Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 31, 2016 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | UMPQUA HOLDINGS CORP | |
Entity Central Index Key | 1,077,771 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 220,208,309 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and due from banks (restricted cash of $107,399 and $58,813) | $ 364,013 | $ 277,645 |
Interest bearing cash and temporary investments (restricted cash of $1,004 and $3,938) | 1,102,428 | 496,080 |
Total cash and cash equivalents | 1,466,441 | 773,725 |
Investment securities | ||
Trading, at fair value | 10,866 | 9,586 |
Available for sale, at fair value | 2,520,037 | 2,522,539 |
Held to maturity, at amortized cost | 4,302 | 4,609 |
Loans held for sale, at fair value | 565,624 | 363,275 |
Loans and leases | 17,392,051 | 16,866,536 |
Allowance for loan and lease losses | (133,692) | (130,322) |
Net loans and leases | 17,258,359 | 16,736,214 |
Restricted equity securities | 47,537 | 46,949 |
Premises and equipment, net | 306,287 | 328,734 |
Goodwill | 1,787,651 | 1,787,793 |
Other intangible assets, net | 38,753 | 45,508 |
Residential mortgage servicing rights, at fair value | 114,446 | 131,817 |
Other real estate owned | 8,309 | 22,307 |
Bank owned life insurance | 297,561 | 291,892 |
Deferred tax asset, net | 27,587 | 138,082 |
Other assets | 290,454 | 203,351 |
Total assets | 24,744,214 | 23,406,381 |
Deposits | ||
Noninterest bearing | 5,993,793 | 5,318,591 |
Interest bearing | 12,924,987 | 12,388,598 |
Total deposits | 18,918,780 | 17,707,189 |
Securities sold under agreements to repurchase | 309,463 | 304,560 |
Term debt | 902,678 | 888,769 |
Junior subordinated debentures, at fair value | 260,114 | 255,457 |
Junior subordinated debentures, at amortized cost | 101,012 | 101,254 |
Other liabilities | 331,959 | 299,818 |
Total liabilities | 20,824,006 | 19,557,047 |
COMMITMENTS AND CONTINGENCIES (NOTE 8) | ||
SHAREHOLDERS' EQUITY | ||
Common stock, no par value, shares authorized: 400,000,000 in 2016 and 2015; issued and outstanding: 220,207,300 in 2016 and 220,171,091 in 2015 | 3,514,858 | 3,520,591 |
Retained earnings | 388,678 | 331,301 |
Accumulated other comprehensive income (loss) | 16,672 | (2,558) |
Total shareholders' equity | 3,920,208 | 3,849,334 |
Total liabilities and shareholders' equity | $ 24,744,214 | $ 23,406,381 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Common stock, par value (in usd per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 400,000,000 | 400,000,000 |
Common stock, shares issued (in shares) | 220,207,300 | 220,171,091 |
Common stock, shares outstanding (in shares) | 220,207,300 | 220,171,091 |
Cash And Due From Banks | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 107,399 | $ 58,813 |
Interest Bearing Deposits And Temporary Investments | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 1,004 | $ 3,938 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
INTEREST INCOME | ||||
Interest and fees on loans and leases | $ 212,037 | $ 218,975 | $ 640,255 | $ 649,993 |
Interest and dividends on investment securities: | ||||
Taxable | 10,779 | 11,882 | 35,797 | 35,188 |
Exempt from federal income tax | 2,181 | 2,393 | 6,599 | 7,284 |
Dividends | 332 | 112 | 1,063 | 382 |
Interest on temporary investments and interest bearing deposits | 1,090 | 440 | 2,222 | 1,814 |
Total interest income | 226,419 | 233,802 | 685,936 | 694,661 |
INTEREST EXPENSE | ||||
Interest on deposits | 8,999 | 7,450 | 25,952 | 21,934 |
Interest on securities sold under agreement to repurchase | 32 | 43 | 100 | 134 |
Interest on term debt | 3,558 | 3,629 | 11,592 | 10,585 |
Interest on junior subordinated debentures | 3,938 | 3,465 | 11,500 | 10,208 |
Total interest expense | 16,527 | 14,587 | 49,144 | 42,861 |
Net interest income | 209,892 | 219,215 | 636,792 | 651,800 |
PROVISION FOR LOAN AND LEASE LOSSES | 13,091 | 8,153 | 28,503 | 32,044 |
Net interest income after provision for loan and lease losses | 196,801 | 211,062 | 608,289 | 619,756 |
NON-INTEREST INCOME | ||||
Service charges on deposits | 15,762 | 15,616 | 45,945 | 44,701 |
Brokerage revenue | 4,129 | 5,003 | 12,803 | 14,420 |
Residential mortgage banking revenue, net | 47,206 | 24,041 | 99,415 | 92,282 |
Gain on investment securities, net | 0 | 220 | 858 | 355 |
Gain on loan sales, net | 1,285 | 5,212 | 9,296 | 20,651 |
Loss on junior subordinated debentures carried at fair value | (1,590) | (1,590) | (4,734) | (4,717) |
BOLI income | 2,116 | 2,165 | 6,407 | 6,510 |
Other income | 11,802 | 10,705 | 31,330 | 32,177 |
Total non-interest income | 80,710 | 61,372 | 201,320 | 206,379 |
NON-INTEREST EXPENSE | ||||
Salaries and employee benefits | 105,341 | 106,482 | 319,424 | 324,733 |
Occupancy and equipment, net | 38,181 | 37,235 | 114,326 | 104,253 |
Communications | 5,107 | 4,443 | 15,966 | 15,131 |
Marketing | 2,124 | 2,846 | 7,978 | 7,920 |
Services | 9,983 | 10,389 | 32,183 | 35,382 |
FDIC assessments | 4,109 | 3,369 | 11,523 | 9,738 |
(Gain) loss on other real estate owned, net | (14) | (158) | (82) | 2,136 |
Intangible amortization | 1,867 | 2,806 | 6,755 | 8,419 |
Merger related expenses | 2,011 | 5,991 | 12,095 | 41,870 |
Goodwill impairment | 0 | 0 | 142 | 0 |
Other expenses | 12,478 | 9,791 | 33,377 | 28,149 |
Total non-interest expense | 181,187 | 183,194 | 553,687 | 577,731 |
Income before provision for income taxes | 96,324 | 89,240 | 255,922 | 248,404 |
Provision for income taxes | 34,515 | 31,633 | 92,257 | 88,884 |
Net income | 61,809 | 57,607 | 163,665 | 159,520 |
Dividends and undistributed earnings allocated to participating securities | 31 | 84 | 92 | 261 |
Net earnings available to common shareholders | $ 61,778 | $ 57,523 | $ 163,573 | $ 159,259 |
Earnings per common share: | ||||
Basic (in usd per share) | $ 0.28 | $ 0.26 | $ 0.74 | $ 0.72 |
Diluted (in usd per share) | $ 0.28 | $ 0.26 | $ 0.74 | $ 0.72 |
Weighted average number of common shares outstanding: | ||||
Basic (in shares) | 220,291 | 220,297 | 220,313 | 220,370 |
Diluted (in shares) | 220,751 | 220,904 | 220,936 | 221,062 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 61,809 | $ 57,607 | $ 163,665 | $ 159,520 |
Available for sale securities: | ||||
Unrealized (losses) gains arising during the period | (9,768) | 15,258 | 32,228 | 3,695 |
Income tax benefit (expense) related to unrealized gains | 3,780 | (6,103) | (12,472) | (1,478) |
Reclassification adjustment for net realized gains in earnings | 0 | (220) | (858) | (355) |
Income tax expense related to realized gains | 0 | 88 | 332 | 142 |
Other comprehensive (loss) income, net of tax | (5,988) | 9,023 | 19,230 | 2,004 |
Comprehensive income | $ 55,821 | $ 66,630 | $ 182,895 | $ 161,524 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Changes In Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
Balance, shares at Dec. 31, 2014 | 220,161,120 | |||
Balance, value at Dec. 31, 2014 | $ 3,777,626 | $ 3,519,316 | $ 246,242 | $ 12,068 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 222,539 | 222,539 | ||
Other comprehensive loss, net of tax | (14,626) | (14,626) | ||
Stock-based compensation | 14,383 | $ 14,383 | ||
Stock repurchased and retired, shares | (844,215) | |||
Stock repurchased and retired, value | (14,589) | $ (14,589) | ||
Issuances of common stock under stock plans and related net tax benefit, shares | 854,186 | |||
Issuances of common stock under stock plans and related net tax benefit, value | 1,481 | $ 1,481 | ||
Cash dividends on common stock | $ (137,480) | (137,480) | ||
Balance, shares at Dec. 31, 2015 | 220,171,091 | 220,171,091 | ||
Balance, value at Dec. 31, 2015 | $ 3,849,334 | $ 3,520,591 | 331,301 | (2,558) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 163,665 | 163,665 | ||
Other comprehensive loss, net of tax | 19,230 | 19,230 | ||
Stock-based compensation | 7,523 | $ 7,523 | ||
Stock repurchased and retired, shares | (931,523) | |||
Stock repurchased and retired, value | (14,354) | $ (14,354) | ||
Issuances of common stock under stock plans and related net tax benefit, shares | 967,732 | |||
Issuances of common stock under stock plans and related net tax benefit, value | 1,098 | $ 1,098 | ||
Cash dividends on common stock | $ (106,288) | (106,288) | ||
Balance, shares at Sep. 30, 2016 | 220,207,300 | 220,207,300 | ||
Balance, value at Sep. 30, 2016 | $ 3,920,208 | $ 3,514,858 | $ 388,678 | $ 16,672 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Changes In Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends on common stock (in usd per share) | $ 0.48 | $ 0.62 |
Condensed Consolidated Stateme8
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 163,665 | $ 159,520 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Amortization of investment premiums, net | 16,401 | 18,135 |
Gain on sale of investment securities, net | (858) | (355) |
Gain on sale of other real estate owned, net | (1,683) | (646) |
Valuation adjustment on other real estate owned | 1,601 | 2,782 |
Provision for loan and lease losses | 28,503 | 32,044 |
Change in cash surrender value of bank owned life insurance | (6,483) | (6,588) |
Depreciation, amortization and accretion | 44,607 | 37,716 |
Loss on sale of premises and equipment | 5,221 | 2,543 |
Additions to residential mortgage servicing rights carried at fair value | (25,020) | (27,812) |
Change in fair value of residential mortgage servicing rights carried at fair value | 42,391 | 20,257 |
Change in junior subordinated debentures carried at fair value | 4,657 | 4,371 |
Stock-based compensation | 7,523 | 11,275 |
Net (increase) decrease in trading account assets | (1,280) | 490 |
Gain on sale of loans | (136,949) | (115,399) |
Change in loans held for sale carried at fair value | (13,555) | (5,716) |
Origination of loans held for sale | (2,928,951) | (2,703,100) |
Proceeds from sales of loans held for sale | 3,133,551 | 2,694,945 |
Goodwill impairment | 142 | 0 |
Change in other assets and liabilities: | ||
Net decrease in other assets | 9,336 | 69,980 |
Net increase in other liabilities | 44,314 | 23,317 |
Net cash provided by operating activities | 387,133 | 217,759 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of investment securities available for sale | (443,094) | (706,964) |
Proceeds from investment securities available for sale | 461,342 | 508,428 |
Proceeds from investment securities held to maturity | 389 | 481 |
Purchases of restricted equity securities | (600) | 0 |
Redemption of restricted equity securities | 12 | 72,430 |
Net change in loans and leases | (1,248,475) | (1,313,156) |
Proceeds from sales of loans | 429,997 | 246,100 |
Net change in premises and equipment | (22,573) | (58,089) |
Proceeds from bank owned life insurance death benefits | 814 | 4,485 |
Proceeds from sales of other real estate owned | 13,608 | 18,747 |
Net cash used in investing activities | (808,580) | (1,227,538) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net increase in deposit liabilities | 1,213,354 | 578,995 |
Net increase in securities sold under agreements to repurchase | 4,903 | 10,401 |
Proceeds from term debt borrowings | 490,000 | 0 |
Repayment of term debt borrowings | (475,014) | (114,999) |
Dividends paid on common stock | (105,824) | (99,333) |
Proceeds from stock options exercised | 1,098 | 1,696 |
Repurchase and retirement of common stock | (14,354) | (14,536) |
Net cash provided by financing activities | 1,114,163 | 362,224 |
Net increase (decrease) in cash and cash equivalents | 692,716 | (647,555) |
Cash and cash equivalents, beginning of period | 773,725 | 1,605,171 |
Cash and cash equivalents, end of period | 1,466,441 | 957,616 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Interest | 53,783 | 50,156 |
Income taxes | 12,921 | 17,334 |
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES: | ||
Change in unrealized gains on investment securities available for sale, net of taxes | 19,230 | 2,004 |
Cash dividend declared on common stock and payable after period-end | 35,250 | 35,285 |
Transfer of loans to loans held for sale | 265,741 | 0 |
Change in GNMA mortgage loans recognized due to repurchase option | (11,857) | 7,640 |
Transfer of loans to other real estate owned | 5,409 | 6,833 |
Transfers from other real estate owned to loans due to internal financing | $ 5,881 | $ 0 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies The accounting and financial reporting policies of Umpqua Holdings Corporation conform to accounting principles generally accepted in the United States of America. The accompanying interim condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All material inter-company balances and transactions have been eliminated. The condensed consolidated financial statements have not been audited. A more detailed description of our accounting policies is included in the 2015 Annual Report filed on Form 10-K. These interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes contained in the 2015 Annual Report filed on Form 10-K. All references in this report to "Umpqua," "we," "our," "us," the "Company" or similar references mean Umpqua Holdings Corporation, and include our consolidated subsidiaries where the context so requires. References to "Bank" refer to our subsidiary Umpqua Bank, an Oregon state-chartered commercial bank, and references to "Umpqua Investments" refer to our subsidiary Umpqua Investments, Inc., a registered broker-dealer and investment adviser. The Bank also has a wholly-owned subsidiary, Financial Pacific Leasing Inc., a commercial equipment leasing company. Pivotus Ventures, Inc., a wholly-owned subsidiary of Umpqua Holdings Corporation, focuses on advancing bank innovation by developing new bank platforms that could have a significant impact on the experience and economics of banking. In preparing these condensed consolidated financial statements, the Company has evaluated events and transactions subsequent to September 30, 2016 for potential recognition or disclosure. In management's opinion, all accounting adjustments necessary to accurately reflect the financial position and results of operations on the accompanying financial statements have been made. These adjustments include normal and recurring accruals considered necessary for a fair and accurate presentation. The results for interim periods are not necessarily indicative of results for the full year or any other interim period. Certain reclassifications of prior period amounts have been made to conform to current classifications. In the second quarter of 2016, the loan portfolio was analyzed for correct classification of certain commercial and commercial real estate loan types, and as a result of this analysis, loan classifications were updated. The prior period loan classifications have been updated to be comparable to the current period presentation in note 3 -Loans and Leases and note 4 -Allowance for Loan and Lease Losses and Credit Quality . During the first quarter of 2016, Umpqua identified an error related to the accounting for loans sold to Ginnie Mae (“GNMA”) that have become past due 90 days or more. Pursuant to GNMA purchase and sales agreements, Umpqua has the unilateral right to repurchase loans that become past due 90 days or more. As a result of this unilateral right, once the delinquency criteria has been met, and regardless of whether the repurchase option has been exercised, the loan should be recognized, with an offsetting liability, to account for these loans that no longer meet the true-sale criteria. The Company has continued to grow the portfolio of GNMA loans sold and serviced, which has led to an increasing number and amount of delinquent loans. As such, the Company has recorded an adjustment to record the balance of the GNMA loans sold and serviced that are over 90 days past due, but not repurchased, as loans, with a corresponding other liability. Management evaluated the materiality of the error from qualitative and quantitative perspectives and concluded that the error was immaterial to the prior period financial statements taken as a whole. To provide consistency in the amounts reported in the comparable periods, the Company has recognized the delinquent GNMA loans for which the Company has the unconditional repurchase option, as well as the corresponding other liability, for the periods reported. As of December 31, 2015, this change resulted in an increase in loans and leases, net loans and leases, total assets, other liabilities, and total liabilities of $ 19.2 million . This change did not affect net income or shareholders' equity for any period. Application of new accounting guidance As of April 1, 2016, Umpqua adopted the Financial Accounting Standards Board's (FASB) Accounting Standard Update ("ASU") No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting . ASU 2016-09, seeks to simplify several aspects of the accounting for employee share-based payment transactions, including income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. As required by ASU 2016-09, all adjustments are reflected as of the beginning of the fiscal year, January 1, 2016. By applying this ASU, the Company no longer adjusts common stock for the tax impact of shares released, instead the tax impact is recognized as tax expense in the period the shares are released. This simplifies the tracking of the excess tax benefits and deficiencies, but could cause volatility in tax expense for the periods presented. The statement of cash flows has been adjusted to reflect the provisions of this ASU. The application of this ASU did not have a material impact on the financial statements. |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities The following table presents the amortized costs, unrealized gains, unrealized losses and approximate fair values of investment securities at September 30, 2016 and December 31, 2015 : (in thousands) September 30, 2016 Amortized Unrealized Unrealized Fair Cost Gains Losses Value AVAILABLE FOR SALE: Obligations of states and political subdivisions $ 292,213 $ 11,625 $ (469 ) $ 303,369 Residential mortgage-backed securities and collateralized mortgage obligations 2,198,654 20,038 (4,058 ) 2,214,634 Investments in mutual funds and other equity securities 1,959 75 — 2,034 $ 2,492,826 $ 31,738 $ (4,527 ) $ 2,520,037 HELD TO MATURITY: Residential mortgage-backed securities and collateralized mortgage obligations $ 4,302 $ 892 $ — $ 5,194 $ 4,302 $ 892 $ — $ 5,194 (in thousands) December 31, 2015 Amortized Unrealized Unrealized Fair Cost Gains Losses Value AVAILABLE FOR SALE: Obligations of states and political subdivisions $ 300,998 $ 12,741 $ (622 ) $ 313,117 Residential mortgage-backed securities and collateralized mortgage obligations 2,223,742 7,218 (23,540 ) 2,207,420 Investments in mutual funds and other equity securities 1,959 43 — 2,002 $ 2,526,699 $ 20,002 $ (24,162 ) $ 2,522,539 HELD TO MATURITY: Residential mortgage-backed securities and collateralized mortgage obligations $ 4,609 $ 981 $ — $ 5,590 $ 4,609 $ 981 $ — $ 5,590 Investment securities that were in an unrealized loss position as of September 30, 2016 and December 31, 2015 are presented in the following tables, based on the length of time individual securities have been in an unrealized loss position. September 30, 2016 (in thousands) Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses AVAILABLE FOR SALE: Obligations of states and political subdivisions $ 13,793 $ 179 $ 2,010 $ 290 $ 15,803 $ 469 Residential mortgage-backed securities and collateralized mortgage obligations 345,169 1,291 199,606 2,767 544,775 4,058 Total temporarily impaired securities $ 358,962 $ 1,470 $ 201,616 $ 3,057 $ 560,578 $ 4,527 December 31, 2015 (in thousands) Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses AVAILABLE FOR SALE: Obligations of states and political subdivisions $ 2,530 $ 83 $ 8,208 $ 539 $ 10,738 $ 622 Residential mortgage-backed securities and collateralized mortgage obligations 1,256,994 14,465 334,981 9,075 1,591,975 23,540 Total temporarily impaired securities $ 1,259,524 $ 14,548 $ 343,189 $ 9,614 $ 1,602,713 $ 24,162 The unrealized losses on obligations of political subdivisions were caused by changes in market interest rates or the widening of market spreads subsequent to the initial purchase of these securities. Management monitors the published credit ratings of these securities for material rating or outlook changes. As of September 30, 2016 , 93% of these securities were rated A3/A- or higher by rating agencies. Substantially all of the Company's obligations of states and political subdivisions are general obligation issuances. All of the available for sale residential mortgage-backed securities and collateralized mortgage obligations portfolio in an unrealized loss position at September 30, 2016 are issued or guaranteed by government sponsored enterprises. The unrealized losses on residential mortgage-backed securities and collateralized mortgage obligations were caused by changes in market interest rates or the widening of market spreads subsequent to the initial purchase of these securities, and not concerns regarding the underlying credit of the issuers or the underlying collateral. It is expected that these securities will be settled at a price at least equal to the amortized cost of each investment. Because the decline in fair value is attributable to changes in interest rates or widening market spreads and not credit quality, and because the Bank does not intend to sell the securities and it is not likely that the Bank will be required to sell these securities before recovery of their amortized cost basis, which may include holding each security until contractual maturity, these investments are not considered other-than-temporarily impaired. The following table presents the maturities of investment securities at September 30, 2016 : (in thousands) Available For Sale Held To Maturity Amortized Fair Amortized Fair Cost Value Cost Value AMOUNTS MATURING IN: Three months or less $ 24,868 $ 24,960 $ — $ — Over three months through twelve months 93,437 94,520 3 3 After one year through five years 1,818,751 1,837,341 159 474 After five years through ten years 302,574 308,125 358 865 After ten years 251,237 253,057 3,782 3,852 Other investment securities 1,959 2,034 — — $ 2,492,826 $ 2,520,037 $ 4,302 $ 5,194 The amortized cost and fair value of collateralized mortgage obligations and mortgage-backed securities are presented by expected average life, rather than contractual maturity, in the preceding table. Expected maturities may differ from contractual maturities because borrowers have the right to prepay underlying loans without prepayment penalties. The following table presents the gross realized gains and losses on the sale of securities available for sale for the three and nine months ended September 30, 2016 and 2015 : (in thousands) Three Months Ended September 30, 2016 September 30, 2015 Gains Losses Gains Losses U.S. Treasury and agencies $ — $ — $ 13 $ — Obligations of states and political subdivisions — — 6 — Residential mortgage-backed securities and collateralized mortgage obligations — — 634 433 $ — $ — $ 653 $ 433 Nine Months Ended September 30, 2016 September 30, 2015 Gains Losses Gains Losses U.S. Treasury and agencies $ — $ — $ 13 $ — Obligations of states and political subdivisions 971 — 6 — Residential mortgage-backed securities and collateralized mortgage obligations 270 383 1,177 841 $ 1,241 $ 383 $ 1,196 $ 841 The following table presents, as of September 30, 2016 , investment securities which were pledged to secure borrowings, public deposits, and repurchase agreements as permitted or required by law: (in thousands) Amortized Fair Cost Value To Federal Home Loan Bank to secure borrowings $ 624 $ 645 To state and local governments to secure public deposits 1,199,852 1,217,873 Other securities pledged principally to secure repurchase agreements 536,501 540,958 Total pledged securities $ 1,736,977 $ 1,759,476 |
Loans and Leases
Loans and Leases | 9 Months Ended |
Sep. 30, 2016 | |
Receivables [Abstract] | |
Loans and Leases | Loans and Leases The following table presents the major types of loans and leases, net of deferred fees and costs, as of September 30, 2016 and December 31, 2015 : (in thousands) September 30, December 31, 2016 2015 Commercial real estate Non-owner occupied term, net $ 3,280,660 $ 3,226,836 Owner occupied term, net 2,573,942 2,582,874 Multifamily, net 2,968,019 3,151,516 Construction & development, net 388,934 271,119 Residential development, net 127,447 99,459 Commercial Term, net 1,480,173 1,408,676 LOC & other, net 1,142,946 1,036,733 Leases and equipment finance, net 927,857 729,161 Residential Mortgage, net 2,868,337 2,909,306 Home equity loans & lines, net 1,008,219 923,667 Consumer & other, net 625,517 527,189 Total loans and leases, net of deferred fees and costs $ 17,392,051 $ 16,866,536 The loan balances are net of deferred fees and costs of $66.8 million and $47.0 million as of September 30, 2016 and December 31, 2015 , respectively. Net loans also include discounts on acquired loans of $52.9 million and $105.6 million as of September 30, 2016 and December 31, 2015 , respectively. As of September 30, 2016 , loans totaling $10.3 billion were pledged to secure borrowings and available lines of credit. The outstanding contractual unpaid principal balance of purchased impaired loans, excluding acquisition accounting adjustments, was $413.1 million and $540.4 million at September 30, 2016 and December 31, 2015 , respectively. The carrying balance of purchased impaired loans was $301.3 million and $438.1 million at September 30, 2016 and December 31, 2015 , respectively. The following table presents the changes in the accretable yield for purchased impaired loans for the three and nine months ended September 30, 2016 and 2015 : (in thousands) Three Months Ended September 30, 2016 2015 Balance, beginning of period $ 111,379 $ 165,362 Accretion to interest income (11,042 ) (14,432 ) Disposals (4,209 ) (6,569 ) Reclassifications from nonaccretable difference 4,931 5,285 Balance, end of period $ 101,059 $ 149,646 Nine months ended September 30, 2016 2015 Balance, beginning of period $ 132,829 $ 201,699 Accretion to interest income (35,217 ) (42,864 ) Disposals (15,470 ) (21,825 ) Reclassifications from nonaccretable difference 18,917 12,636 Balance, end of period $ 101,059 $ 149,646 Loans and leases sold In the course of managing the loan and lease portfolio, at certain times, management may decide to sell loans and leases. The following table summarizes the carrying value of loans and leases sold by major loan type during the three and nine months ended September 30, 2016 and 2015 : (in thousands) Three Months Ended Nine months ended September 30, September 30, 2016 2015 2016 2015 Commercial real estate Non-owner occupied term, net $ 1,340 $ — $ 18,614 $ 7,181 Owner occupied term, net 10,380 20,003 28,283 39,963 Multifamily, net 49 — 129,879 435 Commercial Term, net 1,809 1,079 4,729 4,499 Residential Mortgage, net 103,465 54,938 239,196 173,371 Total $ 117,043 $ 76,020 $ 420,701 $ 225,449 |
Allowance for Loan and Lease Lo
Allowance for Loan and Lease Loss and Credit Quality | 9 Months Ended |
Sep. 30, 2016 | |
Receivables [Abstract] | |
Allowance for Loan and Lease Loss and Credit Quality | Allowance for Loan and Lease Loss and Credit Quality The Bank's methodology for assessing the appropriateness of the Allowance for Loan and Lease Loss ("ALLL") consists of three key elements: 1) the formula allowance; 2) the specific allowance; and 3) the unallocated allowance. By incorporating these factors into a single allowance requirement analysis, we believe all risk-based activities within the loan and lease portfolios are simultaneously considered. Formula Allowance When loans and leases are originated or acquired, they are assigned a risk rating that is reassessed periodically during the term of the loan or lease through the credit review process. The Bank's risk rating methodology assigns risk ratings ranging from 1 to 10, where a higher rating represents higher risk. The 10 risk rating categories are a primary factor in determining an appropriate amount for the formula allowance. The formula allowance is calculated by applying risk factors to various segments of pools of outstanding loans and leases. Risk factors are assigned to each portfolio segment based on management's evaluation of the losses inherent within each segment. Segments with greater risk of loss will therefore be assigned a higher risk factor. Base risk – The portfolio is segmented into loan categories, and these categories are assigned a Base risk factor based on an evaluation of the loss inherent within each segment. Extra risk – Additional risk factors provide for an additional allocation of ALLL based on the loan and lease risk rating system and loan delinquency, and reflect the increased level of inherent losses associated with more adversely classified loans and leases. Risk factors may be changed periodically based on management's evaluation of the following factors: loss experience; changes in the level of non-performing loans and leases; regulatory exam results; changes in the level of adversely classified loans and leases; improvement or deterioration in local economic conditions; and any other factors deemed relevant. Specific Allowance Regular credit reviews of the portfolio identify loans that are considered potentially impaired. Potentially impaired loans are referred to the ALLL Committee which reviews and approves designated loans as impaired. A loan is considered impaired when, based on current information and events, we determine that we will probably not be able to collect all amounts due according to the loan contract, including scheduled interest payments. When we identify a loan as impaired, we measure the impairment using discounted cash flows or estimated note sale price, except when the sole remaining source of the repayment for the loan is the liquidation of the collateral. In these cases, we use the current fair value of the collateral, less selling costs, instead of discounted cash flows. If we determine that the value of the impaired loan is less than the recorded investment in the loan, we either recognize an impairment reserve as a specific allowance to be provided for in the allowance for loan and lease losses or charge-off the impaired balance on collateral-dependent loans if it is determined that such amount represents a confirmed loss. Loans determined to be impaired are excluded from the formula allowance so as not to double-count the loss exposure. The combination of the formula allowance component and the specific allowance component represents the allocated allowance for loan and lease losses. There is currently no unallocated allowance. Management believes that the ALLL was adequate as of September 30, 2016 . There is, however, no assurance that future loan and lease losses will not exceed the levels provided for in the ALLL and could possibly result in additional charges to the provision for loan and lease losses. The reserve for unfunded commitments ("RUC") is established to absorb inherent losses associated with our commitment to lend funds, such as with a letter or line of credit. The adequacy of the ALLL and RUC are monitored on a regular basis and are based on management's evaluation of numerous factors. These factors include the quality of the current loan portfolio; the trend in the loan portfolio's risk ratings; current economic conditions; loan concentrations; loan growth rates; past-due and non-performing trends; evaluation of specific loss estimates for all significant problem loans; historical charge-off and recovery experience; and other pertinent information. There have been no significant changes to the Bank's ALLL methodology or policies in the periods presented. Activity in the Allowance for Loan and Lease Losses The following table summarizes activity related to the allowance for loan and lease losses by loan and lease portfolio segment for the three and nine months ended September 30, 2016 and 2015 : (in thousands) Three Months Ended September 30, 2016 Commercial Consumer Real Estate Commercial Residential & Other Total Balance, beginning of period $ 50,584 $ 52,355 $ 20,146 $ 7,957 $ 131,042 Charge-offs (1,071 ) (8,975 ) (915 ) (2,127 ) (13,088 ) Recoveries 628 1,186 137 696 2,647 (Recapture) Provision (2,839 ) 12,846 626 2,458 13,091 Balance, end of period $ 47,302 $ 57,412 $ 19,994 $ 8,984 $ 133,692 Three Months Ended September 30, 2015 Commercial Consumer Real Estate Commercial Residential & Other Total Balance, beginning of period $ 58,343 $ 45,518 $ 17,964 $ 5,246 $ 127,071 Charge-offs (2,789 ) (3,266 ) (171 ) (2,250 ) (8,476 ) Recoveries 960 1,360 281 784 3,385 Provision 2,093 2,608 1,186 2,266 8,153 Balance, end of period $ 58,607 $ 46,220 $ 19,260 $ 6,046 $ 130,133 (in thousands) Nine months ended September 30, 2016 Commercial Consumer Real Estate Commercial Residential & Other Total Balance, beginning of period $ 54,293 $ 47,487 $ 22,017 $ 6,525 $ 130,322 Charge-offs (2,137 ) (23,224 ) (1,546 ) (6,713 ) (33,620 ) Recoveries 1,348 3,633 661 2,845 8,487 (Recapture) Provision (6,202 ) 29,516 (1,138 ) 6,327 28,503 Balance, end of period $ 47,302 $ 57,412 $ 19,994 $ 8,984 $ 133,692 Nine months ended September 30, 2015 Commercial Consumer Real Estate Commercial Residential & Other Total Balance, beginning of period $ 55,184 $ 41,216 $ 15,922 $ 3,845 $ 116,167 Charge-offs (6,220 ) (15,917 ) (707 ) (5,619 ) (28,463 ) Recoveries 2,448 3,544 420 3,973 10,385 Provision 7,195 17,377 3,625 3,847 32,044 Balance, end of period $ 58,607 $ 46,220 $ 19,260 $ 6,046 $ 130,133 The valuation allowance on purchased impaired loans was increased by provision expense, which includes amounts related to subsequent deterioration of purchased impaired loans of $1.4 million for the nine months ended September 30, 2016 , and $279,000 and $1.9 million for the three and nine months ended September 30, 2015 , respectively. There was no provision expense that related to subsequent deterioration of purchased impaired loans recorded during the three months ended September 30, 2016. The increase due to the provision expense of the valuation allowance on purchased impaired loans was offset by recaptured provision of $55,000 and $902,000 for the three and nine months ended September 30, 2016 , respectively, and $2.2 million and $2.4 million for the three and nine months ended September 30, 2015 , respectively. The following table presents the allowance and recorded investment in loans and leases by portfolio segment as of September 30, 2016 and 2015 : (in thousands) September 30, 2016 Commercial Consumer Real Estate Commercial Residential & Other Total Allowance for loans and leases: Collectively evaluated for impairment $ 43,473 $ 55,735 $ 19,225 $ 8,913 $ 127,346 Individually evaluated for impairment 1,099 1,327 — — 2,426 Loans acquired with deteriorated credit quality 2,730 350 769 71 3,920 Total $ 47,302 $ 57,412 $ 19,994 $ 8,984 $ 133,692 Loans and leases: Collectively evaluated for impairment $ 9,051,925 $ 3,521,571 $ 3,830,060 $ 624,708 $ 17,028,264 Individually evaluated for impairment 39,737 22,736 — — 62,473 Loans acquired with deteriorated credit quality 247,340 6,669 46,496 809 301,314 Total $ 9,339,002 $ 3,550,976 $ 3,876,556 $ 625,517 $ 17,392,051 (in thousands) September 30, 2015 Commercial Consumer Real Estate Commercial Residential & Other Total Allowance for loans and leases: Collectively evaluated for impairment $ 55,054 $ 45,693 $ 18,577 $ 5,978 $ 125,302 Individually evaluated for impairment 533 390 — — 923 Loans acquired with deteriorated credit quality 3,020 137 683 68 3,908 Total $ 58,607 $ 46,220 $ 19,260 $ 6,046 $ 130,133 Loans and leases: Collectively evaluated for impairment $ 8,768,933 $ 3,023,609 $ 3,608,456 $ 497,107 $ 15,898,105 Individually evaluated for impairment 38,041 22,402 — — 60,443 Loans acquired with deteriorated credit quality 371,019 15,271 60,762 1,036 448,088 Total $ 9,177,993 $ 3,061,282 $ 3,669,218 $ 498,143 $ 16,406,636 The loan and lease balances are net of deferred fees and costs of $66.8 million and $42.8 million at September 30, 2016 and September 30, 2015 , respectively. Summary of Reserve for Unfunded Commitments Activity The following table presents a summary of activity in the RUC and unfunded commitments for the three and nine months ended September 30, 2016 and 2015 : (in thousands) Three Months Ended Nine months ended September 30, September 30, 2016 2015 2016 2015 Balance, beginning of period $ 3,531 $ 2,864 $ 3,574 $ 3,539 Net change to other expense 5 217 (38 ) (458 ) Balance, end of period $ 3,536 $ 3,081 $ 3,536 $ 3,081 (in thousands) Total Unfunded loan and lease commitments: September 30, 2016 $ 4,118,259 September 30, 2015 $ 3,454,473 Asset Quality and Non-Performing Loans and Leases We manage asset quality and control credit risk through diversification of the loan and lease portfolio and the application of policies designed to promote sound underwriting and loan and lease monitoring practices. The Bank's Credit Quality Administration is charged with monitoring asset quality, establishing credit policies and procedures and enforcing the consistent application of these policies and procedures across the Bank. Reviews of non-performing, past due loans and leases and larger credits, designed to identify potential charges to the allowance for loan and lease losses, and to determine the adequacy of the allowance, are conducted on an ongoing basis. These reviews consider such factors as the financial strength of borrowers, the value of the applicable collateral, loan and lease loss experience, estimated loan and lease losses, growth in the loan and lease portfolio, prevailing economic conditions and other factors. Non-Accrual Loans and Leases and Loans and Leases Past Due The following table summarizes our non-accrual loans and leases and loans and leases past due, by loan and lease class, as of September 30, 2016 and December 31, 2015 : (in thousands) September 30, 2016 Greater than 30 to 59 Days Past Due 60 to 89 Days Past Due Greater than 90 Days and Accruing Total Past Due Non-Accrual Current & Other (1) Total Loans and Leases Commercial real estate Non-owner occupied term, net $ 1,463 $ 10,254 $ 155 $ 11,872 $ 1,261 $ 3,267,527 $ 3,280,660 Owner occupied term, net 460 4,498 58 5,016 3,248 2,565,678 2,573,942 Multifamily, net 143 — — 143 995 2,966,881 2,968,019 Construction & development, net — 324 — 324 — 388,610 388,934 Residential development, net — — — — — 127,447 127,447 Commercial Term, net 1,727 — — 1,727 10,706 1,467,740 1,480,173 LOC & other, net 1,513 86 — 1,599 4,034 1,137,313 1,142,946 Leases and equipment finance, net 4,281 5,032 1,672 10,985 7,547 909,325 927,857 Residential Mortgage, net (2) 5 3,346 29,483 32,834 — 2,835,503 2,868,337 Home equity loans & lines, net 1,196 967 1,641 3,804 — 1,004,415 1,008,219 Consumer & other, net 3,271 1,142 499 4,912 — 620,605 625,517 Total, net of deferred fees and costs $ 14,059 $ 25,649 $ 33,508 $ 73,216 $ 27,791 $ 17,291,044 $ 17,392,051 (1) Other includes purchased credit impaired loans of $301.3 million . (2) Includes government guaranteed GNMA mortgage loans that Umpqua has the right but not the obligation to repurchase that are past due 90 days or more, totaling $ 7.3 million at September 30, 2016 . (in thousands) December 31, 2015 Greater than 30 to 59 Days Past Due 60 to 89 Days Past Due Greater than 90 Days and Accruing Total Past Due Non-Accrual Current & Other (1) Total Loans and Leases Commercial real estate Non-owner occupied term, net $ 924 $ 2,776 $ 137 $ 3,837 $ 2,633 $ 3,220,366 $ 3,226,836 Owner occupied term, net 1,797 1,150 423 3,370 5,928 2,573,576 2,582,874 Multifamily, net 1,394 — — 1,394 — 3,150,122 3,151,516 Construction & development, net — 2,959 — 2,959 — 268,160 271,119 Residential development, net — — — — — 99,459 99,459 Commercial Term, net 297 333 — 630 15,185 1,392,861 1,408,676 LOC & other, net 1,907 92 8 2,007 664 1,034,062 1,036,733 Leases and equipment finance, net 2,933 3,499 822 7,254 4,801 717,106 729,161 Residential Mortgage, net (2) 31 2,444 29,233 31,708 — 2,877,598 2,909,306 Home equity loans & lines, net 1,084 643 3,080 4,807 — 918,860 923,667 Consumer & other, net 3,271 889 642 4,802 4 522,383 527,189 Total, net of deferred fees and costs $ 13,638 $ 14,785 $ 34,345 $ 62,768 $ 29,215 $ 16,774,553 $ 16,866,536 (1) Other includes purchased credit impaired loans of $438.1 million . (2) Includes government guaranteed GNMA mortgage loans that Umpqua has the right but not the obligation to repurchase that are past due 90 days or more, totaling $ 19.2 million at December 31, 2015 . Impaired Loans Impaired loans with no related allowance reported generally represent non-accrual loans. The Bank recognizes the charge-off on impaired loans in the period it arises for collateral-dependent loans. Therefore, the non-accrual loans as of September 30, 2016 have already been written down to their estimated net realizable value and are expected to be resolved with no additional material loss, absent further decline in market prices. The valuation allowance on impaired loans primarily represents the impairment reserves on performing restructured loans, and is measured by comparing the present value of expected future cash flows on the restructured loans discounted at the interest rate of the original loan agreement to the loan's carrying value. The following table summarizes our impaired loans by loan class as of September 30, 2016 and December 31, 2015 : (in thousands) September 30, 2016 Unpaid Recorded Investment Principal Without With Related Balance Allowance Allowance Allowance Commercial real estate Non-owner occupied term, net $ 25,033 $ 391 $ 24,336 $ 853 Owner occupied term, net 1,126 913 — — Multifamily, net 4,502 995 3,519 141 Construction & development, net 2,022 — 2,019 44 Residential development, net 7,564 — 7,564 61 Commercial Term, net 22,138 10,262 6,487 767 LOC & other, net 6,598 3,780 2,207 560 Leases, net — — — — Residential Mortgage, net — — — — Home equity loans & lines, net — — — — Consumer & other, net — — — — Total, net of deferred fees and costs $ 68,983 $ 16,341 $ 46,132 $ 2,426 (in thousands) December 31, 2015 Unpaid Recorded Investment Principal Without With Related Balance Allowance Allowance Allowance Commercial real estate Non-owner occupied term, net $ 11,944 $ 1,946 $ 9,548 $ 91 Owner occupied term, net 6,863 4,340 2,459 20 Multifamily, net 3,519 — 3,519 49 Construction & development, net 1,704 — 1,704 31 Residential development, net 7,889 — 7,891 90 Commercial Term, net 22,795 14,788 2,932 283 LOC & other, net 3,470 664 2,322 224 Leases, net — — — — Residential Mortgage, net — — — — Home equity loans & lines, net — — — — Consumer & other, net — — — — Total, net of deferred fees and costs $ 58,184 $ 21,738 $ 30,375 $ 788 The following table summarizes our average recorded investment and interest income recognized on impaired loans by loan class for the three and nine months ended September 30, 2016 and 2015 : (in thousands) Three Months Ended Three Months Ended September 30, 2016 September 30, 2015 Average Interest Average Interest Recorded Income Recorded Income Investment Recognized Investment Recognized Commercial real estate Non-owner occupied term, net $ 18,544 $ 155 $ 12,009 $ 91 Owner occupied term, net 3,682 — 11,577 49 Multifamily, net 4,209 31 3,519 32 Construction & development, net 1,860 21 1,091 6 Residential development, net 7,671 77 8,018 67 Commercial Term, net 17,884 67 22,618 15 LOC & other, net 4,536 20 3,473 19 Leases, net — — — — Residential Mortgage, net — — — — Home equity loans & lines, net — — — — Consumer & other, net — — — — Total, net of deferred fees and costs $ 58,386 $ 371 $ 62,305 $ 279 (in thousands) Nine months ended Nine months ended September 30, 2016 September 30, 2015 Average Interest Average Interest Recorded Income Recorded Income Investment Recognized Investment Recognized Commercial real estate Non-owner occupied term, net $ 12,634 $ 350 $ 25,040 $ 684 Owner occupied term, net 7,950 86 13,592 182 Multifamily, net 3,792 91 3,594 93 Construction & development, net 1,412 61 1,091 59 Residential development, net 7,871 238 8,820 255 Commercial Term, net 21,223 180 21,262 84 LOC & other, net 3,686 60 6,982 87 Leases, net — — — — Residential Mortgage, net — — — — Home equity loans & lines, net — — — 7 Consumer & other, net — — — — Total, net of deferred fees and costs $ 58,568 $ 1,066 $ 80,381 $ 1,451 The impaired loans for which these interest income amounts were recognized primarily relate to accruing restructured loans. Credit Quality Indicators As previously noted, the Bank's risk rating methodology assigns risk ratings ranging from 1 to 10, where a higher rating represents higher risk. The Bank differentiates its lending portfolios into homogeneous loans and leases and non-homogeneous loans and leases. The 10 risk rating categories can be generally described by the following groupings for non-homogeneous loans and leases: Minimal Risk —A minimal risk loan or lease, risk rated 1 , is to a borrower of the highest quality. The borrower has an unquestioned ability to produce consistent profits and service all obligations and can absorb severe market disturbances with little or no difficulty. Low Risk —A low risk loan or lease, risk rated 2 , is similar in characteristics to a minimal risk loan. Margins may be smaller or protective elements may be subject to greater fluctuation. The borrower will have a strong demonstrated ability to produce profits, provide ample debt service coverage and to absorb market disturbances. Modest Risk —A modest risk loan or lease, risk rated 3 , is a desirable loan or lease with excellent sources of repayment and no currently identifiable risk associated with collection. The borrower exhibits a very strong capacity to repay the credit in accordance with the repayment agreement. The borrower may be susceptible to economic cycles, but will have reserves to weather these cycles. Average Risk —An average risk loan or lease, risk rated 4 , is an attractive loan or lease with sound sources of repayment and no material collection or repayment weakness evident. The borrower has an acceptable capacity to pay in accordance with the agreement. The borrower is susceptible to economic cycles and more efficient competition, but should have modest reserves sufficient to survive all but the most severe downturns or major setbacks. Acceptable Risk —An acceptable risk loan or lease, risk rated 5 , is a loan or lease with lower than average, but still acceptable credit risk. These borrowers may have higher leverage, less certain but viable repayment sources, have limited financial reserves and may possess weaknesses that can be adequately mitigated through collateral, structural or credit enhancement. The borrower is susceptible to economic cycles and is less resilient to negative market forces or financial events. Reserves may be insufficient to survive a modest downturn. Watch— A watch loan or lease, risk rated 6 , is still pass-rated, but represents the lowest level of acceptable risk due to an emerging risk element or declining performance trend. Watch ratings are expected to be temporary, with issues resolved or manifested to the extent that a higher or lower rating would be appropriate. The borrower should have a plausible plan, with reasonable certainty of success, to correct the problems in a short period of time. Special Mention— A special mention loan or lease, risk rated 7 , has potential weaknesses that deserve management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or the institution's credit position at some future date. They contain unfavorable characteristics and are generally undesirable. Loans and leases in this category are currently protected but are potentially weak and constitute an undue and unwarranted credit risk, but not to the point of a substandard classification. A special mention loan or lease has potential weaknesses, which if not checked or corrected, weaken the asset or inadequately protect the Bank's position at some future date. Substandard— A substandard asset, risk rated 8 , is inadequately protected by the current worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. Loss potential, while existing in the aggregate amount of substandard assets, does not have to exist in individual assets classified substandard. Loans and leases are classified as substandard when they have unsatisfactory characteristics causing unacceptable levels of risk. A substandard loan or lease normally has one or more well-defined weaknesses that could jeopardize repayment of the debt. The likely need to liquidate assets to correct the problem, rather than repayment from successful operations is the key distinction between special mention and substandard. Doubtful —Loans or leases classified as doubtful, risk rated 9 , have all the weaknesses inherent in one classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. The possibility of loss is extremely high, but because of certain important and reasonably specific pending factors, which may work towards strengthening of the asset, classification as a loss (and immediate charge-off) is deferred until more exact status may be determined. Pending factors include proposed merger, acquisition, liquidation procedures, capital injection, and perfection of liens on additional collateral and refinancing plans. In certain circumstances, a doubtful rating will be temporary, while the Bank is awaiting an updated collateral valuation. In these cases, once the collateral is valued and appropriate margin applied, the remaining un-collateralized portion will be charged-off. The remaining balance, properly margined, may then be upgraded to substandard, however must remain on non-accrual. Loss —Loans or leases classified as loss, risk rated 10 , are considered un-collectible and of such little value that the continuance as an active Bank asset is not warranted. This rating does not mean that the loan or lease has no recovery or salvage value, but rather that the loan or lease should be charged-off now, even though partial or full recovery may be possible in the future. Impaired— Loans are classified as impaired when, based on current information and events, it is probable that the Bank will be unable to collect the scheduled payments of principal and interest when due, in accordance with the terms of the original loan agreement, without unreasonable delay. This generally includes all loans classified as non-accrual and troubled debt restructurings. Impaired loans are risk rated for internal and regulatory rating purposes, but presented separately for clarification. Homogeneous loans and leases are not risk rated until they are greater than 30 days past due, and risk rating is based on the past due status of the loan or lease. The risk rating categories can be generally described by the following groupings for commercial and commercial real estate homogeneous loans and leases: Special Mention —A homogeneous special mention loan or lease, risk rated 7 , is greater than 30 to 59 days past due from the required payment date at month-end. Substandard —A homogeneous substandard loan or lease, risk rated 8 , is 60 to 89 days past due from the required payment date at month-end. Doubtful —A homogeneous doubtful loan or lease, risk rated 9 , is 90 to 179 days past due from the required payment date at month-end. Loss —A homogeneous loss loan or lease, risk rated 10 , is 180 days and more past due from the required payment date. These loans are generally charged-off in the month in which the 180 day time period elapses. The risk rating categories can be generally described by the following groupings for residential and consumer and other homogeneous loans: Special Mention —A homogeneous retail special mention loan, risk rated 7 , is greater than 30 to 89 days past due from the required payment date at month-end. Substandard —A homogeneous retail substandard loan, risk rated 8 , is an open-end loan 90 to 180 days past due from the required payment date at month-end or a closed-end loan 90 to 120 days past due from the required payment date at month-end. Loss —A homogeneous retail loss loan, risk rated 10 , is a closed-end loan that becomes past due 120 cumulative days or an open-end retail loan that becomes past due 180 cumulative days from the contractual due date. These loans are generally charged-off in the month in which the 120 or 180 day period elapses. The following table summarizes our internal risk rating by loan and lease class for the loan and lease portfolio as of September 30, 2016 and December 31, 2015 : (in thousands) September 30, 2016 Pass/Watch Special Mention Substandard Doubtful Loss Impaired (1) Total Commercial real estate Non-owner occupied term, net $ 3,141,764 $ 57,353 $ 56,177 $ 502 $ 137 $ 24,727 $ 3,280,660 Owner occupied term, net 2,441,978 79,717 49,359 357 1,618 913 2,573,942 Multifamily, net 2,937,705 10,528 15,272 — — 4,514 2,968,019 Construction & development, net 382,737 2,041 2,137 — — 2,019 388,934 Residential development, net 118,695 — 1,188 — — 7,564 127,447 Commercial Term, net 1,422,519 27,605 12,886 38 376 16,749 1,480,173 LOC & other, net 1,090,922 16,998 28,793 246 — 5,987 1,142,946 Leases and equipment finance, net 908,529 5,123 4,986 8,444 775 — 927,857 Residential Mortgage, net (2) 2,813,563 2,922 48,071 — 3,781 — 2,868,337 Home equity loans & lines, net 1,002,278 2,741 1,995 — 1,205 — 1,008,219 Consumer & other, net 620,585 4,405 461 — 66 — 625,517 Total, net of deferred fees and costs $ 16,881,275 $ 209,433 $ 221,325 $ 9,587 $ 7,958 $ 62,473 $ 17,392,051 (1) The percentage of impaired loans classified as pass/watch, special mention and substandard was 6.9% , 6.1% and 87.0% , respectively, as of September 30, 2016 . (2) Includes government guaranteed GNMA mortgage loans that Umpqua has the right but not the obligation to repurchase that are past due 90 days or more, totaling $ 7.3 million at September 30, 2016 , which is included in the substandard category. (in thousands) December 31, 2015 Pass/Watch Special Mention Substandard Doubtful Loss Impaired (1) Total Commercial real estate Non-owner occupied term, net $ 3,033,962 $ 92,038 $ 88,793 $ 270 $ 279 $ 11,494 $ 3,226,836 Owner occupied term, net 2,454,326 54,684 65,029 675 1,361 6,799 2,582,874 Multifamily, net 3,121,099 7,626 19,272 — — 3,519 3,151,516 Construction & development, net 262,759 4,532 2,124 — — 1,704 271,119 Residential development, net 89,706 507 1,355 — — 7,891 99,459 Commercial Term, net 1,356,675 13,620 20,463 36 162 17,720 1,408,676 LOC & other, net 998,603 19,183 15,959 1 1 2,986 1,036,733 Leases and equipment finance, net 716,190 3,849 3,499 4,889 734 — 729,161 Residential Mortgage, net (2) 2,871,423 3,557 21,195 — 13,131 — 2,909,306 Home equity loans & lines, net 917,919 2,189 803 — 2,756 — 923,667 Consumer & other, net 522,339 4,174 458 — 218 — 527,189 Total, net of deferred fees and costs $ 16,345,001 $ 205,959 $ 238,950 $ 5,871 $ 18,642 $ 52,113 $ 16,866,536 (1) The percentage of impaired loans classified as pass/watch, special mention and substandard was 5.0% , 4.6% , and 90.4% , respectively, as of December 31, 2015. (2) Includes government guaranteed GNMA mortgage loans that Umpqua has the right but not the obligation to repurchase that are past due 90 days or more, totaling $ 19.2 million at December 31, 2015, which is included in the substandard category. Troubled Debt Restructurings At September 30, 2016 and December 31, 2015 , impaired loans of $36.6 million and $31.4 million , respectively, were classified as accruing restructured loans. The restructurings were granted in response to borrower financial difficulty, and generally provide for a temporary modification of loan repayment terms. In order for a restructured loan to be considered for accrual status, the loan's collateral coverage generally will be greater than or equal to 100% of the loan balance, the loan is current on payments, and the borrower must either prefund an interest reserve or demonstrate the ability to make payments from a verified source of cash flow. Impaired restructured loans carry a specific allowance and the allowance on impaired restructured loans is calculated consistently across the portfolios. There were no available commitments for troubled debt restructurings outstanding as of September 30, 2016 and December 31, 2015 . The following tables present troubled debt restructurings by accrual versus non-accrual status and by loan class as of September 30, 2016 and December 31, 2015 : (in thousands) September 30, 2016 Accrual Non-Accrual Total Status Status Modifications Commercial real estate, net $ 20,749 $ — $ 20,749 Commercial, net 8,533 5,083 13,616 Residential, net 7,286 — 7,286 Consumer & other, net 77 — 77 Total, net of deferred fees and costs $ 36,645 $ 5,083 $ 41,728 (in thousands) December 31, 2015 Accrual Non-Accrual Total Status Status Modifications Commercial real estate, net $ 21,185 $ 1,324 $ 22,509 Commercial, net 5,253 8,528 13,781 Residential, net 4,917 — 4,917 Total, net of deferred fees and costs $ 31,355 $ 9,852 $ 41,207 The Bank's policy is that loans placed on non-accrual will typically remain on non-accrual status until all principal and interest payments are brought current and the prospect for future payment in accordance with the loan agreement appears relatively certain. The Bank's policy generally refers to six months of payment performance as sufficient to warrant a return to accrual status. The following table presents newly restructured loans that occurred during the three and nine months ended September 30, 2016 and 2015 : (in thousands) Three Months Ended September 30, 2016 Rate Term Interest Only Payment Combination Total Modifications Modifications Modifications Modifications Modifications Modifications Commercial, net $ — $ — $ — $ — $ 1,009 $ 1,009 Residential, net — — — — 2,117 2,117 Total, net of deferred fees and costs $ — $ — $ — $ — $ 3,126 $ 3,126 Three Months Ended September 30, 2015 Rate Term Interest Only Payment Combination Total Modifications Modifications Modifications Modifications Modifications Modifications Commercial real estate, net $ — $ — $ — $ — $ 1,374 $ 1,374 Commercial, net — — — — 8,388 8,388 Residential, net — — — — 185 185 Total, net of deferred fees and costs $ — $ — $ — $ — $ 9,947 $ 9,947 Nine months ended September 30, 2016 Rate Term Interest Only Payment Combination Total Modifications Modifications Modifications Modifications Modifications Modifications Commercial real estate, net $ — $ — $ — $ — $ 5,659 $ 5,659 Commercial, net — — — — 4,405 4,405 Residential, net — — — 2,845 2,845 Consumer & other, net — — — — 77 77 Total, net of deferred fees and costs $ — $ — $ — $ — $ 12,986 $ 12,986 (in thousands) Nine months ended September 30, 2015 Rate Term Interest Only Payment Combination Total Modifications Modifications Modifications Modifications Modifications Modifications Commercial real estate, net $ — $ — $ — $ — $ 1,374 $ 1,374 Commercial, net — — — — 11,737 11,737 Residential, net — 74 — — 3,241 3,315 Total, net of deferred fees and costs $ — $ 74 $ — $ — $ 16,352 $ 16,426 For the periods presented in the tables above, the outstanding recorded investment was the same pre and post modification |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The following tables summarize the changes in the Company's goodwill and other intangible assets for the year ended December 31, 2015, and the nine months ended September 30, 2016 . Goodwill and all other intangible assets are related to the Community Banking segment. (in thousands) Goodwill Accumulated Gross Impairment Total Balance, December 31, 2014 $ 1,899,159 $ (112,934 ) $ 1,786,225 Net additions 1,568 — 1,568 Balance, December 31, 2015 1,900,727 (112,934 ) 1,787,793 Reductions — (142 ) (142 ) Balance, September 30, 2016 $ 1,900,727 $ (113,076 ) $ 1,787,651 Goodwill represents the excess of the total acquisition price paid over the fair value of the assets acquired, net of the fair values of liabilities assumed. The reduction to goodwill of $142,000 relates to a goodwill impairment loss recognized during the first quarter related to a small subsidiary that is winding down operations. The additions to goodwill in 2015 of $1.6 million related to correcting immaterial errors in acquisition accounting adjustments. (in thousands) Other Intangible Assets Accumulated Gross Amortization Net Balance, December 31, 2014 $ 113,471 $ (56,738 ) $ 56,733 Amortization — (11,225 ) (11,225 ) Balance, December 31, 2015 113,471 (67,963 ) 45,508 Amortization — (6,755 ) (6,755 ) Balance, September 30, 2016 $ 113,471 $ (74,718 ) $ 38,753 Core deposit intangible assets values were determined by an analysis of the cost differential between the core deposits inclusive of estimated servicing costs and alternative funding sources for core deposits acquired through acquisitions. The core deposit intangible assets are amortized on an accelerated basis over a period of approximately 10 years . The Company conducts its annual evaluation of goodwill for impairment as of its year end of December 31. Goodwill and other intangibles are required to be analyzed for impairment if certain triggering events occur. During the nine months ended September 30, 2016 , management determined that no triggering events occurred that required an impairment analysis. The table below presents the forecasted amortization expense for other intangible assets acquired in all mergers: (in thousands) Expected Year Amortization Remainder of 2016 $ 1,867 2017 6,756 2018 6,166 2019 5,618 2020 4,986 Thereafter 13,360 $ 38,753 |
Residential Mortgage Servicing
Residential Mortgage Servicing Rights | 9 Months Ended |
Sep. 30, 2016 | |
Transfers and Servicing [Abstract] | |
Residential Mortgage Servicing Rights | Residential Mortgage Servicing Rights The following table presents the changes in the Company's residential mortgage servicing rights ("MSR"), which are carried at fair value, for the three and nine months ended September 30, 2016 and 2015 : (in thousands) Three Months Ended Nine months ended September 30, September 30, 2016 2015 2016 2015 Balance, beginning of period $ 112,095 $ 127,206 $ 131,817 $ 117,259 Additions for new MSR capitalized 10,177 7,711 25,020 27,812 Changes in fair value: Due to changes in model inputs or assumptions (1) (5,386 ) (6,794 ) (22,473 ) (5,860 ) Other (2) (2,440 ) (3,309 ) (19,918 ) (14,397 ) Balance, end of period $ 114,446 $ 124,814 $ 114,446 $ 124,814 (1) Principally reflects changes in discount rates and prepayment speed assumptions, which are primarily affected by changes in interest rates. (2) Represents changes due to collection/realization of expected cash flows over time. Information related to our serviced loan portfolio as of September 30, 2016 and December 31, 2015 is as follows: (dollars in thousands) September 30, 2016 December 31, 2015 Balance of loans serviced for others $ 13,880,660 $ 13,047,266 MSR as a percentage of serviced loans 0.82 % 1.01 % The amount of contractually specified servicing fees, late fees and ancillary fees earned, recorded in residential mortgage banking revenue, was $9.4 million and $25.7 million for the three and nine months ended September 30, 2016 , respectively, as compared to $7.2 million and $20.5 million for the three and nine months ended September 30, 2015 , respectively. Key assumptions used in measuring the fair value of the MSR as of September 30, 2016 and December 31, 2015 are as follows: September 30, 2016 December 31, 2015 Constant prepayment rate 16.42 % 11.70 % Discount rate 9.71 % 9.68 % Weighted average life (years) 4.9 6.5 A sensitivity analysis of the current fair value to changes in discount and prepayment speed assumptions as of September 30, 2016 and December 31, 2015 is as follows: (in thousands) September 30, 2016 December 31, 2015 Constant prepayment rate Effect on fair value of a 10% adverse change $ (5,733 ) $ (5,337 ) Effect on fair value of a 20% adverse change $ (10,952 ) $ (10,283 ) Discount rate Effect on fair value of a 100 basis point adverse change $ (3,623 ) $ (4,936 ) Effect on fair value of a 200 basis point adverse change $ (7,024 ) $ (9,494 ) The sensitivity analysis presents the hypothetical effect on fair value of the MSR. The effect of such hypothetical change in assumptions generally cannot be extrapolated because the relationship of the change in an assumption to the change in fair value is not linear. Additionally, in the analysis, the impact of an adverse change in one assumption is calculated independent of any impact on other assumptions. In reality, changes in one assumption may change another assumption. |
Junior Subordinated Debentures
Junior Subordinated Debentures | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Junior Subordinated Debentures | Junior Subordinated Debentures Following is information about the Company's wholly-owned trusts ("Trusts") as of September 30, 2016 : (dollars in thousands) Issued Carrying Effective Trust Name Issue Date Amount Value (1) Rate (2) Rate (3) Maturity Date AT FAIR VALUE: Umpqua Statutory Trust II October 2002 $ 20,619 $ 15,679 Floating rate, LIBOR plus 3.35%, adjusted quarterly 5.40% October 2032 Umpqua Statutory Trust III October 2002 30,928 23,687 Floating rate, LIBOR plus 3.45%, adjusted quarterly 5.57% November 2032 Umpqua Statutory Trust IV December 2003 10,310 7,456 Floating rate, LIBOR plus 2.85%, adjusted quarterly 4.88% January 2034 Umpqua Statutory Trust V December 2003 10,310 7,414 Floating rate, LIBOR plus 2.85%, adjusted quarterly 5.15% March 2034 Umpqua Master Trust I August 2007 41,238 24,859 Floating rate, LIBOR plus 1.35%, adjusted quarterly 3.65% September 2037 Umpqua Master Trust IB September 2007 20,619 14,289 Floating rate, LIBOR plus 2.75%, adjusted quarterly 5.20% December 2037 Sterling Capital Trust III April 2003 14,433 11,462 Floating rate, LIBOR plus 3.25%, adjusted quarterly 5.05% April 2033 Sterling Capital Trust IV May 2003 10,310 8,103 Floating rate, LIBOR plus 3.15%, adjusted quarterly 5.05% May 2033 Sterling Capital Statutory Trust V May 2003 20,619 16,236 Floating rate, LIBOR plus 3.25%, adjusted quarterly 5.22% June 2033 Sterling Capital Trust VI June 2003 10,310 8,072 Floating rate, LIBOR plus 3.20%, adjusted quarterly 5.17% September 2033 Sterling Capital Trust VII June 2006 56,702 35,360 Floating rate, LIBOR plus 1.53%, adjusted quarterly 3.81% June 2036 Sterling Capital Trust VIII September 2006 51,547 32,425 Floating rate, LIBOR plus 1.63%, adjusted quarterly 3.94% December 2036 Sterling Capital Trust IX July 2007 46,392 27,898 Floating rate, LIBOR plus 1.40%, adjusted quarterly 3.40% October 2037 Lynnwood Financial Statutory Trust I March 2003 9,279 7,237 Floating rate, LIBOR plus 3.15%, adjusted quarterly 5.14% March 2033 Lynnwood Financial Statutory Trust II June 2005 10,310 6,743 Floating rate, LIBOR plus 1.80%, adjusted quarterly 4.05% June 2035 Klamath First Capital Trust I July 2001 15,464 13,194 Floating rate, LIBOR plus 3.75%, adjusted semiannually 5.68% July 2031 $ 379,390 $ 260,114 AT AMORTIZED COST: HB Capital Trust I March 2000 $ 5,310 $ 6,064 10.875% 8.60% March 2030 Humboldt Bancorp Statutory Trust I February 2001 5,155 5,712 10.200% 8.52% February 2031 Humboldt Bancorp Statutory Trust II December 2001 10,310 11,123 Floating rate, LIBOR plus 3.60%, adjusted quarterly 3.65% December 2031 Humboldt Bancorp Statutory Trust III September 2003 27,836 29,986 Floating rate, LIBOR plus 2.95%, adjusted quarterly 3.10% September 2033 CIB Capital Trust November 2002 10,310 11,011 Floating rate, LIBOR plus 3.45%, adjusted quarterly 3.60% November 2032 Western Sierra Statutory Trust I July 2001 6,186 6,186 Floating rate, LIBOR plus 3.58%, adjusted quarterly 4.34% July 2031 Western Sierra Statutory Trust II December 2001 10,310 10,310 Floating rate, LIBOR plus 3.60%, adjusted quarterly 4.46% December 2031 Western Sierra Statutory Trust III September 2003 10,310 10,310 Floating rate, LIBOR plus 2.90%, adjusted quarterly 3.58% September 2033 Western Sierra Statutory Trust IV September 2003 10,310 10,310 Floating rate, LIBOR plus 2.90%, adjusted quarterly 3.58% September 2033 96,037 101,012 Total $ 475,427 $ 361,126 (1) Includes acquisition accounting adjustments, net of accumulated amortization, for junior subordinated debentures assumed in connection with previous mergers as well as fair value adjustments related to trusts recorded at fair value. (2) Contractual interest rate of junior subordinated debentures. (3) Effective interest rate based upon the carrying value as of September 30, 2016 . The Trusts are reflected as junior subordinated debentures in the Condensed Consolidated Balance Sheets . The common stock issued by the Trusts is recorded in other assets in the Condensed Consolidated Balance Sheets , and totaled $14.3 million at September 30, 2016 and December 31, 2015 . As of September 30, 2016 , all of the junior subordinated debentures were redeemable at par, at their applicable quarterly or semiannual interest payment dates. The Company selected the fair value measurement option for junior subordinated debentures originally issued by the Company (the Umpqua Statutory Trusts) and for junior subordinated debentures acquired from Sterling. Refer to Note 14 for discussion of the rationale for election of fair value and the approach used to fair value the selected junior subordinated debentures. Absent changes to the significant inputs utilized in the discounted cash flow model used to measure the fair value of these instruments, the discounts will reverse over time in a manner similar to the effective interest rate method as if these instruments were accounted for under the amortized cost method. Losses recorded resulting from the change in the fair value of these instruments were $1.6 million and $4.7 million for the three and nine months ended September 30, 2016 , respectively, and $1.6 million and $4.7 million for the three and nine months ended September 30, 2015 , respectively. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Lease Commitments — As of September 30, 2016 , the Bank leased 265 sites under non-cancelable operating leases. The leases contain various provisions for increases in rental rates, based either on changes in the published Consumer Price Index or a predetermined escalation schedule. Substantially all of the leases provide the Company with the option to extend the lease term one or more times following expiration of the initial term. Rent expense for the three and nine months ended September 30, 2016 was $9.8 million and $29.0 million and for the three and nine months ended September 30, 2015 was $9.6 million and $28.6 million . Rent expense was partially offset by rent income of $508,000 and $1.5 million for the three and nine months ended September 30, 2016 and $510,000 and $1.1 million for the three and nine months ended September 30, 2015 . Financial Instruments with Off-Balance-Sheet Risk — The Company's financial statements do not reflect various commitments and contingent liabilities that arise in the normal course of the Bank's business and involve elements of credit, liquidity, and interest rate risk. The following table presents a summary of the Bank's commitments and contingent liabilities: (in thousands) As of September 30, 2016 Commitments to extend credit $ 4,052,341 Forward sales commitments $ 862,026 Commitments to originate residential mortgage loans held for sale $ 665,392 Standby letters of credit $ 65,918 The Bank is a party to financial instruments with off-balance-sheet credit risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit, standby letters of credit and financial guarantees. Those instruments involve elements of credit and interest-rate risk similar to the risk involved in on-balance sheet items recognized in the Condensed Consolidated Balance Sheets . The contract or notional amounts of those instruments reflect the extent of the Bank's involvement in particular classes of financial instruments. The Bank's exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby letters of credit, and financial guarantees written, is represented by the contractual notional amount of those instruments. The Bank uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any covenant or condition established in the applicable contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. While most standby letters of credit are not utilized, a significant portion of such utilization is on an immediate payment basis. The Bank evaluates each customer's creditworthiness on a case-by-case basis. The amount of collateral obtained, if it is deemed necessary by the Bank upon extension of credit, is based on management's credit evaluation of the counterparty. Collateral varies but may include cash, accounts receivable, inventory, premises and equipment and income-producing commercial properties. Standby letters of credit and financial guarantees written are conditional commitments issued by the Bank to guarantee the performance of a customer to a third party. These guarantees are primarily issued to support public and private borrowing arrangements, including international trade finance, commercial paper, bond financing and similar transactions. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. The Bank holds cash, marketable securities, or real estate as collateral supporting those commitments for which collateral is deemed necessary. The Bank was not required to perform on any financial guarantees during the three and nine months ended September 30, 2016 and September 30, 2015 . At September 30, 2016 , approximately $46.9 million of standby letters of credit expire within one year, and $19.0 million expire thereafter. Upon issuance, the Bank recognizes a liability equivalent to the amount of fees received from the customer for these standby letter of credit commitments. Fees are recognized ratably over the term of the standby letter of credit. During the three and nine months ended September 30, 2016 , the Bank recognized approximately $235,000 and $608,000 in fees associated with standby letters of credit. Residential mortgage loans sold into the secondary market are sold with limited recourse against the Company, meaning that the Company may be obligated to repurchase or otherwise reimburse the investor for incurred losses on any loans that suffer an early payment default, are not underwritten in accordance with investor guidelines or are determined to have pre-closing borrower misrepresentations. As of September 30, 2016 , the Company had a residential mortgage loan repurchase reserve liability of $1.9 million . Legal Proceedings —In the ordinary course of business, various claims and lawsuits are brought by and against the Company and its subsidiaries, including the Bank and Umpqua Investments. In the opinion of management, there is no pending or threatened proceeding that management believes is probable to have an adverse decision and that would result in a material adverse effect on the Company's consolidated financial condition or results of operations. Contingencies —In March 2016, the Company announced a plan to consolidate 26 store locations during 2016. Consolidations of these stores took place in the second and third quarters of 2016. Concentrations of Credit Risk — The Bank grants real estate mortgage, real estate construction, commercial, agricultural and installment loans and leases to customers throughout Oregon, Washington, California, Idaho, and Nevada. In management's judgment, a concentration exists in real estate-related loans, which represented approximately 76% of the Bank's loan and lease portfolio at September 30, 2016 and 78% at December 31, 2015 . Commercial real estate concentrations are managed to assure wide geographic and business diversity. Although management believes such concentrations have no more than the normal risk of collectability, a substantial decline in the economy in general, material increases in interest rates, changes in tax policies, tightening credit or refinancing markets, or a decline in real estate values in the Bank's primary market areas in particular, could have an adverse impact on the repayment of these loans. Personal and business incomes, proceeds from the sale of real property, or proceeds from refinancing, represent the primary sources of repayment for a majority of these loans. The Bank recognizes the credit risks inherent in dealing with other depository institutions. Accordingly, to prevent excessive exposure to any single correspondent, the Bank has established general standards for selecting correspondent banks as well as internal limits for allowable exposure to any single correspondent. In addition, the Bank has an investment policy that sets forth limitations that apply to all investments with respect to credit rating and concentrations with an issuer. |
Derivatives
Derivatives | 9 Months Ended |
Sep. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Derivatives The Bank may use derivatives to hedge the risk of changes in the fair values of interest rate lock commitments and residential mortgage loans held for sale. None of the Company's derivatives are designated as hedging instruments. Rather, they are accounted for as free-standing derivatives, or economic hedges, with changes in the fair value of the derivatives reported in income. The Company primarily utilizes forward interest rate contracts in its derivative risk management strategy. The Bank enters into forward delivery contracts to sell residential mortgage loans or mortgage-backed securities to broker/dealers at specific prices and dates in order to hedge the interest rate risk in its portfolio of mortgage loans held for sale and its residential mortgage loan commitments. Credit risk associated with forward contracts is limited to the replacement cost of those forward contracts in a gain position. There were no counterparty default losses on forward contracts in the three and nine months ended September 30, 2016 and 2015 . Market risk with respect to forward contracts arises principally from changes in the value of contractual positions due to changes in interest rates. The Bank limits its exposure to market risk by monitoring differences between commitments to customers and forward contracts with broker/dealers. In the event the Company has forward delivery contract commitments in excess of available mortgage loans, the Company completes the transaction by either paying or receiving a fee to or from the broker/dealer equal to the increase or decrease in the market value of the forward contract. At September 30, 2016 , the Bank had commitments to originate mortgage loans held for sale totaling $665.4 million and forward sales commitments of $862.0 million , which are used to hedge both on-balance sheet and off-balance sheet exposures. The Bank executes interest rate swaps with commercial banking customers to facilitate their respective risk management strategies. Those interest rate swaps are simultaneously hedged by offsetting the interest rate swaps that the Bank executes with a third party, such that the Bank minimizes its net risk exposure. As of September 30, 2016 , the Bank had 466 interest rate swaps with an aggregate notional amount of $2.2 billion related to this program. As of December 31, 2015 , the Bank had 381 interest rate swaps with an aggregate notional amount of $1.9 billion related to this program. As of September 30, 2016 and December 31, 2015 , the termination value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $80.6 million and $40.2 million , respectively. The Bank has collateral posting requirements for initial or variation margins with its clearing members and clearing houses and has been required to post collateral against its obligations under these agreements of $107.2 million and $58.7 million as of September 30, 2016 and December 31, 2015 , respectively. The Bank incorporates credit valuation adjustments ("CVA") to appropriately reflect nonperformance risk in the fair value measurement of its derivatives. As of September 30, 2016 , the net CVA decreased the settlement values of the Bank's net derivative assets by $4.9 million . The Bank also executes foreign currency hedges as a service for customers. These foreign currency hedges are then offset with hedges with other third-party banks to limit the Bank's risk exposure. The following tables summarize the types of derivatives, separately by assets and liabilities, and the fair values of such derivatives as of September 30, 2016 and December 31, 2015 : (in thousands) Asset Derivatives Liability Derivatives Derivatives not designated September 30, December 31, September 30, December 31, as hedging instrument 2016 2015 2016 2015 Interest rate lock commitments $ 10,577 $ 3,631 $ — $ — Interest rate forward sales commitments 55 1,155 3,842 971 Interest rate swaps 75,782 38,567 80,555 40,238 Foreign currency derivative 64 196 407 305 Total $ 86,478 $ 43,549 $ 84,804 $ 41,514 The fair values of the derivatives are recorded in other assets and other liabilities. The following table summarizes the types of derivatives and the gains (losses) recorded during the three and nine months ended September 30, 2016 and 2015 : (in thousands) Three Months Ended Nine months ended Derivatives not designated September 30, September 30, as hedging instrument 2016 2015 2016 2015 Interest rate lock commitments $ (451 ) $ 1,784 $ 6,947 $ 2,977 Interest rate forward sales commitments (5,865 ) (11,383 ) (26,885 ) (6,275 ) Interest rate swaps 182 (1,181 ) (3,104 ) (554 ) Foreign currency derivative 307 254 900 745 Total $ (5,827 ) $ (10,526 ) $ (22,142 ) $ (3,107 ) The gains and losses on the Company's mortgage banking derivatives are included in mortgage banking revenue. The gains and losses on the Company's interest rate swaps and foreign currency derivative are included in other income. The following table summarizes the derivatives that have a right of offset as of September 30, 2016 and December 31, 2015 : (in thousands) Gross Amounts Not Offset in the Statement of Financial Position Gross Amounts of Recognized Assets/Liabilities Gross Amounts Offset in the Statement of Financial Position Net Amounts of Assets/Liabilities presented in the Statement of Financial Position Financial Instruments Collateral Posted Net Amount September 30, 2016 Derivative Assets Interest rate swaps $ 75,782 $ — $ 75,782 $ (534 ) $ — $ 75,248 Foreign currency derivative 64 — 64 — — 64 Derivative Liabilities Interest rate swaps $ 80,555 $ — $ 80,555 $ (534 ) $ (80,021 ) $ — Foreign currency derivative 407 — 407 — — 407 December 31, 2015 Derivative Assets Interest rate swaps $ 38,567 $ — $ 38,567 $ (198 ) $ — $ 38,369 Foreign currency derivative 196 — 196 — — 196 Derivative Liabilities Interest rate swaps $ 40,238 $ — $ 40,238 $ (198 ) $ (40,040 ) $ — Foreign currency derivative 305 — 305 — — 305 |
Shareholders' Equity and Stock
Shareholders' Equity and Stock Compensation | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Shareholders' Equity and Stock Compensation | Shareholders' Equity and Stock Compensation The Company has a share repurchase plan, which allows the Company to repurchase shares from time to time subject to a maximum number of shares over the life of the plan. In February 2016, the Company repurchased 235,000 shares for a total of $3.5 million . In July 2016, the Company repurchased an additional 325,000 shares for a total of $5.0 million . Stock-Based Compensation The compensation cost related to stock options, restricted stock and restricted stock units granted to employees and included in salaries and employee benefits was $2.0 million and $6.7 million for the three and nine months ended September 30, 2016 , as compared to $3.1 million and $10.7 million for the three and nine months ended September 30, 2015 . The total income tax benefit recognized related to stock-based compensation was $774,000 and $2.6 million for the three and nine months ended September 30, 2016 , as compared to $1.2 million and $3.9 million for the three and nine months ended September 30, 2015 . The following table summarizes information about stock option activity for the nine months ended September 30, 2016 : (in thousands, except per share data) Nine months ended September 30, 2016 Weighted-Avg Options Weighted-Avg Remaining Contractual Aggregate Outstanding Exercise Price Term (Years) Intrinsic Value Balance, beginning of period 472 $ 14.58 Granted — $ — Exercised (87 ) $ 12.65 Forfeited/expired (34 ) $ 24.19 Balance, end of period 351 $ 14.13 3.12 $ 898 Options exercisable, end of period 340 $ 14.20 3.01 $ 862 The total intrinsic value (which is the amount by which the stock price exceeded the exercise price on the date of exercise) of options exercised during the three and nine months ended September 30, 2016 was $81,000 and $259,000 , respectively, as compared to the three and nine months ended September 30, 2015 of $47,000 and $512,000 , respectively. During the three and nine months ended September 30, 2016 , the amount of cash received from the exercise of stock options was $365,000 and $432,000 , respectively, as compared to the three and nine months ended September 30, 2015 of $16 and $195,000 , respectively. Total consideration was $322,000 and $1.1 million for the three and nine months ended September 30, 2016 , respectively, as compared to the three and nine months ended September 30, 2015 of $117,000 and $877,000 , respectively. The Company grants restricted stock periodically for the benefit of employees and directors. Restricted shares generally vest over a three year period, subject to time or time plus performance vesting conditions. The following table summarizes information about nonvested restricted share activity for the nine months ended September 30, 2016 : (in thousands, except per share data) Nine months ended September 30, 2016 Restricted Weighted Shares Average Grant Outstanding Date Fair Value Balance, beginning of period 1,376 $ 16.18 Granted 586 $ 14.41 Released (745 ) $ 15.84 Forfeited (115 ) $ 14.70 Balance, end of period 1,102 $ 15.62 The total fair value of restricted shares vested and released during the three and nine months ended September 30, 2016 was $331,000 and $11.6 million , respectively, as compared to the three and nine months ended September 30, 2015 of $1.6 million and $8.3 million , respectively. The Company granted restricted stock units in connection with the acquisition of Sterling as replacement awards. Restricted stock unit grants may be subject to performance-based vesting as well as other approved vesting conditions. The total number of restricted stock units granted represents the maximum number of restricted stock units eligible to vest based upon the performance and service conditions set forth in the grant agreements. The following table summarizes information about nonvested restricted stock unit activity for the nine months ended September 30, 2016 : (in thousands, except per share data) Nine months ended September 30, 2016 Restricted Weighted Stock Units Average Grant Outstanding Date Fair Value Balance, beginning of period 263 $ 18.58 Granted — $ — Released (136 ) $ 18.58 Forfeited (48 ) $ 18.58 Balance, end of period 79 $ 18.58 The total fair value of restricted stock units vested and released during the three and nine months ended September 30, 2016 was $65,000 and $2.2 million , respectively, as compared to the three and nine months ended September 30, 2015 of $430,000 and $4.4 million , respectively. As of September 30, 2016 , there was $54,000 of total unrecognized compensation cost related to nonvested stock options which is expected to be recognized over a weighted-average period of 1.00 years. As of September 30, 2016 , there was $9.0 million of total unrecognized compensation cost related to nonvested restricted stock awards which is expected to be recognized over a weighted-average period of 1.64 years. As of September 30, 2016 , there was $2.0 million of total unrecognized compensation cost related to nonvested restricted stock units which is expected to be recognized over a weighted-average period of 1.19 years, assuming expected performance conditions are met. For the three and nine months ended September 30, 2016 , the Company received income tax benefits of $185,000 and $5.4 million , respectively, as compared to the three and nine months ended September 30, 2015 of $700,000 and $5.1 million , respectively, related to the exercise of non-qualified employee stock options, disqualifying dispositions on the exercise of incentive stock options, the vesting of restricted shares and the vesting of restricted stock units. In the nine months ended September 30, 2016 , the Company did not record a tax deficiency or benefit as a component of equity due to the application of ASU 2016-09. For the nine months ended September 30, 2015 , the Company had $544,000 of net excess tax benefit (tax benefit resulting from tax deductions greater than the compensation cost recognized). The tax deficiency or benefit is now recorded as income tax expense or benefit in the period the shares are vested. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction, as well as in the majority of states and in Canada. The Company believes it is more likely than not that it will be able to fully realize the benefit of its federal net operating loss ("NOL") carry-forwards. The Company also believes that it is more likely than not that the benefit from certain state NOL and tax credit carry-forwards will not be realized and therefore has provided a valuation allowance of $1.1 million against the deferred tax assets relating to these NOL and tax credit carry-forwards. The Company had gross unrecognized tax benefits of $3.0 million as of September 30, 2016 . If recognized, the unrecognized tax benefit would reduce the 2016 annual effective tax rate by 0.8% . During the three and nine months ended September 30, 2016 , the Company reversed $135,000 and $92,000 of interest relating to its liability for unrecognized tax benefits. Interest on unrecognized tax benefits is reported by the Company as a component of tax expense. As of September 30, 2016 , the accrued interest related to unrecognized tax benefits was $336,000 . |
Earnings Per Common Share
Earnings Per Common Share | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share Nonvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents are participating securities and are included in the computation of earnings per share pursuant to the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings. Certain of the Company's nonvested restricted stock awards qualify as participating securities. Net earnings is allocated between the common stock and participating securities pursuant to the two-class method. Basic earnings per common share is computed by dividing net earnings available to common shareholders by the weighted average number of common shares outstanding during the period, excluding participating nonvested restricted shares. Diluted earnings per common share is computed in a similar manner, except that first the denominator is increased to include the number of additional common shares that would have been outstanding if potentially dilutive common shares, excluding the participating securities, were issued using the treasury stock method. For all periods presented, stock options, certain restricted stock awards and restricted stock units are the only potentially dilutive non-participating instruments issued by the Company. Next, we determine and include in diluted earnings per common share calculation the more dilutive effect of the participating securities using the treasury stock method or the two-class method. Undistributed losses are not allocated to the nonvested share-based payment awards (the participating securities) under the two-class method as the holders are not contractually obligated to share in the losses of the Company. The following is a computation of basic and diluted earnings per common share for the three and nine months ended September 30, 2016 and 2015 : (in thousands, except per share data) Three Months Ended Nine months ended September 30, September 30, 2016 2015 2016 2015 NUMERATORS: Net income $ 61,809 $ 57,607 $ 163,665 $ 159,520 Less: Dividends and undistributed earnings allocated to participating securities (1) 31 84 92 261 Net earnings available to common shareholders $ 61,778 $ 57,523 $ 163,573 $ 159,259 DENOMINATORS: Weighted average number of common shares outstanding - basic 220,291 220,297 220,313 220,370 Effect of potentially dilutive common shares (2) 460 607 623 692 Weighted average number of common shares outstanding - diluted 220,751 220,904 220,936 221,062 EARNINGS PER COMMON SHARE: Basic $ 0.28 $ 0.26 $ 0.74 $ 0.72 Diluted $ 0.28 $ 0.26 $ 0.74 $ 0.72 (1) Represents dividends paid and undistributed earnings allocated to nonvested restricted stock awards. (2) Represents the effect of the assumed exercise of stock options, vesting of non-participating restricted shares, and vesting of restricted stock units, based on the treasury stock method. The following table presents the weighted average outstanding securities that were not included in the computation of diluted earnings per common share because their effect would be anti-dilutive for the three and nine months ended September 30, 2016 and 2015 . (in thousands) Three Months Ended Nine months ended September 30, September 30, 2016 2015 2016 2015 Stock options 50 75 104 102 Restricted Stock — 1 — — |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company operates two primary segments: Community Banking and Home Lending. The Community Banking segment's principal business focus is the offering of loan and deposit products to business and retail customers in its primary market areas. As of September 30, 2016 , the Community Banking segment operated 349 locations throughout Oregon, Washington, California, Idaho, and Nevada. The Home Lending segment, which operates as a division of the Bank, originates, sells and services residential mortgage loans. Summarized financial information concerning the Company's reportable segments and the reconciliation to the consolidated financial results is shown in the following tables: (in thousands) Three Months Ended September 30, 2016 Community Home Banking Lending Consolidated Interest income $ 196,388 $ 30,031 $ 226,419 Interest expense 14,669 1,858 16,527 Net interest income 181,719 28,173 209,892 Provision for loan and lease losses 12,223 868 13,091 Non-interest income 32,418 48,292 80,710 Non-interest expense 147,172 34,015 181,187 Income before income taxes 54,742 41,582 96,324 Provision for income taxes 19,616 14,899 34,515 Net income $ 35,126 $ 26,683 $ 61,809 (in thousands) Nine months ended September 30, 2016 Community Home Banking Lending Consolidated Interest income $ 596,508 $ 89,428 $ 685,936 Interest expense 43,608 5,536 49,144 Net interest income 552,900 83,892 636,792 Provision (recapture) for loan and lease losses 29,696 (1,193 ) 28,503 Non-interest income 96,340 104,980 201,320 Non-interest expense 456,533 97,154 553,687 Income before income taxes 163,011 92,911 255,922 Provision for income taxes 58,763 33,494 92,257 Net income $ 104,248 $ 59,417 $ 163,665 (in thousands) Three Months Ended September 30, 2015 Community Home Banking Lending Consolidated Interest income $ 203,878 $ 29,924 $ 233,802 Interest expense 12,269 2,318 14,587 Net interest income 191,609 27,606 219,215 Provision for loan and lease losses 7,294 859 8,153 Non-interest income 33,043 28,329 61,372 Non-interest expense 152,682 30,512 183,194 Income before income taxes 64,676 24,564 89,240 Provision for income taxes 22,925 8,708 31,633 Net income $ 41,751 $ 15,856 $ 57,607 Nine months ended September 30, 2015 Community Home Banking Lending Consolidated Interest income $ 616,724 $ 77,937 $ 694,661 Interest expense 36,480 6,381 42,861 Net interest income 580,244 71,556 651,800 Provision for loan and lease losses 29,067 2,977 32,044 Non-interest income 95,881 110,498 206,379 Non-interest expense 486,564 91,167 577,731 Income before income taxes 160,494 87,910 248,404 Provision for income taxes 57,430 31,454 88,884 Net income $ 103,064 $ 56,456 $ 159,520 (in thousands) September 30, 2016 Community Home Banking Lending Consolidated Total assets $ 21,431,922 $ 3,312,292 $ 24,744,214 Total loans and leases $ 14,786,720 $ 2,605,331 $ 17,392,051 Total deposits $ 18,594,102 $ 324,678 $ 18,918,780 (in thousands) December 31, 2015 Community Home Banking Lending Consolidated Total assets $ 20,214,498 $ 3,191,883 $ 23,406,381 Total loans and leases $ 14,183,919 $ 2,682,617 $ 16,866,536 Total deposits $ 17,689,815 $ 17,374 $ 17,707,189 |
Fair Value Measurement
Fair Value Measurement | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | Fair Value Measurement The following table presents estimated fair values of the Company's financial instruments as of September 30, 2016 and December 31, 2015 , whether or not recognized or recorded at fair value in the Condensed Consolidated Balance Sheets : (in thousands) September 30, 2016 December 31, 2015 Carrying Fair Carrying Fair Level Value Value Value Value FINANCIAL ASSETS: Cash and cash equivalents 1 $ 1,466,441 $ 1,466,441 $ 773,725 $ 773,725 Trading securities 1,2 10,866 10,866 9,586 9,586 Investment securities available for sale 2 2,520,037 2,520,037 2,522,539 2,522,539 Investment securities held to maturity 3 4,302 5,194 4,609 5,590 Loans held for sale 2 565,624 565,624 363,275 363,275 Loans and leases, net 3 17,258,359 17,290,218 16,736,214 16,661,079 Restricted equity securities 1 47,537 47,537 46,949 46,949 Residential mortgage servicing rights 3 114,446 114,446 131,817 131,817 Bank owned life insurance assets 1 297,561 297,561 291,892 291,892 Derivatives 2,3 86,478 86,478 43,549 43,549 Visa Class B common stock 3 — 62,652 — 58,751 FINANCIAL LIABILITIES: Deposits 1,2 $ 18,918,780 $ 18,932,157 $ 17,707,189 $ 17,709,555 Securities sold under agreements to repurchase 2 309,463 309,463 304,560 304,560 Term debt 2 902,678 909,586 888,769 890,852 Junior subordinated debentures, at fair value 3 260,114 260,114 255,457 255,457 Junior subordinated debentures, at amortized cost 3 101,012 77,025 101,254 75,654 Derivatives 2 84,804 84,804 41,514 41,514 Fair Value of Assets and Liabilities Measured on a Recurring Basis The following tables present information about the Company's assets and liabilities measured at fair value on a recurring basis as of September 30, 2016 and December 31, 2015 : (in thousands) September 30, 2016 Description Total Level 1 Level 2 Level 3 FINANCIAL ASSETS: Trading securities Obligations of states and political subdivisions $ 476 $ — $ 476 $ — Equity securities 10,390 10,390 — — Investment securities available for sale Obligations of states and political subdivisions 303,369 — 303,369 — Residential mortgage-backed securities and collateralized mortgage obligations 2,214,634 — 2,214,634 — Investments in mutual funds and other equity securities 2,034 — 2,034 — Loans held for sale, at fair value 565,624 — 565,624 — Residential mortgage servicing rights, at fair value 114,446 — — 114,446 Derivatives Interest rate lock commitments 10,577 — — 10,577 Interest rate forward sales commitments 55 — 55 — Interest rate swaps 75,782 — 75,782 — Foreign currency derivative 64 — 64 — Total assets measured at fair value $ 3,297,451 $ 10,390 $ 3,162,038 $ 125,023 FINANCIAL LIABILITIES: Junior subordinated debentures, at fair value $ 260,114 $ — $ — $ 260,114 Derivatives Interest rate forward sales commitments 3,842 — 3,842 — Interest rate swaps 80,555 — 80,555 — Foreign currency derivative 407 — 407 — Total liabilities measured at fair value $ 344,918 $ — $ 84,804 $ 260,114 (in thousands) December 31, 2015 Description Total Level 1 Level 2 Level 3 FINANCIAL ASSETS: Trading securities Obligations of states and political subdivisions $ 75 $ — $ 75 $ — Equity securities 9,511 9,511 — — Investment securities available for sale Obligations of states and political subdivisions 313,117 — 313,117 — Residential mortgage-backed securities and collateralized mortgage obligations 2,207,420 — 2,207,420 — Investments in mutual funds and other equity securities 2,002 — 2,002 — Loans held for sale, at fair value 363,275 — 363,275 — Residential mortgage servicing rights, at fair value 131,817 — — 131,817 Derivatives Interest rate lock commitments 3,631 — — 3,631 Interest rate forward sales commitments 1,155 — 1,155 — Interest rate swaps 38,567 — 38,567 — Foreign currency derivative 196 — 196 — Total assets measured at fair value $ 3,070,766 $ 9,511 $ 2,925,807 $ 135,448 FINANCIAL LIABILITIES: Junior subordinated debentures, at fair value $ 255,457 $ — $ — $ 255,457 Derivatives Interest rate forward sales commitments 971 — 971 — Interest rate swaps 40,238 — 40,238 — Foreign currency derivative 305 — 305 — Total liabilities measured at fair value $ 296,971 $ — $ 41,514 $ 255,457 The following methods were used to estimate the fair value of each class of financial instrument in the tables above: Cash and Cash Equivalents — For short-term instruments, including noninterest bearing cash and interest bearing cash, the carrying amount is a reasonable estimate of fair value. Securities — Fair values for investment securities are based on quoted market prices when available or through the use of alternative approaches, such as matrix or model pricing, or broker indicative bids, when market quotes are not readily accessible or available. Management periodically reviews the pricing information received from the third-party pricing service and compares it to a secondary pricing service, evaluating significant price variances between services to determine an appropriate estimate of fair value to report. Loans Held for Sale — Fair value for residential mortgage loans originated as held for sale is determined based on quoted secondary market prices for similar loans, including the implicit fair value of embedded servicing rights. For loans not originated as held for sale, these loans are accounted for at lower of cost or market, with the fair value estimated based on the expected sales price. Loans and Leases — Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type, including commercial, real estate and consumer loans. Each loan category is further segregated by fixed and adjustable rate loans. The fair value of loans is calculated by discounting expected cash flows at rates which similar loans are currently being made. These amounts are discounted further by embedded probable losses expected to be realized in the portfolio. Restricted Equity Securities — The carrying value of restricted equity securities approximates fair value as the shares can only be redeemed by the issuing institution at par. Residential Mortgage Servicing Rights — The fair value of mortgage servicing rights is estimated using a discounted cash flow model. Assumptions used include market discount rates, anticipated prepayment speeds, delinquency and foreclosure rates, and ancillary fee income net of servicing costs. This model is periodically validated by an independent external model validation group. The model assumptions and the MSR fair value estimates are also compared to observable trades of similar portfolios as well as to MSR broker valuations and industry surveys, as available. Management believes the significant inputs utilized are indicative of those that would be used by market participants. Bank Owned Life Insurance Assets — Fair values of insurance policies owned are based on the insurance contract's cash surrender value. Visa Inc. Class B Common Stock — The fair value of Visa Class B common stock is estimated by applying a 5% discount to the value of the unredeemed Class A equivalent shares. The discount primarily represents the risk related to the further potential reduction of the conversion ratio between Class B and Class A shares and a liquidity risk premium. Deposits — The fair value of deposits with no stated maturity, such as non-interest bearing deposits, savings and interest checking accounts, and money market accounts, is equal to the amount payable on demand. 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 offered for deposits of similar remaining maturities. Securities Sold under Agreements to Repurchase — For short-term instruments, including securities sold under agreements to repurchase and federal funds purchased, the carrying amount is a reasonable estimate of fair value. Term Debt — The fair value of term notes is calculated based on the discounted value of the contractual cash flows using current rates at which such borrowings can currently be obtained. Junior Subordinated Debentures — The fair value of junior subordinated debentures is estimated using an income approach valuation technique. The significant inputs utilized in the estimation of fair value of these instruments are the credit risk adjusted spread and three month LIBOR. The credit risk adjusted spread represents the nonperformance risk of the liability, contemplating the inherent risk of the obligation. The Company periodically utilizes an external valuation firm to determine or validate the reasonableness of inputs and factors that are used to determine the fair value. The ending carrying (fair) value of the junior subordinated debentures measured at fair value represents the estimated amount that would be paid to transfer these liabilities in an orderly transaction amongst market participants. Due to credit concerns in the capital markets and inactivity in the trust preferred markets that have limited the observability of market spreads, we have classified this as a Level 3 fair value measure. Derivative Instruments — The fair value of the interest rate lock commitments and forward sales commitments are estimated using quoted or published market prices for similar instruments, adjusted for factors such as pull-through rate assumptions based on historical information, where appropriate. The pull-through rate assumptions are considered Level 3 valuation inputs and are significant to the interest rate lock commitment valuation; as such, the interest rate lock commitment derivatives are classified as Level 3. The fair value of the interest rate swaps is determined using a discounted cash flow technique incorporating credit valuation adjustments to reflect nonperformance risk in the measurement of fair value. Although the Bank has determined that the majority of the inputs used to value its interest rate swap derivatives fall within Level 2 of the fair value hierarchy, the CVA associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of September 30, 2016 , the Bank has assessed the significance of the impact of the CVA on the overall valuation of its interest rate swap positions and has determined that the CVA are not significant to the overall valuation of its interest rate swap derivatives. As a result, the Bank has classified its interest rate swap derivative valuations in Level 2 of the fair value hierarchy. Assets and Liabilities Measured at Fair Value Using Significant Unobservable Inputs (Level 3) The following table provides a description of the valuation technique, significant unobservable inputs, and qualitative information about the unobservable inputs for the Company's assets and liabilities classified as Level 3 and measured at fair value on a recurring basis at September 30, 2016 : Financial Instrument Valuation Technique Unobservable Input Weighted Average Residential mortgage servicing rights Discounted cash flow Constant Prepayment Rate 16.42% Discount Rate 9.71% Interest rate lock commitment Internal Pricing Model Pull-through rate 84.24% Junior subordinated debentures Discounted cash flow Credit Spread 5.84% Generally, any significant increases in the constant prepayment rate and discount rate utilized in the fair value measurement of the residential mortgage servicing rights will result in negative fair value adjustments (and a decrease in the fair value measurement). Conversely, a decrease in the constant prepayment rate and discount rate will result in a positive fair value adjustment (and increase in the fair value measurement). An increase in the pull-through rate utilized in the fair value measurement of the interest rate lock commitment derivative will result in positive fair value adjustments (and an increase in the fair value measurement.) Conversely, a decrease in the pull-through rate will result in a negative fair value adjustment (and a decrease in the fair value measurement.) Management believes that the credit risk adjusted spread utilized in the fair value measurement of the junior subordinated debentures carried at fair value is indicative of the nonperformance risk premium a willing market participant would require under current market conditions, that is, the inactive market. Management attributes the change in fair value of the junior subordinated debentures during the period to market changes in the nonperformance expectations and pricing of this type of debt, and not as a result of changes to our entity-specific credit risk. The widening of the credit risk adjusted spread above the Company's contractual spreads has primarily contributed to the positive fair value adjustments. Future contractions in the credit risk adjusted spread relative to the spread currently utilized to measure the Company's junior subordinated debentures at fair value as of September 30, 2016 , or the passage of time, will result in negative fair value adjustments. Generally, an increase in the credit risk adjusted spread and/or a decrease in the three month LIBOR swap curve will result in positive fair value adjustments (and decrease the fair value measurement). Conversely, a decrease in the credit risk adjusted spread and/or an increase in the three month LIBOR swap curve will result in negative fair value adjustments (and increase the fair value measurement). The following table provides a reconciliation of assets and liabilities measured at fair value using significant unobservable inputs (Level 3) on a recurring basis during the three and nine months ended September 30, 2016 and 2015 . (in thousands) Three Months Ended September 30, Beginning Balance Change included in earnings Purchases and issuances Sales and settlements Ending Balance Net change in unrealized gains or (losses) relating to items held at end of period 2016 Residential mortgage servicing rights $ 112,095 $ (7,826 ) $ 10,177 $ — $ 114,446 $ (3,424 ) Interest rate lock commitment, net 11,028 1,585 19,503 (21,539 ) 10,577 10,577 Junior subordinated debentures, at fair value 258,660 4,486 — (3,032 ) 260,114 4,486 2015 Residential mortgage servicing rights $ 127,206 $ (10,103 ) $ 7,711 $ — $ 124,814 $ (8,757 ) Interest rate lock commitment, net 4,061 1,327 12,040 (11,962 ) 5,466 5,466 Junior subordinated debentures, at fair value 252,214 4,011 — (2,560 ) 253,665 4,011 (in thousands) Nine months ended September 30, Beginning Change Purchases and issuances Sales and settlements Ending Net change in 2016 Residential mortgage servicing rights $ 131,817 $ (42,391 ) $ 25,020 $ — $ 114,446 $ (35,386 ) Interest rate lock commitment, net 3,631 5,306 50,785 (49,145 ) 10,577 10,577 Junior subordinated debentures, at fair value 255,457 13,160 — (8,503 ) 260,114 13,160 2015 Residential mortgage servicing rights $ 117,259 $ (20,257 ) $ 27,812 $ — $ 124,814 $ (15,072 ) Interest rate lock commitment, net 2,867 (2,321 ) 42,705 (37,785 ) 5,466 5,466 Junior subordinated debentures, at fair value 249,294 11,846 — (7,475 ) 253,665 11,846 Changes in residential mortgage servicing rights carried at fair value are recorded in residential mortgage banking revenue within non-interest income. Gains (losses) on interest rate lock commitments carried at fair value are recorded in residential mortgage banking revenue within non-interest income. Gains (losses) on junior subordinated debentures carried at fair value are recorded in non-interest income. The contractual interest expense on the junior subordinated debentures is recorded on an accrual basis as interest on junior subordinated debentures within interest expense. Settlements related to the junior subordinated debentures represent the payment of accrued interest that is embedded in the fair value of these liabilities. Additionally, from time to time, certain assets are measured at fair value on a nonrecurring basis. These adjustments to fair value generally result from the application of lower-of-cost-or-market accounting or write-downs of individual assets due to impairment, typically on collateral dependent loans. Fair Value of Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis The following table presents information about the Company's assets and liabilities measured at fair value on a nonrecurring basis for which a nonrecurring change in fair value has been recorded during the reporting period. The amounts disclosed below represent the fair values at the time the nonrecurring fair value measurements were made, and not necessarily the fair value as of the dates reported upon. (in thousands) September 30, 2016 Total Level 1 Level 2 Level 3 Loans and leases $ 24,374 $ — $ — $ 24,374 Other real estate owned 2,497 — — 2,497 $ 26,871 $ — $ — $ 26,871 (in thousands) December 31, 2015 Total Level 1 Level 2 Level 3 Loans and leases $ 24,690 $ — $ — $ 24,690 Other real estate owned 802 — — 802 $ 25,492 $ — $ — $ 25,492 The following table presents the losses resulting from nonrecurring fair value adjustments for the three and nine months ended September 30, 2016 and 2015 : (in thousands) Three Months Ended Nine months ended September 30, September 30, 2016 2015 2016 2015 Loans and leases $ 6,472 $ 5,769 $ 19,642 $ 23,209 Other real estate owned 139 295 1,601 2,781 Total loss from nonrecurring measurements $ 6,611 $ 6,064 $ 21,243 $ 25,990 The following provides a description of the valuation technique and inputs for the Company’s assets and liabilities classified as Level 3 and measured at fair value on a nonrecurring basis. Unobservable inputs and qualitative information about the unobservable inputs are not presented as the fair value is determined by third-party information. The loans and leases amount above represents impaired, collateral dependent loans that have been adjusted to fair value. When we identify a collateral dependent loan as impaired, we measure the impairment using the current fair value of the collateral, less selling costs. Depending on the characteristics of a loan, the fair value of collateral is generally estimated by obtaining external appraisals. If we determine that the value of the impaired loan is less than the recorded investment in the loan, we recognize this impairment and adjust the carrying value of the loan to fair value through the allowance for loan and lease losses. The loss represents charge-offs or impairments on collateral dependent loans for fair value adjustments based on the fair value of collateral. The other real estate owned amount above represents impaired real estate that has been adjusted to fair value. Other real estate owned represents real estate which the Bank has taken control of in partial or full satisfaction of loans. At the time of foreclosure, other real estate owned is recorded at the lower of the carrying amount of the loan or fair value less costs to sell, which becomes the property's new basis. Any write-downs based on the asset's fair value at the date of acquisition are charged to the allowance for loan and lease losses. After foreclosure, management periodically performs valuations such that the real estate is carried at the lower of its new cost basis or fair value, net of estimated costs to sell. Fair value adjustments on other real estate owned are recognized within net loss on real estate owned. The loss represents impairments on other real estate owned for fair value adjustments based on the fair value of the real estate. Fair Value Option The following table presents the difference between the aggregate fair value and the aggregate unpaid principal balance of loans held for sale accounted for under the fair value option as of September 30, 2016 and December 31, 2015 : (in thousands) September 30, 2016 December 31, 2015 Fair Value Fair Value Aggregate Less Aggregate Aggregate Less Aggregate Unpaid Unpaid Unpaid Unpaid Fair Principal Principal Fair Principal Principal Value Balance Balance Value Balance Balance Loans held for sale $ 565,624 $ 540,208 $ 25,416 $ 363,275 $ 351,414 $ 11,861 Residential mortgage loans held for sale accounted for under the fair value option are measured initially at fair value with subsequent changes in fair value recognized in earnings. Gains and losses from such changes in fair value are reported as a component of residential mortgage banking revenue, net in the Consolidated Statements of Income . For the three and nine months ended September 30, 2016 , the Company recorded a net decrease in fair value of $254 thousand and a net increase of $13.6 million , respectively. For the three and nine months ended September 30, 2015 , the Company recorded a net increase in fair value of $6.0 million and $5.7 million , respectively, representing the change in fair value reflected in earnings. There were no nonaccrual residential mortgage loans held for sale or residential mortgage loans held for sale 90 days or more past due and still accruing interest as of September 30, 2016 and December 31, 2015 , respectively. The Company selected the fair value measurement option for existing junior subordinated debentures (the Umpqua Statutory Trusts) and for junior subordinated debentures acquired from Sterling. The remaining junior subordinated debentures were acquired through previous business combinations and were measured at fair value at the time of acquisition and subsequently measured at amortized cost. Accounting for the selected junior subordinated debentures at fair value enables us to more closely align our financial performance with the economic value of those liabilities. Additionally, we believe it improves our ability to manage the market and interest rate risks associated with the junior subordinated debentures. The junior subordinated debentures measured at fair value and amortized cost are presented as separate line items on the balance sheet. The ending carrying (fair) value of the junior subordinated debentures measured at fair value represents the estimated amount that would be paid to transfer these liabilities in an orderly transaction amongst market participants under current market conditions as of the measurement date. Due to inactivity in the junior subordinated debenture market and the lack of observable quotes of our, or similar, junior subordinated debenture liabilities or the related trust preferred securities when traded as assets, we utilize an income approach valuation technique to determine the fair value of these liabilities using our estimation of market discount rate assumptions. The Company monitors activity in the trust preferred and related markets, to the extent available, evaluates changes related to the current and anticipated future interest rate environment, and considers our entity-specific creditworthiness, to validate the reasonableness of the credit risk adjusted spread and effective yield utilized in our discounted cash flow model. Regarding the activity in and condition of the junior subordinated debt market, we noted no observable changes in the current period as it relates to companies comparable to our size and condition, in either the primary or secondary markets. Relating to the interest rate environment, we considered the change in slope and shape of the forward LIBOR swap curve in the current period, the effects of which did not result in a significant change in the fair value of these liabilities. |
Summary of Significant Accoun23
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Derivatives | Derivatives The Bank may use derivatives to hedge the risk of changes in the fair values of interest rate lock commitments and residential mortgage loans held for sale. None of the Company's derivatives are designated as hedging instruments. Rather, they are accounted for as free-standing derivatives, or economic hedges, with changes in the fair value of the derivatives reported in income. The Company primarily utilizes forward interest rate contracts in its derivative risk management strategy. |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Amortized Cost, Unrealized Gains And Losses, And Fair Value Of Investment Securities | The following table presents the amortized costs, unrealized gains, unrealized losses and approximate fair values of investment securities at September 30, 2016 and December 31, 2015 : (in thousands) September 30, 2016 Amortized Unrealized Unrealized Fair Cost Gains Losses Value AVAILABLE FOR SALE: Obligations of states and political subdivisions $ 292,213 $ 11,625 $ (469 ) $ 303,369 Residential mortgage-backed securities and collateralized mortgage obligations 2,198,654 20,038 (4,058 ) 2,214,634 Investments in mutual funds and other equity securities 1,959 75 — 2,034 $ 2,492,826 $ 31,738 $ (4,527 ) $ 2,520,037 HELD TO MATURITY: Residential mortgage-backed securities and collateralized mortgage obligations $ 4,302 $ 892 $ — $ 5,194 $ 4,302 $ 892 $ — $ 5,194 (in thousands) December 31, 2015 Amortized Unrealized Unrealized Fair Cost Gains Losses Value AVAILABLE FOR SALE: Obligations of states and political subdivisions $ 300,998 $ 12,741 $ (622 ) $ 313,117 Residential mortgage-backed securities and collateralized mortgage obligations 2,223,742 7,218 (23,540 ) 2,207,420 Investments in mutual funds and other equity securities 1,959 43 — 2,002 $ 2,526,699 $ 20,002 $ (24,162 ) $ 2,522,539 HELD TO MATURITY: Residential mortgage-backed securities and collateralized mortgage obligations $ 4,609 $ 981 $ — $ 5,590 $ 4,609 $ 981 $ — $ 5,590 |
Schedule Of Fair Value And Unrealized Losses Of Securities | September 30, 2016 (in thousands) Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses AVAILABLE FOR SALE: Obligations of states and political subdivisions $ 13,793 $ 179 $ 2,010 $ 290 $ 15,803 $ 469 Residential mortgage-backed securities and collateralized mortgage obligations 345,169 1,291 199,606 2,767 544,775 4,058 Total temporarily impaired securities $ 358,962 $ 1,470 $ 201,616 $ 3,057 $ 560,578 $ 4,527 December 31, 2015 (in thousands) Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses AVAILABLE FOR SALE: Obligations of states and political subdivisions $ 2,530 $ 83 $ 8,208 $ 539 $ 10,738 $ 622 Residential mortgage-backed securities and collateralized mortgage obligations 1,256,994 14,465 334,981 9,075 1,591,975 23,540 Total temporarily impaired securities $ 1,259,524 $ 14,548 $ 343,189 $ 9,614 $ 1,602,713 $ 24,162 |
Schedule Of Maturities Of Investment Securities | The following table presents the maturities of investment securities at September 30, 2016 : (in thousands) Available For Sale Held To Maturity Amortized Fair Amortized Fair Cost Value Cost Value AMOUNTS MATURING IN: Three months or less $ 24,868 $ 24,960 $ — $ — Over three months through twelve months 93,437 94,520 3 3 After one year through five years 1,818,751 1,837,341 159 474 After five years through ten years 302,574 308,125 358 865 After ten years 251,237 253,057 3,782 3,852 Other investment securities 1,959 2,034 — — $ 2,492,826 $ 2,520,037 $ 4,302 $ 5,194 |
Gross Realized Gains And Losses On Sales Of Available-For-Sale Securities | The following table presents the gross realized gains and losses on the sale of securities available for sale for the three and nine months ended September 30, 2016 and 2015 : (in thousands) Three Months Ended September 30, 2016 September 30, 2015 Gains Losses Gains Losses U.S. Treasury and agencies $ — $ — $ 13 $ — Obligations of states and political subdivisions — — 6 — Residential mortgage-backed securities and collateralized mortgage obligations — — 634 433 $ — $ — $ 653 $ 433 Nine Months Ended September 30, 2016 September 30, 2015 Gains Losses Gains Losses U.S. Treasury and agencies $ — $ — $ 13 $ — Obligations of states and political subdivisions 971 — 6 — Residential mortgage-backed securities and collateralized mortgage obligations 270 383 1,177 841 $ 1,241 $ 383 $ 1,196 $ 841 |
Investment Securities Pledged To Secure Borrowings And Public Deposits | The following table presents, as of September 30, 2016 , investment securities which were pledged to secure borrowings, public deposits, and repurchase agreements as permitted or required by law: (in thousands) Amortized Fair Cost Value To Federal Home Loan Bank to secure borrowings $ 624 $ 645 To state and local governments to secure public deposits 1,199,852 1,217,873 Other securities pledged principally to secure repurchase agreements 536,501 540,958 Total pledged securities $ 1,736,977 $ 1,759,476 |
Loans and Leases (Tables)
Loans and Leases (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Receivables [Abstract] | |
Schedule Of Major Types Of Non-Covered Loans | The following table presents the major types of loans and leases, net of deferred fees and costs, as of September 30, 2016 and December 31, 2015 : (in thousands) September 30, December 31, 2016 2015 Commercial real estate Non-owner occupied term, net $ 3,280,660 $ 3,226,836 Owner occupied term, net 2,573,942 2,582,874 Multifamily, net 2,968,019 3,151,516 Construction & development, net 388,934 271,119 Residential development, net 127,447 99,459 Commercial Term, net 1,480,173 1,408,676 LOC & other, net 1,142,946 1,036,733 Leases and equipment finance, net 927,857 729,161 Residential Mortgage, net 2,868,337 2,909,306 Home equity loans & lines, net 1,008,219 923,667 Consumer & other, net 625,517 527,189 Total loans and leases, net of deferred fees and costs $ 17,392,051 $ 16,866,536 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities | The following table presents the changes in the accretable yield for purchased impaired loans for the three and nine months ended September 30, 2016 and 2015 : (in thousands) Three Months Ended September 30, 2016 2015 Balance, beginning of period $ 111,379 $ 165,362 Accretion to interest income (11,042 ) (14,432 ) Disposals (4,209 ) (6,569 ) Reclassifications from nonaccretable difference 4,931 5,285 Balance, end of period $ 101,059 $ 149,646 Nine months ended September 30, 2016 2015 Balance, beginning of period $ 132,829 $ 201,699 Accretion to interest income (35,217 ) (42,864 ) Disposals (15,470 ) (21,825 ) Reclassifications from nonaccretable difference 18,917 12,636 Balance, end of period $ 101,059 $ 149,646 |
Non-Covered Loans Sold | The following table summarizes the carrying value of loans and leases sold by major loan type during the three and nine months ended September 30, 2016 and 2015 : (in thousands) Three Months Ended Nine months ended September 30, September 30, 2016 2015 2016 2015 Commercial real estate Non-owner occupied term, net $ 1,340 $ — $ 18,614 $ 7,181 Owner occupied term, net 10,380 20,003 28,283 39,963 Multifamily, net 49 — 129,879 435 Commercial Term, net 1,809 1,079 4,729 4,499 Residential Mortgage, net 103,465 54,938 239,196 173,371 Total $ 117,043 $ 76,020 $ 420,701 $ 225,449 |
Allowance for Loan and Lease 26
Allowance for Loan and Lease Loss and Credit Quality (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Receivables [Abstract] | |
Activity In The Non-Covered Allowance For Loan And Lease Losses | The following table summarizes activity related to the allowance for loan and lease losses by loan and lease portfolio segment for the three and nine months ended September 30, 2016 and 2015 : (in thousands) Three Months Ended September 30, 2016 Commercial Consumer Real Estate Commercial Residential & Other Total Balance, beginning of period $ 50,584 $ 52,355 $ 20,146 $ 7,957 $ 131,042 Charge-offs (1,071 ) (8,975 ) (915 ) (2,127 ) (13,088 ) Recoveries 628 1,186 137 696 2,647 (Recapture) Provision (2,839 ) 12,846 626 2,458 13,091 Balance, end of period $ 47,302 $ 57,412 $ 19,994 $ 8,984 $ 133,692 Three Months Ended September 30, 2015 Commercial Consumer Real Estate Commercial Residential & Other Total Balance, beginning of period $ 58,343 $ 45,518 $ 17,964 $ 5,246 $ 127,071 Charge-offs (2,789 ) (3,266 ) (171 ) (2,250 ) (8,476 ) Recoveries 960 1,360 281 784 3,385 Provision 2,093 2,608 1,186 2,266 8,153 Balance, end of period $ 58,607 $ 46,220 $ 19,260 $ 6,046 $ 130,133 (in thousands) Nine months ended September 30, 2016 Commercial Consumer Real Estate Commercial Residential & Other Total Balance, beginning of period $ 54,293 $ 47,487 $ 22,017 $ 6,525 $ 130,322 Charge-offs (2,137 ) (23,224 ) (1,546 ) (6,713 ) (33,620 ) Recoveries 1,348 3,633 661 2,845 8,487 (Recapture) Provision (6,202 ) 29,516 (1,138 ) 6,327 28,503 Balance, end of period $ 47,302 $ 57,412 $ 19,994 $ 8,984 $ 133,692 Nine months ended September 30, 2015 Commercial Consumer Real Estate Commercial Residential & Other Total Balance, beginning of period $ 55,184 $ 41,216 $ 15,922 $ 3,845 $ 116,167 Charge-offs (6,220 ) (15,917 ) (707 ) (5,619 ) (28,463 ) Recoveries 2,448 3,544 420 3,973 10,385 Provision 7,195 17,377 3,625 3,847 32,044 Balance, end of period $ 58,607 $ 46,220 $ 19,260 $ 6,046 $ 130,133 The valuation allowance on purchased impaired loans was increased by provision expense, which includes amounts related to subsequent deterioration of purchased impaired loans of $1.4 million for the nine months ended September 30, 2016 , and $279,000 and $1.9 million for the three and nine months ended September 30, 2015 , respectively. There was no provision expense that related to subsequent deterioration of purchased impaired loans recorded during the three months ended September 30, 2016. The increase due to the provision expense of the valuation allowance on purchased impaired loans was offset by recaptured provision of $55,000 and $902,000 for the three and nine months ended September 30, 2016 , respectively, and $2.2 million and $2.4 million for the three and nine months ended September 30, 2015 , respectively. The following table presents the allowance and recorded investment in loans and leases by portfolio segment as of September 30, 2016 and 2015 : (in thousands) September 30, 2016 Commercial Consumer Real Estate Commercial Residential & Other Total Allowance for loans and leases: Collectively evaluated for impairment $ 43,473 $ 55,735 $ 19,225 $ 8,913 $ 127,346 Individually evaluated for impairment 1,099 1,327 — — 2,426 Loans acquired with deteriorated credit quality 2,730 350 769 71 3,920 Total $ 47,302 $ 57,412 $ 19,994 $ 8,984 $ 133,692 Loans and leases: Collectively evaluated for impairment $ 9,051,925 $ 3,521,571 $ 3,830,060 $ 624,708 $ 17,028,264 Individually evaluated for impairment 39,737 22,736 — — 62,473 Loans acquired with deteriorated credit quality 247,340 6,669 46,496 809 301,314 Total $ 9,339,002 $ 3,550,976 $ 3,876,556 $ 625,517 $ 17,392,051 (in thousands) September 30, 2015 Commercial Consumer Real Estate Commercial Residential & Other Total Allowance for loans and leases: Collectively evaluated for impairment $ 55,054 $ 45,693 $ 18,577 $ 5,978 $ 125,302 Individually evaluated for impairment 533 390 — — 923 Loans acquired with deteriorated credit quality 3,020 137 683 68 3,908 Total $ 58,607 $ 46,220 $ 19,260 $ 6,046 $ 130,133 Loans and leases: Collectively evaluated for impairment $ 8,768,933 $ 3,023,609 $ 3,608,456 $ 497,107 $ 15,898,105 Individually evaluated for impairment 38,041 22,402 — — 60,443 Loans acquired with deteriorated credit quality 371,019 15,271 60,762 1,036 448,088 Total $ 9,177,993 $ 3,061,282 $ 3,669,218 $ 498,143 $ 16,406,636 |
Schedule of Reserve for Unfunded Commitments | The following table presents a summary of activity in the RUC and unfunded commitments for the three and nine months ended September 30, 2016 and 2015 : (in thousands) Three Months Ended Nine months ended September 30, September 30, 2016 2015 2016 2015 Balance, beginning of period $ 3,531 $ 2,864 $ 3,574 $ 3,539 Net change to other expense 5 217 (38 ) (458 ) Balance, end of period $ 3,536 $ 3,081 $ 3,536 $ 3,081 (in thousands) Total Unfunded loan and lease commitments: September 30, 2016 $ 4,118,259 September 30, 2015 $ 3,454,473 |
Non-Covered Non-Accrual Loans And Loans Past Due | The following table summarizes our non-accrual loans and leases and loans and leases past due, by loan and lease class, as of September 30, 2016 and December 31, 2015 : (in thousands) September 30, 2016 Greater than 30 to 59 Days Past Due 60 to 89 Days Past Due Greater than 90 Days and Accruing Total Past Due Non-Accrual Current & Other (1) Total Loans and Leases Commercial real estate Non-owner occupied term, net $ 1,463 $ 10,254 $ 155 $ 11,872 $ 1,261 $ 3,267,527 $ 3,280,660 Owner occupied term, net 460 4,498 58 5,016 3,248 2,565,678 2,573,942 Multifamily, net 143 — — 143 995 2,966,881 2,968,019 Construction & development, net — 324 — 324 — 388,610 388,934 Residential development, net — — — — — 127,447 127,447 Commercial Term, net 1,727 — — 1,727 10,706 1,467,740 1,480,173 LOC & other, net 1,513 86 — 1,599 4,034 1,137,313 1,142,946 Leases and equipment finance, net 4,281 5,032 1,672 10,985 7,547 909,325 927,857 Residential Mortgage, net (2) 5 3,346 29,483 32,834 — 2,835,503 2,868,337 Home equity loans & lines, net 1,196 967 1,641 3,804 — 1,004,415 1,008,219 Consumer & other, net 3,271 1,142 499 4,912 — 620,605 625,517 Total, net of deferred fees and costs $ 14,059 $ 25,649 $ 33,508 $ 73,216 $ 27,791 $ 17,291,044 $ 17,392,051 (1) Other includes purchased credit impaired loans of $301.3 million . (2) Includes government guaranteed GNMA mortgage loans that Umpqua has the right but not the obligation to repurchase that are past due 90 days or more, totaling $ 7.3 million at September 30, 2016 . (in thousands) December 31, 2015 Greater than 30 to 59 Days Past Due 60 to 89 Days Past Due Greater than 90 Days and Accruing Total Past Due Non-Accrual Current & Other (1) Total Loans and Leases Commercial real estate Non-owner occupied term, net $ 924 $ 2,776 $ 137 $ 3,837 $ 2,633 $ 3,220,366 $ 3,226,836 Owner occupied term, net 1,797 1,150 423 3,370 5,928 2,573,576 2,582,874 Multifamily, net 1,394 — — 1,394 — 3,150,122 3,151,516 Construction & development, net — 2,959 — 2,959 — 268,160 271,119 Residential development, net — — — — — 99,459 99,459 Commercial Term, net 297 333 — 630 15,185 1,392,861 1,408,676 LOC & other, net 1,907 92 8 2,007 664 1,034,062 1,036,733 Leases and equipment finance, net 2,933 3,499 822 7,254 4,801 717,106 729,161 Residential Mortgage, net (2) 31 2,444 29,233 31,708 — 2,877,598 2,909,306 Home equity loans & lines, net 1,084 643 3,080 4,807 — 918,860 923,667 Consumer & other, net 3,271 889 642 4,802 4 522,383 527,189 Total, net of deferred fees and costs $ 13,638 $ 14,785 $ 34,345 $ 62,768 $ 29,215 $ 16,774,553 $ 16,866,536 (1) Other includes purchased credit impaired loans of $438.1 million . (2) Includes government guaranteed GNMA mortgage loans that Umpqua has the right but not the obligation to repurchase that are past due 90 days or more, totaling $ 19.2 million at December 31, 2015 . |
Non-Covered Impaired Loans | The following table summarizes our average recorded investment and interest income recognized on impaired loans by loan class for the three and nine months ended September 30, 2016 and 2015 : (in thousands) Three Months Ended Three Months Ended September 30, 2016 September 30, 2015 Average Interest Average Interest Recorded Income Recorded Income Investment Recognized Investment Recognized Commercial real estate Non-owner occupied term, net $ 18,544 $ 155 $ 12,009 $ 91 Owner occupied term, net 3,682 — 11,577 49 Multifamily, net 4,209 31 3,519 32 Construction & development, net 1,860 21 1,091 6 Residential development, net 7,671 77 8,018 67 Commercial Term, net 17,884 67 22,618 15 LOC & other, net 4,536 20 3,473 19 Leases, net — — — — Residential Mortgage, net — — — — Home equity loans & lines, net — — — — Consumer & other, net — — — — Total, net of deferred fees and costs $ 58,386 $ 371 $ 62,305 $ 279 (in thousands) Nine months ended Nine months ended September 30, 2016 September 30, 2015 Average Interest Average Interest Recorded Income Recorded Income Investment Recognized Investment Recognized Commercial real estate Non-owner occupied term, net $ 12,634 $ 350 $ 25,040 $ 684 Owner occupied term, net 7,950 86 13,592 182 Multifamily, net 3,792 91 3,594 93 Construction & development, net 1,412 61 1,091 59 Residential development, net 7,871 238 8,820 255 Commercial Term, net 21,223 180 21,262 84 LOC & other, net 3,686 60 6,982 87 Leases, net — — — — Residential Mortgage, net — — — — Home equity loans & lines, net — — — 7 Consumer & other, net — — — — Total, net of deferred fees and costs $ 58,568 $ 1,066 $ 80,381 $ 1,451 The following table summarizes our impaired loans by loan class as of September 30, 2016 and December 31, 2015 : (in thousands) September 30, 2016 Unpaid Recorded Investment Principal Without With Related Balance Allowance Allowance Allowance Commercial real estate Non-owner occupied term, net $ 25,033 $ 391 $ 24,336 $ 853 Owner occupied term, net 1,126 913 — — Multifamily, net 4,502 995 3,519 141 Construction & development, net 2,022 — 2,019 44 Residential development, net 7,564 — 7,564 61 Commercial Term, net 22,138 10,262 6,487 767 LOC & other, net 6,598 3,780 2,207 560 Leases, net — — — — Residential Mortgage, net — — — — Home equity loans & lines, net — — — — Consumer & other, net — — — — Total, net of deferred fees and costs $ 68,983 $ 16,341 $ 46,132 $ 2,426 (in thousands) December 31, 2015 Unpaid Recorded Investment Principal Without With Related Balance Allowance Allowance Allowance Commercial real estate Non-owner occupied term, net $ 11,944 $ 1,946 $ 9,548 $ 91 Owner occupied term, net 6,863 4,340 2,459 20 Multifamily, net 3,519 — 3,519 49 Construction & development, net 1,704 — 1,704 31 Residential development, net 7,889 — 7,891 90 Commercial Term, net 22,795 14,788 2,932 283 LOC & other, net 3,470 664 2,322 224 Leases, net — — — — Residential Mortgage, net — — — — Home equity loans & lines, net — — — — Consumer & other, net — — — — Total, net of deferred fees and costs $ 58,184 $ 21,738 $ 30,375 $ 788 |
Internal Risk Rating By Loan Class | The following table summarizes our internal risk rating by loan and lease class for the loan and lease portfolio as of September 30, 2016 and December 31, 2015 : (in thousands) September 30, 2016 Pass/Watch Special Mention Substandard Doubtful Loss Impaired (1) Total Commercial real estate Non-owner occupied term, net $ 3,141,764 $ 57,353 $ 56,177 $ 502 $ 137 $ 24,727 $ 3,280,660 Owner occupied term, net 2,441,978 79,717 49,359 357 1,618 913 2,573,942 Multifamily, net 2,937,705 10,528 15,272 — — 4,514 2,968,019 Construction & development, net 382,737 2,041 2,137 — — 2,019 388,934 Residential development, net 118,695 — 1,188 — — 7,564 127,447 Commercial Term, net 1,422,519 27,605 12,886 38 376 16,749 1,480,173 LOC & other, net 1,090,922 16,998 28,793 246 — 5,987 1,142,946 Leases and equipment finance, net 908,529 5,123 4,986 8,444 775 — 927,857 Residential Mortgage, net (2) 2,813,563 2,922 48,071 — 3,781 — 2,868,337 Home equity loans & lines, net 1,002,278 2,741 1,995 — 1,205 — 1,008,219 Consumer & other, net 620,585 4,405 461 — 66 — 625,517 Total, net of deferred fees and costs $ 16,881,275 $ 209,433 $ 221,325 $ 9,587 $ 7,958 $ 62,473 $ 17,392,051 (1) The percentage of impaired loans classified as pass/watch, special mention and substandard was 6.9% , 6.1% and 87.0% , respectively, as of September 30, 2016 . (2) Includes government guaranteed GNMA mortgage loans that Umpqua has the right but not the obligation to repurchase that are past due 90 days or more, totaling $ 7.3 million at September 30, 2016 , which is included in the substandard category. (in thousands) December 31, 2015 Pass/Watch Special Mention Substandard Doubtful Loss Impaired (1) Total Commercial real estate Non-owner occupied term, net $ 3,033,962 $ 92,038 $ 88,793 $ 270 $ 279 $ 11,494 $ 3,226,836 Owner occupied term, net 2,454,326 54,684 65,029 675 1,361 6,799 2,582,874 Multifamily, net 3,121,099 7,626 19,272 — — 3,519 3,151,516 Construction & development, net 262,759 4,532 2,124 — — 1,704 271,119 Residential development, net 89,706 507 1,355 — — 7,891 99,459 Commercial Term, net 1,356,675 13,620 20,463 36 162 17,720 1,408,676 LOC & other, net 998,603 19,183 15,959 1 1 2,986 1,036,733 Leases and equipment finance, net 716,190 3,849 3,499 4,889 734 — 729,161 Residential Mortgage, net (2) 2,871,423 3,557 21,195 — 13,131 — 2,909,306 Home equity loans & lines, net 917,919 2,189 803 — 2,756 — 923,667 Consumer & other, net 522,339 4,174 458 — 218 — 527,189 Total, net of deferred fees and costs $ 16,345,001 $ 205,959 $ 238,950 $ 5,871 $ 18,642 $ 52,113 $ 16,866,536 (1) The percentage of impaired loans classified as pass/watch, special mention and substandard was 5.0% , 4.6% , and 90.4% , respectively, as of December 31, 2015. (2) Includes government guaranteed GNMA mortgage loans that Umpqua has the right but not the obligation to repurchase that are past due 90 days or more, totaling $ 19.2 million at December 31, 2015, which is included in the substandard category. |
Schedule Of Troubled Debt Restructurings | The following table presents newly restructured loans that occurred during the three and nine months ended September 30, 2016 and 2015 : (in thousands) Three Months Ended September 30, 2016 Rate Term Interest Only Payment Combination Total Modifications Modifications Modifications Modifications Modifications Modifications Commercial, net $ — $ — $ — $ — $ 1,009 $ 1,009 Residential, net — — — — 2,117 2,117 Total, net of deferred fees and costs $ — $ — $ — $ — $ 3,126 $ 3,126 Three Months Ended September 30, 2015 Rate Term Interest Only Payment Combination Total Modifications Modifications Modifications Modifications Modifications Modifications Commercial real estate, net $ — $ — $ — $ — $ 1,374 $ 1,374 Commercial, net — — — — 8,388 8,388 Residential, net — — — — 185 185 Total, net of deferred fees and costs $ — $ — $ — $ — $ 9,947 $ 9,947 Nine months ended September 30, 2016 Rate Term Interest Only Payment Combination Total Modifications Modifications Modifications Modifications Modifications Modifications Commercial real estate, net $ — $ — $ — $ — $ 5,659 $ 5,659 Commercial, net — — — — 4,405 4,405 Residential, net — — — 2,845 2,845 Consumer & other, net — — — — 77 77 Total, net of deferred fees and costs $ — $ — $ — $ — $ 12,986 $ 12,986 (in thousands) Nine months ended September 30, 2015 Rate Term Interest Only Payment Combination Total Modifications Modifications Modifications Modifications Modifications Modifications Commercial real estate, net $ — $ — $ — $ — $ 1,374 $ 1,374 Commercial, net — — — — 11,737 11,737 Residential, net — 74 — — 3,241 3,315 Total, net of deferred fees and costs $ — $ 74 $ — $ — $ 16,352 $ 16,426 The following tables present troubled debt restructurings by accrual versus non-accrual status and by loan class as of September 30, 2016 and December 31, 2015 : (in thousands) September 30, 2016 Accrual Non-Accrual Total Status Status Modifications Commercial real estate, net $ 20,749 $ — $ 20,749 Commercial, net 8,533 5,083 13,616 Residential, net 7,286 — 7,286 Consumer & other, net 77 — 77 Total, net of deferred fees and costs $ 36,645 $ 5,083 $ 41,728 (in thousands) December 31, 2015 Accrual Non-Accrual Total Status Status Modifications Commercial real estate, net $ 21,185 $ 1,324 $ 22,509 Commercial, net 5,253 8,528 13,781 Residential, net 4,917 — 4,917 Total, net of deferred fees and costs $ 31,355 $ 9,852 $ 41,207 |
Goodwill and Other Intangible27
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following tables summarize the changes in the Company's goodwill and other intangible assets for the year ended December 31, 2015, and the nine months ended September 30, 2016 . Goodwill and all other intangible assets are related to the Community Banking segment. (in thousands) Goodwill Accumulated Gross Impairment Total Balance, December 31, 2014 $ 1,899,159 $ (112,934 ) $ 1,786,225 Net additions 1,568 — 1,568 Balance, December 31, 2015 1,900,727 (112,934 ) 1,787,793 Reductions — (142 ) (142 ) Balance, September 30, 2016 $ 1,900,727 $ (113,076 ) $ 1,787,651 |
Schedule of Finite-Lived Intangible Assets | (in thousands) Other Intangible Assets Accumulated Gross Amortization Net Balance, December 31, 2014 $ 113,471 $ (56,738 ) $ 56,733 Amortization — (11,225 ) (11,225 ) Balance, December 31, 2015 113,471 (67,963 ) 45,508 Amortization — (6,755 ) (6,755 ) Balance, September 30, 2016 $ 113,471 $ (74,718 ) $ 38,753 |
Finite-lived Intangible Assets Amortization Expense | The table below presents the forecasted amortization expense for other intangible assets acquired in all mergers: (in thousands) Expected Year Amortization Remainder of 2016 $ 1,867 2017 6,756 2018 6,166 2019 5,618 2020 4,986 Thereafter 13,360 $ 38,753 |
Residential Mortgage Servicin28
Residential Mortgage Servicing Rights (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Transfers and Servicing [Abstract] | |
Schedule Of Changes In Mortgage Servicing Rights | The following table presents the changes in the Company's residential mortgage servicing rights ("MSR"), which are carried at fair value, for the three and nine months ended September 30, 2016 and 2015 : (in thousands) Three Months Ended Nine months ended September 30, September 30, 2016 2015 2016 2015 Balance, beginning of period $ 112,095 $ 127,206 $ 131,817 $ 117,259 Additions for new MSR capitalized 10,177 7,711 25,020 27,812 Changes in fair value: Due to changes in model inputs or assumptions (1) (5,386 ) (6,794 ) (22,473 ) (5,860 ) Other (2) (2,440 ) (3,309 ) (19,918 ) (14,397 ) Balance, end of period $ 114,446 $ 124,814 $ 114,446 $ 124,814 (1) Principally reflects changes in discount rates and prepayment speed assumptions, which are primarily affected by changes in interest rates. (2) Represents changes due to collection/realization of expected cash flows over time. |
Schedule Of Other Information Servicing Loan Portfolio | Information related to our serviced loan portfolio as of September 30, 2016 and December 31, 2015 is as follows: (dollars in thousands) September 30, 2016 December 31, 2015 Balance of loans serviced for others $ 13,880,660 $ 13,047,266 MSR as a percentage of serviced loans 0.82 % 1.01 % |
Key Assumptions Used In Measuring The Fair Value of MSR | Key assumptions used in measuring the fair value of the MSR as of September 30, 2016 and December 31, 2015 are as follows: September 30, 2016 December 31, 2015 Constant prepayment rate 16.42 % 11.70 % Discount rate 9.71 % 9.68 % Weighted average life (years) 4.9 6.5 |
Sensitivity Analysis of Current Fair Value to Changes in Discount and Prepayment Speed Assumptions | A sensitivity analysis of the current fair value to changes in discount and prepayment speed assumptions as of September 30, 2016 and December 31, 2015 is as follows: (in thousands) September 30, 2016 December 31, 2015 Constant prepayment rate Effect on fair value of a 10% adverse change $ (5,733 ) $ (5,337 ) Effect on fair value of a 20% adverse change $ (10,952 ) $ (10,283 ) Discount rate Effect on fair value of a 100 basis point adverse change $ (3,623 ) $ (4,936 ) Effect on fair value of a 200 basis point adverse change $ (7,024 ) $ (9,494 ) |
Junior Subordinated Debentures
Junior Subordinated Debentures (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Junior Subordinated Debentures | Following is information about the Company's wholly-owned trusts ("Trusts") as of September 30, 2016 : (dollars in thousands) Issued Carrying Effective Trust Name Issue Date Amount Value (1) Rate (2) Rate (3) Maturity Date AT FAIR VALUE: Umpqua Statutory Trust II October 2002 $ 20,619 $ 15,679 Floating rate, LIBOR plus 3.35%, adjusted quarterly 5.40% October 2032 Umpqua Statutory Trust III October 2002 30,928 23,687 Floating rate, LIBOR plus 3.45%, adjusted quarterly 5.57% November 2032 Umpqua Statutory Trust IV December 2003 10,310 7,456 Floating rate, LIBOR plus 2.85%, adjusted quarterly 4.88% January 2034 Umpqua Statutory Trust V December 2003 10,310 7,414 Floating rate, LIBOR plus 2.85%, adjusted quarterly 5.15% March 2034 Umpqua Master Trust I August 2007 41,238 24,859 Floating rate, LIBOR plus 1.35%, adjusted quarterly 3.65% September 2037 Umpqua Master Trust IB September 2007 20,619 14,289 Floating rate, LIBOR plus 2.75%, adjusted quarterly 5.20% December 2037 Sterling Capital Trust III April 2003 14,433 11,462 Floating rate, LIBOR plus 3.25%, adjusted quarterly 5.05% April 2033 Sterling Capital Trust IV May 2003 10,310 8,103 Floating rate, LIBOR plus 3.15%, adjusted quarterly 5.05% May 2033 Sterling Capital Statutory Trust V May 2003 20,619 16,236 Floating rate, LIBOR plus 3.25%, adjusted quarterly 5.22% June 2033 Sterling Capital Trust VI June 2003 10,310 8,072 Floating rate, LIBOR plus 3.20%, adjusted quarterly 5.17% September 2033 Sterling Capital Trust VII June 2006 56,702 35,360 Floating rate, LIBOR plus 1.53%, adjusted quarterly 3.81% June 2036 Sterling Capital Trust VIII September 2006 51,547 32,425 Floating rate, LIBOR plus 1.63%, adjusted quarterly 3.94% December 2036 Sterling Capital Trust IX July 2007 46,392 27,898 Floating rate, LIBOR plus 1.40%, adjusted quarterly 3.40% October 2037 Lynnwood Financial Statutory Trust I March 2003 9,279 7,237 Floating rate, LIBOR plus 3.15%, adjusted quarterly 5.14% March 2033 Lynnwood Financial Statutory Trust II June 2005 10,310 6,743 Floating rate, LIBOR plus 1.80%, adjusted quarterly 4.05% June 2035 Klamath First Capital Trust I July 2001 15,464 13,194 Floating rate, LIBOR plus 3.75%, adjusted semiannually 5.68% July 2031 $ 379,390 $ 260,114 AT AMORTIZED COST: HB Capital Trust I March 2000 $ 5,310 $ 6,064 10.875% 8.60% March 2030 Humboldt Bancorp Statutory Trust I February 2001 5,155 5,712 10.200% 8.52% February 2031 Humboldt Bancorp Statutory Trust II December 2001 10,310 11,123 Floating rate, LIBOR plus 3.60%, adjusted quarterly 3.65% December 2031 Humboldt Bancorp Statutory Trust III September 2003 27,836 29,986 Floating rate, LIBOR plus 2.95%, adjusted quarterly 3.10% September 2033 CIB Capital Trust November 2002 10,310 11,011 Floating rate, LIBOR plus 3.45%, adjusted quarterly 3.60% November 2032 Western Sierra Statutory Trust I July 2001 6,186 6,186 Floating rate, LIBOR plus 3.58%, adjusted quarterly 4.34% July 2031 Western Sierra Statutory Trust II December 2001 10,310 10,310 Floating rate, LIBOR plus 3.60%, adjusted quarterly 4.46% December 2031 Western Sierra Statutory Trust III September 2003 10,310 10,310 Floating rate, LIBOR plus 2.90%, adjusted quarterly 3.58% September 2033 Western Sierra Statutory Trust IV September 2003 10,310 10,310 Floating rate, LIBOR plus 2.90%, adjusted quarterly 3.58% September 2033 96,037 101,012 Total $ 475,427 $ 361,126 (1) Includes acquisition accounting adjustments, net of accumulated amortization, for junior subordinated debentures assumed in connection with previous mergers as well as fair value adjustments related to trusts recorded at fair value. (2) Contractual interest rate of junior subordinated debentures. (3) Effective interest rate based upon the carrying value as of September 30, 2016 . |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule Of Commitments And Contingencies | The following table presents a summary of the Bank's commitments and contingent liabilities: (in thousands) As of September 30, 2016 Commitments to extend credit $ 4,052,341 Forward sales commitments $ 862,026 Commitments to originate residential mortgage loans held for sale $ 665,392 Standby letters of credit $ 65,918 |
Derivatives (Tables)
Derivatives (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary Of Types Of Derivatives, Separately By Assets And Liabilities And Fair Value Of Derivatives | The following tables summarize the types of derivatives, separately by assets and liabilities, and the fair values of such derivatives as of September 30, 2016 and December 31, 2015 : (in thousands) Asset Derivatives Liability Derivatives Derivatives not designated September 30, December 31, September 30, December 31, as hedging instrument 2016 2015 2016 2015 Interest rate lock commitments $ 10,577 $ 3,631 $ — $ — Interest rate forward sales commitments 55 1,155 3,842 971 Interest rate swaps 75,782 38,567 80,555 40,238 Foreign currency derivative 64 196 407 305 Total $ 86,478 $ 43,549 $ 84,804 $ 41,514 |
Summary Of Types Of Derivatives And Gains (Losses) Recorded | The following table summarizes the types of derivatives and the gains (losses) recorded during the three and nine months ended September 30, 2016 and 2015 : (in thousands) Three Months Ended Nine months ended Derivatives not designated September 30, September 30, as hedging instrument 2016 2015 2016 2015 Interest rate lock commitments $ (451 ) $ 1,784 $ 6,947 $ 2,977 Interest rate forward sales commitments (5,865 ) (11,383 ) (26,885 ) (6,275 ) Interest rate swaps 182 (1,181 ) (3,104 ) (554 ) Foreign currency derivative 307 254 900 745 Total $ (5,827 ) $ (10,526 ) $ (22,142 ) $ (3,107 ) |
Offsetting Derivatives Assets | The following table summarizes the derivatives that have a right of offset as of September 30, 2016 and December 31, 2015 : (in thousands) Gross Amounts Not Offset in the Statement of Financial Position Gross Amounts of Recognized Assets/Liabilities Gross Amounts Offset in the Statement of Financial Position Net Amounts of Assets/Liabilities presented in the Statement of Financial Position Financial Instruments Collateral Posted Net Amount September 30, 2016 Derivative Assets Interest rate swaps $ 75,782 $ — $ 75,782 $ (534 ) $ — $ 75,248 Foreign currency derivative 64 — 64 — — 64 Derivative Liabilities Interest rate swaps $ 80,555 $ — $ 80,555 $ (534 ) $ (80,021 ) $ — Foreign currency derivative 407 — 407 — — 407 December 31, 2015 Derivative Assets Interest rate swaps $ 38,567 $ — $ 38,567 $ (198 ) $ — $ 38,369 Foreign currency derivative 196 — 196 — — 196 Derivative Liabilities Interest rate swaps $ 40,238 $ — $ 40,238 $ (198 ) $ (40,040 ) $ — Foreign currency derivative 305 — 305 — — 305 |
Shareholders' Equity and Stoc32
Shareholders' Equity and Stock Compensation (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Summary Of Stock Option Activity | The following table summarizes information about stock option activity for the nine months ended September 30, 2016 : (in thousands, except per share data) Nine months ended September 30, 2016 Weighted-Avg Options Weighted-Avg Remaining Contractual Aggregate Outstanding Exercise Price Term (Years) Intrinsic Value Balance, beginning of period 472 $ 14.58 Granted — $ — Exercised (87 ) $ 12.65 Forfeited/expired (34 ) $ 24.19 Balance, end of period 351 $ 14.13 3.12 $ 898 Options exercisable, end of period 340 $ 14.20 3.01 $ 862 |
Summary Of Nonvested Restricted Share Activity | The following table summarizes information about nonvested restricted share activity for the nine months ended September 30, 2016 : (in thousands, except per share data) Nine months ended September 30, 2016 Restricted Weighted Shares Average Grant Outstanding Date Fair Value Balance, beginning of period 1,376 $ 16.18 Granted 586 $ 14.41 Released (745 ) $ 15.84 Forfeited (115 ) $ 14.70 Balance, end of period 1,102 $ 15.62 The following table summarizes information about nonvested restricted stock unit activity for the nine months ended September 30, 2016 : (in thousands, except per share data) Nine months ended September 30, 2016 Restricted Weighted Stock Units Average Grant Outstanding Date Fair Value Balance, beginning of period 263 $ 18.58 Granted — $ — Released (136 ) $ 18.58 Forfeited (48 ) $ 18.58 Balance, end of period 79 $ 18.58 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Computation Of Basic And Diluted Earnings (Loss) Per Common Share | The following is a computation of basic and diluted earnings per common share for the three and nine months ended September 30, 2016 and 2015 : (in thousands, except per share data) Three Months Ended Nine months ended September 30, September 30, 2016 2015 2016 2015 NUMERATORS: Net income $ 61,809 $ 57,607 $ 163,665 $ 159,520 Less: Dividends and undistributed earnings allocated to participating securities (1) 31 84 92 261 Net earnings available to common shareholders $ 61,778 $ 57,523 $ 163,573 $ 159,259 DENOMINATORS: Weighted average number of common shares outstanding - basic 220,291 220,297 220,313 220,370 Effect of potentially dilutive common shares (2) 460 607 623 692 Weighted average number of common shares outstanding - diluted 220,751 220,904 220,936 221,062 EARNINGS PER COMMON SHARE: Basic $ 0.28 $ 0.26 $ 0.74 $ 0.72 Diluted $ 0.28 $ 0.26 $ 0.74 $ 0.72 (1) Represents dividends paid and undistributed earnings allocated to nonvested restricted stock awards. (2) Represents the effect of the assumed exercise of stock options, vesting of non-participating restricted shares, and vesting of restricted stock units, based on the treasury stock method. |
Schedule Of Weighted Average Outstanding Securities Not Included In The Computation Of Diluted Earnings Per Common Share | The following table presents the weighted average outstanding securities that were not included in the computation of diluted earnings per common share because their effect would be anti-dilutive for the three and nine months ended September 30, 2016 and 2015 . (in thousands) Three Months Ended Nine months ended September 30, September 30, 2016 2015 2016 2015 Stock options 50 75 104 102 Restricted Stock — 1 — — |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Summary Of Financial Information By Reportable Segment | Summarized financial information concerning the Company's reportable segments and the reconciliation to the consolidated financial results is shown in the following tables: (in thousands) Three Months Ended September 30, 2016 Community Home Banking Lending Consolidated Interest income $ 196,388 $ 30,031 $ 226,419 Interest expense 14,669 1,858 16,527 Net interest income 181,719 28,173 209,892 Provision for loan and lease losses 12,223 868 13,091 Non-interest income 32,418 48,292 80,710 Non-interest expense 147,172 34,015 181,187 Income before income taxes 54,742 41,582 96,324 Provision for income taxes 19,616 14,899 34,515 Net income $ 35,126 $ 26,683 $ 61,809 (in thousands) Nine months ended September 30, 2016 Community Home Banking Lending Consolidated Interest income $ 596,508 $ 89,428 $ 685,936 Interest expense 43,608 5,536 49,144 Net interest income 552,900 83,892 636,792 Provision (recapture) for loan and lease losses 29,696 (1,193 ) 28,503 Non-interest income 96,340 104,980 201,320 Non-interest expense 456,533 97,154 553,687 Income before income taxes 163,011 92,911 255,922 Provision for income taxes 58,763 33,494 92,257 Net income $ 104,248 $ 59,417 $ 163,665 (in thousands) Three Months Ended September 30, 2015 Community Home Banking Lending Consolidated Interest income $ 203,878 $ 29,924 $ 233,802 Interest expense 12,269 2,318 14,587 Net interest income 191,609 27,606 219,215 Provision for loan and lease losses 7,294 859 8,153 Non-interest income 33,043 28,329 61,372 Non-interest expense 152,682 30,512 183,194 Income before income taxes 64,676 24,564 89,240 Provision for income taxes 22,925 8,708 31,633 Net income $ 41,751 $ 15,856 $ 57,607 Nine months ended September 30, 2015 Community Home Banking Lending Consolidated Interest income $ 616,724 $ 77,937 $ 694,661 Interest expense 36,480 6,381 42,861 Net interest income 580,244 71,556 651,800 Provision for loan and lease losses 29,067 2,977 32,044 Non-interest income 95,881 110,498 206,379 Non-interest expense 486,564 91,167 577,731 Income before income taxes 160,494 87,910 248,404 Provision for income taxes 57,430 31,454 88,884 Net income $ 103,064 $ 56,456 $ 159,520 (in thousands) September 30, 2016 Community Home Banking Lending Consolidated Total assets $ 21,431,922 $ 3,312,292 $ 24,744,214 Total loans and leases $ 14,786,720 $ 2,605,331 $ 17,392,051 Total deposits $ 18,594,102 $ 324,678 $ 18,918,780 (in thousands) December 31, 2015 Community Home Banking Lending Consolidated Total assets $ 20,214,498 $ 3,191,883 $ 23,406,381 Total loans and leases $ 14,183,919 $ 2,682,617 $ 16,866,536 Total deposits $ 17,689,815 $ 17,374 $ 17,707,189 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule Of Carrying Value And Fair Value Of Financial Instruments Not Recorded At Fair Value | The following table presents estimated fair values of the Company's financial instruments as of September 30, 2016 and December 31, 2015 , whether or not recognized or recorded at fair value in the Condensed Consolidated Balance Sheets : (in thousands) September 30, 2016 December 31, 2015 Carrying Fair Carrying Fair Level Value Value Value Value FINANCIAL ASSETS: Cash and cash equivalents 1 $ 1,466,441 $ 1,466,441 $ 773,725 $ 773,725 Trading securities 1,2 10,866 10,866 9,586 9,586 Investment securities available for sale 2 2,520,037 2,520,037 2,522,539 2,522,539 Investment securities held to maturity 3 4,302 5,194 4,609 5,590 Loans held for sale 2 565,624 565,624 363,275 363,275 Loans and leases, net 3 17,258,359 17,290,218 16,736,214 16,661,079 Restricted equity securities 1 47,537 47,537 46,949 46,949 Residential mortgage servicing rights 3 114,446 114,446 131,817 131,817 Bank owned life insurance assets 1 297,561 297,561 291,892 291,892 Derivatives 2,3 86,478 86,478 43,549 43,549 Visa Class B common stock 3 — 62,652 — 58,751 FINANCIAL LIABILITIES: Deposits 1,2 $ 18,918,780 $ 18,932,157 $ 17,707,189 $ 17,709,555 Securities sold under agreements to repurchase 2 309,463 309,463 304,560 304,560 Term debt 2 902,678 909,586 888,769 890,852 Junior subordinated debentures, at fair value 3 260,114 260,114 255,457 255,457 Junior subordinated debentures, at amortized cost 3 101,012 77,025 101,254 75,654 Derivatives 2 84,804 84,804 41,514 41,514 |
Schedule Of Fair Value Assets And Liabilities Measured On Recurring Basis | The following tables present information about the Company's assets and liabilities measured at fair value on a recurring basis as of September 30, 2016 and December 31, 2015 : (in thousands) September 30, 2016 Description Total Level 1 Level 2 Level 3 FINANCIAL ASSETS: Trading securities Obligations of states and political subdivisions $ 476 $ — $ 476 $ — Equity securities 10,390 10,390 — — Investment securities available for sale Obligations of states and political subdivisions 303,369 — 303,369 — Residential mortgage-backed securities and collateralized mortgage obligations 2,214,634 — 2,214,634 — Investments in mutual funds and other equity securities 2,034 — 2,034 — Loans held for sale, at fair value 565,624 — 565,624 — Residential mortgage servicing rights, at fair value 114,446 — — 114,446 Derivatives Interest rate lock commitments 10,577 — — 10,577 Interest rate forward sales commitments 55 — 55 — Interest rate swaps 75,782 — 75,782 — Foreign currency derivative 64 — 64 — Total assets measured at fair value $ 3,297,451 $ 10,390 $ 3,162,038 $ 125,023 FINANCIAL LIABILITIES: Junior subordinated debentures, at fair value $ 260,114 $ — $ — $ 260,114 Derivatives Interest rate forward sales commitments 3,842 — 3,842 — Interest rate swaps 80,555 — 80,555 — Foreign currency derivative 407 — 407 — Total liabilities measured at fair value $ 344,918 $ — $ 84,804 $ 260,114 (in thousands) December 31, 2015 Description Total Level 1 Level 2 Level 3 FINANCIAL ASSETS: Trading securities Obligations of states and political subdivisions $ 75 $ — $ 75 $ — Equity securities 9,511 9,511 — — Investment securities available for sale Obligations of states and political subdivisions 313,117 — 313,117 — Residential mortgage-backed securities and collateralized mortgage obligations 2,207,420 — 2,207,420 — Investments in mutual funds and other equity securities 2,002 — 2,002 — Loans held for sale, at fair value 363,275 — 363,275 — Residential mortgage servicing rights, at fair value 131,817 — — 131,817 Derivatives Interest rate lock commitments 3,631 — — 3,631 Interest rate forward sales commitments 1,155 — 1,155 — Interest rate swaps 38,567 — 38,567 — Foreign currency derivative 196 — 196 — Total assets measured at fair value $ 3,070,766 $ 9,511 $ 2,925,807 $ 135,448 FINANCIAL LIABILITIES: Junior subordinated debentures, at fair value $ 255,457 $ — $ — $ 255,457 Derivatives Interest rate forward sales commitments 971 — 971 — Interest rate swaps 40,238 — 40,238 — Foreign currency derivative 305 — 305 — Total liabilities measured at fair value $ 296,971 $ — $ 41,514 $ 255,457 |
Schedule of a Description of the Valuation Technique, Unobservable Input, and Qualitative Information for the Company's Assets and Liabilities Classfied as Level 3 | The following table provides a description of the valuation technique, significant unobservable inputs, and qualitative information about the unobservable inputs for the Company's assets and liabilities classified as Level 3 and measured at fair value on a recurring basis at September 30, 2016 : Financial Instrument Valuation Technique Unobservable Input Weighted Average Residential mortgage servicing rights Discounted cash flow Constant Prepayment Rate 16.42% Discount Rate 9.71% Interest rate lock commitment Internal Pricing Model Pull-through rate 84.24% Junior subordinated debentures Discounted cash flow Credit Spread 5.84% |
Schedule Of Reconciliation Of Assets And Liabilities Measured At Fair Value Using Significant Unobservable Inputs (Level 3) On A Recurring Basis | The following table provides a reconciliation of assets and liabilities measured at fair value using significant unobservable inputs (Level 3) on a recurring basis during the three and nine months ended September 30, 2016 and 2015 . (in thousands) Three Months Ended September 30, Beginning Balance Change included in earnings Purchases and issuances Sales and settlements Ending Balance Net change in unrealized gains or (losses) relating to items held at end of period 2016 Residential mortgage servicing rights $ 112,095 $ (7,826 ) $ 10,177 $ — $ 114,446 $ (3,424 ) Interest rate lock commitment, net 11,028 1,585 19,503 (21,539 ) 10,577 10,577 Junior subordinated debentures, at fair value 258,660 4,486 — (3,032 ) 260,114 4,486 2015 Residential mortgage servicing rights $ 127,206 $ (10,103 ) $ 7,711 $ — $ 124,814 $ (8,757 ) Interest rate lock commitment, net 4,061 1,327 12,040 (11,962 ) 5,466 5,466 Junior subordinated debentures, at fair value 252,214 4,011 — (2,560 ) 253,665 4,011 (in thousands) Nine months ended September 30, Beginning Change Purchases and issuances Sales and settlements Ending Net change in 2016 Residential mortgage servicing rights $ 131,817 $ (42,391 ) $ 25,020 $ — $ 114,446 $ (35,386 ) Interest rate lock commitment, net 3,631 5,306 50,785 (49,145 ) 10,577 10,577 Junior subordinated debentures, at fair value 255,457 13,160 — (8,503 ) 260,114 13,160 2015 Residential mortgage servicing rights $ 117,259 $ (20,257 ) $ 27,812 $ — $ 124,814 $ (15,072 ) Interest rate lock commitment, net 2,867 (2,321 ) 42,705 (37,785 ) 5,466 5,466 Junior subordinated debentures, at fair value 249,294 11,846 — (7,475 ) 253,665 11,846 |
Fair Value Assets And Liabilities Measured On Nonrecurring Basis | The following table presents information about the Company's assets and liabilities measured at fair value on a nonrecurring basis for which a nonrecurring change in fair value has been recorded during the reporting period. The amounts disclosed below represent the fair values at the time the nonrecurring fair value measurements were made, and not necessarily the fair value as of the dates reported upon. (in thousands) September 30, 2016 Total Level 1 Level 2 Level 3 Loans and leases $ 24,374 $ — $ — $ 24,374 Other real estate owned 2,497 — — 2,497 $ 26,871 $ — $ — $ 26,871 (in thousands) December 31, 2015 Total Level 1 Level 2 Level 3 Loans and leases $ 24,690 $ — $ — $ 24,690 Other real estate owned 802 — — 802 $ 25,492 $ — $ — $ 25,492 |
Losses Resulting From Nonrecurring Fair Value Adjustments | The following table presents the losses resulting from nonrecurring fair value adjustments for the three and nine months ended September 30, 2016 and 2015 : (in thousands) Three Months Ended Nine months ended September 30, September 30, 2016 2015 2016 2015 Loans and leases $ 6,472 $ 5,769 $ 19,642 $ 23,209 Other real estate owned 139 295 1,601 2,781 Total loss from nonrecurring measurements $ 6,611 $ 6,064 $ 21,243 $ 25,990 |
Fair Value Option | The following table presents the difference between the aggregate fair value and the aggregate unpaid principal balance of loans held for sale accounted for under the fair value option as of September 30, 2016 and December 31, 2015 : (in thousands) September 30, 2016 December 31, 2015 Fair Value Fair Value Aggregate Less Aggregate Aggregate Less Aggregate Unpaid Unpaid Unpaid Unpaid Fair Principal Principal Fair Principal Principal Value Balance Balance Value Balance Balance Loans held for sale $ 565,624 $ 540,208 $ 25,416 $ 363,275 $ 351,414 $ 11,861 |
Summary of Significant Accoun36
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Increase to loans and leases | $ 17,392,051 | $ 16,866,536 | $ 16,406,636 |
Increase to total assets | 24,744,214 | 23,406,381 | |
Increase to other liabilities | 331,959 | 299,818 | |
Increase to total liabilities | $ 20,824,006 | 19,557,047 | |
Error related to accounting for loans sold to GNMA that have become past due 90 day or more | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Increase to loans and leases | 19,200 | ||
Increase to total assets | 19,200 | ||
Increase to other liabilities | 19,200 | ||
Increase to total liabilities | $ 19,200 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Concentration Risk [Line Items] | ||
Highly rated securities as percentage of total | 76.00% | 78.00% |
Credit Rating Above A3/A- | Total Fair Value of Securities in Continuous Unrealized Loss Position | ||
Concentration Risk [Line Items] | ||
Highly rated securities as percentage of total | 93.00% |
Investment Securities (Amortize
Investment Securities (Amortized Cost, Unrealized Gains And Losses, And Fair Value Of Investment Securities) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Investment Holdings [Line Items] | ||
Available-for-sale securities, amortized cost | $ 2,492,826 | $ 2,526,699 |
Available-for-sale securities, unrealized gains | 31,738 | 20,002 |
Available-for-sale securities, unrealized losses | (4,527) | (24,162) |
Available for sale, at fair value | 2,520,037 | 2,522,539 |
Held to maturity, at amortized cost | 4,302 | 4,609 |
Held-to-maturity securities, unrealized gains | 892 | 981 |
Held-to-maturity securities, unrealized losses | 0 | 0 |
Held-to-maturity securities, fair value | 5,194 | 5,590 |
Obligations Of States And Political Subdivisions | ||
Investment Holdings [Line Items] | ||
Available-for-sale securities, amortized cost | 292,213 | 300,998 |
Available-for-sale securities, unrealized gains | 11,625 | 12,741 |
Available-for-sale securities, unrealized losses | (469) | (622) |
Available for sale, at fair value | 303,369 | 313,117 |
Residential Mortgage-Backed Securities And Collateralized Mortgage Obligations | ||
Investment Holdings [Line Items] | ||
Available-for-sale securities, amortized cost | 2,198,654 | 2,223,742 |
Available-for-sale securities, unrealized gains | 20,038 | 7,218 |
Available-for-sale securities, unrealized losses | (4,058) | (23,540) |
Available for sale, at fair value | 2,214,634 | 2,207,420 |
Held to maturity, at amortized cost | 4,302 | 4,609 |
Held-to-maturity securities, unrealized gains | 892 | 981 |
Held-to-maturity securities, unrealized losses | 0 | 0 |
Held-to-maturity securities, fair value | 5,194 | 5,590 |
Investments In Mutual Funds And Other Equity Securities | ||
Investment Holdings [Line Items] | ||
Available-for-sale securities, amortized cost | 1,959 | 1,959 |
Available-for-sale securities, unrealized gains | 75 | 43 |
Available-for-sale securities, unrealized losses | 0 | 0 |
Available for sale, at fair value | $ 2,034 | $ 2,002 |
Investment Securities (Schedule
Investment Securities (Schedule Of Fair Value And Unrealized Losses Of Securities) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Investment Holdings [Line Items] | ||
Available-for-sale securities, less than 12 months, fair value | $ 358,962 | $ 1,259,524 |
Available-for-sale securities, less than 12 months, unrealized losses | 1,470 | 14,548 |
Available-for-sale securities, 12 months or longer, fair value | 201,616 | 343,189 |
Available-for-sale securities, 12 months or longer, unrealized losses | 3,057 | 9,614 |
Available-for-sale securities, fair value | 560,578 | 1,602,713 |
Available-for-sale securities, unrealized losses | 4,527 | 24,162 |
Obligations Of States And Political Subdivisions | ||
Investment Holdings [Line Items] | ||
Available-for-sale securities, less than 12 months, fair value | 13,793 | 2,530 |
Available-for-sale securities, less than 12 months, unrealized losses | 179 | 83 |
Available-for-sale securities, 12 months or longer, fair value | 2,010 | 8,208 |
Available-for-sale securities, 12 months or longer, unrealized losses | 290 | 539 |
Available-for-sale securities, fair value | 15,803 | 10,738 |
Available-for-sale securities, unrealized losses | 469 | 622 |
Residential Mortgage-Backed Securities And Collateralized Mortgage Obligations | ||
Investment Holdings [Line Items] | ||
Available-for-sale securities, less than 12 months, fair value | 345,169 | 1,256,994 |
Available-for-sale securities, less than 12 months, unrealized losses | 1,291 | 14,465 |
Available-for-sale securities, 12 months or longer, fair value | 199,606 | 334,981 |
Available-for-sale securities, 12 months or longer, unrealized losses | 2,767 | 9,075 |
Available-for-sale securities, fair value | 544,775 | 1,591,975 |
Available-for-sale securities, unrealized losses | $ 4,058 | $ 23,540 |
Investment Securities (Schedu40
Investment Securities (Schedule Of Maturities Of Investment Securities) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Investment Holdings [Line Items] | ||
Available-for-sale securities, three months or less, amortized cost | $ 24,868 | |
Available-for-sale securities, over three months through twelve months, amortized cost | 93,437 | |
Available-for-sale securities, after one year through five years, amortized cost | 1,818,751 | |
Available-for-sale securities, after five years through ten years, amortized cost | 302,574 | |
Available-for-sale securities, after ten years, amortized cost | 251,237 | |
Available-for-sale securities, amortized cost | 2,492,826 | |
Available-for-sale securities, three months or less, fair value | 24,960 | |
Available-for-sale securities, over three months through twelve months, fair value | 94,520 | |
Available-for-sale securities, after one year through five years, fair value | 1,837,341 | |
Available-for-sale securities, after five years through ten years, fair value | 308,125 | |
Available-for-sale securities, after ten years, fair value | 253,057 | |
Available-for-sale securities, fair value | 2,520,037 | |
Held-to-maturity securities, three months or less, amortized cost | 0 | |
Held-to-maturity securities, over three months through twelve months, amortized cost | 3 | |
Held-to-maturity securities, after one year through five years, amortized cost | 159 | |
Held-to-maturity securities, after five years through ten years, amortized cost | 358 | |
Held-to-maturity securities, after ten years, amortized cost | 3,782 | |
Investment securities held to maturity | 4,302 | $ 4,609 |
Held-to-maturity securities, three months or less, fair value | 0 | |
Held-to-maturity securities, over three months through twelve months, fair value | 3 | |
Held-to-maturity securities, after one year through five years, fair value | 474 | |
Held-to-maturity securities, after five years through ten years, fair value | 865 | |
Held-to-maturity securities, after ten years, fair value | 3,852 | |
Held-to-maturity securities, fair value | 5,194 | $ 5,590 |
Other Investment Securities | ||
Investment Holdings [Line Items] | ||
Available-for-sale securities, amortized cost | 1,959 | |
Available-for-sale securities, fair value | 2,034 | |
Investment securities held to maturity | 0 | |
Held-to-maturity securities, fair value | $ 0 |
Investment Securities (Gross Re
Investment Securities (Gross Realized Gains And Losses On Sales Of Available-For-Sale Securities) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Investment Holdings [Line Items] | ||||
Gains | $ 0 | $ 653 | $ 1,241 | $ 1,196 |
Losses | 0 | 433 | 383 | 841 |
US Treasury and Agencies | ||||
Investment Holdings [Line Items] | ||||
Gains | 0 | 13 | 0 | 13 |
Losses | 0 | 0 | 0 | 0 |
Obligations Of States And Political Subdivisions | ||||
Investment Holdings [Line Items] | ||||
Gains | 0 | 6 | 971 | 6 |
Losses | 0 | 0 | 0 | 0 |
Residential Mortgage-Backed Securities And Collateralized Mortgage Obligations | ||||
Investment Holdings [Line Items] | ||||
Gains | 0 | 634 | 270 | 1,177 |
Losses | $ 0 | $ 433 | $ 383 | $ 841 |
Investment Securities (Investme
Investment Securities (Investment Securities Pledged To Secure Borrowings And Public Deposits) (Details) $ in Thousands | Sep. 30, 2016USD ($) |
Investments, Debt and Equity Securities [Abstract] | |
To Federal Home Loan Bank to secure borrowings, amortized cost | $ 624 |
To Federal Home Loan Bank to secure borrowings, fair value | 645 |
To state and local governments to secure public deposits, amortized cost | 1,199,852 |
To state and local governments to secure public deposits, fair value | 1,217,873 |
Other securities pledged principally to secure repurchase agreements, amortized cost | 536,501 |
Other securities pledged principally to secure repurchase agreements, fair value | 540,958 |
Total pledged securities, amortized cost | 1,736,977 |
Total pledged securities, fair value | $ 1,759,476 |
Loans and Leases (Schedule Of M
Loans and Leases (Schedule Of Major Types Of Loans And Leases) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Receivables [Abstract] | ||
Non-owner occupied term, net | $ 3,280,660 | $ 3,226,836 |
Owner occupied term, net | 2,573,942 | 2,582,874 |
Multifamily, net | 2,968,019 | 3,151,516 |
Construction & development, net | 388,934 | 271,119 |
Residential development, net | 127,447 | 99,459 |
Term, net | 1,480,173 | 1,408,676 |
LOC & other, net | 1,142,946 | 1,036,733 |
Leases and equipment finance, net | 927,857 | 729,161 |
Mortgage, net | 2,868,337 | 2,909,306 |
Home equity loans & lines, net | 1,008,219 | 923,667 |
Consumer & other, net | 625,517 | 527,189 |
Total loans and leases, net of deferred fees and costs | $ 17,392,051 | $ 16,866,536 |
Loans and Leases (Narrative) (D
Loans and Leases (Narrative) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 |
Receivables [Abstract] | |||
Deferred loan fees | $ 66,800 | $ 47,000 | $ 42,800 |
Discounts on acquired loans | 52,900 | 105,600 | |
Total loans pledged to secure borrowings | 10,300,000 | ||
Outstanding contractual unpaid principal balance of non-covered purchased impaired loans | 413,100 | 540,400 | |
Receivables Acquired with Deteriorated Credit Quality | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans acquired with deteriorated credit quality | $ 301,314 | $ 438,100 | $ 448,088 |
Loans and Leases (Accretable Yi
Loans and Leases (Accretable Yield Movement Schedule) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||||
Balance, beginning of period | $ 111,379 | $ 165,362 | $ 132,829 | $ 201,699 |
Accretion to interest income | (11,042) | (14,432) | (35,217) | (42,864) |
Disposals | (4,209) | (6,569) | (15,470) | (21,825) |
Reclassifications from nonaccretable difference | 4,931 | 5,285 | 18,917 | 12,636 |
Balance, end of period | $ 101,059 | $ 149,646 | $ 101,059 | $ 149,646 |
Loans and Leases (Loans Sold) (
Loans and Leases (Loans Sold) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total | $ 117,043 | $ 76,020 | $ 420,701 | $ 225,449 |
Commercial Real Estate | Non-owner Occupied Term | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total | 1,340 | 0 | 18,614 | 7,181 |
Commercial Real Estate | Owner Occupied Term | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total | 10,380 | 20,003 | 28,283 | 39,963 |
Commercial Real Estate | Multifamily | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total | 49 | 0 | 129,879 | 435 |
Commercial | Term | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total | 1,809 | 1,079 | 4,729 | 4,499 |
Residential | Mortgage | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total | $ 103,465 | $ 54,938 | $ 239,196 | $ 173,371 |
Allowance for Loan and Lease 47
Allowance for Loan and Lease Loss and Credit Quality (Activity In The Allowance For Loan And Lease Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||||||
Balance, beginning of period, allowance | $ 131,042 | $ 127,071 | $ 130,322 | $ 116,167 | |||
Charge-offs | (13,088) | (8,476) | (33,620) | (28,463) | |||
Recoveries | 2,647 | 3,385 | 8,487 | 10,385 | |||
(Recapture) Provision | 13,091 | 8,153 | 28,503 | 32,044 | |||
Balance, end of period, allowance | 133,692 | 130,133 | 133,692 | 130,133 | |||
Collectively evaluated for impairment, allowance | $ 127,346 | $ 125,302 | |||||
Individually evaluated for impairment, allowance | 2,426 | 923 | |||||
Total, allowance for non-covered loans and leases | 131,042 | 127,071 | 130,322 | 116,167 | 133,692 | $ 130,322 | 130,133 |
Collectively evaluated for impairment, loans and leases | 17,028,264 | 15,898,105 | |||||
Individually evaluated for impairment, loans and leases | 62,473 | 60,443 | |||||
Total loans and leases, net of deferred fees and costs | 17,392,051 | 16,866,536 | 16,406,636 | ||||
Receivables Acquired with Deteriorated Credit Quality | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||
Loans acquired with deteriorated credit quality, allowance | 3,920 | 3,908 | |||||
Loans acquired with deteriorated credit quality, loans and leases | 301,314 | 438,100 | 448,088 | ||||
Commercial Real Estate | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||
Balance, beginning of period, allowance | 50,584 | 58,343 | 54,293 | 55,184 | |||
Charge-offs | (1,071) | (2,789) | (2,137) | (6,220) | |||
Recoveries | 628 | 960 | 1,348 | 2,448 | |||
(Recapture) Provision | (2,839) | 2,093 | (6,202) | 7,195 | |||
Balance, end of period, allowance | 47,302 | 58,607 | 47,302 | 58,607 | |||
Collectively evaluated for impairment, allowance | 43,473 | 55,054 | |||||
Individually evaluated for impairment, allowance | 1,099 | 533 | |||||
Total, allowance for non-covered loans and leases | 50,584 | 58,343 | 54,293 | 55,184 | 47,302 | 54,293 | 58,607 |
Collectively evaluated for impairment, loans and leases | 9,051,925 | 8,768,933 | |||||
Individually evaluated for impairment, loans and leases | 39,737 | 38,041 | |||||
Total loans and leases, net of deferred fees and costs | 9,339,002 | 9,177,993 | |||||
Commercial Real Estate | Receivables Acquired with Deteriorated Credit Quality | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||
Loans acquired with deteriorated credit quality, allowance | 2,730 | 3,020 | |||||
Loans acquired with deteriorated credit quality, loans and leases | 247,340 | 371,019 | |||||
Commercial | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||
Balance, beginning of period, allowance | 52,355 | 45,518 | 47,487 | 41,216 | |||
Charge-offs | (8,975) | (3,266) | (23,224) | (15,917) | |||
Recoveries | 1,186 | 1,360 | 3,633 | 3,544 | |||
(Recapture) Provision | 12,846 | 2,608 | 29,516 | 17,377 | |||
Balance, end of period, allowance | 57,412 | 46,220 | 57,412 | 46,220 | |||
Collectively evaluated for impairment, allowance | 55,735 | 45,693 | |||||
Individually evaluated for impairment, allowance | 1,327 | 390 | |||||
Total, allowance for non-covered loans and leases | 52,355 | 45,518 | 47,487 | 41,216 | 57,412 | 47,487 | 46,220 |
Collectively evaluated for impairment, loans and leases | 3,521,571 | 3,023,609 | |||||
Individually evaluated for impairment, loans and leases | 22,736 | 22,402 | |||||
Total loans and leases, net of deferred fees and costs | 3,550,976 | 3,061,282 | |||||
Commercial | Receivables Acquired with Deteriorated Credit Quality | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||
Loans acquired with deteriorated credit quality, allowance | 350 | 137 | |||||
Loans acquired with deteriorated credit quality, loans and leases | 6,669 | 15,271 | |||||
Residential | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||
Balance, beginning of period, allowance | 20,146 | 17,964 | 22,017 | 15,922 | |||
Charge-offs | (915) | (171) | (1,546) | (707) | |||
Recoveries | 137 | 281 | 661 | 420 | |||
(Recapture) Provision | 626 | 1,186 | (1,138) | 3,625 | |||
Balance, end of period, allowance | 19,994 | 19,260 | 19,994 | 19,260 | |||
Collectively evaluated for impairment, allowance | 19,225 | 18,577 | |||||
Individually evaluated for impairment, allowance | 0 | 0 | |||||
Total, allowance for non-covered loans and leases | 20,146 | 17,964 | 22,017 | 15,922 | 19,994 | 22,017 | 19,260 |
Collectively evaluated for impairment, loans and leases | 3,830,060 | 3,608,456 | |||||
Individually evaluated for impairment, loans and leases | 0 | 0 | |||||
Total loans and leases, net of deferred fees and costs | 3,876,556 | 3,669,218 | |||||
Residential | Receivables Acquired with Deteriorated Credit Quality | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||
Loans acquired with deteriorated credit quality, allowance | 769 | 683 | |||||
Loans acquired with deteriorated credit quality, loans and leases | 46,496 | 60,762 | |||||
Consumer & Other | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||
Balance, beginning of period, allowance | 7,957 | 5,246 | 6,525 | 3,845 | |||
Charge-offs | (2,127) | (2,250) | (6,713) | (5,619) | |||
Recoveries | 696 | 784 | 2,845 | 3,973 | |||
(Recapture) Provision | 2,458 | 2,266 | 6,327 | 3,847 | |||
Balance, end of period, allowance | 8,984 | 6,046 | 8,984 | 6,046 | |||
Collectively evaluated for impairment, allowance | 8,913 | 5,978 | |||||
Individually evaluated for impairment, allowance | 0 | 0 | |||||
Total, allowance for non-covered loans and leases | $ 7,957 | $ 5,246 | $ 6,525 | $ 3,845 | 8,984 | $ 6,525 | 6,046 |
Collectively evaluated for impairment, loans and leases | 624,708 | 497,107 | |||||
Individually evaluated for impairment, loans and leases | 0 | 0 | |||||
Total loans and leases, net of deferred fees and costs | 625,517 | 498,143 | |||||
Consumer & Other | Receivables Acquired with Deteriorated Credit Quality | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||
Loans acquired with deteriorated credit quality, allowance | 71 | 68 | |||||
Loans acquired with deteriorated credit quality, loans and leases | $ 809 | $ 1,036 |
Allowance for Loan and Lease 48
Allowance for Loan and Lease Loss and Credit Quality (Narrative) (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016USD ($)risk_code | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)risk_code | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan and lease losses, purchased impaired loans, period increase (decrease) | $ | $ 0 | $ 279,000 | $ 1,400,000 | $ 1,900,000 | |
Provision for loan and lease losses, subsequent deterioration of purchased impaired loans | $ | 55,000 | 2,200,000 | 902,000 | 2,400,000 | |
Deferred loan fees | $ | 66,800,000 | 42,800,000 | 66,800,000 | 42,800,000 | $ 47,000,000 |
Impaired loans | $ | 41,728,000 | 41,728,000 | 41,207,000 | ||
Financing receivables modified as troubled debt restructurings within the previous 12 months for which there was a payment default | $ | 77,000 | $ 434,000 | $ 304,000 | $ 434,000 | |
Homogeneous | Minimum | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Duration of time account is past due before risk rating is applied | 30 days | ||||
Restructured Loans | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Impaired loans | $ | $ 36,600,000 | $ 36,600,000 | 31,400,000 | ||
Percentage of loan collateral balance | 100.00% | ||||
Available commitments for troubled debt restructurings outstanding | $ | $ 0 | $ 0 | |||
Minimal Risk | Non-Homogeneous | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Internal risk rating code | 1 | 1 | |||
Low Risk | Non-Homogeneous | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Internal risk rating code | 2 | 2 | |||
Modest Risk | Non-Homogeneous | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Internal risk rating code | 3 | 3 | |||
Average Risk | Non-Homogeneous | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Internal risk rating code | 4 | 4 | |||
Acceptable Risk | Non-Homogeneous | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Internal risk rating code | 5 | 5 | |||
Pass/Watch | Non-Homogeneous | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Internal risk rating code | 6 | 6 | |||
Special Mention | Non-Homogeneous | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Internal risk rating code | 7 | 7 | |||
Special Mention | Homogeneous | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Internal risk rating code | 7 | 7 | |||
Special Mention | Homogeneous | Minimum | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Days past due on account for qualifying credit quality indicator | 30 days | ||||
Special Mention | Homogeneous | Maximum | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Days past due on account for qualifying credit quality indicator | 59 days | ||||
Special Mention | Homogeneous Retail | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Internal risk rating code | 7 | 7 | |||
Special Mention | Homogeneous Retail | Minimum | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Days past due on account for qualifying credit quality indicator | 30 days | ||||
Special Mention | Homogeneous Retail | Maximum | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Days past due on account for qualifying credit quality indicator | 89 days | ||||
Substandard | Non-Homogeneous | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Internal risk rating code | 8 | 8 | |||
Substandard | Homogeneous | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Internal risk rating code | 8 | 8 | |||
Substandard | Homogeneous | Minimum | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Days past due on account for qualifying credit quality indicator | 60 days | ||||
Substandard | Homogeneous | Maximum | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Days past due on account for qualifying credit quality indicator | 89 days | ||||
Substandard | Homogeneous Retail | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Internal risk rating code | 8 | 8 | |||
Substandard | Homogeneous Retail | Open-End Loan | Minimum | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Days past due on account for qualifying credit quality indicator | 90 days | ||||
Substandard | Homogeneous Retail | Open-End Loan | Maximum | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Days past due on account for qualifying credit quality indicator | 180 days | ||||
Substandard | Homogeneous Retail | Closed-End Loan | Minimum | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Days past due on account for qualifying credit quality indicator | 90 days | ||||
Substandard | Homogeneous Retail | Closed-End Loan | Maximum | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Days past due on account for qualifying credit quality indicator | 120 days | ||||
Doubtful | Non-Homogeneous | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Internal risk rating code | 9 | 9 | |||
Doubtful | Homogeneous | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Internal risk rating code | 9 | 9 | |||
Doubtful | Homogeneous | Minimum | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Days past due on account for qualifying credit quality indicator | 90 days | ||||
Doubtful | Homogeneous | Maximum | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Days past due on account for qualifying credit quality indicator | 179 days | ||||
Loss | Non-Homogeneous | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Internal risk rating code | 10 | 10 | |||
Loss | Homogeneous | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Internal risk rating code | 10 | 10 | |||
Loss | Homogeneous | Minimum | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Days past due on account for qualifying credit quality indicator | 180 days | ||||
Loss | Homogeneous Retail | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Internal risk rating code | 10 | 10 | |||
Loss | Homogeneous Retail | Minimum | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Days past due on account for qualifying credit quality indicator | 120 days | ||||
Loss | Homogeneous Retail | Maximum | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Days past due on account for qualifying credit quality indicator | 180 days | ||||
Loss | Homogeneous Retail | Open-End Loan | Minimum | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Days past due on account for qualifying credit quality indicator | 180 days | ||||
Loss | Homogeneous Retail | Closed-End Loan | Minimum | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Days past due on account for qualifying credit quality indicator | 120 days |
Allowance for Loan and Lease 49
Allowance for Loan and Lease Loss and Credit Quality (Summary Of Reserve For Unfunded Commitments Activity) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Reserve for Unfunded Commitments [Roll Forward] | ||||
Balance, beginning of period | $ 3,531 | $ 2,864 | $ 3,574 | $ 3,539 |
Net change to other expense | 5 | 217 | (38) | (458) |
Balance, end of period | 3,536 | 3,081 | 3,536 | 3,081 |
Unfunded loan commitments | $ 4,118,259 | $ 3,454,473 | $ 4,118,259 | $ 3,454,473 |
Allowance for Loan and Lease 50
Allowance for Loan and Lease Loss and Credit Quality (Non-Accrual Loans And Loans Past Due) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 73,216 | $ 62,768 |
Non-Accrual | 27,791 | 29,215 |
Current & Other | 17,291,044 | 16,774,553 |
Loans by credit quality | 17,392,051 | 16,866,536 |
Receivables Acquired with Deteriorated Credit Quality | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current & Other | 301,300 | 438,100 |
Greater than 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 14,059 | 13,638 |
60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 25,649 | 14,785 |
Equal to Greater than 90 Days and Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 33,508 | 34,345 |
Commercial Real Estate | Non-owner Occupied Term | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 11,872 | 3,837 |
Non-Accrual | 1,261 | 2,633 |
Current & Other | 3,267,527 | 3,220,366 |
Loans by credit quality | 3,280,660 | 3,226,836 |
Commercial Real Estate | Owner Occupied Term | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 5,016 | 3,370 |
Non-Accrual | 3,248 | 5,928 |
Current & Other | 2,565,678 | 2,573,576 |
Loans by credit quality | 2,573,942 | 2,582,874 |
Commercial Real Estate | Multifamily | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 143 | 1,394 |
Non-Accrual | 995 | 0 |
Current & Other | 2,966,881 | 3,150,122 |
Loans by credit quality | 2,968,019 | 3,151,516 |
Commercial Real Estate | Construction & Development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 324 | 2,959 |
Non-Accrual | 0 | 0 |
Current & Other | 388,610 | 268,160 |
Loans by credit quality | 388,934 | 271,119 |
Commercial Real Estate | Residential Development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Non-Accrual | 0 | 0 |
Current & Other | 127,447 | 99,459 |
Loans by credit quality | 127,447 | 99,459 |
Commercial Real Estate | Greater than 30 to 59 Days Past Due | Non-owner Occupied Term | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,463 | 924 |
Commercial Real Estate | Greater than 30 to 59 Days Past Due | Owner Occupied Term | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 460 | 1,797 |
Commercial Real Estate | Greater than 30 to 59 Days Past Due | Multifamily | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 143 | 1,394 |
Commercial Real Estate | Greater than 30 to 59 Days Past Due | Construction & Development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial Real Estate | Greater than 30 to 59 Days Past Due | Residential Development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial Real Estate | 60 to 89 Days Past Due | Non-owner Occupied Term | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 10,254 | 2,776 |
Commercial Real Estate | 60 to 89 Days Past Due | Owner Occupied Term | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 4,498 | 1,150 |
Commercial Real Estate | 60 to 89 Days Past Due | Multifamily | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial Real Estate | 60 to 89 Days Past Due | Construction & Development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 324 | 2,959 |
Commercial Real Estate | 60 to 89 Days Past Due | Residential Development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial Real Estate | Equal to Greater than 90 Days and Accruing | Non-owner Occupied Term | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 155 | 137 |
Commercial Real Estate | Equal to Greater than 90 Days and Accruing | Owner Occupied Term | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 58 | 423 |
Commercial Real Estate | Equal to Greater than 90 Days and Accruing | Multifamily | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial Real Estate | Equal to Greater than 90 Days and Accruing | Construction & Development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial Real Estate | Equal to Greater than 90 Days and Accruing | Residential Development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial | Term | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,727 | 630 |
Non-Accrual | 10,706 | 15,185 |
Current & Other | 1,467,740 | 1,392,861 |
Loans by credit quality | 1,480,173 | 1,408,676 |
Commercial | LOC & Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,599 | 2,007 |
Non-Accrual | 4,034 | 664 |
Current & Other | 1,137,313 | 1,034,062 |
Loans by credit quality | 1,142,946 | 1,036,733 |
Commercial | Leases and Equipment Finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 10,985 | 7,254 |
Non-Accrual | 7,547 | 4,801 |
Current & Other | 909,325 | 717,106 |
Loans by credit quality | 927,857 | 729,161 |
Commercial | Greater than 30 to 59 Days Past Due | Term | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,727 | 297 |
Commercial | Greater than 30 to 59 Days Past Due | LOC & Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,513 | 1,907 |
Commercial | Greater than 30 to 59 Days Past Due | Leases and Equipment Finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 4,281 | 2,933 |
Commercial | 60 to 89 Days Past Due | Term | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 333 |
Commercial | 60 to 89 Days Past Due | LOC & Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 86 | 92 |
Commercial | 60 to 89 Days Past Due | Leases and Equipment Finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 5,032 | 3,499 |
Commercial | Equal to Greater than 90 Days and Accruing | Term | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial | Equal to Greater than 90 Days and Accruing | LOC & Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 8 |
Commercial | Equal to Greater than 90 Days and Accruing | Leases and Equipment Finance | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,672 | 822 |
Residential | Mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 32,834 | 31,708 |
Non-Accrual | 0 | 0 |
Current & Other | 2,835,503 | 2,877,598 |
Loans by credit quality | 2,868,337 | 2,909,306 |
Residential | Home Equity Loans & Lines | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,804 | 4,807 |
Non-Accrual | 0 | 0 |
Current & Other | 1,004,415 | 918,860 |
Loans by credit quality | 1,008,219 | 923,667 |
Residential | Greater than 30 to 59 Days Past Due | Mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 5 | 31 |
Residential | Greater than 30 to 59 Days Past Due | Home Equity Loans & Lines | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,196 | 1,084 |
Residential | 60 to 89 Days Past Due | Mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,346 | 2,444 |
Residential | 60 to 89 Days Past Due | Home Equity Loans & Lines | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 967 | 643 |
Residential | Equal to Greater than 90 Days and Accruing | Mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 29,483 | 29,233 |
Residential | Equal to Greater than 90 Days and Accruing | Mortgage | GNMA Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 7,300 | 19,200 |
Residential | Equal to Greater than 90 Days and Accruing | Home Equity Loans & Lines | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,641 | 3,080 |
Consumer & Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 4,912 | 4,802 |
Non-Accrual | 0 | 4 |
Current & Other | 620,605 | 522,383 |
Loans by credit quality | 625,517 | 527,189 |
Consumer & Other | Greater than 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,271 | 3,271 |
Consumer & Other | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,142 | 889 |
Consumer & Other | Equal to Greater than 90 Days and Accruing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 499 | $ 642 |
Allowance for Loan and Lease 51
Allowance for Loan and Lease Loss and Credit Quality (Impaired Loans) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | $ 68,983 | $ 58,184 |
Recorded Investment, Without Allowance | 16,341 | 21,738 |
Recorded Investment, With Allowance | 46,132 | 30,375 |
Related Allowance | 2,426 | 788 |
Commercial Real Estate | Non-owner Occupied Term | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 25,033 | 11,944 |
Recorded Investment, Without Allowance | 391 | 1,946 |
Recorded Investment, With Allowance | 24,336 | 9,548 |
Related Allowance | 853 | 91 |
Commercial Real Estate | Owner Occupied Term | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 1,126 | 6,863 |
Recorded Investment, Without Allowance | 913 | 4,340 |
Recorded Investment, With Allowance | 0 | 2,459 |
Related Allowance | 0 | 20 |
Commercial Real Estate | Multifamily | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 4,502 | 3,519 |
Recorded Investment, Without Allowance | 995 | 0 |
Recorded Investment, With Allowance | 3,519 | 3,519 |
Related Allowance | 141 | 49 |
Commercial Real Estate | Construction & Development | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 2,022 | 1,704 |
Recorded Investment, Without Allowance | 0 | 0 |
Recorded Investment, With Allowance | 2,019 | 1,704 |
Related Allowance | 44 | 31 |
Commercial Real Estate | Residential Development | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 7,564 | 7,889 |
Recorded Investment, Without Allowance | 0 | 0 |
Recorded Investment, With Allowance | 7,564 | 7,891 |
Related Allowance | 61 | 90 |
Commercial | Term | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 22,138 | 22,795 |
Recorded Investment, Without Allowance | 10,262 | 14,788 |
Recorded Investment, With Allowance | 6,487 | 2,932 |
Related Allowance | 767 | 283 |
Commercial | LOC & Other | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 6,598 | 3,470 |
Recorded Investment, Without Allowance | 3,780 | 664 |
Recorded Investment, With Allowance | 2,207 | 2,322 |
Related Allowance | 560 | 224 |
Commercial | Leases | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 0 | 0 |
Recorded Investment, Without Allowance | 0 | 0 |
Recorded Investment, With Allowance | 0 | 0 |
Related Allowance | 0 | 0 |
Residential | Mortgage | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 0 | 0 |
Recorded Investment, Without Allowance | 0 | 0 |
Recorded Investment, With Allowance | 0 | 0 |
Related Allowance | 0 | 0 |
Residential | Home Equity Loans & Lines | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 0 | 0 |
Recorded Investment, Without Allowance | 0 | 0 |
Recorded Investment, With Allowance | 0 | 0 |
Related Allowance | 0 | 0 |
Consumer & Other | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 0 | 0 |
Recorded Investment, Without Allowance | 0 | 0 |
Recorded Investment, With Allowance | 0 | 0 |
Related Allowance | $ 0 | $ 0 |
Allowance for Loan and Lease 52
Allowance for Loan and Lease Loss and Credit Quality (Schedule Of Average Recorded Investment And Interest Income Recognized) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Financing Receivable, Impaired [Line Items] | ||||
Average recorded investment | $ 58,386 | $ 62,305 | $ 58,568 | $ 80,381 |
Interest income recognized | 371 | 279 | 1,066 | 1,451 |
Consumer & Other | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average recorded investment | 0 | 0 | ||
Interest income recognized | 0 | 0 | ||
Commercial Real Estate | Non-owner Occupied Term | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average recorded investment | 18,544 | 12,009 | 12,634 | 25,040 |
Interest income recognized | 155 | 91 | 350 | 684 |
Commercial Real Estate | Owner Occupied Term | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average recorded investment | 3,682 | 11,577 | 7,950 | 13,592 |
Interest income recognized | 0 | 49 | 86 | 182 |
Commercial Real Estate | Multifamily | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average recorded investment | 4,209 | 3,519 | 3,792 | 3,594 |
Interest income recognized | 31 | 32 | 91 | 93 |
Commercial Real Estate | Construction & Development | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average recorded investment | 1,860 | 1,091 | 1,412 | 1,091 |
Interest income recognized | 21 | 6 | 61 | 59 |
Commercial Real Estate | Residential Development | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average recorded investment | 7,671 | 8,018 | 7,871 | 8,820 |
Interest income recognized | 77 | 67 | 238 | 255 |
Commercial | Term | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average recorded investment | 17,884 | 22,618 | 21,223 | 21,262 |
Interest income recognized | 67 | 15 | 180 | 84 |
Commercial | LOC & Other | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average recorded investment | 4,536 | 3,473 | 3,686 | 6,982 |
Interest income recognized | 20 | 19 | 60 | 87 |
Commercial | Leases | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average recorded investment | 0 | 0 | ||
Interest income recognized | 0 | 0 | ||
Residential | Mortgage | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average recorded investment | 0 | 0 | 0 | 0 |
Interest income recognized | 0 | 0 | 0 | 0 |
Residential | Home Equity Loans & Lines | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average recorded investment | 0 | 0 | 0 | 0 |
Interest income recognized | 0 | 0 | $ 0 | $ 7 |
Consumer & Other | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average recorded investment | 0 | 0 | ||
Interest income recognized | $ 0 | $ 0 |
Allowance for Loan and Lease 53
Allowance for Loan and Lease Loss and Credit Quality (Internal Risk Rating By Loan Class) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 |
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | $ 17,392,051 | $ 16,866,536 | |
Loans and leases | 17,392,051 | 16,866,536 | $ 16,406,636 |
GNMA loans, right to repurchase | 73,216 | 62,768 | |
Financing Receivables, Equal to Greater than 90 Days Past Due | |||
Financing Receivable, Recorded Investment [Line Items] | |||
GNMA loans, right to repurchase | 33,508 | 34,345 | |
Pass/Watch | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases | $ 16,881,275 | $ 16,345,001 | |
Percentage of impaired loans | 6.90% | 5.00% | |
Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases | $ 209,433 | $ 205,959 | |
Percentage of impaired loans | 6.10% | 4.60% | |
Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases | $ 221,325 | $ 238,950 | |
Percentage of impaired loans | 87.00% | 90.40% | |
Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases | $ 9,587 | $ 5,871 | |
Loss | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases | 7,958 | 18,642 | |
Impaired | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and leases | 62,473 | 52,113 | |
Commercial Real Estate | Non-owner Occupied Term | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 3,280,660 | 3,226,836 | |
GNMA loans, right to repurchase | 11,872 | 3,837 | |
Commercial Real Estate | Non-owner Occupied Term | Financing Receivables, Equal to Greater than 90 Days Past Due | |||
Financing Receivable, Recorded Investment [Line Items] | |||
GNMA loans, right to repurchase | 155 | 137 | |
Commercial Real Estate | Owner Occupied Term | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 2,573,942 | 2,582,874 | |
GNMA loans, right to repurchase | 5,016 | 3,370 | |
Commercial Real Estate | Owner Occupied Term | Financing Receivables, Equal to Greater than 90 Days Past Due | |||
Financing Receivable, Recorded Investment [Line Items] | |||
GNMA loans, right to repurchase | 58 | 423 | |
Commercial Real Estate | Multifamily | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 2,968,019 | 3,151,516 | |
GNMA loans, right to repurchase | 143 | 1,394 | |
Commercial Real Estate | Multifamily | Financing Receivables, Equal to Greater than 90 Days Past Due | |||
Financing Receivable, Recorded Investment [Line Items] | |||
GNMA loans, right to repurchase | 0 | 0 | |
Commercial Real Estate | Construction & Development | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 388,934 | 271,119 | |
GNMA loans, right to repurchase | 324 | 2,959 | |
Commercial Real Estate | Construction & Development | Financing Receivables, Equal to Greater than 90 Days Past Due | |||
Financing Receivable, Recorded Investment [Line Items] | |||
GNMA loans, right to repurchase | 0 | 0 | |
Commercial Real Estate | Residential Development | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 127,447 | 99,459 | |
GNMA loans, right to repurchase | 0 | 0 | |
Commercial Real Estate | Residential Development | Financing Receivables, Equal to Greater than 90 Days Past Due | |||
Financing Receivable, Recorded Investment [Line Items] | |||
GNMA loans, right to repurchase | 0 | 0 | |
Commercial Real Estate | Pass/Watch | Non-owner Occupied Term | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 3,141,764 | 3,033,962 | |
Commercial Real Estate | Pass/Watch | Owner Occupied Term | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 2,441,978 | 2,454,326 | |
Commercial Real Estate | Pass/Watch | Multifamily | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 2,937,705 | 3,121,099 | |
Commercial Real Estate | Pass/Watch | Construction & Development | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 382,737 | 262,759 | |
Commercial Real Estate | Pass/Watch | Residential Development | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 118,695 | 89,706 | |
Commercial Real Estate | Special Mention | Non-owner Occupied Term | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 57,353 | 92,038 | |
Commercial Real Estate | Special Mention | Owner Occupied Term | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 79,717 | 54,684 | |
Commercial Real Estate | Special Mention | Multifamily | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 10,528 | 7,626 | |
Commercial Real Estate | Special Mention | Construction & Development | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 2,041 | 4,532 | |
Commercial Real Estate | Special Mention | Residential Development | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 0 | 507 | |
Commercial Real Estate | Substandard | Non-owner Occupied Term | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 56,177 | 88,793 | |
Commercial Real Estate | Substandard | Owner Occupied Term | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 49,359 | 65,029 | |
Commercial Real Estate | Substandard | Multifamily | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 15,272 | 19,272 | |
Commercial Real Estate | Substandard | Construction & Development | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 2,137 | 2,124 | |
Commercial Real Estate | Substandard | Residential Development | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 1,188 | 1,355 | |
Commercial Real Estate | Doubtful | Non-owner Occupied Term | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 502 | 270 | |
Commercial Real Estate | Doubtful | Owner Occupied Term | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 357 | 675 | |
Commercial Real Estate | Doubtful | Multifamily | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 0 | 0 | |
Commercial Real Estate | Doubtful | Construction & Development | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 0 | 0 | |
Commercial Real Estate | Doubtful | Residential Development | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 0 | 0 | |
Commercial Real Estate | Loss | Non-owner Occupied Term | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 137 | 279 | |
Commercial Real Estate | Loss | Owner Occupied Term | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 1,618 | 1,361 | |
Commercial Real Estate | Loss | Multifamily | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 0 | 0 | |
Commercial Real Estate | Loss | Construction & Development | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 0 | 0 | |
Commercial Real Estate | Loss | Residential Development | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 0 | 0 | |
Commercial Real Estate | Impaired | Non-owner Occupied Term | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 24,727 | 11,494 | |
Commercial Real Estate | Impaired | Owner Occupied Term | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 913 | 6,799 | |
Commercial Real Estate | Impaired | Multifamily | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 4,514 | 3,519 | |
Commercial Real Estate | Impaired | Construction & Development | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 2,019 | 1,704 | |
Commercial Real Estate | Impaired | Residential Development | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 7,564 | 7,891 | |
Commercial | Term | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 1,480,173 | 1,408,676 | |
GNMA loans, right to repurchase | 1,727 | 630 | |
Commercial | Term | Financing Receivables, Equal to Greater than 90 Days Past Due | |||
Financing Receivable, Recorded Investment [Line Items] | |||
GNMA loans, right to repurchase | 0 | 0 | |
Commercial | LOC & Other | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 1,142,946 | 1,036,733 | |
GNMA loans, right to repurchase | 1,599 | 2,007 | |
Commercial | LOC & Other | Financing Receivables, Equal to Greater than 90 Days Past Due | |||
Financing Receivable, Recorded Investment [Line Items] | |||
GNMA loans, right to repurchase | 0 | 8 | |
Commercial | Leases and Equipment Finance | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 927,857 | 729,161 | |
GNMA loans, right to repurchase | 10,985 | 7,254 | |
Commercial | Leases and Equipment Finance | Financing Receivables, Equal to Greater than 90 Days Past Due | |||
Financing Receivable, Recorded Investment [Line Items] | |||
GNMA loans, right to repurchase | 1,672 | 822 | |
Commercial | Pass/Watch | Term | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 1,422,519 | 1,356,675 | |
Commercial | Pass/Watch | LOC & Other | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 1,090,922 | 998,603 | |
Commercial | Pass/Watch | Leases and Equipment Finance | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 908,529 | 716,190 | |
Commercial | Special Mention | Term | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 27,605 | 13,620 | |
Commercial | Special Mention | LOC & Other | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 16,998 | 19,183 | |
Commercial | Special Mention | Leases and Equipment Finance | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 5,123 | 3,849 | |
Commercial | Substandard | Term | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 12,886 | 20,463 | |
Commercial | Substandard | LOC & Other | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 28,793 | 15,959 | |
Commercial | Substandard | Leases and Equipment Finance | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 4,986 | 3,499 | |
Commercial | Doubtful | Term | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 38 | 36 | |
Commercial | Doubtful | LOC & Other | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 246 | 1 | |
Commercial | Doubtful | Leases and Equipment Finance | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 8,444 | 4,889 | |
Commercial | Loss | Term | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 376 | 162 | |
Commercial | Loss | LOC & Other | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 0 | 1 | |
Commercial | Loss | Leases and Equipment Finance | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 775 | 734 | |
Commercial | Impaired | Term | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 16,749 | 17,720 | |
Commercial | Impaired | LOC & Other | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 5,987 | 2,986 | |
Commercial | Impaired | Leases and Equipment Finance | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 0 | 0 | |
Residential | Mortgage | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 2,868,337 | 2,909,306 | |
GNMA loans, right to repurchase | 32,834 | 31,708 | |
Residential | Mortgage | Financing Receivables, Equal to Greater than 90 Days Past Due | |||
Financing Receivable, Recorded Investment [Line Items] | |||
GNMA loans, right to repurchase | 29,483 | 29,233 | |
Residential | Mortgage | Financing Receivables, Equal to Greater than 90 Days Past Due | GNMA Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
GNMA loans, right to repurchase | 7,300 | 19,200 | |
Residential | Home Equity Loans & Lines | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 1,008,219 | 923,667 | |
GNMA loans, right to repurchase | 3,804 | 4,807 | |
Residential | Home Equity Loans & Lines | Financing Receivables, Equal to Greater than 90 Days Past Due | |||
Financing Receivable, Recorded Investment [Line Items] | |||
GNMA loans, right to repurchase | 1,641 | 3,080 | |
Residential | Pass/Watch | Mortgage | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 2,813,563 | 2,871,423 | |
Residential | Pass/Watch | Home Equity Loans & Lines | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 1,002,278 | 917,919 | |
Residential | Special Mention | Mortgage | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 2,922 | 3,557 | |
Residential | Special Mention | Home Equity Loans & Lines | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 2,741 | 2,189 | |
Residential | Substandard | Mortgage | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 48,071 | 21,195 | |
Residential | Substandard | Home Equity Loans & Lines | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 1,995 | 803 | |
Residential | Doubtful | Mortgage | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 0 | 0 | |
Residential | Doubtful | Home Equity Loans & Lines | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 0 | 0 | |
Residential | Loss | Mortgage | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 3,781 | 13,131 | |
Residential | Loss | Home Equity Loans & Lines | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 1,205 | 2,756 | |
Residential | Impaired | Mortgage | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 0 | 0 | |
Residential | Impaired | Home Equity Loans & Lines | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 0 | 0 | |
Consumer & Other | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 625,517 | 527,189 | |
GNMA loans, right to repurchase | 4,912 | 4,802 | |
Consumer & Other | Financing Receivables, Equal to Greater than 90 Days Past Due | |||
Financing Receivable, Recorded Investment [Line Items] | |||
GNMA loans, right to repurchase | 499 | 642 | |
Consumer & Other | Pass/Watch | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 620,585 | 522,339 | |
Consumer & Other | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 4,405 | 4,174 | |
Consumer & Other | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 461 | 458 | |
Consumer & Other | Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 0 | 0 | |
Consumer & Other | Loss | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | 66 | 218 | |
Consumer & Other | Impaired | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans by credit quality | $ 0 | $ 0 |
Allowance for Loan and Lease 54
Allowance for Loan and Lease Loss and Credit Quality (Schedule Of Troubled Debt Restructuring By Accrual versus Non-Accrual Status) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Modifications [Line Items] | ||
Total troubled debt restructurings, net of deferred fees and costs | $ 41,728 | $ 41,207 |
Accrual Status | ||
Financing Receivable, Modifications [Line Items] | ||
Total troubled debt restructurings, net of deferred fees and costs | 36,645 | 31,355 |
Non-Accrual Status | ||
Financing Receivable, Modifications [Line Items] | ||
Total troubled debt restructurings, net of deferred fees and costs | 5,083 | 9,852 |
Commercial Real Estate | ||
Financing Receivable, Modifications [Line Items] | ||
Total troubled debt restructurings, net of deferred fees and costs | 20,749 | 22,509 |
Commercial Real Estate | Accrual Status | ||
Financing Receivable, Modifications [Line Items] | ||
Total troubled debt restructurings, net of deferred fees and costs | 20,749 | 21,185 |
Commercial Real Estate | Non-Accrual Status | ||
Financing Receivable, Modifications [Line Items] | ||
Total troubled debt restructurings, net of deferred fees and costs | 0 | 1,324 |
Commercial | ||
Financing Receivable, Modifications [Line Items] | ||
Total troubled debt restructurings, net of deferred fees and costs | 13,616 | 13,781 |
Commercial | Accrual Status | ||
Financing Receivable, Modifications [Line Items] | ||
Total troubled debt restructurings, net of deferred fees and costs | 8,533 | 5,253 |
Commercial | Non-Accrual Status | ||
Financing Receivable, Modifications [Line Items] | ||
Total troubled debt restructurings, net of deferred fees and costs | 5,083 | 8,528 |
Residential | ||
Financing Receivable, Modifications [Line Items] | ||
Total troubled debt restructurings, net of deferred fees and costs | 7,286 | 4,917 |
Residential | Accrual Status | ||
Financing Receivable, Modifications [Line Items] | ||
Total troubled debt restructurings, net of deferred fees and costs | 7,286 | 4,917 |
Residential | Non-Accrual Status | ||
Financing Receivable, Modifications [Line Items] | ||
Total troubled debt restructurings, net of deferred fees and costs | 0 | $ 0 |
Consumer & Other | ||
Financing Receivable, Modifications [Line Items] | ||
Total troubled debt restructurings, net of deferred fees and costs | 77 | |
Consumer & Other | Accrual Status | ||
Financing Receivable, Modifications [Line Items] | ||
Total troubled debt restructurings, net of deferred fees and costs | 77 | |
Consumer & Other | Non-Accrual Status | ||
Financing Receivable, Modifications [Line Items] | ||
Total troubled debt restructurings, net of deferred fees and costs | $ 0 |
Allowance for Loan and Lease 55
Allowance for Loan and Lease Loss and Credit Quality (Schedule Of Newly Restructured Loans) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Financing Receivable, Modifications [Line Items] | ||||
Total restructured loans, net of deferred fees and costs | $ 3,126 | $ 9,947 | $ 12,986 | $ 16,426 |
Commercial Real Estate | Term and Multi-family | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total restructured loans, net of deferred fees and costs | 1,374 | 5,659 | 1,374 | |
Commercial | Term | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total restructured loans, net of deferred fees and costs | 1,009 | 8,388 | 4,405 | 11,737 |
Residential | Mortgage | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total restructured loans, net of deferred fees and costs | 2,117 | 185 | 2,845 | 3,315 |
Consumer & Other | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total restructured loans, net of deferred fees and costs | 77 | |||
Rate Modifications | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total restructured loans, net of deferred fees and costs | 0 | 0 | 0 | 0 |
Rate Modifications | Commercial Real Estate | Term and Multi-family | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total restructured loans, net of deferred fees and costs | 0 | 0 | 0 | |
Rate Modifications | Commercial | Term | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total restructured loans, net of deferred fees and costs | 0 | 0 | 0 | 0 |
Rate Modifications | Residential | Mortgage | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total restructured loans, net of deferred fees and costs | 0 | 0 | 0 | 0 |
Rate Modifications | Consumer & Other | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total restructured loans, net of deferred fees and costs | 0 | |||
Term Modifications | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total restructured loans, net of deferred fees and costs | 0 | 0 | 0 | 74 |
Term Modifications | Commercial Real Estate | Term and Multi-family | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total restructured loans, net of deferred fees and costs | 0 | 0 | 0 | |
Term Modifications | Commercial | Term | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total restructured loans, net of deferred fees and costs | 0 | 0 | 0 | 0 |
Term Modifications | Residential | Mortgage | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total restructured loans, net of deferred fees and costs | 0 | 0 | 74 | |
Term Modifications | Consumer & Other | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total restructured loans, net of deferred fees and costs | 0 | |||
Interest Only Modifications | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total restructured loans, net of deferred fees and costs | 0 | 0 | 0 | 0 |
Interest Only Modifications | Commercial Real Estate | Term and Multi-family | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total restructured loans, net of deferred fees and costs | 0 | 0 | 0 | |
Interest Only Modifications | Commercial | Term | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total restructured loans, net of deferred fees and costs | 0 | 0 | 0 | 0 |
Interest Only Modifications | Residential | Mortgage | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total restructured loans, net of deferred fees and costs | 0 | 0 | 0 | 0 |
Interest Only Modifications | Consumer & Other | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total restructured loans, net of deferred fees and costs | 0 | |||
Payment Modifications | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total restructured loans, net of deferred fees and costs | 0 | 0 | 0 | 0 |
Payment Modifications | Commercial Real Estate | Term and Multi-family | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total restructured loans, net of deferred fees and costs | 0 | 0 | 0 | |
Payment Modifications | Commercial | Term | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total restructured loans, net of deferred fees and costs | 0 | 0 | 0 | 0 |
Payment Modifications | Residential | Mortgage | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total restructured loans, net of deferred fees and costs | 0 | 0 | 0 | 0 |
Payment Modifications | Consumer & Other | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total restructured loans, net of deferred fees and costs | 0 | |||
Combination Modifications | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total restructured loans, net of deferred fees and costs | 3,126 | 9,947 | 12,986 | 16,352 |
Combination Modifications | Commercial Real Estate | Term and Multi-family | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total restructured loans, net of deferred fees and costs | 1,374 | 5,659 | 1,374 | |
Combination Modifications | Commercial | Term | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total restructured loans, net of deferred fees and costs | 1,009 | 8,388 | 4,405 | 11,737 |
Combination Modifications | Residential | Mortgage | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total restructured loans, net of deferred fees and costs | $ 2,117 | $ 185 | 2,845 | $ 3,241 |
Combination Modifications | Consumer & Other | ||||
Financing Receivable, Modifications [Line Items] | ||||
Total restructured loans, net of deferred fees and costs | $ 77 |
Goodwill and Other Intangible56
Goodwill and Other Intangible Assets (Goodwill And Other Intangible Assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Roll Forward] | ||||||
Goodwill, gross | $ 1,900,727 | $ 1,900,727 | $ 1,900,727 | $ 1,899,159 | ||
Goodwill, accumulated impairment | (113,076) | (113,076) | (112,934) | (112,934) | ||
Goodwill, total | 1,787,651 | 1,787,651 | 1,787,793 | 1,786,225 | ||
Goodwill, net additions | 1,568 | |||||
Goodwill, reductions | 0 | $ 0 | (142) | $ 0 | ||
Finite-lived Intangible Assets [Roll Forward] | ||||||
Other intangible assets, gross | 113,471 | 113,471 | 113,471 | 113,471 | ||
Other intangible assets, accumulated amortization | (74,718) | (74,718) | (67,963) | (56,738) | ||
Other intangible assets, net | 38,753 | 38,753 | 45,508 | $ 56,733 | ||
Other intangible assets, amortization | $ (1,867) | $ (2,806) | $ (6,755) | $ (8,419) | $ (11,225) |
Goodwill and Other Intangible57
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | ||
Goodwill, period increase (decrease) | $ (142) | $ 1,600 |
Core Deposits | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible asset, useful life | 10 years |
Goodwill and Other Intangible58
Goodwill and Other Intangible Assets (Finite-lived Intangible Assets Amortization Expense) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Remainder of 2016 | $ 1,867 | ||
2,017 | 6,756 | ||
2,018 | 6,166 | ||
2,019 | 5,618 | ||
2,020 | 4,986 | ||
Thereafter | 13,360 | ||
Total | $ 38,753 | $ 45,508 | $ 56,733 |
Residential Mortgage Servicin59
Residential Mortgage Servicing Rights (Schedule Of Changes In Mortgage Servicing Rights) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Servicing Asset at Fair Value, Amount [Roll Forward] | ||||
Balance, beginning of period | $ 112,095 | $ 127,206 | $ 131,817 | $ 117,259 |
Additions for new MSR capitalized | 10,177 | 7,711 | 25,020 | 27,812 |
Due to changes in model inputs or assumptions | (5,386) | (6,794) | (22,473) | (5,860) |
Other | (2,440) | (3,309) | (19,918) | (14,397) |
Balance, end of period | $ 114,446 | $ 124,814 | $ 114,446 | $ 124,814 |
Residential Mortgage Servicin60
Residential Mortgage Servicing Rights (Schedule Of Information Relates To Serviced Loan Portfolio) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Transfers and Servicing [Abstract] | ||
Balance of loans serviced for others | $ 13,880,660 | $ 13,047,266 |
MSR as a percentage of serviced loans | 0.82% | 1.01% |
Residential Mortgage Servicin61
Residential Mortgage Servicing Rights (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Transfers and Servicing [Abstract] | ||||
Contractually specified servicing fees, late fees and ancillary fees earned | $ 9.4 | $ 7.2 | $ 25.7 | $ 20.5 |
Residential Mortgage Servicin62
Residential Mortgage Servicing Rights (Key Assumptions Used In Measuring The Fair Value Of MSR) (Details) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Transfers and Servicing [Abstract] | ||
Constant prepayment rate | 16.42% | 11.70% |
Discount rate | 9.71% | 9.68% |
Weighted average life (years) | 4 years 10 months 28 days | 6 years 6 months |
Residential Mortgage Servicin63
Residential Mortgage Servicing Rights (Sensitivity Analysis of Current Fair Value to Changes in Discount and Prepayment Speed Assumptions) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Transfers and Servicing [Abstract] | ||
Effect on fair value of a 10% adverse change | $ (5,733) | $ (5,337) |
Effect on fair value of a 20% adverse change | (10,952) | (10,283) |
Effect on fair value of a 100 basis point adverse change | (3,623) | (4,936) |
Effect on fair value of a 200 basis point adverse change | $ (7,024) | $ (9,494) |
Junior Subordinated Debenture64
Junior Subordinated Debentures (Junior Subordinated Debentures) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | $ 475,427 | |
Carrying value, at fair value | 260,114 | $ 255,457 |
Carrying value, at amortized cost | 101,012 | $ 101,254 |
Carrying Value | 361,126 | |
Junior Subordinated Debt, at Fair Value | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | 379,390 | |
Carrying value, at fair value | 260,114 | |
Junior Subordinated Debt, at Fair Value | Umpqua Statutory Trust II | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | 20,619 | |
Carrying value, at fair value | $ 15,679 | |
Variable rate basis | LIBOR | |
Basis spread on LIBOR | 3.35% | |
Effective rate | 5.40% | |
Junior Subordinated Debt, at Fair Value | Umpqua Statutory Trust III | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | $ 30,928 | |
Carrying value, at fair value | $ 23,687 | |
Variable rate basis | LIBOR | |
Basis spread on LIBOR | 3.45% | |
Effective rate | 5.57% | |
Junior Subordinated Debt, at Fair Value | Umpqua Statutory Trust IV | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | $ 10,310 | |
Carrying value, at fair value | $ 7,456 | |
Variable rate basis | LIBOR | |
Basis spread on LIBOR | 2.85% | |
Effective rate | 4.88% | |
Junior Subordinated Debt, at Fair Value | Umpqua Statutory Trust V | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | $ 10,310 | |
Carrying value, at fair value | $ 7,414 | |
Variable rate basis | LIBOR | |
Basis spread on LIBOR | 2.85% | |
Effective rate | 5.15% | |
Junior Subordinated Debt, at Fair Value | Umpqua Master Trust I | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | $ 41,238 | |
Carrying value, at fair value | $ 24,859 | |
Variable rate basis | LIBOR | |
Basis spread on LIBOR | 1.35% | |
Effective rate | 3.65% | |
Junior Subordinated Debt, at Fair Value | Umpqua Master Trust IB | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | $ 20,619 | |
Carrying value, at fair value | $ 14,289 | |
Variable rate basis | LIBOR | |
Basis spread on LIBOR | 2.75% | |
Effective rate | 5.20% | |
Junior Subordinated Debt, at Fair Value | Sterling Capital Trust III | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | $ 14,433 | |
Carrying value, at fair value | $ 11,462 | |
Variable rate basis | LIBOR | |
Basis spread on LIBOR | 3.25% | |
Effective rate | 5.05% | |
Junior Subordinated Debt, at Fair Value | Sterling Capital Trust IV | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | $ 10,310 | |
Carrying value, at fair value | $ 8,103 | |
Variable rate basis | LIBOR | |
Basis spread on LIBOR | 3.15% | |
Effective rate | 5.05% | |
Junior Subordinated Debt, at Fair Value | Sterling Capital Statutory Trust V | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | $ 20,619 | |
Carrying value, at fair value | $ 16,236 | |
Variable rate basis | LIBOR | |
Basis spread on LIBOR | 3.25% | |
Effective rate | 5.22% | |
Junior Subordinated Debt, at Fair Value | Sterling Capital Trust VI | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | $ 10,310 | |
Carrying value, at fair value | $ 8,072 | |
Variable rate basis | LIBOR | |
Basis spread on LIBOR | 3.20% | |
Effective rate | 5.17% | |
Junior Subordinated Debt, at Fair Value | Sterling Capital Trust VII | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | $ 56,702 | |
Carrying value, at fair value | $ 35,360 | |
Variable rate basis | LIBOR | |
Basis spread on LIBOR | 1.53% | |
Effective rate | 3.81% | |
Junior Subordinated Debt, at Fair Value | Sterling Capital Trust VIII | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | $ 51,547 | |
Carrying value, at fair value | $ 32,425 | |
Variable rate basis | LIBOR | |
Basis spread on LIBOR | 1.63% | |
Effective rate | 3.94% | |
Junior Subordinated Debt, at Fair Value | Sterling Capital Trust IX | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | $ 46,392 | |
Carrying value, at fair value | $ 27,898 | |
Variable rate basis | LIBOR | |
Basis spread on LIBOR | 1.40% | |
Effective rate | 3.40% | |
Junior Subordinated Debt, at Fair Value | Lynnwood Financial Statutory Trust I | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | $ 9,279 | |
Carrying value, at fair value | $ 7,237 | |
Variable rate basis | LIBOR | |
Basis spread on LIBOR | 3.15% | |
Effective rate | 5.14% | |
Junior Subordinated Debt, at Fair Value | Lynnwood Financial Statutory Trust II | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | $ 10,310 | |
Carrying value, at fair value | $ 6,743 | |
Variable rate basis | LIBOR | |
Basis spread on LIBOR | 1.80% | |
Effective rate | 4.05% | |
Junior Subordinated Debt, at Fair Value | Klamath First Capital Trust I | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | $ 15,464 | |
Carrying value, at fair value | $ 13,194 | |
Variable rate basis | LIBOR | |
Basis spread on LIBOR | 3.75% | |
Effective rate | 5.68% | |
Junior Subordinated Debt, at Amortized Cost | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | $ 96,037 | |
Carrying value, at amortized cost | 101,012 | |
Junior Subordinated Debt, at Amortized Cost | HB Capital Trust I | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | 5,310 | |
Carrying value, at amortized cost | $ 6,064 | |
Stated interest rate | 10.875% | |
Effective rate | 8.60% | |
Junior Subordinated Debt, at Amortized Cost | Humboldt Bancorp Statutory Trust I | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | $ 5,155 | |
Carrying value, at amortized cost | $ 5,712 | |
Stated interest rate | 10.20% | |
Effective rate | 8.52% | |
Junior Subordinated Debt, at Amortized Cost | Humboldt Bancorp Statutory Trust II | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | $ 10,310 | |
Carrying value, at amortized cost | $ 11,123 | |
Variable rate basis | LIBOR | |
Basis spread on LIBOR | 3.60% | |
Effective rate | 3.65% | |
Junior Subordinated Debt, at Amortized Cost | Humboldt Bancorp Statutory Trust III | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | $ 27,836 | |
Carrying value, at amortized cost | $ 29,986 | |
Variable rate basis | LIBOR | |
Basis spread on LIBOR | 2.95% | |
Effective rate | 3.10% | |
Junior Subordinated Debt, at Amortized Cost | CIB Capital Trust | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | $ 10,310 | |
Carrying value, at amortized cost | $ 11,011 | |
Variable rate basis | LIBOR | |
Basis spread on LIBOR | 3.45% | |
Effective rate | 3.60% | |
Junior Subordinated Debt, at Amortized Cost | Western Sierra Statutory Trust I | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | $ 6,186 | |
Carrying value, at amortized cost | $ 6,186 | |
Variable rate basis | LIBOR | |
Basis spread on LIBOR | 3.58% | |
Effective rate | 4.34% | |
Junior Subordinated Debt, at Amortized Cost | Western Sierra Statutory Trust II | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | $ 10,310 | |
Carrying value, at amortized cost | $ 10,310 | |
Variable rate basis | LIBOR | |
Basis spread on LIBOR | 3.60% | |
Effective rate | 4.46% | |
Junior Subordinated Debt, at Amortized Cost | Western Sierra Statutory Trust III | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | $ 10,310 | |
Carrying value, at amortized cost | $ 10,310 | |
Variable rate basis | LIBOR | |
Basis spread on LIBOR | 2.90% | |
Effective rate | 3.58% | |
Junior Subordinated Debt, at Amortized Cost | Western Sierra Statutory Trust IV | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | $ 10,310 | |
Carrying value, at amortized cost | $ 10,310 | |
Variable rate basis | LIBOR | |
Basis spread on LIBOR | 2.90% | |
Effective rate | 3.58% |
Junior Subordinated Debenture65
Junior Subordinated Debentures (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |||||
Common stock issued by Trusts | $ 14,300 | $ 14,300 | $ 14,300 | ||
Loss on junior subordinated debentures carried at fair value | $ 1,590 | $ 1,590 | $ 4,734 | $ 4,717 |
Commitments and Contingencies66
Commitments and Contingencies (Narrative) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016USD ($)propertiesstore | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)propertiesstore | Sep. 30, 2015USD ($) | Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |||||
Number of non-cancelable operating leases | properties | 265 | 265 | |||
Rent expense | $ 9,800 | $ 9,600 | $ 29,000 | $ 28,600 | |
Rent income | 508 | $ 510 | 1,500 | $ 1,100 | |
Standby letters of credit that expire within one year | 46,900 | 46,900 | |||
Standby letters of credit that expire thereafter | 19,000 | 19,000 | |||
Standby letters of credit, fees | 235 | 608 | |||
Residential mortgage loan repurchase reserve liability | $ 1,900 | $ 1,900 | |||
Number of store locations to be consolidated | store | 26 | 26 | |||
Concentration risk, percentage | 76.00% | 78.00% |
Commitments and Contingencies67
Commitments and Contingencies (Schedule Of Commitments And Contingencies) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Loss Contingencies [Line Items] | ||
Commitments and contingent liabilities | ||
Commitments to extend credit | ||
Loss Contingencies [Line Items] | ||
Commitments and contingent liabilities | 4,052,341 | |
Forward sales commitments | ||
Loss Contingencies [Line Items] | ||
Commitments and contingent liabilities | 862,026 | |
Commitments to originate residential mortgage loans held for sale | ||
Loss Contingencies [Line Items] | ||
Commitments and contingent liabilities | 665,392 | |
Standby letters of credit | ||
Loss Contingencies [Line Items] | ||
Commitments and contingent liabilities | $ 65,918 |
Derivatives (Narrative) (Detail
Derivatives (Narrative) (Details) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016USD ($)contracts | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)contracts | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($)contracts | |
Credit Derivatives [Line Items] | |||||
Counterparty default losses on forward contracts | $ 0 | $ 0 | $ 0 | $ 0 | |
Commitments and contingent liabilities | |||||
Number of interest rate derivatives held | contracts | 466 | 466 | 381 | ||
Termination value of derivatives in net liability position | $ 80,600,000 | $ 80,600,000 | $ 40,200,000 | ||
Collateral posting clearing | 107,200,000 | 107,200,000 | 58,700,000 | ||
Decrease in settlement values of the Bank's derivative assets | 4,900,000 | 4,900,000 | |||
Interest Rate Swap | |||||
Credit Derivatives [Line Items] | |||||
Notional amount of credit risk derivatives | 2,200,000,000 | 2,200,000,000 | $ 1,900,000,000 | ||
Commitments To Originate Loans Held For Sale | |||||
Credit Derivatives [Line Items] | |||||
Commitments and contingent liabilities | 665,392,000 | 665,392,000 | |||
Interest Rate Forward Sales Commitments | |||||
Credit Derivatives [Line Items] | |||||
Commitments and contingent liabilities | $ 862,026,000 | $ 862,026,000 |
Derivatives (Summary Of Types O
Derivatives (Summary Of Types Of Derivatives, Separately By Assets And Liabilities And Fair Value Of Derivatives) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | $ 86,478 | $ 43,549 |
Liability derivatives | 84,804 | 41,514 |
Foreign Exchange Contract | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | 64 | 196 |
Liability derivatives | 407 | 305 |
Foreign Exchange Contract | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | 64 | 196 |
Foreign Exchange Contract | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives | 407 | 305 |
Interest Rate Lock Commitments | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | 10,577 | 3,631 |
Interest Rate Lock Commitments | Interest Rate Contracts | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | 10,577 | 3,631 |
Interest Rate Lock Commitments | Interest Rate Contracts | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives | 0 | 0 |
Interest Rate Forward Sales Commitments | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | 55 | 1,155 |
Liability derivatives | 3,842 | 971 |
Interest Rate Forward Sales Commitments | Interest Rate Contracts | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | 55 | 1,155 |
Interest Rate Forward Sales Commitments | Interest Rate Contracts | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives | 3,842 | 971 |
Interest Rate Swap | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | 75,782 | 38,567 |
Liability derivatives | 80,555 | 40,238 |
Interest Rate Swap | Interest Rate Contracts | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | 75,782 | 38,567 |
Interest Rate Swap | Interest Rate Contracts | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives | $ 80,555 | $ 40,238 |
Derivatives (Summary Of Types70
Derivatives (Summary Of Types Of Derivatives And Gains (Losses) Recorded) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative gains (losses) | $ (5,827) | $ (10,526) | $ (22,142) | $ (3,107) |
Foreign Exchange Contract | Other Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative gains (losses) | 307 | 254 | 900 | 745 |
Interest Rate Lock Commitments | Interest Rate Contracts | Mortgage Banking Revenue | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative gains (losses) | (451) | 1,784 | 6,947 | 2,977 |
Interest Rate Forward Sales Commitments | Interest Rate Contracts | Mortgage Banking Revenue | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative gains (losses) | (5,865) | (11,383) | (26,885) | (6,275) |
Interest Rate Swap | Interest Rate Contracts | Other Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative gains (losses) | $ 182 | $ (1,181) | $ (3,104) | $ (554) |
Derivatives (Offsetting Derivat
Derivatives (Offsetting Derivatives Assets) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Derivative Assets | ||
Derivatives assets, net amounts of assets presented in the statement of financial position | $ 86,478 | $ 43,549 |
Interest Rate Swap | ||
Derivative Assets | ||
Derivative assets, gross amounts of recognized assets | 75,782 | 38,567 |
Derivative asset, fair value, gross liability | 0 | 0 |
Derivatives assets, net amounts of assets presented in the statement of financial position | 75,782 | 38,567 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | ||
Derivative assets, gross amounts not offset in the statement of financial position, financial instruments | (534) | (198) |
Derivative assets, gross amounts not offset in the statement of financial position, collateral posted | 0 | 0 |
Derivative assets, net amount | 75,248 | 38,369 |
Foreign Exchange Contract | ||
Derivative Assets | ||
Derivative assets, gross amounts of recognized assets | 64 | 196 |
Derivative asset, fair value, gross liability | 0 | 0 |
Derivatives assets, net amounts of assets presented in the statement of financial position | 64 | 196 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | ||
Derivative assets, gross amounts not offset in the statement of financial position, financial instruments | 0 | 0 |
Derivative assets, gross amounts not offset in the statement of financial position, collateral posted | 0 | 0 |
Derivative assets, net amount | $ 64 | $ 196 |
Derivatives (Offsetting Deriv72
Derivatives (Offsetting Derivatives Liabilities) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Derivative Liabilities | ||
Total liability derivatives | $ 84,804 | $ 41,514 |
Interest Rate Swap | ||
Derivative Liabilities | ||
Derivative liabilities, gross amounts of recognized liabilities | 80,555 | 40,238 |
Derivative liability, fair value, gross asset | 0 | 0 |
Total liability derivatives | 80,555 | 40,238 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral [Abstract] | ||
Derivative liabilities, gross amounts not offset in the statement of financial position, financial instruments | (534) | (198) |
Derivative liabilities, gross amounts not offset in the statement of financial position, collateral posted | (80,021) | (40,040) |
Derivative liabilities, net amount | 0 | 0 |
Foreign Exchange Contract | ||
Derivative Liabilities | ||
Derivative liabilities, gross amounts of recognized liabilities | 407 | 305 |
Derivative liability, fair value, gross asset | 0 | 0 |
Total liability derivatives | 407 | 305 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral [Abstract] | ||
Derivative liabilities, gross amounts not offset in the statement of financial position, financial instruments | 0 | 0 |
Derivative liabilities, gross amounts not offset in the statement of financial position, collateral posted | 0 | 0 |
Derivative liabilities, net amount | $ 407 | $ 305 |
Shareholders' Equity and Stoc73
Shareholders' Equity and Stock Compensation (Narrative) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Jul. 31, 2016 | Feb. 29, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Shareholders Equity and Share-Based Payments [Line Items] | |||||||
Stock repurchased during period (in shares) | 325,000 | 235,000 | |||||
Stock repurchased during period | $ 5,000,000 | $ 3,500,000 | $ 14,354,000 | $ 14,589,000 | |||
Compensation cost | $ 2,000,000 | $ 3,100,000 | 6,700,000 | $ 10,700,000 | |||
Total income tax benefit recognized related to stock-based compensation | 774,000 | 1,200,000 | 2,600,000 | 3,900,000 | |||
Total intrinsic value of options exercised | 81,000 | 47,000 | 259,000 | 512,000 | |||
Cash received from exercise of stock options | 322,000 | 117,000 | 1,100,000 | 877,000 | |||
Income tax benefits received | 185,000 | 700,000 | 5,400,000 | 5,100,000 | |||
Net tax benefit from stock options exercised | 544,000 | ||||||
Employee Stock Option | |||||||
Shareholders Equity and Share-Based Payments [Line Items] | |||||||
Cash received from exercise of stock options | 365,000 | 16 | 432,000 | 195,000 | |||
Total unrecognized compensation cost related to nonvested stock awards | 54,000 | $ 54,000 | |||||
Expected recognized over a weighted-average period, years | 1 year | ||||||
Restricted Stock | |||||||
Shareholders Equity and Share-Based Payments [Line Items] | |||||||
Total fair value of restricted stock shares/units vested and released | 331,000 | 1,600,000 | $ 11,600,000 | 8,300,000 | |||
Total unrecognized compensation cost related to nonvested stock awards | 9,000,000 | $ 9,000,000 | |||||
Expected recognized over a weighted-average period, years | 1 year 7 months 21 days | ||||||
Restricted Stock Units (RSUs) | |||||||
Shareholders Equity and Share-Based Payments [Line Items] | |||||||
Total fair value of restricted stock shares/units vested and released | 65,000 | $ 430,000 | $ 2,200,000 | $ 4,400,000 | |||
Total unrecognized compensation cost related to nonvested stock awards | $ 2,000,000 | $ 2,000,000 | |||||
Expected recognized over a weighted-average period, years | 1 year 2 months 9 days |
Shareholders' Equity and Stoc74
Shareholders' Equity and Stock Compensation (Summary Of Stock Option Activity) (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 9 Months Ended |
Sep. 30, 2016USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Options outstanding, balance, beginning of period (in shares) | shares | 472 |
Options outstanding, granted (in shares) | shares | 0 |
Options outstanding, exercised (in shares) | shares | (87) |
Options outstanding, forfeited/expired (in shares) | shares | (34) |
Options outstanding, balance, end of period (in shares) | shares | 351 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |
Weighted avg exercise price, balance beginning of period (in usd per share) | $ / shares | $ 14.58 |
Weighted-avg exercise price, granted (in usd per share) | $ / shares | 0 |
Weighted-avg exercise price, exercised (in usd per share) | $ / shares | 12.65 |
Weighted-avg exercise price, forfeited/expired (in usd per share) | $ / shares | 24.19 |
Weighted avg exercise price, balance, end of period (in usd per share) | $ / shares | $ 14.13 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |
Options exercisable, end of period, options outstanding (in shares) | shares | 340 |
Options exercisable, end of period, weighted avg. exercise price (in usd per share) | $ / shares | $ 14.20 |
Options outstanding, weighted avg remaining contractual term | 3 years 1 month 13 days |
Options exercisable, end of period, weighted-avg remaining contractual term | 3 years 4 days |
Options outstanding, aggregate intrinsic value | $ | $ 898 |
Options exercisable, end of period, aggregate intrinsic value | $ | $ 862 |
Shareholders' Equity and Stoc75
Shareholders' Equity and Stock Compensation (Summary Of Non-option Share Activity) (Details) shares in Thousands | 9 Months Ended |
Sep. 30, 2016$ / sharesshares | |
Restricted Stock | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Beginning balance (in shares) | shares | 1,376 |
Granted (in shares) | shares | 586 |
Released (in shares) | shares | (745) |
Forfeited (in shares) | shares | (115) |
Ending balance (in shares) | shares | 1,102 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |
Weighted average grant date fair value - beginning balance (in usd per share) | $ / shares | $ 16.18 |
Weighted average grant date fair value - granted (in usd per share) | $ / shares | 14.41 |
Weighted average grant date fair value - released (in usd per share) | $ / shares | 15.84 |
Weighted average grant date fair value - forfeited/expired (in usd per share) | $ / shares | 14.70 |
Weighted average grant date fair value - ending balance (in usd per share) | $ / shares | $ 15.62 |
Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Beginning balance (in shares) | shares | 263 |
Granted (in shares) | shares | 0 |
Released (in shares) | shares | (136) |
Forfeited (in shares) | shares | (48) |
Ending balance (in shares) | shares | 79 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |
Weighted average grant date fair value - beginning balance (in usd per share) | $ / shares | $ 18.58 |
Weighted average grant date fair value - granted (in usd per share) | $ / shares | 0 |
Weighted average grant date fair value - released (in usd per share) | $ / shares | 18.58 |
Weighted average grant date fair value - forfeited/expired (in usd per share) | $ / shares | 18.58 |
Weighted average grant date fair value - ending balance (in usd per share) | $ / shares | $ 18.58 |
Income Taxes (Details)
Income Taxes (Details) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2016USD ($) | Sep. 30, 2016USD ($) | |
Income Tax Disclosure [Abstract] | ||
Net operating loss carryforwards, valuation allowance | $ 1,100 | $ 1,100 |
Gross unrecognized tax benefits | 3,000 | $ 3,000 |
Effective income tax rate on unrecognized tax benefits that would impact effective tax rate | 0.80% | |
Recognized benefit in interest | 135 | $ 92 |
Accrued interest related to unrecognized tax benefits | $ 336 | $ 336 |
Earnings Per Common Share (Comp
Earnings Per Common Share (Computation Of Basic And Diluted Earnings (Loss) Per Common Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
NUMERATORS: | |||||
Net income | $ 61,809 | $ 57,607 | $ 163,665 | $ 159,520 | $ 222,539 |
Dividends and undistributed earnings allocated to participating securities | 31 | 84 | 92 | 261 | |
Net earnings available to common shareholders | $ 61,778 | $ 57,523 | $ 163,573 | $ 159,259 | |
DENOMINATORS: | |||||
Weighted average number of common shares outstanding - basic (in shares) | 220,291 | 220,297 | 220,313 | 220,370 | |
Effect of potentially dilutive common shares (in shares) | 460 | 607 | 623 | 692 | |
Weighted average number of common shares outstanding - diluted (in shares) | 220,751 | 220,904 | 220,936 | 221,062 | |
EARNINGS PER COMMON SHARE: | |||||
Basic (in usd per share) | $ 0.28 | $ 0.26 | $ 0.74 | $ 0.72 | |
Diluted (in usd per share) | $ 0.28 | $ 0.26 | $ 0.74 | $ 0.72 |
Earnings Per Common Share (Sche
Earnings Per Common Share (Schedule Of Weighted Average Outstanding Securities Not Included In The Computation Of Diluted Earnings Per Common Share) (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Stock Options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive weighted average outstanding securities (in shares) | 50 | 75 | 104 | 102 |
Restricted Stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive weighted average outstanding securities (in shares) | 0 | 1 | 0 | 0 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2016operating_locationsegment | |
Segment Reporting Information [Line Items] | |
Number of primary segments | segment | 2 |
Community Banking | |
Segment Reporting Information [Line Items] | |
Number of locations in operation | operating_location | 349 |
Segment Information (Summary Of
Segment Information (Summary Of Financial Information By Reportable Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||
Interest income | $ 226,419 | $ 233,802 | $ 685,936 | $ 694,661 | |
Interest expense | 16,527 | 14,587 | 49,144 | 42,861 | |
Net interest income | 209,892 | 219,215 | 636,792 | 651,800 | |
Provision for loan and lease losses | 13,091 | 8,153 | 28,503 | 32,044 | |
Non-interest income | 80,710 | 61,372 | 201,320 | 206,379 | |
Non-interest expense | 181,187 | 183,194 | 553,687 | 577,731 | |
Income before provision for income taxes | 96,324 | 89,240 | 255,922 | 248,404 | |
Provision for income taxes | 34,515 | 31,633 | 92,257 | 88,884 | |
Net income | 61,809 | 57,607 | 163,665 | 159,520 | $ 222,539 |
Total assets | 24,744,214 | 24,744,214 | 23,406,381 | ||
Loans and leases | 17,392,051 | 16,406,636 | 17,392,051 | 16,406,636 | 16,866,536 |
Total deposits | 18,918,780 | 18,918,780 | 17,707,189 | ||
Community Banking | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | 196,388 | 203,878 | 596,508 | 616,724 | |
Interest expense | 14,669 | 12,269 | 43,608 | 36,480 | |
Net interest income | 181,719 | 191,609 | 552,900 | 580,244 | |
Provision for loan and lease losses | 12,223 | 7,294 | 29,696 | 29,067 | |
Non-interest income | 32,418 | 33,043 | 96,340 | 95,881 | |
Non-interest expense | 147,172 | 152,682 | 456,533 | 486,564 | |
Income before provision for income taxes | 54,742 | 64,676 | 163,011 | 160,494 | |
Provision for income taxes | 19,616 | 22,925 | 58,763 | 57,430 | |
Net income | 35,126 | 41,751 | 104,248 | 103,064 | |
Total assets | 21,431,922 | 21,431,922 | 20,214,498 | ||
Loans and leases | 14,786,720 | 14,786,720 | 14,183,919 | ||
Total deposits | 18,594,102 | 18,594,102 | 17,689,815 | ||
Home Lending | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | 30,031 | 29,924 | 89,428 | 77,937 | |
Interest expense | 1,858 | 2,318 | 5,536 | 6,381 | |
Net interest income | 28,173 | 27,606 | 83,892 | 71,556 | |
Provision for loan and lease losses | 868 | 859 | (1,193) | 2,977 | |
Non-interest income | 48,292 | 28,329 | 104,980 | 110,498 | |
Non-interest expense | 34,015 | 30,512 | 97,154 | 91,167 | |
Income before provision for income taxes | 41,582 | 24,564 | 92,911 | 87,910 | |
Provision for income taxes | 14,899 | 8,708 | 33,494 | 31,454 | |
Net income | 26,683 | $ 15,856 | 59,417 | $ 56,456 | |
Total assets | 3,312,292 | 3,312,292 | 3,191,883 | ||
Loans and leases | 2,605,331 | 2,605,331 | 2,682,617 | ||
Total deposits | $ 324,678 | $ 324,678 | $ 17,374 |
Fair Value Measurement (Schedul
Fair Value Measurement (Schedule Of Carrying Value And Fair Value Of Financial Instruments Not Recorded At Fair Value) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
FINANCIAL ASSETS: | ||||||
Cash and cash equivalents | $ 364,013 | $ 277,645 | ||||
Trading securities | 10,866 | 9,586 | ||||
Investment securities available for sale | 2,520,037 | 2,522,539 | ||||
Investment securities held to maturity | 4,302 | 4,609 | ||||
Loans held for sale | 565,624 | 363,275 | ||||
Loans and leases | 17,392,051 | 16,866,536 | $ 16,406,636 | |||
Restricted equity securities | 47,537 | 46,949 | ||||
Residential mortgage servicing rights | 114,446 | $ 112,095 | 131,817 | $ 124,814 | $ 127,206 | $ 117,259 |
Bank owned life insurance assets | 297,561 | 291,892 | ||||
Derivatives | 86,478 | 43,549 | ||||
FINANCIAL LIABILITIES: | ||||||
Deposits | 18,918,780 | 17,707,189 | ||||
Securities sold under agreements to repurchase | 309,463 | 304,560 | ||||
Term debt | 902,678 | 888,769 | ||||
Junior subordinated debentures, at fair value | 260,114 | 255,457 | ||||
Junior subordinated debentures, at amortized cost | 101,012 | 101,254 | ||||
Derivatives | 84,804 | 41,514 | ||||
Carrying Value | ||||||
FINANCIAL ASSETS: | ||||||
Cash and cash equivalents | 1,466,441 | 773,725 | ||||
Trading securities | 10,866 | 9,586 | ||||
Investment securities available for sale | 2,520,037 | 2,522,539 | ||||
Investment securities held to maturity | 4,302 | 4,609 | ||||
Loans held for sale | 565,624 | 363,275 | ||||
Loans and leases | 17,258,359 | 16,736,214 | ||||
Restricted equity securities | 47,537 | 46,949 | ||||
Residential mortgage servicing rights | 114,446 | 131,817 | ||||
Bank owned life insurance assets | 297,561 | 291,892 | ||||
Derivatives | 86,478 | 43,549 | ||||
Visa Class B common stock | 0 | 0 | ||||
FINANCIAL LIABILITIES: | ||||||
Deposits | 18,918,780 | 17,707,189 | ||||
Securities sold under agreements to repurchase | 309,463 | 304,560 | ||||
Term debt | 902,678 | 888,769 | ||||
Junior subordinated debentures, at fair value | 260,114 | 255,457 | ||||
Junior subordinated debentures, at amortized cost | 101,012 | 101,254 | ||||
Derivatives | 84,804 | 41,514 | ||||
Estimated Fair Value | ||||||
FINANCIAL ASSETS: | ||||||
Cash and cash equivalents | 1,466,441 | 773,725 | ||||
Trading securities | 10,866 | 9,586 | ||||
Investment securities available for sale | 2,520,037 | 2,522,539 | ||||
Investment securities held to maturity | 5,194 | 5,590 | ||||
Loans held for sale | 565,624 | 363,275 | ||||
Loans and leases | 17,290,218 | 16,661,079 | ||||
Restricted equity securities | 47,537 | 46,949 | ||||
Residential mortgage servicing rights | 114,446 | 131,817 | ||||
Bank owned life insurance assets | 297,561 | 291,892 | ||||
Derivatives | 86,478 | 43,549 | ||||
Visa Class B common stock | 62,652 | 58,751 | ||||
FINANCIAL LIABILITIES: | ||||||
Deposits | 18,932,157 | 17,709,555 | ||||
Securities sold under agreements to repurchase | 309,463 | 304,560 | ||||
Term debt | 909,586 | 890,852 | ||||
Junior subordinated debentures, at fair value | 260,114 | 255,457 | ||||
Junior subordinated debentures, at amortized cost | 77,025 | 75,654 | ||||
Derivatives | $ 84,804 | $ 41,514 |
Fair Value Measurement (Sched82
Fair Value Measurement (Schedule Of Fair Value Assets And Liabilities Measured On Recurring Basis) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Trading, at fair value | $ 10,866 | $ 9,586 | ||||
Available for sale, at fair value | 2,520,037 | 2,522,539 | ||||
Loans held for sale, at fair value | 565,624 | 363,275 | ||||
Residential mortgage servicing rights, at fair value | 114,446 | $ 112,095 | 131,817 | $ 124,814 | $ 127,206 | $ 117,259 |
Derivatives, assets | 86,478 | 43,549 | ||||
Total assets measured at fair value | 3,297,451 | 3,070,766 | ||||
Junior subordinated debentures, at fair value | 260,114 | 255,457 | ||||
Derivatives, liabilities | 84,804 | 41,514 | ||||
Total liabilities measured at fair value | 344,918 | 296,971 | ||||
Level 1 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Loans held for sale, at fair value | 0 | 0 | ||||
Residential mortgage servicing rights, at fair value | 0 | 0 | ||||
Total assets measured at fair value | 10,390 | 9,511 | ||||
Junior subordinated debentures, at fair value | 0 | 0 | ||||
Total liabilities measured at fair value | 0 | 0 | ||||
Level 2 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Loans held for sale, at fair value | 565,624 | 363,275 | ||||
Residential mortgage servicing rights, at fair value | 0 | 0 | ||||
Total assets measured at fair value | 3,162,038 | 2,925,807 | ||||
Junior subordinated debentures, at fair value | 0 | 0 | ||||
Total liabilities measured at fair value | 84,804 | 41,514 | ||||
Level 3 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Loans held for sale, at fair value | 0 | 0 | ||||
Residential mortgage servicing rights, at fair value | 114,446 | 131,817 | ||||
Total assets measured at fair value | 125,023 | 135,448 | ||||
Junior subordinated debentures, at fair value | 260,114 | 255,457 | ||||
Total liabilities measured at fair value | 260,114 | 255,457 | ||||
Foreign Exchange Contract | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivatives, assets | 64 | 196 | ||||
Derivatives, liabilities | 407 | 305 | ||||
Foreign Exchange Contract | Level 1 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivatives, assets | 0 | 0 | ||||
Derivatives, liabilities | 0 | 0 | ||||
Foreign Exchange Contract | Level 2 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivatives, assets | 64 | 196 | ||||
Derivatives, liabilities | 407 | 305 | ||||
Foreign Exchange Contract | Level 3 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivatives, assets | 0 | 0 | ||||
Derivatives, liabilities | 0 | 0 | ||||
Interest Rate Lock Commitments | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivatives, assets | 10,577 | 3,631 | ||||
Interest Rate Lock Commitments | Level 1 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivatives, assets | 0 | 0 | ||||
Interest Rate Lock Commitments | Level 2 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivatives, assets | 0 | 0 | ||||
Interest Rate Lock Commitments | Level 3 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivatives, assets | 10,577 | 3,631 | ||||
Interest Rate Forward Sales Commitments | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivatives, assets | 55 | 1,155 | ||||
Derivatives, liabilities | 3,842 | 971 | ||||
Interest Rate Forward Sales Commitments | Level 1 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivatives, assets | 0 | 0 | ||||
Derivatives, liabilities | 0 | 0 | ||||
Interest Rate Forward Sales Commitments | Level 2 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivatives, assets | 55 | 1,155 | ||||
Derivatives, liabilities | 3,842 | 971 | ||||
Interest Rate Forward Sales Commitments | Level 3 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivatives, assets | 0 | 0 | ||||
Derivatives, liabilities | 0 | 0 | ||||
Interest Rate Swap | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivatives, assets | 75,782 | 38,567 | ||||
Derivatives, liabilities | 80,555 | 40,238 | ||||
Interest Rate Swap | Level 1 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivatives, assets | 0 | 0 | ||||
Derivatives, liabilities | 0 | 0 | ||||
Interest Rate Swap | Level 2 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivatives, assets | 75,782 | 38,567 | ||||
Derivatives, liabilities | 80,555 | 40,238 | ||||
Interest Rate Swap | Level 3 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivatives, assets | 0 | 0 | ||||
Derivatives, liabilities | 0 | 0 | ||||
Obligations Of States And Political Subdivisions | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Trading, at fair value | 476 | 75 | ||||
Available for sale, at fair value | 303,369 | 313,117 | ||||
Obligations Of States And Political Subdivisions | Level 1 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Trading, at fair value | 0 | 0 | ||||
Available for sale, at fair value | 0 | 0 | ||||
Obligations Of States And Political Subdivisions | Level 2 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Trading, at fair value | 476 | 75 | ||||
Available for sale, at fair value | 303,369 | 313,117 | ||||
Obligations Of States And Political Subdivisions | Level 3 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Trading, at fair value | 0 | 0 | ||||
Available for sale, at fair value | 0 | 0 | ||||
Equity Securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Trading, at fair value | 10,390 | 9,511 | ||||
Equity Securities | Level 1 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Trading, at fair value | 10,390 | 9,511 | ||||
Equity Securities | Level 2 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Trading, at fair value | 0 | 0 | ||||
Equity Securities | Level 3 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Trading, at fair value | 0 | 0 | ||||
Residential Mortgage-Backed Securities And Collateralized Mortgage Obligations | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available for sale, at fair value | 2,214,634 | 2,207,420 | ||||
Residential Mortgage-Backed Securities And Collateralized Mortgage Obligations | Level 1 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available for sale, at fair value | 0 | 0 | ||||
Residential Mortgage-Backed Securities And Collateralized Mortgage Obligations | Level 2 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available for sale, at fair value | 2,214,634 | 2,207,420 | ||||
Residential Mortgage-Backed Securities And Collateralized Mortgage Obligations | Level 3 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available for sale, at fair value | 0 | 0 | ||||
Investments In Mutual Funds And Other Equity Securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available for sale, at fair value | 2,034 | 2,002 | ||||
Investments In Mutual Funds And Other Equity Securities | Level 1 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available for sale, at fair value | 0 | 0 | ||||
Investments In Mutual Funds And Other Equity Securities | Level 2 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available for sale, at fair value | 2,034 | 2,002 | ||||
Investments In Mutual Funds And Other Equity Securities | Level 3 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available for sale, at fair value | $ 0 | $ 0 |
Fair Value Measurement (Narrati
Fair Value Measurement (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | ||||
Other Company Stock Owned Fair Value Discount Percentage | 5.00% | |||
Net gain (loss) representing the change in fair value in earnings | $ (254) | $ 6,000 | $ 13,600 | $ 5,700 |
Fair Value Measurement (Sched84
Fair Value Measurement (Schedule Of A Description Of The Valuation Technique, Unobservable Input, And Qualitative Information For The Company's Assets And Liabilities Classified As Level 3) (Details) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Constant prepayment rate | 16.42% | 11.70% |
Discount rate | 9.71% | 9.68% |
Mortgage Servicing Rights | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Valuation technique | Discounted cash flow | |
Interest Rate Lock Commitments | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Valuation technique | Internal Pricing Model | |
Junior Subordinated Debentures | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Valuation technique | Discounted cash flow | |
Weighted Average | Mortgage Servicing Rights | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Constant prepayment rate | 16.42% | |
Discount rate | 9.71% | |
Weighted Average | Interest Rate Lock Commitments | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Pull-through rate | 84.24% | |
Weighted Average | Junior Subordinated Debentures | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Credit Spread | 5.84% |
Fair Value Measurement (Sched85
Fair Value Measurement (Schedule Of Reconciliation Of Assets And Liabilities Measured At Fair Value Using Significant Unobservable Inputs (Level 3) On A Recurring Basis) (Details) - Level 3 - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Interest rate lock commitment, beginning balance | $ 3,631 | $ 2,867 | ||
Interest rate lock commitment, change included in earnings | 5,306 | (2,321) | ||
Interest rate lock commitment, ending balance | $ 10,577 | $ 5,466 | 10,577 | 5,466 |
Junior Subordinated Debentures | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Junior subordinated debentures, beginning balance | 258,660 | 252,214 | 255,457 | 249,294 |
Junior subordinated debentures, change included in earnings | 4,486 | 4,011 | 13,160 | 11,846 |
Junior subordinated debentures, purchases and issuances | 0 | 0 | 0 | 0 |
Junior subordinated debentures, sales and settlements | (3,032) | (2,560) | (8,503) | (7,475) |
Junior subordinated debentures, ending balance | 260,114 | 253,665 | 260,114 | 253,665 |
Junior subordinated debentures, net change in unrealized gains or (losses) relating to items held at end of period | 4,486 | 4,011 | 13,160 | 11,846 |
Interest Rate Lock Commitments | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Interest rate lock commitment, beginning balance | 11,028 | 4,061 | ||
Interest rate lock commitment, change included in earnings | 1,585 | 1,327 | ||
Interest rate lock commitment, purchases and issuances | 19,503 | 12,040 | 50,785 | 42,705 |
Interest rate lock commitment, sales and settlements | (21,539) | (11,962) | (49,145) | (37,785) |
Interest rate lock commitment, ending balance | 10,577 | 5,466 | 10,577 | 5,466 |
Interest rate lock commitment, net change in unrealized gains or (losses) relating to items held at end of period | 10,577 | 5,466 | 10,577 | 5,466 |
Mortgage Servicing Rights | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Mortgage servicing rights, beginning balance | 112,095 | 127,206 | 131,817 | 117,259 |
Mortgage servicing rights, change included in earnings | (7,826) | (10,103) | (42,391) | (20,257) |
Mortgage servicing rights, purchases and issuances | 10,177 | 7,711 | 25,020 | 27,812 |
Mortgage servicing rights, sales and settlements | 0 | 0 | 0 | 0 |
Mortgage servicing rights, ending balance | 114,446 | 124,814 | 114,446 | 124,814 |
Mortgage servicing rights, net change in unrealized gains or (losses) relating to items held at end of period | $ (3,424) | $ (8,757) | $ (35,386) | $ (15,072) |
Fair Value Measurement (Fair Va
Fair Value Measurement (Fair Value Assets And Liabilities Measured On Nonrecurring Basis) (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, nonrecurring | $ 26,871 | $ 25,492 |
Level 1 | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, nonrecurring | 0 | 0 |
Level 2 | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, nonrecurring | 0 | 0 |
Level 3 | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, nonrecurring | 26,871 | 25,492 |
Loans And Leases | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, nonrecurring | 24,374 | 24,690 |
Loans And Leases | Level 1 | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, nonrecurring | 0 | 0 |
Loans And Leases | Level 2 | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, nonrecurring | 0 | 0 |
Loans And Leases | Level 3 | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, nonrecurring | 24,374 | 24,690 |
Other Real Estate Owned | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, nonrecurring | 2,497 | 802 |
Other Real Estate Owned | Level 1 | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, nonrecurring | 0 | 0 |
Other Real Estate Owned | Level 2 | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, nonrecurring | 0 | 0 |
Other Real Estate Owned | Level 3 | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, nonrecurring | $ 2,497 | $ 802 |
Fair Value Measurement (Losses
Fair Value Measurement (Losses Resulting From Nonrecurring Fair Value Adjustments) (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loss from nonrecurring measurements | $ 6,611 | $ 6,064 | $ 21,243 | $ 25,990 |
Loans And Leases | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loss from nonrecurring measurements | 6,472 | 5,769 | 19,642 | 23,209 |
Other Real Estate Owned | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loss from nonrecurring measurements | $ 139 | $ 295 | $ 1,601 | $ 2,781 |
Fair Value Measurement (Fair 88
Fair Value Measurement (Fair Value Option) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Fair Value Disclosures [Abstract] | ||
Fair value | $ 565,624 | $ 363,275 |
Aggregate unpaid principal balance | 540,208 | 351,414 |
Fair value less aggregate unpaid principal balance | $ 25,416 | $ 11,861 |