Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | Apr. 30, 2017 | |
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 | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 222,950,751 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Assets: | ||
Cash and due from banks | $ 1,093,797 | $ 1,284,261 |
Interest bearing funds with the Federal Reserve | 2,669,135 | 1,830,078 |
Federal funds sold, securities purchased under agreements to resell and interest bearing deposits | 197,000 | 137,447 |
Cash and cash equivalents | 3,959,932 | 3,251,786 |
Trading account assets | 2,892,254 | 3,144,600 |
Investment securities available for sale | 11,846,618 | 11,665,055 |
Investment securities held to maturity (fair value of $1,142,694 and $1,182,009 at March 31, 2017 and December 31, 2016, respectively) | 1,158,785 | 1,203,217 |
Loans held for sale, (includes $74,741 and $105,257 measured at fair value for March 31, 2017 and December 31, 2016, respectively) | 74,741 | 161,849 |
Loans | 59,705,767 | 60,061,263 |
Allowance for loan losses | (834,106) | (838,293) |
Net loans | 58,871,661 | 59,222,970 |
Premises and equipment, net | 1,273,226 | 1,300,054 |
Bank owned life insurance | 715,883 | 711,939 |
Goodwill | 4,983,296 | 4,983,296 |
Other assets | 1,532,837 | 1,435,187 |
Total assets | 87,309,233 | 87,079,953 |
Deposits: | ||
Noninterest bearing | 21,476,890 | 20,332,792 |
Interest bearing | 46,052,748 | 46,946,741 |
Total deposits | 67,529,638 | 67,279,533 |
FHLB and other borrowings | 2,993,222 | 3,001,551 |
Federal funds purchased and securities sold under agreements to repurchase | 71,559 | 39,052 |
Other short-term borrowings | 2,642,539 | 2,802,977 |
Accrued expenses and other liabilities | 1,186,776 | 1,206,133 |
Total liabilities | 74,423,734 | 74,329,246 |
Shareholder’s Equity: | ||
Series A Preferred stock, $.0.01 par value, liquidation preference $200,000 per share, authorized - 30,000,000 shares, issued - 1,150 at both March 31, 2017 and December 31, 2016 | 229,475 | 229,475 |
Common stock - $0.01 par value; authorized - 300,000,000 shares, issued - 222,950,751 shares at both March 31, 2017 and December 31, 2016 | 2,230 | 2,230 |
Surplus | 14,982,125 | 14,985,673 |
Accumulated deficit | (2,207,060) | (2,327,440) |
Accumulated other comprehensive loss | (150,781) | (168,252) |
Total BBVA Compass Bancshares, Inc. shareholder’s equity | 12,855,989 | 12,721,686 |
Noncontrolling interests | 29,510 | 29,021 |
Total shareholder’s equity | 12,885,499 | 12,750,707 |
Total liabilities and shareholder’s equity | $ 87,309,233 | $ 87,079,953 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) Parenthetical - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Investment securities held to maturity, estimated fair value | $ 1,142,694 | $ 1,182,009 |
Loans held for sale, fair value | $ 74,741 | $ 105,257 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, liquidation preference (in dollars per share) | $ 200,000 | $ 200,000 |
Preferred stock, number of shares authorized | 30,000,000 | 30,000,000 |
Preferred stock, number of shares issued | 1,150 | 1,150 |
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 | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Interest income: | ||
Interest and fees on loans | $ 574,712 | $ 561,083 |
Interest on investment securities available for sale | 54,878 | 46,197 |
Interest on investment securities held to maturity | 6,639 | 6,795 |
Interest on federal funds sold, securities purchased under agreements to resell and interest bearing deposits | 9,262 | 4,366 |
Interest on trading account assets | 10,297 | 14,321 |
Total interest income | 655,788 | 632,762 |
Interest expense: | ||
Interest on deposits | 70,304 | 77,815 |
Interest on FHLB and other borrowings | 19,068 | 18,012 |
Interest on federal funds purchased and securities sold under agreements to repurchase | 4,897 | 6,157 |
Interest on other short-term borrowings | 10,086 | 13,896 |
Total interest expense | 104,355 | 115,880 |
Net interest income | 551,433 | 516,882 |
Provision for loan losses | 80,139 | 113,245 |
Net interest income after provision for loan losses | 471,294 | 403,637 |
Noninterest income: | ||
Service charges on deposit accounts | 55,168 | 51,425 |
Card and merchant processing fees | 29,992 | 29,742 |
Investment banking and advisory fees | 28,301 | 23,604 |
Retail investment sales | 27,471 | 22,567 |
Money transfer income | 25,197 | 24,425 |
Asset management fees | 9,771 | 8,805 |
Corporate and correspondent investment sales | 8,915 | 4,413 |
Mortgage banking | 2,870 | (3,434) |
Bank owned life insurance | 4,169 | 4,416 |
Investment securities gains, net | 0 | 8,353 |
Other | 52,833 | 78,889 |
Total noninterest income | 244,687 | 253,205 |
Noninterest expense: | ||
Salaries, benefits and commissions | 268,015 | 279,769 |
Equipment | 61,630 | 60,441 |
Professional services | 57,807 | 56,367 |
Net occupancy | 42,101 | 39,272 |
Money transfer expense | 16,324 | 15,600 |
Amortization of intangibles | 2,525 | 4,093 |
Securities impairment: | ||
Other-than-temporary impairment | 242 | 0 |
Less: non-credit portion recognized in other comprehensive income | 0 | 0 |
Securities impairment | 242 | 0 |
Other | 100,668 | 136,602 |
Total noninterest expense | 549,312 | 592,144 |
Net income before income tax expense | 166,669 | 64,698 |
Income tax expense | 45,846 | 25,431 |
Net income | 120,823 | 39,267 |
Less: net income attributable to noncontrolling interests | 443 | 528 |
Net income attributable to BBVA Compass Bancshares, Inc. | 120,380 | 38,739 |
Less: preferred stock dividends | 3,548 | 3,219 |
Net income attributable to common shareholder | $ 116,832 | $ 35,520 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 120,823 | $ 39,267 |
Other comprehensive income, net of tax: | ||
Unrealized holding gains arising during period from securities available for sale | 26,933 | 68,264 |
Less: reclassification adjustment for net gains on sale of securities available for sale in net income | 0 | 5,294 |
Net change in unrealized holding gains on securities available for sale | 26,933 | 62,970 |
Change in unamortized net holding losses on investment securities held to maturity | 666 | 529 |
Change in unamortized non-credit related impairment on investment securities held to maturity | 223 | 222 |
Net change in unamortized holding losses on securities held to maturity | 889 | 751 |
Unrealized holding (losses) gains arising during period from cash flow hedge instruments | (9,866) | 2,739 |
Change in defined benefit plans | (485) | 931 |
Other comprehensive income, net of tax | 17,471 | 67,391 |
Comprehensive income | 138,294 | 106,658 |
Less: comprehensive income attributable to noncontrolling interests | 443 | 528 |
Comprehensive income attributable to BBVA Compass Bancshares, Inc. | $ 137,851 | $ 106,130 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Shareholder's Equity (Unaudited) - USD ($) $ in Thousands | Total | Preferred Stock | Common Stock | Surplus | Accumulated Deficit | Accumulated Other Comprehensive Loss | Non-Controlling Interests |
Balance, beginning of period at Dec. 31, 2015 | $ 12,624,709 | $ 229,475 | $ 2,230 | $ 15,160,267 | $ (2,696,953) | $ (99,336) | $ 29,026 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 39,267 | 38,739 | 528 | ||||
Other comprehensive income, net of tax | 67,391 | 67,391 | |||||
Preferred stock dividends | (3,219) | (3,219) | |||||
Vesting of restricted stock | (6,175) | (6,175) | |||||
Restricted stock tax benefit | 1,204 | 1,204 | |||||
Balance, end of period at Mar. 31, 2016 | 12,723,177 | 229,475 | 2,230 | 15,152,077 | (2,658,214) | (31,945) | 29,554 |
Balance, beginning of period at Dec. 31, 2016 | 12,750,707 | 229,475 | 2,230 | 14,985,673 | (2,327,440) | (168,252) | 29,021 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 120,823 | 120,380 | 443 | ||||
Other comprehensive income, net of tax | 17,471 | 17,471 | |||||
Preferred stock dividends | (3,548) | (3,548) | |||||
Capital contribution | 46 | 46 | |||||
Balance, end of period at Mar. 31, 2017 | $ 12,885,499 | $ 229,475 | $ 2,230 | $ 14,982,125 | $ (2,207,060) | $ (150,781) | $ 29,510 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Operating Activities: | ||
Net income | $ 120,823 | $ 39,267 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 71,870 | 71,616 |
Securities impairment | 242 | 0 |
Amortization of intangibles | 2,525 | 4,093 |
Accretion of discount, loan fees and purchase market adjustments, net | (29) | (12,524) |
Net change in FDIC indemnification liability | 96 | 4,710 |
Provision for loan losses | 80,139 | 113,245 |
Amortization of stock based compensation | 0 | 1,204 |
Net change in trading account assets | 65,829 | (272,999) |
Net change in trading account liabilities | (40,247) | 180,253 |
Net change in loans held for sale | 30,687 | (22,477) |
Deferred tax benefit | 28,504 | 11,991 |
Investment securities gains, net | 0 | (8,353) |
Loss on sale of premises and equipment | 1,446 | 1,346 |
Gain on sale of loans | 0 | (16,143) |
Net loss (gain) on sale of other real estate and other assets | 1,072 | (1,232) |
Increase in other assets | (147,103) | (188,806) |
Increase (decrease) in other liabilities | 4,928 | (46,266) |
Net cash provided by (used in) operating activities | 220,782 | (141,075) |
Investing Activities: | ||
Proceeds from sales of investment securities available for sale | 0 | 561,488 |
Proceeds from prepayments, maturities and calls of investment securities available for sale | 636,803 | 436,760 |
Purchases of investment securities available for sale | (797,095) | (1,126,225) |
Proceeds from prepayments, maturities and calls of investment securities held to maturity | 46,492 | 57,457 |
Purchases of investment securities held to maturity | (642) | (1,429) |
Proceeds from sales of trading securities | 228,980 | 173,678 |
Purchases of trading securities | (42,463) | (121,080) |
Net change in loan portfolio | 188,541 | (1,591,797) |
Proceeds from sales of loans | 128,842 | 776,440 |
Purchase of premises and equipment | (22,086) | (25,015) |
Proceeds from sale of premises and equipment | 80 | 2,337 |
Payments to FDIC for covered assets | (1,091) | (124) |
Proceeds from sales of other real estate owned | 5,153 | 10,868 |
Net cash provided by (used in) investing activities | 371,514 | (846,642) |
Financing Activities: | ||
Net increase in demand deposits, NOW accounts and savings accounts | 1,603,782 | 1,850,255 |
Net (decrease) increase in time deposits | (1,356,449) | 1,084,078 |
Net increase in federal funds purchased and securities sold under agreements to repurchase | 32,507 | 143,632 |
Net decrease in other short-term borrowings | (160,438) | (107,863) |
Proceeds from FHLB and other borrowings | 1,150,000 | 0 |
Repayment of FHLB and other borrowings | (1,150,050) | (1,100,125) |
Capital contribution for non-controlling interest | 46 | 0 |
Vesting of restricted stock | 0 | (6,175) |
Preferred dividends paid | (3,548) | (3,219) |
Net cash provided by financing activities | 115,850 | 1,860,583 |
Net increase in cash and cash equivalents | 708,146 | 872,866 |
Cash and cash equivalents at beginning of year | 3,251,786 | 4,496,828 |
Cash and cash equivalents at end of period | $ 3,959,932 | $ 5,369,694 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2017 | |
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 unaudited consolidated financial statements include the accounts of BBVA Compass Bancshares, Inc. and its subsidiaries and have been prepared in conformity with U.S. GAAP for interim financial information and in accordance with the instructions to Quarterly Report on Form 10-Q and Article 10 of Regulation S-X as promulgated by the Securities and Exchange Commission. 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 months ended March 31, 2017 , are not necessarily indicative of the results that may be expected for the year ended December 31, 2017 . 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, 2016 . 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 Consolidated Financial Statements The preparation of consolidated 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 Adopted Accounting Standards Stock Compensation In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting . The FASB issued this ASU to improve the accounting for share-based payment transactions as part of its simplification initiative. The areas for simplification in this ASU involve several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The amendments in this ASU were effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2016. The adoption of this standard did not have an impact on the financial condition or results of operations of the Company. Recently Issued Accounting Standards Not Yet Adopted 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 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 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 and its selection of transition method. Because the guidance does not apply to revenue associated with financial instruments, including loans and securities accounted for under other U.S. GAAP, the Company does not expect the new revenue recognition guidance to have a material impact on the elements of its statement of income most closely associated with financial instruments, including securities gains, interest income and interest expense. The Company plans to adopt this standard utilizing a modified retrospective transition method in the first quarter of 2018. Recognition and Measurement of Financial Assets and Liabilities In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Liabilities . The amendments in this ASU revise an entity's accounting related to the classification and measurement of investments in equity securities and the presentation of certain fair value changes for financial liabilities measured at fair value. The ASU also amends certain disclosure requirements associated with the fair value of financial instruments. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted for the presentation of certain fair value changes for financial liabilities measured at fair value. The adoption of this standard is not expected to have a material impact on the financial condition or results of operations of the Company. Leases In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) . The FASB issued this ASU to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet by lessees for those leases classified as operating leases under current U.S. GAAP and disclosing key information about leasing arrangements. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2018. Early application of this ASU is permitted for all entities. 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. Credit Losses In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses , which introduces new guidance for the accounting for credit losses on instruments within its scope. The new guidance introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments. It also modifies the impairment model for AFS debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2019. Early application of this ASU is permitted. The Company is currently assessing the impact that the adoption of this standard will have on the financial condition and results of operations of the Company. Statement of Cash Flows In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments , which provides guidance on eight specific cash flow issues with the objective of reducing the existing diversity in practice. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early application of this ASU is permitted. The Company is currently assessing the impact that the adoption of this standard will have on the Statements of Cash Flows of the Company. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows - Restricted Cash . The amendments in this ASU require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early application of this ASU is permitted. The Company is currently assessing the impact that the adoption of this standard will have on the Statement of Cash Flows of the Company. Goodwill In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment , which simplifies the manner in which an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Under the amendments in this ASU, an entity should (1) perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount, and (2) recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, with the understanding that the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, ASU No. 2017-04 removes the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails such qualitative test, to perform Step 2 of the goodwill impairment test. This ASU is effective for fiscal years beginning after December 15, 2019, and for interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The ASU should be applied using a prospective method. The Company is currently assessing this pronouncement and the impact of adoption. Retirement Benefits In March 2017, the FASB issued ASU 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. The amendments in this ASU require that an employer disaggregate the service cost component from the other components of net benefit cost. The amendments also provide explicit guidance on how to present the service cost component and the other components of net benefit cost in the income statement and allow only the service cost component of net benefit cost to be eligible for capitalization. This ASU is effective for fiscal years beginning after December 15, 2017, and for interim periods within those fiscal years. Early adoption is permitted. The ASU should be applied retrospectively for the presentation of the service cost component and the other components of net benefit cost in the income statement and prospectively, on and after the effective date, for the capitalization of the service cost component of net benefit cost. 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. Premium Amortization on Purchased Callable Debt Securities In March 2017, the FASB issued ASU 2017-08, Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities. The amendments in this ASU reduce the amortization period for certain callable debt securities carried at a premium and require the premium to be amortized over a period not to exceed the earliest call date. These amendments do not apply to securities carried at a discount. This ASU is effective for fiscal years beginning after December 15, 2018, and for interim periods within those fiscal years. Early adoption is permitted. The ASU should be applied using a modified retrospective method. 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. |
Acquisition Activity
Acquisition Activity | 3 Months Ended |
Mar. 31, 2017 | |
Business Combinations [Abstract] | |
Acquisition Activity | Acquisition Activity On June 6, 2016, the Parent completed the purchase of four subsidiaries (Bancomer Transfer Services, Bancomer Payment Services, Bancomer Foreign Exchange, and Bancomer Financial Services) from BBVA Bancomer USA, Inc. BBVA Bancomer USA, Inc. was a wholly owned U.S. subsidiary of BBVA Bancomer, S.A., Mexico City, Mexico and ultimately a wholly owned subsidiary of BBVA. These four subsidiaries engage in money transfer services, including money transmission and foreign exchange services and are subsidiaries of BBVA Compass Payments, Inc., a wholly owned subsidiary of the Parent. Because the Company and the acquired subsidiaries were under common control of the ultimate parent, BBVA, prior to the purchase this transaction was accounted for in a manner similar to the pooling-of-interest method, which requires the merged entities be combined at their historical cost. The difference between the net carrying amount of the four subsidiaries and the total consideration paid to BBVA Bancomer USA, Inc. was recorded as a capital transaction. The Company's consolidated financial statements and related footnotes are presented as if the transaction occurred at the beginning of the earliest date presented and the prior periods have been retrospectively adjusted. The following table summarizes the impact of the acquisition to certain captions within the Company's Unaudited Condensed Consolidated Income Statement for the three months ended March 31, 2016 . Income Statement As Previously Reported Retrospective Adjustments As Retrospectively Adjusted (In Thousands) Three Months Ended March 31, 2016 Interest income $ 632,761 $ 1 $ 632,762 Noninterest income 226,579 26,626 253,205 Noninterest expense 573,119 19,025 592,144 Income tax expense 22,618 2,813 25,431 Net income 34,478 4,789 39,267 Additionally, the Unaudited Condensed Consolidated Statements of Comprehensive Income, Shareholder's Equity and Cash Flows along with Footnotes 6, 9, 10, 12, and 13 have been adjusted to reflect these retrospective adjustments. |
Investment Securities Available
Investment Securities Available for Sale and Investment Securities Held to Maturity | 3 Months Ended |
Mar. 31, 2017 | |
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 tables present the adjusted cost and approximate fair value of investment securities available for sale and investment securities held to maturity. March 31, 2017 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 $ 2,995,084 $ 4,896 $ 32,595 $ 2,967,385 Mortgage-backed securities 3,541,581 14,965 34,522 3,522,024 Collateralized mortgage obligations 5,013,180 5,796 84,833 4,934,143 States and political subdivisions 8,089 144 25 8,208 Other 14,129 48 116 14,061 Equity securities 400,727 70 — 400,797 Total $ 11,972,790 $ 25,919 $ 152,091 $ 11,846,618 Investment securities held to maturity: Collateralized mortgage obligations $ 77,791 $ 4,926 $ 3,424 $ 79,293 Asset-backed securities 13,314 1,914 956 14,272 States and political subdivisions 1,002,928 3,302 20,680 985,550 Other 64,752 928 2,101 63,579 Total $ 1,158,785 $ 11,070 $ 27,161 $ 1,142,694 December 31, 2016 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 $ 2,409,141 $ 2,390 $ 37,200 $ 2,374,331 Mortgage-backed securities 3,796,270 12,869 45,801 3,763,338 Collateralized mortgage obligations 5,200,241 5,292 106,605 5,098,928 States and political subdivisions 8,457 184 — 8,641 Other 16,321 6 142 16,185 Equity securities 403,548 84 — 403,632 Total $ 11,833,978 $ 20,825 $ 189,748 $ 11,665,055 Investment securities held to maturity: Collateralized mortgage obligations $ 83,087 $ 5,265 $ 3,278 $ 85,074 Asset-backed securities 15,118 1,982 1,081 16,019 States and political subdivisions 1,040,716 2,309 25,518 1,017,507 Other 64,296 1,143 2,030 63,409 Total $ 1,203,217 $ 10,699 $ 31,907 $ 1,182,009 In the above tables, equity securities include $400 million and $403 million at March 31, 2017 and December 31, 2016 , 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 tables disclose 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 March 31, 2017 and December 31, 2016 . This information is aggregated by investment category and the length of time the individual securities have been in an unrealized loss position. March 31, 2017 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 $ 1,342,663 $ 13,129 $ 747,898 $ 19,466 $ 2,090,561 $ 32,595 Mortgage-backed securities 1,202,675 9,804 1,293,140 24,718 2,495,815 34,522 Collateralized mortgage obligations 2,979,987 68,468 1,074,947 16,365 4,054,934 84,833 States and political subdivisions 4,333 25 — — 4,333 25 Other 3,871 55 1,060 61 4,931 116 Total $ 5,533,529 $ 91,481 $ 3,117,045 $ 60,610 $ 8,650,574 $ 152,091 Investment securities held to maturity: Collateralized mortgage obligations $ 8,468 $ 199 $ 40,759 $ 3,225 $ 49,227 $ 3,424 Asset-backed securities — — 8,317 956 8,317 956 States and political subdivisions 422,213 9,863 311,319 10,817 733,532 20,680 Other 9,380 130 10,872 1,971 20,252 2,101 Total $ 440,061 $ 10,192 $ 371,267 $ 16,969 $ 811,328 $ 27,161 December 31, 2016 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 $ 1,277,341 $ 23,862 $ 609,078 $ 13,338 $ 1,886,419 $ 37,200 Mortgage-backed securities 1,425,743 15,235 1,368,957 30,566 2,794,700 45,801 Collateralized mortgage obligations 3,527,757 99,477 782,849 7,128 4,310,606 106,605 Other 3,849 77 1,057 65 4,906 142 Total $ 6,234,690 $ 138,651 $ 2,761,941 $ 51,097 $ 8,996,631 $ 189,748 Investment securities held to maturity: Collateralized mortgage obligations $ 3,847 $ 527 $ 40,083 $ 2,751 $ 43,930 $ 3,278 Asset-backed securities 343 1 9,238 1,080 9,581 1,081 States and political subdivisions 532,090 13,043 313,803 12,475 845,893 25,518 Other 16,578 174 3,587 1,856 20,165 2,030 Total $ 552,858 $ 13,745 $ 366,711 $ 18,162 $ 919,569 $ 31,907 As indicated in the previous tables, at March 31, 2017 , 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 March 31, 2017 or December 31, 2016 , 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 2017 2016 (In Thousands) Balance at beginning of period $ 22,582 $ 22,452 Reductions for securities paid off during the period (realized) — — Additions for the credit component on debt securities in which OTTI was not previously recognized 242 — Additions for the credit component on debt securities in which OTTI was previously recognized — — Balance at end of period $ 22,824 $ 22,452 For the three months ended March 31, 2017 , there was $242 thousand of OTTI recognized on held to maturity securities. For the three months ended March 31, 2016 , there was no OTTI recognized on held to maturity securities. The investment securities primarily impacted by credit impairment are held to maturity non-agency collateralized mortgage obligations. The contractual maturities of the securities portfolios are presented in the following table. March 31, 2017 Amortized Cost Fair Value (In Thousands) Investment securities available for sale: Maturing within one year $ 350,956 $ 350,702 Maturing after one but within five years 621,527 612,890 Maturing after five but within ten years 1,027,104 1,027,567 Maturing after ten years 1,017,715 998,495 3,017,302 2,989,654 Mortgage-backed securities and collateralized mortgage obligations 8,554,761 8,456,167 Equity securities 400,727 400,797 Total $ 11,972,790 $ 11,846,618 Investment securities held to maturity: Maturing within one year $ 67,232 $ 67,298 Maturing after one but within five years 274,836 269,078 Maturing after five but within ten years 233,024 229,624 Maturing after ten years 505,902 497,401 1,080,994 1,063,401 Collateralized mortgage obligations 77,791 79,293 Total $ 1,158,785 $ 1,142,694 The gross realized gains and losses recognized on sales of investment securities available for sale are shown in the table below. Three Months Ended March 31, 2017 2016 (In Thousands) Gross gains $ — $ 8,353 Gross losses — — Net realized gains $ — $ 8,353 |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2017 | |
Receivables [Abstract] | |
Loans and Allowance for Loan Losses | Loans and Allowance for Loan Losses The following table presents the composition of the loan portfolio. March 31, 2017 December 31, 2016 (In Thousands) Commercial loans: Commercial, financial and agricultural $ 24,660,668 $ 25,122,002 Real estate – construction 2,227,405 2,125,316 Commercial real estate – mortgage 11,398,821 11,210,660 Total commercial loans 38,286,894 38,457,978 Consumer loans: Residential real estate – mortgage 13,117,776 13,259,994 Equity lines of credit 2,560,495 2,543,778 Equity loans 420,362 445,709 Credit card 570,311 604,881 Consumer direct 1,329,242 1,254,641 Consumer indirect 3,078,748 3,134,948 Total consumer loans 21,076,934 21,243,951 Covered loans 341,939 359,334 Total loans $ 59,705,767 $ 60,061,263 At March 31, 2017 , the Company considered its energy lending portfolio as a concentration due to the impact of oil prices which reached historically low levels in 2015 and 2016 on the portfolio. Total energy exposure, including unused commitments to extend credit and letters of credit was $7.9 billion and $8.1 billion at March 31, 2017 and December 31, 2016 , respectively. The funded amount of the Company's energy lending portfolio was approximately $2.9 billion and $3.2 billion at March 31, 2017 and December 31, 2016 , respectively, and is reported in total commercial, financial and agricultural in the table above. The decline in oil prices negatively impacted the financial results of many borrowers in the energy lending portfolio, leading to internal risk rating downgrades. If oil prices resume their decline, the energy-related portfolio may be subject to additional pressure on credit quality metrics including past due, criticized, and nonperforming loans, as well as net charge-offs. 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 (In Thousands) Three months ended March 31, 2017 Allowance for loan losses: Beginning balance $ 458,580 $ 116,937 $ 119,484 $ 143,292 $ — $ 838,293 Provision (credit) for loan losses 40,045 (3,128 ) (330 ) 43,583 (31 ) 80,139 Loans charged off (42,908 ) (114 ) (6,338 ) (52,828 ) — (102,188 ) Loan recoveries 3,497 912 3,129 10,293 31 17,862 Net (charge-offs) recoveries (39,411 ) 798 (3,209 ) (42,535 ) 31 (84,326 ) Ending balance $ 459,214 $ 114,607 $ 115,945 $ 144,340 $ — $ 834,106 Three months ended March 31, 2016 Allowance for loan losses: Beginning balance $ 402,113 $ 122,068 $ 132,104 $ 104,948 $ 1,440 $ 762,673 Provision (credit) for loan losses 83,582 (6,417 ) (3,149 ) 39,273 (44 ) 113,245 Loans charged off (19,806 ) (689 ) (6,201 ) (39,953 ) (249 ) (66,898 ) Loan recoveries 1,749 969 2,419 8,283 — 13,420 Net (charge-offs) recoveries (18,057 ) 280 (3,782 ) (31,670 ) (249 ) (53,478 ) Ending balance $ 467,638 $ 115,931 $ 125,173 $ 112,551 $ 1,147 $ 822,440 (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 (In Thousands) March 31, 2017 Ending balance of allowance attributable to loans: Individually evaluated for impairment $ 96,429 $ 7,225 $ 31,746 $ 1,951 $ — $ 137,351 Collectively evaluated for impairment 362,785 107,382 84,199 142,389 — 696,755 Purchased loans — — — — — — Total allowance for loan losses $ 459,214 $ 114,607 $ 115,945 $ 144,340 $ — $ 834,106 Ending balance of loans: Individually evaluated for impairment $ 553,976 $ 61,172 $ 176,269 $ 2,670 $ — $ 794,087 Collectively evaluated for impairment 24,082,230 13,553,116 15,922,100 4,971,678 — 58,529,124 Purchased loans 24,462 11,938 264 3,953 341,939 382,556 Total loans $ 24,660,668 $ 13,626,226 $ 16,098,633 $ 4,978,301 $ 341,939 $ 59,705,767 December 31, 2016 Ending balance of allowance attributable to loans: Individually evaluated for impairment $ 99,932 $ 4,037 $ 32,016 $ 2,223 $ — $ 138,208 Collectively evaluated for impairment 358,648 112,900 87,468 141,069 — 700,085 Purchased loans — — — — — — Total allowance for loan losses $ 458,580 $ 116,937 $ 119,484 $ 143,292 $ — $ 838,293 Ending balance of loans: Individually evaluated for impairment $ 719,468 $ 44,258 $ 186,338 $ 3,042 $ — $ 953,106 Collectively evaluated for impairment 24,377,200 13,275,968 16,062,554 4,987,208 — 58,702,930 Purchased loans 25,334 15,750 589 4,220 359,334 405,227 Total loans $ 25,122,002 $ 13,335,976 $ 16,249,481 $ 4,994,470 $ 359,334 $ 60,061,263 (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 tables present information on individually evaluated impaired loans, by loan class. March 31, 2017 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 $ 200,288 $ 216,689 $ — $ 353,688 $ 394,842 $ 96,429 Real estate – construction — — — 328 371 234 Commercial real estate – mortgage 21,640 22,704 — 39,204 39,504 6,991 Residential real estate – mortgage — — — 113,680 113,680 9,759 Equity lines of credit — — — 22,912 23,037 16,945 Equity loans — — — 39,677 40,446 5,042 Credit card — — — — — — Consumer direct — — — 691 691 49 Consumer indirect — — — 1,979 1,979 1,902 Total loans $ 221,928 $ 239,393 $ — $ 572,159 $ 614,550 $ 137,351 December 31, 2016 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 $ 375,957 $ 396,294 $ — $ 343,511 $ 371,085 $ 99,932 Real estate – construction — — — 344 459 344 Commercial real estate – mortgage 19,235 20,177 — 24,679 24,865 3,693 Residential real estate – mortgage — — — 119,986 119,986 7,529 Equity lines of credit — — — 24,591 25,045 19,083 Equity loans — — — 41,761 42,561 5,404 Credit card — — — — — — Consumer direct — — — 745 745 59 Consumer indirect — — — 2,297 2,297 2,164 Total loans $ 395,192 $ 416,471 $ — $ 557,914 $ 587,043 $ 138,208 The following table presents information on individually evaluated impaired loans, by loan class. Three Months Ended March 31, 2017 Three Months Ended March 31, 2016 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (In Thousands) Commercial, financial and agricultural $ 598,126 $ 404 $ 343,028 $ 320 Real estate – construction 334 2 3,999 2 Commercial real estate – mortgage 49,265 284 60,504 413 Residential real estate – mortgage 116,979 646 108,918 636 Equity lines of credit 23,338 229 27,912 281 Equity loans 40,570 344 45,947 373 Credit card — — — — Consumer direct 707 6 904 8 Consumer indirect 2,064 3 1,859 2 Total loans $ 831,383 $ 1,918 $ 593,071 $ 2,035 The table above does 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, 2016 . 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, through internally assigned letter grades (AAA through D2) 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 March 31, 2017 Commercial, Financial and Agricultural Real Estate - Construction Commercial Real Estate - Mortgage (In Thousands) Pass $ 22,819,424 $ 2,181,799 $ 11,107,996 Special Mention 713,760 41,654 148,639 Substandard 957,263 3,889 121,427 Doubtful 170,221 63 20,759 $ 24,660,668 $ 2,227,405 $ 11,398,821 December 31, 2016 Commercial, Financial and Agricultural Real Estate - Construction Commercial Real Estate - Mortgage (In Thousands) Pass $ 23,142,975 $ 2,055,483 $ 10,898,877 Special Mention 758,417 60,826 187,182 Substandard 1,081,439 9,007 106,183 Doubtful 139,171 — 18,418 $ 25,122,002 $ 2,125,316 $ 11,210,660 Consumer March 31, 2017 Residential Real Estate – Mortgage Equity Lines of Credit Equity Loans Credit Card Consumer Direct Consumer Indirect (In Thousands) Noncovered loans: Performing $ 12,973,925 $ 2,526,342 $ 407,031 $ 557,858 $ 1,323,731 $ 3,063,330 Nonperforming 143,851 34,153 13,331 12,453 5,511 15,418 $ 13,117,776 $ 2,560,495 $ 420,362 $ 570,311 $ 1,329,242 $ 3,078,748 December 31, 2016 Residential Real Estate -Mortgage Equity Lines of Credit Equity Loans Credit Card Consumer Direct Consumer Indirect (In Thousands) Noncovered loans: Performing $ 13,115,936 $ 2,507,375 $ 431,417 $ 593,927 $ 1,249,370 $ 3,121,825 Nonperforming 144,058 36,403 14,292 10,954 5,271 13,123 $ 13,259,994 $ 2,543,778 $ 445,709 $ 604,881 $ 1,254,641 $ 3,134,948 The following tables present an aging analysis of the Company’s past due loans, excluding loans classified as held for sale. March 31, 2017 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 $ 22,472 $ 11,804 $ 4,405 $ 540,407 $ 31,644 $ 610,732 $ 24,049,936 $ 24,660,668 Real estate – construction 487 25 3,640 1,028 114 5,294 2,222,111 2,227,405 Commercial real estate – mortgage 13,872 1,226 4,602 89,908 4,821 114,429 11,284,392 11,398,821 Residential real estate – mortgage 61,234 22,337 2,653 140,342 58,867 285,433 12,832,343 13,117,776 Equity lines of credit 9,144 3,619 1,478 32,675 — 46,916 2,513,579 2,560,495 Equity loans 5,105 1,592 376 12,626 33,635 53,334 367,028 420,362 Credit card 6,262 4,719 12,453 — — 23,434 546,877 570,311 Consumer direct 12,025 4,866 4,874 637 662 23,064 1,306,178 1,329,242 Consumer indirect 68,851 16,161 7,463 7,955 — 100,430 2,978,318 3,078,748 Covered loans 6,448 3,479 23,673 410 — 34,010 307,929 341,939 Total loans $ 205,900 $ 69,828 $ 65,617 $ 825,988 $ 129,743 $ 1,297,076 $ 58,408,691 $ 59,705,767 December 31, 2016 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 $ 23,788 $ 6,581 $ 2,891 $ 596,454 $ 8,726 $ 638,440 $ 24,483,562 $ 25,122,002 Real estate – construction 918 50 2,007 1,239 2,393 6,607 2,118,709 2,125,316 Commercial real estate – mortgage 3,791 3,474 — 71,921 4,860 84,046 11,126,614 11,210,660 Residential real estate – mortgage 57,359 28,450 3,356 140,303 59,893 289,361 12,970,633 13,259,994 Equity lines of credit 7,922 4,583 2,950 33,453 — 48,908 2,494,870 2,543,778 Equity loans 5,615 1,843 467 13,635 34,746 56,306 389,403 445,709 Credit card 6,411 5,042 10,954 — — 22,407 582,474 604,881 Consumer direct 13,338 4,563 4,482 789 704 23,876 1,230,765 1,254,641 Consumer indirect 85,198 22,833 7,197 5,926 — 121,154 3,013,794 3,134,948 Covered loans 7,311 1,351 27,238 730 — 36,630 322,704 359,334 Total loans $ 211,651 $ 78,770 $ 61,542 $ 864,450 $ 111,322 $ 1,327,735 $ 58,733,528 $ 60,061,263 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, 2016 . 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. Modifications to borrowers' loan agreements 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 March 31, 2017 , $465 thousand of TDR modifications included an interest rate concession and $84.3 million of TDR modifications resulted from modifications to the loan’s structure. During the three months ended March 31, 2016 , $1.9 million of TDR modifications included an interest rate concession and $7.0 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 March 31, 2017 Three Months Ended March 31, 2016 Number of Contracts Post-Modification Outstanding Recorded Investment Number of Contracts Post-Modification Outstanding Recorded Investment (Dollars in Thousands) Commercial, financial and agricultural 10 $ 80,790 3 $ 262 Real estate – construction — — 1 3,392 Commercial real estate – mortgage — — 3 1,275 Residential real estate – mortgage 13 2,772 17 2,338 Equity lines of credit 17 546 8 977 Equity loans 10 408 3 103 Credit card — — — — Consumer direct — — — — Consumer indirect 10 168 30 515 Covered loans 2 103 — — For the three months ended March 31, 2017 and 2016 , 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 table provides 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 March 31, 2017 Three Months Ended March 31, 2016 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 1 505 — — Equity lines of credit — — — — Equity loans — — — — Credit card — — — — Consumer direct — — — — Consumer indirect 1 22 — — Covered loans — — — — 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 March 31, 2017 and December 31, 2016 , there were $25.9 million and $12.6 million , respectively, of commitments to lend additional funds to borrowers whose terms have been modified in a TDR. Foreclosure Proceedings OREO totaled $25 million and $21 million at March 31, 2017 and December 31, 2016 , respectively. OREO included $22 million and $18 million of foreclosed residential real estate properties at March 31, 2017 and December 31, 2016 , respectively. As of March 31, 2017 and December 31, 2016 , there were $49 million and $48 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 | 3 Months Ended |
Mar. 31, 2017 | |
Transfers and Servicing [Abstract] | |
Loan Sales and Servicing | Loan Sales and Servicing Loans held for sale were $75 million and $162 million at March 31, 2017 and December 31, 2016 , respectively. Loans held for sale at March 31, 2017 were comprised entirely of residential real estate — mortgage loans. Loans held for sale at December 31, 2016 were comprised of $57 million of commercial, financial and agricultural loans and $105 million of residential real estate — mortgage loans. The following table summarizes the Company's activity in the loans held for sale portfolio and loan sales, excluding activity related to loans originated for sale in the secondary market. Three Months Ended March 31, 2017 2016 (In Thousands) Loans transferred from held for investment to held for sale $ — $ 764,022 Charge-offs on loans recognized at transfer from held for investment to held for sale — — Loans and loans held for sale sold 128,842 760,297 The following table summarizes the Company's sales of loans originated for sale in the secondary market. Three Months Ended March 31, 2017 2016 (In Thousands) Residential real estate loans originated for sale in the secondary market sold (1) $ 172,206 $ 128,911 Net gains recognized on sales of residential real estate loans originated for sale in the secondary market (2) 4,621 5,768 (1) Includes loans originated for sale where the Company retained servicing responsibilities. (2) Net 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 The following table summarizes the Company's activity related to residential real estate mortgage loans sold with retained servicing. Three Months Ended March 31, 2017 2016 (In Thousands) Residential real estate mortgage loans sold with retained servicing (3) $ 172,206 $ 444,807 Servicing fees recognized (4) 6,490 6,063 (3) There is no recourse to the Company for the failures of borrowers to pay loans when due. (4) Recorded as a component of other noninterest income in the Company's Unaudited Condensed Consolidated Statements of Income. The following table provides the recorded balance of loans sold with retained servicing and the related MSRs. March 31, 2017 December 31, 2016 (In Thousands) Recorded balance of residential real estate mortgage loans sold with retained servicing (5) $ 4,691,319 $ 4,684,899 MSRs (6) 50,776 51,428 (5) These loans are not included in loans on the Company's Unaudited Condensed Consolidated Balance Sheets. (6) Recorded under the fair value method and included 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 March 31, 2017 2016 (In Thousands) Carrying value, at beginning of period $ 51,428 $ 44,541 Additions 2,018 4,407 Increase (decrease) in fair value: Due to changes in valuation inputs or assumptions 346 (5,762 ) Due to other changes in fair value (7) (3,016 ) (2,469 ) Carrying value, at end of period $ 50,776 $ 40,717 (7) Represents the realization of expected net servicing cash flows, expected borrower repayments and the passage of time. See Note 9 , Fair Value of Financial Instruments , for additional disclosures related to the assumptions and estimates used in determining fair value of MSRs. At March 31, 2017 and December 31, 2016 , 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: March 31, 2017 December 31, 2016 (Dollars in Thousands) Fair value of MSRs $ 50,776 $ 51,428 Composition of residential loans serviced for others: Fixed rate mortgage loans 97.4 % 97.3 % Adjustable rate mortgage loans 2.6 2.7 Total 100.0 % 100.0 % Weighted average life (in years) 7.0 6.5 Prepayment speed: 6.6 % 15.7 % Effect on fair value of a 10% increase $ (1,502 ) $ (1,646 ) Effect on fair value of a 20% increase (2,909 ) (3,184 ) Weighted average option adjusted spread: 8.7 % 8.1 % Effect on fair value of a 10% increase $ (1,756 ) $ (1,758 ) Effect on fair value of a 20% increase (3,400 ) (3,402 ) 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 to another, which may magnify or counteract the effect of the change. |
Derivatives and Hedging
Derivatives and Hedging | 3 Months Ended |
Mar. 31, 2017 | |
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 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, 2016 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. March 31, 2017 (4) December 31, 2016 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 $ 32,003 $ 16,169 $ 2,123,950 $ 38,890 $ 14,226 Total fair value hedges 32,003 16,169 38,890 14,226 Cash flow hedges: Interest rate contracts: Swaps related to commercial loans 8,950,000 4 25,369 7,625,000 2,340 11,570 Swaps related to FHLB advances 120,000 — 6,333 120,000 — 7,093 Foreign currency contracts: Forwards related to currency fluctuations 4,907 433 — 3,618 — 380 Total cash flow hedges 437 31,702 2,340 19,043 Total derivatives designated as hedging instruments $ 32,440 $ 47,871 $ 41,230 $ 33,269 Free-standing derivatives not designated as hedging instruments: Interest rate contracts: Forward contracts related to held for sale mortgages $ 254,000 $ 374 $ 1,053 $ 251,500 $ 2,479 $ 493 Interest rate lock commitments 156,991 3,178 1 150,616 2,424 32 Equity contracts: Purchased equity option related to equity-linked CDs 818,832 60,829 — 833,763 57,198 — Written equity option related to equity-linked CDs 750,485 — 56,178 770,632 — 53,044 Foreign exchange contracts: Forwards and swaps related to commercial loans 514,870 869 3,144 424,155 3,741 1,723 Spots related to commercial loans 56,775 34 25 54,599 134 — Swap associated with sale of Visa, Inc. Class B shares 77,807 — 1,945 68,308 — 1,708 Futures contracts (3) 119,000 — — 104,000 — — Trading account assets and liabilities: Interest rate contracts for customers 28,964,141 244,525 193,258 28,000,014 290,238 228,748 Foreign exchange contracts for customers 859,575 23,633 21,560 870,084 28,367 26,317 Total trading account assets and liabilities 268,158 214,818 318,605 255,065 Total free-standing derivative instruments not designated as hedging instruments $ 333,442 $ 277,164 $ 384,581 $ 312,065 (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. (4) In January 2017, a clearing organization adopted a rule change that requires transactions to be considered settled-to-market each day. Beginning in the first quarter of 2017, to the extent the Company determined transactions with this clearing organization to be settled-to-market, the impact was a reduction to the derivative assets and liabilities as well as a corresponding decrease in cash collateral. 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 months ended March 31, 2017 and 2016 related to hedged firm commitments no longer qualifying as a fair value hedge. At March 31, 2017 , the fair value hedges had a weighted average expected remaining term of 3.9 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 March 31, Statements of Income Caption 2017 2016 (In Thousands) Change in fair value of interest rate contracts: Interest rate swaps hedging long term debt Interest on FHLB and other borrowings $ (8,830 ) $ 48,876 Hedged long term debt Interest on FHLB and other borrowings 8,493 (44,731 ) 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 8,864 10,790 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. The Company also uses foreign currency forward contracts to hedge its exposure to fluctuations in foreign currency exchange rates due to a portion of money transfer expense being denominated in foreign currency. 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 was $(749) thousand of cash flow hedging gains or losses recognized because of hedge ineffectiveness for the three months ended March 31, 2017 and there was no material cash flow hedging gains or losses recognized because of hedge ineffectiveness for the three months ended March 31, 2016 . 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 months ended March 31, 2017 and 2016 . At March 31, 2017 , cash flow hedges not terminated had a net fair value of $(31.3) million and a weighted average life of 1.6 years . Net losses of $34.4 million are expected to be reclassified to 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 4.3 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 2017 2016 (In Thousands) Interest rate and foreign currency exchange contracts: Net change in amount recognized in other comprehensive income $ (9,866 ) $ 2,739 Amount reclassified from accumulated other comprehensive income (loss) into net income 5,694 519 Amount of ineffectiveness recognized in net income (749 ) — 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 interest rate contract portfolio classified as trading 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 March 31, Statements of Income Caption 2017 2016 (In Thousands) Futures contracts Mortgage banking income and corporate and correspondent investment sales $ (3 ) $ (240 ) Option contracts related to mortgage servicing rights Mortgage banking income — (105 ) Interest rate contracts: Forward contracts related to residential mortgage loans held for sale Mortgage banking income (2,665 ) (1,455 ) Interest rate lock commitments Mortgage banking income 785 822 Interest rate contracts for customers Corporate and correspondent investment sales 6,796 3,540 Commodity contracts: Commodity contracts for customers Corporate and correspondent investment sales — (2 ) Equity contracts: Purchased equity option related to equity-linked CDs Other expense 3,630 5,291 Written equity option related to equity-linked CDs Other expense (3,134 ) (4,556 ) Foreign currency contracts: Forward and swap contracts related to commercial loans Other income (6,958 ) (13,947 ) Spot contracts related to commercial loans Other income 996 (1,108 ) Foreign currency exchange contracts for customers Corporate and correspondent investment sales 2,350 431 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 March 31, 2017 , interest rate swap agreements and options classified as trading were substantially matched. The Company had credit risk of $268 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 no credit losses associated with derivative instruments classified as trading for the three months ended March 31, 2017 and 2016 . At March 31, 2017 and December 31, 2016 , there was no material nonperforming derivative positions classified as trading. The Company’s derivative positions designated as hedging instruments are primarily executed in the over-the-counter market. These positions at March 31, 2017 have credit risk of $32 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 months ended March 31, 2017 and 2016 . At March 31, 2017 and December 31, 2016 , there were no nonperforming derivative positions classified as nontrading. As of March 31, 2017 and December 31, 2016 , the Company had recorded the right to reclaim cash collateral of $87 million and $103 million , respectively, within other assets on the Company’s Unaudited Condensed Consolidated Balance Sheets and had recorded the obligation to return cash collateral of $44 million and $37 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 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 March 31, 2017 was $31 million for which the Company has collateral requirements of $31 million in the normal course of business. If the credit risk-related contingent features underlying these agreements had been triggered on March 31, 2017 , the Company’s collateral requirements to its counterparties would require no additional increases. The aggregate fair value of all derivative instruments with credit risk-related contingent features that were in a liability position on December 31, 2016 was $30 million for which the Company had collateral requirements of $29 million in the normal course of business. If the credit risk-related contingent features underlying these agreements had been triggered on December 31, 2016 , the Company’s collateral requirements to its counterparties would have increased by $1 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 table 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 Collateral Received/Pledged (1) Cash Collateral Received/ Pledged (1) Net Amount (In Thousands) March 31, 2017 Derivative financial assets: Subject to a master netting arrangement $ 203,289 $ — $ 203,289 $ — $ 41,212 $ 162,077 Not subject to a master netting arrangement 162,593 — 162,593 — — 162,593 Total derivative financial assets $ 365,882 $ — $ 365,882 $ — $ 41,212 $ 324,670 Derivative financial liabilities: Subject to a master netting arrangement $ 220,530 $ — $ 220,530 $ 8,384 $ 86,569 $ 125,577 Not subject to a master netting arrangement 104,505 — 104,505 — — 104,505 Total derivative financial liabilities $ 325,035 $ — $ 325,035 $ 8,384 $ 86,569 $ 230,082 December 31, 2016 Derivative financial assets: Subject to a master netting arrangement $ 234,002 $ — $ 234,002 $ — $ 33,212 $ 200,790 Not subject to a master netting arrangement 191,809 — 191,809 — — 191,809 Total derivative financial assets $ 425,811 $ — $ 425,811 $ — $ 33,212 $ 392,599 Derivative financial liabilities: Subject to a master netting arrangement $ 248,669 $ — $ 248,669 $ 9,685 $ 102,603 $ 136,381 Not subject to a master netting arrangement 96,665 — 96,665 — — 96,665 Total derivative financial liabilities $ 345,334 $ — $ 345,334 $ 9,685 $ 102,603 $ 233,046 (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 | 3 Months Ended |
Mar. 31, 2017 | |
Transfers and Servicing [Abstract] | |
Securities Financing Activities | Securities Financing Activities 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 6 , 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 securities and other U.S. government agency securities and mortgage-backed securities. 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. Gross Amounts Recognized Gross Amounts Offset in the Condensed Consolidated Balance Sheets Net Amount Presented in the Condensed Consolidated Balance Sheets Financial Instruments Collateral Received/Pledged (1) Cash Collateral Received/ Pledged (1) Net Amount (In Thousands) March 31, 2017 Securities purchased under agreements to resell: Subject to a master netting arrangement $ 2,888,149 $ 2,746,902 $ 141,247 $ 141,247 $ — $ — Securities sold under agreements to repurchase: Subject to a master netting arrangement $ 2,818,461 $ 2,746,902 $ 71,559 $ 71,559 $ — $ — December 31, 2016 Securities purchased under agreements to resell: Subject to a master netting arrangement $ 3,164,039 $ 3,069,489 $ 94,550 $ 94,550 $ — $ — Securities sold under agreements to repurchase: Subject to a master netting arrangement $ 3,095,655 $ 3,069,488 $ 26,167 $ 26,167 $ — $ — (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. Collateral Associated with Securities Financing Activities 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. Remaining Contractual Maturity of the Agreements Overnight and Continuous Up to 30 days 30 - 90 days Greater Than 90 days Total (In Thousands) March 31, 2017 Securities sold under agreements to repurchase: U.S. Treasury and other U.S. government agencies $ 845,035 $ 1,578,613 $ 318,265 $ — $ 2,741,913 Mortgage-backed securities — — 76,548 — 76,548 Total $ 845,035 $ 1,578,613 $ 394,813 $ — $ 2,818,461 December 31, 2016 Securities sold under agreements to repurchase: U.S. Treasury and other U.S. government agencies $ 1,408,736 $ 806,526 $ 798,089 $ — $ 3,013,351 Mortgage-backed securities — — 82,304 — 82,304 Total $ 1,408,736 $ 806,526 $ 880,393 $ — $ 3,095,655 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 March 31, 2017 , the fair value of collateral received related to securities purchased under agreements to resell was $3.2 billion and the fair value of collateral pledged for securities sold under agreements to repurchase was $2.8 billion . At December 31, 2016 , the fair value of collateral received related to securities purchased under agreements to resell was $3.1 billion and the fair value of collateral pledged for securities sold under agreements to repurchase was $3.1 billion . |
Commitments, Contingencies and
Commitments, Contingencies and Guarantees | 3 Months Ended |
Mar. 31, 2017 | |
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: March 31, 2017 December 31, 2016 (In Thousands) Commitments to extend credit $ 26,965,029 $ 27,070,935 Standby and commercial letters of credit 1,456,104 1,474,405 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 March 31, 2017 and December 31, 2016 , the recorded amount of these deferred fees was $7 million and $8 million , respectively. The Company holds various assets as collateral supporting those commitments for which collateral is deemed necessary. At March 31, 2017 , the maximum potential amount of future undiscounted payments the Company could be required to make under outstanding standby letters of credit was $1.5 billion . At March 31, 2017 and December 31, 2016 , 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 $79 million and $77 million , respectively. Loan Sale Recourse The Company has potential recourse related to specific FNMA securitizations. At both March 31, 2017 and December 31, 2016 , the amount of potential recourse was $19 million of which the Company had reserved $665 thousand and $681 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 March 31, 2017 and December 31, 2016 , the Company had $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 March 31, 2017 and December 31, 2016 , the Company estimated the potential amount of payment due to the FDIC in 2019 , at the end of the loss sharing agreements, to be approximately $147 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. The Company has chosen to net the amounts due from the FDIC and due to the FDIC into the FDIC indemnification liability. At March 31, 2017 and December 31, 2016 , the FDIC indemnification liability was $135 million and $136 million , respectively, and was recorded in accrued expenses and other liabilities in the Company's Unaudited Condensed Consolidated Balance Sheets. 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 defend itself vigorously. Set forth below are descriptions of certain of the Company’s legal proceedings. In February 2011 , BBVA Securities, Inc. (“BSI”) was named as a defendant in a lawsuit filed in the United States District Court for the Northern District of California, The California Public Employees’ Retirement System v. BBVA Securities, Inc., et al. , wherein the claims arise out of securities offerings in which Lehman Brothers was the issuer and BSI, among others, was an underwriter. The plaintiff alleges that Lehman Brothers made material misstatements in the offering materials, and that the underwriter defendants failed to conduct appropriate due diligence to discover the alleged misstatements. The plaintiff seeks unspecified monetary relief. The Company believes there are substantial defenses to these claims and intends to defend them vigorously. In May 2013 , BBVA Compass was named as a counterclaim defendant in a lawsuit filed in the United States District Court for the Southern District of California, BBVA Compass v. Morris Cerullo World Evangelism , wherein the defendant/counterclaim plaintiff alleges that BBVA Compass wrongfully failed to honor a standby letter of credit in the amount of $5.2 million . The defendant/counterclaim 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 , BBVA Compass was named as a defendant in a lawsuit filed in the United States District Court of the Northern District of Alabama, Intellectual Ventures II, LLC v. BBVA Compass Bancshares, Inc. and BBVA Compass , wherein the plaintiff alleges that BBVA Compass is infringing five patents owned by the plaintiff and related to the security infrastructure for BBVA Compass’ 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 January 2016 , BSI was named as a defendant in a lawsuit filed in the United States District Court for the Southern District of Texas, In re Plains All American Pipeline, L.P. Securities Litigation , wherein the plaintiffs challenge statements made in registration materials and prospectuses filed with the Securities and Exchange Commission in connection with eight securities offerings of stock and notes issued by Plains GP Holdings and Plains All American Pipeline and underwritten by BSI, among others. The plaintiffs seek unspecified monetary relief. The Company believes there are substantial defenses to these claims and intends to defend them vigorously. In March 2016 , BBVA Compass was named as a defendant in a lawsuit filed in the United States District Court of the Southern District of Texas, Lomix Limited Partnership, et al. v. BBVA Compass , wherein the plaintiffs (who are the borrower and guarantors of the underlying loan) allege that BBVA Compass wrongfully disclosed the guarantors’ personal financial information in connection with the sale of the loan to a third party. The plaintiffs seek unspecified monetary relief. The Company believes there are substantial defenses to these claims and intends to defend them vigorously. In October 2016 , BSI was named as a defendant in a lawsuit filed in the District Court of Harris County, Texas, and subsequently removed to the United States District Court for the Southern District of Texas, St. Lucie County Fire District Firefighters' Pension Trust, individually and on behalf of all others similarly situated v. Southwestern Energy Company, et al. , wherein the plaintiffs allege that Southwestern Energy Company, its officers and directors, and the underwriting defendants (including BSI) made inaccurate and misleading statements in the registration statement and prospectus related to a securities offering. The plaintiffs seek unspecified monetary relief. The Company believes there are substantial defenses to these claims and intends to defend them vigorously. In December 2016 , BBVA Compass was named as a defendant in an adversary proceeding filed in the United States Bankruptcy Court for the Southern District of New York, In re: SunEdison, Inc., et al. // Official Committee of Unsecured Creditors v. BBVA Compass, et al. , wherein the plaintiffs allege that the first-lien lenders (including BBVA Compass) exercised undue influence and control over SunEdison’s bankruptcy, that SunEdison improperly incurred secured debt through second-lien secured notes to the detriment of SunEdison’s unsecured creditors shortly before SunEdison filed its bankruptcy petition, and that the second-lien notes constitute avoidable fraudulent transfers under the Bankruptcy Code. The plaintiffs seek unspecified monetary relief. The Company believes there are substantial defenses to these claims and intends to defend them vigorously. In December 2016 , BBVA Compass was named as a defendant in a putative class action lawsuit filed in the United States District Court for the Northern District of Alabama, Robert Hossfeld, individually and on behalf of all others similarly situated v. BBVA Compass Bancshares, Inc. and MSR Group, LLC , alleging violations of the Telephone Consumer Protection Act in the context of customer satisfaction survey calls to the cell phones of individuals who have not given, or who have withdrawn, consent to receive calls on their cell phones. The plaintiffs seek unspecified monetary relief. The Company believes there are substantial defenses to these claims and intends to defend them vigorously. The Company (including its subsidiaries) is or may become involved from time to time in information-gathering requests, reviews, investigations and proceedings (both formal and informal) by various governmental regulatory agencies, law enforcement authorities and self-regulatory bodies regarding the Company’s business. Such matters may result in material adverse consequences, including without limitation adverse judgments, settlements, fines, penalties, orders, injunctions, alterations in the Company’s business practices or other actions, and could result in additional expenses and collateral costs, including reputational damage, which could have a material adverse impact on the Company’s business, consolidated financial position, results of operations or cash flows. 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 reasonably estimable, the Company does not accrue legal reserves. At March 31, 2017 , the Company had accrued legal reserves in the amount of $3 million . Additionally, for those matters where a loss is reasonably possible and the amount of loss is reasonably estimable, the Company estimates the amount of 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 March 31, 2017 , there were no such matters where a loss was reasonably possible and reasonably estimable, creating reasonably possible losses beyond the accrued legal reserves. 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 a number of states, and has received notices of proposed adjustments related to 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 | 3 Months Ended |
Mar. 31, 2017 | |
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 securities and other U.S. government agency 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 securities and other U.S. government agency securities are valued based on quoted market prices of identical assets on active exchanges (Level 1 measurements) or are valued based on a market approach using observable inputs such as benchmark yields, reported trades, broker/dealer quotes, benchmark securities, and bids/offers of government-sponsored enterprise securities (Level 2 measurements). • Mortgage-backed securities are primarily valued using market-based pricing matrices that are based on observable inputs including benchmark To Be Announced security prices, U.S. Treasury yields, U.S. dollar swap yields, and benchmark floating-rate indices. Mortgage-backed securities pricing may also give consideration to pool-specific data such as prepayment history and collateral characteristics. Valuations for mortgage-backed securities are therefore classified as Level 2 measurements. • Collateralized mortgage obligations are valued using market-based pricing matrices that are based on observable inputs including reported trades, bids, offers, dealer quotes, U.S. Treasury yields, U.S. dollar swap yields, market convention prepayment speeds, tranche-specific characteristics, prepayment history, and collateral characteristics. Fair value measurements for collateralized mortgage obligations are classified as Level 2. • Debt obligations of states and political subdivisions are primarily valued using market-based pricing matrices that are based on observable inputs including Municipal Securities Rulemaking Board reported trades, issuer spreads, material event notices, and benchmark yield curves. These valuations are Level 2 measurements. • Other debt and equity securities consist of mutual funds, foreign and corporate debt, and U.S. government agency equity securities. Mutual funds are valued based on quoted market prices of identical assets trading on active exchanges. These valuations are Level 1 measurements. Foreign and corporate debt valuations are based on information and assumptions that are observable in the market place. The valuations for these securities are therefore classified as Level 2. U.S. government agency equity securities are valued based on quoted market prices of identical assets trading on active exchanges. These valuations thus qualify as Level 1 measurements. • Other derivative assets and liabilities consist primarily of interest rate and commodity contracts. The Company’s interest rate contracts are valued utilizing Level 2 observable inputs (yield curves and volatilities) to determine a current market price for each interest rate contract. Commodity contracts are priced using raw market data, primarily in the form of quotes for fixed and basis swaps with monthly, quarterly, seasonal or calendar-year terms. Proprietary models provided by a third party are used to generate forward curves and volatility surfaces. As a result of the valuation process and observable inputs used, commodity contracts are classified as Level 2 measurements. To validate the reasonableness of these calculations, management compares the assumptions with market information. • Other trading assets primarily consist of interest-only strips which are valued by an independent third-party. The independent third-party values the assets on a loan-by-loan basis using a discounted cash flow analysis that employs prepayment assumptions, discount rate assumptions, and default curves. The prepayment assumptions are created from actual SBA pool prepayment history. The discount rates are derived from actual SBA loan secondary market transactions. The default curves are created using historical observable and unobservable inputs. As such, interest-only strips are classified as Level 3 measurements. The Company’s SBA department is responsible for ensuring the appropriate application of the valuation, capitalization, and amortization policies of the Company’s interest-only strips. The department performs independent, internal valuations of the interest-only strips on a quarterly basis, which are then reconciled to the third-party valuations to ensure their validity. Loans held for sale – The Company has elected to apply the fair value option for single family real estate mortgage loans originated for resale in the secondary market. The election allows for a more effective offset of the changes in fair values of the loans and the derivative instruments used to economically hedge them without the burden of complying with the requirements for hedge accounting. The Company has not elected the fair value option for other loans held for sale primarily because they are not economically hedged using derivative instruments. The fair value of loans held for sale is based on what secondary markets are currently offering for portfolios with similar characteristics. The changes in fair value of these assets are largely driven by changes in interest rates subsequent to loan funding and changes in the fair value of servicing associated with the mortgage loan held for sale. Both the mortgage loans held for sale and the related forward contracts are classified as Level 2. At both March 31, 2017 and December 31, 2016 , 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 of $1.3 million and $1.9 million resulting from changes in fair value of these loans were recorded in noninterest income during the three months ended March 31, 2017 and 2016 , respectively. The Company also had fair value changes on forward contracts related to residential mortgage loans held for sale of approximately $(2.7) million and $(1.5) million for the three months ended March 31, 2017 and 2016 , 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) March 31, 2017 Residential mortgage loans held for sale $ 74,741 $ 72,041 $ 2,700 December 31, 2016 Residential mortgage loans held for sale $ 105,257 $ 103,886 $ 1,371 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 - MSR – 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 MSR 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. 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. Other assets - SBIC – Other assets measured at fair value on a recurring basis and classified within Level 3 of the fair value hierarchy were comprised of SBIC investments initially valued based on transaction price. The SBIC investments are valued initially based upon transaction price. Valuation factors such as recent or proposed purchase or sale of debt or equity of the issuer, pricing by other dealers in similar securities, size of position held, liquidity of the market, and changes in economic conditions affecting the issuer, are used in the determination of estimated fair value. These SBIC investments are classified as Level 3 within the valuation hierarchy. 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 March 31, 2017 (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 $ 2,614,008 $ 2,614,008 $ — $ — Collateralized mortgage obligations 1,324 — 1,324 — State and political subdivisions 460 — 460 — Other debt securities 7,485 — 7,485 — Interest rate contracts 244,525 — 244,525 — Foreign exchange contracts 23,633 — 23,633 — Other trading assets 819 — — 819 Total trading account assets 2,892,254 2,614,008 277,427 819 Investment securities available for sale: U.S. Treasury and other U.S. government agencies 2,967,385 1,883,291 1,084,094 — Mortgage-backed securities 3,522,024 — 3,522,024 — Collateralized mortgage obligations 4,934,143 — 4,934,143 — States and political subdivisions 8,208 — 8,208 — Other debt securities 14,061 14,061 — — Equity securities (1) 370 73 — 297 Total investment securities available for sale 11,446,191 1,897,425 9,548,469 297 Loans held for sale 74,741 — 74,741 — Derivative assets: Interest rate contracts 35,559 — 32,381 3,178 Equity contracts 60,829 — 60,829 — Foreign exchange contracts 1,336 — 1,336 — Total derivative assets 97,724 — 94,546 3,178 Other assets - MSR 50,776 — — 50,776 Other assets - SBIC 22,553 — — 22,553 Liabilities: Trading account liabilities: U.S. Treasury and other U.S. government agencies $ 2,584,514 $ 2,581,472 $ 3,042 $ — Other debt securities 8,025 — 8,025 — Interest rate contracts 193,258 — 193,258 — Foreign exchange contracts 21,560 — 21,560 — Total trading account liabilities 2,807,357 2,581,472 225,885 — Derivative liabilities: Interest rate contracts 48,925 — 48,924 1 Equity contracts 56,178 — 56,178 — Foreign exchange contracts 3,169 — 3,169 — Total derivative liabilities 108,272 — 108,271 1 (1) Excludes $400 million of FHLB and Federal Reserve stock required to be owned by the Company at March 31, 2017 . 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, 2016 (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 $ 2,820,797 $ 2,820,797 $ — $ — State and political subdivisions 219 — 219 — Other debt securities 4,120 — 4,120 — Interest rate contracts 290,238 — 290,238 — Foreign exchange contracts 28,367 — 28,367 — Other trading assets 859 — — 859 Total trading account assets 3,144,600 2,820,797 322,944 859 Investment securities available for sale: U.S. Treasury and other U.S. government agencies 2,374,331 1,266,564 1,107,767 — Mortgage-backed securities 3,763,338 — 3,763,338 — Collateralized mortgage obligations 5,098,928 — 5,098,928 — States and political subdivisions 8,641 — 8,641 — Other debt securities 16,185 16,185 — — Equity securities (1) 380 87 — 293 Total investment securities available for sale 11,261,803 1,282,836 9,978,674 293 Loans held for sale 105,257 — 105,257 — Derivative assets: Interest rate contracts 46,133 — 43,709 2,424 Equity contracts 57,198 — 57,198 — Foreign exchange contracts 3,875 — 3,875 — Total derivative assets 107,206 — 104,782 2,424 Other assets - MSR 51,428 — — 51,428 Other assets - SBIC 15,639 — — 15,639 Liabilities: Trading account liabilities: U.S. Treasury and other U.S. government agencies $ 2,750,085 $ 2,750,085 $ — $ — Other debt securities 2,892 — 2,892 — Interest rate contracts 228,748 — 228,748 — Foreign exchange contracts 26,317 — 26,317 — Total trading account liabilities 3,008,042 2,750,085 257,957 — Derivative liabilities: Interest rate contracts 33,414 — 33,382 32 Equity contracts 53,044 — 53,044 — Foreign exchange contracts 2,103 — 2,103 — Total derivative liabilities 88,561 — 88,529 32 (1) Excludes $403 million of FHLB and Federal Reserve stock required to be owned by the Company at December 31, 2016 . These securities are carried at par. There were no transfers between Levels 1 or 2 of the fair value hierarchy for the three months ended March 31, 2017 and 2016 . It is the Company’s policy to value any transfers between levels of the fair value hierarchy based on end of period fair values. The following table reconciles the assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3). Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Three Months Ended March 31, Other Trading Assets Equity Securities Interest Rate Contracts, net Other Assets - MSR Other Assets - SBIC (In Thousands) Balance, December 31, 2015 $ 1,117 $ 253 $ 2,874 $ 44,541 $ — Transfers into Level 3 — — — — — Transfers out of Level 3 — — — — — Total gains or losses (realized/unrealized): Included in earnings (1) (46 ) — 822 (8,231 ) — Included in other comprehensive income — — — — — Purchases, issuances, sales and settlements: Purchases — — — — — Issuances — — — 4,407 — Sales — — — — — Settlements — — — — — Balance, March 31, 2016 $ 1,071 $ 253 $ 3,696 $ 40,717 $ — Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at March 31, 2016 $ (46 ) $ — $ 822 $ (8,231 ) $ — Balance, December 31, 2016 $ 859 $ 293 $ 2,392 $ 51,428 $ 15,639 Transfers into Level 3 — — — — — Transfers out of Level 3 — — — — — Total gains or losses (realized/unrealized): Included in earnings (1) (40 ) — 785 (2,670 ) 550 Included in other comprehensive income — — — — — Purchases, issuances, sales and settlements: Purchases — 4 — — 6,364 Issuances — — — 2,018 — Sales — — — — — Settlements — — — — — Balance, March 31, 2017 $ 819 $ 297 $ 3,177 $ 50,776 $ 22,553 Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at March 31, 2017 $ (40 ) $ — $ 785 $ (2,670 ) $ 550 (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 tables represent those assets that were subject to fair value adjustments during the three months ended March 31, 2017 and 2016 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) March 31, 2017 (Level 1) (Level 2) (Level 3) Three Months Ended March 31, 2017 (In Thousands) Nonrecurring fair value measurements Assets: Investment securities held to maturity $ 2,013 $ — $ — $ 2,013 $ (242 ) Impaired loans (1) 3,510 — — 3,510 15,921 OREO 25,113 — — 25,113 (1,723 ) 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) March 31, 2016 (Level 1) (Level 2) (Level 3) Three Months Ended March 31, 2016 (In Thousands) Nonrecurring fair value measurements Assets: Impaired loans (1) $ 69,032 $ — $ — $ 69,032 $ (15,408 ) OREO 17,877 — — 17,877 (699 ) (1) Total gains (losses) represent charge-offs on impaired loans for which adjustments are based on the appraised value of the collateral. The following is a description of the methodologies applied for valuing these assets: Investment securities held to maturity – Nonrecurring fair value adjustments on investment securities held to maturity reflect impairment write-downs which the Company believes are other than temporary. For analyzing these securities, the Company has retained a third party valuation firm. Impairment is determined through the use of cash flow models that estimate cash flows on the underlying mortgages using security-specific collateral and the transaction structure. The cash flow models incorporate the remaining cash flows which are adjusted for future expected credit losses. Future expected credit losses are determined by using various assumptions such as current default rates, prepayment rates, and loss severities. The Company develops these assumptions through the use of market data published by third party sources in addition to historical analysis which includes actual delinquency and default information through the current period. The expected cash flows are then discounted at the interest rate used to recognize interest income on the security to arrive at a present value amount. As the fair value assessments are derived using a discounted cash flow modeling approach, the nonrecurring fair value adjustments are classified as Level 3. Impaired Loans – Impaired loans measured at fair value on a non-recurring basis represent the carrying value of impaired loans for which adjustments are based on the appraised value of the collateral. Nonrecurring fair value adjustments to impaired loans reflect full or partial write-downs that are generally based on the fair value of the underlying collateral supporting the loan. Loans subjected to nonrecurring fair value adjustments based on the current estimated fair value of the collateral are classified as Level 3. OREO – OREO is recorded on the Company’s Consolidated Balance Sheets at the lower of recorded balance or fair value, which is based on appraisals and third-party price opinions, less estimated costs to sell. The fair value is classified as Level 3. The table below presents quantitative information about the significant unobservable inputs for material assets and liabilities measured at fair value using significant unobservable inputs (Level 3) on a recurring and nonrecurring basis. Quantitative Information about Level 3 Fair Value Measurements Fair Value at Range of Unobservable Inputs March 31, 2017 Valuation Technique Unobservable Input(s) (Weighted Average) (In Thousands) Recurring fair value measurements: Other trading assets $ 819 Discounted cash flow Default rate 10.2% Prepayment rate 5.8% - 11.0% (8.0%) Interest rate contracts 3,177 Discounted cash flow Closing ratios (pull-through) 18.6% - 99.1% (65.6%) Cap grids 0.2% - 2.2% (1.1%) Other assets - MSRs 50,776 Discounted cash flow Option adjusted spread 6.6% - 19.2% (8.7%) Constant prepayment rate or life speed 0.8% - 33.5% (6.6%) Cost to service $65 - $4,000 ($76) Other assets - SBIC investments 22,553 Transaction price Transaction price N/A Nonrecurring fair value measurements: Investment securities held to maturity $ 2,013 Discounted cash flow Prepayment rate 5.1% Default rate 4.8% Loss severity 70.6% Impaired loans 3,510 Appraised value Appraised value 0.0% - 80.0% (26.7%) OREO 25,113 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 Trading Account Assets – Interest-Only Strips Significant unobservable inputs used in the valuation of the Company’s interest-only strips include default rates and prepayment assumptions. Significant increases in either of these inputs in isolation would result in significantly lower fair value measurements. Generally, a change in the assumption used for the probability of default is accompanied by a directionally opposite change in the assumption used for prepayment rates. Interest Rate Contracts - Interest Rate Lock Commitments Significant unobservable inputs used in the valuation of interest rate contracts are pull-through and cap grids. Increases or decreases in the pull-through or cap grids will have a corresponding impact in the value of interest rate contracts. Other Assets - MSRs The significant unobservable inputs used in the fair value measurement of MSRs are 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. Other Assets - SBIC Investments The significant unobservable inputs used in the fair value measurement of SBIC Investments are initially based upon transaction price. Increases or decreases in valuation factors such as recent or proposed purchase or sale of debt or equity of the issuer, pricing by other dealers in similar securities, size of position held, liquidity of the market will have a corresponding impact in the value of SBIC investments. 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: March 31, 2017 Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 (In Thousands) Financial Instruments: Assets: Cash and cash equivalents $ 3,959,932 $ 3,959,932 $ 3,959,932 $ — $ — Investment securities held to maturity 1,158,785 1,142,694 — — 1,142,694 Loans, net 58,871,661 56,219,932 — — 56,219,932 Liabilities: Deposits $ 67,529,638 $ 67,603,537 $ — $ 67,603,537 $ — FHLB and other borrowings 2,993,222 3,037,339 — 3,037,339 — Federal funds purchased and securities sold under agreements to repurchase 71,559 71,559 — 71,559 — Other short-term borrowings 50,000 50,000 — 50,000 — December 31, 2016 Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 (In Thousands) Financial Instruments: Assets: Cash and cash equivalents $ 3,251,786 $ 3,251,786 $ 3,251,786 $ — $ — Investment securities held to maturity 1,203,217 1,182,009 — — 1,182,009 Loans, net 59,222,970 56,283,761 — — 56,283,761 Liabilities: Deposits $ 67,279,533 $ 67,359,299 $ — $ 67,359,299 $ — FHLB and other borrowings 3,001,551 3,001,836 — 3,001,836 — Federal funds purchased and securities sold under agreements to repurchase 39,052 39,052 — 39,052 — Other short-term borrowings 50,000 50,000 — 50,000 — 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 fund purchased, securities sold under agreements to repurchase and short-term borrowings : The carrying amounts of federal funds purchased, securities sold under agreements to repurchase and other short-term borrowings approximates fair value. They are therefore considered a Level 2 measurement. |
Comprehensive Income
Comprehensive Income | 3 Months Ended |
Mar. 31, 2017 | |
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. Three Months Ended March 31, 2017 2016 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 $ 42,751 $ 15,818 $ 26,933 $ 107,725 $ 39,461 $ 68,264 Less: reclassification adjustment for net gains on sale of securities in net income — — — 8,353 3,059 5,294 Net change in unrealized gains on securities available for sale 42,751 15,818 26,933 99,372 36,402 62,970 Change in unamortized net holding losses on investment securities held to maturity 1,058 392 666 835 306 529 Change in unamortized non-credit related impairment on investment securities held to maturity 354 131 223 351 129 222 Net change in unamortized holding losses on securities held to maturity 1,412 523 889 1,186 435 751 Unrealized holding gains (losses) arising during period from cash flow hedge instruments (15,686 ) (5,820 ) (9,866 ) 4,305 1,566 2,739 Change in defined benefit plans (773 ) (288 ) (485 ) 1,300 369 931 Other comprehensive income $ 27,704 $ 10,233 $ 17,471 $ 106,163 $ 38,772 $ 67,391 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, December 31, 2015 $ (56,326 ) $ (6,407 ) $ (29,166 ) $ (7,437 ) $ (99,336 ) Other comprehensive income before reclassifications 68,264 3,068 — — 71,332 Amounts reclassified from accumulated other comprehensive income (loss) (4,765 ) (329 ) 931 222 (3,941 ) Net current period other comprehensive income 63,499 2,739 931 222 67,391 Balance, March 31, 2016 $ 7,173 $ (3,668 ) $ (28,235 ) $ (7,215 ) $ (31,945 ) Balance, December 31, 2016 $ (119,562 ) $ (10,080 ) $ (32,028 ) $ (6,582 ) $ (168,252 ) Other comprehensive income (loss) before reclassifications 26,933 (6,285 ) — — 20,648 Amounts reclassified from accumulated other comprehensive income (loss) 666 (3,581 ) (485 ) 223 (3,177 ) Net current period other comprehensive income 27,599 (9,866 ) (485 ) 223 17,471 Balance, March 31, 2017 $ (91,963 ) $ (19,946 ) $ (32,513 ) $ (6,359 ) $ (150,781 ) The following table presents information on reclassifications out of accumulated other comprehensive income (loss). Details About Accumulated Other Comprehensive Income (Loss) Components Amounts Reclassified From Accumulated Other Comprehensive Income (Loss) (1) Condensed Consolidated Statement of Income Caption Three Months Ended March 31, 2017 2016 (In Thousands) Unrealized Gains (Losses) on Securities Available for Sale and Transferred to Held to Maturity $ — $ 8,353 Investment securities gains, net (1,058 ) (835 ) Interest on investment securities held to maturity (1,058 ) 7,518 392 (2,753 ) Income tax (expense) benefit $ (666 ) $ 4,765 Net of tax Accumulated Gains (Losses) on Cash Flow Hedging Instruments $ 6,374 $ 2,048 Interest and fees on loans (680 ) (1,529 ) Interest and fees on FHLB advances 5,694 519 (2,113 ) (190 ) Income tax expense $ 3,581 $ 329 Net of tax Defined Benefit Plan Adjustment $ 773 $ (1,300 ) (2) (288 ) 369 Income tax (expense) benefit $ 485 $ (931 ) Net of tax Unamortized Impairment Losses on Investment Securities Held to Maturity $ (354 ) $ (351 ) Interest on investment securities held to maturity 131 129 Income tax benefit $ (223 ) $ (222 ) 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 19, Benefit Plans, in the Notes to the December 31, 2016, Consolidated Financial Statements for additional details). |
Supplemental Disclosure for Sta
Supplemental Disclosure for Statement of Cash Flows | 3 Months Ended |
Mar. 31, 2017 | |
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. Three Months Ended March 31, 2017 2016 (In Thousands) Supplemental disclosures of cash flow information: Interest paid $ 103,006 $ 108,970 Net income taxes paid 1,153 2,658 Supplemental schedule of noncash investing and financing activities: Transfer of loans and loans held for sale to OREO $ 10,226 $ 6,651 Transfer of loans to loans held for sale — 764,022 Issuance of restricted stock, net of cancellations — (66 ) |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2017 | |
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. The following tables present the segment information for the Company’s segments. Three Months Ended March 31, 2017 Consumer and Commercial Banking Corporate and Investment Banking Treasury Corporate Support and Other Consolidated (In Thousands) Net interest income (expense) $ 508,884 $ 35,345 $ 14,268 $ (7,064 ) $ 551,433 Allocated provision for loan losses 63,305 5,720 — 11,114 80,139 Noninterest income 190,376 49,360 1,888 3,063 244,687 Noninterest expense 473,326 38,760 6,308 30,918 549,312 Net income (loss) before income tax expense (benefit) 162,629 40,225 9,848 (46,033 ) 166,669 Income tax expense (benefit) 56,920 14,079 3,446 (28,599 ) 45,846 Net income (loss) 105,709 26,146 6,402 (17,434 ) 120,823 Less: net income attributable to noncontrolling interests 23 — 416 4 443 Net income (loss) attributable to BBVA Compass Bancshares, Inc. $ 105,686 $ 26,146 $ 5,986 $ (17,438 ) $ 120,380 Average assets $ 54,346,358 $ 11,009,451 $ 15,180,526 $ 7,140,547 $ 87,676,882 Three Months Ended March 31, 2016 Consumer and Commercial Banking Corporate and Investment Banking Treasury Corporate Support and Other Consolidated (In Thousands) Net interest income (expense) $ 499,812 $ 47,516 $ (5,140 ) $ (25,306 ) $ 516,882 Allocated provision for loan losses 61,011 53,427 — (1,193 ) 113,245 Noninterest income 196,032 43,526 11,387 2,260 253,205 Noninterest expense 481,897 78,497 5,238 26,512 592,144 Net income (loss) before income tax expense (benefit) 152,936 (40,882 ) 1,009 (48,365 ) 64,698 Income tax expense (benefit) 53,527 (14,309 ) 353 (14,140 ) 25,431 Net income (loss) 99,409 (26,573 ) 656 (34,225 ) 39,267 Less: net income attributable to noncontrolling interests 105 — 423 — 528 Net income (loss) attributable to BBVA Compass Bancshares, Inc. $ 99,304 $ (26,573 ) $ 233 $ (34,225 ) $ 38,739 Average assets $ 54,581,856 $ 14,464,503 $ 16,283,929 $ 6,974,818 $ 92,305,106 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 operating segment based on the utilization of services provided or other appropriate indicators. Capital is allocated to the operating segments 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 2016 segment information has been revised to conform to the 2017 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 | 3 Months Ended |
Mar. 31, 2017 | |
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 2017 and 2016 . 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 $5.5 billion and $5.2 billion as of March 31, 2017 and December 31, 2016 , respectively. The net fair value of outstanding derivative contracts between the Company and BBVA are detailed below. March 31, 2017 December 31, 2016 (In Thousands) Derivative contracts: Fair value hedges $ (16,169 ) $ (14,225 ) Cash flow hedges 433 (380 ) Free-standing derivatives not designated as hedging instruments (3,490 ) (14,326 ) 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. March 31, 2017 December 31, 2016 (In Thousands) Securities purchased under agreements to resell $ 989 $ 8,330 Securities sold under agreements to repurchase 69,860 23,397 Borrowings BSI, a wholly owned subsidiary of the Company, had a $420 million revolving note and cash subordination agreement with BBVA that was executed on March 16, 2012 with an original maturity date of March 16, 2018. On March 16, 2017, the agreement was amended to increase the available amount to $450 million and the maturity date was extended to March 16, 2023. BSI also has a $150 million line of credit with BBVA that was initiated on August 1, 2014. At both March 31, 2017 and December 31, 2016 , there was $50 million outstanding on the line of credit agreement and no amount outstanding under the revolving note and cash subordination agreement, respectively. Interest expense related to these agreements was $367 thousand and $822 thousand for the three months ended March 31, 2017 and 2016 , respectively, and are included in interest on other short-term borrowings within the Company's Unaudited Condensed Consolidated Statements of Income. Service and Referral Agreements The Company and its affiliates entered into or were subject to various service and referral agreements with BBVA and its affiliates. Each of the agreements was done in the ordinary course of business and on market terms. Income associated with these agreements was $6.0 million and $3.9 million for the three months ended March 31, 2017 and 2016 , respectively, and is recorded as a component of noninterest income within the Company's Unaudited Condensed Consolidated Statements of Income. Expenses associated with these agreements was $5.8 million and $6.8 million for the three months ended March 31, 2017 and 2016 , respectively, and is recorded as a component of noninterest expense within the Company's Unaudited Condensed Consolidated Statements of Income. Series A Preferred Stock BBVA is the sole holder of the Series A Preferred Stock that the Company issued in December 2015. At March 31, 2017 , the carrying amount of the Series A Preferred Stock was approximately $229 million . During the three months ended March 31, 2017 and 2016 , the Company paid $3.5 million and $3.2 million , respectively, of preferred stock dividends to BBVA. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Use of Estimates in the Preparation of Consolidated Financial Statements | Use of Estimates in the Preparation of Consolidated Financial Statements The preparation of consolidated 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 Adopted Accounting Standards Stock Compensation In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting . The FASB issued this ASU to improve the accounting for share-based payment transactions as part of its simplification initiative. The areas for simplification in this ASU involve several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The amendments in this ASU were effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2016. The adoption of this standard did not have an impact on the financial condition or results of operations of the Company. Recently Issued Accounting Standards Not Yet Adopted 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 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 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 and its selection of transition method. Because the guidance does not apply to revenue associated with financial instruments, including loans and securities accounted for under other U.S. GAAP, the Company does not expect the new revenue recognition guidance to have a material impact on the elements of its statement of income most closely associated with financial instruments, including securities gains, interest income and interest expense. The Company plans to adopt this standard utilizing a modified retrospective transition method in the first quarter of 2018. Recognition and Measurement of Financial Assets and Liabilities In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Liabilities . The amendments in this ASU revise an entity's accounting related to the classification and measurement of investments in equity securities and the presentation of certain fair value changes for financial liabilities measured at fair value. The ASU also amends certain disclosure requirements associated with the fair value of financial instruments. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted for the presentation of certain fair value changes for financial liabilities measured at fair value. The adoption of this standard is not expected to have a material impact on the financial condition or results of operations of the Company. Leases In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) . The FASB issued this ASU to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet by lessees for those leases classified as operating leases under current U.S. GAAP and disclosing key information about leasing arrangements. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2018. Early application of this ASU is permitted for all entities. 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. Credit Losses In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses , which introduces new guidance for the accounting for credit losses on instruments within its scope. The new guidance introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments. It also modifies the impairment model for AFS debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2019. Early application of this ASU is permitted. The Company is currently assessing the impact that the adoption of this standard will have on the financial condition and results of operations of the Company. Statement of Cash Flows In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments , which provides guidance on eight specific cash flow issues with the objective of reducing the existing diversity in practice. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early application of this ASU is permitted. The Company is currently assessing the impact that the adoption of this standard will have on the Statements of Cash Flows of the Company. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows - Restricted Cash . The amendments in this ASU require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early application of this ASU is permitted. The Company is currently assessing the impact that the adoption of this standard will have on the Statement of Cash Flows of the Company. Goodwill In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment , which simplifies the manner in which an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Under the amendments in this ASU, an entity should (1) perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount, and (2) recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, with the understanding that the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, ASU No. 2017-04 removes the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails such qualitative test, to perform Step 2 of the goodwill impairment test. This ASU is effective for fiscal years beginning after December 15, 2019, and for interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The ASU should be applied using a prospective method. The Company is currently assessing this pronouncement and the impact of adoption. Retirement Benefits In March 2017, the FASB issued ASU 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. The amendments in this ASU require that an employer disaggregate the service cost component from the other components of net benefit cost. The amendments also provide explicit guidance on how to present the service cost component and the other components of net benefit cost in the income statement and allow only the service cost component of net benefit cost to be eligible for capitalization. This ASU is effective for fiscal years beginning after December 15, 2017, and for interim periods within those fiscal years. Early adoption is permitted. The ASU should be applied retrospectively for the presentation of the service cost component and the other components of net benefit cost in the income statement and prospectively, on and after the effective date, for the capitalization of the service cost component of net benefit cost. 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. Premium Amortization on Purchased Callable Debt Securities In March 2017, the FASB issued ASU 2017-08, Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities. The amendments in this ASU reduce the amortization period for certain callable debt securities carried at a premium and require the premium to be amortized over a period not to exceed the earliest call date. These amendments do not apply to securities carried at a discount. This ASU is effective for fiscal years beginning after December 15, 2018, and for interim periods within those fiscal years. Early adoption is permitted. The ASU should be applied using a modified retrospective method. 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. |
Derivatives and Hedging, policy | The Company has made an accounting policy decision to not offset derivative fair value amounts under master netting agreements. |
Repurchase and resale agreements, policy | 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. |
Acquisition Activity (Tables)
Acquisition Activity (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Business Combinations [Abstract] | |
Schedule of acquisitions of entities under common control | The following table summarizes the impact of the acquisition to certain captions within the Company's Unaudited Condensed Consolidated Income Statement for the three months ended March 31, 2016 . Income Statement As Previously Reported Retrospective Adjustments As Retrospectively Adjusted (In Thousands) Three Months Ended March 31, 2016 Interest income $ 632,761 $ 1 $ 632,762 Noninterest income 226,579 26,626 253,205 Noninterest expense 573,119 19,025 592,144 Income tax expense 22,618 2,813 25,431 Net income 34,478 4,789 39,267 |
Investment Securities Availab23
Investment Securities Available for Sale and Investment Securities Held to Maturity (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 tables present the adjusted cost and approximate fair value of investment securities available for sale and investment securities held to maturity. March 31, 2017 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 $ 2,995,084 $ 4,896 $ 32,595 $ 2,967,385 Mortgage-backed securities 3,541,581 14,965 34,522 3,522,024 Collateralized mortgage obligations 5,013,180 5,796 84,833 4,934,143 States and political subdivisions 8,089 144 25 8,208 Other 14,129 48 116 14,061 Equity securities 400,727 70 — 400,797 Total $ 11,972,790 $ 25,919 $ 152,091 $ 11,846,618 Investment securities held to maturity: Collateralized mortgage obligations $ 77,791 $ 4,926 $ 3,424 $ 79,293 Asset-backed securities 13,314 1,914 956 14,272 States and political subdivisions 1,002,928 3,302 20,680 985,550 Other 64,752 928 2,101 63,579 Total $ 1,158,785 $ 11,070 $ 27,161 $ 1,142,694 December 31, 2016 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 $ 2,409,141 $ 2,390 $ 37,200 $ 2,374,331 Mortgage-backed securities 3,796,270 12,869 45,801 3,763,338 Collateralized mortgage obligations 5,200,241 5,292 106,605 5,098,928 States and political subdivisions 8,457 184 — 8,641 Other 16,321 6 142 16,185 Equity securities 403,548 84 — 403,632 Total $ 11,833,978 $ 20,825 $ 189,748 $ 11,665,055 Investment securities held to maturity: Collateralized mortgage obligations $ 83,087 $ 5,265 $ 3,278 $ 85,074 Asset-backed securities 15,118 1,982 1,081 16,019 States and political subdivisions 1,040,716 2,309 25,518 1,017,507 Other 64,296 1,143 2,030 63,409 Total $ 1,203,217 $ 10,699 $ 31,907 $ 1,182,009 |
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 tables disclose 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 March 31, 2017 and December 31, 2016 . This information is aggregated by investment category and the length of time the individual securities have been in an unrealized loss position. March 31, 2017 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 $ 1,342,663 $ 13,129 $ 747,898 $ 19,466 $ 2,090,561 $ 32,595 Mortgage-backed securities 1,202,675 9,804 1,293,140 24,718 2,495,815 34,522 Collateralized mortgage obligations 2,979,987 68,468 1,074,947 16,365 4,054,934 84,833 States and political subdivisions 4,333 25 — — 4,333 25 Other 3,871 55 1,060 61 4,931 116 Total $ 5,533,529 $ 91,481 $ 3,117,045 $ 60,610 $ 8,650,574 $ 152,091 Investment securities held to maturity: Collateralized mortgage obligations $ 8,468 $ 199 $ 40,759 $ 3,225 $ 49,227 $ 3,424 Asset-backed securities — — 8,317 956 8,317 956 States and political subdivisions 422,213 9,863 311,319 10,817 733,532 20,680 Other 9,380 130 10,872 1,971 20,252 2,101 Total $ 440,061 $ 10,192 $ 371,267 $ 16,969 $ 811,328 $ 27,161 December 31, 2016 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 $ 1,277,341 $ 23,862 $ 609,078 $ 13,338 $ 1,886,419 $ 37,200 Mortgage-backed securities 1,425,743 15,235 1,368,957 30,566 2,794,700 45,801 Collateralized mortgage obligations 3,527,757 99,477 782,849 7,128 4,310,606 106,605 Other 3,849 77 1,057 65 4,906 142 Total $ 6,234,690 $ 138,651 $ 2,761,941 $ 51,097 $ 8,996,631 $ 189,748 Investment securities held to maturity: Collateralized mortgage obligations $ 3,847 $ 527 $ 40,083 $ 2,751 $ 43,930 $ 3,278 Asset-backed securities 343 1 9,238 1,080 9,581 1,081 States and political subdivisions 532,090 13,043 313,803 12,475 845,893 25,518 Other 16,578 174 3,587 1,856 20,165 2,030 Total $ 552,858 $ 13,745 $ 366,711 $ 18,162 $ 919,569 $ 31,907 |
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 2017 2016 (In Thousands) Balance at beginning of period $ 22,582 $ 22,452 Reductions for securities paid off during the period (realized) — — Additions for the credit component on debt securities in which OTTI was not previously recognized 242 — Additions for the credit component on debt securities in which OTTI was previously recognized — — Balance at end of period $ 22,824 $ 22,452 |
Schedule of investments classified by contractual maturity date | The contractual maturities of the securities portfolios are presented in the following table. March 31, 2017 Amortized Cost Fair Value (In Thousands) Investment securities available for sale: Maturing within one year $ 350,956 $ 350,702 Maturing after one but within five years 621,527 612,890 Maturing after five but within ten years 1,027,104 1,027,567 Maturing after ten years 1,017,715 998,495 3,017,302 2,989,654 Mortgage-backed securities and collateralized mortgage obligations 8,554,761 8,456,167 Equity securities 400,727 400,797 Total $ 11,972,790 $ 11,846,618 Investment securities held to maturity: Maturing within one year $ 67,232 $ 67,298 Maturing after one but within five years 274,836 269,078 Maturing after five but within ten years 233,024 229,624 Maturing after ten years 505,902 497,401 1,080,994 1,063,401 Collateralized mortgage obligations 77,791 79,293 Total $ 1,158,785 $ 1,142,694 |
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 March 31, 2017 2016 (In Thousands) Gross gains $ — $ 8,353 Gross losses — — Net realized gains $ — $ 8,353 |
Loans and Allowance for Loan 24
Loans and Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Receivables [Abstract] | |
Schedule of composition of loan portfolio | The following table presents the composition of the loan portfolio. March 31, 2017 December 31, 2016 (In Thousands) Commercial loans: Commercial, financial and agricultural $ 24,660,668 $ 25,122,002 Real estate – construction 2,227,405 2,125,316 Commercial real estate – mortgage 11,398,821 11,210,660 Total commercial loans 38,286,894 38,457,978 Consumer loans: Residential real estate – mortgage 13,117,776 13,259,994 Equity lines of credit 2,560,495 2,543,778 Equity loans 420,362 445,709 Credit card 570,311 604,881 Consumer direct 1,329,242 1,254,641 Consumer indirect 3,078,748 3,134,948 Total consumer loans 21,076,934 21,243,951 Covered loans 341,939 359,334 Total loans $ 59,705,767 $ 60,061,263 |
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 (In Thousands) Three months ended March 31, 2017 Allowance for loan losses: Beginning balance $ 458,580 $ 116,937 $ 119,484 $ 143,292 $ — $ 838,293 Provision (credit) for loan losses 40,045 (3,128 ) (330 ) 43,583 (31 ) 80,139 Loans charged off (42,908 ) (114 ) (6,338 ) (52,828 ) — (102,188 ) Loan recoveries 3,497 912 3,129 10,293 31 17,862 Net (charge-offs) recoveries (39,411 ) 798 (3,209 ) (42,535 ) 31 (84,326 ) Ending balance $ 459,214 $ 114,607 $ 115,945 $ 144,340 $ — $ 834,106 Three months ended March 31, 2016 Allowance for loan losses: Beginning balance $ 402,113 $ 122,068 $ 132,104 $ 104,948 $ 1,440 $ 762,673 Provision (credit) for loan losses 83,582 (6,417 ) (3,149 ) 39,273 (44 ) 113,245 Loans charged off (19,806 ) (689 ) (6,201 ) (39,953 ) (249 ) (66,898 ) Loan recoveries 1,749 969 2,419 8,283 — 13,420 Net (charge-offs) recoveries (18,057 ) 280 (3,782 ) (31,670 ) (249 ) (53,478 ) Ending balance $ 467,638 $ 115,931 $ 125,173 $ 112,551 $ 1,147 $ 822,440 (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 (In Thousands) March 31, 2017 Ending balance of allowance attributable to loans: Individually evaluated for impairment $ 96,429 $ 7,225 $ 31,746 $ 1,951 $ — $ 137,351 Collectively evaluated for impairment 362,785 107,382 84,199 142,389 — 696,755 Purchased loans — — — — — — Total allowance for loan losses $ 459,214 $ 114,607 $ 115,945 $ 144,340 $ — $ 834,106 Ending balance of loans: Individually evaluated for impairment $ 553,976 $ 61,172 $ 176,269 $ 2,670 $ — $ 794,087 Collectively evaluated for impairment 24,082,230 13,553,116 15,922,100 4,971,678 — 58,529,124 Purchased loans 24,462 11,938 264 3,953 341,939 382,556 Total loans $ 24,660,668 $ 13,626,226 $ 16,098,633 $ 4,978,301 $ 341,939 $ 59,705,767 December 31, 2016 Ending balance of allowance attributable to loans: Individually evaluated for impairment $ 99,932 $ 4,037 $ 32,016 $ 2,223 $ — $ 138,208 Collectively evaluated for impairment 358,648 112,900 87,468 141,069 — 700,085 Purchased loans — — — — — — Total allowance for loan losses $ 458,580 $ 116,937 $ 119,484 $ 143,292 $ — $ 838,293 Ending balance of loans: Individually evaluated for impairment $ 719,468 $ 44,258 $ 186,338 $ 3,042 $ — $ 953,106 Collectively evaluated for impairment 24,377,200 13,275,968 16,062,554 4,987,208 — 58,702,930 Purchased loans 25,334 15,750 589 4,220 359,334 405,227 Total loans $ 25,122,002 $ 13,335,976 $ 16,249,481 $ 4,994,470 $ 359,334 $ 60,061,263 (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 tables present information on individually evaluated impaired loans, by loan class. March 31, 2017 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 $ 200,288 $ 216,689 $ — $ 353,688 $ 394,842 $ 96,429 Real estate – construction — — — 328 371 234 Commercial real estate – mortgage 21,640 22,704 — 39,204 39,504 6,991 Residential real estate – mortgage — — — 113,680 113,680 9,759 Equity lines of credit — — — 22,912 23,037 16,945 Equity loans — — — 39,677 40,446 5,042 Credit card — — — — — — Consumer direct — — — 691 691 49 Consumer indirect — — — 1,979 1,979 1,902 Total loans $ 221,928 $ 239,393 $ — $ 572,159 $ 614,550 $ 137,351 December 31, 2016 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 $ 375,957 $ 396,294 $ — $ 343,511 $ 371,085 $ 99,932 Real estate – construction — — — 344 459 344 Commercial real estate – mortgage 19,235 20,177 — 24,679 24,865 3,693 Residential real estate – mortgage — — — 119,986 119,986 7,529 Equity lines of credit — — — 24,591 25,045 19,083 Equity loans — — — 41,761 42,561 5,404 Credit card — — — — — — Consumer direct — — — 745 745 59 Consumer indirect — — — 2,297 2,297 2,164 Total loans $ 395,192 $ 416,471 $ — $ 557,914 $ 587,043 $ 138,208 The following table presents information on individually evaluated impaired loans, by loan class. Three Months Ended March 31, 2017 Three Months Ended March 31, 2016 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (In Thousands) Commercial, financial and agricultural $ 598,126 $ 404 $ 343,028 $ 320 Real estate – construction 334 2 3,999 2 Commercial real estate – mortgage 49,265 284 60,504 413 Residential real estate – mortgage 116,979 646 108,918 636 Equity lines of credit 23,338 229 27,912 281 Equity loans 40,570 344 45,947 373 Credit card — — — — Consumer direct 707 6 904 8 Consumer indirect 2,064 3 1,859 2 Total loans $ 831,383 $ 1,918 $ 593,071 $ 2,035 |
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 March 31, 2017 Commercial, Financial and Agricultural Real Estate - Construction Commercial Real Estate - Mortgage (In Thousands) Pass $ 22,819,424 $ 2,181,799 $ 11,107,996 Special Mention 713,760 41,654 148,639 Substandard 957,263 3,889 121,427 Doubtful 170,221 63 20,759 $ 24,660,668 $ 2,227,405 $ 11,398,821 December 31, 2016 Commercial, Financial and Agricultural Real Estate - Construction Commercial Real Estate - Mortgage (In Thousands) Pass $ 23,142,975 $ 2,055,483 $ 10,898,877 Special Mention 758,417 60,826 187,182 Substandard 1,081,439 9,007 106,183 Doubtful 139,171 — 18,418 $ 25,122,002 $ 2,125,316 $ 11,210,660 Consumer March 31, 2017 Residential Real Estate – Mortgage Equity Lines of Credit Equity Loans Credit Card Consumer Direct Consumer Indirect (In Thousands) Noncovered loans: Performing $ 12,973,925 $ 2,526,342 $ 407,031 $ 557,858 $ 1,323,731 $ 3,063,330 Nonperforming 143,851 34,153 13,331 12,453 5,511 15,418 $ 13,117,776 $ 2,560,495 $ 420,362 $ 570,311 $ 1,329,242 $ 3,078,748 December 31, 2016 Residential Real Estate -Mortgage Equity Lines of Credit Equity Loans Credit Card Consumer Direct Consumer Indirect (In Thousands) Noncovered loans: Performing $ 13,115,936 $ 2,507,375 $ 431,417 $ 593,927 $ 1,249,370 $ 3,121,825 Nonperforming 144,058 36,403 14,292 10,954 5,271 13,123 $ 13,259,994 $ 2,543,778 $ 445,709 $ 604,881 $ 1,254,641 $ 3,134,948 |
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. March 31, 2017 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 $ 22,472 $ 11,804 $ 4,405 $ 540,407 $ 31,644 $ 610,732 $ 24,049,936 $ 24,660,668 Real estate – construction 487 25 3,640 1,028 114 5,294 2,222,111 2,227,405 Commercial real estate – mortgage 13,872 1,226 4,602 89,908 4,821 114,429 11,284,392 11,398,821 Residential real estate – mortgage 61,234 22,337 2,653 140,342 58,867 285,433 12,832,343 13,117,776 Equity lines of credit 9,144 3,619 1,478 32,675 — 46,916 2,513,579 2,560,495 Equity loans 5,105 1,592 376 12,626 33,635 53,334 367,028 420,362 Credit card 6,262 4,719 12,453 — — 23,434 546,877 570,311 Consumer direct 12,025 4,866 4,874 637 662 23,064 1,306,178 1,329,242 Consumer indirect 68,851 16,161 7,463 7,955 — 100,430 2,978,318 3,078,748 Covered loans 6,448 3,479 23,673 410 — 34,010 307,929 341,939 Total loans $ 205,900 $ 69,828 $ 65,617 $ 825,988 $ 129,743 $ 1,297,076 $ 58,408,691 $ 59,705,767 December 31, 2016 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 $ 23,788 $ 6,581 $ 2,891 $ 596,454 $ 8,726 $ 638,440 $ 24,483,562 $ 25,122,002 Real estate – construction 918 50 2,007 1,239 2,393 6,607 2,118,709 2,125,316 Commercial real estate – mortgage 3,791 3,474 — 71,921 4,860 84,046 11,126,614 11,210,660 Residential real estate – mortgage 57,359 28,450 3,356 140,303 59,893 289,361 12,970,633 13,259,994 Equity lines of credit 7,922 4,583 2,950 33,453 — 48,908 2,494,870 2,543,778 Equity loans 5,615 1,843 467 13,635 34,746 56,306 389,403 445,709 Credit card 6,411 5,042 10,954 — — 22,407 582,474 604,881 Consumer direct 13,338 4,563 4,482 789 704 23,876 1,230,765 1,254,641 Consumer indirect 85,198 22,833 7,197 5,926 — 121,154 3,013,794 3,134,948 Covered loans 7,311 1,351 27,238 730 — 36,630 322,704 359,334 Total loans $ 211,651 $ 78,770 $ 61,542 $ 864,450 $ 111,322 $ 1,327,735 $ 58,733,528 $ 60,061,263 |
Schedule of troubled debt restructuring loans and subsequent defaults on restructured 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 March 31, 2017 Three Months Ended March 31, 2016 Number of Contracts Post-Modification Outstanding Recorded Investment Number of Contracts Post-Modification Outstanding Recorded Investment (Dollars in Thousands) Commercial, financial and agricultural 10 $ 80,790 3 $ 262 Real estate – construction — — 1 3,392 Commercial real estate – mortgage — — 3 1,275 Residential real estate – mortgage 13 2,772 17 2,338 Equity lines of credit 17 546 8 977 Equity loans 10 408 3 103 Credit card — — — — Consumer direct — — — — Consumer indirect 10 168 30 515 Covered loans 2 103 — — The following table provides 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 March 31, 2017 Three Months Ended March 31, 2016 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 1 505 — — Equity lines of credit — — — — Equity loans — — — — Credit card — — — — Consumer direct — — — — Consumer indirect 1 22 — — Covered loans — — — — |
Loan Sales and Servicing (Table
Loan Sales and Servicing (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Transfers and Servicing [Abstract] | |
Schedule of loans transferred to held for sale and loans sold | The following table summarizes the Company's activity in the loans held for sale portfolio and loan sales, excluding activity related to loans originated for sale in the secondary market. Three Months Ended March 31, 2017 2016 (In Thousands) Loans transferred from held for investment to held for sale $ — $ 764,022 Charge-offs on loans recognized at transfer from held for investment to held for sale — — Loans and loans held for sale sold 128,842 760,297 |
Schedule of loan sales and residential mortgage servicing rights | The following table is an analysis of the activity in the Company’s MSRs. Three Months Ended March 31, 2017 2016 (In Thousands) Carrying value, at beginning of period $ 51,428 $ 44,541 Additions 2,018 4,407 Increase (decrease) in fair value: Due to changes in valuation inputs or assumptions 346 (5,762 ) Due to other changes in fair value (7) (3,016 ) (2,469 ) Carrying value, at end of period $ 50,776 $ 40,717 (7) Represents the realization of expected net servicing cash flows, expected borrower repayments and the passage of time. The following table summarizes the Company's sales of loans originated for sale in the secondary market. Three Months Ended March 31, 2017 2016 (In Thousands) Residential real estate loans originated for sale in the secondary market sold (1) $ 172,206 $ 128,911 Net gains recognized on sales of residential real estate loans originated for sale in the secondary market (2) 4,621 5,768 (1) Includes loans originated for sale where the Company retained servicing responsibilities. (2) Net 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 The following table summarizes the Company's activity related to residential real estate mortgage loans sold with retained servicing. Three Months Ended March 31, 2017 2016 (In Thousands) Residential real estate mortgage loans sold with retained servicing (3) $ 172,206 $ 444,807 Servicing fees recognized (4) 6,490 6,063 (3) There is no recourse to the Company for the failures of borrowers to pay loans when due. (4) Recorded as a component of other noninterest income in the Company's Unaudited Condensed Consolidated Statements of Income. The following table provides the recorded balance of loans sold with retained servicing and the related MSRs. March 31, 2017 December 31, 2016 (In Thousands) Recorded balance of residential real estate mortgage loans sold with retained servicing (5) $ 4,691,319 $ 4,684,899 MSRs (6) 50,776 51,428 (5) These loans are not included in loans on the Company's Unaudited Condensed Consolidated Balance Sheets. (6) Recorded under the fair value method and included in other assets on the Company's Unaudited Condensed Consolidated Balance Sheets. |
Schedule of sensitivity of current fair value of residential real estate mortgage servicing rights | At March 31, 2017 and December 31, 2016 , 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: March 31, 2017 December 31, 2016 (Dollars in Thousands) Fair value of MSRs $ 50,776 $ 51,428 Composition of residential loans serviced for others: Fixed rate mortgage loans 97.4 % 97.3 % Adjustable rate mortgage loans 2.6 2.7 Total 100.0 % 100.0 % Weighted average life (in years) 7.0 6.5 Prepayment speed: 6.6 % 15.7 % Effect on fair value of a 10% increase $ (1,502 ) $ (1,646 ) Effect on fair value of a 20% increase (2,909 ) (3,184 ) Weighted average option adjusted spread: 8.7 % 8.1 % Effect on fair value of a 10% increase $ (1,756 ) $ (1,758 ) Effect on fair value of a 20% increase (3,400 ) (3,402 ) |
Derivatives and Hedging (Tables
Derivatives and Hedging (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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. March 31, 2017 (4) December 31, 2016 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 $ 32,003 $ 16,169 $ 2,123,950 $ 38,890 $ 14,226 Total fair value hedges 32,003 16,169 38,890 14,226 Cash flow hedges: Interest rate contracts: Swaps related to commercial loans 8,950,000 4 25,369 7,625,000 2,340 11,570 Swaps related to FHLB advances 120,000 — 6,333 120,000 — 7,093 Foreign currency contracts: Forwards related to currency fluctuations 4,907 433 — 3,618 — 380 Total cash flow hedges 437 31,702 2,340 19,043 Total derivatives designated as hedging instruments $ 32,440 $ 47,871 $ 41,230 $ 33,269 Free-standing derivatives not designated as hedging instruments: Interest rate contracts: Forward contracts related to held for sale mortgages $ 254,000 $ 374 $ 1,053 $ 251,500 $ 2,479 $ 493 Interest rate lock commitments 156,991 3,178 1 150,616 2,424 32 Equity contracts: Purchased equity option related to equity-linked CDs 818,832 60,829 — 833,763 57,198 — Written equity option related to equity-linked CDs 750,485 — 56,178 770,632 — 53,044 Foreign exchange contracts: Forwards and swaps related to commercial loans 514,870 869 3,144 424,155 3,741 1,723 Spots related to commercial loans 56,775 34 25 54,599 134 — Swap associated with sale of Visa, Inc. Class B shares 77,807 — 1,945 68,308 — 1,708 Futures contracts (3) 119,000 — — 104,000 — — Trading account assets and liabilities: Interest rate contracts for customers 28,964,141 244,525 193,258 28,000,014 290,238 228,748 Foreign exchange contracts for customers 859,575 23,633 21,560 870,084 28,367 26,317 Total trading account assets and liabilities 268,158 214,818 318,605 255,065 Total free-standing derivative instruments not designated as hedging instruments $ 333,442 $ 277,164 $ 384,581 $ 312,065 (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. (4) In January 2017, a clearing organization adopted a rule change that requires transactions to be considered settled-to-market each day. Beginning in the first quarter of 2017, to the extent the Company determined transactions with this clearing organization to be settled-to-market, the impact was a reduction to the derivative assets and liabilities as well as a corresponding decrease in cash collateral. |
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 March 31, Statements of Income Caption 2017 2016 (In Thousands) Change in fair value of interest rate contracts: Interest rate swaps hedging long term debt Interest on FHLB and other borrowings $ (8,830 ) $ 48,876 Hedged long term debt Interest on FHLB and other borrowings 8,493 (44,731 ) 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 8,864 10,790 |
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 2017 2016 (In Thousands) Interest rate and foreign currency exchange contracts: Net change in amount recognized in other comprehensive income $ (9,866 ) $ 2,739 Amount reclassified from accumulated other comprehensive income (loss) into net income 5,694 519 Amount of ineffectiveness recognized in net income (749 ) — |
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 March 31, Statements of Income Caption 2017 2016 (In Thousands) Futures contracts Mortgage banking income and corporate and correspondent investment sales $ (3 ) $ (240 ) Option contracts related to mortgage servicing rights Mortgage banking income — (105 ) Interest rate contracts: Forward contracts related to residential mortgage loans held for sale Mortgage banking income (2,665 ) (1,455 ) Interest rate lock commitments Mortgage banking income 785 822 Interest rate contracts for customers Corporate and correspondent investment sales 6,796 3,540 Commodity contracts: Commodity contracts for customers Corporate and correspondent investment sales — (2 ) Equity contracts: Purchased equity option related to equity-linked CDs Other expense 3,630 5,291 Written equity option related to equity-linked CDs Other expense (3,134 ) (4,556 ) Foreign currency contracts: Forward and swap contracts related to commercial loans Other income (6,958 ) (13,947 ) Spot contracts related to commercial loans Other income 996 (1,108 ) Foreign currency exchange contracts for customers Corporate and correspondent investment sales 2,350 431 |
Schedule Of Assets Subject To Enforceable Master Netting Arrangements | The following table 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 Collateral Received/Pledged (1) Cash Collateral Received/ Pledged (1) Net Amount (In Thousands) March 31, 2017 Derivative financial assets: Subject to a master netting arrangement $ 203,289 $ — $ 203,289 $ — $ 41,212 $ 162,077 Not subject to a master netting arrangement 162,593 — 162,593 — — 162,593 Total derivative financial assets $ 365,882 $ — $ 365,882 $ — $ 41,212 $ 324,670 Derivative financial liabilities: Subject to a master netting arrangement $ 220,530 $ — $ 220,530 $ 8,384 $ 86,569 $ 125,577 Not subject to a master netting arrangement 104,505 — 104,505 — — 104,505 Total derivative financial liabilities $ 325,035 $ — $ 325,035 $ 8,384 $ 86,569 $ 230,082 December 31, 2016 Derivative financial assets: Subject to a master netting arrangement $ 234,002 $ — $ 234,002 $ — $ 33,212 $ 200,790 Not subject to a master netting arrangement 191,809 — 191,809 — — 191,809 Total derivative financial assets $ 425,811 $ — $ 425,811 $ — $ 33,212 $ 392,599 Derivative financial liabilities: Subject to a master netting arrangement $ 248,669 $ — $ 248,669 $ 9,685 $ 102,603 $ 136,381 Not subject to a master netting arrangement 96,665 — 96,665 — — 96,665 Total derivative financial liabilities $ 345,334 $ — $ 345,334 $ 9,685 $ 102,603 $ 233,046 (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 table 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 Collateral Received/Pledged (1) Cash Collateral Received/ Pledged (1) Net Amount (In Thousands) March 31, 2017 Derivative financial assets: Subject to a master netting arrangement $ 203,289 $ — $ 203,289 $ — $ 41,212 $ 162,077 Not subject to a master netting arrangement 162,593 — 162,593 — — 162,593 Total derivative financial assets $ 365,882 $ — $ 365,882 $ — $ 41,212 $ 324,670 Derivative financial liabilities: Subject to a master netting arrangement $ 220,530 $ — $ 220,530 $ 8,384 $ 86,569 $ 125,577 Not subject to a master netting arrangement 104,505 — 104,505 — — 104,505 Total derivative financial liabilities $ 325,035 $ — $ 325,035 $ 8,384 $ 86,569 $ 230,082 December 31, 2016 Derivative financial assets: Subject to a master netting arrangement $ 234,002 $ — $ 234,002 $ — $ 33,212 $ 200,790 Not subject to a master netting arrangement 191,809 — 191,809 — — 191,809 Total derivative financial assets $ 425,811 $ — $ 425,811 $ — $ 33,212 $ 392,599 Derivative financial liabilities: Subject to a master netting arrangement $ 248,669 $ — $ 248,669 $ 9,685 $ 102,603 $ 136,381 Not subject to a master netting arrangement 96,665 — 96,665 — — 96,665 Total derivative financial liabilities $ 345,334 $ — $ 345,334 $ 9,685 $ 102,603 $ 233,046 (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 Activiti27
Securities Financing Activities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Transfers and Servicing [Abstract] | |
Schedule of assets and liabilities subject to enforceable master netting arrangements | Gross Amounts Recognized Gross Amounts Offset in the Condensed Consolidated Balance Sheets Net Amount Presented in the Condensed Consolidated Balance Sheets Financial Instruments Collateral Received/Pledged (1) Cash Collateral Received/ Pledged (1) Net Amount (In Thousands) March 31, 2017 Securities purchased under agreements to resell: Subject to a master netting arrangement $ 2,888,149 $ 2,746,902 $ 141,247 $ 141,247 $ — $ — Securities sold under agreements to repurchase: Subject to a master netting arrangement $ 2,818,461 $ 2,746,902 $ 71,559 $ 71,559 $ — $ — December 31, 2016 Securities purchased under agreements to resell: Subject to a master netting arrangement $ 3,164,039 $ 3,069,489 $ 94,550 $ 94,550 $ — $ — Securities sold under agreements to repurchase: Subject to a master netting arrangement $ 3,095,655 $ 3,069,488 $ 26,167 $ 26,167 $ — $ — (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 securities sold under agreements to repurchase | The following table presents the Company's related activity, by collateral type and remaining contractual maturity. Remaining Contractual Maturity of the Agreements Overnight and Continuous Up to 30 days 30 - 90 days Greater Than 90 days Total (In Thousands) March 31, 2017 Securities sold under agreements to repurchase: U.S. Treasury and other U.S. government agencies $ 845,035 $ 1,578,613 $ 318,265 $ — $ 2,741,913 Mortgage-backed securities — — 76,548 — 76,548 Total $ 845,035 $ 1,578,613 $ 394,813 $ — $ 2,818,461 December 31, 2016 Securities sold under agreements to repurchase: U.S. Treasury and other U.S. government agencies $ 1,408,736 $ 806,526 $ 798,089 $ — $ 3,013,351 Mortgage-backed securities — — 82,304 — 82,304 Total $ 1,408,736 $ 806,526 $ 880,393 $ — $ 3,095,655 |
Commitments, Contingencies an28
Commitments, Contingencies and Guarantees (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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: March 31, 2017 December 31, 2016 (In Thousands) Commitments to extend credit $ 26,965,029 $ 27,070,935 Standby and commercial letters of credit 1,456,104 1,474,405 |
Fair Value of Financial Instr29
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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) March 31, 2017 Residential mortgage loans held for sale $ 74,741 $ 72,041 $ 2,700 December 31, 2016 Residential mortgage loans held for sale $ 105,257 $ 103,886 $ 1,371 |
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 March 31, 2017 (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 $ 2,614,008 $ 2,614,008 $ — $ — Collateralized mortgage obligations 1,324 — 1,324 — State and political subdivisions 460 — 460 — Other debt securities 7,485 — 7,485 — Interest rate contracts 244,525 — 244,525 — Foreign exchange contracts 23,633 — 23,633 — Other trading assets 819 — — 819 Total trading account assets 2,892,254 2,614,008 277,427 819 Investment securities available for sale: U.S. Treasury and other U.S. government agencies 2,967,385 1,883,291 1,084,094 — Mortgage-backed securities 3,522,024 — 3,522,024 — Collateralized mortgage obligations 4,934,143 — 4,934,143 — States and political subdivisions 8,208 — 8,208 — Other debt securities 14,061 14,061 — — Equity securities (1) 370 73 — 297 Total investment securities available for sale 11,446,191 1,897,425 9,548,469 297 Loans held for sale 74,741 — 74,741 — Derivative assets: Interest rate contracts 35,559 — 32,381 3,178 Equity contracts 60,829 — 60,829 — Foreign exchange contracts 1,336 — 1,336 — Total derivative assets 97,724 — 94,546 3,178 Other assets - MSR 50,776 — — 50,776 Other assets - SBIC 22,553 — — 22,553 Liabilities: Trading account liabilities: U.S. Treasury and other U.S. government agencies $ 2,584,514 $ 2,581,472 $ 3,042 $ — Other debt securities 8,025 — 8,025 — Interest rate contracts 193,258 — 193,258 — Foreign exchange contracts 21,560 — 21,560 — Total trading account liabilities 2,807,357 2,581,472 225,885 — Derivative liabilities: Interest rate contracts 48,925 — 48,924 1 Equity contracts 56,178 — 56,178 — Foreign exchange contracts 3,169 — 3,169 — Total derivative liabilities 108,272 — 108,271 1 (1) Excludes $400 million of FHLB and Federal Reserve stock required to be owned by the Company at March 31, 2017 . 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, 2016 (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 $ 2,820,797 $ 2,820,797 $ — $ — State and political subdivisions 219 — 219 — Other debt securities 4,120 — 4,120 — Interest rate contracts 290,238 — 290,238 — Foreign exchange contracts 28,367 — 28,367 — Other trading assets 859 — — 859 Total trading account assets 3,144,600 2,820,797 322,944 859 Investment securities available for sale: U.S. Treasury and other U.S. government agencies 2,374,331 1,266,564 1,107,767 — Mortgage-backed securities 3,763,338 — 3,763,338 — Collateralized mortgage obligations 5,098,928 — 5,098,928 — States and political subdivisions 8,641 — 8,641 — Other debt securities 16,185 16,185 — — Equity securities (1) 380 87 — 293 Total investment securities available for sale 11,261,803 1,282,836 9,978,674 293 Loans held for sale 105,257 — 105,257 — Derivative assets: Interest rate contracts 46,133 — 43,709 2,424 Equity contracts 57,198 — 57,198 — Foreign exchange contracts 3,875 — 3,875 — Total derivative assets 107,206 — 104,782 2,424 Other assets - MSR 51,428 — — 51,428 Other assets - SBIC 15,639 — — 15,639 Liabilities: Trading account liabilities: U.S. Treasury and other U.S. government agencies $ 2,750,085 $ 2,750,085 $ — $ — Other debt securities 2,892 — 2,892 — Interest rate contracts 228,748 — 228,748 — Foreign exchange contracts 26,317 — 26,317 — Total trading account liabilities 3,008,042 2,750,085 257,957 — Derivative liabilities: Interest rate contracts 33,414 — 33,382 32 Equity contracts 53,044 — 53,044 — Foreign exchange contracts 2,103 — 2,103 — Total derivative liabilities 88,561 — 88,529 32 (1) Excludes $403 million of FHLB and Federal Reserve stock required to be owned by the Company at December 31, 2016 . These securities are carried at par. |
Reconciliation of assets measured on a recurring basis using significant unobservable inputs | The following table reconciles the assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3). Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Three Months Ended March 31, Other Trading Assets Equity Securities Interest Rate Contracts, net Other Assets - MSR Other Assets - SBIC (In Thousands) Balance, December 31, 2015 $ 1,117 $ 253 $ 2,874 $ 44,541 $ — Transfers into Level 3 — — — — — Transfers out of Level 3 — — — — — Total gains or losses (realized/unrealized): Included in earnings (1) (46 ) — 822 (8,231 ) — Included in other comprehensive income — — — — — Purchases, issuances, sales and settlements: Purchases — — — — — Issuances — — — 4,407 — Sales — — — — — Settlements — — — — — Balance, March 31, 2016 $ 1,071 $ 253 $ 3,696 $ 40,717 $ — Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at March 31, 2016 $ (46 ) $ — $ 822 $ (8,231 ) $ — Balance, December 31, 2016 $ 859 $ 293 $ 2,392 $ 51,428 $ 15,639 Transfers into Level 3 — — — — — Transfers out of Level 3 — — — — — Total gains or losses (realized/unrealized): Included in earnings (1) (40 ) — 785 (2,670 ) 550 Included in other comprehensive income — — — — — Purchases, issuances, sales and settlements: Purchases — 4 — — 6,364 Issuances — — — 2,018 — Sales — — — — — Settlements — — — — — Balance, March 31, 2017 $ 819 $ 297 $ 3,177 $ 50,776 $ 22,553 Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at March 31, 2017 $ (40 ) $ — $ 785 $ (2,670 ) $ 550 (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 tables represent those assets that were subject to fair value adjustments during the three months ended March 31, 2017 and 2016 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) March 31, 2017 (Level 1) (Level 2) (Level 3) Three Months Ended March 31, 2017 (In Thousands) Nonrecurring fair value measurements Assets: Investment securities held to maturity $ 2,013 $ — $ — $ 2,013 $ (242 ) Impaired loans (1) 3,510 — — 3,510 15,921 OREO 25,113 — — 25,113 (1,723 ) 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) March 31, 2016 (Level 1) (Level 2) (Level 3) Three Months Ended March 31, 2016 (In Thousands) Nonrecurring fair value measurements Assets: Impaired loans (1) $ 69,032 $ — $ — $ 69,032 $ (15,408 ) OREO 17,877 — — 17,877 (699 ) (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 March 31, 2017 Valuation Technique Unobservable Input(s) (Weighted Average) (In Thousands) Recurring fair value measurements: Other trading assets $ 819 Discounted cash flow Default rate 10.2% Prepayment rate 5.8% - 11.0% (8.0%) Interest rate contracts 3,177 Discounted cash flow Closing ratios (pull-through) 18.6% - 99.1% (65.6%) Cap grids 0.2% - 2.2% (1.1%) Other assets - MSRs 50,776 Discounted cash flow Option adjusted spread 6.6% - 19.2% (8.7%) Constant prepayment rate or life speed 0.8% - 33.5% (6.6%) Cost to service $65 - $4,000 ($76) Other assets - SBIC investments 22,553 Transaction price Transaction price N/A Nonrecurring fair value measurements: Investment securities held to maturity $ 2,013 Discounted cash flow Prepayment rate 5.1% Default rate 4.8% Loss severity 70.6% Impaired loans 3,510 Appraised value Appraised value 0.0% - 80.0% (26.7%) OREO 25,113 Appraised value Appraised value 8.0% (1) (1) Represents discount to appraised value for estimated costs to sell. T |
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: March 31, 2017 Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 (In Thousands) Financial Instruments: Assets: Cash and cash equivalents $ 3,959,932 $ 3,959,932 $ 3,959,932 $ — $ — Investment securities held to maturity 1,158,785 1,142,694 — — 1,142,694 Loans, net 58,871,661 56,219,932 — — 56,219,932 Liabilities: Deposits $ 67,529,638 $ 67,603,537 $ — $ 67,603,537 $ — FHLB and other borrowings 2,993,222 3,037,339 — 3,037,339 — Federal funds purchased and securities sold under agreements to repurchase 71,559 71,559 — 71,559 — Other short-term borrowings 50,000 50,000 — 50,000 — December 31, 2016 Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 (In Thousands) Financial Instruments: Assets: Cash and cash equivalents $ 3,251,786 $ 3,251,786 $ 3,251,786 $ — $ — Investment securities held to maturity 1,203,217 1,182,009 — — 1,182,009 Loans, net 59,222,970 56,283,761 — — 56,283,761 Liabilities: Deposits $ 67,279,533 $ 67,359,299 $ — $ 67,359,299 $ — FHLB and other borrowings 3,001,551 3,001,836 — 3,001,836 — Federal funds purchased and securities sold under agreements to repurchase 39,052 39,052 — 39,052 — Other short-term borrowings 50,000 50,000 — 50,000 — |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Change in components of other comprehensive income (loss) | The following summarizes the change in the components of other comprehensive income. Three Months Ended March 31, 2017 2016 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 $ 42,751 $ 15,818 $ 26,933 $ 107,725 $ 39,461 $ 68,264 Less: reclassification adjustment for net gains on sale of securities in net income — — — 8,353 3,059 5,294 Net change in unrealized gains on securities available for sale 42,751 15,818 26,933 99,372 36,402 62,970 Change in unamortized net holding losses on investment securities held to maturity 1,058 392 666 835 306 529 Change in unamortized non-credit related impairment on investment securities held to maturity 354 131 223 351 129 222 Net change in unamortized holding losses on securities held to maturity 1,412 523 889 1,186 435 751 Unrealized holding gains (losses) arising during period from cash flow hedge instruments (15,686 ) (5,820 ) (9,866 ) 4,305 1,566 2,739 Change in defined benefit plans (773 ) (288 ) (485 ) 1,300 369 931 Other comprehensive income $ 27,704 $ 10,233 $ 17,471 $ 106,163 $ 38,772 $ 67,391 |
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, December 31, 2015 $ (56,326 ) $ (6,407 ) $ (29,166 ) $ (7,437 ) $ (99,336 ) Other comprehensive income before reclassifications 68,264 3,068 — — 71,332 Amounts reclassified from accumulated other comprehensive income (loss) (4,765 ) (329 ) 931 222 (3,941 ) Net current period other comprehensive income 63,499 2,739 931 222 67,391 Balance, March 31, 2016 $ 7,173 $ (3,668 ) $ (28,235 ) $ (7,215 ) $ (31,945 ) Balance, December 31, 2016 $ (119,562 ) $ (10,080 ) $ (32,028 ) $ (6,582 ) $ (168,252 ) Other comprehensive income (loss) before reclassifications 26,933 (6,285 ) — — 20,648 Amounts reclassified from accumulated other comprehensive income (loss) 666 (3,581 ) (485 ) 223 (3,177 ) Net current period other comprehensive income 27,599 (9,866 ) (485 ) 223 17,471 Balance, March 31, 2017 $ (91,963 ) $ (19,946 ) $ (32,513 ) $ (6,359 ) $ (150,781 ) |
Schedule of reclassifications out of accumulated other comprehensive income | The following table presents information on reclassifications out of accumulated other comprehensive income (loss). Details About Accumulated Other Comprehensive Income (Loss) Components Amounts Reclassified From Accumulated Other Comprehensive Income (Loss) (1) Condensed Consolidated Statement of Income Caption Three Months Ended March 31, 2017 2016 (In Thousands) Unrealized Gains (Losses) on Securities Available for Sale and Transferred to Held to Maturity $ — $ 8,353 Investment securities gains, net (1,058 ) (835 ) Interest on investment securities held to maturity (1,058 ) 7,518 392 (2,753 ) Income tax (expense) benefit $ (666 ) $ 4,765 Net of tax Accumulated Gains (Losses) on Cash Flow Hedging Instruments $ 6,374 $ 2,048 Interest and fees on loans (680 ) (1,529 ) Interest and fees on FHLB advances 5,694 519 (2,113 ) (190 ) Income tax expense $ 3,581 $ 329 Net of tax Defined Benefit Plan Adjustment $ 773 $ (1,300 ) (2) (288 ) 369 Income tax (expense) benefit $ 485 $ (931 ) Net of tax Unamortized Impairment Losses on Investment Securities Held to Maturity $ (354 ) $ (351 ) Interest on investment securities held to maturity 131 129 Income tax benefit $ (223 ) $ (222 ) 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 19, Benefit Plans, in the Notes to the December 31, 2016, Consolidated Financial Statements for additional details). |
Supplemental Disclosure for S31
Supplemental Disclosure for Statement of Cash Flows (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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. Three Months Ended March 31, 2017 2016 (In Thousands) Supplemental disclosures of cash flow information: Interest paid $ 103,006 $ 108,970 Net income taxes paid 1,153 2,658 Supplemental schedule of noncash investing and financing activities: Transfer of loans and loans held for sale to OREO $ 10,226 $ 6,651 Transfer of loans to loans held for sale — 764,022 Issuance of restricted stock, net of cancellations — (66 ) |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Schedule of segment reporting information | The following tables present the segment information for the Company’s segments. Three Months Ended March 31, 2017 Consumer and Commercial Banking Corporate and Investment Banking Treasury Corporate Support and Other Consolidated (In Thousands) Net interest income (expense) $ 508,884 $ 35,345 $ 14,268 $ (7,064 ) $ 551,433 Allocated provision for loan losses 63,305 5,720 — 11,114 80,139 Noninterest income 190,376 49,360 1,888 3,063 244,687 Noninterest expense 473,326 38,760 6,308 30,918 549,312 Net income (loss) before income tax expense (benefit) 162,629 40,225 9,848 (46,033 ) 166,669 Income tax expense (benefit) 56,920 14,079 3,446 (28,599 ) 45,846 Net income (loss) 105,709 26,146 6,402 (17,434 ) 120,823 Less: net income attributable to noncontrolling interests 23 — 416 4 443 Net income (loss) attributable to BBVA Compass Bancshares, Inc. $ 105,686 $ 26,146 $ 5,986 $ (17,438 ) $ 120,380 Average assets $ 54,346,358 $ 11,009,451 $ 15,180,526 $ 7,140,547 $ 87,676,882 Three Months Ended March 31, 2016 Consumer and Commercial Banking Corporate and Investment Banking Treasury Corporate Support and Other Consolidated (In Thousands) Net interest income (expense) $ 499,812 $ 47,516 $ (5,140 ) $ (25,306 ) $ 516,882 Allocated provision for loan losses 61,011 53,427 — (1,193 ) 113,245 Noninterest income 196,032 43,526 11,387 2,260 253,205 Noninterest expense 481,897 78,497 5,238 26,512 592,144 Net income (loss) before income tax expense (benefit) 152,936 (40,882 ) 1,009 (48,365 ) 64,698 Income tax expense (benefit) 53,527 (14,309 ) 353 (14,140 ) 25,431 Net income (loss) 99,409 (26,573 ) 656 (34,225 ) 39,267 Less: net income attributable to noncontrolling interests 105 — 423 — 528 Net income (loss) attributable to BBVA Compass Bancshares, Inc. $ 99,304 $ (26,573 ) $ 233 $ (34,225 ) $ 38,739 Average assets $ 54,581,856 $ 14,464,503 $ 16,283,929 $ 6,974,818 $ 92,305,106 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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. March 31, 2017 December 31, 2016 (In Thousands) Derivative contracts: Fair value hedges $ (16,169 ) $ (14,225 ) Cash flow hedges 433 (380 ) Free-standing derivatives not designated as hedging instruments (3,490 ) (14,326 ) 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. March 31, 2017 December 31, 2016 (In Thousands) Securities purchased under agreements to resell $ 989 $ 8,330 Securities sold under agreements to repurchase 69,860 23,397 |
Acquisition Activity - Narrativ
Acquisition Activity - Narrative (Details) | Jun. 06, 2016subsidiary |
Business Combinations [Abstract] | |
Number of entities under common control acquired | 4 |
Acquisition Activity - Income S
Acquisition Activity - Income Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Business Acquisition [Line Items] | ||
Interest income | $ 655,788 | $ 632,762 |
Noninterest income | 244,687 | 253,205 |
Noninterest expense | 549,312 | 592,144 |
Income tax expense | 45,846 | 25,431 |
Net income | $ 120,823 | 39,267 |
As Previously Reported | ||
Business Acquisition [Line Items] | ||
Interest income | 632,761 | |
Noninterest income | 226,579 | |
Noninterest expense | 573,119 | |
Income tax expense | 22,618 | |
Net income | 34,478 | |
Retrospective Adjustments | ||
Business Acquisition [Line Items] | ||
Interest income | 1 | |
Noninterest income | 26,626 | |
Noninterest expense | 19,025 | |
Income tax expense | 2,813 | |
Net income | $ 4,789 |
Investment Securities Availab36
Investment Securities Available for Sale and Investment Securities Held to Maturity - Adjusted cost and fair value of securities (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Investment securities available for sale: | ||
Available-for-sale securities, amortized cost basis | $ 11,972,790 | $ 11,833,978 |
Available-for-sale Securities, Gross Unrealized Gain | 25,919 | 20,825 |
Available-for-sale Securities, Gross Unrealized Losses | 152,091 | 189,748 |
Investment securities available for sale | 11,846,618 | 11,665,055 |
Investment securities held to maturity: | ||
Held-to-maturity Securities, Amortized Cost Basis | 1,158,785 | 1,203,217 |
Held-to-maturity Securities, Gross Unrealized Gain | 11,070 | 10,699 |
Held-to-maturity Securities, Gross Unrealized Losses | 27,161 | 31,907 |
Investment securities held to maturity, estimated fair value | 1,142,694 | 1,182,009 |
U.S. Treasury and other U.S. government agencies | ||
Investment securities available for sale: | ||
Available-for-sale securities, amortized cost basis | 2,995,084 | 2,409,141 |
Available-for-sale Securities, Gross Unrealized Gain | 4,896 | 2,390 |
Available-for-sale Securities, Gross Unrealized Losses | 32,595 | 37,200 |
Investment securities available for sale | 2,967,385 | 2,374,331 |
Mortgage-backed securities | ||
Investment securities available for sale: | ||
Available-for-sale securities, amortized cost basis | 3,541,581 | 3,796,270 |
Available-for-sale Securities, Gross Unrealized Gain | 14,965 | 12,869 |
Available-for-sale Securities, Gross Unrealized Losses | 34,522 | 45,801 |
Investment securities available for sale | 3,522,024 | 3,763,338 |
Collateralized mortgage obligations | ||
Investment securities available for sale: | ||
Available-for-sale securities, amortized cost basis | 5,013,180 | 5,200,241 |
Available-for-sale Securities, Gross Unrealized Gain | 5,796 | 5,292 |
Available-for-sale Securities, Gross Unrealized Losses | 84,833 | 106,605 |
Investment securities available for sale | 4,934,143 | 5,098,928 |
Investment securities held to maturity: | ||
Held-to-maturity Securities, Amortized Cost Basis | 77,791 | 83,087 |
Held-to-maturity Securities, Gross Unrealized Gain | 4,926 | 5,265 |
Held-to-maturity Securities, Gross Unrealized Losses | 3,424 | 3,278 |
Investment securities held to maturity, estimated fair value | 79,293 | 85,074 |
State and political subdivisions | ||
Investment securities available for sale: | ||
Available-for-sale securities, amortized cost basis | 8,089 | 8,457 |
Available-for-sale Securities, Gross Unrealized Gain | 144 | 184 |
Available-for-sale Securities, Gross Unrealized Losses | 25 | 0 |
Investment securities available for sale | 8,208 | 8,641 |
Investment securities held to maturity: | ||
Held-to-maturity Securities, Amortized Cost Basis | 1,002,928 | 1,040,716 |
Held-to-maturity Securities, Gross Unrealized Gain | 3,302 | 2,309 |
Held-to-maturity Securities, Gross Unrealized Losses | 20,680 | 25,518 |
Investment securities held to maturity, estimated fair value | 985,550 | 1,017,507 |
Other | ||
Investment securities available for sale: | ||
Available-for-sale securities, amortized cost basis | 14,129 | 16,321 |
Available-for-sale Securities, Gross Unrealized Gain | 48 | 6 |
Available-for-sale Securities, Gross Unrealized Losses | 116 | 142 |
Investment securities available for sale | 14,061 | 16,185 |
Investment securities held to maturity: | ||
Held-to-maturity Securities, Amortized Cost Basis | 64,752 | 64,296 |
Held-to-maturity Securities, Gross Unrealized Gain | 928 | 1,143 |
Held-to-maturity Securities, Gross Unrealized Losses | 2,101 | 2,030 |
Investment securities held to maturity, estimated fair value | 63,579 | 63,409 |
Equity Securities | ||
Investment securities available for sale: | ||
Available-for-sale securities, amortized cost basis | 400,727 | 403,548 |
Available-for-sale Securities, Gross Unrealized Gain | 70 | 84 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | 0 |
Investment securities available for sale | 400,797 | 403,632 |
Asset-backed securities | ||
Investment securities held to maturity: | ||
Held-to-maturity Securities, Amortized Cost Basis | 13,314 | 15,118 |
Held-to-maturity Securities, Gross Unrealized Gain | 1,914 | 1,982 |
Held-to-maturity Securities, Gross Unrealized Losses | 956 | 1,081 |
Investment securities held to maturity, estimated fair value | $ 14,272 | $ 16,019 |
Investment Securities Availab37
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 | Mar. 31, 2017 | Dec. 31, 2016 |
Investment securities available for sale: | ||
Available-for-sale securities, securities in a loss position for less than 12 months, fair value | $ 5,533,529 | $ 6,234,690 |
Available-for-sale securities, securities in a loss position for less than 12 months, unrealized losses | 91,481 | 138,651 |
Available-for-sale securities, securities in a loss position for 12 months or longer, fair value | 3,117,045 | 2,761,941 |
Available-for-sale securities, Securities in a loss position for 12 months or longer, unrealized losses | 60,610 | 51,097 |
Available-for-sale securities, fair value | 8,650,574 | 8,996,631 |
Available-for-sale securities, unrealized losses | 152,091 | 189,748 |
Investment securities held to maturity: | ||
Held-to-maturity securities, securities in a loss position for less than 12 months, fair value | 440,061 | 552,858 |
Held-to-maturity securities, securities in a loss position for less than 12 months, unrealized losses | 10,192 | 13,745 |
Held-to-maturity securities, securities in a loss position for 12 months or longer, fair value | 371,267 | 366,711 |
Held-to-maturity securities, securities in a loss position for 12 months or longer, unrealized losses | 16,969 | 18,162 |
Held-to-maturity securities, fair value | 811,328 | 919,569 |
Held-to-maturity securities unrealized losses | 27,161 | 31,907 |
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 | 1,342,663 | 1,277,341 |
Available-for-sale securities, securities in a loss position for less than 12 months, unrealized losses | 13,129 | 23,862 |
Available-for-sale securities, securities in a loss position for 12 months or longer, fair value | 747,898 | 609,078 |
Available-for-sale securities, Securities in a loss position for 12 months or longer, unrealized losses | 19,466 | 13,338 |
Available-for-sale securities, fair value | 2,090,561 | 1,886,419 |
Available-for-sale securities, unrealized losses | 32,595 | 37,200 |
Mortgage-backed securities | ||
Investment securities available for sale: | ||
Available-for-sale securities, securities in a loss position for less than 12 months, fair value | 1,202,675 | 1,425,743 |
Available-for-sale securities, securities in a loss position for less than 12 months, unrealized losses | 9,804 | 15,235 |
Available-for-sale securities, securities in a loss position for 12 months or longer, fair value | 1,293,140 | 1,368,957 |
Available-for-sale securities, Securities in a loss position for 12 months or longer, unrealized losses | 24,718 | 30,566 |
Available-for-sale securities, fair value | 2,495,815 | 2,794,700 |
Available-for-sale securities, unrealized losses | 34,522 | 45,801 |
Collateralized mortgage obligations | ||
Investment securities available for sale: | ||
Available-for-sale securities, securities in a loss position for less than 12 months, fair value | 2,979,987 | 3,527,757 |
Available-for-sale securities, securities in a loss position for less than 12 months, unrealized losses | 68,468 | 99,477 |
Available-for-sale securities, securities in a loss position for 12 months or longer, fair value | 1,074,947 | 782,849 |
Available-for-sale securities, Securities in a loss position for 12 months or longer, unrealized losses | 16,365 | 7,128 |
Available-for-sale securities, fair value | 4,054,934 | 4,310,606 |
Available-for-sale securities, unrealized losses | 84,833 | 106,605 |
Investment securities held to maturity: | ||
Held-to-maturity securities, securities in a loss position for less than 12 months, fair value | 8,468 | 3,847 |
Held-to-maturity securities, securities in a loss position for less than 12 months, unrealized losses | 199 | 527 |
Held-to-maturity securities, securities in a loss position for 12 months or longer, fair value | 40,759 | 40,083 |
Held-to-maturity securities, securities in a loss position for 12 months or longer, unrealized losses | 3,225 | 2,751 |
Held-to-maturity securities, fair value | 49,227 | 43,930 |
Held-to-maturity securities unrealized losses | 3,424 | 3,278 |
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 | 4,333 | |
Available-for-sale securities, securities in a loss position for less than 12 months, unrealized losses | 25 | |
Available-for-sale securities, securities in a loss position for 12 months or longer, fair value | 0 | |
Available-for-sale securities, Securities in a loss position for 12 months or longer, unrealized losses | 0 | |
Available-for-sale securities, fair value | 4,333 | |
Available-for-sale securities, unrealized losses | 25 | |
Investment securities held to maturity: | ||
Held-to-maturity securities, securities in a loss position for less than 12 months, fair value | 422,213 | 532,090 |
Held-to-maturity securities, securities in a loss position for less than 12 months, unrealized losses | 9,863 | 13,043 |
Held-to-maturity securities, securities in a loss position for 12 months or longer, fair value | 311,319 | 313,803 |
Held-to-maturity securities, securities in a loss position for 12 months or longer, unrealized losses | 10,817 | 12,475 |
Held-to-maturity securities, fair value | 733,532 | 845,893 |
Held-to-maturity securities unrealized losses | 20,680 | 25,518 |
Other | ||
Investment securities available for sale: | ||
Available-for-sale securities, securities in a loss position for less than 12 months, fair value | 3,871 | 3,849 |
Available-for-sale securities, securities in a loss position for less than 12 months, unrealized losses | 55 | 77 |
Available-for-sale securities, securities in a loss position for 12 months or longer, fair value | 1,060 | 1,057 |
Available-for-sale securities, Securities in a loss position for 12 months or longer, unrealized losses | 61 | 65 |
Available-for-sale securities, fair value | 4,931 | 4,906 |
Available-for-sale securities, unrealized losses | 116 | 142 |
Investment securities held to maturity: | ||
Held-to-maturity securities, securities in a loss position for less than 12 months, fair value | 9,380 | 16,578 |
Held-to-maturity securities, securities in a loss position for less than 12 months, unrealized losses | 130 | 174 |
Held-to-maturity securities, securities in a loss position for 12 months or longer, fair value | 10,872 | 3,587 |
Held-to-maturity securities, securities in a loss position for 12 months or longer, unrealized losses | 1,971 | 1,856 |
Held-to-maturity securities, fair value | 20,252 | 20,165 |
Held-to-maturity securities unrealized losses | 2,101 | 2,030 |
Asset-backed securities | ||
Investment securities held to maturity: | ||
Held-to-maturity securities, securities in a loss position for less than 12 months, fair value | 0 | 343 |
Held-to-maturity securities, securities in a loss position for less than 12 months, unrealized losses | 0 | 1 |
Held-to-maturity securities, securities in a loss position for 12 months or longer, fair value | 8,317 | 9,238 |
Held-to-maturity securities, securities in a loss position for 12 months or longer, unrealized losses | 956 | 1,080 |
Held-to-maturity securities, fair value | 8,317 | 9,581 |
Held-to-maturity securities unrealized losses | $ 956 | $ 1,081 |
Investment Securities Availab38
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 | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||
Other than temporary impairment recognized in other comprehensive income, beginning of period | $ 22,582 | $ 22,452 |
Reductions for securities paid off during the period (realized) | 0 | 0 |
Additions for the credit component on debt securities in which OTTI was not previously recognized | 242 | 0 |
Additions for the credit component on debt securities in which OTTI was previously recognized | 0 | 0 |
Other than temporary impairment recognized in other comprehensive income, end of period | $ 22,824 | $ 22,452 |
Investment Securities Availab39
Investment Securities Available for Sale and Investment Securities Held to Maturity - Maturities of securities portfolios (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Investment securities available for sale, amortized cost [Abstract] | ||
Maturing within one year | $ 350,956 | |
Maturing after one but within five years | 621,527 | |
Maturing after five but within ten years | 1,027,104 | |
Maturing after ten years | 1,017,715 | |
Total single date maturities | 3,017,302 | |
Mortgage-backed securities and collateralized mortgage obligations | 8,554,761 | |
Available-for-sale securities, amortized cost basis | 11,972,790 | $ 11,833,978 |
Investment securities available for sale, fair value [Abstract] | ||
Maturing within one year | 350,702 | |
Maturing after one but within five years | 612,890 | |
Maturing after five but within ten years | 1,027,567 | |
Maturing after ten years | 998,495 | |
Total single date maturities | 2,989,654 | |
Mortgage-backed securities and collateralized mortgage obligations | 8,456,167 | |
Investment securities available for sale | 11,846,618 | 11,665,055 |
Held-to-maturity securities, amortized cost [Abstract] | ||
Maturing within one year | 67,232 | |
Maturing after one but within five years | 274,836 | |
Maturing after five but within ten years | 233,024 | |
Maturing after ten years | 505,902 | |
Total single date maturities | 1,080,994 | |
Collateralized mortgage obligations | 77,791 | |
Total | 1,158,785 | 1,203,217 |
Held-to-maturity securities, fair value [Abstract] | ||
Maturing within one year | 67,298 | |
Maturing after one but within five years | 269,078 | |
Maturing after five but within ten years | 229,624 | |
Maturing after ten years | 497,401 | |
Total single date maturities | 1,063,401 | |
Collateralized mortgage obligations | 79,293 | |
Total Investments Securities Held to Maturity | 1,142,694 | 1,182,009 |
Equity Securities | ||
Investment securities available for sale, amortized cost [Abstract] | ||
Available-for-sale securities, amortized cost basis | 400,727 | 403,548 |
Investment securities available for sale, fair value [Abstract] | ||
Investment securities available for sale | $ 400,797 | $ 403,632 |
Investment Securities Availab40
Investment Securities Available for Sale and Investment Securities Held to Maturity - Gross Realized Gains and Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | ||
Gross gains | $ 0 | $ 8,353 |
Gross losses | 0 | 0 |
Net realized gains | $ 0 | $ 8,353 |
Investment Securities Availab41
Investment Securities Available for Sale and Investment Securities Held to Maturity - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |||
Federal home loan bank and federal reserve stock required to be owned by company | $ 400,000 | $ 403,000 | |
Securities impairment | $ 242 | $ 0 |
Loans and Allowance for Loan 42
Loans and Allowance for Loan Losses - Composition of loan portfolio (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Covered loans | $ 341,939 | $ 359,334 |
Total loans | 59,705,767 | 60,061,263 |
Commercial, Financial and Agricultural | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 24,660,668 | 25,122,002 |
Commercial Real Estate | Real estate – construction | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 2,227,405 | 2,125,316 |
Commercial Real Estate | Commercial real estate – mortgage | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 11,398,821 | 11,210,660 |
Residential Real Estate | Residential real estate – mortgage | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 13,117,776 | 13,259,994 |
Residential Real Estate | Equity lines of credit | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 2,560,495 | 2,543,778 |
Residential Real Estate | Equity loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 420,362 | 445,709 |
Consumer | Credit card | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 570,311 | 604,881 |
Consumer | Consumer direct | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 1,329,242 | 1,254,641 |
Consumer | Consumer indirect | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 3,078,748 | 3,134,948 |
Commercial | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 38,286,894 | 38,457,978 |
Commercial | Commercial, Financial and Agricultural | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 24,660,668 | 25,122,002 |
Commercial | Commercial Real Estate | Real estate – construction | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 2,227,405 | 2,125,316 |
Commercial | Commercial Real Estate | Commercial real estate – mortgage | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 11,398,821 | 11,210,660 |
Consumer | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 21,076,934 | 21,243,951 |
Consumer | Residential Real Estate | Residential real estate – mortgage | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 13,117,776 | 13,259,994 |
Consumer | Residential Real Estate | Equity lines of credit | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 2,560,495 | 2,543,778 |
Consumer | Residential Real Estate | Equity loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 420,362 | 445,709 |
Consumer | Consumer | Credit card | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 570,311 | 604,881 |
Consumer | Consumer | Consumer direct | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 1,329,242 | 1,254,641 |
Consumer | Consumer | Consumer indirect | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | $ 3,078,748 | $ 3,134,948 |
Loans and Allowance for Loan 43
Loans and Allowance for Loan Losses - Allowances for loan losses activity (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for loan losses, covered, beginning of period | $ 0 | $ 1,440 | |
Allowance for loan losses, total loans, beginning of period | 838,293 | 762,673 | |
Provision (credit) for loan losses | 80,139 | 113,245 | |
Provision (credit) for loan losses, covered | (31) | (44) | |
Provision (credit) for loan losses, total loans | 80,139 | 113,245 | |
Loans charged off, covered | 0 | (249) | |
Loans charged off, total loans | (102,188) | (66,898) | |
Loan recoveries, covered | 31 | 0 | |
Loan recoveries, total loans | 17,862 | 13,420 | |
Net (charge offs) recoveries, covered | 31 | (249) | |
Net (charge offs) recoveries, total loans | (84,326) | (53,478) | |
Allowance for loan losses, covered, end of period | 0 | 1,147 | |
Allowance for loan losses, total loans, end of period | 834,106 | 822,440 | |
Commercial, Financial and Agricultural | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for loan losses, beginning of period | 458,580 | 402,113 | |
Provision (credit) for loan losses | 40,045 | 83,582 | |
Loans charged off | (42,908) | (19,806) | |
Loan recoveries | 3,497 | 1,749 | |
Net (charge offs) recoveries | (39,411) | (18,057) | |
Allowance for loan losses, end of period | 459,214 | 467,638 | |
Commercial Real Estate | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for loan losses, beginning of period | [1] | 116,937 | 122,068 |
Provision (credit) for loan losses | [1] | (3,128) | (6,417) |
Loans charged off | [1] | (114) | (689) |
Loan recoveries | [1] | 912 | 969 |
Net (charge offs) recoveries | [1] | 798 | 280 |
Allowance for loan losses, end of period | [1] | 114,607 | 115,931 |
Residential Real Estate | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for loan losses, beginning of period | [2] | 119,484 | 132,104 |
Provision (credit) for loan losses | [2] | (330) | (3,149) |
Loans charged off | [2] | (6,338) | (6,201) |
Loan recoveries | [2] | 3,129 | 2,419 |
Net (charge offs) recoveries | [2] | (3,209) | (3,782) |
Allowance for loan losses, end of period | [2] | 115,945 | 125,173 |
Consumer | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for loan losses, beginning of period | [3] | 143,292 | 104,948 |
Provision (credit) for loan losses | [3] | 43,583 | 39,273 |
Loans charged off | [3] | (52,828) | (39,953) |
Loan recoveries | [3] | 10,293 | 8,283 |
Net (charge offs) recoveries | [3] | (42,535) | (31,670) |
Allowance for loan losses, end of period | [3] | $ 144,340 | $ 112,551 |
[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 44
Loans and Allowance for Loan Losses - Allowance for loan losses by portfolio (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | |
Ending balance of allowance attributable to loans: | |||||
Individually evaluated for impairment | $ 137,351 | $ 138,208 | |||
Collectively evaluated for impairment | 696,755 | 700,085 | |||
Purchased loans, covered | 0 | 0 | |||
Purchased loans, covered and not covered | 0 | 0 | |||
Total allowance for loan losses, covered | 0 | 0 | $ 1,147 | $ 1,440 | |
Total allowance for loan losses, total loans | 834,106 | 838,293 | 822,440 | 762,673 | |
Ending balance of loans: | |||||
Individually evaluated for impairment | 794,087 | 953,106 | |||
Collectively evaluated for impairment | 58,529,124 | 58,702,930 | |||
Purchased loans, covered | 341,939 | 359,334 | |||
Purchased loans, covered and not covered | 382,556 | 405,227 | |||
Total loans, covered | 341,939 | 359,334 | |||
Total loans | 59,705,767 | 60,061,263 | |||
Commercial, Financial and Agricultural | |||||
Ending balance of allowance attributable to loans: | |||||
Individually evaluated for impairment | 96,429 | 99,932 | |||
Collectively evaluated for impairment | 362,785 | 358,648 | |||
Purchased loans | 0 | 0 | |||
Total allowance for loan losses | 459,214 | 458,580 | 467,638 | 402,113 | |
Ending balance of loans: | |||||
Individually evaluated for impairment | 553,976 | 719,468 | |||
Collectively evaluated for impairment | 24,082,230 | 24,377,200 | |||
Purchased loans | 24,462 | 25,334 | |||
Total loans | 24,660,668 | 25,122,002 | |||
Commercial Real Estate | |||||
Ending balance of allowance attributable to loans: | |||||
Individually evaluated for impairment | [1] | 7,225 | 4,037 | ||
Collectively evaluated for impairment | [1] | 107,382 | 112,900 | ||
Purchased loans | [1] | 0 | 0 | ||
Total allowance for loan losses | [1] | 114,607 | 116,937 | 115,931 | 122,068 |
Ending balance of loans: | |||||
Individually evaluated for impairment | [1] | 61,172 | 44,258 | ||
Collectively evaluated for impairment | [1] | 13,553,116 | 13,275,968 | ||
Purchased loans | [1] | 11,938 | 15,750 | ||
Total loans | [1] | 13,626,226 | 13,335,976 | ||
Residential Real Estate | |||||
Ending balance of allowance attributable to loans: | |||||
Individually evaluated for impairment | [2] | 31,746 | 32,016 | ||
Collectively evaluated for impairment | [2] | 84,199 | 87,468 | ||
Purchased loans | [2] | 0 | 0 | ||
Total allowance for loan losses | [2] | 115,945 | 119,484 | 125,173 | 132,104 |
Ending balance of loans: | |||||
Individually evaluated for impairment | [2] | 176,269 | 186,338 | ||
Collectively evaluated for impairment | [2] | 15,922,100 | 16,062,554 | ||
Purchased loans | [2] | 264 | 589 | ||
Total loans | [2] | 16,098,633 | 16,249,481 | ||
Consumer | |||||
Ending balance of allowance attributable to loans: | |||||
Individually evaluated for impairment | [3] | 1,951 | 2,223 | ||
Collectively evaluated for impairment | [3] | 142,389 | 141,069 | ||
Purchased loans | [3] | 0 | 0 | ||
Total allowance for loan losses | [3] | 144,340 | 143,292 | $ 112,551 | $ 104,948 |
Ending balance of loans: | |||||
Individually evaluated for impairment | [3] | 2,670 | 3,042 | ||
Collectively evaluated for impairment | [3] | 4,971,678 | 4,987,208 | ||
Purchased loans | [3] | 3,953 | 4,220 | ||
Total loans | [3] | $ 4,978,301 | $ 4,994,470 | ||
[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 - Impaired loans by loan class (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Financing Receivable, Impaired [Line Items] | |||
Individually evaluated impaired loans with no recorded allowance, recorded investment | $ 221,928 | $ 395,192 | |
Individually evaluated impaired loans with no recorded allowance, unpaid principle balance | 239,393 | 416,471 | |
Individually evaluated impaired loans with a recorded allowance, recorded investment | 572,159 | 557,914 | |
Individually evaluated impaired loans with a recorded allowance, unpaid principle balance | 614,550 | 587,043 | |
Individually evaluated impaired loans with a recorded allowance, allowance | 137,351 | 138,208 | |
Individually evaluated impaired loans, average recorded investment | 831,383 | $ 593,071 | |
Individually evaluated impaired loans, interest income recognized | 1,918 | 2,035 | |
Commercial, Financial and Agricultural | |||
Financing Receivable, Impaired [Line Items] | |||
Individually evaluated impaired loans with no recorded allowance, recorded investment | 200,288 | 375,957 | |
Individually evaluated impaired loans with no recorded allowance, unpaid principle balance | 216,689 | 396,294 | |
Individually evaluated impaired loans with a recorded allowance, recorded investment | 353,688 | 343,511 | |
Individually evaluated impaired loans with a recorded allowance, unpaid principle balance | 394,842 | 371,085 | |
Individually evaluated impaired loans with a recorded allowance, allowance | 96,429 | 99,932 | |
Individually evaluated impaired loans, average recorded investment | 598,126 | 343,028 | |
Individually evaluated impaired loans, interest income recognized | 404 | 320 | |
Commercial Real Estate | Real estate – construction | |||
Financing Receivable, Impaired [Line Items] | |||
Individually evaluated impaired loans with no recorded allowance, recorded investment | 0 | 0 | |
Individually evaluated impaired loans with no recorded allowance, unpaid principle balance | 0 | 0 | |
Individually evaluated impaired loans with a recorded allowance, recorded investment | 328 | 344 | |
Individually evaluated impaired loans with a recorded allowance, unpaid principle balance | 371 | 459 | |
Individually evaluated impaired loans with a recorded allowance, allowance | 234 | 344 | |
Individually evaluated impaired loans, average recorded investment | 334 | 3,999 | |
Individually evaluated impaired loans, interest income recognized | 2 | 2 | |
Commercial Real Estate | Commercial real estate – mortgage | |||
Financing Receivable, Impaired [Line Items] | |||
Individually evaluated impaired loans with no recorded allowance, recorded investment | 21,640 | 19,235 | |
Individually evaluated impaired loans with no recorded allowance, unpaid principle balance | 22,704 | 20,177 | |
Individually evaluated impaired loans with a recorded allowance, recorded investment | 39,204 | 24,679 | |
Individually evaluated impaired loans with a recorded allowance, unpaid principle balance | 39,504 | 24,865 | |
Individually evaluated impaired loans with a recorded allowance, allowance | 6,991 | 3,693 | |
Individually evaluated impaired loans, average recorded investment | 49,265 | 60,504 | |
Individually evaluated impaired loans, interest income recognized | 284 | 413 | |
Residential Real Estate | Residential real estate – mortgage | |||
Financing Receivable, Impaired [Line Items] | |||
Individually evaluated impaired loans with no recorded allowance, recorded investment | 0 | 0 | |
Individually evaluated impaired loans with no recorded allowance, unpaid principle balance | 0 | 0 | |
Individually evaluated impaired loans with a recorded allowance, recorded investment | 113,680 | 119,986 | |
Individually evaluated impaired loans with a recorded allowance, unpaid principle balance | 113,680 | 119,986 | |
Individually evaluated impaired loans with a recorded allowance, allowance | 9,759 | 7,529 | |
Individually evaluated impaired loans, average recorded investment | 116,979 | 108,918 | |
Individually evaluated impaired loans, interest income recognized | 646 | 636 | |
Residential Real Estate | Equity lines of credit | |||
Financing Receivable, Impaired [Line Items] | |||
Individually evaluated impaired loans with no recorded allowance, recorded investment | 0 | 0 | |
Individually evaluated impaired loans with no recorded allowance, unpaid principle balance | 0 | 0 | |
Individually evaluated impaired loans with a recorded allowance, recorded investment | 22,912 | 24,591 | |
Individually evaluated impaired loans with a recorded allowance, unpaid principle balance | 23,037 | 25,045 | |
Individually evaluated impaired loans with a recorded allowance, allowance | 16,945 | 19,083 | |
Individually evaluated impaired loans, average recorded investment | 23,338 | 27,912 | |
Individually evaluated impaired loans, interest income recognized | 229 | 281 | |
Residential Real Estate | Equity loans | |||
Financing Receivable, Impaired [Line Items] | |||
Individually evaluated impaired loans with no recorded allowance, recorded investment | 0 | 0 | |
Individually evaluated impaired loans with no recorded allowance, unpaid principle balance | 0 | 0 | |
Individually evaluated impaired loans with a recorded allowance, recorded investment | 39,677 | 41,761 | |
Individually evaluated impaired loans with a recorded allowance, unpaid principle balance | 40,446 | 42,561 | |
Individually evaluated impaired loans with a recorded allowance, allowance | 5,042 | 5,404 | |
Individually evaluated impaired loans, average recorded investment | 40,570 | 45,947 | |
Individually evaluated impaired loans, interest income recognized | 344 | 373 | |
Consumer | Credit card | |||
Financing Receivable, Impaired [Line Items] | |||
Individually evaluated impaired loans with no recorded allowance, recorded investment | 0 | 0 | |
Individually evaluated impaired loans with no recorded allowance, unpaid principle balance | 0 | 0 | |
Individually evaluated impaired loans with a recorded allowance, recorded investment | 0 | 0 | |
Individually evaluated impaired loans with a recorded allowance, unpaid principle balance | 0 | 0 | |
Individually evaluated impaired loans with a recorded allowance, allowance | 0 | 0 | |
Individually evaluated impaired loans, average recorded investment | 0 | 0 | |
Individually evaluated impaired loans, interest income recognized | 0 | 0 | |
Consumer | Consumer direct | |||
Financing Receivable, Impaired [Line Items] | |||
Individually evaluated impaired loans with no recorded allowance, recorded investment | 0 | 0 | |
Individually evaluated impaired loans with no recorded allowance, unpaid principle balance | 0 | 0 | |
Individually evaluated impaired loans with a recorded allowance, recorded investment | 691 | 745 | |
Individually evaluated impaired loans with a recorded allowance, unpaid principle balance | 691 | 745 | |
Individually evaluated impaired loans with a recorded allowance, allowance | 49 | 59 | |
Individually evaluated impaired loans, average recorded investment | 707 | 904 | |
Individually evaluated impaired loans, interest income recognized | 6 | 8 | |
Consumer | Consumer indirect | |||
Financing Receivable, Impaired [Line Items] | |||
Individually evaluated impaired loans with no recorded allowance, recorded investment | 0 | 0 | |
Individually evaluated impaired loans with no recorded allowance, unpaid principle balance | 0 | 0 | |
Individually evaluated impaired loans with a recorded allowance, recorded investment | 1,979 | 2,297 | |
Individually evaluated impaired loans with a recorded allowance, unpaid principle balance | 1,979 | 2,297 | |
Individually evaluated impaired loans with a recorded allowance, allowance | 1,902 | $ 2,164 | |
Individually evaluated impaired loans, average recorded investment | 2,064 | 1,859 | |
Individually evaluated impaired loans, interest income recognized | $ 3 | $ 2 |
Loans and Allowance for Loan 46
Loans and Allowance for Loan Losses - Credit quality indicators (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Commercial, Financial and Agricultural | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | $ 24,660,668 | $ 25,122,002 |
Commercial Real Estate | Real estate – construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 2,227,405 | 2,125,316 |
Commercial Real Estate | Commercial real estate – mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 11,398,821 | 11,210,660 |
Residential Real Estate | Residential real estate – mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 13,117,776 | 13,259,994 |
Residential Real Estate | Equity lines of credit | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 2,560,495 | 2,543,778 |
Residential Real Estate | Equity loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 420,362 | 445,709 |
Consumer | Credit card | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 570,311 | 604,881 |
Consumer | Consumer direct | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 1,329,242 | 1,254,641 |
Consumer | Consumer indirect | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 3,078,748 | 3,134,948 |
Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 38,286,894 | 38,457,978 |
Commercial | Commercial, Financial and Agricultural | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 24,660,668 | 25,122,002 |
Commercial | Commercial, Financial and Agricultural | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 22,819,424 | 23,142,975 |
Commercial | Commercial, Financial and Agricultural | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 713,760 | 758,417 |
Commercial | Commercial, Financial and Agricultural | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 957,263 | 1,081,439 |
Commercial | Commercial, Financial and Agricultural | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 170,221 | 139,171 |
Commercial | Commercial Real Estate | Real estate – construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 2,227,405 | 2,125,316 |
Commercial | Commercial Real Estate | Commercial real estate – mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 11,398,821 | 11,210,660 |
Commercial | Commercial Real Estate | Pass | Real estate – construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 2,181,799 | 2,055,483 |
Commercial | Commercial Real Estate | Pass | Commercial real estate – mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 11,107,996 | 10,898,877 |
Commercial | Commercial Real Estate | Special Mention | Real estate – construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 41,654 | 60,826 |
Commercial | Commercial Real Estate | Special Mention | Commercial real estate – mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 148,639 | 187,182 |
Commercial | Commercial Real Estate | Substandard | Real estate – construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 3,889 | 9,007 |
Commercial | Commercial Real Estate | Substandard | Commercial real estate – mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 121,427 | 106,183 |
Commercial | Commercial Real Estate | Doubtful | Real estate – construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 63 | 0 |
Commercial | Commercial Real Estate | Doubtful | Commercial real estate – mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 20,759 | 18,418 |
Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 21,076,934 | 21,243,951 |
Consumer | Residential Real Estate | Residential real estate – mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 13,117,776 | 13,259,994 |
Consumer | Residential Real Estate | Equity lines of credit | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 2,560,495 | 2,543,778 |
Consumer | Residential Real Estate | Equity loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 420,362 | 445,709 |
Consumer | Residential Real Estate | Performing | Residential real estate – mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 12,973,925 | 13,115,936 |
Consumer | Residential Real Estate | Performing | Equity lines of credit | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 2,526,342 | 2,507,375 |
Consumer | Residential Real Estate | Performing | Equity loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 407,031 | 431,417 |
Consumer | Residential Real Estate | Nonperforming | Residential real estate – mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 143,851 | 144,058 |
Consumer | Residential Real Estate | Nonperforming | Equity lines of credit | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 34,153 | 36,403 |
Consumer | Residential Real Estate | Nonperforming | Equity loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 13,331 | 14,292 |
Consumer | Consumer | Credit card | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 570,311 | 604,881 |
Consumer | Consumer | Consumer direct | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 1,329,242 | 1,254,641 |
Consumer | Consumer | Consumer indirect | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 3,078,748 | 3,134,948 |
Consumer | Consumer | Performing | Credit card | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 557,858 | 593,927 |
Consumer | Consumer | Performing | Consumer direct | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 1,323,731 | 1,249,370 |
Consumer | Consumer | Performing | Consumer indirect | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 3,063,330 | 3,121,825 |
Consumer | Consumer | Nonperforming | Credit card | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 12,453 | 10,954 |
Consumer | Consumer | Nonperforming | Consumer direct | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 5,511 | 5,271 |
Consumer | Consumer | Nonperforming | Consumer indirect | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | $ 15,418 | $ 13,123 |
Loans and Allowance for Loan 47
Loans and Allowance for Loan Losses - Past due loans (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual, Covered | $ 410 | $ 730 |
Accruing TDRs, Covered | 0 | 0 |
Total Past Due and Impaired, Covered | 34,010 | 36,630 |
Not Past Due or Impaired, Covered | 307,929 | 322,704 |
Total loans, covered | 341,939 | 359,334 |
Nonaccrual, Total Loans | 825,988 | 864,450 |
Accruing TDRs, Total Loans | 129,743 | 111,322 |
Total Past Due and Impaired, Total Loans | 1,297,076 | 1,327,735 |
Not Past Due or Impaired, Total Loans | 58,408,691 | 58,733,528 |
Total loans | 59,705,767 | 60,061,263 |
30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Past Due, Covered | 6,448 | 7,311 |
Financing Receivable, Past Due, Total Loans | 205,900 | 211,651 |
60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Past Due, Covered | 3,479 | 1,351 |
Financing Receivable, Past Due, Total Loans | 69,828 | 78,770 |
90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Past Due, Covered | 23,673 | 27,238 |
Financing Receivable, Past Due, Total Loans | 65,617 | 61,542 |
Commercial, Financial and Agricultural | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 540,407 | 596,454 |
Accruing TDRs | 31,644 | 8,726 |
Total Past Due and Impaired | 610,732 | 638,440 |
Not Past Due or Impaired | 24,049,936 | 24,483,562 |
Total | 24,660,668 | 25,122,002 |
Commercial, Financial and Agricultural | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Past Due | 22,472 | 23,788 |
Commercial, Financial and Agricultural | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Past Due | 11,804 | 6,581 |
Commercial, Financial and Agricultural | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Past Due | 4,405 | 2,891 |
Commercial Real Estate | Real estate – construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 1,028 | 1,239 |
Accruing TDRs | 114 | 2,393 |
Total Past Due and Impaired | 5,294 | 6,607 |
Not Past Due or Impaired | 2,222,111 | 2,118,709 |
Total | 2,227,405 | 2,125,316 |
Commercial Real Estate | Real estate – construction | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Past Due | 487 | 918 |
Commercial Real Estate | Real estate – construction | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Past Due | 25 | 50 |
Commercial Real Estate | Real estate – construction | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Past Due | 3,640 | 2,007 |
Commercial Real Estate | Commercial real estate – mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 89,908 | 71,921 |
Accruing TDRs | 4,821 | 4,860 |
Total Past Due and Impaired | 114,429 | 84,046 |
Not Past Due or Impaired | 11,284,392 | 11,126,614 |
Total | 11,398,821 | 11,210,660 |
Commercial Real Estate | Commercial real estate – mortgage | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Past Due | 13,872 | 3,791 |
Commercial Real Estate | Commercial real estate – mortgage | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Past Due | 1,226 | 3,474 |
Commercial Real Estate | Commercial real estate – mortgage | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Past Due | 4,602 | 0 |
Residential Real Estate | Residential real estate – mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 140,342 | 140,303 |
Accruing TDRs | 58,867 | 59,893 |
Total Past Due and Impaired | 285,433 | 289,361 |
Not Past Due or Impaired | 12,832,343 | 12,970,633 |
Total | 13,117,776 | 13,259,994 |
Residential Real Estate | Residential real estate – mortgage | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Past Due | 61,234 | 57,359 |
Residential Real Estate | Residential real estate – mortgage | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Past Due | 22,337 | 28,450 |
Residential Real Estate | Residential real estate – mortgage | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Past Due | 2,653 | 3,356 |
Residential Real Estate | Equity lines of credit | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 32,675 | 33,453 |
Accruing TDRs | 0 | 0 |
Total Past Due and Impaired | 46,916 | 48,908 |
Not Past Due or Impaired | 2,513,579 | 2,494,870 |
Total | 2,560,495 | 2,543,778 |
Residential Real Estate | Equity lines of credit | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Past Due | 9,144 | 7,922 |
Residential Real Estate | Equity lines of credit | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Past Due | 3,619 | 4,583 |
Residential Real Estate | Equity lines of credit | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Past Due | 1,478 | 2,950 |
Residential Real Estate | Equity loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 12,626 | 13,635 |
Accruing TDRs | 33,635 | 34,746 |
Total Past Due and Impaired | 53,334 | 56,306 |
Not Past Due or Impaired | 367,028 | 389,403 |
Total | 420,362 | 445,709 |
Residential Real Estate | Equity loans | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Past Due | 5,105 | 5,615 |
Residential Real Estate | Equity loans | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Past Due | 1,592 | 1,843 |
Residential Real Estate | Equity loans | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Past Due | 376 | 467 |
Consumer | Credit card | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 0 | 0 |
Accruing TDRs | 0 | 0 |
Total Past Due and Impaired | 23,434 | 22,407 |
Not Past Due or Impaired | 546,877 | 582,474 |
Total | 570,311 | 604,881 |
Consumer | Credit card | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Past Due | 6,262 | 6,411 |
Consumer | Credit card | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Past Due | 4,719 | 5,042 |
Consumer | Credit card | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Past Due | 12,453 | 10,954 |
Consumer | Consumer direct | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 637 | 789 |
Accruing TDRs | 662 | 704 |
Total Past Due and Impaired | 23,064 | 23,876 |
Not Past Due or Impaired | 1,306,178 | 1,230,765 |
Total | 1,329,242 | 1,254,641 |
Consumer | Consumer direct | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Past Due | 12,025 | 13,338 |
Consumer | Consumer direct | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Past Due | 4,866 | 4,563 |
Consumer | Consumer direct | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Past Due | 4,874 | 4,482 |
Consumer | Consumer indirect | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 7,955 | 5,926 |
Accruing TDRs | 0 | 0 |
Total Past Due and Impaired | 100,430 | 121,154 |
Not Past Due or Impaired | 2,978,318 | 3,013,794 |
Total | 3,078,748 | 3,134,948 |
Consumer | Consumer indirect | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Past Due | 68,851 | 85,198 |
Consumer | Consumer indirect | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Past Due | 16,161 | 22,833 |
Consumer | Consumer indirect | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Past Due | $ 7,463 | $ 7,197 |
Loans and Allowance for Loan 48
Loans and Allowance for Loan Losses - Classified as troubled debt restructurings (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017USD ($)Contract | Mar. 31, 2016USD ($)Contract | |
Financing Receivable, Modifications [Line Items] | ||
Number of contracts, covered | Contract | 2 | 0 |
Post modification outstanding recorded investment, covered | $ | $ 103 | $ 0 |
Number of subsequent default contracts, covered | Contract | 0 | 0 |
Recorded investment at subsequent default, covered | $ | $ 0 | $ 0 |
Commercial, Financial and Agricultural | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 10 | 3 |
Post-Modification Outstanding Recorded Investment | $ | $ 80,790 | $ 262 |
Number of subsequent default contracts | Contract | 0 | 0 |
Recorded investment at subsequent default | $ | $ 0 | $ 0 |
Commercial Real Estate | Real estate – construction | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 0 | 1 |
Post-Modification Outstanding Recorded Investment | $ | $ 0 | $ 3,392 |
Number of subsequent default contracts | Contract | 0 | 0 |
Recorded investment at subsequent default | $ | $ 0 | $ 0 |
Commercial Real Estate | Commercial real estate – mortgage | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 0 | 3 |
Post-Modification Outstanding Recorded Investment | $ | $ 0 | $ 1,275 |
Number of subsequent default contracts | Contract | 0 | 0 |
Recorded investment at subsequent default | $ | $ 0 | $ 0 |
Residential Real Estate | Residential real estate – mortgage | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 13 | 17 |
Post-Modification Outstanding Recorded Investment | $ | $ 2,772 | $ 2,338 |
Number of subsequent default contracts | Contract | 1 | 0 |
Recorded investment at subsequent default | $ | $ 505 | $ 0 |
Residential Real Estate | Equity lines of credit | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 17 | 8 |
Post-Modification Outstanding Recorded Investment | $ | $ 546 | $ 977 |
Number of subsequent default contracts | Contract | 0 | 0 |
Recorded investment at subsequent default | $ | $ 0 | $ 0 |
Residential Real Estate | Equity loans | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 10 | 3 |
Post-Modification Outstanding Recorded Investment | $ | $ 408 | $ 103 |
Number of subsequent default contracts | Contract | 0 | 0 |
Recorded investment at subsequent default | $ | $ 0 | $ 0 |
Consumer | Credit card | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 0 | 0 |
Post-Modification Outstanding Recorded Investment | $ | $ 0 | $ 0 |
Number of subsequent default contracts | Contract | 0 | 0 |
Recorded investment at subsequent default | $ | $ 0 | $ 0 |
Consumer | Consumer direct | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 0 | 0 |
Post-Modification Outstanding Recorded Investment | $ | $ 0 | $ 0 |
Number of subsequent default contracts | Contract | 0 | 0 |
Recorded investment at subsequent default | $ | $ 0 | $ 0 |
Consumer | Consumer indirect | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 10 | 30 |
Post-Modification Outstanding Recorded Investment | $ | $ 168 | $ 515 |
Number of subsequent default contracts | Contract | 1 | 0 |
Recorded investment at subsequent default | $ | $ 22 | $ 0 |
Loans and Allowance for Loan 49
Loans and Allowance for Loan Losses - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Accounts, Notes, Loans and Financing Receivable Including Other Real Estated Owned [Line Items] | |||
Commitments to lend additional funds to borrowers whose terms have been modified in a TDR | $ 25,900 | $ 12,600 | |
Other real estate owned | 25,000 | 21,000 | |
Residential real estate loans secured by residential real estate properties for which formal foreclosure proceedings were in process | 49,000 | 48,000 | |
Interest Rate Concession | |||
Accounts, Notes, Loans and Financing Receivable Including Other Real Estated Owned [Line Items] | |||
TDRs | 465 | $ 1,900 | |
Modification of Loan Structure | |||
Accounts, Notes, Loans and Financing Receivable Including Other Real Estated Owned [Line Items] | |||
TDRs | 84,300 | $ 7,000 | |
Energy Portfolio Segment | |||
Accounts, Notes, Loans and Financing Receivable Including Other Real Estated Owned [Line Items] | |||
Total energy exposure, including unused commitments to extend credit and letters of credit | 7,900,000 | 8,100,000 | |
Commercial, financial and agricultural | 2,900,000 | 3,200,000 | |
Residential real estate – mortgage | |||
Accounts, Notes, Loans and Financing Receivable Including Other Real Estated Owned [Line Items] | |||
Other real estate owned | $ 22,000 | $ 18,000 |
Loan Sales and Servicing - Narr
Loan Sales and Servicing - Narrative (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for sale | $ 74,741 | $ 161,849 |
Commercial, Financial and Agricultural | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for sale | 57,000 | |
Residential Real Estate | Residential real estate – mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for sale | $ 105,000 |
Loan Sales and Servicing - Loan
Loan Sales and Servicing - Loans Transferred to Held for Sale and Loans Sold (Details) - Loans and Loans Held for Sale Excluding Loans Originated for Sale in Secondary Market - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans transferred from held for investment to held for sale | $ 0 | $ 764,022 |
Charge-offs on loans recognized at transfer from held for investment to held for sale | 0 | 0 |
Loans and loans held for sale sold | $ 128,842 | $ 760,297 |
Loan Sales and Servicing - Sale
Loan Sales and Servicing - Sales in the Secondary Market (Details) - Originated For Sale In The Secondary Market - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Residential real estate loans originated for sale in the secondary market sold | [1] | $ 172,206 | $ 128,911 |
Net gains recognized on sales of residential real estate loans originated for sale in the secondary market | [2] | $ 4,621 | $ 5,768 |
[1] | Includes loans originated for sale where the Company retained servicing responsibilities. | ||
[2] | Net gains were recorded in mortgage banking income in the Company's Unaudited Condensed Consolidated Statements of Income. |
Loan Sales and Servicing - Real
Loan Sales and Servicing - Real Estate Mortgages Sold With Retained Servicing (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Fair value of MSRs | $ 50,776 | $ 51,428 | ||
Residential Real Estate Mortgage Loans Sold with Retained Servicing | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Residential mortgage loans sold | [1] | 172,206 | $ 444,807 | |
Servicing fees recognized | [2] | 6,490 | $ 6,063 | |
Recorded balance of residential real estate mortgage loans sold with retained servicing | [3] | 4,691,319 | 4,684,899 | |
Fair value of MSRs | [4] | $ 50,776 | $ 51,428 | |
[1] | There is no recourse to the Company for the failures of borrowers to pay loans when due. | |||
[2] | Recorded as a component of other noninterest income in the Company's Unaudited Condensed Consolidated Statements of Income. | |||
[3] | These loans are not included in loans on the Company's Unaudited Condensed Consolidated Balance Sheets. | |||
[4] | Recorded under the fair value method and included in other assets on the Company's Unaudited Condensed Consolidated Balance Sheets. |
Loan Sales and Servicing - Resi
Loan Sales and Servicing - Residential MSRs (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Servicing Asset at Fair Value, Amount [Roll Forward] | |||
Beginning balance | $ 51,428 | ||
Increase (decrease) in fair value: | |||
Ending balance | 50,776 | ||
Residential Mortgage | |||
Servicing Asset at Fair Value, Amount [Roll Forward] | |||
Beginning balance | 51,428 | $ 44,541 | |
Additions | 2,018 | 4,407 | |
Increase (decrease) in fair value: | |||
Due to changes in valuation inputs or assumptions | 346 | (5,762) | |
Due to other changes in fair value | [1] | (3,016) | (2,469) |
Ending balance | $ 50,776 | $ 40,717 | |
[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 | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Servicing Assets at Fair Value [Line Items] | ||
Fair value of MSRs | $ 50,776 | $ 51,428 |
Composition of residential loans serviced for others, percentage | 100.00% | 100.00% |
Weighted average life (in years) | 7 years | 6 years 6 months |
Prepayment speed: | 6.60% | 15.70% |
Effect on fair value of a 10% increase | $ (1,502) | $ (1,646) |
Effect on fair value of a 20% increase | $ (2,909) | $ (3,184) |
Weighted average option adjusted spread: | 8.70% | 8.10% |
Effect on fair value of a 10% increase | $ (1,756) | $ (1,758) |
Effect on fair value of a 20% increase | $ (3,400) | $ (3,402) |
Fixed rate mortgage loan | ||
Servicing Assets at Fair Value [Line Items] | ||
Composition of residential loans serviced for others, percentage | 97.40% | 97.30% |
Adjustable rate mortgage loan | ||
Servicing Assets at Fair Value [Line Items] | ||
Composition of residential loans serviced for others, percentage | 2.60% | 2.70% |
Derivatives and Hedging - Deriv
Derivatives and Hedging - Derivatives by Balance Sheet Location (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | ||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets | $ 203,289 | $ 234,002 | ||
Derivative liabilities | 220,530 | 248,669 | ||
Derivatives designated as hedging instrument | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets | [1] | 32,440 | [2] | 41,230 |
Derivative liabilities | [3] | 47,871 | [2] | 33,269 |
Derivatives designated as hedging instrument | Fair value hedges | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets | [1] | 32,003 | [2] | 38,890 |
Derivative liabilities | [3] | 16,169 | [2] | 14,226 |
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 | [2] | 2,123,950 | |
Derivative assets | [1] | 32,003 | [2] | 38,890 |
Derivative liabilities | [3] | 16,169 | [2] | 14,226 |
Derivatives designated as hedging instrument | Cash flow hedges | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets | [1] | 437 | [2] | 2,340 |
Derivative liabilities | [3] | 31,702 | [2] | 19,043 |
Derivatives designated as hedging instrument | Cash flow hedges | Interest rate swap commercial loan | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, notional amount | 8,950,000 | [2] | 7,625,000 | |
Derivative assets | [1] | 4 | [2] | 2,340 |
Derivative liabilities | [3] | 25,369 | [2] | 11,570 |
Derivatives designated as hedging instrument | Cash flow hedges | Interest rate swap FHLB advances | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, notional amount | 120,000 | [2] | 120,000 | |
Derivative liabilities | [3] | 6,333 | [2] | 7,093 |
Derivatives designated as hedging instrument | Cash flow hedges | Foreign exchange contracts | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, notional amount | 4,907 | [2] | 3,618 | |
Derivative assets | [1],[2] | 433 | ||
Derivative liabilities | [3] | 0 | [2] | 380 |
Free-standing derivatives not designated as hedging instrument | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets | [1] | 333,442 | [2] | 384,581 |
Derivative liabilities | [3] | 277,164 | [2] | 312,065 |
Free-standing derivatives not designated as hedging instrument | Forward contracts related to residential mortgage loans held for sale | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, notional amount | 254,000 | [2] | 251,500 | |
Derivative assets | [1] | 374 | [2] | 2,479 |
Derivative liabilities | [3] | 1,053 | [2] | 493 |
Free-standing derivatives not designated as hedging instrument | Interest rate lock commitments | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, notional amount | 156,991 | [2] | 150,616 | |
Derivative assets | [1] | 3,178 | [2] | 2,424 |
Derivative liabilities | [3] | 1 | [2] | 32 |
Free-standing derivatives not designated as hedging instrument | Purchased equity option related to equity-linked CDs | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, notional amount | 818,832 | [2] | 833,763 | |
Derivative assets | [1] | 60,829 | [2] | 57,198 |
Free-standing derivatives not designated as hedging instrument | Written equity option related to equity-linked CDs | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, notional amount | 750,485 | [2] | 770,632 | |
Derivative liabilities | [3] | 56,178 | [2] | 53,044 |
Free-standing derivatives not designated as hedging instrument | Forward and swap contracts related to commercial loans | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, notional amount | 514,870 | [2] | 424,155 | |
Derivative assets | [1] | 869 | [2] | 3,741 |
Derivative liabilities | [3] | 3,144 | [2] | 1,723 |
Free-standing derivatives not designated as hedging instrument | Spot contracts related to commercial loans | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, notional amount | 56,775 | [2] | 54,599 | |
Derivative assets | [1] | 34 | [2] | 134 |
Derivative liabilities | [3] | 25 | [2] | 0 |
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 | 77,807 | [2] | 68,308 | |
Derivative liabilities | [3] | 1,945 | [2] | 1,708 |
Free-standing derivatives not designated as hedging instrument | Futures contracts | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, notional amount | [4] | 119,000 | [2] | 104,000 |
Free-standing derivatives not designated as hedging instrument | Interest rate contracts for customers | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, notional amount | 28,964,141 | [2] | 28,000,014 | |
Derivative assets | [1] | 244,525 | [2] | 290,238 |
Derivative liabilities | [3] | 193,258 | [2] | 228,748 |
Free-standing derivatives not designated as hedging instrument | Foreign exchange contracts for customers | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, notional amount | 859,575 | [2] | 870,084 | |
Derivative assets | [1] | 23,633 | [2] | 28,367 |
Derivative liabilities | [3] | 21,560 | [2] | 26,317 |
Free-standing derivatives not designated as hedging instrument | Total trading account assets and liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets | [1] | 268,158 | [2] | 318,605 |
Derivative liabilities | [3] | $ 214,818 | [2] | $ 255,065 |
[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] | In January 2017, a clearing organization adopted a rule change that requires transactions to be considered settled-to-market each day. Beginning in the first quarter of 2017, to the extent the Company determined transactions with this clearing organization to be settled-to-market, the impact was a reduction to the derivative assets and liabilities as well as a corresponding decrease in cash collateral. | |||
[3] | Derivative liabilities are recorded in accrued expenses and other liabilities on the Company’s Unaudited Condensed Consolidated Balance Sheets. | |||
[4] | 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) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) related to hedge, firm commitments no longer qualifying as a fair value hedge | $ 0 | $ 0 |
Derivatives designated as hedging instrument | Fair value hedges | Interest Rate Swap | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Fair value hedges weighted average expected remaining term | 3 years 8 months 70 days | |
Derivatives designated as hedging instrument | Fair value hedges | Interest Rate Swap | Interest on FHLB and other borrowings | ||
Change in fair value of interest rate contracts: | ||
Change in fair value of interest rate contract - interest rate swaps hedging long term debt | $ (8,830) | 48,876 |
Change in fair value of interest rate contract - hedged long term debt | 8,493 | (44,731) |
Other gains on interest rate contracts: | ||
Interest and amortization related to interest rate swaps on hedged long term debt | $ 8,864 | $ 10,790 |
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 | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Cash flow hedges not terminated, net fair value | $ (31,300,000) | |
Fair value hedges weighted average expected remaining term | 1 year 6 months 40 days | |
Maximum length of time hedged in interest rate cash flow hedge | 4 years 3 months 30 days | |
Interest rate and foreign currency exchange contracts: | ||
Net change in amount recognized in other comprehensive income | $ (9,866,000) | $ 2,739,000 |
Amount reclassified from accumulated other comprehensive income (loss) into net income | 5,694,000 | 519,000 |
Amount of ineffectiveness recognized in net income | 0 | 0 |
Interest Income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Cash flow hedge gain (loss) to be reclassified within twelve months | (34,400,000) | |
Interest rate and foreign currency exchange contracts: | ||
Amount of ineffectiveness recognized in net income | $ (749,000) | $ 0 |
Derivatives and Hedging - Free
Derivatives and Hedging - Free Standing Derivative Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Futures contracts | Mortgage banking income and corporate and correspondent investment sales | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative instruments not designated as hedging instruments, gain (loss), net | $ (3) | $ (240) |
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 | (105) |
Forward 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 | (2,665) | (1,455) |
Interest rate lock commitments | Mortgage banking income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative instruments not designated as hedging instruments, gain (loss), net | 785 | 822 |
Interest rate contracts for customers | Corporate and correspondent investment sales | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative instruments not designated as hedging instruments, gain (loss), net | 6,796 | 3,540 |
Commodity contracts for customers | Corporate and correspondent investment sales | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative instruments not designated as hedging instruments, gain (loss), net | 0 | (2) |
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 | 3,630 | 5,291 |
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 | (3,134) | (4,556) |
Forward and swap contracts related to commercial loans | Other income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative instruments not designated as hedging instruments, gain (loss), net | (6,958) | (13,947) |
Spot contracts related to commercial loans | Other income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative instruments not designated as hedging instruments, gain (loss), net | 996 | (1,108) |
Foreign currency exchange contracts for customers | Corporate and correspondent investment sales | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative instruments not designated as hedging instruments, gain (loss), net | $ 2,350 | $ 431 |
Derivatives and Hedging - Credi
Derivatives and Hedging - Credit and Market Risks (Details) - USD ($) | 3 Months Ended | ||||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |||
Derivatives [Line Items] | |||||
Gain (loss) related to hedge, firm commitments no longer qualifying as a fair value hedge | $ 0 | $ 0 | |||
Derivative assets | 203,289,000 | $ 234,002,000 | |||
Derivative, collateral, right to reclaim cash | [1] | 86,569,000 | 102,603,000 | ||
Derivative, collateral, obligation to return | [1] | 41,212,000 | 33,212,000 | ||
Other Assets | |||||
Derivatives [Line Items] | |||||
Derivative, collateral, right to reclaim cash | 87,000,000 | 103,000,000 | |||
Deposits | |||||
Derivatives [Line Items] | |||||
Derivative, collateral, obligation to return | 44,000,000 | 37,000,000 | |||
Free-standing derivatives not designated as hedging instrument | |||||
Derivatives [Line Items] | |||||
Derivative assets | [2] | 333,442,000 | [3] | 384,581,000 | |
Free-standing derivatives not designated as hedging instrument | Interest Rate Swap | |||||
Derivatives [Line Items] | |||||
Gain (loss) on derivative instruments held for trading purposes, net | 0 | ||||
Gain (loss) on derivative instruments held for non-trading purposes, net | 0 | $ 0 | |||
Free-standing derivatives not designated as hedging instrument | Total trading account assets and liabilities | |||||
Derivatives [Line Items] | |||||
Derivative assets | [2] | 268,158,000 | [3] | 318,605,000 | |
Derivatives designated as hedging instrument | |||||
Derivatives [Line Items] | |||||
Derivative assets | [2] | 32,440,000 | [3] | 41,230,000 | |
Derivatives designated as hedging instrument | Interest Rate Swap | Over the Counter | |||||
Derivatives [Line Items] | |||||
Credit risk derivatives, at fair value, net | 32,000,000 | ||||
Cash flow hedges | Derivatives designated as hedging instrument | |||||
Derivatives [Line Items] | |||||
Derivative assets | [2] | $ 437,000 | [3] | $ 2,340,000 | |
[1] | The actual amount of collateral received/pledged is limited to the asset/liability balance and does not include excess collateral received/pledged. When excess collateral exists, the collateral shown in the table above has been allocated based on the percentage of the actual amount of collateral posted. | ||||
[2] | 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. | ||||
[3] | In January 2017, a clearing organization adopted a rule change that requires transactions to be considered settled-to-market each day. Beginning in the first quarter of 2017, to the extent the Company determined transactions with this clearing organization to be settled-to-market, the impact was a reduction to the derivative assets and liabilities as well as a corresponding decrease in cash collateral. |
Derivatives and Hedging - Conti
Derivatives and Hedging - Contingent Features (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivative, net liability position, aggregate fair value | $ 31 | $ 30 |
Collateral already posted, aggregate fair value | 31 | 29 |
Additional collateral, aggregate fair value | $ 0 | $ 1 |
Derivatives and Hedging - Netti
Derivatives and Hedging - Netting Arrangements (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | |
Derivative financial assets: | |||
Derivative assets, total derivatives subject to a master netting arrangement, gross amounts recognized | $ 203,289 | $ 234,002 | |
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 | 203,289 | 234,002 | |
Derivative assets, total derivatives subject to a master netting arrangement, financial instruments collateral received/pledged | [1] | 0 | 0 |
Derivate assets, total derivatives subject to a master netting arrangement, cash collateral received/pledged | [1] | 41,212 | 33,212 |
Derivative asset, total derivatives subject to a master netting arrangement, net amount | 162,077 | 200,790 | |
Derivative assets, total derivatives not subject to a master netting arrangement | 162,593 | 191,809 | |
Derivative assets, total derivatives not subject to a master netting arrangement, net amount | 162,593 | 191,809 | |
Total derivative financial assets, gross amounts recognized | 365,882 | 425,811 | |
Total derivative financial assets, net amount presented in the condensed consolidated balance sheet | 365,882 | 425,811 | |
Total derivative financial assets, net amount | 324,670 | 392,599 | |
Derivative financial liabilities: | |||
Derivative liabilities, total derivative subject to a master netting arrangement, gross amounts recognized | 220,530 | 248,669 | |
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 | 220,530 | 248,669 | |
Derivative liabilities, total derivatives subject to a master netting arrangement, financial instruments collateral received/pledged | [1] | 8,384 | 9,685 |
Derivative liabilities, total derivative subject to a master netting arrangement, cash collateral received/pledged | [1] | 86,569 | 102,603 |
Derivate liabilities, total derivatives subject to master netting arrangement, net amount | 125,577 | 136,381 | |
Derivative liabilities, total derivatives not subject to a master netting arrangement | 104,505 | 96,665 | |
Derivative liabilities, total derivatives not subject to a master netting arrangement, net amount | 104,505 | 96,665 | |
Derivative liabilities, total derivative financial liabilities, gross amount recognized | 325,035 | 345,334 | |
Total derivative financial liabilities, net amount presented in the condensed consolidated balance sheets | 325,035 | 345,334 | |
Total derivative financial liabilities, net amount | $ 230,082 | $ 233,046 | |
[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 Activiti63
Securities Financing Activities (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | |
Securities purchased under agreements to resell | |||
Securities purchased under agreements to resell, subject to master netting arrangement, gross amounts recognized | $ 2,888,149 | $ 3,164,039 | |
Securities purchased under agreements to resell, subject to a master netting arrangement, gross amounts offset in the condensed consolidated balance sheets | 2,746,902 | 3,069,489 | |
Securities purchased under agreements to resell, subject to a master netting arrangement, net amount presented in the condensed consolidated balance sheets | 141,247 | 94,550 | |
Securities purchased under agreements to resell, subject to a master netting arrangement, financial instruments collateral received/ pledged | [1] | 141,247 | 94,550 |
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 | 2,818,461 | 3,095,655 | |
Securities sold under agreements to repurchase, gross amounts offset in the condensed consolidated balance sheets | 2,746,902 | 3,069,488 | |
Securities sold under agreements to repurchase, subject to a master netting arrangement, net amount presented in the condensed consolidated balance sheet | 71,559 | 26,167 | |
Securities sold under agreements to repurchase, subject to a master netting arrangement, financial instruments collateral received/ pledged | [1] | 71,559 | 26,167 |
Securities sold under agreements to repurchase, subject to a master netting arrangement, net amount | 0 | 0 | |
Fair value of collateral received related to securities purchased under agreements to resell | 3,200,000 | 3,100,000 | |
Fair value of collateral pledged related to securities sold under agreements to repurchase | $ 2,800,000 | $ 3,100,000 | |
[1] | The actual amount of collateral received/pledged is limited to the asset/liability balance and does not include excess collateral received/pledged. When excess collateral exists, the collateral shown in the table above has been allocated based on the percentage of the actual amount of collateral posted. |
Securities Financing Activiti64
Securities Financing Activities - Contractual Maturities (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements repurchase | $ 2,818,461 | $ 3,095,655 |
Overnight and Continuous | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements repurchase | 845,035 | 1,408,736 |
Up to 30 days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements repurchase | 1,578,613 | 806,526 |
30 - 90 days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements repurchase | 394,813 | 880,393 |
Greater Than 90 days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements repurchase | 0 | 0 |
U.S. Treasury and other U.S. government agencies | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements repurchase | 2,741,913 | 3,013,351 |
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 | 845,035 | 1,408,736 |
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 | 1,578,613 | 806,526 |
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 | 318,265 | 798,089 |
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 | 0 |
Mortgage-backed securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements repurchase | 76,548 | 82,304 |
Mortgage-backed securities | Overnight and Continuous | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements repurchase | 0 | 0 |
Mortgage-backed securities | Up to 30 days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements repurchase | 0 | 0 |
Mortgage-backed securities | 30 - 90 days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements repurchase | 76,548 | 82,304 |
Mortgage-backed securities | Greater Than 90 days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements repurchase | $ 0 | $ 0 |
Commitments, Contingencies an65
Commitments, Contingencies and Guarantees - Commitments (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Guarantor Obligations [Line Items] | ||
Commitments to extend credit | $ 26,965,029 | $ 27,070,935 |
Financial Standby Letter of Credit | ||
Guarantor Obligations [Line Items] | ||
Standby and commercial letters of credit | $ 1,456,104 | $ 1,474,405 |
Commitments, Contingencies an66
Commitments, Contingencies and Guarantees - Narrative (Details) | 1 Months Ended | 3 Months Ended | |||
Jan. 31, 2016security_offering | Jun. 30, 2013patent | May 31, 2013USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Loss Contingencies [Line Items] | |||||
Loss Contingency Accrual | $ 3,000,000 | ||||
Financial Standby Letter of Credit | |||||
Loss Contingencies [Line Items] | |||||
Letters of credit, deferred fees | 7,000,000 | $ 8,000,000 | |||
Maximum potential amount of future undiscounted payments Company could be required to make on outstanding standby letters of credit | $ 1,500,000,000 | ||||
Financial Standby Letter of Credit | Minimum | |||||
Loss Contingencies [Line Items] | |||||
Standby and commercial letters of credit expiration term | 1 year | ||||
Financial Standby Letter of Credit | Maximum | |||||
Loss Contingencies [Line Items] | |||||
Standby and commercial letters of credit expiration term | 4 years | ||||
Potential Recourse Related To FNMA Securitizations | Maximum | |||||
Loss Contingencies [Line Items] | |||||
Loss sharing agreement, amount owed to FDIC | $ 19,000,000 | 19,000,000 | |||
FDIC Loss Sharing Agreement | |||||
Loss Contingencies [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 | $ 147,000,000 | 147,000,000 | |||
FDIC Loss Sharing Agreement | Commercial Loan | |||||
Loss Contingencies [Line Items] | |||||
FDIC loss sharing agreement, term | 5 years | ||||
FDIC Loss Sharing Agreement | Single Family Residential Loan | |||||
Loss Contingencies [Line Items] | |||||
FDIC loss sharing agreement, term | 10 years | ||||
Accrued Expenses and Other Liabilities | |||||
Loss Contingencies [Line Items] | |||||
FDIC indemnification expense | $ 135,000,000 | 136,000,000 | |||
Accrued Expenses and Other Liabilities | Financial Standby Letter of Credit | |||||
Loss Contingencies [Line Items] | |||||
Loss Contingency Accrual | 79,000,000 | 77,000,000 | |||
Accrued Expenses and Other Liabilities | Potential Recourse Related To FNMA Securitizations | |||||
Loss Contingencies [Line Items] | |||||
Loss Contingency Accrual | 665,000 | 681,000 | |||
Accrued Expenses and Other Liabilities | Standard Representations And Warranties Related To Loan Sales To Government-Sponsored Agencies [Member] | |||||
Loss Contingencies [Line Items] | |||||
Loss Contingency Accrual | $ 1,000,000 | $ 1,000,000 | |||
Pending Litigation | Morris Cerullo World Evangelism v. BBVA Compass and Jack Wilkinson | |||||
Loss Contingencies [Line Items] | |||||
Damages sought | $ 5,200,000 | ||||
Pending Litigation | Morris Cerullo World Evangelism v. BBVA Compass and Jack Wilkinson | Financial Standby Letter of Credit | |||||
Loss Contingencies [Line Items] | |||||
Line of credit | $ 5,200,000 | ||||
Pending Litigation | Intellectual Ventures II, LLC vs BBVA Compass Bancshares, Inc | |||||
Loss Contingencies [Line Items] | |||||
Loss contingency, patents allegedly infringed | patent | 5 | ||||
Pending Litigation | In re Plains All American Pipeline, L.P. Securities Litigation | BSI | |||||
Loss Contingencies [Line Items] | |||||
Loss contingency, number of security offers challenged | security_offering | 8 |
Fair Value of Financial Instr67
Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Federal home loan bank and federal reserve stock required to be owned by company | $ 400 | $ 403 | |
Forward contracts | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Net gains (losses) realized due to changes in fair value of loans | (2.7) | $ (1.5) | |
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 | $ 1.3 | $ 1.9 |
Fair Value of Financial Instr68
Fair Value of Financial Instruments - Unpaid Principle Balances (Details) - Residential mortgage loans held for sale - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Aggregate Fair Value | $ 74,741 | $ 105,257 |
Aggregate Unpaid Principal Balance | 72,041 | 103,886 |
Difference | $ 2,700 | $ 1,371 |
Fair Value of Financial Instr69
Fair Value of Financial Instruments - Fair value of balance sheet items (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | ||
Assets: | ||||
Trading account assets | $ 2,892,254 | $ 3,144,600 | ||
Investment securities available for sale | 11,846,618 | 11,665,055 | ||
Loans held for sale, estimated fair value | 74,741 | 105,257 | ||
Derivative asset | 365,882 | 425,811 | ||
Other assets | 1,532,837 | 1,435,187 | ||
Liabilities: | ||||
Derivative liabilities | 325,035 | 345,334 | ||
U.S. Treasury and other U.S. government agencies | ||||
Assets: | ||||
Investment securities available for sale | 2,967,385 | 2,374,331 | ||
Collateralized mortgage obligations | ||||
Assets: | ||||
Investment securities available for sale | 4,934,143 | 5,098,928 | ||
State and political subdivisions | ||||
Assets: | ||||
Investment securities available for sale | 8,208 | 8,641 | ||
Other debt securities | ||||
Assets: | ||||
Investment securities available for sale | 14,061 | 16,185 | ||
Equity Securities | ||||
Assets: | ||||
Investment securities available for sale | 400,797 | 403,632 | ||
Fair Value, measurements, recurring | ||||
Assets: | ||||
Trading account assets | 2,892,254 | 3,144,600 | ||
Investment securities available for sale | 11,446,191 | 11,261,803 | ||
Loans held for sale, estimated fair value | 74,741 | 105,257 | ||
Derivative asset | 97,724 | 107,206 | ||
Liabilities: | ||||
Trading account liabilities | 2,807,357 | 3,008,042 | ||
Derivative liabilities | 108,272 | 88,561 | ||
Fair Value, measurements, recurring | Interest rate contracts | ||||
Assets: | ||||
Derivative asset | 35,559 | 46,133 | ||
Liabilities: | ||||
Derivative liabilities | 48,925 | 33,414 | ||
Fair Value, measurements, recurring | Equity contracts | ||||
Assets: | ||||
Derivative asset | 60,829 | 57,198 | ||
Liabilities: | ||||
Derivative liabilities | 56,178 | 53,044 | ||
Fair Value, measurements, recurring | Foreign exchange contracts | ||||
Assets: | ||||
Derivative asset | 1,336 | 3,875 | ||
Liabilities: | ||||
Derivative liabilities | 3,169 | 2,103 | ||
Fair Value, measurements, recurring | U.S. Treasury and other U.S. government agencies | ||||
Assets: | ||||
Trading account assets | 2,614,008 | 2,820,797 | ||
Investment securities available for sale | 2,967,385 | 2,374,331 | ||
Liabilities: | ||||
Trading account liabilities | 2,584,514 | 2,750,085 | ||
Fair Value, measurements, recurring | Collateralized mortgage obligations | ||||
Assets: | ||||
Trading account assets | 1,324 | |||
Investment securities available for sale | 4,934,143 | 5,098,928 | ||
Fair Value, measurements, recurring | State and political subdivisions | ||||
Assets: | ||||
Trading account assets | 460 | 219 | ||
Investment securities available for sale | 8,208 | 8,641 | ||
Fair Value, measurements, recurring | Other debt securities | ||||
Assets: | ||||
Trading account assets | 7,485 | 4,120 | ||
Investment securities available for sale | 14,061 | 16,185 | ||
Liabilities: | ||||
Trading account liabilities | 8,025 | 2,892 | ||
Fair Value, measurements, recurring | Interest rate contracts | ||||
Assets: | ||||
Trading account assets | 244,525 | 290,238 | ||
Liabilities: | ||||
Trading account liabilities | 193,258 | 228,748 | ||
Fair Value, measurements, recurring | Foreign exchange contracts | ||||
Assets: | ||||
Trading account assets | 23,633 | 28,367 | ||
Liabilities: | ||||
Trading account liabilities | 21,560 | 26,317 | ||
Fair Value, measurements, recurring | Other trading assets | ||||
Assets: | ||||
Trading account assets | 819 | 859 | ||
Fair Value, measurements, recurring | Mortgage-backed securities | ||||
Assets: | ||||
Investment securities available for sale | 3,522,024 | 3,763,338 | ||
Fair Value, measurements, recurring | Equity Securities | ||||
Assets: | ||||
Investment securities available for sale | 370 | [1] | 380 | [2] |
Fair Value, measurements, recurring | Quoted Prices in Active Markets for Identical Assets, Level 1 | ||||
Assets: | ||||
Trading account assets | 2,614,008 | 2,820,797 | ||
Investment securities available for sale | 1,897,425 | 1,282,836 | ||
Liabilities: | ||||
Trading account liabilities | 2,581,472 | 2,750,085 | ||
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 | 2,614,008 | 2,820,797 | ||
Investment securities available for sale | 1,883,291 | 1,266,564 | ||
Liabilities: | ||||
Trading account liabilities | 2,581,472 | 2,750,085 | ||
Fair Value, measurements, recurring | Quoted Prices in Active Markets for Identical Assets, Level 1 | Other debt securities | ||||
Assets: | ||||
Investment securities available for sale | 14,061 | 16,185 | ||
Fair Value, measurements, recurring | Quoted Prices in Active Markets for Identical Assets, Level 1 | Equity Securities | ||||
Assets: | ||||
Investment securities available for sale | 73 | [1] | 87 | [2] |
Fair Value, measurements, recurring | Significant Other Observable Inputs, Level 2 | ||||
Assets: | ||||
Trading account assets | 277,427 | 322,944 | ||
Investment securities available for sale | 9,548,469 | 9,978,674 | ||
Loans held for sale, estimated fair value | 74,741 | 105,257 | ||
Derivative asset | 94,546 | 104,782 | ||
Liabilities: | ||||
Trading account liabilities | 225,885 | 257,957 | ||
Derivative liabilities | 108,271 | 88,529 | ||
Fair Value, measurements, recurring | Significant Other Observable Inputs, Level 2 | Interest rate contracts | ||||
Assets: | ||||
Derivative asset | 32,381 | 43,709 | ||
Liabilities: | ||||
Derivative liabilities | 48,924 | 33,382 | ||
Fair Value, measurements, recurring | Significant Other Observable Inputs, Level 2 | Equity contracts | ||||
Assets: | ||||
Derivative asset | 60,829 | 57,198 | ||
Liabilities: | ||||
Derivative liabilities | 56,178 | 53,044 | ||
Fair Value, measurements, recurring | Significant Other Observable Inputs, Level 2 | Foreign exchange contracts | ||||
Assets: | ||||
Derivative asset | 1,336 | 3,875 | ||
Liabilities: | ||||
Derivative liabilities | 3,169 | 2,103 | ||
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 | 1,084,094 | 1,107,767 | ||
Liabilities: | ||||
Trading account liabilities | 3,042 | |||
Fair Value, measurements, recurring | Significant Other Observable Inputs, Level 2 | Collateralized mortgage obligations | ||||
Assets: | ||||
Trading account assets | 1,324 | |||
Investment securities available for sale | 4,934,143 | 5,098,928 | ||
Fair Value, measurements, recurring | Significant Other Observable Inputs, Level 2 | State and political subdivisions | ||||
Assets: | ||||
Trading account assets | 460 | 219 | ||
Investment securities available for sale | 8,208 | 8,641 | ||
Fair Value, measurements, recurring | Significant Other Observable Inputs, Level 2 | Other debt securities | ||||
Assets: | ||||
Trading account assets | 7,485 | 4,120 | ||
Liabilities: | ||||
Trading account liabilities | 8,025 | 2,892 | ||
Fair Value, measurements, recurring | Significant Other Observable Inputs, Level 2 | Interest rate contracts | ||||
Assets: | ||||
Trading account assets | 244,525 | 290,238 | ||
Liabilities: | ||||
Trading account liabilities | 193,258 | 228,748 | ||
Fair Value, measurements, recurring | Significant Other Observable Inputs, Level 2 | Foreign exchange contracts | ||||
Assets: | ||||
Trading account assets | 23,633 | 28,367 | ||
Liabilities: | ||||
Trading account liabilities | 21,560 | 26,317 | ||
Fair Value, measurements, recurring | Significant Other Observable Inputs, Level 2 | Mortgage-backed securities | ||||
Assets: | ||||
Investment securities available for sale | 3,522,024 | 3,763,338 | ||
Fair Value, measurements, recurring | Fair Value, Inputs, Level 3 | ||||
Assets: | ||||
Trading account assets | 819 | 859 | ||
Investment securities available for sale | 297 | 293 | ||
Derivative asset | 3,178 | 2,424 | ||
Liabilities: | ||||
Derivative liabilities | 1 | 32 | ||
Fair Value, measurements, recurring | Fair Value, Inputs, Level 3 | Interest rate contracts | ||||
Assets: | ||||
Derivative asset | 3,178 | 2,424 | ||
Liabilities: | ||||
Derivative liabilities | 1 | 32 | ||
Fair Value, measurements, recurring | Fair Value, Inputs, Level 3 | Other trading assets | ||||
Assets: | ||||
Trading account assets | 819 | 859 | ||
Fair Value, measurements, recurring | Fair Value, Inputs, Level 3 | Equity Securities | ||||
Assets: | ||||
Investment securities available for sale | 297 | [1] | 293 | [2] |
Other assets, MSR [Member] | Fair Value, measurements, recurring | ||||
Assets: | ||||
Other assets | 50,776 | 51,428 | ||
Other assets, MSR [Member] | Fair Value, measurements, recurring | Fair Value, Inputs, Level 3 | ||||
Assets: | ||||
Other assets | 50,776 | 51,428 | ||
Other assets - SBIC investments | Fair Value, measurements, recurring | ||||
Assets: | ||||
Other assets | 22,553 | 15,639 | ||
Other assets - SBIC investments | Fair Value, measurements, recurring | Fair Value, Inputs, Level 3 | ||||
Assets: | ||||
Other assets | $ 22,553 | $ 15,639 | ||
[1] | Excludes $400 million of FHLB and Federal Reserve stock required to be owned by the Company at March 31, 2017. These securities are carried at par. | |||
[2] | Excludes $403 million of FHLB and Federal Reserve stock required to be owned by the Company at December 31, 2016. These securities are carried at par. |
Fair Value of Financial Instr70
Fair Value of Financial Instruments - Assets measured on a recurring basis (Details) - Fair Value, measurements, recurring - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Other Trading Assets | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning of year | $ 859 | $ 1,117 | |
Total gains or losses (realized/unrealized): | |||
Included in earnings | [1] | (40) | (46) |
Purchases, issuances, sales and settlements: | |||
Balance, end of year | 819 | 1,071 | |
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held | (40) | (46) | |
Equity Securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning of year | 293 | 253 | |
Purchases, issuances, sales and settlements: | |||
Purchases | 4 | ||
Sales | 0 | 0 | |
Balance, end of year | 297 | 253 | |
Interest rate contracts | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning of year | 2,392 | 2,874 | |
Total gains or losses (realized/unrealized): | |||
Included in earnings | [1] | 785 | 822 |
Purchases, issuances, sales and settlements: | |||
Balance, end of year | 3,177 | 3,696 | |
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held | 785 | 822 | |
Other assets - MSRs | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning of year | 51,428 | 44,541 | |
Total gains or losses (realized/unrealized): | |||
Included in earnings | [1] | (2,670) | (8,231) |
Included in other comprehensive income | 0 | ||
Purchases, issuances, sales and settlements: | |||
Purchases | 0 | ||
Issuances | 2,018 | 4,407 | |
Balance, end of year | 50,776 | 40,717 | |
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held | (2,670) | $ (8,231) | |
Other assets - SBIC investments | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, beginning of year | 15,639 | ||
Total gains or losses (realized/unrealized): | |||
Included in earnings | 550 | ||
Purchases, issuances, sales and settlements: | |||
Purchases | 6,364 | ||
Balance, end of year | 22,553 | ||
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held | $ 550 | ||
[1] | Included in noninterest income in the Unaudited Condensed Consolidated Statements of Income. |
Fair Value of Financial Instr71
Fair Value of Financial Instruments - Assets measured on nonrecurring basis (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment securities held to maturity, estimated fair value | $ 1,142,694 | $ 1,182,009 | ||
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 | 1,142,694 | $ 1,182,009 | ||
Fair Value, measurements, nonrecurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment securities held to maturity, estimated fair value | 2,013 | |||
Investment securities held to maturity recorded as other than temporary impairment losses | (242) | |||
Impaired loans, fair value | [1] | 3,510 | $ 69,032 | |
Impaired loans, total gains (losses) | [1] | 15,921 | (15,408) | |
OREO, fair value | 25,113 | 17,877 | ||
OREO, total gains (losses) | (1,723) | (699) | ||
Fair Value, measurements, nonrecurring | 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 | 2,013 | |||
Impaired loans, fair value | [1] | 3,510 | 69,032 | |
OREO, fair value | $ 25,113 | $ 17,877 | ||
[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 Instr72
Fair Value of Financial Instruments - Quantitative information about unobservable inputs for material assets and liabilities measured using fair value (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Investment securities held to maturity, estimated fair value | $ 1,142,694,000 | $ 1,182,009,000 | ||
Fair Value, measurements, recurring | Other assets - SBIC investments | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Other assets -MSRs, fair value | 22,553,000 | |||
Fair Value, measurements, nonrecurring | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Investment securities held to maturity, estimated fair value | 2,013,000 | |||
Impaired loans, fair value | [1] | 3,510,000 | $ 69,032,000 | |
OREO, fair value | 25,113,000 | 17,877,000 | ||
Fair Value, Inputs, Level 3 | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Investment securities held to maturity, estimated fair value | 1,142,694,000 | $ 1,182,009,000 | ||
Fair Value, Inputs, Level 3 | Fair Value, measurements, recurring | Other Trading Assets | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Other trading asset, fair value | 819,000 | |||
Fair Value, Inputs, Level 3 | Fair Value, measurements, recurring | Interest rate contracts | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Interest rate contracts, fair value | 3,177,000 | |||
Fair Value, Inputs, Level 3 | Fair Value, measurements, recurring | Other assets - MSRs | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Other assets -MSRs, fair value | $ 50,776,000 | |||
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 | 5.80% | |||
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 | 18.60% | |||
Cap grid rate | 0.20% | |||
Fair Value, Inputs, Level 3 | Fair Value, measurements, recurring | Minimum | Other assets - MSRs | Discounted cash flow | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Prepayment rate | 0.80% | |||
Cost to service | $ 65 | |||
Discount rate | 6.60% | |||
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 | 11.00% | |||
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 | 99.10% | |||
Cap grid rate | 2.20% | |||
Fair Value, Inputs, Level 3 | Fair Value, measurements, recurring | Maximum | Other assets - MSRs | Discounted cash flow | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Prepayment rate | 33.50% | |||
Cost to service | $ 4,000 | |||
Discount rate | 19.20% | |||
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 | 10.20% | |||
Prepayment rate | 8.00% | |||
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 | 65.60% | |||
Cap grid rate | 1.10% | |||
Fair Value, Inputs, Level 3 | Fair Value, measurements, recurring | Average | Other assets - MSRs | Discounted cash flow | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Prepayment rate | 6.60% | |||
Cost to service | $ 76 | |||
Discount rate | 8.70% | |||
Fair Value, Inputs, Level 3 | Fair Value, measurements, recurring | Average | Other assets - SBIC investments | Discounted cash flow | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Transaction price | 0.00% | |||
Fair Value, Inputs, Level 3 | Fair Value, measurements, nonrecurring | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Investment securities held to maturity, estimated fair value | $ 2,013,000 | |||
Impaired loans, fair value | [1] | 3,510,000 | 69,032,000 | |
OREO, fair value | $ 25,113,000 | $ 17,877,000 | ||
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 | 80.00% | |||
Fair Value, Inputs, Level 3 | Fair Value, measurements, nonrecurring | Average | Investment securities held to maturity | Discounted cash flow | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Default rate | 4.80% | |||
Loss severity rate | 70.60% | |||
Prepayment rate | 5.10% | |||
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 | 26.70% | |||
Fair Value, Inputs, Level 3 | Fair Value, measurements, nonrecurring | Average | OREO | Appraised value | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Appraised value rate | [2] | 8.00% | ||
[1] | Total gains (losses) represent charge-offs on impaired loans for which adjustments are based on the appraised value of the collateral. | |||
[2] | epresents discount to appraised value for estimated costs to sell. |
Fair Value of Financial Instr73
Fair Value of Financial Instruments - Carrying value and estimated fair value (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Assets: | ||||
Cash and cash equivalents | $ 3,959,932 | $ 3,251,786 | $ 5,369,694 | $ 4,496,828 |
Investment securities held to maturity | 1,158,785 | 1,203,217 | ||
Investment securities held to maturity, estimated fair value | 1,142,694 | 1,182,009 | ||
Liabilities: | ||||
Deposits | 67,529,638 | 67,279,533 | ||
Federal funds purchased and securities sold under agreements to repurchase | 71,559 | 39,052 | ||
Other short-term borrowings | 2,642,539 | 2,802,977 | ||
Fair Value, Inputs, Level 1 | ||||
Assets: | ||||
Cash and cash equivalents, estimated fair value | 3,959,932 | 3,251,786 | ||
Fair Value, Inputs, Level 2 | ||||
Liabilities: | ||||
Deposits, estimated fair value | 67,603,537 | 67,359,299 | ||
FHLB and other borrowings, estimated fair value | 3,037,339 | 3,001,836 | ||
Federal funds purchased and securities sold under agreements to repurchase, estimated fair value | 71,559 | 39,052 | ||
Other short-term borrowings, estimated fair value | 50,000 | 50,000 | ||
Fair Value, Inputs, Level 3 | ||||
Assets: | ||||
Investment securities held to maturity, estimated fair value | 1,142,694 | 1,182,009 | ||
Loans, net, estimated fair value | 56,219,932 | 56,283,761 | ||
Reported value measurement | ||||
Assets: | ||||
Cash and cash equivalents | 3,959,932 | 3,251,786 | ||
Investment securities held to maturity | 1,158,785 | 1,203,217 | ||
Loans, net | 58,871,661 | 59,222,970 | ||
Liabilities: | ||||
Deposits | 67,529,638 | 67,279,533 | ||
FHLB and other borrowings | 2,993,222 | 3,001,551 | ||
Federal funds purchased and securities sold under agreements to repurchase | 71,559 | 39,052 | ||
Other short-term borrowings | 50,000 | 50,000 | ||
Estimate of fair value measurement | ||||
Assets: | ||||
Cash and cash equivalents, estimated fair value | 3,959,932 | 3,251,786 | ||
Investment securities held to maturity, estimated fair value | 1,142,694 | 1,182,009 | ||
Loans, net, estimated fair value | 56,219,932 | 56,283,761 | ||
Liabilities: | ||||
Deposits, estimated fair value | 67,603,537 | 67,359,299 | ||
FHLB and other borrowings, estimated fair value | 3,037,339 | 3,001,836 | ||
Federal funds purchased and securities sold under agreements to repurchase, estimated fair value | 71,559 | 39,052 | ||
Other short-term borrowings, estimated fair value | $ 50,000 | $ 50,000 |
Comprehensive Income (Details)
Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Other Comprehensive Income (Loss), Pretax [Abstract] | ||
Other comprehensive income | $ 27,704 | $ 106,163 |
Other Comprehensive Income (Loss), Tax Expense/(Benefit) [Abstract] | ||
Other comprehensive income | 10,233 | 38,772 |
Other Comprehensive Income (Loss), After-Tax [Abstract] | ||
Change in unamortized net holding losses on investment securities held to maturity | 666 | 529 |
Change in unamortized non-credit related impairment on investment securities held to maturity | 223 | 222 |
Net change in unamortized holding losses on securities held to maturity | 889 | 751 |
Other comprehensive income, net of tax | 17,471 | 67,391 |
Unrealized Gains (Losses) on Securities Available for Sale and Transferred to Held to Maturity | ||
Other Comprehensive Income (Loss), After-Tax [Abstract] | ||
Unrealized holding gains arising during period from securities available for sale | 26,933 | 68,264 |
Less: reclassification adjustment for net gains on sale of securities in net income | (666) | 4,765 |
Other comprehensive income, net of tax | 27,599 | 63,499 |
Accumulated Gains (Losses) on Cash Flow Hedging Instruments | ||
Other Comprehensive Income (Loss), Pretax [Abstract] | ||
Other comprehensive income | (15,686) | 4,305 |
Other Comprehensive Income (Loss), Tax Expense/(Benefit) [Abstract] | ||
Other comprehensive income | (5,820) | 1,566 |
Other Comprehensive Income (Loss), After-Tax [Abstract] | ||
Unrealized holding gains arising during period from securities available for sale | (6,285) | 3,068 |
Less: reclassification adjustment for net gains on sale of securities in net income | 3,581 | 329 |
Other comprehensive income, net of tax | (9,866) | 2,739 |
Defined Benefit Plan Adjustment | ||
Other Comprehensive Income (Loss), Pretax [Abstract] | ||
Other comprehensive income | (773) | 1,300 |
Other Comprehensive Income (Loss), Tax Expense/(Benefit) [Abstract] | ||
Other comprehensive income | (288) | 369 |
Other Comprehensive Income (Loss), After-Tax [Abstract] | ||
Unrealized holding gains arising during period from securities available for sale | 0 | 0 |
Less: reclassification adjustment for net gains on sale of securities in net income | 485 | (931) |
Other comprehensive income, net of tax | (485) | 931 |
Available-for-sale Securities | Unrealized Gains (Losses) on Securities Available for Sale and Transferred to Held to Maturity | ||
Other Comprehensive Income (Loss), Pretax [Abstract] | ||
Unrealized holding gains arising during period from securities available for sale | 42,751 | 107,725 |
Less: reclassification adjustment for net gains on sale of securities in net income | 0 | 8,353 |
Other comprehensive income | 42,751 | 99,372 |
Other Comprehensive Income (Loss), Tax Expense/(Benefit) [Abstract] | ||
Unrealized holding gains arising during period from securities available for sale | 15,818 | 39,461 |
Less: reclassification adjustment for net gains on sale of securities in net income | 0 | 3,059 |
Other comprehensive income | 15,818 | 36,402 |
Other Comprehensive Income (Loss), After-Tax [Abstract] | ||
Unrealized holding gains arising during period from securities available for sale | 26,933 | 68,264 |
Less: reclassification adjustment for net gains on sale of securities in net income | 0 | 5,294 |
Other comprehensive income, net of tax | 26,933 | 62,970 |
Held-to-maturity Securities | Unrealized Gains (Losses) on Securities Available for Sale and Transferred to Held to Maturity | ||
Other Comprehensive Income (Loss), Pretax [Abstract] | ||
Change in unamortized net holding losses on investment securities held to maturity | 1,058 | 835 |
Change in unamortized non-credit related impairment on investment securities held to maturity | 354 | 351 |
Net change in unamortized holding losses on securities held to maturity | 1,412 | 1,186 |
Other Comprehensive Income (Loss), Tax Expense/(Benefit) [Abstract] | ||
Change in unamortized net holding losses on investment securities held to maturity | 392 | 306 |
Change in unamortized non-credit related impairment on investment securities held to maturity | 131 | 129 |
Net change in unamortized holding losses on securities held to maturity | 523 | 435 |
Other Comprehensive Income (Loss), After-Tax [Abstract] | ||
Change in unamortized net holding losses on investment securities held to maturity | 666 | 529 |
Change in unamortized non-credit related impairment on investment securities held to maturity | 223 | 222 |
Net change in unamortized holding losses on securities held to maturity | $ 889 | $ 751 |
Comprehensive Income - AOCI (De
Comprehensive Income - AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Accumulated Comprehensive Income [Roll Forward] | ||
Balance, beginning of period | $ 12,750,707 | $ 12,624,709 |
Other comprehensive income, net of tax | 17,471 | 67,391 |
Balance, end of period | 12,885,499 | 12,723,177 |
Unrealized Gains (Losses) on Securities Available for Sale and Transferred to Held to Maturity | ||
Accumulated Comprehensive Income [Roll Forward] | ||
Balance, beginning of period | (119,562) | (56,326) |
Other comprehensive income (loss) before reclassifications | 26,933 | 68,264 |
Amounts reclassified from accumulated other comprehensive income (loss) | 666 | (4,765) |
Other comprehensive income, net of tax | 27,599 | 63,499 |
Balance, end of period | (91,963) | 7,173 |
Accumulated Gains (Losses) on Cash Flow Hedging Instruments | ||
Accumulated Comprehensive Income [Roll Forward] | ||
Balance, beginning of period | (10,080) | (6,407) |
Other comprehensive income (loss) before reclassifications | (6,285) | 3,068 |
Amounts reclassified from accumulated other comprehensive income (loss) | (3,581) | (329) |
Other comprehensive income, net of tax | (9,866) | 2,739 |
Balance, end of period | (19,946) | (3,668) |
Defined Benefit Plan Adjustment | ||
Accumulated Comprehensive Income [Roll Forward] | ||
Balance, beginning of period | (32,028) | (29,166) |
Other comprehensive income (loss) before reclassifications | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income (loss) | (485) | 931 |
Other comprehensive income, net of tax | (485) | 931 |
Balance, end of period | (32,513) | (28,235) |
Unamortized Impairment Losses on Investment Securities Held to Maturity | ||
Accumulated Comprehensive Income [Roll Forward] | ||
Balance, beginning of period | (6,582) | (7,437) |
Other comprehensive income (loss) before reclassifications | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income (loss) | 223 | 222 |
Other comprehensive income, net of tax | 223 | 222 |
Balance, end of period | (6,359) | (7,215) |
Accumulated Other Comprehensive Loss | ||
Accumulated Comprehensive Income [Roll Forward] | ||
Balance, beginning of period | (168,252) | (99,336) |
Other comprehensive income (loss) before reclassifications | 20,648 | 71,332 |
Amounts reclassified from accumulated other comprehensive income (loss) | (3,177) | (3,941) |
Other comprehensive income, net of tax | 17,471 | 67,391 |
Balance, end of period | $ (150,781) | $ (31,945) |
Comprehensive Income - Reclassi
Comprehensive Income - Reclassifications out of AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Interest on investment securities held to maturity | $ 6,639 | $ 6,795 | |
Interest and fees on loans | 574,712 | 561,083 | |
Interest and fees on FHLB advances | (19,068) | (18,012) | |
Net income before income tax expense | 166,669 | 64,698 | |
Income tax (expense) benefit | (45,846) | (25,431) | |
Net income | 120,823 | 39,267 | |
Reclassification out of Accumulated Other Comprehensive Income (Loss) | Unrealized Gains (Losses) on Securities Available for Sale and Transferred to Held to Maturity | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Investment securities gains, net | [1] | 0 | 8,353 |
Interest on investment securities held to maturity | [1] | (1,058) | (835) |
Net income before income tax expense | [1] | (1,058) | 7,518 |
Income tax (expense) benefit | [1] | 392 | (2,753) |
Net income | [1] | (666) | 4,765 |
Reclassification out of Accumulated Other Comprehensive Income (Loss) | Accumulated Gains (Losses) on Cash Flow Hedging Instruments | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Interest and fees on loans | [1] | 6,374 | 2,048 |
Interest and fees on FHLB advances | [1] | (680) | (1,529) |
Net income before income tax expense | [1] | 5,694 | 519 |
Income tax (expense) benefit | [1] | (2,113) | (190) |
Net income | [1] | 3,581 | 329 |
Reclassification out of Accumulated Other Comprehensive Income (Loss) | Defined Benefit Plan Adjustment | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Net periodic expense | [1],[2] | 773 | (1,300) |
Income tax (expense) benefit | [1] | (288) | 369 |
Net income | [1] | 485 | (931) |
Reclassification out of Accumulated Other Comprehensive Income (Loss) | 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] | (354) | (351) |
Income tax (expense) benefit | [1] | 131 | 129 |
Net income | [1] | $ (223) | $ (222) |
[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 19, Benefit Plans, in the Notes to the December 31, 2016, Consolidated Financial Statements for additional details). |
Supplemental Disclosure for S77
Supplemental Disclosure for Statement of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Supplemental disclosures of cash flow information: | ||
Interest paid | $ 103,006 | $ 108,970 |
Net income taxes paid | 1,153 | 2,658 |
Supplemental schedule of noncash investing and financing activities: | ||
Transfer of loans and loans held for sale to OREO | 10,226 | 6,651 |
Transfer of loans to loans held for sale | 0 | 764,022 |
Issuance of restricted stock, net of cancellations | $ 0 | $ (66) |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Segment Reporting Information [Line Items] | ||
Net interest income (expense) | $ 551,433 | $ 516,882 |
Provision (credit) for loan losses | 80,139 | 113,245 |
Noninterest income | 244,687 | 253,205 |
Noninterest expense | 549,312 | 592,144 |
Net income before income tax expense | 166,669 | 64,698 |
Income tax expense (benefit) | 45,846 | 25,431 |
Net income | 120,823 | 39,267 |
Less: net income attributable to noncontrolling interests | 443 | 528 |
Net income attributable to BBVA Compass Bancshares, Inc. | 120,380 | 38,739 |
Average assets | 87,676,882 | 92,305,106 |
Operating Segments | Consumer and Commercial Banking | ||
Segment Reporting Information [Line Items] | ||
Net interest income (expense) | 508,884 | 499,812 |
Provision (credit) for loan losses | 63,305 | 61,011 |
Noninterest income | 190,376 | 196,032 |
Noninterest expense | 473,326 | 481,897 |
Net income before income tax expense | 162,629 | 152,936 |
Income tax expense (benefit) | 56,920 | 53,527 |
Net income | 105,709 | 99,409 |
Less: net income attributable to noncontrolling interests | 23 | 105 |
Net income attributable to BBVA Compass Bancshares, Inc. | 105,686 | 99,304 |
Average assets | 54,346,358 | 54,581,856 |
Operating Segments | Corporate and Investment Banking | ||
Segment Reporting Information [Line Items] | ||
Net interest income (expense) | 35,345 | 47,516 |
Provision (credit) for loan losses | 5,720 | 53,427 |
Noninterest income | 49,360 | 43,526 |
Noninterest expense | 38,760 | 78,497 |
Net income before income tax expense | 40,225 | (40,882) |
Income tax expense (benefit) | 14,079 | (14,309) |
Net income | 26,146 | (26,573) |
Less: net income attributable to noncontrolling interests | 0 | 0 |
Net income attributable to BBVA Compass Bancshares, Inc. | 26,146 | (26,573) |
Average assets | 11,009,451 | 14,464,503 |
Operating Segments | Treasury | ||
Segment Reporting Information [Line Items] | ||
Net interest income (expense) | 14,268 | (5,140) |
Provision (credit) for loan losses | 0 | 0 |
Noninterest income | 1,888 | 11,387 |
Noninterest expense | 6,308 | 5,238 |
Net income before income tax expense | 9,848 | 1,009 |
Income tax expense (benefit) | 3,446 | 353 |
Net income | 6,402 | 656 |
Less: net income attributable to noncontrolling interests | 416 | 423 |
Net income attributable to BBVA Compass Bancshares, Inc. | 5,986 | 233 |
Average assets | 15,180,526 | 16,283,929 |
Corporate, Non-Segment | ||
Segment Reporting Information [Line Items] | ||
Net interest income (expense) | (7,064) | (25,306) |
Provision (credit) for loan losses | 11,114 | (1,193) |
Noninterest income | 3,063 | 2,260 |
Noninterest expense | 30,918 | 26,512 |
Net income before income tax expense | (46,033) | (48,365) |
Income tax expense (benefit) | (28,599) | (14,140) |
Net income | (17,434) | (34,225) |
Less: net income attributable to noncontrolling interests | 4 | 0 |
Net income attributable to BBVA Compass Bancshares, Inc. | (17,438) | (34,225) |
Average assets | $ 7,140,547 | $ 6,974,818 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 3 Months Ended | |||||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 16, 2017 | Dec. 31, 2016 | Aug. 01, 2014 | Mar. 16, 2012 | |
Related Party Transaction [Line Items] | ||||||
Securities purchased under agreements to resell | $ 141,247,000 | $ 94,550,000 | ||||
Securities sold under agreements to repurchase | 71,559,000 | 26,167,000 | ||||
Preferred stock | 229,475,000 | 229,475,000 | ||||
Preferred stock dividends | 3,548,000 | $ 3,219,000 | ||||
BSI | Line of Credit | BBVA Compass Bancshares, Inc. | ||||||
Related Party Transaction [Line Items] | ||||||
Due from related parties | 50,000,000 | 50,000,000 | $ 150,000,000 | |||
BSI | Revolving Credit Facility | Line of Credit | BBVA Compass Bancshares, Inc. | ||||||
Related Party Transaction [Line Items] | ||||||
Due from related parties | 0 | $ 450,000,000 | 0 | $ 420,000,000 | ||
BBVA | ||||||
Related Party Transaction [Line Items] | ||||||
Securities purchased under agreements to resell | 989,000 | 8,330,000 | ||||
Securities sold under agreements to repurchase | 69,860,000 | 23,397,000 | ||||
BBVA | BBVA Compass Bancshares, Inc. | ||||||
Related Party Transaction [Line Items] | ||||||
Revenue from related parties | 6,000,000 | 3,900,000 | ||||
Fees on agreements | 5,800,000 | 6,800,000 | ||||
Derivatives designated as hedging instrument | BBVA | ||||||
Related Party Transaction [Line Items] | ||||||
Derivative, notional amount | 5,500,000,000 | 5,200,000,000 | ||||
Free-standing derivatives not designated as hedging instrument | Free-standing derivative instruments – risk management and other purposes | BBVA | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transaction, amount of transaction | (3,490,000) | (14,326,000) | ||||
Revolving Note And Cash Subordinated Agreement | BSI | BBVA Compass Bancshares, Inc. | ||||||
Related Party Transaction [Line Items] | ||||||
Interest expense | 367,000 | 822,000 | ||||
Preferred Stock | Series A Preferred Stock | BBVA | ||||||
Related Party Transaction [Line Items] | ||||||
Preferred stock | 229,000,000 | |||||
Preferred stock dividends | 3,500,000 | $ 3,200,000 | ||||
Cash flow hedges | Derivatives designated as hedging instrument | BBVA | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transaction, amount of transaction | 433,000 | (380,000) | ||||
Fair value hedges | BBVA | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transaction, amount of transaction | $ (16,169,000) | $ (14,225,000) |