fair Value Inputs, Discount Rate | 2.81% | |||
Level 3 | Fair Value, Measurements, Recurring | Equity securities | Maximum | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Fair Value Inputs, Discount Rate | 3.13% | |||
Level 3 | Fair Value, Measurements, Nonrecurring | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Impaired loans—collateral based | $ 66,008 | |||
Other real estate owned | $ 58,978 | |||
Level 3 | Fair Value, Measurements, Nonrecurring | Impaired Loans | ||||
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 | 10% | |||
Weighted Average of Inputs | 10.00% | |||
Impact to valuation from an increased or higher input value | Decrease | |||
Level 3 | Fair Value, Measurements, Nonrecurring | Impaired Loans | Minimum | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Fair Value Inputs, Discount for Lack of Marketability | 10.00% | |||
Level 3 | Fair Value, Measurements, Nonrecurring | Impaired Loans | Maximum | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Fair Value Inputs, Discount for Lack of Marketability | 10.00% | |||
Level 3 | Fair Value, Measurements, Nonrecurring | Other Real Estate Owned | ||||
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 | 10% | |||
Weighted Average of Inputs | 10.00% | |||
Impact to valuation from an increased or higher input value | Decrease | |||
Level 3 | Fair Value, Measurements, Nonrecurring | Other Real Estate Owned | Minimum | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Fair Value Inputs, Discount for Lack of Marketability | 10.00% | |||
Level 3 | Fair Value, Measurements, Nonrecurring | Other Real Estate Owned | Maximum | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Fair Value Inputs, Discount for Lack of Marketability | 10.00% | |||
[1] | Impaired loans are considered by the Company to be non-accrual loans, TDRs or loans with principal and/or interest at risk, even if the loan is current with all payments of principal and interest. | |||
[2] | Fair value losses recognized, net on other real estate owned include valuation adjustments and charge-offs during the respective period. |
Fair Values Of Assets And Lia86
Fair Values Of Assets And Liabilities (Summary Of Carrying Amounts And Estimated Fair Values Of Financial Instruments) (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Interest bearing deposits with banks | $ 817,013 | $ 607,782 | $ 697,799 | |
Available-for-sale securities, at fair value | 770,983 | 1,716,388 | 1,721,030 | |
Held-to-maturity securities, Amortized Cost | 911,715 | 884,826 | 0 | |
Trading account securities | 2,116 | 448 | 7,811 | |
Federal Home Loan Bank and Federal Reserve Bank stock, at cost | 113,222 | 101,581 | 92,948 | |
Brokerage customer receivables | 28,266 | 27,631 | 25,287 | |
Mortgage loans held-for-sale, at fair value | 314,554 | 388,038 | 446,355 | |
Derivative assets | 73,829 | 42,026 | 45,987 | |
FDIC indemnification asset | 0 | 0 | 10,224 | $ 11,846 |
Accrued interest receivable and other | 647,853 | 597,099 | 526,029 | |
Federal Home Loan Bank advances | 799,482 | 853,431 | 406,839 | |
Other borrowings | 253,126 | 265,785 | 186,716 | |
Subordinated notes | 138,888 | 138,861 | 138,782 | |
Junior subordinated debentures | 253,566 | 268,566 | 249,493 | |
Derivative liabilities | 74,019 | 42,458 | 47,698 | |
FDIC Indemnification Liability | 10,029 | 6,100 | ||
Carrying Value [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 212,300 | 275,795 | 290,872 | |
Interest bearing deposits with banks | 817,013 | 607,782 | 697,799 | |
Available-for-sale securities, at fair value | 770,983 | 1,716,388 | 1,721,030 | |
Held-to-maturity securities, Amortized Cost | 911,715 | 884,826 | 0 | |
Trading account securities | 2,116 | 448 | 7,811 | |
Federal Home Loan Bank and Federal Reserve Bank stock, at cost | 113,222 | 101,581 | 92,948 | |
Brokerage customer receivables | 28,266 | 27,631 | 25,287 | |
Mortgage loans held-for-sale, at fair value | 314,554 | 388,038 | 446,355 | |
Total loans | 17,585,261 | 17,266,790 | 15,162,753 | |
Mortgage servicing rights | 10,128 | 9,092 | 7,852 | |
Nonqualified deferred compensation assets | 8,926 | 8,517 | 8,718 | |
Derivative assets | 86,337 | 51,298 | 62,984 | |
FDIC indemnification asset | 0 | 0 | 10,224 | |
Accrued interest receivable and other | 202,018 | 193,092 | 181,998 | |
Total financial assets | 21,062,839 | 21,531,278 | 18,716,631 | |
Non-maturity deposits | 15,260,229 | 14,634,957 | 12,927,014 | |
Deposits with stated maturities | 3,956,842 | 4,004,677 | 4,011,755 | |
Federal Home Loan Bank advances | 799,482 | 853,431 | 406,839 | |
Other borrowings | 253,126 | 265,785 | 186,716 | |
Subordinated notes | 138,888 | 138,861 | 138,782 | |
Junior subordinated debentures | 253,566 | 268,566 | 249,493 | |
Derivative liabilities | 81,712 | 45,019 | 55,225 | |
FDIC Indemnification Liability | 10,029 | 6,100 | 0 | |
Accrued interest payable | 9,208 | 7,394 | 8,583 | |
Total financial liabilities | 20,763,082 | 20,224,790 | 17,984,407 | |
Fair Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 212,300 | 275,795 | 290,872 | |
Interest bearing deposits with banks | 817,013 | 607,782 | 697,799 | |
Available-for-sale securities, at fair value | 770,983 | 1,716,388 | 1,721,030 | |
Held-to-maturity securities, Amortized Cost | 924,344 | 878,111 | 0 | |
Trading account securities | 2,116 | 448 | 7,811 | |
Federal Home Loan Bank and Federal Reserve Bank stock, at cost | 113,222 | 101,581 | 92,948 | |
Brokerage customer receivables | 28,266 | 27,631 | 25,287 | |
Mortgage loans held-for-sale, at fair value | 314,554 | 388,038 | 446,355 | |
Total loans | 18,551,606 | 18,106,829 | 15,868,532 | |
Mortgage servicing rights | 10,128 | 9,092 | 7,852 | |
Nonqualified deferred compensation assets | 8,926 | 8,517 | 8,718 | |
Derivative assets | 86,337 | 51,298 | 62,984 | |
FDIC indemnification asset | 0 | 0 | 10,224 | |
Accrued interest receivable and other | 202,018 | 193,092 | 181,998 | |
Total financial assets | 22,041,813 | 22,364,602 | 19,422,410 | |
Non-maturity deposits | 15,260,229 | 14,634,957 | 12,927,014 | |
Deposits with stated maturities | 3,956,157 | 3,998,180 | 4,017,565 | |
Federal Home Loan Bank advances | 807,265 | 863,437 | 422,305 | |
Other borrowings | 253,126 | 265,785 | 186,716 | |
Subordinated notes | 139,849 | 140,302 | 147,851 | |
Junior subordinated debentures | 254,290 | 268,046 | 250,196 | |
Derivative liabilities | 81,712 | 45,019 | 55,225 | |
FDIC Indemnification Liability | 10,029 | 6,100 | 0 | |
Accrued interest payable | 9,208 | 7,394 | 8,583 | |
Total financial liabilities | $ 20,771,865 | $ 20,229,220 | $ 18,015,455 |
Fair Values Of Assets And Lia87
Fair Values Of Assets And Liabilities (Narrative) (Detail) - USD ($) | 3 Months Ended | |||
Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities, at fair value | $ 770,983,000 | $ 1,716,388,000 | $ 1,721,030,000 | |
Mortgage loans held-for-sale | 314,554,000 | 388,038,000 | 446,355,000 | |
Impaired loans—collateral based | [1] | $ 96,110,000 | 101,255,000 | 112,404,000 |
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% | |||
Estimate of Fair Value Measurement | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities, at fair value | $ 770,983,000 | 1,716,388,000 | 1,721,030,000 | |
Mortgage servicing rights | 10,128,000 | 9,092,000 | 7,852,000 | |
Remaining contractual principal balance outstanding, mortgage loans held-for-sale | 299,000,000 | 372,000,000 | 421,200,000 | |
Mortgage loans held-for-sale | 314,554,000 | 388,038,000 | 446,355,000 | |
Impaired loans—collateral based | 66,000,000 | |||
Portion at Other than Fair Value Measurement | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loans—collateral based | 30,100,000 | |||
Municipal | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities, at fair value | 121,195,000 | 108,595,000 | 269,912,000 | |
Equity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities, at fair value | 55,619,000 | 56,686,000 | 54,446,000 | |
Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Mortgage servicing rights | 10,128,000 | 9,092,000 | 7,852,000 | |
Mortgage loans held-for-sale | 314,554,000 | 388,038,000 | 446,355,000 | |
Fair Value, Measurements, Recurring | Municipal | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities, at fair value | 121,195,000 | 108,595,000 | 269,912,000 | |
Fair Value, Measurements, Recurring | Equity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities, at fair value | 55,619,000 | 56,686,000 | 54,446,000 | |
Fair Value, Measurements, Nonrecurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loans—collateral based | 66,008,000 | |||
Other real estate owned | [2] | 58,978,000 | ||
Level 3 | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Mortgage servicing rights | 10,128,000 | 9,092,000 | 7,852,000 | |
Mortgage loans held-for-sale | $ 0 | 0 | 0 | |
Level 3 | Fair Value, Measurements, Recurring | Minimum | Mortgage Servicing Rights | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value Inputs, Discount Rate | 4.00% | |||
Fair Value Inputs, Prepayment Rate | 1.00% | |||
Level 3 | Fair Value, Measurements, Recurring | Maximum | Mortgage Servicing Rights | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value Inputs, Discount Rate | 7.00% | |||
Fair Value Inputs, Prepayment Rate | 46.00% | |||
Level 3 | Fair Value, Measurements, Recurring | Weighted Average | Mortgage Servicing Rights | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value Inputs, Discount Rate | 6.20% | |||
Fair Value Inputs, Prepayment Rate | 11.39% | |||
Level 3 | Fair Value, Measurements, Recurring | Municipal | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities, at fair value | $ 70,242,000 | 68,613,000 | 56,049,000 | |
Level 3 | Fair Value, Measurements, Recurring | Equity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities, at fair value | $ 24,054,000 | 25,199,000 | 24,656,000 | |
Level 3 | Fair Value, Measurements, Recurring | Equity securities | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value Inputs, Discount Rate | 2.81% | |||
Level 3 | Fair Value, Measurements, Recurring | Equity securities | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value Inputs, Discount Rate | 3.13% | |||
Level 3 | Fair Value, Measurements, Recurring | Equity securities | Weighted Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value Inputs, Discount Rate | 2.98% | |||
Level 3 | Fair Value, Measurements, Nonrecurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loans—collateral based | $ 66,008,000 | |||
Other real estate owned | $ 58,978,000 | |||
Level 3 | Fair Value, Measurements, Nonrecurring | Minimum | 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% | |||
Level 3 | Fair Value, Measurements, Nonrecurring | Maximum | 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% | |||
Non-performing | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Mortgage loans held-for-sale | $ 0 | $ 0 | $ 0 | |
[1] | Impaired loans are considered by the Company to be non-accrual loans, TDRs or loans with principal and/or interest at risk, even if the loan is current with all payments of principal and interest. | |||
[2] | Fair value losses recognized, net on other real estate owned include valuation adjustments and charge-offs during the respective period. |
Stock-Based Compensation Plan88
Stock-Based Compensation Plans (Weighted Average Assumptions Used To Determine The Options Fair Value) (Detail) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Share-based Compensation [Abstract] | ||
Expected dividend yield | 0.90% | 0.90% |
Expected volatility | 25.20% | 26.50% |
Risk-free rate | 1.30% | 1.30% |
Expected option life (in years) | 4 years 6 months | 4 years 6 months |
Stock-Based Compensation Plan89
Stock-Based Compensation Plans (Summary Of Stock Option Activity) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Common Shares, Outstanding at beginning of the period | 1,551,734 | 1,618,426 | |
Common Shares, Conversion of options of acquired company | 16,364 | ||
Common Shares, Granted | 554,107 | 487,259 | |
Common Shares, Exercised | (19,110) | (51,522) | |
Common Shares, Forfeited or canceled | (57,004) | (175,579) | |
Common Shares, Outstanding at end of the period | 2,029,727 | 1,894,948 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |||
Weighted Average Strike Price, Outstanding at beginning of period | $ 41.32 | $ 43 | |
Weighted Average Strike Price, Conversion of options of acquired company | 21.18 | ||
Weighted Average Strike Price, Granted | 40.87 | 44.11 | |
Weighted Average Strike Price, Exercised | 32.86 | 31.50 | |
Weighted Average Strike Price, Forfeited or canceled | 51.08 | 54.40 | |
Weighted Average Strike Price, Outstanding at end of period | $ 41 | $ 42.35 | |
Stock Options, Exercisable | 983,659 | 1,158,991 | |
Stock Options, Weighted Average Strike Price, Exercisable | $ 39.13 | $ 41 | |
Stock Options, Remaining Contractual Term, Outstanding, Years | [1] | 5 years | 4 years 7 months 6 days |
Stock Options, Remaining Contractual Term, Exercisable, Years | [1] | 3 years 9 months 18 days | 3 years 3 months 18 days |
Stock Options, Intrinsic Value, Outstanding | [2] | $ 7,951 | $ 11,649 |
Stock Options, Intrinsic Value, Exercisable | [2] | $ 5,885 | $ 9,291 |
[1] | Represents the remaining weighted average contractual life in years. | ||
[2] | Aggregate intrinsic value represents the total pre-tax intrinsic value (i.e., the difference between the Company's stock price on the last trading day of the quarter and the option exercise price, multiplied by the number of shares) that would have been received by the option holders if they had exercised their options on the last day of the quarter. Options with exercise prices above the stock price on the last trading day of the quarter are excluded from the calculation of intrinsic value. The intrinsic value will change based on the fair market value of the Company's stock. |
Stock-Based Compensation Plan90
Stock-Based Compensation Plans (Summary Of Plans' Restricted Share And Performance-Vested Stock Award Activity) (Detail) - $ / shares | 3 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Shares, Beginning of the Period | 137,593 | 146,112 | ||
Shares, Granted | 10,516 | 12,300 | ||
Shares, Vested and issued | (3,726) | (4,925) | ||
Shares, Outstanding, End of the Period | 144,383 | 153,487 | ||
Shares, Vested, but not issuable | 88,493 | 85,000 | ||
Weighted Average Grant-Date Fair Value | $ 49.14 | $ 47.53 | $ 49.63 | $ 47.45 |
Weighted Average Grant-Date Fair Value, Granted | 40.77 | 44.11 | ||
Weighted Average Grant-Date Fair Value, Vested and issued | 43.87 | 36.74 | ||
Weighted Average Grant-Date Fair Value, Vested, but not issuable | $ 51.43 | $ 51.88 | ||
Performance Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Shares, Beginning of the Period | 276,533 | 295,679 | ||
Shares, Granted | 116,576 | 102,828 | ||
Shares, Vested and issued | (78,410) | (78,590) | ||
Shares, Forfeited | (7,417) | (29,926) | ||
Shares, Outstanding, End of the Period | 307,282 | 289,991 | ||
Shares, Vested, but not issuable | 6,612 | 0 | ||
Weighted Average Grant-Date Fair Value | $ 43.59 | $ 42.90 | $ 43.01 | $ 38.18 |
Weighted Average Grant-Date Fair Value, Granted | 40.87 | 44.11 | ||
Weighted Average Grant-Date Fair Value, Vested and issued | 37.90 | 31.10 | ||
Weighted Average Grant-Date Fair Value, Forfeited | 39.32 | 31.41 | ||
Weighted Average Grant-Date Fair Value, Vested, but not issuable | $ 37.85 | $ 0 |
Stock-Based Compensation Plan91
Stock-Based Compensation Plans (Narrative) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | May. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | $ 2,500 | $ 2,200 | |
Weighted average grant date fair value per share of options granted | $ 8.60 | $ 9.68 | |
Aggregate intrinsic value of options exercised | $ 196 | $ 744 | |
Two Thousand And Fifteen Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares approved for issuance | 5,485,000 | ||
Two Thousand And Seven Plan And Two Thousand And Fifteen Plan | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 3 years | ||
Two Thousand And Seven Plan And Two Thousand And Fifteen Plan | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 5 years | ||
Share based payment award options term | 7 years | ||
Nineteen Ninety Seven Plan | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share based payment award options term | 10 years | ||
Restricted Stock | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 1 year | ||
Restricted Stock | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 5 years | ||
Ltip Awards | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage Of Performance Based Award Payouts | 0.00% | ||
Granted in Two Thousand Fifteen | Ltip Awards | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage Of Performance Based Award Payouts | 150.00% | ||
Granted Prior To Two Thousand Fifteen | Ltip Awards | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage Of Performance Based Award Payouts | 200.00% |
Shareholders' Equity And Earn92
Shareholders' Equity And Earnings Per Share (Components Of Other Comprehensive Income (Loss)) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Activity Accumulated Other Comprehensive Income [Roll Forward] | ||
Balance at beginning of period | $ (62,708) | $ (37,332) |
Other comprehensive income (loss) during the period, net of tax, before reclassifications | 21,077 | 6,307 |
Amount reclassified from accumulated other comprehensive income (loss), net of tax | (365) | (66) |
Amount reclassified from accumulated other comprehensive income (loss) related to amortization of unrealized losses on investment securities transferred to held-to-maturity from available-for-sale, net of tax | 2,086 | |
Other comprehensive income, net of tax | 22,798 | 6,241 |
Balance at end of period | (39,910) | (31,091) |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||
Activity Accumulated Other Comprehensive Income [Roll Forward] | ||
Balance at beginning of period | (17,674) | (9,533) |
Other comprehensive income (loss) during the period, net of tax, before reclassifications | 15,188 | 15,945 |
Amount reclassified from accumulated other comprehensive income (loss), net of tax | (804) | (318) |
Amount reclassified from accumulated other comprehensive income (loss) related to amortization of unrealized losses on investment securities transferred to held-to-maturity from available-for-sale, net of tax | 2,086 | |
Other comprehensive income, net of tax | 16,470 | 15,627 |
Balance at end of period | (1,204) | 6,094 |
Accumulated Unrealized Losses on Derivative Instruments | ||
Activity Accumulated Other Comprehensive Income [Roll Forward] | ||
Balance at beginning of period | (2,193) | (2,517) |
Other comprehensive income (loss) during the period, net of tax, before reclassifications | (149) | (593) |
Amount reclassified from accumulated other comprehensive income (loss), net of tax | 439 | 252 |
Amount reclassified from accumulated other comprehensive income (loss) related to amortization of unrealized losses on investment securities transferred to held-to-maturity from available-for-sale, net of tax | 0 | |
Other comprehensive income, net of tax | 290 | (341) |
Balance at end of period | (1,903) | (2,858) |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||
Activity Accumulated Other Comprehensive Income [Roll Forward] | ||
Balance at beginning of period | (42,841) | (25,282) |
Other comprehensive income (loss) during the period, net of tax, before reclassifications | 6,038 | (9,045) |
Amount reclassified from accumulated other comprehensive income (loss), net of tax | 0 | 0 |
Amount reclassified from accumulated other comprehensive income (loss) related to amortization of unrealized losses on investment securities transferred to held-to-maturity from available-for-sale, net of tax | 0 | |
Other comprehensive income, net of tax | 6,038 | (9,045) |
Balance at end of period | $ (36,803) | $ (34,327) |
Shareholders' Equity And Earn93
Shareholders' Equity And Earnings Per Share (Other Comprehensive Income Reclassified from AOCI) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Gains on available-for-sale securities, net | $ 1,325 | $ 524 |
Interest on deposits | 12,781 | 11,814 |
Interest on junior subordinated debentures | 2,220 | 1,933 |
Income before taxes | 78,497 | 63,035 |
Income tax expense | (29,386) | (23,983) |
Net income | 49,111 | 39,052 |
Reclassification Out of Accumulated Other Comprehensive Income [Member] | Accumulated Unrealized Losses on Securities | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Gains on available-for-sale securities, net | 1,325 | 524 |
Income before taxes | 1,325 | 524 |
Income tax expense | (521) | (206) |
Net income | 804 | 318 |
Reclassification Out of Accumulated Other Comprehensive Income [Member] | Accumulated Unrealized Losses on Derivative Instruments | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Interest on deposits | 255 | 0 |
Interest on junior subordinated debentures | 468 | 414 |
Income before taxes | (723) | (414) |
Income tax expense | 284 | 162 |
Net income | $ (439) | $ (252) |
Shareholders' Equity And Earn94
Shareholders' Equity And Earnings Per Share (Computation Of Basic And Diluted Earnings Per Common Share) (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings Per Share, Basic and Diluted, Other Disclosures [Abstract] | ||
Net income | $ 49,111 | $ 39,052 |
Less: Preferred stock dividends and discount accretion | 3,628 | 1,581 |
Net income applicable to common shares—Basic | 45,483 | 37,471 |
Add: Dividends on convertible preferred stock, if dilutive | 1,578 | 1,581 |
Net income applicable to common shares—Diluted | $ 47,061 | $ 39,052 |
Weighted average common shares outstanding | 48,448 | 47,239 |
Effect of dilutive potential common shares | ||
Common stock equivalents | 750 | 1,158 |
Convertible preferred stock, if dilutive | 3,070 | 3,075 |
Total dilutive potential common shares | 3,820 | 4,233 |
Weighted average common shares and effect of dilutive potential common shares | 52,268 | 51,472 |
Net income per common share-Basic | $ 0.94 | $ 0.79 |
Net income per common share-Diluted | $ 0.90 | $ 0.76 |
Shareholders' Equity And Earn95
Shareholders' Equity And Earnings Per Share (Narrative) (Detail) - USD ($) $ / shares in Units, $ in Thousands | Feb. 25, 2016 | Feb. 11, 2016 | Dec. 19, 2008 | Jan. 31, 2016 | Jul. 31, 2015 | Jun. 30, 2015 | Jan. 31, 2015 | Mar. 31, 2012 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 |
Temporary Equity [Line Items] | |||||||||||
Cash dividends declared per common share | $ 0.12 | $ 0.12 | $ 0.11 | ||||||||
Common stock dividends per share declared annualized | $ 0.48 | ||||||||||
Dividends payable, date to be paid | Feb. 25, 2016 | ||||||||||
Dividends payable, date of record | Feb. 11, 2016 | ||||||||||
Community Financial Shares, Inc. | |||||||||||
Temporary Equity [Line Items] | |||||||||||
Common stock, shares issued, acquisition | 388,573 | ||||||||||
Delavan Bancshares | |||||||||||
Temporary Equity [Line Items] | |||||||||||
Common stock, shares issued, acquisition | 422,122 | ||||||||||
US Treasury | |||||||||||
Temporary Equity [Line Items] | |||||||||||
Warrants outstanding | 1,643,295 | 367,432 | |||||||||
Investment warrants, exercise price | $ 22.82 | ||||||||||
Warrant termination period | 10 years | ||||||||||
Warrants exercised | 0 | ||||||||||
Series D Preferred Stock | |||||||||||
Temporary Equity [Line Items] | |||||||||||
Preferred stock, shares issued | 5,000,000,000,000 | ||||||||||
Preferred stock, liquidation value per share | $ 25 | $ 25 | $ 0 | $ 25 | |||||||
Preferred stock, value | $ 125,000 | $ 125,000 | $ 0 | $ 125,000 | |||||||
Preferred stock, Dividend payment terms | quarterly | ||||||||||
Preferred stock, dividend rate, percentage | 6.50% | ||||||||||
Series C Preferred Stock | |||||||||||
Temporary Equity [Line Items] | |||||||||||
Preferred stock, shares issued | 126,500 | ||||||||||
Preferred stock, liquidation value per share | $ 1,000 | $ 1,000 | $ 1,000 | $ 1,000 | |||||||
Preferred stock, value | $ 126,500 | $ 126,257 | $ 126,427 | $ 126,287 | |||||||
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 | 30 | 180 | |||||||||
Common stock, shares, conversion of preferred stock | 729 | 4,374 | |||||||||
London Interbank Offered Rate (LIBOR) | Series D Preferred Stock | |||||||||||
Temporary Equity [Line Items] | |||||||||||
Preferred stock, dividend rate, percentage, variable spread | 4.06% |
Regulatory Matters (Schedule Of
Regulatory Matters (Schedule Of Adjusted Total Risk Based Capital Ratios) (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 |
Beverly Bank | |||||
Entity Information [Line Items] | |||||
Subordinated debt excluded from Tier Two Capital | $ 13,000 | $ 13,000 | $ 11,000 | $ 11,000 | $ 1,000 |
Total Capital (to Risk Weighted Assets) | 9.70% | 9.60% | 10.10% | 10.20% | 11.00% |
Schaumburg Bank | |||||
Entity Information [Line Items] | |||||
Subordinated debt excluded from Tier Two Capital | $ 8,500 | $ 8,500 | $ 3,500 | $ 3,500 | $ 3,500 |
Total Capital (to Risk Weighted Assets) | 10.20% | 10.30% | 10.70% | 10.80% | 10.70% |
Barrington Bank | |||||
Entity Information [Line Items] | |||||
Subordinated debt excluded from Tier Two Capital | $ 5,000 | $ 0 | $ 0 | $ 0 | $ 0 |
Total Capital (to Risk Weighted Assets) | 11.40% | 11.30% | 11.60% | 11.40% | 11.10% |
Old Plank Trail Bank | |||||
Entity Information [Line Items] | |||||
Subordinated debt excluded from Tier Two Capital | $ 4,000 | $ 0 | $ 0 | $ 0 | $ 0 |
Total Capital (to Risk Weighted Assets) | 10.80% | 11.30% | 11.80% | 11.60% | 11.90% |
Regulatory Matters (Narrative)
Regulatory Matters (Narrative) (Detail) $ in Millions | Apr. 29, 2016USD ($) | Mar. 31, 2016Rate |
Subsequent Event [Line Items] | ||
Capital Required to be Well Capitalized to Risk Weighted Assets | Rate | 10.00% | |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | Rate | 8.00% | |
Common Equity Tier One Risk Based Capital To Risk Weighted Assets | Rate | 6.50% | |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | Rate | 5.00% | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Number Of Banks Infused | 4 | |
Beverly Bank | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Capital Infusion | $ | $ 13 | |
Schaumburg Bank | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Capital Infusion | $ | 10.3 | |
Barrington Bank | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Capital Infusion | $ | 5 | |
Old Plank Trail Bank | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Capital Infusion | $ | $ 4 |