DEI Document
DEI Document - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 31, 2015 | |
Entity [Abstract] | ||
Entity Registrant Name | BBVA COMPASS BANCSHARES, INC | |
Entity Central Index Key | 1,409,775 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 222,950,751 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Assets: | ||
Cash and due from banks | $ 3,898,257 | $ 2,764,345 |
Federal funds sold, securities purchased under agreements to resell and interest bearing deposits | 479,207 | 624,060 |
Cash and cash equivalents | 4,377,464 | 3,388,405 |
Trading account assets | 4,193,506 | 2,834,397 |
Investment securities available for sale | 10,803,660 | 10,237,275 |
Investment securities held to maturity (fair value of $1,268,114 and $1,275,963 at September 30, 2015 and December 31, 2014, respectively) | 1,357,801 | 1,348,354 |
Loans held for sale (includes $122,758 and $154,816 measured at fair value at September 30, 2015 and December 31, 2014, respectively) | 634,158 | 154,816 |
Loans | 60,287,221 | 57,371,784 |
Allowance for loan losses | (722,122) | (685,041) |
Net loans | 59,565,099 | 56,686,743 |
Premises and equipment, net | 1,309,009 | 1,351,479 |
Bank owned life insurance | 697,023 | 694,335 |
Goodwill | 5,060,197 | 5,046,847 |
Other intangible assets | 40,701 | 70,784 |
Other real estate owned | 23,762 | 20,600 |
Other assets | 1,297,620 | 1,318,392 |
Total assets | 89,360,000 | 83,152,427 |
Deposits: | ||
Noninterest bearing | 19,060,016 | 17,169,412 |
Interest bearing | 45,432,380 | 44,020,304 |
Total deposits | 64,492,396 | 61,189,716 |
FHLB and other borrowings | 6,216,425 | 4,809,843 |
Federal funds purchased and securities sold under agreements to repurchase | 639,259 | 1,129,503 |
Other short-term borrowings | 4,167,897 | 2,545,724 |
Accrued expenses and other liabilities | 1,463,688 | 1,474,067 |
Total liabilities | 76,979,665 | 71,148,853 |
Shareholder’s Equity: | ||
Preferred stock, $.0.01 par value: authorized - 30,000,000 shares, shares issued and outstanding - none | 0 | 0 |
Common stock - $0.01 par value; Authorized - 300,000,000 shares, Issued - 222,950,721 shares at both September 30, 2015 and December 31, 2014 | 2,230 | 2,230 |
Surplus | 15,246,072 | 15,285,991 |
Accumulated deficit | (2,859,770) | (3,262,181) |
Accumulated other comprehensive loss | (37,789) | (51,357) |
Total BBVA Compass Bancshares, Inc. shareholder’s equity | 12,350,743 | 11,974,683 |
Noncontrolling interests | 29,592 | 28,891 |
Total shareholder’s equity | 12,380,335 | 12,003,574 |
Total liabilities and shareholder’s equity | $ 89,360,000 | $ 83,152,427 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) Parenthetical - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Investment Securities - Fair Value | $ 1,268,114 | $ 1,275,963 |
Loans Held for Sale - Fair Value | $ 122,758 | $ 154,816 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0 |
Preferred stock, number of shares authorized | 30,000,000 | 0 |
Preferred stock, number of shares issued | 0 | 0 |
Common stock, par value (in dollars per share) | $ 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 | 222,950,751 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Interest income: | ||||
Interest and fees on loans | $ 540,517 | $ 509,766 | $ 1,615,753 | $ 1,538,788 |
Interest on investment securities available for sale | 46,646 | 48,363 | 143,058 | 145,706 |
Interest on investment securities held to maturity | 6,953 | 6,862 | 20,579 | 21,111 |
Interest on federal funds sold, securities purchased under agreements to resell and interest bearing deposits | 1,659 | 47 | 4,017 | 136 |
Interest on trading account assets | 14,431 | 933 | 37,877 | 2,027 |
Total interest income | 610,206 | 565,971 | 1,821,284 | 1,707,768 |
Interest expense: | ||||
Interest on deposits | 68,282 | 66,763 | 203,136 | 180,880 |
Interest on FHLB and other borrowings | 20,422 | 16,399 | 67,068 | 48,947 |
Interest on federal funds purchased and securities sold under agreements to repurchase | 2,506 | 447 | 5,534 | 1,384 |
Interest on other short-term borrowings | 11,129 | 394 | 36,668 | 516 |
Total interest expense | 102,339 | 84,003 | 312,406 | 231,727 |
Net interest income | 507,867 | 481,968 | 1,508,878 | 1,476,041 |
Provision for loan losses | 29,151 | 3,869 | 117,331 | 86,387 |
Net interest income after provision for loan losses | 478,716 | 478,099 | 1,391,547 | 1,389,654 |
Noninterest income: | ||||
Service charges on deposit accounts | 54,917 | 57,537 | 161,891 | 165,886 |
Card and merchant processing fees | 29,024 | 28,682 | 83,918 | 81,459 |
Retail investment sales | 26,055 | 27,645 | 77,574 | 83,053 |
Investment banking and advisory fees | 17,842 | 18,750 | 84,975 | 63,226 |
Asset management fees | 7,918 | 10,666 | 24,449 | 31,959 |
Corporate and correspondent investment sales | 6,047 | 5,388 | 20,290 | 22,016 |
Mortgage banking income | 554 | 8,498 | 21,269 | 18,924 |
Bank owned life insurance | 4,345 | 4,603 | 13,527 | 12,807 |
Investment securities gains, net | 6,736 | 9,710 | 66,967 | 47,608 |
Gain (loss) on prepayment of FHLB and other borrowings, net | 0 | 143 | (6,118) | (315) |
Other | 79,938 | 54,809 | 192,473 | 154,581 |
Total noninterest income | 233,376 | 226,431 | 741,215 | 681,204 |
Noninterest expense: | ||||
Salaries, benefits and commissions | 268,362 | 265,334 | 796,333 | 791,204 |
Equipment | 58,151 | 56,355 | 173,467 | 165,562 |
Professional services | 54,784 | 52,463 | 152,462 | 148,652 |
Net occupancy | 39,525 | 39,357 | 119,187 | 118,514 |
FDIC indemnification expense | 8,461 | 18,748 | 49,669 | 80,736 |
Amortization of intangibles | 9,507 | 12,635 | 30,083 | 38,800 |
Securities impairment: | ||||
Other-than-temporary impairment | 0 | 0 | 1,385 | 415 |
Less: non-credit portion recognized in other comprehensive income | 0 | 0 | 87 | 235 |
Total securities impairment | 0 | 0 | 1,298 | 180 |
Other | 97,460 | 88,250 | 256,106 | 253,623 |
Total noninterest expense | 536,250 | 533,142 | 1,578,605 | 1,597,271 |
Net income before income tax expense | 175,842 | 171,388 | 554,157 | 473,587 |
Income tax expense | 50,110 | 27,770 | 150,008 | 107,467 |
Net income | 125,732 | 143,618 | 404,149 | 366,120 |
Less: net income attributable to noncontrolling interests | 491 | 815 | 1,738 | 1,772 |
Net income attributable to shareholder | $ 125,241 | $ 142,803 | $ 402,411 | $ 364,348 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 125,732 | $ 143,618 | $ 404,149 | $ 366,120 |
Other comprehensive income (loss), net of tax: | ||||
Unrealized holding gains (losses) arising during period from securities available for sale | 27,493 | (11,272) | 39,270 | 40,883 |
Less: reclassification adjustment for net gains on sale of securities available for sale in net income | 3,804 | 6,220 | 37,816 | 30,498 |
Net change in unrealized holding gains (losses) on securities available for sale | 23,689 | (17,492) | 1,454 | 10,385 |
Change in unamortized net holding losses on investment securities held to maturity | 1,066 | 2,398 | 4,834 | 7,183 |
Less: non-credit related impairment on investment securities held to maturity | 0 | 0 | 49 | 151 |
Change in unamortized non-credit related impairment on investment securities held to maturity | 290 | 249 | 704 | 732 |
Net change in unamortized holding losses on securities held to maturity | 1,356 | 2,647 | 5,489 | 7,764 |
Unrealized holding gains (losses) arising during period from cash flow hedge instruments | 1,838 | (706) | 4,910 | (2,388) |
Change in defined benefit plans | 0 | 0 | 1,715 | (1,671) |
Other comprehensive income (loss), net of tax | 26,883 | (15,551) | 13,568 | 14,090 |
Comprehensive income | 152,615 | 128,067 | 417,717 | 380,210 |
Less: comprehensive income attributable to noncontrolling interests | 491 | 815 | 1,738 | 1,772 |
Comprehensive income attributable to shareholder | $ 152,124 | $ 127,252 | $ 415,979 | $ 378,438 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Shareholder's Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Surplus | Accumulated Deficit | Accumulated Other Comprehensive Loss | Non-controlling Interests |
Balance, beginning 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 | 366,120 | 364,348 | 1,772 | |||
Other comprehensive income, net of tax | 14,090 | 14,090 | ||||
Issuance of common stock | 117,000 | 23 | 116,977 | |||
Dividends | (52,037) | (51,000) | (1,037) | |||
Vesting of restricted stock | (4,702) | (4,702) | ||||
Restricted stock retained to cover taxes | (2,507) | (2,507) | ||||
Amortization of stock-based deferred compensation | 1,330 | 1,330 | ||||
Balance, end of period at Sep. 30, 2014 | 11,927,053 | 2,230 | 15,333,316 | (3,364,389) | (73,846) | 29,742 |
Balance, beginning of period at Dec. 31, 2014 | 12,003,574 | 2,230 | 15,285,991 | (3,262,181) | (51,357) | 28,891 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 404,149 | 402,411 | 1,738 | |||
Other comprehensive income, net of tax | 13,568 | 13,568 | ||||
Dividends | (36,037) | (35,000) | (1,037) | |||
Vesting of restricted stock | (3,720) | (3,720) | ||||
Restricted stock retained to cover taxes | (2,984) | (2,984) | ||||
Amortization of stock-based deferred compensation | 1,785 | 1,785 | ||||
Balance, end of period at Sep. 30, 2015 | $ 12,380,335 | $ 2,230 | $ 15,246,072 | $ (2,859,770) | $ (37,789) | $ 29,592 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Operating Activities: | ||
Net income | $ 404,149 | $ 366,120 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 206,552 | 202,924 |
Securities impairment | 1,298 | 180 |
Amortization of intangibles | 30,083 | 38,800 |
Accretion of discount, loan fees and purchase market adjustments, net | (84,168) | (125,587) |
Net change in FDIC indemnification asset/liability | 49,669 | 80,736 |
Provision for loan losses | 117,331 | 86,387 |
Amortization of stock based compensation | 1,785 | 1,330 |
Net change in trading account assets | (153,297) | (195,206) |
Net change in trading account liabilities | 80,378 | (20,600) |
Net change in loans held for sale | 32,058 | (29,644) |
Deferred tax benefit | (9,686) | (37,057) |
Investment securities gains, net | (66,967) | (47,608) |
Loss on prepayment of FHLB and other borrowings, net | 6,118 | 315 |
Loss on sale of premises and equipment | 146 | 5,162 |
(Gain) loss on sale of loans | (21,086) | 75 |
Net (gain) loss on sale of other real estate and other assets | 500 | (956) |
Loss on disposition | 0 | 981 |
(Increase) decrease in other assets | 38,934 | (436,361) |
Increase (decrease) in other liabilities | (138,963) | 456,534 |
Net cash provided by operating activities | 494,834 | 346,525 |
Investing Activities: | ||
Proceeds from sales of investment securities available for sale | 2,877,744 | 960,744 |
Proceeds from prepayments, maturities and calls of investment securities available for sale | 1,225,031 | 1,019,919 |
Purchases of investment securities available for sale | (4,662,585) | (2,992,721) |
Proceeds from prepayments, maturities and calls of investment securities held to maturity | 82,163 | 116,274 |
Purchases of investment securities held to maturity | (82,634) | (2,654) |
Proceeds from sales of trading securities | 2,871,708 | 0 |
Purchases of trading securities | (4,077,520) | 0 |
Net change in loan portfolio | (3,853,782) | (4,435,927) |
Purchase of premises and equipment | (102,522) | (58,748) |
Proceeds from sale of premises and equipment | 7,979 | 15,563 |
Net cash paid in acquisition | (12,567) | (97,566) |
Proceeds from sales of loans | 436,242 | 101,740 |
Reimbursements from (payments to) FDIC for covered assets | 818 | (13,863) |
Proceeds from sales of other real estate owned | 12,890 | 21,095 |
Net cash used in investing activities | (5,277,035) | (5,366,144) |
Financing Activities: | ||
Net increase in demand deposits, NOW accounts and savings accounts | 2,527,448 | 4,914,997 |
Net increase in time deposits | 767,539 | 910,489 |
Net decrease in federal funds purchased and securities sold under agreements to repurchase | (490,244) | (43,517) |
Net increase in other short-term borrowings | 1,622,173 | 241,244 |
Proceeds from FHLB and other borrowings | 4,000,000 | 1,694,297 |
Repayment of FHLB and other borrowings | (2,612,915) | (1,438,571) |
Vesting of restricted stock | (3,720) | (4,702) |
Restricted stock grants retained to cover taxes | (2,984) | (2,507) |
Issuance of common stock | 0 | 117,000 |
Common dividends paid | (35,000) | (51,000) |
Preferred dividends paid | (1,037) | (1,037) |
Net cash provided by financing activities | 5,771,260 | 6,336,693 |
Net increase in cash and cash equivalents | 989,059 | 1,317,074 |
Cash and cash equivalents at beginning of year | 3,388,405 | 3,598,460 |
Cash and cash equivalents at end of period | $ 4,377,464 | $ 4,915,534 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation General The accounting and reporting policies of the Company and the methods of applying those policies that materially affect the consolidated financial statements conform with U.S. GAAP and with general financial services industry practices. The accompanying interim condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the SEC and, therefore, do not include all information and notes to the consolidated financial statements necessary for a complete presentation of financial position, results of operations, comprehensive income and cash flows in conformity with U.S. GAAP. In the opinion of management, all adjustments, consisting of normal and recurring items, necessary for the fair presentation of the condensed consolidated financial statements have been included. Operating results for the three and nine months ended September 30, 2015 , are not necessarily indicative of the results that may be expected for the year ended December 31, 2015 . These interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 . The Company has evaluated subsequent events for potential recognition and disclosure through the filing date of this Quarterly Report on Form 10-Q to determine if either recognition or disclosure of significant events or transactions is required. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in accordance with U.S. GAAP 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. Recently Issued Accounting Standards 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 . The Company elected to adopt the amendments in this ASU using the prospective transition method. The adoption of this standard did not have a material impact on the financial condition or results of operations of the Company. See Note 3 , Loans and Allowance for Loan Losses . Revenue from Contracts with Customers In May 2014 , the FASB released ASU 2014-09, Revenue from Contracts with Customers . The core principle of this codified 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 were originally effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2016 . Subsequently, the FASB issued a one -year deferral for implementation, which results in the new guidance being effective for annual and interim reporting periods beginning after December 15, 2017. The FASB, however, permitted adoption of the new guidance on the original effective date. 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 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 did not have a material impact on the financial condition or results of operations of the Company. See Note 6 , Securities Financing Activities . 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 did not 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, 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. Simplifying the Presentation of Debt Issuance Costs In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs. To simplify presentation of debt issuance costs, the amendments in this ASU require debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 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. Customer's Accounting for Fees Paid in a Cloud Computing Arrangement In April 2015, the FASB issued ASU 2015-05, Customer's Accounting for Fees Paid in a Cloud Computing Arrangement. The amendments in this ASU provide guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 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. |
Investment Securities Available
Investment Securities Available for Sale and Investment Securities Held to Maturity | 9 Months Ended |
Sep. 30, 2015 | |
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. September 30, 2015 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 $ 3,007,221 $ 23,596 $ 8,693 $ 3,022,124 Mortgage-backed securities 4,634,728 37,379 17,571 4,654,536 Collateralized mortgage obligations 2,475,968 17,419 7,760 2,485,627 States and political subdivisions 81,940 3,455 — 85,395 Other 24,863 307 33 25,137 Equity securities 530,800 41 — 530,841 Total $ 10,755,520 $ 82,197 $ 34,057 $ 10,803,660 Investment securities held to maturity: Collateralized mortgage obligations $ 108,422 $ 6,088 $ 5,968 $ 108,542 Asset-backed securities 27,047 2,901 2,039 27,909 States and political subdivisions 1,156,205 828 92,048 1,064,985 Other 66,127 2,744 2,193 66,678 Total $ 1,357,801 $ 12,561 $ 102,248 $ 1,268,114 December 31, 2014 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 In the above table, equity securities include $531 million and $500 million at September 30, 2015 and December 31, 2014 , respectively, of FHLB and Federal Reserve stock carried at par. 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 . 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 September 30, 2015 and December 31, 2014 . This information is aggregated by investment category and the length of time the individual securities have been in an unrealized loss position. September 30, 2015 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 $ 299,978 $ 4,133 $ 375,491 $ 4,560 $ 675,469 $ 8,693 Mortgage-backed securities 845,311 2,323 1,501,811 15,248 2,347,122 17,571 Collateralized mortgage obligations 926,611 5,049 104,894 2,711 1,031,505 7,760 Other — — 1,089 33 1,089 33 Total $ 2,071,900 $ 11,505 $ 1,983,285 $ 22,552 $ 4,055,185 $ 34,057 Investment securities held to maturity: Collateralized mortgage obligations $ 22,293 $ 478 $ 45,527 $ 5,490 $ 67,820 $ 5,968 Asset-backed securities 277 2 17,229 2,037 17,506 2,039 States and political subdivisions 119,336 7,919 783,030 84,129 902,366 92,048 Other 3,909 2,193 — — 3,909 2,193 Total $ 145,815 $ 10,592 $ 845,786 $ 91,656 $ 991,601 $ 102,248 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 As indicated in the previous tables, at September 30, 2015 , 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. The Company regularly evaluates each available for sale and held to maturity security in a loss position for OTTI. 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 market value and whether it is more likely than not that the Company will have to sell the security before its fair value recovers. Activity related to the credit loss component of the OTTI is recognized in earnings. The portion of OTTI related to all other factors is recognized in other comprehensive income. 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 September 30, 2015 or December 31, 2014 , 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. Three Months Ended Nine Months Ended 2015 2014 2015 2014 (In Thousands) Balance at beginning of period $ 22,421 $ 21,123 $ 21,123 $ 20,943 Reductions for securities paid off during the period (realized) — — — — Additions for the credit component on debt securities in which OTTI was not previously recognized — — 1,013 — Additions for the credit component on debt securities in which OTTI was previously recognized — — 285 180 Balance at end of period $ 22,421 $ 21,123 $ 22,421 $ 21,123 For the three months ended September 30, 2015 and 2014 , there was no OTTI recognized on securities. For the nine months ended September 30, 2015 and 2014 , there was $1.3 million and $180 thousand , respectively of OTTI recognized on held to maturity securities. The investment securities primarily impacted by credit impairment are held to maturity non-agency collateralized mortgage obligations, asset-backed securities and states and political subdivisions. The maturities of the securities portfolios are presented in the following table. September 30, 2015 Amortized Cost Fair Value (In Thousands) Investment securities available for sale: Maturing within one year $ 43,142 $ 43,201 Maturing after one but within five years 700,472 705,328 Maturing after five but within ten years 1,180,155 1,197,004 Maturing after ten years 1,190,255 1,187,123 3,114,024 3,132,656 Mortgage-backed securities and collateralized mortgage obligations 7,110,696 7,140,163 Equity securities 530,800 530,841 Total $ 10,755,520 $ 10,803,660 Investment securities held to maturity: Maturing within one year $ 436 $ 436 Maturing after one but within five years 320,489 306,843 Maturing after five but within ten years 290,719 262,135 Maturing after ten years 637,735 590,158 1,249,379 1,159,572 Collateralized mortgage obligations 108,422 108,542 Total $ 1,357,801 $ 1,268,114 The gross realized gains and losses recognized on sales of investment securities available for sale are shown in the table below. Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (In Thousands) Gross gains $ 8,568 $ 9,710 $ 68,799 $ 47,608 Gross losses 1,832 — 1,832 — Net realized gains $ 6,736 $ 9,710 $ 66,967 $ 47,608 |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 9 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Loans and Allowance for Loan Losses | Loans and Allowance for Loan Losses The following table presents the composition of the loan portfolio. September 30, 2015 December 31, 2014 (In Thousands) Commercial loans: Commercial, financial and agricultural $ 25,636,319 $ 23,828,537 Real estate – construction 2,315,351 2,154,652 Commercial real estate – mortgage 10,624,632 9,877,206 Total commercial loans 38,576,302 35,860,395 Consumer loans: Residential real estate – mortgage 13,897,723 13,922,656 Equity lines of credit 2,376,408 2,304,784 Equity loans 612,148 634,968 Credit card 609,982 630,456 Consumer direct 854,989 652,927 Consumer indirect 2,901,603 2,870,408 Total consumer loans 21,252,853 21,016,199 Covered loans 458,066 495,190 Total loans $ 60,287,221 $ 57,371,784 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) Three months ended September 30, 2015 Allowance for loan losses: Beginning balance $ 350,879 $ 135,152 $ 133,995 $ 99,559 $ 1,886 $ 721,471 Provision (credit) for loan losses 16,424 (7,256 ) (577 ) 20,091 469 29,151 Loans charged off (9,161 ) (910 ) (5,944 ) (27,567 ) (490 ) (44,072 ) Loan recoveries 5,171 899 3,772 5,728 2 15,572 Net (charge-offs) recoveries (3,990 ) (11 ) (2,172 ) (21,839 ) (488 ) (28,500 ) Ending balance $ 363,313 $ 127,885 $ 131,246 $ 97,811 $ 1,867 $ 722,122 Three months ended September 30, 2014 Allowance for loan losses: Beginning balance $ 317,790 $ 142,941 $ 153,694 $ 88,784 $ 11,551 $ 714,760 Provision (credit) for loan losses (6,889 ) (8,180 ) 6,963 16,216 (4,241 ) 3,869 Loans charged off (3,404 ) (555 ) (9,852 ) (20,514 ) (1,124 ) (35,449 ) Loan recoveries 3,818 1,285 3,266 3,909 420 12,698 Net (charge-offs) recoveries 414 730 (6,586 ) (16,605 ) (704 ) (22,751 ) Ending balance $ 311,315 $ 135,491 $ 154,071 $ 88,395 $ 6,606 $ 695,878 Nine Months Ended September 30, 2015 Allowance for loan losses: Beginning balance $ 299,482 $ 138,233 $ 154,627 $ 89,891 $ 2,808 $ 685,041 Provision (credit) for loan losses 74,127 (12,995 ) (13,458 ) 69,085 572 117,331 Loans charged off (20,706 ) (2,380 ) (20,889 ) (78,957 ) (1,516 ) (124,448 ) Loan recoveries 10,410 5,027 10,966 17,792 3 44,198 Net (charge-offs) recoveries (10,296 ) 2,647 (9,923 ) (61,165 ) (1,513 ) (80,250 ) Ending balance $ 363,313 $ 127,885 $ 131,246 $ 97,811 $ 1,867 $ 722,122 Nine Months Ended September 30, 2014 Allowance for loan losses: Beginning balance $ 292,327 $ 158,960 $ 155,575 $ 90,903 $ 2,954 $ 700,719 Provision (credit) for loan losses 30,107 (17,959 ) 27,675 46,014 550 86,387 Loans charged off (23,855 ) (10,506 ) (39,421 ) (62,887 ) (2,131 ) (138,800 ) Loan recoveries 12,736 4,996 10,242 14,365 5,233 47,572 Net (charge-offs) recoveries (11,119 ) (5,510 ) (29,179 ) (48,522 ) 3,102 (91,228 ) Ending balance $ 311,315 $ 135,491 $ 154,071 $ 88,395 $ 6,606 $ 695,878 (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) September 30, 2015 Ending balance of allowance attributable to loans: Individually evaluated for impairment $ 20,252 $ 3,899 $ 37,772 $ 1,950 $ — $ 63,873 Collectively evaluated for impairment 342,881 123,986 93,474 95,861 — 656,202 Purchased impaired — — — — 1,767 1,767 Purchased nonimpaired 180 — — — 100 280 Total allowance for loan losses $ 363,313 $ 127,885 $ 131,246 $ 97,811 $ 1,867 $ 722,122 Ending balance of loans: Individually evaluated for impairment $ 131,009 $ 92,110 $ 178,357 $ 2,376 $ — $ 403,852 Collectively evaluated for impairment 25,469,026 12,799,785 16,707,156 4,359,094 — 59,335,061 Purchased impaired — — — — 334,086 334,086 Purchased nonimpaired 36,284 48,088 766 5,104 123,980 214,222 Total loans $ 25,636,319 $ 12,939,983 $ 16,886,279 $ 4,366,574 $ 458,066 $ 60,287,221 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 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 (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. September 30, 2015 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 $ 6,186 $ 13,575 $ — $ 124,823 $ 128,517 $ 20,252 Real estate – construction 3,446 3,996 — 642 697 642 Commercial real estate – mortgage 36,385 39,065 — 51,637 54,746 3,257 Residential real estate – mortgage — — — 103,626 103,626 6,685 Equity lines of credit — — — 27,098 29,046 23,055 Equity loans — — — 47,633 48,232 8,032 Credit card — — — — — — Consumer direct — — — 501 501 75 Consumer indirect — — — 1,875 1,889 1,875 Total loans $ 46,017 $ 56,636 $ — $ 357,835 $ 367,254 $ 63,873 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 The following table presents information on individually evaluated impaired loans, by loan class. Three Months Ended September 30, 2015 Three Months Ended September 30, 2014 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (In Thousands) Commercial, financial and agricultural $ 133,652 $ 204 $ 70,256 $ 182 Real estate – construction 5,360 21 9,054 58 Commercial real estate – mortgage 87,352 517 108,323 754 Residential real estate – mortgage 107,927 707 112,912 724 Equity lines of credit 27,185 279 24,010 268 Equity loans 48,046 392 54,506 432 Credit card — — — — Consumer direct 397 4 94 1 Consumer indirect 1,749 — 1,276 1 Total loans $ 411,668 $ 2,124 $ 380,431 $ 2,420 Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (In Thousands) Commercial, financial and agricultural $ 98,110 $ 909 $ 95,116 $ 970 Real estate – construction 5,837 97 9,421 177 Commercial real estate – mortgage 85,862 1,634 122,358 2,531 Residential real estate – mortgage 110,790 2,096 113,579 2,168 Equity lines of credit 26,891 838 23,641 773 Equity loans 50,168 1,197 54,977 1,286 Credit card — — — — Consumer direct 686 12 131 3 Consumer indirect 1,645 — 1,283 3 Total loans $ 379,989 $ 6,783 $ 420,506 $ 7,911 The tables above do not include Purchased Impaired Loans, Purchased Nonimpaired Loans or loans held for sale. Detailed information on the Company's allowance for loan losses methodology and the Company's impaired loan policy are included in the Company's Consolidated Financial Statements in the Annual Report on Form 10-K for the year ended December 31, 2014 . 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. Substandard loans 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 a loan 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 September 30, 2015 Commercial, Financial and Agricultural Real Estate - Construction Commercial Real Estate - Mortgage (In Thousands) Noncovered loans: Pass $ 24,549,024 $ 2,294,904 $ 10,285,290 Special Mention 549,038 9,624 179,911 Substandard 511,634 10,803 144,928 Doubtful 26,623 20 14,503 $ 25,636,319 $ 2,315,351 $ 10,624,632 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 Consumer September 30, 2015 Residential Real Estate – Mortgage Equity Lines of Credit Equity Loans Credit Card Consumer Direct Consumer Indirect (In Thousands) Noncovered loans: Performing $ 13,792,551 $ 2,340,561 $ 595,931 $ 601,660 $ 852,101 $ 2,891,337 Nonperforming 105,172 35,847 16,217 8,322 2,888 10,266 $ 13,897,723 $ 2,376,408 $ 612,148 $ 609,982 $ 854,989 $ 2,901,603 December 31, 2014 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 The following tables present an aging analysis of the Company’s past due loans, excluding loans classified as held for sale. September 30, 2015 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 $ 15,300 $ 3,930 $ 5,202 $ 130,370 $ 9,635 $ 164,437 $ 25,471,882 $ 25,636,319 Real estate – construction 1,565 117 426 5,712 2,247 10,067 2,305,284 2,315,351 Commercial real estate – mortgage 4,887 732 5,607 85,975 33,837 131,038 10,493,594 10,624,632 Residential real estate – mortgage 47,936 15,450 1,230 103,492 71,102 239,210 13,658,513 13,897,723 Equity lines of credit 8,988 4,675 2,411 33,436 — 49,510 2,326,898 2,376,408 Equity loans 6,485 1,807 985 15,104 37,785 62,166 549,982 612,148 Credit card 5,949 3,621 8,322 — — 17,892 592,090 609,982 Consumer direct 16,433 1,988 2,153 635 469 21,678 833,311 854,989 Consumer indirect 60,018 12,901 4,213 6,053 — 83,185 2,818,418 2,901,603 Covered loans 4,303 3,347 43,039 153 — 50,842 407,224 458,066 Total loans $ 171,864 $ 48,568 $ 73,588 $ 380,930 $ 155,075 $ 830,025 $ 59,457,196 $ 60,287,221 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 Policies related to the Company's nonaccrual and past due loans are included in the Company's Consolidated Financial Statements in the Annual Report on Form 10-K for the year ended December 31, 2014 . 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. September 30, 2015 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 $ 7 $ 126 $ — $ 634 $ 767 $ 9,502 $ 10,269 Real estate – construction — — — 503 503 2,247 2,750 Commercial real estate – mortgage — — — 4,094 4,094 33,837 37,931 Residential real estate – mortgage 3,165 2,726 450 27,847 34,188 64,761 98,949 Equity lines of credit — — — 26,007 26,007 — 26,007 Equity loans 1,543 2,212 128 9,848 13,731 33,902 47,633 Credit card — — — — — — — Consumer direct — — 100 30 130 369 499 Consumer indirect — — — 1,875 1,875 — 1,875 Covered loans — — — 8 8 — 8 Total loans $ 4,715 $ 5,064 $ 678 $ 70,846 $ 81,303 $ 144,618 $ 225,921 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 Modifications to a borrower’s loan agreement are considered TDRs if a concession is granted for economic or legal reasons related to a borrower’s financial difficulties that otherwise would not be considered. 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 three months ended September 30, 2015 , $2.0 million of TDR modifications included an interest rate concession and $4.7 million of TDR modifications resulted from modifications to the loan’s structure. During the three months ended September 30, 2014 , $1.4 million of TDR modifications included an interest rate concession and $19.6 million of TDR modifications resulted from modifications to the loan’s structure. During the nine months ended September 30, 2015 , $2.9 million of TDR modifications included an interest rate concession and $14.0 million of TDR modifications resulted from modifications to the loan’s structure. During the nine months ended September 30, 2014 , $8.3 million of TDR modifications included an interest rate concession and $33.0 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. Three Months Ended September 30, 2015 Three Months Ended September 30, 2014 Number of Contracts Post-Modification Outstanding Recorded Investment Number of Contracts Post-Modification Outstanding Recorded Investment (Dollars in Thousands) Commercial, financial and agricultural 2 $ 69 2 $ 14,118 Real estate – construction — — 2 405 Commercial real estate – mortgage 3 532 — — Residential real estate – mortgage 14 3,326 18 3,255 Equity lines of credit 27 1,488 32 1,946 Equity loans 8 340 13 920 Credit card — — — — Consumer direct 4 325 — — Consumer indirect 31 549 21 343 Covered loans 1 8 1 3 Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014 Number of Contracts Post-Modification Outstanding Recorded Investment Number of Contracts Post-Modification Outstanding Recorded Investment (Dollars in Thousands) Commercial, financial and agricultural 5 $ 380 4 $ 14,281 Real estate – construction — — 2 405 Commercial real estate – mortgage 4 758 9 6,586 Residential real estate – mortgage 36 7,571 74 8,373 Equity lines of credit 86 4,752 129 6,426 Equity loans 28 1,836 54 4,237 Credit card — — — — Consumer direct 21 627 — — Consumer indirect 53 928 71 1,015 Covered loans 3 29 1 3 For the three and nine months ended September 30, 2015 and 2014 , charge-offs and changes to the allowance related to modifications classified as TDRs 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 period-end. Three Months Ended September 30, 2015 Three Months Ended September 30, 2014 Number of Contracts Recorded Investment at Default Number of Contracts Recorded Investment at Default (Dollars in Thousands) Commercial, financial and agricultural — $ — — $ — Real estate – construction — — — — Commercial real estate – mortgage — — — — Residential real estate – mortgage 1 119 2 144 Equity lines of credit 1 — — — Equity loans 1 55 3 381 Credit card — — — — Consumer direct 1 100 — — Consumer indirect — — — — Covered loans 1 18 — — Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014 Number of Contracts Recorded Investment at Default Number of Contracts Recorded Investment at Default (Dollars in Thousands) Commercial, financial and agricultural — $ — — $ — Real estate – construction 1 377 — — Commercial real estate – mortgage 1 178 1 2,198 Residential real estate – mortgage 6 862 2 144 Equity lines of credit 1 — 3 275 Equity loans 3 216 7 763 Credit card — — — — Consumer direct 1 100 — — Consumer indirect 1 18 — — Covered loans 2 24 — — 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 September 30, 2015 and December 31, 2014 , there were $3.8 million and $1.1 million , respectively, of commitments to lend additional funds to borrowers whose terms have been modified in a TDR. Foreclosure Proceedings Other real estate owned totaled $24 million and $21 million at September 30, 2015 and December 31, 2014 , respectively. Other real estate owned included $17 million and $11 million of foreclosed residential real estate properties at September 30, 2015 and December 31, 2014 , respectively. As of September 30, 2015 and December 31, 2014 , there were $29 million and $26 million , respectively, of residential real estate loans secured by residential real estate properties for which formal foreclosure proceedings were in process. |
Loan Sales and Servicing
Loan Sales and Servicing | 9 Months Ended |
Sep. 30, 2015 | |
Transfers and Servicing [Abstract] | |
Loan Sales and Servicing | Loan Sales and Servicing Loans held for sale were $634 million and $155 million at September 30, 2015 and December 31, 2014 , respectively. Loans held for sale were comprised of $511 million and $123 million of consumer indirect loans and residential real estate - mortgage loans, respectively, at September 30, 2015 . Loans held for sale at December 31, 2014 were comprised entirely of residential real estate - mortgage loans. There were $907 million loans transferred from the held for investment portfolio to the loans held for sale portfolio during the three and nine months ended September 30, 2015 . Loans transferred to the held for sale portfolio during the three and nine months ended September 30, 2015 were comprised of $396 million of residential real estate - mortgage loans and $511 million of consumer indirect loans. The consumer indirect loans were transferred in preparation of completing a securitization in the fourth quarter of 2015. There were no charge-offs recognized upon transfer of these loans. There were $14 million of loans transferred from the held for investment portfolio to the loans held for sale portfolio during the nine months ended September 30, 2014 . The Company recognized charge-offs upon transfer of these loans totaling $4.3 million . There were no loans transferred from the held for investment portfolio to the loans held for sale portfolio during the three months ended September 30, 2014 . As noted above, the Company transferred $511 million of consumer indirect loans to loans held for sale in anticipation of completing a securitization in the fourth quarter of 2015. Due to market conditions that arose in October, the Company chose not to securitize the consumer indirect loans and, accordingly, on October 15, 2015, transferred these loans back to the held for investment portfolio as management determined that it had the ability and intent to hold these loans for the foreseeable future. The Company sold loans and loans held for sale, excluding loans originated for sale in the secondary market, with a recorded balance of $405 million and $415 million during the three and nine months ended September 30, 2015 . The Company sold loans and loans held for sale, excluding loans originated for sale in the secondary market, with a recorded balance of $1 million and $102 million , during the three and nine months ended September 30, 2014 , 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 $725 million and $1.3 billion for the three and nine months ended September 30, 2015 , respectively, and $367 million and $736 million for the three and nine months ended September 30, 2014 , respectively. The Company recognized net gains of $11.0 million and $33.0 million on the sale of residential real estate mortgage loans originated for sale during the three and nine months ended September 30, 2015 , respectively, and $11.7 million and $22.9 million for the three and nine months ended September 30, 2014 , respectively. These gains were recorded in mortgage banking income in the Company’s Unaudited Condensed Consolidated Statements of Income. Residential Real Estate Mortgage Loans Sold with Retained Servicing During the three and nine months ended September 30, 2015 , the Company sold $725 million and $1.3 billion , respectively, of residential real estate mortgage loans where the Company retained servicing responsibilities. During the three and nine months ended September 30, 2014 , the Company sold $367 million and $736 million , respectively, of residential real estate mortgage loans where the Company retained servicing responsibilities. For these sold loans, there is no recourse to the Company for the failures of borrowers to pay when due. Residential real estate mortgage loans sold where the Company retained servicing totaled $4.4 billion and $3.3 billion , respectively, at September 30, 2015 and December 31, 2014 . These loans are not included in loans on the Company’s Unaudited Condensed Consolidated Balance Sheets. In connection with residential real estate mortgage loans sold with retained servicing, the Company receives servicing fees based on a percentage of the outstanding balance. The Company recognized servicing fees of $5.8 million and $15.7 million during the three and nine months ended September 30, 2015 , respectively. The Company recognized servicing fees of $4.1 million and $11.4 million during the three and nine months ended September 30, 2014 , respectively. These fees were recorded as a component of other noninterest income in the Company’s Unaudited Condensed Consolidated Statements of Income. At September 30, 2015 and December 31, 2014 , the Company had recorded $41 million and $35 million of MSRs, respectively, under the fair value method in other assets on the Company’s Unaudited Condensed 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 MSRs. Three Months Ended Nine Months Ended 2015 2014 2015 2014 (In Thousands) Carrying value, at beginning of period $ 40,871 $ 31,104 $ 35,488 $ 30,065 Additions 6,844 4,060 13,566 8,066 Increase (decrease) in fair value: Due to changes in valuation inputs or assumptions (5,485 ) 367 (5,631 ) (1,427 ) Due to other changes in fair value (1) (992 ) (639 ) (2,185 ) (1,812 ) Carrying value, at end of period $ 41,238 $ 34,892 $ 41,238 $ 34,892 (1) Represents the realization of expected net servicing cash flows, expected borrower repayments and the passage of time. See Note 8 , Fair Value of Financial Instruments , for additional disclosures related to the assumptions and estimates used in determining fair value of MSRs. At September 30, 2015 and December 31, 2014 , 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: September 30, 2015 December 31, 2014 (Dollars in Thousands) Fair value of MSRs $ 41,238 $ 35,488 Composition of residential loans serviced for others: Fixed rate mortgage loans 96.7 % 96.1 % Adjustable rate mortgage loans 3.3 3.9 Total 100.0 % 100.0 % Weighted average life (in years) 5.6 6.2 Prepayment speed: 11.1 % 10.6 % Effect on fair value of a 10% increase $ (1,368 ) $ (1,220 ) Effect on fair value of a 20% increase (2,645 ) (2,375 ) Weighted average option adjusted spread/discount rate: (1) 9.0 % 10.1 % Effect on fair value of a 10% increase $ (1,421 ) $ (1,291 ) Effect on fair value of a 20% increase (2,750 ) (2,492 ) (1) During the three months ended September 30, 2015, the Company utilized a new third-party service provider for the valuation of servicing rights. The new service provider utilizes an option-adjusted spread valuation approach instead of a static discount rate approach to discount cash flows. This change did not have a material impact on the value of the mortgage servicing rights. 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 assumption may result in changes in another, which may magnify or counteract the effect of the change. |
Derivatives and Hedging
Derivatives and Hedging | 9 Months Ended |
Sep. 30, 2015 | |
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 Summary of Significant Accounting Policies in the Notes to Consolidated Financial Statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2014 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 Unaudited Condensed Consolidated Balance Sheets on a gross basis. September 30, 2015 December 31, 2014 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 $ 2,123,950 $ 80,083 $ — $ 1,423,950 $ 69,700 $ — Total fair value hedges 80,083 — 69,700 — Cash flow hedges: Interest rate contracts: Swaps related to commercial loans 2,050,000 10,106 — 1,100,000 1,793 1,023 Swaps related to FHLB advances 320,000 — 14,134 320,000 — 13,474 Total cash flow hedges 10,106 14,134 1,793 14,497 Total derivatives designated as hedging instruments $ 90,189 $ 14,134 $ 71,493 $ 14,497 Free-standing derivatives not designated as hedging instruments: Interest rate contracts: Forward and option contracts related to held for sale mortgages $ 264,000 $ 162 $ 2,000 $ 189,000 $ 18 $ 1,576 Equity contracts: Purchased equity option related to equity-linked CDs 875,030 48,493 — 821,849 76,487 — Swap associated with sale of Visa, Inc. Class B shares 60,988 — 1,525 57,393 — 1,435 Foreign exchange contracts: Forwards related to commercial loans 555,061 5,952 695 602,066 5,529 612 Spots related to commercial loans 69,537 — 86 74,940 41 80 Futures contracts (3) 422,000 — — 342,000 — — Interest rate lock commitments 196,779 3,768 3 180,822 2,319 1 Written equity option related to equity-linked CDs 835,394 — 46,607 795,467 — 74,319 Trading account assets and liabilities: Interest rate contracts for customers 23,346,172 386,687 323,285 18,678,390 296,239 236,763 Commodity contracts for customers 154,853 17,272 17,221 264,491 25,569 25,448 Foreign exchange contracts for customers 294,534 10,333 9,611 425,123 8,268 7,527 Total trading account assets and liabilities 414,292 350,117 330,076 269,738 Total free-standing derivative instruments not designated as hedging instruments $ 472,667 $ 401,033 $ 414,470 $ 347,761 (1) Derivative assets, except for trading account assets that are recorded as a component of trading account assets on the Company's Unaudited Condensed Consolidated Balance Sheets, are recorded in other assets on the Company’s Unaudited Condensed Consolidated Balance Sheets. (2) Derivative liabilities are recorded in accrued expenses and other liabilities on the Company’s Unaudited Condensed 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 change in fair value of the derivative instrument. 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 three and nine months ended September 30, 2015 and 2014 related to hedged firm commitments no longer qualifying as a fair value hedge. At September 30, 2015 , the fair value hedges had a weighted average expected remaining term of 5.4 years . 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 Condensed Consolidated Three Months Ended September 30, Nine Months Ended September 30, Statements of Income Caption 2015 2014 2015 2014 (In Thousands) Change in fair value of interest rate contracts: Interest rate swaps hedging long term debt Interest on FHLB and other borrowings $ 40,416 $ (5,391 ) $ 10,383 $ (5,515 ) Hedged long term debt Interest on FHLB and other borrowings (38,634 ) 4,829 (12,511 ) 5,048 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 12,413 6,081 34,157 18,114 There were no material fair value hedging gains and losses recognized because of hedge ineffectiveness for the three and nine months ended September 30, 2015 and 2014 . 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 three and nine months ended September 30, 2015 and 2014 . There were no gains or losses reclassified from other comprehensive income because of the discontinuance of cash flow hedges related to certain forecasted transactions that are probable of not occurring for the three and nine months ended September 30, 2015 and 2014 . At September 30, 2015 , cash flow hedges not terminated had a net fair value of $(4.0) million and a weighted average life of 1.7 years . Based on the current interest rate environment, $523 thousand of losses 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 5.8 years . The following table presents the effect of derivative instruments designated and qualifying as cash flow hedges on the Company’s Unaudited Condensed Consolidated Balance Sheets and the Company’s Unaudited Condensed Consolidated Statements of Income. Gain (Loss) for the Three Months Ended Nine Months Ended 2015 2014 2015 2014 (In Thousands) Interest rate contracts: Net change in amount recognized in other comprehensive income $ 1,838 $ (706 ) $ 4,910 $ (2,388 ) Amount reclassified from accumulated other comprehensive income into net interest income 1,924 (41 ) 4,778 (1,768 ) 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 Unaudited Condensed 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 Unaudited Condensed Consolidated Statements of Income. Interest rate lock commitments issued on residential mortgage loan commitments to 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 Unaudited Condensed 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 Unaudited Condensed 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 Unaudited Condensed Consolidated Statements of Income from free-standing derivative instruments not designated as hedging instruments are summarized in the following table. Gain (Loss) for the Condensed Consolidated Three Months Ended September 30, Nine Months Ended September 30, Statements of Income Caption 2015 2014 2015 2014 (In Thousands) Futures contracts Mortgage banking income and corporate and correspondent investment sales (248 ) 87 (199 ) (146 ) Option contracts related to mortgage servicing rights Mortgage banking income — — (195 ) 41 Interest rate contracts: Forward and option contracts related to residential mortgage loans held for sale Mortgage banking income (2,317 ) 1,558 1,679 (2,549 ) Interest rate lock commitments Mortgage banking income 308 (842 ) 1,447 2,089 Interest rate contracts for customers Corporate and correspondent investment sales 4,961 4,800 21,490 13,958 Commodity contracts: Commodity contracts for customers Corporate and correspondent investment sales (2 ) 191 7 94 Equity contracts: Purchased equity option related to equity-linked CDs Other expense (13,960 ) 17,979 (27,995 ) 24,686 Written equity option related to equity-linked CDs Other expense 13,652 (17,777 ) 27,712 (24,321 ) Foreign currency contracts: Forward contracts related to commercial loans Other income 17,181 44,452 40,265 27,022 Spot contracts related to commercial loans Other income (4,143 ) (4,459 ) (7,663 ) (1,052 ) Foreign currency exchange contracts for customers Corporate and correspondent investment sales 590 309 1,451 679 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 September 30, 2015 , interest rate swap agreements and options classified as trading were substantially matched. The Company had credit risk of $414 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 $15 thousand and $9 thousand , respectively, in net credit losses associated with derivative instruments classified as trading for the three and nine months ended September 30, 2015 . There were $125 thousand and $851 thousand , respectively, in net credit losses associated with derivative instruments classified as trading for the three and nine months ended September 30, 2014 . At September 30, 2015 and December 31, 2014 , 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 at September 30, 2015 have credit risk of $90 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 three and nine months ended September 30, 2015 and 2014 . At September 30, 2015 and December 31, 2014 , there were no nonperforming derivative positions classified as nontrading. As of September 30, 2015 and December 31, 2014 , the Company had recorded the right to reclaim cash collateral of $194 million and $46 million , respectively, within other assets on the Company’s Unaudited Condensed Consolidated Balance Sheets and had recorded the obligation to return cash collateral of $42 million and $62 million , respectively, within deposits on the Company’s Unaudited Condensed 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 September 30, 2015 was $57 million for which the Company has collateral requirements of $56 million in the normal course of business. If the credit risk-related contingent features underlying these agreements had been triggered on September 30, 2015 , the Company’s collateral requirements to its counterparties would have increased by $1 million . 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 had collateral requirements of $62 million in the normal course of business. If the credit risk-related contingent features underlying these agreements had been triggered on December 31, 2014 , the Company’s collateral requirements to its counterparties would have increased by $4 million . Netting of Derivative Instruments 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. The following represents the Company’s total gross derivative instrument assets and liabilities subject to an enforceable master netting arrangement. The derivative instruments the Company has with its customers are not subject to an enforceable master netting arrangement. Gross Amounts Recognized Gross Amounts Offset in the Condensed Consolidated Balance Sheets Net Amount Presented in the Condensed Consolidated Balance Sheets Financial Instruments (1) Cash Collateral Received/ Pledged (1) Net Amount (In Thousands) September 30, 2015 Derivative financial assets: Subject to a master netting arrangement $ 223,580 $ — $ 223,580 $ 3,186 $ 35,444 $ 184,950 Not subject to a master netting arrangement 339,276 — 339,276 — — 339,276 Total derivative financial assets $ 562,856 $ — $ 562,856 $ 3,186 $ 35,444 $ 524,226 Derivative financial liabilities: Subject to a master netting arrangement $ 345,621 $ — $ 345,621 $ 23,143 $ 189,765 $ 132,713 Not subject to a master netting arrangement 69,546 — 69,546 — — 69,546 Total derivative financial liabilities $ 415,167 $ — $ 415,167 $ 23,143 $ 189,765 $ 202,259 December 31, 2014 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 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 (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. |
Securities Financing Activities
Securities Financing Activities | 9 Months Ended |
Sep. 30, 2015 | |
Transfers and Servicing [Abstract] | |
Securities Financing Activities | Securities Financing Activities Securities Sold Under Agreements to Repurchase Securities sold under agreements to repurchase are accounted for as secured borrowings. The following table presents the Company's related activity, by collateral type and remaining contractual maturity. September 30, 2015 Remaining Contractual Maturity of the Agreements Overnight and Continuous Up to 30 days 30 - 90 days Greater Than 90 days Total (In Thousands) Securities Sold Under Agreements Repurchase: U.S. Treasury and other U.S. government agencies $ 3,514,574 $ 220,369 $ — $ — $ 3,734,943 Mortgage-backed securities — — 913,612 — 913,612 Collateralized mortgage obligations — — 145,888 — 145,888 Total $ 3,514,574 $ 220,369 $ 1,059,500 $ — $ 4,794,443 In the event of a significant decline in fair value of the collateral pledged for the securities sold under agreements to repurchase, the Company would be required to provide additional collateral. The Company minimizes the risk by monitoring the liquidity and credit quality of the collateral, as well as the maturity profile of the transactions. At September 30, 2015 , the fair value of collateral received related to securities purchased under agreements to resell was $5.1 billion and the fair value of collateral pledged for securities sold under agreements to repurchase was $4.9 billion . 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 . Netting of Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase The Company has various financial asset and liabilities that are subject to enforceable master netting agreements or similar agreements. The Company's derivatives that are subject to enforceable master netting agreements or similar transactions are discussed in Note 5 , Derivatives and Hedging . 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 or sold plus accrued interest. The securities pledged as collateral are generally U.S. Treasury and other U.S. government agencies, mortgage-backed securities and collateralized mortgage obligations classified as available for sale. Securities purchased under agreements to resell and securities sold under agreements to repurchase are governed by a 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. The following represents the Company’s assets/liabilities subject to an enforceable master netting arrangement. Gross Amounts Recognized Gross Amounts Offset in the Condensed Consolidated Balance Sheets Net Amount Presented in the Condensed Consolidated Balance Sheets Financial Instruments (1) Cash Collateral Received/ Pledged (1) Net Amount (In Thousands) September 30, 2015 Securities purchased under agreements to resell: Subject to a master netting arrangement $ 5,140,025 $ 4,693,819 $ 446,206 $ 446,206 $ — $ — Securities sold under agreements to repurchase: Subject to a master netting arrangement $ 4,794,443 $ 4,693,819 $ 100,624 $ 100,624 $ — $ — December 31, 2014 Securities purchased under agreements to resell: Subject to a master netting arrangement $ 3,100,200 $ 2,533,661 $ 566,539 $ 566,539 $ — $ — Securities sold under agreements to repurchase: Subject to a master netting arrangement $ 2,969,345 $ 2,533,661 $ 435,684 $ 435,684 $ — $ — (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 | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Guarantees | Commitments, Contingencies and Guarantees 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: September 30, 2015 December 31, 2014 (In Thousands) Commitments to extend credit $ 28,139,475 $ 28,369,666 Standby and commercial letters of credit 1,745,629 1,871,323 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 September 30, 2015 and December 31, 2014 , the recorded amount of these deferred fees was $5.9 million and $5.2 million , respectively. The Company holds various assets as collateral supporting those commitments for which collateral is deemed necessary. At September 30, 2015 , the maximum potential amount of future undiscounted payments the Company could be required to make under outstanding standby letters of credit was $1.7 billion . At September 30, 2015 and December 31, 2014 , the Company had reserves related to letters of credit and unfunded commitments recorded in accrued expenses and other liabilities on the Company’s Unaudited Condensed Consolidated Balance Sheet of $90 million and $94 million , respectively. Loan Sale Recourse The Company has potential recourse related to FNMA securitizations. At September 30, 2015 and December 31, 2014 , the amount of potential recourse was $19 million and $20 million , of which the Company had reserved $877 thousand and $655 thousand , respectively, which is recorded in accrued expenses and other liabilities on the Company's Unaudited Condensed Consolidated Balance Sheets for the respective periods. 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 representations and warranties would materially change the financial condition or results of operations of the Company. At both September 30, 2015 and December 31, 2014 , the Company recorded $1 million of reserves in accrued expenses and other liabilities on the Company’s Unaudited Condensed Consolidated Balance Sheets related to potential losses from loans sold. Loss Sharing Agreement In connection with the Guaranty Bank 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 sharing agreements are in effect. At both September 30, 2015 and December 31, 2014 , the Company estimated the potential amount of payment due to the FDIC in 2019 , at the end of the loss sharing agreements, to be $145 million . 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. 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 claims. Set forth below are descriptions of certain of the Company’s legal proceedings: In February 2015 , the Company was named as a defendant in a lawsuit filed in the Superior Court for the State of California, County of San Diego, Morris Cerullo World Evangelism v. BBVA Compass and Jack Wilkinson, wherein the plaintiff alleges the Company wrongfully failed to honor a standby letter of credit in the amount of $5.2 million . The plaintiff's allegations in this lawsuit are virtually identical to its allegations in the earlier filed federal court lawsuit. As in that lawsuit, the plaintiff seeks $5.2 million , plus other, 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 for 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 $17.1 million through unauthorized transactions on their accounts from 2009 to 2013 , and that BBVA Compass enabled the theft. 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 for 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 could develop into administrative, civil, or criminal proceeding or enforcement actions and 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. 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 September 30, 2015 , the Company had accrued legal reserves in the amount of $13 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 September 30, 2015 , 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. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2015 | |
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 agencies 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 September 30, 2015 and December 31, 2014 , no material 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 Company's Unaudited Condensed Consolidated Statements of Income. Net gains (losses) of $1.4 million and $(2.3) million resulting from changes in fair value of these loans were recorded in noninterest income during the three months ended September 30, 2015 and 2014 , respectively. Net (losses) gains of $(651) thousand and $3.8 million resulting from changes in fair value of these loans were recorded in noninterest income during the nine months ended September 30, 2015 and 2014 , respectively. The Company also had fair value changes on forward contracts related to residential mortgage loans held for sale of approximately $(2.3) million and $1.8 million for the three months ended September 30, 2015 and 2014 , respectively. The Company also had fair value changes on forward contracts related to residential mortgage loans held for sale of approximately $1.7 million and $(2.4) million for the nine months ended September 30, 2015 and 2014 , respectively. An immaterial portion of these amounts was attributable to changes in instrument-specific credit risk. The following table summarizes 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) September 30, 2015 Residential mortgage loans held for sale $ 122,758 $ 117,157 $ 5,601 December 31, 2014 Residential mortgage loans held for sale $ 154,816 $ 148,564 $ 6,252 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, option-adjusted spreads, 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 consideration, 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. During the three months ended September 30, 2015, the Company utilized a new third-party service provider for the valuation of servicing rights. The new service provider utilizes an option-adjusted spread valuation approach instead of a static discount rate approach to discount cash flows. This change did not have a material impact on the value of the MSR. 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 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 September 30, 2015 (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 $ 3,772,337 $ 3,772,337 $ — $ — State and political subdivisions 1,161 — 1,161 — Other debt securities 3,639 — 3,639 — Interest rate contracts 386,687 — 386,687 — Commodity contracts 17,272 — 17,272 — Foreign exchange contracts 10,333 — 10,333 — Other trading assets 2,077 — 824 1,253 Total trading account assets 4,193,506 3,772,337 419,916 1,253 Loans held for sale 122,758 — 122,758 — Investment securities available for sale: U.S. Treasury and other U.S. government agencies 3,022,124 1,760,471 1,261,653 — Mortgage-backed securities 4,654,536 — 4,654,536 — Collateralized mortgage obligations 2,485,627 — 2,485,627 — States and political subdivisions 85,395 — 85,395 — Other debt securities 25,137 25,137 — — Equity securities (1) 294 44 — 250 Total investment securities available for sale 10,273,113 1,785,652 8,487,211 250 Derivative assets: Interest rate contracts 94,119 — 90,351 3,768 Equity contracts 48,493 — 48,493 — Foreign exchange contracts 5,952 — 5,952 — Total derivative assets 148,564 — 144,796 3,768 Other assets 41,238 — — 41,238 Liabilities: Trading account liabilities: U.S. Treasury and other U.S. government agencies $ 4,017,897 $ 4,017,897 $ — $ — Interest rate contracts 323,285 — 323,285 — Commodity contracts 17,221 — 17,221 — Foreign exchange contracts 9,611 — 9,611 — Total trading account liabilities 4,368,014 4,017,897 350,117 — Derivative liabilities: Interest rate contracts 16,137 — 16,134 3 Equity contracts 46,607 — 46,607 — Foreign exchange contracts 781 — 781 — Total derivative liabilities 63,525 — 63,522 3 (1) Excludes $531 million of FHLB and Federal Reserve stock required to be owned by the Company at September 30, 2015 . 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, 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. There were no transfers between Levels 1 or 2 of the fair value hierarchy for the three and nine months ended September 30, 2015 and 2014 . 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 tables reconcile 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) Three Months Ended September 30, Other Trading Assets Equity Securities Interest Rate Contracts, net Other Assets (In Thousands) Balance, July 1, 2014 $ 1,709 $ 6 $ 3,821 $ 31,104 Transfers into Level 3 — — — — Transfers out of Level 3 — — — — Total gains or losses (realized/unrealized): Included in earnings (1) 10 — (842 ) (272 ) Included in other comprehensive income — — — — Purchases, issuances, sales and settlements: Purchases — — — — Issuances — — — 4,060 Sales — — — — Settlements — — — — Balance, September 30, 2014 $ 1,719 $ 6 $ 2,979 $ 34,892 Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at September 30, 2014 $ 10 $ — $ (842 ) $ (272 ) Balance, July 1, 2015 $ 1,400 $ 251 $ 3,457 $ 40,871 Transfers into Level 3 — — — — Transfers out of Level 3 — — — — Total gains or losses (realized/unrealized): Included in earnings (1) (147 ) — 308 (6,477 ) Included in other comprehensive income — — — — Purchases, issuances, sales and settlements: Purchases — — — — Issuances — — — 6,844 Sales — (1 ) — — Settlements — — — — Balance, September 30, 2015 $ 1,253 $ 250 $ 3,765 $ 41,238 Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at September 30, 2015 $ (147 ) $ — $ 308 $ (6,477 ) (1) Included in noninterest income in the Unaudited Condensed Consolidated Statements of Income. Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Nine Months Ended September 30, Other Trading Assets Equity Securities Interest Rate Contracts, net Other Assets (In Thousands) 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) 74 — 2,089 (3,239 ) Included in other comprehensive income — — — — Purchases, issuances, sales and settlements: Purchases — — — — Issuances — — — 8,066 Sales — — — — Settlements — — — — Balance, September 30, 2014 $ 1,719 $ 6 $ 2,979 $ 34,892 Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at September 30, 2014 $ 74 $ — $ 2,089 $ (3,239 ) Balance, January 1, 2015 $ 1,590 $ 4 $ 2,318 $ 35,488 Transfers into Level 3 — — — — Transfers out of Level 3 — — — — Total gains or losses (realized/unrealized): Included in earnings (1) (337 ) — 1,447 (7,816 ) Included in other comprehensive income — — — — Purchases, issuances, sales and settlements: Purchases — 247 — — Issuances — — — 13,566 Sales — (1 ) — — Settlements — — — — Balance, September 30, 2015 $ 1,253 $ 250 $ 3,765 $ 41,238 Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at September 30, 2015 $ (337 ) $ — $ 1,447 $ (7,816 ) (1) Included in noninterest income in the Unaudited Condensed 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 three and nine months ended September 30, 2015 and 2014 and still held as of the end of the period, and the related gains and losses from fair value adjustments on assets sold during the period as well as assets still held as of the end of the period. 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) September 30, 2015 (Level 1) (Level 2) (Level 3) Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 (In Thousands) Nonrecurring fair value measurements Assets: Investment securities held to maturity $ 15,423 $ — $ — $ 15,423 $ — $ (1,298 ) Impaired loans (1) 169,458 — — 169,458 (6,836 ) (11,689 ) OREO 23,762 — — 23,762 (1,135 ) (3,317 ) 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) September 30, 2014 (Level 1) (Level 2) (Level 3) Three Months Ended September 30, 2014 Nine Months Ended September 30, 2014 (In Thousands) Nonrecurring fair value measurements Assets: Investment securities held to maturity $ 3,832 $ — $ — $ 3,832 $ — $ (180 ) Impaired loans (1) 137,398 — — 137,398 (2,362 ) (21,238 ) OREO 17,058 — — 17,058 (758 ) (2,340 ) (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 measurements are derived using a discounted cash flow modeling approach, the nonrecurring fair value measurements are classified as Level 3. 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 measurements based on the current estimated fair value of the collateral are classified as Level 3. OREO – OREO is recorded on the Company's Unaudited Condensed 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 September 30, 2015 Valuation Technique Unobservable Input(s) (Weighted Average) (In Thousands) Recurring fair value measurements: Other trading assets $ 1,253 Discounted cash flow Default rate 9.2% Prepayment rate 5.9% - 10.4% (7.8%) Interest rate contracts 3,765 Discounted cash flow Closing ratios (pull-through) 8.4% - 99.3% (61.0%) Cap grids 0.0% - 2.7% (1.1%) Other assets - MSRs 41,238 Discounted cash flow Option adjusted spread 6.7% - 18.6% (9.0%) Constant prepayment rate or life speed 1.2% - 59.8% (11.1%) Cost to service $60 - $1,068 ($80) Nonrecurring fair value measurements: Investment securities held to maturity $ 15,423 Discounted cash flow Prepayment rate 9.6% Default rate 7.5% Loss severity 61.2% Expected loss 7.9% Impaired loans 169,458 Appraised value Appraised value 0.0% - 100.0% (24.9%) OREO 23,762 Appraised value Appraised value 8.0% (1) (1) Represents discount to appraised value for estimated costs to sell. 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 Other Trading 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 lock commitments 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 option-adjusted spreads, constant prepayment rate or life speed, and cost to service assumptions. The impact of prepayments and changes in the option-adjusted spread 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, excluding financial instruments measured at fair value on a recurring basis, are as follows: September 30, 2015 Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 (In Thousands) Financial Instruments: Assets: Cash and cash equivalents $ 4,377,464 $ 4,377,464 $ 4,377,464 $ — $ — Investment securities held to maturity 1,357,801 1,268,114 — — 1,268,114 Loans and loans held for sale not measured at fair value, net 60,076,499 57,494,082 — — 57,494,082 Liabilities: Deposits $ 64,492,396 $ 64,609,174 $ — $ 64,609,174 $ — FHLB and other borrowings 6,216,425 6,186,068 — 6,186,068 — Federal funds purchased and securities sold under agreements to repurchase 639,259 639,259 — 639,259 — Other short-term borrowings 150,000 150,000 — 150,000 — 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 $ — $ — Investment securities held to maturity 1,348,354 1,275,963 — — 1,275,963 Loans, net 56,686,743 54,551,442 — — 54,551,442 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 — 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. 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. Federal funds purchased and securities sold under agreements to repurchase : The carrying amounts of federal funds purchased and securities sold under agreements to repur |
Comprehensive Income
Comprehensive Income | 9 Months Ended |
Sep. 30, 2015 | |
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). Three Months Ended September 30, 2015 2014 Pretax Tax Expense/ (Benefit) After-tax Pretax Tax Expense/ (Benefit) After-tax (In Thousands) Other comprehensive income (loss): Unrealized holding gains (losses) arising during period from securities available for sale $ 48,686 $ 21,193 $ 27,493 $ (17,597 ) $ (6,325 ) $ (11,272 ) Less: reclassification adjustment for net gains on sale of securities in net income 6,736 2,932 3,804 9,710 3,490 6,220 Net change in unrealized gains (losses) on securities available for sale 41,950 18,261 23,689 (27,307 ) (9,815 ) (17,492 ) Change in unamortized net holding losses on investment securities held to maturity 1,886 820 1,066 3,745 1,347 2,398 Less: non-credit related impairment on investment securities held to maturity — — — — — — Change in unamortized non-credit related impairment on investment securities held to maturity 515 225 290 387 138 249 Net change in unamortized holding losses on securities held to maturity 2,401 1,045 1,356 4,132 1,485 2,647 Unrealized holding gains (losses) arising during period from cash flow hedge instruments 3,252 1,414 1,838 (1,103 ) (397 ) (706 ) Change in defined benefit plans — — — — — — Other comprehensive income (loss) $ 47,603 $ 20,720 $ 26,883 $ (24,278 ) $ (8,727 ) $ (15,551 ) Nine Months Ended September 30, 2015 2014 Pretax Tax Expense/ (Benefit) After-tax Pretax Tax Expense/ (Benefit) After-tax (In Thousands) Other comprehensive income: Unrealized holding gains arising during period from securities available for sale $ 69,541 $ 30,271 $ 39,270 $ 63,819 $ 22,936 $ 40,883 Less: reclassification adjustment for net gains on sale of securities in net income 66,967 29,151 37,816 47,608 17,110 30,498 Net change in unrealized gains on securities available for sale 2,574 1,120 1,454 16,211 5,826 10,385 Change in unamortized net holding losses on investment securities held to maturity 8,559 3,725 4,834 11,213 4,030 7,183 Less: non-credit related impairment on investment securities held to maturity 87 38 49 235 84 151 Change in unamortized non-credit related impairment on investment securities held to maturity 1,247 543 704 1,141 409 732 Net change in unamortized holding losses on securities held to maturity 9,719 4,230 5,489 12,119 4,355 7,764 Unrealized holding gains (losses) arising during period from cash flow hedge instruments 8,693 3,783 4,910 (3,729 ) (1,341 ) (2,388 ) Change in defined benefit plans 2,716 1,001 1,715 (2,672 ) (1,001 ) (1,671 ) Other comprehensive income $ 23,702 $ 10,134 $ 13,568 $ 21,929 $ 7,839 $ 14,090 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, 2014 $ (31,490 ) $ (5,289 ) $ (41,921 ) $ (9,236 ) $ (87,936 ) Other comprehensive income (loss) before reclassifications 40,883 (3,521 ) — (151 ) 37,211 Amounts reclassified from accumulated other comprehensive income (loss) (23,315 ) 1,133 (1,671 ) 732 (23,121 ) Net current period other comprehensive income (loss) 17,568 (2,388 ) (1,671 ) 581 14,090 Balance, September 30, 2014 $ (13,922 ) $ (7,677 ) $ (43,592 ) $ (8,655 ) $ (73,846 ) Balance, January 1, 2015 $ 4,469 $ (7,189 ) $ (41,121 ) $ (7,516 ) $ (51,357 ) Other comprehensive income (loss) before reclassifications 39,270 7,607 — (49 ) 46,828 Amounts reclassified from accumulated other comprehensive income (loss) (32,982 ) (2,697 ) 1,715 704 (33,260 ) Net current period other comprehensive income 6,288 4,910 1,715 655 13,568 Balance, September 30, 2015 $ 10,757 $ (2,279 ) $ (39,406 ) $ (6,861 ) $ (37,789 ) 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) Condensed Consolidated Statement of Income Caption Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (In Thousands) Unrealized Gains on Securities Available for Sale and Transferred to Held to Maturity $ 6,736 $ 9,710 $ 66,967 $ 47,608 Investment securities gains, net (1,886 ) (3,745 ) (8,559 ) (11,213 ) Interest on investment securities held to maturity 4,850 5,965 58,408 36,395 (2,112 ) (2,143 ) (25,426 ) (13,080 ) Income tax expense $ 2,738 $ 3,822 $ 32,982 $ 23,315 Net of tax Accumulated Gains (Losses) on Cash Flow Hedging Instruments $ 3,646 $ 1,727 $ 9,985 $ 3,551 Interest and fees on loans (1,722 ) (1,768 ) (5,207 ) (5,319 ) Interest and fees on FHLB advances 1,924 (41 ) 4,778 (1,768 ) (839 ) 15 (2,081 ) 635 Income tax (expense) benefit $ 1,085 $ (26 ) $ 2,697 $ (1,133 ) Net of tax Defined Benefit Plan Adjustment $ — $ — $ (2,716 ) $ 2,672 (2) — — 1,001 (1,001 ) Income tax (expense) benefit $ — $ — $ (1,715 ) $ 1,671 Net of tax Unamortized Impairment Losses on Investment Securities Held to Maturity $ (515 ) $ (387 ) $ (1,247 ) $ (1,141 ) Interest on investment securities held to maturity 225 138 543 409 Income tax benefit $ (290 ) $ (249 ) $ (704 ) $ (732 ) 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, in the Notes to the December 31, 2014, Consolidated Financial Statements for additional details). |
Supplemental Disclosure for Sta
Supplemental Disclosure for Statement of Cash Flows | 9 Months Ended |
Sep. 30, 2015 | |
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 supplemental disclosures for statement of cash flows. Nine Months Ended September 30, 2015 2014 (In Thousands) Supplemental disclosures of cash flow information: Interest paid $ 277,140 $ 202,851 Net income taxes paid 145,056 95,167 Supplemental schedule of noncash investing and financing activities: Transfer of loans and loans held for sale to OREO $ 16,552 $ 14,278 Transfer of loans to loans held for sale 906,857 14,129 Change in unrealized gain (loss) on available for sale securities 2,574 16,211 Issuance of restricted stock, net of cancellations 458 (1,060 ) Business combinations: Assets acquired 14,327 117,068 Liabilities assumed 977 18,329 |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company’s operating segments are based on the Company’s organizational structure. Each segment reflects the manner in which financial information is evaluated by management. The operating 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, revenue and assets outside the United States are not material. There are no individual customers whose revenues exceeded 10% of consolidated revenue. During the first quarter of 2015, the Company reorganized its internal management structure and, accordingly, its segment reporting structure. As a result of this reorganization, the Wealth and Retail and Commercial operating segments were combined into one operating segment, Consumer and Commercial Banking. Prior periods' information has been restated to conform to the current periods' presentation. The Company's reportable operating segments now consist of Consumer and Commercial Banking, Corporate and Investment Banking, Treasury, and Corporate Support and Other. The following tables present the segment information for the Company’s segments. Three Months Ended September 30, 2015 Consumer and Commercial Banking Corporate and Investment Banking Treasury Corporate Support and Other Consolidated (In Thousands) Net interest income (expense) $ 508,547 $ 42,465 $ 6,228 $ (49,373 ) $ 507,867 Allocated provision for loan losses 25,698 24,466 — (21,013 ) 29,151 Noninterest income 199,619 30,039 7,879 (4,161 ) 233,376 Noninterest expense 441,549 38,456 4,656 51,589 536,250 Net income (loss) before income tax expense (benefit) 240,919 9,582 9,451 (84,110 ) 175,842 Income tax expense (benefit) 84,322 3,354 3,308 (40,874 ) 50,110 Net income (loss) 156,597 6,228 6,143 (43,236 ) 125,732 Less: net income attributable to noncontrolling interests 65 — 426 — 491 Net income (loss) attributable to shareholder $ 156,532 $ 6,228 $ 5,717 $ (43,236 ) $ 125,241 Average assets $ 54,994,543 $ 12,578,903 $ 15,085,951 $ 7,102,333 $ 89,761,730 Three Months Ended September 30, 2014 Consumer and Commercial Banking Corporate and Investment Banking Treasury Corporate Support and Other Consolidated (In Thousands) Net interest income $ 472,822 $ 33,253 $ 4,698 $ (28,805 ) $ 481,968 Allocated provision for loan losses 17,242 (3,795 ) — (9,578 ) 3,869 Noninterest income 176,740 44,706 16,035 (11,050 ) 226,431 Noninterest expense 434,957 40,968 5,093 52,124 533,142 Net income (loss) before income tax expense (benefit) 197,363 40,786 15,640 (82,401 ) 171,388 Income tax expense (benefit) 73,518 15,193 5,826 (66,767 ) 27,770 Net income (loss) 123,845 25,593 9,814 (15,634 ) 143,618 Less: net income attributable to noncontrolling interests 382 — 433 — 815 Net income (loss) attributable to shareholder $ 123,463 $ 25,593 $ 9,381 $ (15,634 ) $ 142,803 Average assets $ 50,488,226 $ 7,303,466 $ 13,238,660 $ 6,878,735 $ 77,909,087 Nine Months Ended September 30, 2015 Consumer and Commercial Banking Corporate and Investment Banking Treasury Corporate Support and Other Consolidated (In Thousands) Net interest income (expense) $ 1,485,422 $ 121,428 $ 25,026 $ (122,998 ) $ 1,508,878 Allocated provision for loan losses 77,116 41,714 — (1,499 ) 117,331 Noninterest income 568,548 126,739 71,072 (25,144 ) 741,215 Noninterest expense 1,292,947 116,994 14,683 153,981 1,578,605 Net income (loss) before income tax expense (benefit) 683,907 89,459 81,415 (300,624 ) 554,157 Income tax expense (benefit) 239,367 31,311 28,495 (149,165 ) 150,008 Net income (loss) 444,540 58,148 52,920 (151,459 ) 404,149 Less: net income attributable to noncontrolling interests 448 — 1,290 — 1,738 Net income (loss) attributable to shareholder $ 444,092 $ 58,148 $ 51,630 $ (151,459 ) $ 402,411 Average assets $ 53,748,809 $ 12,459,087 $ 14,288,092 $ 7,092,747 $ 87,588,735 Nine Months Ended September 30, 2014 Consumer and Commercial Banking Corporate and Investment Banking Treasury Corporate Support and Other Consolidated (In Thousands) Net interest income $ 1,391,303 $ 100,759 $ 12,954 $ (28,975 ) $ 1,476,041 Allocated provision for loan losses 92,115 5,509 — (11,237 ) 86,387 Noninterest income 524,765 137,796 63,803 (45,160 ) 681,204 Noninterest expense 1,294,095 112,725 12,130 178,321 1,597,271 Net income (loss) before income tax expense (benefit) 529,858 120,321 64,627 (241,219 ) 473,587 Income tax expense (benefit) 197,372 44,820 24,074 (158,799 ) 107,467 Net income (loss) 332,486 75,501 40,553 (82,420 ) 366,120 Less: net income attributable to noncontrolling interests 464 — 1,308 — 1,772 Net income (loss) attributable to shareholder $ 332,022 $ 75,501 $ 39,245 $ (82,420 ) $ 364,348 Average assets $ 49,140,107 $ 7,000,603 $ 12,773,686 $ 6,859,995 $ 75,774,391 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 operating segments 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 taking into account economic and regulatory capital standards. The development and application of these methodologies is a dynamic process. Accordingly, prior period financials have been revised to reflect management accounting enhancements and changes in the Company's organizational structure. The 2014 segment information has been revised to conform to the 2015 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 to those presented by other financial institutions. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions The Company enters into various transactions with BBVA that affect the Company’s business and operations. The following discloses the significant transactions between the Company and BBVA during 2015 and 2014 . 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 total notional amount of outstanding derivative contracts between the Company and BBVA are $850 million and $200 million for cash flow hedges and $4.7 billion and $4.2 billion for free-standing derivatives not designated as hedging instruments at September 30, 2015 and December 31, 2014 , respectively. The net fair value of outstanding derivative contracts between the Company and BBVA are detailed below. September 30, 2015 December 31, 2014 (In Thousands) Derivative contracts: Cash flow hedges $ 57 $ 1,693 Free-standing derivatives not designated as hedging instruments (38,590 ) 9,512 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 agreement to resell and securities sold under agreement to repurchase where BBVA is the counterparty. September 30, 2015 December 31, 2014 (In Thousands) Securities purchased under agreements to resell $ 29,975 $ 97,970 Securities sold under agreements to repurchase — 435,684 Borrowings BSI, a wholly owned subsidiary of the Company, 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 September 30, 2015 there was $150 million outstanding on the line of credit agreement and no amount outstanding under the revolving note and cash subordination agreement. At December 31, 2014 there were no amounts outstanding under either of these agreements. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Use of estimates | Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in accordance with U.S. GAAP 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. |
Recently issued accounting standards | Recently Issued Accounting Standards 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 . The Company elected to adopt the amendments in this ASU using the prospective transition method. The adoption of this standard did not have a material impact on the financial condition or results of operations of the Company. See Note 3 , Loans and Allowance for Loan Losses . Revenue from Contracts with Customers In May 2014 , the FASB released ASU 2014-09, Revenue from Contracts with Customers . The core principle of this codified 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 were originally effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2016 . Subsequently, the FASB issued a one -year deferral for implementation, which results in the new guidance being effective for annual and interim reporting periods beginning after December 15, 2017. The FASB, however, permitted adoption of the new guidance on the original effective date. 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 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 did not have a material impact on the financial condition or results of operations of the Company. See Note 6 , Securities Financing Activities . 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 did not 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, 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. Simplifying the Presentation of Debt Issuance Costs In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs. To simplify presentation of debt issuance costs, the amendments in this ASU require debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 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. Customer's Accounting for Fees Paid in a Cloud Computing Arrangement In April 2015, the FASB issued ASU 2015-05, Customer's Accounting for Fees Paid in a Cloud Computing Arrangement. The amendments in this ASU provide guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 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. |
Derivatives | The Company has made an accounting policy decision to not offset derivative fair value amounts under master netting agreements. |
Securities for repurchase and resale | Securities purchased under agreements to resell and securities sold under agreements to repurchase are governed by a 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 Availab21
Investment Securities Available for Sale and Investment Securities Held to Maturity (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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. September 30, 2015 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 $ 3,007,221 $ 23,596 $ 8,693 $ 3,022,124 Mortgage-backed securities 4,634,728 37,379 17,571 4,654,536 Collateralized mortgage obligations 2,475,968 17,419 7,760 2,485,627 States and political subdivisions 81,940 3,455 — 85,395 Other 24,863 307 33 25,137 Equity securities 530,800 41 — 530,841 Total $ 10,755,520 $ 82,197 $ 34,057 $ 10,803,660 Investment securities held to maturity: Collateralized mortgage obligations $ 108,422 $ 6,088 $ 5,968 $ 108,542 Asset-backed securities 27,047 2,901 2,039 27,909 States and political subdivisions 1,156,205 828 92,048 1,064,985 Other 66,127 2,744 2,193 66,678 Total $ 1,357,801 $ 12,561 $ 102,248 $ 1,268,114 December 31, 2014 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 |
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 September 30, 2015 and December 31, 2014 . This information is aggregated by investment category and the length of time the individual securities have been in an unrealized loss position. September 30, 2015 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 $ 299,978 $ 4,133 $ 375,491 $ 4,560 $ 675,469 $ 8,693 Mortgage-backed securities 845,311 2,323 1,501,811 15,248 2,347,122 17,571 Collateralized mortgage obligations 926,611 5,049 104,894 2,711 1,031,505 7,760 Other — — 1,089 33 1,089 33 Total $ 2,071,900 $ 11,505 $ 1,983,285 $ 22,552 $ 4,055,185 $ 34,057 Investment securities held to maturity: Collateralized mortgage obligations $ 22,293 $ 478 $ 45,527 $ 5,490 $ 67,820 $ 5,968 Asset-backed securities 277 2 17,229 2,037 17,506 2,039 States and political subdivisions 119,336 7,919 783,030 84,129 902,366 92,048 Other 3,909 2,193 — — 3,909 2,193 Total $ 145,815 $ 10,592 $ 845,786 $ 91,656 $ 991,601 $ 102,248 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 |
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. Three Months Ended Nine Months Ended 2015 2014 2015 2014 (In Thousands) Balance at beginning of period $ 22,421 $ 21,123 $ 21,123 $ 20,943 Reductions for securities paid off during the period (realized) — — — — Additions for the credit component on debt securities in which OTTI was not previously recognized — — 1,013 — Additions for the credit component on debt securities in which OTTI was previously recognized — — 285 180 Balance at end of period $ 22,421 $ 21,123 $ 22,421 $ 21,123 |
Schedule of investments classified by contractual maturity date | The maturities of the securities portfolios are presented in the following table. September 30, 2015 Amortized Cost Fair Value (In Thousands) Investment securities available for sale: Maturing within one year $ 43,142 $ 43,201 Maturing after one but within five years 700,472 705,328 Maturing after five but within ten years 1,180,155 1,197,004 Maturing after ten years 1,190,255 1,187,123 3,114,024 3,132,656 Mortgage-backed securities and collateralized mortgage obligations 7,110,696 7,140,163 Equity securities 530,800 530,841 Total $ 10,755,520 $ 10,803,660 Investment securities held to maturity: Maturing within one year $ 436 $ 436 Maturing after one but within five years 320,489 306,843 Maturing after five but within ten years 290,719 262,135 Maturing after ten years 637,735 590,158 1,249,379 1,159,572 Collateralized mortgage obligations 108,422 108,542 Total $ 1,357,801 $ 1,268,114 |
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. Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (In Thousands) Gross gains $ 8,568 $ 9,710 $ 68,799 $ 47,608 Gross losses 1,832 — 1,832 — Net realized gains $ 6,736 $ 9,710 $ 66,967 $ 47,608 |
Loans and Allowance for Loan 22
Loans and Allowance for Loan Losses (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Schedule of composition of loan portfolio | The following table presents the composition of the loan portfolio. September 30, 2015 December 31, 2014 (In Thousands) Commercial loans: Commercial, financial and agricultural $ 25,636,319 $ 23,828,537 Real estate – construction 2,315,351 2,154,652 Commercial real estate – mortgage 10,624,632 9,877,206 Total commercial loans 38,576,302 35,860,395 Consumer loans: Residential real estate – mortgage 13,897,723 13,922,656 Equity lines of credit 2,376,408 2,304,784 Equity loans 612,148 634,968 Credit card 609,982 630,456 Consumer direct 854,989 652,927 Consumer indirect 2,901,603 2,870,408 Total consumer loans 21,252,853 21,016,199 Covered loans 458,066 495,190 Total loans $ 60,287,221 $ 57,371,784 |
Disclosure of activity in allowance 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) Three months ended September 30, 2015 Allowance for loan losses: Beginning balance $ 350,879 $ 135,152 $ 133,995 $ 99,559 $ 1,886 $ 721,471 Provision (credit) for loan losses 16,424 (7,256 ) (577 ) 20,091 469 29,151 Loans charged off (9,161 ) (910 ) (5,944 ) (27,567 ) (490 ) (44,072 ) Loan recoveries 5,171 899 3,772 5,728 2 15,572 Net (charge-offs) recoveries (3,990 ) (11 ) (2,172 ) (21,839 ) (488 ) (28,500 ) Ending balance $ 363,313 $ 127,885 $ 131,246 $ 97,811 $ 1,867 $ 722,122 Three months ended September 30, 2014 Allowance for loan losses: Beginning balance $ 317,790 $ 142,941 $ 153,694 $ 88,784 $ 11,551 $ 714,760 Provision (credit) for loan losses (6,889 ) (8,180 ) 6,963 16,216 (4,241 ) 3,869 Loans charged off (3,404 ) (555 ) (9,852 ) (20,514 ) (1,124 ) (35,449 ) Loan recoveries 3,818 1,285 3,266 3,909 420 12,698 Net (charge-offs) recoveries 414 730 (6,586 ) (16,605 ) (704 ) (22,751 ) Ending balance $ 311,315 $ 135,491 $ 154,071 $ 88,395 $ 6,606 $ 695,878 Nine Months Ended September 30, 2015 Allowance for loan losses: Beginning balance $ 299,482 $ 138,233 $ 154,627 $ 89,891 $ 2,808 $ 685,041 Provision (credit) for loan losses 74,127 (12,995 ) (13,458 ) 69,085 572 117,331 Loans charged off (20,706 ) (2,380 ) (20,889 ) (78,957 ) (1,516 ) (124,448 ) Loan recoveries 10,410 5,027 10,966 17,792 3 44,198 Net (charge-offs) recoveries (10,296 ) 2,647 (9,923 ) (61,165 ) (1,513 ) (80,250 ) Ending balance $ 363,313 $ 127,885 $ 131,246 $ 97,811 $ 1,867 $ 722,122 Nine Months Ended September 30, 2014 Allowance for loan losses: Beginning balance $ 292,327 $ 158,960 $ 155,575 $ 90,903 $ 2,954 $ 700,719 Provision (credit) for loan losses 30,107 (17,959 ) 27,675 46,014 550 86,387 Loans charged off (23,855 ) (10,506 ) (39,421 ) (62,887 ) (2,131 ) (138,800 ) Loan recoveries 12,736 4,996 10,242 14,365 5,233 47,572 Net (charge-offs) recoveries (11,119 ) (5,510 ) (29,179 ) (48,522 ) 3,102 (91,228 ) Ending balance $ 311,315 $ 135,491 $ 154,071 $ 88,395 $ 6,606 $ 695,878 (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) September 30, 2015 Ending balance of allowance attributable to loans: Individually evaluated for impairment $ 20,252 $ 3,899 $ 37,772 $ 1,950 $ — $ 63,873 Collectively evaluated for impairment 342,881 123,986 93,474 95,861 — 656,202 Purchased impaired — — — — 1,767 1,767 Purchased nonimpaired 180 — — — 100 280 Total allowance for loan losses $ 363,313 $ 127,885 $ 131,246 $ 97,811 $ 1,867 $ 722,122 Ending balance of loans: Individually evaluated for impairment $ 131,009 $ 92,110 $ 178,357 $ 2,376 $ — $ 403,852 Collectively evaluated for impairment 25,469,026 12,799,785 16,707,156 4,359,094 — 59,335,061 Purchased impaired — — — — 334,086 334,086 Purchased nonimpaired 36,284 48,088 766 5,104 123,980 214,222 Total loans $ 25,636,319 $ 12,939,983 $ 16,886,279 $ 4,366,574 $ 458,066 $ 60,287,221 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 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 (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. September 30, 2015 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 $ 6,186 $ 13,575 $ — $ 124,823 $ 128,517 $ 20,252 Real estate – construction 3,446 3,996 — 642 697 642 Commercial real estate – mortgage 36,385 39,065 — 51,637 54,746 3,257 Residential real estate – mortgage — — — 103,626 103,626 6,685 Equity lines of credit — — — 27,098 29,046 23,055 Equity loans — — — 47,633 48,232 8,032 Credit card — — — — — — Consumer direct — — — 501 501 75 Consumer indirect — — — 1,875 1,889 1,875 Total loans $ 46,017 $ 56,636 $ — $ 357,835 $ 367,254 $ 63,873 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 The following table presents information on individually evaluated impaired loans, by loan class. Three Months Ended September 30, 2015 Three Months Ended September 30, 2014 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (In Thousands) Commercial, financial and agricultural $ 133,652 $ 204 $ 70,256 $ 182 Real estate – construction 5,360 21 9,054 58 Commercial real estate – mortgage 87,352 517 108,323 754 Residential real estate – mortgage 107,927 707 112,912 724 Equity lines of credit 27,185 279 24,010 268 Equity loans 48,046 392 54,506 432 Credit card — — — — Consumer direct 397 4 94 1 Consumer indirect 1,749 — 1,276 1 Total loans $ 411,668 $ 2,124 $ 380,431 $ 2,420 Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (In Thousands) Commercial, financial and agricultural $ 98,110 $ 909 $ 95,116 $ 970 Real estate – construction 5,837 97 9,421 177 Commercial real estate – mortgage 85,862 1,634 122,358 2,531 Residential real estate – mortgage 110,790 2,096 113,579 2,168 Equity lines of credit 26,891 838 23,641 773 Equity loans 50,168 1,197 54,977 1,286 Credit card — — — — Consumer direct 686 12 131 3 Consumer indirect 1,645 — 1,283 3 Total loans $ 379,989 $ 6,783 $ 420,506 $ 7,911 |
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 September 30, 2015 Commercial, Financial and Agricultural Real Estate - Construction Commercial Real Estate - Mortgage (In Thousands) Noncovered loans: Pass $ 24,549,024 $ 2,294,904 $ 10,285,290 Special Mention 549,038 9,624 179,911 Substandard 511,634 10,803 144,928 Doubtful 26,623 20 14,503 $ 25,636,319 $ 2,315,351 $ 10,624,632 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 Consumer September 30, 2015 Residential Real Estate – Mortgage Equity Lines of Credit Equity Loans Credit Card Consumer Direct Consumer Indirect (In Thousands) Noncovered loans: Performing $ 13,792,551 $ 2,340,561 $ 595,931 $ 601,660 $ 852,101 $ 2,891,337 Nonperforming 105,172 35,847 16,217 8,322 2,888 10,266 $ 13,897,723 $ 2,376,408 $ 612,148 $ 609,982 $ 854,989 $ 2,901,603 December 31, 2014 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 |
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. September 30, 2015 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 $ 15,300 $ 3,930 $ 5,202 $ 130,370 $ 9,635 $ 164,437 $ 25,471,882 $ 25,636,319 Real estate – construction 1,565 117 426 5,712 2,247 10,067 2,305,284 2,315,351 Commercial real estate – mortgage 4,887 732 5,607 85,975 33,837 131,038 10,493,594 10,624,632 Residential real estate – mortgage 47,936 15,450 1,230 103,492 71,102 239,210 13,658,513 13,897,723 Equity lines of credit 8,988 4,675 2,411 33,436 — 49,510 2,326,898 2,376,408 Equity loans 6,485 1,807 985 15,104 37,785 62,166 549,982 612,148 Credit card 5,949 3,621 8,322 — — 17,892 592,090 609,982 Consumer direct 16,433 1,988 2,153 635 469 21,678 833,311 854,989 Consumer indirect 60,018 12,901 4,213 6,053 — 83,185 2,818,418 2,901,603 Covered loans 4,303 3,347 43,039 153 — 50,842 407,224 458,066 Total loans $ 171,864 $ 48,568 $ 73,588 $ 380,930 $ 155,075 $ 830,025 $ 59,457,196 $ 60,287,221 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 |
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. Three Months Ended September 30, 2015 Three Months Ended September 30, 2014 Number of Contracts Post-Modification Outstanding Recorded Investment Number of Contracts Post-Modification Outstanding Recorded Investment (Dollars in Thousands) Commercial, financial and agricultural 2 $ 69 2 $ 14,118 Real estate – construction — — 2 405 Commercial real estate – mortgage 3 532 — — Residential real estate – mortgage 14 3,326 18 3,255 Equity lines of credit 27 1,488 32 1,946 Equity loans 8 340 13 920 Credit card — — — — Consumer direct 4 325 — — Consumer indirect 31 549 21 343 Covered loans 1 8 1 3 Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014 Number of Contracts Post-Modification Outstanding Recorded Investment Number of Contracts Post-Modification Outstanding Recorded Investment (Dollars in Thousands) Commercial, financial and agricultural 5 $ 380 4 $ 14,281 Real estate – construction — — 2 405 Commercial real estate – mortgage 4 758 9 6,586 Residential real estate – mortgage 36 7,571 74 8,373 Equity lines of credit 86 4,752 129 6,426 Equity loans 28 1,836 54 4,237 Credit card — — — — Consumer direct 21 627 — — Consumer indirect 53 928 71 1,015 Covered loans 3 29 1 3 The following table provides a breakout of TDRs, including nonaccrual loans and covered loans and excluding loans classified as held for sale. September 30, 2015 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 $ 7 $ 126 $ — $ 634 $ 767 $ 9,502 $ 10,269 Real estate – construction — — — 503 503 2,247 2,750 Commercial real estate – mortgage — — — 4,094 4,094 33,837 37,931 Residential real estate – mortgage 3,165 2,726 450 27,847 34,188 64,761 98,949 Equity lines of credit — — — 26,007 26,007 — 26,007 Equity loans 1,543 2,212 128 9,848 13,731 33,902 47,633 Credit card — — — — — — — Consumer direct — — 100 30 130 369 499 Consumer indirect — — — 1,875 1,875 — 1,875 Covered loans — — — 8 8 — 8 Total loans $ 4,715 $ 5,064 $ 678 $ 70,846 $ 81,303 $ 144,618 $ 225,921 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 |
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 period-end. Three Months Ended September 30, 2015 Three Months Ended September 30, 2014 Number of Contracts Recorded Investment at Default Number of Contracts Recorded Investment at Default (Dollars in Thousands) Commercial, financial and agricultural — $ — — $ — Real estate – construction — — — — Commercial real estate – mortgage — — — — Residential real estate – mortgage 1 119 2 144 Equity lines of credit 1 — — — Equity loans 1 55 3 381 Credit card — — — — Consumer direct 1 100 — — Consumer indirect — — — — Covered loans 1 18 — — Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014 Number of Contracts Recorded Investment at Default Number of Contracts Recorded Investment at Default (Dollars in Thousands) Commercial, financial and agricultural — $ — — $ — Real estate – construction 1 377 — — Commercial real estate – mortgage 1 178 1 2,198 Residential real estate – mortgage 6 862 2 144 Equity lines of credit 1 — 3 275 Equity loans 3 216 7 763 Credit card — — — — Consumer direct 1 100 — — Consumer indirect 1 18 — — Covered loans 2 24 — — |
Loan Sales and Servicing (Table
Loan Sales and Servicing (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Transfers and Servicing [Abstract] | |
Schedule of residential real estate mortgage servicing rights | The following table is an analysis of the activity in the Company’s MSRs. Three Months Ended Nine Months Ended 2015 2014 2015 2014 (In Thousands) Carrying value, at beginning of period $ 40,871 $ 31,104 $ 35,488 $ 30,065 Additions 6,844 4,060 13,566 8,066 Increase (decrease) in fair value: Due to changes in valuation inputs or assumptions (5,485 ) 367 (5,631 ) (1,427 ) Due to other changes in fair value (1) (992 ) (639 ) (2,185 ) (1,812 ) Carrying value, at end of period $ 41,238 $ 34,892 $ 41,238 $ 34,892 (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 of residential real estate mortgage servicing rights | At September 30, 2015 and December 31, 2014 , 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: September 30, 2015 December 31, 2014 (Dollars in Thousands) Fair value of MSRs $ 41,238 $ 35,488 Composition of residential loans serviced for others: Fixed rate mortgage loans 96.7 % 96.1 % Adjustable rate mortgage loans 3.3 3.9 Total 100.0 % 100.0 % Weighted average life (in years) 5.6 6.2 Prepayment speed: 11.1 % 10.6 % Effect on fair value of a 10% increase $ (1,368 ) $ (1,220 ) Effect on fair value of a 20% increase (2,645 ) (2,375 ) Weighted average option adjusted spread/discount rate: (1) 9.0 % 10.1 % Effect on fair value of a 10% increase $ (1,421 ) $ (1,291 ) Effect on fair value of a 20% increase (2,750 ) (2,492 ) (1) During the three months ended September 30, 2015, the Company utilized a new third-party service provider for the valuation of servicing rights. The new service provider utilizes an option-adjusted spread valuation approach instead of a static discount rate approach to discount cash flows. This change did not have a material impact on the value of the mortgage servicing rights. |
Derivatives and Hedging (Tables
Derivatives and Hedging (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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 Unaudited Condensed Consolidated Balance Sheets on a gross basis. September 30, 2015 December 31, 2014 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 $ 2,123,950 $ 80,083 $ — $ 1,423,950 $ 69,700 $ — Total fair value hedges 80,083 — 69,700 — Cash flow hedges: Interest rate contracts: Swaps related to commercial loans 2,050,000 10,106 — 1,100,000 1,793 1,023 Swaps related to FHLB advances 320,000 — 14,134 320,000 — 13,474 Total cash flow hedges 10,106 14,134 1,793 14,497 Total derivatives designated as hedging instruments $ 90,189 $ 14,134 $ 71,493 $ 14,497 Free-standing derivatives not designated as hedging instruments: Interest rate contracts: Forward and option contracts related to held for sale mortgages $ 264,000 $ 162 $ 2,000 $ 189,000 $ 18 $ 1,576 Equity contracts: Purchased equity option related to equity-linked CDs 875,030 48,493 — 821,849 76,487 — Swap associated with sale of Visa, Inc. Class B shares 60,988 — 1,525 57,393 — 1,435 Foreign exchange contracts: Forwards related to commercial loans 555,061 5,952 695 602,066 5,529 612 Spots related to commercial loans 69,537 — 86 74,940 41 80 Futures contracts (3) 422,000 — — 342,000 — — Interest rate lock commitments 196,779 3,768 3 180,822 2,319 1 Written equity option related to equity-linked CDs 835,394 — 46,607 795,467 — 74,319 Trading account assets and liabilities: Interest rate contracts for customers 23,346,172 386,687 323,285 18,678,390 296,239 236,763 Commodity contracts for customers 154,853 17,272 17,221 264,491 25,569 25,448 Foreign exchange contracts for customers 294,534 10,333 9,611 425,123 8,268 7,527 Total trading account assets and liabilities 414,292 350,117 330,076 269,738 Total free-standing derivative instruments not designated as hedging instruments $ 472,667 $ 401,033 $ 414,470 $ 347,761 (1) Derivative assets, except for trading account assets that are recorded as a component of trading account assets on the Company's Unaudited Condensed Consolidated Balance Sheets, are recorded in other assets on the Company’s Unaudited Condensed Consolidated Balance Sheets. (2) Derivative liabilities are recorded in accrued expenses and other liabilities on the Company’s Unaudited Condensed 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 Condensed Consolidated Three Months Ended September 30, Nine Months Ended September 30, Statements of Income Caption 2015 2014 2015 2014 (In Thousands) Change in fair value of interest rate contracts: Interest rate swaps hedging long term debt Interest on FHLB and other borrowings $ 40,416 $ (5,391 ) $ 10,383 $ (5,515 ) Hedged long term debt Interest on FHLB and other borrowings (38,634 ) 4,829 (12,511 ) 5,048 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 12,413 6,081 34,157 18,114 |
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 Unaudited Condensed Consolidated Balance Sheets and the Company’s Unaudited Condensed Consolidated Statements of Income. Gain (Loss) for the Three Months Ended Nine Months Ended 2015 2014 2015 2014 (In Thousands) Interest rate contracts: Net change in amount recognized in other comprehensive income $ 1,838 $ (706 ) $ 4,910 $ (2,388 ) Amount reclassified from accumulated other comprehensive income into net interest income 1,924 (41 ) 4,778 (1,768 ) 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 Unaudited Condensed Consolidated Statements of Income from free-standing derivative instruments not designated as hedging instruments are summarized in the following table. Gain (Loss) for the Condensed Consolidated Three Months Ended September 30, Nine Months Ended September 30, Statements of Income Caption 2015 2014 2015 2014 (In Thousands) Futures contracts Mortgage banking income and corporate and correspondent investment sales (248 ) 87 (199 ) (146 ) Option contracts related to mortgage servicing rights Mortgage banking income — — (195 ) 41 Interest rate contracts: Forward and option contracts related to residential mortgage loans held for sale Mortgage banking income (2,317 ) 1,558 1,679 (2,549 ) Interest rate lock commitments Mortgage banking income 308 (842 ) 1,447 2,089 Interest rate contracts for customers Corporate and correspondent investment sales 4,961 4,800 21,490 13,958 Commodity contracts: Commodity contracts for customers Corporate and correspondent investment sales (2 ) 191 7 94 Equity contracts: Purchased equity option related to equity-linked CDs Other expense (13,960 ) 17,979 (27,995 ) 24,686 Written equity option related to equity-linked CDs Other expense 13,652 (17,777 ) 27,712 (24,321 ) Foreign currency contracts: Forward contracts related to commercial loans Other income 17,181 44,452 40,265 27,022 Spot contracts related to commercial loans Other income (4,143 ) (4,459 ) (7,663 ) (1,052 ) Foreign currency exchange contracts for customers Corporate and correspondent investment sales 590 309 1,451 679 |
Schedule of assets subject to enforceable master netting arrangements | The following represents the Company’s total gross derivative instrument assets and liabilities subject to an enforceable master netting arrangement. The derivative instruments the Company has with its customers are not subject to an enforceable master netting arrangement. Gross Amounts Recognized Gross Amounts Offset in the Condensed Consolidated Balance Sheets Net Amount Presented in the Condensed Consolidated Balance Sheets Financial Instruments (1) Cash Collateral Received/ Pledged (1) Net Amount (In Thousands) September 30, 2015 Derivative financial assets: Subject to a master netting arrangement $ 223,580 $ — $ 223,580 $ 3,186 $ 35,444 $ 184,950 Not subject to a master netting arrangement 339,276 — 339,276 — — 339,276 Total derivative financial assets $ 562,856 $ — $ 562,856 $ 3,186 $ 35,444 $ 524,226 Derivative financial liabilities: Subject to a master netting arrangement $ 345,621 $ — $ 345,621 $ 23,143 $ 189,765 $ 132,713 Not subject to a master netting arrangement 69,546 — 69,546 — — 69,546 Total derivative financial liabilities $ 415,167 $ — $ 415,167 $ 23,143 $ 189,765 $ 202,259 December 31, 2014 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 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 (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. |
Schedule of liabilities subject to enforceable master netting arrangements | The following represents the Company’s total gross derivative instrument assets and liabilities subject to an enforceable master netting arrangement. The derivative instruments the Company has with its customers are not subject to an enforceable master netting arrangement. Gross Amounts Recognized Gross Amounts Offset in the Condensed Consolidated Balance Sheets Net Amount Presented in the Condensed Consolidated Balance Sheets Financial Instruments (1) Cash Collateral Received/ Pledged (1) Net Amount (In Thousands) September 30, 2015 Derivative financial assets: Subject to a master netting arrangement $ 223,580 $ — $ 223,580 $ 3,186 $ 35,444 $ 184,950 Not subject to a master netting arrangement 339,276 — 339,276 — — 339,276 Total derivative financial assets $ 562,856 $ — $ 562,856 $ 3,186 $ 35,444 $ 524,226 Derivative financial liabilities: Subject to a master netting arrangement $ 345,621 $ — $ 345,621 $ 23,143 $ 189,765 $ 132,713 Not subject to a master netting arrangement 69,546 — 69,546 — — 69,546 Total derivative financial liabilities $ 415,167 $ — $ 415,167 $ 23,143 $ 189,765 $ 202,259 December 31, 2014 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 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 (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. |
Securities Financing Activiti25
Securities Financing Activities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Transfers and Servicing [Abstract] | |
Schedule of securities sold under agreements to repurchase | Securities sold under agreements to repurchase are accounted for as secured borrowings. The following table presents the Company's related activity, by collateral type and remaining contractual maturity. September 30, 2015 Remaining Contractual Maturity of the Agreements Overnight and Continuous Up to 30 days 30 - 90 days Greater Than 90 days Total (In Thousands) Securities Sold Under Agreements Repurchase: U.S. Treasury and other U.S. government agencies $ 3,514,574 $ 220,369 $ — $ — $ 3,734,943 Mortgage-backed securities — — 913,612 — 913,612 Collateralized mortgage obligations — — 145,888 — 145,888 Total $ 3,514,574 $ 220,369 $ 1,059,500 $ — $ 4,794,443 |
Schedule of assets and liabilities subject to enforceable master netting arrangements | The following represents the Company’s assets/liabilities subject to an enforceable master netting arrangement. Gross Amounts Recognized Gross Amounts Offset in the Condensed Consolidated Balance Sheets Net Amount Presented in the Condensed Consolidated Balance Sheets Financial Instruments (1) Cash Collateral Received/ Pledged (1) Net Amount (In Thousands) September 30, 2015 Securities purchased under agreements to resell: Subject to a master netting arrangement $ 5,140,025 $ 4,693,819 $ 446,206 $ 446,206 $ — $ — Securities sold under agreements to repurchase: Subject to a master netting arrangement $ 4,794,443 $ 4,693,819 $ 100,624 $ 100,624 $ — $ — December 31, 2014 Securities purchased under agreements to resell: Subject to a master netting arrangement $ 3,100,200 $ 2,533,661 $ 566,539 $ 566,539 $ — $ — Securities sold under agreements to repurchase: Subject to a master netting arrangement $ 2,969,345 $ 2,533,661 $ 435,684 $ 435,684 $ — $ — (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 an26
Commitments, Contingencies and Guarantees (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
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: September 30, 2015 December 31, 2014 (In Thousands) Commitments to extend credit $ 28,139,475 $ 28,369,666 Standby and commercial letters of credit 1,745,629 1,871,323 |
Fair Value of Financial Instr27
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of differences between aggregate fair value and aggregate unpaid principle balance | The following table summarizes 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) September 30, 2015 Residential mortgage loans held for sale $ 122,758 $ 117,157 $ 5,601 December 31, 2014 Residential mortgage loans held for sale $ 154,816 $ 148,564 $ 6,252 |
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 September 30, 2015 (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 $ 3,772,337 $ 3,772,337 $ — $ — State and political subdivisions 1,161 — 1,161 — Other debt securities 3,639 — 3,639 — Interest rate contracts 386,687 — 386,687 — Commodity contracts 17,272 — 17,272 — Foreign exchange contracts 10,333 — 10,333 — Other trading assets 2,077 — 824 1,253 Total trading account assets 4,193,506 3,772,337 419,916 1,253 Loans held for sale 122,758 — 122,758 — Investment securities available for sale: U.S. Treasury and other U.S. government agencies 3,022,124 1,760,471 1,261,653 — Mortgage-backed securities 4,654,536 — 4,654,536 — Collateralized mortgage obligations 2,485,627 — 2,485,627 — States and political subdivisions 85,395 — 85,395 — Other debt securities 25,137 25,137 — — Equity securities (1) 294 44 — 250 Total investment securities available for sale 10,273,113 1,785,652 8,487,211 250 Derivative assets: Interest rate contracts 94,119 — 90,351 3,768 Equity contracts 48,493 — 48,493 — Foreign exchange contracts 5,952 — 5,952 — Total derivative assets 148,564 — 144,796 3,768 Other assets 41,238 — — 41,238 Liabilities: Trading account liabilities: U.S. Treasury and other U.S. government agencies $ 4,017,897 $ 4,017,897 $ — $ — Interest rate contracts 323,285 — 323,285 — Commodity contracts 17,221 — 17,221 — Foreign exchange contracts 9,611 — 9,611 — Total trading account liabilities 4,368,014 4,017,897 350,117 — Derivative liabilities: Interest rate contracts 16,137 — 16,134 3 Equity contracts 46,607 — 46,607 — Foreign exchange contracts 781 — 781 — Total derivative liabilities 63,525 — 63,522 3 (1) Excludes $531 million of FHLB and Federal Reserve stock required to be owned by the Company at September 30, 2015 . 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, 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. |
Reconciliation of assets measured on a recurring basis using significant unobservable inputs | The following tables reconcile 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) Three Months Ended September 30, Other Trading Assets Equity Securities Interest Rate Contracts, net Other Assets (In Thousands) Balance, July 1, 2014 $ 1,709 $ 6 $ 3,821 $ 31,104 Transfers into Level 3 — — — — Transfers out of Level 3 — — — — Total gains or losses (realized/unrealized): Included in earnings (1) 10 — (842 ) (272 ) Included in other comprehensive income — — — — Purchases, issuances, sales and settlements: Purchases — — — — Issuances — — — 4,060 Sales — — — — Settlements — — — — Balance, September 30, 2014 $ 1,719 $ 6 $ 2,979 $ 34,892 Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at September 30, 2014 $ 10 $ — $ (842 ) $ (272 ) Balance, July 1, 2015 $ 1,400 $ 251 $ 3,457 $ 40,871 Transfers into Level 3 — — — — Transfers out of Level 3 — — — — Total gains or losses (realized/unrealized): Included in earnings (1) (147 ) — 308 (6,477 ) Included in other comprehensive income — — — — Purchases, issuances, sales and settlements: Purchases — — — — Issuances — — — 6,844 Sales — (1 ) — — Settlements — — — — Balance, September 30, 2015 $ 1,253 $ 250 $ 3,765 $ 41,238 Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at September 30, 2015 $ (147 ) $ — $ 308 $ (6,477 ) (1) Included in noninterest income in the Unaudited Condensed Consolidated Statements of Income. Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Nine Months Ended September 30, Other Trading Assets Equity Securities Interest Rate Contracts, net Other Assets (In Thousands) 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) 74 — 2,089 (3,239 ) Included in other comprehensive income — — — — Purchases, issuances, sales and settlements: Purchases — — — — Issuances — — — 8,066 Sales — — — — Settlements — — — — Balance, September 30, 2014 $ 1,719 $ 6 $ 2,979 $ 34,892 Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at September 30, 2014 $ 74 $ — $ 2,089 $ (3,239 ) Balance, January 1, 2015 $ 1,590 $ 4 $ 2,318 $ 35,488 Transfers into Level 3 — — — — Transfers out of Level 3 — — — — Total gains or losses (realized/unrealized): Included in earnings (1) (337 ) — 1,447 (7,816 ) Included in other comprehensive income — — — — Purchases, issuances, sales and settlements: Purchases — 247 — — Issuances — — — 13,566 Sales — (1 ) — — Settlements — — — — Balance, September 30, 2015 $ 1,253 $ 250 $ 3,765 $ 41,238 Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at September 30, 2015 $ (337 ) $ — $ 1,447 $ (7,816 ) (1) Included in noninterest income in the Unaudited Condensed Consolidated Statements of Income. |
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 three and nine months ended September 30, 2015 and 2014 and still held as of the end of the period, and the related gains and losses from fair value adjustments on assets sold during the period as well as assets still held as of the end of the period. 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) September 30, 2015 (Level 1) (Level 2) (Level 3) Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 (In Thousands) Nonrecurring fair value measurements Assets: Investment securities held to maturity $ 15,423 $ — $ — $ 15,423 $ — $ (1,298 ) Impaired loans (1) 169,458 — — 169,458 (6,836 ) (11,689 ) OREO 23,762 — — 23,762 (1,135 ) (3,317 ) 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) September 30, 2014 (Level 1) (Level 2) (Level 3) Three Months Ended September 30, 2014 Nine Months Ended September 30, 2014 (In Thousands) Nonrecurring fair value measurements Assets: Investment securities held to maturity $ 3,832 $ — $ — $ 3,832 $ — $ (180 ) Impaired loans (1) 137,398 — — 137,398 (2,362 ) (21,238 ) OREO 17,058 — — 17,058 (758 ) (2,340 ) (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 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 September 30, 2015 Valuation Technique Unobservable Input(s) (Weighted Average) (In Thousands) Recurring fair value measurements: Other trading assets $ 1,253 Discounted cash flow Default rate 9.2% Prepayment rate 5.9% - 10.4% (7.8%) Interest rate contracts 3,765 Discounted cash flow Closing ratios (pull-through) 8.4% - 99.3% (61.0%) Cap grids 0.0% - 2.7% (1.1%) Other assets - MSRs 41,238 Discounted cash flow Option adjusted spread 6.7% - 18.6% (9.0%) Constant prepayment rate or life speed 1.2% - 59.8% (11.1%) Cost to service $60 - $1,068 ($80) Nonrecurring fair value measurements: Investment securities held to maturity $ 15,423 Discounted cash flow Prepayment rate 9.6% Default rate 7.5% Loss severity 61.2% Expected loss 7.9% Impaired loans 169,458 Appraised value Appraised value 0.0% - 100.0% (24.9%) OREO 23,762 Appraised value Appraised value 8.0% (1) (1) Represents discount to appraised value for estimated costs to sell. |
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, excluding financial instruments measured at fair value on a recurring basis, are as follows: September 30, 2015 Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 (In Thousands) Financial Instruments: Assets: Cash and cash equivalents $ 4,377,464 $ 4,377,464 $ 4,377,464 $ — $ — Investment securities held to maturity 1,357,801 1,268,114 — — 1,268,114 Loans and loans held for sale not measured at fair value, net 60,076,499 57,494,082 — — 57,494,082 Liabilities: Deposits $ 64,492,396 $ 64,609,174 $ — $ 64,609,174 $ — FHLB and other borrowings 6,216,425 6,186,068 — 6,186,068 — Federal funds purchased and securities sold under agreements to repurchase 639,259 639,259 — 639,259 — Other short-term borrowings 150,000 150,000 — 150,000 — 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 $ — $ — Investment securities held to maturity 1,348,354 1,275,963 — — 1,275,963 Loans, net 56,686,743 54,551,442 — — 54,551,442 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 — |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Change in components of other comprehensive income (loss) | The following summarizes the change in the components of other comprehensive income (loss). Three Months Ended September 30, 2015 2014 Pretax Tax Expense/ (Benefit) After-tax Pretax Tax Expense/ (Benefit) After-tax (In Thousands) Other comprehensive income (loss): Unrealized holding gains (losses) arising during period from securities available for sale $ 48,686 $ 21,193 $ 27,493 $ (17,597 ) $ (6,325 ) $ (11,272 ) Less: reclassification adjustment for net gains on sale of securities in net income 6,736 2,932 3,804 9,710 3,490 6,220 Net change in unrealized gains (losses) on securities available for sale 41,950 18,261 23,689 (27,307 ) (9,815 ) (17,492 ) Change in unamortized net holding losses on investment securities held to maturity 1,886 820 1,066 3,745 1,347 2,398 Less: non-credit related impairment on investment securities held to maturity — — — — — — Change in unamortized non-credit related impairment on investment securities held to maturity 515 225 290 387 138 249 Net change in unamortized holding losses on securities held to maturity 2,401 1,045 1,356 4,132 1,485 2,647 Unrealized holding gains (losses) arising during period from cash flow hedge instruments 3,252 1,414 1,838 (1,103 ) (397 ) (706 ) Change in defined benefit plans — — — — — — Other comprehensive income (loss) $ 47,603 $ 20,720 $ 26,883 $ (24,278 ) $ (8,727 ) $ (15,551 ) Nine Months Ended September 30, 2015 2014 Pretax Tax Expense/ (Benefit) After-tax Pretax Tax Expense/ (Benefit) After-tax (In Thousands) Other comprehensive income: Unrealized holding gains arising during period from securities available for sale $ 69,541 $ 30,271 $ 39,270 $ 63,819 $ 22,936 $ 40,883 Less: reclassification adjustment for net gains on sale of securities in net income 66,967 29,151 37,816 47,608 17,110 30,498 Net change in unrealized gains on securities available for sale 2,574 1,120 1,454 16,211 5,826 10,385 Change in unamortized net holding losses on investment securities held to maturity 8,559 3,725 4,834 11,213 4,030 7,183 Less: non-credit related impairment on investment securities held to maturity 87 38 49 235 84 151 Change in unamortized non-credit related impairment on investment securities held to maturity 1,247 543 704 1,141 409 732 Net change in unamortized holding losses on securities held to maturity 9,719 4,230 5,489 12,119 4,355 7,764 Unrealized holding gains (losses) arising during period from cash flow hedge instruments 8,693 3,783 4,910 (3,729 ) (1,341 ) (2,388 ) Change in defined benefit plans 2,716 1,001 1,715 (2,672 ) (1,001 ) (1,671 ) Other comprehensive income $ 23,702 $ 10,134 $ 13,568 $ 21,929 $ 7,839 $ 14,090 |
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, 2014 $ (31,490 ) $ (5,289 ) $ (41,921 ) $ (9,236 ) $ (87,936 ) Other comprehensive income (loss) before reclassifications 40,883 (3,521 ) — (151 ) 37,211 Amounts reclassified from accumulated other comprehensive income (loss) (23,315 ) 1,133 (1,671 ) 732 (23,121 ) Net current period other comprehensive income (loss) 17,568 (2,388 ) (1,671 ) 581 14,090 Balance, September 30, 2014 $ (13,922 ) $ (7,677 ) $ (43,592 ) $ (8,655 ) $ (73,846 ) Balance, January 1, 2015 $ 4,469 $ (7,189 ) $ (41,121 ) $ (7,516 ) $ (51,357 ) Other comprehensive income (loss) before reclassifications 39,270 7,607 — (49 ) 46,828 Amounts reclassified from accumulated other comprehensive income (loss) (32,982 ) (2,697 ) 1,715 704 (33,260 ) Net current period other comprehensive income 6,288 4,910 1,715 655 13,568 Balance, September 30, 2015 $ 10,757 $ (2,279 ) $ (39,406 ) $ (6,861 ) $ (37,789 ) |
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) Condensed Consolidated Statement of Income Caption Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (In Thousands) Unrealized Gains on Securities Available for Sale and Transferred to Held to Maturity $ 6,736 $ 9,710 $ 66,967 $ 47,608 Investment securities gains, net (1,886 ) (3,745 ) (8,559 ) (11,213 ) Interest on investment securities held to maturity 4,850 5,965 58,408 36,395 (2,112 ) (2,143 ) (25,426 ) (13,080 ) Income tax expense $ 2,738 $ 3,822 $ 32,982 $ 23,315 Net of tax Accumulated Gains (Losses) on Cash Flow Hedging Instruments $ 3,646 $ 1,727 $ 9,985 $ 3,551 Interest and fees on loans (1,722 ) (1,768 ) (5,207 ) (5,319 ) Interest and fees on FHLB advances 1,924 (41 ) 4,778 (1,768 ) (839 ) 15 (2,081 ) 635 Income tax (expense) benefit $ 1,085 $ (26 ) $ 2,697 $ (1,133 ) Net of tax Defined Benefit Plan Adjustment $ — $ — $ (2,716 ) $ 2,672 (2) — — 1,001 (1,001 ) Income tax (expense) benefit $ — $ — $ (1,715 ) $ 1,671 Net of tax Unamortized Impairment Losses on Investment Securities Held to Maturity $ (515 ) $ (387 ) $ (1,247 ) $ (1,141 ) Interest on investment securities held to maturity 225 138 543 409 Income tax benefit $ (290 ) $ (249 ) $ (704 ) $ (732 ) 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, in the Notes to the December 31, 2014, Consolidated Financial Statements for additional details). |
Supplemental Disclosure for S29
Supplemental Disclosure for Statement of Cash Flows (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of supplemental cash flow disclosures | The following table presents the Company’s supplemental disclosures for statement of cash flows. Nine Months Ended September 30, 2015 2014 (In Thousands) Supplemental disclosures of cash flow information: Interest paid $ 277,140 $ 202,851 Net income taxes paid 145,056 95,167 Supplemental schedule of noncash investing and financing activities: Transfer of loans and loans held for sale to OREO $ 16,552 $ 14,278 Transfer of loans to loans held for sale 906,857 14,129 Change in unrealized gain (loss) on available for sale securities 2,574 16,211 Issuance of restricted stock, net of cancellations 458 (1,060 ) Business combinations: Assets acquired 14,327 117,068 Liabilities assumed 977 18,329 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Schedule of segment reporting information | The following tables present the segment information for the Company’s segments. Three Months Ended September 30, 2015 Consumer and Commercial Banking Corporate and Investment Banking Treasury Corporate Support and Other Consolidated (In Thousands) Net interest income (expense) $ 508,547 $ 42,465 $ 6,228 $ (49,373 ) $ 507,867 Allocated provision for loan losses 25,698 24,466 — (21,013 ) 29,151 Noninterest income 199,619 30,039 7,879 (4,161 ) 233,376 Noninterest expense 441,549 38,456 4,656 51,589 536,250 Net income (loss) before income tax expense (benefit) 240,919 9,582 9,451 (84,110 ) 175,842 Income tax expense (benefit) 84,322 3,354 3,308 (40,874 ) 50,110 Net income (loss) 156,597 6,228 6,143 (43,236 ) 125,732 Less: net income attributable to noncontrolling interests 65 — 426 — 491 Net income (loss) attributable to shareholder $ 156,532 $ 6,228 $ 5,717 $ (43,236 ) $ 125,241 Average assets $ 54,994,543 $ 12,578,903 $ 15,085,951 $ 7,102,333 $ 89,761,730 Three Months Ended September 30, 2014 Consumer and Commercial Banking Corporate and Investment Banking Treasury Corporate Support and Other Consolidated (In Thousands) Net interest income $ 472,822 $ 33,253 $ 4,698 $ (28,805 ) $ 481,968 Allocated provision for loan losses 17,242 (3,795 ) — (9,578 ) 3,869 Noninterest income 176,740 44,706 16,035 (11,050 ) 226,431 Noninterest expense 434,957 40,968 5,093 52,124 533,142 Net income (loss) before income tax expense (benefit) 197,363 40,786 15,640 (82,401 ) 171,388 Income tax expense (benefit) 73,518 15,193 5,826 (66,767 ) 27,770 Net income (loss) 123,845 25,593 9,814 (15,634 ) 143,618 Less: net income attributable to noncontrolling interests 382 — 433 — 815 Net income (loss) attributable to shareholder $ 123,463 $ 25,593 $ 9,381 $ (15,634 ) $ 142,803 Average assets $ 50,488,226 $ 7,303,466 $ 13,238,660 $ 6,878,735 $ 77,909,087 Nine Months Ended September 30, 2015 Consumer and Commercial Banking Corporate and Investment Banking Treasury Corporate Support and Other Consolidated (In Thousands) Net interest income (expense) $ 1,485,422 $ 121,428 $ 25,026 $ (122,998 ) $ 1,508,878 Allocated provision for loan losses 77,116 41,714 — (1,499 ) 117,331 Noninterest income 568,548 126,739 71,072 (25,144 ) 741,215 Noninterest expense 1,292,947 116,994 14,683 153,981 1,578,605 Net income (loss) before income tax expense (benefit) 683,907 89,459 81,415 (300,624 ) 554,157 Income tax expense (benefit) 239,367 31,311 28,495 (149,165 ) 150,008 Net income (loss) 444,540 58,148 52,920 (151,459 ) 404,149 Less: net income attributable to noncontrolling interests 448 — 1,290 — 1,738 Net income (loss) attributable to shareholder $ 444,092 $ 58,148 $ 51,630 $ (151,459 ) $ 402,411 Average assets $ 53,748,809 $ 12,459,087 $ 14,288,092 $ 7,092,747 $ 87,588,735 Nine Months Ended September 30, 2014 Consumer and Commercial Banking Corporate and Investment Banking Treasury Corporate Support and Other Consolidated (In Thousands) Net interest income $ 1,391,303 $ 100,759 $ 12,954 $ (28,975 ) $ 1,476,041 Allocated provision for loan losses 92,115 5,509 — (11,237 ) 86,387 Noninterest income 524,765 137,796 63,803 (45,160 ) 681,204 Noninterest expense 1,294,095 112,725 12,130 178,321 1,597,271 Net income (loss) before income tax expense (benefit) 529,858 120,321 64,627 (241,219 ) 473,587 Income tax expense (benefit) 197,372 44,820 24,074 (158,799 ) 107,467 Net income (loss) 332,486 75,501 40,553 (82,420 ) 366,120 Less: net income attributable to noncontrolling interests 464 — 1,308 — 1,772 Net income (loss) attributable to shareholder $ 332,022 $ 75,501 $ 39,245 $ (82,420 ) $ 364,348 Average assets $ 49,140,107 $ 7,000,603 $ 12,773,686 $ 6,859,995 $ 75,774,391 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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. September 30, 2015 December 31, 2014 (In Thousands) Derivative contracts: Cash flow hedges $ 57 $ 1,693 Free-standing derivatives not designated as hedging instruments (38,590 ) 9,512 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 agreement to resell and securities sold under agreement to repurchase where BBVA is the counterparty. September 30, 2015 December 31, 2014 (In Thousands) Securities purchased under agreements to resell $ 29,975 $ 97,970 Securities sold under agreements to repurchase — 435,684 |
Basis of Presentation Basis of
Basis of Presentation Basis of Presentation (Details) | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Deferral period for implementation of recently issued accounting standards | 1 year |
Investment Securities Availab33
Investment Securities Available for Sale and Investment Securities Held to Maturity - Adjusted cost and fair value of securities (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Investment securities available for sale: | ||
Available-for-sale Securities, Amortized Cost Basis | $ 10,755,520 | $ 10,191,709 |
Available-for-sale Securities, Gross Unrealized Gain | 82,197 | 102,403 |
Available-for-sale Securities, Gross Unrealized Losses | 34,057 | 56,837 |
Investment securities available for sale | 10,803,660 | 10,237,275 |
Investment securities held to maturity: | ||
Held-to-maturity Securities, Amortized Cost Basis | 1,357,801 | 1,348,354 |
Held-to-maturity Securities, Gross Unrealized Gain | 12,561 | 16,509 |
Held-to-maturity Securities, Gross Unrealized Losses | 102,248 | 88,900 |
Investment Securities - Fair Value | 1,268,114 | 1,275,963 |
U.S. Treasury and other U.S. government agencies | ||
Investment securities available for sale: | ||
Available-for-sale Securities, Amortized Cost Basis | 3,007,221 | 2,312,572 |
Available-for-sale Securities, Gross Unrealized Gain | 23,596 | 10,360 |
Available-for-sale Securities, Gross Unrealized Losses | 8,693 | 9,390 |
Investment securities available for sale | 3,022,124 | 2,313,542 |
Mortgage-backed securities | ||
Investment securities available for sale: | ||
Available-for-sale Securities, Amortized Cost Basis | 4,634,728 | 4,399,706 |
Available-for-sale Securities, Gross Unrealized Gain | 37,379 | 64,371 |
Available-for-sale Securities, Gross Unrealized Losses | 17,571 | 40,242 |
Investment securities available for sale | 4,654,536 | 4,423,835 |
Collateralized mortgage obligations | ||
Investment securities available for sale: | ||
Available-for-sale Securities, Amortized Cost Basis | 2,475,968 | 2,475,115 |
Available-for-sale Securities, Gross Unrealized Gain | 17,419 | 19,385 |
Available-for-sale Securities, Gross Unrealized Losses | 7,760 | 5,921 |
Investment securities available for sale | 2,485,627 | 2,488,579 |
Investment securities held to maturity: | ||
Held-to-maturity Securities, Amortized Cost Basis | 108,422 | 124,051 |
Held-to-maturity Securities, Gross Unrealized Gain | 6,088 | 5,878 |
Held-to-maturity Securities, Gross Unrealized Losses | 5,968 | 5,452 |
Investment Securities - Fair Value | 108,542 | 124,477 |
State and political subdivisions | ||
Investment securities available for sale: | ||
Available-for-sale Securities, Amortized Cost Basis | 81,940 | 460,569 |
Available-for-sale Securities, Gross Unrealized Gain | 3,455 | 8,008 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | 1,262 |
Investment securities available for sale | 85,395 | 467,315 |
Investment securities held to maturity: | ||
Held-to-maturity Securities, Amortized Cost Basis | 1,156,205 | 1,112,415 |
Held-to-maturity Securities, Gross Unrealized Gain | 828 | 2,143 |
Held-to-maturity Securities, Gross Unrealized Losses | 92,048 | 79,246 |
Investment Securities - Fair Value | 1,064,985 | 1,035,312 |
Other | ||
Investment securities available for sale: | ||
Available-for-sale Securities, Amortized Cost Basis | 24,863 | 44,225 |
Available-for-sale Securities, Gross Unrealized Gain | 307 | 238 |
Available-for-sale Securities, Gross Unrealized Losses | 33 | 22 |
Investment securities available for sale | 25,137 | 44,441 |
Investment securities held to maturity: | ||
Held-to-maturity Securities, Amortized Cost Basis | 66,127 | 72,701 |
Held-to-maturity Securities, Gross Unrealized Gain | 2,744 | 4,920 |
Held-to-maturity Securities, Gross Unrealized Losses | 2,193 | 2,191 |
Investment Securities - Fair Value | 66,678 | 75,430 |
Equity Securities | ||
Investment securities available for sale: | ||
Available-for-sale Securities, Amortized Cost Basis | 530,800 | 499,522 |
Available-for-sale Securities, Gross Unrealized Gain | 41 | 41 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | 0 |
Investment securities available for sale | 530,841 | 499,563 |
Asset-backed securities | ||
Investment securities held to maturity: | ||
Held-to-maturity Securities, Amortized Cost Basis | 27,047 | 39,187 |
Held-to-maturity Securities, Gross Unrealized Gain | 2,901 | 3,568 |
Held-to-maturity Securities, Gross Unrealized Losses | 2,039 | 2,011 |
Investment Securities - Fair Value | $ 27,909 | $ 40,744 |
Investment Securities Availab34
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 ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Investment securities available for sale: | ||
Available-for-sale securities, securities in a loss position for less than 12 months, fair value | $ 2,071,900 | $ 1,643,701 |
Available-for-sale securities, securities in a loss position for less than 12 months, unrealized losses | 11,505 | 12,911 |
Available-for-sale securities, securities in a loss position for 12 months or longer, fair value | 1,983,285 | 2,236,444 |
Available-for-sale securities, Securities in a loss position for 12 months or longer, unrealized losses | 22,552 | 43,926 |
Available-for-sale securities, fair value | 4,055,185 | 3,880,145 |
Available-for-sale securities, unrealized losses | 34,057 | 56,837 |
Investment securities held to maturity: | ||
Held-to-maturity securities, securities in a loss position for less than 12 months, fair value | 145,815 | 60,149 |
Held-to-maturity securities, securities in a loss position for less than 12 months, unrealized losses | 10,592 | 4,058 |
Held-to-maturity securities, securities in a loss position for 12 months or longer, fair value | 845,786 | 868,333 |
Held-to-maturity securities, securities in a loss position for 12 months or longer, unrealized losses | 91,656 | 84,842 |
Held-to-maturity securities, fair value | 991,601 | 928,482 |
Held-to-maturity securities unrealized losses | 102,248 | 88,900 |
U.S. Treasury and other U.S. government agencies | ||
Investment securities available for sale: | ||
Available-for-sale securities, securities in a loss position for less than 12 months, fair value | 299,978 | 620,794 |
Available-for-sale securities, securities in a loss position for less than 12 months, unrealized losses | 4,133 | 8,220 |
Available-for-sale securities, securities in a loss position for 12 months or longer, fair value | 375,491 | 37,220 |
Available-for-sale securities, Securities in a loss position for 12 months or longer, unrealized losses | 4,560 | 1,170 |
Available-for-sale securities, fair value | 675,469 | 658,014 |
Available-for-sale securities, unrealized losses | 8,693 | 9,390 |
Mortgage-backed securities | ||
Investment securities available for sale: | ||
Available-for-sale securities, securities in a loss position for less than 12 months, fair value | 845,311 | 308,734 |
Available-for-sale securities, securities in a loss position for less than 12 months, unrealized losses | 2,323 | 862 |
Available-for-sale securities, securities in a loss position for 12 months or longer, fair value | 1,501,811 | 1,915,494 |
Available-for-sale securities, Securities in a loss position for 12 months or longer, unrealized losses | 15,248 | 39,380 |
Available-for-sale securities, fair value | 2,347,122 | 2,224,228 |
Available-for-sale securities, unrealized losses | 17,571 | 40,242 |
Collateralized mortgage obligations | ||
Investment securities available for sale: | ||
Available-for-sale securities, securities in a loss position for less than 12 months, fair value | 926,611 | 714,173 |
Available-for-sale securities, securities in a loss position for less than 12 months, unrealized losses | 5,049 | 3,829 |
Available-for-sale securities, securities in a loss position for 12 months or longer, fair value | 104,894 | 146,806 |
Available-for-sale securities, Securities in a loss position for 12 months or longer, unrealized losses | 2,711 | 2,092 |
Available-for-sale securities, fair value | 1,031,505 | 860,979 |
Available-for-sale securities, unrealized losses | 7,760 | 5,921 |
Investment securities held to maturity: | ||
Held-to-maturity securities, securities in a loss position for less than 12 months, fair value | 22,293 | 34,400 |
Held-to-maturity securities, securities in a loss position for less than 12 months, unrealized losses | 478 | 1,099 |
Held-to-maturity securities, securities in a loss position for 12 months or longer, fair value | 45,527 | 27,389 |
Held-to-maturity securities, securities in a loss position for 12 months or longer, unrealized losses | 5,490 | 4,353 |
Held-to-maturity securities, fair value | 67,820 | 61,789 |
Held-to-maturity securities unrealized losses | 5,968 | 5,452 |
State and political subdivisions | ||
Investment securities available for sale: | ||
Available-for-sale securities, securities in a loss position for less than 12 months, fair value | 0 | |
Available-for-sale securities, securities in a loss position for less than 12 months, unrealized losses | 0 | |
Available-for-sale securities, securities in a loss position for 12 months or longer, fair value | 135,825 | |
Available-for-sale securities, Securities in a loss position for 12 months or longer, unrealized losses | 1,262 | |
Available-for-sale securities, fair value | 135,825 | |
Available-for-sale securities, unrealized losses | 1,262 | |
Investment securities held to maturity: | ||
Held-to-maturity securities, securities in a loss position for less than 12 months, fair value | 119,336 | 21,688 |
Held-to-maturity securities, securities in a loss position for less than 12 months, unrealized losses | 7,919 | 768 |
Held-to-maturity securities, securities in a loss position for 12 months or longer, fair value | 783,030 | 817,570 |
Held-to-maturity securities, securities in a loss position for 12 months or longer, unrealized losses | 84,129 | 78,478 |
Held-to-maturity securities, fair value | 902,366 | 839,258 |
Held-to-maturity securities unrealized losses | 92,048 | 79,246 |
Other | ||
Investment securities available for sale: | ||
Available-for-sale securities, securities in a loss position for less than 12 months, fair value | 0 | 0 |
Available-for-sale securities, securities in a loss position for less than 12 months, unrealized losses | 0 | 0 |
Available-for-sale securities, securities in a loss position for 12 months or longer, fair value | 1,089 | 1,099 |
Available-for-sale securities, Securities in a loss position for 12 months or longer, unrealized losses | 33 | 22 |
Available-for-sale securities, fair value | 1,089 | 1,099 |
Available-for-sale securities, unrealized losses | 33 | 22 |
Investment securities held to maturity: | ||
Held-to-maturity securities, securities in a loss position for less than 12 months, fair value | 3,909 | 4,061 |
Held-to-maturity securities, securities in a loss position for less than 12 months, unrealized losses | 2,193 | 2,191 |
Held-to-maturity securities, securities in a loss position for 12 months or longer, fair value | 0 | 0 |
Held-to-maturity securities, securities in a loss position for 12 months or longer, unrealized losses | 0 | 0 |
Held-to-maturity securities, fair value | 3,909 | 4,061 |
Held-to-maturity securities unrealized losses | 2,193 | 2,191 |
Asset-backed securities | ||
Investment securities held to maturity: | ||
Held-to-maturity securities, securities in a loss position for less than 12 months, fair value | 277 | 0 |
Held-to-maturity securities, securities in a loss position for less than 12 months, unrealized losses | 2 | 0 |
Held-to-maturity securities, securities in a loss position for 12 months or longer, fair value | 17,229 | 23,374 |
Held-to-maturity securities, securities in a loss position for 12 months or longer, unrealized losses | 2,037 | 2,011 |
Held-to-maturity securities, fair value | 17,506 | 23,374 |
Held-to-maturity securities unrealized losses | $ 2,039 | $ 2,011 |
Investment Securities Availab35
Investment Securities Available for Sale and Investment Securities Held to Maturity - Other temporary impairments losses recognized in other comprehensive income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||||
Other than temporary impairment recognized in other comprehensive income, beginning of period | $ 22,421 | $ 21,123 | $ 21,123 | $ 20,943 |
Reductions for securities paid off during the period (realized) | 0 | 0 | 0 | 0 |
Additions for the credit component on debt securities in which OTTI was not previously recognized | 0 | 0 | 1,013 | 0 |
Additions for the credit component on debt securities in which OTTI was previously recognized | 0 | 0 | 285 | 180 |
Other than temporary impairment recognized in other comprehensive income, end of period | $ 22,421 | $ 21,123 | $ 22,421 | $ 21,123 |
Investment Securities Availab36
Investment Securities Available for Sale and Investment Securities Held to Maturity - Maturities of securities portfolios (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Investment securities available for sale, amortized cost [Abstract] | ||
Maturing within one year | $ 43,142 | |
Maturing after one but within five years | 700,472 | |
Maturing after five both within ten years | 1,180,155 | |
Maturing after ten years | 1,190,255 | |
Total single date maturities | 3,114,024 | |
Mortgage-backed securities and collateralized mortgage obligations | 7,110,696 | |
Available-for-sale Securities, Amortized Cost Basis | 10,755,520 | $ 10,191,709 |
Investment securities available for sale, fair value [Abstract] | ||
Maturing within one year | 43,201 | |
Maturing after one but within five years | 705,328 | |
Maturing after five but within ten years | 1,197,004 | |
Maturing after ten years | 1,187,123 | |
Total single date maturities | 3,132,656 | |
Mortgage-backed securities and collateralized mortgage obligations | 7,140,163 | |
Investment securities available for sale | 10,803,660 | 10,237,275 |
Held-to-maturity securities, amortized cost [Abstract] | ||
Maturing within one year | 436 | |
Maturing after one but within five years | 320,489 | |
Maturing after five but within ten years | 290,719 | |
Maturing after ten years | 637,735 | |
Total single date maturities | 1,249,379 | |
Collateralized mortgage obligations | 108,422 | |
Total | 1,357,801 | 1,348,354 |
Held-to-maturity securities, fair value [Abstract] | ||
Maturing within one year | 436 | |
Maturing after one but within five years | 306,843 | |
Maturing after five but within ten years | 262,135 | |
Maturing after ten years | 590,158 | |
Total single date maturities | 1,159,572 | |
Collateralized mortgage obligations | 108,542 | |
Total Investments Securities Held to Maturity | 1,268,114 | 1,275,963 |
Equity Securities | ||
Investment securities available for sale, amortized cost [Abstract] | ||
Available-for-sale Securities, Amortized Cost Basis | 530,800 | 499,522 |
Investment securities available for sale, fair value [Abstract] | ||
Investment securities available for sale | $ 530,841 | $ 499,563 |
Investment Securities Availab37
Investment Securities Available for Sale and Investment Securities Held to Maturity - Gross Realized Gains and Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Gross gains | $ 8,568 | $ 9,710 | $ 68,799 | $ 47,608 |
Gross losses | 1,832 | 0 | 1,832 | 0 |
Net realized gains | $ 6,736 | $ 9,710 | $ 66,967 | $ 47,608 |
Investment Securities Availab38
Investment Securities Available for Sale and Investment Securities Held to Maturity - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Investments, Debt and Equity Securities [Abstract] | |||||
Federal home loan bank and federal reserve stock carried at par value | $ 531,000 | $ 531,000 | $ 500,000 | ||
Securities impairment | $ 0 | $ 0 | $ 1,298 | $ 180 |
Loans and Allowance for Loan 39
Loans and Allowance for Loan Losses - Composition of loan portfolio (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Commercial loans: | ||
Commercial, financial and agricultural | $ 25,636,319 | $ 23,828,537 |
Real estate – construction | 2,315,351 | 2,154,652 |
Commercial real estate – mortgage | 10,624,632 | 9,877,206 |
Total commercial loans | 38,576,302 | 35,860,395 |
Consumer loans: | ||
Residential real estate – mortgage | 13,897,723 | 13,922,656 |
Equity lines of credit | 2,376,408 | 2,304,784 |
Equity loans | 612,148 | 634,968 |
Credit card | 609,982 | 630,456 |
Consumer direct | 854,989 | 652,927 |
Consumer indirect | 2,901,603 | 2,870,408 |
Total consumer loans | 21,252,853 | 21,016,199 |
Covered loans | 458,066 | 495,190 |
Total loans | $ 60,287,221 | $ 57,371,784 |
Loans and Allowance for Loan 40
Loans and Allowance for Loan Losses - Allowances for loan losses activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Allowance for loan losses, covered, beginning of period | $ 1,886 | $ 11,551 | $ 2,808 | $ 2,954 | |
Allowance for loan losses, total loans, beginning of period | 721,471 | 714,760 | 685,041 | 700,719 | |
Provision (credit) for loan losses, covered | 469 | (4,241) | 572 | 550 | |
Provision (credit) for loan losses, total loans | 29,151 | 3,869 | 117,331 | 86,387 | |
Loans charged off, covered | (490) | (1,124) | (1,516) | (2,131) | |
Loans charged off, total loans | (44,072) | (35,449) | (124,448) | (138,800) | |
Loan recoveries, covered | 2 | 420 | 3 | 5,233 | |
Loan recoveries, total loans | 15,572 | 12,698 | 44,198 | 47,572 | |
Net (charge offs) recoveries, covered | (488) | (704) | (1,513) | 3,102 | |
Net (charge offs) recoveries, total loans | (28,500) | (22,751) | (80,250) | (91,228) | |
Allowance for loan losses, end of period | [1] | 88,395 | 88,395 | ||
Allowance for loan losses, covered, end of period | 1,867 | 6,606 | 1,867 | 6,606 | |
Allowance for loan losses, total loans, end of period | 722,122 | 695,878 | 722,122 | 695,878 | |
Commercial, Financial and Agricultural | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Allowance for loan losses, beginning of period | 350,879 | 317,790 | 299,482 | 292,327 | |
Provision (credit) for loan losses | 16,424 | (6,889) | 74,127 | 30,107 | |
Loans charged off | (9,161) | (3,404) | (20,706) | (23,855) | |
Loan recoveries | 5,171 | 3,818 | 10,410 | 12,736 | |
Net (charge offs) recoveries | (3,990) | 414 | (10,296) | (11,119) | |
Allowance for loan losses, end of period | 363,313 | 311,315 | 363,313 | 311,315 | |
Commercial Real Estate | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Allowance for loan losses, beginning of period | [2] | 135,152 | 142,941 | 138,233 | 158,960 |
Provision (credit) for loan losses | [2] | (7,256) | (8,180) | (12,995) | (17,959) |
Loans charged off | [2] | (910) | (555) | (2,380) | (10,506) |
Loan recoveries | [2] | 899 | 1,285 | 5,027 | 4,996 |
Net (charge offs) recoveries | [2] | (11) | 730 | 2,647 | (5,510) |
Allowance for loan losses, end of period | [2] | 127,885 | 135,491 | 127,885 | 135,491 |
Residential | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Allowance for loan losses, beginning of period | [3] | 133,995 | 153,694 | 154,627 | 155,575 |
Provision (credit) for loan losses | [3] | (577) | 6,963 | (13,458) | 27,675 |
Loans charged off | [3] | (5,944) | (9,852) | (20,889) | (39,421) |
Loan recoveries | [3] | 3,772 | 3,266 | 10,966 | 10,242 |
Net (charge offs) recoveries | [3] | (2,172) | (6,586) | (9,923) | (29,179) |
Allowance for loan losses, end of period | [3] | 131,246 | 154,071 | 131,246 | 154,071 |
Consumer | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||||
Allowance for loan losses, beginning of period | [1] | 99,559 | 88,784 | 89,891 | 90,903 |
Provision (credit) for loan losses | [1] | 20,091 | 16,216 | 69,085 | 46,014 |
Loans charged off | [1] | (27,567) | (20,514) | (78,957) | (62,887) |
Loan recoveries | [1] | 5,728 | 3,909 | 17,792 | 14,365 |
Net (charge offs) recoveries | [1] | (21,839) | (16,605) | (61,165) | (48,522) |
Allowance for loan losses, end of period | [1] | $ 97,811 | $ 88,395 | $ 97,811 | $ 88,395 |
[1] | Includes credit card, consumer direct and consumer indirect loans. | ||||
[2] | Includes commercial real estate – mortgage and real estate – construction loans. | ||||
[3] | Includes residential real estate – mortgage, equity lines of credit and equity loans. |
Loans and Allowance for Loan 41
Loans and Allowance for Loan Losses - Allowance for loan losses by portfolio (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | |
Ending balance of allowance attributable to loans: | |||||||
Individually evaluated for impairment | $ 63,873 | $ 63,433 | |||||
Collectively evaluated for impairment | 656,202 | 617,259 | |||||
Purchased nonimpaired, covered | 100 | 742 | |||||
Purchased nonimpaired, covered and not covered | 280 | 2,283 | |||||
Total allowance for loan losses | [1] | $ 88,395 | |||||
Total allowance for loan losses, covered | 1,867 | $ 1,886 | 2,808 | 6,606 | $ 11,551 | $ 2,954 | |
Total allowance for loan losses, covered and not covered | 722,122 | 721,471 | 685,041 | 695,878 | 714,760 | 700,719 | |
Ending balance of loans: | |||||||
Individually evaluated for impairment | 403,852 | 351,070 | |||||
Collectively evaluated for impairment | 59,335,061 | 56,453,902 | |||||
Purchased nonimpaired loans, covered | 123,980 | 133,618 | |||||
Purchased nonimpaired loans, covered and not covered | 214,222 | 205,240 | |||||
Covered loans | 458,066 | 495,190 | |||||
Total loans | 60,287,221 | 57,371,784 | |||||
Receivables acquired with deteriorated credit quality | |||||||
Ending balance of allowance attributable to loans: | |||||||
Purchased impaired | 1,767 | 2,066 | |||||
Ending balance of loans: | |||||||
Purchased impaired | 334,086 | 361,572 | |||||
Commercial, Financial and Agricultural | |||||||
Ending balance of allowance attributable to loans: | |||||||
Individually evaluated for impairment | 20,252 | 11,158 | |||||
Collectively evaluated for impairment | 342,881 | 287,105 | |||||
Purchased nonimpaired | 180 | 1,219 | |||||
Total allowance for loan losses | 363,313 | 350,879 | 299,482 | 311,315 | 317,790 | 292,327 | |
Ending balance of loans: | |||||||
Individually evaluated for impairment | 131,009 | 48,173 | |||||
Collectively evaluated for impairment | 25,469,026 | 23,745,149 | |||||
Purchased nonimpaired loans | 36,284 | 35,215 | |||||
Total loans, excluding covered loans | 25,636,319 | 23,828,537 | |||||
Commercial Real Estate | |||||||
Ending balance of allowance attributable to loans: | |||||||
Individually evaluated for impairment | [2] | 3,899 | 8,466 | ||||
Collectively evaluated for impairment | [2] | 123,986 | 129,767 | ||||
Total allowance for loan losses | [2] | 127,885 | 135,152 | 138,233 | 135,491 | 142,941 | 158,960 |
Ending balance of loans: | |||||||
Individually evaluated for impairment | [2] | 92,110 | 105,608 | ||||
Collectively evaluated for impairment | [2] | 12,799,785 | 11,896,943 | ||||
Purchased nonimpaired loans | [2] | 48,088 | 29,307 | ||||
Total loans, excluding covered loans | [2] | 12,939,983 | 12,031,858 | ||||
Residential | |||||||
Ending balance of allowance attributable to loans: | |||||||
Individually evaluated for impairment | [3] | 37,772 | 42,277 | ||||
Collectively evaluated for impairment | [3] | 93,474 | 112,350 | ||||
Total allowance for loan losses | [3] | 131,246 | 133,995 | 154,627 | 154,071 | 153,694 | 155,575 |
Ending balance of loans: | |||||||
Individually evaluated for impairment | [3] | 178,357 | 195,462 | ||||
Collectively evaluated for impairment | [3] | 16,707,156 | 16,665,930 | ||||
Purchased nonimpaired loans | [3] | 766 | 1,016 | ||||
Total loans, excluding covered loans | [3] | 16,886,279 | 16,862,408 | ||||
Consumer | |||||||
Ending balance of allowance attributable to loans: | |||||||
Individually evaluated for impairment | [1] | 1,950 | 1,532 | ||||
Collectively evaluated for impairment | [1] | 95,861 | 88,037 | ||||
Purchased nonimpaired | [1] | 0 | 322 | ||||
Total allowance for loan losses | [1] | 97,811 | $ 99,559 | 89,891 | $ 88,395 | $ 88,784 | $ 90,903 |
Ending balance of loans: | |||||||
Individually evaluated for impairment | [1] | 2,376 | 1,827 | ||||
Collectively evaluated for impairment | [1] | 4,359,094 | 4,145,880 | ||||
Purchased nonimpaired loans | [1] | 5,104 | 6,084 | ||||
Total loans, excluding covered loans | [1] | $ 4,366,574 | $ 4,153,791 | ||||
[1] | Includes credit card, consumer direct and consumer indirect loans. | ||||||
[2] | Includes commercial real estate – mortgage and real estate – construction loans. | ||||||
[3] | Includes residential real estate – mortgage, equity lines of credit and equity loans. |
Loans and Allowance for Loan 42
Loans and Allowance for Loan Losses - Impaired loans by loan class (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Financing Receivable, Impaired [Line Items] | |||||
Individually evaluated impaired loans with no recorded allowance, recorded investment | $ 46,017 | $ 46,017 | $ 35,109 | ||
Individually evaluated impaired loans with no recorded allowance, unpaid principle balance | 56,636 | 56,636 | 36,582 | ||
Individually evaluated impaired loans with a recorded allowance, recorded investment | 357,835 | 357,835 | 315,961 | ||
Individually evaluated impaired loans with a recorded allowance, unpaid principle balance | 367,254 | 367,254 | 335,583 | ||
Individually evaluated impaired loans with a recorded allowance, allowance | 63,873 | 63,873 | 63,433 | ||
Total individually evaluated impaired loans, average recorded investment | 411,668 | $ 380,431 | 379,989 | $ 420,506 | |
Total individually evaluated impaired loans, interest income recognized | 2,124 | 2,420 | 6,783 | 7,911 | |
Commercial, Financial and Agricultural | |||||
Financing Receivable, Impaired [Line Items] | |||||
Individually evaluated impaired loans with no recorded allowance, recorded investment | 6,186 | 6,186 | 0 | ||
Individually evaluated impaired loans with no recorded allowance, unpaid principle balance | 13,575 | 13,575 | 0 | ||
Individually evaluated impaired loans with a recorded allowance, recorded investment | 124,823 | 124,823 | 48,173 | ||
Individually evaluated impaired loans with a recorded allowance, unpaid principle balance | 128,517 | 128,517 | 61,552 | ||
Individually evaluated impaired loans with a recorded allowance, allowance | 20,252 | 20,252 | 11,158 | ||
Total individually evaluated impaired loans, average recorded investment | 133,652 | 70,256 | 98,110 | 95,116 | |
Total individually evaluated impaired loans, interest income recognized | 204 | 182 | 909 | 970 | |
Commercial Real Estate | Real estate – construction | |||||
Financing Receivable, Impaired [Line Items] | |||||
Individually evaluated impaired loans with no recorded allowance, recorded investment | 3,446 | 3,446 | 3,492 | ||
Individually evaluated impaired loans with no recorded allowance, unpaid principle balance | 3,996 | 3,996 | 4,006 | ||
Individually evaluated impaired loans with a recorded allowance, recorded investment | 642 | 642 | 2,686 | ||
Individually evaluated impaired loans with a recorded allowance, unpaid principle balance | 697 | 697 | 2,731 | ||
Individually evaluated impaired loans with a recorded allowance, allowance | 642 | 642 | 872 | ||
Total individually evaluated impaired loans, average recorded investment | 5,360 | 9,054 | 5,837 | 9,421 | |
Total individually evaluated impaired loans, interest income recognized | 21 | 58 | 97 | 177 | |
Commercial Real Estate | Mortgage | |||||
Financing Receivable, Impaired [Line Items] | |||||
Individually evaluated impaired loans with no recorded allowance, recorded investment | 36,385 | 36,385 | 22,822 | ||
Individually evaluated impaired loans with no recorded allowance, unpaid principle balance | 39,065 | 39,065 | 23,781 | ||
Individually evaluated impaired loans with a recorded allowance, recorded investment | 51,637 | 51,637 | 76,608 | ||
Individually evaluated impaired loans with a recorded allowance, unpaid principle balance | 54,746 | 54,746 | 82,005 | ||
Individually evaluated impaired loans with a recorded allowance, allowance | 3,257 | 3,257 | 7,594 | ||
Total individually evaluated impaired loans, average recorded investment | 87,352 | 108,323 | 85,862 | 122,358 | |
Total individually evaluated impaired loans, interest income recognized | 517 | 754 | 1,634 | 2,531 | |
Residential | Mortgage | |||||
Financing Receivable, Impaired [Line Items] | |||||
Individually evaluated impaired loans with no recorded allowance, recorded investment | 0 | 0 | 8,795 | ||
Individually evaluated impaired loans with no recorded allowance, unpaid principle balance | 0 | 0 | 8,795 | ||
Individually evaluated impaired loans with a recorded allowance, recorded investment | 103,626 | 103,626 | 107,223 | ||
Individually evaluated impaired loans with a recorded allowance, unpaid principle balance | 103,626 | 103,626 | 107,306 | ||
Individually evaluated impaired loans with a recorded allowance, allowance | 6,685 | 6,685 | 9,236 | ||
Total individually evaluated impaired loans, average recorded investment | 107,927 | 112,912 | 110,790 | 113,579 | |
Total individually evaluated impaired loans, interest income recognized | 707 | 724 | 2,096 | 2,168 | |
Residential | Equity lines of credit | |||||
Financing Receivable, Impaired [Line Items] | |||||
Individually evaluated impaired loans with no recorded allowance, recorded investment | 0 | 0 | 0 | ||
Individually evaluated impaired loans with no recorded allowance, unpaid principle balance | 0 | 0 | 0 | ||
Individually evaluated impaired loans with a recorded allowance, recorded investment | 27,098 | 27,098 | 25,743 | ||
Individually evaluated impaired loans with a recorded allowance, unpaid principle balance | 29,046 | 29,046 | 26,124 | ||
Individually evaluated impaired loans with a recorded allowance, allowance | 23,055 | 23,055 | 23,394 | ||
Total individually evaluated impaired loans, average recorded investment | 27,185 | 24,010 | 26,891 | 23,641 | |
Total individually evaluated impaired loans, interest income recognized | 279 | 268 | 838 | 773 | |
Residential | Equity loans | |||||
Financing Receivable, Impaired [Line Items] | |||||
Individually evaluated impaired loans with no recorded allowance, recorded investment | 0 | 0 | 0 | ||
Individually evaluated impaired loans with no recorded allowance, unpaid principle balance | 0 | 0 | 0 | ||
Individually evaluated impaired loans with a recorded allowance, recorded investment | 47,633 | 47,633 | 53,701 | ||
Individually evaluated impaired loans with a recorded allowance, unpaid principle balance | 48,232 | 48,232 | 54,038 | ||
Individually evaluated impaired loans with a recorded allowance, allowance | 8,032 | 8,032 | 9,647 | ||
Total individually evaluated impaired loans, average recorded investment | 48,046 | 54,506 | 50,168 | 54,977 | |
Total individually evaluated impaired loans, interest income recognized | 392 | 432 | 1,197 | 1,286 | |
Consumer | Credit card | |||||
Financing Receivable, Impaired [Line Items] | |||||
Individually evaluated impaired loans with no recorded allowance, recorded investment | 0 | 0 | 0 | ||
Individually evaluated impaired loans with no recorded allowance, unpaid principle balance | 0 | 0 | 0 | ||
Individually evaluated impaired loans with a recorded allowance, recorded investment | 0 | 0 | 0 | ||
Individually evaluated impaired loans with a recorded allowance, unpaid principle balance | 0 | 0 | 0 | ||
Individually evaluated impaired loans with a recorded allowance, allowance | 0 | 0 | 0 | ||
Total individually evaluated impaired loans, average recorded investment | 0 | 0 | 0 | 0 | |
Total individually evaluated impaired loans, interest income recognized | 0 | 0 | 0 | 0 | |
Consumer | Consumer direct | |||||
Financing Receivable, Impaired [Line Items] | |||||
Individually evaluated impaired loans with no recorded allowance, recorded investment | 0 | 0 | 0 | ||
Individually evaluated impaired loans with no recorded allowance, unpaid principle balance | 0 | 0 | 0 | ||
Individually evaluated impaired loans with a recorded allowance, recorded investment | 501 | 501 | 337 | ||
Individually evaluated impaired loans with a recorded allowance, unpaid principle balance | 501 | 501 | 337 | ||
Individually evaluated impaired loans with a recorded allowance, allowance | 75 | 75 | 42 | ||
Total individually evaluated impaired loans, average recorded investment | 397 | 94 | 686 | 131 | |
Total individually evaluated impaired loans, interest income recognized | 4 | 1 | 12 | 3 | |
Consumer | Consumer indirect | |||||
Financing Receivable, Impaired [Line Items] | |||||
Individually evaluated impaired loans with no recorded allowance, recorded investment | 0 | 0 | 0 | ||
Individually evaluated impaired loans with no recorded allowance, unpaid principle balance | 0 | 0 | 0 | ||
Individually evaluated impaired loans with a recorded allowance, recorded investment | 1,875 | 1,875 | 1,490 | ||
Individually evaluated impaired loans with a recorded allowance, unpaid principle balance | 1,889 | 1,889 | 1,490 | ||
Individually evaluated impaired loans with a recorded allowance, allowance | 1,875 | 1,875 | $ 1,490 | ||
Total individually evaluated impaired loans, average recorded investment | 1,749 | 1,276 | 1,645 | 1,283 | |
Total individually evaluated impaired loans, interest income recognized | $ 0 | $ 1 | $ 0 | $ 3 |
Loans and Allowance for Loan 43
Loans and Allowance for Loan Losses - Credit quality indicators (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | |
Commercial, Financial and Agricultural | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, excluding covered loans | $ 25,636,319 | $ 23,828,537 | |
Commercial, Financial and Agricultural | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, excluding covered loans | 24,549,024 | 23,380,541 | |
Commercial, Financial and Agricultural | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, excluding covered loans | 549,038 | 280,934 | |
Commercial, Financial and Agricultural | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, excluding covered loans | 511,634 | 128,251 | |
Commercial, Financial and Agricultural | Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, excluding covered loans | 26,623 | 38,811 | |
Consumer | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, excluding covered loans | [1] | 4,366,574 | 4,153,791 |
Consumer | Credit card | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, excluding covered loans | 609,982 | 630,456 | |
Consumer | Consumer direct | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, excluding covered loans | 854,989 | 652,927 | |
Consumer | Consumer indirect | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, excluding covered loans | 2,901,603 | 2,870,408 | |
Consumer | Performing | Credit card | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, excluding covered loans | 601,660 | 621,015 | |
Consumer | Performing | Consumer direct | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, excluding covered loans | 852,101 | 649,832 | |
Consumer | Performing | Consumer indirect | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, excluding covered loans | 2,891,337 | 2,865,013 | |
Consumer | Nonperforming | Credit card | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, excluding covered loans | 8,322 | 9,441 | |
Consumer | Nonperforming | Consumer direct | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, excluding covered loans | 2,888 | 3,095 | |
Consumer | Nonperforming | Consumer indirect | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, excluding covered loans | 10,266 | 5,395 | |
Residential | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, excluding covered loans | [2] | 16,886,279 | 16,862,408 |
Residential | Mortgage | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, excluding covered loans | 13,897,723 | 13,922,656 | |
Residential | Equity lines of credit | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, excluding covered loans | 2,376,408 | 2,304,784 | |
Residential | Equity loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, excluding covered loans | 612,148 | 634,968 | |
Residential | Performing | Mortgage | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, excluding covered loans | 13,792,551 | 13,810,857 | |
Residential | Performing | Equity lines of credit | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, excluding covered loans | 2,340,561 | 2,269,231 | |
Residential | Performing | Equity loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, excluding covered loans | 595,931 | 614,064 | |
Residential | Nonperforming | Mortgage | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, excluding covered loans | 105,172 | 111,799 | |
Residential | Nonperforming | Equity lines of credit | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, excluding covered loans | 35,847 | 35,553 | |
Residential | Nonperforming | Equity loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, excluding covered loans | 16,217 | 20,904 | |
Commercial Real Estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, excluding covered loans | [3] | 12,939,983 | 12,031,858 |
Commercial Real Estate | Real estate – construction | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, excluding covered loans | 2,315,351 | 2,154,652 | |
Commercial Real Estate | Mortgage | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, excluding covered loans | 10,624,632 | 9,877,206 | |
Commercial Real Estate | Pass | Real estate – construction | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, excluding covered loans | 2,294,904 | 2,098,994 | |
Commercial Real Estate | Pass | Mortgage | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, excluding covered loans | 10,285,290 | 9,514,917 | |
Commercial Real Estate | Special Mention | Real estate – construction | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, excluding covered loans | 9,624 | 42,176 | |
Commercial Real Estate | Special Mention | Mortgage | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, excluding covered loans | 179,911 | 210,337 | |
Commercial Real Estate | Substandard | Real estate – construction | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, excluding covered loans | 10,803 | 13,458 | |
Commercial Real Estate | Substandard | Mortgage | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, excluding covered loans | 144,928 | 129,435 | |
Commercial Real Estate | Doubtful | Real estate – construction | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, excluding covered loans | 20 | 24 | |
Commercial Real Estate | Doubtful | Mortgage | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans, excluding covered loans | $ 14,503 | $ 22,517 | |
[1] | Includes credit card, consumer direct and consumer indirect loans. | ||
[2] | Includes residential real estate – mortgage, equity lines of credit and equity loans. | ||
[3] | Includes commercial real estate – mortgage and real estate – construction loans. |
Loans and Allowance for Loan 44
Loans and Allowance for Loan Losses - Past due loans (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual, Covered | $ 153 | $ 114 | |
Accruing TDRs, Covered | 0 | 0 | |
Total Past Due and Impaired, Covered | 50,842 | 59,367 | |
Not Past Due or Impaired, Covered | 407,224 | 435,823 | |
Total, Covered | 458,066 | 495,190 | |
Nonaccrual, Total Loans | 380,930 | 322,654 | |
Accruing TDRs, Total Loans | 155,075 | 162,983 | |
Total Past Due and Impaired, Total Loans | 830,025 | 752,570 | |
Not Past Due or Impaired, Total Loans | 59,457,196 | 56,619,214 | |
Total Loans | 60,287,221 | 57,371,784 | |
30-59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due, Covered | 4,303 | 6,678 | |
Financing Receivable, Past Due, Total Loans | 171,864 | 141,439 | |
60-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due, Covered | 3,347 | 4,618 | |
Financing Receivable, Past Due, Total Loans | 48,568 | 54,040 | |
90 Days or More Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due, Covered | 43,039 | 47,957 | |
Financing Receivable, Past Due, Total Loans | 73,588 | 71,454 | |
Commercial Real Estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | [1] | 12,939,983 | 12,031,858 |
Commercial Real Estate | Real estate – construction | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 5,712 | 7,964 | |
Accruing TDRs | 2,247 | 2,112 | |
Total Past Due and Impaired | 10,067 | 13,501 | |
Not Past Due or Impaired | 2,305,284 | 2,141,151 | |
Total | 2,315,351 | 2,154,652 | |
Commercial Real Estate | Mortgage | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 85,975 | 89,736 | |
Accruing TDRs | 33,837 | 39,841 | |
Total Past Due and Impaired | 131,038 | 144,826 | |
Not Past Due or Impaired | 10,493,594 | 9,732,380 | |
Total | 10,624,632 | 9,877,206 | |
Commercial Real Estate | 30-59 Days Past Due | Real estate – construction | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 1,565 | 1,954 | |
Commercial Real Estate | 30-59 Days Past Due | Mortgage | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 4,887 | 9,813 | |
Commercial Real Estate | 60-89 Days Past Due | Real estate – construction | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 117 | 994 | |
Commercial Real Estate | 60-89 Days Past Due | Mortgage | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 732 | 4,808 | |
Commercial Real Estate | 90 Days or More Past Due | Real estate – construction | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 426 | 477 | |
Commercial Real Estate | 90 Days or More Past Due | Mortgage | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 5,607 | 628 | |
Commercial, Financial and Agricultural | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 130,370 | 61,157 | |
Accruing TDRs | 9,635 | 10,127 | |
Total Past Due and Impaired | 164,437 | 89,488 | |
Not Past Due or Impaired | 25,471,882 | 23,739,049 | |
Total | 25,636,319 | 23,828,537 | |
Commercial, Financial and Agricultural | 30-59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 15,300 | 10,829 | |
Commercial, Financial and Agricultural | 60-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 3,930 | 5,765 | |
Commercial, Financial and Agricultural | 90 Days or More Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 5,202 | 1,610 | |
Residential | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | [2] | 16,886,279 | 16,862,408 |
Residential | Mortgage | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 103,492 | 108,357 | |
Accruing TDRs | 71,102 | 69,408 | |
Total Past Due and Impaired | 239,210 | 242,152 | |
Not Past Due or Impaired | 13,658,513 | 13,680,504 | |
Total | 13,897,723 | 13,922,656 | |
Residential | Equity lines of credit | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 33,436 | 32,874 | |
Accruing TDRs | 0 | 0 | |
Total Past Due and Impaired | 49,510 | 49,877 | |
Not Past Due or Impaired | 2,326,898 | 2,254,907 | |
Total | 2,376,408 | 2,304,784 | |
Residential | Equity loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 15,104 | 19,029 | |
Accruing TDRs | 37,785 | 41,197 | |
Total Past Due and Impaired | 62,166 | 70,848 | |
Not Past Due or Impaired | 549,982 | 564,120 | |
Total | 612,148 | 634,968 | |
Residential | 30-59 Days Past Due | Mortgage | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 47,936 | 45,279 | |
Residential | 30-59 Days Past Due | Equity lines of credit | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 8,988 | 9,929 | |
Residential | 30-59 Days Past Due | Equity loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 6,485 | 6,357 | |
Residential | 60-89 Days Past Due | Mortgage | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 15,450 | 16,510 | |
Residential | 60-89 Days Past Due | Equity lines of credit | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 4,675 | 4,395 | |
Residential | 60-89 Days Past Due | Equity loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 1,807 | 3,268 | |
Residential | 90 Days or More Past Due | Mortgage | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 1,230 | 2,598 | |
Residential | 90 Days or More Past Due | Equity lines of credit | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 2,411 | 2,679 | |
Residential | 90 Days or More Past Due | Equity loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 985 | 997 | |
Consumer | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | [3] | 4,366,574 | 4,153,791 |
Consumer | Credit card | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 0 | 0 | |
Accruing TDRs | 0 | 0 | |
Total Past Due and Impaired | 17,892 | 19,054 | |
Not Past Due or Impaired | 592,090 | 611,402 | |
Total | 609,982 | 630,456 | |
Consumer | Consumer direct | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 635 | 799 | |
Accruing TDRs | 469 | 298 | |
Total Past Due and Impaired | 21,678 | 14,761 | |
Not Past Due or Impaired | 833,311 | 638,166 | |
Total | 854,989 | 652,927 | |
Consumer | Consumer indirect | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 6,053 | 2,624 | |
Accruing TDRs | 0 | 0 | |
Total Past Due and Impaired | 83,185 | 48,696 | |
Not Past Due or Impaired | 2,818,418 | 2,821,712 | |
Total | 2,901,603 | 2,870,408 | |
Consumer | 30-59 Days Past Due | Credit card | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 5,949 | 5,692 | |
Consumer | 30-59 Days Past Due | Consumer direct | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 16,433 | 9,542 | |
Consumer | 30-59 Days Past Due | Consumer indirect | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 60,018 | 35,366 | |
Consumer | 60-89 Days Past Due | Credit card | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 3,621 | 3,921 | |
Consumer | 60-89 Days Past Due | Consumer direct | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 1,988 | 1,826 | |
Consumer | 60-89 Days Past Due | Consumer indirect | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 12,901 | 7,935 | |
Consumer | 90 Days or More Past Due | Credit card | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 8,322 | 9,441 | |
Consumer | 90 Days or More Past Due | Consumer direct | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 2,153 | 2,296 | |
Consumer | 90 Days or More Past Due | Consumer indirect | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | $ 4,213 | $ 2,771 | |
[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 45
Loans and Allowance for Loan Losses - Troubled debt restructurings (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Modifications [Line Items] | ||
30 - 59 Days Past Due, Covered | $ 0 | $ 0 |
60 - 89 Days Past Due, Covered | 0 | 0 |
90 Days or More Past Due, Covered | 0 | 0 |
Nonaccrual, Covered | 8 | 17 |
Total Past Due and Nonaccrual, Covered | 8 | 17 |
Not Past Due or Nonaccrual, Covered | 0 | 0 |
Total, Covered | 8 | 17 |
30 - 59 Days Past Due, Total Loans | 4,715 | 5,109 |
60 - 89 Days Past Due, Total Loans | 5,064 | 4,348 |
90 Days or More Past Due, Total Loans | 678 | 1,722 |
Nonaccrual, Total Loans | 70,846 | 80,408 |
Total Past Due and Nonaccrual, Total Loans | 81,303 | 91,587 |
Not Past Due or Nonaccrual, Total Loans | 144,618 | 151,804 |
Total Loans | 225,921 | 243,391 |
Commercial Real Estate | Real estate – construction | ||
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 | 503 | 200 |
Total Past Due and Nonaccrual | 503 | 200 |
Not Past Due or Nonaccrual | 2,247 | 2,112 |
Total | 2,750 | 2,312 |
Commercial Real Estate | Mortgage | ||
Financing Receivable, Modifications [Line Items] | ||
30-59 Days Past Due | 0 | 371 |
60-89 Days Past Due | 0 | 536 |
90 Days or More Past Due | 0 | 0 |
Nonaccrual | 4,094 | 7,068 |
Total Past Due and Nonaccrual | 4,094 | 7,975 |
Not Past Due or Nonaccrual | 33,837 | 38,934 |
Total | 37,931 | 46,909 |
Commercial, Financial and Agricultural | ||
Financing Receivable, Modifications [Line Items] | ||
30-59 Days Past Due | 7 | 11 |
60-89 Days Past Due | 126 | 0 |
90 Days or More Past Due | 0 | 0 |
Nonaccrual | 634 | 2,052 |
Total Past Due and Nonaccrual | 767 | 2,063 |
Not Past Due or Nonaccrual | 9,502 | 10,116 |
Total | 10,269 | 12,179 |
Residential | Mortgage | ||
Financing Receivable, Modifications [Line Items] | ||
30-59 Days Past Due | 3,165 | 2,440 |
60-89 Days Past Due | 2,726 | 2,688 |
90 Days or More Past Due | 450 | 844 |
Nonaccrual | 27,847 | 32,518 |
Total Past Due and Nonaccrual | 34,188 | 38,490 |
Not Past Due or Nonaccrual | 64,761 | 63,436 |
Total | 98,949 | 101,926 |
Residential | 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 | 26,007 | 24,519 |
Total Past Due and Nonaccrual | 26,007 | 24,519 |
Not Past Due or Nonaccrual | 0 | 0 |
Total | 26,007 | 24,519 |
Residential | Equity loans | ||
Financing Receivable, Modifications [Line Items] | ||
30-59 Days Past Due | 1,543 | 2,182 |
60-89 Days Past Due | 2,212 | 1,124 |
90 Days or More Past Due | 128 | 878 |
Nonaccrual | 9,848 | 12,504 |
Total Past Due and Nonaccrual | 13,731 | 16,688 |
Not Past Due or Nonaccrual | 33,902 | 37,013 |
Total | 47,633 | 53,701 |
Consumer | 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 | 0 | 0 |
Consumer | Consumer direct | ||
Financing Receivable, Modifications [Line Items] | ||
30-59 Days Past Due | 0 | 105 |
60-89 Days Past Due | 0 | 0 |
90 Days or More Past Due | 100 | 0 |
Nonaccrual | 30 | 40 |
Total Past Due and Nonaccrual | 130 | 145 |
Not Past Due or Nonaccrual | 369 | 193 |
Total | 499 | 338 |
Consumer | 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 | 1,875 | 1,490 |
Total Past Due and Nonaccrual | 1,875 | 1,490 |
Not Past Due or Nonaccrual | 0 | 0 |
Total | $ 1,875 | $ 1,490 |
Loans and Allowance for Loan 46
Loans and Allowance for Loan Losses - Classified as troubled debt restructurings (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015USD ($)Contract | Sep. 30, 2014USD ($)Contract | Sep. 30, 2015USD ($)Contract | Sep. 30, 2014USD ($)Contract | |
Financing Receivable, Modifications [Line Items] | ||||
Number of contracts, covered | Contract | 1 | 1 | 3 | 1 |
Post modification outstanding, recorded investment, covered | $ 8 | $ 3 | $ 29 | $ 3 |
Number of subsequent default contracts, covered | Contract | 1 | 0 | 2 | 0 |
Recorded investment at subsequent default, covered | $ 18 | $ 0 | $ 24 | $ 0 |
Commercial, Financial and Agricultural | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 2 | 2 | 5 | 4 |
Post-Modification Outstanding Recorded Investment | $ 69 | $ 14,118 | $ 380 | $ 14,281 |
Number of subsequent default contracts | Contract | 0 | 0 | 0 | 0 |
Recorded investment at subsequent default | $ 0 | $ 0 | $ 0 | $ 0 |
Commercial Real Estate | Real estate – construction | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 0 | 2 | 0 | 2 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 405 | $ 0 | $ 405 |
Number of subsequent default contracts | Contract | 0 | 0 | 1 | 0 |
Recorded investment at subsequent default | $ 0 | $ 0 | $ 377 | $ 0 |
Commercial Real Estate | Mortgage | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 3 | 0 | 4 | 9 |
Post-Modification Outstanding Recorded Investment | $ 532 | $ 0 | $ 758 | $ 6,586 |
Number of subsequent default contracts | Contract | 0 | 0 | 1 | 1 |
Recorded investment at subsequent default | $ 0 | $ 0 | $ 178 | $ 2,198 |
Residential | Mortgage | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 14 | 18 | 36 | 74 |
Post-Modification Outstanding Recorded Investment | $ 3,326 | $ 3,255 | $ 7,571 | $ 8,373 |
Number of subsequent default contracts | Contract | 1 | 2 | 6 | 2 |
Recorded investment at subsequent default | $ 119 | $ 144 | $ 862 | $ 144 |
Residential | Equity lines of credit | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 27 | 32 | 86 | 129 |
Post-Modification Outstanding Recorded Investment | $ 1,488 | $ 1,946 | $ 4,752 | $ 6,426 |
Number of subsequent default contracts | Contract | 1 | 0 | 1 | 3 |
Recorded investment at subsequent default | $ 0 | $ 0 | $ 0 | $ 275 |
Residential | Equity loans | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 8 | 13 | 28 | 54 |
Post-Modification Outstanding Recorded Investment | $ 340 | $ 920 | $ 1,836 | $ 4,237 |
Number of subsequent default contracts | Contract | 1 | 3 | 3 | 7 |
Recorded investment at subsequent default | $ 55 | $ 381 | $ 216 | $ 763 |
Consumer | Credit card | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 0 | 0 | 0 | 0 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 |
Number of subsequent default contracts | Contract | 0 | 0 | 0 | 0 |
Recorded investment at subsequent default | $ 0 | $ 0 | $ 0 | $ 0 |
Consumer | Consumer direct | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 4 | 0 | 21 | 0 |
Post-Modification Outstanding Recorded Investment | $ 325 | $ 0 | $ 627 | $ 0 |
Number of subsequent default contracts | Contract | 1 | 0 | 1 | 0 |
Recorded investment at subsequent default | $ 100 | $ 0 | $ 100 | $ 0 |
Consumer | Consumer indirect | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 31 | 21 | 53 | 71 |
Post-Modification Outstanding Recorded Investment | $ 549 | $ 343 | $ 928 | $ 1,015 |
Number of subsequent default contracts | Contract | 0 | 0 | 1 | 0 |
Recorded investment at subsequent default | $ 0 | $ 0 | $ 18 | $ 0 |
Loans and Allowance for Loan 47
Loans and Allowance for Loan Losses - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable Including Other Real Estated Owned [Line Items] | |||||
Commitment to lend additional funds to borrowers owing TDR loans | $ 3,800 | $ 3,800 | $ 1,100 | ||
Other real estate owned | 23,762 | 23,762 | 20,600 | ||
Residential real estate loans secured by residential real estate properties for which formal foreclosure proceedings were in process | 29,000 | 29,000 | 26,000 | ||
Residential Real Estate [Member] | |||||
Accounts, Notes, Loans and Financing Receivable Including Other Real Estated Owned [Line Items] | |||||
Other real estate owned | 17,000 | 17,000 | $ 11,000 | ||
Interest Rate Concession [Member] | |||||
Accounts, Notes, Loans and Financing Receivable Including Other Real Estated Owned [Line Items] | |||||
TDRs | 2,000 | $ 1,400 | 2,900 | $ 8,300 | |
Modification of Loan Structure [Member] | |||||
Accounts, Notes, Loans and Financing Receivable Including Other Real Estated Owned [Line Items] | |||||
TDRs | $ 4,700 | $ 19,600 | $ 14,000 | $ 33,000 |
Loan Sales and Servicing - Narr
Loan Sales and Servicing - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans held for sale | $ 634,158,000 | $ 634,158,000 | $ 154,816,000 | ||
Transfer of loans to loans held for sale | 907,000,000 | $ 0 | 907,000,000 | $ 14,000,000 | |
Charge-off at transfer to held for sale | 4,300,000 | ||||
Balance of residential mortgage loans sold with retained servicing | 4,400,000,000 | 4,400,000,000 | 3,300,000,000 | ||
Fair value of MSRs | 41,238,000 | 41,238,000 | $ 35,488,000 | ||
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 | 405,000,000 | 1,000,000 | 415,000,000 | 102,000,000 | |
Originated For Sale In The Secondary Market | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Residential mortgage loans sold | 725,000,000 | 367,000,000 | 1,300,000,000 | 736,000,000 | |
Recognized net gains or losses on sale of residential mortgage loans | 11,000,000 | 11,700,000 | 33,000,000 | 22,900,000 | |
Residential real estate - mortgage | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Servicing fees | 5,800,000 | 4,100,000 | 15,700,000 | 11,400,000 | |
Residential Real Estate Mortgage Loans Sold with Retained Servicing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Residential mortgage loans sold | 725,000,000 | $ 367,000,000 | 1,300,000,000 | $ 736,000,000 | |
Residential | Mortgage | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans held for sale | 123,000,000 | 123,000,000 | |||
Transfer of loans to loans held for sale | 396,000,000 | 396,000,000 | |||
Consumer | Consumer indirect | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans held for sale | 511,000,000 | 511,000,000 | |||
Transfer of loans to loans held for sale | $ 511,000,000 | $ 511,000,000 |
Loan Sales and Servicing - Resi
Loan Sales and Servicing - Residential MSRs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Servicing Asset at Fair Value, Amount [Roll Forward] | |||||
Beginning balance | $ 35,488 | ||||
Ending balance | $ 41,238 | 41,238 | |||
Residential mortgage | |||||
Servicing Asset at Fair Value, Amount [Roll Forward] | |||||
Beginning balance | 40,871 | $ 31,104 | 35,488 | $ 30,065 | |
Additions | 6,844 | 4,060 | 13,566 | 8,066 | |
Due to changes in valuation inputs or assumptions | (5,485) | 367 | (5,631) | (1,427) | |
Due to other changes in fair value | [1] | (992) | (639) | (2,185) | (1,812) |
Ending balance | $ 41,238 | $ 34,892 | $ 41,238 | $ 34,892 | |
[1] | Represents the realization of expected net servicing cash flows, expected borrower repayments and the passage of time. |
Loan Sales and Servicing - Valu
Loan Sales and Servicing - Valuation Assumptions (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | ||
Servicing Assets at Fair Value [Line Items] | |||
Fair value of MSRs | $ 41,238 | $ 35,488 | |
Mortgage loans sold and serviced, percentage | 100.00% | 100.00% | |
Weighted average life (in years) | 5 years 7 months 6 days | 6 years 2 months 12 days | |
Prepayment speed: | 11.10% | 10.60% | |
Effect on fair value of a 10% increase | $ (1,368) | $ (1,220) | |
Effect on fair value of a 20% increase | $ (2,645) | $ (2,375) | |
Weighted average option adjusted spread/discount rate: (1) | [1] | 9.00% | 10.10% |
Effect on fair value of a 10% increase | $ (1,421) | $ (1,291) | |
Effect on fair value of a 20% increase | $ (2,750) | $ (2,492) | |
Fixed rate mortgage loan | |||
Servicing Assets at Fair Value [Line Items] | |||
Mortgage loans sold and serviced, percentage | 96.70% | 96.10% | |
Adjustable rate mortgage loan | |||
Servicing Assets at Fair Value [Line Items] | |||
Mortgage loans sold and serviced, percentage | 3.30% | 3.90% | |
[1] | During the three months ended September 30, 2015, the Company utilized a new third-party service provider for the valuation of servicing rights. The new service provider utilizes an option-adjusted spread valuation approach instead of a static discount rate approach to discount cash flows. This change did not have a material impact on the value of the mortgage servicing rights. |
Derivatives and Hedging - Deriv
Derivatives and Hedging - Derivatives by Balance Sheet Location (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | ||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets | $ 223,580 | $ 225,227 | ||
Derivative liabilities | 345,621 | 259,018 | ||
Derivatives designated as hedging instrument | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets | [1] | 90,189 | 71,493 | |
Derivative liabilities | [2] | 14,134 | 14,497 | |
Derivatives designated as hedging instrument | Fair value hedges | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets | [1] | 80,083 | 69,700 | |
Derivative liabilities | [2] | 0 | ||
Derivatives designated as hedging instrument | Fair value hedges | Interest rate swap long term debt | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, notional amount | 2,123,950 | 1,423,950 | ||
Derivative assets | [1] | 80,083 | 69,700 | |
Derivative liabilities | [2] | 0 | ||
Derivatives designated as hedging instrument | Cash flow hedges | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets | [1] | 10,106 | 1,793 | |
Derivative liabilities | [2] | 14,134 | 14,497 | |
Derivatives designated as hedging instrument | Cash flow hedges | Interest rate swap commercial loan | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, notional amount | 2,050,000 | 1,100,000 | ||
Derivative assets | [1] | 10,106 | 1,793 | |
Derivative liabilities | 0 | [2] | 1,023 | |
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 liabilities | [2] | 14,134 | 13,474 | |
Free-standing derivatives not designated as hedging instrument | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets | [1] | 472,667 | 414,470 | |
Derivative liabilities | [2] | 401,033 | 347,761 | |
Free-standing derivatives not designated as hedging instrument | Forward and option contracts related to residential mortgage loans held for sale | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, notional amount | 264,000 | 189,000 | ||
Derivative assets | [1] | 162 | 18 | |
Derivative liabilities | [2] | 2,000 | 1,576 | |
Free-standing derivatives not designated as hedging instrument | Purchased equity option related to equity-linked CDs | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, notional amount | 875,030 | 821,849 | ||
Derivative assets | [1] | 48,493 | 76,487 | |
Free-standing derivatives not designated as hedging instrument | Equity contracts, swap associated with sale of Visa Inc. Class B shares | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, notional amount | 60,988 | 57,393 | ||
Derivative liabilities | [2] | 1,525 | 1,435 | |
Free-standing derivatives not designated as hedging instrument | Forward contracts related to commercial loans | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, notional amount | 555,061 | 602,066 | ||
Derivative assets | [1] | 5,952 | 5,529 | |
Derivative liabilities | [2] | 695 | 612 | |
Free-standing derivatives not designated as hedging instrument | Spot contracts related to commercial loans | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, notional amount | 69,537 | 74,940 | ||
Derivative assets | [1] | 0 | 41 | |
Derivative liabilities | [2] | 86 | 80 | |
Free-standing derivatives not designated as hedging instrument | Futures contracts | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, notional amount | [3] | 422,000 | 342,000 | |
Free-standing derivatives not designated as hedging instrument | Interest rate lock commitments | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, notional amount | 196,779 | 180,822 | ||
Derivative assets | [1] | 3,768 | 2,319 | |
Derivative liabilities | [2] | 3 | 1 | |
Free-standing derivatives not designated as hedging instrument | Written equity option related to equity-linked CDs | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, notional amount | 835,394 | 795,467 | ||
Derivative liabilities | [2] | 46,607 | 74,319 | |
Free-standing derivatives not designated as hedging instrument | Interest rate contracts for customers | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, notional amount | 23,346,172 | 18,678,390 | ||
Derivative assets | [1] | 386,687 | 296,239 | |
Derivative liabilities | [2] | 323,285 | 236,763 | |
Free-standing derivatives not designated as hedging instrument | Commodity contracts for customers | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, notional amount | 154,853 | 264,491 | ||
Derivative assets | [1] | 17,272 | 25,569 | |
Derivative liabilities | [2] | 17,221 | 25,448 | |
Free-standing derivatives not designated as hedging instrument | Foreign exchange contracts for customers | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, notional amount | 294,534 | 425,123 | ||
Derivative assets | [1] | 10,333 | 8,268 | |
Derivative liabilities | [2] | 9,611 | 7,527 | |
Free-standing derivatives not designated as hedging instrument | Total trading account assets and liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets | [1] | 414,292 | 330,076 | |
Derivative liabilities | [2] | $ 350,117 | $ 269,738 | |
[1] | Derivative assets, except for trading account assets that are recorded as a component of trading account assets on the Company's Unaudited Condensed Consolidated Balance Sheets, are recorded in other assets on the Company’s Unaudited Condensed Consolidated Balance Sheets. | |||
[2] | Derivative liabilities are recorded in accrued expenses and other liabilities on the Company’s Unaudited Condensed 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
Derivatives and Hedging - Fair Value Hedges (Details) - Derivatives designated as hedging instrument - Fair value hedges - Interest Rate Swap - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Fair value hedges weighted average expected remaining term | 5 years 3 months 40 days | |||
Interest on FHLB and other borrowings | ||||
Interest Rate Fair Value Hedges [Abstract] | ||||
Change in fair value of interest rate contract - interest rate swaps hedging long term debt | $ 40,416 | $ (5,391) | $ 10,383 | $ (5,515) |
Change in fair value of interest rate contract - hedged long term debt | (38,634) | 4,829 | (12,511) | 5,048 |
Interest and amortization related to interest rate swaps on hedged long term debt | $ 12,413 | $ 6,081 | $ 34,157 | $ 18,114 |
Derivatives and Hedging - Cash
Derivatives and Hedging - Cash Flow Hedges (Details) - Derivatives designated as hedging instrument - Cash flow hedges - Interest Rate Swap - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Cash flow hedges not terminated, net fair value | $ (4,000,000) | $ (4,000,000) | ||
Fair value hedges weighted average expected remaining term | 1 year 7 months 58 days | |||
Maximum length of time hedged in interest rate cash flow hedge | 5 years 8 months 60 days | |||
Interest Rate Cash Flow Hedges [Abstract] | ||||
Net change in amount recognized in other comprehensive income | 1,838,000 | $ (706,000) | $ 4,910,000 | $ (2,388,000) |
Amount reclassified from accumulated other comprehensive income into net interest income | 0 | 0 | 0 | 0 |
Interest Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Cash flow hedge gain to be reclassified within twelve months | (523,000) | |||
Interest Rate Cash Flow Hedges [Abstract] | ||||
Amount reclassified from accumulated other comprehensive income into net interest income | 1,924,000 | (41,000) | 4,778,000 | (1,768,000) |
Amount of ineffectiveness recognized in net interest income | $ 0 | $ 0 | $ 0 | $ 0 |
Derivatives and Hedging - Free
Derivatives and Hedging - Free Standing Derivative Instruments (Details) - Free-standing derivatives not designated as hedging instrument - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Futures contracts | Mortgage Banking Income and Corporate and Correspondent Investment Sales [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative instruments not designated as hedging instruments, gain (loss), net | $ (248) | $ 87 | $ (199) | $ (146) |
Option 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 | 0 | 0 | (195) | 41 |
Forward and option contracts related to residential mortgage loans held for sale | Mortgage banking income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative instruments not designated as hedging instruments, gain (loss), net | (2,317) | 1,558 | 1,679 | (2,549) |
Interest rate lock commitments | Mortgage banking income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative instruments not designated as hedging instruments, gain (loss), net | 308 | (842) | 1,447 | 2,089 |
Interest rate contracts for customers | Corporate and correspondent investments sales | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative instruments not designated as hedging instruments, gain (loss), net | 4,961 | 4,800 | 21,490 | 13,958 |
Commodity contracts for customers | Corporate and correspondent investments sales | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative instruments not designated as hedging instruments, gain (loss), net | (2) | 191 | 7 | 94 |
Purchased equity option related to equity-linked CDs | Other expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative instruments not designated as hedging instruments, gain (loss), net | (13,960) | 17,979 | (27,995) | 24,686 |
Written equity option related to equity-linked CDs | Other expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative instruments not designated as hedging instruments, gain (loss), net | 13,652 | (17,777) | 27,712 | (24,321) |
Forward contracts related to commercial loans | Other income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative instruments not designated as hedging instruments, gain (loss), net | 17,181 | 44,452 | 40,265 | 27,022 |
Spot contracts related to commercial loans | Other income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative instruments not designated as hedging instruments, gain (loss), net | (4,143) | (4,459) | (7,663) | (1,052) |
Foreign currency exchange contracts for customers | Corporate and correspondent investments sales | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative instruments not designated as hedging instruments, gain (loss), net | $ 590 | $ 309 | $ 1,451 | $ 679 |
Derivatives and Hedging - Credi
Derivatives and Hedging - Credit and Market Risks (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Credit Derivatives [Line Items] | |||||
Derivative, collateral, right to reclaim cash | $ 189,765,000 | $ 189,765,000 | $ 44,163,000 | ||
Derivative, collateral, obligation to return | 35,444,000 | 35,444,000 | 58,309,000 | ||
Gain (loss) on fair value hedges recognized in earnings | 0 | $ 0 | 0 | $ 0 | |
Other Assets | |||||
Credit Derivatives [Line Items] | |||||
Derivative, collateral, right to reclaim cash | 194,000,000 | 194,000,000 | 46,000,000 | ||
Deposits | |||||
Credit Derivatives [Line Items] | |||||
Derivative, collateral, obligation to return | 42,000,000 | 42,000,000 | $ 62,000,000 | ||
Free-standing derivatives not designated as hedging instrument | Interest Rate Swap | |||||
Credit Derivatives [Line Items] | |||||
Credit risk derivatives, at fair value, net | 414,000,000 | 414,000,000 | |||
Gain (loss) on derivative instruments held for trading purposes, net | (15,000) | $ (125,000) | (9,000) | $ (851,000) | |
Derivatives designated as hedging instrument | Interest Rate Swap | Over the Counter | |||||
Credit Derivatives [Line Items] | |||||
Credit risk derivatives, at fair value, net | $ 90,000,000 | $ 90,000,000 |
Derivatives and Hedging - Conti
Derivatives and Hedging - Contingent Features (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivative, net liability position, aggregate fair value | $ 57 | $ 65 |
Collateral already posted, aggregate fair value | 56 | 62 |
Additional collateral, aggregate fair value | $ 1 | $ 4 |
Derivatives and Hedging - Netti
Derivatives and Hedging - Netting Arrangements (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | |
Derivative financial assets: | |||
Derivative assets, total derivatives subject to a master netting arrangement, gross amounts recognized | $ 223,580 | $ 225,227 | |
Derivative assets, total derivative subject to a master netting arrangement, gross amounts offset in the condensed consolidated balance sheet | 0 | 0 | |
Derivative assets, total derivatives subject to a master netting arrangement, net amount presented in the condensed consolidated balance sheets | 223,580 | 225,227 | |
Derivate assets, total derivatives subject to a master netting arrangement, gross amounts not offset in the condensed consolidated balance sheets, cash collateral received/pledged | 35,444 | 58,309 | |
Derivative asset, total derivatives subject to a master netting arrangement, net amount | 184,950 | 166,918 | |
Derivative assets, total derivatives not subject to a master netting arrangement | 339,276 | 260,736 | |
Derivative assets, total derivatives not subject to a master netting arrangement, net amount | 339,276 | 260,736 | |
Total derivative financial assets, gross amounts recognized | 562,856 | 485,963 | |
Total derivative financial assets, net amount presented in the condensed consolidated balance sheet | 562,856 | 485,963 | |
Derivative, Collateral, Obligation to Return Securities | [1] | 3,186 | 0 |
Total derivative financial assets, net amount | 524,226 | 427,654 | |
Derivative financial liabilities: | |||
Derivative liabilities, total derivative subject to a master netting arrangement, gross amounts recognized | 345,621 | 259,018 | |
Derivative liabilities, total derivative subject to a master netting arrangement, gross amount offset in the condensed consolidated balance sheets | 0 | 0 | |
Derivative liabilities, total derivative subject to a master netting arrangement, net amount presented in the condensed consolidated balance sheets | 345,621 | 259,018 | |
Derivative liabilities, total derivative subject to a master netting arrangement, gross amounts not offset in the condensed consolidated balance sheets, cash collateral received/pledged | 189,765 | 44,163 | |
Derivate liabilities, total derivatives subject to master netting arrangement, net amount | 132,713 | 185,178 | |
Derivative liabilities, total derivatives not subject to a master netting arrangement | 69,546 | 103,240 | |
Derivative liabilities, total derivatives not subject to a master netting arrangement, net amount | 69,546 | 103,240 | |
Derivative liabilities, total derivative financial liabilities, gross amount recognized | 415,167 | 362,258 | |
Total derivative financial liabilities, net amount presented in the condensed consolidated balance sheets | 415,167 | 362,258 | |
Derivative, Collateral, Right to Reclaim Securities | [1] | 23,143 | 29,677 |
Total derivative financial liabilities, net amount | $ 202,259 | $ 288,418 | |
[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. |
Securities Financing Activiti58
Securities Financing Activities - Contractual Maturities (Details) $ in Thousands | Sep. 30, 2015USD ($) |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities sold under agreements repurchase | $ 4,794,443 |
Overnight and Continuous | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities sold under agreements repurchase | 3,514,574 |
Up to 30 days | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities sold under agreements repurchase | 220,369 |
30 - 90 days | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities sold under agreements repurchase | 1,059,500 |
Greater Than 90 days | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities sold under agreements repurchase | 0 |
Collateralized mortgage obligations | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities sold under agreements repurchase | 145,888 |
Collateralized mortgage obligations | Overnight and Continuous | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities sold under agreements repurchase | 0 |
Collateralized mortgage obligations | Up to 30 days | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities sold under agreements repurchase | 0 |
Collateralized mortgage obligations | 30 - 90 days | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities sold under agreements repurchase | 145,888 |
Collateralized mortgage obligations | Greater Than 90 days | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities sold under agreements repurchase | 0 |
Mortgage-backed securities | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities sold under agreements repurchase | 913,612 |
Mortgage-backed securities | Overnight and Continuous | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities sold under agreements repurchase | 0 |
Mortgage-backed securities | Up to 30 days | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities sold under agreements repurchase | 0 |
Mortgage-backed securities | 30 - 90 days | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities sold under agreements repurchase | 913,612 |
Mortgage-backed securities | Greater Than 90 days | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities sold under agreements repurchase | 0 |
U.S. Treasury and other U.S. government agencies | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities sold under agreements repurchase | 3,734,943 |
U.S. Treasury and other U.S. government agencies | Overnight and Continuous | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities sold under agreements repurchase | 3,514,574 |
U.S. Treasury and other U.S. government agencies | Up to 30 days | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities sold under agreements repurchase | 220,369 |
U.S. Treasury and other U.S. government agencies | 30 - 90 days | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities sold under agreements repurchase | 0 |
U.S. Treasury and other U.S. government agencies | Greater Than 90 days | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Securities sold under agreements repurchase | $ 0 |
Securities Financing Activiti59
Securities Financing Activities (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | |
Transfers and Servicing [Abstract] | |||
Fair value of collateral received related to securities purchased under agreements to resell | $ 5,100,000 | $ 2,600,000 | |
Fair value of collateral pledged related to securities sold under agreements to repurchase | 4,900,000 | 2,500,000 | |
Securities purchased under agreements to resell | |||
Securities purchased under agreements to resell, subject to master netting arrangement, gross amounts recognized | 5,140,025 | 3,100,200 | |
Securities purchased under agreements to resell, subject to a master netting arrangement, gross amounts offset in the condensed consolidated balance sheets | 4,693,819 | 2,533,661 | |
Securities purchased under agreements to resell, subject to a master netting arrangement, net amount presented in the condensed consolidated balance sheets | 446,206 | 566,539 | |
Securities purchased under agreements to resell, subject to a master netting arrangement, gross amounts not offset in the condensed consolidated balance sheets, financial instruments | [1] | 446,206 | 566,539 |
Securities purchased under agreements to resell, net amount | 0 | 0 | |
Securities sold under agreements to repurchase | |||
Securities sold under agreements to repurchase, subject to a master netting arrangement, gross amounts recognized | 4,794,443 | 2,969,345 | |
Securities sold under agreements to repurchase, gross amounts offset in the condensed consolidated balance sheets | 4,693,819 | 2,533,661 | |
Securities sold under agreements to repurchase, subject to a master netting arrangement, net amount presented in the condensed consolidated balance sheet | 100,624 | 435,684 | |
Securities sold under agreements to repurchase, subject to a master netting arrangement, gross amounts not offset in the condensed consolidated balance sheet, financial instruments | [1] | 100,624 | 435,684 |
Securities sold under agreements to repurchase, subject to a master netting arrangement, net amount | $ 0 | $ 0 | |
[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 an60
Commitments, Contingencies and Guarantees - Commitments (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Guarantor Obligations [Line Items] | ||
Commitments to extend credit | $ 28,139,475 | $ 28,369,666 |
Financial Standby Letter of Credit | ||
Guarantor Obligations [Line Items] | ||
Standby and commercial letters of credit | $ 1,745,629 | $ 1,871,323 |
Commitments, Contingencies an61
Commitments, Contingencies and Guarantees - Narrative (Details) - USD ($) | 1 Months Ended | 9 Months Ended | ||
Feb. 28, 2015 | Mar. 31, 2014 | Sep. 30, 2015 | Dec. 31, 2014 | |
Loss Contingencies And Guarantor Obligations [Line Items] | ||||
Loss contingency accrual | $ 13,000,000 | |||
Pending Litigation | Morris Cerullo World Evangelism v. BBVA Compass and Jack Wilkinson | ||||
Loss Contingencies And Guarantor Obligations [Line Items] | ||||
Damages sought | $ 5,200,000 | |||
Pending Litigation | Jack Demetree Vs. BBVA Compass | ||||
Loss Contingencies And Guarantor Obligations [Line Items] | ||||
Damages sought | $ 17,100,000 | |||
Potential Recourse Related To FNMA Securitizations | ||||
Loss Contingencies And Guarantor Obligations [Line Items] | ||||
Potential recourse | 19,000,000 | $ 20,000,000 | ||
Potential Recourse Related To FNMA Securitizations | Accrued expenses and other liabilities | ||||
Loss Contingencies And Guarantor Obligations [Line Items] | ||||
Loss contingency accrual | 877,000 | 655,000 | ||
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% | |||
FDIC indemnification asset, threshold loss 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 | 145,000,000 | ||
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 | |||
Financial Standby Letter of Credit | ||||
Loss Contingencies And Guarantor Obligations [Line Items] | ||||
Letters of credit, deferred fees | $ 5,900,000 | 5,200,000 | ||
Maximum potential amount of future undiscounted payments Company could be required to make on outstanding standby letters of credit | 1,700,000,000 | |||
Financial Standby Letter of Credit | Pending Litigation | Morris Cerullo World Evangelism v. BBVA Compass and Jack Wilkinson | ||||
Loss Contingencies And Guarantor Obligations [Line Items] | ||||
Line of credit | $ 5,200,000 | |||
Financial Standby Letter of Credit | Accrued expenses and other liabilities | ||||
Loss Contingencies And Guarantor Obligations [Line Items] | ||||
Loss contingency accrual | $ 90,000,000 | $ 94,000,000 | ||
Financial Standby Letter of Credit | Minimum | ||||
Loss Contingencies And Guarantor Obligations [Line Items] | ||||
Standby and commercial letters of credit expiration term | 1 year | |||
Financial Standby Letter of Credit | Maximum | ||||
Loss Contingencies And Guarantor Obligations [Line Items] | ||||
Standby and commercial letters of credit expiration term | 4 years |
Fair Value of Financial Instr62
Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Federal home loan bank and federal reserve stock required to be owned by company | $ 531,000 | $ 531,000 | $ 500,000 | ||
Forward contracts | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Net gains (losses) realized due to changes in fair value of loans | (2,300) | $ 1,800 | 1,700 | $ (2,400) | |
Noninterest income | Residential mortgage loans held for sale | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Net gains (losses) realized due to changes in fair value of loans | $ 1,400 | $ (2,300) | $ (651) | $ 3,800 |
Fair Value of Financial Instr63
Fair Value of Financial Instruments - Unpaid Principle Balances (Details) - Residential mortgage loans held for sale - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Aggregate Fair Value | $ 122,758 | $ 154,816 |
Aggregate Unpaid Principal Balance | 117,157 | 148,564 |
Difference | $ 5,601 | $ 6,252 |
Fair Value of Financial Instr64
Fair Value of Financial Instruments - Fair value of balance sheet items (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | ||
Assets: | ||||
Trading account assets | $ 4,193,506 | $ 2,834,397 | ||
Loans held for sale, estimated fair value | 122,758 | 154,816 | ||
Investment securities available for sale | 10,803,660 | 10,237,275 | ||
Derivative asset | 562,856 | 485,963 | ||
Other assets | 1,297,620 | 1,318,392 | ||
Liabilities: | ||||
Derivative liabilities | 415,167 | 362,258 | ||
U.S. Treasury and other U.S. government agencies | ||||
Assets: | ||||
Investment securities available for sale | 3,022,124 | 2,313,542 | ||
State and political subdivisions | ||||
Assets: | ||||
Investment securities available for sale | 85,395 | 467,315 | ||
Other debt securities | ||||
Assets: | ||||
Investment securities available for sale | 25,137 | 44,441 | ||
Collateralized mortgage obligations | ||||
Assets: | ||||
Investment securities available for sale | 2,485,627 | 2,488,579 | ||
Equity Securities | ||||
Assets: | ||||
Investment securities available for sale | 530,841 | 499,563 | ||
Fair Value, measurements, recurring | ||||
Assets: | ||||
Trading account assets | 4,193,506 | 2,834,397 | ||
Loans held for sale, estimated fair value | 122,758 | 154,816 | ||
Investment securities available for sale | 10,273,113 | 9,737,760 | ||
Derivative asset | 148,564 | 155,887 | ||
Other assets | 41,238 | 35,488 | ||
Liabilities: | ||||
Trading account liabilities | 4,368,014 | 2,815,462 | ||
Derivative liabilities | 63,525 | 91,085 | ||
Fair Value, measurements, recurring | Interest rate contracts | ||||
Assets: | ||||
Derivative asset | 94,119 | 73,830 | ||
Liabilities: | ||||
Derivative liabilities | 16,137 | 16,074 | ||
Fair Value, measurements, recurring | Equity contracts | ||||
Assets: | ||||
Derivative asset | 48,493 | 76,487 | ||
Liabilities: | ||||
Derivative liabilities | 46,607 | 74,319 | ||
Fair Value, measurements, recurring | Foreign exchange contracts | ||||
Assets: | ||||
Derivative asset | 5,952 | 5,570 | ||
Liabilities: | ||||
Derivative liabilities | 781 | 692 | ||
Fair Value, measurements, recurring | U.S. Treasury and other U.S. government agencies | ||||
Assets: | ||||
Trading account assets | 3,772,337 | 2,502,308 | ||
Investment securities available for sale | 3,022,124 | 2,313,542 | ||
Liabilities: | ||||
Trading account liabilities | 4,017,897 | 2,545,299 | ||
Fair Value, measurements, recurring | State and political subdivisions | ||||
Assets: | ||||
Trading account assets | 1,161 | |||
Investment securities available for sale | 85,395 | 467,315 | ||
Fair Value, measurements, recurring | Other debt securities | ||||
Assets: | ||||
Trading account assets | 3,639 | |||
Investment securities available for sale | 25,137 | 44,441 | ||
Fair Value, measurements, recurring | Interest rate contracts | ||||
Assets: | ||||
Trading account assets | 386,687 | 296,239 | ||
Liabilities: | ||||
Trading account liabilities | 323,285 | 236,763 | ||
Fair Value, measurements, recurring | Commodity contracts | ||||
Assets: | ||||
Trading account assets | 17,272 | 25,569 | ||
Liabilities: | ||||
Trading account liabilities | 17,221 | 25,448 | ||
Fair Value, measurements, recurring | Foreign exchange contracts | ||||
Assets: | ||||
Trading account assets | 10,333 | 8,268 | ||
Liabilities: | ||||
Trading account liabilities | 9,611 | 7,527 | ||
Fair Value, measurements, recurring | Other trading assets | ||||
Assets: | ||||
Trading account assets | 2,077 | 2,013 | ||
Fair Value, measurements, recurring | Mortgage-backed securities | ||||
Assets: | ||||
Investment securities available for sale | 4,654,536 | 4,423,835 | ||
Fair Value, measurements, recurring | Collateralized mortgage obligations | ||||
Assets: | ||||
Investment securities available for sale | 2,485,627 | 2,488,579 | ||
Fair Value, measurements, recurring | Equity Securities | ||||
Assets: | ||||
Investment securities available for sale | 294 | [1] | 48 | [2] |
Fair Value, measurements, recurring | Other trading liabilities | ||||
Liabilities: | ||||
Trading account liabilities | 425 | |||
Fair Value, measurements, recurring | Quoted Prices in Active Markets for Identical Assets, Level 1 | ||||
Assets: | ||||
Trading account assets | 3,772,337 | 2,502,308 | ||
Investment securities available for sale | 1,785,652 | 1,342,525 | ||
Liabilities: | ||||
Trading account liabilities | 4,017,897 | 2,545,299 | ||
Fair Value, measurements, recurring | Quoted Prices in Active Markets for Identical Assets, Level 1 | U.S. Treasury and other U.S. government agencies | ||||
Assets: | ||||
Trading account assets | 3,772,337 | 2,502,308 | ||
Investment securities available for sale | 1,760,471 | 1,298,040 | ||
Liabilities: | ||||
Trading account liabilities | 4,017,897 | 2,545,299 | ||
Fair Value, measurements, recurring | Quoted Prices in Active Markets for Identical Assets, Level 1 | Other debt securities | ||||
Assets: | ||||
Investment securities available for sale | 25,137 | 44,441 | ||
Fair Value, measurements, recurring | Quoted Prices in Active Markets for Identical Assets, Level 1 | Equity Securities | ||||
Assets: | ||||
Investment securities available for sale | 44 | [1] | 44 | [2] |
Fair Value, measurements, recurring | Significant Other Observable Inputs, Level 2 | ||||
Assets: | ||||
Trading account assets | 419,916 | 330,499 | ||
Loans held for sale, estimated fair value | 122,758 | 154,816 | ||
Investment securities available for sale | 8,487,211 | 8,395,231 | ||
Derivative asset | 144,796 | 153,568 | ||
Liabilities: | ||||
Trading account liabilities | 350,117 | 270,163 | ||
Derivative liabilities | 63,522 | 91,084 | ||
Fair Value, measurements, recurring | Significant Other Observable Inputs, Level 2 | Interest rate contracts | ||||
Assets: | ||||
Derivative asset | 90,351 | 71,511 | ||
Liabilities: | ||||
Derivative liabilities | 16,134 | 16,073 | ||
Fair Value, measurements, recurring | Significant Other Observable Inputs, Level 2 | Equity contracts | ||||
Assets: | ||||
Derivative asset | 48,493 | 76,487 | ||
Liabilities: | ||||
Derivative liabilities | 46,607 | 74,319 | ||
Fair Value, measurements, recurring | Significant Other Observable Inputs, Level 2 | Foreign exchange contracts | ||||
Assets: | ||||
Derivative asset | 5,952 | 5,570 | ||
Liabilities: | ||||
Derivative liabilities | 781 | 692 | ||
Fair Value, measurements, recurring | Significant Other Observable Inputs, Level 2 | U.S. Treasury and other U.S. government agencies | ||||
Assets: | ||||
Investment securities available for sale | 1,261,653 | 1,015,502 | ||
Liabilities: | ||||
Trading account liabilities | 0 | |||
Fair Value, measurements, recurring | Significant Other Observable Inputs, Level 2 | State and political subdivisions | ||||
Assets: | ||||
Trading account assets | 1,161 | |||
Investment securities available for sale | 85,395 | 467,315 | ||
Fair Value, measurements, recurring | Significant Other Observable Inputs, Level 2 | Other debt securities | ||||
Assets: | ||||
Trading account assets | 3,639 | |||
Investment securities available for sale | 0 | 0 | ||
Fair Value, measurements, recurring | Significant Other Observable Inputs, Level 2 | Interest rate contracts | ||||
Assets: | ||||
Trading account assets | 386,687 | 296,239 | ||
Liabilities: | ||||
Trading account liabilities | 323,285 | 236,763 | ||
Fair Value, measurements, recurring | Significant Other Observable Inputs, Level 2 | Commodity contracts | ||||
Assets: | ||||
Trading account assets | 17,272 | 25,569 | ||
Liabilities: | ||||
Trading account liabilities | 17,221 | 25,448 | ||
Fair Value, measurements, recurring | Significant Other Observable Inputs, Level 2 | Foreign exchange contracts | ||||
Assets: | ||||
Trading account assets | 10,333 | 8,268 | ||
Liabilities: | ||||
Trading account liabilities | 9,611 | 7,527 | ||
Fair Value, measurements, recurring | Significant Other Observable Inputs, Level 2 | Other trading assets | ||||
Assets: | ||||
Trading account assets | 824 | 423 | ||
Fair Value, measurements, recurring | Significant Other Observable Inputs, Level 2 | Mortgage-backed securities | ||||
Assets: | ||||
Investment securities available for sale | 4,654,536 | 4,423,835 | ||
Fair Value, measurements, recurring | Significant Other Observable Inputs, Level 2 | Collateralized mortgage obligations | ||||
Assets: | ||||
Investment securities available for sale | 2,485,627 | 2,488,579 | ||
Fair Value, measurements, recurring | Significant Other Observable Inputs, Level 2 | Other trading liabilities | ||||
Liabilities: | ||||
Trading account liabilities | 425 | |||
Fair Value, measurements, recurring | Fair Value, Inputs, Level 3 | ||||
Assets: | ||||
Trading account assets | 1,253 | 1,590 | ||
Investment securities available for sale | 250 | 4 | ||
Derivative asset | 3,768 | 2,319 | ||
Other assets | 41,238 | 35,488 | ||
Liabilities: | ||||
Derivative liabilities | 3 | 1 | ||
Fair Value, measurements, recurring | Fair Value, Inputs, Level 3 | Interest rate contracts | ||||
Assets: | ||||
Derivative asset | 3,768 | 2,319 | ||
Liabilities: | ||||
Derivative liabilities | 3 | 1 | ||
Fair Value, measurements, recurring | Fair Value, Inputs, Level 3 | Other trading assets | ||||
Assets: | ||||
Trading account assets | 1,253 | 1,590 | ||
Fair Value, measurements, recurring | Fair Value, Inputs, Level 3 | Equity Securities | ||||
Assets: | ||||
Investment securities available for sale | $ 250 | [1] | $ 4 | [2] |
[1] | Excludes $531 million of FHLB and Federal Reserve stock required to be owned by the Company at September 30, 2015. These securities are carried at par. | |||
[2] | Excludes $500 million of FHLB and Federal Reserve stock required to be owned by the Company at December 31, 2014. These securities are carried at par. |
Fair Value of Financial Instr65
Fair Value of Financial Instruments - Assets measured on a recurring basis (Details) - Fair Value, measurements, recurring - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Other Trading Assets | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning of year | $ 1,400 | $ 1,709 | $ 1,590 | $ 1,645 | |
Included in earnings | [1] | (147) | 10 | (337) | 74 |
Purchases, issuances, sales and settlements: [Abstract] | |||||
Balance, end of year | 1,253 | 1,719 | 1,253 | 1,719 | |
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held | (147) | 10 | (337) | 74 | |
Equity Securities | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning of year | 251 | 6 | 4 | 6 | |
Purchases, issuances, sales and settlements: [Abstract] | |||||
Purchases | 247 | ||||
Sales | (1) | (1) | |||
Balance, end of year | 250 | 6 | 250 | 6 | |
Interest rate contracts | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning of year | 3,457 | 3,821 | 2,318 | 890 | |
Included in earnings | [1] | 308 | (842) | 1,447 | 2,089 |
Purchases, issuances, sales and settlements: [Abstract] | |||||
Balance, end of year | 3,765 | 2,979 | 3,765 | 2,979 | |
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held | 308 | (842) | 1,447 | 2,089 | |
Other Assets | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning of year | 40,871 | 31,104 | 35,488 | 30,065 | |
Included in earnings | [1] | (6,477) | (272) | (7,816) | (3,239) |
Purchases, issuances, sales and settlements: [Abstract] | |||||
Issuances | 6,844 | 4,060 | 13,566 | 8,066 | |
Balance, end of year | 41,238 | 34,892 | 41,238 | 34,892 | |
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held | $ (6,477) | $ (272) | $ (7,816) | $ (3,239) | |
[1] | Included in noninterest income in the Unaudited Condensed Consolidated Statements of Income. |
Fair Value of Financial Instr66
Fair Value of Financial Instruments - Assets measured on nonrecurring basis (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investment Securities - Fair Value | $ 1,268,114 | $ 1,268,114 | $ 1,275,963 | |||
OREO, fair value | 23,762 | $ 17,058 | 23,762 | $ 17,058 | ||
Fair Value, Inputs, Level 3 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investment Securities - Fair Value | 1,268,114 | 1,268,114 | $ 1,275,963 | |||
Fair Value, measurements, nonrecurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investment Securities - Fair Value | 15,423 | 3,832 | 15,423 | 3,832 | ||
Investment securities held to maturity recorded as other than temporary impairment losses | 0 | 0 | (1,298) | (180) | ||
Impaired loans, fair value | [1] | 169,458 | 137,398 | 169,458 | 137,398 | |
Impaired loans, total gains (losses) | [1] | (6,836) | (2,362) | (11,689) | (21,238) | |
OREO, total gains (losses) | (1,135) | (758) | (3,317) | (2,340) | ||
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 | 15,423 | 3,832 | 15,423 | 3,832 | ||
Impaired loans, fair value | [1] | 169,458 | 137,398 | 169,458 | 137,398 | |
OREO, fair value | $ 23,762 | $ 17,058 | $ 23,762 | $ 17,058 | ||
[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 Instr67
Fair Value of Financial Instruments - Quantitative information about unobservable inputs for material assets and liabilities measured using fair value (Details) - USD ($) | 9 Months Ended | |||
Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Investment Securities - Fair Value | $ 1,268,114,000 | $ 1,275,963,000 | ||
OREO, fair value | 23,762,000 | $ 17,058,000 | ||
Fair Value, measurements, recurring | Other Trading Assets | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Other trading asset, fair value | 1,253,000 | |||
Fair Value, measurements, recurring | Interest rate contracts | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Interest rate contracts, fair value | 3,765,000 | |||
Fair Value, measurements, recurring | Other Assets | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Other assets -MSRs, fair value | 41,238,000 | |||
Fair Value, measurements, nonrecurring | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Investment Securities - Fair Value | 15,423,000 | 3,832,000 | ||
Impaired loans, fair value | [1] | 169,458,000 | 137,398,000 | |
Fair Value, Inputs, Level 3 | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Investment Securities - Fair Value | $ 1,268,114,000 | $ 1,275,963,000 | ||
Fair Value, Inputs, Level 3 | Fair Value, measurements, recurring | Minimum | Other Trading Assets | Discounted cash flow | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Prepayment rate | 5.90% | |||
Fair Value, Inputs, Level 3 | Fair Value, measurements, recurring | Minimum | Interest rate contracts | Discounted cash flow | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Closing rate | 8.40% | |||
Cap grid rate | 0.00% | |||
Fair Value, Inputs, Level 3 | Fair Value, measurements, recurring | Minimum | Other Assets | Discounted cash flow | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Prepayment rate | 1.20% | |||
Cost to service | $ 60 | |||
Discount rate | 6.70% | |||
Fair Value, Inputs, Level 3 | Fair Value, measurements, recurring | Maximum | Other Trading Assets | Discounted cash flow | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Prepayment rate | 10.40% | |||
Fair Value, Inputs, Level 3 | Fair Value, measurements, recurring | Maximum | Interest rate contracts | Discounted cash flow | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Closing rate | 99.30% | |||
Cap grid rate | 2.70% | |||
Fair Value, Inputs, Level 3 | Fair Value, measurements, recurring | Maximum | Other Assets | Discounted cash flow | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Prepayment rate | 59.80% | |||
Cost to service | $ 1,068 | |||
Discount rate | 18.60% | |||
Fair Value, Inputs, Level 3 | Fair Value, measurements, recurring | Average | Other Trading Assets | Discounted cash flow | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Default rate | 9.20% | |||
Prepayment rate | 7.80% | |||
Fair Value, Inputs, Level 3 | Fair Value, measurements, recurring | Average | Interest rate contracts | Discounted cash flow | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Closing rate | 61.00% | |||
Cap grid rate | 1.10% | |||
Fair Value, Inputs, Level 3 | Fair Value, measurements, recurring | Average | Other Assets | Discounted cash flow | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Prepayment rate | 11.10% | |||
Cost to service | $ 80 | |||
Discount rate | 9.00% | |||
Fair Value, Inputs, Level 3 | Fair Value, measurements, nonrecurring | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Investment Securities - Fair Value | $ 15,423,000 | 3,832,000 | ||
Impaired loans, fair value | [1] | 169,458,000 | 137,398,000 | |
OREO, fair value | $ 23,762,000 | $ 17,058,000 | ||
Fair Value, Inputs, Level 3 | Fair Value, measurements, nonrecurring | Minimum | Impaired loans | Appraised value | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Appraised value rate | 0.00% | |||
Fair Value, Inputs, Level 3 | Fair Value, measurements, nonrecurring | Maximum | Impaired loans | Appraised value | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Appraised value rate | 100.00% | |||
Fair Value, Inputs, Level 3 | Fair Value, measurements, nonrecurring | Average | Discounted cash flow | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Default rate | 7.50% | |||
Prepayment rate | 9.60% | |||
Loss severity rate | 61.20% | |||
Expected loss rate | 7.90% | |||
Fair Value, Inputs, Level 3 | Fair Value, measurements, nonrecurring | Average | Impaired loans | Appraised value | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Appraised value rate | 24.90% | |||
Fair Value, Inputs, Level 3 | Fair Value, measurements, nonrecurring | Average | OREO | Appraised value | ||||
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 Instr68
Fair Value of Financial Instruments - Carrying value and estimated fair value (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents | $ 4,377,464 | $ 3,388,405 | $ 4,915,534 | $ 3,598,460 |
Investment securities held to maturity | 1,357,801 | 1,348,354 | ||
Investment securities held to maturity, estimated fair value | 1,268,114 | 1,275,963 | ||
Deposits | 64,492,396 | 61,189,716 | ||
Federal funds purchased and securities sold under agreements to repurchase | 639,259 | 1,129,503 | ||
Other short-term borrowings | 4,167,897 | 2,545,724 | ||
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 | 4,377,464 | 3,388,405 | ||
Fair Value, Inputs, Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Deposits, estimated fair value | 64,609,174 | 61,263,812 | ||
FHLB and other borrowings, estimated fair value | 6,186,068 | 4,786,152 | ||
Federal funds purchased and securities sold under agreements to repurchase, estimated fair value | 639,259 | 1,129,503 | ||
Other short-term borrowings, estimated fair value | 150,000 | |||
Fair Value, Inputs, Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment securities held to maturity, estimated fair value | 1,268,114 | 1,275,963 | ||
Loans, net, estimated fair value | 57,494,082 | 54,551,442 | ||
Reported value measurement | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents | 4,377,464 | 3,388,405 | ||
Investment securities held to maturity | 1,357,801 | 1,348,354 | ||
Loans, net | 60,076,499 | 56,686,743 | ||
Deposits | 64,492,396 | 61,189,716 | ||
FHLB and other borrowings | 6,216,425 | 4,809,843 | ||
Federal funds purchased and securities sold under agreements to repurchase | 639,259 | 1,129,503 | ||
Other short-term borrowings | 150,000 | |||
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 | 4,377,464 | 3,388,405 | ||
Investment securities held to maturity, estimated fair value | 1,268,114 | 1,275,963 | ||
Loans, net, estimated fair value | 57,494,082 | 54,551,442 | ||
Deposits, estimated fair value | 64,609,174 | 61,263,812 | ||
FHLB and other borrowings, estimated fair value | 6,186,068 | 4,786,152 | ||
Federal funds purchased and securities sold under agreements to repurchase, estimated fair value | 639,259 | $ 1,129,503 | ||
Other short-term borrowings, estimated fair value | $ 150,000 |
Comprehensive Income (Details)
Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Other Comprehensive Income (Loss), Pretax [Abstract] | ||||
Unrealized holding gains (losses) arising during period from securities available for sale | $ 48,686 | $ (17,597) | $ 69,541 | $ 63,819 |
Less: reclassification adjustment for net gains on sale of securities in net income | 6,736 | 9,710 | 66,967 | 47,608 |
Net change in unrealized gains (losses) on securities available for sale | 41,950 | (27,307) | 2,574 | 16,211 |
Change in unamortized net holding losses on investment securities held to maturity | 1,886 | 3,745 | 8,559 | 11,213 |
Less: non-credit related impairment on investment securities held to maturity | 0 | 0 | 87 | 235 |
Change in unamortized non-credit related impairment on investment securities held to maturity | 515 | 387 | 1,247 | 1,141 |
Net change in unamortized holding losses on securities held to maturity | 2,401 | 4,132 | 9,719 | 12,119 |
Unrealized holding gains (losses) arising during period from cash flow hedge instruments | 3,252 | (1,103) | 8,693 | (3,729) |
Change in defined benefit plans | 0 | 0 | 2,716 | (2,672) |
Other comprehensive income (loss) | 47,603 | (24,278) | 23,702 | 21,929 |
Other Comprehensive Income (Loss), Tax Expense/(Benefit) [Abstract] | ||||
Unrealized holding gains (losses) arising during period from securities available for sale | 21,193 | (6,325) | 30,271 | 22,936 |
Less: reclassification adjustment for net gains on sale of securities in net income | 2,932 | 3,490 | 29,151 | 17,110 |
Net change in unrealized gains (losses) on securities available for sale | 18,261 | (9,815) | 1,120 | 5,826 |
Change in unamortized net holding losses on investment securities held to maturity | 820 | 1,347 | 3,725 | 4,030 |
Less: non-credit related impairment on investment securities held to maturity | 0 | 0 | 38 | 84 |
Change in unamortized non-credit related impairment on investment securities held to maturity | 225 | 138 | 543 | 409 |
Net change in unamortized holding losses on securities held to maturity | 1,045 | 1,485 | 4,230 | 4,355 |
Unrealized holding gains (losses) arising during period from cash flow hedge instruments | 1,414 | (397) | 3,783 | (1,341) |
Change in defined benefit plans | 0 | 0 | 1,001 | (1,001) |
Other comprehensive income (loss) | 20,720 | (8,727) | 10,134 | 7,839 |
Other Comprehensive Income (Loss), After-Tax [Abstract] | ||||
Unrealized holding gains (losses) arising during period from securities available for sale | 27,493 | (11,272) | 39,270 | 40,883 |
Less: reclassification adjustment for net gains on sale of securities in net income | 3,804 | 6,220 | 37,816 | 30,498 |
Net change in unrealized holding gains (losses) on securities available for sale | 23,689 | (17,492) | 1,454 | 10,385 |
Change in unamortized net holding losses on investment securities held to maturity | 1,066 | 2,398 | 4,834 | 7,183 |
Less: non-credit related impairment on investment securities held to maturity | 0 | 0 | 49 | 151 |
Change in unamortized non-credit related impairment on investment securities held to maturity | 290 | 249 | 704 | 732 |
Net change in unamortized holding losses on securities held to maturity | 1,356 | 2,647 | 5,489 | 7,764 |
Unrealized holding gains (losses) arising during period from cash flow hedge instruments | 1,838 | (706) | 4,910 | (2,388) |
Change in defined benefit plans | 0 | 0 | 1,715 | (1,671) |
Other comprehensive income (loss), net of tax | $ 26,883 | $ (15,551) | $ 13,568 | $ 14,090 |
Comprehensive Income - AOCI (De
Comprehensive Income - AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Accumulated Comprehensive Income [Roll Forward] | ||||
Beginning balance | $ (51,357) | $ (87,936) | ||
Other comprehensive income (loss) before reclassifications | 46,828 | 37,211 | ||
Amounts reclassified from accumulated other comprehensive income (loss) | (33,260) | (23,121) | ||
Other comprehensive income (loss), net of tax | $ 26,883 | $ (15,551) | 13,568 | 14,090 |
Ending balance | (37,789) | (73,846) | (37,789) | (73,846) |
Unrealized Gains (Losses) on Securities Available for Sale and Transferred to Held to Maturity | ||||
Accumulated Comprehensive Income [Roll Forward] | ||||
Beginning balance | 4,469 | (31,490) | ||
Other comprehensive income (loss) before reclassifications | 39,270 | 40,883 | ||
Amounts reclassified from accumulated other comprehensive income (loss) | (32,982) | (23,315) | ||
Other comprehensive income (loss), net of tax | 6,288 | 17,568 | ||
Ending balance | 10,757 | (13,922) | 10,757 | (13,922) |
Accumulated Gains (Losses) on Cash Flow Hedging Instruments | ||||
Accumulated Comprehensive Income [Roll Forward] | ||||
Beginning balance | (7,189) | (5,289) | ||
Other comprehensive income (loss) before reclassifications | 7,607 | (3,521) | ||
Amounts reclassified from accumulated other comprehensive income (loss) | (2,697) | 1,133 | ||
Other comprehensive income (loss), net of tax | 4,910 | (2,388) | ||
Ending balance | (2,279) | (7,677) | (2,279) | (7,677) |
Defined Benefit Plan Adjustment | ||||
Accumulated Comprehensive Income [Roll Forward] | ||||
Beginning balance | (41,121) | (41,921) | ||
Other comprehensive income (loss) before reclassifications | 0 | 0 | ||
Amounts reclassified from accumulated other comprehensive income (loss) | 1,715 | (1,671) | ||
Other comprehensive income (loss), net of tax | 1,715 | (1,671) | ||
Ending balance | (39,406) | (43,592) | (39,406) | (43,592) |
Unamortized Impairment Losses on Investment Securities Held to Maturity | ||||
Accumulated Comprehensive Income [Roll Forward] | ||||
Beginning balance | (7,516) | (9,236) | ||
Other comprehensive income (loss) before reclassifications | (49) | (151) | ||
Amounts reclassified from accumulated other comprehensive income (loss) | 704 | 732 | ||
Other comprehensive income (loss), net of tax | 655 | 581 | ||
Ending balance | $ (6,861) | $ (8,655) | $ (6,861) | $ (8,655) |
Comprehensive Income - Reclassi
Comprehensive Income - Reclassifications out of AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Interest on investment securities held to maturity | $ 6,953 | $ 6,862 | $ 20,579 | $ 21,111 | |
Interest and fees on loans | 540,517 | 509,766 | 1,615,753 | 1,538,788 | |
Interest and fees on FHLB advances | (20,422) | (16,399) | (67,068) | (48,947) | |
Net income before income tax expense | 175,842 | 171,388 | 554,157 | 473,587 | |
Income tax (expense) benefit | (50,110) | (27,770) | (150,008) | (107,467) | |
Net income | 125,732 | 143,618 | 404,149 | 366,120 | |
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Gains 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 | [1] | 6,736 | 9,710 | 66,967 | 47,608 |
Interest on investment securities held to maturity | [1] | (1,886) | (3,745) | (8,559) | (11,213) |
Net income before income tax expense | [1] | 4,850 | 5,965 | 58,408 | 36,395 |
Income tax (expense) benefit | [1] | (2,112) | (2,143) | (25,426) | (13,080) |
Net income | [1] | 2,738 | 3,822 | 32,982 | 23,315 |
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Gains (Losses) on Cash Flow Hedging Instruments | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Interest and fees on loans | [1] | 3,646 | 1,727 | 9,985 | 3,551 |
Interest and fees on FHLB advances | [1] | (1,722) | (1,768) | (5,207) | (5,319) |
Net income before income tax expense | [1] | 1,924 | (41) | 4,778 | (1,768) |
Income tax (expense) benefit | [1] | (839) | 15 | (2,081) | 635 |
Net income | [1] | 1,085 | (26) | 2,697 | (1,133) |
Reclassification out of Accumulated Other Comprehensive Income | Defined Benefit Plan Adjustment | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Net periodic expense | [1],[2] | 0 | 0 | (2,716) | 2,672 |
Income tax (expense) benefit | [1] | 0 | 0 | 1,001 | (1,001) |
Net income | [1] | 0 | 0 | (1,715) | 1,671 |
Reclassification out of Accumulated Other Comprehensive Income | 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 | [1] | (515) | (387) | (1,247) | (1,141) |
Income tax (expense) benefit | [1] | 225 | 138 | 543 | 409 |
Net income | [1] | $ (290) | $ (249) | $ (704) | $ (732) |
[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, in the Notes to the December 31, 2014, Consolidated Financial Statements for additional details). |
Supplemental Disclosure for S72
Supplemental Disclosure for Statement of Cash Flows (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Supplemental disclosures of cash flow information: | ||
Interest paid | $ 277,140 | $ 202,851 |
Net income taxes paid | 145,056 | 95,167 |
Supplemental schedule of noncash investing and financing activities: | ||
Transfer of loans and loans held for sale to OREO | 16,552 | 14,278 |
Transfer of loans to loans held for sale | 906,857 | 14,129 |
Change in unrealized gain (loss) on available for sale securities | 2,574 | 16,211 |
Issuance of restricted stock, net of cancellations | 458 | (1,060) |
Business combinations: | ||
Assets acquired | 14,327 | 117,068 |
Liabilities assumed | $ 977 | $ 18,329 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Net interest income (expense) | $ 507,867 | $ 481,968 | $ 1,508,878 | $ 1,476,041 |
Allocated provision for loan losses | 29,151 | 3,869 | 117,331 | 86,387 |
Noninterest income | 233,376 | 226,431 | 741,215 | 681,204 |
Noninterest expense | 536,250 | 533,142 | 1,578,605 | 1,597,271 |
Net income (loss) before income tax expense (benefit) | 175,842 | 171,388 | 554,157 | 473,587 |
Income tax expense (benefit) | 50,110 | 27,770 | 150,008 | 107,467 |
Net income | 125,732 | 143,618 | 404,149 | 366,120 |
Less: net income attributable to noncontrolling interests | 491 | 815 | 1,738 | 1,772 |
Net income attributable to shareholder | 125,241 | 142,803 | 402,411 | 364,348 |
Average assets | 89,761,730 | 77,909,087 | 87,588,735 | 75,774,391 |
Operating Segments | Consumer and Commercial Banking | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income (expense) | 508,547 | 472,822 | 1,485,422 | 1,391,303 |
Allocated provision for loan losses | 25,698 | 17,242 | 77,116 | 92,115 |
Noninterest income | 199,619 | 176,740 | 568,548 | 524,765 |
Noninterest expense | 441,549 | 434,957 | 1,292,947 | 1,294,095 |
Net income (loss) before income tax expense (benefit) | 240,919 | 197,363 | 683,907 | 529,858 |
Income tax expense (benefit) | 84,322 | 73,518 | 239,367 | 197,372 |
Net income | 156,597 | 123,845 | 444,540 | 332,486 |
Less: net income attributable to noncontrolling interests | 65 | 382 | 448 | 464 |
Net income attributable to shareholder | 156,532 | 123,463 | 444,092 | 332,022 |
Average assets | 54,994,543 | 50,488,226 | 53,748,809 | 49,140,107 |
Operating Segments | Corporate and Investment Banking | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income (expense) | 42,465 | 33,253 | 121,428 | 100,759 |
Allocated provision for loan losses | 24,466 | (3,795) | 41,714 | 5,509 |
Noninterest income | 30,039 | 44,706 | 126,739 | 137,796 |
Noninterest expense | 38,456 | 40,968 | 116,994 | 112,725 |
Net income (loss) before income tax expense (benefit) | 9,582 | 40,786 | 89,459 | 120,321 |
Income tax expense (benefit) | 3,354 | 15,193 | 31,311 | 44,820 |
Net income | 6,228 | 25,593 | 58,148 | 75,501 |
Less: net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income attributable to shareholder | 6,228 | 25,593 | 58,148 | 75,501 |
Average assets | 12,578,903 | 7,303,466 | 12,459,087 | 7,000,603 |
Operating Segments | Treasury | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income (expense) | 6,228 | 4,698 | 25,026 | 12,954 |
Allocated provision for loan losses | 0 | 0 | 0 | 0 |
Noninterest income | 7,879 | 16,035 | 71,072 | 63,803 |
Noninterest expense | 4,656 | 5,093 | 14,683 | 12,130 |
Net income (loss) before income tax expense (benefit) | 9,451 | 15,640 | 81,415 | 64,627 |
Income tax expense (benefit) | 3,308 | 5,826 | 28,495 | 24,074 |
Net income | 6,143 | 9,814 | 52,920 | 40,553 |
Less: net income attributable to noncontrolling interests | 426 | 433 | 1,290 | 1,308 |
Net income attributable to shareholder | 5,717 | 9,381 | 51,630 | 39,245 |
Average assets | 15,085,951 | 13,238,660 | 14,288,092 | 12,773,686 |
Corporate, Non-Segment | Corporate Support and Other | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income (expense) | (49,373) | (28,805) | (122,998) | (28,975) |
Allocated provision for loan losses | (21,013) | (9,578) | (1,499) | (11,237) |
Noninterest income | (4,161) | (11,050) | (25,144) | (45,160) |
Noninterest expense | 51,589 | 52,124 | 153,981 | 178,321 |
Net income (loss) before income tax expense (benefit) | (84,110) | (82,401) | (300,624) | (241,219) |
Income tax expense (benefit) | (40,874) | (66,767) | (149,165) | (158,799) |
Net income | (43,236) | (15,634) | (151,459) | (82,420) |
Less: net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income attributable to shareholder | (43,236) | (15,634) | (151,459) | (82,420) |
Average assets | $ 7,102,333 | $ 6,878,735 | $ 7,092,747 | $ 6,859,995 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 | Aug. 01, 2014 | Mar. 16, 2012 |
Related Party Transaction [Line Items] | ||||
Securities purchased under agreements to resell | $ 446,206,000 | $ 566,539,000 | ||
Securities sold under agreements to repurchase | 100,624,000 | 435,684,000 | ||
FHLB and other borrowings | 6,216,425,000 | 4,809,843,000 | ||
BSI | Line of Credit | BBVA Compass Bancshares, Inc. | ||||
Related Party Transaction [Line Items] | ||||
Due from related parties | 150,000,000 | $ 150,000,000 | ||
BSI | Revolving Credit Facility | Line of Credit | BBVA Compass Bancshares, Inc. | ||||
Related Party Transaction [Line Items] | ||||
Due from related parties | $ 420,000,000 | |||
BBVA | ||||
Related Party Transaction [Line Items] | ||||
Securities purchased under agreements to resell | 29,975,000 | 97,970,000 | ||
Securities sold under agreements to repurchase | 0 | 435,684,000 | ||
Derivatives designated as hedging instrument | BBVA | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, amount of transaction | 57,000 | 1,693,000 | ||
Free-standing derivatives not designated as hedging instrument | Free-standing derivative instruments – risk management and other purposes | BBVA | ||||
Related Party Transaction [Line Items] | ||||
Derivative, notional amount | 4,700,000,000 | 4,200,000,000 | ||
Related party transaction, amount of transaction | (38,590,000) | 9,512,000 | ||
Cash flow hedges | Derivatives designated as hedging instrument | BBVA | ||||
Related Party Transaction [Line Items] | ||||
Derivative, notional amount | 850,000,000 | 200,000,000 | ||
Revolving Note And Cash Subordinated Agreement [Member] | BSI | BBVA Compass Bancshares, Inc. | ||||
Related Party Transaction [Line Items] | ||||
FHLB and other borrowings | $ 0 | $ 0 |