DEI_Document
DEI Document (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Mar. 09, 2015 | Jun. 30, 2014 | |
Entity [Abstract] | |||
Entity Registrant Name | BBVA Compass Bancshares, Inc. | ||
Entity Central Index Key | 1409775 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Non-accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | FALSE | ||
Entity Common Stock, Shares Outstanding | 222,950,751 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $0 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets: | ||
Cash and due from banks | $2,764,345 | $3,563,349 |
Federal funds sold, securities purchased under agreements to resell and interest bearing deposits | 624,060 | 35,111 |
Cash and cash equivalents | 3,388,405 | 3,598,460 |
Trading account assets | 2,834,397 | 319,930 |
Investment securities available for sale | 10,237,275 | 8,313,085 |
Investment securities held to maturity (fair value of $1,275,963 and $1,405,258 for 2014 and 2013, respectively) | 1,348,354 | 1,519,196 |
Loans held for sale (includes $154,816 and $139,750 measured at fair value for 2014 and 2013, respectively) | 154,816 | 147,109 |
Loans | 57,371,784 | 50,667,016 |
Allowance for loan losses | -685,041 | -700,719 |
Net loans | 56,686,743 | 49,966,297 |
Premises and equipment, net | 1,351,479 | 1,420,988 |
Bank owned life insurance | 694,335 | 683,224 |
Goodwill | 5,046,847 | 4,971,645 |
Other intangible assets | 70,784 | 109,040 |
Other real estate owned | 20,600 | 23,228 |
Other assets | 1,318,392 | 893,274 |
Total assets | 83,152,427 | 71,965,476 |
Deposits: | ||
Noninterest bearing | 17,169,412 | 15,377,844 |
Interest bearing | 44,020,304 | 39,059,646 |
Total deposits | 61,189,716 | 54,437,490 |
FHLB and other borrowings | 4,809,843 | 4,298,707 |
Federal funds purchased and securities sold under agreements to repurchase | 1,129,503 | 852,570 |
Other short-term borrowings | 2,545,724 | 5,591 |
Accrued expenses and other liabilities | 1,474,067 | 883,359 |
Total liabilities | 71,148,853 | 60,477,717 |
Shareholder’s Equity: | ||
Common stock - $0.01 par value; Authorized - 300,000,000 shares, Issued - 222,950,751 and 220,723,876 shares for 2014 and 2013, respectively | 2,230 | 2,207 |
Surplus | 15,285,991 | 15,273,218 |
Accumulated deficit | -3,262,181 | -3,728,737 |
Accumulated other comprehensive loss | -51,357 | -87,936 |
Total BBVA Compass Bancshares, Inc. shareholder’s equity | 11,974,683 | 11,458,752 |
Noncontrolling interests | 28,891 | 29,007 |
Total shareholder’s equity | 12,003,574 | 11,487,759 |
Total liabilities and shareholder’s equity | $83,152,427 | $71,965,476 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets Parenthetical (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Investment Securities - Fair Value | $1,275,963 | $1,405,258 |
Loans Held for Sale - Fair Value | $154,816 | $139,750 |
Common stock, par value | $0.01 | $0.01 |
Common stock, number of shares authorized | 300,000,000 | 300,000,000 |
Common stock, number of shares issued | 222,950,751 | 220,723,876 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Interest income: | |||
Interest and fees on loans | $2,086,097 | $2,111,160 | $2,239,161 |
Interest on investment securities available for sale | 191,492 | 178,301 | 220,353 |
Interest on investment securities held to maturity | 27,971 | 30,632 | 29,406 |
Interest on federal funds sold, securities purchased under agreements to resell and interest bearing deposits | 702 | 192 | 230 |
Interest on trading account assets | 7,723 | 2,971 | 2,386 |
Total interest income | 2,313,985 | 2,323,256 | 2,491,536 |
Interest expense: | |||
Interest on deposits | 251,914 | 212,100 | 192,644 |
Interest on FHLB and other borrowings | 68,957 | 66,275 | 66,014 |
Interest on federal funds purchased and securities sold under agreements to repurchase | 2,302 | 2,082 | 2,783 |
Interest on other short-term borrowings | 5,318 | 118 | 113 |
Total interest expense | 328,491 | 280,575 | 261,554 |
Net interest income | 1,985,494 | 2,042,681 | 2,229,982 |
Provision for loan losses | 106,301 | 107,546 | 29,471 |
Net interest income after provision for loan losses | 1,879,193 | 1,935,135 | 2,200,511 |
Noninterest income: | |||
Service charges on deposit accounts | 222,685 | 221,413 | 254,675 |
Retail investment sales | 108,477 | 97,276 | 97,504 |
Card and merchant processing fees | 107,891 | 102,189 | 101,540 |
Investment banking and advisory fees | 87,454 | 47,604 | 28,987 |
Asset management fees | 42,772 | 40,939 | 37,848 |
Corporate and correspondent investment sales | 29,635 | 35,674 | 38,014 |
Mortgage banking income | 24,551 | 35,399 | 50,759 |
Bank owned life insurance | 18,616 | 17,747 | 20,335 |
Investment securities gains, net | 53,042 | 31,371 | 12,832 |
Gain (loss) on prepayment of FHLB and other borrowings | -315 | 21,775 | 38,359 |
Other | 222,614 | 203,403 | 169,195 |
Total noninterest income | 917,422 | 854,790 | 850,048 |
Noninterest expense: | |||
Salaries, benefits and commissions | 1,072,269 | 1,005,244 | 1,003,010 |
Equipment | 223,963 | 208,059 | 173,459 |
Professional services | 207,679 | 191,402 | 176,266 |
Net occupancy | 158,379 | 157,737 | 153,429 |
FDIC indemnification expense | 115,049 | 267,159 | 372,496 |
FDIC insurance | 64,260 | 41,421 | 86,925 |
Amortization of intangibles | 50,856 | 60,691 | 91,746 |
Marketing | 35,991 | 37,352 | 28,233 |
Communications | 24,608 | 25,965 | 30,349 |
Goodwill impairment | 12,500 | 0 | 0 |
Securities impairment: | |||
Other-than-temporary impairment | 415 | 7,107 | 5,715 |
Less: non-credit portion recognized in other comprehensive income | 235 | 3,243 | 4,728 |
Total securities impairment | 180 | 3,864 | 987 |
Other | 215,018 | 200,281 | 234,947 |
Total noninterest expense | 2,180,752 | 2,199,175 | 2,351,847 |
Net income before income tax expense | 615,863 | 590,750 | 698,712 |
Income tax expense | 147,331 | 170,820 | 219,701 |
Net income | 468,532 | 419,930 | 479,011 |
Less: net income attributable to noncontrolling interests | 1,976 | 2,094 | 2,138 |
Net income attributable to shareholder | $466,556 | $417,836 | $476,873 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) Statement (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Net income | $468,532 | $419,930 | $479,011 |
Other comprehensive income (loss), net of tax: | |||
Unrealized holding gains (losses) arising during period from securities available for sale | 61,284 | -108,490 | -4,922 |
Less: reclassification adjustment for net gains on sale of securities available for sale in net income | 34,352 | 19,970 | 8,352 |
Net change in unrealized holding gains (losses) on securities available for sale | 26,932 | -128,460 | -13,274 |
Change in unamortized net holding losses on investment securities held to maturity | 9,027 | 10,591 | 21,904 |
Less: non-credit related impairment on investment securities held to maturity | 151 | 2,065 | 3,077 |
Change in unamortized non-credit related impairment on investment securities held to maturity | 1,871 | 1,520 | 562 |
Net change in unamortized holding losses on securities held to maturity | 10,747 | 10,046 | 19,389 |
Unrealized holding gains (losses) arising during period from cash flow hedge instruments | -1,900 | 8,098 | -2,824 |
Change in defined benefit plans | 800 | -3,678 | -7,188 |
Other comprehensive income (loss), net of tax | 36,579 | -113,994 | -3,897 |
Comprehensive income | 505,111 | 305,936 | 475,114 |
Less: comprehensive income attributable to noncontrolling interests | 1,976 | 2,094 | 2,138 |
Comprehensive income attributable to shareholder | $503,135 | $303,842 | $472,976 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholder's Equity Statement (USD $) | Total | Common Stock | Surplus | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Non-controlling Interests |
In Thousands, unless otherwise specified | ||||||
Balance, beginning of period at Dec. 31, 2011 | $10,617,064 | $2,173 | $15,179,420 | ($4,623,446) | $29,955 | $28,962 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 479,011 | 476,873 | 2,138 | |||
Other comprehensive income (loss), net of tax | -3,897 | -3,897 | ||||
Dividends | -2,095 | -2,095 | ||||
Vesting of restricted stock | -11,872 | -11,872 | ||||
Restricted stock retained to cover taxes | -1,458 | -1,458 | ||||
Amortization of stock-based deferred compensation | 6,820 | 6,820 | ||||
Balance, end of period at Dec. 31, 2012 | 11,083,573 | 2,173 | 15,172,910 | -4,146,573 | 26,058 | 29,005 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 419,930 | 417,836 | 2,094 | |||
Other comprehensive income (loss), net of tax | -113,994 | -113,994 | ||||
Issuance of common stock | 100,000 | 34 | 99,966 | |||
Dividends | -2,092 | -2,092 | ||||
Vesting of restricted stock | -5,741 | -5,741 | ||||
Restricted stock retained to cover taxes | -2,228 | -2,228 | ||||
Amortization of stock-based deferred compensation | 8,311 | 8,311 | ||||
Balance, end of period at Dec. 31, 2013 | 11,487,759 | 2,207 | 15,273,218 | -3,728,737 | -87,936 | 29,007 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 468,532 | 466,556 | 1,976 | |||
Other comprehensive income (loss), net of tax | 36,579 | 36,579 | ||||
Issuance of common stock | 117,000 | 23 | 116,977 | |||
Dividends | -104,092 | -102,000 | -2,092 | |||
Vesting of restricted stock | -4,702 | -4,702 | ||||
Restricted stock retained to cover taxes | -2,507 | -2,507 | ||||
Restricted stock tax benefit | 490 | 490 | ||||
Amortization of stock-based deferred compensation | 4,515 | 4,515 | ||||
Balance, end of period at Dec. 31, 2014 | $12,003,574 | $2,230 | $15,285,991 | ($3,262,181) | ($51,357) | $28,891 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating Activities: | |||
Net income | $468,532 | $419,930 | $479,011 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 273,600 | 298,996 | 283,483 |
Goodwill impairment | 12,500 | 0 | 0 |
Securities impairment | 180 | 3,864 | 987 |
Amortization of intangibles | 50,856 | 60,691 | 91,746 |
Accretion of discount, loan fees and purchase market adjustments, net | -176,114 | -299,018 | -406,410 |
FDIC indemnification expense | 115,049 | 267,159 | 372,496 |
Provision for loan losses | 106,301 | 107,546 | 29,471 |
Amortization of stock based compensation | 4,515 | 8,311 | 6,820 |
Net change in trading account assets | -42,258 | 225,850 | 65,738 |
Net change in trading account liabilities | 46,573 | -233,745 | -107,021 |
Net change in loans held for sale | 13,428 | 266,356 | 55,434 |
Deferred tax (benefit) expense | -9,081 | 34,130 | 109,337 |
Investment securities gains, net | -53,042 | -31,371 | -12,832 |
Loss (gain) on prepayment of FHLB and other borrowings | 315 | -21,775 | -38,359 |
Loss on sale of premises and equipment | 5,906 | 11,661 | 4,959 |
Loss on sale of student loans | 82 | 0 | 0 |
Net (gain) loss on sale of other real estate and other assets | -1,511 | -8,458 | 37,449 |
Loss (gain) on disposition | 981 | 0 | -15,100 |
(Increase) decrease in other assets | -459,288 | 18,402 | 22,904 |
Increase in other liabilities | 443,712 | 6,864 | 111,033 |
Net cash provided by operating activities | 801,236 | 1,135,393 | 1,091,146 |
Investing Activities: | |||
Proceeds from sales of investment securities available for sale | 1,114,215 | 1,126,609 | 540,993 |
Proceeds from prepayments, maturities and calls of investment securities available for sale | 1,382,949 | 1,968,803 | 2,018,249 |
Purchases of investment securities available for sale | -4,409,991 | -3,719,792 | -2,669,103 |
Proceeds from prepayments, maturities and calls of investment securities held to maturity | 195,276 | 212,483 | 146,537 |
Purchases of investment securities held to maturity | -7,312 | -210,830 | -320,699 |
Purchases of trading securities | -2,472,209 | 0 | 0 |
Net change in loan portfolio | -6,799,260 | -5,907,928 | -3,598,463 |
Net cash paid in post acquisition earnout | 0 | 0 | -3,589 |
Purchase of premises and equipment | -127,060 | -167,231 | -203,900 |
Proceeds from sale of premises and equipment | 19,238 | 233 | 4,780 |
Net cash paid in acquisition | -97,566 | 0 | 0 |
Net proceeds from divestiture | 0 | 0 | 29,323 |
Proceeds from sales of loans | 107,936 | 203,958 | 382,934 |
(Payments to) reimbursements from FDIC for covered assets | -12,709 | -19,546 | 1,821 |
Proceeds from sales of other real estate owned | 25,895 | 101,677 | 179,017 |
Net cash used in investing activities | -11,080,598 | -6,411,564 | -3,492,100 |
Financing Activities: | |||
Net increase in demand deposits, NOW accounts and savings accounts | 5,998,569 | 2,921,046 | 4,173,939 |
Net increase (decrease) in time deposits | 741,352 | -126,256 | 1,407,844 |
Net increase (decrease) in federal funds purchased and securities sold under agreements to repurchase | 276,933 | -249,021 | -235,251 |
Net increase in other short-term borrowings | 2,540,133 | 1,828 | 1,160 |
Proceeds from FHLB and other borrowings | 2,195,418 | 425,000 | 2,185,992 |
Repayment of FHLB and other borrowings | -1,688,797 | -346,347 | -2,052,023 |
Vesting of restricted stock | -4,702 | -5,741 | -11,872 |
Restricted stock grants retained to cover taxes | -2,507 | -2,228 | -1,458 |
Issuance of common stock | 117,000 | 100,000 | 0 |
Common dividends paid | -102,000 | 0 | 0 |
Preferred dividends paid | -2,092 | -2,092 | -2,095 |
Net cash provided by financing activities | 10,069,307 | 2,716,189 | 5,466,236 |
Net (decrease) increase in cash and cash equivalents | -210,055 | -2,559,982 | 3,065,282 |
Cash and cash equivalents, January 1 | 3,598,460 | 6,158,442 | 3,093,160 |
Cash and cash equivalents, December 31 | $3,388,405 | $3,598,460 | $6,158,442 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies | |
Nature of Operations | ||
BBVA Compass Bancshares, Inc. is a wholly owned subsidiary of BBVA. | ||
The Bank, headquartered in Birmingham, Alabama, operates banking centers in Alabama, Arizona, California, Colorado, Florida, New Mexico and Texas. The Bank operates under the brand name BBVA Compass, which is a trade name and trademark of BBVA Compass Bancshares, Inc. | ||
The Bank performs banking services customary for full service banks of similar size and character. Such services include receiving demand and time deposits, making personal and commercial loans and furnishing personal and commercial checking accounts. The Bank offers, either directly or through its subsidiaries and affiliates, a variety of services, including portfolio management and administration and investment services to estates and trusts; term life insurance, variable annuities, property and casualty insurance and other insurance products; investment advisory services; a variety of investment services and products to institutional and individual investors; discount brokerage services, mutual funds and fixed-rate annuities; and lease financing services. | ||
Basis of Presentation | ||
The accompanying Consolidated Financial Statements include the accounts of the Company and its subsidiaries for the years ended December 31, 2014, 2013 and 2012. All intercompany accounts and transactions and balances have been eliminated in consolidation. | ||
The Company has evaluated subsequent events through the filing date of this Annual Report on Form 10-K, to determine if either recognition or disclosure of significant events or transactions is required. | ||
The accounting policies followed by the Company and its subsidiaries and the methods of applying these policies conform with U.S. GAAP and with practices generally accepted within the banking industry. Certain policies that significantly affect the determination of financial position, results of operations and cash flows are summarized below. | ||
Use of Estimates | ||
The preparation of the Consolidated Financial Statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period, the most significant of which relate to the allowance for loan losses, goodwill impairment, fair value measurements and income taxes. Actual results could differ from those estimates. | ||
Cash and cash equivalents | ||
The Company classifies cash on hand, amounts due from banks, federal funds sold, securities purchased under agreements to resell and interest bearing deposits as cash and cash equivalents. These instruments have original maturities of three months or less. | ||
Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase | ||
Securities purchased under agreements to resell and securities sold under agreements to repurchase are generally accounted for as collateralized financing transactions and are recorded at the amounts at which the securities were acquired or sold plus accrued interest. The securities pledged or received as collateral are generally U.S. government and federal agency securities. The Company's policy is to take possession of securities purchased under agreements to resell. The fair value of collateral either received from or provided to a third party is continually monitored and adjusted as deemed appropriate. | ||
Securities | ||
The Company classifies its investment securities into one of three categories based upon management’s intent and ability to hold the investment securities: (i) trading account assets and liabilities, (ii) investment securities held to maturity or (iii) investment securities available for sale. Investment securities held in a trading account are required to be reported at fair value, with unrealized gains and losses included in earnings. The Company classifies purchases, sales, and maturities of trading securities held for investment purposes as cash flows from investing activities. Cash flows related to trading securities held for trading purposes are reported as cash flows from operating activities. Investment securities held to maturity are stated at cost adjusted for amortization of premiums and accretion of discounts. The related amortization and accretion is determined by the interest method and is included as a noncash adjustment in the net cash provided by operating activities in the Company’s Consolidated Statements of Cash Flows. The Company has the ability, and it is management’s intention, to hold such securities to maturity. Investment securities available for sale are recorded at fair value. Increases and decreases in the net unrealized gain or loss on the portfolio of investment securities available for sale are reflected as adjustments to the carrying value of the portfolio and as an adjustment, net of tax, to accumulated other comprehensive income. See Note 20, Fair Value of Financial Instruments, for information on the determination of fair value. | ||
Interest earned on trading account assets, investment securities available for sale and investment securities held to maturity is included in interest income in the Company’s Consolidated Statements of Income. Net realized gains and losses on the sale of investment securities available for sale, computed principally on the specific identification method, are shown separately in noninterest income in the Company’s Consolidated Statements of Income. Net gains and losses on the sale of trading account assets and liabilities are recognized as a component of other noninterest income in the Company’s Consolidated Statements of Income. | ||
The Company regularly evaluates each held to maturity and available for sale security in an unrealized loss position for OTTI. The Company evaluates for OTTI on a specific identification basis. In its evaluation, the Company considers such factors as the length of time and the extent to which the fair value has been below cost, the financial condition of the issuer, the Company’s intent to hold the security to an expected recovery in fair value and whether it is more likely than not that the Company will have to sell the security before its fair value recovers. The credit loss component of the OTTI on debt and equity securities is recognized in earnings. For debt securities, the portion of OTTI related to all other factors is recognized in other comprehensive income. See Note 3, Investment Securities Available for Sale and Investment Securities Held to Maturity, for details of OTTI. | ||
Loans Held for Sale | ||
Loans held for sale include single-family real estate mortgage loans, real estate construction loans and commercial real estate mortgage loans. The Company applies the fair value option accounting guidance codified under the FASB's ASC Topic 825, Financial Instruments, for single family real estate mortgage loans originated for sale in the secondary market. Under the fair value option, all changes in the applicable loans’ fair value are recorded in earnings. Loans classified as held for sale that were not originated for resale in the secondary market are accounted for under the lower of cost or fair value method and are evaluated on an individual basis. | ||
Accounting for Certain Loans or Debt Securities Acquired in a Transfer | ||
Loans with evidence of credit deterioration acquired in a transfer for which it is probable all contractual payments will not be received are accounted for under ASC Subtopic 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality, and are classified as Purchased Impaired Loans. The Company evaluates loans meeting the requirements of ASC Subtopic 310-30 by considering expected prepayments and estimating the expected amount and timing of undiscounted principal, interest and other cash flows at the date of acquisition. Those loans are recorded at fair value at acquisition and no allowance for loan losses is recorded at the purchase date. Revolving loans, including lines of credit and credit cards loans, and leases are excluded from ASC Subtopic 310-30 accounting. | ||
An AICPA letter dated December 18, 2009 summarized the SEC staff’s view regarding the recognition of discount accretion for acquired loans with a fair value that is lower than the contractual amounts due that are not required to be accounted for in accordance with ASC Subtopic 310-30. The AICPA understands that the SEC staff would not object to an accounting policy based on contractual cash flows (ASC Subtopic 310-20 approach) or an accounting policy based on expected cash flows approach (ASC Subtopic 310-30 approach). The Company believes the ASC Subtopic 310-30 approach is the more appropriate option to follow in accounting for the fair value discount for Purchased Nonimpaired Loans and, accordingly, has made a policy election to account for Purchased Nonimpaired Loans under an expected cash flows approach. | ||
In determining the acquisition date fair value of loans subject to ASC Subtopic 310-30, and in subsequent accounting, the Company generally aggregates purchased loans into pools of loans with common risk characteristics, while accounting for certain commercial loans individually. Expected cash flows at the purchase date in excess of the fair value of loans are recorded as interest income over the life of the loans if the timing and amount of the future cash flows are reasonably estimable. Subsequent to the purchase date, increases in cash flows over those expected at the purchase date are recognized as interest income prospectively. Decreases in expected cash flows after the purchase date are recognized by recording an allowance for loan losses. | ||
Loans | ||
Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are considered held for investment. Loans are stated at principal outstanding adjusted for charge-offs, deferred loan fees and direct costs on originated loans and unamortized premiums or discounts on purchased loans. Interest income on loans is recognized on the interest method. Loan fees, net of direct costs, and unamortized premiums and discounts are deferred and amortized as an adjustment to the yield of the related loan over the term of the loan and are included as a noncash adjustment in the net cash provided by operating activities in the Company’s Consolidated Statements of Cash Flows. For additional information related to the Company’s loan portfolio by type, refer to Note 4, Loans and Allowance for Loan Losses. | ||
It is the general policy of the Company to stop accruing interest income and apply subsequent interest payments as principal reductions when any commercial, industrial, commercial real estate or construction loan is 90 days or more past due as to principal or interest and/or the ultimate collection of either is in doubt, unless collection of both principal and interest is assured by way of collateralization, guarantees or other security, or the loan is accounted for under ASC Subtopic 310-30. Accrual of interest income on consumer loans, including residential real estate loans, is generally suspended when any payment of principal or interest is more than 120 days delinquent or when foreclosure proceedings have been initiated or repossession of the underlying collateral has occurred. When a loan is placed on a nonaccrual status, any interest previously accrued but not collected is reversed against current interest income unless the fair value of the collateral for the loan is sufficient to cover the accrued interest. | ||
In general, a loan is returned to accrual status when none of its principal and interest is due and unpaid and the Company expects repayments of the remaining contractual principal and interest or when it is determined to be well secured and in the process of collection. Charge-offs on commercial loans are recognized when available information confirms that some or all of the balance is uncollectible. Consumer loans are subject to mandatory charge-off at a specified delinquency date consistent with regulatory guidelines. In general, charge-offs on consumer loans are recognized at the earlier of the month of liquidation or the month the loan becomes 120 days past due; residential loan deficiencies are charged off in the month the loan becomes 180 days past due; and credit card loans are charged off before the end of the month when the loan becomes 180 days past due with the related interest accrued but not collected reversed against current income. The Company determines past due or delinquency status of a loan based on contractual payment terms. | ||
All nonaccrual loans and loans modified in a troubled debt restructuring are considered impaired, excluding Purchased Impaired Loans. Purchased Impaired Loans are classified as impaired only if there is evidence of credit deterioration subsequent to acquisition. The Company’s policy for recognizing interest income on impaired loans classified as nonaccrual is consistent with its nonaccrual policy. The Company’s policy for recognizing interest income on accruing impaired loans is consistent with its interest recognition policy for accruing loans. | ||
Troubled Debt Restructurings | ||
A loan is accounted for as a TDR if the Company, for economic or legal reasons related to the borrower’s financial difficulties, grants a concession to the borrower that it would not otherwise consider. A TDR typically involves a modification of terms such as establishment of a below market interest rate, a reduction in the face amount of the loan, a reduction of accrued interest or an extension of the maturity date at a stated interest rate lower than the current market rate for a new loan with similar risk. The Company’s policy for measuring impairment on TDRs, including TDRs that have defaulted, is consistent with its impairment measurement process for all impaired loans. The Company’s policy for returning nonaccrual TDRs to accrual status is consistent with its return to accrual policy for all other loans. | ||
Allowance for Loan Losses | ||
The amount of the provision for loan losses charged to income is determined on the basis of numerous factors including actual loss experience, identified loan impairment, current economic conditions and periodic examinations and appraisals of the loan portfolio. Such provisions, less net loan charge-offs, comprise the allowance for loan losses which is deducted from loans and is maintained at a level management considers to be adequate to absorb losses inherent in the portfolio. | ||
The Company monitors the entire loan portfolio, including loans acquired in business combinations, in an effort to identify problem loans so that risks in the portfolio can be identified on a timely basis and an appropriate allowance maintained. Loan review procedures, including loan grading, periodic credit rescoring and trend analysis of portfolio performance, are utilized by the Company in order to ensure that potential problem loans are identified. Management’s involvement continues throughout the process and includes participation in the work-out process and recovery activity. These formalized procedures are monitored internally and by regulatory agencies. | ||
The allowance for loan losses is established as follows: | ||
• | Loans with outstanding balances greater than $1 million that are nonaccrual and all TDRs are evaluated individually with specific reserves allocated based on the present value of the loan’s expected future cash flows, discounted at the loan’s effective interest rate, except where foreclosure or liquidation is probable or when the primary source of repayment is provided by real estate collateral. In these circumstances, impairment is measured based upon the fair value less cost to sell of the collateral. In addition, in certain rare circumstances, impairment may be based on the loan’s observable fair value. | |
• | Loans in the remainder of the portfolio, including nonaccrual loans with balances of less than $1 million, are collectively evaluated for impairment with the allowance based on historical loss experience which uses historical average net charge-off percentages. In the event the Company believes a specific portfolio's historical loss experience does not adequately capture current inherent losses, the historical loss experience is adjusted. This adjustment to the historical loss experience can be positive or negative and will take into consideration relevant factors to the allowance such as changes in the portfolio composition, the volume and severity of past due loans, the volume of nonaccrual loans, and the volume and severity of adversely classified or graded loans. The assessment for whether to adjust takes place individually for each loan product. | |
The historical loss methodology uses historical annualized average net charge-off percentage to calculate the provision for loan and lease losses. The factor is calculated by taking the average of the net charge-offs over the life cycle available, currently 6 years. | ||
For commercial loans, where management has determined to adjust the historical loss experience, the estimate of loss based on pools of loans with similar characteristics is made by applying a PD factor and a LGD factor to each individual loan based on loan grade, using a standardized loan grading system. The PD factor and LGD factor are determined for each loan grade using statistical models based on historical performance data. The PD factor considers on-going reviews of the financial performance of the specific borrower, including cash flow, debt-service coverage ratio, earnings power, debt level and equity position, in conjunction with an assessment of the borrower’s industry and future prospects. The PD factor considers current rating unless the account is delinquent over 60 days, in which case a higher PD factor is used. The LGD factor considers analysis of the type of collateral and the relative LTV ratio. These reserve factors are developed based on credit migration models that track historical movements of loans between loan ratings over time and long-term average loss experience. The historical time frames currently used for PDs and LGDs are 5 and 6 years, respectively. | ||
For consumer loans, where management has determined to adjust the historical loss experience, the estimate of loss based on pools of loans with similar characteristics is also made by applying a PD and a LGD factor. The PD factor considers current credit scores unless the account is delinquent over 60 days, in which case a higher PD factor is used. The credit score provides a basis for understanding the borrower’s past and current payment performance. The LGD factor considers analysis of the type of collateral and the relative LTV ratio. Credit scores, models, analyses, and other factors used to determine both the PD and LGD factors are updated frequently to capture the recent behavioral characteristics of the subject portfolios, as well as any changes in loss mitigation or credit origination strategies, and adjustments to the reserve factors are made as required. The historical time frames currently used for PDs and LGDs are 5 and 6 years, respectively. | ||
Additionally, a portion of the allowance is for inherent losses which are probable to exist as of the valuation date even though they may not have been identified by the objective processes used for the allocated portion of the allowance. This portion of the allowance is particularly subjective and requires judgment based upon qualitative factors. Some of the factors considered are changes in credit concentrations, loan mix, changes in underwriting practices, including the extent of portfolios of acquired institutions, historical loss experience and the general economic environment in the Company’s markets. While the total allowance is described as consisting of separate portions, these terms are primarily used to describe a process. All portions of the allowance are available to support inherent losses in the loan portfolio. | ||
In order to estimate a reserve for unfunded commitments, the Company uses a process consistent with that used in developing the allowance for loan losses. The Company estimates the future funding of current unfunded commitments based on historical funding experience of these commitments before default. Allowance for loan loss factors, which are based on product and loan grade and are consistent with the factors used for portfolio loans, are applied to these funding estimates to arrive at the reserve balance. This reserve for unfunded commitments is recognized in accrued expenses and other liabilities on the Company’s Consolidated Balance Sheets with changes recognized in other noninterest expense in the Company’s Consolidated Statements of Income. | ||
Premises and Equipment | ||
Premises, furniture, fixtures, equipment, assets under capital leases and leasehold improvements are stated at cost less accumulated depreciation or amortization. Land is stated at cost. In addition, purchased software and costs of computer software developed for internal use are capitalized provided certain criteria are met. Depreciation is computed principally using the straight-line method over the estimated useful lives of the related assets, which ranges between 1 and 40 years. Leasehold improvements are amortized on a straight-line basis over the lesser of the lease terms or the estimated useful lives of the improvements. | ||
Bank Owned Life Insurance | ||
The Company maintains life insurance policies on certain of its executives and employees and is the owner and beneficiary of the policies. The Company invests in these policies, known as BOLI, to provide an efficient form of funding for long-term retirement and other employee benefits costs. The Company records these BOLI policies within bank owned life insurance on the Company’s Consolidated Balance Sheets at each policy’s respective cash surrender value, with changes recorded in noninterest income in the Company’s Consolidated Statements of Income. | ||
Goodwill | ||
Goodwill represents the excess of the purchase price over the estimated fair value of identifiable net assets associated with acquisition transactions. Goodwill is assigned to each of the Company’s reporting units and tested for impairment annually or on an interim basis if events or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying value. | ||
The Company has defined its reporting unit structure to include: Wealth and Retail Banking, Commercial Banking, Corporate and Investment Banking, and Simple. The fair value of each reporting unit is estimated using a combination of the present value of future expected cash flows and hypothetical market prices of similar entities and like transactions. | ||
Each of the defined reporting units was tested for impairment as of October 31, 2014. See Note 8, Goodwill and Other Acquired Intangible Assets, for a further discussion. | ||
Other Intangible Assets | ||
Other intangible assets represent purchased assets that lack physical substance but can be distinguished from goodwill because of contractual or other legal rights or because the asset is capable of being sold or exchanged either on its own or in a combination with a related contract, asset or liability. Generally, other intangible assets are deemed to have finite lives. Accordingly, other intangible assets are amortized over their anticipated estimated useful lives and are subject to impairment testing if events or changes in circumstances warrant an evaluation. Other intangible assets are amortized over a period based on the expected life of the intangible, generally 8-10 years for core deposits and up to 20 years for other intangible assets. | ||
Other Real Estate Owned | ||
Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at the lower of recorded balance or fair value less costs to sell at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, OREO is carried at the lower of carrying amount or fair value less costs to sell. Gains and losses on the sales and write-downs on such properties and operating expenses from these OREO properties are included in other noninterest expense. | ||
Accounting for Transfers and Servicing of Financial Assets | ||
The Company accounts for transfers of financial assets as sales when control over the transferred assets is surrendered. Control is generally considered to have been surrendered when (1) the transferred assets are legally isolated from the Company, even in bankruptcy or other receivership, (2) the transferee has the right to pledge or exchange the assets with no conditions that constrain the transferee and provide more than a trivial benefit to the Company, and (3) the Company does not maintain the obligation or unilateral ability to reclaim or repurchase the assets. If these sale criteria are met, the transferred assets are removed from the Company's balance sheet and a gain or loss on sale is recognized. If not met, the transfer is recorded as a secured borrowing, and the assets remain on the Company's balance sheet, the proceeds from the transaction are recognized as a liability, and gain or loss on sale is deferred until the sale criterion are achieved. | ||
The Company has one primary class of MSR related to residential real estate mortgages. These mortgage servicing rights are recorded in other assets on the Consolidated Balance Sheets at fair value with changes in fair value recorded as a component of mortgage banking income in the Company’s Consolidated Statements of Income. See Note 5, Loan Sales and Servicing, for a further discussion. | ||
Advertising Costs | ||
Advertising costs are generally expensed as incurred and recorded as marketing expense, a component of noninterest expense in the Company’s Consolidated Statements of Income. | ||
Income Taxes | ||
The Company and its eligible subsidiaries file a consolidated federal income tax return. The Company files separate tax returns for subsidiaries that are not eligible to be included in the consolidated federal income tax return. Based on the laws of the respective states where it conducts business operations, the Company either files consolidated, combined or separate tax returns. | ||
Deferred tax assets and liabilities are determined based on temporary differences between financial reporting and tax bases of assets and liabilities and are measured using the tax rates and laws that are expected to be in effect when the differences are anticipated to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized as income or expense in the period the change is incurred. In evaluating the Company's ability to recover its deferred tax assets within the jurisdiction from which they arise, the Company must consider all available evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies, and the results of recent operations. A valuation allowance is recognized for a deferred tax asset, if based on the available evidence, it is more likely than not that some portion or all of a deferred tax asset will not be realized. | ||
The Company recognizes income tax benefits associated with uncertain tax positions, when, in its judgment, it is more likely than not that the position will be sustained upon examination by a taxing authority. For a tax position that meets the more-likely-than-not recognition threshold, the Company initially and subsequently measures the tax benefit as the largest amount that the Company judges to have a greater than 50% likelihood of being realized upon ultimate settlement with the taxing authority. | ||
The Company recognizes interest and penalties related to unrecognized tax benefits as a component of other noninterest expense in the Company’s Consolidated Statements of Income. Accrued interest and penalties are included within accrued expenses and other liabilities on the Company’s Consolidated Balance Sheets. | ||
Noncontrolling Interests | ||
The Company applies the accounting guidance codified in ASC Topic 810, Consolidation, related to the treatment of noncontrolling interests. This guidance requires the amount of consolidated net income attributable to the parent and to the noncontrolling interests be clearly identified and presented on the face of the consolidated financial statements. | ||
The noncontrolling interests attributable to the Company's REIT preferred securities and mezzanine investment fund (see Note 12, Capital Securities and Preferred Stock, for a discussion of the preferred securities)are reported within shareholder’s equity, separately from the equity attributable to the Company’s shareholder. The dividends paid to the REIT preferred shareholders and other mezzanine investment fund investors are reported as reductions in shareholder’s equity in the Consolidated Statements of Shareholder’s Equity, separately from changes in the equity attributable to the Company’s shareholder. | ||
Accounting for Derivatives and Hedging Activities | ||
A derivative is a financial instrument that derives its cash flows, and therefore its value, by reference to an underlying instrument, index or referenced interest rate. These instruments include interest rate swaps, caps, floors, financial forwards and futures contracts, foreign exchange contracts, options written and purchased, and commodity contracts. The Company mainly uses derivatives to manage economic risk related to commercial loans, long-term debt and other funding sources. The Company also uses derivatives to facilitate transactions on behalf of its customers. | ||
All derivative instruments are recognized on the Company’s Consolidated Balance Sheets at their fair value. The Company does not offset fair value amounts under master netting agreements. Fair values are estimated using pricing models and current market data. On the date the derivative instrument contract is entered into, the Company designates the derivative as (1) a fair value hedge, (2) a cash flow hedge, or (3) a free-standing derivative. Changes in the fair value of a derivative instrument that is highly effective and that is designated and qualifies as a fair value hedge, along with the loss or gain on the hedged asset or liability that is attributable to the hedged risk (including losses or gains on firm commitments), are recorded in earnings. Changes in the fair value of a derivative instrument that is highly effective and that is designated and qualifies as a cash flow hedge are recorded in accumulated other comprehensive income, until earnings are affected by the variability of cash flows (e.g., when periodic settlements on a variable-rate asset or liability are recorded in earnings). Changes in the fair value of a free-standing derivative and settlements on the instruments are reported in earnings. | ||
The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking various hedge transactions. This process includes linking all derivative instruments that are designated as fair value or cash flow hedges to specific assets and liabilities on the Company’s Consolidated Balance Sheets or to specific firm commitments or forecasted transactions. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. | ||
The Company discontinues hedge accounting prospectively when: (1) it is determined that the derivative instrument is no longer highly effective in offsetting changes in the fair value or cash flows of a hedged item (including firm commitments or forecasted transactions); (2) the derivative instrument expires or is sold, terminated or exercised; (3) the derivative instrument is de-designated as a hedge instrument because it is unlikely that a forecasted transaction will occur; (4) a hedged firm commitment no longer meets the definition of a firm commitment; or (5) management determines that designation of the derivative instrument as a hedge instrument is no longer appropriate. | ||
When hedge accounting is discontinued because it is determined that the derivative instrument no longer qualifies as an effective fair value or cash flow hedge, the derivative instrument continues to be carried on the Company’s Consolidated Balance Sheets at its fair value, with changes in the fair value included in earnings. Additionally, for fair value hedges, the hedged asset or liability is no longer adjusted for changes in fair value and the existing basis adjustment is amortized or accreted as an adjustment to the yield over the remaining life of the asset or liability. For cash flow hedges, when hedge accounting is discontinued, but the hedged cash flows or forecasted transaction are still expected to occur, the unrealized gains and losses that were accumulated in other comprehensive income are recognized in earnings in the same period when the earnings are affected by the hedged cash flows or forecasted transaction. When a cash flow hedge is discontinued, because the hedged cash flows or forecasted transactions are not expected to occur, unrealized gains and losses that were accumulated in other comprehensive income are recognized in earnings immediately. | ||
Recently Issued Accounting Standards | ||
Obligations Resulting from Joint and Several Liability Arrangements with Fixed Obligations | ||
In February 2013, the FASB released ASU 2013-04, Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date (a consensus of the FASB Emerging Issues Task Force), which provides guidance for the recognition, measurement and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting date, except for obligations addressed within existing guidance in U.S. GAAP. Examples of obligations within the scope of this ASU include debt arrangements, other contractual obligations, and settled litigation and judicial rulings. The guidance in this ASU requires an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting date as the sum of (a) the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and (b) any additional amount the reporting entity expects to pay on behalf of its co-obligors. The guidance in this ASU also requires an entity to disclose the nature and amount of the obligations as well as other information about those obligations. The guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013, with retrospective application and was adopted by the Company on January 1, 2014. The adoption of this standard did not have a material impact on the financial condition or results of operations of the Company. | ||
Presentation of Unrecognized Tax Benefits | ||
In July 2013, the FASB released ASU 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. The ASU requires that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. However, if a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013 and was adopted by the Company on January 1, 2014. The adoption of this standard did not have a material impact on the financial condition or results of operations of the Company. | ||
Accounting for Investments in Qualified Affordable Housing Projects | ||
In January 2014, the FASB released ASU 2014-01, Accounting for Investments in Qualified Affordable Housing Projects. The ASU provides guidance on accounting for investments by a reporting entity in flow-through limited liability entities that manage or invest in affordable housing projects that qualify for the low income housing tax credit. The amendments in this ASU permit reporting entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense. The amendments in this ASU should be applied retrospectively to all periods presented. A reporting entity that uses the effective yield method to account for its investments in qualified affordable housing projects before the date of adoption may continue to apply the effective yield method for those preexisting investments. The amendments in this ASU are effective for fiscal years, and interim periods within those years, beginning after December 15, 2014. Early adoption is permitted and the Company elected to early adopt the amendments in this ASU on January 1, 2014. The adoption of this standard did not have a material impact on the financial condition or results of operations of the Company. | ||
Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure | ||
In January 2014, the FASB released ASU 2014-04, Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure. The amendments in this ASU clarify that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendments require interim and annual disclosure of both the amount of foreclosed residential real estate property held by the creditor and the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. An entity can elect to adopt the amendments in this ASU using either a modified retrospective transition method or a prospective transition method. The adoption of this standard is not expected to have a material impact on the financial condition or results of operations of the Company. | ||
Revenue from Contracts with Customers | ||
In May 2014, the FASB released ASU 2014-09, Revenue from Contracts with Customers. The core principle of this guidance requires an entity to recognize revenue upon the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance provides five steps to be analyzed to accomplish the core principle. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2016. Early application is not permitted. The Company is currently assessing the impact that the adoption of this standard will have on the financial condition and results of operations of the Company. | ||
Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures | ||
In June 2014, the FASB issued ASU 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures. The amendments in this ASU change the accounting for repurchase-to-maturity transactions to secured borrowing accounting. In addition, for repurchase financing arrangements, the amendments require separate accounting for a transfer of a financial asset executed contemporaneously with a repurchase agreement with the same counterparty, which will result in secured borrowing accounting for the repurchase agreement. The amendments in this ASU also require disclosures on transfers accounted for as sales in transactions that are economically similar to repurchase agreements, and provide increased transparency about the types of collateral pledged in repurchase agreements and similar transactions accounted for as secured borrowings. The accounting changes in this ASU and disclosures for certain transactions accounted for as a sale are effective for annual periods and for interim periods within those annual periods, beginning after December 15, 2014. The disclosures for repurchase agreements, securities lending transactions, and repurchase-to-maturity transactions accounted for as secured borrowings is required to be presented for annual periods beginning after December 15, 2014 and for interim periods beginning after March 15, 2015. The adoption of this standard is not expected to have a material impact on the financial condition or results of operations of the Company. | ||
Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure | ||
In August 2014, the FASB issued ASU 2014-14, Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure. The amendments in this ASU address the classification and measurement of foreclosed loans which were part of a government-sponsored loan guarantee program. If certain criteria are met, the loan should be derecognized and a separate other receivable should be recorded upon foreclosure at the amount of the loan balance expected to be recovered from the guarantor. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. The adoption of this standard is not expected to have a material impact on the financial condition or results of operations of the Company. | ||
Consolidation | ||
In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis. The amendments in this ASU modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities or voting interest entities, eliminate the presumption that a general partner should consolidate a limited partnership, affect the consolidation analysis of reporting entities that are involved with variable interest entities, and provide a scope exception from consolidation guidance for reporting entities with interest in certain investment funds. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. The adoption of this standard is not expected to have a material impact on the financial condition or results of operations of the Company. |
Acquisition_Activities
Acquisition Activities | 12 Months Ended |
Dec. 31, 2014 | |
Business Combinations [Abstract] | |
Acquisition Activities | Acquisition Activities |
BBVA Securities Inc. | |
On April 8, 2013, BBVA contributed all of the outstanding stock of its wholly-owned subsidiary, BSI, to the Parent. BSI is a registered broker-dealer and engages in investment banking and institutional sales of fixed income securities. Because of the related nature of the Company and BSI, this transaction was accounted for as a merger of entities under common control resulting in all periods prior to the transaction being retrospectively adjusted to include the historical activity of BSI. | |
Simple Finance Technology Corp | |
On March 20, 2014, the Bank acquired all of the voting equity interest of Simple, a U.S. based digital banking services firm. The Bank acquired assets of approximately $17 million (including cash, premises and equipment, and other assets), assumed liabilities of approximately $2 million (including accounts payable, accrued payroll and other liabilities), and recorded goodwill of $89 million and other intangible assets of $13 million. Consideration for the acquisition included $98 million in cash as well as $16 million of contingent consideration. The Bank recognized $3.5 million of acquisition-related costs in noninterest expense in the Company's Consolidated Statement of Income for the year ended December 31, 2014. The revenues and earnings of Simple were not material for the year ended December 31, 2014. | |
This acquisition was accounted for under the acquisition method in accordance with FASB ASC Topic 805. Accordingly, the assets and liabilities, both tangible and intangible, were recorded at their estimated fair values as of the acquisition date. The purchase price allocation was finalized during the fourth quarter of 2014. See Note 8, Goodwill and Other Acquired Intangible Assets, for additional information. |
Investment_Securities_Availabl
Investment Securities Available for Sale and Investment Securities Held to Maturity | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||
Investment Securities Available for Sale and Investment Securities Held to Maturity | Investment Securities Available for Sale and Investment Securities Held to Maturity | |||||||||||||||||||||||
The following table presents the adjusted cost and approximate fair value of investment securities available for sale and investment securities held to maturity. | ||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
Gross Unrealized | ||||||||||||||||||||||||
Amortized Cost | Gains | Losses | Fair Value | |||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Investment securities available for sale: | ||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||
U.S. Treasury and other U.S. government agencies | $ | 2,312,572 | $ | 10,360 | $ | 9,390 | $ | 2,313,542 | ||||||||||||||||
Mortgage-backed securities | 4,399,706 | 64,371 | 40,242 | 4,423,835 | ||||||||||||||||||||
Collateralized mortgage obligations | 2,475,115 | 19,385 | 5,921 | 2,488,579 | ||||||||||||||||||||
States and political subdivisions | 460,569 | 8,008 | 1,262 | 467,315 | ||||||||||||||||||||
Other | 44,225 | 238 | 22 | 44,441 | ||||||||||||||||||||
Equity securities | 499,522 | 41 | — | 499,563 | ||||||||||||||||||||
Total | $ | 10,191,709 | $ | 102,403 | $ | 56,837 | $ | 10,237,275 | ||||||||||||||||
Investment securities held to maturity: | ||||||||||||||||||||||||
Collateralized mortgage obligations | $ | 124,051 | $ | 5,878 | $ | 5,452 | $ | 124,477 | ||||||||||||||||
Asset-backed securities | 39,187 | 3,568 | 2,011 | 40,744 | ||||||||||||||||||||
States and political subdivisions | 1,112,415 | 2,143 | 79,246 | 1,035,312 | ||||||||||||||||||||
Other | 72,701 | 4,920 | 2,191 | 75,430 | ||||||||||||||||||||
Total | $ | 1,348,354 | $ | 16,509 | $ | 88,900 | $ | 1,275,963 | ||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||
Gross Unrealized | ||||||||||||||||||||||||
Amortized Cost | Gains | Losses | Fair Value | |||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Investment securities available for sale: | ||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||
U.S. Treasury and other U.S. government agencies | $ | 257,844 | $ | 4,338 | $ | 1,245 | $ | 260,937 | ||||||||||||||||
Mortgage-backed securities | 5,232,504 | 75,912 | 74,625 | 5,233,791 | ||||||||||||||||||||
Collateralized mortgage obligations | 1,747,450 | 23,312 | 14,364 | 1,756,398 | ||||||||||||||||||||
States and political subdivisions | 518,755 | 8,041 | 17,360 | 509,436 | ||||||||||||||||||||
Other | 40,415 | 27 | 109 | 40,333 | ||||||||||||||||||||
Equity securities | 512,136 | 54 | — | 512,190 | ||||||||||||||||||||
Total | $ | 8,309,104 | $ | 111,684 | $ | 107,703 | $ | 8,313,085 | ||||||||||||||||
Investment securities held to maturity: | ||||||||||||||||||||||||
Collateralized mortgage obligations | $ | 145,989 | $ | 19,848 | $ | 3,900 | $ | 161,937 | ||||||||||||||||
Asset-backed securities | 67,590 | 4,008 | 6,183 | 65,415 | ||||||||||||||||||||
States and political subdivisions | 1,225,977 | 843 | 139,816 | 1,087,004 | ||||||||||||||||||||
Other | 79,640 | 13,191 | 1,929 | 90,902 | ||||||||||||||||||||
Total | $ | 1,519,196 | $ | 37,890 | $ | 151,828 | $ | 1,405,258 | ||||||||||||||||
In the above table, equity securities include $500 million and $512 million at December 31, 2014 and 2013, respectively, of FHLB and Federal Reserve stock carried at par. | ||||||||||||||||||||||||
At December 31, 2014, approximately $1.8 billion of investment securities available for sale were pledged to secure public deposits and FHLB advances and for other purposes as required or permitted by law. | ||||||||||||||||||||||||
The investments held within the states and political subdivision caption of investment securities held to maturity relate to private placement transactions underwritten as loans by the Company but that meet the definition of a security within ASC Topic 320, Investments – Debt and Equity Securities. | ||||||||||||||||||||||||
At December 31, 2014, approximately 97.5% of the total securities classified within available for sale are rated “AAA,” the highest possible rating by nationally recognized rating agencies. The remainder of the investment securities classified within available for sale are either Federal Reserve stock, FHLB stock or money market funds. | ||||||||||||||||||||||||
The following table discloses the fair value and the gross unrealized losses of the Company’s available for sale securities and held to maturity securities that were in a loss position at December 31, 2014 and 2013. This information is aggregated by investment category and the length of time the individual securities have been in an unrealized loss position. | ||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||
Securities in a loss position for less than 12 months | Securities in a loss position for 12 months or longer | Total | ||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Investment securities available for sale: | ||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||
U.S. Treasury and other U.S. government agencies | $ | 620,794 | $ | 8,220 | $ | 37,220 | $ | 1,170 | $ | 658,014 | $ | 9,390 | ||||||||||||
Mortgage-backed securities | 308,734 | 862 | 1,915,494 | 39,380 | 2,224,228 | 40,242 | ||||||||||||||||||
Collateralized mortgage obligations | 714,173 | 3,829 | 146,806 | 2,092 | 860,979 | 5,921 | ||||||||||||||||||
States and political subdivisions | — | — | 135,825 | 1,262 | 135,825 | 1,262 | ||||||||||||||||||
Other | — | — | 1,099 | 22 | 1,099 | 22 | ||||||||||||||||||
Total | $ | 1,643,701 | $ | 12,911 | $ | 2,236,444 | $ | 43,926 | $ | 3,880,145 | $ | 56,837 | ||||||||||||
Investment securities held to maturity: | ||||||||||||||||||||||||
Collateralized mortgage obligations | $ | 34,400 | $ | 1,099 | $ | 27,389 | $ | 4,353 | $ | 61,789 | $ | 5,452 | ||||||||||||
Asset-backed securities | — | — | 23,374 | 2,011 | 23,374 | 2,011 | ||||||||||||||||||
States and political subdivisions | 21,688 | 768 | 817,570 | 78,478 | 839,258 | 79,246 | ||||||||||||||||||
Other | 4,061 | 2,191 | — | — | 4,061 | 2,191 | ||||||||||||||||||
Total | $ | 60,149 | $ | 4,058 | $ | 868,333 | $ | 84,842 | $ | 928,482 | $ | 88,900 | ||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Securities in a loss position for less than 12 months | Securities in a loss position for 12 months or longer | Total | ||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Investment securities available for sale: | ||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||
U.S. Treasury and other U.S. government agencies | $ | 119,871 | $ | 1,245 | $ | — | $ | — | $ | 119,871 | $ | 1,245 | ||||||||||||
Mortgage-backed securities | 2,462,822 | 69,919 | 339,448 | 4,706 | 2,802,270 | 74,625 | ||||||||||||||||||
Collateralized mortgage obligations | 699,693 | 9,123 | 108,710 | 5,241 | 808,403 | 14,364 | ||||||||||||||||||
States and political subdivisions | 164,472 | 9,244 | 92,407 | 8,116 | 256,879 | 17,360 | ||||||||||||||||||
Other | 4,939 | 109 | — | — | 4,939 | 109 | ||||||||||||||||||
Total | $ | 3,451,797 | $ | 89,640 | $ | 540,565 | $ | 18,063 | $ | 3,992,362 | $ | 107,703 | ||||||||||||
Investment securities held to maturity: | ||||||||||||||||||||||||
Collateralized mortgage obligations | $ | 1,466 | $ | 17 | $ | 32,370 | $ | 3,883 | $ | 33,836 | $ | 3,900 | ||||||||||||
Asset-backed securities | — | — | 33,362 | 6,183 | 33,362 | 6,183 | ||||||||||||||||||
States and political subdivisions | 313,438 | 26,760 | 642,799 | 113,056 | 956,237 | 139,816 | ||||||||||||||||||
Other | — | — | 4,600 | 1,929 | 4,600 | 1,929 | ||||||||||||||||||
Total | $ | 314,904 | $ | 26,777 | $ | 713,131 | $ | 125,051 | $ | 1,028,035 | $ | 151,828 | ||||||||||||
As indicated in the previous table, at December 31, 2014, the Company held certain investment securities in unrealized loss positions. The Company does not have the intent to sell these securities and believes it is not more likely than not that it will be required to sell these securities before their anticipated recovery. | ||||||||||||||||||||||||
Management does not believe that any individual unrealized loss in the Company’s investment securities available for sale or held to maturity portfolios, presented in the preceding tables, represents an OTTI at either December 31, 2014 or 2013, other than those noted below. | ||||||||||||||||||||||||
The following table discloses activity related to credit losses for debt securities where a portion of the OTTI was recognized in other comprehensive income. | ||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Balance, January 1 | $ | 20,943 | $ | 17,318 | $ | 16,331 | ||||||||||||||||||
Reductions for securities paid off during the period (realized) | — | (239 | ) | — | ||||||||||||||||||||
Additions for the credit component on debt securities in which OTTI was not previously recognized | — | 270 | 449 | |||||||||||||||||||||
Additions for the credit component on debt securities in which OTTI was previously recognized | 180 | 3,594 | 538 | |||||||||||||||||||||
Balance, December 31 | $ | 21,123 | $ | 20,943 | $ | 17,318 | ||||||||||||||||||
During the years ended December 31, 2014, 2013 and 2012, OTTI recognized on held to maturity securities totaled $180 thousand, $3.9 million and $987 thousand, respectively. The investment securities primarily impacted by credit impairment are held to maturity non-agency collateralized mortgage obligations and asset-backed securities. | ||||||||||||||||||||||||
The maturities of the securities portfolios are presented in the following table. | ||||||||||||||||||||||||
Amortized Cost | Fair Value | |||||||||||||||||||||||
December 31, 2014 | (In Thousands) | |||||||||||||||||||||||
Investment securities available for sale: | ||||||||||||||||||||||||
Maturing within one year | $ | 51,638 | $ | 52,204 | ||||||||||||||||||||
Maturing after one but within five years | 487,867 | 493,439 | ||||||||||||||||||||||
Maturing after five but within ten years | 1,145,952 | 1,153,091 | ||||||||||||||||||||||
Maturing after ten years | 1,131,909 | 1,126,564 | ||||||||||||||||||||||
2,817,366 | 2,825,298 | |||||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations | 6,874,821 | 6,912,414 | ||||||||||||||||||||||
Equity securities | 499,522 | 499,563 | ||||||||||||||||||||||
Total | $ | 10,191,709 | $ | 10,237,275 | ||||||||||||||||||||
Investment securities held to maturity: | ||||||||||||||||||||||||
Maturing within one year | $ | 9,223 | $ | 9,249 | ||||||||||||||||||||
Maturing after one but within five years | 303,039 | 289,940 | ||||||||||||||||||||||
Maturing after five but within ten years | 187,822 | 182,122 | ||||||||||||||||||||||
Maturing after ten years | 724,219 | 670,175 | ||||||||||||||||||||||
1,224,303 | 1,151,486 | |||||||||||||||||||||||
Collateralized mortgage obligations | 124,051 | 124,477 | ||||||||||||||||||||||
Total | $ | 1,348,354 | $ | 1,275,963 | ||||||||||||||||||||
The gross realized gains and losses recognized on sales of investment securities available for sale are shown in the table below. | ||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Gross gains | $ | 53,042 | $ | 34,264 | $ | 12,832 | ||||||||||||||||||
Gross losses | — | 2,893 | — | |||||||||||||||||||||
Net realized gains | $ | 53,042 | $ | 31,371 | $ | 12,832 | ||||||||||||||||||
During 2008, the Company transferred securities with a carrying value and market value of $1.1 billion and $859 million, respectively, from investment securities available for sale to investment securities held to maturity. At December 31, 2014 and 2013 there were $24 million and $34 million, respectively, of unrealized losses, net of tax related to these securities in accumulated other comprehensive income, which are being amortized over the remaining life of those securities. | ||||||||||||||||||||||||
The Company had investments classified as investment securities available for sale within the mortgage-backed securities and collateralized mortgage obligations caption which were issued by FNMA, FHLMC, and GNMA that approximated 58% of total shareholder’s equity as of December 31, 2014. At December 31, 2014, these investments had market values of $2.2 billion, $1.9 billion and $2.8 billion, respectively, and total amortized cost of $2.1 billion, $2.0 billion and $2.8 billion, respectively. |
Loans_and_Allowance_for_Loan_L
Loans and Allowance for Loan Losses | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Receivables [Abstract] | ||||||||||||||||||||||||||||||||
Loans and Allowance for Loan Losses | Loans and Allowance for Loan Losses | |||||||||||||||||||||||||||||||
The following table presents the composition of the loan portfolio. | ||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 23,828,537 | $ | 20,209,209 | ||||||||||||||||||||||||||||
Real estate – construction | 2,154,652 | 1,736,348 | ||||||||||||||||||||||||||||||
Commercial real estate – mortgage | 9,877,206 | 9,106,329 | ||||||||||||||||||||||||||||||
Total commercial loans | 35,860,395 | 31,051,886 | ||||||||||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||||||
Residential real estate – mortgage | 13,922,656 | 12,706,879 | ||||||||||||||||||||||||||||||
Equity lines of credit | 2,304,784 | 2,236,367 | ||||||||||||||||||||||||||||||
Equity loans | 634,968 | 644,068 | ||||||||||||||||||||||||||||||
Credit card | 630,456 | 660,073 | ||||||||||||||||||||||||||||||
Consumer direct | 652,927 | 516,572 | ||||||||||||||||||||||||||||||
Consumer indirect | 2,870,408 | 2,116,981 | ||||||||||||||||||||||||||||||
Total consumer loans | 21,016,199 | 18,880,940 | ||||||||||||||||||||||||||||||
Covered loans | 495,190 | 734,190 | ||||||||||||||||||||||||||||||
Total loans | $ | 57,371,784 | $ | 50,667,016 | ||||||||||||||||||||||||||||
Unearned income totaled $248.1 million and $212.3 million at December 31, 2014 and December 31, 2013, respectively. Unamortized deferred costs totaled $244.1 million and $178.8 million at December 31, 2014 and December 31, 2013, respectively. Unamortized purchase discounts totaled $110.6 million and $244.3 million at December 31, 2014 and December 31, 2013, respectively. | ||||||||||||||||||||||||||||||||
The loan portfolio is diversified geographically, by product type and by industry exposure. Geographically, the portfolio is predominantly in the Sunbelt states, including Alabama, Arizona, Colorado, Florida, New Mexico and Texas, as well as growing but modest exposure in northern and southern California. The loan portfolio’s most significant geographic presence is within Texas. The Company monitors its exposure to various industries and adjusts loan production based on current and anticipated changes in the macro-economic environment as well as specific structural, legal and business conditions affecting each broad industry category. | ||||||||||||||||||||||||||||||||
At December 31, 2014, approximately $13.8 billion of loans were pledged to secure deposits and FHLB advances and for other purposes as required or permitted by law. | ||||||||||||||||||||||||||||||||
Covered loans represent loans acquired from the FDIC subject to loss sharing agreements. The loss sharing agreements provide for FDIC loss sharing for five years for commercial loans and 10 years for single family residential loans. The loss sharing agreement for commercial loans expired in the fourth quarter of 2014. | ||||||||||||||||||||||||||||||||
Purchased Impaired Loans | ||||||||||||||||||||||||||||||||
Purchased Impaired Loans are recognized on the Company’s Consolidated Balance Sheets within loans, net of recorded discount. The following table presents the unpaid principal balance, discount, allowance for loan losses and carrying value of the Purchased Impaired Loans. | ||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||
Unpaid principal balance | $ | 378,913 | $ | 449,429 | $ | 569,952 | ||||||||||||||||||||||||||
Discount | (17,341 | ) | (60,069 | ) | (119,337 | ) | ||||||||||||||||||||||||||
Allowance for loan losses | (2,066 | ) | (243 | ) | (8,907 | ) | ||||||||||||||||||||||||||
Carrying value | $ | 359,506 | $ | 389,117 | $ | 441,708 | ||||||||||||||||||||||||||
An analysis of the accretable yield related to the Purchased Impaired Loans follows. | ||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||
Balance at beginning of year | $ | 105,698 | $ | 136,992 | ||||||||||||||||||||||||||||
Transfer from nonaccretable difference | 12,628 | 36,619 | ||||||||||||||||||||||||||||||
Accretion | (49,541 | ) | (66,937 | ) | ||||||||||||||||||||||||||||
Other | — | (976 | ) | |||||||||||||||||||||||||||||
Balance at end of year | $ | 68,785 | $ | 105,698 | ||||||||||||||||||||||||||||
The Company had allowances of $2.1 million, $243 thousand and $8.9 million related to Purchased Impaired Loans at December 31, 2014, 2013 and 2012, respectively. During the years ended December 31, 2014, 2013 and 2012, the Company recognized $(666) thousand, $(11.0) million and $(18.3) million, respectively, of provision for loan losses attributable to credit improvements subsequent to acquisition of these loans. | ||||||||||||||||||||||||||||||||
Purchased Nonimpaired Loans | ||||||||||||||||||||||||||||||||
At acquisition, Purchased Nonimpaired Loans were determined to have fair value discounts, some of which were related to credit. The portion of the fair value discount not related to credit is being accreted to interest income over the expected remaining life of the loans based on expected cash flows. For the years ended December 31, 2014, 2013 and 2012, approximately $136 million, $268 million and $387 million, respectively, of interest income was recognized on these loans. The discount related to credit on the Purchased Nonimpaired Loans is reviewed for adequacy quarterly. If the expected losses exceed the credit discount, an allowance for loan losses is provided. If the expected losses are reduced, the related credit discount is accreted to interest income over the expected remaining life of the loans. | ||||||||||||||||||||||||||||||||
The following table presents the unpaid principal balance, discount, allowance for loan losses, and carrying value of the Purchased Nonimpaired Loans. | ||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||
Unpaid principal balance | $ | 294,202 | $ | 520,723 | ||||||||||||||||||||||||||||
Discount | (88,962 | ) | (175,893 | ) | ||||||||||||||||||||||||||||
Allowance for loan losses | (2,283 | ) | (2,711 | ) | ||||||||||||||||||||||||||||
Carrying value | $ | 202,957 | $ | 342,119 | ||||||||||||||||||||||||||||
FDIC Indemnification Asset (Liability) | ||||||||||||||||||||||||||||||||
The Company has entered into loss sharing agreements with the FDIC that require the FDIC to reimburse the Bank for losses with respect to covered loans and covered OREO. In addition, the provisions of the loss sharing agreements may also require a payment by the Bank to the FDIC on October 15, 2019 if the acquired portfolio's credit improves beyond original expectations. Activity associated with the Company's estimate of the potential amount of this payment is included in the table below. The Company has chosen to net the amounts due from the FDIC and due to the FDIC into the FDIC indemnification asset (liability), which at December 31, 2014 was recorded in accrued expenses and other liabilities and at December 31, 2013 in other assets in the Company's Consolidated Balance Sheets. See Note 15, Commitments, Contingencies and Guarantees, for additional information related to the loss sharing agreements. A summary of the activity in the FDIC indemnification asset (liability) is presented in the following table. | ||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||
Balance at beginning of year | $ | 24,315 | $ | 271,928 | ||||||||||||||||||||||||||||
Increase (decrease) due to credit loss provision (benefit) recorded on FDIC covered loans | 4,137 | (9,153 | ) | |||||||||||||||||||||||||||||
Amortization and accretion, net | (115,953 | ) | (243,346 | ) | ||||||||||||||||||||||||||||
Payments to FDIC for covered assets | 12,709 | 19,546 | ||||||||||||||||||||||||||||||
Other | (3,233 | ) | (14,660 | ) | ||||||||||||||||||||||||||||
Balance at end of year | $ | (78,025 | ) | $ | 24,315 | |||||||||||||||||||||||||||
Other adjustments include those resulting from the change in loss estimates related to OREO as a result of changes in expected cash flows as well as adjustments resulting from amounts owed to the FDIC for unexpected recoveries of amounts previously charged off and loan expenses incurred and claimed. | ||||||||||||||||||||||||||||||||
Allowance for Loan Losses and Credit Quality | ||||||||||||||||||||||||||||||||
The following table, which excludes loans held for sale, presents a summary of the activity in the allowance for loan losses. The portion of the allowance that has not been identified by the Company as related to specific loan categories has been allocated to the individual loan categories on a pro rata basis for purposes of the table below: | ||||||||||||||||||||||||||||||||
Commercial, Financial and Agricultural | Commercial Real Estate (1) | Residential Real Estate (2) | Consumer (3) | Covered | Total Loans | |||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||
Beginning balance | $ | 292,327 | $ | 158,960 | $ | 155,575 | $ | 90,903 | $ | 2,954 | $ | 700,719 | ||||||||||||||||||||
Transfer - expiration of commercial LSA | 1,406 | 6 | — | 323 | (1,735 | ) | — | |||||||||||||||||||||||||
Provision (credit) for loan losses | 17,580 | (13,582 | ) | 34,962 | 68,519 | (1,178 | ) | 106,301 | ||||||||||||||||||||||||
Loans charged off | (31,627 | ) | (14,970 | ) | (48,749 | ) | (88,452 | ) | (2,466 | ) | (186,264 | ) | ||||||||||||||||||||
Loan recoveries | 19,796 | 7,819 | 12,839 | 18,598 | 5,233 | 64,285 | ||||||||||||||||||||||||||
Net (charge-offs) recoveries | (11,831 | ) | (7,151 | ) | (35,910 | ) | (69,854 | ) | 2,767 | (121,979 | ) | |||||||||||||||||||||
Ending balance | $ | 299,482 | $ | 138,233 | $ | 154,627 | $ | 89,891 | $ | 2,808 | $ | 685,041 | ||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||
Beginning balance | $ | 283,058 | $ | 254,324 | $ | 172,265 | $ | 75,403 | $ | 17,803 | $ | 802,853 | ||||||||||||||||||||
Provision (credit) for loan losses | 36,970 | (70,724 | ) | 88,685 | 69,244 | (16,629 | ) | 107,546 | ||||||||||||||||||||||||
Loans charged off | (47,751 | ) | (43,415 | ) | (118,422 | ) | (72,576 | ) | (6,708 | ) | (288,872 | ) | ||||||||||||||||||||
Loan recoveries | 20,050 | 18,775 | 13,047 | 18,832 | 8,488 | 79,192 | ||||||||||||||||||||||||||
Net (charge-offs) recoveries | (27,701 | ) | (24,640 | ) | (105,375 | ) | (53,744 | ) | 1,780 | (209,680 | ) | |||||||||||||||||||||
Ending balance | $ | 292,327 | $ | 158,960 | $ | 155,575 | $ | 90,903 | $ | 2,954 | $ | 700,719 | ||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||
Beginning balance | $ | 252,399 | $ | 489,284 | $ | 206,763 | $ | 76,467 | $ | 26,883 | $ | 1,051,796 | ||||||||||||||||||||
Provision (credit) for loan losses | 63,263 | (118,923 | ) | 64,158 | 51,646 | (30,673 | ) | 29,471 | ||||||||||||||||||||||||
Loans charged off | (63,678 | ) | (151,918 | ) | (126,087 | ) | (71,587 | ) | (3,807 | ) | (417,077 | ) | ||||||||||||||||||||
Loan recoveries | 31,074 | 35,881 | 27,431 | 18,877 | 25,400 | 138,663 | ||||||||||||||||||||||||||
Net (charge-offs) recoveries | (32,604 | ) | (116,037 | ) | (98,656 | ) | (52,710 | ) | 21,593 | (278,414 | ) | |||||||||||||||||||||
Ending balance | $ | 283,058 | $ | 254,324 | $ | 172,265 | $ | 75,403 | $ | 17,803 | $ | 802,853 | ||||||||||||||||||||
-1 | Includes commercial real estate – mortgage and real estate – construction loans. | |||||||||||||||||||||||||||||||
-2 | Includes residential real estate – mortgage, equity lines of credit and equity loans. | |||||||||||||||||||||||||||||||
-3 | Includes credit card, consumer direct and consumer indirect loans. | |||||||||||||||||||||||||||||||
The table below provides a summary of the allowance for loan losses and related loan balances by portfolio. | ||||||||||||||||||||||||||||||||
Commercial, Financial and Agricultural | Commercial Real Estate (1) | Residential Real Estate (2) | Consumer (3) | Covered | Total Loans | |||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||||||
Ending balance of allowance attributable to loans: | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 11,158 | $ | 8,466 | $ | 42,277 | $ | 1,532 | $ | — | $ | 63,433 | ||||||||||||||||||||
Collectively evaluated for impairment | 287,105 | 129,767 | 112,350 | 88,037 | — | 617,259 | ||||||||||||||||||||||||||
Purchased impaired | — | — | — | — | 2,066 | 2,066 | ||||||||||||||||||||||||||
Purchased nonimpaired | 1,219 | — | — | 322 | 742 | 2,283 | ||||||||||||||||||||||||||
Total allowance for loan losses | $ | 299,482 | $ | 138,233 | $ | 154,627 | $ | 89,891 | $ | 2,808 | $ | 685,041 | ||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||
Ending balance of loans: | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 48,173 | $ | 105,608 | $ | 195,462 | $ | 1,827 | $ | — | $ | 351,070 | ||||||||||||||||||||
Collectively evaluated for impairment | 23,745,149 | 11,896,943 | 16,665,930 | 4,145,880 | — | 56,453,902 | ||||||||||||||||||||||||||
Purchased impaired | — | — | — | — | 361,572 | 361,572 | ||||||||||||||||||||||||||
Purchased nonimpaired | 35,215 | 29,307 | 1,016 | 6,084 | 133,618 | 205,240 | ||||||||||||||||||||||||||
Total loans | $ | 23,828,537 | $ | 12,031,858 | $ | 16,862,408 | $ | 4,153,791 | $ | 495,190 | $ | 57,371,784 | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||
Ending balance of allowance attributable to loans: | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 28,828 | $ | 9,408 | $ | 41,989 | $ | 1,526 | $ | — | $ | 81,751 | ||||||||||||||||||||
Collectively evaluated for impairment | 263,499 | 149,552 | 113,586 | 89,377 | — | 616,014 | ||||||||||||||||||||||||||
Purchased impaired | — | — | — | — | 243 | 243 | ||||||||||||||||||||||||||
Purchased nonimpaired | — | — | — | — | 2,711 | 2,711 | ||||||||||||||||||||||||||
Total allowance for loan losses | $ | 292,327 | $ | 158,960 | $ | 155,575 | $ | 90,903 | $ | 2,954 | $ | 700,719 | ||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||
Ending balance of loans: | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 138,047 | $ | 167,598 | $ | 196,723 | $ | 1,625 | $ | — | $ | 503,993 | ||||||||||||||||||||
Collectively evaluated for impairment | 20,071,162 | 10,675,079 | 15,390,591 | 3,292,001 | — | 49,428,833 | ||||||||||||||||||||||||||
Purchased impaired | — | — | — | — | 389,360 | 389,360 | ||||||||||||||||||||||||||
Purchased nonimpaired | — | — | — | — | 344,830 | 344,830 | ||||||||||||||||||||||||||
Total loans | $ | 20,209,209 | $ | 10,842,677 | $ | 15,587,314 | $ | 3,293,626 | $ | 734,190 | $ | 50,667,016 | ||||||||||||||||||||
-1 | Includes commercial real estate – mortgage and real estate – construction loans. | |||||||||||||||||||||||||||||||
-2 | Includes residential real estate – mortgage, equity lines of credit and equity loans. | |||||||||||||||||||||||||||||||
-3 | Includes credit card, consumer direct and consumer indirect loans. | |||||||||||||||||||||||||||||||
The following table presents information on individually evaluated impaired loans, by loan class. | ||||||||||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||||||
Individually Evaluated Impaired Loans With No Recorded Allowance | Individually Evaluated Impaired Loans With a Recorded Allowance | |||||||||||||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Allowance | Recorded Investment | Unpaid Principal Balance | Allowance | |||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | — | $ | — | $ | — | $ | 48,173 | $ | 61,552 | $ | 11,158 | ||||||||||||||||||||
Real estate – construction | 3,492 | 4,006 | — | 2,686 | 2,731 | 872 | ||||||||||||||||||||||||||
Commercial real estate – mortgage | 22,822 | 23,781 | — | 76,608 | 82,005 | 7,594 | ||||||||||||||||||||||||||
Residential real estate – mortgage | 8,795 | 8,795 | — | 107,223 | 107,306 | 9,236 | ||||||||||||||||||||||||||
Equity lines of credit | — | — | — | 25,743 | 26,124 | 23,394 | ||||||||||||||||||||||||||
Equity loans | — | — | — | 53,701 | 54,038 | 9,647 | ||||||||||||||||||||||||||
Credit card | — | — | — | — | — | — | ||||||||||||||||||||||||||
Consumer direct | — | — | — | 337 | 337 | 42 | ||||||||||||||||||||||||||
Consumer indirect | — | — | — | 1,490 | 1,490 | 1,490 | ||||||||||||||||||||||||||
Total loans | $ | 35,109 | $ | 36,582 | $ | — | $ | 315,961 | $ | 335,583 | $ | 63,433 | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||
Individually Evaluated Impaired Loans With No Recorded Allowance | Individually Evaluated Impaired Loans With a Recorded Allowance | |||||||||||||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Allowance | Recorded Investment | Unpaid Principal Balance | Allowance | |||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 19,984 | $ | 27,639 | $ | — | $ | 118,063 | $ | 138,092 | $ | 28,828 | ||||||||||||||||||||
Real estate – construction | 1,314 | 1,555 | — | 9,248 | 10,812 | 836 | ||||||||||||||||||||||||||
Commercial real estate – mortgage | 51,303 | 54,821 | — | 105,733 | 112,177 | 8,572 | ||||||||||||||||||||||||||
Residential real estate – mortgage | 1,906 | 1,906 | — | 115,550 | 115,734 | 7,378 | ||||||||||||||||||||||||||
Equity lines of credit | — | — | — | 23,593 | 24,021 | 23,190 | ||||||||||||||||||||||||||
Equity loans | — | — | — | 55,674 | 55,794 | 11,421 | ||||||||||||||||||||||||||
Credit card | — | — | — | — | — | — | ||||||||||||||||||||||||||
Consumer direct | — | — | — | 182 | 181 | 83 | ||||||||||||||||||||||||||
Consumer indirect | — | — | — | 1,443 | 1,443 | 1,443 | ||||||||||||||||||||||||||
Total loans | $ | 74,507 | $ | 85,921 | $ | — | $ | 429,486 | $ | 458,254 | $ | 81,751 | ||||||||||||||||||||
The following table presents information on individually evaluated impaired loans, by loan class. | ||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | |||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 84,578 | $ | 1,146 | $ | 133,838 | $ | 1,287 | $ | 119,673 | $ | 1,277 | ||||||||||||||||||||
Real estate – construction | 8,639 | 222 | 51,157 | 724 | 304,680 | 5,153 | ||||||||||||||||||||||||||
Commercial real estate – mortgage | 116,815 | 3,208 | 207,104 | 4,663 | 331,003 | 4,312 | ||||||||||||||||||||||||||
Residential real estate – mortgage | 114,842 | 2,886 | 140,583 | 3,464 | 165,172 | 4,417 | ||||||||||||||||||||||||||
Equity lines of credit | 24,306 | 1,049 | 13,785 | 586 | 2,476 | 10 | ||||||||||||||||||||||||||
Equity loans | 54,708 | 1,710 | 44,143 | 1,514 | 22,880 | 902 | ||||||||||||||||||||||||||
Credit card | — | — | — | — | — | — | ||||||||||||||||||||||||||
Consumer direct | 154 | 5 | 176 | 32 | 130 | 9 | ||||||||||||||||||||||||||
Consumer indirect | 1,323 | 4 | 976 | 13 | — | — | ||||||||||||||||||||||||||
Total loans | $ | 405,365 | $ | 10,230 | $ | 591,762 | $ | 12,283 | $ | 946,014 | $ | 16,080 | ||||||||||||||||||||
The tables above do not include Purchased Impaired Loans, Purchased Nonimpaired Loans or loans held for sale. At December 31, 2014, there were $1.3 million, and $4.7 million of recorded investment and unpaid principal balance, respectively, on Purchased Impaired Loans with credit deterioration subsequent to acquisition that were individually evaluated for impairment. There was no allowance for loan losses recorded on these loans. At December 31, 2013, there were $4.8 million, $10.9 million, and $243 thousand, respectively, of recorded investment, unpaid principal balance and allowance for loan losses on Purchased Impaired Loans with credit deterioration subsequent to acquisition that were individually evaluated for impairment, respectively. Purchased Nonimpaired Loans are not included in the tables above as they are evaluated collectively on a pool basis and not on an individual basis. | ||||||||||||||||||||||||||||||||
The Company monitors the credit quality of its commercial portfolio using an internal dual risk rating, which considers both the obligor and the facility. The obligor risk ratings are defined by ranges of default probabilities of the borrowers (AAA through D) and the facility risk ratings are defined by ranges of the loss given default. The combination of those two approaches results in the assessment of the likelihood of loss and it is mapped to the regulatory classifications. The Company assigns internal risk ratings at loan origination and at regular intervals subsequent to origination. Loan review intervals are dependent on the size and risk grade of the loan, and are generally conducted at least annually. Additional reviews are conducted when information affecting the loan’s risk grade becomes available. The general characteristics of the risk grades are as follows: | ||||||||||||||||||||||||||||||||
• | The Company’s internally assigned letter grades “AAA” through “B-” correspond to the regulatory classification “Pass.” These loans do not have any identified potential or well-defined weaknesses and have a high likelihood of orderly repayment. Exceptions exist when either the facility is fully secured by a CD and held at the Company or the facility is secured by properly margined and controlled marketable securities. | |||||||||||||||||||||||||||||||
• | Internally assigned letter grades “CCC+” through “CCC” correspond to the regulatory classification “Special Mention.” Loans within this classification have potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or in the institution’s credit position at some future date. Special mention loans are not adversely classified and do not expose an institution to sufficient risk to warrant adverse classification. | |||||||||||||||||||||||||||||||
• | Internally assigned letter grades “CCC-” through “D1” correspond to the regulatory classification “Substandard.” A loan classified as substandard is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness, or weaknesses, that jeopardize the liquidation of the loan. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. | |||||||||||||||||||||||||||||||
• | The internally assigned letter grade “D2” corresponds to the regulatory classification “Doubtful.” Loans classified as doubtful have all the weaknesses inherent in one classified as 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 or improbable. | |||||||||||||||||||||||||||||||
The Company considers payment history as the best indicator of credit quality for the consumer portfolio. Nonperforming loans in the tables below include loans classified as nonaccrual, loans 90 days or more past due and loans modified in a TDR 90 days or more past due. | ||||||||||||||||||||||||||||||||
The following tables, which exclude loans held for sale and covered loans, illustrate the credit quality indicators associated with the Company’s loans, by loan class. | ||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||||||
Commercial, Financial and Agricultural | Real Estate - Construction | Commercial Real Estate - Mortgage | ||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||
Noncovered loans: | ||||||||||||||||||||||||||||||||
Pass | $ | 23,380,541 | $ | 2,098,994 | $ | 9,514,917 | ||||||||||||||||||||||||||
Special Mention | 280,934 | 42,176 | 210,337 | |||||||||||||||||||||||||||||
Substandard | 128,251 | 13,458 | 129,435 | |||||||||||||||||||||||||||||
Doubtful | 38,811 | 24 | 22,517 | |||||||||||||||||||||||||||||
$ | 23,828,537 | $ | 2,154,652 | $ | 9,877,206 | |||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||
Commercial, Financial and Agricultural | Real Estate - Construction | Commercial Real Estate - Mortgage | ||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||
Noncovered loans: | ||||||||||||||||||||||||||||||||
Pass | $ | 19,582,014 | $ | 1,707,719 | $ | 8,562,261 | ||||||||||||||||||||||||||
Special Mention | 353,638 | 9,918 | 271,500 | |||||||||||||||||||||||||||||
Substandard | 261,995 | 17,112 | 243,042 | |||||||||||||||||||||||||||||
Doubtful | 11,562 | 1,599 | 29,526 | |||||||||||||||||||||||||||||
$ | 20,209,209 | $ | 1,736,348 | $ | 9,106,329 | |||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||
Residential Real Estate -Mortgage | Equity Lines of Credit | Equity Loans | Credit Card | Consumer Direct | Consumer Indirect | |||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||
Noncovered loans: | ||||||||||||||||||||||||||||||||
Performing | $ | 13,810,857 | $ | 2,269,231 | $ | 614,064 | $ | 621,015 | $ | 649,832 | $ | 2,865,013 | ||||||||||||||||||||
Nonperforming | 111,799 | 35,553 | 20,904 | 9,441 | 3,095 | 5,395 | ||||||||||||||||||||||||||
$ | 13,922,656 | $ | 2,304,784 | $ | 634,968 | $ | 630,456 | $ | 652,927 | $ | 2,870,408 | |||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||
Residential Real Estate -Mortgage | Equity Lines of Credit | Equity Loans | Credit Card | Consumer Direct | Consumer Indirect | |||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||
Noncovered loans: | ||||||||||||||||||||||||||||||||
Performing | $ | 12,601,515 | $ | 2,199,827 | $ | 621,897 | $ | 649,796 | $ | 513,630 | $ | 2,113,918 | ||||||||||||||||||||
Nonperforming | 105,364 | 36,540 | 22,171 | 10,277 | 2,942 | 3,063 | ||||||||||||||||||||||||||
$ | 12,706,879 | $ | 2,236,367 | $ | 644,068 | $ | 660,073 | $ | 516,572 | $ | 2,116,981 | |||||||||||||||||||||
The following tables present an aging analysis of the Company’s past due loans excluding loans classified as held for sale. | ||||||||||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||||||
30-59 Days Past Due | 60-89 Days Past Due | 90 Days or More Past Due | Nonaccrual | Accruing TDRs | Total Past Due and Impaired | Not Past Due or Impaired | Total | |||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 10,829 | $ | 5,765 | $ | 1,610 | $ | 61,157 | $ | 10,127 | $ | 89,488 | $ | 23,739,049 | $ | 23,828,537 | ||||||||||||||||
Real estate – construction | 1,954 | 994 | 477 | 7,964 | 2,112 | 13,501 | 2,141,151 | 2,154,652 | ||||||||||||||||||||||||
Commercial real estate – mortgage | 9,813 | 4,808 | 628 | 89,736 | 39,841 | 144,826 | 9,732,380 | 9,877,206 | ||||||||||||||||||||||||
Residential real estate – mortgage | 45,279 | 16,510 | 2,598 | 108,357 | 69,408 | 242,152 | 13,680,504 | 13,922,656 | ||||||||||||||||||||||||
Equity lines of credit | 9,929 | 4,395 | 2,679 | 32,874 | — | 49,877 | 2,254,907 | 2,304,784 | ||||||||||||||||||||||||
Equity loans | 6,357 | 3,268 | 997 | 19,029 | 41,197 | 70,848 | 564,120 | 634,968 | ||||||||||||||||||||||||
Credit card | 5,692 | 3,921 | 9,441 | — | — | 19,054 | 611,402 | 630,456 | ||||||||||||||||||||||||
Consumer direct | 9,542 | 1,826 | 2,296 | 799 | 298 | 14,761 | 638,166 | 652,927 | ||||||||||||||||||||||||
Consumer indirect | 35,366 | 7,935 | 2,771 | 2,624 | — | 48,696 | 2,821,712 | 2,870,408 | ||||||||||||||||||||||||
Covered loans | 6,678 | 4,618 | 47,957 | 114 | — | 59,367 | 435,823 | 495,190 | ||||||||||||||||||||||||
Total loans | $ | 141,439 | $ | 54,040 | $ | 71,454 | $ | 322,654 | $ | 162,983 | $ | 752,570 | $ | 56,619,214 | $ | 57,371,784 | ||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||
30-59 Days Past Due | 60-89 Days Past Due | 90 Days or More Past Due | Nonaccrual | Accruing TDRs | Total Past Due and Impaired | Not Past Due or Impaired | Total | |||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 9,485 | $ | 6,111 | $ | 2,212 | $ | 128,231 | $ | 25,548 | $ | 171,587 | $ | 20,037,622 | $ | 20,209,209 | ||||||||||||||||
Real estate – construction | 4,258 | 1,862 | 240 | 14,183 | 3,801 | 24,344 | 1,712,004 | 1,736,348 | ||||||||||||||||||||||||
Commercial real estate – mortgage | 9,521 | 4,869 | 797 | 129,672 | 59,727 | 204,586 | 8,901,743 | 9,106,329 | ||||||||||||||||||||||||
Residential real estate – mortgage | 48,597 | 22,629 | 2,460 | 102,904 | 74,236 | 250,826 | 12,456,053 | 12,706,879 | ||||||||||||||||||||||||
Equity lines of credit | 12,230 | 6,252 | 5,109 | 31,431 | — | 55,022 | 2,181,345 | 2,236,367 | ||||||||||||||||||||||||
Equity loans | 7,630 | 3,170 | 1,167 | 20,447 | 42,850 | 75,264 | 568,804 | 644,068 | ||||||||||||||||||||||||
Credit card | 5,955 | 4,676 | 10,277 | — | — | 20,908 | 639,165 | 660,073 | ||||||||||||||||||||||||
Consumer direct | 8,736 | 3,000 | 2,402 | 540 | 91 | 14,769 | 501,803 | 516,572 | ||||||||||||||||||||||||
Consumer indirect | 24,945 | 5,276 | 1,540 | 1,523 | — | 33,284 | 2,083,697 | 2,116,981 | ||||||||||||||||||||||||
Covered loans | 1,247 | 290 | 4,122 | 5,425 | 3,455 | 14,539 | 330,291 | 344,830 | ||||||||||||||||||||||||
Total loans | $ | 132,604 | $ | 58,135 | $ | 30,326 | $ | 434,356 | $ | 209,708 | $ | 865,129 | $ | 49,412,527 | $ | 50,277,656 | ||||||||||||||||
It is the Company’s policy to classify TDRs that are not accruing interest as nonaccrual loans. It is also the Company’s policy to classify TDR past due loans that are accruing interest as TDRs and not according to their past due status. The tables above reflect this policy. | ||||||||||||||||||||||||||||||||
The following table provides a breakout of TDRs, including nonaccrual loans, and covered loans and excluding loans classified as held for sale. | ||||||||||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||||||
30-59 Days Past Due | 60-89 Days Past Due | 90 Days or More Past Due | Nonaccrual | Total Past Due and Nonaccrual | Not Past Due or Nonaccrual | Total | ||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 11 | $ | — | $ | — | $ | 2,052 | $ | 2,063 | $ | 10,116 | $ | 12,179 | ||||||||||||||||||
Real estate – construction | — | — | — | 200 | 200 | 2,112 | 2,312 | |||||||||||||||||||||||||
Commercial real estate – mortgage | 371 | 536 | — | 7,068 | 7,975 | 38,934 | 46,909 | |||||||||||||||||||||||||
Residential real estate – mortgage | 2,440 | 2,688 | 844 | 32,518 | 38,490 | 63,436 | 101,926 | |||||||||||||||||||||||||
Equity lines of credit | — | — | — | 24,519 | 24,519 | — | 24,519 | |||||||||||||||||||||||||
Equity loans | 2,182 | 1,124 | 878 | 12,504 | 16,688 | 37,013 | 53,701 | |||||||||||||||||||||||||
Credit card | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Consumer direct | 105 | — | — | 40 | 145 | 193 | 338 | |||||||||||||||||||||||||
Consumer indirect | — | — | — | 1,490 | 1,490 | — | 1,490 | |||||||||||||||||||||||||
Covered loans | — | — | — | 17 | 17 | — | 17 | |||||||||||||||||||||||||
Total loans | $ | 5,109 | $ | 4,348 | $ | 1,722 | $ | 80,408 | $ | 91,587 | $ | 151,804 | $ | 243,391 | ||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||
30-59 Days Past Due | 60-89 Days Past Due | 90 Days or More Past Due | Nonaccrual | Total Past Due and Nonaccrual | Not Past Due or Nonaccrual | Total | ||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 5 | $ | — | $ | — | $ | 20,498 | $ | 20,503 | $ | 25,543 | $ | 46,046 | ||||||||||||||||||
Real estate – construction | 32 | 50 | — | 181 | 263 | 3,719 | 3,982 | |||||||||||||||||||||||||
Commercial real estate – mortgage | 2,345 | — | — | 13,910 | 16,255 | 57,382 | 73,637 | |||||||||||||||||||||||||
Residential real estate – mortgage | 3,755 | 2,747 | 760 | 30,492 | 37,754 | 66,974 | 104,728 | |||||||||||||||||||||||||
Equity lines of credit | — | — | — | 24,592 | 24,592 | — | 24,592 | |||||||||||||||||||||||||
Equity loans | 1,799 | 1,022 | 557 | 12,823 | 16,201 | 39,472 | 55,673 | |||||||||||||||||||||||||
Credit card | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Consumer direct | — | — | — | 90 | 90 | 91 | 181 | |||||||||||||||||||||||||
Consumer indirect | — | — | — | 1,443 | 1,443 | — | 1,443 | |||||||||||||||||||||||||
Covered loans | 21 | — | — | 5,428 | 5,449 | 3,434 | 8,883 | |||||||||||||||||||||||||
Total loans | $ | 7,957 | $ | 3,819 | $ | 1,317 | $ | 109,457 | $ | 122,550 | $ | 196,615 | $ | 319,165 | ||||||||||||||||||
At December 31, 2014, there were no loans held for sale classified as TDRs. At December 31, 2013, there were $3.6 million of nonaccrual loans held for sale classified as TDRs. | ||||||||||||||||||||||||||||||||
Within each of the Company’s loan classes, TDRs typically involve modification of the loan interest rate to a below market rate or an extension or deferment of the loan. During the year ended December 31, 2014, $10.9 million of TDR modifications included an interest rate concession and $36.5 million of TDR modifications resulted from modifications to the loan’s structure. During the year ended December 31, 2013, $29.6 million of TDR modifications included an interest rate concession and $63.7 million of TDR modifications resulted from modifications to the loan’s structure. | ||||||||||||||||||||||||||||||||
The following table presents an analysis of the types of loans that were restructured and classified as TDRs, excluding loans classified as held for sale. | ||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||
Number of Contracts | Post-Modification Outstanding Recorded Investment | Number of Contracts | Post-Modification Outstanding Recorded Investment | Number of Contracts | Post-Modification Outstanding Recorded Investment | |||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | 4 | $ | 14,281 | 9 | $ | 6,464 | 8 | $ | 23,828 | |||||||||||||||||||||||
Real estate – construction | 3 | 476 | 3 | 2,409 | 21 | 13,334 | ||||||||||||||||||||||||||
Commercial real estate – mortgage | 10 | 6,619 | 19 | 5,215 | 18 | 25,001 | ||||||||||||||||||||||||||
Residential real estate – mortgage | 89 | 11,462 | 216 | 29,637 | 139 | 28,343 | ||||||||||||||||||||||||||
Equity lines of credit | 161 | 7,821 | 512 | 25,281 | 3 | 2 | ||||||||||||||||||||||||||
Equity loans | 64 | 4,867 | 438 | 21,387 | 127 | 9,190 | ||||||||||||||||||||||||||
Credit card | — | — | — | — | 1 | — | ||||||||||||||||||||||||||
Consumer direct | 4 | 265 | 19 | 157 | 2 | 136 | ||||||||||||||||||||||||||
Consumer indirect | 102 | 1,572 | 429 | 2,481 | — | — | ||||||||||||||||||||||||||
Covered | 3 | 15 | 6 | 259 | 5 | 34 | ||||||||||||||||||||||||||
In response to guidance issued by a national bank regulatory agency during 2013, the Company concluded that $52.6 million of loans that had been discharged in bankruptcy and not reaffirmed by the borrower should be classified as nonperforming TDRs. The Company estimated the allowance for loan losses for these loans based on collateral shortfall and accordingly the allowance for loan losses was increased by $33.5 million during 2013. | ||||||||||||||||||||||||||||||||
For the years ended December 31, 2014 and 2013, charge-offs and changes to the allowance related to modifications classified as TDRs, excluding the nonreaffirmed loans discharged in bankruptcy, were not material. | ||||||||||||||||||||||||||||||||
The Company considers TDRs aged 90 days or more past due, charged off or classified as nonaccrual subsequent to modification, where the loan was not classified as a nonperforming loan at the time of modification, as subsequently defaulted. | ||||||||||||||||||||||||||||||||
The following tables provide a summary of initial subsequent defaults that occurred within one year of the restructure date. The table excludes loans classified as held for sale as of period-end and includes loans no longer in default as of year-end. | ||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Number of Contracts | Recorded Investment at Default | Number of Contracts | Recorded Investment at Default | Number of Contracts | Recorded Investment at Default | |||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | — | $ | — | 1 | $ | 9,531 | — | $ | — | |||||||||||||||||||||||
Real estate – construction | — | — | — | — | 4 | 1,792 | ||||||||||||||||||||||||||
Commercial real estate – mortgage | 1 | 2,198 | 2 | 529 | 13 | 24,289 | ||||||||||||||||||||||||||
Residential real estate – mortgage | 7 | 1,157 | 14 | 2,500 | 12 | 2,619 | ||||||||||||||||||||||||||
Equity lines of credit | 3 | 275 | 5 | 309 | — | — | ||||||||||||||||||||||||||
Equity loans | 8 | 893 | 7 | 447 | 8 | 692 | ||||||||||||||||||||||||||
Credit card | — | — | — | — | — | — | ||||||||||||||||||||||||||
Consumer direct | — | — | — | — | — | — | ||||||||||||||||||||||||||
Consumer indirect | — | — | — | — | — | — | ||||||||||||||||||||||||||
Covered loans | 1 | 4 | 1 | 35 | 2 | 2,051 | ||||||||||||||||||||||||||
The Company’s allowance for loan losses is largely driven by updated risk ratings assigned to commercial loans, updated borrower credit scores on consumer loans, and borrower delinquency history in both commercial and consumer portfolios. As such, the provision for loan losses is impacted primarily by changes in borrower payment performance rather than TDR classification. In addition, all commercial and consumer loans modified in a TDR are considered to be impaired, even if they maintain their accrual status. | ||||||||||||||||||||||||||||||||
At December 31, 2014 and 2013, there were $1.1 million and $3.9 million, respectively, of commitments to lend additional funds to borrowers whose terms have been modified in a TDR. |
Loan_Sales_and_Servicing
Loan Sales and Servicing | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Transfers and Servicing [Abstract] | ||||||||||||
Loan Sales and Servicing | Loan Sales and Servicing | |||||||||||
The following table presents the composition of the loans held for sale portfolio. | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(In Thousands) | ||||||||||||
Loans held for sale: | ||||||||||||
Real estate – construction | $ | — | $ | 4,447 | ||||||||
Commercial real estate – mortgage | — | 2,912 | ||||||||||
Residential real estate – mortgage | 154,816 | 139,750 | ||||||||||
Total loans held for sale | $ | 154,816 | $ | 147,109 | ||||||||
During the years ended December 31, 2014, 2013 and 2012, the Company transferred loans with a recorded balance immediately preceding the transfer totaling $21 million, $124 million and $316 million, respectively, from the held for investment portfolio to loans held for sale. The Company recognized charge-offs upon transfer of these loans totaling $6.5 million, $32.5 million and $111.3 million during the years ended December 31, 2014, 2013 and 2012, respectively. The Company sold loans and loans held for sale with a recorded balance of $108 million, $204 million and $352 million, excluding loans originated for sale in the secondary market, during the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||
Sales of residential real estate – mortgage loans originated for sale in the secondary market, including loans originated for sale where the Company retained servicing responsibilities, were $1.1 billion, $1.6 billion and $1.2 billion for the years ended December 31, 2014, 2013 and 2012, respectively. The Company recognized net gains of $34.7 million, $21.5 million and $48.7 million on the sale of residential real estate - mortgage loans originated for sale during 2014, 2013, and 2012, respectively. These gains were recorded in mortgage banking income in the Company’s Consolidated Statements of Income. | ||||||||||||
Residential Real Estate Mortgage Loans Sold with Retained Servicing | ||||||||||||
During 2014, 2013, and 2012, the Company sold $1.1 billion, $1.5 billion and $1.1 billion, respectively, of residential real estate - mortgage loans originated for sale where the Company retained servicing responsibilities. For these sold loans, there is no recourse to the Company for the failures of debtors to pay when due. At December 31, 2014, 2013, and 2012, the Company was servicing $3.3 billion, $2.7 billion, and $1.5 billion, respectively, of residential real estate - mortgage loans sold with retained servicing. These loans are not included in loans on the Company’s Consolidated Balance Sheets. | ||||||||||||
In connection with residential real estate - mortgage loans sold with retained servicing, the Company receives annual servicing fees based on a percentage of the outstanding balance. The Company recognized servicing fees of $16.0 million, $10.5 million and $2.0 million during 2014, 2013 and 2012, respectively, as a component of other noninterest income in the Company’s Consolidated Statements of Income. At December 31, 2014, 2013, and 2012, the Company had recorded $35 million, $30 million, and $13 million of MSRs, respectively, under the fair value method in other assets on the Company’s Consolidated Balance Sheets. | ||||||||||||
The fair value of MSRs is significantly affected by mortgage interest rates available in the marketplace, which influence mortgage loan prepayment speeds. In general, during periods of declining rates, the fair value of MSRs declines due to increasing prepayments attributable to increased mortgage-refinance activity. During periods of rising interest rates, the fair value of MSRs generally increases due to reduced refinance activity. The Company maintains a non-qualifying hedging strategy to manage a portion of the risk associated with changes in the fair value of the MSR portfolio. This strategy includes the purchase of various trading securities. The interest income, mark-to-market adjustments and gain or loss from sale activities associated with these securities are expected to economically hedge a portion of the change in the fair value of the MSR portfolio. | ||||||||||||
The following table is an analysis of the activity in the Company’s residential MSRs for the years. | ||||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In Thousands) | ||||||||||||
Carrying value, at beginning of year | $ | 30,065 | $ | 13,255 | $ | 4,264 | ||||||
Additions | 11,494 | 16,746 | 11,472 | |||||||||
Increase (decrease) in fair value: | ||||||||||||
Due to changes in valuation inputs or assumptions | (3,851 | ) | 1,634 | (1,512 | ) | |||||||
Due to other changes in fair value (1) | (2,220 | ) | (1,570 | ) | (969 | ) | ||||||
Carrying value, at end of year | $ | 35,488 | $ | 30,065 | $ | 13,255 | ||||||
-1 | Represents the realization of expected net servicing cash flows, expected borrower repayments and the passage of time. | |||||||||||
See Note 20, Fair Value of Financial Instruments, for additional disclosures related to the assumptions and estimates used in determining fair value of residential MSRs. | ||||||||||||
At December 31, 2014 and 2013, the sensitivity of the current fair value of the residential MSRs to immediate 10% and 20% adverse changes in key economic assumptions are included in the following table: | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(Dollars in Thousands) | ||||||||||||
Fair value of residential mortgage servicing rights | $ | 35,488 | $ | 30,065 | ||||||||
Composition of residential loans serviced for others: | ||||||||||||
Fixed rate mortgage loans | 96.1 | % | 96.4 | % | ||||||||
Adjustable rate mortgage loans | 3.9 | 3.6 | ||||||||||
Total | 100 | % | 100 | % | ||||||||
Weighted average life (in years) | 6.2 | 6.9 | ||||||||||
Prepayment speed: | 10.6 | % | 8.8 | % | ||||||||
Effect on fair value of a 10% increase | (1,220 | ) | -743 | |||||||||
Effect on fair value of a 20% increase | (2,375 | ) | (1,492 | ) | ||||||||
Weighted average discount rate: | 10.1 | % | 10 | % | ||||||||
Effect on fair value of a 10% increase | (1,291 | ) | (1,167 | ) | ||||||||
Effect on fair value of a 20% increase | (2,492 | ) | (2,247 | ) | ||||||||
The sensitivity calculations above are hypothetical and should not be considered to be predictive of future performance. As indicated, changes in fair value based on adverse changes in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, in this table, the effect of an adverse variation in a particular assumption on the fair value of the MSRs is calculated without changing any other assumption; while in reality, changes in one factor may result in changes in another, which may magnify or counteract the effect of the change. |
Premises_and_Equipment
Premises and Equipment | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Premises and Equipment | Premises and Equipment | |||||||
A summary of the Company’s premises and equipment is presented below. | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
(In Thousands) | ||||||||
Land | $ | 325,997 | $ | 340,181 | ||||
Buildings | 570,210 | 566,785 | ||||||
Furniture, fixtures and equipment | 400,080 | 403,881 | ||||||
Software | 655,525 | 567,366 | ||||||
Leasehold improvements | 161,968 | 156,261 | ||||||
Construction / projects in progress | 96,086 | 110,916 | ||||||
2,209,866 | 2,145,390 | |||||||
Less: Accumulated depreciation and amortization | 858,387 | 724,402 | ||||||
Total premises and equipment | $ | 1,351,479 | $ | 1,420,988 | ||||
The Company recognized $177.8 million, $169.5 million and $135.8 million of depreciation expense related to the above premises and equipment for the years ended December 31, 2014, 2013 and 2012, respectively. |
Bank_Owned_Life_Insurance
Bank Owned Life Insurance | 12 Months Ended |
Dec. 31, 2014 | |
Investments, All Other Investments [Abstract] | |
Bank Owned Life Insurance | Bank Owned Life Insurance |
The Company maintains life insurance policies on certain of its executives and employees. At December 31, 2014 and 2013, the cash surrender values on the underlying life insurance policies totaled $694 million and $683 million, respectively, which are recorded as bank owned life insurance on the Company’s Consolidated Balance Sheets. These cash surrender values are classified separately from related split dollar life insurance arrangements of $7 million and $6 million at December 31, 2014 and 2013, respectively, which are recorded on the Company’s Consolidated Balance Sheets as accrued expenses and other liabilities. Changes to the underlying cash surrender value are recorded in noninterest income in the Company’s Consolidated Statements of Income and for the years ended December 31, 2014, 2013 and 2012 totaled $18.6 million, $17.7 million and $20.3 million, respectively. |
Goodwill_and_Other_Acquired_In
Goodwill and Other Acquired Intangible Assets | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||
Goodwill and Other Acquired Intangible Assets | Goodwill and Other Acquired Intangible Assets | |||||||||||||||||||||||
A summary of the activity related to the Company’s goodwill follows. | ||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Balance, January 1: | ||||||||||||||||||||||||
Goodwill | $ | 9,734,348 | $ | 9,734,348 | ||||||||||||||||||||
Accumulated impairment losses | (4,762,703 | ) | (4,762,703 | ) | ||||||||||||||||||||
Goodwill, net at January 1 | 4,971,645 | 4,971,645 | ||||||||||||||||||||||
Annual activity: | ||||||||||||||||||||||||
Goodwill acquired during the year | 89,401 | — | ||||||||||||||||||||||
Disposition adjustments | (1,699 | ) | — | |||||||||||||||||||||
Impairment losses | (12,500 | ) | — | |||||||||||||||||||||
Balance, December 31: | ||||||||||||||||||||||||
Goodwill | 9,822,050 | 9,734,348 | ||||||||||||||||||||||
Accumulated impairment losses | (4,775,203 | ) | (4,762,703 | ) | ||||||||||||||||||||
Goodwill, net at December 31 | $ | 5,046,847 | $ | 4,971,645 | ||||||||||||||||||||
During the 2014 year, the Company acquired Simple resulting in the recognition of $89 million of goodwill. During the Company's 2014 annual goodwill impairment test, $12.5 million of goodwill attributable to the Simple reporting unit was determined to be impaired. Additionally, during 2014 the Company sold a non-strategic money management business unit resulting in the derecognition of $1.7 million of goodwill attributable to this business unit. | ||||||||||||||||||||||||
In accordance with the applicable accounting guidance, the Company performs annual tests to identify potential impairment of goodwill. The tests are required to be performed annually and more frequently if events or circumstances indicate a potential impairment may exist. In step one of the impairment test, the Company compares the fair value of each reporting unit with its carrying amount, including goodwill. If the carrying amount of a reporting unit exceeds its fair value, step two of the impairment test is required to be performed to measure the amount of impairment loss, if any. Step two compares the implied fair value of goodwill attributable to each reporting unit to the carrying amount of that goodwill. The implied fair value of goodwill is determined in the same manner as the amount of goodwill recognized in a business combination; an entity allocates the fair value determined in step one for the reporting unit to all of the assets and liabilities of that unit as if the reporting unit had been acquired in a business combination. If the carrying amount of the reporting unit goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to that excess. | ||||||||||||||||||||||||
The Company tests its identified reporting units with goodwill for impairment on an annual basis or more often if events and circumstances indicate impairment may exist. The most recent goodwill impairment test occurred as of October 31, 2014. The results of this test indicated $12.5 million of goodwill impairment related to the Simple reporting unit. For the Company's three remaining reporting units with goodwill, the most recent goodwill impairment test indicated that no goodwill impairment existed at that time. | ||||||||||||||||||||||||
At December 31, 2014, the goodwill, net of accumulated impairment losses, attributable to each of the Company’s four identified reporting units is as follows: Wealth and Retail Banking - $2.0 billion, Commercial Banking - $2.4 billion, Corporate and Investment Banking - $568 million, and Simple - $77 million. | ||||||||||||||||||||||||
Through December 31, 2014, the Company had recognized accumulated goodwill impairment losses of $1.4 billion, $2.5 billion, $249 million, and $13 million within the Wealth and Retail Banking, Commercial Banking, Corporate and Investment Banking, and Simple reporting units, respectively. In addition, the Company has previously recognized $694 million of accumulated goodwill impairment losses from reporting units that no longer have a goodwill balance. | ||||||||||||||||||||||||
Both the step one fair values of the reporting units and the step two allocations of the fair values of the reporting units’ assets and liabilities are based upon management’s estimates and assumptions. Although management has used the estimates and assumptions it believes to be most appropriate in the circumstances, it should be noted that even relatively minor changes in certain valuation assumptions used in management’s calculations would result in significant differences in the results of the impairment tests. As an example, the discount rates used in the step one valuation are a key valuation assumption. In the Company’s step one test at October 31, 2014, the combined carrying value of the reporting units with goodwill exceeded the combined fair value by approximately $1.3 billion. If the discount rates used in the step one test were increased by 50 basis points and 100 basis points, the $1.3 billion excess carrying value would decrease to a surplus to fair value of $293 million and a deficit to fair value of $742 million, respectively. | ||||||||||||||||||||||||
A further protracted stagnation of the U.S. and global economies during 2015, especially in the banking sector, could further negatively impact future goodwill impairment tests for the Company, resulting in additional goodwill impairment charges. | ||||||||||||||||||||||||
In addition to goodwill, the Company also has finite-lived intangible assets in the form of core deposit intangibles and other identifiable intangibles. These core deposit intangibles and other identifiable intangibles are amortized over their estimated useful lives, which, at December 31, 2014, approximated 3.1 years for core deposit intangibles and 3.0 years for other identifiable intangible assets. The Company reviews intangible assets for possible impairment whenever events or circumstances indicate that carrying amounts may not be recoverable. | ||||||||||||||||||||||||
Intangible assets are detailed in the following table. | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Value | Gross Carrying Amount | Accumulated Amortization | Net Carrying Value | |||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Other intangible assets: | ||||||||||||||||||||||||
Core deposit intangibles | $ | 772,024 | $ | 713,233 | $ | 58,791 | $ | 772,024 | $ | 670,710 | $ | 101,314 | ||||||||||||
Other identifiable intangibles | 42,300 | 30,307 | 11,993 | 37,847 | 30,121 | 7,726 | ||||||||||||||||||
Total other intangible assets | $ | 814,324 | $ | 743,540 | $ | 70,784 | $ | 809,871 | $ | 700,831 | $ | 109,040 | ||||||||||||
The Company recognized $50.9 million, $60.7 million and $91.7 million of intangible amortization expense during the years ended December 31, 2014, 2013 and 2012, respectively. At December 31, 2014, estimated future amortization expense was as follows: | ||||||||||||||||||||||||
Year Ended December 31 | ||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
2015 | $ | 39,200 | ||||||||||||||||||||||
2016 | 16,400 | |||||||||||||||||||||||
2017 | 10,100 | |||||||||||||||||||||||
2018 | 5,100 | |||||||||||||||||||||||
2019 | — | |||||||||||||||||||||||
Deposits
Deposits | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Banking and Thrift [Abstract] | ||||
Deposits | Deposits | |||
Time deposits of less than $100,000 totaled $4.2 billion at December 31, 2014, while time deposits of $100,000 or more totaled $8.5 billion. At December 31, 2014, the scheduled maturities of time deposits were as follows. | ||||
(In Thousands) | ||||
2015 | $ | 5,620,338 | ||
2016 | 3,731,153 | |||
2017 | 1,194,515 | |||
2018 | 1,121,728 | |||
2019 | 864,500 | |||
Thereafter | 134,725 | |||
Total | $ | 12,666,959 | ||
At December 31, 2014 and 2013, demand deposit overdrafts reclassified to loans totaled $16 million and $14 million, respectively. In addition to the securities and loans the Company has pledged as collateral to secure public deposits and FHLB advances at December 31, 2014, the Company also had $4.5 billion of standby letters of credit issued by the FHLB to secure public deposits. |
ShortTerm_Borrowings
Short-Term Borrowings | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||
Short-Term Borrowings | Short-Term Borrowings | ||||||||||||||
The short-term borrowings table below shows the distribution of the Company’s short-term borrowed funds. | |||||||||||||||
Ending Balance | Ending Average Interest Rate | Average Balance | Maximum Outstanding Balance | ||||||||||||
(Dollars in Thousands) | |||||||||||||||
As of and for the year ended | |||||||||||||||
31-Dec-14 | |||||||||||||||
Federal funds purchased | $ | 693,819 | 0.27 | % | $ | 722,753 | $ | 960,935 | |||||||
Securities sold under agreements to repurchase | 435,684 | 0.73 | 212,686 | 435,684 | |||||||||||
Total | 1,129,503 | 935,439 | 1,396,619 | ||||||||||||
Other short-term borrowings | 2,545,724 | 1.62 | 385,461 | 2,545,724 | |||||||||||
Total short-term borrowings | $ | 3,675,227 | $ | 1,320,900 | $ | 3,942,343 | |||||||||
As of and for the year ended | |||||||||||||||
31-Dec-13 | |||||||||||||||
Federal funds purchased | $ | 704,190 | 0.26 | % | $ | 815,541 | $ | 1,022,735 | |||||||
Securities sold under agreements to repurchase | 148,380 | 0.01 | 164,218 | 456,263 | |||||||||||
Total | 852,570 | 979,759 | 1,478,998 | ||||||||||||
Other short-term borrowings | 5,591 | 2.48 | 12,739 | 28,630 | |||||||||||
Total short-term borrowings | $ | 858,161 | $ | 992,498 | $ | 1,507,628 | |||||||||
FHLB_and_Other_Borrowings
FHLB and Other Borrowings | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Debt Disclosure [Abstract] | ||||||||||||
FHLB and Other Borrowings | FHLB and Other Borrowings | |||||||||||
The following table details the Company’s FHLB advances and other borrowings including maturities and interest rates as of December 31, 2014. | ||||||||||||
December 31, | ||||||||||||
Maturity Dates | 2014 | 2013 | ||||||||||
(In Thousands) | ||||||||||||
FHLB advances: | ||||||||||||
LIBOR-based floating rate (weighted average rate of 0.56%) | 2016-2021 | $ | 525,000 | $ | 525,000 | |||||||
Fixed rate (weighted average rate of 1.68%) | 2015-2035 | 2,463,543 | 2,949,595 | |||||||||
Unamortized discount | (102 | ) | (351 | ) | ||||||||
Total FHLB advances | 2,988,441 | 3,474,244 | ||||||||||
Senior notes and subordinated debentures: | ||||||||||||
1.85% senior notes | 2017 | 400,000 | — | |||||||||
2.75% senior notes | 2019 | 600,000 | — | |||||||||
6.40% subordinated debentures | 2017 | 350,000 | 350,000 | |||||||||
5.50% subordinated debentures | 2020 | 227,764 | 227,764 | |||||||||
5.90% subordinated debentures | 2026 | 71,086 | 71,086 | |||||||||
Fair value of hedged subordinated debentures | 83,953 | 84,567 | ||||||||||
Net unamortized discount | (15,135 | ) | (12,719 | ) | ||||||||
Total senior notes and subordinated debentures | 1,717,668 | 720,698 | ||||||||||
Capital securities: | ||||||||||||
LIBOR plus 3.05% floating rate debentures payable to State National Capital Trust I (1) | 2033 | 15,470 | 15,470 | |||||||||
LIBOR plus 2.85% floating rate debentures payable to Texas Regional Statutory Trust I (1) | 2034 | 51,547 | 51,547 | |||||||||
LIBOR plus 2.60% floating rate debentures payable to TexasBanc Capital Trust I (1) | 2034 | 25,774 | 25,774 | |||||||||
LIBOR plus 2.79% floating rate debentures payable to State National Statutory Trust II (1) | 2034 | 10,310 | 10,310 | |||||||||
Unamortized premium | 633 | 664 | ||||||||||
Total capital securities | 103,734 | 103,765 | ||||||||||
Total FHLB and other borrowings | $ | 4,809,843 | $ | 4,298,707 | ||||||||
-1 | Majority of amounts qualify for Tier 1 capital. | |||||||||||
During September 2014, the Bank issued $400 million aggregate principal amount of unsecured senior notes due 2017 that pay a fixed annual coupon of 1.85% and $600 million aggregate principal amount of unsecured senior notes due 2019 that pay a fixed annual coupon of 2.75%. | ||||||||||||
In May 2013, the Company completed a tender offer to purchase $53.9 million of the Company's 5.90% subordinated debentures due 2026 and $72.2 million in aggregate principal amount of the Company’s 5.50% subordinated debentures due 2020. The tender offer resulted in a partial extinguishment of the Company’s outstanding 2026 and 2020 subordinated debentures. A gain of $23.6 million related to the partial extinguishment was recorded in noninterest income for the year ended December 31, 2013. | ||||||||||||
In June 2013, the Company redeemed its 10.18% fixed rate capital securities due 2031. The aggregate principal amount of these notes was approximately $10 million. | ||||||||||||
The following table presents maturity information for the Company’s FHLB and other borrowings, including the fair value of hedged senior notes and subordinated debentures and unamortized discounts and premiums, as of December 31, 2014. | ||||||||||||
FHLB Advances | Senior Notes and Subordinated Debentures | Capital Securities | ||||||||||
(In Thousands) | ||||||||||||
Maturing: | ||||||||||||
2015 | $ | 649,974 | $ | — | $ | — | ||||||
2016 | 1,012,410 | — | — | |||||||||
2017 | 94 | 832,234 | — | |||||||||
2018 | 17 | — | — | |||||||||
2019 | 1,020,000 | 596,752 | — | |||||||||
Thereafter | 305,946 | 288,682 | 103,734 | |||||||||
Total | $ | 2,988,441 | $ | 1,717,668 | $ | 103,734 | ||||||
Capital_Securities_and_Preferr
Capital Securities and Preferred Stock | 12 Months Ended |
Dec. 31, 2014 | |
Equity [Abstract] | |
Capital Securities and Preferred Stock | Capital Securities and Preferred Stock |
Capital Securities | |
At December 31, 2014, the Company had four subsidiary business trusts (TexasBanc Capital Trust I, State National Capital Trust I, State National Statutory Trust II and Texas Regional Statutory Trust I) as noted in Note 11, FHLB and Other Borrowings, which had issued Trust Preferred Securities. As guarantor, the Company unconditionally guarantees payment of accrued and unpaid distributions required to be paid on the Trust Preferred Securities, the redemption price when the Trust Preferred Securities are called for redemption, and amounts due if a trust is liquidated or terminated. | |
The Company owns all of the outstanding common stock of each of the four trusts. The trusts used the proceeds from the issuance of their Trust Preferred Securities and common securities to buy debentures issued by the Parent. These Capital Securities are the trusts’ only assets, and the interest payments the subsidiary business trusts receive from the Capital Securities are used to finance the distributions paid on the Trust Preferred Securities. In accordance with ASC Topic 810, the subsidiary business trusts are not consolidated by the Company. The Capital Securities are included as FHLB and other borrowings on the Company’s Consolidated Balance Sheets as of December 31, 2014 and 2013. | |
The Trust Preferred Securities must be redeemed when the related Capital Securities mature, or earlier, if provided in the governing indenture. Each issue of Trust Preferred Securities carries an interest rate identical to that of the related Capital Securities. The Trust Preferred Securities qualify as Tier 1 capital, subject to regulatory limitations, under guidelines established by the Federal Reserve. | |
All of the subsidiary business trusts have the right to redeem their Trust Preferred Securities currently. | |
Class B Preferred Stock | |
In December 2000, a subsidiary of the Bank issued $21 million of Class B Preferred Stock. The Preferred Stock outstanding was approximately $24 million at both December 31, 2014 and 2013, respectively, and is classified as noncontrolling interests on the Company’s Consolidated Balance Sheets. The Preferred Stock qualifies as Tier 1 capital under Federal Reserve guidelines. The Preferred Stock dividends are preferential, non-cumulative and payable semi-annually in arrears on June 15 and December 15 of each year, commencing June 15, 2001, at a rate per annum equal to 9.875% of the liquidation preference of $1,000 per share when and if declared by the board of directors of the subsidiary, in its sole discretion, out of funds legally available for such payment. | |
The Preferred Stock is redeemable for cash, at the option of the subsidiary, in whole or in part, at any time on or after June 15, 2021. Prior to June 15, 2021, the Preferred Stock is not redeemable, except that prior to such date, the Preferred Stock may be redeemed for cash, at the option of the subsidiary, in whole but not in part, only upon the occurrence of certain tax or regulatory events. Any such redemption is subject to the prior approval of the Federal Reserve. The Preferred Stock is not redeemable at the option of the holders thereof at any time. |
Derivatives_and_Hedging
Derivatives and Hedging | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||
Derivatives and Hedging | Derivatives and Hedging | |||||||||||||||||||||||
The Company is a party to derivative instruments in the normal course of business for trading purposes and for purposes other than trading to meet the financing needs of its customers and to reduce its own exposure to fluctuations in interest rates and foreign currency exchange rates. The Company has made an accounting policy decision to not offset derivative fair value amounts under master netting agreements. See Note 1, Summary of Significant Accounting Policies, for additional information on the Company’s accounting policies related to derivative instruments and hedging activities. The following table reflects the notional amount and fair value of derivative instruments included on the Company’s Consolidated Balance Sheets on a gross basis. | ||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
Fair Value | Fair Value | |||||||||||||||||||||||
Notional Amount | Derivative Assets (1) | Derivative Liabilities (2) | Notional Amount | Derivative Assets (1) | Derivative Liabilities (2) | |||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||
Fair value hedges: | ||||||||||||||||||||||||
Interest rate swaps related to long-term debt | $ | 1,423,950 | $ | 69,700 | $ | — | $ | 423,950 | $ | 67,623 | $ | — | ||||||||||||
Total fair value hedges | 69,700 | — | 67,623 | — | ||||||||||||||||||||
Cash flow hedges: | ||||||||||||||||||||||||
Interest rate contracts: | ||||||||||||||||||||||||
Swaps related to commercial loans | 1,100,000 | 1,793 | 1,023 | 200,000 | 3,652 | — | ||||||||||||||||||
Swaps related to FHLB advances | 320,000 | — | 13,474 | 320,000 | — | 11,862 | ||||||||||||||||||
Total cash flow hedges | 1,793 | 14,497 | 3,652 | 11,862 | ||||||||||||||||||||
Total derivatives designated as hedging instruments | $ | 71,493 | $ | 14,497 | $ | 71,275 | $ | 11,862 | ||||||||||||||||
Free-standing derivatives not designated as hedging instruments: | ||||||||||||||||||||||||
Futures contracts related to mortgage servicing rights (3) | $ | 35,000 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Interest rate contracts: | ||||||||||||||||||||||||
Forward contracts related to held for sale mortgages | 189,000 | 18 | 1,576 | 171,364 | 1,727 | 56 | ||||||||||||||||||
Equity contracts: | ||||||||||||||||||||||||
Purchased equity option related to equity-linked CDs | 821,849 | 76,487 | — | 588,377 | 47,875 | — | ||||||||||||||||||
Swap associated with sale of Visa, Inc. Class B shares | 57,393 | — | 1,435 | 49,748 | — | 1,244 | ||||||||||||||||||
Foreign exchange contracts: | ||||||||||||||||||||||||
Forwards related to commercial loans | 602,066 | 5,529 | 612 | 424,797 | 1,072 | 2,690 | ||||||||||||||||||
Spots related to commercial loans | 74,940 | 41 | 80 | 41,133 | 55 | 56 | ||||||||||||||||||
Futures contracts (3) | 307,000 | — | — | 657,000 | — | — | ||||||||||||||||||
Interest rate lock commitments | 180,822 | 2,319 | 1 | 129,791 | 947 | 57 | ||||||||||||||||||
Written equity option related to equity-linked CDs | 795,467 | — | 74,319 | 576,196 | — | 46,573 | ||||||||||||||||||
Trading account assets and liabilities: | ||||||||||||||||||||||||
Interest rate contracts for customers | 18,678,390 | 296,239 | 236,763 | 13,474,347 | 262,578 | 200,899 | ||||||||||||||||||
Commodity contracts for customers | 264,491 | 25,569 | 25,448 | 906,650 | 23,132 | 18,373 | ||||||||||||||||||
Foreign exchange contracts for customers | 425,123 | 8,268 | 7,527 | 145,175 | 4,450 | 3,894 | ||||||||||||||||||
Total trading account assets and liabilities | 330,076 | 269,738 | 290,160 | 223,166 | ||||||||||||||||||||
Total free-standing derivative instruments not designated as hedging instruments | $ | 414,470 | $ | 347,761 | $ | 341,836 | $ | 273,842 | ||||||||||||||||
-1 | Derivative assets, except for trading account assets that are recorded as a component of trading account assets on the Consolidated Balance Sheets, are recorded in other assets on the Company’s Consolidated Balance Sheets. | |||||||||||||||||||||||
-2 | Derivative liabilities are recorded in accrued expenses and other liabilities on the Company’s Consolidated Balance Sheets. | |||||||||||||||||||||||
-3 | Changes in fair value are cash settled daily; therefore, there is no ending balance at any given reporting period. | |||||||||||||||||||||||
Hedging Derivatives | ||||||||||||||||||||||||
The Company uses derivative instruments to manage the risk of earnings fluctuations caused by interest rate volatility. For those financial instruments that qualify and are designated as a hedging relationship, either a fair value hedge or cash flow hedge, the effect of interest rate movements on the hedged assets or liabilities will generally be offset by the derivative instrument. See Note 1, Summary of Significant Accounting Policies, for additional information on the Company’s accounting policies related to derivative instruments and hedging activities. | ||||||||||||||||||||||||
Fair Value Hedges | ||||||||||||||||||||||||
The Company enters into fair value hedging relationships using interest rate swaps to mitigate the Company’s exposure to losses in value as interest rates change. Derivative instruments that are used as part of the Company’s interest rate risk management strategy include interest rate swaps that relate to the pricing of specific balance sheet assets and liabilities. Interest rate swaps generally involve the exchange of fixed and variable rate interest payments between two parties, based on a common notional principal amount and maturity date. | ||||||||||||||||||||||||
Interest rate swaps are used to convert the Company’s fixed rate long-term debt to a variable rate. The critical terms of the interest rate swaps match the terms of the corresponding hedged items. All components of each derivative instrument’s gain or loss are included in the assessment of hedge effectiveness. | ||||||||||||||||||||||||
The Company recognized no gains or losses for the years ended December 31, 2014, 2013 and 2012 related to hedged firm commitments no longer qualifying as a fair value hedge. At December 31, 2014, the fair value hedges had a weighted average expected remaining term of 4.1 years. | ||||||||||||||||||||||||
During the year ended December 31, 2013, the Company partially extinguished $126 million in aggregate principal amount of subordinated debentures. In connection with this extinguishment, the Company unwound $126 million of swaps associated with this issuance. See Note 11, FHLB and Other Borrowings, for further discussion. | ||||||||||||||||||||||||
The following table reflects the change in fair value for interest rate contracts and the related hedged items as well as other gains and losses related to fair value hedges including gains and losses recognized because of hedge ineffectiveness. | ||||||||||||||||||||||||
Gain (Loss) for the Years Ended | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
Consolidated Statements of Income Caption | 2014 | 2013 | 2012 | |||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Change in fair value of interest rate contracts: | ||||||||||||||||||||||||
Interest rate swaps hedging long term debt | Interest on FHLB and other borrowings | $ | 2,078 | $ | (37,191 | ) | $ | (6,500 | ) | |||||||||||||||
Hedged long term debt | Interest on FHLB and other borrowings | (2,559 | ) | 38,444 | 7,314 | |||||||||||||||||||
Other gains on interest rate contracts: | ||||||||||||||||||||||||
Interest and amortization related to interest rate swaps on hedged long term debt | Interest on FHLB and other borrowings | 27,882 | 22,781 | 28,628 | ||||||||||||||||||||
There were no material fair value hedging gains and losses recognized because of hedge ineffectiveness for the years ended December 31, 2014, 2013 and 2012. | ||||||||||||||||||||||||
Cash Flow Hedges | ||||||||||||||||||||||||
The Company enters into cash flow hedging relationships using interest rate swaps and options, such as caps and floors, to mitigate exposure to the variability in future cash flows or other forecasted transactions associated with its floating rate assets and liabilities. The Company uses interest rate swaps and options to hedge the repricing characteristics of its floating rate commercial loans and FHLB advances. All components of each derivative instrument’s gain or loss are included in the assessment of hedge effectiveness. The initial assessment of expected hedge effectiveness is based on regression analysis. The ongoing periodic measures of hedge ineffectiveness are based on the expected change in cash flows of the hedged item caused by changes in the benchmark interest rate. There were no material cash flow hedging gains or losses recognized because of hedge ineffectiveness for the years ended December 31, 2014, 2013 and 2012. There were no gains or losses reclassified from other comprehensive income (loss) because of the discontinuance of cash flow hedges related to certain forecasted transactions that are probable of not occurring for the years ended December 31, 2014, 2013 and 2012. | ||||||||||||||||||||||||
At December 31, 2014, cash flow hedges not terminated had a net fair value of $(12.7) million and a weighted average life of 2.5 years. Based on the current interest rate environment, $3.2 million of gains are expected to be reclassified to net interest income over the next 12 months as net settlements occur. The maximum length of time over which the entity is hedging its exposure to the variability in future cash flows for forecasted transactions is 6.6 years. | ||||||||||||||||||||||||
The following table presents the effect of derivative instruments designated and qualifying as cash flow hedges on the Company’s Consolidated Balance Sheets and the Company’s Consolidated Statements of Income. | ||||||||||||||||||||||||
Gain (Loss) for the Years Ended | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Interest rate contracts: | ||||||||||||||||||||||||
Net change in amount recognized in other comprehensive income | $ | (1,900 | ) | $ | 8,098 | $ | (2,824 | ) | ||||||||||||||||
Amount reclassified from accumulated other comprehensive income into net interest income | (1,577 | ) | (4,956 | ) | 2,261 | |||||||||||||||||||
Amount of ineffectiveness recognized in net interest income | — | — | — | |||||||||||||||||||||
Derivatives Not Designated As Hedges | ||||||||||||||||||||||||
Derivatives not designated as hedges include those that are entered into as either economic hedges as part of the Company’s overall risk management strategy or to facilitate client needs. Economic hedges are those that do not qualify to be treated as a fair value hedge, cash flow hedge or foreign currency hedge for accounting purposes, but are necessary to economically manage the risk exposure associated with the assets and liabilities of the Company. | ||||||||||||||||||||||||
The Company also enters into a variety of interest rate contracts, commodity contracts and foreign exchange contracts in its trading activities. The primary purpose for using these derivative instruments in the trading account is to facilitate customer transactions. The trading interest rate contract portfolio is actively managed and hedged with similar products to limit market value risk of the portfolio. Changes in the estimated fair value of contracts in the trading account along with the related interest settlements on the contracts are recorded in noninterest income as corporate and correspondent investment sales in the Company’s Consolidated Statements of Income. | ||||||||||||||||||||||||
The Company enters into forward contracts to economically hedge the change in fair value of certain residential mortgage loans held for sale due to changes in interest rates. Revaluation gains and losses from free-standing derivatives related to mortgage banking activity are recorded as a component of mortgage banking income in the Company’s Consolidated Statements of Income. | ||||||||||||||||||||||||
Interest rate lock commitments issued on residential mortgage loan commitments that will be held for resale are also considered free-standing derivative instruments, and the interest rate exposure on these commitments is economically hedged primarily with forward contracts. Revaluation gains and losses from free-standing derivatives related to mortgage banking activity are recorded as a component of mortgage banking income in the Company’s Consolidated Statements of Income. | ||||||||||||||||||||||||
In conjunction with the sale of its Visa, Inc. Class B shares in 2009, the Company entered into a total return swap in which the Company will make or receive payments based on subsequent changes in the conversion rate of the Class B shares into Class A shares. This total return swap is accounted for as a free-standing derivative. | ||||||||||||||||||||||||
The Company offers its customers equity-linked CDs that have a return linked to individual equities and equity indices. Under appropriate accounting guidance, a CD that pays interest based on changes in an equity index is a hybrid instrument that requires separation into a host contract (the CD) and an embedded derivative contract (written equity call option). The Company has entered into an offsetting derivative contract in order to economically hedge the exposure related to the issuance of equity-linked CDs. Both the embedded derivative and derivative contract entered into by the Company are classified as free-standing derivative instruments that are recorded at fair value with offsetting gains and losses recognized within noninterest expense in the Company’s Consolidated Statements of Income. | ||||||||||||||||||||||||
The Company also enters into foreign currency contracts to hedge its exposure to fluctuations in foreign currency exchange rates due to its funding of commercial loans in foreign currencies. | ||||||||||||||||||||||||
The net gains and losses recorded in the Company’s Consolidated Statements of Income from free-standing derivative instruments not designated as hedging instruments are summarized in the following table. | ||||||||||||||||||||||||
Gain (Loss) for the Years Ended | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
Consolidated Statements of Income Caption | 2014 | 2013 | 2012 | |||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Futures contracts: | ||||||||||||||||||||||||
Future and option contracts related to mortgage servicing rights | Mortgage banking income | $ | 420 | $ | (53 | ) | $ | — | ||||||||||||||||
Futures contracts | Corporate and correspondent investment sales | (635 | ) | 172 | (1,622 | ) | ||||||||||||||||||
Interest rate contracts: | ||||||||||||||||||||||||
Forward contracts related to residential mortgage loans held for sale | Mortgage banking income | (3,229 | ) | 2,397 | (1,225 | ) | ||||||||||||||||||
Interest rate lock commitments | Mortgage banking income | 1,428 | (4,126 | ) | 2,925 | |||||||||||||||||||
Interest rate contracts for customers | Corporate and correspondent investment sales | 21,552 | 31,271 | 28,755 | ||||||||||||||||||||
Commodity contracts: | ||||||||||||||||||||||||
Commodity contracts for customers | Corporate and correspondent investment sales | 105 | 26 | 982 | ||||||||||||||||||||
Equity contracts: | ||||||||||||||||||||||||
Purchased equity option related to equity-linked CDs | Other expense | 28,612 | 24,514 | 2,209 | ||||||||||||||||||||
Written equity option related to equity-linked CDs | Other expense | (27,746 | ) | (24,158 | ) | (1,942 | ) | |||||||||||||||||
Foreign currency contracts: | ||||||||||||||||||||||||
Forward contracts related to commercial loans | Other income | 55,544 | (4,460 | ) | (1,975 | ) | ||||||||||||||||||
Spot contracts related to commercial loans | Other income | (7,556 | ) | 469 | — | |||||||||||||||||||
Foreign currency exchange contracts for customers | Corporate and correspondent investment sales | 1,125 | 624 | 143 | ||||||||||||||||||||
Derivatives Credit and Market Risks | ||||||||||||||||||||||||
By using derivative instruments, the Company is exposed to credit and market risk. If the counterparty fails to perform, credit risk is equal to the extent of the Company’s fair value gain in a derivative. When the fair value of a derivative instrument contract is positive, this generally indicates that the counterparty owes the Company and, therefore, creates a credit risk for the Company. When the fair value of a derivative instrument contract is negative, the Company owes the counterparty and, therefore, it has no credit risk. The Company minimizes the credit risk in derivative instruments by entering into transactions with high-quality counterparties that are reviewed periodically. Credit losses are also mitigated through collateral agreements and other contract provisions with derivative counterparties. | ||||||||||||||||||||||||
Market risk is the adverse effect that a change in interest rates or implied volatility rates has on the value of a financial instrument. The Company manages the market risk associated with interest rate contracts by establishing and monitoring limits as to the types and degree of risk that may be undertaken. | ||||||||||||||||||||||||
The Company’s derivatives activities are monitored by its Asset/Liability Committee as part of its risk-management oversight. The Company’s Asset/Liability Committee is responsible for mandating various hedging strategies that are developed through its analysis of data from financial simulation models and other internal and industry sources. The resulting hedging strategies are then incorporated into the Company’s overall interest rate risk management and trading strategies. | ||||||||||||||||||||||||
Entering into interest rate swap agreements and options involves not only the risk of dealing with counterparties and their ability to meet the terms of the contracts but also interest rate risk associated with unmatched positions. At December 31, 2014, interest rate swap agreements and options classified as trading were substantially matched. The Company had credit risk of $330 million related to derivative instruments in the trading account portfolio, which does not take into consideration master netting arrangements or the value of the collateral. There were $888 thousand, $5.2 million and $7.2 million in credit losses associated with derivative instruments classified as trading for the years ended December 31, 2014, 2013 and 2012, respectively. At December 31, 2014 and 2013, there were no material nonperforming derivative positions classified as trading. | ||||||||||||||||||||||||
The Company’s derivative positions held for hedging purposes are primarily executed in the over-the-counter market. These positions have credit risk of $77 million, which does not take into consideration master netting arrangements or the value of the collateral. | ||||||||||||||||||||||||
There were no credit losses associated with derivative instruments classified as nontrading for the years ended December 31, 2014, 2013 and 2012. At December 31, 2014 and 2013, there were no nonperforming derivative positions classified as nontrading. | ||||||||||||||||||||||||
As of December 31, 2014 and 2013, the Company had recorded the right to reclaim cash collateral of $46 million and $26 million, respectively, within other assets on the Company’s Consolidated Balance Sheets and had recorded the obligation to return cash collateral of $62 million and $38 million, respectively, within deposits on the Company’s Consolidated Balance Sheets. | ||||||||||||||||||||||||
Contingent Features | ||||||||||||||||||||||||
Certain of the Company’s derivative instruments contain provisions that require the Company’s debt to maintain a certain credit rating from each of the major credit rating agencies. If the Company’s debt were to fall below this rating, it would be in violation of these provisions, and the counterparties to the derivative instruments could demand immediate and ongoing full overnight collateralization on derivative instruments in net liability positions. The aggregate fair value of all derivative instruments with credit-risk-related contingent features that were in a liability position on December 31, 2014 was $65 million for which the Company has collateral requirements of $62 million in the normal course of business. If the credit-risk-related contingent features underlying these agreements were triggered on December 31, 2014, the Company’s collateral requirements to its counterparties would increase by $4 million. The aggregate fair value of all derivative instruments with credit-risk-related contingent features that were in a liability position on December 31, 2013 was $57 million for which the Company had collateral requirements of $54 million in the normal course of business. If the credit-risk-related contingent features underlying these agreements were triggered on December 31, 2013, the Company’s collateral requirements to its counterparties would have increased by $3 million. |
Assets_and_Liabilities_Subject
Assets and Liabilities Subject to Enforceable Master Netting Arrangements | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Offsetting [Abstract] | ||||||||||||||||||||||||
Assets and Liabilities Subject to Enforceable Master Netting Arrangements | Assets and Liabilities Subject to Enforceable Master Netting Arrangements | |||||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||
In conjunction with the derivative and hedging activity discussed in Note 13, Derivatives and Hedging, the Company is party to master netting arrangements with its financial institution counterparties for some of its derivative and hedging activities. The Company does not offset assets and liabilities under these master netting arrangements for financial statement presentation purposes. The master netting arrangements provide for single net settlement of all derivative instrument arrangements, as well as collateral, in the event of default, or termination of, any one contract with the respective counterparties. Cash collateral is usually posted by the counterparty with a net liability position in accordance with contract thresholds. | ||||||||||||||||||||||||
Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase | ||||||||||||||||||||||||
The Company enters into agreements under which it purchases or sells securities subject to an obligation to resell or repurchase the same or similar securities. Securities purchased under agreements to resell and securities sold under agreements to repurchase are generally accounted for as collateralized financing transactions and recorded at the amounts at which the securities were purchased/ sold plus accrued interest. The securities pledged as collateral are generally U.S. government and federal agency securities. | ||||||||||||||||||||||||
At December 31, 2014, the fair value of collateral received related to securities purchased under agreements to resell was $2.6 billion and the fair value of collateral pledged for securities sold under agreements to repurchase was $2.5 billion. | ||||||||||||||||||||||||
Securities purchased under agreements to resell and securities sold under agreements to repurchase are governed by an MRA. Under the terms of the MRA, all transactions between the Company and the counterparty constitute a single business relationship such that in the event of default, the nondefaulting party is entitled to set off claims and apply property held by that party in respect of any transaction against obligations owed. Any payments, deliveries, or other transfers may be applied against each other and netted. These amounts are limited to the contract asset/liability balance, and accordingly, do not include excess collateral received or pledged. The Company offsets the assets and liabilities under netting arrangements for the balance sheet presentation of securities purchased under agreements to resell and securities sold under agreements to repurchase provided certain criteria are met that permit balance sheet netting. As of December 31, 2013, the Company had no securities purchased under agreements to resell or securities sold under agreements to repurchase that were subject to an enforceable master netting arrangements. | ||||||||||||||||||||||||
Gross Amounts Not Offset in the Consolidated Balance Sheets | ||||||||||||||||||||||||
Gross Amounts Recognized | Gross Amounts Offset in the Consolidated Balance Sheets | Net Amount Presented in the Consolidated Balance Sheets | Financial Instruments (1) | Cash Collateral Received/ Pledged (1) | Net Amount | |||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||
Securities purchased under agreement to resell: | ||||||||||||||||||||||||
Subject to a master netting arrangement | $ | 3,100,200 | $ | 2,533,661 | $ | 566,539 | $ | 566,539 | $ | — | $ | — | ||||||||||||
Derivative financial assets: | ||||||||||||||||||||||||
Subject to a master netting arrangement | $ | 225,227 | $ | — | $ | 225,227 | $ | — | $ | 58,309 | $ | 166,918 | ||||||||||||
Not subject to a master netting arrangement | 260,736 | — | 260,736 | — | — | 260,736 | ||||||||||||||||||
Total derivative financial assets | $ | 485,963 | $ | — | $ | 485,963 | $ | — | $ | 58,309 | $ | 427,654 | ||||||||||||
Securities sold under agreements to repurchase: | ||||||||||||||||||||||||
Subject to a master netting arrangement | $ | 2,969,345 | $ | 2,533,661 | $ | 435,684 | $ | 435,684 | $ | — | $ | — | ||||||||||||
Derivative financial liabilities: | ||||||||||||||||||||||||
Subject to a master netting arrangement | $ | 259,018 | $ | — | $ | 259,018 | $ | 29,677 | $ | 44,163 | $ | 185,178 | ||||||||||||
Not subject to a master netting arrangement | 103,240 | — | 103,240 | — | — | 103,240 | ||||||||||||||||||
Total derivative financial liabilities | $ | 362,258 | $ | — | $ | 362,258 | $ | 29,677 | $ | 44,163 | $ | 288,418 | ||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Derivative financial assets: | ||||||||||||||||||||||||
Subject to a master netting arrangement | $ | 192,771 | $ | — | $ | 192,771 | $ | 7,723 | $ | 37,189 | $ | 147,859 | ||||||||||||
Not subject to a master netting arrangement | 220,340 | — | 220,340 | — | — | 220,340 | ||||||||||||||||||
Total derivative financial assets | $ | 413,111 | $ | — | $ | 413,111 | $ | 7,723 | $ | 37,189 | $ | 368,199 | ||||||||||||
Derivative financial liabilities: | ||||||||||||||||||||||||
Subject to a master netting arrangement | $ | 200,207 | $ | — | $ | 200,207 | $ | 46,466 | $ | 25,910 | $ | 127,831 | ||||||||||||
Not subject to a master netting arrangement | 85,497 | — | 85,497 | — | — | 85,497 | ||||||||||||||||||
Total derivative financial liabilities | $ | 285,704 | $ | — | $ | 285,704 | $ | 46,466 | $ | 25,910 | $ | 213,328 | ||||||||||||
-1 | The actual amount of collateral received/pledged is limited to the asset/liability balance and does not include excess collateral received/pledged. When excess collateral exists the collateral shown in the table above has been allocated based on the percentage of the actual amount of collateral posted. |
Commitments_Contingencies_and_
Commitments, Contingencies and Guarantees | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||
Commitments, Contingencies and Guarantees | Commitments, Contingencies and Guarantees | |||||||
Lease Commitments | ||||||||
The Company leases certain facilities and equipment for use in its businesses. The leases for facilities are generally for periods of 10 to 20 years with various renewal options, while leases for equipment generally have terms not in excess of five years. The majority of the leases for facilities contain rental escalation clauses tied to changes in price indices. Certain real property leases contain purchase options. Management expects that most leases will be renewed or replaced with new leases in the normal course of business. At December 31, 2014, the Company had $31.3 million of assets recorded as capital leases for which $15.4 million of accumulated depreciation had been recognized. | ||||||||
The following table provides the annual future minimum payments under capital leases and noncancelable operating leases at December 31, 2014: | ||||||||
Operating Lease | Capital Lease | |||||||
(In Thousands) | ||||||||
2015 | $ | 62,114 | $ | 2,147 | ||||
2016 | 58,459 | 2,188 | ||||||
2017 | 53,050 | 2,272 | ||||||
2018 | 47,255 | 2,336 | ||||||
2019 | 42,332 | 2,372 | ||||||
Thereafter | 196,331 | 16,211 | ||||||
Total | $ | 459,541 | $ | 27,526 | ||||
The Company incurred lease expense of $73.7 million, $66.8 million and $64.6 million for the years ended December 31, 2014, 2013 and 2012, respectively. The Company received lease income of $5.9 million, $5.4 million and $4.5 million for the years ended December 31, 2014, 2013 and 2012, respectively, related to space leased to third parties. | ||||||||
Commitments to Extend Credit & Standby and Commercial Letters of Credit | ||||||||
The following represents the Company’s commitments to extend credit, standby letters of credit and commercial letters of credit. | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
(In Thousands) | ||||||||
Commitments to extend credit | $ | 28,369,666 | $ | 26,545,608 | ||||
Standby and commercial letters of credit | 1,871,323 | 2,093,159 | ||||||
Commitments to extend credit are agreements to lend to customers as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. | ||||||||
Standby and commercial letters of credit are commitments issued by the Company to guarantee the performance of a customer to a third party. These guarantees are primarily issued to support public and private borrowing arrangements, including commercial paper, bond financing and similar transactions, and expire in decreasing amounts with terms ranging from one to four years. | ||||||||
The credit risk involved in issuing letters of credit and commitments is essentially the same as that involved in extending loan facilities to customers. The fair value of the letters of credit and commitments typically approximates the fee received from the customer for issuing such commitments. These fees are deferred and are recognized over the commitment period. At December 31, 2014 and 2013, the recorded amount of these deferred fees was $5.2 million and $4.9 million, respectively. The Company holds various assets as collateral supporting those commitments for which collateral is deemed necessary. At December 31, 2014, the maximum potential amount of future undiscounted payments the Company could be required to make under outstanding standby letters of credit was $1.9 billion. At December 31, 2014 and 2013, the Company had reserves related to letters of credit and unfunded commitments recorded in accrued expenses and other liabilities on the Company’s Consolidated Balance Sheet of $94 million and $76 million, respectively. | ||||||||
Loan Sale Recourse | ||||||||
The Company has potential recourse related to FNMA securitizations. At December 31, 2014 and 2013, the amount of potential recourse was $20 million, of which the Company had reserved $655 thousand and $738 thousand, respectively, which is recorded in accrued expenses and other liabilities on its Consolidated Balance Sheets for the respective years. | ||||||||
The Company also issues standard representations and warranties related to mortgage loan sales to government-sponsored agencies. Although these agreements often do not specify limitations, the Company does not believe that any payments related to these warranties would materially change the financial condition or results of operations of the Company. At December 31, 2014 and 2013, the Company recorded $1 million of reserves in accrued expenses and other liabilities on the Company’s Consolidated Balance Sheets related to potential losses from loans sold. | ||||||||
Loss Sharing Agreement | ||||||||
In connection with the Guaranty acquisition, the Bank entered into loss sharing agreements with the FDIC that covered approximately $9.7 billion of loans and OREO, excluding the impact of purchase accounting adjustments. In accordance with the terms of the loss sharing agreements, the FDIC’s obligation to reimburse the Bank for losses with respect to the acquired loans and acquired OREO begins with the first dollar of incurred losses, as defined in the loss sharing agreements. The terms of the loss sharing agreements provide that the FDIC will reimburse the Bank for 80% of incurred losses up to $2.3 billion and 95% of incurred losses in excess of $2.3 billion. Gains and recoveries on covered assets offset incurred losses, or are paid to the FDIC, at the applicable loss share percentage at the time of recovery. The loss sharing agreements provide for FDIC loss sharing for five years for commercial loans and 10 years for single family residential loans. The loss sharing agreement for commercial loans expired in the fourth quarter of 2014. | ||||||||
The provisions of the loss sharing agreements may also require a payment by the Bank to the FDIC on October 15, 2019. On that date, the Bank is required to pay the FDIC 60% of the excess, if any, of (i) $457 million over (ii) the sum of (a) 25% of the total net amounts paid to the Bank under both of the loss share agreements plus (b) 20% of the deemed total cost to the Bank of administering the covered assets under the loss sharing agreements. The deemed total cost to the Bank of administering the covered assets is the sum of 2% of the average of the principal amount of covered assets based on the beginning and end of year balances for each of the 10 years during which the loss share agreements are in effect. At December 31, 2014 and December 31, 2013, the Company estimated the potential amount of payment due to the FDIC in 2019, at the end of the loss share agreements, to be $145 million and $140 million, respectively. The ultimate settlement amount of this payment due to the FDIC is dependent upon the performance of the underlying covered assets, the passage of time and actual claims submitted to the FDIC. See Note 4, Loans and Allowance for Loan Losses, for additional information. | ||||||||
Low Income Housing Tax Credit Partnerships | ||||||||
During 2014, the Company committed to make certain equity investments in various limited partnerships that sponsor affordable housing projects utilizing the Low Income Housing Tax Credit pursuant to Section 42 of the Internal Revenue Code. The purpose of these investments will be to facilitate the sale of additional affordable housing product offerings and to assist in achieving goals associated with the Community Reinvestment Act, and to achieve a satisfactory return on capital. The total unfunded commitment associated with these investments at December 31, 2014 was $82 million. | ||||||||
Forward Starting Reverse Repurchase Agreements and Forward Starting Repurchase Agreements. | ||||||||
The Company enters into securities purchased under agreement to resell and securities sold under agreement to repurchase that settle at a future date, generally within three business days. At December 31, 2014, the Company had forward starting reverse repurchase agreements of $318 million and forward starting repurchase agreements of $248 million. The Company had no forward starting reverse repurchase agreements or forwarding starting repurchase agreements at December 31, 2013. | ||||||||
Legal and Regulatory Proceedings | ||||||||
In the ordinary course of business, the Company is subject to legal proceedings, including claims, litigation, investigations and administrative proceedings, all of which are considered incidental to the normal conduct of business. The Company believes it has substantial defenses to the claims asserted against it in its currently outstanding legal proceedings and, with respect to such legal proceedings, intends to continue to defend itself vigorously against such legal proceedings. | ||||||||
Set forth below are descriptions of certain of the Company’s legal proceedings. | ||||||||
In November 2012, the Company was named as a defendant in a putative class action lawsuit filed in the Superior Court of the State of California, County of Alameda, Cheryl Deaver, on behalf of herself and others so situated v. Compass Bank, wherein the plaintiff alleges the Company failed to provide lawful meal periods or wages in lieu thereof, full compensation for hours worked, or timely wages due at termination (the plaintiff had previously filed a similar lawsuit in May 2011 which was dismissed without prejudice when the plaintiff failed to meet certain filing deadlines). The plaintiff further alleges that the Company did not comply with wage statement requirements. The plaintiff seeks unspecified monetary relief. The Company believes there are substantial defenses to these claims and intends to defend them vigorously. | ||||||||
In June 2013, the Company was named as a defendant in a lawsuit filed in the United States District Court of the Northern District of Alabama, Intellectual Ventures II, LLC v. BBVA Compass Bancshares, Inc. and BBVA Compass, wherein the plaintiff alleges the Company is infringing five patents owned by the plaintiff and related to the security infrastructure for the Company's online banking services. The plaintiff seeks unspecified monetary relief. The Company believes there are substantial defenses to these claims and intends to defend them vigorously. | ||||||||
In March 2014, the Company was named as a defendant in a lawsuit filed in the Circuit Court of the Fourth Judicial Circuit in Duval County, Florida, Jack C. Demetree, et al. v. BBVA Compass, wherein the plaintiffs allege that their accountant stole approximately $16.4 million through unauthorized transactions on their accounts from 2006 to 2013. The plaintiffs seek unspecified monetary relief. The Company believes there are substantial defenses to these claims and intends to defend them vigorously. | ||||||||
In November 2014, the Company was named as a defendant in a lawsuit filed in the United States District Court of the Western District of Texas, Maxim Integrated Products v. Compass Bank, wherein the plaintiff alleges the Company is infringing three patents owned by the plaintiff and related to data encryption for the Company’s mobile banking applications. The plaintiff seeks unspecified monetary relief. The Company believes there are substantial defenses to these claims and intends to defend them vigorously. | ||||||||
The Company (including the Bank) is or may become involved from time to time in information-gathering requests, reviews, investigations and proceedings (both formal and informal) by various governmental regulatory agencies, law enforcement authorities and self-regulatory bodies regarding the Company’s business. Such matters may result in material adverse consequences, including without limitation adverse judgments, settlements, fines, penalties, orders, injunctions, alterations in the Company’s business practices or other actions, and could result in additional expenses and collateral costs, including reputational damage, which could have a material adverse impact on the Company’s business, consolidated financial position, results of operations or cash flows. | ||||||||
As noted in Note 2 the Company owns all of the outstanding stock of BSI, a registered broker-dealer. Applicable law limits BSI from deriving more than 25 percent of its gross revenues from underwriting or dealing in bank-ineligible securities (“ineligible revenue”). Prior to the contribution of BSI to the Company in April 2013, BSI’s ineligible revenues in certain periods exceeded the 25 percent limit. It is possible that the Federal Reserve Board may take either formal or informal enforcement action against BSI and the Company and civil money penalties cannot be excluded. At this time, the Company does not know the amount of a potential civil money penalty, if any. | ||||||||
There are other litigation matters that arise in the normal course of business. The Company assesses its liabilities and contingencies in connection with outstanding legal proceedings utilizing the latest information available. Where it is probable that the Company will incur a loss and the amount of the loss can be reasonably estimated, the Company records a liability in its consolidated financial statements. These legal reserves may be increased or decreased to reflect any relevant developments. Where a loss is not probable or the amount of loss is not estimable, the Company does not accrue legal reserves. At December 31, 2014, the Company had accrued legal reserves in the amount of $15 million. Additionally, for those matters where a loss is both estimable and reasonably possible, the Company estimates losses that it could incur beyond the accrued legal reserves. Under U.S. GAAP, an event is "reasonably possible" if "the chance of the future event or events occurring is more than remote but less than likely" and an event is "remote" if "the chance of the future event or events occurring is slight." At December 31, 2014, there were no such matters where a loss was both estimable and reasonably possible beyond the accrued legal reserve. | ||||||||
While the outcome of legal proceedings and the timing of the ultimate resolution are inherently difficult to predict, based on information currently available, advice of counsel and available insurance coverage, the Company believes that it has established adequate legal reserves. Further, based upon available information, the Company is of the opinion that these legal proceedings, individually or in the aggregate, will not have a material adverse effect on the Company’s financial condition or results of operations. However, in the event of unexpected future developments, it is possible that the ultimate resolution of those matters, if unfavorable, may be material to the Company’s results of operations for any particular period, depending, in part, upon the size of the loss or liability imposed and the operating results for the applicable period. | ||||||||
Income Tax Review | ||||||||
The Company is subject to review and examination from various tax authorities. The Company is currently under examination by the IRS and a number of states, and has received notices of proposed adjustments related to federal and state income taxes due for prior years. Management believes that adequate provisions for income taxes have been recorded. Refer to Note 19, Income Taxes, for additional information on various tax audits. |
Regulatory_Capital_Requirement
Regulatory Capital Requirements and Dividends from Subsidiaries | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||||
Regulatory Capital Requirements and Dividends from Subsidiaries | Regulatory Capital Requirements and Dividends from Subsidiaries | ||||||||||||||||||||
The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s Consolidated Financial Statements. Under capital adequacy guidelines, the regulatory framework for prompt corrective action and the Gramm-Leach-Bliley Act, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of each entity's assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and classification of the Company and the Bank are also subject to qualitative judgments by the regulators about capital components, risk weightings and other factors. | |||||||||||||||||||||
Under the U.S. Basel1 capital framework effective at December 31, 2014, quantitative measures established by the regulators to ensure capital adequacy required the Company and the Bank to maintain minimum Tier 1 Risk-Based Capital Ratio of at least 4% of risk-weighted assets, minimum Total Risk-Based Capital Ratio of at least 8% of risk-weighted assets and a minimum Leverage Ratio of 4% of adjusted quarterly assets. | |||||||||||||||||||||
At December 31, 2014, the regulatory Capital Ratios of the Company and the Bank exceeded the minimum ratios required for “well-capitalized” banks as defined by federal banking laws. To be categorized as “well-capitalized,” the Company and the Bank must maintain minimum Total Risk-Based Capital, Tier 1 Risk-Based Capital and Leverage Ratios of at least 10%, 6% and 5%, respectively. | |||||||||||||||||||||
The following table presents the actual capital amounts and ratios of the Company and the Bank. | |||||||||||||||||||||
Total Risk-Based Capital | Tier 1 Risk-Based Capital | Leverage | |||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||
BBVA Compass Bancshares, Inc. | $ | 8,254,184 | 12.81 | % | $ | 7,046,902 | 10.94 | % | $ | 7,046,902 | 9.09 | % | |||||||||
Compass Bank | 7,923,666 | 12.37 | % | 6,716,384 | 10.49 | % | 6,716,384 | 9.03 | % | ||||||||||||
December 31, 2013 | |||||||||||||||||||||
BBVA Compass Bancshares, Inc. | $ | 7,822,858 | 13.74 | % | $ | 6,613,885 | 11.62 | % | $ | 6,613,885 | 9.87 | % | |||||||||
Compass Bank | 7,517,829 | 13.23 | % | 6,310,290 | 11.11 | % | 6,310,290 | 9.5 | % | ||||||||||||
Dividends paid by the Bank are the primary source of funds available to the Parent for payment of dividends to its shareholder and other needs. Applicable federal and state statutes and regulations impose restrictions on the amount of dividends that may be declared by the Bank. In addition to the formal statutes and regulations, regulatory authorities also consider the adequacy of each bank’s total capital in relation to its assets, deposits and other such items. Capital adequacy considerations could further limit the availability of dividends from the Bank. The Bank could have paid additional dividends to the Parent in the amount of $1.5 billion while continuing to meet the capital requirements for “well-capitalized” banks at December 31, 2014; however, due to the net earnings restrictions on dividend distributions, the Bank did not have the ability to pay any dividends at December 31, 2014 without regulatory approval. | |||||||||||||||||||||
The Bank is required to maintain cash balances with the Federal Reserve. The average amount of these balances for the years ended December 31, 2014 and 2013 approximated $3.0 billion and $3.4 billion, respectively. |
Stock_Based_Compensation
Stock Based Compensation | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||
Stock Based Compensation | Stock Based Compensation | |||||||||||||||||
The Company awards restricted share units to certain of the Company’s employees payable in BBVA American Depository Shares. The vesting period for the restricted share units range from one to three years after the date of grant. Accordingly, the fair value of the restricted share units is expensed over the appropriate vesting period. Fair value represents the closing price of the BBVA American Depository Shares on the date of grant. The Company purchases shares from BBVA at fair value to fulfill its obligations with the employee upon vesting. The Company recognized compensation expense in connection with restricted share units awarded of $4.5 million, $8.3 million and $6.8 million for the years ended December 31, 2014, 2013 and 2012, respectively. At December 31, 2014, 2013 and 2012, the Company had $7.5 million, $6.3 million and $8.5 million, respectively, of unrecognized compensation costs related to nonvested restricted common stock granted and expected to vest. | ||||||||||||||||||
The following summary sets forth the activity related to the restricted share units. | ||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||
Restricted Share Units | Weighted Average Grant Price | Restricted Share Units | Weighted Average Grant Price | Restricted Share Units | Weighted Average Grant Price | |||||||||||||
Nonvested, January 1 | 1,549,111 | $ | 10.53 | 1,718,493 | $ | 10.42 | 1,727,384 | $ | 13.15 | |||||||||
Granted | 677,373 | 10.06 | 647,503 | 11.08 | 1,191,807 | 9.5 | ||||||||||||
Vested | -667,898 | 10.35 | -763,999 | 10.59 | -1,053,265 | 13.4 | ||||||||||||
Forfeited | -118,629 | 9.6 | -52,886 | 12.8 | -147,433 | 15.86 | ||||||||||||
Nonvested, December 31 | 1,439,957 | $ | 10.23 | 1,549,111 | $ | 10.53 | 1,718,493 | $ | 10.42 | |||||||||
Benefit_Plans
Benefit Plans | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||
Benefit Plans | Benefit Plans | |||||||||||||||
Defined Benefit Plan | ||||||||||||||||
The Company sponsors a defined benefit pension plan that is intended to qualify under the Internal Revenue Code. At the beginning of 2003, the pension plan was closed to new participants, with existing participants being offered the option to remain in the pension plan or move to an employer funded defined contribution plan. Benefits under the pension plan are based on years of service and the employee's highest consecutive five years of compensation during employment. | ||||||||||||||||
During 2014, the Company announced to all active participants the sunsetting of the pension plan on December 31, 2017. On this date, active participants will no longer be credited with future service but rather will be transitioned into the employer funded portion of the Company's defined contribution plan. As a result of this announcement, the Company recognized $25.1 million of curtailment gains during the year ended December 31, 2014 stemming from the Company's reduced benefit obligations. The curtailment gains were recognized in other comprehensive income. | ||||||||||||||||
The following tables summarize the Company’s defined benefit pension plan. | ||||||||||||||||
Obligations and Funded Status | ||||||||||||||||
Years Ended December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(In Thousands) | ||||||||||||||||
Change in benefit obligation: | ||||||||||||||||
Benefit obligation, January 1 | $ | 312,195 | $ | 342,848 | ||||||||||||
Service cost | 5,227 | 6,262 | ||||||||||||||
Interest cost | 14,941 | 13,523 | ||||||||||||||
Actuarial gain (loss) | 73,998 | (40,770 | ) | |||||||||||||
Benefits paid | (10,661 | ) | (9,668 | ) | ||||||||||||
Curtailments | (25,128 | ) | — | |||||||||||||
Benefit obligation, December 31 | 370,572 | 312,195 | ||||||||||||||
Change in plan assets: | ||||||||||||||||
Fair value of plan assets, January 1 | 313,696 | 366,560 | ||||||||||||||
Actual return on plan assets | 70,027 | (43,196 | ) | |||||||||||||
Benefits paid | (10,661 | ) | (9,668 | ) | ||||||||||||
Fair value of plan assets, December 31 | 373,062 | 313,696 | ||||||||||||||
Funded status | 2,490 | 1,501 | ||||||||||||||
Net actuarial loss | 45,635 | 56,633 | ||||||||||||||
Net amount recognized | $ | 48,125 | $ | 58,134 | ||||||||||||
Amounts recognized on the Company’s Consolidated Balance Sheets consist of: | ||||||||||||||||
December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(In Thousands) | ||||||||||||||||
Prepaid benefit cost - other assets | $ | 2,490 | $ | 1,501 | ||||||||||||
Deferred tax – other assets | 16,807 | 20,841 | ||||||||||||||
Accumulated other comprehensive income | 28,828 | 35,792 | ||||||||||||||
Net amount recognized | $ | 48,125 | $ | 58,134 | ||||||||||||
The accumulated benefit obligation for the Company’s defined benefit pension plan was $361 million and $283 million at December 31, 2014 and 2013, respectively. The Company anticipates amortizing $600 thousand of the actuarial loss from accumulated other comprehensive income over the next twelve months. | ||||||||||||||||
The components of net periodic benefit cost recognized in the Company’s Consolidated Statements of Income are as follows. | ||||||||||||||||
Years Ended December 31, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
(In Thousands) | ||||||||||||||||
Service cost | $ | 5,227 | $ | 6,262 | $ | 6,843 | ||||||||||
Interest cost | 14,941 | 13,523 | 13,464 | |||||||||||||
Expected return on plan assets | (11,961 | ) | (10,706 | ) | (11,158 | ) | ||||||||||
Recognized actuarial loss | 1,802 | 486 | 799 | |||||||||||||
Net periodic benefit cost | $ | 10,009 | $ | 9,565 | $ | 9,948 | ||||||||||
The following table provides additional information related to the Company’s defined benefit pension plan. | ||||||||||||||||
Years Ended December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(Dollars in Thousands) | ||||||||||||||||
Change in defined benefit plan included in other comprehensive income | $ | (6,964 | ) | $ | 7,944 | |||||||||||
Weighted average assumptions used to determine benefit obligation at December 31: | ||||||||||||||||
Discount rate | 3.97 | % | 4.86 | % | ||||||||||||
Rate of compensation increase | 3.25 | % | 3.25 | % | ||||||||||||
Weighted average assumptions used to determine net pension income for year ended December 31: | ||||||||||||||||
Discount rate | 4.86 | % | 4.03 | % | ||||||||||||
Expected return on plan assets | 3.88 | % | 2.96 | % | ||||||||||||
Rate of compensation increase | 3.25 | % | 3.5 | % | ||||||||||||
To establish the discount rate utilized, the Company performs an analysis of matching anticipated cash flows for the duration of the plan liabilities to third party forward discount curves. To develop the expected return on plan assets, the Company considers the current level of expected returns on risk free investments (primarily government bonds), the historical level of risk premium associated with other asset classes in which plan assets are invested, and the expectations for future returns of each asset class. The expected return for each asset class is then weighted based on the target asset allocation, and a range of expected return on plan assets is developed. Based on this information, the plan’s Retirement Committee sets the discount rate and expected rate of return assumption. | ||||||||||||||||
Future Benefit Payments | ||||||||||||||||
The following table summarizes the estimated benefits to be paid in the following periods. | ||||||||||||||||
(In Thousands) | ||||||||||||||||
2015 | $ | 11,611 | ||||||||||||||
2016 | 12,276 | |||||||||||||||
2017 | 13,102 | |||||||||||||||
2018 | 14,401 | |||||||||||||||
2019 | 15,159 | |||||||||||||||
2020-2024 | 92,168 | |||||||||||||||
The expected benefits above were estimated based on the same assumptions used to measure the Company’s benefit obligation at December 31, 2014 and include benefits attributable to estimated future employee service. | ||||||||||||||||
Plan Assets | ||||||||||||||||
The Company’s Retirement Committee sets the investment policy for the defined benefit pension plan and reviews investment performance and asset allocation on a quarterly basis. The current asset allocation for the plan is entirely allocated to fixed income securities, including U.S Treasury and other U.S. government securities, corporate debt securities and municipal debt securities, as well as cash and cash equivalent securities. | ||||||||||||||||
The following table presents the fair value of the Company’s defined benefit pension plan assets. | ||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||
Fair Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
(In Thousands) | ||||||||||||||||
December 31, 2014 | ||||||||||||||||
Assets: | ||||||||||||||||
Cash and cash equivalents | $ | 10,010 | $ | 10,010 | $ | — | $ | — | ||||||||
Fixed income securities: | ||||||||||||||||
U.S. Treasury and other U.S government agencies | 238,310 | 217,385 | 20,925 | — | ||||||||||||
States and political subdivisions | 8,670 | — | 8,670 | — | ||||||||||||
Corporate bonds | 116,072 | — | 116,072 | — | ||||||||||||
Total fixed income securities | 363,052 | 217,385 | 145,667 | — | ||||||||||||
Fair value of plan assets | $ | 373,062 | $ | 227,395 | $ | 145,667 | $ | — | ||||||||
December 31, 2013 | ||||||||||||||||
Assets: | ||||||||||||||||
Cash and cash equivalents | $ | 4,368 | $ | 4,368 | $ | — | $ | — | ||||||||
Fixed income securities: | ||||||||||||||||
U.S. Treasury and other U.S. government agencies | 188,147 | 173,061 | 15,086 | — | ||||||||||||
States and political subdivisions | 9,853 | — | 9,853 | — | ||||||||||||
Corporate bonds | 111,328 | — | 111,328 | — | ||||||||||||
Total fixed income securities | 309,328 | 173,061 | 136,267 | — | ||||||||||||
Fair value of plan assets | $ | 313,696 | $ | 177,429 | $ | 136,267 | $ | — | ||||||||
In general, the fair value applied to the Company’s defined benefit pension plan assets is based upon quoted market prices or Level 1 measurements, where available. If such quoted market prices are not available, fair value is based upon internally developed models that primarily use observable market based parameters as inputs, or Level 2 measurements. Level 3 measurements include discounted cash flow analyses based on assumptions that are not readily observable in the market place, such as projections of future cash flows, loss assumptions and discount rates. See Note 20, Fair Value of Financial Instruments, for a further discussion of the fair value hierarchy. | ||||||||||||||||
Supplemental Retirement Plans | ||||||||||||||||
The Company maintains unfunded defined benefit plans for certain key executives that are intended to meet the requirements of Section 409A of the Internal Revenue Code and provide additional retirement benefits not otherwise provided through the Company’s basic retirement benefit plans. These plans had unfunded projected benefit obligations and net plan liabilities of $36 million and $33 million at December 31, 2014 and 2013, respectively, which are reflected on the Company’s Consolidated Balance Sheets as accrued expenses and other liabilities. Net periodic expenses of these plans were $1.9 million, $2.0 million and $1.3 million for each of the years ended December 31, 2014, 2013 and 2012, respectively. At December 31, 2014 and 2013, the Company had $10.4 million and $8.0 million, respectively, recognized in accumulated other comprehensive income, net of tax, related to these plans. | ||||||||||||||||
Defined Contribution Plan | ||||||||||||||||
The Company sponsors a defined contribution plan comprised of a traditional employee defined contribution component with matching employer contributions and an employer funded defined contribution component. Under the traditional employee portion of the defined contribution plan, employees may contribute up to 75% of their compensation on a pretax basis subject to statutory limits. The Company makes matching contributions equal to 100% of the first 3% of compensation deferred plus 50% of the next 2% of compensation deferred. The Company may also make voluntary non-matching contributions to the plan. | ||||||||||||||||
Under the employer funded portion of the defined contribution plan, the Company makes contributions on behalf of certain employees based on pay and years of service. The Company's contributions range from 2% to 4% of the employee's base pay based on the employee's years of service. Participation in this portion of the defined contribution plan was limited to employees hired after January 1, 2002 and those participants in the defined benefit pension plan who, in 2002, chose to forgo future accumulation of benefit service. | ||||||||||||||||
In aggregate, the Company recognized $32.8 million, $32.5 million, and $31.1 million of expense related to this defined contribution plan for the years ended December 31, 2014, 2013, and 2012, respectively. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||
Income Taxes | Income Taxes | ||||||||||||||||||||
Income tax expense consisted of the following: | |||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
(In Thousands) | |||||||||||||||||||||
Current income tax expense: | |||||||||||||||||||||
Federal | $ | 146,993 | $ | 121,874 | $ | 99,468 | |||||||||||||||
State | 9,419 | 14,816 | 10,896 | ||||||||||||||||||
Total | 156,412 | 136,690 | 110,364 | ||||||||||||||||||
Deferred income tax expense (benefit): | |||||||||||||||||||||
Federal | (9,044 | ) | 32,501 | 104,756 | |||||||||||||||||
State | (37 | ) | 1,629 | 4,581 | |||||||||||||||||
Total | (9,081 | ) | 34,130 | 109,337 | |||||||||||||||||
Total income tax expense | $ | 147,331 | $ | 170,820 | $ | 219,701 | |||||||||||||||
Income tax expense differed from the amount computed by applying the federal statutory income tax rate to pretax earnings for the following reasons: | |||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Amount | Percent of Pretax Earnings | Amount | Percent of Pretax Earnings | Amount | Percent of Pretax Earnings | ||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
Income tax expense at federal statutory rate | $ | 215,552 | 35 | % | $ | 206,762 | 35 | % | $ | 244,549 | 35 | % | |||||||||
Increase (decrease) resulting from: | |||||||||||||||||||||
Tax-exempt interest income | (47,794 | ) | (7.8 | ) | (38,632 | ) | (6.5 | ) | (30,176 | ) | (4.3 | ) | |||||||||
Change in valuation allowance | (19,118 | ) | (3.1 | ) | (5,714 | ) | (1.0 | ) | 2,713 | 0.4 | |||||||||||
Bank owned life insurance | (6,515 | ) | (1.1 | ) | (6,211 | ) | (1.1 | ) | (7,117 | ) | (1.0 | ) | |||||||||
Income tax credits | (5,779 | ) | (0.9 | ) | (6,452 | ) | (1.1 | ) | (6,300 | ) | (0.9 | ) | |||||||||
State income tax, net of federal income taxes | 6,740 | 1.1 | 17,595 | 3 | 12,075 | 1.7 | |||||||||||||||
Other | 4,245 | 0.7 | 3,472 | 0.6 | 3,957 | 0.5 | |||||||||||||||
Income tax expense | $ | 147,331 | 23.9 | % | $ | 170,820 | 28.9 | % | $ | 219,701 | 31.4 | % | |||||||||
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below. | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||
Deferred tax assets: | |||||||||||||||||||||
Allowance for loan losses | $ | 248,866 | $ | 255,193 | |||||||||||||||||
Accrued expenses | 50,221 | 56,265 | |||||||||||||||||||
Loan valuation | — | 4,490 | |||||||||||||||||||
Net unrealized losses on investment securities available for sale, hedging instruments and defined benefit plan adjustment | 31,866 | 50,230 | |||||||||||||||||||
Other real estate owned | 693 | 3,091 | |||||||||||||||||||
Federal net operating loss carryforwards | 27,481 | 26,191 | |||||||||||||||||||
Other | 64,086 | 59,059 | |||||||||||||||||||
Gross deferred taxes | 423,213 | 454,519 | |||||||||||||||||||
Valuation allowance | (16,057 | ) | (31,137 | ) | |||||||||||||||||
Total deferred tax assets | 407,156 | 423,382 | |||||||||||||||||||
Deferred tax liabilities: | |||||||||||||||||||||
Premises and equipment | 153,146 | 166,478 | |||||||||||||||||||
Core deposit and other acquired intangibles | 31,743 | 49,363 | |||||||||||||||||||
Capitalized loan costs | 43,055 | 42,028 | |||||||||||||||||||
Loan valuation | 13,297 | — | |||||||||||||||||||
Other | 34,046 | 37,309 | |||||||||||||||||||
Total deferred tax liabilities | 275,287 | 295,178 | |||||||||||||||||||
Net deferred tax asset | $ | 131,869 | $ | 128,204 | |||||||||||||||||
As of December 31, 2014, the Company has approximately $59.7 million of federal net operating loss carryforwards for future utilization, primarily attributable to Simple and BSI. | |||||||||||||||||||||
The Company gained control of BSI on April 8, 2013. The net operating loss carryforwards attributable to BSI were generated in taxable years during which BSI was not a member of the federal consolidated tax group. Consequently, these net operating loss carryforwards are subject to certain limitations and may not be used any earlier than the taxable period during which BSI generates federal taxable income. As of December 31, 2013, BSI had a full valuation allowance of $18.1 million against the federal net operating loss carryforward. As of each reporting date, the Company's management considers new evidence, both positive and negative, that could impact management's view with regard to future realization of deferred tax assets. During 2014, as BSI achieved three years of cumulative income before income tax expense adjusted for permanent differences, management determined that sufficient positive evidence existed to conclude that it is more likely than not that the deferred tax assets are realizable and, therefore, reduced the valuation allowance accordingly. At December 31, 2014, BSI has approximately $17.5 million of federal net operating loss carryforwards for future utilization. | |||||||||||||||||||||
A real estate investment subsidiary of the Company has net operating loss carryforwards of approximately $18.8 million at both December 31, 2014 and 2013. These losses begin to expire in 2030. The Company has determined that it is more likely than not the benefit from this deferred tax asset will not be realized in the carryforward period and has recorded a full valuation allowance of approximately $6.6 million against the asset at both December 31, 2014 and 2013. | |||||||||||||||||||||
Additionally, the Company has state net operating loss carryforwards of approximately $198.0 million and $176.0 million at December 31, 2014 and 2013, respectively. These state net operating losses expire in years 2015 through 2033. The Company believes it is more likely than not the benefit from certain state net operating loss carryforwards will not be realized, and, accordingly, has established a valuation allowance associated with these net operating loss carryforwards. The Company had recorded a valuation allowance of approximately $9.5 million and $6.1 million at December 31, 2014 and 2013, respectively, related to these state net operating loss carryforwards. | |||||||||||||||||||||
The following is a tabular reconciliation of the total amounts of the gross unrecognized tax benefits. | |||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
(In Thousands) | |||||||||||||||||||||
Unrecognized income tax benefits, January 1 | $ | 31,991 | $ | 28,639 | $ | 33,357 | |||||||||||||||
Increases for tax positions related to: | |||||||||||||||||||||
Prior years | 1,182 | 458 | 451 | ||||||||||||||||||
Current year | 1,189 | 3,340 | 4,438 | ||||||||||||||||||
Decreases for tax positions related to: | |||||||||||||||||||||
Prior years | (6,076 | ) | (368 | ) | (382 | ) | |||||||||||||||
Current year | — | (78 | ) | (8,180 | ) | ||||||||||||||||
Settlement with taxing authorities | — | — | — | ||||||||||||||||||
Expiration of applicable statutes of limitation | — | — | (1,045 | ) | |||||||||||||||||
Unrecognized income tax benefits, December 31 | $ | 28,286 | $ | 31,991 | $ | 28,639 | |||||||||||||||
During the years ended December 31, 2014, 2013 and 2012, the Company recognized $1.2 million, $4.0 million and $(364) thousand of interest and penalties related to the unrecognized tax benefits noted above, respectively. At December 31, 2014 and 2013, the Company had approximately $10.2 million and $9.0 million, respectively, of accrued interest and penalties recognized related to unrecognized tax benefits within accrued expenses and other liabilities. Included in the balance of unrecognized tax benefits at December 31, 2014, 2013 and 2012 were $28.3 million, $26.1 million, and $22.6 million, respectively, of tax benefits that, if recognized after the balance sheet date, would affect the effective tax rate. | |||||||||||||||||||||
The Company and its subsidiaries are routinely examined by various taxing authorities. The following table summarizes the tax years that are either currently under examination or remain open under the statute of limitations and subject to examination by the major tax jurisdictions in which the Company operates: | |||||||||||||||||||||
Jurisdictions | Open Tax Years | ||||||||||||||||||||
Federal | 2005-2014 | ||||||||||||||||||||
Various states (1) | 2006-2014 | ||||||||||||||||||||
(1)Major state tax jurisdictions include Alabama, California, Texas and New York. | |||||||||||||||||||||
The Company believes that it has adequately reserved on federal and state issues and any variance on final resolution, whether over or under the reserve amount, would be immaterial to the financial statements. | |||||||||||||||||||||
It is reasonably possible that the above unrecognized tax benefits could be reduced by approximately $11.2 million, in 2015 due to statute expiration. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||
Fair Value of Financial Instruments | Fair Value of Financial Instruments | |||||||||||||||||||
The Company applies the fair value accounting guidance required under ASC Topic 820 which establishes a framework for measuring fair value. This guidance defines fair value as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. This guidance also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within this fair value hierarchy is based upon the lowest level of input that is significant to the instrument’s fair value measurement. The three levels within the fair value hierarchy are described as follows. | ||||||||||||||||||||
• | Level 1 – Fair value is based on quoted prices in an active market for identical assets or liabilities. | |||||||||||||||||||
• | Level 2 – Fair value is based on quoted market prices for similar instruments traded in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market. | |||||||||||||||||||
• | Level 3 – Fair value is based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities would include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar pricing techniques based on the Company’s own assumptions about what market participants would use to price the asset or liability. | |||||||||||||||||||
A description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments under the fair value hierarchy, is set forth below. These valuation methodologies were applied to the Company’s financial assets and financial liabilities carried at fair value. In general, fair value is based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon internally developed models that primarily use observable market based parameters as inputs. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include amounts to reflect counterparty credit quality and the Company’s creditworthiness, among other things, as well as other unobservable parameters. Any such valuation adjustments are applied consistently over time. While management believes the Company’s valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. The Company’s valuation methodologies may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, the reported fair value amounts have not been comprehensively revalued since the presentation dates, and, therefore, estimates of fair value after the balance sheet date may differ significantly from the amounts presented herein. | ||||||||||||||||||||
Financial Instruments Measured at Fair Value on a Recurring Basis | ||||||||||||||||||||
Trading account assets and liabilities, securities available for sale, certain mortgage loans held for sale, derivative assets and liabilities, and mortgage servicing rights are recorded at fair value on a recurring basis. The following is a description of the valuation methodologies for these assets and liabilities. | ||||||||||||||||||||
Trading account assets and liabilities and investment securities available for sale – Trading account assets and liabilities and investment securities available for sale consist of U.S. Treasury and other U.S. government agencies securities, mortgage-backed securities, collateralized mortgage obligations, debt obligations of state and political subdivisions, other debt and equity securities, and derivative contracts. | ||||||||||||||||||||
• | U.S. Treasury and other U.S. government agencies securities are valued based on quoted market prices of identical assets on active exchanges (Level 1 measurements) or are valued based on a market approach using observable inputs such as benchmark yields, reported trades, broker/dealer quotes, benchmark securities, and bids/offers of government-sponsored enterprise securities (Level 2 measurements). | |||||||||||||||||||
• | Mortgage-backed securities are primarily valued using market-based pricing matrices that are based on observable inputs including benchmark To Be Announced security prices, U.S. Treasury yields, U.S. dollar swap yields, and benchmark floating-rate indices. Mortgage-backed securities pricing may also give consideration to pool-specific data such as prepayment history and collateral characteristics. Valuations for mortgage-backed securities are therefore classified as Level 2 measurements. | |||||||||||||||||||
• | Collateralized mortgage obligations are valued using market-based pricing matrices that are based on observable inputs including reported trades, bids, offers, dealer quotes, U.S. Treasury yields, U.S. dollar swap yields, market convention prepayment speeds, tranche-specific characteristics, prepayment history, and collateral characteristics. Fair value measurements for collateralized mortgage obligations are classified as Level 2. | |||||||||||||||||||
• | Debt obligations of states and political subdivisions are primarily valued using market-based pricing matrices that are based on observable inputs including Municipal Securities Rulemaking Board reported trades, issuer spreads, material event notices, and benchmark yield curves. These valuations are Level 2 measurements. | |||||||||||||||||||
• | Other debt and equity securities consist of mutual funds, foreign and corporate debt, and U.S. government agency equity securities. Mutual funds are valued based on quoted market prices of identical assets trading on active exchanges. These valuations are Level 1 measurements. Foreign and corporate debt valuations are based on information and assumptions that are observable in the market place. The valuations for these securities are therefore classified as Level 2. U.S. government agency equity securities are valued based on quoted market prices of identical assets trading on active exchanges. These valuations thus qualify as Level 1 measurements. | |||||||||||||||||||
• | Other derivative assets and liabilities consist primarily of interest rate and commodity contracts. The Company’s interest rate contracts are valued utilizing Level 2 observable inputs (yield curves and volatilities) to determine a current market price for each interest rate contract. Commodity contracts are priced using raw market data, primarily in the form of quotes for fixed and basis swaps with monthly, quarterly, seasonal or calendar-year terms. Proprietary models provided by a third party are used to generate forward curves and volatility surfaces. As a result of the valuation process and observable inputs used, commodity contracts are classified as Level 2 measurements. To validate the reasonableness of these calculations, management compares the assumptions with market information. | |||||||||||||||||||
• | Other trading assets primarily consist of interest-only strips which are valued by an independent third-party. The independent third-party values the assets on a loan-by-loan basis using a discounted cash flow analysis that employs prepayment assumptions, discount rate assumptions, and default curves. The prepayment assumptions are created from actual SBA pool prepayment history. The discount rates are derived from actual SBA loan secondary market transactions. The default curves are created using historical observable and unobservable inputs. As such, interest-only strips are classified as Level 3 measurements. The Company’s SBA department is responsible for ensuring the appropriate application of the valuation, capitalization, and amortization policies of the Company’s interest-only strips. The department performs independent, internal valuations of the interest-only strips on a quarterly basis, which are then reconciled to the third-party valuations to ensure their validity. | |||||||||||||||||||
Loans held for sale – The Company has elected to apply the fair value option for single family real estate mortgage loans originated for resale in the secondary market. The election allows for a more effective offset of the changes in fair values of the loans and the derivative instruments used to economically hedge them without the burden of complying with the requirements for hedge accounting. The Company has not elected the fair value option for other loans held for sale primarily because they are not economically hedged using derivative instruments. | ||||||||||||||||||||
The fair value of loans held for sale is based on what secondary markets are currently offering for portfolios with similar characteristics. The changes in fair value of these assets are largely driven by changes in interest rates subsequent to loan funding and changes in the fair value of servicing associated with the mortgage loan held for sale. Both the mortgage loans held for sale and the related forward contracts are classified as Level 2. | ||||||||||||||||||||
At both December 31, 2014 and 2013, no loans held for sale for which the fair value option was elected were 90 days or more past due or were in nonaccrual. Interest income on mortgage loans held for sale is recognized based on contractual rates and is reflected in interest and fees on loans in the Consolidated Statements of Income. Net gains (losses) of $3.8 million and $(10.7) million resulting from changes in fair value of these loans were recorded in noninterest income during the years ended December 31, 2014 and 2013, respectively. | ||||||||||||||||||||
The Company also had fair value changes on forward contracts related to residential mortgage loans held for sale of approximately $(3.2) million, $2.4 million and $1.2 million for the years ended December 31, 2014, 2013, and 2012, respectively. An immaterial portion of these amounts was attributable to changes in instrument-specific credit risk. | ||||||||||||||||||||
The following tables summarize the difference between the aggregate fair value and the aggregate unpaid principal balance for residential mortgage loans measured at fair value. | ||||||||||||||||||||
Aggregate Fair Value | Aggregate Unpaid Principal Balance | Difference | ||||||||||||||||||
(In Thousands) | ||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||
Residential mortgage loans held for sale | $ | 154,816 | $ | 148,564 | $ | 6,252 | ||||||||||||||
December 31, 2013 | ||||||||||||||||||||
Residential mortgage loans held for sale | $ | 139,750 | $ | 137,300 | $ | 2,450 | ||||||||||||||
Derivative assets and liabilities – Derivative assets and liabilities are measured using models that primarily use market observable inputs, such as quoted security prices, and are accordingly classified as Level 2. The derivative assets and liabilities classified within Level 3 of the fair value hierarchy were comprised of interest rate lock commitments that are valued using third-party software that calculates fair market value considering current quoted TBA and other market based prices and then applies closing ratio assumptions based on software-produced pull through ratios that are generated using the Company’s historical fallout activity. Based upon this process, the fair value measurement obtained for these financial instruments is deemed a Level 3 classification. The Company's Secondary Marketing Committee is responsible for the appropriate application of the valuation policies and procedures surrounding the Company’s interest rate lock commitments. Policies established to govern mortgage pipeline risk management activities must be approved by the Company’s Asset Liability Committee on an annual basis. | ||||||||||||||||||||
Other assets – Other assets measured at fair value on a recurring basis and classified within Level 3 of the fair value hierarchy were comprised of MSRs that are valued through a discounted cash flow analysis using a third-party commercial valuation system. The valuation takes into consideration the objective characteristics of the MSR portfolio, such as loan amount, note rate, service fee, loan term, and common industry assumptions, such as servicing costs, ancillary income, prepayment estimates, earning rates, cost of fund rates, discount rates, etc. The Company’s portfolio-specific factors are also considered in calculating the fair value of MSRs to the extent one can reasonably assume a buyer would also incorporate these factors. Examples of such factors are geographical concentrations of the portfolio, liquidity considerations such as housing authority loans which have a limited number of approved servicers, or additional views of risk not inherently accounted for in prepayment assumptions. Product liquidity and these other risks are generally incorporated through adjustment of discount factors applied to forecasted cash flows. Based on this method of pricing MSRs, the fair value measurement obtained for these financial instruments is deemed a Level 3 classification. The value of the MSR is calculated by a third-party firm that specializes in the MSR market and valuation services. Additionally, the Company obtains a valuation from an independent party to compare for reasonableness. The Company’s Secondary Marketing Committee is responsible for ensuring the appropriate application of valuation, capitalization, and fair value decay policies for the MSR portfolio. The Committee meets at least monthly to review the status of the MSR portfolio. | ||||||||||||||||||||
The following tables summarize the financial assets and liabilities measured at fair value on a recurring basis. | ||||||||||||||||||||
Fair Value Measurements at the End of the Reporting Period Using | ||||||||||||||||||||
Fair Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||
December 31, 2014 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
(In Thousands) | ||||||||||||||||||||
Recurring fair value measurements | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Trading account assets: | ||||||||||||||||||||
U.S. Treasury and other U.S. government agencies | $ | 2,502,308 | $ | 2,502,308 | $ | — | $ | — | ||||||||||||
Interest rate contracts | 296,239 | — | 296,239 | — | ||||||||||||||||
Commodity contracts | 25,569 | — | 25,569 | — | ||||||||||||||||
Foreign exchange contracts | 8,268 | — | 8,268 | — | ||||||||||||||||
Other trading assets | 2,013 | — | 423 | 1,590 | ||||||||||||||||
Total trading account assets | 2,834,397 | 2,502,308 | 330,499 | 1,590 | ||||||||||||||||
Loans held for sale | 154,816 | — | 154,816 | — | ||||||||||||||||
Investment securities available for sale: | ||||||||||||||||||||
U.S. Treasury and other U.S. government agencies | 2,313,542 | 1,298,040 | 1,015,502 | — | ||||||||||||||||
Mortgage-backed securities | 4,423,835 | — | 4,423,835 | — | ||||||||||||||||
Collateralized mortgage obligations | 2,488,579 | — | 2,488,579 | — | ||||||||||||||||
States and political subdivisions | 467,315 | — | 467,315 | — | ||||||||||||||||
Other debt securities | 44,441 | 44,441 | — | — | ||||||||||||||||
Equity securities (1) | 48 | 44 | — | 4 | ||||||||||||||||
Total investment securities available for sale | 9,737,760 | 1,342,525 | 8,395,231 | 4 | ||||||||||||||||
Derivative assets: | ||||||||||||||||||||
Interest rate contracts | 73,830 | — | 71,511 | 2,319 | ||||||||||||||||
Equity contracts | 76,487 | — | 76,487 | — | ||||||||||||||||
Foreign exchange contracts | 5,570 | — | 5,570 | — | ||||||||||||||||
Total derivative assets | 155,887 | — | 153,568 | 2,319 | ||||||||||||||||
Other assets | 35,488 | — | — | 35,488 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||
Trading account liabilities: | ||||||||||||||||||||
U.S. Treasury and other U.S. government agencies | $ | 2,545,299 | $ | 2,545,299 | $ | — | $ | — | ||||||||||||
Interest rate contracts | 236,763 | — | 236,763 | — | ||||||||||||||||
Commodity contracts | 25,448 | — | 25,448 | — | ||||||||||||||||
Foreign exchange contracts | 7,527 | — | 7,527 | — | ||||||||||||||||
Other trading liabilities | 425 | — | 425 | — | ||||||||||||||||
Total trading account liabilities | 2,815,462 | 2,545,299 | 270,163 | — | ||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||
Interest rate contracts | 16,074 | — | 16,073 | 1 | ||||||||||||||||
Equity contracts | 74,319 | — | 74,319 | — | ||||||||||||||||
Foreign exchange contracts | 692 | — | 692 | — | ||||||||||||||||
Total derivative liabilities | 91,085 | — | 91,084 | 1 | ||||||||||||||||
-1 | Excludes $500 million of FHLB and Federal Reserve stock required to be owned by the Company at December 31, 2014. These securities are carried at par. | |||||||||||||||||||
Fair Value Measurements at the End of the Reporting Period Using | ||||||||||||||||||||
Fair Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||
December 31, 2013 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
(In Thousands) | ||||||||||||||||||||
Recurring fair value measurements | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Trading account assets: | ||||||||||||||||||||
U.S. Treasury and other U.S. government agencies | $ | 24,655 | $ | — | $ | 24,655 | $ | — | ||||||||||||
Mortgage-backed securities | 1,285 | — | 1,285 | — | ||||||||||||||||
State and political subdivisions | 2,160 | — | 2,160 | — | ||||||||||||||||
Other equity securities | 2 | — | 2 | — | ||||||||||||||||
Interest rate contracts | 262,578 | — | 262,578 | — | ||||||||||||||||
Commodity contracts | 23,132 | — | 23,132 | — | ||||||||||||||||
Foreign exchange contracts | 4,450 | — | 4,450 | — | ||||||||||||||||
Other trading assets | 1,668 | — | 23 | 1,645 | ||||||||||||||||
Total trading account assets | 319,930 | — | 318,285 | 1,645 | ||||||||||||||||
Loans held for sale | 139,750 | — | 139,750 | — | ||||||||||||||||
Investment securities available for sale: | ||||||||||||||||||||
U.S. Treasury and other U.S. government agencies | 260,937 | — | 260,937 | — | ||||||||||||||||
Mortgage-backed securities | 5,233,791 | — | 5,233,791 | — | ||||||||||||||||
Collateralized mortgage obligations | 1,756,398 | — | 1,756,398 | — | ||||||||||||||||
States and political subdivisions | 509,436 | — | 509,436 | — | ||||||||||||||||
Other debt securities | 40,333 | 40,283 | 50 | — | ||||||||||||||||
Equity securities (1) | 63 | 57 | — | 6 | ||||||||||||||||
Total investment securities available for sale | 7,800,958 | 40,340 | 7,760,612 | 6 | ||||||||||||||||
Derivative assets: | ||||||||||||||||||||
Interest rate contracts | 73,949 | — | 73,002 | 947 | ||||||||||||||||
Equity contracts | 47,875 | — | 47,875 | — | ||||||||||||||||
Foreign exchange contracts | 1,127 | — | 1,127 | — | ||||||||||||||||
Total derivative assets | 122,951 | — | 122,004 | 947 | ||||||||||||||||
Other assets | 30,065 | — | — | 30,065 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||
Trading account liabilities: | ||||||||||||||||||||
Mortgage-backed securities | $ | 5,568 | $ | — | $ | 5,568 | $ | — | ||||||||||||
Interest rate contracts | 200,899 | — | 200,899 | — | ||||||||||||||||
Commodity contracts | 18,373 | — | 18,373 | — | ||||||||||||||||
Foreign exchange contracts | 3,894 | — | 3,894 | — | ||||||||||||||||
Other trading liabilities | 23 | — | 23 | — | ||||||||||||||||
Total trading account liabilities | 228,757 | — | 228,757 | — | ||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||
Interest rate contracts | 11,975 | — | 11,918 | 57 | ||||||||||||||||
Equity contracts | 46,573 | — | 46,573 | — | ||||||||||||||||
Foreign exchange contracts | 2,746 | — | 2,746 | — | ||||||||||||||||
Total derivative liabilities | 61,294 | — | 61,237 | 57 | ||||||||||||||||
-1 | Excludes $512 million of FHLB and Federal Reserve stock required to be owned by the Company at December 31, 2013. These securities are carried at par. | |||||||||||||||||||
There were no transfers between Levels 1 or 2 of the fair value hierarchy for the years ended December 31, 2014 and 2013. It is the Company’s policy to value any transfers between levels of the fair value hierarchy based on end of period fair values. | ||||||||||||||||||||
The following table reconciles the assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3). | ||||||||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||
Other Trading Assets | States and Political Subdivisions | Equity Securities | Interest Rate Contracts, net | Other Assets | ||||||||||||||||
(In Thousands) | ||||||||||||||||||||
Balance, January 1, 2013 | $ | 2,083 | $ | 8 | $ | 6 | $ | 5,016 | $ | 13,255 | ||||||||||
Transfers into Level 3 | — | — | — | — | — | |||||||||||||||
Transfers out of Level 3 | — | — | — | — | — | |||||||||||||||
Total gains or losses (realized/unrealized): | ||||||||||||||||||||
Included in earnings (1) | (438 | ) | — | — | (4,126 | ) | 64 | |||||||||||||
Included in other comprehensive income | — | — | — | — | — | |||||||||||||||
Purchases, issuances, sales and settlements: | ||||||||||||||||||||
Purchases | — | — | — | — | — | |||||||||||||||
Issuances | — | — | — | — | 16,746 | |||||||||||||||
Sales | — | — | — | — | — | |||||||||||||||
Settlements | — | (8 | ) | — | — | — | ||||||||||||||
Balance, December 31, 2013 | $ | 1,645 | $ | — | $ | 6 | $ | 890 | $ | 30,065 | ||||||||||
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at December 31, 2013 | $ | (438 | ) | $ | — | $ | — | $ | (4,126 | ) | $ | 64 | ||||||||
Balance, January 1, 2014 | $ | 1,645 | $ | — | $ | 6 | $ | 890 | $ | 30,065 | ||||||||||
Transfers into Level 3 | — | — | — | — | — | |||||||||||||||
Transfers out of Level 3 | — | — | — | — | — | |||||||||||||||
Total gains or losses (realized/unrealized): | ||||||||||||||||||||
Included in earnings (1) | (55 | ) | — | — | 1,428 | (6,071 | ) | |||||||||||||
Included in other comprehensive income | — | — | — | — | — | |||||||||||||||
Purchases, issuances, sales and settlements: | ||||||||||||||||||||
Purchases | — | — | — | — | — | |||||||||||||||
Issuances | — | — | — | — | 11,494 | |||||||||||||||
Sales | — | — | — | — | — | |||||||||||||||
Settlements | — | (2 | ) | — | — | |||||||||||||||
Balance, December 31, 2014 | $ | 1,590 | $ | — | $ | 4 | $ | 2,318 | $ | 35,488 | ||||||||||
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at December 31, 2014 | $ | (55 | ) | $ | — | $ | — | $ | 1,428 | $ | (6,071 | ) | ||||||||
-1 | Included in noninterest income in the Consolidated Statements of Income. | |||||||||||||||||||
Assets Measured at Fair Value on a Nonrecurring Basis | ||||||||||||||||||||
Periodically, certain assets may be recorded at fair value on a non-recurring basis. These adjustments to fair value usually result from the application of lower of cost or fair value accounting or write-downs of individual assets due to impairment. The following table represents those assets that were subject to fair value adjustments during the years ended December 31, 2014 and 2013 and still held as of the end of the year, and the related losses from fair value adjustments on assets sold during the year as well as assets still held as of the end of the year. | ||||||||||||||||||||
Fair Value Measurements at the End of the Reporting Period Using | ||||||||||||||||||||
Fair Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | Total Gains (Losses) | ||||||||||||||||
December 31, 2014 | (Level 1) | (Level 2) | (Level 3) | December 31, 2014 | ||||||||||||||||
(In Thousands) | ||||||||||||||||||||
Nonrecurring fair value measurements | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Investment securities held to maturity | $ | 3,782 | $ | — | $ | — | $ | 3,782 | $ | (180 | ) | |||||||||
Impaired loans (1) | 111,187 | — | — | 111,187 | (27,990 | ) | ||||||||||||||
OREO | 20,600 | — | — | 20,600 | (2,703 | ) | ||||||||||||||
Fair Value Measurements at the End of the Reporting Period Using | ||||||||||||||||||||
Fair Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | Total Gains (Losses) | ||||||||||||||||
December 31, 2013 | (Level 1) | (Level 2) | (Level 3) | December 31, 2013 | ||||||||||||||||
(In Thousands) | ||||||||||||||||||||
Nonrecurring fair value measurements | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Investment securities held to maturity | $ | 31,201 | $ | — | $ | — | $ | 31,201 | $ | (3,864 | ) | |||||||||
Loans held for sale | 7,359 | — | — | 7,359 | 182 | |||||||||||||||
Impaired loans (1) | 218,504 | — | — | 218,504 | (44,461 | ) | ||||||||||||||
OREO | 23,228 | — | — | 23,228 | (9,702 | ) | ||||||||||||||
-1 | Total gains (losses) represent charge-offs on impaired loans for which adjustments are based on the appraised value of the collateral. | |||||||||||||||||||
The following is a description of the methodologies applied for valuing these assets: | ||||||||||||||||||||
Investment securities held to maturity – Nonrecurring fair value adjustments on investment securities held to maturity reflect impairment write-downs which the Company believes are other than temporary. For analyzing these securities, the Company has retained a third party valuation firm. Impairment is determined through the use of cash flow models that estimate cash flows on the underlying mortgages using security-specific collateral and the transaction structure. The cash flow models incorporate the remaining cash flows which are adjusted for future expected credit losses. Future expected credit losses are determined by using various assumptions such as current default rates, prepayment rates, and loss severities. The Company develops these assumptions through the use of market data published by third party sources in addition to historical analysis which includes actual delinquency and default information through the current period. The expected cash flows are then discounted at the interest rate used to recognize interest income on the security to arrive at a present value amount. As the fair value assessments are derived using a discounted cash flow modeling approach, the nonrecurring fair value adjustments are classified as Level 3. | ||||||||||||||||||||
Loans held for sale – Loans held for sale for which the fair value option has not been elected are carried at the lower of cost or fair value and are evaluated on an individual basis. The fair value of each loan held for sale is based on the collateral value of the underlying asset. Therefore, loans held for sale subjected to nonrecurring fair value adjustments are classified as Level 3. There were no loans held for sale subjected to nonrecurring fair value measurements at December 31, 2014. | ||||||||||||||||||||
Impaired Loans – Impaired loans measured at fair value on a non-recurring basis represent the carrying value of impaired loans for which adjustments are based on the appraised value of the collateral. Nonrecurring fair value adjustments to impaired loans reflect full or partial write-downs that are generally based on the fair value of the underlying collateral supporting the loan. Loans subjected to nonrecurring fair value adjustments based on the current estimated fair value of the collateral are classified as Level 3. | ||||||||||||||||||||
OREO – OREO is recorded on the Company’s Consolidated Balance Sheets at the lower of recorded balance or fair value, which is based on appraisals and third-party price opinions, less estimated costs to sell. The fair value is classified as Level 3. | ||||||||||||||||||||
The table below presents quantitative information about the significant unobservable inputs for material assets and liabilities measured at fair value using significant unobservable inputs (Level 3) on a recurring and nonrecurring basis. | ||||||||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements | ||||||||||||||||||||
Fair Value at | Range of Unobservable Inputs | |||||||||||||||||||
December 31, 2014 | Valuation Technique | Unobservable Input(s) | (Weighted Average) | |||||||||||||||||
(In Thousands) | ||||||||||||||||||||
Recurring fair value measurements: | ||||||||||||||||||||
Other trading assets | $ | 1,590 | Discounted cash flow | Default rate | 9.80% | |||||||||||||||
Prepayment rate | 5.5% - 9.8% (7.2%) | |||||||||||||||||||
Interest rate contracts | 2,318 | Discounted cash flow | Closing ratios (pull-through) | 7.4% - 98.7% (48.8%) | ||||||||||||||||
Cap grids | 0.4% - 2.4% (0.9%) | |||||||||||||||||||
Other assets - MSRs | 35,488 | Discounted cash flow | Discount rate | 10.0% - 11.0% (10.1%) | ||||||||||||||||
Constant prepayment rate or life speed | 6.1% - 50.0% (10.6%) | |||||||||||||||||||
Cost to service | $62 - $759 ($66) | |||||||||||||||||||
Nonrecurring fair value measurements: | ||||||||||||||||||||
Investment securities held to maturity | $ | 3,782 | Discounted cash flow | Prepayment rate | 6.6% - 7.3% (7.0%) | |||||||||||||||
Default rate | 4.6% - 7.6% (6.1%) | |||||||||||||||||||
Loss severity | 59.6% - 93.0% (76.3%) | |||||||||||||||||||
Impaired loans | 111,187 | Appraised value | Appraised value | 0.0% - 100.0% (29.8%) | ||||||||||||||||
OREO | 20,600 | Appraised value | Appraised value | 8.00% | ||||||||||||||||
The following provides a description of the sensitivity of the valuation technique to changes in unobservable inputs for recurring fair value measurements. | ||||||||||||||||||||
Recurring Fair Value Measurements Using Significant Unobservable Inputs | ||||||||||||||||||||
Trading Account Assets – Interest-Only Strips | ||||||||||||||||||||
Significant unobservable inputs used in the valuation of the Company’s interest-only strips include default rates and prepayment assumptions. Significant increases in either of these inputs in isolation would result in significantly lower fair value measurements. Generally, a change in the assumption used for the probability of default is accompanied by a directionally opposite change in the assumption used for prepayment rates. | ||||||||||||||||||||
Interest Rate Contracts - Interest Rate Lock Commitments | ||||||||||||||||||||
Significant unobservable inputs used in the valuation of interest rate contracts are pull-through and cap grids. Increases or decreases in the pull-through or cap grids will have a corresponding impact in the value of interest rate contracts. | ||||||||||||||||||||
Other Assets - MSRs | ||||||||||||||||||||
The significant unobservable inputs used in the fair value measurement of MSRs are discount rates, constant prepayment rate or life speed, and cost to service assumptions. The impact of prepayments and changes in the discount rate are based on a variety of underlying inputs. Increases or decreases to the underlying cash flow inputs will have a corresponding impact on the value of the MSR asset. The impact of the costs to service assumption will have a directionally opposite change in the fair value of the MSR asset. | ||||||||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||||||
The carrying amounts and estimated fair values, as well as the level within the fair value hierarchy, of the Company’s financial instruments are as follows: | ||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||
Carrying Amount | Estimated Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||
(In Thousands) | ||||||||||||||||||||
Financial Instruments: | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 3,388,405 | $ | 3,388,405 | $ | 3,388,405 | $ | — | $ | — | ||||||||||
Trading account assets | 2,834,397 | 2,834,397 | 2,502,308 | 330,499 | 1,590 | |||||||||||||||
Investment securities available for sale | 10,237,275 | 10,237,275 | 1,342,525 | 8,395,231 | 499,519 | |||||||||||||||
Investment securities held to maturity | 1,348,354 | 1,275,963 | — | — | 1,275,963 | |||||||||||||||
Loans held for sale | 154,816 | 154,816 | — | 154,816 | — | |||||||||||||||
Loans, net | 56,686,743 | 54,551,442 | — | — | 54,551,442 | |||||||||||||||
Derivative assets | 155,887 | 155,887 | — | 153,568 | 2,319 | |||||||||||||||
Other assets | 35,488 | 35,488 | — | — | 35,488 | |||||||||||||||
Liabilities: | ||||||||||||||||||||
Deposits | $ | 61,189,716 | $ | 61,263,812 | $ | — | $ | 61,263,812 | $ | — | ||||||||||
FHLB and other borrowings | 4,809,843 | 4,786,152 | — | 4,786,152 | — | |||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 1,129,503 | 1,129,503 | — | 1,129,503 | — | |||||||||||||||
Other short-term borrowings | 2,545,724 | 2,545,724 | — | 2,545,724 | — | |||||||||||||||
Trading account liabilities | 2,815,462 | 2,815,462 | 2,545,299 | 270,163 | — | |||||||||||||||
Derivative liabilities | 91,085 | 91,085 | — | 91,084 | 1 | |||||||||||||||
December 31, 2013 | ||||||||||||||||||||
Carrying Amount | Estimated Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||
(In Thousands) | ||||||||||||||||||||
Financial Instruments: | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 3,598,460 | $ | 3,598,460 | $ | 3,598,460 | $ | — | $ | — | ||||||||||
Trading account assets | 319,930 | 319,930 | — | 318,285 | 1,645 | |||||||||||||||
Investment securities available for sale | 8,313,085 | 8,313,085 | 40,340 | 7,760,612 | 512,133 | |||||||||||||||
Investment securities held to maturity | 1,519,196 | 1,405,258 | — | — | 1,405,258 | |||||||||||||||
Loans held for sale | 147,109 | 147,109 | — | 139,750 | 7,359 | |||||||||||||||
Loans, net | 49,966,297 | 47,822,339 | — | — | 47,822,339 | |||||||||||||||
Derivative assets | 122,951 | 122,951 | — | 122,004 | 947 | |||||||||||||||
Other assets | 30,065 | 30,065 | — | — | 30,065 | |||||||||||||||
Liabilities: | ||||||||||||||||||||
Deposits | $ | 54,437,490 | $ | 54,492,651 | $ | — | $ | 54,492,651 | $ | — | ||||||||||
FHLB and other borrowings | 4,298,707 | 4,287,220 | — | 4,287,220 | — | |||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 852,570 | 852,570 | — | 852,570 | — | |||||||||||||||
Other short-term borrowings | 5,591 | 5,591 | — | 5,591 | — | |||||||||||||||
Trading account liabilities | 228,757 | 228,757 | — | 228,757 | — | |||||||||||||||
Derivative liabilities | 61,294 | 61,294 | — | 61,237 | 57 | |||||||||||||||
The following methods and assumptions were used by the Company in estimating the fair value of its financial instruments not carried at fair value: | ||||||||||||||||||||
Cash and cash equivalents: Cash and cash equivalents have maturities of three months or less. Accordingly, the carrying amount approximates fair value. Because these amounts generally relate to either currency or highly liquid assets, these are considered a Level 1 measurement. | ||||||||||||||||||||
Investment securities held to maturity: The fair values of securities held to maturity are estimated using a discounted cash flow approach. The discounted cash flow model uses inputs such as estimated prepayment speed, loss rates, and default rates. They are considered a level 3 measurement as the valuation employs significant unobservable inputs. | ||||||||||||||||||||
Loans: Loans are presented net of the allowance for loan losses and are valued using discounted cash flows. The discount rates used to determine the present value of these loans are based on current market interest rates for loans with similar credit risk and term. They are considered a Level 3 measurement as the valuation employs significant unobservable inputs. | ||||||||||||||||||||
Deposits: The fair values of demand deposits are equal to the carrying amounts. Demand deposits include noninterest bearing demand deposits, savings accounts, NOW accounts and money market demand accounts. Discounted cash flows have been used to value fixed rate term deposits. The discount rate used is based on interest rates currently being offered by the Company on comparable deposits as to amount and term. They are considered a Level 2 measurement as the valuation primarily employs observable inputs for similar instruments. | ||||||||||||||||||||
Short-term borrowings: The carrying amounts of federal funds purchased, securities sold under agreements to repurchase and other short-term borrowings approximates fair value. They are therefore considered a Level 2 measurement. | ||||||||||||||||||||
FHLB and other borrowings: The fair value of the Company’s fixed rate borrowings, which includes the Company’s Capital Securities, are estimated using discounted cash flows, based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements. The carrying amount of the Company’s variable rate borrowings approximates fair value. As such, these borrowings are considered a Level 2 measurement as the valuation primarily employs observable inputs for similar instruments. |
Comprehensive_Income
Comprehensive Income | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||
Comprehensive Income | Comprehensive Income | |||||||||||||||||||
Comprehensive income is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances arising from nonowner sources. The following summarizes the change in the components of other comprehensive income (loss). | ||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||
Pretax | Tax Expense/ (Benefit) | After-tax | ||||||||||||||||||
(In Thousands) | ||||||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||
Unrealized holding gains (losses) arising during period from securities available for sale | $ | 94,627 | $ | 33,343 | $ | 61,284 | ||||||||||||||
Less: reclassification adjustment for net gains on sale of securities in net income | 53,042 | 18,690 | 34,352 | |||||||||||||||||
Net change in unrealized gains (losses) on securities available for sale | 41,585 | 14,653 | 26,932 | |||||||||||||||||
Change in unamortized net holding losses on investment securities held to maturity | 13,732 | 4,705 | 9,027 | |||||||||||||||||
Less: non-credit related impairment on investment securities held to maturity | 235 | 84 | 151 | |||||||||||||||||
Change in unamortized non-credit related impairment on investment securities held to maturity | 3,096 | 1,225 | 1,871 | |||||||||||||||||
Net change in unamortized holding losses on securities held to maturity | 16,593 | 5,846 | 10,747 | |||||||||||||||||
Unrealized holding gains (losses) arising during period from cash flow hedge instruments | (4,475 | ) | (2,575 | ) | (1,900 | ) | ||||||||||||||
Change in defined benefit plans | 1,238 | 438 | 800 | |||||||||||||||||
Other comprehensive income (loss) | $ | 54,941 | $ | 18,362 | $ | 36,579 | ||||||||||||||
December 31, 2013 | ||||||||||||||||||||
Pretax | Tax Expense/ (Benefit) | After-tax | ||||||||||||||||||
(In Thousands) | ||||||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||
Unrealized holding gains (losses) arising during period from securities available for sale | $ | (170,425 | ) | $ | (61,935 | ) | $ | (108,490 | ) | |||||||||||
Less: reclassification adjustment for net gains on sale of securities in net income | 31,371 | 11,401 | 19,970 | |||||||||||||||||
Net change in unrealized gains (losses) on securities available for sale | (201,796 | ) | (73,336 | ) | (128,460 | ) | ||||||||||||||
Change in unamortized net holding losses on investment securities held to maturity | 16,636 | 6,045 | 10,591 | |||||||||||||||||
Less: non-credit related impairment on investment securities held to maturity | 3,243 | 1,178 | 2,065 | |||||||||||||||||
Change in unamortized non-credit related impairment on investment securities held to maturity | 2,387 | 867 | 1,520 | |||||||||||||||||
Net change in unamortized holding losses on securities held to maturity | 15,780 | 5,734 | 10,046 | |||||||||||||||||
Unrealized holding gains arising during period from cash flow hedge instruments | 12,842 | 4,744 | 8,098 | |||||||||||||||||
Change in defined benefit plans | (5,928 | ) | (2,250 | ) | (3,678 | ) | ||||||||||||||
Other comprehensive income (loss) | $ | (179,102 | ) | $ | (65,108 | ) | $ | (113,994 | ) | |||||||||||
December 31, 2012 | ||||||||||||||||||||
Pretax | Tax Expense/ (Benefit) | After-tax | ||||||||||||||||||
(In Thousands) | ||||||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||
Unrealized holding gains (losses) arising during period from securities available for sale | $ | (7,562 | ) | $ | (2,640 | ) | $ | (4,922 | ) | |||||||||||
Less: reclassification adjustment for net gains on sale of securities in net income | 12,832 | 4,480 | 8,352 | |||||||||||||||||
Net change in unrealized gains (losses) on securities available for sale | (20,394 | ) | (7,120 | ) | (13,274 | ) | ||||||||||||||
Change in unamortized net holding losses on investment securities held to maturity | 33,655 | 11,751 | 21,904 | |||||||||||||||||
Less: non-credit related impairment on investment securities held to maturity | 4,728 | 1,651 | 3,077 | |||||||||||||||||
Change in unamortized non-credit related impairment on investment securities held to maturity | 863 | 301 | 562 | |||||||||||||||||
Net change in unamortized holding losses on securities held to maturity | 29,790 | 10,401 | 19,389 | |||||||||||||||||
Unrealized holding losses arising during period from cash flow hedge instruments | (4,416 | ) | (1,592 | ) | (2,824 | ) | ||||||||||||||
Defined benefit plans | (11,524 | ) | (4,336 | ) | (7,188 | ) | ||||||||||||||
Other comprehensive income (loss) | $ | (6,544 | ) | $ | (2,647 | ) | $ | (3,897 | ) | |||||||||||
Activity in accumulated other comprehensive income (loss), net of tax, was as follows: | ||||||||||||||||||||
Unrealized Gains (Losses) on Securities Available for Sale and Transferred to Held to Maturity | Accumulated Gains (Losses) on Cash Flow Hedging Instruments | Defined Benefit Plan Adjustment | Unamortized Impairment Losses on Investment Securities Held to Maturity | Total | ||||||||||||||||
(In Thousands) | ||||||||||||||||||||
Balance, January 1, 2013 | $ | 86,379 | $ | (13,387 | ) | $ | (38,243 | ) | $ | (8,691 | ) | $ | 26,058 | |||||||
Other comprehensive income (loss)before reclassifications | (108,490 | ) | 4,973 | — | (2,065 | ) | (105,582 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (9,379 | ) | 3,125 | (3,678 | ) | 1,520 | (8,412 | ) | ||||||||||||
Net current period other comprehensive income (loss) | (117,869 | ) | 8,098 | (3,678 | ) | (545 | ) | (113,994 | ) | |||||||||||
Balance, December 31, 2013 | $ | (31,490 | ) | $ | (5,289 | ) | $ | (41,921 | ) | $ | (9,236 | ) | $ | (87,936 | ) | |||||
Balance, January 1, 2014 | $ | (31,490 | ) | $ | (5,289 | ) | $ | (41,921 | ) | $ | (9,236 | ) | $ | (87,936 | ) | |||||
Other comprehensive income (loss) before reclassifications | 61,284 | (2,570 | ) | — | (151 | ) | 58,563 | |||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (25,325 | ) | 670 | 800 | 1,871 | (21,984 | ) | |||||||||||||
Net current period other comprehensive income (loss) | 35,959 | (1,900 | ) | 800 | 1,720 | 36,579 | ||||||||||||||
Balance, December 31, 2014 | $ | 4,469 | $ | (7,189 | ) | $ | (41,121 | ) | $ | (7,516 | ) | $ | (51,357 | ) | ||||||
The following table presents information on reclassifications out of accumulated other comprehensive income. | ||||||||||||||||||||
Details About Accumulated Other Comprehensive Income Components | Amounts Reclassified From Accumulated Other Comprehensive Income (1) | Consolidated Statement of Income Caption | ||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||
(In Thousands) | ||||||||||||||||||||
Unrealized Gains (Losses) on Securities Available for Sale and Transferred to Held to Maturity | $ | 53,042 | $ | 31,371 | Investment securities gains, net | |||||||||||||||
(13,732 | ) | (16,636 | ) | Interest on investment securities held to maturity | ||||||||||||||||
39,310 | 14,735 | |||||||||||||||||||
(13,985 | ) | (5,356 | ) | Income tax (expense) benefit | ||||||||||||||||
$ | 25,325 | $ | 9,379 | Net of tax | ||||||||||||||||
Accumulated (Gains) Losses on Cash Flow Hedging Instruments | $ | 5,536 | $ | 1,999 | Interest and fees on loans | |||||||||||||||
(7,113 | ) | (6,955 | ) | Interest and fees on FHLB advances | ||||||||||||||||
(1,577 | ) | (4,956 | ) | |||||||||||||||||
907 | 1,831 | Income tax benefit | ||||||||||||||||||
$ | (670 | ) | $ | (3,125 | ) | Net of tax | ||||||||||||||
Defined Benefit Plan Adjustment | $ | (1,238 | ) | $ | 5,928 | -2 | ||||||||||||||
438 | (2,250 | ) | Income tax expense | |||||||||||||||||
$ | (800 | ) | $ | 3,678 | Net of tax | |||||||||||||||
Unamortized Impairment Losses on Investment Securities Held to Maturity | $ | (3,096 | ) | $ | (2,387 | ) | Interest on investment securities held to maturity | |||||||||||||
1,225 | 867 | Income tax benefit | ||||||||||||||||||
$ | (1,871 | ) | $ | (1,520 | ) | Net of tax | ||||||||||||||
-1 | Amounts in parentheses indicate debits to the consolidated statement of income. | |||||||||||||||||||
-2 | These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 18, Benefit Plans, for additional details). |
Supplemental_Disclosure_for_St
Supplemental Disclosure for Statement of Cash Flows | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Supplemental Cash Flow Elements [Abstract] | ||||||||||||
Supplemental Disclosure for Statement of Cash Flows | Supplemental Disclosure for Statement of Cash Flows | |||||||||||
The following table presents the Company’s noncash investing and financing activities. | ||||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In Thousands) | ||||||||||||
Supplemental disclosures of cash flow information: | ||||||||||||
Interest paid | $ | 277,698 | $ | 273,939 | $ | 238,119 | ||||||
Net income taxes paid | 142,979 | 139,247 | 142,174 | |||||||||
Supplemental schedule of noncash investing and financing activities: | ||||||||||||
Transfer of loans and loans held for sale to OREO | $ | 22,176 | $ | 47,879 | $ | 67,194 | ||||||
Transfer of loans to loans held for sale | 21,135 | 91,400 | 207,148 | |||||||||
Change in unrealized gain (loss) on available for sale securities | 41,585 | (201,796 | ) | (20,394 | ) | |||||||
Issuance of restricted stock, net of cancellations | 5,682 | 6,166 | 8,585 | |||||||||
Business combinations: | ||||||||||||
Assets acquired | $ | 117,068 | $ | — | $ | — | ||||||
Liabilities assumed | 18,329 | — | — | |||||||||
Segment_Information
Segment Information | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||
Segment Information | Segment Information | |||||||||||||||||||||||
The Company's operating segments are based on the Company's lines of business. Each line of business is a strategic unit that serves a particular group of customers with certain common characteristics by offering various products and services. The segment results include certain overhead allocations and intercompany transactions. All intercompany transactions have been eliminated to determine the consolidated balances. The Company operates primarily in the United States, and, accordingly, the geographic distribution of revenue and assets is not significant. There are no individual customers whose revenues exceeded 10% of consolidated revenue. | ||||||||||||||||||||||||
The Wealth and Retail Banking segment serves the Company’s consumer customers through its full-service banking centers, private client offices throughout the U.S., and through the use of alternative delivery channels such as the internet, mobile devices and telephone banking. The Wealth and Retail Banking segment provides individuals with comprehensive products and services including home mortgages, credit and debit cards, deposit accounts, insurance products, mutual funds and brokerage services. The Wealth and Retail Banking segment also provides private banking services to high net worth individuals and wealth management services, including specialized investment portfolio management, traditional credit products, traditional trust and estate services, investment advisory services, financial counseling and customized services to companies and their employees. In addition, the Wealth and Retail Banking segment serves the Company's small business customers. | ||||||||||||||||||||||||
The Commercial Banking segment is responsible for providing a full array of banking and investment services to businesses in the Company's markets. In addition to traditional credit and deposit products, the Commercial Banking segment also supports its customers with capabilities in treasury management, leasing, accounts receivable purchasing, asset-based lending, international services, and insurance and investment products. In addition, the Commercial Banking segment is responsible for the Company’s indirect automobile portfolio. | ||||||||||||||||||||||||
The Corporate and Investment Banking segment is responsible for providing a full array of banking and investment services to corporate and institutional clients. In addition to traditional credit and deposit products, the Corporate and Investment Banking segment also supports its customers with capabilities in treasury management, leasing, accounts receivable purchasing, asset-based lending, international services, and interest rate protection and investment products. | ||||||||||||||||||||||||
The Treasury segment's primary function is to manage the liquidity and funding positions of the Company, the interest rate sensitivity of the Company's balance sheet and the investment securities portfolio. | ||||||||||||||||||||||||
Corporate Support and Other includes activities that are not directly attributable to the operating segments, such as, the activities of the Parent and corporate support functions that are not directly attributable to a strategic business segment, as well as the elimination of intercompany transactions. Corporate Support and Other also includes activities associated with assets and liabilities of Guaranty Bank acquired by the Company in 2009 and the related FDIC indemnification asset as well as the activities associated with Simple acquired by the Company in 2014. | ||||||||||||||||||||||||
The following table presents the segment information for the Company’s segments. | ||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||
Wealth and Retail Banking | Commercial Banking | Corporate and Investment Banking | Treasury | Corporate Support and Other | Consolidated | |||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Net interest income | $ | 835,503 | $ | 844,454 | $ | 51,482 | $ | 870 | $ | 253,185 | $ | 1,985,494 | ||||||||||||
Allocated provision for loan losses | 91,719 | 30,759 | 3,865 | — | (20,042 | ) | 106,301 | |||||||||||||||||
Noninterest income | 675,258 | 251,504 | 181,130 | 76,713 | (267,183 | ) | 917,422 | |||||||||||||||||
Noninterest expense | 1,287,265 | 469,475 | 136,772 | 17,597 | 269,643 | 2,180,752 | ||||||||||||||||||
Net income (loss) before income tax expense (benefit) | 131,777 | 595,724 | 91,975 | 59,986 | (263,599 | ) | 615,863 | |||||||||||||||||
Income tax expense (benefit) | 49,087 | 221,907 | 34,261 | 22,345 | (180,269 | ) | 147,331 | |||||||||||||||||
Net income (loss) | 82,690 | 373,817 | 57,714 | 37,641 | (83,330 | ) | 468,532 | |||||||||||||||||
Less: net income attributable to noncontrolling interests | — | 212 | — | 1,764 | — | 1,976 | ||||||||||||||||||
Net income (loss) attributable to shareholder | $ | 82,690 | $ | 373,605 | $ | 57,714 | $ | 35,877 | $ | (83,330 | ) | $ | 466,556 | |||||||||||
Average assets | $ | 22,373,044 | $ | 29,941,072 | $ | 5,038,017 | $ | 13,232,917 | $ | 6,935,705 | $ | 77,520,755 | ||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Wealth and Retail Banking | Commercial Banking | Corporate and Investment Banking | Treasury | Corporate Support and Other | Consolidated | |||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Net interest income (expense) | $ | 820,755 | $ | 762,319 | $ | 51,248 | $ | (35,703 | ) | $ | 444,062 | $ | 2,042,681 | |||||||||||
Allocated provision for loan losses | 112,075 | (18,338 | ) | 5,467 | — | 8,342 | 107,546 | |||||||||||||||||
Noninterest income | 636,400 | 226,685 | 135,145 | 76,792 | (220,232 | ) | 854,790 | |||||||||||||||||
Noninterest expense | 1,296,240 | 455,165 | 125,571 | 17,671 | 304,528 | 2,199,175 | ||||||||||||||||||
Net income (loss) before income tax expense (benefit) | 48,840 | 552,177 | 55,355 | 23,418 | (89,040 | ) | 590,750 | |||||||||||||||||
Income tax expense (benefit) | 18,193 | 205,686 | 20,620 | 8,723 | (82,402 | ) | 170,820 | |||||||||||||||||
Net income (loss) | 30,647 | 346,491 | 34,735 | 14,695 | (6,638 | ) | 419,930 | |||||||||||||||||
Less: net income attributable to noncontrolling interests | — | 308 | — | 1,786 | — | 2,094 | ||||||||||||||||||
Net income (loss) attributable to shareholder | $ | 30,647 | $ | 346,183 | $ | 34,735 | $ | 12,909 | $ | (6,638 | ) | $ | 417,836 | |||||||||||
Average assets | $ | 20,963,576 | $ | 25,937,331 | $ | 3,215,380 | $ | 13,069,769 | $ | 7,123,581 | $ | 70,309,637 | ||||||||||||
December 31, 2012 | ||||||||||||||||||||||||
Wealth and Retail Banking | Commercial Banking | Corporate and Investment Banking | Treasury | Corporate Support and Other | Consolidated | |||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Net interest income | $ | 803,905 | $ | 766,155 | $ | 44,970 | $ | 4,006 | $ | 610,946 | $ | 2,229,982 | ||||||||||||
Allocated provision for loan losses | 134,437 | (100,131 | ) | 5,634 | — | (10,469 | ) | 29,471 | ||||||||||||||||
Noninterest income | 646,792 | 184,132 | 112,610 | 76,855 | (170,341 | ) | 850,048 | |||||||||||||||||
Noninterest expense | 1,260,386 | 479,297 | 103,178 | 18,532 | 490,454 | 2,351,847 | ||||||||||||||||||
Net income (loss) before income tax expense (benefit) | 55,874 | 571,121 | 48,768 | 62,329 | (39,380 | ) | 698,712 | |||||||||||||||||
Income tax expense (benefit) | 20,813 | 212,743 | 18,166 | 23,218 | (55,239 | ) | 219,701 | |||||||||||||||||
Net income | 35,061 | 358,378 | 30,602 | 39,111 | 15,859 | 479,011 | ||||||||||||||||||
Less: net income attributable to noncontrolling interests | — | 330 | — | 1,808 | — | 2,138 | ||||||||||||||||||
Net income attributable to shareholder | $ | 35,061 | $ | 358,048 | $ | 30,602 | $ | 37,303 | $ | 15,859 | $ | 476,873 | ||||||||||||
Average assets | $ | 19,651,744 | $ | 24,107,303 | $ | 2,617,380 | $ | 12,818,387 | $ | 7,274,001 | $ | 66,468,815 | ||||||||||||
The financial information presented was derived from the internal profitability reporting system used by management to monitor and manage the financial performance of the Company. This information is based on internal management accounting policies that have been developed to reflect the underlying economics of the businesses. These policies address the methodologies applied and include policies related to funds transfer pricing, cost allocations and capital allocations. | ||||||||||||||||||||||||
Funds transfer pricing was used in the determination of net interest income earned primarily on loans and deposits. The method employed for funds transfer pricing is a matched funding concept whereby lines of business which are fund providers are credited and those that are fund users are charged based on maturity, prepayment and/or repricing characteristics applied on an instrument level. Costs for centrally managed operations are generally allocated to the lines of business based on the utilization of services provided or other appropriate indicators. Capital is allocated to the lines of business based upon the underlying risks in each business considering economic and regulatory capital standards. | ||||||||||||||||||||||||
The development and application of these methodologies is a dynamic process. Accordingly, prior period financial results have been revised to reflect management accounting enhancements and changes in the Company's organizational structure. The 2013 and 2012 segment information has been revised to conform to the 2014 presentation. In addition, unlike financial accounting, there is no authoritative literature for management accounting similar to U.S. GAAP. Consequently, reported results are not necessarily comparable with those presented by other financial institutions. |
Parent_Company_Financial_State
Parent Company Financial Statements | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||||||||||||
Parent Company Financial Statements | Parent Company Financial Statements | |||||||||||
The condensed financial information for BBVA Compass Bancshares, Inc. (Parent company only) is presented as follows: | ||||||||||||
Parent Company | ||||||||||||
Balance Sheets | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(In Thousands) | ||||||||||||
Assets: | ||||||||||||
Cash and cash equivalents | $ | 136,151 | $ | 142,636 | ||||||||
Investments in subsidiaries: | ||||||||||||
Banks | 11,743,669 | 11,254,464 | ||||||||||
Non-banks | 186,324 | 152,053 | ||||||||||
Other assets | 34,178 | 30,485 | ||||||||||
Total assets | $ | 12,100,322 | $ | 11,579,638 | ||||||||
Liabilities and Shareholder’s Equity: | ||||||||||||
Accrued expenses and other liabilities | $ | 125,639 | $ | 120,886 | ||||||||
Shareholder’s equity | 11,974,683 | 11,458,752 | ||||||||||
Total liabilities and shareholder’s equity | $ | 12,100,322 | $ | 11,579,638 | ||||||||
Parent Company | ||||||||||||
Statements of Income | ||||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In Thousands) | ||||||||||||
Income: | ||||||||||||
Dividends from banking subsidiaries | $ | 102,000 | $ | — | $ | — | ||||||
Dividends from non-bank subsidiaries | 96 | 424 | 135 | |||||||||
Other | 1,359 | 1,760 | 1,801 | |||||||||
Total income | 103,455 | 2,184 | 1,936 | |||||||||
Expense: | ||||||||||||
Salaries and employee benefits | 1,131 | 1,378 | 509 | |||||||||
Other | 9,591 | 12,102 | 8,348 | |||||||||
Total expense | 10,722 | 13,480 | 8,857 | |||||||||
Income (loss) before income tax benefit and equity in undistributed earnings of subsidiaries | 92,733 | (11,296 | ) | (6,921 | ) | |||||||
Income tax benefit | (301 | ) | (4,057 | ) | (2,418 | ) | ||||||
Income (loss) before equity in undistributed earnings (losses) of subsidiaries | 93,034 | (7,239 | ) | (4,503 | ) | |||||||
Equity in undistributed earnings of subsidiaries | 373,522 | 425,075 | 481,376 | |||||||||
Net income | $ | 466,556 | $ | 417,836 | $ | 476,873 | ||||||
Other comprehensive income (loss) (1) | 36,579 | (113,994 | ) | (3,897 | ) | |||||||
Comprehensive income | $ | 503,135 | $ | 303,842 | $ | 472,976 | ||||||
-1 | See Consolidated Statement of Comprehensive Income (Loss) detail. | |||||||||||
Parent Company | ||||||||||||
Statements of Cash Flows | ||||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In Thousands) | ||||||||||||
Operating Activities: | ||||||||||||
Net income | $ | 466,556 | $ | 417,836 | $ | 476,873 | ||||||
Adjustments to reconcile net income to cash provided by operations: | ||||||||||||
Amortization of stock based compensation | 4,515 | 8,311 | 6,820 | |||||||||
Depreciation | 49 | 51 | 24 | |||||||||
Equity in undistributed earnings of subsidiaries | (373,522 | ) | (425,075 | ) | (481,376 | ) | ||||||
(Increase) decrease in other assets | 362 | (3,990 | ) | (2,003 | ) | |||||||
Increase in other liabilities | 4,111 | 4,063 | 2,191 | |||||||||
Net cash provided by operating activities | 102,071 | 1,196 | 2,529 | |||||||||
Investing Activities: | ||||||||||||
Purchase of premises and equipment | (24 | ) | (6 | ) | (195 | ) | ||||||
Contributions to subsidiaries | (116,323 | ) | (100,000 | ) | — | |||||||
Net cash used in investing activities | (116,347 | ) | (100,006 | ) | (195 | ) | ||||||
Financing Activities: | ||||||||||||
Repayment of other borrowings | — | (10,310 | ) | — | ||||||||
Vesting of restricted stock | (4,702 | ) | (5,741 | ) | (11,872 | ) | ||||||
Restricted stock grants retained to cover taxes | (2,507 | ) | (2,228 | ) | (1,458 | ) | ||||||
Issuance of common stock | 117,000 | 100,000 | — | |||||||||
Common dividends paid | (102,000 | ) | — | — | ||||||||
Net cash provided by (used in) financing activities | 7,791 | 81,721 | (13,330 | ) | ||||||||
Net decrease in cash and cash equivalents | (6,485 | ) | (17,089 | ) | (10,996 | ) | ||||||
Cash and cash equivalents at beginning of the year | 142,636 | 159,725 | 170,721 | |||||||||
Cash and cash equivalents at end of the year | $ | 136,151 | $ | 142,636 | $ | 159,725 | ||||||
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Related Party Transactions [Abstract] | ||||||||
Related Party Transactions | Related Party Transactions | |||||||
The Company enters into various contracts with BBVA that affect the Company’s business and operations. The following discloses the significant transactions between the Company and BBVA during 2014 and 2013. | ||||||||
The Company believes all of the transactions entered into between the Company and BBVA were transacted on terms that were no more or less beneficial to the Company than similar transactions entered into with unrelated market participants, including interest rates and transaction costs. The Company foresees executing similar transactions with BBVA in the future. | ||||||||
Derivatives | ||||||||
The Company has entered into various derivative contracts as noted below with BBVA as the upstream counterparty. The net fair value of outstanding derivative contracts between the Company and BBVA are detailed below. | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
(In Thousands) | ||||||||
Derivative contracts: | ||||||||
Cash flow hedges | $ | 1,693 | $ | 3,652 | ||||
Free-standing derivative instruments | 9,512 | 20,808 | ||||||
Securities Purchased Under Agreements to Resell/Securities Sold Under Agreements to Repurchase | ||||||||
The Company enters into agreements with BBVA as the counterparty under which it purchases/sells securities subject to an obligation to resell/repurchase the same or similar securities. The following represents the amount of securities purchased under agreements to resell and securities sold under agreements to repurchase where BBVA is the counterparty. | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
(In Thousands) | ||||||||
Securities purchased under agreements to resell | $ | 97,970 | $ | — | ||||
Securities sold under agreements to repurchase | 435,684 | — | ||||||
Borrowings | ||||||||
BSI has a $420 million revolving note and cash subordination agreement with BBVA that was executed on March 16, 2012 with a maturity date of March 16, 2018. BSI also has a $150 million line of credit with BBVA that was initiated on August 1, 2014. At December 31, 2014 and 2013, there were no amounts outstanding under either of these agreements. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Use of estimates | Use of Estimates | |
The preparation of the Consolidated Financial Statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period, the most significant of which relate to the allowance for loan losses, goodwill impairment, fair value measurements and income taxes. Actual results could differ from those estimates. | ||
Cash and cash equivalents | Cash and cash equivalents | |
The Company classifies cash on hand, amounts due from banks, federal funds sold, securities purchased under agreements to resell and interest bearing deposits as cash and cash equivalents. These instruments have original maturities of three months or less. | ||
Securities purchased under agreements to resell and securities sold under agreements to repurchase | Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase | |
Securities purchased under agreements to resell and securities sold under agreements to repurchase are generally accounted for as collateralized financing transactions and are recorded at the amounts at which the securities were acquired or sold plus accrued interest. The securities pledged or received as collateral are generally U.S. government and federal agency securities. The Company's policy is to take possession of securities purchased under agreements to resell. The fair value of collateral either received from or provided to a third party is continually monitored and adjusted as deemed appropriate. | ||
Securities | Securities | |
The Company classifies its investment securities into one of three categories based upon management’s intent and ability to hold the investment securities: (i) trading account assets and liabilities, (ii) investment securities held to maturity or (iii) investment securities available for sale. Investment securities held in a trading account are required to be reported at fair value, with unrealized gains and losses included in earnings. The Company classifies purchases, sales, and maturities of trading securities held for investment purposes as cash flows from investing activities. Cash flows related to trading securities held for trading purposes are reported as cash flows from operating activities. Investment securities held to maturity are stated at cost adjusted for amortization of premiums and accretion of discounts. The related amortization and accretion is determined by the interest method and is included as a noncash adjustment in the net cash provided by operating activities in the Company’s Consolidated Statements of Cash Flows. The Company has the ability, and it is management’s intention, to hold such securities to maturity. Investment securities available for sale are recorded at fair value. Increases and decreases in the net unrealized gain or loss on the portfolio of investment securities available for sale are reflected as adjustments to the carrying value of the portfolio and as an adjustment, net of tax, to accumulated other comprehensive income. See Note 20, Fair Value of Financial Instruments, for information on the determination of fair value. | ||
Interest earned on trading account assets, investment securities available for sale and investment securities held to maturity is included in interest income in the Company’s Consolidated Statements of Income. Net realized gains and losses on the sale of investment securities available for sale, computed principally on the specific identification method, are shown separately in noninterest income in the Company’s Consolidated Statements of Income. Net gains and losses on the sale of trading account assets and liabilities are recognized as a component of other noninterest income in the Company’s Consolidated Statements of Income. | ||
The Company regularly evaluates each held to maturity and available for sale security in an unrealized loss position for OTTI. The Company evaluates for OTTI on a specific identification basis. In its evaluation, the Company considers such factors as the length of time and the extent to which the fair value has been below cost, the financial condition of the issuer, the Company’s intent to hold the security to an expected recovery in fair value and whether it is more likely than not that the Company will have to sell the security before its fair value recovers. The credit loss component of the OTTI on debt and equity securities is recognized in earnings. For debt securities, the portion of OTTI related to all other factors is recognized in other comprehensive income. See Note 3, Investment Securities Available for Sale and Investment Securities Held to Maturity, for details of OTTI. | ||
Loans held for sale | Loans Held for Sale | |
Loans held for sale include single-family real estate mortgage loans, real estate construction loans and commercial real estate mortgage loans. The Company applies the fair value option accounting guidance codified under the FASB's ASC Topic 825, Financial Instruments, for single family real estate mortgage loans originated for sale in the secondary market. Under the fair value option, all changes in the applicable loans’ fair value are recorded in earnings. Loans classified as held for sale that were not originated for resale in the secondary market are accounted for under the lower of cost or fair value method and are evaluated on an individual basis. | ||
Accounting for certain loans or debt securities acquired in a transfer | Accounting for Certain Loans or Debt Securities Acquired in a Transfer | |
Loans with evidence of credit deterioration acquired in a transfer for which it is probable all contractual payments will not be received are accounted for under ASC Subtopic 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality, and are classified as Purchased Impaired Loans. The Company evaluates loans meeting the requirements of ASC Subtopic 310-30 by considering expected prepayments and estimating the expected amount and timing of undiscounted principal, interest and other cash flows at the date of acquisition. Those loans are recorded at fair value at acquisition and no allowance for loan losses is recorded at the purchase date. Revolving loans, including lines of credit and credit cards loans, and leases are excluded from ASC Subtopic 310-30 accounting. | ||
An AICPA letter dated December 18, 2009 summarized the SEC staff’s view regarding the recognition of discount accretion for acquired loans with a fair value that is lower than the contractual amounts due that are not required to be accounted for in accordance with ASC Subtopic 310-30. The AICPA understands that the SEC staff would not object to an accounting policy based on contractual cash flows (ASC Subtopic 310-20 approach) or an accounting policy based on expected cash flows approach (ASC Subtopic 310-30 approach). The Company believes the ASC Subtopic 310-30 approach is the more appropriate option to follow in accounting for the fair value discount for Purchased Nonimpaired Loans and, accordingly, has made a policy election to account for Purchased Nonimpaired Loans under an expected cash flows approach. | ||
In determining the acquisition date fair value of loans subject to ASC Subtopic 310-30, and in subsequent accounting, the Company generally aggregates purchased loans into pools of loans with common risk characteristics, while accounting for certain commercial loans individually. Expected cash flows at the purchase date in excess of the fair value of loans are recorded as interest income over the life of the loans if the timing and amount of the future cash flows are reasonably estimable. Subsequent to the purchase date, increases in cash flows over those expected at the purchase date are recognized as interest income prospectively. Decreases in expected cash flows after the purchase date are recognized by recording an allowance for loan losses. | ||
Loans | Loans | |
Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are considered held for investment. Loans are stated at principal outstanding adjusted for charge-offs, deferred loan fees and direct costs on originated loans and unamortized premiums or discounts on purchased loans. Interest income on loans is recognized on the interest method. Loan fees, net of direct costs, and unamortized premiums and discounts are deferred and amortized as an adjustment to the yield of the related loan over the term of the loan and are included as a noncash adjustment in the net cash provided by operating activities in the Company’s Consolidated Statements of Cash Flows. For additional information related to the Company’s loan portfolio by type, refer to Note 4, Loans and Allowance for Loan Losses. | ||
It is the general policy of the Company to stop accruing interest income and apply subsequent interest payments as principal reductions when any commercial, industrial, commercial real estate or construction loan is 90 days or more past due as to principal or interest and/or the ultimate collection of either is in doubt, unless collection of both principal and interest is assured by way of collateralization, guarantees or other security, or the loan is accounted for under ASC Subtopic 310-30. Accrual of interest income on consumer loans, including residential real estate loans, is generally suspended when any payment of principal or interest is more than 120 days delinquent or when foreclosure proceedings have been initiated or repossession of the underlying collateral has occurred. When a loan is placed on a nonaccrual status, any interest previously accrued but not collected is reversed against current interest income unless the fair value of the collateral for the loan is sufficient to cover the accrued interest. | ||
In general, a loan is returned to accrual status when none of its principal and interest is due and unpaid and the Company expects repayments of the remaining contractual principal and interest or when it is determined to be well secured and in the process of collection. Charge-offs on commercial loans are recognized when available information confirms that some or all of the balance is uncollectible. Consumer loans are subject to mandatory charge-off at a specified delinquency date consistent with regulatory guidelines. In general, charge-offs on consumer loans are recognized at the earlier of the month of liquidation or the month the loan becomes 120 days past due; residential loan deficiencies are charged off in the month the loan becomes 180 days past due; and credit card loans are charged off before the end of the month when the loan becomes 180 days past due with the related interest accrued but not collected reversed against current income. The Company determines past due or delinquency status of a loan based on contractual payment terms. | ||
All nonaccrual loans and loans modified in a troubled debt restructuring are considered impaired, excluding Purchased Impaired Loans. Purchased Impaired Loans are classified as impaired only if there is evidence of credit deterioration subsequent to acquisition. The Company’s policy for recognizing interest income on impaired loans classified as nonaccrual is consistent with its nonaccrual policy. The Company’s policy for recognizing interest income on accruing impaired loans is consistent with its interest recognition policy for accruing loans. | ||
Troubled debt restructuring | Troubled Debt Restructurings | |
A loan is accounted for as a TDR if the Company, for economic or legal reasons related to the borrower’s financial difficulties, grants a concession to the borrower that it would not otherwise consider. A TDR typically involves a modification of terms such as establishment of a below market interest rate, a reduction in the face amount of the loan, a reduction of accrued interest or an extension of the maturity date at a stated interest rate lower than the current market rate for a new loan with similar risk. The Company’s policy for measuring impairment on TDRs, including TDRs that have defaulted, is consistent with its impairment measurement process for all impaired loans. The Company’s policy for returning nonaccrual TDRs to accrual status is consistent with its return to accrual policy for all other loans. | ||
Allowance for loan losses | Allowance for Loan Losses | |
The amount of the provision for loan losses charged to income is determined on the basis of numerous factors including actual loss experience, identified loan impairment, current economic conditions and periodic examinations and appraisals of the loan portfolio. Such provisions, less net loan charge-offs, comprise the allowance for loan losses which is deducted from loans and is maintained at a level management considers to be adequate to absorb losses inherent in the portfolio. | ||
The Company monitors the entire loan portfolio, including loans acquired in business combinations, in an effort to identify problem loans so that risks in the portfolio can be identified on a timely basis and an appropriate allowance maintained. Loan review procedures, including loan grading, periodic credit rescoring and trend analysis of portfolio performance, are utilized by the Company in order to ensure that potential problem loans are identified. Management’s involvement continues throughout the process and includes participation in the work-out process and recovery activity. These formalized procedures are monitored internally and by regulatory agencies. | ||
The allowance for loan losses is established as follows: | ||
• | Loans with outstanding balances greater than $1 million that are nonaccrual and all TDRs are evaluated individually with specific reserves allocated based on the present value of the loan’s expected future cash flows, discounted at the loan’s effective interest rate, except where foreclosure or liquidation is probable or when the primary source of repayment is provided by real estate collateral. In these circumstances, impairment is measured based upon the fair value less cost to sell of the collateral. In addition, in certain rare circumstances, impairment may be based on the loan’s observable fair value. | |
• | Loans in the remainder of the portfolio, including nonaccrual loans with balances of less than $1 million, are collectively evaluated for impairment with the allowance based on historical loss experience which uses historical average net charge-off percentages. In the event the Company believes a specific portfolio's historical loss experience does not adequately capture current inherent losses, the historical loss experience is adjusted. This adjustment to the historical loss experience can be positive or negative and will take into consideration relevant factors to the allowance such as changes in the portfolio composition, the volume and severity of past due loans, the volume of nonaccrual loans, and the volume and severity of adversely classified or graded loans. The assessment for whether to adjust takes place individually for each loan product. | |
The historical loss methodology uses historical annualized average net charge-off percentage to calculate the provision for loan and lease losses. The factor is calculated by taking the average of the net charge-offs over the life cycle available, currently 6 years. | ||
For commercial loans, where management has determined to adjust the historical loss experience, the estimate of loss based on pools of loans with similar characteristics is made by applying a PD factor and a LGD factor to each individual loan based on loan grade, using a standardized loan grading system. The PD factor and LGD factor are determined for each loan grade using statistical models based on historical performance data. The PD factor considers on-going reviews of the financial performance of the specific borrower, including cash flow, debt-service coverage ratio, earnings power, debt level and equity position, in conjunction with an assessment of the borrower’s industry and future prospects. The PD factor considers current rating unless the account is delinquent over 60 days, in which case a higher PD factor is used. The LGD factor considers analysis of the type of collateral and the relative LTV ratio. These reserve factors are developed based on credit migration models that track historical movements of loans between loan ratings over time and long-term average loss experience. The historical time frames currently used for PDs and LGDs are 5 and 6 years, respectively. | ||
For consumer loans, where management has determined to adjust the historical loss experience, the estimate of loss based on pools of loans with similar characteristics is also made by applying a PD and a LGD factor. The PD factor considers current credit scores unless the account is delinquent over 60 days, in which case a higher PD factor is used. The credit score provides a basis for understanding the borrower’s past and current payment performance. The LGD factor considers analysis of the type of collateral and the relative LTV ratio. Credit scores, models, analyses, and other factors used to determine both the PD and LGD factors are updated frequently to capture the recent behavioral characteristics of the subject portfolios, as well as any changes in loss mitigation or credit origination strategies, and adjustments to the reserve factors are made as required. The historical time frames currently used for PDs and LGDs are 5 and 6 years, respectively. | ||
Additionally, a portion of the allowance is for inherent losses which are probable to exist as of the valuation date even though they may not have been identified by the objective processes used for the allocated portion of the allowance. This portion of the allowance is particularly subjective and requires judgment based upon qualitative factors. Some of the factors considered are changes in credit concentrations, loan mix, changes in underwriting practices, including the extent of portfolios of acquired institutions, historical loss experience and the general economic environment in the Company’s markets. While the total allowance is described as consisting of separate portions, these terms are primarily used to describe a process. All portions of the allowance are available to support inherent losses in the loan portfolio. | ||
In order to estimate a reserve for unfunded commitments, the Company uses a process consistent with that used in developing the allowance for loan losses. The Company estimates the future funding of current unfunded commitments based on historical funding experience of these commitments before default. Allowance for loan loss factors, which are based on product and loan grade and are consistent with the factors used for portfolio loans, are applied to these funding estimates to arrive at the reserve balance. This reserve for unfunded commitments is recognized in accrued expenses and other liabilities on the Company’s Consolidated Balance Sheets with changes recognized in other noninterest expense in the Company’s Consolidated Statements of Income. | ||
Premises and equipment | Premises and Equipment | |
Premises, furniture, fixtures, equipment, assets under capital leases and leasehold improvements are stated at cost less accumulated depreciation or amortization. Land is stated at cost. In addition, purchased software and costs of computer software developed for internal use are capitalized provided certain criteria are met. Depreciation is computed principally using the straight-line method over the estimated useful lives of the related assets, which ranges between 1 and 40 years. Leasehold improvements are amortized on a straight-line basis over the lesser of the lease terms or the estimated useful lives of the improvements. | ||
Bank owned life insurance | Bank Owned Life Insurance | |
The Company maintains life insurance policies on certain of its executives and employees and is the owner and beneficiary of the policies. The Company invests in these policies, known as BOLI, to provide an efficient form of funding for long-term retirement and other employee benefits costs. The Company records these BOLI policies within bank owned life insurance on the Company’s Consolidated Balance Sheets at each policy’s respective cash surrender value, with changes recorded in noninterest income in the Company’s Consolidated Statements of Income. | ||
Goodwill | Goodwill | |
Goodwill represents the excess of the purchase price over the estimated fair value of identifiable net assets associated with acquisition transactions. Goodwill is assigned to each of the Company’s reporting units and tested for impairment annually or on an interim basis if events or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying value. | ||
The Company has defined its reporting unit structure to include: Wealth and Retail Banking, Commercial Banking, Corporate and Investment Banking, and Simple. The fair value of each reporting unit is estimated using a combination of the present value of future expected cash flows and hypothetical market prices of similar entities and like transactions. | ||
Each of the defined reporting units was tested for impairment as of October 31, 2014. See Note 8, Goodwill and Other Acquired Intangible Assets, for a further discussion. | ||
Other intangible assets | Other Intangible Assets | |
Other intangible assets represent purchased assets that lack physical substance but can be distinguished from goodwill because of contractual or other legal rights or because the asset is capable of being sold or exchanged either on its own or in a combination with a related contract, asset or liability. Generally, other intangible assets are deemed to have finite lives. Accordingly, other intangible assets are amortized over their anticipated estimated useful lives and are subject to impairment testing if events or changes in circumstances warrant an evaluation. Other intangible assets are amortized over a period based on the expected life of the intangible, generally 8-10 years for core deposits and up to 20 years for other intangible assets. | ||
Other real estate owned | Other Real Estate Owned | |
Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at the lower of recorded balance or fair value less costs to sell at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, OREO is carried at the lower of carrying amount or fair value less costs to sell. Gains and losses on the sales and write-downs on such properties and operating expenses from these OREO properties are included in other noninterest expense. | ||
Accounting for Transfers and Servicing of Financial Assets | Accounting for Transfers and Servicing of Financial Assets | |
The Company accounts for transfers of financial assets as sales when control over the transferred assets is surrendered. Control is generally considered to have been surrendered when (1) the transferred assets are legally isolated from the Company, even in bankruptcy or other receivership, (2) the transferee has the right to pledge or exchange the assets with no conditions that constrain the transferee and provide more than a trivial benefit to the Company, and (3) the Company does not maintain the obligation or unilateral ability to reclaim or repurchase the assets. If these sale criteria are met, the transferred assets are removed from the Company's balance sheet and a gain or loss on sale is recognized. If not met, the transfer is recorded as a secured borrowing, and the assets remain on the Company's balance sheet, the proceeds from the transaction are recognized as a liability, and gain or loss on sale is deferred until the sale criterion are achieved. | ||
The Company has one primary class of MSR related to residential real estate mortgages. These mortgage servicing rights are recorded in other assets on the Consolidated Balance Sheets at fair value with changes in fair value recorded as a component of mortgage banking income in the Company’s Consolidated Statements of Income. See Note 5, Loan Sales and Servicing, for a further discussion. | ||
Advertising costs | Advertising Costs | |
Advertising costs are generally expensed as incurred and recorded as marketing expense, a component of noninterest expense in the Company’s Consolidated Statements of Income. | ||
Income taxes | Income Taxes | |
The Company and its eligible subsidiaries file a consolidated federal income tax return. The Company files separate tax returns for subsidiaries that are not eligible to be included in the consolidated federal income tax return. Based on the laws of the respective states where it conducts business operations, the Company either files consolidated, combined or separate tax returns. | ||
Deferred tax assets and liabilities are determined based on temporary differences between financial reporting and tax bases of assets and liabilities and are measured using the tax rates and laws that are expected to be in effect when the differences are anticipated to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized as income or expense in the period the change is incurred. In evaluating the Company's ability to recover its deferred tax assets within the jurisdiction from which they arise, the Company must consider all available evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies, and the results of recent operations. A valuation allowance is recognized for a deferred tax asset, if based on the available evidence, it is more likely than not that some portion or all of a deferred tax asset will not be realized. | ||
The Company recognizes income tax benefits associated with uncertain tax positions, when, in its judgment, it is more likely than not that the position will be sustained upon examination by a taxing authority. For a tax position that meets the more-likely-than-not recognition threshold, the Company initially and subsequently measures the tax benefit as the largest amount that the Company judges to have a greater than 50% likelihood of being realized upon ultimate settlement with the taxing authority. | ||
The Company recognizes interest and penalties related to unrecognized tax benefits as a component of other noninterest expense in the Company’s Consolidated Statements of Income. Accrued interest and penalties are included within accrued expenses and other liabilities on the Company’s Consolidated Balance Sheets. | ||
Noncontrolling interests | Noncontrolling Interests | |
The Company applies the accounting guidance codified in ASC Topic 810, Consolidation, related to the treatment of noncontrolling interests. This guidance requires the amount of consolidated net income attributable to the parent and to the noncontrolling interests be clearly identified and presented on the face of the consolidated financial statements. | ||
The noncontrolling interests attributable to the Company's REIT preferred securities and mezzanine investment fund (see Note 12, Capital Securities and Preferred Stock, for a discussion of the preferred securities)are reported within shareholder’s equity, separately from the equity attributable to the Company’s shareholder. The dividends paid to the REIT preferred shareholders and other mezzanine investment fund investors are reported as reductions in shareholder’s equity in the Consolidated Statements of Shareholder’s Equity, separately from changes in the equity attributable to the Company’s shareholder. | ||
Accounting for derivatives and hedging activities | Accounting for Derivatives and Hedging Activities | |
A derivative is a financial instrument that derives its cash flows, and therefore its value, by reference to an underlying instrument, index or referenced interest rate. These instruments include interest rate swaps, caps, floors, financial forwards and futures contracts, foreign exchange contracts, options written and purchased, and commodity contracts. The Company mainly uses derivatives to manage economic risk related to commercial loans, long-term debt and other funding sources. The Company also uses derivatives to facilitate transactions on behalf of its customers. | ||
All derivative instruments are recognized on the Company’s Consolidated Balance Sheets at their fair value. The Company does not offset fair value amounts under master netting agreements. Fair values are estimated using pricing models and current market data. On the date the derivative instrument contract is entered into, the Company designates the derivative as (1) a fair value hedge, (2) a cash flow hedge, or (3) a free-standing derivative. Changes in the fair value of a derivative instrument that is highly effective and that is designated and qualifies as a fair value hedge, along with the loss or gain on the hedged asset or liability that is attributable to the hedged risk (including losses or gains on firm commitments), are recorded in earnings. Changes in the fair value of a derivative instrument that is highly effective and that is designated and qualifies as a cash flow hedge are recorded in accumulated other comprehensive income, until earnings are affected by the variability of cash flows (e.g., when periodic settlements on a variable-rate asset or liability are recorded in earnings). Changes in the fair value of a free-standing derivative and settlements on the instruments are reported in earnings. | ||
The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking various hedge transactions. This process includes linking all derivative instruments that are designated as fair value or cash flow hedges to specific assets and liabilities on the Company’s Consolidated Balance Sheets or to specific firm commitments or forecasted transactions. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. | ||
The Company discontinues hedge accounting prospectively when: (1) it is determined that the derivative instrument is no longer highly effective in offsetting changes in the fair value or cash flows of a hedged item (including firm commitments or forecasted transactions); (2) the derivative instrument expires or is sold, terminated or exercised; (3) the derivative instrument is de-designated as a hedge instrument because it is unlikely that a forecasted transaction will occur; (4) a hedged firm commitment no longer meets the definition of a firm commitment; or (5) management determines that designation of the derivative instrument as a hedge instrument is no longer appropriate. | ||
When hedge accounting is discontinued because it is determined that the derivative instrument no longer qualifies as an effective fair value or cash flow hedge, the derivative instrument continues to be carried on the Company’s Consolidated Balance Sheets at its fair value, with changes in the fair value included in earnings. Additionally, for fair value hedges, the hedged asset or liability is no longer adjusted for changes in fair value and the existing basis adjustment is amortized or accreted as an adjustment to the yield over the remaining life of the asset or liability. For cash flow hedges, when hedge accounting is discontinued, but the hedged cash flows or forecasted transaction are still expected to occur, the unrealized gains and losses that were accumulated in other comprehensive income are recognized in earnings in the same period when the earnings are affected by the hedged cash flows or forecasted transaction. When a cash flow hedge is discontinued, because the hedged cash flows or forecasted transactions are not expected to occur, unrealized gains and losses that were accumulated in other comprehensive income are recognized in earnings immediately. | ||
The Company has made an accounting policy decision to not offset derivative fair value amounts under master netting agreements | ||
Recently issued accounting standards | Recently Issued Accounting Standards | |
Obligations Resulting from Joint and Several Liability Arrangements with Fixed Obligations | ||
In February 2013, the FASB released ASU 2013-04, Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date (a consensus of the FASB Emerging Issues Task Force), which provides guidance for the recognition, measurement and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting date, except for obligations addressed within existing guidance in U.S. GAAP. Examples of obligations within the scope of this ASU include debt arrangements, other contractual obligations, and settled litigation and judicial rulings. The guidance in this ASU requires an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting date as the sum of (a) the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and (b) any additional amount the reporting entity expects to pay on behalf of its co-obligors. The guidance in this ASU also requires an entity to disclose the nature and amount of the obligations as well as other information about those obligations. The guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013, with retrospective application and was adopted by the Company on January 1, 2014. The adoption of this standard did not have a material impact on the financial condition or results of operations of the Company. | ||
Presentation of Unrecognized Tax Benefits | ||
In July 2013, the FASB released ASU 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. The ASU requires that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. However, if a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013 and was adopted by the Company on January 1, 2014. The adoption of this standard did not have a material impact on the financial condition or results of operations of the Company. | ||
Accounting for Investments in Qualified Affordable Housing Projects | ||
In January 2014, the FASB released ASU 2014-01, Accounting for Investments in Qualified Affordable Housing Projects. The ASU provides guidance on accounting for investments by a reporting entity in flow-through limited liability entities that manage or invest in affordable housing projects that qualify for the low income housing tax credit. The amendments in this ASU permit reporting entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense. The amendments in this ASU should be applied retrospectively to all periods presented. A reporting entity that uses the effective yield method to account for its investments in qualified affordable housing projects before the date of adoption may continue to apply the effective yield method for those preexisting investments. The amendments in this ASU are effective for fiscal years, and interim periods within those years, beginning after December 15, 2014. Early adoption is permitted and the Company elected to early adopt the amendments in this ASU on January 1, 2014. The adoption of this standard did not have a material impact on the financial condition or results of operations of the Company. | ||
Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure | ||
In January 2014, the FASB released ASU 2014-04, Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure. The amendments in this ASU clarify that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendments require interim and annual disclosure of both the amount of foreclosed residential real estate property held by the creditor and the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. An entity can elect to adopt the amendments in this ASU using either a modified retrospective transition method or a prospective transition method. The adoption of this standard is not expected to have a material impact on the financial condition or results of operations of the Company. | ||
Revenue from Contracts with Customers | ||
In May 2014, the FASB released ASU 2014-09, Revenue from Contracts with Customers. The core principle of this guidance requires an entity to recognize revenue upon the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance provides five steps to be analyzed to accomplish the core principle. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2016. Early application is not permitted. The Company is currently assessing the impact that the adoption of this standard will have on the financial condition and results of operations of the Company. | ||
Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures | ||
In June 2014, the FASB issued ASU 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures. The amendments in this ASU change the accounting for repurchase-to-maturity transactions to secured borrowing accounting. In addition, for repurchase financing arrangements, the amendments require separate accounting for a transfer of a financial asset executed contemporaneously with a repurchase agreement with the same counterparty, which will result in secured borrowing accounting for the repurchase agreement. The amendments in this ASU also require disclosures on transfers accounted for as sales in transactions that are economically similar to repurchase agreements, and provide increased transparency about the types of collateral pledged in repurchase agreements and similar transactions accounted for as secured borrowings. The accounting changes in this ASU and disclosures for certain transactions accounted for as a sale are effective for annual periods and for interim periods within those annual periods, beginning after December 15, 2014. The disclosures for repurchase agreements, securities lending transactions, and repurchase-to-maturity transactions accounted for as secured borrowings is required to be presented for annual periods beginning after December 15, 2014 and for interim periods beginning after March 15, 2015. The adoption of this standard is not expected to have a material impact on the financial condition or results of operations of the Company. | ||
Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure | ||
In August 2014, the FASB issued ASU 2014-14, Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure. The amendments in this ASU address the classification and measurement of foreclosed loans which were part of a government-sponsored loan guarantee program. If certain criteria are met, the loan should be derecognized and a separate other receivable should be recorded upon foreclosure at the amount of the loan balance expected to be recovered from the guarantor. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. The adoption of this standard is not expected to have a material impact on the financial condition or results of operations of the Company. | ||
Consolidation | ||
In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis. The amendments in this ASU modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities or voting interest entities, eliminate the presumption that a general partner should consolidate a limited partnership, affect the consolidation analysis of reporting entities that are involved with variable interest entities, and provide a scope exception from consolidation guidance for reporting entities with interest in certain investment funds. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. The adoption of this standard is not expected to have a material impact on the financial condition or results of operations of the Company. | ||
Assets and Liabilities Subject to Enforceable Master Netting Arrangements | Securities purchased under agreements to resell and securities sold under agreements to repurchase are governed by an MRA. Under the terms of the MRA, all transactions between the Company and the counterparty constitute a single business relationship such that in the event of default, the nondefaulting party is entitled to set off claims and apply property held by that party in respect of any transaction against obligations owed. Any payments, deliveries, or other transfers may be applied against each other and netted. These amounts are limited to the contract asset/liability balance, and accordingly, do not include excess collateral received or pledged. The Company offsets the assets and liabilities under netting arrangements for the balance sheet presentation of securities purchased under agreements to resell and securities sold under agreements to repurchase provided certain criteria are met that permit balance sheet netting. |
Investment_Securities_Availabl1
Investment Securities Available for Sale and Investment Securities Held to Maturity (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||
Schedule of adjusted cost and approximate fair value of investment securities available for sale and investments held to maturity | The following table presents the adjusted cost and approximate fair value of investment securities available for sale and investment securities held to maturity. | |||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
Gross Unrealized | ||||||||||||||||||||||||
Amortized Cost | Gains | Losses | Fair Value | |||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Investment securities available for sale: | ||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||
U.S. Treasury and other U.S. government agencies | $ | 2,312,572 | $ | 10,360 | $ | 9,390 | $ | 2,313,542 | ||||||||||||||||
Mortgage-backed securities | 4,399,706 | 64,371 | 40,242 | 4,423,835 | ||||||||||||||||||||
Collateralized mortgage obligations | 2,475,115 | 19,385 | 5,921 | 2,488,579 | ||||||||||||||||||||
States and political subdivisions | 460,569 | 8,008 | 1,262 | 467,315 | ||||||||||||||||||||
Other | 44,225 | 238 | 22 | 44,441 | ||||||||||||||||||||
Equity securities | 499,522 | 41 | — | 499,563 | ||||||||||||||||||||
Total | $ | 10,191,709 | $ | 102,403 | $ | 56,837 | $ | 10,237,275 | ||||||||||||||||
Investment securities held to maturity: | ||||||||||||||||||||||||
Collateralized mortgage obligations | $ | 124,051 | $ | 5,878 | $ | 5,452 | $ | 124,477 | ||||||||||||||||
Asset-backed securities | 39,187 | 3,568 | 2,011 | 40,744 | ||||||||||||||||||||
States and political subdivisions | 1,112,415 | 2,143 | 79,246 | 1,035,312 | ||||||||||||||||||||
Other | 72,701 | 4,920 | 2,191 | 75,430 | ||||||||||||||||||||
Total | $ | 1,348,354 | $ | 16,509 | $ | 88,900 | $ | 1,275,963 | ||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||
Gross Unrealized | ||||||||||||||||||||||||
Amortized Cost | Gains | Losses | Fair Value | |||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Investment securities available for sale: | ||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||
U.S. Treasury and other U.S. government agencies | $ | 257,844 | $ | 4,338 | $ | 1,245 | $ | 260,937 | ||||||||||||||||
Mortgage-backed securities | 5,232,504 | 75,912 | 74,625 | 5,233,791 | ||||||||||||||||||||
Collateralized mortgage obligations | 1,747,450 | 23,312 | 14,364 | 1,756,398 | ||||||||||||||||||||
States and political subdivisions | 518,755 | 8,041 | 17,360 | 509,436 | ||||||||||||||||||||
Other | 40,415 | 27 | 109 | 40,333 | ||||||||||||||||||||
Equity securities | 512,136 | 54 | — | 512,190 | ||||||||||||||||||||
Total | $ | 8,309,104 | $ | 111,684 | $ | 107,703 | $ | 8,313,085 | ||||||||||||||||
Investment securities held to maturity: | ||||||||||||||||||||||||
Collateralized mortgage obligations | $ | 145,989 | $ | 19,848 | $ | 3,900 | $ | 161,937 | ||||||||||||||||
Asset-backed securities | 67,590 | 4,008 | 6,183 | 65,415 | ||||||||||||||||||||
States and political subdivisions | 1,225,977 | 843 | 139,816 | 1,087,004 | ||||||||||||||||||||
Other | 79,640 | 13,191 | 1,929 | 90,902 | ||||||||||||||||||||
Total | $ | 1,519,196 | $ | 37,890 | $ | 151,828 | $ | 1,405,258 | ||||||||||||||||
Schedule of fair value and gross unrealized losses of available for sale and held to maturity securities that were in a loss position | The following table discloses the fair value and the gross unrealized losses of the Company’s available for sale securities and held to maturity securities that were in a loss position at December 31, 2014 and 2013. This information is aggregated by investment category and the length of time the individual securities have been in an unrealized loss position. | |||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||
Securities in a loss position for less than 12 months | Securities in a loss position for 12 months or longer | Total | ||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Investment securities available for sale: | ||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||
U.S. Treasury and other U.S. government agencies | $ | 620,794 | $ | 8,220 | $ | 37,220 | $ | 1,170 | $ | 658,014 | $ | 9,390 | ||||||||||||
Mortgage-backed securities | 308,734 | 862 | 1,915,494 | 39,380 | 2,224,228 | 40,242 | ||||||||||||||||||
Collateralized mortgage obligations | 714,173 | 3,829 | 146,806 | 2,092 | 860,979 | 5,921 | ||||||||||||||||||
States and political subdivisions | — | — | 135,825 | 1,262 | 135,825 | 1,262 | ||||||||||||||||||
Other | — | — | 1,099 | 22 | 1,099 | 22 | ||||||||||||||||||
Total | $ | 1,643,701 | $ | 12,911 | $ | 2,236,444 | $ | 43,926 | $ | 3,880,145 | $ | 56,837 | ||||||||||||
Investment securities held to maturity: | ||||||||||||||||||||||||
Collateralized mortgage obligations | $ | 34,400 | $ | 1,099 | $ | 27,389 | $ | 4,353 | $ | 61,789 | $ | 5,452 | ||||||||||||
Asset-backed securities | — | — | 23,374 | 2,011 | 23,374 | 2,011 | ||||||||||||||||||
States and political subdivisions | 21,688 | 768 | 817,570 | 78,478 | 839,258 | 79,246 | ||||||||||||||||||
Other | 4,061 | 2,191 | — | — | 4,061 | 2,191 | ||||||||||||||||||
Total | $ | 60,149 | $ | 4,058 | $ | 868,333 | $ | 84,842 | $ | 928,482 | $ | 88,900 | ||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Securities in a loss position for less than 12 months | Securities in a loss position for 12 months or longer | Total | ||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Investment securities available for sale: | ||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||
U.S. Treasury and other U.S. government agencies | $ | 119,871 | $ | 1,245 | $ | — | $ | — | $ | 119,871 | $ | 1,245 | ||||||||||||
Mortgage-backed securities | 2,462,822 | 69,919 | 339,448 | 4,706 | 2,802,270 | 74,625 | ||||||||||||||||||
Collateralized mortgage obligations | 699,693 | 9,123 | 108,710 | 5,241 | 808,403 | 14,364 | ||||||||||||||||||
States and political subdivisions | 164,472 | 9,244 | 92,407 | 8,116 | 256,879 | 17,360 | ||||||||||||||||||
Other | 4,939 | 109 | — | — | 4,939 | 109 | ||||||||||||||||||
Total | $ | 3,451,797 | $ | 89,640 | $ | 540,565 | $ | 18,063 | $ | 3,992,362 | $ | 107,703 | ||||||||||||
Investment securities held to maturity: | ||||||||||||||||||||||||
Collateralized mortgage obligations | $ | 1,466 | $ | 17 | $ | 32,370 | $ | 3,883 | $ | 33,836 | $ | 3,900 | ||||||||||||
Asset-backed securities | — | — | 33,362 | 6,183 | 33,362 | 6,183 | ||||||||||||||||||
States and political subdivisions | 313,438 | 26,760 | 642,799 | 113,056 | 956,237 | 139,816 | ||||||||||||||||||
Other | — | — | 4,600 | 1,929 | 4,600 | 1,929 | ||||||||||||||||||
Total | $ | 314,904 | $ | 26,777 | $ | 713,131 | $ | 125,051 | $ | 1,028,035 | $ | 151,828 | ||||||||||||
Schedule of activity related to credit losses for debt securities where other than temporary impairments was recognized in other comprehensive income | The following table discloses activity related to credit losses for debt securities where a portion of the OTTI was recognized in other comprehensive income. | |||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Balance, January 1 | $ | 20,943 | $ | 17,318 | $ | 16,331 | ||||||||||||||||||
Reductions for securities paid off during the period (realized) | — | (239 | ) | — | ||||||||||||||||||||
Additions for the credit component on debt securities in which OTTI was not previously recognized | — | 270 | 449 | |||||||||||||||||||||
Additions for the credit component on debt securities in which OTTI was previously recognized | 180 | 3,594 | 538 | |||||||||||||||||||||
Balance, December 31 | $ | 21,123 | $ | 20,943 | $ | 17,318 | ||||||||||||||||||
Schedule of investments classified by contractual maturity date | The maturities of the securities portfolios are presented in the following table. | |||||||||||||||||||||||
Amortized Cost | Fair Value | |||||||||||||||||||||||
December 31, 2014 | (In Thousands) | |||||||||||||||||||||||
Investment securities available for sale: | ||||||||||||||||||||||||
Maturing within one year | $ | 51,638 | $ | 52,204 | ||||||||||||||||||||
Maturing after one but within five years | 487,867 | 493,439 | ||||||||||||||||||||||
Maturing after five but within ten years | 1,145,952 | 1,153,091 | ||||||||||||||||||||||
Maturing after ten years | 1,131,909 | 1,126,564 | ||||||||||||||||||||||
2,817,366 | 2,825,298 | |||||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations | 6,874,821 | 6,912,414 | ||||||||||||||||||||||
Equity securities | 499,522 | 499,563 | ||||||||||||||||||||||
Total | $ | 10,191,709 | $ | 10,237,275 | ||||||||||||||||||||
Investment securities held to maturity: | ||||||||||||||||||||||||
Maturing within one year | $ | 9,223 | $ | 9,249 | ||||||||||||||||||||
Maturing after one but within five years | 303,039 | 289,940 | ||||||||||||||||||||||
Maturing after five but within ten years | 187,822 | 182,122 | ||||||||||||||||||||||
Maturing after ten years | 724,219 | 670,175 | ||||||||||||||||||||||
1,224,303 | 1,151,486 | |||||||||||||||||||||||
Collateralized mortgage obligations | 124,051 | 124,477 | ||||||||||||||||||||||
Total | $ | 1,348,354 | $ | 1,275,963 | ||||||||||||||||||||
Schedule of realized gain (loss) on investments | The gross realized gains and losses recognized on sales of investment securities available for sale are shown in the table below. | |||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Gross gains | $ | 53,042 | $ | 34,264 | $ | 12,832 | ||||||||||||||||||
Gross losses | — | 2,893 | — | |||||||||||||||||||||
Net realized gains | $ | 53,042 | $ | 31,371 | $ | 12,832 | ||||||||||||||||||
Loans_and_Allowance_for_Loan_L1
Loans and Allowance for Loan Losses (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Receivables [Abstract] | ||||||||||||||||||||||||||||||||
Schedule of composition of loan portfolio | The following table presents the composition of the loan portfolio. | |||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 23,828,537 | $ | 20,209,209 | ||||||||||||||||||||||||||||
Real estate – construction | 2,154,652 | 1,736,348 | ||||||||||||||||||||||||||||||
Commercial real estate – mortgage | 9,877,206 | 9,106,329 | ||||||||||||||||||||||||||||||
Total commercial loans | 35,860,395 | 31,051,886 | ||||||||||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||||||
Residential real estate – mortgage | 13,922,656 | 12,706,879 | ||||||||||||||||||||||||||||||
Equity lines of credit | 2,304,784 | 2,236,367 | ||||||||||||||||||||||||||||||
Equity loans | 634,968 | 644,068 | ||||||||||||||||||||||||||||||
Credit card | 630,456 | 660,073 | ||||||||||||||||||||||||||||||
Consumer direct | 652,927 | 516,572 | ||||||||||||||||||||||||||||||
Consumer indirect | 2,870,408 | 2,116,981 | ||||||||||||||||||||||||||||||
Total consumer loans | 21,016,199 | 18,880,940 | ||||||||||||||||||||||||||||||
Covered loans | 495,190 | 734,190 | ||||||||||||||||||||||||||||||
Total loans | $ | 57,371,784 | $ | 50,667,016 | ||||||||||||||||||||||||||||
Schedule of purchased impaired loans | The following table presents the unpaid principal balance, discount, allowance for loan losses and carrying value of the Purchased Impaired Loans. | |||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||
Unpaid principal balance | $ | 378,913 | $ | 449,429 | $ | 569,952 | ||||||||||||||||||||||||||
Discount | (17,341 | ) | (60,069 | ) | (119,337 | ) | ||||||||||||||||||||||||||
Allowance for loan losses | (2,066 | ) | (243 | ) | (8,907 | ) | ||||||||||||||||||||||||||
Carrying value | $ | 359,506 | $ | 389,117 | $ | 441,708 | ||||||||||||||||||||||||||
Schedule of accretable yield on purchased impaired loans | An analysis of the accretable yield related to the Purchased Impaired Loans follows. | |||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||
Balance at beginning of year | $ | 105,698 | $ | 136,992 | ||||||||||||||||||||||||||||
Transfer from nonaccretable difference | 12,628 | 36,619 | ||||||||||||||||||||||||||||||
Accretion | (49,541 | ) | (66,937 | ) | ||||||||||||||||||||||||||||
Other | — | (976 | ) | |||||||||||||||||||||||||||||
Balance at end of year | $ | 68,785 | $ | 105,698 | ||||||||||||||||||||||||||||
Schedule of purchased nonimpaired loans | The following table presents the unpaid principal balance, discount, allowance for loan losses, and carrying value of the Purchased Nonimpaired Loans. | |||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||
Unpaid principal balance | $ | 294,202 | $ | 520,723 | ||||||||||||||||||||||||||||
Discount | (88,962 | ) | (175,893 | ) | ||||||||||||||||||||||||||||
Allowance for loan losses | (2,283 | ) | (2,711 | ) | ||||||||||||||||||||||||||||
Carrying value | $ | 202,957 | $ | 342,119 | ||||||||||||||||||||||||||||
Schedule of FDIC indemnification assets/liabilities | A summary of the activity in the FDIC indemnification asset (liability) is presented in the following table. | |||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||
Balance at beginning of year | $ | 24,315 | $ | 271,928 | ||||||||||||||||||||||||||||
Increase (decrease) due to credit loss provision (benefit) recorded on FDIC covered loans | 4,137 | (9,153 | ) | |||||||||||||||||||||||||||||
Amortization and accretion, net | (115,953 | ) | (243,346 | ) | ||||||||||||||||||||||||||||
Payments to FDIC for covered assets | 12,709 | 19,546 | ||||||||||||||||||||||||||||||
Other | (3,233 | ) | (14,660 | ) | ||||||||||||||||||||||||||||
Balance at end of year | $ | (78,025 | ) | $ | 24,315 | |||||||||||||||||||||||||||
Disclosure of activity in allowances for loan losses during year | The following table, which excludes loans held for sale, presents a summary of the activity in the allowance for loan losses. The portion of the allowance that has not been identified by the Company as related to specific loan categories has been allocated to the individual loan categories on a pro rata basis for purposes of the table below: | |||||||||||||||||||||||||||||||
Commercial, Financial and Agricultural | Commercial Real Estate (1) | Residential Real Estate (2) | Consumer (3) | Covered | Total Loans | |||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||
Beginning balance | $ | 292,327 | $ | 158,960 | $ | 155,575 | $ | 90,903 | $ | 2,954 | $ | 700,719 | ||||||||||||||||||||
Transfer - expiration of commercial LSA | 1,406 | 6 | — | 323 | (1,735 | ) | — | |||||||||||||||||||||||||
Provision (credit) for loan losses | 17,580 | (13,582 | ) | 34,962 | 68,519 | (1,178 | ) | 106,301 | ||||||||||||||||||||||||
Loans charged off | (31,627 | ) | (14,970 | ) | (48,749 | ) | (88,452 | ) | (2,466 | ) | (186,264 | ) | ||||||||||||||||||||
Loan recoveries | 19,796 | 7,819 | 12,839 | 18,598 | 5,233 | 64,285 | ||||||||||||||||||||||||||
Net (charge-offs) recoveries | (11,831 | ) | (7,151 | ) | (35,910 | ) | (69,854 | ) | 2,767 | (121,979 | ) | |||||||||||||||||||||
Ending balance | $ | 299,482 | $ | 138,233 | $ | 154,627 | $ | 89,891 | $ | 2,808 | $ | 685,041 | ||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||
Beginning balance | $ | 283,058 | $ | 254,324 | $ | 172,265 | $ | 75,403 | $ | 17,803 | $ | 802,853 | ||||||||||||||||||||
Provision (credit) for loan losses | 36,970 | (70,724 | ) | 88,685 | 69,244 | (16,629 | ) | 107,546 | ||||||||||||||||||||||||
Loans charged off | (47,751 | ) | (43,415 | ) | (118,422 | ) | (72,576 | ) | (6,708 | ) | (288,872 | ) | ||||||||||||||||||||
Loan recoveries | 20,050 | 18,775 | 13,047 | 18,832 | 8,488 | 79,192 | ||||||||||||||||||||||||||
Net (charge-offs) recoveries | (27,701 | ) | (24,640 | ) | (105,375 | ) | (53,744 | ) | 1,780 | (209,680 | ) | |||||||||||||||||||||
Ending balance | $ | 292,327 | $ | 158,960 | $ | 155,575 | $ | 90,903 | $ | 2,954 | $ | 700,719 | ||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||
Beginning balance | $ | 252,399 | $ | 489,284 | $ | 206,763 | $ | 76,467 | $ | 26,883 | $ | 1,051,796 | ||||||||||||||||||||
Provision (credit) for loan losses | 63,263 | (118,923 | ) | 64,158 | 51,646 | (30,673 | ) | 29,471 | ||||||||||||||||||||||||
Loans charged off | (63,678 | ) | (151,918 | ) | (126,087 | ) | (71,587 | ) | (3,807 | ) | (417,077 | ) | ||||||||||||||||||||
Loan recoveries | 31,074 | 35,881 | 27,431 | 18,877 | 25,400 | 138,663 | ||||||||||||||||||||||||||
Net (charge-offs) recoveries | (32,604 | ) | (116,037 | ) | (98,656 | ) | (52,710 | ) | 21,593 | (278,414 | ) | |||||||||||||||||||||
Ending balance | $ | 283,058 | $ | 254,324 | $ | 172,265 | $ | 75,403 | $ | 17,803 | $ | 802,853 | ||||||||||||||||||||
-1 | Includes commercial real estate – mortgage and real estate – construction loans. | |||||||||||||||||||||||||||||||
-2 | Includes residential real estate – mortgage, equity lines of credit and equity loans. | |||||||||||||||||||||||||||||||
-3 | Includes credit card, consumer direct and consumer indirect loans. | |||||||||||||||||||||||||||||||
The table below provides a summary of the allowance for loan losses and related loan balances by portfolio. | ||||||||||||||||||||||||||||||||
Commercial, Financial and Agricultural | Commercial Real Estate (1) | Residential Real Estate (2) | Consumer (3) | Covered | Total Loans | |||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||||||
Ending balance of allowance attributable to loans: | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 11,158 | $ | 8,466 | $ | 42,277 | $ | 1,532 | $ | — | $ | 63,433 | ||||||||||||||||||||
Collectively evaluated for impairment | 287,105 | 129,767 | 112,350 | 88,037 | — | 617,259 | ||||||||||||||||||||||||||
Purchased impaired | — | — | — | — | 2,066 | 2,066 | ||||||||||||||||||||||||||
Purchased nonimpaired | 1,219 | — | — | 322 | 742 | 2,283 | ||||||||||||||||||||||||||
Total allowance for loan losses | $ | 299,482 | $ | 138,233 | $ | 154,627 | $ | 89,891 | $ | 2,808 | $ | 685,041 | ||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||
Ending balance of loans: | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 48,173 | $ | 105,608 | $ | 195,462 | $ | 1,827 | $ | — | $ | 351,070 | ||||||||||||||||||||
Collectively evaluated for impairment | 23,745,149 | 11,896,943 | 16,665,930 | 4,145,880 | — | 56,453,902 | ||||||||||||||||||||||||||
Purchased impaired | — | — | — | — | 361,572 | 361,572 | ||||||||||||||||||||||||||
Purchased nonimpaired | 35,215 | 29,307 | 1,016 | 6,084 | 133,618 | 205,240 | ||||||||||||||||||||||||||
Total loans | $ | 23,828,537 | $ | 12,031,858 | $ | 16,862,408 | $ | 4,153,791 | $ | 495,190 | $ | 57,371,784 | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||
Ending balance of allowance attributable to loans: | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 28,828 | $ | 9,408 | $ | 41,989 | $ | 1,526 | $ | — | $ | 81,751 | ||||||||||||||||||||
Collectively evaluated for impairment | 263,499 | 149,552 | 113,586 | 89,377 | — | 616,014 | ||||||||||||||||||||||||||
Purchased impaired | — | — | — | — | 243 | 243 | ||||||||||||||||||||||||||
Purchased nonimpaired | — | — | — | — | 2,711 | 2,711 | ||||||||||||||||||||||||||
Total allowance for loan losses | $ | 292,327 | $ | 158,960 | $ | 155,575 | $ | 90,903 | $ | 2,954 | $ | 700,719 | ||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||
Ending balance of loans: | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 138,047 | $ | 167,598 | $ | 196,723 | $ | 1,625 | $ | — | $ | 503,993 | ||||||||||||||||||||
Collectively evaluated for impairment | 20,071,162 | 10,675,079 | 15,390,591 | 3,292,001 | — | 49,428,833 | ||||||||||||||||||||||||||
Purchased impaired | — | — | — | — | 389,360 | 389,360 | ||||||||||||||||||||||||||
Purchased nonimpaired | — | — | — | — | 344,830 | 344,830 | ||||||||||||||||||||||||||
Total loans | $ | 20,209,209 | $ | 10,842,677 | $ | 15,587,314 | $ | 3,293,626 | $ | 734,190 | $ | 50,667,016 | ||||||||||||||||||||
-1 | Includes commercial real estate – mortgage and real estate – construction loans. | |||||||||||||||||||||||||||||||
-2 | Includes residential real estate – mortgage, equity lines of credit and equity loans. | |||||||||||||||||||||||||||||||
-3 | Includes credit card, consumer direct and consumer indirect loans. | |||||||||||||||||||||||||||||||
Schedule of impaired financing receivables | The following table presents information on individually evaluated impaired loans, by loan class. | |||||||||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||||||
Individually Evaluated Impaired Loans With No Recorded Allowance | Individually Evaluated Impaired Loans With a Recorded Allowance | |||||||||||||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Allowance | Recorded Investment | Unpaid Principal Balance | Allowance | |||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | — | $ | — | $ | — | $ | 48,173 | $ | 61,552 | $ | 11,158 | ||||||||||||||||||||
Real estate – construction | 3,492 | 4,006 | — | 2,686 | 2,731 | 872 | ||||||||||||||||||||||||||
Commercial real estate – mortgage | 22,822 | 23,781 | — | 76,608 | 82,005 | 7,594 | ||||||||||||||||||||||||||
Residential real estate – mortgage | 8,795 | 8,795 | — | 107,223 | 107,306 | 9,236 | ||||||||||||||||||||||||||
Equity lines of credit | — | — | — | 25,743 | 26,124 | 23,394 | ||||||||||||||||||||||||||
Equity loans | — | — | — | 53,701 | 54,038 | 9,647 | ||||||||||||||||||||||||||
Credit card | — | — | — | — | — | — | ||||||||||||||||||||||||||
Consumer direct | — | — | — | 337 | 337 | 42 | ||||||||||||||||||||||||||
Consumer indirect | — | — | — | 1,490 | 1,490 | 1,490 | ||||||||||||||||||||||||||
Total loans | $ | 35,109 | $ | 36,582 | $ | — | $ | 315,961 | $ | 335,583 | $ | 63,433 | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||
Individually Evaluated Impaired Loans With No Recorded Allowance | Individually Evaluated Impaired Loans With a Recorded Allowance | |||||||||||||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Allowance | Recorded Investment | Unpaid Principal Balance | Allowance | |||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 19,984 | $ | 27,639 | $ | — | $ | 118,063 | $ | 138,092 | $ | 28,828 | ||||||||||||||||||||
Real estate – construction | 1,314 | 1,555 | — | 9,248 | 10,812 | 836 | ||||||||||||||||||||||||||
Commercial real estate – mortgage | 51,303 | 54,821 | — | 105,733 | 112,177 | 8,572 | ||||||||||||||||||||||||||
Residential real estate – mortgage | 1,906 | 1,906 | — | 115,550 | 115,734 | 7,378 | ||||||||||||||||||||||||||
Equity lines of credit | — | — | — | 23,593 | 24,021 | 23,190 | ||||||||||||||||||||||||||
Equity loans | — | — | — | 55,674 | 55,794 | 11,421 | ||||||||||||||||||||||||||
Credit card | — | — | — | — | — | — | ||||||||||||||||||||||||||
Consumer direct | — | — | — | 182 | 181 | 83 | ||||||||||||||||||||||||||
Consumer indirect | — | — | — | 1,443 | 1,443 | 1,443 | ||||||||||||||||||||||||||
Total loans | $ | 74,507 | $ | 85,921 | $ | — | $ | 429,486 | $ | 458,254 | $ | 81,751 | ||||||||||||||||||||
The following table presents information on individually evaluated impaired loans, by loan class. | ||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | |||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 84,578 | $ | 1,146 | $ | 133,838 | $ | 1,287 | $ | 119,673 | $ | 1,277 | ||||||||||||||||||||
Real estate – construction | 8,639 | 222 | 51,157 | 724 | 304,680 | 5,153 | ||||||||||||||||||||||||||
Commercial real estate – mortgage | 116,815 | 3,208 | 207,104 | 4,663 | 331,003 | 4,312 | ||||||||||||||||||||||||||
Residential real estate – mortgage | 114,842 | 2,886 | 140,583 | 3,464 | 165,172 | 4,417 | ||||||||||||||||||||||||||
Equity lines of credit | 24,306 | 1,049 | 13,785 | 586 | 2,476 | 10 | ||||||||||||||||||||||||||
Equity loans | 54,708 | 1,710 | 44,143 | 1,514 | 22,880 | 902 | ||||||||||||||||||||||||||
Credit card | — | — | — | — | — | — | ||||||||||||||||||||||||||
Consumer direct | 154 | 5 | 176 | 32 | 130 | 9 | ||||||||||||||||||||||||||
Consumer indirect | 1,323 | 4 | 976 | 13 | — | — | ||||||||||||||||||||||||||
Total loans | $ | 405,365 | $ | 10,230 | $ | 591,762 | $ | 12,283 | $ | 946,014 | $ | 16,080 | ||||||||||||||||||||
Schedule of credit quality indicators associated with the Company's loans | The following tables, which exclude loans held for sale and covered loans, illustrate the credit quality indicators associated with the Company’s loans, by loan class. | |||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||||||
Commercial, Financial and Agricultural | Real Estate - Construction | Commercial Real Estate - Mortgage | ||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||
Noncovered loans: | ||||||||||||||||||||||||||||||||
Pass | $ | 23,380,541 | $ | 2,098,994 | $ | 9,514,917 | ||||||||||||||||||||||||||
Special Mention | 280,934 | 42,176 | 210,337 | |||||||||||||||||||||||||||||
Substandard | 128,251 | 13,458 | 129,435 | |||||||||||||||||||||||||||||
Doubtful | 38,811 | 24 | 22,517 | |||||||||||||||||||||||||||||
$ | 23,828,537 | $ | 2,154,652 | $ | 9,877,206 | |||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||
Commercial, Financial and Agricultural | Real Estate - Construction | Commercial Real Estate - Mortgage | ||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||
Noncovered loans: | ||||||||||||||||||||||||||||||||
Pass | $ | 19,582,014 | $ | 1,707,719 | $ | 8,562,261 | ||||||||||||||||||||||||||
Special Mention | 353,638 | 9,918 | 271,500 | |||||||||||||||||||||||||||||
Substandard | 261,995 | 17,112 | 243,042 | |||||||||||||||||||||||||||||
Doubtful | 11,562 | 1,599 | 29,526 | |||||||||||||||||||||||||||||
$ | 20,209,209 | $ | 1,736,348 | $ | 9,106,329 | |||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||
Residential Real Estate -Mortgage | Equity Lines of Credit | Equity Loans | Credit Card | Consumer Direct | Consumer Indirect | |||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||
Noncovered loans: | ||||||||||||||||||||||||||||||||
Performing | $ | 13,810,857 | $ | 2,269,231 | $ | 614,064 | $ | 621,015 | $ | 649,832 | $ | 2,865,013 | ||||||||||||||||||||
Nonperforming | 111,799 | 35,553 | 20,904 | 9,441 | 3,095 | 5,395 | ||||||||||||||||||||||||||
$ | 13,922,656 | $ | 2,304,784 | $ | 634,968 | $ | 630,456 | $ | 652,927 | $ | 2,870,408 | |||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||
Residential Real Estate -Mortgage | Equity Lines of Credit | Equity Loans | Credit Card | Consumer Direct | Consumer Indirect | |||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||
Noncovered loans: | ||||||||||||||||||||||||||||||||
Performing | $ | 12,601,515 | $ | 2,199,827 | $ | 621,897 | $ | 649,796 | $ | 513,630 | $ | 2,113,918 | ||||||||||||||||||||
Nonperforming | 105,364 | 36,540 | 22,171 | 10,277 | 2,942 | 3,063 | ||||||||||||||||||||||||||
$ | 12,706,879 | $ | 2,236,367 | $ | 644,068 | $ | 660,073 | $ | 516,572 | $ | 2,116,981 | |||||||||||||||||||||
Schedule of past due loans | The following tables present an aging analysis of the Company’s past due loans excluding loans classified as held for sale. | |||||||||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||||||
30-59 Days Past Due | 60-89 Days Past Due | 90 Days or More Past Due | Nonaccrual | Accruing TDRs | Total Past Due and Impaired | Not Past Due or Impaired | Total | |||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 10,829 | $ | 5,765 | $ | 1,610 | $ | 61,157 | $ | 10,127 | $ | 89,488 | $ | 23,739,049 | $ | 23,828,537 | ||||||||||||||||
Real estate – construction | 1,954 | 994 | 477 | 7,964 | 2,112 | 13,501 | 2,141,151 | 2,154,652 | ||||||||||||||||||||||||
Commercial real estate – mortgage | 9,813 | 4,808 | 628 | 89,736 | 39,841 | 144,826 | 9,732,380 | 9,877,206 | ||||||||||||||||||||||||
Residential real estate – mortgage | 45,279 | 16,510 | 2,598 | 108,357 | 69,408 | 242,152 | 13,680,504 | 13,922,656 | ||||||||||||||||||||||||
Equity lines of credit | 9,929 | 4,395 | 2,679 | 32,874 | — | 49,877 | 2,254,907 | 2,304,784 | ||||||||||||||||||||||||
Equity loans | 6,357 | 3,268 | 997 | 19,029 | 41,197 | 70,848 | 564,120 | 634,968 | ||||||||||||||||||||||||
Credit card | 5,692 | 3,921 | 9,441 | — | — | 19,054 | 611,402 | 630,456 | ||||||||||||||||||||||||
Consumer direct | 9,542 | 1,826 | 2,296 | 799 | 298 | 14,761 | 638,166 | 652,927 | ||||||||||||||||||||||||
Consumer indirect | 35,366 | 7,935 | 2,771 | 2,624 | — | 48,696 | 2,821,712 | 2,870,408 | ||||||||||||||||||||||||
Covered loans | 6,678 | 4,618 | 47,957 | 114 | — | 59,367 | 435,823 | 495,190 | ||||||||||||||||||||||||
Total loans | $ | 141,439 | $ | 54,040 | $ | 71,454 | $ | 322,654 | $ | 162,983 | $ | 752,570 | $ | 56,619,214 | $ | 57,371,784 | ||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||
30-59 Days Past Due | 60-89 Days Past Due | 90 Days or More Past Due | Nonaccrual | Accruing TDRs | Total Past Due and Impaired | Not Past Due or Impaired | Total | |||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 9,485 | $ | 6,111 | $ | 2,212 | $ | 128,231 | $ | 25,548 | $ | 171,587 | $ | 20,037,622 | $ | 20,209,209 | ||||||||||||||||
Real estate – construction | 4,258 | 1,862 | 240 | 14,183 | 3,801 | 24,344 | 1,712,004 | 1,736,348 | ||||||||||||||||||||||||
Commercial real estate – mortgage | 9,521 | 4,869 | 797 | 129,672 | 59,727 | 204,586 | 8,901,743 | 9,106,329 | ||||||||||||||||||||||||
Residential real estate – mortgage | 48,597 | 22,629 | 2,460 | 102,904 | 74,236 | 250,826 | 12,456,053 | 12,706,879 | ||||||||||||||||||||||||
Equity lines of credit | 12,230 | 6,252 | 5,109 | 31,431 | — | 55,022 | 2,181,345 | 2,236,367 | ||||||||||||||||||||||||
Equity loans | 7,630 | 3,170 | 1,167 | 20,447 | 42,850 | 75,264 | 568,804 | 644,068 | ||||||||||||||||||||||||
Credit card | 5,955 | 4,676 | 10,277 | — | — | 20,908 | 639,165 | 660,073 | ||||||||||||||||||||||||
Consumer direct | 8,736 | 3,000 | 2,402 | 540 | 91 | 14,769 | 501,803 | 516,572 | ||||||||||||||||||||||||
Consumer indirect | 24,945 | 5,276 | 1,540 | 1,523 | — | 33,284 | 2,083,697 | 2,116,981 | ||||||||||||||||||||||||
Covered loans | 1,247 | 290 | 4,122 | 5,425 | 3,455 | 14,539 | 330,291 | 344,830 | ||||||||||||||||||||||||
Total loans | $ | 132,604 | $ | 58,135 | $ | 30,326 | $ | 434,356 | $ | 209,708 | $ | 865,129 | $ | 49,412,527 | $ | 50,277,656 | ||||||||||||||||
Schedule of troubled debt restructuring loans | The following table presents an analysis of the types of loans that were restructured and classified as TDRs, excluding loans classified as held for sale. | |||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||
Number of Contracts | Post-Modification Outstanding Recorded Investment | Number of Contracts | Post-Modification Outstanding Recorded Investment | Number of Contracts | Post-Modification Outstanding Recorded Investment | |||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | 4 | $ | 14,281 | 9 | $ | 6,464 | 8 | $ | 23,828 | |||||||||||||||||||||||
Real estate – construction | 3 | 476 | 3 | 2,409 | 21 | 13,334 | ||||||||||||||||||||||||||
Commercial real estate – mortgage | 10 | 6,619 | 19 | 5,215 | 18 | 25,001 | ||||||||||||||||||||||||||
Residential real estate – mortgage | 89 | 11,462 | 216 | 29,637 | 139 | 28,343 | ||||||||||||||||||||||||||
Equity lines of credit | 161 | 7,821 | 512 | 25,281 | 3 | 2 | ||||||||||||||||||||||||||
Equity loans | 64 | 4,867 | 438 | 21,387 | 127 | 9,190 | ||||||||||||||||||||||||||
Credit card | — | — | — | — | 1 | — | ||||||||||||||||||||||||||
Consumer direct | 4 | 265 | 19 | 157 | 2 | 136 | ||||||||||||||||||||||||||
Consumer indirect | 102 | 1,572 | 429 | 2,481 | — | — | ||||||||||||||||||||||||||
Covered | 3 | 15 | 6 | 259 | 5 | 34 | ||||||||||||||||||||||||||
The following table provides a breakout of TDRs, including nonaccrual loans, and covered loans and excluding loans classified as held for sale. | ||||||||||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||||||
30-59 Days Past Due | 60-89 Days Past Due | 90 Days or More Past Due | Nonaccrual | Total Past Due and Nonaccrual | Not Past Due or Nonaccrual | Total | ||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 11 | $ | — | $ | — | $ | 2,052 | $ | 2,063 | $ | 10,116 | $ | 12,179 | ||||||||||||||||||
Real estate – construction | — | — | — | 200 | 200 | 2,112 | 2,312 | |||||||||||||||||||||||||
Commercial real estate – mortgage | 371 | 536 | — | 7,068 | 7,975 | 38,934 | 46,909 | |||||||||||||||||||||||||
Residential real estate – mortgage | 2,440 | 2,688 | 844 | 32,518 | 38,490 | 63,436 | 101,926 | |||||||||||||||||||||||||
Equity lines of credit | — | — | — | 24,519 | 24,519 | — | 24,519 | |||||||||||||||||||||||||
Equity loans | 2,182 | 1,124 | 878 | 12,504 | 16,688 | 37,013 | 53,701 | |||||||||||||||||||||||||
Credit card | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Consumer direct | 105 | — | — | 40 | 145 | 193 | 338 | |||||||||||||||||||||||||
Consumer indirect | — | — | — | 1,490 | 1,490 | — | 1,490 | |||||||||||||||||||||||||
Covered loans | — | — | — | 17 | 17 | — | 17 | |||||||||||||||||||||||||
Total loans | $ | 5,109 | $ | 4,348 | $ | 1,722 | $ | 80,408 | $ | 91,587 | $ | 151,804 | $ | 243,391 | ||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||
30-59 Days Past Due | 60-89 Days Past Due | 90 Days or More Past Due | Nonaccrual | Total Past Due and Nonaccrual | Not Past Due or Nonaccrual | Total | ||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 5 | $ | — | $ | — | $ | 20,498 | $ | 20,503 | $ | 25,543 | $ | 46,046 | ||||||||||||||||||
Real estate – construction | 32 | 50 | — | 181 | 263 | 3,719 | 3,982 | |||||||||||||||||||||||||
Commercial real estate – mortgage | 2,345 | — | — | 13,910 | 16,255 | 57,382 | 73,637 | |||||||||||||||||||||||||
Residential real estate – mortgage | 3,755 | 2,747 | 760 | 30,492 | 37,754 | 66,974 | 104,728 | |||||||||||||||||||||||||
Equity lines of credit | — | — | — | 24,592 | 24,592 | — | 24,592 | |||||||||||||||||||||||||
Equity loans | 1,799 | 1,022 | 557 | 12,823 | 16,201 | 39,472 | 55,673 | |||||||||||||||||||||||||
Credit card | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Consumer direct | — | — | — | 90 | 90 | 91 | 181 | |||||||||||||||||||||||||
Consumer indirect | — | — | — | 1,443 | 1,443 | — | 1,443 | |||||||||||||||||||||||||
Covered loans | 21 | — | — | 5,428 | 5,449 | 3,434 | 8,883 | |||||||||||||||||||||||||
Total loans | $ | 7,957 | $ | 3,819 | $ | 1,317 | $ | 109,457 | $ | 122,550 | $ | 196,615 | $ | 319,165 | ||||||||||||||||||
Schedule of subsequent default on restructured loans | The following tables provide a summary of initial subsequent defaults that occurred within one year of the restructure date. The table excludes loans classified as held for sale as of period-end and includes loans no longer in default as of year-end. | |||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Number of Contracts | Recorded Investment at Default | Number of Contracts | Recorded Investment at Default | Number of Contracts | Recorded Investment at Default | |||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | — | $ | — | 1 | $ | 9,531 | — | $ | — | |||||||||||||||||||||||
Real estate – construction | — | — | — | — | 4 | 1,792 | ||||||||||||||||||||||||||
Commercial real estate – mortgage | 1 | 2,198 | 2 | 529 | 13 | 24,289 | ||||||||||||||||||||||||||
Residential real estate – mortgage | 7 | 1,157 | 14 | 2,500 | 12 | 2,619 | ||||||||||||||||||||||||||
Equity lines of credit | 3 | 275 | 5 | 309 | — | — | ||||||||||||||||||||||||||
Equity loans | 8 | 893 | 7 | 447 | 8 | 692 | ||||||||||||||||||||||||||
Credit card | — | — | — | — | — | — | ||||||||||||||||||||||||||
Consumer direct | — | — | — | — | — | — | ||||||||||||||||||||||||||
Consumer indirect | — | — | — | — | — | — | ||||||||||||||||||||||||||
Covered loans | 1 | 4 | 1 | 35 | 2 | 2,051 | ||||||||||||||||||||||||||
Loan_Sales_and_Servicing_Table
Loan Sales and Servicing (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Transfers and Servicing [Abstract] | ||||||||||||
Schedule of loans held for sale | The following table presents the composition of the loans held for sale portfolio. | |||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(In Thousands) | ||||||||||||
Loans held for sale: | ||||||||||||
Real estate – construction | $ | — | $ | 4,447 | ||||||||
Commercial real estate – mortgage | — | 2,912 | ||||||||||
Residential real estate – mortgage | 154,816 | 139,750 | ||||||||||
Total loans held for sale | $ | 154,816 | $ | 147,109 | ||||||||
Schedule of residential real estate mortgage servicing rights | The following table is an analysis of the activity in the Company’s residential MSRs for the years. | |||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In Thousands) | ||||||||||||
Carrying value, at beginning of year | $ | 30,065 | $ | 13,255 | $ | 4,264 | ||||||
Additions | 11,494 | 16,746 | 11,472 | |||||||||
Increase (decrease) in fair value: | ||||||||||||
Due to changes in valuation inputs or assumptions | (3,851 | ) | 1,634 | (1,512 | ) | |||||||
Due to other changes in fair value (1) | (2,220 | ) | (1,570 | ) | (969 | ) | ||||||
Carrying value, at end of year | $ | 35,488 | $ | 30,065 | $ | 13,255 | ||||||
-1 | Represents the realization of expected net servicing cash flows, expected borrower repayments and the passage of time. | |||||||||||
Schedule of sensitivity of current fair value on residential real estate mortgage servicing rights | At December 31, 2014 and 2013, the sensitivity of the current fair value of the residential MSRs to immediate 10% and 20% adverse changes in key economic assumptions are included in the following table: | |||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(Dollars in Thousands) | ||||||||||||
Fair value of residential mortgage servicing rights | $ | 35,488 | $ | 30,065 | ||||||||
Composition of residential loans serviced for others: | ||||||||||||
Fixed rate mortgage loans | 96.1 | % | 96.4 | % | ||||||||
Adjustable rate mortgage loans | 3.9 | 3.6 | ||||||||||
Total | 100 | % | 100 | % | ||||||||
Weighted average life (in years) | 6.2 | 6.9 | ||||||||||
Prepayment speed: | 10.6 | % | 8.8 | % | ||||||||
Effect on fair value of a 10% increase | (1,220 | ) | -743 | |||||||||
Effect on fair value of a 20% increase | (2,375 | ) | (1,492 | ) | ||||||||
Weighted average discount rate: | 10.1 | % | 10 | % | ||||||||
Effect on fair value of a 10% increase | (1,291 | ) | (1,167 | ) | ||||||||
Effect on fair value of a 20% increase | (2,492 | ) | (2,247 | ) |
Premises_and_Equipment_Tables
Premises and Equipment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Schedule of premises and equipment | A summary of the Company’s premises and equipment is presented below. | |||||||
December 31, | ||||||||
2014 | 2013 | |||||||
(In Thousands) | ||||||||
Land | $ | 325,997 | $ | 340,181 | ||||
Buildings | 570,210 | 566,785 | ||||||
Furniture, fixtures and equipment | 400,080 | 403,881 | ||||||
Software | 655,525 | 567,366 | ||||||
Leasehold improvements | 161,968 | 156,261 | ||||||
Construction / projects in progress | 96,086 | 110,916 | ||||||
2,209,866 | 2,145,390 | |||||||
Less: Accumulated depreciation and amortization | 858,387 | 724,402 | ||||||
Total premises and equipment | $ | 1,351,479 | $ | 1,420,988 | ||||
Goodwill_and_Other_Acquired_In1
Goodwill and Other Acquired Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||
Summary of activity related to the Company's goodwill | A summary of the activity related to the Company’s goodwill follows. | |||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Balance, January 1: | ||||||||||||||||||||||||
Goodwill | $ | 9,734,348 | $ | 9,734,348 | ||||||||||||||||||||
Accumulated impairment losses | (4,762,703 | ) | (4,762,703 | ) | ||||||||||||||||||||
Goodwill, net at January 1 | 4,971,645 | 4,971,645 | ||||||||||||||||||||||
Annual activity: | ||||||||||||||||||||||||
Goodwill acquired during the year | 89,401 | — | ||||||||||||||||||||||
Disposition adjustments | (1,699 | ) | — | |||||||||||||||||||||
Impairment losses | (12,500 | ) | — | |||||||||||||||||||||
Balance, December 31: | ||||||||||||||||||||||||
Goodwill | 9,822,050 | 9,734,348 | ||||||||||||||||||||||
Accumulated impairment losses | (4,775,203 | ) | (4,762,703 | ) | ||||||||||||||||||||
Goodwill, net at December 31 | $ | 5,046,847 | $ | 4,971,645 | ||||||||||||||||||||
Schedule of intangible assets | Intangible assets are detailed in the following table. | |||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Value | Gross Carrying Amount | Accumulated Amortization | Net Carrying Value | |||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Other intangible assets: | ||||||||||||||||||||||||
Core deposit intangibles | $ | 772,024 | $ | 713,233 | $ | 58,791 | $ | 772,024 | $ | 670,710 | $ | 101,314 | ||||||||||||
Other identifiable intangibles | 42,300 | 30,307 | 11,993 | 37,847 | 30,121 | 7,726 | ||||||||||||||||||
Total other intangible assets | $ | 814,324 | $ | 743,540 | $ | 70,784 | $ | 809,871 | $ | 700,831 | $ | 109,040 | ||||||||||||
Schedule of future intangible amortization expense | At December 31, 2014, estimated future amortization expense was as follows: | |||||||||||||||||||||||
Year Ended December 31 | ||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
2015 | $ | 39,200 | ||||||||||||||||||||||
2016 | 16,400 | |||||||||||||||||||||||
2017 | 10,100 | |||||||||||||||||||||||
2018 | 5,100 | |||||||||||||||||||||||
2019 | — | |||||||||||||||||||||||
Deposits_Tables
Deposits (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Banking and Thrift [Abstract] | ||||
Schedule of time deposit maturities | At December 31, 2014, the scheduled maturities of time deposits were as follows. | |||
(In Thousands) | ||||
2015 | $ | 5,620,338 | ||
2016 | 3,731,153 | |||
2017 | 1,194,515 | |||
2018 | 1,121,728 | |||
2019 | 864,500 | |||
Thereafter | 134,725 | |||
Total | $ | 12,666,959 | ||
ShortTerm_Borrowings_Tables
Short-Term Borrowings (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||
Schedule of short-term borrowings | The short-term borrowings table below shows the distribution of the Company’s short-term borrowed funds. | ||||||||||||||
Ending Balance | Ending Average Interest Rate | Average Balance | Maximum Outstanding Balance | ||||||||||||
(Dollars in Thousands) | |||||||||||||||
As of and for the year ended | |||||||||||||||
31-Dec-14 | |||||||||||||||
Federal funds purchased | $ | 693,819 | 0.27 | % | $ | 722,753 | $ | 960,935 | |||||||
Securities sold under agreements to repurchase | 435,684 | 0.73 | 212,686 | 435,684 | |||||||||||
Total | 1,129,503 | 935,439 | 1,396,619 | ||||||||||||
Other short-term borrowings | 2,545,724 | 1.62 | 385,461 | 2,545,724 | |||||||||||
Total short-term borrowings | $ | 3,675,227 | $ | 1,320,900 | $ | 3,942,343 | |||||||||
As of and for the year ended | |||||||||||||||
31-Dec-13 | |||||||||||||||
Federal funds purchased | $ | 704,190 | 0.26 | % | $ | 815,541 | $ | 1,022,735 | |||||||
Securities sold under agreements to repurchase | 148,380 | 0.01 | 164,218 | 456,263 | |||||||||||
Total | 852,570 | 979,759 | 1,478,998 | ||||||||||||
Other short-term borrowings | 5,591 | 2.48 | 12,739 | 28,630 | |||||||||||
Total short-term borrowings | $ | 858,161 | $ | 992,498 | $ | 1,507,628 | |||||||||
FHLB_and_Other_Borrowings_Tabl
FHLB and Other Borrowings (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Debt Disclosure [Abstract] | ||||||||||||
Schedule of details on FHLB advances and other borrowings | The following table details the Company’s FHLB advances and other borrowings including maturities and interest rates as of December 31, 2014. | |||||||||||
December 31, | ||||||||||||
Maturity Dates | 2014 | 2013 | ||||||||||
(In Thousands) | ||||||||||||
FHLB advances: | ||||||||||||
LIBOR-based floating rate (weighted average rate of 0.56%) | 2016-2021 | $ | 525,000 | $ | 525,000 | |||||||
Fixed rate (weighted average rate of 1.68%) | 2015-2035 | 2,463,543 | 2,949,595 | |||||||||
Unamortized discount | (102 | ) | (351 | ) | ||||||||
Total FHLB advances | 2,988,441 | 3,474,244 | ||||||||||
Senior notes and subordinated debentures: | ||||||||||||
1.85% senior notes | 2017 | 400,000 | — | |||||||||
2.75% senior notes | 2019 | 600,000 | — | |||||||||
6.40% subordinated debentures | 2017 | 350,000 | 350,000 | |||||||||
5.50% subordinated debentures | 2020 | 227,764 | 227,764 | |||||||||
5.90% subordinated debentures | 2026 | 71,086 | 71,086 | |||||||||
Fair value of hedged subordinated debentures | 83,953 | 84,567 | ||||||||||
Net unamortized discount | (15,135 | ) | (12,719 | ) | ||||||||
Total senior notes and subordinated debentures | 1,717,668 | 720,698 | ||||||||||
Capital securities: | ||||||||||||
LIBOR plus 3.05% floating rate debentures payable to State National Capital Trust I (1) | 2033 | 15,470 | 15,470 | |||||||||
LIBOR plus 2.85% floating rate debentures payable to Texas Regional Statutory Trust I (1) | 2034 | 51,547 | 51,547 | |||||||||
LIBOR plus 2.60% floating rate debentures payable to TexasBanc Capital Trust I (1) | 2034 | 25,774 | 25,774 | |||||||||
LIBOR plus 2.79% floating rate debentures payable to State National Statutory Trust II (1) | 2034 | 10,310 | 10,310 | |||||||||
Unamortized premium | 633 | 664 | ||||||||||
Total capital securities | 103,734 | 103,765 | ||||||||||
Total FHLB and other borrowings | $ | 4,809,843 | $ | 4,298,707 | ||||||||
-1 | Majority of amounts qualify for Tier 1 capital. | |||||||||||
Schedule of maturity information on FHLB and other borrowings | The following table presents maturity information for the Company’s FHLB and other borrowings, including the fair value of hedged senior notes and subordinated debentures and unamortized discounts and premiums, as of December 31, 2014. | |||||||||||
FHLB Advances | Senior Notes and Subordinated Debentures | Capital Securities | ||||||||||
(In Thousands) | ||||||||||||
Maturing: | ||||||||||||
2015 | $ | 649,974 | $ | — | $ | — | ||||||
2016 | 1,012,410 | — | — | |||||||||
2017 | 94 | 832,234 | — | |||||||||
2018 | 17 | — | — | |||||||||
2019 | 1,020,000 | 596,752 | — | |||||||||
Thereafter | 305,946 | 288,682 | 103,734 | |||||||||
Total | $ | 2,988,441 | $ | 1,717,668 | $ | 103,734 | ||||||
Derivatives_and_Hedging_Tables
Derivatives and Hedging (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table reflects the notional amount and fair value of derivative instruments included on the Company’s Consolidated Balance Sheets on a gross basis. | |||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
Fair Value | Fair Value | |||||||||||||||||||||||
Notional Amount | Derivative Assets (1) | Derivative Liabilities (2) | Notional Amount | Derivative Assets (1) | Derivative Liabilities (2) | |||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||
Fair value hedges: | ||||||||||||||||||||||||
Interest rate swaps related to long-term debt | $ | 1,423,950 | $ | 69,700 | $ | — | $ | 423,950 | $ | 67,623 | $ | — | ||||||||||||
Total fair value hedges | 69,700 | — | 67,623 | — | ||||||||||||||||||||
Cash flow hedges: | ||||||||||||||||||||||||
Interest rate contracts: | ||||||||||||||||||||||||
Swaps related to commercial loans | 1,100,000 | 1,793 | 1,023 | 200,000 | 3,652 | — | ||||||||||||||||||
Swaps related to FHLB advances | 320,000 | — | 13,474 | 320,000 | — | 11,862 | ||||||||||||||||||
Total cash flow hedges | 1,793 | 14,497 | 3,652 | 11,862 | ||||||||||||||||||||
Total derivatives designated as hedging instruments | $ | 71,493 | $ | 14,497 | $ | 71,275 | $ | 11,862 | ||||||||||||||||
Free-standing derivatives not designated as hedging instruments: | ||||||||||||||||||||||||
Futures contracts related to mortgage servicing rights (3) | $ | 35,000 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Interest rate contracts: | ||||||||||||||||||||||||
Forward contracts related to held for sale mortgages | 189,000 | 18 | 1,576 | 171,364 | 1,727 | 56 | ||||||||||||||||||
Equity contracts: | ||||||||||||||||||||||||
Purchased equity option related to equity-linked CDs | 821,849 | 76,487 | — | 588,377 | 47,875 | — | ||||||||||||||||||
Swap associated with sale of Visa, Inc. Class B shares | 57,393 | — | 1,435 | 49,748 | — | 1,244 | ||||||||||||||||||
Foreign exchange contracts: | ||||||||||||||||||||||||
Forwards related to commercial loans | 602,066 | 5,529 | 612 | 424,797 | 1,072 | 2,690 | ||||||||||||||||||
Spots related to commercial loans | 74,940 | 41 | 80 | 41,133 | 55 | 56 | ||||||||||||||||||
Futures contracts (3) | 307,000 | — | — | 657,000 | — | — | ||||||||||||||||||
Interest rate lock commitments | 180,822 | 2,319 | 1 | 129,791 | 947 | 57 | ||||||||||||||||||
Written equity option related to equity-linked CDs | 795,467 | — | 74,319 | 576,196 | — | 46,573 | ||||||||||||||||||
Trading account assets and liabilities: | ||||||||||||||||||||||||
Interest rate contracts for customers | 18,678,390 | 296,239 | 236,763 | 13,474,347 | 262,578 | 200,899 | ||||||||||||||||||
Commodity contracts for customers | 264,491 | 25,569 | 25,448 | 906,650 | 23,132 | 18,373 | ||||||||||||||||||
Foreign exchange contracts for customers | 425,123 | 8,268 | 7,527 | 145,175 | 4,450 | 3,894 | ||||||||||||||||||
Total trading account assets and liabilities | 330,076 | 269,738 | 290,160 | 223,166 | ||||||||||||||||||||
Total free-standing derivative instruments not designated as hedging instruments | $ | 414,470 | $ | 347,761 | $ | 341,836 | $ | 273,842 | ||||||||||||||||
-1 | Derivative assets, except for trading account assets that are recorded as a component of trading account assets on the Consolidated Balance Sheets, are recorded in other assets on the Company’s Consolidated Balance Sheets. | |||||||||||||||||||||||
-2 | Derivative liabilities are recorded in accrued expenses and other liabilities on the Company’s Consolidated Balance Sheets. | |||||||||||||||||||||||
-3 | Changes in fair value are cash settled daily; therefore, there is no ending balance at any given reporting period. | |||||||||||||||||||||||
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following table reflects the change in fair value for interest rate contracts and the related hedged items as well as other gains and losses related to fair value hedges including gains and losses recognized because of hedge ineffectiveness. | |||||||||||||||||||||||
Gain (Loss) for the Years Ended | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
Consolidated Statements of Income Caption | 2014 | 2013 | 2012 | |||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Change in fair value of interest rate contracts: | ||||||||||||||||||||||||
Interest rate swaps hedging long term debt | Interest on FHLB and other borrowings | $ | 2,078 | $ | (37,191 | ) | $ | (6,500 | ) | |||||||||||||||
Hedged long term debt | Interest on FHLB and other borrowings | (2,559 | ) | 38,444 | 7,314 | |||||||||||||||||||
Other gains on interest rate contracts: | ||||||||||||||||||||||||
Interest and amortization related to interest rate swaps on hedged long term debt | Interest on FHLB and other borrowings | 27,882 | 22,781 | 28,628 | ||||||||||||||||||||
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following table presents the effect of derivative instruments designated and qualifying as cash flow hedges on the Company’s Consolidated Balance Sheets and the Company’s Consolidated Statements of Income. | |||||||||||||||||||||||
Gain (Loss) for the Years Ended | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Interest rate contracts: | ||||||||||||||||||||||||
Net change in amount recognized in other comprehensive income | $ | (1,900 | ) | $ | 8,098 | $ | (2,824 | ) | ||||||||||||||||
Amount reclassified from accumulated other comprehensive income into net interest income | (1,577 | ) | (4,956 | ) | 2,261 | |||||||||||||||||||
Amount of ineffectiveness recognized in net interest income | — | — | — | |||||||||||||||||||||
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position | The net gains and losses recorded in the Company’s Consolidated Statements of Income from free-standing derivative instruments not designated as hedging instruments are summarized in the following table. | |||||||||||||||||||||||
Gain (Loss) for the Years Ended | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
Consolidated Statements of Income Caption | 2014 | 2013 | 2012 | |||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Futures contracts: | ||||||||||||||||||||||||
Future and option contracts related to mortgage servicing rights | Mortgage banking income | $ | 420 | $ | (53 | ) | $ | — | ||||||||||||||||
Futures contracts | Corporate and correspondent investment sales | (635 | ) | 172 | (1,622 | ) | ||||||||||||||||||
Interest rate contracts: | ||||||||||||||||||||||||
Forward contracts related to residential mortgage loans held for sale | Mortgage banking income | (3,229 | ) | 2,397 | (1,225 | ) | ||||||||||||||||||
Interest rate lock commitments | Mortgage banking income | 1,428 | (4,126 | ) | 2,925 | |||||||||||||||||||
Interest rate contracts for customers | Corporate and correspondent investment sales | 21,552 | 31,271 | 28,755 | ||||||||||||||||||||
Commodity contracts: | ||||||||||||||||||||||||
Commodity contracts for customers | Corporate and correspondent investment sales | 105 | 26 | 982 | ||||||||||||||||||||
Equity contracts: | ||||||||||||||||||||||||
Purchased equity option related to equity-linked CDs | Other expense | 28,612 | 24,514 | 2,209 | ||||||||||||||||||||
Written equity option related to equity-linked CDs | Other expense | (27,746 | ) | (24,158 | ) | (1,942 | ) | |||||||||||||||||
Foreign currency contracts: | ||||||||||||||||||||||||
Forward contracts related to commercial loans | Other income | 55,544 | (4,460 | ) | (1,975 | ) | ||||||||||||||||||
Spot contracts related to commercial loans | Other income | (7,556 | ) | 469 | — | |||||||||||||||||||
Foreign currency exchange contracts for customers | Corporate and correspondent investment sales | 1,125 | 624 | 143 | ||||||||||||||||||||
Assets_and_Liabilities_Subject1
Assets and Liabilities Subject to Enforceable Master Netting Arrangements (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Offsetting [Abstract] | ||||||||||||||||||||||||
Schedule of assets and liabilities subject to enforceable master netting arrangements | ||||||||||||||||||||||||
Gross Amounts Not Offset in the Consolidated Balance Sheets | ||||||||||||||||||||||||
Gross Amounts Recognized | Gross Amounts Offset in the Consolidated Balance Sheets | Net Amount Presented in the Consolidated Balance Sheets | Financial Instruments (1) | Cash Collateral Received/ Pledged (1) | Net Amount | |||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||
Securities purchased under agreement to resell: | ||||||||||||||||||||||||
Subject to a master netting arrangement | $ | 3,100,200 | $ | 2,533,661 | $ | 566,539 | $ | 566,539 | $ | — | $ | — | ||||||||||||
Derivative financial assets: | ||||||||||||||||||||||||
Subject to a master netting arrangement | $ | 225,227 | $ | — | $ | 225,227 | $ | — | $ | 58,309 | $ | 166,918 | ||||||||||||
Not subject to a master netting arrangement | 260,736 | — | 260,736 | — | — | 260,736 | ||||||||||||||||||
Total derivative financial assets | $ | 485,963 | $ | — | $ | 485,963 | $ | — | $ | 58,309 | $ | 427,654 | ||||||||||||
Securities sold under agreements to repurchase: | ||||||||||||||||||||||||
Subject to a master netting arrangement | $ | 2,969,345 | $ | 2,533,661 | $ | 435,684 | $ | 435,684 | $ | — | $ | — | ||||||||||||
Derivative financial liabilities: | ||||||||||||||||||||||||
Subject to a master netting arrangement | $ | 259,018 | $ | — | $ | 259,018 | $ | 29,677 | $ | 44,163 | $ | 185,178 | ||||||||||||
Not subject to a master netting arrangement | 103,240 | — | 103,240 | — | — | 103,240 | ||||||||||||||||||
Total derivative financial liabilities | $ | 362,258 | $ | — | $ | 362,258 | $ | 29,677 | $ | 44,163 | $ | 288,418 | ||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Derivative financial assets: | ||||||||||||||||||||||||
Subject to a master netting arrangement | $ | 192,771 | $ | — | $ | 192,771 | $ | 7,723 | $ | 37,189 | $ | 147,859 | ||||||||||||
Not subject to a master netting arrangement | 220,340 | — | 220,340 | — | — | 220,340 | ||||||||||||||||||
Total derivative financial assets | $ | 413,111 | $ | — | $ | 413,111 | $ | 7,723 | $ | 37,189 | $ | 368,199 | ||||||||||||
Derivative financial liabilities: | ||||||||||||||||||||||||
Subject to a master netting arrangement | $ | 200,207 | $ | — | $ | 200,207 | $ | 46,466 | $ | 25,910 | $ | 127,831 | ||||||||||||
Not subject to a master netting arrangement | 85,497 | — | 85,497 | — | — | 85,497 | ||||||||||||||||||
Total derivative financial liabilities | $ | 285,704 | $ | — | $ | 285,704 | $ | 46,466 | $ | 25,910 | $ | 213,328 | ||||||||||||
-1 | The actual amount of collateral received/pledged is limited to the asset/liability balance and does not include excess collateral received/pledged. When excess collateral exists the collateral shown in the table above has been allocated based on the percentage of the actual amount of collateral posted. |
Commitment_Contingencies_and_G
Commitment, Contingencies and Guarantees (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||
Schedule of future minimum lease payments for operating and capital leases | The following table provides the annual future minimum payments under capital leases and noncancelable operating leases at December 31, 2014: | |||||||
Operating Lease | Capital Lease | |||||||
(In Thousands) | ||||||||
2015 | $ | 62,114 | $ | 2,147 | ||||
2016 | 58,459 | 2,188 | ||||||
2017 | 53,050 | 2,272 | ||||||
2018 | 47,255 | 2,336 | ||||||
2019 | 42,332 | 2,372 | ||||||
Thereafter | 196,331 | 16,211 | ||||||
Total | $ | 459,541 | $ | 27,526 | ||||
Schedule of commitments to extend credit, standby letters of credit and commercial letters of credit | The following represents the Company’s commitments to extend credit, standby letters of credit and commercial letters of credit. | |||||||
December 31, | ||||||||
2014 | 2013 | |||||||
(In Thousands) | ||||||||
Commitments to extend credit | $ | 28,369,666 | $ | 26,545,608 | ||||
Standby and commercial letters of credit | 1,871,323 | 2,093,159 | ||||||
Regulatory_Capital_Requirement1
Regulatory Capital Requirements and Dividends from Subsidiaries (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||||
Schedule of actual capital amounts and ratios used by the Company and the Bank | The following table presents the actual capital amounts and ratios of the Company and the Bank. | ||||||||||||||||||||
Total Risk-Based Capital | Tier 1 Risk-Based Capital | Leverage | |||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||
BBVA Compass Bancshares, Inc. | $ | 8,254,184 | 12.81 | % | $ | 7,046,902 | 10.94 | % | $ | 7,046,902 | 9.09 | % | |||||||||
Compass Bank | 7,923,666 | 12.37 | % | 6,716,384 | 10.49 | % | 6,716,384 | 9.03 | % | ||||||||||||
December 31, 2013 | |||||||||||||||||||||
BBVA Compass Bancshares, Inc. | $ | 7,822,858 | 13.74 | % | $ | 6,613,885 | 11.62 | % | $ | 6,613,885 | 9.87 | % | |||||||||
Compass Bank | 7,517,829 | 13.23 | % | 6,310,290 | 11.11 | % | 6,310,290 | 9.5 | % | ||||||||||||
Stock_Based_Compensation_Table
Stock Based Compensation (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||
Schedule of activity related to restricted share units | The following summary sets forth the activity related to the restricted share units. | |||||||||||||||||
Years Ended December 31, | ||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||
Restricted Share Units | Weighted Average Grant Price | Restricted Share Units | Weighted Average Grant Price | Restricted Share Units | Weighted Average Grant Price | |||||||||||||
Nonvested, January 1 | 1,549,111 | $ | 10.53 | 1,718,493 | $ | 10.42 | 1,727,384 | $ | 13.15 | |||||||||
Granted | 677,373 | 10.06 | 647,503 | 11.08 | 1,191,807 | 9.5 | ||||||||||||
Vested | -667,898 | 10.35 | -763,999 | 10.59 | -1,053,265 | 13.4 | ||||||||||||
Forfeited | -118,629 | 9.6 | -52,886 | 12.8 | -147,433 | 15.86 | ||||||||||||
Nonvested, December 31 | 1,439,957 | $ | 10.23 | 1,549,111 | $ | 10.53 | 1,718,493 | $ | 10.42 | |||||||||
Benefit_Plans_Tables
Benefit Plans (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||
Schedule of defined benefit plan activity | Obligations and Funded Status | |||||||||||||||
Years Ended December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(In Thousands) | ||||||||||||||||
Change in benefit obligation: | ||||||||||||||||
Benefit obligation, January 1 | $ | 312,195 | $ | 342,848 | ||||||||||||
Service cost | 5,227 | 6,262 | ||||||||||||||
Interest cost | 14,941 | 13,523 | ||||||||||||||
Actuarial gain (loss) | 73,998 | (40,770 | ) | |||||||||||||
Benefits paid | (10,661 | ) | (9,668 | ) | ||||||||||||
Curtailments | (25,128 | ) | — | |||||||||||||
Benefit obligation, December 31 | 370,572 | 312,195 | ||||||||||||||
Change in plan assets: | ||||||||||||||||
Fair value of plan assets, January 1 | 313,696 | 366,560 | ||||||||||||||
Actual return on plan assets | 70,027 | (43,196 | ) | |||||||||||||
Benefits paid | (10,661 | ) | (9,668 | ) | ||||||||||||
Fair value of plan assets, December 31 | 373,062 | 313,696 | ||||||||||||||
Funded status | 2,490 | 1,501 | ||||||||||||||
Net actuarial loss | 45,635 | 56,633 | ||||||||||||||
Net amount recognized | $ | 48,125 | $ | 58,134 | ||||||||||||
Schedule of amounts recognized in balance sheet | Amounts recognized on the Company’s Consolidated Balance Sheets consist of: | |||||||||||||||
December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(In Thousands) | ||||||||||||||||
Prepaid benefit cost - other assets | $ | 2,490 | $ | 1,501 | ||||||||||||
Deferred tax – other assets | 16,807 | 20,841 | ||||||||||||||
Accumulated other comprehensive income | 28,828 | 35,792 | ||||||||||||||
Net amount recognized | $ | 48,125 | $ | 58,134 | ||||||||||||
Schedule of amounts recognized in income statements | The components of net periodic benefit cost recognized in the Company’s Consolidated Statements of Income are as follows. | |||||||||||||||
Years Ended December 31, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
(In Thousands) | ||||||||||||||||
Service cost | $ | 5,227 | $ | 6,262 | $ | 6,843 | ||||||||||
Interest cost | 14,941 | 13,523 | 13,464 | |||||||||||||
Expected return on plan assets | (11,961 | ) | (10,706 | ) | (11,158 | ) | ||||||||||
Recognized actuarial loss | 1,802 | 486 | 799 | |||||||||||||
Net periodic benefit cost | $ | 10,009 | $ | 9,565 | $ | 9,948 | ||||||||||
Schedule of assumptions used in the defined benefit plan | The following table provides additional information related to the Company’s defined benefit pension plan. | |||||||||||||||
Years Ended December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(Dollars in Thousands) | ||||||||||||||||
Change in defined benefit plan included in other comprehensive income | $ | (6,964 | ) | $ | 7,944 | |||||||||||
Weighted average assumptions used to determine benefit obligation at December 31: | ||||||||||||||||
Discount rate | 3.97 | % | 4.86 | % | ||||||||||||
Rate of compensation increase | 3.25 | % | 3.25 | % | ||||||||||||
Weighted average assumptions used to determine net pension income for year ended December 31: | ||||||||||||||||
Discount rate | 4.86 | % | 4.03 | % | ||||||||||||
Expected return on plan assets | 3.88 | % | 2.96 | % | ||||||||||||
Rate of compensation increase | 3.25 | % | 3.5 | % | ||||||||||||
Schedule of assumptions used in the defined benefit plan | The following table provides additional information related to the Company’s defined benefit pension plan. | |||||||||||||||
Years Ended December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(Dollars in Thousands) | ||||||||||||||||
Change in defined benefit plan included in other comprehensive income | $ | (6,964 | ) | $ | 7,944 | |||||||||||
Weighted average assumptions used to determine benefit obligation at December 31: | ||||||||||||||||
Discount rate | 3.97 | % | 4.86 | % | ||||||||||||
Rate of compensation increase | 3.25 | % | 3.25 | % | ||||||||||||
Weighted average assumptions used to determine net pension income for year ended December 31: | ||||||||||||||||
Discount rate | 4.86 | % | 4.03 | % | ||||||||||||
Expected return on plan assets | 3.88 | % | 2.96 | % | ||||||||||||
Rate of compensation increase | 3.25 | % | 3.5 | % | ||||||||||||
Schedule of estimated benefit payments | The following table summarizes the estimated benefits to be paid in the following periods. | |||||||||||||||
(In Thousands) | ||||||||||||||||
2015 | $ | 11,611 | ||||||||||||||
2016 | 12,276 | |||||||||||||||
2017 | 13,102 | |||||||||||||||
2018 | 14,401 | |||||||||||||||
2019 | 15,159 | |||||||||||||||
2020-2024 | 92,168 | |||||||||||||||
Schedule of changes in fair value of benefit plans | The following table presents the fair value of the Company’s defined benefit pension plan assets. | |||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||
Fair Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
(In Thousands) | ||||||||||||||||
December 31, 2014 | ||||||||||||||||
Assets: | ||||||||||||||||
Cash and cash equivalents | $ | 10,010 | $ | 10,010 | $ | — | $ | — | ||||||||
Fixed income securities: | ||||||||||||||||
U.S. Treasury and other U.S government agencies | 238,310 | 217,385 | 20,925 | — | ||||||||||||
States and political subdivisions | 8,670 | — | 8,670 | — | ||||||||||||
Corporate bonds | 116,072 | — | 116,072 | — | ||||||||||||
Total fixed income securities | 363,052 | 217,385 | 145,667 | — | ||||||||||||
Fair value of plan assets | $ | 373,062 | $ | 227,395 | $ | 145,667 | $ | — | ||||||||
December 31, 2013 | ||||||||||||||||
Assets: | ||||||||||||||||
Cash and cash equivalents | $ | 4,368 | $ | 4,368 | $ | — | $ | — | ||||||||
Fixed income securities: | ||||||||||||||||
U.S. Treasury and other U.S. government agencies | 188,147 | 173,061 | 15,086 | — | ||||||||||||
States and political subdivisions | 9,853 | — | 9,853 | — | ||||||||||||
Corporate bonds | 111,328 | — | 111,328 | — | ||||||||||||
Total fixed income securities | 309,328 | 173,061 | 136,267 | — | ||||||||||||
Fair value of plan assets | $ | 313,696 | $ | 177,429 | $ | 136,267 | $ | — | ||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | Income tax expense consisted of the following: | ||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
(In Thousands) | |||||||||||||||||||||
Current income tax expense: | |||||||||||||||||||||
Federal | $ | 146,993 | $ | 121,874 | $ | 99,468 | |||||||||||||||
State | 9,419 | 14,816 | 10,896 | ||||||||||||||||||
Total | 156,412 | 136,690 | 110,364 | ||||||||||||||||||
Deferred income tax expense (benefit): | |||||||||||||||||||||
Federal | (9,044 | ) | 32,501 | 104,756 | |||||||||||||||||
State | (37 | ) | 1,629 | 4,581 | |||||||||||||||||
Total | (9,081 | ) | 34,130 | 109,337 | |||||||||||||||||
Total income tax expense | $ | 147,331 | $ | 170,820 | $ | 219,701 | |||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation | Income tax expense differed from the amount computed by applying the federal statutory income tax rate to pretax earnings for the following reasons: | ||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Amount | Percent of Pretax Earnings | Amount | Percent of Pretax Earnings | Amount | Percent of Pretax Earnings | ||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
Income tax expense at federal statutory rate | $ | 215,552 | 35 | % | $ | 206,762 | 35 | % | $ | 244,549 | 35 | % | |||||||||
Increase (decrease) resulting from: | |||||||||||||||||||||
Tax-exempt interest income | (47,794 | ) | (7.8 | ) | (38,632 | ) | (6.5 | ) | (30,176 | ) | (4.3 | ) | |||||||||
Change in valuation allowance | (19,118 | ) | (3.1 | ) | (5,714 | ) | (1.0 | ) | 2,713 | 0.4 | |||||||||||
Bank owned life insurance | (6,515 | ) | (1.1 | ) | (6,211 | ) | (1.1 | ) | (7,117 | ) | (1.0 | ) | |||||||||
Income tax credits | (5,779 | ) | (0.9 | ) | (6,452 | ) | (1.1 | ) | (6,300 | ) | (0.9 | ) | |||||||||
State income tax, net of federal income taxes | 6,740 | 1.1 | 17,595 | 3 | 12,075 | 1.7 | |||||||||||||||
Other | 4,245 | 0.7 | 3,472 | 0.6 | 3,957 | 0.5 | |||||||||||||||
Income tax expense | $ | 147,331 | 23.9 | % | $ | 170,820 | 28.9 | % | $ | 219,701 | 31.4 | % | |||||||||
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below. | ||||||||||||||||||||
December 31, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||
Deferred tax assets: | |||||||||||||||||||||
Allowance for loan losses | $ | 248,866 | $ | 255,193 | |||||||||||||||||
Accrued expenses | 50,221 | 56,265 | |||||||||||||||||||
Loan valuation | — | 4,490 | |||||||||||||||||||
Net unrealized losses on investment securities available for sale, hedging instruments and defined benefit plan adjustment | 31,866 | 50,230 | |||||||||||||||||||
Other real estate owned | 693 | 3,091 | |||||||||||||||||||
Federal net operating loss carryforwards | 27,481 | 26,191 | |||||||||||||||||||
Other | 64,086 | 59,059 | |||||||||||||||||||
Gross deferred taxes | 423,213 | 454,519 | |||||||||||||||||||
Valuation allowance | (16,057 | ) | (31,137 | ) | |||||||||||||||||
Total deferred tax assets | 407,156 | 423,382 | |||||||||||||||||||
Deferred tax liabilities: | |||||||||||||||||||||
Premises and equipment | 153,146 | 166,478 | |||||||||||||||||||
Core deposit and other acquired intangibles | 31,743 | 49,363 | |||||||||||||||||||
Capitalized loan costs | 43,055 | 42,028 | |||||||||||||||||||
Loan valuation | 13,297 | — | |||||||||||||||||||
Other | 34,046 | 37,309 | |||||||||||||||||||
Total deferred tax liabilities | 275,287 | 295,178 | |||||||||||||||||||
Net deferred tax asset | $ | 131,869 | $ | 128,204 | |||||||||||||||||
Schedule of Unrecognized Tax Benefits Roll Forward | The following is a tabular reconciliation of the total amounts of the gross unrecognized tax benefits. | ||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
(In Thousands) | |||||||||||||||||||||
Unrecognized income tax benefits, January 1 | $ | 31,991 | $ | 28,639 | $ | 33,357 | |||||||||||||||
Increases for tax positions related to: | |||||||||||||||||||||
Prior years | 1,182 | 458 | 451 | ||||||||||||||||||
Current year | 1,189 | 3,340 | 4,438 | ||||||||||||||||||
Decreases for tax positions related to: | |||||||||||||||||||||
Prior years | (6,076 | ) | (368 | ) | (382 | ) | |||||||||||||||
Current year | — | (78 | ) | (8,180 | ) | ||||||||||||||||
Settlement with taxing authorities | — | — | — | ||||||||||||||||||
Expiration of applicable statutes of limitation | — | — | (1,045 | ) | |||||||||||||||||
Unrecognized income tax benefits, December 31 | $ | 28,286 | $ | 31,991 | $ | 28,639 | |||||||||||||||
Schedule of open tax years | The following table summarizes the tax years that are either currently under examination or remain open under the statute of limitations and subject to examination by the major tax jurisdictions in which the Company operates: | ||||||||||||||||||||
Jurisdictions | Open Tax Years | ||||||||||||||||||||
Federal | 2005-2014 | ||||||||||||||||||||
Various states (1) | 2006-2014 | ||||||||||||||||||||
(1)Major state tax jurisdictions include Alabama, California, Texas and New York. |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||
Schedule of differences between aggregate fair value and aggregate unpaid principle balance | The following tables summarize the difference between the aggregate fair value and the aggregate unpaid principal balance for residential mortgage loans measured at fair value. | |||||||||||||||||||
Aggregate Fair Value | Aggregate Unpaid Principal Balance | Difference | ||||||||||||||||||
(In Thousands) | ||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||
Residential mortgage loans held for sale | $ | 154,816 | $ | 148,564 | $ | 6,252 | ||||||||||||||
December 31, 2013 | ||||||||||||||||||||
Residential mortgage loans held for sale | $ | 139,750 | $ | 137,300 | $ | 2,450 | ||||||||||||||
Summary of asset and liabilities measure at fair value on a recurring basis | The following tables summarize the financial assets and liabilities measured at fair value on a recurring basis. | |||||||||||||||||||
Fair Value Measurements at the End of the Reporting Period Using | ||||||||||||||||||||
Fair Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||
December 31, 2014 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
(In Thousands) | ||||||||||||||||||||
Recurring fair value measurements | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Trading account assets: | ||||||||||||||||||||
U.S. Treasury and other U.S. government agencies | $ | 2,502,308 | $ | 2,502,308 | $ | — | $ | — | ||||||||||||
Interest rate contracts | 296,239 | — | 296,239 | — | ||||||||||||||||
Commodity contracts | 25,569 | — | 25,569 | — | ||||||||||||||||
Foreign exchange contracts | 8,268 | — | 8,268 | — | ||||||||||||||||
Other trading assets | 2,013 | — | 423 | 1,590 | ||||||||||||||||
Total trading account assets | 2,834,397 | 2,502,308 | 330,499 | 1,590 | ||||||||||||||||
Loans held for sale | 154,816 | — | 154,816 | — | ||||||||||||||||
Investment securities available for sale: | ||||||||||||||||||||
U.S. Treasury and other U.S. government agencies | 2,313,542 | 1,298,040 | 1,015,502 | — | ||||||||||||||||
Mortgage-backed securities | 4,423,835 | — | 4,423,835 | — | ||||||||||||||||
Collateralized mortgage obligations | 2,488,579 | — | 2,488,579 | — | ||||||||||||||||
States and political subdivisions | 467,315 | — | 467,315 | — | ||||||||||||||||
Other debt securities | 44,441 | 44,441 | — | — | ||||||||||||||||
Equity securities (1) | 48 | 44 | — | 4 | ||||||||||||||||
Total investment securities available for sale | 9,737,760 | 1,342,525 | 8,395,231 | 4 | ||||||||||||||||
Derivative assets: | ||||||||||||||||||||
Interest rate contracts | 73,830 | — | 71,511 | 2,319 | ||||||||||||||||
Equity contracts | 76,487 | — | 76,487 | — | ||||||||||||||||
Foreign exchange contracts | 5,570 | — | 5,570 | — | ||||||||||||||||
Total derivative assets | 155,887 | — | 153,568 | 2,319 | ||||||||||||||||
Other assets | 35,488 | — | — | 35,488 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||
Trading account liabilities: | ||||||||||||||||||||
U.S. Treasury and other U.S. government agencies | $ | 2,545,299 | $ | 2,545,299 | $ | — | $ | — | ||||||||||||
Interest rate contracts | 236,763 | — | 236,763 | — | ||||||||||||||||
Commodity contracts | 25,448 | — | 25,448 | — | ||||||||||||||||
Foreign exchange contracts | 7,527 | — | 7,527 | — | ||||||||||||||||
Other trading liabilities | 425 | — | 425 | — | ||||||||||||||||
Total trading account liabilities | 2,815,462 | 2,545,299 | 270,163 | — | ||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||
Interest rate contracts | 16,074 | — | 16,073 | 1 | ||||||||||||||||
Equity contracts | 74,319 | — | 74,319 | — | ||||||||||||||||
Foreign exchange contracts | 692 | — | 692 | — | ||||||||||||||||
Total derivative liabilities | 91,085 | — | 91,084 | 1 | ||||||||||||||||
-1 | Excludes $500 million of FHLB and Federal Reserve stock required to be owned by the Company at December 31, 2014. These securities are carried at par. | |||||||||||||||||||
Fair Value Measurements at the End of the Reporting Period Using | ||||||||||||||||||||
Fair Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||
December 31, 2013 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
(In Thousands) | ||||||||||||||||||||
Recurring fair value measurements | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Trading account assets: | ||||||||||||||||||||
U.S. Treasury and other U.S. government agencies | $ | 24,655 | $ | — | $ | 24,655 | $ | — | ||||||||||||
Mortgage-backed securities | 1,285 | — | 1,285 | — | ||||||||||||||||
State and political subdivisions | 2,160 | — | 2,160 | — | ||||||||||||||||
Other equity securities | 2 | — | 2 | — | ||||||||||||||||
Interest rate contracts | 262,578 | — | 262,578 | — | ||||||||||||||||
Commodity contracts | 23,132 | — | 23,132 | — | ||||||||||||||||
Foreign exchange contracts | 4,450 | — | 4,450 | — | ||||||||||||||||
Other trading assets | 1,668 | — | 23 | 1,645 | ||||||||||||||||
Total trading account assets | 319,930 | — | 318,285 | 1,645 | ||||||||||||||||
Loans held for sale | 139,750 | — | 139,750 | — | ||||||||||||||||
Investment securities available for sale: | ||||||||||||||||||||
U.S. Treasury and other U.S. government agencies | 260,937 | — | 260,937 | — | ||||||||||||||||
Mortgage-backed securities | 5,233,791 | — | 5,233,791 | — | ||||||||||||||||
Collateralized mortgage obligations | 1,756,398 | — | 1,756,398 | — | ||||||||||||||||
States and political subdivisions | 509,436 | — | 509,436 | — | ||||||||||||||||
Other debt securities | 40,333 | 40,283 | 50 | — | ||||||||||||||||
Equity securities (1) | 63 | 57 | — | 6 | ||||||||||||||||
Total investment securities available for sale | 7,800,958 | 40,340 | 7,760,612 | 6 | ||||||||||||||||
Derivative assets: | ||||||||||||||||||||
Interest rate contracts | 73,949 | — | 73,002 | 947 | ||||||||||||||||
Equity contracts | 47,875 | — | 47,875 | — | ||||||||||||||||
Foreign exchange contracts | 1,127 | — | 1,127 | — | ||||||||||||||||
Total derivative assets | 122,951 | — | 122,004 | 947 | ||||||||||||||||
Other assets | 30,065 | — | — | 30,065 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||
Trading account liabilities: | ||||||||||||||||||||
Mortgage-backed securities | $ | 5,568 | $ | — | $ | 5,568 | $ | — | ||||||||||||
Interest rate contracts | 200,899 | — | 200,899 | — | ||||||||||||||||
Commodity contracts | 18,373 | — | 18,373 | — | ||||||||||||||||
Foreign exchange contracts | 3,894 | — | 3,894 | — | ||||||||||||||||
Other trading liabilities | 23 | — | 23 | — | ||||||||||||||||
Total trading account liabilities | 228,757 | — | 228,757 | — | ||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||
Interest rate contracts | 11,975 | — | 11,918 | 57 | ||||||||||||||||
Equity contracts | 46,573 | — | 46,573 | — | ||||||||||||||||
Foreign exchange contracts | 2,746 | — | 2,746 | — | ||||||||||||||||
Total derivative liabilities | 61,294 | — | 61,237 | 57 | ||||||||||||||||
-1 | Excludes $512 million of FHLB and Federal Reserve stock required to be owned by the Company at December 31, 2013. These securities are carried at par. | |||||||||||||||||||
Reconciliation of assets measured on a recurring basis using significant unobservable inputs | The following table reconciles the assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3). | |||||||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||
Other Trading Assets | States and Political Subdivisions | Equity Securities | Interest Rate Contracts, net | Other Assets | ||||||||||||||||
(In Thousands) | ||||||||||||||||||||
Balance, January 1, 2013 | $ | 2,083 | $ | 8 | $ | 6 | $ | 5,016 | $ | 13,255 | ||||||||||
Transfers into Level 3 | — | — | — | — | — | |||||||||||||||
Transfers out of Level 3 | — | — | — | — | — | |||||||||||||||
Total gains or losses (realized/unrealized): | ||||||||||||||||||||
Included in earnings (1) | (438 | ) | — | — | (4,126 | ) | 64 | |||||||||||||
Included in other comprehensive income | — | — | — | — | — | |||||||||||||||
Purchases, issuances, sales and settlements: | ||||||||||||||||||||
Purchases | — | — | — | — | — | |||||||||||||||
Issuances | — | — | — | — | 16,746 | |||||||||||||||
Sales | — | — | — | — | — | |||||||||||||||
Settlements | — | (8 | ) | — | — | — | ||||||||||||||
Balance, December 31, 2013 | $ | 1,645 | $ | — | $ | 6 | $ | 890 | $ | 30,065 | ||||||||||
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at December 31, 2013 | $ | (438 | ) | $ | — | $ | — | $ | (4,126 | ) | $ | 64 | ||||||||
Balance, January 1, 2014 | $ | 1,645 | $ | — | $ | 6 | $ | 890 | $ | 30,065 | ||||||||||
Transfers into Level 3 | — | — | — | — | — | |||||||||||||||
Transfers out of Level 3 | — | — | — | — | — | |||||||||||||||
Total gains or losses (realized/unrealized): | ||||||||||||||||||||
Included in earnings (1) | (55 | ) | — | — | 1,428 | (6,071 | ) | |||||||||||||
Included in other comprehensive income | — | — | — | — | — | |||||||||||||||
Purchases, issuances, sales and settlements: | ||||||||||||||||||||
Purchases | — | — | — | — | — | |||||||||||||||
Issuances | — | — | — | — | 11,494 | |||||||||||||||
Sales | — | — | — | — | — | |||||||||||||||
Settlements | — | (2 | ) | — | — | |||||||||||||||
Balance, December 31, 2014 | $ | 1,590 | $ | — | $ | 4 | $ | 2,318 | $ | 35,488 | ||||||||||
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at December 31, 2014 | $ | (55 | ) | $ | — | $ | — | $ | 1,428 | $ | (6,071 | ) | ||||||||
-1 | Included in noninterest income in the Consolidated Statements of Income. | |||||||||||||||||||
Schedule of fair value measurement inputs | The table below presents quantitative information about the significant unobservable inputs for material assets and liabilities measured at fair value using significant unobservable inputs (Level 3) on a recurring and nonrecurring basis. | |||||||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements | ||||||||||||||||||||
Fair Value at | Range of Unobservable Inputs | |||||||||||||||||||
December 31, 2014 | Valuation Technique | Unobservable Input(s) | (Weighted Average) | |||||||||||||||||
(In Thousands) | ||||||||||||||||||||
Recurring fair value measurements: | ||||||||||||||||||||
Other trading assets | $ | 1,590 | Discounted cash flow | Default rate | 9.80% | |||||||||||||||
Prepayment rate | 5.5% - 9.8% (7.2%) | |||||||||||||||||||
Interest rate contracts | 2,318 | Discounted cash flow | Closing ratios (pull-through) | 7.4% - 98.7% (48.8%) | ||||||||||||||||
Cap grids | 0.4% - 2.4% (0.9%) | |||||||||||||||||||
Other assets - MSRs | 35,488 | Discounted cash flow | Discount rate | 10.0% - 11.0% (10.1%) | ||||||||||||||||
Constant prepayment rate or life speed | 6.1% - 50.0% (10.6%) | |||||||||||||||||||
Cost to service | $62 - $759 ($66) | |||||||||||||||||||
Nonrecurring fair value measurements: | ||||||||||||||||||||
Investment securities held to maturity | $ | 3,782 | Discounted cash flow | Prepayment rate | 6.6% - 7.3% (7.0%) | |||||||||||||||
Default rate | 4.6% - 7.6% (6.1%) | |||||||||||||||||||
Loss severity | 59.6% - 93.0% (76.3%) | |||||||||||||||||||
Impaired loans | 111,187 | Appraised value | Appraised value | 0.0% - 100.0% (29.8%) | ||||||||||||||||
OREO | 20,600 | Appraised value | Appraised value | 8.00% | ||||||||||||||||
Schedule of carrying amounts and estimated fair values within the fair value hierarchy | The following table represents those assets that were subject to fair value adjustments during the years ended December 31, 2014 and 2013 and still held as of the end of the year, and the related losses from fair value adjustments on assets sold during the year as well as assets still held as of the end of the year. | |||||||||||||||||||
Fair Value Measurements at the End of the Reporting Period Using | ||||||||||||||||||||
Fair Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | Total Gains (Losses) | ||||||||||||||||
December 31, 2014 | (Level 1) | (Level 2) | (Level 3) | December 31, 2014 | ||||||||||||||||
(In Thousands) | ||||||||||||||||||||
Nonrecurring fair value measurements | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Investment securities held to maturity | $ | 3,782 | $ | — | $ | — | $ | 3,782 | $ | (180 | ) | |||||||||
Impaired loans (1) | 111,187 | — | — | 111,187 | (27,990 | ) | ||||||||||||||
OREO | 20,600 | — | — | 20,600 | (2,703 | ) | ||||||||||||||
Fair Value Measurements at the End of the Reporting Period Using | ||||||||||||||||||||
Fair Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | Total Gains (Losses) | ||||||||||||||||
December 31, 2013 | (Level 1) | (Level 2) | (Level 3) | December 31, 2013 | ||||||||||||||||
(In Thousands) | ||||||||||||||||||||
Nonrecurring fair value measurements | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Investment securities held to maturity | $ | 31,201 | $ | — | $ | — | $ | 31,201 | $ | (3,864 | ) | |||||||||
Loans held for sale | 7,359 | — | — | 7,359 | 182 | |||||||||||||||
Impaired loans (1) | 218,504 | — | — | 218,504 | (44,461 | ) | ||||||||||||||
OREO | 23,228 | — | — | 23,228 | (9,702 | ) | ||||||||||||||
-1 | Total gains (losses) represent charge-offs on impaired loans for which adjustments are based on the appraised value of the collateral. | |||||||||||||||||||
Schedule of fair value by balance sheet location | The carrying amounts and estimated fair values, as well as the level within the fair value hierarchy, of the Company’s financial instruments are as follows: | |||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||
Carrying Amount | Estimated Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||
(In Thousands) | ||||||||||||||||||||
Financial Instruments: | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 3,388,405 | $ | 3,388,405 | $ | 3,388,405 | $ | — | $ | — | ||||||||||
Trading account assets | 2,834,397 | 2,834,397 | 2,502,308 | 330,499 | 1,590 | |||||||||||||||
Investment securities available for sale | 10,237,275 | 10,237,275 | 1,342,525 | 8,395,231 | 499,519 | |||||||||||||||
Investment securities held to maturity | 1,348,354 | 1,275,963 | — | — | 1,275,963 | |||||||||||||||
Loans held for sale | 154,816 | 154,816 | — | 154,816 | — | |||||||||||||||
Loans, net | 56,686,743 | 54,551,442 | — | — | 54,551,442 | |||||||||||||||
Derivative assets | 155,887 | 155,887 | — | 153,568 | 2,319 | |||||||||||||||
Other assets | 35,488 | 35,488 | — | — | 35,488 | |||||||||||||||
Liabilities: | ||||||||||||||||||||
Deposits | $ | 61,189,716 | $ | 61,263,812 | $ | — | $ | 61,263,812 | $ | — | ||||||||||
FHLB and other borrowings | 4,809,843 | 4,786,152 | — | 4,786,152 | — | |||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 1,129,503 | 1,129,503 | — | 1,129,503 | — | |||||||||||||||
Other short-term borrowings | 2,545,724 | 2,545,724 | — | 2,545,724 | — | |||||||||||||||
Trading account liabilities | 2,815,462 | 2,815,462 | 2,545,299 | 270,163 | — | |||||||||||||||
Derivative liabilities | 91,085 | 91,085 | — | 91,084 | 1 | |||||||||||||||
December 31, 2013 | ||||||||||||||||||||
Carrying Amount | Estimated Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||
(In Thousands) | ||||||||||||||||||||
Financial Instruments: | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 3,598,460 | $ | 3,598,460 | $ | 3,598,460 | $ | — | $ | — | ||||||||||
Trading account assets | 319,930 | 319,930 | — | 318,285 | 1,645 | |||||||||||||||
Investment securities available for sale | 8,313,085 | 8,313,085 | 40,340 | 7,760,612 | 512,133 | |||||||||||||||
Investment securities held to maturity | 1,519,196 | 1,405,258 | — | — | 1,405,258 | |||||||||||||||
Loans held for sale | 147,109 | 147,109 | — | 139,750 | 7,359 | |||||||||||||||
Loans, net | 49,966,297 | 47,822,339 | — | — | 47,822,339 | |||||||||||||||
Derivative assets | 122,951 | 122,951 | — | 122,004 | 947 | |||||||||||||||
Other assets | 30,065 | 30,065 | — | — | 30,065 | |||||||||||||||
Liabilities: | ||||||||||||||||||||
Deposits | $ | 54,437,490 | $ | 54,492,651 | $ | — | $ | 54,492,651 | $ | — | ||||||||||
FHLB and other borrowings | 4,298,707 | 4,287,220 | — | 4,287,220 | — | |||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 852,570 | 852,570 | — | 852,570 | — | |||||||||||||||
Other short-term borrowings | 5,591 | 5,591 | — | 5,591 | — | |||||||||||||||
Trading account liabilities | 228,757 | 228,757 | — | 228,757 | — | |||||||||||||||
Derivative liabilities | 61,294 | 61,294 | — | 61,237 | 57 | |||||||||||||||
Comprehensive_Income_Tables
Comprehensive Income (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||
Change in components of other comprehensive income (loss) | The following summarizes the change in the components of other comprehensive income (loss). | |||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||
Pretax | Tax Expense/ (Benefit) | After-tax | ||||||||||||||||||
(In Thousands) | ||||||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||
Unrealized holding gains (losses) arising during period from securities available for sale | $ | 94,627 | $ | 33,343 | $ | 61,284 | ||||||||||||||
Less: reclassification adjustment for net gains on sale of securities in net income | 53,042 | 18,690 | 34,352 | |||||||||||||||||
Net change in unrealized gains (losses) on securities available for sale | 41,585 | 14,653 | 26,932 | |||||||||||||||||
Change in unamortized net holding losses on investment securities held to maturity | 13,732 | 4,705 | 9,027 | |||||||||||||||||
Less: non-credit related impairment on investment securities held to maturity | 235 | 84 | 151 | |||||||||||||||||
Change in unamortized non-credit related impairment on investment securities held to maturity | 3,096 | 1,225 | 1,871 | |||||||||||||||||
Net change in unamortized holding losses on securities held to maturity | 16,593 | 5,846 | 10,747 | |||||||||||||||||
Unrealized holding gains (losses) arising during period from cash flow hedge instruments | (4,475 | ) | (2,575 | ) | (1,900 | ) | ||||||||||||||
Change in defined benefit plans | 1,238 | 438 | 800 | |||||||||||||||||
Other comprehensive income (loss) | $ | 54,941 | $ | 18,362 | $ | 36,579 | ||||||||||||||
December 31, 2013 | ||||||||||||||||||||
Pretax | Tax Expense/ (Benefit) | After-tax | ||||||||||||||||||
(In Thousands) | ||||||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||
Unrealized holding gains (losses) arising during period from securities available for sale | $ | (170,425 | ) | $ | (61,935 | ) | $ | (108,490 | ) | |||||||||||
Less: reclassification adjustment for net gains on sale of securities in net income | 31,371 | 11,401 | 19,970 | |||||||||||||||||
Net change in unrealized gains (losses) on securities available for sale | (201,796 | ) | (73,336 | ) | (128,460 | ) | ||||||||||||||
Change in unamortized net holding losses on investment securities held to maturity | 16,636 | 6,045 | 10,591 | |||||||||||||||||
Less: non-credit related impairment on investment securities held to maturity | 3,243 | 1,178 | 2,065 | |||||||||||||||||
Change in unamortized non-credit related impairment on investment securities held to maturity | 2,387 | 867 | 1,520 | |||||||||||||||||
Net change in unamortized holding losses on securities held to maturity | 15,780 | 5,734 | 10,046 | |||||||||||||||||
Unrealized holding gains arising during period from cash flow hedge instruments | 12,842 | 4,744 | 8,098 | |||||||||||||||||
Change in defined benefit plans | (5,928 | ) | (2,250 | ) | (3,678 | ) | ||||||||||||||
Other comprehensive income (loss) | $ | (179,102 | ) | $ | (65,108 | ) | $ | (113,994 | ) | |||||||||||
December 31, 2012 | ||||||||||||||||||||
Pretax | Tax Expense/ (Benefit) | After-tax | ||||||||||||||||||
(In Thousands) | ||||||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||
Unrealized holding gains (losses) arising during period from securities available for sale | $ | (7,562 | ) | $ | (2,640 | ) | $ | (4,922 | ) | |||||||||||
Less: reclassification adjustment for net gains on sale of securities in net income | 12,832 | 4,480 | 8,352 | |||||||||||||||||
Net change in unrealized gains (losses) on securities available for sale | (20,394 | ) | (7,120 | ) | (13,274 | ) | ||||||||||||||
Change in unamortized net holding losses on investment securities held to maturity | 33,655 | 11,751 | 21,904 | |||||||||||||||||
Less: non-credit related impairment on investment securities held to maturity | 4,728 | 1,651 | 3,077 | |||||||||||||||||
Change in unamortized non-credit related impairment on investment securities held to maturity | 863 | 301 | 562 | |||||||||||||||||
Net change in unamortized holding losses on securities held to maturity | 29,790 | 10,401 | 19,389 | |||||||||||||||||
Unrealized holding losses arising during period from cash flow hedge instruments | (4,416 | ) | (1,592 | ) | (2,824 | ) | ||||||||||||||
Defined benefit plans | (11,524 | ) | (4,336 | ) | (7,188 | ) | ||||||||||||||
Other comprehensive income (loss) | $ | (6,544 | ) | $ | (2,647 | ) | $ | (3,897 | ) | |||||||||||
Schedule of accumulated other comprehensive income (loss) | Activity in accumulated other comprehensive income (loss), net of tax, was as follows: | |||||||||||||||||||
Unrealized Gains (Losses) on Securities Available for Sale and Transferred to Held to Maturity | Accumulated Gains (Losses) on Cash Flow Hedging Instruments | Defined Benefit Plan Adjustment | Unamortized Impairment Losses on Investment Securities Held to Maturity | Total | ||||||||||||||||
(In Thousands) | ||||||||||||||||||||
Balance, January 1, 2013 | $ | 86,379 | $ | (13,387 | ) | $ | (38,243 | ) | $ | (8,691 | ) | $ | 26,058 | |||||||
Other comprehensive income (loss)before reclassifications | (108,490 | ) | 4,973 | — | (2,065 | ) | (105,582 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (9,379 | ) | 3,125 | (3,678 | ) | 1,520 | (8,412 | ) | ||||||||||||
Net current period other comprehensive income (loss) | (117,869 | ) | 8,098 | (3,678 | ) | (545 | ) | (113,994 | ) | |||||||||||
Balance, December 31, 2013 | $ | (31,490 | ) | $ | (5,289 | ) | $ | (41,921 | ) | $ | (9,236 | ) | $ | (87,936 | ) | |||||
Balance, January 1, 2014 | $ | (31,490 | ) | $ | (5,289 | ) | $ | (41,921 | ) | $ | (9,236 | ) | $ | (87,936 | ) | |||||
Other comprehensive income (loss) before reclassifications | 61,284 | (2,570 | ) | — | (151 | ) | 58,563 | |||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (25,325 | ) | 670 | 800 | 1,871 | (21,984 | ) | |||||||||||||
Net current period other comprehensive income (loss) | 35,959 | (1,900 | ) | 800 | 1,720 | 36,579 | ||||||||||||||
Balance, December 31, 2014 | $ | 4,469 | $ | (7,189 | ) | $ | (41,121 | ) | $ | (7,516 | ) | $ | (51,357 | ) | ||||||
Schedule of reclassifications out of accumulated other comprehensive income | The following table presents information on reclassifications out of accumulated other comprehensive income. | |||||||||||||||||||
Details About Accumulated Other Comprehensive Income Components | Amounts Reclassified From Accumulated Other Comprehensive Income (1) | Consolidated Statement of Income Caption | ||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||
(In Thousands) | ||||||||||||||||||||
Unrealized Gains (Losses) on Securities Available for Sale and Transferred to Held to Maturity | $ | 53,042 | $ | 31,371 | Investment securities gains, net | |||||||||||||||
(13,732 | ) | (16,636 | ) | Interest on investment securities held to maturity | ||||||||||||||||
39,310 | 14,735 | |||||||||||||||||||
(13,985 | ) | (5,356 | ) | Income tax (expense) benefit | ||||||||||||||||
$ | 25,325 | $ | 9,379 | Net of tax | ||||||||||||||||
Accumulated (Gains) Losses on Cash Flow Hedging Instruments | $ | 5,536 | $ | 1,999 | Interest and fees on loans | |||||||||||||||
(7,113 | ) | (6,955 | ) | Interest and fees on FHLB advances | ||||||||||||||||
(1,577 | ) | (4,956 | ) | |||||||||||||||||
907 | 1,831 | Income tax benefit | ||||||||||||||||||
$ | (670 | ) | $ | (3,125 | ) | Net of tax | ||||||||||||||
Defined Benefit Plan Adjustment | $ | (1,238 | ) | $ | 5,928 | -2 | ||||||||||||||
438 | (2,250 | ) | Income tax expense | |||||||||||||||||
$ | (800 | ) | $ | 3,678 | Net of tax | |||||||||||||||
Unamortized Impairment Losses on Investment Securities Held to Maturity | $ | (3,096 | ) | $ | (2,387 | ) | Interest on investment securities held to maturity | |||||||||||||
1,225 | 867 | Income tax benefit | ||||||||||||||||||
$ | (1,871 | ) | $ | (1,520 | ) | Net of tax | ||||||||||||||
-1 | Amounts in parentheses indicate debits to the consolidated statement of income. | |||||||||||||||||||
-2 | These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 18, Benefit Plans, for additional details). |
Supplemental_Disclosure_for_St1
Supplemental Disclosure for Statement of Cash Flows (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Supplemental Cash Flow Elements [Abstract] | ||||||||||||
Schedule of supplemental cash flow disclosures | The following table presents the Company’s noncash investing and financing activities. | |||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In Thousands) | ||||||||||||
Supplemental disclosures of cash flow information: | ||||||||||||
Interest paid | $ | 277,698 | $ | 273,939 | $ | 238,119 | ||||||
Net income taxes paid | 142,979 | 139,247 | 142,174 | |||||||||
Supplemental schedule of noncash investing and financing activities: | ||||||||||||
Transfer of loans and loans held for sale to OREO | $ | 22,176 | $ | 47,879 | $ | 67,194 | ||||||
Transfer of loans to loans held for sale | 21,135 | 91,400 | 207,148 | |||||||||
Change in unrealized gain (loss) on available for sale securities | 41,585 | (201,796 | ) | (20,394 | ) | |||||||
Issuance of restricted stock, net of cancellations | 5,682 | 6,166 | 8,585 | |||||||||
Business combinations: | ||||||||||||
Assets acquired | $ | 117,068 | $ | — | $ | — | ||||||
Liabilities assumed | 18,329 | — | — | |||||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||
Schedule of segment reporting information | The following table presents the segment information for the Company’s segments. | |||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||
Wealth and Retail Banking | Commercial Banking | Corporate and Investment Banking | Treasury | Corporate Support and Other | Consolidated | |||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Net interest income | $ | 835,503 | $ | 844,454 | $ | 51,482 | $ | 870 | $ | 253,185 | $ | 1,985,494 | ||||||||||||
Allocated provision for loan losses | 91,719 | 30,759 | 3,865 | — | (20,042 | ) | 106,301 | |||||||||||||||||
Noninterest income | 675,258 | 251,504 | 181,130 | 76,713 | (267,183 | ) | 917,422 | |||||||||||||||||
Noninterest expense | 1,287,265 | 469,475 | 136,772 | 17,597 | 269,643 | 2,180,752 | ||||||||||||||||||
Net income (loss) before income tax expense (benefit) | 131,777 | 595,724 | 91,975 | 59,986 | (263,599 | ) | 615,863 | |||||||||||||||||
Income tax expense (benefit) | 49,087 | 221,907 | 34,261 | 22,345 | (180,269 | ) | 147,331 | |||||||||||||||||
Net income (loss) | 82,690 | 373,817 | 57,714 | 37,641 | (83,330 | ) | 468,532 | |||||||||||||||||
Less: net income attributable to noncontrolling interests | — | 212 | — | 1,764 | — | 1,976 | ||||||||||||||||||
Net income (loss) attributable to shareholder | $ | 82,690 | $ | 373,605 | $ | 57,714 | $ | 35,877 | $ | (83,330 | ) | $ | 466,556 | |||||||||||
Average assets | $ | 22,373,044 | $ | 29,941,072 | $ | 5,038,017 | $ | 13,232,917 | $ | 6,935,705 | $ | 77,520,755 | ||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Wealth and Retail Banking | Commercial Banking | Corporate and Investment Banking | Treasury | Corporate Support and Other | Consolidated | |||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Net interest income (expense) | $ | 820,755 | $ | 762,319 | $ | 51,248 | $ | (35,703 | ) | $ | 444,062 | $ | 2,042,681 | |||||||||||
Allocated provision for loan losses | 112,075 | (18,338 | ) | 5,467 | — | 8,342 | 107,546 | |||||||||||||||||
Noninterest income | 636,400 | 226,685 | 135,145 | 76,792 | (220,232 | ) | 854,790 | |||||||||||||||||
Noninterest expense | 1,296,240 | 455,165 | 125,571 | 17,671 | 304,528 | 2,199,175 | ||||||||||||||||||
Net income (loss) before income tax expense (benefit) | 48,840 | 552,177 | 55,355 | 23,418 | (89,040 | ) | 590,750 | |||||||||||||||||
Income tax expense (benefit) | 18,193 | 205,686 | 20,620 | 8,723 | (82,402 | ) | 170,820 | |||||||||||||||||
Net income (loss) | 30,647 | 346,491 | 34,735 | 14,695 | (6,638 | ) | 419,930 | |||||||||||||||||
Less: net income attributable to noncontrolling interests | — | 308 | — | 1,786 | — | 2,094 | ||||||||||||||||||
Net income (loss) attributable to shareholder | $ | 30,647 | $ | 346,183 | $ | 34,735 | $ | 12,909 | $ | (6,638 | ) | $ | 417,836 | |||||||||||
Average assets | $ | 20,963,576 | $ | 25,937,331 | $ | 3,215,380 | $ | 13,069,769 | $ | 7,123,581 | $ | 70,309,637 | ||||||||||||
December 31, 2012 | ||||||||||||||||||||||||
Wealth and Retail Banking | Commercial Banking | Corporate and Investment Banking | Treasury | Corporate Support and Other | Consolidated | |||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Net interest income | $ | 803,905 | $ | 766,155 | $ | 44,970 | $ | 4,006 | $ | 610,946 | $ | 2,229,982 | ||||||||||||
Allocated provision for loan losses | 134,437 | (100,131 | ) | 5,634 | — | (10,469 | ) | 29,471 | ||||||||||||||||
Noninterest income | 646,792 | 184,132 | 112,610 | 76,855 | (170,341 | ) | 850,048 | |||||||||||||||||
Noninterest expense | 1,260,386 | 479,297 | 103,178 | 18,532 | 490,454 | 2,351,847 | ||||||||||||||||||
Net income (loss) before income tax expense (benefit) | 55,874 | 571,121 | 48,768 | 62,329 | (39,380 | ) | 698,712 | |||||||||||||||||
Income tax expense (benefit) | 20,813 | 212,743 | 18,166 | 23,218 | (55,239 | ) | 219,701 | |||||||||||||||||
Net income | 35,061 | 358,378 | 30,602 | 39,111 | 15,859 | 479,011 | ||||||||||||||||||
Less: net income attributable to noncontrolling interests | — | 330 | — | 1,808 | — | 2,138 | ||||||||||||||||||
Net income attributable to shareholder | $ | 35,061 | $ | 358,048 | $ | 30,602 | $ | 37,303 | $ | 15,859 | $ | 476,873 | ||||||||||||
Average assets | $ | 19,651,744 | $ | 24,107,303 | $ | 2,617,380 | $ | 12,818,387 | $ | 7,274,001 | $ | 66,468,815 | ||||||||||||
Parent_Company_Financial_State1
Parent Company Financial Statements (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||||||||||||
Schedule of condensed financial statements for Parent Company | The condensed financial information for BBVA Compass Bancshares, Inc. (Parent company only) is presented as follows: | |||||||||||
Parent Company | ||||||||||||
Balance Sheets | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(In Thousands) | ||||||||||||
Assets: | ||||||||||||
Cash and cash equivalents | $ | 136,151 | $ | 142,636 | ||||||||
Investments in subsidiaries: | ||||||||||||
Banks | 11,743,669 | 11,254,464 | ||||||||||
Non-banks | 186,324 | 152,053 | ||||||||||
Other assets | 34,178 | 30,485 | ||||||||||
Total assets | $ | 12,100,322 | $ | 11,579,638 | ||||||||
Liabilities and Shareholder’s Equity: | ||||||||||||
Accrued expenses and other liabilities | $ | 125,639 | $ | 120,886 | ||||||||
Shareholder’s equity | 11,974,683 | 11,458,752 | ||||||||||
Total liabilities and shareholder’s equity | $ | 12,100,322 | $ | 11,579,638 | ||||||||
Parent Company | ||||||||||||
Statements of Income | ||||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In Thousands) | ||||||||||||
Income: | ||||||||||||
Dividends from banking subsidiaries | $ | 102,000 | $ | — | $ | — | ||||||
Dividends from non-bank subsidiaries | 96 | 424 | 135 | |||||||||
Other | 1,359 | 1,760 | 1,801 | |||||||||
Total income | 103,455 | 2,184 | 1,936 | |||||||||
Expense: | ||||||||||||
Salaries and employee benefits | 1,131 | 1,378 | 509 | |||||||||
Other | 9,591 | 12,102 | 8,348 | |||||||||
Total expense | 10,722 | 13,480 | 8,857 | |||||||||
Income (loss) before income tax benefit and equity in undistributed earnings of subsidiaries | 92,733 | (11,296 | ) | (6,921 | ) | |||||||
Income tax benefit | (301 | ) | (4,057 | ) | (2,418 | ) | ||||||
Income (loss) before equity in undistributed earnings (losses) of subsidiaries | 93,034 | (7,239 | ) | (4,503 | ) | |||||||
Equity in undistributed earnings of subsidiaries | 373,522 | 425,075 | 481,376 | |||||||||
Net income | $ | 466,556 | $ | 417,836 | $ | 476,873 | ||||||
Other comprehensive income (loss) (1) | 36,579 | (113,994 | ) | (3,897 | ) | |||||||
Comprehensive income | $ | 503,135 | $ | 303,842 | $ | 472,976 | ||||||
-1 | See Consolidated Statement of Comprehensive Income (Loss) detail. | |||||||||||
Parent Company | ||||||||||||
Statements of Cash Flows | ||||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In Thousands) | ||||||||||||
Operating Activities: | ||||||||||||
Net income | $ | 466,556 | $ | 417,836 | $ | 476,873 | ||||||
Adjustments to reconcile net income to cash provided by operations: | ||||||||||||
Amortization of stock based compensation | 4,515 | 8,311 | 6,820 | |||||||||
Depreciation | 49 | 51 | 24 | |||||||||
Equity in undistributed earnings of subsidiaries | (373,522 | ) | (425,075 | ) | (481,376 | ) | ||||||
(Increase) decrease in other assets | 362 | (3,990 | ) | (2,003 | ) | |||||||
Increase in other liabilities | 4,111 | 4,063 | 2,191 | |||||||||
Net cash provided by operating activities | 102,071 | 1,196 | 2,529 | |||||||||
Investing Activities: | ||||||||||||
Purchase of premises and equipment | (24 | ) | (6 | ) | (195 | ) | ||||||
Contributions to subsidiaries | (116,323 | ) | (100,000 | ) | — | |||||||
Net cash used in investing activities | (116,347 | ) | (100,006 | ) | (195 | ) | ||||||
Financing Activities: | ||||||||||||
Repayment of other borrowings | — | (10,310 | ) | — | ||||||||
Vesting of restricted stock | (4,702 | ) | (5,741 | ) | (11,872 | ) | ||||||
Restricted stock grants retained to cover taxes | (2,507 | ) | (2,228 | ) | (1,458 | ) | ||||||
Issuance of common stock | 117,000 | 100,000 | — | |||||||||
Common dividends paid | (102,000 | ) | — | — | ||||||||
Net cash provided by (used in) financing activities | 7,791 | 81,721 | (13,330 | ) | ||||||||
Net decrease in cash and cash equivalents | (6,485 | ) | (17,089 | ) | (10,996 | ) | ||||||
Cash and cash equivalents at beginning of the year | 142,636 | 159,725 | 170,721 | |||||||||
Cash and cash equivalents at end of the year | $ | 136,151 | $ | 142,636 | $ | 159,725 | ||||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Related Party Transactions [Abstract] | ||||||||
Schedule of derivative contracts between the Company and BBVA | The net fair value of outstanding derivative contracts between the Company and BBVA are detailed below. | |||||||
December 31, | ||||||||
2014 | 2013 | |||||||
(In Thousands) | ||||||||
Derivative contracts: | ||||||||
Cash flow hedges | $ | 1,693 | $ | 3,652 | ||||
Free-standing derivative instruments | 9,512 | 20,808 | ||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies Narrative (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
investment_category | |
Accounting Policies [Line Items] | |
Number of investment classification categories | 3 |
Commercial, industrial or construction loans held for investment, period of time after payment becomes in doubt that incurring interest stops and subsequent interest payments are applied | 90 days |
Consumer loans including residential real estate, held for investment, period of time after payment becomes delinquent or before foreclosure proceedings begin that accrual of interest income is suspended | 120 days |
Minimum balance on loans that are nonaccrual and troubled debt restructurings that are evaluated individually on expected future cash flows and discounted effective rates | $1,000,000 |
Maximum balance on loans that nonaccrual that are collectively evaluated for impairments on a historic loss expectation or loss calculations | $1,000,000 |
Life cycle used in historical loss methodology, period | 6 years |
Minimum | |
Accounting Policies [Line Items] | |
Estimated useful lives on premises and equipment | 1 year |
Maximum | |
Accounting Policies [Line Items] | |
Recognition of charge off expenses on consumer loans, period of time loan is past due | 120 days |
Recognition of charge off expenses on residential loans, period of time loan is past due | 180 days |
Recognition period of charge off expenses on credit card loans | 180 days |
Estimated useful lives on premises and equipment | 40 years |
Core deposit intangibles | |
Accounting Policies [Line Items] | |
Estimated useful life | 3 years 1 month 6 days |
Core deposit intangibles | Minimum | |
Accounting Policies [Line Items] | |
Estimated useful life | 8 years |
Core deposit intangibles | Maximum | |
Accounting Policies [Line Items] | |
Estimated useful life | 10 years |
Other intangible assets | |
Accounting Policies [Line Items] | |
Estimated useful life | 20 years |
Commercial real estate | |
Accounting Policies [Line Items] | |
Maximum number of days account can be delinquent for the lowest PD factor rating | 60 days |
Period used as life cycle for calculation of PD | 5 years |
Period used as life cycle for calculation of LGD | 6 years |
Consumer loans | |
Accounting Policies [Line Items] | |
Maximum number of days account can be delinquent for the lowest PD factor rating | 60 days |
Period used as life cycle for calculation of PD | 5 years |
Period used as life cycle for calculation of LGD | 6 years |
Acquisition_Activities_Details
Acquisition Activities (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||
Mar. 20, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Goodwill acquired | $5,046,847,000 | $4,971,645,000 | $4,971,645,000 | |
Simple | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Assets acquired | 17,000,000 | |||
Liabilities assumed | 2,000,000 | |||
Goodwill acquired | 89,000,000 | |||
Other intangible assets acquired | 13,000,000 | |||
Cash consideration paid | 98,000,000 | |||
Contingent consideration paid | 16,000,000 | |||
Acquisition related costs in noninterest expense | $3,500,000 |
Investment_Securities_Availabl2
Investment Securities Available for Sale and Investment Securities Held to Maturity - Adjusted cost and fair value of securities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | $10,191,709 | $8,309,104 |
Available-for-sale Securities, Gross Unrealized Gain | 102,403 | 111,684 |
Available-for-sale Securities, Gross Unrealized Losses | 56,837 | 107,703 |
Investment securities available for sale | 10,237,275 | 8,313,085 |
Held-to-maturity Securities, Amortized Cost Basis | 1,348,354 | 1,519,196 |
Held-to-maturity Securities, Gross Unrealized Gain | 16,509 | 37,890 |
Held-to-maturity Securities, Gross Unrealized Losses | 88,900 | 151,828 |
Total Investments Securities Held to Maturity | 1,275,963 | 1,405,258 |
US Treasury and other US Government Agencies | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 2,312,572 | 257,844 |
Available-for-sale Securities, Gross Unrealized Gain | 10,360 | 4,338 |
Available-for-sale Securities, Gross Unrealized Losses | 9,390 | 1,245 |
Investment securities available for sale | 2,313,542 | 260,937 |
Mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 4,399,706 | 5,232,504 |
Available-for-sale Securities, Gross Unrealized Gain | 64,371 | 75,912 |
Available-for-sale Securities, Gross Unrealized Losses | 40,242 | 74,625 |
Investment securities available for sale | 4,423,835 | 5,233,791 |
Collateralized mortgage obligations | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 2,475,115 | 1,747,450 |
Available-for-sale Securities, Gross Unrealized Gain | 19,385 | 23,312 |
Available-for-sale Securities, Gross Unrealized Losses | 5,921 | 14,364 |
Investment securities available for sale | 2,488,579 | 1,756,398 |
Held-to-maturity Securities, Amortized Cost Basis | 124,051 | 145,989 |
Held-to-maturity Securities, Gross Unrealized Gain | 5,878 | 19,848 |
Held-to-maturity Securities, Gross Unrealized Losses | 5,452 | 3,900 |
Total Investments Securities Held to Maturity | 124,477 | 161,937 |
State and political subdivisions | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 460,569 | 518,755 |
Available-for-sale Securities, Gross Unrealized Gain | 8,008 | 8,041 |
Available-for-sale Securities, Gross Unrealized Losses | 1,262 | 17,360 |
Investment securities available for sale | 467,315 | 509,436 |
Held-to-maturity Securities, Amortized Cost Basis | 1,112,415 | 1,225,977 |
Held-to-maturity Securities, Gross Unrealized Gain | 2,143 | 843 |
Held-to-maturity Securities, Gross Unrealized Losses | 79,246 | 139,816 |
Total Investments Securities Held to Maturity | 1,035,312 | 1,087,004 |
Other | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 44,225 | 40,415 |
Available-for-sale Securities, Gross Unrealized Gain | 238 | 27 |
Available-for-sale Securities, Gross Unrealized Losses | 22 | 109 |
Investment securities available for sale | 44,441 | 40,333 |
Held-to-maturity Securities, Amortized Cost Basis | 72,701 | 79,640 |
Held-to-maturity Securities, Gross Unrealized Gain | 4,920 | 13,191 |
Held-to-maturity Securities, Gross Unrealized Losses | 2,191 | 1,929 |
Total Investments Securities Held to Maturity | 75,430 | 90,902 |
Equity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 499,522 | 512,136 |
Available-for-sale Securities, Gross Unrealized Gain | 41 | 54 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | 0 |
Investment securities available for sale | 499,563 | 512,190 |
Asset-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Held-to-maturity Securities, Amortized Cost Basis | 39,187 | 67,590 |
Held-to-maturity Securities, Gross Unrealized Gain | 3,568 | 4,008 |
Held-to-maturity Securities, Gross Unrealized Losses | 2,011 | 6,183 |
Total Investments Securities Held to Maturity | $40,744 | $65,415 |
Investment_Securities_Availabl3
Investment Securities Available for Sale and Investment Securities Held to Maturity - Fair value and unrealized losses of available for sale securities and held to maturity securities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, securities in a loss position for less than 12 months, fair value | $1,643,701 | $3,451,797 |
Available-for-sale securities, securities in a loss position for less than 12 months, unrealized losses | 12,911 | 89,640 |
Available-for-sale securities, securities in a loss position for 12 months or longer, fair value | 2,236,444 | 540,565 |
Available-for-sale securities, Securities in a loss position for 12 months or longer, unrealized losses | 43,926 | 18,063 |
Available-for-sale securities, fair value | 3,880,145 | 3,992,362 |
Available-for-sale securities, unrealized losses | 56,837 | 107,703 |
Held-to-maturity securities, securities in a loss position for less than 12 months, fair value | 60,149 | 314,904 |
Held-to-maturity securities, securities in a loss position for less than 12 months, unrealized losses | 4,058 | 26,777 |
Held-to-maturity securities, securities in a loss position for 12 months or longer, fair value | 868,333 | 713,131 |
Held-to-maturity securities, securities in a loss position for 12 months or longer, unrealized losses | 84,842 | 125,051 |
Held-to-maturity securities, fair value | 928,482 | 1,028,035 |
Held-to-maturity securities unrealized losses | 88,900 | 151,828 |
US Treasury and government agency | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, securities in a loss position for less than 12 months, fair value | 620,794 | 119,871 |
Available-for-sale securities, securities in a loss position for less than 12 months, unrealized losses | 8,220 | 1,245 |
Available-for-sale securities, securities in a loss position for 12 months or longer, fair value | 37,220 | 0 |
Available-for-sale securities, Securities in a loss position for 12 months or longer, unrealized losses | 1,170 | 0 |
Available-for-sale securities, fair value | 658,014 | 119,871 |
Available-for-sale securities, unrealized losses | 9,390 | 1,245 |
Mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, securities in a loss position for less than 12 months, fair value | 308,734 | 2,462,822 |
Available-for-sale securities, securities in a loss position for less than 12 months, unrealized losses | 862 | 69,919 |
Available-for-sale securities, securities in a loss position for 12 months or longer, fair value | 1,915,494 | 339,448 |
Available-for-sale securities, Securities in a loss position for 12 months or longer, unrealized losses | 39,380 | 4,706 |
Available-for-sale securities, fair value | 2,224,228 | 2,802,270 |
Available-for-sale securities, unrealized losses | 40,242 | 74,625 |
Asset-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Held-to-maturity securities, securities in a loss position for less than 12 months, fair value | 0 | 0 |
Held-to-maturity securities, securities in a loss position for less than 12 months, unrealized losses | 0 | 0 |
Held-to-maturity securities, securities in a loss position for 12 months or longer, fair value | 23,374 | 33,362 |
Held-to-maturity securities, securities in a loss position for 12 months or longer, unrealized losses | 2,011 | 6,183 |
Held-to-maturity securities, fair value | 23,374 | 33,362 |
Held-to-maturity securities unrealized losses | 2,011 | 6,183 |
Collateralized mortgage obligations | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, securities in a loss position for less than 12 months, fair value | 714,173 | 699,693 |
Available-for-sale securities, securities in a loss position for less than 12 months, unrealized losses | 3,829 | 9,123 |
Available-for-sale securities, securities in a loss position for 12 months or longer, fair value | 146,806 | 108,710 |
Available-for-sale securities, Securities in a loss position for 12 months or longer, unrealized losses | 2,092 | 5,241 |
Available-for-sale securities, fair value | 860,979 | 808,403 |
Available-for-sale securities, unrealized losses | 5,921 | 14,364 |
Held-to-maturity securities, securities in a loss position for less than 12 months, fair value | 34,400 | 1,466 |
Held-to-maturity securities, securities in a loss position for less than 12 months, unrealized losses | 1,099 | 17 |
Held-to-maturity securities, securities in a loss position for 12 months or longer, fair value | 27,389 | 32,370 |
Held-to-maturity securities, securities in a loss position for 12 months or longer, unrealized losses | 4,353 | 3,883 |
Held-to-maturity securities, fair value | 61,789 | 33,836 |
Held-to-maturity securities unrealized losses | 5,452 | 3,900 |
State and political subdivisions | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, securities in a loss position for less than 12 months, fair value | 0 | 164,472 |
Available-for-sale securities, securities in a loss position for less than 12 months, unrealized losses | 0 | 9,244 |
Available-for-sale securities, securities in a loss position for 12 months or longer, fair value | 135,825 | 92,407 |
Available-for-sale securities, Securities in a loss position for 12 months or longer, unrealized losses | 1,262 | 8,116 |
Available-for-sale securities, fair value | 135,825 | 256,879 |
Available-for-sale securities, unrealized losses | 1,262 | 17,360 |
Held-to-maturity securities, securities in a loss position for less than 12 months, fair value | 21,688 | 313,438 |
Held-to-maturity securities, securities in a loss position for less than 12 months, unrealized losses | 768 | 26,760 |
Held-to-maturity securities, securities in a loss position for 12 months or longer, fair value | 817,570 | 642,799 |
Held-to-maturity securities, securities in a loss position for 12 months or longer, unrealized losses | 78,478 | 113,056 |
Held-to-maturity securities, fair value | 839,258 | 956,237 |
Held-to-maturity securities unrealized losses | 79,246 | 139,816 |
Other | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, securities in a loss position for less than 12 months, fair value | 0 | 4,939 |
Available-for-sale securities, securities in a loss position for less than 12 months, unrealized losses | 0 | 109 |
Available-for-sale securities, securities in a loss position for 12 months or longer, fair value | 1,099 | 0 |
Available-for-sale securities, Securities in a loss position for 12 months or longer, unrealized losses | 22 | 0 |
Available-for-sale securities, fair value | 1,099 | 4,939 |
Available-for-sale securities, unrealized losses | 22 | 109 |
Held-to-maturity securities, securities in a loss position for less than 12 months, fair value | 4,061 | 0 |
Held-to-maturity securities, securities in a loss position for less than 12 months, unrealized losses | 2,191 | 0 |
Held-to-maturity securities, securities in a loss position for 12 months or longer, fair value | 0 | 4,600 |
Held-to-maturity securities, securities in a loss position for 12 months or longer, unrealized losses | 0 | 1,929 |
Held-to-maturity securities, fair value | 4,061 | 4,600 |
Held-to-maturity securities unrealized losses | $2,191 | $1,929 |
Investment_Securities_Availabl4
Investment Securities Available for Sale and Investment Securities Held to Maturity - Other temporary impairments losses recognized in other comprehensive income (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | |||
Other than temporary impairment recognized in other comprehensive income, beginning of period | $20,943 | $17,318 | $16,331 |
Reductions for securities paid off during the period (realized) | 0 | -239 | 0 |
Additions for the credit component on debt securities in which OTTI was not previously recognized | 0 | 270 | 449 |
Additions for the credit component on debt securities in which OTTI was previously recognized | 180 | 3,594 | 538 |
Other than temporary impairment recognized in other comprehensive income, end of period | $21,123 | $20,943 | $17,318 |
Investment_Securities_Availabl5
Investment Securities Available for Sale and Investment Securities Held to Maturity - Maturities of securities portfolios (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investment securities available for sale, amortized cost [Abstract] | ||
Maturing within one year | $51,638 | |
Maturing after one but within five years | 487,867 | |
Maturing after five but within ten years | 1,145,952 | |
Maturing after ten years | 1,131,909 | |
Total single date maturities | 2,817,366 | |
Mortgage-backed securities and collateralized mortgage obligations | 6,874,821 | |
Available-for-sale Securities, Amortized Cost Basis | 10,191,709 | 8,309,104 |
Investment securities available for sale, fair value [Abstract] | ||
Maturing within one year | 52,204 | |
Maturing after one but within five years | 493,439 | |
Maturing after five but within ten years | 1,153,091 | |
Maturing after ten years | 1,126,564 | |
Total single date maturities | 2,825,298 | |
Mortgage-backed securities and collateralized mortgage obligations | 6,912,414 | |
Investment securities available for sale | 10,237,275 | 8,313,085 |
Held-to-maturity securities, amortized cost [Abstract] | ||
Maturing within one year | 9,223 | |
Maturing after one but within five years | 303,039 | |
Maturing after five but within ten years | 187,822 | |
Maturing after ten years | 724,219 | |
Total single date maturities | 1,224,303 | |
Collateralized mortgage obligations | 124,051 | |
Total | 1,348,354 | 1,519,196 |
Held-to-maturity securities, fair value [Abstract] | ||
Maturing within one year | 9,249 | |
Maturing after one but within five years | 289,940 | |
Maturing after five but within ten years | 182,122 | |
Maturing after ten years | 670,175 | |
Total single date maturities | 1,151,486 | |
Collateralized mortgage obligations | 124,477 | |
Total Investments Securities Held to Maturity | 1,275,963 | 1,405,258 |
Equity securities | ||
Investment securities available for sale, amortized cost [Abstract] | ||
Available-for-sale Securities, Amortized Cost Basis | 499,522 | 512,136 |
Investment securities available for sale, fair value [Abstract] | ||
Investment securities available for sale | $499,563 | $512,190 |
Investment_Securities_Availabl6
Investment Securities Available for Sale and Investment Securities Held to Maturity - Gross Realized Gains and Losses (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Investments, Debt and Equity Securities [Abstract] | |||
Gross gains | $53,042 | $34,264 | $12,832 |
Gross losses | 0 | 2,893 | 0 |
Net realized gains | $53,042 | $31,371 | $12,832 |
Investment_Securities_Availabl7
Investment Securities Available for Sale and Investment Securities Held to Maturity - Narrative (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2008 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Transferred held-to-maturity security, at carrying value | $1,100,000,000 | |||
Transferred held-to-maturity security, at market value | 859,000,000 | |||
Federal home loan bank and federal reserve stock carried at par value | 500,000,000 | 512,000,000 | ||
Investment securities available for sale were pledged to secure public deposits and FHLB advances required or permitted by law | 1,800,000,000 | |||
Investment securities available for sale rated AAA | 97.50% | |||
Securities impairment | 180,000 | 3,864,000 | 987,000 | |
Unrealized losses, net of tax related to securities in accumulated other comprehensive income | 24,000,000 | 34,000,000 | ||
FNMA | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities available for sale | 2,200,000,000 | |||
Total amortized costs | 2,100,000,000 | |||
FHLMC | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities available for sale | 1,900,000,000 | |||
Total amortized costs | 2,000,000,000 | |||
GNMA | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities available for sale | 2,800,000,000 | |||
Total amortized costs | $2,800,000,000 | |||
FNMA, FLMC and GNMA | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Mortgage-backed securities and collateralized mortgage obligations, percent of total shareholders equity | 58.00% |
Loans_and_Allowance_for_Loan_L2
Loans and Allowance for Loan Losses - Composition of loan portfolio (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Commercial loans: | ||
Commercial, financial and agricultural | $23,828,537 | $20,209,209 |
Real estate – construction | 2,154,652 | 1,736,348 |
Commercial real estate – mortgage | 9,877,206 | 9,106,329 |
Total commercial loans | 35,860,395 | 31,051,886 |
Consumer loans: | ||
Residential real estate – mortgage | 13,922,656 | 12,706,879 |
Equity lines of credit | 2,304,784 | 2,236,367 |
Equity loans | 634,968 | 644,068 |
Credit card | 630,456 | 660,073 |
Consumer direct | 652,927 | 516,572 |
Consumer indirect | 2,870,408 | 2,116,981 |
Total consumer loans | 21,016,199 | 18,880,940 |
Covered loans | 495,190 | 734,190 |
Total loans | $57,371,784 | $50,667,016 |
Loans_and_Allowance_for_Loan_L3
Loans and Allowance for Loan Losses - Purchased Impaired Loans (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Receivables [Abstract] | |||
Unpaid principal balance | $378,913 | $449,429 | $569,952 |
Discount | -17,341 | -60,069 | -119,337 |
Allowance for loan losses | -2,066 | -243 | -8,907 |
Carrying value | $359,506 | $389,117 | $441,708 |
Loans_and_Allowance_for_Loan_L4
Loans and Allowance for Loan Losses - Accretable yield on purchased impaired loans (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Balance, beginning of period | $105,698 | $136,992 |
Transfer from nonaccretable difference | 12,628 | 36,619 |
Accretion | -49,541 | -66,937 |
Other | 0 | -976 |
Balance, end of period | $68,785 | $105,698 |
Loans_and_Allowance_for_Loan_L5
Loans and Allowance for Loan Losses - Purchased Nonimpaired Loans (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ||
Unpaid principal balance | $294,202 | $520,723 |
Discount | -88,962 | -175,893 |
Allowance for loan losses | -2,283 | -2,711 |
Carrying value | $202,957 | $342,119 |
Loans_and_Allowance_for_Loan_L6
Loans and Allowance for Loan Losses - FDIC Indemnification Asset/Liability (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
FDIC Indemnification Asset [Roll Forward] | |||
Beginning balance | $24,315 | $271,928 | |
Increase (decrease) due to credit loss provision (benefit) recorded on FDIC covered loans | 4,137 | -9,153 | |
Amortization and accretion, net | -115,953 | -243,346 | |
Payments to FDIC for covered assets | 12,709 | 19,546 | -1,821 |
Other | -3,233 | -14,660 | |
Ending balance | ($78,025) | $24,315 | $271,928 |
Loans_and_Allowance_for_Loan_L7
Loans and Allowance for Loan Losses - Allowances for loan losses activity (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||||
Allowance for loan losses, covered, beginning of period | $2,954 | $17,803 | $26,883 | |||
Allowance for loan losses, covered and not covered, beginning of period | 700,719 | 802,853 | 1,051,796 | |||
Transfer - expiration of commercial LSA, covered | -1,735 | |||||
Transfer - expiration of commercial LSA, covered and not covered | 0 | |||||
Provision (credit) for loan losses, covered | -1,178 | -16,629 | -30,673 | |||
Provision (credit) for loan losses, covered and not covered | 106,301 | 107,546 | 29,471 | |||
Loans charged off, covered | -2,466 | -6,708 | -3,807 | |||
Loans charged off, covered and not covered | -186,264 | -288,872 | -417,077 | |||
Loan recoveries, covered | 5,233 | 8,488 | 25,400 | |||
Loan recoveries, covered and not covered | 64,285 | 79,192 | 138,663 | |||
Net (charge-offs) recoveries, covered | 2,767 | 1,780 | 21,593 | |||
Net (charge-offs) recoveries, covered and not covered | -121,979 | -209,680 | -278,414 | |||
Allowance for loan losses, covered, end of period | 2,808 | 2,954 | 17,803 | |||
Allowance for loan losses, covered and not covered, end of period | 685,041 | 700,719 | 802,853 | |||
Ending Balance of Allowance Attributable to Loans [Abstract] | ||||||
Individually evaluated for impairment | 63,433 | 81,751 | ||||
Collectively evaluated for impairment | 617,259 | 616,014 | ||||
Purchased Impaired | 2,066 | 243 | ||||
Purchased nonimpaired | 2,283 | 2,711 | ||||
Purchased nonimpaired, covered | 742 | |||||
Purchased nonimpaired, covered and not covered | 2,283 | |||||
Ending Balance of Loans [Abstract] | ||||||
Individually evaluated for impairment | 351,070 | 503,993 | ||||
Collectively evaluated for impairment | 56,453,902 | 49,428,833 | ||||
Purchased impaired | 361,572 | 389,360 | ||||
Purchased nonimpaired | 344,830 | |||||
Purchased nonimpaired, covered | 133,618 | |||||
Purchased nonimpaired, covered and not covered | 205,240 | |||||
Total loans, covered | 495,190 | 734,190 | ||||
Total loans, covered and not covered | 57,371,784 | 50,667,016 | ||||
Commercial, financial and agricultural | ||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||||
Allowance for loan losses, beginning of period | 292,327 | 283,058 | 252,399 | |||
Transfer - expiration of commercial LSA, not covered | 1,406 | |||||
Provision (credit) for loan losses | 17,580 | 36,970 | 63,263 | |||
Loans charged off | -31,627 | -47,751 | -63,678 | |||
Loan recoveries | 19,796 | 20,050 | 31,074 | |||
Net (charge offs) recoveries | -11,831 | -27,701 | -32,604 | |||
Allowance for loan losses, end of period | 299,482 | 292,327 | 283,058 | |||
Ending Balance of Allowance Attributable to Loans [Abstract] | ||||||
Individually evaluated for impairment | 11,158 | 28,828 | ||||
Collectively evaluated for impairment | 287,105 | 263,499 | ||||
Purchased nonimpaired | 1,219 | |||||
Ending Balance of Loans [Abstract] | ||||||
Individually evaluated for impairment | 48,173 | 138,047 | ||||
Collectively evaluated for impairment | 23,745,149 | 20,071,162 | ||||
Purchased nonimpaired | 35,215 | |||||
Total loans, excluding covered loans | 23,828,537 | 20,209,209 | ||||
Total loans, covered and not covered | 23,828,537 | 20,209,209 | ||||
Commercial real estate | ||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||||
Allowance for loan losses, beginning of period | 158,960 | [1] | 254,324 | [1] | 489,284 | [1] |
Transfer - expiration of commercial LSA, not covered | 6 | [1] | ||||
Provision (credit) for loan losses | -13,582 | [1] | -70,724 | [1] | -118,923 | [1] |
Loans charged off | -14,970 | [1] | -43,415 | [1] | -151,918 | [1] |
Loan recoveries | 7,819 | [1] | 18,775 | [1] | 35,881 | [1] |
Net (charge offs) recoveries | -7,151 | [1] | -24,640 | [1] | -116,037 | [1] |
Allowance for loan losses, end of period | 138,233 | [1] | 158,960 | [1] | 254,324 | [1] |
Ending Balance of Allowance Attributable to Loans [Abstract] | ||||||
Individually evaluated for impairment | 8,466 | [1] | 9,408 | [1] | ||
Collectively evaluated for impairment | 129,767 | [1] | 149,552 | [1] | ||
Ending Balance of Loans [Abstract] | ||||||
Individually evaluated for impairment | 105,608 | [1] | 167,598 | [1] | ||
Collectively evaluated for impairment | 11,896,943 | [1] | 10,675,079 | [1] | ||
Purchased nonimpaired | 29,307 | [1] | ||||
Total loans, excluding covered loans | 12,031,858 | [1] | 10,842,677 | [1] | ||
Residential real estate | ||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||||
Allowance for loan losses, beginning of period | 155,575 | [2] | 172,265 | [2] | 206,763 | [2] |
Transfer - expiration of commercial LSA, not covered | 0 | [2] | ||||
Provision (credit) for loan losses | 34,962 | [2] | 88,685 | [2] | 64,158 | [2] |
Loans charged off | -48,749 | [2] | -118,422 | [2] | -126,087 | [2] |
Loan recoveries | 12,839 | [2] | 13,047 | [2] | 27,431 | [2] |
Net (charge offs) recoveries | -35,910 | [2] | -105,375 | [2] | -98,656 | [2] |
Allowance for loan losses, end of period | 154,627 | [2] | 155,575 | [2] | 172,265 | [2] |
Ending Balance of Allowance Attributable to Loans [Abstract] | ||||||
Individually evaluated for impairment | 42,277 | [2] | 41,989 | [2] | ||
Collectively evaluated for impairment | 112,350 | [2] | 113,586 | [2] | ||
Ending Balance of Loans [Abstract] | ||||||
Individually evaluated for impairment | 195,462 | [2] | 196,723 | [2] | ||
Collectively evaluated for impairment | 16,665,930 | [2] | 15,390,591 | [2] | ||
Purchased nonimpaired | 1,016 | [2] | ||||
Total loans, excluding covered loans | 16,862,408 | [2] | 15,587,314 | [2] | ||
Consumer loans | ||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||||
Allowance for loan losses, beginning of period | 90,903 | [3] | 75,403 | [3] | 76,467 | [3] |
Transfer - expiration of commercial LSA, not covered | 323 | [3] | ||||
Provision (credit) for loan losses | 68,519 | [3] | 69,244 | [3] | 51,646 | [3] |
Loans charged off | -88,452 | [3] | -72,576 | [3] | -71,587 | [3] |
Loan recoveries | 18,598 | [3] | 18,832 | [3] | 18,877 | [3] |
Net (charge offs) recoveries | -69,854 | [3] | -53,744 | [3] | -52,710 | [3] |
Allowance for loan losses, end of period | 89,891 | [3] | 90,903 | [3] | 75,403 | [3] |
Ending Balance of Allowance Attributable to Loans [Abstract] | ||||||
Individually evaluated for impairment | 1,532 | [3] | 1,526 | [3] | ||
Collectively evaluated for impairment | 88,037 | [3] | 89,377 | [3] | ||
Purchased nonimpaired | 322 | [3] | ||||
Ending Balance of Loans [Abstract] | ||||||
Individually evaluated for impairment | 1,827 | [3] | 1,625 | [3] | ||
Collectively evaluated for impairment | 4,145,880 | [3] | 3,292,001 | [3] | ||
Purchased nonimpaired | 6,084 | [3] | ||||
Total loans, excluding covered loans | $4,153,791 | [3] | $3,293,626 | [3] | ||
[1] | Includes commercial real estate – mortgage and real estate – construction loans. | |||||
[2] | Includes residential real estate – mortgage, equity lines of credit and equity loans. | |||||
[3] | Includes credit card, consumer direct and consumer indirect loans. |
Loans_and_Allowance_for_Loan_L8
Loans and Allowance for Loan Losses - Impaired loans by loan class (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Impaired [Line Items] | |||
Individually evaluated impaired loans with no recorded allowance, recorded investment | $35,109 | $74,507 | |
Individually evaluated impaired loans with no recorded allowance, unpaid principle balance | 36,582 | 85,921 | |
Individually evaluated impaired loans with a recorded allowance, recorded investment | 315,961 | 429,486 | |
Individually evaluated impaired loans with a recorded allowance, unpaid principle balance | 335,583 | 458,254 | |
Individually evaluated impaired loans with a recorded allowance, allowance | 63,433 | 81,751 | |
Total individually evaluated impaired loans, average recorded investment | 405,365 | 591,762 | 946,014 |
Total individually evaluated impaired loans, interest income recognized | 10,230 | 12,283 | 16,080 |
Commercial, financial and agricultural | |||
Financing Receivable, Impaired [Line Items] | |||
Individually evaluated impaired loans with no recorded allowance, recorded investment | 0 | 19,984 | |
Individually evaluated impaired loans with no recorded allowance, unpaid principle balance | 0 | 27,639 | |
Individually evaluated impaired loans with a recorded allowance, recorded investment | 48,173 | 118,063 | |
Individually evaluated impaired loans with a recorded allowance, unpaid principle balance | 61,552 | 138,092 | |
Individually evaluated impaired loans with a recorded allowance, allowance | 11,158 | 28,828 | |
Total individually evaluated impaired loans, average recorded investment | 84,578 | 133,838 | 119,673 |
Total individually evaluated impaired loans, interest income recognized | 1,146 | 1,287 | 1,277 |
Real estate - construction | |||
Financing Receivable, Impaired [Line Items] | |||
Individually evaluated impaired loans with no recorded allowance, recorded investment | 3,492 | 1,314 | |
Individually evaluated impaired loans with no recorded allowance, unpaid principle balance | 4,006 | 1,555 | |
Individually evaluated impaired loans with a recorded allowance, recorded investment | 2,686 | 9,248 | |
Individually evaluated impaired loans with a recorded allowance, unpaid principle balance | 2,731 | 10,812 | |
Individually evaluated impaired loans with a recorded allowance, allowance | 872 | 836 | |
Total individually evaluated impaired loans, average recorded investment | 8,639 | 51,157 | 304,680 |
Total individually evaluated impaired loans, interest income recognized | 222 | 724 | 5,153 |
Commercial real estate - mortgage | |||
Financing Receivable, Impaired [Line Items] | |||
Individually evaluated impaired loans with no recorded allowance, recorded investment | 22,822 | 51,303 | |
Individually evaluated impaired loans with no recorded allowance, unpaid principle balance | 23,781 | 54,821 | |
Individually evaluated impaired loans with a recorded allowance, recorded investment | 76,608 | 105,733 | |
Individually evaluated impaired loans with a recorded allowance, unpaid principle balance | 82,005 | 112,177 | |
Individually evaluated impaired loans with a recorded allowance, allowance | 7,594 | 8,572 | |
Total individually evaluated impaired loans, average recorded investment | 116,815 | 207,104 | 331,003 |
Total individually evaluated impaired loans, interest income recognized | 3,208 | 4,663 | 4,312 |
Residential real estate - mortgage | |||
Financing Receivable, Impaired [Line Items] | |||
Individually evaluated impaired loans with no recorded allowance, recorded investment | 8,795 | 1,906 | |
Individually evaluated impaired loans with no recorded allowance, unpaid principle balance | 8,795 | 1,906 | |
Individually evaluated impaired loans with a recorded allowance, recorded investment | 107,223 | 115,550 | |
Individually evaluated impaired loans with a recorded allowance, unpaid principle balance | 107,306 | 115,734 | |
Individually evaluated impaired loans with a recorded allowance, allowance | 9,236 | 7,378 | |
Total individually evaluated impaired loans, average recorded investment | 114,842 | 140,583 | 165,172 |
Total individually evaluated impaired loans, interest income recognized | 2,886 | 3,464 | 4,417 |
Equity lines of credit | |||
Financing Receivable, Impaired [Line Items] | |||
Individually evaluated impaired loans with no recorded allowance, recorded investment | 0 | 0 | |
Individually evaluated impaired loans with no recorded allowance, unpaid principle balance | 0 | 0 | |
Individually evaluated impaired loans with a recorded allowance, recorded investment | 25,743 | 23,593 | |
Individually evaluated impaired loans with a recorded allowance, unpaid principle balance | 26,124 | 24,021 | |
Individually evaluated impaired loans with a recorded allowance, allowance | 23,394 | 23,190 | |
Total individually evaluated impaired loans, average recorded investment | 24,306 | 13,785 | 2,476 |
Total individually evaluated impaired loans, interest income recognized | 1,049 | 586 | 10 |
Equity loans | |||
Financing Receivable, Impaired [Line Items] | |||
Individually evaluated impaired loans with no recorded allowance, recorded investment | 0 | 0 | |
Individually evaluated impaired loans with no recorded allowance, unpaid principle balance | 0 | 0 | |
Individually evaluated impaired loans with a recorded allowance, recorded investment | 53,701 | 55,674 | |
Individually evaluated impaired loans with a recorded allowance, unpaid principle balance | 54,038 | 55,794 | |
Individually evaluated impaired loans with a recorded allowance, allowance | 9,647 | 11,421 | |
Total individually evaluated impaired loans, average recorded investment | 54,708 | 44,143 | 22,880 |
Total individually evaluated impaired loans, interest income recognized | 1,710 | 1,514 | 902 |
Credit card | |||
Financing Receivable, Impaired [Line Items] | |||
Individually evaluated impaired loans with no recorded allowance, recorded investment | 0 | 0 | |
Individually evaluated impaired loans with no recorded allowance, unpaid principle balance | 0 | 0 | |
Individually evaluated impaired loans with a recorded allowance, recorded investment | 0 | 0 | |
Individually evaluated impaired loans with a recorded allowance, unpaid principle balance | 0 | 0 | |
Individually evaluated impaired loans with a recorded allowance, allowance | 0 | 0 | |
Total individually evaluated impaired loans, average recorded investment | 0 | 0 | 0 |
Total individually evaluated impaired loans, interest income recognized | 0 | 0 | 0 |
Consumer - direct | |||
Financing Receivable, Impaired [Line Items] | |||
Individually evaluated impaired loans with no recorded allowance, recorded investment | 0 | 0 | |
Individually evaluated impaired loans with no recorded allowance, unpaid principle balance | 0 | 0 | |
Individually evaluated impaired loans with a recorded allowance, recorded investment | 337 | 182 | |
Individually evaluated impaired loans with a recorded allowance, unpaid principle balance | 337 | 181 | |
Individually evaluated impaired loans with a recorded allowance, allowance | 42 | 83 | |
Total individually evaluated impaired loans, average recorded investment | 154 | 176 | 130 |
Total individually evaluated impaired loans, interest income recognized | 5 | 32 | 9 |
Consumer - indirect | |||
Financing Receivable, Impaired [Line Items] | |||
Individually evaluated impaired loans with no recorded allowance, recorded investment | 0 | 0 | |
Individually evaluated impaired loans with no recorded allowance, unpaid principle balance | 0 | 0 | |
Individually evaluated impaired loans with a recorded allowance, recorded investment | 1,490 | 1,443 | |
Individually evaluated impaired loans with a recorded allowance, unpaid principle balance | 1,490 | 1,443 | |
Individually evaluated impaired loans with a recorded allowance, allowance | 1,490 | 1,443 | |
Total individually evaluated impaired loans, average recorded investment | 1,323 | 976 | 0 |
Total individually evaluated impaired loans, interest income recognized | $4 | $13 | $0 |
Loans_and_Allowance_for_Loan_L9
Loans and Allowance for Loan Losses - Credit quality indicators (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Commercial, financial and agricultural | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | $23,828,537 | $20,209,209 |
Real estate - construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 2,154,652 | 1,736,348 |
Commercial real estate - mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 9,877,206 | 9,106,329 |
Residential real estate - mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 13,922,656 | 12,706,879 |
Equity lines of credit | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 2,304,784 | 2,236,367 |
Equity loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 634,968 | 644,068 |
Credit card | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 630,456 | 660,073 |
Consumer - direct | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 652,927 | 516,572 |
Consumer - indirect | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 2,870,408 | 2,116,981 |
Pass | Commercial, financial and agricultural | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 23,380,541 | 19,582,014 |
Pass | Real estate - construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 2,098,994 | 1,707,719 |
Pass | Commercial real estate - mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 9,514,917 | 8,562,261 |
Special Mention | Commercial, financial and agricultural | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 280,934 | 353,638 |
Special Mention | Real estate - construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 42,176 | 9,918 |
Special Mention | Commercial real estate - mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 210,337 | 271,500 |
Substandard | Commercial, financial and agricultural | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 128,251 | 261,995 |
Substandard | Real estate - construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 13,458 | 17,112 |
Substandard | Commercial real estate - mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 129,435 | 243,042 |
Doubtful | Commercial, financial and agricultural | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 38,811 | 11,562 |
Doubtful | Real estate - construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 24 | 1,599 |
Doubtful | Commercial real estate - mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 22,517 | 29,526 |
Performing | Residential real estate - mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 13,810,857 | 12,601,515 |
Performing | Equity lines of credit | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 2,269,231 | 2,199,827 |
Performing | Equity loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 614,064 | 621,897 |
Performing | Credit card | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 621,015 | 649,796 |
Performing | Consumer - direct | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 649,832 | 513,630 |
Performing | Consumer - indirect | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 2,865,013 | 2,113,918 |
Nonperforming | Residential real estate - mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 111,799 | 105,364 |
Nonperforming | Equity lines of credit | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 35,553 | 36,540 |
Nonperforming | Equity loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 20,904 | 22,171 |
Nonperforming | Credit card | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 9,441 | 10,277 |
Nonperforming | Consumer - direct | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 3,095 | 2,942 |
Nonperforming | Consumer - indirect | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | $5,395 | $3,063 |
Recovered_Sheet1
Loans and Allowance for Loan Losses - Past due loans (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | $57,371,784 | $50,667,016 |
30-59 Days Past Due, Covered | 6,678 | 1,247 |
60-89 Days Past Due, Covered | 4,618 | 290 |
90 Days or More Past Due, Covered | 47,957 | 4,122 |
Nonaccrual, Covered | 114 | 5,425 |
Accruing TDRs, Covered | 0 | 3,455 |
Total Past Due and Impaired, Covered | 59,367 | 14,539 |
Not Past Due or Impaired, Covered | 435,823 | 330,291 |
Total covered Loans | 495,190 | 344,830 |
30-59 Days Past Due, Total Loans | 141,439 | 132,604 |
60-89 Days Past Due, Total Loans | 54,040 | 58,135 |
90 Days or More Past Due, Total Loans | 71,454 | 30,326 |
Nonaccrual, Total Loans | 322,654 | 434,356 |
Accruing TDRs, Total Loans | 162,983 | 209,708 |
Total Past Due and Impaired, Total Loans | 752,570 | 865,129 |
Not Past Due or Impaired, Total Loans | 56,619,214 | 49,412,527 |
Total, including covered loans | 57,371,784 | 50,277,656 |
Commercial, financial and agricultural | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 10,829 | 9,485 |
60 - 89 Days Past Due | 5,765 | 6,111 |
90 Days or More Past Due | 1,610 | 2,212 |
Nonaccrual | 61,157 | 128,231 |
Accruing TDRs | 10,127 | 25,548 |
Total Past Due and Impaired | 89,488 | 171,587 |
Not Past Due or Impaired | 23,739,049 | 20,037,622 |
Total loans | 23,828,537 | 20,209,209 |
Real estate - construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 1,954 | 4,258 |
60 - 89 Days Past Due | 994 | 1,862 |
90 Days or More Past Due | 477 | 240 |
Nonaccrual | 7,964 | 14,183 |
Accruing TDRs | 2,112 | 3,801 |
Total Past Due and Impaired | 13,501 | 24,344 |
Not Past Due or Impaired | 2,141,151 | 1,712,004 |
Total loans | 2,154,652 | 1,736,348 |
Commercial real estate - mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 9,813 | 9,521 |
60 - 89 Days Past Due | 4,808 | 4,869 |
90 Days or More Past Due | 628 | 797 |
Nonaccrual | 89,736 | 129,672 |
Accruing TDRs | 39,841 | 59,727 |
Total Past Due and Impaired | 144,826 | 204,586 |
Not Past Due or Impaired | 9,732,380 | 8,901,743 |
Total loans | 9,877,206 | 9,106,329 |
Residential real estate - mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 45,279 | 48,597 |
60 - 89 Days Past Due | 16,510 | 22,629 |
90 Days or More Past Due | 2,598 | 2,460 |
Nonaccrual | 108,357 | 102,904 |
Accruing TDRs | 69,408 | 74,236 |
Total Past Due and Impaired | 242,152 | 250,826 |
Not Past Due or Impaired | 13,680,504 | 12,456,053 |
Total loans | 13,922,656 | 12,706,879 |
Equity lines of credit | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 9,929 | 12,230 |
60 - 89 Days Past Due | 4,395 | 6,252 |
90 Days or More Past Due | 2,679 | 5,109 |
Nonaccrual | 32,874 | 31,431 |
Accruing TDRs | 0 | 0 |
Total Past Due and Impaired | 49,877 | 55,022 |
Not Past Due or Impaired | 2,254,907 | 2,181,345 |
Total loans | 2,304,784 | 2,236,367 |
Equity loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 6,357 | 7,630 |
60 - 89 Days Past Due | 3,268 | 3,170 |
90 Days or More Past Due | 997 | 1,167 |
Nonaccrual | 19,029 | 20,447 |
Accruing TDRs | 41,197 | 42,850 |
Total Past Due and Impaired | 70,848 | 75,264 |
Not Past Due or Impaired | 564,120 | 568,804 |
Total loans | 634,968 | 644,068 |
Credit card | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 5,692 | 5,955 |
60 - 89 Days Past Due | 3,921 | 4,676 |
90 Days or More Past Due | 9,441 | 10,277 |
Nonaccrual | 0 | 0 |
Accruing TDRs | 0 | 0 |
Total Past Due and Impaired | 19,054 | 20,908 |
Not Past Due or Impaired | 611,402 | 639,165 |
Total loans | 630,456 | 660,073 |
Consumer - direct | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 9,542 | 8,736 |
60 - 89 Days Past Due | 1,826 | 3,000 |
90 Days or More Past Due | 2,296 | 2,402 |
Nonaccrual | 799 | 540 |
Accruing TDRs | 298 | 91 |
Total Past Due and Impaired | 14,761 | 14,769 |
Not Past Due or Impaired | 638,166 | 501,803 |
Total loans | 652,927 | 516,572 |
Consumer - indirect | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 35,366 | 24,945 |
60 - 89 Days Past Due | 7,935 | 5,276 |
90 Days or More Past Due | 2,771 | 1,540 |
Nonaccrual | 2,624 | 1,523 |
Accruing TDRs | 0 | 0 |
Total Past Due and Impaired | 48,696 | 33,284 |
Not Past Due or Impaired | 2,821,712 | 2,083,697 |
Total loans | $2,870,408 | $2,116,981 |
Loans_and_Allowance_for_Loans_
Loans and Allowance for Loans Losses - Troubled debt restructurings (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Modifications [Line Items] | ||
30-59 Days Past Due, Covered | $0 | $21 |
60-89 Days Past Due, Covered | 0 | 0 |
90 Days or More Past Due, Covered | 0 | 0 |
Nonaccrual, Covered | 17 | 5,428 |
Total Past Due and Nonaccrual, Covered | 17 | 5,449 |
Not Past Due or Nonaccrual, Covered | 0 | 3,434 |
Total covered loans | 17 | 8,883 |
30-59 Days Past Due, Total Loans | 5,109 | 7,957 |
60-89 Days Past Due, Total Loans | 4,348 | 3,819 |
90 Days or More Past Due, Total Loans | 1,722 | 1,317 |
Nonaccrual, Total Loans | 80,408 | 109,457 |
Total Past Due and Nonaccrual, Total Loans | 91,587 | 122,550 |
Not Past Due or Nonaccrual, Total Loans | 151,804 | 196,615 |
Total Loans | 243,391 | 319,165 |
Commercial, financial and agricultural | ||
Financing Receivable, Modifications [Line Items] | ||
30-59 Days Past Due | 11 | 5 |
60-89 Days Past Due | 0 | 0 |
90 Days or More Past Due | 0 | 0 |
Nonaccrual | 2,052 | 20,498 |
Total Past Due and Nonaccrual | 2,063 | 20,503 |
Not Past Due or Nonaccrual | 10,116 | 25,543 |
Total loans | 12,179 | 46,046 |
Real estate - construction | ||
Financing Receivable, Modifications [Line Items] | ||
30-59 Days Past Due | 0 | 32 |
60-89 Days Past Due | 0 | 50 |
90 Days or More Past Due | 0 | 0 |
Nonaccrual | 200 | 181 |
Total Past Due and Nonaccrual | 200 | 263 |
Not Past Due or Nonaccrual | 2,112 | 3,719 |
Total loans | 2,312 | 3,982 |
Commercial real estate - mortgage | ||
Financing Receivable, Modifications [Line Items] | ||
30-59 Days Past Due | 371 | 2,345 |
60-89 Days Past Due | 536 | 0 |
90 Days or More Past Due | 0 | 0 |
Nonaccrual | 7,068 | 13,910 |
Total Past Due and Nonaccrual | 7,975 | 16,255 |
Not Past Due or Nonaccrual | 38,934 | 57,382 |
Total loans | 46,909 | 73,637 |
Residential real estate - mortgage | ||
Financing Receivable, Modifications [Line Items] | ||
30-59 Days Past Due | 2,440 | 3,755 |
60-89 Days Past Due | 2,688 | 2,747 |
90 Days or More Past Due | 844 | 760 |
Nonaccrual | 32,518 | 30,492 |
Total Past Due and Nonaccrual | 38,490 | 37,754 |
Not Past Due or Nonaccrual | 63,436 | 66,974 |
Total loans | 101,926 | 104,728 |
Equity lines of credit | ||
Financing Receivable, Modifications [Line Items] | ||
30-59 Days Past Due | 0 | 0 |
60-89 Days Past Due | 0 | 0 |
90 Days or More Past Due | 0 | 0 |
Nonaccrual | 24,519 | 24,592 |
Total Past Due and Nonaccrual | 24,519 | 24,592 |
Not Past Due or Nonaccrual | 0 | 0 |
Total loans | 24,519 | 24,592 |
Equity loans | ||
Financing Receivable, Modifications [Line Items] | ||
30-59 Days Past Due | 2,182 | 1,799 |
60-89 Days Past Due | 1,124 | 1,022 |
90 Days or More Past Due | 878 | 557 |
Nonaccrual | 12,504 | 12,823 |
Total Past Due and Nonaccrual | 16,688 | 16,201 |
Not Past Due or Nonaccrual | 37,013 | 39,472 |
Total loans | 53,701 | 55,673 |
Credit card | ||
Financing Receivable, Modifications [Line Items] | ||
30-59 Days Past Due | 0 | 0 |
60-89 Days Past Due | 0 | 0 |
90 Days or More Past Due | 0 | 0 |
Nonaccrual | 0 | 0 |
Total Past Due and Nonaccrual | 0 | 0 |
Not Past Due or Nonaccrual | 0 | 0 |
Total loans | 0 | 0 |
Consumer - direct | ||
Financing Receivable, Modifications [Line Items] | ||
30-59 Days Past Due | 105 | 0 |
60-89 Days Past Due | 0 | 0 |
90 Days or More Past Due | 0 | 0 |
Nonaccrual | 40 | 90 |
Total Past Due and Nonaccrual | 145 | 90 |
Not Past Due or Nonaccrual | 193 | 91 |
Total loans | 338 | 181 |
Consumer - indirect | ||
Financing Receivable, Modifications [Line Items] | ||
30-59 Days Past Due | 0 | 0 |
60-89 Days Past Due | 0 | 0 |
90 Days or More Past Due | 0 | 0 |
Nonaccrual | 1,490 | 1,443 |
Total Past Due and Nonaccrual | 1,490 | 1,443 |
Not Past Due or Nonaccrual | 0 | 0 |
Total loans | $1,490 | $1,443 |
Recovered_Sheet2
Loans and Allowance for Loan Losses - Reclassified as troubled debt restructurings (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Contract | Contract | Contract | |
Financing Receivable, Modifications [Line Items] | |||
Number of contracts, covered | 3 | 6 | 5 |
Post modification outstanding, recorded investment, covered | $15 | $259 | $34 |
Number of subsequent defaults contracts, covered | 1 | 1 | 2 |
Recorded investment at subsequent default, covered | 4 | 35 | 2,051 |
Commercial, financial and agricultural | |||
Financing Receivable, Modifications [Line Items] | |||
Number of contracts | 4 | 9 | 8 |
Post modification outstanding, recorded investment | 14,281 | 6,464 | 23,828 |
Number of subsequent default contracts | 0 | 1 | 0 |
Recorded investment at subsequent default | 0 | 9,531 | 0 |
Real estate - construction | |||
Financing Receivable, Modifications [Line Items] | |||
Number of contracts | 3 | 3 | 21 |
Post modification outstanding, recorded investment | 476 | 2,409 | 13,334 |
Number of subsequent default contracts | 0 | 0 | 4 |
Recorded investment at subsequent default | 0 | 0 | 1,792 |
Commercial real estate - mortgage | |||
Financing Receivable, Modifications [Line Items] | |||
Number of contracts | 10 | 19 | 18 |
Post modification outstanding, recorded investment | 6,619 | 5,215 | 25,001 |
Number of subsequent default contracts | 1 | 2 | 13 |
Recorded investment at subsequent default | 2,198 | 529 | 24,289 |
Residential real estate - mortgage | |||
Financing Receivable, Modifications [Line Items] | |||
Number of contracts | 89 | 216 | 139 |
Post modification outstanding, recorded investment | 11,462 | 29,637 | 28,343 |
Number of subsequent default contracts | 7 | 14 | 12 |
Recorded investment at subsequent default | 1,157 | 2,500 | 2,619 |
Equity lines of credit | |||
Financing Receivable, Modifications [Line Items] | |||
Number of contracts | 161 | 512 | 3 |
Post modification outstanding, recorded investment | 7,821 | 25,281 | 2 |
Number of subsequent default contracts | 3 | 5 | 0 |
Recorded investment at subsequent default | 275 | 309 | 0 |
Equity loans | |||
Financing Receivable, Modifications [Line Items] | |||
Number of contracts | 64 | 438 | 127 |
Post modification outstanding, recorded investment | 4,867 | 21,387 | 9,190 |
Number of subsequent default contracts | 8 | 7 | 8 |
Recorded investment at subsequent default | 893 | 447 | 692 |
Credit card | |||
Financing Receivable, Modifications [Line Items] | |||
Number of contracts | 0 | 0 | 1 |
Post modification outstanding, recorded investment | 0 | 0 | 0 |
Number of subsequent default contracts | 0 | 0 | 0 |
Recorded investment at subsequent default | 0 | 0 | 0 |
Consumer - direct | |||
Financing Receivable, Modifications [Line Items] | |||
Number of contracts | 4 | 19 | 2 |
Post modification outstanding, recorded investment | 265 | 157 | 136 |
Number of subsequent default contracts | 0 | 0 | 0 |
Recorded investment at subsequent default | 0 | 0 | 0 |
Consumer - indirect | |||
Financing Receivable, Modifications [Line Items] | |||
Number of contracts | 102 | 429 | 0 |
Post modification outstanding, recorded investment | 1,572 | 2,481 | 0 |
Number of subsequent default contracts | 0 | 0 | 0 |
Recorded investment at subsequent default | $0 | $0 | $0 |
Recovered_Sheet3
Loans and Allowance for Loan Losses - Narrative (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unearned income | $248,100,000 | $212,300,000 | |
Unamortized deferred costs | 244,100,000 | 178,800,000 | |
Allowance for credit losses on purchased impaired loans with credit deterioration subsequent to impairment that were individually evaluated for impairment | 243,000 | ||
Unamortized purchase discounts | 110,600,000 | 244,300,000 | |
Loans pledged to secure deposits and FHLB advances and for other purposes as required or permitted by law | 13,800,000,000 | ||
Allowance related to purchased impaired loans | -2,066,000 | -243,000 | -8,907,000 |
Recognized provision for loan losses attributable to credit (improvements) deterioration subsequent to acquisition of purchased impaired loans | -666,000 | -11,000,000 | -18,300,000 |
Interest income on purchased nonimpaired loans | 136,000,000 | 268,000,000 | 387,000,000 |
Recorded investment of purchased impaired loans with credit deterioration subsequent to acquisition that were individually evaluated for impairment | 1,300,000 | 4,800,000 | |
Unpaid principle balance of purchased impaired loans with credit deterioration subsequent to acquisition that were individually evaluated for impairment | 4,700,000 | 10,900,000 | |
Loans held for sale classified as TDR, nonaccrual, amount | 0 | 3,600,000 | |
Receivables, change in method of calculating impairment, recorded investment | 52,600,000 | ||
Allowance for credit losses, change in method of calculating impairment | 33,500,000 | ||
Commitment to lend additional funds to borrowers owing TDR loans | 1,100,000 | 3,900,000 | |
Interest rate concession | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Post modification outstanding, recorded investment | 10,900,000 | 29,600,000 | |
Modification of loan structure | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Post modification outstanding, recorded investment | $36,500,000 | $63,700,000 | |
FDIC loss sharing agreement | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
FDIC loss sharing agreement, term | 10 years | ||
FDIC loss sharing agreement | Commercial Loan | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
FDIC loss sharing agreement, term | 5 years | ||
FDIC loss sharing agreement | Single Family Residential Loan | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
FDIC loss sharing agreement, term | 10 years |
Loan_Sales_and_Servicing_Narra
Loan Sales and Servicing - Narrative (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Transfer of loans to loans held for sale | $21,000,000 | $124,000,000 | $316,000,000 | |
Recognized charge-off upon transfer of loans to loans held for sale | 6,500,000 | 32,500,000 | 111,300,000 | |
Contractually specified servicing fees, amount | 16,000,000 | 10,500,000 | 2,000,000 | |
Fair value of residential mortgage servicing rights | 35,488,000 | 30,065,000 | 13,255,000 | 4,264,000 |
Originated for sale in secondary market | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Residential mortgage loans sold | 1,100,000,000 | 1,600,000,000 | 1,200,000,000 | |
Recognized net gains on sale of residential mortgage loans | 34,700,000 | 21,500,000 | 48,700,000 | |
Loans and loans held for sale excluding loans originated for sale in secondary market | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Cost of loans and leases sold | 108,000,000 | 204,000,000 | 352,000,000 | |
Residential mortgage loans sold with retained servicing | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Residential mortgage loans sold | 1,100,000,000 | 1,500,000,000 | 1,100,000,000 | |
Loan balance of residential mortgage loans sold | $3,300,000,000 | $2,700,000,000 | $1,500,000,000 |
Loan_Sales_and_Servicing_Loans
Loan Sales and Servicing - Loans Held For Sale (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Loans Held for Sale [Line Items] | ||
Loans held for sale | $154,816 | $147,109 |
Real estate - construction | ||
Loans Held for Sale [Line Items] | ||
Loans held for sale | 0 | 4,447 |
Mortgage receivable | Commercial real estate - mortgage | ||
Loans Held for Sale [Line Items] | ||
Loans held for sale | 0 | 2,912 |
Mortgage receivable | Residential real estate | ||
Loans Held for Sale [Line Items] | ||
Loans held for sale | $154,816 | $139,750 |
Loan_Sales_and_Servicing_Resid
Loan Sales and Servicing - Residential MSRs (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||||||
Beginning balance | $30,065 | $13,255 | $4,264 | |||
Additions | 11,494 | 16,746 | 11,472 | |||
Due to changes in valuation inputs or assumptions | -3,851 | 1,634 | -1,512 | |||
Due to other changes in fair value | -2,220 | [1] | -1,570 | [1] | -969 | [1] |
Ending balance | $35,488 | $30,065 | $13,255 | |||
[1] | Represents the realization of expected net servicing cash flows, expected borrower repayments and the passage of time. |
Loan_Sales_and_Servicing_Valua
Loan Sales and Servicing - Valuation Assumptions (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Servicing Assets at Fair Value [Line Items] | ||||
Fair value of residential mortgage servicing rights | $35,488 | $30,065 | $13,255 | $4,264 |
Mortgage loans sold and serviced, percentage | 100.00% | 100.00% | ||
Weighted average life (in years) | 6 years 2 months 12 days | 6 years 10 months 24 days | ||
Prepayment speed: | 10.60% | 8.80% | ||
Effect on fair value of a 10% increase | -1,220 | -743 | ||
Effect on fair value of a 20% increase | -2,375 | -1,492 | ||
Weighted average discount rate: | 10.10% | 10.00% | ||
Effect on fair value of a 10% increase | -1,291 | -1,167 | ||
Effect on fair value of a 20% increase | ($2,492) | ($2,247) | ||
Fixed rate mortgage loan | ||||
Servicing Assets at Fair Value [Line Items] | ||||
Mortgage loans sold and serviced, percentage | 96.10% | 96.40% | ||
Adjustable rate mortgage loan | ||||
Servicing Assets at Fair Value [Line Items] | ||||
Mortgage loans sold and serviced, percentage | 3.90% | 3.60% |
Premises_and_Equipment_Details
Premises and Equipment (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $2,209,866,000 | $2,145,390,000 | |
Less: Accumulated depreciation and amortization | 858,387,000 | 724,402,000 | |
Total premises and equipment | 1,351,479,000 | 1,420,988,000 | |
Depreciation expense | 177,800,000 | 169,500,000 | 135,800,000 |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 325,997,000 | 340,181,000 | |
Building | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 570,210,000 | 566,785,000 | |
Furniture, fixtures and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 400,080,000 | 403,881,000 | |
Software | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 655,525,000 | 567,366,000 | |
Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 161,968,000 | 156,261,000 | |
Construction / projects in progress | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $96,086,000 | $110,916,000 |
Bank_Owned_Life_Insurance_Deta
Bank Owned Life Insurance (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Schedule of Life Insurance, Corporate or Bank Owned [Line Items] | |||
Bank owned life insurance | $694,335,000 | $683,224,000 | |
Bank owned life insurance | 18,616,000 | 17,747,000 | 20,335,000 |
Bank Owned Life Insurance | |||
Schedule of Life Insurance, Corporate or Bank Owned [Line Items] | |||
Bank owned life insurance | 694,000,000 | 683,000,000 | |
Accrued Expenses and Accrued Liabilities | |||
Schedule of Life Insurance, Corporate or Bank Owned [Line Items] | |||
Split dollar life insurance amount | $7,000,000 | $6,000,000 |
Goodwill_and_Other_Acquired_In2
Goodwill and Other Acquired Intangible Assets Goodwill activity (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill [Roll Forward] | |||
Goodwill, beginning of period | $9,734,348 | $9,734,348 | |
Accumulated impairment losses, beginning of period | -4,775,203 | -4,762,703 | -4,762,703 |
Goodwill, net, beginning of period | 4,971,645 | 4,971,645 | |
Goodwill acquired during the year | 89,401 | 0 | |
Disposition adjustments | -1,699 | 0 | |
Goodwill impairment | -12,500 | 0 | 0 |
Goodwill, end of period | 9,822,050 | 9,734,348 | 9,734,348 |
Goodwill, net, end of period | $5,046,847 | $4,971,645 | $4,971,645 |
Goodwill_and_Other_Acquired_In3
Goodwill and Other Acquired Intangible Assets Intangible assets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
Other intangible assets, gross carrying amount | $814,324 | $809,871 |
Other intangible assets, accumulated amortization | 743,540 | 700,831 |
Other intangible assets, net carrying value | 70,784 | 109,040 |
Core deposit intangibles | ||
Finite-Lived Intangible Assets [Line Items] | ||
Other intangible assets, gross carrying amount | 772,024 | 772,024 |
Other intangible assets, accumulated amortization | 713,233 | 670,710 |
Other intangible assets, net carrying value | 58,791 | 101,314 |
Other identifiable intangibles | ||
Finite-Lived Intangible Assets [Line Items] | ||
Other intangible assets, gross carrying amount | 42,300 | 37,847 |
Other intangible assets, accumulated amortization | 30,307 | 30,121 |
Other intangible assets, net carrying value | $11,993 | $7,726 |
Goodwill_and_Other_Acquired_In4
Goodwill and Other Acquired Intangible Assets Amortization Expense (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2015 | $39,200 |
2016 | 16,400 |
2017 | 10,100 |
2018 | 5,100 |
2019 | $0 |
Goodwill_and_Other_Acquired_In5
Goodwill and Other Acquired Intangible Assets Narrative (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2014 | |
reporting_unit | ||||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||||
Goodwill acquired during the year | $89,401,000 | $0 | ||
Goodwill impairment | 12,500,000 | 0 | 0 | |
Disposition adjustments | -1,699,000 | 0 | ||
Number Of Reporting Units | 4 | |||
Goodwill | 5,046,847,000 | 4,971,645,000 | 4,971,645,000 | |
Recognized accumulated goodwill impairment losses | 4,775,203,000 | 4,762,703,000 | 4,762,703,000 | |
Amount of combined fair value of reporting units with goodwill exceeding combined carrying value | 1,300,000,000 | |||
Amount of combined fair value of reporting units with goodwill exceeding combined carrying value if discount rate was increased 50 basis points | 293,000,000 | |||
Amount of combined carrying value of reporting units with goodwill exceeding combined fair value if discount rate was increased 100 basis points | 742,000,000 | |||
Discount rate, increase to rate used in determining fair value, scenario one | 0.50% | |||
Discount rate, increase to rate used in determining fair value, scenario two | 1.00% | |||
Amortization of intangibles | 50,856,000 | 60,691,000 | 91,746,000 | |
Core deposit intangibles | ||||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||||
Estimated useful life | 3 years 1 month 6 days | |||
Other identifiable intangibles | ||||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||||
Estimated useful life | 3 years | |||
Corporate and investment banking | ||||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||||
Goodwill | 568,000,000 | |||
Recognized accumulated goodwill impairment losses | 249,000,000 | |||
Simple | ||||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||||
Goodwill acquired during the year | 89,000,000 | |||
Goodwill impairment | 12,500,000 | 12,500,000 | ||
Disposition adjustments | -1,700,000 | |||
Goodwill | 77,000,000 | |||
Recognized accumulated goodwill impairment losses | 13,000,000 | |||
Wealth and retail banking | ||||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||||
Goodwill | 2,000,000,000 | |||
Recognized accumulated goodwill impairment losses | 1,400,000,000 | |||
Commercial banking | ||||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||||
Goodwill | 2,400,000,000 | |||
Recognized accumulated goodwill impairment losses | 2,500,000,000 | |||
Reporting units with no remaining goodwill balance | ||||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||||
Recognized accumulated goodwill impairment losses | $694,000,000 |
Deposits_Narrative_Details
Deposits - Narrative (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Banking and Thrift [Abstract] | ||
Time deposits, less than $100,000 | $4,200,000,000 | |
Time deposits, $100,000 or more | 8,500,000,000 | |
Demand deposits overdrafts reclassified to loans | 16,000,000 | 14,000,000 |
Standby letters of credit issued to secure public deposits | $4,500,000,000 |
Deposits_Maturities_of_Time_De
Deposits - Maturities of Time Deposits (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Time Deposits, Fiscal Year Maturity [Abstract] | |
2015 | $5,620,338 |
2016 | 3,731,153 |
2017 | 1,194,515 |
2018 | 1,121,728 |
2019 | 864,500 |
Thereafter | 134,725 |
Time Deposits | $12,666,959 |
ShortTerm_Borrowings_Details
Short-Term Borrowings (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Short-term Debt [Line Items] | ||
Ending balance | $3,675,227 | $858,161 |
Average balance | 1,320,900 | 992,498 |
Maximum outstanding balance | 3,942,343 | 1,507,628 |
Federal funds purchased | ||
Short-term Debt [Line Items] | ||
Ending balance | 693,819 | 704,190 |
Ending average interest rate | 0.27% | 0.26% |
Average balance | 722,753 | 815,541 |
Maximum outstanding balance | 960,935 | 1,022,735 |
Securities sold under agreements to repurchase | ||
Short-term Debt [Line Items] | ||
Ending balance | 435,684 | 148,380 |
Ending average interest rate | 0.73% | 0.01% |
Average balance | 212,686 | 164,218 |
Maximum outstanding balance | 435,684 | 456,263 |
Total federal funds purchased and securities sold under agreements to repurchase | ||
Short-term Debt [Line Items] | ||
Ending balance | 1,129,503 | 852,570 |
Average balance | 935,439 | 979,759 |
Maximum outstanding balance | 1,396,619 | 1,478,998 |
Other short-term borrowings | ||
Short-term Debt [Line Items] | ||
Ending balance | 2,545,724 | 5,591 |
Ending average interest rate | 1.62% | 2.48% |
Average balance | 385,461 | 12,739 |
Maximum outstanding balance | $2,545,724 | $28,630 |
FHLB_and_Other_Borrowings_Narr
FHLB and Other Borrowings - Narrative (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended |
Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2014 | 31-May-13 | |
Debt Instrument [Line Items] | ||||
Long-term debt | $4,298,707,000 | $4,809,843,000 | ||
Gains on extinguishment of debt | 23,600,000 | |||
Capital securities | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 103,765,000 | 103,734,000 | ||
Capital securities | 10.18% fixed rate debentures payable to Riverway Holdings Capital Trust I | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 10.18% | |||
Maturity date | 8-Jun-31 | |||
Aggregate principal of notes | 10,000,000 | |||
Subordinated debentures | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 720,698,000 | 1,717,668,000 | ||
Subordinated debentures | 5.90% subordinated debentures | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 71,086,000 | 71,086,000 | ||
Stated interest rate | 5.90% | |||
Maturity date | 1-Apr-26 | |||
Subordinated debentures | 5.50% subordinated debentures | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 227,764,000 | 227,764,000 | ||
Stated interest rate | 5.50% | |||
Maturity date | 1-Apr-20 | |||
Subordinated debentures | 5.90% subordinated debentures | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 5.90% | |||
Maturity date | 1-Apr-26 | |||
Extinguishment of debt, amount | 53,900,000 | |||
Subordinated debentures | 5.50% subordinated debentures | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 5.50% | |||
Maturity date | 1-Apr-20 | |||
Extinguishment of debt, amount | $72,200,000 |
FHLB_and_Other_Borrowings_Debt
FHLB and Other Borrowings - Debt (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Debt Instrument [Line Items] | ||||
FHLB and other borrowings | $4,809,843 | $4,298,707 | ||
FHLB advances | ||||
Debt Instrument [Line Items] | ||||
FHLB and other borrowings | 2,988,441 | 3,474,244 | ||
Unamortized (discount) premium | -102 | -351 | ||
FHLB advances | LIBOR-based floating rate FHLB advances | ||||
Debt Instrument [Line Items] | ||||
Maturity date, start | 22-Nov-16 | |||
Maturity date, end | 27-Jul-21 | |||
FHLB and other borrowings | 525,000 | 525,000 | ||
Stated interest rate | 0.56% | |||
FHLB advances | Fixed rate, FHLB advances | ||||
Debt Instrument [Line Items] | ||||
Maturity date, start | 30-Mar-15 | |||
Maturity date, end | 3-Sep-35 | |||
FHLB and other borrowings | 2,463,543 | 2,949,595 | ||
Stated interest rate | 1.68% | |||
Senior Notes [Member] | 1.85% senior notes | ||||
Debt Instrument [Line Items] | ||||
Maturity date | 29-Sep-17 | |||
FHLB and other borrowings | 400,000 | 0 | ||
Stated interest rate | 1.85% | |||
Senior Notes [Member] | 2.75% senior notes | ||||
Debt Instrument [Line Items] | ||||
Maturity date | 29-Sep-19 | |||
FHLB and other borrowings | 600,000 | 0 | ||
Stated interest rate | 2.75% | |||
Subordinated debentures | ||||
Debt Instrument [Line Items] | ||||
FHLB and other borrowings | 1,717,668 | 720,698 | ||
Unamortized (discount) premium | -15,135 | -12,719 | ||
Subordinated debentures | 6.40% subordinated debentures | ||||
Debt Instrument [Line Items] | ||||
Maturity date | 1-Oct-17 | |||
FHLB and other borrowings | 350,000 | 350,000 | ||
Stated interest rate | 6.40% | |||
Subordinated debentures | 5.50% subordinated debentures | ||||
Debt Instrument [Line Items] | ||||
Maturity date | 1-Apr-20 | |||
FHLB and other borrowings | 227,764 | 227,764 | ||
Stated interest rate | 5.50% | |||
Subordinated debentures | 5.90% subordinated debentures | ||||
Debt Instrument [Line Items] | ||||
Maturity date | 1-Apr-26 | |||
FHLB and other borrowings | 71,086 | 71,086 | ||
Stated interest rate | 5.90% | |||
Subordinated debentures | Fair value of hedged subordinated debentures | ||||
Debt Instrument [Line Items] | ||||
FHLB and other borrowings | 83,953 | 84,567 | ||
Capital securities | ||||
Debt Instrument [Line Items] | ||||
FHLB and other borrowings | 103,734 | 103,765 | ||
Unamortized (discount) premium | 633 | 664 | ||
Capital securities | LIBOR plus 3.05% floating rate debentures payable to State National Capital Trust I | ||||
Debt Instrument [Line Items] | ||||
Maturity date | 30-Sep-33 | [1] | ||
FHLB and other borrowings | 15,470 | [1] | 15,470 | [1] |
Stated interest rate | 3.05% | |||
Capital securities | LIBOR plus 2.85% floating rate debentures payable to Texas Regional Statutory Trust I | ||||
Debt Instrument [Line Items] | ||||
Maturity date | 17-Mar-34 | [1] | ||
FHLB and other borrowings | 51,547 | [1] | 51,547 | [1] |
Stated interest rate | 2.85% | |||
Capital securities | LIBOR plus 2.60% floating rate debentures payable to TexasBanc Capital Trust I | ||||
Debt Instrument [Line Items] | ||||
Maturity date | 23-Jul-34 | [1] | ||
FHLB and other borrowings | 25,774 | [1] | 25,774 | [1] |
Stated interest rate | 2.60% | |||
Capital securities | LIBOR plus 2.79% floating rate debentures payable to State National Statutory Trust II | ||||
Debt Instrument [Line Items] | ||||
Maturity date | 17-Mar-34 | [1] | ||
FHLB and other borrowings | $10,310 | [1] | $10,310 | [1] |
Stated interest rate | 2.79% | |||
[1] | Majority of amounts qualify for Tier 1 capital. |
FHLB_and_Other_Borrowings_Matu
FHLB and Other Borrowings - Maturity of Debt (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Total FHLB and other borrowings | $4,809,843 | $4,298,707 |
FHLB advances | ||
Debt Instrument [Line Items] | ||
2015 | 649,974 | |
2016 | 1,012,410 | |
2017 | 94 | |
2018 | 17 | |
2019 | 1,020,000 | |
Thereafter | 305,946 | |
Total FHLB and other borrowings | 2,988,441 | 3,474,244 |
Senior notes and subordinated debentures | ||
Debt Instrument [Line Items] | ||
2015 | 0 | |
2016 | 0 | |
2017 | 832,234 | |
2018 | 0 | |
2019 | 596,752 | |
Thereafter | 288,682 | |
Total FHLB and other borrowings | 1,717,668 | |
Capital securities | ||
Debt Instrument [Line Items] | ||
2015 | 0 | |
2016 | 0 | |
2017 | 0 | |
2018 | 0 | |
2019 | 0 | |
Thereafter | 103,734 | |
Total FHLB and other borrowings | $103,734 | $103,765 |
Capital_Securities_and_Preferr1
Capital Securities and Preferred Stock (Details) (USD $) | 12 Months Ended | 1 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2000 | |
trust | |||
Class of Stock [Line Items] | |||
Number of subsidiary business trusts owned by the company | 4 | ||
Preferred stock issued, value | $117,000,000 | $100,000,000 | |
Preferred Class B | |||
Class of Stock [Line Items] | |||
Preferred stock issued, value | 21,000,000 | ||
Preferred stock outstanding, value | $24,000,000 | $24,000,000 | |
Preferred stock, rate per annum | 9.88% | ||
Preferred stock, liquidation preference (in dollars per share) | $1,000 |
Derivatives_and_Hedging_Deriva
Derivatives and Hedging - Derivatives by Balance Sheet Location (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets | $225,227 | $192,771 | ||
Derivative liabilities | 259,018 | 200,207 | ||
Derivatives designated as hedging instrument | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets | 71,493 | [1] | 71,275 | [1] |
Derivative liabilities | 14,497 | [2] | 11,862 | [2] |
Derivatives designated as hedging instrument | Fair value hedges | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets | 69,700 | [1] | 67,623 | [1] |
Derivative liabilities | 0 | [2] | 0 | [2] |
Derivatives designated as hedging instrument | Fair value hedges | Interest rate swap long term debt | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative notional amount | 1,423,950 | 423,950 | ||
Derivative assets | 69,700 | [1] | 67,623 | [1] |
Derivative liabilities | 0 | [2] | 0 | [2] |
Derivatives designated as hedging instrument | Cash flow hedges | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets | 1,793 | [1] | 3,652 | [1] |
Derivative liabilities | 14,497 | [2] | 11,862 | [2] |
Derivatives designated as hedging instrument | Cash flow hedges | Interest rate swap commercial loan | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative notional amount | 1,100,000 | 200,000 | ||
Derivative assets | 1,793 | [1] | 3,652 | [1] |
Derivative liabilities | 1,023 | [2] | 0 | [2] |
Derivatives designated as hedging instrument | Cash flow hedges | Interest rate swap FHLB advances | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative notional amount | 320,000 | 320,000 | ||
Derivative assets | 0 | [1] | 0 | [1] |
Derivative liabilities | 13,474 | [2] | 11,862 | [2] |
Derivatives not designated as hedging instrument | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets | 414,470 | [1] | 341,836 | [1] |
Derivative liabilities | 347,761 | [2] | 273,842 | [2] |
Derivatives not designated as hedging instrument | Futures contracts related to mortgage servicing rights | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative notional amount | 35,000 | 0 | ||
Derivative assets | 0 | [1] | 0 | [1] |
Derivative liabilities | 0 | [2] | 0 | [2] |
Derivatives not designated as hedging instrument | Interest rate contract, forward contracts related to held for sale mortgages | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative notional amount | 189,000 | 171,364 | ||
Derivative assets | 18 | [1] | 1,727 | [1] |
Derivative liabilities | 1,576 | [2] | 56 | [2] |
Derivatives not designated as hedging instrument | Equity contract, purchased equity option related to equity-linked CDs | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative notional amount | 821,849 | 588,377 | ||
Derivative assets | 76,487 | [1] | 47,875 | [1] |
Derivative liabilities | 0 | [2] | 0 | [2] |
Derivatives not designated as hedging instrument | Equity contracts, swap associated with sale | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative notional amount | 57,393 | 49,748 | ||
Derivative assets | 0 | [1] | 0 | [1] |
Derivative liabilities | 1,435 | [2] | 1,244 | [2] |
Derivatives not designated as hedging instrument | Foreign exchange contracts, forwards related to commercial loans | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative notional amount | 602,066 | 424,797 | ||
Derivative assets | 5,529 | [1] | 1,072 | [1] |
Derivative liabilities | 612 | [2] | 2,690 | [2] |
Derivatives not designated as hedging instrument | Foreign exchange contracts, spots related to commercial loans | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative notional amount | 74,940 | 41,133 | ||
Derivative assets | 41 | [1] | 55 | [1] |
Derivative liabilities | 80 | [2] | 56 | [2] |
Derivatives not designated as hedging instrument | Futures contracts | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative notional amount | 307,000 | [3] | 657,000 | [3] |
Derivative assets | 0 | [1],[3] | 0 | [1],[3] |
Derivative liabilities | 0 | [2],[3] | 0 | [2],[3] |
Derivatives not designated as hedging instrument | Interest rate lock commitments | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative notional amount | 180,822 | 129,791 | ||
Derivative assets | 2,319 | [1] | 947 | [1] |
Derivative liabilities | 1 | [2] | 57 | [2] |
Derivatives not designated as hedging instrument | Written equity options related to equity-linked CDs | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative notional amount | 795,467 | 576,196 | ||
Derivative assets | 0 | [1] | 0 | [1] |
Derivative liabilities | 74,319 | [2] | 46,573 | [2] |
Derivatives not designated as hedging instrument | Trading account assets and liabilities, interest rate contracts for customers | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative notional amount | 18,678,390 | 13,474,347 | ||
Derivative assets | 296,239 | [1] | 262,578 | [1] |
Derivative liabilities | 236,763 | [2] | 200,899 | [2] |
Derivatives not designated as hedging instrument | Trading account assets and liabilities, commodity contract for customers | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative notional amount | 264,491 | 906,650 | ||
Derivative assets | 25,569 | [1] | 23,132 | [1] |
Derivative liabilities | 25,448 | [2] | 18,373 | [2] |
Derivatives not designated as hedging instrument | Trading account asset and liabilities, foreign exchange contracts for customers | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative notional amount | 425,123 | 145,175 | ||
Derivative assets | 8,268 | [1] | 4,450 | [1] |
Derivative liabilities | 7,527 | [2] | 3,894 | [2] |
Derivatives not designated as hedging instrument | Total trading account assets and liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets | 330,076 | [1] | 290,160 | [1] |
Derivative liabilities | $269,738 | [2] | $223,166 | [2] |
[1] | Derivative assets, except for trading account assets that are recorded as a component of trading account assets on the Consolidated Balance Sheets, are recorded in other assets on the Company’s Consolidated Balance Sheets. | |||
[2] | Derivative liabilities are recorded in accrued expenses and other liabilities on the Company’s Consolidated Balance Sheets. | |||
[3] | Changes in fair value are cash settled daily; therefore, there is no ending balance at any given reporting period. |
Derivatives_and_Hedging_Fair_V
Derivatives and Hedging - Fair Value Hedges (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Repurchased debt | $126,000,000 | ||
Interest rate swap | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Repurchased debt | 126,000,000 | ||
Derivatives designated as hedging instrument | Fair value hedges | Interest rate swap | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, average remaining maturity period | 4 years 0 months 22 days | ||
Derivatives designated as hedging instrument | Fair value hedges | Interest rate swap | Interest on FHLB and other borrowings | |||
Interest Rate Fair Value Hedges [Abstract] | |||
Change in fair value of interest rate contracts, interest rate swaps hedging long term debt | 2,078,000 | -37,191,000 | -6,500,000 |
Change in fair value of interest rate contract - hedged long term debt | -2,559,000 | 38,444,000 | 7,314,000 |
Interest and amortization related to interest rate swaps on hedged long term debt | $27,882,000 | $22,781,000 | $28,628,000 |
Derivatives_and_Hedging_Cash_F
Derivatives and Hedging - Cash Flow Hedges (Details) (Derivatives designated as hedging instrument, Cash flow hedges, Interest rate swap, USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Cash flow hedges not terminated, net fair value | ($12,700,000) | ||
Derivative, average remaining maturity period | 2 years 6 months | ||
Maximum length of time hedged in interest rate cash flow hedge | 6 years 6 months 29 days | ||
Interest Rate Cash Flow Hedges [Abstract] | |||
Net change in amount recognized in other comprehensive income | -1,900,000 | 8,098,000 | -2,824,000 |
Interest Income | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Cash flow hedge gain to be reclassified within twelve months | 3,200,000 | ||
Interest Rate Cash Flow Hedges [Abstract] | |||
Amount reclassified from accumulated other comprehensive income into net interest income | -1,577,000 | -4,956,000 | 2,261,000 |
Amount of ineffectiveness recognized in net interest income | $0 | $0 | $0 |
Derivatives_and_Hedging_Free_S
Derivatives and Hedging - Free Standing Derivative Instruments (Details) (Derivatives not designated as hedging instrument, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Futures contracts related to mortgage servicing rights | Mortgage Banking Income | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative instruments not designated as hedging instruments, gain (loss), net | $420 | ($53) | $0 |
Futures contract | Corporate and correspondent investment sales | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative instruments not designated as hedging instruments, gain (loss), net | -635 | 172 | -1,622 |
Interest rate contract, forward contracts related to held for sale mortgages | Mortgage Banking Income | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative instruments not designated as hedging instruments, gain (loss), net | -3,229 | 2,397 | -1,225 |
Interest rate contracts, interest rate lock commitments | Mortgage Banking Income | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative instruments not designated as hedging instruments, gain (loss), net | 1,428 | -4,126 | 2,925 |
Interest rate contracts, interest rate contracts for customers | Corporate and correspondent investment sales | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative instruments not designated as hedging instruments, gain (loss), net | 21,552 | 31,271 | 28,755 |
Commodity contracts for customers | Corporate and correspondent investment sales | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative instruments not designated as hedging instruments, gain (loss), net | 105 | 26 | 982 |
Equity contracts, purchased equity options related to equity-linked CDs | Other noninterest expense | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative instruments not designated as hedging instruments, gain (loss), net | 28,612 | 24,514 | 2,209 |
Equity contracts, written equity options related to equity-linked CDs | Other noninterest expense | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative instruments not designated as hedging instruments, gain (loss), net | -27,746 | -24,158 | -1,942 |
Foreign exchange contracts, forwards related to commercial loans | Other income | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative instruments not designated as hedging instruments, gain (loss), net | 55,544 | -4,460 | -1,975 |
Foreign exchange contracts, spots related to commercial loans | Other income | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative instruments not designated as hedging instruments, gain (loss), net | -7,556 | 469 | 0 |
Foreign currency contracts, foreign currency exchange contracts for customers | Corporate and correspondent investment sales | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative instruments not designated as hedging instruments, gain (loss), net | $1,125 | $624 | $143 |
Derivatives_and_Hedging_Credit
Derivatives and Hedging - Credit and Market Risks (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Credit Derivatives [Line Items] | |||||
Derivative, collateral, right to reclaim cash | $44,163,000 | [1] | $25,910,000 | [1] | |
Derivative, collateral, obligation to return cash | 58,309,000 | [1] | 37,189,000 | [1] | |
Other assets | |||||
Credit Derivatives [Line Items] | |||||
Derivative, collateral, right to reclaim cash | 46,000,000 | 26,000,000 | |||
Deposits | |||||
Credit Derivatives [Line Items] | |||||
Derivative, collateral, obligation to return cash | 62,000,000 | 38,000,000 | |||
Derivatives not designated as hedging instrument | Interest rate swap | |||||
Credit Derivatives [Line Items] | |||||
Credit risk derivatives, at fair value, net | 330,000,000 | ||||
Gain (loss) on derivative instruments held for trading purposes, net | 888,000 | 5,200,000 | 7,200,000 | ||
Derivatives designated as hedging instrument | Interest rate swap | Over the Counter | |||||
Credit Derivatives [Line Items] | |||||
Credit risk derivatives, at fair value, net | $77,000,000 | ||||
[1] | The actual amount of collateral received/pledged is limited to the asset/liability balance and does not include excess collateral received/pledged. When excess collateral exists the collateral shown in the table above has been allocated based on the percentage of the actual amount of collateral posted. |
Derivatives_and_Hedging_Contin
Derivatives and Hedging - Contingent Features (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivative, net liability position, aggregate fair value | $65 | $57 |
Collateral already posted, aggregate fair value | 62 | 54 |
Additional collateral, aggregate fair value | $4 | $3 |
Assets_and_Liabilities_Subject2
Assets and Liabilities Subject to Enforceable Master Netting Arrangements (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
Offsetting [Abstract] | ||||
Fair value of collateral received related to securities purchased under agreements to resell | $2,600,000,000 | |||
Fair value of collateral received related to securities sold under agreements to repurchase | 2,500,000,000 | |||
Securities purchased under agreement to resell, gross amounts recognized | 3,100,200,000 | |||
Securities purchased under agreement to resell, gross amounts offset in the Consolidated Balance Sheets | 2,533,661,000 | |||
Securities purchased under agreement to resell, net amount presented in the Consolidated Balance Sheet | 566,539,000 | |||
Securities purchased under agreement to resell, gross amounts not offset in the Consolidated Balance Sheets, financial instruments | 566,539,000 | |||
Securities purchased under agreement to resell, net amount | 0 | |||
Derivative financial assets: | ||||
Derivative assets, total derivatives subject to a master netting arrangement, gross amounts recognized | 225,227,000 | 192,771,000 | ||
Derivative assets, total derivative subject to a master netting arrangement, gross amounts offset in the Consolidated Balance Sheets | 0 | 0 | ||
Derivative assets, total derivatives subject to a master netting arrangement, net amount presented in the consolidated balance sheets | 225,227,000 | 192,771,000 | ||
Derivative assets, total derivatives subject to a master netting arrangement, gross amounts not offset in the consolidated balance sheet, financial instruments | 0 | [1] | 7,723,000 | [1] |
Derivate assets, total derivatives subject to a master netting arrangement, gross amounts not offset in the consolidated balance sheets, cash collateral received/pledged | 58,309,000 | [1] | 37,189,000 | [1] |
Derivative financial asset, subject to a master netting arrangement, net amount | 166,918,000 | 147,859,000 | ||
Derivative assets, total derivatives not subject to a master netting arrangement | 260,736,000 | 220,340,000 | ||
Total derivative financial assets, gross amounts recognized | 485,963,000 | 413,111,000 | ||
Total derivative financial assets, net amount presented in the consolidated balance sheet | 485,963,000 | 413,111,000 | ||
Total derivative financial assets, net amount | 427,654,000 | 368,199,000 | ||
Securities sold under agreements to repurchase, gross amounts recognized | 2,969,345,000 | |||
Securities sold under agreements to repurchase, gross amounts offset in the Consolidated Balance Sheets | 2,533,661,000 | |||
Securities sold under agreements to repurchase, net amount presented in the Consolidated Balance Sheet | 435,684,000 | |||
Securities sold under agreements to repurchase, gross amounts not offset in the Consolidated Balance Sheets, financial instruments | 435,684,000 | |||
Securities sold under agreements to repurchase, net amount | 0 | |||
Derivative financial liabilities: | ||||
Derivative liabilities, total derivative subject to a master netting arrangement, gross amounts recognized | 259,018,000 | 200,207,000 | ||
Derivative liabilities, total derivative subject to a master netting arrangement, gross amount offset in the consolidated balance sheets | 0 | 0 | ||
Derivative liabilities, total derivative subject to a master netting arrangement, net amount presented in the consolidated balance sheets | 259,018,000 | 200,207,000 | ||
Derivative liabilities, total derivative subject to a master netting arrangement, gross amounts not offset in the consolidated balance sheets, financial instruments | 29,677,000 | [1] | 46,466,000 | [1] |
Derivative liabilities, total derivative subject to a master netting arrangement, gross amounts not offset in the consolidated balance sheets, cash collateral received/pledged | 44,163,000 | [1] | 25,910,000 | [1] |
Derivative liabilities, total derivative subject to a master netting arrangement, net amount | 185,178,000 | 127,831,000 | ||
Derivative liabilities, total derivatives not subject to a master netting arrangement | 103,240,000 | 85,497,000 | ||
Derivative financial liabilities, total derivative financial liabilities, gross amounts recognized | 362,258,000 | 285,704,000 | ||
Total derivative financial liabilities, net amount presented in the consolidated balance sheets | 362,258,000 | 285,704,000 | ||
Total derivative financial liabilities, net amount | $288,418,000 | $213,328,000 | ||
[1] | The actual amount of collateral received/pledged is limited to the asset/liability balance and does not include excess collateral received/pledged. When excess collateral exists the collateral shown in the table above has been allocated based on the percentage of the actual amount of collateral posted. |
Commitments_Contingencies_and_1
Commitments, Contingencies and Guarantees - Operating and Capital Leases (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2015 | $62,114 |
2016 | 58,459 |
2017 | 53,050 |
2018 | 47,255 |
2019 | 42,332 |
Thereafter | 196,331 |
Total | 459,541 |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2015 | 2,147 |
2016 | 2,188 |
2017 | 2,272 |
2018 | 2,336 |
2019 | 2,372 |
Thereafter | 16,211 |
Total | $27,526 |
Commitments_Contingencies_and_2
Commitments, Contingencies and Guarantees - Commitments (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Guarantor Obligations [Line Items] | ||
Commitments to extend credit | $28,369,666 | $26,545,608 |
Financial standby letter of credit | ||
Guarantor Obligations [Line Items] | ||
Standby and commercial letters of credit | $1,871,323 | $2,093,159 |
Commitments_Contingencies_and_3
Commitments, Contingencies and Guarantees - Narrative (Details) (USD $) | 12 Months Ended | 1 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | |
Loss Contingencies And Guarantor Obligations [Line Items] | ||||
Assets recorded as capital leases | $31,300,000 | |||
Accumulated deprecation recorded on assets recorded as capital leases | 15,400,000 | |||
Lease expense | 73,700,000 | 66,800,000 | 64,600,000 | |
Lease income | 5,900,000 | 5,400,000 | 4,500,000 | |
Securities purchased under agreements to resell | 566,539,000 | |||
Securities sold under agreements to repurchase | 435,684,000 | |||
Pending litigation | Jack Demetree Vs. BBVA Compass | ||||
Loss Contingencies And Guarantor Obligations [Line Items] | ||||
Damages sought | 16,400,000 | |||
Pending litigation | Other litigation matters | ||||
Loss Contingencies And Guarantor Obligations [Line Items] | ||||
Loss contingency accrual | 15,000,000 | |||
Financial standby letter of credit | ||||
Loss Contingencies And Guarantor Obligations [Line Items] | ||||
Letters of credit, deferred fees | 5,200,000 | 4,900,000 | ||
Maximum potential amount of future undiscounted payments Company could be required to make on outstanding standby letters of credit | 1,900,000,000 | |||
Financial standby letter of credit | Minimum | ||||
Loss Contingencies And Guarantor Obligations [Line Items] | ||||
Guarantor obligations, term | 1 year | |||
Financial standby letter of credit | Maximum | ||||
Loss Contingencies And Guarantor Obligations [Line Items] | ||||
Guarantor obligations, term | 4 years | |||
Financial standby letter of credit | Accrued expenses and other liabilities | ||||
Loss Contingencies And Guarantor Obligations [Line Items] | ||||
Loss contingency accrual | 94,000,000 | 76,000,000 | ||
Potential recourse related to FNMA securitizations | ||||
Loss Contingencies And Guarantor Obligations [Line Items] | ||||
Potential recourse | 20,000,000 | 20,000,000 | ||
Potential recourse related to FNMA securitizations | Accrued expenses and other liabilities | ||||
Loss Contingencies And Guarantor Obligations [Line Items] | ||||
Loss contingency accrual | 655,000 | 738,000 | ||
Standard representations and warranties related to loan sales to government-sponsored agencies | Accrued expenses and other liabilities | ||||
Loss Contingencies And Guarantor Obligations [Line Items] | ||||
Loss contingency accrual | 1,000,000 | 1,000,000 | ||
FDIC loss sharing agreement | ||||
Loss Contingencies And Guarantor Obligations [Line Items] | ||||
Covered loans | 9,700,000,000 | |||
Loan losses reimbursable by FDIC, percentage of loss reimbursable | 80.00% | |||
Amount reimbursable by FDIC for loan losses, minimum amount | 2,300,000,000 | |||
FDIC indemnification asset, percentage of incurred losses above threshold amount reimbursed | 95.00% | |||
FDIC loss sharing agreement, term | 10 years | |||
Loss sharing agreement, percentage owed by company to FDIC if terms are met | 60.00% | |||
Loss sharing agreement, threshold amount | 457,000,000 | |||
Loss sharing agreement, percentage of net amount paid to company, subject to repayment to FDIC | 25.00% | |||
Loss sharing agreement, administration costs for loans, percentage subject to repayment to FDIC | 20.00% | |||
Loss sharing agreement, average administration cost percentage | 2.00% | |||
Loss sharing agreement, amount owed to FDIC | 145,000,000 | 140,000,000 | ||
FDIC loss sharing agreement | Commercial Loan | ||||
Loss Contingencies And Guarantor Obligations [Line Items] | ||||
FDIC loss sharing agreement, term | 5 years | |||
FDIC loss sharing agreement | Single Family Residential Loan | ||||
Loss Contingencies And Guarantor Obligations [Line Items] | ||||
FDIC loss sharing agreement, term | 10 years | |||
Facilities | Minimum | ||||
Loss Contingencies And Guarantor Obligations [Line Items] | ||||
Lease, term | 10 years | |||
Facilities | Maximum | ||||
Loss Contingencies And Guarantor Obligations [Line Items] | ||||
Lease, term | 20 years | |||
Equipment | Maximum | ||||
Loss Contingencies And Guarantor Obligations [Line Items] | ||||
Lease, term | 5 years | |||
Low Income Housing Tax Credit Partnership | ||||
Loss Contingencies And Guarantor Obligations [Line Items] | ||||
Unfunded commitment | 82,000,000 | |||
Forward contracts | ||||
Loss Contingencies And Guarantor Obligations [Line Items] | ||||
Securities purchased under agreements to resell | 0 | |||
Securities sold under agreements to repurchase | 248,000,000 | 0 | ||
Settling at a Future Date | ||||
Loss Contingencies And Guarantor Obligations [Line Items] | ||||
Securities purchased under agreements to resell | $318,000,000 |
Regulatory_Capital_Requirement2
Regulatory Capital Requirements and Dividends from Subsidiaries - Narrative (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Billions, unless otherwise specified | ||
Banking and Thrift [Abstract] | ||
Minimum total risk-based capital ratio required | 4.00% | |
Minimum risk-based capital ratio required | 8.00% | |
Minimum leverage ratio required | 4.00% | |
Minimum total risk-based capital required to be well-capitalized | 10.00% | |
Minimum tier 1 risk-based capital required to be well-capitalized | 6.00% | |
Minimum leverage ratio required to be well-capitalized | 5.00% | |
Dividends that could be paid while maintaining requirements to be classified as well-capitalized, amount | $1.50 | |
Cash balance required by federal reserve | $3 | $3.40 |
Regulatory_Capital_Requirement3
Regulatory Capital Requirements and Dividends from Subsidiaries - Actual Capital Amounts and Ratios (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
BBVA Compass Bancshares Inc | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total risk-based capital, amount | $8,254,184 | $7,822,858 |
Total risk-based capital, ratio | 12.81% | 13.74% |
Tier 1 risk-based capital, amount | 7,046,902 | 6,613,885 |
Tier 1 risk-based capital, ratio | 10.94% | 11.62% |
Leverage, amount | 7,046,902 | 6,613,885 |
Leverage, ratio | 9.09% | 9.87% |
Compass Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total risk-based capital, amount | 7,923,666 | 7,517,829 |
Total risk-based capital, ratio | 12.37% | 13.23% |
Tier 1 risk-based capital, amount | 6,716,384 | 6,310,290 |
Tier 1 risk-based capital, ratio | 10.49% | 11.11% |
Leverage, amount | $6,716,384 | $6,310,290 |
Leverage, ratio | 9.03% | 9.50% |
Stock_Based_Compensation_Stock
Stock Based Compensation - Stock Activity (Details) (Restricted Share Unit, USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Restricted Share Unit | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Nonvested, January 1 | 1,549,111 | 1,718,493 | 1,727,384 |
Granted | 677,373 | 647,503 | 1,191,807 |
Vested | -667,898 | -763,999 | -1,053,265 |
Forfeited | -118,629 | -52,886 | -147,433 |
Nonvested, December 31 | 1,439,957 | 1,549,111 | 1,718,493 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Nonvested, weighted average grant price, January 1 (in dollars per share) | $10.53 | $10.42 | $13.15 |
Granted, weighted average grant price (in dollar per share) | $10.06 | $11.08 | $9.50 |
Vested, weighted average grant price (in dollars per share) | $10.35 | $10.59 | $13.40 |
Forfeited, weighted average grant price (in dollars per share) | $9.60 | $12.80 | $15.86 |
Nonvested, weighted average grant price, December 31 (in dollars per share) | $10.23 | $10.53 | $10.42 |
Stock_Based_Compensation_Narra
Stock Based Compensation - Narrative (Details) (Restricted Stock Units (RSUs), USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Recognized compensation expense related to award shares | $4.50 | $8.30 | $6.80 |
Unrecognized compensation costs | $7.50 | $6.30 | $8.50 |
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 1 year | ||
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years |
Benefit_Plans_Narrative_Detail
Benefit Plans - Narrative (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Defined Benefit and Defined Contribution Plans Disclosures [Line Items] | |||
Curtailments | ($25,128,000) | $0 | |
Expense related to defined contribution profit sharing plan | 32,800,000 | 32,500,000 | 31,100,000 |
Defined Pension Plan | |||
Defined Benefit and Defined Contribution Plans Disclosures [Line Items] | |||
Accumulated benefit obligation | 361,000,000 | 283,000,000 | |
Anticipated future amortization of actuarial loss from accumulated other comprehensive income | 600,000 | ||
Funded status | 2,490,000 | 1,501,000 | |
Net periodic expense | 10,009,000 | 9,565,000 | 9,948,000 |
Supplemental Retirement Plan | |||
Defined Benefit and Defined Contribution Plans Disclosures [Line Items] | |||
Funded status | 36,000,000 | 33,000,000 | |
Net periodic expense | 1,900,000 | 2,000,000 | 1,300,000 |
Accumulated other comprehensive income | $10,400,000 | $8,000,000 | |
Profit Sharing Plan | Minimum | |||
Defined Benefit and Defined Contribution Plans Disclosures [Line Items] | |||
Employer matching contribution, percent of employee's base pay | 2.00% | ||
Profit Sharing Plan | Maximum | |||
Defined Benefit and Defined Contribution Plans Disclosures [Line Items] | |||
Employer matching contribution, percent of employee's base pay | 4.00% | ||
Contribution Plan | |||
Defined Benefit and Defined Contribution Plans Disclosures [Line Items] | |||
Employee's maximum contributions that can be made to benefit plan, percentage | 75.00% | ||
Employer matching contributions, first tranche, percent of contributions matched | 100.00% | ||
Employee matching contribution, tranche one, percent of compensation employees can deferred for matching | 3.00% | ||
Employer matching contribution, tranche two, percent of match by employer | 50.00% | ||
Employee matching contribution, tranche two, percent of compensation employees can deferred for matching | 2.00% |
Benefit_Plans_Change_in_benefi
Benefit Plans - Change in benefit obligations and plan assets (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Change in benefit obligation: | |||
Curtailments | ($25,128) | $0 | |
Defined Pension Plan | |||
Change in benefit obligation: | |||
Benefit obligation, January 1 | 312,195 | 342,848 | |
Service cost | 5,227 | 6,262 | 6,843 |
Interest cost | 14,941 | 13,523 | 13,464 |
Actuarial gain (loss) | 73,998 | -40,770 | |
Benefits paid | -10,661 | -9,668 | |
Benefit obligation, December 31 | 370,572 | 312,195 | 342,848 |
Change in plan assets: | |||
Fair value of plan assets, January 1 | 313,696 | 366,560 | |
Actual return on plan assets | 70,027 | -43,196 | |
Benefits paid | -10,661 | -9,668 | |
Fair value of plan assets, December 31 | 373,062 | 313,696 | 366,560 |
Funded status | 2,490 | 1,501 | |
Net actuarial loss | 45,635 | 56,633 | |
Net amount recognized | $48,125 | $58,134 |
Benefit_Plans_Recognition_on_B
Benefit Plans - Recognition on Balance Sheet (Details) (Defined Pension Plan, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net amount recognized | $48,125 | $58,134 |
Prepaid benefit costs | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prepaid benefit cost - other assets | 2,490 | 1,501 |
Deferred tax - other assets | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prepaid benefit cost - other assets | 16,807 | 20,841 |
Accumulated Other Comprehensive Income (Loss) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated other comprehensive income | $28,828 | $35,792 |
Benefit_Plans_Recognition_on_I
Benefit Plans - Recognition on Income Statement (Details) (Defined Pension Plan, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $5,227 | $6,262 | $6,843 |
Interest cost | 14,941 | 13,523 | 13,464 |
Expected return on plan assets | -11,961 | -10,706 | -11,158 |
Recognized actuarial loss | 1,802 | 486 | 799 |
Net amount recognized | $10,009 | $9,565 | $9,948 |
Benefit_Plans_Assumptions_for_
Benefit Plans - Assumptions for defined benefit plan (Details) (Defined Pension Plan, USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Change in defined benefit plan included in other comprehensive income | ($6,964) | $7,944 |
Weighted average assumptions used to determine benefit obligation at December 31: | ||
Discount rate | 3.97% | 4.86% |
Rate of compensation increase | 3.25% | 3.25% |
Weighted average assumptions used to determine net pension income for year ended December 31: | ||
Discount rate | 4.86% | 4.03% |
Expected return on plan assets | 3.88% | 2.96% |
Rate of compensation increase | 3.25% | 3.50% |
Benefit_Plans_Estimated_Benefi
Benefit Plans - Estimated Benefit Payments (Details) (Defined Pension Plan, USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Defined Pension Plan | |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | |
2015 | $11,611 |
2016 | 12,276 |
2017 | 13,102 |
2018 | 14,401 |
2019 | 15,159 |
2020 - 2024 | $92,168 |
Benefit_Plans_Fair_value_of_de
Benefit Plans - Fair value of defined benefit plans (Details) (Defined Pension Plan, USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $373,062 | $313,696 | $366,560 |
Fair Value, Inputs, Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 227,395 | 177,429 | |
Fair Value, Inputs, Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 145,667 | 136,267 | |
Fair Value, Inputs, Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 10,010 | 4,368 | |
Cash and cash equivalents | Fair Value, Inputs, Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 10,010 | 4,368 | |
Cash and cash equivalents | Fair Value, Inputs, Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Cash and cash equivalents | Fair Value, Inputs, Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
US Treasury and government agency | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 238,310 | 188,147 | |
US Treasury and government agency | Fair Value, Inputs, Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 217,385 | 173,061 | |
US Treasury and government agency | Fair Value, Inputs, Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 20,925 | 15,086 | |
US Treasury and government agency | Fair Value, Inputs, Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
State and political subdivisions | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 8,670 | 9,853 | |
State and political subdivisions | Fair Value, Inputs, Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
State and political subdivisions | Fair Value, Inputs, Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 8,670 | 9,853 | |
State and political subdivisions | Fair Value, Inputs, Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Corporate bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 116,072 | 111,328 | |
Corporate bonds | Fair Value, Inputs, Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Corporate bonds | Fair Value, Inputs, Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 116,072 | 111,328 | |
Corporate bonds | Fair Value, Inputs, Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fixed income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 363,052 | 309,328 | |
Fixed income securities | Fair Value, Inputs, Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 217,385 | 173,061 | |
Fixed income securities | Fair Value, Inputs, Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 145,667 | 136,267 | |
Fixed income securities | Fair Value, Inputs, Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $0 | $0 |
Income_Taxes_Income_Tax_Expens
Income Taxes - Income Tax Expense (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current: | |||
Federal | $146,993 | $121,874 | $99,468 |
State | 9,419 | 14,816 | 10,896 |
Current income tax expense | 156,412 | 136,690 | 110,364 |
Deferred: | |||
Federal | -9,044 | 32,501 | 104,756 |
State | -37 | 1,629 | 4,581 |
Deferred income tax expense | -9,081 | 34,130 | 109,337 |
Total income tax expense | $147,331 | $170,820 | $219,701 |
Income_Taxes_Effective_Rate_Re
Income Taxes - Effective Rate Reconciliation (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Effective Income Tax Rate Reconciliation, Amount | |||
Income tax expense at federal statutory rate | $215,552 | $206,762 | $244,549 |
Tax-exempt interest income | -47,794 | -38,632 | -30,176 |
Change in valuation allowance | -19,118 | -5,714 | 2,713 |
Bank owned life insurance | -6,515 | -6,211 | -7,117 |
Income tax credits | -5,779 | -6,452 | -6,300 |
State income tax, net of federal income taxes | 6,740 | 17,595 | 12,075 |
Other | 4,245 | 3,472 | 3,957 |
Total income tax expense | $147,331 | $170,820 | $219,701 |
Effective Income Tax Rate Reconciliation, Percent of Pretax Earnings | |||
Income tax expense at federal statutory rate | 35.00% | 35.00% | 35.00% |
Tax-exempt interest income | -7.80% | -6.50% | -4.30% |
Change in valuation allowance | -3.10% | -1.00% | 0.40% |
Bank owned life insurance | -1.10% | -1.10% | -1.00% |
Income tax credits | -0.90% | -1.10% | -0.90% |
State income tax, net of federal income taxes | 1.10% | 3.00% | 1.70% |
Other | 0.70% | 0.60% | 0.50% |
Income tax expense | 23.90% | 28.90% | 31.40% |
Income_Taxes_Deferred_Tax_Asse
Income Taxes - Deferred Tax Assets and Liabilities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ||
Allowance for loan losses | $248,866 | $255,193 |
Accrued expenses | 50,221 | 56,265 |
Loan valuation | 0 | 4,490 |
Net unrealized losses on investment securities available for sale, hedging instruments and defined benefit plan adjustment | 31,866 | 50,230 |
Other real estate owned | 693 | 3,091 |
Federal net operating loss carryforwards | 27,481 | 26,191 |
Other | 64,086 | 59,059 |
Gross deferred taxes | 423,213 | 454,519 |
Valuation allowance | -16,057 | -31,137 |
Total deferred tax assets | 407,156 | 423,382 |
Deferred tax liabilities: | ||
Premises and equipment | 153,146 | 166,478 |
Core deposit and other acquired intangibles | 31,743 | 49,363 |
Capitalized loan costs | 43,055 | 42,028 |
Loan valuation | 13,297 | 0 |
Other | 34,046 | 37,309 |
Total deferred tax liabilities | 275,287 | 295,178 |
Net deferred tax asset | $131,869 | $128,204 |
Income_Taxes_Operating_Loss_Ca
Income Taxes - Operating Loss Carryforwards (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Operating Loss Carryforwards [Line Items] | ||
Federal net operating loss carryforwards | $27,481,000 | $26,191,000 |
BSI | ||
Operating Loss Carryforwards [Line Items] | ||
Federal net operating loss carryforwards | 17,500,000 | |
Real estate investment subsidiary | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 18,800,000 | |
Operating loss carryforwards, valuation allowance | 6,600,000 | |
Domestic tax authority | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 59,700,000 | |
Domestic tax authority | BSI | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards, valuation allowance | 18,100,000 | |
State and local jurisdiction | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 198,000,000 | 176,000,000 |
Operating loss carryforwards, valuation allowance | $9,500,000 | $6,100,000 |
Income_Taxes_Unrecognized_Tax_
Income Taxes - Unrecognized Tax Benefits (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized income tax benefits, January 1 | $31,991,000 | $28,639,000 | $33,357,000 |
Increases for tax positions related to prior years | 1,182,000 | 458,000 | 451,000 |
Increases for tax positions related to current year | 1,189,000 | 3,340,000 | 4,438,000 |
Decreases for tax positions related to prior years | -6,076,000 | -368,000 | -382,000 |
Decreases for tax positions related to current year | 0 | -78,000 | -8,180,000 |
Decreases for tax positions related to settlement with taxing authorities | 0 | 0 | 0 |
Decreases for tax positions related to expiration of applicable statutes of limitation | 0 | 0 | -1,045,000 |
Unrecognized income tax benefits, December 31 | 28,286,000 | 31,991,000 | 28,639,000 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense [Abstract] | |||
Unrecognized tax benefits, income tax penalties and interest expense | 1,200,000 | 4,000,000 | -364,000 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued [Abstract] | |||
Unrecognized tax benefits, accrued interest and penalties | 10,200,000 | 9,000,000 | |
Unrecognized Tax Benefits [Abstract] | |||
Unrecognized tax benefits that would impact effective tax rate | 28,300,000 | 26,100,000 | 22,600,000 |
Significant change in unrecognized tax benefits is reasonably possible, amount of unrecorded benefit | $11,200,000 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments - Narrative (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Federal home loan bank and federal reserve stock required to be owned by company | $500 | $512 | |
Residential mortgage loans held for sale | Noninterest income | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Net gains realized due to changes in fair value of loans | 3.8 | -10.7 | |
Forward contracts | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Net gains realized due to changes in fair value of loans | ($3.20) | $2.40 | $1.20 |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments - Unpaid Principle Balances (Details) (Residential mortgage loans held for sale, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Residential mortgage loans held for sale | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Aggregate fair value | $154,816 | $139,750 |
Aggregate unpaid principle balance | 148,564 | 137,300 |
Difference | $6,252 | $2,450 |
Fair_Value_of_Financial_Instru4
Fair Value of Financial Instruments - Fair value of balance sheet items (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Assets: | ||||
Trading account assets | $2,834,397 | $319,930 | ||
Loans held for sale, estimated fair value | 154,816 | 139,750 | ||
Investment securities available for sale | 10,237,275 | 8,313,085 | ||
Derivative assets | 485,963 | 413,111 | ||
Other assets | 1,318,392 | 893,274 | ||
Liabilities: | ||||
Derivative liabilities | 362,258 | 285,704 | ||
Quoted Prices in Active Markets for Identical Assets, Level 1 | ||||
Assets: | ||||
Trading account assets | 2,502,308 | |||
Investment securities available for sale | 1,342,525 | 40,340 | ||
Liabilities: | ||||
Trading account liabilities | 2,545,299 | |||
Significant Other Observable Inputs, Level 2 | ||||
Assets: | ||||
Trading account assets | 330,499 | 318,285 | ||
Loans held for sale, estimated fair value | 154,816 | 139,750 | ||
Investment securities available for sale | 8,395,231 | 7,760,612 | ||
Derivative assets | 153,568 | 122,004 | ||
Liabilities: | ||||
Trading account liabilities | 270,163 | 228,757 | ||
Derivative liabilities | 91,084 | 61,237 | ||
Fair Value, Inputs, Level 3 | ||||
Assets: | ||||
Trading account assets | 1,590 | 1,645 | ||
Loans held for sale, estimated fair value | 0 | 7,359 | ||
Investment securities available for sale | 499,519 | 512,133 | ||
Derivative assets | 2,319 | 947 | ||
Other assets | 35,488 | 30,065 | ||
Liabilities: | ||||
Derivative liabilities | 1 | 57 | ||
Fair Value, measurements, recurring | ||||
Assets: | ||||
Trading account assets | 2,834,397 | 319,930 | ||
Loans held for sale, estimated fair value | 154,816 | 139,750 | ||
Investment securities available for sale | 9,737,760 | 7,800,958 | ||
Derivative assets | 155,887 | |||
Liabilities: | ||||
Trading account liabilities | 2,815,462 | |||
Derivative liabilities | 91,085 | |||
Fair Value, measurements, recurring | Derivative | ||||
Liabilities: | ||||
Derivative liabilities | 2,746 | |||
Fair Value, measurements, recurring | Interest rate swap | ||||
Liabilities: | ||||
Derivative liabilities | 11,975 | |||
Fair Value, measurements, recurring | Interest rate contracts | ||||
Assets: | ||||
Derivative assets | 73,830 | 73,949 | ||
Liabilities: | ||||
Derivative liabilities | 16,074 | 46,573 | ||
Fair Value, measurements, recurring | Equity Contract | ||||
Assets: | ||||
Derivative assets | 76,487 | 47,875 | ||
Liabilities: | ||||
Derivative liabilities | 74,319 | |||
Fair Value, measurements, recurring | Foreign exchange contracts | ||||
Assets: | ||||
Derivative assets | 5,570 | 1,127 | ||
Liabilities: | ||||
Derivative liabilities | 692 | |||
Fair Value, measurements, recurring | Quoted Prices in Active Markets for Identical Assets, Level 1 | ||||
Assets: | ||||
Trading account assets | 2,502,308 | |||
Investment securities available for sale | 1,342,525 | 40,340 | ||
Liabilities: | ||||
Trading account liabilities | 2,545,299 | |||
Fair Value, measurements, recurring | Significant Other Observable Inputs, Level 2 | ||||
Assets: | ||||
Trading account assets | 330,499 | 318,285 | ||
Loans held for sale, estimated fair value | 154,816 | 139,750 | ||
Investment securities available for sale | 8,395,231 | 7,760,612 | ||
Derivative assets | 153,568 | 122,004 | ||
Liabilities: | ||||
Trading account liabilities | 270,163 | 228,757 | ||
Derivative liabilities | 91,084 | 61,237 | ||
Fair Value, measurements, recurring | Significant Other Observable Inputs, Level 2 | Derivative | ||||
Liabilities: | ||||
Derivative liabilities | 2,746 | |||
Fair Value, measurements, recurring | Significant Other Observable Inputs, Level 2 | Interest rate swap | ||||
Liabilities: | ||||
Derivative liabilities | 11,918 | |||
Fair Value, measurements, recurring | Significant Other Observable Inputs, Level 2 | Interest rate contracts | ||||
Assets: | ||||
Derivative assets | 71,511 | 73,002 | ||
Liabilities: | ||||
Derivative liabilities | 16,073 | 46,573 | ||
Fair Value, measurements, recurring | Significant Other Observable Inputs, Level 2 | Equity Contract | ||||
Assets: | ||||
Derivative assets | 76,487 | 47,875 | ||
Liabilities: | ||||
Derivative liabilities | 74,319 | |||
Fair Value, measurements, recurring | Significant Other Observable Inputs, Level 2 | Foreign exchange contracts | ||||
Assets: | ||||
Derivative assets | 5,570 | 1,127 | ||
Liabilities: | ||||
Derivative liabilities | 692 | |||
Fair Value, measurements, recurring | Fair Value, Inputs, Level 3 | ||||
Assets: | ||||
Trading account assets | 1,590 | 1,645 | ||
Investment securities available for sale | 4 | 6 | ||
Derivative assets | 2,319 | 947 | ||
Other assets | 35,488 | 30,065 | ||
Liabilities: | ||||
Derivative liabilities | 1 | 57 | ||
Fair Value, measurements, recurring | Fair Value, Inputs, Level 3 | Interest rate swap | ||||
Liabilities: | ||||
Derivative liabilities | 57 | |||
Fair Value, measurements, recurring | Fair Value, Inputs, Level 3 | Interest rate contracts | ||||
Assets: | ||||
Derivative assets | 2,319 | 947 | ||
Liabilities: | ||||
Derivative liabilities | 1 | |||
US Treasury and government agency | ||||
Assets: | ||||
Investment securities available for sale | 2,313,542 | 260,937 | ||
US Treasury and government agency | Fair Value, measurements, recurring | ||||
Assets: | ||||
Trading account assets | 2,502,308 | 24,655 | ||
Investment securities available for sale | 2,313,542 | 260,937 | ||
Liabilities: | ||||
Trading account liabilities | 2,545,299 | |||
US Treasury and government agency | Fair Value, measurements, recurring | Quoted Prices in Active Markets for Identical Assets, Level 1 | ||||
Assets: | ||||
Trading account assets | 2,502,308 | |||
Investment securities available for sale | 1,298,040 | |||
Liabilities: | ||||
Trading account liabilities | 2,545,299 | |||
US Treasury and government agency | Fair Value, measurements, recurring | Significant Other Observable Inputs, Level 2 | ||||
Assets: | ||||
Trading account assets | 24,655 | |||
Investment securities available for sale | 1,015,502 | 260,937 | ||
Collateralized mortgage obligations | ||||
Assets: | ||||
Investment securities available for sale | 2,488,579 | 1,756,398 | ||
Collateralized mortgage obligations | Fair Value, measurements, recurring | ||||
Assets: | ||||
Trading account assets | 1,285 | |||
Investment securities available for sale | 4,423,835 | 5,233,791 | ||
Liabilities: | ||||
Trading account liabilities | 5,568 | |||
Collateralized mortgage obligations | Fair Value, measurements, recurring | Significant Other Observable Inputs, Level 2 | ||||
Assets: | ||||
Trading account assets | 1,285 | |||
Investment securities available for sale | 4,423,835 | 5,233,791 | ||
Liabilities: | ||||
Trading account liabilities | 5,568 | |||
State and political subdivisions | ||||
Assets: | ||||
Investment securities available for sale | 467,315 | 509,436 | ||
State and political subdivisions | Fair Value, measurements, recurring | ||||
Assets: | ||||
Trading account assets | 2,160 | |||
Investment securities available for sale | 467,315 | 509,436 | ||
State and political subdivisions | Fair Value, measurements, recurring | Significant Other Observable Inputs, Level 2 | ||||
Assets: | ||||
Trading account assets | 2,160 | |||
Investment securities available for sale | 467,315 | 509,436 | ||
Other equity securities | Fair Value, measurements, recurring | ||||
Assets: | ||||
Trading account assets | 2 | |||
Other equity securities | Fair Value, measurements, recurring | Significant Other Observable Inputs, Level 2 | ||||
Assets: | ||||
Trading account assets | 2 | |||
Interest rate contracts | Fair Value, measurements, recurring | ||||
Assets: | ||||
Trading account assets | 296,239 | 262,578 | ||
Liabilities: | ||||
Trading account liabilities | 236,763 | 200,899 | ||
Interest rate contracts | Fair Value, measurements, recurring | Significant Other Observable Inputs, Level 2 | ||||
Assets: | ||||
Trading account assets | 296,239 | 262,578 | ||
Liabilities: | ||||
Trading account liabilities | 236,763 | 200,899 | ||
Commodity contracts | Fair Value, measurements, recurring | ||||
Assets: | ||||
Trading account assets | 25,569 | 23,132 | ||
Liabilities: | ||||
Trading account liabilities | 25,448 | 18,373 | ||
Commodity contracts | Fair Value, measurements, recurring | Significant Other Observable Inputs, Level 2 | ||||
Assets: | ||||
Trading account assets | 25,569 | 23,132 | ||
Liabilities: | ||||
Trading account liabilities | 25,448 | 18,373 | ||
Derivative | Fair Value, measurements, recurring | ||||
Liabilities: | ||||
Trading account liabilities | 23 | |||
Derivative | Fair Value, measurements, recurring | Significant Other Observable Inputs, Level 2 | ||||
Liabilities: | ||||
Trading account liabilities | 23 | |||
Other trading liabilities | Fair Value, measurements, recurring | ||||
Liabilities: | ||||
Trading account liabilities | 425 | |||
Other trading liabilities | Fair Value, measurements, recurring | Significant Other Observable Inputs, Level 2 | ||||
Liabilities: | ||||
Trading account liabilities | 425 | |||
Collateralized mortgage obligations | Fair Value, measurements, recurring | ||||
Assets: | ||||
Investment securities available for sale | 2,488,579 | 1,756,398 | ||
Collateralized mortgage obligations | Fair Value, measurements, recurring | Significant Other Observable Inputs, Level 2 | ||||
Assets: | ||||
Investment securities available for sale | 2,488,579 | 1,756,398 | ||
Other trading assets | Fair Value, measurements, recurring | ||||
Assets: | ||||
Trading account assets | 2,013 | 1,668 | ||
Other trading assets | Fair Value, measurements, recurring | Significant Other Observable Inputs, Level 2 | ||||
Assets: | ||||
Trading account assets | 423 | 23 | ||
Other trading assets | Fair Value, measurements, recurring | Fair Value, Inputs, Level 3 | ||||
Assets: | ||||
Trading account assets | 1,590 | 1,645 | ||
Other debt obligations | ||||
Assets: | ||||
Investment securities available for sale | 44,441 | 40,333 | ||
Other debt obligations | Fair Value, measurements, recurring | ||||
Assets: | ||||
Investment securities available for sale | 44,441 | 40,333 | ||
Other debt obligations | Fair Value, measurements, recurring | Quoted Prices in Active Markets for Identical Assets, Level 1 | ||||
Assets: | ||||
Investment securities available for sale | 44,441 | 40,283 | ||
Other debt obligations | Fair Value, measurements, recurring | Significant Other Observable Inputs, Level 2 | ||||
Assets: | ||||
Investment securities available for sale | 0 | 50 | ||
Foreign exchange contracts | Fair Value, measurements, recurring | ||||
Assets: | ||||
Trading account assets | 8,268 | 4,450 | ||
Liabilities: | ||||
Trading account liabilities | 7,527 | 3,894 | ||
Foreign exchange contracts | Fair Value, measurements, recurring | Significant Other Observable Inputs, Level 2 | ||||
Assets: | ||||
Trading account assets | 8,268 | 4,450 | ||
Liabilities: | ||||
Trading account liabilities | 7,527 | 3,894 | ||
Equity securities | ||||
Assets: | ||||
Investment securities available for sale | 499,563 | 512,190 | ||
Equity securities | Fair Value, measurements, recurring | ||||
Assets: | ||||
Investment securities available for sale | 48 | [1] | 63 | [2] |
Equity securities | Fair Value, measurements, recurring | Quoted Prices in Active Markets for Identical Assets, Level 1 | ||||
Assets: | ||||
Investment securities available for sale | 44 | [1] | 57 | [2] |
Equity securities | Fair Value, measurements, recurring | Fair Value, Inputs, Level 3 | ||||
Assets: | ||||
Investment securities available for sale | 4 | [1] | 6 | [2] |
Reported value measurement | ||||
Assets: | ||||
Trading account assets | 2,834,397 | 319,930 | ||
Investment securities available for sale | 10,237,275 | 8,313,085 | ||
Derivative assets | 155,887 | 122,951 | ||
Other assets | 35,488 | 30,065 | ||
Liabilities: | ||||
Derivative liabilities | 91,085 | 61,294 | ||
Reported value measurement | Fair Value, measurements, recurring | ||||
Assets: | ||||
Derivative assets | 122,951 | |||
Liabilities: | ||||
Trading account liabilities | 228,757 | |||
Derivative liabilities | $61,294 | |||
[1] | Excludes $500 million of FHLB and Federal Reserve stock required to be owned by the Company at December 31, 2014. These securities are carried at par. | |||
[2] | Excludes $512 million of FHLB and Federal Reserve stock required to be owned by the Company at December 31, 2013. These securities are carried at par. |
Fair_Value_of_Financial_Instru5
Fair Value of Financial Instruments - Assets measured on a recurring basis (Details) (Fair Value, measurements, recurring, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Other trading securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning of year | $1,645 | $2,083 | |
Included in earnings | -55 | -438 | |
Purchases, issuances, sales and settlements: [Abstract] | |||
Balance, end of year | 1,590 | 1,645 | |
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at December 31, 2013 | -55 | -438 | |
State and political subdivisions | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning of year | 8 | ||
Purchases, issuances, sales and settlements: [Abstract] | |||
Settlements | -8 | ||
Balance, end of year | 0 | ||
Equity securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning of year | 6 | 6 | |
Purchases, issuances, sales and settlements: [Abstract] | |||
Settlements | -2 | ||
Balance, end of year | 4 | 6 | |
Interest rate contracts | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning of year | 890 | 5,016 | |
Included in earnings | 1,428 | -4,126 | |
Purchases, issuances, sales and settlements: [Abstract] | |||
Balance, end of year | 2,318 | 890 | |
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at December 31, 2013 | 1,428 | -4,126 | |
Other assets | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning of year | 30,065 | 13,255 | |
Included in earnings | -6,071 | 64 | |
Purchases, issuances, sales and settlements: [Abstract] | |||
Issuances | 11,494 | 16,746 | |
Balance, end of year | 35,488 | 30,065 | |
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at December 31, 2013 | ($6,071) | $64 |
Fair_Value_of_Financial_Instru6
Fair Value of Financial Instruments - Assets measured on nonrecurring basis (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment Securities - Fair Value | $1,275,963 | $1,405,258 | ||
Loans Held for Sale - Fair Value | 154,816 | 139,750 | ||
OREO, fair value | 20,600 | 23,228 | ||
Fair Value, Inputs, Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment Securities - Fair Value | 1,275,963 | 1,405,258 | ||
Loans Held for Sale - Fair Value | 0 | 7,359 | ||
Fair Value, measurements, nonrecurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment Securities - Fair Value | 3,782 | 31,201 | ||
Investment securities held to maturity, total gains (losses) | -180 | -3,864 | ||
Loans Held for Sale - Fair Value | 7,359 | |||
Loans held for sale, total gains (losses) | 182 | |||
Impaired loans, fair value | 111,187 | [1] | 218,504 | [1] |
Impaired loans, total gains (losses) | -27,990 | [1] | -44,461 | [1] |
OREO, total gains (losses) | -2,703 | -9,702 | ||
Fair Value, measurements, nonrecurring | Fair Value, Inputs, Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment Securities - Fair Value | 3,782 | 31,201 | ||
Loans Held for Sale - Fair Value | 7,359 | |||
Impaired loans, fair value | 111,187 | [1] | 218,504 | [1] |
OREO, fair value | $20,600 | $23,228 | ||
[1] | Total gains (losses) represent charge-offs on impaired loans for which adjustments are based on the appraised value of the collateral. |
Fair_Value_of_Financial_Instru7
Fair Value of Financial Instruments - Quantitative information about unobservable inputs for material assets and liabilities measured using fair value (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Investment securities held to maturity, estimated fair value | 1,275,963 | $1,405,258 | ||
OREO, fair value | 20,600 | 23,228 | ||
Fair Value, Inputs, Level 3 | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Investment securities held to maturity, estimated fair value | 1,275,963 | 1,405,258 | ||
Fair Value, measurements, recurring | Other trading securities | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Other trading asset, fair value | 1,590 | |||
Fair Value, measurements, recurring | Other trading securities | Discounted cash flow [Member] | Fair Value, Inputs, Level 3 | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Default rate | 9.80% | |||
Prepayment rate | 7.20% | |||
Fair Value, measurements, recurring | Other trading securities | Minimum | Discounted cash flow [Member] | Fair Value, Inputs, Level 3 | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Prepayment rate | 5.50% | |||
Fair Value, measurements, recurring | Other trading securities | Maximum | Discounted cash flow [Member] | Fair Value, Inputs, Level 3 | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Prepayment rate | 9.80% | |||
Fair Value, measurements, recurring | Interest rate contracts | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Interest rate contracts, fair value | 2,318 | |||
Fair Value, measurements, recurring | Interest rate contracts | Discounted cash flow [Member] | Fair Value, Inputs, Level 3 | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Closing (pull-through) rate | 48.80% | |||
Cap grid rate | 0.90% | |||
Fair Value, measurements, recurring | Interest rate contracts | Minimum | Discounted cash flow [Member] | Fair Value, Inputs, Level 3 | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Closing (pull-through) rate | 7.40% | |||
Cap grid rate | 0.40% | |||
Fair Value, measurements, recurring | Interest rate contracts | Maximum | Discounted cash flow [Member] | Fair Value, Inputs, Level 3 | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Closing (pull-through) rate | 98.70% | |||
Cap grid rate | 2.40% | |||
Fair Value, measurements, recurring | Other assets | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Other assets - MSRs, fair value | 35,488 | |||
Fair Value, measurements, recurring | Other assets | Discounted cash flow [Member] | Fair Value, Inputs, Level 3 | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Prepayment rate | 10.60% | |||
Discount rate | 10.10% | |||
Fair Value, measurements, recurring | Other assets | Minimum | Discounted cash flow [Member] | Fair Value, Inputs, Level 3 | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Prepayment rate | 6.10% | |||
Discount rate | 10.00% | |||
Fair Value, measurements, recurring | Other assets | Maximum | Discounted cash flow [Member] | Fair Value, Inputs, Level 3 | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Prepayment rate | 50.00% | |||
Discount rate | 11.00% | |||
Fair Value, measurements, nonrecurring | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Investment securities held to maturity, estimated fair value | 3,782 | 31,201 | ||
Impaired loans, fair value | 111,187 | [1] | 218,504 | [1] |
Fair Value, measurements, nonrecurring | Fair Value, Inputs, Level 3 | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Investment securities held to maturity, estimated fair value | 3,782 | 31,201 | ||
Impaired loans, fair value | 111,187 | [1] | 218,504 | [1] |
OREO, fair value | 20,600 | $23,228 | ||
Fair Value, measurements, nonrecurring | Discounted cash flow [Member] | Fair Value, Inputs, Level 3 | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Default rate | 6.10% | |||
Prepayment rate | 7.00% | |||
Loss severity rate | 76.30% | |||
Fair Value, measurements, nonrecurring | Minimum | Discounted cash flow [Member] | Fair Value, Inputs, Level 3 | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Default rate | 4.60% | |||
Prepayment rate | 6.60% | |||
Loss severity rate | 59.60% | |||
Fair Value, measurements, nonrecurring | Maximum | Discounted cash flow [Member] | Fair Value, Inputs, Level 3 | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Default rate | 7.60% | |||
Prepayment rate | 7.30% | |||
Loss severity rate | 93.00% | |||
Fair Value, measurements, nonrecurring | Impaired loans | Appraised value [Member] | Fair Value, Inputs, Level 3 | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Appraised value rate | 29.80% | |||
Fair Value, measurements, nonrecurring | Impaired loans | Minimum | Appraised value [Member] | Fair Value, Inputs, Level 3 | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Appraised value rate | 0.00% | |||
Fair Value, measurements, nonrecurring | Impaired loans | Maximum | Appraised value [Member] | Fair Value, Inputs, Level 3 | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Appraised value rate | 100.00% | |||
Fair Value, measurements, nonrecurring | OREO | Appraised value [Member] | Fair Value, Inputs, Level 3 | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Appraised value rate | 8.00% | |||
[1] | Total gains (losses) represent charge-offs on impaired loans for which adjustments are based on the appraised value of the collateral. |
Fair_Value_of_Financial_Instru8
Fair Value of Financial Instruments - Carrying value and estimated fair value (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents | $3,388,405 | $3,598,460 | $6,158,442 | $3,093,160 |
Trading account assets | 2,834,397 | 319,930 | ||
Investment securities available for sale | 10,237,275 | 8,313,085 | ||
Investment securities held to maturity | 1,348,354 | 1,519,196 | ||
Investment securities held to maturity, estimated fair value | 1,275,963 | 1,405,258 | ||
Loans held for sale | 154,816 | 147,109 | ||
Loans Held for Sale - Fair Value | 154,816 | 139,750 | ||
Loans, net | 49,966,297 | |||
Derivative assets | 485,963 | 413,111 | ||
Other assets | 1,318,392 | 893,274 | ||
Deposits | 61,189,716 | 54,437,490 | ||
Federal funds purchased and securities sold under agreements to repurchase | 1,129,503 | 852,570 | ||
Other short-term borrowings | 2,545,724 | 5,591 | ||
Derivative liabilities | 362,258 | 285,704 | ||
Fair Value, Inputs, Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents, estimated fair value | 3,388,405 | 3,598,460 | ||
Trading account assets | 2,502,308 | |||
Investment securities available for sale | 1,342,525 | 40,340 | ||
Trading account liabilities | 2,545,299 | |||
Fair Value, Inputs, Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading account assets | 330,499 | 318,285 | ||
Investment securities available for sale | 8,395,231 | 7,760,612 | ||
Loans Held for Sale - Fair Value | 154,816 | 139,750 | ||
Derivative assets | 153,568 | 122,004 | ||
Deposits, estimated fair value | 61,263,812 | 54,492,651 | ||
FHLB and other borrowings, estimated fair value | 4,786,152 | 4,287,220 | ||
Federal funds purchased and securities sold under agreements to repurchase, estimated fair value | 1,129,503 | 852,570 | ||
Other short-term borrowings, estimated fair value | 2,545,724 | 5,591 | ||
Trading account liabilities | 270,163 | 228,757 | ||
Derivative liabilities | 91,084 | 61,237 | ||
Fair Value, Inputs, Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading account assets | 1,590 | 1,645 | ||
Investment securities available for sale | 499,519 | 512,133 | ||
Investment securities held to maturity, estimated fair value | 1,275,963 | 1,405,258 | ||
Loans Held for Sale - Fair Value | 0 | 7,359 | ||
Loans, net, estimated fair value | 54,551,442 | 47,822,339 | ||
Derivative assets | 2,319 | 947 | ||
Other assets, estimated fair value | 35,488 | 30,065 | ||
Derivative liabilities | 1 | 57 | ||
Reported value measurement | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents | 3,388,405 | 3,598,460 | ||
Trading account assets | 2,834,397 | 319,930 | ||
Investment securities available for sale | 10,237,275 | 8,313,085 | ||
Investment securities held to maturity | 1,348,354 | 1,519,196 | ||
Loans held for sale | 154,816 | 147,109 | ||
Loans, net | 56,686,743 | |||
Derivative assets | 155,887 | 122,951 | ||
Other assets | 35,488 | 30,065 | ||
Deposits | 61,189,716 | 54,437,490 | ||
FHLB and other borrowings | 4,809,843 | 4,298,707 | ||
Federal funds purchased and securities sold under agreements to repurchase | 1,129,503 | 852,570 | ||
Other short-term borrowings | 2,545,724 | 5,591 | ||
Trading Liabilities | 2,815,462 | 228,757 | ||
Derivative liabilities | 91,085 | 61,294 | ||
Estimate of fair value measurement | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents, estimated fair value | 3,388,405 | 3,598,460 | ||
Trading account assets | 2,834,397 | 319,930 | ||
Investment securities available for sale | 10,237,275 | 8,313,085 | ||
Investment securities held to maturity, estimated fair value | 1,275,963 | 1,405,258 | ||
Loans Held for Sale - Fair Value | 154,816 | 147,109 | ||
Loans, net, estimated fair value | 54,551,442 | 47,822,339 | ||
Derivative assets | 155,887 | 122,951 | ||
Other assets, estimated fair value | 35,488 | 30,065 | ||
Deposits, estimated fair value | 61,263,812 | 54,492,651 | ||
FHLB and other borrowings, estimated fair value | 4,786,152 | 4,287,220 | ||
Federal funds purchased and securities sold under agreements to repurchase, estimated fair value | 1,129,503 | 852,570 | ||
Other short-term borrowings, estimated fair value | 2,545,724 | 5,591 | ||
Trading account liabilities | 2,815,462 | 228,757 | ||
Derivative liabilities | $91,085 | $61,294 |
Comprehensive_Income_Details
Comprehensive Income (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Equity [Abstract] | |||
Unrealized holding gains (losses) arising during period from securities available for sale, pretax | $94,627 | ($170,425) | ($7,562) |
Unrealized holding gains (losses) arising during period from securities available for sale, tax expense (benefit) | 33,343 | -61,935 | -2,640 |
Unrealized holding gains (losses) arising during period from securities available for sale, after tax | 61,284 | -108,490 | -4,922 |
Less: reclassification adjustment for net gains on sale of securities in net income, pretax | 53,042 | 31,371 | 12,832 |
Less: reclassification adjustment for net gains on sale of securities in net income, tax expense (benefit) | 18,690 | 11,401 | 4,480 |
Less: reclassification adjustment for net gains on sale of securities in net income, after tax | 34,352 | 19,970 | 8,352 |
Net change in unrealized gains (losses) on securities available for sale, pretax | 41,585 | -201,796 | -20,394 |
Net change in unrealized gains (losses) on securities available for sale, tax expense (benefit) | 14,653 | -73,336 | -7,120 |
Net change in unrealized holding gains (losses) on securities available for sale | 26,932 | -128,460 | -13,274 |
Change in unamortized net holding losses on investment securities held to maturity, pretax | 13,732 | 16,636 | 33,655 |
Change in unamortized net holding losses on investment securities held to maturity, tax expense (benefit) | 4,705 | 6,045 | 11,751 |
Change in unamortized net holding losses on investment securities held to maturity, after tax | 9,027 | 10,591 | 21,904 |
Less: non-credit related impairment on investment securities held to maturity, pretax | 235 | 3,243 | 4,728 |
Less: non-credit related impairment on investment securities held to maturity, tax expense (benefit) | 84 | 1,178 | 1,651 |
Less: non-credit related impairment on investment securities held to maturity, after tax | -151 | -2,065 | -3,077 |
Change in unamortized non-credit related impairment on investment securities held to maturity, pretax | 3,096 | 2,387 | 863 |
Change in unamortized non-credit related impairment on investment securities held to maturity, tax expense (benefit) | 1,225 | 867 | 301 |
Change in unamortized non-credit related impairment on investment securities held to maturity, after tax | 1,871 | 1,520 | 562 |
Net change in unamortized holding losses on securities held to maturity, pretax | 16,593 | 15,780 | 29,790 |
Net change in unamortized holding losses on securities held to maturity, tax expense (benefit) | 5,846 | 5,734 | 10,401 |
Net change in unamortized holding losses on securities held to maturity | 10,747 | 10,046 | 19,389 |
Unrealized holding losses arising during period from cash flow hedge instruments, pretax | -4,475 | 12,842 | -4,416 |
Unrealized holding losses arising during period from cash flow hedge instruments, tax expense (benefit) | -2,575 | 4,744 | -1,592 |
Unrealized holding losses arising during period from cash flow hedge instruments, after tax | -1,900 | 8,098 | -2,824 |
Change in defined benefit plans, pretax | 1,238 | -5,928 | -11,524 |
Change in defined benefit plans, tax expense (benefit) | 438 | -2,250 | -4,336 |
Change in defined benefit plans, after tax | 800 | -3,678 | -7,188 |
Other comprehensive income (loss), pretax | 54,941 | -179,102 | -6,544 |
Other comprehensive income (loss), tax expense (benefit) | 18,362 | -65,108 | -2,647 |
Other comprehensive income (loss), net of tax | $36,579 | ($113,994) | ($3,897) |
Comprehensive_Income_AOCI_Deta
Comprehensive Income - AOCI (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Comprehensive Income [Roll Forward] | |||
Beginning balance | ($87,936) | $26,058 | |
Other comprehensive income (loss) before reclassifications | 58,563 | -105,582 | |
Amounts reclassified from accumulated other comprehensive income (loss) | -21,984 | -8,412 | |
Other comprehensive income (loss), net of tax | 36,579 | -113,994 | -3,897 |
Ending balance | -51,357 | -87,936 | 26,058 |
Unrealized Gains (Losses) on Securities Available for Sale and Transferred to Held to Maturity | |||
Accumulated Comprehensive Income [Roll Forward] | |||
Beginning balance | -31,490 | 86,379 | |
Other comprehensive income (loss) before reclassifications | 61,284 | -108,490 | |
Amounts reclassified from accumulated other comprehensive income (loss) | -25,325 | -9,379 | |
Other comprehensive income (loss), net of tax | 35,959 | -117,869 | |
Ending balance | 4,469 | -31,490 | |
Accumulated (Gains) Losses on Cash Flow Hedging Instruments | |||
Accumulated Comprehensive Income [Roll Forward] | |||
Beginning balance | -5,289 | -13,387 | |
Other comprehensive income (loss) before reclassifications | -2,570 | 4,973 | |
Amounts reclassified from accumulated other comprehensive income (loss) | 670 | 3,125 | |
Other comprehensive income (loss), net of tax | -1,900 | 8,098 | |
Ending balance | -7,189 | -5,289 | |
Defined Benefit Plan Adjustment | |||
Accumulated Comprehensive Income [Roll Forward] | |||
Beginning balance | -41,921 | -38,243 | |
Other comprehensive income (loss) before reclassifications | 0 | 0 | |
Amounts reclassified from accumulated other comprehensive income (loss) | 800 | -3,678 | |
Other comprehensive income (loss), net of tax | 800 | -3,678 | |
Ending balance | -41,121 | -41,921 | |
Unamortized Impairment Losses on Investment Securities Held to Maturity | |||
Accumulated Comprehensive Income [Roll Forward] | |||
Beginning balance | -9,236 | -8,691 | |
Other comprehensive income (loss) before reclassifications | -151 | -2,065 | |
Amounts reclassified from accumulated other comprehensive income (loss) | 1,871 | 1,520 | |
Other comprehensive income (loss), net of tax | 1,720 | -545 | |
Ending balance | ($7,516) | ($9,236) |
Comprehensive_Income_Reclassif
Comprehensive Income - Reclassifications out of AOCI (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Interest on investment securities held to maturity | $27,971 | $30,632 | $29,406 | ||
Interest and fees on loans | 2,086,097 | 2,111,160 | 2,239,161 | ||
Interest and fees on FHLB advances | -68,957 | -66,275 | -66,014 | ||
Net income before income tax expense | 615,863 | 590,750 | 698,712 | ||
Income tax (expense) benefit | -147,331 | -170,820 | -219,701 | ||
Net income | 468,532 | 419,930 | 479,011 | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Unrealized Gains (Losses) on Securities Available for Sale and Transferred to Held to Maturity | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Investment securities gains, net | 53,042 | [1] | 31,371 | [1] | |
Interest on investment securities held to maturity | -13,732 | [1] | -16,636 | [1] | |
Net income before income tax expense | 39,310 | [1] | 14,735 | [1] | |
Income tax (expense) benefit | -13,985 | [1] | -5,356 | [1] | |
Net income | 25,325 | [1] | 9,379 | [1] | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated (Gains) Losses on Cash Flow Hedging Instruments | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Interest and fees on loans | 5,536 | [1] | 1,999 | [1] | |
Interest and fees on FHLB advances | -7,113 | [1] | -6,955 | [1] | |
Net income before income tax expense | -1,577 | [1] | -4,956 | [1] | |
Income tax (expense) benefit | 907 | [1] | 1,831 | [1] | |
Net income | -670 | [1] | -3,125 | [1] | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Defined Benefit Plan Adjustment | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Net periodic expense | -1,238 | [1],[2] | 5,928 | [1],[2] | |
Income tax (expense) benefit | 438 | [1] | -2,250 | [1] | |
Net income | -800 | [1] | 3,678 | [1] | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Unamortized Impairment Losses on Investment Securities Held to Maturity | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Interest on investment securities held to maturity | -3,096 | [1] | -2,387 | [1] | |
Income tax (expense) benefit | 1,225 | [1] | 867 | [1] | |
Net income | ($1,871) | [1] | ($1,520) | [1] | |
[1] | Amounts in parentheses indicate debits to the consolidated statement of income. | ||||
[2] | These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 18, Benefit Plans, for additional details). |
Supplemental_Disclosure_for_St2
Supplemental Disclosure for Statement of Cash Flows (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Supplemental disclosures of cash flow information: | |||
Interest paid | $277,698 | $273,939 | $238,119 |
Net income taxes paid | 142,979 | 139,247 | 142,174 |
Supplemental schedule of noncash investing and financing activities: | |||
Transfer of loans and loans held for sale to OREO | 22,176 | 47,879 | 67,194 |
Transfer of loans to loans held for sale | 21,135 | 91,400 | 207,148 |
Change in unrealized gain (loss) on available for sale securities | 41,585 | -201,796 | -20,394 |
Issuance of restricted stock, net of cancellations | 5,682 | 6,166 | 8,585 |
Assets acquired | 117,068 | 0 | 0 |
Liabilities assumed | $18,329 | $0 | $0 |
Segment_Information_Details
Segment Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||
Net interest income (expense) | $1,985,494 | $2,042,681 | $2,229,982 |
Allocated provision for loan losses | 106,301 | 107,546 | 29,471 |
Noninterest income | 917,422 | 854,790 | 850,048 |
Noninterest expense | 2,180,752 | 2,199,175 | 2,351,847 |
Net income before income tax expense | 615,863 | 590,750 | 698,712 |
Income tax expense (benefit) | 147,331 | 170,820 | 219,701 |
Net income | 468,532 | 419,930 | 479,011 |
Less: net income attributable to noncontrolling interests | 1,976 | 2,094 | 2,138 |
Net income attributable to shareholder | 466,556 | 417,836 | 476,873 |
Average assets | 77,520,755 | 70,309,637 | 66,468,815 |
Corporate, Non-Segment | Corporate Support and Other | |||
Segment Reporting Information [Line Items] | |||
Net interest income (expense) | 253,185 | 444,062 | 610,946 |
Allocated provision for loan losses | -20,042 | 8,342 | -10,469 |
Noninterest income | -267,183 | -220,232 | -170,341 |
Noninterest expense | 269,643 | 304,528 | 490,454 |
Net income before income tax expense | -263,599 | -89,040 | -39,380 |
Income tax expense (benefit) | -180,269 | -82,402 | -55,239 |
Net income | -83,330 | -6,638 | 15,859 |
Less: net income attributable to noncontrolling interests | 0 | 0 | 0 |
Net income attributable to shareholder | -83,330 | -6,638 | 15,859 |
Average assets | 6,935,705 | 7,123,581 | 7,274,001 |
Operating Segments | Wealth and retail banking | |||
Segment Reporting Information [Line Items] | |||
Net interest income (expense) | 835,503 | 820,755 | 803,905 |
Allocated provision for loan losses | 91,719 | 112,075 | 134,437 |
Noninterest income | 675,258 | 636,400 | 646,792 |
Noninterest expense | 1,287,265 | 1,296,240 | 1,260,386 |
Net income before income tax expense | 131,777 | 48,840 | 55,874 |
Income tax expense (benefit) | 49,087 | 18,193 | 20,813 |
Net income | 82,690 | 30,647 | 35,061 |
Less: net income attributable to noncontrolling interests | 0 | 0 | 0 |
Net income attributable to shareholder | 82,690 | 30,647 | 35,061 |
Average assets | 22,373,044 | 20,963,576 | 19,651,744 |
Operating Segments | Commercial banking | |||
Segment Reporting Information [Line Items] | |||
Net interest income (expense) | 844,454 | 762,319 | 766,155 |
Allocated provision for loan losses | 30,759 | -18,338 | -100,131 |
Noninterest income | 251,504 | 226,685 | 184,132 |
Noninterest expense | 469,475 | 455,165 | 479,297 |
Net income before income tax expense | 595,724 | 552,177 | 571,121 |
Income tax expense (benefit) | 221,907 | 205,686 | 212,743 |
Net income | 373,817 | 346,491 | 358,378 |
Less: net income attributable to noncontrolling interests | 212 | 308 | 330 |
Net income attributable to shareholder | 373,605 | 346,183 | 358,048 |
Average assets | 29,941,072 | 25,937,331 | 24,107,303 |
Operating Segments | Corporate and Investment Banking | |||
Segment Reporting Information [Line Items] | |||
Net interest income (expense) | 51,482 | 51,248 | 44,970 |
Allocated provision for loan losses | 3,865 | 5,467 | 5,634 |
Noninterest income | 181,130 | 135,145 | 112,610 |
Noninterest expense | 136,772 | 125,571 | 103,178 |
Net income before income tax expense | 91,975 | 55,355 | 48,768 |
Income tax expense (benefit) | 34,261 | 20,620 | 18,166 |
Net income | 57,714 | 34,735 | 30,602 |
Less: net income attributable to noncontrolling interests | 0 | 0 | 0 |
Net income attributable to shareholder | 57,714 | 34,735 | 30,602 |
Average assets | 5,038,017 | 3,215,380 | 2,617,380 |
Operating Segments | Treasury | |||
Segment Reporting Information [Line Items] | |||
Net interest income (expense) | 870 | -35,703 | 4,006 |
Allocated provision for loan losses | 0 | 0 | 0 |
Noninterest income | 76,713 | 76,792 | 76,855 |
Noninterest expense | 17,597 | 17,671 | 18,532 |
Net income before income tax expense | 59,986 | 23,418 | 62,329 |
Income tax expense (benefit) | 22,345 | 8,723 | 23,218 |
Net income | 37,641 | 14,695 | 39,111 |
Less: net income attributable to noncontrolling interests | 1,764 | 1,786 | 1,808 |
Net income attributable to shareholder | 35,877 | 12,909 | 37,303 |
Average assets | $13,232,917 | $13,069,769 | $12,818,387 |
Parent_Company_Financial_State2
Parent Company Financial Statements - Balance Sheet (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Assets: | ||||
Cash and cash equivalents | $3,388,405 | $3,598,460 | $6,158,442 | $3,093,160 |
Other assets | 1,318,392 | 893,274 | ||
Total assets | 83,152,427 | 71,965,476 | ||
Liabilities and Equity [Abstract] | ||||
Accrued expenses and other liabilities | 1,474,067 | 883,359 | ||
Total BBVA Compass Bancshares, Inc. shareholder’s equity | 11,974,683 | 11,458,752 | ||
Total liabilities and shareholder’s equity | 83,152,427 | 71,965,476 | ||
Parent Company | ||||
Assets: | ||||
Cash and cash equivalents | 136,151 | 142,636 | 159,725 | 170,721 |
Other assets | 34,178 | 30,485 | ||
Total assets | 12,100,322 | 11,579,638 | ||
Liabilities and Equity [Abstract] | ||||
Accrued expenses and other liabilities | 125,639 | 120,886 | ||
Total BBVA Compass Bancshares, Inc. shareholder’s equity | 11,974,683 | 11,458,752 | ||
Total liabilities and shareholder’s equity | 12,100,322 | 11,579,638 | ||
Banking subsidiaries | Parent Company | ||||
Assets: | ||||
Investments in subsidiaries: | 11,743,669 | 11,254,464 | ||
Non-banking subsidiaries | Parent Company | ||||
Assets: | ||||
Investments in subsidiaries: | $186,324 | $152,053 |
Parent_Company_Financial_State3
Parent Company Financial Statements - Income Statement (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Expense: | ||||||
Salaries and employee benefits | $1,072,269 | $1,005,244 | $1,003,010 | |||
Income tax expense | 147,331 | 170,820 | 219,701 | |||
Comprehensive income attributable to shareholder | 503,135 | 303,842 | 472,976 | |||
Parent Company | ||||||
Income: | ||||||
Other | 1,359 | 1,760 | 1,801 | |||
Total income | 103,455 | 2,184 | 1,936 | |||
Expense: | ||||||
Salaries and employee benefits | 1,131 | 1,378 | 509 | |||
Other | 9,591 | 12,102 | 8,348 | |||
Total expense | 10,722 | 13,480 | 8,857 | |||
Income (loss) before income tax benefit and equity in undistributed earnings of subsidiaries | 92,733 | -11,296 | -6,921 | |||
Income tax expense | -301 | -4,057 | -2,418 | |||
Income (loss) before equity in undistributed earnings (losses) of subsidiaries | 93,034 | -7,239 | -4,503 | |||
Equity in undistributed earnings of subsidiaries | 373,522 | 425,075 | 481,376 | |||
Net income | 466,556 | 417,836 | 476,873 | |||
Other comprehensive income (loss) | 36,579 | [1] | -113,994 | [1] | -3,897 | [1] |
Comprehensive income attributable to shareholder | 503,135 | 303,842 | 472,976 | |||
Banking subsidiaries | Parent Company | ||||||
Income: | ||||||
Dividends from banking subsidiaries | 102,000 | 0 | 0 | |||
Non-banking subsidiaries | Parent Company | ||||||
Income: | ||||||
Dividends from banking subsidiaries | $96 | $424 | $135 | |||
[1] | See Consolidated Statement of Comprehensive Income (Loss) detail. |
Parent_Company_Financial_State4
Parent Company Financial Statements - Cash Flows (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating Activities: | |||
Amortization of stock based compensation | $4,515 | $8,311 | $6,820 |
(Increase) decrease in other assets | -459,288 | 18,402 | 22,904 |
Increase in other liabilities | 443,712 | 6,864 | 111,033 |
Net cash provided by operating activities | 801,236 | 1,135,393 | 1,091,146 |
Investing Activities: | |||
Purchase of premises and equipment | -127,060 | -167,231 | -203,900 |
Net cash used in investing activities | -11,080,598 | -6,411,564 | -3,492,100 |
Financing Activities: | |||
Restricted stock grants retained to cover taxes | -2,507 | -2,228 | -1,458 |
Issuance of common stock | 117,000 | 100,000 | 0 |
Common dividends paid | -102,000 | 0 | 0 |
Net cash provided by financing activities | 10,069,307 | 2,716,189 | 5,466,236 |
Net (decrease) increase in cash and cash equivalents | -210,055 | -2,559,982 | 3,065,282 |
Cash and cash equivalents, January 1 | 3,598,460 | 6,158,442 | 3,093,160 |
Cash and cash equivalents, December 31 | 3,388,405 | 3,598,460 | 6,158,442 |
Parent Company | |||
Operating Activities: | |||
Net income | 466,556 | 417,836 | 476,873 |
Amortization of stock based compensation | 4,515 | 8,311 | 6,820 |
Depreciation | 49 | 51 | 24 |
Equity in undistributed earnings of subsidiaries | -373,522 | -425,075 | -481,376 |
(Increase) decrease in other assets | 362 | -3,990 | -2,003 |
Increase in other liabilities | 4,111 | 4,063 | 2,191 |
Net cash provided by operating activities | 102,071 | 1,196 | 2,529 |
Investing Activities: | |||
Purchase of premises and equipment | -24 | -6 | -195 |
Contributions to subsidiaries | -116,323 | -100,000 | 0 |
Net cash used in investing activities | -116,347 | -100,006 | -195 |
Financing Activities: | |||
Repayment of other borrowings | 0 | -10,310 | 0 |
Vesting of restricted stock | -4,702 | -5,741 | -11,872 |
Restricted stock grants retained to cover taxes | -2,507 | -2,228 | -1,458 |
Issuance of common stock | 117,000 | 100,000 | 0 |
Common dividends paid | -102,000 | 0 | 0 |
Net cash provided by financing activities | 7,791 | 81,721 | -13,330 |
Net (decrease) increase in cash and cash equivalents | -6,485 | -17,089 | -10,996 |
Cash and cash equivalents, January 1 | 142,636 | 159,725 | 170,721 |
Cash and cash equivalents, December 31 | $136,151 | $142,636 | $159,725 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Aug. 01, 2014 | Mar. 16, 2012 |
Related Party Transaction [Line Items] | ||||
Securities purchased under agreements to resell | $566,539,000 | |||
Securities sold under agreements to repurchase | 435,684,000 | |||
BBVA | ||||
Related Party Transaction [Line Items] | ||||
Securities purchased under agreements to resell | 97,970,000 | 0 | ||
Securities sold under agreements to repurchase | 435,684,000 | 0 | ||
Cash flow hedges | BBVA | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, amount of transaction | 1,693,000 | 3,652,000 | ||
Free-standing derivative instruments – risk management and other purposes | BBVA | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, amount of transaction | 9,512,000 | 20,808,000 | ||
BBVA | Line of credit | BSI | ||||
Related Party Transaction [Line Items] | ||||
Due from related parties | 150,000,000 | |||
BBVA | Line of credit | Revolving credit facility | BSI | ||||
Related Party Transaction [Line Items] | ||||
Due from related parties | $420,000,000 |