Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 22, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | EverBank Financial Corp | |
Entity Central Index Key | 1,502,749 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 124,955,383 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Assets | ||
Cash and due from banks | $ 64,822 | $ 49,436 |
Interest-bearing deposits in banks | 534,354 | 317,228 |
Total cash and cash equivalents | 599,176 | 366,664 |
Investment securities: | ||
Available for sale securities, at fair value | 574,104 | 776,311 |
Held to maturity (fair value of $115,885 and $118,230 as of September 30, 2015 and December 31, 2014, respectively) | 112,219 | 115,084 |
Other investments | 240,832 | 196,609 |
Total investment securities | 927,155 | 1,088,004 |
Loans held for sale (includes $1,101,341 and $728,378 carried at fair value as of September 30, 2015 and December 31, 2014, respectively) | 1,483,754 | 973,507 |
Loans and leases held for investment: | ||
Loans and leases held for investment, net of unearned income | 20,877,381 | 17,760,253 |
Allowance for loan and lease losses | (71,897) | (60,846) |
Total loans and leases held for investment, net | 20,805,484 | 17,699,407 |
Mortgage servicing rights (MSR), net | 357,550 | 435,619 |
Premises and equipment, net | 52,425 | 56,457 |
Other assets | 989,199 | 998,130 |
Total Assets | 25,214,743 | 21,617,788 |
Deposits | ||
Noninterest-bearing | 1,389,644 | 984,703 |
Interest-bearing | 16,176,445 | 14,523,994 |
Total deposits | 17,566,089 | 15,508,697 |
Other borrowings | 5,297,000 | 4,004,000 |
Trust preferred securities and subordinated notes payable | 276,103 | 103,750 |
Accounts payable and accrued liabilities | 252,682 | 253,747 |
Total Liabilities | $ 23,391,874 | $ 19,870,194 |
Commitments and Contingencies (Note 14) | ||
Shareholders' Equity | ||
Series A 6.75%, Non-Cumulative Perpetual Preferred Stock, $0.01 par value (liquidation preference of $25,000 per share; 10,000,000 shares authorized; 6,000 issued and outstanding at September 30, 2015 and December 31, 2014) | $ 150,000 | $ 150,000 |
Common Stock, $0.01 par value (500,000,000 shares authorized; 124,954,523 and 123,679,049 issued and outstanding at September 30, 2015 and December 31, 2014, respectively) | 1,250 | 1,237 |
Additional paid-in capital | 873,175 | 851,158 |
Retained earnings | 871,160 | 810,796 |
Accumulated other comprehensive income (loss) (AOCI) | (72,716) | (65,597) |
Total Shareholders' Equity | 1,822,869 | 1,747,594 |
Total Liabilities and Shareholders' Equity | $ 25,214,743 | $ 21,617,788 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Held to maturity securities at fair value | $ 115,885 | $ 118,230 |
Loans held for sale at fair value | $ 1,101,341 | $ 728,378 |
Common Stock, par value | $ 0.01 | $ 0.01 |
Common Stock, shares authorized | 500,000,000 | 500,000,000 |
Common Stock, shares issued | 124,954,523 | 123,679,049 |
Common Stock, shares outstanding | 124,954,523 | 123,679,049 |
Noncumulative Preferred Stock [Member] | ||
Preferred Stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred Stock, shares issued | 6,000 | 6,000 |
Preferred Stock, shares outstanding | 6,000 | 6,000 |
Preferred Stock, par value | $ 0.01 | $ 0.01 |
Preferred Stock, liquidation preference, per share | $ 25,000 | $ 25,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Interest Income | ||||
Interest and fees on loans and leases | $ 215,881 | $ 180,913 | $ 621,077 | $ 509,708 |
Interest and dividends on investment securities | 7,520 | 9,627 | 22,989 | 29,276 |
Other interest income | 226 | 116 | 545 | 388 |
Total interest income | 223,627 | 190,656 | 644,611 | 539,372 |
Interest Expense | ||||
Deposits | 31,921 | 26,755 | 91,904 | 72,804 |
Other borrowings | 22,866 | 17,565 | 59,404 | 49,197 |
Total interest expense | 54,787 | 44,320 | 151,308 | 122,001 |
Net Interest Income | 168,840 | 146,336 | 493,303 | 417,371 |
Provision for Loan and Lease Losses | 11,131 | 6,735 | 28,063 | 15,929 |
Net Interest Income after Provision for Loan and Lease Losses | 157,709 | 139,601 | 465,240 | 401,442 |
Noninterest Income | ||||
Loan servicing fee income | 27,157 | 35,900 | 90,858 | 122,934 |
Amortization of mortgage servicing rights | (16,760) | (19,572) | (56,065) | (59,170) |
Recovery (impairment) of mortgage servicing rights | (4,450) | 3,071 | (32,075) | 8,012 |
Net loan servicing income | 5,947 | 19,399 | 2,718 | 71,776 |
Gain on sale of loans | 18,037 | 47,920 | 101,248 | 129,474 |
Loan production revenue | 5,861 | 5,783 | 17,443 | 15,709 |
Deposit fee income | 3,844 | 3,828 | 10,946 | 11,696 |
Other lease income | 3,714 | 3,910 | 9,876 | 12,621 |
Other | 3,792 | 7,374 | 15,299 | 20,790 |
Total noninterest income | 41,195 | 88,214 | 157,530 | 262,066 |
Noninterest Expense | ||||
Salaries, commissions and other employee benefits expense | 89,369 | 90,781 | 277,124 | 283,734 |
Equipment expense | 15,576 | 16,623 | 46,879 | 52,616 |
Occupancy expense | 6,679 | 7,209 | 19,691 | 23,166 |
General and administrative expense | 39,882 | 43,140 | 141,822 | 126,769 |
Total noninterest expense | 151,506 | 157,753 | 485,516 | 486,285 |
Income before Provision for Income Taxes | 47,398 | 70,062 | 137,254 | 177,223 |
Provision for Income Taxes | 17,815 | 26,543 | 51,874 | 67,162 |
Net Income | 29,583 | 43,519 | 85,380 | 110,061 |
Less: Net Income Allocated to Preferred Stock | (2,532) | (2,532) | (7,594) | (7,594) |
Net Income Allocated to Common Shareholders | $ 27,051 | $ 40,987 | $ 77,786 | $ 102,467 |
Basic Earnings Per Common Share | $ 0.22 | $ 0.33 | $ 0.63 | $ 0.83 |
Diluted Earnings Per Common Share | 0.21 | 0.33 | 0.61 | 0.82 |
Dividends Declared Per Common Share | $ 0.06 | $ 0.04 | $ 0.14 | $ 0.10 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 29,583 | $ 43,519 | $ 85,380 | $ 110,061 |
Unrealized Gains (Losses) on Debt Securities | ||||
Reclassification of unrealized gains to noninterest income | 568 | 0 | 637 | 1,250 |
Unrealized gains (losses) due to changes in fair value | 995 | 2,134 | 3,090 | 4,731 |
Other-than-temporary impairment (OTTI) (noncredit portion), net of accretion | 0 | 0 | 0 | (685) |
Tax effect | 594 | 810 | 1,417 | 2,013 |
Change in unrealized gains (losses) on debt securities | (969) | (1,324) | (2,310) | (3,283) |
Interest Rate Swaps | ||||
Net unrealized gains (losses) due to changes in fair value | (41,292) | 1,932 | (20,449) | (5,543) |
Reclassification of net unrealized losses to interest expense | 4,050 | 4,763 | 12,693 | 13,269 |
Tax effect | 14,154 | (2,544) | 2,947 | (2,936) |
Changes in interest rate swaps | (23,088) | 4,151 | (4,809) | 4,790 |
Other Comprehensive Income (Loss) | (24,057) | 2,827 | (7,119) | 1,507 |
Comprehensive Income (Loss) | $ 5,526 | $ 46,346 | $ 78,261 | $ 111,568 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] |
Balance at Dec. 31, 2013 | $ 1,621,013 | $ 150,000 | $ 1,226 | $ 832,351 | $ 690,051 | $ (52,615) |
Net Income | 110,061 | 0 | 0 | 0 | 110,061 | 0 |
Other comprehensive loss | 1,507 | 0 | 0 | 0 | 0 | 1,507 |
Issuance of common stock | 1,731 | 0 | 4 | 1,727 | 0 | 0 |
Share-based grants (including income tax benefits) | 6,589 | 0 | 0 | 6,589 | 0 | 0 |
Cash dividends on common stock | (12,284) | 0 | 0 | 0 | (12,284) | 0 |
Cash dividends on preferred stock | (7,594) | 0 | 0 | 0 | (7,594) | 0 |
Balance at Sep. 30, 2014 | 1,721,023 | 150,000 | 1,230 | 840,667 | 780,234 | (51,108) |
Balance at Dec. 31, 2014 | 1,747,594 | 150,000 | 1,237 | 851,158 | 810,796 | (65,597) |
Net Income | 85,380 | 0 | 0 | 0 | 85,380 | 0 |
Other comprehensive loss | (7,119) | 0 | 0 | 0 | 0 | (7,119) |
Issuance of common stock | 13,163 | 0 | 13 | 13,150 | 0 | 0 |
Share-based grants (including income tax benefits) | 8,867 | 0 | 0 | 8,867 | 0 | 0 |
Cash dividends on common stock | (17,422) | 0 | 0 | 0 | (17,422) | 0 |
Cash dividends on preferred stock | (7,594) | 0 | 0 | 0 | (7,594) | 0 |
Balance at Sep. 30, 2015 | $ 1,822,869 | $ 150,000 | $ 1,250 | $ 873,175 | $ 871,160 | $ (72,716) |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Operating Activities: | ||
Net income | $ 85,380 | $ 110,061 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Amortization of premiums and deferred origination costs | 41,313 | 26,313 |
Depreciation and amortization of tangible and intangible assets | 20,411 | 24,405 |
Reclassification of net loss on settlement of interest rate swaps | 12,693 | 13,269 |
Amortization and impairment of mortgage servicing rights, net of recoveries | 88,140 | 51,158 |
Deferred income taxes (benefit) | (1,859) | 47,276 |
Provision for loan and lease losses | 28,063 | 15,929 |
Loss on other real estate owned (OREO) | (3,171) | (2,957) |
Share-based compensation expense | 5,916 | 5,334 |
Payments for settlement of forward interest rate swaps | 0 | (32,445) |
Other operating activities | (760) | (2,859) |
Changes in operating assets and liabilities: | ||
Loans held for sale, including proceeds from sales and repayments | (330,844) | (83,475) |
Other assets | 150,169 | 184,188 |
Accounts payable and accrued liabilities | (29,569) | 17 |
Net cash provided by (used in) operating activities | 72,224 | 362,128 |
Investment securities available for sale: | ||
Purchases | (29,772) | (125,387) |
Proceeds from sales | 48,527 | 3,875 |
Proceeds from prepayments and maturities | 179,846 | 241,018 |
Investment securities held to maturity: | ||
Purchases | (11,947) | (19,997) |
Proceeds from prepayments and maturities | 14,541 | 12,524 |
Purchases of other investments | (429,764) | (384,527) |
Proceeds from sale of other investments | 385,540 | 318,277 |
Net change in loans and leases held for investment | (4,226,475) | (3,859,849) |
Purchases of premises and equipment, including equipment under operating leases | (15,476) | (20,255) |
Proceeds related to sale or settlement of other real estate owned | 10,933 | 21,778 |
Proceeds from insured foreclosure claims | 688,772 | 131,373 |
Proceeds from Sale of Mortgage Servicing Rights (MSR) | 35,938 | 37,738 |
Other investing activities | 733 | (217) |
Net cash provided by (used in) investing activities | (3,348,604) | (3,643,649) |
Financing Activities: | ||
Net increase (decrease) in nonmaturity deposits | 1,072,756 | (30,001) |
Net increase (decrease) in time deposits | 979,752 | 1,244,736 |
Net change in short-term Federal Home Loan Bank (FHLB) advances | (1,000) | 1,425,000 |
Proceeds from long-term FHLB advances | 1,600,000 | 250,000 |
Repayments of long-term FHLB advances, including early extinguishment | (306,000) | (75,000) |
Proceeds from Issuance of Subordinated Notes Payable, Net of Issuance Cost | 172,286 | 0 |
Proceeds from issuance of common stock | 13,163 | 1,731 |
Payments of Dividends | (25,016) | (19,878) |
Other financing activities | (2,951) | (1,255) |
Net cash provided by (used in) financing activities | 3,508,892 | 2,797,843 |
Net change in cash and cash equivalents | 232,512 | (483,678) |
Cash and cash equivalents at beginning of period | 366,664 | 847,778 |
Cash and cash equivalents at end of period | $ 599,176 | $ 364,100 |
Organization and Basis of Prese
Organization and Basis of Presentation (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
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. EB's 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 and commercial entities; (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., the parent of EverBank Commercial Finance, Inc.; • EverInsurance, Inc.; • Elite Lender Services, Inc.; • EverBank Wealth Management, Inc.; and • Business Property Lending, Inc. b) Basis of Presentation — The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information or footnotes necessary for a complete presentation of financial position, results of operations, comprehensive income, and cash flows in conformity with generally accepted accounting principles. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and accompanying notes to the financial statements included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2014. Operating results for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The results of operations for acquired companies are included from their respective dates of acquisition. In management’s opinion, all adjustments (which include normal recurring adjustments) necessary to present fairly the financial position, results of operations, comprehensive income, and changes in cash flows have been made. 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. c) Supplemental Cash Flow Information - Noncash investing activities are presented in the following table: Nine Months Ended 2015 2014 Supplemental Schedules of Noncash Activities: Loans transferred to foreclosure claims $ 826,295 $ 431,488 See Note 4 for disclosures relating to noncash activities relating to loan transfers. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements and Updates(Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Recent Accounting Pronouncements and Updates to Significant Accounting Policies [Abstract] | |
Recent Accounting Pronouncements and Updates to Significant Accounting Policies | 2. Recent Accounting Pronouncements Consolidation - In February 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2015-02, Consolidation (Topic 810) - Amendments to the Consolidation Analysis , which (1) modifies the evaluation of whether limited partnerships and similar legal entities are variable interest entities (VIE) 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 2015-02 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 2015-02 is effective for annual reporting periods beginning after December 15, 2015, and interim periods within those annual periods with early adoption permitted. The adoption of ASU 2015-02 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 Accounting Standards Codification (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. The effective date of ASU 2014-09 has been deferred by one year from its original effective date through the August 2015 issuance of ASU 2015-14 and thus is effective for annual reporting periods beginning on or after December 15, 2017, 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 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 was consistent with the Company’s current practice for derecognizing residential mortgage loans. As such, the adoption of ASU 2014-04 did not have a material impact on the Company's consolidated financial statements but resulted in additional disclosure, which can be found in Note 6 . |
Investment Securities (Notes)
Investment Securities (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Investment Securities [Abstract] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 3. Investment Securities The amortized cost, gross unrealized gains, gross unrealized losses, fair value and carrying value of investment securities were as follows as of September 30, 2015 and December 31, 2014 : Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Carrying Amount September 30, 2015 Available for sale: Residential collateralized mortgage obligations (CMO) securities - nonagency $ 576,481 $ 2,581 $ 6,726 $ 572,336 $ 572,336 Asset-backed securities (ABS) 1,664 — 289 1,375 1,375 Other 254 139 — 393 393 Total available for sale securities $ 578,399 $ 2,720 $ 7,015 $ 574,104 $ 574,104 Held to maturity: Residential CMO securities - agency $ 15,933 $ 438 $ — $ 16,371 $ 15,933 Residential mortgage-backed securities (MBS) - agency 96,286 3,255 27 99,514 96,286 Total held to maturity securities $ 112,219 $ 3,693 $ 27 $ 115,885 $ 112,219 December 31, 2014 Available for sale: Residential CMO securities - nonagency $ 774,804 $ 5,631 $ 6,200 $ 774,235 $ 774,235 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 Total held to maturity securities $ 115,084 $ 3,468 $ 322 $ 118,230 $ 115,084 At September 30, 2015 and December 31, 2014 , investment securities with a carrying value of $164,872 and $166,836 , respectively, were pledged to secure other borrowings and for other purposes as required or permitted by law. For the three and nine months ended September 30, 2015 , there were $568 and $637 gross gains realized on available for sale investments, respectively, with no gross losses having been realized. For the three and nine months ended September 30, 2014 , gross gains of $1,250 were realized on available for sale investments with no gross losses having been realized. 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 September 30, 2015 and December 31, 2014 were as follows: Less Than 12 Months 12 Months or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses September 30, 2015 Debt securities: Residential CMO securities - nonagency $ 107,552 $ 844 $ 225,113 $ 5,882 $ 332,665 $ 6,726 Residential MBS - agency 2,583 2 9,429 25 12,012 27 ABS — — 1,375 289 1,375 289 Total debt securities $ 110,135 $ 846 $ 235,917 $ 6,196 $ 346,052 $ 7,042 December 31, 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 ABS — — 1,395 405 1,395 405 Total debt securities $ 323,830 $ 3,963 $ 44,075 $ 2,964 $ 367,905 $ 6,927 The Company had unrealized losses at September 30, 2015 and December 31, 2014 on residential nonagency CMO securities, residential agency MBS, and ABS. These unrealized losses are primarily attributable to weak market conditions. Based on the nature of the impairment, these unrealized losses are considered temporary. The Company does not intend to sell nor is it more likely than not that it will be required to sell these investments before their anticipated recovery. At September 30, 2015 , the Company had 56 debt securities in an unrealized loss position. A total of 17 were in an unrealized loss position for less than 12 months. These 17 securities consisted of 15 residential nonagency CMO securities and two residential agency MBS. The remaining 39 debt securities were in an unrealized loss position for 12 months or longer. These 39 securities consisted of 34 residential nonagency CMO securities, three ABS, and two residential agency MBS. Of the $7,042 in unrealized losses, $4,707 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, 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 residential nonagency 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. 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. There were no OTTI losses recognized on available for sale or held to maturity securities during the three and nine months ended September 30, 2015 . For the three and nine months ended September 30, 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. As a result, management could not assert at September 30, 2014 that the Company had the ability to hold these investments to recovery. During the three and nine months ended September 30, 2015 and 2014 , interest and dividend income on investment securities was comprised of the following: Three Months Ended Nine Months Ended 2015 2014 2015 2014 Interest income on available for sale securities $ 4,279 $ 7,243 $ 14,066 $ 24,020 Interest income on held to maturity securities 755 837 2,347 2,473 Other interest and dividend income 2,486 1,547 6,576 2,783 $ 7,520 $ 9,627 $ 22,989 $ 29,276 All investment interest income recognized by the Company during the three and nine months ended September 30, 2015 and 2014 was fully taxable. |
Loans Held for Sale (Notes)
Loans Held for Sale (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Loans Held for Sale [Abstract] | |
Loans Held for Sale [Text Block] | 4. Loans Held for Sale Loans held for sale as of September 30, 2015 and December 31, 2014 , consisted of the following: September 30, December 31, Mortgage warehouse (carried at fair value) $ 347,038 $ 410,948 Other residential (carried at fair value) 754,303 317,430 Total loans held for sale carried at fair value 1,101,341 728,378 Government insured pool buyouts 288 12,583 Other residential 90,874 232,546 Commercial and commercial real estate 291,251 — Total loans held for sale carried at lower of cost or market 382,413 245,129 Total loans held for sale $ 1,483,754 $ 973,507 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. Mortgage warehouse loans are largely comprised of agency deliverable products that the Company typically sells within three months subsequent to origination. The Company economically hedges the mortgage warehouse portfolio with forward purchase and sales commitments designed to protect against potential changes in fair value. Due to the short duration that these loans are present on the balance sheet, the Company has elected fair value accounting on this portfolio of loans due to the burden of complying with the requirements of hedge accounting. The Company has also elected the fair value option for originated fixed rate jumbo preferred loans, due to the short duration that these loans are present on the balance sheet. Electing to use fair value accounting allows a better offset of the changes in the fair values of the loans and the derivative instruments used to economically hedge these loans without the burden of complying with the requirements for hedge accounting. The Company has not elected the fair value option for other residential mortgage loans, government insured pool buyouts and commercial and commercial real estate loans because the Company expects to hold these loans for the foreseeable future. These loans are carried at the lower of cost or fair value. 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 or sold to third parties. Once the loan re-performs and becomes eligible for securitization or sale, the loan is transferred to the held for sale portfolio and sold. Other residential loans held at the lower of cost or market represent jumbo preferred adjustable rate mortgage (ARM) loans for which the Company has changed its intent and has made a decision to sell the loans and as such transferred the loans to held for sale. Commercial and commercial real estate loans represent multi-family loans for which the Company is actively marketing to sell. As the Company no longer has the intent to hold these loans for the foreseeable future, the loans were transferred to held for sale. Residential loans, commercial and commercial real estate loans and equipment financing receivables are transferred to the held for sale portfolio when the Company has entered into a commitment to sell a specific portion of its held for investment portfolio or when the Company has a formal marketing strategy to sell a certain loan product. 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 insurers and purchasers, which are included in commitments and contingencies in Note 14 . 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 a breach with respect to Government Sponsored Enterprises (GSE) purchasers or a material breach with respect to non-GSE purchasers, of contractual representations and warranties. Refer to Note 14 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 three and nine months ended September 30, 2015 and 2014 : Three Months Ended Nine Months Ended 2015 2014 2015 2014 Proceeds received from residential agency securitizations $ 1,240,727 $ 1,426,139 $ 3,416,119 $ 3,638,161 Proceeds received from nonsecuritization sales - residential 610,080 821,010 2,258,236 1,422,271 Proceeds received from nonsecuritization sales - commercial and commercial real estate 61,388 15,363 164,667 94,617 Proceeds received from nonsecuritization sales - equipment financing receivables 3,312 9,401 43,441 13,412 Proceeds received from nonsecuritization sales $ 674,780 $ 845,774 $ 2,466,344 $ 1,530,300 Repurchased loans from residential agency sales and securitizations $ 2,212 $ 1,122 $ 4,733 $ 3,666 Repurchased loans from residential nonagency sales 2,420 — 7,797 4,078 Repurchased loans from commercial sales and securitizations (1) — — 105,651 — (1) Represents loans that were voluntarily repurchased out of the Business Lending Trusts through a clean-up call, which were subsequently sold in third-party sales. In connection with these transfers, the Company recorded servicing assets in the amount of $17,287 and $46,110 for the three and nine months ended September 30, 2015 . All servicing assets are initially recorded at fair value using a Level 3 measurement technique. Refer to Note 7 for information relating to servicing activities and MSR and Note 13 for a description of the valuation process. The gains and losses on the transfers which qualified as sales are recorded in the condensed consolidated statements of income in gain on sale of loans, which includes the gain or loss on sale, change in fair value related to fair value option loans, and the change in fair value related to offsetting hedging positions. The Company periodically transfers conforming residential Ginnie Mae (GNMA) mortgages in exchange for mortgage-backed securities. As of September 30, 2015 and December 31, 2014 , the Company retained zero and $9,001 , respectively, of these securities backed by the transferred loans and maintained effective control over these pools of transferred assets. Accordingly, the Company did not record these transfers as sales. These transferred assets were recorded in the condensed consolidated balance sheets as loans held for sale. The remaining securities were sold to unrelated third parties and were recorded as sales. The following is a summary of transfers of loans from held for investment to held for sale and transfers of loans from held for sale to held for investment for the three and nine months ended September 30, 2015 and 2014 . Three Months Ended Nine Months Ended Loans Transferred from Held for investment (HFI) to Held for Sale (HFS) 2015 2014 2015 2014 Residential mortgages $ 89,849 $ 26,614 $ 799,570 $ 1,185,050 Government insured pool buyouts 218,413 159,243 704,085 401,499 Commercial and commercial real estate 348,875 13,060 348,875 44,438 Equipment financing receivables 3,130 9,401 40,320 13,271 Total transfers from HFI to HFS $ 660,267 $ 208,318 $ 1,892,850 $ 1,644,258 Loans Transferred from HFS to HFI Residential mortgages $ 1,706 167,745 195,760 206,530 Government Insured Pool Buyouts — 24,904 — 24,904 Total transfers from HFS to HFI $ 1,706 $ 192,649 $ 195,760 $ 231,434 Loans and leases are transferred from loans and leases HFI to HFS when the Company no longer has the intent to hold the loans and leases for the foreseeable future. Loans and leases are transferred from HFS to HFI when the Company determines that it intends to hold these loans and leases for the foreseeable future and no longer has the intent to sell. Loan transfers from HFS to HFI and transfers from HFI to HFS represent noncash activities within the operating and investing sections of the statement of cash flows. |
Loans and Leases Held for Inves
Loans and Leases Held for Investment, Net (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Loans and Leases Held for Investment, Net [Abstract] | |
Loans and Leases Held for Investment, Net | 5. Loans and Leases Held for Investment, Net Loans and leases held for investment as of September 30, 2015 and December 31, 2014 were comprised of the following: September 30, December 31, Residential mortgages $ 11,311,881 $ 9,920,070 Commercial and commercial real estate 6,940,875 5,646,690 Equipment financing receivables 2,287,532 2,031,570 Home equity lines 332,183 156,869 Consumer and credit card 4,910 5,054 Total loans and leases held for investment, net of unearned income 20,877,381 17,760,253 Allowance for loan and lease losses (71,897 ) (60,846 ) Total loans and leases held for investment, net $ 20,805,484 $ 17,699,407 As of September 30, 2015 and December 31, 2014 , the carrying values presented above include net purchased loan and lease discounts and net deferred loan and lease origination costs as follows: September 30, December 31, Net purchased loan and lease discounts $ 43,166 $ 47,108 Net deferred loan and lease origination costs 115,990 94,778 During the nine months ended September 30, 2015 , significant purchases that impacted the Company's held for investment portfolio included government insured buyouts with an unpaid principal balance (UPB) of $2,138,426 , which are categorized as residential mortgages in the table above, and commercial real estate with a UPB of $105,652 . The Company also purchased into commercial credit facilities with an outstanding commitment of $818,287 and outstanding balances of $415,374 . Please see Note 4 for disclosure of the Company's transfers and sales of financing receivables. Of the $415,374 in commercial credit facility balances purchased during the nine months ended September 30, 2015 , $91,721 of net recorded investment was purchased on May 11, 2015 , representing the purchase of a portfolio of asset based lending loans. The purchase was funded entirely by cash with the transaction being accounted for using the acquisition method of accounting. Based on the acquisition method of accounting, consideration paid totaling $91,829 was allocated to the purchased loans and related accrued interest and fees with no additional assets recognized or liabilities assumed in the transaction. No goodwill was recognized in the transaction. The portfolio will continue to be operated out of New York as the Company hired several professionals who previously worked with the purchased portfolio. Acquired Credit Impaired (ACI) Loans and Leases — At acquisition, the Company estimates the fair value of acquired loans and leases by segregating the portfolio into pools with similar risk characteristics. Fair value estimates for acquired loans and leases require estimates of the amounts and timing of expected future principal, interest and other cash flows. For each pool, the Company uses certain loan and lease information, including outstanding principal balance, probability of default and the estimated loss in the event of default to estimate the expected future cash flows for each loan and lease pool. Acquisition date details of loans and leases acquired with evidence of credit deterioration during the nine months ended September 30, 2015 and 2014 are as follows: September 30, September 30, Contractual payments receivable for acquired loans and leases at acquisition $ 3,319,606 $ 4,334,951 Expected cash flows for acquired loans and leases at acquisition 2,152,753 2,689,008 Basis in acquired loans and leases at acquisition 1,986,531 2,533,686 Information pertaining to the ACI portfolio as of September 30, 2015 and December 31, 2014 is as follows: Residential Commercial and Commercial Real Estate Total September 30, 2015 Carrying value, net of allowance $ 3,101,072 $ 129,625 $ 3,230,697 Outstanding unpaid principal balance 3,147,692 134,539 3,282,231 Allowance for loan and lease losses, beginning of period 5,974 2,042 8,016 Allowance for loan and lease losses, end of period 7,417 346 7,763 December 31, 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 The Company recorded a reduction of provision for loan loss of $253 and provision for loan loss of $427 for the ACI portfolio for the nine months ended September 30, 2015 and 2014 , 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 nine months ended September 30, 2015 and 2014 : Residential Commercial and Commercial Real Estate Total September 30, 2015 Balance, beginning of period $ 240,650 $ 61,256 $ 301,906 Additions 166,222 — 166,222 Accretion (97,781 ) (8,986 ) (106,767 ) Reclassifications to (from) accretable yield (83,712 ) (6,022 ) (89,734 ) Balance, end of period $ 225,379 $ 46,248 $ 271,627 September 30, 2014 Balance, beginning of period $ 101,183 $ 59,663 $ 160,846 Additions 155,372 — 155,372 Accretion (51,930 ) (14,878 ) (66,808 ) Reclassifications to (from) accretable yield (9,440 ) 25,879 16,439 Transfer from loans held for investment to loans held for sale (2,522 ) (344 ) (2,866 ) Balance, end of period $ 192,663 $ 70,320 $ 262,983 |
Allowance for Loan and Lease Lo
Allowance for Loan and Lease Losses (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Allowance for Loan and Lease Losses [Abstract] | |
Allowance for Loan and Lease Losses | 6. Allowance for Loan and Lease Losses Changes in the allowance for loan and lease losses for the three and nine months ended September 30, 2015 and 2014 are as follows: Three Months Ended September 30, 2015 Residential Mortgages Commercial and Commercial Real Estate Equipment Financing Receivables Home Equity Lines Consumer and Credit Card Total Balance, beginning of period $ 24,385 $ 26,942 $ 10,391 $ 4,236 $ 137 $ 66,091 Provision for loan and lease losses 4,142 5,279 2,761 (1,051 ) — 11,131 Charge-offs (2,630 ) (406 ) (2,703 ) (353 ) — (6,092 ) Recoveries 91 4 602 70 — 767 Balance, end of period $ 25,988 $ 31,819 $ 11,051 $ 2,902 $ 137 $ 71,897 Three Months Ended September 30, 2014 Balance, beginning of period $ 20,421 $ 27,943 $ 5,565 $ 2,667 $ 132 $ 56,728 Transfers to loans held for sale — (2,482 ) — — — (2,482 ) Provision for loan and lease losses 5,115 (1,659 ) 2,917 299 63 6,735 Charge-offs (2,023 ) (568 ) (1,548 ) (171 ) (28 ) (4,338 ) Recoveries 127 6 180 289 — 602 Balance, end of period $ 23,640 $ 23,240 $ 7,114 $ 3,084 $ 167 $ 57,245 Nine Months Ended September 30, 2015 Residential Mortgages Commercial and Commercial Real Estate Equipment Financing Receivables Home Equity Lines Consumer and Credit Card Total Balance, beginning of period $ 25,098 $ 23,095 $ 8,649 $ 3,814 $ 190 $ 60,846 Provision for loan and lease losses 8,304 10,924 9,071 (245 ) 9 28,063 Charge-offs (7,616 ) (2,424 ) (8,172 ) (917 ) (62 ) (19,191 ) Recoveries 202 224 1,503 250 — 2,179 Balance, end of period $ 25,988 $ 31,819 $ 11,051 $ 2,902 $ 137 $ 71,897 Nine Months Ended September 30, 2014 Balance, beginning of period $ 26,497 $ 29,987 $ 4,273 $ 2,812 $ 121 $ 63,690 Transfers to loans held for sale (5,052 ) (2,482 ) — (191 ) — (7,722 ) Provision for loan and lease losses 8,249 1,015 5,950 609 109 15,929 Charge-offs (6,998 ) (5,287 ) (3,675 ) (650 ) (63 ) (16,673 ) Recoveries 944 7 566 504 — 2,021 Balance, end of period $ 23,640 $ 23,240 $ 7,114 $ 3,084 $ 167 $ 57,245 The following tables provide a breakdown of the allowance for loan and lease losses and the recorded investment in loans and leases based on the method for determining the allowance as of September 30, 2015 and December 31, 2014 : September 30, 2015 Individually Evaluated for Impairment Collectively Evaluated for Impairment ACI Loans Total Allowance for Loan and Lease Losses Residential mortgages $ 2,606 $ 15,965 $ 7,417 $ 25,988 Commercial and commercial real estate 7,334 24,139 346 31,819 Equipment financing receivables 281 10,770 — 11,051 Home equity lines — 2,902 — 2,902 Consumer and credit card — 137 — 137 Total allowance for loan and lease losses $ 10,221 $ 53,913 $ 7,763 $ 71,897 Loans and Leases Held for Investment at Recorded Investment Residential mortgages $ 17,419 $ 8,185,973 $ 3,108,489 $ 11,311,881 Commercial and commercial real estate 86,237 6,724,667 129,971 6,940,875 Equipment financing receivables 448 2,287,084 — 2,287,532 Home equity lines — 332,183 — 332,183 Consumer and credit card — 4,910 — 4,910 Total loans and leases held for investment $ 104,104 $ 17,534,817 $ 3,238,460 $ 20,877,381 December 31, 2014 Individually Evaluated for Impairment Collectively Evaluated for Impairment ACI Loans Total Allowance for Loan and Lease Losses 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 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 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 based on current information and events. The Company monitors the credit quality of all other loan types based on performing status. The following tables present the recorded investment for loans and leases by credit quality indicator as of September 30, 2015 and December 31, 2014 : Non-pe rf orming Performing Accrual Nonaccrual Total September 30, 2015 Residential mortgages: Residential (1) $ 7,337,233 $ — $ 27,289 $ 7,364,522 Government insured pool buyouts (2) (3) 3,537,434 409,925 — 3,947,359 Equipment financing receivables 2,273,871 — 13,661 2,287,532 Home equity lines 327,997 — 4,186 332,183 Consumer and credit card 4,905 — 5 4,910 Total $ 13,481,440 $ 409,925 $ 45,141 $ 13,936,506 Pass Special Mention Substandard Doubtful Total September 30, 2015 Commercial and commercial real estate: Mortgage warehouse finance $ 2,162,627 $ — $ — $ — $ 2,162,627 Lender finance 1,117,886 — — — 1,117,886 Other commercial finance 208,489 2,990 148 — 211,627 Commercial real estate 3,312,148 14,759 121,828 — 3,448,735 Total commercial and commercial real estate $ 6,801,150 $ 17,749 $ 121,976 $ — $ 6,940,875 Non-performing Performing Accrual Nonaccrual Total December 31, 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 Mention Substandard Doubtful Total December 31, 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 (1) For the periods ended September 30, 2015 and December 31, 2014 , performing residential mortgages included $4,871 and $6,287 , respectively, of ACI loans 90 days or greater past due and still accruing. (2) For the periods ended September 30, 2015 and December 31, 2014 , performing government insured pool buyouts included $2,404,581 and $2,143,384 , respectively, of ACI loans 90 days or greater past due and still accruing. (3) Non-performing government insured pool buyouts represent loans that are 90 days or greater past due but remain on accrual status as the interest earned is insured and thus collectible from the insuring governmental agency. The following tables present an aging analysis of the recorded investment for loans and leases by class as of September 30, 2015 and December 31, 2014 : 30-59 Days Past Due 60-89 Days Past Due 90 Days and Greater Past Due Total Past Due Current Total Loans Held for Investment Excluding ACI September 30, 2015 Residential mortgages: Residential $ 7,399 $ 7,046 $ 27,289 $ 41,734 $ 7,276,242 $ 7,317,976 Government insured pool buyouts (1) 29,174 23,603 409,925 462,702 422,714 885,416 Commercial and commercial real estate: Mortgage warehouse finance — — — — 2,162,627 2,162,627 Lender finance — — — — 1,117,886 1,117,886 Other commercial finance — — — — 208,076 208,076 Commercial real estate 3,741 — 3,406 7,147 3,315,168 3,322,315 Equipment financing receivables 20,795 5,480 4,126 30,401 2,257,131 2,287,532 Home equity lines 1,044 665 4,186 5,895 326,288 332,183 Consumer and credit card 49 5 5 59 4,851 4,910 Total loans and leases held for investment $ 62,202 $ 36,799 $ 448,937 $ 547,938 $ 17,090,983 $ 17,638,921 December 31, 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 (1) Government insured pool buyouts remain on accrual status after 89 days as the interest earned is collectible from the insuring governmental agency. Residential Foreclosures and Repossessed Assets — Once all potential alternatives for loan reinstatement are exhausted, past due loans collateralized by residential real estate are referred for foreclosure proceedings in accordance with local requirements of the applicable jurisdiction. Once possession of the property collateralizing the loan is obtained, the repossessed property is recorded within other assets either as other real estate owned or, where management has both the intent and ability to recover its losses through a government guarantee, as a foreclosure claim receivable. As the allowable time frame for initiating the loan foreclosure process varies by jurisdiction, the Company has determined, for purposes of disclosure, loans collateralized by residential real estate are considered to be in the process of foreclosure once they are 120 days or more past due. At September 30, 2015 and December 31, 2014 , the Company had loans collateralized by residential real estate with carrying values of $2,735,213 and $2,544,314 , respectively that were 120 days or more past due. Of the residential loans that were 120 days or more past due, $2,706,320 and $2,519,022 represented loans that were government insured at September 30, 2015 and December 31, 2014 , respectively. At September 30, 2015 and December 31, 2014 , the Company had foreclosure claims receivable of $513,572 and $451,125 , net of valuation allowances of $15,243 and $17,336 respectively. At September 30, 2015 and December 31, 2014 , the Company had residential other real estate owned of $5,736 and $8,013 , net of valuation allowances of $360 and $441 , respectively. Impaired Loans — Impaired loans include loans identified as troubled loans as a result of a borrower’s financial difficulties and other loans on which the accrual of interest income is suspended. The Company continues to collect payments on certain impaired loan balances on which accrual is suspended. The following tables present the unpaid principal balance, the recorded investment and the related allowance for impaired loans as of September 30, 2015 and December 31, 2014 : September 30, 2015 December 31, 2014 Unpaid Principal Balance Recorded Investment (1) Related Allowance Unpaid Principal Balance Recorded Investment (1) Related Allowance With an allowance recorded: Residential mortgages: Residential $ 12,203 $ 10,978 $ 2,606 $ 10,618 $ 10,162 $ 2,896 Commercial and commercial real estate: Commercial real estate 49,125 48,857 7,334 14,566 11,290 720 Equipment financing receivables 448 448 281 — — — Total impaired loans with an allowance recorded $ 61,776 $ 60,283 $ 10,221 $ 25,184 $ 21,452 $ 3,616 Without a related allowance recorded: Residential mortgages: Residential $ 7,352 $ 6,441 $ 7,466 $ 6,480 Commercial and commercial real estate: Commercial real estate 40,831 37,380 41,955 30,977 Total impaired loans without an allowance recorded $ 48,183 $ 43,821 $ 49,421 $ 37,457 (1) The primary difference between the unpaid principal balance and recorded investment represents charge-offs previously taken. The following table presents the average investment and interest income recognized on impaired loans for the three and nine months ended September 30, 2015 and 2014 : Three Months Ended September 30, 2015 2014 Average Investment Interest Income Recognized Average Investment Interest Income Recognized With and without a related allowance recorded: Residential $ 17,556 $ 108 $ 16,283 $ 106 Commercial real estate 69,075 25 56,370 454 Equipment financing receivables 565 — — — Total impaired loans $ 87,196 $ 133 $ 72,653 $ 560 Nine Months Ended September 30, 2015 2014 Average Investment Interest Income Recognized Average Investment Interest Income Recognized With and without a related allowance recorded: Residential $ 17,240 $ 373 $ 51,570 $ 1,141 Commercial real estate 54,207 225 41,404 1,016 Equipment financing receivables 358 4 — — Total impaired loans $ 71,805 $ 602 $ 92,974 $ 2,157 The following table presents the recorded investment for loans and leases on nonaccrual status by class and loans 90 days and greater past due and still accruing as of September 30, 2015 and December 31, 2014 : September 30, 2015 December 31, 2014 Nonaccrual Status 90 Days and Greater Past Due and Accruing Nonaccrual Status 90 Days and Greater Past Due and Accruing Residential mortgages: Residential $ 27,289 $ — $ 22,793 $ — Government insured pool buyouts — 409,925 — 498,228 Commercial and commercial real estate: Commercial real estate 78,801 — 39,049 — Equipment financing receivables 13,661 — 10,957 — Home equity lines 4,186 — 2,363 — Consumer and credit card 5 — 38 — Total non-performing loans and leases $ 123,942 $ 409,925 $ 75,200 $ 498,228 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 three and nine months ended September 30, 2015 and 2014 that remain TDRs as of the respective balance sheet dates: Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 Number of Contracts Pre- modification Recorded Investment Post- modification Recorded Investment Number of Contracts Pre-modification Recorded Investment Post-modification Recorded Investment Loan Type: Residential 1 $ 198 $ 198 5 $ 1,392 $ 1,396 Commercial real estate 3 9,141 9,141 6 14,575 14,575 Total 4 $ 9,339 $ 9,339 11 $ 15,967 $ 15,971 Three Months Ended September 30, 2014 Nine Months Ended September 30, 2014 Number of Contracts Pre- modification Recorded Investment Post- modification Recorded Investment Number of Contracts Pre- modification Recorded Investment Post- modification Recorded Investment Loan Type: Residential — $ — $ — 3 $ 1,217 $ 1,218 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 12 months preceding September 30, 2015 and 2014 that subsequently defaulted during the three and nine months ended September 30, 2015 and 2014 are as follows: Three Months Ended Nine Months Ended Number of Contracts Recorded Investment Number of Contracts Recorded Investment Loan Type: Residential 6 $ 1,536 6 $ 1,536 Three Months Ended Nine Months Ended Number of Contracts Recorded Investment Number of Contracts Recorded Investment Loan Type: Residential 2 $ 881 2 $ 881 The recorded investment of TDRs as of September 30, 2015 and December 31, 2014 are summarized as follows: September 30, December 31, Loan Type: Residential mortgages $ 17,419 $ 16,642 Commercial and commercial real estate 16,464 9,613 Equipment financing receivables 501 — Total recorded investment of TDRs $ 34,384 $ 26,255 Accrual Status: Current $ 14,969 $ 11,786 30-89 days past-due accruing 1,590 1,848 Nonaccrual 17,825 12,621 Total recorded investment of TDRs $ 34,384 $ 26,255 TDRs classified as impaired loans $ 34,384 $ 26,255 Valuation allowance on TDRs 2,827 3,259 |
Servicing Activities and Mortga
Servicing Activities and Mortgage Servicing Rights (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Servicing Activities and Mortgage Servicing Rights [Abstract] | |
Servicing Activities and Mortgage Servicing Rights | 7. Servicing Activities and Mortgage Servicing Rights A summary of MSR activities for the three and nine months ended September 30, 2015 and 2014 is as follows: Three Months Ended Nine Months Ended 2015 2014 2015 2014 Balance, beginning of period $ 362,803 $ 437,595 $ 435,619 $ 506,680 Originated servicing rights capitalized upon sale of loans 17,287 20,848 46,110 42,952 Sale of servicing rights (1,898 ) — (35,938 ) (55,547 ) Amortization (16,760 ) (19,572 ) (56,065 ) (59,170 ) Decrease (increase) in valuation allowance (4,450 ) 3,071 (32,075 ) 8,012 Other 568 (699 ) (101 ) (1,684 ) Balance, end of period $ 357,550 $ 441,243 $ 357,550 $ 441,243 Valuation allowance: Balance, beginning of period $ 13,084 $ 3,071 $ — $ 8,012 Increase in valuation allowance 4,795 — 48,147 — Recoveries (345 ) (3,071 ) (16,072 ) (8,012 ) Write-off of impairment (640 ) — (15,181 ) — Balance, end of period $ 16,894 $ — $ 16,894 $ — Components of loan servicing fee income, which includes servicing fees related to sales and securitizations, for the three and nine months ended September 30, 2015 and 2014 are presented below: Three Months Ended Nine Months Ended 2015 2014 2015 2014 Contractually specified service fees, net $ 24,131 $ 31,106 $ 79,899 $ 99,499 Other ancillary fees 2,501 4,249 9,395 19,793 Other 525 545 1,564 3,642 Total $ 27,157 $ 35,900 $ 90,858 $ 122,934 Residential For the nine months ended September 30, 2015 , the Company recorded residential MSR impairment of $32,075 . In addition, as a result of the sale of MSR to Ditech Financial LLC (Ditech), formerly known as GreenTree Servicing LLC, effective May 1, 2015 and the sale to Nationstar Mortgage LLC (NSM) during the third quarter of 2015 the Company determined that $15,181 of the basis of the MSR asset was permanently impaired and non-recoverable and thus wrote off the $15,181 through the valuation allowance upon sale. Therefore, the remaining balance of the valuation allowance is $16,894 at September 30, 2015. The remaining sale to NSM is expected to close in the fourth quarter of 2015 as the Company received Fannie Mae approvals, transferring approximately $3,384,843 of UPB with an estimated net book value of $18,921 . Given the evidence provided through the negotiation process regarding the fair value of the Company's MSR, the bid information received was incorporated into the estimate of the fair value of MSR. For loans securitized and sold with servicing retained during the three and nine months ended September 30, 2015 and 2014 , management used the following assumptions to determine the fair value of residential MSR at the date of securitization: Three Months Ended Nine Months Ended Average discount rates 10.17 % — 11.39% 10.08 % — 11.39% Expected prepayment speeds 7.09 % — 9.76% 7.09 % — 11.38% Weighted-average life in years 7.41 — 8.18 6.29 — 8.28 Three Months Ended Nine Months Ended Average discount rates 8.76 % — 14.50% 8.76 % — 14.50% Expected prepayment speeds 11.35 % — 12.59% 11.35 % — 13.76% Weighted-average life in years 6.16 — 6.40 6.03 — 6.41 At September 30, 2015 and December 31, 2014 , the Company estimated the fair value of its capitalized residential MSR to be approximately $356,530 and $436,727 , respectively. The carrying value of its residential MSR was $356,530 and $432,716 at September 30, 2015 and December 31, 2014 , respectively. The carrying value and the fair value are equal as of September 30, 2015 as the fair value of all tranches of our residential MSR was below the cost basis. The unpaid principal balance below excludes $8,247,000 and $8,073,000 at September 30, 2015 and December 31, 2014 , respectively, for residential loans with no related MSR basis. The MSR portfolio was valued using internally developed estimated cash flows, leading to a level 3 fair value asset. For more information on the fair value of the Company’s MSR portfolio see Note 13 . The characteristics used in estimating the fair value of the residential MSR portfolio at September 30, 2015 and December 31, 2014 are as follows: September 30, 2015 December 31, 2014 Unpaid principal balance $ 34,786,000 $ 41,190,000 Gross weighted-average coupon 4.29 % 4.37 % Weighted-average servicing fee 0.27 % 0.29 % Expected prepayment speed (1) 12.11 % 12.97 % (1) The prepayment speed assumptions include a blend of prepayment speeds that are influenced by mortgage interest rates, the current macroeconomic environment and borrower behaviors and may vary over the expected life of the asset. A sensitivity analysis of the Company’s fair value of residential MSR portfolio to hypothetical adverse changes of 10% and 20% to the weighted-average of certain key assumptions as of September 30, 2015 and December 31, 2014 is presented below. September 30, 2015 December 31, 2014 Prepayment Rate 10% adverse rate change $ 14,575 $ 18,294 20% adverse rate change 28,274 35,347 Discount Rate 10% adverse rate change 13,393 15,932 20% adverse rate change 25,863 30,770 In the previous table, the effect of a variation in a specific assumption on the fair value is calculated without changing any other assumptions. This analysis typically cannot be extrapolated because the relationship of a change in one key assumption to the change in the fair value of the Company’s residential mortgage servicing rights usually is not linear. The effect of changing one key assumption will likely result in the change of another key assumption which could impact the sensitivities. Commercial The carrying value and fair value of the Company's commercial MSR was $1,020 and $ 2,903 at September 30, 2015 and December 31, 2014 , respectively. The Company recognized $2,900 and $5,260 of prepayment penalty income in other noninterest income during the three months ended September 30, 2015 and 2014 , respectively, and $9,354 and $10,607 during the nine months ended September 30, 2015 and 2014 . |
Trust Preferred Securities and
Trust Preferred Securities and Subordinated Notes Payable (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Trust Preferred and Subordinated Notes Payable [Abstract] | |
Subordinated Borrowings Disclosure [Text Block] | 8. Trust Preferred Securities and Subordinated Notes Payable Trust preferred securities and subordinated notes payable as of September 30, 2015 and December 31, 2014 , consisted of the following: September 30, December 31, Trust preferred securities $ 103,750 $ 103,750 Subordinated notes payable, net of unamortized debt issuance costs of $2,647 and $0, respectively 172,353 — Total trust preferred securities and subordinated notes payable $ 276,103 $ 103,750 Subordinated Notes Payable - On June 30, 2015, the Company completed the public offering and sale of $175,000 in aggregate principal amount of its 5.75% Subordinated Notes due 2025 (subordinated notes). The subordinated notes were sold pursuant to an underwriting agreement at a price to the public of 100% of the face amount and were issued pursuant to an indenture and a supplemental indenture. The subordinated notes will mature on July 2, 2025 and bear a fixed rate of interest of 5.75% per annum, payable semi-annually in arrears on January 2 and July 2 of each year, commencing on January 2, 2016 . The subordinated notes are unsecured and will rank equally with all other unsecured subordinated indebtedness of the Company, including any subordinated indebtedness issued in the future under the indenture governing the subordinated notes. The subordinated notes will be subordinated in right of payment to all senior indebtedness of the Company. The subordinated notes will be obligations of EverBank Financial Corp only and will not be guaranteed by any subsidiaries, including EB. Additionally, the subordinated notes will be structurally subordinated to all existing and future indebtedness and other liabilities of our subsidiaries, which means that creditors of our subsidiaries (including in the case of EB, its depositors) generally will be paid from those subsidiaries' assets before holders of the subordinated notes would have any claim to those assets. For regulatory capital adequacy purposes, the subordinated notes qualify as tier 2 capital for the Company. If in the future the subordinated notes no longer qualify as tier 2 capital, the subordinated notes may be redeemed by the Company, in whole but not in part, at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest, subject to prior approval by the Board of Governors of the Federal Reserve System. On June 30, 2015 , the Company made a capital contribution to EB in the amount of $150,000 from the net proceeds received from the issuance of the subordinated notes. |
Income Taxes (Notes)
Income Taxes (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | 9. Income Taxes For the three and nine months ended September 30, 2015 the Company's effective income tax rate was 37.6% and 37.8% , respectively. For the three and nine months ended September 30, 2014 the Company's effective income tax rate was 37.9% . The effective income tax rate differed from the statutory federal income tax rate primarily due to state income taxes for all periods. |
Share-Based Compensation (Notes
Share-Based Compensation (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Share-based Compensation [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 10. Share-Based Compensation Option Plans - On March 9, 2015, the Company granted 819,223 options with a fair value per option on the grant date of $5.76 . The fair value of each option award was estimated as of the grant date using the Black-Scholes option-pricing model. Significant assumptions used in the Black-Scholes option-pricing model to determine the fair value of stock options are as follows: Risk-free interest rate 1.91 % Expected volatility 34 % Expected term (years) 6.5 Dividend yield 1.27 % The risk-free interest rate is based on the United States (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 the term is generally 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. During the nine months ended September 30, 2015 , 1,231,116 options were exercised with a total intrinsic value of $10,303 . Nonvested Stock - The Company issued 298,916 nonvested shares of stock to certain employees as an incentive for continued employment and to certain directors in lieu of cash payouts for compensation during the nine months ended September 30, 2015 . These shares usually vest based on the grantee's 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. The weighted-average grant date fair value of these shares was $17.58 per share, which is the fair value of the Company's common stock at grant date adjusted for expected dividends as the Company's restricted shares do not accrue dividends. |
Earnings Per Share (Notes)
Earnings Per Share (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 11. Earnings Per Share The following table sets forth the computation of basic and diluted earnings per common share for the three and nine months ended September 30, 2015 and 2014 : Three Months Ended Nine Months Ended 2015 2014 2015 2014 Net income $ 29,583 $ 43,519 $ 85,380 $ 110,061 Less dividends on preferred stock (2,532 ) (2,532 ) (7,594 ) (7,594 ) Net income allocated to common shareholders $ 27,051 $ 40,987 $ 77,786 $ 102,467 (Units in Thousands) Average common shares outstanding 124,823 122,950 124,373 122,826 Common share equivalents: Stock options 1,903 2,323 1,879 2,299 Nonvested stock 373 200 316 167 Average common shares outstanding, assuming dilution 127,099 125,473 126,568 125,292 Basic earnings per share $ 0.22 $ 0.33 $ 0.63 $ 0.83 Diluted earnings per share $ 0.21 $ 0.33 $ 0.61 $ 0.82 Certain securities were antidilutive and were therefore excluded from the calculation of diluted earnings per share. Common shares attributed to these antidilutive securities had these securities been exercised or converted as of September 30, 2015 and 2014 were as follows: Three Months Ended Nine Months Ended 2015 2014 2015 2014 Stock Options 1,457,162 775,715 1,260,909 1,134,422 |
Derivative Financial Instrument
Derivative Financial Instruments (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Financial Instruments [Abstract] | |
Derivative Financial Instruments | 12. 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 13 . The total notional or contractual amounts and fair values as of September 30, 2015 and December 31, 2014 were as follows: Fair Value Notional Amount Asset Derivatives Liability Derivatives September 30, 2015 Qualifying hedge contracts accounted for under ASC 815, Derivatives and Hedging Cash flow hedges: Forward interest rate swaps $ 1,178,000 $ — $ 43,051 Derivatives not designated as hedging instruments under ASC 815, Derivatives and Hedging Freestanding derivatives: Interest rate lock commitments (IRLCs) 705,415 13,132 76 Forward and optional forward sale commitments 3,052,422 12 27,612 Forward and optional forward purchase commitments 1,572,000 9,661 657 Interest rate swaps and futures 45,658 — 691 Foreign exchange contracts 546,283 1,947 12,934 Foreign currency, commodity, metals and U.S. Treasury yield indexed options 151,355 1,417 — Options embedded in client deposits 149,951 — 1,410 Indemnification asset 93,584 1,849 — Total freestanding derivatives 28,018 43,380 Netting and cash collateral adjustments (1) (10,856 ) (81,995 ) Total derivatives $ 17,162 $ 4,436 Fair Value Notional Amount Asset Derivatives Liability Derivatives December 31, 2014 Qualifying hedge contracts accounted for under 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 sale commitments 961,905 38 7,030 Forward and optional forward purchase commitments 274,000 387 7 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 asset 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 (1) Amounts represent the effect of legally enforceable master netting agreements that allow the Company to settle positive and negative positions as well as cash collateral and related accrued interest held or placed with the same counterparties. Amounts as of September 30, 2015 and December 31, 2014 include derivative positions netted totaling $10,516 and $3,437 , respectively. Cash Flow Hedges As of September 30, 2015 , AOCI included $16,562 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 19 years . Freestanding Derivatives The following table shows the net gains and losses recognized for the three and nine months ended September 30, 2015 and 2014 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. Three Months Ended Nine Months Ended 2015 2014 2015 2014 Freestanding derivatives Gains (losses) on interest rate contracts (1) $ (46,461 ) $ (3,391 ) $ (44,191 ) $ (39,186 ) Gains (losses) on indemnification asset (2) (133 ) 260 (577 ) (811 ) Gains (losses) on foreign exchange forward contracts (3) (32,467 ) (38,706 ) (52,613 ) (14,779 ) Other (77 ) 8 (145 ) (7 ) (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 13 for additional information relating to the indemnification asset. (3) Foreign exchange forward contracts act as economic hedges for the foreign currency risk embedded within deposits denominated in foreign currencies. The change in the fair value of the foreign exchange forward contract is marked to fair value, while the deposit is translated to the current spot rate in accordance with ASC 830. Historically, the hedge has been effective in managing the foreign currency risk of foreign-denominated deposits by locking in the U.S. Dollar cash flows. 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 prior to netting on September 30, 2015 and December 31, 2014 was $84,945 and $47,725 , respectively. The Company offsets derivative instruments against the rights to reclaim cash collateral or the obligations to return cash collateral in the balance sheet. As of September 30, 2015 and December 31, 2014 , $71,479 and $43,480 , respectively, in collateral was netted against liability derivative positions subject to master netting agreements. As of September 30, 2015 and December 31, 2014 , $121,662 and $79,296 , 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 September 30, 2015 and December 31, 2014 , $340 and $2,300 , respectively, in collateral was netted against asset derivative positions subject to master netting agreements. As of September 30, 2015 and December 31, 2014 , the Company held $1,281 and $2,300 , respectively, in collateral from its counterparties. Counterparty credit risk related to derivatives is considered in determining fair value. |
Fair Value Measurements (Notes)
Fair Value Measurements (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | 13. Fair Value Measurements Asset and liability fair value measurements have been categorized based upon the fair value hierarchy described below: Level 1 – Valuation is based upon quoted market prices for identical instruments in active markets. Level 2 – Valuation is based upon quoted market prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. Level 3 – Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect estimates or assumptions that market participants would use in pricing the assets or liabilities. Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques. Recurring Fair Value Measurements As of September 30, 2015 and December 31, 2014 , assets and liabilities measured at fair value on a recurring basis, including certain loans held for sale and certain other assets for which the Company has elected the fair value option, are as follows: Fair Value Measurements Level 1 Level 2 Level 3 Netting Total September 30, 2015 Financial assets: Available for sale securities: Residential CMO securities - nonagency $ — $ 572,336 $ — $ 572,336 Asset-backed securities — 1,375 — 1,375 Other 206 187 — 393 Total available for sale securities 206 573,898 — 574,104 Loans held for sale — 347,038 754,303 1,101,341 Other assets (1) — — 784 784 Derivative financial instruments: Derivative assets (Note 12) — 14,886 13,132 (10,856 ) 17,162 Derivative liabilities (Note 12) — 86,355 76 (81,995 ) 4,436 Fair Value Measurements Level 1 Level 2 Level 3 Netting Total December 31, 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 12) — (2) 7,344 17,202 (5,737 ) 18,809 Derivative liabilities (Note 12) — 53,759 340 (46,917 ) 7,182 (1) Other assets represent the net position of the Company's extended written loan commitments for which the Company has elected the fair value option of accounting. As of September 30, 2015 the Company had outstanding commitments of $70,533 related to these extended loan commitments. (2) 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 12 for additional information regarding the interest rate swap futures. Changes in assets and liabilities measured at Level 3 fair value on a recurring basis for the three and nine months ended September 30, 2015 and 2014 are as follows: Loans Held for Sale (1) Other Assets (2) Freestanding Derivatives, net (3) Three Months Ended September 30, 2015 Balance, beginning of period $ 653,849 $ (381 ) $ 14,213 Issuances 415,136 383 33,079 Sales (318,915 ) — — Settlements (4,910 ) (91 ) (37,390 ) Gains (losses) included in earnings for the period 9,143 873 3,154 Balance, end of period $ 754,303 $ 784 $ 13,056 Change in unrealized net gains (losses) included in net income related to assets and liabilities still held as of September 30, 2015 $ 7,310 $ 921 $ 5,056 Three Months Ended September 30, 2014 Balance, beginning of period $ 156,546 $ — $ 16,712 Issuances 304,213 — 24,191 Sales (157,977 ) — — Settlements (2,754 ) — (26,278 ) Gains (losses) included in earnings for the period 546 — 1,029 Balance, end of period $ 300,574 $ — $ 15,654 Change in unrealized net gains (losses) included in net income related to assets and liabilities still held as of September 30, 2014 $ 1,273 $ — $ (1,058 ) Loans Held for Sale (1) Other Assets (2) Freestanding Derivatives, net (3) Nine Months Ended September 30, 2015 Balance, beginning of period $ 317,430 $ — $ 16,862 Issuances 1,330,276 (397 ) 95,631 Sales (871,661 ) — — Settlements (31,159 ) 445 (97,229 ) Gains (losses) included in earnings for the period 9,417 736 (2,208 ) Balance, end of period $ 754,303 $ 784 $ 13,056 Change in unrealized net gains (losses) included in net income related to assets and liabilities still held as of September 30, 2015 $ 7,310 $ 784 $ 13,056 Nine Months Ended September 30, 2014 Balance, beginning of period $ 58,912 $ — $ 5,861 Issuances 568,290 — 47,105 Sales (301,322 ) — — Settlements (29,642 ) — (62,244 ) Gains (losses) included in earnings for the period 4,336 — 24,932 Balance, end of period $ 300,574 $ — $ 15,654 Change in unrealized net gains (losses) included in net income related to assets and liabilities still held as of September 30, 2014 $ 1,273 $ — $ 9,792 (1) Net realized and unrealized gains (losses) on loans held for sale are included in gain on sale of loans. (2) Net realized and unrealized gains (losses) on extended written loan commitments are included in gain on sale of loans. (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 asset are recorded in general and administrative expense. The Company monitors the availability of observable market data to assess the appropriate classification of financial instruments within the fair value hierarchy. Changes in economic conditions or model-based valuation techniques may require the transfer of financial instruments from one fair value level to another. In such instances, the Company reports the transfer at the end of the reporting period. The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a recurring basis at September 30, 2015 and December 31, 2014 : Level 3 Fair Value Measurement Fair Value Valuation Technique Unobservable Inputs Significant Unobservable Input Value September 30, 2015 Min. Max. Weighted Avg. IRLCs, net $ 13,056 Discounted cash flow Loan closing ratio 1.00 % - 99.00% 79.83% (2) Loans held for sale 754,303 Discounted cash flow Cost of funds 2.01 % - 3.15% 2.85% Prepayment rate 5.08 % - 23.97% 9.23% Default rate 0.00 % - 3.46% 0.42% Weighted average life (in years) 3.41 - 10.56 7.60 Cumulative loss 0.00 % - 0.73% 0.06% Loss severity 2.30 % - 30.93% 12.34% Other assets 784 Discounted cash flow Loan closing ratio 1.00 % 99.00% 71.57% (2) December 31, 2014 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 0.00 % - 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 0.00 % - 2.36% 0.34% Weighted average life (in years) 3.39 - 9.00 5.62 Cumulative loss 0.00 % - 0.43% 0.05% Loss severity 2.05 % - 21.70% 11.68% (1) The range represents the sum of the highest and lowest values for all tranches that we use in our valuation process. (2) The range represents the highest and lowest loan closing rates used in the valuation process. 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 presents information on loans held for sale reported under the fair value option at September 30, 2015 and December 31, 2014 : September 30, 2015 Fair value carrying amount $ 1,101,341 Aggregate unpaid principal balance 1,065,004 Fair value carrying amount less aggregate unpaid principal $ 36,337 December 31, 2014 Fair value carrying amount $ 728,378 Aggregate unpaid principal balance 704,835 Fair value carrying amount less aggregate unpaid principal $ 23,543 No loans recorded under the fair value option were 90 days or more past due or on nonaccrual status at September 30, 2015 or December 31, 2014 . Differences between the fair value carrying amount and the aggregate unpaid principal balance include changes in fair value recorded at and subsequent to funding, gains and losses on the related loan commitment prior to funding and premiums or discounts on acquired loans. The net gains from initial measurement of loans accounted for under the fair value option and subsequent changes in fair value for loans outstanding was $30,875 and $35,427 for the three and nine months ended September 30, 2015 , respectively, and $20,697 and $21,861 for the three and nine months ended September 30, 2014 , respectively, and are included in gain on sale of loans. These amounts exclude the impact from offsetting hedging arrangements which are also included in gain on sale of loans in the condensed consolidated statements of income. An immaterial portion of the change in fair value was attributable to changes in instrument-specific credit risk. The Company has elected the fair value option for extended written loan commitments to originate residential mortgage loans in the Company’s held for investment portfolio. The Company economically hedges these extended loan commitments with MBS options designed to protect against potential changes in fair value. Due to the longer duration these loan commitments are present on the balance sheet, the Company has elected the fair value option of accounting. The fair value option of accounting was elected for these instruments due to the burden of complying with the requirements of hedge accounting. The Company has not elected the fair value option for loan commitments to originate residential mortgage loans held for investment with lock terms less than 61 days. The net losses from initial measurement of extended written loan commitments accounted for under the fair value option and subsequent changes in fair value for those commitments was $921 and $784 for the three and nine months ended September 30, 2015 , respectively. An immaterial portion of the change in fair value was attributable to changes in instrument-specific credit risk. Non-recurring Fair Value Measurements Certain assets and liabilities are measured at fair value on a non-recurring basis and therefore are not included in the tables above. These measurements primarily result from assets carried at the lower of cost or fair value or from impairment of individual assets. Gains and losses disclosed below represent changes in fair value recognized subsequent to initial classification. The change in the MSR value represents a change due to impairment or recoveries on previous write downs. The carrying value of assets measured at fair value on a non-recurring basis and held at September 30, 2015 and December 31, 2014 and related changes in fair value are as follows: Level 1 Level 2 Level 3 Total Loss (Gain) Due to Change in Fair Value September 30, 2015 Collateral-dependent loans $ — $ — $ 49,352 $ 49,352 $ 6,614 Other real estate owned (1) — — 4,155 4,155 2,732 Mortgage servicing rights (2) — — 356,530 356,530 16,894 Loans held for sale — — 213 213 10 December 31, 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 ) (1) Gains and losses resulting from subsequent measurement of OREO are included in the condensed consolidated statements of income as general and administrative expense. OREO is included in other assets in the condensed consolidated balance sheets. (2) The fair value for mortgage servicing rights represents the value of the strata with impairment or recoveries on previous valuation allowances. Total gains and losses due to change in fair value excludes write-offs of the valuation allowance of $15.2 million related to the sale of $35.9 million in MSR during the nine months ended ended September 30, 2015 . The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at September 30, 2015 and December 31, 2014 : Level 3 Fair Value Measurement Fair Value Valuation Technique Unobservable Inputs Significant Unobservable Input Value September 30, 2015 Min. Max. Weighted Avg. Collateral-dependent loans $ 49,352 Appraisal value Appraised value NM - NM N/A (1) Other real estate owned 4,155 Appraisal value Appraised value NM - NM N/A (1) Mortgage servicing rights 356,530 Discounted cash flow Prepayment speed 8.96 % - 24.69% 11.75% (2) Discount rate 9.53 % - 10.07% 9.62% (3) Loans held for sale 213 Discounted cash flow Cost of funds 1.08 % - 1.77% 1.37% Prepayment rate 1.82 % - 22.56% 11.47% Default rate 0.00 % - 100% 18.42% Weighted average life (in years) 0.70 - 13.80 7.05 Cumulative loss 0.00 % - 47.89% 3.63% Loss severity 0.00 % - 47.89% 17.80% December 31, 2014 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 7.00 % - 13.70% 11.11% Default rate 0.00 % - 100.00% 28.56% Weighted average life (in years) 4.92 - 9.35 6.69 Cumulative loss 0.00 % - 41.91% 5.51% Loss severity 0.00 % - 46.13% 24.98% (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 September 30, 2015 and December 31, 2014 . This table excludes financial instruments with short-term or no stated maturity, prevailing market rates and limited credit risk, where carrying amounts approximate fair value. For financial assets such as cash and due from banks, 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. Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 September 30, 2015 Financial assets: Investment securities: Held to maturity $ 112,219 $ 115,885 $ — $ 115,885 $ — Loans held for sale (1) 382,413 382,352 — 1,505 380,847 Loans held for investment (2) 19,000,070 19,123,032 — — 19,123,032 Financial liabilities: Time deposits $ 6,458,656 $ 6,516,359 $ — $ 6,516,359 $ — Other borrowings 5,297,000 5,339,861 — 5,339,861 — Trust preferred securities and subordinated notes payable 276,103 265,998 176,808 — 89,190 December 31, 2014 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 (1) The carrying value of loans held for sale excludes $1,101,341 and $728,378 in loans measured at fair value on a recurring basis as of September 30, 2015 and December 31, 2014 , respectively. (2) The carrying value of loans held for investment is net of the allowance for loan loss of $60,846 and $52,197 as of September 30, 2015 and December 31, 2014 , respectively. In addition, the carrying values exclude $1,805,414 and $1,520,418 of lease financing receivables within the equipment financing receivables portfolio as of September 30, 2015 and December 31, 2014 , respectively. Fair Value Measurement and Disclosure Valuation Methodology Following are descriptions of the valuation methodologies used for assets and liabilities recorded at fair value on a recurring or non-recurring basis and for estimating fair value for financial instruments not carried at fair value: Investment Securities — Within the 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 (nonagency CMO, ABS, agency CMO which contain both available for sale and held to maturity investment securities and agency MBS securities) 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 of 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 ongoing review of pricing methodologies and trends. The Company has the ability to challenge values and discuss its analysis with the third party pricing service providers 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 will perform additional analysis. 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 the market and income approaches are weighted to derive the final fair value for each security trading in an inactive market. As of September 30, 2015 and December 31, 2014 , 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 are derived from quoted market prices for similar loans resulting in a classification within level 2 of the valuation hierarchy 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 resulting in a classification within level 3 of the valuation hierarchy. Certain conforming residential mortgage loans carried at the lower of cost or market are valued using market observable pricing inputs for similar loans, which are derived from third party loan sales and securitizations and, therefore, are classified within level 2 of the valuation hierarchy. Fair values for non-conforming residential mortgage loans and commercial and commercial real estate loans carried at lower of cost or market are derived from models using characteristics of the loans including product type, pricing features, underlying collateral and loan maturity dates and economic assumptions including prepayment estimates, discount rates and estimated credit losses for loans for which a majority of the significant assumptions are observable in the market. 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 the final estimates and these loans are therefore classified within level 3 of the valuation hierarchy. 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 values for loans held for investment are 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 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 for which a new appraisal is expected in the next quarter, the appraisal is reviewed by an officer and an adjustment is made, if appropriate, based on a review of the property, historical changes in value, and current market rates. Such adjustments are usually significant and typically results 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 the 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 is valued using all relevant positive and negative cash flows including servicing fees; miscellaneous income and float; costs of servicing; the cost of carry of advances; foreclosure losses; and applying certain prevailing assumptions used in the marketplace. Mortgage servicing rights do not trade in an active, open market with readily observable prices. Due to the nature of the valuation inputs, mortgage servicing rights are classified within level 3 of the 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 review 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 time deposits 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, 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 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 that provides the 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. Subordinated Notes Payable —The Company issued and sold through a public offering $175.0 million of subordinated notes on June 30, 2015 . These notes are valued using quoted market prices for the publicly traded debt and are therefore classified within level 1 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 12 for additional information on 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 is that the Company holds interest futures with an outstanding notional and a level 1 fair value of zero as of the balance sheet date. Interest Rate Lock Commitments and Extended Written Loan Commitments — Fair values of interest rate lock commitments and extended written loan commitments are derived 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 valuation process 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 the Company's secondary marketing system using historical data and the ratio is periodically reviewed by the secondary marketing group for reasonableness and as such both IRLC and extended written loan commitments are classified within level 3 of the valuation hierarchy. Generally, the fair value of these instruments are positive (negative) if the prevailing interest rate is lower (higher) than the locked in 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 interest rate lock commitment to increase if in a gain position, or decrease if in a loss position. Forward Sales Commitments and Optional Forward Purchase and Sale Commitments — The fair value of forward sales and optional forward purchase and sale commitments is determined bas |
Commitments and Contingencies (
Commitments and Contingencies (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 14. Commitments and Contingencies Commitments — Commitments to extend credit are agreements to lend to customers in accordance with predetermined contractual provisions. These commitments, predominantly at variable interest rates, are for specific periods or contain termination clauses and may require the payment of a fee. The total amounts of unused commitments do not necessarily represent future credit exposure or cash requirements, as commitments often expire without being drawn upon. In order to meet the needs of its clients, the Company also issues standby letters of credit, which are conditional commitments generally to provide credit support for some creditors in case of default. The credit risk and potential cash requirements involved in issuing standby letters of credit are essentially the same as those involved in extending loan facilities to clients. Unfunded credit extension commitments at September 30, 2015 and December 31, 2014 are as follows: September 30, December 31, Commercial (1) $ 1,986,070 $ 1,475,846 Home equity lines of credit 92,652 23,107 Credit card lines of credit 34,462 33,913 Standby letters of credit 12,019 859 Total unfunded credit extension commitments $ 2,125,203 $ 1,533,725 (1) Of the outstanding unfunded commercial commitments, $918,157 and $503,138 were cancellable by the Company at September 30, 2015 and December 31, 2014 , respectively. The Company enters into floating rate residential loan commitments to lend. There were $120,192 and $146,410 of these commitments outstanding as of September 30, 2015 and December 31, 2014 , respectively. 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 September 30, 2015 and December 31, 2014 are as follows: September 30, December 31, Residential $ 740,399 $ 535,679 Commercial 1,074,507 623,540 Equipment financing receivables 348,764 281,778 Total commitments to lend in the pipeline $ 2,163,670 $ 1,440,997 Standby letters of credit issued by third party entities are used to guarantee the Company's performance under various contracts. At September 30, 2015 and December 31, 2014 , the Company had $211,164 and $100,018 , respectively, in letters of credit outstanding. EB periodically enters into forward-dated borrowing agreements with the FHLB to borrow funds at a fixed rate of interest. Prior to the funding date, EB has the right to terminate any of the advances subject to voluntary termination fees. The outstanding forward-dated agreements as of September 30, 2015 are as follows: Agreement Date Funding Date Amount Interest Rate Maturity Date May 2014 November 2015 $ 20,000 2.87 % May 2021 May 2014 November 2015 60,000 3.48 % May 2024 July 2014 December 2015 50,000 3.36 % July 2023 January 2015 December 2015 100,000 2.32 % December 2022 June 2015 March 2017 25,000 2.86 % June 2022 June 2015 September 2017 25,000 3.01 % September 2022 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 12 and Note 13 for information on interest rate lock commitments as they are not included in the table above. The Company has also elected the fair value option on extended written loan commitments to originate residential mortgage loans held for investment. See Note 13 for more information on these extended written loan commitments as they are included in the origination pipeline table above under the residential designation. 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 , in the aggregate, 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 (nonconforming mortgage loans), through whole loan sales and securitizations to private non-GSE purchasers. In doing so, representations and warranties regarding certain attributes of the loans are made to the GSE or the third-party purchaser. Subsequent to the sale, if it is determined that the loans sold are (1) with respect to the GSEs, in breach of these representations or warranties or (2) with respect to non-GSE purchasers, in material breach of these representations and warranties, the Company generally has an obligation to either: (a) repurchase the loan for the UPB, accrued interest and related advances, (b) indemnify the purchaser or (c) make the purchaser whole for the economic benefits of the loan. From 2004 through September 30, 2015 , the Company originated, sold and securitized approximately $69,060,366 of mortgage loans to GSEs and private non-GSE purchasers. From 2004 through 2009 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. 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. Certain of 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 for certain non-conforming jumbo loan products and community reinvestment loans the Company originates and sells under the State of Florida housing program. 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 repurchases, 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, make-whole and indemnification 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 during that time period. The estimation process is designed to include amounts based on actual losses experienced from actual repurchase activity. The baseline for the repurchase reserve uses historical loss factors that are applied to loan pools originated in 2003 through September 30, 2015 and sold in years 2004 through September 30, 2015 . Loss factors, tracked by year of loss, are calculated using actual losses incurred on repurchase, indemnification 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 $4,968 and $25,940 at September 30, 2015 and December 31, 2014 , 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 residential loans serviced at September 30, 2015 and December 31, 2014 , was $43,033,657 and $49,262,915 , respectively. The amount of estimated recourse recorded in accounts payable and accrued liabilities related to servicing activities at September 30, 2015 and December 31, 2014 , was $1,403 and $2,947 , respectively. Federal Reserve Requirement — The Federal Reserve Board (FRB) requires certain institutions, including EB, to maintain cash reserves in the form of vault cash and average account balances with the Federal Reserve Bank. The reserve requirement is based on average deposits outstanding and was $139,680 and $137,809 at September 30, 2015 and December 31, 2014 , respectively. Legal Actions —On April 13, 2011, each of the Company and EB entered into a consent order with the Office of Thrift Supervision (OTS ) with respect to EB's mortgage foreclosure practices and the Company's oversight of those practices. The Office of the Comptroller of the Currency (OCC) succeeded the OTS with respect to EB'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, EB reached an agreement with the OCC that ended its participation in the Independent Foreclosure Review program mandated by the April 2011 consent order and replaced it with an accelerated remediation process. The agreement included a cash payment of $39,932 , which was paid in 2013 by EB to a settlement fund that provides relief to qualified borrowers and $6,344 was paid 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 were made to various organizations. This agreement has not eliminated all of the Company's risks associated with foreclosure-related practices, and it does not protect EB 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. A second amendment to the April 2011 consent order was entered into by EB with the OCC on June 16, 2015, pursuant to which EB is not prohibited, but has agreed to seek regulatory non-objection for certain mortgage servicing and subservicing-related activities and transactions until the termination of its consent order. All terms of the April 2011 consent order that were not explicitly superseded by these amendments remain in effect without modification. In October 2013, EB, along with other mortgage servicers, received a letter from the OCC requesting, in connection with the April 2011 consent order, that EB provide the OCC with an action plan to identify errors and remediate borrowers serviced by EB 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. In September 2015, EB received a Preliminary Report (Report) from HUD pursuant to an on-site review of settled FHA single family insurance claims filed by EverBank. The purpose of the review was to determine EverBank’s compliance with HUD regulations, policies and procedures, and establish better communication between EverBank and HUD. The Report alleged that EverBank had received excessive FHA insurance benefits by submitting claims that were not in compliance with HUD’s requirements. EverBank has begun assessing the merits of the Report but does not yet have an estimate of amounts owed to HUD. In addition, other government agencies, including state attorneys general and the U.S. Department of Justice, continue to investigate various mortgage related practices of the Company and other major mortgage servicers. The Company continues to cooperate with these investigations. These investigations could result in material fines, penalties, equitable remedies (including requiring default servicing or other process changes), or other enforcement actions, as well as significant legal costs. The Company has evaluated subsequent events through the date on which financial statements are available to be issued and is currently unable to estimate any loss that may result from penalties or fines imposed by the OCC or other governmental agencies and accordingly, 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 (Not
Variable Interest Entities (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entity [Text Block] | 15. 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 requires a reconsideration. If the Company is determined to be the primary beneficiary of a VIE, it must account for the VIE as a consolidated subsidiary. If the Company is determined not to be the primary beneficiary of a VIE but holds a variable interest in the entity, such variable interests are accounted for under accounting standards as deemed appropriate. Non-consolidated VIEs The table below summarizes select information related to variable interests held by the Company at September 30, 2015 and December 31, 2014 : September 30, 2015 December 31, 2014 Non-consolidated VIEs Total Assets Maximum Exposure Total Assets Maximum Exposure Loans provided to VIEs $ 35,125 $ 35,125 $ 121,730 $ 121,730 On-balance-sheet securitizations — — 9,001 9,001 Debt securities 686,117 686,117 890,924 890,924 Loans provided to VIEs The Company has provided funding to certain unconsolidated VIEs sponsored by third parties. These VIEs are generally established to finance certain small business loans originated by third parties and are not considered to have significant equity at risk. The entities are primarily funded through the issuance of loans from the Company and a certified development company (CDC). The Company's loan is secured by a first lien. Although the Company retains the servicing rights to the loan, the Company is unable to unilaterally make all decisions necessary to direct the activities that most significantly impact the VIE; therefore, it is not the primary beneficiary. The principal risk to which these entities are exposed is credit risk related to the underlying assets. The loans to these VIEs are included in both the Company’s overall analysis of the allowance for loan and lease losses and, when not yet fully funded, the Company's reserve for unfunded commitments. The Company does not provide any implicit or explicit liquidity guarantees or principal value guarantees to these VIEs. The Company records these commercial loans on its condensed consolidated balance sheet as loans held for investment. On-balance sheet securitizations The Company engages in on-balance-sheet securitizations which are securitizations that do not qualify for sales treatment; thus, the assets remain on the Company’s condensed consolidated balance sheet. The Company securitizes mortgage loans generally through a GSE, such as GNMA, Fannie Mae (FNMA) or Federal Home Lending Mortgage Corp (FHLMC) (U.S. agency-sponsored mortgages). Occasionally, the Company will transfer conforming residential mortgages to GNMA in exchange for mortgage-backed securities. The Company maintains effective control over pools of transferred assets that remain unsold at the end of the period. Accordingly, the Company has not recorded these transfers as sales. These transferred assets are recorded in the condensed consolidated balance sheet as loans held for sale. Debt securities All MBS, CMO and ABS securities owned by the Company are issued through VIEs. The related VIEs were not consolidated, as the Company was not determined to be the primary beneficiary 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 3 for information related to debt securities. Mortgage securitizations The Company provides a variety of mortgage loan products to a diverse customer base. Once originated, the Company often securitizes these loans through the use of VIEs. These VIEs are funded through the issuance of trust certificates backed solely by the transferred assets. These mortgage loan securitizations are non-recourse except in accordance with the Company's standard obligations under representations and warranties. Thereby, the transactions effectively transfer 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. Because the Company does not have the power to direct the activities of the VIE that most significantly impact the entity’s economic performance, the Company is not the primary beneficiary of its U.S. agency-sponsored mortgage securitizations. 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 4 for information related to sales of residential mortgage receivables and Note 7 for information related to mortgage servicing rights. |
Segment Information (Notes)
Segment Information (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Segment Information [Abstract] | |
Segment Information | 16. Segment Information The Company has three reportable business segments: Consumer Banking, Commercial Banking, and Corporate Services. The Company’s reportable business segments are strategic business units that offer distinctive products and services marketed through different channels. These segments are managed separately because of their marketing and distribution requirements. The 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 provides services to the Consumer Banking and Commercial Banking segments including executive management, risk 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 subordinated notes payable and transaction-related items, are included in the Corporate Services segment. The chief operating decision maker’s review of each segment’s performance is based on segment income, which is defined as income from operations before income taxes and certain corporate allocations. Additionally, total net revenue is defined as net interest income before provision for loan and lease losses and total noninterest income. Intersegment revenue among the Company’s business units reflects the results of a funds transfer pricing (FTP) process, which takes into account assets and liabilities with similar interest rate sensitivity and maturity characteristics and reflects the allocation of net interest income related to the Company’s overall asset and liability management activities. This provides for the creation of an economic benchmark, which allows the Company to determine the profitability of the Company’s products and cost centers by calculating profitability spreads between product yields and internal references. However, business segments have some latitude to retain certain interest rate exposures related to 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 three and nine months ended September 30, 2015 and 2014 . The eliminations column includes intersegment eliminations required for consolidation purposes. As of and for the Three Months Ended September 30, 2015 Consumer Banking Commercial Banking Corporate Services Eliminations Consolidated Net interest income (expense) $ 92,157 $ 80,790 $ (4,107 ) $ — $ 168,840 Total net revenue 125,004 (1) 88,994 (3,963 ) — 210,035 Intersegment revenue 10,416 (10,416 ) — — — Depreciation and amortization 2,306 2,828 1,794 — 6,928 lncome (loss) before income taxes 27,899 (1) 50,568 (31,069 ) — 47,398 Total assets 15,649,933 9,678,171 274,938 (388,299 ) 25,214,743 As of and for the Three Months Ended September 30, 2014 Consumer Banking Commercial Banking Corporate Services Eliminations Consolidated Net interest income (expense) $ 84,635 $ 63,302 $ (1,601 ) $ — $ 146,336 Total net revenue 159,876 (2) 76,099 (1,425 ) — 234,550 Intersegment revenue 17,635 (17,635 ) — — — Depreciation and amortization 2,246 3,452 1,971 — 7,669 Income (loss) before income taxes 48,624 (2) 46,981 (25,543 ) — 70,062 Total assets 13,292,823 7,257,986 120,054 (160,521 ) 20,510,342 As of and for the Nine Months Ended September 30, 2015 Consumer Banking Commercial Banking Corporate Services Eliminations Consolidated Net interest income (expense) $ 269,169 $ 231,392 $ (7,258 ) $ — $ 493,303 Total net revenue 395,132 (1) 262,533 (6,832 ) — 650,833 Intersegment revenue 33,841 (33,841 ) — — — Depreciation and amortization 6,976 8,354 5,081 — 20,411 Income (loss) before income taxes 73,356 (1) 155,362 (91,464 ) — 137,254 Total assets 15,649,933 9,678,171 274,938 (388,299 ) 25,214,743 As of and for the Nine Months Ended September 30, 2014 Consumer Banking Commercial Banking Corporate Services Eliminations Consolidated Net interest income (expense) $ 236,753 $ 185,386 $ (4,768 ) $ — $ 417,371 Total net revenue 466,005 (2) 217,601 (4,169 ) — 679,437 Intersegment revenue 48,332 (48,332 ) — — — Depreciation and amortization 6,842 11,721 5,842 — 24,405 Income (loss) before income taxes 124,487 (2) 131,195 (78,459 ) — 177,223 Total assets 13,292,823 7,257,986 120,054 (160,521 ) 20,510,342 (1) Segment earnings in the Consumer Banking segment included a $4,450 charge for MSR impairment for the three months ended September 30, 2015 and a $32,075 charge for MSR impairment for the nine months ended September 30, 2015 . (2) Segment earnings in the Consumer Banking segment included a $3,071 recovery on the MSR valuation allowance for the three months ended September 30, 2014 and an $8,012 recovery on the MSR valuation allowance for the nine months ended September 30, 2014 . |
Investment Securities (Policies
Investment Securities (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Investment Securities [Abstract] | |
Other Than Temporary Impairments of Investment Securities [Policy Text Block] | 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. There were no OTTI losses recognized on available for sale or held to maturity securities during the three and nine months ended September 30, 2015 . For the three and nine months ended September 30, 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. As a result, management could not assert at September 30, 2014 that the Company had the ability to hold these investments to recovery. |
Loans Held for Sale (Policy)
Loans Held for Sale (Policy) | 9 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Finance, Loan and Lease Receivables, Held-for-sale, Policy [Policy Text Block] | 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. Mortgage warehouse loans are largely comprised of agency deliverable products that the Company typically sells within three months subsequent to origination. The Company economically hedges the mortgage warehouse portfolio with forward purchase and sales commitments designed to protect against potential changes in fair value. Due to the short duration that these loans are present on the balance sheet, the Company has elected fair value accounting on this portfolio of loans due to the burden of complying with the requirements of hedge accounting. The Company has also elected the fair value option for originated fixed rate jumbo preferred loans, due to the short duration that these loans are present on the balance sheet. Electing to use fair value accounting allows a better offset of the changes in the fair values of the loans and the derivative instruments used to economically hedge these loans without the burden of complying with the requirements for hedge accounting. The Company has not elected the fair value option for other residential mortgage loans, government insured pool buyouts and commercial and commercial real estate loans because the Company expects to hold these loans for the foreseeable future. These loans are carried at the lower of cost or fair value. |
Loan Transfers Between Loans Held for Sale and Loans Held for Investment [Policy Text Block] | Loans and leases are transferred from loans and leases HFI to HFS when the Company no longer has the intent to hold the loans and leases for the foreseeable future. Loans and leases are transferred from HFS to HFI when the Company determines that it intends to hold these loans and leases for the foreseeable future and no longer has the intent to sell. Loan transfers from HFS to HFI and transfers from HFI to HFS represent noncash activities within the operating and investing sections of the statement of cash flows. |
Allowance for Loan and Lease 26
Allowance for Loan and Lease Losses (Policies) | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Allowance for Loan and Lease Losses [Abstract] | ||
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | The Company uses a risk grading matrix to monitor credit quality for commercial and commercial real estate loans. Risk grades are continuously monitored and updated by credit administration personnel based on current information and events. The Company monitors the credit quality of all other loan types based on performing status. | |
Finance, Loan and Lease Receivables, Held for Investments, Foreclosed Assets Policy [Policy Text Block] | Residential Foreclosures and Repossessed Assets — Once all potential alternatives for loan reinstatement are exhausted, past due loans collateralized by residential real estate are referred for foreclosure proceedings in accordance with local requirements of the applicable jurisdiction. Once possession of the property collateralizing the loan is obtained, the repossessed property is recorded within other assets either as other real estate owned or, where management has both the intent and ability to recover its losses through a government guarantee, as a foreclosure claim receivable. As the allowable time frame for initiating the loan foreclosure process varies by jurisdiction, the Company has determined, for purposes of disclosure, loans collateralized by residential real estate are considered to be in the process of foreclosure once they are 120 days or more past due. | |
Impaired Financing Receivable, Policy [Policy Text Block] | Impaired loans include loans identified as troubled loans as a result of a borrower’s financial difficulties and other loans on which the accrual of interest income is suspended. The Company continues to collect payments on certain impaired loan balances on which accrual is suspended. | |
Loans and Leases Receivable, Troubled Debt Restructuring Policy [Policy Text Block] | 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. |
Earnings Per Share (Policies)
Earnings Per Share (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share, Policy [Policy Text Block] | Certain securities were antidilutive and were therefore excluded from the calculation of diluted earnings per share. |
Derivative Financial Instrume28
Derivative Financial Instruments (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Financial Instruments [Abstract] | |
Derivatives, Policy [Policy Text Block] | 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. 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. 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. These gains and losses are recognized in noninterest income, except for the indemnification assets which are recognized in general and administrative expense. |
Fair Value Measurements (Polici
Fair Value Measurements (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Measurements [Abstract] | |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Asset and liability fair value measurements have been categorized based upon the fair value hierarchy described below: Level 1 – Valuation is based upon quoted market prices for identical instruments in active markets. Level 2 – Valuation is based upon quoted market prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. Level 3 – Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect estimates or assumptions that market participants would use in pricing the assets or liabilities. Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques. The Company monitors the availability of observable market data to assess the appropriate classification of financial instruments within the fair value hierarchy. Changes in economic conditions or model-based valuation techniques may require the transfer of financial instruments from one fair value level to another. In such instances, the Company reports the transfer at the end of the reporting period. For financial assets such as cash and due from banks, 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. |
Commitments and Contingencies30
Commitments and Contingencies (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies, Policy [Policy Text Block] | Commitments to extend credit are agreements to lend to customers in accordance with predetermined contractual provisions. These commitments, predominantly at variable interest rates, are for specific periods or contain termination clauses and may require the payment of a fee. The total amounts of unused commitments do not necessarily represent future credit exposure or cash requirements, as commitments often expire without being drawn upon. |
Guarantees, Indemnifications and Warranties Policies [Policy Text Block] | The Company’s obligations vary based upon the nature of the repurchase demand and the current status of the mortgage loan. The Company establishes reserves for estimated losses inherent in the Company’s origination of mortgage loans. In estimating the accrued liability for loan repurchases, 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, make-whole and indemnification 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 during that time period. The estimation process is designed to include amounts based on actual losses experienced from actual repurchase activity. The baseline for the repurchase reserve uses historical loss factors that are applied to loan pools originated in 2003 through September 30, 2015 and sold in years 2004 through September 30, 2015 . Loss factors, tracked by year of loss, are calculated using actual losses incurred on repurchase, indemnification or make-whole arrangements. The historical loss factors experienced are accumulated for each sale vintage (year loan was sold) and are applied to more recent sale vintages to estimate inherent losses not yet realized. |
Variable Interest Entities (Pol
Variable Interest Entities (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Variable Interest Entities [Abstract] | |
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | The Company evaluates its interest in certain entities to determine if these entities meet the definition of a VIE and whether the Company is the primary beneficiary and should consolidate the entity based on the variable interests it held both at inception and when there is a change in circumstances that requires a reconsideration. If the Company is determined to be the primary beneficiary of a VIE, it must account for the VIE as a consolidated subsidiary. If the Company is determined not to be the primary beneficiary of a VIE but holds a variable interest in the entity, such variable interests are accounted for under accounting standards as deemed appropriate. |
Segment Information (Policies)
Segment Information (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Segment Information [Abstract] | |
Segment Reporting, Policy [Policy Text Block] | The Company’s reportable business segments are strategic business units that offer distinctive products and services marketed through different channels. These segments are managed separately because of their marketing and distribution requirements. The 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 provides services to the Consumer Banking and Commercial Banking segments including executive management, risk 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 subordinated notes payable and transaction-related items, are included in the Corporate Services segment. The chief operating decision maker’s review of each segment’s performance is based on segment income, which is defined as income from operations before income taxes and certain corporate allocations. Additionally, total net revenue is defined as net interest income before provision for loan and lease losses and total noninterest income. Intersegment revenue among the Company’s business units reflects the results of a funds transfer pricing (FTP) process, which takes into account assets and liabilities with similar interest rate sensitivity and maturity characteristics and reflects the allocation of net interest income related to the Company’s overall asset and liability management activities. This provides for the creation of an economic benchmark, which allows the Company to determine the profitability of the Company’s products and cost centers by calculating profitability spreads between product yields and internal references. However, business segments have some latitude to retain certain interest rate exposures related to 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. |
Organization and Basis of Pre33
Organization and Basis of Presentation (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Organization and Basis of Presentation [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | c) Supplemental Cash Flow Information - Noncash investing activities are presented in the following table: Nine Months Ended 2015 2014 Supplemental Schedules of Noncash Activities: Loans transferred to foreclosure claims $ 826,295 $ 431,488 See Note 4 for disclosures relating to noncash activities relating to loan transfers. |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Investment Securities [Abstract] | |
Schedule of Available for Sale and Held to Maturity Securities [Table Text Block] | The amortized cost, gross unrealized gains, gross unrealized losses, fair value and carrying value of investment securities were as follows as of September 30, 2015 and December 31, 2014 : Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Carrying Amount September 30, 2015 Available for sale: Residential collateralized mortgage obligations (CMO) securities - nonagency $ 576,481 $ 2,581 $ 6,726 $ 572,336 $ 572,336 Asset-backed securities (ABS) 1,664 — 289 1,375 1,375 Other 254 139 — 393 393 Total available for sale securities $ 578,399 $ 2,720 $ 7,015 $ 574,104 $ 574,104 Held to maturity: Residential CMO securities - agency $ 15,933 $ 438 $ — $ 16,371 $ 15,933 Residential mortgage-backed securities (MBS) - agency 96,286 3,255 27 99,514 96,286 Total held to maturity securities $ 112,219 $ 3,693 $ 27 $ 115,885 $ 112,219 December 31, 2014 Available for sale: Residential CMO securities - nonagency $ 774,804 $ 5,631 $ 6,200 $ 774,235 $ 774,235 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 Total held to maturity securities $ 115,084 $ 3,468 $ 322 $ 118,230 $ 115,084 |
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 September 30, 2015 and December 31, 2014 were as follows: Less Than 12 Months 12 Months or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses September 30, 2015 Debt securities: Residential CMO securities - nonagency $ 107,552 $ 844 $ 225,113 $ 5,882 $ 332,665 $ 6,726 Residential MBS - agency 2,583 2 9,429 25 12,012 27 ABS — — 1,375 289 1,375 289 Total debt securities $ 110,135 $ 846 $ 235,917 $ 6,196 $ 346,052 $ 7,042 December 31, 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 ABS — — 1,395 405 1,395 405 Total debt securities $ 323,830 $ 3,963 $ 44,075 $ 2,964 $ 367,905 $ 6,927 |
Investment Income [Table Text Block] | During the three and nine months ended September 30, 2015 and 2014 , interest and dividend income on investment securities was comprised of the following: Three Months Ended Nine Months Ended 2015 2014 2015 2014 Interest income on available for sale securities $ 4,279 $ 7,243 $ 14,066 $ 24,020 Interest income on held to maturity securities 755 837 2,347 2,473 Other interest and dividend income 2,486 1,547 6,576 2,783 $ 7,520 $ 9,627 $ 22,989 $ 29,276 |
Loans Held for Sale (Tables)
Loans Held for Sale (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Loans Held for Sale [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Loans held for sale as of September 30, 2015 and December 31, 2014 , consisted of the following: September 30, December 31, Mortgage warehouse (carried at fair value) $ 347,038 $ 410,948 Other residential (carried at fair value) 754,303 317,430 Total loans held for sale carried at fair value 1,101,341 728,378 Government insured pool buyouts 288 12,583 Other residential 90,874 232,546 Commercial and commercial real estate 291,251 — Total loans held for sale carried at lower of cost or market 382,413 245,129 Total loans held for sale $ 1,483,754 $ 973,507 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. Mortgage warehouse loans are largely comprised of agency deliverable products that the Company typically sells within three months subsequent to origination. The Company economically hedges the mortgage warehouse portfolio with forward purchase and sales commitments designed to protect against potential changes in fair value. Due to the short duration that these loans are present on the balance sheet, the Company has elected fair value accounting on this portfolio of loans due to the burden of complying with the requirements of hedge accounting. The Company has also elected the fair value option for originated fixed rate jumbo preferred loans, due to the short duration that these loans are present on the balance sheet. Electing to use fair value accounting allows a better offset of the changes in the fair values of the loans and the derivative instruments used to economically hedge these loans without the burden of complying with the requirements for hedge accounting. The Company has not elected the fair value option for other residential mortgage loans, government insured pool buyouts and commercial and commercial real estate loans because the Company expects to hold these loans for the foreseeable future. These loans are carried at the lower of cost or fair value. |
Schedule of Cash Flows Between Transferee and Transferor [Table Text Block] | The following is a summary of cash flows related to transfers accounted for as sales for the three and nine months ended September 30, 2015 and 2014 : Three Months Ended Nine Months Ended 2015 2014 2015 2014 Proceeds received from residential agency securitizations $ 1,240,727 $ 1,426,139 $ 3,416,119 $ 3,638,161 Proceeds received from nonsecuritization sales - residential 610,080 821,010 2,258,236 1,422,271 Proceeds received from nonsecuritization sales - commercial and commercial real estate 61,388 15,363 164,667 94,617 Proceeds received from nonsecuritization sales - equipment financing receivables 3,312 9,401 43,441 13,412 Proceeds received from nonsecuritization sales $ 674,780 $ 845,774 $ 2,466,344 $ 1,530,300 Repurchased loans from residential agency sales and securitizations $ 2,212 $ 1,122 $ 4,733 $ 3,666 Repurchased loans from residential nonagency sales 2,420 — 7,797 4,078 Repurchased loans from commercial sales and securitizations (1) — — 105,651 — (1) Represents loans that were voluntarily repurchased out of the Business Lending Trusts through a clean-up call, which were subsequently sold in third-party sales. |
Schedule of Loan Transfers [Table Text Block] | The following is a summary of transfers of loans from held for investment to held for sale and transfers of loans from held for sale to held for investment for the three and nine months ended September 30, 2015 and 2014 . Three Months Ended Nine Months Ended Loans Transferred from Held for investment (HFI) to Held for Sale (HFS) 2015 2014 2015 2014 Residential mortgages $ 89,849 $ 26,614 $ 799,570 $ 1,185,050 Government insured pool buyouts 218,413 159,243 704,085 401,499 Commercial and commercial real estate 348,875 13,060 348,875 44,438 Equipment financing receivables 3,130 9,401 40,320 13,271 Total transfers from HFI to HFS $ 660,267 $ 208,318 $ 1,892,850 $ 1,644,258 Loans Transferred from HFS to HFI Residential mortgages $ 1,706 167,745 195,760 206,530 Government Insured Pool Buyouts — 24,904 — 24,904 Total transfers from HFS to HFI $ 1,706 $ 192,649 $ 195,760 $ 231,434 |
Loans and Leases Held for Inv36
Loans and Leases Held for Investment, Net (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Loans and Leases Held for Investment, Net [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Loans and leases held for investment as of September 30, 2015 and December 31, 2014 were comprised of the following: September 30, December 31, Residential mortgages $ 11,311,881 $ 9,920,070 Commercial and commercial real estate 6,940,875 5,646,690 Equipment financing receivables 2,287,532 2,031,570 Home equity lines 332,183 156,869 Consumer and credit card 4,910 5,054 Total loans and leases held for investment, net of unearned income 20,877,381 17,760,253 Allowance for loan and lease losses (71,897 ) (60,846 ) Total loans and leases held for investment, net $ 20,805,484 $ 17,699,407 |
Net Purchase Loan And Lease Premiums (Discounts)/Net Deferred Loan And Lease Origination Costs (Fees) [Table Text Block] | As of September 30, 2015 and December 31, 2014 , the carrying values presented above include net purchased loan and lease discounts and net deferred loan and lease origination costs as follows: September 30, December 31, Net purchased loan and lease discounts $ 43,166 $ 47,108 Net deferred loan and lease origination costs 115,990 94,778 |
Acquired Portfolio of Loans/Leases with Evidence of Credit Deterioration [Table Text Block] | Acquisition date details of loans and leases acquired with evidence of credit deterioration during the nine months ended September 30, 2015 and 2014 are as follows: September 30, September 30, Contractual payments receivable for acquired loans and leases at acquisition $ 3,319,606 $ 4,334,951 Expected cash flows for acquired loans and leases at acquisition 2,152,753 2,689,008 Basis in acquired loans and leases at acquisition 1,986,531 2,533,686 Information pertaining to the ACI portfolio as of September 30, 2015 and December 31, 2014 is as follows: Residential Commercial and Commercial Real Estate Total September 30, 2015 Carrying value, net of allowance $ 3,101,072 $ 129,625 $ 3,230,697 Outstanding unpaid principal balance 3,147,692 134,539 3,282,231 Allowance for loan and lease losses, beginning of period 5,974 2,042 8,016 Allowance for loan and lease losses, end of period 7,417 346 7,763 December 31, 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 |
Schedule of Changes in Accretable Yields of Acquired Loans [Table Text Block] | The following is a summary of the accretable yield activity for the ACI loans during the nine months ended September 30, 2015 and 2014 : Residential Commercial and Commercial Real Estate Total September 30, 2015 Balance, beginning of period $ 240,650 $ 61,256 $ 301,906 Additions 166,222 — 166,222 Accretion (97,781 ) (8,986 ) (106,767 ) Reclassifications to (from) accretable yield (83,712 ) (6,022 ) (89,734 ) Balance, end of period $ 225,379 $ 46,248 $ 271,627 September 30, 2014 Balance, beginning of period $ 101,183 $ 59,663 $ 160,846 Additions 155,372 — 155,372 Accretion (51,930 ) (14,878 ) (66,808 ) Reclassifications to (from) accretable yield (9,440 ) 25,879 16,439 Transfer from loans held for investment to loans held for sale (2,522 ) (344 ) (2,866 ) Balance, end of period $ 192,663 $ 70,320 $ 262,983 |
Allowance for Loan and Lease 37
Allowance for Loan and Lease Losses (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Allowance for Loan and Lease Losses [Abstract] | |
Schedule of Credit Losses Related to Financing Receivables, Current and Noncurrent [Table Text Block] | Changes in the allowance for loan and lease losses for the three and nine months ended September 30, 2015 and 2014 are as follows: Three Months Ended September 30, 2015 Residential Mortgages Commercial and Commercial Real Estate Equipment Financing Receivables Home Equity Lines Consumer and Credit Card Total Balance, beginning of period $ 24,385 $ 26,942 $ 10,391 $ 4,236 $ 137 $ 66,091 Provision for loan and lease losses 4,142 5,279 2,761 (1,051 ) — 11,131 Charge-offs (2,630 ) (406 ) (2,703 ) (353 ) — (6,092 ) Recoveries 91 4 602 70 — 767 Balance, end of period $ 25,988 $ 31,819 $ 11,051 $ 2,902 $ 137 $ 71,897 Three Months Ended September 30, 2014 Balance, beginning of period $ 20,421 $ 27,943 $ 5,565 $ 2,667 $ 132 $ 56,728 Transfers to loans held for sale — (2,482 ) — — — (2,482 ) Provision for loan and lease losses 5,115 (1,659 ) 2,917 299 63 6,735 Charge-offs (2,023 ) (568 ) (1,548 ) (171 ) (28 ) (4,338 ) Recoveries 127 6 180 289 — 602 Balance, end of period $ 23,640 $ 23,240 $ 7,114 $ 3,084 $ 167 $ 57,245 Nine Months Ended September 30, 2015 Residential Mortgages Commercial and Commercial Real Estate Equipment Financing Receivables Home Equity Lines Consumer and Credit Card Total Balance, beginning of period $ 25,098 $ 23,095 $ 8,649 $ 3,814 $ 190 $ 60,846 Provision for loan and lease losses 8,304 10,924 9,071 (245 ) 9 28,063 Charge-offs (7,616 ) (2,424 ) (8,172 ) (917 ) (62 ) (19,191 ) Recoveries 202 224 1,503 250 — 2,179 Balance, end of period $ 25,988 $ 31,819 $ 11,051 $ 2,902 $ 137 $ 71,897 Nine Months Ended September 30, 2014 Balance, beginning of period $ 26,497 $ 29,987 $ 4,273 $ 2,812 $ 121 $ 63,690 Transfers to loans held for sale (5,052 ) (2,482 ) — (191 ) — (7,722 ) Provision for loan and lease losses 8,249 1,015 5,950 609 109 15,929 Charge-offs (6,998 ) (5,287 ) (3,675 ) (650 ) (63 ) (16,673 ) Recoveries 944 7 566 504 — 2,021 Balance, end of period $ 23,640 $ 23,240 $ 7,114 $ 3,084 $ 167 $ 57,245 |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | The following tables provide a breakdown of the allowance for loan and lease losses and the recorded investment in loans and leases based on the method for determining the allowance as of September 30, 2015 and December 31, 2014 : September 30, 2015 Individually Evaluated for Impairment Collectively Evaluated for Impairment ACI Loans Total Allowance for Loan and Lease Losses Residential mortgages $ 2,606 $ 15,965 $ 7,417 $ 25,988 Commercial and commercial real estate 7,334 24,139 346 31,819 Equipment financing receivables 281 10,770 — 11,051 Home equity lines — 2,902 — 2,902 Consumer and credit card — 137 — 137 Total allowance for loan and lease losses $ 10,221 $ 53,913 $ 7,763 $ 71,897 Loans and Leases Held for Investment at Recorded Investment Residential mortgages $ 17,419 $ 8,185,973 $ 3,108,489 $ 11,311,881 Commercial and commercial real estate 86,237 6,724,667 129,971 6,940,875 Equipment financing receivables 448 2,287,084 — 2,287,532 Home equity lines — 332,183 — 332,183 Consumer and credit card — 4,910 — 4,910 Total loans and leases held for investment $ 104,104 $ 17,534,817 $ 3,238,460 $ 20,877,381 December 31, 2014 Individually Evaluated for Impairment Collectively Evaluated for Impairment ACI Loans Total Allowance for Loan and Lease Losses 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 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 |
Financing Receivable Credit Quality Indicators [Table Text Block] | The following tables present the recorded investment for loans and leases by credit quality indicator as of September 30, 2015 and December 31, 2014 : Non-pe rf orming Performing Accrual Nonaccrual Total September 30, 2015 Residential mortgages: Residential (1) $ 7,337,233 $ — $ 27,289 $ 7,364,522 Government insured pool buyouts (2) (3) 3,537,434 409,925 — 3,947,359 Equipment financing receivables 2,273,871 — 13,661 2,287,532 Home equity lines 327,997 — 4,186 332,183 Consumer and credit card 4,905 — 5 4,910 Total $ 13,481,440 $ 409,925 $ 45,141 $ 13,936,506 Pass Special Mention Substandard Doubtful Total September 30, 2015 Commercial and commercial real estate: Mortgage warehouse finance $ 2,162,627 $ — $ — $ — $ 2,162,627 Lender finance 1,117,886 — — — 1,117,886 Other commercial finance 208,489 2,990 148 — 211,627 Commercial real estate 3,312,148 14,759 121,828 — 3,448,735 Total commercial and commercial real estate $ 6,801,150 $ 17,749 $ 121,976 $ — $ 6,940,875 Non-performing Performing Accrual Nonaccrual Total December 31, 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 Mention Substandard Doubtful Total December 31, 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 (1) For the periods ended September 30, 2015 and December 31, 2014 , performing residential mortgages included $4,871 and $6,287 , respectively, of ACI loans 90 days or greater past due and still accruing. (2) For the periods ended September 30, 2015 and December 31, 2014 , performing government insured pool buyouts included $2,404,581 and $2,143,384 , respectively, of ACI loans 90 days or greater past due and still accruing. (3) Non-performing government insured pool buyouts represent loans that are 90 days or greater past due but remain on accrual status as the interest earned is insured and thus collectible from the insuring governmental agency. |
Past Due Financing Receivables [Table Text Block] | The following tables present an aging analysis of the recorded investment for loans and leases by class as of September 30, 2015 and December 31, 2014 : 30-59 Days Past Due 60-89 Days Past Due 90 Days and Greater Past Due Total Past Due Current Total Loans Held for Investment Excluding ACI September 30, 2015 Residential mortgages: Residential $ 7,399 $ 7,046 $ 27,289 $ 41,734 $ 7,276,242 $ 7,317,976 Government insured pool buyouts (1) 29,174 23,603 409,925 462,702 422,714 885,416 Commercial and commercial real estate: Mortgage warehouse finance — — — — 2,162,627 2,162,627 Lender finance — — — — 1,117,886 1,117,886 Other commercial finance — — — — 208,076 208,076 Commercial real estate 3,741 — 3,406 7,147 3,315,168 3,322,315 Equipment financing receivables 20,795 5,480 4,126 30,401 2,257,131 2,287,532 Home equity lines 1,044 665 4,186 5,895 326,288 332,183 Consumer and credit card 49 5 5 59 4,851 4,910 Total loans and leases held for investment $ 62,202 $ 36,799 $ 448,937 $ 547,938 $ 17,090,983 $ 17,638,921 December 31, 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 (1) Government insured pool buyouts remain on accrual status after 89 days as the interest earned is collectible from the insuring governmental agency. |
Impaired Financing Receivables [Table Text Block] | The following tables present the unpaid principal balance, the recorded investment and the related allowance for impaired loans as of September 30, 2015 and December 31, 2014 : September 30, 2015 December 31, 2014 Unpaid Principal Balance Recorded Investment (1) Related Allowance Unpaid Principal Balance Recorded Investment (1) Related Allowance With an allowance recorded: Residential mortgages: Residential $ 12,203 $ 10,978 $ 2,606 $ 10,618 $ 10,162 $ 2,896 Commercial and commercial real estate: Commercial real estate 49,125 48,857 7,334 14,566 11,290 720 Equipment financing receivables 448 448 281 — — — Total impaired loans with an allowance recorded $ 61,776 $ 60,283 $ 10,221 $ 25,184 $ 21,452 $ 3,616 Without a related allowance recorded: Residential mortgages: Residential $ 7,352 $ 6,441 $ 7,466 $ 6,480 Commercial and commercial real estate: Commercial real estate 40,831 37,380 41,955 30,977 Total impaired loans without an allowance recorded $ 48,183 $ 43,821 $ 49,421 $ 37,457 (1) The primary difference between the unpaid principal balance and recorded investment represents charge-offs previously taken. The following table presents the average investment and interest income recognized on impaired loans for the three and nine months ended September 30, 2015 and 2014 : Three Months Ended September 30, 2015 2014 Average Investment Interest Income Recognized Average Investment Interest Income Recognized With and without a related allowance recorded: Residential $ 17,556 $ 108 $ 16,283 $ 106 Commercial real estate 69,075 25 56,370 454 Equipment financing receivables 565 — — — Total impaired loans $ 87,196 $ 133 $ 72,653 $ 560 Nine Months Ended September 30, 2015 2014 Average Investment Interest Income Recognized Average Investment Interest Income Recognized With and without a related allowance recorded: Residential $ 17,240 $ 373 $ 51,570 $ 1,141 Commercial real estate 54,207 225 41,404 1,016 Equipment financing receivables 358 4 — — Total impaired loans $ 71,805 $ 602 $ 92,974 $ 2,157 |
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 90 days and greater past due and still accruing as of September 30, 2015 and December 31, 2014 : September 30, 2015 December 31, 2014 Nonaccrual Status 90 Days and Greater Past Due and Accruing Nonaccrual Status 90 Days and Greater Past Due and Accruing Residential mortgages: Residential $ 27,289 $ — $ 22,793 $ — Government insured pool buyouts — 409,925 — 498,228 Commercial and commercial real estate: Commercial real estate 78,801 — 39,049 — Equipment financing receivables 13,661 — 10,957 — Home equity lines 4,186 — 2,363 — Consumer and credit card 5 — 38 — Total non-performing loans and leases $ 123,942 $ 409,925 $ 75,200 $ 498,228 |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | The following is a summary of information relating to modifications considered to be TDRs for the three and nine months ended September 30, 2015 and 2014 that remain TDRs as of the respective balance sheet dates: Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 Number of Contracts Pre- modification Recorded Investment Post- modification Recorded Investment Number of Contracts Pre-modification Recorded Investment Post-modification Recorded Investment Loan Type: Residential 1 $ 198 $ 198 5 $ 1,392 $ 1,396 Commercial real estate 3 9,141 9,141 6 14,575 14,575 Total 4 $ 9,339 $ 9,339 11 $ 15,967 $ 15,971 Three Months Ended September 30, 2014 Nine Months Ended September 30, 2014 Number of Contracts Pre- modification Recorded Investment Post- modification Recorded Investment Number of Contracts Pre- modification Recorded Investment Post- modification Recorded Investment Loan Type: Residential — $ — $ — 3 $ 1,217 $ 1,218 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 12 months preceding September 30, 2015 and 2014 that subsequently defaulted during the three and nine months ended September 30, 2015 and 2014 are as follows: Three Months Ended Nine Months Ended Number of Contracts Recorded Investment Number of Contracts Recorded Investment Loan Type: Residential 6 $ 1,536 6 $ 1,536 Three Months Ended Nine Months Ended Number of Contracts Recorded Investment Number of Contracts Recorded Investment Loan Type: Residential 2 $ 881 2 $ 881 The recorded investment of TDRs as of September 30, 2015 and December 31, 2014 are summarized as follows: September 30, December 31, Loan Type: Residential mortgages $ 17,419 $ 16,642 Commercial and commercial real estate 16,464 9,613 Equipment financing receivables 501 — Total recorded investment of TDRs $ 34,384 $ 26,255 Accrual Status: Current $ 14,969 $ 11,786 30-89 days past-due accruing 1,590 1,848 Nonaccrual 17,825 12,621 Total recorded investment of TDRs $ 34,384 $ 26,255 TDRs classified as impaired loans $ 34,384 $ 26,255 Valuation allowance on TDRs 2,827 3,259 |
Servicing Activities and Mort38
Servicing Activities and Mortgage Servicing Rights (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Servicing Activities and Mortgage Servicing Rights [Abstract] | |
Schedule of Servicing Assets at Amortized Value [Table Text Block] | A summary of MSR activities for the three and nine months ended September 30, 2015 and 2014 is as follows: Three Months Ended Nine Months Ended 2015 2014 2015 2014 Balance, beginning of period $ 362,803 $ 437,595 $ 435,619 $ 506,680 Originated servicing rights capitalized upon sale of loans 17,287 20,848 46,110 42,952 Sale of servicing rights (1,898 ) — (35,938 ) (55,547 ) Amortization (16,760 ) (19,572 ) (56,065 ) (59,170 ) Decrease (increase) in valuation allowance (4,450 ) 3,071 (32,075 ) 8,012 Other 568 (699 ) (101 ) (1,684 ) Balance, end of period $ 357,550 $ 441,243 $ 357,550 $ 441,243 Valuation allowance: Balance, beginning of period $ 13,084 $ 3,071 $ — $ 8,012 Increase in valuation allowance 4,795 — 48,147 — Recoveries (345 ) (3,071 ) (16,072 ) (8,012 ) Write-off of impairment (640 ) — (15,181 ) — Balance, end of period $ 16,894 $ — $ 16,894 $ — |
Loan Servicing Income [Table Text Block] | Components of loan servicing fee income, which includes servicing fees related to sales and securitizations, for the three and nine months ended September 30, 2015 and 2014 are presented below: Three Months Ended Nine Months Ended 2015 2014 2015 2014 Contractually specified service fees, net $ 24,131 $ 31,106 $ 79,899 $ 99,499 Other ancillary fees 2,501 4,249 9,395 19,793 Other 525 545 1,564 3,642 Total $ 27,157 $ 35,900 $ 90,858 $ 122,934 |
Schedule of Assumptions for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Table Text Block] | For loans securitized and sold with servicing retained during the three and nine months ended September 30, 2015 and 2014 , management used the following assumptions to determine the fair value of residential MSR at the date of securitization: Three Months Ended Nine Months Ended Average discount rates 10.17 % — 11.39% 10.08 % — 11.39% Expected prepayment speeds 7.09 % — 9.76% 7.09 % — 11.38% Weighted-average life in years 7.41 — 8.18 6.29 — 8.28 Three Months Ended Nine Months Ended Average discount rates 8.76 % — 14.50% 8.76 % — 14.50% Expected prepayment speeds 11.35 % — 12.59% 11.35 % — 13.76% Weighted-average life in years 6.16 — 6.40 6.03 — 6.41 |
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | The characteristics used in estimating the fair value of the residential MSR portfolio at September 30, 2015 and December 31, 2014 are as follows: September 30, 2015 December 31, 2014 Unpaid principal balance $ 34,786,000 $ 41,190,000 Gross weighted-average coupon 4.29 % 4.37 % Weighted-average servicing fee 0.27 % 0.29 % Expected prepayment speed (1) 12.11 % 12.97 % (1) The prepayment speed assumptions include a blend of prepayment speeds that are influenced by mortgage interest rates, the current macroeconomic environment and borrower behaviors and may vary over the expected life of the asset. |
Schedule of Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets [Table Text Block] | A sensitivity analysis of the Company’s fair value of residential MSR portfolio to hypothetical adverse changes of 10% and 20% to the weighted-average of certain key assumptions as of September 30, 2015 and December 31, 2014 is presented below. September 30, 2015 December 31, 2014 Prepayment Rate 10% adverse rate change $ 14,575 $ 18,294 20% adverse rate change 28,274 35,347 Discount Rate 10% adverse rate change 13,393 15,932 20% adverse rate change 25,863 30,770 |
Trust Preferred Securities an39
Trust Preferred Securities and Subordinated Notes Payable (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Trust Preferred and Subordinated Notes Payable [Abstract] | |
Trust Preferred Securities and Subordinated Notes Payable [Table Text Block] | Trust preferred securities and subordinated notes payable as of September 30, 2015 and December 31, 2014 , consisted of the following: September 30, December 31, Trust preferred securities $ 103,750 $ 103,750 Subordinated notes payable, net of unamortized debt issuance costs of $2,647 and $0, respectively 172,353 — Total trust preferred securities and subordinated notes payable $ 276,103 $ 103,750 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Share-based Compensation [Abstract] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Significant assumptions used in the Black-Scholes option-pricing model to determine the fair value of stock options are as follows: Risk-free interest rate 1.91 % Expected volatility 34 % Expected term (years) 6.5 Dividend yield 1.27 % |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table sets forth the computation of basic and diluted earnings per common share for the three and nine months ended September 30, 2015 and 2014 : Three Months Ended Nine Months Ended 2015 2014 2015 2014 Net income $ 29,583 $ 43,519 $ 85,380 $ 110,061 Less dividends on preferred stock (2,532 ) (2,532 ) (7,594 ) (7,594 ) Net income allocated to common shareholders $ 27,051 $ 40,987 $ 77,786 $ 102,467 (Units in Thousands) Average common shares outstanding 124,823 122,950 124,373 122,826 Common share equivalents: Stock options 1,903 2,323 1,879 2,299 Nonvested stock 373 200 316 167 Average common shares outstanding, assuming dilution 127,099 125,473 126,568 125,292 Basic earnings per share $ 0.22 $ 0.33 $ 0.63 $ 0.83 Diluted earnings per share $ 0.21 $ 0.33 $ 0.61 $ 0.82 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Common shares attributed to these antidilutive securities had these securities been exercised or converted as of September 30, 2015 and 2014 were as follows: Three Months Ended Nine Months Ended 2015 2014 2015 2014 Stock Options 1,457,162 775,715 1,260,909 1,134,422 |
Derivative Financial Instrume42
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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 13 . The total notional or contractual amounts and fair values as of September 30, 2015 and December 31, 2014 were as follows: Fair Value Notional Amount Asset Derivatives Liability Derivatives September 30, 2015 Qualifying hedge contracts accounted for under ASC 815, Derivatives and Hedging Cash flow hedges: Forward interest rate swaps $ 1,178,000 $ — $ 43,051 Derivatives not designated as hedging instruments under ASC 815, Derivatives and Hedging Freestanding derivatives: Interest rate lock commitments (IRLCs) 705,415 13,132 76 Forward and optional forward sale commitments 3,052,422 12 27,612 Forward and optional forward purchase commitments 1,572,000 9,661 657 Interest rate swaps and futures 45,658 — 691 Foreign exchange contracts 546,283 1,947 12,934 Foreign currency, commodity, metals and U.S. Treasury yield indexed options 151,355 1,417 — Options embedded in client deposits 149,951 — 1,410 Indemnification asset 93,584 1,849 — Total freestanding derivatives 28,018 43,380 Netting and cash collateral adjustments (1) (10,856 ) (81,995 ) Total derivatives $ 17,162 $ 4,436 Fair Value Notional Amount Asset Derivatives Liability Derivatives December 31, 2014 Qualifying hedge contracts accounted for under 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 sale commitments 961,905 38 7,030 Forward and optional forward purchase commitments 274,000 387 7 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 asset 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 (1) Amounts represent the effect of legally enforceable master netting agreements that allow the Company to settle positive and negative positions as well as cash collateral and related accrued interest held or placed with the same counterparties. Amounts as of September 30, 2015 and December 31, 2014 include derivative positions netted totaling $10,516 and $3,437 , respectively. |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | The following table shows the net gains and losses recognized for the three and nine months ended September 30, 2015 and 2014 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. Three Months Ended Nine Months Ended 2015 2014 2015 2014 Freestanding derivatives Gains (losses) on interest rate contracts (1) $ (46,461 ) $ (3,391 ) $ (44,191 ) $ (39,186 ) Gains (losses) on indemnification asset (2) (133 ) 260 (577 ) (811 ) Gains (losses) on foreign exchange forward contracts (3) (32,467 ) (38,706 ) (52,613 ) (14,779 ) Other (77 ) 8 (145 ) (7 ) (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 13 for additional information relating to the indemnification asset. (3) Foreign exchange forward contracts act as economic hedges for the foreign currency risk embedded within deposits denominated in foreign currencies. The change in the fair value of the foreign exchange forward contract is marked to fair value, while the deposit is translated to the current spot rate in accordance with ASC 830. Historically, the hedge has been effective in managing the foreign currency risk of foreign-denominated deposits by locking in the U.S. Dollar cash flows. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | As of September 30, 2015 and December 31, 2014 , assets and liabilities measured at fair value on a recurring basis, including certain loans held for sale and certain other assets for which the Company has elected the fair value option, are as follows: Fair Value Measurements Level 1 Level 2 Level 3 Netting Total September 30, 2015 Financial assets: Available for sale securities: Residential CMO securities - nonagency $ — $ 572,336 $ — $ 572,336 Asset-backed securities — 1,375 — 1,375 Other 206 187 — 393 Total available for sale securities 206 573,898 — 574,104 Loans held for sale — 347,038 754,303 1,101,341 Other assets (1) — — 784 784 Derivative financial instruments: Derivative assets (Note 12) — 14,886 13,132 (10,856 ) 17,162 Derivative liabilities (Note 12) — 86,355 76 (81,995 ) 4,436 Fair Value Measurements Level 1 Level 2 Level 3 Netting Total December 31, 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 12) — (2) 7,344 17,202 (5,737 ) 18,809 Derivative liabilities (Note 12) — 53,759 340 (46,917 ) 7,182 (1) Other assets represent the net position of the Company's extended written loan commitments for which the Company has elected the fair value option of accounting. As of September 30, 2015 the Company had outstanding commitments of $70,533 related to these extended loan commitments. (2) 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 12 for additional information regarding the interest rate swap futures. |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Changes in assets and liabilities measured at Level 3 fair value on a recurring basis for the three and nine months ended September 30, 2015 and 2014 are as follows: Loans Held for Sale (1) Other Assets (2) Freestanding Derivatives, net (3) Three Months Ended September 30, 2015 Balance, beginning of period $ 653,849 $ (381 ) $ 14,213 Issuances 415,136 383 33,079 Sales (318,915 ) — — Settlements (4,910 ) (91 ) (37,390 ) Gains (losses) included in earnings for the period 9,143 873 3,154 Balance, end of period $ 754,303 $ 784 $ 13,056 Change in unrealized net gains (losses) included in net income related to assets and liabilities still held as of September 30, 2015 $ 7,310 $ 921 $ 5,056 Three Months Ended September 30, 2014 Balance, beginning of period $ 156,546 $ — $ 16,712 Issuances 304,213 — 24,191 Sales (157,977 ) — — Settlements (2,754 ) — (26,278 ) Gains (losses) included in earnings for the period 546 — 1,029 Balance, end of period $ 300,574 $ — $ 15,654 Change in unrealized net gains (losses) included in net income related to assets and liabilities still held as of September 30, 2014 $ 1,273 $ — $ (1,058 ) Loans Held for Sale (1) Other Assets (2) Freestanding Derivatives, net (3) Nine Months Ended September 30, 2015 Balance, beginning of period $ 317,430 $ — $ 16,862 Issuances 1,330,276 (397 ) 95,631 Sales (871,661 ) — — Settlements (31,159 ) 445 (97,229 ) Gains (losses) included in earnings for the period 9,417 736 (2,208 ) Balance, end of period $ 754,303 $ 784 $ 13,056 Change in unrealized net gains (losses) included in net income related to assets and liabilities still held as of September 30, 2015 $ 7,310 $ 784 $ 13,056 Nine Months Ended September 30, 2014 Balance, beginning of period $ 58,912 $ — $ 5,861 Issuances 568,290 — 47,105 Sales (301,322 ) — — Settlements (29,642 ) — (62,244 ) Gains (losses) included in earnings for the period 4,336 — 24,932 Balance, end of period $ 300,574 $ — $ 15,654 Change in unrealized net gains (losses) included in net income related to assets and liabilities still held as of September 30, 2014 $ 1,273 $ — $ 9,792 (1) Net realized and unrealized gains (losses) on loans held for sale are included in gain on sale of loans. (2) Net realized and unrealized gains (losses) on extended written loan commitments are included in gain on sale of loans. (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 asset are recorded in general and administrative expense. |
Fair Value, Option, Quantitative Disclosures [Table Text Block] | The following table presents information on loans held for sale reported under the fair value option at September 30, 2015 and December 31, 2014 : September 30, 2015 Fair value carrying amount $ 1,101,341 Aggregate unpaid principal balance 1,065,004 Fair value carrying amount less aggregate unpaid principal $ 36,337 December 31, 2014 Fair value carrying amount $ 728,378 Aggregate unpaid principal balance 704,835 Fair value carrying amount less aggregate unpaid principal $ 23,543 |
Fair Value Measurements, Nonrecurring [Table Text Block] | Certain assets and liabilities are measured at fair value on a non-recurring basis and therefore are not included in the tables above. These measurements primarily result from assets carried at the lower of cost or fair value or from impairment of individual assets. Gains and losses disclosed below represent changes in fair value recognized subsequent to initial classification. The change in the MSR value represents a change due to impairment or recoveries on previous write downs. The carrying value of assets measured at fair value on a non-recurring basis and held at September 30, 2015 and December 31, 2014 and related changes in fair value are as follows: Level 1 Level 2 Level 3 Total Loss (Gain) Due to Change in Fair Value September 30, 2015 Collateral-dependent loans $ — $ — $ 49,352 $ 49,352 $ 6,614 Other real estate owned (1) — — 4,155 4,155 2,732 Mortgage servicing rights (2) — — 356,530 356,530 16,894 Loans held for sale — — 213 213 10 December 31, 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 ) (1) Gains and losses resulting from subsequent measurement of OREO are included in the condensed consolidated statements of income as general and administrative expense. OREO is included in other assets in the condensed consolidated balance sheets. (2) The fair value for mortgage servicing rights represents the value of the strata with impairment or recoveries on previous valuation allowances. |
Fair Value, by Balance Sheet Grouping [Table Text Block] | The following table presents the carrying amount, estimated fair value, and placement in the fair value hierarchy of the Company’s financial instruments as of September 30, 2015 and December 31, 2014 . This table excludes financial instruments with short-term or no stated maturity, prevailing market rates and limited credit risk, where carrying amounts approximate fair value. For financial assets such as cash and due from banks, 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. Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 September 30, 2015 Financial assets: Investment securities: Held to maturity $ 112,219 $ 115,885 $ — $ 115,885 $ — Loans held for sale (1) 382,413 382,352 — 1,505 380,847 Loans held for investment (2) 19,000,070 19,123,032 — — 19,123,032 Financial liabilities: Time deposits $ 6,458,656 $ 6,516,359 $ — $ 6,516,359 $ — Other borrowings 5,297,000 5,339,861 — 5,339,861 — Trust preferred securities and subordinated notes payable 276,103 265,998 176,808 — 89,190 December 31, 2014 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 (1) The carrying value of loans held for sale excludes $1,101,341 and $728,378 in loans measured at fair value on a recurring basis as of September 30, 2015 and December 31, 2014 , respectively. (2) The carrying value of loans held for investment is net of the allowance for loan loss of $60,846 and $52,197 as of September 30, 2015 and December 31, 2014 , respectively. In addition, the carrying values exclude $1,805,414 and $1,520,418 of lease financing receivables within the equipment financing receivables portfolio as of September 30, 2015 and December 31, 2014 , 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 September 30, 2015 and December 31, 2014 : Level 3 Fair Value Measurement Fair Value Valuation Technique Unobservable Inputs Significant Unobservable Input Value September 30, 2015 Min. Max. Weighted Avg. IRLCs, net $ 13,056 Discounted cash flow Loan closing ratio 1.00 % - 99.00% 79.83% (2) Loans held for sale 754,303 Discounted cash flow Cost of funds 2.01 % - 3.15% 2.85% Prepayment rate 5.08 % - 23.97% 9.23% Default rate 0.00 % - 3.46% 0.42% Weighted average life (in years) 3.41 - 10.56 7.60 Cumulative loss 0.00 % - 0.73% 0.06% Loss severity 2.30 % - 30.93% 12.34% Other assets 784 Discounted cash flow Loan closing ratio 1.00 % 99.00% 71.57% (2) December 31, 2014 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 0.00 % - 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 0.00 % - 2.36% 0.34% Weighted average life (in years) 3.39 - 9.00 5.62 Cumulative loss 0.00 % - 0.43% 0.05% Loss severity 2.05 % - 21.70% 11.68% (1) The range represents the sum of the highest and lowest values for all tranches that we use in our valuation process. (2) The range represents the highest and lowest loan closing rates used in the valuation process. 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 September 30, 2015 and December 31, 2014 : Level 3 Fair Value Measurement Fair Value Valuation Technique Unobservable Inputs Significant Unobservable Input Value September 30, 2015 Min. Max. Weighted Avg. Collateral-dependent loans $ 49,352 Appraisal value Appraised value NM - NM N/A (1) Other real estate owned 4,155 Appraisal value Appraised value NM - NM N/A (1) Mortgage servicing rights 356,530 Discounted cash flow Prepayment speed 8.96 % - 24.69% 11.75% (2) Discount rate 9.53 % - 10.07% 9.62% (3) Loans held for sale 213 Discounted cash flow Cost of funds 1.08 % - 1.77% 1.37% Prepayment rate 1.82 % - 22.56% 11.47% Default rate 0.00 % - 100% 18.42% Weighted average life (in years) 0.70 - 13.80 7.05 Cumulative loss 0.00 % - 47.89% 3.63% Loss severity 0.00 % - 47.89% 17.80% December 31, 2014 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 7.00 % - 13.70% 11.11% Default rate 0.00 % - 100.00% 28.56% Weighted average life (in years) 4.92 - 9.35 6.69 Cumulative loss 0.00 % - 41.91% 5.51% Loss severity 0.00 % - 46.13% 24.98% (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 Contingencies44
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Unfunded Credit Extension Commitments [Table Text Block] | Unfunded credit extension commitments at September 30, 2015 and December 31, 2014 are as follows: September 30, December 31, Commercial (1) $ 1,986,070 $ 1,475,846 Home equity lines of credit 92,652 23,107 Credit card lines of credit 34,462 33,913 Standby letters of credit 12,019 859 Total unfunded credit extension commitments $ 2,125,203 $ 1,533,725 (1) Of the outstanding unfunded commercial commitments, $918,157 and $503,138 were cancellable by the Company at September 30, 2015 and December 31, 2014 , 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 September 30, 2015 and December 31, 2014 are as follows: September 30, December 31, Residential $ 740,399 $ 535,679 Commercial 1,074,507 623,540 Equipment financing receivables 348,764 281,778 Total commitments to lend in the pipeline $ 2,163,670 $ 1,440,997 |
Schedule of FHLB Forward-Dated Agreements [Table Text Block] | The outstanding forward-dated agreements as of September 30, 2015 are as follows: Agreement Date Funding Date Amount Interest Rate Maturity Date May 2014 November 2015 $ 20,000 2.87 % May 2021 May 2014 November 2015 60,000 3.48 % May 2024 July 2014 December 2015 50,000 3.36 % July 2023 January 2015 December 2015 100,000 2.32 % December 2022 June 2015 March 2017 25,000 2.86 % June 2022 June 2015 September 2017 25,000 3.01 % September 2022 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Variable Interest Entities [Abstract] | |
Schedule of Variable Interest Entities [Table Text Block] | The table below summarizes select information related to variable interests held by the Company at September 30, 2015 and December 31, 2014 : September 30, 2015 December 31, 2014 Non-consolidated VIEs Total Assets Maximum Exposure Total Assets Maximum Exposure Loans provided to VIEs $ 35,125 $ 35,125 $ 121,730 $ 121,730 On-balance-sheet securitizations — — 9,001 9,001 Debt securities 686,117 686,117 890,924 890,924 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Segment Information [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The results of each segment are reported on a continuing basis. The following table presents financial information of reportable business segments as of and for the three and nine months ended September 30, 2015 and 2014 . The eliminations column includes intersegment eliminations required for consolidation purposes. As of and for the Three Months Ended September 30, 2015 Consumer Banking Commercial Banking Corporate Services Eliminations Consolidated Net interest income (expense) $ 92,157 $ 80,790 $ (4,107 ) $ — $ 168,840 Total net revenue 125,004 (1) 88,994 (3,963 ) — 210,035 Intersegment revenue 10,416 (10,416 ) — — — Depreciation and amortization 2,306 2,828 1,794 — 6,928 lncome (loss) before income taxes 27,899 (1) 50,568 (31,069 ) — 47,398 Total assets 15,649,933 9,678,171 274,938 (388,299 ) 25,214,743 As of and for the Three Months Ended September 30, 2014 Consumer Banking Commercial Banking Corporate Services Eliminations Consolidated Net interest income (expense) $ 84,635 $ 63,302 $ (1,601 ) $ — $ 146,336 Total net revenue 159,876 (2) 76,099 (1,425 ) — 234,550 Intersegment revenue 17,635 (17,635 ) — — — Depreciation and amortization 2,246 3,452 1,971 — 7,669 Income (loss) before income taxes 48,624 (2) 46,981 (25,543 ) — 70,062 Total assets 13,292,823 7,257,986 120,054 (160,521 ) 20,510,342 As of and for the Nine Months Ended September 30, 2015 Consumer Banking Commercial Banking Corporate Services Eliminations Consolidated Net interest income (expense) $ 269,169 $ 231,392 $ (7,258 ) $ — $ 493,303 Total net revenue 395,132 (1) 262,533 (6,832 ) — 650,833 Intersegment revenue 33,841 (33,841 ) — — — Depreciation and amortization 6,976 8,354 5,081 — 20,411 Income (loss) before income taxes 73,356 (1) 155,362 (91,464 ) — 137,254 Total assets 15,649,933 9,678,171 274,938 (388,299 ) 25,214,743 As of and for the Nine Months Ended September 30, 2014 Consumer Banking Commercial Banking Corporate Services Eliminations Consolidated Net interest income (expense) $ 236,753 $ 185,386 $ (4,768 ) $ — $ 417,371 Total net revenue 466,005 (2) 217,601 (4,169 ) — 679,437 Intersegment revenue 48,332 (48,332 ) — — — Depreciation and amortization 6,842 11,721 5,842 — 24,405 Income (loss) before income taxes 124,487 (2) 131,195 (78,459 ) — 177,223 Total assets 13,292,823 7,257,986 120,054 (160,521 ) 20,510,342 (1) Segment earnings in the Consumer Banking segment included a $4,450 charge for MSR impairment for the three months ended September 30, 2015 and a $32,075 charge for MSR impairment for the nine months ended September 30, 2015 . (2) Segment earnings in the Consumer Banking segment included a $3,071 recovery on the MSR valuation allowance for the three months ended September 30, 2014 and an $8,012 recovery on the MSR valuation allowance for the nine months ended September 30, 2014 . |
Organization and Basis of Pre47
Organization and Basis of Presentation Supplemental Disclosures of Cash Flow Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Organization and Basis of Presentation [Abstract] | ||
Loans Transferred to Foreclosure Claims | $ 826,295 | $ 431,488 |
Investment Securities Textual (
Investment Securities Textual (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($) | |
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | |||||
Pledged securities | $ 164,872 | $ 164,872 | $ 166,836 | ||
Other than Temporary Impairment Losses, Investments | 0 | $ 685 | |||
Realized Investment Gains (Losses) [Abstract] | |||||
Available-for-sale Securities, Gross Realized Gains | 568 | 637 | 1,250 | ||
Available-for-sale Securities, Gross Realized Losses | $ 0 | $ 0 | $ 0 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||||
Number of Debt Securities Held Unrealized Losses | 56 | 56 | 58 | ||
Number of Debt Securities Held Unrealized Losses Less Than Twelve Months | 17 | 17 | 39 | ||
Number of Debt Securities Held Unrealized Losses More Than Twelve Months | 39 | 39 | 19 | ||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | $ 0 | ||||
Collateralized Mortgage Obligations [Member] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 34 | 34 | 13 | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | 15 | 15 | 36 | ||
Asset-backed securities (ABS) [Member] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 3 | 3 | 3 | ||
Residential MBS - agency [Member] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||||
Number of Debt Securities Held Unrealized Losses Less Than Twelve Months | 2 | 2 | 3 | ||
Number of Debt Securities Held Unrealized Losses More Than Twelve Months | 2 | 2 | 3 | ||
Debt Securities [Member] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||||
Securities Continuouse Unrealized Loss Position, Aggregate Losses | $ 7,042 | $ 7,042 | $ 6,927 | ||
Amount of Unrealized Losses of Debt Securities Rated Investment Grade | $ 4,707 | $ 4,707 | $ 5,061 |
Investment Securities Schedule
Investment Securities Schedule of AFS and HTM Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 578,399 | $ 776,879 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 2,720 | 6,037 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 7,015 | 6,605 |
Available for sale securities | 574,104 | 776,311 |
Amortized Cost | 112,219 | 115,084 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 3,693 | 3,468 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | 27 | 322 |
Held to maturity Securities | 115,885 | 118,230 |
Held-to-maturity Securities | 112,219 | 115,084 |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 576,481 | 774,804 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 2,581 | 5,631 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 6,726 | 6,200 |
Available for sale securities | 572,336 | 774,235 |
Asset-backed securities (ABS) [Member] | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 1,664 | 1,800 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 289 | 405 |
Available for sale securities | 1,375 | 1,395 |
Other Investments [Member] | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 254 | 275 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 139 | 406 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 |
Available for sale securities | 393 | 681 |
Residential MBS - agency [Member] | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 96,286 | 87,283 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 3,255 | 2,680 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | 27 | 322 |
Held to maturity Securities | 99,514 | 89,641 |
Held-to-maturity Securities | 96,286 | 87,283 |
US Government-sponsored Enterprises Debt Securities [Member] | Collateralized Mortgage Obligations [Member] | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 15,933 | 27,801 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 438 | 788 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | 0 | 0 |
Held to maturity Securities | 16,371 | 28,589 |
Held-to-maturity Securities | 15,933 | 27,801 |
Estimate of Fair Value Measurement [Member] | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ||
Held to maturity Securities | $ 115,885 | $ 118,230 |
Investment Securities Unrealize
Investment Securities Unrealized Losses (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($) | |
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ||||
Available-for-sale Securities, Gross Realized Gains | $ 568 | $ 637 | $ 1,250 | |
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 | 15 | 15 | 36 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 107,552 | $ 107,552 | $ 317,042 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 844 | 844 | 3,900 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 225,113 | 225,113 | 31,010 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 5,882 | 5,882 | 2,300 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 332,665 | 332,665 | 348,052 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 6,726 | 6,726 | 6,200 | |
Residential MBS - agency [Member] | ||||
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ||||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 2,583 | 2,583 | 6,788 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 2 | 2 | 63 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 9,429 | 9,429 | 11,670 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 25 | 25 | 259 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | 12,012 | 12,012 | 18,458 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss | 27 | 27 | 322 | |
Asset-backed securities (ABS) [Member] | ||||
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 0 | 0 | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 0 | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,375 | 1,375 | 1,395 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 289 | 289 | 405 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,375 | 1,375 | 1,395 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 289 | 289 | 405 | |
Debt Securities [Member] | ||||
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ||||
Securities Continuous Unrealized Loss Position, Twelve Months Or Longer, Aggregate Losses | 6,196 | 6,196 | 2,964 | |
Securities Continuous Unrealized Loss Position, Fair Value | 346,052 | 346,052 | 367,905 | |
Securities Continuouse Unrealized Loss Position, Aggregate Losses | 7,042 | 7,042 | 6,927 | |
Securities Continuous Unrealized Loss Position, Less Than Twelve Months, Aggregate Losses | 846 | 846 | 3,963 | |
Securities Continuous Unrealized Loss Position, Twelve Months Or Longer, Fair Value | 235,917 | 235,917 | 44,075 | |
Securities Continuous Unrealized Loss Position, Less Than Twelve Months, Fair Value | $ 110,135 | $ 110,135 | $ 323,830 |
Investment Securities Investmen
Investment Securities Investment Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Other Interest and Dividend Income | $ 226 | $ 116 | $ 545 | $ 388 |
Interest and Dividend Income, Securities | 7,520 | 9,627 | 22,989 | 29,276 |
Interest Income, Securities, Operating, Taxable | 5,034 | 8,080 | 16,413 | 26,493 |
Investments [Member] | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Interest income on available for sale securities | 4,279 | 7,243 | 14,066 | 24,020 |
Interest income on held to maturity securities | 755 | 837 | 2,347 | 2,473 |
Other Interest and Dividend Income | $ 2,486 | $ 1,547 | $ 6,576 | $ 2,783 |
Loans Held for Sale Textual (De
Loans Held for Sale Textual (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Fair Value, Option, Reasons for Partial Election | 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. Mortgage warehouse loans are largely comprised of agency deliverable products that the Company typically sells within three months subsequent to origination. The Company economically hedges the mortgage warehouse portfolio with forward purchase and sales commitments designed to protect against potential changes in fair value. Due to the short duration that these loans are present on the balance sheet, the Company has elected fair value accounting on this portfolio of loans due to the burden of complying with the requirements of hedge accounting. The Company has also elected the fair value option for originated fixed rate jumbo preferred loans, due to the short duration that these loans are present on the balance sheet. Electing to use fair value accounting allows a better offset of the changes in the fair values of the loans and the derivative instruments used to economically hedge these loans without the burden of complying with the requirements for hedge accounting. The Company has not elected the fair value option for other residential mortgage loans, government insured pool buyouts and commercial and commercial real estate loans because the Company expects to hold these loans for the foreseeable future. These loans are carried at the lower of cost or fair value. | ||||
Servicing Asset at Amortized Value Originated Additions | $ 17,287 | $ 20,848 | $ 46,110 | $ 42,952 | |
Variable Interest, Not Primary Beneficiary, Securitizations through Ginnie Mae not Meeting Sale Accounting Criteria [Member] | Government National Mortgage Association Certificates and Obligations (GNMA) [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets | $ 0 | $ 0 | $ 9,001 |
Loans Held for Sale (Details)
Loans Held for Sale (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for sale | $ 1,483,754 | $ 973,507 |
Conventional Mortgage Loan [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for sale | 347,038 | 410,948 |
Other Residential Carried at Fair Value [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for sale | 754,303 | 317,430 |
Fair Value, Option, Eligible Item or Group [Domain] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for sale | 1,101,341 | 728,378 |
Government insured pool buyouts [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for sale | 288 | 12,583 |
Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for sale | 90,874 | 232,546 |
Commercial Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for sale | 291,251 | 0 |
Loans Held for Sale Carried at Lower of Cost or Market [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for sale | $ 382,413 | $ 245,129 |
Loans Held for Sale Loan Securi
Loans Held for Sale Loan Securitizations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group | $ 1,483,754 | $ 1,483,754 | $ 973,507 | |||
Agency Securitizations [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Proceeds received from new securitizations and nonsecuritizations | 1,240,727 | $ 1,426,139 | 3,416,119 | $ 3,638,161 | ||
Repurchased loans | 2,212 | 1,122 | 4,733 | 3,666 | ||
Nonagency Sales [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Proceeds received from new securitizations and nonsecuritizations | 674,780 | 845,774 | 2,466,344 | 1,530,300 | ||
Residential Mortgage [Member] | Nonagency Sales [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Proceeds received from new securitizations and nonsecuritizations | 610,080 | 821,010 | 2,258,236 | 1,422,271 | ||
Repurchased loans | 2,420 | 0 | 7,797 | 4,078 | ||
Commercial Portfolio Segment [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group | 291,251 | 291,251 | $ 0 | |||
Commercial Portfolio Segment [Member] | Nonagency Sales [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Proceeds received from new securitizations and nonsecuritizations | 61,388 | 15,363 | 164,667 | 94,617 | ||
Repurchased loans | [1] | 0 | 0 | 105,651 | 0 | |
Financing Receivable [Member] | Nonagency Sales [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Proceeds received from new securitizations and nonsecuritizations | $ 3,312 | $ 9,401 | $ 43,441 | $ 13,412 | ||
[1] | (1) Represents loans that were voluntarily repurchased out of the Business Lending Trusts through a clean-up call, which were subsequently sold in third-party sales. |
Loans Held for Sale Schedule of
Loans Held for Sale Schedule of Loan Transfers (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Schedule of Loan Transfers [Line Items] | ||||
Transfer of Portfolio Loans and Leases to Held-for-sale | $ 660,267 | $ 208,318 | $ 1,892,850 | $ 1,644,258 |
Transfer of Loans Held-for-sale to Portfolio Loans | 1,706 | 192,649 | 195,760 | 231,434 |
Residential Mortgage [Member] | ||||
Schedule of Loan Transfers [Line Items] | ||||
Transfer of Portfolio Loans and Leases to Held-for-sale | 89,849 | 26,614 | 799,570 | 1,185,050 |
Transfer of Loans Held-for-sale to Portfolio Loans | 1,706 | 167,745 | 195,760 | 206,530 |
Government Insured pool Buyout Portfolio Segment [Member] | ||||
Schedule of Loan Transfers [Line Items] | ||||
Transfer of Portfolio Loans and Leases to Held-for-sale | 218,413 | 159,243 | 704,085 | 401,499 |
Transfer of Loans Held-for-sale to Portfolio Loans | 0 | 24,904 | 0 | 24,904 |
Commercial Portfolio Segment [Member] | ||||
Schedule of Loan Transfers [Line Items] | ||||
Transfer of Portfolio Loans and Leases to Held-for-sale | 348,875 | 13,060 | 348,875 | 44,438 |
Financing Receivable [Member] | ||||
Schedule of Loan Transfers [Line Items] | ||||
Transfer of Portfolio Loans and Leases to Held-for-sale | $ 3,130 | $ 9,401 | $ 40,320 | $ 13,271 |
Loans and Leases Held for Inv56
Loans and Leases Held for Investment, Net Textual (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Provision for Loan Losses | $ (253) | $ 427 |
Business Acquisition, Effective Date of Acquisition | May 11, 2015 | |
Significant Transaction, Cash Paid | $ 91,829 | |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Significant Purchases | 105,652 | |
Residential Mortgage [Member] | ||
Financing Receivable, Significant Purchases | 2,138,426 | |
Commitments to Extend Credit [Member] | Commercial and Commercial Real Estate [Member] | ||
Financing Receivable, Significant Purchases | 818,287 | |
Commercial Loan [Member] | ||
Financing Receivable, Significant Purchases | 415,374 | |
Asset Based Lending [Member] | ||
Business Combination, Acquired Receivables, Fair Value | $ 91,721 |
Loans and Leases Held for Inv57
Loans and Leases Held for Investment, Net (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases held for investment, net of unearned income | $ 20,877,381 | $ 17,760,253 | ||||
Allowance for loan and lease losses | (71,897) | $ (66,091) | (60,846) | $ (57,245) | $ (56,728) | $ (63,690) |
Total loans and leases held for investment, net | 20,805,484 | 17,699,407 | ||||
Residential Mortgage [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases held for investment, net of unearned income | 11,311,881 | 9,920,070 | ||||
Allowance for loan and lease losses | (25,988) | (24,385) | (25,098) | (23,640) | (20,421) | (26,497) |
Commercial Portfolio Segment [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases held for investment, net of unearned income | 6,940,875 | 5,646,690 | ||||
Loans and Finance Receivables [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases held for investment, net of unearned income | 2,287,532 | 2,031,570 | ||||
Home equity lines [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases held for investment, net of unearned income | 332,183 | 156,869 | ||||
Allowance for loan and lease losses | (2,902) | $ (4,236) | (3,814) | $ (3,084) | $ (2,667) | $ (2,812) |
Consumer Loan [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases held for investment, net of unearned income | $ 4,910 | $ 5,054 |
Loans and Leases Held for Inv58
Loans and Leases Held for Investment, Net Net Purchase Loan/Lease Fees (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Loans and Leases Held for Investment, Net [Abstract] | ||
Net purchased loan and leases discounts | $ 43,166 | $ 47,108 |
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | $ 115,990 | $ 94,778 |
Loans and Leases Held for Inv59
Loans and Leases Held for Investment, Net Acquired Portfolio of Loans and Leases with Evidence of Credit Deterioration (Details) - USD ($) $ in Thousands | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Provision for Loan Losses | $ (253) | $ 427 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Contractually Required Payments Receivable at Acquisition | 3,319,606 | 4,334,951 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Cash Flows Expected to be Collected at Acquisition | 2,152,753 | 2,689,008 | ||
Acquired Credit Impaired Loans And Leases Outstanding Basis at Acquisition | 1,986,531 | $ 2,533,686 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 3,230,697 | $ 2,811,327 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Commercial, Outstanding Balance | 3,282,231 | 2,853,558 | ||
Allowance for loan and lease losses | 7,763 | 8,016 | $ 14,759 | |
Commercial and Commercial Real Estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 129,625 | 194,599 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Commercial, Outstanding Balance | 134,539 | 198,061 | ||
Allowance for loan and lease losses | 346 | 2,042 | 9,834 | |
Residential Portfolio Segment [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 3,101,072 | 2,616,728 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Commercial, Outstanding Balance | $ 3,147,692 | 2,655,497 | ||
Allowance for loan and lease losses | $ 5,974 | $ 4,925 |
Loans and Leases Held for Inv60
Loans and Leases Held for Investment, Net Schedule of Changes in Accretable Yields of Acquired Loans (Details) - USD ($) $ in Thousands | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accretable Yield | $ 271,627 | $ 262,983 | $ 301,906 | $ 160,846 |
Additions | 166,222 | 155,372 | ||
Accretion | (106,767) | (66,808) | ||
Certain Loans Acquired in Transfer Accounted for as Available-for-sale Debt Securities, Accretable Yield, Reclassifications to Nonaccretable Difference | (89,734) | |||
Reclassifications (from) to accretable yield | 16,439 | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Transfers to Loans Held-for-sale | (2,866) | |||
Residential Portfolio Segment [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accretable Yield | 225,379 | 192,663 | 240,650 | 101,183 |
Additions | 166,222 | 155,372 | ||
Accretion | (97,781) | (51,930) | ||
Certain Loans Acquired in Transfer Accounted for as Available-for-sale Debt Securities, Accretable Yield, Reclassifications to Nonaccretable Difference | (83,712) | (9,440) | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Transfers to Loans Held-for-sale | (2,522) | |||
Commercial and Commercial Real Estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accretable Yield | 46,248 | 70,320 | $ 61,256 | $ 59,663 |
Additions | 0 | 0 | ||
Accretion | (8,986) | (14,878) | ||
Certain Loans Acquired in Transfer Accounted for as Available-for-sale Debt Securities, Accretable Yield, Reclassifications to Nonaccretable Difference | $ (6,022) | |||
Reclassifications (from) to accretable yield | 25,879 | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Transfers to Loans Held-for-sale | $ (344) |
Allowance for Loan and Lease 61
Allowance for Loan and Lease Losses Change in ALLL (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||
Allowance for Loan and Lease Losses, Adjustments, Other | $ (2,482) | $ (7,722) | ||||||
Loans and Leases Held for Investment, Allowance | $ 71,897 | 57,245 | $ 71,897 | 57,245 | $ 66,091 | $ 60,846 | $ 56,728 | $ 63,690 |
Provision for Loan and Lease Losses | 11,131 | 6,735 | 28,063 | 15,929 | ||||
Charge-offs | (6,092) | (4,338) | (19,191) | (16,673) | ||||
Recoveries | 767 | 602 | 2,179 | 2,021 | ||||
Residential Mortgage [Member] | ||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||
Allowance for Loan and Lease Losses, Adjustments, Other | 0 | (5,052) | ||||||
Loans and Leases Held for Investment, Allowance | 25,988 | 23,640 | 25,988 | 23,640 | 24,385 | 25,098 | 20,421 | 26,497 |
Provision for Loan and Lease Losses | 4,142 | 5,115 | 8,304 | 8,249 | ||||
Charge-offs | (2,630) | (2,023) | (7,616) | (6,998) | ||||
Recoveries | 91 | 127 | 202 | 944 | ||||
Commercial and Commercial Real Estate [Member] | ||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||
Allowance for Loan and Lease Losses, Adjustments, Other | (2,482) | (2,482) | ||||||
Loans and Leases Held for Investment, Allowance | 31,819 | 23,240 | 31,819 | 23,240 | 26,942 | 23,095 | 27,943 | 29,987 |
Provision for Loan and Lease Losses | 5,279 | (1,659) | 10,924 | 1,015 | ||||
Charge-offs | (406) | (568) | (2,424) | (5,287) | ||||
Recoveries | 4 | 6 | 224 | 7 | ||||
Equipment Finance Receivable [Member] | ||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||
Allowance for Loan and Lease Losses, Adjustments, Other | 0 | 0 | ||||||
Loans and Leases Held for Investment, Allowance | 11,051 | 7,114 | 11,051 | 7,114 | 10,391 | 8,649 | 5,565 | 4,273 |
Provision for Loan and Lease Losses | 2,761 | 2,917 | 9,071 | 5,950 | ||||
Charge-offs | (2,703) | (1,548) | (8,172) | (3,675) | ||||
Recoveries | 602 | 180 | 1,503 | 566 | ||||
Home equity lines [Member] | ||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||
Allowance for Loan and Lease Losses, Adjustments, Other | 0 | (191) | ||||||
Loans and Leases Held for Investment, Allowance | 2,902 | 3,084 | 2,902 | 3,084 | 4,236 | 3,814 | 2,667 | 2,812 |
Provision for Loan and Lease Losses | (1,051) | 299 | (245) | 609 | ||||
Charge-offs | (353) | (171) | (917) | (650) | ||||
Recoveries | 70 | 289 | 250 | 504 | ||||
Consumer and credit card [Member] | ||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||
Allowance for Loan and Lease Losses, Adjustments, Other | 0 | 0 | ||||||
Loans and Leases Held for Investment, Allowance | 137 | 167 | 137 | 167 | $ 137 | $ 190 | $ 132 | $ 121 |
Provision for Loan and Lease Losses | 0 | 63 | 9 | 109 | ||||
Charge-offs | 0 | (28) | (62) | (63) | ||||
Recoveries | $ 0 | $ 0 | $ 0 | $ 0 |
Allowance for Loan and Lease 62
Allowance for Loan and Lease Losses ALLL and Recorded Investment Breakout (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for Loan and Lease Losses, Individually Evaluated for Impairment | $ 10,221 | $ 3,616 | ||||
Allowance for Loan and Lease Losses, Collectively Evaluated for Impairment | 53,913 | 49,214 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Allowance for Loan Losses | 7,763 | 8,016 | $ 14,759 | |||
Allowance for Loan and Lease Losses, Total allowance | 71,897 | $ 66,091 | 60,846 | $ 57,245 | $ 56,728 | 63,690 |
Loans and Leases Held for Investment at Recorded Investment, Individually Evaluated for Impairment | 104,104 | 58,909 | ||||
Loans and Leases Held for Investment at Recorded Investment, Collectively Evaluated for Impairment | 17,534,817 | 14,882,001 | ||||
Financing Receivable, Net | 3,238,460 | 2,819,343 | ||||
Loans and Leases Receivable, Net of Deferred Income | 20,877,381 | 17,760,253 | ||||
Residential Mortgage [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for Loan and Lease Losses, Individually Evaluated for Impairment | 2,606 | 2,896 | ||||
Allowance for Loan and Lease Losses, Collectively Evaluated for Impairment | 15,965 | 16,228 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Allowance for Loan Losses | 7,417 | 5,974 | ||||
Allowance for Loan and Lease Losses, Total allowance | 25,988 | 24,385 | 25,098 | 23,640 | 20,421 | 26,497 |
Loans and Leases Held for Investment at Recorded Investment, Individually Evaluated for Impairment | 17,419 | 16,642 | ||||
Loans and Leases Held for Investment at Recorded Investment, Collectively Evaluated for Impairment | 8,185,973 | 7,280,726 | ||||
Financing Receivable, Net | 3,108,489 | 2,622,702 | ||||
Loans and Leases Receivable, Net of Deferred Income | 11,311,881 | 9,920,070 | ||||
Commercial and Commercial Real Estate [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for Loan and Lease Losses, Individually Evaluated for Impairment | 7,334 | 720 | ||||
Allowance for Loan and Lease Losses, Collectively Evaluated for Impairment | 24,139 | 20,333 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Allowance for Loan Losses | 346 | 2,042 | 9,834 | |||
Allowance for Loan and Lease Losses, Total allowance | 31,819 | 26,942 | 23,095 | 23,240 | 27,943 | 29,987 |
Loans and Leases Held for Investment at Recorded Investment, Individually Evaluated for Impairment | 86,237 | 42,267 | ||||
Loans and Leases Held for Investment at Recorded Investment, Collectively Evaluated for Impairment | 6,724,667 | 5,407,782 | ||||
Financing Receivable, Net | 129,971 | 196,641 | ||||
Loans and Leases Receivable, Net of Deferred Income | 6,940,875 | 5,646,690 | ||||
Equipment Finance Receivable [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for Loan and Lease Losses, Individually Evaluated for Impairment | 281 | 0 | ||||
Allowance for Loan and Lease Losses, Collectively Evaluated for Impairment | 10,770 | 8,649 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Allowance for Loan Losses | 0 | 0 | ||||
Allowance for Loan and Lease Losses, Total allowance | 11,051 | 10,391 | 8,649 | 7,114 | 5,565 | 4,273 |
Loans and Leases Held for Investment at Recorded Investment, Individually Evaluated for Impairment | 448 | 0 | ||||
Loans and Leases Held for Investment at Recorded Investment, Collectively Evaluated for Impairment | 2,287,084 | 2,031,570 | ||||
Financing Receivable, Net | 0 | 0 | ||||
Loans and Leases Receivable, Net of Deferred Income | 2,287,532 | 2,031,570 | ||||
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 | 2,902 | 3,814 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Allowance for Loan Losses | 0 | 0 | ||||
Allowance for Loan and Lease Losses, Total allowance | 2,902 | 4,236 | 3,814 | 3,084 | 2,667 | 2,812 |
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 | 332,183 | 156,869 | ||||
Financing Receivable, Net | 0 | 0 | ||||
Loans and Leases Receivable, Net of Deferred Income | 332,183 | 156,869 | ||||
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 | 137 | 190 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Allowance for Loan Losses | 0 | 0 | ||||
Allowance for Loan and Lease Losses, Total allowance | 137 | $ 137 | 190 | $ 167 | $ 132 | $ 121 |
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 | 4,910 | 5,054 | ||||
Financing Receivable, Net | 0 | 0 | ||||
Loans and Leases Receivable, Net of Deferred Income | 4,910 | 5,054 | ||||
Total Residential, Leasing, Home Equity Line of Credit and Consumer and Credit Card [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Loans and Leases Receivable, Net of Deferred Income | $ 13,936,506 | $ 12,113,563 |
Allowance for Loan and Lease 63
Allowance for Loan and Lease Losses Schedule of Recorded Investment Credit Quality Indicators (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | $ 20,877,381 | $ 17,760,253 |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 409,925 | 498,228 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 123,942 | 75,200 |
Receivables [Abstract] | ||
Mortgage Loans in Process of Foreclosure, Amount | 2,735,213 | 2,544,314 |
Foreclosure Claims Receivable | 513,572 | 451,125 |
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 5,736 | 8,013 |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 7,364,522 | 6,324,965 |
Residential Portfolio Segment [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 7,337,233 | 6,302,172 |
Residential Portfolio Segment [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 27,289 | 22,793 |
Government insured pool buyouts [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 3,947,359 | 3,595,105 |
Receivables [Abstract] | ||
Mortgage Loans in Process of Foreclosure, Amount | 2,706,320 | 2,519,022 |
Government insured pool buyouts [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 3,537,434 | 3,096,877 |
Government insured pool buyouts [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 409,925 | 498,228 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 0 | 0 |
Equipment Finance Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 2,287,532 | 2,031,570 |
Equipment Finance Receivable [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 2,273,871 | 2,020,613 |
Equipment Finance Receivable [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 13,661 | 10,957 |
Home equity lines [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 332,183 | 156,869 |
Home equity lines [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 327,997 | 154,506 |
Home equity lines [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 4,186 | 2,363 |
Consumer and credit card [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 4,910 | 5,054 |
Consumer and credit card [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 4,905 | 5,016 |
Consumer and credit card [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 5 | 38 |
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 | 13,936,506 | 12,113,563 |
Residential, Leasing, Home Equity Line of Credit and Consumer and Credit Card [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 13,481,440 | 11,579,184 |
Residential, Leasing, Home Equity Line of Credit and Consumer and Credit Card [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 409,925 | 498,228 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 45,141 | 36,151 |
Mortgage Warehouse Finance [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 2,162,627 | 1,356,651 |
Mortgage Warehouse Finance [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 2,162,627 | 1,356,651 |
Mortgage Warehouse Finance [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 |
Mortgage Warehouse Finance [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 |
Mortgage Warehouse Finance [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 |
Lender finance [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 1,117,886 | 762,453 |
Lender finance [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 1,117,886 | 749,393 |
Lender finance [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | 13,060 |
Lender finance [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 |
Lender finance [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 |
Other commercial finance [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 211,627 | 63,811 |
Other commercial finance [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 208,489 | 63,460 |
Other commercial finance [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 2,990 | 0 |
Other commercial finance [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 148 | 351 |
Other commercial finance [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 3,448,735 | 3,463,775 |
Commercial Real Estate [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 78,801 | 39,049 |
Commercial Real Estate [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 3,312,148 | 3,325,936 |
Commercial Real Estate [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 14,759 | 34,010 |
Commercial Real Estate [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 121,828 | 103,829 |
Commercial Real Estate [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 |
Commercial and Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 6,940,875 | 5,646,690 |
Commercial and Commercial Real Estate [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 6,801,150 | 5,495,440 |
Commercial and Commercial Real Estate [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 17,749 | 47,070 |
Commercial and Commercial Real Estate [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 121,976 | 104,180 |
Commercial and Commercial Real Estate [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 |
Receivables Acquired with Deteriorated Credit Quality [Member] | 90 Days Past Due and Accruing [Member] | Residential Portfolio Segment [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Net | 4,871 | 6,287 |
Receivables Acquired with Deteriorated Credit Quality [Member] | 90 Days Past Due and Accruing [Member] | Government insured pool buyouts [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Net | $ 2,404,581 | $ 2,143,384 |
Allowance for Loan and Lease 64
Allowance for Loan and Lease Losses Past Due (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Total Past Due | $ 547,938 | $ 653,448 |
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Current | 17,090,983 | 14,287,462 |
Loans and Leases Receivable, Net of Deferred Income and Aquired Credit Impaired | 17,638,921 | 14,940,910 |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Total Past Due | 41,734 | 37,551 |
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Current | 7,276,242 | 6,230,161 |
Loans and Leases Receivable, Net of Deferred Income and Aquired Credit Impaired | 7,317,976 | 6,267,712 |
Government insured pool buyouts [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Total Past Due | 462,702 | 582,052 |
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Current | 422,714 | 447,604 |
Loans and Leases Receivable, Net of Deferred Income and Aquired Credit Impaired | 885,416 | 1,029,656 |
Mortgage Warehouse Finance [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Total Past Due | 0 | 0 |
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Current | 2,162,627 | 1,356,651 |
Loans and Leases Receivable, Net of Deferred Income and Aquired Credit Impaired | 2,162,627 | 1,356,651 |
Lender finance [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Total Past Due | 0 | 0 |
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Current | 1,117,886 | 762,453 |
Loans and Leases Receivable, Net of Deferred Income and Aquired Credit Impaired | 1,117,886 | 762,453 |
Other commercial finance [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Total Past Due | 0 | 1 |
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Current | 208,076 | 59,654 |
Loans and Leases Receivable, Net of Deferred Income and Aquired Credit Impaired | 208,076 | 59,655 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Total Past Due | 7,147 | 3,637 |
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Current | 3,315,168 | 3,267,653 |
Loans and Leases Receivable, Net of Deferred Income and Aquired Credit Impaired | 3,322,315 | 3,271,290 |
Equipment Finance Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Total Past Due | 30,401 | 25,898 |
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Current | 2,257,131 | 2,005,672 |
Loans and Leases Receivable, Net of Deferred Income and Aquired Credit Impaired | 2,287,532 | 2,031,570 |
Home equity lines [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Total Past Due | 5,895 | 4,248 |
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Current | 326,288 | 152,621 |
Loans and Leases Receivable, Net of Deferred Income and Aquired Credit Impaired | 332,183 | 156,869 |
Consumer and credit card [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Total Past Due | 59 | 61 |
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Current | 4,851 | 4,993 |
Loans and Leases Receivable, Net of Deferred Income and Aquired Credit Impaired | 4,910 | 5,054 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Total Past Due | 62,202 | 81,613 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Residential Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Total Past Due | 7,399 | 9,941 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Government insured pool buyouts [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Total Past Due | 29,174 | 50,955 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Mortgage Warehouse Finance [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Total Past Due | 0 | 0 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Lender finance [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Total Past Due | 0 | 0 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Other commercial finance [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Total Past Due | 0 | 1 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Total Past Due | 3,741 | 1,139 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Equipment Finance Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Total Past Due | 20,795 | 18,521 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Home equity lines [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Total Past Due | 1,044 | 1,040 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Consumer and credit card [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Total Past Due | 49 | 16 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Total Past Due | 36,799 | 42,652 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Residential Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Total Past Due | 7,046 | 4,817 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Government insured pool buyouts [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Total Past Due | 23,603 | 32,869 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Mortgage Warehouse Finance [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Total Past Due | 0 | 0 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Lender finance [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Total Past Due | 0 | 0 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Other commercial finance [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Total Past Due | 0 | 0 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Total Past Due | 0 | 0 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Equipment Finance Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Total Past Due | 5,480 | 4,114 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Home equity lines [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Total Past Due | 665 | 845 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Consumer and credit card [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Total Past Due | 5 | 7 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Total Past Due | 448,937 | 529,183 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Residential Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Total Past Due | 27,289 | 22,793 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Government insured pool buyouts [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Total Past Due | 409,925 | 498,228 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Mortgage Warehouse Finance [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Total Past Due | 0 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Lender finance [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Total Past Due | 0 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Other commercial finance [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Total Past Due | 0 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Total Past Due | 3,406 | 2,498 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Equipment Finance Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Total Past Due | 4,126 | 3,263 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Home equity lines [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Total Past Due | 4,186 | 2,363 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Consumer and credit card [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Total Past Due | $ 5 | $ 38 |
Allowance for Loan and Lease 65
Allowance for Loan and Lease Losses Loans in Foreclosure (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of Loans in Foreclosure or Repossessed [Line Items] | ||
Foreclosure Claims Receivable Allowance | $ 15,243 | $ 17,336 |
Mortgage Loans in Process of Foreclosure, Amount | 2,735,213 | 2,544,314 |
Foreclosure Claims Receivable | 513,572 | 451,125 |
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 5,736 | 8,013 |
Real Estate Owned, Valuation Allowance | 360 | 441 |
Government Insured pool Buyout Portfolio Segment [Member] | ||
Schedule of Loans in Foreclosure or Repossessed [Line Items] | ||
Mortgage Loans in Process of Foreclosure, Amount | $ 2,706,320 | $ 2,519,022 |
Allowance for Loan and Lease 66
Allowance for Loan and Lease Losses Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | ||
Financing Receivable, Impaired [Line Items] | ||||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | $ 61,776 | $ 61,776 | $ 25,184 | |||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 60,283 | 60,283 | 21,452 | |||
Impaired Financing Receivable, Related Allowance | 10,221 | 10,221 | 3,616 | |||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 48,183 | 48,183 | 49,421 | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | [1] | 43,821 | 43,821 | 37,457 | ||
Impaired Financing Receivable, Average Recorded Investment | 87,196 | $ 72,653 | 71,805 | $ 92,974 | ||
Impaired Financing Receivable, Interest Income, Cash Basis Method | 133 | 560 | 602 | 2,157 | ||
Residential Portfolio Segment [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 12,203 | 12,203 | 10,618 | |||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 10,978 | 10,978 | 10,162 | |||
Impaired Financing Receivable, Related Allowance | 2,606 | 2,606 | 2,896 | |||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 7,352 | 7,352 | 7,466 | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 6,441 | 6,441 | 6,480 | |||
Impaired Financing Receivable, Average Recorded Investment | 17,556 | 16,283 | 17,240 | 51,570 | ||
Impaired Financing Receivable, Interest Income, Cash Basis Method | 108 | 106 | 373 | 1,141 | ||
Commercial Real Estate [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 49,125 | 49,125 | 14,566 | |||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 48,857 | 48,857 | 11,290 | |||
Impaired Financing Receivable, Related Allowance | 7,334 | 7,334 | 720 | |||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 40,831 | 40,831 | 41,955 | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 37,380 | 37,380 | 30,977 | |||
Impaired Financing Receivable, Average Recorded Investment | 69,075 | 56,370 | 54,207 | 41,404 | ||
Impaired Financing Receivable, Interest Income, Cash Basis Method | 25 | 454 | 225 | 1,016 | ||
Equipment Finance Receivable [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 448 | 448 | 0 | |||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 448 | 448 | 0 | |||
Impaired Financing Receivable, Related Allowance | 281 | 281 | $ 0 | |||
Impaired Financing Receivable, Average Recorded Investment | 565 | 0 | 358 | 0 | ||
Impaired Financing Receivable, Interest Income, Cash Basis Method | $ 0 | $ 0 | $ 4 | $ 0 | ||
[1] | (1)The primary difference between the unpaid principal balance and recorded investment represents charge-offs previously taken. |
Allowance for Loan and Lease 67
Allowance for Loan and Lease Losses Nonaccrual Status (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 123,942 | $ 75,200 |
Financing Receivable, Recorded Investment, Greater than 90 Days Past Due and Accruing | 409,925 | 498,228 |
Nonperforming Financing Receivable [Member] | Residential Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 27,289 | 22,793 |
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 | 409,925 | 498,228 |
Nonperforming Financing Receivable [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 78,801 | 39,049 |
Financing Receivable, Recorded Investment, Greater than 90 Days Past Due and Accruing | 0 | 0 |
Nonperforming Financing Receivable [Member] | Equipment Finance Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 13,661 | 10,957 |
Financing Receivable, Recorded Investment, Greater than 90 Days Past Due and Accruing | 0 | 0 |
Nonperforming Financing Receivable [Member] | Home equity lines [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 4,186 | 2,363 |
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 | 5 | 38 |
Financing Receivable, Recorded Investment, Greater than 90 Days Past Due and Accruing | 0 | 0 |
Nonperforming Financing Receivable [Member] | Total Residential, Leasing, Home Equity Line of Credit and Consumer and Credit Card [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 45,141 | 36,151 |
Financing Receivable, Recorded Investment, Greater than 90 Days Past Due and Accruing | $ 409,925 | $ 498,228 |
Allowance for Loan and Lease 68
Allowance for Loan and Lease Losses Troubled Debt Restructurings (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($) | |
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Number of Contracts | 4 | 11 | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 9,339 | $ 15,967 | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 9,339 | 15,971 | |||
Financing Receivables Troubled Debt Restructurings Recorded Investment | 34,384 | 34,384 | $ 26,255 | ||
Financing Receivable, Recorded Investment, Current | 17,090,983 | 17,090,983 | 14,287,462 | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 123,942 | 123,942 | 75,200 | ||
Impaired Financing Receivable, Recorded Investment | 34,384 | 34,384 | 26,255 | ||
Valuation Allowance on Troubled Debt Restructurings | 2,827 | 2,827 | 3,259 | ||
Performing Financial Instruments [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Recorded Investment, Current | 14,969 | 14,969 | 11,786 | ||
Financing Receivables Troubled Debt Restructurings Recorded Investment 30 to 89 Past Due and Accruing | 1,590 | 1,590 | 1,848 | ||
Nonperforming Financial Instruments [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 17,825 | $ 17,825 | 12,621 | ||
Residential Portfolio Segment [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Number of Contracts | 1 | 0 | 5 | 3 | |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 198 | $ 0 | $ 1,392 | $ 1,217 | |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 198 | $ 0 | $ 1,396 | $ 1,218 | |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 6 | 2 | 6 | 2 | |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ 1,536 | $ 881 | $ 1,536 | $ 881 | |
Financing Receivables Troubled Debt Restructurings Recorded Investment | 17,419 | 17,419 | 16,642 | ||
Commercial and Commercial Real Estate [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivables Troubled Debt Restructurings Recorded Investment | $ 16,464 | $ 16,464 | 9,613 | ||
Commercial Real Estate [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Number of Contracts | 3 | 6 | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 9,141 | $ 14,575 | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 9,141 | 14,575 | |||
Equipment Finance Receivable [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivables Troubled Debt Restructurings Recorded Investment | 501 | 501 | 0 | ||
Equipment Finance Receivable [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Recorded Investment, Current | $ 2,257,131 | $ 2,257,131 | $ 2,005,672 |
Servicing Activities and Mort69
Servicing Activities and Mortgage Servicing Rights Textual (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | |
Servicing Assets at Amortized Value [Line Items] | ||||||||
Servicing Asset at Amortized Cost | $ 357,550 | $ 441,243 | $ 357,550 | $ 441,243 | $ 362,803 | $ 435,619 | $ 437,595 | $ 506,680 |
Servicing Asset at Amortized Cost, Valuation Allowance | (4,450) | 3,071 | (32,075) | 8,012 | ||||
Valuation Allowance for Impairment of Recognized Servicing Assets, Balance | 16,894 | 0 | 16,894 | 0 | $ 13,084 | 0 | $ 3,071 | $ 8,012 |
Valuation Allowance for Impairment of Recognized Servicing Assets, Aggregate Write-Downs | (640) | 0 | (15,181) | 0 | ||||
Residential Mortgage [Member] | ||||||||
Servicing Assets at Amortized Value [Line Items] | ||||||||
Servicing Asset at Amortized Cost | 356,530 | 356,530 | 432,716 | |||||
Servicing Asset at Amortized Cost, Disposals | 3,384,843 | 3,384,843 | ||||||
Servicing Asset at Fair Value, Amount | 356,530 | 356,530 | 436,727 | |||||
Unpaid Principal Balance, Loans Originated and Serviced, Without MSR Basis | 8,247,000 | 8,247,000 | 8,073,000 | |||||
Amortized cost of servicing rights expected to be sold | 18,921 | 18,921 | ||||||
Commercial Loan [Member] | ||||||||
Servicing Assets at Amortized Value [Line Items] | ||||||||
Servicing Asset at Amortized Cost | 1,020 | 1,020 | 2,903 | |||||
Servicing Asset at Fair Value, Amount | 1,020 | 1,020 | $ 2,903 | |||||
Prepayment Penalty Income | $ 2,900 | $ 5,260 | $ 9,354 | $ 10,607 |
Servicing Activities and Mort70
Servicing Activities and Mortgage Servicing Rights Rollforward (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | |
Mortgage Servicing Rights Rollforward: | ||||||||
Servicing Asset at Amortized Cost | $ 357,550 | $ 441,243 | $ 357,550 | $ 441,243 | $ 362,803 | $ 435,619 | $ 437,595 | $ 506,680 |
Servicing Asset at Amortized Value Originated Additions | 17,287 | 20,848 | 46,110 | 42,952 | ||||
Servicing Asset at Amortized Cost, Disposals | (1,898) | 0 | (35,938) | (55,547) | ||||
Amortization | (16,760) | (19,572) | (56,065) | (59,170) | ||||
Decrease (increase) in valuation allowance | (4,450) | 3,071 | (32,075) | 8,012 | ||||
Servicing Asset at Amortized Cost, Other Changes that Affect Balance, Amount | 568 | (699) | (101) | (1,684) | ||||
Valuation Allowance: | ||||||||
Valuation Allowance, Balance | 16,894 | 0 | 16,894 | 0 | $ 13,084 | $ 0 | $ 3,071 | $ 8,012 |
Valuation Allowance for Impairment of Recognized Servicing Assets, Provisions | 4,795 | 0 | 48,147 | 0 | ||||
Recoveries | (345) | (3,071) | (16,072) | (8,012) | ||||
Valuation Allowance for Impairment of Recognized Servicing Assets, Aggregate Write-Downs | $ (640) | $ 0 | $ (15,181) | $ 0 |
Servicing Activities and Mort71
Servicing Activities and Mortgage Servicing Rights Loan Servicing Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Servicing Activities and Mortgage Servicing Rights [Abstract] | ||||
Contractually specified servicing fees, net | $ 24,131 | $ 31,106 | $ 79,899 | $ 99,499 |
Other ancillary fees | 2,501 | 4,249 | 9,395 | 19,793 |
Other | 525 | 545 | 1,564 | 3,642 |
Loan Servicing Income | $ 27,157 | $ 35,900 | $ 90,858 | $ 122,934 |
Servicing Activities and Mort72
Servicing Activities and Mortgage Servicing Rights Fair Value Assumptions for Securitized/Sold Loans (Details) - Mortgage Servicing Rights [Member] - Residential Mortgage [Member] | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
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 | 10.17% | 8.76% | 10.08% | 8.76% |
Expected prepayment speeds | 7.09% | 11.35% | 7.09% | 11.35% |
Average life in years | 7 years 4 months 29 days | 6 years 1 month 27 days | 6 years 3 months 15 days | 6 years 10 days |
Maximum [Member] | ||||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||||
Average discount rate | 11.39% | 14.50% | 11.39% | 14.50% |
Expected prepayment speeds | 9.76% | 12.59% | 11.38% | 13.76% |
Average life in years | 8 years 2 months 6 days | 6 years 4 months 26 days | 8 years 3 months 12 days | 6 years 4 months 29 days |
Servicing Activities and Mort73
Servicing Activities and Mortgage Servicing Rights Fair Value Portfolio Characteristics (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | ||
Servicing Assets at Fair Value [Line Items] | |||
Outstanding Principal Balance On Loans Serviced | $ 43,033,657 | $ 49,262,915 | |
Mortgage Servicing Rights [Member] | Residential Mortgage [Member] | |||
Servicing Assets at Fair Value [Line Items] | |||
Outstanding Principal Balance On Loans Serviced | $ 34,786,000 | $ 41,190,000 | |
Gross Weighted-Average Coupon | 4.29% | 4.37% | |
Weighted-Average Servicing Fee | 0.27% | 0.29% | |
Expected Prepayment Speed | [1] | 12.11% | 12.97% |
[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 Mort74
Servicing Activities and Mortgage Servicing Rights Sensitivity Analysis (Details) - Residential Mortgage [Member] - Mortgage Servicing Rights [Member] - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Prepayment Rate [Abstract] | ||
10% adverse rate change | $ 14,575 | $ 18,294 |
20% adverse rate change | 28,274 | 35,347 |
Discount Rate [Abstract] | ||
10% adverse rate change | 13,393 | 15,932 |
20% adverse rate change | $ 25,863 | $ 30,770 |
Trust Preferred Securities an75
Trust Preferred Securities and Subordinated Notes Payable Textual (Details) $ in Thousands | Jun. 30, 2015USD ($) |
Debt Instrument [Line Items] | |
Long-term Debt, Percentage Bearing Fixed Interest, Amount | $ 175,000 |
Payments of Distributions to Affiliates | $ 150,000 |
Subordinated Debt [Member] | |
Debt Instrument [Line Items] | |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 5.75% |
Trust Preferred Securities an76
Trust Preferred Securities and Subordinated Notes Payable (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust | $ 103,750 | $ 103,750 |
Subordinated Long-term Debt, Noncurrent | 276,103 | 103,750 |
Unamortized Debt Issuance Expense | 2,647 | 0 |
Subordiated Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Subordinated Long-term Debt, Noncurrent | $ 172,353 | $ 0 |
Income Taxes (Details)
Income Taxes (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Income Taxes [Abstract] | ||||
Effective Income Tax Rate, Continuing Operations | 37.60% | 37.90% | 37.80% | 37.90% |
Share-Based Compensation Textua
Share-Based Compensation Textual (Details) - USD ($) $ / shares in Units, $ in Thousands | Mar. 09, 2015 | Sep. 30, 2015 |
Share-based Compensation [Abstract] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 819,223 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 5.76 | |
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 | 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% | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 1,231,116 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | $ 10,303 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 298,916 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 17.58 |
Share-Based Compensation (Detai
Share-Based Compensation (Details) | Mar. 09, 2015 |
Share-based Compensation [Abstract] | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.91% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum | 34.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 6 years 6 months 1 day |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 1.27% |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Net income | $ 29,583 | $ 43,519 | $ 85,380 | $ 110,061 |
Dividends, Preferred Stock | (2,532) | (2,532) | (7,594) | (7,594) |
Net Income Allocated to Common Shareholders | $ 27,051 | $ 40,987 | $ 77,786 | $ 102,467 |
Average common shares outstanding | 124,823 | 122,950 | 124,373 | 122,826 |
Average common shares outstanding, assuming dilution | 127,099 | 125,473 | 126,568 | 125,292 |
Basic earnings per share | $ 0.22 | $ 0.33 | $ 0.63 | $ 0.83 |
Diluted earnings per share | $ 0.21 | $ 0.33 | $ 0.61 | $ 0.82 |
Employee Stock Option [Member] | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Weighted Average Number Diluted Shares Outstanding Adjustment | 1,903 | 2,323 | 1,879 | 2,299 |
Restricted Stock Units (RSUs) [Member] | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Weighted Average Number Diluted Shares Outstanding Adjustment | 373 | 200 | 316 | 167 |
Earnings Per Share Antidilutive
Earnings Per Share Antidilutive Shares (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Stock Options | 1,457,162 | 775,715 | 1,260,909 | 1,134,422 |
Derivative Financial Instrume82
Derivative Financial Instruments AOCI Gain Loss to Income next 12 months Textual (Details) $ in Thousands | Sep. 30, 2015USD ($) |
Derivative Financial Instruments [Abstract] | |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ (16,562) |
Derivative Financial Instrume83
Derivative Financial Instruments Credit Risk Contingent Features Textual (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Credit Derivatives [Line Items] | ||
Derivative, Net Liability Position, Aggregate Fair Value | $ 84,945 | $ 47,725 |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 71,479 | 43,480 |
Collateral Already Posted, Aggregate Fair Value | $ 121,662 | $ 79,296 |
Derivative Financial Instrume84
Derivative Financial Instruments Counterparty Credit Risk Textual (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Derivative [Line Items] | ||
Derivative Asset, Collateral, Obligation to Return Cash, Offset | $ 340 | $ 2,300 |
Collateral Already Posted, Aggregate Fair Value | 121,662 | 79,296 |
Derivative Financial Instruments, Assets [Member] | ||
Derivative [Line Items] | ||
Collateral Already Posted, Aggregate Fair Value | $ 1,281 | $ 2,300 |
Derivative Financial Instrume85
Derivative Financial Instruments Fair Values of Derivatives by Balance Sheet Location (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | |
Derivatives, Fair Value [Line Items] | |||
Derivative Asset Netting and Cash Collateral Adjustments | [1] | $ (10,856) | $ (5,737) |
Derivative Liability Netting and Cash Collateral Adjustments | [1] | (81,995) | (46,917) |
Derivative Asset and Liability Positions Netted | 10,516 | 3,437 | |
Not Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Asset Derivatives, Fair Value, Gross Asset | 28,018 | 24,546 | |
Liability Derivatives, Fair Value, Gross Liability | 43,380 | 31,498 | |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount of Fair Value Hedge Instruments | 45,658 | 503,335 | |
Asset Derivatives, Fair Value, Gross Asset | 0 | 0 | |
Liability Derivatives, Fair Value, Gross Liability | 691 | 483 | |
Interest Rate Lock Commitments [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount of Fair Value Hedge Instruments | 705,415 | 592,378 | |
Asset Derivatives, Fair Value, Gross Asset | 13,132 | 10,544 | |
Liability Derivatives, Fair Value, Gross Liability | 76 | 340 | |
Forward sales commitment [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount of Fair Value Hedge Instruments | 3,052,422 | 961,905 | |
Forward Sales Commitments [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Asset Derivatives, Fair Value, Gross Asset | 12 | 38 | |
Liability Derivatives, Fair Value, Gross Liability | 27,612 | 7,030 | |
Forward Purchase Commitment [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount of Fair Value Hedge Instruments | 1,572,000 | 274,000 | |
Asset Derivatives, Fair Value, Gross Asset | 9,661 | 387 | |
Liability Derivatives, Fair Value, Gross Liability | 657 | 7 | |
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount of Fair Value Hedge Instruments | 546,283 | 656,476 | |
Asset Derivatives, Fair Value, Gross Asset | 1,947 | 792 | |
Liability Derivatives, Fair Value, Gross Liability | 12,934 | 17,604 | |
Equity, Foreign Currency, Commodity and Metals Indexed Options [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount of Fair Value Hedge Instruments | 151,355 | 152,880 | |
Asset Derivatives, Fair Value, Gross Asset | 1,417 | 6,127 | |
Liability Derivatives, Fair Value, Gross Liability | 0 | 0 | |
Options Embedded in Customer Deposits [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount of Fair Value Hedge Instruments | 149,951 | 151,500 | |
Asset Derivatives, Fair Value, Gross Asset | 0 | 0 | |
Liability Derivatives, Fair Value, Gross Liability | 1,410 | 6,034 | |
Indemnification Asset [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount of Fair Value Hedge Instruments | 93,584 | 101,623 | |
Asset Derivatives, Fair Value, Gross Asset | 1,849 | 6,658 | |
Liability Derivatives, Fair Value, Gross Liability | 0 | 0 | |
Derivative [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Amount Offset Against Collateral | 17,162 | 18,809 | |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 4,436 | 7,182 | |
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount of Fair Value Hedge Instruments | 1,178,000 | 578,000 | |
Asset Derivatives, Fair Value, Gross Asset | 0 | 0 | |
Liability Derivatives, Fair Value, Gross Liability | $ 43,051 | $ 22,601 | |
[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 September 30, 2015 and December 31, 2014 include derivative positions netted totaling $10,516 and $3,437, respectively. |
Derivative Financial Instrume86
Derivative Financial Instruments Activity for Derivatives in Cash Flow Hedges & Freestanding Derivatives (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Maximum Length of Time Hedged in Cash Flow Hedge | 19 years | ||||
Interest Rate Contract [Member] | Not Designated as Hedging Instrument [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | [1] | $ (46,461) | $ (3,391) | $ (44,191) | $ (39,186) |
Indemnification Agreement [Member] | Not Designated as Hedging Instrument [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | [2] | (133) | 260 | (577) | (811) |
Forward Contracts [Member] | Not Designated as Hedging Instrument [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | [3] | (32,467) | (38,706) | (52,613) | (14,779) |
Other Contract [Member] | Not Designated as Hedging Instrument [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ (77) | $ 8 | $ (145) | $ (7) | |
[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 13 for additional information relating to the indemnification asset. | ||||
[3] | (3)Foreign exchange forward contracts act as economic hedges for the foreign currency risk embedded within deposits denominated in foreign currencies. The change in the fair value of the foreign exchange forward contract is marked to fair value, while the deposit is translated to the current spot rate in accordance with ASC 830. Historically, the hedge has been effective in managing the foreign currency risk of foreign-denominated deposits by locking in the U.S. Dollar cash flows. |
Fair Value Measurements Assets
Fair Value Measurements Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale securities | $ 574,104 | $ 776,311 | ||
Loans Held-for-sale, Fair Value Disclosure | 1,101,341 | 728,378 | ||
Derivative Asset Netting and Cash Collateral Adjustments | [1] | (10,856) | (5,737) | |
Derivative Liability Netting and Cash Collateral Adjustments | [1] | (81,995) | (46,917) | |
Asset-backed Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale securities | 1,375 | 1,395 | ||
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 | [2] | 0 | 0 | |
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 | [2] | 1,505 | 9,001 | |
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 | [2] | 380,847 | 236,329 | |
Fair Value, Measurements, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans Held-for-sale, Fair Value Disclosure | 1,101,341 | 728,378 | ||
Derivative Asset Netting and Cash Collateral Adjustments | (10,856) | (5,737) | ||
Derivative Liability Netting and Cash Collateral Adjustments | (81,995) | (46,917) | ||
Derivative Asset | 17,162 | 18,809 | ||
Derivative Liability | 4,436 | 7,182 | ||
Fair Value, Measurements, Recurring [Member] | Available-for-sale Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale securities | 574,104 | 776,311 | ||
Fair Value, Measurements, Recurring [Member] | Residential Collateralized Mortgage Obligations Securities Not Issued by US Government Sponsored Enterprises [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale securities | 572,336 | 774,235 | ||
Fair Value, Measurements, Recurring [Member] | Asset-backed Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale securities | 1,375 | 1,395 | ||
Fair Value, Measurements, Recurring [Member] | Other Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale securities | 393 | 681 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | [3] | |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Available-for-sale Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale securities | 206 | 470 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Residential Collateralized Mortgage Obligations Securities Not Issued by US Government Sponsored Enterprises [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale securities | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Asset-backed Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale securities | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Other Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale securities | 206 | 470 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 14,886 | 7,344 | ||
Derivative Liability, Fair Value, Gross Liability | 86,355 | 53,759 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Available-for-sale Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale securities | 573,898 | 775,841 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Residential Collateralized Mortgage Obligations Securities Not Issued by US Government Sponsored Enterprises [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale securities | 572,336 | 774,235 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Asset-backed Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale securities | 1,375 | 1,395 | ||
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 securities | 187 | 211 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 13,132 | 17,202 | ||
Derivative Liability, Fair Value, Gross Liability | 76 | 340 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Available-for-sale Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale securities | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Residential Collateralized Mortgage Obligations Securities Not Issued by US Government Sponsored Enterprises [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale securities | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Asset-backed Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale securities | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Other Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale securities | 0 | 0 | ||
Interest Rate Contract [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Asset | 0 | |||
Aggregate Fair Value Under Fair Value Option [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans Held-for-sale, Fair Value Disclosure | 1,101,341 | |||
Residential Mortgage [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Commitment to Lend at Floating Interest Rate | 120,192 | 146,410 | ||
Residential Mortgage [Member] | Other Assets [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Commitment to Lend at Floating Interest Rate | 70,533 | |||
Interest Rate Lock Commitments [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other Assets, Fair Value Disclosure | [4] | 0 | ||
Interest Rate Lock Commitments [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other Assets, Fair Value Disclosure | [4] | 0 | ||
Interest Rate Lock Commitments [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other Assets, Fair Value Disclosure | [4] | 784 | ||
Interest Rate Lock Commitments [Member] | Aggregate Fair Value Under Fair Value Option [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other Assets, Fair Value Disclosure | [4] | 784 | ||
Loans Held for Sale [Member] | 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 | ||
Loans Held for Sale [Member] | 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 | 347,038 | 410,948 | ||
Loans Held for Sale [Member] | 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 | 754,303 | 317,430 | ||
Loans Held for Sale [Member] | Aggregate Fair Value Under Fair Value Option [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans Held-for-sale, Fair Value Disclosure | $ 1,101,341 | $ 728,378 | ||
[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 September 30, 2015 and December 31, 2014 include derivative positions netted totaling $10,516 and $3,437, respectively. | |||
[2] | (1)The carrying value of loans held for sale excludes $1,101,341 and $728,378 in loans measured at fair value on a recurring basis as of September 30, 2015 and December 31, 2014, respectively. | |||
[3] | (2)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 12 for additional information regarding the interest rate swap futures. | |||
[4] | (1)Other assets represent the net position of the Company's extended written loan commitments for which the Company has elected the fair value option of accounting. As of September 30, 2015 the Company had outstanding commitments of $70,533 related to these extended loan commitments. |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Assets and Liabilities Measured On Recurring Basis Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | ||
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 | [1] | $ 754,303 | $ 300,574 | $ 754,303 | $ 300,574 | $ 653,849 | $ 317,430 | $ 156,546 | $ 58,912 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issues | [1] | 415,136 | 304,213 | 1,330,276 | 568,290 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | (318,915) | (157,977) | (871,661) | (301,322) | ||||
Settlements | [1] | (4,910) | (2,754) | (31,159) | (29,642) | ||||
Gain (Loss) Included in Earnings | [1] | 9,143 | 546 | 9,417 | 4,336 | ||||
Change in Unrealized Gain (Loss) Included in Other Income | [1] | 7,310 | 1,273 | 7,310 | 1,273 | ||||
Other Assets [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 | [2] | 784 | 0 | 784 | 0 | (381) | 0 | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issues | [2] | 383 | 0 | (397) | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [2] | 0 | 0 | 0 | 0 | ||||
Settlements | [2] | (91) | 0 | 445 | 0 | ||||
Gain (Loss) Included in Earnings | [2] | 873 | 0 | 736 | 0 | ||||
Change in Unrealized Gain (Loss) Included in Other Income | [2] | 921 | 0 | 784 | 0 | ||||
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 | [3] | 13,056 | 15,654 | 13,056 | 15,654 | $ 14,213 | $ 16,862 | $ 16,712 | $ 5,861 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issues | [3] | 33,079 | 24,191 | 95,631 | 47,105 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [3] | 0 | 0 | 0 | 0 | ||||
Settlements | [3] | (37,390) | (26,278) | (97,229) | (62,244) | ||||
Gain (Loss) Included in Earnings | [3] | 3,154 | 1,029 | (2,208) | 24,932 | ||||
Change in Unrealized Gain (Loss) Included in Other Income | [3] | $ 5,056 | $ (1,058) | $ 13,056 | $ 9,792 | ||||
[1] | (1)Net realized and unrealized gains (losses) on loans held for sale are included in gain on sale of loans. | ||||||||
[2] | (2)Net realized and unrealized gains (losses) on extended written loan commitments are included in gain on sale of loans. | ||||||||
[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 asset are recorded in general and administrative expense. |
Fair Value Measurements Fair 89
Fair Value Measurements Fair Value Inputs Assets Quantitative Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Loans Held-for-sale, Fair Value Disclosure | $ 1,101,341 | $ 1,101,341 | $ 728,378 | |
Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Loans Held-for-sale, Fair Value Disclosure | [1] | 380,847 | 380,847 | 236,329 |
Fair Value, Measurements, Recurring [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Loans Held-for-sale, Fair Value Disclosure | 1,101,341 | 1,101,341 | 728,378 | |
Interest Rate Lock Commitments [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Other Assets, Fair Value Disclosure | [2] | 784 | 784 | |
Loans Held for Sale [Member] | 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 | 754,303 | 754,303 | 317,430 | |
Discounted Cash Flow [Member] | 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 | 754,303 | 754,303 | $ 317,430 | |
Other Assets, Fair Value Disclosure | 784 | $ 784 | ||
Discounted Cash Flow [Member] | Indemnification Asset [Member] | Fair Value, Measurements, Recurring [Member] | Minimum [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Fair Value Inputs, Discount Rate | 4.35% | |||
Fair Value Unobservable Input, Reinstatement Rate | [3] | 5.35% | ||
Fair Value Unobservable Input, Loss Duration | [3] | 18 months | ||
Fair Value Unobservable Input, Loss Severity | [3] | (1.77%) | ||
Discounted Cash Flow [Member] | Indemnification Asset [Member] | Fair Value, Measurements, Recurring [Member] | Maximum [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Fair Value Inputs, Discount Rate | 4.35% | |||
Fair Value Unobservable Input, Reinstatement Rate | [3] | 70.23% | ||
Fair Value Unobservable Input, Loss Duration | [3] | 90 months | ||
Fair Value Unobservable Input, Loss Severity | [3] | 16.15% | ||
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 Inputs, Discount Rate | 4.35% | |||
Fair Value Unobservable Input, Reinstatement Rate | [3] | 31.14% | ||
Fair Value Unobservable Input, Loss Duration | [3] | 44 months | ||
Fair Value Unobservable Input, Loss Severity | [3] | 7.84% | ||
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 | [4] | 1.00% | 0.00% | |
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 | [4] | 99.00% | 99.00% | |
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 | [4] | 79.83% | 74.73% | |
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 Inputs, Discount Rate | 2.01% | 2.07% | ||
Fair Value Unobservable Input, Loss Severity | 2.30% | 2.05% | ||
Fair Value Inputs, Prepayment Rate | 5.08% | 5.87% | ||
Fair Value Inputs, Probability of Default | 0.00% | 0.00% | ||
Fair Value Inputs, Weighted Average Life | 3 years 4 months 29 days | 3 years 4 months 22 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 Inputs, Discount Rate | 3.15% | 2.91% | ||
Fair Value Unobservable Input, Loss Severity | 30.93% | 21.70% | ||
Fair Value Inputs, Prepayment Rate | 23.97% | 23.77% | ||
Fair Value Inputs, Probability of Default | 3.46% | 2.36% | ||
Fair Value Inputs, Weighted Average Life | 10 years 6 months 23 days | 9 years | ||
Fair Value Inputs, Cumulative Loss | 0.73% | 0.43% | ||
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 Inputs, Discount Rate | 2.85% | 2.58% | ||
Fair Value Unobservable Input, Loss Severity | 12.34% | 11.68% | ||
Fair Value Inputs, Prepayment Rate | 9.23% | 14.17% | ||
Fair Value Inputs, Probability of Default | 0.42% | 0.34% | ||
Fair Value Inputs, Weighted Average Life | 7 years 7 months 6 days | 5 years 7 months 14 days | ||
Fair Value Inputs, Cumulative Loss | 0.06% | 0.05% | ||
Discounted Cash Flow [Member] | Other Assets [Member] | Fair Value, Measurements, Recurring [Member] | Minimum [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Fair Value Inputs Loan Closing Ratio | [4] | 1.00% | ||
Discounted Cash Flow [Member] | Other Assets [Member] | Fair Value, Measurements, Recurring [Member] | Maximum [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Fair Value Inputs Loan Closing Ratio | [4] | 99.00% | ||
Discounted Cash Flow [Member] | Other Assets [Member] | Fair Value, Measurements, Recurring [Member] | Weighted Average [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Fair Value Inputs Loan Closing Ratio | [4] | 71.57% | ||
Indemnification Asset [Member] | 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 | |||
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 | 13,056 | $ 13,056 | $ 10,204 | |
Other Assets [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | $ 921 | $ 784 | ||
Fair Value, Option, Changes in Instrument Specific Credit Risk, Gains (Losses) on Assets, Methodology | immaterial | |||
[1] | (1)The carrying value of loans held for sale excludes $1,101,341 and $728,378 in loans measured at fair value on a recurring basis as of September 30, 2015 and December 31, 2014, respectively. | |||
[2] | (1)Other assets represent the net position of the Company's extended written loan commitments for which the Company has elected the fair value option of accounting. As of September 30, 2015 the Company had outstanding commitments of $70,533 related to these extended loan commitments. | |||
[3] | (1)The range represents the sum of the highest and lowest values for all tranches that we use in our valuation process. | |||
[4] | (2)The range represents the highest and lowest loan closing rates used in the valuation process. The range includes the closing ratio for rate locks unclosed at the end of the period, as well as the closing ratio for loans which have settled during the period. |
Fair Value Measurements Fair 90
Fair Value Measurements Fair Value Option Quantitative Disclosures (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Valuation Allowance for Impairment of Recognized Servicing Assets, Aggregate Write-Downs | $ (640) | $ 0 | $ (15,181) | $ 0 | |
Loans Held-for-sale, Fair Value Disclosure | 1,101,341 | 1,101,341 | $ 728,378 | ||
Servicing Asset at Amortized Cost, Disposals | 1,898 | 0 | $ 35,938 | 55,547 | |
Loans Held for Sale [Member] | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Fair Value, Option, Changes in Instrument Specific Credit Risk, Gains (Losses) on Assets, Methodology | immaterial | ||||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | 30,875 | $ 20,697 | $ 35,427 | $ 21,861 | |
Aggregate Unpaid Principal Balance Under Fair Value Option [Member] | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Loans Held-for-sale, Fair Value Disclosure | 1,065,004 | 1,065,004 | 704,835 | ||
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 | 36,337 | $ 36,337 | 23,543 | ||
Other Assets [Member] | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Fair Value, Option, Changes in Instrument Specific Credit Risk, Gains (Losses) on Assets, Methodology | immaterial | ||||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | 921 | $ 784 | |||
Fair Value, Measurements, Recurring [Member] | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Loans Held-for-sale, Fair Value Disclosure | 1,101,341 | 1,101,341 | $ 728,378 | ||
Nonperforming Financial Instruments [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Loans Held-for-sale, Fair Value Disclosure | $ 0 | $ 0 |
Fair Value Measurements Nonrecu
Fair Value Measurements Nonrecurring (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | |
Estimate of Fair Value Measurement [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans Held-for-sale, Fair Value Disclosure | [1] | $ 382,352 | $ 245,330 |
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Collateral dependent loans | 49,352 | 11,282 | |
Other Real Estate Owned, Fair Value Disclosure | [2] | 4,155 | 10,207 |
Mortgage servicing rights | [3] | 356,530 | 59,731 |
Loans Held-for-sale, Fair Value Disclosure | 213 | 1,140 | |
Loans Held-for-sale, Fair Value Disclosure | 1,101,341 | 728,378 | |
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 | [1] | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans Held-for-sale, Fair Value Disclosure | [1] | 1,505 | 9,001 |
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 | [1] | 380,847 | 236,329 |
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 | [2] | 0 | 0 |
Mortgage servicing rights | [3] | 0 | 0 |
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 | [2] | 0 | 0 |
Mortgage servicing rights | [3] | 0 | 0 |
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 | 49,352 | 11,282 | |
Other Real Estate Owned, Fair Value Disclosure | [2] | 4,155 | 10,207 |
Mortgage servicing rights | [3] | 356,530 | 59,731 |
Loans Held-for-sale, Fair Value Disclosure | 213 | 1,140 | |
Changes Measurement [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Collateral dependent loans | 6,614 | 720 | |
Other Real Estate Owned, Fair Value Disclosure | [2] | 2,732 | 3,107 |
Mortgage servicing rights | [3] | 16,894 | (8,012) |
Loans Held-for-sale, Fair Value Disclosure | $ 10 | $ (186) | |
[1] | (1)The carrying value of loans held for sale excludes $1,101,341 and $728,378 in loans measured at fair value on a recurring basis as of September 30, 2015 and December 31, 2014, respectively. | ||
[2] | (1)Gains and losses resulting from subsequent measurement of OREO are included in the condensed consolidated statements of income as general and administrative expense. OREO is included in other assets in the condensed consolidated balance sheets. | ||
[3] | (2)The fair value for mortgage servicing rights represents the value of the strata with impairment or recoveries on previous valuation allowances. |
Fair Value Measurements Nonre92
Fair Value Measurements Nonrecurring Quantitative Disclosures (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2015 | Dec. 31, 2014 | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Loans Held-for-sale, Fair Value Disclosure | $ 1,101,341 | $ 728,378 | |||
Mortgage Servicing Rights [Member] | Minimum [Member] | Discounted Cash Flow [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Fair Value Inputs, Prepayment Rate | [1] | 8.96% | 13.16% | ||
Fair Value Inputs, Discount Rate | 9.53% | [2] | 9.74% | [1] | |
Mortgage Servicing Rights [Member] | Maximum [Member] | Discounted Cash Flow [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Fair Value Inputs, Prepayment Rate | [1] | 24.69% | 17.30% | ||
Fair Value Inputs, Discount Rate | 10.07% | [2] | 9.81% | [1] | |
Mortgage Servicing Rights [Member] | Weighted Average [Member] | Discounted Cash Flow [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Fair Value Inputs, Prepayment Rate | [1] | 11.75% | 14.66% | ||
Fair Value Inputs, Discount Rate | 9.62% | [2] | 9.77% | [1] | |
Loans Held for Sale [Member] | Minimum [Member] | Discounted Cash Flow [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Fair Value Inputs, Prepayment Rate | 1.82% | 7.00% | |||
Fair Value Inputs, Discount Rate | 1.08% | 0.86% | |||
Fair Value Inputs, Probability of Default | 0.00% | 0.00% | |||
Fair Value Inputs, Weighted Average Life | 8 months 12 days | 4 years 11 months 1 day | |||
Fair Value Inputs, Cumulative Loss | 0.00% | 0.00% | |||
Fair Value Inputs, Loss Severity | 0.00% | 0.00% | |||
Loans Held for Sale [Member] | Maximum [Member] | Discounted Cash Flow [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Fair Value Inputs, Prepayment Rate | 22.56% | 13.70% | |||
Fair Value Inputs, Discount Rate | 1.77% | 2.72% | |||
Fair Value Inputs, Probability of Default | 100.00% | 100.00% | |||
Fair Value Inputs, Weighted Average Life | 13 years 9 months 19 days | 9 years 4 months 7 days | |||
Fair Value Inputs, Cumulative Loss | 47.89% | 41.91% | |||
Fair Value Inputs, Loss Severity | 47.89% | 46.13% | |||
Loans Held for Sale [Member] | Weighted Average [Member] | Discounted Cash Flow [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Fair Value Inputs, Prepayment Rate | 11.47% | 11.11% | |||
Fair Value Inputs, Discount Rate | 1.37% | 2.49% | |||
Fair Value Inputs, Probability of Default | 18.42% | 28.56% | |||
Fair Value Inputs, Weighted Average Life | 7 years 18 days | 6 years 8 months 8 days | |||
Fair Value Inputs, Cumulative Loss | 3.63% | 5.51% | |||
Fair Value Inputs, Loss Severity | 17.80% | 24.98% | |||
Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Loans Held-for-sale, Fair Value Disclosure | [3] | $ 380,847 | $ 236,329 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Collateral Dependent Loans, Fair Value Disclosure | 49,352 | 11,282 | |||
Other Real Estate Owned, Fair Value Disclosure | [4] | 4,155 | 10,207 | ||
Servicing Asset at Fair Value, Amount | [5] | 356,530 | 59,731 | ||
Loans Held-for-sale, Fair Value Disclosure | 213 | 1,140 | |||
Fair Value, Inputs, Level 3 [Member] | Appraised Value [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Collateral Dependent Loans, Fair Value Disclosure | 49,352 | 11,282 | |||
Other Real Estate Owned, Fair Value Disclosure | 4,155 | 10,207 | |||
Fair Value, Inputs, Level 3 [Member] | Discounted Cash Flow [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Servicing Asset at Fair Value, Amount | 356,530 | 59,731 | |||
Loans Held-for-sale, Fair Value Disclosure | $ 213 | $ 1,140 | |||
[1] | (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. | ||||
[2] | (3)The discount rate range represents the highest and lowest values for the MSR strata with recoveries on previous valuation allowances. | ||||
[3] | (1)The carrying value of loans held for sale excludes $1,101,341 and $728,378 in loans measured at fair value on a recurring basis as of September 30, 2015 and December 31, 2014, respectively. | ||||
[4] | (1)Gains and losses resulting from subsequent measurement of OREO are included in the condensed consolidated statements of income as general and administrative expense. OREO is included in other assets in the condensed consolidated balance sheets. | ||||
[5] | (2)The fair value for mortgage servicing rights represents the value of the strata with impairment or recoveries on previous valuation allowances. |
Fair Value Measurements Fair 93
Fair Value Measurements Fair Value by Balance Sheet Grouping (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Held-to-maturity Securities | $ 112,219 | $ 115,084 | |
Held to maturity securities at fair value | 115,885 | 118,230 | |
Loans held for sale | 1,483,754 | 973,507 | |
Loans Held-for-sale, Fair Value Disclosure | 1,101,341 | 728,378 | |
Other borrowings | 5,297,000 | 4,004,000 | |
Loans Receivable, Allowance | 60,846 | 52,197 | |
Loans and Leases Receivable, Net Amount | 20,805,484 | 17,699,407 | |
Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Held to maturity securities at fair value | 0 | 0 | |
Loans Held-for-sale, Fair Value Disclosure | [1] | 0 | 0 |
Loans Receivable, Fair Value Disclosure | [2] | 0 | 0 |
Time deposits, Fair value disclosure | 0 | 0 | |
Other borrowings, Fair Value Disclosure | 0 | 0 | |
Trust preferred securities and subordinated notes payable, Fair Value Disclosure | 0 | ||
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Held to maturity securities at fair value | 115,885 | 118,230 | |
Loans Held-for-sale, Fair Value Disclosure | [1] | 1,505 | 9,001 |
Loans Receivable, Fair Value Disclosure | [2] | 0 | 0 |
Time deposits, Fair value disclosure | 6,516,359 | 5,503,993 | |
Other borrowings, Fair Value Disclosure | 5,339,861 | 4,016,937 | |
Trust preferred securities and subordinated notes payable, Fair Value Disclosure | 0 | ||
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Held to maturity securities at fair value | 0 | 0 | |
Loans Held-for-sale, Fair Value Disclosure | [1] | 380,847 | 236,329 |
Loans Receivable, Fair Value Disclosure | [2] | 19,123,032 | 16,436,610 |
Time deposits, Fair value disclosure | 0 | 0 | |
Other borrowings, Fair Value Disclosure | 0 | 0 | |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Held-to-maturity Securities | 112,219 | 115,084 | |
Loans held for sale | [1] | 382,413 | 245,129 |
Loans held for investment | [2] | 19,000,070 | 16,178,989 |
Time deposits | 6,458,656 | 5,473,080 | |
Other borrowings | 5,297,000 | 4,004,000 | |
Trust preferred securities and subordinated notes payable | 276,103 | 103,750 | |
Estimate of Fair Value, Fair Value Disclosure [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Held to maturity securities at fair value | 115,885 | 118,230 | |
Loans Held-for-sale, Fair Value Disclosure | [1] | 382,352 | 245,330 |
Loans Receivable, Fair Value Disclosure | [2] | 19,123,032 | 16,436,610 |
Time deposits, Fair value disclosure | 6,516,359 | 5,503,993 | |
Other borrowings, Fair Value Disclosure | 5,339,861 | 4,016,937 | |
Trust preferred securities and subordinated notes payable, Fair Value Disclosure | 265,998 | 93,186 | |
Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Loans Held-for-sale, Fair Value Disclosure | 1,101,341 | 728,378 | |
Aggregate Fair Value Under Fair Value Option [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Loans Held-for-sale, Fair Value Disclosure | 1,101,341 | ||
Finance Leases Portfolio Segment [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Loans and Leases Receivable, Net Amount | 1,805,414 | 1,520,418 | |
Trust Preferred Securities Subject to Mandatory Redemption [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Trust preferred securities and subordinated notes payable, Fair Value Disclosure | 89,190 | $ 93,186 | |
Subordinated Debt Obligations [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Trust preferred securities and subordinated notes payable, Fair Value Disclosure | 176,808 | ||
Subordinated Debt Obligations [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Trust preferred securities and subordinated notes payable, Fair Value Disclosure | $ 0 | ||
[1] | (1)The carrying value of loans held for sale excludes $1,101,341 and $728,378 in loans measured at fair value on a recurring basis as of September 30, 2015 and December 31, 2014, respectively. | ||
[2] | (2)The carrying value of loans held for investment is net of the allowance for loan loss of $60,846 and $52,197 as of September 30, 2015 and December 31, 2014, respectively. In addition, the carrying values exclude $1,805,414 and $1,520,418 of lease financing receivables within the equipment financing receivables portfolio as of September 30, 2015 and December 31, 2014, respectively. |
Commitments and Contingencies U
Commitments and Contingencies Unfunded Credit Extension Commitments (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | |
Unfunded Commitments to Extend Credit [Line Items] | |||
Unfunded Commitments to Extend Credit | $ 2,125,203 | $ 1,533,725 | |
Commercial Loan [Member] | |||
Unfunded Commitments to Extend Credit [Line Items] | |||
Unfunded Commitments to Extend Credit | [1] | 1,986,070 | 1,475,846 |
Commercial Loan [Member] | Cancellable [Member] | |||
Unfunded Commitments to Extend Credit [Line Items] | |||
Unfunded Commitments to Extend Credit | 918,157 | 503,138 | |
Home Equity Line of Credit [Member] | |||
Unfunded Commitments to Extend Credit [Line Items] | |||
Unfunded Commitments to Extend Credit | 92,652 | 23,107 | |
Credit Card Receivable [Member] | |||
Unfunded Commitments to Extend Credit [Line Items] | |||
Unfunded Commitments to Extend Credit | 34,462 | 33,913 | |
Standby Letters of Credit [Member] | |||
Unfunded Commitments to Extend Credit [Line Items] | |||
Unfunded Commitments to Extend Credit | $ 12,019 | $ 859 | |
[1] | (1) Of the outstanding unfunded commercial commitments, $918,157 and $503,138 were cancellable by the Company at September 30, 2015 and December 31, 2014, respectively. |
Commitments and Contingencies95
Commitments and Contingencies Unfunded Commitments Pipeline (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Loss Contingencies [Line Items] | ||
Commitments to lend in loans held for investment pipeline | $ 2,163,670 | $ 1,440,997 |
Residential Mortgage [Member] | ||
Loss Contingencies [Line Items] | ||
Commitments to lend in loans held for investment pipeline | 740,399 | 535,679 |
Commercial Loan [Member] | ||
Loss Contingencies [Line Items] | ||
Commitments to lend in loans held for investment pipeline | 1,074,507 | 623,540 |
Leasing [Member] | ||
Loss Contingencies [Line Items] | ||
Commitments to lend in loans held for investment pipeline | $ 348,764 | $ 281,778 |
Commitments and Contingencies F
Commitments and Contingencies Forward-Dated FHLB Borrowing Agreements (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
May 2014 [Member] | November 2015 [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% |
May 2014 [Member] | November 2015 [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% |
July 2014 [Member] | December 2015 [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% |
January 2015 [Member] | December 2015 [Member] | December 2022 [Member] | |
Debt Instrument [Line Items] | |
FHLB Forward-Dated Borrowing Agreement | $ 100,000 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 2.32% |
June 2015 [Member] | March 2017 [Member] | June 2022 [Member] | |
Debt Instrument [Line Items] | |
FHLB Forward-Dated Borrowing Agreement | $ 25,000 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 2.86% |
June 2015 [Member] | September 2017 [Member] | September 2022 [Member] | |
Debt Instrument [Line Items] | |
FHLB Forward-Dated Borrowing Agreement | $ 25,000 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 3.01% |
Commitments and Contingencies97
Commitments and Contingencies Unfunded Commitments to Extend Credit Textual (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Other Commitments [Line Items] | ||
Letters of Credit Outstanding, Amount | $ 211,164 | $ 100,018 |
Other Commitment, Due in Next Twelve Months | 43,057 | |
Other Commitment | $ 3,756 | |
Other Commitment Percentage Increase | 3.00% | |
Residential Mortgage [Member] | ||
Other Commitments [Line Items] | ||
Commitment to Lend at Floating Interest Rate | $ 120,192 | $ 146,410 |
Commitments and Contingencies G
Commitments and Contingencies Guarantees - Textual (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Loss Contingencies [Line Items] | ||
Outstanding Principal Balance On Loans Serviced | $ 43,033,657 | $ 49,262,915 |
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 | 69,060,366 | |
Obligation to Repurchase Receivables Sold [Member] | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Estimate of Possible Loss | 4,968 | 25,940 |
Recourse Related To Servicing Receivables [Member] | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Estimate of Possible Loss | $ 1,403 | $ 2,947 |
Commitments and Contingencies99
Commitments and Contingencies Federal Reserve Requirement - Textual (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Commitments and Contingencies Disclosure [Abstract] | ||
Cash Reserve Deposit Required and Made | $ 139,680 | $ 137,809 |
Commitments and Contingencies L
Commitments and Contingencies Legal Actions - Textual (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Borrowers [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 ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Variable Interest, Not Primary Beneficiary Commercial Loans Originated to Variable Interest Entities [Member] | ||
Noncontrolling Interest [Line Items] | ||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets | $ 35,125 | $ 121,730 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 35,125 | 121,730 |
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 | 686,117 | 890,924 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 686,117 | 890,924 |
Government National Mortgage Association Certificates and Obligations (GNMA) [Member] | Variable Interest, Not Primary Beneficiary, Securitizations through Ginnie Mae not Meeting Sale Accounting Criteria [Member] | ||
Noncontrolling Interest [Line Items] | ||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets | 0 | 9,001 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | $ 0 | $ 9,001 |
Segment Information Textual (De
Segment Information Textual (Details) | 9 Months Ended |
Sep. 30, 2015 | |
Segment Information [Abstract] | |
Number of Reportable Segments | 3 |
Segment Information Financial I
Segment Information Financial Information by Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |||||
Segment Reporting Information [Line Items] | |||||||||
Net interest income (expense) | $ 168,840 | $ 146,336 | $ 493,303 | $ 417,371 | |||||
Income before income taxes | 47,398 | 70,062 | 137,254 | 177,223 | |||||
Total Assets | 25,214,743 | 25,214,743 | $ 21,617,788 | ||||||
Mortgage Servicing Rights (MSR) Impairment (Recovery) | 4,450 | (3,071) | 32,075 | (8,012) | |||||
Consumer Banking Segment [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net interest income (expense) | 92,157 | 84,635 | 269,169 | 236,753 | |||||
Total net revenue | 125,004 | [1] | 159,876 | [2] | 395,132 | [1] | 466,005 | [2] | |
Depreciation and amortization | 2,306 | 2,246 | 6,976 | 6,842 | |||||
Income before income taxes | 27,899 | [1] | 48,624 | [2] | 73,356 | [1] | 124,487 | [2] | |
Total Assets | 15,649,933 | 13,292,823 | 15,649,933 | 13,292,823 | |||||
Mortgage Servicing Rights (MSR) Impairment (Recovery) | 4,450 | 3,071 | 32,075 | 8,012 | |||||
Commercial Banking Segment [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net interest income (expense) | 80,790 | 63,302 | 231,392 | 185,386 | |||||
Total net revenue | 88,994 | 76,099 | 262,533 | 217,601 | |||||
Depreciation and amortization | 2,828 | 3,452 | 8,354 | 11,721 | |||||
Income before income taxes | 50,568 | 46,981 | 155,362 | 131,195 | |||||
Total Assets | 9,678,171 | 7,257,986 | 9,678,171 | 7,257,986 | |||||
Corporate Services [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net interest income (expense) | (4,107) | (1,601) | (7,258) | (4,768) | |||||
Total net revenue | (3,963) | (1,425) | (6,832) | (4,169) | |||||
Depreciation and amortization | 1,794 | 1,971 | 5,081 | 5,842 | |||||
Income before income taxes | (31,069) | (25,543) | (91,464) | (78,459) | |||||
Total Assets | 274,938 | 120,054 | 274,938 | 120,054 | |||||
Segment Reconciling Items [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net interest income (expense) | 0 | 0 | 0 | 0 | |||||
Total net revenue | 0 | 0 | 0 | 0 | |||||
Depreciation and amortization | 0 | 0 | 0 | 0 | |||||
Income before income taxes | 0 | 0 | 0 | 0 | |||||
Total Assets | (388,299) | (160,521) | (388,299) | (160,521) | |||||
Consolidated [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net interest income (expense) | 168,840 | 146,336 | 493,303 | 417,371 | |||||
Total net revenue | 210,035 | 234,550 | 650,833 | 679,437 | |||||
Depreciation and amortization | 6,928 | 7,669 | 20,411 | 24,405 | |||||
Income before income taxes | 47,398 | 70,062 | 137,254 | 177,223 | |||||
Total Assets | 25,214,743 | 20,510,342 | 25,214,743 | 20,510,342 | |||||
Intersegment Eliminations [Member] | Consumer Banking Segment [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Total net revenue | 10,416 | 17,635 | 33,841 | 48,332 | |||||
Intersegment Eliminations [Member] | Commercial Banking Segment [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Total net revenue | (10,416) | (17,635) | (33,841) | (48,332) | |||||
Intersegment Eliminations [Member] | Corporate Services [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Total net revenue | 0 | 0 | 0 | 0 | |||||
Intersegment Eliminations [Member] | Segment Reconciling Items [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Total net revenue | 0 | 0 | 0 | 0 | |||||
Intersegment Eliminations [Member] | Consolidated [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Total net revenue | $ 0 | $ 0 | $ 0 | $ 0 | |||||
[1] | (1) Segment earnings in the Consumer Banking segment included a $4,450 charge for MSR impairment for the three months ended September 30, 2015 and a $32,075 charge for MSR impairment for the nine months ended September 30, 2015 | ||||||||
[2] | (2) Segment earnings in the Consumer Banking segment included a $3,071 recovery on the MSR valuation allowance for the three months ended September 30, 2014 and an $8,012 recovery on the MSR valuation allowance for the nine months ended September 30, 2014 |