Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 29, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'EverBank Financial Corp | ' |
Entity Central Index Key | '0001502749 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 122,562,565 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and due from banks | $109,471 | $175,400 |
Interest-bearing deposits in banks | 978,464 | 268,514 |
Total cash and cash equivalents | 1,087,935 | 443,914 |
Investment securities: | ' | ' |
Available for sale securities | 1,205,340 | 1,619,878 |
Held to maturity (fair value of $108,269 and $146,709 as of September 30, 2013 and December 31, 2012, respectively) | 109,245 | 143,234 |
Other investments | 106,450 | 158,172 |
Total investment securities | 1,421,035 | 1,921,284 |
Loans held for sale (includes $1,047,086 and $1,452,236 carried at fair value as of September 30, 2013 and December 31, 2012, respectively) | 1,059,947 | 2,088,046 |
Loans and leases held for investment: | ' | ' |
Loans and leases held for investment, net of unearned income | 12,562,967 | 12,505,089 |
Allowance for loan and lease losses | -66,991 | -82,102 |
Total loans and leases held for investment, net | 12,495,976 | 12,422,987 |
Equipment under operating leases, net | 34,918 | 50,040 |
Mortgage servicing rights (MSR), net | 501,494 | 375,859 |
Deferred income taxes, net | 92,253 | 170,877 |
Premises and equipment, net | 67,282 | 66,806 |
Other assets | 851,249 | 703,065 |
Total Assets | 17,612,089 | 18,242,878 |
Deposits | ' | ' |
Noninterest-bearing | 1,365,655 | 1,445,783 |
Interest-bearing | 12,262,021 | 11,696,605 |
Total deposits | 13,627,676 | 13,142,388 |
Other borrowings | 1,872,700 | 3,173,021 |
Trust preferred securities | 103,750 | 103,750 |
Accounts payable and accrued liabilities | 405,050 | 372,543 |
Total Liabilities | 16,009,176 | 16,791,702 |
Commitments and Contingencies (Note 15) | ' | ' |
Shareholders' Equity | ' | ' |
Series A 6.75%, Non-Cumulative Perpetual Preferred Stock, $0.01 par value (liquidation preference of $25,000 per share; 10,000,000 shares authorized; 6,000 issued and outstanding at September 30, 2013 and December 31, 2012) | 150,000 | 150,000 |
Common Stock, $0.01 par value (500,000,000 shares authorized; 122,544,510 and 120,987,955 issued and outstanding at September 30, 2013 and December 31, 2012, respectively) | 1,225 | 1,210 |
Additional paid-in capital | 830,758 | 811,085 |
Retained earnings | 677,809 | 575,665 |
Accumulated other comprehensive income (loss) (AOCI) | -56,879 | -86,784 |
Total Shareholders' Equity | 1,602,913 | 1,451,176 |
Total Liabilities and Shareholders' Equity | $17,612,089 | $18,242,878 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Held to maturity securities at fair value | $108,269,000 | $146,709,000 |
Loans held for sale at fair value | $1,047,086,000 | $1,452,236,000 |
Common Stock, par value | $0.01 | $0.01 |
Common Stock, shares authorized | 500,000,000 | 500,000,000 |
Common Stock, shares issued | 122,544,510 | 120,987,955 |
Common Stock, shares outstanding | 122,544,510 | 120,987,955 |
Noncumulative Preferred Stock [Member] | ' | ' |
Preferred Stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred Stock, shares issued | 6,000 | 6,000 |
Preferred Stock, shares outstanding | 6,000 | 6,000 |
Preferred Stock, par value | $0.01 | $0.01 |
Preferred Stock, liquidation preference, per share | $25,000 | $25,000 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Interest Income | ' | ' | ' | ' |
Interest and fees on loans and leases | $170,110 | $140,230 | $516,619 | $400,824 |
Interest and dividends on investment securities | 13,376 | 20,879 | 44,439 | 62,127 |
Other interest income | 493 | 152 | 1,108 | 338 |
Total interest income | 183,979 | 161,261 | 562,166 | 463,289 |
Interest Expense | ' | ' | ' | ' |
Deposits | 24,437 | 22,491 | 77,827 | 63,884 |
Other borrowings | 20,686 | 12,576 | 60,450 | 32,604 |
Total interest expense | 45,123 | 35,067 | 138,277 | 96,488 |
Net Interest Income | 138,856 | 126,194 | 423,889 | 366,801 |
Provision for Loan and Lease Losses | 3,068 | 4,359 | 5,016 | 21,471 |
Net Interest Income after Provision for Loan and Lease Losses | 135,788 | 121,835 | 418,873 | 345,330 |
Noninterest Income | ' | ' | ' | ' |
Loan servicing fee income | 50,713 | 42,341 | 140,068 | 130,380 |
Amortization of mortgage servicing rights | -30,438 | -36,292 | -101,461 | -99,773 |
Recovery (impairment) of mortgage servicing rights | 35,132 | -18,229 | 80,259 | -63,508 |
Net loan servicing income | 55,407 | -12,180 | 118,866 | -32,901 |
Gain on sale of loans | 51,397 | 85,748 | 209,545 | 203,851 |
Loan production revenue | 10,514 | 10,528 | 30,066 | 27,817 |
Deposit fee income | 4,952 | 4,671 | 15,167 | 16,738 |
Other lease income | 6,506 | 7,103 | 19,388 | 24,588 |
Other | 14,793 | 1,429 | 30,650 | 4,522 |
Total noninterest income | 143,569 | 97,299 | 423,682 | 244,615 |
Noninterest Expense | ' | ' | ' | ' |
Salaries, commissions and other employee benefits expense | 111,144 | 85,399 | 340,080 | 228,266 |
Equipment expense | 20,609 | 17,574 | 61,168 | 50,411 |
Occupancy expense | 8,675 | 6,619 | 23,606 | 17,985 |
General and administrative expense | 85,268 | 74,377 | 226,198 | 221,911 |
Total noninterest expense | 225,696 | 183,969 | 651,052 | 518,573 |
Income before Provision for Income Taxes | 53,661 | 35,165 | 191,503 | 71,372 |
Provision for Income Taxes | 20,511 | 12,987 | 73,214 | 26,176 |
Net Income | 33,150 | 22,178 | 118,289 | 45,196 |
Less: Net Income Allocated to Preferred Stock | -2,532 | 0 | -7,594 | -8,564 |
Net Income Allocated to Common Shareholders | $30,618 | $22,178 | $110,695 | $36,632 |
Basic Earnings Per Common Share | $0.25 | $0.19 | $0.91 | $0.37 |
Diluted Earnings Per Common Share | $0.25 | $0.19 | $0.89 | $0.37 |
Dividends Declared Per Common Share | $0.03 | $0.02 | $0.07 | $0.02 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net Income | $33,150 | $22,178 | $118,289 | $45,196 |
Unrealized Gains (Losses) on Debt Securities | ' | ' | ' | ' |
Unrealized gains (losses) due to changes in fair value | -2,042 | -18,662 | 20,755 | -32,367 |
Tax effect | -776 | -7,094 | 7,892 | -12,240 |
Change in unrealized gains (losses) on debt securities | 1,266 | 11,568 | -12,863 | 20,127 |
Interest Rate Swaps | ' | ' | ' | ' |
Net unrealized gains (losses) due to changes in fair value | -1,642 | -11,509 | 20,124 | -37,813 |
Reclassification of net unrealized losses | 37,523 | 3,112 | 48,891 | 6,786 |
Tax effect | -13,636 | 3,191 | -26,247 | 11,918 |
Changes in interest rate swaps | 22,245 | -5,206 | 42,768 | -19,109 |
Other Comprehensive Income (Loss) | 23,511 | 6,362 | 29,905 | 1,018 |
Comprehensive Income (Loss) | 56,661 | 28,540 | 148,194 | 46,214 |
Other Income [Member] | ' | ' | ' | ' |
Interest Rate Swaps | ' | ' | ' | ' |
Reclassification of net unrealized losses | 31,036 | ' | -31,036 | ' |
Interest Expense [Member] | ' | ' | ' | ' |
Interest Rate Swaps | ' | ' | ' | ' |
Reclassification of net unrealized losses | $6,487 | $3,112 | $17,855 | $6,786 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (USD $) | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
In Thousands | ||||||
Balance at Dec. 31, 2011 | $967,665 | $3 | $751 | $561,247 | $513,413 | ($107,749) |
Net Income | 45,196 | 0 | 0 | 0 | 45,196 | 0 |
Other comprehensive loss | 1,018 | 0 | 0 | 0 | 0 | 1,018 |
Conversion of preferred stock | 0 | -3 | 188 | -185 | 0 | 0 |
Issuance of common stock | 247,770 | 0 | 267 | 247,503 | 0 | 0 |
Repurchase of common stock | -442 | 0 | 0 | -442 | 0 | 0 |
Share-based grants (including income tax benefits) | 4,700 | 0 | 0 | 4,700 | 0 | 0 |
Dividends, Common Stock, Cash | -2,330 | 0 | 0 | 0 | -2,330 | 0 |
Cash dividends on preferred stock | -5,555 | 0 | 0 | 0 | -5,555 | 0 |
Balance at Sep. 30, 2012 | 1,258,022 | 0 | 1,206 | 812,823 | 550,724 | -106,731 |
Balance at Dec. 31, 2012 | 1,451,176 | 150,000 | 1,210 | 811,085 | 575,665 | -86,784 |
Net Income | 118,289 | 0 | 0 | 0 | 118,289 | 0 |
Other comprehensive loss | 29,905 | 0 | 0 | 0 | 0 | 29,905 |
Issuance of common stock | 12,170 | 0 | 15 | 12,155 | 0 | 0 |
Share-based grants (including income tax benefits) | 7,518 | 0 | 0 | 7,518 | 0 | 0 |
Dividends, Common Stock, Cash | -8,551 | 0 | 0 | 0 | -8,551 | 0 |
Cash dividends on preferred stock | -7,594 | 0 | 0 | 0 | -7,594 | 0 |
Balance at Sep. 30, 2013 | $1,602,913 | $150,000 | $1,225 | $830,758 | $677,809 | ($56,879) |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Operating Activities: | ' | ' |
Net income | $118,289 | $45,196 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' |
Amortization of premiums and deferred origination costs | 30,441 | 6,390 |
Depreciation and amortization of tangible and intangible assets | 30,092 | 27,011 |
Reclassification of net loss on settlement of interest rate swaps | 48,891 | 6,786 |
Amortization and impairment of mortgage servicing rights | 21,202 | 163,281 |
Deferred income taxes (benefit) | 60,269 | -32,631 |
Provision for loan and lease losses | 5,016 | 21,471 |
Loss on other real estate owned (OREO) | 4,596 | 7,910 |
Share-based compensation expense | 3,953 | 3,302 |
Gain on Extinguishment of Debt | -36,031 | 0 |
Payments for settlement of forward interest rate swaps | -41,829 | -41,386 |
Other operating activities | -3,875 | -4,249 |
Changes in operating assets and liabilities: | ' | ' |
Loans held for sale, including proceeds from sales and repayments | 353,529 | -942,081 |
Other assets | 123,711 | 89,245 |
Accounts payable and accrued liabilities | 69,799 | 60,194 |
Net cash provided by (used in) operating activities | 788,053 | -589,561 |
Investment securities available for sale: | ' | ' |
Purchases | -195,566 | -210,717 |
Proceeds from sales | 159,043 | 0 |
Proceeds from prepayments and maturities | 424,435 | 419,500 |
Investment securities held to maturity: | ' | ' |
Purchases | -30,532 | -14,917 |
Proceeds from prepayments and maturities | 64,113 | 32,810 |
Purchases of other investments | -61,550 | -70,782 |
Proceeds from sale of other investments | 113,272 | 43,008 |
Net change in loans and leases held for investment | -23,177 | -1,400,765 |
Cash paid for acquisition | 0 | -351,071 |
Purchases of premises and equipment, including equipment under operating leases | -16,292 | -39,453 |
Purchases of mortgage servicing assets | -73,580 | 0 |
Proceeds related to sale or settlement of other real estate owned | 30,442 | 30,311 |
Proceeds from insured foreclosure claims | 235,296 | 115,040 |
Other investing activities | 5,835 | 1,923 |
Net cash provided by (used in) investing activities | 631,739 | -1,445,113 |
Financing Activities: | ' | ' |
Net increase in nonmaturity deposits | 942,027 | 1,085,006 |
Net increase (decrease) in time deposits | -455,970 | 459,775 |
Net change in repurchase agreements | -142,322 | 484,565 |
Net change in short-term Federal Home Loan Bank (FHLB) advances | -600,500 | -470,000 |
Proceeds from long-term FHLB advances | 325,000 | 1,886,000 |
Repayments of long-term FHLB advances | -112,158 | -333,500 |
Repayments of Long-term Debt | -733,969 | 0 |
Proceeds from issuance of common stock | 12,170 | 256,522 |
Other financing activities | 10,049 | 8,706 |
Net cash provided by financing activities | -775,771 | 3,359,662 |
Net change in cash and cash equivalents | 644,021 | 1,324,988 |
Cash and cash equivalents at beginning of period | 443,914 | 294,981 |
Cash and cash equivalents at end of period | $1,087,935 | $1,619,969 |
Organization_and_Basis_of_Pres
Organization and Basis of Presentation (Notes) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Organization and Basis of Presentation [Abstract] | ' | |||||||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' | |||||||
1. Organization and Basis of Presentation | ||||||||
a) Organization — EverBank Financial Corp (the Company) is a thrift holding company with two direct operating subsidiaries, EverBank (EB) and EverBank Funding, LLC (EBF). EB is a federally chartered thrift institution with its home office located in Jacksonville, Florida. Its direct banking services are offered nationwide. In addition, EB operates financial centers in Florida and retail lending centers across the United States. EB (a) accepts deposits from the general public; (b) originates, purchases, services, sells and securitizes residential real estate mortgage loans, commercial real estate loans and commercial loans and leases; (c) originates consumer and home equity loans; and (d) offers full-service securities brokerage and investment advisory services. | ||||||||
EB’s subsidiaries are: | ||||||||
•AMC Holding, Inc., the parent of CustomerOne Financial Network, Inc.; | ||||||||
•Tygris Commercial Finance Group, Inc. (Tygris), the parent of EverBank Commercial Finance, Inc.; | ||||||||
•EverInsurance, Inc.; | ||||||||
•Elite Lender Services, Inc.; | ||||||||
•EverBank Wealth Management, Inc. (EWM); and | ||||||||
•Business Property Lending, Inc. | ||||||||
On January 31, 2012, as part of a tax-free reorganization, the assets, liabilities and business activities of EWM were transferred to EB. | ||||||||
On February 14, 2013, the Company formed EverBank Funding, LLC, a Delaware limited liability company, to facilitate the pooling and securitization of mortgage loans for issuance into the secondary market. | ||||||||
b) Reincorporation — In September 2010, EverBank Financial Corp, a Florida corporation (EverBank Florida), formed EverBank Financial Corp, a Delaware corporation (EverBank Delaware). Subsequent to its formation, EverBank Delaware held no assets, had no subsidiaries and did not engage in any business or other activities except in connection with its formation. In May 2012, EverBank Delaware completed an initial public offering with its common stock listed on the New York Stock Exchange (NYSE) under the symbol “EVER”. Immediately preceding the consummation of that offering, EverBank Florida merged with and into EverBank Delaware, with EverBank Delaware continuing as the surviving corporation and succeeding to all of the assets, liabilities and business of EverBank Florida. The merger resulted in the following: | ||||||||
• | All of the outstanding shares of common stock of EverBank Florida were converted into approximately 77,994,699 shares of EverBank Delaware common stock; | |||||||
• | All of the outstanding shares of Series B Preferred Stock of EverBank Florida were converted into 15,964,644 shares of EverBank Delaware common stock; | |||||||
• | As a result of the reincorporation of EverBank Florida in Delaware, the Company is now governed by the laws of the State of Delaware. | |||||||
Reincorporation of EverBank Florida in Delaware did not result in any change in the business, management, fiscal year, assets, liabilities or location of the principal offices of the Company. | ||||||||
c) Basis of Presentation — The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information or footnotes necessary for a complete presentation of financial position, results of operations, comprehensive income, and cash flows in conformity with generally accepted accounting principles. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and accompanying notes to the financial statements included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2012. Operating results for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for the year ending December 31, 2013. | ||||||||
The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The results of operations for acquired companies are included from their respective dates of acquisition. In management’s opinion, all adjustments (which include normal recurring adjustments) necessary to present fairly the financial position, results of operations, comprehensive income, and changes in cash flows have been made. | ||||||||
GAAP requires management to make estimates that affect the reported amounts and disclosures of contingencies in the condensed consolidated financial statements. Estimates by their nature are based on judgment and available information. Material estimates relate to the Company’s allowance for loan and lease losses, loans and leases acquired with evidence of credit deterioration, repurchase obligations, contingent liabilities, and the fair values of investment securities, loans held for sale, MSR and derivative instruments. Because of the inherent uncertainties associated with any estimation process and future changes in market and economic conditions, it is possible that actual results could differ significantly from those estimates. | ||||||||
d) Supplemental Cash Flow Information - Noncash investing activities are presented in the following table: | ||||||||
Nine Months Ended | ||||||||
September 30, | ||||||||
2013 | 2012 | |||||||
Supplemental Schedules of Noncash Investing Activities: | ||||||||
Loans transferred to foreclosure claims | $ | 498,638 | $ | 350,244 | ||||
Loans transferred to other real estate owned from loans held for investment | 30,395 | 32,100 | ||||||
Loans transferred from held for sale to held for investment | 819,250 | 1,928,519 | ||||||
Loans transferred from held for investment to held for sale | 454,310 | 94,650 | ||||||
Additions of originated mortgage servicing assets for loans sold | 84,018 | 58,061 | ||||||
Supplemental Schedules of Noncash Financing Activities: | ||||||||
Conversion of preferred stock | $ | — | $ | 135,585 | ||||
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements and Updates to Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2013 | |
Recent Accounting Pronouncements and Updates to Significant Accounting Policies [Abstract] | ' |
Recent Accounting Pronouncements and Updates to Significant Accounting Policies | ' |
2. Recent Accounting Pronouncements | |
Presentation of Comprehensive Income — In June 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) 2011-05, Comprehensive Income (Topic 220)—Presentation of Comprehensive Income, to require an entity to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. ASU 2011-05 eliminates the option to present the components of other comprehensive income as part of the statement of shareholders’ equity. ASU 2011-05 is effective for the first quarter of 2012 and should be applied retrospectively. Adoption of this standard resulted in the presentation of a new statement of comprehensive income separate from the statement of shareholders’ equity but did not have any impact on the Company’s results of operations. In December 2011, the FASB issued ASU 2011-12,Comprehensive Income (Topic 220)- Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in ASU 2011-05, to allow time to redeliberate whether to present on the face of the financial statements the effects of reclassifications out of AOCI on the components of net income and other comprehensive income for all periods presented. Adoption of this ASU did not have any impact on the Company’s condensed consolidated financial statements or results of operations. In February 2013, the FASB issued ASU 2013-02, Comprehensive Income (Topic 220)—Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, to require an entity to disaggregate the total change of each component of other comprehensive income and separately present reclassification adjustments and current period other comprehensive income. ASU 2013-02 also requires that entities either (1) present in a single note or parenthetically on the face of the financial statements the effect of significant amounts reclassified from each component of AOCI based on its source and the income line item affected by the reclassification if items are reclassified out of AOCI in their entirety or (2) cross reference to other required, related disclosures for additional information if items are not reclassified out of AOCI in their entirety. ASU 2013-02 is effective prospectively for annual reporting periods beginning after December 15, 2012, and interim periods within those annual periods. The adoption of this standard resulted in the additional disclosure of the lines of income or expense impacted by reclassifications out of AOCI within the statement of comprehensive income but did not have any impact on the Company's condensed consolidated financial statements or results of operations. | |
Balance Sheet Offsetting—In December 2011, the FASB issued ASU 2011-11, Balance Sheet (Topic 210)—Disclosures about Offsetting Assets and Liabilities, which will enhance disclosures by requiring improved information about financial instruments and derivative instruments that are either (1) offset in accordance with either Section 210-20-45 or Section 815-10-45 or (2) subject to an enforceable master netting arrangement or similar agreement. The guidance will require that entities disclose the gross and net information about both instruments that are offset in the balance sheet or are subject to a master netting arrangement. In January 2013, the FASB issued ASU 2013-01, Balance Sheet (Topic 210)—Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, which limits the scope of the new balance sheet offsetting disclosures to only (1) derivatives, including bifurcated embedded derivatives; (2) repurchase agreements and reverse repurchase agreements; and (3) securities borrowing and securities lending transactions, to the extent they are offset in the financial statements or are subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in the statement of financial position. The requirements set forth in both ASU 2011-11 and ASU 2013-01 are effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods with retrospective disclosure necessary for all comparative periods presented. The adoption of these standards resulted in additional disclosures as presented in Note 13 but did not have any impact on the Company's condensed consolidated financial statements or results of operations. | |
Updates to Significant Accounting Policies | |
Loans Held for Sale—Loans held for sale represent loans originated or acquired by the Company with the intent to sell. The Company has elected the fair value option of accounting under U.S. GAAP for certain residential mortgage loans. Electing to use the fair value option of accounting allows a better offset of the changes in the 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. These loans are initially recorded and carried at fair value, with changes in fair value recognized in gain on sale of loans. Loan origination fees are recorded when earned, and related costs are recognized when incurred. | |
The Company has not elected the fair value option for other residential mortgage loans primarily because the Company expects to hold these loans for a short duration. These loans are carried at the lower of cost or fair value. In determining the lower of cost or fair value adjustment on loans held for sale, the Company pools loans based on similar risk characteristics such as loan type and interest rate. Direct loan origination fees and costs are deferred at loan origination or acquisition. These amounts are recognized as income at the time the loan is sold and included in gain on sale of loans. Gains and losses on sale of these loans are recorded in gain and/or loss on sale of loans. | |
Loans and leases are transferred from loans and leases held for investment to held for sale when the Company no longer has the intent to hold them for the foreseeable future. Loans and leases are transferred from held for sale to held for investment when the Company determines its intent to hold these loans and leases for the foreseeable future. Loans and leases are transferred to loans and leases held for investment at the lower of cost or fair value on the date of reclassification with any lower of cost or fair value adjustment recognized as a basis adjustment. | |
Certain guarantees arise from agreements associated with servicing, securitization and sale of the Company's residential mortgage loans. Under these agreements, the Company may be obligated to repurchase, or otherwise indemnify or reimburse the investor or insurer for losses incurred, due to material breach of contractual representations and warranties with respect to non-GSE purchasers, or breach of contractual representations and warranties with respect to GSEs. These guarantees are accounted for in accordance with ASC 460, Guarantees, when the obligation is both probable and reasonably estimable. The guarantee is calculated at the fair value of the guarantee on the date of the loan sale or securitization. The corresponding provision is recognized as a reduction on net gains on loan sales and securitization, and is reduced, by a credit to earnings, as the guarantor is released from risk under the guarantee. The reserve for repurchase obligations is included in accounts payable and accrued liabilities on the consolidated balance sheets with changes to the reserve made through general and administrative expenses. See Note 5 and Note 15 for further information related to these guarantees. |
Acquisition_Activities_Notes
Acquisition Activities (Notes) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Acquisition Activities [Abstract] | ' | |||||||||||||||
Business Combination Disclosure [Text Block] | ' | |||||||||||||||
3. Acquisition Activities | ||||||||||||||||
Acquisition of Business Property Lending, Inc. - On October 1, 2012, EB, a wholly owned subsidiary of the Company, acquired 100% of the outstanding common shares of Business Property Lending, Inc. (BPL), a wholly owned subsidiary of General Electric Capital Corporation (GECC) for cash consideration of $2,401,398. The acquisition provided the Company with an established and operating platform for expanding its capacity to originate commercial real estate loans to small and mid-size business clients nationwide. The transaction was accounted for using the acquisition method with the consideration paid allocated to all identifiable assets and liabilities acquired. | ||||||||||||||||
Under the acquisition method of accounting, the measurement period for a transaction is to extend for a period necessary to obtain all available information to facilitate a complete and accurate recording of the transaction as of the acquisition date. This period, however, may not extend beyond a period of one year from the date of acquisition. In the event information not available at the time of acquisition is obtained during the measurement period that would affect the recording of the transaction, any applicable adjustments are to be performed retrospectively adjusting the initial recording of the acquisition. | ||||||||||||||||
The fair value of assets acquired included financing receivables for commercial real estate with a fair value of $2,337,123 that was comprised of both loans accounted for under ASC 310-20, Receivables, Nonrefundable Fees and Other Costs, as well as loans accounted for under ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality. Subsequent to the initial recording of the transaction, additional reviews into the ASC 310-20 population identified that evidence of deteriorated credit quality existed for some of these loans at the date of acquisition based on information not previously available. Upon review of the impact of this updated information to the overall fair value of the acquired loans, it was determined that no retrospective adjustment of the fair value was necessary. Therefore, a prospective adjustment was performed to include these loans in the ASC 310-30 population. The following table presents a bridge from the unpaid principal balance (UPB), or contractual net investment, to carrying value for the acquired financing receivables by method of accounting as presented initially at the acquisition date, as well as, based on the updated loan stratification: | ||||||||||||||||
As Initially Recorded | As Updated | |||||||||||||||
ASC 310-20 | ASC 310-30 | ASC 310-20 | ASC 310-30 | |||||||||||||
Unpaid principal balance at acquisition | $ | 2,229,822 | $ | 89,993 | $ | 2,174,738 | $ | 145,077 | ||||||||
Plus: contractual interest due or unearned income | 1,176,442 | 62,517 | 1,143,748 | 95,211 | ||||||||||||
Contractual cash flows due | 3,406,264 | 152,510 | 3,318,486 | 240,288 | ||||||||||||
Less: cash flows not expected to be collected (1) | 518,949 | 42,387 | 499,602 | 61,734 | ||||||||||||
Expected cash flows | 2,887,315 | 110,123 | 2,818,884 | 178,554 | ||||||||||||
Less: accretable yield | 629,788 | 30,527 | 617,297 | 43,018 | ||||||||||||
Carrying value at acquisition | $ | 2,257,527 | $ | 79,596 | $ | 2,201,587 | $ | 135,536 | ||||||||
-1 | Cash flows not expected to be collected includes the effects of both credit losses as well as modeled prepayment assumptions. |
Investment_Securities_Notes
Investment Securities (Notes) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Investment Securities [Abstract] | ' | |||||||||||||||||||||||
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | ' | |||||||||||||||||||||||
4. Investment Securities | ||||||||||||||||||||||||
The amortized cost and fair value of investment securities with gross unrealized gains and losses were as follows as of September 30, 2013 and December 31, 2012: | ||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Carrying Amount | ||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||||||
Available for sale: | ||||||||||||||||||||||||
Residential collateralized mortgage obligations (CMO) securities - nonagency | $ | 1,187,816 | $ | 16,941 | $ | 4,072 | $ | 1,200,685 | $ | 1,200,685 | ||||||||||||||
Asset-backed securities (ABS) | 5,153 | — | 1,098 | 4,055 | 4,055 | |||||||||||||||||||
Other | 317 | 283 | — | 600 | 600 | |||||||||||||||||||
Total available for sale securities | $ | 1,193,286 | $ | 17,224 | $ | 5,170 | $ | 1,205,340 | $ | 1,205,340 | ||||||||||||||
Held to maturity: | ||||||||||||||||||||||||
Residential CMO securities - agency | $ | 44,707 | $ | 1,636 | $ | 13 | $ | 46,330 | $ | 44,707 | ||||||||||||||
Residential mortgage-backed securities (MBS) - agency | 59,551 | 943 | 1,130 | 59,364 | 59,551 | |||||||||||||||||||
Corporate securities | 4,987 | — | 2,412 | 2,575 | 4,987 | |||||||||||||||||||
Total held to maturity securities | $ | 109,245 | $ | 2,579 | $ | 3,555 | $ | 108,269 | $ | 109,245 | ||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||
Available for sale: | ||||||||||||||||||||||||
Residential CMO securities - nonagency | $ | 1,577,270 | $ | 39,860 | $ | 5,355 | $ | 1,611,775 | $ | 1,611,775 | ||||||||||||||
Asset-backed securities | 9,461 | — | 1,935 | 7,526 | 7,526 | |||||||||||||||||||
Other | 366 | 211 | — | 577 | 577 | |||||||||||||||||||
Total available for sale securities | $ | 1,587,097 | $ | 40,071 | $ | 7,290 | $ | 1,619,878 | $ | 1,619,878 | ||||||||||||||
Held to maturity: | ||||||||||||||||||||||||
Residential CMO securities - agency | $ | 106,346 | $ | 3,497 | $ | — | $ | 109,843 | $ | 106,346 | ||||||||||||||
Residential MBS - agency | 31,901 | 1,986 | — | 33,887 | 31,901 | |||||||||||||||||||
Corporate securities | 4,987 | — | 2,008 | 2,979 | 4,987 | |||||||||||||||||||
Total held to maturity securities | $ | 143,234 | $ | 5,483 | $ | 2,008 | $ | 146,709 | $ | 143,234 | ||||||||||||||
At September 30, 2013 and December 31, 2012, investment securities with a carrying value of $169,092 and $421,209, respectively, were pledged to secure other borrowings, public deposits, securities sold under agreements to repurchase, and for other purposes as required or permitted by law. | ||||||||||||||||||||||||
For the three and nine months ended September 30, 2013, gross gains of $4,225 were realized on available for sale investments in other noninterest income. For the three and nine months ended September 30, 2012, there were no gross gains or gross losses realized on available for sale investments. | ||||||||||||||||||||||||
The gross unrealized losses and fair value of the Company’s investments in an unrealized loss position at September 30, 2013 and December 31, 2012, aggregated by investment category and the length of time individual securities have been in a continuous unrealized loss position, are as follows: | ||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Greater | Total | ||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||
Residential CMO securities - nonagency | $ | 283,055 | $ | 3,258 | $ | 48,450 | $ | 814 | $ | 331,505 | $ | 4,072 | ||||||||||||
Residential CMO securities - agency | 6,477 | 13 | — | — | 6,477 | 13 | ||||||||||||||||||
Residential MBS - agency | 35,548 | 1,130 | — | — | 35,548 | 1,130 | ||||||||||||||||||
Asset-backed securities | — | — | 4,055 | 1,098 | 4,055 | 1,098 | ||||||||||||||||||
Corporate securities | — | — | 2,575 | 2,412 | 2,575 | 2,412 | ||||||||||||||||||
Total debt securities | $ | 325,080 | $ | 4,401 | $ | 55,080 | $ | 4,324 | $ | 380,160 | $ | 8,725 | ||||||||||||
December 31, 2012 | ||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||
Residential CMO securities - nonagency | $ | 57,715 | $ | 299 | $ | 183,285 | $ | 5,056 | $ | 241,000 | $ | 5,355 | ||||||||||||
Asset-backed securities | — | — | 7,526 | 1,935 | 7,526 | 1,935 | ||||||||||||||||||
Corporate securities | — | — | 2,979 | 2,008 | 2,979 | 2,008 | ||||||||||||||||||
Total debt securities | $ | 57,715 | $ | 299 | $ | 193,790 | $ | 8,999 | $ | 251,505 | $ | 9,298 | ||||||||||||
The Company had unrealized losses at September 30, 2013 and December 31, 2012 on residential nonagency CMO securities, residential agency CMO securities, residential agency MBS, ABS and corporate securities. These unrealized losses are primarily attributable to weak market conditions. Based on the nature of the impairment, these unrealized losses are considered temporary. The Company does not intend to sell nor is it more likely than not that it will be required to sell these investments before their anticipated recovery. | ||||||||||||||||||||||||
At September 30, 2013, the Company had 44 debt securities in an unrealized loss position. A total of 32 were in an unrealized loss position for less than 12 months. These 32 securities consisted of 20 residential nonagency CMO securities, three residential agency CMO securities and nine residential agency MBS. The remaining 12 debt securities were in an unrealized loss position for 12 months or longer. These 12 securities consisted of three ABS, one corporate security and 8 residential nonagency CMO securities. Of the $8,725 in unrealized losses, $5,024 relate to debt securities that are rated investment grade with the remainder representing securities for which the Company believes it has both the intent and ability to hold to recovery. | ||||||||||||||||||||||||
At December 31, 2012, the Company had 31 debt securities in an unrealized loss position. A total of 3 were in an unrealized loss position for less than 12 months, all of which were residential CMO securities. The remaining 28 debt securities were in an unrealized loss position for 12 months or longer. These 28 securities consisted of three ABS, one corporate security and 24 residential nonagency CMO securities. Of the $9,298 in unrealized losses, $5,355 relate to debt securities that are rated investment grade with the remainder representing securities for which the Company believes it has both the intent and ability to hold to recovery. | ||||||||||||||||||||||||
When certain triggers indicate the likelihood of an other-than-temporary-impairment (OTTI) or the qualitative evaluation performed cannot support the expectation of recovering the entire amortized cost basis of an investment, the Company performs cash flow analyses that project prepayments, default rates and loss severities on the collateral supporting each security. If the net present value of the investment is less than the amortized cost, the difference is recognized in earnings as a credit-related impairment, while the remaining difference between the fair value and the amortized cost is recognized in AOCI. There were no OTTI losses recognized on available for sale or held to maturity securities during the three and nine months ended September 30, 2013 or 2012. | ||||||||||||||||||||||||
During the three and nine months ended September 30, 2013 and 2012, interest and dividend income on investment securities was comprised of the following: | ||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Interest income on available for sale securities | $ | 11,816 | $ | 17,875 | $ | 40,100 | $ | 55,474 | ||||||||||||||||
Interest income on held to maturity securities | 635 | 2,504 | 1,917 | 5,313 | ||||||||||||||||||||
Other interest and dividend income | 925 | 500 | 2,422 | 1,340 | ||||||||||||||||||||
$ | 13,376 | $ | 20,879 | $ | 44,439 | $ | 62,127 | |||||||||||||||||
All investment interest income recognized by the Company during the three and nine months ended September 30, 2013 and 2012 was fully taxable. |
Loans_Held_for_Sale_Notes
Loans Held for Sale (Notes) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Loans Held for Sale [Abstract] | ' | |||||||||||||||
Loans Held for Sale [Text Block] | ' | |||||||||||||||
5. Loans Held for Sale | ||||||||||||||||
Loans held for sale as of September 30, 2013 and December 31, 2012, consist of the following: | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Mortgage warehouse (carried at fair value) | $ | 1,020,410 | $ | 1,452,236 | ||||||||||||
Government insured pool buyouts | 1,866 | 96,635 | ||||||||||||||
Other | 10,995 | 539,175 | ||||||||||||||
Other (carried at fair value) | 26,676 | — | ||||||||||||||
Total loans held for sale | $ | 1,059,947 | $ | 2,088,046 | ||||||||||||
The Company typically transfers residential mortgage loans originated or acquired to various financial institutions, government agencies, and GSEs. In addition, the Company enters into loan securitization transactions related to certain conforming residential mortgage loans. In connection with these transactions, loans are converted into mortgage-backed securities issued primarily by the Federal Home Loan Mortgage Corporation (FHLMC or Freddie Mac), the Federal National Mortgage Association (FNMA or Fannie Mae) and the Government National Mortgage Association (GNMA or Ginnie Mae), and are subsequently sold to third party investors. Typically, the Company accounts for these transfers as sales and either retains or releases the right to service the loans. The servicing arrangement represents the Company's continuing involvement with these transferred loans. | ||||||||||||||||
In addition, the Company also may be exposed to limited liability related to recourse agreements and repurchase agreements made to its issuers and purchasers. This liability includes amounts related to loans sold that the Company may be required to repurchase, or otherwise indemnify or reimburse the investor or insurer for losses incurred, due to a material breach of contractual representations and warranties. Refer to Note 15 for the maximum exposure to loss for material breaches of contractual representations and warranties. | ||||||||||||||||
Other loans held for sale and carried at fair value of $26,676 at September 30, 2013 represent preferred jumbo residential mortgage loans that the Company originated with the intent to market and sell in the secondary market either through third party sales or securitizations. The Company has elected the fair value option for these loans to provide a better offset of the changes in the 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 following is a summary of cash flows related to transfers accounted for as sales for the three and nine months ended September 30, 2013 and 2012: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Proceeds received from agency securitizations | $ | 2,251,809 | $ | 2,476,812 | $ | 7,345,260 | $ | 6,267,169 | ||||||||
Proceeds received from nonsecuritization sales | 902,441 | 1,885 | 1,579,749 | 20,131 | ||||||||||||
Servicing fees collected | 30,928 | 24,577 | 86,489 | 72,477 | ||||||||||||
Repurchased loans from agency securitizations | 1,858 | 2,616 | 4,028 | 6,132 | ||||||||||||
Repurchased loans from nonagency sales | 6,927 | 6,773 | 17,143 | 16,287 | ||||||||||||
The Company periodically transfers conforming residential mortgages to GNMA in exchange for mortgage-backed securities. As of September 30, 2013 and December 31, 2012, the Company retained $0 and $99,121, respectively, of these securities backed by the transferred loans and maintained effective control over these pools of transferred assets. Accordingly, the Company did not record these transfers as sales. These transferred assets were recorded in the condensed consolidated balance sheets as loans held for sale. The remaining securities were sold to unrelated third parties and were recorded as sales. | ||||||||||||||||
The gains and losses on transfers which qualify as sales are recorded in the condensed consolidated statements of income in gain on sale of loans, which includes the gain or loss on sale, change in fair value related to fair value option loans, rate lock commitments, and the offsetting hedging positions. | ||||||||||||||||
In connection with these transfers, the Company recorded servicing assets in the amount of $33,025 and $84,018 for the three and nine months ended September 30, 2013, respectively. All servicing assets are initially recorded at fair value using a Level 3 measurement technique. Refer to Note 8 for information relating to servicing activities and MSR. | ||||||||||||||||
During the three and nine months ended September 30, 2013, the Company transferred $73,988 and $819,250 in residential mortgage loans from loans held for sale to loans held for investment at lower of cost or market. A majority of these loans were originated preferred jumbo ARM residential mortgages which were intended to be sold in the secondary market. As a result of changing economic conditions and the Company's capacity and desire to hold these loans on the balance sheet, the Company intends to hold these loans for the foreseeable future and has transferred these loans to the held for investment portfolio. During the three and nine months ended September 30, 2012, the Company transferred $1,899,527 and $1,928,519 in residential mortgage and commercial real estate loans held for sale to loans held for investment at lower of cost or market as the Company had the intent to hold these loans for the foreseeable future. | ||||||||||||||||
During the three and nine months ended September 30, 2013, the Company transferred $127,674 and $454,310 of loans held for investment to held for sale at lower of cost or market. The majority of these loans were government insured pool buyouts initially originated for the held for investment portfolio. These loans were transferred to held for sale based upon a change in intent to no longer hold these loans for the foreseeable future. |
Loans_and_Leases_Held_for_Inve
Loans and Leases Held for Investment, Net (Notes) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Loans and Leases Held for Investment, Net [Abstract] | ' | |||||||||||
Loans and Leases Held for Investment, Net | ' | |||||||||||
6. Loans and Leases Held for Investment, Net | ||||||||||||
Loans and leases held for investment as of September 30, 2013 and December 31, 2012 are comprised of the following: | ||||||||||||
September 30, | December 31, | |||||||||||
2013 | 2012 | |||||||||||
Residential mortgages | $ | 6,698,614 | $ | 6,708,748 | ||||||||
Commercial and commercial real estate | 4,608,487 | 4,771,768 | ||||||||||
Lease financing receivables | 1,092,866 | 836,935 | ||||||||||
Home equity lines | 156,977 | 179,600 | ||||||||||
Consumer and credit card | 6,023 | 8,038 | ||||||||||
Total loans and leases held for investment, net of discounts | 12,562,967 | 12,505,089 | ||||||||||
Allowance for loan and lease losses | (66,991 | ) | (82,102 | ) | ||||||||
Total loans and leases held for investment, net | $ | 12,495,976 | $ | 12,422,987 | ||||||||
As of September 30, 2013 and December 31, 2012, the carrying values presented above include net purchased loan and lease discounts and net deferred loan and lease origination costs as follows: | ||||||||||||
September 30, | December 31, | |||||||||||
2013 | 2012 | |||||||||||
Net purchased loan and lease discounts | $ | 120,321 | $ | 164,132 | ||||||||
Net deferred loan and lease origination costs | 45,315 | 25,275 | ||||||||||
Acquired Credit Impaired (ACI) Loans and Leases — At acquisition, the Company estimates the fair value of acquired loans and leases by segregating the portfolio into pools with similar risk characteristics. Fair value estimates for acquired loans and leases require estimates of the amounts and timing of expected future principal, interest and other cash flows. For each pool, the Company uses certain loan and lease information, including outstanding principal balance, probability of default and the estimated loss in the event of default to estimate the expected future cash flows for each loan and lease pool. | ||||||||||||
Acquisition date details of loans and leases acquired with evidence of credit deterioration during the nine months ended September 30, 2013 and 2012 are as follows: | ||||||||||||
September 30, | September 30, | |||||||||||
2013 | 2012 | |||||||||||
Contractual payments receivable for acquired loans and leases at acquisition | $ | 345,890 | $ | 218,750 | ||||||||
Expected cash flows for acquired loans and leases at acquisition | 193,549 | 133,627 | ||||||||||
Basis in acquired loans and leases at acquisition | 179,027 | 117,579 | ||||||||||
Information pertaining to the ACI portfolio as of September 30, 2013 and December 31, 2012 is as follows: | ||||||||||||
Residential | Commercial and Commercial Real Estate | Total | ||||||||||
September 30, 2013 | ||||||||||||
Carrying value, net of allowance | $ | 749,690 | $ | 410,286 | $ | 1,159,976 | ||||||
Outstanding unpaid principal balance (UPB) | 793,009 | 427,667 | 1,220,676 | |||||||||
Allowance for loan and lease losses, beginning of period | 5,175 | 16,789 | 21,964 | |||||||||
Allowance for loan and lease losses, end of period | 5,216 | 11,344 | 16,560 | |||||||||
Residential | Commercial and Commercial Real Estate | Total | ||||||||||
December 31, 2012 | ||||||||||||
Carrying value, net of allowance | $ | 860,437 | $ | 488,288 | $ | 1,348,725 | ||||||
Outstanding unpaid principal balance | 906,421 | 527,472 | 1,433,893 | |||||||||
Allowance for loan and lease losses, beginning of year | 5,464 | 10,525 | 15,989 | |||||||||
Allowance for loan and lease losses, end of year | 5,175 | 16,789 | 21,964 | |||||||||
The Company recorded a reduction of provision for loan loss of $667 and provision for loan loss expense of $863 for the ACI portfolio for the three months ended September 30, 2013 and 2012, respectively. The Company recorded a reduction of provision for loan loss of $2 and provision for loan loss expense of $5,192 for the ACI portfolio for the nine months ended September 30, 2013 and 2012, respectively. The adjustments to provision performed are the result of changes in expected cash flows on ACI loans. | ||||||||||||
The following is a summary of the accretable yield activity for the ACI loans during the nine months ended September 30, 2013 and 2012: | ||||||||||||
Residential | Commercial and Commercial Real Estate | Total | ||||||||||
September 30, 2013 | ||||||||||||
Balance, beginning of period | $ | 111,868 | $ | 108,540 | $ | 220,408 | ||||||
Additions | 12,174 | — | 12,174 | |||||||||
Accretion | (31,906 | ) | (22,110 | ) | (54,016 | ) | ||||||
Reclassifications to accretable yield | 27,249 | 23,552 | 50,801 | |||||||||
Balance, end of period | $ | 119,385 | $ | 109,982 | $ | 229,367 | ||||||
September 30, 2012 | ||||||||||||
Balance, beginning of period | $ | 90,224 | $ | 117,499 | $ | 207,723 | ||||||
Additions | 16,048 | — | 16,048 | |||||||||
Accretion | (22,159 | ) | (23,175 | ) | (45,334 | ) | ||||||
Reclassifications (from) to accretable yield | 2,616 | (12,677 | ) | (10,061 | ) | |||||||
Balance, end of period | $ | 86,729 | $ | 81,647 | $ | 168,376 | ||||||
Covered Loans and Leases — Covered loans and leases are acquired and recorded at fair value at acquisition, exclusive of the loss share agreements with the Federal Deposit Insurance Corporation (FDIC) and the indemnification agreement with former shareholders of Tygris. All loans acquired through the loss share agreement with the FDIC and all loans and leases acquired in the purchase of Tygris are considered covered during the applicable indemnification period. As of September 30, 2013 and December 31, 2012, the Company does not expect to receive cash payments under these indemnification agreements due to the performance of the underlying loans. | ||||||||||||
The following is a summary of the recorded investment of major categories of covered loans and leases outstanding as of September 30, 2013 and December 31, 2012: | ||||||||||||
Bank of Florida | Tygris | Total | ||||||||||
September 30, 2013 | ||||||||||||
Residential mortgages | $ | 46,738 | $ | — | $ | 46,738 | ||||||
Commercial and commercial real estate | 309,709 | — | 309,709 | |||||||||
Lease financing receivables | — | 33,283 | 33,283 | |||||||||
Home equity lines | 14,266 | — | 14,266 | |||||||||
Total recorded investment of covered loans and leases | $ | 370,713 | $ | 33,283 | $ | 403,996 | ||||||
December 31, 2012 | ||||||||||||
Residential mortgages | $ | 56,390 | $ | — | $ | 56,390 | ||||||
Commercial and commercial real estate | 441,998 | — | 441,998 | |||||||||
Lease financing receivables | — | 75,201 | 75,201 | |||||||||
Home equity lines | 17,992 | — | 17,992 | |||||||||
Consumer and credit card | 1,378 | — | 1,378 | |||||||||
Total recorded investment of covered loans and leases | $ | 517,758 | $ | 75,201 | $ | 592,959 | ||||||
Allowance_for_Loan_and_Lease_L
Allowance for Loan and Lease Losses (Notes) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Allowance for Loan and Lease Losses [Abstract] | ' | |||||||||||||||||||||||
Allowance for Loan and Lease Losses | ' | |||||||||||||||||||||||
7. Allowance for Loan and Lease Losses | ||||||||||||||||||||||||
Changes in the allowance for loan and lease losses for the three and nine months ended September 30, 2013 and 2012 are as follows: | ||||||||||||||||||||||||
Three Months Ended September 30, 2013 | Residential Mortgages | Commercial | Lease Financing Receivables | Home Equity Lines | Consumer and Credit Card | Total | ||||||||||||||||||
and Commercial Real Estate | ||||||||||||||||||||||||
Balance, beginning of period | $ | 28,685 | $ | 36,881 | $ | 4,073 | $ | 3,688 | $ | 142 | $ | 73,469 | ||||||||||||
Provision for loan and lease losses | 1,976 | 872 | 274 | (55 | ) | 1 | 3,068 | |||||||||||||||||
Charge-offs | (3,038 | ) | (6,081 | ) | (746 | ) | (430 | ) | (28 | ) | (10,323 | ) | ||||||||||||
Recoveries | 70 | 488 | 75 | 130 | 14 | 777 | ||||||||||||||||||
Balance, end of period | $ | 27,693 | $ | 32,160 | $ | 3,676 | $ | 3,333 | $ | 129 | $ | 66,991 | ||||||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||||||||||
Balance, beginning of period | $ | 37,719 | $ | 32,050 | $ | 4,160 | $ | 3,288 | $ | 176 | $ | 77,393 | ||||||||||||
Provision for loan and lease losses | (1,277 | ) | 3,271 | 917 | 1,400 | 48 | 4,359 | |||||||||||||||||
Charge-offs | (3,868 | ) | (2,636 | ) | (805 | ) | (1,215 | ) | (61 | ) | (8,585 | ) | ||||||||||||
Recoveries | 52 | 3,023 | 159 | 52 | 16 | 3,302 | ||||||||||||||||||
Balance, end of period | $ | 32,626 | $ | 35,708 | $ | 4,431 | $ | 3,525 | $ | 179 | $ | 76,469 | ||||||||||||
Nine Months Ended September 30, 2013 | Residential Mortgages | Commercial | Lease Financing Receivables | Home Equity Lines | Consumer and Credit Card | Total | ||||||||||||||||||
and Commercial Real Estate | ||||||||||||||||||||||||
Balance, beginning of period | $ | 33,631 | $ | 39,863 | $ | 3,181 | $ | 5,265 | $ | 162 | $ | 82,102 | ||||||||||||
Provision for loan and lease losses | 5,142 | (1,874 | ) | 2,530 | (765 | ) | (17 | ) | 5,016 | |||||||||||||||
Charge-offs | (11,378 | ) | (10,309 | ) | (2,442 | ) | (1,546 | ) | (65 | ) | (25,740 | ) | ||||||||||||
Recoveries | 298 | 4,480 | 407 | 379 | 49 | 5,613 | ||||||||||||||||||
Balance, end of period | $ | 27,693 | $ | 32,160 | $ | 3,676 | $ | 3,333 | $ | 129 | $ | 66,991 | ||||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||
Balance, beginning of period | $ | 43,454 | $ | 28,209 | $ | 3,766 | $ | 2,186 | $ | 150 | $ | 77,765 | ||||||||||||
Provision for loan and lease losses | 3,516 | 10,537 | 3,344 | 3,978 | 96 | 21,471 | ||||||||||||||||||
Charge-offs | (14,701 | ) | (6,640 | ) | (2,903 | ) | (2,807 | ) | (112 | ) | (27,163 | ) | ||||||||||||
Recoveries | 357 | 3,602 | 224 | 168 | 45 | 4,396 | ||||||||||||||||||
Balance, end of period | $ | 32,626 | $ | 35,708 | $ | 4,431 | $ | 3,525 | $ | 179 | $ | 76,469 | ||||||||||||
The following tables provide a breakdown of the allowance for loan and lease losses and the recorded investment in loans and leases based on the method for determining the allowance as of September 30, 2013 and December 31, 2012: | ||||||||||||||||||||||||
30-Sep-13 | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | ACI Loans | Total | ||||||||||||||||||||
Allowance for Loan and Lease Losses | ||||||||||||||||||||||||
Residential mortgages | $ | 9,283 | $ | 13,194 | $ | 5,216 | $ | 27,693 | ||||||||||||||||
Commercial and commercial real estate | 2,875 | 17,941 | 11,344 | 32,160 | ||||||||||||||||||||
Lease financing receivables | — | 3,676 | — | 3,676 | ||||||||||||||||||||
Home equity lines | — | 3,333 | — | 3,333 | ||||||||||||||||||||
Consumer and credit card | — | 129 | — | 129 | ||||||||||||||||||||
Total allowance for loan and lease losses | $ | 12,158 | $ | 38,273 | $ | 16,560 | $ | 66,991 | ||||||||||||||||
Loans and Leases Held for Investment at Recorded Investment | ||||||||||||||||||||||||
Residential mortgages | $ | 91,391 | $ | 5,852,317 | $ | 754,906 | $ | 6,698,614 | ||||||||||||||||
Commercial and commercial real estate | 83,770 | 4,103,087 | 421,630 | 4,608,487 | ||||||||||||||||||||
Lease financing receivables | — | 1,092,866 | — | 1,092,866 | ||||||||||||||||||||
Home equity lines | — | 156,977 | — | 156,977 | ||||||||||||||||||||
Consumer and credit card | — | 6,023 | — | 6,023 | ||||||||||||||||||||
Total loans and leases held for investment | $ | 175,161 | $ | 11,211,270 | $ | 1,176,536 | $ | 12,562,967 | ||||||||||||||||
December 31, 2012 | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | ACI Loans | Total | ||||||||||||||||||||
Allowance for Loan and Lease Losses | ||||||||||||||||||||||||
Residential mortgages | $ | 12,568 | $ | 15,888 | $ | 5,175 | $ | 33,631 | ||||||||||||||||
Commercial and commercial real estate | 5,569 | 17,505 | 16,789 | 39,863 | ||||||||||||||||||||
Lease financing receivables | — | 3,181 | — | 3,181 | ||||||||||||||||||||
Home equity lines | — | 5,265 | — | 5,265 | ||||||||||||||||||||
Consumer and credit card | — | 162 | — | 162 | ||||||||||||||||||||
Total allowance for loan and lease losses | $ | 18,137 | $ | 42,001 | $ | 21,964 | $ | 82,102 | ||||||||||||||||
Loans and Leases Held for Investment at Recorded Investment | ||||||||||||||||||||||||
Residential mortgages | $ | 95,274 | $ | 5,747,862 | $ | 865,612 | $ | 6,708,748 | ||||||||||||||||
Commercial and commercial real estate | 92,262 | 4,174,429 | 505,077 | 4,771,768 | ||||||||||||||||||||
Lease financing receivables | — | 836,935 | — | 836,935 | ||||||||||||||||||||
Home equity lines | — | 179,600 | — | 179,600 | ||||||||||||||||||||
Consumer and credit card | — | 8,038 | — | 8,038 | ||||||||||||||||||||
Total loans and leases held for investment | $ | 187,536 | $ | 10,946,864 | $ | 1,370,689 | $ | 12,505,089 | ||||||||||||||||
The Company uses a risk grading matrix to monitor credit quality for commercial and commercial real estate loans. Risk grades are continuously monitored and updated quarterly by credit administration personnel based on current information and events. The Company monitors the quarterly credit quality of all other loan types based on performing status. | ||||||||||||||||||||||||
The following tables present the recorded investment for loans and leases by credit quality indicator as of September 30, 2013 and December 31, 2012: | ||||||||||||||||||||||||
Non-performing | ||||||||||||||||||||||||
Performing | Accrual | Nonaccrual | Total | |||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||||||
Residential mortgages: | ||||||||||||||||||||||||
Residential (1) | $ | 4,565,949 | $ | — | $ | 57,270 | $ | 4,623,219 | ||||||||||||||||
Government insured pool buyouts (2) (3) | 1,369,117 | 706,278 | — | 2,075,395 | ||||||||||||||||||||
Lease financing receivables | 1,088,695 | — | 4,171 | 1,092,866 | ||||||||||||||||||||
Home equity lines | 152,813 | — | 4,164 | 156,977 | ||||||||||||||||||||
Consumer and credit card | 6,008 | — | 15 | 6,023 | ||||||||||||||||||||
Total | $ | 7,182,582 | $ | 706,278 | $ | 65,620 | $ | 7,954,480 | ||||||||||||||||
Pass | Special Mention | Substandard | Doubtful | Total | ||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||||||
Commercial and commercial real estate: | ||||||||||||||||||||||||
Commercial | $ | 1,357,081 | $ | 277 | $ | 5,973 | $ | 1,806 | $ | 1,365,137 | ||||||||||||||
Commercial real estate | 2,931,125 | 44,528 | 267,697 | — | 3,243,350 | |||||||||||||||||||
Total commercial and commercial real estate | $ | 4,288,206 | $ | 44,805 | $ | 273,670 | $ | 1,806 | $ | 4,608,487 | ||||||||||||||
Non-performing | ||||||||||||||||||||||||
Performing | Accrual | Nonaccrual | Total | |||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||
Residential mortgages: | ||||||||||||||||||||||||
Residential (1) | $ | 3,880,360 | $ | — | $ | 68,924 | $ | 3,949,284 | ||||||||||||||||
Government insured pool buyouts (2) (3) | 1,590,732 | 1,168,732 | — | 2,759,464 | ||||||||||||||||||||
Lease financing receivables | 834,925 | — | 2,010 | 836,935 | ||||||||||||||||||||
Home equity lines | 175,354 | — | 4,246 | 179,600 | ||||||||||||||||||||
Consumer and credit card | 7,699 | — | 339 | 8,038 | ||||||||||||||||||||
Total | $ | 6,489,070 | $ | 1,168,732 | $ | 75,519 | $ | 7,733,321 | ||||||||||||||||
Pass | Special Mention | Substandard | Doubtful | Total | ||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||
Commercial and commercial real estate: | ||||||||||||||||||||||||
Commercial | $ | 1,368,054 | $ | 565 | $ | 8,416 | $ | 4,405 | $ | 1,381,440 | ||||||||||||||
Commercial real estate | 3,027,554 | 79,779 | 282,995 | — | 3,390,328 | |||||||||||||||||||
Total commercial and commercial real estate | $ | 4,395,608 | $ | 80,344 | $ | 291,411 | $ | 4,405 | $ | 4,771,768 | ||||||||||||||
-1 | For the periods ended September 30, 2013 and December 31, 2012, performing residential mortgages included $8,829 and $14,682, respectively of ACI loans greater than 90 days past due and still accruing. | |||||||||||||||||||||||
-2 | For the periods ended September 30, 2013 and December 31, 2012, performing government insured pool buyouts included $439,934 and $553,902, respectively of ACI loans greater than 90 days past due and still accruing. | |||||||||||||||||||||||
-3 | Non-performing government insured pool buyouts represent loans that are 90 days or greater past due but remain on accrual status as the interest earned is insured and thus collectible from the insuring governmental agency. | |||||||||||||||||||||||
The following tables present an aging analysis of the recorded investment for loans and leases by class as of September 30, 2013 and December 31, 2012: | ||||||||||||||||||||||||
30-59 Days Past Due | 60-89 Days Past Due | 90 Days and Greater Past Due | Total Past Due | Current | Total Loans Held for Investment Excluding ACI | |||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||||||
Residential mortgages: | ||||||||||||||||||||||||
Residential | $ | 9,527 | $ | 5,180 | $ | 57,270 | $ | 71,977 | $ | 4,475,614 | $ | 4,547,591 | ||||||||||||
Government insured pool buyouts (1) | 81,169 | 58,231 | 706,278 | 845,678 | 550,439 | 1,396,117 | ||||||||||||||||||
Commercial and commercial real estate: | ||||||||||||||||||||||||
Commercial | 829 | 12 | 2,947 | 3,788 | 1,297,282 | 1,301,070 | ||||||||||||||||||
Commercial real estate | 275 | 851 | 13,017 | 14,142 | 2,871,645 | 2,885,787 | ||||||||||||||||||
Lease financing receivables | 7,133 | 2,417 | 973 | 10,523 | 1,082,343 | 1,092,866 | ||||||||||||||||||
Home equity lines | 1,173 | 607 | 4,164 | 5,944 | 151,033 | 156,977 | ||||||||||||||||||
Consumer and credit card | 36 | 4 | 18 | 58 | 5,965 | 6,023 | ||||||||||||||||||
Total loans and leases held for investment | $ | 100,142 | $ | 67,302 | $ | 784,667 | $ | 952,110 | $ | 10,434,321 | $ | 11,386,431 | ||||||||||||
December 31, 2012 | ||||||||||||||||||||||||
Residential mortgages: | ||||||||||||||||||||||||
Residential | $ | 12,648 | $ | 4,844 | $ | 68,924 | $ | 86,416 | $ | 3,759,325 | $ | 3,845,741 | ||||||||||||
Government insured pool buyouts (1) | 132,479 | 70,915 | 1,168,732 | 1,372,126 | 625,269 | 1,997,395 | ||||||||||||||||||
Commercial and commercial real estate: | ||||||||||||||||||||||||
Commercial | 242 | 271 | 4,985 | 5,498 | 1,358,107 | 1,363,605 | ||||||||||||||||||
Commercial real estate | — | — | 71,149 | 71,149 | 2,831,937 | 2,903,086 | ||||||||||||||||||
Lease financing receivables | 4,250 | 2,039 | 571 | 6,860 | 830,075 | 836,935 | ||||||||||||||||||
Home equity lines | 1,221 | 1,108 | 4,246 | 6,575 | 173,025 | 179,600 | ||||||||||||||||||
Consumer and credit card | 57 | 30 | 339 | 426 | 7,612 | 8,038 | ||||||||||||||||||
Total loans and leases held for investment | $ | 150,897 | $ | 79,207 | $ | 1,318,946 | $ | 1,549,050 | $ | 9,585,350 | $ | 11,134,400 | ||||||||||||
-1 | Government insured pool buyouts remain on accrual status after 90 days as the interest earned is collectible from the insuring governmental agency. | |||||||||||||||||||||||
Impaired Loans — Impaired loans include loans identified as troubled loans as a result of a borrower’s financial difficulties and other loans on which the accrual of interest income is suspended. The Company continues to collect payments on certain impaired loan balances on which accrual is suspended. | ||||||||||||||||||||||||
The following tables present the unpaid principal balance, the recorded investment and the related allowance for impaired loans as of September 30, 2013 and December 31, 2012: | ||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||||||
Unpaid Principal Balance | Recorded Investment (1) | Related Allowance | Unpaid Principal Balance | Recorded Investment (1) | Related Allowance | |||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||
Residential mortgages: | ||||||||||||||||||||||||
Residential | $ | 71,227 | $ | 67,803 | $ | 9,283 | $ | 77,501 | $ | 75,111 | $ | 12,568 | ||||||||||||
Commercial and commercial real estate: | ||||||||||||||||||||||||
Commercial | 15,166 | 3,143 | 451 | 12,356 | 2,615 | 371 | ||||||||||||||||||
Commercial real estate | 21,439 | 19,281 | 2,424 | 56,997 | 33,967 | 5,198 | ||||||||||||||||||
Total impaired loans with an allowance recorded | $ | 107,832 | $ | 90,227 | $ | 12,158 | $ | 146,854 | $ | 111,693 | $ | 18,137 | ||||||||||||
Without a related allowance recorded: | ||||||||||||||||||||||||
Residential mortgages: | ||||||||||||||||||||||||
Residential | $ | 32,411 | $ | 23,588 | $ | 25,602 | $ | 20,163 | ||||||||||||||||
Commercial and commercial real estate: | ||||||||||||||||||||||||
Commercial | 299 | 82 | 5,413 | 4,446 | ||||||||||||||||||||
Commercial real estate | 73,030 | 61,264 | 59,332 | 51,234 | ||||||||||||||||||||
Total impaired loans without an allowance recorded | $ | 105,740 | $ | 84,934 | $ | 90,347 | $ | 75,843 | ||||||||||||||||
-1 | The primary difference between the unpaid principal balance and recorded investment represents charge offs previously taken. | |||||||||||||||||||||||
The following table presents the average investment and interest income recognized on impaired loans for the three and nine months ended September 30, 2013 and 2012: | ||||||||||||||||||||||||
Three Months Ended September 30, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Average Investment | Interest Income Recognized | Average Investment | Interest Income Recognized | |||||||||||||||||||||
With and without a related allowance recorded: | ||||||||||||||||||||||||
Residential mortgages: | ||||||||||||||||||||||||
Residential | $ | 93,535 | $ | 667 | $ | 88,681 | $ | 562 | ||||||||||||||||
Commercial and commercial real estate: | ||||||||||||||||||||||||
Commercial | 3,578 | — | 8,133 | 20 | ||||||||||||||||||||
Commercial real estate | 79,808 | 300 | 96,579 | 916 | ||||||||||||||||||||
Total impaired loans | $ | 176,921 | $ | 967 | $ | 193,393 | $ | 1,498 | ||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Average Investment | Interest Income Recognized | Average Investment | Interest Income Recognized | |||||||||||||||||||||
With and without a related allowance recorded: | ||||||||||||||||||||||||
Residential mortgages: | ||||||||||||||||||||||||
Residential | $ | 94,534 | $ | 2,143 | $ | 90,243 | $ | 1,834 | ||||||||||||||||
Commercial and commercial real estate: | ||||||||||||||||||||||||
Commercial | 4,965 | 2 | 9,909 | 39 | ||||||||||||||||||||
Commercial real estate | 79,874 | 764 | 109,838 | 1,678 | ||||||||||||||||||||
Total impaired loans | $ | 179,373 | $ | 2,909 | $ | 209,990 | $ | 3,551 | ||||||||||||||||
The following table presents the recorded investment for loans and leases on nonaccrual status by class and loans greater than 90 days past due and still accruing as of September 30, 2013 and December 31, 2012: | ||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||||||
Nonaccrual Status | Greater than 90 Days Past Due and Accruing | Nonaccrual Status | Greater than 90 Days Past Due and Accruing | |||||||||||||||||||||
Residential mortgages: | ||||||||||||||||||||||||
Residential | $ | 57,270 | $ | — | $ | 68,924 | $ | — | ||||||||||||||||
Government insured pool buyouts | — | 706,278 | — | 1,168,732 | ||||||||||||||||||||
Commercial and commercial real estate: | ||||||||||||||||||||||||
Commercial | 3,962 | — | 4,985 | — | ||||||||||||||||||||
Commercial real estate | 72,698 | — | 71,149 | — | ||||||||||||||||||||
Lease financing receivables | 4,171 | — | 2,010 | — | ||||||||||||||||||||
Home equity lines | 4,164 | — | 4,246 | — | ||||||||||||||||||||
Consumer and credit card | 15 | — | 339 | — | ||||||||||||||||||||
Total non-performing loans and leases | $ | 142,280 | $ | 706,278 | $ | 151,653 | $ | 1,168,732 | ||||||||||||||||
Troubled Debt Restructurings (TDR) — Modifications considered to be TDRs are individually evaluated for credit loss based on a discounted cash flow model using the loan’s effective interest rate at the time of origination. The discounted cash flow model used in this evaluation is adjusted to reflect the modified loan’s elevated probability of future default based on the Company’s historical redefault rate. These loans are classified as nonaccrual and have been included in the Company’s impaired loan disclosures in the tables above. A loan is considered to redefault when it is 30 days past due. Once a modified loan demonstrates a consistent period of performance under the modified terms, generally six months, the Company returns the loan to an accrual classification. If a modified loan defaults under the terms of the modified agreement, the Company measures the allowance for loan and lease losses based on the fair value of collateral less cost to sell. | ||||||||||||||||||||||||
The following is a summary of information relating to modifications considered to be TDRs for the three and nine months ended September 30, 2013 and 2012: | ||||||||||||||||||||||||
Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | |||||||||||||||||||||||
Number of | Pre- | Post- | Number of Contracts | Pre-modification Recorded Investment | Post-modification Recorded Investment | |||||||||||||||||||
Contracts | modification | modification | ||||||||||||||||||||||
Recorded | Recorded | |||||||||||||||||||||||
Investment | Investment | |||||||||||||||||||||||
Residential mortgages: | ||||||||||||||||||||||||
Residential | 10 | $ | 2,805 | $ | 2,867 | 28 | $ | 10,693 | $ | 10,777 | ||||||||||||||
Commercial and commercial real estate: | ||||||||||||||||||||||||
Commercial real estate | — | — | — | 2 | 1,695 | 1,695 | ||||||||||||||||||
Total | 10 | $ | 2,805 | $ | 2,867 | 30 | $ | 12,388 | $ | 12,472 | ||||||||||||||
Three Months Ended September 30, 2012 | Nine Months Ended September 30, 2012 | |||||||||||||||||||||||
Number of | Pre- | Post- | Number of | Pre- | Post- | |||||||||||||||||||
Contracts | modification | modification | Contracts | modification | modification | |||||||||||||||||||
Recorded | Recorded | Recorded | Recorded | |||||||||||||||||||||
Investment | Investment | Investment | Investment | |||||||||||||||||||||
Residential mortgages: | ||||||||||||||||||||||||
Residential | 9 | $ | 3,429 | $ | 3,432 | 42 | $ | 17,136 | $ | 17,158 | ||||||||||||||
Commercial and commercial real estate: | ||||||||||||||||||||||||
Commercial | 1 | 43 | 43 | 5 | 2,951 | 2,951 | ||||||||||||||||||
Commercial real estate | 1 | 3,148 | 3,148 | 14 | 23,722 | 23,722 | ||||||||||||||||||
Total | 11 | $ | 6,620 | $ | 6,623 | 61 | $ | 43,809 | $ | 43,831 | ||||||||||||||
The Company included 127 loans with an unpaid principal balance of $17,951 in Chapter 7 bankruptcy as TDRs at September 30, 2013. Modifications made to residential loans during the period included extension of original contractual maturity date, extension of the period of below market rate interest only payments, or contingent reduction of past due interest. Commercial loan modifications made during the period included extension of original contractual maturity date, payment forbearance, reduction of interest rates, or extension of interest only periods. | ||||||||||||||||||||||||
The number of contracts and recorded investment of loans that were modified during the last 12 months and subsequently defaulted during the three and nine months ended September 30, 2013 and 2012 are as follows: | ||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
30-Sep-13 | 30-Sep-13 | |||||||||||||||||||||||
Number of Contracts | Recorded Investment | Number of Contracts | Recorded Investment | |||||||||||||||||||||
Residential mortgages: | ||||||||||||||||||||||||
Residential | 2 | $ | 210 | 3 | $ | 397 | ||||||||||||||||||
Commercial and commercial real estate: | ||||||||||||||||||||||||
Commercial | 1 | 673 | 1 | 673 | ||||||||||||||||||||
Total | 3 | $ | 883 | 4 | $ | 1,070 | ||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
30-Sep-12 | 30-Sep-12 | |||||||||||||||||||||||
Number of Contracts | Recorded Investment | Number of Contracts | Recorded Investment | |||||||||||||||||||||
Residential mortgages: | ||||||||||||||||||||||||
Residential | 2 | $ | 883 | 6 | $ | 3,107 | ||||||||||||||||||
Total | 2 | $ | 883 | 6 | $ | 3,107 | ||||||||||||||||||
The recorded investment of TDRs as of September 30, 2013 and December 31, 2012 are summarized as follows: | ||||||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Loan Type: | ||||||||||||||||||||||||
Residential mortgages | $ | 91,391 | $ | 95,275 | ||||||||||||||||||||
Commercial and commercial real estate | 36,671 | 64,674 | ||||||||||||||||||||||
Total recorded investment of TDRs | $ | 128,062 | $ | 159,949 | ||||||||||||||||||||
Accrual Status: | ||||||||||||||||||||||||
Current | $ | 75,659 | $ | 86,495 | ||||||||||||||||||||
30-89 days past-due accruing | 4,005 | 3,600 | ||||||||||||||||||||||
90+ days past-due accruing | 561 | 244 | ||||||||||||||||||||||
Nonaccrual | 47,837 | 69,610 | ||||||||||||||||||||||
Total recorded investment of TDRs | $ | 128,062 | $ | 159,949 | ||||||||||||||||||||
TDRs classified as impaired loans | $ | 128,062 | $ | 159,949 | ||||||||||||||||||||
Valuation allowance on TDRs | 9,336 | 16,258 | ||||||||||||||||||||||
Servicing_Activities_and_Mortg
Servicing Activities and Mortgage Servicing Rights (Notes) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Servicing Activities and Mortgage Servicing Rights [Abstract] | ' | |||||||||||||||
Servicing Activities and Mortgage Servicing Rights | ' | |||||||||||||||
8. Servicing Activities and Mortgage Servicing Rights | ||||||||||||||||
A summary of MSR activities for the three and nine months ended September 30, 2013 and 2012 is as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Balance, beginning of period | $ | 462,718 | $ | 415,962 | $ | 375,859 | $ | 489,496 | ||||||||
Originated servicing rights capitalized upon sale of loans | 33,025 | 21,034 | 84,018 | 58,061 | ||||||||||||
Acquired servicing rights | 1,633 | — | 65,188 | — | ||||||||||||
Amortization | (30,437 | ) | (36,292 | ) | (101,461 | ) | (99,773 | ) | ||||||||
Decrease (increase) in valuation allowance | 35,132 | (18,229 | ) | 80,259 | (63,508 | ) | ||||||||||
Other | (577 | ) | (702 | ) | (2,369 | ) | (2,503 | ) | ||||||||
Balance, end of period | $ | 501,494 | $ | 381,773 | $ | 501,494 | $ | 381,773 | ||||||||
Valuation allowance: | ||||||||||||||||
Balance, beginning of period | $ | 57,836 | $ | 84,734 | $ | 102,963 | $ | 39,455 | ||||||||
Increase in valuation allowance | — | 21,735 | — | 67,014 | ||||||||||||
Recoveries | (35,132 | ) | (3,506 | ) | (80,259 | ) | (3,506 | ) | ||||||||
Balance, end of period | $ | 22,704 | $ | 102,963 | $ | 22,704 | $ | 102,963 | ||||||||
Components of loan servicing fee income for the three and nine months ended September 30, 2013 and 2012 are presented below: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Contractually specified service fees, net | $ | 40,116 | $ | 32,255 | $ | 110,489 | $ | 101,326 | ||||||||
Other ancillary fees | 9,987 | 9,413 | 27,717 | 27,279 | ||||||||||||
Other | 610 | 673 | 1,862 | 1,775 | ||||||||||||
$ | 50,713 | $ | 42,341 | $ | 140,068 | $ | 130,380 | |||||||||
Residential | ||||||||||||||||
On April 1, 2013, EverBank purchased the servicing rights to $12,962,454 of UPB of Fannie Mae residential servicing assets for $65,188, which transferred on July 1, 2013. The acquired servicing rights are included in the residential class of MSR. | ||||||||||||||||
For loans securitized and sold with servicing retained during the three and nine months ended September 30, 2013 and 2012, management used the following assumptions to determine the fair value of residential MSR at the date of securitization: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
30-Sep-13 | 30-Sep-13 | |||||||||||||||
Average discount rates | 8.57 | % | — | 9.40% | 8.57 | % | — | 9.85% | ||||||||
Expected prepayment speeds | 8.78 | % | — | 10.60% | 7.91 | % | — | 14.93% | ||||||||
Weighted-average life in years | 6.58 | — | 7.87 | 5.33 | — | 7.87 | ||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
30-Sep-12 | 30-Sep-12 | |||||||||||||||
Average discount rates | 8.99 | % | — | 9.75% | 8.6 | % | — | 9.75% | ||||||||
Expected prepayment speeds | 13.23 | % | — | 14.99% | 10.13 | % | — | 14.99% | ||||||||
Weighted-average life in years | 5.21 | — | 5.72 | 5.21 | — | 6.7 | ||||||||||
At September 30, 2013 and December 31, 2012, the Company estimated the fair value of its capitalized residential MSR to be approximately $496,964 and $363,173, respectively. The carrying value of its residential MSR was $493,623 and $363,159 at September 30, 2013 and December 31, 2012, respectively. The unpaid principal balance below excludes $6,647,000 and $7,049,000 at September 30, 2013 and December 31, 2012, respectively, for residential loans with no related MSR basis. | ||||||||||||||||
The characteristics used in estimating the fair value of the residential MSR portfolio at September 30, 2013 and December 31, 2012 are as follows: | ||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||
Unpaid principal balance | $ | 52,967,000 | $ | 42,373,000 | ||||||||||||
Gross weighted-average coupon | 4.51 | % | 4.66 | % | ||||||||||||
Weighted-average servicing fee | 0.29 | % | 0.3 | % | ||||||||||||
Expected prepayment speed (1) | 11.68 | % | 19.73 | % | ||||||||||||
-1 | The prepayment speed assumptions include a blend of prepayment speeds that are influenced by mortgage interest rates, the current macroeconomic environment and borrower behaviors and may vary over the expected life of the asset. | |||||||||||||||
A sensitivity analysis of the Company’s fair value of residential MSR portfolio to hypothetical adverse changes of 10% and 20% to the weighted-average of certain key assumptions as of September 30, 2013 and December 31, 2012 is presented below. | ||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||
Prepayment Rate | ||||||||||||||||
10% adverse rate change | $ | 22,847 | $ | 23,100 | ||||||||||||
20% adverse rate change | 43,970 | 44,232 | ||||||||||||||
Discount Rate | ||||||||||||||||
10% adverse rate change | 18,592 | 12,696 | ||||||||||||||
20% adverse rate change | 35,900 | 24,539 | ||||||||||||||
In the previous table, the effect of a variation in a specific assumption on the fair value is calculated without changing any other assumptions. This analysis typically cannot be extrapolated because the relationship of a change in one key assumption to the change in the fair value of the Company’s residential mortgage servicing rights usually is not linear. The effect of changing one key assumption will likely result in the change of another key assumption which could impact the sensitivities. | ||||||||||||||||
Commercial | ||||||||||||||||
The carrying value and fair value of our commercial MSR was $7,870 at September 30, 2013. As of December 31, 2012, the carrying value and fair value of our commercial MSR was $12,700 and $15,698, respectively. |
Other_Borrowings_Notes
Other Borrowings (Notes) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Other Borrowings [Abstract] | ' | ||||||||
Other Borrowings [Text Block] | ' | ||||||||
9. Other Borrowings | |||||||||
Other borrowings at September 30, 2013 and December 31, 2012 are comprised of the following: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
FHLB advances, including unamortized premium of $0 and $262, respectively | $ | 1,872,700 | $ | 3,030,620 | |||||
Securities sold under agreements to repurchase, including unamortized premium of $0 and $78, respectively | — | 142,401 | |||||||
$ | 1,872,700 | $ | 3,173,021 | ||||||
Advances from the FHLB at September 30, 2013 and December 31, 2012 are as follows: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Fixed-rate advances with a weighted-average interest rate of 2.09% and 2.05%, respectively | $ | 1,872,700 | $ | 2,412,858 | |||||
Convertible advances with a weighted-average fixed interest rate of 0.00% and 4.24%, respectively | — | 17,000 | |||||||
Overnight advances with a weighted-average floating interest rate of 0.00% and 0.36%, respectively | — | 600,500 | |||||||
$ | 1,872,700 | $ | 3,030,358 | ||||||
Contractual maturity dates for FHLB advances at September 30, 2013 are as follows: | |||||||||
2013 | $ | 140,700 | |||||||
2014 | 100,000 | ||||||||
2015 | 331,000 | ||||||||
2016 | 190,000 | ||||||||
2017 | 380,000 | ||||||||
2018 | 260,000 | ||||||||
Thereafter | 471,000 | ||||||||
$ | 1,872,700 | ||||||||
FHLB Borrowings | |||||||||
During September 2013, the Company early extinguished FHLB advances with a principal balance of $770,000. The consideration paid for the early extinguishment was $733,969 representing the net settlement of the advance balances. The resulting gain of $36,031 recognized upon extinguishment was recorded in other noninterest income in the consolidated statements of income. As a result of the extinguishment, the forecasted transactions related to the interest payments associated with this debt were no longer expected to occur which resulted in the reclassification of $31,036 previously recorded in accumulated other comprehensive income to other noninterest income. | |||||||||
In early October 2013, the Company early extinguished an additional FHLB advance with a principal balance of $104,000. The consideration paid for this early extinguishment was $93,600 representing the net settlement of the advance balance. The resulting gain of $10,400 realized upon extinguishment will be recognized in the fourth quarter of 2013. | |||||||||
Interest expense on FHLB advances for the three months ended September 30, 2013 and 2012 was $19,037 and $10,852, respectively. Interest expense on FHLB advances for the nine months ended September 30, 2013 and 2012 was $55,293 and $27,681, respectively. |
Income_Taxes_Notes
Income Taxes (Notes) | 9 Months Ended |
Sep. 30, 2013 | |
Income Taxes [Abstract] | ' |
Income Taxes | ' |
10. Income Taxes | |
For the three and nine months ended September 30, 2013, the Company’s effective income tax rate of 38.2% for both periods differs from the statutory federal income tax rate primarily due to state income taxes. The Company's effective income tax rate of 36.9% and 36.7%, for the three and nine months ended September 30, 2012, respectively, differs from the statutory federal income tax rate primarily due to state income taxes. |
ShareBased_Compensation_Notes
Share-Based Compensation (Notes) | 9 Months Ended | ||
Sep. 30, 2013 | |||
Share-based Compensation [Abstract] | ' | ||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||
11. Share-Based Compensation | |||
Option Plans - On March 6, 2013, the Company granted 537,154 options with a fair value on the grant date of $7.53. The fair value of each option award was estimated as of the grant date using the Black-Scholes option-pricing model. Significant assumptions used in the Black-Scholes option-pricing model to determine the fair value of stock options are as follows: | |||
Risk-free interest rate | 1.76 | % | |
Expected volatility | 38.93 | % | |
Expected term (years) | 9.1 | ||
Dividend yield | 0.55 | % | |
The risk-free interest rate is based on the U.S. Treasury constant maturity yield for treasury securities with maturities approximating the expected life of the options granted on the date of grant. The expected option terms were based on the Company’s historical exercise and post-vesting termination behaviors. The Company analyzes a group of publicly-traded peer institutions to determine the expected volatility of its stock. The peer group is assessed for adequacy annually, or as circumstances indicate significant changes to the composition of the peer group are warranted. Volatility for the Company's stock is estimated utilizing the average volatility calculated for the peer group, which is based upon daily price observations over the estimated term of the options granted. | |||
During the nine months ended September 30, 2013, 1,493,750 options were exercised with a total intrinsic value of $10,631. | |||
Nonvested Stock - The Company issued 277,859 nonvested shares of stock to certain employees as an incentive for continued employment and certain directors in lieu of cash payouts for compensation during the nine months ended September 30, 2013. The weighted-average grant date fair value of these shares was $16.58. |
Earnings_Per_Share_Notes
Earnings Per Share (Notes) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings Per Share | ' | |||||||||||||||
12. Earnings Per Share | ||||||||||||||||
The following table sets forth the computation of basic and diluted earnings per common share for the three and nine months ended September 30, 2013 and 2012: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net income | $ | 33,150 | $ | 22,178 | $ | 118,289 | $ | 45,196 | ||||||||
Less dividends on preferred stock | (2,532 | ) | — | (7,594 | ) | (5,555 | ) | |||||||||
Less undistributed net income allocated to participating preferred stock | — | — | — | (3,009 | ) | |||||||||||
Net income allocated to common shareholders | $ | 30,618 | $ | 22,178 | $ | 110,695 | $ | 36,632 | ||||||||
(Units in Thousands) | ||||||||||||||||
Average common shares outstanding | 122,509 | 118,038 | 122,128 | 98,387 | ||||||||||||
Common share equivalents: | ||||||||||||||||
Stock options | 1,518 | 1,468 | 1,617 | 1,610 | ||||||||||||
Nonvested stock | 97 | 85 | 76 | 271 | ||||||||||||
Average common shares outstanding, assuming dilution | 124,124 | 119,591 | 123,821 | 100,268 | ||||||||||||
Basic earnings per share | $ | 0.25 | $ | 0.19 | $ | 0.91 | $ | 0.37 | ||||||||
Diluted earnings per share | $ | 0.25 | $ | 0.19 | $ | 0.89 | $ | 0.37 | ||||||||
On January 25, 2012, the Company’s Board of Directors approved a special cash dividend of $4,482 to the holders of the Series A 6% Preferred Stock, which was paid on March 1, 2012, in order to induce conversion to shares of Common Stock. On April 24, 2012, the Company's Board of Directors approved a special cash dividend of $1,073 to the holders of the Series B 4% Preferred Stock, which was paid on June 19, 2012. In addition, the Company included the Series A 6% Preferred Stock and Series B 4% Preferred Stock as a participating security through the date of conversion and upon conversion, the Company included the shares in common shares outstanding. | ||||||||||||||||
Certain securities were antidilutive and were therefore excluded from the calculation of diluted earnings per share. Common shares attributed to these antidilutive securities had these securities been exercised or converted as of September 30, 2013 and 2012 are as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Stock Options | 3,881,489 | 5,905,837 | 4,516,552 | 5,905,837 | ||||||||||||
Derivative_Financial_Instrumen
Derivative Financial Instruments (Notes) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Derivative Financial Instruments [Abstract] | ' | |||||||||||||||
Derivative Financial Instruments | ' | |||||||||||||||
13. Derivative Financial Instruments | ||||||||||||||||
The fair values of derivatives are reported in other assets, deposits, or accounts payable and accrued liabilities. The fair values are derived using the valuation techniques described in Note 14. The total notional or contractual amounts and fair values as of September 30, 2013 and December 31, 2012 are as follows: | ||||||||||||||||
Fair Value | ||||||||||||||||
Notional Amount | Asset Derivatives | Liability Derivatives | ||||||||||||||
September 30, 2013 | ||||||||||||||||
Qualifying hedge contracts accounted for under Accounting Standards Codification (ASC) 815, Derivatives and Hedging | ||||||||||||||||
Cash flow hedges: | ||||||||||||||||
Forward interest rate swaps | $ | 328,000 | $ | — | $ | 43,213 | ||||||||||
Derivatives not designated as hedging instruments under ASC 815, Derivatives and Hedging | ||||||||||||||||
Freestanding derivatives: | ||||||||||||||||
Interest rate lock commitments (IRLCs) | 759,609 | 10,977 | 217 | |||||||||||||
Forward and optional forward sales commitments | 1,553,937 | 6,811 | 37,795 | |||||||||||||
Interest rate swaps | 54,027 | — | 725 | |||||||||||||
Foreign exchange contracts | 824,072 | 9,850 | 5,712 | |||||||||||||
Equity, foreign currency, commodity and metals indexed options | 164,155 | 9,905 | — | |||||||||||||
Options embedded in client deposits | 163,178 | — | 9,886 | |||||||||||||
Indemnification assets | 174,438 | 8,454 | — | |||||||||||||
Total freestanding derivatives | 45,997 | 54,335 | ||||||||||||||
Netting and cash collateral adjustments (1) | (11,529 | ) | (47,379 | ) | ||||||||||||
Total derivatives | $ | 34,468 | $ | 50,169 | ||||||||||||
Fair Value | ||||||||||||||||
Notional Amount | Asset Derivatives | Liability Derivatives | ||||||||||||||
December 31, 2012 | ||||||||||||||||
Qualifying hedge contracts accounted for under ASC 815, Derivatives and Hedging | ||||||||||||||||
Fair value hedges: | ||||||||||||||||
Interest rate swaps | $ | 31,247 | $ | — | $ | 579 | ||||||||||
Cash flow hedges: | ||||||||||||||||
Forward interest rate swaps | 703,000 | — | 105,166 | |||||||||||||
Derivatives not designated as hedging instruments under ASC 815, Derivatives and Hedging | ||||||||||||||||
Freestanding derivatives: | ||||||||||||||||
IRLCs | 1,737,555 | 10,904 | 970 | |||||||||||||
Forward and optional forward sales commitments | 2,781,788 | 2,498 | 6,481 | |||||||||||||
Foreign exchange contracts | 963,820 | 10,368 | 2,121 | |||||||||||||
Equity, foreign currency, commodity and metals indexed options | 150,885 | 15,880 | — | |||||||||||||
Options embedded in client deposits | 150,181 | — | 15,750 | |||||||||||||
Indemnification assets | 273,687 | 9,092 | — | |||||||||||||
Total freestanding derivatives | 48,742 | 25,322 | ||||||||||||||
Netting and cash collateral adjustments (1) | (15,481 | ) | (110,641 | ) | ||||||||||||
Total derivatives | $ | 33,261 | $ | 20,426 | ||||||||||||
-1 | Amounts represent the effect of legally enforceable master netting agreements that allow the Company to settle positive and negative positions as well as cash collateral and related accrued interest held or placed with the same counterparties. Amounts as of September 30, 2013 and December 31, 2012 include derivative positions netted totaling $351 and $651, respectively. | |||||||||||||||
Cash Flow Hedges | ||||||||||||||||
As of September 30, 2013, AOCI included $17,292 of deferred pre-tax net losses expected to be reclassified into earnings during the next 12 months for derivative instruments designated as cash flow hedges of forecasted transactions. The Company is hedging its exposure to the variability of future cash flows for forecasted transactions of fixed-rate debt for a maximum of 10 years. | ||||||||||||||||
Freestanding Derivatives | ||||||||||||||||
The following table shows the net gains and losses recognized for the three and nine months ended September 30, 2013 and 2012 in the condensed consolidated statements of income related to derivatives not designated as hedging instruments under ASC 815, Derivatives and Hedging. These gains and losses are recognized in other noninterest income, except for the indemnification assets which are recognized in general and administrative expense. | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Freestanding derivatives | ||||||||||||||||
Gains (losses) on interest rate contracts (1) | $ | 13,206 | $ | (49,733 | ) | $ | 91,265 | $ | (97,921 | ) | ||||||
Gains (losses) on indemnification assets (2) | (477 | ) | 441 | (638 | ) | 1,285 | ||||||||||
Other | (8 | ) | 27 | (154 | ) | 424 | ||||||||||
Total | $ | 12,721 | $ | (49,265 | ) | $ | 90,473 | $ | (96,212 | ) | ||||||
-1 | Interest rate contracts include interest rate lock commitments, forward and optional forward sales commitments, and interest rate swaps. | |||||||||||||||
-2 | Refer to Note 14 for additional information relating to the indemnification asset. | |||||||||||||||
Interest rate contracts are predominantly used as economic hedges of interest rate lock commitments and loans held for sale. Other derivatives are predominantly used as economic hedges of foreign exchange, commodity, metals and equity risk. | ||||||||||||||||
Credit Risk Contingent Features | ||||||||||||||||
Certain of the Company’s derivative instruments contain provisions that require the Company to post collateral when derivatives are in a net liability position. The provisions generally are dependent upon the Company’s credit rating based on certain major credit rating agencies or dollar amounts in a liability position at any given time which exceed specified thresholds, as indicated in the relevant contracts. In these circumstances, the counterparties could demand additional collateral or require termination or replacement of derivative instruments in a net liability position. The aggregate fair value of all derivative instruments with such credit-risk-related contingent features in a net liability position on September 30, 2013 and December 31, 2012 was $49,650 and $107,215, respectively. The Company offsets derivative instruments against the rights to reclaim cash collateral or the obligations to return cash collateral in the balance sheet. As of September 30, 2013 and December 31, 2012, $47,730 and $109,990, respectively, in collateral was netted against liability derivative positions subject to master netting agreements. As of September 30, 2013 and December 31, 2012, $50,960 and $40,260, respectively, of collateral was posted for positions not subject to master netting agreements. | ||||||||||||||||
Counterparty Credit Risk | ||||||||||||||||
The Company is exposed to counterparty credit risk if counterparties to the derivative contracts do not perform as expected. If the counterparty fails to perform, counterparty credit risk equals the amount reported as derivative assets in the balance sheet. The amounts reported as derivative assets are derivative contracts in a gain position, and to the extent subject to master netting arrangements, net of derivatives in a loss position with the same counterparty and cash collateral received. The Company minimizes this risk through obtaining credit approvals, monitoring credit limits, monitoring procedures, and executing master netting arrangements and obtaining collateral, where appropriate. The Company offsets derivative instruments against the rights to reclaim cash collateral or the obligations to return cash collateral in the balance sheet. As of September 30, 2013 and December 31, 2012, $11,880 and $14,830, respectively, in collateral was netted against asset derivative positions subject to master netting agreements. As of September 30, 2013 and December 31, 2012, the Company held $11,880 and $15,220, respectively, in collateral from its counterparties. Counterparty credit risk related to derivatives is considered in determining fair value. |
Fair_Value_Measurements_Notes
Fair Value Measurements (Notes) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Fair Value Measurements [Abstract] | ' | |||||||||||||||||||
Fair Value Measurements | ' | |||||||||||||||||||
14. Fair Value Measurements | ||||||||||||||||||||
Asset and liability fair value measurements have been categorized based upon the fair value hierarchy described below: | ||||||||||||||||||||
Level 1 – Valuation is based upon quoted market prices for identical instruments in active markets. | ||||||||||||||||||||
Level 2 – Valuation is based upon quoted market prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. | ||||||||||||||||||||
Level 3 – Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect estimates or assumptions that market participants would use in pricing the assets or liabilities. Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques. | ||||||||||||||||||||
Recurring Fair Value Measurements | ||||||||||||||||||||
As of September 30, 2013 and December 31, 2012, assets and liabilities measured at fair value on a recurring basis, including certain loans held for sale for which the Company has elected the fair value option, are as follows: | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Netting | Total | ||||||||||||||||
30-Sep-13 | ||||||||||||||||||||
Financial assets: | ||||||||||||||||||||
Available for sale securities: | ||||||||||||||||||||
Residential CMO securities - nonagency | $ | — | $ | 1,200,685 | $ | — | $ | — | $ | 1,200,685 | ||||||||||
Asset-backed securities | — | 4,055 | — | — | 4,055 | |||||||||||||||
Other | 344 | 256 | — | — | 600 | |||||||||||||||
Total available for sale securities | 344 | 1,204,996 | — | — | 1,205,340 | |||||||||||||||
Loans held for sale | — | 1,020,410 | 26,676 | — | 1,047,086 | |||||||||||||||
Financial liabilities: | ||||||||||||||||||||
FDIC clawback liability | — | — | 51,674 | — | 51,674 | |||||||||||||||
Derivative financial instruments: | ||||||||||||||||||||
Derivative assets (Note 13) | 9,850 | 16,716 | 19,431 | (11,529 | ) | 34,468 | ||||||||||||||
Derivative liabilities (Note 13) | 5,712 | 91,619 | 217 | (47,379 | ) | 50,169 | ||||||||||||||
Level 1 | Level 2 | Level 3 | Netting | Total | ||||||||||||||||
December 31, 2012 | ||||||||||||||||||||
Financial assets: | ||||||||||||||||||||
Available for sale securities: | ||||||||||||||||||||
Residential CMO securities - nonagency | $ | — | $ | 1,611,775 | $ | — | $ | — | $ | 1,611,775 | ||||||||||
Asset-backed securities | — | 7,526 | — | — | 7,526 | |||||||||||||||
Other | 267 | 310 | — | — | 577 | |||||||||||||||
Total available for sale securities | 267 | 1,619,611 | — | — | 1,619,878 | |||||||||||||||
Loans held for sale | — | 1,452,236 | — | — | 1,452,236 | |||||||||||||||
Financial liabilities: | ||||||||||||||||||||
FDIC clawback liability | — | — | 50,720 | — | 50,720 | |||||||||||||||
Derivative financial instruments: | ||||||||||||||||||||
Derivative assets (Note 13) | 10,368 | 29,282 | 9,092 | (15,481 | ) | 33,261 | ||||||||||||||
Derivative liabilities (Note 13) | 2,121 | 128,946 | — | (110,641 | ) | 20,426 | ||||||||||||||
Changes in assets and liabilities measured at Level 3 fair value on a recurring basis for the three and nine months ended September 30, 2013 and 2012 are as follows: | ||||||||||||||||||||
Loans Held for Sale (1) | FDIC Clawback Liability (2) | Freestanding Derivatives, net (3) | ||||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||
Balance, beginning of period | $ | 287,906 | $ | (48,993 | ) | $ | (7,496 | ) | ||||||||||||
Issuances | 164,303 | — | 67,276 | |||||||||||||||||
Sales | (424,625 | ) | — | — | ||||||||||||||||
Settlements | (7,966 | ) | — | (48,292 | ) | |||||||||||||||
Gains (losses) included in earnings for the period | 7,058 | (2,681 | ) | 7,726 | ||||||||||||||||
Balance, end of period | $ | 26,676 | $ | (51,674 | ) | $ | 19,214 | |||||||||||||
Change in unrealized net gains (losses) included in net income related to assets and liabilities still held as of September 30, 2013 | $ | 7,058 | $ | (2,681 | ) | $ | 26,709 | |||||||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||||||
Balance, beginning of period | $ | — | $ | (46,738 | ) | $ | 9,383 | |||||||||||||
Settlements | — | — | (61 | ) | ||||||||||||||||
Gains (losses) included in earnings for the period | — | (2,603 | ) | 441 | ||||||||||||||||
Balance, end of period | $ | — | $ | (49,341 | ) | $ | 9,763 | |||||||||||||
Change in unrealized net gains (losses) included in net income related to assets and liabilities still held as of September 30, 2012 | $ | — | $ | (2,603 | ) | $ | 441 | |||||||||||||
Loans Held for Sale (1) | FDIC Clawback Liability (2) | Freestanding Derivatives, net (3) | ||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||
Balance, beginning of period | $ | — | $ | (50,720 | ) | $ | 9,092 | |||||||||||||
Issuances | 455,591 | — | 159,070 | |||||||||||||||||
Transfers into Level 3 | — | — | 6,628 | |||||||||||||||||
Sales | (424,625 | ) | — | — | ||||||||||||||||
Settlements | (7,966 | ) | — | (88,552 | ) | |||||||||||||||
Gains (losses) included in earnings for the period | 3,676 | (954 | ) | (67,024 | ) | |||||||||||||||
Balance, end of period | $ | 26,676 | $ | (51,674 | ) | $ | 19,214 | |||||||||||||
Change in unrealized net gains (losses) included in net income related to assets and liabilities still held as of September 30, 2013 | $ | 3,676 | $ | (954 | ) | $ | 3,493 | |||||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||||||
Balance, beginning of period | $ | 15,462 | $ | (43,317 | ) | $ | 8,539 | |||||||||||||
Settlements | (623 | ) | — | (61 | ) | |||||||||||||||
Transfers out of Level 3 | (14,946 | ) | — | — | ||||||||||||||||
Gains (losses) included in earnings for the period | 107 | (6,024 | ) | 1,285 | ||||||||||||||||
Balance, end of period | $ | — | $ | (49,341 | ) | $ | 9,763 | |||||||||||||
Change in unrealized net gains (losses) included in net income related to assets and liabilities still held as of September 30, 2012 | $ | 107 | $ | (6,024 | ) | $ | 1,285 | |||||||||||||
-1 | Net realized and unrealized gains on loans held for sale are included in gain on sale of loans. | |||||||||||||||||||
-2 | Changes in fair value of the FDIC clawback liability are recorded in general and administrative expense. | |||||||||||||||||||
-3 | Net realized and unrealized gains (losses) on IRLCs are included in gain on sale of loans. Changes in the fair value of the indemnification assets are recorded in general and administrative expense. | |||||||||||||||||||
The Company monitors the availability of observable market data to assess the appropriate classification of financial instruments within the fair value hierarchy. Changes in economic conditions or model-based valuation techniques may require the transfer of financial instruments from one fair value level to another. In such instances, the Company reports the transfer at the end of the reporting period. | ||||||||||||||||||||
The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a recurring basis at September 30, 2013 and December 31, 2012: | ||||||||||||||||||||
Level 3 Fair Value Measurement | Fair Value | Valuation Technique | Unobservable Inputs | Significant Unobservable Input Value | ||||||||||||||||
September 30, 2013 | Min. | Max. | Weighted Avg. | |||||||||||||||||
FDIC clawback liability | $ | 51,674 | Discounted cash flow | Servicing cost | $7,485 | - | $15,524 | N/A | (1) | |||||||||||
Indemnification asset | 8,234 | Discounted cash flow | Discount Rate | 4.35 | % | - | 4.35% | 4.35% | ||||||||||||
Reinstatement rate | 5.18 | % | - | 68.39% | 24.93% | (2) | ||||||||||||||
Loss duration (in months) | 9 | - | 82 | 37 | (2) | |||||||||||||||
Loss severity (3) (5) | 1.6 | % | - | 18.67% | 6.84% | (2) | ||||||||||||||
IRLCs, net | 10,760 | Discounted cash flow | Loan closing ratio | 0 | % | - | 99.00% | 74.60% | (4) | |||||||||||
Loans held for sale | 26,676 | Discounted cash flow | Cost of Funds | 2.44 | % | - | 3.63% | 3.16% | ||||||||||||
Prepayment rate | 5.38 | % | - | 14.78% | 8.34% | |||||||||||||||
Default rate | 0 | % | - | 0.93% | 0.26% | |||||||||||||||
Weighted average life (in years) | 4.76 | - | 9.85 | 7.83 | ||||||||||||||||
Cumulative loss | 0 | % | - | 0.31% | 0.08% | |||||||||||||||
Loss severity | 0 | % | - | 38.55% | 25.90% | |||||||||||||||
31-Dec-12 | ||||||||||||||||||||
FDIC clawback liability | $ | 50,720 | Discounted cash flow | Servicing cost | $6,790 | - | $14,558 | N/A | (1) | |||||||||||
Indemnification asset | 9,092 | Discounted cash flow | Reinstatement rate | 3.82 | % | - | 79.54% | 24.53% | (2) | |||||||||||
Loss duration (in months) | 8 | - | 50 | 30 | (2) | |||||||||||||||
Loss severity (3) | 2.42 | % | - | 11.33% | 6.23% | (2) | ||||||||||||||
-1 | The range represents the sum of the highest and lowest servicing cost values for all tranches that we use in our valuation process. The servicing cost represents 1% of projected UPB of the underlying loans. | |||||||||||||||||||
-2 | The range represents the sum of the highest and lowest values for all tranches that we use in our valuation process. | |||||||||||||||||||
-3 | Loss severity represents the interest loss severity as a percentage of UPB. | |||||||||||||||||||
-4 | The range represents the highest and lowest loan closing rates used in the IRLC valuation. The range includes the closing ratio for rate locks unclosed at the end of the period, as well as the closing ratio for loans which have settled during the period. | |||||||||||||||||||
-5 | Negative loss severity results from the indemnifying party receiving a debenture rate interest from the insuring agency that more than offsets the lower note rate interest payments due from the indemnifying party under the indemnification agreement. | |||||||||||||||||||
The significant unobservable input used in the fair value measurement of the FDIC clawback liability is servicing cost. Significant increases (decreases) in this input in isolation could result in a significantly lower (higher) fair value measurement. The Company estimates the fair value of the FDIC clawback liability using a discounted cash flow model. The Company enters observable and unobservable inputs into the model to arrive at fair value. Changes in the estimate are primarily driven by changes in the interpolated discount rate (an observable input) and changes in servicing cost as a result of changes in projected UPB. The assumptions are reviewed and updated on a quarterly basis by management. | ||||||||||||||||||||
The significant unobservable inputs used in the fair value measurement of the indemnification asset are the reinstatement rate, loss severity and duration. Significant increases (decreases) in any of those inputs in isolation could result in a significantly lower (higher) fair value measurement. The reinstatement rate is determined by analyzing historical default activity of similar loans. Loss severity is estimated as the interest rate spread between the note and debenture rate of the government insured loans as well as advance costs that are not reimbursable by the Federal Housing Administration (FHA), which is then extrapolated over the expected duration. In assessing the note to debenture rate spread in estimating severity, an analysis is performed to evaluate the cash flows related to the indemnified loans as experienced by the indemnifying party. In certain situations, the debenture rate interest received by the indemnifying party may exceed the note rate interest guaranteed under the indemnification, which will result in positive cash flows for the indemnifying party and negative severity experienced on any tranches for which the weighted average debenture rate exceeds the weighted average note rate. The Company’s portfolio management group is responsible for analyzing and updating the assumptions and cash flow model of the underlying loans on a quarterly basis, which includes corroboration with historical experience. | ||||||||||||||||||||
The significant unobservable input used in the fair value measurement of the Company's IRLCs is the closing ratio, which represents the percentage of loans currently in a lock position which management estimates will ultimately close. Generally, the fair value of an IRLC is positive (negative) if the prevailing interest rate is lower (higher) than the IRLC rate. Therefore, an increase in the loan closing probability (i.e., higher percentage of loans estimated to close) will result in the fair value of the IRLC to increase if in a gain position, or decrease if in a loss position. The loan closing ratio is largely dependent on the loan processing stage that a loan is currently in and the change in prevailing interest rates from the time of the rate lock through the time the loan closes. The closing ratio is computed by our secondary marketing system using historical data and the ratio is reviewed by the Company's secondary marketing department of the portfolio management group for reasonableness on a quarterly basis. | ||||||||||||||||||||
The Company estimates the fair value of Level 3 loans held for sale utilizing a discounted cash flow approach which includes an evaluation of the collateral and underlying loan characteristics, as well as assumptions to determine the discount rate such as credit loss and prepayment forecasts, and servicing costs. In determining the appropriate discount rate, prepayment and credit assumptions, the Company monitors other capital markets activity for similar collateral being traded and/or interest rates currently being offered for similar products. Discussions related to the fair value of these loans held for sale are held between our internal valuation specialists and executive and business unit management to discuss the key assumptions used in arriving at our estimates. | ||||||||||||||||||||
Loans Held for Sale Accounted for under the Fair Value Option | ||||||||||||||||||||
The following table presents information on loans held for sale reported under the fair value option at September 30, 2013 and December 31, 2012: | ||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||
Fair value carrying amount | $ | 1,047,086 | ||||||||||||||||||
Aggregate unpaid principal balance | 1,008,313 | |||||||||||||||||||
Fair value carrying amount less aggregate unpaid principal | $ | 38,773 | ||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||
Fair value carrying amount | $ | 1,452,236 | ||||||||||||||||||
Aggregate unpaid principal balance | 1,387,423 | |||||||||||||||||||
Fair value carrying amount less aggregate unpaid principal | $ | 64,813 | ||||||||||||||||||
No loans recorded under the fair value option were on nonaccrual status at September 30, 2013 or December 31, 2012. | ||||||||||||||||||||
Differences between the fair value carrying amount and the aggregate unpaid principal balance include changes in fair value recorded at and subsequent to funding, gains and losses on the related loan commitment prior to funding and premiums or discounts on acquired loans. | ||||||||||||||||||||
The net gains from initial measurement of loans accounted for under the fair value option and subsequent changes in fair value for loans outstanding were $40,474 and $42,215 for the three and nine months ended September 30, 2013, respectively and are included in gain on sale of loans. The net gains from initial measurement of loans accounted for under the fair value option and subsequent changes in fair value were $140,254 and $316,427 for the three and nine months ended September 30, 2012, respectively, and are included in gain on sale of loans. These amounts exclude the impact from offsetting hedging arrangements which are also included in gain on sale of loans in the condensed consolidated statements of income. An immaterial portion of the change in fair value was attributable to changes in instrument-specific credit risk. | ||||||||||||||||||||
Non-recurring Fair Value Measurements | ||||||||||||||||||||
Certain assets and liabilities are measured at fair value on a non-recurring basis and therefore are not included in the tables above. These measurements primarily result from assets carried at the lower of cost or fair value or from impairment of individual assets. Gains and losses disclosed below represent changes in fair value recognized subsequent to initial classification. The change in the MSR value represents a change due to impairment or recoveries on previous write downs. The carrying value of assets measured at fair value on a non-recurring basis and held at September 30, 2013 and December 31, 2012 and related changes in fair value are as follows: | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Loss (Gain) Due to Change in Fair Value | ||||||||||||||||
September 30, 2013 | ||||||||||||||||||||
Collateral-dependent loans | $ | — | $ | — | $ | 22,040 | $ | 22,040 | $ | 1,317 | ||||||||||
Other real estate owned (1) | — | — | 17,825 | 17,825 | 3,350 | |||||||||||||||
Mortgage servicing rights (2) | — | — | 440,203 | 440,203 | (80,259 | ) | ||||||||||||||
Loans held for sale | — | — | 10,994 | 10,994 | 575 | |||||||||||||||
December 31, 2012 | ||||||||||||||||||||
Collateral-dependent loans | $ | — | $ | — | $ | 48,048 | $ | 48,048 | $ | 6,163 | ||||||||||
Other real estate owned (1) | — | 4,030 | 26,787 | 30,817 | 6,230 | |||||||||||||||
Mortgage servicing rights (2) | — | — | 320,901 | 320,901 | 63,508 | |||||||||||||||
-1 | Gains and losses resulting from subsequent measurement of OREO are included in the condensed consolidated statements of income as general and administrative expense. OREO is included in other assets in the condensed consolidated balance sheets. | |||||||||||||||||||
-2 | The fair value for mortgage servicing rights represents the value of the strata with impairment or recoveries on previous valuation allowances. | |||||||||||||||||||
The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at September 30, 2013 and December 31, 2012: | ||||||||||||||||||||
Level 3 Fair Value Measurement | Fair Value | Valuation Technique | Unobservable Inputs | Significant Unobservable Input Value | ||||||||||||||||
September 30, 2013 | Min. | Max. | Weighted Avg. | |||||||||||||||||
Collateral-dependent loans | $ | 22,040 | Appraised value | Appraised value | NM | N/A | (1) | |||||||||||||
Other real estate owned | 17,825 | Appraised value | Appraised value | NM | N/A | (1) | ||||||||||||||
Mortgage servicing rights | 440,203 | Discounted cash flow | Prepayment speed | 12.15 | % | - | 22.20% | 15.04% | (2) | |||||||||||
Discount rate | 9.54 | % | - | 9.76% | 9.59% | (3) | ||||||||||||||
Loans held for sale | 10,994 | Discounted cash flow | Cost of Funds | 0.89 | % | - | 3.27% | 3.16% | ||||||||||||
Prepayment rate | 6 | % | - | 16.10% | 6.09% | |||||||||||||||
Default rate | 0.31 | % | - | 100.00% | 51.64% | |||||||||||||||
Weighted average life (in years) | 5.28 | - | 10.43 | 10.07 | ||||||||||||||||
Cumulative loss | 0 | % | - | 81.79% | 21.38% | |||||||||||||||
Loss severity | 20.02 | % | - | 34.95% | 25.30% | |||||||||||||||
December 31, 2012 | ||||||||||||||||||||
Collateral-dependent loans | $ | 36,609 | Sales comparison approach | Appraisal value adjustment | 0 | % | - | 47.00% | N/A | |||||||||||
Collateral-dependent loans | 11,439 | Discounted appraisals | Collateral discounts | 5 | % | - | 5.00% | N/A | ||||||||||||
Other real estate owned | 23,359 | Sales comparison approach | Appraisal value adjustment | 0 | % | - | 82.00% | N/A | ||||||||||||
Other real estate owned | 3,428 | Discounted appraisals | Collateral discounts | 5 | % | - | 10.00% | N/A | ||||||||||||
Mortgage servicing rights | 320,901 | Discounted cash flow | Prepayment speed | 16.5 | % | - | 19.80% | 19.25% | (2) | |||||||||||
Discount rate | 9.2 | % | - | 9.80% | 9.37% | (3) | ||||||||||||||
-1 | NM - Not Meaningful | |||||||||||||||||||
-2 | The prepayment speed assumptions include a blend of prepayment speeds that are influenced by mortgage interest rates, the current macroeconomic environment and borrower behaviors and may vary over the expected life of the asset. The range represents the highest and lowest values for the strata with recoveries on previous valuation allowances. | |||||||||||||||||||
-3 | The discount rate range represents the highest and lowest values for the MSR strata with recoveries on previous valuation allowances. | |||||||||||||||||||
The Company estimates the fair value of collateral-dependent loans and OREO using appraisal valuation. Appraisals for both collateral-dependent impaired loans and OREO are performed by certified general appraisers (for commercial properties) or certified residential appraisers (for residential properties) whose qualifications and licenses have been reviewed and verified by the Company. Once received, a member of the Company's valuation services group reviews the assumptions and approaches utilized in the appraisal. To assess the reasonableness of the fair value, the Company's valuation services group compares the assumptions to independent data sources such as recent market data or industry-wide statistics. For collateral dependent loans in which a new appraisal is expected in the next quarter, the appraisal is reviewed by an officer and an adjustment may be made based on a review of the property, historical property value changes, and current market rates. | ||||||||||||||||||||
The fair value of mortgage servicing rights is determined by using a discounted cash flow model to calculate the present value of estimated future net servicing income. The assumptions are a combination of market and company-specific data. On a quarterly basis, the portfolio management group compares the Company’s estimated fair value of the mortgage servicing rights to a third-party valuation as part of the valuation process. Discussions are held between executive management and the independent third-party to discuss the key assumptions used by the respective parties in arriving at those estimates. | ||||||||||||||||||||
The Company estimates the fair value of Level 3 loans held for sale utilizing a discounted cash flow approach which includes an evaluation of the collateral and underlying loan characteristics, as well as assumptions to determine the discount rate such as credit loss and prepayment forecasts, and servicing costs. In determining the appropriate discount rate, prepayment and credit assumptions, the Company monitors other capital markets activity for similar collateral being traded and/or interest rates currently being offered for similar products. Discussions related to the fair value of these loans held for sale are held between our internal valuation specialists and executive and business unit management as necessary to discuss the key assumptions used in arriving at our estimates. | ||||||||||||||||||||
Disclosures about Fair Value of Financial Instruments | ||||||||||||||||||||
The following table presents the carrying amount, estimated fair value, and placement in the fair value hierarchy of the Company’s financial instruments as of September 30, 2013 and December 31, 2012. This table excludes financial instruments with short-term or no stated maturity, prevailing market rates and limited credit risk, where carrying amounts approximate fair value. For financial assets such as cash and due from banks, FHLB restricted stock, and other investments, the carrying amount is a reasonable estimate of fair value. For financial liabilities such as noninterest-bearing demand, interest-bearing demand, and savings and money market deposits, the carrying amount is a reasonable estimate of fair value as these liabilities have no stated maturity. | ||||||||||||||||||||
Carrying Amount | Estimated Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||
September 30, 2013 | ||||||||||||||||||||
Financial assets: | ||||||||||||||||||||
Investment securities: | ||||||||||||||||||||
Held to maturity | $ | 109,245 | $ | 108,269 | $ | — | $ | 105,694 | $ | 2,575 | ||||||||||
Loans held for sale (1) | 12,861 | 12,839 | — | — | 12,839 | |||||||||||||||
Loans held for investment (2) | 11,406,786 | 11,405,718 | — | — | 11,405,718 | |||||||||||||||
Financial liabilities: | ||||||||||||||||||||
Time deposits | $ | 3,663,515 | $ | 3,695,116 | $ | — | $ | 3,695,116 | $ | — | ||||||||||
Other borrowings | 1,872,700 | 1,846,887 | — | 1,846,887 | — | |||||||||||||||
Trust preferred securities | 103,750 | 86,414 | — | — | 86,414 | |||||||||||||||
December 31, 2012 | ||||||||||||||||||||
Financial assets: | ||||||||||||||||||||
Investment securities: | ||||||||||||||||||||
Held to maturity | $ | 143,234 | $ | 146,709 | $ | — | $ | 143,730 | $ | 2,979 | ||||||||||
Loans held for sale (1) | 635,810 | 658,091 | — | 642,437 | 15,654 | |||||||||||||||
Loans held for investment (2) | 11,589,233 | 11,716,283 | — | — | 11,716,283 | |||||||||||||||
Financial liabilities: | ||||||||||||||||||||
Time deposits | $ | 4,123,594 | $ | 4,165,065 | $ | — | $ | 4,165,065 | $ | — | ||||||||||
Other borrowings (3) | 3,050,698 | 3,085,174 | — | 3,085,174 | — | |||||||||||||||
Trust preferred securities | 103,750 | 78,112 | — | — | 78,112 | |||||||||||||||
-1 | The carrying value of loans held for sale excludes $1,047,086 and $1,452,236 in loans measured at fair value on a recurring basis as of September 30, 2013 and December 31, 2012, respectively. | |||||||||||||||||||
-2 | The carrying value of loans held for investment is net of the allowance for loan loss of $63,315 and $78,921 as of September 30, 2013 and December 31, 2012, respectively. In addition, the carrying values excludes $1,089,190 and $833,754 of lease financing receivables as of September 30, 2013 and December 31, 2012, respectively. | |||||||||||||||||||
-3 | The carrying value of other borrowings excludes $122,323 in repurchase agreements which have remaining maturities of less than one month as of December 31, 2012. | |||||||||||||||||||
Following are descriptions of the valuation methodologies used for assets and liabilities recorded at fair value and for estimating fair value for financial instruments not carried at fair value: | ||||||||||||||||||||
Investment Securities — Fair values are derived from quoted market prices and values from third party pricing services for which management understands the methods used to determine fair value and is able to assess the values. The Company also performs an assessment on the pricing of investment securities received from third party pricing services to ensure that the prices represent a reasonable estimate of fair value. The procedures include, but are not limited to, initial and on-going review of pricing methodologies and trends. The Company has the ability to challenge values and discuss its analysis with the third party pricing service provider in order to ensure that investments are recorded or disclosed at the appropriate fair value. | ||||||||||||||||||||
When the level and volume of trading activity for certain securities has significantly declined and/or when the Company believes that third party pricing may be based in part on forced liquidations or distressed sales, the Company analyzes each security for the appropriate valuation methodology based on a combination of the market approach reflecting third party pricing information and a discounted cash flow approach. In calculating the fair value derived from the income approach, the Company makes certain significant assumptions in addition to those discussed above related to the liquidity risk premium, specific non-performance and default experience specific to the collateral underlying the security. The values resulting from each approach (i.e., market and income approaches) are weighted to derive the final fair value for each security trading in an inactive market. As of September 30, 2013 and December 31, 2012, management did not make any adjustments to the prices provided by the third party pricing service as a result of illiquid or inactive markets. In addition, the Company has one corporate security that is valued using the income approach. To determine the price, the Company determines the cash flows based on the contract terms which include London Interbank Offered Rate (LIBOR) plus the spread and then discounts those cash flows at a rate that makes the present value of total discounted cash flows of a newly issued security approximate par. The spread to swap curve is interpolated based on the comparable securities that would issue in the market on the valuation date. Industry and rating factors are used to determine the comparable securities. This security has been classified as level 3. | ||||||||||||||||||||
Loans Held for Sale — Fair values for loans held for sale valued under the fair value option were derived from quoted market prices or from models using loan characteristics (product type, pricing features and loan maturity dates) and economic assumptions (prepayment estimates and discount rates) based on prices currently offered in secondary markets for similar loans. | ||||||||||||||||||||
Fair values for loans carried at lower of cost or fair value were derived from models using characteristics of the loans (e.g., product type, pricing features and loan maturity dates) and economic assumptions (e.g., prepayment estimates, discount rates and estimated credit losses). Certain loans are valued using market observable pricing. All other loans are classified as level 3. | ||||||||||||||||||||
Loans Held for Investment — The fair value of loans held for investment is derived from discounted cash flows and includes an evaluation of the collateral and underlying loan characteristics, as well as assumptions to determine the discount rate such as credit loss and prepayment forecasts, and servicing costs. Held for investment loans are classified as level 3. | ||||||||||||||||||||
Impaired Loans — At the time a loan is considered impaired, it is valued at the lower of cost or fair value. Fair value is determined primarily by using an income, cost, or market approach and is normally provided through appraisals. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. For collateral-dependent loans for which a new appraisal is expected in the next quarter, the appraisal is reviewed by an officer and an adjustment may be made based on a review of the property, historical changes, and current market rates. Such adjustments are usually significant and typically result in a level 3 classification of the inputs for determining fair value. Non-real estate collateral may be valued using an appraisal, net book value per the borrower’s financial statements, or aging reports, adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation, and management’s expertise and knowledge of the client and client’s business, resulting in a level 3 fair value classification. Impaired loans are evaluated at least quarterly for additional impairment and adjusted accordingly. Impaired loans carried at fair value generally receive specific allocations of the allowance for loan losses. | ||||||||||||||||||||
Other Real Estate Owned — Foreclosed assets are carried at the lower of carrying value or fair value. Foreclosed assets are adjusted to fair value less costs to sell upon transfer of the loans to foreclosed assets. Fair value is generally based upon appraisals or independent market prices that are periodically updated subsequent to classification as OREO. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments on OREO are usually significant and typically result in a level 3 classification of the inputs for determining fair value. | ||||||||||||||||||||
Mortgage Servicing Rights — Mortgage servicing rights are evaluated for impairment on a quarterly basis. If the carrying amount of an individual stratum exceeds fair value, a valuation allowance is recorded on that stratum so that the servicing asset is carried at fair value. Additionally, subsequent to the impairment, the MSR asset can recover its value up to the amount of valuation allowance recorded. A third-party valuation is obtained quarterly. The servicing portfolio is valued using all relevant positive and negative cash flows including servicing fees, miscellaneous income and float, costs of servicing, the cost of carry of advances, foreclosure losses, and applying certain prevailing assumptions used in the marketplace. Mortgage servicing rights do not trade in an active, open market with readily observable prices. Due to the nature of the valuation inputs, mortgage servicing rights are classified within level 3 of the hierarchy. | ||||||||||||||||||||
Time Deposits — The fair value of fixed-rate certificates of deposit is estimated using quantitative models, including discounted cash flow models that require the use of multiple market inputs including interest rates and spreads to generate continuous yield or pricing curves, and volatility factors. The majority of market inputs are actively quoted and can be validated through external sources, including brokers, market transactions and third party pricing services. The Company considers the impact of its own credit spreads in the valuation of these liabilities. The credit risk is determined by reference to observable credit spreads in the secondary cash market. | ||||||||||||||||||||
Other Borrowings — For advances that bear interest at a variable rate, the carrying amount is a reasonable estimate of fair value. For fixed-rate advances and repurchase agreements, fair value is estimated using quantitative discounted cash flow models that require the use of interest rate inputs that are currently offered for fixed-rate advances and repurchase agreements of similar remaining maturities. The majority of market inputs are actively quoted and can be validated through external sources, including brokers, market transactions and third party pricing services. For hybrid advances, fair value is obtained from an FHLB proprietary model mathematical approximation of the market value of the underlying hedge. The terms of the hedge are similar to the advances. | ||||||||||||||||||||
Trust Preferred Securities — Fair value is estimated using quantitative models, including discounted cash flow models that require the use of multiple market inputs including interest rates and spreads to generate pricing curves. The majority of market inputs are actively quoted and can be validated through external sources, including brokers, market transactions and third party pricing services. The Company interpolates its own credit spreads in the valuation of these liabilities. Due to the significance of the credit spread in the valuation inputs, trust preferred securities are classified within level 3 of the hierarchy. | ||||||||||||||||||||
FDIC Clawback Liability — The fair value of the FDIC clawback liability represents the net present value of expected true-up payments due 45 days after the fifth and tenth anniversaries of the closing of the Bank of Florida acquisition pursuant to the purchase and assumption agreements between the Company and the FDIC. On the true-up measurement dates, the Company is required to make a true-up payment to the FDIC in an amount equal to 50% of the excess, if any, of (1) 20% of the intrinsic loss estimate (an established figure by the FDIC) less (2) the sum of (a) 25% of the asset discount, (part of the Company’s bid) plus (b) 25% of the cumulative loss share payments plus (c) a 1% servicing fee based on the principal amount of the covered assets over the term (calculated annually based on the average principal amount at the beginning and end of each year and then summed up for a total fee included in the calculation). The liability was discounted using an estimated cost of debt capital, based on an interpolated cost of debt capital of banks with credit quality comparable to the Company’s (using USD US Bank (BBB) BFV Curve index). This liability is considered to be contingent consideration as it requires the return of a portion of the initial consideration in the event contingencies are met. Due to the nature of the valuation inputs, FDIC clawback liability is classified within level 3 of the hierarchy. | ||||||||||||||||||||
Fair Value and Cash Flow Hedges — The fair value of interest rate swaps is determined by a third party from a derivative valuation model. The inputs for the valuation model primarily include start and end swap dates, swap coupon, interest rate curve and notional amounts. See Note 13 for additional information on fair value and cash flow hedges. | ||||||||||||||||||||
Freestanding Derivatives — The fair value of forward sales and optional forward sales commitments is determined based upon the difference between the settlement values of the commitments and the quoted market values of the securities. Fair values of foreign exchange contracts are based on quoted prices for each foreign currency at the balance sheet date. For indexed options and embedded options, the fair value is determined by obtaining market or dealer quotes for instruments with similar characteristics. The Company uses a cash flow model to project cash flows for GNMA pool buyouts with and without recourse to determine the fair value for the indemnification asset. As this derivative is based on company-specific assumptions and is not actively traded, the indemnification asset is classified within level 3 of the hierarchy. Fair values of interest rate lock commitments are derived by using valuation models incorporating current market information or by obtaining market or dealer quotes for instruments with similar characteristics, subject to anticipated loan funding probability or fallout. The funding probability is the loan closing ratio. This ratio is estimated based primarily upon historical experience by product. Because of the significance of the closing ratio in the fair value calculation, interest rate locks are classified within level 3 of the hierarchy. Counterparty credit risk is taken into account when determining fair value. See Note 13 for additional information on freestanding derivatives. |
Commitments_and_Contingencies_
Commitments and Contingencies (Notes) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||
Commitments and Contingencies | ' | |||||||
15. Commitments and Contingencies | ||||||||
Commitments — Commitments to extend credit are agreements to lend to customers in accordance with predetermined contractual provisions. These commitments, predominantly at variable interest rates, are for specific periods or contain termination clauses and may require the payment of a fee. The total amounts of unused commitments do not necessarily represent future credit exposure or cash requirements, as commitments often expire without being drawn upon. | ||||||||
In order to meet the needs of its clients, the Company also issues standby letters of credit, which are conditional commitments generally to provide credit support for some creditors in case of default. The credit risk and potential cash requirements involved in issuing standby letters of credit are essentially the same as those involved in extending loan facilities to clients. | ||||||||
Unfunded credit extension commitments at September 30, 2013 and December 31, 2012 are as follows: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Commercial (1) | $ | 1,962,233 | $ | 1,094,900 | ||||
Leasing | 163,605 | 172,808 | ||||||
Residential | 442,127 | — | ||||||
Home equity lines of credit | 31,576 | 40,915 | ||||||
Credit card lines of credit | 35,694 | 32,496 | ||||||
Standby letters of credit | 1,140 | 1,274 | ||||||
Total unfunded credit extension commitments | $ | 2,636,375 | $ | 1,342,393 | ||||
-1 | Unfunded commercial commitments include $1,353,847 and $609,619 of conditional commitments for which certain requirements must be met in order to obtain an advance under the existing commitment as of September 30, 2013 and December 31, 2012, respectively. | |||||||
Standby letters of credit issued by third party entities, are used to guarantee the Company's performance under various contracts. At September 30, 2013, the Company had approximately $60,018 in letters of credit outstanding. | ||||||||
During September 2013, EverBank entered into a forward-dated borrowing agreement with the FHLB to borrow $50,000 as a fixed-rate FHLB advance at an interest rate of 2.10%, which will fund in September 2014 maturing in September 2018. Prior to the funding date, EverBank has the right to terminate the advance subject to a voluntary termination fee. | ||||||||
In the ordinary course of business, the Company enters into commitments to originate residential mortgage loans held for sale at interest rates determined prior to funding. Interest rate lock commitments for loans that the Company intends to sell are considered freestanding derivatives and are recorded at fair value. See Note 13 for information on interest rate lock commitments as they are not included in the table above. | ||||||||
The Company has an agreement with the Jacksonville Jaguars of the National Football League whereby the Company obtained the naming rights to the football stadium in Jacksonville, Florida. Under the agreement, the Company is obligated to pay $400 during the remainder of 2013. The amount due in 2014 is $3,647, which is a 5% increase from the total obligation due in 2013. | ||||||||
Guarantees — The Company sells and securitizes conventional conforming and federally insured single-family residential mortgage loans predominantly to GSEs, such as Fannie Mae and Freddie Mac. The Company also sells residential mortgage loans, primarily those that do not meet criteria for whole loan sales to GSEs, through whole loan sales to private non-GSE purchasers. In doing so, representations and warranties regarding certain attributes of the loans are made to the GSE or the third-party purchaser. Subsequent to the sale, if it is determined that the loans sold are (1) with respect to the GSEs, in breach of these representations or warranties or (2) with respect to non-GSE purchasers, in material breach of these representations and warranties, the Company generally has an obligation to either: (a) repurchase the loan for the UPB, accrued interest and related advances, (b) indemnify the purchaser or (c) make the purchaser whole for the economic benefits of the loan. From 2004 through September 30, 2013, the Company originated and securitized approximately $57,189,245 of mortgage loans to GSEs and private non-GSE purchasers. A majority of the loans sold to non-GSEs were agency deliverable products that were eventually sold by large aggregators of agency product who eventually securitized and sold to the agencies. | ||||||||
In some cases, the Company also has an obligation to repurchase loans in the event of early payment default (EPD) which is typically triggered if a borrower does not make the first several payments due after the loan has been sold to an investor. The Company’s private investors have agreed to waive EPD provisions for conventional conforming and federally insured single-family residential mortgage loans and certain jumbo loan products. However, the Company is subject to EPD provisions on the community reinvestment loans the Company originates and sells under the State of Florida housing program, which represents a minimal amount of total originations. | ||||||||
The Company’s obligations vary based upon the nature of the repurchase demand and the current status of the mortgage loan. The Company establishes reserves for estimated losses inherent in the Company’s origination of mortgage loans. In estimating the accrued liability for loan repurchase and make-whole obligations, the Company estimates probable losses inherent in the population of all loans sold based on trends in claims requests and actual loss severities experienced. The liability includes accruals for probable contingent losses in addition to those identified in the pipeline of repurchase or make-whole requests. There is additional inherent uncertainty in the estimate because the Company historically sold a majority of loans servicing released prior to 2009 and currently does not have servicing performance metrics on a majority of those loans it originated and sold. The estimation process is designed to include amounts based on actual losses experienced from actual repurchase activity. The baseline for the repurchase reserve uses historical loss factors that are applied to loan pools originated in 2003 through September 30, 2013 and sold in years 2004 through September 30, 2013. Loss factors, tracked by year of loss, are calculated using actual losses incurred on repurchase or make-whole arrangements. The historical loss factors experienced are accumulated for each sale vintage (year loan was sold) and are applied to more recent sale vintages to estimate inherent losses not yet realized. The Company’s estimated recourse related to these loans was $19,086 and $27,000 at September 30, 2013 and December 31, 2012, respectively, and is recorded in accounts payable and accrued liabilities. | ||||||||
In the ordinary course of its loan servicing activities, the Company routinely initiates actions to foreclose real estate securing serviced loans. For certain serviced loans, there are provisions in which the Company is either obligated to fund foreclosure-related costs or to repurchase loans in default. Additionally, as servicer, the Company could be obligated to repurchase loans from or indemnify GSEs for loans originated by defunct originators. The outstanding principal balance on loans serviced at September 30, 2013 and December 31, 2012, was $61,274,075 and $49,422,104, respectively, including residential mortgage loans held for sale. The amount of estimated recourse recorded in accounts payable and accrued liabilities related to servicing activities at September 30, 2013 and December 31, 2012, was $22,733 and $26,026, respectively. | ||||||||
Federal Reserve Requirement — The Federal Reserve Board (FRB) requires certain institutions, including EB, to maintain cash reserves in the form of vault cash and average account balances with the Federal Reserve Bank. The reserve requirement is based on average deposits outstanding and was approximately $148,870 and $154,706 at September 30, 2013 and December 31, 2012, respectively. | ||||||||
Legal Actions — On April 13, 2011, each of the Company and EverBank entered into a consent order with the Office of Thrift Supervision (OTS) with respect to EverBank's mortgage foreclosure practices and the Company's oversight of those practices. The Office of the Comptroller of the Currency (OCC) succeeded the OTS with respect to EverBank's consent order, and the Board of Governors of the FRB succeeded the OTS with respect to the Company's consent order. The consent orders require, among other things, that the Company establish a new compliance program for mortgage servicing and foreclosure operations and that the Company ensures that it has dedicated resources for communicating with borrowers, policies and procedures for outsourcing foreclosure or related functions and management information systems that ensure timely delivery of complete and accurate information. The Company was also required to retain an independent firm as part of an “Independent Foreclosure Review” program to conduct a review of residential foreclosure actions that were pending from January 1, 2009 through December 31, 2010 in order to determine whether any borrowers sustained financial injury as a result of any errors, misrepresentations or deficiencies and to provide remediation as appropriate. | ||||||||
In August 2013, EverBank reached an agreement with the OCC that would end its participation in the Independent Foreclosure Review program mandated by the April 2011 consent order and replace it with an accelerated remediation process. The agreement includes a cash payment of approximately $37,390 to be made by EverBank to a settlement fund, which would provide relief to qualified borrowers. In addition, EverBank will contribute approximately $6,344 to organizations certified by the U.S. Department of Housing and Urban Development or other tax-exempt organizations that have as a principal mission providing affordable housing, foreclosure prevention and/or educational assistance to low and moderate income individuals and families. This agreement has not eliminated all of our risks associated with foreclosure-related practices, and it does not protect EverBank from potential individual borrower claims or class action lawsuits, any of which could result in additional expenses. Consistent with the agreement, an amendment to the April 2011 consent order was entered into on October 15, 2013. All terms of the April 2011 consent order that were not explicitly superseded by the amendment remain in effect without modification. | ||||||||
In October 2013, EverBank received a letter from the OCC requesting, in connection with the April 2011 consent order, that EverBank provide the OCC with an action plan, along with other mortgage servicers, to identify errors and remediate borrowers serviced by EverBank for the period from January 1, 2011 through the present day, that may have been harmed by the same errors identified in the Independent Foreclosure Review. EverBank is presently preparing its action plan for OCC review and will submit that action plan in November 2013. The Company has evaluated subsequent events through the date in which financial statements are available to be issued and currently, the Company is unable to estimate any liabilities that may result from the action plan; therefore, no amounts have been accrued. | ||||||||
In addition, other government agencies, including state attorneys general and the U.S. Department of Justice, continue to investigate various mortgage-related practices of the Company and other major mortgage servicers. The Company continues to cooperate with these investigations. These investigations could result in material fines, penalties, equitable remedies (including requiring default servicing or other process changes), or other enforcement actions, as well as significant legal costs in responding to governmental investigations and additional litigation. The Company has evaluated subsequent events through the date in which financial statements are available to be issued and currently, the Company is unable to estimate any loss that may result from penalties or fines imposed by other governmental agencies; therefore, no amounts have been accrued. | ||||||||
In the ordinary course of business, the Company and its subsidiaries are routinely involved in various claims and legal actions. In light of the uncertainties involved in these government proceedings, there is no assurance that the ultimate resolution of these matters will not significantly exceed the reserves currently accrued by the Company. |
Variable_Interest_Entities_Not
Variable Interest Entities (Notes) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Variable Interest Entities [Abstract] | ' | |||||||||||||||
Variable Interest Entity [Text Block] | ' | |||||||||||||||
16. Variable Interest Entities | ||||||||||||||||
The Company, in the normal course of business, engages in certain activities that involve variable interest entities (VIEs), which are legal entities that lack sufficient equity to finance their activities, or the equity investors of the entities as a group lack any of the characteristics of a controlling interest. The primary beneficiary of a VIE is generally the enterprise that has both the power to direct the activities most significant to the economic performance of the VIE and the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. The Company evaluates its interest in certain entities to determine if these entities meet the definition of a VIE and whether the Company is the primary beneficiary and should consolidate the entity based on the variable interests it held both at inception and when there is a change in circumstances that requires a reconsideration. If the Company is determined to be the primary beneficiary of a VIE, it must account for the VIE as a consolidated subsidiary. If the Company is determined not to be the primary beneficiary of a VIE but holds a variable interest in the entity, such variable interests are accounted for under accounting standards as deemed appropriate. | ||||||||||||||||
Non-consolidated VIEs | ||||||||||||||||
The table below summarizes select information related to variable interests held by the Company at September 30, 2013 and December 31, 2012: | ||||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||||
Non-consolidated VIEs | Total Assets | Maximum Exposure | Total Assets | Maximum Exposure | ||||||||||||
Loans provided to VIEs | $ | 159,774 | $ | 159,774 | $ | 185,000 | $ | 185,000 | ||||||||
On-balance-sheet securitizations | — | — | 99,121 | 99,121 | ||||||||||||
Debt securities | 1,309,254 | 1,309,254 | 1,757,858 | 1,757,858 | ||||||||||||
Loans provided to VIEs | ||||||||||||||||
The Company has provided funding to certain unconsolidated VIEs sponsored by third parties. These VIEs are generally established to finance certain small business loans originated by third parties and are not considered to have significant equity at risk. The entities are primarily funded through the issuance of loans from the Company and a certified development company (CDC). The Company's loan is secured by a first lien. Although the Company retains the servicing rights to the loan, the Company is unable to unilaterally make all decisions necessary to direct the activities that most significantly impact the VIE; therefore, it is not the primary beneficiary. The principal risk to which these entities are exposed is credit risk related to the underlying assets. The loans to these VIEs are included in the Company’s overall analysis of the ALLL and reserve for unfunded commitments, respectively. The Company does not provide any implicit or explicit liquidity guarantees or principal value guarantees to these VIEs. The Company records these commercial loans on its condensed consolidated balance sheet as loans held for investment. | ||||||||||||||||
On-balance sheet securitizations | ||||||||||||||||
The Company engages in on-balance-sheet securitizations which are securitizations that do not qualify for sales treatment; thus, the assets remain on the Company’s condensed consolidated balance sheet. The Company securitizes mortgage loans generally through a GSE, such as GNMA, FNMA or FHLMC (U.S. agency-sponsored mortgages). Occasionally, the Company will transfer conforming residential mortgages to GNMA in exchange for mortgage-backed securities. The Company maintains effective control over pools of transferred assets that remain unsold at the end of the period. Accordingly, the Company has not recorded these transfers as sales. These transferred assets are recorded in the condensed consolidated balance sheet as loans held for sale. | ||||||||||||||||
Debt securities | ||||||||||||||||
All MBS, CMO and ABS securities owned by the Company are issued through VIEs. The related VIEs were not consolidated, as the Company was not determined to be the primary beneficiary. See Note 4 for information related to debt securities. | ||||||||||||||||
Mortgage securitizations | ||||||||||||||||
The Company provides a variety of mortgage loan products to a diverse customer base. Once originated, the Company often securitizes these loans through the use of VIEs. These VIEs are funded through the issuance of trust certificates backed solely by the transferred assets. These mortgage loan securitizations are non-recourse except in accordance with the Company's standard obligations under representations and warranties. Thereby, the transaction effectively transfers the risk of future credit losses to the purchasers of the securities issued by the trust. The Company generally retains the servicing rights of the transferred assets but does not retain any other interest in the entities. | ||||||||||||||||
As noted above, the Company securitizes mortgage loans through government-sponsored entities or through private label (non-agency sponsored) securitizations. The Company is not the primary beneficiary of its U.S. agency-sponsored mortgage securitizations, because the Company does not have the power to direct the activities of the VIE that most significantly impact the entity’s economic performance. Therefore, the Company does not consolidate these U.S. agency-sponsored mortgage securitizations. Additionally, the Company does not consolidate VIEs of private label securitizations. Although the Company is the servicer of the VIE, the servicing relationship is deemed to be a fiduciary relationship and, therefore, the Company is not deemed to be the primary beneficiary of the entity. Refer to Note 5 for information related to sales of residential mortgage receivables and Note 8 for information related to mortgage servicing rights. |
Segment_Information_Notes
Segment Information (Notes) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Segment Information [Abstract] | ' | |||||||||||||||||||
Segment Information | ' | |||||||||||||||||||
17. Segment Information | ||||||||||||||||||||
The Company has three reportable segments: Banking and Wealth Management, Mortgage Banking, and Corporate Services. The Company’s reportable business segments are strategic business units that offer distinctive products and services marketed through different channels. These segments are managed separately because of their marketing and distribution requirements. | ||||||||||||||||||||
The Banking and Wealth Management segment includes all banking, lending and investing products and services offered to customers either over the web or telephone or through financial centers or financial advisors. Activity relating to recent acquisitions has been included in the Banking and Wealth Management segment. | ||||||||||||||||||||
The Mortgage Banking segment includes the origination and servicing of mortgage loans and focuses primarily on residential loans for purposes of resale to GSEs, institutional investors or for investment by the Banking and Wealth Management segment. | ||||||||||||||||||||
The Corporate Services segment consists of services provided to the Banking and Wealth Management and Mortgage Banking segments including executive management, technology, legal, human resources, marketing, corporate development, treasury, accounting, finance and other services and transaction-related items. Direct expenses are allocated to the operating segments. Unallocated expenses are included in Corporate Services. Certain other expenses, including interest expense on trust preferred debt and transaction-related items, are included in the Corporate Services segment. | ||||||||||||||||||||
The chief operating decision maker’s review of each segment’s performance is based on segment income, which is defined as income from operations before income taxes and certain corporate allocations. Additionally, total net revenue is defined as net interest income before provision for loan and lease losses and total noninterest income. | ||||||||||||||||||||
Intersegment revenue among the Company’s business units reflects the results of a funds transfer pricing (FTP) process, which takes into account assets and liabilities with similar interest rate sensitivity and maturity characteristics and reflects the allocation of net interest income related to the Company’s overall asset and liability management activities. This provides for the creation of an economic benchmark, which allows the Company to determine the profitability of the Company’s products and cost centers by calculating profitability spreads between product yields and internal references. However, business segments have some latitude to retain certain interest rate exposures related to customer pricing decisions within guidelines. | ||||||||||||||||||||
FTP serves to transfer interest rate risk to the treasury function through a transfer pricing methodology and cost allocating model. The basis for the allocation of net interest income is a function of the Company’s methodologies and assumptions that management believes are appropriate to accurately reflect business segment results. These factors are subject to change based on changes in current interest rates and market conditions. | ||||||||||||||||||||
The results of each segment are reported on a continuing basis. The following table presents financial information of reportable segments as of and for the three and nine months ended September 30, 2013 and 2012. The eliminations column includes intersegment eliminations required for consolidation purposes. | ||||||||||||||||||||
As of and for the Three Months Ended September 30, 2013 | ||||||||||||||||||||
Banking and Wealth Management | Mortgage Banking | Corporate Services | Eliminations | Consolidated | ||||||||||||||||
Net interest income (expense) | $ | 125,545 | $ | 14,889 | $ | (1,578 | ) | $ | — | $ | 138,856 | |||||||||
Total net revenue | 158,482 | 125,368 | (1) | (1,425 | ) | — | 282,425 | |||||||||||||
Intersegment revenue | 1,617 | (1,617 | ) | — | — | — | ||||||||||||||
Depreciation and amortization | 6,692 | 1,325 | 1,949 | — | 9,966 | |||||||||||||||
Income before income taxes | 90,038 | (13,765 | ) | (1) | (22,612 | ) | (3) | — | 53,661 | |||||||||||
Total assets | 15,502,004 | 2,106,162 | 213,745 | (209,822 | ) | 17,612,089 | ||||||||||||||
As of and for the Three Months Ended September 30, 2012 | ||||||||||||||||||||
Banking and Wealth Management | Mortgage Banking | Corporate Services | Eliminations | Consolidated | ||||||||||||||||
Net interest income (expense) | $ | 114,587 | $ | 13,105 | $ | (1,498 | ) | $ | — | $ | 126,194 | |||||||||
Total net revenue | 135,195 | 89,798 | (2) | (1,500 | ) | — | 223,493 | |||||||||||||
Intersegment revenue | (1,170 | ) | 1,170 | — | — | — | ||||||||||||||
Depreciation and amortization | 6,876 | 432 | 1,612 | — | 8,920 | |||||||||||||||
Income before income taxes | 51,780 | 17,366 | (2) | (33,981 | ) | — | 35,165 | |||||||||||||
Total assets | 14,696,893 | 1,838,964 | 129,141 | (155,558 | ) | 16,509,440 | ||||||||||||||
As of and for the Nine Months Ended September 30, 2013 | ||||||||||||||||||||
Banking and | Mortgage | Corporate | Eliminations | Consolidated | ||||||||||||||||
Wealth | Banking | Services | ||||||||||||||||||
Management | ||||||||||||||||||||
Net interest income (expense) | $ | 384,990 | $ | 43,622 | $ | (4,723 | ) | $ | — | $ | 423,889 | |||||||||
Total net revenue | 478,362 | 373,371 | (1) | (4,162 | ) | — | 847,571 | |||||||||||||
Intersegment revenue | 9,384 | (9,384 | ) | — | — | — | ||||||||||||||
Depreciation and amortization | 20,924 | 3,884 | 5,279 | — | 30,087 | |||||||||||||||
Income before income taxes | 255,544 | 10,029 | (1) | (74,070 | ) | (3) | — | 191,503 | ||||||||||||
Total assets | 15,502,004 | 2,106,162 | 213,745 | (209,822 | ) | 17,612,089 | ||||||||||||||
As of and for the Nine Months Ended September 30, 2012 | ||||||||||||||||||||
Banking and | Mortgage | Corporate | Eliminations | Consolidated | ||||||||||||||||
Wealth | Banking | Services | ||||||||||||||||||
Management | ||||||||||||||||||||
Net interest income (expense) | $ | 335,933 | $ | 35,391 | $ | (4,523 | ) | $ | — | $ | 366,801 | |||||||||
Total net revenue | 407,374 | 208,481 | (2) | (4,439 | ) | — | 611,416 | |||||||||||||
Intersegment revenue | (6,071 | ) | 6,071 | — | — | — | ||||||||||||||
Depreciation and amortization | 20,345 | 1,429 | 5,237 | — | 27,011 | |||||||||||||||
Income before income taxes | 173,432 | (5,028 | ) | (2) | (97,032 | ) | — | 71,372 | ||||||||||||
Total assets | 14,696,893 | 1,838,964 | 129,141 | (155,558 | ) | 16,509,440 | ||||||||||||||
-1 | Segment earnings in the Mortgage Banking segment included a $35,132 recovery on the MSR valuation allowance for the three months ended September 30, 2013 and a $80,259 recovery on the MSR valuation allowance for the nine months ended September 30, 2013. | |||||||||||||||||||
-2 | Segment earnings in the Mortgage Banking segment included a $18,229 charge for MSR impairment for the three months ended September 30, 2012 and a $63,508 charge for MSR impairment for the nine months ended September 30, 2012 . | |||||||||||||||||||
-3 | Income before income taxes includes additional allocation of intersegment expenses beginning in 2013. |
Subsequent_Events_Notes
Subsequent Events (Notes) | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
18. Subsequent Events | |
On October 30, 2013, the Company entered into a series of agreements with Green Tree Servicing LLC (GTS), a subsidiary of Walter Investment Management Corp., to sell approximately $13,400,000 of UPB of FNMA, FHLMC and private investor mortgage servicing rights, subject to changes in the underlying loan population through the date of transfer. The Company also entered into an agreement with GTS to sell the Company's default servicing platform and related fixed assets, and to sub-service the Company’s Ginnie Mae servicing portfolio with a UPB of approximately $6,900,000. The sale of the MSR is expected to close in the fourth quarter of 2013 and the sale of the default platform along with the sub-servicing agreement is expected to occur in the first quarter of 2014. Due to the recent nature of this transaction, the Company is currently evaluating the impact to its financial statements. |
Recent_Accounting_Pronouncemen1
Recent Accounting Pronouncements and Updates to Significant Accounting Policies Updates to Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Recent Accounting Pronouncements [Abstract] | ' |
Finance, Loan and Lease Receivables, Held-for-sale, Policy [Policy Text Block] | ' |
Loans Held for Sale—Loans held for sale represent loans originated or acquired by the Company with the intent to sell. The Company has elected the fair value option of accounting under U.S. GAAP for certain residential mortgage loans. Electing to use the fair value option of accounting allows a better offset of the changes in the 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. These loans are initially recorded and carried at fair value, with changes in fair value recognized in gain on sale of loans. Loan origination fees are recorded when earned, and related costs are recognized when incurred. | |
The Company has not elected the fair value option for other residential mortgage loans primarily because the Company expects to hold these loans for a short duration. These loans are carried at the lower of cost or fair value. In determining the lower of cost or fair value adjustment on loans held for sale, the Company pools loans based on similar risk characteristics such as loan type and interest rate. Direct loan origination fees and costs are deferred at loan origination or acquisition. These amounts are recognized as income at the time the loan is sold and included in gain on sale of loans. Gains and losses on sale of these loans are recorded in gain and/or loss on sale of loans. | |
Loans and leases are transferred from loans and leases held for investment to held for sale when the Company no longer has the intent to hold them for the foreseeable future. Loans and leases are transferred from held for sale to held for investment when the Company determines its intent to hold these loans and leases for the foreseeable future. Loans and leases are transferred to loans and leases held for investment at the lower of cost or fair value on the date of reclassification with any lower of cost or fair value adjustment recognized as a basis adjustment. | |
Certain guarantees arise from agreements associated with servicing, securitization and sale of the Company's residential mortgage loans. Under these agreements, the Company may be obligated to repurchase, or otherwise indemnify or reimburse the investor or insurer for losses incurred, due to material breach of contractual representations and warranties with respect to non-GSE purchasers, or breach of contractual representations and warranties with respect to GSEs. These guarantees are accounted for in accordance with ASC 460, Guarantees, when the obligation is both probable and reasonably estimable. The guarantee is calculated at the fair value of the guarantee on the date of the loan sale or securitization. The corresponding provision is recognized as a reduction on net gains on loan sales and securitization, and is reduced, by a credit to earnings, as the guarantor is released from risk under the guarantee. The reserve for repurchase obligations is included in accounts payable and accrued liabilities on the consolidated balance sheets with changes to the reserve made through general and administrative expenses. See Note 5 and Note 15 for further information related to these guarantees. |
Investment_Securities_Policies
Investment Securities (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Investment Securities [Abstract] | ' |
Other Than Temporary Impairments of Investment Securities [Policy Text Block] | ' |
When certain triggers indicate the likelihood of an other-than-temporary-impairment (OTTI) or the qualitative evaluation performed cannot support the expectation of recovering the entire amortized cost basis of an investment, the Company performs cash flow analyses that project prepayments, default rates and loss severities on the collateral supporting each security. If the net present value of the investment is less than the amortized cost, the difference is recognized in earnings as a credit-related impairment, while the remaining difference between the fair value and the amortized cost is recognized in AOCI. |
Loans_and_Leases_Held_for_Inve1
Loans and Leases Held for Investment, Net (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Loans and Leases Held for Investment, Net [Abstract] | ' |
Finance, Loans and Leases Receivable, Policy [Policy Text Block] | ' |
Covered loans and leases are acquired and recorded at fair value at acquisition, exclusive of the loss share agreements with the Federal Deposit Insurance Corporation (FDIC) and the indemnification agreement with former shareholders of Tygris. All loans acquired through the loss share agreement with the FDIC and all loans and leases acquired in the purchase of Tygris are considered covered during the applicable indemnification period. | |
At acquisition, the Company estimates the fair value of acquired loans and leases by segregating the portfolio into pools with similar risk characteristics. Fair value estimates for acquired loans and leases require estimates of the amounts and timing of expected future principal, interest and other cash flows. For each pool, the Company uses certain loan and lease information, including outstanding principal balance, probability of default and the estimated loss in the event of default to estimate the expected future cash flows for each loan and lease pool. |
Allowance_for_Loan_and_Lease_L1
Allowance for Loan and Lease Losses (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Allowance for Loan and Lease Losses [Abstract] | ' |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | ' |
The Company uses a risk grading matrix to monitor credit quality for commercial and commercial real estate loans. Risk grades are continuously monitored and updated quarterly by credit administration personnel based on current information and events. The Company monitors the quarterly credit quality of all other loan types based on performing status. | |
Government insured pool buyouts remain on accrual status after 90 days as the interest earned is collectible from the insuring governmental agency. | |
Impaired Financing Receivable, Policy [Policy Text Block] | ' |
Impaired loans include loans identified as troubled loans as a result of a borrower’s financial difficulties and other loans on which the accrual of interest income is suspended. The Company continues to collect payments on certain impaired loan balances on which accrual is suspended. | |
Impaired loans include loans identified as troubled loans as a result of a borrower’s financial difficulties and other loans on which the accrual of interest income is suspended. The Company continues to collect payments on certain impaired loan balances on which accrual is suspended. | |
Loans and Leases Receivable, Troubled Debt Restructuring Policy [Policy Text Block] | ' |
Modifications considered to be TDRs are individually evaluated for credit loss based on a discounted cash flow model using the loan’s effective interest rate at the time of origination. The discounted cash flow model used in this evaluation is adjusted to reflect the modified loan’s elevated probability of future default based on the Company’s historical redefault rate. These loans are classified as nonaccrual and have been included in the Company’s impaired loan disclosures in the tables above. A loan is considered to redefault when it is 30 days past due. Once a modified loan demonstrates a consistent period of performance under the modified terms, generally six months, the Company returns the loan to an accrual classification. If a modified loan defaults under the terms of the modified agreement, the Company measures the allowance for loan and lease losses based on the fair value of collateral less cost to sell. |
Earnings_Per_Share_Policies
Earnings Per Share (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Earnings Per Share [Abstract] | ' |
Earnings Per Share, Policy [Policy Text Block] | ' |
In addition, the Company included the Series A 6% Preferred Stock and Series B 4% Preferred Stock as a participating security through the date of conversion and upon conversion, the Company included the shares in common shares outstanding. | |
Certain securities were antidilutive and were therefore excluded from the calculation of diluted earnings per share. |
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Policies) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Derivative Financial Instruments [Abstract] | ' | |||||||||||||||
Derivatives, Policy [Policy Text Block] | ' | |||||||||||||||
Interest rate contracts are predominantly used as economic hedges of interest rate lock commitments and loans held for sale. Other derivatives are predominantly used as economic hedges of foreign exchange, commodity, metals and equity risk. | ||||||||||||||||
Certain of the Company’s derivative instruments contain provisions that require the Company to post collateral when derivatives are in a net liability position. The provisions generally are dependent upon the Company’s credit rating based on certain major credit rating agencies or dollar amounts in a liability position at any given time which exceed specified thresholds, as indicated in the relevant contracts. In these circumstances, the counterparties could demand additional collateral or require termination or replacement of derivative instruments in a net liability position. | ||||||||||||||||
Counterparty credit risk related to derivatives is considered in determining fair value. | ||||||||||||||||
These gains and losses are recognized in other noninterest income, except for the indemnification assets which are recognized in general and administrative expense. | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Freestanding derivatives | ||||||||||||||||
Gains (losses) on interest rate contracts (1) | $ | 13,206 | $ | (49,733 | ) | $ | 91,265 | $ | (97,921 | ) | ||||||
Gains (losses) on indemnification assets (2) | (477 | ) | 441 | (638 | ) | 1,285 | ||||||||||
Other | (8 | ) | 27 | (154 | ) | 424 | ||||||||||
Total | $ | 12,721 | $ | (49,265 | ) | $ | 90,473 | $ | (96,212 | ) | ||||||
Fair_Value_Measurements_Polici
Fair Value Measurements (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Fair Value Measurements [Abstract] | ' |
Fair Value of Financial Instruments, Policy [Policy Text Block] | ' |
Asset and liability fair value measurements have been categorized based upon the fair value hierarchy described below: | |
Level 1 – Valuation is based upon quoted market prices for identical instruments in active markets. | |
Level 2 – Valuation is based upon quoted market prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. | |
Level 3 – Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect estimates or assumptions that market participants would use in pricing the assets or liabilities. Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques. | |
The Company monitors the availability of observable market data to assess the appropriate classification of financial instruments within the fair value hierarchy. Changes in economic conditions or model-based valuation techniques may require the transfer of financial instruments from one fair value level to another. In such instances, the Company reports the transfer at the end of the reporting period. | |
For financial assets such as cash and due from banks, FHLB restricted stock, and other investments, the carrying amount is a reasonable estimate of fair value. For financial liabilities such as noninterest-bearing demand, interest-bearing demand, and savings and money market deposits, the carrying amount is a reasonable estimate of fair value as these liabilities have no stated maturity. | |
The Company estimates the fair value of collateral-dependent loans and OREO using appraisal valuation. Appraisals for both collateral-dependent impaired loans and OREO are performed by certified general appraisers (for commercial properties) or certified residential appraisers (for residential properties) whose qualifications and licenses have been reviewed and verified by the Company. Once received, a member of the Company's valuation services group reviews the assumptions and approaches utilized in the appraisal. To assess the reasonableness of the fair value, the Company's valuation services group compares the assumptions to independent data sources such as recent market data or industry-wide statistics. For collateral dependent loans in which a new appraisal is expected in the next quarter, the appraisal is reviewed by an officer and an adjustment may be made based on a review of the property, historical property value changes, and current market rates. | |
The fair value of mortgage servicing rights is determined by using a discounted cash flow model to calculate the present value of estimated future net servicing income. The assumptions are a combination of market and company-specific data. On a quarterly basis, the portfolio management group compares the Company’s estimated fair value of the mortgage servicing rights to a third-party valuation as part of the valuation process. Discussions are held between executive management and the independent third-party to discuss the key assumptions used by the respective parties in arriving at those estimates. | |
The Company estimates the fair value of Level 3 loans held for sale utilizing a discounted cash flow approach which includes an evaluation of the collateral and underlying loan characteristics, as well as assumptions to determine the discount rate such as credit loss and prepayment forecasts, and servicing costs. In determining the appropriate discount rate, prepayment and credit assumptions, the Company monitors other capital markets activity for similar collateral being traded and/or interest rates currently being offered for similar products. Discussions related to the fair value of these loans held for sale are held between our internal valuation specialists and executive and business unit management as necessary to discuss the key assumptions used in arriving at our estimates. | |
The significant unobservable input used in the fair value measurement of the FDIC clawback liability is servicing cost. Significant increases (decreases) in this input in isolation could result in a significantly lower (higher) fair value measurement. The Company estimates the fair value of the FDIC clawback liability using a discounted cash flow model. The Company enters observable and unobservable inputs into the model to arrive at fair value. Changes in the estimate are primarily driven by changes in the interpolated discount rate (an observable input) and changes in servicing cost as a result of changes in projected UPB. The assumptions are reviewed and updated on a quarterly basis by management. | |
The significant unobservable inputs used in the fair value measurement of the indemnification asset are the reinstatement rate, loss severity and duration. Significant increases (decreases) in any of those inputs in isolation could result in a significantly lower (higher) fair value measurement. The reinstatement rate is determined by analyzing historical default activity of similar loans. Loss severity is estimated as the interest rate spread between the note and debenture rate of the government insured loans as well as advance costs that are not reimbursable by the Federal Housing Administration (FHA), which is then extrapolated over the expected duration. In assessing the note to debenture rate spread in estimating severity, an analysis is performed to evaluate the cash flows related to the indemnified loans as experienced by the indemnifying party. In certain situations, the debenture rate interest received by the indemnifying party may exceed the note rate interest guaranteed under the indemnification, which will result in positive cash flows for the indemnifying party and negative severity experienced on any tranches for which the weighted average debenture rate exceeds the weighted average note rate. The Company’s portfolio management group is responsible for analyzing and updating the assumptions and cash flow model of the underlying loans on a quarterly basis, which includes corroboration with historical experience. | |
The significant unobservable input used in the fair value measurement of the Company's IRLCs is the closing ratio, which represents the percentage of loans currently in a lock position which management estimates will ultimately close. Generally, the fair value of an IRLC is positive (negative) if the prevailing interest rate is lower (higher) than the IRLC rate. Therefore, an increase in the loan closing probability (i.e., higher percentage of loans estimated to close) will result in the fair value of the IRLC to increase if in a gain position, or decrease if in a loss position. The loan closing ratio is largely dependent on the loan processing stage that a loan is currently in and the change in prevailing interest rates from the time of the rate lock through the time the loan closes. The closing ratio is computed by our secondary marketing system using historical data and the ratio is reviewed by the Company's secondary marketing department of the portfolio management group for reasonableness on a quarterly basis. | |
The Company estimates the fair value of Level 3 loans held for sale utilizing a discounted cash flow approach which includes an evaluation of the collateral and underlying loan characteristics, as well as assumptions to determine the discount rate such as credit loss and prepayment forecasts, and servicing costs. In determining the appropriate discount rate, prepayment and credit assumptions, the Company monitors other capital markets activity for similar collateral being traded and/or interest rates currently being offered for similar products. Discussions related to the fair value of these loans held for sale are held between our internal valuation specialists and executive and business unit management to discuss the key assumptions used in arriving at our estimates. |
Commitments_and_Contingencies_1
Commitments and Contingencies (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies, Policy [Policy Text Block] | ' |
Commitments to extend credit are agreements to lend to customers in accordance with predetermined contractual provisions. These commitments, predominantly at variable interest rates, are for specific periods or contain termination clauses and may require the payment of a fee. The total amounts of unused commitments do not necessarily represent future credit exposure or cash requirements, as commitments often expire without being drawn upon. | |
Guarantees, Indemnifications and Warranties Policies [Policy Text Block] | ' |
The Company’s obligations vary based upon the nature of the repurchase demand and the current status of the mortgage loan. The Company establishes reserves for estimated losses inherent in the Company’s origination of mortgage loans. In estimating the accrued liability for loan repurchase and make-whole obligations, the Company estimates probable losses inherent in the population of all loans sold based on trends in claims requests and actual loss severities experienced. The liability includes accruals for probable contingent losses in addition to those identified in the pipeline of repurchase or make-whole requests. There is additional inherent uncertainty in the estimate because the Company historically sold a majority of loans servicing released prior to 2009 and currently does not have servicing performance metrics on a majority of those loans it originated and sold. The estimation process is designed to include amounts based on actual losses experienced from actual repurchase activity. The baseline for the repurchase reserve uses historical loss factors that are applied to loan pools originated in 2003 through September 30, 2013 and sold in years 2004 through September 30, 2013. Loss factors, tracked by year of loss, are calculated using actual losses incurred on repurchase or make-whole arrangements. The historical loss factors experienced are accumulated for each sale vintage (year loan was sold) and are applied to more recent sale vintages to estimate inherent losses not yet realized. |
Variable_Interest_Entities_Pol
Variable Interest Entities (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Variable Interest Entities [Abstract] | ' |
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | ' |
The Company evaluates its interest in certain entities to determine if these entities meet the definition of a VIE and whether the Company is the primary beneficiary and should consolidate the entity based on the variable interests it held both at inception and when there is a change in circumstances that requires a reconsideration. If the Company is determined to be the primary beneficiary of a VIE, it must account for the VIE as a consolidated subsidiary. If the Company is determined not to be the primary beneficiary of a VIE but holds a variable interest in the entity, such variable interests are accounted for under accounting standards as deemed appropriate. |
Segment_Information_Policies
Segment Information (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Segment Information [Abstract] | ' |
Segment Reporting, Policy [Policy Text Block] | ' |
The Company has three reportable segments: Banking and Wealth Management, Mortgage Banking, and Corporate Services. The Company’s reportable business segments are strategic business units that offer distinctive products and services marketed through different channels. These segments are managed separately because of their marketing and distribution requirements. | |
The Banking and Wealth Management segment includes all banking, lending and investing products and services offered to customers either over the web or telephone or through financial centers or financial advisors. Activity relating to recent acquisitions has been included in the Banking and Wealth Management segment. | |
The Mortgage Banking segment includes the origination and servicing of mortgage loans and focuses primarily on residential loans for purposes of resale to GSEs, institutional investors or for investment by the Banking and Wealth Management segment. | |
The Corporate Services segment consists of services provided to the Banking and Wealth Management and Mortgage Banking segments including executive management, technology, legal, human resources, marketing, corporate development, treasury, accounting, finance and other services and transaction-related items. Direct expenses are allocated to the operating segments. Unallocated expenses are included in Corporate Services. Certain other expenses, including interest expense on trust preferred debt and transaction-related items, are included in the Corporate Services segment. | |
The chief operating decision maker’s review of each segment’s performance is based on segment income, which is defined as income from operations before income taxes and certain corporate allocations. Additionally, total net revenue is defined as net interest income before provision for loan and lease losses and total noninterest income. | |
Intersegment revenue among the Company’s business units reflects the results of a funds transfer pricing (FTP) process, which takes into account assets and liabilities with similar interest rate sensitivity and maturity characteristics and reflects the allocation of net interest income related to the Company’s overall asset and liability management activities. This provides for the creation of an economic benchmark, which allows the Company to determine the profitability of the Company’s products and cost centers by calculating profitability spreads between product yields and internal references. However, business segments have some latitude to retain certain interest rate exposures related to customer pricing decisions within guidelines. | |
FTP serves to transfer interest rate risk to the treasury function through a transfer pricing methodology and cost allocating model. The basis for the allocation of net interest income is a function of the Company’s methodologies and assumptions that management believes are appropriate to accurately reflect business segment results. These factors are subject to change based on changes in current interest rates and market conditions. |
Organization_and_Basis_of_Pres1
Organization and Basis of Presentation (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Organization and Basis of Presentation [Abstract] | ' | |||||||
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | ' | |||||||
d) Supplemental Cash Flow Information - Noncash investing activities are presented in the following table: | ||||||||
Nine Months Ended | ||||||||
September 30, | ||||||||
2013 | 2012 | |||||||
Supplemental Schedules of Noncash Investing Activities: | ||||||||
Loans transferred to foreclosure claims | $ | 498,638 | $ | 350,244 | ||||
Loans transferred to other real estate owned from loans held for investment | 30,395 | 32,100 | ||||||
Loans transferred from held for sale to held for investment | 819,250 | 1,928,519 | ||||||
Loans transferred from held for investment to held for sale | 454,310 | 94,650 | ||||||
Additions of originated mortgage servicing assets for loans sold | 84,018 | 58,061 | ||||||
Supplemental Schedules of Noncash Financing Activities: | ||||||||
Conversion of preferred stock | $ | — | $ | 135,585 | ||||
Acquisition_Activities_Tables
Acquisition Activities (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Acquisition Activities [Abstract] | ' | |||||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | ' | |||||||||||||||
The following table presents a bridge from the unpaid principal balance (UPB), or contractual net investment, to carrying value for the acquired financing receivables by method of accounting as presented initially at the acquisition date, as well as, based on the updated loan stratification: | ||||||||||||||||
As Initially Recorded | As Updated | |||||||||||||||
ASC 310-20 | ASC 310-30 | ASC 310-20 | ASC 310-30 | |||||||||||||
Unpaid principal balance at acquisition | $ | 2,229,822 | $ | 89,993 | $ | 2,174,738 | $ | 145,077 | ||||||||
Plus: contractual interest due or unearned income | 1,176,442 | 62,517 | 1,143,748 | 95,211 | ||||||||||||
Contractual cash flows due | 3,406,264 | 152,510 | 3,318,486 | 240,288 | ||||||||||||
Less: cash flows not expected to be collected (1) | 518,949 | 42,387 | 499,602 | 61,734 | ||||||||||||
Expected cash flows | 2,887,315 | 110,123 | 2,818,884 | 178,554 | ||||||||||||
Less: accretable yield | 629,788 | 30,527 | 617,297 | 43,018 | ||||||||||||
Carrying value at acquisition | $ | 2,257,527 | $ | 79,596 | $ | 2,201,587 | $ | 135,536 | ||||||||
-1 | Cash flows not expected to be collected includes the effects of both credit losses as well as modeled prepayment assumptions. |
Investment_Securities_Tables
Investment Securities (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Investment Securities [Abstract] | ' | |||||||||||||||||||||||
Schedule of Available for Sale and Held to Maturity Securities [Table Text Block] | ' | |||||||||||||||||||||||
The amortized cost and fair value of investment securities with gross unrealized gains and losses were as follows as of September 30, 2013 and December 31, 2012: | ||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Carrying Amount | ||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||||||
Available for sale: | ||||||||||||||||||||||||
Residential collateralized mortgage obligations (CMO) securities - nonagency | $ | 1,187,816 | $ | 16,941 | $ | 4,072 | $ | 1,200,685 | $ | 1,200,685 | ||||||||||||||
Asset-backed securities (ABS) | 5,153 | — | 1,098 | 4,055 | 4,055 | |||||||||||||||||||
Other | 317 | 283 | — | 600 | 600 | |||||||||||||||||||
Total available for sale securities | $ | 1,193,286 | $ | 17,224 | $ | 5,170 | $ | 1,205,340 | $ | 1,205,340 | ||||||||||||||
Held to maturity: | ||||||||||||||||||||||||
Residential CMO securities - agency | $ | 44,707 | $ | 1,636 | $ | 13 | $ | 46,330 | $ | 44,707 | ||||||||||||||
Residential mortgage-backed securities (MBS) - agency | 59,551 | 943 | 1,130 | 59,364 | 59,551 | |||||||||||||||||||
Corporate securities | 4,987 | — | 2,412 | 2,575 | 4,987 | |||||||||||||||||||
Total held to maturity securities | $ | 109,245 | $ | 2,579 | $ | 3,555 | $ | 108,269 | $ | 109,245 | ||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||
Available for sale: | ||||||||||||||||||||||||
Residential CMO securities - nonagency | $ | 1,577,270 | $ | 39,860 | $ | 5,355 | $ | 1,611,775 | $ | 1,611,775 | ||||||||||||||
Asset-backed securities | 9,461 | — | 1,935 | 7,526 | 7,526 | |||||||||||||||||||
Other | 366 | 211 | — | 577 | 577 | |||||||||||||||||||
Total available for sale securities | $ | 1,587,097 | $ | 40,071 | $ | 7,290 | $ | 1,619,878 | $ | 1,619,878 | ||||||||||||||
Held to maturity: | ||||||||||||||||||||||||
Residential CMO securities - agency | $ | 106,346 | $ | 3,497 | $ | — | $ | 109,843 | $ | 106,346 | ||||||||||||||
Residential MBS - agency | 31,901 | 1,986 | — | 33,887 | 31,901 | |||||||||||||||||||
Corporate securities | 4,987 | — | 2,008 | 2,979 | 4,987 | |||||||||||||||||||
Total held to maturity securities | $ | 143,234 | $ | 5,483 | $ | 2,008 | $ | 146,709 | $ | 143,234 | ||||||||||||||
Schedule of Unrealized Loss on Investments [Table Text Block] | ' | |||||||||||||||||||||||
The gross unrealized losses and fair value of the Company’s investments in an unrealized loss position at September 30, 2013 and December 31, 2012, aggregated by investment category and the length of time individual securities have been in a continuous unrealized loss position, are as follows: | ||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Greater | Total | ||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||
Residential CMO securities - nonagency | $ | 283,055 | $ | 3,258 | $ | 48,450 | $ | 814 | $ | 331,505 | $ | 4,072 | ||||||||||||
Residential CMO securities - agency | 6,477 | 13 | — | — | 6,477 | 13 | ||||||||||||||||||
Residential MBS - agency | 35,548 | 1,130 | — | — | 35,548 | 1,130 | ||||||||||||||||||
Asset-backed securities | — | — | 4,055 | 1,098 | 4,055 | 1,098 | ||||||||||||||||||
Corporate securities | — | — | 2,575 | 2,412 | 2,575 | 2,412 | ||||||||||||||||||
Total debt securities | $ | 325,080 | $ | 4,401 | $ | 55,080 | $ | 4,324 | $ | 380,160 | $ | 8,725 | ||||||||||||
December 31, 2012 | ||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||
Residential CMO securities - nonagency | $ | 57,715 | $ | 299 | $ | 183,285 | $ | 5,056 | $ | 241,000 | $ | 5,355 | ||||||||||||
Asset-backed securities | — | — | 7,526 | 1,935 | 7,526 | 1,935 | ||||||||||||||||||
Corporate securities | — | — | 2,979 | 2,008 | 2,979 | 2,008 | ||||||||||||||||||
Total debt securities | $ | 57,715 | $ | 299 | $ | 193,790 | $ | 8,999 | $ | 251,505 | $ | 9,298 | ||||||||||||
Investment Income [Table Text Block] | ' | |||||||||||||||||||||||
During the three and nine months ended September 30, 2013 and 2012, interest and dividend income on investment securities was comprised of the following: | ||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Interest income on available for sale securities | $ | 11,816 | $ | 17,875 | $ | 40,100 | $ | 55,474 | ||||||||||||||||
Interest income on held to maturity securities | 635 | 2,504 | 1,917 | 5,313 | ||||||||||||||||||||
Other interest and dividend income | 925 | 500 | 2,422 | 1,340 | ||||||||||||||||||||
$ | 13,376 | $ | 20,879 | $ | 44,439 | $ | 62,127 | |||||||||||||||||
Loans_Held_for_Sale_Tables
Loans Held for Sale (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Loans Held for Sale [Abstract] | ' | |||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | ' | |||||||||||||||
Loans held for sale as of September 30, 2013 and December 31, 2012, consist of the following: | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Mortgage warehouse (carried at fair value) | $ | 1,020,410 | $ | 1,452,236 | ||||||||||||
Government insured pool buyouts | 1,866 | 96,635 | ||||||||||||||
Other | 10,995 | 539,175 | ||||||||||||||
Other (carried at fair value) | 26,676 | — | ||||||||||||||
Total loans held for sale | $ | 1,059,947 | $ | 2,088,046 | ||||||||||||
Schedule of Cash Flows Between Transferee and Transferor [Table Text Block] | ' | |||||||||||||||
The following is a summary of cash flows related to transfers accounted for as sales for the three and nine months ended September 30, 2013 and 2012: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Proceeds received from agency securitizations | $ | 2,251,809 | $ | 2,476,812 | $ | 7,345,260 | $ | 6,267,169 | ||||||||
Proceeds received from nonsecuritization sales | 902,441 | 1,885 | 1,579,749 | 20,131 | ||||||||||||
Servicing fees collected | 30,928 | 24,577 | 86,489 | 72,477 | ||||||||||||
Repurchased loans from agency securitizations | 1,858 | 2,616 | 4,028 | 6,132 | ||||||||||||
Repurchased loans from nonagency sales | 6,927 | 6,773 | 17,143 | 16,287 | ||||||||||||
Loans_and_Leases_Held_for_Inve2
Loans and Leases Held for Investment, Net (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Loans and Leases Held for Investment, Net [Abstract] | ' | |||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | ' | |||||||||||
Loans and leases held for investment as of September 30, 2013 and December 31, 2012 are comprised of the following: | ||||||||||||
September 30, | December 31, | |||||||||||
2013 | 2012 | |||||||||||
Residential mortgages | $ | 6,698,614 | $ | 6,708,748 | ||||||||
Commercial and commercial real estate | 4,608,487 | 4,771,768 | ||||||||||
Lease financing receivables | 1,092,866 | 836,935 | ||||||||||
Home equity lines | 156,977 | 179,600 | ||||||||||
Consumer and credit card | 6,023 | 8,038 | ||||||||||
Total loans and leases held for investment, net of discounts | 12,562,967 | 12,505,089 | ||||||||||
Allowance for loan and lease losses | (66,991 | ) | (82,102 | ) | ||||||||
Total loans and leases held for investment, net | $ | 12,495,976 | $ | 12,422,987 | ||||||||
Net Purchase Loan And Lease Premiums (Discounts)/Net Deferred Loan And Lease Origination Costs (Fees) [Table Text Block] | ' | |||||||||||
As of September 30, 2013 and December 31, 2012, the carrying values presented above include net purchased loan and lease discounts and net deferred loan and lease origination costs as follows: | ||||||||||||
September 30, | December 31, | |||||||||||
2013 | 2012 | |||||||||||
Net purchased loan and lease discounts | $ | 120,321 | $ | 164,132 | ||||||||
Net deferred loan and lease origination costs | 45,315 | 25,275 | ||||||||||
Acquired Portfolio of Loans/Leases with Evidence of Credit Deterioration [Table Text Block] | ' | |||||||||||
Acquisition date details of loans and leases acquired with evidence of credit deterioration during the nine months ended September 30, 2013 and 2012 are as follows: | ||||||||||||
September 30, | September 30, | |||||||||||
2013 | 2012 | |||||||||||
Contractual payments receivable for acquired loans and leases at acquisition | $ | 345,890 | $ | 218,750 | ||||||||
Expected cash flows for acquired loans and leases at acquisition | 193,549 | 133,627 | ||||||||||
Basis in acquired loans and leases at acquisition | 179,027 | 117,579 | ||||||||||
Information pertaining to the ACI portfolio as of September 30, 2013 and December 31, 2012 is as follows: | ||||||||||||
Residential | Commercial and Commercial Real Estate | Total | ||||||||||
September 30, 2013 | ||||||||||||
Carrying value, net of allowance | $ | 749,690 | $ | 410,286 | $ | 1,159,976 | ||||||
Outstanding unpaid principal balance (UPB) | 793,009 | 427,667 | 1,220,676 | |||||||||
Allowance for loan and lease losses, beginning of period | 5,175 | 16,789 | 21,964 | |||||||||
Allowance for loan and lease losses, end of period | 5,216 | 11,344 | 16,560 | |||||||||
Residential | Commercial and Commercial Real Estate | Total | ||||||||||
December 31, 2012 | ||||||||||||
Carrying value, net of allowance | $ | 860,437 | $ | 488,288 | $ | 1,348,725 | ||||||
Outstanding unpaid principal balance | 906,421 | 527,472 | 1,433,893 | |||||||||
Allowance for loan and lease losses, beginning of year | 5,464 | 10,525 | 15,989 | |||||||||
Allowance for loan and lease losses, end of year | 5,175 | 16,789 | 21,964 | |||||||||
Schedule of Changes in Accretable Yields of Acquired Loans [Table Text Block] | ' | |||||||||||
The following is a summary of the accretable yield activity for the ACI loans during the nine months ended September 30, 2013 and 2012: | ||||||||||||
Residential | Commercial and Commercial Real Estate | Total | ||||||||||
September 30, 2013 | ||||||||||||
Balance, beginning of period | $ | 111,868 | $ | 108,540 | $ | 220,408 | ||||||
Additions | 12,174 | — | 12,174 | |||||||||
Accretion | (31,906 | ) | (22,110 | ) | (54,016 | ) | ||||||
Reclassifications to accretable yield | 27,249 | 23,552 | 50,801 | |||||||||
Balance, end of period | $ | 119,385 | $ | 109,982 | $ | 229,367 | ||||||
September 30, 2012 | ||||||||||||
Balance, beginning of period | $ | 90,224 | $ | 117,499 | $ | 207,723 | ||||||
Additions | 16,048 | — | 16,048 | |||||||||
Accretion | (22,159 | ) | (23,175 | ) | (45,334 | ) | ||||||
Reclassifications (from) to accretable yield | 2,616 | (12,677 | ) | (10,061 | ) | |||||||
Balance, end of period | $ | 86,729 | $ | 81,647 | $ | 168,376 | ||||||
Covered Loans and Leases Recorded Investment [Table Text Block] | ' | |||||||||||
The following is a summary of the recorded investment of major categories of covered loans and leases outstanding as of September 30, 2013 and December 31, 2012: | ||||||||||||
Bank of Florida | Tygris | Total | ||||||||||
September 30, 2013 | ||||||||||||
Residential mortgages | $ | 46,738 | $ | — | $ | 46,738 | ||||||
Commercial and commercial real estate | 309,709 | — | 309,709 | |||||||||
Lease financing receivables | — | 33,283 | 33,283 | |||||||||
Home equity lines | 14,266 | — | 14,266 | |||||||||
Total recorded investment of covered loans and leases | $ | 370,713 | $ | 33,283 | $ | 403,996 | ||||||
December 31, 2012 | ||||||||||||
Residential mortgages | $ | 56,390 | $ | — | $ | 56,390 | ||||||
Commercial and commercial real estate | 441,998 | — | 441,998 | |||||||||
Lease financing receivables | — | 75,201 | 75,201 | |||||||||
Home equity lines | 17,992 | — | 17,992 | |||||||||
Consumer and credit card | 1,378 | — | 1,378 | |||||||||
Total recorded investment of covered loans and leases | $ | 517,758 | $ | 75,201 | $ | 592,959 | ||||||
Allowance_for_Loan_and_Lease_L2
Allowance for Loan and Lease Losses (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Allowance for Loan and Lease Losses [Abstract] | ' | |||||||||||||||||||||||
Schedule of Credit Losses Related to Financing Receivables, Current and Noncurrent [Table Text Block] | ' | |||||||||||||||||||||||
Changes in the allowance for loan and lease losses for the three and nine months ended September 30, 2013 and 2012 are as follows: | ||||||||||||||||||||||||
Three Months Ended September 30, 2013 | Residential Mortgages | Commercial | Lease Financing Receivables | Home Equity Lines | Consumer and Credit Card | Total | ||||||||||||||||||
and Commercial Real Estate | ||||||||||||||||||||||||
Balance, beginning of period | $ | 28,685 | $ | 36,881 | $ | 4,073 | $ | 3,688 | $ | 142 | $ | 73,469 | ||||||||||||
Provision for loan and lease losses | 1,976 | 872 | 274 | (55 | ) | 1 | 3,068 | |||||||||||||||||
Charge-offs | (3,038 | ) | (6,081 | ) | (746 | ) | (430 | ) | (28 | ) | (10,323 | ) | ||||||||||||
Recoveries | 70 | 488 | 75 | 130 | 14 | 777 | ||||||||||||||||||
Balance, end of period | $ | 27,693 | $ | 32,160 | $ | 3,676 | $ | 3,333 | $ | 129 | $ | 66,991 | ||||||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||||||||||
Balance, beginning of period | $ | 37,719 | $ | 32,050 | $ | 4,160 | $ | 3,288 | $ | 176 | $ | 77,393 | ||||||||||||
Provision for loan and lease losses | (1,277 | ) | 3,271 | 917 | 1,400 | 48 | 4,359 | |||||||||||||||||
Charge-offs | (3,868 | ) | (2,636 | ) | (805 | ) | (1,215 | ) | (61 | ) | (8,585 | ) | ||||||||||||
Recoveries | 52 | 3,023 | 159 | 52 | 16 | 3,302 | ||||||||||||||||||
Balance, end of period | $ | 32,626 | $ | 35,708 | $ | 4,431 | $ | 3,525 | $ | 179 | $ | 76,469 | ||||||||||||
Nine Months Ended September 30, 2013 | Residential Mortgages | Commercial | Lease Financing Receivables | Home Equity Lines | Consumer and Credit Card | Total | ||||||||||||||||||
and Commercial Real Estate | ||||||||||||||||||||||||
Balance, beginning of period | $ | 33,631 | $ | 39,863 | $ | 3,181 | $ | 5,265 | $ | 162 | $ | 82,102 | ||||||||||||
Provision for loan and lease losses | 5,142 | (1,874 | ) | 2,530 | (765 | ) | (17 | ) | 5,016 | |||||||||||||||
Charge-offs | (11,378 | ) | (10,309 | ) | (2,442 | ) | (1,546 | ) | (65 | ) | (25,740 | ) | ||||||||||||
Recoveries | 298 | 4,480 | 407 | 379 | 49 | 5,613 | ||||||||||||||||||
Balance, end of period | $ | 27,693 | $ | 32,160 | $ | 3,676 | $ | 3,333 | $ | 129 | $ | 66,991 | ||||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||
Balance, beginning of period | $ | 43,454 | $ | 28,209 | $ | 3,766 | $ | 2,186 | $ | 150 | $ | 77,765 | ||||||||||||
Provision for loan and lease losses | 3,516 | 10,537 | 3,344 | 3,978 | 96 | 21,471 | ||||||||||||||||||
Charge-offs | (14,701 | ) | (6,640 | ) | (2,903 | ) | (2,807 | ) | (112 | ) | (27,163 | ) | ||||||||||||
Recoveries | 357 | 3,602 | 224 | 168 | 45 | 4,396 | ||||||||||||||||||
Balance, end of period | $ | 32,626 | $ | 35,708 | $ | 4,431 | $ | 3,525 | $ | 179 | $ | 76,469 | ||||||||||||
Allowance for Credit Losses on Financing Receivables [Table Text Block] | ' | |||||||||||||||||||||||
The following tables provide a breakdown of the allowance for loan and lease losses and the recorded investment in loans and leases based on the method for determining the allowance as of September 30, 2013 and December 31, 2012: | ||||||||||||||||||||||||
30-Sep-13 | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | ACI Loans | Total | ||||||||||||||||||||
Allowance for Loan and Lease Losses | ||||||||||||||||||||||||
Residential mortgages | $ | 9,283 | $ | 13,194 | $ | 5,216 | $ | 27,693 | ||||||||||||||||
Commercial and commercial real estate | 2,875 | 17,941 | 11,344 | 32,160 | ||||||||||||||||||||
Lease financing receivables | — | 3,676 | — | 3,676 | ||||||||||||||||||||
Home equity lines | — | 3,333 | — | 3,333 | ||||||||||||||||||||
Consumer and credit card | — | 129 | — | 129 | ||||||||||||||||||||
Total allowance for loan and lease losses | $ | 12,158 | $ | 38,273 | $ | 16,560 | $ | 66,991 | ||||||||||||||||
Loans and Leases Held for Investment at Recorded Investment | ||||||||||||||||||||||||
Residential mortgages | $ | 91,391 | $ | 5,852,317 | $ | 754,906 | $ | 6,698,614 | ||||||||||||||||
Commercial and commercial real estate | 83,770 | 4,103,087 | 421,630 | 4,608,487 | ||||||||||||||||||||
Lease financing receivables | — | 1,092,866 | — | 1,092,866 | ||||||||||||||||||||
Home equity lines | — | 156,977 | — | 156,977 | ||||||||||||||||||||
Consumer and credit card | — | 6,023 | — | 6,023 | ||||||||||||||||||||
Total loans and leases held for investment | $ | 175,161 | $ | 11,211,270 | $ | 1,176,536 | $ | 12,562,967 | ||||||||||||||||
December 31, 2012 | Individually Evaluated for Impairment | Collectively Evaluated for Impairment | ACI Loans | Total | ||||||||||||||||||||
Allowance for Loan and Lease Losses | ||||||||||||||||||||||||
Residential mortgages | $ | 12,568 | $ | 15,888 | $ | 5,175 | $ | 33,631 | ||||||||||||||||
Commercial and commercial real estate | 5,569 | 17,505 | 16,789 | 39,863 | ||||||||||||||||||||
Lease financing receivables | — | 3,181 | — | 3,181 | ||||||||||||||||||||
Home equity lines | — | 5,265 | — | 5,265 | ||||||||||||||||||||
Consumer and credit card | — | 162 | — | 162 | ||||||||||||||||||||
Total allowance for loan and lease losses | $ | 18,137 | $ | 42,001 | $ | 21,964 | $ | 82,102 | ||||||||||||||||
Loans and Leases Held for Investment at Recorded Investment | ||||||||||||||||||||||||
Residential mortgages | $ | 95,274 | $ | 5,747,862 | $ | 865,612 | $ | 6,708,748 | ||||||||||||||||
Commercial and commercial real estate | 92,262 | 4,174,429 | 505,077 | 4,771,768 | ||||||||||||||||||||
Lease financing receivables | — | 836,935 | — | 836,935 | ||||||||||||||||||||
Home equity lines | — | 179,600 | — | 179,600 | ||||||||||||||||||||
Consumer and credit card | — | 8,038 | — | 8,038 | ||||||||||||||||||||
Total loans and leases held for investment | $ | 187,536 | $ | 10,946,864 | $ | 1,370,689 | $ | 12,505,089 | ||||||||||||||||
Financing Receivable Credit Quality Indicators [Table Text Block] | ' | |||||||||||||||||||||||
The following tables present the recorded investment for loans and leases by credit quality indicator as of September 30, 2013 and December 31, 2012: | ||||||||||||||||||||||||
Non-performing | ||||||||||||||||||||||||
Performing | Accrual | Nonaccrual | Total | |||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||||||
Residential mortgages: | ||||||||||||||||||||||||
Residential (1) | $ | 4,565,949 | $ | — | $ | 57,270 | $ | 4,623,219 | ||||||||||||||||
Government insured pool buyouts (2) (3) | 1,369,117 | 706,278 | — | 2,075,395 | ||||||||||||||||||||
Lease financing receivables | 1,088,695 | — | 4,171 | 1,092,866 | ||||||||||||||||||||
Home equity lines | 152,813 | — | 4,164 | 156,977 | ||||||||||||||||||||
Consumer and credit card | 6,008 | — | 15 | 6,023 | ||||||||||||||||||||
Total | $ | 7,182,582 | $ | 706,278 | $ | 65,620 | $ | 7,954,480 | ||||||||||||||||
Pass | Special Mention | Substandard | Doubtful | Total | ||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||||||
Commercial and commercial real estate: | ||||||||||||||||||||||||
Commercial | $ | 1,357,081 | $ | 277 | $ | 5,973 | $ | 1,806 | $ | 1,365,137 | ||||||||||||||
Commercial real estate | 2,931,125 | 44,528 | 267,697 | — | 3,243,350 | |||||||||||||||||||
Total commercial and commercial real estate | $ | 4,288,206 | $ | 44,805 | $ | 273,670 | $ | 1,806 | $ | 4,608,487 | ||||||||||||||
Non-performing | ||||||||||||||||||||||||
Performing | Accrual | Nonaccrual | Total | |||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||
Residential mortgages: | ||||||||||||||||||||||||
Residential (1) | $ | 3,880,360 | $ | — | $ | 68,924 | $ | 3,949,284 | ||||||||||||||||
Government insured pool buyouts (2) (3) | 1,590,732 | 1,168,732 | — | 2,759,464 | ||||||||||||||||||||
Lease financing receivables | 834,925 | — | 2,010 | 836,935 | ||||||||||||||||||||
Home equity lines | 175,354 | — | 4,246 | 179,600 | ||||||||||||||||||||
Consumer and credit card | 7,699 | — | 339 | 8,038 | ||||||||||||||||||||
Total | $ | 6,489,070 | $ | 1,168,732 | $ | 75,519 | $ | 7,733,321 | ||||||||||||||||
Pass | Special Mention | Substandard | Doubtful | Total | ||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||
Commercial and commercial real estate: | ||||||||||||||||||||||||
Commercial | $ | 1,368,054 | $ | 565 | $ | 8,416 | $ | 4,405 | $ | 1,381,440 | ||||||||||||||
Commercial real estate | 3,027,554 | 79,779 | 282,995 | — | 3,390,328 | |||||||||||||||||||
Total commercial and commercial real estate | $ | 4,395,608 | $ | 80,344 | $ | 291,411 | $ | 4,405 | $ | 4,771,768 | ||||||||||||||
-1 | For the periods ended September 30, 2013 and December 31, 2012, performing residential mortgages included $8,829 and $14,682, respectively of ACI loans greater than 90 days past due and still accruing. | |||||||||||||||||||||||
-2 | For the periods ended September 30, 2013 and December 31, 2012, performing government insured pool buyouts included $439,934 and $553,902, respectively of ACI loans greater than 90 days past due and still accruing. | |||||||||||||||||||||||
-3 | Non-performing government insured pool buyouts represent loans that are 90 days or greater past due but remain on accrual status as the interest earned is insured and thus collectible from the insuring governmental agency. | |||||||||||||||||||||||
Past Due Financing Receivables [Table Text Block] | ' | |||||||||||||||||||||||
The following tables present an aging analysis of the recorded investment for loans and leases by class as of September 30, 2013 and December 31, 2012: | ||||||||||||||||||||||||
30-59 Days Past Due | 60-89 Days Past Due | 90 Days and Greater Past Due | Total Past Due | Current | Total Loans Held for Investment Excluding ACI | |||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||||||
Residential mortgages: | ||||||||||||||||||||||||
Residential | $ | 9,527 | $ | 5,180 | $ | 57,270 | $ | 71,977 | $ | 4,475,614 | $ | 4,547,591 | ||||||||||||
Government insured pool buyouts (1) | 81,169 | 58,231 | 706,278 | 845,678 | 550,439 | 1,396,117 | ||||||||||||||||||
Commercial and commercial real estate: | ||||||||||||||||||||||||
Commercial | 829 | 12 | 2,947 | 3,788 | 1,297,282 | 1,301,070 | ||||||||||||||||||
Commercial real estate | 275 | 851 | 13,017 | 14,142 | 2,871,645 | 2,885,787 | ||||||||||||||||||
Lease financing receivables | 7,133 | 2,417 | 973 | 10,523 | 1,082,343 | 1,092,866 | ||||||||||||||||||
Home equity lines | 1,173 | 607 | 4,164 | 5,944 | 151,033 | 156,977 | ||||||||||||||||||
Consumer and credit card | 36 | 4 | 18 | 58 | 5,965 | 6,023 | ||||||||||||||||||
Total loans and leases held for investment | $ | 100,142 | $ | 67,302 | $ | 784,667 | $ | 952,110 | $ | 10,434,321 | $ | 11,386,431 | ||||||||||||
December 31, 2012 | ||||||||||||||||||||||||
Residential mortgages: | ||||||||||||||||||||||||
Residential | $ | 12,648 | $ | 4,844 | $ | 68,924 | $ | 86,416 | $ | 3,759,325 | $ | 3,845,741 | ||||||||||||
Government insured pool buyouts (1) | 132,479 | 70,915 | 1,168,732 | 1,372,126 | 625,269 | 1,997,395 | ||||||||||||||||||
Commercial and commercial real estate: | ||||||||||||||||||||||||
Commercial | 242 | 271 | 4,985 | 5,498 | 1,358,107 | 1,363,605 | ||||||||||||||||||
Commercial real estate | — | — | 71,149 | 71,149 | 2,831,937 | 2,903,086 | ||||||||||||||||||
Lease financing receivables | 4,250 | 2,039 | 571 | 6,860 | 830,075 | 836,935 | ||||||||||||||||||
Home equity lines | 1,221 | 1,108 | 4,246 | 6,575 | 173,025 | 179,600 | ||||||||||||||||||
Consumer and credit card | 57 | 30 | 339 | 426 | 7,612 | 8,038 | ||||||||||||||||||
Total loans and leases held for investment | $ | 150,897 | $ | 79,207 | $ | 1,318,946 | $ | 1,549,050 | $ | 9,585,350 | $ | 11,134,400 | ||||||||||||
-1 | Government insured pool buyouts remain on accrual status after 90 days as the interest earned is collectible from the insuring governmental agency. | |||||||||||||||||||||||
Impaired Financing Receivables [Table Text Block] | ' | |||||||||||||||||||||||
The following tables present the unpaid principal balance, the recorded investment and the related allowance for impaired loans as of September 30, 2013 and December 31, 2012: | ||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||||||
Unpaid Principal Balance | Recorded Investment (1) | Related Allowance | Unpaid Principal Balance | Recorded Investment (1) | Related Allowance | |||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||
Residential mortgages: | ||||||||||||||||||||||||
Residential | $ | 71,227 | $ | 67,803 | $ | 9,283 | $ | 77,501 | $ | 75,111 | $ | 12,568 | ||||||||||||
Commercial and commercial real estate: | ||||||||||||||||||||||||
Commercial | 15,166 | 3,143 | 451 | 12,356 | 2,615 | 371 | ||||||||||||||||||
Commercial real estate | 21,439 | 19,281 | 2,424 | 56,997 | 33,967 | 5,198 | ||||||||||||||||||
Total impaired loans with an allowance recorded | $ | 107,832 | $ | 90,227 | $ | 12,158 | $ | 146,854 | $ | 111,693 | $ | 18,137 | ||||||||||||
Without a related allowance recorded: | ||||||||||||||||||||||||
Residential mortgages: | ||||||||||||||||||||||||
Residential | $ | 32,411 | $ | 23,588 | $ | 25,602 | $ | 20,163 | ||||||||||||||||
Commercial and commercial real estate: | ||||||||||||||||||||||||
Commercial | 299 | 82 | 5,413 | 4,446 | ||||||||||||||||||||
Commercial real estate | 73,030 | 61,264 | 59,332 | 51,234 | ||||||||||||||||||||
Total impaired loans without an allowance recorded | $ | 105,740 | $ | 84,934 | $ | 90,347 | $ | 75,843 | ||||||||||||||||
-1 | The primary difference between the unpaid principal balance and recorded investment represents charge offs previously taken. | |||||||||||||||||||||||
The following table presents the average investment and interest income recognized on impaired loans for the three and nine months ended September 30, 2013 and 2012: | ||||||||||||||||||||||||
Three Months Ended September 30, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Average Investment | Interest Income Recognized | Average Investment | Interest Income Recognized | |||||||||||||||||||||
With and without a related allowance recorded: | ||||||||||||||||||||||||
Residential mortgages: | ||||||||||||||||||||||||
Residential | $ | 93,535 | $ | 667 | $ | 88,681 | $ | 562 | ||||||||||||||||
Commercial and commercial real estate: | ||||||||||||||||||||||||
Commercial | 3,578 | — | 8,133 | 20 | ||||||||||||||||||||
Commercial real estate | 79,808 | 300 | 96,579 | 916 | ||||||||||||||||||||
Total impaired loans | $ | 176,921 | $ | 967 | $ | 193,393 | $ | 1,498 | ||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Average Investment | Interest Income Recognized | Average Investment | Interest Income Recognized | |||||||||||||||||||||
With and without a related allowance recorded: | ||||||||||||||||||||||||
Residential mortgages: | ||||||||||||||||||||||||
Residential | $ | 94,534 | $ | 2,143 | $ | 90,243 | $ | 1,834 | ||||||||||||||||
Commercial and commercial real estate: | ||||||||||||||||||||||||
Commercial | 4,965 | 2 | 9,909 | 39 | ||||||||||||||||||||
Commercial real estate | 79,874 | 764 | 109,838 | 1,678 | ||||||||||||||||||||
Total impaired loans | $ | 179,373 | $ | 2,909 | $ | 209,990 | $ | 3,551 | ||||||||||||||||
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | ' | |||||||||||||||||||||||
The following table presents the recorded investment for loans and leases on nonaccrual status by class and loans greater than 90 days past due and still accruing as of September 30, 2013 and December 31, 2012: | ||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||||||
Nonaccrual Status | Greater than 90 Days Past Due and Accruing | Nonaccrual Status | Greater than 90 Days Past Due and Accruing | |||||||||||||||||||||
Residential mortgages: | ||||||||||||||||||||||||
Residential | $ | 57,270 | $ | — | $ | 68,924 | $ | — | ||||||||||||||||
Government insured pool buyouts | — | 706,278 | — | 1,168,732 | ||||||||||||||||||||
Commercial and commercial real estate: | ||||||||||||||||||||||||
Commercial | 3,962 | — | 4,985 | — | ||||||||||||||||||||
Commercial real estate | 72,698 | — | 71,149 | — | ||||||||||||||||||||
Lease financing receivables | 4,171 | — | 2,010 | — | ||||||||||||||||||||
Home equity lines | 4,164 | — | 4,246 | — | ||||||||||||||||||||
Consumer and credit card | 15 | — | 339 | — | ||||||||||||||||||||
Total non-performing loans and leases | $ | 142,280 | $ | 706,278 | $ | 151,653 | $ | 1,168,732 | ||||||||||||||||
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | ' | |||||||||||||||||||||||
The following is a summary of information relating to modifications considered to be TDRs for the three and nine months ended September 30, 2013 and 2012: | ||||||||||||||||||||||||
Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | |||||||||||||||||||||||
Number of | Pre- | Post- | Number of Contracts | Pre-modification Recorded Investment | Post-modification Recorded Investment | |||||||||||||||||||
Contracts | modification | modification | ||||||||||||||||||||||
Recorded | Recorded | |||||||||||||||||||||||
Investment | Investment | |||||||||||||||||||||||
Residential mortgages: | ||||||||||||||||||||||||
Residential | 10 | $ | 2,805 | $ | 2,867 | 28 | $ | 10,693 | $ | 10,777 | ||||||||||||||
Commercial and commercial real estate: | ||||||||||||||||||||||||
Commercial real estate | — | — | — | 2 | 1,695 | 1,695 | ||||||||||||||||||
Total | 10 | $ | 2,805 | $ | 2,867 | 30 | $ | 12,388 | $ | 12,472 | ||||||||||||||
Three Months Ended September 30, 2012 | Nine Months Ended September 30, 2012 | |||||||||||||||||||||||
Number of | Pre- | Post- | Number of | Pre- | Post- | |||||||||||||||||||
Contracts | modification | modification | Contracts | modification | modification | |||||||||||||||||||
Recorded | Recorded | Recorded | Recorded | |||||||||||||||||||||
Investment | Investment | Investment | Investment | |||||||||||||||||||||
Residential mortgages: | ||||||||||||||||||||||||
Residential | 9 | $ | 3,429 | $ | 3,432 | 42 | $ | 17,136 | $ | 17,158 | ||||||||||||||
Commercial and commercial real estate: | ||||||||||||||||||||||||
Commercial | 1 | 43 | 43 | 5 | 2,951 | 2,951 | ||||||||||||||||||
Commercial real estate | 1 | 3,148 | 3,148 | 14 | 23,722 | 23,722 | ||||||||||||||||||
Total | 11 | $ | 6,620 | $ | 6,623 | 61 | $ | 43,809 | $ | 43,831 | ||||||||||||||
The Company included 127 loans with an unpaid principal balance of $17,951 in Chapter 7 bankruptcy as TDRs at September 30, 2013. Modifications made to residential loans during the period included extension of original contractual maturity date, extension of the period of below market rate interest only payments, or contingent reduction of past due interest. Commercial loan modifications made during the period included extension of original contractual maturity date, payment forbearance, reduction of interest rates, or extension of interest only periods. | ||||||||||||||||||||||||
The number of contracts and recorded investment of loans that were modified during the last 12 months and subsequently defaulted during the three and nine months ended September 30, 2013 and 2012 are as follows: | ||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
30-Sep-13 | 30-Sep-13 | |||||||||||||||||||||||
Number of Contracts | Recorded Investment | Number of Contracts | Recorded Investment | |||||||||||||||||||||
Residential mortgages: | ||||||||||||||||||||||||
Residential | 2 | $ | 210 | 3 | $ | 397 | ||||||||||||||||||
Commercial and commercial real estate: | ||||||||||||||||||||||||
Commercial | 1 | 673 | 1 | 673 | ||||||||||||||||||||
Total | 3 | $ | 883 | 4 | $ | 1,070 | ||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
30-Sep-12 | 30-Sep-12 | |||||||||||||||||||||||
Number of Contracts | Recorded Investment | Number of Contracts | Recorded Investment | |||||||||||||||||||||
Residential mortgages: | ||||||||||||||||||||||||
Residential | 2 | $ | 883 | 6 | $ | 3,107 | ||||||||||||||||||
Total | 2 | $ | 883 | 6 | $ | 3,107 | ||||||||||||||||||
The recorded investment of TDRs as of September 30, 2013 and December 31, 2012 are summarized as follows: | ||||||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Loan Type: | ||||||||||||||||||||||||
Residential mortgages | $ | 91,391 | $ | 95,275 | ||||||||||||||||||||
Commercial and commercial real estate | 36,671 | 64,674 | ||||||||||||||||||||||
Total recorded investment of TDRs | $ | 128,062 | $ | 159,949 | ||||||||||||||||||||
Accrual Status: | ||||||||||||||||||||||||
Current | $ | 75,659 | $ | 86,495 | ||||||||||||||||||||
30-89 days past-due accruing | 4,005 | 3,600 | ||||||||||||||||||||||
90+ days past-due accruing | 561 | 244 | ||||||||||||||||||||||
Nonaccrual | 47,837 | 69,610 | ||||||||||||||||||||||
Total recorded investment of TDRs | $ | 128,062 | $ | 159,949 | ||||||||||||||||||||
TDRs classified as impaired loans | $ | 128,062 | $ | 159,949 | ||||||||||||||||||||
Valuation allowance on TDRs | 9,336 | 16,258 | ||||||||||||||||||||||
Servicing_Activities_and_Mortg1
Servicing Activities and Mortgage Servicing Rights (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Servicing Activities and Mortgage Servicing Rights [Abstract] | ' | |||||||||||||||
Schedule of Servicing Assets at Amortized Value [Table Text Block] | ' | |||||||||||||||
A summary of MSR activities for the three and nine months ended September 30, 2013 and 2012 is as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Balance, beginning of period | $ | 462,718 | $ | 415,962 | $ | 375,859 | $ | 489,496 | ||||||||
Originated servicing rights capitalized upon sale of loans | 33,025 | 21,034 | 84,018 | 58,061 | ||||||||||||
Acquired servicing rights | 1,633 | — | 65,188 | — | ||||||||||||
Amortization | (30,437 | ) | (36,292 | ) | (101,461 | ) | (99,773 | ) | ||||||||
Decrease (increase) in valuation allowance | 35,132 | (18,229 | ) | 80,259 | (63,508 | ) | ||||||||||
Other | (577 | ) | (702 | ) | (2,369 | ) | (2,503 | ) | ||||||||
Balance, end of period | $ | 501,494 | $ | 381,773 | $ | 501,494 | $ | 381,773 | ||||||||
Valuation allowance: | ||||||||||||||||
Balance, beginning of period | $ | 57,836 | $ | 84,734 | $ | 102,963 | $ | 39,455 | ||||||||
Increase in valuation allowance | — | 21,735 | — | 67,014 | ||||||||||||
Recoveries | (35,132 | ) | (3,506 | ) | (80,259 | ) | (3,506 | ) | ||||||||
Balance, end of period | $ | 22,704 | $ | 102,963 | $ | 22,704 | $ | 102,963 | ||||||||
Loan Servicing Income [Table Text Block] | ' | |||||||||||||||
Components of loan servicing fee income for the three and nine months ended September 30, 2013 and 2012 are presented below: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Contractually specified service fees, net | $ | 40,116 | $ | 32,255 | $ | 110,489 | $ | 101,326 | ||||||||
Other ancillary fees | 9,987 | 9,413 | 27,717 | 27,279 | ||||||||||||
Other | 610 | 673 | 1,862 | 1,775 | ||||||||||||
$ | 50,713 | $ | 42,341 | $ | 140,068 | $ | 130,380 | |||||||||
Schedule of Assumptions for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Table Text Block] | ' | |||||||||||||||
For loans securitized and sold with servicing retained during the three and nine months ended September 30, 2013 and 2012, management used the following assumptions to determine the fair value of residential MSR at the date of securitization: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
30-Sep-13 | 30-Sep-13 | |||||||||||||||
Average discount rates | 8.57 | % | — | 9.40% | 8.57 | % | — | 9.85% | ||||||||
Expected prepayment speeds | 8.78 | % | — | 10.60% | 7.91 | % | — | 14.93% | ||||||||
Weighted-average life in years | 6.58 | — | 7.87 | 5.33 | — | 7.87 | ||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
30-Sep-12 | 30-Sep-12 | |||||||||||||||
Average discount rates | 8.99 | % | — | 9.75% | 8.6 | % | — | 9.75% | ||||||||
Expected prepayment speeds | 13.23 | % | — | 14.99% | 10.13 | % | — | 14.99% | ||||||||
Weighted-average life in years | 5.21 | — | 5.72 | 5.21 | — | 6.7 | ||||||||||
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | ' | |||||||||||||||
The characteristics used in estimating the fair value of the residential MSR portfolio at September 30, 2013 and December 31, 2012 are as follows: | ||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||
Unpaid principal balance | $ | 52,967,000 | $ | 42,373,000 | ||||||||||||
Gross weighted-average coupon | 4.51 | % | 4.66 | % | ||||||||||||
Weighted-average servicing fee | 0.29 | % | 0.3 | % | ||||||||||||
Expected prepayment speed (1) | 11.68 | % | 19.73 | % | ||||||||||||
-1 | The prepayment speed assumptions include a blend of prepayment speeds that are influenced by mortgage interest rates, the current macroeconomic environment and borrower behaviors and may vary over the expected life of the asset. | |||||||||||||||
Schedule of Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets [Table Text Block] | ' | |||||||||||||||
A sensitivity analysis of the Company’s fair value of residential MSR portfolio to hypothetical adverse changes of 10% and 20% to the weighted-average of certain key assumptions as of September 30, 2013 and December 31, 2012 is presented below. | ||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||
Prepayment Rate | ||||||||||||||||
10% adverse rate change | $ | 22,847 | $ | 23,100 | ||||||||||||
20% adverse rate change | 43,970 | 44,232 | ||||||||||||||
Discount Rate | ||||||||||||||||
10% adverse rate change | 18,592 | 12,696 | ||||||||||||||
20% adverse rate change | 35,900 | 24,539 | ||||||||||||||
Other_Borrowings_Tables
Other Borrowings (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Other Borrowings [Abstract] | ' | ||||||||
Schedule of Other Borrowings by Type [Table Text Block] | ' | ||||||||
Other borrowings at September 30, 2013 and December 31, 2012 are comprised of the following: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
FHLB advances, including unamortized premium of $0 and $262, respectively | $ | 1,872,700 | $ | 3,030,620 | |||||
Securities sold under agreements to repurchase, including unamortized premium of $0 and $78, respectively | — | 142,401 | |||||||
$ | 1,872,700 | $ | 3,173,021 | ||||||
Schedule of Advances from Federal Home Loan Bank [Table Text Block] | ' | ||||||||
Advances from the FHLB at September 30, 2013 and December 31, 2012 are as follows: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Fixed-rate advances with a weighted-average interest rate of 2.09% and 2.05%, respectively | $ | 1,872,700 | $ | 2,412,858 | |||||
Convertible advances with a weighted-average fixed interest rate of 0.00% and 4.24%, respectively | — | 17,000 | |||||||
Overnight advances with a weighted-average floating interest rate of 0.00% and 0.36%, respectively | — | 600,500 | |||||||
$ | 1,872,700 | $ | 3,030,358 | ||||||
Schedule of Contractual Maturity Dates for Federal Home Loan Bank Advances [Table Text Block] | ' | ||||||||
Contractual maturity dates for FHLB advances at September 30, 2013 are as follows: | |||||||||
2013 | $ | 140,700 | |||||||
2014 | 100,000 | ||||||||
2015 | 331,000 | ||||||||
2016 | 190,000 | ||||||||
2017 | 380,000 | ||||||||
2018 | 260,000 | ||||||||
Thereafter | 471,000 | ||||||||
$ | 1,872,700 | ||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 9 Months Ended | ||
Sep. 30, 2013 | |||
Share-based Compensation [Abstract] | ' | ||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||
Significant assumptions used in the Black-Scholes option-pricing model to determine the fair value of stock options are as follows: | |||
Risk-free interest rate | 1.76 | % | |
Expected volatility | 38.93 | % | |
Expected term (years) | 9.1 | ||
Dividend yield | 0.55 | % |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | |||||||||||||||
The following table sets forth the computation of basic and diluted earnings per common share for the three and nine months ended September 30, 2013 and 2012: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net income | $ | 33,150 | $ | 22,178 | $ | 118,289 | $ | 45,196 | ||||||||
Less dividends on preferred stock | (2,532 | ) | — | (7,594 | ) | (5,555 | ) | |||||||||
Less undistributed net income allocated to participating preferred stock | — | — | — | (3,009 | ) | |||||||||||
Net income allocated to common shareholders | $ | 30,618 | $ | 22,178 | $ | 110,695 | $ | 36,632 | ||||||||
(Units in Thousands) | ||||||||||||||||
Average common shares outstanding | 122,509 | 118,038 | 122,128 | 98,387 | ||||||||||||
Common share equivalents: | ||||||||||||||||
Stock options | 1,518 | 1,468 | 1,617 | 1,610 | ||||||||||||
Nonvested stock | 97 | 85 | 76 | 271 | ||||||||||||
Average common shares outstanding, assuming dilution | 124,124 | 119,591 | 123,821 | 100,268 | ||||||||||||
Basic earnings per share | $ | 0.25 | $ | 0.19 | $ | 0.91 | $ | 0.37 | ||||||||
Diluted earnings per share | $ | 0.25 | $ | 0.19 | $ | 0.89 | $ | 0.37 | ||||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | ' | |||||||||||||||
Common shares attributed to these antidilutive securities had these securities been exercised or converted as of September 30, 2013 and 2012 are as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Stock Options | 3,881,489 | 5,905,837 | 4,516,552 | 5,905,837 | ||||||||||||
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Derivative Financial Instruments [Abstract] | ' | |||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | ' | |||||||||||||||
The fair values of derivatives are reported in other assets, deposits, or accounts payable and accrued liabilities. The fair values are derived using the valuation techniques described in Note 14. The total notional or contractual amounts and fair values as of September 30, 2013 and December 31, 2012 are as follows: | ||||||||||||||||
Fair Value | ||||||||||||||||
Notional Amount | Asset Derivatives | Liability Derivatives | ||||||||||||||
September 30, 2013 | ||||||||||||||||
Qualifying hedge contracts accounted for under Accounting Standards Codification (ASC) 815, Derivatives and Hedging | ||||||||||||||||
Cash flow hedges: | ||||||||||||||||
Forward interest rate swaps | $ | 328,000 | $ | — | $ | 43,213 | ||||||||||
Derivatives not designated as hedging instruments under ASC 815, Derivatives and Hedging | ||||||||||||||||
Freestanding derivatives: | ||||||||||||||||
Interest rate lock commitments (IRLCs) | 759,609 | 10,977 | 217 | |||||||||||||
Forward and optional forward sales commitments | 1,553,937 | 6,811 | 37,795 | |||||||||||||
Interest rate swaps | 54,027 | — | 725 | |||||||||||||
Foreign exchange contracts | 824,072 | 9,850 | 5,712 | |||||||||||||
Equity, foreign currency, commodity and metals indexed options | 164,155 | 9,905 | — | |||||||||||||
Options embedded in client deposits | 163,178 | — | 9,886 | |||||||||||||
Indemnification assets | 174,438 | 8,454 | — | |||||||||||||
Total freestanding derivatives | 45,997 | 54,335 | ||||||||||||||
Netting and cash collateral adjustments (1) | (11,529 | ) | (47,379 | ) | ||||||||||||
Total derivatives | $ | 34,468 | $ | 50,169 | ||||||||||||
Fair Value | ||||||||||||||||
Notional Amount | Asset Derivatives | Liability Derivatives | ||||||||||||||
December 31, 2012 | ||||||||||||||||
Qualifying hedge contracts accounted for under ASC 815, Derivatives and Hedging | ||||||||||||||||
Fair value hedges: | ||||||||||||||||
Interest rate swaps | $ | 31,247 | $ | — | $ | 579 | ||||||||||
Cash flow hedges: | ||||||||||||||||
Forward interest rate swaps | 703,000 | — | 105,166 | |||||||||||||
Derivatives not designated as hedging instruments under ASC 815, Derivatives and Hedging | ||||||||||||||||
Freestanding derivatives: | ||||||||||||||||
IRLCs | 1,737,555 | 10,904 | 970 | |||||||||||||
Forward and optional forward sales commitments | 2,781,788 | 2,498 | 6,481 | |||||||||||||
Foreign exchange contracts | 963,820 | 10,368 | 2,121 | |||||||||||||
Equity, foreign currency, commodity and metals indexed options | 150,885 | 15,880 | — | |||||||||||||
Options embedded in client deposits | 150,181 | — | 15,750 | |||||||||||||
Indemnification assets | 273,687 | 9,092 | — | |||||||||||||
Total freestanding derivatives | 48,742 | 25,322 | ||||||||||||||
Netting and cash collateral adjustments (1) | (15,481 | ) | (110,641 | ) | ||||||||||||
Total derivatives | $ | 33,261 | $ | 20,426 | ||||||||||||
-1 | Amounts represent the effect of legally enforceable master netting agreements that allow the Company to settle positive and negative positions as well as cash collateral and related accrued interest held or placed with the same counterparties. Amounts as of September 30, 2013 and December 31, 2012 include derivative positions netted totaling $351 and $651, respectively. | |||||||||||||||
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | ' | |||||||||||||||
Cash Flow Hedges | ||||||||||||||||
As of September 30, 2013, AOCI included $17,292 of deferred pre-tax net losses expected to be reclassified into earnings during the next 12 months for derivative instruments designated as cash flow hedges of forecasted transactions. The Company is hedging its exposure to the variability of future cash flows for forecasted transactions of fixed-rate debt for a maximum of 10 years. | ||||||||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | ' | |||||||||||||||
The following table shows the net gains and losses recognized for the three and nine months ended September 30, 2013 and 2012 in the condensed consolidated statements of income related to derivatives not designated as hedging instruments under ASC 815, Derivatives and Hedging. These gains and losses are recognized in other noninterest income, except for the indemnification assets which are recognized in general and administrative expense. | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Freestanding derivatives | ||||||||||||||||
Gains (losses) on interest rate contracts (1) | $ | 13,206 | $ | (49,733 | ) | $ | 91,265 | $ | (97,921 | ) | ||||||
Gains (losses) on indemnification assets (2) | (477 | ) | 441 | (638 | ) | 1,285 | ||||||||||
Other | (8 | ) | 27 | (154 | ) | 424 | ||||||||||
Total | $ | 12,721 | $ | (49,265 | ) | $ | 90,473 | $ | (96,212 | ) | ||||||
-1 | Interest rate contracts include interest rate lock commitments, forward and optional forward sales commitments, and interest rate swaps. | |||||||||||||||
-2 | Refer to Note 14 for additional information relating to the indemnification asset. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | |||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | |||||||||||||||||||
As of September 30, 2013 and December 31, 2012, assets and liabilities measured at fair value on a recurring basis, including certain loans held for sale for which the Company has elected the fair value option, are as follows: | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Netting | Total | ||||||||||||||||
30-Sep-13 | ||||||||||||||||||||
Financial assets: | ||||||||||||||||||||
Available for sale securities: | ||||||||||||||||||||
Residential CMO securities - nonagency | $ | — | $ | 1,200,685 | $ | — | $ | — | $ | 1,200,685 | ||||||||||
Asset-backed securities | — | 4,055 | — | — | 4,055 | |||||||||||||||
Other | 344 | 256 | — | — | 600 | |||||||||||||||
Total available for sale securities | 344 | 1,204,996 | — | — | 1,205,340 | |||||||||||||||
Loans held for sale | — | 1,020,410 | 26,676 | — | 1,047,086 | |||||||||||||||
Financial liabilities: | ||||||||||||||||||||
FDIC clawback liability | — | — | 51,674 | — | 51,674 | |||||||||||||||
Derivative financial instruments: | ||||||||||||||||||||
Derivative assets (Note 13) | 9,850 | 16,716 | 19,431 | (11,529 | ) | 34,468 | ||||||||||||||
Derivative liabilities (Note 13) | 5,712 | 91,619 | 217 | (47,379 | ) | 50,169 | ||||||||||||||
Level 1 | Level 2 | Level 3 | Netting | Total | ||||||||||||||||
December 31, 2012 | ||||||||||||||||||||
Financial assets: | ||||||||||||||||||||
Available for sale securities: | ||||||||||||||||||||
Residential CMO securities - nonagency | $ | — | $ | 1,611,775 | $ | — | $ | — | $ | 1,611,775 | ||||||||||
Asset-backed securities | — | 7,526 | — | — | 7,526 | |||||||||||||||
Other | 267 | 310 | — | — | 577 | |||||||||||||||
Total available for sale securities | 267 | 1,619,611 | — | — | 1,619,878 | |||||||||||||||
Loans held for sale | — | 1,452,236 | — | — | 1,452,236 | |||||||||||||||
Financial liabilities: | ||||||||||||||||||||
FDIC clawback liability | — | — | 50,720 | — | 50,720 | |||||||||||||||
Derivative financial instruments: | ||||||||||||||||||||
Derivative assets (Note 13) | 10,368 | 29,282 | 9,092 | (15,481 | ) | 33,261 | ||||||||||||||
Derivative liabilities (Note 13) | 2,121 | 128,946 | — | (110,641 | ) | 20,426 | ||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | ' | |||||||||||||||||||
Changes in assets and liabilities measured at Level 3 fair value on a recurring basis for the three and nine months ended September 30, 2013 and 2012 are as follows: | ||||||||||||||||||||
Loans Held for Sale (1) | FDIC Clawback Liability (2) | Freestanding Derivatives, net (3) | ||||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||
Balance, beginning of period | $ | 287,906 | $ | (48,993 | ) | $ | (7,496 | ) | ||||||||||||
Issuances | 164,303 | — | 67,276 | |||||||||||||||||
Sales | (424,625 | ) | — | — | ||||||||||||||||
Settlements | (7,966 | ) | — | (48,292 | ) | |||||||||||||||
Gains (losses) included in earnings for the period | 7,058 | (2,681 | ) | 7,726 | ||||||||||||||||
Balance, end of period | $ | 26,676 | $ | (51,674 | ) | $ | 19,214 | |||||||||||||
Change in unrealized net gains (losses) included in net income related to assets and liabilities still held as of September 30, 2013 | $ | 7,058 | $ | (2,681 | ) | $ | 26,709 | |||||||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||||||
Balance, beginning of period | $ | — | $ | (46,738 | ) | $ | 9,383 | |||||||||||||
Settlements | — | — | (61 | ) | ||||||||||||||||
Gains (losses) included in earnings for the period | — | (2,603 | ) | 441 | ||||||||||||||||
Balance, end of period | $ | — | $ | (49,341 | ) | $ | 9,763 | |||||||||||||
Change in unrealized net gains (losses) included in net income related to assets and liabilities still held as of September 30, 2012 | $ | — | $ | (2,603 | ) | $ | 441 | |||||||||||||
Loans Held for Sale (1) | FDIC Clawback Liability (2) | Freestanding Derivatives, net (3) | ||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||
Balance, beginning of period | $ | — | $ | (50,720 | ) | $ | 9,092 | |||||||||||||
Issuances | 455,591 | — | 159,070 | |||||||||||||||||
Transfers into Level 3 | — | — | 6,628 | |||||||||||||||||
Sales | (424,625 | ) | — | — | ||||||||||||||||
Settlements | (7,966 | ) | — | (88,552 | ) | |||||||||||||||
Gains (losses) included in earnings for the period | 3,676 | (954 | ) | (67,024 | ) | |||||||||||||||
Balance, end of period | $ | 26,676 | $ | (51,674 | ) | $ | 19,214 | |||||||||||||
Change in unrealized net gains (losses) included in net income related to assets and liabilities still held as of September 30, 2013 | $ | 3,676 | $ | (954 | ) | $ | 3,493 | |||||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||||||
Balance, beginning of period | $ | 15,462 | $ | (43,317 | ) | $ | 8,539 | |||||||||||||
Settlements | (623 | ) | — | (61 | ) | |||||||||||||||
Transfers out of Level 3 | (14,946 | ) | — | — | ||||||||||||||||
Gains (losses) included in earnings for the period | 107 | (6,024 | ) | 1,285 | ||||||||||||||||
Balance, end of period | $ | — | $ | (49,341 | ) | $ | 9,763 | |||||||||||||
Change in unrealized net gains (losses) included in net income related to assets and liabilities still held as of September 30, 2012 | $ | 107 | $ | (6,024 | ) | $ | 1,285 | |||||||||||||
-1 | Net realized and unrealized gains on loans held for sale are included in gain on sale of loans. | |||||||||||||||||||
-2 | Changes in fair value of the FDIC clawback liability are recorded in general and administrative expense. | |||||||||||||||||||
-3 | Net realized and unrealized gains (losses) on IRLCs are included in gain on sale of loans. Changes in the fair value of the indemnification assets are recorded in general and administrative expense. | |||||||||||||||||||
Fair Value, Option, Quantitative Disclosures [Table Text Block] | ' | |||||||||||||||||||
The following table presents information on loans held for sale reported under the fair value option at September 30, 2013 and December 31, 2012: | ||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||
Fair value carrying amount | $ | 1,047,086 | ||||||||||||||||||
Aggregate unpaid principal balance | 1,008,313 | |||||||||||||||||||
Fair value carrying amount less aggregate unpaid principal | $ | 38,773 | ||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||
Fair value carrying amount | $ | 1,452,236 | ||||||||||||||||||
Aggregate unpaid principal balance | 1,387,423 | |||||||||||||||||||
Fair value carrying amount less aggregate unpaid principal | $ | 64,813 | ||||||||||||||||||
Fair Value Measurements, Nonrecurring [Table Text Block] | ' | |||||||||||||||||||
Certain assets and liabilities are measured at fair value on a non-recurring basis and therefore are not included in the tables above. These measurements primarily result from assets carried at the lower of cost or fair value or from impairment of individual assets. Gains and losses disclosed below represent changes in fair value recognized subsequent to initial classification. The change in the MSR value represents a change due to impairment or recoveries on previous write downs. The carrying value of assets measured at fair value on a non-recurring basis and held at September 30, 2013 and December 31, 2012 and related changes in fair value are as follows: | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Loss (Gain) Due to Change in Fair Value | ||||||||||||||||
September 30, 2013 | ||||||||||||||||||||
Collateral-dependent loans | $ | — | $ | — | $ | 22,040 | $ | 22,040 | $ | 1,317 | ||||||||||
Other real estate owned (1) | — | — | 17,825 | 17,825 | 3,350 | |||||||||||||||
Mortgage servicing rights (2) | — | — | 440,203 | 440,203 | (80,259 | ) | ||||||||||||||
Loans held for sale | — | — | 10,994 | 10,994 | 575 | |||||||||||||||
December 31, 2012 | ||||||||||||||||||||
Collateral-dependent loans | $ | — | $ | — | $ | 48,048 | $ | 48,048 | $ | 6,163 | ||||||||||
Other real estate owned (1) | — | 4,030 | 26,787 | 30,817 | 6,230 | |||||||||||||||
Mortgage servicing rights (2) | — | — | 320,901 | 320,901 | 63,508 | |||||||||||||||
-1 | Gains and losses resulting from subsequent measurement of OREO are included in the condensed consolidated statements of income as general and administrative expense. OREO is included in other assets in the condensed consolidated balance sheets. | |||||||||||||||||||
-2 | The fair value for mortgage servicing rights represents the value of the strata with impairment or recoveries on previous valuation allowances. | |||||||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | ' | |||||||||||||||||||
The following table presents the carrying amount, estimated fair value, and placement in the fair value hierarchy of the Company’s financial instruments as of September 30, 2013 and December 31, 2012. This table excludes financial instruments with short-term or no stated maturity, prevailing market rates and limited credit risk, where carrying amounts approximate fair value. For financial assets such as cash and due from banks, FHLB restricted stock, and other investments, the carrying amount is a reasonable estimate of fair value. For financial liabilities such as noninterest-bearing demand, interest-bearing demand, and savings and money market deposits, the carrying amount is a reasonable estimate of fair value as these liabilities have no stated maturity. | ||||||||||||||||||||
Carrying Amount | Estimated Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||
September 30, 2013 | ||||||||||||||||||||
Financial assets: | ||||||||||||||||||||
Investment securities: | ||||||||||||||||||||
Held to maturity | $ | 109,245 | $ | 108,269 | $ | — | $ | 105,694 | $ | 2,575 | ||||||||||
Loans held for sale (1) | 12,861 | 12,839 | — | — | 12,839 | |||||||||||||||
Loans held for investment (2) | 11,406,786 | 11,405,718 | — | — | 11,405,718 | |||||||||||||||
Financial liabilities: | ||||||||||||||||||||
Time deposits | $ | 3,663,515 | $ | 3,695,116 | $ | — | $ | 3,695,116 | $ | — | ||||||||||
Other borrowings | 1,872,700 | 1,846,887 | — | 1,846,887 | — | |||||||||||||||
Trust preferred securities | 103,750 | 86,414 | — | — | 86,414 | |||||||||||||||
December 31, 2012 | ||||||||||||||||||||
Financial assets: | ||||||||||||||||||||
Investment securities: | ||||||||||||||||||||
Held to maturity | $ | 143,234 | $ | 146,709 | $ | — | $ | 143,730 | $ | 2,979 | ||||||||||
Loans held for sale (1) | 635,810 | 658,091 | — | 642,437 | 15,654 | |||||||||||||||
Loans held for investment (2) | 11,589,233 | 11,716,283 | — | — | 11,716,283 | |||||||||||||||
Financial liabilities: | ||||||||||||||||||||
Time deposits | $ | 4,123,594 | $ | 4,165,065 | $ | — | $ | 4,165,065 | $ | — | ||||||||||
Other borrowings (3) | 3,050,698 | 3,085,174 | — | 3,085,174 | — | |||||||||||||||
Trust preferred securities | 103,750 | 78,112 | — | — | 78,112 | |||||||||||||||
-1 | The carrying value of loans held for sale excludes $1,047,086 and $1,452,236 in loans measured at fair value on a recurring basis as of September 30, 2013 and December 31, 2012, respectively. | |||||||||||||||||||
-2 | The carrying value of loans held for investment is net of the allowance for loan loss of $63,315 and $78,921 as of September 30, 2013 and December 31, 2012, respectively. In addition, the carrying values excludes $1,089,190 and $833,754 of lease financing receivables as of September 30, 2013 and December 31, 2012, respectively. | |||||||||||||||||||
-3 | The carrying value of other borrowings excludes $122,323 in repurchase agreements which have remaining maturities of less than one month as of December 31, 2012. | |||||||||||||||||||
Fair Value, Measurements, Recurring [Member] | ' | |||||||||||||||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | |||||||||||||||||||
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | ' | |||||||||||||||||||
The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a recurring basis at September 30, 2013 and December 31, 2012: | ||||||||||||||||||||
Level 3 Fair Value Measurement | Fair Value | Valuation Technique | Unobservable Inputs | Significant Unobservable Input Value | ||||||||||||||||
September 30, 2013 | Min. | Max. | Weighted Avg. | |||||||||||||||||
FDIC clawback liability | $ | 51,674 | Discounted cash flow | Servicing cost | $7,485 | - | $15,524 | N/A | (1) | |||||||||||
Indemnification asset | 8,234 | Discounted cash flow | Discount Rate | 4.35 | % | - | 4.35% | 4.35% | ||||||||||||
Reinstatement rate | 5.18 | % | - | 68.39% | 24.93% | (2) | ||||||||||||||
Loss duration (in months) | 9 | - | 82 | 37 | (2) | |||||||||||||||
Loss severity (3) (5) | 1.6 | % | - | 18.67% | 6.84% | (2) | ||||||||||||||
IRLCs, net | 10,760 | Discounted cash flow | Loan closing ratio | 0 | % | - | 99.00% | 74.60% | (4) | |||||||||||
Loans held for sale | 26,676 | Discounted cash flow | Cost of Funds | 2.44 | % | - | 3.63% | 3.16% | ||||||||||||
Prepayment rate | 5.38 | % | - | 14.78% | 8.34% | |||||||||||||||
Default rate | 0 | % | - | 0.93% | 0.26% | |||||||||||||||
Weighted average life (in years) | 4.76 | - | 9.85 | 7.83 | ||||||||||||||||
Cumulative loss | 0 | % | - | 0.31% | 0.08% | |||||||||||||||
Loss severity | 0 | % | - | 38.55% | 25.90% | |||||||||||||||
31-Dec-12 | ||||||||||||||||||||
FDIC clawback liability | $ | 50,720 | Discounted cash flow | Servicing cost | $6,790 | - | $14,558 | N/A | (1) | |||||||||||
Indemnification asset | 9,092 | Discounted cash flow | Reinstatement rate | 3.82 | % | - | 79.54% | 24.53% | (2) | |||||||||||
Loss duration (in months) | 8 | - | 50 | 30 | (2) | |||||||||||||||
Loss severity (3) | 2.42 | % | - | 11.33% | 6.23% | (2) | ||||||||||||||
-1 | The range represents the sum of the highest and lowest servicing cost values for all tranches that we use in our valuation process. The servicing cost represents 1% of projected UPB of the underlying loans. | |||||||||||||||||||
-2 | The range represents the sum of the highest and lowest values for all tranches that we use in our valuation process. | |||||||||||||||||||
-3 | Loss severity represents the interest loss severity as a percentage of UPB. | |||||||||||||||||||
-4 | The range represents the highest and lowest loan closing rates used in the IRLC valuation. The range includes the closing ratio for rate locks unclosed at the end of the period, as well as the closing ratio for loans which have settled during the period. | |||||||||||||||||||
-5 | Negative loss severity results from the indemnifying party receiving a debenture rate interest from the insuring agency that more than offsets the lower note rate interest payments due from the indemnifying party under the indemnification agreement. | |||||||||||||||||||
Fair Value, Measurements, Nonrecurring [Member] | ' | |||||||||||||||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | |||||||||||||||||||
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | ' | |||||||||||||||||||
The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at September 30, 2013 and December 31, 2012: | ||||||||||||||||||||
Level 3 Fair Value Measurement | Fair Value | Valuation Technique | Unobservable Inputs | Significant Unobservable Input Value | ||||||||||||||||
September 30, 2013 | Min. | Max. | Weighted Avg. | |||||||||||||||||
Collateral-dependent loans | $ | 22,040 | Appraised value | Appraised value | NM | N/A | (1) | |||||||||||||
Other real estate owned | 17,825 | Appraised value | Appraised value | NM | N/A | (1) | ||||||||||||||
Mortgage servicing rights | 440,203 | Discounted cash flow | Prepayment speed | 12.15 | % | - | 22.20% | 15.04% | (2) | |||||||||||
Discount rate | 9.54 | % | - | 9.76% | 9.59% | (3) | ||||||||||||||
Loans held for sale | 10,994 | Discounted cash flow | Cost of Funds | 0.89 | % | - | 3.27% | 3.16% | ||||||||||||
Prepayment rate | 6 | % | - | 16.10% | 6.09% | |||||||||||||||
Default rate | 0.31 | % | - | 100.00% | 51.64% | |||||||||||||||
Weighted average life (in years) | 5.28 | - | 10.43 | 10.07 | ||||||||||||||||
Cumulative loss | 0 | % | - | 81.79% | 21.38% | |||||||||||||||
Loss severity | 20.02 | % | - | 34.95% | 25.30% | |||||||||||||||
December 31, 2012 | ||||||||||||||||||||
Collateral-dependent loans | $ | 36,609 | Sales comparison approach | Appraisal value adjustment | 0 | % | - | 47.00% | N/A | |||||||||||
Collateral-dependent loans | 11,439 | Discounted appraisals | Collateral discounts | 5 | % | - | 5.00% | N/A | ||||||||||||
Other real estate owned | 23,359 | Sales comparison approach | Appraisal value adjustment | 0 | % | - | 82.00% | N/A | ||||||||||||
Other real estate owned | 3,428 | Discounted appraisals | Collateral discounts | 5 | % | - | 10.00% | N/A | ||||||||||||
Mortgage servicing rights | 320,901 | Discounted cash flow | Prepayment speed | 16.5 | % | - | 19.80% | 19.25% | (2) | |||||||||||
Discount rate | 9.2 | % | - | 9.80% | 9.37% | (3) | ||||||||||||||
-1 | NM - Not Meaningful | |||||||||||||||||||
-2 | The prepayment speed assumptions include a blend of prepayment speeds that are influenced by mortgage interest rates, the current macroeconomic environment and borrower behaviors and may vary over the expected life of the asset. The range represents the highest and lowest values for the strata with recoveries on previous valuation allowances. | |||||||||||||||||||
-3 | The discount rate range represents the highest and lowest values for the MSR strata with recoveries on previous valuation allowances. |
Commitments_and_Contingencies_2
Commitments and Contingencies (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||
Unfunded Credit Extension Commitments [Table Text Block] | ' | |||||||
Unfunded credit extension commitments at September 30, 2013 and December 31, 2012 are as follows: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Commercial (1) | $ | 1,962,233 | $ | 1,094,900 | ||||
Leasing | 163,605 | 172,808 | ||||||
Residential | 442,127 | — | ||||||
Home equity lines of credit | 31,576 | 40,915 | ||||||
Credit card lines of credit | 35,694 | 32,496 | ||||||
Standby letters of credit | 1,140 | 1,274 | ||||||
Total unfunded credit extension commitments | $ | 2,636,375 | $ | 1,342,393 | ||||
-1 | Unfunded commercial commitments include $1,353,847 and $609,619 of conditional commitments for which certain requirements must be met in order to obtain an advance under the existing commitment as of September 30, 2013 and December 31, 2012, respectively. |
Variable_Interest_Entities_Tab
Variable Interest Entities (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Variable Interest Entities [Abstract] | ' | |||||||||||||||
Schedule of Variable Interest Entities [Table Text Block] | ' | |||||||||||||||
The table below summarizes select information related to variable interests held by the Company at September 30, 2013 and December 31, 2012: | ||||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||||
Non-consolidated VIEs | Total Assets | Maximum Exposure | Total Assets | Maximum Exposure | ||||||||||||
Loans provided to VIEs | $ | 159,774 | $ | 159,774 | $ | 185,000 | $ | 185,000 | ||||||||
On-balance-sheet securitizations | — | — | 99,121 | 99,121 | ||||||||||||
Debt securities | 1,309,254 | 1,309,254 | 1,757,858 | 1,757,858 | ||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Segment Information [Abstract] | ' | |||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | |||||||||||||||||||
The results of each segment are reported on a continuing basis. The following table presents financial information of reportable segments as of and for the three and nine months ended September 30, 2013 and 2012. The eliminations column includes intersegment eliminations required for consolidation purposes. | ||||||||||||||||||||
As of and for the Three Months Ended September 30, 2013 | ||||||||||||||||||||
Banking and Wealth Management | Mortgage Banking | Corporate Services | Eliminations | Consolidated | ||||||||||||||||
Net interest income (expense) | $ | 125,545 | $ | 14,889 | $ | (1,578 | ) | $ | — | $ | 138,856 | |||||||||
Total net revenue | 158,482 | 125,368 | (1) | (1,425 | ) | — | 282,425 | |||||||||||||
Intersegment revenue | 1,617 | (1,617 | ) | — | — | — | ||||||||||||||
Depreciation and amortization | 6,692 | 1,325 | 1,949 | — | 9,966 | |||||||||||||||
Income before income taxes | 90,038 | (13,765 | ) | (1) | (22,612 | ) | (3) | — | 53,661 | |||||||||||
Total assets | 15,502,004 | 2,106,162 | 213,745 | (209,822 | ) | 17,612,089 | ||||||||||||||
As of and for the Three Months Ended September 30, 2012 | ||||||||||||||||||||
Banking and Wealth Management | Mortgage Banking | Corporate Services | Eliminations | Consolidated | ||||||||||||||||
Net interest income (expense) | $ | 114,587 | $ | 13,105 | $ | (1,498 | ) | $ | — | $ | 126,194 | |||||||||
Total net revenue | 135,195 | 89,798 | (2) | (1,500 | ) | — | 223,493 | |||||||||||||
Intersegment revenue | (1,170 | ) | 1,170 | — | — | — | ||||||||||||||
Depreciation and amortization | 6,876 | 432 | 1,612 | — | 8,920 | |||||||||||||||
Income before income taxes | 51,780 | 17,366 | (2) | (33,981 | ) | — | 35,165 | |||||||||||||
Total assets | 14,696,893 | 1,838,964 | 129,141 | (155,558 | ) | 16,509,440 | ||||||||||||||
As of and for the Nine Months Ended September 30, 2013 | ||||||||||||||||||||
Banking and | Mortgage | Corporate | Eliminations | Consolidated | ||||||||||||||||
Wealth | Banking | Services | ||||||||||||||||||
Management | ||||||||||||||||||||
Net interest income (expense) | $ | 384,990 | $ | 43,622 | $ | (4,723 | ) | $ | — | $ | 423,889 | |||||||||
Total net revenue | 478,362 | 373,371 | (1) | (4,162 | ) | — | 847,571 | |||||||||||||
Intersegment revenue | 9,384 | (9,384 | ) | — | — | — | ||||||||||||||
Depreciation and amortization | 20,924 | 3,884 | 5,279 | — | 30,087 | |||||||||||||||
Income before income taxes | 255,544 | 10,029 | (1) | (74,070 | ) | (3) | — | 191,503 | ||||||||||||
Total assets | 15,502,004 | 2,106,162 | 213,745 | (209,822 | ) | 17,612,089 | ||||||||||||||
As of and for the Nine Months Ended September 30, 2012 | ||||||||||||||||||||
Banking and | Mortgage | Corporate | Eliminations | Consolidated | ||||||||||||||||
Wealth | Banking | Services | ||||||||||||||||||
Management | ||||||||||||||||||||
Net interest income (expense) | $ | 335,933 | $ | 35,391 | $ | (4,523 | ) | $ | — | $ | 366,801 | |||||||||
Total net revenue | 407,374 | 208,481 | (2) | (4,439 | ) | — | 611,416 | |||||||||||||
Intersegment revenue | (6,071 | ) | 6,071 | — | — | — | ||||||||||||||
Depreciation and amortization | 20,345 | 1,429 | 5,237 | — | 27,011 | |||||||||||||||
Income before income taxes | 173,432 | (5,028 | ) | (2) | (97,032 | ) | — | 71,372 | ||||||||||||
Total assets | 14,696,893 | 1,838,964 | 129,141 | (155,558 | ) | 16,509,440 | ||||||||||||||
-1 | Segment earnings in the Mortgage Banking segment included a $35,132 recovery on the MSR valuation allowance for the three months ended September 30, 2013 and a $80,259 recovery on the MSR valuation allowance for the nine months ended September 30, 2013. | |||||||||||||||||||
-2 | Segment earnings in the Mortgage Banking segment included a $18,229 charge for MSR impairment for the three months ended September 30, 2012 and a $63,508 charge for MSR impairment for the nine months ended September 30, 2012 . | |||||||||||||||||||
-3 | Income before income taxes includes additional allocation of intersegment expenses beginning in 2013. |
Organization_and_Basis_of_Pres2
Organization and Basis of Presentation Textual (Details) (EverBank Florida [Member], Common Stock [Member]) | 0 Months Ended |
2-May-12 | |
EverBank Florida [Member] | Common Stock [Member] | ' |
Organization and Basis of Presentation [Line Items] | ' |
Conversion of shares | 77,994,699 |
Series B Preferred Stock converted to common stock | 15,964,644 |
Organization_and_Basis_of_Pres3
Organization and Basis of Presentation Supplemental Disclosures of Cash Flow Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 |
Preferred Stock [Member] | Preferred Stock [Member] | Residential Mortgage [Member] | Residential Mortgage [Member] | Residential Mortgage [Member] | ||||
Loans Transferred to Foreclosure Claims | ' | $498,638 | $350,244 | ' | ' | ' | ' | ' |
Real Estate Owned, Transfer to Real Estate Owned | ' | 30,395 | 32,100 | ' | ' | ' | ' | ' |
Transfer of Loans Held-for-sale to Portfolio Loans | 1,899,527 | ' | 1,928,519 | ' | ' | 73,988 | 819,250 | ' |
Transfer of Portfolio Loans and Leases to Held-for-sale | ' | ' | ' | ' | ' | 127,674 | 454,310 | 94,650 |
Servicing Asset at Fair Value, Additions | ' | 84,018 | 58,061 | ' | ' | ' | ' | ' |
Conversion of Stock, Amount Converted | ' | ' | ' | $0 | $135,585 | ' | ' | ' |
Acquisition_Activities_Details
Acquisition Activities (Details) (USD $) | Oct. 02, 2012 | |
In Thousands, unless otherwise specified | ||
Business Acquisition [Line Items] | ' | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $2,337,123 | |
Business Acquisition, Purchase Price Allocation, Commercial Real Estate Loans | 2,401,398 | |
As Updated [Member] | ASC310-20 [Member] | ' | |
Business Acquisition [Line Items] | ' | |
Business Combination, Acquired Receivables, Gross Contractual Amount | 2,174,738 | |
Business Combination, Acquired Recivables, Contractual Interest Due or Unearned Income | 1,143,748 | |
Business Combination, Acquired Receivables, Contractual Cash Flows Due | 3,318,486 | |
Business Combination, Acquired Receivables, Estimated Uncollectible | 499,602 | [1] |
Business Combination, Acquired Receivables, Expected Cash Flows | 2,818,884 | |
Business Combination, Aquired Receivables, Accretable Yield | 617,297 | |
Business Combination, Acquired Receivables, Fair Value | 2,201,587 | |
As Updated [Member] | ASC310-30 [Member] | ' | |
Business Acquisition [Line Items] | ' | |
Business Combination, Acquired Receivables, Gross Contractual Amount | 145,077 | |
Business Combination, Acquired Recivables, Contractual Interest Due or Unearned Income | 95,211 | |
Business Combination, Acquired Receivables, Contractual Cash Flows Due | 240,288 | |
Business Combination, Acquired Receivables, Estimated Uncollectible | 61,734 | [1] |
Business Combination, Acquired Receivables, Expected Cash Flows | 178,554 | |
Business Combination, Aquired Receivables, Accretable Yield | 43,018 | |
Business Combination, Acquired Receivables, Fair Value | 135,536 | |
As Initially Recorded [Member] | ASC310-20 [Member] | ' | |
Business Acquisition [Line Items] | ' | |
Business Combination, Acquired Receivables, Gross Contractual Amount | 2,229,822 | |
Business Combination, Acquired Recivables, Contractual Interest Due or Unearned Income | 1,176,442 | |
Business Combination, Acquired Receivables, Contractual Cash Flows Due | 3,406,264 | |
Business Combination, Acquired Receivables, Estimated Uncollectible | 518,949 | [1] |
Business Combination, Acquired Receivables, Expected Cash Flows | 2,887,315 | |
Business Combination, Aquired Receivables, Accretable Yield | 629,788 | |
Business Combination, Acquired Receivables, Fair Value | 2,257,527 | |
As Initially Recorded [Member] | ASC310-30 [Member] | ' | |
Business Acquisition [Line Items] | ' | |
Business Combination, Acquired Receivables, Gross Contractual Amount | 89,993 | |
Business Combination, Acquired Recivables, Contractual Interest Due or Unearned Income | 62,517 | |
Business Combination, Acquired Receivables, Contractual Cash Flows Due | 152,510 | |
Business Combination, Acquired Receivables, Estimated Uncollectible | 42,387 | [1] |
Business Combination, Acquired Receivables, Expected Cash Flows | 110,123 | |
Business Combination, Aquired Receivables, Accretable Yield | 30,527 | |
Business Combination, Acquired Receivables, Fair Value | $79,596 | |
[1] | (1) Cash flows not expected to be collected includes the effects of both credit losses as well as modeled prepayment assumptions. |
Investment_Securities_Textual_
Investment Securities Textual (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 |
Debt Securities [Member] | Debt Securities [Member] | Residential CMO securities - nonagency [Member] | Residential CMO securities - nonagency [Member] | Residential Collateralized Mortgage Obligations Securities Issued by US Government Sponsored Enterprises [Member] | Residential MBS - agency [Member] | Asset-backed securities (ABS) [Member] | Asset-backed securities (ABS) [Member] | Corporate securities [Member] | Corporate securities [Member] | Collateralized Mortgage Obligations [Member] | ||||||
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pledged securities | $169,092 | ' | $169,092 | ' | $421,209 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Realized Investment Gains (Losses) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available-for-sale Securities, Gross Realized Gains | 4,225 | 0 | 4,225 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available-for-sale Securities, Gross Realized Losses | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Debt Securities Held Unrealized Losses | 44 | ' | 44 | ' | 31 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Debt Securities Held Unrealized Losses Less Than Twelve Months | 32 | ' | 32 | ' | ' | ' | ' | 20 | ' | 3 | 9 | ' | ' | ' | ' | 3 |
Number of Debt Securities Held Unrealized Losses More Than Twelve Months | 12 | ' | 12 | ' | 28 | ' | ' | 8 | 24 | ' | ' | 3 | 3 | 1 | 1 | ' |
Securities Continuous Unrealized Loss Position, Aggregate Losses | ' | ' | ' | ' | ' | 8,725 | 9,298 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of Unrealized Losses of Debt Securities Rated Investment Grade | 5,024 | ' | 5,024 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other than Temporary Impairment Losses, Investments | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | ' | ' | ' | ' | ' | ' | ' | $4,072 | $5,355 | ' | ' | $1,098 | $1,935 | ' | ' | ' |
Investment_Securities_Schedule
Investment Securities Schedule of AFS and HTM Securities (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | $1,193,286 | $1,587,097 |
Gross Unrealized Gains | 17,224 | 40,071 |
Gross Unrealized Losses | 5,170 | 7,290 |
Available for sale securities | 1,205,340 | 1,619,878 |
Carrying Amount | 1,205,340 | 1,619,878 |
Amortized Cost | 109,245 | 143,234 |
Gross Unrealized Gains | 2,579 | 5,483 |
Gross Unrealized Losses | 3,555 | 2,008 |
Held to maturity securities | 108,269 | 146,709 |
Held-to-maturity Securities | 109,245 | 143,234 |
Residential CMO securities - agency | ' | ' |
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | 44,707 | 106,346 |
Gross Unrealized Gains | 1,636 | 3,497 |
Gross Unrealized Losses | 13 | 0 |
Held to maturity securities | 46,330 | 109,843 |
Held-to-maturity Securities | 44,707 | 106,346 |
Residential CMO securities - nonagency [Member] | ' | ' |
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | 1,187,816 | 1,577,270 |
Gross Unrealized Gains | 16,941 | 39,860 |
Gross Unrealized Losses | 4,072 | 5,355 |
Available for sale securities | 1,200,685 | 1,611,775 |
Carrying Amount | 1,200,685 | 1,611,775 |
Residential MBS - agency [Member] | ' | ' |
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | 59,551 | 31,901 |
Gross Unrealized Gains | 943 | 1,986 |
Gross Unrealized Losses | 1,130 | 0 |
Held to maturity securities | 59,364 | 33,887 |
Held-to-maturity Securities | 59,551 | 31,901 |
Asset-backed securities (ABS) [Member] | ' | ' |
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | 5,153 | 9,461 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 1,098 | 1,935 |
Available for sale securities | 4,055 | 7,526 |
Carrying Amount | 4,055 | 7,526 |
Other Investments [Member] | ' | ' |
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | 317 | 366 |
Gross Unrealized Gains | 283 | 211 |
Gross Unrealized Losses | 0 | 0 |
Available for sale securities | 600 | 577 |
Carrying Amount | 600 | 577 |
Corporate securities [Member] | ' | ' |
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | 4,987 | 4,987 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 2,412 | 2,008 |
Held to maturity securities | 2,575 | 2,979 |
Held-to-maturity Securities | 4,987 | 4,987 |
Estimate of Fair Value Measurement [Member] | ' | ' |
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ' | ' |
Held to maturity securities | ' | $146,709 |
Investment_Securities_Unrealiz
Investment Securities Unrealized Losses (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ' | ' |
Less Than 12 Months, Fair Value | $325,080 | $57,715 |
Less Than 12 Months, Unrealized Losses | 4,401 | 299 |
12 Months Or Greater, Fair Value | 55,080 | 193,790 |
12 Months Or Greater, Unrealized Losses | 4,324 | 8,999 |
Total Fair Value | 380,160 | 251,505 |
Total Unrealized Losses | 8,725 | 9,298 |
Residential CMO securities - nonagency [Member] | ' | ' |
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ' | ' |
Less than 12 Months, Fair Value | 283,055 | 57,715 |
Less than 12 Months, Unrealized Losses | 3,258 | 299 |
12 Months or Greater, Fair Value | 48,450 | 183,285 |
12 Months or Greater, Unrealized Losses | 814 | 5,056 |
Total Fair Value | 331,505 | 241,000 |
Total Unrealized Losses | 4,072 | 5,355 |
Residential CMO securities - agency | ' | ' |
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ' | ' |
Less than 12 Months, Fair Value | 6,477 | ' |
Less than 12 Months, Unrealized Losses | 13 | ' |
12 Months or Greater, Fair Value | 0 | ' |
12 Months or Greater, Unrealized Losses | 0 | ' |
Total Fair Value | 6,477 | ' |
Total Unrealized Losses | 13 | ' |
Residential MBS - agency [Member] | ' | ' |
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ' | ' |
Less than 12 Months, Fair Value | 35,548 | ' |
Less than 12 Months, Unrealized Losses | 1,130 | ' |
12 Months or Greater, Fair Value | 0 | ' |
12 Months or Greater, Unrealized Losses | 0 | ' |
Total Fair Value | 35,548 | ' |
Total Unrealized Losses | 1,130 | ' |
Asset-backed securities (ABS) [Member] | ' | ' |
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ' | ' |
Less than 12 Months, Fair Value | 0 | 0 |
Less than 12 Months, Unrealized Losses | 0 | 0 |
12 Months or Greater, Fair Value | 4,055 | 7,526 |
12 Months or Greater, Unrealized Losses | 1,098 | 1,935 |
Total Fair Value | 4,055 | 7,526 |
Total Unrealized Losses | 1,098 | 1,935 |
Corporate securities [Member] | ' | ' |
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ' | ' |
Less than 12 Months, Fair Value | 0 | 0 |
Less than 12 Months, Unrealized Losses | 0 | 0 |
12 Months or Greater, Fair Value | 2,575 | 2,979 |
12 Months or Greater, Unrealized Losses | 2,412 | 2,008 |
Total Fair Value | 2,575 | 2,979 |
Total Unrealized Losses | $2,412 | $2,008 |
Investment_Securities_Investme
Investment Securities Investment Income (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ' | ' | ' | ' |
Interest income on available for sale securities | $11,816 | $17,875 | $40,100 | $55,474 |
Interest income on held to maturity securities | 635 | 2,504 | 1,917 | 5,313 |
Other Interest and Dividend Income | 493 | 152 | 1,108 | 338 |
Interest and Dividend Income, Securities | 13,376 | 20,879 | 44,439 | 62,127 |
Interest Income, Securities, Operating, Taxable | 12,451 | 20,379 | 42,017 | 60,787 |
Investments [Member] | ' | ' | ' | ' |
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ' | ' | ' | ' |
Other Interest and Dividend Income | $925 | $500 | $2,422 | $1,340 |
Loans_Held_for_Sale_Textual_De
Loans Held for Sale Textual (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Loans held for sale | $1,059,947 | ' | $1,059,947 | ' | $2,088,046 |
Servicing Asset at Amortized Value, Additions | 33,025 | 21,034 | 84,018 | 58,061 | ' |
Transfer of Loans Held-for-sale to Portfolio Loans | ' | 1,899,527 | ' | 1,928,519 | ' |
Other Residential Carried at Fair Value [Member] | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Loans held for sale | 26,676 | ' | 26,676 | ' | 0 |
Residential Mortgage [Member] | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Transfer of Loans Held-for-sale to Portfolio Loans | 73,988 | ' | 819,250 | ' | ' |
Transfer of Portfolio Loans and Leases to Held-for-sale | 127,674 | ' | 454,310 | 94,650 | ' |
Variable Interest, Not Primary Beneficiary, Securitizations through Ginnie Mae not Meeting Sale Accounting Criteria [Member] | Government National Mortgage Association Certificates and Obligations (GNMA) [Member] | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets | $0 | ' | $0 | ' | $99,121 |
Loans_Held_for_Sale_Details
Loans Held for Sale (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans held for sale | $1,059,947 | $2,088,046 |
Government insured pool buyouts [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans held for sale | 1,866 | 96,635 |
Mortgage warehouse [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans held for sale | 1,020,410 | 1,452,236 |
Other [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans held for sale | 10,995 | 539,175 |
Other Residential Carried at Fair Value [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans held for sale | $26,676 | $0 |
Loans_Held_for_Sale_Loan_Secur
Loans Held for Sale Loan Securitizations (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Servicing fees collected | $30,928 | $24,577 | $86,489 | $72,477 |
Agency Securitizations [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Proceeds received from new securitizations | 2,251,809 | 2,476,812 | 7,345,260 | 6,267,169 |
Repurchased loans | 1,858 | 2,616 | 4,028 | 6,132 |
Nonagency Sales [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Proceeds received from new securitizations | 902,441 | 1,885 | 1,579,749 | 20,131 |
Repurchased loans | $6,927 | $6,773 | $17,143 | $16,287 |
Loans_and_Leases_Held_for_Inve3
Loans and Leases Held for Investment, Net Textual (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Loans and Leases Held for Investment, Net [Abstract] | ' | ' | ' | ' |
Acquired Credit Impaired Loans and Leases Provision for Loan and Lease Losses | ($667) | $863 | ($2) | $5,192 |
Loans_and_Leases_Held_for_Inve4
Loans and Leases Held for Investment, Net (Details) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Loans and leases held for investment, net of unearned income | $12,562,967 | ' | $12,505,089 | ' | ' | ' |
Allowance for loan and lease losses | -66,991 | -73,469 | -82,102 | -76,469 | -77,393 | -77,765 |
Total loans and leases held for investment, net | 12,495,976 | ' | 12,422,987 | ' | ' | ' |
Residential Mortgage [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Loans and leases held for investment, net of unearned income | 6,698,614 | ' | 6,708,748 | ' | ' | ' |
Allowance for loan and lease losses | -27,693 | -28,685 | -33,631 | -32,626 | -37,719 | -43,454 |
Commercial and Commercial Real Estate [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Loans and leases held for investment, net of unearned income | 4,608,487 | ' | 4,771,768 | ' | ' | ' |
Allowance for loan and lease losses | -32,160 | -36,881 | -39,863 | -35,708 | -32,050 | -28,209 |
Lease financing receivables [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Loans and leases held for investment, net of unearned income | 1,092,866 | ' | 836,935 | ' | ' | ' |
Allowance for loan and lease losses | -3,676 | -4,073 | -3,181 | -4,431 | -4,160 | -3,766 |
Total loans and leases held for investment, net | 1,089,190 | ' | 833,754 | ' | ' | ' |
Home equity lines [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Loans and leases held for investment, net of unearned income | 156,977 | ' | 179,600 | ' | ' | ' |
Allowance for loan and lease losses | -3,333 | -3,688 | -5,265 | -3,525 | -3,288 | -2,186 |
Consumer and credit card [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Loans and leases held for investment, net of unearned income | 6,023 | ' | 8,038 | ' | ' | ' |
Allowance for loan and lease losses | ($129) | ($142) | ($162) | ($179) | ($176) | ($150) |
Loans_and_Leases_Held_for_Inve5
Loans and Leases Held for Investment, Net Net Purchase Loan/Lease Fees (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Loans and Leases Held for Investment, Net [Abstract] | ' | ' |
Net purchased loan and leases discounts | $120,321 | $164,132 |
Net deferred loan and lease origiantaion costs | $45,315 | $25,275 |
Loans_and_Leases_Held_for_Inve6
Loans and Leases Held for Investment, Net Acquired Portfolio of Loans and Leases with Evidence of Credit Deterioration (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Contractually Required Payments Receivable at Acquisition | $345,890 | ' | $218,750 | ' |
Carrying value, net of allowance | 1,159,976 | 1,348,725 | ' | ' |
Outstanding unpaid principal balance or contractual net investment | 1,220,676 | 1,433,893 | ' | ' |
Allowance for loan and lease losses | 16,560 | 21,964 | ' | 15,989 |
Acquired Credit Impaired Loans And Leases Outstanding Expected Cash Flows at Acquisition | 193,549 | ' | 133,627 | ' |
Acquired Credit Impaired Loans And Leases Outstanding Basis at Acquisition | 179,027 | ' | 117,579 | ' |
Commercial and Commercial Real Estate [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Carrying value, net of allowance | 410,286 | 488,288 | ' | ' |
Outstanding unpaid principal balance or contractual net investment | 427,667 | 527,472 | ' | ' |
Allowance for loan and lease losses | 11,344 | 16,789 | ' | 10,525 |
Residential Portfolio Segment [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Carrying value, net of allowance | 749,690 | 860,437 | ' | ' |
Outstanding unpaid principal balance or contractual net investment | 793,009 | 906,421 | ' | ' |
Allowance for loan and lease losses | $5,216 | $5,175 | ' | $5,464 |
Loans_and_Leases_Held_for_Inve7
Loans and Leases Held for Investment, Net Schedule of Changes in Accretable Yields of Acquired Loans (Details) (USD $) | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Accretable Yield | $229,367 | $168,376 | $220,408 | $207,723 |
Additions | 12,174 | 16,048 | ' | ' |
Accretion | -54,016 | -45,334 | ' | ' |
Reclassifications (from) to accretable yield | 50,801 | -10,061 | ' | ' |
Residential Portfolio Segment [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Accretable Yield | 119,385 | 86,729 | 111,868 | 90,224 |
Additions | 12,174 | 16,048 | ' | ' |
Accretion | -31,906 | -22,159 | ' | ' |
Reclassifications (from) to accretable yield | 27,249 | 2,616 | ' | ' |
Commercial and Commercial Real Estate [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Accretable Yield | 109,982 | 81,647 | 108,540 | 117,499 |
Additions | 0 | 0 | ' | ' |
Accretion | -22,110 | -23,175 | ' | ' |
Reclassifications (from) to accretable yield | $23,552 | ($12,677) | ' | ' |
Loans_and_Leases_Held_for_Inve8
Loans and Leases Held for Investment, Net Covered Loans and Leases Recorded Investment (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Covered Loans and Leases Recorded Investment [Line Items] | ' | ' |
Toal recorded investment of covered loans and leases | $403,996 | $592,959 |
Bank of Florida [Member] | ' | ' |
Covered Loans and Leases Recorded Investment [Line Items] | ' | ' |
Toal recorded investment of covered loans and leases | 370,713 | 517,758 |
Tygris [Member] | ' | ' |
Covered Loans and Leases Recorded Investment [Line Items] | ' | ' |
Toal recorded investment of covered loans and leases | 33,283 | 75,201 |
Residential Mortgage [Member] | ' | ' |
Covered Loans and Leases Recorded Investment [Line Items] | ' | ' |
Toal recorded investment of covered loans and leases | 46,738 | 56,390 |
Residential Mortgage [Member] | Bank of Florida [Member] | ' | ' |
Covered Loans and Leases Recorded Investment [Line Items] | ' | ' |
Toal recorded investment of covered loans and leases | 46,738 | 56,390 |
Residential Mortgage [Member] | Tygris [Member] | ' | ' |
Covered Loans and Leases Recorded Investment [Line Items] | ' | ' |
Toal recorded investment of covered loans and leases | 0 | 0 |
Commercial and Commercial Real Estate [Member] | ' | ' |
Covered Loans and Leases Recorded Investment [Line Items] | ' | ' |
Toal recorded investment of covered loans and leases | 309,709 | 441,998 |
Commercial and Commercial Real Estate [Member] | Bank of Florida [Member] | ' | ' |
Covered Loans and Leases Recorded Investment [Line Items] | ' | ' |
Toal recorded investment of covered loans and leases | 309,709 | 441,998 |
Commercial and Commercial Real Estate [Member] | Tygris [Member] | ' | ' |
Covered Loans and Leases Recorded Investment [Line Items] | ' | ' |
Toal recorded investment of covered loans and leases | 0 | 0 |
Lease financing receivables [Member] | ' | ' |
Covered Loans and Leases Recorded Investment [Line Items] | ' | ' |
Toal recorded investment of covered loans and leases | 33,283 | 75,201 |
Lease financing receivables [Member] | Bank of Florida [Member] | ' | ' |
Covered Loans and Leases Recorded Investment [Line Items] | ' | ' |
Toal recorded investment of covered loans and leases | 0 | 0 |
Lease financing receivables [Member] | Tygris [Member] | ' | ' |
Covered Loans and Leases Recorded Investment [Line Items] | ' | ' |
Toal recorded investment of covered loans and leases | 33,283 | 75,201 |
Home equity lines [Member] | ' | ' |
Covered Loans and Leases Recorded Investment [Line Items] | ' | ' |
Toal recorded investment of covered loans and leases | 14,266 | 17,992 |
Home equity lines [Member] | Bank of Florida [Member] | ' | ' |
Covered Loans and Leases Recorded Investment [Line Items] | ' | ' |
Toal recorded investment of covered loans and leases | 14,266 | 17,992 |
Home equity lines [Member] | Tygris [Member] | ' | ' |
Covered Loans and Leases Recorded Investment [Line Items] | ' | ' |
Toal recorded investment of covered loans and leases | 0 | 0 |
Consumer and credit card [Member] | ' | ' |
Covered Loans and Leases Recorded Investment [Line Items] | ' | ' |
Toal recorded investment of covered loans and leases | ' | 1,378 |
Consumer and credit card [Member] | Bank of Florida [Member] | ' | ' |
Covered Loans and Leases Recorded Investment [Line Items] | ' | ' |
Toal recorded investment of covered loans and leases | ' | 1,378 |
Consumer and credit card [Member] | Tygris [Member] | ' | ' |
Covered Loans and Leases Recorded Investment [Line Items] | ' | ' |
Toal recorded investment of covered loans and leases | ' | $0 |
Allowance_for_Loan_and_Lease_L3
Allowance for Loan and Lease Losses Change in ALLL (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2011 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, TDR Modifications, Number of Contracts | 10 | 11 | 30 | 61 | ' | ' | ' | ' |
Financing Receivable, TDR Modifications, Pre-Modification Recorded Investment | $2,805 | $6,620 | $12,388 | $43,809 | ' | ' | ' | ' |
Financing Receivable, TDR Modifications, Post-Modification Recorded Investment | 2,867 | 6,623 | 12,472 | 43,831 | ' | ' | ' | ' |
Impaired Financing Receivable, Average Recorded Investment | 176,921 | 193,393 | 179,373 | 209,990 | ' | ' | ' | ' |
Loans and Leases Held for Investment, Allowance | 66,991 | 76,469 | 66,991 | 76,469 | 73,469 | 82,102 | 77,393 | 77,765 |
Provision for Loan and Lease Losses | 3,068 | 4,359 | 5,016 | 21,471 | ' | ' | ' | ' |
Charge-offs | -10,323 | -8,585 | -25,740 | -27,163 | ' | ' | ' | ' |
Recoveries | 777 | 3,302 | 5,613 | 4,396 | ' | ' | ' | ' |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 967 | 1,498 | 2,909 | 3,551 | ' | ' | ' | ' |
Residential Portfolio Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Impaired Financing Receivable, Average Recorded Investment | 93,535 | 88,681 | 94,534 | 90,243 | ' | ' | ' | ' |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 667 | 562 | 2,143 | 1,834 | ' | ' | ' | ' |
Residential Mortgage [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Loans and Leases Held for Investment, Allowance | 27,693 | 32,626 | 27,693 | 32,626 | 28,685 | 33,631 | 37,719 | 43,454 |
Provision for Loan and Lease Losses | 1,976 | -1,277 | 5,142 | 3,516 | ' | ' | ' | ' |
Charge-offs | -3,038 | -3,868 | -11,378 | -14,701 | ' | ' | ' | ' |
Recoveries | 70 | 52 | 298 | 357 | ' | ' | ' | ' |
Commercial and Commercial Real Estate [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Loans and Leases Held for Investment, Allowance | 32,160 | 35,708 | 32,160 | 35,708 | 36,881 | 39,863 | 32,050 | 28,209 |
Provision for Loan and Lease Losses | 872 | 3,271 | -1,874 | 10,537 | ' | ' | ' | ' |
Charge-offs | -6,081 | -2,636 | -10,309 | -6,640 | ' | ' | ' | ' |
Recoveries | 488 | 3,023 | 4,480 | 3,602 | ' | ' | ' | ' |
Lease financing receivables [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Loans and Leases Held for Investment, Allowance | 3,676 | 4,431 | 3,676 | 4,431 | 4,073 | 3,181 | 4,160 | 3,766 |
Provision for Loan and Lease Losses | 274 | 917 | 2,530 | 3,344 | ' | ' | ' | ' |
Charge-offs | -746 | -805 | -2,442 | -2,903 | ' | ' | ' | ' |
Recoveries | 75 | 159 | 407 | 224 | ' | ' | ' | ' |
Home equity lines [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Loans and Leases Held for Investment, Allowance | 3,333 | 3,525 | 3,333 | 3,525 | 3,688 | 5,265 | 3,288 | 2,186 |
Provision for Loan and Lease Losses | -55 | 1,400 | -765 | 3,978 | ' | ' | ' | ' |
Charge-offs | -430 | -1,215 | -1,546 | -2,807 | ' | ' | ' | ' |
Recoveries | 130 | 52 | 379 | 168 | ' | ' | ' | ' |
Consumer and credit card [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Loans and Leases Held for Investment, Allowance | 129 | 179 | 129 | 179 | 142 | 162 | 176 | 150 |
Provision for Loan and Lease Losses | 1 | 48 | -17 | 96 | ' | ' | ' | ' |
Charge-offs | -28 | -61 | -65 | -112 | ' | ' | ' | ' |
Recoveries | 14 | 16 | 49 | 45 | ' | ' | ' | ' |
Commercial Loan [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Impaired Financing Receivable, Average Recorded Investment | 3,578 | 8,133 | 4,965 | 9,909 | ' | ' | ' | ' |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 0 | 20 | 2 | 39 | ' | ' | ' | ' |
Commercial Real Estate [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Impaired Financing Receivable, Average Recorded Investment | 79,808 | 96,579 | 79,874 | 109,838 | ' | ' | ' | ' |
Impaired Financing Receivable, Interest Income, Cash Basis Method | $300 | $916 | $764 | $1,678 | ' | ' | ' | ' |
Allowance_for_Loan_and_Lease_L4
Allowance for Loan and Lease Losses ALLL and Recorded Investment Breakout (Details) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' |
Allowance for Loan and Lease Losses, Individually Evaluated for Impairment | $12,158 | ' | $18,137 | ' | ' | ' |
Allowance for Loan and Lease Losses, Collectively Evaluated for Impairment | 38,273 | ' | 42,001 | ' | ' | ' |
Allowance for Loan and Lease Losses, ACI Loans | 16,560 | ' | 21,964 | ' | ' | ' |
Allowance for Loan and Lease Losses, Total allowance | 66,991 | 73,469 | 82,102 | 76,469 | 77,393 | 77,765 |
Loans and Leases Held for Investment at Recorded Investment, Individually Evaluated for Impairment | 175,161 | ' | 187,536 | ' | ' | ' |
Loans and Leases Held for Investment at Recorded Investment, Collectively Evaluated for Impairment | 11,211,270 | ' | 10,946,864 | ' | ' | ' |
Loans and Leases Held for Investment at Recorded Investment, ACI Loans | 1,176,536 | ' | 1,370,689 | ' | ' | ' |
Loans and Leases Receivable, Net of Deferred Income | 12,562,967 | ' | 12,505,089 | ' | ' | ' |
Residential Mortgage [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' |
Allowance for Loan and Lease Losses, Individually Evaluated for Impairment | 9,283 | ' | 12,568 | ' | ' | ' |
Allowance for Loan and Lease Losses, Collectively Evaluated for Impairment | 13,194 | ' | 15,888 | ' | ' | ' |
Allowance for Loan and Lease Losses, ACI Loans | 5,216 | ' | 5,175 | ' | ' | ' |
Allowance for Loan and Lease Losses, Total allowance | 27,693 | 28,685 | 33,631 | 32,626 | 37,719 | 43,454 |
Loans and Leases Held for Investment at Recorded Investment, Individually Evaluated for Impairment | 91,391 | ' | 95,274 | ' | ' | ' |
Loans and Leases Held for Investment at Recorded Investment, Collectively Evaluated for Impairment | 5,852,317 | ' | 5,747,862 | ' | ' | ' |
Loans and Leases Held for Investment at Recorded Investment, ACI Loans | 754,906 | ' | 865,612 | ' | ' | ' |
Loans and Leases Receivable, Net of Deferred Income | 6,698,614 | ' | 6,708,748 | ' | ' | ' |
Commercial and Commercial Real Estate [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' |
Allowance for Loan and Lease Losses, Individually Evaluated for Impairment | 2,875 | ' | 5,569 | ' | ' | ' |
Allowance for Loan and Lease Losses, Collectively Evaluated for Impairment | 17,941 | ' | 17,505 | ' | ' | ' |
Allowance for Loan and Lease Losses, ACI Loans | 11,344 | ' | 16,789 | ' | ' | ' |
Allowance for Loan and Lease Losses, Total allowance | 32,160 | 36,881 | 39,863 | 35,708 | 32,050 | 28,209 |
Loans and Leases Held for Investment at Recorded Investment, Individually Evaluated for Impairment | 83,770 | ' | 92,262 | ' | ' | ' |
Loans and Leases Held for Investment at Recorded Investment, Collectively Evaluated for Impairment | 4,103,087 | ' | 4,174,429 | ' | ' | ' |
Loans and Leases Held for Investment at Recorded Investment, ACI Loans | 421,630 | ' | 505,077 | ' | ' | ' |
Loans and Leases Receivable, Net of Deferred Income | 4,608,487 | ' | 4,771,768 | ' | ' | ' |
Lease financing receivables [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' |
Allowance for Loan and Lease Losses, Individually Evaluated for Impairment | 0 | ' | 0 | ' | ' | ' |
Allowance for Loan and Lease Losses, Collectively Evaluated for Impairment | 3,676 | ' | 3,181 | ' | ' | ' |
Allowance for Loan and Lease Losses, ACI Loans | 0 | ' | 0 | ' | ' | ' |
Allowance for Loan and Lease Losses, Total allowance | 3,676 | 4,073 | 3,181 | 4,431 | 4,160 | 3,766 |
Loans and Leases Held for Investment at Recorded Investment, Individually Evaluated for Impairment | 0 | ' | 0 | ' | ' | ' |
Loans and Leases Held for Investment at Recorded Investment, Collectively Evaluated for Impairment | 1,092,866 | ' | 836,935 | ' | ' | ' |
Loans and Leases Held for Investment at Recorded Investment, ACI Loans | 0 | ' | 0 | ' | ' | ' |
Loans and Leases Receivable, Net of Deferred Income | 1,092,866 | ' | 836,935 | ' | ' | ' |
Home equity lines [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' |
Allowance for Loan and Lease Losses, Individually Evaluated for Impairment | 0 | ' | 0 | ' | ' | ' |
Allowance for Loan and Lease Losses, Collectively Evaluated for Impairment | 3,333 | ' | 5,265 | ' | ' | ' |
Allowance for Loan and Lease Losses, ACI Loans | 0 | ' | 0 | ' | ' | ' |
Allowance for Loan and Lease Losses, Total allowance | 3,333 | 3,688 | 5,265 | 3,525 | 3,288 | 2,186 |
Loans and Leases Held for Investment at Recorded Investment, Individually Evaluated for Impairment | 0 | ' | 0 | ' | ' | ' |
Loans and Leases Held for Investment at Recorded Investment, Collectively Evaluated for Impairment | 156,977 | ' | 179,600 | ' | ' | ' |
Loans and Leases Held for Investment at Recorded Investment, ACI Loans | 0 | ' | 0 | ' | ' | ' |
Loans and Leases Receivable, Net of Deferred Income | 156,977 | ' | 179,600 | ' | ' | ' |
Consumer and credit card [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' |
Allowance for Loan and Lease Losses, Individually Evaluated for Impairment | 0 | ' | 0 | ' | ' | ' |
Allowance for Loan and Lease Losses, Collectively Evaluated for Impairment | 129 | ' | 162 | ' | ' | ' |
Allowance for Loan and Lease Losses, ACI Loans | 0 | ' | 0 | ' | ' | ' |
Allowance for Loan and Lease Losses, Total allowance | 129 | 142 | 162 | 179 | 176 | 150 |
Loans and Leases Held for Investment at Recorded Investment, Individually Evaluated for Impairment | 0 | ' | 0 | ' | ' | ' |
Loans and Leases Held for Investment at Recorded Investment, Collectively Evaluated for Impairment | 6,023 | ' | 8,038 | ' | ' | ' |
Loans and Leases Held for Investment at Recorded Investment, ACI Loans | 0 | ' | 0 | ' | ' | ' |
Loans and Leases Receivable, Net of Deferred Income | 6,023 | ' | 8,038 | ' | ' | ' |
Total Residential, Leasing, Home Equity Line of Credit and Consumer and Credit Card [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' |
Loans and Leases Receivable, Net of Deferred Income | 7,954,480 | ' | 7,733,321 | ' | ' | ' |
Performing Financing Receivable [Member] | Lease financing receivables [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' |
Loans and Leases Receivable, Net of Deferred Income | 1,088,695 | ' | 834,925 | ' | ' | ' |
Performing Financing Receivable [Member] | Home equity lines [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' |
Loans and Leases Receivable, Net of Deferred Income | 152,813 | ' | 175,354 | ' | ' | ' |
Performing Financing Receivable [Member] | Consumer and credit card [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' |
Loans and Leases Receivable, Net of Deferred Income | 6,008 | ' | 7,699 | ' | ' | ' |
Performing Financing Receivable [Member] | Total Residential, Leasing, Home Equity Line of Credit and Consumer and Credit Card [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' |
Loans and Leases Receivable, Net of Deferred Income | $7,182,582 | ' | $6,489,070 | ' | ' | ' |
Allowance_for_Loan_and_Lease_L5
Allowance for Loan and Lease Losses Schedule of Recorded Investment Credit Quality Indicators (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Financing Receivable, Acquired with Deteriorated Credit Quality | $1,176,536 | $1,370,689 | ||
Loans and Leases Receivable, Net of Deferred Income | 12,562,967 | 12,505,089 | ||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 706,278 | 1,168,732 | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 142,280 | 151,653 | ||
Residential Portfolio Segment [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Loans and Leases Receivable, Net of Deferred Income | 4,623,219 | [1] | 3,949,284 | [1] |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 57,270 | 68,924 | ||
Residential Portfolio Segment [Member] | Performing Financing Receivable [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Loans and Leases Receivable, Net of Deferred Income | 4,565,949 | [1] | 3,880,360 | [1] |
Residential Portfolio Segment [Member] | Nonperforming Financing Receivable [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | [1] | 0 | [1] |
Financing Receivable, Recorded Investment, Nonaccrual Status | 57,270 | [1] | 68,924 | [1] |
Government insured pool buyouts [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Loans and Leases Receivable, Net of Deferred Income | 2,075,395 | [2],[3] | 2,759,464 | [2],[3] |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 706,278 | 1,168,732 | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 0 | 0 | ||
Government insured pool buyouts [Member] | Performing Financing Receivable [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Loans and Leases Receivable, Net of Deferred Income | 1,369,117 | [2],[3] | 1,590,732 | [2],[3] |
Government insured pool buyouts [Member] | Nonperforming Financing Receivable [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 706,278 | [2],[3] | 1,168,732 | [2],[3] |
Financing Receivable, Recorded Investment, Nonaccrual Status | 0 | [2],[3] | 0 | [2],[3] |
Lease financing receivables [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Financing Receivable, Acquired with Deteriorated Credit Quality | 0 | 0 | ||
Loans and Leases Receivable, Net of Deferred Income | 1,092,866 | 836,935 | ||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 4,171 | 2,010 | ||
Lease financing receivables [Member] | Performing Financing Receivable [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Loans and Leases Receivable, Net of Deferred Income | 1,088,695 | 834,925 | ||
Lease financing receivables [Member] | Nonperforming Financing Receivable [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 4,171 | 2,010 | ||
Home equity lines [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Financing Receivable, Acquired with Deteriorated Credit Quality | 0 | 0 | ||
Loans and Leases Receivable, Net of Deferred Income | 156,977 | 179,600 | ||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 4,164 | 4,246 | ||
Home equity lines [Member] | Performing Financing Receivable [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Loans and Leases Receivable, Net of Deferred Income | 152,813 | 175,354 | ||
Home equity lines [Member] | Nonperforming Financing Receivable [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 4,164 | 4,246 | ||
Consumer and credit card [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Financing Receivable, Acquired with Deteriorated Credit Quality | 0 | 0 | ||
Loans and Leases Receivable, Net of Deferred Income | 6,023 | 8,038 | ||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 15 | 339 | ||
Consumer and credit card [Member] | Performing Financing Receivable [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Loans and Leases Receivable, Net of Deferred Income | 6,008 | 7,699 | ||
Consumer and credit card [Member] | Nonperforming Financing Receivable [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 15 | 339 | ||
Residential, Leasing, Home Equity Line of Credit and Consumer and Credit Card [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Loans and Leases Receivable, Net of Deferred Income | 7,954,480 | 7,733,321 | ||
Residential, Leasing, Home Equity Line of Credit and Consumer and Credit Card [Member] | Performing Financing Receivable [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Loans and Leases Receivable, Net of Deferred Income | 7,182,582 | 6,489,070 | ||
Residential, Leasing, Home Equity Line of Credit and Consumer and Credit Card [Member] | Nonperforming Financing Receivable [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 706,278 | 1,168,732 | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 65,620 | 75,519 | ||
Commercial Loan [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Loans and Leases Receivable, Net of Deferred Income | 1,365,137 | 1,381,440 | ||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 3,962 | 4,985 | ||
Commercial Loan [Member] | Pass [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Loans and Leases Receivable, Net of Deferred Income | 1,357,081 | 1,368,054 | ||
Commercial Loan [Member] | Special Mention [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Loans and Leases Receivable, Net of Deferred Income | 277 | 565 | ||
Commercial Loan [Member] | Substandard [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Loans and Leases Receivable, Net of Deferred Income | 5,973 | 8,416 | ||
Commercial Loan [Member] | Doubtful [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Loans and Leases Receivable, Net of Deferred Income | 1,806 | 4,405 | ||
Commercial Real Estate [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Loans and Leases Receivable, Net of Deferred Income | 3,243,350 | 3,390,328 | ||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 72,698 | 71,149 | ||
Commercial Real Estate [Member] | Pass [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Loans and Leases Receivable, Net of Deferred Income | 2,931,125 | 3,027,554 | ||
Commercial Real Estate [Member] | Special Mention [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Loans and Leases Receivable, Net of Deferred Income | 44,528 | 79,779 | ||
Commercial Real Estate [Member] | Substandard [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Loans and Leases Receivable, Net of Deferred Income | 267,697 | 282,995 | ||
Commercial Real Estate [Member] | Doubtful [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 | ||
Commercial and Commercial Real Estate [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Financing Receivable, Acquired with Deteriorated Credit Quality | 421,630 | 505,077 | ||
Loans and Leases Receivable, Net of Deferred Income | 4,608,487 | 4,771,768 | ||
Commercial and Commercial Real Estate [Member] | Pass [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Loans and Leases Receivable, Net of Deferred Income | 4,288,206 | 4,395,608 | ||
Commercial and Commercial Real Estate [Member] | Special Mention [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Loans and Leases Receivable, Net of Deferred Income | 44,805 | 80,344 | ||
Commercial and Commercial Real Estate [Member] | Substandard [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Loans and Leases Receivable, Net of Deferred Income | 273,670 | 291,411 | ||
Commercial and Commercial Real Estate [Member] | Doubtful [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Loans and Leases Receivable, Net of Deferred Income | 1,806 | 4,405 | ||
90 Days Past Due and Accruing [Member] | Residential Portfolio Segment [Member] | Performing Financing Receivable [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Financing Receivable, Acquired with Deteriorated Credit Quality | 8,829 | 14,682 | ||
90 Days Past Due and Accruing [Member] | Government insured pool buyouts [Member] | Performing Financing Receivable [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Financing Receivable, Acquired with Deteriorated Credit Quality | $439,934 | $553,902 | ||
[1] | (1) For the periods ended SeptemberB 30, 2013 and DecemberB 31, 2012, performing residential mortgages included $8,829 and $14,682, respectively of ACI loans greater than 90 days past due and still accruing. | |||
[2] | (3) Non-performing government insured pool buyouts represent loans that are 90 days or greater past due but remain on accrual status as the interest earned is insured and thus collectible from the insuring governmental agency. | |||
[3] | (2) For the periods ended SeptemberB 30, 2013 and DecemberB 31, 2012, performing government insured pool buyouts included $439,934 and $553,902, respectively of ACI loans greater than 90 days past due and still accruing. |
Allowance_for_Loan_and_Lease_L6
Allowance for Loan and Lease Losses Past Due (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, 30 to 59 Days Past Due | $100,142 | $150,897 | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, 60 to 89 Days Past Due | 67,302 | 79,207 | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Equal to Greater than 90 Days Past Due | 784,667 | 1,318,946 | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Total Past Due | 952,110 | 1,549,050 | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Current | 10,434,321 | 9,585,350 | ||
Loans and Leases Receivable, Net of Deferred Income and Aquired Credit Impaired | 11,386,431 | 11,134,400 | ||
Residential Portfolio Segment [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, 30 to 59 Days Past Due | 9,527 | 12,648 | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, 60 to 89 Days Past Due | 5,180 | 4,844 | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Equal to Greater than 90 Days Past Due | 57,270 | 68,924 | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Total Past Due | 71,977 | 86,416 | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Current | 4,475,614 | 3,759,325 | ||
Loans and Leases Receivable, Net of Deferred Income and Aquired Credit Impaired | 4,547,591 | 3,845,741 | ||
Government insured pool buyouts [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, 30 to 59 Days Past Due | 81,169 | [1] | 132,479 | [1] |
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, 60 to 89 Days Past Due | 58,231 | [1] | 70,915 | [1] |
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Equal to Greater than 90 Days Past Due | 706,278 | [1] | 1,168,732 | [1] |
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Total Past Due | 845,678 | [1] | 1,372,126 | [1] |
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Current | 550,439 | [1] | 625,269 | [1] |
Loans and Leases Receivable, Net of Deferred Income and Aquired Credit Impaired | 1,396,117 | [1] | 1,997,395 | [1] |
Commercial Loan [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, 30 to 59 Days Past Due | 829 | 242 | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, 60 to 89 Days Past Due | 12 | 271 | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Equal to Greater than 90 Days Past Due | 2,947 | 4,985 | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Total Past Due | 3,788 | 5,498 | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Current | 1,297,282 | 1,358,107 | ||
Loans and Leases Receivable, Net of Deferred Income and Aquired Credit Impaired | 1,301,070 | 1,363,605 | ||
Commercial Real Estate [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, 30 to 59 Days Past Due | 275 | 0 | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, 60 to 89 Days Past Due | 851 | 0 | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Equal to Greater than 90 Days Past Due | 13,017 | 71,149 | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Total Past Due | 14,142 | 71,149 | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Current | 2,871,645 | 2,831,937 | ||
Loans and Leases Receivable, Net of Deferred Income and Aquired Credit Impaired | 2,885,787 | 2,903,086 | ||
Lease financing receivables [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, 30 to 59 Days Past Due | 7,133 | 4,250 | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, 60 to 89 Days Past Due | 2,417 | 2,039 | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Equal to Greater than 90 Days Past Due | 973 | 571 | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Total Past Due | 10,523 | 6,860 | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Current | 1,082,343 | 830,075 | ||
Loans and Leases Receivable, Net of Deferred Income and Aquired Credit Impaired | 1,092,866 | 836,935 | ||
Home equity lines [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, 30 to 59 Days Past Due | 1,173 | 1,221 | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, 60 to 89 Days Past Due | 607 | 1,108 | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Equal to Greater than 90 Days Past Due | 4,164 | 4,246 | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Total Past Due | 5,944 | 6,575 | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Current | 151,033 | 173,025 | ||
Loans and Leases Receivable, Net of Deferred Income and Aquired Credit Impaired | 156,977 | 179,600 | ||
Consumer and credit card [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, 30 to 59 Days Past Due | 36 | 57 | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, 60 to 89 Days Past Due | 4 | 30 | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Equal to Greater than 90 Days Past Due | 18 | 339 | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Total Past Due | 58 | 426 | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Current | 5,965 | 7,612 | ||
Loans and Leases Receivable, Net of Deferred Income and Aquired Credit Impaired | $6,023 | $8,038 | ||
[1] | (1) Government insured pool buyouts remain on accrual status after 90 days as the interest earned is collectible from the insuring governmental agency. |
Allowance_for_Loan_and_Lease_L7
Allowance for Loan and Lease Losses Impaired Loans (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' | |||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | $90,227 | [1] | ' | $90,227 | [1] | ' | $111,693 | [1] |
Impaired Financing Receivable, Related Allowance | 12,158 | ' | 12,158 | ' | 18,137 | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 84,934 | [1] | ' | 84,934 | [1] | ' | 75,843 | [1] |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 105,740 | ' | 105,740 | ' | 90,347 | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 107,832 | ' | 107,832 | ' | 146,854 | |||
Impaired Financing Receivable, Average Recorded Investment | 176,921 | 193,393 | 179,373 | 209,990 | ' | |||
Impaired Financing Receivable, Interest Income, Cash Basis Method | 967 | 1,498 | 2,909 | 3,551 | ' | |||
Residential Portfolio Segment [Member] | ' | ' | ' | ' | ' | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' | |||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 67,803 | [1] | ' | 67,803 | [1] | ' | 75,111 | [1] |
Impaired Financing Receivable, Related Allowance | 9,283 | ' | 9,283 | ' | 12,568 | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 23,588 | [1] | ' | 23,588 | [1] | ' | 20,163 | [1] |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 32,411 | ' | 32,411 | ' | 25,602 | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 71,227 | ' | 71,227 | ' | 77,501 | |||
Impaired Financing Receivable, Average Recorded Investment | 93,535 | 88,681 | 94,534 | 90,243 | ' | |||
Impaired Financing Receivable, Interest Income, Cash Basis Method | 667 | 562 | 2,143 | 1,834 | ' | |||
Commercial Loan [Member] | ' | ' | ' | ' | ' | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' | |||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 3,143 | [1] | ' | 3,143 | [1] | ' | 2,615 | [1] |
Impaired Financing Receivable, Related Allowance | 451 | ' | 451 | ' | 371 | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 82 | [1] | ' | 82 | [1] | ' | 4,446 | [1] |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 299 | ' | 299 | ' | 5,413 | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 15,166 | ' | 15,166 | ' | 12,356 | |||
Impaired Financing Receivable, Average Recorded Investment | 3,578 | 8,133 | 4,965 | 9,909 | ' | |||
Impaired Financing Receivable, Interest Income, Cash Basis Method | 0 | 20 | 2 | 39 | ' | |||
Commercial Real Estate [Member] | ' | ' | ' | ' | ' | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' | |||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 19,281 | [1] | ' | 19,281 | [1] | ' | 33,967 | [1] |
Impaired Financing Receivable, Related Allowance | 2,424 | ' | 2,424 | ' | 5,198 | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 61,264 | [1] | ' | 61,264 | [1] | ' | 51,234 | [1] |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 73,030 | ' | 73,030 | ' | 59,332 | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 21,439 | ' | 21,439 | ' | 56,997 | |||
Impaired Financing Receivable, Average Recorded Investment | 79,808 | 96,579 | 79,874 | 109,838 | ' | |||
Impaired Financing Receivable, Interest Income, Cash Basis Method | $300 | $916 | $764 | $1,678 | ' | |||
[1] | (1)The primary difference between the unpaid principal balance and recorded investment represents charge offs previously taken. |
Allowance_for_Loan_and_Lease_L8
Allowance for Loan and Lease Losses Nonaccrual Status (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing Receivable, Recorded Investment, Nonaccrual Status | $142,280 | $151,653 |
Financing Receivable, Recorded Investment, Greater than 90 Days Past Due and Accruing | 706,278 | 1,168,732 |
Residential Portfolio Segment [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing Receivable, Recorded Investment, Nonaccrual Status | 57,270 | 68,924 |
Financing Receivable, Recorded Investment, Greater than 90 Days Past Due and Accruing | 0 | 0 |
Government insured pool buyouts [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing Receivable, Recorded Investment, Nonaccrual Status | 0 | 0 |
Financing Receivable, Recorded Investment, Greater than 90 Days Past Due and Accruing | 706,278 | 1,168,732 |
Commercial Loan [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing Receivable, Recorded Investment, Nonaccrual Status | 3,962 | 4,985 |
Financing Receivable, Recorded Investment, Greater than 90 Days Past Due and Accruing | 0 | 0 |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing Receivable, Recorded Investment, Nonaccrual Status | 72,698 | 71,149 |
Financing Receivable, Recorded Investment, Greater than 90 Days Past Due and Accruing | 0 | 0 |
Lease financing receivables [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing Receivable, Recorded Investment, Nonaccrual Status | 4,171 | 2,010 |
Financing Receivable, Recorded Investment, Greater than 90 Days Past Due and Accruing | 0 | 0 |
Home equity lines [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing Receivable, Recorded Investment, Nonaccrual Status | 4,164 | 4,246 |
Financing Receivable, Recorded Investment, Greater than 90 Days Past Due and Accruing | 0 | 0 |
Consumer and credit card [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing Receivable, Recorded Investment, Nonaccrual Status | 15 | 339 |
Financing Receivable, Recorded Investment, Greater than 90 Days Past Due and Accruing | $0 | $0 |
Allowance_for_Loan_and_Lease_L9
Allowance for Loan and Lease Losses Troubled Debt Restructurings (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ' |
Valuation Allowance on Troubled Debt Restructurings | $9,336 | ' | $9,336 | ' | $16,258 |
Financing Receivable, TDR Modifications, Number of Loans in Chapter 7 Bankruptcy | 127 | ' | 127 | ' | ' |
Financing Receivable, TDR Modifications, Number of Contracts | 10 | 11 | 30 | 61 | ' |
Financing Receivable, TDR Modifications, Pre-Modification Recorded Investment | 2,805 | 6,620 | 12,388 | 43,809 | ' |
Financing Receivable, TDR Modifications, Post-Modification Recorded Investment | 2,867 | 6,623 | 12,472 | 43,831 | ' |
Financing Receivable, TDR Modifications, Subsequent Default, Number of Contracts | 3 | 2 | 4 | 6 | ' |
Financing Receivable, TDR Modifications, Subsequent Default, Recorded Investment | 883 | 883 | 1,070 | 3,107 | ' |
Financing Receivables Troubled Debt Restructurings Recorded Investment Current | 75,659 | ' | 75,659 | ' | 86,495 |
Financing Receivables Troubled Debt Restructurings Recorded Investment 30 to 89 Past Due and Accruing | 4,005 | ' | 4,005 | ' | 3,600 |
Financing Receivables Troubled Debt Restructurings Recorded Investment 90 days and greater Past Due and Accruing | 561 | ' | 561 | ' | 244 |
Financing Receivables Troubled Debt Restructurings Recorded Investment Nonaccrual Status | 47,837 | ' | 47,837 | ' | 69,610 |
Financing Receivables Troubled Debt Restructurings Recorded Investment | 128,062 | ' | 128,062 | ' | 159,949 |
Financing Receivables Troubled Debt Restructurings Recorded Investment Impaired | 128,062 | ' | 128,062 | ' | 159,949 |
Financing Receivable, TDR Modifications, Chapter 7 Bankruptcy | 17,951 | ' | 17,951 | ' | ' |
Residential Portfolio Segment [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ' |
Financing Receivable, TDR Modifications, Number of Contracts | 10 | 9 | 28 | 42 | ' |
Financing Receivable, TDR Modifications, Pre-Modification Recorded Investment | 2,805 | 3,429 | 10,693 | 17,136 | ' |
Financing Receivable, TDR Modifications, Post-Modification Recorded Investment | 2,867 | 3,432 | 10,777 | 17,158 | ' |
Financing Receivable, TDR Modifications, Subsequent Default, Number of Contracts | 2 | 2 | 3 | 6 | ' |
Financing Receivable, TDR Modifications, Subsequent Default, Recorded Investment | 210 | 883 | 397 | 3,107 | ' |
Financing Receivables Troubled Debt Restructurings Recorded Investment | 91,391 | ' | 91,391 | ' | 95,275 |
Commercial Loan [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ' |
Financing Receivable, TDR Modifications, Number of Contracts | ' | 1 | ' | 5 | ' |
Financing Receivable, TDR Modifications, Pre-Modification Recorded Investment | ' | 43 | ' | 2,951 | ' |
Financing Receivable, TDR Modifications, Post-Modification Recorded Investment | ' | 43 | ' | 2,951 | ' |
Financing Receivable, TDR Modifications, Subsequent Default, Number of Contracts | 1 | ' | 1 | ' | ' |
Financing Receivable, TDR Modifications, Subsequent Default, Recorded Investment | 673 | ' | 673 | ' | ' |
Commercial Real Estate [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ' |
Financing Receivable, TDR Modifications, Number of Contracts | 0 | 1 | 2 | 14 | ' |
Financing Receivable, TDR Modifications, Pre-Modification Recorded Investment | 0 | 3,148 | 1,695 | 23,722 | ' |
Financing Receivable, TDR Modifications, Post-Modification Recorded Investment | 0 | 3,148 | 1,695 | 23,722 | ' |
Commercial and Commercial Real Estate [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ' |
Financing Receivables Troubled Debt Restructurings Recorded Investment | $36,671 | ' | $36,671 | ' | $64,674 |
Servicing_Activities_and_Mortg2
Servicing Activities and Mortgage Servicing Rights Textual (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Apr. 03, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2011 |
Servicing Assets at Amortized Value [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unpaid Principal Balance of Acquired Servicing Rights | $12,962,454 | ' | ' | ' | ' | ' | ' | ' | ' |
Servicing Asset at Amortized Value Acquired Additions | 65,188 | 1,633 | 0 | 65,188 | 0 | ' | ' | ' | ' |
Servicing Asset at Amortized Cost | ' | 501,494 | 381,773 | 501,494 | 381,773 | 462,718 | 375,859 | 415,962 | 489,496 |
Residential Mortgage [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Servicing Assets at Amortized Value [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Servicing Asset at Amortized Cost | ' | 493,623 | ' | 493,623 | ' | ' | 363,159 | ' | ' |
Servicing Asset at Fair Value, Amount | ' | 496,964 | ' | 496,964 | ' | ' | 363,173 | ' | ' |
Unpaid Principal Balance, Loans Originated and Serviced, Without MSR Basis | ' | 6,647,000 | ' | 6,647,000 | ' | ' | 7,049,000 | ' | ' |
Commercial Loan [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Servicing Assets at Amortized Value [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Servicing Asset at Amortized Cost | ' | 7,870 | ' | 7,870 | ' | ' | 12,700 | ' | ' |
Servicing Asset at Fair Value, Amount | ' | $7,870 | ' | $7,870 | ' | ' | $15,698 | ' | ' |
Servicing_Activities_and_Mortg3
Servicing Activities and Mortgage Servicing Rights Rollforward (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Apr. 03, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2011 |
Mortgage Servicing Rights Rollforward: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Servicing Asset at Amortized Cost | ' | $501,494 | $381,773 | $501,494 | $381,773 | $462,718 | $375,859 | $415,962 | $489,496 |
Originated servicing rights capitalized upon sale of loans | ' | 33,025 | 21,034 | 84,018 | 58,061 | ' | ' | ' | ' |
Servicing Asset at Amortized Value Acquired Additions | 65,188 | 1,633 | 0 | 65,188 | 0 | ' | ' | ' | ' |
Amortization | ' | -30,437 | -36,292 | -101,461 | -99,773 | ' | ' | ' | ' |
Decrease (increase) in valuation allowance | ' | 35,132 | -18,229 | 80,259 | -63,508 | ' | ' | ' | ' |
Other | ' | -577 | -702 | -2,369 | -2,503 | ' | ' | ' | ' |
Valuation Allowance: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Valuation Allowance, Balance | ' | 22,704 | 102,963 | 22,704 | 102,963 | 57,836 | 102,963 | 84,734 | 39,455 |
Increase in valuation allowance | ' | 0 | 21,735 | 0 | 67,014 | ' | ' | ' | ' |
Recoveries | ' | ($35,132) | ($3,506) | ($80,259) | ($3,506) | ' | ' | ' | ' |
Servicing_Activities_and_Mortg4
Servicing Activities and Mortgage Servicing Rights Loan Servicing Income (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Servicing Activities and Mortgage Servicing Rights [Abstract] | ' | ' | ' | ' |
Contractually specified servicing fees, net | $40,116 | $32,255 | $110,489 | $101,326 |
Other ancillary fees | 9,987 | 9,413 | 27,717 | 27,279 |
Other | 610 | 673 | 1,862 | 1,775 |
Loan Servicing Income | $50,713 | $42,341 | $140,068 | $130,380 |
Servicing_Activities_and_Mortg5
Servicing Activities and Mortgage Servicing Rights Fair Value Assumptions for Securitized/Sold Loans (Details) (Mortgage Servicing Rights [Member], Residential Mortgage [Member]) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Minimum [Member] | ' | ' | ' | ' |
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ' | ' | ' | ' |
Average discount rate | 8.57% | 8.99% | 8.57% | 8.60% |
Expected prepayment speeds | 8.78% | 13.23% | 7.91% | 10.13% |
Average life in years | '6 years 7 months | '5 years 2 months 17 days | '5 years 4 months | '5 years 2 months 14 days |
Maximum [Member] | ' | ' | ' | ' |
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ' | ' | ' | ' |
Average discount rate | 9.40% | 9.75% | 9.85% | 9.75% |
Expected prepayment speeds | 10.60% | 14.99% | 14.93% | 14.99% |
Average life in years | '7 years 10 months 14 days | '5 years 8 months 20 days | '7 years 10 months 14 days | '6 years 8 months 13 days |
Servicing_Activities_and_Mortg6
Servicing Activities and Mortgage Servicing Rights Fair Value Portfolio Characteristics (Details) (USD $) | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | ||
Servicing Assets at Fair Value [Line Items] | ' | ' | ||
Outstanding Principal Balance On Loans Serviced | $61,274,075 | $49,422,104 | ||
Mortgage Servicing Rights [Member] | Residential Mortgage [Member] | ' | ' | ||
Servicing Assets at Fair Value [Line Items] | ' | ' | ||
Outstanding Principal Balance On Loans Serviced | $52,967,000 | $42,373,000 | ||
Gross Weighted-Average Coupon | 4.51% | 4.66% | ||
Weighted-Average Servicing Fee | 0.29% | 0.30% | ||
Expected Prepayment Speed | 11.68% | [1] | 19.73% | [1] |
[1] | (1)The prepayment speed assumptions include a blend of prepayment speeds that are influenced by mortgage interest rates, the current macroeconomic environment and borrower behaviors and may vary over the expected life of the asset. |
Servicing_Activities_and_Mortg7
Servicing Activities and Mortgage Servicing Rights Sensitivity Analysis (Details) (Residential Mortgage [Member], Mortgage Servicing Rights [Member], USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Residential Mortgage [Member] | Mortgage Servicing Rights [Member] | ' | ' |
Prepayment Rate [Abstract] | ' | ' |
10% adverse rate change | $22,847 | $23,100 |
20% adverse rate change | 43,970 | 44,232 |
Discount Rate [Abstract] | ' | ' |
10% adverse rate change | 18,592 | 12,696 |
20% adverse rate change | $35,900 | $24,539 |
Other_Borrowings_Details
Other Borrowings (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Other Borrowings [Abstract] | ' | ' |
Federal Home Loan Bank, Advances, Maturities Summary, Due in Remainder of Fiscal Year | $140,700 | ' |
Federal Home Loan Bank, Advances, Maturities Summary, Due in Next Twelve Months | 100,000 | ' |
Federal Home Loan Bank, Advances, Maturities Summary, Fixed Rate | 1,872,700 | 2,412,858 |
Advances from Federal Home Loan Banks, Including Unamortized Premium | 1,872,700 | 3,030,620 |
Securities Sold under Agreements to Repurchase | 0 | 142,401 |
Other Borrowings | 1,872,700 | 3,173,021 |
Federal Home Loan Bank, Advances, Maturities Summary, Convertible | 0 | 17,000 |
Federal Home Loan Bank, Advances, Maturities Summary, Floating Rate | 0 | 600,500 |
Advances from Federal Home Loan Banks | 1,872,700 | 3,030,358 |
Federal Home Loan Bank, Advances, Maturities Summary, Due in Year Two | 331,000 | ' |
Federal Home Loan Bank, Advances, Maturities Summary, Due in Year Three | 190,000 | ' |
Federal Home Loan Bank, Advances, Maturities Summary, Due in Year Four | 380,000 | ' |
Federal Home Loan Bank, Advances, Maturities Summary, Due in Year Five | 260,000 | ' |
Federal Home Loan Bank, Advances, Maturities Summary, Due after Year Five | $471,000 | ' |
Other_Borrowings_Textual_Detai
Other Borrowings Textual (Details) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Oct. 02, 2013 |
Other Borrowings [Abstract] | ' | ' | ' | ' | ' | ' |
Long-term Federal Home Loan Bank Advances | ' | $770,000 | ' | $770,000 | ' | $104,000 |
Repayments of Long-term Debt | 93,600 | 733,969 | ' | 733,969 | 0 | ' |
Gains (Losses) on Extinguishment of Debt | 10,400 | 36,031 | ' | 36,031 | 0 | ' |
FHLB AOCI Reclassification Adjustment | ' | -31,036 | ' | ' | ' | ' |
Interest Expense, Federal Home Loan Bank and Federal Reserve Bank Advances, Long-term | ' | $19,037 | $10,852 | $55,293 | $27,681 | ' |
Other_Borrowings_Parenthetical
Other Borrowings Parentheticals (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Debt Instrument [Line Items] | ' | ' |
Federal Home Loan Bank Advances, Unamortized Premium | $0 | $262 |
Securities Sold Under Agreements to Repurchase, Unamortized Premium | $0 | $78 |
Fixed-rate Advance [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt, Weighted Average Interest Rate | 2.09% | 2.05% |
Convertible Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt, Weighted Average Interest Rate | 0.00% | 4.24% |
Overnight Advance [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt, Weighted Average Interest Rate | 0.00% | 0.36% |
Income_Taxes_Details
Income Taxes (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Income Taxes [Abstract] | ' | ' | ' | ' |
Effective Income Tax Rate, Continuing Operations | 38.20% | 36.90% | 38.20% | 36.70% |
ShareBased_Compensation_Textua
Share-Based Compensation Textual (Details) (USD $) | 0 Months Ended | 9 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 06, 2013 | Sep. 30, 2013 |
Share-based Compensation [Abstract] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | ' | 1,493,750 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 537,154 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $7.53 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | ' | $10,631 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | ' | 277,859 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | ' | $16.58 |
ShareBased_Compensation_Detail
Share-Based Compensation (Details) | 0 Months Ended |
Mar. 06, 2013 | |
Share-based Compensation [Abstract] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.76% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum | 38.93% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | '9 years 1 month 7 days |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.55% |
Earnings_Per_Share_Textual_Det
Earnings Per Share Textual (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jan. 24, 2012 | Apr. 25, 2012 |
Series A Preferred Stock [Member] | Series B Preferred Stock [Member] | |||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' |
Dividends, Preferred Stock | $2,532 | $0 | $7,594 | $5,555 | $4,482 | $1,073 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net income | $33,150 | $22,178 | $118,289 | $45,196 |
Dividends, Preferred Stock | -2,532 | 0 | -7,594 | -5,555 |
Undistributed Earnings Allocated to Participating Securities | 0 | 0 | 0 | 3,009 |
Net Income Allocated to Common Shareholders | $30,618 | $22,178 | $110,695 | $36,632 |
Average common shares outstanding | 122,509 | 118,038 | 122,128 | 98,387 |
Common share equivalents [Abstract] | ' | ' | ' | ' |
Stock options | 1,518 | 1,468 | 1,617 | 1,610 |
Nonvested stock | 97 | 85 | 76 | 271 |
Average common shares outstanding, assuming dilution | 124,124 | 119,591 | 123,821 | 100,268 |
Basic earnings per share | $0.25 | $0.19 | $0.91 | $0.37 |
Diluted earnings per share | $0.25 | $0.19 | $0.89 | $0.37 |
Earnings_Per_Share_Antidilutiv
Earnings Per Share Antidilutive Shares (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Stock Options | 3,881,489 | 5,905,837 | 4,516,552 | 5,905,837 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments AOCI Gain Loss to Income next 12 months Textual (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Derivative Financial Instruments [Abstract] | ' |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | ($17,292) |
Term of Cash Flow Hedges | '10 years |
Derivative_Financial_Instrumen4
Derivative Financial Instruments Credit Risk Contingent Features Textual (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivative Financial Instruments [Abstract] | ' | ' |
Derivative, Net Liability Position, Aggregate Fair Value | $49,650 | $107,215 |
Derivative Liabilities Cash Collateral Netted | 47,730 | 109,990 |
Collateral Not Netted Aggregate Fair Value | $50,960 | $40,260 |
Derivative_Financial_Instrumen5
Derivative Financial Instruments Counterparty Credit Risk Textual (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivative Financial Instruments [Abstract] | ' | ' |
Derivative Asset Cash Collateral Netted | $11,880 | $14,830 |
Derivative, Collateral, Obligation to Return Cash | $11,880 | $15,220 |
Derivative_Financial_Instrumen6
Derivative Financial Instruments Fair Values of Derivatives by Balance Sheet Location (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset and Liability Positions Netted | $351 | $651 | ||
Derivative Asset Netting and Cash Collateral Adjustments | -11,529 | [1] | -15,481 | [1] |
Derivative Liability Netting and Cash Collateral Adjustments | -47,379 | [1] | -110,641 | [1] |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Asset Derivatives, Fair Value, Gross Asset | ' | 0 | ||
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Notional Amount of Fair Value Hedge Instruments | 54,027 | ' | ||
Asset Derivatives, Fair Value, Gross Asset | 0 | ' | ||
Liability Derivatives, Fair Value, Gross Liability | 725 | ' | ||
Interest Rate Lock Commitments [Member] | Not Designated as Hedging Instrument [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Notional Amount of Fair Value Hedge Instruments | 759,609 | 1,737,555 | ||
Asset Derivatives, Fair Value, Gross Asset | 10,977 | 10,904 | ||
Liability Derivatives, Fair Value, Gross Liability | 217 | 970 | ||
Forward Sales Commitments [Member] | Not Designated as Hedging Instrument [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Notional Amount of Fair Value Hedge Instruments | 1,553,937 | 2,781,788 | ||
Asset Derivatives, Fair Value, Gross Asset | 6,811 | 2,498 | ||
Liability Derivatives, Fair Value, Gross Liability | 37,795 | 6,481 | ||
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Notional Amount of Fair Value Hedge Instruments | 824,072 | 963,820 | ||
Asset Derivatives, Fair Value, Gross Asset | 9,850 | 10,368 | ||
Liability Derivatives, Fair Value, Gross Liability | 5,712 | 2,121 | ||
Equity, Foreign Currency, Commodity and Metals Indexed Options [Member] | Not Designated as Hedging Instrument [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Notional Amount of Fair Value Hedge Instruments | 164,155 | 150,885 | ||
Asset Derivatives, Fair Value, Gross Asset | 9,905 | 15,880 | ||
Liability Derivatives, Fair Value, Gross Liability | 0 | 0 | ||
Options Embedded in Customer Deposits [Member] | Not Designated as Hedging Instrument [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Notional Amount of Fair Value Hedge Instruments | 163,178 | 150,181 | ||
Asset Derivatives, Fair Value, Gross Asset | 0 | 0 | ||
Liability Derivatives, Fair Value, Gross Liability | 9,886 | 15,750 | ||
Indemnification Asset [Member] | Not Designated as Hedging Instrument [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Notional Amount of Fair Value Hedge Instruments | 174,438 | 273,687 | ||
Asset Derivatives, Fair Value, Gross Asset | 8,454 | 9,092 | ||
Liability Derivatives, Fair Value, Gross Liability | 0 | 0 | ||
Not Designated as Hedging Instrument [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Asset Derivatives, Fair Value, Gross Asset | 45,997 | 48,742 | ||
Liability Derivatives, Fair Value, Gross Liability | 54,335 | 25,322 | ||
Derivative [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Asset Derivatives, Fair Value, Gross Asset | 34,468 | 33,261 | ||
Liability Derivatives, Fair Value, Gross Liability | 50,169 | 20,426 | ||
Fair Value Hedging [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Notional Amount of Fair Value Hedge Instruments | ' | 31,247 | ||
Liability Derivatives, Fair Value, Gross Liability | ' | 579 | ||
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Notional Amount of Fair Value Hedge Instruments | 328,000 | 703,000 | ||
Asset Derivatives, Fair Value, Gross Asset | 0 | ' | ||
Liability Derivatives, Fair Value, Gross Liability | $43,213 | $105,166 | ||
[1] | (1) Amounts represent the effect of legally enforceable master netting agreements that allow the Company to settle positive and negative positions as well as cash collateral and related accrued interest held or placed with the same counterparties. Amounts as of SeptemberB 30, 2013 and DecemberB 31, 2012 include derivative positions netted totaling $351 and $651, respectively. |
Derivative_Financial_Instrumen7
Derivative Financial Instruments Activity for Derivatives in Cash Flow Hedges & Freestanding Derivatives (Details) (Not Designated as Hedging Instrument [Member], USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $12,721 | ($49,265) | $90,473 | ($96,212) | ||||
Interest Rate Contract [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 13,206 | [1] | -49,733 | [1] | 91,265 | [1] | -97,921 | [1] |
Indemnification Asset [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | -477 | [2] | 441 | [2] | -638 | [2] | 1,285 | [2] |
Other Contract [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | ($8) | $27 | ($154) | $424 | ||||
[1] | (1)Interest rate contracts include interest rate lock commitments, forward and optional forward sales commitments, and interest rate swaps. | |||||||
[2] | (2)Refer to Note 14 for additional information relating to the indemnification asset. |
Fair_Value_Measurements_Textua
Fair Value Measurements Textual (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Fair Value Measurements [Abstract] | ' | ' | ' | ' |
Fair Value, Option, Changes in Fair Value, Gain (Loss) | $40,474 | $140,254 | $42,215 | $316,427 |
Fair_Value_Measurements_Assets
Fair Value Measurements Assets and Liabilities Measured on Recurring Basis (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Available for sale securities | $1,205,340,000 | $1,619,878,000 | ||
Loans Held-for-sale, Fair Value Disclosure | 1,047,086,000 | 1,452,236,000 | ||
Derivative Liability Netting and Cash Collateral Adjustments | -47,379,000 | [1] | -110,641,000 | [1] |
Derivative Asset Netting and Cash Collateral Adjustments | -11,529,000 | [1] | -15,481,000 | [1] |
Residential Collateralized Mortgage Obligations Securities Not Issued by US Government Sponsored Enterprises [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Available for sale securities | 1,200,685,000 | 1,611,775,000 | ||
Asset-backed Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Available for sale securities | 4,055,000 | 7,526,000 | ||
Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Loans Held-for-sale, Fair Value Disclosure | 0 | [2] | 0 | [2] |
Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Loans Held-for-sale, Fair Value Disclosure | 0 | [2] | 642,437,000 | [2] |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Loans Held-for-sale, Fair Value Disclosure | 12,839,000 | [2] | 15,654,000 | [2] |
Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
FDIC clawback liability | 51,674,000 | 50,720,000 | ||
Derivative Assets | 34,468,000 | 33,261,000 | ||
Derivative Liabilities | 50,169,000 | 20,426,000 | ||
Fair Value, Measurements, Recurring [Member] | Available-for-sale Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Available for sale securities | 1,205,340,000 | 1,619,878,000 | ||
Fair Value, Measurements, Recurring [Member] | Residential Collateralized Mortgage Obligations Securities Not Issued by US Government Sponsored Enterprises [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Available for sale securities | 1,200,685,000 | 1,611,775,000 | ||
Fair Value, Measurements, Recurring [Member] | Asset-backed Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Available for sale securities | 4,055,000 | 7,526,000 | ||
Fair Value, Measurements, Recurring [Member] | Equity securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Available for sale securities | 600,000 | 577,000 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Loans Held-for-sale, Fair Value Disclosure | 0 | 0 | ||
FDIC clawback liability | 0 | 0 | ||
Derivative Assets | 9,850,000 | 10,368,000 | ||
Derivative Liabilities | 5,712,000 | 2,121,000 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Available-for-sale Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Available for sale securities | 344,000 | 267,000 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Residential Collateralized Mortgage Obligations Securities Not Issued by US Government Sponsored Enterprises [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Available for sale securities | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Asset-backed Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Available for sale securities | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Equity securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Available for sale securities | 344,000 | 267,000 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Loans Held-for-sale, Fair Value Disclosure | 1,020,410,000 | 1,452,236,000 | ||
FDIC clawback liability | 0 | 0 | ||
Derivative Assets | 16,716,000 | 29,282,000 | ||
Derivative Liabilities | 91,619,000 | 128,946,000 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Available-for-sale Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Available for sale securities | 1,204,996,000 | 1,619,611,000 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Residential Collateralized Mortgage Obligations Securities Not Issued by US Government Sponsored Enterprises [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Available for sale securities | 1,200,685,000 | 1,611,775,000 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Asset-backed Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Available for sale securities | 4,055,000 | 7,526,000 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Equity securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Available for sale securities | 256,000 | 310,000 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Loans Held-for-sale, Fair Value Disclosure | 26,676,000 | 0 | ||
FDIC clawback liability | 51,674,000 | 50,720,000 | ||
Derivative Assets | 19,431,000 | 9,092,000 | ||
Derivative Liabilities | 217,000 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Available-for-sale Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Available for sale securities | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Residential Collateralized Mortgage Obligations Securities Not Issued by US Government Sponsored Enterprises [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Available for sale securities | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Asset-backed Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Available for sale securities | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Equity securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Available for sale securities | 0 | 0 | ||
Aggregate Fair Value Under Fair Value Option [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Loans Held-for-sale, Fair Value Disclosure | 1,047,086,000 | 1,452,236,000 | ||
Aggregate Fair Value Under Fair Value Option [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Loans Held-for-sale, Fair Value Disclosure | $1,047,086,000 | $1,452,236,000 | ||
[1] | (1) Amounts represent the effect of legally enforceable master netting agreements that allow the Company to settle positive and negative positions as well as cash collateral and related accrued interest held or placed with the same counterparties. Amounts as of SeptemberB 30, 2013 and DecemberB 31, 2012 include derivative positions netted totaling $351 and $651, respectively. | |||
[2] | (1)The carrying value of loans held for sale excludes $1,047,086 and $1,452,236 in loans measured at fair value on a recurring basis as of SeptemberB 30, 2013 and DecemberB 31, 2012, respectively. |
Fair_Value_Measurements_Fair_V
Fair Value Measurements Fair Value Assets and Liabilities Measured On Recurring Basis Reconciliation (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2011 | ||||||||
Loans Held for Sale [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $26,676 | [1] | $0 | [1] | $26,676 | [1] | $0 | [1] | $287,906 | [1] | $0 | [1] | $0 | [1] | $15,462 | [1] |
Settlements | -7,966 | [1] | 0 | [1] | -7,966 | [1] | -623 | [1] | ' | ' | ' | ' | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | ' | ' | ' | -14,946 | [1] | ' | ' | ' | ' | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | -424,625 | [1] | ' | -424,625 | [1] | ' | ' | ' | ' | ' | ||||||
Gain (Loss) Included in Earnings | 7,058 | [1] | 0 | [1] | 3,676 | [1] | 107 | [1] | ' | ' | ' | ' | ||||
Change in Unrealized Gain (Loss) Included in Other Income | 7,058 | [1] | 0 | [1] | 3,676 | [1] | 107 | [1] | ' | ' | ' | ' | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issues | 164,303 | [1] | ' | 455,591 | [1] | ' | ' | ' | ' | ' | ||||||
Clawback Liability [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | -51,674 | [2] | -49,341 | [2] | -51,674 | [2] | -49,341 | [2] | -48,993 | [2] | -50,720 | [2] | -46,738 | [2] | -43,317 | [2] |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] | ' | ' | ' | ' | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Sales | 0 | ' | 0 | ' | ' | ' | ' | ' | ||||||||
Transfers out of Level 3 | ' | ' | ' | 0 | [2] | ' | ' | ' | ' | |||||||
Gain (Loss) Included in Earnings | -2,681 | [2] | -2,603 | [2] | -954 | [2] | -6,024 | [2] | ' | ' | ' | ' | ||||
Change in Unrealized Gain (Loss) Included in Other Income | -2,681 | [2] | -2,603 | [2] | -954 | [2] | -6,024 | [2] | ' | ' | ' | ' | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3 | ' | ' | 0 | [2] | ' | ' | ' | ' | ' | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Issues | 0 | [2] | ' | 0 | [2] | ' | ' | ' | ' | ' | ||||||
Freestanding Derivative [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 19,214 | [3] | 9,763 | [3] | 19,214 | [3] | 9,763 | [3] | ' | 9,092 | [3] | 9,383 | [3] | 8,539 | [3] | |
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | ' | ' | ' | ' | -7,496 | [3] | ' | ' | ' | |||||||
Settlements | -48,292 | [3] | -61 | [3] | -88,552 | [3] | -61 | [3] | ' | ' | ' | ' | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | ' | ' | ' | 0 | [3] | ' | ' | ' | ' | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | ' | 0 | ' | ' | ' | ' | ' | ||||||||
Gain (Loss) Included in Earnings | 7,726 | [3] | 441 | [3] | -67,024 | [3] | 1,285 | [3] | ' | ' | ' | ' | ||||
Change in Unrealized Gain (Loss) Included in Other Income | 26,709 | [1] | 441 | [3] | 3,493 | [3] | 1,285 | [3] | ' | ' | ' | ' | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issues | 67,276 | [3] | ' | 159,070 | [3] | ' | ' | ' | ' | ' | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | ' | ' | $6,628 | [3] | ' | ' | ' | ' | ' | |||||||
[1] | (1)Net realized and unrealized gains on loans held for sale are included in gain on sale of loans. | |||||||||||||||
[2] | (2)Changes in fair value of the FDIC clawback liability are recorded in general and administrative expense. | |||||||||||||||
[3] | (3)Net realized and unrealized gains (losses) on IRLCs are included in gain on sale of loans. Changes in the fair value of the indemnification assets are recorded in general and administrative expense. |
Fair_Value_Measurements_Fair_V1
Fair Value Measurements Fair Value Inputs Assets Quantitative Information (Details) (USD $) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2013 | Dec. 31, 2012 | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Loans Held-for-sale, Fair Value Disclosure | 1,047,086,000 | 1,452,236,000 | ||
Loan Servicing Cost Percentage of Underlying Loans' Unpaid Principal Balance, Fair Value on Recurring Basis | 1.00% | ' | ||
Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Loans Held-for-sale, Fair Value Disclosure | 12,839,000 | [1] | 15,654,000 | [1] |
Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
FDIC clawback liability | 51,674,000 | 50,720,000 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
FDIC clawback liability | 51,674,000 | 50,720,000 | ||
FDIC Indemnification Asset | 8,234,000 | 9,092,000 | ||
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net | 10,760,000 | ' | ||
Loans Held-for-sale, Fair Value Disclosure | 26,676,000 | 0 | ||
Discounted Cash Flow [Member] | Clawback Liability [Member] | Fair Value, Measurements, Recurring [Member] | Minimum [Member] | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Fair Value Unobservable Input, Servicing Cost | 7,485,000 | [2] | 6,790,000 | [2] |
Discounted Cash Flow [Member] | Clawback Liability [Member] | Fair Value, Measurements, Recurring [Member] | Maximum [Member] | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Fair Value Unobservable Input, Servicing Cost | 15,524,000 | [2] | 14,558,000 | [2] |
Discounted Cash Flow [Member] | Mortgage Servicing Rights [Member] | Fair Value, Measurements, Recurring [Member] | Minimum [Member] | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Fair Value Unobservable Input, Reinstatement Rate | 5.18% | [3] | 3.82% | [3] |
Fair Value Unobservable Input, Loss Duration (in months) | '9 months | [3] | '8 months 0 days | [3] |
Fair Value Unobservable Input, Loss Severity | 1.60% | [3],[4],[5] | 2.42% | |
Fair Value Inputs, Discount Rate | 4.35% | ' | ||
Discounted Cash Flow [Member] | Mortgage Servicing Rights [Member] | Fair Value, Measurements, Recurring [Member] | Maximum [Member] | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Fair Value Unobservable Input, Reinstatement Rate | 68.39% | [3] | 79.54% | [3] |
Fair Value Unobservable Input, Loss Duration (in months) | '82 months | [3] | '50 months 0 days | [3] |
Fair Value Unobservable Input, Loss Severity | 18.67% | [3],[4],[5] | 11.33% | |
Fair Value Inputs, Discount Rate | 4.35% | ' | ||
Discounted Cash Flow [Member] | Mortgage Servicing Rights [Member] | Fair Value, Measurements, Recurring [Member] | Weighted Average [Member] | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Fair Value Unobservable Input, Reinstatement Rate | 24.93% | [3] | 24.53% | [3] |
Fair Value Unobservable Input, Loss Duration (in months) | '37 months | [3] | '30 months | [3] |
Fair Value Unobservable Input, Loss Severity | 6.84% | [3],[4],[5] | 6.23% | |
Fair Value Inputs, Discount Rate | 4.35% | ' | ||
Discounted Cash Flow [Member] | Freestanding Derivative [Member] | Fair Value, Measurements, Recurring [Member] | Minimum [Member] | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Fair Value Inputs Loan Closing Ratio | 0.00% | [6] | ' | |
Discounted Cash Flow [Member] | Freestanding Derivative [Member] | Fair Value, Measurements, Recurring [Member] | Maximum [Member] | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Fair Value Inputs Loan Closing Ratio | 99.00% | [6] | ' | |
Discounted Cash Flow [Member] | Freestanding Derivative [Member] | Fair Value, Measurements, Recurring [Member] | Weighted Average [Member] | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Fair Value Inputs Loan Closing Ratio | 74.60% | [6] | ' | |
Discounted Cash Flow [Member] | Loans Held for Sale [Member] | Fair Value, Measurements, Recurring [Member] | Minimum [Member] | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Fair Value Unobservable Input, Loss Severity | 0.00% | ' | ||
Fair Value Inputs, Discount Rate | 2.44% | ' | ||
Fair Value Inputs, Prepayment Rate | 5.38% | ' | ||
Fair Value Inputs, Probability of Default | 0.00% | ' | ||
Fair Value Inputs, Weighted Average Life | '4 years 9 months 4 days | ' | ||
Fair Value Inputs, Cumulative Loss | 0.00% | ' | ||
Discounted Cash Flow [Member] | Loans Held for Sale [Member] | Fair Value, Measurements, Recurring [Member] | Maximum [Member] | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Fair Value Unobservable Input, Loss Severity | 38.55% | ' | ||
Fair Value Inputs, Discount Rate | 3.63% | ' | ||
Fair Value Inputs, Prepayment Rate | 14.78% | ' | ||
Fair Value Inputs, Probability of Default | 0.93% | ' | ||
Fair Value Inputs, Weighted Average Life | '9 years 10 months 6 days | ' | ||
Fair Value Inputs, Cumulative Loss | 0.31% | ' | ||
Discounted Cash Flow [Member] | Loans Held for Sale [Member] | Fair Value, Measurements, Recurring [Member] | Weighted Average [Member] | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Fair Value Unobservable Input, Loss Severity | 25900.00% | ' | ||
Fair Value Inputs, Discount Rate | 3.16% | ' | ||
Fair Value Inputs, Prepayment Rate | 8.34% | ' | ||
Fair Value Inputs, Probability of Default | 0.26% | ' | ||
Fair Value Inputs, Weighted Average Life | '7 years 9 months 29 days | ' | ||
Fair Value Inputs, Cumulative Loss | 0.08% | ' | ||
[1] | (1)The carrying value of loans held for sale excludes $1,047,086 and $1,452,236 in loans measured at fair value on a recurring basis as of SeptemberB 30, 2013 and DecemberB 31, 2012, respectively. | |||
[2] | (1)The range represents the sum of the highest and lowest servicing cost values for all tranches that we use in our valuation process. The servicing cost represents 1% of projected UPB of the underlying loans. | |||
[3] | (2)The range represents the sum of the highest and lowest values for all tranches that we use in our valuation process. | |||
[4] | 5)Negative loss severity results from the indemnifying party receiving a debenture rate interest from the insuring agency that more than offsets the lower note rate interest payments due from the indemnifying party under the indemnification agreement | |||
[5] | (3)Loss severity represents the interest loss severity as a percentage of UPB. | |||
[6] | (4)The range represents the highest and lowest loan closing rates used in the IRLC valuation. The range includes the closing ratio for rate locks unclosed at the end of the period, as well as the closing ratio for loans which have settled during the period. |
Fair_Value_Measurements_Fair_V2
Fair Value Measurements Fair Value Option Quantitative Disclosures (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' |
Loans Held-for-sale, Fair Value Disclosure | $1,047,086,000 | $1,452,236,000 |
Aggregate Fair Value Under Fair Value Option [Member] | ' | ' |
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' |
Loans Held-for-sale, Fair Value Disclosure | 1,047,086,000 | 1,452,236,000 |
Aggregate Unpaid Principal Balance Under Fair Value Option [Member] | ' | ' |
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' |
Loans Held-for-sale, Fair Value Disclosure | 1,008,313,000 | 1,387,423,000 |
Fair Value, Option, Aggregate Fair Value Over Under Aggregate Unpaid Principal Balance [Member] | ' | ' |
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' |
Loans Held-for-sale, Fair Value Disclosure | $38,773,000 | $64,813,000 |
Fair_Value_Measurements_Nonrec
Fair Value Measurements Nonrecurring (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Loans Held-for-sale, Fair Value Disclosure | $1,047,086,000 | $1,452,236,000 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Loans Held-for-sale, Fair Value Disclosure | 12,839,000 | [1] | 658,091,000 | [1] |
Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Loans Held-for-sale, Fair Value Disclosure | 0 | [1] | 0 | [1] |
Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Loans Held-for-sale, Fair Value Disclosure | 0 | [1] | 642,437,000 | [1] |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Loans Held-for-sale, Fair Value Disclosure | 12,839,000 | [1] | 15,654,000 | [1] |
Fair Value, Measurements, Nonrecurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Collateral dependent loans | 22,040,000 | 48,048,000 | ||
Other Real Estate Owned, Fair Value Disclosure | 17,825,000 | [2] | 30,817,000 | [2] |
Mortgage servicing rights | 440,203,000 | [3] | 320,901,000 | [3] |
Loans Held-for-sale, Fair Value Disclosure | 10,994,000 | ' | ||
Fair Value, Measurements, Nonrecurring [Member] | Change During Period, Fair Value Disclosure [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Collateral dependent loans | 1,317,000 | 6,163,000 | ||
Other Real Estate Owned, Fair Value Disclosure | 3,350,000 | [2] | 6,230,000 | [2] |
Mortgage servicing rights | -80,259,000 | [3] | 63,508,000 | [3] |
Loans Held-for-sale, Fair Value Disclosure | 575,000 | ' | ||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Collateral dependent loans | 0 | 0 | ||
Other Real Estate Owned, Fair Value Disclosure | 0 | [2] | 0 | [2] |
Mortgage servicing rights | 0 | [3] | 0 | [3] |
Loans Held-for-sale, Fair Value Disclosure | 0 | ' | ||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Collateral dependent loans | 0 | 0 | ||
Other Real Estate Owned, Fair Value Disclosure | 0 | [2] | 4,030,000 | [2] |
Mortgage servicing rights | 0 | [3] | 0 | [3] |
Loans Held-for-sale, Fair Value Disclosure | 0 | ' | ||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Collateral dependent loans | 22,040,000 | 48,048,000 | ||
Other Real Estate Owned, Fair Value Disclosure | 17,825,000 | [2] | 26,787,000 | [2] |
Mortgage servicing rights | ' | 320,901,000 | [3] | |
Discounted Cash Flow [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Mortgage servicing rights | 440,203,000 | [3] | 320,901,000 | |
Loans Held-for-sale, Fair Value Disclosure | $10,994,000 | ' | ||
[1] | (1)The carrying value of loans held for sale excludes $1,047,086 and $1,452,236 in loans measured at fair value on a recurring basis as of SeptemberB 30, 2013 and DecemberB 31, 2012, respectively. | |||
[2] | (1)Gains and losses resulting from subsequent measurement of OREO are included in the condensed consolidated statements of income as general and administrative expense. OREO is included in other assets in the condensed consolidated balance sheets. | |||
[3] | (2)The fair value for mortgage servicing rights represents the value of the strata with impairment or recoveries on previous valuation allowances. |
Fair_Value_Measurements_Nonrec1
Fair Value Measurements Nonrecurring Quantitative Disclosures (Details) (USD $) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2013 | Dec. 31, 2012 | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ||
Loans Held-for-sale, Fair Value Disclosure | 1,047,086,000 | 1,452,236,000 | ||
Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ||
Loans Held-for-sale, Fair Value Disclosure | 12,839,000 | [1] | 15,654,000 | [1] |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ||
Collateral Dependent Loans, Fair Value Disclosure | 22,040,000 | 48,048,000 | ||
Other Real Estate Owned, Fair Value Disclosure | 17,825,000 | [2] | 26,787,000 | [2] |
Servicing Asset at Fair Value, Amount | ' | 320,901,000 | [3] | |
Fair Value, Inputs, Level 3 [Member] | Appraised Value [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ||
Collateral Dependent Loans, Fair Value Disclosure | 22,040,000 | ' | ||
Other Real Estate Owned, Fair Value Disclosure | 17,825,000 | ' | ||
Fair Value, Inputs, Level 3 [Member] | Sales Comparison Approach [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ||
Collateral Dependent Loans, Fair Value Disclosure | ' | 36,609,000 | ||
Other Real Estate Owned, Fair Value Disclosure | ' | 23,359,000 | ||
Fair Value, Inputs, Level 3 [Member] | Discounted Appraisals [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ||
Collateral Dependent Loans, Fair Value Disclosure | ' | 11,439,000 | ||
Other Real Estate Owned, Fair Value Disclosure | ' | 3,428,000 | ||
Fair Value, Inputs, Level 3 [Member] | Discounted Cash Flow [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ||
Servicing Asset at Fair Value, Amount | 440,203,000 | [3] | 320,901,000 | |
Loans Held-for-sale, Fair Value Disclosure | 10,994,000 | ' | ||
Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ||
Loans Held-for-sale, Fair Value Disclosure | 0 | [1] | 0 | [1] |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ||
Collateral Dependent Loans, Fair Value Disclosure | 0 | 0 | ||
Other Real Estate Owned, Fair Value Disclosure | 0 | [2] | 0 | [2] |
Servicing Asset at Fair Value, Amount | 0 | [3] | 0 | [3] |
Loans Held-for-sale, Fair Value Disclosure | 0 | ' | ||
Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ||
Loans Held-for-sale, Fair Value Disclosure | 0 | [1] | 642,437,000 | [1] |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ||
Collateral Dependent Loans, Fair Value Disclosure | 0 | 0 | ||
Other Real Estate Owned, Fair Value Disclosure | 0 | [2] | 4,030,000 | [2] |
Servicing Asset at Fair Value, Amount | 0 | [3] | 0 | [3] |
Loans Held-for-sale, Fair Value Disclosure | 0 | ' | ||
Mortgage Servicing Rights [Member] | Minimum [Member] | Discounted Cash Flow [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ||
Fair Value Inputs, Prepayment Rate | 12.15% | [4] | 16.50% | [4] |
Fair Value Inputs, Discount Rate | 9.54% | [5] | 9.20% | [5] |
Mortgage Servicing Rights [Member] | Maximum [Member] | Discounted Cash Flow [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ||
Fair Value Inputs, Prepayment Rate | 22.20% | [4] | 19.80% | [4] |
Fair Value Inputs, Discount Rate | 9.76% | [5] | 9.80% | [5] |
Mortgage Servicing Rights [Member] | Weighted Average [Member] | Discounted Cash Flow [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ||
Fair Value Inputs, Prepayment Rate | 15.04% | [4] | 19.25% | [4] |
Fair Value Inputs, Discount Rate | 9.59% | [5] | 9370.00% | [5] |
Loans Held for Sale [Member] | Minimum [Member] | Discounted Cash Flow [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ||
Fair Value Inputs, Prepayment Rate | 6.00% | ' | ||
Fair Value Inputs, Probability of Default | 0.31% | ' | ||
Fair Value Inputs, Weighted Average Life | '5 years 3 months 12 days | ' | ||
Fair Value Inputs, Cumulative Loss | 0.00% | ' | ||
Fair Value Inputs, Loss Severity | 20.02% | ' | ||
Fair Value Inputs, Discount Rate | 0.89% | ' | ||
Loans Held for Sale [Member] | Maximum [Member] | Discounted Cash Flow [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ||
Fair Value Inputs, Prepayment Rate | 16.10% | ' | ||
Fair Value Inputs, Probability of Default | 100.00% | ' | ||
Fair Value Inputs, Weighted Average Life | '10 years 5 months 5 days | ' | ||
Fair Value Inputs, Cumulative Loss | 81.79% | ' | ||
Fair Value Inputs, Loss Severity | 34.95% | ' | ||
Fair Value Inputs, Discount Rate | 3.27% | ' | ||
Loans Held for Sale [Member] | Weighted Average [Member] | Discounted Cash Flow [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ||
Fair Value Inputs, Prepayment Rate | 6.09% | ' | ||
Fair Value Inputs, Probability of Default | 51.64% | ' | ||
Fair Value Inputs, Weighted Average Life | '10 years 0 months 25 days | ' | ||
Fair Value Inputs, Cumulative Loss | 21.38% | ' | ||
Fair Value Inputs, Loss Severity | 25300.00% | ' | ||
Fair Value Inputs, Discount Rate | 3.16% | ' | ||
Collateral-dependent Loans [Member] | Minimum [Member] | Sales Comparison Approach [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ||
Fair Value Unobservable Input, Appraisal Value Adjustment | ' | 0.00% | ||
Collateral-dependent Loans [Member] | Minimum [Member] | Discounted Appraisals [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ||
Fair Value Unobservable Input, Collateral Discounts | ' | 5.00% | ||
Collateral-dependent Loans [Member] | Maximum [Member] | Sales Comparison Approach [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ||
Fair Value Unobservable Input, Appraisal Value Adjustment | ' | 47.00% | ||
Collateral-dependent Loans [Member] | Maximum [Member] | Discounted Appraisals [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ||
Fair Value Unobservable Input, Collateral Discounts | ' | 5.00% | ||
Other Real Estate Owned [Member] | Minimum [Member] | Sales Comparison Approach [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ||
Fair Value Unobservable Input, Appraisal Value Adjustment | ' | 0.00% | ||
Other Real Estate Owned [Member] | Minimum [Member] | Discounted Appraisals [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ||
Fair Value Unobservable Input, Collateral Discounts | ' | 5.00% | ||
Other Real Estate Owned [Member] | Maximum [Member] | Sales Comparison Approach [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ||
Fair Value Unobservable Input, Appraisal Value Adjustment | ' | 82.00% | ||
Other Real Estate Owned [Member] | Maximum [Member] | Discounted Appraisals [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ||
Fair Value Unobservable Input, Collateral Discounts | ' | 10.00% | ||
Estimate of Fair Value Measurement [Member] | ' | ' | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ||
Loans Held-for-sale, Fair Value Disclosure | 12,839,000 | [1] | 658,091,000 | [1] |
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ||
Collateral Dependent Loans, Fair Value Disclosure | 22,040,000 | 48,048,000 | ||
Other Real Estate Owned, Fair Value Disclosure | 17,825,000 | [2] | 30,817,000 | [2] |
Servicing Asset at Fair Value, Amount | 440,203,000 | [3] | 320,901,000 | [3] |
Loans Held-for-sale, Fair Value Disclosure | 10,994,000 | ' | ||
Changes Measurement [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ||
Collateral Dependent Loans, Fair Value Disclosure | 1,317,000 | 6,163,000 | ||
Other Real Estate Owned, Fair Value Disclosure | 3,350,000 | [2] | 6,230,000 | [2] |
Servicing Asset at Fair Value, Amount | -80,259,000 | [3] | 63,508,000 | [3] |
Loans Held-for-sale, Fair Value Disclosure | 575,000 | ' | ||
[1] | (1)The carrying value of loans held for sale excludes $1,047,086 and $1,452,236 in loans measured at fair value on a recurring basis as of SeptemberB 30, 2013 and DecemberB 31, 2012, respectively. | |||
[2] | (1)Gains and losses resulting from subsequent measurement of OREO are included in the condensed consolidated statements of income as general and administrative expense. OREO is included in other assets in the condensed consolidated balance sheets. | |||
[3] | (2)The fair value for mortgage servicing rights represents the value of the strata with impairment or recoveries on previous valuation allowances. | |||
[4] | (2)The prepayment speed assumptions include a blend of prepayment speeds that are influenced by mortgage interest rates, the current macroeconomic environment and borrower behaviors and may vary over the expected life of the asset. The range represents the highest and lowest values for the strata with recoveries on previous valuation allowances. | |||
[5] | (3)The discount rate range represents the highest and lowest values for the MSR strata with recoveries on previous valuation allowances. |
Fair_Value_Measurements_Fair_V3
Fair Value Measurements Fair Value by Balance Sheet Grouping (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Held-to-maturity Securities | $109,245,000 | $143,234,000 | ||
Held to maturity securities | 108,269,000 | 146,709,000 | ||
Loans held for sale | 1,059,947,000 | 2,088,046,000 | ||
Loans Held-for-sale, Fair Value Disclosure | 1,047,086,000 | 1,452,236,000 | ||
Deposits | 13,627,676,000 | 13,142,388,000 | ||
Other borrowings | 1,872,700,000 | 3,173,021,000 | ||
Loans Receivable, Allowance | 63,315,000 | 78,921,000 | ||
Loans and Leases Receivable, Net Amount | 12,495,976,000 | 12,422,987,000 | ||
Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Held to maturity securities | 0 | 0 | ||
Loans Held-for-sale, Fair Value Disclosure | 0 | [1] | 0 | [1] |
Loans Receivable, Fair Value Disclosure | 0 | [2] | 0 | [2] |
Time deposits | 0 | 0 | ||
Other borrowings | 0 | 0 | [3] | |
Trust preferred securities | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Held to maturity securities | 105,694,000 | 143,730,000 | ||
Loans Held-for-sale, Fair Value Disclosure | 0 | [1] | 642,437,000 | [1] |
Loans Receivable, Fair Value Disclosure | 0 | [2] | 0 | [2] |
Time deposits | 3,695,116,000 | 4,165,065,000 | ||
Other borrowings | 1,846,887,000 | 3,085,174,000 | [3] | |
Trust preferred securities | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Held to maturity securities | 2,575,000 | 2,979,000 | ||
Loans Held-for-sale, Fair Value Disclosure | 12,839,000 | [1] | 15,654,000 | [1] |
Loans Receivable, Fair Value Disclosure | 11,405,718,000 | [2] | 11,716,283,000 | [2] |
Time deposits | 0 | 0 | ||
Other borrowings | 0 | 0 | [3] | |
Trust preferred securities | 86,414,000 | 78,112,000 | ||
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Held-to-maturity Securities | 109,245,000 | 143,234,000 | ||
Loans held for sale | 12,861,000 | [1] | 635,810,000 | [1] |
Loans held for investment | 11,406,786,000 | [2] | 11,589,233,000 | [2] |
Time deposits | 3,663,515,000 | 4,123,594,000 | ||
Other borrowings | 1,872,700,000 | 3,050,698,000 | [3] | |
Trust preferred securities | 103,750,000 | 103,750,000 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Held to maturity securities | ' | 146,709,000 | ||
Loans Held-for-sale, Fair Value Disclosure | 12,839,000 | [1] | 658,091,000 | [1] |
Loans Receivable, Fair Value Disclosure | 11,405,718,000 | [2] | 11,716,283,000 | [2] |
Time deposits | 3,695,116,000 | 4,165,065,000 | ||
Other borrowings | 1,846,887,000 | 3,085,174,000 | [3] | |
Trust preferred securities | 86,414,000 | 78,112,000 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Loans Held-for-sale, Fair Value Disclosure | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Loans Held-for-sale, Fair Value Disclosure | 1,020,410,000 | 1,452,236,000 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Loans Held-for-sale, Fair Value Disclosure | 26,676,000 | 0 | ||
Aggregate Fair Value Under Fair Value Option [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Loans Held-for-sale, Fair Value Disclosure | 1,047,086,000 | 1,452,236,000 | ||
Aggregate Fair Value Under Fair Value Option [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Loans Held-for-sale, Fair Value Disclosure | 1,047,086,000 | 1,452,236,000 | ||
Maturity up to 30 days [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Assets Sold under Agreements to Repurchase, Carrying Amount | ' | 122,323,000 | ||
Finance Leases Financing Receivable [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Loans and Leases Receivable, Net Amount | 1,089,190,000 | 833,754,000 | ||
Corporate Debt Securities [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Held-to-maturity Securities | 4,987,000 | 4,987,000 | ||
Held to maturity securities | $2,575,000 | $2,979,000 | ||
[1] | (1)The carrying value of loans held for sale excludes $1,047,086 and $1,452,236 in loans measured at fair value on a recurring basis as of SeptemberB 30, 2013 and DecemberB 31, 2012, respectively. | |||
[2] | (2)The carrying value of loans held for investment is net of the allowance for loan loss of $63,315 and $78,921 as of SeptemberB 30, 2013 and DecemberB 31, 2012, respectively. In addition, the carrying values excludes $1,089,190 and $833,754 of lease financing receivables as of SeptemberB 30, 2013 and DecemberB 31, 2012, respectively. | |||
[3] | (3)The carrying value of other borrowings excludes $122,323 in repurchase agreements which have remaining maturities of less than one month as of DecemberB 31, 2012. |
Commitments_and_Contingencies_3
Commitments and Contingencies Unfunded Credit Extension Commitments (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Unfunded Commitments to Extend Credit [Line Items] | ' | ' | ||
Unfunded Commitments to Extend Credit | $2,636,375 | $1,342,393 | ||
Commercial Loan [Member] | ' | ' | ||
Unfunded Commitments to Extend Credit [Line Items] | ' | ' | ||
Unfunded Commitments to Extend Credit | 1,962,233 | [1] | 1,094,900 | [1] |
Leasing [Member] | ' | ' | ||
Unfunded Commitments to Extend Credit [Line Items] | ' | ' | ||
Unfunded Commitments to Extend Credit | 163,605 | 172,808 | ||
Residential Mortgage [Member] | ' | ' | ||
Unfunded Commitments to Extend Credit [Line Items] | ' | ' | ||
Unfunded Commitments to Extend Credit | 442,127 | 0 | ||
Home Equity Line of Credit [Member] | ' | ' | ||
Unfunded Commitments to Extend Credit [Line Items] | ' | ' | ||
Unfunded Commitments to Extend Credit | 31,576 | 40,915 | ||
Credit Card Receivable [Member] | ' | ' | ||
Unfunded Commitments to Extend Credit [Line Items] | ' | ' | ||
Unfunded Commitments to Extend Credit | 35,694 | 32,496 | ||
Standby Letters of Credit [Member] | ' | ' | ||
Unfunded Commitments to Extend Credit [Line Items] | ' | ' | ||
Unfunded Commitments to Extend Credit | 1,140 | 1,274 | ||
Conditional [Member] | Commercial Loan [Member] | ' | ' | ||
Unfunded Commitments to Extend Credit [Line Items] | ' | ' | ||
Unfunded Commitments to Extend Credit | $1,353,847 | [1] | $609,619 | [1] |
[1] | (1) Unfunded commercial commitments include $1,353,847 and $609,619 of conditional commitments for which certain requirements must be met in order to obtain an advance under the existing commitment as of SeptemberB 30, 2013 and DecemberB 31, 2012, respectively. |
Commitments_and_Contingencies_4
Commitments and Contingencies Unfunded Commitments to Extend Credit Textual (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Commitments and Contingencies Disclosure [Abstract] | ' |
Letters of Credit Outstanding, Amount | $60,018 |
FHLB Forward-Dated Borrowing Agreement | 50,000 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 2.10% |
Other Commitment, Due in Next Twelve Months | 400 |
Other Commitment, Due in Third Year | $3,647 |
Other Commitment Percentage Increase In Year Three | 5.00% |
Commitments_and_Contingencies_5
Commitments and Contingencies Guarantees - Textual (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Loss Contingencies [Line Items] | ' | ' |
Outstanding Principal Balance On Loans Serviced | $61,274,075 | $49,422,104 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Principal Amount Outstanding on Loans Securitized or Asset-backed Financing Arrangement | 57,189,245 | ' |
Recourse Related To Servicing Receivables [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Loss Contingency, Estimate of Possible Loss | 22,733 | 26,026 |
Obligation to Repurchase Receivables Sold [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Loss Contingency, Estimate of Possible Loss | $19,086 | $27,000 |
Commitments_and_Contingencies_6
Commitments and Contingencies Federal Reserve Requirement - Textual (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Commitments and Contingencies Disclosure [Abstract] | ' | ' |
Cash Reserve Deposit Required and Made | $148,870 | $154,706 |
Commitments_and_Contingencies_7
Commitments and Contingencies Legal Actions - Textual (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Borrowers [Member] | ' |
Loss Contingencies [Line Items] | ' |
Settlement for Consent Order Remediation | $37,390 |
Housing Agencies [Member] | ' |
Loss Contingencies [Line Items] | ' |
Settlement for Consent Order Remediation | $6,344 |
Variable_Interest_Entities_Det
Variable Interest Entities (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Variable Interest, Not Primary Beneficiary, Collateralized Mortgage Obligations, Mortgage Backed Securities, and Asset Backed Securities Through VIEs [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets | $1,309,254 | $1,757,858 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 1,309,254 | 1,757,858 |
Variable Interest, Not Primary Beneficiary Commercial Loans Originated to Variable Interest Entities [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets | 159,774 | 185,000 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 159,774 | 185,000 |
Government National Mortgage Association Certificates and Obligations (GNMA) [Member] | Variable Interest, Not Primary Beneficiary, Securitizations through Ginnie Mae not Meeting Sale Accounting Criteria [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets | 0 | 99,121 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | $0 | $99,121 |
Segment_Information_Textual_De
Segment Information Textual (Details) | 9 Months Ended |
Sep. 30, 2013 | |
Segment Information [Abstract] | ' |
Number of Reportable Segments | 3 |
Segment_Information_Financial_
Segment Information Financial Information by Reportable Segments (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Net interest income (expense) | $138,856 | $126,194 | $423,889 | $366,801 | ' | ||||
Income before income taxes | 53,661 | 35,165 | 191,503 | 71,372 | ' | ||||
Total Assets | 17,612,089 | ' | 17,612,089 | ' | 18,242,878 | ||||
Valuation Allowance for Impairment of Recognized Servicing Assets, Provisions (Recoveries) | 35,132 | -18,229 | 80,259 | -63,508 | ' | ||||
Banking And Wealth Management [Member] | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Net interest income (expense) | 125,545 | 114,587 | 384,990 | 335,933 | ' | ||||
Total net revenue | 158,482 | 135,195 | 478,362 | 407,374 | ' | ||||
Depreciation and amortization | 6,692 | 6,876 | 20,924 | 20,345 | ' | ||||
Income before income taxes | 90,038 | 51,780 | 255,544 | 173,432 | ' | ||||
Total Assets | 15,502,004 | 14,696,893 | 15,502,004 | 14,696,893 | ' | ||||
Mortgage Banking [Member] | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Net interest income (expense) | 14,889 | 13,105 | 43,622 | 35,391 | ' | ||||
Total net revenue | 125,368 | [1] | 89,798 | [2] | 373,371 | [1] | 208,481 | [2] | ' |
Depreciation and amortization | 1,325 | 432 | 3,884 | 1,429 | ' | ||||
Income before income taxes | -13,765 | [1] | 17,366 | [2] | 10,029 | [1] | -5,028 | [2] | ' |
Total Assets | 2,106,162 | 1,838,964 | 2,106,162 | 1,838,964 | ' | ||||
Corporate Services [Member] | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Net interest income (expense) | -1,578 | -1,498 | -4,723 | -4,523 | ' | ||||
Total net revenue | -1,425 | -1,500 | -4,162 | -4,439 | ' | ||||
Depreciation and amortization | 1,949 | 1,612 | 5,279 | 5,237 | ' | ||||
Income before income taxes | -22,612 | [3] | -33,981 | -74,070 | [3] | -97,032 | ' | ||
Total Assets | 213,745 | 129,141 | 213,745 | 129,141 | ' | ||||
Segment Reconciling Items [Member] | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Net interest income (expense) | 0 | 0 | 0 | 0 | ' | ||||
Total net revenue | 0 | 0 | 0 | 0 | ' | ||||
Depreciation and amortization | 0 | 0 | 0 | 0 | ' | ||||
Income before income taxes | 0 | 0 | 0 | 0 | ' | ||||
Total Assets | -209,822 | -155,558 | -209,822 | -155,558 | ' | ||||
Consolidated [Member] | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Net interest income (expense) | 138,856 | 126,194 | 423,889 | 366,801 | ' | ||||
Total net revenue | 282,425 | 223,493 | 847,571 | 611,416 | ' | ||||
Depreciation and amortization | 9,966 | 8,920 | 30,087 | 27,011 | ' | ||||
Income before income taxes | 53,661 | 35,165 | 191,503 | 71,372 | ' | ||||
Total Assets | 17,612,089 | 16,509,440 | 17,612,089 | 16,509,440 | ' | ||||
Intersegment Eliminations [Member] | Banking And Wealth Management [Member] | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Total net revenue | 1,617 | -1,170 | 9,384 | -6,071 | ' | ||||
Intersegment Eliminations [Member] | Mortgage Banking [Member] | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Total net revenue | -1,617 | 1,170 | -9,384 | 6,071 | ' | ||||
Intersegment Eliminations [Member] | Corporate Services [Member] | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Total net revenue | 0 | 0 | 0 | 0 | ' | ||||
Intersegment Eliminations [Member] | Segment Reconciling Items [Member] | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Total net revenue | 0 | 0 | 0 | ' | ' | ||||
Intersegment Eliminations [Member] | Consolidated [Member] | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Total net revenue | $0 | $0 | $0 | $0 | ' | ||||
[1] | (1) Segment earnings in the Mortgage Banking segment included a $35,132 recovery on the MSR valuation allowance for the three months ended September 30, 2013 and a $80,259 recovery on the MSR valuation allowance for the nine months ended September 30, 2013. | ||||||||
[2] | (2) Segment earnings in the Mortgage Banking segment included a $18,229 charge for MSR impairment for the three months ended SeptemberB 30, 2012 and a $63,508 charge for MSR impairment for the nine months ended September 30, 2012 . | ||||||||
[3] | (3) Income before income taxes includes additional allocation of intersegment expenses beginning in 2013. |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Oct. 30, 2013 |
In Thousands, unless otherwise specified | Green Tree Servicing LLC [Member] | Green Tree Servicing LLC [Member] | ||
Subsequent Event [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | ' | ' | ' | ' |
Subsequent Event, Date | ' | ' | 30-Oct-13 | ' |
Outstanding Principal Balance On Loans Serviced | $61,274,075 | $49,422,104 | ' | $13,400,000 |
Outstanding Principal Balance On Loans Subserviced | ' | ' | ' | $6,900,000 |