Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Oct. 31, 2019 | |
Cover page. | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2019 | |
Document Transition Report | false | |
Entity File Number | 001-34624 | |
Entity Registrant Name | Umpqua Holdings Corporation | |
Entity Incorporation, State or Country Code | OR | |
Entity Tax Identification Number | 93-1261319 | |
Entity Address, Address Line One | One SW Columbia Street | |
Entity Address, Address Line Two | Suite 1200 | |
Entity Address, City or Town | Portland | |
Entity Address, State or Province | OR | |
Entity Address, Postal Zip Code | 97258 | |
City Area Code | 503 | |
Local Phone Number | 727-4100 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | UMPQ | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 220,216,539 | |
Entity Central Index Key | 0001077771 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
ASSETS | ||
Cash and due from banks (restricted cash of $85,035 and $37,408) | $ 433,620 | $ 335,419 |
Interest bearing cash and temporary investments (restricted cash of $415 and $1,232) | 757,824 | 287,218 |
Total cash and cash equivalents | 1,191,444 | 622,637 |
Investment securities | ||
Equity and other, at fair value | 64,764 | 61,841 |
Available for sale, at fair value | 2,842,076 | 2,977,108 |
Held to maturity, at amortized cost | 3,320 | 3,606 |
Loans held for sale, at fair value | 355,022 | 166,461 |
Loans and leases | 21,520,794 | 20,422,666 |
Allowance for loan and lease losses | (156,288) | (144,871) |
Net loans and leases | 21,364,506 | 20,277,795 |
Restricted equity securities | 54,463 | 40,268 |
Premises and equipment, net | 203,391 | 227,423 |
Operating lease right-of-use assets | 108,187 | 0 |
Goodwill | 1,787,651 | 1,787,651 |
Other intangible assets, net | 19,750 | 23,964 |
Residential mortgage servicing rights, at fair value | 151,383 | 169,025 |
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 4,026 | 10,958 |
Bank owned life insurance | 318,533 | 313,626 |
Other assets | 462,339 | 257,418 |
Total assets | 28,930,855 | 26,939,781 |
Deposits | ||
Noninterest bearing | 7,123,180 | 6,667,467 |
Interest bearing | 15,311,554 | 14,470,019 |
Total deposits | 22,434,734 | 21,137,486 |
Securities sold under agreements to repurchase | 296,717 | 297,151 |
Borrowings | 1,106,674 | 751,788 |
Junior subordinated debentures, at fair value | 267,798 | 300,870 |
Junior subordinated debentures, at amortized cost | 88,553 | 88,724 |
Operating lease liabilities | 116,924 | 0 |
Deferred tax liability, net | 67,055 | 25,846 |
Other liabilities | 262,884 | 281,474 |
Total liabilities | 24,641,339 | 22,883,339 |
COMMITMENTS AND CONTINGENCIES (NOTE 6) | ||
SHAREHOLDERS' EQUITY | ||
Common stock, no par value, shares authorized: 400,000,000 in 2019 and 2018; issued and outstanding: 220,212,134 in 2019 and 220,255,039 in 2018 | 3,511,493 | 3,512,874 |
Retained earnings | 733,059 | 602,482 |
Accumulated other comprehensive income (loss) | 44,964 | (58,914) |
Total shareholders' equity | 4,289,516 | 4,056,442 |
Total liabilities and shareholders' equity | $ 28,930,855 | $ 26,939,781 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares issued | 220,212,134 | 220,255,039 |
Common stock, shares outstanding | 220,212,134 | 220,255,039 |
Cash and due from banks | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 85,035 | $ 37,408 |
Interest bearing cash and temporary investments | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 415 | $ 1,232 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
INTEREST INCOME | ||||
Interest and fees on loans and leases | $ 266,111 | $ 246,410 | $ 788,968 | $ 718,021 |
Interest and dividends on investment securities: | ||||
Taxable | 12,546 | 24,435 | 42,789 | 48,633 |
Exempt from federal income tax | 1,727 | 2,048 | 5,762 | 6,233 |
Dividends | 599 | 549 | 1,690 | 1,450 |
Interest on temporary investments and interest bearing deposits | 4,204 | 2,800 | 9,837 | 6,044 |
Total interest income | 285,187 | 276,242 | 849,046 | 780,381 |
INTEREST EXPENSE | ||||
Interest on deposits | 45,876 | 25,692 | 123,561 | 62,561 |
Interest on securities sold under agreement to repurchase and federal funds purchased | 448 | 103 | 1,661 | 321 |
Interest on borrowings | 4,238 | 3,439 | 12,484 | 10,278 |
Interest on junior subordinated debentures | 5,652 | 5,640 | 17,520 | 15,972 |
Total interest expense | 56,214 | 34,874 | 155,226 | 89,132 |
Net interest income | 228,973 | 241,368 | 693,820 | 691,249 |
PROVISION FOR LOAN AND LEASE LOSSES | 23,227 | 11,711 | 56,263 | 38,686 |
Net interest income after provision for loan and lease losses | 205,746 | 229,657 | 637,557 | 652,563 |
NON-INTEREST INCOME | ||||
Residential mortgage banking revenue, net | 47,000 | 31,484 | 67,760 | 103,085 |
(Loss) gain on sale of debt securities, net | 0 | 0 | (7,186) | 14 |
Gain (loss) on equity securities, net | 257 | (462) | 83,559 | (1,894) |
Gain on loan and lease sales, net | 1,762 | 2,772 | 5,864 | 5,350 |
BOLI income | 2,067 | 2,051 | 6,328 | 6,181 |
Total non-interest income | 88,512 | 72,388 | 256,075 | 222,606 |
NON-INTEREST EXPENSE | ||||
Salaries and employee benefits | 106,819 | 103,575 | 311,526 | 323,466 |
Occupancy and equipment, net | 35,446 | 36,530 | 107,723 | 112,775 |
Communications | 3,617 | 4,165 | 11,743 | 13,045 |
Marketing | 3,804 | 3,969 | 10,842 | 8,857 |
Services | 15,326 | 14,794 | 40,763 | 46,482 |
FDIC assessments | 2,587 | 4,303 | 8,366 | 13,475 |
Loss (gain) on other real estate owned, net | 1,188 | (128) | 3,815 | (258) |
Intangible amortization | 1,405 | 1,541 | 4,214 | 4,624 |
Other expenses | 13,398 | 10,543 | 36,605 | 38,511 |
Total non-interest expense | 183,590 | 179,292 | 535,597 | 560,977 |
Income before provision for income taxes | 110,668 | 122,753 | 358,035 | 314,192 |
Provision for income taxes | 26,166 | 31,772 | 87,690 | 78,240 |
Net income | $ 84,502 | $ 90,981 | $ 270,345 | $ 235,952 |
Earnings per common share: | ||||
Basic (in dollars per share) | $ 0.38 | $ 0.41 | $ 1.23 | $ 1.07 |
Diluted (in dollars per share) | $ 0.38 | $ 0.41 | $ 1.23 | $ 1.07 |
Weighted average number of common shares outstanding: | ||||
Basic (in shares) | 220,285 | 220,224 | 220,379 | 220,292 |
Diluted (in shares) | 220,583 | 220,620 | 220,642 | 220,751 |
Service charges on deposits | ||||
NON-INTEREST INCOME | ||||
Revenue from contract with customer | $ 16,627 | $ 15,574 | $ 47,858 | $ 46,089 |
Brokerage revenue | ||||
NON-INTEREST INCOME | ||||
Revenue from contract with customer | 4,060 | 3,947 | 11,850 | 12,302 |
Other income | ||||
NON-INTEREST INCOME | ||||
Revenue from contract with customer | $ 16,739 | $ 17,022 | $ 40,042 | $ 51,479 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 84,502 | $ 90,981 | $ 270,345 | $ 235,952 |
Available for sale securities: | ||||
Unrealized gains (losses) arising during the period | 26,352 | (29,262) | 100,381 | (75,479) |
Income tax (expense) benefit related to unrealized gains (losses) | (6,778) | 7,471 | (25,819) | 19,270 |
Reclassification adjustment for net realized losses (gains) in earnings | 0 | 0 | 7,186 | (14) |
Income tax (benefit) expense related to realized losses (gains) | 0 | 0 | (1,848) | 4 |
Net change in unrealized gains (losses) for available for sale securities | 19,574 | (21,791) | 79,900 | (56,219) |
Junior subordinated debentures, at fair value: | ||||
Unrealized gains (losses) arising during the period | 8,450 | (2,409) | 32,254 | (5,605) |
Income tax (expense) benefit related to unrealized gains (losses) | (2,173) | 615 | (8,276) | 1,431 |
Net change in unrealized gains (losses) for junior subordinated debentures, at fair value | 6,277 | (1,794) | 23,978 | (4,174) |
Other comprehensive income (loss), net of tax | 25,851 | (23,585) | 103,878 | (60,393) |
Comprehensive income | $ 110,353 | $ 67,396 | $ 374,223 | $ 175,559 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes In Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
Beginning balance (in shares) at Dec. 31, 2017 | 220,148,824 | |||
Beginning balance at Dec. 31, 2017 | $ 3,969,367 | $ 3,517,258 | $ 477,101 | $ (24,992) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 78,972 | 78,972 | ||
Other comprehensive loss, net of tax | (32,672) | (32,672) | ||
Stock-based compensation | 1,829 | $ 1,829 | ||
Stock repurchased and retired (in shares) | (201,473) | |||
Stock repurchased and retired | (4,340) | $ (4,340) | ||
Issuances of common stock under stock plans (in shares) | 513,485 | |||
Issuances of common stock under stock plans | 759 | $ 759 | ||
Cash dividends on common stock | $ (44,149) | (44,149) | ||
Cash dividends on common stock (in dollars per share) | $ 0.20 | |||
Ending balance (in shares) at Mar. 31, 2018 | 220,460,836 | |||
Ending balance at Mar. 31, 2018 | $ 3,969,766 | $ 3,515,506 | 502,214 | (47,954) |
Beginning balance (in shares) at Dec. 31, 2017 | 220,148,824 | |||
Beginning balance at Dec. 31, 2017 | 3,969,367 | $ 3,517,258 | 477,101 | (24,992) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 235,952 | |||
Other comprehensive loss, net of tax | (60,393) | |||
Ending balance (in shares) at Sep. 30, 2018 | 220,238,231 | |||
Ending balance at Sep. 30, 2018 | 4,003,893 | $ 3,510,949 | 568,619 | (75,675) |
Beginning balance (in shares) at Mar. 31, 2018 | 220,460,836 | |||
Beginning balance at Mar. 31, 2018 | 3,969,766 | $ 3,515,506 | 502,214 | (47,954) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 65,999 | 65,999 | ||
Other comprehensive loss, net of tax | (4,136) | (4,136) | ||
Stock-based compensation | 1,550 | $ 1,550 | ||
Stock repurchased and retired (in shares) | (334,854) | |||
Stock repurchased and retired | (8,167) | $ (8,167) | ||
Issuances of common stock under stock plans (in shares) | 78,709 | |||
Issuances of common stock under stock plans | 257 | $ 257 | ||
Cash dividends on common stock | $ (44,182) | (44,182) | ||
Cash dividends on common stock (in dollars per share) | $ 0.20 | |||
Ending balance (in shares) at Jun. 30, 2018 | 220,204,691 | |||
Ending balance at Jun. 30, 2018 | $ 3,981,087 | $ 3,509,146 | 524,031 | (52,090) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 90,981 | 90,981 | ||
Other comprehensive loss, net of tax | (23,585) | (23,585) | ||
Stock-based compensation | 2,140 | $ 2,140 | ||
Stock repurchased and retired (in shares) | (17,784) | |||
Stock repurchased and retired | (386) | $ (386) | ||
Issuances of common stock under stock plans (in shares) | 51,324 | |||
Issuances of common stock under stock plans | 49 | $ 49 | ||
Cash dividends on common stock | $ (46,393) | (46,393) | ||
Cash dividends on common stock (in dollars per share) | $ 0.21 | |||
Ending balance (in shares) at Sep. 30, 2018 | 220,238,231 | |||
Ending balance at Sep. 30, 2018 | $ 4,003,893 | $ 3,510,949 | 568,619 | (75,675) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 80,311 | 80,311 | ||
Other comprehensive loss, net of tax | 16,761 | 16,761 | ||
Stock-based compensation | 1,994 | $ 1,994 | ||
Stock repurchased and retired (in shares) | (3,537) | |||
Stock repurchased and retired | (69) | $ (69) | ||
Issuances of common stock under stock plans (in shares) | 20,345 | |||
Issuances of common stock under stock plans | 0 | $ 0 | ||
Cash dividends on common stock | $ (46,448) | (46,448) | ||
Cash dividends on common stock (in dollars per share) | $ 0.21 | |||
Ending balance (in shares) at Dec. 31, 2018 | 220,255,039 | 220,255,039 | ||
Ending balance at Dec. 31, 2018 | $ 4,056,442 | $ 3,512,874 | 602,482 | (58,914) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 74,033 | 74,033 | ||
Other comprehensive loss, net of tax | 29,632 | 29,632 | ||
Stock-based compensation | 754 | $ 754 | ||
Stock repurchased and retired (in shares) | (108,088) | |||
Stock repurchased and retired | (1,918) | $ (1,918) | ||
Issuances of common stock under stock plans (in shares) | 310,257 | |||
Issuances of common stock under stock plans | 21 | $ 21 | ||
Cash dividends on common stock | $ (46,394) | (46,394) | ||
Cash dividends on common stock (in dollars per share) | $ 0.21 | |||
Ending balance (in shares) at Mar. 31, 2019 | 220,457,208 | |||
Ending balance at Mar. 31, 2019 | $ 4,112,326 | $ 3,511,731 | 629,877 | (29,282) |
Beginning balance (in shares) at Dec. 31, 2018 | 220,255,039 | 220,255,039 | ||
Beginning balance at Dec. 31, 2018 | $ 4,056,442 | $ 3,512,874 | 602,482 | (58,914) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 270,345 | |||
Other comprehensive loss, net of tax | $ 103,878 | |||
Ending balance (in shares) at Sep. 30, 2019 | 220,212,134 | 220,212,134 | ||
Ending balance at Sep. 30, 2019 | $ 4,289,516 | $ 3,511,493 | 733,059 | 44,964 |
Beginning balance (in shares) at Mar. 31, 2019 | 220,457,208 | |||
Beginning balance at Mar. 31, 2019 | 4,112,326 | $ 3,511,731 | 629,877 | (29,282) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 111,810 | 111,810 | ||
Other comprehensive loss, net of tax | 48,395 | 48,395 | ||
Stock-based compensation | 2,722 | $ 2,722 | ||
Stock repurchased and retired (in shares) | (4,113) | |||
Stock repurchased and retired | (62) | $ (62) | ||
Issuances of common stock under stock plans (in shares) | 45,589 | |||
Issuances of common stock under stock plans | 0 | $ 0 | ||
Cash dividends on common stock | $ (46,684) | (46,684) | ||
Cash dividends on common stock (in dollars per share) | $ 0.21 | |||
Ending balance (in shares) at Jun. 30, 2019 | 220,498,684 | |||
Ending balance at Jun. 30, 2019 | $ 4,228,507 | $ 3,514,391 | 695,003 | 19,113 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 84,502 | 84,502 | ||
Other comprehensive loss, net of tax | 25,851 | 25,851 | ||
Stock-based compensation | 2,350 | $ 2,350 | ||
Stock repurchased and retired (in shares) | (300,719) | |||
Stock repurchased and retired | (5,248) | $ (5,248) | ||
Issuances of common stock under stock plans (in shares) | 14,169 | |||
Issuances of common stock under stock plans | 0 | $ 0 | ||
Cash dividends on common stock | $ (46,446) | (46,446) | ||
Cash dividends on common stock (in dollars per share) | $ 0.21 | |||
Ending balance (in shares) at Sep. 30, 2019 | 220,212,134 | 220,212,134 | ||
Ending balance at Sep. 30, 2019 | $ 4,289,516 | $ 3,511,493 | $ 733,059 | $ 44,964 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 270,345 | $ 235,952 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Amortization of investment premiums, net | 19,592 | 15,485 |
Loss (gain) on sale of investment securities, net | 7,186 | (14) |
Loss (gain) on sale of other real estate owned, net | 802 | (324) |
Valuation adjustment on other real estate owned | 3,013 | 66 |
Provision for loan and lease losses | 56,263 | 38,686 |
Change in cash surrender value of bank owned life insurance | (6,365) | (6,281) |
Depreciation, amortization and accretion | 33,126 | 40,015 |
Gain on sale of premises and equipment | (1,568) | (2,365) |
Gain on store divestiture | (1,225) | (1,157) |
Additions to residential mortgage servicing rights carried at fair value | 16,772 | 22,012 |
Change in fair value of residential mortgage servicing rights carried at fair value | 34,414 | 125 |
Gain on redemption of junior subordinated debentures at amortized cost | 0 | (1,043) |
Stock-based compensation | 5,826 | 5,519 |
Net increase in equity and other investments | (1,217) | (123) |
(Gain) loss on equity securities, net | (83,559) | 1,894 |
Gain on sale of loans and leases, net | (65,707) | (59,485) |
Change in fair value of loans held for sale | (5,758) | 1,103 |
Origination of loans held for sale | (2,029,682) | (2,283,639) |
Proceeds from sales of loans held for sale | 1,906,722 | 2,306,652 |
Change in other assets and liabilities: | ||
Net (increase) decrease in other assets | (183,131) | 6,167 |
Net (decrease) increase in other liabilities | (20,180) | 43,380 |
Net cash (used in) provided by operating activities | (77,875) | 318,601 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of investment securities available for sale | (563,606) | (283,948) |
Proceeds from investment securities available for sale | 778,259 | 341,680 |
Proceeds from investment securities held to maturity | 432 | 385 |
Proceeds from sale of equity securities | 81,853 | 0 |
Purchases of restricted equity securities | (220,200) | (45,601) |
Redemption of restricted equity securities | 206,005 | 48,840 |
Net change in loans and leases | (1,235,214) | (991,726) |
Proceeds from sales of loans and leases | 88,776 | 119,783 |
Change in premises and equipment | (8,230) | (5,686) |
Proceeds from bank owned life insurance death benefits | 1,869 | 1,481 |
Proceeds from sales of other real estate owned | 5,835 | 2,805 |
Net cash paid in store divestiture | (44,646) | (35,219) |
Net cash used in investing activities | (908,867) | (847,206) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net increase in deposit liabilities | 1,347,046 | 981,648 |
Net decrease in securities sold under agreements to repurchase | (434) | (7,324) |
Proceeds from borrowings | 810,670 | 50,000 |
Repayment of borrowings | (455,670) | (100,652) |
Repayment of junior subordinated debentures at amortized cost | 0 | (10,598) |
Dividends paid on common stock | (138,856) | (127,662) |
Proceeds from stock options exercised | 21 | 1,065 |
Repurchase and retirement of common stock | (7,228) | (12,893) |
Net cash provided by financing activities | 1,555,549 | 773,584 |
Net increase in cash and cash equivalents | 568,807 | 244,979 |
Cash and cash equivalents, beginning of period | 622,637 | 634,280 |
Cash and cash equivalents, end of period | 1,191,444 | 879,259 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Interest | 155,232 | 83,255 |
Income taxes | 107,933 | 49,475 |
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES: | ||
Changes in unrealized gains and losses on investment securities available for sale, net of taxes | 79,900 | (56,219) |
Changes in unrealized gains and losses on junior subordinated debentures carried at fair value, net of taxes | 23,978 | (4,174) |
Junior subordinated debentures, at fair value, cumulative effect adjustment | 0 | 9,710 |
Cash dividend declared on common stock and payable after period-end | 46,245 | 46,253 |
Change in GNMA mortgage loans recognized due to repurchase option | (3,690) | (4,407) |
Transfer of loans to other real estate owned | $ 2,718 | $ 2,587 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2019 | |
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 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 2018 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 2018 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. ("FinPac"), a commercial equipment leasing company. In preparing these condensed consolidated financial statements, the Company has evaluated events and transactions subsequent to September 30, 2019 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. Change in application of accounting principle The Company's management elected to change the date of the annual goodwill impairment analysis to October 31 from the previous date of December 31. The Company determined that the date change allows for additional resources and time to analyze the factors that could affect goodwill prior to financial statement reporting. The Company believes this change to be immaterial and that the change will not produce different impairment results. Application of new accounting guidance As of January 1, 2019, Umpqua adopted the Financial Accounting Standard Board's ("FASB") Accounting Standard Update ("ASU") No. 2016-02, Leases (Topic 842) as well as additional ASUs for enhancement, clarification or transition of the new lease standard (collectively "ASC 842"). ASC 842 requires lessees, among other things, to recognize lease assets and lease liabilities on the balance sheet for those leases classified as operating leases under previous authoritative guidance. This update also introduces new disclosure requirements for leasing arrangements. Refer to Note 11 - Leases for further discussion of Umpqua's accounting policies for leases within the scope of ASC 842. ASC 842 provides for a number of practical expedients in transition. We have elected the package of practical expedients, which permits us to not reassess under the new standard our prior conclusions about lease identification, lease classification and initial direct costs. The Company did not elect the use-of-hindsight or the practical expedient pertaining to land easement; the latter not being applicable to us. The Company also did not elect the practical expedient to not separate lease and non-lease components on our real estate leases where we are the lessee. In addition, ASC 842 provides practical expedients for an entity's ongoing accounting. The Company has elected the short-term lease recognition exemption for certain leases. This means, for those leases that have a term of less than 12 months, we will not recognize right-of-use ("ROU") assets or lease liabilities. Umpqua adopted ASC 842 using the prospective approach without corresponding changes in the comparable prior periods. Consequently, financial information will not be updated, and the disclosures required under the new standard will not be provided for dates and periods before January 1, 2019. Adoption of the new standard resulted in the recognition of new lease ROU assets of $108.2 million and lease liabilities of $116.9 million on the balance sheet for our operating leases as of September 30, 2019. The difference between the additional lease assets and lease liabilities, net of the deferred tax impact, was recorded as an adjustment to retained earnings. This standard did not materially impact our consolidated net income and had no impact on cash flows. In August 2018, the FASB issued ASU No. 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract (A Consensus of the FASB Emerging Issues Task Force) . This ASU reduces complexity for the accounting for costs of implementing a cloud computing service arrangement. This ASU aligns the requirements for capitalization of implementation costs incurred in a hosting arrangement that is a service contract with those incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The ASU requires an entity in a hosting arrangement that is a service contract to follow the guidance in Subtopic 350-40 to determine which implementation costs to capitalize as an asset related to the service contract and which costs to expense. Costs to develop or obtain internal use software that cannot be capitalized under subtopic 350-40, such as training costs and certain data conversion costs, also cannot be capitalized for a hosting arrangement that is a service contract. The capitalized costs will be amortized over the life of the service contract. The amendments in this ASU should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted. The Company early adopted the ASU as of January 1, 2019 and will apply the new standard prospectively. The adoption of this guidance did not have a material impact on the Company's consolidated financial statements. Recent accounting pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments —Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . The ASU is intended to improve financial reporting by requiring timelier recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. The ASU requires the measurement of all expected credit losses for certain financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates but will continue to use judgment to determine which loss estimation method is appropriate for their circumstances. The ASU requires enhanced disclosures to help investors and other financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an organization's portfolio. These disclosures include qualitative and quantitative requirements that provide additional information about the amounts recorded in the financial statements. In addition, the ASU amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early application will be permitted for specified periods. The planned adoption date for the Company is January 1, 2020. The guidance is to be applied on a modified retrospective basis with the cumulative effect of initially applying the amendments recognized in retained earnings at the date of initial application. However, certain provisions of the guidance are only required to be applied on a prospective basis. The ASU does not prescribe a method for implementation but does require the method chosen to be reasonable and supportable. The Company will use purchased and internally developed models. The majority of the models produce loan-level probability of default and loss given default factors. These factors are then used to determine life of loan loss rates, adjusted for prepayments. Two methods will be used to calculate the current expected credit loss: the discounted cash flow method for term loans and the non-discounted cash flow method for lines of credit. Along with the quantitative factors produced by the models, qualitative factors will be taken into consideration when developing the allowance amount. The Company has an established cross-functional team and project management governance process in place to manage implementation of this new guidance. The team continues to work on implementation and is finalizing model build and validation, documenting process flow and internal controls, and conducting parallel runs. In addition, detailed and thorough disclosures are in the process of being developed to explain the complexity and aid the users of the financial statements to make informed decisions. |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities The following tables present the amortized costs, unrealized gains, unrealized losses and approximate fair values of debt securities at September 30, 2019 and December 31, 2018: (in thousands) September 30, 2019 Amortized Cost Unrealized Gains Unrealized Losses Fair Value AVAILABLE FOR SALE: U.S. Treasury and agencies $ 576,089 $ 11,379 $ (268) $ 587,200 Obligations of states and political subdivisions 258,853 10,212 (35) 269,030 Residential mortgage-backed securities and collateralized mortgage obligations 1,968,346 22,424 (4,924) 1,985,846 $ 2,803,288 $ 44,015 $ (5,227) $ 2,842,076 HELD TO MATURITY: Residential mortgage-backed securities and collateralized mortgage obligations $ 3,320 $ 1,018 $ — $ 4,338 $ 3,320 $ 1,018 $ — $ 4,338 (in thousands) December 31, 2018 Amortized Cost Unrealized Gains Unrealized Losses Fair Value AVAILABLE FOR SALE: U.S. Treasury and agencies $ 40,002 $ — $ (346) $ 39,656 Obligations of states and political subdivisions 308,972 2,785 (2,586) 309,171 Residential mortgage-backed securities and collateralized mortgage obligations 2,696,913 3,590 (72,222) 2,628,281 $ 3,045,887 $ 6,375 $ (75,154) $ 2,977,108 HELD TO MATURITY: Residential mortgage-backed securities and collateralized mortgage obligations $ 3,606 $ 1,038 $ — $ 4,644 $ 3,606 $ 1,038 $ — $ 4,644 Debt securities that were in an unrealized loss position as of September 30, 2019 and December 31, 2018 are presented in the following tables, based on the length of time individual securities have been in an unrealized loss position. (in thousands) September 30, 2019 Less than 12 Months 12 Months or Longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses AVAILABLE FOR SALE: U.S. Treasury and agencies $ 47,566 $ 226 $ 19,956 $ 42 $ 67,522 $ 268 Obligations of states and political subdivisions 5,764 21 1,911 14 7,675 35 Residential mortgage-backed securities and collateralized mortgage obligations 104,014 160 522,391 4,764 626,405 4,924 Total temporarily impaired securities $ 157,344 $ 407 $ 544,258 $ 4,820 $ 701,602 $ 5,227 (in thousands) December 31, 2018 Less than 12 Months 12 Months or Longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses AVAILABLE FOR SALE: U.S. Treasury and agencies $ — $ — $ 39,656 $ 346 $ 39,656 $ 346 Obligations of states and political subdivisions 59,963 800 38,691 1,786 98,654 2,586 Residential mortgage-backed securities and collateralized mortgage obligations 332,103 5,432 1,992,546 66,790 2,324,649 72,222 Total temporarily impaired securities $ 392,066 $ 6,232 $ 2,070,893 $ 68,922 $ 2,462,959 $ 75,154 The unrealized losses on U.S. Treasury and agencies securities are due to increases in market interest rates since acquisition of each security and are not due to the underlying credit of the issuers. The unrealized losses on obligations of states and 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. 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, 2019 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 unrealized loss 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 more likely than not that the Bank will be required to sell these securities before recovery of their amortized cost basis, which may include holding each security until maturity, these investments are not considered other-than-temporarily impaired. In June 2019, the Company completed a strategic restructuring of a portion of the available for sale debt securities portfolio. This restructuring resulted in the sale of certain securities at a gross loss of $7.3 million. This was a tactical effort to reduce interest rate sensitivity for a potentially decreasing interest rate environment and improve the cash liquidity position of the Company. The sales were primarily residential mortgage-backed securities and collateralized mortgage obligations and the purchases were non-callable agency bonds. The transaction resulted in an increased duration of the overall investment securities portfolio and a reduction in the portion of investments subject to prepayment. The following table presents the contractual maturities of debt securities at September 30, 2019: (in thousands) Available For Sale Held To Maturity Amortized Cost Fair Value Amortized Cost Fair Value Due within one year $ 24,236 $ 24,228 $ — $ — Due after one year through five years 52,813 53,341 — — Due after five years through ten years 796,964 811,297 16 16 Due after ten years 1,929,275 1,953,210 3,304 4,322 $ 2,803,288 $ 2,842,076 $ 3,320 $ 4,338 The following table presents the gross realized gains and losses on the sale of debt securities available for sale for the nine months ended September 30, 2019 and 2018. There were no realized gains or losses on the sale of debt securities available for sale for the three months ended September 30, 2019 and 2018. (in thousands) Nine Months Ended September 30, 2019 September 30, 2018 Gain Loss Gain Loss Obligations of states and political subdivisions $ 16 $ — $ — $ — Residential mortgage-backed securities and collateralized mortgage obligations 143 (7,345) 14 — $ 159 $ (7,345) $ 14 $ — The following table presents the gains and losses on equity securities for the three and nine months ended September 30, 2019 and 2018: (in thousands) Three Months Ended Nine Months Ended September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Unrealized gain (loss) recognized on equity securities held at the end of the period $ 295 $ (462) $ 1,744 $ (1,894) Net gain (loss) recognized on equity securities sold during the period (38) — 81,815 — Total gain (loss) recognized on equity securities $ 257 $ (462) $ 83,559 $ (1,894) In June 2019, the Company completed the sale of all shares owned of Class B common stock of Visa Inc. resulting in a one-time gain of $81.9 million. The following table presents, as of September 30, 2019, investment securities which were pledged to secure borrowings, public deposits, and repurchase agreements as permitted or required by law: (in thousands) Amortized Cost Fair Value To state and local governments to secure public deposits $ 922,449 $ 934,186 Other securities pledged principally to secure repurchase agreements 490,393 498,739 Total pledged securities $ 1,412,842 $ 1,432,925 |
Loans and Leases
Loans and Leases | 9 Months Ended |
Sep. 30, 2019 | |
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, 2019 and December 31, 2018: (in thousands) September 30, 2019 December 31, 2018 Commercial real estate Non-owner occupied term, net $ 3,495,555 $ 3,573,065 Owner occupied term, net 2,566,299 2,480,371 Multifamily, net 3,479,986 3,304,763 Construction & development, net 771,214 736,254 Residential development, net 191,500 196,890 Commercial Term, net 2,310,759 2,232,923 Lines of credit & other, net 1,254,755 1,169,525 Leases & equipment finance, net 1,485,753 1,330,155 Residential Mortgage, net 4,245,674 3,635,073 Home equity loans & lines, net 1,224,578 1,176,477 Consumer & other, net 494,721 587,170 Total loans, net of deferred fees and costs $ 21,520,794 $ 20,422,666 The loan balances are net of deferred fees and costs of $73.6 million and $70.4 million as of September 30, 2019 and December 31, 2018, respectively. Net loans also include discounts on acquired loans of $37.0 million and $50.0 million as of September 30, 2019 and December 31, 2018, respectively. As of September 30, 2019, loans totaling $13.4 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 $146.3 million and $183.7 million at September 30, 2019 and December 31, 2018, respectively. The carrying balance of purchased impaired loans was $104.8 million and $134.5 million at September 30, 2019 and December 31, 2018, respectively. The following table presents the changes in the accretable yield for purchased impaired loans for the three and nine months ended September 30, 2019 and 2018: (in thousands) Three Months Ended Nine Months Ended September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Balance, beginning of period $ 46,019 $ 62,966 $ 56,564 $ 74,268 Accretion to interest income (6,982) (3,793) (17,300) (19,694) Disposals (3,350) (1,147) (7,923) (9,001) Reclassifications from non-accretable difference 4,357 169 8,703 12,622 Balance, end of period $ 40,044 $ 58,195 $ 40,044 $ 58,195 Umpqua, through its commercial equipment leasing subsidiary, FinPac, is a direct provider of commercial equipment leasing and financing throughout the United States, originating business through three distinct channels: small and mid-ticket third party originators, vendor finance, and Umpqua Bank Equipment Leasing & Finance. Direct finance leases are included within the lease and equipment finance segment within the loans and leases, net line item. All of these leases typically have terms of three Residual values on leases are established at the time equipment is leased based on an estimate of the value of the leased equipment when the Company expects to dispose of the equipment, typically at the termination of the lease. An annual evaluation is also performed each fiscal year by an independent valuation specialist and equipment residuals are confirmed or adjusted in conjunction with such evaluation. The following table presents the net investment in direct financing leases as of September 30, 2019 and December 31, 2018 : (in thousands) September 30, 2019 December 31, 2018 Minimum lease payments receivable $ 463,834 $ 450,258 Estimated guaranteed and unguaranteed residual values 85,360 79,455 Initial direct costs - net of accumulated amortization 9,806 10,950 Unearned income (73,083) (79,777) Net investment in direct financing leases $ 485,917 $ 460,886 The following table presents the scheduled minimum lease payments receivable as of September 30, 2019: (in thousands) Year Amount 2019 $ 41,122 2020 148,284 2021 117,687 2022 74,456 2023 38,675 Thereafter 43,610 $ 463,834 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, 2019 and 2018: (in thousands) Three Months Ended Nine Months Ended September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Commercial real estate Non-owner occupied term, net $ 16,467 $ 3,215 $ 24,229 $ 8,369 Owner occupied term, net 2,780 12,751 15,751 26,843 Multifamily, net — 4,432 — 4,432 Commercial Term, net 7,670 13,331 23,633 33,120 Lines of credit & other, net 1,619 — 1,619 — Leases & equipment finance, net — — 17,571 — Residential Mortgage, net — 41,669 109 41,669 Total $ 28,536 $ 75,398 $ 82,912 $ 114,433 |
Allowance for Loan and Lease Lo
Allowance for Loan and Lease Loss and Credit Quality | 9 Months Ended |
Sep. 30, 2019 | |
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 that represent our estimate of incurred losses 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 economic conditions; and any other factors deemed relevant. Additionally, FinPac considers additional quantitative and qualitative factors: migration analysis; a static pool analysis of historic recoveries; and forecasting uncertainties. A migration analysis is a technique used to estimate the likelihood that an account will progress through the various delinquency states and ultimately be charged off. 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 was no unallocated allowance as of September 30, 2019 and December 31, 2018. 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 tables summarize 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, 2019 and 2018: (in thousands) Three Months Ended September 30, 2019 Commercial Real Estate Commercial Residential Consumer & Other Total Balance, beginning of period $ 48,997 $ 68,353 $ 23,654 $ 10,065 $ 151,069 Charge-offs (497) (20,457) (305) (1,853) (23,112) Recoveries 177 4,263 94 570 5,104 Provision 2,524 18,797 1,113 793 23,227 Balance, end of period $ 51,201 $ 70,956 $ 24,556 $ 9,575 $ 156,288 (in thousands) Three Months Ended September 30, 2018 Commercial Real Estate Commercial Residential Consumer & Other Total Balance, beginning of period $ 47,285 $ 65,765 $ 20,275 $ 11,231 $ 144,556 Charge-offs (415) (13,926) (95) (1,460) (15,896) Recoveries 413 2,473 237 532 3,655 (Recapture) provision (942) 11,133 609 911 11,711 Balance, end of period $ 46,341 $ 65,445 $ 21,026 $ 11,214 $ 144,026 (in thousands) Nine Months Ended September 30, 2019 Commercial Real Estate Commercial Residential Consumer & Other Total Balance, beginning of period $ 47,904 $ 63,957 $ 22,034 $ 10,976 $ 144,871 Charge-offs (3,035) (48,364) (507) (5,065) (56,971) Recoveries 733 9,228 399 1,765 12,125 Provision 5,599 46,135 2,630 1,899 56,263 Balance, end of period $ 51,201 $ 70,956 $ 24,556 $ 9,575 $ 156,288 (in thousands) Nine Months Ended September 30, 2018 Commercial Real Estate Commercial Residential Consumer & Other Total Balance, beginning of period $ 45,765 $ 63,305 $ 19,360 $ 12,178 $ 140,608 Charge-offs (1,088) (40,270) (801) (4,364) (46,523) Recoveries 919 8,097 538 1,701 11,255 Provision 745 34,313 1,929 1,699 38,686 Balance, end of period $ 46,341 $ 65,445 $ 21,026 $ 11,214 $ 144,026 The following tables present the allowance and recorded investment in loans and leases by portfolio segment and balances individually or collectively evaluated for impairment as of September 30, 2019 and 2018: (in thousands) September 30, 2019 Commercial Real Estate Commercial Residential Consumer & Other Total Allowance for loans and leases: Collectively evaluated for impairment $ 49,676 $ 70,783 $ 24,255 $ 9,567 $ 154,281 Individually evaluated for impairment 188 10 — — 198 Loans acquired with deteriorated credit quality 1,337 163 301 8 1,809 Total $ 51,201 $ 70,956 $ 24,556 $ 9,575 $ 156,288 Loans and leases: Collectively evaluated for impairment $ 10,402,556 $ 5,043,000 $ 5,450,319 $ 494,414 $ 21,390,289 Individually evaluated for impairment 17,973 7,696 — — 25,669 Loans acquired with deteriorated credit quality 84,025 571 19,933 307 104,836 Total $ 10,504,554 $ 5,051,267 $ 5,470,252 $ 494,721 $ 21,520,794 (in thousands) September 30, 2018 Commercial Real Estate Commercial Residential Consumer & Other Total Allowance for loans and leases: Collectively evaluated for impairment $ 44,353 $ 65,135 $ 20,671 $ 11,173 $ 141,332 Individually evaluated for impairment 215 5 — — 220 Loans acquired with deteriorated credit quality 1,773 305 355 41 2,474 Total $ 46,341 $ 65,445 $ 21,026 $ 11,214 $ 144,026 Loans and leases: Collectively evaluated for impairment $ 9,934,169 $ 4,543,599 $ 4,583,986 $ 603,752 $ 19,665,506 Individually evaluated for impairment 25,410 18,133 — — 43,543 Loans acquired with deteriorated credit quality 113,363 3,280 27,934 407 144,984 Total $ 10,072,942 $ 4,565,012 $ 4,611,920 $ 604,159 $ 19,854,033 Summary of Reserve for Unfunded Commitments Activity The following tables present a summary of activity in the RUC and unfunded commitments for the three and nine months ended September 30, 2019 and 2018: (in thousands) Three Months Ended Nine Months Ended September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Balance, beginning of period $ 4,857 $ 4,130 $ 4,523 $ 3,963 Net charge to other expense 228 164 562 331 Balance, end of period $ 5,085 $ 4,294 $ 5,085 $ 4,294 (in thousands) Total Unfunded loan and lease commitments: September 30, 2019 $ 5,744,307 September 30, 2018 $ 5,244,832 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 tables summarize our non-accrual loans and leases and loans and leases past due, by loan and lease class, as of September 30, 2019 and December 31, 2018: (in thousands) September 30, 2019 Greater than 30 to 59 Days Past Due 60 to 89 Days Past Due 90+ Days and Accruing Total Past Due Non-Accrual Current & Other (1) Total Loans and Leases Commercial real estate Non-owner occupied term, net $ 20 $ 1,690 $ — $ 1,710 $ 9,677 $ 3,484,168 $ 3,495,555 Owner occupied term, net 4,131 4,062 1 8,194 5,609 2,552,496 2,566,299 Multifamily, net — — — — — 3,479,986 3,479,986 Construction & development, net — — — — — 771,214 771,214 Residential development, net — — — — — 191,500 191,500 Commercial Term, net 465 1,012 — 1,477 2,763 2,306,519 2,310,759 Lines of credit & other, net 1,961 533 226 2,720 1,048 1,250,987 1,254,755 Leases & equipment finance, net 7,199 9,906 3,321 20,426 12,539 1,452,788 1,485,753 Residential Mortgage, net (2) — 7,698 35,401 43,099 — 4,202,575 4,245,674 Home equity loans & lines, net 1,317 1,109 1,232 3,658 — 1,220,920 1,224,578 Consumer & other, net 2,445 842 791 4,078 — 490,643 494,721 Total, net of deferred fees and costs $ 17,538 $ 26,852 $ 40,972 $ 85,362 $ 31,636 $ 21,403,796 $ 21,520,794 (1) Other includes purchased credit impaired loans of $104.8 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 $5.2 million at September 30, 2019. (in thousands) December 31, 2018 Greater than 30 to 59 Days Past Due 60 to 89 Days Past Due 90+ Days and Accruing Total Past Due Non-Accrual Current & Other (1) Total Loans and Leases Commercial real estate Non-owner occupied term, net $ 1,192 $ 1,042 $ — $ 2,234 $ 10,033 $ 3,560,798 $ 3,573,065 Owner occupied term, net 3,920 1,372 1 5,293 8,682 2,466,396 2,480,371 Multifamily, net 107 — — 107 4,298 3,300,358 3,304,763 Construction & development, net — — — — — 736,254 736,254 Residential development, net — — — — — 196,890 196,890 Commercial Term, net 992 117 — 1,109 11,772 2,220,042 2,232,923 Lines of credit & other, net 1,286 143 83 1,512 2,275 1,165,738 1,169,525 Leases & equipment finance, net 8,571 8,754 3,016 20,341 13,763 1,296,051 1,330,155 Residential Mortgage, net (2) — 4,900 39,218 44,118 — 3,590,955 3,635,073 Home equity loans & lines, net 987 368 2,492 3,847 — 1,172,630 1,176,477 Consumer & other, net 2,711 911 551 4,173 — 582,997 587,170 Total, net of deferred fees and costs $ 19,766 $ 17,607 $ 45,361 $ 82,734 $ 50,823 $ 20,289,109 $ 20,422,666 (1) Other includes purchased credit impaired loans of $134.5 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 $8.9 million at December 31, 2018. Impaired Loans and Leases Loans with no related allowance reported generally represent non-accrual loans, which are also considered impaired 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, 2019 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 net realizable value. 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 tables summarize our impaired loans and leases by loan class as of September 30, 2019 and December 31, 2018: (in thousands) September 30, 2019 Recorded Investment Unpaid Principal Balance Without Allowance With Allowance Related Allowance Commercial real estate Non-owner occupied term, net $ 16,088 $ 9,518 $ 3,661 $ 115 Owner occupied term, net 6,174 3,959 835 73 Commercial Term, net 11,791 5,018 12 1 Lines of credit & other, net 971 858 — — Leases & equipment finance, net 1,808 — 1,808 9 Total, net of deferred fees and costs $ 36,832 $ 19,353 $ 6,316 $ 198 (in thousands) December 31, 2018 Recorded Investment Unpaid Principal Balance Without Allowance With Allowance Related Allowance Commercial real estate Non-owner occupied term, net $ 14,877 $ 9,847 $ 3,715 $ 90 Owner occupied term, net 8,188 6,178 878 88 Multifamily, net 4,493 4,298 — — Commercial Term, net 22,770 11,089 3,770 2 Lines of credit & other, net 7,145 2,065 — — Leases & equipment finance, net 417 417 — — Total, net of deferred fees and costs $ 57,890 $ 33,894 $ 8,363 $ 180 The following tables summarize our average recorded investment and interest income recognized on impaired loans and leases by loan class for the three and nine months ended September 30, 2019 and 2018: (in thousands) Three Months Ended September 30, 2019 September 30, 2018 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial real estate Non-owner occupied term, net $ 12,901 $ 34 $ 13,475 $ 33 Owner occupied term, net 5,439 10 9,551 10 Multifamily, net — — 4,072 — Commercial Term, net 5,258 47 14,244 51 Lines of credit & other, net 891 — 2,608 — Leases & equipment finance, net 2,017 28 828 — Total, net of deferred fees and costs $ 26,506 $ 119 $ 44,778 $ 94 (in thousands) Nine Months Ended September 30, 2019 September 30, 2018 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial real estate Non-owner occupied term, net $ 12,833 $ 98 $ 14,047 $ 238 Owner occupied term, net 5,927 28 10,506 30 Multifamily, net 1,731 — 3,970 60 Commercial Term, net 9,408 151 17,728 196 Lines of credit & other, net 1,333 — 3,667 — Leases & equipment finance, net 1,855 57 450 — Total, net of deferred fees and costs $ 33,087 $ 334 $ 50,368 $ 524 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. 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 10 risk rating categories can be generally described by the following groupings for 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. For commercial and commercial real estate homogeneous loans and leases to be classified as special mention, risk rated 7, the loan or lease is greater than 30 to 59 days past due from the required payment date at month-end. Residential and consumer and other homogeneous loans are risk rated 7, when the loan is greater than 30 to 89 days past due from the required payment date at month-end. 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. Commercial and commercial real estate homogeneous loans and leases are classified as a substandard loan or lease, risk rated 8, when the loan or lease is 60 to 89 days past due from the required payment date at month-end. Residential and consumer and other homogeneous loans are classified as a substandard loan, risk rated 8, when an open-end loan is 90 to 180 days past due from the required payment date at month-end or when a closed-end loan 90 to 120 days is past due from the required payment date at month-end. 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. Commercial and commercial real estate homogeneous doubtful loans or leases, risk rated 9, are 90 to 179 days past due from the required payment date at month-end. 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. For a commercial or commercial real estate homogeneous loss loan or lease to be risk rated 10, the loan or lease 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. Residential, consumer and other homogeneous loans are risk rated 10, when a loan becomes past due 120 cumulative days from the contractual due date. Residential and consumer loans secured by real estate are generally charged down to net realizable value in the month in which the loan becomes 180 days past due. All other residential, consumer, and other homogeneous loans are generally charged-off in the month in which the 120 day period elapses. 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. The following tables summarize our internal risk rating by loan and lease class for the loan and lease portfolio, including purchased credit impaired loans, as of September 30, 2019 and December 31, 2018: (in thousands) September 30, 2019 Pass/Watch Special Mention Substandard Doubtful Loss Impaired (1) Total Commercial real estate Non-owner occupied term, net $ 3,428,080 $ 35,036 $ 19,100 $ — $ 160 $ 13,179 $ 3,495,555 Owner occupied term, net 2,468,692 69,676 23,057 80 — 4,794 2,566,299 Multifamily, net 3,468,743 8,850 2,393 — — — 3,479,986 Construction & development, net 741,050 30,164 — — — — 771,214 Residential development, net 191,500 — — — — — 191,500 Commercial Term, net 2,269,473 10,752 25,498 2 4 5,030 2,310,759 Lines of credit & other, net 1,190,456 44,219 18,995 227 — 858 1,254,755 Leases & equipment finance, net 1,451,038 7,199 9,906 13,796 2,006 1,808 1,485,753 Residential Mortgage, net (2) 4,201,253 8,034 36,214 — 173 — 4,245,674 Home equity loans & lines, net 1,220,793 2,487 1,012 — 286 — 1,224,578 Consumer & other, net 490,608 3,288 796 — 29 — 494,721 Total, net of deferred fees and costs $ 21,121,686 $ 219,705 $ 136,971 $ 14,105 $ 2,658 $ 25,669 $ 21,520,794 (1) The percentage of impaired loans classified as pass/watch, special mention and substandard was 3.3%, 13.6% and 83.1%, respectively, as of September 30, 2019. (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 $5.2 million at September 30, 2019, which is included in the substandard category. (in thousands) December 31, 2018 Pass/Watch Special Mention Substandard Doubtful Loss Impaired (1) Total Commercial real estate Non-owner occupied term, net $ 3,497,801 $ 38,346 $ 23,234 $ — $ 122 $ 13,562 $ 3,573,065 Owner occupied term, net 2,422,351 28,447 22,136 54 327 7,056 2,480,371 Multifamily, net 3,284,445 11,481 4,539 — — 4,298 3,304,763 Construction & development, net 734,318 — 1,936 — — — 736,254 Residential development, net 196,890 — — — — — 196,890 Commercial Term, net 2,196,753 15,519 5,670 53 69 14,859 2,232,923 Lines of credit & other, net 1,103,677 42,831 20,639 313 — 2,065 1,169,525 Leases & equipment finance, net 1,296,235 8,571 8,754 14,247 1,931 417 1,330,155 Residential Mortgage, net (2) 3,588,976 5,169 38,766 — 2,162 — 3,635,073 Home equity loans & lines, net 1,172,040 1,878 1,418 — 1,141 — 1,176,477 Consumer & other, net 582,962 3,622 559 — 27 — 587,170 Total, net of deferred fees and costs $ 20,076,448 $ 155,864 $ 127,651 $ 14,667 $ 5,779 $ 42,257 $ 20,422,666 (1) The percentage of impaired loans classified as pass/watch, special mention and substandard was 3.2%, 8.8% and 88.0%, respectively, as of December 31, 2018. (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 $8.9 million at December 31, 2018, which is included in the substandard category. Troubled Debt Restructurings At September 30, 2019 and December 31, 2018, impaired loans of $14.3 million and $13.9 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 newly 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 $500,000 available commitments for troubled debt restructurings outstanding as of September 30, 2019 and $338,000 as of December 31, 2018. The following tables present troubled debt restructurings by accrual versus non-accrual status and by loan class as of September 30, 2019 and December 31, 2018: (in thousands) September 30, 2019 Accrual Status Non-Accrual Status Total Modifications Commercial real estate, net $ 3,999 $ 6,599 $ 10,598 Commercial, net 5,308 93 5,401 Residential, net 5,002 — 5,002 Total, net of deferred fees and costs $ 14,309 $ 6,692 $ 21,001 (in thousands) December 31, 2018 Accrual Status Non-Accrual Status Total Modifications Commercial real estate, net $ 4,524 $ 9,290 $ 13,814 Commercial, net 3,696 8,736 12,432 Residential, net 5,704 — 5,704 Total, net of deferred fees and costs $ 13,924 $ 18,026 $ 31,950 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. There were no new restructured loans during the three months ended September 30, 2019 and September 30, 2018. The following tables present newly restructured loans that occurred during the nine months ended September 30, 2019 and September 30, 2018: (in thousands) Nine Months Ended September 30, 2019 September 30, 2018 Commercial real estate, net $ 118 $ — Commercial, net 1,842 — Residential, net 7 106 Total, net of deferred fees and costs $ 1,967 $ 106 |
Residential Mortgage Servicing
Residential Mortgage Servicing Rights | 9 Months Ended |
Sep. 30, 2019 | |
Transfers and Servicing [Abstract] | |
Residential Mortgage Servicing Rights | Residential Mortgage Servicing Rights The Company measures its mortgage servicing rights at fair value with changes in fair value reported in residential mortgage banking revenue in the Condensed Consolidated Statements of Income . The following table presents the changes in the Company's residential mortgage servicing rights ("MSR") for the three and nine months ended September 30, 2019 and 2018: (in thousands) Three Months Ended Nine Months Ended September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Balance, beginning of period $ 139,780 $ 166,217 $ 169,025 $ 153,151 Additions for new MSR capitalized 7,393 8,622 16,772 22,012 Changes in fair value: Changes due to collection/realization of expected cash flows over time (6,835) (6,007) (20,171) (18,108) Changes due to valuation inputs or assumptions (1) 11,045 6,206 (14,243) 17,983 Balance, end of period $ 151,383 $ 175,038 $ 151,383 $ 175,038 (1) The changes in valuation inputs and assumptions principally reflect changes in discount rates and prepayment speeds, which are primarily affected by changes in interest rates. Information related to our serviced loan portfolio as of September 30, 2019 and December 31, 2018 is as follows: (dollars in thousands) September 30, 2019 December 31, 2018 Balance of loans serviced for others $ 15,707,519 $ 15,978,885 MSR as a percentage of serviced loans 0.96 % 1.06 % |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies 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, 2019 Commitments to extend credit $ 5,661,080 Forward sales commitments $ 637,954 Commitments to originate residential mortgage loans held for sale $ 421,515 Standby letters of credit $ 83,227 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. 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. There were no financial guarantees in connection with standby letters of credit that the Bank was required to perform on during the three and nine months ended September 30, 2019 and September 30, 2018. At September 30, 2019, approximately $63.0 million of standby letters of credit expire within one year, and $20.2 million expire thereafter. 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, 2019, the Company had a residential mortgage loan repurchase reserve liability of $1.6 million. For loans sold to GNMA, the Bank has a unilateral right, but not the obligation, to repurchase loans that are past due 90 days or more. As of September 30, 2019, the Bank has recorded a liability for the loans subject to this repurchase right of $5.2 million, and has recorded these loans as part of the loan portfolio as if we had repurchased these loans. Legal Proceedings —Umpqua is involved in legal proceedings occurring in the ordinary course of business. Based on information currently available, advice of counsel and available insurance coverage, we believe that the eventual outcome of actions against the Company or its subsidiaries will not, individually or in the aggregate, have a material adverse effect on our consolidated financial condition. However, it is possible that the ultimate resolution of a matter, if unfavorable, may be material to our results of operations for any particular period. Contingencies —In late 2017, the Company launched "Umpqua Next Gen," an initiative designed to modernize and evolve the Bank focusing on operational excellence, balanced growth and human-digital programs. As part of this initiative, the Company evaluated every part of our operations and how we could evolve to deliver a highly differentiated and compelling banking experience. In 2018, Umpqua consolidated 31 stores. During the nine months ended September 30, 2019, Umpqua consolidated 16 stores and sold 4 stores. The Next Gen strategy involves evaluation of possible future consolidations and Umpqua plans to consolidate 7 additional stores in 2019. 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 75% of the Bank's loan and lease portfolio at September 30, 2019 and December 31, 2018. 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, 2019 | |
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, 2019 and 2018. 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, 2019, the Bank had commitments to originate mortgage loans held for sale totaling $421.5 million and forward sales commitments of $638.0 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, 2019, the Bank had 824 interest rate swaps with an aggregate notional amount of $5.4 billion related to this program. As of December 31, 2018, the Bank had 767 interest rate swaps with an aggregate notional amount of $4.2 billion related to this program. At September 30, 2019 and December 31, 2018, 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 $4.0 million and $12.7 million, respectively. The Bank has collateral posting requirements for initial margins with its clearing members and clearing houses and has been required to post collateral against its obligations under these agreements of $84.3 million and $36.9 million as of September 30, 2019 and December 31, 2018, respectively. Umpqua's interest rate swap derivatives are cleared through the Chicago Mercantile Exchange and London Clearing House. These clearing houses characterize the variation margin payments, for derivative contracts that are referred to as settled-to-market, as settlements of the derivative's mark-to-market exposure and not collateral. Umpqua accounts for the variation margin as an adjustment to our cash collateral, as well as a corresponding adjustment to our derivative asset and liability. As of September 30, 2019, the variation margin adjustment was a negative adjustment of $199.2 million as compared to a negative adjustment of $32.5 million at December 31, 2018. The Bank incorporates credit valuation adjustments ("CVA") to appropriately reflect nonperformance risk in the fair value measurement of its derivatives. The net CVA decreased the settlement values of the Bank's net derivative assets by $14.0 million and $3.0 million as of September 30, 2019 and December 31, 2018, respectively. Various factors impact changes in the CVA over time, including changes in the credit spreads of the parties to the contracts, as well as changes in market rates and volatilities, which affect the total expected exposure of the derivative instruments. 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 table summarizes the types of derivatives, separately by assets and liabilities, and the fair values of such derivatives as of September 30, 2019 and December 31, 2018: (in thousands) Asset Derivatives Liability Derivatives Derivatives not designated as hedging instrument September 30, 2019 December 31, 2018 September 30, 2019 December 31, 2018 Interest rate lock commitments $ 9,070 $ 6,757 $ — $ — Interest rate forward sales commitments 801 1 1,260 2,963 Interest rate swaps 189,366 42,276 4,010 12,746 Foreign currency derivatives 1,175 450 1,015 273 Total $ 200,412 $ 49,484 $ 6,285 $ 15,982 The following table summarizes the types of derivatives and the gains (losses) recorded during the three and nine months ended September 30, 2019 and 2018: (in thousands) Three Months Ended Nine Months Ended Derivatives not designated as hedging instrument September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Interest rate lock commitments $ 922 $ (1,623) $ 2,313 $ 407 Interest rate forward sales commitments (2,467) 2,029 (11,875) 10,773 Interest rate swaps (2,281) 224 (8,712) 1,645 Foreign currency derivatives 527 556 1,522 1,371 Total $ (3,299) $ 1,186 $ (16,752) $ 14,196 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 derivatives are included in other income. |
Earnings Per Common Share
Earnings Per Common Share | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings 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, 2019 and 2018: (in thousands, except per share data) Three Months Ended Nine Months Ended September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Net income $ 84,502 $ 90,981 $ 270,345 $ 235,952 Weighted average number of common shares outstanding - basic 220,285 220,224 220,379 220,292 Effect of potentially dilutive common shares (1) 298 396 263 459 Weighted average number of common shares outstanding - diluted 220,583 220,620 220,642 220,751 EARNINGS PER COMMON SHARE: Basic $ 0.38 $ 0.41 $ 1.23 $ 1.07 Diluted $ 0.38 $ 0.41 $ 1.23 $ 1.07 |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company reports four primary segments: Wholesale Bank, Wealth Management, Retail Bank, and Home Lending with the remainder as Corporate and other. The Wholesale Bank segment includes lending, treasury and cash management services and customer risk management products to middle market corporate, commercial and business banking customers and includes the operations of FinPac, a commercial leasing company. The Wealth Management segment consists of the operations of Umpqua Investments, which offers a full range of retail brokerage and investment advisory services and products to its clients who consist primarily of individual investors, and Umpqua Private Bank, which serves high net worth individuals with liquid investable assets and provides customized financial solutions and offerings. The Retail Bank segment includes retail and small business lending and deposit services for customers served through the Bank's store network. The Home Lending segment originates, sells and services residential mortgage loans. The Corporate and other segment includes activities that are not directly attributable to one of the four principal lines of business and includes the operations of the parent company, eliminations and the economic impact of certain assets, capital and support functions not specifically identifiable within the other lines of business. Management monitors the Company's results using an internal performance measurement accounting system, which provides line of business results and key performance measures. The application and development of these management reporting methodologies is a dynamic process and is subject to periodic enhancements. As these enhancements are made, financial results presented by each reportable segment may be periodically revised retrospectively, if material. The provision for income taxes is allocated to business segments using a 25% effective tax rate. The residual income tax expense or benefit arising from tax planning strategies or other tax attributes to arrive at the consolidated effective tax rate is retained in Corporate and Other. 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, 2019 Wholesale Bank Wealth Management Retail Bank Home Lending Corporate & Other Consolidated Net interest income $ 111,047 $ 5,491 $ 84,235 $ 13,039 $ 15,161 $ 228,973 Provision for loan and lease losses 20,693 5 1,356 904 269 23,227 Non-interest income 16,053 4,713 16,196 47,161 4,389 88,512 Non-interest expense 58,425 10,315 66,461 36,438 11,951 183,590 Income (loss) before income taxes 47,982 (116) 32,614 22,858 7,330 110,668 Provision (benefit) for income taxes 11,995 (29) 8,153 5,715 332 26,166 Net income (loss) $ 35,987 $ (87) $ 24,461 $ 17,143 $ 6,998 $ 84,502 (in thousands) Nine Months Ended September 30, 2019 Wholesale Bank Wealth Management Retail Bank Home Lending Corporate & Other Consolidated Net interest income $ 330,208 $ 17,964 $ 258,730 $ 33,793 $ 53,125 $ 693,820 Provision for loan and lease losses 49,173 826 3,601 1,953 710 56,263 Non-interest income 38,945 13,953 47,377 68,067 87,733 256,075 Non-interest expense 169,178 29,100 196,345 97,892 43,082 535,597 Income before income taxes 150,802 1,991 106,161 2,015 97,066 358,035 Provision for income taxes 37,700 498 26,540 504 22,448 87,690 Net income $ 113,102 $ 1,493 $ 79,621 $ 1,511 $ 74,618 $ 270,345 (in thousands) Three Months Ended September 30, 2018 Wholesale Bank Wealth Management Retail Bank Home Lending Corporate & Other Consolidated Net interest income $ 113,103 $ 6,368 $ 87,885 $ 10,495 $ 23,517 $ 241,368 Provision (recapture) for loan and lease losses 10,786 107 830 202 (214) 11,711 Non-interest income 15,282 4,691 16,105 32,712 3,598 72,388 Non-interest expense 57,359 8,403 64,878 32,808 15,844 179,292 Income before income taxes 60,240 2,549 38,282 10,197 11,485 122,753 Provision for income taxes 15,060 638 9,570 2,550 3,954 31,772 Net income $ 45,180 $ 1,911 $ 28,712 $ 7,647 $ 7,531 $ 90,981 (in thousands) Nine Months Ended September 30, 2018 Wholesale Bank Wealth Management Retail Bank Home Lending Corporate & Other Consolidated Net interest income $ 337,087 $ 17,907 $ 248,735 $ 29,468 $ 58,052 $ 691,249 Provision for loan and lease losses 35,430 456 1,785 902 113 38,686 Non-interest income 46,639 14,437 47,291 104,398 9,841 222,606 Non-interest expense 167,539 26,742 206,881 100,137 59,678 560,977 Income before income taxes 180,757 5,146 87,360 32,827 8,102 314,192 Provision for income taxes 45,189 1,287 21,840 8,207 1,717 78,240 Net income $ 135,568 $ 3,859 $ 65,520 $ 24,620 $ 6,385 $ 235,952 (in thousands) September 30, 2019 Wholesale Bank Wealth Management Retail Bank Home Lending Corporate & Other Consolidated Total assets $ 15,509,793 $ 684,382 $ 1,989,096 $ 4,366,847 $ 6,380,737 $ 28,930,855 Total loans and leases $ 15,170,243 $ 668,636 $ 1,915,330 $ 3,831,214 $ (64,629) $ 21,520,794 Total deposits $ 4,015,123 $ 1,156,352 $ 13,711,620 $ 453,833 $ 3,097,806 $ 22,434,734 (in thousands) December 31, 2018 Wholesale Bank Wealth Management Retail Bank Home Lending Corporate & Other Consolidated Total assets $ 14,920,507 $ 536,024 $ 2,015,263 $ 3,680,004 $ 5,787,983 $ 26,939,781 Total loans and leases $ 14,717,512 $ 521,988 $ 1,934,602 $ 3,320,634 $ (72,070) $ 20,422,666 Total deposits $ 3,776,047 $ 1,068,025 $ 13,016,976 $ 219,584 $ 3,056,854 $ 21,137,486 |
Fair Value Measurement
Fair Value Measurement | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | Note 10 – Fair Value Measurement The following table presents estimated fair values of the Company's financial instruments as of September 30, 2019 and December 31, 2018, whether or not recognized or recorded at fair value in the Condensed Consolidated Balance Sheets : (in thousands) September 30, 2019 December 31, 2018 Level Carrying Value Fair Value Carrying Value Fair Value FINANCIAL ASSETS: Cash and cash equivalents 1 $ 1,191,444 $ 1,191,444 $ 622,637 $ 622,637 Equity and other investment securities 1,2 64,764 64,764 61,841 61,841 Investment securities available for sale 2 2,842,076 2,842,076 2,977,108 2,977,108 Investment securities held to maturity 3 3,320 4,338 3,606 4,644 Loans held for sale, at fair value 2 355,022 355,022 166,461 166,461 Loans and leases, net 3 21,364,506 21,566,083 20,277,795 20,117,939 Restricted equity securities 1 54,463 54,463 40,268 40,268 Residential mortgage servicing rights 2,3 151,383 151,383 169,025 169,025 Bank owned life insurance 1 318,533 318,533 313,626 313,626 Derivatives 2,3 200,412 200,412 49,484 49,484 Visa Inc. Class B common stock (1) 3 — — — 99,353 FINANCIAL LIABILITIES: Deposits 1,2 $ 22,434,734 $ 22,457,847 $ 21,137,486 $ 21,116,852 Securities sold under agreements to repurchase 2 296,717 296,717 297,151 297,151 Borrowings 2 1,106,674 1,105,167 751,788 738,107 Junior subordinated debentures, at fair value 3 267,798 267,798 300,870 300,870 Junior subordinated debentures, at amortized cost 3 88,553 69,511 88,724 76,569 Derivatives 2 6,285 6,285 15,982 15,982 (1) In June 2019, the Company sold all 486,346 shares of the Visa Inc. Class B common stock held, an equity security that did not have a readily determinable fair value, resulting in a one-time realized gain of $81.9 million. Accordingly, the book value and fair value are zero at September 30, 2019, as the Company no longer holds this security. 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, 2019 and December 31, 2018: (in thousands) September 30, 2019 Description Total Level 1 Level 2 Level 3 FINANCIAL ASSETS: Equity and other investment securities Investments in mutual funds and other securities $ 52,218 $ 52,218 $ — $ — Equity securities held in rabbi trusts 12,102 12,102 — — Other investments securities (1) 444 — 444 — Investment securities available for sale U.S. Treasury and agencies 587,200 — 587,200 — Obligations of states and political subdivisions 269,030 — 269,030 — Residential mortgage-backed securities and collateralized mortgage obligations 1,985,846 — 1,985,846 — Loans held for sale, at fair value 355,022 — 355,022 — Residential mortgage servicing rights, at fair value (2) 151,383 — 36,191 115,192 Derivatives Interest rate lock commitments 9,070 — — 9,070 Interest rate forward sales commitments 801 — 801 — Interest rate swaps 189,366 — 189,366 — Foreign currency derivative 1,175 — 1,175 — Total assets measured at fair value $ 3,613,657 $ 64,320 $ 3,425,075 $ 124,262 FINANCIAL LIABILITIES: Junior subordinated debentures, at fair value $ 267,798 $ — $ — $ 267,798 Derivatives Interest rate forward sales commitments 1,260 — 1,260 — Interest rate swaps 4,010 — 4,010 — Foreign currency derivative 1,015 — 1,015 — Total liabilities measured at fair value $ 274,083 $ — $ 6,285 $ 267,798 (1) Other investment securities includes securities held by Umpqua Investments as trading debt securities. (2) For more discussion of the portion of MSR at fair value transferred to level 2, refer to Note 12, Subsequent Event. (in thousands) December 31, 2018 Description Total Level 1 Level 2 Level 3 FINANCIAL ASSETS: Equity and other investment securities Investments in mutual funds and other securities $ 50,475 $ 50,475 $ — $ — Equity securities held in rabbi trusts 10,918 10,918 — — Other investments securities (1) 448 — 448 — Investment securities available for sale U.S. Treasury and agencies 39,656 — 39,656 — Obligations of states and political subdivisions 309,171 — 309,171 — Residential mortgage-backed securities and collateralized mortgage obligations 2,628,281 — 2,628,281 — Loans held for sale, at fair value 166,461 — 166,461 — Residential mortgage servicing rights, at fair value 169,025 — — 169,025 Derivatives Interest rate lock commitments 6,757 — — 6,757 Interest rate forward sales commitments 1 — 1 — Interest rate swaps 42,276 — 42,276 — Foreign currency derivative 450 — 450 — Total assets measured at fair value $ 3,423,919 $ 61,393 $ 3,186,744 $ 175,782 FINANCIAL LIABILITIES: Junior subordinated debentures, at fair value $ 300,870 $ — $ — $ 300,870 Derivatives Interest rate forward sales commitments 2,963 — 2,963 — Interest rate swaps 12,746 — 12,746 — Foreign currency derivative 273 — 273 — Total liabilities measured at fair value $ 316,852 $ — $ 15,982 $ 300,870 (1) Other investment securities includes securities held by Umpqua Investments as trading debt securities. The following methods were used to estimate the fair value of each class of financial instrument that is carried at fair value in the tables above: 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. Residential Mortgage Servicing Rights — The fair value of the MSR 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 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. Approximately $36.2 million of MSR was held for sale as of September 30, 2019, so the fair value of this portion was based upon the sales price as the transaction was completed shortly after quarter end. Accordingly, the portion of the MSR asset sold in the fourth quarter were transferred to level 2 in the fair value hierarchy. 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 a 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, 2019, 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, 2019: Financial Instrument Valuation Technique Unobservable Input Weighted Average Residential mortgage servicing rights Discounted cash flow Constant prepayment rate 13.35% Discount rate 9.75% Interest rate lock commitments Internal pricing model Pull-through rate 87.56% Junior subordinated debentures Discounted cash flow Credit spread 5.27% 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. 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 instrument-specific 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, 2019, or the passage of time, will result in negative fair value adjustments. Generally, an increase in the credit risk adjusted spread and/or the forward swap interest rate 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 the forward swap interest rate curve will result in negative fair value adjustments (and increase the fair value measurement). The following tables provide 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, 2019 and 2018: (in thousands) Three Months Ended Three Months Ended September 30, 2019 September 30, 2018 Residential mortgage servicing rights Interest rate lock commitments, net Junior subordinated debentures, at fair value Residential mortgage servicing rights Interest rate lock commitments, net Junior subordinated debentures, at fair value Beginning Balance $ 139,780 $ 8,149 $ 277,028 $ 166,217 $ 6,782 $ 280,669 Transfer out of Level 3 (36,191) — — — — — Change included in earnings 4,210 1,456 4,495 199 (284) 4,486 Change in fair values included in comprehensive income/loss — — (8,450) — — 2,409 Purchases and issuances 7,393 9,027 — 8,622 4,679 — Sales and settlements — (9,562) (5,275) — (6,018) (4,718) Ending Balance $ 115,192 $ 9,070 $ 267,798 $ 175,038 $ 5,159 $ 282,846 Net change in unrealized gains or (losses) relating to items held at end of period $ 11,045 $ 9,070 $ (3,955) $ 6,206 $ 5,159 $ 6,895 Nine Months Ended Nine Months Ended September 30, 2019 September 30, 2018 Residential mortgage servicing rights Interest rate lock commitments, net Junior subordinated debentures, at fair value Residential mortgage servicing rights Interest rate lock commitments, net Junior subordinated debentures, at fair value Beginning Balance $ 169,025 $ 6,757 $ 300,870 $ 153,151 $ 4,752 $ 277,155 Transfer out of Level 3 (36,191) — — — — — Change included in earnings (34,414) 4,455 13,952 (125) (1,288) 12,544 Change in fair values included in comprehensive income/loss — — (32,254) — — 5,605 Purchases and issuances 16,772 21,318 — 22,012 19,211 — Sales and settlements — (23,460) (14,770) — (17,516) (12,458) Ending Balance $ 115,192 $ 9,070 $ 267,798 $ 175,038 $ 5,159 $ 282,846 Net change in unrealized gains or (losses) relating to items held at end of period $ (14,243) $ 9,070 $ (18,302) $ 17,983 $ 5,159 $ 18,149 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. 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. The change in fair value of junior subordinated debentures is attributable to the change in the instrument specific credit risk, accordingly, the unrealized gains on fair value of junior subordinated debentures for the three and nine months ended September 30, 2019 of $8.5 million and $32.3 million, respectively, are recorded net of tax as an other comprehensive gain of $6.3 million and $24.0 million, respectively. Comparatively, losses of $2.4 million and $5.6 million, respectively, were recorded net of tax as an other comprehensive loss of $1.8 million and $4.2 million, respectively, for the three and nine months ended September 30, 2018. The gain recorded for the three and nine months ended September 30, 2019 was due primarily to a decline in the discount rates, partially offset by an increase in the credit spread as compared to prior periods. 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 tables present 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, 2019 Total Level 1 Level 2 Level 3 Loans and leases $ 25,000 $ — $ — $ 25,000 Other real estate owned 2,390 — — 2,390 $ 27,390 $ — $ — $ 27,390 (in thousands) December 31, 2018 Total Level 1 Level 2 Level 3 Loans and leases $ 98,696 $ — $ — $ 98,696 Other real estate owned 7,532 — — 7,532 $ 106,228 $ — $ — $ 106,228 The following table presents the losses resulting from nonrecurring fair value adjustments for the three and nine months ended September 30, 2019 and 2018: (in thousands) Three Months Ended Nine Months Ended September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Loans and leases $ 20,435 $ 14,436 $ 51,212 $ 42,158 Other real estate owned 279 — 3,013 66 Total loss from nonrecurring measurements $ 20,714 $ 14,436 $ 54,225 $ 42,224 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 amounts above represent impaired, collateral dependent loans and leases that have been adjusted to fair value. When we identify a collateral dependent loan or lease as impaired, we measure the impairment using the current fair value of the collateral, less selling costs. Depending on the characteristics of a loan or lease, the fair value of collateral is generally estimated by obtaining external appraisals, but in some cases, the value of the collateral may be estimated as having little to no value. If we determine that the value of the impaired loan or lease is less than its recorded investment, we recognize this impairment and adjust the carrying value of the loan or lease to fair value through the allowance for loan and lease losses. The loss represents charge-offs or impairments on collateral dependent loans and leases 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, 2019 and December 31, 2018: (in thousands) September 30, 2019 December 31, 2018 Fair Value Aggregate Unpaid Principal Balance Fair Value Less Aggregate Unpaid Principal Balance Fair Value Aggregate Unpaid Principal Balance Fair Value Less Aggregate Unpaid Principal Balance Loans held for sale $ 355,022 $ 343,073 $ 11,949 $ 166,461 $ 160,270 $ 6,191 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. For the three and nine months ended September 30, 2019, the Company recorded a net decrease in fair value of $1.9 million and an increase of $5.8 million, respectively. For the three and nine months ended September 30, 2018, the Company recorded a net decrease in fair value of $6.5 million and $1.1 million, 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. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Leases | Leases The Bank leases store locations, corporate office space, and equipment under non-cancelable leases. Leases with an initial term of 12 months or less are not recorded on the balance sheet. 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 one or more options to renew, with renewal terms that can extend the lease term from one We rent or sublease certain real estate to third parties. Our sublease portfolio consists of operating leases of mainly former store locations or excess space in store or corporate facilities. The following table presents the balance sheet information related to leases as of September 30, 2019: (in thousands) Leases September 30, 2019 Operating lease right-of-use assets $ 108,187 Operating lease liabilities $ 116,924 The following table presents the components of lease expense for the three and nine months ended September 30, 2019: (in thousands) Three Months Ended Nine Months Ended Lease Costs September 30, 2019 September 30, 2019 Operating lease costs $ 8,091 $ 24,333 Short-term lease costs 184 660 Variable lease costs 1 (2) Sublease income (625) (2,027) Net lease costs $ 7,651 $ 22,964 Prior to the adoption of ASU 2016-02, rent expense for the three and nine months ended September 30, 2018 was $9.6 million and $28.6 million, respectively, and was partially offset by rent income of $671,000 and $2.0 million, respectively. The following table presents the supplemental cash flow information related to leases for the nine months ended September 30, 2019: (in thousands) Nine Months Ended Cash Flows September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 24,773 Right of use assets obtained in exchange for new operating lease liabilities $ 15,339 The following table presents the maturities of lease liabilities as of September 30, 2019: (in thousands) Year Operating Leases Remainder of 2019 $ 8,239 2020 29,392 2021 23,842 2022 18,497 2023 14,513 Thereafter 37,701 Total lease payments 132,184 Less: imputed interest (15,260) Present value of lease liabilities $ 116,924 The following table presents the operating lease term and discount rate as of September 30, 2019: September 30, 2019 Weighted-average remaining lease term (years) 6.8 Weighted-average discount rate 3.60 % The following table sets forth, as of December 31, 2018, the future minimum lease payments under non-cancelable leases and future minimum income receivable under non-cancelable operating subleases: (in thousands) Year Leases Payments Subleases Income 2019 $ 33,948 $ 2,851 2020 29,535 2,711 2021 23,898 2,333 2022 18,250 1,718 2023 14,100 1,337 Thereafter 37,963 3,477 Total $ 157,694 $ 14,427 |
Subsequent Event
Subsequent Event | 9 Months Ended |
Sep. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Event | Note 12 – Subsequent Event |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
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, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Amortized Cost, Unrealized Gains And Losses, And Fair Value Of Investment Securities | The following tables present the amortized costs, unrealized gains, unrealized losses and approximate fair values of debt securities at September 30, 2019 and December 31, 2018: (in thousands) September 30, 2019 Amortized Cost Unrealized Gains Unrealized Losses Fair Value AVAILABLE FOR SALE: U.S. Treasury and agencies $ 576,089 $ 11,379 $ (268) $ 587,200 Obligations of states and political subdivisions 258,853 10,212 (35) 269,030 Residential mortgage-backed securities and collateralized mortgage obligations 1,968,346 22,424 (4,924) 1,985,846 $ 2,803,288 $ 44,015 $ (5,227) $ 2,842,076 HELD TO MATURITY: Residential mortgage-backed securities and collateralized mortgage obligations $ 3,320 $ 1,018 $ — $ 4,338 $ 3,320 $ 1,018 $ — $ 4,338 (in thousands) December 31, 2018 Amortized Cost Unrealized Gains Unrealized Losses Fair Value AVAILABLE FOR SALE: U.S. Treasury and agencies $ 40,002 $ — $ (346) $ 39,656 Obligations of states and political subdivisions 308,972 2,785 (2,586) 309,171 Residential mortgage-backed securities and collateralized mortgage obligations 2,696,913 3,590 (72,222) 2,628,281 $ 3,045,887 $ 6,375 $ (75,154) $ 2,977,108 HELD TO MATURITY: Residential mortgage-backed securities and collateralized mortgage obligations $ 3,606 $ 1,038 $ — $ 4,644 $ 3,606 $ 1,038 $ — $ 4,644 |
Schedule Of Fair Value And Unrealized Losses Of Securities | Debt securities that were in an unrealized loss position as of September 30, 2019 and December 31, 2018 are presented in the following tables, based on the length of time individual securities have been in an unrealized loss position. (in thousands) September 30, 2019 Less than 12 Months 12 Months or Longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses AVAILABLE FOR SALE: U.S. Treasury and agencies $ 47,566 $ 226 $ 19,956 $ 42 $ 67,522 $ 268 Obligations of states and political subdivisions 5,764 21 1,911 14 7,675 35 Residential mortgage-backed securities and collateralized mortgage obligations 104,014 160 522,391 4,764 626,405 4,924 Total temporarily impaired securities $ 157,344 $ 407 $ 544,258 $ 4,820 $ 701,602 $ 5,227 (in thousands) December 31, 2018 Less than 12 Months 12 Months or Longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses AVAILABLE FOR SALE: U.S. Treasury and agencies $ — $ — $ 39,656 $ 346 $ 39,656 $ 346 Obligations of states and political subdivisions 59,963 800 38,691 1,786 98,654 2,586 Residential mortgage-backed securities and collateralized mortgage obligations 332,103 5,432 1,992,546 66,790 2,324,649 72,222 Total temporarily impaired securities $ 392,066 $ 6,232 $ 2,070,893 $ 68,922 $ 2,462,959 $ 75,154 |
Schedule Of Maturities Of Investment Securities | The following table presents the contractual maturities of debt securities at September 30, 2019: (in thousands) Available For Sale Held To Maturity Amortized Cost Fair Value Amortized Cost Fair Value Due within one year $ 24,236 $ 24,228 $ — $ — Due after one year through five years 52,813 53,341 — — Due after five years through ten years 796,964 811,297 16 16 Due after ten years 1,929,275 1,953,210 3,304 4,322 $ 2,803,288 $ 2,842,076 $ 3,320 $ 4,338 |
Debt Securities, Available-for-sale | The following table presents the gross realized gains and losses on the sale of debt securities available for sale for the nine months ended September 30, 2019 and 2018. There were no realized gains or losses on the sale of debt securities available for sale for the three months ended September 30, 2019 and 2018. (in thousands) Nine Months Ended September 30, 2019 September 30, 2018 Gain Loss Gain Loss Obligations of states and political subdivisions $ 16 $ — $ — $ — Residential mortgage-backed securities and collateralized mortgage obligations 143 (7,345) 14 — $ 159 $ (7,345) $ 14 $ — The following table presents the gains and losses on equity securities for the three and nine months ended September 30, 2019 and 2018: (in thousands) Three Months Ended Nine Months Ended September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Unrealized gain (loss) recognized on equity securities held at the end of the period $ 295 $ (462) $ 1,744 $ (1,894) Net gain (loss) recognized on equity securities sold during the period (38) — 81,815 — Total gain (loss) recognized on equity securities $ 257 $ (462) $ 83,559 $ (1,894) |
Investment Securities Pledged To Secure Borrowings And Public Deposits | The following table presents, as of September 30, 2019, investment securities which were pledged to secure borrowings, public deposits, and repurchase agreements as permitted or required by law: (in thousands) Amortized Cost Fair Value To state and local governments to secure public deposits $ 922,449 $ 934,186 Other securities pledged principally to secure repurchase agreements 490,393 498,739 Total pledged securities $ 1,412,842 $ 1,432,925 |
Loans and Leases (Tables)
Loans and Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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, 2019 and December 31, 2018: (in thousands) September 30, 2019 December 31, 2018 Commercial real estate Non-owner occupied term, net $ 3,495,555 $ 3,573,065 Owner occupied term, net 2,566,299 2,480,371 Multifamily, net 3,479,986 3,304,763 Construction & development, net 771,214 736,254 Residential development, net 191,500 196,890 Commercial Term, net 2,310,759 2,232,923 Lines of credit & other, net 1,254,755 1,169,525 Leases & equipment finance, net 1,485,753 1,330,155 Residential Mortgage, net 4,245,674 3,635,073 Home equity loans & lines, net 1,224,578 1,176,477 Consumer & other, net 494,721 587,170 Total loans, net of deferred fees and costs $ 21,520,794 $ 20,422,666 |
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, 2019 and 2018: (in thousands) Three Months Ended Nine Months Ended September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Balance, beginning of period $ 46,019 $ 62,966 $ 56,564 $ 74,268 Accretion to interest income (6,982) (3,793) (17,300) (19,694) Disposals (3,350) (1,147) (7,923) (9,001) Reclassifications from non-accretable difference 4,357 169 8,703 12,622 Balance, end of period $ 40,044 $ 58,195 $ 40,044 $ 58,195 |
Schedule of Net Investment in Direct Financing Leases | The following table presents the net investment in direct financing leases as of September 30, 2019 and December 31, 2018 : (in thousands) September 30, 2019 December 31, 2018 Minimum lease payments receivable $ 463,834 $ 450,258 Estimated guaranteed and unguaranteed residual values 85,360 79,455 Initial direct costs - net of accumulated amortization 9,806 10,950 Unearned income (73,083) (79,777) Net investment in direct financing leases $ 485,917 $ 460,886 |
Schedule of Financing Receivables, Minimum Payments [Table Text Block] | The following table presents the scheduled minimum lease payments receivable as of September 30, 2019: (in thousands) Year Amount 2019 $ 41,122 2020 148,284 2021 117,687 2022 74,456 2023 38,675 Thereafter 43,610 $ 463,834 |
Summary of Loans and Leases 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, 2019 and 2018: (in thousands) Three Months Ended Nine Months Ended September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Commercial real estate Non-owner occupied term, net $ 16,467 $ 3,215 $ 24,229 $ 8,369 Owner occupied term, net 2,780 12,751 15,751 26,843 Multifamily, net — 4,432 — 4,432 Commercial Term, net 7,670 13,331 23,633 33,120 Lines of credit & other, net 1,619 — 1,619 — Leases & equipment finance, net — — 17,571 — Residential Mortgage, net — 41,669 109 41,669 Total $ 28,536 $ 75,398 $ 82,912 $ 114,433 |
Allowance for Loan and Lease _2
Allowance for Loan and Lease Loss and Credit Quality (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
Activity In The Non-Covered Allowance For Loan And Lease Losses | The following tables summarize 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, 2019 and 2018: (in thousands) Three Months Ended September 30, 2019 Commercial Real Estate Commercial Residential Consumer & Other Total Balance, beginning of period $ 48,997 $ 68,353 $ 23,654 $ 10,065 $ 151,069 Charge-offs (497) (20,457) (305) (1,853) (23,112) Recoveries 177 4,263 94 570 5,104 Provision 2,524 18,797 1,113 793 23,227 Balance, end of period $ 51,201 $ 70,956 $ 24,556 $ 9,575 $ 156,288 (in thousands) Three Months Ended September 30, 2018 Commercial Real Estate Commercial Residential Consumer & Other Total Balance, beginning of period $ 47,285 $ 65,765 $ 20,275 $ 11,231 $ 144,556 Charge-offs (415) (13,926) (95) (1,460) (15,896) Recoveries 413 2,473 237 532 3,655 (Recapture) provision (942) 11,133 609 911 11,711 Balance, end of period $ 46,341 $ 65,445 $ 21,026 $ 11,214 $ 144,026 (in thousands) Nine Months Ended September 30, 2019 Commercial Real Estate Commercial Residential Consumer & Other Total Balance, beginning of period $ 47,904 $ 63,957 $ 22,034 $ 10,976 $ 144,871 Charge-offs (3,035) (48,364) (507) (5,065) (56,971) Recoveries 733 9,228 399 1,765 12,125 Provision 5,599 46,135 2,630 1,899 56,263 Balance, end of period $ 51,201 $ 70,956 $ 24,556 $ 9,575 $ 156,288 (in thousands) Nine Months Ended September 30, 2018 Commercial Real Estate Commercial Residential Consumer & Other Total Balance, beginning of period $ 45,765 $ 63,305 $ 19,360 $ 12,178 $ 140,608 Charge-offs (1,088) (40,270) (801) (4,364) (46,523) Recoveries 919 8,097 538 1,701 11,255 Provision 745 34,313 1,929 1,699 38,686 Balance, end of period $ 46,341 $ 65,445 $ 21,026 $ 11,214 $ 144,026 The following tables present the allowance and recorded investment in loans and leases by portfolio segment and balances individually or collectively evaluated for impairment as of September 30, 2019 and 2018: (in thousands) September 30, 2019 Commercial Real Estate Commercial Residential Consumer & Other Total Allowance for loans and leases: Collectively evaluated for impairment $ 49,676 $ 70,783 $ 24,255 $ 9,567 $ 154,281 Individually evaluated for impairment 188 10 — — 198 Loans acquired with deteriorated credit quality 1,337 163 301 8 1,809 Total $ 51,201 $ 70,956 $ 24,556 $ 9,575 $ 156,288 Loans and leases: Collectively evaluated for impairment $ 10,402,556 $ 5,043,000 $ 5,450,319 $ 494,414 $ 21,390,289 Individually evaluated for impairment 17,973 7,696 — — 25,669 Loans acquired with deteriorated credit quality 84,025 571 19,933 307 104,836 Total $ 10,504,554 $ 5,051,267 $ 5,470,252 $ 494,721 $ 21,520,794 (in thousands) September 30, 2018 Commercial Real Estate Commercial Residential Consumer & Other Total Allowance for loans and leases: Collectively evaluated for impairment $ 44,353 $ 65,135 $ 20,671 $ 11,173 $ 141,332 Individually evaluated for impairment 215 5 — — 220 Loans acquired with deteriorated credit quality 1,773 305 355 41 2,474 Total $ 46,341 $ 65,445 $ 21,026 $ 11,214 $ 144,026 Loans and leases: Collectively evaluated for impairment $ 9,934,169 $ 4,543,599 $ 4,583,986 $ 603,752 $ 19,665,506 Individually evaluated for impairment 25,410 18,133 — — 43,543 Loans acquired with deteriorated credit quality 113,363 3,280 27,934 407 144,984 Total $ 10,072,942 $ 4,565,012 $ 4,611,920 $ 604,159 $ 19,854,033 |
Schedule of Reserve for Unfunded Commitments | The following tables present a summary of activity in the RUC and unfunded commitments for the three and nine months ended September 30, 2019 and 2018: (in thousands) Three Months Ended Nine Months Ended September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Balance, beginning of period $ 4,857 $ 4,130 $ 4,523 $ 3,963 Net charge to other expense 228 164 562 331 Balance, end of period $ 5,085 $ 4,294 $ 5,085 $ 4,294 (in thousands) Total Unfunded loan and lease commitments: September 30, 2019 $ 5,744,307 September 30, 2018 $ 5,244,832 |
Non-Covered Non-Accrual Loans And Loans Past Due | The following tables summarize our non-accrual loans and leases and loans and leases past due, by loan and lease class, as of September 30, 2019 and December 31, 2018: (in thousands) September 30, 2019 Greater than 30 to 59 Days Past Due 60 to 89 Days Past Due 90+ Days and Accruing Total Past Due Non-Accrual Current & Other (1) Total Loans and Leases Commercial real estate Non-owner occupied term, net $ 20 $ 1,690 $ — $ 1,710 $ 9,677 $ 3,484,168 $ 3,495,555 Owner occupied term, net 4,131 4,062 1 8,194 5,609 2,552,496 2,566,299 Multifamily, net — — — — — 3,479,986 3,479,986 Construction & development, net — — — — — 771,214 771,214 Residential development, net — — — — — 191,500 191,500 Commercial Term, net 465 1,012 — 1,477 2,763 2,306,519 2,310,759 Lines of credit & other, net 1,961 533 226 2,720 1,048 1,250,987 1,254,755 Leases & equipment finance, net 7,199 9,906 3,321 20,426 12,539 1,452,788 1,485,753 Residential Mortgage, net (2) — 7,698 35,401 43,099 — 4,202,575 4,245,674 Home equity loans & lines, net 1,317 1,109 1,232 3,658 — 1,220,920 1,224,578 Consumer & other, net 2,445 842 791 4,078 — 490,643 494,721 Total, net of deferred fees and costs $ 17,538 $ 26,852 $ 40,972 $ 85,362 $ 31,636 $ 21,403,796 $ 21,520,794 (1) Other includes purchased credit impaired loans of $104.8 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 $5.2 million at September 30, 2019. (in thousands) December 31, 2018 Greater than 30 to 59 Days Past Due 60 to 89 Days Past Due 90+ Days and Accruing Total Past Due Non-Accrual Current & Other (1) Total Loans and Leases Commercial real estate Non-owner occupied term, net $ 1,192 $ 1,042 $ — $ 2,234 $ 10,033 $ 3,560,798 $ 3,573,065 Owner occupied term, net 3,920 1,372 1 5,293 8,682 2,466,396 2,480,371 Multifamily, net 107 — — 107 4,298 3,300,358 3,304,763 Construction & development, net — — — — — 736,254 736,254 Residential development, net — — — — — 196,890 196,890 Commercial Term, net 992 117 — 1,109 11,772 2,220,042 2,232,923 Lines of credit & other, net 1,286 143 83 1,512 2,275 1,165,738 1,169,525 Leases & equipment finance, net 8,571 8,754 3,016 20,341 13,763 1,296,051 1,330,155 Residential Mortgage, net (2) — 4,900 39,218 44,118 — 3,590,955 3,635,073 Home equity loans & lines, net 987 368 2,492 3,847 — 1,172,630 1,176,477 Consumer & other, net 2,711 911 551 4,173 — 582,997 587,170 Total, net of deferred fees and costs $ 19,766 $ 17,607 $ 45,361 $ 82,734 $ 50,823 $ 20,289,109 $ 20,422,666 (1) Other includes purchased credit impaired loans of $134.5 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 $8.9 million at December 31, 2018. |
Non-Covered Impaired Loans | The following tables summarize our impaired loans and leases by loan class as of September 30, 2019 and December 31, 2018: (in thousands) September 30, 2019 Recorded Investment Unpaid Principal Balance Without Allowance With Allowance Related Allowance Commercial real estate Non-owner occupied term, net $ 16,088 $ 9,518 $ 3,661 $ 115 Owner occupied term, net 6,174 3,959 835 73 Commercial Term, net 11,791 5,018 12 1 Lines of credit & other, net 971 858 — — Leases & equipment finance, net 1,808 — 1,808 9 Total, net of deferred fees and costs $ 36,832 $ 19,353 $ 6,316 $ 198 (in thousands) December 31, 2018 Recorded Investment Unpaid Principal Balance Without Allowance With Allowance Related Allowance Commercial real estate Non-owner occupied term, net $ 14,877 $ 9,847 $ 3,715 $ 90 Owner occupied term, net 8,188 6,178 878 88 Multifamily, net 4,493 4,298 — — Commercial Term, net 22,770 11,089 3,770 2 Lines of credit & other, net 7,145 2,065 — — Leases & equipment finance, net 417 417 — — Total, net of deferred fees and costs $ 57,890 $ 33,894 $ 8,363 $ 180 The following tables summarize our average recorded investment and interest income recognized on impaired loans and leases by loan class for the three and nine months ended September 30, 2019 and 2018: (in thousands) Three Months Ended September 30, 2019 September 30, 2018 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial real estate Non-owner occupied term, net $ 12,901 $ 34 $ 13,475 $ 33 Owner occupied term, net 5,439 10 9,551 10 Multifamily, net — — 4,072 — Commercial Term, net 5,258 47 14,244 51 Lines of credit & other, net 891 — 2,608 — Leases & equipment finance, net 2,017 28 828 — Total, net of deferred fees and costs $ 26,506 $ 119 $ 44,778 $ 94 (in thousands) Nine Months Ended September 30, 2019 September 30, 2018 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial real estate Non-owner occupied term, net $ 12,833 $ 98 $ 14,047 $ 238 Owner occupied term, net 5,927 28 10,506 30 Multifamily, net 1,731 — 3,970 60 Commercial Term, net 9,408 151 17,728 196 Lines of credit & other, net 1,333 — 3,667 — Leases & equipment finance, net 1,855 57 450 — Total, net of deferred fees and costs $ 33,087 $ 334 $ 50,368 $ 524 |
Internal Risk Rating By Loan Class | The following tables summarize our internal risk rating by loan and lease class for the loan and lease portfolio, including purchased credit impaired loans, as of September 30, 2019 and December 31, 2018: (in thousands) September 30, 2019 Pass/Watch Special Mention Substandard Doubtful Loss Impaired (1) Total Commercial real estate Non-owner occupied term, net $ 3,428,080 $ 35,036 $ 19,100 $ — $ 160 $ 13,179 $ 3,495,555 Owner occupied term, net 2,468,692 69,676 23,057 80 — 4,794 2,566,299 Multifamily, net 3,468,743 8,850 2,393 — — — 3,479,986 Construction & development, net 741,050 30,164 — — — — 771,214 Residential development, net 191,500 — — — — — 191,500 Commercial Term, net 2,269,473 10,752 25,498 2 4 5,030 2,310,759 Lines of credit & other, net 1,190,456 44,219 18,995 227 — 858 1,254,755 Leases & equipment finance, net 1,451,038 7,199 9,906 13,796 2,006 1,808 1,485,753 Residential Mortgage, net (2) 4,201,253 8,034 36,214 — 173 — 4,245,674 Home equity loans & lines, net 1,220,793 2,487 1,012 — 286 — 1,224,578 Consumer & other, net 490,608 3,288 796 — 29 — 494,721 Total, net of deferred fees and costs $ 21,121,686 $ 219,705 $ 136,971 $ 14,105 $ 2,658 $ 25,669 $ 21,520,794 (1) The percentage of impaired loans classified as pass/watch, special mention and substandard was 3.3%, 13.6% and 83.1%, respectively, as of September 30, 2019. (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 $5.2 million at September 30, 2019, which is included in the substandard category. (in thousands) December 31, 2018 Pass/Watch Special Mention Substandard Doubtful Loss Impaired (1) Total Commercial real estate Non-owner occupied term, net $ 3,497,801 $ 38,346 $ 23,234 $ — $ 122 $ 13,562 $ 3,573,065 Owner occupied term, net 2,422,351 28,447 22,136 54 327 7,056 2,480,371 Multifamily, net 3,284,445 11,481 4,539 — — 4,298 3,304,763 Construction & development, net 734,318 — 1,936 — — — 736,254 Residential development, net 196,890 — — — — — 196,890 Commercial Term, net 2,196,753 15,519 5,670 53 69 14,859 2,232,923 Lines of credit & other, net 1,103,677 42,831 20,639 313 — 2,065 1,169,525 Leases & equipment finance, net 1,296,235 8,571 8,754 14,247 1,931 417 1,330,155 Residential Mortgage, net (2) 3,588,976 5,169 38,766 — 2,162 — 3,635,073 Home equity loans & lines, net 1,172,040 1,878 1,418 — 1,141 — 1,176,477 Consumer & other, net 582,962 3,622 559 — 27 — 587,170 Total, net of deferred fees and costs $ 20,076,448 $ 155,864 $ 127,651 $ 14,667 $ 5,779 $ 42,257 $ 20,422,666 (1) The percentage of impaired loans classified as pass/watch, special mention and substandard was 3.2%, 8.8% and 88.0%, respectively, as of December 31, 2018. (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 $8.9 million at December 31, 2018, which is included in the substandard category. |
Schedule Of Troubled Debt Restructurings | The following tables present troubled debt restructurings by accrual versus non-accrual status and by loan class as of September 30, 2019 and December 31, 2018: (in thousands) September 30, 2019 Accrual Status Non-Accrual Status Total Modifications Commercial real estate, net $ 3,999 $ 6,599 $ 10,598 Commercial, net 5,308 93 5,401 Residential, net 5,002 — 5,002 Total, net of deferred fees and costs $ 14,309 $ 6,692 $ 21,001 (in thousands) December 31, 2018 Accrual Status Non-Accrual Status Total Modifications Commercial real estate, net $ 4,524 $ 9,290 $ 13,814 Commercial, net 3,696 8,736 12,432 Residential, net 5,704 — 5,704 Total, net of deferred fees and costs $ 13,924 $ 18,026 $ 31,950 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. There were no new restructured loans during the three months ended September 30, 2019 and September 30, 2018. The following tables present newly restructured loans that occurred during the nine months ended September 30, 2019 and September 30, 2018: (in thousands) Nine Months Ended September 30, 2019 September 30, 2018 Commercial real estate, net $ 118 $ — Commercial, net 1,842 — Residential, net 7 106 Total, net of deferred fees and costs $ 1,967 $ 106 |
Residential Mortgage Servicin_2
Residential Mortgage Servicing Rights (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Transfers and Servicing [Abstract] | |
Schedule Of Other Information Servicing Loan Portfolio | The following table presents the changes in the Company's residential mortgage servicing rights ("MSR") for the three and nine months ended September 30, 2019 and 2018: (in thousands) Three Months Ended Nine Months Ended September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Balance, beginning of period $ 139,780 $ 166,217 $ 169,025 $ 153,151 Additions for new MSR capitalized 7,393 8,622 16,772 22,012 Changes in fair value: Changes due to collection/realization of expected cash flows over time (6,835) (6,007) (20,171) (18,108) Changes due to valuation inputs or assumptions (1) 11,045 6,206 (14,243) 17,983 Balance, end of period $ 151,383 $ 175,038 $ 151,383 $ 175,038 (1) The changes in valuation inputs and assumptions principally reflect changes in discount rates and prepayment speeds, which are primarily affected by changes in interest rates. |
Schedule Of Changes In Mortgage Servicing Rights | Information related to our serviced loan portfolio as of September 30, 2019 and December 31, 2018 is as follows: (dollars in thousands) September 30, 2019 December 31, 2018 Balance of loans serviced for others $ 15,707,519 $ 15,978,885 MSR as a percentage of serviced loans 0.96 % 1.06 % |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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, 2019 Commitments to extend credit $ 5,661,080 Forward sales commitments $ 637,954 Commitments to originate residential mortgage loans held for sale $ 421,515 Standby letters of credit $ 83,227 |
Derivatives (Tables)
Derivatives (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary Of Types Of Derivatives, Separately By Assets And Liabilities And Fair Value Of Derivatives | The following table summarizes the types of derivatives, separately by assets and liabilities, and the fair values of such derivatives as of September 30, 2019 and December 31, 2018: (in thousands) Asset Derivatives Liability Derivatives Derivatives not designated as hedging instrument September 30, 2019 December 31, 2018 September 30, 2019 December 31, 2018 Interest rate lock commitments $ 9,070 $ 6,757 $ — $ — Interest rate forward sales commitments 801 1 1,260 2,963 Interest rate swaps 189,366 42,276 4,010 12,746 Foreign currency derivatives 1,175 450 1,015 273 Total $ 200,412 $ 49,484 $ 6,285 $ 15,982 |
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, 2019 and 2018: (in thousands) Three Months Ended Nine Months Ended Derivatives not designated as hedging instrument September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Interest rate lock commitments $ 922 $ (1,623) $ 2,313 $ 407 Interest rate forward sales commitments (2,467) 2,029 (11,875) 10,773 Interest rate swaps (2,281) 224 (8,712) 1,645 Foreign currency derivatives 527 556 1,522 1,371 Total $ (3,299) $ 1,186 $ (16,752) $ 14,196 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings 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, 2019 and 2018: (in thousands, except per share data) Three Months Ended Nine Months Ended September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Net income $ 84,502 $ 90,981 $ 270,345 $ 235,952 Weighted average number of common shares outstanding - basic 220,285 220,224 220,379 220,292 Effect of potentially dilutive common shares (1) 298 396 263 459 Weighted average number of common shares outstanding - diluted 220,583 220,620 220,642 220,751 EARNINGS PER COMMON SHARE: Basic $ 0.38 $ 0.41 $ 1.23 $ 1.07 Diluted $ 0.38 $ 0.41 $ 1.23 $ 1.07 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by 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, 2019 Wholesale Bank Wealth Management Retail Bank Home Lending Corporate & Other Consolidated Net interest income $ 111,047 $ 5,491 $ 84,235 $ 13,039 $ 15,161 $ 228,973 Provision for loan and lease losses 20,693 5 1,356 904 269 23,227 Non-interest income 16,053 4,713 16,196 47,161 4,389 88,512 Non-interest expense 58,425 10,315 66,461 36,438 11,951 183,590 Income (loss) before income taxes 47,982 (116) 32,614 22,858 7,330 110,668 Provision (benefit) for income taxes 11,995 (29) 8,153 5,715 332 26,166 Net income (loss) $ 35,987 $ (87) $ 24,461 $ 17,143 $ 6,998 $ 84,502 (in thousands) Nine Months Ended September 30, 2019 Wholesale Bank Wealth Management Retail Bank Home Lending Corporate & Other Consolidated Net interest income $ 330,208 $ 17,964 $ 258,730 $ 33,793 $ 53,125 $ 693,820 Provision for loan and lease losses 49,173 826 3,601 1,953 710 56,263 Non-interest income 38,945 13,953 47,377 68,067 87,733 256,075 Non-interest expense 169,178 29,100 196,345 97,892 43,082 535,597 Income before income taxes 150,802 1,991 106,161 2,015 97,066 358,035 Provision for income taxes 37,700 498 26,540 504 22,448 87,690 Net income $ 113,102 $ 1,493 $ 79,621 $ 1,511 $ 74,618 $ 270,345 (in thousands) Three Months Ended September 30, 2018 Wholesale Bank Wealth Management Retail Bank Home Lending Corporate & Other Consolidated Net interest income $ 113,103 $ 6,368 $ 87,885 $ 10,495 $ 23,517 $ 241,368 Provision (recapture) for loan and lease losses 10,786 107 830 202 (214) 11,711 Non-interest income 15,282 4,691 16,105 32,712 3,598 72,388 Non-interest expense 57,359 8,403 64,878 32,808 15,844 179,292 Income before income taxes 60,240 2,549 38,282 10,197 11,485 122,753 Provision for income taxes 15,060 638 9,570 2,550 3,954 31,772 Net income $ 45,180 $ 1,911 $ 28,712 $ 7,647 $ 7,531 $ 90,981 (in thousands) Nine Months Ended September 30, 2018 Wholesale Bank Wealth Management Retail Bank Home Lending Corporate & Other Consolidated Net interest income $ 337,087 $ 17,907 $ 248,735 $ 29,468 $ 58,052 $ 691,249 Provision for loan and lease losses 35,430 456 1,785 902 113 38,686 Non-interest income 46,639 14,437 47,291 104,398 9,841 222,606 Non-interest expense 167,539 26,742 206,881 100,137 59,678 560,977 Income before income taxes 180,757 5,146 87,360 32,827 8,102 314,192 Provision for income taxes 45,189 1,287 21,840 8,207 1,717 78,240 Net income $ 135,568 $ 3,859 $ 65,520 $ 24,620 $ 6,385 $ 235,952 (in thousands) September 30, 2019 Wholesale Bank Wealth Management Retail Bank Home Lending Corporate & Other Consolidated Total assets $ 15,509,793 $ 684,382 $ 1,989,096 $ 4,366,847 $ 6,380,737 $ 28,930,855 Total loans and leases $ 15,170,243 $ 668,636 $ 1,915,330 $ 3,831,214 $ (64,629) $ 21,520,794 Total deposits $ 4,015,123 $ 1,156,352 $ 13,711,620 $ 453,833 $ 3,097,806 $ 22,434,734 (in thousands) December 31, 2018 Wholesale Bank Wealth Management Retail Bank Home Lending Corporate & Other Consolidated Total assets $ 14,920,507 $ 536,024 $ 2,015,263 $ 3,680,004 $ 5,787,983 $ 26,939,781 Total loans and leases $ 14,717,512 $ 521,988 $ 1,934,602 $ 3,320,634 $ (72,070) $ 20,422,666 Total deposits $ 3,776,047 $ 1,068,025 $ 13,016,976 $ 219,584 $ 3,056,854 $ 21,137,486 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value, by Balance Sheet Grouping | The following table presents estimated fair values of the Company's financial instruments as of September 30, 2019 and December 31, 2018, whether or not recognized or recorded at fair value in the Condensed Consolidated Balance Sheets : (in thousands) September 30, 2019 December 31, 2018 Level Carrying Value Fair Value Carrying Value Fair Value FINANCIAL ASSETS: Cash and cash equivalents 1 $ 1,191,444 $ 1,191,444 $ 622,637 $ 622,637 Equity and other investment securities 1,2 64,764 64,764 61,841 61,841 Investment securities available for sale 2 2,842,076 2,842,076 2,977,108 2,977,108 Investment securities held to maturity 3 3,320 4,338 3,606 4,644 Loans held for sale, at fair value 2 355,022 355,022 166,461 166,461 Loans and leases, net 3 21,364,506 21,566,083 20,277,795 20,117,939 Restricted equity securities 1 54,463 54,463 40,268 40,268 Residential mortgage servicing rights 2,3 151,383 151,383 169,025 169,025 Bank owned life insurance 1 318,533 318,533 313,626 313,626 Derivatives 2,3 200,412 200,412 49,484 49,484 Visa Inc. Class B common stock (1) 3 — — — 99,353 FINANCIAL LIABILITIES: Deposits 1,2 $ 22,434,734 $ 22,457,847 $ 21,137,486 $ 21,116,852 Securities sold under agreements to repurchase 2 296,717 296,717 297,151 297,151 Borrowings 2 1,106,674 1,105,167 751,788 738,107 Junior subordinated debentures, at fair value 3 267,798 267,798 300,870 300,870 Junior subordinated debentures, at amortized cost 3 88,553 69,511 88,724 76,569 Derivatives 2 6,285 6,285 15,982 15,982 |
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, 2019 and December 31, 2018: (in thousands) September 30, 2019 Description Total Level 1 Level 2 Level 3 FINANCIAL ASSETS: Equity and other investment securities Investments in mutual funds and other securities $ 52,218 $ 52,218 $ — $ — Equity securities held in rabbi trusts 12,102 12,102 — — Other investments securities (1) 444 — 444 — Investment securities available for sale U.S. Treasury and agencies 587,200 — 587,200 — Obligations of states and political subdivisions 269,030 — 269,030 — Residential mortgage-backed securities and collateralized mortgage obligations 1,985,846 — 1,985,846 — Loans held for sale, at fair value 355,022 — 355,022 — Residential mortgage servicing rights, at fair value (2) 151,383 — 36,191 115,192 Derivatives Interest rate lock commitments 9,070 — — 9,070 Interest rate forward sales commitments 801 — 801 — Interest rate swaps 189,366 — 189,366 — Foreign currency derivative 1,175 — 1,175 — Total assets measured at fair value $ 3,613,657 $ 64,320 $ 3,425,075 $ 124,262 FINANCIAL LIABILITIES: Junior subordinated debentures, at fair value $ 267,798 $ — $ — $ 267,798 Derivatives Interest rate forward sales commitments 1,260 — 1,260 — Interest rate swaps 4,010 — 4,010 — Foreign currency derivative 1,015 — 1,015 — Total liabilities measured at fair value $ 274,083 $ — $ 6,285 $ 267,798 (1) Other investment securities includes securities held by Umpqua Investments as trading debt securities. (2) For more discussion of the portion of MSR at fair value transferred to level 2, refer to Note 12, Subsequent Event. (in thousands) December 31, 2018 Description Total Level 1 Level 2 Level 3 FINANCIAL ASSETS: Equity and other investment securities Investments in mutual funds and other securities $ 50,475 $ 50,475 $ — $ — Equity securities held in rabbi trusts 10,918 10,918 — — Other investments securities (1) 448 — 448 — Investment securities available for sale U.S. Treasury and agencies 39,656 — 39,656 — Obligations of states and political subdivisions 309,171 — 309,171 — Residential mortgage-backed securities and collateralized mortgage obligations 2,628,281 — 2,628,281 — Loans held for sale, at fair value 166,461 — 166,461 — Residential mortgage servicing rights, at fair value 169,025 — — 169,025 Derivatives Interest rate lock commitments 6,757 — — 6,757 Interest rate forward sales commitments 1 — 1 — Interest rate swaps 42,276 — 42,276 — Foreign currency derivative 450 — 450 — Total assets measured at fair value $ 3,423,919 $ 61,393 $ 3,186,744 $ 175,782 FINANCIAL LIABILITIES: Junior subordinated debentures, at fair value $ 300,870 $ — $ — $ 300,870 Derivatives Interest rate forward sales commitments 2,963 — 2,963 — Interest rate swaps 12,746 — 12,746 — Foreign currency derivative 273 — 273 — Total liabilities measured at fair value $ 316,852 $ — $ 15,982 $ 300,870 |
Fair Value Measurement Inputs and Valuation Techniques | 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, 2019: Financial Instrument Valuation Technique Unobservable Input Weighted Average Residential mortgage servicing rights Discounted cash flow Constant prepayment rate 13.35% Discount rate 9.75% Interest rate lock commitments Internal pricing model Pull-through rate 87.56% Junior subordinated debentures Discounted cash flow Credit spread 5.27% |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following tables provide 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, 2019 and 2018: (in thousands) Three Months Ended Three Months Ended September 30, 2019 September 30, 2018 Residential mortgage servicing rights Interest rate lock commitments, net Junior subordinated debentures, at fair value Residential mortgage servicing rights Interest rate lock commitments, net Junior subordinated debentures, at fair value Beginning Balance $ 139,780 $ 8,149 $ 277,028 $ 166,217 $ 6,782 $ 280,669 Transfer out of Level 3 (36,191) — — — — — Change included in earnings 4,210 1,456 4,495 199 (284) 4,486 Change in fair values included in comprehensive income/loss — — (8,450) — — 2,409 Purchases and issuances 7,393 9,027 — 8,622 4,679 — Sales and settlements — (9,562) (5,275) — (6,018) (4,718) Ending Balance $ 115,192 $ 9,070 $ 267,798 $ 175,038 $ 5,159 $ 282,846 Net change in unrealized gains or (losses) relating to items held at end of period $ 11,045 $ 9,070 $ (3,955) $ 6,206 $ 5,159 $ 6,895 Nine Months Ended Nine Months Ended September 30, 2019 September 30, 2018 Residential mortgage servicing rights Interest rate lock commitments, net Junior subordinated debentures, at fair value Residential mortgage servicing rights Interest rate lock commitments, net Junior subordinated debentures, at fair value Beginning Balance $ 169,025 $ 6,757 $ 300,870 $ 153,151 $ 4,752 $ 277,155 Transfer out of Level 3 (36,191) — — — — — Change included in earnings (34,414) 4,455 13,952 (125) (1,288) 12,544 Change in fair values included in comprehensive income/loss — — (32,254) — — 5,605 Purchases and issuances 16,772 21,318 — 22,012 19,211 — Sales and settlements — (23,460) (14,770) — (17,516) (12,458) Ending Balance $ 115,192 $ 9,070 $ 267,798 $ 175,038 $ 5,159 $ 282,846 Net change in unrealized gains or (losses) relating to items held at end of period $ (14,243) $ 9,070 $ (18,302) $ 17,983 $ 5,159 $ 18,149 |
Fair Value Measurements, Nonrecurring | The following tables present 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, 2019 Total Level 1 Level 2 Level 3 Loans and leases $ 25,000 $ — $ — $ 25,000 Other real estate owned 2,390 — — 2,390 $ 27,390 $ — $ — $ 27,390 (in thousands) December 31, 2018 Total Level 1 Level 2 Level 3 Loans and leases $ 98,696 $ — $ — $ 98,696 Other real estate owned 7,532 — — 7,532 $ 106,228 $ — $ — $ 106,228 |
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings | The following table presents the losses resulting from nonrecurring fair value adjustments for the three and nine months ended September 30, 2019 and 2018: (in thousands) Three Months Ended Nine Months Ended September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Loans and leases $ 20,435 $ 14,436 $ 51,212 $ 42,158 Other real estate owned 279 — 3,013 66 Total loss from nonrecurring measurements $ 20,714 $ 14,436 $ 54,225 $ 42,224 |
Fair Value Option, Disclosures | 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, 2019 and December 31, 2018: (in thousands) September 30, 2019 December 31, 2018 Fair Value Aggregate Unpaid Principal Balance Fair Value Less Aggregate Unpaid Principal Balance Fair Value Aggregate Unpaid Principal Balance Fair Value Less Aggregate Unpaid Principal Balance Loans held for sale $ 355,022 $ 343,073 $ 11,949 $ 166,461 $ 160,270 $ 6,191 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Lease, Cost | The following table presents the balance sheet information related to leases as of September 30, 2019: (in thousands) Leases September 30, 2019 Operating lease right-of-use assets $ 108,187 Operating lease liabilities $ 116,924 The following table presents the components of lease expense for the three and nine months ended September 30, 2019: (in thousands) Three Months Ended Nine Months Ended Lease Costs September 30, 2019 September 30, 2019 Operating lease costs $ 8,091 $ 24,333 Short-term lease costs 184 660 Variable lease costs 1 (2) Sublease income (625) (2,027) Net lease costs $ 7,651 $ 22,964 Prior to the adoption of ASU 2016-02, rent expense for the three and nine months ended September 30, 2018 was $9.6 million and $28.6 million, respectively, and was partially offset by rent income of $671,000 and $2.0 million, respectively. The following table presents the supplemental cash flow information related to leases for the nine months ended September 30, 2019: (in thousands) Nine Months Ended Cash Flows September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 24,773 Right of use assets obtained in exchange for new operating lease liabilities $ 15,339 |
Lessee, Operating Lease, Liability, Maturity | The following table presents the maturities of lease liabilities as of September 30, 2019: (in thousands) Year Operating Leases Remainder of 2019 $ 8,239 2020 29,392 2021 23,842 2022 18,497 2023 14,513 Thereafter 37,701 Total lease payments 132,184 Less: imputed interest (15,260) Present value of lease liabilities $ 116,924 The following table presents the operating lease term and discount rate as of September 30, 2019: September 30, 2019 Weighted-average remaining lease term (years) 6.8 Weighted-average discount rate 3.60 % |
Schedule of Future Minimum Rental Payments for Operating Leases | The following table sets forth, as of December 31, 2018, the future minimum lease payments under non-cancelable leases and future minimum income receivable under non-cancelable operating subleases: (in thousands) Year Leases Payments Subleases Income 2019 $ 33,948 $ 2,851 2020 29,535 2,711 2021 23,898 2,333 2022 18,250 1,718 2023 14,100 1,337 Thereafter 37,963 3,477 Total $ 157,694 $ 14,427 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
ROU assets | $ 108,187 | $ 0 |
Lease liabilities | 116,924 | $ 0 |
ASU No. 2016-02 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
ROU assets | 108,200 | |
Lease liabilities | $ 116,900 | |
Minimum [Member] | Accounting Standards Update 2016-13 [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Allowance for Loan and Lease Losses, Percent | 30.00% | |
Maximum | Accounting Standards Update 2016-13 [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Allowance for Loan and Lease Losses, Percent | 45.00% |
Investment Securities (Amortize
Investment Securities (Amortized Cost, Unrealized Gains And Losses, And Fair Value Of Investment Securities) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Investment Holdings [Line Items] | ||
Available-for-sale securities, amortized cost | $ 2,803,288 | $ 3,045,887 |
Available-for-sale securities, unrealized gains | 44,015 | 6,375 |
Available-for-sale securities, unrealized losses | (5,227) | (75,154) |
Available for sale, at fair value | 2,842,076 | 2,977,108 |
Investment securities held to maturity | 3,320 | 3,606 |
Held-to-maturity securities, unrealized gains | 1,018 | 1,038 |
Held-to-maturity securities, unrealized losses | 0 | 0 |
Held-to-maturity securities, fair value | 4,338 | 4,644 |
U.S. Treasury and agencies | ||
Investment Holdings [Line Items] | ||
Available-for-sale securities, amortized cost | 576,089 | 40,002 |
Available-for-sale securities, unrealized gains | 11,379 | 0 |
Available-for-sale securities, unrealized losses | (268) | (346) |
Available for sale, at fair value | 587,200 | 39,656 |
Obligations of states and political subdivisions | ||
Investment Holdings [Line Items] | ||
Available-for-sale securities, amortized cost | 258,853 | 308,972 |
Available-for-sale securities, unrealized gains | 10,212 | 2,785 |
Available-for-sale securities, unrealized losses | (35) | (2,586) |
Available for sale, at fair value | 269,030 | 309,171 |
Residential mortgage-backed securities and collateralized mortgage obligations | ||
Investment Holdings [Line Items] | ||
Available-for-sale securities, amortized cost | 1,968,346 | 2,696,913 |
Available-for-sale securities, unrealized gains | 22,424 | 3,590 |
Available-for-sale securities, unrealized losses | (4,924) | (72,222) |
Available for sale, at fair value | 1,985,846 | 2,628,281 |
Investment securities held to maturity | 3,320 | 3,606 |
Held-to-maturity securities, unrealized gains | 1,018 | 1,038 |
Held-to-maturity securities, unrealized losses | 0 | 0 |
Held-to-maturity securities, fair value | $ 4,338 | $ 4,644 |
Investment Securities (Schedule
Investment Securities (Schedule Of Fair Value And Unrealized Losses Of Securities) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Investment Holdings [Line Items] | ||
Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 157,344 | $ 392,066 |
Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | 407 | 6,232 |
Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 544,258 | 2,070,893 |
Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | 4,820 | 68,922 |
Available-for-sale securities, Unrealized Loss Position, Fair Value | 701,602 | 2,462,959 |
Available-for-sale, Unrealized loss Position, Unrealized Losses | 5,227 | 75,154 |
U.S. Treasury and agencies | ||
Investment Holdings [Line Items] | ||
Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 47,566 | 0 |
Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | 226 | 0 |
Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 19,956 | 39,656 |
Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | 42 | 346 |
Available-for-sale securities, Unrealized Loss Position, Fair Value | 67,522 | 39,656 |
Available-for-sale, Unrealized loss Position, Unrealized Losses | 268 | 346 |
Obligations of states and political subdivisions | ||
Investment Holdings [Line Items] | ||
Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 5,764 | 59,963 |
Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | 21 | 800 |
Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 1,911 | 38,691 |
Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | 14 | 1,786 |
Available-for-sale securities, Unrealized Loss Position, Fair Value | 7,675 | 98,654 |
Available-for-sale, Unrealized loss Position, Unrealized Losses | 35 | 2,586 |
Residential mortgage-backed securities and collateralized mortgage obligations | ||
Investment Holdings [Line Items] | ||
Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 104,014 | 332,103 |
Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | 160 | 5,432 |
Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 522,391 | 1,992,546 |
Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | 4,764 | 66,790 |
Available-for-sale securities, Unrealized Loss Position, Fair Value | 626,405 | 2,324,649 |
Available-for-sale, Unrealized loss Position, Unrealized Losses | $ 4,924 | $ 72,222 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |||||
Gross loss on sale of certain securities | $ 0 | $ 0 | $ (7,300) | $ (7,345) | $ 0 |
Marketable Securities [Line Items] | |||||
One-time gain | $ (38) | $ 0 | $ 81,815 | $ 0 | |
Class B common stock of Visa Inc. | |||||
Marketable Securities [Line Items] | |||||
One-time gain | $ 81,900 |
Investment Securities (Schedu_2
Investment Securities (Schedule Of Maturities Of Investment Securities) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Investment Holdings [Line Items] | ||
Available-for-sale securities, due within one year, amortized cost | $ 24,236 | |
Available-for-sale securities, after one year through five years, amortized cost | 52,813 | |
Available-for-sale securities, after five years through ten years, amortized cost | 796,964 | |
Available-for-sale securities, after ten years, amortized cost | 1,929,275 | |
Available-for-sale securities, amortized cost | 2,803,288 | $ 3,045,887 |
Available-for-sale securities, due within one year, fair value | 24,228 | |
Available-for-sale securities, after one year through five years, fair value | 53,341 | |
Available-for-sale securities, after five years through ten years, fair value | 811,297 | |
Available-for-sale securities, after ten years, fair value | 1,953,210 | |
Debt Securities, Available-for-sale | 2,842,076 | 2,977,108 |
Held-to-maturity securities, due within one year, amortized cost | 0 | |
Held-to-maturity securities, after one year through five years, amortized cost | 0 | |
Held-to-maturity securities, after five years through ten years, amortized cost | 16 | |
Held-to-maturity securities, after ten years, amortized cost | 3,304 | |
Investment securities held to maturity | 3,320 | 3,606 |
Held-to-maturity securities, due within one year, fair value | 0 | |
Held-to-maturity securities, after one year through five years, fair value | 0 | |
Held-to-maturity securities, after five years through ten years, fair value | 16 | |
Held-to-maturity securities, after ten years, fair value | 4,322 | |
Held-to-maturity securities, fair value | $ 4,338 | $ 4,644 |
Investment Securities (Gross Re
Investment Securities (Gross Realized Gains And Losses On Sale Of Available-For-Sale Debt Securities) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | |
Debt Securities, Available-for-sale [Line Items] | |||||
Gain | $ 0 | $ 0 | $ 159 | $ 14 | |
Loss | $ 0 | $ 0 | $ (7,300) | (7,345) | 0 |
Obligations of states and political subdivisions | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Gain | 16 | 0 | |||
Loss | 0 | 0 | |||
Residential mortgage-backed securities and collateralized mortgage obligations | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Gain | 143 | 14 | |||
Loss | $ (7,345) | $ 0 |
Investment Securities (Gain (Lo
Investment Securities (Gain (Loss) On Equity Securities) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Unrealized gain (loss) recognized on equity securities held at the end of the period | $ 295 | $ (462) | $ 1,744 | $ (1,894) |
Net gain (loss) recognized on equity securities sold during the period | (38) | 0 | 81,815 | 0 |
Total gain (loss) recognized on equity securities | $ 257 | $ (462) | $ 83,559 | $ (1,894) |
Investment Securities (Investme
Investment Securities (Investment Securities Pledged To Secure Borrowings And Public Deposits) (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Investments, Debt and Equity Securities [Abstract] | |
To state and local governments to secure public deposits, amortized cost | $ 922,449 |
Other securities pledged principally to secure repurchase agreements, amortized cost | 490,393 |
Total pledged securities, amortized cost | 1,412,842 |
To state and local governments to secure public deposits, fair value | 934,186 |
Other securities pledged principally to secure repurchase agreements, fair value | 498,739 |
Total pledged securities, fair value | $ 1,432,925 |
Loans and Leases (Schedule Of M
Loans and Leases (Schedule Of Major Types Of Loans And Leases) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Receivables [Abstract] | ||
Non-owner occupied term, net | $ 3,495,555 | $ 3,573,065 |
Owner occupied term, net | 2,566,299 | 2,480,371 |
Multifamily, net | 3,479,986 | 3,304,763 |
Construction & development, net | 771,214 | 736,254 |
Residential development, net | 191,500 | 196,890 |
Term, net | 2,310,759 | 2,232,923 |
Lines of credit & other, net | 1,254,755 | 1,169,525 |
Leases & equipment finance, net | 1,485,753 | 1,330,155 |
Mortgage, net | 4,245,674 | 3,635,073 |
Home equity loans & lines, net | 1,224,578 | 1,176,477 |
Consumer & other, net | 494,721 | 587,170 |
Total loans, net of deferred fees and costs | $ 21,520,794 | $ 20,422,666 |
Loans and Leases (Narrative) (D
Loans and Leases (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | |
Receivables [Abstract] | ||||
Loans and leases, deferred fees and costs | $ 73,600 | $ 73,600 | $ 70,400 | |
Discounts on acquired loans | 37,000 | 37,000 | 50,000 | |
Total loans pledged to secure borrowings | 13,400,000 | 13,400,000 | ||
Outstanding contractual unpaid principal balance of non-covered purchased impaired loans | 146,300 | 146,300 | 183,700 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Interest income recognized on leases | 8,100 | 24,600 | ||
Receivables Acquired with Deteriorated Credit Quality | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Loans acquired with deteriorated credit quality | $ 104,836 | $ 104,836 | $ 134,500 | $ 144,984 |
Minimum | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Lease term | 3 years | 3 years | ||
Maximum | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Lease term | 5 years | 5 years |
Loans and Leases (Accretable Yi
Loans and Leases (Accretable Yield Movement Schedule) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||||
Balance, beginning of period | $ 46,019 | $ 62,966 | $ 56,564 | $ 74,268 |
Accretion to interest income | (6,982) | (3,793) | (17,300) | (19,694) |
Disposals | (3,350) | (1,147) | (7,923) | (9,001) |
Reclassifications from non-accretable difference | 4,357 | 169 | 8,703 | 12,622 |
Balance, end of period | $ 40,044 | $ 58,195 | $ 40,044 | $ 58,195 |
Loans and Leases Net Investment
Loans and Leases Net Investment In Direct Financing Leases and Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Leases [Abstract] | ||
Minimum lease payments receivable | $ 463,834 | |
Minimum lease payments receivable | $ 450,258 | |
Estimated guaranteed and unguaranteed residual values | 85,360 | 79,455 |
Initial direct costs - net of accumulated amortization | 9,806 | |
Initial direct costs - net of accumulated amortization | 10,950 | |
Unearned income | (73,083) | |
Unearned income | (79,777) | |
Net investment in direct financing leases | $ 485,917 | |
Net investment in direct financing leases | $ 460,886 |
Loans and Leases (Schedule Of_2
Loans and Leases (Schedule Of Minimum Lease Payments Receivable) (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Leases [Abstract] | |
2019 | $ 41,122 |
2020 | 148,284 |
2021 | 117,687 |
2022 | 74,456 |
2023 | 38,675 |
Thereafter | 43,610 |
Minimum lease payments receivable | $ 463,834 |
Loans and Leases (Loans and Lea
Loans and Leases (Loans and Leases Sold) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Financing Receivable, Past Due [Line Items] | ||||
Carrying value of loans and leases sold | $ 28,536 | $ 75,398 | $ 82,912 | $ 114,433 |
Commercial real estate | Non-owner occupied term, net | ||||
Financing Receivable, Past Due [Line Items] | ||||
Carrying value of loans and leases sold | 16,467 | 3,215 | 24,229 | 8,369 |
Commercial real estate | Owner occupied term, net | ||||
Financing Receivable, Past Due [Line Items] | ||||
Carrying value of loans and leases sold | 2,780 | 12,751 | 15,751 | 26,843 |
Commercial real estate | Multifamily, net | ||||
Financing Receivable, Past Due [Line Items] | ||||
Carrying value of loans and leases sold | 0 | 4,432 | 0 | 4,432 |
Commercial | Term, net | ||||
Financing Receivable, Past Due [Line Items] | ||||
Carrying value of loans and leases sold | 7,670 | 13,331 | 23,633 | 33,120 |
Commercial | Lines of credit & other, net | ||||
Financing Receivable, Past Due [Line Items] | ||||
Carrying value of loans and leases sold | 1,619 | 0 | 1,619 | 0 |
Commercial | Leases & equipment finance, net | ||||
Financing Receivable, Past Due [Line Items] | ||||
Carrying value of loans and leases sold | 0 | 0 | 17,571 | 0 |
Residential | Mortgage, net | ||||
Financing Receivable, Past Due [Line Items] | ||||
Carrying value of loans and leases sold | $ 0 | $ 41,669 | $ 109 | $ 41,669 |
Allowance for Loan and Lease _3
Allowance for Loan and Lease Loss and Credit Quality (Narrative) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2019USD ($)risk_code | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)risk_code | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Unallocated allowance | $ | $ 0 | $ 0 | $ 0 | ||
Financing receivables modified as troubled debt restructurings within the previous 12 months | $ | 0 | $ 0 | $ 0 | $ 0 | |
Homogeneous | Minimum | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Period before loans and leases are considered past due | 30 days | ||||
Restructured Loans | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Impaired loans classified as accruing restructured loans | $ | $ 14,300 | $ 14,300 | 13,900 | ||
Loan collateral coverage (as a percent) (greater than or equal to) | 100.00% | ||||
Available commitments for troubled debt restructurings outstanding | $ | $ 500 | $ 338 | |||
Minimal Risk | Non homogeneous | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Internal risk rating code (number) | 1 | 1 | |||
Low Risk | Non homogeneous | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Internal risk rating code (number) | 2 | 2 | |||
Modest Risk | Non homogeneous | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Internal risk rating code (number) | 3 | 3 | |||
Average Risk | Non homogeneous | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Internal risk rating code (number) | 4 | 4 | |||
Acceptable Risk | Non homogeneous | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Internal risk rating code (number) | 5 | 5 | |||
Pass/Watch | Non homogeneous | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Internal risk rating code (number) | 6 | 6 | |||
Special Mention | Non homogeneous | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Internal risk rating code (number) | 7 | 7 | |||
Special Mention | Homogeneous | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Internal risk rating code (number) | 7 | 7 | |||
Special Mention | Homogeneous | Minimum | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Period before loans and leases are classified as substandard | 30 days | ||||
Special Mention | Homogeneous | Maximum | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Period before loans and leases are classified as substandard | 59 days | ||||
Special Mention | Homogeneous Retail | Minimum | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Period before loans and leases are classified as substandard | 30 days | ||||
Special Mention | Homogeneous Retail | Maximum | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Period before loans and leases are classified as substandard | 89 days | ||||
Substandard | Non homogeneous | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Internal risk rating code (number) | 8 | 8 | |||
Substandard | Homogeneous | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Internal risk rating code (number) | 8 | 8 | |||
Substandard | Homogeneous | Minimum | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Period before loans and leases are classified as substandard | 60 days | ||||
Substandard | Homogeneous | Maximum | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Period before loans and leases are classified as substandard | 89 days | ||||
Substandard | Homogeneous Retail | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Internal risk rating code (number) | 8 | 8 | |||
Substandard | Homogeneous Retail | Minimum | Open End Loan | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Period before loans and leases are classified as substandard | 90 days | ||||
Substandard | Homogeneous Retail | Minimum | Closed End Loan | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Period before loans and leases are classified as substandard | 90 days | ||||
Substandard | Homogeneous Retail | Maximum | Open End Loan | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Period before loans and leases are classified as substandard | 180 days | ||||
Substandard | Homogeneous Retail | Maximum | Closed End Loan | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Period before loans and leases are classified as substandard | 120 days | ||||
Doubtful | Non homogeneous | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Internal risk rating code (number) | 9 | 9 | |||
Doubtful | Homogeneous | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Internal risk rating code (number) | 9 | 9 | |||
Doubtful | Homogeneous | Minimum | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Period before loans and leases are classified as substandard | 90 days | ||||
Doubtful | Homogeneous | Maximum | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Period before loans and leases are classified as substandard | 179 days | ||||
Loss | Non homogeneous | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Internal risk rating code (number) | 10 | 10 | |||
Loss | Homogeneous | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Internal risk rating code (number) | 10 | 10 | |||
Loss | Homogeneous | Minimum | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Period before loans and leases are classified as substandard | 180 days | ||||
Loss | Homogeneous Retail | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Internal risk rating code (number) | 10 | 10 | |||
Loss | Homogeneous Retail | Minimum | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Period before loans and leases are classified as substandard | 120 days | ||||
Loss | Homogeneous Retail | Minimum | Closed End Loan | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Period before loans and leases are classified as substandard | 120 days |
Allowance for Loan and Lease _4
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, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||||||
Beginning balance | $ 151,069 | $ 144,556 | $ 144,871 | $ 140,608 | |||
Charge-offs | (23,112) | (15,896) | (56,971) | (46,523) | |||
Recoveries | 5,104 | 3,655 | 12,125 | 11,255 | |||
Provision | 23,227 | 11,711 | 56,263 | 38,686 | |||
Ending balance | 156,288 | 144,026 | 156,288 | 144,026 | |||
Allowance for loans and leases: | |||||||
Collectively evaluated for impairment | $ 154,281 | $ 141,332 | |||||
Individually evaluated for impairment | 198 | 220 | |||||
Total | 151,069 | 144,556 | 144,871 | 140,608 | 156,288 | $ 144,871 | 144,026 |
Loans and leases: | |||||||
Collectively evaluated for impairment | 21,390,289 | 19,665,506 | |||||
Individually evaluated for impairment | 25,669 | 43,543 | |||||
Total | 21,520,794 | 20,422,666 | 19,854,033 | ||||
Receivables Acquired with Deteriorated Credit Quality | |||||||
Allowance for loans and leases: | |||||||
Loans acquired with deteriorated credit quality | 1,809 | 2,474 | |||||
Loans and leases: | |||||||
Loans acquired with deteriorated credit quality | 104,836 | 134,500 | 144,984 | ||||
Commercial real estate | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||
Beginning balance | 48,997 | 47,285 | 47,904 | 45,765 | |||
Charge-offs | (497) | (415) | (3,035) | (1,088) | |||
Recoveries | 177 | 413 | 733 | 919 | |||
Provision | 2,524 | (942) | 5,599 | 745 | |||
Ending balance | 51,201 | 46,341 | 51,201 | 46,341 | |||
Allowance for loans and leases: | |||||||
Collectively evaluated for impairment | 49,676 | 44,353 | |||||
Individually evaluated for impairment | 188 | 215 | |||||
Total | 48,997 | 47,285 | 47,904 | 46,341 | 51,201 | 47,904 | 46,341 |
Loans and leases: | |||||||
Collectively evaluated for impairment | 10,402,556 | 9,934,169 | |||||
Individually evaluated for impairment | 17,973 | 25,410 | |||||
Total | 10,504,554 | 10,072,942 | |||||
Commercial real estate | Receivables Acquired with Deteriorated Credit Quality | |||||||
Allowance for loans and leases: | |||||||
Loans acquired with deteriorated credit quality | 1,337 | 1,773 | |||||
Loans and leases: | |||||||
Loans acquired with deteriorated credit quality | 84,025 | 113,363 | |||||
Commercial | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||
Beginning balance | 68,353 | 65,765 | 63,957 | 63,305 | |||
Charge-offs | (20,457) | (13,926) | (48,364) | (40,270) | |||
Recoveries | 4,263 | 2,473 | 9,228 | 8,097 | |||
Provision | 18,797 | 11,133 | 46,135 | 34,313 | |||
Ending balance | 70,956 | 65,445 | 70,956 | 65,445 | |||
Allowance for loans and leases: | |||||||
Collectively evaluated for impairment | 70,783 | 65,135 | |||||
Individually evaluated for impairment | 10 | 5 | |||||
Total | 68,353 | 65,765 | 63,957 | 65,445 | 70,956 | 63,957 | 65,445 |
Loans and leases: | |||||||
Collectively evaluated for impairment | 5,043,000 | 4,543,599 | |||||
Individually evaluated for impairment | 7,696 | 18,133 | |||||
Total | 5,051,267 | 4,565,012 | |||||
Commercial | Receivables Acquired with Deteriorated Credit Quality | |||||||
Allowance for loans and leases: | |||||||
Loans acquired with deteriorated credit quality | 163 | 305 | |||||
Loans and leases: | |||||||
Loans acquired with deteriorated credit quality | 571 | 3,280 | |||||
Residential | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||
Beginning balance | 23,654 | 20,275 | 22,034 | 19,360 | |||
Charge-offs | (305) | (95) | (507) | (801) | |||
Recoveries | 94 | 237 | 399 | 538 | |||
Provision | 1,113 | 609 | 2,630 | 1,929 | |||
Ending balance | 24,556 | 21,026 | 24,556 | 21,026 | |||
Allowance for loans and leases: | |||||||
Collectively evaluated for impairment | 24,255 | 20,671 | |||||
Individually evaluated for impairment | 0 | 0 | |||||
Total | 23,654 | 20,275 | 22,034 | 21,026 | 24,556 | 22,034 | 21,026 |
Loans and leases: | |||||||
Collectively evaluated for impairment | 5,450,319 | 4,583,986 | |||||
Individually evaluated for impairment | 0 | 0 | |||||
Total | 5,470,252 | 4,611,920 | |||||
Residential | Receivables Acquired with Deteriorated Credit Quality | |||||||
Allowance for loans and leases: | |||||||
Loans acquired with deteriorated credit quality | 301 | 355 | |||||
Loans and leases: | |||||||
Loans acquired with deteriorated credit quality | 19,933 | 27,934 | |||||
Consumer & other, net | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||
Beginning balance | 10,065 | 11,231 | 10,976 | 12,178 | |||
Charge-offs | (1,853) | (1,460) | (5,065) | (4,364) | |||
Recoveries | 570 | 532 | 1,765 | 1,701 | |||
Provision | 793 | 911 | 1,899 | 1,699 | |||
Ending balance | 9,575 | 11,214 | 9,575 | 11,214 | |||
Allowance for loans and leases: | |||||||
Collectively evaluated for impairment | 9,567 | 11,173 | |||||
Individually evaluated for impairment | 0 | 0 | |||||
Total | $ 10,065 | $ 11,231 | $ 10,976 | $ 12,178 | 9,575 | $ 10,976 | 11,214 |
Loans and leases: | |||||||
Collectively evaluated for impairment | 494,414 | 603,752 | |||||
Individually evaluated for impairment | 0 | 0 | |||||
Total | 494,721 | 604,159 | |||||
Consumer & other, net | Receivables Acquired with Deteriorated Credit Quality | |||||||
Allowance for loans and leases: | |||||||
Loans acquired with deteriorated credit quality | 8 | 41 | |||||
Loans and leases: | |||||||
Loans acquired with deteriorated credit quality | $ 307 | $ 407 |
Allowance for Loan and Lease _5
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, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Reserve for Unfunded Commitments [Roll Forward] | ||||
Balance, beginning of period | $ 4,857 | $ 4,130 | $ 4,523 | $ 3,963 |
Net charge to other expense | 228 | 164 | 562 | 331 |
Balance, end of period | 5,085 | 4,294 | 5,085 | 4,294 |
Unfunded loan and lease commitments | $ 5,744,307 | $ 5,244,832 | $ 5,744,307 | $ 5,244,832 |
Allowance for Loan and Lease _6
Allowance for Loan and Lease Loss and Credit Quality (Non-Accrual Loans and Leases and Loans and Leases Past Due) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | $ 85,362 | $ 82,734 |
Non-Accrual | 31,636 | 50,823 |
Current & Other | 21,403,796 | 20,289,109 |
Total Loans and Leases | 21,520,794 | 20,422,666 |
GNMA Loans past due by 90 days, but not yet repurchased | 5,200 | |
Receivables Acquired with Deteriorated Credit Quality | ||
Financing Receivable, Past Due [Line Items] | ||
Current & Other | 104,800 | 134,500 |
Greater than 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 17,538 | 19,766 |
60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 26,852 | 17,607 |
90+ Days and Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 40,972 | 45,361 |
Commercial real estate | Non-owner occupied term, net | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 1,710 | 2,234 |
Non-Accrual | 9,677 | 10,033 |
Current & Other | 3,484,168 | 3,560,798 |
Total Loans and Leases | 3,495,555 | 3,573,065 |
Commercial real estate | Owner occupied term, net | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 8,194 | 5,293 |
Non-Accrual | 5,609 | 8,682 |
Current & Other | 2,552,496 | 2,466,396 |
Total Loans and Leases | 2,566,299 | 2,480,371 |
Commercial real estate | Multifamily, net | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 0 | 107 |
Non-Accrual | 0 | 4,298 |
Current & Other | 3,479,986 | 3,300,358 |
Total Loans and Leases | 3,479,986 | 3,304,763 |
Commercial real estate | Construction & development, net | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Non-Accrual | 0 | 0 |
Current & Other | 771,214 | 736,254 |
Total Loans and Leases | 771,214 | 736,254 |
Commercial real estate | Residential development, net | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Non-Accrual | 0 | 0 |
Current & Other | 191,500 | 196,890 |
Total Loans and Leases | 191,500 | 196,890 |
Commercial real estate | Greater than 30 to 59 Days Past Due | Non-owner occupied term, net | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 20 | 1,192 |
Commercial real estate | Greater than 30 to 59 Days Past Due | Owner occupied term, net | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 4,131 | 3,920 |
Commercial real estate | Greater than 30 to 59 Days Past Due | Multifamily, net | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 0 | 107 |
Commercial real estate | Greater than 30 to 59 Days Past Due | Construction & development, net | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial real estate | Greater than 30 to 59 Days Past Due | Residential development, net | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial real estate | 60 to 89 Days Past Due | Non-owner occupied term, net | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 1,690 | 1,042 |
Commercial real estate | 60 to 89 Days Past Due | Owner occupied term, net | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 4,062 | 1,372 |
Commercial real estate | 60 to 89 Days Past Due | Multifamily, net | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial real estate | 60 to 89 Days Past Due | Construction & development, net | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial real estate | 60 to 89 Days Past Due | Residential development, net | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial real estate | 90+ Days and Accruing | Non-owner occupied term, net | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial real estate | 90+ Days and Accruing | Owner occupied term, net | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 1 | 1 |
Commercial real estate | 90+ Days and Accruing | Multifamily, net | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial real estate | 90+ Days and Accruing | Construction & development, net | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial real estate | 90+ Days and Accruing | Residential development, net | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial | Term, net | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 1,477 | 1,109 |
Non-Accrual | 2,763 | 11,772 |
Current & Other | 2,306,519 | 2,220,042 |
Total Loans and Leases | 2,310,759 | 2,232,923 |
Commercial | Lines of credit & other, net | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 2,720 | 1,512 |
Non-Accrual | 1,048 | 2,275 |
Current & Other | 1,250,987 | 1,165,738 |
Total Loans and Leases | 1,254,755 | 1,169,525 |
Commercial | Leases & equipment finance, net | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 20,426 | 20,341 |
Non-Accrual | 12,539 | 13,763 |
Current & Other | 1,452,788 | 1,296,051 |
Total Loans and Leases | 1,485,753 | 1,330,155 |
Commercial | Greater than 30 to 59 Days Past Due | Term, net | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 465 | 992 |
Commercial | Greater than 30 to 59 Days Past Due | Lines of credit & other, net | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 1,961 | 1,286 |
Commercial | Greater than 30 to 59 Days Past Due | Leases & equipment finance, net | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 7,199 | 8,571 |
Commercial | 60 to 89 Days Past Due | Term, net | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 1,012 | 117 |
Commercial | 60 to 89 Days Past Due | Lines of credit & other, net | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 533 | 143 |
Commercial | 60 to 89 Days Past Due | Leases & equipment finance, net | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 9,906 | 8,754 |
Commercial | 90+ Days and Accruing | Term, net | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial | 90+ Days and Accruing | Lines of credit & other, net | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 226 | 83 |
Commercial | 90+ Days and Accruing | Leases & equipment finance, net | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 3,321 | 3,016 |
Residential | Mortgage, net | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 43,099 | 44,118 |
Non-Accrual | 0 | 0 |
Current & Other | 4,202,575 | 3,590,955 |
Total Loans and Leases | 4,245,674 | 3,635,073 |
Residential | Home equity loans & lines, net | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 3,658 | 3,847 |
Non-Accrual | 0 | 0 |
Current & Other | 1,220,920 | 1,172,630 |
Total Loans and Leases | 1,224,578 | 1,176,477 |
Residential | Greater than 30 to 59 Days Past Due | Mortgage, net | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Residential | Greater than 30 to 59 Days Past Due | Home equity loans & lines, net | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 1,317 | 987 |
Residential | 60 to 89 Days Past Due | Mortgage, net | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 7,698 | 4,900 |
Residential | 60 to 89 Days Past Due | Home equity loans & lines, net | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 1,109 | 368 |
Residential | 90+ Days and Accruing | Mortgage, net | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 35,401 | 39,218 |
Residential | 90+ Days and Accruing | Mortgage, net | GNMA Loans | ||
Financing Receivable, Past Due [Line Items] | ||
GNMA Loans past due by 90 days, but not yet repurchased | 5,200 | 8,900 |
Residential | 90+ Days and Accruing | Home equity loans & lines, net | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 1,232 | 2,492 |
Consumer & other, net | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 4,078 | 4,173 |
Non-Accrual | 0 | 0 |
Current & Other | 490,643 | 582,997 |
Total Loans and Leases | 494,721 | 587,170 |
Consumer & other, net | Greater than 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 2,445 | 2,711 |
Consumer & other, net | 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 842 | 911 |
Consumer & other, net | 90+ Days and Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | $ 791 | $ 551 |
Allowance for Loan and Lease _7
Allowance for Loan and Lease Loss and Credit Quality (Impaired Loans) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | $ 36,832 | $ 57,890 |
Recorded Investment, Without Allowance | 19,353 | 33,894 |
Recorded Investment, With Allowance | 6,316 | 8,363 |
Related Allowance | 198 | 180 |
Commercial real estate | Non-owner occupied term, net | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 16,088 | 14,877 |
Recorded Investment, Without Allowance | 9,518 | 9,847 |
Recorded Investment, With Allowance | 3,661 | 3,715 |
Related Allowance | 115 | 90 |
Commercial real estate | Owner occupied term, net | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 6,174 | 8,188 |
Recorded Investment, Without Allowance | 3,959 | 6,178 |
Recorded Investment, With Allowance | 835 | 878 |
Related Allowance | 73 | 88 |
Commercial real estate | Multifamily, net | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 4,493 | |
Recorded Investment, Without Allowance | 4,298 | |
Recorded Investment, With Allowance | 0 | |
Related Allowance | 0 | |
Commercial | Term, net | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 11,791 | 22,770 |
Recorded Investment, Without Allowance | 5,018 | 11,089 |
Recorded Investment, With Allowance | 12 | 3,770 |
Related Allowance | 1 | 2 |
Commercial | Lines of credit & other, net | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 971 | 7,145 |
Recorded Investment, Without Allowance | 858 | 2,065 |
Recorded Investment, With Allowance | 0 | 0 |
Related Allowance | 0 | 0 |
Commercial | Leases & equipment finance, net | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 1,808 | 417 |
Recorded Investment, Without Allowance | 0 | 417 |
Recorded Investment, With Allowance | 1,808 | 0 |
Related Allowance | $ 9 | $ 0 |
Allowance for Loan and Lease _8
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, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | $ 26,506 | $ 44,778 | $ 33,087 | $ 50,368 |
Interest Income Recognized | 119 | 94 | 334 | 524 |
Commercial real estate | Non-owner occupied term, net | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 12,901 | 13,475 | 12,833 | 14,047 |
Interest Income Recognized | 34 | 33 | 98 | 238 |
Commercial real estate | Owner occupied term, net | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 5,439 | 9,551 | 5,927 | 10,506 |
Interest Income Recognized | 10 | 10 | 28 | 30 |
Commercial real estate | Multifamily, net | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 0 | 4,072 | 1,731 | 3,970 |
Interest Income Recognized | 0 | 0 | 0 | 60 |
Commercial | Term, net | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 5,258 | 14,244 | 9,408 | 17,728 |
Interest Income Recognized | 47 | 51 | 151 | 196 |
Commercial | Lines of credit & other, net | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 891 | 2,608 | 1,333 | 3,667 |
Interest Income Recognized | 0 | 0 | 0 | 0 |
Commercial | Leases & equipment finance, net | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 2,017 | 828 | 1,855 | 450 |
Interest Income Recognized | $ 28 | $ 0 | $ 57 | $ 0 |
Allowance for Loan and Lease _9
Allowance for Loan and Lease Loss and Credit Quality (Internal Risk Rating By Loan Class) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | $ 21,520,794 | $ 20,422,666 |
GNMA Loans, right to repurchase | 5,200 | |
Pass/Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | $ 21,121,686 | $ 20,076,448 |
Percentage of impaired loans | 3.30% | 3.20% |
Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | $ 219,705 | $ 155,864 |
Percentage of impaired loans | 13.60% | 8.80% |
Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | $ 136,971 | $ 127,651 |
Percentage of impaired loans | 83.10% | 88.00% |
Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | $ 14,105 | $ 14,667 |
Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 2,658 | 5,779 |
Impaired | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 25,669 | 42,257 |
Commercial real estate | Non-owner occupied term, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 3,495,555 | 3,573,065 |
Commercial real estate | Owner occupied term, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 2,566,299 | 2,480,371 |
Commercial real estate | Multifamily, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 3,479,986 | 3,304,763 |
Commercial real estate | Construction & development, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 771,214 | 736,254 |
Commercial real estate | Residential development, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 191,500 | 196,890 |
Commercial real estate | Pass/Watch | Non-owner occupied term, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 3,428,080 | 3,497,801 |
Commercial real estate | Pass/Watch | Owner occupied term, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 2,468,692 | 2,422,351 |
Commercial real estate | Pass/Watch | Multifamily, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 3,468,743 | 3,284,445 |
Commercial real estate | Pass/Watch | Construction & development, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 741,050 | 734,318 |
Commercial real estate | Pass/Watch | Residential development, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 191,500 | 196,890 |
Commercial real estate | Special Mention | Non-owner occupied term, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 35,036 | 38,346 |
Commercial real estate | Special Mention | Owner occupied term, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 69,676 | 28,447 |
Commercial real estate | Special Mention | Multifamily, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 8,850 | 11,481 |
Commercial real estate | Special Mention | Construction & development, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 30,164 | 0 |
Commercial real estate | Special Mention | Residential development, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 0 | 0 |
Commercial real estate | Substandard | Non-owner occupied term, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 19,100 | 23,234 |
Commercial real estate | Substandard | Owner occupied term, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 23,057 | 22,136 |
Commercial real estate | Substandard | Multifamily, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 2,393 | 4,539 |
Commercial real estate | Substandard | Construction & development, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 0 | 1,936 |
Commercial real estate | Substandard | Residential development, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 0 | 0 |
Commercial real estate | Doubtful | Non-owner occupied term, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 0 | 0 |
Commercial real estate | Doubtful | Owner occupied term, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 80 | 54 |
Commercial real estate | Doubtful | Multifamily, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 0 | 0 |
Commercial real estate | Doubtful | Construction & development, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 0 | 0 |
Commercial real estate | Doubtful | Residential development, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 0 | 0 |
Commercial real estate | Loss | Non-owner occupied term, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 160 | 122 |
Commercial real estate | Loss | Owner occupied term, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 0 | 327 |
Commercial real estate | Loss | Multifamily, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 0 | 0 |
Commercial real estate | Loss | Construction & development, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 0 | 0 |
Commercial real estate | Loss | Residential development, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 0 | 0 |
Commercial real estate | Impaired | Non-owner occupied term, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 13,179 | 13,562 |
Commercial real estate | Impaired | Owner occupied term, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 4,794 | 7,056 |
Commercial real estate | Impaired | Multifamily, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 0 | 4,298 |
Commercial real estate | Impaired | Construction & development, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 0 | 0 |
Commercial real estate | Impaired | Residential development, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 0 | 0 |
Commercial | Term, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 2,310,759 | 2,232,923 |
Commercial | Lines of credit & other, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 1,254,755 | 1,169,525 |
Commercial | Leases & equipment finance, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 1,485,753 | 1,330,155 |
Commercial | Pass/Watch | Term, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 2,269,473 | 2,196,753 |
Commercial | Pass/Watch | Lines of credit & other, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 1,190,456 | 1,103,677 |
Commercial | Pass/Watch | Leases & equipment finance, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 1,451,038 | 1,296,235 |
Commercial | Special Mention | Term, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 10,752 | 15,519 |
Commercial | Special Mention | Lines of credit & other, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 44,219 | 42,831 |
Commercial | Special Mention | Leases & equipment finance, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 7,199 | 8,571 |
Commercial | Substandard | Term, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 25,498 | 5,670 |
Commercial | Substandard | Lines of credit & other, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 18,995 | 20,639 |
Commercial | Substandard | Leases & equipment finance, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 9,906 | 8,754 |
Commercial | Doubtful | Term, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 2 | 53 |
Commercial | Doubtful | Lines of credit & other, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 227 | 313 |
Commercial | Doubtful | Leases & equipment finance, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 13,796 | 14,247 |
Commercial | Loss | Term, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 4 | 69 |
Commercial | Loss | Lines of credit & other, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 0 | 0 |
Commercial | Loss | Leases & equipment finance, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 2,006 | 1,931 |
Commercial | Impaired | Term, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 5,030 | 14,859 |
Commercial | Impaired | Lines of credit & other, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 858 | 2,065 |
Commercial | Impaired | Leases & equipment finance, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 1,808 | 417 |
Residential | Mortgage, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 4,245,674 | 3,635,073 |
Residential | Mortgage, net | Financing Receivables, Equal to Greater than 90 Days Past Due | GNMA Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
GNMA Loans, right to repurchase | 5,200 | 8,900 |
Residential | Home equity loans & lines, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 1,224,578 | 1,176,477 |
Residential | Pass/Watch | Mortgage, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 4,201,253 | 3,588,976 |
Residential | Pass/Watch | Home equity loans & lines, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 1,220,793 | 1,172,040 |
Residential | Special Mention | Mortgage, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 8,034 | 5,169 |
Residential | Special Mention | Home equity loans & lines, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 2,487 | 1,878 |
Residential | Substandard | Mortgage, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 36,214 | 38,766 |
Residential | Substandard | Home equity loans & lines, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 1,012 | 1,418 |
Residential | Doubtful | Mortgage, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 0 | 0 |
Residential | Doubtful | Home equity loans & lines, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 0 | 0 |
Residential | Loss | Mortgage, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 173 | 2,162 |
Residential | Loss | Home equity loans & lines, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 286 | 1,141 |
Residential | Impaired | Mortgage, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 0 | 0 |
Residential | Impaired | Home equity loans & lines, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 0 | 0 |
Consumer & other, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 494,721 | 587,170 |
Consumer & other, net | Pass/Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 490,608 | 582,962 |
Consumer & other, net | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 3,288 | 3,622 |
Consumer & other, net | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 796 | 559 |
Consumer & other, net | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 0 | 0 |
Consumer & other, net | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | 29 | 27 |
Consumer & other, net | Impaired | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans by credit quality | $ 0 | $ 0 |
Allowance for Loan and Lease_10
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, 2019 | Dec. 31, 2018 |
Accrual Status | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total troubled debt restructurings, net of deferred fees and costs | $ 14,309 | $ 13,924 |
Non-Accrual Status | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total troubled debt restructurings, net of deferred fees and costs | 6,692 | 18,026 |
Total Modifications | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total troubled debt restructurings, net of deferred fees and costs | 21,001 | 31,950 |
Commercial real estate | Accrual Status | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total troubled debt restructurings, net of deferred fees and costs | 3,999 | 4,524 |
Commercial real estate | Non-Accrual Status | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total troubled debt restructurings, net of deferred fees and costs | 6,599 | 9,290 |
Commercial real estate | Total Modifications | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total troubled debt restructurings, net of deferred fees and costs | 10,598 | 13,814 |
Commercial | Accrual Status | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total troubled debt restructurings, net of deferred fees and costs | 5,308 | 3,696 |
Commercial | Non-Accrual Status | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total troubled debt restructurings, net of deferred fees and costs | 93 | 8,736 |
Commercial | Total Modifications | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total troubled debt restructurings, net of deferred fees and costs | 5,401 | 12,432 |
Residential | Accrual Status | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total troubled debt restructurings, net of deferred fees and costs | 5,002 | 5,704 |
Residential | Non-Accrual Status | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total troubled debt restructurings, net of deferred fees and costs | 0 | 0 |
Residential | Total Modifications | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total troubled debt restructurings, net of deferred fees and costs | $ 5,002 | $ 5,704 |
Allowance for Loan and Lease_11
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, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Total restructured loans, net of deferred fees and costs | $ 0 | $ 0 | $ 1,967 | $ 106 |
Commercial real estate | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Total restructured loans, net of deferred fees and costs | 118 | 0 | ||
Commercial | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Total restructured loans, net of deferred fees and costs | 1,842 | 0 | ||
Residential | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Total restructured loans, net of deferred fees and costs | $ 7 | $ 106 |
Residential Mortgage Servicin_3
Residential Mortgage Servicing Rights (Schedule Of Changes In Mortgage Servicing Rights) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Servicing Asset at Fair Value, Amount [Roll Forward] | |||||
Balance, beginning of period | $ 139,780 | $ 166,217 | $ 169,025 | $ 153,151 | |
Additions for new MSR capitalized | 7,393 | 8,622 | 16,772 | 22,012 | |
Changes due to collection/realization of expected cash flows over time | (6,835) | (6,007) | (20,171) | (18,108) | |
Changes due to valuation inputs or assumptions | 11,045 | 6,206 | (14,243) | 17,983 | |
Balance, end of period | $ 151,383 | $ 175,038 | $ 151,383 | $ 175,038 | |
MSR as a percentage of serviced loans | 0.96% | 0.96% | 1.06% |
Residential Mortgage Servicin_4
Residential Mortgage Servicing Rights (Schedule Of Information Relates To Serviced Loan Portfolio) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Transfers and Servicing [Abstract] | ||
Balance of loans serviced for others | $ 15,707,519 | $ 15,978,885 |
MSR as a percentage of serviced loans | 0.96% | 1.06% |
Residential Mortgage Servicin_5
Residential Mortgage Servicing Rights (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Transfers and Servicing [Abstract] | ||||
Contractually specified servicing fees, late fees and ancillary fees earned | $ 11.3 | $ 10.3 | $ 33.2 | $ 31.2 |
Commitments and Contingencies_2
Commitments and Contingencies (Narrative) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2019USD ($)branches | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)branches | Sep. 30, 2018USD ($) | Dec. 31, 2018branches | |
Commitments and Contingencies Disclosure [Abstract] | |||||
Financial guarantees in connection with standby letters of credit | $ 0 | $ 0 | $ 0 | $ 0 | |
Standby letters of credit expiring within one year | 63,000 | 63,000 | |||
Standby letters of credit expiring thereafter | 20,200 | 20,200 | |||
Residential mortgage loan repurchase reserve liability | 1,600 | $ 1,600 | |||
Right to repurchase loans, period past due | 90 days | ||||
GNMA Loans past due by 90 days, but not yet repurchased | $ 5,200 | $ 5,200 | |||
Number of stores consolidated | branches | 16 | 31 | |||
Number of stores sold | branches | 4 | ||||
Number Of Stores To Be Sold | branches | 7 | 7 | |||
Real Estate Loans As Part Of Loan Portfolio | |||||
Concentration Risk [Line Items] | |||||
Concentration risk (as a percent) | 75.00% | 75.00% |
Commitments and Contingencies_3
Commitments and Contingencies (Schedule Of Commitments And Contingencies) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Loss Contingencies [Line Items] | ||
Commitments and contingent liabilities | ||
Commitments to extend credit | ||
Loss Contingencies [Line Items] | ||
Commitments and contingent liabilities | 5,661,080 | |
Forward sales commitments | ||
Loss Contingencies [Line Items] | ||
Commitments and contingent liabilities | 637,954 | |
Commitments to originate residential mortgage loans held for sale | ||
Loss Contingencies [Line Items] | ||
Commitments and contingent liabilities | 421,515 | |
Standby letters of credit | ||
Loss Contingencies [Line Items] | ||
Commitments and contingent liabilities | $ 83,227 |
Derivatives (Narrative) (Detail
Derivatives (Narrative) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019USD ($)contracts | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)contracts | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($)contracts | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||
Counterparty default losses on forward contracts | $ 0 | $ 0 | $ 0 | $ 0 | |
Credit Derivatives [Line Items] | |||||
Commitments | |||||
Termination value of derivatives in a net liability position | 4,000 | 4,000 | 12,700 | ||
Collateral required to be posted under agreements | 84,300 | 84,300 | 36,900 | ||
Variation Margin Adjustment | (199,200) | (199,200) | (32,500) | ||
Decrease in settlement values of net derivative assets | $ (14,000) | $ (14,000) | $ (3,000) | ||
Interest Rate Swap [Member] | |||||
Credit Derivatives [Line Items] | |||||
Number of interest rate swaps | contracts | 824 | 824 | 767 | ||
Derivative, Notional Amount | $ 5,400,000 | $ 5,400,000 | $ 4,200,000 | ||
Commitments To Originate Loans Held For Sale | |||||
Credit Derivatives [Line Items] | |||||
Commitments | 421,515 | 421,515 | |||
Interest rate forward sales commitments | |||||
Credit Derivatives [Line Items] | |||||
Commitments | $ 637,954 | $ 637,954 |
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, 2019 | Dec. 31, 2018 |
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | $ 200,412 | $ 49,484 |
Derivative Liability | 6,285 | 15,982 |
Interest rate lock commitments | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 9,070 | 6,757 |
Interest rate forward sales commitments | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 801 | 1 |
Derivative Liability | 1,260 | 2,963 |
Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 189,366 | 42,276 |
Derivative Liability | 4,010 | 12,746 |
Interest rate contracts | Interest rate lock commitments | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 9,070 | 6,757 |
Interest rate contracts | Interest rate lock commitments | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | 0 | 0 |
Interest rate contracts | Interest rate forward sales commitments | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 801 | 1 |
Interest rate contracts | Interest rate forward sales commitments | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | 1,260 | 2,963 |
Interest rate contracts | Interest Rate Swap [Member] | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 189,366 | 42,276 |
Interest rate contracts | Interest Rate Swap [Member] | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | 4,010 | 12,746 |
Foreign currency derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 1,175 | 450 |
Derivative Liability | 1,015 | 273 |
Foreign currency derivatives | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 1,175 | 450 |
Foreign currency derivatives | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | $ 1,015 | $ 273 |
Derivatives (Summary Of Types_2
Derivatives (Summary Of Types Of Derivatives And Gains (Losses) Recorded) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Gain (Losses) | $ (3,299) | $ 1,186 | $ (16,752) | $ 14,196 |
Foreign currency derivatives | Other Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Gain (Losses) | 527 | 556 | 1,522 | 1,371 |
Interest rate lock commitments | Interest rate contracts | Interest rate commitments | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Gain (Losses) | 922 | (1,623) | 2,313 | 407 |
Interest rate forward sales commitments | Interest rate contracts | Interest rate commitments | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Gain (Losses) | (2,467) | 2,029 | (11,875) | 10,773 |
Interest Rate Swap [Member] | Interest rate contracts | Other Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Gain (Losses) | $ (2,281) | $ 224 | $ (8,712) | $ 1,645 |
Earnings Per Common Share (Comp
Earnings Per Common Share (Computation Of Basic And Diluted Earnings Per Common Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |||||||||
Net income | $ 84,502 | $ 111,810 | $ 74,033 | $ 80,311 | $ 90,981 | $ 65,999 | $ 78,972 | $ 270,345 | $ 235,952 |
Weighted average number of common shares outstanding - basic (in shares) | 220,285 | 220,224 | 220,379 | 220,292 | |||||
Effect of potentially dilutive common shares (in shares) | 298 | 396 | 263 | 459 | |||||
Weighted average number of shares outstanding, diluted (in shares) | 220,583 | 220,620 | 220,642 | 220,751 | |||||
EARNINGS PER COMMON SHARE: | |||||||||
Basic (in dollars per share) | $ 0.38 | $ 0.41 | $ 1.23 | $ 1.07 | |||||
Diluted (in dollars per share) | $ 0.38 | $ 0.41 | $ 1.23 | $ 1.07 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) - segment | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Segment Reporting [Abstract] | ||
Number of primary segments | 4 | |
Effective tax rate | 25.00% | 25.00% |
Segment Information (Summary Of
Segment Information (Summary Of Financial Information By Reportable Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Segment Reporting Information [Line Items] | |||||||||
Net interest income | $ 228,973 | $ 241,368 | $ 693,820 | $ 691,249 | |||||
Provision for loan and lease losses | 23,227 | 11,711 | 56,263 | 38,686 | |||||
Noninterest Income | 88,512 | 72,388 | 256,075 | 222,606 | |||||
Noninterest Expense | 183,590 | 179,292 | 535,597 | 560,977 | |||||
Income before provision for income taxes | 110,668 | 122,753 | 358,035 | 314,192 | |||||
Provision for income taxes | 26,166 | 31,772 | 87,690 | 78,240 | |||||
Net income | 84,502 | $ 111,810 | $ 74,033 | $ 80,311 | 90,981 | $ 65,999 | $ 78,972 | 270,345 | 235,952 |
Total assets | 28,930,855 | 26,939,781 | 28,930,855 | ||||||
Total loans and leases | 21,520,794 | 20,422,666 | 19,854,033 | 21,520,794 | 19,854,033 | ||||
Total deposits | 22,434,734 | 21,137,486 | 22,434,734 | ||||||
Wholesale Bank | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net interest income | 111,047 | 113,103 | 330,208 | 337,087 | |||||
Provision for loan and lease losses | 20,693 | 10,786 | 49,173 | 35,430 | |||||
Noninterest Income | 16,053 | 15,282 | 38,945 | 46,639 | |||||
Noninterest Expense | 58,425 | 57,359 | 169,178 | 167,539 | |||||
Income before provision for income taxes | 47,982 | 60,240 | 150,802 | 180,757 | |||||
Provision for income taxes | 11,995 | 15,060 | 37,700 | 45,189 | |||||
Net income | 35,987 | 45,180 | 113,102 | 135,568 | |||||
Total assets | 15,509,793 | 14,920,507 | 15,509,793 | ||||||
Total loans and leases | 15,170,243 | 14,717,512 | 15,170,243 | ||||||
Total deposits | 4,015,123 | 3,776,047 | 4,015,123 | ||||||
Wealth Management | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net interest income | 5,491 | 6,368 | 17,964 | 17,907 | |||||
Provision for loan and lease losses | 5 | 107 | 826 | 456 | |||||
Noninterest Income | 4,713 | 4,691 | 13,953 | 14,437 | |||||
Noninterest Expense | 10,315 | 8,403 | 29,100 | 26,742 | |||||
Income before provision for income taxes | (116) | 2,549 | 1,991 | 5,146 | |||||
Provision for income taxes | (29) | 638 | 498 | 1,287 | |||||
Net income | (87) | 1,911 | 1,493 | 3,859 | |||||
Total assets | 684,382 | 536,024 | 684,382 | ||||||
Total loans and leases | 668,636 | 521,988 | 668,636 | ||||||
Total deposits | 1,156,352 | 1,068,025 | 1,156,352 | ||||||
Retail Bank | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net interest income | 84,235 | 87,885 | 258,730 | 248,735 | |||||
Provision for loan and lease losses | 1,356 | 830 | 3,601 | 1,785 | |||||
Noninterest Income | 16,196 | 16,105 | 47,377 | 47,291 | |||||
Noninterest Expense | 66,461 | 64,878 | 196,345 | 206,881 | |||||
Income before provision for income taxes | 32,614 | 38,282 | 106,161 | 87,360 | |||||
Provision for income taxes | 8,153 | 9,570 | 26,540 | 21,840 | |||||
Net income | 24,461 | 28,712 | 79,621 | 65,520 | |||||
Total assets | 1,989,096 | 2,015,263 | 1,989,096 | ||||||
Total loans and leases | 1,915,330 | 1,934,602 | 1,915,330 | ||||||
Total deposits | 13,711,620 | 13,016,976 | 13,711,620 | ||||||
Home Lending | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net interest income | 13,039 | 10,495 | 33,793 | 29,468 | |||||
Provision for loan and lease losses | 904 | 202 | 1,953 | 902 | |||||
Noninterest Income | 47,161 | 32,712 | 68,067 | 104,398 | |||||
Noninterest Expense | 36,438 | 32,808 | 97,892 | 100,137 | |||||
Income before provision for income taxes | 22,858 | 10,197 | 2,015 | 32,827 | |||||
Provision for income taxes | 5,715 | 2,550 | 504 | 8,207 | |||||
Net income | 17,143 | 7,647 | 1,511 | 24,620 | |||||
Total assets | 4,366,847 | 3,680,004 | 4,366,847 | ||||||
Total loans and leases | 3,831,214 | 3,320,634 | 3,831,214 | ||||||
Total deposits | 453,833 | 219,584 | 453,833 | ||||||
Corporate & Other | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net interest income | 15,161 | 23,517 | 53,125 | 58,052 | |||||
Provision for loan and lease losses | 269 | (214) | 710 | 113 | |||||
Noninterest Income | 4,389 | 3,598 | 87,733 | 9,841 | |||||
Noninterest Expense | 11,951 | 15,844 | 43,082 | 59,678 | |||||
Income before provision for income taxes | 7,330 | 11,485 | 97,066 | 8,102 | |||||
Provision for income taxes | 332 | 3,954 | 22,448 | 1,717 | |||||
Net income | 6,998 | $ 7,531 | 74,618 | $ 6,385 | |||||
Total assets | 6,380,737 | 5,787,983 | 6,380,737 | ||||||
Total loans and leases | (64,629) | (72,070) | (64,629) | ||||||
Total deposits | $ 3,097,806 | $ 3,056,854 | $ 3,097,806 |
Fair Value Measurement (Schedul
Fair Value Measurement (Schedule Of Carrying Value And Fair Value Of Financial Instruments Not Recorded At Fair Value) (Details) - USD ($) | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
FINANCIAL ASSETS: | ||||||
Equity and other investment securities | $ 64,764,000 | $ 61,841,000 | ||||
Investment securities available for sale | 2,842,076,000 | 2,977,108,000 | ||||
Investment securities held to maturity | 3,320,000 | 3,606,000 | ||||
Loans held for sale, at fair value | 355,022,000 | 166,461,000 | ||||
Loans and leases, net | 21,364,506,000 | 20,277,795,000 | ||||
Restricted equity securities | 54,463,000 | 40,268,000 | ||||
Residential mortgage servicing rights | 151,383,000 | $ 139,780,000 | 169,025,000 | $ 175,038,000 | $ 166,217,000 | $ 153,151,000 |
Bank owned life insurance | 318,533,000 | 313,626,000 | ||||
Derivatives | 200,412,000 | 49,484,000 | ||||
FINANCIAL LIABILITIES: | ||||||
Deposits | 22,434,734,000 | 21,137,486,000 | ||||
Securities sold under agreements to repurchase | 296,717,000 | 297,151,000 | ||||
Borrowings | 1,106,674,000 | 751,788,000 | ||||
Junior subordinated debentures, at fair value | 267,798,000 | 300,870,000 | ||||
Junior subordinated debentures, at amortized cost | 88,553,000 | 88,724,000 | ||||
Derivatives | 6,285,000 | 15,982,000 | ||||
Carrying Value | ||||||
FINANCIAL ASSETS: | ||||||
Cash and cash equivalents | 1,191,444,000 | 622,637,000 | ||||
Equity and other investment securities | 64,764,000 | 61,841,000 | ||||
Investment securities available for sale | 2,842,076,000 | 2,977,108,000 | ||||
Investment securities held to maturity | 3,320,000 | 3,606,000 | ||||
Loans held for sale, at fair value | 355,022,000 | 166,461,000 | ||||
Loans and leases, net | 21,364,506,000 | 20,277,795,000 | ||||
Restricted equity securities | 54,463,000 | 40,268,000 | ||||
Residential mortgage servicing rights | 151,383,000 | 169,025,000 | ||||
Bank owned life insurance | 318,533,000 | 313,626,000 | ||||
Derivatives | 200,412,000 | 49,484,000 | ||||
Visa Inc. Class B common stock | 0 | 0 | ||||
FINANCIAL LIABILITIES: | ||||||
Deposits | 22,434,734,000 | 21,137,486,000 | ||||
Securities sold under agreements to repurchase | 296,717,000 | 297,151,000 | ||||
Borrowings | 1,106,674,000 | 751,788,000 | ||||
Junior subordinated debentures, at fair value | 267,798,000 | 300,870,000 | ||||
Junior subordinated debentures, at amortized cost | 88,553,000 | 88,724,000 | ||||
Derivatives | 6,285,000 | 15,982,000 | ||||
Fair Value | ||||||
FINANCIAL ASSETS: | ||||||
Cash and cash equivalents | 1,191,444,000 | 622,637,000 | ||||
Equity and other investment securities | 64,764,000 | 61,841,000 | ||||
Investment securities available for sale | 2,842,076,000 | 2,977,108,000 | ||||
Investment securities held to maturity | 4,338,000 | 4,644,000 | ||||
Loans held for sale, at fair value | 355,022,000 | 166,461,000 | ||||
Loans and leases, net | 21,566,083,000 | 20,117,939,000 | ||||
Restricted equity securities | 54,463,000 | 40,268,000 | ||||
Residential mortgage servicing rights | 151,383,000 | 169,025,000 | ||||
Bank owned life insurance | 318,533,000 | 313,626,000 | ||||
Derivatives | 200,412,000 | 49,484,000 | ||||
Visa Inc. Class B common stock | 0 | 99,353,000 | ||||
FINANCIAL LIABILITIES: | ||||||
Deposits | 22,457,847,000 | 21,116,852,000 | ||||
Securities sold under agreements to repurchase | 296,717,000 | 297,151,000 | ||||
Borrowings | 1,105,167,000 | 738,107,000 | ||||
Junior subordinated debentures, at fair value | 267,798,000 | 300,870,000 | ||||
Junior subordinated debentures, at amortized cost | 69,511,000 | 76,569,000 | ||||
Derivatives | $ 6,285,000 | $ 15,982,000 |
Fair Value Measurement (Sched_2
Fair Value Measurement (Schedule Of Fair Value Assets And Liabilities Measured On Recurring Basis) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Equity and other investment securities | $ 64,764 | $ 61,841 | ||||
Investment securities available for sale | 2,842,076 | 2,977,108 | ||||
Loans held for sale, at fair value | 355,022 | 166,461 | ||||
Residential mortgage servicing rights, at fair value | 151,383 | $ 139,780 | 169,025 | $ 175,038 | $ 166,217 | $ 153,151 |
Derivatives | 200,412 | 49,484 | ||||
Total assets measured at fair value | 3,613,657 | 3,423,919 | ||||
Junior subordinated debentures, at fair value | 267,798 | 300,870 | ||||
Derivatives | 6,285 | 15,982 | ||||
Total liabilities measured at fair value | 274,083 | 316,852 | ||||
Foreign currency derivatives | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivatives | 1,175 | 450 | ||||
Derivatives | 1,015 | 273 | ||||
Investments in mutual funds and other securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Equity and other investment securities | 52,218 | 50,475 | ||||
Equity securities held in rabbi trusts | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Equity and other investment securities | 12,102 | 10,918 | ||||
Other investment securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Equity and other investment securities | 444 | 448 | ||||
U.S. Treasury and agencies | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investment securities available for sale | 587,200 | 39,656 | ||||
Obligations of states and political subdivisions | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investment securities available for sale | 269,030 | 309,171 | ||||
Residential mortgage-backed securities and collateralized mortgage obligations | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investment securities available for sale | 1,985,846 | 2,628,281 | ||||
Interest rate lock commitments | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivatives | 9,070 | 6,757 | ||||
Interest rate forward sales commitments | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivatives | 801 | 1 | ||||
Derivatives | 1,260 | 2,963 | ||||
Interest Rate Swap [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivatives | 189,366 | 42,276 | ||||
Derivatives | 4,010 | 12,746 | ||||
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 | 64,320 | 61,393 | ||||
Junior subordinated debentures, at fair value | 0 | 0 | ||||
Total liabilities measured at fair value | 0 | 0 | ||||
Level 1 | Foreign currency derivatives | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivatives | 0 | 0 | ||||
Derivatives | 0 | 0 | ||||
Level 1 | Investments in mutual funds and other securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Equity and other investment securities | 52,218 | 50,475 | ||||
Level 1 | Equity securities held in rabbi trusts | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Equity and other investment securities | 12,102 | 10,918 | ||||
Level 1 | Other investment securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Equity and other investment securities | 0 | 0 | ||||
Level 1 | U.S. Treasury and agencies | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investment securities available for sale | 0 | 0 | ||||
Level 1 | Obligations of states and political subdivisions | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investment securities available for sale | 0 | 0 | ||||
Level 1 | Residential mortgage-backed securities and collateralized mortgage obligations | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investment securities available for sale | 0 | 0 | ||||
Level 1 | Interest rate lock commitments | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivatives | 0 | 0 | ||||
Level 1 | Interest rate forward sales commitments | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivatives | 0 | 0 | ||||
Derivatives | 0 | 0 | ||||
Level 1 | Interest Rate Swap [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivatives | 0 | 0 | ||||
Derivatives | 0 | 0 | ||||
Level 2 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Loans held for sale, at fair value | 355,022 | 166,461 | ||||
Residential mortgage servicing rights, at fair value | 36,191 | 0 | ||||
Total assets measured at fair value | 3,425,075 | 3,186,744 | ||||
Junior subordinated debentures, at fair value | 0 | 0 | ||||
Total liabilities measured at fair value | 6,285 | 15,982 | ||||
Level 2 | Foreign currency derivatives | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivatives | 1,175 | 450 | ||||
Derivatives | 1,015 | 273 | ||||
Level 2 | Investments in mutual funds and other securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Equity and other investment securities | 0 | 0 | ||||
Level 2 | Equity securities held in rabbi trusts | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Equity and other investment securities | 0 | 0 | ||||
Level 2 | Other investment securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Equity and other investment securities | 444 | 448 | ||||
Level 2 | U.S. Treasury and agencies | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investment securities available for sale | 587,200 | 39,656 | ||||
Level 2 | Obligations of states and political subdivisions | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investment securities available for sale | 269,030 | 309,171 | ||||
Level 2 | Residential mortgage-backed securities and collateralized mortgage obligations | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investment securities available for sale | 1,985,846 | 2,628,281 | ||||
Level 2 | Interest rate lock commitments | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivatives | 0 | 0 | ||||
Level 2 | Interest rate forward sales commitments | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivatives | 801 | 1 | ||||
Derivatives | 1,260 | 2,963 | ||||
Level 2 | Interest Rate Swap [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivatives | 189,366 | 42,276 | ||||
Derivatives | 4,010 | 12,746 | ||||
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 | 115,192 | 169,025 | ||||
Total assets measured at fair value | 124,262 | 175,782 | ||||
Junior subordinated debentures, at fair value | 267,798 | 300,870 | ||||
Total liabilities measured at fair value | 267,798 | 300,870 | ||||
Level 3 | Foreign currency derivatives | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivatives | 0 | 0 | ||||
Derivatives | 0 | 0 | ||||
Level 3 | Investments in mutual funds and other securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Equity and other investment securities | 0 | 0 | ||||
Level 3 | Equity securities held in rabbi trusts | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Equity and other investment securities | 0 | 0 | ||||
Level 3 | Other investment securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Equity and other investment securities | 0 | 0 | ||||
Level 3 | U.S. Treasury and agencies | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investment securities available for sale | 0 | 0 | ||||
Level 3 | Obligations of states and political subdivisions | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investment securities available for sale | 0 | 0 | ||||
Level 3 | Residential mortgage-backed securities and collateralized mortgage obligations | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investment securities available for sale | 0 | 0 | ||||
Level 3 | Interest rate lock commitments | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivatives | 9,070 | 6,757 | ||||
Level 3 | Interest rate forward sales commitments | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivatives | 0 | 0 | ||||
Derivatives | 0 | 0 | ||||
Level 3 | Interest Rate Swap [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivatives | 0 | 0 | ||||
Derivatives | $ 0 | $ 0 |
Fair Value Measurement (Narrati
Fair Value Measurement (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Net gain (loss) recognized on equity securities sold during the period | $ (38) | $ 0 | $ 81,815 | $ 0 | |
Unrealized gains (losses) arising during the period | 8,450 | (2,409) | 32,254 | (5,605) | |
Changes in unrealized gains and losses on junior subordinated debentures carried at fair value, net of taxes | 6,277 | (1,794) | 23,978 | (4,174) | |
Net increase (decrease) in fair value | (1,900) | $ (6,500) | 5,800 | $ (1,100) | |
Mortgage Servicing Rights, Held For Sale | $ 36,200 | $ 36,200 | |||
Visa Inc. | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Number of shares sold | 486,346 | ||||
Class B common stock of Visa Inc. | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Net gain (loss) recognized on equity securities sold during the period | $ 81,900 |
Fair Value Measurement (Sched_3
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) - Level 3 - Weighted Average | Sep. 30, 2019 |
Discounted cash flow | Residential mortgage servicing rights | Constant prepayment rate | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Servicing asset, measurement input | 0.1335 |
Discounted cash flow | Residential mortgage servicing rights | Discount rate | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Servicing asset, measurement input | 0.0975 |
Discounted cash flow | Junior subordinated debentures | Credit spread | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Debt instrument, measurement input | 0.0527 |
Internal pricing model | Interest rate lock commitments | Pull-through rate | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Derivative asset, measurement input | 0.8756 |
Fair Value Measurement (Sched_4
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, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Junior subordinated debentures, at fair value | ||||
Junior subordinated debentures, at fair value | ||||
Beginning Balance | $ 277,028 | $ 280,669 | $ 300,870 | $ 277,155 |
Transfer Out of Level 3 | 0 | 0 | 0 | 0 |
Change included in earnings | 4,495 | 4,486 | 13,952 | 12,544 |
Change in fair values included in comprehensive income/loss | (8,450) | 2,409 | (32,254) | 5,605 |
Purchases and issuances | 0 | 0 | 0 | 0 |
Sales and settlements | (5,275) | (4,718) | (14,770) | (12,458) |
Ending Balance | 267,798 | 282,846 | 267,798 | 282,846 |
Net change in unrealized gains or (losses) relating to items held at end of period | (3,955) | 6,895 | (18,302) | 18,149 |
Interest rate lock commitments | ||||
Residential mortgage servicing rights | ||||
Transfer out of Level 3 | 0 | 0 | 0 | 0 |
Interest rate lock commitments, net | ||||
Beginning Balance | 8,149 | 6,782 | 6,757 | 4,752 |
Transfer out of Level 3 | 0 | 0 | 0 | 0 |
Change included in earnings | 1,456 | (284) | 4,455 | (1,288) |
Change in fair values included in comprehensive income/loss | 0 | 0 | 0 | 0 |
Purchases and issuances | 9,027 | 4,679 | 21,318 | 19,211 |
Sales and settlements | (9,562) | (6,018) | (23,460) | (17,516) |
Ending Balance | 9,070 | 5,159 | 9,070 | 5,159 |
Net change in unrealized gains or (losses) relating to items held at end of period | 9,070 | 5,159 | 9,070 | 5,159 |
Residential mortgage servicing rights | ||||
Residential mortgage servicing rights | ||||
Beginning Balance | 139,780 | 166,217 | 169,025 | 153,151 |
Transfer out of Level 3 | (36,191) | 0 | (36,191) | 0 |
Change included in earnings | 4,210 | 199 | (34,414) | (125) |
Change in fair values included in comprehensive income/loss | 0 | 0 | 0 | 0 |
Purchases and issuances | 7,393 | 8,622 | 16,772 | 22,012 |
Sales and settlements | 0 | 0 | 0 | 0 |
Ending Balance | 115,192 | 175,038 | 115,192 | 175,038 |
Net change in unrealized gains or (losses) relating to items held at end of period | 11,045 | 6,206 | (14,243) | 17,983 |
Interest rate lock commitments, net | ||||
Transfer out of Level 3 | $ (36,191) | $ 0 | $ (36,191) | $ 0 |
Fair Value Measurement (Fair Va
Fair Value Measurement (Fair Value Assets And Liabilities Measured On Nonrecurring Basis) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets measured at fair value | $ 3,613,657 | $ 3,423,919 |
Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets measured at fair value | 64,320 | 61,393 |
Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets measured at fair value | 3,425,075 | 3,186,744 |
Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets measured at fair value | 124,262 | 175,782 |
Fair Value, Nonrecurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets measured at fair value | 27,390 | 106,228 |
Fair Value, Nonrecurring | Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets measured at fair value | 0 | 0 |
Fair Value, Nonrecurring | Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets measured at fair value | 0 | 0 |
Fair Value, Nonrecurring | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets measured at fair value | 27,390 | 106,228 |
Fair Value, Nonrecurring | Loans and leases | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets measured at fair value | 25,000 | 98,696 |
Fair Value, Nonrecurring | Loans and leases | Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets measured at fair value | 0 | 0 |
Fair Value, Nonrecurring | Loans and leases | Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets measured at fair value | 0 | 0 |
Fair Value, Nonrecurring | Loans and leases | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets measured at fair value | 25,000 | 98,696 |
Fair Value, Nonrecurring | Other real estate owned | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets measured at fair value | 2,390 | 7,532 |
Fair Value, Nonrecurring | Other real estate owned | Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets measured at fair value | 0 | 0 |
Fair Value, Nonrecurring | Other real estate owned | Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets measured at fair value | 0 | 0 |
Fair Value, Nonrecurring | Other real estate owned | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets measured at fair value | $ 2,390 | $ 7,532 |
Fair Value Measurement (Losses
Fair Value Measurement (Losses Resulting From Nonrecurring Fair Value Adjustments) (Details) - Fair Value, Nonrecurring - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Losses resulting from nonrecurring fair value adjustments | $ 20,714 | $ 14,436 | $ 54,225 | $ 42,224 |
Loans and leases | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Losses resulting from nonrecurring fair value adjustments | 20,435 | 14,436 | 51,212 | 42,158 |
Other real estate owned | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Losses resulting from nonrecurring fair value adjustments | $ 279 | $ 0 | $ 3,013 | $ 66 |
Fair Value Measurement (Fair _2
Fair Value Measurement (Fair Value Option) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value Disclosures [Abstract] | ||
Fair Value | $ 355,022 | $ 166,461 |
Aggregate Unpaid Principal Balance | 343,073 | 160,270 |
Fair Value Less Aggregate Unpaid Principal Balance | $ 11,949 | $ 6,191 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2018 | Sep. 30, 2019 | |
Lessee, Lease, Description [Line Items] | |||
Rent expense prior to adoption of ASU No. 2016-02 | $ 9,600 | $ 28,600 | |
Rent income | $ 671 | $ 2,000 | |
Minimum | |||
Lessee, Lease, Description [Line Items] | |||
Renewal term | 1 year | ||
Maximum | |||
Lessee, Lease, Description [Line Items] | |||
Renewal term | 10 years |
Leases (Schedule of Lease Asset
Leases (Schedule of Lease Assets and Liabilities) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Leases [Abstract] | ||
Operating lease right-of-use assets | $ 108,187 | $ 0 |
Operating lease liabilities | $ 116,924 | $ 0 |
Leases (Schedule of Lease Costs
Leases (Schedule of Lease Costs) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Lease, Cost [Abstract] | ||
Operating lease costs | $ 8,091 | $ 24,333 |
Short-term lease costs | 184 | 660 |
Variable lease costs | 1 | (2) |
Sublease income | (625) | (2,027) |
Net lease costs | $ 7,651 | $ 22,964 |
Leases (Schedule of Lease Cash
Leases (Schedule of Lease Cash Flows) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Leases [Abstract] | |
Operating cash flows from operating leases | $ 24,773 |
Right of use assets obtained in exchange for new operating lease liabilities | $ 15,339 |
Leases (Maturity of Lease Liabi
Leases (Maturity of Lease Liabilities) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
Remainder of 2019 | $ 8,239 | |
2020 | 29,392 | |
2021 | 23,842 | |
2022 | 18,497 | |
2023 | 14,513 | |
Thereafter | 37,701 | |
Total lease payments | 132,184 | |
Less: imputed interest | (15,260) | |
Lease liabilities | $ 116,924 | $ 0 |
Leases (Lease Term and Discount
Leases (Lease Term and Discount Rate) (Details) | Sep. 30, 2019 |
Weighted Average Lease Term [Abstract] | |
Weighted-average remaining lease term (years) | 6 years 9 months 18 days |
Weighted-average discount rate | 3.60% |
Leases (Future Minimum Lease Pa
Leases (Future Minimum Lease Payment And Future Minimum Income Receivable Under Non-Cancelable Operating Leases) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
Lease Payments, 2019 | $ 33,948 |
Lease Payments, 2020 | 29,535 |
Lease Payments, 2021 | 23,898 |
Lease Payments, 2022 | 18,250 |
Lease Payments, 2023 | 14,100 |
Lease Payments, Thereafter | 37,963 |
Lease Payments, Total | 157,694 |
Subleases Income, 2019 | 2,851 |
Subleases Income, 2020 | 2,711 |
Subleases Income, 2021 | 2,333 |
Subleases Income, 2022 | 1,718 |
Subleases Income, 2023 | 1,337 |
Subleases Income, Thereafter | 3,477 |
Subleases Income, Total | $ 14,427 |
Subsequent Event (Details)
Subsequent Event (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Dec. 31, 2019 | Sep. 30, 2019 | |
Subsequent Event [Line Items] | ||
Gain on Fair Value, Mortgage Servicing Rights | $ 7,800 | |
Subsequent Event | ||
Subsequent Event [Line Items] | ||
Mortgage loans serviced for others | $ 3,400,000 |
Uncategorized Items - umpq-2019
Label | Element | Value | |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (244,000) | [1] |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 0 | [2] |
AOCI Attributable to Parent [Member] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 9,710,000 | [2] |
Retained Earnings [Member] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (9,710,000) | [2] |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (244,000) | [1] |
[1] | The cumulative effect adjustment relates to the implementation of new accounting guidance for leases. Refer to Note 1 for discussion of the new accounting guidance. | ||
[2] | The cumulative effect adjustment from retained earnings to accumulated other comprehensive income (loss) relates to the implementation of new accounting guidance for the junior subordinated debentures that the Company previously elected to fair value on a recurring basis. |