Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 17, 2015 | Jun. 30, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | EverBank Financial Corp | ||
Entity Central Index Key | 1502749 | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Amendment Flag | FALSE | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | EVER | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $1,739,273,982 | ||
Entity Common Stock, Shares Outstanding | 123,969,429 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ||
Cash and due from banks | $49,436 | $46,175 |
Interest-bearing deposits in banks | 317,228 | 801,603 |
Total cash and cash equivalents | 366,664 | 847,778 |
Investment securities: | ||
Available for sale, at fair value | 776,311 | 1,115,627 |
Held to maturity (fair value of $118,230 and $107,921 as of December 31, 2014 and 2013, respectively) | 115,084 | 107,312 |
Other investments | 196,609 | 128,063 |
Total investment securities | 1,088,004 | 1,351,002 |
Loans held for sale (includes $728,378 and $672,371 carried at fair value as of December 31, 2014 and 2013, respectively) | 973,507 | 791,382 |
Loans and leases held for investment: | ||
Loans and leases held for investment, net of unearned income | 17,760,253 | 13,252,724 |
Allowance for loan and lease losses | -60,846 | -63,690 |
Total loans and leases held for investment, net | 17,699,407 | 13,189,034 |
Mortgage servicing rights (MSR), net | 435,619 | 506,680 |
Deferred Tax Assets, Net | 0 | 51,375 |
Premises and equipment, net | 56,457 | 60,733 |
Other assets | 998,130 | 843,000 |
Total Assets | 21,617,788 | 17,640,984 |
Deposits | ||
Noninterest-bearing | 984,703 | 1,076,631 |
Interest-bearing | 14,523,994 | 12,184,709 |
Total deposits | 15,508,697 | 13,261,340 |
Other borrowings | 4,004,000 | 2,377,000 |
Trust preferred securities | 103,750 | 103,750 |
Accounts payable and accrued liabilities | 253,747 | 277,881 |
Total Liabilities | 19,870,194 | 16,019,971 |
Commitments and Contingencies (Note 25) | ||
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 and 6,000 issued and outstanding at December 31, 2014 and 2013) (Note 16) | 150,000 | 150,000 |
Common Stock, $0.01 par value (500,000,000 shares authorized at December 31, 2014 and 2013; 123,679,049 and 122,626,315 issued and outstanding at December 31, 2014 and 2013, respectively) | 1,237 | 1,226 |
Additional paid-in capital | 851,158 | 832,351 |
Retained earnings | 810,796 | 690,051 |
Accumulated other comprehensive income (loss) (AOCI), net of benefit for income taxes of $40,211 and $32,224 at December 31, 2014 and 2013, respectively | -65,597 | -52,615 |
Total Shareholders' Equity | 1,747,594 | 1,621,013 |
Total Liabilities and Shareholders' Equity | $21,617,788 | $17,640,984 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Held-to-maturity Securities, Fair Value | $118,230 | $107,921 |
Loans held for sale at fair value | 728,378 | 672,371 |
Common Stock, par value | $0.01 | $0.01 |
Common Stock, shares authorized | 500,000,000 | 500,000,000 |
Common Stock, shares issued | 123,679,049 | 122,626,315 |
Common Stock, shares outstanding | 123,679,049 | 122,626,315 |
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 |
Accumulated Other Comprehensive Income Loss Income Tax Expense (Benefit) | ($40,211) | ($32,224) |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Interest Income | |||
Interest and fees on loans and leases | $694,588 | $678,962 | $574,443 |
Interest and dividends on investment securities | 38,612 | 55,072 | 80,628 |
Other interest income | 567 | 1,663 | 485 |
Total interest income | 733,767 | 735,697 | 655,556 |
Interest Expense | |||
Deposits | 101,912 | 101,752 | 88,785 |
Other borrowings | 67,048 | 75,020 | 52,977 |
Total interest expense | 168,960 | 176,772 | 141,762 |
Net Interest Income | 564,807 | 558,925 | 513,794 |
Provision for loan and lease losses | 24,533 | 12,038 | 31,999 |
Net Interest Income after Provision for Loan and Lease Losses | 540,274 | 546,887 | 481,795 |
Noninterest Income | |||
Loan servicing fee income | 158,463 | 188,759 | 175,264 |
Amortization of mortgage servicing rights | -79,234 | -126,803 | -137,433 |
Recovery (impairment) of mortgage servicing rights | 8,012 | 94,951 | -63,508 |
Net loan servicing income (loss) | 87,241 | 156,907 | -25,677 |
Gain on sale of loans | 163,644 | 242,412 | 289,532 |
Loan Production Revenue | 20,952 | 35,986 | 44,658 |
Deposit fee income | 14,783 | 19,084 | 21,450 |
Other lease income | 16,997 | 24,681 | 33,158 |
Other | 33,622 | 40,321 | 6,651 |
Total noninterest income | 337,239 | 519,391 | 369,772 |
Noninterest Expense | |||
Salaries, commissions and other employee benefits expense | 370,470 | 441,736 | 331,756 |
Equipment expense | 69,332 | 85,920 | 70,856 |
Occupancy expense | 30,647 | 35,087 | 25,581 |
General and administrative expense | 168,493 | 285,495 | 307,377 |
Total noninterest expense | 638,942 | 848,238 | 735,570 |
Income before Provision for Income Taxes | 238,571 | 218,040 | 115,997 |
Provision for Income Taxes | 90,489 | 81,300 | 41,955 |
Net Income (Loss) Attributable to Parent | 148,082 | 136,740 | 74,042 |
Less: Net Income Allocated to Preferred Stock | -10,125 | -10,125 | -10,724 |
Net Income Allocated to Common Shareholders | $137,957 | $126,615 | $63,318 |
Basic Earnings Per Common Share | $1.12 | $1.04 | $0.61 |
Diluted Earnings Per Common Share | $1.10 | $1.02 | $0.60 |
Dividends Declared Per Common Share | $0.14 | $0.10 | $0.04 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Net Income | $148,082 | $136,740 | $74,042 | |||
Unrealized Gains (Losses) on Debt Securities | ||||||
Reclassification of unrealized gains to earnings | -5,596 | -4,225 | 0 | |||
Unrealized gains (losses) due to changes in fair value | 6,914 | 18,304 | -58,893 | |||
Other-than-temporary impairment (OTTI) (noncredit portion), net of accretion | 685 | 923 | 0 | |||
Tax effect | 4,494 | 8,215 | -22,327 | |||
Change in unrealized gains (losses) on debt securities | -7,331 | -13,391 | 36,566 | |||
Interest Rate Swaps | ||||||
Net unrealized losses due to changes in fair value | -27,177 | 24,043 | -36,503 | |||
Reclassification of unrealized net losses to earnings | 18,032 | 52,701 | 11,103 | |||
Tax effect | 3,494 | -29,184 | 9,799 | |||
Changes in interest rate swaps | -5,651 | 47,560 | -15,601 | |||
Other Comprehensive Income (Loss) | -12,982 | 34,169 | 20,965 | |||
Other Income [Member] | ||||||
Interest Rate Swaps | ||||||
Reclassification of unrealized net losses to earnings | 31,036 | |||||
Interest Expense [Member] | ||||||
Interest Rate Swaps | ||||||
Reclassification of unrealized net losses to earnings | 18,032 | 21,665 | 11,103 | |||
Parent Company [Member] | ||||||
Net Income | 148,082 | 136,740 | 74,042 | |||
Interest Rate Swaps | ||||||
Comprehensive Income (Loss) | $135,100 | [1] | $170,909 | [1] | $95,007 | [1] |
[1] | (1) Refer to the consolidated statements of comprehensive income for other comprehensive income details. |
Consolidated_Statements_of_Sha
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] | Preferred Stock [Member] | Preferred Stock [Member] | Preferred Stock [Member] | Preferred Stock [Member] | Preferred Stock [Member] | Preferred Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] |
In Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Preferred Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | ||||||||||
Balance at Dec. 31, 2011 | $967,665 | $3 | $751 | $561,247 | $513,413 | ($107,749) | ||||||||||||
Net Income | 74,042 | 0 | 0 | 0 | 74,042 | 0 | ||||||||||||
Other comprehensive loss | 20,965 | 0 | 0 | 0 | 0 | 20,965 | ||||||||||||
Conversion of preferred stock | 0 | -3 | 188 | -185 | 0 | 0 | ||||||||||||
Issuance of common stock | 144,325 | 150,000 | 0 | -5,675 | 0 | 0 | 249,325 | 0 | 271 | 249,054 | 0 | 0 | ||||||
Repurchase of common stock | -360 | 0 | 0 | -360 | 0 | 0 | ||||||||||||
Share-based grants (including income tax benefits) | 7,004 | 0 | 0 | 7,004 | 0 | 0 | ||||||||||||
Cash dividends on common stock | -4,744 | 0 | 0 | 0 | -4,744 | 0 | ||||||||||||
Cash dividends on preferred stock | -7,046 | 0 | 0 | 0 | -7,046 | 0 | ||||||||||||
Balance at Dec. 31, 2012 | 1,451,176 | 150,000 | 1,210 | 811,085 | 575,665 | -86,784 | ||||||||||||
Net Income | 136,740 | 0 | 0 | 0 | 136,740 | 0 | ||||||||||||
Other comprehensive loss | 34,169 | 0 | 0 | 0 | 0 | 34,169 | ||||||||||||
Issuance of common stock | 13,041 | 0 | 16 | 13,025 | 0 | 0 | ||||||||||||
Share-based grants (including income tax benefits) | 8,241 | 0 | 0 | -8,241 | 0 | 0 | ||||||||||||
Cash dividends on common stock | -12,229 | 0 | 0 | 0 | -12,229 | 0 | ||||||||||||
Cash dividends on preferred stock | -10,125 | 0 | 0 | 0 | -10,125 | 0 | ||||||||||||
Balance at Dec. 31, 2013 | 1,621,013 | 150,000 | 1,226 | 832,351 | 690,051 | -52,615 | ||||||||||||
Net Income | 148,082 | 0 | 0 | 0 | 148,082 | 0 | ||||||||||||
Other comprehensive loss | -12,982 | 0 | 0 | 0 | 0 | -12,982 | ||||||||||||
Issuance of common stock | 7,466 | 0 | 11 | 7,455 | 0 | 0 | ||||||||||||
Share-based grants (including income tax benefits) | -11,352 | 0 | 0 | -11,352 | 0 | 0 | ||||||||||||
Cash dividends on common stock | -17,212 | 0 | 0 | 0 | -17,212 | 0 | ||||||||||||
Cash dividends on preferred stock | -10,125 | 0 | 0 | 0 | -10,125 | 0 | ||||||||||||
Balance at Dec. 31, 2014 | $1,747,594 | $150,000 | $1,237 | $851,158 | $810,796 | ($65,597) |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating Activities: | |||
Net Income | $148,082 | $136,740 | $74,042 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Amortization of Premiums on Investments and Deferred Origination Costs | -38,536 | -39,625 | -25,014 |
Depreciation and amortization of tangible and intangible assets | 31,781 | 39,533 | 37,556 |
Amortization of loss on settlement of interest rate swaps | 18,032 | 52,701 | 11,103 |
Amortization and Impairment of Mortgage Servicing Rights, Net of Recoveries | 71,222 | 31,852 | 200,941 |
Deferred Income Tax Expense (Benefit) | 76,605 | 98,533 | -31,417 |
Provision for loan and lease losses | 24,533 | 12,038 | 31,999 |
Loss on other real estate owned | 3,548 | 6,372 | 7,962 |
Loss (Gain) on Extinguishment of Debt, Net | 0 | -49,150 | 0 |
Share-based compensation expense | 7,040 | 4,779 | 4,252 |
Payments for settlement of forward interest rate swaps | -32,445 | -53,226 | -65,306 |
Other operating activities | -7,322 | 6,419 | 1,506 |
Changes in operating assets and liabilities: | |||
Loans held for sale, including proceeds from sales and repayments | 43,961 | 785,244 | -1,674,185 |
Other assets | 177,568 | 235,651 | 282,163 |
Accounts payable and accrued liabilities | -14,891 | 18,181 | 70,434 |
Net cash provided by (used in) operating activities | 586,250 | 1,365,292 | -1,023,936 |
Investment securities available for sale: | |||
Purchases | -132,885 | -212,399 | -210,717 |
Proceeds from sales | 149,062 | 159,043 | 0 |
Proceeds from prepayments and maturities | 311,688 | 542,980 | 548,060 |
Investment securities held to maturity: | |||
Purchases | -25,842 | -37,982 | -14,917 |
Proceeds from prepayments and maturities | 16,530 | 68,673 | 59,654 |
Purchases of other investments | -494,777 | -107,675 | -145,328 |
Proceeds from sale of other investments | 426,232 | 137,716 | 85,533 |
Net change in loans and leases held for investment | -5,533,188 | -1,065,181 | -1,679,579 |
Purchases of premises and equipment, including equipment under operating leases | -28,315 | -19,173 | -46,913 |
Proceeds related to sale or settlement of real estate owned | 24,556 | 67,326 | 48,366 |
Proceeds from insured foreclosure claims | 298,507 | 227,271 | 98,051 |
Purchases of Mortgage Servicing Rights | 0 | -74,889 | -4,914 |
Proceeds from Sale of Mortgage Servicing Rights (MSR) | 37,738 | 289 | 0 |
Other investing activities | 21,732 | 24,851 | 6,776 |
Net cash used in investing activities | -4,928,962 | -289,150 | -4,007,743 |
Financing Activities: | |||
Net increase in nonmaturity deposits | 424,716 | 579,187 | 1,464,991 |
Net increase in time deposits | 1,825,468 | -450,923 | 1,408,249 |
Net change in repurchase agreements | 0 | -142,322 | 122,322 |
Increase in short-term Federal Home Loan Bank (FHLB) advances | 1,376,000 | 153,500 | 130,000 |
Proceeds from long-term FHLB advances | 375,000 | 400,000 | 2,036,000 |
Repayments of long-term FHLB advances | -100,000 | -1,184,427 | -371,928 |
Payments for Settlement of Contingent Consideration | -24,000 | -24,000 | 0 |
Proceeds from Issuance of Common Stock | 7,466 | 13,041 | 257,827 |
Proceeds from Issuance of Preferred Stock Net | 0 | 0 | 144,325 |
Payments of Dividends | -27,336 | -19,823 | -11,790 |
Other financing activities | -4,284 | -3,489 | -616 |
Net cash provided by financing activities | 3,861,598 | -672,278 | 5,180,612 |
Net change in cash and cash equivalents | -481,114 | 403,864 | 148,933 |
Cash and cash equivalents at beginning of period | 847,778 | 443,914 | 294,981 |
Cash and cash equivalents at end of period | 366,664 | 847,778 | 443,914 |
Interest Paid | 167,921 | 175,932 | 139,454 |
Income Taxes Paid | 23,884 | 79,627 | 34,344 |
Warehouse Lending Division, MetLife Bank, N.A. [Member] | |||
Investment securities held to maturity: | |||
Cash paid for acquisition | 0 | 0 | -351,071 |
Business Property Lending, Inc. [Member] | |||
Investment securities held to maturity: | |||
Cash paid for acquisition | $0 | $0 | ($2,400,744) |
Organization_and_Basis_of_Pres
Organization and Basis of Presentation (Notes) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
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 savings and loan 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 commercial and consumer 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 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. | ||||||||||||
On January 31, 2012, as part of a tax-free reorganization, the assets, liabilities and business activities of EWM were transferred to EB. | ||||||||||||
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 LLC (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 facilities of the Company. | ||||||||||||
c) Basis of Presentation — The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. The accompanying consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries. The results of operations for acquired companies are included from their respective dates of acquisition. | ||||||||||||
Accounting principles generally accepted in the United States of America require management to make estimates that affect the reported amounts of assets and liabilities and disclosure of contingencies at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Material estimates relate to the Company’s allowance for loan and lease losses, loans and leases acquired with evidence of credit deterioration, 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 and financing activities are presented in the following table for the years ended December 31, 2014, 2013, and 2012: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Supplemental Schedules of Noncash Investing Activities: | ||||||||||||
Loans transferred to foreclosure claims | $ | 654,818 | $ | 630,543 | $ | 517,543 | ||||||
Supplemental Schedules of Noncash Financing Activities: | ||||||||||||
Conversion of preferred stock | $ | — | $ | — | $ | 135,585 | ||||||
See Note 6 for disclosures relating to noncash activities relating to loan transfers. | ||||||||||||
e) Reclassification — Certain prior year amounts have been aggregated or disaggregated to conform to the current year presentation. These reclassifications have no effect on previously reported net income available to common shareholders, earnings per common share, or shareholders’ equity. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |
Dec. 31, 2014 | ||
Summary of Significant Accounting Policies [Abstract] | ||
Significant Accounting Policies [Text Block] | 2. Summary of Significant Accounting Policies | |
a) Cash and Cash Equivalents—Cash and cash equivalents include cash, amounts due from banks, and interest-bearing deposits in other banks with an original maturity of three months or less. | ||
b) Investment Securities—Investment securities are accounted for according to their purpose and holding period. Investments classified as trading securities are bought and held principally for the purpose of selling them in the near term and are carried at fair value. Unrealized gains or losses on trading securities are recorded in earnings as a component of other noninterest income. | ||
Investment securities for which the Company has the positive intent and ability to hold to maturity are classified as held to maturity and reported at amortized cost. Amortization and accretion of purchase premiums and discounts are recognized in interest income using the effective interest method over the expected term of the securities. Interest and dividends are recognized in interest income on an accrual basis. | ||
Securities not classified as held to maturity or trading are considered to be available for sale and are reported at fair value. Unrealized gains and losses on available for sale securities are reported net of applicable taxes as a component of OCI. Gains and losses on the disposition of available for sale securities are recorded on the trade date using the specific identification method and are recognized in other noninterest income. Amortization and accretion of purchase premiums and discounts on debt securities are recognized in interest income using the effective interest method over the expected term of the securities. Interest and dividends are recognized in interest income on an accrual basis. | ||
Management evaluates all investments for OTTI on a quarterly basis, and more frequently when economic or market conditions warrant such evaluation. For investments in which the fair value is less than the amortized cost, the Company performs an OTTI analysis to determine whether the impairment is temporary and assesses whether (a) it has the intent to sell the debt security, (b) it is more likely than not that it will be required to sell the debt security before its anticipated recovery, (c) it does not expect to recover the amortized cost basis, or (d) it does not expect to collect all cash flows according to the contractual terms. | ||
The Company’s OTTI policy for investments defines certain triggers that require a present value calculation of expected cash flows. If none of these triggers are met, the Company performs a qualitative analysis to determine if it expects to recover the entire amortized cost basis of the investment. | ||
When certain triggers indicate the likelihood of an OTTI or the qualitative evaluation performed cannot support the expectation of recovering the entire amortized cost basis of an investment, the Company performs a present value cash flow analysis using models that project prepayments, default rates and loss severities on the collateral supporting the security. The Company considers the following factors in determining whether a credit loss exists: | ||
•The period over which the debt security is expected to recover; | ||
•The length of time and extent to which the fair value has been less than the amortized cost basis; | ||
• | The level of credit enhancement provided by the structure which includes, but is not limited to credit subordination positions, overcollateralization and protective triggers; | |
• | The cause of impairment and changes in the near term prospects of the issuer or underlying collateral of a security, such as changes in default rates, loss severities given default and significant changes in prepayment assumptions; | |
• | The level of excess cash flows generated from the underlying collateral supporting the principal and interest payments of the debt securities; and | |
•Any adverse changes to credit conditions of the issuer or the security such as credit downgrades by the rating agencies. | ||
If the Company intends to sell the debt security, or it is more likely than not that it will be required to sell the security before recovery of its remaining amortized cost basis, total OTTI will be recognized in earnings. However, if neither of those conditions exists, the amount of OTTI related to the credit loss is measured at the excess of the amortized cost over the present value of expected cash flows and is recognized with other securities gains and losses in other noninterest income. The amount of impairment related to all other factors is recognized in AOCI. | ||
Subsequent noncredit losses recorded in AOCI attributed to held to maturity investments are accreted to the amortized cost of the investment over the remaining expected life, based on the amount and timing of future estimated cash flows. | ||
For equity securities, declines in the fair value below their cost are deemed to be other than temporary unless the Company has the intent and ability to retain the investment in the issuer for a period of time sufficient to allow recovery in the fair value. | ||
c) Loans Held for Sale—Loans held for sale represent loans originated with the intent to sell or loans for which the Company no longer has the intent or ability to hold for the foreseeable future. The Company has elected the fair value option of accounting under generally accepted accounting principles (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 and other commercial and commercial real estate loans 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 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 that it intends 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-government-sponsored entities (GSE) purchases, or breach of contractual representations and warranties with respect to GSEs. These guarantees are accounted for in accordance with Accounting Standards Codification (ASC) 460, Guarantees, when the obligation is both probable and reasonably estimable. The guarantee is calculated at the fair value of the guaranty on the date of the loan sale or securitization. The corresponding provision is recognized as a reduction on the 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 6 and Note 25 for further information related to these guarantees. | ||
d) Loans Held for Investment—Loans that the Company has the intent and ability to hold for the foreseeable future are classified as loans held for investment. Loans held for investment are reported at the principal amount outstanding, net of the allowance for loan and lease losses, net of deferred loan fees and costs and any discounts received or premiums paid on purchased loans. Deferred fees, costs, discounts and premiums are amortized over the estimated life of the loan using the effective interest method. Interest income on loans is recognized as earned and is computed using the effective interest method. In certain cases, where the Company can identify a large number of similar loans for which prepayment is both probable and estimable, the Company estimates prepayments in applying the effective interest method. Key assumptions in estimating prepayments include historical prepayment trends and future interest rate expectations. The Company monitors these key assumptions and adjusts the prepayment expectations when appropriate. | ||
Acquired loans are accounted for under ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality, when applicable. At acquisition, the Company reviews each loan to determine whether there is evidence of deterioration in credit quality since origination and if it is probable that the Company will be unable to collect all amounts due according to the loan’s contractual terms. The Company considers expected prepayments and estimates the amount and timing of undiscounted expected principal, interest and other cash flows for each loan or pool of loans meeting the criteria above, and determines the excess of the loan’s or pool’s scheduled contractual principal and contractual interest payments over all cash flows expected at acquisition as an amount that should not be accreted (non-accretable difference). The remaining amount, representing the excess or deficit of the loan or pool cash flows expected to be collected over the amount paid, is accreted into interest income over the remaining expected life of the loan or pool (accretable yield). The loans are reflected in the consolidated balance sheets net of these amounts. | ||
Periodically, the Company evaluates the expected cash flows for each pool. Prior expected cash flows are compared to current expected cash flows and cash collections to determine if any additional impairment should be recognized. Impairment is recognized through an additional allowance for loan losses if the present value of future cash flows discounted at the effective interest rate of the pool has decreased. The present value of any subsequent increase in the pool’s actual cash flows or cash flows expected to be collected is used first to reverse any existing valuation allowance for that pool. Any remaining increase in cash flows expected to be collected is taken as an increase of the prospective accretable yield and recognized over the estimated remaining life of the pool. | ||
e) Equipment Financing Receivables Held for Investment—Originated equipment financing receivables are recorded as the sum of the future minimum loan and lease payments, initial deferred costs and estimated residual values less unearned income. Our determination of residual value is derived from a variety of sources including equipment valuation services, appraisals, and publicly available market data on recent sales transactions on similar equipment. The length of time until contract termination, the cyclical nature of equipment values and the limited marketplace for re-sale of certain leased assets are important variables considered in making this determination. The Company updates its valuation analysis on an annual basis or more frequently as warranted by events or circumstances. When the Company determines that the fair value of a equipment financing receivable is lower than the expected residual value of the leased asset at contract expiration, the difference is recognized as an asset impairment in the period in which the analysis is completed. Interest income is recognized as earned using the effective interest method. Direct fees and costs associated with the origination of loans and leases are deferred and included in equipment financing receivables. The net deferred fees or costs are recognized as an adjustment to interest income over the contractual life of the loan and lease using the effective interest method. | ||
Acquired equipment financing receivables are recorded as the sum of expected loan and lease payments and estimated residual values less unearned income, which includes purchased loan and lease discounts. Unearned income is recognized based on the expected cash flows using the effective interest method. | ||
f) Allowance for Loan and Lease Losses—The allowance for loan and lease losses represents management’s estimate of probable and reasonably estimable credit losses inherent in loans and leases held for investment as of the balance sheet date. The estimate of the allowance is based on a variety of factors including an evaluation of the loan and lease portfolio, past loss experience, adverse situations that have occurred but are not yet known that may affect the borrower’s ability to repay, the estimated value of underlying collateral, and current economic conditions. | ||
For purposes of determining the allowance for loan and lease losses, the Company has segmented loans in the portfolio by product type. The Company’s loan and lease portfolio includes risk characteristics relevant to each segment such as loan type and guarantees as well as borrower type and geographic location. Loans are segmented into the following portfolio segments: (i) residential mortgages, (ii) commercial and commercial real estate, (iii) equipment financing receivables, (iv) home equity lines and (v) consumer and credit card. The Company also further disaggregates these portfolios into classes based on the associated risks within those segments. Residential mortgages are divided into two classes: residential and government insured loans. Commercial and commercial real estate loans are similarly divided into four classes: commercial, commercial real estate, lender finance and mortgage warehouse finance. Equipment financing receivables, home equity lines, and consumer and credit card are not further segmented. | ||
Residential mortgages, equipment financing receivables, home equity lines, and consumer and credit card each have distinguishing borrower needs and differing risks associated with each product type. Commercial and commercial real estate loans are further analyzed for the borrower’s ability to repay and the description of underlying collateral. Significant judgment is used to determine the estimation method that fits the credit risk characteristics of each portfolio segment. The Company uses internally developed models in this process. Management must use judgment in establishing input metrics for the modeling processes. The models and assumptions used to determine the allowance are validated and reviewed to ensure that their theoretical foundation, assumptions, data integrity, computational processes, reporting practices and end-user controls are appropriate and properly documented. | ||
The foundation for the allowance related to residential mortgages, equipment financing receivables, home equity lines, and consumer and credit cards is a review of the applicable portfolios and the performance of those portfolios. The historical performance of each of these portfolios is analyzed by examining the level of charge-offs over a specific period of time. The historical average charge-off level for each portfolio is updated at least quarterly. | ||
Once a residential mortgage is classified as a troubled debt restructuring (TDR), it is evaluated individually for impairment. These reserves are established based on an estimate of expected losses, which considers all available evidence as required under the applicable authoritative guidance. Interest income is recognized as earned unless the loan is placed on nonaccrual status. | ||
In the Company’s commercial and commercial real estate and certain equipment financing receivable portfolios, the loss allowance for all loans not considered to be impaired is determined based upon historical loss experience, current economic conditions, industry and peer performance trends, geographic or borrower concentrations, the current business strategy and credit process, loan underwriting criteria, and other pertinent information. | ||
Management considers a loan to be impaired for classes within commercial and commercial real estate, when based on current information and events, it is determined that it is probable the Company will not be able to collect all amounts due according to the terms of the loan agreement including scheduled interest payments. If management determines that the value of the impaired loan is less than the recorded investment in the loan (net of previous charge-offs, deferred loan fees or costs and unamortized premium or discount), impairment is recognized through an impairment reserve or a charge-off to the allowance. Interest income is recognized as earned unless the loan is placed on nonaccrual status. | ||
Reserves are determined for impaired commercial and commercial real estate loans individually based on management’s evaluation of the borrower’s overall financial condition, resources, and payment record; the prospects for support from any financially responsible guarantors; and the realizable value of any collateral. Reserves are established for these loans based upon an estimate of expected losses for the individual loans deemed to be impaired. This estimate considers all available evidence using one of the methods provided by applicable authoritative guidance. Loans determined to be collateral dependent are measured at the fair value of collateral less disposal costs. Loans for which impaired reserves are provided are excluded from the general reserve calculations described above to prevent duplicate reserves. | ||
The overall allowance estimate based on the above-described methodology may be further adjusted to reflect relevant economic factors and specific market risk components. | ||
Loan and lease portfolios tied to acquisitions made during the year are incorporated into the Company’s allowance process. If the acquisition has an impact on the level of exposure to a particular loan or lease type, industry or geographic market, this increase in exposure is factored into the allowance determination process. | ||
Loans and leases in every portfolio considered to be uncollectible are charged-off against the allowance. The amount and timing of charge-offs on loans and leases includes consideration of the loan or lease type, length of delinquency, insufficiency of collateral value, lien priority and the overall financial condition of the borrower. Recoveries on loans and leases previously charged-off are credited back to the allowance. Loans and leases that have been charged-off against the allowance are periodically monitored to evaluate whether further adjustments to the allowance are necessary. | ||
Loans in the commercial and commercial real estate portfolio are charged-off when: | ||
• | The loan is risk rated “doubtful” or “loss”. | |
• | The loan or a portion thereof is determined to be uncollectible after considering the borrower’s overall financial condition and collateral deficiency. A loan is considered uncollectible when: (a) the borrower is delinquent in principal or interest 90 days or more; (b) significant improvement in the borrower’s repayment capacity is doubtful; and/or (c) collateral value is insufficient to cover outstanding indebtedness and no other viable assets exist. | |
• The Company has agreed, in writing, to accept a deficiency note. | ||
Loans in the residential mortgage and home equity portfolios are charged-off when: | ||
• | The loan or a portion thereof is determined to be uncollectible after considering the borrower’s overall financial condition and collateral deficiency. A loan is considered uncollectible when: (a) the borrower is delinquent in principal or interest 180 days or more; (b) it is probable that collateral value is insufficient to cover outstanding indebtedness and no other viable assets exist; or (c) notification of the borrower’s bankruptcy is received. | |
• | In cases where the Company is in a subordinate position to other debt, the senior lien holder has foreclosed and extinguished the junior lien. | |
Loans and leases in the equipment financing receivables portfolio are charged-off when the loan or lease becomes 150 days delinquent. | ||
Credit card receivables are charged-off when the balance becomes 90 days delinquent. | ||
Other consumer loans are evaluated on a case by case basis, and are generally charged-off when the balance becomes 120 days delinquent. | ||
Based on facts and circumstances available, management believes that the allowance for loan and lease losses is adequate to cover any probable losses in the Company’s loan and lease portfolio. However, future adjustments to the allowance may be necessary, and the Company’s results of operations could be adversely affected if circumstances differ substantially from the assumptions used by management in determining the allowance for loan and lease losses. | ||
g) Reserve for Unfunded Lending Commitments—In addition to the allowance for loan and lease losses, the Company also estimates probable losses related to unfunded lending commitments, such as letters of credit and financial guarantees, excluding commitments measured at fair value. Unfunded lending commitments are subject to the same assessment as funded loans, except utilization assumptions are considered. The reserve for unfunded lending commitments is included in accounts payable and accrued liabilities on the consolidated balance sheets with changes to the reserve made through general and administrative expenses. | ||
h) Asset Quality—Written underwriting standards established by the Senior Credit Committee and management govern the lending activities of the Company. Established loan and lease origination procedures require appropriate documentation including borrower financial data and credit reports. For loans secured by real property, the Company generally requires property appraisals, title insurance or a title opinion, hazard insurance and flood insurance, where appropriate. Loan payment performance is monitored and late charges are assessed on past due accounts. Legal proceedings are instituted, as necessary, to minimize loss. Commercial and residential loans of the Company are periodically reviewed through a loan review process. All other loans are also subject to loan review through a periodic sampling process. | ||
The Company uses an asset risk classification system consistent with guidelines established by the Office of the Comptroller of the Currency (OCC) as part of its efforts to monitor asset quality. In connection with examinations of insured institutions, both federal and state examiners also have the authority to identify problem assets and, if appropriate, classify them. There are five credit quality indicators for commercial and commercial real estate loans: | ||
• | Pass—These loans represent an acceptable risk for the Company. The loans may represent loans that are secured with cash or other guarantees or that may experience a decline in earnings. | |
• | Special mention—These loans represent an increased risk to the Company. The loans exhibit potential credit weaknesses or downward trends. While potentially weak, the loans are currently marginally acceptable, and no loss of principal or interest is expected. | |
• | Substandard—These loans have one or more weaknesses and are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. | |
• | Doubtful—These loans have the weaknesses of substandard loans with the additional characteristic that the weaknesses make collection or liquidation in full questionable and there is a high probability of loss based on existing facts, conditions and values. | |
• | Loss—These loans are considered uncollectible and of such little value that continued recognition as a loan is not warranted. | |
There are two credit quality indicators for residential mortgages, equipment financing receivables, home equity lines, and consumer and credit card loans: | ||
• | Performing—No significant change in the collection of payments from the borrower. | |
• | Non-performing—Loans that are 90 days past due or on nonaccrual and are not accounted for under ASC 310-30. | |
Commercial loans with adverse classifications are reviewed by the Commercial Credit Committee of the Senior Credit Committee on a periodic basis. | ||
The Company reports loans that are less than one month past due as current and loans that are less than 3 months past due as 30-89 days past due. For those loans that are 3 months or more past due, the Company reports these loans as 90 days or greater. | ||
Loans and leases are placed on nonaccrual status when, in the judgment of management, the probability of collection of interest is deemed to be insufficient to warrant further accrual, which is generally when the loan or lease becomes 90 days past due, with the exception of government-insured loans. Accordingly, when a loan or lease is placed on nonaccrual status, previously accrued but unpaid interest is reversed from interest income, and both the accrual of interest income and the amortization of unamortized deferred fees, costs, discounts and premiums are suspended. Payments received are applied to the principal balance of the loan or lease. When a client demonstrates a period of performance under the terms of the loan or lease, interest accruals and amortization of deferred fees, costs, discounts and premiums are resumed and suspended interest is recognized. | ||
Loans are derecognized and OREO recognized in other assets when real estate is acquired by the Company as a result of foreclosure or by deed-in-lieu of foreclosure. OREO assets are carried at the carrying value of the loan at the time of foreclosure or at estimated fair value less estimated costs to sell, whichever is less. See Note 11 for additional information. | ||
Under ASC 310-40, Troubled Debt Restructuring by Creditors, the Company is required to account for certain loan modifications or restructurings as troubled debt restructurings. In general, the modification or restructuring of a debt constitutes a TDR if the Company for economic or legal reasons related to the borrower’s financial difficulties grants a more than insignificant concession to the borrower that the Company would not otherwise consider under current market conditions. Such modifications could involve forgiving or forbearing a portion of interest or principal on any loans or making loans at a rate that is less than that of market rates. In such cases the amount of the forgiveness is charged off. | ||
Debt restructurings or loan modifications for a borrower do not necessarily constitute TDRs and TDRs do not necessarily result in nonaccrual loans. Loans restructured at a rate equal to or greater than that of a new loan with comparable risk at the time the contract is modified are not considered to be impaired loans in calendar years subsequent to the restructuring. The Company may modify certain loans to retain clients or to maximize collection of the loan balance. The Company has maintained several programs designed to assist borrowers by extending payment dates or reducing the borrower’s contractual payments. All loan modifications are made on a case by case basis. | ||
The initial and ongoing decision regarding accrual status is a separate and distinct process from the TDR analysis and determination. If the borrower has demonstrated performance under the previous terms and shows the capacity to continue to perform under restructured terms, accrual status is maintained provided the restructuring is supported by a current, well documented credit assessment of the borrower’s financial condition and prospects for repayment under the revised terms. This evaluation includes consideration of the borrower’s sustained historical repayment performance for the six-month period prior to the date of the restructuring. If the borrower was materially delinquent on payments prior to the restructure, but shows the potential capacity to meet the restructured terms, the loan would continue to be kept on nonaccrual status until the borrower has demonstrated performance according to the terms of the restructuring agreement for a period generally of at least six months. | ||
Acquired loans that are accounted for under ASC 310-30 are excluded from being classified as nonaccrual when the Company can reasonably estimate cash flows. | ||
i) Mortgage Servicing Rights—MSR are acquired through bulk purchases of MSR or by selling purchased or originated mortgage loans and agency mortgage-backed securities (MBS) with servicing rights retained. Originated mortgage servicing rights are recognized based on the fair values of the mortgage loans or securities and the related servicing rights at the date of sale using values derived from an internal model. MSR are amortized in proportion to, and over the estimated life of the projected net servicing revenue and are periodically evaluated for impairment. | ||
The Company identifies classes of servicing rights based upon the nature of the underlying assumptions used to estimate the fair value of the asset along with the risks associated with the underlying asset. Based upon these criteria, the Company has identified two classes of MSR: residential and commercial. | ||
The Company stratifies its MSR based on the predominant risk characteristics of the underlying financial assets, including product type and interest rate coupon. The effect of changes in market interest rates on estimated rates of loan prepayment is the predominant risk characteristic of the MSR. Impairment is recognized through a valuation allowance for each stratum. The valuation allowance is adjusted to reflect the amount, if any, by which the cost basis of the MSR for a given stratum exceeds its fair value. Any fair value in excess of the cost basis for a given stratum is not recognized. The Company recognizes a direct write-down when the recoverability of the valuation allowance is determined to be unrecoverable. | ||
Because quoted market prices from active markets are not readily available, a present value cash flow model is used to estimate the fair value of MSR. The key assumptions used in the MSR valuation model are the anticipated rate of loan prepayments and discount rates. Other assumptions such as costs to service the underlying loans, foreclosure costs, ancillary income, and float rates are also used in determining the value of the MSR. All of the assumptions are based on standards used by market participants in valuing MSR and are reviewed and approved by management on a quarterly basis. In addition, third-party appraisals of fair value are obtained at least quarterly to confirm the reasonableness of values generated by the valuation model. | ||
Loan servicing fee income represents income earned for servicing mortgage loans owned by investors. It includes mortgage servicing fees and other ancillary servicing income, net of guaranty fees and subservicing costs paid to third parties. Servicing fees are generally calculated on the outstanding principal balances of the loans serviced and are recorded as income when earned. | ||
j) Premises and Equipment—Computer hardware and software, furniture, equipment, buildings and leasehold improvements are carried at amortized cost. Depreciation is computed using the straight-line method over the estimated useful lives of hardware, software, furniture, equipment and buildings ranging from 3 to 40 years. Leasehold improvements are amortized using the straight-line method over the shorter of their estimated useful lives or the period the Company expects to occupy the leased space. The Company reviews premises and equipment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The carrying amount of an asset is considered not to be recoverable when its carrying amount exceeds the sum of the undiscounted future net cash flows expected to result from the use of the asset and its eventual disposal. If it is determined that the carrying amount of the asset is not recoverable, an impairment loss is recognized equal to the amount by which the carrying amount for an asset exceeds its fair market value. | ||
k) Goodwill and Intangible Assets—Goodwill, core deposit premiums and other intangible assets are included in other assets in the consolidated balance sheets. | ||
Goodwill is not amortized but is evaluated for potential impairment on an annual basis or when events or circumstances indicate a potential impairment at the reporting unit level. Reporting units are first evaluated qualitatively to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If it is believed that it is more likely than not that a reporting unit's fair value is less than its carrying value, the Company will estimate the reporting unit's fair market value to determine whether carrying value exceeds fair market value. If carrying value exceeds fair market value, goodwill is written down. | ||
The Company uses judgment in assessing goodwill and intangible assets for impairment. Estimates of fair value are based on projections of revenues, operating costs and cash flows of each reporting unit considering historical and anticipated future results, general economic and market conditions as well as the impact of planned business or operational strategies. The valuations employ a combination of present value techniques to measure fair value and take into consideration relevant market factors. Additionally, judgment is used in determining the useful lives of finite-lived intangible assets. Changes in judgments and projections could result in a significantly different estimate of the fair value of the reporting units and could result in an impairment of goodwill. | ||
Core deposit premiums are amortized over the estimated life of the acquired deposits using the straight-line method. Core deposit premiums are evaluated for impairment whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. | ||
Other identifiable intangible assets were recognized through business combinations. These intangible assets are amortized over their estimated lives. No residual value was assigned to any of these intangible assets. | ||
l) Servicing and Corporate Advances—In the ordinary course of servicing residential and other mortgage loans, the Company routinely advances principal and interest payments to investors prior to their collection from mortgagors and payments of property taxes and insurance premiums in the event mortgagors have not funded their escrow accounts sufficiently (Servicing Advances). Additionally, the Company expends funds related to legal fees, property valuation fees, property inspection fees, maintenance and other preservation costs as required on properties that are in foreclosure (Corporate Advances). The Company establishes an allowance for uncollectible advances based on an analysis of the underlying loans. The allowance reflects an amount which, in management’s judgment, is adequate to provide for probable losses after giving consideration to the composition of the underlying loans, current economic conditions, past loss experience, an evaluation of probable losses in the current servicing portfolio, and such other factors that warrant current recognition in estimating losses. Servicing and corporate advances are included in other assets in the consolidated balance sheets. | ||
m) Foreclosure Claims Receivable—Foreclosure claims receivable represent receivables recognized by the Company for government-insured or guaranteed loans that have been foreclosed upon for which it has the intent and ability to recover its losses through the government guarantee. Such assets are measured based on the anticipated amount of the principal and interest expected to be recovered under the claim. These receivables are reviewed periodically for impairment. A valuation allowance is established based on an analysis of the underlying loans. The allowance reflects an amount which, in management’s judgment, is adequate to provide for probable losses after giving consideration to the composition of the underlying loans, current economic conditions, past loss experience, an evaluation of probable losses in the current servicing portfolio, and such other factors that warrant current recognition in estimating losses. The receivable is presented net of the related valuation allowance and is included in other assets in the consolidated balance sheets. | ||
n) Other Real Estate Owned—OREO consists of property that has been acquired by foreclosure or by deed in lieu of foreclosure. The properties are carried at the lower of cost or fair value (less estimated costs to sell) and are included in other assets in the consolidated balance sheets. Costs relating to the development and improvement of property are capitalized, to the extent the balance does not exceed fair value (less cost to sell), whereas those relating to maintaining the property are charged to expense. Subsequent declines in value are based on valuations and are separately reserved until the property is sold. | ||
o) Equipment Under Operating Leases, Net—Equipment under operating leases is carried at amortized cost and is included in other assets in the consolidated balance sheets. Equipment under operating leases is depreciated on a straight-line basis to its estimated residual value over the lease term. Our determination of residual value is derived from a variety of sources including equipment valuation services, appraisals, and publicly available market data on recent sales transactions on similar equipment. The length of time until lease termination, the cyclical nature of equipment values and the limited marketplace for re-sale of certain leased assets are important variables considered in making this determination. The Company updates its valuation analysis on an annual basis or more frequently as warranted by events or circumstances. | ||
The Company reviews equipment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. The carrying amount of an asset is considered not to be recoverable when its carrying amount exceeds the sum of the undiscounted future net cash flows expected to result from the use of the asset and its eventual disposal. If it is determined that the carrying amount of the asset is not recoverable, an impairment loss is recognized equal to the amount by which the carrying amount for an asset exceeds its fair market value. | ||
p) Deposits—Deposits with clients include noninterest-bearing and interest-bearing demand deposits, savings and money market accounts, and time deposits. The Company offers deposits denominated in United States (U.S.) dollars as well as various foreign currencies. Foreign-currency denominated deposits are recorded at the spot rate, with any foreign currency gain or loss recognized as an adjustment to the carrying value. To manage the risk that may occur from fluctuations in world currency markets, the Company enters into short-term forward foreign exchange contracts. | ||
The Company also offers certain time deposits that provide clients the option to receive payments at maturity based on increases in various metal, commodity, foreign currency and U.S. Treasury yield indices. This potential payment to the client qualifies as an embedded derivative. Changes in the fair value of these derivatives are recognized in other noninterest income. The Company purchases options as an economic hedge for these embedded options with changes in the fair value of these options also recognized in other noninterest income. See Note 23 for additional information. | ||
q) Other Borrowings—The Company records FHLB advances, notes payable and securities sold under repurchase agreements at their principal amount. Interest expense is recognized based on the coupon rate of the obligations. | ||
r) Trust Preferred Securities—The Company issues trust preferred securities through unconsolidated trusts as a form of additional funding. These securities are recorded at the principal amount, with interest expense recognized at the coupon rate. | ||
s) Advertising—Advertising costs are expensed as incurred. See Note 18 for amounts recognized for each of the years presented in the consolidated statements of income. | ||
t) Income Taxes—The Company and its subsidiaries file federal and certain state income tax returns on a consolidated basis. Additionally, the Company’s subsidiaries file separate state income tax returns with various state jurisdictions. The provision for income taxes includes the income tax balances of the Company and all of its subsidiaries. | ||
Deferred tax assets and liabilities are recognized for temporary differences between the financial reporting basis and the tax basis of the Company’s assets and liabilities at enacted tax rates expected to be in effect when such amounts are realized or settled. Deferred tax assets and liabilities are adjusted for the effects of changes in tax rates in the period of change. The Company establishes a valuation allowance when management believes, based on the weight of available evidence, it is more likely than not that some portion of the deferred tax assets will not be realized. | ||
The Company recognizes and measures income tax benefits based upon a two-step model: 1) a tax position must be more likely than not to be sustained based solely on its technical merits in order to be recognized, and 2) the benefit is measured as the largest dollar amount of that position that is more likely than not to be sustained upon settlement. The difference between the benefit recognized for a position in this model and the tax benefit claimed on a tax return is recognized as an unrecognized tax benefit. The Company recognizes income tax related interest and penalties in general and administrative expense. | ||
u) Segment Information—ASC 280, Segment Reporting, requires the reporting of information about a company’s operating segments using a management approach. This requires that reportable segments be identified based upon those components for which separate financial information is produced internally and which are subject to evaluation by the chief operating decision maker in deciding how to allocate resources to segments. The Company reports the results of its operations through three reportable segments: Consumer Banking, Commercial Banking, and Corporate Services. See Note 30 for additional information on the Company’s segments. | ||
v) Earnings Per Common Share (EPS)—In calculating basic and diluted EPS, the Company uses the Two-Class Method, which is an earnings allocation formula under which EPS is calculated for common stock and participating securities according to dividends declared and participating rights in undistributed earnings. Under this method, all earnings (distributed and undistributed) are allocated to participating securities and common shares based on their respective rights to receive dividends. Basic EPS is computed by dividing net income allocated to common shareholders by the weighted-average common shares outstanding. Diluted earnings per common share is computed by dividing income allocated to common shareholders by the weighted-average common shares outstanding plus amounts representing the dilutive effect of stock options outstanding, nonvested stock, and the dilution resulting from the conversion of convertible preferred stock, if applicable. | ||
w) Derivative Instruments—The Company uses derivative financial instruments to manage exposure to interest rate risk, foreign currency risk and changes in the fair value of loans held for sale. Derivative transactions are measured in terms of the notional amount, but this amount is not reflected in the consolidated balance sheets nor, when viewed in isolation, is it a meaningful measure of the risk profile of the instruments. The notional amount is generally not exchanged and is used only as a basis on which interest and other payments are determined. Derivative instruments used for risk management purposes are classified as cash flow hedging instruments under ASC 815, Derivatives and Hedging, as well as freestanding derivatives. As permitted under U.S. GAAP, the Company nets derivative assets and liabilities, and the related cash collateral received and paid, when a legally enforceable master netting agreement exists between the Company and the derivative counterparty. | ||
The Company also offers various deposit products to its clients, with returns that are based upon a variety of reference indices, including commodities, foreign currency, precious metals and U.S. Treasury yields and typically offsets its exposure from such products by entering into financial contracts. The client accommodations and any offsetting financial contracts are treated as freestanding derivatives. Other freestanding derivatives are used to manage the overall changes in price on loans held for sale or trading investments and include interest rate swaps, forward and optional forward purchase and sales commitments and option contracts. | ||
The Company’s derivative activities are monitored by its Asset Liability Committee (ALCO), which oversees all asset and liability management and secondary marketing activities. The Company’s hedging strategies are developed through analysis of data from financial models and other internal and industry sources. The Company incorporates the results of hedging strategies into its overall interest rate and asset/liability risk management. | ||
Cash Flow Hedges—As part of its asset and liability management activities, the Company enters into forward interest rate swaps as a cash flow hedge for forecasted transactions that create variable cash flows. The Company uses pay fixed, receive variable interest rate swaps to synthetically convert these instruments to fixed rate and manage this exposure. | ||
The fair values of these derivatives are reported in other assets or accounts payable and accrued liabilities. The effective portion of the cumulative gains or losses on cash flow hedges are reported within accumulated other comprehensive income and are reclassified from accumulated other comprehensive income to current period earnings when the forecasted transaction affects earnings. Any hedge ineffectiveness is reported in interest expense. Payments and proceeds related to the settlement of these derivatives are included in the operating activities section of the consolidated statements of cash flows. All gains or losses on these derivatives are included in the assessment of hedge effectiveness. | ||
Freestanding Derivatives: | ||
Interest Rate Lock Commitments (IRLCs)—In the ordinary course of business, the Company enters into commitments to originate residential mortgage loans at interest rates that are determined prior to funding. IRLCs for loans that the Company intends to sell are considered freestanding derivatives and are recorded at fair value at inception. Cash flows related to IRLCs are included in operating activities on the statement of cash flows. | ||
Changes in value subsequent to inception are based on changes in the fair value of the underlying loan and changes in the probability that the loan will fund within the terms of the commitment, affected primarily by changes in interest rates and the passage of time. The aggregate fair value of IRLCs on the balance sheet is recorded in other assets or accounts payable and accrued liabilities with changes in the fair value recognized as gain on sale of loans in the consolidated statements of income. The interest exposure on the Company’s IRLCs is economically hedged with forward and optional forward purchase and sales commitments. | ||
Forward and Optional Forward Purchase and Sales Commitments—The Company uses forward purchase and sales commitments and optional forward purchase and sales commitments to manage its exposure to interest rate risk related to loans held for sale. The fair values of these forward and optional forward purchase and sales commitments are recorded in other assets and accounts payable and accrued liabilities. Changes in the fair value of these derivatives are reported as gain on sale of loans in the consolidated statements of income. Cash flows related to forward and optional forward purchase and sales commitments are included in operating activities on the statement of cash flows to match the cash flows of the economically hedged item. | ||
Foreign Exchange Contracts—Foreign exchange contracts are commitments to buy or sell a foreign currency at a certain price on a future date and may be settled in cash or through delivery. The Company enters into these contracts to manage its exposure to foreign currency risk related to changes in the fair value of foreign currency denominated deposits. Cash flows related to foreign exchange contracts are included in financing activities on the statement of cash flows to match the cash flows of the economically hedged item. | ||
Options and Options Embedded in Client Deposits—The Company purchases options tied to increases in various foreign currency, commodity, metals or U.S. treasury yield indices for a specified term, generally three to eight years, to manage its exposure to changes in the fair value of options embedded in deposit offerings to clients. These options and the related options embedded in client deposits are recorded as freestanding derivatives in other assets, deposits or accounts payable and accrued liabilities. The derivatives are carried at fair value, with changes in fair value recognized in other noninterest income. Cash flows related to options and embedded options are included in operating activities on the statement of cash flows. | ||
Interest Rate Swaps and Interest Rate Swap Futures—From time to time the Company enters into interest rate swaps and swap futures to manage its exposure to interest rate risk associated with IRLCs and loans held for sale. Interest rate swaps and interest rate swap futures are recorded as freestanding derivatives in other assets or accounts payable and accrued liabilities and are carried at fair value, with changes in fair value recognized in other noninterest income. Cash flows related to interest rate swaps and futures are included in operating activities on the statement of cash flows to match the cash flows of the hedged item. | ||
Indemnification assets—As part of its loan acquisition activities, the Company periodically enters into credit derivative contracts whereby the counterparty guarantees a portion of the credit and advance losses. The Company presents these assets at their fair value with any changes in value being recorded in noninterest expense. Cash flows related to the indemnification assets are included in operating activities on the statement of cash flows to match the cash flows of the economically hedged item. | ||
x) Fair Value Measurements—Assets and liabilities measured at fair value have been categorized based upon the fair value hierarchy described below: | ||
• | Level 1—Valuation is based upon quoted market prices for identical instruments traded in active markets. | |
• | Level 2—Valuation is based upon quoted 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 asset or liability. Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques. | |
The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. In addition, these estimates do not reflect any premium or discount that could result from offering for sale the Company’s entire holdings of a particular financial instrument at one time. Finally, the tax ramifications related to the realization of any unrealized gains and losses could have a significant effect on fair value estimates and are not considered in any of the internal valuations. | ||
Fair value estimates are determined for existing financial instruments, including derivative instruments, without attempting to estimate the value of anticipated future business and the value of certain assets and liabilities that were not considered financial instruments. Significant assets that are not considered financial instruments include MSR, premises and equipment, and goodwill and intangible assets. | ||
For assets or liabilities in inactive markets, transaction or quoted prices may require adjustment to reflect uncertainty as to whether or not the underlying transactions are orderly. Management recognizes that significant events that impact fair value may occur after the measurement date. The Company’s policy is to monitor these events and determine whether adjustments to fair value are required. | ||
The estimated fair values of all of the Company’s derivative financial instruments are reported in Note 24. Counterparty risk for derivative contracts and its impact on the determination of fair value are discussed in Note 23. | ||
y) Variable Interest Entities—The Company is required to evaluate whether to consolidate a variable interest entity (VIE) when it first becomes involved and on an ongoing basis. In almost all cases, a qualitative analysis of its involvement in the entity provides sufficient evidence to determine whether the Company is the primary beneficiary. | ||
The Company consolidates VIEs in which it is the primary beneficiary and holds a controlling financial interest. This is evidenced by the power to direct the activities of a VIE that most significantly impact its economic performance and the obligation to absorb losses of, or the right to receive benefits from the VIE that could be potentially significant to the VIE. The Company takes into account all of its involvement in a VIE identifying implicit or explicit variable interests that, individually or in the aggregate, could be significant enough to warrant the designation as the primary beneficiary. Designation as the primary beneficiary requires the Company to consolidate the VIE and provide appropriate disclosures. Participants not determined to be the primary beneficiary do not consolidate and are required to make appropriate disclosures. See Note 26 for additional information. | ||
z) Acquisition Activities—Acquisitions are accounted for under the acquisition method of accounting. Purchased assets and assumed liabilities are recorded at fair value at their respective acquisition dates, including identifiable intangible assets. If the fair value of net assets purchased exceeds the fair value of consideration paid, a bargain purchase gain is recognized. If the consideration given exceeds the fair value of the net assets received, goodwill is recognized. Fair values are subject to refinement for up to one year after the closing date of an acquisition as information relative to closing date fair values becomes available. | ||
All identifiable intangible assets that are acquired in a business combination are recognized at fair value on the acquisition date. Identifiable intangible assets are recognized separately if they arise from contractual or other legal rights or if they are separable (i.e., capable of being sold, transferred, licensed, rented, or exchanged separately from the entity). Deposit liabilities and the related depositor relationship intangible assets may be exchanged in observable exchange transactions. As a result, the depositor relationship intangible asset is considered identifiable, because the separability criterion has been met. | ||
Indemnification assets are recognized when the seller contractually indemnifies, in whole or in part, the buyer for a particular uncertainty. The recognition and measurement of an indemnification asset is based on the related indemnified item. That is, the acquirer should recognize an indemnification asset at the same time that it recognizes the indemnified item, measured on the same basis as the indemnified item, subject to collectability or contractual limitations on the indemnified amount. If the indemnification asset meets the definition of a derivative, changes in the fair value are recognized in earnings. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2014 | |
Recent Accounting Pronouncements [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 3. Recent Accounting Pronouncements |
Consolidation - In February 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2015-2, Consolidation (Topic 810) - Amendments to the Consolidation Analysis, which (1) modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities; (2) eliminates the presumption that a general partner should consolidate a limited partnership; (3) affects the consolidation analysis of reporting entities involved with VIEs that have fee arrangements and related party relationships and (4) provides a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. Upon adoption, ASU 2015-2 provides for transition through either a full retrospective approach or a modified retrospective approach, which requires restatement as of the beginning of the fiscal year of adoption through a cumulative-effect adjustment to retained earnings. ASU 2015-2 is effective for annual reporting periods beginning after December 15, 2015, and interim periods within those annual periods with early adoption permitted. The Company is currently evaluating the pending adoption of ASU 2015-2 and its impact on its consolidated financial statements and has not yet identified which transition method will be applied upon adoption. | |
Hybrid Financial Instruments - In November 2014, the FASB issued ASU 2014-16, Derivatives and Hedging (Topic 815) - Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or Equity, which will eliminate diversity in practice associated with the accounting for hybrid financial instruments issued in the form of a share. ASU 2014-16 clarifies that no single term or feature, stated or implied, would necessarily determine the economic characteristics and risks of the host contract in determining whether it is more akin to debt or equity. Although an individual term or feature may weigh more heavily in the evaluation, the final determination must be made based on all economic characteristics and risks of the entire hybrid financial instrument. Once the nature of the host contract is determined, any embedded features considered to be derivatives would be evaluated for bifurcation from the host contract. ASU 2014-16 is effective for annual reporting periods beginning on or after December 15, 2015, and interim periods within those annual periods. The Company notes that its Series A Preferred Shares were determined upon issuance to be more akin to equity with no embedded features having been determined to be derivatives. As such, the adoption of ASU 2014-16 is not expected to have a material impact on the Company’s consolidated financial statements. | |
Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure - In August 2014, the FASB issued ASU 2014-14, Troubled Debt Restructurings by Creditors (Subtopic 310-40): Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure, which will eliminate diversity in practice relating to how creditors classify government-guaranteed mortgage loans, including Federal Housing Administration (FHA) or the Department of Veterans Affairs (VA) guaranteed loans, upon foreclosure. Under ASU 2014-14 a mortgage must be derecognized and a separate other receivable recognized upon foreclosure when the loan possesses a non-separable government guarantee that the creditor has both the intent and ability to exercise and for which any amount of the claim determined on the basis of the fair value of the real estate is fixed. Other receivables recognized under this guidance are to be measured based on the amount of the principal and interest expected to be recovered from the guarantor. ASU 2014-14 is effective for interim and annual reporting periods beginning after December 15, 2014. The guidance set forth in ASU 2014-14 is consistent with the Company’s current practice for the classification of government-guaranteed mortgage loans upon foreclosure. As such, the adoption of ASU No. 2014-14 is not expected to have a material impact on the Company’s consolidated financial statements. | |
Repurchase-to-Maturity Transactions - In June 2014, the FASB issued ASU 2014-11, Transfers and Servicing (Topic 860) - Repurchase-to-Maturity Transactions, Repurchase Financings and Disclosures, which changes the accounting for repurchase-to-maturity transactions. Repurchase-to-maturity transactions represent repurchase agreements where the maturity of the security transferred as collateral matches the maturity of the repurchase agreement. Under ASU 2014-11, repurchase-to-maturity transactions will be accounted for as secured borrowings similar to other repurchase agreements. ASU 2014-11 also modifies the accounting for repurchase financings, which represent the concurrent transfer of a financial asset and the execution of a repurchase agreement with the same counterparty. Under ASU 2014-11, the transfer and repurchase agreement are accounted for separately with the repurchase agreement accounted for as a secured borrowing. ASU 2014-11 requires additional disclosure regarding certain transactions accounted for as a sale in which the transferor retains substantially all of the exposure to the economic return on the transferred assets through an agreement with the same counterparty, as well as, information about repurchase agreements, securities lending transactions and repurchase-to-maturity transactions that are accounted for as secured borrowings. ASU 2014-11 is effective for annual reporting periods beginning on or after December 15, 2014, and interim periods within those annual periods with early adoption permitted. The adoption of ASU 2014-11 is not expected to have a material impact on the Company's consolidated financial statements. | |
Revenue from Contracts with Customers - In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Subtopic 606), which supersedes the guidance in former ASC 605, Revenue Recognition. ASU 2014-09 clarifies the principles for recognizing revenue in order to improve comparability of revenue recognition practices across entities and industries with certain scope exceptions including financial instruments, leases, and guarantees. The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. To satisfy this objective, ASU 2014-09 provides guidance intended to assist in the identification of contracts with customers and separate performance obligations within those contracts, the determination and allocation of the transaction price to those identified performance obligations and the recognition of revenue when a performance obligation has been satisfied. ASU 2014-09 also implements enhanced disclosures regarding the nature, amount, timing, and uncertainty of revenues and cash flows from contracts with customers. ASU 2014-09 is effective for annual reporting periods beginning on or after December 15, 2016, and interim periods within those annual periods with early adoption prohibited. Upon adoption, ASU 2014-09 provides for transition through either a full retrospective approach requiring the restatement of all presented prior periods or a modified retrospective approach, which allows the new recognition standard to be applied to only those contracts that are not completed at the date of transition. If the modified retrospective approach is adopted, a cumulative-effect adjustment to retained earnings is performed with additional disclosures required including the amount by which each line item is affected by the transition as compared to the guidance in effect before adoption and an explanation of the reasons for significant changes in these amounts. The Company is currently evaluating the pending adoption of ASU 2014-09 and its impact on its consolidated financial statements and has not yet identified which transition method will be applied upon adoption. | |
Presentation of Residential Mortgage Loans Upon Foreclosure - In January 2014, the FASB issued ASU 2014-04, Receivables- Troubled Debt Restructurings by Creditors (Subtopic 310-40), which will eliminate diversity in practice regarding the timing of derecognition for residential mortgage loans when a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan. Under ASU 2014-04, physical possession of residential real estate property is achieved when either the creditor obtains legal title to the residential real estate property upon completion of a foreclosure or the borrower conveys all interest in the residential real estate property through completion of a deed in lieu of foreclosure in order to satisfy that loan. Once physical possession has been achieved, the loan is derecognized and the property recorded within other assets at the lower of cost or fair value (less estimated costs to sell). In addition, the guidance requires both interim and annual disclosure of both the amount of foreclosed residential real estate property held by the creditor and the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure. ASU 2014-04 is effective for annual reporting periods beginning on or after December 15, 2014, and interim periods within those annual periods. The guidance set forth in ASU 2014-04 is consistent with the Company’s current practice for derecognizing residential mortgage loans. As such, the adoption of ASU 2014-04 is not expected to have a material impact on the Company's consolidated financial statements but may result in additional disclosure. |
Acquisition_Activities_Notes
Acquisition Activities (Notes) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Acquisition Activities [Abstract] | ||||
Business Combination Disclosure [Text Block] | 4. 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 BPL, a wholly owned subsidiary of General Electric Capital Corporation. The acquisition provided the Company with an established operating platform for expanding its capacity to originate commercial real estate loans to small and mid-size business clients nationwide. | ||||
Pro Forma Results (unaudited) | ||||
The unaudited pro forma consolidated combined statements of income included below are intended to provide information about the continuing impact of the BPL acquisition on the Company by showing how the acquisition might have affected historical financial statements had the acquisition occurred on January 1, 2011. Included in the statements presented below are adjustments to the combined historical financial statements for BPL and the Company to include the effects of the amortization of purchase accounting fair value adjustments, adjustments related to the transaction that are expected to have an ongoing impact on the results of operations and elimination of material nonrecurring charges associated with the transaction. | ||||
Selected unaudited pro forma results of operations for the year ended December 31, 2012, assuming the BPL acquisition had occurred as of January 1, 2011, are as follows: | ||||
2012 | ||||
Net interest income after provision for loan and lease losses | $ | 550,524 | ||
Noninterest income | 383,137 | |||
Net income | 111,624 | |||
Net income attributable to common shareholders | 100,900 | |||
Pro forma earnings per common share, basic | $ | 0.95 | ||
Pro forma earnings per common share, diluted | 0.93 | |||
Pro Forma Adjustments | ||||
Net interest income after provision for loan and lease losses was increased by $58,439 for the year ended December 31, 2012 due to a reduction of interest expense as a result of the change in debt structure of the business upon acquisition, partially offset by the amortization of premiums recorded in purchase accounting and the recording of future expected provision expense due to the elimination of the allowance for loan losses in purchase accounting. | ||||
Noninterest income was reduced by $2,605 for the year ended December 31, 2012 to reflect the amortization of the commercial mortgage servicing rights recognized at acquisition. The amounts were determined by amortizing the fair value recorded at acquisition in proportion to and over the estimated life of the projected net servicing revenue including estimating the timing of prepayments and without any anticipated impairment of the related servicing rights. | ||||
Net income was decreased by $525 for the year ended December 31, 2012 to reflect the amortization of the intangible assets recognized at acquisition. For the year ended December 31, 2012, this decrease was offset by the elimination of $4,334 of transaction costs incurred. Net income also decreased by $20,237 for the year ended December 31, 2012 to reflect the tax effects of the pro forma adjustments using a statutory tax rate of 35%. |
Investment_Securities_Notes
Investment Securities (Notes) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Investment Securities [Abstract] | ||||||||||||||||||||||||
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 5. Investment Securities | |||||||||||||||||||||||
The amortized cost and fair value of investment securities with gross unrealized gains and losses were as follows as of December 31, 2014 and 2013: | ||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | Carrying | ||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | Amount | ||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
2014 | ||||||||||||||||||||||||
Available for sale: | ||||||||||||||||||||||||
Residential collateralized mortgage obligations (CMO) securities - nonagency | $ | 774,804 | $ | 5,631 | $ | 6,200 | $ | 774,235 | $ | 774,235 | ||||||||||||||
Asset-backed securities (ABS) | 1,800 | — | 405 | 1,395 | 1,395 | |||||||||||||||||||
Other | 275 | 406 | — | 681 | 681 | |||||||||||||||||||
Total available for sale securities | $ | 776,879 | $ | 6,037 | $ | 6,605 | $ | 776,311 | $ | 776,311 | ||||||||||||||
Held to maturity: | ||||||||||||||||||||||||
Residential CMO securities - agency | $ | 27,801 | $ | 788 | $ | — | $ | 28,589 | $ | 27,801 | ||||||||||||||
Residential MBS - agency | 87,283 | 2,680 | 322 | 89,641 | 87,283 | |||||||||||||||||||
Corporate securities | — | — | — | — | — | |||||||||||||||||||
Total held to maturity securities | $ | 115,084 | $ | 3,468 | $ | 322 | $ | 118,230 | $ | 115,084 | ||||||||||||||
2013 | ||||||||||||||||||||||||
Available for sale: | ||||||||||||||||||||||||
Residential CMO securities - nonagency | $ | 1,097,293 | $ | 15,253 | $ | 3,275 | $ | 1,109,271 | $ | 1,109,271 | ||||||||||||||
Asset-backed securities | 4,144 | — | 1,058 | 3,086 | 3,086 | |||||||||||||||||||
Other | 2,933 | 337 | — | 3,270 | 3,270 | |||||||||||||||||||
Total available for sale securities | $ | 1,104,370 | $ | 15,590 | $ | 4,333 | $ | 1,115,627 | $ | 1,115,627 | ||||||||||||||
Held to maturity: | ||||||||||||||||||||||||
Residential CMO securities - agency | $ | 41,347 | $ | 1,408 | $ | 5 | $ | 42,750 | $ | 41,347 | ||||||||||||||
Residential MBS - agency | 65,965 | 754 | 1,548 | 65,171 | 65,965 | |||||||||||||||||||
Total held to maturity securities | $ | 107,312 | $ | 2,162 | $ | 1,553 | $ | 107,921 | $ | 107,312 | ||||||||||||||
The Company's residential nonagency CMO securities represent securities that are substantially backed by jumbo loans. At December 31, 2014 and 2013, investment securities with a carrying value of $166,836 and $181,836, respectively, were pledged to secure other borrowings, securities sold under agreements to repurchase, and for other purposes as required or permitted by law. | ||||||||||||||||||||||||
The amortized cost and fair value of debt securities at December 31, 2014, by contractual maturities are shown below. Actual maturities may differ from contractual maturities because the issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Mortgage-backed securities, including collateralized mortgage obligation securities, are disclosed without a specific maturity in the table below as these investment securities are likely to prepay prior to their scheduled contractual maturity dates. | ||||||||||||||||||||||||
Amortized | Fair | |||||||||||||||||||||||
Cost | Value | |||||||||||||||||||||||
2014 | ||||||||||||||||||||||||
Available for sale: | ||||||||||||||||||||||||
After ten years | $ | 1,800 | $ | 1,395 | ||||||||||||||||||||
Not due at a single maturity date | 775,002 | 774,446 | ||||||||||||||||||||||
$ | 776,802 | $ | 775,841 | |||||||||||||||||||||
Held to maturity: | ||||||||||||||||||||||||
Not due at a single maturity date | $ | 115,084 | $ | 118,230 | ||||||||||||||||||||
For the years ended December 31, 2014, 2013 and 2012 gross gains of $5,596, $4,225 and $0 were realized on available for sale investments in other noninterest income. There were no gross losses realized on available for sale investments over this period. The cost of investments sold is calculated using the specific identification method. | ||||||||||||||||||||||||
The gross unrealized losses and fair value of the Company’s investments with unrealized losses, aggregated by investment category and the length of time individual securities have been in a continuous unrealized loss position, at December 31, 2014 and 2013 are as follows: | ||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Greater | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
2014 | ||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||
Residential CMO securities - nonagency | $ | 317,042 | $ | 3,900 | $ | 31,010 | $ | 2,300 | $ | 348,052 | $ | 6,200 | ||||||||||||
Residential MBS - agency | 6,788 | 63 | 11,670 | 259 | 18,458 | 322 | ||||||||||||||||||
Asset-backed securities | — | — | 1,395 | 405 | 1,395 | 405 | ||||||||||||||||||
Total debt securities | $ | 323,830 | $ | 3,963 | $ | 44,075 | $ | 2,964 | $ | 367,905 | $ | 6,927 | ||||||||||||
2013 | ||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||
Residential CMO securities - nonagency | $ | 169,829 | $ | 3,012 | $ | 10,932 | $ | 263 | $ | 180,761 | $ | 3,275 | ||||||||||||
Residential CMO securities - agency | 887 | 5 | — | — | 887 | 5 | ||||||||||||||||||
Residential MBS - agency | 54,355 | 1,548 | — | — | 54,355 | 1,548 | ||||||||||||||||||
Asset-backed securities | — | — | 3,086 | 1,058 | 3,086 | 1,058 | ||||||||||||||||||
Total debt securities | $ | 225,071 | $ | 4,565 | $ | 14,018 | $ | 1,321 | $ | 239,089 | $ | 5,886 | ||||||||||||
The Company had unrealized losses at December 31, 2014 and 2013 on residential CMO securities, residential agency MBS, and ABS. The unrealized losses are primarily attributable to weak market conditions. Based on the nature of 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 December 31, 2014, the Company had 58 debt securities in an unrealized loss position. A total of 39 were in an unrealized loss position for less than 12 months. These 39 securities consisted of 36 residential nonagency CMO securities and three residential agency MBS. The remaining 19 debt securities were in an unrealized loss position for 12 months or longer. These 19 securities consisted of three ABS, three residential agency MBS and 13 nonagency residential CMO securities. Of the $6,927 in unrealized losses, $5,061 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, 2013, the Company had 36 debt securities in an unrealized loss position. A total of 29 were in an unrealized loss position for less than 12 months. These 29 securities consisted of 14 residential nonagency CMO securities, one residential agency CMO security and 14 residential agency MBS. The remaining seven debt securities were in an unrealized loss position for 12 months or longer. These seven securities consisted of three ABS and four residential nonagency CMO securities. Of the $5,886 in unrealized losses, $4,659 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 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. | ||||||||||||||||||||||||
During the year ended December 31, 2014, the Company recognized non-credit OTTI in earnings of $685 on available for sale residential nonagency CMO securities with no OTTI recognized on held to maturity securities. These OTTI losses represented additional declines in fair value on securities originally OTTI at December 31, 2013 as a result of regulatory changes created by the Volcker rule, which classifies these investments as covered funds that cannot be held by an insured depository institution resulting in the inability to hold these investments to recovery. During the year ended December 31, 2013, the Company recognized non-credit OTTI in earnings of $923 on available for sale residential nonagency CMO securities and $2,375 on a held to maturity corporate security when the initial OTTI was recognized due to the Volcker rule. Subsequent to the OTTI in 2013, the impaired corporate security was reclassified as available for sale with a post-impairment carrying value totaling $2,625 and was disposed during 2014. | ||||||||||||||||||||||||
During the years ended December 31, 2014, 2013, and 2012 interest and dividend income on investment securities was comprised of the following: | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Interest income on available for sale securities | $ | 30,549 | $ | 49,178 | $ | 72,017 | ||||||||||||||||||
Interest income on held to maturity securities | 3,293 | 2,707 | 6,093 | |||||||||||||||||||||
Other interest and dividend income | 4,770 | 3,187 | 2,518 | |||||||||||||||||||||
$ | 38,612 | $ | 55,072 | $ | 80,628 | |||||||||||||||||||
All investment interest income recognized by the Company during the year ended December 31, 2014, 2013 and 2012 was fully taxable. | ||||||||||||||||||||||||
Other Investments—Other investments as of December 31, 2014 and 2013 are as follows: | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
FHLB stock | $ | 195,180 | $ | 125,885 | ||||||||||||||||||||
Other | 1,429 | 2,178 | ||||||||||||||||||||||
Total | $ | 196,609 | $ | 128,063 | ||||||||||||||||||||
The Company relies on borrowing lines with the Federal Home Loan Bank of Atlanta as an additional funding source. See Note 14 for further discussion related to collateral to secure FHLB advances. As a condition of membership in the FHLB, the Company is required to purchase and hold a certain amount of FHLB stock. The Company’s stock purchase requirement is based, in part, upon the outstanding principal balance of advances from the FHLB. FHLB stock is redeemable at par. | ||||||||||||||||||||||||
The FHLB stock held by the Company is carried at cost and is subject to recoverability testing similar to investment securities. The Company considers the FHLB’s operating performance, liquidity and funding position, credit ratings and ability to meet statutory and regulatory requirements in assessing the recoverability of the investment. The Company will continue to monitor the financial condition of the FHLB as it relates to, among other things, the recoverability of the Company’s investment. As of December 31, 2014, the Company did not recognize an impairment charge related to the Company’s FHLB stock holdings. There can be no assurance, however, that future negative changes in the financial condition of the FHLB may not require the Company to recognize an impairment charge with respect to such holdings. |
Loans_Held_for_Sale_Notes
Loans Held for Sale (Notes) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Loans Held for Sale [Abstract] | ||||||||||||
Loans Held for Sale [Text Block] | 6. Loans Held for Sale | |||||||||||
Loans held for sale as of December 31, 2014 and 2013, consist of the following: | ||||||||||||
2014 | 2013 | |||||||||||
Mortgage warehouse (carried at fair value) | $ | 410,948 | $ | 613,459 | ||||||||
Other residential (carried at fair value) | 317,430 | 58,912 | ||||||||||
Total loans held for sale carried at fair value | 728,378 | 672,371 | ||||||||||
Government insured pool buyouts | 12,583 | 53,823 | ||||||||||
Other residential | 232,546 | 8,939 | ||||||||||
Commercial and commercial real estate | — | 56,249 | ||||||||||
Total loans held for sale carried at lower of cost or market | 245,129 | 119,011 | ||||||||||
Total loans held for sale | $ | 973,507 | $ | 791,382 | ||||||||
The Company has elected the fair value option for loans it originates with the intent to market and sell in the secondary market either through third party sales or securitizations. The Company currently originates, with the intent to sell, conforming agency residential loans within its mortgage warehouse and fixed rate preferred jumbo residential mortgage loans. | ||||||||||||
A majority of the loans held for sale that are carried at the lower of cost or market represent loans that were transferred from the held for investment portfolio to the held for sale portfolio. Government insured pool buyouts held at the lower of cost or market represent government insured loans that have re-performed and are now eligible to be re-securitized. These loans are generally acquired from a third party or bought out of our servicing pools while delinquent and placed into loans held for investment as they must become current before they are eligible for securitization. Once the loan re-performs and becomes eligible for securitization, the loan is transferred to the held for sale portfolio and sold or securitized. Other residential and commercial and commercial real estate loans held at the lower of cost or market represent loans for which the Company has changed its intent and no longer intends to hold these loans for the foreseeable future. | ||||||||||||
In conjunction with the sale of loans and leases, the Company may be exposed to limited liability related to recourse agreements and repurchase agreements made to its issuers and purchasers, which are included in commitments and contingencies in Note 25. Commitments and contingencies include 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 material breach of contractual representations and warranties. Refer to Note 25 for the maximum exposure to loss for material breach of contractual representations and warranties. | ||||||||||||
The following is a summary of cash flows related to transfers accounted for as sales for the years ended December 31, 2014, 2013 and 2012: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Proceeds received from agency securitizations | $ | 4,832,193 | $ | 9,031,693 | $ | 8,297,369 | ||||||
Proceeds received from nonsecuritizations sales - residential | 1,937,032 | 1,641,101 | 361,168 | |||||||||
Proceeds received from nonsecuritizations sales - commercial and commercial real estate | 94,617 | 74,551 | — | |||||||||
Proceeds received from nonsecuritizations sales - equipment financing receivables | 20,975 | — | — | |||||||||
Proceeds received from nonsecuritizations sales | $ | 2,052,624 | $ | 1,715,652 | $ | 361,168 | ||||||
Repurchased loans from agency securitizations | $ | 5,961 | $ | 4,738 | $ | 7,363 | ||||||
Repurchased loans from nonagency sales | 4,078 | 19,234 | 31,494 | |||||||||
In connection with these transfers, the Company recorded servicing assets in the amount of $57,877 and $100,426 for the years ended December 31, 2014 and 2013. All servicing assets are initially recorded at fair value using a Level 3 measurement technique. Refer to Note 9 for information relating to servicing activities and MSR. The gains and losses on the transfers which qualified as sales are recorded on the consolidated statements of income in gain on sale of loans, which includes the gain or loss on sale, change in fair value related to our fair value option loans, and the offsetting hedging positions. | ||||||||||||
The Company periodically transfers conforming residential Ginnie Mae (GNMA) mortgages in exchange for mortgage-backed securities. As of December 31, 2014 and 2013, the Company retained $9,001 and $50,534, 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 consolidated balance sheets as loans held for sale. The remaining securities were sold to unrelated third parties and were recorded as sales. | ||||||||||||
During the years ended December 31, 2014 and 2013, the Company transferred $231,434 and $810,885 of both residential mortgage loans and government insured loans from loans held for sale to loans held for investment at lower of cost or market as the Company no longer has the intention to sell these loans to a third party. The 2013 transfers were originated residential preferred jumbo adjustable rate mortgages (ARM) which were originally intended to be sold in the secondary market at the time of origination, but as a result of changing economic conditions and the Company's capacity and desire to hold these loans on the balance sheet, the Company changed its intentions and now plans to hold these loans for the foreseeable future and thus transferred these loans to the held for investment portfolio. A majority of the 2014 loan transfers were originated residential preferred jumbo ARMs. | ||||||||||||
During the year ended December 31, 2014, the Company transferred $2,132,227 of loans from held for investment to held for sale at lower of cost or market. Of those transfers, $562,137 were government insured loans initially acquired for the held for investment portfolio, but were transferred to held for sale as they re-performed and were eligible to be re-securitized. The Company transferred and sold interest only loans of $343,542 and troubled debt restructuring and non-performing loans of $79,075. These interest only and troubled debt restructuring loans were selected for sale due to the increased Federal Deposit Insurance Corporation (FDIC) assessments associated with carrying mortgages deemed "non-traditional mortgages" and non-performing assets. During the same period the Company transferred $1,082,274 of longer duration preferred ARMs due to the decrease in balance sheet capacity as a result of third party loan acquisitions of $3,140,980 of which a majority were shorter duration GNMA pool buyouts. In addition, during the year ended December 31, 2014 the Company transferred and sold $44,438 of commercial loans to help reduce its concentration in a certain segment of its commercial real estate portfolio and $20,761 of equipment financing receivables. During the year ended December 31, 2013, the Company transferred $725,610 of loans held for investment to held for sale at the lower of cost or market. The majority of these loans were government insured pool buyouts initially acquired for the held for investment portfolio. These loans were transferred to held for sale as they re-performed and were eligible to be re-securitized into GNMA securities. | ||||||||||||
Loans transfers from held for sale to held for investment and transfers from held for investment to held for sale represent noncash activities within the operating and investing sections of the statement of cash flows. |
Loans_and_Leases_Held_for_Inve
Loans and Leases Held for Investment, Net (Notes) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Loans and Leases Held for Investment, Net [Abstract] | ||||||||||||
Loans and Leases Held for Investment, Net | 7. Loans and Leases Held for Investment, Net | |||||||||||
Loans and leases held for investment as of December 31, 2014 and 2013 are comprised of the following: | ||||||||||||
2014 | 2013 | |||||||||||
Residential mortgages | $ | 9,920,070 | $ | 7,044,743 | ||||||||
Commercial and commercial real estate | 5,646,690 | 4,812,970 | ||||||||||
Equipment financing receivables | 2,031,570 | 1,237,941 | ||||||||||
Home equity lines | 156,869 | 151,916 | ||||||||||
Consumer and credit card | 5,054 | 5,154 | ||||||||||
Total loans and leases held for investment, net of unearned income | 17,760,253 | 13,252,724 | ||||||||||
Allowance for loan and lease losses | (60,846 | ) | (63,690 | ) | ||||||||
Total loans and leases held for investment, net | $ | 17,699,407 | $ | 13,189,034 | ||||||||
As of December 31, 2014 and 2013, the carrying values presented above include net purchase loan and lease discounts and net deferred loan and lease origination costs as follows: | ||||||||||||
2014 | 2013 | |||||||||||
Net purchased loan and lease discounts | $ | 47,108 | $ | 102,416 | ||||||||
Net deferred loan and lease origination costs | 94,778 | 54,107 | ||||||||||
For the years ended December 31, 2014 and 2013, the Company's significant third-party purchases included residential mortgages of $3,140,980 and $179,097, respectively. For the year ended December 31, 2014, the Company also purchased equipment financing receivables of $235,337. In addition, the Company purchased into commercial credit facilities with outstanding commitments of $222,500 and $327,843 and outstanding balances of $95,339 and $176,586 at December 31, 2014 and 2013, respectively. For additional information on the Company’s acquisition activities see Note 4. | ||||||||||||
Equipment Financing Receivables—Equipment financing receivables are collateralized by a secured interest in the equipment and, in certain circumstances, additional collateral and/or guarantees. As of December 31, 2014 and 2013, the components of net equipment financing receivables are as follows: | ||||||||||||
2014 | 2013 | |||||||||||
Loans receivable | $ | 517,497 | $ | 198,469 | ||||||||
Minimum lease payments receivable | 1,515,144 | 1,063,796 | ||||||||||
Residuals | 144,953 | 85,130 | ||||||||||
Unearned income | (180,636 | ) | (127,730 | ) | ||||||||
Equipment financing receivables, net of unearned income | 1,996,958 | 1,219,665 | ||||||||||
Net deferred loan and lease origination costs | 35,038 | 23,591 | ||||||||||
Purchased loan and lease discounts | (426 | ) | (5,315 | ) | ||||||||
2,031,570 | 1,237,941 | |||||||||||
Allowance for loan and lease losses | (8,649 | ) | (4,273 | ) | ||||||||
Equipment financing receivables, net | $ | 2,022,921 | $ | 1,233,668 | ||||||||
The following is a schedule of future minimum lease payments to be received on leases held for investment at December 31, 2014: | ||||||||||||
2015 | $ | 496,788 | ||||||||||
2016 | 407,583 | |||||||||||
2017 | 295,617 | |||||||||||
2018 | 189,154 | |||||||||||
2019 | 93,782 | |||||||||||
Thereafter | 32,220 | |||||||||||
Minimum lease payments receivable | $ | 1,515,144 | ||||||||||
Concentration of Credit Risk—The Company originates residential mortgages, commercial and commercial real estate loans, home equity loans, credit card loans, leases, and other consumer loans nationwide. | ||||||||||||
The balance of residential loans held for investment that are not government insured totaled $6,324,965 and $5,153,106 as of December 31, 2014 and 2013. These loans primarily represent jumbo loans that cannot be delivered to governmental agencies via sale or securitization as their original principal balance exceeds acceptable limits. | ||||||||||||
Although the Company’s loan and lease portfolio is diversified, a significant portion of the portfolio is collateralized by real estate and commercial equipment. The Company’s lending policy related to the real estate portfolio requires real estate loan collateral based upon several factors, including certain loan-to-appraised-value ratios and borrower credit history, while the lending policy related to commercial loans and commercial lines of credit considers several factors, including potential secured interests in collateral, the availability of guarantors and borrower and guarantor credit histories. Our exposure to losses on loans and leases collateralized with real estate or equipment is generally limited to the difference between the net recorded investment in the loan and the fair value of the related collateral less costs to sell. Losses for loans without real estate or equipment as collateral will depend upon any available guarantees or other potential sources of recovery. Due to the highly variable nature of property values and economic performance from region to region, geographic concentrations are one source of information regarding potential losses inherent in the existing portfolio. | ||||||||||||
The 5 highest concentration percentages by state for each category of the Company’s loan and lease portfolio and the corresponding states’ percentages of the U.S. population at December 31, 2014 are as follows: | ||||||||||||
Percentage of Loan Portfolio | ||||||||||||
Residential | Commercial | Equipment Financing Receivables | % of | |||||||||
Mortgages | and | U.S. Population | ||||||||||
Commercial | ||||||||||||
Real | ||||||||||||
Estate | ||||||||||||
California | 26 | % | 13 | % | 11 | % | 12 | % | ||||
Florida | 9 | 14 | 9 | 6 | ||||||||
New York | 7 | 7 | 7 | 6 | ||||||||
New Jersey | 6 | 6 | 3 | |||||||||
Texas | 6 | 7 | 11 | 8 | ||||||||
Illinois | 6 | 4 | ||||||||||
The Company notes that an additional factor in evaluating concentration of credit risk arises from evaluating loans for which a higher risk of future default may exist due to a potential triggering event. Loans such as negative amortizing loans and interest only loans provide for an extended period of low payments followed by a period of higher payments as the principal balance begins to be due. Such loans experience a higher risk of default when the principal balance becomes due and borrowers may be unable to make the new loan payment. For December 31, 2014 and 2013, the Company did not originate negative amortizing loans. The net recorded investment in interest-only loans was $1,509,966 and $2,017,756 for residential loans and $796,277 and $561,760 for commercial, commercial real estate loans and commercial lines of credit at December 31, 2014 and 2013, respectively. | ||||||||||||
The Company notes that the large commercial revolving lines of credit originated within our mortgage warehouse finance operations are excluded from the concentration analysis above. These lines of credit represent large commitments to financial services companies, typically mortgage banking companies, with a total commitment amount of $2,290,000 and an outstanding balance of $1,356,651 extended to 35 borrowers at December 31, 2014. The average commitment to one borrower within this population as of December 31, 2014 was $65,429 with an average outstanding balance of $38,761. The maximum commitment to a single borrower within this population represents a commitment of $125,000. Many of these financial services companies utilize their lines of credit to fund transactions throughout the U.S. and thus geographical concentration is less indicative of the concentration risk associated with these lines. Advances taken on these lines of credit are primarily collateralized by agency and government residential loans originated by our clients. For more information on unfunded commitments on outstanding lines of credit see Note 25. | ||||||||||||
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 years ended December 31, 2014 and 2013 are as follows: | ||||||||||||
2014 | 2013 | |||||||||||
Contractual payments receivable for acquired loans and leases at acquisition | $ | 5,341,257 | $ | 345,890 | ||||||||
Expected cash flows for acquired loans and leases at acquisition | 3,326,356 | 193,549 | ||||||||||
Basis in acquired loans and leases at acquisition | 3,122,591 | 179,027 | ||||||||||
Information pertaining to the ACI portfolio as of December 31, 2014 and 2013 is as follows: | ||||||||||||
Residential | Commercial and Commercial Real Estate | Total | ||||||||||
2014 | ||||||||||||
Carrying value, net of allowance | $ | 2,616,728 | $ | 194,599 | $ | 2,811,327 | ||||||
Outstanding unpaid principal balance | 2,655,497 | 198,061 | 2,853,558 | |||||||||
Allowance for loan and lease losses, beginning of year | 4,925 | 9,834 | 14,759 | |||||||||
Allowance for loan and lease losses, end of year | 5,974 | 2,042 | 8,016 | |||||||||
Residential | Commercial and Commercial Real Estate | Total | ||||||||||
2013 | ||||||||||||
Carrying value, net of allowance | $ | 646,470 | $ | 331,771 | $ | 978,241 | ||||||
Outstanding unpaid principal balance | 696,222 | 339,179 | 1,035,401 | |||||||||
Allowance for loan and lease losses, beginning of year | 5,175 | 16,789 | 21,964 | |||||||||
Allowance for loan and lease losses, end of year | 4,925 | 9,834 | 14,759 | |||||||||
The Company recorded a reduction of provision for loan loss of $130 and a provision for loan loss of $929 for the ACI portfolio for the years ended December 31, 2014 and 2013, respectively. The adjustments to provision 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 years ended December 31, 2014 and 2013: | ||||||||||||
2014 | Residential | Commercial and Commercial Real Estate | Total | |||||||||
Balance, beginning of year | $ | 101,183 | $ | 59,663 | $ | 160,846 | ||||||
Additions | 203,765 | — | 203,765 | |||||||||
Accretion | (77,232 | ) | (18,721 | ) | (95,953 | ) | ||||||
Reclassifications to accretable yield | 15,456 | 20,658 | 36,114 | |||||||||
Transfer from loans held for investment to loans held for sale | (2,522 | ) | (344 | ) | (2,866 | ) | ||||||
Balance, end of year | $ | 240,650 | $ | 61,256 | $ | 301,906 | ||||||
2013 | Residential | Commercial and Commercial Real Estate | Total | |||||||||
Balance, beginning of year | $ | 111,868 | $ | 108,540 | $ | 220,408 | ||||||
Additions | 12,174 | — | 12,174 | |||||||||
Accretion | (42,904 | ) | (29,862 | ) | (72,766 | ) | ||||||
Reclassifications to accretable yield | 20,045 | 17,116 | 37,161 | |||||||||
Transfer from loans held for investment to loans held for sale | — | (36,131 | ) | (36,131 | ) | |||||||
Balance, end of year | $ | 101,183 | $ | 59,663 | $ | 160,846 | ||||||
Allowance_for_Loan_and_Lease_L
Allowance for Loan and Lease Losses (Notes) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Allowance for Loan and Lease Losses [Abstract] | ||||||||||||||||||||||||
Allowance for Loan and Lease Losses | 8. Allowance for Loan and Lease Losses | |||||||||||||||||||||||
Changes in the allowance for loan and lease losses for the years ended December 31, 2014, 2013 and 2012 are as follows: | ||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||
Residential | Commercial | Equipment | Home | Consumer | Total | |||||||||||||||||||
Mortgages | and | Financing | Equity | and | ||||||||||||||||||||
Commercial | Receivables | Lines | Credit | |||||||||||||||||||||
Real Estate | Card | |||||||||||||||||||||||
Balance, beginning of year | $ | 26,497 | $ | 29,987 | $ | 4,273 | $ | 2,812 | $ | 121 | $ | 63,690 | ||||||||||||
Transfers to loans held for sale | (5,049 | ) | (2,482 | ) | — | (191 | ) | — | (7,722 | ) | ||||||||||||||
Provision for loan and lease losses | 10,920 | 2,494 | 9,285 | 1,674 | 160 | 24,533 | ||||||||||||||||||
Charge-offs | (8,366 | ) | (6,913 | ) | (5,797 | ) | (1,033 | ) | (91 | ) | (22,200 | ) | ||||||||||||
Recoveries | 1,096 | 9 | 888 | 552 | — | 2,545 | ||||||||||||||||||
Balance, end of year | $ | 25,098 | $ | 23,095 | $ | 8,649 | $ | 3,814 | $ | 190 | $ | 60,846 | ||||||||||||
2013 | ||||||||||||||||||||||||
Residential | Commercial | Equipment | Home | Consumer | Total | |||||||||||||||||||
Mortgages | and | Financing | Equity | and | ||||||||||||||||||||
Commercial | Receivables | Lines | Credit | |||||||||||||||||||||
Real Estate | Card | |||||||||||||||||||||||
Balance, beginning of year | $ | 33,631 | $ | 39,863 | $ | 3,181 | $ | 5,265 | $ | 162 | $ | 82,102 | ||||||||||||
Transfers to loans held for sale | — | (4,097 | ) | — | — | — | (4,097 | ) | ||||||||||||||||
Provision for loan and lease losses | 6,745 | 2,352 | 4,139 | (1,150 | ) | (48 | ) | 12,038 | ||||||||||||||||
Charge-offs | (15,575 | ) | (12,917 | ) | (3,651 | ) | (1,816 | ) | (69 | ) | (34,028 | ) | ||||||||||||
Recoveries | 1,696 | 4,786 | 604 | 513 | 76 | 7,675 | ||||||||||||||||||
Balance, end of year | $ | 26,497 | $ | 29,987 | $ | 4,273 | $ | 2,812 | $ | 121 | $ | 63,690 | ||||||||||||
2012 | ||||||||||||||||||||||||
Residential | Commercial | Equipment | Home | Consumer | Total | |||||||||||||||||||
Mortgages | and | Financing | Equity | and | ||||||||||||||||||||
Commercial | Receivables | Lines | Credit | |||||||||||||||||||||
Real Estate | Card | |||||||||||||||||||||||
Balance, beginning of year | $ | 43,454 | $ | 28,209 | $ | 3,766 | $ | 2,186 | $ | 150 | $ | 77,765 | ||||||||||||
Provision for loan and lease losses | 8,753 | 14,195 | 2,811 | 6,126 | 114 | 31,999 | ||||||||||||||||||
Charge-offs | (19,226 | ) | (8,597 | ) | (3,671 | ) | (3,295 | ) | (163 | ) | (34,952 | ) | ||||||||||||
Recoveries | 650 | 6,056 | 275 | 248 | 61 | 7,290 | ||||||||||||||||||
Balance, end of year | $ | 33,631 | $ | 39,863 | $ | 3,181 | $ | 5,265 | $ | 162 | $ | 82,102 | ||||||||||||
During the year ended December 31, 2014, in conjunction with the sale of residential TDR and non-performing residential loans, the Company transferred loans with a net recorded investment of $79,075 and the related impairment reserve of $5,049, which was individually evaluated, from loans held for investment to loans held for sale with no additional provision having been recorded. During the year ended December 31, 2013, in conjunction with the sale of non-performing commercial loans, the Company transferred loans with a net recorded investment of $77,731 from loans held for investment to loans held for sale including $33,948 in ACI loans and $43,783 in loans individually evaluated for impairment resulting in the recognition of an additional provision for loan losses of $3,180. | ||||||||||||||||||||||||
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 December 31, 2014 and 2013: | ||||||||||||||||||||||||
Allowance for Loan and Lease Losses | ||||||||||||||||||||||||
Individually | Collectively | ACI Loans | Total | |||||||||||||||||||||
Evaluated for | Evaluated for | |||||||||||||||||||||||
Impairment | Impairment | |||||||||||||||||||||||
2014 | ||||||||||||||||||||||||
Residential mortgages | $ | 2,896 | $ | 16,228 | $ | 5,974 | $ | 25,098 | ||||||||||||||||
Commercial and commercial real estate | 720 | 20,333 | 2,042 | 23,095 | ||||||||||||||||||||
Equipment financing receivables | — | 8,649 | — | 8,649 | ||||||||||||||||||||
Home equity lines | — | 3,814 | — | 3,814 | ||||||||||||||||||||
Consumer and credit card | — | 190 | — | 190 | ||||||||||||||||||||
Total allowance for loan and lease losses | $ | 3,616 | $ | 49,214 | $ | 8,016 | $ | 60,846 | ||||||||||||||||
Loans and Leases Held for Investment at Recorded Investment | ||||||||||||||||||||||||
Individually | Collectively | ACI Loans | Total | |||||||||||||||||||||
Evaluated for | Evaluated for | |||||||||||||||||||||||
Impairment | Impairment | |||||||||||||||||||||||
2014 | ||||||||||||||||||||||||
Residential mortgages | $ | 16,642 | $ | 7,280,726 | $ | 2,622,702 | $ | 9,920,070 | ||||||||||||||||
Commercial and commercial real estate | 42,267 | 5,407,782 | 196,641 | 5,646,690 | ||||||||||||||||||||
Equipment financing receivables | — | 2,031,570 | — | 2,031,570 | ||||||||||||||||||||
Home equity lines | — | 156,869 | — | 156,869 | ||||||||||||||||||||
Consumer and credit card | — | 5,054 | — | 5,054 | ||||||||||||||||||||
Total loans and leases held for investment | $ | 58,909 | $ | 14,882,001 | $ | 2,819,343 | $ | 17,760,253 | ||||||||||||||||
Allowance for Loan and Lease Losses | ||||||||||||||||||||||||
Individually | Collectively | ACI Loans | Total | |||||||||||||||||||||
Evaluated for | Evaluated for | |||||||||||||||||||||||
Impairment | Impairment | |||||||||||||||||||||||
2013 | ||||||||||||||||||||||||
Residential mortgages | $ | 9,134 | $ | 12,438 | $ | 4,925 | $ | 26,497 | ||||||||||||||||
Commercial and commercial real estate | 248 | 19,905 | 9,834 | 29,987 | ||||||||||||||||||||
Equipment financing receivables | — | 4,273 | — | 4,273 | ||||||||||||||||||||
Home equity lines | — | 2,812 | — | 2,812 | ||||||||||||||||||||
Consumer and credit card | — | 121 | — | 121 | ||||||||||||||||||||
Total allowance for loan and lease losses | $ | 9,382 | $ | 39,549 | $ | 14,759 | $ | 63,690 | ||||||||||||||||
Loans and Leases Held for Investment at Recorded Investment | ||||||||||||||||||||||||
Individually | Collectively | ACI Loans | Total | |||||||||||||||||||||
Evaluated for | Evaluated for | |||||||||||||||||||||||
Impairment | Impairment | |||||||||||||||||||||||
2013 | ||||||||||||||||||||||||
Residential mortgages | $ | 90,472 | $ | 6,302,876 | $ | 651,395 | $ | 7,044,743 | ||||||||||||||||
Commercial and commercial real estate | 22,747 | 4,448,618 | 341,605 | 4,812,970 | ||||||||||||||||||||
Equipment financing receivables | — | 1,237,941 | — | 1,237,941 | ||||||||||||||||||||
Home equity lines | — | 151,916 | — | 151,916 | ||||||||||||||||||||
Consumer and credit card | — | 5,154 | — | 5,154 | ||||||||||||||||||||
Total loans and leases held for investment | $ | 113,219 | $ | 12,146,505 | $ | 993,000 | $ | 13,252,724 | ||||||||||||||||
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 by credit administration personnel as updated information is obtained. The Company monitors the credit quality of all other loan types based on performing status. For a detailed description of the risk grading, refer to Note 2. | ||||||||||||||||||||||||
The following tables present the recorded investment for loans and leases by credit quality indicator as of December 31, 2014 and 2013: | ||||||||||||||||||||||||
Non-performing | ||||||||||||||||||||||||
Performing | Accrual | Nonaccrual | Total | |||||||||||||||||||||
2014 | ||||||||||||||||||||||||
Residential mortgages: | ||||||||||||||||||||||||
Residential (1) | $ | 6,302,172 | $ | — | $ | 22,793 | $ | 6,324,965 | ||||||||||||||||
Government insured pool buyouts (2) (3) | 3,096,877 | 498,228 | — | 3,595,105 | ||||||||||||||||||||
Equipment financing receivables | 2,020,613 | — | 10,957 | 2,031,570 | ||||||||||||||||||||
Home equity lines | 154,506 | — | 2,363 | 156,869 | ||||||||||||||||||||
Consumer and credit card | 5,016 | — | 38 | 5,054 | ||||||||||||||||||||
Total | $ | 11,579,184 | $ | 498,228 | $ | 36,151 | $ | 12,113,563 | ||||||||||||||||
Pass | Special | Substandard | Doubtful | Total | ||||||||||||||||||||
Mention | ||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||
Commercial and commercial real estate: | ||||||||||||||||||||||||
Mortgage warehouse finance | $ | 1,356,651 | $ | — | $ | — | $ | — | $ | 1,356,651 | ||||||||||||||
Lender finance | 749,393 | 13,060 | — | — | 762,453 | |||||||||||||||||||
Other commercial finance | 63,460 | — | 351 | — | 63,811 | |||||||||||||||||||
Commercial real estate | 3,325,936 | 34,010 | 103,829 | — | 3,463,775 | |||||||||||||||||||
Total commercial and commercial real estate | $ | 5,495,440 | $ | 47,070 | $ | 104,180 | $ | — | $ | 5,646,690 | ||||||||||||||
Non-performing | ||||||||||||||||||||||||
Performing | Accrual | Nonaccrual | Total | |||||||||||||||||||||
2013 | ||||||||||||||||||||||||
Residential mortgages: | ||||||||||||||||||||||||
Residential (1) | $ | 5,096,589 | $ | — | $ | 56,517 | $ | 5,153,106 | ||||||||||||||||
Government insured pool buyouts (2) (3) | 1,219,719 | 671,918 | — | 1,891,637 | ||||||||||||||||||||
Equipment financing receivables | 1,233,414 | — | 4,527 | 1,237,941 | ||||||||||||||||||||
Home equity lines | 148,646 | — | 3,270 | 151,916 | ||||||||||||||||||||
Consumer and credit card | 5,117 | — | 37 | 5,154 | ||||||||||||||||||||
Total | $ | 7,703,485 | $ | 671,918 | $ | 64,351 | $ | 8,439,754 | ||||||||||||||||
Pass | Special | Substandard | Doubtful | Total | ||||||||||||||||||||
Mention | ||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||
Commercial and commercial real estate: | ||||||||||||||||||||||||
Mortgage warehouse finance | $ | 944,219 | $ | — | $ | — | $ | — | $ | 944,219 | ||||||||||||||
Lender finance | 592,621 | — | — | — | 592,621 | |||||||||||||||||||
Other commercial finance | 84,639 | 135 | 1,106 | — | 85,880 | |||||||||||||||||||
Commercial real estate | 2,989,493 | 34,012 | 166,745 | — | 3,190,250 | |||||||||||||||||||
Total commercial and commercial real estate | $ | 4,610,972 | $ | 34,147 | $ | 167,851 | $ | — | $ | 4,812,970 | ||||||||||||||
-1 | For the periods ended December 31, 2014 and December 31, 2013, performing residential mortgages included $6,287 and $7,879, respectively of ACI loans greater than 90 days past due and still accruing. | |||||||||||||||||||||||
-2 | For the periods ended December 31, 2014 and December 31, 2013, performing government insured pool buyouts included $2,143,384 and $350,312, 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 December 31, 2014 and 2013: | ||||||||||||||||||||||||
30-59 | 60-89 | 90 Days and Greater Past Due | Total | Current | Total Loans | |||||||||||||||||||
Days | Days | Past | Held for | |||||||||||||||||||||
Past Due | Past Due | Due | Investment | |||||||||||||||||||||
Excluding | ||||||||||||||||||||||||
ACI | ||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||
Residential mortgages: | ||||||||||||||||||||||||
Residential | $ | 9,941 | $ | 4,817 | $ | 22,793 | $ | 37,551 | $ | 6,230,161 | $ | 6,267,712 | ||||||||||||
Government insured pool buyouts (1) | 50,955 | 32,869 | 498,228 | 582,052 | 447,604 | 1,029,656 | ||||||||||||||||||
Commercial and commercial real estate: | ||||||||||||||||||||||||
Mortgage warehouse finance | — | — | — | — | 1,356,651 | 1,356,651 | ||||||||||||||||||
Lender finance | — | — | — | — | 762,453 | 762,453 | ||||||||||||||||||
Other commercial finance | 1 | — | — | 1 | 59,654 | 59,655 | ||||||||||||||||||
Commercial real estate | 1,139 | — | 2,498 | 3,637 | 3,267,653 | 3,271,290 | ||||||||||||||||||
Equipment financing receivables | 18,521 | 4,114 | 3,263 | 25,898 | 2,005,672 | 2,031,570 | ||||||||||||||||||
Home equity lines | 1,040 | 845 | 2,363 | 4,248 | 152,621 | 156,869 | ||||||||||||||||||
Consumer and credit card | 16 | 7 | 38 | 61 | 4,993 | 5,054 | ||||||||||||||||||
Total loans and leases held for investment | $ | 81,613 | $ | 42,652 | $ | 529,183 | $ | 653,448 | $ | 14,287,462 | $ | 14,940,910 | ||||||||||||
2013 | ||||||||||||||||||||||||
Residential mortgages: | ||||||||||||||||||||||||
Residential | $ | 10,145 | $ | 4,683 | $ | 56,517 | $ | 71,345 | $ | 5,011,257 | $ | 5,082,602 | ||||||||||||
Government insured pool buyouts (1) | 90,795 | 55,666 | 671,918 | 818,379 | 492,367 | 1,310,746 | ||||||||||||||||||
Commercial and commercial real estate: | ||||||||||||||||||||||||
Mortgage warehouse finance | — | — | — | — | 944,219 | 944,219 | ||||||||||||||||||
Lender finance | — | — | — | — | 592,621 | 592,621 | ||||||||||||||||||
Other commercial finance | — | 2 | 1,005 | 1,007 | 77,059 | 78,066 | ||||||||||||||||||
Commercial real estate | 2,909 | — | — | 2,909 | 2,853,550 | 2,856,459 | ||||||||||||||||||
Equipment financing receivables | 7,277 | 3,098 | 1,024 | 11,399 | 1,226,542 | 1,237,941 | ||||||||||||||||||
Home equity lines | 2,614 | 396 | 3,270 | 6,280 | 145,636 | 151,916 | ||||||||||||||||||
Consumer and credit card | 23 | 12 | 37 | 72 | 5,082 | 5,154 | ||||||||||||||||||
Total loans and leases held for investment | $ | 113,763 | $ | 63,857 | $ | 733,771 | $ | 911,391 | $ | 11,348,333 | $ | 12,259,724 | ||||||||||||
-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 December 31, 2014 and 2013: | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Unpaid Principal Balance | Recorded | Related | Unpaid Principal Balance | Recorded | Related | |||||||||||||||||||
Investment(1) | Allowance | Investment(1) | Allowance | |||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||
Residential mortgages: | ||||||||||||||||||||||||
Residential | $ | 10,618 | $ | 10,162 | $ | 2,896 | $ | 67,663 | $ | 64,079 | $ | 9,134 | ||||||||||||
Commercial and commercial real estate: | ||||||||||||||||||||||||
Commercial real estate | 14,566 | 11,290 | 720 | 1,161 | 1,172 | 248 | ||||||||||||||||||
Total impaired loans with an allowance recorded | $ | 25,184 | $ | 21,452 | $ | 3,616 | $ | 68,824 | $ | 65,251 | $ | 9,382 | ||||||||||||
Without a related allowance recorded: | ||||||||||||||||||||||||
Residential mortgages: | ||||||||||||||||||||||||
Residential | $ | 7,466 | $ | 6,480 | $ | 34,898 | $ | 26,393 | ||||||||||||||||
Commercial and commercial real estate: | ||||||||||||||||||||||||
Commercial real estate | 41,955 | 30,977 | 23,281 | 21,575 | ||||||||||||||||||||
Total impaired loans without an allowance recorded | $ | 49,421 | $ | 37,457 | $ | 58,179 | $ | 47,968 | ||||||||||||||||
-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 years ended December 31, 2014, 2013 and 2012: | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Average | Interest | Average | Interest | Average | Interest | |||||||||||||||||||
Investment | Income | Investment | Income | Investment | Income | |||||||||||||||||||
Recognized | Recognized | Recognized | ||||||||||||||||||||||
With and without a related allowance recorded: | ||||||||||||||||||||||||
Residential mortgages: | ||||||||||||||||||||||||
Residential | $ | 44,584 | $ | 1,237 | $ | 93,722 | $ | 2,805 | $ | 91,250 | $ | 2,457 | ||||||||||||
Commercial and commercial real estate: | ||||||||||||||||||||||||
Commercial | — | — | 3,972 | 2 | 9,130 | 43 | ||||||||||||||||||
Commercial real estate | 41,576 | 1,102 | 68,448 | 911 | 105,120 | 2,230 | ||||||||||||||||||
Total impaired loans | $ | 86,160 | $ | 2,339 | $ | 166,142 | $ | 3,718 | $ | 205,500 | $ | 4,730 | ||||||||||||
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 December 31, 2014 and 2013: | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Nonaccrual | Greater than | Nonaccrual | Greater than | |||||||||||||||||||||
Status | 90 Days | Status | 90 Days | |||||||||||||||||||||
Past Due | Past Due | |||||||||||||||||||||||
and Accruing | and Accruing | |||||||||||||||||||||||
Residential mortgages: | ||||||||||||||||||||||||
Residential | $ | 22,793 | $ | — | $ | 56,517 | $ | — | ||||||||||||||||
Government insured pool buyouts | — | 498,228 | — | 671,918 | ||||||||||||||||||||
Commercial and commercial real estate: | ||||||||||||||||||||||||
Other commercial finance | — | — | 1,005 | — | ||||||||||||||||||||
Commercial real estate | 39,049 | — | 17,544 | — | ||||||||||||||||||||
Equipment financing receivables | 10,957 | — | 4,527 | — | ||||||||||||||||||||
Home equity lines | 2,363 | — | 3,270 | — | ||||||||||||||||||||
Consumer and credit card | 38 | — | 37 | — | ||||||||||||||||||||
Total nonaccrual loans and leases | $ | 75,200 | $ | 498,228 | $ | 82,900 | $ | 671,918 | ||||||||||||||||
Troubled Debt Restructurings (TDR) — 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 following is a summary of information relating to modifications considered to be TDRs for the years ended December 31, 2014, 2013 and 2012: | ||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||
Number of | Pre- | Post- | ||||||||||||||||||||||
Contracts | modification | modification | ||||||||||||||||||||||
Recorded | Recorded | |||||||||||||||||||||||
Investment | Investment | |||||||||||||||||||||||
Residential mortgages: | ||||||||||||||||||||||||
Residential | 6 | $ | 1,942 | $ | 1,950 | |||||||||||||||||||
Commercial and commercial real estate: | ||||||||||||||||||||||||
Commercial real estate | 2 | 4,743 | 4,743 | |||||||||||||||||||||
Total | 8 | $ | 6,685 | $ | 6,693 | |||||||||||||||||||
2013 | ||||||||||||||||||||||||
Number of | Pre- | Post- | ||||||||||||||||||||||
Contracts | modification | modification | ||||||||||||||||||||||
Recorded | Recorded | |||||||||||||||||||||||
Investment | Investment | |||||||||||||||||||||||
Residential mortgages: | ||||||||||||||||||||||||
Residential | 37 | $ | 12,711 | $ | 12,806 | |||||||||||||||||||
Commercial and commercial real estate: | ||||||||||||||||||||||||
Commercial real estate | 2 | 1,695 | 1,695 | |||||||||||||||||||||
Total | 39 | $ | 14,406 | $ | 14,501 | |||||||||||||||||||
2012 | ||||||||||||||||||||||||
Number of | Pre- | Post- | ||||||||||||||||||||||
Contracts | modification | modification | ||||||||||||||||||||||
Recorded | Recorded | |||||||||||||||||||||||
Investment | Investment | |||||||||||||||||||||||
Residential mortgages: | ||||||||||||||||||||||||
Residential | 51 | $ | 20,644 | $ | 20,681 | |||||||||||||||||||
Commercial and commercial real estate: | ||||||||||||||||||||||||
Commercial | 9 | 2,172 | 2,172 | |||||||||||||||||||||
Commercial real estate | 15 | 27,167 | 27,167 | |||||||||||||||||||||
Total | 75 | $ | 49,983 | $ | 50,020 | |||||||||||||||||||
At December 31, 2014 and 2013, the Company included as TDRs 77 and 133 loans in Chapter 7 bankruptcy with net recorded investments of $4,124 and $15,988, respectively, in accordance with guidance published by the OCC during the third quarter 2012. As no contractual change to principal or interest was made by the Company on these loans, Chapter 7 bankruptcy loans have been excluded from the modification summaries above. | ||||||||||||||||||||||||
A loan is considered to re-default when it is 30 days past due. The number of contracts and recorded investment of loans that were modified during the last 12 months and subsequently defaulted during the years ended December 31, 2014, 2013 and 2012 are as follows: | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Number of | Recorded | Number of | Recorded | Number of | Recorded | |||||||||||||||||||
Contracts | Investment | Contracts | Investment | Contracts | Investment | |||||||||||||||||||
Residential mortgages: | ||||||||||||||||||||||||
Residential | 2 | $ | 881 | 1 | $ | 104 | 8 | $ | 2,523 | |||||||||||||||
Commercial and commercial real estate: | ||||||||||||||||||||||||
Commercial | — | — | — | — | 3 | 342 | ||||||||||||||||||
Commercial real estate | — | — | — | — | 3 | 389 | ||||||||||||||||||
Total | 2 | $ | 881 | 1 | $ | 104 | 14 | $ | 3,254 | |||||||||||||||
The recorded investment of TDRs as of December 31, 2014 and 2013 is summarized as follows: | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Loan Type: | ||||||||||||||||||||||||
Residential mortgages | $ | 16,642 | $ | 90,472 | ||||||||||||||||||||
Commercial and commercial real estate | 9,613 | 8,598 | ||||||||||||||||||||||
Total recorded investment of TDRs | $ | 26,255 | $ | 99,070 | ||||||||||||||||||||
Accrual Status: | ||||||||||||||||||||||||
Current | $ | 11,786 | $ | 73,180 | ||||||||||||||||||||
30-89 days past-due accruing | 1,848 | 3,732 | ||||||||||||||||||||||
90+ days past-due accruing | — | 306 | ||||||||||||||||||||||
Nonaccrual | 12,621 | 21,852 | ||||||||||||||||||||||
Total recorded investment of TDRs | $ | 26,255 | $ | 99,070 | ||||||||||||||||||||
TDRs classified as impaired loans | $ | 26,255 | $ | 99,070 | ||||||||||||||||||||
Valuation allowance on TDRs | 3,259 | 9,134 | ||||||||||||||||||||||
Servicing_Activities_and_Mortg
Servicing Activities and Mortgage Servicing Rights (Notes) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Servicing Activities and Mortgage Servicing Rights [Abstract] | ||||||||||||||
Servicing Activities and Mortgage Servicing Rights | 9. Servicing Activities and Mortgage Servicing Rights | |||||||||||||
A summary of MSR activities for the years ended December 31, 2014, 2013 and 2012 is as follows: | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Balance, beginning of year | $ | 506,680 | $ | 375,859 | $ | 489,496 | ||||||||
Originated servicing rights capitalized upon sale of loans | 57,877 | 100,426 | 76,238 | |||||||||||
Acquired servicing rights | — | 65,188 | 14,445 | |||||||||||
Sale of servicing rights | (55,547 | ) | — | — | ||||||||||
Amortization | (79,234 | ) | (126,803 | ) | (137,433 | ) | ||||||||
Decrease (increase) in valuation allowance | 8,012 | 94,951 | (63,508 | ) | ||||||||||
Other | (2,169 | ) | (2,941 | ) | (3,379 | ) | ||||||||
Balance, end of year | $ | 435,619 | $ | 506,680 | $ | 375,859 | ||||||||
Valuation allowance: | ||||||||||||||
Balance, beginning of year | $ | 8,012 | $ | 102,963 | $ | 39,455 | ||||||||
Increase in valuation allowance | — | 693 | 68,206 | |||||||||||
Recoveries | (8,012 | ) | (95,644 | ) | (4,698 | ) | ||||||||
Balance, end of year | $ | — | $ | 8,012 | $ | 102,963 | ||||||||
Components of loan servicing fee income, which includes servicing fees related to sales and securitizations, for the years ended December 31, 2014, 2013 and 2012 are presented below: | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Contractually specified service fees, net | $ | 130,901 | $ | 149,237 | $ | 135,817 | ||||||||
Other ancillary fees | 23,403 | 37,034 | 37,014 | |||||||||||
Other | 4,159 | 2,488 | 2,433 | |||||||||||
Total | $ | 158,463 | $ | 188,759 | $ | 175,264 | ||||||||
Residential | ||||||||||||||
The Company services mortgage loans for itself and others. At December 31, 2014 and 2013, the Company’s residential mortgage servicing portfolio totaled $49,263,000 and $59,492,000, respectively, including residential mortgage loans held for sale. At December 31, 2014 and 2013, the Company was subservicing approximately $1,484,000 and $1,543,000, respectively. For the years ended December 31, 2014, 2013 and 2012, the Company recognized subservicing revenue of $4,184, $2,488 and $2,433, respectively. | ||||||||||||||
In connection with the servicing of the above loans, the Company maintains escrow funds for taxes and insurance in the name of investors, as well as collections in transit to investors. These escrow funds are segregated and held in separate bank accounts at EB or other financial institutions. Escrow funds held at the Company and included as noninterest-bearing deposits in the accompanying consolidated balance sheets are $766,105 and $845,359 at December 31, 2014 and 2013, respectively. Escrow funds deposited at other financial institutions and not included in the consolidated balance sheets are $93,432 and $81,732 at December 31, 2014 and 2013, respectively. | ||||||||||||||
At December 31, 2014 and 2013, the Company had insurance coverage for errors and omissions in the amount of $20,000 and $20,000, respectively, and fidelity bond insurance of $55,000 and $65,000, respectively, related to these servicing activities. | ||||||||||||||
On March 28, 2014, EverBank received investor and Federal Housing Finance Agency approval and recognized the sale of $55,547 in carrying value and $9,945,965 in unpaid principal balance (UPB) of servicing rights to Green Tree Servicing LLC (GTS), which transferred in May 2014 and was excluded from the MSR portfolio at December 31, 2014. | ||||||||||||||
On April 1, 2013, EverBank purchased the servicing rights to $12,962,454 of UPB of Fannie Mae residential servicing assets for $63,555, which transferred on July 1, 2013. The acquired servicing rights are included in the residential class of MSR. | ||||||||||||||
For loans securitized and sold for the years ended December 31, 2014 and 2013 with servicing retained, management used the following assumptions to determine the fair value of residential MSR at the date of securitization: | ||||||||||||||
2014 | 2013 | |||||||||||||
Average discount rates | 8.76 | % | — | 14.50% | 9.33 | % | — | 9.85% | ||||||
Expected prepayment speeds | 9.47 | % | — | 13.76% | 8.78 | % | — | 14.93% | ||||||
Weighted-average life in years | 6.03 | — | 7.37 | 5.33 | — | 8.08 | ||||||||
At December 31, 2014 and 2013, the Company estimated the fair value of its capitalized residential MSR to be approximately $436,727 and $528,848, respectively. The carrying value of its residential MSR was $432,716 and $499,973 at December 31, 2014 and 2013, respectively. The unpaid principal balance below excludes $8,073,000 and $6,677,000 at December 31, 2014 and 2013, respectively, for loans with no related MSR basis. | ||||||||||||||
The characteristics used in estimating the fair value of the residential MSR portfolio at December 31, 2014 and 2013 are as follows: | ||||||||||||||
2014 | 2013 | |||||||||||||
Unpaid principal balance | $ | 41,190,000 | $ | 52,816,000 | ||||||||||
Gross weighted-average coupon | 4.37 | % | 4.46 | % | ||||||||||
Weighted-average servicing fee | 0.29 | % | 0.29 | % | ||||||||||
Expected prepayment speed (1) | 12.97 | % | 14.87 | % | ||||||||||
(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 mortgage servicing rights to hypothetical adverse changes of 10% and 20% to the weighted-average of certain key assumptions as of December 31, 2014 and 2013 is presented below. | ||||||||||||||
2014 | 2013 | |||||||||||||
Prepayment Rate | ||||||||||||||
10% adverse rate change | $ | 18,294 | $ | 22,941 | ||||||||||
20% adverse rate change | 35,347 | 44,156 | ||||||||||||
Discount Rate | ||||||||||||||
10% adverse rate change | 15,932 | 19,303 | ||||||||||||
20% adverse rate change | 30,770 | 37,294 | ||||||||||||
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 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 $2,903 at December 31, 2014. As of December 31, 2013, the carrying value and fair value of our commercial MSR was $6,707. The Company recognized $13,033 and $15,771 of prepayment penalty income in other noninterest income during the years ended December 31, 2014 and 2013, respectively, related to serviced loans in the Business Lending Trusts acquired with the Business Property Lending, Inc. acquisition. |
Premises_and_Equipment
Premises and Equipment | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Premises and Equipment [Abstract] | ||||||||
Property, Plant and Equipment Disclosure [Text Block] | 10. Premises and Equipment | |||||||
Premises and equipment at December 31, 2014 and 2013 consist of the following: | ||||||||
2014 | 2013 | |||||||
Computer hardware and software | $ | 95,368 | $ | 88,589 | ||||
Leasehold improvements | 18,238 | 18,340 | ||||||
Furniture | 18,146 | 17,963 | ||||||
Equipment | 11,255 | 11,054 | ||||||
Building | 334 | 1,585 | ||||||
143,341 | 137,531 | |||||||
Less accumulated depreciation and amortization | (86,884 | ) | (76,798 | ) | ||||
$ | 56,457 | $ | 60,733 | |||||
Depreciation and amortization expense for premises and equipment was $19,272, $20,528 and $15,911 for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||
During the year ended December 31, 2013, the Company sold a portion of its default-servicing platform and entered into a plan to restructure its residential mortgage sales locations. Because of these initiatives, the Company recorded an impairment of $4,222 in its Consumer Banking segment, which is reflected in noninterest expense in the consolidated statements of income. The assets, primarily leasehold improvements, were written down to their salvage values less cost to sell. |
Other_Assets
Other Assets | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Other Assets [Abstract] | |||||||||||||
Other Assets Disclosure [Text Block] | 11. Other Assets | ||||||||||||
Other assets at December 31, 2014 and 2013 are comprised of the following: | |||||||||||||
2014 | 2013 | ||||||||||||
Foreclosure claims receivable, net of allowance of $17,336 and $14,398, respectively | $ | 451,125 | $ | 208,226 | |||||||||
Accrued interest receivable | 126,581 | 66,782 | |||||||||||
Servicing advances, net of allowance of $12,226 and $10,995, respectively | 93,960 | 225,436 | |||||||||||
Income taxes receivable, net | 85,897 | 71,372 | |||||||||||
Corporate advances, net of allowance of $5,960 and $6,168, respectively | 50,470 | 64,702 | |||||||||||
Goodwill | 46,859 | 46,859 | |||||||||||
Margin receivable, net | 35,816 | 6,370 | |||||||||||
Other real estate owned, net of allowance of $441 and $5,958, respectively | 22,509 | 29,034 | |||||||||||
Fair value of derivatives, net | 18,809 | 28,170 | |||||||||||
Equipment under operating lease | 13,173 | 28,126 | |||||||||||
Prepaid assets | 11,968 | 12,270 | |||||||||||
Intangible assets, net | 3,705 | 5,813 | |||||||||||
Other | 37,258 | 49,840 | |||||||||||
Total other assets | $ | 998,130 | $ | 843,000 | |||||||||
A summary of other real estate owned activity for the years ended December 31, 2014, 2013 and 2012 is as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance, beginning of year | $ | 29,034 | $ | 55,277 | $ | 62,120 | |||||||
Additions | 21,579 | 47,790 | 49,485 | ||||||||||
Provision on OREO | (3,548 | ) | (6,372 | ) | (7,962 | ) | |||||||
Sales | (24,556 | ) | (67,326 | ) | (48,366 | ) | |||||||
Other | — | (335 | ) | — | |||||||||
Balance, end of year | $ | 22,509 | $ | 29,034 | $ | 55,277 | |||||||
Equipment under operating leases at December 31, 2014 and 2013 consist of the following: | |||||||||||||
2014 | 2013 | ||||||||||||
Equipment under operating leases (1) | $ | 32,050 | $ | 56,619 | |||||||||
Less accumulated depreciation | (19,476 | ) | (29,801 | ) | |||||||||
Total | $ | 12,574 | $ | 26,818 | |||||||||
-1 | Balances exclude rent and deferred rent receivables as well as deferred origination cost. | ||||||||||||
Depreciation expense for equipment under operating leases was $10,401, $16,897 and $20,062 for the years ended December 31, 2014, 2013 and 2012, respectively. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Goodwill and Intangible Assets [Abstract] | |||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | 12. Goodwill and Intangible Assets | ||||||||||||
The carrying amount of goodwill for the years ended December 31, 2014 and 2013 was $46,859. Substantially all acquired goodwill has been allocated to our Commercial Banking segment. | |||||||||||||
Intangible Assets | |||||||||||||
Components of the finite-lived intangible assets had the following carrying amounts and accumulated amortization at December 31, 2014 and 2013: | |||||||||||||
Gross Carrying | Accumulated | Net Carrying | |||||||||||
Amount | Amortization | Amount | |||||||||||
2014 | |||||||||||||
Technology platform | $ | 6,237 | $ | (4,965 | ) | $ | 1,272 | ||||||
Core deposit premium | 3,200 | (2,095 | ) | 1,105 | |||||||||
Customer relationships | 2,613 | (1,285 | ) | 1,328 | |||||||||
Total intangible assets | $ | 12,050 | $ | (8,345 | ) | $ | 3,705 | ||||||
2013 | |||||||||||||
Technology platform | $ | 6,237 | $ | (3,575 | ) | $ | 2,662 | ||||||
Core deposit premium | 3,200 | (1,638 | ) | 1,562 | |||||||||
Customer relationships | 2,613 | (1,024 | ) | 1,589 | |||||||||
Total intangible assets | $ | 12,050 | $ | (6,237 | ) | $ | 5,813 | ||||||
Amortization expense related to intangible assets was $2,108, $2,108 and $1,583 for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||
Future estimated amortization expense for intangible assets is as follows: | |||||||||||||
2015 | $ | 1,933 | |||||||||||
2016 | 776 | ||||||||||||
2017 | 451 | ||||||||||||
2018 | 261 | ||||||||||||
2019 | 261 | ||||||||||||
Thereafter | 23 | ||||||||||||
Total | $ | 3,705 | |||||||||||
Deposits
Deposits | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Deposits [Abstract] | |||||||||
Deposit Liabilities Disclosures [Text Block] | 13. Deposits | ||||||||
Deposits as of December 31, 2014 and 2013 are comprised of the following: | |||||||||
2014 | 2013 | ||||||||
Noninterest-bearing demand | $ | 984,703 | $ | 1,076,631 | |||||
Interest-bearing demand | 3,540,027 | 3,006,401 | |||||||
Market-based money market accounts | 374,856 | 413,137 | |||||||
Savings and money market accounts, excluding market-based | 5,136,031 | 5,110,992 | |||||||
Market-based time | 466,514 | 597,858 | |||||||
Time, excluding market-based | 5,006,566 | 3,056,321 | |||||||
Total deposits | $ | 15,508,697 | $ | 13,261,340 | |||||
Deposits are reported net of unamortized yield adjustments of $2,779 and $3,224 and unamortized options related to index-linked time deposits of $3,573 and $5,943 at December 31, 2014 and 2013, respectively. | |||||||||
Scheduled maturities of time deposits at December 31, 2014 are as follows: | |||||||||
2015 | $ | 3,602,696 | |||||||
2016 | 742,950 | ||||||||
2017 | 311,828 | ||||||||
2018 | 292,078 | ||||||||
2019 | 529,858 | ||||||||
2020 | 22 | ||||||||
Total | $ | 5,479,432 | |||||||
Scheduled maturities are reported at the contractual deposit amount, gross of unamortized yield adjustments and unamortized options related to index-linked time deposits. | |||||||||
Time deposits that are $100,000 and greater are $2,416,015 and $1,631,153 as of December 31, 2014 and 2013, respectively. | |||||||||
Index-linked Time Deposits | |||||||||
MarketSafe Certificates of Deposit (CDs)—EB’s deposit products include MarketSafe CDs with returns that are based upon a variety of reference indices, including commodities, foreign currency, precious metals and U.S. Treasury yields. These index-linked time deposits totaled $147,928 and $164,232 at December 31, 2014 and 2013, respectively. The general characteristics of all MarketSafe CDs include the following: | |||||||||
• | On the maturity date of each CD, a depositor will receive an amount equal to 100% of the original principal deposit (except upon an early withdrawal as described below) plus a supplemental payment based upon the performance of the underlying indices at specific points in time (the amount of the supplemental payment will never be a negative amount). | ||||||||
• | Each CD has a participation factor, which is a percentage of the upside index performance and which determines the return to the depositor on the maturity date. | ||||||||
• | Early withdrawals are not subject to principal protection or a guaranteed minimum annual percentage yield (APY), if any. EverBank will allow an early withdrawal only upon the death or adjudication of incompetence of the depositor, and penalties may apply. | ||||||||
• | Deposits are FDIC insured. | ||||||||
• | Terms have ranged from three to eight years. | ||||||||
Commodity Based CDs—During 2013 and 2014, EB had outstanding one commodity-based CD, the Diversified Commodities CD. The Diversified Commodities CD reference index is composed of ten equally weighted commodities (WTI crude oil, gold, silver, platinum, soybeans, corn, sugar, copper, nickel and lean hogs) and tied to spot pricing. Diversified Commodities CDs have a 100% participation factor, with a maximum market upside payment subject to a 10% cap and a -20% floor for the individual commodities. The Diversified Commodities CD product was first issued March 29, 2011 and all such CDs mature by June 21, 2016. | |||||||||
Foreign Currency Based CDs—During 2013 and 2014, EB had outstanding four foreign currency based CDs: Currency Returns, Emerging Markets, Evolving Economies and BRICS CDs. The Currency Returns CD reference index is the Deutsche Bank Currency Returns (DBCR) Index. The DBCR Index seeks to replicate three strategies (carry, momentum, and valuation) that are employed in the foreign currency market and combines them all into a single equally weighted index. Currency Returns CDs have a 100% participation factor. The Currency Returns CD product was first issued on September 28, 2010 and all such CDs matured by November 14, 2014. The Emerging Markets CD reference index is comprised of four equally weighted currencies: Columbian peso, Israeli shekel, South Korean won, and Turkish lira. Emerging Markets CDs have a 100% participation factor. The Emerging Markets CD product was first issued on September 24, 2012 and all such CDs mature by September 25, 2017. The Evolving Economies CD reference index is comprised of four equally weighted currencies: Columbian peso, Indian rupee, Mexican peso, and Turkish lira. Evolving Economies CDs have a participation factor equal to the greater of 15% or the performance of the Evolving Economies CD reference index. The Evolving Economies CD product was first issued on September 23, 2013 and all such CDs mature by October 19, 2018. The BRICS CD reference index is comprised of five equally weighted currencies: Brazilian real, Russian ruble, Indian rupee, Chinese renminbi and South African rand. BRICS CDs have a 100% participation factor. The BRICS CD product was first issued on October 27, 2014 and all such CDs mature by December 14, 2017. | |||||||||
Metals Based CDs—During 2013 and 2014, EB had outstanding four metals-based CDs: Gold Bullion, Silver Bullion, Diversified Metals and Timeless Metals CDs. The Gold Bullion and Silver Bullion CDs are tied to spot pricing and have a 100% participation factor. The Gold Bullion CD product was first issued on October 25, 2005 and all such CDs mature by June 17, 2015. The Silver Bullion CD product was first issued on August 28, 2007 and all such CDs mature by June 16, 2016. The Diversified Metals CD reference index is composed of three equally weighted precious metal commodities (gold, silver, and platinum) and tied to spot pricing. Diversified Metal CDs have a 100% participation factor, with a maximum market upside payment limited to 50% of the principal deposit. The Diversified Metals CD product was first issued on May 25, 2010 and all such CDs mature by August 17, 2015. The Timeless Metals CD reference index is comprised of five equally weighted metal commodities (gold, silver, platinum, copper and nickel) and tied to spot pricing. Timeless Metals CDs have a 100% participation factor, with a maximum market upside payment limited to 50% of the principal deposit. The Timeless Metals CD product was first issued on June 21, 2011 and all such CDs mature by August 30, 2016. | |||||||||
U.S. Treasury Yield Based CDs—During 2014, EB had outstanding one U.S. Treasury yield based CD, the Treasury CD. The Treasury CD reference index is the 10-year U.S. Treasury yield. Treasury CDs have a participation factor of 100% and have a leverage factor of 3.3. The Treasury CD product was first issued on June 23, 2014 and all such CDs mature by June 21, 2019. | |||||||||
Deposits Denominated in Foreign Currency | |||||||||
A summary of foreign currency denominated deposits at December 31, 2014 and 2013 is as follows: | |||||||||
2014 | 2013 | ||||||||
Noninterest-bearing demand | $ | 5,986 | $ | 3,060 | |||||
Money market accounts | 321,823 | 361,029 | |||||||
Time | 318,586 | 433,626 | |||||||
Total | $ | 646,395 | $ | 797,715 | |||||
A summary of foreign currency denominated deposits by currency at December 31, 2014 and 2013 is as follows: | |||||||||
2014 | 2013 | ||||||||
Australian Dollar | $ | 111,390 | $ | 148,970 | |||||
Chinese Renminbi | 88,408 | 99,992 | |||||||
Canadian Dollar | 68,644 | 89,491 | |||||||
Swiss Franc | 67,750 | 79,952 | |||||||
Norwegian Krone | 60,784 | 90,096 | |||||||
Euro | 47,654 | 53,121 | |||||||
Singapore Dollar | 46,397 | 55,865 | |||||||
New Zealand Dollar | 41,319 | 48,880 | |||||||
Brazilian Real | 38,367 | 46,525 | |||||||
Pound Sterling | 18,418 | 15,199 | |||||||
Other | 57,264 | 69,624 | |||||||
Total | $ | 646,395 | $ | 797,715 | |||||
Other_Borrowings_Notes
Other Borrowings (Notes) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Other Borrowings [Abstract] | ||||||||
Other Borrowings [Text Block] | 14. Other Borrowings | |||||||
Other borrowings at December 31, 2014 and 2013 are comprised of the following: | ||||||||
2014 | 2013 | |||||||
FHLB advances | $ | 4,004,000 | $ | 2,353,000 | ||||
Note payable | — | 24,000 | ||||||
Total | $ | 4,004,000 | $ | 2,377,000 | ||||
Advances from the FHLB at December 31, 2014 and 2013 are as follows: | ||||||||
2014 | 2013 | |||||||
Fixed-rate advances with a weighted-average interest rate of 1.17% and 1.60%, respectively | $ | 3,979,000 | $ | 2,353,000 | ||||
Floating-rate advance with an interest rate of 0.22% and 0.00%, respectively (1) | 25,000 | — | ||||||
Total | $ | 4,004,000 | $ | 2,353,000 | ||||
(1) The floating-rate advance interest rate resets on a quarterly basis, matures October 2034 and can be repaid in whole or in part on any quarterly interest payment date without prepayment penalty. | ||||||||
Contractual maturity dates for FHLB advances at December 31, 2014 are as follows: | ||||||||
2015 | $ | 2,357,000 | ||||||
2016 | 190,000 | |||||||
2017 | 380,000 | |||||||
2018 | 310,000 | |||||||
2019 | 80,000 | |||||||
Thereafter | 687,000 | |||||||
Total | $ | 4,004,000 | ||||||
At December 31, 2014 and 2013, the Company had an agreement with the Federal Home Loan Bank of Atlanta to borrow up to 35% of the Bank’s assets, subject to the lendable value of the assets pledged under the facility. The agreement requires a blanket floating lien on any of four loan categories: 1-4 family first mortgage loans, multifamily (5+ units) mortgage loans, home equity lines of credit and second mortgage loans, and commercial real estate loans. As of December 31, 2014 and 2013, all four loan categories were pledged to secure FHLB advances in a blanket floating lien. In addition, the Company also pledges certain investment securities from time to time to secure FHLB advances. | ||||||||
At December 31, 2014, the carrying amounts of loans and investment securities pledged to secure FHLB advances were $14,506,650 and $124,465, respectively. At December 31, 2013, the carrying amount of loans and investment securities pledged to secure FHLB advances were $11,115,085 and $120,931, respectively. The lendable value of assets pledged was $6,878,401 and $4,580,977 as of December 31, 2014 and 2013, respectively. Based on the lendable value of assets pledged, the Company was eligible to borrow an additional $2,767,944 and $2,167,727 at December 31, 2014 and 2013, respectively. | ||||||||
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 in unrealized losses previously recorded in accumulated other comprehensive income to other noninterest income. | ||||||||
In 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 was recorded in other noninterest income in the consolidated statements of income. | ||||||||
As of December 31, 2013, the note payable of $24,000 represents a noninterest-bearing promissory note payable to the FDIC. The note matured on December 31, 2014 with the full principal amount due at maturity. The note payable was issued as part of the December 2013 settlement of the FDIC clawback liability recorded as part of the Bank of Florida acquisition. | ||||||||
Interest expense on FHLB advances for the years ended December 31, 2014, 2013 and 2012 was $60,450, $68,214 and $44,879, respectively. |
Trust_Preferred_Securities
Trust Preferred Securities | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Trust Preferred Securities [Abstract] | |||||||||||
Subordinated Borrowings Disclosure [Text Block] | 15. Trust Preferred Securities | ||||||||||
As of December 31, 2014, the Company sponsored and wholly-owned 100% of the common equity of eight unconsolidated trusts that were formed for the purpose of issuing Company-obligated mandatorily redeemable preferred securities (“Trust Preferred Securities”) to third-party investors and investing the proceeds from the sale of the Trust Preferred Securities solely in junior subordinated debt securities of the Company (the “Debentures”). The Debentures held by the trusts, which totaled $103,750 at December 31, 2014 and 2013, are the sole assets of each trust. | |||||||||||
The Company’s obligations under the Debentures and related documents, taken together, constitute a full and unconditional guarantee by the Company of the obligations of the trusts. The guarantee covers the distributions and payments on liquidation or redemption of the Trust Preferred Securities, but only to the extent of funds held by the trusts. The Company has the right to redeem the Debentures in whole or in part, on or after specific dates, at a redemption price specified in the indentures plus any accrued but unpaid interest to the redemption date. | |||||||||||
Total interest expense on the Trust Preferred Securities for the years ended December 31, 2014, 2013 and 2012 is $6,598, $6,584 and $6,006, respectively. | |||||||||||
The terms of the outstanding Trust Preferred Securities at December 31, 2014 and 2013 are summarized as follows: | |||||||||||
Maturity | Dividend Rate | 2014 | 2013 | ||||||||
Jul-31 | 10.25% fixed | $ | 15,000 | $ | 15,000 | ||||||
Jul-31 | (1) | Three-month LIBOR, plus 3.58% (3.81% and 3.82%, respectively) | 15,000 | 15,000 | |||||||
Jan-35 | Three-month LIBOR, plus 1.99% (2.22% and 2.23%, respectively) | 10,000 | 10,000 | ||||||||
Aug-35 | Fixed at 6.40% to August 2015 (thereafter, three-month LIBOR, plus 1.80%) | 10,000 | 10,000 | ||||||||
Nov-35 | Fixed at 6.08% to November 2015 (thereafter, three-month LIBOR, plus 1.49%) | 10,000 | 10,000 | ||||||||
Dec-36 | Fixed at 6.74% to December 2016 (thereafter, three-month LIBOR, plus 1.74%) | 15,750 | 15,750 | ||||||||
Jun-37 | Three-month LIBOR, plus 1.70% (1.94% and 1.94%, respectively) | 15,000 | 15,000 | ||||||||
Sep-37 | Three-month LIBOR, plus 1.70% (1.94% and 1.94%, respectively) | 13,000 | 13,000 | ||||||||
Total | $ | 103,750 | $ | 103,750 | |||||||
(1) London Interbank Offered Rate | |||||||||||
For the first trust preferred security listed above (July 2031 maturity, 10.25% fixed, $15,000 principal amount outstanding), interest is payable semi-annually and may be deferred at any time at the election of the Company for up to 10 consecutive semiannual periods. For all other trust preferred securities listed above, interest is payable quarterly and may be deferred at any time at the election of the Company for up to 20 consecutive quarterly periods. During a deferral period, the Company is subject to certain restrictions, including being prohibited from declaring and paying dividends on its common stock or preferred stock. As of December 31, 2014, the Company had not elected to defer interest payments on any of its Trust Preferred Securities. |
Shareholders_Equity_Notes
Shareholders' Equity (Notes) | 12 Months Ended |
Dec. 31, 2014 | |
Shareholdersb Equity [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | 16. Shareholders’ Equity |
Series A 6.75% Non-Cumulative Perpetual Preferred Stock — The Series A 6.75% Non-Cumulative Perpetual Preferred Stock (Series A 6.75% Preferred Stock) has a par value $0.01 per share, has no stated maturity and a liquidation preference of $25.00 per depositary share, where one depositary share represents a 1/1,000th interest in a share of the Series A 6.75% Preferred Stock. Redemption is solely at the option of the Company in whole following a regulatory capital treatment event, as defined. In addition, the Series A 6.75% Preferred Stock may be redeemed in whole or in part on January 5, 2018 or any dividend payment date thereafter. Under current rules, any redemption of the Series A 6.75% Preferred Stock is subject to prior approval of the Federal Reserve Board, and it is not subject to any sinking fund or other obligations of the Company. | |
Dividends, if declared, will accrue and be payable on the liquidation preference amount, on a non-cumulative basis, and are payable in arrears at a rate of 6.75% per annum. As of December 31, 2014, no dividends were in arrears. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accumulated Other Comprehensive Income [Abstract] | |||||||||||||
Comprehensive Income (Loss) Note [Text Block] | 17. Accumulated Other Comprehensive Income (Loss) | ||||||||||||
AOCI for years ended December 31, 2014, 2013 and 2012 consists of the following: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Unrealized holding gains (losses) on debt securities: | |||||||||||||
Balance, beginning of year | $ | 6,978 | $ | 20,369 | $ | (16,197 | ) | ||||||
Reclassification of unrealized gains to earnings | (5,596 | ) | (4,225 | ) | — | ||||||||
Unrealized gains (losses) due to changes in fair value | (6,914 | ) | (18,304 | ) | 58,893 | ||||||||
OTTI loss (noncredit portion), net of accretion | 685 | 923 | — | ||||||||||
Tax effect | 4,494 | 8,215 | (22,327 | ) | |||||||||
Balance, end of year | (353 | ) | 6,978 | 20,369 | |||||||||
Fair market value of interest rate swaps: | |||||||||||||
Balance, beginning of year | (17,295 | ) | (65,191 | ) | (83,153 | ) | |||||||
Net unrealized gains (losses) due to changes in fair value | 5,268 | 77,269 | 28,803 | ||||||||||
Tax effect | (1,985 | ) | (29,373 | ) | (10,841 | ) | |||||||
Balance, end of year | (14,012 | ) | (17,295 | ) | (65,191 | ) | |||||||
Net loss on settlement of forward swaps: | |||||||||||||
Balance, beginning of year | (42,298 | ) | (41,962 | ) | (8,399 | ) | |||||||
Losses associated with current period transactions | (32,445 | ) | (53,226 | ) | (65,306 | ) | |||||||
Reclassification of net unrealized losses to earnings | 18,032 | 52,701 | 11,103 | ||||||||||
Tax effect | 5,479 | 189 | 20,640 | ||||||||||
Balance, end of year | (51,232 | ) | (42,298 | ) | (41,962 | ) | |||||||
Total accumulated other comprehensive income (loss) | $ | (65,597 | ) | $ | (52,615 | ) | $ | (86,784 | ) |
General_and_Administrative_Exp
General and Administrative Expense | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
General and Administrative Expense [Abstract] | |||||||||||||
General and Administrative Expense [Text Block] | 18. General and Administrative Expense | ||||||||||||
Components of general and administrative expenses for the years ended December 31, 2014, 2013 and 2012 are presented below: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Legal and professional fees, excluding consent order expense | $ | 31,555 | $ | 30,782 | $ | 45,655 | |||||||
Credit-related expenses: | |||||||||||||
Foreclosure and OREO expense | 25,534 | 34,051 | 54,385 | ||||||||||
Other credit-related expense | 2,189 | 15,792 | 29,490 | ||||||||||
FDIC premium assessment and other agency fees | 19,465 | 34,857 | 39,183 | ||||||||||
Advertising and marketing expense | 21,437 | 29,201 | 36,016 | ||||||||||
Subservicing expense | 9,871 | — | — | ||||||||||
Consent order expense | 4,597 | 72,339 | 24,657 | ||||||||||
Other | 53,845 | 68,473 | 77,991 | ||||||||||
Total | $ | 168,493 | $ | 285,495 | $ | 307,377 | |||||||
See Note 25 for a discussion of the consent order. |
Income_Taxes_Notes
Income Taxes (Notes) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Income Taxes [Abstract] | |||||||||||||||||||||
Income Taxes | 19. Income Taxes | ||||||||||||||||||||
The provision for income taxes for the years ended December 31, 2014, 2013 and 2012 consists of the following: | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Current: | |||||||||||||||||||||
Federal | $ | 8,098 | $ | (17,927 | ) | $ | 65,877 | ||||||||||||||
State | 5,786 | 694 | 7,495 | ||||||||||||||||||
Total current | 13,884 | (17,233 | ) | 73,372 | |||||||||||||||||
Deferred: | |||||||||||||||||||||
Federal | 72,063 | 92,041 | (26,854 | ) | |||||||||||||||||
State | 4,542 | 6,492 | (4,563 | ) | |||||||||||||||||
Total deferred | 76,605 | 98,533 | (31,417 | ) | |||||||||||||||||
Total income tax | $ | 90,489 | $ | 81,300 | $ | 41,955 | |||||||||||||||
The Company’s actual provision for income taxes differs from the expected federal income tax provision for the years ended December 31, 2014, 2013 and 2012, as follows: | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Amount | Rate | Amount | Rate | Amount | Rate | ||||||||||||||||
Tax computed at the federal statutory rate | $ | 83,500 | 35 | % | $ | 76,314 | 35 | % | $ | 40,599 | 35 | % | |||||||||
State income taxes, net of federal income tax effect | 6,742 | 2.83 | % | 4,539 | 2.08 | % | 1,991 | 1.72 | % | ||||||||||||
Other | 247 | 0.1 | % | 447 | 0.21 | % | (635 | ) | (0.55 | )% | |||||||||||
Provision for Income Taxes | $ | 90,489 | 37.93 | % | $ | 81,300 | 37.29 | % | $ | 41,955 | 36.17 | % | |||||||||
The components of the Company’s deferred tax assets and liabilities in the consolidated balance sheets as of December 31, 2014 and 2013 are as follows: | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Deferred tax assets | |||||||||||||||||||||
Federal net operating loss carryforwards | $ | 60,466 | $ | 68,024 | |||||||||||||||||
State net operating loss carryforwards | 6,115 | 9,471 | |||||||||||||||||||
Interest rate swaps | 39,995 | 36,503 | |||||||||||||||||||
Credit and other reserves | 60,291 | 39,588 | |||||||||||||||||||
Allowance for loan losses | 22,949 | 24,168 | |||||||||||||||||||
Purchase accounting | 26,979 | 33,919 | |||||||||||||||||||
Security and loan valuations | 9,598 | 5,743 | |||||||||||||||||||
Share-based compensation | 9,222 | 7,282 | |||||||||||||||||||
Nonaccrual interest on loans | 3,243 | 3,666 | |||||||||||||||||||
Available for sale securities | 216 | — | |||||||||||||||||||
Other | 13,571 | 21,264 | |||||||||||||||||||
Total deferred tax assets | 252,645 | 249,628 | |||||||||||||||||||
Valuation allowance | (3,616 | ) | (5,258 | ) | |||||||||||||||||
Total deferred tax assets, net of valuation allowance | 249,029 | 244,370 | |||||||||||||||||||
Deferred tax liabilities | |||||||||||||||||||||
Equipment leases | 140,305 | 66,071 | |||||||||||||||||||
Mortgage servicing rights | 84,977 | 80,678 | |||||||||||||||||||
Purchase accounting | 8,494 | 12,176 | |||||||||||||||||||
Available for sale securities | — | 4,279 | |||||||||||||||||||
Fixed assets | 7,126 | 7,481 | |||||||||||||||||||
Deferred tax gain | 1,123 | 2,246 | |||||||||||||||||||
Other | 24,248 | 20,064 | |||||||||||||||||||
Total deferred tax liabilities | 266,273 | 192,995 | |||||||||||||||||||
Net deferred tax assets (liabilities) | $ | (17,244 | ) | $ | 51,375 | ||||||||||||||||
Recognition of deferred tax assets is based on management’s belief that it is more likely than not the tax benefit associated with temporary differences, operating loss carryforwards and tax credit carryforwards will be utilized. A valuation allowance is recorded for those deferred tax assets for which it is more likely than not that realization will not occur. | |||||||||||||||||||||
At December 31, 2014, the Company had a deferred tax asset of $60,466 attributable to federal operating loss carryforwards. The federal operating loss carryforward, which should expire in 2030, is attributable to the Tygris acquisition and is subject to an annual limitation. A valuation allowance is not warranted for the federal operating loss carryforwards due to the Company’s positive earnings history. Additionally, any potential ownership changes should not have an impact on the utilization of the federal operating loss carryforwards. | |||||||||||||||||||||
At December 31, 2014, the Company had a gross deferred tax asset of $6,115 attributable to state operating loss carryforwards. Management does not believe that it can realize all of its state net operating loss carryforwards. Accordingly, a valuation allowance of $3,616 was established for state net operating loss carryforwards. | |||||||||||||||||||||
Deferred tax expense does not include the change in the Company’s net deferred tax assets associated with the tax effects of other comprehensive income adjustments. The Company’s net deferred tax assets increased $7,987 for other comprehensive income adjustments. | |||||||||||||||||||||
A reconciliation of the beginning and ending unrecognized tax benefits as of December 31, 2014, 2013 and 2012 is as follows: | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Balance, beginning of year | $ | 1,268 | $ | 2,727 | $ | 4,186 | |||||||||||||||
Additions for tax positions of prior years | 350 | — | — | ||||||||||||||||||
Reductions for tax positions of prior years | — | (305 | ) | (41 | ) | ||||||||||||||||
Reductions for lapse of statute of limitations | — | (1,154 | ) | (1,418 | ) | ||||||||||||||||
Balance, end of year | $ | 1,618 | $ | 1,268 | $ | 2,727 | |||||||||||||||
As of December 31, 2014, 2013 and 2012, the Company had unrecognized tax benefits of $1,618, $1,268, and $2,727, respectively. The balance of the unrecognized tax benefits, if recognized, that would reduce the effective tax rate was $1,052, $824 and $1,129, as of December 31, 2014, 2013, and 2012, respectively. Included in the unrecognized tax benefits balance are some items that would not impact the effective tax rate if recognized, such as the tax effect of temporary differences and the portion of the gross state unrecognized tax benefits that would be offset by the federal tax effect. It is reasonably possible that the unrecognized tax benefits balance will decline as much as $350 within the next twelve months. | |||||||||||||||||||||
The Company classifies interest and penalties on uncertain tax positions as a component of general and administrative expenses. The Company’s accrued interest and penalties on unrecognized tax benefits was $442 and $175 as of December 31, 2014 and 2013, respectively. Accrued interest and penalties are included in accounts payable and accrued liabilities in the Company’s consolidated balance sheets. | |||||||||||||||||||||
The Company is subject to periodic review by federal and state taxing authorities in the ordinary course of business. With few exceptions, the Company is no longer subject to examination by these taxing authorities for years prior to 2011. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2014 | |
Employee Benefit Plans [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | 20. Employee Benefit Plan |
The Company sponsors a defined contribution plan, adopted under Internal Revenue Code 401(k) (the Plan), covering substantially all full-time employees meeting certain eligibility requirements. During the year ended December 31, 2012 the Plan increased the employee contribution limit from 18% to 100%. Employees may contribute between 1% and 100% of their eligible pretax compensation to the Plan, subject to Internal Revenue Code 401(k) contribution limits. The Company matches, based on the employee's contribution, up to 4% of an employee’s eligible compensation contributed as an elective deferral. The Company recognized expense related to these contributions of $8,638, $8,987 and $6,372 during the years ended December 31, 2014, 2013 and 2012, respectively. | |
In addition, the Company may make profit-sharing contributions to the Plan at the discretion of the Board of Directors. During the years ended December 31, 2014, 2013 and 2012, the Company recognized expense related to the profit sharing contributions to the Plan of $4,000, $3,800 and $7,500, respectively. | |
Expenses related to 401(k) matching and profit-sharing contributions are included in salaries, commissions, and other employee benefits expense in the consolidated statements of income. |
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Share-based Compensation [Abstract] | ||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 21. Share-Based Compensation | |||||||||||||||||||||
The Company issues share-based compensation awards under the EverBank Financial Corp Equity Incentive Plan. These awards include stock options and nonvested stock. All awards granted are approved by the Compensation Committee of the Board of Directors. New common shares are issued from authorized and available shares. At December 31, 2014 a total of 13,425,186 shares were available for future grants. The Company’s compensation expense and its related income tax benefit are as follows: | ||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||
Share-based compensation expense recorded in salaries, commissions and other employee benefits expense | $ | 6,605 | $ | 4,455 | $ | 3,993 | ||||||||||||||||
Share-based compensation expense recorded in general and administrative expense | 435 | 324 | 259 | |||||||||||||||||||
Income tax benefit | 2,675 | 1,816 | 1,616 | |||||||||||||||||||
Option Plans — The Company issues stock options under the EverBank Financial Corp Equity Incentive Plan. These options allow certain employees of the Company and other subsidiaries to purchase shares of common stock as an incentive for continued performance. | ||||||||||||||||||||||
The fair value of options, as determined by the Black-Scholes option-pricing model, is recognized as compensation expense on a straight-line basis over the vesting period. In determining compensation expense, the Company evaluates annual forfeiture rates for stock options based on historical experience. Compensation cost not yet recognized for nonvested options was $6,779 at December 31, 2014 and is expected to be recognized over a weighted average period of 1.5 years. | ||||||||||||||||||||||
Significant assumptions used in the Black-Scholes option-pricing model to determine the fair value of stock options are as follows: | ||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||
Risk-free interest rate | 2.04 | % | - | 2.16% | 1.52 | % | - | 1.76% | 1.52 | % | - | 1.93% | ||||||||||
Expected volatility | 35.00% | 38.93% | 25.42% | |||||||||||||||||||
Expected term (years) | 6.5 | 9.1 | 8.8 | |||||||||||||||||||
Dividend yield | 0.86% | 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 determined using the simplified approach, which is based on the vesting and contractual terms of the options.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 weekly price observations over the estimated term of the options granted. | ||||||||||||||||||||||
Options vest over various periods, generally one to five years, and terms range from five to 10 years. Based on historical experience and the characteristics of the grantee, the Company uses estimated forfeiture rates that range from 0% to 20% over the term of the options. Amounts included in compensation expense reflect the fair value of the underlying options as of the grant date multiplied by the number of options expected to vest, accrued on a straight-line basis over the applicable vesting period. | ||||||||||||||||||||||
A summary of the Company’s stock option activity for the year ended December 31, 2014, is as follows: | ||||||||||||||||||||||
Options | Weighted- | Weighted-Average | Aggregate | |||||||||||||||||||
Average | Remaining | Intrinsic | ||||||||||||||||||||
Exercise Price | Contractual Term | Value | ||||||||||||||||||||
in Years | ||||||||||||||||||||||
Outstanding, beginning of year | 10,319,883 | $ | 12.35 | |||||||||||||||||||
Granted | 679,700 | 18.61 | ||||||||||||||||||||
Exercised | (958,026 | ) | 7.87 | $ | 10,499 | |||||||||||||||||
Forfeited | (235,048 | ) | 15.03 | |||||||||||||||||||
Expired | (143,139 | ) | 15.72 | |||||||||||||||||||
Outstanding, end of year | 9,663,370 | $ | 13.12 | 4.8 | $ | 57,390 | ||||||||||||||||
Options exercisable at year end | 6,583,310 | $ | 11.87 | 3.7 | $ | 47,317 | ||||||||||||||||
Options vested and expected to vest | 9,274,875 | $ | 13 | 4.7 | $ | 36,174 | ||||||||||||||||
The following table provides additional information related to options awarded and options exercised for the years ended December 31, 2014, 2013 and 2012: | ||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||
Options awarded | 679,700 | 540,292 | 774,960 | |||||||||||||||||||
Weighted-average grant date fair value of options awarded | $ | 6.51 | $ | 7.53 | $ | 6.98 | ||||||||||||||||
Options exercised | 958,026 | 1,557,750 | 649,200 | |||||||||||||||||||
Total intrinsic value of options exercised | $ | 10,499 | $ | 11,232 | $ | 5,633 | ||||||||||||||||
Cash received upon exercise of options | $ | 7,537 | $ | 12,694 | $ | 2,874 | ||||||||||||||||
Tax benefits realized upon exercise of options | $ | 3,710 | $ | 3,349 | $ | 1,950 | ||||||||||||||||
Nonvested Stock — The Company issues nonvested shares of stock to certain employees as an incentive for continued employment and certain directors in lieu of cash payouts for compensation. The shares generally vest based on future service with the Company. Compensation expense is based on the estimated fair value of the shares at the date of issuance and is recognized on a straight-line basis over the applicable vesting schedule. Compensation expense not yet recognized for nonvested stock was $5,487 at December 31, 2014 and is expected to be recognized over a weighted-average period of 1.8 years. | ||||||||||||||||||||||
A summary of the Company’s nonvested stock activity for the years ended December 31, 2014, 2013 and 2012 is as follows: | ||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||
Nonvested | Weighted- | Nonvested | Weighted- | Nonvested | Weighted- | |||||||||||||||||
Stock | Average | Stock | Average | Stock | Average | |||||||||||||||||
Grant Date | Grant Date | Grant Date | ||||||||||||||||||||
Fair Value | Fair Value | Fair Value | ||||||||||||||||||||
Outstanding, beginning of year | 372,607 | $ | 15 | 163,735 | $ | 9.71 | 470,605 | $ | 7.52 | |||||||||||||
Issued | 268,678 | 18.14 | 296,242 | 16.48 | 62,100 | 13.41 | ||||||||||||||||
Vested | (94,708 | ) | 11.89 | (80,610 | ) | 9.55 | (368,970 | ) | 7.5 | |||||||||||||
Forfeited | (29,548 | ) | 15.36 | (6,760 | ) | 16.71 | — | — | ||||||||||||||
Outstanding, end of year | 517,029 | $ | 17.18 | 372,607 | $ | 15 | 163,735 | $ | 9.71 | |||||||||||||
Earnings_Per_Share_Notes
Earnings Per Share (Notes) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Earnings Per Share | 22. Earnings Per Share | |||||||||||
The following table sets forth the computation of basic and diluted earnings per common share for the years ended December 31, 2014, 2013 and 2012: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Net income | $ | 148,082 | $ | 136,740 | $ | 74,042 | ||||||
Less dividends on preferred stock | (10,125 | ) | (10,125 | ) | (7,046 | ) | ||||||
Less undistributed net income allocated to participating preferred stock | — | — | (3,678 | ) | ||||||||
Net income allocated to common shareholders | $ | 137,957 | $ | 126,615 | $ | 63,318 | ||||||
(Units in Thousands) | ||||||||||||
Average common shares outstanding | 122,940 | 122,245 | 104,014 | |||||||||
Common share equivalents: | ||||||||||||
Stock options | 2,240 | 1,616 | 1,663 | |||||||||
Nonvested stock | 178 | 88 | 274 | |||||||||
Average common shares outstanding, assuming dilution | 125,358 | 123,949 | 105,951 | |||||||||
Basic earnings per share | $ | 1.12 | $ | 1.04 | $ | 0.61 | ||||||
Diluted earnings per share | $ | 1.1 | $ | 1.02 | $ | 0.6 | ||||||
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 Preferred Stock, which was paid on June 19, 2012. In addition, the Company included the Series A 6% Preferred Stock and Series B Preferred Stock as a participating security through the date of conversion and upon conversion, the Company has included the converted common 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 December 31, 2014, 2013 and 2012 are as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Stock Options | 1,169,575 | 3,800,027 | 5,648,587 | |||||||||
Derivative_Financial_Instrumen
Derivative Financial Instruments (Notes) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Derivative Financial Instruments [Abstract] | ||||||||||||
Derivative Financial Instruments | 23. 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 24. The total notional or contractual amounts and fair values as of December 31, 2014 and 2013 are as follows: | ||||||||||||
Fair Value | ||||||||||||
Notional | Asset | Liability | ||||||||||
Amount | Derivatives | Derivatives | ||||||||||
2014 | ||||||||||||
Qualifying hedge contracts accounted for under Accounting Standards Codification (ASC) 815, Derivatives and Hedging | ||||||||||||
Cash flow hedges: | ||||||||||||
Forward interest rate swaps | $ | 578,000 | $ | — | $ | 22,601 | ||||||
Derivatives not designated as hedging instruments under ASC 815, Derivatives and Hedging | ||||||||||||
Freestanding derivatives: | ||||||||||||
IRLCs | 592,378 | 10,544 | 340 | |||||||||
Forward and optional forward purchase and sale commitments | 1,235,905 | 425 | 7,037 | |||||||||
Interest rate swaps and futures | 503,335 | — | 483 | |||||||||
Foreign exchange contracts | 656,476 | 792 | 17,604 | |||||||||
Foreign currency, commodity, metals and U.S. treasury yield indexed options | 152,880 | 6,127 | — | |||||||||
Options embedded in client deposits | 151,500 | — | 6,034 | |||||||||
Indemnification assets | 101,623 | 6,658 | — | |||||||||
Total freestanding derivatives | 24,546 | 31,498 | ||||||||||
Netting and cash collateral adjustments (1) | (5,737 | ) | (46,917 | ) | ||||||||
Total derivatives | $ | 18,809 | $ | 7,182 | ||||||||
Fair Value | ||||||||||||
Notional | Asset | Liability | ||||||||||
Amount | Derivatives | Derivatives | ||||||||||
2013 | ||||||||||||
Qualifying hedge contracts accounted for under ASC 815, Derivatives and Hedging | ||||||||||||
Cash flow hedges: | ||||||||||||
Forward interest rate swaps | $ | 253,000 | $ | — | $ | 27,897 | ||||||
Derivatives not designated as hedging instruments under ASC 815, Derivatives and Hedging | ||||||||||||
Freestanding derivatives: | ||||||||||||
IRLCs | 590,020 | 896 | 2,566 | |||||||||
Forward and optional forward purchase and sale commitments | 1,001,489 | 12,228 | 2,948 | |||||||||
Interest rate swaps and futures | 75,239 | — | 347 | |||||||||
Foreign exchange contracts | 807,732 | 4,073 | 14,318 | |||||||||
Foreign currency, commodity and metals indexed options | 171,405 | 7,719 | — | |||||||||
Options embedded in client deposits | 170,176 | — | 7,689 | |||||||||
Indemnification assets | 147,897 | 7,531 | — | |||||||||
Total freestanding derivatives | 32,447 | 27,868 | ||||||||||
Netting and cash collateral adjustments (1) | (4,277 | ) | (40,367 | ) | ||||||||
Total derivatives | $ | 28,170 | $ | 15,398 | ||||||||
-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 December 31, 2014 and 2013 include derivative positions netted totaling $3,437 and $1,763, respectively. | |||||||||||
Cash Flow Hedges | ||||||||||||
As of December 31, 2014, AOCI included $17,229 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 20 years. | ||||||||||||
Freestanding Derivatives | ||||||||||||
The following table shows the net losses recognized for the years ended December 31, 2014, 2013 and 2012 in the 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 noninterest income, except for the indemnification assets which are recognized in general and administrative expense. | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Gains (losses) on interest rate contracts (1) | $ | (60,915 | ) | $ | 86,772 | $ | (118,875 | ) | ||||
Gains (losses) on indemnification assets (2) | (874 | ) | (1,561 | ) | 552 | |||||||
Other | (32 | ) | (172 | ) | 316 | |||||||
Total | $ | (61,821 | ) | $ | 85,039 | $ | (118,007 | ) | ||||
-1 | Interest rate contracts include interest rate lock commitments, forward and optional forward purchase and sales commitments, and interest rate swaps and futures. | |||||||||||
(2) Refer to Note 24 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 U.S. treasury yield 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 December 31, 2014 and 2013 was $47,725 and $42,562, 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 December 31, 2014 and 2013, $43,480 and $42,130, respectively, in collateral was netted against liability derivative positions subject to master netting agreements. As of December 31, 2014 and 2013, $79,296 and $48,500 respectively, of collateral was posted for derivatives with credit risk contingent features. | ||||||||||||
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 December 31, 2014 and 2013, $2,300 and $6,040, respectively, in collateral was netted against asset derivative positions subject to master netting agreements, which represented all collateral from the Company's counterparties. Counterparty credit risk related to derivatives is considered in determining fair value. |
Fair_Value_Measurements_Notes
Fair Value Measurements (Notes) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Fair Value Measurements [Abstract] | ||||||||||||||||||||
Fair Value Measurements | 24. 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 December 31, 2014 and 2013, 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: | ||||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Netting | Total | ||||||||||||||||
2014 | ||||||||||||||||||||
Financial assets: | ||||||||||||||||||||
Available for sale securities: | ||||||||||||||||||||
Residential CMO securities - nonagency | $ | — | $ | 774,235 | $ | — | $ | 774,235 | ||||||||||||
Asset-backed securities | — | 1,395 | — | 1,395 | ||||||||||||||||
Other | 470 | 211 | — | 681 | ||||||||||||||||
Total available for sale securities | 470 | 775,841 | — | 776,311 | ||||||||||||||||
Loans held for sale | — | 410,948 | 317,430 | 728,378 | ||||||||||||||||
Derivative financial instruments: | ||||||||||||||||||||
Derivative assets (Note 23) | — | (1) | 7,344 | 17,202 | (5,737 | ) | 18,809 | |||||||||||||
Derivative liabilities (Note 23) | — | 53,759 | 340 | (46,917 | ) | 7,182 | ||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Netting | Total | ||||||||||||||||
2013 | ||||||||||||||||||||
Financial assets: | ||||||||||||||||||||
Available for sale securities: | ||||||||||||||||||||
Residential CMO securities - nonagency | $ | — | $ | 1,109,271 | $ | — | $ | 1,109,271 | ||||||||||||
Asset-backed securities | — | 3,086 | — | 3,086 | ||||||||||||||||
Other | 399 | 2,871 | — | 3,270 | ||||||||||||||||
Total available for sale securities | 399 | 1,115,228 | — | 1,115,627 | ||||||||||||||||
Loans held for sale | — | 613,459 | 58,912 | 672,371 | ||||||||||||||||
Derivative financial instruments: | ||||||||||||||||||||
Derivative assets (Note 23) | — | 24,020 | 8,427 | (4,277 | ) | 28,170 | ||||||||||||||
Derivative liabilities (Note 23) | — | 53,199 | 2,566 | (40,367 | ) | 15,398 | ||||||||||||||
-1 | Level 1 derivative assets include interest rate swap futures. These futures are settled on a daily basis between the counterparty and the Company, resulting in the Company holding an outstanding notional balance and a zero derivative balance. See Note 23 for additional information regarding the interest rate future. | |||||||||||||||||||
Changes in assets and liabilities measured at level 3 fair value on a recurring basis for the years ended December 31, 2014, 2013 and 2012 are as follows: | ||||||||||||||||||||
Loans | FDIC Clawback | Freestanding | ||||||||||||||||||
Held | Liability (2) | Derivatives (3) | ||||||||||||||||||
for Sale (1) | ||||||||||||||||||||
2014 | ||||||||||||||||||||
Balance, beginning of period | $ | 58,912 | $ | — | $ | 5,861 | ||||||||||||||
Issuances | 890,521 | — | 70,468 | |||||||||||||||||
Sales | (603,294 | ) | — | — | ||||||||||||||||
Settlements | (36,109 | ) | — | (92,363 | ) | |||||||||||||||
Gains (losses) included in earnings for the period | 7,400 | — | 32,896 | |||||||||||||||||
Balance, end of period | $ | 317,430 | $ | — | $ | 16,862 | ||||||||||||||
Change in unrealized net gains (losses) included in net income related to assets and liabilities still held as of December 31, 2014 | $ | 1,270 | $ | — | $ | 11,000 | ||||||||||||||
2013 | ||||||||||||||||||||
Balance, beginning of period | $ | — | $ | (50,720 | ) | $ | 9,092 | |||||||||||||
Issuances | 518,569 | — | 171,042 | |||||||||||||||||
Transfers into level 3 | — | — | 6,628 | |||||||||||||||||
Sales | (444,415 | ) | — | — | ||||||||||||||||
Settlements | (7,410 | ) | 48,000 | (112,993 | ) | |||||||||||||||
Gains (losses) included in earnings for the period | (7,832 | ) | 2,720 | (67,908 | ) | |||||||||||||||
Balance, end of period | $ | 58,912 | $ | — | $ | 5,861 | ||||||||||||||
Change in unrealized net gains (losses) included in net income related to assets and liabilities still held as of December 31, 2013 | $ | (529 | ) | — | $ | (9,859 | ) | |||||||||||||
2012 | ||||||||||||||||||||
Balance, beginning of period | $ | 15,462 | $ | (43,317 | ) | $ | 8,540 | |||||||||||||
Settlements | (623 | ) | — | — | ||||||||||||||||
Transfers out of level 3 | (14,946 | ) | — | — | ||||||||||||||||
Gains (losses) included in earnings for the period | 107 | (7,403 | ) | 552 | ||||||||||||||||
Balance, end of period | $ | — | $ | (50,720 | ) | $ | 9,092 | |||||||||||||
Change in unrealized net gains (losses) included in net income related to assets and liabilities still held as of December 31, 2012 | $ | 107 | $ | (7,403 | ) | $ | 552 | |||||||||||||
-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 December 31, 2014 and 2013: | ||||||||||||||||||||
Level 3 Assets | Fair | Valuation Technique | Unobservable Inputs | Significant Unobservable | ||||||||||||||||
Value | Input Value | |||||||||||||||||||
2014 | Min. | Max. | Weighted | |||||||||||||||||
Avg. | ||||||||||||||||||||
Indemnification asset | $ | 6,658 | Discounted cash flow | Discount Rate | 4.35 | % | - | 4.35% | 4.35% | |||||||||||
Reinstatement rate | 5.35 | % | - | 70.23% | 31.14% | (1) | ||||||||||||||
Loss duration (in months) | 18 | - | 90 | 44 | (1) | |||||||||||||||
Loss severity | (1.77 | )% | - | 16.15% | 7.84% | (1) | ||||||||||||||
IRLCs, net | $ | 10,204 | Discounted cash flow | Loan closing ratio | 0 | % | - | 99.00% | 74.73% | (2) | ||||||||||
Loans held for sale | $ | 317,430 | Discounted cash flow | Cost of funds | 2.07 | % | - | 2.91% | 2.58% | |||||||||||
Prepayment rate | 5.87 | % | - | 23.77% | 14.17% | |||||||||||||||
Default rate | 0 | % | - | 2.36% | 0.34% | |||||||||||||||
Weighted average life (in years) | 3.39 | - | 9 | 5.62 | ||||||||||||||||
Cumulative loss | 0 | % | - | 0.43% | 0.05% | |||||||||||||||
Loss severity | 2.05 | % | - | 21.70% | 11.68% | |||||||||||||||
2013 | ||||||||||||||||||||
Indemnification asset | $ | 7,531 | Discounted cash flow | Discount rate | 4.35 | % | - | 4.35% | 4.35% | |||||||||||
Reinstatement rate | 0 | % | - | 68.98% | 23.61% | (1) | ||||||||||||||
Loss duration (in months) | 9 | - | 100 | 36 | (1) | |||||||||||||||
Loss severity | (4.96 | )% | - | 19.70% | 6.54% | (1) | ||||||||||||||
IRLCs, net | $ | (1,670 | ) | Discounted cash flow | Loan closing ratio | 0 | % | - | 99.00% | 79.74% | (2) | |||||||||
Loans held for sale | $ | 58,912 | Discounted cash flow | Cost of funds | 2.81 | % | - | 3.75% | 3.45% | |||||||||||
Prepayment rate | 4.68 | % | - | 14.78% | 7.58% | |||||||||||||||
Default rate | 0 | % | - | 2.25% | 0.18% | |||||||||||||||
Weighted average life (in years) | 5.05 | - | 10.74 | 8.25 | ||||||||||||||||
Cumulative loss | 0 | % | - | 0.61% | 0.04% | |||||||||||||||
Loss severity | 0 | % | - | 27.20% | 19.68% | |||||||||||||||
-1 | The range represents the sum of the highest and lowest values for all tranches that are used in our valuation process. | |||||||||||||||||||
-2 | 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. | |||||||||||||||||||
Loans Held for Sale Accounted for under the Fair Value Option | ||||||||||||||||||||
The following table includes information on loans held for sale reported under the fair value option at December 31, 2014 and 2013: | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Fair value carrying amount | $ | 728,378 | $ | 672,371 | ||||||||||||||||
Aggregate unpaid principal balance | 704,835 | 659,592 | ||||||||||||||||||
Fair value carrying amount less aggregate unpaid principal | $ | 23,543 | $ | 12,779 | ||||||||||||||||
No loans recorded under the fair value option were 90 days or more past due or on nonaccrual status at December 31, 2014 or 2013. | ||||||||||||||||||||
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 gain from initial measurement of loans accounted for under the fair value option and subsequent changes in fair value for loans outstanding were $22,609, $13,191 and $433,620 for the years ended December 31, 2014, 2013 and 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 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 December 31, 2014 and 2013 and related change in fair value are as follows: | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Loss (Gain) Due to Change in Fair Value | ||||||||||||||||
2014 | ||||||||||||||||||||
Collateral-dependent loans | $ | — | $ | — | $ | 11,282 | $ | 11,282 | $ | 720 | ||||||||||
Other real estate owned (1) | — | — | 10,207 | 10,207 | 3,107 | |||||||||||||||
Mortgage servicing rights (2) | — | — | 59,731 | 59,731 | (8,012 | ) | ||||||||||||||
Loans held for sale | — | — | 1,140 | 1,140 | (186 | ) | ||||||||||||||
2013 | ||||||||||||||||||||
Collateral-dependent loans | $ | — | $ | — | $ | 907 | $ | 907 | $ | 248 | ||||||||||
Other real estate owned (1) | — | — | 7,009 | 7,009 | 2,008 | |||||||||||||||
Mortgage servicing rights (2) | — | — | 448,925 | 448,925 | (94,951 | ) | ||||||||||||||
Loans held for sale | — | — | 9,123 | 9,123 | 424 | |||||||||||||||
-1 | Gains and losses resulting from subsequent measurement of OREO is included in the consolidated statements of income as general and administrative expense. OREO is included in other assets in the consolidated balance sheets. | |||||||||||||||||||
-2 | The fair value for mortgage servicing rights represents the value of the impaired 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 December 31, 2014 and 2013: | ||||||||||||||||||||
Level 3 Fair Value Measurement | Fair | Valuation Technique | Unobservable Inputs | Significant Unobservable | ||||||||||||||||
Value | Input Value | |||||||||||||||||||
2014 | Min. | Max. | Weighted Avg. | |||||||||||||||||
Collateral-dependent loans | $ | 11,282 | Appraisal value | Appraisal value | NM | - | NM | N/A | (1) | |||||||||||
Other real estate owned | $ | 10,207 | Appraisal value | Appraisal value | NM | - | NM | N/A | (1) | |||||||||||
Mortgage servicing rights | $ | 59,731 | Discounted cash flow | Prepayment speed | 13.16 | % | - | 17.30% | 14.66% | (2) | ||||||||||
Discount rate | 9.74 | % | - | 9.81% | 9.77% | (3) | ||||||||||||||
Loans held for sale | $ | 1,140 | Discounted cash flow | Cost of funds | 0.86 | % | - | 2.72% | 2.49% | |||||||||||
Prepayment rate | 7 | % | - | 13.70% | 11.11% | |||||||||||||||
Default rate | 0 | % | - | 100.00% | 28.56% | |||||||||||||||
Weighted average life (in years) | 4.92 | - | 9.35 | 6.69 | ||||||||||||||||
Cumulative loss | 0 | % | - | 41.91% | 5.51% | |||||||||||||||
Loss severity | 0 | % | - | 46.13% | 24.98% | |||||||||||||||
2013 | ||||||||||||||||||||
Collateral-dependent loans | $ | 907 | Appraisal value | Appraisal value | NM | - | NM | N/A | (1) | |||||||||||
Other real estate owned | $ | 7,009 | Appraisal value | Appraisal value | NM | - | NM | N/A | (1) | |||||||||||
Mortgage servicing rights | $ | 448,925 | Discounted cash flow | Prepayment speed | 10.93 | % | - | 24.57% | 14.28% | (2) | ||||||||||
Discount rate | 9.55 | % | - | 9.72% | 9.59% | (3) | ||||||||||||||
Loans held for sale | $ | 9,123 | Discounted cash flow | Cost of funds | 2.81 | % | - | 3.75% | 3.45% | |||||||||||
Prepayment rate | 4.68 | % | - | 14.78% | 7.58% | |||||||||||||||
Default rate | 0 | % | - | 2.25% | 0.18% | |||||||||||||||
Weighted average life (in years) | 5.05 | - | 10.74 | 8.25 | ||||||||||||||||
Cumulative loss | 0 | % | - | 0.61% | 0.04% | |||||||||||||||
Loss severity | 0 | % | - | 27.20% | 19.68% | |||||||||||||||
-1 | NM - Not Meaningful or N/A - Not Applicable | |||||||||||||||||||
-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. | |||||||||||||||||||
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 December 31, 2014 and 2013. This table excludes financial instruments with a short term or no stated maturity, prevailing market rates and limited credit risk, and where carrying amounts approximate fair value. For financial assets such as cash and due from banks, interest-bearing deposits in 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. | ||||||||||||||||||||
2014 | ||||||||||||||||||||
Carrying | Estimated | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Amount | Fair Value | |||||||||||||||||||
Financial assets: | ||||||||||||||||||||
Investment securities: | ||||||||||||||||||||
Held to maturity | $ | 115,084 | $ | 118,230 | $ | — | $ | 118,230 | $ | — | ||||||||||
Loans held for sale (1) | 245,129 | 245,330 | — | 9,001 | 236,329 | |||||||||||||||
Loans held for investment (2) | 16,178,989 | 16,436,610 | — | — | 16,436,610 | |||||||||||||||
Financial liabilities: | ||||||||||||||||||||
Time deposits | $ | 5,473,080 | $ | 5,503,993 | $ | — | $ | 5,503,993 | $ | — | ||||||||||
Other borrowings | 4,004,000 | 4,016,937 | — | 4,016,937 | — | |||||||||||||||
Trust preferred securities | 103,750 | 93,186 | — | — | 93,186 | |||||||||||||||
2013 | ||||||||||||||||||||
Carrying | Estimated | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Amount | Fair Value | |||||||||||||||||||
Financial assets: | ||||||||||||||||||||
Investment securities: | ||||||||||||||||||||
Held to maturity | $ | 107,312 | $ | 107,921 | $ | — | $ | 107,921 | $ | — | ||||||||||
Loans held for sale (1) | 119,011 | 121,092 | — | 49,619 | 71,473 | |||||||||||||||
Loans held for investment (2) | 12,153,835 | 12,266,499 | — | — | 12,266,499 | |||||||||||||||
Financial liabilities: | ||||||||||||||||||||
Time Deposits | $ | 3,654,179 | $ | 3,680,868 | $ | — | $ | 3,680,868 | $ | — | ||||||||||
Other borrowings | 2,377,000 | 2,353,858 | — | 2,353,858 | — | |||||||||||||||
Trust preferred securities | 103,750 | 86,220 | — | — | 86,220 | |||||||||||||||
-1 | The carrying value of loans held for sale excludes $728,378 and $672,371 in loans measured at fair value on a recurring basis as of December 31, 2014 and 2013, respectively. | |||||||||||||||||||
-2 | The carrying value of loans held for investment is net of the allowance for loan loss of $52,197 and $59,417 as of December 31, 2014 and 2013, respectively. In addition, the carrying values exclude $1,520,418 and $1,035,199 of lease financing receivables within our equipment financing receivables portfolio as of December 31, 2014 and 2013, respectively. | |||||||||||||||||||
Fair Value Measurement and Disclosure Valuation Methodology | ||||||||||||||||||||
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 — Within our other available for sale securities portfolio, the Company holds equity securities which are valued using quoted market prices for identical equity securities in the market and are therefore classified within level 1 of the valuation hierarchy. The remaining investment portfolio uses fair values which 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 and therefore classified within level 2 of the fair value hierarchy. 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 in 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 December 31, 2014 and 2013, management did not make any adjustments to the prices provided by the third party pricing service as a result of illiquid or inactive markets. | ||||||||||||||||||||
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 including product type, pricing features and loan maturity dates and economic assumptions including prepayment estimates and discount rates based on prices currently offered in secondary markets for similar loans. Certain conforming residential mortgage loans carried at the lower of cost or market are valued using market observable pricing inputs, which are derived from third party loan sales and securitizations and, therefore, are classified within level 2 of the valuation hierarchy. Fair values for those non-conforming residential mortgage loans and commercial and commercial real estate loans carried at lower of cost or market were derived from models using characteristics of the loans including product type, pricing features and loan maturity dates and economic assumptions including prepayment estimates, discount rates and estimated credit losses and, therefore, are classified within level 3 of the valuation hierarchy. The Company estimates the fair value of 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. Significant increases (decreases) in any of those assumptions in isolation could result in a significantly lower (higher) fair value measurement. | ||||||||||||||||||||
Loans Held for Investment — Fair value of loans held for investment is derived using a discounted cash flow approach which includes an evaluation of the collateral, and underlying loan characteristics. The valuation model uses loan characteristics which includes product type, maturity dates, credit profile of the loans, and the underlying interest rate of the portfolio. This information is input into the valuation models along with various forecast valuation assumptions including credit loss assumptions, servicing cost (if any), prepayment forecasts, and risk adjusted capital to determine the discount rate. These assumptions are derived from internal and third party databases. Noting the valuation is derived from model-based techniques, the Company includes loans held for investment within level 3 of the valuation hierarchy. | ||||||||||||||||||||
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. Impaired loans carried at fair value generally receive specific allocations within the allowance for loan and lease losses. For collateral-dependent loans, fair value is commonly based on recent real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. 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 in which a new appraisal is expected in the next quarter, the appraisal is reviewed by an officer and an adjustment is 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. | ||||||||||||||||||||
Other Real Estate Owned — Foreclosed assets are carried at the lower of cost or fair value (less estimated costs to sell). Fair value is generally based upon appraisals or independent market prices that are periodically updated subsequent to classification as OREO. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. 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 commercial properties are usually significant and typically result in a level 3 classification of the inputs for determining fair value. Appraisals for 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. 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. | ||||||||||||||||||||
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, impairment is recorded on that stratum so that the servicing asset is carried at fair value. In addition, a third-party valuation is obtained quarterly. The servicing portfolio has been 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 valuation hierarchy. 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, and adjusted as necessary. | ||||||||||||||||||||
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 and therefore are classified within level 2 of the valuation hierarchy. | ||||||||||||||||||||
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 and therefore classified as level 2 within the valuation hierarchy. | ||||||||||||||||||||
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 valuation hierarchy. | ||||||||||||||||||||
Interest Rate Swaps, Forward Interest Rate Swaps and Interest Rate Swap Futures — The fair value of interest rate swaps and forward interest rate swaps are determined by a third party using a derivative valuation model. The inputs used in the valuation model are based on contract terms which primarily include start and end swap dates, swap coupon, interest rate curve and notional amounts, and other standard methodologies which are obtained from similar instruments in active markets and, therefore, are classified within level 2 of the valuation hierarchy. See Note 23 for additional information on fair value and cash flow hedges. | ||||||||||||||||||||
The fair value of interest rate swap futures is determined based upon quotes provided by the Chicago Mercantile Exchange on which these instruments are traded. As such quotes represent valuations for identical instruments in active markets they are classified within level 1 of the valuation hierarchy. Such pricing is utilized for both active trading and daily settlement of pricing adjustments on outstanding positions. As these pricing adjustments are settled daily between the exchange and the Company, the result as of the balance sheet date is that the Company holds interest futures with an outstanding notional and a level 1 fair value of zero. | ||||||||||||||||||||
Interest Rate Lock Commitments — 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 significant unobservable inputs used in the fair value measurement of IRLCs is the closing ratio, which represents management's estimate of the percentage of loans currently in a lock position which will ultimately close. 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 periodically reviewed by the secondary marketing group for reasonableness and therefore IRLCs are classified within level 3 of the valuation hierarchy. 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. | ||||||||||||||||||||
Forward Sales Commitments and Optional Forward Purchase and Sales Commitments — The fair value of forward sales and optional forward purchase and sales commitments is determined based upon the difference between the settlement values of the commitments and the quoted market values of the securities, which can be quoted using similar instruments in the active market and therefore are classified within level 2 of the valuation hierarchy. | ||||||||||||||||||||
Foreign Exchange Contracts —Fair values of foreign exchange contracts are based on quoted prices for each foreign currency at the balance sheet date. The quoted prices are for similar instruments and therefore, these contracts are classified as level 2 of the valuation hierarchy. | ||||||||||||||||||||
Options and Options Embedded in Client Deposits—For options and embedded options in client deposits, the fair value is determined by obtaining market or dealer quotes for instruments with similar characteristics in active markets and therefore both options and options embedded in client deposits are classified within level 2 of the valuation hierarchy. | ||||||||||||||||||||
Indemnification Asset —To determine the fair value of the indemnification asset the Company uses a cash flow model to project cash flows for GNMA pool buyouts with and without recourse. 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 FHA, which is then extrapolated over the expected duration. Loss severity represents the interest loss severity as a percentage of UPB. 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. As the Company calculates the fair value of the indemnification asset using unobservable inputs the Company classifies the indemnification asset within level 3 of the valuation hierarchy. 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. Counterparty credit risk is taken into account when determining fair value. | ||||||||||||||||||||
See Note 23 for additional information on freestanding derivatives. |
Commitments_and_Contingencies_
Commitments and Contingencies (Notes) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||
Commitments and Contingencies | 25. Commitments and Contingencies | ||||||||||
Commitments — Commitments to extend credit are agreements to lend to clients 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 December 31, 2014 and 2013 are as follows: | |||||||||||
2014 | 2013 | ||||||||||
Commercial (1) | $ | 1,475,846 | $ | 1,467,894 | |||||||
Home equity lines of credit | 23,107 | 28,780 | |||||||||
Credit card lines of credit | 33,913 | 34,627 | |||||||||
Standby letters of credit | 859 | 1,140 | |||||||||
Total unfunded credit extension commitments | $ | 1,533,725 | $ | 1,532,441 | |||||||
-1 | Unfunded commercial commitments include $853,349 and $1,075,781 of conditional commitments for which certain requirements must be met in order to obtain an advance under the existing commitment as of December 31, 2014 and 2013, respectively. Of these commitments, $503,138 and $360,165 were cancellable by the Company at December 31, 2014 and 2013, respectively. | ||||||||||
The Company enters into floating rate residential loan commitments to lend. There were $146,410 of these commitments outstanding as of December 31, 2014. | |||||||||||
The Company also has entered into commitments to lend related to loans in the origination pipeline. These commitments represent arrangements to lend funds or provide liquidity subject to specified contractual provisions. | |||||||||||
The contractual amounts of the Company's commitments to lend in the held for investment origination pipeline at December 31, 2014 and 2013 are as follows: | |||||||||||
2014 | 2013 | ||||||||||
Residential | $ | 535,679 | $ | 531,642 | |||||||
Commercial | 623,540 | 208,480 | |||||||||
Leasing | 281,778 | 168,857 | |||||||||
Total commitments to lend in the pipeline | $ | 1,440,997 | $ | 908,979 | |||||||
Standby letters of credit issued by third party entities, are used to guarantee the Company's performance for public funds deposits and various contracts. At December 31, 2014 and 2013, the Company had approximately $100,018 and $60,018, respectively, in letters of credit outstanding. | |||||||||||
EverBank periodically enters into forward-dated borrowing agreements with the FHLB to borrow funds at a fixed rate of interest. Prior to the funding date, EverBank has the right to terminate any of the advances subject to voluntary termination fees. The outstanding forward-dated agreements as of December 31, 2014 are as follows: | |||||||||||
Agreement Date | Funding Date | Amount | Interest Rate | Maturity Date | |||||||
May-14 | Nov-15 | 20,000 | 2.87 | % | May-21 | ||||||
May-14 | Nov-15 | 60,000 | 3.48 | % | May-24 | ||||||
Jul-14 | Dec-15 | 50,000 | 3.36 | % | Jul-23 | ||||||
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 23 for information on interest rate lock commitments as they are not included in the table above. | |||||||||||
The Company also 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. On July 3, 2014, the Company entered into an extension to the agreement for the naming rights and under the agreement, the Company is obligated to pay $43,057 through February 28, 2025. Under the agreement, the amount due in 2015 is $3,756, and the amount increases 3% each year through 2025. | |||||||||||
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 December 31, 2014, the Company originated and sold and securitized approximately $64,272,586 of mortgage loans to GSEs and private non-GSE purchasers. A majority of the conventional conforming and federally insured single-family mortgage loans sold to non-GSEs were agency deliverable products that were eventually sold by large aggregators of agency product who securitized and sold the loans to the agencies. We also sell residential mortgage loans that do not meet criteria for loan sales to GSEs (nonconforming mortgage loans), to private non-GSE purchasers through whole loan sales and securitizations. | |||||||||||
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 indemnifications 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 December 31, 2014 and sold in years 2004 through December 31, 2014. 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 $25,940 and $20,225 at December 31, 2014 and 2013, 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 December 31, 2014 and 2013, was $49,262,915 and $59,492,239, 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 December 31, 2014 and 2013, was $2,947 and $23,668, respectively. | |||||||||||
Operating Leases — The Company has entered into various operating leases for the office space in which it operates, many of which include the ability to extend the original terms of the lease at the Company’s option. General and administrative expense associated with these leases was $18,821, $18,107 and $13,187 for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||
The future minimum lease payments for the leases at December 31, 2014, are as follows: | |||||||||||
2015 | $ | 19,161 | |||||||||
2016 | 16,388 | ||||||||||
2017 | 13,402 | ||||||||||
2018 | 9,215 | ||||||||||
2019 | 7,756 | ||||||||||
Thereafter | 20,620 | ||||||||||
$ | 86,542 | ||||||||||
Certain of these operating leases include the potential for the landlord to require the Company to remove leasehold improvements prior to vacating the property. Generally this obligation is at the discretion of the landlord, and the likelihood of the option being exercised is uncertain. Any related potential obligation to retire leasehold improvements cannot be reasonably estimated due to the uncertainty of the timing and the probability of the option’s exercise. If the Company did incur such an obligation, the impact to the consolidated financial statements is not expected to be material. | |||||||||||
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 $137,809 and $149,381 at December 31, 2014 and 2013, 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 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 $39,932 which was made by EverBank in November 2013 to a settlement fund, which provides relief to qualified borrowers. In addition, during 2013 EverBank had accrued approximately $6,344 to contribute 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. During 2014, all of the contributions had been made to various organizations. 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, along with other mortgage servicers, received a letter from the OCC requesting, in connection with the April 2011 consent order, that EverBank provide the OCC with an action plan, 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. As of December 31, 2014, EverBank accrued $3,491 for potential future remediation payments to borrowers as a result of the implementation of the action plan. | |||||||||||
In September 2014, the Office of the Inspector General of HUD issued a report finding that EverBank did not properly determine that mortgagors were eligible to participate in FHA’s Preforeclosure Sale Program in accordance with HUD requirements. The report recommended that the Deputy Assistant Secretary for Single Family Housing require EverBank to (1) reimburse HUD for the 11 ineligible preforeclosure sale claims totaling $1,560, which the Company has recognized in general and administrative expense, and (2) develop and implement policies and procedures in accordance with HUD requirements to properly determine mortgagor eligibility for the program. | |||||||||||
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 cost 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 the OCC or other governmental agencies and hence, no amounts have been accrued. | |||||||||||
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. In the ordinary course of business, the Company and its subsidiaries are routinely involved in various claims and legal actions. |
Variable_Interest_Entities
Variable Interest Entities | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Variable Interest Entities [Abstract] | |||||||||||||||||
Variable Interest Entity [Text Block] | 26. Variable Interest Entities | ||||||||||||||||
The Company, in the normal course of business, engages in certain activities that involve 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 require 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 December 31, 2014 and 2013: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Non-consolidated VIEs | Total | Maximum | Total | Maximum | |||||||||||||
Assets | Exposure | Assets | Exposure | ||||||||||||||
Loans provided to VIEs | $ | 121,730 | $ | 121,730 | $ | 150,749 | $ | 150,749 | |||||||||
On-balance-sheet securitizations | 9,001 | 9,001 | 50,534 | 50,534 | |||||||||||||
Debt securities | 890,924 | 890,924 | 1,219,915 | 1,219,915 | |||||||||||||
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 a loan 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, the Company 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 allowance for loan and lease losses (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 the commercial real estate loans on its 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 consolidated balance sheet. The Company securitizes mortgage loans generally through a GSE, such as GNMA, Fannie Mae (FNMA) or Freddie Mac (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 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 because, as only a holder of investments issued by the VIE, the Company does not have the power to direct the activities of the VIE that most significantly impact the entity’s economic performance. See Note 5 for information related to available for sale and held to maturity 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 6 for information related to sales of residential mortgage receivables and Note 9 for information related to mortgage servicing rights. |
Regulatory_Matters
Regulatory Matters | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Regulatory Matters [Abstract] | ||||||||||||||||||||||
Regulatory Capital Requirements under Banking Regulations [Text Block] | 27. Regulatory Matters | |||||||||||||||||||||
The Company is subject to various regulatory capital requirements administered by federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company must meet specific capital guidelines that involve quantitative measures of the Company’s assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The Company’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. | ||||||||||||||||||||||
Quantitative measures established by regulation to ensure capital adequacy require the Company to maintain minimum capital amounts and ratios as set forth in the table below. EB’s primary regulatory agency, the OCC, requires EB to maintain ratios of tangible capital (as defined in the regulations) of 1.5%, core capital (as defined) of 4%, and total capital (as defined) of 8%. EB, consistent with the industry, is also subject to prompt corrective action requirements set forth by the FDIC. The FDIC requires EB to maintain minimum total and Tier I capital (as defined in the regulations) to risk-weighted assets (as defined) and core capital (as defined). Management believes that, as of December 31, 2014 and 2013, the Company exceeds all capital adequacy requirements to which it is subject. | ||||||||||||||||||||||
The regulatory capital ratios for EB, along with the capital amounts and ratios for the minimum OCC requirement and the framework for prompt corrective action are as follows: | ||||||||||||||||||||||
Actual | For OCC Capital | To Be Well | ||||||||||||||||||||
Adequacy | Capitalized Under | |||||||||||||||||||||
Purposes | Prompt Corrective | |||||||||||||||||||||
Action Provisions | ||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||
2014 | ||||||||||||||||||||||
Tier 1 capital to adjusted tangible assets | $ | 1,771,757 | 8.2 | % | $ | 863,714 | 4 | % | $ | 1,079,643 | 5 | % | ||||||||||
Total capital to risk-weighted assets | 1,832,603 | 13.4 | 1,092,695 | 8 | 1,365,869 | 10 | ||||||||||||||||
Tier 1 capital to risk-weighted assets | 1,771,757 | 13 | N/A | N/A | 819,521 | 6 | ||||||||||||||||
2013 | ||||||||||||||||||||||
Tier 1 capital to adjusted tangible assets | $ | 1,577,482 | 9 | % | $ | 702,169 | 4 | % | $ | 877,712 | 5 | % | ||||||||||
Total capital to risk-weighted assets | 1,641,172 | 14.3 | 917,393 | 8 | 1,146,741 | 10 | ||||||||||||||||
Tier 1 capital to risk-weighted assets | 1,577,482 | 13.8 | N/A | N/A | 688,045 | 6 | ||||||||||||||||
As of December 31, 2014 and 2013, EB qualified as a well capitalized institution according to the regulatory framework for prompt corrective action. Management does not believe that any condition or event that would result in a change in this category has occurred since December 31, 2014. | ||||||||||||||||||||||
OCC regulations impose limitations upon certain capital distributions by federal savings associations, such as certain cash dividends, payments to repurchase or otherwise acquire its shares, payments to stockholders of another institution in a cash-out merger and other distributions charged against capital. The OCC regulates all capital distributions by EB directly or indirectly to the Company, including dividend payments. EB may not pay dividends to the Company if, after paying those dividends, it would fail to meet the required minimum levels under risk-based capital guidelines and the minimum leverage and tangible capital ratio requirements, or in the event the OCC notifies EB that it is subject to heightened supervision. Under the Federal Deposit Insurance Act, or FDIA, an insured depository institution such as EB is prohibited from making capital distributions, including the payment of dividends, if, after making such distribution, the institution would become “undercapitalized.” Payment of dividends by EB also may be restricted at any time at the discretion of the appropriate regulator if it deems the payment to constitute an unsafe and unsound banking practice. |
Related_Parties
Related Parties | 12 Months Ended |
Dec. 31, 2014 | |
Related Parties [Abstract] | |
Related Party Transactions Disclosure [Text Block] | 28. Related Parties |
The Company lends to and accepts deposits from shareholders, directors, officers and their related business interests on substantially the same terms as loans and deposits to other individuals and businesses of comparable credit worthiness. Loans to related parties were approximately $3,943 and $4,097 at December 31, 2014 and 2013, respectively, and are included in loans held for investment. Deposits held for related parties were approximately $10,604 and $12,229 at December 31, 2014 and 2013, respectively. | |
The Company leases certain office property from a limited partnership owned in part by a director and shareholder of the Company and the director’s direct interests. The lease agreements relate to properties located in Jacksonville, Florida, and reflect substantially the same terms as leases entered into with other businesses of comparable standing. Several of the leases matured in 2014, with one remaining lease that is due to mature in February of 2015. Payments related to the properties totaled $1,998, $1,563 and $2,436 for the years ended December 31, 2014, 2013 and 2012, respectively. |
Condensed_Parent_Company_Infor
Condensed Parent Company Information | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Condensed Parent Company Information [Abstract] | |||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | 29. Condensed Parent Company Financial Information | ||||||||||||
Condensed balance sheets of EverBank Financial Corp as of December 31, 2014 and 2013 are as follows: | |||||||||||||
2014 | 2013 | ||||||||||||
Assets | |||||||||||||
Cash and cash equivalents | $ | 60,251 | $ | 65,005 | |||||||||
Investment in subsidiaries: | |||||||||||||
Bank subsidiary | 1,789,398 | 1,662,164 | |||||||||||
Nonbank subsidiaries | 3,344 | 3,344 | |||||||||||
Total investment in subsidiaries | 1,792,742 | 1,665,508 | |||||||||||
Other assets | 7,607 | 2,264 | |||||||||||
Total Assets | $ | 1,860,600 | $ | 1,732,777 | |||||||||
Liabilities | |||||||||||||
Accounts payable and accrued liabilities | $ | 5,604 | $ | 4,635 | |||||||||
Due to subsidiaries, net | 3,652 | 3,379 | |||||||||||
Trust preferred securities (Note 15) | 103,750 | 103,750 | |||||||||||
Total Liabilities | 113,006 | 111,764 | |||||||||||
Total Shareholders’ Equity (Note 16) | 1,747,594 | 1,621,013 | |||||||||||
Total Liabilities and Shareholders’ Equity | $ | 1,860,600 | $ | 1,732,777 | |||||||||
Condensed statements of income of EverBank Financial Corp for the years ended December 31, 2014, 2013 and 2012 are as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Income | |||||||||||||
Other income | $ | 261 | $ | 303 | $ | 273 | |||||||
Total income | 261 | 303 | 273 | ||||||||||
Expense | |||||||||||||
Interest expense | 6,598 | 6,584 | 6,006 | ||||||||||
Noninterest expense | 4,169 | 3,302 | 3,776 | ||||||||||
Total expense | 10,767 | 9,886 | 9,782 | ||||||||||
Income (loss) before income tax benefit | (10,506 | ) | (9,583 | ) | (9,509 | ) | |||||||
Income tax benefit | (3,802 | ) | (3,905 | ) | (3,596 | ) | |||||||
Income (loss) before equity in earnings of subsidiaries | (6,704 | ) | (5,678 | ) | (5,913 | ) | |||||||
Equity in earnings of subsidiaries | 154,786 | 142,418 | 79,955 | ||||||||||
Net Income | $ | 148,082 | $ | 136,740 | $ | 74,042 | |||||||
Comprehensive Income (Loss) (1) | $ | 135,100 | $ | 170,909 | $ | 95,007 | |||||||
-1 | Refer to the consolidated statements of comprehensive income for other comprehensive income details. | ||||||||||||
Condensed statements of cash flows of EverBank Financial Corp for the years ended December 31, 2014, 2013 and 2012 are as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Operating Activities: | |||||||||||||
Net income | $ | 148,082 | $ | 136,740 | $ | 74,042 | |||||||
Adjustments to reconcile net income to net cash | |||||||||||||
provided by (used in) operating activities: | |||||||||||||
Equity in earnings of subsidiaries | (154,786 | ) | (142,418 | ) | (79,955 | ) | |||||||
Amortization of gain on interest rate swaps | — | — | (255 | ) | |||||||||
Dividends received from bank subsidiary | 40,000 | 40,000 | 15,600 | ||||||||||
Deferred income taxes | (68 | ) | (464 | ) | 15 | ||||||||
Other operating activities | 462 | 298 | 270 | ||||||||||
Changes in operating assets and liabilities, net of | |||||||||||||
acquired assets and liabilities: | |||||||||||||
Other assets | (4,336 | ) | (18 | ) | (642 | ) | |||||||
Accounts payable and accrued liabilities | 489 | (32,317 | ) | 28,670 | |||||||||
Due to subsidiaries | 273 | (991 | ) | 977 | |||||||||
Net cash provided by operating activities | 30,116 | 830 | 38,722 | ||||||||||
Investing Activities: | |||||||||||||
Capital contributions | (15,000 | ) | — | (353,654 | ) | ||||||||
Net cash used in investing activities | (15,000 | ) | — | (353,654 | ) | ||||||||
Financing Activities: | |||||||||||||
Repurchase of common stock | — | — | (360 | ) | |||||||||
Proceeds from issuance of common stock, net of issuance cost | 7,466 | 13,041 | 249,325 | ||||||||||
Proceeds from issuance of preferred stock, net of issuance cost | — | — | 144,325 | ||||||||||
Dividends paid | (27,336 | ) | (19,823 | ) | (11,790 | ) | |||||||
Net cash (used in) provided by financing activities | (19,870 | ) | (6,782 | ) | 381,500 | ||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | (4,754 | ) | (5,952 | ) | 66,568 | ||||||||
Cash and Cash Equivalents | |||||||||||||
Beginning of year | 65,005 | 70,957 | 4,389 | ||||||||||
End of year | $ | 60,251 | $ | 65,005 | $ | 70,957 | |||||||
Supplemental Disclosures of Cash Flow Information: | |||||||||||||
Cash paid (received) for: | |||||||||||||
Interest | $ | 6,594 | $ | 6,584 | $ | 6,078 | |||||||
Income taxes | 43 | 26,765 | (34,493 | ) | |||||||||
Segment_Information_Notes
Segment Information (Notes) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Segment Information [Abstract] | ||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | 30. Segment Information | |||||||||||||||||||
During the second quarter of 2014, the Company, completed certain changes to its organizational structure that resulted in the re-classification of the Company's three reportable business segments from Banking and Wealth Management, Mortgage Banking and Corporate Services into Consumer Banking, Commercial Banking, and Corporate Services. The Company’s reportable business segments are strategic business segments that offer distinctive products and services marketed through different channels. These segments are managed separately because of their marketing and distribution requirements. | ||||||||||||||||||||
The Consumer Banking segment includes consumer deposit services and activities, residential lending and servicing, wealth management, and capital markets. Commercial Banking includes commercial and commercial real estate lending, lender finance, equipment finance and leasing, mortgage warehouse finance and commercial deposits. | ||||||||||||||||||||
The Corporate Services segment consists of services provided to the Consumer Banking and Commercial 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 reporting 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 accounting policies of these reportable business segments are the same as those described in Note 2. 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 client pricing decisions within guidelines. | ||||||||||||||||||||
FTP serves to transfer interest rate risk to the Treasury function through a transfer pricing methodology and cost allocation 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 business segments as of and for the years ended December 31, 2014, 2013 and 2012, which has been restated to conform to the new reportable segment presentation. The eliminations column includes intersegment eliminations required for consolidation purposes. | ||||||||||||||||||||
2014 | ||||||||||||||||||||
Consumer Banking | Commercial Banking | Corporate | Eliminations | Consolidated | ||||||||||||||||
Services | ||||||||||||||||||||
Net interest income (expense) | $ | 319,807 | $ | 251,357 | $ | (6,357 | ) | $ | — | $ | 564,807 | |||||||||
Total net revenue | 615,256 | (1) | 292,706 | (5,916 | ) | — | 902,046 | |||||||||||||
Intersegment revenue | 66,840 | (66,840 | ) | — | — | — | ||||||||||||||
Depreciation and amortization | 9,153 | 14,980 | 7,648 | — | 31,781 | |||||||||||||||
Income before income taxes | 168,553 | (1) | 177,321 | (107,303 | ) | — | 238,571 | |||||||||||||
Total assets | 13,825,052 | 7,892,974 | 215,095 | (315,333 | ) | 21,617,788 | ||||||||||||||
2013 | ||||||||||||||||||||
Consumer Banking | Commercial Banking | Corporate | Eliminations | Consolidated | ||||||||||||||||
Services | ||||||||||||||||||||
Net interest income (expense) | $ | 301,544 | $ | 263,682 | $ | (6,301 | ) | $ | — | $ | 558,925 | |||||||||
Total net revenue | 769,782 | (2) | 314,133 | (5,599 | ) | — | 1,078,316 | |||||||||||||
Intersegment revenue | 60,567 | (60,567 | ) | — | — | — | ||||||||||||||
Depreciation and amortization | 10,519 | 21,867 | 7,147 | — | 39,533 | |||||||||||||||
Income before income taxes | 145,262 | (2) | 172,496 | (99,718 | ) | — | 218,040 | |||||||||||||
Total assets | 11,321,747 | 6,331,646 | 236,313 | (248,722 | ) | 17,640,984 | ||||||||||||||
2012 | ||||||||||||||||||||
Consumer Banking | Commercial Banking | Corporate | Eliminations | Consolidated | ||||||||||||||||
Services | ||||||||||||||||||||
Net interest income (expense) | $ | 340,729 | $ | 178,812 | $ | (5,747 | ) | $ | — | $ | 513,794 | |||||||||
Total net revenue | 662,369 | (3) | 226,772 | (5,575 | ) | — | 883,566 | |||||||||||||
Intersegment revenue | 31,689 | (31,689 | ) | — | — | — | ||||||||||||||
Depreciation and amortization | 6,365 | 23,437 | 7,754 | — | 37,556 | |||||||||||||||
Income before income taxes | 138,281 | (3) | 78,924 | (101,208 | ) | — | 115,997 | |||||||||||||
Total assets | 12,274,855 | 5,972,260 | (4) | 166,146 | (170,383 | ) | 18,242,878 | |||||||||||||
-1 | Segment earnings in the Consumer Banking segment included $8,012 in recoveries on the MSR valuation allowance for the year ended December 31, 2014. | |||||||||||||||||||
-2 | Segment earnings in the Consumer Banking segment included $94,951 in recoveries on the MSR valuation allowance, net of impairment charges, for the year ended December 31, 2013. | |||||||||||||||||||
-3 | Segment earnings in the Consumer Banking segment included $63,508 in charges for MSR impairment, net of recoveries, for the year ended December 31, 2012. | |||||||||||||||||||
-4 | Total assets in the Commercial Banking segment includes $36,621 of goodwill and $2,100 of gross intangibles related to the BPL acquisition for the year ended December 31, 2012. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |
Dec. 31, 2014 | ||
Summary of Significant Accounting Policies [Abstract] | ||
Cash and Cash Equivalents, Policy [Policy Text Block] | a) Cash and Cash Equivalents—Cash and cash equivalents include cash, amounts due from banks, and interest-bearing deposits in other banks with an original maturity of three months or less. | |
Investment, Policy [Policy Text Block] | b) Investment Securities—Investment securities are accounted for according to their purpose and holding period. Investments classified as trading securities are bought and held principally for the purpose of selling them in the near term and are carried at fair value. Unrealized gains or losses on trading securities are recorded in earnings as a component of other noninterest income. | |
Investment securities for which the Company has the positive intent and ability to hold to maturity are classified as held to maturity and reported at amortized cost. Amortization and accretion of purchase premiums and discounts are recognized in interest income using the effective interest method over the expected term of the securities. Interest and dividends are recognized in interest income on an accrual basis. | ||
Securities not classified as held to maturity or trading are considered to be available for sale and are reported at fair value. Unrealized gains and losses on available for sale securities are reported net of applicable taxes as a component of OCI. Gains and losses on the disposition of available for sale securities are recorded on the trade date using the specific identification method and are recognized in other noninterest income. Amortization and accretion of purchase premiums and discounts on debt securities are recognized in interest income using the effective interest method over the expected term of the securities. Interest and dividends are recognized in interest income on an accrual basis. | ||
Management evaluates all investments for OTTI on a quarterly basis, and more frequently when economic or market conditions warrant such evaluation. For investments in which the fair value is less than the amortized cost, the Company performs an OTTI analysis to determine whether the impairment is temporary and assesses whether (a) it has the intent to sell the debt security, (b) it is more likely than not that it will be required to sell the debt security before its anticipated recovery, (c) it does not expect to recover the amortized cost basis, or (d) it does not expect to collect all cash flows according to the contractual terms. | ||
The Company’s OTTI policy for investments defines certain triggers that require a present value calculation of expected cash flows. If none of these triggers are met, the Company performs a qualitative analysis to determine if it expects to recover the entire amortized cost basis of the investment. | ||
When certain triggers indicate the likelihood of an OTTI or the qualitative evaluation performed cannot support the expectation of recovering the entire amortized cost basis of an investment, the Company performs a present value cash flow analysis using models that project prepayments, default rates and loss severities on the collateral supporting the security. The Company considers the following factors in determining whether a credit loss exists: | ||
•The period over which the debt security is expected to recover; | ||
•The length of time and extent to which the fair value has been less than the amortized cost basis; | ||
• | The level of credit enhancement provided by the structure which includes, but is not limited to credit subordination positions, overcollateralization and protective triggers; | |
• | The cause of impairment and changes in the near term prospects of the issuer or underlying collateral of a security, such as changes in default rates, loss severities given default and significant changes in prepayment assumptions; | |
• | The level of excess cash flows generated from the underlying collateral supporting the principal and interest payments of the debt securities; and | |
•Any adverse changes to credit conditions of the issuer or the security such as credit downgrades by the rating agencies. | ||
If the Company intends to sell the debt security, or it is more likely than not that it will be required to sell the security before recovery of its remaining amortized cost basis, total OTTI will be recognized in earnings. However, if neither of those conditions exists, the amount of OTTI related to the credit loss is measured at the excess of the amortized cost over the present value of expected cash flows and is recognized with other securities gains and losses in other noninterest income. The amount of impairment related to all other factors is recognized in AOCI. | ||
Subsequent noncredit losses recorded in AOCI attributed to held to maturity investments are accreted to the amortized cost of the investment over the remaining expected life, based on the amount and timing of future estimated cash flows. | ||
For equity securities, declines in the fair value below their cost are deemed to be other than temporary unless the Company has the intent and ability to retain the investment in the issuer for a period of time sufficient to allow recovery in the fair value. | ||
Finance, Loan and Lease Receivables, Held-for-sale, Policy [Policy Text Block] | c) Loans Held for Sale—Loans held for sale represent loans originated with the intent to sell or loans for which the Company no longer has the intent or ability to hold for the foreseeable future. The Company has elected the fair value option of accounting under generally accepted accounting principles (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 and other commercial and commercial real estate loans 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 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 that it intends 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-government-sponsored entities (GSE) purchases, or breach of contractual representations and warranties with respect to GSEs. These guarantees are accounted for in accordance with Accounting Standards Codification (ASC) 460, Guarantees, when the obligation is both probable and reasonably estimable. The guarantee is calculated at the fair value of the guaranty on the date of the loan sale or securitization. The corresponding provision is recognized as a reduction on the 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 6 and Note 25 for further information related to these guarantees. | ||
Finance, Loans and Leases Receivable, Policy [Policy Text Block] | d) Loans Held for Investment—Loans that the Company has the intent and ability to hold for the foreseeable future are classified as loans held for investment. Loans held for investment are reported at the principal amount outstanding, net of the allowance for loan and lease losses, net of deferred loan fees and costs and any discounts received or premiums paid on purchased loans. Deferred fees, costs, discounts and premiums are amortized over the estimated life of the loan using the effective interest method. Interest income on loans is recognized as earned and is computed using the effective interest method. In certain cases, where the Company can identify a large number of similar loans for which prepayment is both probable and estimable, the Company estimates prepayments in applying the effective interest method. Key assumptions in estimating prepayments include historical prepayment trends and future interest rate expectations. The Company monitors these key assumptions and adjusts the prepayment expectations when appropriate. | |
Acquired loans are accounted for under ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality, when applicable. At acquisition, the Company reviews each loan to determine whether there is evidence of deterioration in credit quality since origination and if it is probable that the Company will be unable to collect all amounts due according to the loan’s contractual terms. The Company considers expected prepayments and estimates the amount and timing of undiscounted expected principal, interest and other cash flows for each loan or pool of loans meeting the criteria above, and determines the excess of the loan’s or pool’s scheduled contractual principal and contractual interest payments over all cash flows expected at acquisition as an amount that should not be accreted (non-accretable difference). The remaining amount, representing the excess or deficit of the loan or pool cash flows expected to be collected over the amount paid, is accreted into interest income over the remaining expected life of the loan or pool (accretable yield). The loans are reflected in the consolidated balance sheets net of these amounts. | ||
Periodically, the Company evaluates the expected cash flows for each pool. Prior expected cash flows are compared to current expected cash flows and cash collections to determine if any additional impairment should be recognized. Impairment is recognized through an additional allowance for loan losses if the present value of future cash flows discounted at the effective interest rate of the pool has decreased. The present value of any subsequent increase in the pool’s actual cash flows or cash flows expected to be collected is used first to reverse any existing valuation allowance for that pool. Any remaining increase in cash flows expected to be collected is taken as an increase of the prospective accretable yield and recognized over the estimated remaining life of the pool. | ||
Loans and Leases Receivable, Lease Financing, Policy [Policy Text Block] | e) Equipment Financing Receivables Held for Investment—Originated equipment financing receivables are recorded as the sum of the future minimum loan and lease payments, initial deferred costs and estimated residual values less unearned income. Our determination of residual value is derived from a variety of sources including equipment valuation services, appraisals, and publicly available market data on recent sales transactions on similar equipment. The length of time until contract termination, the cyclical nature of equipment values and the limited marketplace for re-sale of certain leased assets are important variables considered in making this determination. The Company updates its valuation analysis on an annual basis or more frequently as warranted by events or circumstances. When the Company determines that the fair value of a equipment financing receivable is lower than the expected residual value of the leased asset at contract expiration, the difference is recognized as an asset impairment in the period in which the analysis is completed. Interest income is recognized as earned using the effective interest method. Direct fees and costs associated with the origination of loans and leases are deferred and included in equipment financing receivables. The net deferred fees or costs are recognized as an adjustment to interest income over the contractual life of the loan and lease using the effective interest method. | |
Acquired equipment financing receivables are recorded as the sum of expected loan and lease payments and estimated residual values less unearned income, which includes purchased loan and lease discounts. Unearned income is recognized based on the expected cash flows using the effective interest method. | ||
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | f) Allowance for Loan and Lease Losses—The allowance for loan and lease losses represents management’s estimate of probable and reasonably estimable credit losses inherent in loans and leases held for investment as of the balance sheet date. The estimate of the allowance is based on a variety of factors including an evaluation of the loan and lease portfolio, past loss experience, adverse situations that have occurred but are not yet known that may affect the borrower’s ability to repay, the estimated value of underlying collateral, and current economic conditions. | |
For purposes of determining the allowance for loan and lease losses, the Company has segmented loans in the portfolio by product type. The Company’s loan and lease portfolio includes risk characteristics relevant to each segment such as loan type and guarantees as well as borrower type and geographic location. Loans are segmented into the following portfolio segments: (i) residential mortgages, (ii) commercial and commercial real estate, (iii) equipment financing receivables, (iv) home equity lines and (v) consumer and credit card. The Company also further disaggregates these portfolios into classes based on the associated risks within those segments. Residential mortgages are divided into two classes: residential and government insured loans. Commercial and commercial real estate loans are similarly divided into four classes: commercial, commercial real estate, lender finance and mortgage warehouse finance. Equipment financing receivables, home equity lines, and consumer and credit card are not further segmented. | ||
Residential mortgages, equipment financing receivables, home equity lines, and consumer and credit card each have distinguishing borrower needs and differing risks associated with each product type. Commercial and commercial real estate loans are further analyzed for the borrower’s ability to repay and the description of underlying collateral. Significant judgment is used to determine the estimation method that fits the credit risk characteristics of each portfolio segment. The Company uses internally developed models in this process. Management must use judgment in establishing input metrics for the modeling processes. The models and assumptions used to determine the allowance are validated and reviewed to ensure that their theoretical foundation, assumptions, data integrity, computational processes, reporting practices and end-user controls are appropriate and properly documented. | ||
The foundation for the allowance related to residential mortgages, equipment financing receivables, home equity lines, and consumer and credit cards is a review of the applicable portfolios and the performance of those portfolios. The historical performance of each of these portfolios is analyzed by examining the level of charge-offs over a specific period of time. The historical average charge-off level for each portfolio is updated at least quarterly. | ||
Once a residential mortgage is classified as a troubled debt restructuring (TDR), it is evaluated individually for impairment. These reserves are established based on an estimate of expected losses, which considers all available evidence as required under the applicable authoritative guidance. Interest income is recognized as earned unless the loan is placed on nonaccrual status. | ||
In the Company’s commercial and commercial real estate and certain equipment financing receivable portfolios, the loss allowance for all loans not considered to be impaired is determined based upon historical loss experience, current economic conditions, industry and peer performance trends, geographic or borrower concentrations, the current business strategy and credit process, loan underwriting criteria, and other pertinent information. | ||
Management considers a loan to be impaired for classes within commercial and commercial real estate, when based on current information and events, it is determined that it is probable the Company will not be able to collect all amounts due according to the terms of the loan agreement including scheduled interest payments. If management determines that the value of the impaired loan is less than the recorded investment in the loan (net of previous charge-offs, deferred loan fees or costs and unamortized premium or discount), impairment is recognized through an impairment reserve or a charge-off to the allowance. Interest income is recognized as earned unless the loan is placed on nonaccrual status. | ||
Reserves are determined for impaired commercial and commercial real estate loans individually based on management’s evaluation of the borrower’s overall financial condition, resources, and payment record; the prospects for support from any financially responsible guarantors; and the realizable value of any collateral. Reserves are established for these loans based upon an estimate of expected losses for the individual loans deemed to be impaired. This estimate considers all available evidence using one of the methods provided by applicable authoritative guidance. Loans determined to be collateral dependent are measured at the fair value of collateral less disposal costs. Loans for which impaired reserves are provided are excluded from the general reserve calculations described above to prevent duplicate reserves. | ||
The overall allowance estimate based on the above-described methodology may be further adjusted to reflect relevant economic factors and specific market risk components. | ||
Loan and lease portfolios tied to acquisitions made during the year are incorporated into the Company’s allowance process. If the acquisition has an impact on the level of exposure to a particular loan or lease type, industry or geographic market, this increase in exposure is factored into the allowance determination process. | ||
Loans and leases in every portfolio considered to be uncollectible are charged-off against the allowance. The amount and timing of charge-offs on loans and leases includes consideration of the loan or lease type, length of delinquency, insufficiency of collateral value, lien priority and the overall financial condition of the borrower. Recoveries on loans and leases previously charged-off are credited back to the allowance. Loans and leases that have been charged-off against the allowance are periodically monitored to evaluate whether further adjustments to the allowance are necessary. | ||
Loans in the commercial and commercial real estate portfolio are charged-off when: | ||
• | The loan is risk rated “doubtful” or “loss”. | |
• | The loan or a portion thereof is determined to be uncollectible after considering the borrower’s overall financial condition and collateral deficiency. A loan is considered uncollectible when: (a) the borrower is delinquent in principal or interest 90 days or more; (b) significant improvement in the borrower’s repayment capacity is doubtful; and/or (c) collateral value is insufficient to cover outstanding indebtedness and no other viable assets exist. | |
• The Company has agreed, in writing, to accept a deficiency note. | ||
Loans in the residential mortgage and home equity portfolios are charged-off when: | ||
• | The loan or a portion thereof is determined to be uncollectible after considering the borrower’s overall financial condition and collateral deficiency. A loan is considered uncollectible when: (a) the borrower is delinquent in principal or interest 180 days or more; (b) it is probable that collateral value is insufficient to cover outstanding indebtedness and no other viable assets exist; or (c) notification of the borrower’s bankruptcy is received. | |
• | In cases where the Company is in a subordinate position to other debt, the senior lien holder has foreclosed and extinguished the junior lien. | |
Loans and leases in the equipment financing receivables portfolio are charged-off when the loan or lease becomes 150 days delinquent. | ||
Credit card receivables are charged-off when the balance becomes 90 days delinquent. | ||
Other consumer loans are evaluated on a case by case basis, and are generally charged-off when the balance becomes 120 days delinquent. | ||
Based on facts and circumstances available, management believes that the allowance for loan and lease losses is adequate to cover any probable losses in the Company’s loan and lease portfolio. However, future adjustments to the allowance may be necessary, and the Company’s results of operations could be adversely affected if circumstances differ substantially from the assumptions used by management in determining the allowance for loan and lease losses. | ||
Reserve for Unfunded Lending Commitments, Policy [Policy Text Block] | g) Reserve for Unfunded Lending Commitments—In addition to the allowance for loan and lease losses, the Company also estimates probable losses related to unfunded lending commitments, such as letters of credit and financial guarantees, excluding commitments measured at fair value. Unfunded lending commitments are subject to the same assessment as funded loans, except utilization assumptions are considered. The reserve for unfunded lending commitments is included in accounts payable and accrued liabilities on the consolidated balance sheets with changes to the reserve made through general and administrative expenses. | |
Asset Quality, Policy [Policy Text Block] | h) Asset Quality—Written underwriting standards established by the Senior Credit Committee and management govern the lending activities of the Company. Established loan and lease origination procedures require appropriate documentation including borrower financial data and credit reports. For loans secured by real property, the Company generally requires property appraisals, title insurance or a title opinion, hazard insurance and flood insurance, where appropriate. Loan payment performance is monitored and late charges are assessed on past due accounts. Legal proceedings are instituted, as necessary, to minimize loss. Commercial and residential loans of the Company are periodically reviewed through a loan review process. All other loans are also subject to loan review through a periodic sampling process. | |
The Company uses an asset risk classification system consistent with guidelines established by the Office of the Comptroller of the Currency (OCC) as part of its efforts to monitor asset quality. In connection with examinations of insured institutions, both federal and state examiners also have the authority to identify problem assets and, if appropriate, classify them. There are five credit quality indicators for commercial and commercial real estate loans: | ||
• | Pass—These loans represent an acceptable risk for the Company. The loans may represent loans that are secured with cash or other guarantees or that may experience a decline in earnings. | |
• | Special mention—These loans represent an increased risk to the Company. The loans exhibit potential credit weaknesses or downward trends. While potentially weak, the loans are currently marginally acceptable, and no loss of principal or interest is expected. | |
• | Substandard—These loans have one or more weaknesses and are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. | |
• | Doubtful—These loans have the weaknesses of substandard loans with the additional characteristic that the weaknesses make collection or liquidation in full questionable and there is a high probability of loss based on existing facts, conditions and values. | |
• | Loss—These loans are considered uncollectible and of such little value that continued recognition as a loan is not warranted. | |
There are two credit quality indicators for residential mortgages, equipment financing receivables, home equity lines, and consumer and credit card loans: | ||
• | Performing—No significant change in the collection of payments from the borrower. | |
• | Non-performing—Loans that are 90 days past due or on nonaccrual and are not accounted for under ASC 310-30. | |
Commercial loans with adverse classifications are reviewed by the Commercial Credit Committee of the Senior Credit Committee on a periodic basis. | ||
The Company reports loans that are less than one month past due as current and loans that are less than 3 months past due as 30-89 days past due. For those loans that are 3 months or more past due, the Company reports these loans as 90 days or greater. | ||
Loans and leases are placed on nonaccrual status when, in the judgment of management, the probability of collection of interest is deemed to be insufficient to warrant further accrual, which is generally when the loan or lease becomes 90 days past due, with the exception of government-insured loans. Accordingly, when a loan or lease is placed on nonaccrual status, previously accrued but unpaid interest is reversed from interest income, and both the accrual of interest income and the amortization of unamortized deferred fees, costs, discounts and premiums are suspended. Payments received are applied to the principal balance of the loan or lease. When a client demonstrates a period of performance under the terms of the loan or lease, interest accruals and amortization of deferred fees, costs, discounts and premiums are resumed and suspended interest is recognized. | ||
Loans are derecognized and OREO recognized in other assets when real estate is acquired by the Company as a result of foreclosure or by deed-in-lieu of foreclosure. OREO assets are carried at the carrying value of the loan at the time of foreclosure or at estimated fair value less estimated costs to sell, whichever is less. See Note 11 for additional information. | ||
Under ASC 310-40, Troubled Debt Restructuring by Creditors, the Company is required to account for certain loan modifications or restructurings as troubled debt restructurings. In general, the modification or restructuring of a debt constitutes a TDR if the Company for economic or legal reasons related to the borrower’s financial difficulties grants a more than insignificant concession to the borrower that the Company would not otherwise consider under current market conditions. Such modifications could involve forgiving or forbearing a portion of interest or principal on any loans or making loans at a rate that is less than that of market rates. In such cases the amount of the forgiveness is charged off. | ||
Debt restructurings or loan modifications for a borrower do not necessarily constitute TDRs and TDRs do not necessarily result in nonaccrual loans. Loans restructured at a rate equal to or greater than that of a new loan with comparable risk at the time the contract is modified are not considered to be impaired loans in calendar years subsequent to the restructuring. The Company may modify certain loans to retain clients or to maximize collection of the loan balance. The Company has maintained several programs designed to assist borrowers by extending payment dates or reducing the borrower’s contractual payments. All loan modifications are made on a case by case basis. | ||
The initial and ongoing decision regarding accrual status is a separate and distinct process from the TDR analysis and determination. If the borrower has demonstrated performance under the previous terms and shows the capacity to continue to perform under restructured terms, accrual status is maintained provided the restructuring is supported by a current, well documented credit assessment of the borrower’s financial condition and prospects for repayment under the revised terms. This evaluation includes consideration of the borrower’s sustained historical repayment performance for the six-month period prior to the date of the restructuring. If the borrower was materially delinquent on payments prior to the restructure, but shows the potential capacity to meet the restructured terms, the loan would continue to be kept on nonaccrual status until the borrower has demonstrated performance according to the terms of the restructuring agreement for a period generally of at least six months. | ||
Acquired loans that are accounted for under ASC 310-30 are excluded from being classified as nonaccrual when the Company can reasonably estimate cash flows. | ||
Equipment Under Operating Leases Net, Policy [Policy Text Block] | ||
Transfers and Servicing of Financial Assets, Policy [Policy Text Block] | ) Mortgage Servicing Rights—MSR are acquired through bulk purchases of MSR or by selling purchased or originated mortgage loans and agency mortgage-backed securities (MBS) with servicing rights retained. Originated mortgage servicing rights are recognized based on the fair values of the mortgage loans or securities and the related servicing rights at the date of sale using values derived from an internal model. MSR are amortized in proportion to, and over the estimated life of the projected net servicing revenue and are periodically evaluated for impairment. | |
The Company identifies classes of servicing rights based upon the nature of the underlying assumptions used to estimate the fair value of the asset along with the risks associated with the underlying asset. Based upon these criteria, the Company has identified two classes of MSR: residential and commercial. | ||
The Company stratifies its MSR based on the predominant risk characteristics of the underlying financial assets, including product type and interest rate coupon. The effect of changes in market interest rates on estimated rates of loan prepayment is the predominant risk characteristic of the MSR. Impairment is recognized through a valuation allowance for each stratum. The valuation allowance is adjusted to reflect the amount, if any, by which the cost basis of the MSR for a given stratum exceeds its fair value. Any fair value in excess of the cost basis for a given stratum is not recognized. The Company recognizes a direct write-down when the recoverability of the valuation allowance is determined to be unrecoverable. | ||
Because quoted market prices from active markets are not readily available, a present value cash flow model is used to estimate the fair value of MSR. The key assumptions used in the MSR valuation model are the anticipated rate of loan prepayments and discount rates. Other assumptions such as costs to service the underlying loans, foreclosure costs, ancillary income, and float rates are also used in determining the value of the MSR. All of the assumptions are based on standards used by market participants in valuing MSR and are reviewed and approved by management on a quarterly basis. In addition, third-party appraisals of fair value are obtained at least quarterly to confirm the reasonableness of values generated by the valuation model. | ||
Loan servicing fee income represents income earned for servicing mortgage loans owned by investors. It includes mortgage servicing fees and other ancillary servicing income, net of guaranty fees and subservicing costs paid to third parties. Servicing fees are generally calculated on the outstanding principal balances of the loans serviced and are recorded as income when earned. | ||
Property, Plant and Equipment, Policy [Policy Text Block] | ) Premises and Equipment—Computer hardware and software, furniture, equipment, buildings and leasehold improvements are carried at amortized cost. Depreciation is computed using the straight-line method over the estimated useful lives of hardware, software, furniture, equipment and buildings ranging from 3 to 40 years. Leasehold improvements are amortized using the straight-line method over the shorter of their estimated useful lives or the period the Company expects to occupy the leased space. The Company reviews premises and equipment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The carrying amount of an asset is considered not to be recoverable when its carrying amount exceeds the sum of the undiscounted future net cash flows expected to result from the use of the asset and its eventual disposal. If it is determined that the carrying amount of the asset is not recoverable, an impairment loss is recognized equal to the amount by which the carrying amount for an asset exceeds its fair market value. | |
Goodwill and Intangible Assets, Policy [Policy Text Block] | ) Goodwill and Intangible Assets—Goodwill, core deposit premiums and other intangible assets are included in other assets in the consolidated balance sheets. | |
Goodwill is not amortized but is evaluated for potential impairment on an annual basis or when events or circumstances indicate a potential impairment at the reporting unit level. Reporting units are first evaluated qualitatively to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If it is believed that it is more likely than not that a reporting unit's fair value is less than its carrying value, the Company will estimate the reporting unit's fair market value to determine whether carrying value exceeds fair market value. If carrying value exceeds fair market value, goodwill is written down. | ||
The Company uses judgment in assessing goodwill and intangible assets for impairment. Estimates of fair value are based on projections of revenues, operating costs and cash flows of each reporting unit considering historical and anticipated future results, general economic and market conditions as well as the impact of planned business or operational strategies. The valuations employ a combination of present value techniques to measure fair value and take into consideration relevant market factors. Additionally, judgment is used in determining the useful lives of finite-lived intangible assets. Changes in judgments and projections could result in a significantly different estimate of the fair value of the reporting units and could result in an impairment of goodwill. | ||
Core deposit premiums are amortized over the estimated life of the acquired deposits using the straight-line method. Core deposit premiums are evaluated for impairment whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. | ||
Other identifiable intangible assets were recognized through business combinations. These intangible assets are amortized over their estimated lives. No residual value was assigned to any of these intangible assets. | ||
Servicing Advances, Policy [Policy Text Block] | ) Servicing and Corporate Advances—In the ordinary course of servicing residential and other mortgage loans, the Company routinely advances principal and interest payments to investors prior to their collection from mortgagors and payments of property taxes and insurance premiums in the event mortgagors have not funded their escrow accounts sufficiently (Servicing Advances). Additionally, the Company expends funds related to legal fees, property valuation fees, property inspection fees, maintenance and other preservation costs as required on properties that are in foreclosure (Corporate Advances). The Company establishes an allowance for uncollectible advances based on an analysis of the underlying loans. The allowance reflects an amount which, in management’s judgment, is adequate to provide for probable losses after giving consideration to the composition of the underlying loans, current economic conditions, past loss experience, an evaluation of probable losses in the current servicing portfolio, and such other factors that warrant current recognition in estimating losses. | |
Foreclosure Claims Receivable, Policy [Policy Text Block] | ) Foreclosure Claims Receivable—Foreclosure claims receivable represent receivables recognized by the Company for government-insured or guaranteed loans that have been foreclosed upon for which it has the intent and ability to recover its losses through the government guarantee. Such assets are measured based on the anticipated amount of the principal and interest expected to be recovered under the claim. These receivables are reviewed periodically for impairment. A valuation allowance is established based on an analysis of the underlying loans. The allowance reflects an amount which, in management’s judgment, is adequate to provide for probable losses after giving consideration to the composition of the underlying loans, current economic conditions, past loss experience, an evaluation of probable losses in the current servicing portfolio, and such other factors that warrant current recognition in estimating losses. The receivable is presented net of the related valuation allowance and is included in other assets in the consolidated balance sheets. | |
Finance, Loan and Lease Receivables, Held for Investments, Foreclosed Assets Policy [Policy Text Block] | ) Other Real Estate Owned—OREO consists of property that has been acquired by foreclosure or by deed in lieu of foreclosure. The properties are carried at the lower of cost or fair value (less estimated costs to sell) and are included in other assets in the consolidated balance sheets. Costs relating to the development and improvement of property are capitalized, to the extent the balance does not exceed fair value (less cost to sell), whereas those relating to maintaining the property are charged to expense. Subsequent declines in value are based on valuations and are separately reserved until the property is sold. | |
Deposits, Policy [Policy Text Block] | p) Deposits—Deposits with clients include noninterest-bearing and interest-bearing demand deposits, savings and money market accounts, and time deposits. The Company offers deposits denominated in United States (U.S.) dollars as well as various foreign currencies. Foreign-currency denominated deposits are recorded at the spot rate, with any foreign currency gain or loss recognized as an adjustment to the carrying value. To manage the risk that may occur from fluctuations in world currency markets, the Company enters into short-term forward foreign exchange contracts. | |
The Company also offers certain time deposits that provide clients the option to receive payments at maturity based on increases in various metal, commodity, foreign currency and U.S. Treasury yield indices. This potential payment to the client qualifies as an embedded derivative. Changes in the fair value of these derivatives are recognized in other noninterest income. The Company purchases options as an economic hedge for these embedded options with changes in the fair value of these options also recognized in other noninterest income. See Note 23 for additional information. | ||
Other Borrowings, Policy [Policy Text Block] | q) Other Borrowings—The Company records FHLB advances, notes payable and securities sold under repurchase agreements at their principal amount. Interest expense is recognized based on the coupon rate of the obligations. | |
Junior Subordinated Notes, Policy [Policy Text Block] | r) Trust Preferred Securities—The Company issues trust preferred securities through unconsolidated trusts as a form of additional funding. These securities are recorded at the principal amount, with interest expense recognized at the coupon rate. | |
Advertising Cost, Policy, Expensed Advertising Cost [Policy Text Block] | s) Advertising—Advertising costs are expensed as incurred. See Note 18 for amounts recognized for each of the years presented in the consolidated statements of income. | |
Income Tax, Policy [Policy Text Block] | t) Income Taxes—The Company and its subsidiaries file federal and certain state income tax returns on a consolidated basis. Additionally, the Company’s subsidiaries file separate state income tax returns with various state jurisdictions. The provision for income taxes includes the income tax balances of the Company and all of its subsidiaries. | |
Deferred tax assets and liabilities are recognized for temporary differences between the financial reporting basis and the tax basis of the Company’s assets and liabilities at enacted tax rates expected to be in effect when such amounts are realized or settled. Deferred tax assets and liabilities are adjusted for the effects of changes in tax rates in the period of change. The Company establishes a valuation allowance when management believes, based on the weight of available evidence, it is more likely than not that some portion of the deferred tax assets will not be realized. | ||
The Company recognizes and measures income tax benefits based upon a two-step model: 1) a tax position must be more likely than not to be sustained based solely on its technical merits in order to be recognized, and 2) the benefit is measured as the largest dollar amount of that position that is more likely than not to be sustained upon settlement. The difference between the benefit recognized for a position in this model and the tax benefit claimed on a tax return is recognized as an unrecognized tax benefit. The Company recognizes income tax related interest and penalties in general and administrative expense. | ||
Segment Reporting, Policy [Policy Text Block] | u) Segment Information—ASC 280, Segment Reporting, requires the reporting of information about a company’s operating segments using a management approach. This requires that reportable segments be identified based upon those components for which separate financial information is produced internally and which are subject to evaluation by the chief operating decision maker in deciding how to allocate resources to segments. The Company reports the results of its operations through three reportable segments: Consumer Banking, Commercial Banking, and Corporate Services. See Note 30 for additional information on the Company’s segments. | |
Earnings Per Share, Policy [Policy Text Block] | v) Earnings Per Common Share (EPS)—In calculating basic and diluted EPS, the Company uses the Two-Class Method, which is an earnings allocation formula under which EPS is calculated for common stock and participating securities according to dividends declared and participating rights in undistributed earnings. Under this method, all earnings (distributed and undistributed) are allocated to participating securities and common shares based on their respective rights to receive dividends. Basic EPS is computed by dividing net income allocated to common shareholders by the weighted-average common shares outstanding. Diluted earnings per common share is computed by dividing income allocated to common shareholders by the weighted-average common shares outstanding plus amounts representing the dilutive effect of stock options outstanding, nonvested stock, and the dilution resulting from the conversion of convertible preferred stock, if applicable. | |
Derivatives, Policy [Policy Text Block] | w) Derivative Instruments—The Company uses derivative financial instruments to manage exposure to interest rate risk, foreign currency risk and changes in the fair value of loans held for sale. Derivative transactions are measured in terms of the notional amount, but this amount is not reflected in the consolidated balance sheets nor, when viewed in isolation, is it a meaningful measure of the risk profile of the instruments. The notional amount is generally not exchanged and is used only as a basis on which interest and other payments are determined. Derivative instruments used for risk management purposes are classified as cash flow hedging instruments under ASC 815, Derivatives and Hedging, as well as freestanding derivatives. As permitted under U.S. GAAP, the Company nets derivative assets and liabilities, and the related cash collateral received and paid, when a legally enforceable master netting agreement exists between the Company and the derivative counterparty. | |
The Company also offers various deposit products to its clients, with returns that are based upon a variety of reference indices, including commodities, foreign currency, precious metals and U.S. Treasury yields and typically offsets its exposure from such products by entering into financial contracts. The client accommodations and any offsetting financial contracts are treated as freestanding derivatives. Other freestanding derivatives are used to manage the overall changes in price on loans held for sale or trading investments and include interest rate swaps, forward and optional forward purchase and sales commitments and option contracts. | ||
The Company’s derivative activities are monitored by its Asset Liability Committee (ALCO), which oversees all asset and liability management and secondary marketing activities. The Company’s hedging strategies are developed through analysis of data from financial models and other internal and industry sources. The Company incorporates the results of hedging strategies into its overall interest rate and asset/liability risk management. | ||
Cash Flow Hedges—As part of its asset and liability management activities, the Company enters into forward interest rate swaps as a cash flow hedge for forecasted transactions that create variable cash flows. The Company uses pay fixed, receive variable interest rate swaps to synthetically convert these instruments to fixed rate and manage this exposure. | ||
The fair values of these derivatives are reported in other assets or accounts payable and accrued liabilities. The effective portion of the cumulative gains or losses on cash flow hedges are reported within accumulated other comprehensive income and are reclassified from accumulated other comprehensive income to current period earnings when the forecasted transaction affects earnings. Any hedge ineffectiveness is reported in interest expense. Payments and proceeds related to the settlement of these derivatives are included in the operating activities section of the consolidated statements of cash flows. All gains or losses on these derivatives are included in the assessment of hedge effectiveness. | ||
Freestanding Derivatives: | ||
Interest Rate Lock Commitments (IRLCs)—In the ordinary course of business, the Company enters into commitments to originate residential mortgage loans at interest rates that are determined prior to funding. IRLCs for loans that the Company intends to sell are considered freestanding derivatives and are recorded at fair value at inception. Cash flows related to IRLCs are included in operating activities on the statement of cash flows. | ||
Changes in value subsequent to inception are based on changes in the fair value of the underlying loan and changes in the probability that the loan will fund within the terms of the commitment, affected primarily by changes in interest rates and the passage of time. The aggregate fair value of IRLCs on the balance sheet is recorded in other assets or accounts payable and accrued liabilities with changes in the fair value recognized as gain on sale of loans in the consolidated statements of income. The interest exposure on the Company’s IRLCs is economically hedged with forward and optional forward purchase and sales commitments. | ||
Forward and Optional Forward Purchase and Sales Commitments—The Company uses forward purchase and sales commitments and optional forward purchase and sales commitments to manage its exposure to interest rate risk related to loans held for sale. The fair values of these forward and optional forward purchase and sales commitments are recorded in other assets and accounts payable and accrued liabilities. Changes in the fair value of these derivatives are reported as gain on sale of loans in the consolidated statements of income. Cash flows related to forward and optional forward purchase and sales commitments are included in operating activities on the statement of cash flows to match the cash flows of the economically hedged item. | ||
Foreign Exchange Contracts—Foreign exchange contracts are commitments to buy or sell a foreign currency at a certain price on a future date and may be settled in cash or through delivery. The Company enters into these contracts to manage its exposure to foreign currency risk related to changes in the fair value of foreign currency denominated deposits. Cash flows related to foreign exchange contracts are included in financing activities on the statement of cash flows to match the cash flows of the economically hedged item. | ||
Options and Options Embedded in Client Deposits—The Company purchases options tied to increases in various foreign currency, commodity, metals or U.S. treasury yield indices for a specified term, generally three to eight years, to manage its exposure to changes in the fair value of options embedded in deposit offerings to clients. These options and the related options embedded in client deposits are recorded as freestanding derivatives in other assets, deposits or accounts payable and accrued liabilities. The derivatives are carried at fair value, with changes in fair value recognized in other noninterest income. Cash flows related to options and embedded options are included in operating activities on the statement of cash flows. | ||
Interest Rate Swaps and Interest Rate Swap Futures—From time to time the Company enters into interest rate swaps and swap futures to manage its exposure to interest rate risk associated with IRLCs and loans held for sale. Interest rate swaps and interest rate swap futures are recorded as freestanding derivatives in other assets or accounts payable and accrued liabilities and are carried at fair value, with changes in fair value recognized in other noninterest income. Cash flows related to interest rate swaps and futures are included in operating activities on the statement of cash flows to match the cash flows of the hedged item. | ||
Indemnification assets—As part of its loan acquisition activities, the Company periodically enters into credit derivative contracts whereby the counterparty guarantees a portion of the credit and advance losses. The Company presents these assets at their fair value with any changes in value being recorded in noninterest expense. Cash flows related to the indemnification assets are included in operating activities on the statement of cash flows to match the cash flows of the economically hedged item. | ||
Fair Value Measurement, Policy [Policy Text Block] | x) Fair Value Measurements—Assets and liabilities measured at fair value have been categorized based upon the fair value hierarchy described below: | |
• | Level 1—Valuation is based upon quoted market prices for identical instruments traded in active markets. | |
• | Level 2—Valuation is based upon quoted 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 asset or liability. Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques. | |
The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. In addition, these estimates do not reflect any premium or discount that could result from offering for sale the Company’s entire holdings of a particular financial instrument at one time. Finally, the tax ramifications related to the realization of any unrealized gains and losses could have a significant effect on fair value estimates and are not considered in any of the internal valuations. | ||
Fair value estimates are determined for existing financial instruments, including derivative instruments, without attempting to estimate the value of anticipated future business and the value of certain assets and liabilities that were not considered financial instruments. Significant assets that are not considered financial instruments include MSR, premises and equipment, and goodwill and intangible assets. | ||
For assets or liabilities in inactive markets, transaction or quoted prices may require adjustment to reflect uncertainty as to whether or not the underlying transactions are orderly. Management recognizes that significant events that impact fair value may occur after the measurement date. The Company’s policy is to monitor these events and determine whether adjustments to fair value are required. | ||
The estimated fair values of all of the Company’s derivative financial instruments are reported in Note 24. Counterparty risk for derivative contracts and its impact on the determination of fair value are discussed in Note 23. | ||
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | y) Variable Interest Entities—The Company is required to evaluate whether to consolidate a variable interest entity (VIE) when it first becomes involved and on an ongoing basis. In almost all cases, a qualitative analysis of its involvement in the entity provides sufficient evidence to determine whether the Company is the primary beneficiary. | |
The Company consolidates VIEs in which it is the primary beneficiary and holds a controlling financial interest. This is evidenced by the power to direct the activities of a VIE that most significantly impact its economic performance and the obligation to absorb losses of, or the right to receive benefits from the VIE that could be potentially significant to the VIE. The Company takes into account all of its involvement in a VIE identifying implicit or explicit variable interests that, individually or in the aggregate, could be significant enough to warrant the designation as the primary beneficiary. Designation as the primary beneficiary requires the Company to consolidate the VIE and provide appropriate disclosures. Participants not determined to be the primary beneficiary do not consolidate and are required to make appropriate disclosures. See Note 26 for additional information. | ||
Business Combinations Policy [Policy Text Block] | z) Acquisition Activities—Acquisitions are accounted for under the acquisition method of accounting. Purchased assets and assumed liabilities are recorded at fair value at their respective acquisition dates, including identifiable intangible assets. If the fair value of net assets purchased exceeds the fair value of consideration paid, a bargain purchase gain is recognized. If the consideration given exceeds the fair value of the net assets received, goodwill is recognized. Fair values are subject to refinement for up to one year after the closing date of an acquisition as information relative to closing date fair values becomes available. | |
All identifiable intangible assets that are acquired in a business combination are recognized at fair value on the acquisition date. Identifiable intangible assets are recognized separately if they arise from contractual or other legal rights or if they are separable (i.e., capable of being sold, transferred, licensed, rented, or exchanged separately from the entity). Deposit liabilities and the related depositor relationship intangible assets may be exchanged in observable exchange transactions. As a result, the depositor relationship intangible asset is considered identifiable, because the separability criterion has been met. | ||
Indemnification assets are recognized when the seller contractually indemnifies, in whole or in part, the buyer for a particular uncertainty. The recognition and measurement of an indemnification asset is based on the related indemnified item. That is, the acquirer should recognize an indemnification asset at the same time that it recognizes the indemnified item, measured on the same basis as the indemnified item, subject to collectability or contractual limitations on the indemnified amount. If the indemnification asset meets the definition of a derivative, changes in the fair value are recognized in earnings. |
Organization_and_Basis_of_Pres1
Organization and Basis of Presentation (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Organization and Basis of Presentation [Abstract] | ||||||||||||
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | ) Supplemental Cash Flow Information — Noncash investing and financing activities are presented in the following table for the years ended December 31, 2014, 2013, and 2012: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Supplemental Schedules of Noncash Investing Activities: | ||||||||||||
Loans transferred to foreclosure claims | $ | 654,818 | $ | 630,543 | $ | 517,543 | ||||||
Supplemental Schedules of Noncash Financing Activities: | ||||||||||||
Conversion of preferred stock | $ | — | $ | — | $ | 135,585 | ||||||
Acquisition_Activities_Tables
Acquisition Activities (Tables) (Business Property Lending, Inc. [Member]) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Business Property Lending, Inc. [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Acquisition, Pro Forma Information [Table Text Block] | Selected unaudited pro forma results of operations for the year ended December 31, 2012, assuming the BPL acquisition had occurred as of January 1, 2011, are as follows: | |||
2012 | ||||
Net interest income after provision for loan and lease losses | $ | 550,524 | ||
Noninterest income | 383,137 | |||
Net income | 111,624 | |||
Net income attributable to common shareholders | 100,900 | |||
Pro forma earnings per common share, basic | $ | 0.95 | ||
Pro forma earnings per common share, diluted | 0.93 | |||
Investment_Securities_Tables
Investment Securities (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Investment Securities [Abstract] | ||||||||||||||||||||||||
Investments Classified by Contractual Maturity Date [Table Text Block] | Mortgage-backed securities, including collateralized mortgage obligation securities, are disclosed without a specific maturity in the table below as these investment securities are likely to prepay prior to their scheduled contractual maturity dates. | |||||||||||||||||||||||
Amortized | Fair | |||||||||||||||||||||||
Cost | Value | |||||||||||||||||||||||
2014 | ||||||||||||||||||||||||
Available for sale: | ||||||||||||||||||||||||
After ten years | $ | 1,800 | $ | 1,395 | ||||||||||||||||||||
Not due at a single maturity date | 775,002 | 774,446 | ||||||||||||||||||||||
$ | 776,802 | $ | 775,841 | |||||||||||||||||||||
Held to maturity: | ||||||||||||||||||||||||
Not due at a single maturity date | $ | 115,084 | $ | 118,230 | ||||||||||||||||||||
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 December 31, 2014 and 2013: | |||||||||||||||||||||||
Amortized | Gross | Gross | Fair | Carrying | ||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | Amount | ||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
2014 | ||||||||||||||||||||||||
Available for sale: | ||||||||||||||||||||||||
Residential collateralized mortgage obligations (CMO) securities - nonagency | $ | 774,804 | $ | 5,631 | $ | 6,200 | $ | 774,235 | $ | 774,235 | ||||||||||||||
Asset-backed securities (ABS) | 1,800 | — | 405 | 1,395 | 1,395 | |||||||||||||||||||
Other | 275 | 406 | — | 681 | 681 | |||||||||||||||||||
Total available for sale securities | $ | 776,879 | $ | 6,037 | $ | 6,605 | $ | 776,311 | $ | 776,311 | ||||||||||||||
Held to maturity: | ||||||||||||||||||||||||
Residential CMO securities - agency | $ | 27,801 | $ | 788 | $ | — | $ | 28,589 | $ | 27,801 | ||||||||||||||
Residential MBS - agency | 87,283 | 2,680 | 322 | 89,641 | 87,283 | |||||||||||||||||||
Corporate securities | — | — | — | — | — | |||||||||||||||||||
Total held to maturity securities | $ | 115,084 | $ | 3,468 | $ | 322 | $ | 118,230 | $ | 115,084 | ||||||||||||||
2013 | ||||||||||||||||||||||||
Available for sale: | ||||||||||||||||||||||||
Residential CMO securities - nonagency | $ | 1,097,293 | $ | 15,253 | $ | 3,275 | $ | 1,109,271 | $ | 1,109,271 | ||||||||||||||
Asset-backed securities | 4,144 | — | 1,058 | 3,086 | 3,086 | |||||||||||||||||||
Other | 2,933 | 337 | — | 3,270 | 3,270 | |||||||||||||||||||
Total available for sale securities | $ | 1,104,370 | $ | 15,590 | $ | 4,333 | $ | 1,115,627 | $ | 1,115,627 | ||||||||||||||
Held to maturity: | ||||||||||||||||||||||||
Residential CMO securities - agency | $ | 41,347 | $ | 1,408 | $ | 5 | $ | 42,750 | $ | 41,347 | ||||||||||||||
Residential MBS - agency | 65,965 | 754 | 1,548 | 65,171 | 65,965 | |||||||||||||||||||
Total held to maturity securities | $ | 107,312 | $ | 2,162 | $ | 1,553 | $ | 107,921 | $ | 107,312 | ||||||||||||||
Schedule of Unrealized Loss on Investments [Table Text Block] | The gross unrealized losses and fair value of the Company’s investments with unrealized losses, aggregated by investment category and the length of time individual securities have been in a continuous unrealized loss position, at December 31, 2014 and 2013 are as follows: | |||||||||||||||||||||||
Less Than 12 Months | 12 Months or Greater | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
2014 | ||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||
Residential CMO securities - nonagency | $ | 317,042 | $ | 3,900 | $ | 31,010 | $ | 2,300 | $ | 348,052 | $ | 6,200 | ||||||||||||
Residential MBS - agency | 6,788 | 63 | 11,670 | 259 | 18,458 | 322 | ||||||||||||||||||
Asset-backed securities | — | — | 1,395 | 405 | 1,395 | 405 | ||||||||||||||||||
Total debt securities | $ | 323,830 | $ | 3,963 | $ | 44,075 | $ | 2,964 | $ | 367,905 | $ | 6,927 | ||||||||||||
2013 | ||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||
Residential CMO securities - nonagency | $ | 169,829 | $ | 3,012 | $ | 10,932 | $ | 263 | $ | 180,761 | $ | 3,275 | ||||||||||||
Residential CMO securities - agency | 887 | 5 | — | — | 887 | 5 | ||||||||||||||||||
Residential MBS - agency | 54,355 | 1,548 | — | — | 54,355 | 1,548 | ||||||||||||||||||
Asset-backed securities | — | — | 3,086 | 1,058 | 3,086 | 1,058 | ||||||||||||||||||
Total debt securities | $ | 225,071 | $ | 4,565 | $ | 14,018 | $ | 1,321 | $ | 239,089 | $ | 5,886 | ||||||||||||
Investment Income [Table Text Block] | During the years ended December 31, 2014, 2013, and 2012 interest and dividend income on investment securities was comprised of the following: | |||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Interest income on available for sale securities | $ | 30,549 | $ | 49,178 | $ | 72,017 | ||||||||||||||||||
Interest income on held to maturity securities | 3,293 | 2,707 | 6,093 | |||||||||||||||||||||
Other interest and dividend income | 4,770 | 3,187 | 2,518 | |||||||||||||||||||||
$ | 38,612 | $ | 55,072 | $ | 80,628 | |||||||||||||||||||
Schedule of Other Investments Not Readily Marketable [Table Text Block] | All investment interest income recognized by the Company during the year ended December 31, 2014, 2013 and 2012 was fully taxable. | |||||||||||||||||||||||
Other Investments—Other investments as of December 31, 2014 and 2013 are as follows: | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
FHLB stock | $ | 195,180 | $ | 125,885 | ||||||||||||||||||||
Other | 1,429 | 2,178 | ||||||||||||||||||||||
Total | $ | 196,609 | $ | 128,063 | ||||||||||||||||||||
Loans_Held_for_Sale_Tables
Loans Held for Sale (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Loans Held for Sale [Abstract] | ||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Loans held for sale as of December 31, 2014 and 2013, consist of the following: | |||||||||||
2014 | 2013 | |||||||||||
Mortgage warehouse (carried at fair value) | $ | 410,948 | $ | 613,459 | ||||||||
Other residential (carried at fair value) | 317,430 | 58,912 | ||||||||||
Total loans held for sale carried at fair value | 728,378 | 672,371 | ||||||||||
Government insured pool buyouts | 12,583 | 53,823 | ||||||||||
Other residential | 232,546 | 8,939 | ||||||||||
Commercial and commercial real estate | — | 56,249 | ||||||||||
Total loans held for sale carried at lower of cost or market | 245,129 | 119,011 | ||||||||||
Total loans held for sale | $ | 973,507 | $ | 791,382 | ||||||||
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 years ended December 31, 2014, 2013 and 2012: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Proceeds received from agency securitizations | $ | 4,832,193 | $ | 9,031,693 | $ | 8,297,369 | ||||||
Proceeds received from nonsecuritizations sales - residential | 1,937,032 | 1,641,101 | 361,168 | |||||||||
Proceeds received from nonsecuritizations sales - commercial and commercial real estate | 94,617 | 74,551 | — | |||||||||
Proceeds received from nonsecuritizations sales - equipment financing receivables | 20,975 | — | — | |||||||||
Proceeds received from nonsecuritizations sales | $ | 2,052,624 | $ | 1,715,652 | $ | 361,168 | ||||||
Repurchased loans from agency securitizations | $ | 5,961 | $ | 4,738 | $ | 7,363 | ||||||
Repurchased loans from nonagency sales | 4,078 | 19,234 | 31,494 | |||||||||
Loans_and_Leases_Held_for_Inve1
Loans and Leases Held for Investment, Net (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
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 December 31, 2014 and 2013 are comprised of the following: | |||||||||||
2014 | 2013 | |||||||||||
Residential mortgages | $ | 9,920,070 | $ | 7,044,743 | ||||||||
Commercial and commercial real estate | 5,646,690 | 4,812,970 | ||||||||||
Equipment financing receivables | 2,031,570 | 1,237,941 | ||||||||||
Home equity lines | 156,869 | 151,916 | ||||||||||
Consumer and credit card | 5,054 | 5,154 | ||||||||||
Total loans and leases held for investment, net of unearned income | 17,760,253 | 13,252,724 | ||||||||||
Allowance for loan and lease losses | (60,846 | ) | (63,690 | ) | ||||||||
Total loans and leases held for investment, net | $ | 17,699,407 | $ | 13,189,034 | ||||||||
Net Purchase Loan And Lease Premiums (Discounts)/Net Deferred Loan And Lease Origination Costs (Fees) [Table Text Block] | As of December 31, 2014 and 2013, the carrying values presented above include net purchase loan and lease discounts and net deferred loan and lease origination costs as follows: | |||||||||||
2014 | 2013 | |||||||||||
Net purchased loan and lease discounts | $ | 47,108 | $ | 102,416 | ||||||||
Net deferred loan and lease origination costs | 94,778 | 54,107 | ||||||||||
Schedule of Lease Financing Receivables [Table Text Block] | Financing Receivables—Equipment financing receivables are collateralized by a secured interest in the equipment and, in certain circumstances, additional collateral and/or guarantees. As of December 31, 2014 and 2013, the components of net equipment financing receivables are as follows: | |||||||||||
2014 | 2013 | |||||||||||
Loans receivable | $ | 517,497 | $ | 198,469 | ||||||||
Minimum lease payments receivable | 1,515,144 | 1,063,796 | ||||||||||
Residuals | 144,953 | 85,130 | ||||||||||
Unearned income | (180,636 | ) | (127,730 | ) | ||||||||
Equipment financing receivables, net of unearned income | 1,996,958 | 1,219,665 | ||||||||||
Net deferred loan and lease origination costs | 35,038 | 23,591 | ||||||||||
Purchased loan and lease discounts | (426 | ) | (5,315 | ) | ||||||||
2,031,570 | 1,237,941 | |||||||||||
Allowance for loan and lease losses | (8,649 | ) | (4,273 | ) | ||||||||
Equipment financing receivables, net | $ | 2,022,921 | $ | 1,233,668 | ||||||||
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | The following is a schedule of future minimum lease payments to be received on leases held for investment at December 31, 2014: | |||||||||||
2015 | $ | 496,788 | ||||||||||
2016 | 407,583 | |||||||||||
2017 | 295,617 | |||||||||||
2018 | 189,154 | |||||||||||
2019 | 93,782 | |||||||||||
Thereafter | 32,220 | |||||||||||
Minimum lease payments receivable | $ | 1,515,144 | ||||||||||
Concentration of Credit Risk for Loan Portfolio [Table Text Block] | The 5 highest concentration percentages by state for each category of the Company’s loan and lease portfolio and the corresponding states’ percentages of the U.S. population at December 31, 2014 are as follows: | |||||||||||
Percentage of Loan Portfolio | ||||||||||||
Residential | Commercial | Equipment Financing Receivables | % of | |||||||||
Mortgages | and | U.S. Population | ||||||||||
Commercial | ||||||||||||
Real | ||||||||||||
Estate | ||||||||||||
California | 26 | % | 13 | % | 11 | % | 12 | % | ||||
Florida | 9 | 14 | 9 | 6 | ||||||||
New York | 7 | 7 | 7 | 6 | ||||||||
New Jersey | 6 | 6 | 3 | |||||||||
Texas | 6 | 7 | 11 | 8 | ||||||||
Illinois | 6 | 4 | ||||||||||
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 years ended December 31, 2014 and 2013 are as follows: | |||||||||||
2014 | 2013 | |||||||||||
Contractual payments receivable for acquired loans and leases at acquisition | $ | 5,341,257 | $ | 345,890 | ||||||||
Expected cash flows for acquired loans and leases at acquisition | 3,326,356 | 193,549 | ||||||||||
Basis in acquired loans and leases at acquisition | 3,122,591 | 179,027 | ||||||||||
Information pertaining to the ACI portfolio as of December 31, 2014 and 2013 is as follows: | ||||||||||||
Residential | Commercial and Commercial Real Estate | Total | ||||||||||
2014 | ||||||||||||
Carrying value, net of allowance | $ | 2,616,728 | $ | 194,599 | $ | 2,811,327 | ||||||
Outstanding unpaid principal balance | 2,655,497 | 198,061 | 2,853,558 | |||||||||
Allowance for loan and lease losses, beginning of year | 4,925 | 9,834 | 14,759 | |||||||||
Allowance for loan and lease losses, end of year | 5,974 | 2,042 | 8,016 | |||||||||
Residential | Commercial and Commercial Real Estate | Total | ||||||||||
2013 | ||||||||||||
Carrying value, net of allowance | $ | 646,470 | $ | 331,771 | $ | 978,241 | ||||||
Outstanding unpaid principal balance | 696,222 | 339,179 | 1,035,401 | |||||||||
Allowance for loan and lease losses, beginning of year | 5,175 | 16,789 | 21,964 | |||||||||
Allowance for loan and lease losses, end of year | 4,925 | 9,834 | 14,759 | |||||||||
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 years ended December 31, 2014 and 2013: | |||||||||||
2014 | Residential | Commercial and Commercial Real Estate | Total | |||||||||
Balance, beginning of year | $ | 101,183 | $ | 59,663 | $ | 160,846 | ||||||
Additions | 203,765 | — | 203,765 | |||||||||
Accretion | (77,232 | ) | (18,721 | ) | (95,953 | ) | ||||||
Reclassifications to accretable yield | 15,456 | 20,658 | 36,114 | |||||||||
Transfer from loans held for investment to loans held for sale | (2,522 | ) | (344 | ) | (2,866 | ) | ||||||
Balance, end of year | $ | 240,650 | $ | 61,256 | $ | 301,906 | ||||||
2013 | Residential | Commercial and Commercial Real Estate | Total | |||||||||
Balance, beginning of year | $ | 111,868 | $ | 108,540 | $ | 220,408 | ||||||
Additions | 12,174 | — | 12,174 | |||||||||
Accretion | (42,904 | ) | (29,862 | ) | (72,766 | ) | ||||||
Reclassifications to accretable yield | 20,045 | 17,116 | 37,161 | |||||||||
Transfer from loans held for investment to loans held for sale | — | (36,131 | ) | (36,131 | ) | |||||||
Balance, end of year | $ | 101,183 | $ | 59,663 | $ | 160,846 | ||||||
Allowance_for_Loan_and_Lease_L1
Allowance for Loan and Lease Losses (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
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 years ended December 31, 2014, 2013 and 2012 are as follows: | |||||||||||||||||||||||
2014 | ||||||||||||||||||||||||
Residential | Commercial | Equipment | Home | Consumer | Total | |||||||||||||||||||
Mortgages | and | Financing | Equity | and | ||||||||||||||||||||
Commercial | Receivables | Lines | Credit | |||||||||||||||||||||
Real Estate | Card | |||||||||||||||||||||||
Balance, beginning of year | $ | 26,497 | $ | 29,987 | $ | 4,273 | $ | 2,812 | $ | 121 | $ | 63,690 | ||||||||||||
Transfers to loans held for sale | (5,049 | ) | (2,482 | ) | — | (191 | ) | — | (7,722 | ) | ||||||||||||||
Provision for loan and lease losses | 10,920 | 2,494 | 9,285 | 1,674 | 160 | 24,533 | ||||||||||||||||||
Charge-offs | (8,366 | ) | (6,913 | ) | (5,797 | ) | (1,033 | ) | (91 | ) | (22,200 | ) | ||||||||||||
Recoveries | 1,096 | 9 | 888 | 552 | — | 2,545 | ||||||||||||||||||
Balance, end of year | $ | 25,098 | $ | 23,095 | $ | 8,649 | $ | 3,814 | $ | 190 | $ | 60,846 | ||||||||||||
2013 | ||||||||||||||||||||||||
Residential | Commercial | Equipment | Home | Consumer | Total | |||||||||||||||||||
Mortgages | and | Financing | Equity | and | ||||||||||||||||||||
Commercial | Receivables | Lines | Credit | |||||||||||||||||||||
Real Estate | Card | |||||||||||||||||||||||
Balance, beginning of year | $ | 33,631 | $ | 39,863 | $ | 3,181 | $ | 5,265 | $ | 162 | $ | 82,102 | ||||||||||||
Transfers to loans held for sale | — | (4,097 | ) | — | — | — | (4,097 | ) | ||||||||||||||||
Provision for loan and lease losses | 6,745 | 2,352 | 4,139 | (1,150 | ) | (48 | ) | 12,038 | ||||||||||||||||
Charge-offs | (15,575 | ) | (12,917 | ) | (3,651 | ) | (1,816 | ) | (69 | ) | (34,028 | ) | ||||||||||||
Recoveries | 1,696 | 4,786 | 604 | 513 | 76 | 7,675 | ||||||||||||||||||
Balance, end of year | $ | 26,497 | $ | 29,987 | $ | 4,273 | $ | 2,812 | $ | 121 | $ | 63,690 | ||||||||||||
2012 | ||||||||||||||||||||||||
Residential | Commercial | Equipment | Home | Consumer | Total | |||||||||||||||||||
Mortgages | and | Financing | Equity | and | ||||||||||||||||||||
Commercial | Receivables | Lines | Credit | |||||||||||||||||||||
Real Estate | Card | |||||||||||||||||||||||
Balance, beginning of year | $ | 43,454 | $ | 28,209 | $ | 3,766 | $ | 2,186 | $ | 150 | $ | 77,765 | ||||||||||||
Provision for loan and lease losses | 8,753 | 14,195 | 2,811 | 6,126 | 114 | 31,999 | ||||||||||||||||||
Charge-offs | (19,226 | ) | (8,597 | ) | (3,671 | ) | (3,295 | ) | (163 | ) | (34,952 | ) | ||||||||||||
Recoveries | 650 | 6,056 | 275 | 248 | 61 | 7,290 | ||||||||||||||||||
Balance, end of year | $ | 33,631 | $ | 39,863 | $ | 3,181 | $ | 5,265 | $ | 162 | $ | 82,102 | ||||||||||||
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 December 31, 2014 and 2013: | |||||||||||||||||||||||
Allowance for Loan and Lease Losses | ||||||||||||||||||||||||
Individually | Collectively | ACI Loans | Total | |||||||||||||||||||||
Evaluated for | Evaluated for | |||||||||||||||||||||||
Impairment | Impairment | |||||||||||||||||||||||
2014 | ||||||||||||||||||||||||
Residential mortgages | $ | 2,896 | $ | 16,228 | $ | 5,974 | $ | 25,098 | ||||||||||||||||
Commercial and commercial real estate | 720 | 20,333 | 2,042 | 23,095 | ||||||||||||||||||||
Equipment financing receivables | — | 8,649 | — | 8,649 | ||||||||||||||||||||
Home equity lines | — | 3,814 | — | 3,814 | ||||||||||||||||||||
Consumer and credit card | — | 190 | — | 190 | ||||||||||||||||||||
Total allowance for loan and lease losses | $ | 3,616 | $ | 49,214 | $ | 8,016 | $ | 60,846 | ||||||||||||||||
Loans and Leases Held for Investment at Recorded Investment | ||||||||||||||||||||||||
Individually | Collectively | ACI Loans | Total | |||||||||||||||||||||
Evaluated for | Evaluated for | |||||||||||||||||||||||
Impairment | Impairment | |||||||||||||||||||||||
2014 | ||||||||||||||||||||||||
Residential mortgages | $ | 16,642 | $ | 7,280,726 | $ | 2,622,702 | $ | 9,920,070 | ||||||||||||||||
Commercial and commercial real estate | 42,267 | 5,407,782 | 196,641 | 5,646,690 | ||||||||||||||||||||
Equipment financing receivables | — | 2,031,570 | — | 2,031,570 | ||||||||||||||||||||
Home equity lines | — | 156,869 | — | 156,869 | ||||||||||||||||||||
Consumer and credit card | — | 5,054 | — | 5,054 | ||||||||||||||||||||
Total loans and leases held for investment | $ | 58,909 | $ | 14,882,001 | $ | 2,819,343 | $ | 17,760,253 | ||||||||||||||||
Allowance for Loan and Lease Losses | ||||||||||||||||||||||||
Individually | Collectively | ACI Loans | Total | |||||||||||||||||||||
Evaluated for | Evaluated for | |||||||||||||||||||||||
Impairment | Impairment | |||||||||||||||||||||||
2013 | ||||||||||||||||||||||||
Residential mortgages | $ | 9,134 | $ | 12,438 | $ | 4,925 | $ | 26,497 | ||||||||||||||||
Commercial and commercial real estate | 248 | 19,905 | 9,834 | 29,987 | ||||||||||||||||||||
Equipment financing receivables | — | 4,273 | — | 4,273 | ||||||||||||||||||||
Home equity lines | — | 2,812 | — | 2,812 | ||||||||||||||||||||
Consumer and credit card | — | 121 | — | 121 | ||||||||||||||||||||
Total allowance for loan and lease losses | $ | 9,382 | $ | 39,549 | $ | 14,759 | $ | 63,690 | ||||||||||||||||
Loans and Leases Held for Investment at Recorded Investment | ||||||||||||||||||||||||
Individually | Collectively | ACI Loans | Total | |||||||||||||||||||||
Evaluated for | Evaluated for | |||||||||||||||||||||||
Impairment | Impairment | |||||||||||||||||||||||
2013 | ||||||||||||||||||||||||
Residential mortgages | $ | 90,472 | $ | 6,302,876 | $ | 651,395 | $ | 7,044,743 | ||||||||||||||||
Commercial and commercial real estate | 22,747 | 4,448,618 | 341,605 | 4,812,970 | ||||||||||||||||||||
Equipment financing receivables | — | 1,237,941 | — | 1,237,941 | ||||||||||||||||||||
Home equity lines | — | 151,916 | — | 151,916 | ||||||||||||||||||||
Consumer and credit card | — | 5,154 | — | 5,154 | ||||||||||||||||||||
Total loans and leases held for investment | $ | 113,219 | $ | 12,146,505 | $ | 993,000 | $ | 13,252,724 | ||||||||||||||||
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 December 31, 2014 and 2013: | |||||||||||||||||||||||
Non-performing | ||||||||||||||||||||||||
Performing | Accrual | Nonaccrual | Total | |||||||||||||||||||||
2014 | ||||||||||||||||||||||||
Residential mortgages: | ||||||||||||||||||||||||
Residential (1) | $ | 6,302,172 | $ | — | $ | 22,793 | $ | 6,324,965 | ||||||||||||||||
Government insured pool buyouts (2) (3) | 3,096,877 | 498,228 | — | 3,595,105 | ||||||||||||||||||||
Equipment financing receivables | 2,020,613 | — | 10,957 | 2,031,570 | ||||||||||||||||||||
Home equity lines | 154,506 | — | 2,363 | 156,869 | ||||||||||||||||||||
Consumer and credit card | 5,016 | — | 38 | 5,054 | ||||||||||||||||||||
Total | $ | 11,579,184 | $ | 498,228 | $ | 36,151 | $ | 12,113,563 | ||||||||||||||||
Pass | Special | Substandard | Doubtful | Total | ||||||||||||||||||||
Mention | ||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||
Commercial and commercial real estate: | ||||||||||||||||||||||||
Mortgage warehouse finance | $ | 1,356,651 | $ | — | $ | — | $ | — | $ | 1,356,651 | ||||||||||||||
Lender finance | 749,393 | 13,060 | — | — | 762,453 | |||||||||||||||||||
Other commercial finance | 63,460 | — | 351 | — | 63,811 | |||||||||||||||||||
Commercial real estate | 3,325,936 | 34,010 | 103,829 | — | 3,463,775 | |||||||||||||||||||
Total commercial and commercial real estate | $ | 5,495,440 | $ | 47,070 | $ | 104,180 | $ | — | $ | 5,646,690 | ||||||||||||||
Non-performing | ||||||||||||||||||||||||
Performing | Accrual | Nonaccrual | Total | |||||||||||||||||||||
2013 | ||||||||||||||||||||||||
Residential mortgages: | ||||||||||||||||||||||||
Residential (1) | $ | 5,096,589 | $ | — | $ | 56,517 | $ | 5,153,106 | ||||||||||||||||
Government insured pool buyouts (2) (3) | 1,219,719 | 671,918 | — | 1,891,637 | ||||||||||||||||||||
Equipment financing receivables | 1,233,414 | — | 4,527 | 1,237,941 | ||||||||||||||||||||
Home equity lines | 148,646 | — | 3,270 | 151,916 | ||||||||||||||||||||
Consumer and credit card | 5,117 | — | 37 | 5,154 | ||||||||||||||||||||
Total | $ | 7,703,485 | $ | 671,918 | $ | 64,351 | $ | 8,439,754 | ||||||||||||||||
Pass | Special | Substandard | Doubtful | Total | ||||||||||||||||||||
Mention | ||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||
Commercial and commercial real estate: | ||||||||||||||||||||||||
Mortgage warehouse finance | $ | 944,219 | $ | — | $ | — | $ | — | $ | 944,219 | ||||||||||||||
Lender finance | 592,621 | — | — | — | 592,621 | |||||||||||||||||||
Other commercial finance | 84,639 | 135 | 1,106 | — | 85,880 | |||||||||||||||||||
Commercial real estate | 2,989,493 | 34,012 | 166,745 | — | 3,190,250 | |||||||||||||||||||
Total commercial and commercial real estate | $ | 4,610,972 | $ | 34,147 | $ | 167,851 | $ | — | $ | 4,812,970 | ||||||||||||||
-1 | For the periods ended December 31, 2014 and December 31, 2013, performing residential mortgages included $6,287 and $7,879, respectively of ACI loans greater than 90 days past due and still accruing. | |||||||||||||||||||||||
-2 | For the periods ended December 31, 2014 and December 31, 2013, performing government insured pool buyouts included $2,143,384 and $350,312, 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 December 31, 2014 and 2013: | |||||||||||||||||||||||
30-59 | 60-89 | 90 Days and Greater Past Due | Total | Current | Total Loans | |||||||||||||||||||
Days | Days | Past | Held for | |||||||||||||||||||||
Past Due | Past Due | Due | Investment | |||||||||||||||||||||
Excluding | ||||||||||||||||||||||||
ACI | ||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||
Residential mortgages: | ||||||||||||||||||||||||
Residential | $ | 9,941 | $ | 4,817 | $ | 22,793 | $ | 37,551 | $ | 6,230,161 | $ | 6,267,712 | ||||||||||||
Government insured pool buyouts (1) | 50,955 | 32,869 | 498,228 | 582,052 | 447,604 | 1,029,656 | ||||||||||||||||||
Commercial and commercial real estate: | ||||||||||||||||||||||||
Mortgage warehouse finance | — | — | — | — | 1,356,651 | 1,356,651 | ||||||||||||||||||
Lender finance | — | — | — | — | 762,453 | 762,453 | ||||||||||||||||||
Other commercial finance | 1 | — | — | 1 | 59,654 | 59,655 | ||||||||||||||||||
Commercial real estate | 1,139 | — | 2,498 | 3,637 | 3,267,653 | 3,271,290 | ||||||||||||||||||
Equipment financing receivables | 18,521 | 4,114 | 3,263 | 25,898 | 2,005,672 | 2,031,570 | ||||||||||||||||||
Home equity lines | 1,040 | 845 | 2,363 | 4,248 | 152,621 | 156,869 | ||||||||||||||||||
Consumer and credit card | 16 | 7 | 38 | 61 | 4,993 | 5,054 | ||||||||||||||||||
Total loans and leases held for investment | $ | 81,613 | $ | 42,652 | $ | 529,183 | $ | 653,448 | $ | 14,287,462 | $ | 14,940,910 | ||||||||||||
2013 | ||||||||||||||||||||||||
Residential mortgages: | ||||||||||||||||||||||||
Residential | $ | 10,145 | $ | 4,683 | $ | 56,517 | $ | 71,345 | $ | 5,011,257 | $ | 5,082,602 | ||||||||||||
Government insured pool buyouts (1) | 90,795 | 55,666 | 671,918 | 818,379 | 492,367 | 1,310,746 | ||||||||||||||||||
Commercial and commercial real estate: | ||||||||||||||||||||||||
Mortgage warehouse finance | — | — | — | — | 944,219 | 944,219 | ||||||||||||||||||
Lender finance | — | — | — | — | 592,621 | 592,621 | ||||||||||||||||||
Other commercial finance | — | 2 | 1,005 | 1,007 | 77,059 | 78,066 | ||||||||||||||||||
Commercial real estate | 2,909 | — | — | 2,909 | 2,853,550 | 2,856,459 | ||||||||||||||||||
Equipment financing receivables | 7,277 | 3,098 | 1,024 | 11,399 | 1,226,542 | 1,237,941 | ||||||||||||||||||
Home equity lines | 2,614 | 396 | 3,270 | 6,280 | 145,636 | 151,916 | ||||||||||||||||||
Consumer and credit card | 23 | 12 | 37 | 72 | 5,082 | 5,154 | ||||||||||||||||||
Total loans and leases held for investment | $ | 113,763 | $ | 63,857 | $ | 733,771 | $ | 911,391 | $ | 11,348,333 | $ | 12,259,724 | ||||||||||||
-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 December 31, 2014 and 2013: | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Unpaid Principal Balance | Recorded | Related | Unpaid Principal Balance | Recorded | Related | |||||||||||||||||||
Investment(1) | Allowance | Investment(1) | Allowance | |||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||
Residential mortgages: | ||||||||||||||||||||||||
Residential | $ | 10,618 | $ | 10,162 | $ | 2,896 | $ | 67,663 | $ | 64,079 | $ | 9,134 | ||||||||||||
Commercial and commercial real estate: | ||||||||||||||||||||||||
Commercial real estate | 14,566 | 11,290 | 720 | 1,161 | 1,172 | 248 | ||||||||||||||||||
Total impaired loans with an allowance recorded | $ | 25,184 | $ | 21,452 | $ | 3,616 | $ | 68,824 | $ | 65,251 | $ | 9,382 | ||||||||||||
Without a related allowance recorded: | ||||||||||||||||||||||||
Residential mortgages: | ||||||||||||||||||||||||
Residential | $ | 7,466 | $ | 6,480 | $ | 34,898 | $ | 26,393 | ||||||||||||||||
Commercial and commercial real estate: | ||||||||||||||||||||||||
Commercial real estate | 41,955 | 30,977 | 23,281 | 21,575 | ||||||||||||||||||||
Total impaired loans without an allowance recorded | $ | 49,421 | $ | 37,457 | $ | 58,179 | $ | 47,968 | ||||||||||||||||
-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 years ended December 31, 2014, 2013 and 2012: | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Average | Interest | Average | Interest | Average | Interest | |||||||||||||||||||
Investment | Income | Investment | Income | Investment | Income | |||||||||||||||||||
Recognized | Recognized | Recognized | ||||||||||||||||||||||
With and without a related allowance recorded: | ||||||||||||||||||||||||
Residential mortgages: | ||||||||||||||||||||||||
Residential | $ | 44,584 | $ | 1,237 | $ | 93,722 | $ | 2,805 | $ | 91,250 | $ | 2,457 | ||||||||||||
Commercial and commercial real estate: | ||||||||||||||||||||||||
Commercial | — | — | 3,972 | 2 | 9,130 | 43 | ||||||||||||||||||
Commercial real estate | 41,576 | 1,102 | 68,448 | 911 | 105,120 | 2,230 | ||||||||||||||||||
Total impaired loans | $ | 86,160 | $ | 2,339 | $ | 166,142 | $ | 3,718 | $ | 205,500 | $ | 4,730 | ||||||||||||
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 December 31, 2014 and 2013: | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Nonaccrual | Greater than | Nonaccrual | Greater than | |||||||||||||||||||||
Status | 90 Days | Status | 90 Days | |||||||||||||||||||||
Past Due | Past Due | |||||||||||||||||||||||
and Accruing | and Accruing | |||||||||||||||||||||||
Residential mortgages: | ||||||||||||||||||||||||
Residential | $ | 22,793 | $ | — | $ | 56,517 | $ | — | ||||||||||||||||
Government insured pool buyouts | — | 498,228 | — | 671,918 | ||||||||||||||||||||
Commercial and commercial real estate: | ||||||||||||||||||||||||
Other commercial finance | — | — | 1,005 | — | ||||||||||||||||||||
Commercial real estate | 39,049 | — | 17,544 | — | ||||||||||||||||||||
Equipment financing receivables | 10,957 | — | 4,527 | — | ||||||||||||||||||||
Home equity lines | 2,363 | — | 3,270 | — | ||||||||||||||||||||
Consumer and credit card | 38 | — | 37 | — | ||||||||||||||||||||
Total nonaccrual loans and leases | $ | 75,200 | $ | 498,228 | $ | 82,900 | $ | 671,918 | ||||||||||||||||
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | Troubled Debt Restructurings (TDR) — 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 following is a summary of information relating to modifications considered to be TDRs for the years ended December 31, 2014, 2013 and 2012: | ||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||
Number of | Pre- | Post- | ||||||||||||||||||||||
Contracts | modification | modification | ||||||||||||||||||||||
Recorded | Recorded | |||||||||||||||||||||||
Investment | Investment | |||||||||||||||||||||||
Residential mortgages: | ||||||||||||||||||||||||
Residential | 6 | $ | 1,942 | $ | 1,950 | |||||||||||||||||||
Commercial and commercial real estate: | ||||||||||||||||||||||||
Commercial real estate | 2 | 4,743 | 4,743 | |||||||||||||||||||||
Total | 8 | $ | 6,685 | $ | 6,693 | |||||||||||||||||||
2013 | ||||||||||||||||||||||||
Number of | Pre- | Post- | ||||||||||||||||||||||
Contracts | modification | modification | ||||||||||||||||||||||
Recorded | Recorded | |||||||||||||||||||||||
Investment | Investment | |||||||||||||||||||||||
Residential mortgages: | ||||||||||||||||||||||||
Residential | 37 | $ | 12,711 | $ | 12,806 | |||||||||||||||||||
Commercial and commercial real estate: | ||||||||||||||||||||||||
Commercial real estate | 2 | 1,695 | 1,695 | |||||||||||||||||||||
Total | 39 | $ | 14,406 | $ | 14,501 | |||||||||||||||||||
2012 | ||||||||||||||||||||||||
Number of | Pre- | Post- | ||||||||||||||||||||||
Contracts | modification | modification | ||||||||||||||||||||||
Recorded | Recorded | |||||||||||||||||||||||
Investment | Investment | |||||||||||||||||||||||
Residential mortgages: | ||||||||||||||||||||||||
Residential | 51 | $ | 20,644 | $ | 20,681 | |||||||||||||||||||
Commercial and commercial real estate: | ||||||||||||||||||||||||
Commercial | 9 | 2,172 | 2,172 | |||||||||||||||||||||
Commercial real estate | 15 | 27,167 | 27,167 | |||||||||||||||||||||
Total | 75 | $ | 49,983 | $ | 50,020 | |||||||||||||||||||
At December 31, 2014 and 2013, the Company included as TDRs 77 and 133 loans in Chapter 7 bankruptcy with net recorded investments of $4,124 and $15,988, respectively, in accordance with guidance published by the OCC during the third quarter 2012. As no contractual change to principal or interest was made by the Company on these loans, Chapter 7 bankruptcy loans have been excluded from the modification summaries above. | ||||||||||||||||||||||||
A loan is considered to re-default when it is 30 days past due. The number of contracts and recorded investment of loans that were modified during the last 12 months and subsequently defaulted during the years ended December 31, 2014, 2013 and 2012 are as follows: | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Number of | Recorded | Number of | Recorded | Number of | Recorded | |||||||||||||||||||
Contracts | Investment | Contracts | Investment | Contracts | Investment | |||||||||||||||||||
Residential mortgages: | ||||||||||||||||||||||||
Residential | 2 | $ | 881 | 1 | $ | 104 | 8 | $ | 2,523 | |||||||||||||||
Commercial and commercial real estate: | ||||||||||||||||||||||||
Commercial | — | — | — | — | 3 | 342 | ||||||||||||||||||
Commercial real estate | — | — | — | — | 3 | 389 | ||||||||||||||||||
Total | 2 | $ | 881 | 1 | $ | 104 | 14 | $ | 3,254 | |||||||||||||||
The recorded investment of TDRs as of December 31, 2014 and 2013 is summarized as follows: | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Loan Type: | ||||||||||||||||||||||||
Residential mortgages | $ | 16,642 | $ | 90,472 | ||||||||||||||||||||
Commercial and commercial real estate | 9,613 | 8,598 | ||||||||||||||||||||||
Total recorded investment of TDRs | $ | 26,255 | $ | 99,070 | ||||||||||||||||||||
Accrual Status: | ||||||||||||||||||||||||
Current | $ | 11,786 | $ | 73,180 | ||||||||||||||||||||
30-89 days past-due accruing | 1,848 | 3,732 | ||||||||||||||||||||||
90+ days past-due accruing | — | 306 | ||||||||||||||||||||||
Nonaccrual | 12,621 | 21,852 | ||||||||||||||||||||||
Total recorded investment of TDRs | $ | 26,255 | $ | 99,070 | ||||||||||||||||||||
TDRs classified as impaired loans | $ | 26,255 | $ | 99,070 | ||||||||||||||||||||
Valuation allowance on TDRs | 3,259 | 9,134 | ||||||||||||||||||||||
Servicing_Activities_and_Mortg1
Servicing Activities and Mortgage Servicing Rights (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Servicing Assets at Amortized Value [Line Items] | ||||||||||||||
Schedule of Servicing Assets at Amortized Value [Table Text Block] | A summary of MSR activities for the years ended December 31, 2014, 2013 and 2012 is as follows: | |||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Balance, beginning of year | $ | 506,680 | $ | 375,859 | $ | 489,496 | ||||||||
Originated servicing rights capitalized upon sale of loans | 57,877 | 100,426 | 76,238 | |||||||||||
Acquired servicing rights | — | 65,188 | 14,445 | |||||||||||
Sale of servicing rights | (55,547 | ) | — | — | ||||||||||
Amortization | (79,234 | ) | (126,803 | ) | (137,433 | ) | ||||||||
Decrease (increase) in valuation allowance | 8,012 | 94,951 | (63,508 | ) | ||||||||||
Other | (2,169 | ) | (2,941 | ) | (3,379 | ) | ||||||||
Balance, end of year | $ | 435,619 | $ | 506,680 | $ | 375,859 | ||||||||
Valuation allowance: | ||||||||||||||
Balance, beginning of year | $ | 8,012 | $ | 102,963 | $ | 39,455 | ||||||||
Increase in valuation allowance | — | 693 | 68,206 | |||||||||||
Recoveries | (8,012 | ) | (95,644 | ) | (4,698 | ) | ||||||||
Balance, end of year | $ | — | $ | 8,012 | $ | 102,963 | ||||||||
Loan Servicing Income [Table Text Block] | Components of loan servicing fee income, which includes servicing fees related to sales and securitizations, for the years ended December 31, 2014, 2013 and 2012 are presented below: | |||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Contractually specified service fees, net | $ | 130,901 | $ | 149,237 | $ | 135,817 | ||||||||
Other ancillary fees | 23,403 | 37,034 | 37,014 | |||||||||||
Other | 4,159 | 2,488 | 2,433 | |||||||||||
Total | $ | 158,463 | $ | 188,759 | $ | 175,264 | ||||||||
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 for the years ended December 31, 2014 and 2013 with servicing retained, management used the following assumptions to determine the fair value of residential MSR at the date of securitization: | |||||||||||||
2014 | 2013 | |||||||||||||
Average discount rates | 8.76 | % | — | 14.50% | 9.33 | % | — | 9.85% | ||||||
Expected prepayment speeds | 9.47 | % | — | 13.76% | 8.78 | % | — | 14.93% | ||||||
Weighted-average life in years | 6.03 | — | 7.37 | 5.33 | — | 8.08 | ||||||||
Residential Mortgage [Member] | ||||||||||||||
Servicing Assets at Amortized Value [Line Items] | ||||||||||||||
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | The characteristics used in estimating the fair value of the residential MSR portfolio at December 31, 2014 and 2013 are as follows: | |||||||||||||
2014 | 2013 | |||||||||||||
Unpaid principal balance | $ | 41,190,000 | $ | 52,816,000 | ||||||||||
Gross weighted-average coupon | 4.37 | % | 4.46 | % | ||||||||||
Weighted-average servicing fee | 0.29 | % | 0.29 | % | ||||||||||
Expected prepayment speed (1) | 12.97 | % | 14.87 | % | ||||||||||
(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 mortgage servicing rights to hypothetical adverse changes of 10% and 20% to the weighted-average of certain key assumptions as of December 31, 2014 and 2013 is presented below. | |||||||||||||
2014 | 2013 | |||||||||||||
Prepayment Rate | ||||||||||||||
10% adverse rate change | $ | 18,294 | $ | 22,941 | ||||||||||
20% adverse rate change | 35,347 | 44,156 | ||||||||||||
Discount Rate | ||||||||||||||
10% adverse rate change | 15,932 | 19,303 | ||||||||||||
20% adverse rate change | 30,770 | 37,294 | ||||||||||||
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 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. |
Premises_and_Equipment_Tables
Premises and Equipment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Premises and Equipment [Abstract] | ||||||||
Property, Plant and Equipment [Table Text Block] | Premises and equipment at December 31, 2014 and 2013 consist of the following: | |||||||
2014 | 2013 | |||||||
Computer hardware and software | $ | 95,368 | $ | 88,589 | ||||
Leasehold improvements | 18,238 | 18,340 | ||||||
Furniture | 18,146 | 17,963 | ||||||
Equipment | 11,255 | 11,054 | ||||||
Building | 334 | 1,585 | ||||||
143,341 | 137,531 | |||||||
Less accumulated depreciation and amortization | (86,884 | ) | (76,798 | ) | ||||
$ | 56,457 | $ | 60,733 | |||||
Other_Assets_Tables
Other Assets (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Other Assets [Abstract] | |||||||||||||
Schedule of Other Assets [Table Text Block] | Other assets at December 31, 2014 and 2013 are comprised of the following: | ||||||||||||
2014 | 2013 | ||||||||||||
Foreclosure claims receivable, net of allowance of $17,336 and $14,398, respectively | $ | 451,125 | $ | 208,226 | |||||||||
Accrued interest receivable | 126,581 | 66,782 | |||||||||||
Servicing advances, net of allowance of $12,226 and $10,995, respectively | 93,960 | 225,436 | |||||||||||
Income taxes receivable, net | 85,897 | 71,372 | |||||||||||
Corporate advances, net of allowance of $5,960 and $6,168, respectively | 50,470 | 64,702 | |||||||||||
Goodwill | 46,859 | 46,859 | |||||||||||
Margin receivable, net | 35,816 | 6,370 | |||||||||||
Other real estate owned, net of allowance of $441 and $5,958, respectively | 22,509 | 29,034 | |||||||||||
Fair value of derivatives, net | 18,809 | 28,170 | |||||||||||
Equipment under operating lease | 13,173 | 28,126 | |||||||||||
Prepaid assets | 11,968 | 12,270 | |||||||||||
Intangible assets, net | 3,705 | 5,813 | |||||||||||
Other | 37,258 | 49,840 | |||||||||||
Total other assets | $ | 998,130 | $ | 843,000 | |||||||||
Other Real Estate, Roll Forward [Table Text Block] | A summary of other real estate owned activity for the years ended December 31, 2014, 2013 and 2012 is as follows: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance, beginning of year | $ | 29,034 | $ | 55,277 | $ | 62,120 | |||||||
Additions | 21,579 | 47,790 | 49,485 | ||||||||||
Provision on OREO | (3,548 | ) | (6,372 | ) | (7,962 | ) | |||||||
Sales | (24,556 | ) | (67,326 | ) | (48,366 | ) | |||||||
Other | — | (335 | ) | — | |||||||||
Balance, end of year | $ | 22,509 | $ | 29,034 | $ | 55,277 | |||||||
Schedule of Property Subject to or Available for Operating Lease [Table Text Block] | Equipment under operating leases at December 31, 2014 and 2013 consist of the following: | ||||||||||||
2014 | 2013 | ||||||||||||
Equipment under operating leases (1) | $ | 32,050 | $ | 56,619 | |||||||||
Less accumulated depreciation | (19,476 | ) | (29,801 | ) | |||||||||
Total | $ | 12,574 | $ | 26,818 | |||||||||
-1 | Balances exclude rent and deferred rent receivables as well as deferred origination cost. |
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Goodwill and Intangible Assets [Abstract] | |||||||||||||
Schedule of Goodwill [Table Text Block] | The carrying amount of goodwill for the years ended December 31, 2014 and 2013 was $46,859. Substantially all acquired goodwill has been allocated to our Commercial Banking segment. | ||||||||||||
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | Components of the finite-lived intangible assets had the following carrying amounts and accumulated amortization at December 31, 2014 and 2013: | ||||||||||||
Gross Carrying | Accumulated | Net Carrying | |||||||||||
Amount | Amortization | Amount | |||||||||||
2014 | |||||||||||||
Technology platform | $ | 6,237 | $ | (4,965 | ) | $ | 1,272 | ||||||
Core deposit premium | 3,200 | (2,095 | ) | 1,105 | |||||||||
Customer relationships | 2,613 | (1,285 | ) | 1,328 | |||||||||
Total intangible assets | $ | 12,050 | $ | (8,345 | ) | $ | 3,705 | ||||||
2013 | |||||||||||||
Technology platform | $ | 6,237 | $ | (3,575 | ) | $ | 2,662 | ||||||
Core deposit premium | 3,200 | (1,638 | ) | 1,562 | |||||||||
Customer relationships | 2,613 | (1,024 | ) | 1,589 | |||||||||
Total intangible assets | $ | 12,050 | $ | (6,237 | ) | $ | 5,813 | ||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Future estimated amortization expense for intangible assets is as follows: | ||||||||||||
2015 | $ | 1,933 | |||||||||||
2016 | 776 | ||||||||||||
2017 | 451 | ||||||||||||
2018 | 261 | ||||||||||||
2019 | 261 | ||||||||||||
Thereafter | 23 | ||||||||||||
Total | $ | 3,705 | |||||||||||
Deposits_Tables
Deposits (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Deposits [Abstract] | |||||||||
Schedule of Deposits by Type [Table Text Block] | Deposits as of December 31, 2014 and 2013 are comprised of the following: | ||||||||
2014 | 2013 | ||||||||
Noninterest-bearing demand | $ | 984,703 | $ | 1,076,631 | |||||
Interest-bearing demand | 3,540,027 | 3,006,401 | |||||||
Market-based money market accounts | 374,856 | 413,137 | |||||||
Savings and money market accounts, excluding market-based | 5,136,031 | 5,110,992 | |||||||
Market-based time | 466,514 | 597,858 | |||||||
Time, excluding market-based | 5,006,566 | 3,056,321 | |||||||
Total deposits | $ | 15,508,697 | $ | 13,261,340 | |||||
Schedule Of Time Deposit Contractual Maturities Table [Table Text Block] | Scheduled maturities of time deposits at December 31, 2014 are as follows: | ||||||||
2015 | $ | 3,602,696 | |||||||
2016 | 742,950 | ||||||||
2017 | 311,828 | ||||||||
2018 | 292,078 | ||||||||
2019 | 529,858 | ||||||||
2020 | 22 | ||||||||
Total | $ | 5,479,432 | |||||||
Schedule of Deposits Denominated in Foreign Currency [Table Text Block] | A summary of foreign currency denominated deposits at December 31, 2014 and 2013 is as follows: | ||||||||
2014 | 2013 | ||||||||
Noninterest-bearing demand | $ | 5,986 | $ | 3,060 | |||||
Money market accounts | 321,823 | 361,029 | |||||||
Time | 318,586 | 433,626 | |||||||
Total | $ | 646,395 | $ | 797,715 | |||||
Schedule of Deposits Denominated in Foreign Currency by Currency [Table Text Block] | A summary of foreign currency denominated deposits by currency at December 31, 2014 and 2013 is as follows: | ||||||||
2014 | 2013 | ||||||||
Australian Dollar | $ | 111,390 | $ | 148,970 | |||||
Chinese Renminbi | 88,408 | 99,992 | |||||||
Canadian Dollar | 68,644 | 89,491 | |||||||
Swiss Franc | 67,750 | 79,952 | |||||||
Norwegian Krone | 60,784 | 90,096 | |||||||
Euro | 47,654 | 53,121 | |||||||
Singapore Dollar | 46,397 | 55,865 | |||||||
New Zealand Dollar | 41,319 | 48,880 | |||||||
Brazilian Real | 38,367 | 46,525 | |||||||
Pound Sterling | 18,418 | 15,199 | |||||||
Other | 57,264 | 69,624 | |||||||
Total | $ | 646,395 | $ | 797,715 | |||||
Other_Borrowings_Tables
Other Borrowings (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Other Borrowings [Abstract] | ||||||||
Schedule of Other Borrowings by Type [Table Text Block] | Other borrowings at December 31, 2014 and 2013 are comprised of the following: | |||||||
2014 | 2013 | |||||||
FHLB advances | $ | 4,004,000 | $ | 2,353,000 | ||||
Note payable | — | 24,000 | ||||||
Total | $ | 4,004,000 | $ | 2,377,000 | ||||
Schedule of Advances from Federal Home Loan Bank [Table Text Block] | Advances from the FHLB at December 31, 2014 and 2013 are as follows: | |||||||
2014 | 2013 | |||||||
Fixed-rate advances with a weighted-average interest rate of 1.17% and 1.60%, respectively | $ | 3,979,000 | $ | 2,353,000 | ||||
Floating-rate advance with an interest rate of 0.22% and 0.00%, respectively (1) | 25,000 | — | ||||||
Total | $ | 4,004,000 | $ | 2,353,000 | ||||
(1) The floating-rate advance interest rate resets on a quarterly basis, matures October 2034 and can be repaid in whole or in part on any quarterly interest payment date without prepayment penalty. | ||||||||
Schedule of Contractual Maturity Dates for Federal Home Loan Bank Advances [Table Text Block] | Contractual maturity dates for FHLB advances at December 31, 2014 are as follows: | |||||||
2015 | $ | 2,357,000 | ||||||
2016 | 190,000 | |||||||
2017 | 380,000 | |||||||
2018 | 310,000 | |||||||
2019 | 80,000 | |||||||
Thereafter | 687,000 | |||||||
Total | $ | 4,004,000 | ||||||
Trust_Preferred_Securities_Tab
Trust Preferred Securities (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Trust Preferred Securities [Abstract] | |||||||||||
Schedule of Subordinated Borrowing [Table Text Block] | The terms of the outstanding Trust Preferred Securities at December 31, 2014 and 2013 are summarized as follows: | ||||||||||
Maturity | Dividend Rate | 2014 | 2013 | ||||||||
Jul-31 | 10.25% fixed | $ | 15,000 | $ | 15,000 | ||||||
Jul-31 | (1) | Three-month LIBOR, plus 3.58% (3.81% and 3.82%, respectively) | 15,000 | 15,000 | |||||||
Jan-35 | Three-month LIBOR, plus 1.99% (2.22% and 2.23%, respectively) | 10,000 | 10,000 | ||||||||
Aug-35 | Fixed at 6.40% to August 2015 (thereafter, three-month LIBOR, plus 1.80%) | 10,000 | 10,000 | ||||||||
Nov-35 | Fixed at 6.08% to November 2015 (thereafter, three-month LIBOR, plus 1.49%) | 10,000 | 10,000 | ||||||||
Dec-36 | Fixed at 6.74% to December 2016 (thereafter, three-month LIBOR, plus 1.74%) | 15,750 | 15,750 | ||||||||
Jun-37 | Three-month LIBOR, plus 1.70% (1.94% and 1.94%, respectively) | 15,000 | 15,000 | ||||||||
Sep-37 | Three-month LIBOR, plus 1.70% (1.94% and 1.94%, respectively) | 13,000 | 13,000 | ||||||||
Total | $ | 103,750 | $ | 103,750 | |||||||
(1) London Interbank Offered Rate |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accumulated Other Comprehensive Income [Abstract] | |||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | AOCI for years ended December 31, 2014, 2013 and 2012 consists of the following: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Unrealized holding gains (losses) on debt securities: | |||||||||||||
Balance, beginning of year | $ | 6,978 | $ | 20,369 | $ | (16,197 | ) | ||||||
Reclassification of unrealized gains to earnings | (5,596 | ) | (4,225 | ) | — | ||||||||
Unrealized gains (losses) due to changes in fair value | (6,914 | ) | (18,304 | ) | 58,893 | ||||||||
OTTI loss (noncredit portion), net of accretion | 685 | 923 | — | ||||||||||
Tax effect | 4,494 | 8,215 | (22,327 | ) | |||||||||
Balance, end of year | (353 | ) | 6,978 | 20,369 | |||||||||
Fair market value of interest rate swaps: | |||||||||||||
Balance, beginning of year | (17,295 | ) | (65,191 | ) | (83,153 | ) | |||||||
Net unrealized gains (losses) due to changes in fair value | 5,268 | 77,269 | 28,803 | ||||||||||
Tax effect | (1,985 | ) | (29,373 | ) | (10,841 | ) | |||||||
Balance, end of year | (14,012 | ) | (17,295 | ) | (65,191 | ) | |||||||
Net loss on settlement of forward swaps: | |||||||||||||
Balance, beginning of year | (42,298 | ) | (41,962 | ) | (8,399 | ) | |||||||
Losses associated with current period transactions | (32,445 | ) | (53,226 | ) | (65,306 | ) | |||||||
Reclassification of net unrealized losses to earnings | 18,032 | 52,701 | 11,103 | ||||||||||
Tax effect | 5,479 | 189 | 20,640 | ||||||||||
Balance, end of year | (51,232 | ) | (42,298 | ) | (41,962 | ) | |||||||
Total accumulated other comprehensive income (loss) | $ | (65,597 | ) | $ | (52,615 | ) | $ | (86,784 | ) |
General_and_Administrative_Exp1
General and Administrative Expense (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
General and Administrative Expense [Abstract] | |||||||||||||
General and Administrative Expenses [Table Text Block] | Components of general and administrative expenses for the years ended December 31, 2014, 2013 and 2012 are presented below: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Legal and professional fees, excluding consent order expense | $ | 31,555 | $ | 30,782 | $ | 45,655 | |||||||
Credit-related expenses: | |||||||||||||
Foreclosure and OREO expense | 25,534 | 34,051 | 54,385 | ||||||||||
Other credit-related expense | 2,189 | 15,792 | 29,490 | ||||||||||
FDIC premium assessment and other agency fees | 19,465 | 34,857 | 39,183 | ||||||||||
Advertising and marketing expense | 21,437 | 29,201 | 36,016 | ||||||||||
Subservicing expense | 9,871 | — | — | ||||||||||
Consent order expense | 4,597 | 72,339 | 24,657 | ||||||||||
Other | 53,845 | 68,473 | 77,991 | ||||||||||
Total | $ | 168,493 | $ | 285,495 | $ | 307,377 | |||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Income Taxes [Abstract] | |||||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The provision for income taxes for the years ended December 31, 2014, 2013 and 2012 consists of the following: | ||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Current: | |||||||||||||||||||||
Federal | $ | 8,098 | $ | (17,927 | ) | $ | 65,877 | ||||||||||||||
State | 5,786 | 694 | 7,495 | ||||||||||||||||||
Total current | 13,884 | (17,233 | ) | 73,372 | |||||||||||||||||
Deferred: | |||||||||||||||||||||
Federal | 72,063 | 92,041 | (26,854 | ) | |||||||||||||||||
State | 4,542 | 6,492 | (4,563 | ) | |||||||||||||||||
Total deferred | 76,605 | 98,533 | (31,417 | ) | |||||||||||||||||
Total income tax | $ | 90,489 | $ | 81,300 | $ | 41,955 | |||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The Company’s actual provision for income taxes differs from the expected federal income tax provision for the years ended December 31, 2014, 2013 and 2012, as follows: | ||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Amount | Rate | Amount | Rate | Amount | Rate | ||||||||||||||||
Tax computed at the federal statutory rate | $ | 83,500 | 35 | % | $ | 76,314 | 35 | % | $ | 40,599 | 35 | % | |||||||||
State income taxes, net of federal income tax effect | 6,742 | 2.83 | % | 4,539 | 2.08 | % | 1,991 | 1.72 | % | ||||||||||||
Other | 247 | 0.1 | % | 447 | 0.21 | % | (635 | ) | (0.55 | )% | |||||||||||
Provision for Income Taxes | $ | 90,489 | 37.93 | % | $ | 81,300 | 37.29 | % | $ | 41,955 | 36.17 | % | |||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The components of the Company’s deferred tax assets and liabilities in the consolidated balance sheets as of December 31, 2014 and 2013 are as follows: | ||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Deferred tax assets | |||||||||||||||||||||
Federal net operating loss carryforwards | $ | 60,466 | $ | 68,024 | |||||||||||||||||
State net operating loss carryforwards | 6,115 | 9,471 | |||||||||||||||||||
Interest rate swaps | 39,995 | 36,503 | |||||||||||||||||||
Credit and other reserves | 60,291 | 39,588 | |||||||||||||||||||
Allowance for loan losses | 22,949 | 24,168 | |||||||||||||||||||
Purchase accounting | 26,979 | 33,919 | |||||||||||||||||||
Security and loan valuations | 9,598 | 5,743 | |||||||||||||||||||
Share-based compensation | 9,222 | 7,282 | |||||||||||||||||||
Nonaccrual interest on loans | 3,243 | 3,666 | |||||||||||||||||||
Available for sale securities | 216 | — | |||||||||||||||||||
Other | 13,571 | 21,264 | |||||||||||||||||||
Total deferred tax assets | 252,645 | 249,628 | |||||||||||||||||||
Valuation allowance | (3,616 | ) | (5,258 | ) | |||||||||||||||||
Total deferred tax assets, net of valuation allowance | 249,029 | 244,370 | |||||||||||||||||||
Deferred tax liabilities | |||||||||||||||||||||
Equipment leases | 140,305 | 66,071 | |||||||||||||||||||
Mortgage servicing rights | 84,977 | 80,678 | |||||||||||||||||||
Purchase accounting | 8,494 | 12,176 | |||||||||||||||||||
Available for sale securities | — | 4,279 | |||||||||||||||||||
Fixed assets | 7,126 | 7,481 | |||||||||||||||||||
Deferred tax gain | 1,123 | 2,246 | |||||||||||||||||||
Other | 24,248 | 20,064 | |||||||||||||||||||
Total deferred tax liabilities | 266,273 | 192,995 | |||||||||||||||||||
Net deferred tax assets (liabilities) | $ | (17,244 | ) | $ | 51,375 | ||||||||||||||||
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | A reconciliation of the beginning and ending unrecognized tax benefits as of December 31, 2014, 2013 and 2012 is as follows: | ||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Balance, beginning of year | $ | 1,268 | $ | 2,727 | $ | 4,186 | |||||||||||||||
Additions for tax positions of prior years | 350 | — | — | ||||||||||||||||||
Reductions for tax positions of prior years | — | (305 | ) | (41 | ) | ||||||||||||||||
Reductions for lapse of statute of limitations | — | (1,154 | ) | (1,418 | ) | ||||||||||||||||
Balance, end of year | $ | 1,618 | $ | 1,268 | $ | 2,727 | |||||||||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Share-based Compensation [Abstract] | ||||||||||||||||||||||
Compensation Expense and Income Tax Benefit [Table Text Block] | The Company’s compensation expense and its related income tax benefit are as follows: | |||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||
Share-based compensation expense recorded in salaries, commissions and other employee benefits expense | $ | 6,605 | $ | 4,455 | $ | 3,993 | ||||||||||||||||
Share-based compensation expense recorded in general and administrative expense | 435 | 324 | 259 | |||||||||||||||||||
Income tax benefit | 2,675 | 1,816 | 1,616 | |||||||||||||||||||
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: | |||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||
Risk-free interest rate | 2.04 | % | - | 2.16% | 1.52 | % | - | 1.76% | 1.52 | % | - | 1.93% | ||||||||||
Expected volatility | 35.00% | 38.93% | 25.42% | |||||||||||||||||||
Expected term (years) | 6.5 | 9.1 | 8.8 | |||||||||||||||||||
Dividend yield | 0.86% | 0.55% | —% | |||||||||||||||||||
Schedule of Stock Options Roll Forward [Table Text Block] | A summary of the Company’s stock option activity for the year ended December 31, 2014, is as follows: | |||||||||||||||||||||
Options | Weighted- | Weighted-Average | Aggregate | |||||||||||||||||||
Average | Remaining | Intrinsic | ||||||||||||||||||||
Exercise Price | Contractual Term | Value | ||||||||||||||||||||
in Years | ||||||||||||||||||||||
Outstanding, beginning of year | 10,319,883 | $ | 12.35 | |||||||||||||||||||
Granted | 679,700 | 18.61 | ||||||||||||||||||||
Exercised | (958,026 | ) | 7.87 | $ | 10,499 | |||||||||||||||||
Forfeited | (235,048 | ) | 15.03 | |||||||||||||||||||
Expired | (143,139 | ) | 15.72 | |||||||||||||||||||
Outstanding, end of year | 9,663,370 | $ | 13.12 | 4.8 | $ | 57,390 | ||||||||||||||||
Options exercisable at year end | 6,583,310 | $ | 11.87 | 3.7 | $ | 47,317 | ||||||||||||||||
Options vested and expected to vest | 9,274,875 | $ | 13 | 4.7 | $ | 36,174 | ||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | The following table provides additional information related to options awarded and options exercised for the years ended December 31, 2014, 2013 and 2012: | |||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||
Options awarded | 679,700 | 540,292 | 774,960 | |||||||||||||||||||
Weighted-average grant date fair value of options awarded | $ | 6.51 | $ | 7.53 | $ | 6.98 | ||||||||||||||||
Options exercised | 958,026 | 1,557,750 | 649,200 | |||||||||||||||||||
Total intrinsic value of options exercised | $ | 10,499 | $ | 11,232 | $ | 5,633 | ||||||||||||||||
Cash received upon exercise of options | $ | 7,537 | $ | 12,694 | $ | 2,874 | ||||||||||||||||
Tax benefits realized upon exercise of options | $ | 3,710 | $ | 3,349 | $ | 1,950 | ||||||||||||||||
Schedule of Nonvested Share Activity [Table Text Block] | A summary of the Company’s nonvested stock activity for the years ended December 31, 2014, 2013 and 2012 is as follows: | |||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||
Nonvested | Weighted- | Nonvested | Weighted- | Nonvested | Weighted- | |||||||||||||||||
Stock | Average | Stock | Average | Stock | Average | |||||||||||||||||
Grant Date | Grant Date | Grant Date | ||||||||||||||||||||
Fair Value | Fair Value | Fair Value | ||||||||||||||||||||
Outstanding, beginning of year | 372,607 | $ | 15 | 163,735 | $ | 9.71 | 470,605 | $ | 7.52 | |||||||||||||
Issued | 268,678 | 18.14 | 296,242 | 16.48 | 62,100 | 13.41 | ||||||||||||||||
Vested | (94,708 | ) | 11.89 | (80,610 | ) | 9.55 | (368,970 | ) | 7.5 | |||||||||||||
Forfeited | (29,548 | ) | 15.36 | (6,760 | ) | 16.71 | — | — | ||||||||||||||
Outstanding, end of year | 517,029 | $ | 17.18 | 372,607 | $ | 15 | 163,735 | $ | 9.71 | |||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
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 years ended December 31, 2014, 2013 and 2012: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Net income | $ | 148,082 | $ | 136,740 | $ | 74,042 | ||||||
Less dividends on preferred stock | (10,125 | ) | (10,125 | ) | (7,046 | ) | ||||||
Less undistributed net income allocated to participating preferred stock | — | — | (3,678 | ) | ||||||||
Net income allocated to common shareholders | $ | 137,957 | $ | 126,615 | $ | 63,318 | ||||||
(Units in Thousands) | ||||||||||||
Average common shares outstanding | 122,940 | 122,245 | 104,014 | |||||||||
Common share equivalents: | ||||||||||||
Stock options | 2,240 | 1,616 | 1,663 | |||||||||
Nonvested stock | 178 | 88 | 274 | |||||||||
Average common shares outstanding, assuming dilution | 125,358 | 123,949 | 105,951 | |||||||||
Basic earnings per share | $ | 1.12 | $ | 1.04 | $ | 0.61 | ||||||
Diluted earnings per share | $ | 1.1 | $ | 1.02 | $ | 0.6 | ||||||
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 December 31, 2014, 2013 and 2012 are as follows: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Stock Options | 1,169,575 | 3,800,027 | 5,648,587 | |||||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
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 24. The total notional or contractual amounts and fair values as of December 31, 2014 and 2013 are as follows: | |||||||||||
Fair Value | ||||||||||||
Notional | Asset | Liability | ||||||||||
Amount | Derivatives | Derivatives | ||||||||||
2014 | ||||||||||||
Qualifying hedge contracts accounted for under Accounting Standards Codification (ASC) 815, Derivatives and Hedging | ||||||||||||
Cash flow hedges: | ||||||||||||
Forward interest rate swaps | $ | 578,000 | $ | — | $ | 22,601 | ||||||
Derivatives not designated as hedging instruments under ASC 815, Derivatives and Hedging | ||||||||||||
Freestanding derivatives: | ||||||||||||
IRLCs | 592,378 | 10,544 | 340 | |||||||||
Forward and optional forward purchase and sale commitments | 1,235,905 | 425 | 7,037 | |||||||||
Interest rate swaps and futures | 503,335 | — | 483 | |||||||||
Foreign exchange contracts | 656,476 | 792 | 17,604 | |||||||||
Foreign currency, commodity, metals and U.S. treasury yield indexed options | 152,880 | 6,127 | — | |||||||||
Options embedded in client deposits | 151,500 | — | 6,034 | |||||||||
Indemnification assets | 101,623 | 6,658 | — | |||||||||
Total freestanding derivatives | 24,546 | 31,498 | ||||||||||
Netting and cash collateral adjustments (1) | (5,737 | ) | (46,917 | ) | ||||||||
Total derivatives | $ | 18,809 | $ | 7,182 | ||||||||
Fair Value | ||||||||||||
Notional | Asset | Liability | ||||||||||
Amount | Derivatives | Derivatives | ||||||||||
2013 | ||||||||||||
Qualifying hedge contracts accounted for under ASC 815, Derivatives and Hedging | ||||||||||||
Cash flow hedges: | ||||||||||||
Forward interest rate swaps | $ | 253,000 | $ | — | $ | 27,897 | ||||||
Derivatives not designated as hedging instruments under ASC 815, Derivatives and Hedging | ||||||||||||
Freestanding derivatives: | ||||||||||||
IRLCs | 590,020 | 896 | 2,566 | |||||||||
Forward and optional forward purchase and sale commitments | 1,001,489 | 12,228 | 2,948 | |||||||||
Interest rate swaps and futures | 75,239 | — | 347 | |||||||||
Foreign exchange contracts | 807,732 | 4,073 | 14,318 | |||||||||
Foreign currency, commodity and metals indexed options | 171,405 | 7,719 | — | |||||||||
Options embedded in client deposits | 170,176 | — | 7,689 | |||||||||
Indemnification assets | 147,897 | 7,531 | — | |||||||||
Total freestanding derivatives | 32,447 | 27,868 | ||||||||||
Netting and cash collateral adjustments (1) | (4,277 | ) | (40,367 | ) | ||||||||
Total derivatives | $ | 28,170 | $ | 15,398 | ||||||||
-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 December 31, 2014 and 2013 include derivative positions netted totaling $3,437 and $1,763, respectively. | |||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | The following table shows the net losses recognized for the years ended December 31, 2014, 2013 and 2012 in the 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 noninterest income, except for the indemnification assets which are recognized in general and administrative expense. | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Gains (losses) on interest rate contracts (1) | $ | (60,915 | ) | $ | 86,772 | $ | (118,875 | ) | ||||
Gains (losses) on indemnification assets (2) | (874 | ) | (1,561 | ) | 552 | |||||||
Other | (32 | ) | (172 | ) | 316 | |||||||
Total | $ | (61,821 | ) | $ | 85,039 | $ | (118,007 | ) | ||||
-1 | Interest rate contracts include interest rate lock commitments, forward and optional forward purchase and sales commitments, and interest rate swaps and futures. | |||||||||||
(2) Refer to Note 24 for additional information relating to the indemnification asset. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
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 December 31, 2014 and 2013, 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: | |||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Netting | Total | ||||||||||||||||
2014 | ||||||||||||||||||||
Financial assets: | ||||||||||||||||||||
Available for sale securities: | ||||||||||||||||||||
Residential CMO securities - nonagency | $ | — | $ | 774,235 | $ | — | $ | 774,235 | ||||||||||||
Asset-backed securities | — | 1,395 | — | 1,395 | ||||||||||||||||
Other | 470 | 211 | — | 681 | ||||||||||||||||
Total available for sale securities | 470 | 775,841 | — | 776,311 | ||||||||||||||||
Loans held for sale | — | 410,948 | 317,430 | 728,378 | ||||||||||||||||
Derivative financial instruments: | ||||||||||||||||||||
Derivative assets (Note 23) | — | (1) | 7,344 | 17,202 | (5,737 | ) | 18,809 | |||||||||||||
Derivative liabilities (Note 23) | — | 53,759 | 340 | (46,917 | ) | 7,182 | ||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Netting | Total | ||||||||||||||||
2013 | ||||||||||||||||||||
Financial assets: | ||||||||||||||||||||
Available for sale securities: | ||||||||||||||||||||
Residential CMO securities - nonagency | $ | — | $ | 1,109,271 | $ | — | $ | 1,109,271 | ||||||||||||
Asset-backed securities | — | 3,086 | — | 3,086 | ||||||||||||||||
Other | 399 | 2,871 | — | 3,270 | ||||||||||||||||
Total available for sale securities | 399 | 1,115,228 | — | 1,115,627 | ||||||||||||||||
Loans held for sale | — | 613,459 | 58,912 | 672,371 | ||||||||||||||||
Derivative financial instruments: | ||||||||||||||||||||
Derivative assets (Note 23) | — | 24,020 | 8,427 | (4,277 | ) | 28,170 | ||||||||||||||
Derivative liabilities (Note 23) | — | 53,199 | 2,566 | (40,367 | ) | 15,398 | ||||||||||||||
-1 | Level 1 derivative assets include interest rate swap futures. These futures are settled on a daily basis between the counterparty and the Company, resulting in the Company holding an outstanding notional balance and a zero derivative balance. See Note 23 for additional information regarding the interest rate future. | |||||||||||||||||||
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 years ended December 31, 2014, 2013 and 2012 are as follows: | |||||||||||||||||||
Loans | FDIC Clawback | Freestanding | ||||||||||||||||||
Held | Liability (2) | Derivatives (3) | ||||||||||||||||||
for Sale (1) | ||||||||||||||||||||
2014 | ||||||||||||||||||||
Balance, beginning of period | $ | 58,912 | $ | — | $ | 5,861 | ||||||||||||||
Issuances | 890,521 | — | 70,468 | |||||||||||||||||
Sales | (603,294 | ) | — | — | ||||||||||||||||
Settlements | (36,109 | ) | — | (92,363 | ) | |||||||||||||||
Gains (losses) included in earnings for the period | 7,400 | — | 32,896 | |||||||||||||||||
Balance, end of period | $ | 317,430 | $ | — | $ | 16,862 | ||||||||||||||
Change in unrealized net gains (losses) included in net income related to assets and liabilities still held as of December 31, 2014 | $ | 1,270 | $ | — | $ | 11,000 | ||||||||||||||
2013 | ||||||||||||||||||||
Balance, beginning of period | $ | — | $ | (50,720 | ) | $ | 9,092 | |||||||||||||
Issuances | 518,569 | — | 171,042 | |||||||||||||||||
Transfers into level 3 | — | — | 6,628 | |||||||||||||||||
Sales | (444,415 | ) | — | — | ||||||||||||||||
Settlements | (7,410 | ) | 48,000 | (112,993 | ) | |||||||||||||||
Gains (losses) included in earnings for the period | (7,832 | ) | 2,720 | (67,908 | ) | |||||||||||||||
Balance, end of period | $ | 58,912 | $ | — | $ | 5,861 | ||||||||||||||
Change in unrealized net gains (losses) included in net income related to assets and liabilities still held as of December 31, 2013 | $ | (529 | ) | — | $ | (9,859 | ) | |||||||||||||
2012 | ||||||||||||||||||||
Balance, beginning of period | $ | 15,462 | $ | (43,317 | ) | $ | 8,540 | |||||||||||||
Settlements | (623 | ) | — | — | ||||||||||||||||
Transfers out of level 3 | (14,946 | ) | — | — | ||||||||||||||||
Gains (losses) included in earnings for the period | 107 | (7,403 | ) | 552 | ||||||||||||||||
Balance, end of period | $ | — | $ | (50,720 | ) | $ | 9,092 | |||||||||||||
Change in unrealized net gains (losses) included in net income related to assets and liabilities still held as of December 31, 2012 | $ | 107 | $ | (7,403 | ) | $ | 552 | |||||||||||||
-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 includes information on loans held for sale reported under the fair value option at December 31, 2014 and 2013: | |||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Fair value carrying amount | $ | 728,378 | $ | 672,371 | ||||||||||||||||
Aggregate unpaid principal balance | 704,835 | 659,592 | ||||||||||||||||||
Fair value carrying amount less aggregate unpaid principal | $ | 23,543 | $ | 12,779 | ||||||||||||||||
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 December 31, 2014 and 2013 and related change in fair value are as follows: | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Loss (Gain) Due to Change in Fair Value | ||||||||||||||||
2014 | ||||||||||||||||||||
Collateral-dependent loans | $ | — | $ | — | $ | 11,282 | $ | 11,282 | $ | 720 | ||||||||||
Other real estate owned (1) | — | — | 10,207 | 10,207 | 3,107 | |||||||||||||||
Mortgage servicing rights (2) | — | — | 59,731 | 59,731 | (8,012 | ) | ||||||||||||||
Loans held for sale | — | — | 1,140 | 1,140 | (186 | ) | ||||||||||||||
2013 | ||||||||||||||||||||
Collateral-dependent loans | $ | — | $ | — | $ | 907 | $ | 907 | $ | 248 | ||||||||||
Other real estate owned (1) | — | — | 7,009 | 7,009 | 2,008 | |||||||||||||||
Mortgage servicing rights (2) | — | — | 448,925 | 448,925 | (94,951 | ) | ||||||||||||||
Loans held for sale | — | — | 9,123 | 9,123 | 424 | |||||||||||||||
-1 | Gains and losses resulting from subsequent measurement of OREO is included in the consolidated statements of income as general and administrative expense. OREO is included in other assets in the consolidated balance sheets. | |||||||||||||||||||
-2 | The fair value for mortgage servicing rights represents the value of the impaired 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 December 31, 2014 and 2013. This table excludes financial instruments with a short term or no stated maturity, prevailing market rates and limited credit risk, and where carrying amounts approximate fair value. For financial assets such as cash and due from banks, interest-bearing deposits in 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. | |||||||||||||||||||
2014 | ||||||||||||||||||||
Carrying | Estimated | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Amount | Fair Value | |||||||||||||||||||
Financial assets: | ||||||||||||||||||||
Investment securities: | ||||||||||||||||||||
Held to maturity | $ | 115,084 | $ | 118,230 | $ | — | $ | 118,230 | $ | — | ||||||||||
Loans held for sale (1) | 245,129 | 245,330 | — | 9,001 | 236,329 | |||||||||||||||
Loans held for investment (2) | 16,178,989 | 16,436,610 | — | — | 16,436,610 | |||||||||||||||
Financial liabilities: | ||||||||||||||||||||
Time deposits | $ | 5,473,080 | $ | 5,503,993 | $ | — | $ | 5,503,993 | $ | — | ||||||||||
Other borrowings | 4,004,000 | 4,016,937 | — | 4,016,937 | — | |||||||||||||||
Trust preferred securities | 103,750 | 93,186 | — | — | 93,186 | |||||||||||||||
2013 | ||||||||||||||||||||
Carrying | Estimated | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Amount | Fair Value | |||||||||||||||||||
Financial assets: | ||||||||||||||||||||
Investment securities: | ||||||||||||||||||||
Held to maturity | $ | 107,312 | $ | 107,921 | $ | — | $ | 107,921 | $ | — | ||||||||||
Loans held for sale (1) | 119,011 | 121,092 | — | 49,619 | 71,473 | |||||||||||||||
Loans held for investment (2) | 12,153,835 | 12,266,499 | — | — | 12,266,499 | |||||||||||||||
Financial liabilities: | ||||||||||||||||||||
Time Deposits | $ | 3,654,179 | $ | 3,680,868 | $ | — | $ | 3,680,868 | $ | — | ||||||||||
Other borrowings | 2,377,000 | 2,353,858 | — | 2,353,858 | — | |||||||||||||||
Trust preferred securities | 103,750 | 86,220 | — | — | 86,220 | |||||||||||||||
-1 | The carrying value of loans held for sale excludes $728,378 and $672,371 in loans measured at fair value on a recurring basis as of December 31, 2014 and 2013, respectively. | |||||||||||||||||||
-2 | The carrying value of loans held for investment is net of the allowance for loan loss of $52,197 and $59,417 as of December 31, 2014 and 2013, respectively. In addition, the carrying values exclude $1,520,418 and $1,035,199 of lease financing receivables within our equipment financing receivables portfolio as of December 31, 2014 and 2013, respectively. | |||||||||||||||||||
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 December 31, 2014 and 2013: | |||||||||||||||||||
Level 3 Assets | Fair | Valuation Technique | Unobservable Inputs | Significant Unobservable | ||||||||||||||||
Value | Input Value | |||||||||||||||||||
2014 | Min. | Max. | Weighted | |||||||||||||||||
Avg. | ||||||||||||||||||||
Indemnification asset | $ | 6,658 | Discounted cash flow | Discount Rate | 4.35 | % | - | 4.35% | 4.35% | |||||||||||
Reinstatement rate | 5.35 | % | - | 70.23% | 31.14% | (1) | ||||||||||||||
Loss duration (in months) | 18 | - | 90 | 44 | (1) | |||||||||||||||
Loss severity | (1.77 | )% | - | 16.15% | 7.84% | (1) | ||||||||||||||
IRLCs, net | $ | 10,204 | Discounted cash flow | Loan closing ratio | 0 | % | - | 99.00% | 74.73% | (2) | ||||||||||
Loans held for sale | $ | 317,430 | Discounted cash flow | Cost of funds | 2.07 | % | - | 2.91% | 2.58% | |||||||||||
Prepayment rate | 5.87 | % | - | 23.77% | 14.17% | |||||||||||||||
Default rate | 0 | % | - | 2.36% | 0.34% | |||||||||||||||
Weighted average life (in years) | 3.39 | - | 9 | 5.62 | ||||||||||||||||
Cumulative loss | 0 | % | - | 0.43% | 0.05% | |||||||||||||||
Loss severity | 2.05 | % | - | 21.70% | 11.68% | |||||||||||||||
2013 | ||||||||||||||||||||
Indemnification asset | $ | 7,531 | Discounted cash flow | Discount rate | 4.35 | % | - | 4.35% | 4.35% | |||||||||||
Reinstatement rate | 0 | % | - | 68.98% | 23.61% | (1) | ||||||||||||||
Loss duration (in months) | 9 | - | 100 | 36 | (1) | |||||||||||||||
Loss severity | (4.96 | )% | - | 19.70% | 6.54% | (1) | ||||||||||||||
IRLCs, net | $ | (1,670 | ) | Discounted cash flow | Loan closing ratio | 0 | % | - | 99.00% | 79.74% | (2) | |||||||||
Loans held for sale | $ | 58,912 | Discounted cash flow | Cost of funds | 2.81 | % | - | 3.75% | 3.45% | |||||||||||
Prepayment rate | 4.68 | % | - | 14.78% | 7.58% | |||||||||||||||
Default rate | 0 | % | - | 2.25% | 0.18% | |||||||||||||||
Weighted average life (in years) | 5.05 | - | 10.74 | 8.25 | ||||||||||||||||
Cumulative loss | 0 | % | - | 0.61% | 0.04% | |||||||||||||||
Loss severity | 0 | % | - | 27.20% | 19.68% | |||||||||||||||
-1 | The range represents the sum of the highest and lowest values for all tranches that are used in our valuation process. | |||||||||||||||||||
-2 | 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, 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 December 31, 2014 and 2013: | |||||||||||||||||||
Level 3 Fair Value Measurement | Fair | Valuation Technique | Unobservable Inputs | Significant Unobservable | ||||||||||||||||
Value | Input Value | |||||||||||||||||||
2014 | Min. | Max. | Weighted Avg. | |||||||||||||||||
Collateral-dependent loans | $ | 11,282 | Appraisal value | Appraisal value | NM | - | NM | N/A | (1) | |||||||||||
Other real estate owned | $ | 10,207 | Appraisal value | Appraisal value | NM | - | NM | N/A | (1) | |||||||||||
Mortgage servicing rights | $ | 59,731 | Discounted cash flow | Prepayment speed | 13.16 | % | - | 17.30% | 14.66% | (2) | ||||||||||
Discount rate | 9.74 | % | - | 9.81% | 9.77% | (3) | ||||||||||||||
Loans held for sale | $ | 1,140 | Discounted cash flow | Cost of funds | 0.86 | % | - | 2.72% | 2.49% | |||||||||||
Prepayment rate | 7 | % | - | 13.70% | 11.11% | |||||||||||||||
Default rate | 0 | % | - | 100.00% | 28.56% | |||||||||||||||
Weighted average life (in years) | 4.92 | - | 9.35 | 6.69 | ||||||||||||||||
Cumulative loss | 0 | % | - | 41.91% | 5.51% | |||||||||||||||
Loss severity | 0 | % | - | 46.13% | 24.98% | |||||||||||||||
2013 | ||||||||||||||||||||
Collateral-dependent loans | $ | 907 | Appraisal value | Appraisal value | NM | - | NM | N/A | (1) | |||||||||||
Other real estate owned | $ | 7,009 | Appraisal value | Appraisal value | NM | - | NM | N/A | (1) | |||||||||||
Mortgage servicing rights | $ | 448,925 | Discounted cash flow | Prepayment speed | 10.93 | % | - | 24.57% | 14.28% | (2) | ||||||||||
Discount rate | 9.55 | % | - | 9.72% | 9.59% | (3) | ||||||||||||||
Loans held for sale | $ | 9,123 | Discounted cash flow | Cost of funds | 2.81 | % | - | 3.75% | 3.45% | |||||||||||
Prepayment rate | 4.68 | % | - | 14.78% | 7.58% | |||||||||||||||
Default rate | 0 | % | - | 2.25% | 0.18% | |||||||||||||||
Weighted average life (in years) | 5.05 | - | 10.74 | 8.25 | ||||||||||||||||
Cumulative loss | 0 | % | - | 0.61% | 0.04% | |||||||||||||||
Loss severity | 0 | % | - | 27.20% | 19.68% | |||||||||||||||
-1 | NM - Not Meaningful or N/A - Not Applicable | |||||||||||||||||||
-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_1
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||
Unfunded Credit Extension Commitments [Table Text Block] | Unfunded credit extension commitments at December 31, 2014 and 2013 are as follows: | ||||||||||
2014 | 2013 | ||||||||||
Commercial (1) | $ | 1,475,846 | $ | 1,467,894 | |||||||
Home equity lines of credit | 23,107 | 28,780 | |||||||||
Credit card lines of credit | 33,913 | 34,627 | |||||||||
Standby letters of credit | 859 | 1,140 | |||||||||
Total unfunded credit extension commitments | $ | 1,533,725 | $ | 1,532,441 | |||||||
-1 | Unfunded commercial commitments include $853,349 and $1,075,781 of conditional commitments for which certain requirements must be met in order to obtain an advance under the existing commitment as of December 31, 2014 and 2013, respectively. Of these commitments, $503,138 and $360,165 were cancellable by the Company at December 31, 2014 and 2013, respectively. | ||||||||||
Unfunded Commitments Pipeline [Table Text Block] | The contractual amounts of the Company's commitments to lend in the held for investment origination pipeline at December 31, 2014 and 2013 are as follows: | ||||||||||
2014 | 2013 | ||||||||||
Residential | $ | 535,679 | $ | 531,642 | |||||||
Commercial | 623,540 | 208,480 | |||||||||
Leasing | 281,778 | 168,857 | |||||||||
Total commitments to lend in the pipeline | $ | 1,440,997 | $ | 908,979 | |||||||
Schedule of FHLB Forward-Dated Agreements [Table Text Block] | |||||||||||
Agreement Date | Funding Date | Amount | Interest Rate | Maturity Date | |||||||
May-14 | Nov-15 | 20,000 | 2.87 | % | May-21 | ||||||
May-14 | Nov-15 | 60,000 | 3.48 | % | May-24 | ||||||
Jul-14 | Dec-15 | 50,000 | 3.36 | % | Jul-23 | ||||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | The future minimum lease payments for the leases at December 31, 2014, are as follows: | ||||||||||
2015 | $ | 19,161 | |||||||||
2016 | 16,388 | ||||||||||
2017 | 13,402 | ||||||||||
2018 | 9,215 | ||||||||||
2019 | 7,756 | ||||||||||
Thereafter | 20,620 | ||||||||||
$ | 86,542 | ||||||||||
Variable_Interest_Entities_Tab
Variable Interest Entities (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
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 December 31, 2014 and 2013: | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Non-consolidated VIEs | Total | Maximum | Total | Maximum | |||||||||||||
Assets | Exposure | Assets | Exposure | ||||||||||||||
Loans provided to VIEs | $ | 121,730 | $ | 121,730 | $ | 150,749 | $ | 150,749 | |||||||||
On-balance-sheet securitizations | 9,001 | 9,001 | 50,534 | 50,534 | |||||||||||||
Debt securities | 890,924 | 890,924 | 1,219,915 | 1,219,915 | |||||||||||||
Regulatory_Matters_Tables
Regulatory Matters (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Regulatory Matters [Abstract] | ||||||||||||||||||||||
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | The regulatory capital ratios for EB, along with the capital amounts and ratios for the minimum OCC requirement and the framework for prompt corrective action are as follows: | |||||||||||||||||||||
Actual | For OCC Capital | To Be Well | ||||||||||||||||||||
Adequacy | Capitalized Under | |||||||||||||||||||||
Purposes | Prompt Corrective | |||||||||||||||||||||
Action Provisions | ||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||
2014 | ||||||||||||||||||||||
Tier 1 capital to adjusted tangible assets | $ | 1,771,757 | 8.2 | % | $ | 863,714 | 4 | % | $ | 1,079,643 | 5 | % | ||||||||||
Total capital to risk-weighted assets | 1,832,603 | 13.4 | 1,092,695 | 8 | 1,365,869 | 10 | ||||||||||||||||
Tier 1 capital to risk-weighted assets | 1,771,757 | 13 | N/A | N/A | 819,521 | 6 | ||||||||||||||||
2013 | ||||||||||||||||||||||
Tier 1 capital to adjusted tangible assets | $ | 1,577,482 | 9 | % | $ | 702,169 | 4 | % | $ | 877,712 | 5 | % | ||||||||||
Total capital to risk-weighted assets | 1,641,172 | 14.3 | 917,393 | 8 | 1,146,741 | 10 | ||||||||||||||||
Tier 1 capital to risk-weighted assets | 1,577,482 | 13.8 | N/A | N/A | 688,045 | 6 | ||||||||||||||||
Condensed_Parent_Company_Infor1
Condensed Parent Company Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Condensed Parent Company Information [Abstract] | |||||||||||||
Schedule of Condensed Balance Sheet [Table Text Block] | Condensed balance sheets of EverBank Financial Corp as of December 31, 2014 and 2013 are as follows: | ||||||||||||
2014 | 2013 | ||||||||||||
Assets | |||||||||||||
Cash and cash equivalents | $ | 60,251 | $ | 65,005 | |||||||||
Investment in subsidiaries: | |||||||||||||
Bank subsidiary | 1,789,398 | 1,662,164 | |||||||||||
Nonbank subsidiaries | 3,344 | 3,344 | |||||||||||
Total investment in subsidiaries | 1,792,742 | 1,665,508 | |||||||||||
Other assets | 7,607 | 2,264 | |||||||||||
Total Assets | $ | 1,860,600 | $ | 1,732,777 | |||||||||
Liabilities | |||||||||||||
Accounts payable and accrued liabilities | $ | 5,604 | $ | 4,635 | |||||||||
Due to subsidiaries, net | 3,652 | 3,379 | |||||||||||
Trust preferred securities (Note 15) | 103,750 | 103,750 | |||||||||||
Total Liabilities | 113,006 | 111,764 | |||||||||||
Total Shareholders’ Equity (Note 16) | 1,747,594 | 1,621,013 | |||||||||||
Total Liabilities and Shareholders’ Equity | $ | 1,860,600 | $ | 1,732,777 | |||||||||
Schedule of Condensed Income Statement [Table Text Block] | Condensed statements of income of EverBank Financial Corp for the years ended December 31, 2014, 2013 and 2012 are as follows: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Income | |||||||||||||
Other income | $ | 261 | $ | 303 | $ | 273 | |||||||
Total income | 261 | 303 | 273 | ||||||||||
Expense | |||||||||||||
Interest expense | 6,598 | 6,584 | 6,006 | ||||||||||
Noninterest expense | 4,169 | 3,302 | 3,776 | ||||||||||
Total expense | 10,767 | 9,886 | 9,782 | ||||||||||
Income (loss) before income tax benefit | (10,506 | ) | (9,583 | ) | (9,509 | ) | |||||||
Income tax benefit | (3,802 | ) | (3,905 | ) | (3,596 | ) | |||||||
Income (loss) before equity in earnings of subsidiaries | (6,704 | ) | (5,678 | ) | (5,913 | ) | |||||||
Equity in earnings of subsidiaries | 154,786 | 142,418 | 79,955 | ||||||||||
Net Income | $ | 148,082 | $ | 136,740 | $ | 74,042 | |||||||
Comprehensive Income (Loss) (1) | $ | 135,100 | $ | 170,909 | $ | 95,007 | |||||||
-1 | Refer to the consolidated statements of comprehensive income for other comprehensive income details. | ||||||||||||
Schedule of Condensed Cash Flow Statement [Table Text Block] | Condensed statements of cash flows of EverBank Financial Corp for the years ended December 31, 2014, 2013 and 2012 are as follows: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Operating Activities: | |||||||||||||
Net income | $ | 148,082 | $ | 136,740 | $ | 74,042 | |||||||
Adjustments to reconcile net income to net cash | |||||||||||||
provided by (used in) operating activities: | |||||||||||||
Equity in earnings of subsidiaries | (154,786 | ) | (142,418 | ) | (79,955 | ) | |||||||
Amortization of gain on interest rate swaps | — | — | (255 | ) | |||||||||
Dividends received from bank subsidiary | 40,000 | 40,000 | 15,600 | ||||||||||
Deferred income taxes | (68 | ) | (464 | ) | 15 | ||||||||
Other operating activities | 462 | 298 | 270 | ||||||||||
Changes in operating assets and liabilities, net of | |||||||||||||
acquired assets and liabilities: | |||||||||||||
Other assets | (4,336 | ) | (18 | ) | (642 | ) | |||||||
Accounts payable and accrued liabilities | 489 | (32,317 | ) | 28,670 | |||||||||
Due to subsidiaries | 273 | (991 | ) | 977 | |||||||||
Net cash provided by operating activities | 30,116 | 830 | 38,722 | ||||||||||
Investing Activities: | |||||||||||||
Capital contributions | (15,000 | ) | — | (353,654 | ) | ||||||||
Net cash used in investing activities | (15,000 | ) | — | (353,654 | ) | ||||||||
Financing Activities: | |||||||||||||
Repurchase of common stock | — | — | (360 | ) | |||||||||
Proceeds from issuance of common stock, net of issuance cost | 7,466 | 13,041 | 249,325 | ||||||||||
Proceeds from issuance of preferred stock, net of issuance cost | — | — | 144,325 | ||||||||||
Dividends paid | (27,336 | ) | (19,823 | ) | (11,790 | ) | |||||||
Net cash (used in) provided by financing activities | (19,870 | ) | (6,782 | ) | 381,500 | ||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | (4,754 | ) | (5,952 | ) | 66,568 | ||||||||
Cash and Cash Equivalents | |||||||||||||
Beginning of year | 65,005 | 70,957 | 4,389 | ||||||||||
End of year | $ | 60,251 | $ | 65,005 | $ | 70,957 | |||||||
Supplemental Disclosures of Cash Flow Information: | |||||||||||||
Cash paid (received) for: | |||||||||||||
Interest | $ | 6,594 | $ | 6,584 | $ | 6,078 | |||||||
Income taxes | 43 | 26,765 | (34,493 | ) | |||||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Segment Information [Abstract] | ||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ||||||||||||||||||||
2014 | ||||||||||||||||||||
Consumer Banking | Commercial Banking | Corporate | Eliminations | Consolidated | ||||||||||||||||
Services | ||||||||||||||||||||
Net interest income (expense) | $ | 319,807 | $ | 251,357 | $ | (6,357 | ) | $ | — | $ | 564,807 | |||||||||
Total net revenue | 615,256 | (1) | 292,706 | (5,916 | ) | — | 902,046 | |||||||||||||
Intersegment revenue | 66,840 | (66,840 | ) | — | — | — | ||||||||||||||
Depreciation and amortization | 9,153 | 14,980 | 7,648 | — | 31,781 | |||||||||||||||
Income before income taxes | 168,553 | (1) | 177,321 | (107,303 | ) | — | 238,571 | |||||||||||||
Total assets | 13,825,052 | 7,892,974 | 215,095 | (315,333 | ) | 21,617,788 | ||||||||||||||
2013 | ||||||||||||||||||||
Consumer Banking | Commercial Banking | Corporate | Eliminations | Consolidated | ||||||||||||||||
Services | ||||||||||||||||||||
Net interest income (expense) | $ | 301,544 | $ | 263,682 | $ | (6,301 | ) | $ | — | $ | 558,925 | |||||||||
Total net revenue | 769,782 | (2) | 314,133 | (5,599 | ) | — | 1,078,316 | |||||||||||||
Intersegment revenue | 60,567 | (60,567 | ) | — | — | — | ||||||||||||||
Depreciation and amortization | 10,519 | 21,867 | 7,147 | — | 39,533 | |||||||||||||||
Income before income taxes | 145,262 | (2) | 172,496 | (99,718 | ) | — | 218,040 | |||||||||||||
Total assets | 11,321,747 | 6,331,646 | 236,313 | (248,722 | ) | 17,640,984 | ||||||||||||||
2012 | ||||||||||||||||||||
Consumer Banking | Commercial Banking | Corporate | Eliminations | Consolidated | ||||||||||||||||
Services | ||||||||||||||||||||
Net interest income (expense) | $ | 340,729 | $ | 178,812 | $ | (5,747 | ) | $ | — | $ | 513,794 | |||||||||
Total net revenue | 662,369 | (3) | 226,772 | (5,575 | ) | — | 883,566 | |||||||||||||
Intersegment revenue | 31,689 | (31,689 | ) | — | — | — | ||||||||||||||
Depreciation and amortization | 6,365 | 23,437 | 7,754 | — | 37,556 | |||||||||||||||
Income before income taxes | 138,281 | (3) | 78,924 | (101,208 | ) | — | 115,997 | |||||||||||||
Total assets | 12,274,855 | 5,972,260 | (4) | 166,146 | (170,383 | ) | 18,242,878 | |||||||||||||
-1 | Segment earnings in the Consumer Banking segment included $8,012 in recoveries on the MSR valuation allowance for the year ended December 31, 2014. | |||||||||||||||||||
-2 | Segment earnings in the Consumer Banking segment included $94,951 in recoveries on the MSR valuation allowance, net of impairment charges, for the year ended December 31, 2013. | |||||||||||||||||||
-3 | Segment earnings in the Consumer Banking segment included $63,508 in charges for MSR impairment, net of recoveries, for the year ended December 31, 2012. | |||||||||||||||||||
-4 | Total assets in the Commercial Banking segment includes $36,621 of goodwill and $2,100 of gross intangibles related to the BPL acquisition for the year ended December 31, 2012. |
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 $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Loans Transferred to Foreclosure Claims | $654,818 | $630,543 | $517,543 |
Preferred Stock [Member] | |||
Conversion of Stock, Amount Converted | $0 | $0 | $135,585 |
Acquisition_Activities_Busines
Acquisition Activities Business Property Lending - Textual (Details) | 0 Months Ended |
Oct. 02, 2012 | |
Business Acquisition [Line Items] | |
Business Acquisition, Effective Date of Acquisition | 1-Oct-12 |
Acquisition_Activities_Busines1
Acquisition Activities Business Property Lending - Pro Forma Information (Details) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2012 |
Business Acquisition [Line Items] | |
Business Acquisition Proforma Net Interest Income after Provision for Loan and Leases Losses | $550,524 |
Business Acquisitions Pro Forma Noninterest Income | 383,137 |
Business Acquisition, Pro Forma Net Income (Loss) | 111,624 |
Business Acquisitions Net Income Attributable To Common Shareholders | $100,900 |
Business Acquisition, Pro Forma Earnings Per Share, Basic | $0.95 |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $0.93 |
Interest Income [Member] | |
Business Acquisition [Line Items] | |
Business Acquisition, Pro Forma Information, Description | Net interest income after provision for loan and lease losses was increased by $58,439 for the year ended DecemberB 31, 2012 due to a reduction of interest expense as a result of the change in debt structure of the business upon acquisition, partially offset by the amortization of premiums recorded in purchase accounting and the recording of future expected provision expense due to the elimination of the allowance for loan losses in purchase accounting. |
Noninterest Income [Member] | |
Business Acquisition [Line Items] | |
Business Acquisition, Pro Forma Information, Description | Noninterest income was reduced by $2,605 for the year ended DecemberB 31, 2012 to reflect the amortization of the commercial mortgage servicing rights recognized at acquisition. The amounts were determined by amortizing the fair value recorded at acquisition in proportion to and over the estimated life of the projected net servicing revenue including estimating the timing of prepayments and without any anticipated impairment of the related servicing rights. |
General and Administrative Expense [Member] | |
Business Acquisition [Line Items] | |
Business Acquisition, Pro Forma Information, Description | Net income was decreased by $525 for the year ended DecemberB 31, 2012 to reflect the amortization of the intangible assets recognized at acquisition. For the year ended DecemberB 31, 2012, this decrease was offset by the elimination of $4,334 of transaction costs incurred. |
Other Expense [Member] | |
Business Acquisition [Line Items] | |
Business Acquisition, Pro Forma Information, Description | Net income also decreased by $20,237 for the year ended DecemberB 31, 2012 to reflect the tax effects of the pro forma adjustments using a statutory tax rate of 35%. |
Investment_Securities_Textual_
Investment Securities Textual (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Available for Sale and Held-to-Maturity Securities [Line Items] | |||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Available-for-sale Securities | $0 | ||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Held-to-maturity Securities | 0 | ||
Pledged securities | 166,836 | 181,836 | |
Realized Investment Gains (Losses) [Abstract] | |||
Available-for-sale Securities, Gross Realized Gains | 5,596 | 4,225 | 0 |
Available-for-sale Securities, Gross Realized Losses | 149,062 | ||
Unrealized Gain (Loss) on Investments [Abstract] | |||
Number of Debt Securities Held Unrealized Losses | 58 | 36 | |
Number of Debt Securities Held Unrealized Losses Less Than Twelve Months | 39 | 29 | |
Number of Debt Securities Held Unrealized Losses More Than Twelve Months | 19 | 7 | |
Amount of Unrealized Losses of Debt Securities Rated Investment Grade | 5,061 | 4,659 | |
Debt Securities [Member] | |||
Unrealized Gain (Loss) on Investments [Abstract] | |||
Securities Continuous Unrealized Loss Position, Aggregate Losses | $6,927 | $5,886 | |
Residential CMO securities - nonagency [Member] | |||
Unrealized Gain (Loss) on Investments [Abstract] | |||
Number of Debt Securities Held Unrealized Losses More Than Twelve Months | 13 | 4 | |
Residential MBS - agency [Member] | |||
Unrealized Gain (Loss) on Investments [Abstract] | |||
Number of Debt Securities Held Unrealized Losses Less Than Twelve Months | 3 | 14 | |
Number of Debt Securities Held Unrealized Losses More Than Twelve Months | 3 | ||
Asset-backed Securities [Member] | |||
Unrealized Gain (Loss) on Investments [Abstract] | |||
Number of Debt Securities Held Unrealized Losses More Than Twelve Months | 3 | 3 | |
Collateralized Mortgage Obligations [Member] | |||
Unrealized Gain (Loss) on Investments [Abstract] | |||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | 36 | 14 |
Investment_Securities_Schedule
Investment Securities Schedule of AFS and HTM Securities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available for Sale and Held-to-Maturity Securities [Line Items] | ||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | $6,037 | $15,590 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 6,605 | 4,333 |
Amortized Cost | 115,084 | 107,312 |
Gross Unrealized Gains | 3,468 | 2,162 |
Gross Unrealized Losses | 322 | 1,553 |
Held to maturity securities | 118,230 | 107,921 |
Held-to-maturity Securities | 115,084 | 107,312 |
Available-for-sale Securities | 776,311 | 1,115,627 |
Available-for-sale Securities, Amortized Cost Basis | 776,879 | 1,104,370 |
Residential CMO securities - agency | ||
Schedule of Available for Sale and Held-to-Maturity Securities [Line Items] | ||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 5,631 | 15,253 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 6,200 | 3,275 |
Available-for-sale Securities | 774,235 | 1,109,271 |
Available-for-sale Securities, Amortized Cost Basis | 774,804 | 1,097,293 |
Residential MBS - agency [Member] | ||
Schedule of Available for Sale and Held-to-Maturity Securities [Line Items] | ||
Amortized Cost | 87,283 | 65,965 |
Gross Unrealized Gains | 2,680 | 754 |
Gross Unrealized Losses | 322 | 1,548 |
Held to maturity securities | 89,641 | 65,171 |
Held-to-maturity Securities | 87,283 | 65,965 |
Asset-backed Securities [Member] | ||
Schedule of Available for Sale and Held-to-Maturity Securities [Line Items] | ||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 405 | 1,058 |
Available-for-sale Securities | 1,395 | 3,086 |
Available-for-sale Securities, Amortized Cost Basis | 1,800 | 4,144 |
Other Investments [Member] | ||
Schedule of Available for Sale and Held-to-Maturity Securities [Line Items] | ||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 406 | 337 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 |
Available-for-sale Securities | 681 | 3,270 |
Available-for-sale Securities, Amortized Cost Basis | 275 | 2,933 |
Corporate securities [Member] | ||
Schedule of Available for Sale and Held-to-Maturity Securities [Line Items] | ||
Amortized Cost | 0 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Held to maturity securities | 0 | |
Held-to-maturity Securities | 0 | |
US Government-sponsored Enterprises Debt Securities [Member] | Residential CMO securities - agency | ||
Schedule of Available for Sale and Held-to-Maturity Securities [Line Items] | ||
Amortized Cost | 27,801 | 41,347 |
Gross Unrealized Gains | 788 | 1,408 |
Gross Unrealized Losses | 0 | 5 |
Held to maturity securities | 28,589 | 42,750 |
Held-to-maturity Securities | 27,801 | 41,347 |
Debt Securities [Member] | ||
Schedule of Available for Sale and Held-to-Maturity Securities [Line Items] | ||
Available-for-sale Securities | 775,841 | |
Available-for-sale Securities, Amortized Cost Basis | $776,802 |
Investment_Securities_Investme
Investment Securities Investments Classified by Contractual Maturity Date (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available for Sale and Held-to-Maturity Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | $776,879 | $1,104,370 |
Available for sale, at fair value | 776,311 | 1,115,627 |
Held to maturity securities | 118,230 | 107,921 |
Asset-backed Securities [Member] | ||
Schedule of Available for Sale and Held-to-Maturity Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 1,800 | 4,144 |
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 1,395 | |
Available for sale, at fair value | 1,395 | 3,086 |
Available-for-sale Securities, Debt Maturities, after Ten Years, Amortized Cost Basis | 1,800 | |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Available for Sale and Held-to-Maturity Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 774,804 | 1,097,293 |
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Amortized Cost Basis | 775,002 | |
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Fair Value | 774,446 | |
Available for sale, at fair value | 774,235 | 1,109,271 |
Corporate Debt Securities [Member] | ||
Schedule of Available for Sale and Held-to-Maturity Securities [Line Items] | ||
Held to maturity securities | 0 | |
US Government-sponsored Enterprises Debt Securities [Member] | Collateralized Mortgage Obligations [Member] | ||
Schedule of Available for Sale and Held-to-Maturity Securities [Line Items] | ||
Held to maturity securities | 28,589 | 42,750 |
Debt Securities [Member] | ||
Schedule of Available for Sale and Held-to-Maturity Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 776,802 | |
Available for sale, at fair value | 775,841 | |
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 115,084 | |
Held-to-maturity Securities, Debt Maturities, without Single Maturity Date, Fair Value | $118,230 |
Investment_Securities_Unrealiz
Investment Securities Unrealized Losses (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Schedule of Available for Sale and Held-to-Maturity Securities [Line Items] | ||
Number of Debt Securities Held Unrealized Losses Less Than Twelve Months | 39 | 29 |
Number of Debt Securities Held Unrealized Losses More Than Twelve Months | 19 | 7 |
Debt Securities [Member] | ||
Schedule of Available for Sale and Held-to-Maturity Securities [Line Items] | ||
Less Than 12 Months, Fair Value | $323,830 | $225,071 |
Less Than 12 Months, Unrealized Losses | 3,963 | 4,565 |
12 Months Or Greater, Fair Value | 44,075 | 14,018 |
12 Months Or Greater, Unrealized Losses | 2,964 | 1,321 |
Total Fair Value | 367,905 | 239,089 |
Total Unrealized Losses | 6,927 | 5,886 |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Available for Sale and Held-to-Maturity Securities [Line Items] | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | 36 | 14 |
Less than 12 Months, Fair Value | 317,042 | 169,829 |
Less than 12 Months, Unrealized Losses | 3,900 | 3,012 |
12 Months or Greater, Fair Value | 31,010 | 10,932 |
12 Months or Greater, Unrealized Losses | 2,300 | 263 |
Total Fair Value | 348,052 | 180,761 |
Total Unrealized Losses | 6,200 | 3,275 |
Residential MBS - agency [Member] | ||
Schedule of Available for Sale and Held-to-Maturity Securities [Line Items] | ||
Number of Debt Securities Held Unrealized Losses Less Than Twelve Months | 3 | 14 |
Number of Debt Securities Held Unrealized Losses More Than Twelve Months | 3 | |
Less than 12 Months, Fair Value | 6,788 | 54,355 |
Less than 12 Months, Unrealized Losses | 63 | 1,548 |
12 Months or Greater, Fair Value | 11,670 | 0 |
12 Months or Greater, Unrealized Losses | 259 | 0 |
Total Fair Value | 18,458 | 54,355 |
Total Unrealized Losses | 322 | 1,548 |
Asset-backed Securities [Member] | ||
Schedule of Available for Sale and Held-to-Maturity Securities [Line Items] | ||
Number of Debt Securities Held Unrealized Losses More Than Twelve Months | 3 | 3 |
Less than 12 Months, Fair Value | 0 | 0 |
Less than 12 Months, Unrealized Losses | 0 | 0 |
12 Months or Greater, Fair Value | 1,395 | 3,086 |
12 Months or Greater, Unrealized Losses | 405 | 1,058 |
Total Fair Value | 1,395 | 3,086 |
Total Unrealized Losses | 405 | 1,058 |
Corporate securities [Member] | ||
Schedule of Available for Sale and Held-to-Maturity Securities [Line Items] | ||
Other Than Temporary Impairment Non Credit Losses Reductions Write Downs | 2,375 | |
US Government-sponsored Enterprises Debt Securities [Member] | Collateralized Mortgage Obligations [Member] | ||
Schedule of Available for Sale and Held-to-Maturity Securities [Line Items] | ||
Number of Debt Securities Held Unrealized Losses Less Than Twelve Months | 1 | |
Less than 12 Months, Fair Value | 887 | |
Less than 12 Months, Unrealized Losses | 5 | |
12 Months or Greater, Fair Value | 0 | |
12 Months or Greater, Unrealized Losses | 0 | |
Total Fair Value | 887 | |
Total Unrealized Losses | $5 |
Investment_Securities_OTTI_Det
Investment Securities OTTI (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Residential Collateralized Mortgage Obligations Securities Not Issued by US Government Sponsored Enterprises [Member] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Reduction for securities on which a reduction in value was taken against earnings, Impairment related to all other factors | ($685) | ($923) |
Corporate Debt Securities [Member] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Reduction for securities on which a reduction in value was taken against earnings, Impairment related to all other factors | -2,375 | |
Held-to-maturity Securities, Transferred Security, at Carrying Value | $2,625 |
Investment_Securities_Investme1
Investment Securities Investment Income (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Other Interest and Dividend Income | $567 | $1,663 | $485 |
Interest and Dividend Income, Securities | 38,612 | 55,072 | 80,628 |
Taxable Securities Interest Income | 33,842 | 51,885 | 78,110 |
Investments [Member] | |||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Interest income on available for sale securities | 30,549 | 49,178 | 72,017 |
Interest income on held to maturity securities | 3,293 | 2,707 | 6,093 |
Other Interest and Dividend Income | $4,770 | $3,187 | $2,518 |
Investment_Securities_Other_In
Investment Securities Other Investments (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investment Securities [Abstract] | ||
Federal Home Loan Bank Stock | $195,180 | $125,885 |
Other Investments, Other | 1,429 | 2,178 |
Other Investments | $196,609 | $128,063 |
Loans_Held_for_Sale_Textual_De
Loans Held for Sale Textual (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Servicing Asset at Amortized Value Originated Additions | $57,877 | $100,426 | $76,238 |
Loans Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Transfer of Loans Held-for-sale to Portfolio Loans | 231,434 | 810,885 | |
Transfer of Portfolio Loans and Leases to Held-for-sale | 2,132,227 | 725,610 | |
Government Insured pool Buyout Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Transfer of Portfolio Loans and Leases to Held-for-sale | 562,137 | ||
Financing Receivable, Significant Purchases | 3,140,980 | ||
Residential Mortgage [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Transfer of Portfolio Loans and Leases to Held-for-sale | 343,542 | ||
Nonperforming Financing Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Transfer of Portfolio Loans and Leases to Held-for-sale | 79,075 | ||
Adjustable Rate Residential Mortgage [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Transfer of Portfolio Loans and Leases to Held-for-sale | 1,082,274 | ||
Commercial Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Transfer of Portfolio Loans and Leases to Held-for-sale | 44,438 | ||
Financing Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Transfer of Portfolio Loans and Leases to Held-for-sale | 20,761 | ||
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 | $9,001 | $50,534 |
Loans_Held_for_Sale_Details
Loans Held for Sale (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for sale | $973,507 | $791,382 |
Conventional Mortgage Loan [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for sale | 410,948 | 613,459 |
Other Residential Carried at Fair Value [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for sale | 317,430 | 58,912 |
Fair Value, Option, Eligible Item or Group [Domain] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for sale | 728,378 | 672,371 |
Government Insured pool Buyout Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for sale | 12,583 | 53,823 |
Other Residential Mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for sale | 232,546 | 8,939 |
Commercial Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for sale | 0 | 56,249 |
Loans Held for Sale Carried at Lower of Cost or Market [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for sale | $245,129 | $119,011 |
Loans_Held_for_Sale_Loan_Secur
Loans Held for Sale Loan Securitizations (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Agency Securitizations [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Cash Flows Between Transferor and Transferee, Proceeds from New Transfers | $4,832,193 | $9,031,693 | $8,297,369 |
Cash Flows Between Transferor and Transferee, Purchases of Previously Transferred Financial Assets | 5,961 | 4,738 | 7,363 |
Nonagency Sales [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Cash Flows Between Transferor and Transferee, Purchases of Previously Transferred Financial Assets | 4,078 | 19,234 | 31,494 |
Nonsecuritization Sales [Member] [Domain] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Cash Flows Between Transferor and Transferee, Proceeds from New Transfers | 2,052,624 | 1,715,652 | 361,168 |
Residential Mortgage [Member] | Nonsecuritization Sales [Member] [Domain] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Cash Flows Between Transferor and Transferee, Proceeds from New Transfers | 1,937,032 | 1,641,101 | 361,168 |
Commercial Portfolio Segment [Member] | Nonsecuritization Sales [Member] [Domain] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Cash Flows Between Transferor and Transferee, Proceeds from New Transfers | 94,617 | 74,551 | 0 |
Financing Receivable [Member] | Nonsecuritization Sales [Member] [Domain] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Cash Flows Between Transferor and Transferee, Proceeds from New Transfers | $20,975 | $0 | $0 |
Loans_and_Leases_Held_for_Inve2
Loans and Leases Held for Investment, Net Textual (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Interest Only Loans Residential | $1,509,966 | $2,017,756 |
Acquired Credit Impaired Loans and Leases Provision for Loan and Lease Losses | 130 | 929 |
Interest-only commercial and commercial real estate | 796,277 | 561,760 |
Residential Mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Significant Purchases | 3,140,980 | 179,097 |
Finance Leases Financing Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Significant Purchases | 235,337 | |
Commercial Loan [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Significant Purchases | 95,339 | 176,586 |
Commercial and Commercial Real Estate [Member] | Commitments to Extend Credit [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Significant Purchases | 222,500 | 327,843 |
Mortgage Warehouse Finance [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Average Outstanding Balance | 38,761 | |
Commitment to extend credit, Total | 2,290,000 | |
Financing Receivable, Net | 1,356,651 | |
Concentration Risk, Customer | 35 | |
Commitment to Extend Credit, Maximum to Single Borrower | 125,000 | |
Customer Concentration Risk [Member] | Mortgage Warehouse Finance [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commitment to Extend Credit, Average Balance | $65,429 |
Loans_and_Leases_Held_for_Inve3
Loans and Leases Held for Investment, Net (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans and leases held for investment, net of discounts | $17,760,253 | $13,252,724 | ||
Allowance for loan and lease losses | -60,846 | -63,690 | -82,102 | -77,765 |
Total loans and leases held for investment, net | 17,699,407 | 13,189,034 | ||
Residential Mortgage [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans and leases held for investment, net of discounts | 9,920,070 | 7,044,743 | ||
Allowance for loan and lease losses | -25,098 | -26,497 | -33,631 | -43,454 |
Commercial and Commercial Real Estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans and leases held for investment, net of discounts | 5,646,690 | 4,812,970 | ||
Allowance for loan and lease losses | -23,095 | -29,987 | -39,863 | -28,209 |
Equipment financing receivables [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans and leases held for investment, net of discounts | 2,031,570 | 1,237,941 | ||
Allowance for loan and lease losses | -8,649 | -4,273 | -3,181 | -3,766 |
Total loans and leases held for investment, net | 1,520,418 | 1,035,199 | ||
Home equity lines [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans and leases held for investment, net of discounts | 156,869 | 151,916 | ||
Allowance for loan and lease losses | -3,814 | -2,812 | -5,265 | -2,186 |
Consumer and credit card [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans and leases held for investment, net of discounts | 5,054 | 5,154 | ||
Allowance for loan and lease losses | ($190) | ($121) | ($162) | ($150) |
Loans_and_Leases_Held_for_Inve4
Loans and Leases Held for Investment, Net Net Purchase Loan/Lease Fees (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Loans and Leases Held for Investment, Net [Abstract] | ||
Net purchased loan and lease discounts | $47,108 | $102,416 |
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | $94,778 | $54,107 |
Loans_and_Leases_Held_for_Inve5
Loans and Leases Held for Investment, Net Lease Financing Receivables (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Loans and Leases Held for Investment, Net [Abstract] | ||
Equipment Loans Receivable | $517,497 | $198,469 |
Capital Leases - Residuals | 144,953 | 85,130 |
Capital Leases - Unearned Income | 180,636 | 127,730 |
Capital Leases - Lease Origination Costs | 35,038 | 23,591 |
Capital Leases Net Investment In Direct Financing Leases Purchase Discount | 426 | 5,315 |
Capital Leases Net Investment In Direct Financing Leases Gross of Allowance for Loan and Lease Losses | 2,031,570 | 1,237,941 |
Capital Leases, Net Investment in Direct Financing Leases, Allowance for Uncollectible Minimum Lease Payments | 8,649 | 4,273 |
Capital Leases, Net Investment in Direct Financing Leases | 1,996,958 | 1,219,665 |
Capital Leases, Future Minimum Payments Receivable, Next Twelve Months | 496,788 | |
Capital Leases, Future Minimum Payments Receivable in Two Years | 407,583 | |
Capital Leases, Future Minimum Payments Receivable in Three Years | 295,617 | |
Capital Leases, Future Minimum Payments Receivable in Four Years | 189,154 | |
Capital Leases, Future Minimum Payments, Due in Rolling Year Four | 93,782 | |
Capital Leases, Future Minimum Payments Receivable Thereafter | 32,220 | |
Capital Leases, Future Minimum Payments Receivable | 1,515,144 | 1,063,796 |
Capital Leases, Net Investment in Direct Financing Leases | $2,022,921 | $1,233,668 |
Loans_and_Leases_Held_for_Inve6
Loans and Leases Held for Investment, Net Concentration of Credit Risk (Details) | 12 Months Ended |
Dec. 31, 2014 | |
California [Member] | |
Concentration Risk [Line Items] | |
Percentage of United States Population | 12.00% |
Florida [Member] | |
Concentration Risk [Line Items] | |
Percentage of United States Population | 6.00% |
Texas [Member] | |
Concentration Risk [Line Items] | |
Percentage of United States Population | 8.00% |
New York [Member] | |
Concentration Risk [Line Items] | |
Percentage of United States Population | 6.00% |
NEW JERSEY | |
Concentration Risk [Line Items] | |
Percentage of United States Population | 3.00% |
Illinois [Member] | |
Concentration Risk [Line Items] | |
Percentage of United States Population | 4.00% |
Residential Mortgage [Member] | California [Member] | |
Concentration Risk [Line Items] | |
Concentration Risk, Percentage | 26.00% |
Residential Mortgage [Member] | Florida [Member] | |
Concentration Risk [Line Items] | |
Concentration Risk, Percentage | 9.00% |
Residential Mortgage [Member] | Texas [Member] | |
Concentration Risk [Line Items] | |
Concentration Risk, Percentage | 6.00% |
Residential Mortgage [Member] | New York [Member] | |
Concentration Risk [Line Items] | |
Concentration Risk, Percentage | 7.00% |
Residential Mortgage [Member] | NEW JERSEY | |
Concentration Risk [Line Items] | |
Concentration Risk, Percentage | 6.00% |
Commercial and Commercial Real Estate [Member] | California [Member] | |
Concentration Risk [Line Items] | |
Concentration Risk, Percentage | 13.00% |
Commercial and Commercial Real Estate [Member] | Florida [Member] | |
Concentration Risk [Line Items] | |
Concentration Risk, Percentage | 14.00% |
Commercial and Commercial Real Estate [Member] | Texas [Member] | |
Concentration Risk [Line Items] | |
Concentration Risk, Percentage | 7.00% |
Commercial and Commercial Real Estate [Member] | New York [Member] | |
Concentration Risk [Line Items] | |
Concentration Risk, Percentage | 7.00% |
Commercial and Commercial Real Estate [Member] | Illinois [Member] | |
Concentration Risk [Line Items] | |
Concentration Risk, Percentage | 6.00% |
Equipment financing receivables [Member] | California [Member] | |
Concentration Risk [Line Items] | |
Concentration Risk, Percentage | 11.00% |
Equipment financing receivables [Member] | Florida [Member] | |
Concentration Risk [Line Items] | |
Concentration Risk, Percentage | 9.00% |
Equipment financing receivables [Member] | Texas [Member] | |
Concentration Risk [Line Items] | |
Concentration Risk, Percentage | 11.00% |
Equipment financing receivables [Member] | New York [Member] | |
Concentration Risk [Line Items] | |
Concentration Risk, Percentage | 7.00% |
Equipment financing receivables [Member] | NEW JERSEY | |
Concentration Risk [Line Items] | |
Concentration Risk, Percentage | 6.00% |
Loans_and_Leases_Held_for_Inve7
Loans and Leases Held for Investment, Net Acquired Portfolio of Loans and Leases with Evidence of Credit Deterioration (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
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 | $5,341,257 | $345,890 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Cash Flows Expected to be Collected at Acquisition | 3,326,356 | 193,549 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, at Acquisition, at Fair Value | 3,122,591 | 179,027 | |
Financing Receivable, Acquired with Deteriorated Credit Quality | 2,819,343 | 993,000 | |
Carrying value, net of allowance | 2,811,327 | 978,241 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Commercial, Outstanding Balance | 2,853,558 | 1,035,401 | |
Allowance for loan and lease losses | 8,016 | 14,759 | 21,964 |
Residential Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value, net of allowance | 2,616,728 | 646,470 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Commercial, Outstanding Balance | 2,655,497 | 696,222 | |
Allowance for loan and lease losses | 5,974 | 4,925 | 5,175 |
Commercial and Commercial Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Acquired with Deteriorated Credit Quality | 196,641 | 341,605 | |
Carrying value, net of allowance | 194,599 | 331,771 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Commercial, Outstanding Balance | 198,061 | 339,179 | |
Allowance for loan and lease losses | $2,042 | $9,834 | $16,789 |
Loans_and_Leases_Held_for_Inve8
Loans and Leases Held for Investment, Net Schedule of Changes in Accretable Yields of Acquired Loans (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accretable Yield | $301,906 | $160,846 | $220,408 |
Additions | 203,765 | 12,174 | |
Accretion | -95,953 | -72,766 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Reclassifications from Nonaccretable Difference | 36,114 | 37,161 | |
Transfers to Loans Held-for-sale | -2,866 | -36,131 | |
Residential Mortgage [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accretable Yield | 240,650 | 101,183 | 111,868 |
Additions | 203,765 | 12,174 | |
Accretion | -77,232 | -42,904 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Reclassifications from Nonaccretable Difference | 15,456 | 20,045 | |
Transfers to Loans Held-for-sale | -2,522 | 0 | |
Commercial and Commercial Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accretable Yield | 61,256 | 59,663 | 108,540 |
Additions | 0 | 0 | |
Accretion | -18,721 | -29,862 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Reclassifications from Nonaccretable Difference | 20,658 | 17,116 | |
Transfers to Loans Held-for-sale | ($344) | ($36,131) |
Allowance_for_Loan_and_Lease_L2
Allowance for Loan and Lease Losses Textual (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Valuation Allowances and Reserves, Recoveries | ($7,722) | ($4,097) | |
Provision for loan and lease losses | 24,533 | 12,038 | 31,999 |
Financing Receivable, TDR Modifications, Number of Loans in Chapter 7 Bankruptcy | 77 | 133 | |
Financing Receivable, TDR Modifications, Chapter 7 Bankruptcy | 4,124 | 15,988 | |
Financing Receivable, Acquired with Deteriorated Credit Quality | 2,819,343 | 993,000 | |
Sale of Non-performing Assets [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans Transferred from Held for Investment to Held for Sale | 79,075 | 77,731 | |
Valuation Allowances and Reserves, Recoveries | 5,049 | ||
Provision for loan and lease losses | 3,180 | ||
Acquired with Deteriorated Credit Quality [Member] | Sale of Non-performing Assets [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans Transferred from Held for Investment to Held for Sale | 33,948 | ||
Loans Individually Evaluated for Impairment [Member] | Sale of Non-performing Assets [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans Transferred from Held for Investment to Held for Sale | $43,783 |
Allowance_for_Loan_and_Lease_L3
Allowance for Loan and Lease Losses Change in ALLL (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans and Leases Held for Investment, Allowance | $60,846 | $63,690 | $82,102 | $77,765 |
Allowance for Loan and Lease Losses, Adjustments, Net | -7,722 | -4,097 | ||
Provision for Loan and Lease Losses | 24,533 | 12,038 | 31,999 | |
Charge-offs | -22,200 | -34,028 | -34,952 | |
Recoveries | 2,545 | 7,675 | 7,290 | |
Residential Mortgage [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans and Leases Held for Investment, Allowance | 25,098 | 26,497 | 33,631 | 43,454 |
Allowance for Loan and Lease Losses, Adjustments, Net | -5,049 | 0 | ||
Provision for Loan and Lease Losses | 10,920 | 6,745 | 8,753 | |
Charge-offs | -8,366 | -15,575 | -19,226 | |
Recoveries | 1,096 | 1,696 | 650 | |
Commercial and Commercial Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans and Leases Held for Investment, Allowance | 23,095 | 29,987 | 39,863 | 28,209 |
Allowance for Loan and Lease Losses, Adjustments, Net | -2,482 | -4,097 | ||
Provision for Loan and Lease Losses | 2,494 | 2,352 | 14,195 | |
Charge-offs | -6,913 | -12,917 | -8,597 | |
Recoveries | 9 | 4,786 | 6,056 | |
Equipment financing receivables [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans and Leases Held for Investment, Allowance | 8,649 | 4,273 | 3,181 | 3,766 |
Allowance for Loan and Lease Losses, Adjustments, Net | 0 | 0 | ||
Provision for Loan and Lease Losses | 9,285 | 4,139 | 2,811 | |
Charge-offs | -5,797 | -3,651 | -3,671 | |
Recoveries | 888 | 604 | 275 | |
Home equity lines [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans and Leases Held for Investment, Allowance | 3,814 | 2,812 | 5,265 | 2,186 |
Allowance for Loan and Lease Losses, Adjustments, Net | -191 | 0 | ||
Provision for Loan and Lease Losses | 1,674 | -1,150 | 6,126 | |
Charge-offs | -1,033 | -1,816 | -3,295 | |
Recoveries | 552 | 513 | 248 | |
Consumer and credit card [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans and Leases Held for Investment, Allowance | 190 | 121 | 162 | 150 |
Allowance for Loan and Lease Losses, Adjustments, Net | 0 | 0 | ||
Provision for Loan and Lease Losses | 160 | -48 | 114 | |
Charge-offs | -91 | -69 | -163 | |
Recoveries | $0 | $76 | $61 |
Allowance_for_Loan_and_Lease_L4
Allowance for Loan and Lease Losses ALLL and Recorded Investment Breakout (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 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 | $3,616 | $9,382 | ||
Allowance for Loan and Lease Losses, Collectively Evaluated for Impairment | 49,214 | 39,549 | ||
Allowance for Loan and Lease Losses, ACI Loans | 8,016 | 14,759 | ||
Allowance for Loan and Lease Losses, Total allowance | 60,846 | 63,690 | 82,102 | 77,765 |
Loans and Leases Held for Investment at Recorded Investment, Individually Evaluated for Impairment | 58,909 | 113,219 | ||
Loans and Leases Held for Investment at Recorded Investment, Collectively Evaluated for Impairment | 14,882,001 | 12,146,505 | ||
Loans and Leases Held for Investment at Recorded Investment, ACI Loans | 2,819,343 | 993,000 | ||
Residential Mortgage [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan and Lease Losses, Individually Evaluated for Impairment | 2,896 | 9,134 | ||
Allowance for Loan and Lease Losses, Collectively Evaluated for Impairment | 16,228 | 12,438 | ||
Allowance for Loan and Lease Losses, ACI Loans | 5,974 | 4,925 | ||
Allowance for Loan and Lease Losses, Total allowance | 25,098 | 26,497 | 33,631 | 43,454 |
Loans and Leases Held for Investment at Recorded Investment, Individually Evaluated for Impairment | 16,642 | 90,472 | ||
Loans and Leases Held for Investment at Recorded Investment, Collectively Evaluated for Impairment | 7,280,726 | 6,302,876 | ||
Loans and Leases Held for Investment at Recorded Investment, ACI Loans | 2,622,702 | 651,395 | ||
Commercial and Commercial Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan and Lease Losses, Individually Evaluated for Impairment | 720 | 248 | ||
Allowance for Loan and Lease Losses, Collectively Evaluated for Impairment | 20,333 | 19,905 | ||
Allowance for Loan and Lease Losses, ACI Loans | 2,042 | 9,834 | ||
Allowance for Loan and Lease Losses, Total allowance | 23,095 | 29,987 | 39,863 | 28,209 |
Loans and Leases Held for Investment at Recorded Investment, Individually Evaluated for Impairment | 42,267 | 22,747 | ||
Loans and Leases Held for Investment at Recorded Investment, Collectively Evaluated for Impairment | 5,407,782 | 4,448,618 | ||
Loans and Leases Held for Investment at Recorded Investment, ACI Loans | 196,641 | 341,605 | ||
Equipment 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 | 8,649 | 4,273 | ||
Allowance for Loan and Lease Losses, ACI Loans | 0 | 0 | ||
Allowance for Loan and Lease Losses, Total allowance | 8,649 | 4,273 | 3,181 | 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 | 2,031,570 | 1,237,941 | ||
Loans and Leases Held for Investment at Recorded Investment, ACI Loans | 0 | 0 | ||
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 | 3,814 | 2,812 | ||
Allowance for Loan and Lease Losses, ACI Loans | 0 | 0 | ||
Allowance for Loan and Lease Losses, Total allowance | 3,814 | 2,812 | 5,265 | 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 | 156,869 | 151,916 | ||
Loans and Leases Held for Investment at Recorded Investment, ACI Loans | 0 | 0 | ||
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 | 190 | 121 | ||
Allowance for Loan and Lease Losses, ACI Loans | 0 | 0 | ||
Allowance for Loan and Lease Losses, Total allowance | 190 | 121 | 162 | 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 | 5,054 | 5,154 | ||
Loans and Leases Held for Investment at Recorded Investment, ACI Loans | $0 | $0 |
Allowance_for_Loan_and_Lease_L5
Allowance for Loan and Lease Losses Schedule of Recorded Investment Credit Quality Indicators (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | $17,760,253 | $13,252,724 |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 498,228 | 671,918 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 75,200 | 82,900 |
Financing Receivable, Acquired with Deteriorated Credit Quality | 2,819,343 | 993,000 |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 6,324,965 | 5,153,106 |
Government Insured pool Buyout Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 3,595,105 | 1,891,637 |
Equipment financing receivables [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 2,031,570 | 1,237,941 |
Financing Receivable, Acquired with Deteriorated Credit Quality | 0 | 0 |
Home equity lines [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 156,869 | 151,916 |
Financing Receivable, Acquired with Deteriorated Credit Quality | 0 | 0 |
Consumer and credit card [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 5,054 | 5,154 |
Financing Receivable, Acquired with Deteriorated Credit Quality | 0 | 0 |
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 | 12,113,563 | 8,439,754 |
Mortgage Warehouse Finance [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 1,356,651 | 944,219 |
Lender finance [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 762,453 | 592,621 |
Other commercial finance [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 63,811 | 85,880 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 3,463,775 | 3,190,250 |
Commercial and Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 5,646,690 | 4,812,970 |
Financing Receivable, Acquired with Deteriorated Credit Quality | 196,641 | 341,605 |
Performing Financing Receivable [Member] | Residential Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 6,302,172 | 5,096,589 |
Performing Financing Receivable [Member] | Residential Portfolio Segment [Member] | 90 Days Past Due and Accruing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Acquired with Deteriorated Credit Quality | 6,287 | 7,879 |
Performing Financing Receivable [Member] | Government Insured pool Buyout Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 3,096,877 | 1,219,719 |
Performing Financing Receivable [Member] | Government Insured pool Buyout Portfolio Segment [Member] | 90 Days Past Due and Accruing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Acquired with Deteriorated Credit Quality | 2,143,384 | 350,312 |
Performing Financing Receivable [Member] | Equipment financing receivables [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 2,020,613 | 1,233,414 |
Performing Financing Receivable [Member] | Home equity lines [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 154,506 | 148,646 |
Performing Financing Receivable [Member] | Consumer and credit card [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 5,016 | 5,117 |
Performing Financing Receivable [Member] | 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 | 11,579,184 | 7,703,485 |
Nonperforming Financing Receivable [Member] | Residential Portfolio Segment [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 | 22,793 | 56,517 |
Nonperforming Financing Receivable [Member] | Government Insured pool Buyout Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 498,228 | 671,918 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 0 | 0 |
Nonperforming Financing Receivable [Member] | Equipment financing receivables [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 | 10,957 | 4,527 |
Nonperforming Financing Receivable [Member] | Home equity lines [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 | 2,363 | 3,270 |
Nonperforming Financing Receivable [Member] | Consumer and credit card [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 | 38 | 37 |
Nonperforming Financing Receivable [Member] | Residential, Leasing, Home Equity Line of Credit and Consumer and Credit Card [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 498,228 | 671,918 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 36,151 | 64,351 |
Nonperforming Financing Receivable [Member] | Other commercial finance [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 | 0 | 1,005 |
Nonperforming Financing Receivable [Member] | Commercial Real Estate [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 | 39,049 | 17,544 |
Pass [Member] | Mortgage Warehouse Finance [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 1,356,651 | 944,219 |
Pass [Member] | Lender finance [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 749,393 | 592,621 |
Pass [Member] | Other commercial finance [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 63,460 | 84,639 |
Pass [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 3,325,936 | 2,989,493 |
Pass [Member] | Commercial and Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 5,495,440 | 4,610,972 |
Special Mention [Member] | Mortgage Warehouse Finance [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 |
Special Mention [Member] | Lender finance [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 13,060 | 0 |
Special Mention [Member] | Other commercial finance [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | 135 |
Special Mention [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 34,010 | 34,012 |
Special Mention [Member] | Commercial and Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 47,070 | 34,147 |
Substandard [Member] | Mortgage Warehouse Finance [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 |
Substandard [Member] | Lender finance [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 |
Substandard [Member] | Other commercial finance [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 351 | 1,106 |
Substandard [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 103,829 | 166,745 |
Substandard [Member] | Commercial and Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 104,180 | 167,851 |
Doubtful [Member] | Mortgage Warehouse Finance [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 |
Doubtful [Member] | Lender finance [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 |
Doubtful [Member] | Other commercial finance [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 |
Doubtful [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 |
Doubtful [Member] | Commercial and Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | $0 | $0 |
Allowance_for_Loan_and_Lease_L6
Allowance for Loan and Lease Losses Past Due (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income and Aquired Credit Impaire | $14,940,910 | $12,259,724 |
Financing Receivable, Recorded Investment, 30 to 59 Days Past Due | 81,613 | 113,763 |
Financing Receivable, Recorded Investment, 60 to 89 Days Past Due | 42,652 | 63,857 |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 529,183 | 733,771 |
Financing Receivable, Recorded Investment, Past Due | 653,448 | 911,391 |
Financing Receivable, Recorded Investment, Current | 14,287,462 | 11,348,333 |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income and Aquired Credit Impaire | 6,267,712 | 5,082,602 |
Financing Receivable, Recorded Investment, 30 to 59 Days Past Due | 9,941 | 10,145 |
Financing Receivable, Recorded Investment, 60 to 89 Days Past Due | 4,817 | 4,683 |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 22,793 | 56,517 |
Financing Receivable, Recorded Investment, Past Due | 37,551 | 71,345 |
Financing Receivable, Recorded Investment, Current | 6,230,161 | 5,011,257 |
Government insured pool buyouts [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income and Aquired Credit Impaire | 1,029,656 | 1,310,746 |
Financing Receivable, Recorded Investment, 30 to 59 Days Past Due | 50,955 | 90,795 |
Financing Receivable, Recorded Investment, 60 to 89 Days Past Due | 32,869 | 55,666 |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 498,228 | 671,918 |
Financing Receivable, Recorded Investment, Past Due | 582,052 | 818,379 |
Financing Receivable, Recorded Investment, Current | 447,604 | 492,367 |
Mortgage Warehouse Finance [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income and Aquired Credit Impaire | 1,356,651 | 944,219 |
Financing Receivable, Recorded Investment, 30 to 59 Days Past Due | 0 | 0 |
Financing Receivable, Recorded Investment, 60 to 89 Days Past Due | 0 | 0 |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 0 | 0 |
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Financing Receivable, Recorded Investment, Current | 1,356,651 | 944,219 |
Lender finance [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income and Aquired Credit Impaire | 762,453 | 592,621 |
Financing Receivable, Recorded Investment, 30 to 59 Days Past Due | 0 | 0 |
Financing Receivable, Recorded Investment, 60 to 89 Days Past Due | 0 | 0 |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 0 | 0 |
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Financing Receivable, Recorded Investment, Current | 762,453 | 592,621 |
Other commercial finance [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income and Aquired Credit Impaire | 59,655 | 78,066 |
Financing Receivable, Recorded Investment, 30 to 59 Days Past Due | 1 | 0 |
Financing Receivable, Recorded Investment, 60 to 89 Days Past Due | 0 | 2 |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 0 | 1,005 |
Financing Receivable, Recorded Investment, Past Due | 1 | 1,007 |
Financing Receivable, Recorded Investment, Current | 59,654 | 77,059 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income and Aquired Credit Impaire | 3,271,290 | 2,856,459 |
Financing Receivable, Recorded Investment, 30 to 59 Days Past Due | 1,139 | 2,909 |
Financing Receivable, Recorded Investment, 60 to 89 Days Past Due | 0 | 0 |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 2,498 | 0 |
Financing Receivable, Recorded Investment, Past Due | 3,637 | 2,909 |
Financing Receivable, Recorded Investment, Current | 3,267,653 | 2,853,550 |
Equipment financing receivables [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income and Aquired Credit Impaire | 2,031,570 | 1,237,941 |
Financing Receivable, Recorded Investment, 30 to 59 Days Past Due | 18,521 | 7,277 |
Financing Receivable, Recorded Investment, 60 to 89 Days Past Due | 4,114 | 3,098 |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 3,263 | 1,024 |
Financing Receivable, Recorded Investment, Past Due | 25,898 | 11,399 |
Financing Receivable, Recorded Investment, Current | 2,005,672 | 1,226,542 |
Home equity lines [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income and Aquired Credit Impaire | 156,869 | 151,916 |
Financing Receivable, Recorded Investment, 30 to 59 Days Past Due | 1,040 | 2,614 |
Financing Receivable, Recorded Investment, 60 to 89 Days Past Due | 845 | 396 |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 2,363 | 3,270 |
Financing Receivable, Recorded Investment, Past Due | 4,248 | 6,280 |
Financing Receivable, Recorded Investment, Current | 152,621 | 145,636 |
Consumer and credit card [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income and Aquired Credit Impaire | 5,054 | 5,154 |
Financing Receivable, Recorded Investment, 30 to 59 Days Past Due | 16 | 23 |
Financing Receivable, Recorded Investment, 60 to 89 Days Past Due | 7 | 12 |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 38 | 37 |
Financing Receivable, Recorded Investment, Past Due | 61 | 72 |
Financing Receivable, Recorded Investment, Current | $4,993 | $5,082 |
Allowance_for_Loan_and_Lease_L7
Allowance for Loan and Lease Losses Impaired Loans (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | $25,184 | $68,824 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 21,452 | 65,251 | |
Impaired Financing Receivable, Related Allowance | 3,616 | 9,382 | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 49,421 | 58,179 | |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 37,457 | 47,968 | |
Impaired Financing Receivable, Average Investment | 86,160 | 166,142 | 205,500 |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 2,339 | 3,718 | 4,730 |
Residential Portfolio Segment [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 10,618 | 67,663 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 10,162 | 64,079 | |
Impaired Financing Receivable, Related Allowance | 2,896 | 9,134 | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 7,466 | 34,898 | |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 6,480 | 26,393 | |
Impaired Financing Receivable, Average Investment | 44,584 | 93,722 | 91,250 |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 1,237 | 2,805 | 2,457 |
Commercial Loan [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, Average Investment | 0 | 3,972 | 9,130 |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 0 | 2 | 43 |
Commercial Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 14,566 | 1,161 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 11,290 | 1,172 | |
Impaired Financing Receivable, Related Allowance | 720 | 248 | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 41,955 | 23,281 | |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 30,977 | 21,575 | |
Impaired Financing Receivable, Average Investment | 41,576 | 68,448 | 105,120 |
Impaired Financing Receivable, Interest Income, Cash Basis Method | $1,102 | $911 | $2,230 |
Allowance_for_Loan_and_Lease_L8
Allowance for Loan and Lease Losses Nonaccrual Status (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | $75,200 | $82,900 |
Financing Receivable, Recorded Investment, Greater than 90 Days Past Due and Accruing | 498,228 | 671,918 |
Nonperforming Financing Receivable [Member] | Residential Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 22,793 | 56,517 |
Financing Receivable, Recorded Investment, Greater than 90 Days Past Due and Accruing | 0 | 0 |
Nonperforming Financing Receivable [Member] | 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 | 498,228 | 671,918 |
Nonperforming Financing Receivable [Member] | Other commercial finance [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 0 | 1,005 |
Financing Receivable, Recorded Investment, Greater than 90 Days Past Due and Accruing | 0 | 0 |
Nonperforming Financing Receivable [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 39,049 | 17,544 |
Financing Receivable, Recorded Investment, Greater than 90 Days Past Due and Accruing | 0 | 0 |
Nonperforming Financing Receivable [Member] | Finance Leases Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 10,957 | 4,527 |
Financing Receivable, Recorded Investment, Greater than 90 Days Past Due and Accruing | 0 | 0 |
Nonperforming Financing Receivable [Member] | Home Equity Line of Credit [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 2,363 | 3,270 |
Financing Receivable, Recorded Investment, Greater than 90 Days Past Due and Accruing | 0 | 0 |
Nonperforming Financing Receivable [Member] | Consumer and Credit Card [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 38 | 37 |
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 $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | 8 | 39 | 75 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $6,685 | $14,406 | $49,983 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | 6,693 | 14,501 | 50,020 |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 2 | 1 | 14 |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | 881 | 104 | 3,254 |
Financing Receivables Troubled Debt Restructurings Recorded Investment | 26,255 | 99,070 | |
Financing Receivable, Recorded Investment, Current | 14,287,462 | 11,348,333 | |
Financing Receivable, Recorded Investment, Nonaccrual Status | 75,200 | 82,900 | |
Impaired Financing Receivable, Recorded Investment | 26,255 | 99,070 | |
Valuation Allowances and Reserves, Balance | 3,259 | 9,134 | |
Residential Portfolio Segment [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Net | 16,642 | 90,472 | |
Financing Receivable, Modifications, Number of Contracts | 6 | 37 | 51 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 1,942 | 12,711 | 20,644 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | 1,950 | 12,806 | 20,681 |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 2 | 1 | 8 |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | 881 | 104 | 2,523 |
Commercial Loan [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | 9 | ||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 2,172 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 2,172 | ||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | 0 | 3 |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | 0 | 0 | 342 |
Commercial Real Estate [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | 2 | 2 | 15 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 4,743 | 1,695 | 27,167 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | 4,743 | 1,695 | 27,167 |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | 0 | 3 |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | 0 | 0 | 389 |
Commercial and Commercial Real Estate [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Net | 9,613 | 8,598 | |
Performing Financing Receivable [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 11,786 | 73,180 | |
Nonperforming Financing Receivable [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivables Troubled Debt Restructurings Recorded Investment 30 to 89 Past Due and Accruing | 1,848 | 3,732 | |
Financing Receivables Troubled Debt Restructurings Recorded Investment 90 days and greater Past Due and Accruing | 0 | 306 | |
Financing Receivable, Recorded Investment, Nonaccrual Status | $12,621 | $21,852 |
Servicing_Activities_and_Mortg2
Servicing Activities and Mortgage Servicing Rights Residential Textual (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||||
Mar. 28, 2014 | Apr. 03, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Servicing Assets at Amortized Value [Line Items] | ||||||
Outstanding Principal Balance On Loans Serviced | $49,262,915,000 | $59,492,239,000 | ||||
Subservicing Income | 4,184,000 | 2,488,000 | 2,433,000 | |||
Escrow Deposit | 766,105,000 | 845,359,000 | ||||
Escrow Deposit At Other Financial Institutions | 93,432,000 | 81,732,000 | ||||
Insurance Coverage, Errors and Ommissions | 20,000,000 | 20,000,000 | ||||
Insurance Coverage, Fidelity Bond | 55,000,000 | 65,000,000 | ||||
Servicing Asset at Amortized Cost, Disposals | 55,547 | -55,547,000 | 0 | 0 | ||
Unpaid Principal Balance of Servicing Rights Sold | 9,945,965 | |||||
Unpaid Principal Balance of Acquired Servicing Rights | 12,962,454,000 | |||||
Servicing Asset at Amortized Value Acquired Additions | 63,555,000 | 0 | 65,188,000 | 14,445,000 | ||
Servicing Asset at Amortized Cost | 435,619,000 | 506,680,000 | 375,859,000 | 489,496,000 | ||
Residential Mortgage [Member] | ||||||
Servicing Assets at Amortized Value [Line Items] | ||||||
Outstanding Principal Balance On Loans Serviced | 49,263,000,000 | 59,492,000,000 | ||||
Outstanding Principal Balance On Loans Subserviced | 1,484,000,000 | 1,543,000,000 | ||||
Servicing Asset at Fair Value, Amount | 436,727,000 | 528,848,000 | ||||
Servicing Asset at Amortized Cost | 432,716,000 | 499,973,000 | ||||
Unpaid Principal Balance, Loans Originated and Serviced, Without MSR Basis | $8,073,000,000 | $6,677,000,000 |
Servicing_Activities_and_Mortg3
Servicing Activities and Mortgage Servicing Rights Commercial Textual (Details) (USD $) | 0 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Apr. 03, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Servicing Assets at Fair Value [Line Items] | |||||
Servicing Asset at Amortized Value Acquired Additions | $63,555 | $0 | $65,188 | $14,445 | |
Servicing Asset at Amortized Cost | 435,619 | 506,680 | 375,859 | 489,496 | |
Commercial Loan [Member] | |||||
Servicing Assets at Fair Value [Line Items] | |||||
Servicing Asset at Amortized Cost | 2,903 | 6,707 | |||
Prepayment Penalty Income | $13,033 | $15,771 |
Servicing_Activities_and_Mortg4
Servicing Activities and Mortgage Servicing Rights Rollforward (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||||
Mar. 28, 2014 | Apr. 03, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Mortgage Servicing Rights Rollforward: | ||||||
Servicing Asset at Amortized Cost | $435,619,000 | $506,680,000 | $375,859,000 | $489,496,000 | ||
Servicing Asset at Amortized Value Originated Additions | 57,877,000 | 100,426,000 | 76,238,000 | |||
Servicing Asset at Amortized Value Acquired Additions | 63,555,000 | 0 | 65,188,000 | 14,445,000 | ||
Servicing Asset at Amortized Cost, Disposals | 55,547 | -55,547,000 | 0 | 0 | ||
Amortization | -79,234,000 | -126,803,000 | -137,433,000 | |||
Increase in valuation allowance | 8,012,000 | 94,951,000 | -63,508,000 | |||
Other | -2,169,000 | -2,941,000 | -3,379,000 | |||
Valuation Allowance: | ||||||
Valuation Allowance for Impairment of Recognized Servicing Assets, Balance | 0 | 8,012,000 | 102,963,000 | 39,455,000 | ||
Increase in valuation allowance | 0 | 693,000 | 68,206,000 | |||
Recoveries | ($8,012,000) | ($95,644,000) | ($4,698,000) |
Servicing_Activities_and_Mortg5
Servicing Activities and Mortgage Servicing Rights Loan Servicing Income (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Servicing Activities and Mortgage Servicing Rights [Abstract] | |||
Contractually specified servicing fees, net | $130,901 | $149,237 | $135,817 |
Other ancillary fees | 23,403 | 37,034 | 37,014 |
Other | 4,159 | ||
Subservicing Income | 4,184 | 2,488 | 2,433 |
Loan servicing fee income | $158,463 | $188,759 | $175,264 |
Servicing_Activities_and_Mortg6
Servicing Activities and Mortgage Servicing Rights Fair Value Assumptions for Securitized/Sold Loans (Details) (Mortgage Servicing Rights [Member], Residential Mortgage [Member]) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
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 | 8.76% | 9.33% |
Expected prepayment speeds | 9.47% | 8.78% |
Average life in years | 6 years 0 months 10 days | 5 years 4 months |
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 | 14.50% | 9.85% |
Expected prepayment speeds | 13.76% | 14.93% |
Average life in years | 7 years 4 months 15 days | 8 years 0 months 29 days |
Servicing_Activities_and_Mortg7
Servicing Activities and Mortgage Servicing Rights Fair Value Portfolio Characteristics (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Servicing Assets at Fair Value [Line Items] | ||||
Outstanding Principal Balance On Loans Serviced | $49,262,915 | $59,492,239 | ||
Residential Mortgage [Member] | ||||
Servicing Assets at Fair Value [Line Items] | ||||
Outstanding Principal Balance On Loans Serviced | 49,263,000 | 59,492,000 | ||
Mortgage Servicing Rights [Member] | Residential Mortgage [Member] | ||||
Servicing Assets at Fair Value [Line Items] | ||||
Outstanding Principal Balance On Loans Serviced | $41,190,000 | $52,816,000 | ||
Gross Weighted-Average Coupon | 4.37% | 4.46% | ||
Weighted-Average Servicing Fee | 0.29% | 0.29% | ||
Expected Prepayment Speed | 12.97% | [1] | 14.87% | [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_Mortg8
Servicing Activities and Mortgage Servicing Rights Sensitivity Analysis (Details) (Mortgage Servicing Rights [Member], Residential Mortgage [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Mortgage Servicing Rights [Member] | Residential Mortgage [Member] | ||
Prepayment Rate [Abstract] | ||
10% adverse rate change | $18,294 | $22,941 |
20% adverse rate change | 35,347 | 44,156 |
Discount Rate [Abstract] | ||
10% adverse rate change | 15,932 | 19,303 |
20% adverse rate change | $30,770 | $37,294 |
Premises_and_Equipment_Textual
Premises and Equipment Textual (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Premises and Equipment [Abstract] | |||
Impairment of Long-Lived Assets to be Disposed of | $4 | ||
Depreciation, Depletion and Amortization | $19,272 | $20,528 | $15,911 |
Premises_and_Equipment_Details
Premises and Equipment (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Premises and Equipment, Gross | $143,341 | $137,531 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | -86,884 | -76,798 |
Premises and Equipment, Net | 56,457 | 60,733 |
Computer hardware and software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and Equipment, Gross | 95,368 | 88,589 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and Equipment, Gross | 18,238 | 18,340 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and Equipment, Gross | 18,146 | 17,963 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and Equipment, Gross | 11,255 | 11,054 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and Equipment, Gross | $334 | $1,585 |
Other_Assets_Rollforward_Detai
Other Assets Rollforward (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Other Assets [Abstract] | ||||
Foreclosure claims receivable, net of allowance | $451,125 | $208,226 | ||
Accrued interest receivable | 126,581 | 66,782 | ||
Servicing advances, net of allowance | 93,960 | 225,436 | ||
Income Taxes Receivable | 85,897 | 71,372 | ||
Corporate advances, net | 50,470 | 64,702 | ||
Goodwill | 46,859 | 46,859 | 36,621 | |
Margin receivable, net | 35,816 | 6,370 | ||
Other real estate owned, net of valuation allowance | 22,509 | 29,034 | 55,277 | 62,120 |
Fair value of derivatives, net | 18,809 | 28,170 | ||
Property Subject to or Available for Operating Lease, Gross | 13,173 | 28,126 | ||
Prepaid assets | 11,968 | 12,270 | ||
Intangible assets, net | 3,705 | 5,813 | 2,100 | |
Other | 37,258 | 49,840 | ||
Other Assets | 998,130 | 843,000 | ||
Servicing Advances On Mortgage Loans Allowance | 12,226 | 10,995 | ||
Foreclosure Claims Receivable Allowance | 17,336 | 14,398 | ||
Real Estate Owned, Valuation Allowance | 441 | 5,958 | ||
Corporate advances allowance | $5,960 | $6,168 |
Other_Assets_REO_Rollforward_D
Other Assets REO Rollforward (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Other Assets [Abstract] | ||||
Other Real Estate | $22,509 | $29,034 | $55,277 | $62,120 |
Other Real Estate, Additions | 21,579 | 47,790 | 49,485 | |
Other Real Estate, Provision on OREO | -3,548 | -6,372 | -7,962 | |
Other Real Estate, Sales | -24,556 | -67,326 | -48,366 | |
Other Real Estate, Other Adjustments | $0 | ($335) | $0 |
Other_Assets_Equipment_Under_O
Other Assets Equipment Under Operating Leases (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Other Assets [Abstract] | |||||
Property Subject to or Available for Operating Lease, Gross excluding Rent and Deferred Rent Receivables | $12,574 | $26,818 | |||
Property Subject to or Available for Operating Lease [Line Items] | |||||
Property Subject to or Available for Operating Lease, Gross | 32,050 | [1] | 56,619 | [1] | |
Property Subject to or Available for Operating Lease, Accumulated Depreciation | -19,476 | -29,801 | |||
Equipment Leased to Other Party [Member] | |||||
Property Subject to or Available for Operating Lease [Line Items] | |||||
Depreciation | $10,401 | $16,897 | $20,062 | ||
[1] | (1) Balances exclude rent and deferred rent receivables as well as deferred origination cost. |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets Textual (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill and Intangible Assets [Abstract] | |||
Goodwill | $46,859 | $46,859 | $36,621 |
Amortization of Intangible Assets | $2,108 | $2,108 | $1,583 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets Goodwill (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Goodwill and Intangible Assets [Abstract] | |||
Goodwill | $46,859 | $46,859 | $36,621 |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets Intangible Assets Finite-Lived (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $12,050 | $12,050 |
Accumulated Amortization | -8,345 | -6,237 |
Net Carrying Amount | 3,705 | 5,813 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 1,933 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 776 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 451 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 261 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 261 | |
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | 23 | |
Technology Platform [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 6,237 | 6,237 |
Accumulated Amortization | -4,965 | -3,575 |
Net Carrying Amount | 1,272 | 2,662 |
Core Deposits [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 3,200 | 3,200 |
Accumulated Amortization | -2,095 | -1,638 |
Net Carrying Amount | 1,105 | 1,562 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,613 | 2,613 |
Accumulated Amortization | -1,285 | -1,024 |
Net Carrying Amount | $1,328 | $1,589 |
Deposits_Textual_Details
Deposits Textual (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Time Deposit Liabilities [Line Items] | ||
Debt Instrument, Unamortized Discount (Premium), Net | 2,779 | $3,224 |
Unamortized Options Related to Index-linked Time Deposits | 3,573 | 5,943 |
Time Deposits, $100,000 or More | 2,416,015 | 1,631,153 |
Index-linked Time Deposits | 147,928 | $164,232 |
Commodity Based CDs [Member] | ||
Time Deposit Liabilities [Line Items] | ||
Time Deposit Liabilities, Description | During 2013 and 2014, EB had outstanding one commodity-based CD, the Diversified Commodities CD. The Diversified Commodities CD reference index is composed of ten equally weighted commodities (WTI crude oil, gold, silver, platinum, soybeans, corn, sugar, copper, nickel and lean hogs) and tied to spot pricing. Diversified Commodities CDs have a 100% participation factor, with a maximum market upside payment subject to a 10% cap and a -20% floor for the individual commodities. The Diversified Commodities CD product was first issued March 29, 2011 and all such CDs mature by June 21, 2016. | |
Foreign Currency Based CDs [Member] | ||
Time Deposit Liabilities [Line Items] | ||
Time Deposit Liabilities, Description | During 2013 and 2014, EB had outstanding four foreign currency based CDs: Currency Returns, Emerging Markets, Evolving Economies and BRICS CDs. The Currency Returns CD reference index is the Deutsche Bank Currency Returns (DBCR) Index. The DBCR Index seeks to replicate three strategies (carry, momentum, and valuation) that are employed in the foreign currency market and combines them all into a single equally weighted index. Currency Returns CDs have a 100% participation factor. The Currency Returns CD product was first issued on September 28, 2010 and all such CDs matured by November 14, 2014. The Emerging Markets CD reference index is comprised of four equally weighted currencies: Columbian peso, Israeli shekel, South Korean won, and Turkish lira. Emerging Markets CDs have a 100% participation factor. The Emerging Markets CD product was first issued on September 24, 2012 and all such CDs mature by September 25, 2017. The Evolving Economies CD reference index is comprised of four equally weighted currencies: Columbian peso, Indian rupee, Mexican peso, and Turkish lira. Evolving Economies CDs have a participation factor equal to the greater of 15% or the performance of the Evolving Economies CD reference index. The Evolving Economies CD product was first issued on September 23, 2013 and all such CDs mature by October 19, 2018. The BRICS CD reference index is comprised of five equally weighted currencies: Brazilian real, Russian ruble, Indian rupee, Chinese renminbi and South African rand. BRICS CDs have a 100% participation factor. The BRICS CD product was first issued on October 27, 2014 and all such CDs mature by December 14, 2017. | |
Metal Based CDs [Member] | ||
Time Deposit Liabilities [Line Items] | ||
Time Deposit Liabilities, Description | During 2013 and 2014, EB had outstanding four metals-based CDs: Gold Bullion, Silver Bullion, Diversified Metals and Timeless Metals CDs. The Gold Bullion and Silver Bullion CDs are tied to spot pricing and have a 100% participation factor. The Gold Bullion CD product was first issued on October 25, 2005 and all such CDs mature by June 17, 2015. The Silver Bullion CD product was first issued on August 28, 2007 and all such CDs mature by June 16, 2016. The Diversified Metals CD reference index is composed of three equally weighted precious metal commodities (gold, silver, and platinum) and tied to spot pricing. Diversified Metal CDs have a 100% participation factor, with a maximum market upside payment limited to 50% of the principal deposit. The Diversified Metals CD product was first issued on May 25, 2010 and all such CDs mature by August 17, 2015. The Timeless Metals CD reference index is comprised of five equally weighted metal commodities (gold, silver, platinum, copper and nickel) and tied to spot pricing. Timeless Metals CDs have a 100% participation factor, with a maximum market upside payment limited to 50% of the principal deposit. The Timeless Metals CD product was first issued on June 21, 2011 and all such CDs mature by August 30, 2016. | |
US Treasury Yield Based CDs [Member] | ||
Time Deposit Liabilities [Line Items] | ||
Time Deposit Liabilities, Description | During 2014, EB had outstanding one U.S. Treasury yield based CD, the Treasury CD. The Treasury CD reference index is the 10-year U.S. Treasury yield. Treasury CDs have a participation factor of 100% and have a leverage factor of 3.3. The Treasury CD product was first issued on June 23, 2014 and all such CDs mature by June 21, 2019. |
Deposits_Deposits_by_Type_Deta
Deposits Deposits by Type (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deposits [Abstract] | ||
Noninterest-bearing Deposit Liabilities | $984,703 | $1,076,631 |
Interest-bearing Deposit Liabilities, Domestic | 3,540,027 | 3,006,401 |
Market-based Money Market Accounts | 374,856 | 413,137 |
Savings and Money Market Accounts, excluding Market-based | 5,136,031 | 5,110,992 |
Market-based Time | 466,514 | 597,858 |
Time, excluding Market-Based | 5,006,566 | 3,056,321 |
Deposits | $15,508,697 | $13,261,340 |
Deposits_Scheduled_Maturities_
Deposits Scheduled Maturities of Time Deposits (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Deposits [Abstract] | |
Time Deposit Maturities, Next Twelve Months | $3,602,696 |
Time Deposit Maturities, Year Two | 742,950 |
Time Deposit Maturities, Year Three | 311,828 |
Time Deposit Maturities, Year Four | 292,078 |
Time Deposit Maturities, Year Five | 529,858 |
Time Deposit Maturities, Year Six | 22 |
Time Deposits | $5,479,432 |
Deposits_Deposits_Denominated_
Deposits Deposits Denominated in Foreign Currency Summary (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deposits [Abstract] | ||
Noninterest-bearing Deposit Liabilities, Foreign | $5,986 | $3,060 |
Interest-bearing Foreign Deposit, Money Market | 321,823 | 361,029 |
Interest-bearing Foreign Deposit, Time Deposits | 318,586 | 433,626 |
Deposits, Foreign | $646,395 | $797,715 |
Deposits_Deposits_Denominated_1
Deposits Deposits Denominated in Foreign Currency by Currency (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deposits Denominated in Foreign Currency [Line Items] | ||
Deposits, Foreign | $646,395 | $797,715 |
Australian Dollar [Member] | ||
Deposits Denominated in Foreign Currency [Line Items] | ||
Deposits, Foreign | 111,390 | 148,970 |
Chinese Renminbi [Member] | ||
Deposits Denominated in Foreign Currency [Line Items] | ||
Deposits, Foreign | 88,408 | 99,992 |
Canadian Dollar [Member] | ||
Deposits Denominated in Foreign Currency [Line Items] | ||
Deposits, Foreign | 68,644 | 89,491 |
Swiss Franc [Member] | ||
Deposits Denominated in Foreign Currency [Line Items] | ||
Deposits, Foreign | 67,750 | 79,952 |
Norwegian Krone [Member] | ||
Deposits Denominated in Foreign Currency [Line Items] | ||
Deposits, Foreign | 60,784 | 90,096 |
Euro [Member] | ||
Deposits Denominated in Foreign Currency [Line Items] | ||
Deposits, Foreign | 47,654 | 53,121 |
Singapore Dollar [Member] | ||
Deposits Denominated in Foreign Currency [Line Items] | ||
Deposits, Foreign | 46,397 | 55,865 |
New Zealand Dollar [Member] | ||
Deposits Denominated in Foreign Currency [Line Items] | ||
Deposits, Foreign | 41,319 | 48,880 |
Brazilian Real [Member] | ||
Deposits Denominated in Foreign Currency [Line Items] | ||
Deposits, Foreign | 38,367 | 46,525 |
Pound Sterling [Member] | ||
Deposits Denominated in Foreign Currency [Line Items] | ||
Deposits, Foreign | 18,418 | 15,199 |
Other Currency [Member] | ||
Deposits Denominated in Foreign Currency [Line Items] | ||
Deposits, Foreign | $57,264 | $69,624 |
Other_Borrowings_Textual_Detai
Other Borrowings Textual (Details) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2013 |
Debt Instrument [Line Items] | |||||
Federal Home Loan Bank Borrowings, Percentage of Bank Assets | 35.00% | 35.00% | |||
Loan Categories Pledged to Secure Federal Home Loan Bank Advances | 4 | 4 | |||
Pledged Financial Instruments, Not Separately Reported, Loans Receivable, for Federal Home Loan Bank Debt | $14,506,650 | $11,115,085 | |||
Pledged Financial Instruments, Not Separately Reported, Securities for Federal Home Loan Bank | 124,465 | 120,931 | |||
Pledged Assets, Lendable Value, FHLB | 6,878,401 | 4,580,977 | |||
Pledged Assets, Lendable Value, Amount Eligible to be Borrowed, FHLB | 2,767,944 | 2,167,727 | |||
Long-term Federal Home Loan Bank Advances | 770,000 | ||||
Repayments of Long-term Debt | 733,969 | ||||
Gains (Losses) on Extinguishment of Debt | 36,031 | ||||
Notes Payable | 0 | 24,000 | |||
FHLB AOCI Reclassification Adjustment | -31,036 | ||||
Interest Expense, Federal Home Loan Bank Advances | 60,450 | 68,214 | 44,879 | ||
Federal Home Loan Bank Advances [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Federal Home Loan Bank Advances | 104,000 | ||||
Repayments of Long-term Debt | 93,600 | ||||
Gains (Losses) on Extinguishment of Debt | $10,400 |
Other_Borrowings_Other_Borrowi
Other Borrowings Other Borrowings (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Borrowings [Abstract] | ||
Advances from Federal Home Loan Banks, Including Unamortized Premium | $4,004,000 | $2,353,000 |
Notes Payable | 0 | 24,000 |
Other Borrowings | $4,004,000 | $2,377,000 |
Other_Borrowings_Schedule_of_A
Other Borrowings Schedule of Advances from the FHLB (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Debt Instrument [Line Items] | ||||
Federal Home Loan Bank, Advances, Maturities Summary, Fixed Rate | $3,979,000 | $2,353,000 | ||
Federal Home Loan Bank, Advances, Maturities Summary, Convertible | 25,000 | [1] | 0 | [1] |
Advances from Federal Home Loan Banks | $4,004,000 | $2,353,000 | ||
Federal Home Loan Bank Borrowings, Percentage of Bank Assets | 35.00% | 35.00% | ||
Loan Categories Pledged to Secure Federal Home Loan Bank Advances | 4 | 4 | ||
Fixed-rate Advance [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Weighted Average Interest Rate | 1.17% | 1.60% | ||
Floating-rate Advance [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, Weighted Average Interest Rate | 0.22% | 0.00% | ||
[1] | (1) The floating-rate advance interest rate resets on a quarterly basis, matures October 2034 and can be repaid in whole or in part on any quarterly interest payment date without prepayment penalty. |
Other_Borrowings_Contractual_M
Other Borrowings Contractual Maturity Schedule (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Borrowings [Abstract] | ||
Federal Home Loan Bank, Advances, Maturities Summary, Due in Next Twelve Months | $2,357,000 | |
Federal Home Loan Bank, Advances, Maturities Summary, Due in Year Two | 190,000 | |
Federal Home Loan Bank, Advances, Maturities Summary, Due in Year Three | 380,000 | |
Federal Home Loan Bank, Advances, Maturities Summary, Due in Year Four | 310,000 | |
Federal Home Loan Bank, Advances, Maturities Summary, Due in Year Five | 80,000 | |
Federal Home Loan Bank, Advances, Maturities Summary, Due after Year Five | 687,000 | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | $4,004,000 | $2,353,000 |
Trust_Preferred_Securities_Tex
Trust Preferred Securities Textual (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
trust | |||||
Debt Instrument [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 100.00% | ||||
Number of Unconsolidated Trusts | 8 | ||||
Junior Subordinated Notes | $103,750 | $103,750 | |||
Interest Expense, Trust Preferred Securities | 6,598 | 6,584 | 6,006 | ||
Fixed at 10.25%, Maturity Jul 2031 [Member] | |||||
Debt Instrument [Line Items] | |||||
Junior Subordinated Notes | 15,000 | 15,000 | |||
Debt Instrument, Payment Terms | For the first trust preferred security listed above (July 2031 maturity, 10.25% fixed, $15,000 principal amount outstanding), interest is payable semi-annually and may be deferred at any time at the election of the Company for up to 10 consecutive semiannual periods. | ||||
Three-month LIBOR, plus 3.58%, Maturity Jul 2031 [Member] | |||||
Debt Instrument [Line Items] | |||||
Junior Subordinated Notes | 15,000 | [1] | 15,000 | [1] | |
Debt Instrument, Payment Terms | For all other trust preferred securities listed above, interest is payable quarterly and may be deferred at any time at the election of the Company for up to 20 consecutive quarterly periods. | ||||
Three-month LIBOR, plus 1.99%, Maturity Jan 2035 [Member] | |||||
Debt Instrument [Line Items] | |||||
Junior Subordinated Notes | 10,000 | 10,000 | |||
Debt Instrument, Payment Terms | For all other trust preferred securities listed above, interest is payable quarterly and may be deferred at any time at the election of the Company for up to 20 consecutive quarterly periods. | ||||
Fixed at 6.40% to Aug 2015, Thereafter, Three-month LIBOR, plus 1.80%, Maturity Aug 2035 [Member] [Member] | |||||
Debt Instrument [Line Items] | |||||
Junior Subordinated Notes | 10,000 | 10,000 | |||
Debt Instrument, Payment Terms | For all other trust preferred securities listed above, interest is payable quarterly and may be deferred at any time at the election of the Company for up to 20 consecutive quarterly periods. | ||||
Fixed at 6.08% to Nov 2015, Thereafter, Three-month LIBOR, plus 1.49%, Maturity Nov 2035 [Member] | |||||
Debt Instrument [Line Items] | |||||
Junior Subordinated Notes | 10,000 | 10,000 | |||
Debt Instrument, Payment Terms | For all other trust preferred securities listed above, interest is payable quarterly and may be deferred at any time at the election of the Company for up to 20 consecutive quarterly periods. | ||||
Fixed at 6.74% to Dec 2016, Thereafter, Three-month LIBOR, plus 1.74%, Maturity Dec 2036 [Member] | |||||
Debt Instrument [Line Items] | |||||
Junior Subordinated Notes | 15,750 | 15,750 | |||
Debt Instrument, Payment Terms | For all other trust preferred securities listed above, interest is payable quarterly and may be deferred at any time at the election of the Company for up to 20 consecutive quarterly periods. | ||||
Three-month LIBOR, plus 1.70%, Maturity Jun, 2037 [Member] | |||||
Debt Instrument [Line Items] | |||||
Junior Subordinated Notes | 15,000 | 15,000 | |||
Debt Instrument, Payment Terms | For all other trust preferred securities listed above, interest is payable quarterly and may be deferred at any time at the election of the Company for up to 20 consecutive quarterly periods. | ||||
Three-month LIBOR, plus 1.70%, Maturity Sep 2037 [Member] | |||||
Debt Instrument [Line Items] | |||||
Junior Subordinated Notes | $13,000 | $13,000 | |||
Debt Instrument, Payment Terms | For all other trust preferred securities listed above, interest is payable quarterly and may be deferred at any time at the election of the Company for up to 20 consecutive quarterly periods. | ||||
[1] | (1) London Interbank Offered Rate |
Trust_Preferred_Securities_Det
Trust Preferred Securities (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Debt Instrument [Line Items] | ||||
Junior Subordinated Notes | $103,750 | $103,750 | ||
Fixed at 10.25%, Maturity Jul 2031 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 10.25% | 10.25% | ||
Junior Subordinated Notes | 15,000 | 15,000 | ||
Three-month LIBOR, plus 3.58%, Maturity Jul 2031 [Member] | ||||
Debt Instrument [Line Items] | ||||
Junior Subordinated Notes | 15,000 | [1] | 15,000 | [1] |
Debt Instrument, Interest Rate, Effective Percentage | 3.81% | 3.82% | ||
Debt Instrument, Basis Spread on Variable Rate | 3.58% | 3.58% | ||
Debt Instrument, Description of Variable Rate Basis | Three-month LIBOR | Three-month LIBOR | ||
Three-month LIBOR, plus 1.99%, Maturity Jan 2035 [Member] | ||||
Debt Instrument [Line Items] | ||||
Junior Subordinated Notes | 10,000 | 10,000 | ||
Debt Instrument, Interest Rate, Effective Percentage | 2.22% | 2.23% | ||
Debt Instrument, Basis Spread on Variable Rate | 1.99% | 1.99% | ||
Debt Instrument, Description of Variable Rate Basis | Three-month LIBOR | Three-month LIBOR | ||
Fixed at 6.40% to Aug 2015, Thereafter, Three-month LIBOR, plus 1.80%, Maturity Aug 2035 [Member] [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.40% | 6.40% | ||
Junior Subordinated Notes | 10,000 | 10,000 | ||
Fixed at 6.08% to Nov 2015, Thereafter, Three-month LIBOR, plus 1.49%, Maturity Nov 2035 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.08% | 6.08% | ||
Junior Subordinated Notes | 10,000 | 10,000 | ||
Fixed at 6.74% to Dec 2016, Thereafter, Three-month LIBOR, plus 1.74%, Maturity Dec 2036 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.74% | 6.74% | ||
Junior Subordinated Notes | 15,750 | 15,750 | ||
Three-month LIBOR, plus 1.70%, Maturity Jun, 2037 [Member] | ||||
Debt Instrument [Line Items] | ||||
Junior Subordinated Notes | 15,000 | 15,000 | ||
Debt Instrument, Interest Rate, Effective Percentage | 1.94% | 1.94% | ||
Debt Instrument, Basis Spread on Variable Rate | 1.70% | 1.70% | ||
Debt Instrument, Description of Variable Rate Basis | Three-month LIBOR | Three-month LIBOR | ||
Three-month LIBOR, plus 1.70%, Maturity Sep 2037 [Member] | ||||
Debt Instrument [Line Items] | ||||
Junior Subordinated Notes | $13,000 | $13,000 | ||
Debt Instrument, Interest Rate, Effective Percentage | 1.94% | 1.94% | ||
Debt Instrument, Basis Spread on Variable Rate | 1.70% | 1.70% | ||
Debt Instrument, Description of Variable Rate Basis | Three-month LIBOR | Three-month LIBOR | ||
Scenario, Forecast [Member] | Fixed at 6.40% to Aug 2015, Thereafter, Three-month LIBOR, plus 1.80%, Maturity Aug 2035 [Member] [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.80% | 1.80% | ||
Debt Instrument, Description of Variable Rate Basis | Three-month LIBOR | Three-month LIBOR | ||
Scenario, Forecast [Member] | Fixed at 6.08% to Nov 2015, Thereafter, Three-month LIBOR, plus 1.49%, Maturity Nov 2035 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.49% | 1.49% | ||
Debt Instrument, Description of Variable Rate Basis | Three-month LIBOR | Three-month LIBOR | ||
Scenario, Forecast [Member] | Fixed at 6.74% to Dec 2016, Thereafter, Three-month LIBOR, plus 1.74%, Maturity Dec 2036 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.74% | 1.74% | ||
Debt Instrument, Description of Variable Rate Basis | Three-month LIBOR | Three-month LIBOR | ||
[1] | (1) London Interbank Offered Rate |
Shareholders_Equity_Details
Shareholders' Equity (Details) (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Shareholdersb Equity [Abstract] | ||
Preferred Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Preferred Stock, Liquidation Preference Per Share | $25 | |
Preferred Stock, Redemption Date | 5-Jan-18 | |
Preferred Stock, Dividend Rate, Percentage | 6.75% | |
Preferred Stock, Amount of Preferred Dividends in Arrears | $0 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Component of Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | ($353) | $6,978 | $20,369 | ($16,197) |
Reclassification of unrealized gains to earnings | -5,596 | -4,225 | 0 | |
Unrealized gains (losses) due to changes in fair value | 6,914 | 18,304 | -58,893 | |
Other-than-temporary impairment (OTTI) (noncredit portion), net of accretion | 685 | 923 | 0 | |
Tax effect | 4,494 | 8,215 | -22,327 | |
Net unrealized losses due to changes in fair value | -27,177 | 24,043 | -36,503 | |
Tax effect | 3,494 | -29,184 | 9,799 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -65,597 | -52,615 | ||
Interest Rate Swap [Member] | ||||
Component of Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Interest Rate Fair Value Hedge Asset at Fair Value | -14,012 | -17,295 | -65,191 | -83,153 |
Net unrealized losses due to changes in fair value | 5,268 | 77,269 | 28,803 | |
Tax effect | -1,985 | -29,373 | -10,841 | |
Swap [Member] | ||||
Component of Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net unrealized losses due to changes in fair value | -32,445 | -53,226 | -65,306 | |
Reclassification of net unrealized losses to earnings | 18,032 | 52,701 | 11,103 | |
Tax effect | 5,479 | 189 | 20,640 | |
Gain (Loss) on Settlement of Forward Swaps | -51,232 | -42,298 | -41,962 | -8,399 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | ($65,597) | ($52,615) | ($86,784) |
General_and_Administrative_Exp2
General and Administrative Expense (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
General and Administrative Expense [Abstract] | |||
Professional Fees | $31,555 | $30,782 | $45,655 |
Foreclose and OREO Expense | 25,534 | 34,051 | 54,385 |
Other Credit Related Expense | 2,189 | 15,792 | 29,490 |
FDIC Premium Assessment and Other Agency Fees | 19,465 | 34,857 | 39,183 |
Advertising and Marketing Expense | 21,437 | 29,201 | 36,016 |
Subservicing Expense | 9,871 | 0 | 0 |
Consent Order Expense | 4,597 | 72,339 | 24,657 |
Other Expenses | 53,845 | 68,473 | 77,991 |
General and Administrative Expense | $168,493 | $285,495 | $307,377 |
Income_Taxes_Textual_Details
Income Taxes Textual (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Income Taxes [Abstract] | ||||
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | $60,466 | $68,024 | ||
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 6,115 | 9,471 | ||
Deferred Tax Assets, Valuation Allowance | 3,616 | 5,258 | ||
Deferred Tax Assets, Other Comprehensive Loss | 7,987 | |||
Unrecognized Tax Benefits | 1,618 | 1,268 | 2,727 | 4,186 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 1,052 | 824 | 1,129 | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | 350 | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $442 | $175 |
Income_Taxes_Provision_Details
Income Taxes Provision (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Taxes [Abstract] | |||
Current Federal Tax Expense (Benefit) | $8,098 | ($17,927) | $65,877 |
Current State and Local Tax Expense (Benefit) | 5,786 | 694 | 7,495 |
Current Income Tax Expense (Benefit) | 13,884 | -17,233 | 73,372 |
Deferred Federal Income Tax Expense (Benefit) | 72,063 | 92,041 | -26,854 |
Deferred State and Local Income Tax Expense (Benefit) | 4,542 | 6,492 | -4,563 |
Deferred Income Tax Expense (Benefit) | 76,605 | 98,533 | -31,417 |
Income Tax Expense (Benefit) | 90,489 | 81,300 | 41,955 |
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | 83,500 | 76,314 | 40,599 |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | 6,742 | 4,539 | 1,991 |
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | $247 | $447 | ($635) |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% | 35.00% |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 2.83% | 2.08% | 1.72% |
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent | 0.10% | 0.21% | -0.55% |
Income_Taxes_Reconciliation_of
Income Taxes Reconciliation of Federal Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Taxes [Abstract] | |||
Income Tax Reconciliation, Income Tax Expense (Benefit), at Federal Statutory Income Tax Rate | $83,500 | $76,314 | $40,599 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 35.00% | 35.00% | 35.00% |
Income Tax Reconciliation, State and Local Income Taxes | 6,742 | 4,539 | 1,991 |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes | 2.83% | 2.08% | 1.72% |
Income Tax Reconciliation, Other Adjustments | 247 | 447 | -635 |
Effective Income Tax Rate Reconciliation, Other Adjustments | 0.10% | 0.21% | -0.55% |
Income Tax Expense (Benefit) | $90,489 | $81,300 | $41,955 |
Effective Income Tax Rate, Continuing Operations | 37.93% | 37.29% | 36.17% |
Income_Taxes_Deferred_Income_T
Income Taxes Deferred Income Tax Assets and Liabilities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Income Taxes [Abstract] | ||
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | $60,466 | $68,024 |
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 6,115 | 9,471 |
Deferred Tax Assets, Derivative Instruments | 39,995 | 36,503 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | 60,291 | 39,588 |
Deferred Tax Assets, Loans and Leases Receivable, Allowance | 22,949 | 24,168 |
Deferred Tax Assets, Purchase Accounting | 26,979 | 33,919 |
Deferred Tax Asset, Security and Loan Valuations | 9,598 | 5,743 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | 9,222 | 7,282 |
Deferred Tax Assets, Nonaccrual Interest on Loans | 3,243 | 3,666 |
Deferred Tax Assets, Unrealized Losses on Available-for-Sale Securities, Gross | 216 | 0 |
Deferred Tax Assets, Other | 13,571 | 21,264 |
Deferred Tax Assets, Gross | 252,645 | 249,628 |
Deferred Tax Assets, Valuation Allowance | -3,616 | -5,258 |
Deferred Tax Assets, Net of Valuation Allowance | 249,029 | 244,370 |
Deferred Tax Liabilities, Leasing Arrangements | 140,305 | 66,071 |
Deferred Tax Liabilities, Mortgage Servicing Rights | 84,977 | 80,678 |
Deferred Tax Liabilities, Purchase Accounting | 8,494 | 12,176 |
Deferred Tax Liabilities Unrealized Gains on Available For Sale Securities | 0 | 4,279 |
Deferred Tax Liabilities, Property, Plant and Equipment | 7,126 | 7,481 |
Deferred Tax Liabilities, Tax Deferred Income | 1,123 | 2,246 |
Deferred Tax Liabilities, Other | 24,248 | 20,064 |
Deferred Tax Liabilities, Gross | 266,273 | 192,995 |
Deferred Tax Liabilities, Net | -17,244 | |
Deferred Tax Assets, Net | $0 | $51,375 |
Income_Taxes_Schedule_of_Unrec
Income Taxes Schedule of Unrecognized Tax Benefits (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Taxes [Abstract] | ||||
Unrecognized Tax Benefits | $1,618 | $1,268 | $2,727 | $4,186 |
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 350 | 0 | 0 | |
Unrecognized Tax Benefits, Decreases Resulting from Prior Period Tax Positions | 0 | -305 | -41 | |
Unrecognized Tax Benefits, Reductions Resulting from Lapse of Applicable Statute of Limitations | $0 | ($1,154) | ($1,418) |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Employee Benefit Plans [Abstract] | |||
Defined Contribution Plan, Percent Contributed by Employee, Maximum | 100.00% | 100.00% | 18.00% |
Defined Contribution Plan, Percent Contributed by Employee, Minimum | 1.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent | 4.00% | ||
Defined Contribution Plan, Cost Recognized | $8,638 | $8,987 | $6,372 |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $4,000 | $3,800 | $7,500 |
ShareBased_Compensation_Textua
Share-Based Compensation Textual (Details) (USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 |
Share-based Compensation [Abstract] | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 13,425,186 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Stock Options | $6,779 |
Weighted Average Amortization Period | 1 year 6 months 1 day |
Share Based Compensation Options Vesting Period, Minimun | 1 year |
Share Based Compensation Options Vesting Period, Maximum | 5 years |
Share-based Compensation, Contractual Option Vesting Terms Range, Lower Limit | 5 years |
Share-based Compensation, Contractual Option Vesting Terms Range, Upper Limit Range | 10 years |
Share-based Compensation, Options, Estimated Forfeiture Rates Range, Lower Limit | 0.00% |
Share-based Compensation, Options, Estimated Forfeiture Rates Range, Upper Limit | 20.00% |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $5,487 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 9 months 19 days |
ShareBased_Compensation_Compen
Share-Based Compensation Compensation Expense and Income Tax Benefit (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation | $7,040 | $4,779 | $4,252 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 2,675 | 1,816 | 1,616 |
Salaries Commissions and Other Employee Benefits Expense [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation | 6,605 | 4,455 | 3,993 |
General and Administrative Expense [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation | $435 | $324 | $259 |
ShareBased_Compensation_Option
Share-Based Compensation Options, Fair Value Input (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation [Abstract] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum | 2.04% | 1.52% | 1.52% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum | 2.16% | 1.76% | 1.93% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum | 35.00% | 38.93% | 25.42% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 6 years 6 months 1 day | 9 years 1 month 5 days | 8 years 9 months 19 days |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.86% | 0.55% | 0.00% |
ShareBased_Compensation_Option1
Share-Based Compensation Options, Rollforward (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation [Abstract] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 9,663,370 | 10,319,883 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $13.12 | $12.35 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 679,700 | 540,292 | 774,960 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $18.61 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | -958,026 | -1,557,750 | -649,200 |
Share-based Compensation, Options, Exercises in Period, Weighted Average Exercise Price | $7.87 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | $10,499 | $11,232 | $5,633 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | -235,048 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | $15.03 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | -143,139 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price | $15.72 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 4 years 9 months 18 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 57,390 | ||
Share-based compensation, Options, Options Fully Vested and Excercisable | 6,583,310 | ||
Share-based compensation, Options, Options Fully Vested and Excersiable, Weighted Average Exercise Price | $11.87 | ||
Share-based Compensation, Options, Options Fully Vested and Exercisable, Weighted-Average Remaining Contractual Term in Years | 3 years 8 months 12 days | ||
Share-based Compensation, Options, Options Fully Vested and Exercisable at Year End, Intrinsic Value | 47,317 | ||
Share-based Compensation, Options, Options Expected to Vest | 9,274,875 | ||
Share-based Compensation, Options, Options, Expected to Vest, Weighted-Average Exercise Price | $13 | ||
Share-based Compensation, Options, Options Expected to Vest, Weighted Average Remaining Contractual Term in Years | 4 years 8 months 12 days | ||
Share-based Compensation, Options, Options Expected to Vest, Intrinsic Value | $36,174 |
ShareBased_Compensation_Option2
Share-Based Compensation Options, Additional Disclosures (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation [Abstract] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 679,700 | 540,292 | 774,960 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $6.51 | $7.53 | $6.98 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 958,026 | 1,557,750 | 649,200 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | $10,499 | $11,232 | $5,633 |
Proceeds from Stock Options Exercised | 7,537 | 12,694 | 2,874 |
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | $3,710 | $3,349 | $1,950 |
ShareBased_Compensation_Nonves
Share-Based Compensation Nonvested Stock (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation [Abstract] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 517,029 | 372,607 | 163,735 | 470,605 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $17.18 | $15 | $9.71 | $7.52 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 268,678 | 296,242 | 62,100 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $18.14 | $16.48 | $13.41 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | -94,708 | -80,610 | -368,970 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $11.89 | $9.55 | $7.50 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | -29,548 | -6,760 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $15.36 | $16.71 | $0 |
Earnings_Per_Share_Textual_Det
Earnings Per Share Textual (Details) (USD $) | 12 Months Ended | 0 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 24, 2012 | Apr. 25, 2012 |
Class of Stock [Line Items] | |||||
Dividends, Preferred Stock | $10,125 | $10,125 | $7,046 | ||
Series A Preferred Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Dividends, Preferred Stock | 4,482 | ||||
Series B Preferred Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Dividends, Preferred Stock | $1,073 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Net Income | $148,082 | $136,740 | $74,042 |
Dividends, Preferred Stock | -10,125 | -10,125 | -7,046 |
Participating Securities, Distributed and Undistributed Earnings (Loss), Basic | 0 | 0 | 3,678 |
Net Income Allocated to Common Shareholders | $137,957 | $126,615 | $63,318 |
Average common shares outstanding | 122,940 | 122,245 | 104,014 |
Average common shares outstanding, assuming dilution | 125,358 | 123,949 | 105,951 |
Basic earnings per share | $1.12 | $1.04 | $0.61 |
Diluted earnings per share | $1.10 | $1.02 | $0.60 |
Employee Stock Option [Member] | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Weighted Average Number Diluted Shares Outstanding Adjustment | 2,240 | 1,616 | 1,663 |
Restricted Stock Units (RSUs) [Member] | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Weighted Average Number Diluted Shares Outstanding Adjustment | 178 | 88 | 274 |
Earnings_Per_Share_Antidilutiv
Earnings Per Share Antidilutive Shares (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Earnings Per Share [Abstract] | |||
Stock Options | 1,169,575 | 3,800,027 | 5,648,587 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments Fair Values of Derivatives by Balance Sheet Location (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset and Liability Positions Netted | $3,437 | $1,763 | ||
Not Designated as Hedging Instrument [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Asset Derivatives, Fair Value, Gross Asset | 24,546 | 32,447 | ||
Liability Derivatives, Fair Value, Gross Liability | 31,498 | 27,868 | ||
Derivative Asset Netting and Cash Collateral Adjustments | -5,737 | [1] | -4,277 | [1] |
Derivative Liability Netting and Cash Collateral Adjustments | -46,917 | [1] | -40,367 | [1] |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Notional Amount | 503,335 | 75,239 | ||
Asset Derivatives, Fair Value, Gross Asset | 0 | 0 | ||
Liability Derivatives, Fair Value, Gross Liability | 483 | 347 | ||
Interest Rate Lock Commitments [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Notional Amount | 592,378 | 590,020 | ||
Asset Derivatives, Fair Value, Gross Asset | 10,544 | 896 | ||
Liability Derivatives, Fair Value, Gross Liability | 340 | 2,566 | ||
Forward Sales Commitments [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Notional Amount | 1,001,489 | |||
Asset Derivatives, Fair Value, Gross Asset | 12,228 | |||
Liability Derivatives, Fair Value, Gross Liability | 2,948 | |||
Forward Contracts [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Notional Amount | 1,235,905 | |||
Asset Derivatives, Fair Value, Gross Asset | 425 | |||
Liability Derivatives, Fair Value, Gross Liability | 7,037 | |||
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Notional Amount | 656,476 | 807,732 | ||
Asset Derivatives, Fair Value, Gross Asset | 792 | 4,073 | ||
Liability Derivatives, Fair Value, Gross Liability | 17,604 | 14,318 | ||
Equity, Foreign Currency, Commodity and Metals Indexed Options [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Notional Amount | 171,405 | |||
Asset Derivatives, Fair Value, Gross Asset | 7,719 | |||
Liability Derivatives, Fair Value, Gross Liability | 0 | |||
Foreign Exchange Option [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Notional Amount | 152,880 | |||
Asset Derivatives, Fair Value, Gross Asset | 6,127 | |||
Liability Derivatives, Fair Value, Gross Liability | 0 | |||
Options Embedded in Customer Deposits [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Notional Amount | 151,500 | 170,176 | ||
Asset Derivatives, Fair Value, Gross Asset | 0 | 0 | ||
Liability Derivatives, Fair Value, Gross Liability | 6,034 | 7,689 | ||
Indemnification Asset [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Notional Amount | 101,623 | 147,897 | ||
Asset Derivatives, Fair Value, Gross Asset | 6,658 | 7,531 | ||
Liability Derivatives, Fair Value, Gross Liability | 0 | 0 | ||
Derivative [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Asset Derivatives, Fair Value, Gross Asset | 18,809 | 28,170 | ||
Liability Derivatives, Fair Value, Gross Liability | 7,182 | 15,398 | ||
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Notional Amount | 578,000 | 253,000 | ||
Asset Derivatives, Fair Value, Gross Asset | 0 | 0 | ||
Liability Derivatives, Fair Value, Gross Liability | $22,601 | $27,897 | ||
[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 DecemberB 31, 2014 and 2013 include derivative positions netted totaling $3,437 and $1,763, respectively. |
Derivative_Financial_Instrumen3
Derivative Financial Instruments AOCI Gain Loss to Income next 12 months Textual (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Derivative Financial Instruments [Abstract] | |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | ($17,229) |
Term of Cash Flow Hedges | 20 years |
Derivative_Financial_Instrumen4
Derivative Financial Instruments Credit Risk Contingent Features Textual (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivative, Fair Value, Net [Abstract] | ||
Derivative, Net Liability Position, Aggregate Fair Value | $47,725 | $42,562 |
Derivative Liabilities Cash Collateral Netted | 43,480 | 42,130 |
Collateral Already Posted, Aggregate Fair Value | $79,296 | $48,500 |
Derivative_Financial_Instrumen5
Derivative Financial Instruments Counterparty Credit Risk Textual (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivative, Collateral [Abstract] | ||
Derivative Asset Cash Collateral Netted | $2,300 | $6,040 |
Derivative_Financial_Instrumen6
Derivative Financial Instruments Activity for Derivatives in Cash Flow Hedges & Freestanding Derivatives (Details) (Not Designated as Hedging Instrument [Member], USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | ($61,821) | $85,039 | ($118,007) | |||
Interest Rate Contract [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | -60,915 | [1] | 86,772 | [1] | -118,875 | [1] |
Indemnification Asset [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | -874 | [2] | -1,561 | [2] | 552 | [2] |
Other Contract [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | ($32) | ($172) | $316 | |||
[1] | (1) Interest rate contracts include interest rate lock commitments, forward and optional forward purchase and sales commitments, and interest rate swaps and futures. | |||||
[2] | (2) Refer to Note 24 for additional information relating to the indemnification asset. |
Fair_Value_Measurements_Textua
Fair Value Measurements Textual (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans Held-for-sale, Fair Value Disclosure | $728,378 | $672,371 | ||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | 22,609 | 13,191 | 433,620 | |
Loans Held for Sale [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | -14,946 | [1] | ||
Freestanding Derivative [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | [2] | ||
Fair Value, Measurements, Recurring [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans Held-for-sale, Fair Value Disclosure | 728,378 | 672,371 | ||
Nonperforming Financing Receivable [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans Held-for-sale, Fair Value Disclosure | $0 | |||
[1] | (1)Net realized and unrealized gains on loans held for sale are included in gain on sale of loans. | |||
[2] | (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_Assets
Fair Value Measurements Assets and Liabilities Measured on Recurring Basis (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale, at fair value | $776,311 | $1,115,627 | ||
Loans Held-for-sale, Fair Value Disclosure | 728,378 | 672,371 | ||
Asset-backed Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale, at fair value | 1,395 | 3,086 | ||
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 | 9,001 | [1] | 49,619 | [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 | 236,329 | [1] | 71,473 | [1] |
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 | 728,378 | 672,371 | ||
Derivative Asset Netting and Cash Collateral Adjustments | -5,737 | -4,277 | ||
Derivative Assets | 18,809 | 28,170 | ||
Derivative Liability Netting and Cash Collateral Adjustments | -46,917 | -40,367 | ||
Derivative Liabilities | 7,182 | 15,398 | ||
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, at fair value | 774,235 | 1,109,271 | ||
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, at fair value | 1,395 | 3,086 | ||
Fair Value, Measurements, Recurring [Member] | Other Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale, at fair value | 681 | 3,270 | ||
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, at fair value | 776,311 | 1,115,627 | ||
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 | ||
Derivative Asset, Fair Value, Gross Asset | 0 | [2] | 0 | |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||
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, at fair value | 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, at fair value | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Other Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale, at fair value | 470 | 399 | ||
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, at fair value | 470 | 399 | ||
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 | 410,948 | 613,459 | ||
Derivative Asset, Fair Value, Gross Asset | 7,344 | 24,020 | ||
Derivative Liability, Fair Value, Gross Liability | 53,759 | 53,199 | ||
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, at fair value | 774,235 | 1,109,271 | ||
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, at fair value | 1,395 | 3,086 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Other Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale, at fair value | 211 | 2,871 | ||
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, at fair value | 775,841 | 1,115,228 | ||
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 | 317,430 | 58,912 | ||
Derivative Asset, Fair Value, Gross Asset | 17,202 | 8,427 | ||
Derivative Liability, Fair Value, Gross Liability | 340 | 2,566 | ||
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, at fair value | 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, at fair value | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Other Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale, at fair value | 0 | 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, at fair value | 0 | 0 | ||
Interest Rate Contract [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Assets | $0 | |||
[1] | (1)The carrying value of loans held for sale excludes $728,378 and $672,371 in loans measured at fair value on a recurring basis as of DecemberB 31, 2014 and 2013, respectively. | |||
[2] | (1)Level 1 derivative assets include interest rate swap futures. These futures are settled on a daily basis between the counterparty and the Company, resulting in the Company holding an outstanding notional balance and a zero derivative balance. See Note 23 for additional information regarding the interest rate future. |
Fair_Value_Measurements_Fair_V
Fair Value Measurements Fair Value Assets and Liabilities Measured On Recurring Basis Reconciliation (Details) (USD $) | 12 Months Ended | |||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 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 | $317,430 | [1] | $58,912 | [1] | $0 | [1] | $15,462 | [1] |
Issues | 890,521 | [1] | 518,569 | [1] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | [1] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | -603,294 | [1] | -444,415 | [1] | ||||
Settlements | -36,109 | [1] | -7,410 | [1] | -623 | [1] | ||
Transfers out of Level 3 | -14,946 | [1] | ||||||
Gain (Loss) Included in Earnings | 7,400 | [1] | -7,832 | [1] | 107 | [1] | ||
Change in Unrealized Gain (Loss) Included in Other Income | 1,270 | [1] | -529 | [1] | 107 | [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 | 0 | [2] | 0 | [2] | -50,720 | [2] | -43,317 | [2] |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Sales | 0 | [2] | 0 | [2] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3 | 0 | [2] | ||||||
Issues | 0 | [2] | 0 | [2] | ||||
Settlements | 0 | [2] | 48,000 | [2] | 0 | [2] | ||
Transfers out of Level 3 | 0 | [2] | ||||||
Gain (Loss) Included in Earnings | 0 | [2] | 2,720 | [2] | -7,403 | [2] | ||
Change in Unrealized Gain (Loss) Included in Other Income | 0 | [2] | 0 | [2] | -7,403 | [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 | 16,862 | [3] | 5,861 | [3] | 9,092 | [3] | 8,540 | [3] |
Issues | 70,468 | [3] | 171,042 | [3] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 6,628 | [3] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | [3] | 0 | [3] | ||||
Settlements | -92,363 | [3] | -112,993 | [3] | 0 | [3] | ||
Transfers out of Level 3 | 0 | [3] | ||||||
Gain (Loss) Included in Earnings | 32,896 | [3] | -67,908 | [3] | 552 | [3] | ||
Change in Unrealized Gain (Loss) Included in Other Income | $11,000 | [3] | ($9,859) | [3] | $552 | [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 $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Loans Held-for-sale, Fair Value Disclosure | 728,378 | 672,371 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Loans Held-for-sale, Fair Value Disclosure | 236,329 | [1] | 71,473 | [1] |
Fair Value, Measurements, Recurring [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Loans Held-for-sale, Fair Value Disclosure | 728,378 | 672,371 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Loans Held-for-sale, Fair Value Disclosure | 317,430 | 58,912 | ||
Discounted Cash Flow [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Indemnification Asset | 6,658 | 7,531 | ||
Loans Held-for-sale, Fair Value Disclosure | 317,430 | 58,912 | ||
Discounted Cash Flow [Member] | Indemnification Asset [Member] | Fair Value, Measurements, Recurring [Member] | Minimum [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Fair Value Unobservable Input, Reinstatement Rate | 5.35% | [2] | 0.00% | [2] |
Fair Value Unobservable Input, Loss Duration | 18 months 0 days | [2] | 9 months | [2] |
Fair Value Unobservable Input, Loss Severity | -1.77% | [2] | -4.96% | [2] |
Fair Value Unobservable Input, Discount Rate | 4.35% | 4.35% | ||
Discounted Cash Flow [Member] | Indemnification Asset [Member] | Fair Value, Measurements, Recurring [Member] | Maximum [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Fair Value Unobservable Input, Reinstatement Rate | 70.23% | [2] | 68.98% | [2] |
Fair Value Unobservable Input, Loss Duration | 90 months 0 days | [2] | 100 months | [2] |
Fair Value Unobservable Input, Loss Severity | 16.15% | [2] | 19.70% | [2] |
Fair Value Unobservable Input, Discount Rate | 4.35% | 4.35% | ||
Discounted Cash Flow [Member] | Indemnification Asset [Member] | Fair Value, Measurements, Recurring [Member] | Weighted Average [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Fair Value Unobservable Input, Reinstatement Rate | 31.14% | [2] | 23.61% | [2] |
Fair Value Unobservable Input, Loss Duration | 44 months 0 days | [2] | 36 months | [2] |
Fair Value Unobservable Input, Loss Severity | 7.84% | [2] | 6.54% | [2] |
Fair Value Unobservable Input, Discount Rate | 4.35% | 4.35% | ||
Discounted Cash Flow [Member] | Interest Rate Lock Commitments [Member] | Fair Value, Measurements, Recurring [Member] | Minimum [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Fair Value Inputs Loan Closing Ratio | 0.00% | [3] | 0.00% | [3] |
Discounted Cash Flow [Member] | Interest Rate Lock Commitments [Member] | Fair Value, Measurements, Recurring [Member] | Maximum [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Fair Value Inputs Loan Closing Ratio | 99.00% | [3] | 99.00% | [3] |
Discounted Cash Flow [Member] | Interest Rate Lock Commitments [Member] | Fair Value, Measurements, Recurring [Member] | Weighted Average [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Fair Value Inputs Loan Closing Ratio | 74.73% | [3] | 79.74% | [3] |
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 | 2.05% | 0.00% | ||
Fair Value Unobservable Input, Prepayment Speed | 5.87% | 4.68% | ||
Fair Value Unobservable Input, Discount Rate | 2.07% | 2.81% | ||
Fair Value Inputs, Probability of Default | 0.00% | 0.00% | ||
Fair Value Inputs, Weighted Average Life | 3 years 4 months 22 days | 5 years 0 months 18 days | ||
Fair Value Inputs, Cumulative Loss | 0.00% | 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 | 21.70% | 27.20% | ||
Fair Value Unobservable Input, Prepayment Speed | 23.77% | 14.78% | ||
Fair Value Unobservable Input, Discount Rate | 2.91% | 3.75% | ||
Fair Value Inputs, Probability of Default | 2.36% | 2.25% | ||
Fair Value Inputs, Weighted Average Life | 9 years 0 months 0 days | 10 years 8 months 27 days | ||
Fair Value Inputs, Cumulative Loss | 0.43% | 0.61% | ||
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 | 11.68% | 19.68% | ||
Fair Value Unobservable Input, Prepayment Speed | 14.17% | 7.58% | ||
Fair Value Unobservable Input, Discount Rate | 2.58% | 3.45% | ||
Fair Value Inputs, Probability of Default | 0.34% | 0.18% | ||
Fair Value Inputs, Weighted Average Life | 5 years 7 months 14 days | 8 years 3 months 1 day | ||
Fair Value Inputs, Cumulative Loss | 0.05% | 0.04% | ||
Interest Rate Lock Commitments [Member] | Discounted Cash Flow [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net | 10,204 | -1,670 | ||
[1] | (1)The carrying value of loans held for sale excludes $728,378 and $672,371 in loans measured at fair value on a recurring basis as of DecemberB 31, 2014 and 2013, respectively. | |||
[2] | (1)The range represents the sum of the highest and lowest values for all tranches that are used in our valuation process. | |||
[3] | (2)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 Disclosures (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans Held-for-sale, Fair Value Disclosure | $728,378 | $672,371 |
Aggregate Unpaid Principal Balance Under Fair Value Option [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans Held-for-sale, Fair Value Disclosure | 704,835 | 659,592 |
Fair Value, Option, Aggregate Fair Value Over Under Aggregate Unpaid Principal Balance [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair Value, Option, Aggregate Differences, Loans and Long-term Receivables | 23,543 | 12,779 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans Held-for-sale, Fair Value Disclosure | 728,378 | 672,371 |
Fair Value, Measurements, Recurring [Member] | Aggregate Fair Value Under Fair Value Option [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans Held-for-sale, Fair Value Disclosure | $672,371 |
Fair_Value_Measurements_Nonrec
Fair Value Measurements Nonrecurring (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans Held-for-sale, Fair Value Disclosure | $728,378 | $672,371 | ||
Estimate of Fair Value [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans Held-for-sale, Fair Value Disclosure | 245,330 | [1] | 121,092 | [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 | 9,001 | [1] | 49,619 | [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 | 236,329 | [1] | 71,473 | [1] |
Fair Value, Measurements, Nonrecurring [Member] | Estimate of Fair Value [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral dependent loans | 11,282 | 907 | ||
Other Real Estate Owned, Fair Value Disclosure | 10,207 | [2] | 7,009 | [2] |
Mortgage servicing rights | 59,731 | [3] | 448,925 | [3] |
Loans Held-for-sale, Fair Value Disclosure | 1,140 | 9,123 | ||
Fair Value, Measurements, Nonrecurring [Member] | Changes Measurement [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral dependent loans | 720 | 248 | ||
Other Real Estate Owned, Fair Value Disclosure | 3,107 | [2] | 2,008 | [2] |
Mortgage servicing rights | -8,012 | [3] | -94,951 | [3] |
Loans Held-for-sale, Fair Value Disclosure | -186 | 424 | ||
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 | 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] | 0 | [2] |
Mortgage servicing rights | 0 | [3] | 0 | [3] |
Loans Held-for-sale, Fair Value Disclosure | 0 | 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 | 11,282 | 907 | ||
Other Real Estate Owned, Fair Value Disclosure | 10,207 | [2] | 7,009 | [2] |
Mortgage servicing rights | 59,731 | [3] | 448,925 | [3] |
Loans Held-for-sale, Fair Value Disclosure | $1,140 | $9,123 | ||
[1] | (1)The carrying value of loans held for sale excludes $728,378 and $672,371 in loans measured at fair value on a recurring basis as of DecemberB 31, 2014 and 2013, respectively. | |||
[2] | (1)Gains and losses resulting from subsequent measurement of OREO is included in the consolidated statements of income as general and administrative expense. OREO is included in other assets in the consolidated balance sheets. | |||
[3] | (2)The fair value for mortgage servicing rights represents the value of the impaired strata with impairment or recoveries on previous valuation allowances. |
Fair_Value_Measurements_Level_
Fair Value Measurements Level 3 Fair Value Nonrecurring Quantitative Information (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans Held-for-sale, Fair Value Disclosure | 728,378 | 672,371 | ||
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 | 236,329 | [1] | 71,473 | [1] |
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, Fair Value Disclosure | 11,282 | 907 | ||
Other Real Estate Owned, Fair Value Disclosure | 10,207 | [2] | 7,009 | [2] |
Servicing Asset at Fair Value, Amount | 59,731 | [3] | 448,925 | [3] |
Loans Held-for-sale, Fair Value Disclosure | 1,140 | 9,123 | ||
Appraised Value [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] | ||||
Collateral Dependent Loans, Fair Value Disclosure | 11,282 | 907 | ||
Other Real Estate Owned, Fair Value Disclosure | 10,207 | 7,009 | ||
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] | ||||
Servicing Asset at Fair Value, Amount | 59,731 | 448,925 | ||
Minimum [Member] | Mortgage Servicing Rights [Member] | Discounted Cash Flow [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value Inputs, Prepayment Rate | 13.16% | [4] | 10.93% | [4] |
Fair Value Inputs, Discount Rate | 9.74% | [5] | 9.55% | [5] |
Minimum [Member] | Loans Held for Sale [Member] | Discounted Cash Flow [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value Inputs, Prepayment Rate | 7.00% | 4.68% | ||
Fair Value Inputs, Discount Rate | 0.86% | 2.81% | ||
Fair Value Inputs, Probability of Default | 0.00% | 0.00% | ||
Fair Value Inputs, Weighted Average Life | 4 years 11 months 1 day | 5 years 0 months 18 days | ||
Fair Value Inputs, Cumulative Loss | 0.00% | 0.00% | ||
Fair Value Inputs, Loss Severity | 0.00% | 0.00% | ||
Maximum [Member] | Mortgage Servicing Rights [Member] | Discounted Cash Flow [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value Inputs, Prepayment Rate | 17.30% | [4] | 24.57% | [4] |
Fair Value Inputs, Discount Rate | 9.81% | [5] | 9.72% | [5] |
Maximum [Member] | Loans Held for Sale [Member] | Discounted Cash Flow [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value Inputs, Prepayment Rate | 13.70% | 14.78% | ||
Fair Value Inputs, Discount Rate | 2.72% | 3.75% | ||
Fair Value Inputs, Probability of Default | 100.00% | 2.25% | ||
Fair Value Inputs, Weighted Average Life | 9 years 4 months 7 days | 10 years 8 months 27 days | ||
Fair Value Inputs, Cumulative Loss | 41.91% | 0.61% | ||
Fair Value Inputs, Loss Severity | 46.13% | 27.20% | ||
Weighted Average [Member] | Mortgage Servicing Rights [Member] | Discounted Cash Flow [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value Inputs, Prepayment Rate | 14.66% | [4] | 14.28% | [4] |
Fair Value Inputs, Discount Rate | 9.77% | [5] | 9.59% | [5] |
Weighted Average [Member] | Loans Held for Sale [Member] | Discounted Cash Flow [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value Inputs, Prepayment Rate | 11.11% | 7.58% | ||
Fair Value Inputs, Discount Rate | 2.49% | 3.45% | ||
Fair Value Inputs, Probability of Default | 28.56% | 0.18% | ||
Fair Value Inputs, Weighted Average Life | 6 years 8 months 8 days | 8 years 3 months 1 day | ||
Fair Value Inputs, Cumulative Loss | 5.51% | 0.04% | ||
Fair Value Inputs, Loss Severity | 24.98% | 19.68% | ||
[1] | (1)The carrying value of loans held for sale excludes $728,378 and $672,371 in loans measured at fair value on a recurring basis as of DecemberB 31, 2014 and 2013, respectively. | |||
[2] | (1)Gains and losses resulting from subsequent measurement of OREO is included in the consolidated statements of income as general and administrative expense. OREO is included in other assets in the consolidated balance sheets. | |||
[3] | (2)The fair value for mortgage servicing rights represents the value of the impaired 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 $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Held-to-maturity Securities | $115,084 | $107,312 | ||
Held-to-maturity Securities, Fair Value | 118,230 | 107,921 | ||
Loans held for sale | 973,507 | 791,382 | ||
Loans Held-for-sale, Fair Value Disclosure | 728,378 | 672,371 | ||
Time Deposits | 5,479,432 | |||
Other borrowings | 4,004,000 | 2,377,000 | ||
Loans Receivable, Allowance | 52,197 | 59,417 | ||
Loans and Leases Receivable, Net Amount | 17,699,407 | 13,189,034 | ||
Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Held-to-maturity Securities, Fair Value | 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 | ||
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, Fair Value | 118,230 | 107,921 | ||
Loans Held-for-sale, Fair Value Disclosure | 9,001 | [1] | 49,619 | [1] |
Loans Receivable, Fair Value Disclosure | 0 | [2] | 0 | [2] |
Time deposits | 5,503,993 | 3,680,868 | ||
Other borrowings | 4,016,937 | 2,353,858 | ||
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, Fair Value | 0 | 0 | ||
Loans Held-for-sale, Fair Value Disclosure | 236,329 | [1] | 71,473 | [1] |
Loans Receivable, Fair Value Disclosure | 16,436,610 | [2] | 12,266,499 | [2] |
Time deposits | 0 | 0 | ||
Other borrowings | 0 | 0 | ||
Trust preferred securities | 93,186 | 86,220 | ||
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Held-to-maturity Securities | 115,084 | 107,312 | ||
Loans held for sale | 245,129 | [1] | 119,011 | [1] |
Loans held for investment | 16,178,989 | [2] | 12,153,835 | [2] |
Time Deposits | 5,473,080 | 3,654,179 | ||
Other borrowings | 4,004,000 | 2,377,000 | ||
Trust preferred securities | 103,750 | 103,750 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Held-to-maturity Securities, Fair Value | 118,230 | 107,921 | ||
Loans Held-for-sale, Fair Value Disclosure | 245,330 | [1] | 121,092 | [1] |
Loans Receivable, Fair Value Disclosure | 16,436,610 | [2] | 12,266,499 | [2] |
Time deposits | 5,503,993 | 3,680,868 | ||
Other borrowings | 4,016,937 | 2,353,858 | ||
Trust preferred securities | 93,186 | 86,220 | ||
Fair Value, Measurements, Recurring [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans Held-for-sale, Fair Value Disclosure | 728,378 | 672,371 | ||
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 | 410,948 | 613,459 | ||
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 | 317,430 | 58,912 | ||
Equipment financing receivables [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans and Leases Receivable, Net Amount | $1,520,418 | $1,035,199 | ||
[1] | (1)The carrying value of loans held for sale excludes $728,378 and $672,371 in loans measured at fair value on a recurring basis as of DecemberB 31, 2014 and 2013, respectively. | |||
[2] | (2)The carrying value of loans held for investment is net of the allowance for loan loss of $52,197 and $59,417 as of DecemberB 31, 2014 and 2013, respectively. In addition, the carrying values exclude $1,520,418 and $1,035,199 of lease financing receivables within our equipment financing receivables portfolio as of DecemberB 31, 2014 and 2013, respectively. |
Commitments_and_Contingencies_2
Commitments and Contingencies Unfunded Commitments to Extend Credit Textual (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Other Commitments [Line Items] | ||
Letters of Credit Outstanding, Amount | $100,018 | $60,018 |
Other Commitment | 43,057 | |
Other Commitment, Due in Next Twelve Months | 3,756 | |
Other Commitment Percentage Increase | 3.00% | |
Residential Mortgage [Member] | ||
Other Commitments [Line Items] | ||
Commitment to Lend at Floating Interest Rate | $146,410 |
Commitments_and_Contingencies_3
Commitments and Contingencies Unfunded Credit Extension Commitments (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Unfunded Commitments to Extend Credit [Line Items] | ||
Unfunded Commitments to Extend Credit | $1,533,725 | $1,532,441 |
Commercial Loan [Member] | ||
Unfunded Commitments to Extend Credit [Line Items] | ||
Unfunded Commitments to Extend Credit | 1,475,846 | 1,467,894 |
Home Equity Line of Credit [Member] | ||
Unfunded Commitments to Extend Credit [Line Items] | ||
Unfunded Commitments to Extend Credit | 23,107 | 28,780 |
Credit Card Receivable [Member] | ||
Unfunded Commitments to Extend Credit [Line Items] | ||
Unfunded Commitments to Extend Credit | 33,913 | 34,627 |
Standby Letters of Credit [Member] | ||
Unfunded Commitments to Extend Credit [Line Items] | ||
Unfunded Commitments to Extend Credit | 859 | 1,140 |
Conditional [Member] | Commercial Loan [Member] | ||
Unfunded Commitments to Extend Credit [Line Items] | ||
Unfunded Commitments to Extend Credit | 853,349 | 1,075,781 |
Cancellable [Member] | Commercial Loan [Member] | ||
Unfunded Commitments to Extend Credit [Line Items] | ||
Unfunded Commitments to Extend Credit | $503,138 | $360,165 |
Commitments_and_Contingencies_4
Commitments and Contingencies Unfunded Commitments Pipeline (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Unfunded Commitments Pipeline [Line Items] | ||
Unfunded Commitments Pipeline | $1,440,997 | $908,979 |
Residential Mortgage [Member] | ||
Unfunded Commitments Pipeline [Line Items] | ||
Unfunded Commitments Pipeline | 535,679 | 531,642 |
Commercial Loan [Member] | ||
Unfunded Commitments Pipeline [Line Items] | ||
Unfunded Commitments Pipeline | 623,540 | 208,480 |
Leasing [Member] | ||
Unfunded Commitments Pipeline [Line Items] | ||
Unfunded Commitments Pipeline | $281,778 | $168,857 |
Commitments_and_Contingencies_5
Commitments and Contingencies Forward-Dated FHLB Borrowing Agreements (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
November 2015 [Member] | May 2014 [Member] | May 2021 [Member] | |
Debt Instrument [Line Items] | |
FHLB Forward-Dated Borrowing Agreement | $20,000 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 2.87% |
November 2015 [Member] | May 2014 [Member] | May 2024 [Member] | |
Debt Instrument [Line Items] | |
FHLB Forward-Dated Borrowing Agreement | 60,000 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 3.48% |
December 2015 [Member] | July 2014 [Member] | July 2023 [Member] | |
Debt Instrument [Line Items] | |
FHLB Forward-Dated Borrowing Agreement | $50,000 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 3.36% |
Commitments_and_Contingencies_6
Commitments and Contingencies Guarantees - Textual (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Loss Contingencies [Line Items] | ||
Outstanding Principal Balance On Loans Serviced | $49,262,915 | $59,492,239 |
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 | 64,272,586 | |
Obligation to Repurchase Receivables Sold [Member] | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Estimate of Possible Loss | 25,940 | 20,225 |
Recourse Related To Servicing Receivables [Member] | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Estimate of Possible Loss | $2,947 | $23,668 |
Commitments_and_Contingencies_7
Commitments and Contingencies Operating Lease (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Commitments and Contingencies Disclosure [Abstract] | ||
Operating Leases, Rent Expense, Net | $18,821 | $18,107 |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 19,161 | |
Operating Leases, Future Minimum Payments, Due in Two Years | 16,388 | |
Operating Leases, Future Minimum Payments, Due in Three Years | 13,402 | |
Operating Leases, Future Minimum Payments, Due in Four Years | 9,215 | |
Operating Leases, Future Minimum Payments, Due in Five Years | 7,756 | |
Operating Leases, Future Minimum Payments, Due Thereafter | 20,620 | |
Operating Leases, Future Minimum Payments Due | $86,542 |
Commitments_and_Contingencies_8
Commitments and Contingencies Federal Reserve Requirement - Textual (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Commitments and Contingencies Disclosure [Abstract] | ||
Cash Reserve Deposit Required and Made | $137,809 | $149,381 |
Commitments_and_Contingencies_9
Commitments and Contingencies Legal Actions (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Loss Contingencies [Line Items] | |
Loss Contingency Accrual | $3,491 |
HUD Foreclosure Program [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency Accrual | 1,560 |
Consent Order Remediation [Member] | |
Loss Contingencies [Line Items] | |
Litigation Settlement, Amount | 39,932 |
Housing Agencies [Member] | |
Loss Contingencies [Line Items] | |
Litigation Settlement, Amount | $6,344 |
Variable_Interest_Entities_Det
Variable Interest Entities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Variable Interest, Not Primary Beneficiary Commercial Loans Originated to Variable Interest Entities [Member] | ||
Noncontrolling Interest [Line Items] | ||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets | $121,730 | $150,749 |
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net | 121,730 | 150,749 |
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 | 890,924 | 1,219,915 |
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net | 890,924 | 1,219,915 |
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 | 9,001 | 50,534 |
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net | $9,001 | $50,534 |
Regulatory_Matters_Textual_Det
Regulatory Matters Textual (Details) | Dec. 31, 2014 |
Regulatory Matters [Abstract] | |
Tangible Capital Required for Capital Adequacy to Tangible Assets | 1.50% |
Tier One Capital to Adjusted Tangible Assets | 4.00% |
Capital to Risk Weighted Assets | 8.00% |
Regulatory_Matters_Details
Regulatory Matters (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier One Capital to Adjusted Tangible Assets | 4.00% | |
Capital to Risk Weighted Assets | 8.00% | |
Scenario, Actual [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier One Leverage Capital | $1,771,757 | $1,577,482 |
Tier One Capital to Adjusted Tangible Assets | 8.20% | 9.00% |
Capital | 1,832,603 | 1,641,172 |
Capital to Risk Weighted Assets | 13.40% | 14.30% |
Tier One Risk Based Capital | 1,771,757 | 1,577,482 |
Tier One Risk Based Capital to Risk Weighted Assets | 13.00% | 13.80% |
For OCC Capital Adequacy Purposes [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier One Leverage Capital | 863,714 | 702,169 |
Tier One Capital to Adjusted Tangible Assets | 4.00% | 4.00% |
Capital | 1,092,695 | 917,393 |
Capital to Risk Weighted Assets | 8.00% | 8.00% |
To Be Well Capitalized Under Prompt Corrective Action Provisions [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier One Leverage Capital | 1,079,643 | 877,712 |
Tier One Capital to Adjusted Tangible Assets | 5.00% | 5.00% |
Capital | 1,365,869 | 1,146,741 |
Capital to Risk Weighted Assets | 10.00% | 10.00% |
Tier One Risk Based Capital | $819,521 | $688,045 |
Tier One Risk Based Capital to Risk Weighted Assets | 6.00% | 6.00% |
Related_Parties_Details
Related Parties (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Related Parties [Abstract] | |||
Loans and Leases Receivable, Related Parties | $3,943 | $4,097 | |
Related Party Deposit Liabilities | 10,604 | 12,229 | |
Related Party Transaction, Amounts of Transaction | $1,998 | $1,563 | $2,436 |
Condensed_Parent_Company_Infor2
Condensed Parent Company Information Balance Sheets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and Cash Equivalents, at Carrying Value | $366,664 | $847,778 | $443,914 | $294,981 |
Other Assets | 998,130 | 843,000 | ||
Assets | 21,617,788 | 17,640,984 | ||
Accounts Payable and Accrued Liabilities | 253,747 | 277,881 | ||
Liabilities | 19,870,194 | 16,019,971 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,747,594 | 1,621,013 | 1,451,176 | 967,665 |
Liabilities and Equity | 21,617,788 | 17,640,984 | ||
Parent Company [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and Cash Equivalents, at Carrying Value | 60,251 | 65,005 | 70,957 | 4,389 |
Investment in Subsidaries, Bank Subsidiary | 1,789,398 | 1,662,164 | ||
Investment in Subsidaries, Nonbank Subsidiaries | 3,344 | 3,344 | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 1,792,742 | 1,665,508 | ||
Other Assets | 7,607 | 2,264 | ||
Assets | 1,860,600 | 1,732,777 | ||
Accounts Payable and Accrued Liabilities | 5,604 | 4,635 | ||
Due to Affiliate | 3,652 | 3,379 | ||
Junior Subordinated Notes | 103,750 | 103,750 | ||
Liabilities | 113,006 | 111,764 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,747,594 | 1,621,013 | ||
Liabilities and Equity | $1,860,600 | $1,732,777 |
Condensed_Parent_Company_Infor3
Condensed Parent Company Information Income Statement (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Condensed Financial Statements, Captions [Line Items] | ||||||
Interest Expense | $168,960 | $176,772 | $141,762 | |||
Noninterest Expense | 638,942 | 848,238 | 735,570 | |||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 238,571 | 218,040 | 115,997 | |||
Income Tax Expense (Benefit) | 90,489 | 81,300 | 41,955 | |||
Net Income (Loss) Attributable to Parent | 148,082 | 136,740 | 74,042 | |||
Parent Company [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Other Income | 261 | 303 | 273 | |||
Income, Total | 261 | 303 | 273 | |||
Interest Expense | 6,598 | 6,584 | 6,006 | |||
Noninterest Expense | 4,169 | 3,302 | 3,776 | |||
Expenses, Total | 10,767 | 9,886 | 9,782 | |||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | -10,506 | -9,583 | -9,509 | |||
Income Tax Expense (Benefit) | -3,802 | -3,905 | -3,596 | |||
Income loss before equity in earnings of subsidiaries | -6,704 | -5,678 | -5,913 | |||
Income (Loss) from Equity Method Investments | 154,786 | 142,418 | 79,955 | |||
Net Income (Loss) Attributable to Parent | 148,082 | 136,740 | 74,042 | |||
Comprehensive Income (Loss) | $135,100 | [1] | $170,909 | [1] | $95,007 | [1] |
[1] | (1) Refer to the consolidated statements of comprehensive income for other comprehensive income details. |
Condensed_Parent_Company_Infor4
Condensed Parent Company Information Statement of Cash Flows (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Financial Statements, Captions [Line Items] | |||
Net Income | $148,082 | $136,740 | $74,042 |
Deferred Income Tax Expense (Benefit) | 76,605 | 98,533 | -31,417 |
Other Operating Activities, Cash Flow Statement | -7,322 | 6,419 | 1,506 |
Increase (Decrease) in Other Operating Assets | 177,568 | 235,651 | 282,163 |
Increase (Decrease) in Accounts Payable and Accrued Liabilities | -14,891 | 18,181 | 70,434 |
Net Cash Provided by (Used in) Operating Activities | 586,250 | 1,365,292 | -1,023,936 |
Net Cash Provided by (Used in) Investing Activities | -4,928,962 | -289,150 | -4,007,743 |
Proceeds from Issuance of Common Stock | 7,466 | 13,041 | 257,827 |
Proceeds from Issuance of Preferred Stock Net | 0 | 0 | 144,325 |
Payments of Dividends | -27,336 | -19,823 | -11,790 |
Net cash provided by financing activities | 3,861,598 | -672,278 | 5,180,612 |
Cash and Cash Equivalents, Period Increase (Decrease) | -481,114 | 403,864 | 148,933 |
Cash and Cash Equivalents, at Carrying Value | 366,664 | 847,778 | 443,914 |
Interest Paid | 167,921 | 175,932 | 139,454 |
Income Taxes Paid | 23,884 | 79,627 | 34,344 |
Parent Company [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net Income | 148,082 | 136,740 | 74,042 |
Income (Loss) from Equity Method Investments | -154,786 | -142,418 | -79,955 |
Amortization of Gain on Interest Rate Swaps | 0 | 0 | -255 |
Proceeds from Dividends Received | 40,000 | 40,000 | 15,600 |
Deferred Income Tax Expense (Benefit) | -68 | -464 | 15 |
Other Operating Activities, Cash Flow Statement | 462 | 298 | 270 |
Increase (Decrease) in Other Operating Assets | -4,336 | -18 | -642 |
Increase (Decrease) in Accounts Payable and Accrued Liabilities | 489 | -32,317 | 28,670 |
Increase (Decrease) in Due to Related Parties | 273 | -991 | 977 |
Net Cash Provided by (Used in) Operating Activities | 30,116 | 830 | 38,722 |
Proceeds from Contributions from Affiliates | -15,000 | 0 | -353,654 |
Net Cash Provided by (Used in) Investing Activities | -15,000 | 0 | -353,654 |
Payments for Repurchase of Common Stock | 0 | 0 | -360 |
Proceeds from Issuance of Common Stock | 7,466 | 13,041 | 249,325 |
Proceeds from Issuance of Preferred Stock Net | 0 | 0 | 144,325 |
Payments of Dividends | -27,336 | -19,823 | -11,790 |
Net cash provided by financing activities | -19,870 | -6,782 | 381,500 |
Cash and Cash Equivalents, Period Increase (Decrease) | -4,754 | -5,952 | 66,568 |
Cash and Cash Equivalents, at Carrying Value | 60,251 | 65,005 | 70,957 |
Interest Paid | 6,594 | 6,584 | 6,078 |
Income Taxes Paid | $43 | $26,765 | ($34,493) |
Segment_Information_Financial_
Segment Information Financial Information by Reportable Segments (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Segment Reporting Information [Line Items] | ||||||
Net interest income (expense) | $564,807 | $558,925 | $513,794 | |||
Income before income taxes | 238,571 | 218,040 | 115,997 | |||
Total Assets | 21,617,788 | 17,640,984 | ||||
Servicing Asset at Amortized Cost, Valuation Allowance | 8,012 | 94,951 | -63,508 | |||
Goodwill | 46,859 | 46,859 | 36,621 | |||
Intangible Assets, Net (Excluding Goodwill) | 3,705 | 5,813 | 2,100 | |||
Consumer Banking Segment [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net interest income (expense) | 319,807 | 301,544 | 340,729 | |||
Total net revenue | 615,256 | [1] | 769,782 | [2] | 662,369 | [3] |
Depreciation and amortization | 9,153 | 10,519 | 6,365 | |||
Income before income taxes | 168,553 | [1] | 145,262 | [2] | 138,281 | [3] |
Total Assets | 13,825,052 | 11,321,747 | 12,274,855 | |||
Commercial Banking Segment [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net interest income (expense) | 251,357 | 263,682 | 178,812 | |||
Total net revenue | 292,706 | 314,133 | 226,772 | |||
Depreciation and amortization | 14,980 | 21,867 | 23,437 | |||
Income before income taxes | 177,321 | 172,496 | 78,924 | |||
Total Assets | 7,892,974 | 6,331,646 | 5,972,260 | [4] | ||
Servicing Asset at Amortized Cost, Valuation Allowance | 8,012 | 94,951 | 63,508 | |||
Corporate Services [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net interest income (expense) | -6,357 | -6,301 | -5,747 | |||
Total net revenue | -5,916 | -5,599 | -5,575 | |||
Depreciation and amortization | 7,648 | 7,147 | 7,754 | |||
Income before income taxes | -107,303 | -99,718 | -101,208 | |||
Total Assets | 215,095 | 236,313 | 166,146 | |||
Segment Reconciling Items [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net interest income (expense) | 0 | 0 | 0 | |||
Total net revenue | 0 | 0 | 0 | |||
Depreciation and amortization | 0 | 0 | 0 | |||
Income before income taxes | 0 | 0 | 0 | |||
Total Assets | -315,333 | -248,722 | -170,383 | |||
Consolidated [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net interest income (expense) | 564,807 | 558,925 | 513,794 | |||
Total net revenue | 902,046 | 1,078,316 | 883,566 | |||
Depreciation and amortization | 31,781 | 39,533 | 37,556 | |||
Income before income taxes | 238,571 | 218,040 | 115,997 | |||
Total Assets | 21,617,788 | 17,640,984 | 18,242,878 | |||
Intersegment Eliminations [Member] | Consumer Banking Segment [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total net revenue | 66,840 | 60,567 | 31,689 | |||
Intersegment Eliminations [Member] | Commercial Banking Segment [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total net revenue | -66,840 | -60,567 | -31,689 | |||
Intersegment Eliminations [Member] | Corporate Services [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total net revenue | 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 | |||
[1] | (1) Segment earnings in the Consumer Banking segment included $8,012 in recoveries on the MSR valuation allowance for the year ended December 31, 2014. | |||||
[2] | (2)Segment earnings in the Consumer Banking segment included $94,951 in recoveries on the MSR valuation allowance, net of impairment charges, for the year ended December 31, 2013. | |||||
[3] | (3)Segment earnings in the Consumer Banking segment included $63,508 in charges for MSR impairment, net of recoveries, for the year ended December 31, 2012. | |||||
[4] | Total assets in the Commercial Banking segment includes $36,621 of goodwill and $2,100 of gross intangibles related to the BPL acquisition for the year ended December 31, 2012. |