Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Oct. 31, 2018 | |
Entity [Abstract] | ||
Entity Registrant Name | BBVA COMPASS BANCSHARES, INC | |
Entity Central Index Key | 1,409,775 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding | 222,950,751 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Assets: | ||
Cash and due from banks | $ 1,122,747 | $ 1,313,022 |
Federal funds sold, securities purchased under agreements to resell and interest bearing deposits | 2,404,164 | 2,769,804 |
Cash and cash equivalents | 3,526,911 | 4,082,826 |
Trading account assets | 216,749 | 220,496 |
Debt securities available for sale | 11,134,860 | 12,219,632 |
Debt securities held to maturity (fair value of $2,465,761 and $1,040,543 at September 30, 2018 and December 31, 2017, respectively) | 2,490,568 | 1,046,093 |
Loans held for sale, at fair value | 73,569 | 67,110 |
Loans | 64,457,279 | 61,623,768 |
Allowance for loan losses | (875,393) | (842,760) |
Net loans | 63,581,886 | 60,781,008 |
Premises and equipment, net | 1,155,795 | 1,214,874 |
Bank owned life insurance | 731,527 | 722,596 |
Goodwill | 4,983,296 | 4,983,296 |
Other assets | 2,152,495 | 1,982,648 |
Total assets | 90,047,656 | 87,320,579 |
Deposits: | ||
Noninterest bearing | 20,968,391 | 21,630,694 |
Interest bearing | 49,409,666 | 47,625,619 |
Total deposits | 70,378,057 | 69,256,313 |
FHLB and other borrowings | 5,045,302 | 3,959,930 |
Federal funds purchased and securities sold under agreements to repurchase | 78,004 | 19,591 |
Other short-term borrowings | 68,714 | 17,996 |
Accrued expenses and other liabilities | 1,135,092 | 1,053,439 |
Total liabilities | 76,705,169 | 74,307,269 |
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 September 30, 2018 and December 31, 2017 | 229,475 | 229,475 |
Common stock - $0.01 par value; authorized - 300,000,000 shares, issued - 222,950,751 shares at both September 30, 2018 and December 31, 2017 | 2,230 | 2,230 |
Surplus | 14,695,197 | 14,818,608 |
Accumulated deficit | (1,302,525) | (1,868,659) |
Accumulated other comprehensive loss | (311,422) | (197,405) |
Total BBVA Compass Bancshares, Inc. shareholder’s equity | 13,312,955 | 12,984,249 |
Noncontrolling interests | 29,532 | 29,061 |
Total shareholder’s equity | 13,342,487 | 13,013,310 |
Total liabilities and shareholder’s equity | $ 90,047,656 | $ 87,320,579 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) Parenthetical - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Debt securities held to maturity, estimated fair value | $ 2,465,761 | $ 1,040,543 |
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 | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Interest income: | ||||
Interest and fees on loans | $ 751,470 | $ 623,884 | $ 2,126,411 | $ 1,805,971 |
Interest on debt securities available for sale | 53,201 | 50,599 | 163,595 | 155,755 |
Interest on debt securities held to maturity | 16,110 | 6,994 | 41,598 | 20,454 |
Interest on trading account assets | 833 | 6,247 | 2,507 | 26,349 |
Interest and dividends on other earning assets | 17,449 | 14,888 | 44,240 | 41,511 |
Total interest income | 839,063 | 702,612 | 2,378,351 | 2,050,040 |
Interest expense: | ||||
Interest on deposits | 139,898 | 75,083 | 353,568 | 211,301 |
Interest on FHLB and other borrowings | 37,131 | 29,904 | 93,799 | 71,422 |
Interest on federal funds purchased and securities sold under agreements to repurchase | 3,169 | 4,623 | 5,104 | 16,462 |
Interest on other short-term borrowings | 579 | 3,641 | 1,490 | 24,233 |
Total interest expense | 180,777 | 113,251 | 453,961 | 323,418 |
Net interest income | 658,286 | 589,361 | 1,924,390 | 1,726,622 |
Provision for loan losses | 94,964 | 103,434 | 243,273 | 228,858 |
Net interest income after provision for loan losses | 563,322 | 485,927 | 1,681,117 | 1,497,764 |
Noninterest income: | ||||
Noninterest income | 181,370 | 180,784 | 554,537 | 529,979 |
Corporate and correspondent investment sales | 12,490 | 5,145 | 40,901 | 26,249 |
Mortgage banking | 6,717 | 3,450 | 23,078 | 9,636 |
Bank owned life insurance | 4,597 | 4,322 | 13,187 | 12,711 |
Investment securities gains, net | 0 | 3,033 | 0 | 3,033 |
Other | 53,285 | 61,060 | 154,600 | 167,198 |
Total noninterest income | 258,459 | 257,794 | 786,303 | 748,806 |
Noninterest expense: | ||||
Salaries, benefits and commissions | 292,679 | 279,384 | 868,971 | 835,825 |
Professional services | 68,403 | 64,775 | 197,625 | 187,422 |
Equipment | 63,739 | 60,656 | 190,759 | 184,691 |
Net occupancy | 42,514 | 42,227 | 125,607 | 125,568 |
Money transfer expense | 16,120 | 15,938 | 46,143 | 50,069 |
Amortization of intangibles | 1,170 | 2,525 | 3,933 | 7,575 |
Securities impairment: | ||||
Other-than-temporary impairment | 418 | 0 | 989 | 242 |
Less: non-credit portion recognized in other comprehensive income | 135 | 0 | 397 | 0 |
Total securities impairment | 283 | 0 | 592 | 242 |
Other | 120,602 | 108,457 | 314,338 | 304,367 |
Total noninterest expense | 605,510 | 573,962 | 1,747,968 | 1,695,759 |
Net income before income tax expense | 216,271 | 169,759 | 719,452 | 550,811 |
Income tax expense | 41,756 | 39,308 | 151,849 | 142,097 |
Net income | 174,515 | 130,451 | 567,603 | 408,714 |
Less: net income attributable to noncontrolling interests | 426 | 584 | 1,482 | 1,458 |
Net income attributable to BBVA Compass Bancshares, Inc. | 174,089 | 129,867 | 566,121 | 407,256 |
Less: preferred stock dividends | 4,576 | 3,786 | 12,699 | 11,034 |
Net income attributable to common shareholder | 169,513 | 126,081 | 553,422 | 396,222 |
Service charges on deposit accounts | ||||
Noninterest income: | ||||
Noninterest income | 60,325 | 55,953 | 175,067 | 166,040 |
Card and merchant processing fees | ||||
Noninterest income: | ||||
Noninterest income | 44,219 | 32,297 | 127,945 | 94,749 |
Retail investment sales | ||||
Noninterest income: | ||||
Noninterest income | 28,286 | 26,817 | 88,176 | 82,876 |
Money transfer income | ||||
Noninterest income: | ||||
Noninterest income | 23,441 | 24,881 | 68,049 | 77,408 |
Investment banking and advisory fees | ||||
Noninterest income: | ||||
Noninterest income | 13,956 | 30,500 | 62,398 | 78,744 |
Asset management fees | ||||
Noninterest income: | ||||
Noninterest income | $ 11,143 | $ 10,336 | $ 32,902 | $ 30,162 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 174,515 | $ 130,451 | $ 567,603 | $ 408,714 |
Other comprehensive income, net of tax: | ||||
Net unrealized (losses) gains arising during period from debt securities available for sale | (31,189) | (646) | (106,320) | 38,919 |
Less: reclassification adjustment for net gains on sale of debt securities available for sale in net income | 0 | 1,911 | 0 | 1,911 |
Net change in net unrealized holding (losses) gains on debt securities available for sale | (31,189) | (2,557) | (106,320) | 37,008 |
Change in unamortized net holding losses on debt securities held to maturity | 1,989 | 999 | 6,522 | 2,540 |
Unamortized unrealized net holding losses on debt securities available for sale transferred to debt securities held to maturity | 0 | 0 | (30,487) | 0 |
Less: non-credit related impairment on debt securities held to maturity | 103 | 0 | 303 | 0 |
Change in unamortized non-credit related impairment on debt securities held to maturity | 208 | 251 | 623 | 778 |
Net change in unamortized holding losses on debt securities held to maturity | 2,094 | 1,250 | (23,645) | 3,318 |
Unrealized holding gains (losses) arising during period from cash flow hedge instruments | 10,996 | 855 | 19,340 | (9,172) |
Change in defined benefit plans | 0 | 0 | (3,379) | (485) |
Other comprehensive (loss) income, net of tax | (18,099) | (452) | (114,004) | 30,669 |
Comprehensive income | 156,416 | 129,999 | 453,599 | 439,383 |
Less: comprehensive income attributable to noncontrolling interests | 426 | 584 | 1,482 | 1,458 |
Comprehensive income attributable to BBVA Compass Bancshares, Inc. | $ 155,990 | $ 129,415 | $ 452,117 | $ 437,925 |
Condensed Consolidated Statem_3
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, 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 | 408,714 | 407,256 | 1,458 | ||||
Other comprehensive income (loss), net of tax | 30,669 | 30,669 | |||||
Preferred stock dividends | (12,071) | (11,034) | (1,037) | ||||
Common stock dividends | (60,000) | (60,000) | |||||
Capital contribution | 111 | 111 | |||||
Vesting of restricted stock | (1,538) | (1,538) | |||||
Restricted stock retained to cover taxes | (689) | (689) | |||||
Balance, end of period at Sep. 30, 2017 | 13,115,903 | 229,475 | 2,230 | 14,912,412 | (1,920,184) | (137,583) | 29,553 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Cumulative effect from adoption of ASU 2016-01 | 13 | (13) | |||||
Balance, as adjusted | 13,013,310 | 229,475 | 2,230 | 14,818,608 | (1,868,646) | (197,418) | 29,061 |
Balance, beginning of period at Dec. 31, 2017 | 13,013,310 | 229,475 | 2,230 | 14,818,608 | (1,868,659) | (197,405) | 29,061 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 567,603 | 566,121 | 1,482 | ||||
Other comprehensive income (loss), net of tax | (114,004) | (114,004) | |||||
Preferred stock dividends | (13,735) | (12,699) | (1,036) | ||||
Common stock dividends | (110,000) | (110,000) | |||||
Capital contribution | 25 | 25 | |||||
Vesting of restricted stock | (712) | (712) | |||||
Balance, end of period at Sep. 30, 2018 | $ 13,342,487 | $ 229,475 | $ 2,230 | $ 14,695,197 | $ (1,302,525) | $ (311,422) | $ 29,532 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Operating Activities: | ||
Net income | $ 567,603 | $ 408,714 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 183,839 | 222,467 |
Securities impairment | 592 | 242 |
Amortization of intangibles | 3,933 | 7,575 |
Accretion of discount, loan fees and purchase market adjustments, net | (48,771) | (11,346) |
Net change in FDIC indemnification liability | 0 | 22 |
Gain on termination of FDIC shared loss agreement | 0 | (1,779) |
Provision for loan losses | 243,273 | 228,858 |
Net change in trading account assets | 3,747 | 119,641 |
Net change in trading account liabilities | 61,599 | (66,800) |
Originations and purchases of mortgage loans held for sale | (486,143) | (469,417) |
Sale of mortgage loans held for sale | 494,542 | 516,069 |
Deferred tax (benefit) expense | (949) | 31,200 |
Investment securities gains, net | 0 | (3,033) |
Net (gain) loss on sale of premises and equipment | (194) | 2,468 |
Gain on sale of mortgage loans held for sale | (14,858) | (19,178) |
Net (gain) loss on sale of other real estate and other assets | (122) | 1,606 |
Increase in other assets | (171,203) | (193,377) |
Increase in other liabilities | 23,883 | 7,059 |
Net cash provided by operating activities | 860,771 | 780,991 |
Investing Activities: | ||
Proceeds from sales of debt securities available for sale | 0 | 210,906 |
Proceeds from prepayments, maturities and calls of debt securities available for sale | 2,749,439 | 1,794,274 |
Purchases of debt securities available for sale | (2,947,622) | (2,585,952) |
Proceeds from sales of equity securities | 640,662 | 288,360 |
Purchases of equity securities | (648,083) | (316,262) |
Proceeds from prepayments, maturities and calls of debt securities held to maturity | 267,913 | 137,480 |
Purchases of debt securities held to maturity | (709,510) | (6,233) |
Proceeds from sales of trading securities | 0 | 2,762,293 |
Purchases of trading securities | 0 | (309,438) |
Net change in loan portfolio | (3,058,583) | (604,297) |
Proceeds from sales of loans | 46,055 | 175,259 |
Purchases of premises and equipment | (90,163) | (81,590) |
Proceeds from sales of premises and equipment | 3,604 | 2,064 |
Payments to FDIC for covered assets | 0 | (2,832) |
Net cash paid to the FDIC for termination of shared loss agreement | 0 | (131,603) |
Proceeds from settlement of BOLI policies | 4,321 | 3,976 |
Cash payments for premiums of BOLI policies | (26) | (27) |
Proceeds from sales of other real estate owned | 15,943 | 22,650 |
Net cash (used in) provided by investing activities | (3,726,050) | 1,359,028 |
Financing Activities: | ||
Net increase (decrease) in demand deposits, NOW accounts and savings accounts | 326,314 | (119,583) |
Net increase in time deposits | 809,149 | 44,704 |
Net increase in federal funds purchased and securities sold under agreements to repurchase | 58,413 | 5,709 |
Net increase (decrease) in other short-term borrowings | 50,718 | (2,475,438) |
Proceeds from FHLB and other borrowings | 17,273,916 | 9,245,563 |
Repayment of FHLB and other borrowings | (16,130,158) | (8,277,477) |
Capital contribution for non-controlling interest | 25 | 111 |
Vesting of restricted stock | (712) | (1,538) |
Restricted stock grants retained to cover taxes | 0 | (689) |
Common dividends paid | (110,000) | (60,000) |
Preferred dividends paid | (13,735) | (12,071) |
Net cash provided by (used in) financing activities | 2,263,930 | (1,650,709) |
Net (decrease) increase in cash, cash equivalents and restricted cash | (601,349) | 489,310 |
Cash, cash equivalents and restricted cash at beginning of year | 4,270,950 | 3,419,488 |
Cash, cash equivalents and restricted cash at end of period | $ 3,669,601 | $ 3,908,798 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2018 | |
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 and nine months ended September 30, 2018 , are not necessarily indicative of the results that may be expected for the year ended December 31, 2018 . 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, 2017 . 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. Correction of Accounting Error During the nine months ended September 30, 2018 , income tax expense included $11.4 million of income tax expense related to the correction of an error in prior periods that resulted from an incorrect calculation of the proportional amortization of the Company's Low Income Housing Tax Credit investments. This error primarily related to 2017 and was corrected in the second quarter of 2018. The Company has evaluated the effect of this correction on prior interim and annual periods' consolidated financial statements in accordance with the guidance provided by SEC Staff Accounting Bulletin No. 108, codified as SAB Topic 1.N, Considering the Effects of Prior Year Misstatements When Quantifying Misstatements in Current Year Financial Statements, and concluded that no prior annual period is materially misstated. In addition, the Company has considered the effect of this correction on the Company's nine months ended September 30, 2018 financial results and forecasted annual results of operations for the year ended December 31, 2018, and concluded that the impact on these periods is not material. Recently Adopted Accounting Standards 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. Because the guidance does not apply to revenue associated with financial instruments, including loans and securities accounted for under other U.S. GAAP, the new revenue recognition guidance did not have a material impact on the elements of the Company's statement of income most closely associated with financial instruments, including securities gains, interest income and interest expense. On January 1, 2018, the Company adopted the amendments to the revenue recognition principles utilizing a modified retrospective transition method applied to all contracts with customers outstanding upon adoption. Results for reporting periods beginning after January 1, 2018, are presented in accordance with the amendments to the revenue recognition principles, while prior period amounts have not been adjusted and continue to be presented in accordance with our historical accounting policies. The Company's implementation efforts include the identification of revenue within the scope of the guidance, as well as the evaluation of revenue contracts. The implementation of amendments to the revenue recognition standard had no impact on the measurement or recognition of revenue of prior periods. The Company did identify a prospective change in presentation of underwriting revenue and expenses, which will be shown gross in investment banking and advisory fees and other noninterest expense pursuant to the new requirements. The net quantitative impact of this presentation change to noninterest income and noninterest expense is immaterial and did not affect net income. See Note 12 , Revenue from Contracts with Customers , for the required quantitative and qualitative disclosures in accordance with this ASU. 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. On January 1, 2018, the Company adopted the amendments in this ASU. Effective as of January 1, 2018, all equity securities previously classified as AFS securities were reclassified to other assets as the AFS classification is no longer permitted for equity securities under this ASU. This reclassification has been made for all periods presented. Additionally, an immaterial adjustment from accumulated other comprehensive income (loss) to accumulated deficit was made related to the unrealized gains associated with these equity securities. The remaining provisions of this ASU did not have a material impact on the Company's Consolidated Financial Statements and related disclosures upon adoption. Included in the equity securities that were reclassified from AFS securities to other assets at January 1, 2018, was $450 million of FHLB and Federal Reserve stock carried at par that was not accounted for under ASC Topic 320 but had historically been presented in AFS securities. This reclassification has been made for all periods presented. This reclassification was immaterial and had no effect on net income, comprehensive income, total assets, or total shareholder's equity as previously reported. 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. Effective as of January 1, 2018, the adoption date, the Company changed the presentation of certain cash payments and receipts within its Condensed Consolidated Statements of Cash Flows. These changes were applied retrospectively to all periods presented within the statement of cash flows. For the nine months ended September 30, 2017 , the Company reclassified an immaterial amount of proceeds from the settlement of bank-owned life insurance policies and premiums paid for bank owned life insurance policies from operating activities to investing activities. 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 Company adopted this ASU on January 1, 2018. The amendments in this ASU were applied retrospectively to all periods presented within the statement of cash flows. The implementation of this guidance resulted in a change in presentation of the Company's Condensed Consolidated Statement of Cash Flows and additional disclosures surrounding restricted cash balances. See Note 10 , Supplemental Disclosure for Statement of Cash Flows , for the required disclosures in accordance with this ASU. 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. The Company adopted this ASU on January 1, 2018. The adoption of this standard did not have a material impact on the financial condition or results of operations of the Company. Income Taxes In March 2018, the FASB issued ASU 2018-05, Income Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118. The amendments in this ASU codified into existing U.S. GAAP the SEC Staff views expressed in Staff Accounting Bulletin No. 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act which allows companies to record provisional amounts during a measurement period not to extend beyond one year of the enactment date. Since the Tax Cuts and Jobs Act was enacted late in 2017, the Company expects ongoing guidance, analysis, and accounting interpretations, including additional information about facts and circumstances that existed at the enactment date when the Company files its federal tax return for the tax year 2017, which could result in adjustments to the Tax Cuts and Jobs Act accounting effects recorded during 2017. The Company expects to complete its analysis within the measurement period in accordance with this ASU. Recently Issued Accounting Standards Not Yet Adopted Leases In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) which supersedes ASC Topic 840, Leases . Subsequently, the FASB issued ASU 2018-01 in January 2018 which provides a practical expedient for land easements and issued ASU 2018-11 in July 2018 which includes an option to recognize a cumulative effect adjustment to retained earnings in the period of adoption instead of applying the guidance to prior comparative periods. This ASU, as amended, requires lessees to recognize right-of-use assets and associated liabilities that arise from leases, with the exception of short-term leases. Subsequent accounting for leases varies depending on whether the lease is classified as an operating lease or a finance lease. This ASU, as amended, does not make significant changes to lessor accounting. There are several new qualitative and quantitative disclosures required. Upon transition, lessees and lessors have the option to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective transition approach or to apply the modified retrospective approach with an additional, optional transition method that initially applies this ASU as of the adoption date and recognizes a cumulative effect adjustment to the opening balance of retained earnings in the period of adoption. The Company intends to adopt the ASU, as amended, on January 1, 2019 and expects to elect the transition relief provisions. The Company is currently assessing the impact of the new guidance on the Company's financial condition and results of operations. The Company will recognize right-of-use assets and lease liabilities for virtually all of its operating lease commitments. The amounts of right-of-use assets and corresponding lease liabilities, recorded upon adoption, will be based, primarily, on the present value of unpaid future minimum lease payments as of January 1, 2019. Those amounts will also be impacted by assumptions around renewals and/or extensions and the interest rate used to discount those future lease obligations. As of December 31, 2017 , the Company reported approximately $369 million in minimum lease payments due under such agreements from January 1, 2019 forward. While these leases represent a majority of the leases within the scope of the standard, the lease portfolio is subject to change as a result of the execution of new leases and terminations of existing leases prior to the effective date, as well as the identification of potential embedded and other leases. The Company does not expect this ASU to have a material impact on the timing of expense recognition on its results of operations. 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. 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 ASU and the impact of adoption. 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 adoption of this standard is not expected to have a material impact on the financial condition or results of operations of the Company. Derivatives and Hedging In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities. The amendments in this ASU better align an entity's risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. This ASU is effective for fiscal years beginning after December 15, 2018, and for interim periods within those fiscal years. Early adoption is permitted. In October 2018, the FASB issued ASU 2018-16, Inclusion of the SOFR OIS Rate as a Benchmark Interest Rate for Hedge Accounting Purposes. The amendments in this ASU permit the OIS rate based on SOFR as a US benchmark interest rate for hedge accounting purposes under Topic 815. For entities that have not already adopted ASU 2017-12, the amendments in this ASU are required to be adopted concurrently with the amendments in ASU 2017-12. The Company intends to adopt these ASU on January 1, 2019. The adoption of these standards is not expected to have a material impact on the financial condition or results of operations of the Company. Comprehensive Income In February 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income . The amendments in this ASU allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. 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 Company expects to adopt this ASU on January 1, 2019 and reclassify from accumulated other comprehensive income to retained earnings the stranded tax effects resulting from the Tax Cuts and Jobs Act. Fair Value Measurements In August 2018, the FASB issued ASU 2018-13, Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurements . The amendments in this ASU modify the disclosure requirements for fair value measurements in Topic 820, Fair Value Measurements . This ASU is effective for fiscal years beginning after December 15, 2019, and for interim periods within those fiscal years. Early adoption is permitted. The Company is currently assessing the impact that the adoption of this standard will have on its fair value disclosures. Internal-Use Software In August 2018, the FASB issued ASU 2018-15, Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract . The amendments in this ASU align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software and hosting arrangements that include an internal-use software license. This ASU is effective for fiscal years beginning after December 15, 2019, and for interim periods within those fiscal years. Early adoption 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. |
Debt Securities Available for S
Debt Securities Available for Sale and Debt Securities Held to Maturity | 9 Months Ended |
Sep. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Debt Securities Available for Sale and Debt Securities Held to Maturity | Debt Securities Available for Sale and Debt Securities Held to Maturity The following tables present the adjusted cost and approximate fair value of debt securities available for sale and debt securities held to maturity. September 30, 2018 Gross Unrealized Amortized Cost Gains Losses Fair Value (In Thousands) Debt securities available for sale: U.S. Treasury and other U.S. government agencies $ 5,502,415 $ 255 $ 181,426 $ 5,321,244 Agency mortgage-backed securities 2,284,650 6,595 46,711 2,244,534 Agency collateralized mortgage obligations 3,678,204 4,140 114,208 3,568,136 States and political subdivisions 884 62 — 946 Total $ 11,466,153 $ 11,052 $ 342,345 $ 11,134,860 Debt securities held to maturity: Collateralized mortgage obligations: Agency $ 1,611,937 $ 55 $ 32,556 $ 1,579,436 Non-agency 52,508 5,706 1,064 57,150 Asset-backed securities 5,617 1,769 313 7,073 States and political subdivisions 763,255 7,729 6,870 764,114 Other 57,251 866 129 57,988 Total $ 2,490,568 $ 16,125 $ 40,932 $ 2,465,761 December 31, 2017 Gross Unrealized Amortized Cost Gains Losses Fair Value (In Thousands) Debt securities available for sale: U.S. Treasury and other U.S. government agencies $ 4,265,296 $ 996 $ 61,854 $ 4,204,438 Agency mortgage-backed securities 2,841,584 14,312 43,096 2,812,800 Agency collateralized mortgage obligations 5,302,531 4,203 106,723 5,200,011 States and political subdivisions 2,278 105 — 2,383 Total $ 12,411,689 $ 19,616 $ 211,673 $ 12,219,632 Debt securities held to maturity: Non-agency collateralized mortgage obligations $ 64,140 $ 5,262 $ 1,605 $ 67,797 Asset-backed securities 9,308 1,747 628 10,427 States and political subdivisions 911,393 3,951 12,853 902,491 Other 61,252 243 1,667 59,828 Total $ 1,046,093 $ 11,203 $ 16,753 $ 1,040,543 The investments held within the states and political subdivision caption of debt 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 Securities . During the nine months ended September 30, 2018 , the Company transferred approximately $1.0 billion of agency collateralized mortgage backed securities from available for sale to held to maturity. The following tables disclose the fair value and the gross unrealized losses of the Company’s available for sale debt securities and held to maturity debt securities that were in a loss position at September 30, 2018 and December 31, 2017 . This information is aggregated by investment category and the length of time the individual securities have been in an unrealized loss position. September 30, 2018 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) Debt securities available for sale: U.S. Treasury and other U.S. government agencies $ 2,508,360 $ 47,663 $ 2,803,723 $ 133,763 $ 5,312,083 $ 181,426 Agency mortgage-backed securities 223,960 2,936 1,535,204 43,775 1,759,164 46,711 Agency collateralized mortgage obligations 372,572 3,231 2,621,181 110,977 2,993,753 114,208 Total $ 3,104,892 $ 53,830 $ 6,960,108 $ 288,515 $ 10,065,000 $ 342,345 Debt securities held to maturity: Collateralized mortgage obligations: Agency $ 602,774 $ 3,275 $ 857,558 $ 29,281 $ 1,460,332 $ 32,556 Non-agency 1,164 11 14,336 1,053 15,500 1,064 Asset-backed securities — — 3,892 313 3,892 313 States and political subdivisions 39,295 106 277,762 6,764 317,057 6,870 Other 6,961 75 2,454 54 9,415 129 Total $ 650,194 $ 3,467 $ 1,156,002 $ 37,465 $ 1,806,196 $ 40,932 December 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) Debt securities available for sale: U.S. Treasury and other U.S. government agencies $ 2,532,439 $ 28,308 $ 1,325,975 $ 33,546 $ 3,858,414 $ 61,854 Agency mortgage-backed securities 390,106 2,731 1,666,045 40,365 2,056,151 43,096 Agency collateralized mortgage obligations 1,244,416 6,522 3,297,278 100,201 4,541,694 106,723 Total $ 4,166,961 $ 37,561 $ 6,289,298 $ 174,112 $ 10,456,259 $ 211,673 Debt securities held to maturity: Non-agency collateralized mortgage obligations $ 9,776 $ 25 $ 22,439 $ 1,580 $ 32,215 $ 1,605 Asset-backed securities — — 6,243 628 6,243 628 States and political subdivisions 236,207 4,365 341,090 8,488 577,297 12,853 Other 19,048 98 20,736 1,569 39,784 1,667 Total $ 265,031 $ 4,488 $ 390,508 $ 12,265 $ 655,539 $ 16,753 As indicated in the previous tables, at September 30, 2018 , the Company held certain debt securities in unrealized loss positions. The Company does not intend to sell these securities nor is it 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 debt 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 debt securities available for sale or held to maturity portfolios, presented in the preceding tables, represents an OTTI at either September 30, 2018 or December 31, 2017 , other than those noted below. The following table discloses activity related to credit losses for debt securities where a portion of the OTTI was recognized in other comprehensive income. Three Months Ended Nine Months Ended 2018 2017 2018 2017 (In Thousands) Balance at beginning of period $ 23,133 $ 22,824 $ 22,824 $ 22,582 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 283 — 592 — Balance at end of period $ 23,416 $ 22,824 $ 23,416 $ 22,824 For the three months ended September 30, 2018 , there was $283 thousand of OTTI recognized on held to maturity securities. For the nine months ended September 30, 2018 and 2017 , there was $592 thousand and $242 thousand , respectively, of OTTI recognized on held to maturity securities. The debt 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. September 30, 2018 Amortized Cost Fair Value (In Thousands) Debt securities available for sale: Maturing within one year $ 250,057 $ 249,817 Maturing after one but within five years 3,854,418 3,744,156 Maturing after five but within ten years 704,053 679,993 Maturing after ten years 694,771 648,224 5,503,299 5,322,190 Mortgage-backed securities and collateralized mortgage obligations 5,962,854 5,812,670 Total $ 11,466,153 $ 11,134,860 Debt securities held to maturity: Maturing within one year $ 31,445 $ 31,550 Maturing after one but within five years 162,215 161,649 Maturing after five but within ten years 184,420 184,269 Maturing after ten years 448,043 451,707 826,123 829,175 Collateralized mortgage obligations 1,664,445 1,636,586 Total $ 2,490,568 $ 2,465,761 |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 9 Months Ended |
Sep. 30, 2018 | |
Receivables [Abstract] | |
Loans and Allowance for Loan Losses | Loans and Allowance for Loan Losses The following table presents the composition of the loan portfolio. September 30, 2018 December 31, 2017 (In Thousands) Commercial loans: Commercial, financial and agricultural $ 26,656,079 $ 25,749,949 Real estate – construction 2,118,492 2,273,539 Commercial real estate – mortgage 12,397,004 11,724,158 Total commercial loans 41,171,575 39,747,646 Consumer loans: Residential real estate – mortgage 13,402,472 13,365,747 Equity lines of credit 2,709,731 2,653,105 Equity loans 308,838 363,264 Credit card 763,686 639,517 Consumer direct 2,422,208 1,690,383 Consumer indirect 3,678,769 3,164,106 Total consumer loans 23,285,704 21,876,122 Total loans $ 64,457,279 $ 61,623,768 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 September 30, 2018 Allowance for loan losses: Beginning balance $ 431,510 $ 113,246 $ 98,032 $ 217,212 $ — $ 860,000 Provision for loan losses 9,560 896 1,446 83,062 — 94,964 Loans charged-off (20,142 ) (2,328 ) (5,570 ) (73,599 ) — (101,639 ) Loan recoveries 6,167 316 3,454 12,131 — 22,068 Net charge-offs (13,975 ) (2,012 ) (2,116 ) (61,468 ) — (79,571 ) Ending balance $ 427,095 $ 112,130 $ 97,362 $ 238,806 $ — $ 875,393 Three months ended September 30, 2017 Allowance for loan losses: Beginning balance $ 427,654 $ 116,819 $ 108,095 $ 164,384 $ — $ 816,952 Provision for loan losses 20,513 10,633 8,411 63,877 — 103,434 Loans charged-off (21,320 ) (7,913 ) (4,290 ) (55,102 ) — (88,625 ) Loan recoveries 6,625 235 2,401 8,097 — 17,358 Net charge-offs (14,695 ) (7,678 ) (1,889 ) (47,005 ) — (71,267 ) Ending balance $ 433,472 $ 119,774 $ 114,617 $ 181,256 $ — $ 849,119 Nine Months Ended September 30, 2018 Allowance for loan losses: Beginning balance $ 420,635 $ 118,133 $ 109,856 $ 194,136 $ — $ 842,760 Provision (credit) for loan losses 39,397 (9,184 ) (7,339 ) 220,399 — 243,273 Loan charge-offs (42,968 ) (3,217 ) (15,123 ) (210,195 ) — (271,503 ) Loan recoveries 10,031 6,398 9,968 34,466 — 60,863 Net (charge-offs) recoveries (32,937 ) 3,181 (5,155 ) (175,729 ) — (210,640 ) Ending balance $ 427,095 $ 112,130 $ 97,362 $ 238,806 $ — $ 875,393 Nine Months Ended September 30, 2017 Allowance for loan losses: Beginning balance $ 458,580 $ 116,937 $ 119,484 $ 143,292 $ — $ 838,293 Provision (credit) for loan losses 49,045 7,534 2,639 169,671 (31 ) 228,858 Loan charge-offs (91,943 ) (8,927 ) (16,242 ) (160,261 ) — (277,373 ) Loan recoveries 17,790 4,230 8,736 28,554 31 59,341 Net (charge-offs) recoveries (74,153 ) (4,697 ) (7,506 ) (131,707 ) 31 (218,032 ) Ending balance $ 433,472 $ 119,774 $ 114,617 $ 181,256 $ — $ 849,119 (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) Total (In Thousands) September 30, 2018 Ending balance of allowance attributable to loans: Individually evaluated for impairment $ 101,396 $ 8,663 $ 25,944 $ 528 $ 136,531 Collectively evaluated for impairment 325,699 103,467 71,418 238,278 738,862 Total allowance for loan losses $ 427,095 $ 112,130 $ 97,362 $ 238,806 $ 875,393 Ending balance of loans: Individually evaluated for impairment $ 276,460 $ 92,748 $ 153,772 $ 2,654 $ 525,634 Collectively evaluated for impairment 26,379,619 14,422,748 16,267,269 6,862,009 63,931,645 Total loans $ 26,656,079 $ 14,515,496 $ 16,421,041 $ 6,864,663 $ 64,457,279 December 31, 2017 Ending balance of allowance attributable to loans: Individually evaluated for impairment $ 61,705 $ 9,864 $ 30,613 $ 2,203 $ 104,385 Collectively evaluated for impairment 358,930 108,269 79,243 191,933 738,375 Total allowance for loan losses $ 420,635 $ 118,133 $ 109,856 $ 194,136 $ 842,760 Ending balance of loans: Individually evaluated for impairment $ 307,680 $ 85,180 $ 172,857 $ 3,577 $ 569,294 Collectively evaluated for impairment 25,442,269 13,912,517 16,209,259 5,490,429 61,054,474 Total loans $ 25,749,949 $ 13,997,697 $ 16,382,116 $ 5,494,006 $ 61,623,768 (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. September 30, 2018 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 $ 78,029 $ 108,460 $ — $ 198,431 $ 217,774 $ 101,396 Real estate – construction — — — 12,172 12,489 1,008 Commercial real estate – mortgage 34,149 36,372 — 46,427 51,367 7,655 Residential real estate – mortgage — — — 103,599 103,599 8,736 Equity lines of credit — — — 16,375 16,379 13,797 Equity loans — — — 33,798 34,475 3,411 Credit card — — — — — — Consumer direct — — — 2,144 2,144 30 Consumer indirect — — — 510 510 498 Total loans $ 112,178 $ 144,832 $ — $ 413,456 $ 438,737 $ 136,531 December 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 $ 142,908 $ 175,743 $ — $ 164,772 $ 175,512 $ 61,705 Real estate – construction 2,849 2,858 — 130 130 7 Commercial real estate – mortgage 35,140 36,415 — 47,061 55,122 9,857 Residential real estate – mortgage — — — 117,751 117,751 10,214 Equity lines of credit — — — 19,183 19,188 16,021 Equity loans — — — 35,923 36,765 4,378 Credit card — — — — — — Consumer direct — — — 2,545 2,545 1,254 Consumer indirect — — — 1,032 1,032 949 Total loans $ 180,897 $ 215,016 $ — $ 388,397 $ 408,045 $ 104,385 The following tables present information on individually evaluated impaired loans, by loan class. Three Months Ended September 30, 2018 Three Months Ended September 30, 2017 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (In Thousands) Commercial, financial and agricultural $ 286,815 $ 29 $ 348,075 $ 191 Real estate – construction 12,182 1 4,230 2 Commercial real estate – mortgage 80,779 238 83,568 232 Residential real estate – mortgage 105,743 660 115,267 671 Equity lines of credit 16,885 184 20,845 219 Equity loans 33,836 295 37,085 323 Credit card — — — — Consumer direct 923 9 2,599 11 Consumer indirect 550 1 1,355 2 Total loans $ 537,713 $ 1,417 $ 613,024 $ 1,651 Nine Months Ended September 30, 2018 Nine Months Ended September 30, 2017 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (In Thousands) Commercial, financial and agricultural $ 268,037 $ 622 $ 472,639 $ 743 Real estate – construction 10,060 5 1,811 6 Commercial real estate – mortgage 82,350 648 69,304 852 Residential real estate – mortgage 109,262 2,029 115,622 1,986 Equity lines of credit 17,833 571 22,151 671 Equity loans 34,814 897 38,711 997 Credit card — — — — Consumer direct 2,197 24 1,320 22 Consumer indirect 707 4 1,706 8 Total loans $ 525,260 $ 4,800 $ 723,264 $ 5,285 Detailed information on the Company's allowance for loan losses methodology and the Company's impaired loan policy are included in the Notes to the Company's Consolidated Financial Statements for the year ended December 31, 2017 . 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, illustrate the credit quality indicators associated with the Company’s loans, by loan class. Commercial September 30, 2018 Commercial, Financial and Agricultural Real Estate - Construction Commercial Real Estate - Mortgage (In Thousands) Pass $ 25,546,766 $ 2,102,672 $ 11,968,045 Special Mention 473,162 345 243,144 Substandard 523,901 15,475 173,044 Doubtful 112,250 — 12,771 $ 26,656,079 $ 2,118,492 $ 12,397,004 December 31, 2017 Commercial, Financial and Agricultural Real Estate - Construction Commercial Real Estate - Mortgage (In Thousands) Pass $ 24,387,737 $ 2,257,659 $ 11,309,484 Special Mention 614,006 12,401 215,076 Substandard 623,672 3,479 187,049 Doubtful 124,534 — 12,549 $ 25,749,949 $ 2,273,539 $ 11,724,158 Consumer September 30, 2018 Residential Real Estate – Mortgage Equity Lines of Credit Equity Loans Credit Card Consumer Direct Consumer Indirect (In Thousands) Performing $ 13,238,758 $ 2,673,420 $ 298,071 $ 750,529 $ 2,410,036 $ 3,660,262 Nonperforming 163,714 36,311 10,767 13,157 12,172 18,507 $ 13,402,472 $ 2,709,731 $ 308,838 $ 763,686 $ 2,422,208 $ 3,678,769 December 31, 2017 Residential Real Estate -Mortgage Equity Lines of Credit Equity Loans Credit Card Consumer Direct Consumer Indirect (In Thousands) Performing $ 13,182,760 $ 2,616,825 $ 350,531 $ 627,588 $ 1,681,246 $ 3,147,223 Nonperforming 182,987 36,280 12,733 11,929 9,137 16,883 $ 13,365,747 $ 2,653,105 $ 363,264 $ 639,517 $ 1,690,383 $ 3,164,106 The following tables present an aging analysis of the Company’s past due loans, excluding loans classified as held for sale. September 30, 2018 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 $ 38,512 $ 16,416 $ 9,609 $ 290,239 $ 522 $ 355,298 $ 26,300,781 $ 26,656,079 Real estate – construction 3,252 5,278 532 12,882 121 22,065 2,096,427 2,118,492 Commercial real estate – mortgage 31,792 18,349 502 104,976 3,753 159,372 12,237,632 12,397,004 Residential real estate – mortgage 87,426 30,373 3,697 159,721 59,082 340,299 13,062,173 13,402,472 Equity lines of credit 13,556 4,298 1,186 35,125 — 54,165 2,655,566 2,709,731 Equity loans 2,082 1,042 241 10,378 28,383 42,126 266,712 308,838 Credit card 8,601 6,449 13,157 — — 28,207 735,479 763,686 Consumer direct 30,153 14,455 8,988 3,184 1,189 57,969 2,364,239 2,422,208 Consumer indirect 86,310 23,587 6,853 11,654 — 128,404 3,550,365 3,678,769 Total loans $ 301,684 $ 120,247 $ 44,765 $ 628,159 $ 93,050 $ 1,187,905 $ 63,269,374 $ 64,457,279 December 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 $ 14,804 $ 3,753 $ 18,136 $ 310,059 $ 1,213 $ 347,965 $ 25,401,984 $ 25,749,949 Real estate – construction 12,293 70 1,560 5,381 101 19,405 2,254,134 2,273,539 Commercial real estate – mortgage 10,473 3,270 927 111,982 4,155 130,807 11,593,351 11,724,158 Residential real estate – mortgage 69,474 34,440 8,572 173,843 64,898 351,227 13,014,520 13,365,747 Equity lines of credit 10,956 7,556 2,259 34,021 237 55,029 2,598,076 2,653,105 Equity loans 4,170 657 995 11,559 30,105 47,486 315,778 363,264 Credit card 6,710 4,804 11,929 — — 23,443 616,074 639,517 Consumer direct 19,766 7,020 6,712 2,425 534 36,457 1,653,926 1,690,383 Consumer indirect 92,017 26,460 7,288 9,595 — 135,360 3,028,746 3,164,106 Total loans $ 240,663 $ 88,030 $ 58,378 $ 658,865 $ 101,243 $ 1,147,179 $ 60,476,589 $ 61,623,768 Policies related to the Company's nonaccrual and past due loans are included in the Company's Consolidated Financial Statements for the year ended December 31, 2017 . 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 September 30, 2018 , $1.9 million of TDR modifications included an interest rate concession and $106.5 million of TDR modifications resulted from modifications to the loan’s structure. During the three months ended September 30, 2017 , $3.3 million of TDR modifications included an interest rate concession and $102.3 million of TDR modifications resulted from modifications to the loan’s structure. During the nine months ended September 30, 2018 , $25.3 million of TDR modifications included an interest rate concession and $113.0 million of TDR modifications resulted from modifications to the loan’s structure. During the nine months ended September 30, 2017 , $5.2 million of TDR modifications included an interest rate concession and $212.5 million of TDR modifications resulted from modifications to the loan’s structure. The following tables present an analysis of the types of loans that were restructured and classified as TDRs, excluding loans classified as held for sale. Three Months Ended September 30, 2018 Three Months Ended September 30, 2017 Number of Contracts Post-Modification Outstanding Recorded Investment Number of Contracts Post-Modification Outstanding Recorded Investment (Dollars in Thousands) Commercial, financial and agricultural 1 $ 104,065 11 $ 103,223 Real estate – construction — — — — Commercial real estate – mortgage 1 679 — — Residential real estate – mortgage 17 2,025 9 1,665 Equity lines of credit 3 80 7 368 Equity loans 7 464 10 342 Credit card — — — — Consumer direct 2 1,098 — — Consumer indirect — — 1 5 Covered loans — — — — Nine Months Ended September 30, 2018 Nine Months Ended September 30, 2017 Number of Contracts Post-Modification Outstanding Recorded Investment Number of Contracts Post-Modification Outstanding Recorded Investment (Dollars in Thousands) Commercial, financial and agricultural 5 $ 121,263 24 $ 205,387 Real estate – construction 2 307 — — Commercial real estate – mortgage 3 2,313 2 502 Residential real estate – mortgage 50 10,862 44 8,763 Equity lines of credit 7 197 34 1,708 Equity loans 19 2,235 26 1,031 Credit card — — — — Consumer direct 3 1,104 — — Consumer indirect — — 14 209 Covered loans — — 2 103 Charge-offs and changes to the allowance related to modifications classified as TDRs were approximately $(100) thousand and $11.2 million for the three and nine months ended September 30, 2018 , respectively. Charge-offs and changes to the allowance related to modifications classified as TDRs were approximately $20.3 million and $26.1 million for the three and nine months ended September 30, 2017 . The Company considers TDRs aged 90 days or more past due, charged off or classified as nonaccrual subsequent to modification, where the loan was not classified as a nonperforming loan at the time of modification, as subsequently defaulted. The following tables provide a summary of initial subsequent defaults that occurred within one year of the restructure date. The table excludes loans classified as held for sale as of period-end and includes loans no longer in default as of period-end. Three Months Ended September 30, 2018 Three Months Ended September 30, 2017 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 2 327 — — Equity lines of credit — — — — Equity loans — — — — Credit card — — — — Consumer direct — — — — Consumer indirect — — — — Covered loans — — — — Nine Months Ended September 30, 2018 Nine Months Ended September 30, 2017 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 4 474 1 505 Equity lines of credit — — — — Equity loans 3 167 2 51 Credit card — — — — Consumer direct — — — — Consumer indirect — — 1 22 Covered loans — — — — All commercial and consumer loans modified in a TDR are considered to be impaired, even if they maintain their accrual status. At September 30, 2018 and December 31, 2017 , there were $25.7 million and $15.9 million , respectively, of commitments to lend additional funds to borrowers whose terms have been modified in a TDR. Foreclosure Proceedings OREO totaled $19 million and $17 million at September 30, 2018 and December 31, 2017 , respectively. OREO included $15 million and $12 million of foreclosed residential real estate properties at September 30, 2018 and December 31, 2017 , respectively. As of September 30, 2018 and December 31, 2017 , there were $62 million and $57 million , respectively, of loans secured by residential real estate properties for which formal foreclosure proceedings were in process. |
Loan Sales and Servicing
Loan Sales and Servicing | 9 Months Ended |
Sep. 30, 2018 | |
Transfers and Servicing [Abstract] | |
Loan Sales and Servicing | Loan Sales and Servicing Loans held for sale were $74 million and $67 million at September 30, 2018 and December 31, 2017 , respectively. Loans held for sale at September 30, 2018 and December 31, 2017 were comprised entirely 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 September 30, Nine Months Ended September 30, 2018 2017 2018 2017 (In Thousands) Loans transferred from held for investment to held for sale $ — $ — $ — $ — Charge-offs on loans recognized at transfer from held for investment to held for sale — — — — Loans and loans held for sale sold 37,580 — 46,055 175,088 The following table summarizes the Company's sales of loans originated for sale in the secondary market. Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 (In Thousands) Residential real estate loans originated for sale in the secondary market sold (1) $ 148,967 $ 164,075 $ 479,684 $ 496,891 Net gains recognized on sales of residential real estate loans originated for sale in the secondary market (2) 5,409 7,322 14,858 19,178 Servicing fees recognized (3) 2,544 2,461 8,181 8,025 (1) The Company has retained servicing responsibilities for all loans sold that were originated for sale in the secondary market. (2) Net gains were recorded in mortgage banking income in the Company's Unaudited Condensed Consolidated Statements of Income. (3) Beginning in 2018 , recorded as a component of mortgage banking in the Company's Unaudited Condensed Consolidated Statements of Income. 2017 servicing fees are 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. September 30, 2018 December 31, 2017 (In Thousands) Recorded balance of residential real estate mortgage loans sold with retained servicing (1) $ 4,587,189 $ 4,635,334 MSRs (2) 55,312 49,597 (1) These loans are not included in loans on the Company's Unaudited Condensed Consolidated Balance Sheets. (2) 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 September 30, Nine Months Ended September 30, 2018 2017 2018 2017 (In Thousands) Carrying value, at beginning of period $ 54,276 $ 49,398 $ 49,597 $ 51,428 Additions 1,594 1,729 5,266 5,328 Increase (decrease) in fair value: Due to changes in valuation inputs or assumptions 2,533 721 9,403 (100 ) Due to other changes in fair value (1) (3,091 ) (3,298 ) (8,954 ) (8,106 ) Carrying value, at end of period $ 55,312 $ 48,550 $ 55,312 $ 48,550 (1) Represents the realization of expected net servicing cash flows, expected borrower repayments and the passage of time. See Note 8 , Fair Value Measurements , for additional disclosures related to the assumptions and estimates used in determining fair value of MSRs. At September 30, 2018 and December 31, 2017 , the sensitivity of the current fair value of the residential MSRs to immediate 10% and 20% adverse changes in key economic assumptions are included in the following table: September 30, 2018 December 31, 2017 (Dollars in Thousands) Fair value of MSRs $ 55,312 $ 49,597 Composition of residential loans serviced for others: Fixed rate mortgage loans 97.6 % 97.4 % Adjustable rate mortgage loans 2.4 2.6 Total 100.0 % 100.0 % Weighted average life (in years) 6.5 6.6 Prepayment speed: 9.7 % 9.7 % Effect on fair value of a 10% increase $ (1,507 ) $ (1,582 ) Effect on fair value of a 20% increase (2,939 ) (3,068 ) Weighted average option adjusted spread: 7.1 % 8.2 % Effect on fair value of a 10% increase $ (1,769 ) $ (1,568 ) Effect on fair value of a 20% increase (3,408 ) (3,031 ) 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 | 9 Months Ended |
Sep. 30, 2018 | |
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 not to 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, 2017 , for additional information on the Company's accounting policies related to derivative instruments and hedging activities. For derivatives cleared through central clearing houses the variation margin payments made are legally characterized as settlements of the derivatives. As a result, these variation margin payments are netted against the fair value of the respective derivative contracts in the balance sheet and related disclosures. The following table reflects the notional amount and fair value of derivative instruments included on the Company’s Unaudited Condensed Consolidated Balance Sheets on a gross basis. September 30, 2018 December 31, 2017 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 $ 2,923,950 $ 11,930 $ 50,273 $ 2,223,950 $ 19,399 $ 16,831 Total fair value hedges 11,930 50,273 19,399 16,831 Cash flow hedges: Interest rate contracts: Swaps related to commercial loans 5,500,000 27 56 9,075,000 325 2 Swaps related to FHLB advances 120,000 — 685 120,000 — 4,424 Foreign currency contracts: Forwards related to currency fluctuations 6,788 485 — 3,220 — 144 Total cash flow hedges 512 741 325 4,570 Total derivatives designated as hedging instruments $ 12,442 $ 51,014 $ 19,724 $ 21,401 Free-standing derivatives not designated as hedging instruments: Interest rate contracts: Forward contracts related to held for sale mortgages $ 271,674 $ 686 $ 179 $ 141,000 $ 85 $ 130 Option contracts related to mortgage servicing rights — — — 40,000 38 — Interest rate lock commitments 122,862 2,136 1 114,184 2,416 — Equity contracts: Purchased equity option related to equity-linked CDs 519,750 20,779 — 810,011 39,791 — Written equity option related to equity-linked CDs 452,696 — 18,316 718,428 — 35,562 Foreign exchange contracts: Forwards and swaps related to commercial loans 469,088 3,472 1,122 358,729 291 3,501 Spots related to commercial loans 22,884 3 29 83,338 84 245 Swap associated with sale of Visa, Inc. Class B shares 129,931 — 3,248 99,826 — 2,496 Futures contracts (3) 2,416,000 — — 1,449,000 — — Trading account assets and liabilities: Interest rate contracts for customers 33,529,836 104,666 192,238 30,472,359 133,516 134,073 Foreign exchange contracts for customers 1,145,509 15,957 13,958 514,185 12,149 10,524 Total trading account assets and liabilities 120,623 206,196 145,665 144,597 Total free-standing derivative instruments not designated as hedging instruments $ 147,699 $ 229,091 $ 188,370 $ 186,531 (1) Derivative assets, except for trading account assets that are recorded as a component of trading account assets on the Company's Unaudited Condensed Consolidated Balance Sheets, are recorded in other assets on the Company’s Unaudited Condensed Consolidated Balance Sheets. (2) Derivative liabilities are recorded in accrued expenses and other liabilities on the Company’s Unaudited Condensed Consolidated Balance Sheets . (3) Changes in fair value are cash settled daily; therefore, there is no ending balance at any given reporting period. Hedging Derivatives The Company uses derivative instruments to manage the risk of earnings fluctuations caused by interest rate volatility. For those financial instruments that qualify and are designated as a hedging relationship, either a fair value hedge or cash flow hedge, the effect of interest rate movements on the hedged assets or liabilities will generally be offset by change in fair value of the derivative instrument. Fair Value Hedges The Company enters into fair value hedging relationships using interest rate swaps to mitigate the Company’s exposure to losses in value as interest rates change. Derivative instruments that are used as part of the Company’s interest rate risk management strategy include interest rate swaps that relate to the pricing of specific balance sheet assets and liabilities. Interest rate swaps are used to convert the Company’s fixed rate long-term debt to a variable rate. The critical terms of the interest rate swaps match the terms of the corresponding hedged items. All components of each derivative instrument’s gain or loss are included in the assessment of hedge effectiveness. The Company recognized no gains or losses for the three and nine months ended September 30, 2018 and 2017 , related to hedged firm commitments no longer qualifying as a fair value hedge. At September 30, 2018 , the fair value hedges had a weighted average expected remaining term of 3.6 years . The following table reflects the change in fair value for interest rate contracts and the related hedged items as well as other gains and losses related to fair value hedges including gains and losses recognized because of hedge ineffectiveness. Gain (Loss) for the Condensed Consolidated Three Months Ended September 30, Nine Months Ended September 30, Statements of Income Caption 2018 2017 2018 2017 (In Thousands) Change in fair value of interest rate contracts: Interest rate swaps hedging long term debt Interest on FHLB and other borrowings $ (13,181 ) $ (6,637 ) $ (63,679 ) $ (14,691 ) Hedged long term debt Interest on FHLB and other borrowings 12,920 6,614 60,472 14,532 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 243 7,690 3,529 24,239 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 were no gains or losses reclassified from other comprehensive income because of the discontinuance of cash flow hedges related to certain forecasted transactions that are probable of not occurring for the three and nine months ended September 30, 2018 and 2017 . At September 30, 2018 , cash flow hedges not terminated had a net fair value of $(229) thousand and a weighted average life of 0.5 years . Net losses of $12.8 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 2.8 years . The following table presents the effect of derivative instruments designated and qualifying as cash flow hedges on the Company’s Unaudited Condensed Consolidated Balance Sheets and the Company’s Unaudited Condensed Consolidated Statements of Income. Gain (Loss) for the Three Months Ended Nine Months Ended 2018 2017 2018 2017 (In Thousands) Interest rate and foreign currency exchange contracts: Net change in amount recognized in other comprehensive income $ 10,996 $ 855 $ 19,340 $ (9,172 ) Amount reclassified from accumulated other comprehensive income (loss) into net income (14,033 ) (2,835 ) (36,887 ) 5,043 Amount of ineffectiveness recognized in net income 78 202 443 229 Derivatives Not Designated As Hedges Derivatives not designated as hedges include those that are entered into as either economic hedges to facilitate client needs or as part of the Company’s overall risk management strategy. 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 holds a portfolio of futures, forwards and interest rate lock commitments as well as options related to its equity-linked CDs to mitigate its economic risk exposure. The Company also enters into a variety of interest rate contracts and foreign exchange contracts in its trading activities. See Note 14, Derivatives and Hedging, in the Notes to the December 31, 2017 , Consolidated Financial Statements for a description of the Company's derivatives not designated as hedges. The net gains and losses recorded in the Company's Unaudited Condensed Consolidated Statements of Income from free-standing derivative instruments not designated as hedging instruments are summarized in the following table. Gain (Loss) for the Condensed Consolidated Three Months Ended September 30, Nine Months Ended September 30, Statements of Income Caption 2018 2017 2018 2017 (In Thousands) Futures contracts Mortgage banking income and corporate and correspondent investment sales $ 195 $ (18 ) $ 400 $ (1 ) Interest rate contracts: Forward contracts related to residential mortgage loans held for sale Mortgage banking income 708 (46 ) 553 (2,005 ) Interest rate lock commitments Mortgage banking income (475 ) (262 ) (281 ) 531 Interest rate contracts for customers Corporate and correspondent investment sales 8,639 5,979 28,559 21,318 Option contracts related to mortgage servicing rights Mortgage banking income — (253 ) (38 ) (391 ) Equity contracts: Purchased equity option related to equity-linked CDs Other expense (4,945 ) (8,921 ) (20,550 ) (14,783 ) Written equity option related to equity-linked CDs Other expense 4,539 8,643 18,641 14,692 Foreign currency contracts: Forward and swap contracts related to commercial loans Other income 5,333 (13,107 ) 23,717 (36,373 ) Spot contracts related to commercial loans Other income (2,649 ) 1,620 (3,768 ) 4,175 Foreign currency exchange contracts for customers Corporate and correspondent investment sales 3,514 2,709 11,811 7,770 Derivatives Credit and Market Risks By using derivative instruments, the Company is exposed to credit and market risk. If the counterparty fails to perform, credit risk is equal to the extent of the Company’s fair value gain in a derivative. When the fair value of a derivative instrument contract is positive, this generally indicates that the counterparty owes the Company and, therefore, creates a credit risk for the Company. When the fair value of a derivative instrument contract is negative, the Company owes the counterparty and, therefore, it has no credit risk. The Company minimizes the credit risk in derivative instruments by entering into transactions with high-quality counterparties that are reviewed periodically. Credit losses are also mitigated through collateral agreements and other contract provisions with derivative counterparties. Market risk is the adverse effect that a change in interest rates or implied volatility rates has on the value of a financial instrument. The Company manages the market risk associated with interest rate contracts by establishing and monitoring limits as to the types and degree of risk that may be undertaken. The Company’s derivatives activities are monitored by its Asset/Liability Committee as part of its risk-management oversight. The Company’s Asset/Liability Committee is responsible for mandating various hedging strategies that are developed through its analysis of data from financial simulation models and other internal and industry sources. The resulting hedging strategies are then incorporated into the Company’s overall interest rate risk management and trading strategies. Entering into interest rate swap agreements and options involves not only the risk of dealing with counterparties and their ability to meet the terms of the contracts but also interest rate risk associated with unmatched positions. At September 30, 2018 , interest rate swap agreements and options classified as trading were substantially matched. The Company had credit risk of $121 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 material credit losses associated with derivative instruments classified as trading for the three and nine months ended September 30, 2018 and 2017 . At September 30, 2018 and December 31, 2017 , there were 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 September 30, 2018 , have credit risk of $12 million , which does not take into consideration master netting arrangements or the value of the collateral. There were no credit losses associated with derivative instruments classified as nontrading for the three and nine months ended September 30, 2018 and 2017 . At September 30, 2018 and December 31, 2017 , there were no nonperforming derivative positions classified as nontrading. As of September 30, 2018 and December 31, 2017 , the Company had recorded the right to reclaim cash collateral of $83 million and $92 million , respectively, within other assets on the Company’s Unaudited Condensed Consolidated Balance Sheets and had recorded the obligation to return cash collateral of $38 million and $24 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 September 30, 2018 , was $12 million for which the Company has collateral requirements of $12 million in the normal course of business. If the credit risk-related contingent features underlying these agreements had been triggered on September 30, 2018 , the Company’s collateral requirements to its counterparties would not require any 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, 2017 , was $31 million for which the Company had collateral requirements of $30 million in the normal course of business. If the credit risk-related contingent features underlying these agreements had been triggered on December 31, 2017 , 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 with respect to, 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) September 30, 2018 Derivative financial assets: Subject to a master netting arrangement $ 108,916 $ — $ 108,916 $ — $ 35,326 $ 73,590 Not subject to a master netting arrangement 51,225 — 51,225 — — 51,225 Total derivative financial assets $ 160,141 $ — $ 160,141 $ — $ 35,326 $ 124,815 Derivative financial liabilities: Subject to a master netting arrangement $ 95,761 $ — $ 95,761 $ — $ 83,364 $ 12,397 Not subject to a master netting arrangement 184,344 — 184,344 — — 184,344 Total derivative financial liabilities $ 280,105 $ — $ 280,105 $ — $ 83,364 $ 196,741 December 31, 2017 Derivative financial assets: Subject to a master netting arrangement $ 93,409 $ — $ 93,409 $ — $ 21,423 $ 71,986 Not subject to a master netting arrangement 114,685 — 114,685 — — 114,685 Total derivative financial assets $ 208,094 $ — $ 208,094 $ — $ 21,423 $ 186,671 Derivative financial liabilities: Subject to a master netting arrangement $ 108,955 $ — $ 108,955 $ 4,545 $ 92,396 $ 12,014 Not subject to a master netting arrangement 98,977 — 98,977 — — 98,977 Total derivative financial liabilities $ 207,932 $ — $ 207,932 $ 4,545 $ 92,396 $ 110,991 (1) The actual amount of collateral received/pledged is limited to the asset/liability balance and does not include excess collateral received/pledged. When excess collateral exists, the collateral shown in the table above has been allocated based on the percentage of the actual amount of collateral posted. |
Securities Financing Activities
Securities Financing Activities | 9 Months Ended |
Sep. 30, 2018 | |
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 assets and liabilities that are subject to enforceable master netting agreements or similar agreements. The Company's derivatives that are subject to enforceable master netting agreements or similar transactions are discussed in Note 5 , Derivatives and Hedging . The Company enters into agreements under which it purchases or sells securities subject to an obligation to resell or repurchase the same or similar securities. Securities purchased under agreements to resell and securities sold under agreements to repurchase are generally accounted for as collateralized financing transactions and recorded at the amounts at which the securities were purchased or sold plus accrued interest. The securities pledged as collateral are generally U.S. Treasury 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) September 30, 2018 Securities purchased under agreements to resell: Subject to a master netting arrangement $ 855,221 $ 727,500 $ 127,721 $ 127,721 $ — $ — Securities sold under agreements to repurchase: Subject to a master netting arrangement $ 805,504 $ 727,500 $ 78,004 $ 78,004 $ — $ — December 31, 2017 Securities purchased under agreements to resell: Subject to a master netting arrangement $ 93,664 $ 67,751 $ 25,913 $ 25,913 $ — $ — Securities sold under agreements to repurchase: Subject to a master netting arrangement $ 85,632 $ 67,751 $ 17,881 $ 17,881 $ — $ — (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) September 30, 2018 Securities sold under agreements to repurchase: U.S. Treasury and other U.S. government agencies $ 459,008 $ 18,827 $ 151,344 $ 125,031 $ 754,210 Mortgage-backed securities — — 51,294 — 51,294 Total $ 459,008 $ 18,827 $ 202,638 $ 125,031 $ 805,504 December 31, 2017 Securities sold under agreements to repurchase: U.S. Treasury and other U.S. government agencies $ 4,906 $ — $ 12,900 $ 4,981 $ 22,787 Mortgage-backed securities — — 62,845 — 62,845 Total $ 4,906 $ — $ 75,745 $ 4,981 $ 85,632 In the event of a significant decline in fair value of the collateral pledged for the securities sold under agreements to repurchase, the Company would be required to provide additional collateral. The Company minimizes the risk by monitoring the liquidity and credit quality of the collateral, as well as the maturity profile of the transactions. At September 30, 2018 , the fair value of collateral received related to securities purchased under agreements to resell was $875 million and the fair value of collateral pledged for securities sold under agreements to repurchase was $806 million . At December 31, 2017 , the fair value of collateral received related to securities purchased under agreements to resell was $94 million and the fair value of collateral pledged for securities sold under agreements to repurchase was $91 million . |
Commitments, Contingencies and
Commitments, Contingencies and Guarantees | 9 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Guarantees | Commitments, Contingencies and Guarantees Commitments to Extend Credit & Standby and Commercial Letters of Credit The following represents the Company’s commitments to extend credit, standby letters of credit and commercial letters of credit: September 30, 2018 December 31, 2017 (In Thousands) Commitments to extend credit $ 27,738,855 $ 27,743,387 Standby and commercial letters of credit 1,273,364 1,446,903 Commitments to extend credit are agreements to lend to customers as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Standby and commercial letters of credit are commitments issued by the Company to guarantee the performance of a customer to a third party. These guarantees are primarily issued to support public and private borrowing arrangements, including commercial paper, bond financing and similar transactions, and expire in decreasing amounts with terms ranging from one to four years. The credit risk involved in issuing letters of credit and commitments is essentially the same as that involved in extending loan facilities to customers. The fair value of the letters of credit and commitments typically approximates the fee received from the customer for issuing such commitments. These fees are deferred and are recognized over the commitment period. At September 30, 2018 and December 31, 2017 , the recorded amount of these deferred fees was $7 million and $9 million , respectively. The Company holds various assets as collateral supporting those commitments for which collateral is deemed necessary. At September 30, 2018 , the maximum potential amount of future undiscounted payments the Company could be required to make under outstanding standby letters of credit was $1.3 billion . At September 30, 2018 and December 31, 2017 , 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 $72 million and $83 million , respectively. Loan Sale Recourse The Company has potential recourse related to specific FNMA securitizations. At both September 30, 2018 and December 31, 2017 , the amount of potential recourse was $19 million of which the Company had reserved $793 thousand which is recorded in accrued expenses and other liabilities on the Company's Unaudited Condensed Consolidated Balance Sheets for the respective periods. The Company also issues standard representations and warranties related to mortgage loan sales to government-sponsored agencies. Although these agreements often do not specify limitations, the Company does not believe that any payments related to these representations and warranties would materially change the financial condition or results of operations of the Company. At both September 30, 2018 and December 31, 2017 , the Company had $1.3 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. Forward Starting Reverse Repurchase Agreements and Forward Starting Repurchase Agreements The Company enters into securities purchased under agreements to resell and securities sold under agreements to repurchase that settle at a future date, generally within three business days. At September 30, 2018 the Company had forward starting reverse repurchase agreements of $83 million and no forward starting repurchase agreements. The Company had no forward starting reverse repurchase agreements or forward starting repurchase agreements at December 31, 2017 . 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 June 2013 , Compass Bank (“BBVA Compass”) was named as a defendant in a lawsuit filed in the United States District Court for the Northern District of Alabama, Intellectual Ventures II, LLC v. BBVA Compass , 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. This lawsuit was dismissed in September 2018 , and is now concluded. In January 2014 , BBVA Compass was named as a defendant in a lawsuit filed in the District Court of Dallas County, Texas, David Bagwell, individually and as Trustee of the David S. Bagwell Trust, et al. v. BBVA Compass, et al. , wherein the plaintiffs (who are the borrowers and guarantors of the underlying loans) allege that BBVA Compass wrongfully sold their loans to a third party after representing that it would not do so. The plaintiffs seek unspecified monetary relief. Following trial in December 2017 , the jury rendered a verdict in favor of the plaintiffs totaling $98 million . On June 27, 2018 , the court entered a judgment in favor of the plaintiffs in the amount of $96 million , which includes prejudgment interest. BBVA Compass has appealed and will vigorously contest the judgment on appeal. The Company believes there are substantial defenses to these claims and intends to defend them vigorously. In March 2015 , BBVA Compass was named as a defendant in a lawsuit filed in the United States District Court for 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 sold their loan to a third party, and wrongfully disclosed the guarantors’ personal financial information in connection with the sale of the loan. The plaintiffs seek unspecified monetary relief. The Company believes there are substantial defenses to these claims and intends to defend them vigorously. In January 2016 , BBVA Securities Inc. (“BSI”) was named as a defendant in a putative class action 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. On April 2, 2018 , the court granted the defendants' motion to dismiss with prejudice. The plaintiffs have appealed. 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 putative class action lawsuit filed in the District Court of Harris County, 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 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 , 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 and BBVA Compass have been named in two proceedings involving David L. Powell: one that was filed in January 2017 with the Federal Conciliation and Arbitration Labor Board of Mexico City, Mexico, David Lannon Powell Finneran v. BBVA Compass Bancshares, Inc., et al. , and one that was filed in April 2018 in the United States District Court for the Northern District of Texas, David L. Powell, et al. v. BBVA Compass . The plaintiffs allege discrimination and wrongful termination in both proceedings, and seek unspecified monetary relief. The Company believes there are substantial defenses to these claims and intends to defend them vigorously. In September 2017 , 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 Illinois, dismissed and refiled in the Circuit Court of Jefferson County, Alabama, Lara Bellissimo, et al. individually and on behalf of similarly situated individuals v. BBVA Compass , alleging violations of the Telephone Consumer Protection Act in the context of collections calls to the cell phones of individuals who were not the individuals that provided the phone numbers to BBVA Compass. The plaintiffs seek unspecified monetary relief. The parties reached a settlement in principle on February 13, 2018 , which has received preliminary court approval. In November 2017 , BBVA Compass was named as a defendant in a lawsuit filed in the United States District Court for the Southern District of New York and subsequently transferred to the United States District Court for the Northern District of Texas, Stabilis Fund II, LLC v. BBVA Compass , alleging that BBVA Compass fraudulently induced the plaintiff to purchase a loan that subsequently became the subject of litigation. The plaintiff seeks unspecified monetary relief. The Company believes there are substantial defenses to these claims and intends to defend them vigorously. In January 2018 , 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 Illinois, Petra Lopez and Colea Wright, on behalf of themselves and all others similarly situated v. BBVA Compass , challenging BBVA Compass’ assessment of certain overdraft fees and ATM fees. The plaintiffs seek unspecified monetary relief. In August 2018 , the parties reached a settlement and the matter is now concluded. In March 2018 , the Company and BSI were named as defendants in a putative class action lawsuit filed in the United States District Court for the Southern District of New York, In re Mexican Government Bonds Antitrust Litigation, alleging that the defendant financial institutions engaged in collusion with respect to the sale of Mexican government bonds. Five substantially similar lawsuits were filed and consolidated with the original lawsuit. The plaintiffs seek unspecified monetary relief. The Company believes there are substantial defenses to these claims and intends to defend them vigorously. The Company 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 a probable loss is not reasonably estimable, the Company does not accrue legal reserves. At September 30, 2018 , the Company had accrued legal reserves in the amount of $24 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.” For a limited number of legal matters in which the Company is involved, the Company is able to estimate a range of reasonably possible losses in excess of related reserves, if any. Management currently estimates these losses to range from $0 to approximately $87 million . This estimated range of reasonably possible losses is based on information available at September 30, 2018 . The matters underlying the estimated range will change from time to time, and the actual results may vary significantly from this estimate. Those matters for which an estimate is not possible are not included within this estimated range; therefore, this estimated range does not represent the Company’s maximum loss exposure. 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 Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements See Note 20, Fair Value Measurements, in the Notes to the December 31, 2017 , Consolidated Financial Statements for a description of valuation methodologies for assets and liabilities measured at fair value on a recurring and non-recurring basis. The following tables summarize the financial assets and liabilities measured at fair value on a recurring basis. Fair Value Measurements at the End of the Reporting Period Using Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs September 30, 2018 (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 $ 95,677 $ 95,677 $ — $ — State and political subdivisions 199 — 199 — Other debt securities 250 — 250 — Interest rate contracts 104,666 — 104,666 — Foreign exchange contracts 15,957 — 15,957 — Total trading account assets 216,749 95,677 121,072 — Debt securities available for sale: U.S. Treasury and other U.S. government agencies 5,321,244 4,593,189 728,055 — Mortgage-backed securities 2,244,534 — 2,244,534 — Collateralized mortgage obligations 3,568,136 — 3,568,136 — States and political subdivisions 946 — 946 — Total debt securities available for sale 11,134,860 4,593,189 6,541,671 — Loans held for sale 73,569 — 73,569 — Derivative assets: Interest rate contracts 14,779 — 12,643 2,136 Equity contracts 20,779 — 20,779 — Foreign exchange contracts 3,960 — 3,960 — Total derivative assets 39,518 — 37,382 2,136 Other assets: Equity securities 20,000 20,000 — — MSR 55,312 — — 55,312 SBIC 42,722 — — 42,722 Liabilities: Trading account liabilities: U.S. Treasury and other U.S. government agencies $ 68,714 $ 68,714 $ — $ — Interest rate contracts 192,238 — 192,238 — Foreign exchange contracts 13,958 — 13,958 — Total trading account liabilities 274,910 68,714 206,196 — Derivative liabilities: Interest rate contracts 51,194 — 51,193 1 Equity contracts 18,316 — 18,316 — Foreign exchange contracts 1,151 — 1,151 — Total derivative liabilities 70,661 — 70,660 1 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, 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 $ 74,195 $ 74,195 $ — $ — State and political subdivisions 557 — 557 — Other debt securities 79 — 79 — Interest rate contracts 133,516 — 133,516 — Foreign exchange contracts 12,149 — 12,149 — Total trading account assets 220,496 74,195 146,301 — Debt securities available for sale: U.S. Treasury and other U.S. government agencies 4,204,438 3,248,898 955,540 — Mortgage-backed securities 2,812,800 — 2,812,800 — Collateralized mortgage obligations 5,200,011 — 5,200,011 — States and political subdivisions 2,383 — 2,383 — Total debt securities available for sale 12,219,632 3,248,898 8,970,734 — Loans held for sale 67,110 — 67,110 — Derivative assets: Interest rate contracts 22,263 38 19,809 2,416 Equity contracts 39,791 — 39,791 — Foreign exchange contracts 375 — 375 — Total derivative assets 62,429 38 59,975 2,416 Other assets: Equity securities 13,577 13,577 — — MSR 49,597 — — 49,597 SBIC 45,042 — — 45,042 Liabilities: Trading account liabilities: U.S. Treasury and other U.S. government agencies $ 17,996 $ 17,996 $ — $ — Interest rate contracts 134,073 — 134,073 — Foreign exchange contracts 10,524 — 10,524 — Total trading account liabilities 162,593 17,996 144,597 — Derivative liabilities: Interest rate contracts 21,387 — 21,387 — Equity contracts 35,562 — 35,562 — Foreign exchange contracts 3,890 — 3,890 — Total derivative liabilities 60,839 — 60,839 — There were no transfers between Levels 1 or 2 of the fair value hierarchy for the three and nine months ended September 30, 2018 and 2017 . 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 September 30, Other Trading Assets Interest Rate Contracts, net Other Assets - MSR Other Assets - SBIC (In Thousands) Balance, June 30, 2017 $ 778 $ 3,185 $ 49,398 $ 22,572 Transfers into Level 3 — — — — Transfers out of Level 3 — — — — Total gains or losses (realized/unrealized): Included in earnings (1) (215 ) (262 ) (2,577 ) — Included in other comprehensive income — — — — Purchases, issuances, sales and settlements: Purchases — — — 10,173 Issuances — — 1,729 — Sales — — — — Settlements — — — — Balance, September 30, 2017 $ 563 $ 2,923 $ 48,550 $ 32,745 Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at September 30, 2017 $ (215 ) $ (262 ) $ (2,577 ) $ — Balance, June 30, 2018 $ — $ 2,610 $ 54,276 $ 41,513 Transfers into Level 3 — — — — Transfers out of Level 3 — — — — Total gains or losses (realized/unrealized): Included in earnings (1) — (475 ) (558 ) — Included in other comprehensive income — — — — Purchases, issuances, sales and settlements: Purchases — — — 1,209 Issuances — — 1,594 — Sales — — — — Settlements — — — — Balance, September 30, 2018 $ — $ 2,135 $ 55,312 $ 42,722 Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at September 30, 2018 $ — $ (475 ) $ (558 ) $ — (1) Included in noninterest income in the Unaudited Condensed Consolidated Statements of Income. Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Nine Months Ended September 30, Other Trading Assets Interest Rate Contracts, net Other Assets - MSR Other Assets - SBIC (In Thousands) Balance, December 31, 2016 $ 859 $ 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) (296 ) 531 (8,206 ) 550 Included in other comprehensive income — — — — Purchases, issuances, sales and settlements: Purchases — — — 16,556 Issuances — — 5,328 — Sales — — — — Settlements — — — — Balance, September 30, 2017 $ 563 $ 2,923 $ 48,550 $ 32,745 Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at September 30, 2017 $ (296 ) $ 531 $ (8,206 ) $ 550 Balance, December 31, 2017 $ — $ 2,416 $ 49,597 $ 45,042 Transfers into Level 3 — — — — Transfers out of Level 3 — — — — Total gains or losses (realized/unrealized): Included in earnings (1) — (281 ) 449 (6,673 ) Included in other comprehensive income — — — — Purchases, issuances, sales and settlements: Purchases — — — 4,353 Issuances — — 5,266 — Sales — — — — Settlements — — — — Balance, September 30, 2018 $ — $ 2,135 $ 55,312 $ 42,722 Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at September 30, 2018 $ — $ (281 ) $ 449 $ (6,673 ) (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 and nine months ended September 30, 2018 and 2017 , and still held as of the end of the period, and the related gains and losses from fair value adjustments on assets sold during the period as well as assets still held as of the end of the period. Fair Value Measurements at the End of the Reporting Period Using Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total Gains (Losses) September 30, 2018 (Level 1) (Level 2) (Level 3) Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 (In Thousands) Nonrecurring fair value measurements Assets: Debt securities held to maturity $ 3,955 $ — $ — $ 3,955 $ (283 ) $ (592 ) Impaired loans (1) 11,875 — — 11,875 (17,225 ) (28,666 ) OREO 18,706 — — 18,706 (1,322 ) (2,407 ) Fair Value Measurements at the End of the Reporting Period Using Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total Gains (Losses) September 30, 2017 (Level 1) (Level 2) (Level 3) Three Months Ended September 30, 2017 Nine Months Ended September 30, 2017 (In Thousands) Nonrecurring fair value measurements Assets: Debt securities held to maturity $ 1,863 $ — $ — $ 1,863 $ — $ (242 ) Impaired loans (1) 44,434 — — 44,434 (12,389 ) (49,894 ) OREO 22,012 — — 22,012 (1,845 ) (4,640 ) (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: Debt securities held to maturity – Nonrecurring fair value adjustments on debt 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 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 tables below present quantitative information about the significant unobservable inputs for material assets and liabilities measured at fair value using significant unobservable inputs (Level 3) on a recurring and nonrecurring basis. Quantitative Information about Level 3 Fair Value Measurements Fair Value at Range of Unobservable Inputs September 30, 2018 Valuation Technique Unobservable Input(s) (Weighted Average) (In Thousands) Recurring fair value measurements: Interest rate contracts, net $ 2,135 Discounted cash flow Closing ratios (pull-through) 16.6% - 99.9% (65.6%) Cap grids -0.2% - 2.5% (1.1%) Other assets - MSRs 55,312 Discounted cash flow Option adjusted spread 6.8% - 8.5% (7.1%) Constant prepayment rate or life speed 0.0% - 50.5% (9.7%) Cost to service $65 - $4,000 ($77) Other assets - SBIC investments 42,722 Transaction price Transaction price N/A Nonrecurring fair value measurements: Debt securities held to maturity $ 3,955 Discounted cash flow Prepayment rate 8.4% Default rate 9.4% Loss severity 83.5% Impaired loans 11,875 Appraised value Appraised value 0.0% - 70.0% (10.1%) OREO 18,706 Appraised value Appraised value 8.0% (1) (1) Represents discount to appraised value for estimated costs to sell. Quantitative Information about Level 3 Fair Value Measurements Fair Value at Range of Unobservable Inputs December 31, 2017 Valuation Technique Unobservable Input(s) (Weighted Average) (In Thousands) Recurring fair value measurements: Interest rate contracts, net $ 2,416 Discounted cash flow Closing ratios (pull-through) 24.9% - 99.3% (66.1%) Cap grids 0.2% - 2.3% (0.9%) Other assets - MSRs 49,597 Discounted cash flow Option adjusted spread 4.6% - 17.2% (8.2%) Constant prepayment rate or life speed 0.0% - 46.7% (8.6%) Cost to service $65 - $4,000 ($81) Other assets - SBIC investments 45,042 Transaction price Transaction price N/A Nonrecurring fair value measurements: Debt securities held to maturity $ 1,659 Discounted cash flow Prepayment rate 5.1% Default rate 4.8% Loss severity 70.6% Impaired loans 70,749 Appraised value Appraised value 0.0% - 100.0% (19.2%) OREO 17,278 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 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: September 30, 2018 Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 (In Thousands) Financial Instruments: Assets: Cash and cash equivalents $ 3,526,911 $ 3,526,911 $ 3,526,911 $ — $ — Debt securities held to maturity 2,490,568 2,465,761 — 1,579,436 886,325 Loans, net 63,581,886 60,740,079 — — 60,740,079 Liabilities: Deposits $ 70,378,057 $ 70,370,139 $ — $ 70,370,139 $ — FHLB and other borrowings 5,045,302 5,065,944 — 5,065,944 — Federal funds purchased and securities sold under agreements to repurchase 78,004 78,004 — 78,004 — December 31, 2017 Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 (In Thousands) Financial Instruments: Assets: Cash and cash equivalents $ 4,082,826 $ 4,082,826 $ 4,082,826 $ — $ — Debt securities held to maturity 1,046,093 1,040,543 — — 1,040,543 Loans, net 60,781,008 57,906,982 — — 57,906,982 Liabilities: Deposits $ 69,256,313 $ 69,302,597 $ — $ 69,302,597 $ — FHLB and other borrowings 3,959,930 4,010,308 — 4,010,308 — Federal funds purchased and securities sold under agreements to repurchase 19,591 19,591 — 19,591 — Fair Value Option 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. At both September 30, 2018 and December 31, 2017 , no loans held for sale for which the fair value option was elected were 90 days or more past due or were in nonaccrual. Interest income on mortgage loans held for sale is recognized based on contractual rates and is reflected in interest and fees on loans in the Company's Unaudited Condensed Consolidated Statements of Income. Net gains or (losses) of $(47) thousand and $98 thousand resulting from changes in fair value of these loans were recorded in noninterest income during the three months ended September 30, 2018 and 2017 , respectively. Net gains or (losses) of $(420) thousand and $1.2 million resulting from changes in fair value of these loans were recorded in noninterest income during the nine months ended September 30, 2018 and 2017 , respectively. The Company also had fair value changes on forward contracts related to residential mortgage loans held for sale of approximately $708 thousand and $(46) thousand for the three months ended September 30, 2018 and 2017 , respectively. The Company also had fair value changes on forward contracts related to residential mortgage loans held for sale of approximately $553 thousand and $(2.0) million for the nine months ended September 30, 2018 and 2017 , respectively. An immaterial portion of these amounts was attributable to changes in instrument-specific credit risk. The following table summarizes the difference between the aggregate fair value and the aggregate unpaid principal balance for residential mortgage loans measured at fair value. Aggregate Fair Value Aggregate Unpaid Principal Balance Difference (In Thousands) September 30, 2018 Residential mortgage loans held for sale $ 73,569 $ 71,871 $ 1,698 December 31, 2017 Residential mortgage loans held for sale $ 67,110 $ 64,992 $ 2,118 |
Comprehensive Income
Comprehensive Income | 9 Months Ended |
Sep. 30, 2018 | |
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 September 30, 2018 2017 Pretax Tax Expense/ (Benefit) After-tax Pretax Tax Expense/ (Benefit) After-tax (In Thousands) Other comprehensive loss: Unrealized holding losses arising during period from debt securities available for sale $ (40,831 ) $ (9,642 ) $ (31,189 ) $ (1,025 ) $ (379 ) $ (646 ) Less: reclassification adjustment for net gains on sale of debt securities in net income — — — 3,033 1,122 1,911 Net change in unrealized losses on debt securities available for sale (40,831 ) (9,642 ) (31,189 ) (4,058 ) (1,501 ) (2,557 ) Change in unamortized net holding losses on debt securities held to maturity 2,604 615 1,989 1,586 587 999 Unamortized unrealized net holding losses on debt securities available for sale transferred to debt securities held to maturity — — — — — — Less: non-credit related impairment on debt securities held to maturity 135 32 103 — — — Change in unamortized non-credit related impairment on debt securities held to maturity 271 63 208 399 148 251 Net change in unamortized holding losses on debt securities held to maturity 2,740 646 2,094 1,985 735 1,250 Unrealized holding gains arising during period from cash flow hedge instruments 15,187 4,191 10,996 1,367 512 855 Change in defined benefit plans — — — — — — Other comprehensive loss $ (22,904 ) $ (4,805 ) $ (18,099 ) $ (706 ) $ (254 ) $ (452 ) Nine Months Ended September 30, 2018 2017 Pretax Tax Expense/ (Benefit) After-tax Pretax Tax Expense/ (Benefit) After-tax (In Thousands) Other comprehensive income: Unrealized holding (losses) gains arising during period from debt securities available for sale $ (139,236 ) $ (32,916 ) $ (106,320 ) $ 61,774 $ 22,855 $ 38,919 Less: reclassification adjustment for net gains on sale of debt securities in net income — — — 3,033 1,122 1,911 Net change in unrealized (losses) gains on debt securities available for sale (139,236 ) (32,916 ) (106,320 ) 58,741 21,733 37,008 Change in unamortized net holding losses on debt securities held to maturity 8,538 2,016 6,522 4,032 1,492 2,540 Unamortized unrealized net holding losses on debt securities available for sale transferred to debt securities held to maturity (39,904 ) (9,417 ) (30,487 ) — — — Less: non-credit related impairment on debt securities held to maturity 397 94 303 — — — Change in unamortized non-credit related impairment on debt securities held to maturity 815 192 623 1,236 458 778 Net change in unamortized holding losses on debt securities held to maturity (30,948 ) (7,303 ) (23,645 ) 5,268 1,950 3,318 Unrealized holding gains (losses) arising during period from cash flow hedge instruments 26,894 7,554 19,340 (14,581 ) (5,409 ) (9,172 ) Change in defined benefit plans (4,425 ) (1,046 ) (3,379 ) (773 ) (288 ) (485 ) Other comprehensive (loss) income $ (147,715 ) $ (33,711 ) $ (114,004 ) $ 48,655 $ 17,986 $ 30,669 Activity in accumulated other comprehensive income (loss), net of tax was as follows: Unrealized Gains (Losses) on Debt 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 Debt Securities Held to Maturity Total (In Thousands) Balance, December 31, 2016 $ (119,562 ) $ (10,080 ) $ (32,028 ) $ (6,582 ) $ (168,252 ) Other comprehensive income (loss) before reclassifications 38,919 (6,000 ) — — 32,919 Amounts reclassified from accumulated other comprehensive income (loss) 629 (3,172 ) (485 ) 778 (2,250 ) Net current period other comprehensive income (loss) 39,548 (9,172 ) (485 ) 778 30,669 Balance, September 30, 2017 $ (80,014 ) $ (19,252 ) $ (32,513 ) $ (5,804 ) $ (137,583 ) Balance, December 31, 2017 $ (132,821 ) $ (24,765 ) $ (34,228 ) $ (5,591 ) $ (197,405 ) Other comprehensive loss before reclassifications (136,807 ) (8,838 ) — (303 ) (145,948 ) Cumulative effect of adoption of ASU 2016-01 (13 ) — — — (13 ) Amounts reclassified from accumulated other comprehensive income (loss) 6,522 28,178 (3,379 ) 623 31,944 Net current period other comprehensive income (loss) (130,298 ) 19,340 (3,379 ) 320 (114,017 ) Balance, September 30, 2018 $ (263,119 ) $ (5,425 ) $ (37,607 ) $ (5,271 ) $ (311,422 ) 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 Statements of Income Caption Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 (In Thousands) Unrealized Gains (Losses) on Debt Securities Available for Sale and Transferred to Held to Maturity $ — $ 3,033 $ — $ 3,033 Debt securities gains, net (2,604 ) $ (1,586 ) (8,538 ) (4,032 ) Interest on debt securities held to maturity (2,604 ) 1,447 (8,538 ) (999 ) 615 (535 ) 2,016 370 Income tax benefit (expense) $ (1,989 ) $ 912 $ (6,522 ) $ (629 ) Net of tax Accumulated Gains (Losses) on Cash Flow Hedging Instruments $ (13,782 ) $ (2,258 ) $ (35,839 ) $ 6,920 Interest and fees on loans (251 ) (577 ) (1,048 ) (1,877 ) Interest and fees on FHLB advances (14,033 ) (2,835 ) (36,887 ) 5,043 3,314 1,054 8,709 (1,871 ) Income tax benefit (expense) $ (10,719 ) $ (1,781 ) $ (28,178 ) $ 3,172 Net of tax Defined Benefit Plan Adjustment $ — $ — $ 4,425 $ 773 (2) — — (1,046 ) (288 ) Income tax expense $ — $ — $ 3,379 $ 485 Net of tax Unamortized Impairment Losses on Debt Securities Held to Maturity $ (271 ) $ (399 ) $ (815 ) $ (1,236 ) Interest on debt securities held to maturity 63 148 192 458 Income tax benefit $ (208 ) $ (251 ) $ (623 ) $ (778 ) Net of tax (1) Amounts in parentheses indicate debits to the Unaudited Condensed Consolidated Statements of Income. (2) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 18, Benefit Plans, in the Notes to the December 31, 2017, Consolidated Financial Statements for additional details). |
Supplemental Disclosure for Sta
Supplemental Disclosure for Statement of Cash Flows | 9 Months Ended |
Sep. 30, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Disclosure for Statement of Cash Flows | Supplemental Disclosure for Statement of Cash Flows The following table presents the Company’s supplemental disclosures for statement of cash flows. Nine Months Ended September 30, 2018 2017 (In Thousands) Supplemental disclosures of cash flow information: Interest paid $ 387,311 $ 331,062 Net income taxes paid 121,156 109,460 Supplemental schedule of noncash investing and financing activities: Transfer of loans and loans held for sale to OREO $ 17,249 $ 25,156 Transfer of available for sale debt securities to held to maturity debt securities 1,017,275 — The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Company’s Unaudited Condensed Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Company's Unaudited Condensed Consolidated Statements of Cash Flows. Nine Months Ended September 30, 2018 2017 (In Thousands) Cash and cash equivalents $ 3,526,911 $ 3,734,658 Restricted cash in other assets 142,690 174,140 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 3,669,601 $ 3,908,798 Restricted cash primarily represents cash collateral related to the Company's derivatives as well as amounts restricted for regulatory purposes related to BSI and BBVA Compass Payments, Inc. Restricted cash is included in other assets on the Company’s Unaudited Condensed Consolidated Balance Sheets. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2018 | |
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 existing segments. Three Months Ended September 30, 2018 Commercial Banking and Wealth Retail Banking Corporate and Investment Banking Treasury Corporate Support and Other Consolidated (In Thousands) Net interest income (expense) $ 304,112 $ 269,513 $ 45,668 $ (24,814 ) $ 63,807 $ 658,286 Allocated provision (credit) for loan losses 37,897 61,060 (15,807 ) (553 ) 12,367 94,964 Noninterest income 63,874 115,821 32,223 5,235 41,306 258,459 Noninterest expense 182,729 293,720 43,379 7,109 78,573 605,510 Net income (loss) before income tax expense (benefit) 147,360 30,554 50,319 (26,135 ) 14,173 216,271 Income tax expense (benefit) 30,946 6,416 10,567 (5,488 ) (685 ) 41,756 Net income (loss) 116,414 24,138 39,752 (20,647 ) 14,858 174,515 Less: net income (loss) attributable to noncontrolling interests 24 — — 405 (3 ) 426 Net income (loss) attributable to BBVA Compass Bancshares, Inc. $ 116,390 $ 24,138 $ 39,752 $ (21,052 ) $ 14,861 $ 174,089 Average assets $ 39,016,626 $ 18,839,497 $ 8,311,665 $ 16,257,647 $ 7,693,233 $ 90,118,668 Three Months Ended September 30, 2017 Commercial Banking and Wealth Retail Banking Corporate and Investment Banking Treasury Corporate Support and Other Consolidated (In Thousands) Net interest income $ 278,528 $ 231,066 $ 43,592 $ 10,626 $ 25,549 $ 589,361 Allocated provision (credit) for loan losses 19,303 89,390 (11,708 ) — 6,449 103,434 Noninterest income 57,939 110,135 53,097 6,758 29,865 257,794 Noninterest expense 159,357 299,689 43,496 6,340 65,080 573,962 Net income (loss) before income tax expense (benefit) 157,807 (47,878 ) 64,901 11,044 (16,115 ) 169,759 Income tax expense (benefit) 55,233 (16,758 ) 22,716 3,865 (25,748 ) 39,308 Net income (loss) 102,574 (31,120 ) 42,185 7,179 9,633 130,451 Less: net income (loss) attributable to noncontrolling interests 176 — — 414 (6 ) 584 Net income (loss) attributable to BBVA Compass Bancshares, Inc. $ 102,398 $ (31,120 ) $ 42,185 $ 6,765 $ 9,639 $ 129,867 Average assets $ 36,030,116 $ 18,066,202 $ 9,870,647 $ 15,686,910 $ 7,646,104 $ 87,299,979 Nine Months Ended September 30, 2018 Commercial Banking and Wealth Retail Banking Corporate and Investment Banking Treasury Corporate Support and Other Consolidated (In Thousands) Net interest income (expense) $ 905,470 $ 794,004 $ 132,734 $ (54,976 ) $ 147,158 $ 1,924,390 Allocated provision (credit) for loan losses 75,166 120,594 (45,630 ) (1,063 ) 94,206 243,273 Noninterest income 188,012 340,317 122,204 17,133 118,637 786,303 Noninterest expense 533,310 871,560 119,763 17,912 205,423 1,747,968 Net income (loss) before income tax expense (benefit) 485,006 142,167 180,805 (54,692 ) (33,834 ) 719,452 Income tax expense (benefit) 101,851 29,855 37,969 (11,485 ) (6,341 ) 151,849 Net income (loss) 383,155 112,312 142,836 (43,207 ) (27,493 ) 567,603 Less: net income (loss) attributable to noncontrolling interests 282 — — 1,227 (27 ) 1,482 Net income (loss) attributable to BBVA Compass Bancshares, Inc. $ 382,873 $ 112,312 $ 142,836 $ (44,434 ) $ (27,466 ) $ 566,121 Average assets $ 38,332,544 $ 18,538,673 $ 8,346,850 $ 16,096,911 $ 7,667,498 $ 88,982,476 Nine Months Ended September 30, 2017 Commercial Banking and Wealth Retail Banking Corporate and Investment Banking Treasury Corporate Support and Other Consolidated (In Thousands) Net interest income $ 831,766 $ 683,594 $ 117,248 $ 51,386 $ 42,628 $ 1,726,622 Allocated provision for loan losses 25,784 170,332 16,311 — 16,431 228,858 Noninterest income 155,774 329,754 142,768 16,740 103,770 748,806 Noninterest expense 482,317 893,914 111,675 18,983 188,870 1,695,759 Net income (loss) before income tax expense (benefit) 479,439 (50,898 ) 132,030 49,143 (58,903 ) 550,811 Income tax expense (benefit) 167,803 (17,814 ) 46,211 17,200 (71,303 ) 142,097 Net income (loss) 311,636 (33,084 ) 85,819 31,943 12,400 408,714 Less: net income (loss) attributable to noncontrolling interests 216 — — 1,250 (8 ) 1,458 Net income (loss) attributable to BBVA Compass Bancshares, Inc. $ 311,420 $ (33,084 ) $ 85,819 $ 30,693 $ 12,408 $ 407,256 Average assets $ 35,840,756 $ 18,039,800 $ 10,556,407 $ 15,375,036 $ 7,670,357 $ 87,482,356 The financial information presented was derived from the internal profitability reporting system used by management to monitor and manage the financial performance of the Company. This information is based on internal management accounting policies that have been developed to reflect the underlying economics of the businesses. These policies address the methodologies applied and include policies related to funds transfer pricing, cost allocations and capital allocations. Funds transfer pricing was used in the determination of net interest income earned primarily on loans and deposits. The method employed for funds transfer pricing is a matched funding concept whereby lines of business which are fund providers are credited and those that are fund users are charged based on maturity, prepayment and/or repricing characteristics applied on an instrument level. Costs for centrally managed operations are generally allocated to the lines of business based on the utilization of services provided or other appropriate indicators. Capital is allocated to the lines of business based upon the underlying risks in each business considering economic and regulatory capital standards. The development and application of these methodologies is a dynamic process. Accordingly, prior period financial results have been revised to reflect management accounting enhancements and changes in the Company's organizational structure. The 2017 segment information has been revised to conform to the 2018 presentation. In addition, unlike financial accounting, there is no authoritative literature for management accounting similar to U.S. GAAP. Consequently, reported results are not necessarily comparable with those presented by other financial institutions. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 9 Months Ended |
Sep. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customer | Revenue from Contracts with Customers As of January 1, 2018, the Company adopted ASU 2014-09 Revenue from Contracts with Customers - Topic 606 and all subsequent ASUs that modified 606. See Recently Adopted Accounting Standards section of Note 1 , Basis of Presentation , for further discussion related to the transition and implementation of this ASU. The following is a discussion of key revenues within the scope of the new revenue guidance: Service charges on deposit accounts - Revenue from service charges on deposit accounts is earned through cash management, wire transfer, and other deposit-related services; as well as overdraft, non-sufficient funds, account management and other deposit-related fees. Revenue is recognized for these services either over time, corresponding with deposit accounts’ monthly cycle, or at a point in time for transactional related services and fees. Card and merchant processing fees - Card and merchant processing fees consists of interchange fees from consumer credit and debit cards processed by card association networks, merchant services, and other card related services. Interchange rates are generally set by the credit card associations and based on purchase volumes and other factors. Interchange fees are recognized as transactions occur. Merchant services income represents account management fees and transaction fees charged to merchants for the processing of card association transactions. Merchant services revenue is recognized as transactions occur, or as services are performed. Investment banking and advisory fees - Investment banking and advisory fees primarily represent revenues earned by the Company for various corporate services including advisory, debt placement and underwriting. Revenues for these services are recorded at a point in time or upon completion of a contractually identified transaction. Underwriting costs are presented gross against underwriting revenues. Money transfer income - Money transfer income represents income from the Parent’s wholly owned subsidiary, BBVA Compass Payments, Inc., which engages in money transfer services, including money transmission and foreign exchange services. Money transfer income is recognized as transactions occur. Asset management, retail investment, and commissions fees - Asset management, retail investment, and commissions fees consists of fees generated from money management transactions and treasury management services, along with mutual fund and annuity sales fee income. Revenue from trade execution and brokerage services is earned through commissions from trade execution on behalf of clients. Revenue from these transactions is recognized on the trade date. Any ongoing service fees are recognized on a monthly basis as services are performed. Trust and asset management services include asset custody and investment management services provided to individual and institutional customers. Revenue is recognized monthly based on a minimum annual fee, and the market value of assets in custody. Additional fees are recognized for transactional activity. Insurance revenue is earned through commissions on insurance sales and earned at a point in time. These revenues are recorded in asset management fees and retail investment sales within noninterest income. The following tables depict the disaggregation of revenue according to revenue type and segment. Commercial Banking and Wealth Retail Banking Corporate and Investment Banking Treasury and Corporate Support and Other Total (In Thousands) Three Months Ended September 30, 2018 Service charges on deposit accounts $ 11,911 $ 46,653 $ 1,761 $ — $ 60,325 Card and merchant processing fees 7,113 33,786 — 3,320 44,219 Retail investment sales 28,286 — — — 28,286 Money transfer income — — — 23,441 23,441 Investment banking and advisory fees — — 13,956 — 13,956 Asset management fees 11,143 — — — 11,143 58,453 80,439 15,717 26,761 181,370 Other revenues (1) 5,421 35,382 16,506 19,780 77,089 Total noninterest income $ 63,874 $ 115,821 $ 32,223 $ 46,541 $ 258,459 (1) Other revenues primarily relate to revenues not derived from contracts with customers. Commercial Banking and Wealth Retail Banking Corporate and Investment Banking Treasury and Corporate Support and Other Total (In Thousands) Three Months Ended September 30, 2017 Service charges on deposit accounts $ 11,286 $ 43,200 $ 1,467 $ — $ 55,953 Card and merchant processing fees 130 29,947 — 2,220 32,297 Retail investment sales 26,817 — — — 26,817 Money transfer income — — — 24,881 24,881 Investment banking and advisory fees — — 30,500 — 30,500 Asset management fees 10,336 — — — 10,336 48,569 73,147 31,967 27,101 180,784 Other revenues (1) 9,370 36,988 21,130 9,522 77,010 Total noninterest income $ 57,939 $ 110,135 $ 53,097 $ 36,623 $ 257,794 (1) Other revenues primarily relate to revenues not derived from contracts with customers. Commercial Banking and Wealth Retail Banking Corporate and Investment Banking Treasury and Corporate Support and Other Total (In Thousands) Nine Months Ended September 30, 2018 Service charges on deposit accounts $ 34,681 $ 135,277 $ 5,109 $ — $ 175,067 Card and merchant processing fees 21,220 97,090 — 9,635 127,945 Retail investment sales 88,176 — — — 88,176 Money transfer income — — — 68,049 68,049 Investment banking and advisory fees — — 62,398 — 62,398 Asset management fees 32,902 — — — 32,902 176,979 232,367 67,507 77,684 554,537 Other revenues (1) 11,033 107,950 54,697 58,086 231,766 Total noninterest income $ 188,012 $ 340,317 $ 122,204 $ 135,770 $ 786,303 (1) Other revenues primarily relate to revenues not derived from contracts with customers. Commercial Banking and Wealth Retail Banking Corporate and Investment Banking Treasury and Corporate Support and Other Total (In Thousands) Nine Months Ended September 30, 2017 Service charges on deposit accounts $ 35,425 $ 126,023 $ 4,592 $ — $ 166,040 Card and merchant processing fees 380 88,053 — 6,316 94,749 Retail investment sales 82,876 — — — 82,876 Money transfer income — — — 77,408 77,408 Investment banking and advisory fees — — 78,744 — 78,744 Asset management fees 30,162 — — — 30,162 148,843 214,076 83,336 83,724 529,979 Other revenues (1) 6,931 115,678 59,432 36,786 218,827 Total noninterest income $ 155,774 $ 329,754 $ 142,768 $ 120,510 $ 748,806 (1) Other revenues primarily relate to revenues not derived from contracts with customers. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2018 | |
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 2018 and 2017 . 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 $4.3 billion and $4.8 billion as of September 30, 2018 and December 31, 2017 , respectively. The net fair value of outstanding derivative contracts between the Company and BBVA are detailed below. September 30, 2018 December 31, 2017 (In Thousands) Derivative contracts: Fair value hedges $ (45,428 ) $ (15,991 ) Cash flow hedges 485 (144 ) Free-standing derivatives not designated as hedging instruments 42,949 7,777 Securities Purchased Under Agreements to Resell/ Securities Sold Under Agreements to Repurchase The Company enters into agreements with BBVA as the counterparty under which it purchases/sells securities subject to an obligation to resell/repurchase the same or similar securities. The following represents the amount of securities purchased under agreement to resell and securities sold under agreement to repurchase where BBVA is the counterparty. September 30, 2018 December 31, 2017 (In Thousands) Securities purchased under agreements to resell $ 126,193 $ — Securities sold under agreements to repurchase 20,796 17,881 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 had a $150 million line of credit with BBVA that was initiated on August 1, 2014 . This agreement was terminated on July 13, 2017 . On March 16, 2017 , BSI entered into an uncommitted demand facility agreement with BBVA for a revolving loan facility up to $1 billion to be used for trade settlement purposes. BSI has not drawn against this facility in 2018 . At both September 30, 2018 and December 31, 2017 there was no amount outstanding under the revolving note and cash subordination agreement. Interest expense related to these agreements was $0 and $25 thousand for the three months ended September 30, 2018 and 2017 , respectively, and are included in interest on other short-term borrowings within the Company's Unaudited Condensed Consolidated Statements of Income. Interest expense related to these agreements was $232 thousand and $917 thousand for the nine months ended September 30, 2018 and 2017 , 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 $8.6 million and $13.2 million for the three months ended September 30, 2018 and 2017 , 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 $7.0 million and $8.7 million for the three months ended September 30, 2018 and 2017 , respectively, and is recorded as a component of noninterest expense within the Company's Unaudited Condensed Consolidated Statements of Income. Income associated with these agreements was $33.9 million and $27.1 million for the nine months ended September 30, 2018 and 2017 , 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 $22.5 million and $21.3 million for the nine months ended September 30, 2018 and 2017 , 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 September 30, 2018 , the carrying amount of the Series A Preferred Stock was approximately $229 million . During the nine months ended September 30, 2018 and 2017 , the Company paid $12.7 million and $11.0 million , respectively, of preferred stock dividends to BBVA. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
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 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. Because the guidance does not apply to revenue associated with financial instruments, including loans and securities accounted for under other U.S. GAAP, the new revenue recognition guidance did not have a material impact on the elements of the Company's statement of income most closely associated with financial instruments, including securities gains, interest income and interest expense. On January 1, 2018, the Company adopted the amendments to the revenue recognition principles utilizing a modified retrospective transition method applied to all contracts with customers outstanding upon adoption. Results for reporting periods beginning after January 1, 2018, are presented in accordance with the amendments to the revenue recognition principles, while prior period amounts have not been adjusted and continue to be presented in accordance with our historical accounting policies. The Company's implementation efforts include the identification of revenue within the scope of the guidance, as well as the evaluation of revenue contracts. The implementation of amendments to the revenue recognition standard had no impact on the measurement or recognition of revenue of prior periods. The Company did identify a prospective change in presentation of underwriting revenue and expenses, which will be shown gross in investment banking and advisory fees and other noninterest expense pursuant to the new requirements. The net quantitative impact of this presentation change to noninterest income and noninterest expense is immaterial and did not affect net income. See Note 12 , Revenue from Contracts with Customers , for the required quantitative and qualitative disclosures in accordance with this ASU. 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. On January 1, 2018, the Company adopted the amendments in this ASU. Effective as of January 1, 2018, all equity securities previously classified as AFS securities were reclassified to other assets as the AFS classification is no longer permitted for equity securities under this ASU. This reclassification has been made for all periods presented. Additionally, an immaterial adjustment from accumulated other comprehensive income (loss) to accumulated deficit was made related to the unrealized gains associated with these equity securities. The remaining provisions of this ASU did not have a material impact on the Company's Consolidated Financial Statements and related disclosures upon adoption. Included in the equity securities that were reclassified from AFS securities to other assets at January 1, 2018, was $450 million of FHLB and Federal Reserve stock carried at par that was not accounted for under ASC Topic 320 but had historically been presented in AFS securities. This reclassification has been made for all periods presented. This reclassification was immaterial and had no effect on net income, comprehensive income, total assets, or total shareholder's equity as previously reported. 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. Effective as of January 1, 2018, the adoption date, the Company changed the presentation of certain cash payments and receipts within its Condensed Consolidated Statements of Cash Flows. These changes were applied retrospectively to all periods presented within the statement of cash flows. For the nine months ended September 30, 2017 , the Company reclassified an immaterial amount of proceeds from the settlement of bank-owned life insurance policies and premiums paid for bank owned life insurance policies from operating activities to investing activities. 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 Company adopted this ASU on January 1, 2018. The amendments in this ASU were applied retrospectively to all periods presented within the statement of cash flows. The implementation of this guidance resulted in a change in presentation of the Company's Condensed Consolidated Statement of Cash Flows and additional disclosures surrounding restricted cash balances. See Note 10 , Supplemental Disclosure for Statement of Cash Flows , for the required disclosures in accordance with this ASU. 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. The Company adopted this ASU on January 1, 2018. The adoption of this standard did not have a material impact on the financial condition or results of operations of the Company. Income Taxes In March 2018, the FASB issued ASU 2018-05, Income Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118. The amendments in this ASU codified into existing U.S. GAAP the SEC Staff views expressed in Staff Accounting Bulletin No. 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act which allows companies to record provisional amounts during a measurement period not to extend beyond one year of the enactment date. Since the Tax Cuts and Jobs Act was enacted late in 2017, the Company expects ongoing guidance, analysis, and accounting interpretations, including additional information about facts and circumstances that existed at the enactment date when the Company files its federal tax return for the tax year 2017, which could result in adjustments to the Tax Cuts and Jobs Act accounting effects recorded during 2017. The Company expects to complete its analysis within the measurement period in accordance with this ASU. Recently Issued Accounting Standards Not Yet Adopted Leases In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) which supersedes ASC Topic 840, Leases . Subsequently, the FASB issued ASU 2018-01 in January 2018 which provides a practical expedient for land easements and issued ASU 2018-11 in July 2018 which includes an option to recognize a cumulative effect adjustment to retained earnings in the period of adoption instead of applying the guidance to prior comparative periods. This ASU, as amended, requires lessees to recognize right-of-use assets and associated liabilities that arise from leases, with the exception of short-term leases. Subsequent accounting for leases varies depending on whether the lease is classified as an operating lease or a finance lease. This ASU, as amended, does not make significant changes to lessor accounting. There are several new qualitative and quantitative disclosures required. Upon transition, lessees and lessors have the option to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective transition approach or to apply the modified retrospective approach with an additional, optional transition method that initially applies this ASU as of the adoption date and recognizes a cumulative effect adjustment to the opening balance of retained earnings in the period of adoption. The Company intends to adopt the ASU, as amended, on January 1, 2019 and expects to elect the transition relief provisions. The Company is currently assessing the impact of the new guidance on the Company's financial condition and results of operations. The Company will recognize right-of-use assets and lease liabilities for virtually all of its operating lease commitments. The amounts of right-of-use assets and corresponding lease liabilities, recorded upon adoption, will be based, primarily, on the present value of unpaid future minimum lease payments as of January 1, 2019. Those amounts will also be impacted by assumptions around renewals and/or extensions and the interest rate used to discount those future lease obligations. As of December 31, 2017 , the Company reported approximately $369 million in minimum lease payments due under such agreements from January 1, 2019 forward. While these leases represent a majority of the leases within the scope of the standard, the lease portfolio is subject to change as a result of the execution of new leases and terminations of existing leases prior to the effective date, as well as the identification of potential embedded and other leases. The Company does not expect this ASU to have a material impact on the timing of expense recognition on its results of operations. 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. 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 ASU and the impact of adoption. 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 adoption of this standard is not expected to have a material impact on the financial condition or results of operations of the Company. Derivatives and Hedging In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities. The amendments in this ASU better align an entity's risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. This ASU is effective for fiscal years beginning after December 15, 2018, and for interim periods within those fiscal years. Early adoption is permitted. In October 2018, the FASB issued ASU 2018-16, Inclusion of the SOFR OIS Rate as a Benchmark Interest Rate for Hedge Accounting Purposes. The amendments in this ASU permit the OIS rate based on SOFR as a US benchmark interest rate for hedge accounting purposes under Topic 815. For entities that have not already adopted ASU 2017-12, the amendments in this ASU are required to be adopted concurrently with the amendments in ASU 2017-12. The Company intends to adopt these ASU on January 1, 2019. The adoption of these standards is not expected to have a material impact on the financial condition or results of operations of the Company. Comprehensive Income In February 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income . The amendments in this ASU allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. 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 Company expects to adopt this ASU on January 1, 2019 and reclassify from accumulated other comprehensive income to retained earnings the stranded tax effects resulting from the Tax Cuts and Jobs Act. Fair Value Measurements In August 2018, the FASB issued ASU 2018-13, Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurements . The amendments in this ASU modify the disclosure requirements for fair value measurements in Topic 820, Fair Value Measurements . This ASU is effective for fiscal years beginning after December 15, 2019, and for interim periods within those fiscal years. Early adoption is permitted. The Company is currently assessing the impact that the adoption of this standard will have on its fair value disclosures. Internal-Use Software In August 2018, the FASB issued ASU 2018-15, Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract . The amendments in this ASU align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software and hosting arrangements that include an internal-use software license. This ASU is effective for fiscal years beginning after December 15, 2019, and for interim periods within those fiscal years. Early adoption 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. |
Derivatives and Hedging, policy | The Company has made an accounting policy decision not to 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. |
Debt Securities Available for_2
Debt Securities Available for Sale and Debt Securities Held to Maturity (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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 debt securities available for sale and debt securities held to maturity. September 30, 2018 Gross Unrealized Amortized Cost Gains Losses Fair Value (In Thousands) Debt securities available for sale: U.S. Treasury and other U.S. government agencies $ 5,502,415 $ 255 $ 181,426 $ 5,321,244 Agency mortgage-backed securities 2,284,650 6,595 46,711 2,244,534 Agency collateralized mortgage obligations 3,678,204 4,140 114,208 3,568,136 States and political subdivisions 884 62 — 946 Total $ 11,466,153 $ 11,052 $ 342,345 $ 11,134,860 Debt securities held to maturity: Collateralized mortgage obligations: Agency $ 1,611,937 $ 55 $ 32,556 $ 1,579,436 Non-agency 52,508 5,706 1,064 57,150 Asset-backed securities 5,617 1,769 313 7,073 States and political subdivisions 763,255 7,729 6,870 764,114 Other 57,251 866 129 57,988 Total $ 2,490,568 $ 16,125 $ 40,932 $ 2,465,761 December 31, 2017 Gross Unrealized Amortized Cost Gains Losses Fair Value (In Thousands) Debt securities available for sale: U.S. Treasury and other U.S. government agencies $ 4,265,296 $ 996 $ 61,854 $ 4,204,438 Agency mortgage-backed securities 2,841,584 14,312 43,096 2,812,800 Agency collateralized mortgage obligations 5,302,531 4,203 106,723 5,200,011 States and political subdivisions 2,278 105 — 2,383 Total $ 12,411,689 $ 19,616 $ 211,673 $ 12,219,632 Debt securities held to maturity: Non-agency collateralized mortgage obligations $ 64,140 $ 5,262 $ 1,605 $ 67,797 Asset-backed securities 9,308 1,747 628 10,427 States and political subdivisions 911,393 3,951 12,853 902,491 Other 61,252 243 1,667 59,828 Total $ 1,046,093 $ 11,203 $ 16,753 $ 1,040,543 |
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 debt securities and held to maturity debt securities that were in a loss position at September 30, 2018 and December 31, 2017 . This information is aggregated by investment category and the length of time the individual securities have been in an unrealized loss position. September 30, 2018 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) Debt securities available for sale: U.S. Treasury and other U.S. government agencies $ 2,508,360 $ 47,663 $ 2,803,723 $ 133,763 $ 5,312,083 $ 181,426 Agency mortgage-backed securities 223,960 2,936 1,535,204 43,775 1,759,164 46,711 Agency collateralized mortgage obligations 372,572 3,231 2,621,181 110,977 2,993,753 114,208 Total $ 3,104,892 $ 53,830 $ 6,960,108 $ 288,515 $ 10,065,000 $ 342,345 Debt securities held to maturity: Collateralized mortgage obligations: Agency $ 602,774 $ 3,275 $ 857,558 $ 29,281 $ 1,460,332 $ 32,556 Non-agency 1,164 11 14,336 1,053 15,500 1,064 Asset-backed securities — — 3,892 313 3,892 313 States and political subdivisions 39,295 106 277,762 6,764 317,057 6,870 Other 6,961 75 2,454 54 9,415 129 Total $ 650,194 $ 3,467 $ 1,156,002 $ 37,465 $ 1,806,196 $ 40,932 December 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) Debt securities available for sale: U.S. Treasury and other U.S. government agencies $ 2,532,439 $ 28,308 $ 1,325,975 $ 33,546 $ 3,858,414 $ 61,854 Agency mortgage-backed securities 390,106 2,731 1,666,045 40,365 2,056,151 43,096 Agency collateralized mortgage obligations 1,244,416 6,522 3,297,278 100,201 4,541,694 106,723 Total $ 4,166,961 $ 37,561 $ 6,289,298 $ 174,112 $ 10,456,259 $ 211,673 Debt securities held to maturity: Non-agency collateralized mortgage obligations $ 9,776 $ 25 $ 22,439 $ 1,580 $ 32,215 $ 1,605 Asset-backed securities — — 6,243 628 6,243 628 States and political subdivisions 236,207 4,365 341,090 8,488 577,297 12,853 Other 19,048 98 20,736 1,569 39,784 1,667 Total $ 265,031 $ 4,488 $ 390,508 $ 12,265 $ 655,539 $ 16,753 |
Schedule of activity related to credit losses for debt securities where other than temporary impairments was recognized in other comprehensive income | The following table discloses activity related to credit losses for debt securities where a portion of the OTTI was recognized in other comprehensive income. Three Months Ended Nine Months Ended 2018 2017 2018 2017 (In Thousands) Balance at beginning of period $ 23,133 $ 22,824 $ 22,824 $ 22,582 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 283 — 592 — Balance at end of period $ 23,416 $ 22,824 $ 23,416 $ 22,824 |
Schedule of investments classified by contractual maturity date | The contractual maturities of the securities portfolios are presented in the following table. September 30, 2018 Amortized Cost Fair Value (In Thousands) Debt securities available for sale: Maturing within one year $ 250,057 $ 249,817 Maturing after one but within five years 3,854,418 3,744,156 Maturing after five but within ten years 704,053 679,993 Maturing after ten years 694,771 648,224 5,503,299 5,322,190 Mortgage-backed securities and collateralized mortgage obligations 5,962,854 5,812,670 Total $ 11,466,153 $ 11,134,860 Debt securities held to maturity: Maturing within one year $ 31,445 $ 31,550 Maturing after one but within five years 162,215 161,649 Maturing after five but within ten years 184,420 184,269 Maturing after ten years 448,043 451,707 826,123 829,175 Collateralized mortgage obligations 1,664,445 1,636,586 Total $ 2,490,568 $ 2,465,761 |
Loans and Allowance for Loan _2
Loans and Allowance for Loan Losses (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Receivables [Abstract] | |
Schedule of composition of loan portfolio | The following table presents the composition of the loan portfolio. September 30, 2018 December 31, 2017 (In Thousands) Commercial loans: Commercial, financial and agricultural $ 26,656,079 $ 25,749,949 Real estate – construction 2,118,492 2,273,539 Commercial real estate – mortgage 12,397,004 11,724,158 Total commercial loans 41,171,575 39,747,646 Consumer loans: Residential real estate – mortgage 13,402,472 13,365,747 Equity lines of credit 2,709,731 2,653,105 Equity loans 308,838 363,264 Credit card 763,686 639,517 Consumer direct 2,422,208 1,690,383 Consumer indirect 3,678,769 3,164,106 Total consumer loans 23,285,704 21,876,122 Total loans $ 64,457,279 $ 61,623,768 |
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 September 30, 2018 Allowance for loan losses: Beginning balance $ 431,510 $ 113,246 $ 98,032 $ 217,212 $ — $ 860,000 Provision for loan losses 9,560 896 1,446 83,062 — 94,964 Loans charged-off (20,142 ) (2,328 ) (5,570 ) (73,599 ) — (101,639 ) Loan recoveries 6,167 316 3,454 12,131 — 22,068 Net charge-offs (13,975 ) (2,012 ) (2,116 ) (61,468 ) — (79,571 ) Ending balance $ 427,095 $ 112,130 $ 97,362 $ 238,806 $ — $ 875,393 Three months ended September 30, 2017 Allowance for loan losses: Beginning balance $ 427,654 $ 116,819 $ 108,095 $ 164,384 $ — $ 816,952 Provision for loan losses 20,513 10,633 8,411 63,877 — 103,434 Loans charged-off (21,320 ) (7,913 ) (4,290 ) (55,102 ) — (88,625 ) Loan recoveries 6,625 235 2,401 8,097 — 17,358 Net charge-offs (14,695 ) (7,678 ) (1,889 ) (47,005 ) — (71,267 ) Ending balance $ 433,472 $ 119,774 $ 114,617 $ 181,256 $ — $ 849,119 Nine Months Ended September 30, 2018 Allowance for loan losses: Beginning balance $ 420,635 $ 118,133 $ 109,856 $ 194,136 $ — $ 842,760 Provision (credit) for loan losses 39,397 (9,184 ) (7,339 ) 220,399 — 243,273 Loan charge-offs (42,968 ) (3,217 ) (15,123 ) (210,195 ) — (271,503 ) Loan recoveries 10,031 6,398 9,968 34,466 — 60,863 Net (charge-offs) recoveries (32,937 ) 3,181 (5,155 ) (175,729 ) — (210,640 ) Ending balance $ 427,095 $ 112,130 $ 97,362 $ 238,806 $ — $ 875,393 Nine Months Ended September 30, 2017 Allowance for loan losses: Beginning balance $ 458,580 $ 116,937 $ 119,484 $ 143,292 $ — $ 838,293 Provision (credit) for loan losses 49,045 7,534 2,639 169,671 (31 ) 228,858 Loan charge-offs (91,943 ) (8,927 ) (16,242 ) (160,261 ) — (277,373 ) Loan recoveries 17,790 4,230 8,736 28,554 31 59,341 Net (charge-offs) recoveries (74,153 ) (4,697 ) (7,506 ) (131,707 ) 31 (218,032 ) Ending balance $ 433,472 $ 119,774 $ 114,617 $ 181,256 $ — $ 849,119 (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) Total (In Thousands) September 30, 2018 Ending balance of allowance attributable to loans: Individually evaluated for impairment $ 101,396 $ 8,663 $ 25,944 $ 528 $ 136,531 Collectively evaluated for impairment 325,699 103,467 71,418 238,278 738,862 Total allowance for loan losses $ 427,095 $ 112,130 $ 97,362 $ 238,806 $ 875,393 Ending balance of loans: Individually evaluated for impairment $ 276,460 $ 92,748 $ 153,772 $ 2,654 $ 525,634 Collectively evaluated for impairment 26,379,619 14,422,748 16,267,269 6,862,009 63,931,645 Total loans $ 26,656,079 $ 14,515,496 $ 16,421,041 $ 6,864,663 $ 64,457,279 December 31, 2017 Ending balance of allowance attributable to loans: Individually evaluated for impairment $ 61,705 $ 9,864 $ 30,613 $ 2,203 $ 104,385 Collectively evaluated for impairment 358,930 108,269 79,243 191,933 738,375 Total allowance for loan losses $ 420,635 $ 118,133 $ 109,856 $ 194,136 $ 842,760 Ending balance of loans: Individually evaluated for impairment $ 307,680 $ 85,180 $ 172,857 $ 3,577 $ 569,294 Collectively evaluated for impairment 25,442,269 13,912,517 16,209,259 5,490,429 61,054,474 Total loans $ 25,749,949 $ 13,997,697 $ 16,382,116 $ 5,494,006 $ 61,623,768 (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. September 30, 2018 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 $ 78,029 $ 108,460 $ — $ 198,431 $ 217,774 $ 101,396 Real estate – construction — — — 12,172 12,489 1,008 Commercial real estate – mortgage 34,149 36,372 — 46,427 51,367 7,655 Residential real estate – mortgage — — — 103,599 103,599 8,736 Equity lines of credit — — — 16,375 16,379 13,797 Equity loans — — — 33,798 34,475 3,411 Credit card — — — — — — Consumer direct — — — 2,144 2,144 30 Consumer indirect — — — 510 510 498 Total loans $ 112,178 $ 144,832 $ — $ 413,456 $ 438,737 $ 136,531 December 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 $ 142,908 $ 175,743 $ — $ 164,772 $ 175,512 $ 61,705 Real estate – construction 2,849 2,858 — 130 130 7 Commercial real estate – mortgage 35,140 36,415 — 47,061 55,122 9,857 Residential real estate – mortgage — — — 117,751 117,751 10,214 Equity lines of credit — — — 19,183 19,188 16,021 Equity loans — — — 35,923 36,765 4,378 Credit card — — — — — — Consumer direct — — — 2,545 2,545 1,254 Consumer indirect — — — 1,032 1,032 949 Total loans $ 180,897 $ 215,016 $ — $ 388,397 $ 408,045 $ 104,385 The following tables present information on individually evaluated impaired loans, by loan class. Three Months Ended September 30, 2018 Three Months Ended September 30, 2017 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (In Thousands) Commercial, financial and agricultural $ 286,815 $ 29 $ 348,075 $ 191 Real estate – construction 12,182 1 4,230 2 Commercial real estate – mortgage 80,779 238 83,568 232 Residential real estate – mortgage 105,743 660 115,267 671 Equity lines of credit 16,885 184 20,845 219 Equity loans 33,836 295 37,085 323 Credit card — — — — Consumer direct 923 9 2,599 11 Consumer indirect 550 1 1,355 2 Total loans $ 537,713 $ 1,417 $ 613,024 $ 1,651 Nine Months Ended September 30, 2018 Nine Months Ended September 30, 2017 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (In Thousands) Commercial, financial and agricultural $ 268,037 $ 622 $ 472,639 $ 743 Real estate – construction 10,060 5 1,811 6 Commercial real estate – mortgage 82,350 648 69,304 852 Residential real estate – mortgage 109,262 2,029 115,622 1,986 Equity lines of credit 17,833 571 22,151 671 Equity loans 34,814 897 38,711 997 Credit card — — — — Consumer direct 2,197 24 1,320 22 Consumer indirect 707 4 1,706 8 Total loans $ 525,260 $ 4,800 $ 723,264 $ 5,285 |
Schedule of credit quality indicators associated with the Company's loans | The following tables, which exclude loans held for sale, illustrate the credit quality indicators associated with the Company’s loans, by loan class. Commercial September 30, 2018 Commercial, Financial and Agricultural Real Estate - Construction Commercial Real Estate - Mortgage (In Thousands) Pass $ 25,546,766 $ 2,102,672 $ 11,968,045 Special Mention 473,162 345 243,144 Substandard 523,901 15,475 173,044 Doubtful 112,250 — 12,771 $ 26,656,079 $ 2,118,492 $ 12,397,004 December 31, 2017 Commercial, Financial and Agricultural Real Estate - Construction Commercial Real Estate - Mortgage (In Thousands) Pass $ 24,387,737 $ 2,257,659 $ 11,309,484 Special Mention 614,006 12,401 215,076 Substandard 623,672 3,479 187,049 Doubtful 124,534 — 12,549 $ 25,749,949 $ 2,273,539 $ 11,724,158 Consumer September 30, 2018 Residential Real Estate – Mortgage Equity Lines of Credit Equity Loans Credit Card Consumer Direct Consumer Indirect (In Thousands) Performing $ 13,238,758 $ 2,673,420 $ 298,071 $ 750,529 $ 2,410,036 $ 3,660,262 Nonperforming 163,714 36,311 10,767 13,157 12,172 18,507 $ 13,402,472 $ 2,709,731 $ 308,838 $ 763,686 $ 2,422,208 $ 3,678,769 December 31, 2017 Residential Real Estate -Mortgage Equity Lines of Credit Equity Loans Credit Card Consumer Direct Consumer Indirect (In Thousands) Performing $ 13,182,760 $ 2,616,825 $ 350,531 $ 627,588 $ 1,681,246 $ 3,147,223 Nonperforming 182,987 36,280 12,733 11,929 9,137 16,883 $ 13,365,747 $ 2,653,105 $ 363,264 $ 639,517 $ 1,690,383 $ 3,164,106 |
Schedule of past due loans | The following tables present an aging analysis of the Company’s past due loans, excluding loans classified as held for sale. September 30, 2018 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 $ 38,512 $ 16,416 $ 9,609 $ 290,239 $ 522 $ 355,298 $ 26,300,781 $ 26,656,079 Real estate – construction 3,252 5,278 532 12,882 121 22,065 2,096,427 2,118,492 Commercial real estate – mortgage 31,792 18,349 502 104,976 3,753 159,372 12,237,632 12,397,004 Residential real estate – mortgage 87,426 30,373 3,697 159,721 59,082 340,299 13,062,173 13,402,472 Equity lines of credit 13,556 4,298 1,186 35,125 — 54,165 2,655,566 2,709,731 Equity loans 2,082 1,042 241 10,378 28,383 42,126 266,712 308,838 Credit card 8,601 6,449 13,157 — — 28,207 735,479 763,686 Consumer direct 30,153 14,455 8,988 3,184 1,189 57,969 2,364,239 2,422,208 Consumer indirect 86,310 23,587 6,853 11,654 — 128,404 3,550,365 3,678,769 Total loans $ 301,684 $ 120,247 $ 44,765 $ 628,159 $ 93,050 $ 1,187,905 $ 63,269,374 $ 64,457,279 December 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 $ 14,804 $ 3,753 $ 18,136 $ 310,059 $ 1,213 $ 347,965 $ 25,401,984 $ 25,749,949 Real estate – construction 12,293 70 1,560 5,381 101 19,405 2,254,134 2,273,539 Commercial real estate – mortgage 10,473 3,270 927 111,982 4,155 130,807 11,593,351 11,724,158 Residential real estate – mortgage 69,474 34,440 8,572 173,843 64,898 351,227 13,014,520 13,365,747 Equity lines of credit 10,956 7,556 2,259 34,021 237 55,029 2,598,076 2,653,105 Equity loans 4,170 657 995 11,559 30,105 47,486 315,778 363,264 Credit card 6,710 4,804 11,929 — — 23,443 616,074 639,517 Consumer direct 19,766 7,020 6,712 2,425 534 36,457 1,653,926 1,690,383 Consumer indirect 92,017 26,460 7,288 9,595 — 135,360 3,028,746 3,164,106 Total loans $ 240,663 $ 88,030 $ 58,378 $ 658,865 $ 101,243 $ 1,147,179 $ 60,476,589 $ 61,623,768 |
Schedule of troubled debt restructuring loans and subsequent defaults on restructured loans | The following tables provide a summary of initial subsequent defaults that occurred within one year of the restructure date. The table excludes loans classified as held for sale as of period-end and includes loans no longer in default as of period-end. Three Months Ended September 30, 2018 Three Months Ended September 30, 2017 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 2 327 — — Equity lines of credit — — — — Equity loans — — — — Credit card — — — — Consumer direct — — — — Consumer indirect — — — — Covered loans — — — — Nine Months Ended September 30, 2018 Nine Months Ended September 30, 2017 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 4 474 1 505 Equity lines of credit — — — — Equity loans 3 167 2 51 Credit card — — — — Consumer direct — — — — Consumer indirect — — 1 22 Covered loans — — — — The following tables present an analysis of the types of loans that were restructured and classified as TDRs, excluding loans classified as held for sale. Three Months Ended September 30, 2018 Three Months Ended September 30, 2017 Number of Contracts Post-Modification Outstanding Recorded Investment Number of Contracts Post-Modification Outstanding Recorded Investment (Dollars in Thousands) Commercial, financial and agricultural 1 $ 104,065 11 $ 103,223 Real estate – construction — — — — Commercial real estate – mortgage 1 679 — — Residential real estate – mortgage 17 2,025 9 1,665 Equity lines of credit 3 80 7 368 Equity loans 7 464 10 342 Credit card — — — — Consumer direct 2 1,098 — — Consumer indirect — — 1 5 Covered loans — — — — Nine Months Ended September 30, 2018 Nine Months Ended September 30, 2017 Number of Contracts Post-Modification Outstanding Recorded Investment Number of Contracts Post-Modification Outstanding Recorded Investment (Dollars in Thousands) Commercial, financial and agricultural 5 $ 121,263 24 $ 205,387 Real estate – construction 2 307 — — Commercial real estate – mortgage 3 2,313 2 502 Residential real estate – mortgage 50 10,862 44 8,763 Equity lines of credit 7 197 34 1,708 Equity loans 19 2,235 26 1,031 Credit card — — — — Consumer direct 3 1,104 — — Consumer indirect — — 14 209 Covered loans — — 2 103 |
Loan Sales and Servicing (Table
Loan Sales and Servicing (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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 September 30, Nine Months Ended September 30, 2018 2017 2018 2017 (In Thousands) Loans transferred from held for investment to held for sale $ — $ — $ — $ — Charge-offs on loans recognized at transfer from held for investment to held for sale — — — — Loans and loans held for sale sold 37,580 — 46,055 175,088 |
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 September 30, Nine Months Ended September 30, 2018 2017 2018 2017 (In Thousands) Carrying value, at beginning of period $ 54,276 $ 49,398 $ 49,597 $ 51,428 Additions 1,594 1,729 5,266 5,328 Increase (decrease) in fair value: Due to changes in valuation inputs or assumptions 2,533 721 9,403 (100 ) Due to other changes in fair value (1) (3,091 ) (3,298 ) (8,954 ) (8,106 ) Carrying value, at end of period $ 55,312 $ 48,550 $ 55,312 $ 48,550 (1) 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 September 30, Nine Months Ended September 30, 2018 2017 2018 2017 (In Thousands) Residential real estate loans originated for sale in the secondary market sold (1) $ 148,967 $ 164,075 $ 479,684 $ 496,891 Net gains recognized on sales of residential real estate loans originated for sale in the secondary market (2) 5,409 7,322 14,858 19,178 Servicing fees recognized (3) 2,544 2,461 8,181 8,025 (1) The Company has retained servicing responsibilities for all loans sold that were originated for sale in the secondary market. (2) Net gains were recorded in mortgage banking income in the Company's Unaudited Condensed Consolidated Statements of Income. (3) Beginning in 2018 , recorded as a component of mortgage banking in the Company's Unaudited Condensed Consolidated Statements of Income. 2017 servicing fees are 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. September 30, 2018 December 31, 2017 (In Thousands) Recorded balance of residential real estate mortgage loans sold with retained servicing (1) $ 4,587,189 $ 4,635,334 MSRs (2) 55,312 49,597 (1) These loans are not included in loans on the Company's Unaudited Condensed Consolidated Balance Sheets. (2) 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 September 30, 2018 and December 31, 2017 , the sensitivity of the current fair value of the residential MSRs to immediate 10% and 20% adverse changes in key economic assumptions are included in the following table: September 30, 2018 December 31, 2017 (Dollars in Thousands) Fair value of MSRs $ 55,312 $ 49,597 Composition of residential loans serviced for others: Fixed rate mortgage loans 97.6 % 97.4 % Adjustable rate mortgage loans 2.4 2.6 Total 100.0 % 100.0 % Weighted average life (in years) 6.5 6.6 Prepayment speed: 9.7 % 9.7 % Effect on fair value of a 10% increase $ (1,507 ) $ (1,582 ) Effect on fair value of a 20% increase (2,939 ) (3,068 ) Weighted average option adjusted spread: 7.1 % 8.2 % Effect on fair value of a 10% increase $ (1,769 ) $ (1,568 ) Effect on fair value of a 20% increase (3,408 ) (3,031 ) |
Derivatives and Hedging (Tables
Derivatives and Hedging (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table reflects the notional amount and fair value of derivative instruments included on the Company’s Unaudited Condensed Consolidated Balance Sheets on a gross basis. September 30, 2018 December 31, 2017 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 $ 2,923,950 $ 11,930 $ 50,273 $ 2,223,950 $ 19,399 $ 16,831 Total fair value hedges 11,930 50,273 19,399 16,831 Cash flow hedges: Interest rate contracts: Swaps related to commercial loans 5,500,000 27 56 9,075,000 325 2 Swaps related to FHLB advances 120,000 — 685 120,000 — 4,424 Foreign currency contracts: Forwards related to currency fluctuations 6,788 485 — 3,220 — 144 Total cash flow hedges 512 741 325 4,570 Total derivatives designated as hedging instruments $ 12,442 $ 51,014 $ 19,724 $ 21,401 Free-standing derivatives not designated as hedging instruments: Interest rate contracts: Forward contracts related to held for sale mortgages $ 271,674 $ 686 $ 179 $ 141,000 $ 85 $ 130 Option contracts related to mortgage servicing rights — — — 40,000 38 — Interest rate lock commitments 122,862 2,136 1 114,184 2,416 — Equity contracts: Purchased equity option related to equity-linked CDs 519,750 20,779 — 810,011 39,791 — Written equity option related to equity-linked CDs 452,696 — 18,316 718,428 — 35,562 Foreign exchange contracts: Forwards and swaps related to commercial loans 469,088 3,472 1,122 358,729 291 3,501 Spots related to commercial loans 22,884 3 29 83,338 84 245 Swap associated with sale of Visa, Inc. Class B shares 129,931 — 3,248 99,826 — 2,496 Futures contracts (3) 2,416,000 — — 1,449,000 — — Trading account assets and liabilities: Interest rate contracts for customers 33,529,836 104,666 192,238 30,472,359 133,516 134,073 Foreign exchange contracts for customers 1,145,509 15,957 13,958 514,185 12,149 10,524 Total trading account assets and liabilities 120,623 206,196 145,665 144,597 Total free-standing derivative instruments not designated as hedging instruments $ 147,699 $ 229,091 $ 188,370 $ 186,531 (1) Derivative assets, except for trading account assets that are recorded as a component of trading account assets on the Company's Unaudited Condensed Consolidated Balance Sheets, are recorded in other assets on the Company’s Unaudited Condensed Consolidated Balance Sheets. (2) Derivative liabilities are recorded in accrued expenses and other liabilities on the Company’s Unaudited Condensed Consolidated Balance Sheets . (3) Changes in fair value are cash settled daily; therefore, there is no ending balance at any given reporting period. |
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following table reflects the change in fair value for interest rate contracts and the related hedged items as well as other gains and losses related to fair value hedges including gains and losses recognized because of hedge ineffectiveness. Gain (Loss) for the Condensed Consolidated Three Months Ended September 30, Nine Months Ended September 30, Statements of Income Caption 2018 2017 2018 2017 (In Thousands) Change in fair value of interest rate contracts: Interest rate swaps hedging long term debt Interest on FHLB and other borrowings $ (13,181 ) $ (6,637 ) $ (63,679 ) $ (14,691 ) Hedged long term debt Interest on FHLB and other borrowings 12,920 6,614 60,472 14,532 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 243 7,690 3,529 24,239 |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following table presents the effect of derivative instruments designated and qualifying as cash flow hedges on the Company’s Unaudited Condensed Consolidated Balance Sheets and the Company’s Unaudited Condensed Consolidated Statements of Income. Gain (Loss) for the Three Months Ended Nine Months Ended 2018 2017 2018 2017 (In Thousands) Interest rate and foreign currency exchange contracts: Net change in amount recognized in other comprehensive income $ 10,996 $ 855 $ 19,340 $ (9,172 ) Amount reclassified from accumulated other comprehensive income (loss) into net income (14,033 ) (2,835 ) (36,887 ) 5,043 Amount of ineffectiveness recognized in net income 78 202 443 229 |
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position | The net gains and losses recorded in the Company's Unaudited Condensed Consolidated Statements of Income from free-standing derivative instruments not designated as hedging instruments are summarized in the following table. Gain (Loss) for the Condensed Consolidated Three Months Ended September 30, Nine Months Ended September 30, Statements of Income Caption 2018 2017 2018 2017 (In Thousands) Futures contracts Mortgage banking income and corporate and correspondent investment sales $ 195 $ (18 ) $ 400 $ (1 ) Interest rate contracts: Forward contracts related to residential mortgage loans held for sale Mortgage banking income 708 (46 ) 553 (2,005 ) Interest rate lock commitments Mortgage banking income (475 ) (262 ) (281 ) 531 Interest rate contracts for customers Corporate and correspondent investment sales 8,639 5,979 28,559 21,318 Option contracts related to mortgage servicing rights Mortgage banking income — (253 ) (38 ) (391 ) Equity contracts: Purchased equity option related to equity-linked CDs Other expense (4,945 ) (8,921 ) (20,550 ) (14,783 ) Written equity option related to equity-linked CDs Other expense 4,539 8,643 18,641 14,692 Foreign currency contracts: Forward and swap contracts related to commercial loans Other income 5,333 (13,107 ) 23,717 (36,373 ) Spot contracts related to commercial loans Other income (2,649 ) 1,620 (3,768 ) 4,175 Foreign currency exchange contracts for customers Corporate and correspondent investment sales 3,514 2,709 11,811 7,770 |
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) September 30, 2018 Derivative financial assets: Subject to a master netting arrangement $ 108,916 $ — $ 108,916 $ — $ 35,326 $ 73,590 Not subject to a master netting arrangement 51,225 — 51,225 — — 51,225 Total derivative financial assets $ 160,141 $ — $ 160,141 $ — $ 35,326 $ 124,815 Derivative financial liabilities: Subject to a master netting arrangement $ 95,761 $ — $ 95,761 $ — $ 83,364 $ 12,397 Not subject to a master netting arrangement 184,344 — 184,344 — — 184,344 Total derivative financial liabilities $ 280,105 $ — $ 280,105 $ — $ 83,364 $ 196,741 December 31, 2017 Derivative financial assets: Subject to a master netting arrangement $ 93,409 $ — $ 93,409 $ — $ 21,423 $ 71,986 Not subject to a master netting arrangement 114,685 — 114,685 — — 114,685 Total derivative financial assets $ 208,094 $ — $ 208,094 $ — $ 21,423 $ 186,671 Derivative financial liabilities: Subject to a master netting arrangement $ 108,955 $ — $ 108,955 $ 4,545 $ 92,396 $ 12,014 Not subject to a master netting arrangement 98,977 — 98,977 — — 98,977 Total derivative financial liabilities $ 207,932 $ — $ 207,932 $ 4,545 $ 92,396 $ 110,991 (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) September 30, 2018 Derivative financial assets: Subject to a master netting arrangement $ 108,916 $ — $ 108,916 $ — $ 35,326 $ 73,590 Not subject to a master netting arrangement 51,225 — 51,225 — — 51,225 Total derivative financial assets $ 160,141 $ — $ 160,141 $ — $ 35,326 $ 124,815 Derivative financial liabilities: Subject to a master netting arrangement $ 95,761 $ — $ 95,761 $ — $ 83,364 $ 12,397 Not subject to a master netting arrangement 184,344 — 184,344 — — 184,344 Total derivative financial liabilities $ 280,105 $ — $ 280,105 $ — $ 83,364 $ 196,741 December 31, 2017 Derivative financial assets: Subject to a master netting arrangement $ 93,409 $ — $ 93,409 $ — $ 21,423 $ 71,986 Not subject to a master netting arrangement 114,685 — 114,685 — — 114,685 Total derivative financial assets $ 208,094 $ — $ 208,094 $ — $ 21,423 $ 186,671 Derivative financial liabilities: Subject to a master netting arrangement $ 108,955 $ — $ 108,955 $ 4,545 $ 92,396 $ 12,014 Not subject to a master netting arrangement 98,977 — 98,977 — — 98,977 Total derivative financial liabilities $ 207,932 $ — $ 207,932 $ 4,545 $ 92,396 $ 110,991 (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 Activiti_2
Securities Financing Activities (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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) September 30, 2018 Securities purchased under agreements to resell: Subject to a master netting arrangement $ 855,221 $ 727,500 $ 127,721 $ 127,721 $ — $ — Securities sold under agreements to repurchase: Subject to a master netting arrangement $ 805,504 $ 727,500 $ 78,004 $ 78,004 $ — $ — December 31, 2017 Securities purchased under agreements to resell: Subject to a master netting arrangement $ 93,664 $ 67,751 $ 25,913 $ 25,913 $ — $ — Securities sold under agreements to repurchase: Subject to a master netting arrangement $ 85,632 $ 67,751 $ 17,881 $ 17,881 $ — $ — (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) September 30, 2018 Securities sold under agreements to repurchase: U.S. Treasury and other U.S. government agencies $ 459,008 $ 18,827 $ 151,344 $ 125,031 $ 754,210 Mortgage-backed securities — — 51,294 — 51,294 Total $ 459,008 $ 18,827 $ 202,638 $ 125,031 $ 805,504 December 31, 2017 Securities sold under agreements to repurchase: U.S. Treasury and other U.S. government agencies $ 4,906 $ — $ 12,900 $ 4,981 $ 22,787 Mortgage-backed securities — — 62,845 — 62,845 Total $ 4,906 $ — $ 75,745 $ 4,981 $ 85,632 |
Commitments, Contingencies an_2
Commitments, Contingencies and Guarantees (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of commitments to extend credit, standby letters of credit and commercial letters of credit | The following represents the Company’s commitments to extend credit, standby letters of credit and commercial letters of credit: September 30, 2018 December 31, 2017 (In Thousands) Commitments to extend credit $ 27,738,855 $ 27,743,387 Standby and commercial letters of credit 1,273,364 1,446,903 |
Fair Value of Measurements (Tab
Fair Value of Measurements (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Summary of asset and liabilities measure at fair value on a recurring basis | The following tables summarize the financial assets and liabilities measured at fair value on a recurring basis. Fair Value Measurements at the End of the Reporting Period Using Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs September 30, 2018 (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 $ 95,677 $ 95,677 $ — $ — State and political subdivisions 199 — 199 — Other debt securities 250 — 250 — Interest rate contracts 104,666 — 104,666 — Foreign exchange contracts 15,957 — 15,957 — Total trading account assets 216,749 95,677 121,072 — Debt securities available for sale: U.S. Treasury and other U.S. government agencies 5,321,244 4,593,189 728,055 — Mortgage-backed securities 2,244,534 — 2,244,534 — Collateralized mortgage obligations 3,568,136 — 3,568,136 — States and political subdivisions 946 — 946 — Total debt securities available for sale 11,134,860 4,593,189 6,541,671 — Loans held for sale 73,569 — 73,569 — Derivative assets: Interest rate contracts 14,779 — 12,643 2,136 Equity contracts 20,779 — 20,779 — Foreign exchange contracts 3,960 — 3,960 — Total derivative assets 39,518 — 37,382 2,136 Other assets: Equity securities 20,000 20,000 — — MSR 55,312 — — 55,312 SBIC 42,722 — — 42,722 Liabilities: Trading account liabilities: U.S. Treasury and other U.S. government agencies $ 68,714 $ 68,714 $ — $ — Interest rate contracts 192,238 — 192,238 — Foreign exchange contracts 13,958 — 13,958 — Total trading account liabilities 274,910 68,714 206,196 — Derivative liabilities: Interest rate contracts 51,194 — 51,193 1 Equity contracts 18,316 — 18,316 — Foreign exchange contracts 1,151 — 1,151 — Total derivative liabilities 70,661 — 70,660 1 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, 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 $ 74,195 $ 74,195 $ — $ — State and political subdivisions 557 — 557 — Other debt securities 79 — 79 — Interest rate contracts 133,516 — 133,516 — Foreign exchange contracts 12,149 — 12,149 — Total trading account assets 220,496 74,195 146,301 — Debt securities available for sale: U.S. Treasury and other U.S. government agencies 4,204,438 3,248,898 955,540 — Mortgage-backed securities 2,812,800 — 2,812,800 — Collateralized mortgage obligations 5,200,011 — 5,200,011 — States and political subdivisions 2,383 — 2,383 — Total debt securities available for sale 12,219,632 3,248,898 8,970,734 — Loans held for sale 67,110 — 67,110 — Derivative assets: Interest rate contracts 22,263 38 19,809 2,416 Equity contracts 39,791 — 39,791 — Foreign exchange contracts 375 — 375 — Total derivative assets 62,429 38 59,975 2,416 Other assets: Equity securities 13,577 13,577 — — MSR 49,597 — — 49,597 SBIC 45,042 — — 45,042 Liabilities: Trading account liabilities: U.S. Treasury and other U.S. government agencies $ 17,996 $ 17,996 $ — $ — Interest rate contracts 134,073 — 134,073 — Foreign exchange contracts 10,524 — 10,524 — Total trading account liabilities 162,593 17,996 144,597 — Derivative liabilities: Interest rate contracts 21,387 — 21,387 — Equity contracts 35,562 — 35,562 — Foreign exchange contracts 3,890 — 3,890 — Total derivative liabilities 60,839 — 60,839 — |
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 September 30, Other Trading Assets Interest Rate Contracts, net Other Assets - MSR Other Assets - SBIC (In Thousands) Balance, June 30, 2017 $ 778 $ 3,185 $ 49,398 $ 22,572 Transfers into Level 3 — — — — Transfers out of Level 3 — — — — Total gains or losses (realized/unrealized): Included in earnings (1) (215 ) (262 ) (2,577 ) — Included in other comprehensive income — — — — Purchases, issuances, sales and settlements: Purchases — — — 10,173 Issuances — — 1,729 — Sales — — — — Settlements — — — — Balance, September 30, 2017 $ 563 $ 2,923 $ 48,550 $ 32,745 Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at September 30, 2017 $ (215 ) $ (262 ) $ (2,577 ) $ — Balance, June 30, 2018 $ — $ 2,610 $ 54,276 $ 41,513 Transfers into Level 3 — — — — Transfers out of Level 3 — — — — Total gains or losses (realized/unrealized): Included in earnings (1) — (475 ) (558 ) — Included in other comprehensive income — — — — Purchases, issuances, sales and settlements: Purchases — — — 1,209 Issuances — — 1,594 — Sales — — — — Settlements — — — — Balance, September 30, 2018 $ — $ 2,135 $ 55,312 $ 42,722 Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at September 30, 2018 $ — $ (475 ) $ (558 ) $ — (1) Included in noninterest income in the Unaudited Condensed Consolidated Statements of Income. Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Nine Months Ended September 30, Other Trading Assets Interest Rate Contracts, net Other Assets - MSR Other Assets - SBIC (In Thousands) Balance, December 31, 2016 $ 859 $ 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) (296 ) 531 (8,206 ) 550 Included in other comprehensive income — — — — Purchases, issuances, sales and settlements: Purchases — — — 16,556 Issuances — — 5,328 — Sales — — — — Settlements — — — — Balance, September 30, 2017 $ 563 $ 2,923 $ 48,550 $ 32,745 Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at September 30, 2017 $ (296 ) $ 531 $ (8,206 ) $ 550 Balance, December 31, 2017 $ — $ 2,416 $ 49,597 $ 45,042 Transfers into Level 3 — — — — Transfers out of Level 3 — — — — Total gains or losses (realized/unrealized): Included in earnings (1) — (281 ) 449 (6,673 ) Included in other comprehensive income — — — — Purchases, issuances, sales and settlements: Purchases — — — 4,353 Issuances — — 5,266 — Sales — — — — Settlements — — — — Balance, September 30, 2018 $ — $ 2,135 $ 55,312 $ 42,722 Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at September 30, 2018 $ — $ (281 ) $ 449 $ (6,673 ) (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 and nine months ended September 30, 2018 and 2017 , and still held as of the end of the period, and the related gains and losses from fair value adjustments on assets sold during the period as well as assets still held as of the end of the period. Fair Value Measurements at the End of the Reporting Period Using Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total Gains (Losses) September 30, 2018 (Level 1) (Level 2) (Level 3) Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 (In Thousands) Nonrecurring fair value measurements Assets: Debt securities held to maturity $ 3,955 $ — $ — $ 3,955 $ (283 ) $ (592 ) Impaired loans (1) 11,875 — — 11,875 (17,225 ) (28,666 ) OREO 18,706 — — 18,706 (1,322 ) (2,407 ) Fair Value Measurements at the End of the Reporting Period Using Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total Gains (Losses) September 30, 2017 (Level 1) (Level 2) (Level 3) Three Months Ended September 30, 2017 Nine Months Ended September 30, 2017 (In Thousands) Nonrecurring fair value measurements Assets: Debt securities held to maturity $ 1,863 $ — $ — $ 1,863 $ — $ (242 ) Impaired loans (1) 44,434 — — 44,434 (12,389 ) (49,894 ) OREO 22,012 — — 22,012 (1,845 ) (4,640 ) (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 tables below present quantitative information about the significant unobservable inputs for material assets and liabilities measured at fair value using significant unobservable inputs (Level 3) on a recurring and nonrecurring basis. Quantitative Information about Level 3 Fair Value Measurements Fair Value at Range of Unobservable Inputs September 30, 2018 Valuation Technique Unobservable Input(s) (Weighted Average) (In Thousands) Recurring fair value measurements: Interest rate contracts, net $ 2,135 Discounted cash flow Closing ratios (pull-through) 16.6% - 99.9% (65.6%) Cap grids -0.2% - 2.5% (1.1%) Other assets - MSRs 55,312 Discounted cash flow Option adjusted spread 6.8% - 8.5% (7.1%) Constant prepayment rate or life speed 0.0% - 50.5% (9.7%) Cost to service $65 - $4,000 ($77) Other assets - SBIC investments 42,722 Transaction price Transaction price N/A Nonrecurring fair value measurements: Debt securities held to maturity $ 3,955 Discounted cash flow Prepayment rate 8.4% Default rate 9.4% Loss severity 83.5% Impaired loans 11,875 Appraised value Appraised value 0.0% - 70.0% (10.1%) OREO 18,706 Appraised value Appraised value 8.0% (1) (1) Represents discount to appraised value for estimated costs to sell. Quantitative Information about Level 3 Fair Value Measurements Fair Value at Range of Unobservable Inputs December 31, 2017 Valuation Technique Unobservable Input(s) (Weighted Average) (In Thousands) Recurring fair value measurements: Interest rate contracts, net $ 2,416 Discounted cash flow Closing ratios (pull-through) 24.9% - 99.3% (66.1%) Cap grids 0.2% - 2.3% (0.9%) Other assets - MSRs 49,597 Discounted cash flow Option adjusted spread 4.6% - 17.2% (8.2%) Constant prepayment rate or life speed 0.0% - 46.7% (8.6%) Cost to service $65 - $4,000 ($81) Other assets - SBIC investments 45,042 Transaction price Transaction price N/A Nonrecurring fair value measurements: Debt securities held to maturity $ 1,659 Discounted cash flow Prepayment rate 5.1% Default rate 4.8% Loss severity 70.6% Impaired loans 70,749 Appraised value Appraised value 0.0% - 100.0% (19.2%) OREO 17,278 Appraised value Appraised value 8.0% (1) (1) Represents discount to appraised value for estimated costs to sell. |
Schedule of fair value by balance sheet location | The carrying amounts and estimated fair values, as well as the level within the fair value hierarchy, of the Company’s financial instruments, excluding financial instruments measured at fair value on a recurring basis, are as follows: September 30, 2018 Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 (In Thousands) Financial Instruments: Assets: Cash and cash equivalents $ 3,526,911 $ 3,526,911 $ 3,526,911 $ — $ — Debt securities held to maturity 2,490,568 2,465,761 — 1,579,436 886,325 Loans, net 63,581,886 60,740,079 — — 60,740,079 Liabilities: Deposits $ 70,378,057 $ 70,370,139 $ — $ 70,370,139 $ — FHLB and other borrowings 5,045,302 5,065,944 — 5,065,944 — Federal funds purchased and securities sold under agreements to repurchase 78,004 78,004 — 78,004 — December 31, 2017 Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 (In Thousands) Financial Instruments: Assets: Cash and cash equivalents $ 4,082,826 $ 4,082,826 $ 4,082,826 $ — $ — Debt securities held to maturity 1,046,093 1,040,543 — — 1,040,543 Loans, net 60,781,008 57,906,982 — — 57,906,982 Liabilities: Deposits $ 69,256,313 $ 69,302,597 $ — $ 69,302,597 $ — FHLB and other borrowings 3,959,930 4,010,308 — 4,010,308 — Federal funds purchased and securities sold under agreements to repurchase 19,591 19,591 — 19,591 — |
Schedule of differences between aggregate fair value and aggregate unpaid principle balance | The following table summarizes the difference between the aggregate fair value and the aggregate unpaid principal balance for residential mortgage loans measured at fair value. Aggregate Fair Value Aggregate Unpaid Principal Balance Difference (In Thousands) September 30, 2018 Residential mortgage loans held for sale $ 73,569 $ 71,871 $ 1,698 December 31, 2017 Residential mortgage loans held for sale $ 67,110 $ 64,992 $ 2,118 |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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 September 30, 2018 2017 Pretax Tax Expense/ (Benefit) After-tax Pretax Tax Expense/ (Benefit) After-tax (In Thousands) Other comprehensive loss: Unrealized holding losses arising during period from debt securities available for sale $ (40,831 ) $ (9,642 ) $ (31,189 ) $ (1,025 ) $ (379 ) $ (646 ) Less: reclassification adjustment for net gains on sale of debt securities in net income — — — 3,033 1,122 1,911 Net change in unrealized losses on debt securities available for sale (40,831 ) (9,642 ) (31,189 ) (4,058 ) (1,501 ) (2,557 ) Change in unamortized net holding losses on debt securities held to maturity 2,604 615 1,989 1,586 587 999 Unamortized unrealized net holding losses on debt securities available for sale transferred to debt securities held to maturity — — — — — — Less: non-credit related impairment on debt securities held to maturity 135 32 103 — — — Change in unamortized non-credit related impairment on debt securities held to maturity 271 63 208 399 148 251 Net change in unamortized holding losses on debt securities held to maturity 2,740 646 2,094 1,985 735 1,250 Unrealized holding gains arising during period from cash flow hedge instruments 15,187 4,191 10,996 1,367 512 855 Change in defined benefit plans — — — — — — Other comprehensive loss $ (22,904 ) $ (4,805 ) $ (18,099 ) $ (706 ) $ (254 ) $ (452 ) Nine Months Ended September 30, 2018 2017 Pretax Tax Expense/ (Benefit) After-tax Pretax Tax Expense/ (Benefit) After-tax (In Thousands) Other comprehensive income: Unrealized holding (losses) gains arising during period from debt securities available for sale $ (139,236 ) $ (32,916 ) $ (106,320 ) $ 61,774 $ 22,855 $ 38,919 Less: reclassification adjustment for net gains on sale of debt securities in net income — — — 3,033 1,122 1,911 Net change in unrealized (losses) gains on debt securities available for sale (139,236 ) (32,916 ) (106,320 ) 58,741 21,733 37,008 Change in unamortized net holding losses on debt securities held to maturity 8,538 2,016 6,522 4,032 1,492 2,540 Unamortized unrealized net holding losses on debt securities available for sale transferred to debt securities held to maturity (39,904 ) (9,417 ) (30,487 ) — — — Less: non-credit related impairment on debt securities held to maturity 397 94 303 — — — Change in unamortized non-credit related impairment on debt securities held to maturity 815 192 623 1,236 458 778 Net change in unamortized holding losses on debt securities held to maturity (30,948 ) (7,303 ) (23,645 ) 5,268 1,950 3,318 Unrealized holding gains (losses) arising during period from cash flow hedge instruments 26,894 7,554 19,340 (14,581 ) (5,409 ) (9,172 ) Change in defined benefit plans (4,425 ) (1,046 ) (3,379 ) (773 ) (288 ) (485 ) Other comprehensive (loss) income $ (147,715 ) $ (33,711 ) $ (114,004 ) $ 48,655 $ 17,986 $ 30,669 |
Schedule of accumulated other comprehensive income (loss) | Activity in accumulated other comprehensive income (loss), net of tax was as follows: Unrealized Gains (Losses) on Debt 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 Debt Securities Held to Maturity Total (In Thousands) Balance, December 31, 2016 $ (119,562 ) $ (10,080 ) $ (32,028 ) $ (6,582 ) $ (168,252 ) Other comprehensive income (loss) before reclassifications 38,919 (6,000 ) — — 32,919 Amounts reclassified from accumulated other comprehensive income (loss) 629 (3,172 ) (485 ) 778 (2,250 ) Net current period other comprehensive income (loss) 39,548 (9,172 ) (485 ) 778 30,669 Balance, September 30, 2017 $ (80,014 ) $ (19,252 ) $ (32,513 ) $ (5,804 ) $ (137,583 ) Balance, December 31, 2017 $ (132,821 ) $ (24,765 ) $ (34,228 ) $ (5,591 ) $ (197,405 ) Other comprehensive loss before reclassifications (136,807 ) (8,838 ) — (303 ) (145,948 ) Cumulative effect of adoption of ASU 2016-01 (13 ) — — — (13 ) Amounts reclassified from accumulated other comprehensive income (loss) 6,522 28,178 (3,379 ) 623 31,944 Net current period other comprehensive income (loss) (130,298 ) 19,340 (3,379 ) 320 (114,017 ) Balance, September 30, 2018 $ (263,119 ) $ (5,425 ) $ (37,607 ) $ (5,271 ) $ (311,422 ) |
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 Statements of Income Caption Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 (In Thousands) Unrealized Gains (Losses) on Debt Securities Available for Sale and Transferred to Held to Maturity $ — $ 3,033 $ — $ 3,033 Debt securities gains, net (2,604 ) $ (1,586 ) (8,538 ) (4,032 ) Interest on debt securities held to maturity (2,604 ) 1,447 (8,538 ) (999 ) 615 (535 ) 2,016 370 Income tax benefit (expense) $ (1,989 ) $ 912 $ (6,522 ) $ (629 ) Net of tax Accumulated Gains (Losses) on Cash Flow Hedging Instruments $ (13,782 ) $ (2,258 ) $ (35,839 ) $ 6,920 Interest and fees on loans (251 ) (577 ) (1,048 ) (1,877 ) Interest and fees on FHLB advances (14,033 ) (2,835 ) (36,887 ) 5,043 3,314 1,054 8,709 (1,871 ) Income tax benefit (expense) $ (10,719 ) $ (1,781 ) $ (28,178 ) $ 3,172 Net of tax Defined Benefit Plan Adjustment $ — $ — $ 4,425 $ 773 (2) — — (1,046 ) (288 ) Income tax expense $ — $ — $ 3,379 $ 485 Net of tax Unamortized Impairment Losses on Debt Securities Held to Maturity $ (271 ) $ (399 ) $ (815 ) $ (1,236 ) Interest on debt securities held to maturity 63 148 192 458 Income tax benefit $ (208 ) $ (251 ) $ (623 ) $ (778 ) Net of tax (1) Amounts in parentheses indicate debits to the Unaudited Condensed Consolidated Statements of Income. (2) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 18, Benefit Plans, in the Notes to the December 31, 2017, Consolidated Financial Statements for additional details). |
Supplemental Disclosure for S_2
Supplemental Disclosure for Statement of Cash Flows (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of supplemental cash flow disclosures | The following table presents the Company’s supplemental disclosures for statement of cash flows. Nine Months Ended September 30, 2018 2017 (In Thousands) Supplemental disclosures of cash flow information: Interest paid $ 387,311 $ 331,062 Net income taxes paid 121,156 109,460 Supplemental schedule of noncash investing and financing activities: Transfer of loans and loans held for sale to OREO $ 17,249 $ 25,156 Transfer of available for sale debt securities to held to maturity debt securities 1,017,275 — The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Company’s Unaudited Condensed Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Company's Unaudited Condensed Consolidated Statements of Cash Flows. Nine Months Ended September 30, 2018 2017 (In Thousands) Cash and cash equivalents $ 3,526,911 $ 3,734,658 Restricted cash in other assets 142,690 174,140 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 3,669,601 $ 3,908,798 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Schedule of segment reporting information | The following tables present the segment information for the Company’s existing segments. Three Months Ended September 30, 2018 Commercial Banking and Wealth Retail Banking Corporate and Investment Banking Treasury Corporate Support and Other Consolidated (In Thousands) Net interest income (expense) $ 304,112 $ 269,513 $ 45,668 $ (24,814 ) $ 63,807 $ 658,286 Allocated provision (credit) for loan losses 37,897 61,060 (15,807 ) (553 ) 12,367 94,964 Noninterest income 63,874 115,821 32,223 5,235 41,306 258,459 Noninterest expense 182,729 293,720 43,379 7,109 78,573 605,510 Net income (loss) before income tax expense (benefit) 147,360 30,554 50,319 (26,135 ) 14,173 216,271 Income tax expense (benefit) 30,946 6,416 10,567 (5,488 ) (685 ) 41,756 Net income (loss) 116,414 24,138 39,752 (20,647 ) 14,858 174,515 Less: net income (loss) attributable to noncontrolling interests 24 — — 405 (3 ) 426 Net income (loss) attributable to BBVA Compass Bancshares, Inc. $ 116,390 $ 24,138 $ 39,752 $ (21,052 ) $ 14,861 $ 174,089 Average assets $ 39,016,626 $ 18,839,497 $ 8,311,665 $ 16,257,647 $ 7,693,233 $ 90,118,668 Three Months Ended September 30, 2017 Commercial Banking and Wealth Retail Banking Corporate and Investment Banking Treasury Corporate Support and Other Consolidated (In Thousands) Net interest income $ 278,528 $ 231,066 $ 43,592 $ 10,626 $ 25,549 $ 589,361 Allocated provision (credit) for loan losses 19,303 89,390 (11,708 ) — 6,449 103,434 Noninterest income 57,939 110,135 53,097 6,758 29,865 257,794 Noninterest expense 159,357 299,689 43,496 6,340 65,080 573,962 Net income (loss) before income tax expense (benefit) 157,807 (47,878 ) 64,901 11,044 (16,115 ) 169,759 Income tax expense (benefit) 55,233 (16,758 ) 22,716 3,865 (25,748 ) 39,308 Net income (loss) 102,574 (31,120 ) 42,185 7,179 9,633 130,451 Less: net income (loss) attributable to noncontrolling interests 176 — — 414 (6 ) 584 Net income (loss) attributable to BBVA Compass Bancshares, Inc. $ 102,398 $ (31,120 ) $ 42,185 $ 6,765 $ 9,639 $ 129,867 Average assets $ 36,030,116 $ 18,066,202 $ 9,870,647 $ 15,686,910 $ 7,646,104 $ 87,299,979 Nine Months Ended September 30, 2018 Commercial Banking and Wealth Retail Banking Corporate and Investment Banking Treasury Corporate Support and Other Consolidated (In Thousands) Net interest income (expense) $ 905,470 $ 794,004 $ 132,734 $ (54,976 ) $ 147,158 $ 1,924,390 Allocated provision (credit) for loan losses 75,166 120,594 (45,630 ) (1,063 ) 94,206 243,273 Noninterest income 188,012 340,317 122,204 17,133 118,637 786,303 Noninterest expense 533,310 871,560 119,763 17,912 205,423 1,747,968 Net income (loss) before income tax expense (benefit) 485,006 142,167 180,805 (54,692 ) (33,834 ) 719,452 Income tax expense (benefit) 101,851 29,855 37,969 (11,485 ) (6,341 ) 151,849 Net income (loss) 383,155 112,312 142,836 (43,207 ) (27,493 ) 567,603 Less: net income (loss) attributable to noncontrolling interests 282 — — 1,227 (27 ) 1,482 Net income (loss) attributable to BBVA Compass Bancshares, Inc. $ 382,873 $ 112,312 $ 142,836 $ (44,434 ) $ (27,466 ) $ 566,121 Average assets $ 38,332,544 $ 18,538,673 $ 8,346,850 $ 16,096,911 $ 7,667,498 $ 88,982,476 Nine Months Ended September 30, 2017 Commercial Banking and Wealth Retail Banking Corporate and Investment Banking Treasury Corporate Support and Other Consolidated (In Thousands) Net interest income $ 831,766 $ 683,594 $ 117,248 $ 51,386 $ 42,628 $ 1,726,622 Allocated provision for loan losses 25,784 170,332 16,311 — 16,431 228,858 Noninterest income 155,774 329,754 142,768 16,740 103,770 748,806 Noninterest expense 482,317 893,914 111,675 18,983 188,870 1,695,759 Net income (loss) before income tax expense (benefit) 479,439 (50,898 ) 132,030 49,143 (58,903 ) 550,811 Income tax expense (benefit) 167,803 (17,814 ) 46,211 17,200 (71,303 ) 142,097 Net income (loss) 311,636 (33,084 ) 85,819 31,943 12,400 408,714 Less: net income (loss) attributable to noncontrolling interests 216 — — 1,250 (8 ) 1,458 Net income (loss) attributable to BBVA Compass Bancshares, Inc. $ 311,420 $ (33,084 ) $ 85,819 $ 30,693 $ 12,408 $ 407,256 Average assets $ 35,840,756 $ 18,039,800 $ 10,556,407 $ 15,375,036 $ 7,670,357 $ 87,482,356 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following tables depict the disaggregation of revenue according to revenue type and segment. Commercial Banking and Wealth Retail Banking Corporate and Investment Banking Treasury and Corporate Support and Other Total (In Thousands) Three Months Ended September 30, 2018 Service charges on deposit accounts $ 11,911 $ 46,653 $ 1,761 $ — $ 60,325 Card and merchant processing fees 7,113 33,786 — 3,320 44,219 Retail investment sales 28,286 — — — 28,286 Money transfer income — — — 23,441 23,441 Investment banking and advisory fees — — 13,956 — 13,956 Asset management fees 11,143 — — — 11,143 58,453 80,439 15,717 26,761 181,370 Other revenues (1) 5,421 35,382 16,506 19,780 77,089 Total noninterest income $ 63,874 $ 115,821 $ 32,223 $ 46,541 $ 258,459 (1) Other revenues primarily relate to revenues not derived from contracts with customers. Commercial Banking and Wealth Retail Banking Corporate and Investment Banking Treasury and Corporate Support and Other Total (In Thousands) Three Months Ended September 30, 2017 Service charges on deposit accounts $ 11,286 $ 43,200 $ 1,467 $ — $ 55,953 Card and merchant processing fees 130 29,947 — 2,220 32,297 Retail investment sales 26,817 — — — 26,817 Money transfer income — — — 24,881 24,881 Investment banking and advisory fees — — 30,500 — 30,500 Asset management fees 10,336 — — — 10,336 48,569 73,147 31,967 27,101 180,784 Other revenues (1) 9,370 36,988 21,130 9,522 77,010 Total noninterest income $ 57,939 $ 110,135 $ 53,097 $ 36,623 $ 257,794 (1) Other revenues primarily relate to revenues not derived from contracts with customers. Commercial Banking and Wealth Retail Banking Corporate and Investment Banking Treasury and Corporate Support and Other Total (In Thousands) Nine Months Ended September 30, 2018 Service charges on deposit accounts $ 34,681 $ 135,277 $ 5,109 $ — $ 175,067 Card and merchant processing fees 21,220 97,090 — 9,635 127,945 Retail investment sales 88,176 — — — 88,176 Money transfer income — — — 68,049 68,049 Investment banking and advisory fees — — 62,398 — 62,398 Asset management fees 32,902 — — — 32,902 176,979 232,367 67,507 77,684 554,537 Other revenues (1) 11,033 107,950 54,697 58,086 231,766 Total noninterest income $ 188,012 $ 340,317 $ 122,204 $ 135,770 $ 786,303 (1) Other revenues primarily relate to revenues not derived from contracts with customers. Commercial Banking and Wealth Retail Banking Corporate and Investment Banking Treasury and Corporate Support and Other Total (In Thousands) Nine Months Ended September 30, 2017 Service charges on deposit accounts $ 35,425 $ 126,023 $ 4,592 $ — $ 166,040 Card and merchant processing fees 380 88,053 — 6,316 94,749 Retail investment sales 82,876 — — — 82,876 Money transfer income — — — 77,408 77,408 Investment banking and advisory fees — — 78,744 — 78,744 Asset management fees 30,162 — — — 30,162 148,843 214,076 83,336 83,724 529,979 Other revenues (1) 6,931 115,678 59,432 36,786 218,827 Total noninterest income $ 155,774 $ 329,754 $ 142,768 $ 120,510 $ 748,806 (1) Other revenues primarily relate to revenues not derived from contracts with customers. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Related Party Transactions [Abstract] | |
Schedule of derivative contracts between the Company and BBVA | The net fair value of outstanding derivative contracts between the Company and BBVA are detailed below. September 30, 2018 December 31, 2017 (In Thousands) Derivative contracts: Fair value hedges $ (45,428 ) $ (15,991 ) Cash flow hedges 485 (144 ) Free-standing derivatives not designated as hedging instruments 42,949 7,777 Securities Purchased Under Agreements to Resell/ Securities Sold Under Agreements to Repurchase The Company enters into agreements with BBVA as the counterparty under which it purchases/sells securities subject to an obligation to resell/repurchase the same or similar securities. The following represents the amount of securities purchased under agreement to resell and securities sold under agreement to repurchase where BBVA is the counterparty. September 30, 2018 December 31, 2017 (In Thousands) Securities purchased under agreements to resell $ 126,193 $ — Securities sold under agreements to repurchase 20,796 17,881 |
Basis of Presentation (Details)
Basis of Presentation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Jan. 01, 2018 | Dec. 31, 2017 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||
Income tax expense | $ 41,756 | $ 39,308 | $ 151,849 | $ 142,097 | ||
Federal Home Loan Bank Stock and Federal Reserve Bank Stock | $ 450,000 | |||||
Operating Leases, Future Minimum Payments Due | $ 369,000 | |||||
Incorrect Calculation | ||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||
Income tax expense | $ 11,400 |
Debt Securities Available for_3
Debt Securities Available for Sale and Debt Securities Held to Maturity - Adjusted cost and fair value of securities (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Debt securities available for sale: | ||
Available-for-sale securities, amortized cost | $ 11,466,153 | $ 12,411,689 |
Available-for-sale securities, gross unrealized gain | 11,052 | 19,616 |
Available-for-sale securities, gross unrealized losses | 342,345 | 211,673 |
Debt securities available for sale | 11,134,860 | 12,219,632 |
Debt securities held to maturity: | ||
Held-to-maturity securities, amortized cost | 2,490,568 | 1,046,093 |
Held-to-maturity securities, gross unrealized gain | 16,125 | 11,203 |
Held-to-maturity securities, gross unrealized losses | 40,932 | 16,753 |
Debt securities held to maturity, estimated fair value | 2,465,761 | 1,040,543 |
Available-for-sale securities transferred to Held-to-maturity securities | 1,000,000 | |
U.S. Treasury and other U.S. government agencies | ||
Debt securities available for sale: | ||
Available-for-sale securities, amortized cost | 5,502,415 | 4,265,296 |
Available-for-sale securities, gross unrealized gain | 255 | 996 |
Available-for-sale securities, gross unrealized losses | 181,426 | 61,854 |
Debt securities available for sale | 5,321,244 | 4,204,438 |
Agency mortgage-backed securities | ||
Debt securities available for sale: | ||
Available-for-sale securities, amortized cost | 2,284,650 | 2,841,584 |
Available-for-sale securities, gross unrealized gain | 6,595 | 14,312 |
Available-for-sale securities, gross unrealized losses | 46,711 | 43,096 |
Debt securities available for sale | 2,244,534 | 2,812,800 |
Agency collateralized mortgage obligations | ||
Debt securities available for sale: | ||
Available-for-sale securities, amortized cost | 3,678,204 | 5,302,531 |
Available-for-sale securities, gross unrealized gain | 4,140 | 4,203 |
Available-for-sale securities, gross unrealized losses | 114,208 | 106,723 |
Debt securities available for sale | 3,568,136 | 5,200,011 |
State and political subdivisions | ||
Debt securities available for sale: | ||
Available-for-sale securities, amortized cost | 884 | 2,278 |
Available-for-sale securities, gross unrealized gain | 62 | 105 |
Available-for-sale securities, gross unrealized losses | 0 | 0 |
Debt securities available for sale | 946 | 2,383 |
Debt securities held to maturity: | ||
Held-to-maturity securities, amortized cost | 763,255 | 911,393 |
Held-to-maturity securities, gross unrealized gain | 7,729 | 3,951 |
Held-to-maturity securities, gross unrealized losses | 6,870 | 12,853 |
Debt securities held to maturity, estimated fair value | 764,114 | 902,491 |
Agency | ||
Debt securities held to maturity: | ||
Held-to-maturity securities, amortized cost | 1,611,937 | |
Held-to-maturity securities, gross unrealized gain | 55 | |
Held-to-maturity securities, gross unrealized losses | 32,556 | |
Debt securities held to maturity, estimated fair value | 1,579,436 | |
Non-agency | ||
Debt securities held to maturity: | ||
Held-to-maturity securities, amortized cost | 52,508 | 64,140 |
Held-to-maturity securities, gross unrealized gain | 5,706 | 5,262 |
Held-to-maturity securities, gross unrealized losses | 1,064 | 1,605 |
Debt securities held to maturity, estimated fair value | 57,150 | 67,797 |
Asset-backed securities | ||
Debt securities held to maturity: | ||
Held-to-maturity securities, amortized cost | 5,617 | 9,308 |
Held-to-maturity securities, gross unrealized gain | 1,769 | 1,747 |
Held-to-maturity securities, gross unrealized losses | 313 | 628 |
Debt securities held to maturity, estimated fair value | 7,073 | 10,427 |
Other | ||
Debt securities held to maturity: | ||
Held-to-maturity securities, amortized cost | 57,251 | 61,252 |
Held-to-maturity securities, gross unrealized gain | 866 | 243 |
Held-to-maturity securities, gross unrealized losses | 129 | 1,667 |
Debt securities held to maturity, estimated fair value | $ 57,988 | $ 59,828 |
Debt Securities Available for_4
Debt Securities Available for Sale and Debt Securities Held to Maturity - Fair value and unrealized losses of available for sale securities and held to maturity securities (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Debt securities available for sale: | ||
Available-for-sale securities, securities in a loss position for less than 12 months, fair value | $ 3,104,892 | $ 4,166,961 |
Available-for-sale securities, securities in a loss position for less than 12 months, unrealized losses | 53,830 | 37,561 |
Available-for-sale securities, securities in a loss position for 12 months or longer, fair value | 6,960,108 | 6,289,298 |
Available-for-sale securities, securities in a loss position for 12 months or longer, unrealized losses | 288,515 | 174,112 |
Available-for-sale securities, fair value | 10,065,000 | 10,456,259 |
Available-for-sale securities, unrealized losses | 342,345 | 211,673 |
Debt securities held to maturity: | ||
Held-to-maturity securities, securities in a loss position for less than 12 months, fair value | 650,194 | 265,031 |
Held-to-maturity securities, securities in a loss position for less than 12 months, unrealized losses | 3,467 | 4,488 |
Held-to-maturity securities, securities in a loss position for 12 months or longer, fair value | 1,156,002 | 390,508 |
Held-to-maturity securities, securities in a loss position for 12 months or longer, unrealized losses | 37,465 | 12,265 |
Held-to-maturity securities, fair value | 1,806,196 | 655,539 |
Held-to-maturity securities unrealized losses | 40,932 | 16,753 |
U.S. Treasury and other U.S. government agencies | ||
Debt securities available for sale: | ||
Available-for-sale securities, securities in a loss position for less than 12 months, fair value | 2,508,360 | 2,532,439 |
Available-for-sale securities, securities in a loss position for less than 12 months, unrealized losses | 47,663 | 28,308 |
Available-for-sale securities, securities in a loss position for 12 months or longer, fair value | 2,803,723 | 1,325,975 |
Available-for-sale securities, securities in a loss position for 12 months or longer, unrealized losses | 133,763 | 33,546 |
Available-for-sale securities, fair value | 5,312,083 | 3,858,414 |
Available-for-sale securities, unrealized losses | 181,426 | 61,854 |
Agency mortgage-backed securities | ||
Debt securities available for sale: | ||
Available-for-sale securities, securities in a loss position for less than 12 months, fair value | 223,960 | 390,106 |
Available-for-sale securities, securities in a loss position for less than 12 months, unrealized losses | 2,936 | 2,731 |
Available-for-sale securities, securities in a loss position for 12 months or longer, fair value | 1,535,204 | 1,666,045 |
Available-for-sale securities, securities in a loss position for 12 months or longer, unrealized losses | 43,775 | 40,365 |
Available-for-sale securities, fair value | 1,759,164 | 2,056,151 |
Available-for-sale securities, unrealized losses | 46,711 | 43,096 |
Agency collateralized mortgage obligations | ||
Debt securities available for sale: | ||
Available-for-sale securities, securities in a loss position for less than 12 months, fair value | 372,572 | 1,244,416 |
Available-for-sale securities, securities in a loss position for less than 12 months, unrealized losses | 3,231 | 6,522 |
Available-for-sale securities, securities in a loss position for 12 months or longer, fair value | 2,621,181 | 3,297,278 |
Available-for-sale securities, securities in a loss position for 12 months or longer, unrealized losses | 110,977 | 100,201 |
Available-for-sale securities, fair value | 2,993,753 | 4,541,694 |
Available-for-sale securities, unrealized losses | 114,208 | 106,723 |
Agency | ||
Debt securities held to maturity: | ||
Held-to-maturity securities, securities in a loss position for less than 12 months, fair value | 602,774 | |
Held-to-maturity securities, securities in a loss position for less than 12 months, unrealized losses | 3,275 | |
Held-to-maturity securities, securities in a loss position for 12 months or longer, fair value | 857,558 | |
Held-to-maturity securities, securities in a loss position for 12 months or longer, unrealized losses | 29,281 | |
Held-to-maturity securities, fair value | 1,460,332 | |
Held-to-maturity securities unrealized losses | 32,556 | |
Non-agency | ||
Debt securities held to maturity: | ||
Held-to-maturity securities, securities in a loss position for less than 12 months, fair value | 1,164 | 9,776 |
Held-to-maturity securities, securities in a loss position for less than 12 months, unrealized losses | 11 | 25 |
Held-to-maturity securities, securities in a loss position for 12 months or longer, fair value | 14,336 | 22,439 |
Held-to-maturity securities, securities in a loss position for 12 months or longer, unrealized losses | 1,053 | 1,580 |
Held-to-maturity securities, fair value | 15,500 | 32,215 |
Held-to-maturity securities unrealized losses | 1,064 | 1,605 |
Asset-backed securities | ||
Debt securities held to maturity: | ||
Held-to-maturity securities, securities in a loss position for less than 12 months, fair value | 0 | 0 |
Held-to-maturity securities, securities in a loss position for less than 12 months, unrealized losses | 0 | 0 |
Held-to-maturity securities, securities in a loss position for 12 months or longer, fair value | 3,892 | 6,243 |
Held-to-maturity securities, securities in a loss position for 12 months or longer, unrealized losses | 313 | 628 |
Held-to-maturity securities, fair value | 3,892 | 6,243 |
Held-to-maturity securities unrealized losses | 313 | 628 |
State and political subdivisions | ||
Debt securities held to maturity: | ||
Held-to-maturity securities, securities in a loss position for less than 12 months, fair value | 39,295 | 236,207 |
Held-to-maturity securities, securities in a loss position for less than 12 months, unrealized losses | 106 | 4,365 |
Held-to-maturity securities, securities in a loss position for 12 months or longer, fair value | 277,762 | 341,090 |
Held-to-maturity securities, securities in a loss position for 12 months or longer, unrealized losses | 6,764 | 8,488 |
Held-to-maturity securities, fair value | 317,057 | 577,297 |
Held-to-maturity securities unrealized losses | 6,870 | 12,853 |
Other | ||
Debt securities held to maturity: | ||
Held-to-maturity securities, securities in a loss position for less than 12 months, fair value | 6,961 | 19,048 |
Held-to-maturity securities, securities in a loss position for less than 12 months, unrealized losses | 75 | 98 |
Held-to-maturity securities, securities in a loss position for 12 months or longer, fair value | 2,454 | 20,736 |
Held-to-maturity securities, securities in a loss position for 12 months or longer, unrealized losses | 54 | 1,569 |
Held-to-maturity securities, fair value | 9,415 | 39,784 |
Held-to-maturity securities unrealized losses | $ 129 | $ 1,667 |
Debt Securities Available for_5
Debt Securities Available for Sale and Debt Securities Held to Maturity - Other temporary impairments losses recognized in other comprehensive income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||||
Other than temporary impairment recognized in other comprehensive income, beginning of period | $ 23,133 | $ 22,824 | $ 22,824 | $ 22,582 |
Reductions for securities paid off during the period (realized) | 0 | 0 | 0 | 0 |
Additions for the credit component on debt securities in which OTTI was not previously recognized | 0 | 0 | 0 | 242 |
Additions for the credit component on debt securities in which OTTI was previously recognized | 283 | 0 | 592 | 0 |
Other than temporary impairment recognized in other comprehensive income, end of period | $ 23,416 | $ 22,824 | $ 23,416 | $ 22,824 |
Debt Securities Available for_6
Debt Securities Available for Sale and Debt Securities Held to Maturity - Maturities of securities portfolios (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Investment securities available for sale, amortized cost [Abstract] | ||
Maturing within one year | $ 250,057 | |
Maturing after one but within five years | 3,854,418 | |
Maturing after five but within ten years | 704,053 | |
Maturing after ten years | 694,771 | |
Total single date maturities | 5,503,299 | |
Mortgage-backed securities and collateralized mortgage obligations | 5,962,854 | |
Available-for-sale securities, amortized cost | 11,466,153 | $ 12,411,689 |
Investment securities available for sale, fair value [Abstract] | ||
Maturing within one year | 249,817 | |
Maturing after one but within five years | 3,744,156 | |
Maturing after five but within ten years | 679,993 | |
Maturing after ten years | 648,224 | |
Total single date maturities | 5,322,190 | |
Mortgage-backed securities and collateralized mortgage obligations | 5,812,670 | |
Total | 11,134,860 | 12,219,632 |
Held-to-maturity securities, amortized cost [Abstract] | ||
Maturing within one year | 31,445 | |
Maturing after one but within five years | 162,215 | |
Maturing after five but within ten years | 184,420 | |
Maturing after ten years | 448,043 | |
Total single date maturities | 826,123 | |
Collateralized mortgage obligations | 1,664,445 | |
Held-to-maturity securities, amortized cost | 2,490,568 | 1,046,093 |
Held-to-maturity securities, fair value [Abstract] | ||
Maturing within one year | 31,550 | |
Maturing after one but within five years | 161,649 | |
Maturing after five but within ten years | 184,269 | |
Maturing after ten years | 451,707 | |
Total single date maturities | 829,175 | |
Collateralized mortgage obligations | 1,636,586 | |
Total | $ 2,465,761 | $ 1,040,543 |
Debt Securities Available for_7
Debt Securities Available for Sale and Debt Securities Held to Maturity - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Securities impairment | $ 283 | $ 0 | $ 592 | $ 242 |
Loans and Allowance for Loan _3
Loans and Allowance for Loan Losses - Composition of loan portfolio (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | |
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | $ 64,457,279 | $ 61,623,768 | |
Commercial, Financial and Agricultural | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | 26,656,079 | 25,749,949 | |
Commercial Real Estate | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | [1] | 14,515,496 | 13,997,697 |
Commercial Real Estate | Real estate – construction | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | 2,118,492 | 2,273,539 | |
Commercial Real Estate | Commercial real estate – mortgage | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | 12,397,004 | 11,724,158 | |
Residential Real Estate | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | [2] | 16,421,041 | 16,382,116 |
Residential Real Estate | Residential real estate – mortgage | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | 13,402,472 | 13,365,747 | |
Residential Real Estate | Equity lines of credit | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | 2,709,731 | 2,653,105 | |
Residential Real Estate | Equity loans | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | 308,838 | 363,264 | |
Consumer | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | [3] | 6,864,663 | 5,494,006 |
Consumer | Credit card | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | 763,686 | 639,517 | |
Consumer | Consumer direct | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | 2,422,208 | 1,690,383 | |
Consumer | Consumer indirect | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | 3,678,769 | 3,164,106 | |
Commercial | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | 41,171,575 | 39,747,646 | |
Commercial | Commercial, Financial and Agricultural | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | 26,656,079 | 25,749,949 | |
Commercial | Commercial Real Estate | Real estate – construction | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | 2,118,492 | 2,273,539 | |
Commercial | Commercial Real Estate | Commercial real estate – mortgage | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | 12,397,004 | 11,724,158 | |
Consumer | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | 23,285,704 | 21,876,122 | |
Consumer | Residential Real Estate | Residential real estate – mortgage | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | 13,402,472 | 13,365,747 | |
Consumer | Residential Real Estate | Equity lines of credit | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | 2,709,731 | 2,653,105 | |
Consumer | Residential Real Estate | Equity loans | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | 308,838 | 363,264 | |
Consumer | Consumer | Credit card | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | 763,686 | 639,517 | |
Consumer | Consumer | Consumer direct | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | 2,422,208 | 1,690,383 | |
Consumer | Consumer | Consumer indirect | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans | $ 3,678,769 | $ 3,164,106 | |
[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 _4
Loans and Allowance for Loan Losses - Allowances for loan losses activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Allowance for loan losses, covered, beginning of period | $ 0 | $ 0 | $ 0 | $ 0 | |
Allowance for loan losses, total loans, beginning of period | 860,000 | 816,952 | 842,760 | 838,293 | |
Provision for loan losses | 94,964 | 103,434 | 243,273 | 228,858 | |
Provision (credit) for loan losses, covered | 0 | 0 | 0 | (31) | |
Provision (credit) for loan losses, total loans | 94,964 | 103,434 | 243,273 | 228,858 | |
Loans charged-off, covered | 0 | 0 | 0 | 0 | |
Loans charged-off, total loans | (101,639) | (88,625) | (271,503) | (277,373) | |
Loan recoveries, covered | 0 | 0 | 0 | 31 | |
Loan recoveries, total loans | 22,068 | 17,358 | 60,863 | 59,341 | |
Net (charge offs) recoveries, covered | 0 | 0 | 0 | 31 | |
Net (charge offs) recoveries, total loans | (79,571) | (71,267) | (210,640) | (218,032) | |
Allowance for loan losses, covered, end of period | 0 | 0 | 0 | 0 | |
Allowance for loan losses, total loans, end of period | 875,393 | 849,119 | 875,393 | 849,119 | |
Commercial, Financial and Agricultural | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Allowance for loan losses, beginning of period | 431,510 | 427,654 | 420,635 | 458,580 | |
Provision for loan losses | 9,560 | 20,513 | 39,397 | 49,045 | |
Loans charged-off | (20,142) | (21,320) | (42,968) | (91,943) | |
Loan recoveries | 6,167 | 6,625 | 10,031 | 17,790 | |
Net charge-offs | (13,975) | (14,695) | (32,937) | (74,153) | |
Allowance for loan losses, end of period | 427,095 | 433,472 | 427,095 | 433,472 | |
Commercial Real Estate | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Allowance for loan losses, beginning of period | [1] | 113,246 | 116,819 | 118,133 | 116,937 |
Provision for loan losses | [1] | 896 | 10,633 | (9,184) | 7,534 |
Loans charged-off | [1] | (2,328) | (7,913) | (3,217) | (8,927) |
Loan recoveries | [1] | 316 | 235 | 6,398 | 4,230 |
Net charge-offs | [1] | (2,012) | (7,678) | 3,181 | (4,697) |
Allowance for loan losses, end of period | [1] | 112,130 | 119,774 | 112,130 | 119,774 |
Residential Real Estate | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Allowance for loan losses, beginning of period | [2] | 98,032 | 108,095 | 109,856 | 119,484 |
Provision for loan losses | [2] | 1,446 | 8,411 | (7,339) | 2,639 |
Loans charged-off | [2] | (5,570) | (4,290) | (15,123) | (16,242) |
Loan recoveries | [2] | 3,454 | 2,401 | 9,968 | 8,736 |
Net charge-offs | [2] | (2,116) | (1,889) | (5,155) | (7,506) |
Allowance for loan losses, end of period | [2] | 97,362 | 114,617 | 97,362 | 114,617 |
Consumer | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Allowance for loan losses, beginning of period | [3] | 217,212 | 164,384 | 194,136 | 143,292 |
Provision for loan losses | [3] | 83,062 | 63,877 | 220,399 | 169,671 |
Loans charged-off | [3] | (73,599) | (55,102) | (210,195) | (160,261) |
Loan recoveries | [3] | 12,131 | 8,097 | 34,466 | 28,554 |
Net charge-offs | [3] | (61,468) | (47,005) | (175,729) | (131,707) |
Allowance for loan losses, end of period | [3] | $ 238,806 | $ 181,256 | $ 238,806 | $ 181,256 |
[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 _5
Loans and Allowance for Loan Losses - Allowance for loan losses by portfolio (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | |
Ending balance of allowance attributable to loans: | |||||||
Individually evaluated for impairment | $ 136,531 | $ 104,385 | |||||
Collectively evaluated for impairment | 738,862 | 738,375 | |||||
Total allowance for loan losses, total loans | 875,393 | $ 860,000 | 842,760 | $ 849,119 | $ 816,952 | $ 838,293 | |
Ending balance of loans: | |||||||
Individually evaluated for impairment | 525,634 | 569,294 | |||||
Collectively evaluated for impairment | 63,931,645 | 61,054,474 | |||||
Total | 64,457,279 | 61,623,768 | |||||
Commercial, Financial and Agricultural | |||||||
Ending balance of allowance attributable to loans: | |||||||
Individually evaluated for impairment | 101,396 | 61,705 | |||||
Collectively evaluated for impairment | 325,699 | 358,930 | |||||
Total allowance for loan losses | 427,095 | 431,510 | 420,635 | 433,472 | 427,654 | 458,580 | |
Ending balance of loans: | |||||||
Individually evaluated for impairment | 276,460 | 307,680 | |||||
Collectively evaluated for impairment | 26,379,619 | 25,442,269 | |||||
Total | 26,656,079 | 25,749,949 | |||||
Commercial Real Estate | |||||||
Ending balance of allowance attributable to loans: | |||||||
Individually evaluated for impairment | [1] | 8,663 | 9,864 | ||||
Collectively evaluated for impairment | [1] | 103,467 | 108,269 | ||||
Total allowance for loan losses | [1] | 112,130 | 113,246 | 118,133 | 119,774 | 116,819 | 116,937 |
Ending balance of loans: | |||||||
Individually evaluated for impairment | [1] | 92,748 | 85,180 | ||||
Collectively evaluated for impairment | [1] | 14,422,748 | 13,912,517 | ||||
Total | [1] | 14,515,496 | 13,997,697 | ||||
Residential Real Estate | |||||||
Ending balance of allowance attributable to loans: | |||||||
Individually evaluated for impairment | [2] | 25,944 | 30,613 | ||||
Collectively evaluated for impairment | [2] | 71,418 | 79,243 | ||||
Total allowance for loan losses | [2] | 97,362 | 98,032 | 109,856 | 114,617 | 108,095 | 119,484 |
Ending balance of loans: | |||||||
Individually evaluated for impairment | [2] | 153,772 | 172,857 | ||||
Collectively evaluated for impairment | [2] | 16,267,269 | 16,209,259 | ||||
Total | [2] | 16,421,041 | 16,382,116 | ||||
Consumer | |||||||
Ending balance of allowance attributable to loans: | |||||||
Individually evaluated for impairment | [3] | 528 | 2,203 | ||||
Collectively evaluated for impairment | [3] | 238,278 | 191,933 | ||||
Total allowance for loan losses | [3] | 238,806 | $ 217,212 | 194,136 | $ 181,256 | $ 164,384 | $ 143,292 |
Ending balance of loans: | |||||||
Individually evaluated for impairment | [3] | 2,654 | 3,577 | ||||
Collectively evaluated for impairment | [3] | 6,862,009 | 5,490,429 | ||||
Total | [3] | $ 6,864,663 | $ 5,494,006 | ||||
[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 _6
Loans and Allowance for Loan Losses - Impaired loans by loan class (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Financing Receivable, Impaired [Line Items] | |||||
Individually evaluated impaired loans with no recorded allowance, recorded investment | $ 112,178 | $ 112,178 | $ 180,897 | ||
Individually evaluated impaired loans with no recorded allowance, unpaid principal balance | 144,832 | 144,832 | 215,016 | ||
Individually evaluated impaired loans with a recorded allowance, recorded investment | 413,456 | 413,456 | 388,397 | ||
Individually evaluated impaired loans with a recorded allowance, unpaid principal balance | 438,737 | 438,737 | 408,045 | ||
Individually evaluated impaired loans with a recorded allowance, allowance | 136,531 | 136,531 | 104,385 | ||
Individually evaluated impaired loans, average recorded investment | 537,713 | $ 613,024 | 525,260 | $ 723,264 | |
Individually evaluated impaired loans, interest income recognized | 1,417 | 1,651 | 4,800 | 5,285 | |
Commercial, Financial and Agricultural | |||||
Financing Receivable, Impaired [Line Items] | |||||
Individually evaluated impaired loans with no recorded allowance, recorded investment | 78,029 | 78,029 | 142,908 | ||
Individually evaluated impaired loans with no recorded allowance, unpaid principal balance | 108,460 | 108,460 | 175,743 | ||
Individually evaluated impaired loans with a recorded allowance, recorded investment | 198,431 | 198,431 | 164,772 | ||
Individually evaluated impaired loans with a recorded allowance, unpaid principal balance | 217,774 | 217,774 | 175,512 | ||
Individually evaluated impaired loans with a recorded allowance, allowance | 101,396 | 101,396 | 61,705 | ||
Individually evaluated impaired loans, average recorded investment | 286,815 | 348,075 | 268,037 | 472,639 | |
Individually evaluated impaired loans, interest income recognized | 29 | 191 | 622 | 743 | |
Commercial Real Estate | Real estate – construction | |||||
Financing Receivable, Impaired [Line Items] | |||||
Individually evaluated impaired loans with no recorded allowance, recorded investment | 0 | 0 | 2,849 | ||
Individually evaluated impaired loans with no recorded allowance, unpaid principal balance | 0 | 0 | 2,858 | ||
Individually evaluated impaired loans with a recorded allowance, recorded investment | 12,172 | 12,172 | 130 | ||
Individually evaluated impaired loans with a recorded allowance, unpaid principal balance | 12,489 | 12,489 | 130 | ||
Individually evaluated impaired loans with a recorded allowance, allowance | 1,008 | 1,008 | 7 | ||
Individually evaluated impaired loans, average recorded investment | 12,182 | 4,230 | 10,060 | 1,811 | |
Individually evaluated impaired loans, interest income recognized | 1 | 2 | 5 | 6 | |
Commercial Real Estate | Commercial real estate – mortgage | |||||
Financing Receivable, Impaired [Line Items] | |||||
Individually evaluated impaired loans with no recorded allowance, recorded investment | 34,149 | 34,149 | 35,140 | ||
Individually evaluated impaired loans with no recorded allowance, unpaid principal balance | 36,372 | 36,372 | 36,415 | ||
Individually evaluated impaired loans with a recorded allowance, recorded investment | 46,427 | 46,427 | 47,061 | ||
Individually evaluated impaired loans with a recorded allowance, unpaid principal balance | 51,367 | 51,367 | 55,122 | ||
Individually evaluated impaired loans with a recorded allowance, allowance | 7,655 | 7,655 | 9,857 | ||
Individually evaluated impaired loans, average recorded investment | 80,779 | 83,568 | 82,350 | 69,304 | |
Individually evaluated impaired loans, interest income recognized | 238 | 232 | 648 | 852 | |
Residential Real Estate | Residential real estate – mortgage | |||||
Financing Receivable, Impaired [Line Items] | |||||
Individually evaluated impaired loans with no recorded allowance, recorded investment | 0 | 0 | 0 | ||
Individually evaluated impaired loans with no recorded allowance, unpaid principal balance | 0 | 0 | 0 | ||
Individually evaluated impaired loans with a recorded allowance, recorded investment | 103,599 | 103,599 | 117,751 | ||
Individually evaluated impaired loans with a recorded allowance, unpaid principal balance | 103,599 | 103,599 | 117,751 | ||
Individually evaluated impaired loans with a recorded allowance, allowance | 8,736 | 8,736 | 10,214 | ||
Individually evaluated impaired loans, average recorded investment | 105,743 | 115,267 | 109,262 | 115,622 | |
Individually evaluated impaired loans, interest income recognized | 660 | 671 | 2,029 | 1,986 | |
Residential Real Estate | Equity lines of credit | |||||
Financing Receivable, Impaired [Line Items] | |||||
Individually evaluated impaired loans with no recorded allowance, recorded investment | 0 | 0 | 0 | ||
Individually evaluated impaired loans with no recorded allowance, unpaid principal balance | 0 | 0 | 0 | ||
Individually evaluated impaired loans with a recorded allowance, recorded investment | 16,375 | 16,375 | 19,183 | ||
Individually evaluated impaired loans with a recorded allowance, unpaid principal balance | 16,379 | 16,379 | 19,188 | ||
Individually evaluated impaired loans with a recorded allowance, allowance | 13,797 | 13,797 | 16,021 | ||
Individually evaluated impaired loans, average recorded investment | 16,885 | 20,845 | 17,833 | 22,151 | |
Individually evaluated impaired loans, interest income recognized | 184 | 219 | 571 | 671 | |
Residential Real Estate | Equity loans | |||||
Financing Receivable, Impaired [Line Items] | |||||
Individually evaluated impaired loans with no recorded allowance, recorded investment | 0 | 0 | 0 | ||
Individually evaluated impaired loans with no recorded allowance, unpaid principal balance | 0 | 0 | 0 | ||
Individually evaluated impaired loans with a recorded allowance, recorded investment | 33,798 | 33,798 | 35,923 | ||
Individually evaluated impaired loans with a recorded allowance, unpaid principal balance | 34,475 | 34,475 | 36,765 | ||
Individually evaluated impaired loans with a recorded allowance, allowance | 3,411 | 3,411 | 4,378 | ||
Individually evaluated impaired loans, average recorded investment | 33,836 | 37,085 | 34,814 | 38,711 | |
Individually evaluated impaired loans, interest income recognized | 295 | 323 | 897 | 997 | |
Consumer | Credit card | |||||
Financing Receivable, Impaired [Line Items] | |||||
Individually evaluated impaired loans with no recorded allowance, recorded investment | 0 | 0 | 0 | ||
Individually evaluated impaired loans with no recorded allowance, unpaid principal balance | 0 | 0 | 0 | ||
Individually evaluated impaired loans with a recorded allowance, recorded investment | 0 | 0 | 0 | ||
Individually evaluated impaired loans with a recorded allowance, unpaid principal balance | 0 | 0 | 0 | ||
Individually evaluated impaired loans with a recorded allowance, allowance | 0 | 0 | 0 | ||
Individually evaluated impaired loans, average recorded investment | 0 | 0 | 0 | 0 | |
Individually evaluated impaired loans, interest income recognized | 0 | 0 | 0 | 0 | |
Consumer | Consumer direct | |||||
Financing Receivable, Impaired [Line Items] | |||||
Individually evaluated impaired loans with no recorded allowance, recorded investment | 0 | 0 | 0 | ||
Individually evaluated impaired loans with no recorded allowance, unpaid principal balance | 0 | 0 | 0 | ||
Individually evaluated impaired loans with a recorded allowance, recorded investment | 2,144 | 2,144 | 2,545 | ||
Individually evaluated impaired loans with a recorded allowance, unpaid principal balance | 2,144 | 2,144 | 2,545 | ||
Individually evaluated impaired loans with a recorded allowance, allowance | 30 | 30 | 1,254 | ||
Individually evaluated impaired loans, average recorded investment | 923 | 2,599 | 2,197 | 1,320 | |
Individually evaluated impaired loans, interest income recognized | 9 | 11 | 24 | 22 | |
Consumer | Consumer indirect | |||||
Financing Receivable, Impaired [Line Items] | |||||
Individually evaluated impaired loans with no recorded allowance, recorded investment | 0 | 0 | 0 | ||
Individually evaluated impaired loans with no recorded allowance, unpaid principal balance | 0 | 0 | 0 | ||
Individually evaluated impaired loans with a recorded allowance, recorded investment | 510 | 510 | 1,032 | ||
Individually evaluated impaired loans with a recorded allowance, unpaid principal balance | 510 | 510 | 1,032 | ||
Individually evaluated impaired loans with a recorded allowance, allowance | 498 | 498 | $ 949 | ||
Individually evaluated impaired loans, average recorded investment | 550 | 1,355 | 707 | 1,706 | |
Individually evaluated impaired loans, interest income recognized | $ 1 | $ 2 | $ 4 | $ 8 |
Loans and Allowance for Loan _7
Loans and Allowance for Loan Losses - Credit quality indicators (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | |
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | $ 64,457,279 | $ 61,623,768 | |
Commercial, Financial and Agricultural | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 26,656,079 | 25,749,949 | |
Commercial Real Estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | [1] | 14,515,496 | 13,997,697 |
Commercial Real Estate | Real estate – construction | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 2,118,492 | 2,273,539 | |
Commercial Real Estate | Commercial real estate – mortgage | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 12,397,004 | 11,724,158 | |
Residential Real Estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | [2] | 16,421,041 | 16,382,116 |
Residential Real Estate | Residential real estate – mortgage | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 13,402,472 | 13,365,747 | |
Residential Real Estate | Equity lines of credit | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 2,709,731 | 2,653,105 | |
Residential Real Estate | Equity loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 308,838 | 363,264 | |
Consumer | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | [3] | 6,864,663 | 5,494,006 |
Consumer | Credit card | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 763,686 | 639,517 | |
Consumer | Consumer direct | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 2,422,208 | 1,690,383 | |
Consumer | Consumer indirect | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 3,678,769 | 3,164,106 | |
Commercial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 41,171,575 | 39,747,646 | |
Commercial | Commercial, Financial and Agricultural | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 26,656,079 | 25,749,949 | |
Commercial | Commercial, Financial and Agricultural | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 25,546,766 | 24,387,737 | |
Commercial | Commercial, Financial and Agricultural | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 473,162 | 614,006 | |
Commercial | Commercial, Financial and Agricultural | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 523,901 | 623,672 | |
Commercial | Commercial, Financial and Agricultural | Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 112,250 | 124,534 | |
Commercial | Commercial Real Estate | Real estate – construction | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 2,118,492 | 2,273,539 | |
Commercial | Commercial Real Estate | Commercial real estate – mortgage | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 12,397,004 | 11,724,158 | |
Commercial | Commercial Real Estate | Pass | Real estate – construction | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 2,102,672 | 2,257,659 | |
Commercial | Commercial Real Estate | Pass | Commercial real estate – mortgage | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 11,968,045 | 11,309,484 | |
Commercial | Commercial Real Estate | Special Mention | Real estate – construction | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 345 | 12,401 | |
Commercial | Commercial Real Estate | Special Mention | Commercial real estate – mortgage | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 243,144 | 215,076 | |
Commercial | Commercial Real Estate | Substandard | Real estate – construction | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 15,475 | 3,479 | |
Commercial | Commercial Real Estate | Substandard | Commercial real estate – mortgage | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 173,044 | 187,049 | |
Commercial | Commercial Real Estate | Doubtful | Real estate – construction | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 0 | 0 | |
Commercial | Commercial Real Estate | Doubtful | Commercial real estate – mortgage | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 12,771 | 12,549 | |
Consumer | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 23,285,704 | 21,876,122 | |
Consumer | Residential Real Estate | Residential real estate – mortgage | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 13,402,472 | 13,365,747 | |
Consumer | Residential Real Estate | Equity lines of credit | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 2,709,731 | 2,653,105 | |
Consumer | Residential Real Estate | Equity loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 308,838 | 363,264 | |
Consumer | Residential Real Estate | Performing | Residential real estate – mortgage | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 13,238,758 | 13,182,760 | |
Consumer | Residential Real Estate | Performing | Equity lines of credit | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 2,673,420 | 2,616,825 | |
Consumer | Residential Real Estate | Performing | Equity loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 298,071 | 350,531 | |
Consumer | Residential Real Estate | Nonperforming | Residential real estate – mortgage | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 163,714 | 182,987 | |
Consumer | Residential Real Estate | Nonperforming | Equity lines of credit | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 36,311 | 36,280 | |
Consumer | Residential Real Estate | Nonperforming | Equity loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 10,767 | 12,733 | |
Consumer | Consumer | Credit card | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 763,686 | 639,517 | |
Consumer | Consumer | Consumer direct | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 2,422,208 | 1,690,383 | |
Consumer | Consumer | Consumer indirect | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 3,678,769 | 3,164,106 | |
Consumer | Consumer | Performing | Credit card | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 750,529 | 627,588 | |
Consumer | Consumer | Performing | Consumer direct | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 2,410,036 | 1,681,246 | |
Consumer | Consumer | Performing | Consumer indirect | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 3,660,262 | 3,147,223 | |
Consumer | Consumer | Nonperforming | Credit card | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 13,157 | 11,929 | |
Consumer | Consumer | Nonperforming | Consumer direct | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 12,172 | 9,137 | |
Consumer | Consumer | Nonperforming | Consumer indirect | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | $ 18,507 | $ 16,883 | |
[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 _8
Loans and Allowance for Loan Losses - Past due loans (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | $ 628,159 | $ 658,865 | |
Accruing TDRs | 93,050 | 101,243 | |
Total Past Due and Impaired | 1,187,905 | 1,147,179 | |
Not Past Due or Impaired | 63,269,374 | 60,476,589 | |
Total | 64,457,279 | 61,623,768 | |
30-59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 301,684 | 240,663 | |
60-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 120,247 | 88,030 | |
90 Days or More Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 44,765 | 58,378 | |
Commercial, Financial and Agricultural | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 290,239 | 310,059 | |
Accruing TDRs | 522 | 1,213 | |
Total Past Due and Impaired | 355,298 | 347,965 | |
Not Past Due or Impaired | 26,300,781 | 25,401,984 | |
Total | 26,656,079 | 25,749,949 | |
Commercial, Financial and Agricultural | 30-59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 38,512 | 14,804 | |
Commercial, Financial and Agricultural | 60-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 16,416 | 3,753 | |
Commercial, Financial and Agricultural | 90 Days or More Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 9,609 | 18,136 | |
Commercial Real Estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | [1] | 14,515,496 | 13,997,697 |
Commercial Real Estate | Real estate – construction | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 12,882 | 5,381 | |
Accruing TDRs | 121 | 101 | |
Total Past Due and Impaired | 22,065 | 19,405 | |
Not Past Due or Impaired | 2,096,427 | 2,254,134 | |
Total | 2,118,492 | 2,273,539 | |
Commercial Real Estate | Real estate – construction | 30-59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 3,252 | 12,293 | |
Commercial Real Estate | Real estate – construction | 60-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 5,278 | 70 | |
Commercial Real Estate | Real estate – construction | 90 Days or More Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 532 | 1,560 | |
Commercial Real Estate | Commercial real estate – mortgage | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 104,976 | 111,982 | |
Accruing TDRs | 3,753 | 4,155 | |
Total Past Due and Impaired | 159,372 | 130,807 | |
Not Past Due or Impaired | 12,237,632 | 11,593,351 | |
Total | 12,397,004 | 11,724,158 | |
Commercial Real Estate | Commercial real estate – mortgage | 30-59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 31,792 | 10,473 | |
Commercial Real Estate | Commercial real estate – mortgage | 60-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 18,349 | 3,270 | |
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 | 502 | 927 | |
Residential Real Estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | [2] | 16,421,041 | 16,382,116 |
Residential Real Estate | Residential real estate – mortgage | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 159,721 | 173,843 | |
Accruing TDRs | 59,082 | 64,898 | |
Total Past Due and Impaired | 340,299 | 351,227 | |
Not Past Due or Impaired | 13,062,173 | 13,014,520 | |
Total | 13,402,472 | 13,365,747 | |
Residential Real Estate | Residential real estate – mortgage | 30-59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 87,426 | 69,474 | |
Residential Real Estate | Residential real estate – mortgage | 60-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 30,373 | 34,440 | |
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 | 3,697 | 8,572 | |
Residential Real Estate | Equity lines of credit | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 35,125 | 34,021 | |
Accruing TDRs | 0 | 237 | |
Total Past Due and Impaired | 54,165 | 55,029 | |
Not Past Due or Impaired | 2,655,566 | 2,598,076 | |
Total | 2,709,731 | 2,653,105 | |
Residential Real Estate | Equity lines of credit | 30-59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 13,556 | 10,956 | |
Residential Real Estate | Equity lines of credit | 60-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 4,298 | 7,556 | |
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 | 1,186 | 2,259 | |
Residential Real Estate | Equity loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 10,378 | 11,559 | |
Accruing TDRs | 28,383 | 30,105 | |
Total Past Due and Impaired | 42,126 | 47,486 | |
Not Past Due or Impaired | 266,712 | 315,778 | |
Total | 308,838 | 363,264 | |
Residential Real Estate | Equity loans | 30-59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 2,082 | 4,170 | |
Residential Real Estate | Equity loans | 60-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 1,042 | 657 | |
Residential Real Estate | Equity loans | 90 Days or More Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 241 | 995 | |
Consumer | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | [3] | 6,864,663 | 5,494,006 |
Consumer | Credit card | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 0 | 0 | |
Accruing TDRs | 0 | 0 | |
Total Past Due and Impaired | 28,207 | 23,443 | |
Not Past Due or Impaired | 735,479 | 616,074 | |
Total | 763,686 | 639,517 | |
Consumer | Credit card | 30-59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 8,601 | 6,710 | |
Consumer | Credit card | 60-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 6,449 | 4,804 | |
Consumer | Credit card | 90 Days or More Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 13,157 | 11,929 | |
Consumer | Consumer direct | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 3,184 | 2,425 | |
Accruing TDRs | 1,189 | 534 | |
Total Past Due and Impaired | 57,969 | 36,457 | |
Not Past Due or Impaired | 2,364,239 | 1,653,926 | |
Total | 2,422,208 | 1,690,383 | |
Consumer | Consumer direct | 30-59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 30,153 | 19,766 | |
Consumer | Consumer direct | 60-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 14,455 | 7,020 | |
Consumer | Consumer direct | 90 Days or More Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 8,988 | 6,712 | |
Consumer | Consumer indirect | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 11,654 | 9,595 | |
Accruing TDRs | 0 | 0 | |
Total Past Due and Impaired | 128,404 | 135,360 | |
Not Past Due or Impaired | 3,550,365 | 3,028,746 | |
Total | 3,678,769 | 3,164,106 | |
Consumer | Consumer indirect | 30-59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 86,310 | 92,017 | |
Consumer | Consumer indirect | 60-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | 23,587 | 26,460 | |
Consumer | Consumer indirect | 90 Days or More Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable, Past Due | $ 6,853 | $ 7,288 | |
[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 _9
Loans and Allowance for Loan Losses - Classified as troubled debt restructurings (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018USD ($)Contract | Sep. 30, 2017USD ($)Contract | Sep. 30, 2018USD ($)Contract | Sep. 30, 2017USD ($)Contract | |
Financing Receivable, Modifications [Line Items] | ||||
Number of contracts, covered | Contract | 0 | 0 | 0 | 2 |
Post modification outstanding recorded investment, covered | $ | $ 0 | $ 0 | $ 0 | $ 103 |
Number of subsequent default contracts, covered | Contract | 0 | 0 | 0 | 0 |
Recorded investment at subsequent default, covered | $ | $ 0 | $ 0 | $ 0 | $ 0 |
Commercial, Financial and Agricultural | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 1 | 11 | 5 | 24 |
Post-Modification Outstanding Recorded Investment | $ | $ 104,065 | $ 103,223 | $ 121,263 | $ 205,387 |
Number of subsequent default contracts | Contract | 0 | 0 | 0 | 0 |
Recorded investment at subsequent default | $ | $ 0 | $ 0 | $ 0 | $ 0 |
Commercial Real Estate | Real estate – construction | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 0 | 0 | 2 | 0 |
Post-Modification Outstanding Recorded Investment | $ | $ 0 | $ 0 | $ 307 | $ 0 |
Number of subsequent default contracts | Contract | 0 | 0 | 0 | 0 |
Recorded investment at subsequent default | $ | $ 0 | $ 0 | $ 0 | $ 0 |
Commercial Real Estate | Commercial real estate – mortgage | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 1 | 0 | 3 | 2 |
Post-Modification Outstanding Recorded Investment | $ | $ 679 | $ 0 | $ 2,313 | $ 502 |
Number of subsequent default contracts | Contract | 0 | 0 | 0 | 0 |
Recorded investment at subsequent default | $ | $ 0 | $ 0 | $ 0 | $ 0 |
Residential Real Estate | Residential real estate – mortgage | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 17 | 9 | 50 | 44 |
Post-Modification Outstanding Recorded Investment | $ | $ 2,025 | $ 1,665 | $ 10,862 | $ 8,763 |
Number of subsequent default contracts | Contract | 2 | 0 | 4 | 1 |
Recorded investment at subsequent default | $ | $ 327 | $ 0 | $ 474 | $ 505 |
Residential Real Estate | Equity lines of credit | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 3 | 7 | 7 | 34 |
Post-Modification Outstanding Recorded Investment | $ | $ 80 | $ 368 | $ 197 | $ 1,708 |
Number of subsequent default contracts | Contract | 0 | 0 | 0 | 0 |
Recorded investment at subsequent default | $ | $ 0 | $ 0 | $ 0 | $ 0 |
Residential Real Estate | Equity loans | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 7 | 10 | 19 | 26 |
Post-Modification Outstanding Recorded Investment | $ | $ 464 | $ 342 | $ 2,235 | $ 1,031 |
Number of subsequent default contracts | Contract | 0 | 0 | 3 | 2 |
Recorded investment at subsequent default | $ | $ 0 | $ 0 | $ 167 | $ 51 |
Consumer | Credit card | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 0 | 0 | 0 | 0 |
Post-Modification Outstanding Recorded Investment | $ | $ 0 | $ 0 | $ 0 | $ 0 |
Number of subsequent default contracts | Contract | 0 | 0 | 0 | 0 |
Recorded investment at subsequent default | $ | $ 0 | $ 0 | $ 0 | $ 0 |
Consumer | Consumer direct | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 2 | 0 | 3 | 0 |
Post-Modification Outstanding Recorded Investment | $ | $ 1,098 | $ 0 | $ 1,104 | $ 0 |
Number of subsequent default contracts | Contract | 0 | 0 | 0 | 0 |
Recorded investment at subsequent default | $ | $ 0 | $ 0 | $ 0 | $ 0 |
Consumer | Consumer indirect | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 0 | 1 | 0 | 14 |
Post-Modification Outstanding Recorded Investment | $ | $ 0 | $ 5 | $ 0 | $ 209 |
Number of subsequent default contracts | Contract | 0 | 0 | 0 | 1 |
Recorded investment at subsequent default | $ | $ 0 | $ 0 | $ 0 | $ 22 |
Loans and Allowance for Loan_10
Loans and Allowance for Loan Losses - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable Including Other Real Estated Owned [Line Items] | |||||
Charge-offs and changes to the allowance related to modifications classified as TDRs | $ (0.1) | $ 20.3 | $ 11.2 | $ 26.1 | |
Commitments to lend additional funds to borrowers whose terms have been modified in a TDR | 25.7 | 25.7 | $ 15.9 | ||
Other real estate owned | 19 | 19 | 17 | ||
Loans secured by residential real estate properties for which formal foreclosure proceedings were in process | 62 | 62 | 57 | ||
Interest Rate Concession | |||||
Accounts, Notes, Loans and Financing Receivable Including Other Real Estated Owned [Line Items] | |||||
TDRs | 1.9 | 3.3 | 25.3 | 5.2 | |
Modification of Loan Structure | |||||
Accounts, Notes, Loans and Financing Receivable Including Other Real Estated Owned [Line Items] | |||||
TDRs | 106.5 | $ 102.3 | 113 | $ 212.5 | |
Residential real estate – mortgage | |||||
Accounts, Notes, Loans and Financing Receivable Including Other Real Estated Owned [Line Items] | |||||
Other real estate owned | $ 15 | $ 15 | $ 12 |
Loan Sales and Servicing - Narr
Loan Sales and Servicing - Narrative (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Transfers and Servicing [Abstract] | ||
Loans held for sale | $ 73,569 | $ 67,110 |
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 | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans transferred from held for investment to held for sale | $ 0 | $ 0 | $ 0 | $ 0 |
Charge-offs on loans recognized at transfer from held for investment to held for sale | 0 | 0 | 0 | 0 |
Loans and loans held for sale sold | $ 37,580 | $ 0 | $ 46,055 | $ 175,088 |
Loan Sales and Servicing - Sale
Loan Sales and Servicing - Sales in the Secondary Market (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Net gains recognized on sales of residential real estate loans originated for sale in the secondary market | $ 14,858 | $ 19,178 | |||
Originated For Sale In The Secondary Market | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Residential real estate loans originated for sale in the secondary market sold | [1] | $ 148,967 | $ 164,075 | 479,684 | 496,891 |
Net gains recognized on sales of residential real estate loans originated for sale in the secondary market | [2] | 5,409 | 7,322 | 14,858 | 19,178 |
Servicing fees recognized | [3] | $ 2,544 | $ 2,461 | $ 8,181 | $ 8,025 |
[1] | The Company has retained servicing responsibilities for all loans sold that were originated for sale in the secondary market. | ||||
[2] | Net gains were recorded in mortgage banking income in the Company's Unaudited Condensed Consolidated Statements of Income. | ||||
[3] | Beginning in 2018, recorded as a component of mortgage banking in the Company's Unaudited Condensed Consolidated Statements of Income. 2017 servicing fees are recorded as a component of other noninterest 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 | Sep. 30, 2018 | Dec. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Fair value of MSRs | $ 55,312 | $ 49,597 | |
Residential Real Estate Mortgage Loans Sold with Retained Servicing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Recorded balance of residential real estate mortgage loans sold with retained servicing | [1] | 4,587,189 | 4,635,334 |
Fair value of MSRs | [2] | $ 55,312 | $ 49,597 |
[1] | These loans are not included in loans on the Company's Unaudited Condensed Consolidated Balance Sheets. | ||
[2] | 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 | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Servicing Asset at Fair Value, Amount [Roll Forward] | |||||
Beginning balance | $ 49,597 | ||||
Increase (decrease) in fair value: | |||||
Ending balance | $ 55,312 | 55,312 | |||
Residential Mortgage | |||||
Servicing Asset at Fair Value, Amount [Roll Forward] | |||||
Beginning balance | 54,276 | $ 49,398 | 49,597 | $ 51,428 | |
Additions | 1,594 | 1,729 | 5,266 | 5,328 | |
Increase (decrease) in fair value: | |||||
Due to changes in valuation inputs or assumptions | 2,533 | 721 | 9,403 | (100) | |
Due to other changes in fair value | [1] | (3,091) | (3,298) | (8,954) | (8,106) |
Ending balance | $ 55,312 | $ 48,550 | $ 55,312 | $ 48,550 | |
[1] | Represents the realization of expected net servicing cash flows, expected borrower repayments and the passage of time. |
Loan Sales and Servicing - Valu
Loan Sales and Servicing - Valuation Assumptions (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
Servicing Assets at Fair Value [Line Items] | ||
Fair value of MSRs | $ 55,312 | $ 49,597 |
Composition of residential loans serviced for others, percentage | 100.00% | 100.00% |
Weighted average life (in years) | 6 years 6 months 4 days | 6 years 7 months 14 days |
Prepayment speed: | 9.70% | 9.70% |
Effect on fair value of a 10% increase | $ (1,507) | $ (1,582) |
Effect on fair value of a 20% increase | $ (2,939) | $ (3,068) |
Weighted average option adjusted spread: | 7.10% | 8.20% |
Effect on fair value of a 10% increase | $ (1,769) | $ (1,568) |
Effect on fair value of a 20% increase | $ (3,408) | $ (3,031) |
Fixed rate mortgage loan | ||
Servicing Assets at Fair Value [Line Items] | ||
Composition of residential loans serviced for others, percentage | 97.60% | 97.40% |
Adjustable rate mortgage loan | ||
Servicing Assets at Fair Value [Line Items] | ||
Composition of residential loans serviced for others, percentage | 2.40% | 2.60% |
Derivatives and Hedging - Deriv
Derivatives and Hedging - Derivatives by Balance Sheet Location (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | ||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets | $ 108,916 | $ 93,409 | ||
Derivative liabilities | 95,761 | 108,955 | ||
Derivatives designated as hedging instrument | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets | [1] | 12,442 | 19,724 | |
Derivative liabilities | [2] | 51,014 | 21,401 | |
Derivatives designated as hedging instrument | Fair value hedges | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets | [1] | 11,930 | 19,399 | |
Derivative liabilities | [2] | 50,273 | 16,831 | |
Derivatives designated as hedging instrument | Fair value hedges | Interest rate swap long term debt | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, notional amount | 2,923,950 | 2,223,950 | ||
Derivative assets | [1] | 11,930 | 19,399 | |
Derivative liabilities | [2] | 50,273 | 16,831 | |
Derivatives designated as hedging instrument | Cash flow hedges | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets | [1] | 512 | 325 | |
Derivative liabilities | [2] | 741 | 4,570 | |
Derivatives designated as hedging instrument | Cash flow hedges | Interest rate swap commercial loan | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, notional amount | 5,500,000 | 9,075,000 | ||
Derivative assets | [1] | 27 | 325 | |
Derivative liabilities | [2] | 56 | 2 | |
Derivatives designated as hedging instrument | Cash flow hedges | Interest rate swap FHLB advances | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, notional amount | 120,000 | 120,000 | ||
Derivative assets | [1] | 0 | 0 | |
Derivative liabilities | [2] | 685 | 4,424 | |
Derivatives designated as hedging instrument | Cash flow hedges | Foreign exchange contracts | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, notional amount | 6,788 | 3,220 | ||
Derivative assets | [1] | 485 | 0 | |
Derivative liabilities | [2] | 0 | 144 | |
Free-standing derivatives not designated as hedging instrument | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets | [1] | 147,699 | 188,370 | |
Derivative liabilities | [2] | 229,091 | 186,531 | |
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 | 271,674 | 141,000 | ||
Derivative assets | [1] | 686 | 85 | |
Derivative liabilities | [2] | 179 | 130 | |
Free-standing derivatives not designated as hedging instrument | Option contracts related to mortgage servicing rights | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, notional amount | 0 | 40,000 | ||
Derivative assets | [1] | 0 | 38 | |
Derivative liabilities | [2] | 0 | 0 | |
Free-standing derivatives not designated as hedging instrument | Interest rate lock commitments | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, notional amount | 122,862 | 114,184 | ||
Derivative assets | [1] | 2,136 | 2,416 | |
Derivative liabilities | [2] | 1 | 0 | |
Free-standing derivatives not designated as hedging instrument | Purchased equity option related to equity-linked CDs | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, notional amount | 519,750 | 810,011 | ||
Derivative assets | [1] | 20,779 | 39,791 | |
Derivative liabilities | 0 | [2] | 0 | |
Free-standing derivatives not designated as hedging instrument | Written equity option related to equity-linked CDs | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, notional amount | 452,696 | 718,428 | ||
Derivative assets | [1] | 0 | 0 | |
Derivative liabilities | [2] | 18,316 | 35,562 | |
Free-standing derivatives not designated as hedging instrument | Forward and swap contracts related to commercial loans | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, notional amount | 469,088 | 358,729 | ||
Derivative assets | [1] | 3,472 | 291 | |
Derivative liabilities | [2] | 1,122 | 3,501 | |
Free-standing derivatives not designated as hedging instrument | Spot contracts related to commercial loans | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, notional amount | 22,884 | 83,338 | ||
Derivative assets | [1] | 3 | 84 | |
Derivative liabilities | [2] | 29 | 245 | |
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 | 129,931 | 99,826 | ||
Derivative assets | [1] | 0 | 0 | |
Derivative liabilities | [2] | 3,248 | 2,496 | |
Free-standing derivatives not designated as hedging instrument | Futures contracts | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, notional amount | [3] | 2,416,000 | 1,449,000 | |
Derivative assets | [1],[3] | 0 | 0 | |
Derivative liabilities | [2],[3] | 0 | 0 | |
Free-standing derivatives not designated as hedging instrument | Interest rate contracts for customers | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, notional amount | 33,529,836 | 30,472,359 | ||
Derivative assets | [1] | 104,666 | 133,516 | |
Derivative liabilities | [2] | 192,238 | 134,073 | |
Free-standing derivatives not designated as hedging instrument | Foreign exchange contracts for customers | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, notional amount | 1,145,509 | 514,185 | ||
Derivative assets | [1] | 15,957 | 12,149 | |
Derivative liabilities | [2] | 13,958 | 10,524 | |
Free-standing derivatives not designated as hedging instrument | Total trading account assets and liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets | [1] | 120,623 | 145,665 | |
Derivative liabilities | [2] | $ 206,196 | $ 144,597 | |
[1] | Derivative assets, except for trading account assets that are recorded as a component of trading account assets on the Company's Unaudited Condensed Consolidated Balance Sheets, are recorded in other assets on the Company’s Unaudited Condensed Consolidated Balance Sheets. | |||
[2] | Derivative liabilities are recorded in accrued expenses and other liabilities on the Company’s Unaudited Condensed Consolidated Balance Sheets. | |||
[3] | Changes in fair value are cash settled daily; therefore, there is no ending balance at any given reporting period. |
Derivatives and Hedging - Fair
Derivatives and Hedging - Fair Value Hedges (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) related to hedge, firm commitments no longer qualifying as a fair value hedge | $ 0 | $ 0 | $ 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 6 months 22 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 | (13,181) | (6,637) | $ (63,679) | (14,691) |
Change in fair value of interest rate contract - hedged long term debt | 12,920 | 6,614 | 60,472 | 14,532 |
Other gains on interest rate contracts: | ||||
Interest and amortization related to interest rate swaps on hedged long term debt | $ 243 | $ 7,690 | $ 3,529 | $ 24,239 |
Derivatives and Hedging - Cash
Derivatives and Hedging - Cash Flow Hedges (Details) - Derivatives designated as hedging instrument - Cash flow hedges - Interest rate swap - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on discontinuation of interest rate cash flow hedge due to forecasted transaction probable of not occurring, net | $ 0 | $ 0 | $ 0 | $ 0 |
Cash flow hedges not terminated, net fair value | (229) | $ (229) | ||
Fair value hedges weighted average expected remaining term | 5 months 22 days | |||
Cash flow hedge gain (loss) to be reclassified within twelve months | $ (12,800) | |||
Maximum length of time hedged in interest rate cash flow hedge | 2 years 9 months 30 days | |||
Interest rate and foreign currency exchange contracts: | ||||
Net change in amount recognized in other comprehensive income | 10,996 | 855 | $ 19,340 | (9,172) |
Amount reclassified from accumulated other comprehensive income (loss) into net income | (14,033) | (2,835) | (36,887) | 5,043 |
Amount of ineffectiveness recognized in net income | $ 78 | $ 202 | $ 443 | $ 229 |
Derivatives and Hedging - Free
Derivatives and Hedging - Free Standing Derivative Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
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 | $ 195 | $ (18) | $ 400 | $ (1) |
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 | 708 | (46) | 553 | (2,005) |
Interest rate lock commitments | Mortgage banking income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative instruments not designated as hedging instruments, gain (loss), net | (475) | (262) | (281) | 531 |
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 | 8,639 | 5,979 | 28,559 | 21,318 |
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 | (253) | (38) | (391) |
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 | (4,945) | (8,921) | (20,550) | (14,783) |
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 | 4,539 | 8,643 | 18,641 | 14,692 |
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 | 5,333 | (13,107) | 23,717 | (36,373) |
Spot contracts related to commercial loans | Other income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative instruments not designated as hedging instruments, gain (loss), net | (2,649) | 1,620 | (3,768) | 4,175 |
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 | $ 3,514 | $ 2,709 | $ 11,811 | $ 7,770 |
Derivatives and Hedging - Credi
Derivatives and Hedging - Credit and Market Risks (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | ||
Derivatives [Line Items] | ||||||
Derivative assets | $ 108,916,000 | $ 108,916,000 | $ 93,409,000 | |||
Derivative, collateral, right to reclaim cash | [1] | 83,364,000 | 83,364,000 | 92,396,000 | ||
Derivative, collateral, obligation to return | [1] | 35,326,000 | 35,326,000 | 21,423,000 | ||
Other assets | ||||||
Derivatives [Line Items] | ||||||
Derivative, collateral, right to reclaim cash | 83,000,000 | 83,000,000 | 92,000,000 | |||
Deposits | ||||||
Derivatives [Line Items] | ||||||
Derivative, collateral, obligation to return | 38,000,000 | 38,000,000 | 24,000,000 | |||
Free-standing derivatives not designated as hedging instrument | ||||||
Derivatives [Line Items] | ||||||
Derivative assets | [2] | 147,699,000 | 147,699,000 | 188,370,000 | ||
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 | 0 | $ 0 | ||
Free-standing derivatives not designated as hedging instrument | Total trading account assets and liabilities | ||||||
Derivatives [Line Items] | ||||||
Derivative assets | [2] | 120,623,000 | 120,623,000 | 145,665,000 | ||
Derivatives designated as hedging instrument | ||||||
Derivatives [Line Items] | ||||||
Derivative assets | [2] | 12,442,000 | 12,442,000 | $ 19,724,000 | ||
Derivatives designated as hedging instrument | Interest rate swap | Over the counter | ||||||
Derivatives [Line Items] | ||||||
Credit risk derivatives, at fair value, net | $ 12,000,000 | $ 12,000,000 | ||||
[1] | The actual amount of collateral received/pledged is limited to the asset/liability balance and does not include excess collateral received/pledged. When excess collateral exists, the collateral shown in the table above has been allocated based on the percentage of the actual amount of collateral posted. | |||||
[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. |
Derivatives and Hedging - Conti
Derivatives and Hedging - Contingent Features (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivative, net liability position, aggregate fair value | $ 12,000 | $ 31,000 |
Collateral already posted, aggregate fair value | 12,000 | 30,000 |
Additional collateral, aggregate fair value | $ 0 | $ 1,000 |
Derivatives and Hedging - Netti
Derivatives and Hedging - Netting Arrangements (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | |
Derivative financial assets: | |||
Derivative assets, total derivatives subject to a master netting arrangement, gross amounts recognized | $ 108,916 | $ 93,409 | |
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 | 108,916 | 93,409 | |
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] | 35,326 | 21,423 |
Derivative asset, total derivatives subject to a master netting arrangement, net amount | 73,590 | 71,986 | |
Derivative assets, total derivatives not subject to a master netting arrangement | 51,225 | 114,685 | |
Derivative assets, total derivatives not subject to a master netting arrangement, net amount | 51,225 | 114,685 | |
Total derivative financial assets, gross amounts recognized | 160,141 | 208,094 | |
Total derivative financial assets, net amount presented in the condensed consolidated balance sheet | 160,141 | 208,094 | |
Total derivative financial assets, net amount | 124,815 | 186,671 | |
Derivative financial liabilities: | |||
Derivative liabilities, total derivative subject to a master netting arrangement, gross amounts recognized | 95,761 | 108,955 | |
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 | 95,761 | 108,955 | |
Derivative liabilities, total derivatives subject to a master netting arrangement, financial instruments collateral received/pledged | [1] | 0 | 4,545 |
Derivative liabilities, total derivative subject to a master netting arrangement, cash collateral received/pledged | [1] | 83,364 | 92,396 |
Derivate liabilities, total derivatives subject to master netting arrangement, net amount | 12,397 | 12,014 | |
Derivative liabilities, total derivatives not subject to a master netting arrangement | 184,344 | 98,977 | |
Derivative liabilities, total derivatives not subject to a master netting arrangement, net amount | 184,344 | 98,977 | |
Derivative liabilities, total derivative financial liabilities, gross amount recognized | 280,105 | 207,932 | |
Total derivative financial liabilities, net amount presented in the condensed consolidated balance sheets | 280,105 | 207,932 | |
Total derivative financial liabilities, net amount | $ 196,741 | $ 110,991 | |
[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 Activiti_3
Securities Financing Activities (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | |
Securities purchased under agreements to resell | |||
Securities purchased under agreements to resell, subject to master netting arrangement, gross amounts recognized | $ 855,221 | $ 93,664 | |
Securities purchased under agreements to resell, subject to a master netting arrangement, gross amounts offset in the condensed consolidated balance sheets | 727,500 | 67,751 | |
Securities purchased under agreements to resell, subject to a master netting arrangement, net amount presented in the condensed consolidated balance sheets | 127,721 | 25,913 | |
Securities purchased under agreements to resell, subject to a master netting arrangement, financial instruments collateral received/ pledged | [1] | 127,721 | 25,913 |
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 | 805,504 | 85,632 | |
Securities sold under agreements to repurchase, gross amounts offset in the condensed consolidated balance sheets | 727,500 | 67,751 | |
Securities sold under agreements to repurchase, subject to a master netting arrangement, net amount presented in the condensed consolidated balance sheet | 78,004 | 17,881 | |
Securities sold under agreements to repurchase, subject to a master netting arrangement, financial instruments collateral received/ pledged | [1] | 78,004 | 17,881 |
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 | 875,000 | 94,000 | |
Fair value of collateral pledged related to securities sold under agreements to repurchase | $ 806,000 | $ 91,000 | |
[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 Activiti_4
Securities Financing Activities - Contractual Maturities (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements repurchase | $ 805,504 | $ 85,632 |
Overnight and Continuous | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements repurchase | 459,008 | 4,906 |
Up to 30 days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements repurchase | 18,827 | 0 |
30 - 90 days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements repurchase | 202,638 | 75,745 |
Greater Than 90 days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements repurchase | 125,031 | 4,981 |
U.S. Treasury and other U.S. government agencies | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements repurchase | 754,210 | 22,787 |
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 | 459,008 | 4,906 |
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 | 18,827 | 0 |
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 | 151,344 | 12,900 |
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 | 125,031 | 4,981 |
Agency mortgage-backed securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements repurchase | 51,294 | 62,845 |
Agency mortgage-backed securities | Overnight and Continuous | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements repurchase | 0 | 0 |
Agency mortgage-backed securities | Up to 30 days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements repurchase | 0 | 0 |
Agency mortgage-backed securities | 30 - 90 days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements repurchase | 51,294 | 62,845 |
Agency mortgage-backed securities | Greater Than 90 days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements repurchase | $ 0 | $ 0 |
Commitments, Contingencies an_3
Commitments, Contingencies and Guarantees - Commitments (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Guarantor Obligations [Line Items] | ||
Commitments to extend credit | $ 27,738,855 | $ 27,743,387 |
Financial Standby Letter of Credit | ||
Guarantor Obligations [Line Items] | ||
Standby and commercial letters of credit | $ 1,273,364 | $ 1,446,903 |
Commitments, Contingencies an_4
Commitments, Contingencies and Guarantees - Narrative (Details) - USD ($) $ in Thousands | Jun. 27, 2018 | Dec. 31, 2017 | Sep. 30, 2018 |
Loss Contingencies [Line Items] | |||
Loss contingency accrual | $ 24,000 | ||
Securities sold under agreements to reverse repurchase | $ 0 | 83,000 | |
Securities sold under agreements to repurchase | 0 | 0 | |
Minimum | |||
Loss Contingencies [Line Items] | |||
Loss contingency accrual | 0 | ||
Maximum | |||
Loss Contingencies [Line Items] | |||
Loss contingency accrual | 87,000 | ||
Financial Standby Letter of Credit | |||
Loss Contingencies [Line Items] | |||
Letters of credit, deferred fees | 9,000 | 7,000 | |
Maximum potential amount of future undiscounted payments Company could be required to make on outstanding standby letters of credit | $ 1,300,000 | ||
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 contingency, estimate of possible loss | 19,000 | $ 19,000 | |
Accrued Expenses and Other Liabilities | Financial Standby Letter of Credit | |||
Loss Contingencies [Line Items] | |||
Loss contingency accrual | 83,000 | 72,000 | |
Accrued Expenses and Other Liabilities | Potential Recourse Related To FNMA Securitizations | |||
Loss Contingencies [Line Items] | |||
Loss contingency accrual | 1,300 | 793 | |
Accrued Expenses and Other Liabilities | Standard Representations And Warranties Related To Loan Sales To Government-Sponsored Agencies | |||
Loss Contingencies [Line Items] | |||
Loss contingency accrual | $ 1,300 | ||
Settled Litigation | |||
Loss Contingencies [Line Items] | |||
Damages sought | $ 98,000 | ||
Settlement awarded to other party | $ 96,000 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Forward contracts | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Net gains (losses) realized due to changes in fair value of loans | $ 708 | $ (46) | $ 600 | $ (2,000) |
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 | $ (47) | $ 98 | $ (420) | $ 1,200 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair value of balance sheet items (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Assets: | ||
Trading account assets | $ 216,749 | $ 220,496 |
Investment securities available for sale | 11,134,860 | 12,219,632 |
Derivative asset | 160,141 | 208,094 |
Liabilities: | ||
Derivative liabilities | 280,105 | 207,932 |
U.S. Treasury and other U.S. government agencies | ||
Assets: | ||
Investment securities available for sale | 5,321,244 | 4,204,438 |
State and political subdivisions | ||
Assets: | ||
Investment securities available for sale | 946 | 2,383 |
Collateralized mortgage obligations | ||
Assets: | ||
Investment securities available for sale | 3,568,136 | 5,200,011 |
Fair Value, measurements, recurring | ||
Assets: | ||
Trading account assets | 216,749 | 220,496 |
Investment securities available for sale | 11,134,860 | 12,219,632 |
Loans held for sale | 73,569 | 67,110 |
Derivative asset | 39,518 | 62,429 |
Liabilities: | ||
Trading account liabilities | 274,910 | 162,593 |
Derivative liabilities | 70,661 | 60,839 |
Fair Value, measurements, recurring | Interest rate contracts | ||
Assets: | ||
Derivative asset | 14,779 | 22,263 |
Liabilities: | ||
Derivative liabilities | 51,194 | 21,387 |
Fair Value, measurements, recurring | Equity contracts | ||
Assets: | ||
Derivative asset | 20,779 | 39,791 |
Liabilities: | ||
Derivative liabilities | 18,316 | 35,562 |
Fair Value, measurements, recurring | Foreign exchange contracts | ||
Assets: | ||
Derivative asset | 3,960 | 375 |
Liabilities: | ||
Derivative liabilities | 1,151 | 3,890 |
Fair Value, measurements, recurring | U.S. Treasury and other U.S. government agencies | ||
Assets: | ||
Trading account assets | 95,677 | 74,195 |
Investment securities available for sale | 5,321,244 | 4,204,438 |
Liabilities: | ||
Trading account liabilities | 68,714 | 17,996 |
Fair Value, measurements, recurring | State and political subdivisions | ||
Assets: | ||
Trading account assets | 199 | 557 |
Investment securities available for sale | 946 | 2,383 |
Fair Value, measurements, recurring | Collateralized mortgage obligations | ||
Assets: | ||
Investment securities available for sale | 3,568,136 | 5,200,011 |
Fair Value, measurements, recurring | Other debt securities | ||
Assets: | ||
Trading account assets | 250 | 79 |
Fair Value, measurements, recurring | Interest rate contracts | ||
Assets: | ||
Trading account assets | 104,666 | 133,516 |
Liabilities: | ||
Trading account liabilities | 192,238 | 134,073 |
Fair Value, measurements, recurring | Foreign exchange contracts | ||
Assets: | ||
Trading account assets | 15,957 | 12,149 |
Liabilities: | ||
Trading account liabilities | 13,958 | 10,524 |
Fair Value, measurements, recurring | Mortgage-backed securities | ||
Assets: | ||
Investment securities available for sale | 2,244,534 | 2,812,800 |
Fair Value, measurements, recurring | Equity securities | ||
Assets: | ||
Other assets | 20,000 | 13,577 |
Fair Value, measurements, recurring | Quoted Prices in Active Markets for Identical Assets, Level 1 | ||
Assets: | ||
Trading account assets | 95,677 | 74,195 |
Investment securities available for sale | 4,593,189 | 3,248,898 |
Derivative asset | 0 | 38 |
Liabilities: | ||
Trading account liabilities | 68,714 | 17,996 |
Fair Value, measurements, recurring | Quoted Prices in Active Markets for Identical Assets, Level 1 | Interest rate contracts | ||
Assets: | ||
Derivative asset | 0 | 38 |
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 | 95,677 | 74,195 |
Investment securities available for sale | 4,593,189 | 3,248,898 |
Liabilities: | ||
Trading account liabilities | 68,714 | 17,996 |
Fair Value, measurements, recurring | Quoted Prices in Active Markets for Identical Assets, Level 1 | Equity securities | ||
Assets: | ||
Other assets | 20,000 | 13,577 |
Fair Value, measurements, recurring | Significant Other Observable Inputs, Level 2 | ||
Assets: | ||
Trading account assets | 121,072 | 146,301 |
Investment securities available for sale | 6,541,671 | 8,970,734 |
Loans held for sale | 73,569 | 67,110 |
Derivative asset | 37,382 | 59,975 |
Liabilities: | ||
Trading account liabilities | 206,196 | 144,597 |
Derivative liabilities | 70,660 | 60,839 |
Fair Value, measurements, recurring | Significant Other Observable Inputs, Level 2 | Interest rate contracts | ||
Assets: | ||
Derivative asset | 12,643 | 19,809 |
Liabilities: | ||
Derivative liabilities | 51,193 | 21,387 |
Fair Value, measurements, recurring | Significant Other Observable Inputs, Level 2 | Equity contracts | ||
Assets: | ||
Derivative asset | 20,779 | 39,791 |
Liabilities: | ||
Derivative liabilities | 18,316 | 35,562 |
Fair Value, measurements, recurring | Significant Other Observable Inputs, Level 2 | Foreign exchange contracts | ||
Assets: | ||
Derivative asset | 3,960 | 375 |
Liabilities: | ||
Derivative liabilities | 1,151 | 3,890 |
Fair Value, measurements, recurring | Significant Other Observable Inputs, Level 2 | U.S. Treasury and other U.S. government agencies | ||
Assets: | ||
Trading account assets | 0 | |
Investment securities available for sale | 728,055 | 955,540 |
Fair Value, measurements, recurring | Significant Other Observable Inputs, Level 2 | State and political subdivisions | ||
Assets: | ||
Trading account assets | 199 | 557 |
Investment securities available for sale | 946 | 2,383 |
Fair Value, measurements, recurring | Significant Other Observable Inputs, Level 2 | Collateralized mortgage obligations | ||
Assets: | ||
Investment securities available for sale | 3,568,136 | 5,200,011 |
Fair Value, measurements, recurring | Significant Other Observable Inputs, Level 2 | Other debt securities | ||
Assets: | ||
Trading account assets | 250 | 79 |
Fair Value, measurements, recurring | Significant Other Observable Inputs, Level 2 | Interest rate contracts | ||
Assets: | ||
Trading account assets | 104,666 | 133,516 |
Liabilities: | ||
Trading account liabilities | 192,238 | 134,073 |
Fair Value, measurements, recurring | Significant Other Observable Inputs, Level 2 | Foreign exchange contracts | ||
Assets: | ||
Trading account assets | 15,957 | 12,149 |
Liabilities: | ||
Trading account liabilities | 13,958 | 10,524 |
Fair Value, measurements, recurring | Significant Other Observable Inputs, Level 2 | Mortgage-backed securities | ||
Assets: | ||
Investment securities available for sale | 2,244,534 | 2,812,800 |
Fair Value, measurements, recurring | Fair Value, Inputs, Level 3 | ||
Assets: | ||
Trading account assets | 0 | 0 |
Investment securities available for sale | 0 | 0 |
Derivative asset | 2,136 | 2,416 |
Liabilities: | ||
Derivative liabilities | 1 | 0 |
Fair Value, measurements, recurring | Fair Value, Inputs, Level 3 | Interest rate contracts | ||
Assets: | ||
Derivative asset | 2,136 | 2,416 |
Liabilities: | ||
Derivative liabilities | 1 | 0 |
Fair Value, measurements, recurring | Fair Value, Inputs, Level 3 | Interest rate contracts | ||
Assets: | ||
Derivative asset | 2,135 | 2,416 |
Other assets, MSR investments | Fair Value, measurements, recurring | ||
Assets: | ||
Other assets | 55,312 | 49,597 |
Other assets, MSR investments | Fair Value, measurements, recurring | Fair Value, Inputs, Level 3 | ||
Assets: | ||
Other assets | 55,312 | 49,597 |
Other assets - SBIC investments | Fair Value, measurements, recurring | ||
Assets: | ||
Other assets | 42,722 | 45,042 |
Other assets - SBIC investments | Fair Value, measurements, recurring | Fair Value, Inputs, Level 3 | ||
Assets: | ||
Other assets | $ 42,722 | $ 45,042 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets measured on a recurring basis (Details) - Fair Value, measurements, recurring - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Other Trading Assets | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning of year | $ 0 | $ 778 | $ 0 | $ 859 | |
Total gains or losses (realized/unrealized): | |||||
Included in earnings | [1] | 0 | (215) | 0 | (296) |
Purchases, issuances, sales and settlements: | |||||
Balance, end of year | 0 | 563 | 0 | 563 | |
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held | 0 | (215) | 0 | (296) | |
Interest rate contracts | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning of year | 2,610 | 3,185 | 2,416 | 2,392 | |
Total gains or losses (realized/unrealized): | |||||
Included in earnings | [1] | (475) | (262) | (281) | 531 |
Purchases, issuances, sales and settlements: | |||||
Balance, end of year | 2,135 | 2,923 | 2,135 | 2,923 | |
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held | (475) | (262) | (281) | 531 | |
Other assets - MSRs | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning of year | 54,276 | 49,398 | 49,597 | 51,428 | |
Total gains or losses (realized/unrealized): | |||||
Included in earnings | [1] | (558) | (2,577) | 449 | (8,206) |
Purchases, issuances, sales and settlements: | |||||
Issuances | 1,594 | 1,729 | 5,266 | 5,328 | |
Balance, end of year | 55,312 | 48,550 | 55,312 | 48,550 | |
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held | (558) | (2,577) | 449 | (8,206) | |
Other assets - SBIC investments | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance, beginning of year | 41,513 | 22,572 | 45,042 | 15,639 | |
Total gains or losses (realized/unrealized): | |||||
Included in earnings | [1] | 0 | 0 | (6,673) | 550 |
Purchases, issuances, sales and settlements: | |||||
Purchases | 1,209 | 10,173 | 4,353 | 16,556 | |
Balance, end of year | 42,722 | 32,745 | 42,722 | 32,745 | |
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held | $ 0 | $ 0 | $ (6,673) | $ 550 | |
[1] | Included in noninterest income in the Unaudited Condensed Consolidated Statements of Income. |
Fair Value Measurements - Ass_2
Fair Value Measurements - Assets measured on nonrecurring basis (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt securities held to maturity, estimated fair value | $ 2,465,761 | $ 2,465,761 | $ 1,040,543 | |||
Investment securities held to maturity recorded as other than temporary impairment losses | (283) | $ 0 | (592) | $ (242) | ||
Significant Other Observable Inputs, Level 2 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt securities held to maturity, estimated fair value | 1,579,436 | 1,579,436 | ||||
Fair Value, Inputs, Level 3 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt securities held to maturity, estimated fair value | 886,325 | 886,325 | 1,040,543 | |||
Fair Value, measurements, nonrecurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt securities held to maturity, estimated fair value | 3,955 | 1,863 | 3,955 | 1,863 | ||
Investment securities held to maturity recorded as other than temporary impairment losses | (283) | 0 | (592) | (242) | ||
Impaired loans, fair value | [1] | 11,875 | 44,434 | 11,875 | 44,434 | |
Impaired loans, total gains (losses) | [1] | (17,225) | (12,389) | (28,666) | (49,894) | |
OREO, fair value | 18,706 | 22,012 | 18,706 | 22,012 | ||
OREO, total gains (losses) | (1,322) | (1,845) | (2,407) | (4,640) | ||
Fair Value, measurements, nonrecurring | Fair Value, Inputs, Level 3 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt securities held to maturity, estimated fair value | 1,863 | 1,863 | ||||
Impaired loans, fair value | [1] | 11,875 | 44,434 | 11,875 | 44,434 | |
OREO, fair value | 18,706 | $ 22,012 | 18,706 | $ 22,012 | ||
Debt securities held to maturity | Fair Value, measurements, nonrecurring | Fair Value, Inputs, Level 3 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt securities held to maturity, estimated fair value | $ 3,955 | $ 3,955 | $ 1,659 | |||
[1] | Total gains (losses) represent charge-offs on impaired loans for which adjustments are based on the appraised value of the collateral. |
Fair Value Measurements - Quant
Fair Value Measurements - Quantitative information about unobservable inputs for material assets and liabilities measured using fair value (Details) | Sep. 30, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | |
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||
Derivative asset | $ 160,141,000 | $ 208,094,000 | ||
Debt securities held to maturity, estimated fair value | 2,465,761,000 | 1,040,543,000 | ||
Fair Value, measurements, recurring | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||
Derivative asset | 39,518,000 | 62,429,000 | ||
Fair Value, measurements, nonrecurring | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||
Debt securities held to maturity, estimated fair value | 3,955,000 | $ 1,863,000 | ||
Impaired loans | [1] | 11,875,000 | 44,434,000 | |
Fair Value, Inputs, Level 3 | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||
Debt securities held to maturity, estimated fair value | 886,325,000 | 1,040,543,000 | ||
Fair Value, Inputs, Level 3 | Fair Value, measurements, recurring | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||
Derivative asset | 2,136,000 | 2,416,000 | ||
Fair Value, Inputs, Level 3 | Fair Value, measurements, recurring | Interest rate contracts | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||
Derivative asset | 2,135,000 | 2,416,000 | ||
Fair Value, Inputs, Level 3 | Fair Value, measurements, recurring | Other assets - MSRs | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||
Other assets | 55,312,000 | 49,597,000 | ||
Fair Value, Inputs, Level 3 | Fair Value, measurements, recurring | Other assets - SBIC investments | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||
Other assets | 42,722,000 | 45,042,000 | ||
Fair Value, Inputs, Level 3 | Fair Value, measurements, nonrecurring | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||
Debt securities held to maturity, estimated fair value | 1,863,000 | |||
Impaired loans | [1] | 11,875,000 | $ 44,434,000 | |
Fair Value, Inputs, Level 3 | Fair Value, measurements, nonrecurring | Debt securities held to maturity | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||
Debt securities held to maturity, estimated fair value | 3,955,000 | 1,659,000 | ||
Fair Value, Inputs, Level 3 | Fair Value, measurements, nonrecurring | Impaired loans | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||
Impaired loans | 11,875,000 | 70,749,000 | ||
Fair Value, Inputs, Level 3 | Fair Value, measurements, nonrecurring | OREO | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||
Other real estate owned | $ 18,706,000 | $ 17,278,000 | ||
Closing ratios | Fair Value, Inputs, Level 3 | Fair Value, measurements, recurring | Minimum | Interest rate contracts | Discounted cash flow | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||
Derivative asset, measurement input | 0.166 | 0.249 | ||
Closing ratios | Fair Value, Inputs, Level 3 | Fair Value, measurements, recurring | Maximum | Interest rate contracts | Discounted cash flow | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||
Derivative asset, measurement input | 0.999 | 0.993 | ||
Closing ratios | Fair Value, Inputs, Level 3 | Fair Value, measurements, recurring | Average | Interest rate contracts | Discounted cash flow | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||
Derivative asset, measurement input | 0.656 | 0.661 | ||
Cap grids | Fair Value, Inputs, Level 3 | Fair Value, measurements, recurring | Minimum | Interest rate contracts | Discounted cash flow | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||
Derivative asset, measurement input | (0.002) | 0.002 | ||
Cap grids | Fair Value, Inputs, Level 3 | Fair Value, measurements, recurring | Maximum | Interest rate contracts | Discounted cash flow | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||
Derivative asset, measurement input | 0.025 | 0.023 | ||
Cap grids | Fair Value, Inputs, Level 3 | Fair Value, measurements, recurring | Average | Interest rate contracts | Discounted cash flow | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||
Derivative asset, measurement input | 0.011 | 0.009 | ||
Discount rate | Fair Value, Inputs, Level 3 | Fair Value, measurements, recurring | Minimum | Other assets - MSRs | Discounted cash flow | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||
Other assets, measurement input | 0.068 | 0.046 | ||
Discount rate | Fair Value, Inputs, Level 3 | Fair Value, measurements, recurring | Maximum | Other assets - MSRs | Discounted cash flow | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||
Other assets, measurement input | 0.085 | 0.172 | ||
Discount rate | Fair Value, Inputs, Level 3 | Fair Value, measurements, recurring | Average | Other assets - MSRs | Discounted cash flow | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||
Other assets, measurement input | 0.071 | 0.082 | ||
Constant prepayment rate or life speed | Fair Value, Inputs, Level 3 | Fair Value, measurements, recurring | Minimum | Other assets - MSRs | Discounted cash flow | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||
Other assets, measurement input | 0 | 0 | ||
Constant prepayment rate or life speed | Fair Value, Inputs, Level 3 | Fair Value, measurements, recurring | Maximum | Other assets - MSRs | Discounted cash flow | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||
Other assets, measurement input | 0.505 | 0.467 | ||
Constant prepayment rate or life speed | Fair Value, Inputs, Level 3 | Fair Value, measurements, recurring | Average | Other assets - MSRs | Discounted cash flow | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||
Other assets, measurement input | 0.097 | 0.086 | ||
Cost to service | Fair Value, Inputs, Level 3 | Fair Value, measurements, recurring | Minimum | Other assets - MSRs | Discounted cash flow | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||
Other assets, measurement input | 65 | 65 | ||
Cost to service | Fair Value, Inputs, Level 3 | Fair Value, measurements, recurring | Maximum | Other assets - MSRs | Discounted cash flow | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||
Other assets, measurement input | 4,000 | 4,000 | ||
Cost to service | Fair Value, Inputs, Level 3 | Fair Value, measurements, recurring | Average | Other assets - MSRs | Discounted cash flow | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||
Other assets, measurement input | 77 | 81 | ||
Transaction price | 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] (Deprecated 2018-01-31) | ||||
Other assets, measurement input | 0 | 0 | ||
Prepayment rate | Fair Value, Inputs, Level 3 | Fair Value, measurements, nonrecurring | Average | Debt securities held to maturity | Discounted cash flow | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||
Debt securities held to maturity, estimated fair value, measurement input | 0.084 | 0.051 | ||
Default rate | Fair Value, Inputs, Level 3 | Fair Value, measurements, nonrecurring | Average | Debt securities held to maturity | Discounted cash flow | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||
Debt securities held to maturity, estimated fair value, measurement input | 0.094 | 0.048 | ||
Loss severity | Fair Value, Inputs, Level 3 | Fair Value, measurements, nonrecurring | Average | Debt securities held to maturity | Discounted cash flow | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||
Debt securities held to maturity, estimated fair value, measurement input | 0.835 | 0.706 | ||
Appraised value | Fair Value, Inputs, Level 3 | Fair Value, measurements, nonrecurring | Minimum | Impaired loans | Appraised value | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||
Impaired loans, measurement input | 0 | 0 | ||
Appraised value | Fair Value, Inputs, Level 3 | Fair Value, measurements, nonrecurring | Maximum | Impaired loans | Appraised value | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||
Impaired loans, measurement input | 0.700 | 1 | ||
Appraised value | Fair Value, Inputs, Level 3 | Fair Value, measurements, nonrecurring | Average | Impaired loans | Appraised value | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||
Impaired loans, measurement input | 0.101 | 0.192 | ||
Appraised value | Fair Value, Inputs, Level 3 | Fair Value, measurements, nonrecurring | Average | OREO | Appraised value | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||
Other real estate owned, measurement input | [2] | 0.080 | 0.080 | |
[1] | Total gains (losses) represent charge-offs on impaired loans for which adjustments are based on the appraised value of the collateral. | |||
[2] | Represents discount to appraised value for estimated costs to sell. Quantitative Information about Level 3 Fair Value Measurements Fair Value at Range of Unobservable Inputs December 31, 2017 Valuation Technique Unobservable Input(s) (Weighted Average) (In Thousands) Recurring fair value measurements: Interest rate contracts, net$2,416 Discounted cash flow Closing ratios (pull-through) 24.9% - 99.3% (66.1%) Cap grids 0.2% - 2.3% (0.9%)Other assets - MSRs49,597 Discounted cash flow Option adjusted spread 4.6% - 17.2% (8.2%) Constant prepayment rate or life speed 0.0% - 46.7% (8.6%) Cost to service $65 - $4,000 ($81)Other assets - SBIC investments45,042 Transaction price Transaction price N/ANonrecurring fair value measurements: Debt securities held to maturity$1,659 Discounted cash flow Prepayment rate 5.1% Default rate 4.8% Loss severity 70.6%Impaired loans70,749 Appraised value Appraised value 0.0% - 100.0% (19.2%)OREO17,278 Appraised value Appraised value 8.0% (1) |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying value and estimated fair value (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 |
Assets: | |||
Cash and cash equivalents | $ 3,526,911 | $ 4,082,826 | $ 3,734,658 |
Debt securities held to maturity | 2,490,568 | 1,046,093 | |
Investment securities held to maturity, estimated fair value | 2,465,761 | 1,040,543 | |
Liabilities: | |||
Deposits | 70,378,057 | 69,256,313 | |
Federal funds purchased and securities sold under agreements to repurchase | 78,004 | 19,591 | |
Fair Value, Inputs, Level 1 | |||
Assets: | |||
Cash and cash equivalents, estimated fair value | 3,526,911 | 4,082,826 | |
Fair Value, Inputs, Level 2 | |||
Assets: | |||
Investment securities held to maturity, estimated fair value | 1,579,436 | ||
Liabilities: | |||
Deposits, estimated fair value | 70,370,139 | 69,302,597 | |
FHLB and other borrowings, estimated fair value | 5,065,944 | 4,010,308 | |
Federal funds purchased and securities sold under agreements to repurchase, estimated fair value | 78,004 | 19,591 | |
Fair Value, Inputs, Level 3 | |||
Assets: | |||
Investment securities held to maturity, estimated fair value | 886,325 | 1,040,543 | |
Loans, net, estimated fair value | 60,740,079 | 57,906,982 | |
Reported value measurement | |||
Assets: | |||
Cash and cash equivalents | 3,526,911 | 4,082,826 | |
Debt securities held to maturity | 2,490,568 | 1,046,093 | |
Loans, net | 63,581,886 | 60,781,008 | |
Liabilities: | |||
Deposits | 70,378,057 | 69,256,313 | |
FHLB and other borrowings | 5,045,302 | 3,959,930 | |
Federal funds purchased and securities sold under agreements to repurchase | 78,004 | 19,591 | |
Estimate of fair value measurement | |||
Assets: | |||
Cash and cash equivalents, estimated fair value | 3,526,911 | 4,082,826 | |
Investment securities held to maturity, estimated fair value | 2,465,761 | 1,040,543 | |
Loans, net, estimated fair value | 60,740,079 | 57,906,982 | |
Liabilities: | |||
Deposits, estimated fair value | 70,370,139 | 69,302,597 | |
FHLB and other borrowings, estimated fair value | 5,065,944 | 4,010,308 | |
Federal funds purchased and securities sold under agreements to repurchase, estimated fair value | $ 78,004 | $ 19,591 |
Fair Value Measurements - Unpai
Fair Value Measurements - Unpaid Principle Balances (Details) - Residential mortgage loans held for sale - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Aggregate Fair Value | $ 73,569 | $ 67,110 |
Aggregate Unpaid Principal Balance | 71,871 | 64,992 |
Difference | $ 1,698 | $ 2,118 |
Comprehensive Income - Changes
Comprehensive Income - Changes in Components of OCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Other Comprehensive Income (Loss), Pretax [Abstract] | ||||
Change in unamortized non-credit related impairment on debt securities held to maturity | $ (135) | $ 0 | $ (397) | $ 0 |
Other comprehensive income (loss) | (22,904) | (706) | (147,715) | 48,655 |
Other Comprehensive Income (Loss), Tax Expense/(Benefit) [Abstract] | ||||
Change in unamortized non-credit related impairment on debt securities held to maturity | (208) | (251) | (623) | (778) |
Other comprehensive income (loss) | (4,805) | (254) | (33,711) | 17,986 |
Other Comprehensive Income (Loss), After-Tax [Abstract] | ||||
Change in unamortized net holding losses on debt securities held to maturity | 1,989 | 999 | 6,522 | 2,540 |
Unamortized unrealized net holding losses on debt securities available for sale transferred to debt securities held to maturity | 0 | 0 | (30,487) | 0 |
Less: non-credit related impairment on debt securities held to maturity | 103 | 0 | 303 | 0 |
Net change in unamortized holding losses on debt securities held to maturity | 2,094 | 1,250 | (23,645) | 3,318 |
Other comprehensive (loss) income, net of tax | (18,099) | (452) | (114,004) | 30,669 |
Unrealized Gains (Losses) on Debt Securities Available for Sale and Transferred to Held to Maturity | ||||
Other Comprehensive Income (Loss), After-Tax [Abstract] | ||||
Unrealized holding losses arising during period from debt securities available for sale | (136,807) | 38,919 | ||
Less: reclassification adjustment for net gains on sale of debt securities in net income | (6,522) | (629) | ||
Other comprehensive (loss) income, net of tax | 39,548 | |||
Accumulated Gains (Losses) on Cash Flow Hedging Instruments | ||||
Other Comprehensive Income (Loss), Pretax [Abstract] | ||||
Other comprehensive income (loss) | 15,187 | 1,367 | 26,894 | (14,581) |
Other Comprehensive Income (Loss), Tax Expense/(Benefit) [Abstract] | ||||
Other comprehensive income (loss) | 4,191 | 512 | 7,554 | (5,409) |
Other Comprehensive Income (Loss), After-Tax [Abstract] | ||||
Unrealized holding losses arising during period from debt securities available for sale | (8,838) | (6,000) | ||
Less: reclassification adjustment for net gains on sale of debt securities in net income | (28,178) | 3,172 | ||
Other comprehensive (loss) income, net of tax | 10,996 | 855 | 19,340 | (9,172) |
Defined Benefit Plan Adjustment | ||||
Other Comprehensive Income (Loss), Pretax [Abstract] | ||||
Other comprehensive income (loss) | 0 | 0 | (4,425) | (773) |
Other Comprehensive Income (Loss), Tax Expense/(Benefit) [Abstract] | ||||
Other comprehensive income (loss) | 0 | 0 | (1,046) | (288) |
Other Comprehensive Income (Loss), After-Tax [Abstract] | ||||
Unrealized holding losses arising during period from debt securities available for sale | 0 | 0 | ||
Less: reclassification adjustment for net gains on sale of debt securities in net income | 3,379 | 485 | ||
Other comprehensive (loss) income, net of tax | 0 | 0 | (3,379) | (485) |
Available-for-sale Securities | Unrealized Gains (Losses) on Debt Securities Available for Sale and Transferred to Held to Maturity | ||||
Other Comprehensive Income (Loss), Pretax [Abstract] | ||||
Unrealized holding losses arising during period from debt securities available for sale | (40,831) | (1,025) | (139,236) | 61,774 |
Less: reclassification adjustment for net gains on sale of debt securities in net income | 0 | 3,033 | 0 | 3,033 |
Other comprehensive income (loss) | (40,831) | (4,058) | (139,236) | 58,741 |
Other Comprehensive Income (Loss), Tax Expense/(Benefit) [Abstract] | ||||
Unrealized holding losses arising during period from debt securities available for sale | (9,642) | (379) | (32,916) | 22,855 |
Less: reclassification adjustment for net gains on sale of debt securities in net income | 0 | 1,122 | 0 | 1,122 |
Other comprehensive income (loss) | (9,642) | (1,501) | (32,916) | 21,733 |
Other Comprehensive Income (Loss), After-Tax [Abstract] | ||||
Unrealized holding losses arising during period from debt securities available for sale | (31,189) | (646) | (106,320) | 38,919 |
Less: reclassification adjustment for net gains on sale of debt securities in net income | 0 | 1,911 | 0 | 1,911 |
Other comprehensive (loss) income, net of tax | (31,189) | (2,557) | (106,320) | 37,008 |
Held-to-maturity Securities | Unrealized Gains (Losses) on Debt Securities Available for Sale and Transferred to Held to Maturity | ||||
Other Comprehensive Income (Loss), Pretax [Abstract] | ||||
Change in unamortized net holding losses on debt securities held to maturity | 2,604 | 1,586 | 8,538 | 4,032 |
Unamortized unrealized net holding losses on debt securities available for sale transferred to debt securities held to maturity | 0 | 0 | (39,904) | 0 |
Less: non-credit related impairment on debt securities held to maturity | 135 | 0 | 397 | 0 |
Change in unamortized non-credit related impairment on debt securities held to maturity | 271 | 399 | 815 | 1,236 |
Net change in unamortized holding losses on debt securities held to maturity | 2,740 | 1,985 | (30,948) | 5,268 |
Other Comprehensive Income (Loss), Tax Expense/(Benefit) [Abstract] | ||||
Change in unamortized net holding losses on debt securities held to maturity | 615 | 587 | 2,016 | 1,492 |
Unamortized unrealized net holding losses on debt securities available for sale transferred to debt securities held to maturity | 0 | 0 | (9,417) | 0 |
Less: non-credit related impairment on debt securities held to maturity | 32 | 0 | 94 | 0 |
Change in unamortized non-credit related impairment on debt securities held to maturity | 63 | 148 | 192 | 458 |
Net change in unamortized holding losses on debt securities held to maturity | 646 | 735 | (7,303) | 1,950 |
Other Comprehensive Income (Loss), After-Tax [Abstract] | ||||
Change in unamortized net holding losses on debt securities held to maturity | 1,989 | 999 | 6,522 | 2,540 |
Unamortized unrealized net holding losses on debt securities available for sale transferred to debt securities held to maturity | 0 | 0 | (30,487) | 0 |
Less: non-credit related impairment on debt securities held to maturity | 103 | 0 | 303 | 0 |
Change in unamortized non-credit related impairment on debt securities held to maturity | 208 | 251 | 623 | 778 |
Net change in unamortized holding losses on debt securities held to maturity | $ 2,094 | $ 1,250 | $ (23,645) | $ 3,318 |
Comprehensive Income - AOCI (De
Comprehensive Income - AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Accumulated Comprehensive Income [Roll Forward] | |||||
Balance, beginning of period | $ 13,013,310 | $ 12,750,707 | |||
Other comprehensive (loss) income, net of tax | $ (18,099) | $ (452) | (114,004) | 30,669 | |
Balance, end of period | 13,342,487 | 13,115,903 | 13,342,487 | 13,115,903 | |
Unrealized Gains (Losses) on Debt Securities Available for Sale and Transferred to Held to Maturity | |||||
Accumulated Comprehensive Income [Roll Forward] | |||||
Balance, beginning of period | (132,821) | (119,562) | |||
Other comprehensive income (loss) before reclassifications | (136,807) | 38,919 | |||
Cumulative effect from adoption of ASU 2016-01 | $ (13) | ||||
Amounts reclassified from accumulated other comprehensive income (loss) | 6,522 | 629 | |||
Other comprehensive (loss) income, net of tax | 39,548 | ||||
Net current period other comprehensive income (loss) | (130,298) | ||||
Balance, end of period | (263,119) | (80,014) | (263,119) | (80,014) | |
Accumulated Gains (Losses) on Cash Flow Hedging Instruments | |||||
Accumulated Comprehensive Income [Roll Forward] | |||||
Balance, beginning of period | (24,765) | (10,080) | |||
Other comprehensive income (loss) before reclassifications | (8,838) | (6,000) | |||
Amounts reclassified from accumulated other comprehensive income (loss) | 28,178 | (3,172) | |||
Other comprehensive (loss) income, net of tax | 10,996 | 855 | 19,340 | (9,172) | |
Net current period other comprehensive income (loss) | 19,340 | ||||
Balance, end of period | (5,425) | (19,252) | (5,425) | (19,252) | |
Defined Benefit Plan Adjustment | |||||
Accumulated Comprehensive Income [Roll Forward] | |||||
Balance, beginning of period | (34,228) | (32,028) | |||
Other comprehensive income (loss) before reclassifications | 0 | 0 | |||
Amounts reclassified from accumulated other comprehensive income (loss) | (3,379) | (485) | |||
Other comprehensive (loss) income, net of tax | 0 | 0 | (3,379) | (485) | |
Net current period other comprehensive income (loss) | (3,379) | ||||
Balance, end of period | (37,607) | (32,513) | (37,607) | (32,513) | |
Unamortized Impairment Losses on Debt Securities Held to Maturity | |||||
Accumulated Comprehensive Income [Roll Forward] | |||||
Balance, beginning of period | (5,591) | (6,582) | |||
Other comprehensive income (loss) before reclassifications | (303) | 0 | |||
Amounts reclassified from accumulated other comprehensive income (loss) | 623 | 778 | |||
Other comprehensive (loss) income, net of tax | 778 | ||||
Net current period other comprehensive income (loss) | 320 | ||||
Balance, end of period | (5,271) | (5,804) | (5,271) | (5,804) | |
Accumulated Other Comprehensive Loss | |||||
Accumulated Comprehensive Income [Roll Forward] | |||||
Balance, beginning of period | (197,405) | (168,252) | |||
Other comprehensive income (loss) before reclassifications | (145,948) | 32,919 | |||
Cumulative effect from adoption of ASU 2016-01 | $ (13) | ||||
Amounts reclassified from accumulated other comprehensive income (loss) | 31,944 | (2,250) | |||
Other comprehensive (loss) income, net of tax | (114,004) | 30,669 | |||
Net current period other comprehensive income (loss) | (114,017) | ||||
Balance, end of period | $ (311,422) | $ (137,583) | $ (311,422) | $ (137,583) |
Comprehensive Income - Reclassi
Comprehensive Income - Reclassifications out of AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Interest on debt securities held to maturity | $ 16,110 | $ 6,994 | $ 41,598 | $ 20,454 | |
Interest and fees on loans | 751,470 | 623,884 | 2,126,411 | 1,805,971 | |
Interest and fees on FHLB advances | (37,131) | (29,904) | (93,799) | (71,422) | |
Net income before income tax expense | 216,271 | 169,759 | 719,452 | 550,811 | |
Income tax (expense) benefit | (41,756) | (39,308) | (151,849) | (142,097) | |
Net income | 174,515 | 130,451 | 567,603 | 408,714 | |
Reclassification out of Accumulated Other Comprehensive Income (Loss) | Unrealized Gains (Losses) on Debt Securities Available for Sale and Transferred to Held to Maturity | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Debt securities gains, net | [1] | 0 | 3,033 | 0 | 3,033 |
Interest on debt securities held to maturity | [1] | (2,604) | (1,586) | (8,538) | (4,032) |
Net income before income tax expense | [1] | (2,604) | 1,447 | (8,538) | (999) |
Income tax (expense) benefit | [1] | 615 | (535) | 2,016 | 370 |
Net income | [1] | (1,989) | 912 | (6,522) | (629) |
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] | (13,782) | (2,258) | (35,839) | 6,920 |
Interest and fees on FHLB advances | [1] | (251) | (577) | (1,048) | (1,877) |
Net income before income tax expense | [1] | (14,033) | (2,835) | (36,887) | 5,043 |
Income tax (expense) benefit | [1] | 3,314 | 1,054 | 8,709 | (1,871) |
Net income | [1] | (10,719) | (1,781) | (28,178) | 3,172 |
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] | 0 | 0 | 4,425 | 773 |
Income tax (expense) benefit | [1] | 0 | 0 | (1,046) | (288) |
Net income | [1] | 0 | 0 | 3,379 | 485 |
Reclassification out of Accumulated Other Comprehensive Income (Loss) | Unamortized Impairment Losses on Debt Securities Held to Maturity | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Interest on debt securities held to maturity | [1] | (271) | (399) | (815) | (1,236) |
Income tax (expense) benefit | [1] | 63 | 148 | 192 | 458 |
Net income | [1] | $ (208) | $ (251) | $ (623) | $ (778) |
[1] | Amounts in parentheses indicate debits to the Unaudited Condensed Consolidated Statements of Income. | ||||
[2] | These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 18, Benefit Plans, in the Notes to the December 31, 2017, Consolidated Financial Statements for additional details). |
Supplemental Disclosure for S_3
Supplemental Disclosure for Statement of Cash Flows (Details) - USD ($) $ in Thousands | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Supplemental disclosures of cash flow information: | ||||
Interest paid | $ 387,311 | $ 331,062 | ||
Net income taxes paid | 121,156 | 109,460 | ||
Supplemental schedule of noncash investing and financing activities: | ||||
Transfer of loans and loans held for sale to OREO | 17,249 | 25,156 | ||
Transfer of available for sale debt securities to held to maturity debt securities | 1,017,275 | 0 | ||
Cash and cash equivalents | 3,526,911 | 3,734,658 | $ 4,082,826 | |
Restricted cash in other assets | 142,690 | 174,140 | ||
Total cash, cash equivalents and restricted cash shown in the statement of cash flows | $ 3,669,601 | $ 3,908,798 | $ 4,270,950 | $ 3,419,488 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Segment Reporting Information [Line Items] | ||||
Net interest income (expense) | $ 658,286 | $ 589,361 | $ 1,924,390 | $ 1,726,622 |
Provision for loan losses | 94,964 | 103,434 | 243,273 | 228,858 |
Noninterest income | 258,459 | 257,794 | 786,303 | 748,806 |
Noninterest expense | 605,510 | 573,962 | 1,747,968 | 1,695,759 |
Net income before income tax expense | 216,271 | 169,759 | 719,452 | 550,811 |
Income tax expense (benefit) | 41,756 | 39,308 | 151,849 | 142,097 |
Net income | 174,515 | 130,451 | 567,603 | 408,714 |
Less: net income attributable to noncontrolling interests | 426 | 584 | 1,482 | 1,458 |
Net income attributable to BBVA Compass Bancshares, Inc. | 174,089 | 129,867 | 566,121 | 407,256 |
Average assets | 90,118,668 | 87,299,979 | 88,982,476 | 87,482,356 |
Commercial Banking and Wealth | ||||
Segment Reporting Information [Line Items] | ||||
Noninterest income | 63,874 | 57,939 | 188,012 | 155,774 |
Retail Banking | ||||
Segment Reporting Information [Line Items] | ||||
Noninterest income | 115,821 | 110,135 | 340,317 | 329,754 |
Corporate and Investment Banking | ||||
Segment Reporting Information [Line Items] | ||||
Noninterest income | 32,223 | 53,097 | 122,204 | 142,768 |
Operating Segments | Commercial Banking and Wealth | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income (expense) | 304,112 | 278,528 | 905,470 | 831,766 |
Provision for loan losses | 37,897 | 19,303 | 75,166 | 25,784 |
Noninterest income | 63,874 | 57,939 | 188,012 | 155,774 |
Noninterest expense | 182,729 | 159,357 | 533,310 | 482,317 |
Net income before income tax expense | 147,360 | 157,807 | 485,006 | 479,439 |
Income tax expense (benefit) | 30,946 | 55,233 | 101,851 | 167,803 |
Net income | 116,414 | 102,574 | 383,155 | 311,636 |
Less: net income attributable to noncontrolling interests | 24 | 176 | 282 | 216 |
Net income attributable to BBVA Compass Bancshares, Inc. | 116,390 | 102,398 | 382,873 | 311,420 |
Average assets | 39,016,626 | 36,030,116 | 38,332,544 | 35,840,756 |
Operating Segments | Retail Banking | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income (expense) | 269,513 | 231,066 | 794,004 | 683,594 |
Provision for loan losses | 61,060 | 89,390 | 120,594 | 170,332 |
Noninterest income | 115,821 | 110,135 | 340,317 | 329,754 |
Noninterest expense | 293,720 | 299,689 | 871,560 | 893,914 |
Net income before income tax expense | 30,554 | (47,878) | 142,167 | (50,898) |
Income tax expense (benefit) | 6,416 | (16,758) | 29,855 | (17,814) |
Net income | 24,138 | (31,120) | 112,312 | (33,084) |
Less: net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income attributable to BBVA Compass Bancshares, Inc. | 24,138 | (31,120) | 112,312 | (33,084) |
Average assets | 18,839,497 | 18,066,202 | 18,538,673 | 18,039,800 |
Operating Segments | Corporate and Investment Banking | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income (expense) | 45,668 | 43,592 | 132,734 | 117,248 |
Provision for loan losses | (15,807) | (11,708) | (45,630) | 16,311 |
Noninterest income | 32,223 | 53,097 | 122,204 | 142,768 |
Noninterest expense | 43,379 | 43,496 | 119,763 | 111,675 |
Net income before income tax expense | 50,319 | 64,901 | 180,805 | 132,030 |
Income tax expense (benefit) | 10,567 | 22,716 | 37,969 | 46,211 |
Net income | 39,752 | 42,185 | 142,836 | 85,819 |
Less: net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income attributable to BBVA Compass Bancshares, Inc. | 39,752 | 42,185 | 142,836 | 85,819 |
Average assets | 8,311,665 | 9,870,647 | 8,346,850 | 10,556,407 |
Operating Segments | Treasury | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income (expense) | (24,814) | 10,626 | (54,976) | 51,386 |
Provision for loan losses | (553) | 0 | (1,063) | 0 |
Noninterest income | 5,235 | 6,758 | 17,133 | 16,740 |
Noninterest expense | 7,109 | 6,340 | 17,912 | 18,983 |
Net income before income tax expense | (26,135) | 11,044 | (54,692) | 49,143 |
Income tax expense (benefit) | (5,488) | 3,865 | (11,485) | 17,200 |
Net income | (20,647) | 7,179 | (43,207) | 31,943 |
Less: net income attributable to noncontrolling interests | 405 | 414 | 1,227 | 1,250 |
Net income attributable to BBVA Compass Bancshares, Inc. | (21,052) | 6,765 | (44,434) | 30,693 |
Average assets | 16,257,647 | 15,686,910 | 16,096,911 | 15,375,036 |
Corporate Support and Other | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income (expense) | 63,807 | 25,549 | 147,158 | 42,628 |
Provision for loan losses | 12,367 | 6,449 | 94,206 | 16,431 |
Noninterest income | 41,306 | 29,865 | 118,637 | 103,770 |
Noninterest expense | 78,573 | 65,080 | 205,423 | 188,870 |
Net income before income tax expense | 14,173 | (16,115) | (33,834) | (58,903) |
Income tax expense (benefit) | (685) | (25,748) | (6,341) | (71,303) |
Net income | 14,858 | 9,633 | (27,493) | 12,400 |
Less: net income attributable to noncontrolling interests | (3) | (6) | (27) | (8) |
Net income attributable to BBVA Compass Bancshares, Inc. | 14,861 | 9,639 | (27,466) | 12,408 |
Average assets | $ 7,693,233 | $ 7,646,104 | $ 7,667,498 | $ 7,670,357 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Disaggregation of Revenue [Line Items] | |||||
Revenue | $ 181,370 | $ 180,784 | $ 554,537 | $ 529,979 | |
Other revenues | [1] | 77,089 | 77,010 | 231,766 | 218,827 |
Total noninterest income | 258,459 | 257,794 | 786,303 | 748,806 | |
Commercial Banking and Wealth | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 58,453 | 48,569 | 176,979 | 148,843 | |
Other revenues | [1] | 5,421 | 9,370 | 11,033 | 6,931 |
Total noninterest income | 63,874 | 57,939 | 188,012 | 155,774 | |
Retail Banking | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 80,439 | 73,147 | 232,367 | 214,076 | |
Other revenues | [1] | 35,382 | 36,988 | 107,950 | 115,678 |
Total noninterest income | 115,821 | 110,135 | 340,317 | 329,754 | |
Corporate and Investment Banking | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 15,717 | 31,967 | 67,507 | 83,336 | |
Other revenues | [1] | 16,506 | 21,130 | 54,697 | 59,432 |
Total noninterest income | 32,223 | 53,097 | 122,204 | 142,768 | |
Treasury and Corporate Support and Other | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 26,761 | 27,101 | 77,684 | 83,724 | |
Other revenues | [1] | 19,780 | 9,522 | 58,086 | 36,786 |
Total noninterest income | 46,541 | 36,623 | 135,770 | 120,510 | |
Service charges on deposit accounts | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 60,325 | 55,953 | 175,067 | 166,040 | |
Service charges on deposit accounts | Commercial Banking and Wealth | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 11,911 | 11,286 | 34,681 | 35,425 | |
Service charges on deposit accounts | Retail Banking | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 46,653 | 43,200 | 135,277 | 126,023 | |
Service charges on deposit accounts | Corporate and Investment Banking | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 1,761 | 1,467 | 5,109 | 4,592 | |
Service charges on deposit accounts | Treasury and Corporate Support and Other | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 0 | 0 | 0 | 0 | |
Card and merchant processing fees | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 44,219 | 32,297 | 127,945 | 94,749 | |
Card and merchant processing fees | Commercial Banking and Wealth | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 7,113 | 130 | 21,220 | 380 | |
Card and merchant processing fees | Retail Banking | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 33,786 | 29,947 | 97,090 | 88,053 | |
Card and merchant processing fees | Corporate and Investment Banking | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 0 | 0 | 0 | 0 | |
Card and merchant processing fees | Treasury and Corporate Support and Other | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 3,320 | 2,220 | 9,635 | 6,316 | |
Retail investment sales | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 28,286 | 26,817 | 88,176 | 82,876 | |
Retail investment sales | Commercial Banking and Wealth | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 28,286 | 26,817 | 88,176 | 82,876 | |
Retail investment sales | Retail Banking | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 0 | 0 | 0 | 0 | |
Retail investment sales | Corporate and Investment Banking | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 0 | 0 | 0 | 0 | |
Retail investment sales | Treasury and Corporate Support and Other | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 0 | 0 | 0 | 0 | |
Money transfer income | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 23,441 | 24,881 | 68,049 | 77,408 | |
Money transfer income | Commercial Banking and Wealth | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 0 | 0 | 0 | 0 | |
Money transfer income | Retail Banking | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 0 | 0 | 0 | 0 | |
Money transfer income | Corporate and Investment Banking | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 0 | 0 | 0 | 0 | |
Money transfer income | Treasury and Corporate Support and Other | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 23,441 | 24,881 | 68,049 | 77,408 | |
Investment banking and advisory fees | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 13,956 | 30,500 | 62,398 | 78,744 | |
Investment banking and advisory fees | Commercial Banking and Wealth | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 0 | 0 | 0 | 0 | |
Investment banking and advisory fees | Retail Banking | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 0 | 0 | 0 | 0 | |
Investment banking and advisory fees | Corporate and Investment Banking | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 13,956 | 30,500 | 62,398 | 78,744 | |
Investment banking and advisory fees | Treasury and Corporate Support and Other | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 0 | 0 | 0 | 0 | |
Asset management fees | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 11,143 | 10,336 | 32,902 | 30,162 | |
Asset management fees | Commercial Banking and Wealth | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 11,143 | 10,336 | 32,902 | 30,162 | |
Asset management fees | Retail Banking | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 0 | 0 | 0 | 0 | |
Asset management fees | Corporate and Investment Banking | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 0 | 0 | 0 | 0 | |
Asset management fees | Treasury and Corporate Support and Other | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | $ 0 | $ 0 | $ 0 | $ 0 | |
[1] | Other revenues primarily relate to revenues not derived from contracts with customers. |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | Mar. 16, 2017 | Aug. 01, 2014 | Mar. 16, 2012 | |
Related Party Transaction [Line Items] | ||||||||
Securities purchased under agreements to resell | $ 127,721,000 | $ 127,721,000 | $ 25,913,000 | |||||
Securities sold under agreements to repurchase | 78,004,000 | 78,004,000 | 17,881,000 | |||||
Preferred stock | 229,475,000 | 229,475,000 | 229,475,000 | |||||
Preferred stock dividends | 13,735,000 | $ 12,071,000 | ||||||
BBVA | ||||||||
Related Party Transaction [Line Items] | ||||||||
Securities purchased under agreements to resell | 126,193,000 | 126,193,000 | 0 | |||||
Securities sold under agreements to repurchase | 20,796,000 | 20,796,000 | 17,881,000 | |||||
BBVA | BBVA Compass Bancshares, Inc. | ||||||||
Related Party Transaction [Line Items] | ||||||||
Revenue from related parties | 8,600,000 | $ 13,200,000 | 33,900,000 | 27,100,000 | ||||
Fees on agreements | 7,000,000 | 8,700,000 | 22,500,000 | 21,300,000 | ||||
Derivatives designated as hedging instrument | BBVA | ||||||||
Related Party Transaction [Line Items] | ||||||||
Derivative, notional amount | 4,300,000,000 | 4,300,000,000 | 4,800,000,000 | |||||
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 | 42,949,000 | 42,949,000 | 7,777,000 | |||||
Preferred Stock | Series A Preferred Stock | BBVA | ||||||||
Related Party Transaction [Line Items] | ||||||||
Preferred stock | 229,000,000 | 229,000,000 | ||||||
Preferred stock dividends | 12,700,000 | 11,000,000 | ||||||
Cash flow hedges | Derivatives designated as hedging instrument | BBVA | ||||||||
Related Party Transaction [Line Items] | ||||||||
Related party transaction, amount of transaction | 485,000 | 485,000 | (144,000) | |||||
Fair value hedges | BBVA | ||||||||
Related Party Transaction [Line Items] | ||||||||
Related party transaction, amount of transaction | (45,428,000) | (45,428,000) | (15,991,000) | |||||
BSI | Line of Credit | BBVA Compass Bancshares, Inc. | ||||||||
Related Party Transaction [Line Items] | ||||||||
Due from related parties | $ 150,000,000 | |||||||
BSI | Revolving Credit Facility | Line of Credit | BBVA Compass Bancshares, Inc. | ||||||||
Related Party Transaction [Line Items] | ||||||||
Due from related parties | 0 | 0 | $ 0 | $ 450,000,000 | $ 420,000,000 | |||
BSI | Uncommitted Demand Facility | Revolving Credit Facility | Line of Credit | BBVA Compass Bancshares, Inc. | ||||||||
Related Party Transaction [Line Items] | ||||||||
Due from related parties | $ 1,000,000,000 | |||||||
BSI | Revolving Note And Cash Subordinated Agreement | BBVA Compass Bancshares, Inc. | ||||||||
Related Party Transaction [Line Items] | ||||||||
Interest expense | $ 0 | $ 25,000 | $ 232,000 | $ 917,000 |