Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | Apr. 24, 2017 | |
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 | Mar. 31, 2017 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 127,879,792 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Assets | ||
Cash and due from banks | $ 48,160 | $ 36,654 |
Interest-bearing deposits in banks | 831,496 | 754,784 |
Total cash and cash equivalents | 879,656 | 791,438 |
Investment securities: | ||
Available for sale securities, at fair value | 447,593 | 485,836 |
Held to maturity (fair value of $93,403 and $90,038 as of March 31, 2017 and December 31, 2016, respectively) | 92,472 | 89,457 |
Other investments | 263,644 | 253,018 |
Total investment securities | 803,709 | 828,311 |
Loans held for sale (includes $1,389,353 and $1,271,893 carried at fair value as of March 31, 2017 and December 31, 2016, respectively) | 1,440,114 | 1,443,263 |
Loans and leases held for investment: | ||
Loans and leases held for investment, net of unearned income | 23,400,992 | 23,556,977 |
Allowance for loan and lease losses | (95,158) | (103,304) |
Total loans and leases held for investment, net | 23,305,834 | 23,453,673 |
Mortgage servicing rights (MSR), net | 293,726 | 273,941 |
Premises and equipment, net | 40,989 | 43,594 |
Other assets | 1,012,551 | 1,003,866 |
Total Assets | 27,776,579 | 27,838,086 |
Deposits | ||
Noninterest-bearing | 1,662,173 | 1,750,529 |
Interest-bearing | 17,629,508 | 17,887,699 |
Total deposits | 19,291,681 | 19,638,228 |
Other borrowings | 5,756,000 | 5,506,000 |
Trust preferred securities and subordinated notes payable | 360,378 | 360,278 |
Accounts payable and accrued liabilities | 309,157 | 317,248 |
Total Liabilities | 25,717,216 | 25,821,754 |
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 March 31, 2017 and December 31, 2016) | 150,000 | 150,000 |
Common Stock, $0.01 par value (500,000,000 shares authorized; 127,819,917 and 127,036,740 issued and outstanding at March 31, 2017 and December 31, 2016, respectively) | 1,279 | 1,270 |
Additional paid-in capital | 914,894 | 905,573 |
Retained earnings | 1,039,357 | 1,011,011 |
Accumulated other comprehensive income (loss) (AOCI) | (46,167) | (51,522) |
Total Shareholders' Equity | 2,059,363 | 2,016,332 |
Total Liabilities and Shareholders' Equity | $ 27,776,579 | $ 27,838,086 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Held to maturity securities at fair value | $ 93,403 | $ 90,038 |
Loans held for sale at fair value | $ 1,389,353 | $ 1,271,893 |
Common Stock, par value | $ 0.01 | $ 0.01 |
Common Stock, shares authorized | 500,000,000 | 500,000,000 |
Common Stock, shares issued | 127,819,917 | 127,036,740 |
Common Stock, shares outstanding | 127,819,917 | 127,036,740 |
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 | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Interest Income | ||
Interest and fees on loans and leases | $ 245,381 | $ 231,059 |
Interest and dividends on investment securities | 6,673 | 7,404 |
Other interest income | 1,296 | 396 |
Total interest income | 253,350 | 238,859 |
Interest Expense | ||
Deposits | 43,086 | 39,090 |
Other borrowings | 30,919 | 25,988 |
Total interest expense | 74,005 | 65,078 |
Net Interest Income | 179,345 | 173,781 |
Provision for Loan and Lease Losses | 15,680 | 8,919 |
Net Interest Income after Provision for Loan and Lease Losses | 163,665 | 164,862 |
Noninterest Income | ||
Loan servicing fee income | 22,908 | 23,441 |
Amortization of mortgage servicing rights | (15,505) | (14,731) |
Recovery (impairment) of mortgage servicing rights | 22,644 | (22,542) |
Net loan servicing income | 30,047 | (13,832) |
Gain on sale of loans | 447 | 28,751 |
Loan production revenue | 5,315 | 5,260 |
Deposit fee income | 2,000 | 3,102 |
Other lease income | 4,042 | 4,367 |
Other | 8,406 | 2,105 |
Total noninterest income | 50,257 | 29,753 |
Noninterest Expense | ||
Salaries, commissions and other employee benefits expense | 91,633 | 91,640 |
Equipment expense | 16,314 | 15,917 |
Occupancy expense | 6,608 | 6,264 |
General and administrative expense | 38,571 | 35,609 |
Total noninterest expense | 153,126 | 149,430 |
Income before Provision for Income Taxes | 60,796 | 45,185 |
Provision for Income Taxes | 22,259 | 17,261 |
Net Income | 38,537 | 27,924 |
Less: Net Income Allocated to Preferred Stock | (2,531) | (2,531) |
Net Income Allocated to Common Shareholders | $ 36,006 | $ 25,393 |
Basic Earnings Per Common Share | $ 0.28 | $ 0.20 |
Diluted Earnings Per Common Share | 0.28 | 0.20 |
Dividends Declared Per Common Share | $ 0.06 | $ 0.06 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | ||
Net Income | $ 38,537 | $ 27,924 |
Unrealized Gains (Losses) on Debt Securities | ||
Unrealized gains (losses) due to changes in fair value | (676) | 3,046 |
Reclassification of unrealized gains to noninterest income | 0 | (97) |
Tax effect | (257) | 1,121 |
Change in unrealized gains (losses) on debt securities | 419 | (1,828) |
Interest Rate Swaps | ||
Net unrealized gains (losses) due to changes in fair value | 484 | (53,963) |
Reclassification of net unrealized losses to interest expense | 6,718 | 4,044 |
Tax effect | (2,266) | 18,971 |
Changes in interest rate swaps | 4,936 | (30,948) |
Other Comprehensive Income (Loss) | 5,355 | (32,776) |
Comprehensive Income (Loss) | $ 43,892 | $ (4,852) |
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, 2015 | $ 1,868,321 | $ 150,000 | $ 1,250 | $ 874,806 | $ 906,278 | $ (64,013) |
Net Income | 27,924 | 0 | 0 | 0 | 27,924 | 0 |
Other comprehensive loss | (32,776) | 0 | 0 | 0 | 0 | (32,776) |
Issuance of common stock | (128) | 0 | (2) | (130) | 0 | 0 |
Share-based grants (including income tax benefits) | 2,599 | 0 | 0 | 2,599 | 0 | 0 |
Cash dividends on common stock | (7,506) | 0 | 0 | 0 | (7,506) | 0 |
Cash dividends on preferred stock | (2,531) | 0 | 0 | 0 | (2,531) | 0 |
Balance at Mar. 31, 2016 | 1,855,903 | 150,000 | 1,252 | 877,275 | 924,165 | (96,789) |
Balance at Dec. 31, 2016 | 2,016,332 | 150,000 | 1,270 | 905,573 | 1,011,011 | (51,522) |
Net Income | 38,537 | 0 | 0 | 0 | 38,537 | 0 |
Other comprehensive loss | 5,355 | 0 | 0 | 0 | 0 | 5,355 |
Issuance of common stock | (7,232) | 0 | (9) | (7,223) | 0 | 0 |
Share-based grants (including income tax benefits) | 2,098 | 0 | 0 | 2,098 | 0 | 0 |
Cash dividends on common stock | (7,660) | 0 | 0 | 0 | (7,660) | 0 |
Cash dividends on preferred stock | (2,531) | 0 | 0 | 0 | (2,531) | 0 |
Balance at Mar. 31, 2017 | $ 2,059,363 | $ 150,000 | $ 1,279 | $ 914,894 | $ 1,039,357 | $ (46,167) |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Operating Activities: | ||
Net income | $ 38,537 | $ 27,924 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Amortization of premiums and deferred origination costs | 17,392 | 18,274 |
Depreciation and amortization of tangible and intangible assets | 5,861 | 6,658 |
Reclassification of net loss on settlement of interest rate swaps | 3,890 | 4,044 |
Amortization and impairment of mortgage servicing rights, net of recoveries | 7,139 | (37,273) |
Deferred income taxes (benefit) | 21,319 | (2,787) |
Provision for loan and lease losses | 15,680 | 8,919 |
Share-based compensation expense | 2,098 | 2,631 |
Gain (Loss) on Extinguishment of Debt | 4,115 | 0 |
Other operating activities | 1,821 | (111) |
Changes in operating assets and liabilities: | ||
Loans held for sale, including proceeds from sales and repayments | (114,750) | 279,134 |
Other assets | 147,904 | 24,479 |
Accounts payable and accrued liabilities | (24,042) | (83,635) |
Net cash provided by (used in) operating activities | 104,456 | 322,803 |
Investment securities available for sale: | ||
Proceeds from prepayments and maturities | 38,616 | 47,051 |
Investment securities held to maturity: | ||
Purchases | (3,884) | 0 |
Proceeds from prepayments and maturities | 622 | 2,351 |
Purchases of other investments | (84,576) | (109,225) |
Proceeds from sale of other investments | 73,950 | 140,250 |
Net change in loans and leases held for investment | (238,755) | (799,700) |
Purchases of premises and equipment, including equipment under operating leases | (2,142) | (9,841) |
Proceeds related to sale or settlement of other real estate owned | 6,324 | 2,674 |
Proceeds from insured foreclosure claims | 288,537 | 327,234 |
Other investing activities | 2,800 | 8,474 |
Net cash provided by (used in) investing activities | 81,492 | (390,732) |
Financing Activities: | ||
Net increase (decrease) in nonmaturity deposits | (411,526) | 909,640 |
Net increase (decrease) in time deposits | 62,640 | (172,230) |
Net change in short-term Federal Home Loan Bank (FHLB) advances | (50,000) | (800,000) |
Proceeds from long-term FHLB advances | 1,375,000 | 100,000 |
Repayments of long-term FHLB advances, including early extinguishment | (1,070,885) | (30,000) |
Proceeds from Issuance of Subordinated Notes Payable, Net of Issuance Cost | 0 | 88,910 |
Proceeds from issuance of common stock | 8,201 | 607 |
Payments of Dividends | (10,191) | (10,037) |
Other financing activities | 969 | 767 |
Net cash provided by (used in) financing activities | (97,730) | 86,123 |
Net change in cash and cash equivalents | 88,218 | 18,194 |
Cash and cash equivalents at beginning of period | 791,438 | 582,451 |
Cash and cash equivalents at end of period | $ 879,656 | $ 600,645 |
Organization and Basis of Prese
Organization and Basis of Presentation (Notes) | 3 Months Ended |
Mar. 31, 2017 | |
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; (b) originates, purchases, services, sells and securitizes residential real estate mortgage loans, home equity loans, commercial real estate loans and commercial loans and leases; and (c) 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. EBF facilitates the pooling and securitization of mortgage loans for issuance into the secondary market. 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 the Company's financial position, results of operations, comprehensive income, and cash flows in conformity with GAAP. 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, 2016. 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, 2017. 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 Company's financial position, results of operations, comprehensive income, and changes in cash flows have been made. GAAP requires management to make estimates that affect the reported amounts 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: Three Months Ended 2017 2016 Supplemental Schedules of Noncash Activities: Loans transferred to foreclosure claims $ 441,715 $ 312,790 See Note 4 for disclosures relating to noncash activities relating to loan transfers. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements and Updates(Notes) | 3 Months Ended |
Mar. 31, 2017 | |
Recent Accounting Pronouncements and Updates to Significant Accounting Policies [Abstract] | |
Recent Accounting Pronouncements and Updates to Significant Accounting Policies | 2. Recent Accounting Pronouncements Debt Securities - In March 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2017-08, Receivables-Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities , which shortens the amortization period for certain callable debt securities held at a premium. Under the current guidance, premiums and discounts are typically amortized to the maturity date of the financial instrument. However, ASU 2017-08 requires the associated premium to be amortized to the earliest call date of the financial instrument. Upon adoption, ASU 2017-08 provides for transition through 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 2017-08 is effective for annual reporting periods beginning after December 15, 2018, and interim periods within those annual periods with early adoption permitted. If adopted in an interim period, any adjustments must be reflected as of the beginning of the fiscal year of adoption. The Company is currently evaluating the adoption of ASU 2017-08 and its impact on the Company's consolidated financial statements. Goodwill - In January 2017, the FASB issued ASU 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment , which simplifies accounting for goodwill impairment by eliminating the second step from the impairment testing process. Under the current guidance, if the fair value of a reporting unit is lower than its carrying amount, the entity must take a second step and assign the fair value of a reporting unit to all of the assets and liabilities of that unit (including any unrecognized intangible assets) as if the reporting unit had been acquired in a business combination in order to calculate any impairment charge. Upon the adoption of ASU 2017-04, entities will recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value without the need to assign the fair value to the assets and liabilities. Any loss recognized as a result of this test is not to exceed the total amount of goodwill allocated to that reporting unit and should consider income tax effects from any tax deductible goodwill, if applicable, on the carrying amount of the reporting unit when measuring the impairment loss. ASU 2017-04 is effective for annual reporting periods beginning after December 15, 2019, and for interim periods within those annual periods with early adoption permitted for impairment testing dates after January 1, 2017. The Company is currently evaluating the adoption of ASU 2017-04 and its impact on the Company's consolidated financial statements. Credit Losses - In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326)-Measurement of Credit Losses on Financial Instruments , which eliminates the probable initial recognition threshold for credit losses requiring, instead, that all financial assets (or group of financial assets) measured at amortized cost be presented at the net amount expected to be collected inclusive of the entity’s current estimate of all lifetime expected credit losses. The ASU also applies to certain off-balance-sheet credit exposures such as unfunded commitments and non-derivative financial guarantees. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) in order to present the net carrying value at the amount expected to be collected on the financial asset. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. The income statement under this ASU will reflect the initial recognition of current expected credit losses for newly recognized assets, as well as any increases or decreases of expected credit losses that have occurred during the period. ASU 2016-13 retains many currently-existing disclosures related to the credit quality of an entity’s assets and the related allowance for credit losses amended to reflect the change to an expected credit loss methodology, as well as enhanced disclosures to provide information to users at a more disaggregated level. Upon adoption, ASU 2016-13 provides for a modified retrospective transition by means of a cumulative-effect adjustment to equity as of the beginning of the period in which the guidance is effective, except for debt securities for which an other-than-temporary impairment (OTTI) has previously been recognized. For these debt securities, a prospective transition is provided in order to maintain the same amortized cost prior to and subsequent to the effective date of the ASU. ASU 2016-13 is effective for annual reporting periods beginning after December 15, 2019, and interim periods within those annual periods with early adoption permitted for fiscal years beginning after December 15, 2018, and interim periods within those annual periods. The Company is currently evaluating the pending adoption of ASU 2016-13 and its impact on the Company's consolidated financial statements. Leases - In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , which amends the existing standards for lease accounting effectively bringing most leases onto the balance sheets of the related lessees by requiring them to recognize a right-of-use asset and a corresponding lease liability, while leaving lessor accounting largely unchanged with only targeted changes incorporated into the update. ASU 2016-02 includes extensive qualitative and quantitative disclosure requirements intended to provide greater insight into the nature of an entity’s leasing activities. Upon adoption, ASU 2016-02 must be adopted using a modified retrospective transition by means of a cumulative-effect adjustment to equity as of the beginning of the period in which the guidance is adopted with certain practical expedients provided. ASU 2016-02 is effective for annual reporting periods beginning after December 15, 2018, and interim periods within those annual periods with early adoption permitted. The Company is currently evaluating the pending adoption of ASU 2016-02 and its impact on the Company's consolidated financial statements. Recognition and Measurement - In January 2016, the FASB issued ASU 2016-01, Financial Instruments (Subtopic 825-10) - Recognition and Measurement of Financial Assets and Financial Liabilities , which (1) requires equity investments that do not result in consolidation and are not accounted for under the equity method to be measured at fair value with changes recognized through net income; (2) simplifies the impairment assessment of equity investments without readily determinable fair values by allowing a qualitative assessment similar to those performed on long-lived assets, goodwill or intangibles to be utilized at each reporting period; (3) eliminates the use of the entry price method requiring all preparers to utilize the exit price notion consistent with Topic 820, Fair Value Measurement in disclosing the fair value of financial instruments measured at amortized cost; (4) requires separate disclosure within OCI of changes in the fair value of liabilities due to instrument-specific credit risk when the fair value option has been elected; and (5) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or in the accompanying notes to the financial statements. Upon adoption, ASU 2016-01 provides for a cumulative-effect adjustment to retained earnings except for the impacts of amendments 2 and 3 above, which are prospective in nature. ASU 2016-01 is effective for annual reporting periods beginning after December 15, 2017, and interim periods within those annual periods with early adoption allowable only for amendment 4 above. The Company is currently evaluating the pending adoption of ASU 2016-01 and its 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. Early adoption is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. 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. |
Investment Securities (Notes)
Investment Securities (Notes) | 3 Months Ended |
Mar. 31, 2017 | |
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 amount of investment securities were as follows as of March 31, 2017 and December 31, 2016 : Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Carrying Amount March 31, 2017 Available for sale: Residential collateralized mortgage obligations (CMO) securities - nonagency $ 413,129 $ 4,397 $ 3,371 $ 414,155 $ 414,155 U.S. Treasury securities 31,925 — 17 31,908 31,908 Asset-backed securities (ABS) 1,376 — 255 1,121 1,121 Other 217 192 — 409 409 Total available for sale securities $ 446,647 $ 4,589 $ 3,643 $ 447,593 $ 447,593 Held to maturity: Residential CMO securities - agency $ 2,789 $ 86 $ — $ 2,875 $ 2,789 Residential mortgage-backed securities (MBS) - agency 89,683 1,406 561 90,528 89,683 Total held to maturity securities $ 92,472 $ 1,492 $ 561 $ 93,403 $ 92,472 December 31, 2016 Available for sale: Residential CMO securities - nonagency $ 452,035 $ 4,219 $ 3,836 $ 452,418 $ 452,418 U.S. Treasury securities 31,879 — 12 31,867 31,867 ABS 1,426 — 261 1,165 1,165 Other 225 161 — 386 386 Total available for sale securities $ 485,565 $ 4,380 $ 4,109 $ 485,836 $ 485,836 Held to maturity: Residential CMO securities - agency $ 2,809 $ 87 $ — $ 2,896 $ 2,809 Residential MBS - agency 86,648 1,181 687 87,142 86,648 Total held to maturity securities $ 89,457 $ 1,268 $ 687 $ 90,038 $ 89,457 At March 31, 2017 and December 31, 2016 , investment securities with a carrying value of $184,394 and $114,483 , respectively, were pledged to secure other borrowings and for other purposes as required or permitted by law. For the three months ended March 31, 2017 and 2016 , no gross gains and no gross losses were realized on available for sale investments. 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 March 31, 2017 and December 31, 2016 were as follows: Less Than 12 Months 12 Months or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses March 31, 2017 Debt securities: Residential CMO securities - nonagency $ 65,672 $ 758 $ 105,106 $ 2,613 $ 170,778 $ 3,371 Residential MBS - agency 31,418 554 910 7 32,328 561 U.S. Treasury securities 31,908 17 — — 31,908 17 ABS — — 1,121 255 1,121 255 Total debt securities $ 128,998 $ 1,329 $ 107,137 $ 2,875 $ 236,135 $ 4,204 December 31, 2016 Debt securities: Residential CMO securities - nonagency $ 65,236 $ 900 $ 122,805 $ 2,936 $ 188,041 $ 3,836 Residential MBS - agency 33,239 680 919 7 34,158 687 U.S. Treasury securities 31,879 12 — — 31,879 12 ABS — — 1,165 261 1,165 261 Total debt securities $ 130,354 $ 1,592 $ 124,889 $ 3,204 $ 255,243 $ 4,796 The Company had unrealized losses at March 31, 2017 and December 31, 2016 on residential nonagency CMO securities, residential agency MBS, ABS, and U.S. Treasury securities. These unrealized losses are primarily attributable to weak market conditions. Based on the nature of the impairment, these unrealized losses are considered temporary. The Company does not intend to sell nor is it more likely than not that it will be required to sell these investments before their anticipated recoveries. At March 31, 2017 , the Company had 49 debt securities in an unrealized loss position. A total of 20 securities were in an unrealized loss position for less than 12 months. These 20 securities consisted of eight residential nonagency CMO securities, 11 residential agency MBS, and one U.S Treasury security. The remaining 29 debt securities were in an unrealized loss position for 12 months or longer. These 29 securities consisted of 25 residential nonagency CMO securities, three ABS, and one residential agency MBS. Of the $4,204 in unrealized losses, $2,404 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, 2016 , the Company had 49 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 five residential nonagency CMO securities, 11 residential agency MBS and one U.S. Treasury security. The remaining 32 debt securities were in an unrealized loss position for 12 months or longer. These 32 securities consisted of three ABS, one residential agency MBS and 28 residential nonagency CMO securities. Of the $ 4,796 in unrealized losses, $2,503 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 was no credit-related OTTI recognized for the three months ended March 31, 2017 . During the three months ended March 31, 2016 , the Company recognized credit-related OTTI of $97 on available for sale nonagency residential CMO securities. These credit-related OTTI losses represented additional declines in fair value on a security that was deemed OTTI at December 31, 2015. During the three months ended March 31, 2016 , the Company recognized no credit-related OTTI related to held to maturity securities. There were no non-credit related OTTI losses recognized on available for sale securities or held to maturity securities during the three months ended March 31, 2017 and 2016 . During the three months ended March 31, 2017 and 2016 , interest and dividend income on investment securities was comprised of the following: Three Months Ended 2017 2016 Interest income on available for sale securities $ 3,081 $ 3,814 Interest income on held to maturity securities 602 748 Other interest and dividend income 2,990 2,842 $ 6,673 $ 7,404 All investment interest income recognized by the Company during the three months ended March 31, 2017 and 2016 was fully taxable. |
Loans Held for Sale (Notes)
Loans Held for Sale (Notes) | 3 Months Ended |
Mar. 31, 2017 | |
Loans Held for Sale [Abstract] | |
Loans Held for Sale [Text Block] | 4. Loans Held for Sale Loans held for sale as of March 31, 2017 and December 31, 2016 , consisted of the following: March 31, December 31, Mortgage warehouse (carried at fair value) $ 448,697 $ 622,182 Other residential (carried at fair value) 940,656 649,711 Total loans held for sale carried at fair value 1,389,353 1,271,893 Other residential 10,320 130,674 Commercial and commercial real estate 40,441 40,696 Total loans held for sale carried at lower of cost or market 50,761 171,370 Total loans held for sale $ 1,440,114 $ 1,443,263 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 and in part due to the burden of complying with the requirement of hedge accounting, the Company has elected fair value accounting on this portfolio of loans. The Company has also elected the fair value option for originated fixed-rate jumbo loans. Fair value accounting was elected 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 value of the loans and the derivative instruments used to economically hedge these loans without the burden of complying with the requirements of hedge accounting. The Company has not elected the fair value option for other residential mortgage and commercial and commercial real estate loans as the majority of these loans were transferred from the held for investment portfolio and are expected to be sold within a short period subsequent to transfer. These loans are carried at the lower of cost or market value. Other residential loans held at the lower of cost or market value represent government insured pool buyouts that have re-performed and are now eligible to be re-securitized or sold to third parties and other residential mortgage 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. A majority of these other residential mortgage loans consist of jumbo preferred adjustable rate mortgage (ARM) loans. Commercial and commercial real estate loans represent multi-family loans 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 and intends 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 12 . 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 12 for the maximum exposure to loss for a breach or a material breach of contractual representations and warranties related to GSE and non-GSE loan sales. The following is a summary of cash flows related to transfers accounted for as sales for the three months ended March 31, 2017 and 2016 : Three Months Ended 2017 2016 Proceeds received from residential agency securitizations $ 986,427 $ 855,964 Proceeds received from nonsecuritization sales - residential 806,787 1,431,502 Proceeds received from nonsecuritization sales - commercial and commercial real estate — 212,068 Proceeds received from nonsecuritization sales - equipment financing receivables 11,376 75,584 Proceeds received from nonsecuritization sales $ 818,163 $ 1,719,154 Repurchased loans from residential agency sales and securitizations $ 5,409 $ 1,588 Repurchased loans from residential nonagency sales 4,422 700 In connection with these transfers, the Company recorded servicing assets in the amount of $12,771 and $14,759 for the three months ended March 31, 2017 and 2016 . 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 11 for a description of the valuation process. 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. Gain on sale of loans includes changes in fair value related to fair value option loans, changes in fair value related to offsetting hedging positions and any valuation reserves related to held for sale loans which are carried at the lower of cost or market value. 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 months ended March 31, 2017 and 2016 . Three Months Ended Loans Transferred from Held for Investment (LHFI) to Held for Sale (LHFS) 2017 2016 Residential mortgages $ — $ 496,363 Government insured pool buyouts 512,755 425,204 Commercial and commercial real estate — 170,408 Equipment financing receivables 11,586 72,172 Total transfers from LHFI to LHFS $ 524,341 $ 1,164,147 Loans Transferred from LHFS to LHFI Residential mortgages $ 36,899 $ 26,155 Commercial and commercial real estate — 28,753 Total transfers from LHFS to LHFI $ 36,899 $ 54,908 When the Company has identified and has made a decision to sell a loan or set of loans which were not originated or acquired with the intent to sell, the Company will transfer the loan from HFI to HFS at the lower of cost or market value. The Company will transfer loans from HFS to HFI when it no longer has the intent to sell the loans within the foreseeable future. Loans transferred from HFS to HFI are transferred at the lower of cost or market. Loan transfers from LHFS to LHFI and transfers from LHFI to LHFS 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) | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017 and December 31, 2016 are comprised of the following: March 31, December 31, Residential mortgages $ 12,016,481 $ 11,813,678 Commercial and commercial real estate 7,549,266 7,938,862 Equipment financing receivables 2,562,188 2,560,105 Home equity lines and other 1,273,057 1,244,332 Total loans and leases held for investment, net of unearned income 23,400,992 23,556,977 Allowance for loan and lease losses (95,158 ) (103,304 ) Total loans and leases held for investment, net $ 23,305,834 $ 23,453,673 As of March 31, 2017 and December 31, 2016 , the carrying values presented above include net purchased loan and lease discounts and net deferred loan and lease origination costs as follows: March 31, December 31, Net purchased loan and lease discounts $ 110,650 $ 104,558 Net deferred loan and lease origination costs 124,547 123,484 During the three months ended March 31, 2017 and 2016 , unpaid principal balance (UPB) for significant third-party purchases of loans that impacted the Company's LHFI portfolio are as follows: March 31, March 31, Residential mortgages (1) $ 1,195,783 $ 1,052,548 Commercial credit facilities 23,779 101,831 Home equity lines of credit — 256,926 (1) Included in this amount are government insured pool buyouts. 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 three months ended March 31, 2017 and 2016 are as follows: March 31, March 31, Contractual payments receivable for acquired loans and leases at acquisition $ 1,957,754 $ 1,662,326 Expected cash flows for acquired loans and leases at acquisition 1,242,351 1,041,310 Basis in acquired loans and leases at acquisition 1,155,248 976,540 Information pertaining to the ACI portfolio as of March 31, 2017 and December 31, 2016 is as follows: Residential Commercial and Commercial Real Estate Total March 31, 2017 Carrying value, net of allowance $ 4,757,470 $ 46,177 $ 4,803,647 Outstanding unpaid principal balance 4,861,934 50,548 4,912,482 Allowance for loan and lease losses, beginning of period 8,769 35 8,804 Allowance for loan and lease losses, end of period 7,915 11 7,926 December 31, 2016 Carrying value, net of allowance $ 4,490,453 $ 52,021 $ 4,542,474 Outstanding unpaid principal balance 4,590,807 56,746 4,647,553 Allowance for loan and lease losses, beginning of year 7,031 346 7,377 Allowance for loan and lease losses, end of year 8,769 35 8,804 The Company recorded reductions of provision for loan loss of $878 and $203 for the ACI portfolio for the three months ended March 31, 2017 and 2016 , 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 three months ended March 31, 2017 and 2016 : Residential Commercial and Commercial Real Estate Total March 31, 2017 Balance, beginning of period $ 340,148 $ 21,193 $ 361,341 Additions 87,103 — 87,103 Accretion (61,054 ) (1,230 ) (62,284 ) Reclassifications to (from) accretable yield 1,604 (441 ) 1,163 Balance, end of period $ 367,801 $ 19,522 $ 387,323 March 31, 2016 Balance, beginning of period $ 252,841 $ 43,690 $ 296,531 Additions 64,770 — 64,770 Accretion (45,000 ) (2,043 ) (47,043 ) Reclassifications to (from) accretable yield (4,179 ) (1,581 ) (5,760 ) Transfer from loans held for investment to loans held for sale — (3,304 ) (3,304 ) Balance, end of period $ 268,432 $ 36,762 $ 305,194 |
Allowance for Loan and Lease Lo
Allowance for Loan and Lease Losses (Notes) | 3 Months Ended |
Mar. 31, 2017 | |
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 months ended March 31, 2017 and 2016 are as follows: Three Months Ended March 31, 2017 Residential Mortgages Commercial Equipment Financing Receivables Home Equity Lines and Other Total Balance, beginning of period $ 28,764 $ 47,941 $ 19,895 $ 6,704 $ 103,304 Provision for loan and lease losses 123 11,338 4,222 (3 ) 15,680 Charge-offs (1,058 ) (19,999 ) (3,525 ) (331 ) (24,913 ) Recoveries 150 314 464 159 1,087 Balance, end of period $ 27,979 $ 39,594 $ 21,056 $ 6,529 $ 95,158 Three Months Ended March 31, 2016 Balance, beginning of period $ 26,951 $ 34,875 $ 12,187 $ 4,124 $ 78,137 Provision for loan and lease losses 2,971 1,891 3,694 363 8,919 Charge-offs (1,845 ) (69 ) (2,564 ) (219 ) (4,697 ) Recoveries 232 77 737 80 1,126 Balance, end of period $ 28,309 $ 36,774 $ 14,054 $ 4,348 $ 83,485 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 March 31, 2017 and December 31, 2016 : March 31, 2017 Individually Evaluated for Impairment Collectively Evaluated for Impairment ACI Loans Total Allowance for Loan and Lease Losses Residential mortgages $ 2,239 $ 17,825 $ 7,915 $ 27,979 Commercial and commercial real estate 13,005 26,578 11 39,594 Equipment financing receivables 3,333 17,723 — 21,056 Home equity lines and other — 6,529 — 6,529 Total allowance for loan and lease losses $ 18,577 $ 68,655 $ 7,926 $ 95,158 Loans and Leases Held for Investment at Recorded Investment Residential mortgages $ 19,136 $ 7,231,960 $ 4,765,385 $ 12,016,481 Commercial and commercial real estate 84,626 7,418,452 46,188 7,549,266 Equipment financing receivables 25,363 2,536,825 — 2,562,188 Home equity lines and other — 1,273,057 — 1,273,057 Total loans and leases held for investment $ 129,125 $ 18,460,294 $ 4,811,573 $ 23,400,992 December 31, 2016 Individually Evaluated for Impairment Collectively Evaluated for Impairment ACI Loans Total Allowance for Loan and Lease Losses Residential mortgages $ 1,921 $ 18,074 $ 8,769 $ 28,764 Commercial and commercial real estate 21,696 26,210 35 47,941 Equipment financing receivables 1,032 18,863 — 19,895 Home equity lines and other — 6,704 — 6,704 Total allowance for loan and lease losses $ 24,649 $ 69,851 $ 8,804 $ 103,304 Loans and Leases Held for Investment at Recorded Investment Residential mortgages $ 17,112 $ 7,297,344 $ 4,499,222 $ 11,813,678 Commercial and commercial real estate 105,803 7,781,003 52,056 7,938,862 Equipment financing receivables 19,111 2,540,994 — 2,560,105 Home equity lines and other — 1,244,332 — 1,244,332 Total loans and leases held for investment $ 142,026 $ 18,863,673 $ 4,551,278 $ 23,556,977 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 March 31, 2017 and December 31, 2016 : Non-pe rf orming Performing Accrual Nonaccrual Total March 31, 2017 Residential mortgages: Residential (1) $ 6,482,999 $ — $ 31,621 $ 6,514,620 Government insured pool buyouts (2) (3) 5,281,708 220,153 — 5,501,861 Equipment financing receivables 2,521,219 — 40,969 2,562,188 Home equity lines and other 1,266,801 — 6,256 1,273,057 Total $ 15,552,727 $ 220,153 $ 78,846 $ 15,851,726 Pass Special Mention Substandard Doubtful Total March 31, 2017 Commercial and commercial real estate: Commercial real estate $ 3,464,894 $ 14,537 $ 87,814 $ — $ 3,567,245 Mortgage warehouse finance 2,121,810 — — — 2,121,810 Lender finance 1,640,250 — — — 1,640,250 Other commercial finance 205,597 8,291 6,073 — 219,961 Total commercial and commercial real estate $ 7,432,551 $ 22,828 $ 93,887 $ — $ 7,549,266 Non-performing Performing Accrual Nonaccrual Total December 31, 2016 Residential mortgages: Residential (1) $ 6,531,912 $ — $ 32,214 $ 6,564,126 Government insured pool buyouts (2) (3) 5,022,454 227,098 — 5,249,552 Equipment financing receivables 2,518,964 — 41,141 2,560,105 Home equity lines and other 1,237,249 — 7,083 1,244,332 Total $ 15,310,579 $ 227,098 $ 80,438 $ 15,618,115 Pass Special Mention Substandard Doubtful Total December 31, 2016 Commercial and commercial real estate: Commercial real estate $ 3,410,406 $ 18,247 $ 113,275 $ — $ 3,541,928 Mortgage warehouse finance 2,592,799 — — — 2,592,799 Lender finance 1,589,554 — — — 1,589,554 Other commercial finance 208,467 6,114 — — 214,581 Total commercial and commercial real estate $ 7,801,226 $ 24,361 $ 113,275 $ — $ 7,938,862 (1) For the periods ended March 31, 2017 and December 31, 2016 , performing residential mortgages included $2,705 and $3,437 , respectively, of ACI loans 90 days or greater past due and still accruing. (2) For the periods ended March 31, 2017 and December 31, 2016 , performing government insured pool buyouts included $3,708,111 and $3,498,061 , 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 March 31, 2017 and December 31, 2016 : 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 March 31, 2017 Residential mortgages: Residential $ 8,328 $ 5,390 $ 31,621 $ 45,339 $ 6,437,458 $ 6,482,797 Government insured pool buyouts (1) 29,617 21,528 220,153 271,298 497,001 768,299 Commercial and commercial real estate: Commercial real estate 3,990 — 2,803 6,793 3,514,264 3,521,057 Mortgage warehouse finance — — — — 2,121,810 2,121,810 Lender finance — — — — 1,640,250 1,640,250 Other commercial finance — — — — 219,961 219,961 Equipment financing receivables 11,456 11,012 9,351 31,819 2,530,369 2,562,188 Home equity lines and other 2,991 940 6,256 10,187 1,262,870 1,273,057 Total loans and leases held for investment $ 56,382 $ 38,870 $ 270,184 $ 365,436 $ 18,223,983 $ 18,589,419 December 31, 2016 Residential mortgages: Residential $ 8,208 $ 6,379 $ 32,214 $ 46,801 $ 6,484,372 $ 6,531,173 Government insured pool buyouts (1) 37,064 19,346 227,098 283,508 499,775 783,283 Commercial and commercial real estate: Commercial real estate 26,376 — 13,204 39,580 3,450,292 3,489,872 Mortgage warehouse finance — — — — 2,592,799 2,592,799 Lender finance — — — — 1,589,554 1,589,554 Other commercial finance — — — — 214,581 214,581 Equipment financing receivables 23,838 10,796 5,197 39,831 2,520,274 2,560,105 Home equity lines and other 1,754 1,984 7,083 10,821 1,233,511 1,244,332 Total loans and leases held for investment $ 97,240 $ 38,505 $ 284,796 $ 420,541 $ 18,585,158 $ 19,005,699 (1) Government insured pool buyouts remain on accrual status after 89 days as the interest earned is insured and thus 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, that 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 March 31, 2017 and December 31, 2016 , the Company had loans collateralized by residential real estate with carrying values of $3,800,017 and $3,606,926 , respectively, that were 120 days or more past due and therefore considered to be in the foreclosure process. Of the residential loans that were 120 days or more past due, $3,766,827 and $3,571,405 represented loans that were government insured at March 31, 2017 and December 31, 2016 , respectively. At March 31, 2017 and December 31, 2016 , the Company had foreclosure claims receivable of $543,391 and $527,848 , net of valuation allowances of $13,864 and $14,722 , respectively. At March 31, 2017 and December 31, 2016 , the Company had residential other real estate owned of $27,425 and $18,988 , net of valuation allowances of $419 and $566 , respectively. Of the residential other real estate owned, $23,382 and $14,125 , respectively, were government insured at March 31, 2017 and December 31, 2016 . 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 UPB, the recorded investment and the related allowance for impaired loans as of March 31, 2017 and December 31, 2016 : March 31, 2017 December 31, 2016 Unpaid Principal Balance Recorded Investment (1) Related Allowance Unpaid Principal Balance Recorded Investment (1) Related Allowance With a related allowance recorded: Residential $ 11,100 $ 10,089 $ 2,239 $ 10,845 $ 9,831 $ 1,921 Commercial real estate 48,019 36,996 13,005 73,866 66,749 21,696 Equipment financing receivables 4,482 4,482 699 3,144 3,144 1,032 Total impaired loans with an allowance recorded $ 63,601 $ 51,567 $ 15,943 $ 87,855 $ 79,724 $ 24,649 Without a related allowance recorded: Residential $ 10,168 $ 9,047 $ 8,331 $ 7,281 Commercial real estate 63,457 47,630 41,852 39,054 Equipment finance receivables 14,295 14,295 15,967 15,967 Total impaired loans without an allowance recorded $ 87,920 $ 70,972 $ 66,150 $ 62,302 (1) The primary difference between the UPB 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 months ended March 31, 2017 and 2016 : Three Months Ended March 31, 2017 2016 Average Investment Interest Income Recognized Average Investment Interest Income Recognized With and without a related allowance recorded: Residential $ 18,124 $ 144 $ 17,617 $ 124 Commercial real estate 95,215 52 77,927 126 Equipment financing receivables 18,944 — 9,205 3 Total impaired loans $ 132,283 $ 196 $ 104,749 $ 253 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 March 31, 2017 and December 31, 2016 : March 31, 2017 December 31, 2016 Nonaccrual Status 90 Days and Greater Past Due and Accruing Nonaccrual Status 90 Days and Greater Past Due and Accruing Residential mortgages: Residential (1) $ 31,621 $ — $ 32,214 $ — Government insured pool buyouts (2) (3) — 220,153 — 227,098 Commercial real estate 79,165 — 102,255 — Equipment financing receivables 40,969 — 41,141 — Home equity lines and other 6,256 — 7,083 — Total non-performing loans and leases $ 158,011 $ 220,153 $ 182,693 $ 227,098 (1) For the periods ended March 31, 2017 and December 31, 2016 , the Company has excluded from the preceding table $ 2,705 and $ 3,437 , respectively, of performing residential ACI loans 90 days or greater past due and still accruing. (2) For the periods ended March 31, 2017 and December 31, 2016 , the Company has excluded from the preceding table $ 3,708,111 and $ 3,498,061 , respectively, of performing government insured pool buyout ACI loans 90 days or greater past due and still accruing. (3) Government insured pool buyouts that are 90 days or greater past due but remain on accrual status represent loans for which the interest earned is insured and thus collectible from the insuring governmental agency. 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 months ended March 31, 2017 and 2016 that remain TDRs as of the respective balance sheet dates: Three Months Ended March 31, 2017 Number of Contracts Pre-modification Recorded Investment Post-modification Recorded Investment Loan Type: Residential 3 $ 1,294 $ 1,293 Commercial real estate 2 33,597 26,653 Total 5 $ 34,891 $ 27,946 Three Months Ended March 31, 2016 Number of Contracts Pre- modification Recorded Investment Post- modification Recorded Investment Loan Type: Residential 3 $ 457 $ 457 Commercial real estate 1 2,431 2,531 Total 4 $ 2,888 $ 2,988 At March 31, 2017 and 2016 , the Company included as TDRs 65 and 65 loans in Chapter 7 bankruptcy, respectively, with net recorded investments of $4,939 and $3,181 , respectively, in accordance with guidance published by the OCC during the third quarter 2012. As no contractual change to principal or interest was made by the Company on these loans, Chapter 7 bankruptcy loans have been excluded from the modification summaries above. A loan is considered to re-default when it is 30 days past due. The number of contracts and recorded investments of loans that were modified during the 12 months preceding March 31, 2017 that subsequently defaulted during the three months ended March 31, 2017 are as follows: Three Months Ended Number of Contracts Recorded Investment Loan Type: Residential 2 $ 385 Three Months Ended Number of Contracts Recorded Investment Loan Type: Residential 1 $ 290 The recorded investments of TDRs as of March 31, 2017 and December 31, 2016 are summarized as follows: March 31, December 31, Loan Type: Residential mortgages $ 19,136 $ 17,112 Commercial real estate 29,828 4,800 Equipment financing receivables 7,656 8,344 Total recorded investment of TDRs $ 56,620 $ 30,256 Accrual Status: Current $ 13,616 $ 11,575 30-89 days past-due accruing 1,844 2,543 Nonaccrual 41,160 16,138 Total recorded investment of TDRs $ 56,620 $ 30,256 TDRs classified as impaired loans $ 56,620 $ 30,256 Valuation allowance on TDRs $ 9,971 $ 2,416 |
Servicing Activities and Mortga
Servicing Activities and Mortgage Servicing Rights (Notes) | 3 Months Ended |
Mar. 31, 2017 | |
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 months ended March 31, 2017 and 2016 is as follows: Three Months Ended 2017 2016 Balance, beginning of period $ 273,941 $ 335,280 Originated servicing rights capitalized upon sale of loans 12,771 14,759 Amortization (15,505 ) (14,731 ) Decrease (increase) in valuation allowance 22,644 (22,542 ) Other (125 ) (95 ) Balance, end of period $ 293,726 $ 312,671 Valuation allowance: Balance, beginning of period $ 73,170 $ 11,778 Increase in valuation allowance — 22,542 Recoveries (22,644 ) — Balance, end of period $ 50,526 $ 34,320 Components of loan servicing fee income, which includes servicing fees related to sales and securitizations, for the three months ended March 31, 2017 and 2016 are presented below: Three Months Ended 2017 2016 Contractually specified servicing fees, net $ 20,573 $ 20,413 Other ancillary fees 1,694 1,912 Other 641 1,116 Total $ 22,908 $ 23,441 For loans securitized and sold with servicing retained during the three months ended March 31, 2017 and 2016 , management used the following assumptions to determine the fair value of its residential MSR at the date of securitization: Three Months Ended Average discount rates 9.57 % — 9.70% Expected prepayment speeds 7.58 % — 10.29% Weighted-average life in years 6.54 — 8.23 Three Months Ended Average discount rates 9.59 % — 9.92% Expected prepayment speeds 10.06 % — 10.55% Weighted-average life in years 6.88 — 7.11 At March 31, 2017 and December 31, 2016 , the Company estimated the fair value of its residential MSR to be approximately $293,995 and $275,602 , respectively. The carrying value of its residential MSR was $293,726 and $273,941 at March 31, 2017 and December 31, 2016 , respectively. The UPB below excludes $8,755,000 and $8,779,000 at March 31, 2017 and December 31, 2016 , respectively, for residential loans with no related MSR basis. The MSR portfolio was valued using internally developed estimated cash flows with certain unobservable inputs, leading to a Level 3 fair value asset. For more information on the fair value of the Company’s MSR portfolio see Note 11 . The characteristics used in estimating the fair value of the residential MSR portfolio at March 31, 2017 and December 31, 2016 are as follows: March 31, 2017 December 31, 2016 Unpaid principal balance $ 30,382,000 $ 30,359,000 Weighted-average discount rate (1) 9.70 % 9.69 % Gross weighted-average coupon 4.14 % 4.17 % Weighted-average servicing fee 0.27 % 0.27 % Expected prepayment speed (2) 13.02 % 13.90 % (1) When calculating its discount rate, the Company uses industry surveys and recent market activity as a guide with product level calibrations included where necessary. The discount rate is assessed quarterly and updates are made if the current discount rate is materially different from the current market rate. (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 Company performed a sensitivity analysis on the residential MSR portfolio as of March 31, 2017 and December 31, 2016 . The sensitivity analysis included hypothetical adverse changes of 10% and 20% to the weighted-average of certain key assumptions. The negative impact of each change is presented below. March 31, 2017 December 31, 2016 Prepayment Rate 10% adverse rate change $ 12,752 $ 13,472 20% adverse rate change 24,628 25,973 Discount Rate 10% adverse rate change $ 10,102 $ 9,215 20% adverse rate change 19,551 17,840 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 is usually not linear. The effect of changing one key assumption will likely result in changes to another key assumption which could impact the sensitivities. |
Income Taxes (Notes)
Income Taxes (Notes) | 3 Months Ended |
Mar. 31, 2017 | |
Income Taxes [Abstract] | |
Income Taxes | 8. Income Taxes For the three months ended March 31, 2017 and 2016 the Company's effective income tax rate was 36.6% and 38.2% , respectively. The effective income tax rate differed from the statutory federal income tax rate primarily due to state income taxes for both periods. |
Earnings Per Share (Notes)
Earnings Per Share (Notes) | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 9. Earnings Per Share The following table sets forth the computation of basic and diluted earnings per common share for the three months ended March 31, 2017 and 2016 : Three Months Ended 2017 2016 Net income $ 38,537 $ 27,924 Less dividends on preferred stock (2,531 ) (2,531 ) Net income allocated to common shareholders $ 36,006 $ 25,393 (Units in Thousands) Average common shares outstanding 127,483 125,125 Common share equivalents: Stock options 1,601 535 Nonvested stock 771 385 Average common shares outstanding, assuming dilution 129,855 126,045 Basic earnings per share $ 0.28 $ 0.20 Diluted earnings per share $ 0.28 $ 0.20 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 March 31, 2017 and 2016 were as follows: Three Months Ended 2017 2016 Stock Options 775,309 5,890,291 |
Derivative Financial Instrument
Derivative Financial Instruments (Notes) | 3 Months Ended |
Mar. 31, 2017 | |
Derivative Financial Instruments [Abstract] | |
Derivative Financial Instruments | 10. Derivative Financial Instruments The fair values of derivative financial instruments are reported in other assets, accounts payable, or accrued liabilities. The fair values are derived using the valuation techniques described in Note 11 . The total notional or contractual amounts and fair values as of March 31, 2017 and December 31, 2016 were as follows: Fair Value Notional Amount Asset Derivatives Liability Derivatives March 31, 2017 Qualifying hedge contracts accounted for under ASC 815, Derivatives and Hedging Cash flow hedges: Forward interest rate swaps $ 1,210,000 $ 3,894 $ 6,979 Derivatives not designated as hedging instruments under ASC 815, Derivatives and Hedging Freestanding derivatives: Interest rate lock commitments (IRLCs) 834,379 11,005 906 Forward and optional forward sale commitments 2,785,260 58 21,810 Forward and optional forward purchase commitments 1,415,200 2,549 866 Interest rate swaps and futures 77,166 641 56 Foreign exchange contracts 497,779 3,041 2,880 Foreign currency, commodity, metals and U.S. Treasury yield indexed options 119,925 5,487 — Options embedded in client deposits 118,629 — 5,417 Indemnification asset 410,948 29,313 — Total freestanding derivatives 52,094 31,935 Netting and cash collateral adjustments (1) (15,952 ) (22,269 ) Total derivatives $ 40,036 $ 16,645 Fair Value Notional Amount Asset Derivatives Liability Derivatives December 31, 2016 Qualifying hedge contracts accounted for under ASC 815, Derivatives and Hedging Cash flow hedges: Forward interest rate swaps $ 1,210,000 $ 3,430 $ 37,337 Derivatives not designated as hedging instruments under ASC 815, Derivatives and Hedging Freestanding derivatives: IRLCs 920,588 11,756 3,776 Forward and optional forward sale commitments 2,950,325 6,886 6,799 Forward and optional forward purchase commitments 1,525,000 12,206 4,640 Interest rate swaps and futures 1,173,379 517 2,282 Foreign exchange contracts 494,570 3,661 6,250 Foreign currency, commodity, metals and U.S. Treasury yield indexed options 119,925 4,339 — Options embedded in client deposits 118,711 — 4,286 Indemnification asset 371,577 27,169 — Total freestanding derivatives 66,534 28,033 Netting and cash collateral adjustments (1) (17,359 ) (52,331 ) Total derivatives $ 52,605 $ 13,039 (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 March 31, 2017 and December 31, 2016 include derivative positions netted totaling $9,842 and $15,934 , respectively. Cash Flow Hedges As of March 31, 2017 , AOCI included $17,089 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 for 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 18 years . Freestanding Derivatives The following table shows the net gains and losses recognized for the three months ended March 31, 2017 and 2016 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. Three Months Ended 2017 2016 Freestanding derivatives Gains (losses) on interest rate contracts (1) $ (15,004 ) $ (31,712 ) Gains (losses) on foreign exchange forward contracts (2) 13,924 23,728 Other 10 3 (1) Interest rate contracts include interest rate lock commitments, forward and optional forward purchase and sales commitments, interest rate swaps and futures. (2) Foreign exchange forward contracts act as economic hedges for the foreign currency risk embedded within deposits denominated in foreign currencies. The changes in the fair value of the foreign exchange forward contracts are marked to fair value, while the deposits are 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 as reported by 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 March 31, 2017 and December 31, 2016 was $25,628 and $54,549 , 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 March 31, 2017 and December 31, 2016 , $12,427 and $36,397 , respectively, in collateral was netted against liability derivative positions subject to master netting agreements. As of March 31, 2017 and December 31, 2016 , $33,410 and $56,758 , respectively, of cash collateral was posted for derivatives with credit risk contingent features. Investment securities with a fair value of $31,908 and $31,867 were posted as collateral for derivatives with credit contingent features but were ineligible for collateral netting at March 31, 2017 and December 31, 2016 . 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 March 31, 2017 and December 31, 2016 , $6,109 and $1,425 , respectively, in collateral was netted against asset derivative positions subject to master netting agreements. As of March 31, 2017 and December 31, 2016 , the Company held $6,530 and $1,766 , 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) | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | 11. 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 March 31, 2017 and December 31, 2016 , assets and liabilities measured at fair value on a recurring basis, including certain loans held for sale and certain other assets or other liabilities for which the Company has elected the fair value option, are as follows: Fair Value Measurements Level 1 Level 2 Level 3 Netting Total March 31, 2017 Financial assets: Available for sale securities: Residential CMO securities - nonagency $ — $ 414,155 $ — $ 414,155 U.S. Treasury securities 31,908 — — 31,908 Asset-backed securities — 1,121 — 1,121 Other 263 146 — 409 Total available for sale securities 32,171 415,422 — 447,593 Loans held for sale — 448,697 940,656 1,389,353 Other assets (1) — — 578 578 Derivative financial instruments: Derivative assets (Note 12) 938 15,194 39,856 (15,952 ) 40,036 Derivative liabilities (Note 12) 859 37,149 906 (22,269 ) 16,645 Fair Value Measurements Level 1 Level 2 Level 3 Netting Total December 31, 2016 Financial assets: Available for sale securities: Residential CMO securities - nonagency $ — $ 452,418 $ — $ 452,418 U.S. Treasury securities 31,867 — — 31,867 Asset-backed securities — 1,165 — 1,165 Other 231 155 — 386 Total available for sale securities 32,098 453,738 — 485,836 Loans held for sale — 622,182 649,711 1,271,893 Other assets (1) — — 212 212 Derivative financial instruments: Derivative assets (Note 12) — (2) 31,526 38,438 (17,359 ) 52,605 Derivative liabilities (Note 12) — 61,594 3,776 (52,331 ) 13,039 (1) Other assets represent the net position of extended written loan commitments for which the Company has elected the fair value option of accounting. As of March 31, 2017 and December 31, 2016 , the Company had outstanding commitments of $51,490 and $58,157 , respectively, 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 10 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 months ended March 31, 2017 and 2016 are as follows: Loans Held for Sale (1) Other Assets / (Liabilities) (1) Freestanding Derivatives, net (1) Three Months Ended March 31, 2017 Balance, beginning of period $ 649,711 $ 212 $ 34,662 Purchases — — 9,457 Issuances 481,311 572 18,814 Sales (184,584 ) — — Settlements (5,864 ) (453 ) (15,869 ) Gains (losses) included in earnings for the period 82 247 (8,114 ) Balance, end of period $ 940,656 $ 578 $ 38,950 Change in unrealized net gains (losses) included in net income related to assets and liabilities still held as of March 31, 2017 $ 1,124 $ 524 $ 4,667 Three Months Ended March 31, 2016 Balance, beginning of period $ 683,015 $ (336 ) $ 7,394 Issuances 202,199 325 25,033 Sales (499,400 ) — — Settlements (49,000 ) (245 ) (24,453 ) Gains (losses) included in earnings for the period 14,396 383 10,166 Balance, end of period $ 351,210 $ 127 $ 18,140 Change in unrealized net gains (losses) included in net income related to assets and liabilities still held as of March 31, 2016 $ 6,409 $ 168 $ 17,671 (1) Net realized and unrealized gains (losses) on loans held for sale, extended written loan commitments and IRLCs are included in gain on sale of loans. 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 March 31, 2017 and December 31, 2016 : Level 3 Fair Value Measurement Fair Value Valuation Technique Unobservable Inputs Significant Unobservable Input Value March 31, 2017 Min. Max. Weighted Avg. Loans held for sale $ 940,656 Discounted cash flow Cost of funds 2.39 % - 3.16% 2.99% Prepayment rate 4.80 % - 24.51% 8.34% Default rate 0.00 % - 2.39% 0.29% Weighted average life (in years) 3.33 - 10.60 8.22 Cumulative loss 0.00 % - 0.38% 0.03% Loss severity 1.64 % - 23.55% 9.84% Other assets 578 Discounted cash flow Loan closing ratio 1.00 % - 99.00% 76.75% (1) Indemnification assets 28,851 Discounted cash flow Discount rate 5.43 % - 21.45% 8.53% Loss severity 5.01 % - 23.80% 8.73% (2) IRLCs, net 10,099 Discounted cash flow Loan closing ratio 1.00 % - 99.00% 81.70% (1) December 31, 2016 Loans held for sale $ 649,711 Discounted cash flow Cost of funds 2.34 % - 3.16% 3.00% Prepayment rate 4.61 % - 25.06% 7.41% Default rate 0.00 % - 2.57% 0.32% Weighted average life (in years) 3.26 - 10.65 8.72 Cumulative loss 0.00 % - 0.43% 0.04% Loss severity 1.60 % - 22.83% 9.43% Other assets 212 Discounted cash flow Loan closing ratio 1.00 % - 99.00% 71.11% (1) Indemnification assets 26,682 Discounted cash flow Discount rate 5.43 % - 7.02% 6.41% Loss severity 4.40 % - 19.66% 8.80% (2) IRLCs, net 7,980 Discounted cash flow Loan closing ratio 1.00 % - 99.00% 80.03% (1) (1) 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. (2) The range represents the highest and lowest values for all asset pools that are used in the valuation process. 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 March 31, 2017 and December 31, 2016 : March 31, 2017 December 31, 2016 Fair value carrying amount $ 1,389,353 $ 1,271,893 Aggregate unpaid principal balance 1,360,959 1,261,650 Fair value carrying amount less aggregate unpaid principal $ 28,394 $ 10,243 There were $139 and $140 of loans recorded under the fair value option that were 90 days or more past due and on nonaccrual status at March 31, 2017 or December 31, 2016 , respectively. Differences between the fair value carrying amount and the aggregate UPB include changes in fair value recorded at and subsequent to funding, gains and losses on the related loan commitment prior to funding. 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 $19,908 and $33,319 for the three months ended March 31, 2017 and 2016 , 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 that these loan commitments are present on the balance sheet and due to the burden of complying with the requirements of hedge accounting, the Company has elected the fair value option of accounting for these instruments. 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 gains from initial measurement of extended written loan commitments accounted for under the fair value option and subsequent changes in fair value for those outstanding commitments was $524 and $168 for the three months ended March 31, 2017 and 2016 , respectively and are included in gain on sales of loans in the condensed consolidated statements of income. An immaterial portion of the change in fair value was attributable to changes in instrument-specific credit risk. Non-recurring Fair Value Measurements Certain assets 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 market value or from impairment of individual assets. Gains and losses disclosed below represent changes in fair value recognized during the reporting period. 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 March 31, 2017 and December 31, 2016 and related changes in fair value are as follows: Level 1 Level 2 Level 3 Total Loss (Gain) Due to Change in Fair Value March 31, 2017 Collateral-dependent loans (1) $ — $ — $ 32,576 $ 32,576 $ 12,192 Other real estate owned (1) (2) — — 5,797 5,797 1,058 Mortgage servicing rights (3) — — 280,508 280,508 (22,644 ) December 31, 2016 Collateral-dependent loans (1) $ — $ — $ 101,006 $ 101,006 $ 22,153 Other real estate owned (1) (2) — — 7,847 7,847 969 Mortgage servicing rights (3) — — 260,054 260,054 61,392 Loans held for sale — — 40,696 40,696 619 (1) The Company performs its lower of cost or market value analysis when an asset becomes impaired or when a loan is transferred to OREO. Subsequent valuations are performed periodically and usually occur throughout the reporting period. The table above discloses the fair value of the investment at the end of the period using the most recent asset valuation. (2) 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) The fair value for MSR represents the value of the strata with impairment or recoveries on previous valuation allowances. The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at March 31, 2017 and December 31, 2016 : Level 3 Fair Value Measurement Fair Value Valuation Technique Unobservable Inputs Significant Unobservable Input Value March 31, 2017 Min. Max. Weighted Avg. Collateral-dependent loans $ 32,576 Appraisal value Appraised value NM - NM N/A (1) Other real estate owned 5,797 Appraisal value Appraised value NM - NM N/A (1) Mortgage servicing rights 280,508 Discounted cash flow Prepayment speed 9.77 % - 15.05% 11.72% (2) Discount rate 9.47 % - 9.74% 9.63% (3) December 31, 2016 Collateral-dependent loans $ 101,006 Appraisal value Appraisal value NM - NM N/A (1) Other real estate owned 7,847 Appraisal value Appraisal value NM - NM N/A (1) Mortgage servicing rights 260,054 Discounted cash flow Prepayment speed 10.18 % - 16.14% 13.08% (2) Discount rate 9.46 % - 9.73% 9.62% (3) Loans held for sale 40,696 Discounted cash flow Cost of funds 3.95 % - 4.21% 4.17% Prepayment rate 5.73 % - 6.01% 5.89% Default rate 3.48 % - 4.80% 3.75% Weighted average life (in years) 3.44 - 5.35 5.06 Cumulative loss 0.03 % - 0.05% 0.05% Loss severity 0.25 % - 0.25% 0.25% (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 impairment or 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 March 31, 2017 and December 31, 2016 . This table excludes financial instruments with short-term or no stated maturity, prevailing market rates and limited credit risk, and where carrying amounts approximate fair value. For financial assets such as cash and due from banks, interest-bearing deposits in banks, FHLB restricted stock, and other investments, the carrying amount is a reasonable estimate of fair value. For financial liabilities such as noninterest-bearing demand, interest-bearing demand, and savings and money market deposits, the carrying amount is a reasonable estimate of fair value as these liabilities have no stated maturity. Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 March 31, 2017 Financial assets: Investment securities: Held to maturity $ 92,472 $ 93,403 $ — $ 93,403 $ — Loans held for sale (1) 50,761 50,761 — — 50,761 Loans held for investment (2) 21,199,711 21,004,041 — — 21,004,041 Financial liabilities: Time deposits $ 7,258,613 $ 7,265,764 $ — $ 7,265,764 $ — Other borrowings 5,756,000 5,763,807 — 5,763,807 — Trust preferred securities and subordinated notes payable 360,378 359,203 — 276,386 82,817 December 31, 2016 Financial assets: Investment securities: Held to maturity $ 89,457 $ 90,038 $ — $ 90,038 $ — Loans held for sale (1) 171,370 171,428 — — 171,428 Loans held for investment (2) 21,389,229 21,358,990 — — 21,358,990 Financial liabilities: Time deposits $ 7,193,221 $ 7,206,514 $ — $ 7,206,514 $ — Other borrowings 5,506,000 5,518,081 — 5,518,081 — Trust preferred securities and subordinated notes payable 360,278 350,064 — 267,643 82,421 (1) The carrying value of loans held for sale excludes $1,389,353 and $1,271,893 in loans measured at fair value on a recurring basis as of March 31, 2017 and December 31, 2016 , respectively. (2) The carrying value of loans held for investment is net of the allowance for loan loss of $74,102 and $83,409 as of March 31, 2017 and December 31, 2016 , respectively. In addition, the carrying values exclude $2,106,123 and $2,064,444 of lease financing receivables, net of allowance for lease loss, within the equipment financing receivables portfolio as of March 31, 2017 and December 31, 2016 , 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 its available for sale securities portfolio, the Company holds both treasury securities and equity securities which are valued using quoted market prices for identical securities and are therefore classified within Level 1 of the valuation hierarchy. Equity securities are included within other available for sale securities. The remaining investment portfolio (nonagency CMO and ABS available for sale securities, and agency CMO and MBS securities) calculates its fair values using quoted market prices for similar instruments and values from third party pricing services for which management understands the methods used to determine fair value and are 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. These procedures include, but are not limited to, initial and ongoing review of pricing methodologies and trends. The Company has the ability to challenge values provided by the third party service providers and will 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 or income 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 or distressed market. As of March 31, 2017 and December 31, 2016 , 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. Significant increases (decreases) in any of those assumptions in isolation could result in a significantly lower (higher) fair value measurement. Fair values for conforming and 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 these 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 understand the key assumptions used in arriving at the final estimates. As such 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 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 market value (less estimated costs to sell). Market or 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 result in a Level 3 classification of the inputs for determining fair value. Non-real estate collateral may be valued using an appraisal, net book value per the borrower’s financial statements, or aging reports, adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation, and management’s expertise and knowledge of the client and client’s business, resulting in a Level 3 fair value classification. Impaired loans are evaluated at least quarterly for additional impairment and adjusted accordingly. Other Real Estate Owned — Foreclosed assets are carried at the lower of cost or market value (less estimated costs to sell). Market or 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 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 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. 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 market with readily observable prices and are valued using model-based techniques and significant assumptions not observable in the market. 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 the 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 $175,000 and $90,000 of subordinated notes on June 30, 2015 and March 14, 2016 , respectively. These notes are valued using quoted market prices for the publicly traded debt, but are not actively traded on the secondary market and are therefore classified within Level 2 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 is 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 10 for additional information on cash flow hedges. The fair value of interest rate swap futures are determined based upon quotes provided by the Chicago Mercantile Exchange on which these instruments are traded. Noting such quotes represent valuations for identical instruments in active markets, these assets 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 rate swap futures with an outstanding notional and a Level 1 fair value of zero as of the balance sheet date. Interest Rate Lock Commitments (IRLC) 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 input 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 and Optional Forward Purchase and Sale Commitments — The fair value of forward and optional forward purchase and sale commitments is determined based upon the difference between the settlement values of the commitments and the quoted market values of the securities, which can be quoted using similar instruments in the active market and therefore are classified within Level 2 of the valuation hierarchy. The fair value of U.S. Treasury Note Future Options are valued using quoted market prices from active trades for identical instruments. As such, these assets are classified within Level 1 of the valuation hierarchy. Foreign Exchange Contracts —Fair values of foreign exchange contracts are based on quoted prices for each foreign currency at the balance sheet date. The quoted prices are for similar instruments in an active market and are therefore, these contracts are classified within Level 2 of the valuation hierarchy. Options and Options Embedded in Client Deposits —For options and options embedded in client deposits, the fair value is determined by obtaining market or dealer quotes for instruments with similar characteristics in active markets and therefore both options and options embedded in client deposits are classified within Level 2 of the valuation hierarchy. Indemnification Asset —To d |
Commitments and Contingencies (
Commitments and Contingencies (Notes) | 3 Months Ended |
Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 12. 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 March 31, 2017 and December 31, 2016 are as follows: March 31, December 31, Commercial and commercial real estate (1) $ 3,022,702 $ 2,652,441 Home equity lines of credit 508,290 506,375 Credit card lines of credit 25,905 25,810 Standby letters of credit 17,356 18,923 Total unfunded credit extension commitments $ 3,574,253 $ 3,203,549 (1) Of the outstanding unfunded commercial and commercial real estate commitments, $1,712,739 and $1,307,517 were cancellable by the Company at March 31, 2017 and December 31, 2016 , respectively. The Company enters into floating rate residential loan commitments to lend. There were $173,477 and $164,181 of these commitments outstanding as of March 31, 2017 and December 31, 2016 , 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 March 31, 2017 and December 31, 2016 are as follows: March 31, December 31, Residential mortgage $ 319,012 $ 154,093 Commercial and commercial real estate 509,205 698,559 Equipment financing receivables 323,209 287,210 Home equity lines of credit 63,690 36,207 Total commitments to lend in the pipeline $ 1,215,116 $ 1,176,069 Standby letters of credit issued by third party entities are used to guarantee the Company's performance under various contracts. At March 31, 2017 and December 31, 2016 , the Company had $158,732 and $158,732 , respectively, in letters of credit outstanding. EverBank periodically enters into forward-dated borrowing agreements with the FHLB to borrow funds at a fixed rate of interest. Prior to the funding date, EB has the right to terminate any of the advances subject to voluntary termination fees. The outstanding forward-dated agreements as of March 31, 2017 are as follows: Agreement Date Funding Date Amount Interest Rate Maturity Date June 2015 September 2017 $ 25,000 3.01 % September 2022 February 2017 September 2017 100,000 1.80 % September 2019 February 2017 September 2017 100,000 1.79 % October 2019 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 10 and Note 11 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 11 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 $35,433 , in the aggregate, from January 1, 2017 through February 28, 2025. Under the agreement, the amount due in 2017 is $3,927 , 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 non-GSE purchasers. 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 2010 through March 31, 2017 , the Company originated, sold and securitized approximately $48,374,773 of mortgage loans to GSEs and private non-GSE purchasers. 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. 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 and sale 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, an accrual for a noncontingent obligation to stand ready to perform over the term of the representations and warranties and an accrual for probable losses 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 which are applied to those loans originated and sold by the Company. Loss factors, which are tracked by year of loss, are calculated using actual losses incurred on repurchase, indemnification or make-whole arrangements. Under this Level 3 technique, 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 $3,264 and $3,537 at March 31, 2017 and December 31, 2016 , respectively, and is recorded in accounts payable and accrued liabilities. The Company incurred liabilities for new loan sales and securitizations of $381 and $544 for the three months ended March 31, 2017 and 2016 , respectively. The liability is amortized, through a credit to earnings, as the Company is released from risk. 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 in which the Company does not own the underlying mortgage, 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 for others at March 31, 2017 and December 31, 2016 , was $30,382,000 and $30,359,000 , respectively. The amount of estimated recourse recorded in accounts payable and accrued liabilities related to servicing activities at March 31, 2017 and December 31, 2016 , was $141 and $141 , 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 $216,557 and $79,917 at March 31, 2017 and December 31, 2016 , respectively. Legal Actions — On January 5, 2016, the Office of the Comptroller of the Currency (OCC) terminated EverBank’s consent order, including the remaining portions of the 2011 consent order as amended in 2013 and 2015, having determined that EverBank had satisfied the requirements of such order. In conjunction with the termination, EverBank was required by the OCC to pay $1,000 in civil money penalties pertaining to certain improper fees charged to borrowers during the timeframe the consent order had been in place. At March 31, 2017 , EverBank has accrued approximately $1,877 for potential future payments to be made related to the consent order with the FRB. The Company’s consent order with the FRB relating to its oversight of mortgage foreclosure practices currently remains in place. Proposed TIAA Merger — On August 7, 2016, the Company entered into an Agreement and Plan of Merger (Merger Agreement) with Teachers Insurance and Annuity Association of America (TIAA). Pursuant to the Merger Agreement, the Company will no longer operate as a publicly traded entity and will become a wholly-owned subsidiary of TIAA. Completion of this Merger remains subject to regulatory approval, and various customary closing conditions. The Company's stockholders approved the Merger Agreement and other Merger related proposals at a special meeting of stockholders held on November 9, 2016. Given the uncertain nature of change in control events, the accounting literature restricts accruals of items contingent upon execution of change in control events. As such, the broker fees contingent upon the successful completion of the Merger have not been accrued, which total $19,500 . In addition, certain key employees have previously entered into employment agreements with the Company which require pay out in the event of a change of control and as a result the Company may be obligated to pay out if the Merger is completed. |
Variable Interest Entities (Not
Variable Interest Entities (Notes) | 3 Months Ended |
Mar. 31, 2017 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entity [Text Block] | 13. 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 March 31, 2017 and December 31, 2016 : March 31, 2017 December 31, 2016 Non-consolidated VIEs Total Assets Maximum Exposure Total Assets Maximum Exposure Loans provided to VIEs $ 12,465 $ 12,465 $ 12,909 $ 12,909 Debt securities 507,894 507,894 543,195 543,195 Loans provided to VIEs The Company has provided funding to certain unconsolidated VIEs sponsored by third parties. These VIEs are generally established to finance certain small business loans originated by third parties and are not considered to have significant equity at risk. The entities are primarily funded through the issuance of loans from the Company and a certified development company (CDC). The Company's loan is secured by a first lien. Although the Company retains the servicing rights to the loan, the Company is unable to unilaterally make all decisions necessary to direct the activities that most significantly impact the VIE; therefore, it is not the primary beneficiary. The principal risk to which these entities are exposed is credit risk related to the underlying assets. The loans to these VIEs are included in the Company’s overall analysis of the allowance for loan and lease losses. 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. 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 to 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) | 3 Months Ended |
Mar. 31, 2017 | |
Segment Information [Abstract] | |
Segment Information | 14. 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 months ended March 31, 2017 and 2016 . The eliminations column includes intersegment eliminations required for consolidation purposes. As of and for the Three Months Ended March 31, 2017 Consumer Banking Commercial Banking Corporate Services Eliminations Consolidated Net interest income (expense) $ 108,556 $ 75,756 $ (4,967 ) $ — $ 179,345 Total net revenue 150,424 (1) 84,002 (4,824 ) — 229,602 Intersegment revenue 17,775 (17,775 ) — — — Depreciation and amortization 1,804 2,022 2,035 — 5,861 Income (loss) before income taxes 63,150 (1) 35,424 (37,778 ) — 60,796 Total assets 17,696,696 10,299,803 283,505 (503,425 ) 27,776,579 As of and for the Three Months Ended March 31, 2016 Consumer Banking Commercial Banking Corporate Services Eliminations Consolidated Net interest income (expense) $ 97,520 $ 80,568 $ (4,307 ) $ — $ 173,781 Total net revenue 113,099 (2) 94,603 (4,168 ) — 203,534 Intersegment revenue 14,148 (14,148 ) — — — Depreciation and amortization 2,158 2,602 1,898 — 6,658 Income (loss) before income taxes 21,692 (2) 56,032 (32,539 ) — 45,185 Total assets 16,294,379 10,486,284 298,701 (437,965 ) 26,641,399 (1) Segment earnings in the Consumer Banking segment included a $22,644 charge for MSR recovery for the three months ended March 31, 2017 . (2) Segment earnings in the Consumer Banking segment included a $22,542 charge for MSR impairment for the three months ended March 31, 2016 . |
Loans Held for Sale (Policy)
Loans Held for Sale (Policy) | 3 Months Ended |
Mar. 31, 2017 | |
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 and in part due to the burden of complying with the requirement of hedge accounting, the Company has elected fair value accounting on this portfolio of loans. The Company has also elected the fair value option for originated fixed-rate jumbo loans. Fair value accounting was elected 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 value of the loans and the derivative instruments used to economically hedge these loans without the burden of complying with the requirements of hedge accounting. The Company has not elected the fair value option for other residential mortgage and commercial and commercial real estate loans as the majority of these loans were transferred from the held for investment portfolio and are expected to be sold within a short period subsequent to transfer. These loans are carried at the lower of cost or market value. |
Loan Transfers Between Loans Held for Sale and Loans Held for Investment [Policy Text Block] | When the Company has identified and has made a decision to sell a loan or set of loans which were not originated or acquired with the intent to sell, the Company will transfer the loan from HFI to HFS at the lower of cost or market value. The Company will transfer loans from HFS to HFI when it no longer has the intent to sell the loans within the foreseeable future. Loans transferred from HFS to HFI are transferred at the lower of cost or market. Loan transfers from LHFS to LHFI and transfers from LHFI to LHFS represent noncash activities within the operating and investing sections of the statement of cash flows. |
Allowance for Loan and Lease 23
Allowance for Loan and Lease Losses (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
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, that 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) | 3 Months Ended |
Mar. 31, 2017 | |
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 Instrume25
Derivative Financial Instruments (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
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. 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 as reported by 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. 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. These gains and losses are recognized in noninterest income. |
Fair Value Measurements (Polici
Fair Value Measurements (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Measurements [Abstract] | |
Fair Value of Financial Instruments, Policy [Policy Text Block] | 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. 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. |
Commitments and Contingencies27
Commitments and Contingencies (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
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 and sale 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. |
Variable Interest Entities (Pol
Variable Interest Entities (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
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) | 3 Months Ended |
Mar. 31, 2017 | |
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 Pre30
Organization and Basis of Presentation (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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: Three Months Ended 2017 2016 Supplemental Schedules of Noncash Activities: Loans transferred to foreclosure claims $ 441,715 $ 312,790 See Note 4 for disclosures relating to noncash activities relating to loan transfers. |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 amount of investment securities were as follows as of March 31, 2017 and December 31, 2016 : Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Carrying Amount March 31, 2017 Available for sale: Residential collateralized mortgage obligations (CMO) securities - nonagency $ 413,129 $ 4,397 $ 3,371 $ 414,155 $ 414,155 U.S. Treasury securities 31,925 — 17 31,908 31,908 Asset-backed securities (ABS) 1,376 — 255 1,121 1,121 Other 217 192 — 409 409 Total available for sale securities $ 446,647 $ 4,589 $ 3,643 $ 447,593 $ 447,593 Held to maturity: Residential CMO securities - agency $ 2,789 $ 86 $ — $ 2,875 $ 2,789 Residential mortgage-backed securities (MBS) - agency 89,683 1,406 561 90,528 89,683 Total held to maturity securities $ 92,472 $ 1,492 $ 561 $ 93,403 $ 92,472 December 31, 2016 Available for sale: Residential CMO securities - nonagency $ 452,035 $ 4,219 $ 3,836 $ 452,418 $ 452,418 U.S. Treasury securities 31,879 — 12 31,867 31,867 ABS 1,426 — 261 1,165 1,165 Other 225 161 — 386 386 Total available for sale securities $ 485,565 $ 4,380 $ 4,109 $ 485,836 $ 485,836 Held to maturity: Residential CMO securities - agency $ 2,809 $ 87 $ — $ 2,896 $ 2,809 Residential MBS - agency 86,648 1,181 687 87,142 86,648 Total held to maturity securities $ 89,457 $ 1,268 $ 687 $ 90,038 $ 89,457 |
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 March 31, 2017 and December 31, 2016 were as follows: Less Than 12 Months 12 Months or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses March 31, 2017 Debt securities: Residential CMO securities - nonagency $ 65,672 $ 758 $ 105,106 $ 2,613 $ 170,778 $ 3,371 Residential MBS - agency 31,418 554 910 7 32,328 561 U.S. Treasury securities 31,908 17 — — 31,908 17 ABS — — 1,121 255 1,121 255 Total debt securities $ 128,998 $ 1,329 $ 107,137 $ 2,875 $ 236,135 $ 4,204 December 31, 2016 Debt securities: Residential CMO securities - nonagency $ 65,236 $ 900 $ 122,805 $ 2,936 $ 188,041 $ 3,836 Residential MBS - agency 33,239 680 919 7 34,158 687 U.S. Treasury securities 31,879 12 — — 31,879 12 ABS — — 1,165 261 1,165 261 Total debt securities $ 130,354 $ 1,592 $ 124,889 $ 3,204 $ 255,243 $ 4,796 |
Investment Income [Table Text Block] | During the three months ended March 31, 2017 and 2016 , interest and dividend income on investment securities was comprised of the following: Three Months Ended 2017 2016 Interest income on available for sale securities $ 3,081 $ 3,814 Interest income on held to maturity securities 602 748 Other interest and dividend income 2,990 2,842 $ 6,673 $ 7,404 |
Loans Held for Sale (Tables)
Loans Held for Sale (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Loans Held for Sale [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Loans held for sale as of March 31, 2017 and December 31, 2016 , consisted of the following: March 31, December 31, Mortgage warehouse (carried at fair value) $ 448,697 $ 622,182 Other residential (carried at fair value) 940,656 649,711 Total loans held for sale carried at fair value 1,389,353 1,271,893 Other residential 10,320 130,674 Commercial and commercial real estate 40,441 40,696 Total loans held for sale carried at lower of cost or market 50,761 171,370 Total loans held for sale $ 1,440,114 $ 1,443,263 |
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 months ended March 31, 2017 and 2016 : Three Months Ended 2017 2016 Proceeds received from residential agency securitizations $ 986,427 $ 855,964 Proceeds received from nonsecuritization sales - residential 806,787 1,431,502 Proceeds received from nonsecuritization sales - commercial and commercial real estate — 212,068 Proceeds received from nonsecuritization sales - equipment financing receivables 11,376 75,584 Proceeds received from nonsecuritization sales $ 818,163 $ 1,719,154 Repurchased loans from residential agency sales and securitizations $ 5,409 $ 1,588 Repurchased loans from residential nonagency sales 4,422 700 |
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 months ended March 31, 2017 and 2016 . Three Months Ended Loans Transferred from Held for Investment (LHFI) to Held for Sale (LHFS) 2017 2016 Residential mortgages $ — $ 496,363 Government insured pool buyouts 512,755 425,204 Commercial and commercial real estate — 170,408 Equipment financing receivables 11,586 72,172 Total transfers from LHFI to LHFS $ 524,341 $ 1,164,147 Loans Transferred from LHFS to LHFI Residential mortgages $ 36,899 $ 26,155 Commercial and commercial real estate — 28,753 Total transfers from LHFS to LHFI $ 36,899 $ 54,908 |
Loans and Leases Held for Inv33
Loans and Leases Held for Investment, Net (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Loans and leases held for investment as of March 31, 2017 and December 31, 2016 are comprised of the following: March 31, December 31, Residential mortgages $ 12,016,481 $ 11,813,678 Commercial and commercial real estate 7,549,266 7,938,862 Equipment financing receivables 2,562,188 2,560,105 Home equity lines and other 1,273,057 1,244,332 Total loans and leases held for investment, net of unearned income 23,400,992 23,556,977 Allowance for loan and lease losses (95,158 ) (103,304 ) Total loans and leases held for investment, net $ 23,305,834 $ 23,453,673 |
Net Purchase Loan And Lease Premiums (Discounts)/Net Deferred Loan And Lease Origination Costs (Fees) [Table Text Block] | As of March 31, 2017 and December 31, 2016 , the carrying values presented above include net purchased loan and lease discounts and net deferred loan and lease origination costs as follows: March 31, December 31, Net purchased loan and lease discounts $ 110,650 $ 104,558 Net deferred loan and lease origination costs 124,547 123,484 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Table Text Block] | During the three months ended March 31, 2017 and 2016 , unpaid principal balance (UPB) for significant third-party purchases of loans that impacted the Company's LHFI portfolio are as follows: March 31, March 31, Residential mortgages (1) $ 1,195,783 $ 1,052,548 Commercial credit facilities 23,779 101,831 Home equity lines of credit — 256,926 (1) Included in this amount are government insured pool buyouts. |
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 three months ended March 31, 2017 and 2016 : Residential Commercial and Commercial Real Estate Total March 31, 2017 Balance, beginning of period $ 340,148 $ 21,193 $ 361,341 Additions 87,103 — 87,103 Accretion (61,054 ) (1,230 ) (62,284 ) Reclassifications to (from) accretable yield 1,604 (441 ) 1,163 Balance, end of period $ 367,801 $ 19,522 $ 387,323 March 31, 2016 Balance, beginning of period $ 252,841 $ 43,690 $ 296,531 Additions 64,770 — 64,770 Accretion (45,000 ) (2,043 ) (47,043 ) Reclassifications to (from) accretable yield (4,179 ) (1,581 ) (5,760 ) Transfer from loans held for investment to loans held for sale — (3,304 ) (3,304 ) Balance, end of period $ 268,432 $ 36,762 $ 305,194 |
Acquired Portfolio of Loans/Leases with Evidence of Credit Deterioration [Table Text Block] | Information pertaining to the ACI portfolio as of March 31, 2017 and December 31, 2016 is as follows: Residential Commercial and Commercial Real Estate Total March 31, 2017 Carrying value, net of allowance $ 4,757,470 $ 46,177 $ 4,803,647 Outstanding unpaid principal balance 4,861,934 50,548 4,912,482 Allowance for loan and lease losses, beginning of period 8,769 35 8,804 Allowance for loan and lease losses, end of period 7,915 11 7,926 December 31, 2016 Carrying value, net of allowance $ 4,490,453 $ 52,021 $ 4,542,474 Outstanding unpaid principal balance 4,590,807 56,746 4,647,553 Allowance for loan and lease losses, beginning of year 7,031 346 7,377 Allowance for loan and lease losses, end of year 8,769 35 8,804 Acquisition date details of loans and leases acquired with evidence of credit deterioration during the three months ended March 31, 2017 and 2016 are as follows: March 31, March 31, Contractual payments receivable for acquired loans and leases at acquisition $ 1,957,754 $ 1,662,326 Expected cash flows for acquired loans and leases at acquisition 1,242,351 1,041,310 Basis in acquired loans and leases at acquisition 1,155,248 976,540 |
Allowance for Loan and Lease 34
Allowance for Loan and Lease Losses (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 months ended March 31, 2017 and 2016 are as follows: Three Months Ended March 31, 2017 Residential Mortgages Commercial Equipment Financing Receivables Home Equity Lines and Other Total Balance, beginning of period $ 28,764 $ 47,941 $ 19,895 $ 6,704 $ 103,304 Provision for loan and lease losses 123 11,338 4,222 (3 ) 15,680 Charge-offs (1,058 ) (19,999 ) (3,525 ) (331 ) (24,913 ) Recoveries 150 314 464 159 1,087 Balance, end of period $ 27,979 $ 39,594 $ 21,056 $ 6,529 $ 95,158 Three Months Ended March 31, 2016 Balance, beginning of period $ 26,951 $ 34,875 $ 12,187 $ 4,124 $ 78,137 Provision for loan and lease losses 2,971 1,891 3,694 363 8,919 Charge-offs (1,845 ) (69 ) (2,564 ) (219 ) (4,697 ) Recoveries 232 77 737 80 1,126 Balance, end of period $ 28,309 $ 36,774 $ 14,054 $ 4,348 $ 83,485 |
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 March 31, 2017 and December 31, 2016 : March 31, 2017 Individually Evaluated for Impairment Collectively Evaluated for Impairment ACI Loans Total Allowance for Loan and Lease Losses Residential mortgages $ 2,239 $ 17,825 $ 7,915 $ 27,979 Commercial and commercial real estate 13,005 26,578 11 39,594 Equipment financing receivables 3,333 17,723 — 21,056 Home equity lines and other — 6,529 — 6,529 Total allowance for loan and lease losses $ 18,577 $ 68,655 $ 7,926 $ 95,158 Loans and Leases Held for Investment at Recorded Investment Residential mortgages $ 19,136 $ 7,231,960 $ 4,765,385 $ 12,016,481 Commercial and commercial real estate 84,626 7,418,452 46,188 7,549,266 Equipment financing receivables 25,363 2,536,825 — 2,562,188 Home equity lines and other — 1,273,057 — 1,273,057 Total loans and leases held for investment $ 129,125 $ 18,460,294 $ 4,811,573 $ 23,400,992 December 31, 2016 Individually Evaluated for Impairment Collectively Evaluated for Impairment ACI Loans Total Allowance for Loan and Lease Losses Residential mortgages $ 1,921 $ 18,074 $ 8,769 $ 28,764 Commercial and commercial real estate 21,696 26,210 35 47,941 Equipment financing receivables 1,032 18,863 — 19,895 Home equity lines and other — 6,704 — 6,704 Total allowance for loan and lease losses $ 24,649 $ 69,851 $ 8,804 $ 103,304 Loans and Leases Held for Investment at Recorded Investment Residential mortgages $ 17,112 $ 7,297,344 $ 4,499,222 $ 11,813,678 Commercial and commercial real estate 105,803 7,781,003 52,056 7,938,862 Equipment financing receivables 19,111 2,540,994 — 2,560,105 Home equity lines and other — 1,244,332 — 1,244,332 Total loans and leases held for investment $ 142,026 $ 18,863,673 $ 4,551,278 $ 23,556,977 |
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 March 31, 2017 and December 31, 2016 : Non-pe rf orming Performing Accrual Nonaccrual Total March 31, 2017 Residential mortgages: Residential (1) $ 6,482,999 $ — $ 31,621 $ 6,514,620 Government insured pool buyouts (2) (3) 5,281,708 220,153 — 5,501,861 Equipment financing receivables 2,521,219 — 40,969 2,562,188 Home equity lines and other 1,266,801 — 6,256 1,273,057 Total $ 15,552,727 $ 220,153 $ 78,846 $ 15,851,726 Pass Special Mention Substandard Doubtful Total March 31, 2017 Commercial and commercial real estate: Commercial real estate $ 3,464,894 $ 14,537 $ 87,814 $ — $ 3,567,245 Mortgage warehouse finance 2,121,810 — — — 2,121,810 Lender finance 1,640,250 — — — 1,640,250 Other commercial finance 205,597 8,291 6,073 — 219,961 Total commercial and commercial real estate $ 7,432,551 $ 22,828 $ 93,887 $ — $ 7,549,266 Non-performing Performing Accrual Nonaccrual Total December 31, 2016 Residential mortgages: Residential (1) $ 6,531,912 $ — $ 32,214 $ 6,564,126 Government insured pool buyouts (2) (3) 5,022,454 227,098 — 5,249,552 Equipment financing receivables 2,518,964 — 41,141 2,560,105 Home equity lines and other 1,237,249 — 7,083 1,244,332 Total $ 15,310,579 $ 227,098 $ 80,438 $ 15,618,115 Pass Special Mention Substandard Doubtful Total December 31, 2016 Commercial and commercial real estate: Commercial real estate $ 3,410,406 $ 18,247 $ 113,275 $ — $ 3,541,928 Mortgage warehouse finance 2,592,799 — — — 2,592,799 Lender finance 1,589,554 — — — 1,589,554 Other commercial finance 208,467 6,114 — — 214,581 Total commercial and commercial real estate $ 7,801,226 $ 24,361 $ 113,275 $ — $ 7,938,862 (1) For the periods ended March 31, 2017 and December 31, 2016 , performing residential mortgages included $2,705 and $3,437 , respectively, of ACI loans 90 days or greater past due and still accruing. (2) For the periods ended March 31, 2017 and December 31, 2016 , performing government insured pool buyouts included $3,708,111 and $3,498,061 , 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 March 31, 2017 and December 31, 2016 : 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 March 31, 2017 Residential mortgages: Residential $ 8,328 $ 5,390 $ 31,621 $ 45,339 $ 6,437,458 $ 6,482,797 Government insured pool buyouts (1) 29,617 21,528 220,153 271,298 497,001 768,299 Commercial and commercial real estate: Commercial real estate 3,990 — 2,803 6,793 3,514,264 3,521,057 Mortgage warehouse finance — — — — 2,121,810 2,121,810 Lender finance — — — — 1,640,250 1,640,250 Other commercial finance — — — — 219,961 219,961 Equipment financing receivables 11,456 11,012 9,351 31,819 2,530,369 2,562,188 Home equity lines and other 2,991 940 6,256 10,187 1,262,870 1,273,057 Total loans and leases held for investment $ 56,382 $ 38,870 $ 270,184 $ 365,436 $ 18,223,983 $ 18,589,419 December 31, 2016 Residential mortgages: Residential $ 8,208 $ 6,379 $ 32,214 $ 46,801 $ 6,484,372 $ 6,531,173 Government insured pool buyouts (1) 37,064 19,346 227,098 283,508 499,775 783,283 Commercial and commercial real estate: Commercial real estate 26,376 — 13,204 39,580 3,450,292 3,489,872 Mortgage warehouse finance — — — — 2,592,799 2,592,799 Lender finance — — — — 1,589,554 1,589,554 Other commercial finance — — — — 214,581 214,581 Equipment financing receivables 23,838 10,796 5,197 39,831 2,520,274 2,560,105 Home equity lines and other 1,754 1,984 7,083 10,821 1,233,511 1,244,332 Total loans and leases held for investment $ 97,240 $ 38,505 $ 284,796 $ 420,541 $ 18,585,158 $ 19,005,699 (1) Government insured pool buyouts remain on accrual status after 89 days as the interest earned is insured and thus collectible from the insuring governmental agency. |
Impaired Financing Receivables [Table Text Block] | The following tables present the UPB, the recorded investment and the related allowance for impaired loans as of March 31, 2017 and December 31, 2016 : March 31, 2017 December 31, 2016 Unpaid Principal Balance Recorded Investment (1) Related Allowance Unpaid Principal Balance Recorded Investment (1) Related Allowance With a related allowance recorded: Residential $ 11,100 $ 10,089 $ 2,239 $ 10,845 $ 9,831 $ 1,921 Commercial real estate 48,019 36,996 13,005 73,866 66,749 21,696 Equipment financing receivables 4,482 4,482 699 3,144 3,144 1,032 Total impaired loans with an allowance recorded $ 63,601 $ 51,567 $ 15,943 $ 87,855 $ 79,724 $ 24,649 Without a related allowance recorded: Residential $ 10,168 $ 9,047 $ 8,331 $ 7,281 Commercial real estate 63,457 47,630 41,852 39,054 Equipment finance receivables 14,295 14,295 15,967 15,967 Total impaired loans without an allowance recorded $ 87,920 $ 70,972 $ 66,150 $ 62,302 (1) The primary difference between the UPB 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 months ended March 31, 2017 and 2016 : Three Months Ended March 31, 2017 2016 Average Investment Interest Income Recognized Average Investment Interest Income Recognized With and without a related allowance recorded: Residential $ 18,124 $ 144 $ 17,617 $ 124 Commercial real estate 95,215 52 77,927 126 Equipment financing receivables 18,944 — 9,205 3 Total impaired loans $ 132,283 $ 196 $ 104,749 $ 253 |
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 March 31, 2017 and December 31, 2016 : March 31, 2017 December 31, 2016 Nonaccrual Status 90 Days and Greater Past Due and Accruing Nonaccrual Status 90 Days and Greater Past Due and Accruing Residential mortgages: Residential (1) $ 31,621 $ — $ 32,214 $ — Government insured pool buyouts (2) (3) — 220,153 — 227,098 Commercial real estate 79,165 — 102,255 — Equipment financing receivables 40,969 — 41,141 — Home equity lines and other 6,256 — 7,083 — Total non-performing loans and leases $ 158,011 $ 220,153 $ 182,693 $ 227,098 |
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 months ended March 31, 2017 and 2016 that remain TDRs as of the respective balance sheet dates: Three Months Ended March 31, 2017 Number of Contracts Pre-modification Recorded Investment Post-modification Recorded Investment Loan Type: Residential 3 $ 1,294 $ 1,293 Commercial real estate 2 33,597 26,653 Total 5 $ 34,891 $ 27,946 Three Months Ended March 31, 2016 Number of Contracts Pre- modification Recorded Investment Post- modification Recorded Investment Loan Type: Residential 3 $ 457 $ 457 Commercial real estate 1 2,431 2,531 Total 4 $ 2,888 $ 2,988 At March 31, 2017 and 2016 , the Company included as TDRs 65 and 65 loans in Chapter 7 bankruptcy, respectively, with net recorded investments of $4,939 and $3,181 , respectively, in accordance with guidance published by the OCC during the third quarter 2012. As no contractual change to principal or interest was made by the Company on these loans, Chapter 7 bankruptcy loans have been excluded from the modification summaries above. A loan is considered to re-default when it is 30 days past due. The number of contracts and recorded investments of loans that were modified during the 12 months preceding March 31, 2017 that subsequently defaulted during the three months ended March 31, 2017 are as follows: Three Months Ended Number of Contracts Recorded Investment Loan Type: Residential 2 $ 385 Three Months Ended Number of Contracts Recorded Investment Loan Type: Residential 1 $ 290 The recorded investments of TDRs as of March 31, 2017 and December 31, 2016 are summarized as follows: March 31, December 31, Loan Type: Residential mortgages $ 19,136 $ 17,112 Commercial real estate 29,828 4,800 Equipment financing receivables 7,656 8,344 Total recorded investment of TDRs $ 56,620 $ 30,256 Accrual Status: Current $ 13,616 $ 11,575 30-89 days past-due accruing 1,844 2,543 Nonaccrual 41,160 16,138 Total recorded investment of TDRs $ 56,620 $ 30,256 TDRs classified as impaired loans $ 56,620 $ 30,256 Valuation allowance on TDRs $ 9,971 $ 2,416 |
Servicing Activities and Mort35
Servicing Activities and Mortgage Servicing Rights (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 months ended March 31, 2017 and 2016 is as follows: Three Months Ended 2017 2016 Balance, beginning of period $ 273,941 $ 335,280 Originated servicing rights capitalized upon sale of loans 12,771 14,759 Amortization (15,505 ) (14,731 ) Decrease (increase) in valuation allowance 22,644 (22,542 ) Other (125 ) (95 ) Balance, end of period $ 293,726 $ 312,671 Valuation allowance: Balance, beginning of period $ 73,170 $ 11,778 Increase in valuation allowance — 22,542 Recoveries (22,644 ) — Balance, end of period $ 50,526 $ 34,320 |
Loan Servicing Income [Table Text Block] | Components of loan servicing fee income, which includes servicing fees related to sales and securitizations, for the three months ended March 31, 2017 and 2016 are presented below: Three Months Ended 2017 2016 Contractually specified servicing fees, net $ 20,573 $ 20,413 Other ancillary fees 1,694 1,912 Other 641 1,116 Total $ 22,908 $ 23,441 |
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 months ended March 31, 2017 and 2016 , management used the following assumptions to determine the fair value of its residential MSR at the date of securitization: Three Months Ended Average discount rates 9.57 % — 9.70% Expected prepayment speeds 7.58 % — 10.29% Weighted-average life in years 6.54 — 8.23 Three Months Ended Average discount rates 9.59 % — 9.92% Expected prepayment speeds 10.06 % — 10.55% Weighted-average life in years 6.88 — 7.11 |
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | The characteristics used in estimating the fair value of the residential MSR portfolio at March 31, 2017 and December 31, 2016 are as follows: March 31, 2017 December 31, 2016 Unpaid principal balance $ 30,382,000 $ 30,359,000 Weighted-average discount rate (1) 9.70 % 9.69 % Gross weighted-average coupon 4.14 % 4.17 % Weighted-average servicing fee 0.27 % 0.27 % Expected prepayment speed (2) 13.02 % 13.90 % (1) When calculating its discount rate, the Company uses industry surveys and recent market activity as a guide with product level calibrations included where necessary. The discount rate is assessed quarterly and updates are made if the current discount rate is materially different from the current market rate. (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. |
Schedule of Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets [Table Text Block] | The Company performed a sensitivity analysis on the residential MSR portfolio as of March 31, 2017 and December 31, 2016 . The sensitivity analysis included hypothetical adverse changes of 10% and 20% to the weighted-average of certain key assumptions. The negative impact of each change is presented below. March 31, 2017 December 31, 2016 Prepayment Rate 10% adverse rate change $ 12,752 $ 13,472 20% adverse rate change 24,628 25,973 Discount Rate 10% adverse rate change $ 10,102 $ 9,215 20% adverse rate change 19,551 17,840 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 months ended March 31, 2017 and 2016 : Three Months Ended 2017 2016 Net income $ 38,537 $ 27,924 Less dividends on preferred stock (2,531 ) (2,531 ) Net income allocated to common shareholders $ 36,006 $ 25,393 (Units in Thousands) Average common shares outstanding 127,483 125,125 Common share equivalents: Stock options 1,601 535 Nonvested stock 771 385 Average common shares outstanding, assuming dilution 129,855 126,045 Basic earnings per share $ 0.28 $ 0.20 Diluted earnings per share $ 0.28 $ 0.20 |
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 March 31, 2017 and 2016 were as follows: Three Months Ended 2017 2016 Stock Options 775,309 5,890,291 |
Derivative Financial Instrume37
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Derivative Financial Instruments [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The fair values of derivative financial instruments are reported in other assets, accounts payable, or accrued liabilities. The fair values are derived using the valuation techniques described in Note 11 . The total notional or contractual amounts and fair values as of March 31, 2017 and December 31, 2016 were as follows: Fair Value Notional Amount Asset Derivatives Liability Derivatives March 31, 2017 Qualifying hedge contracts accounted for under ASC 815, Derivatives and Hedging Cash flow hedges: Forward interest rate swaps $ 1,210,000 $ 3,894 $ 6,979 Derivatives not designated as hedging instruments under ASC 815, Derivatives and Hedging Freestanding derivatives: Interest rate lock commitments (IRLCs) 834,379 11,005 906 Forward and optional forward sale commitments 2,785,260 58 21,810 Forward and optional forward purchase commitments 1,415,200 2,549 866 Interest rate swaps and futures 77,166 641 56 Foreign exchange contracts 497,779 3,041 2,880 Foreign currency, commodity, metals and U.S. Treasury yield indexed options 119,925 5,487 — Options embedded in client deposits 118,629 — 5,417 Indemnification asset 410,948 29,313 — Total freestanding derivatives 52,094 31,935 Netting and cash collateral adjustments (1) (15,952 ) (22,269 ) Total derivatives $ 40,036 $ 16,645 Fair Value Notional Amount Asset Derivatives Liability Derivatives December 31, 2016 Qualifying hedge contracts accounted for under ASC 815, Derivatives and Hedging Cash flow hedges: Forward interest rate swaps $ 1,210,000 $ 3,430 $ 37,337 Derivatives not designated as hedging instruments under ASC 815, Derivatives and Hedging Freestanding derivatives: IRLCs 920,588 11,756 3,776 Forward and optional forward sale commitments 2,950,325 6,886 6,799 Forward and optional forward purchase commitments 1,525,000 12,206 4,640 Interest rate swaps and futures 1,173,379 517 2,282 Foreign exchange contracts 494,570 3,661 6,250 Foreign currency, commodity, metals and U.S. Treasury yield indexed options 119,925 4,339 — Options embedded in client deposits 118,711 — 4,286 Indemnification asset 371,577 27,169 — Total freestanding derivatives 66,534 28,033 Netting and cash collateral adjustments (1) (17,359 ) (52,331 ) Total derivatives $ 52,605 $ 13,039 (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 March 31, 2017 and December 31, 2016 include derivative positions netted totaling $9,842 and $15,934 , 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 months ended March 31, 2017 and 2016 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. Three Months Ended 2017 2016 Freestanding derivatives Gains (losses) on interest rate contracts (1) $ (15,004 ) $ (31,712 ) Gains (losses) on foreign exchange forward contracts (2) 13,924 23,728 Other 10 3 (1) Interest rate contracts include interest rate lock commitments, forward and optional forward purchase and sales commitments, interest rate swaps and futures. (2) Foreign exchange forward contracts act as economic hedges for the foreign currency risk embedded within deposits denominated in foreign currencies. The changes in the fair value of the foreign exchange forward contracts are marked to fair value, while the deposits are 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) | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017 and December 31, 2016 , assets and liabilities measured at fair value on a recurring basis, including certain loans held for sale and certain other assets or other liabilities for which the Company has elected the fair value option, are as follows: Fair Value Measurements Level 1 Level 2 Level 3 Netting Total March 31, 2017 Financial assets: Available for sale securities: Residential CMO securities - nonagency $ — $ 414,155 $ — $ 414,155 U.S. Treasury securities 31,908 — — 31,908 Asset-backed securities — 1,121 — 1,121 Other 263 146 — 409 Total available for sale securities 32,171 415,422 — 447,593 Loans held for sale — 448,697 940,656 1,389,353 Other assets (1) — — 578 578 Derivative financial instruments: Derivative assets (Note 12) 938 15,194 39,856 (15,952 ) 40,036 Derivative liabilities (Note 12) 859 37,149 906 (22,269 ) 16,645 Fair Value Measurements Level 1 Level 2 Level 3 Netting Total December 31, 2016 Financial assets: Available for sale securities: Residential CMO securities - nonagency $ — $ 452,418 $ — $ 452,418 U.S. Treasury securities 31,867 — — 31,867 Asset-backed securities — 1,165 — 1,165 Other 231 155 — 386 Total available for sale securities 32,098 453,738 — 485,836 Loans held for sale — 622,182 649,711 1,271,893 Other assets (1) — — 212 212 Derivative financial instruments: Derivative assets (Note 12) — (2) 31,526 38,438 (17,359 ) 52,605 Derivative liabilities (Note 12) — 61,594 3,776 (52,331 ) 13,039 (1) Other assets represent the net position of extended written loan commitments for which the Company has elected the fair value option of accounting. As of March 31, 2017 and December 31, 2016 , the Company had outstanding commitments of $51,490 and $58,157 , respectively, 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 10 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 months ended March 31, 2017 and 2016 are as follows: Loans Held for Sale (1) Other Assets / (Liabilities) (1) Freestanding Derivatives, net (1) Three Months Ended March 31, 2017 Balance, beginning of period $ 649,711 $ 212 $ 34,662 Purchases — — 9,457 Issuances 481,311 572 18,814 Sales (184,584 ) — — Settlements (5,864 ) (453 ) (15,869 ) Gains (losses) included in earnings for the period 82 247 (8,114 ) Balance, end of period $ 940,656 $ 578 $ 38,950 Change in unrealized net gains (losses) included in net income related to assets and liabilities still held as of March 31, 2017 $ 1,124 $ 524 $ 4,667 Three Months Ended March 31, 2016 Balance, beginning of period $ 683,015 $ (336 ) $ 7,394 Issuances 202,199 325 25,033 Sales (499,400 ) — — Settlements (49,000 ) (245 ) (24,453 ) Gains (losses) included in earnings for the period 14,396 383 10,166 Balance, end of period $ 351,210 $ 127 $ 18,140 Change in unrealized net gains (losses) included in net income related to assets and liabilities still held as of March 31, 2016 $ 6,409 $ 168 $ 17,671 (1) Net realized and unrealized gains (losses) on loans held for sale, extended written loan commitments and IRLCs are included in gain on sale of loans. |
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 March 31, 2017 and December 31, 2016 : March 31, 2017 December 31, 2016 Fair value carrying amount $ 1,389,353 $ 1,271,893 Aggregate unpaid principal balance 1,360,959 1,261,650 Fair value carrying amount less aggregate unpaid principal $ 28,394 $ 10,243 |
Fair Value Measurements, Nonrecurring [Table Text Block] | Certain assets 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 market value or from impairment of individual assets. Gains and losses disclosed below represent changes in fair value recognized during the reporting period. 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 March 31, 2017 and December 31, 2016 and related changes in fair value are as follows: Level 1 Level 2 Level 3 Total Loss (Gain) Due to Change in Fair Value March 31, 2017 Collateral-dependent loans (1) $ — $ — $ 32,576 $ 32,576 $ 12,192 Other real estate owned (1) (2) — — 5,797 5,797 1,058 Mortgage servicing rights (3) — — 280,508 280,508 (22,644 ) December 31, 2016 Collateral-dependent loans (1) $ — $ — $ 101,006 $ 101,006 $ 22,153 Other real estate owned (1) (2) — — 7,847 7,847 969 Mortgage servicing rights (3) — — 260,054 260,054 61,392 Loans held for sale — — 40,696 40,696 619 (1) The Company performs its lower of cost or market value analysis when an asset becomes impaired or when a loan is transferred to OREO. Subsequent valuations are performed periodically and usually occur throughout the reporting period. The table above discloses the fair value of the investment at the end of the period using the most recent asset valuation. (2) 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) The fair value for MSR 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 March 31, 2017 and December 31, 2016 . This table excludes financial instruments with short-term or no stated maturity, prevailing market rates and limited credit risk, and where carrying amounts approximate fair value. For financial assets such as cash and due from banks, interest-bearing deposits in banks, FHLB restricted stock, and other investments, the carrying amount is a reasonable estimate of fair value. For financial liabilities such as noninterest-bearing demand, interest-bearing demand, and savings and money market deposits, the carrying amount is a reasonable estimate of fair value as these liabilities have no stated maturity. Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 March 31, 2017 Financial assets: Investment securities: Held to maturity $ 92,472 $ 93,403 $ — $ 93,403 $ — Loans held for sale (1) 50,761 50,761 — — 50,761 Loans held for investment (2) 21,199,711 21,004,041 — — 21,004,041 Financial liabilities: Time deposits $ 7,258,613 $ 7,265,764 $ — $ 7,265,764 $ — Other borrowings 5,756,000 5,763,807 — 5,763,807 — Trust preferred securities and subordinated notes payable 360,378 359,203 — 276,386 82,817 December 31, 2016 Financial assets: Investment securities: Held to maturity $ 89,457 $ 90,038 $ — $ 90,038 $ — Loans held for sale (1) 171,370 171,428 — — 171,428 Loans held for investment (2) 21,389,229 21,358,990 — — 21,358,990 Financial liabilities: Time deposits $ 7,193,221 $ 7,206,514 $ — $ 7,206,514 $ — Other borrowings 5,506,000 5,518,081 — 5,518,081 — Trust preferred securities and subordinated notes payable 360,278 350,064 — 267,643 82,421 (1) The carrying value of loans held for sale excludes $1,389,353 and $1,271,893 in loans measured at fair value on a recurring basis as of March 31, 2017 and December 31, 2016 , respectively. (2) The carrying value of loans held for investment is net of the allowance for loan loss of $74,102 and $83,409 as of March 31, 2017 and December 31, 2016 , respectively. In addition, the carrying values exclude $2,106,123 and $2,064,444 of lease financing receivables, net of allowance for lease loss, within the equipment financing receivables portfolio as of March 31, 2017 and December 31, 2016 , 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 March 31, 2017 and December 31, 2016 : Level 3 Fair Value Measurement Fair Value Valuation Technique Unobservable Inputs Significant Unobservable Input Value March 31, 2017 Min. Max. Weighted Avg. Loans held for sale $ 940,656 Discounted cash flow Cost of funds 2.39 % - 3.16% 2.99% Prepayment rate 4.80 % - 24.51% 8.34% Default rate 0.00 % - 2.39% 0.29% Weighted average life (in years) 3.33 - 10.60 8.22 Cumulative loss 0.00 % - 0.38% 0.03% Loss severity 1.64 % - 23.55% 9.84% Other assets 578 Discounted cash flow Loan closing ratio 1.00 % - 99.00% 76.75% (1) Indemnification assets 28,851 Discounted cash flow Discount rate 5.43 % - 21.45% 8.53% Loss severity 5.01 % - 23.80% 8.73% (2) IRLCs, net 10,099 Discounted cash flow Loan closing ratio 1.00 % - 99.00% 81.70% (1) December 31, 2016 Loans held for sale $ 649,711 Discounted cash flow Cost of funds 2.34 % - 3.16% 3.00% Prepayment rate 4.61 % - 25.06% 7.41% Default rate 0.00 % - 2.57% 0.32% Weighted average life (in years) 3.26 - 10.65 8.72 Cumulative loss 0.00 % - 0.43% 0.04% Loss severity 1.60 % - 22.83% 9.43% Other assets 212 Discounted cash flow Loan closing ratio 1.00 % - 99.00% 71.11% (1) Indemnification assets 26,682 Discounted cash flow Discount rate 5.43 % - 7.02% 6.41% Loss severity 4.40 % - 19.66% 8.80% (2) IRLCs, net 7,980 Discounted cash flow Loan closing ratio 1.00 % - 99.00% 80.03% (1) (1) 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. (2) The range represents the highest and lowest values for all asset pools that are used in the valuation process. |
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 March 31, 2017 and December 31, 2016 : Level 3 Fair Value Measurement Fair Value Valuation Technique Unobservable Inputs Significant Unobservable Input Value March 31, 2017 Min. Max. Weighted Avg. Collateral-dependent loans $ 32,576 Appraisal value Appraised value NM - NM N/A (1) Other real estate owned 5,797 Appraisal value Appraised value NM - NM N/A (1) Mortgage servicing rights 280,508 Discounted cash flow Prepayment speed 9.77 % - 15.05% 11.72% (2) Discount rate 9.47 % - 9.74% 9.63% (3) December 31, 2016 Collateral-dependent loans $ 101,006 Appraisal value Appraisal value NM - NM N/A (1) Other real estate owned 7,847 Appraisal value Appraisal value NM - NM N/A (1) Mortgage servicing rights 260,054 Discounted cash flow Prepayment speed 10.18 % - 16.14% 13.08% (2) Discount rate 9.46 % - 9.73% 9.62% (3) Loans held for sale 40,696 Discounted cash flow Cost of funds 3.95 % - 4.21% 4.17% Prepayment rate 5.73 % - 6.01% 5.89% Default rate 3.48 % - 4.80% 3.75% Weighted average life (in years) 3.44 - 5.35 5.06 Cumulative loss 0.03 % - 0.05% 0.05% Loss severity 0.25 % - 0.25% 0.25% (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 impairment or recoveries on previous valuation allowances. |
Commitments and Contingencies39
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Unfunded Credit Extension Commitments [Table Text Block] | Unfunded credit extension commitments at March 31, 2017 and December 31, 2016 are as follows: March 31, December 31, Commercial and commercial real estate (1) $ 3,022,702 $ 2,652,441 Home equity lines of credit 508,290 506,375 Credit card lines of credit 25,905 25,810 Standby letters of credit 17,356 18,923 Total unfunded credit extension commitments $ 3,574,253 $ 3,203,549 (1) Of the outstanding unfunded commercial and commercial real estate commitments, $1,712,739 and $1,307,517 were cancellable by the Company at March 31, 2017 and December 31, 2016 , 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 March 31, 2017 and December 31, 2016 are as follows: March 31, December 31, Residential mortgage $ 319,012 $ 154,093 Commercial and commercial real estate 509,205 698,559 Equipment financing receivables 323,209 287,210 Home equity lines of credit 63,690 36,207 Total commitments to lend in the pipeline $ 1,215,116 $ 1,176,069 |
Schedule of FHLB Forward-Dated Agreements [Table Text Block] | The outstanding forward-dated agreements as of March 31, 2017 are as follows: Agreement Date Funding Date Amount Interest Rate Maturity Date June 2015 September 2017 $ 25,000 3.01 % September 2022 February 2017 September 2017 100,000 1.80 % September 2019 February 2017 September 2017 100,000 1.79 % October 2019 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017 and December 31, 2016 : March 31, 2017 December 31, 2016 Non-consolidated VIEs Total Assets Maximum Exposure Total Assets Maximum Exposure Loans provided to VIEs $ 12,465 $ 12,465 $ 12,909 $ 12,909 Debt securities 507,894 507,894 543,195 543,195 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 months ended March 31, 2017 and 2016 . The eliminations column includes intersegment eliminations required for consolidation purposes. As of and for the Three Months Ended March 31, 2017 Consumer Banking Commercial Banking Corporate Services Eliminations Consolidated Net interest income (expense) $ 108,556 $ 75,756 $ (4,967 ) $ — $ 179,345 Total net revenue 150,424 (1) 84,002 (4,824 ) — 229,602 Intersegment revenue 17,775 (17,775 ) — — — Depreciation and amortization 1,804 2,022 2,035 — 5,861 Income (loss) before income taxes 63,150 (1) 35,424 (37,778 ) — 60,796 Total assets 17,696,696 10,299,803 283,505 (503,425 ) 27,776,579 As of and for the Three Months Ended March 31, 2016 Consumer Banking Commercial Banking Corporate Services Eliminations Consolidated Net interest income (expense) $ 97,520 $ 80,568 $ (4,307 ) $ — $ 173,781 Total net revenue 113,099 (2) 94,603 (4,168 ) — 203,534 Intersegment revenue 14,148 (14,148 ) — — — Depreciation and amortization 2,158 2,602 1,898 — 6,658 Income (loss) before income taxes 21,692 (2) 56,032 (32,539 ) — 45,185 Total assets 16,294,379 10,486,284 298,701 (437,965 ) 26,641,399 (1) Segment earnings in the Consumer Banking segment included a $22,644 charge for MSR recovery for the three months ended March 31, 2017 . (2) Segment earnings in the Consumer Banking segment included a $22,542 charge for MSR impairment for the three months ended March 31, 2016 . |
Organization and Basis of Pre42
Organization and Basis of Presentation Supplemental Disclosures of Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Organization and Basis of Presentation [Abstract] | ||
Loans Transferred to Foreclosure Claims | $ 441,715 | $ 312,790 |
Investment Securities Textual (
Investment Securities Textual (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($) | |
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | |||
Pledged securities | $ 184,394 | $ 114,483 | |
Realized Investment Gains (Losses) [Abstract] | |||
Available-for-sale Securities, Gross Realized Gains | $ 0 | $ 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||
Number of Debt Securities Held Unrealized Losses | 49 | 49 | |
Number of Debt Securities Held Unrealized Losses Less Than Twelve Months | 20 | 17 | |
Number of Debt Securities Held Unrealized Losses More Than Twelve Months | 29 | 32 | |
Available-for-sale Securities, Gross Realized Losses | $ 0 | 0 | |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | $ 0 | 97 | |
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 | 25 | 28 | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | 8 | 5 | |
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 | |
Residential MBS - agency [Member] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||
Number of Debt Securities Held Unrealized Losses Less Than Twelve Months | 11 | 11 | |
Number of Debt Securities Held Unrealized Losses More Than Twelve Months | 1 | 1 | |
US Treasury Securities [Member] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | 1 | 1 | |
Debt Securities [Member] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||
Securities Continuouse Unrealized Loss Position, Aggregate Losses | $ 4,204 | $ 4,796 | |
Amount of Unrealized Losses of Debt Securities Rated Investment Grade | 2,404 | $ 2,503 | |
Available-for-sale Securities [Member] | |||
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | |||
Other Than Temporary Impairment Non Credit Losses Reductions Write Downs | 0 | 0 | |
Residential Collateralized Mortgage Obligations Securities Not Issued by US Government Sponsored Enterprises [Member] | |||
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | |||
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Loss, before Tax, Including Portion Attributable to Noncontrolling Interest, Held-to-maturity Securities | $ 0 | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | $ 0 |
Investment Securities Schedule
Investment Securities Schedule of AFS and HTM Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 446,647 | $ 485,565 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 4,589 | 4,380 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 3,643 | 4,109 |
Available for sale securities | 447,593 | 485,836 |
Amortized Cost | 92,472 | 89,457 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 1,492 | 1,268 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | 561 | 687 |
Held to maturity Securities | 93,403 | 90,038 |
Held-to-maturity Securities | 92,472 | 89,457 |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 413,129 | 452,035 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 4,397 | 4,219 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 3,371 | 3,836 |
Available for sale securities | 414,155 | 452,418 |
US Treasury Securities [Member] | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 31,925 | 31,879 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 17 | 12 |
Available for sale securities | 31,908 | 31,867 |
Asset-backed securities (ABS) [Member] | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 1,376 | 1,426 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 255 | 261 |
Available for sale securities | 1,121 | 1,165 |
Other Investments [Member] | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 217 | 225 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 192 | 161 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 |
Available for sale securities | 409 | 386 |
Residential MBS - agency [Member] | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 89,683 | 86,648 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 1,406 | 1,181 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | 561 | 687 |
Held to maturity Securities | 90,528 | 87,142 |
Held-to-maturity Securities | 89,683 | 86,648 |
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 | 2,789 | 2,809 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 86 | 87 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | 0 | 0 |
Held to maturity Securities | 2,875 | 2,896 |
Held-to-maturity Securities | $ 2,789 | $ 2,809 |
Investment Securities Unrealize
Investment Securities Unrealized Losses (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($) | |
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | |||
Number of Debt Securities Held Unrealized Losses More Than Twelve Months | 29 | 32 | |
Available-for-sale Securities, Gross Realized Gains | $ 0 | $ 0 | |
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, Greater than or Equal to One Year | 25 | 28 | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | 8 | 5 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 65,672 | $ 65,236 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 758 | 900 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 105,106 | 122,805 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 2,613 | 2,936 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 170,778 | 188,041 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 3,371 | $ 3,836 | |
Residential MBS - agency [Member] | |||
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | |||
Number of Debt Securities Held Unrealized Losses More Than Twelve Months | 1 | 1 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 31,418 | $ 33,239 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 554 | 680 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 910 | 919 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 7 | 7 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | 32,328 | 34,158 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 561 | $ 687 | |
US Treasury Securities [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 | 1 | 1 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 31,908 | $ 31,879 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 17 | 12 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 31,908 | 31,879 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 17 | $ 12 | |
Asset-backed securities (ABS) [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, Greater than or Equal to One Year | 3 | 3 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 0 | $ 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,121 | 1,165 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 255 | 261 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,121 | 1,165 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 255 | 261 | |
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 | 2,875 | 3,204 | |
Securities Continuous Unrealized Loss Position, Fair Value | 236,135 | 255,243 | |
Securities Continuouse Unrealized Loss Position, Aggregate Losses | 4,204 | 4,796 | |
Securities Continuous Unrealized Loss Position, Less Than Twelve Months, Aggregate Losses | 1,329 | 1,592 | |
Securities Continuous Unrealized Loss Position, Twelve Months Or Longer, Fair Value | 107,137 | 124,889 | |
Securities Continuous Unrealized Loss Position, Less Than Twelve Months, Fair Value | $ 128,998 | $ 130,354 |
Investment Securities Investmen
Investment Securities Investment Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||
Other Interest and Dividend Income | $ 1,296 | $ 396 |
Interest and Dividend Income, Securities | 6,673 | 7,404 |
Interest Income, Securities, Operating, Taxable | 3,683 | 4,562 |
Investments [Member] | ||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||
Interest income on available for sale securities | 3,081 | 3,814 |
Interest income on held to maturity securities | 602 | 748 |
Other Interest and Dividend Income | 2,990 | 2,842 |
Held-to-maturity Securities [Member] | ||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Loss, before Tax, Including Portion Attributable to Noncontrolling Interest, Held-to-maturity Securities | 0 | 0 |
Available-for-sale Securities [Member] | ||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Loss, before Tax, Including Portion Attributable to Noncontrolling Interest, Available-for-sale Securities | $ 0 | $ 0 |
Loans Held for Sale Textual (De
Loans Held for Sale Textual (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Loans Held for Sale [Abstract] | ||
Servicing Asset at Amortized Cost, Additions | $ 12,771 | $ 14,759 |
Loans Held for Sale LHFS Breako
Loans Held for Sale LHFS Breakout (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for sale | $ 1,440,114 | $ 1,443,263 |
Conventional Mortgage Loan [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for sale | 448,697 | 622,182 |
Other Residential Carried at Fair Value [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for sale | 940,656 | 649,711 |
Aggregate Fair Value Under Fair Value Option [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for sale | 1,271,893 | |
Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for sale | 10,320 | 130,674 |
Commercial Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for sale | 40,441 | 40,696 |
Loans Held for Sale Carried at Lower of Cost or Market [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for sale | $ 50,761 | $ 171,370 |
Loans Held for Sale Loan Securi
Loans Held for Sale Loan Securitizations (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group | $ 1,440,114 | $ 1,443,263 | |
Agency Securitizations [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Proceeds received from new securitizations and nonsecuritizations | 986,427 | $ 855,964 | |
Nonagency Sales [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Proceeds received from new securitizations and nonsecuritizations | 818,163 | 1,719,154 | |
Residential Mortgage [Member] | Agency Securitizations [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Repurchased loans | 5,409 | 1,588 | |
Residential Mortgage [Member] | Nonagency Sales [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Proceeds received from new securitizations and nonsecuritizations | 806,787 | 1,431,502 | |
Repurchased loans | 4,422 | 700 | |
Commercial Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group | 40,441 | $ 40,696 | |
Commercial Portfolio Segment [Member] | Nonagency Sales [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Proceeds received from new securitizations and nonsecuritizations | 0 | 212,068 | |
Financing Receivable [Member] | Nonagency Sales [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Proceeds received from new securitizations and nonsecuritizations | $ 11,376 | $ 75,584 |
Loans Held for Sale Schedule of
Loans Held for Sale Schedule of Loan Transfers (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Schedule of Loan Transfers [Line Items] | ||
Transfer of Portfolio Loans and Leases to Held-for-sale | $ 524,341 | $ 1,164,147 |
Transfer of Loans Held-for-sale to Portfolio Loans | 36,899 | 54,908 |
Residential Mortgage [Member] | ||
Schedule of Loan Transfers [Line Items] | ||
Transfer of Portfolio Loans and Leases to Held-for-sale | 0 | 496,363 |
Transfer of Loans Held-for-sale to Portfolio Loans | 36,899 | 26,155 |
US Government Agency Insured Loans [Member] | ||
Schedule of Loan Transfers [Line Items] | ||
Transfer of Portfolio Loans and Leases to Held-for-sale | 512,755 | 425,204 |
Commercial Portfolio Segment [Member] | ||
Schedule of Loan Transfers [Line Items] | ||
Transfer of Portfolio Loans and Leases to Held-for-sale | 0 | 170,408 |
Transfer of Loans Held-for-sale to Portfolio Loans | 0 | 28,753 |
Financing Receivable [Member] | ||
Schedule of Loan Transfers [Line Items] | ||
Transfer of Portfolio Loans and Leases to Held-for-sale | $ 11,586 | $ 72,172 |
Loans and Leases Held for Inv51
Loans and Leases Held for Investment, Net Textual (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Residential Mortgage [Member] | |||
Financing Receivable, Significant Purchases | [1] | $ 1,195,783 | $ 1,052,548 |
Commercial Loan [Member] | |||
Financing Receivable, Significant Purchases | $ 23,779 | $ 101,831 | |
[1] | 1) Included in this amount are government insured pool buyouts. |
Loans and Leases Held for Inv52
Loans and Leases Held for Investment, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and leases held for investment, net of unearned income | $ 23,400,992 | $ 23,556,977 | |||
Allowance for loan and lease losses | (95,158) | $ (83,485) | (103,304) | $ (78,137) | |
Total loans and leases held for investment, net | 23,305,834 | 23,453,673 | |||
Commercial and Commercial Real Estate [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and leases held for investment, net of unearned income | 7,549,266 | 7,938,862 | |||
Allowance for loan and lease losses | (39,594) | (36,774) | (47,941) | (34,875) | |
Residential Mortgage [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and leases held for investment, net of unearned income | 12,016,481 | 11,813,678 | |||
Allowance for loan and lease losses | (27,979) | (28,309) | (28,764) | (26,951) | |
Commercial Portfolio Segment [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and leases held for investment, net of unearned income | 7,549,266 | 7,938,862 | |||
Loans and Finance Receivables [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and leases held for investment, net of unearned income | 2,562,188 | 2,560,105 | |||
Home equity lines and other [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and leases held for investment, net of unearned income | 1,273,057 | 1,244,332 | |||
Allowance for loan and lease losses | (6,529) | (4,348) | $ (6,704) | $ (4,124) | |
Residential Mortgage [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Significant Purchases | [1] | 1,195,783 | 1,052,548 | ||
Commercial Loan [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Significant Purchases | 23,779 | 101,831 | |||
Home equity lines [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Significant Purchases | $ 0 | $ 256,926 | |||
[1] | 1) Included in this amount are government insured pool buyouts. |
Loans and Leases Held for Inv53
Loans and Leases Held for Investment, Net Net Purchase Loan/Lease Fees (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Loans and Leases Held for Investment, Net [Abstract] | ||
Net purchased loan and leases discounts | $ 110,650 | $ 104,558 |
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | $ 124,547 | $ 123,484 |
Loans and Leases Held for Inv54
Loans and Leases Held for Investment, Net Acquired Portfolio of Loans and Leases with Evidence of Credit Deterioration (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Acquired Credit Impaired Loans and Leases Provision for Loan and Lease Losses | $ (878) | $ 203 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Contractually Required Payments Receivable at Acquisition | 1,957,754 | 1,662,326 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Cash Flows Expected to be Collected at Acquisition | 1,242,351 | 1,041,310 | ||
Acquired Credit Impaired Loans And Leases Outstanding Basis at Acquisition | 1,155,248 | $ 976,540 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 4,803,647 | $ 4,542,474 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Commercial, Outstanding Balance | 4,912,482 | 4,647,553 | ||
Allowance for loan and lease losses | 7,926 | 8,804 | $ 7,377 | |
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 | 46,177 | 52,021 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Commercial, Outstanding Balance | 50,548 | 56,746 | ||
Allowance for loan and lease losses | 11 | 35 | 346 | |
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 | 4,757,470 | 4,490,453 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Commercial, Outstanding Balance | $ 4,861,934 | 4,590,807 | ||
Allowance for loan and lease losses | $ 8,769 | $ 7,031 |
Loans and Leases Held for Inv55
Loans and Leases Held for Investment, Net Schedule of Changes in Accretable Yields of Acquired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accretable Yield | $ 387,323 | $ 305,194 | $ 361,341 | $ 296,531 |
Additions | 87,103 | 64,770 | ||
Accretion | (62,284) | (47,043) | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Reclassifications (to) from Nonaccretable Difference | 1,163 | (5,760) | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Transfers to Loans Held-for-sale | (3,304) | |||
Residential Portfolio Segment [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accretable Yield | 367,801 | 268,432 | 340,148 | 252,841 |
Additions | 87,103 | 64,770 | ||
Accretion | (61,054) | (45,000) | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Reclassifications (to) from Nonaccretable Difference | 1,604 | (4,179) | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Transfers to Loans Held-for-sale | 0 | |||
Commercial and Commercial Real Estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accretable Yield | 19,522 | 36,762 | 21,193 | $ 43,690 |
Additions | 0 | 0 | ||
Accretion | (1,230) | (2,043) | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Reclassifications (to) from Nonaccretable Difference | $ (441) | $ (1,581) | ||
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, Accretable Yield, Transfers to Loans Held-for-sale | $ (3,304) |
Allowance for Loan and Lease 56
Allowance for Loan and Lease Losses Change in ALLL (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Impaired Financing Receivable, Interest Income, Accrual Method | $ 196 | $ 253 | ||
Loans and Leases Held for Investment, Allowance | 95,158 | 83,485 | $ 103,304 | $ 78,137 |
Provision for Loan and Lease Losses | 15,680 | 8,919 | ||
Charge-offs | (24,913) | (4,697) | ||
Recoveries | 1,087 | 1,126 | ||
Residential Mortgage [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans and Leases Held for Investment, Allowance | 27,979 | 28,309 | 28,764 | 26,951 |
Provision for Loan and Lease Losses | 123 | 2,971 | ||
Charge-offs | (1,058) | (1,845) | ||
Recoveries | 150 | 232 | ||
Commercial and Commercial Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans and Leases Held for Investment, Allowance | 39,594 | 36,774 | 47,941 | 34,875 |
Provision for Loan and Lease Losses | 11,338 | 1,891 | ||
Charge-offs | (19,999) | (69) | ||
Recoveries | 314 | 77 | ||
Equipment Finance Receivable [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Impaired Financing Receivable, Interest Income, Accrual Method | 0 | 3 | ||
Loans and Leases Held for Investment, Allowance | 21,056 | 14,054 | 19,895 | 12,187 |
Provision for Loan and Lease Losses | 4,222 | 3,694 | ||
Charge-offs | (3,525) | (2,564) | ||
Recoveries | 464 | 737 | ||
Home equity lines and other [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans and Leases Held for Investment, Allowance | 6,529 | 4,348 | $ 6,704 | $ 4,124 |
Provision for Loan and Lease Losses | (3) | 363 | ||
Charge-offs | (331) | (219) | ||
Recoveries | $ 159 | $ 80 |
Allowance for Loan and Lease 57
Allowance for Loan and Lease Losses ALLL and Recorded Investment Breakout (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan and Lease Losses, Individually Evaluated for Impairment | $ 18,577 | $ 24,649 | ||
Allowance for Loan and Lease Losses, Collectively Evaluated for Impairment | 68,655 | 69,851 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Allowance for Loan Losses | 7,926 | 8,804 | $ 7,377 | |
Allowance for Loan and Lease Losses, Total allowance | 95,158 | 103,304 | $ 83,485 | 78,137 |
Loans and Leases Held for Investment at Recorded Investment, Individually Evaluated for Impairment | 129,125 | 142,026 | ||
Loans and Leases Held for Investment at Recorded Investment, Collectively Evaluated for Impairment | 18,460,294 | 18,863,673 | ||
Financing Receivable, Net | 4,811,573 | 4,551,278 | ||
Loans and Leases Receivable, Net of Deferred Income | 23,400,992 | 23,556,977 | ||
Residential Mortgage [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan and Lease Losses, Individually Evaluated for Impairment | 2,239 | 1,921 | ||
Allowance for Loan and Lease Losses, Collectively Evaluated for Impairment | 17,825 | 18,074 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Allowance for Loan Losses | 7,915 | 8,769 | ||
Allowance for Loan and Lease Losses, Total allowance | 27,979 | 28,764 | 28,309 | 26,951 |
Loans and Leases Held for Investment at Recorded Investment, Individually Evaluated for Impairment | 19,136 | 17,112 | ||
Loans and Leases Held for Investment at Recorded Investment, Collectively Evaluated for Impairment | 7,231,960 | 7,297,344 | ||
Financing Receivable, Net | 4,765,385 | 4,499,222 | ||
Loans and Leases Receivable, Net of Deferred Income | 12,016,481 | 11,813,678 | ||
Commercial and Commercial Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan and Lease Losses, Individually Evaluated for Impairment | 13,005 | 21,696 | ||
Allowance for Loan and Lease Losses, Collectively Evaluated for Impairment | 26,578 | 26,210 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Allowance for Loan Losses | 11 | 35 | 346 | |
Allowance for Loan and Lease Losses, Total allowance | 39,594 | 47,941 | 36,774 | 34,875 |
Loans and Leases Held for Investment at Recorded Investment, Individually Evaluated for Impairment | 84,626 | 105,803 | ||
Loans and Leases Held for Investment at Recorded Investment, Collectively Evaluated for Impairment | 7,418,452 | 7,781,003 | ||
Financing Receivable, Net | 46,188 | 52,056 | ||
Loans and Leases Receivable, Net of Deferred Income | 7,549,266 | 7,938,862 | ||
Equipment Finance Receivable [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan and Lease Losses, Individually Evaluated for Impairment | 3,333 | 1,032 | ||
Allowance for Loan and Lease Losses, Collectively Evaluated for Impairment | 17,723 | 18,863 | ||
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 | 21,056 | 19,895 | 14,054 | 12,187 |
Loans and Leases Held for Investment at Recorded Investment, Individually Evaluated for Impairment | 25,363 | 19,111 | ||
Loans and Leases Held for Investment at Recorded Investment, Collectively Evaluated for Impairment | 2,536,825 | 2,540,994 | ||
Financing Receivable, Net | 0 | 0 | ||
Loans and Leases Receivable, Net of Deferred Income | 2,562,188 | 2,560,105 | ||
Home equity lines and other [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 | 6,529 | 6,704 | ||
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 | 6,529 | 6,704 | $ 4,348 | $ 4,124 |
Loans and Leases Held for Investment at Recorded Investment, Individually Evaluated for Impairment | 0 | 0 | ||
Loans and Leases Held for Investment at Recorded Investment, Collectively Evaluated for Impairment | 1,273,057 | 1,244,332 | ||
Financing Receivable, Net | 0 | 0 | ||
Loans and Leases Receivable, Net of Deferred Income | 1,273,057 | 1,244,332 | ||
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 | $ 15,851,726 | $ 15,618,115 |
Allowance for Loan and Lease 58
Allowance for Loan and Lease Losses Schedule of Recorded Investment Credit Quality Indicators (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | ||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | $ 23,400,992 | $ 23,556,977 | ||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 220,153 | 227,098 | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 158,011 | 182,693 | ||
Receivables [Abstract] | ||||
Mortgage Loans in Process of Foreclosure, Amount | 3,800,017 | 3,606,926 | ||
Foreclosure Claims Receivable | 543,391 | 527,848 | ||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 27,425 | 18,988 | ||
Residential Portfolio Segment [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | 6,514,620 | [1] | 6,564,126 | [2] |
Residential Portfolio Segment [Member] | Performing Financing Receivable [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | 6,482,999 | [1] | 6,531,912 | [2] |
Residential Portfolio Segment [Member] | Nonperforming Financing Receivable [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | [1] | 0 | [2] |
Financing Receivable, Recorded Investment, Nonaccrual Status | 31,621 | [1] | 32,214 | [2] |
Government insured pool buyouts [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | 5,501,861 | [2],[3] | 5,249,552 | [1],[4] |
Receivables [Abstract] | ||||
Mortgage Loans in Process of Foreclosure, Amount | 3,766,827 | 3,571,405 | ||
Government insured pool buyouts [Member] | Performing Financing Receivable [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | 5,281,708 | [2],[3] | 5,022,454 | [1],[4] |
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 | 220,153 | [3],[5] | 227,098 | [1],[4] |
Financing Receivable, Recorded Investment, Nonaccrual Status | 0 | [2],[3],[5] | 0 | [1],[4] |
Equipment Finance Receivable [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | 2,562,188 | 2,560,105 | ||
Equipment Finance Receivable [Member] | Performing Financing Receivable [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | 2,521,219 | 2,518,964 | ||
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 | 40,969 | 41,141 | ||
Home equity lines and other [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | 1,273,057 | 1,244,332 | ||
Home equity lines and other [Member] | Performing Financing Receivable [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | 1,266,801 | 1,237,249 | ||
Home equity lines and other [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 | 6,256 | 7,083 | ||
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 | 15,851,726 | 15,618,115 | ||
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 | 15,552,727 | 15,310,579 | ||
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 | 220,153 | 227,098 | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 78,846 | 80,438 | ||
Mortgage Warehouse Finance [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | 2,121,810 | 2,592,799 | ||
Mortgage Warehouse Finance [Member] | Pass [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | 2,121,810 | 2,592,799 | ||
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 | 1,640,250 | 1,589,554 | ||
Lender finance [Member] | Pass [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | 1,640,250 | 1,589,554 | ||
Lender finance [Member] | Special Mention [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 | ||
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 | 219,961 | 214,581 | ||
Other commercial finance [Member] | Pass [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | 205,597 | 208,467 | ||
Other commercial finance [Member] | Special Mention [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | 8,291 | 6,114 | ||
Other commercial finance [Member] | Substandard [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | 6,073 | 0 | ||
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 | 3,567,245 | 3,541,928 | ||
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 | 79,165 | 102,255 | ||
Commercial Real Estate [Member] | Pass [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | 3,464,894 | 3,410,406 | ||
Commercial Real Estate [Member] | Special Mention [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | 14,537 | 18,247 | ||
Commercial Real Estate [Member] | Substandard [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | 87,814 | 113,275 | ||
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 | 7,549,266 | 7,938,862 | ||
Commercial and Commercial Real Estate [Member] | Pass [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | 7,432,551 | 7,801,226 | ||
Commercial and Commercial Real Estate [Member] | Special Mention [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | 22,828 | 24,361 | ||
Commercial and Commercial Real Estate [Member] | Substandard [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | 93,887 | 113,275 | ||
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 | 2,705 | 3,437 | ||
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 | $ 3,708,111 | $ 3,498,061 | ||
[1] | (1) For the periods ended March 31, 2017 and December 31, 2016, the Company has excluded from the preceding table $2,705 and $3,437, respectively, of performing residential ACI loans 90 days or greater past due and still accruing. | |||
[2] | (3) Non-performing government insured pool buyouts represent loans that are 90 days or greater past due but remain on accrual status as the interest earned is insured and thus collectible from the insuring governmental agency. | |||
[3] | (3) Government insured pool buyouts that are 90 days or greater past due but remain on accrual status represent loans for which the interest earned is insured and thus collectible from the insuring governmental agency. | |||
[4] | 1) Included in this amount are government insured pool buyouts. | |||
[5] | (2) For the periods ended March 31, 2017 and December 31, 2016, the Company has excluded from the preceding table $3,708,111 and $3,498,061, respectively, of performing government insured pool buyout ACI loans 90 days or greater past due and still accruing. |
Allowance for Loan and Lease 59
Allowance for Loan and Lease Losses Past Due (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Total Past Due | $ 365,436 | $ 420,541 | |
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Current | 18,223,983 | 18,585,158 | |
Loans and Leases Receivable, Net of Deferred Income and Aquired Credit Impaired | 18,589,419 | 19,005,699 | |
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 | 45,339 | 46,801 | |
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Current | 6,437,458 | 6,484,372 | |
Loans and Leases Receivable, Net of Deferred Income and Aquired Credit Impaired | 6,482,797 | 6,531,173 | |
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 | [1] | 271,298 | 283,508 |
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Current | [1] | 497,001 | 499,775 |
Loans and Leases Receivable, Net of Deferred Income and Aquired Credit Impaired | [1] | 768,299 | 783,283 |
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 | 2,121,810 | 2,592,799 | |
Loans and Leases Receivable, Net of Deferred Income and Aquired Credit Impaired | 2,121,810 | 2,592,799 | |
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 | 1,640,250 | 1,589,554 | |
Loans and Leases Receivable, Net of Deferred Income and Aquired Credit Impaired | 1,640,250 | 1,589,554 | |
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 | |
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Current | 219,961 | 214,581 | |
Loans and Leases Receivable, Net of Deferred Income and Aquired Credit Impaired | 219,961 | 214,581 | |
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 | 6,793 | 39,580 | |
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Current | 3,514,264 | 3,450,292 | |
Loans and Leases Receivable, Net of Deferred Income and Aquired Credit Impaired | 3,521,057 | 3,489,872 | |
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 | 31,819 | 39,831 | |
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Current | 2,530,369 | 2,520,274 | |
Loans and Leases Receivable, Net of Deferred Income and Aquired Credit Impaired | 2,562,188 | 2,560,105 | |
Home equity lines and other [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Total Past Due | 10,187 | 10,821 | |
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Current | 1,262,870 | 1,233,511 | |
Loans and Leases Receivable, Net of Deferred Income and Aquired Credit Impaired | 1,273,057 | 1,244,332 | |
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 | 56,382 | 97,240 | |
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 | 8,328 | 8,208 | |
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 | [1] | 29,617 | 37,064 |
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 | 0 | |
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 | 3,990 | 26,376 | |
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 | 11,456 | 23,838 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Home equity lines and other [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Total Past Due | 2,991 | 1,754 | |
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 | 38,870 | 38,505 | |
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 | 5,390 | 6,379 | |
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 | [1] | 21,528 | 19,346 |
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 | 11,012 | 10,796 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Home equity lines and other [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Total Past Due | 940 | 1,984 | |
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 | 270,184 | 284,796 | |
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 | 31,621 | 32,214 | |
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 | [1] | 220,153 | 227,098 |
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 | 2,803 | 13,204 | |
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 | 9,351 | 5,197 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Home equity lines and other [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Held for Investment, Recorded Investment, Recorded Investment, Total Past Due | $ 6,256 | $ 7,083 | |
[1] | (1) Government insured pool buyouts remain on accrual status after 89 days as the interest earned is insured and thus collectible from the insuring governmental agency. |
Allowance for Loan and Lease 60
Allowance for Loan and Lease Losses Loans in Foreclosure (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Schedule of Loans in Foreclosure or Repossessed [Line Items] | ||
Foreclosure Claims Receivable Allowance | $ 13,864 | $ 14,722 |
Mortgage Loans in Process of Foreclosure, Amount | 3,800,017 | 3,606,926 |
Foreclosure Claims Receivable | 543,391 | 527,848 |
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 27,425 | 18,988 |
Real Estate Owned, Valuation Allowance | 419 | 566 |
Government Insured pool Buyout Portfolio Segment [Member] | ||
Schedule of Loans in Foreclosure or Repossessed [Line Items] | ||
Mortgage Loans in Process of Foreclosure, Amount | 3,766,827 | 3,571,405 |
Government-Guaranteed Collateral [Member] | ||
Schedule of Loans in Foreclosure or Repossessed [Line Items] | ||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | $ 23,382 | $ 14,125 |
Allowance for Loan and Lease 61
Allowance for Loan and Lease Losses Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | ||
Financing Receivable, Impaired [Line Items] | ||||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | $ 220,153 | $ 227,098 | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 63,601 | 87,855 | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | [1] | 51,567 | 79,724 | |
Impaired Financing Receivable, Related Allowance | 15,943 | 24,649 | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 87,920 | 66,150 | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | [1] | 70,972 | 62,302 | |
Impaired Financing Receivable, Average Recorded Investment | 132,283 | $ 104,749 | ||
Impaired Financing Receivable, Interest Income, Accrual Method | 196 | 253 | ||
Residential Portfolio Segment [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 11,100 | 10,845 | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | [1] | 10,089 | 9,831 | |
Impaired Financing Receivable, Related Allowance | 2,239 | 1,921 | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 10,168 | 8,331 | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | [1] | 9,047 | 7,281 | |
Impaired Financing Receivable, Average Recorded Investment | 18,124 | 17,617 | ||
Impaired Financing Receivable, Interest Income, Accrual Method | 144 | 124 | ||
Commercial Real Estate [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 48,019 | 73,866 | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | [1] | 36,996 | 66,749 | |
Impaired Financing Receivable, Related Allowance | 13,005 | 21,696 | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 63,457 | 41,852 | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | [1] | 47,630 | 39,054 | |
Impaired Financing Receivable, Average Recorded Investment | 95,215 | 77,927 | ||
Impaired Financing Receivable, Interest Income, Accrual Method | 52 | 126 | ||
Equipment Finance Receivable [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 4,482 | 3,144 | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | [1] | 4,482 | 3,144 | |
Impaired Financing Receivable, Related Allowance | 699 | 1,032 | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 14,295 | 15,967 | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | [1] | 14,295 | $ 15,967 | |
Impaired Financing Receivable, Average Recorded Investment | 18,944 | 9,205 | ||
Impaired Financing Receivable, Interest Income, Accrual Method | $ 0 | $ 3 | ||
[1] | (1)The primary difference between the UPB and recorded investment represents charge-offs previously taken. |
Allowance for Loan and Lease 62
Allowance for Loan and Lease Losses Nonaccrual Status (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | ||
Financing Receivable, Recorded Investment [Line Items] | ||||
Certain Loans and Debt Securities Acquired in Transfer, with Related Allowance for Credit Losses Due to Subsequent Impairment | $ 4,811,573 | $ 4,551,278 | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 158,011 | 182,693 | ||
Financing Receivable, Recorded Investment, Greater than 90 Days Past Due and Accruing | 220,153 | 227,098 | ||
Residential Portfolio Segment [Member] | Nonperforming Financing Receivable [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 31,621 | [1] | 32,214 | [2] |
Financing Receivable, Recorded Investment, Greater than 90 Days Past Due and Accruing | 0 | [1] | 0 | [2] |
Government insured pool buyouts [Member] | Nonperforming Financing Receivable [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 0 | [2],[3],[4] | 0 | [1],[5] |
Financing Receivable, Recorded Investment, Greater than 90 Days Past Due and Accruing | 220,153 | [3],[4] | 227,098 | [1],[5] |
Commercial Real Estate [Member] | Nonperforming Financing Receivable [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 79,165 | 102,255 | ||
Financing Receivable, Recorded Investment, Greater than 90 Days Past Due and Accruing | 0 | 0 | ||
Equipment Finance Receivable [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Certain Loans and Debt Securities Acquired in Transfer, with Related Allowance for Credit Losses Due to Subsequent Impairment | 0 | 0 | ||
Equipment Finance Receivable [Member] | Nonperforming Financing Receivable [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 40,969 | 41,141 | ||
Financing Receivable, Recorded Investment, Greater than 90 Days Past Due and Accruing | 0 | 0 | ||
Home equity lines [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Certain Loans and Debt Securities Acquired in Transfer, with Related Allowance for Credit Losses Due to Subsequent Impairment | 0 | 0 | ||
Home equity lines [Member] | Nonperforming Financing Receivable [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 6,256 | 7,083 | ||
Financing Receivable, Recorded Investment, Greater than 90 Days Past Due and Accruing | 0 | 0 | ||
Total 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, Nonaccrual Status | 78,846 | 80,438 | ||
Financing Receivable, Recorded Investment, Greater than 90 Days Past Due and Accruing | $ 220,153 | $ 227,098 | ||
[1] | (1) For the periods ended March 31, 2017 and December 31, 2016, the Company has excluded from the preceding table $2,705 and $3,437, respectively, of performing residential ACI loans 90 days or greater past due and still accruing. | |||
[2] | (3) Non-performing government insured pool buyouts represent loans that are 90 days or greater past due but remain on accrual status as the interest earned is insured and thus collectible from the insuring governmental agency. | |||
[3] | (2) For the periods ended March 31, 2017 and December 31, 2016, the Company has excluded from the preceding table $3,708,111 and $3,498,061, respectively, of performing government insured pool buyout ACI loans 90 days or greater past due and still accruing. | |||
[4] | (3) Government insured pool buyouts that are 90 days or greater past due but remain on accrual status represent loans for which the interest earned is insured and thus collectible from the insuring governmental agency. | |||
[5] | 1) Included in this amount are government insured pool buyouts. |
Allowance for Loan and Lease 63
Allowance for Loan and Lease Losses Troubled Debt Restructurings (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($) | |
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | 5 | 4 | |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 34,891 | $ 2,888 | |
Financing Receivable, Modifications, Post-Modification Recorded Investment | 27,946 | $ 2,988 | |
Financing Receivables Troubled Debt Restructurings Recorded Investment | 56,620 | $ 30,256 | |
Financing Receivable, Recorded Investment, Current | 18,223,983 | 18,585,158 | |
Financing Receivable, Recorded Investment, Nonaccrual Status | 158,011 | 182,693 | |
Impaired Financing Receivable, Recorded Investment | 56,620 | 30,256 | |
Valuation Allowance on Troubled Debt Restructurings | $ 9,971 | 2,416 | |
Financing Receivable, TDR Modifications, Number of Loans in Chapter 7 Bankruptcy | 65 | 65 | |
Financing Receivable, TDR Modifications, Chapter 7 Bankruptcy | $ 4,939 | $ 3,181 | |
Performing Financial Instruments [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Recorded Investment, Current | 13,616 | 11,575 | |
Financing Receivables Troubled Debt Restructurings Recorded Investment 30 to 89 Past Due and Accruing | 1,844 | 2,543 | |
Nonperforming Financial Instruments [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 41,160 | 16,138 | |
Residential Portfolio Segment [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | 3 | 3 | |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 1,294 | $ 457 | |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 1,293 | $ 457 | |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 2 | 1 | |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ 385 | $ 290 | |
Financing Receivables Troubled Debt Restructurings Recorded Investment | $ 19,136 | 17,112 | |
Commercial Real Estate [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | 2 | 1 | |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 33,597 | $ 2,431 | |
Financing Receivable, Modifications, Post-Modification Recorded Investment | 26,653 | $ 2,531 | |
Financing Receivables Troubled Debt Restructurings Recorded Investment | 29,828 | 4,800 | |
Equipment Finance Receivable [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivables Troubled Debt Restructurings Recorded Investment | $ 7,656 | $ 8,344 |
Servicing Activities and Mort64
Servicing Activities and Mortgage Servicing Rights Textual (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Servicing Assets at Amortized Value [Line Items] | ||||
Servicing Asset at Amortized Cost | $ 293,726 | $ 273,941 | $ 312,671 | $ 335,280 |
Residential Mortgage [Member] | ||||
Servicing Assets at Amortized Value [Line Items] | ||||
Servicing Asset at Fair Value, Amount | 293,995 | 275,602 | ||
Servicing Asset at Amortized Cost | 293,726 | 273,941 | ||
Unpaid Principal Balance, Loans Originated and Serviced, Without MSR Basis | 8,755,000 | 8,779,000 | ||
Commercial Loan [Member] | ||||
Servicing Assets at Amortized Value [Line Items] | ||||
Servicing Asset at Fair Value, Amount | $ 0 | $ 0 |
Servicing Activities and Mort65
Servicing Activities and Mortgage Servicing Rights Rollforward (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Mortgage Servicing Rights Rollforward: | ||||
Servicing Asset at Amortized Cost | $ 293,726 | $ 312,671 | $ 273,941 | $ 335,280 |
Servicing Asset at Amortized Value Originated Additions | 12,771 | 14,759 | ||
Amortization | (15,505) | (14,731) | ||
Servicing Asset at Amortized Cost, Valuation Allowance | 22,644 | (22,542) | ||
Servicing Asset at Amortized Cost, Other Changes that Affect Balance, Amount | (125) | (95) | ||
Valuation Allowance: | ||||
Valuation Allowance, Balance | 50,526 | 34,320 | $ 73,170 | $ 11,778 |
Valuation Allowance for Impairment of Recognized Servicing Assets, Provisions | 0 | 22,542 | ||
Valuation Allowance for Impairment of Recognized Servicing Assets, Recoveries | $ (22,644) | $ 0 |
Servicing Activities and Mort66
Servicing Activities and Mortgage Servicing Rights Loan Servicing Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Servicing Activities and Mortgage Servicing Rights [Abstract] | ||
Contractually specified servicing fees, net | $ 20,573 | $ 20,413 |
Other ancillary fees | 1,694 | 1,912 |
Other | 641 | 1,116 |
Loan Servicing Income | $ 22,908 | $ 23,441 |
Servicing Activities and Mort67
Servicing Activities and Mortgage Servicing Rights Fair Value Assumptions for Securitized/Sold Loans (Details) - Mortgage Servicing Rights [Member] - Residential Mortgage [Member] | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
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 | 9.57% | 9.59% |
Expected prepayment speeds | 7.58% | 10.06% |
Average life in years | 6 years 6 months 16 days | 6 years 10 months 17 days |
Maximum [Member] | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Average discount rate | 9.70% | 9.92% |
Expected prepayment speeds | 10.29% | 10.55% |
Average life in years | 8 years 2 months 24 days | 7 years 1 month 9 days |
Servicing Activities and Mort68
Servicing Activities and Mortgage Servicing Rights Fair Value Portfolio Characteristics (Details) - Mortgage Servicing Rights [Member] - Residential Mortgage [Member] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | ||
Servicing Assets at Fair Value [Line Items] | |||
Unpaid Principal Balance, Loans Originated and Serviced, with MSR Basis | $ 30,382,000 | $ 30,359,000 | |
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Discount Rate | [1] | 9.70% | 9.69% |
Gross Weighted-Average Coupon | 4.14% | 4.17% | |
Weighted-Average Servicing Fee | 0.27% | 0.27% | |
Expected Prepayment Speed | [2] | 13.02% | 13.90% |
[1] | (1)When calculating its discount rate, the Company uses industry surveys and recent market activity as a guide with product level calibrations included where necessary. The discount rate is assessed quarterly and updates are made if the current discount rate is materially different from the current market rate. | ||
[2] | (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. |
Servicing Activities and Mort69
Servicing Activities and Mortgage Servicing Rights Sensitivity Analysis (Details) - Residential Mortgage [Member] - Mortgage Servicing Rights [Member] - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Prepayment Rate [Abstract] | ||
10% adverse rate change | $ 12,752 | $ 13,472 |
20% adverse rate change | 24,628 | 25,973 |
Discount Rate [Abstract] | ||
10% adverse rate change | 10,102 | 9,215 |
20% adverse rate change | $ 19,551 | $ 17,840 |
Income Taxes (Details)
Income Taxes (Details) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Income Taxes [Abstract] | ||
Effective Income Tax Rate, Continuing Operations | 36.60% | 38.20% |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Net income | $ 38,537 | $ 27,924 |
Dividends, Preferred Stock | (2,531) | (2,531) |
Net Income Allocated to Common Shareholders | $ 36,006 | $ 25,393 |
Average common shares outstanding | 127,483 | 125,125 |
Average common shares outstanding, assuming dilution | 129,855 | 126,045 |
Basic earnings per share | $ 0.28 | $ 0.20 |
Diluted earnings per share | $ 0.28 | $ 0.20 |
Employee Stock Option [Member] | ||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Weighted Average Number Diluted Shares Outstanding Adjustment | 1,601 | 535 |
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 | 771 | 385 |
Earnings Per Share Antidilutive
Earnings Per Share Antidilutive Shares (Details) - shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Earnings Per Share [Abstract] | ||
Stock Options | 775,309 | 5,890,291 |
Derivative Financial Instrume73
Derivative Financial Instruments AOCI Gain Loss to Income next 12 months Textual (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Derivative Financial Instruments [Abstract] | |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ (17,089) |
Term of Cash Flow Hedges | 18 years |
Derivative Financial Instrume74
Derivative Financial Instruments Credit Risk Contingent Features Textual (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Credit Risk Contingent Features [Line Items] | ||
Derivative, Net Liability Position, Aggregate Fair Value | $ 25,628 | $ 54,549 |
Collateral Already Posted, Aggregate Fair Value | 12,427 | 36,397 |
US Treasury Securities [Member] | ||
Credit Risk Contingent Features [Line Items] | ||
Collateral Already Posted, Aggregate Fair Value | 31,908 | 31,867 |
Derivative Financial Instruments, Liabilities [Member] | Cash and Cash Equivalents [Member] | ||
Credit Risk Contingent Features [Line Items] | ||
Collateral Already Posted, Aggregate Fair Value | $ 33,410 | $ 56,758 |
Derivative Financial Instrume75
Derivative Financial Instruments Counterparty Credit Risk Textual (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Derivative [Line Items] | ||
Derivative Asset, Collateral, Obligation to Return Cash, Offset | $ 6,109 | $ 1,425 |
Collateral Already Posted, Aggregate Fair Value | 12,427 | 36,397 |
Derivative Financial Instruments, Assets [Member] | ||
Derivative [Line Items] | ||
Collateral Already Posted, Aggregate Fair Value | $ 6,530 | $ 1,766 |
Derivative Financial Instrume76
Derivative Financial Instruments Fair Values of Derivatives by Balance Sheet Location (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | |
Derivatives, Fair Value [Line Items] | |||
Derivative Asset Netting and Cash Collateral Adjustments | [1] | $ (15,952) | $ (17,359) |
Derivative Liability Netting and Cash Collateral Adjustments | [1] | (22,269) | (52,331) |
Derivative Asset and Liability Positions Netted | 9,842 | 15,934 | |
Not Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Asset Derivatives, Fair Value, Gross Asset | 52,094 | 66,534 | |
Liability Derivatives, Fair Value, Gross Liability | 31,935 | 28,033 | |
Interest Rate Lock Commitments [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount of Fair Value Hedge Instruments | 834,379 | 920,588 | |
Asset Derivatives, Fair Value, Gross Asset | 11,005 | 11,756 | |
Liability Derivatives, Fair Value, Gross Liability | 906 | 3,776 | |
Forward Sales Commitments [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount of Fair Value Hedge Instruments | 2,785,260 | 2,950,325 | |
Asset Derivatives, Fair Value, Gross Asset | 58 | 6,886 | |
Liability Derivatives, Fair Value, Gross Liability | 21,810 | 6,799 | |
Forward Purchase Commitment [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount of Fair Value Hedge Instruments | 1,415,200 | 1,525,000 | |
Asset Derivatives, Fair Value, Gross Asset | 2,549 | 12,206 | |
Liability Derivatives, Fair Value, Gross Liability | 866 | 4,640 | |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount of Fair Value Hedge Instruments | 77,166 | 1,173,379 | |
Asset Derivatives, Fair Value, Gross Asset | 641 | 517 | |
Liability Derivatives, Fair Value, Gross Liability | 56 | 2,282 | |
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount of Fair Value Hedge Instruments | 497,779 | 494,570 | |
Asset Derivatives, Fair Value, Gross Asset | 3,041 | 3,661 | |
Liability Derivatives, Fair Value, Gross Liability | 2,880 | 6,250 | |
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 | 119,925 | 119,925 | |
Asset Derivatives, Fair Value, Gross Asset | 5,487 | 4,339 | |
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 | 118,629 | 118,711 | |
Asset Derivatives, Fair Value, Gross Asset | 0 | 0 | |
Liability Derivatives, Fair Value, Gross Liability | 5,417 | 4,286 | |
Indemnification Asset [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount of Fair Value Hedge Instruments | 410,948 | 371,577 | |
Asset Derivatives, Fair Value, Gross Asset | 29,313 | 27,169 | |
Liability Derivatives, Fair Value, Gross Liability | 0 | 0 | |
Derivative [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Amount Offset Against Collateral | 40,036 | 52,605 | |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 16,645 | 13,039 | |
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 | 1,210,000 | 1,210,000 | |
Asset Derivatives, Fair Value, Gross Asset | 3,894 | 3,430 | |
Liability Derivatives, Fair Value, Gross Liability | $ 6,979 | $ 37,337 | |
[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 March 31, 2017 and December 31, 2016 include derivative positions netted totaling $9,842 and $15,934, respectively. |
Derivative Financial Instrume77
Derivative Financial Instruments Activity for Derivatives in Cash Flow Hedges & Freestanding Derivatives (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Interest Rate Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | [1] | $ (15,004) | $ (31,712) |
Forward Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | [2] | 13,924 | 23,728 |
Other Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 10 | $ 3 | |
[1] | (1)Interest rate contracts include interest rate lock commitments, forward and optional forward purchase and sales commitments, interest rate swaps and futures | ||
[2] | 2)Foreign exchange forward contracts act as economic hedges for the foreign currency risk embedded within deposits denominated in foreign currencies. The changes in the fair value of the foreign exchange forward contracts are marked to fair value, while the deposits are 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 Textual
Fair Value Measurements Textual (Details) - Subordinated Debt [Member] $ in Thousands | Mar. 31, 2017USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Long-term Debt, Percentage Bearing Fixed Interest, Amount | $ 175,000 |
Fixed at 6.00% to Floating Rate, Maturity March 2026 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Long-term Debt, Percentage Bearing Fixed Interest, Amount | $ 90,000 |
Fair Value Measurements Assets
Fair Value Measurements Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale securities | $ 447,593 | $ 485,836 | ||
Loans Held-for-sale, Fair Value Disclosure | 1,389,353 | 1,271,893 | ||
Derivative Asset Netting and Cash Collateral Adjustments | [1] | (15,952) | (17,359) | |
Derivative Liability Netting and Cash Collateral Adjustments | [1] | (22,269) | (52,331) | |
US Treasury Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale securities | 31,908 | 31,867 | ||
Asset-backed Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale securities | 1,121 | 1,165 | ||
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] | 0 | 0 | |
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] | 50,761 | 171,428 | |
Fair Value, Measurements, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Asset Netting and Cash Collateral Adjustments | (15,952) | (17,359) | ||
Derivative Liability Netting and Cash Collateral Adjustments | (22,269) | (52,331) | ||
Derivative Asset | 40,036 | 52,605 | ||
Derivative Liability | 16,645 | 13,039 | ||
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 | 414,155 | 452,418 | ||
Fair Value, Measurements, Recurring [Member] | US Treasury Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale securities | 31,908 | 31,867 | ||
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 | 1,121 | 1,165 | ||
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 | 409 | 386 | ||
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 | 447,593 | 485,836 | ||
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 | 938 | 0 | [3] | |
Derivative Liability, Fair Value, Gross Liability | 859 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Residential Collateralized Mortgage Obligations Securities Not Issued by US Government Sponsored Enterprises [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale securities | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Treasury Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale securities | 31,908 | 31,867 | ||
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 | 263 | 231 | ||
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 | 32,171 | 32,098 | ||
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 | 15,194 | 31,526 | ||
Derivative Liability, Fair Value, Gross Liability | 37,149 | 61,594 | ||
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 | 414,155 | 452,418 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Treasury 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 2 [Member] | Asset-backed Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale securities | 1,121 | 1,165 | ||
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 | 146 | 155 | ||
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 | 415,422 | 453,738 | ||
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 | 39,856 | 38,438 | ||
Derivative Liability, Fair Value, Gross Liability | 906 | 3,776 | ||
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] | US Treasury 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] | 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 | ||
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 | ||
Interest Rate Contract [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Asset | 0 | 0 | ||
Residential Mortgage [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Commitment to Lend at Floating Interest Rate | 173,477 | 164,181 | ||
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 | 1,389,353 | 1,271,893 | ||
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 | 448,697 | 622,182 | ||
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 | 940,656 | 649,711 | ||
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 | 1,389,353 | 1,271,893 | ||
Other Assets [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 | 0 | |
Other Assets [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 | 0 | |
Other Assets [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] | 578 | 212 | |
Other Assets [Member] | Residential Mortgage [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Commitment to Lend at Floating Interest Rate | 51,490 | 58,157 | ||
Other Assets [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] | $ 578 | $ 212 | |
[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 March 31, 2017 and December 31, 2016 include derivative positions netted totaling $9,842 and $15,934, respectively. | |||
[2] | (1)The carrying value of loans held for sale excludes $1,389,353 and $1,271,893 in loans measured at fair value on a recurring basis as of March 31, 2017 and December 31, 2016, 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 10 for additional information regarding the interest rate swap futures. | |||
[4] | (1)Other assets represent the net position of extended written loan commitments for which the Company has elected the fair value option of accounting. As of March 31, 2017 and December 31, 2016, the Company had outstanding commitments of $51,490 and $58,157, respectively, related to these extended loan commitments. |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Assets and Liabilities Measured On Recurring Basis Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | ||
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] | $ 940,656 | $ 351,210 | $ 649,711 | $ 683,015 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issues | [1] | 481,311 | 202,199 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | (184,584) | (499,400) | ||
Settlements | [1] | (5,864) | (49,000) | ||
Gain (Loss) Included in Earnings | [1] | 82 | 14,396 | ||
Change in Unrealized Gain (Loss) Included in Other Income | [1] | 1,124 | 6,409 | ||
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 | [1] | 578 | 127 | 212 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | [1] | (336) | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issues | [1] | 572 | 325 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | 0 | 0 | ||
Settlements | [1] | (453) | (245) | ||
Gain (Loss) Included in Earnings | [1] | 247 | 383 | ||
Change in Unrealized Gain (Loss) Included in Other Income | [1] | 524 | 168 | ||
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 | [1] | 38,950 | 18,140 | $ 34,662 | $ 7,394 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | 9,457 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issues | [1] | 18,814 | 25,033 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | [1] | 0 | 0 | ||
Settlements | [1] | (15,869) | (24,453) | ||
Gain (Loss) Included in Earnings | [1] | (8,114) | 10,166 | ||
Change in Unrealized Gain (Loss) Included in Other Income | [1] | $ 4,667 | $ 17,671 | ||
[1] | (1)Net realized and unrealized gains (losses) on loans held for sale, extended written loan commitments and IRLCs are included in gain on sale of loans. |
Fair Value Measurements Fair 81
Fair Value Measurements Fair Value Inputs Assets Quantitative Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Loans Held-for-sale, Fair Value Disclosure | $ 1,389,353 | $ 1,271,893 | |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Loans Held-for-sale, Fair Value Disclosure | [1] | 50,761 | 171,428 |
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 | 940,656 | 649,711 | |
Other Assets [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] | $ 578 | $ 212 |
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 | 5.43% | 5.43% | |
Fair Value Unobservable Input, Loss Severity | [3] | 5.01% | 4.40% |
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 | 21.45% | 7.02% | |
Fair Value Unobservable Input, Loss Severity | [3] | 23.80% | 19.66% |
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 | 8.53% | 6.41% | |
Fair Value Unobservable Input, Loss Severity | [3] | 8.73% | 8.80% |
Discounted Cash Flow [Member] | Indemnification Asset [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Indemnification Asset | $ 28,851 | $ 26,682 | |
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% | 1.00% |
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] | 81.70% | 80.03% |
Discounted Cash Flow [Member] | 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 Derivatives Not Designated as Hedging Instruments at Fair Value, Net | $ 10,099 | $ 7,980 | |
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 | 2.39% | 2.34% | |
Fair Value Unobservable Input, Loss Severity | 1.64% | 1.60% | |
Fair Value Inputs, Prepayment Rate | 4.80% | 4.61% | |
Fair Value Inputs, Probability of Default | 0.00% | 0.00% | |
Fair Value Inputs, Weighted Average Life | 3 years 4 months | 3 years 3 months 4 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 | 3.16% | 3.16% | |
Fair Value Unobservable Input, Loss Severity | 23.55% | 22.83% | |
Fair Value Inputs, Prepayment Rate | 24.51% | 25.06% | |
Fair Value Inputs, Probability of Default | 2.39% | 2.57% | |
Fair Value Inputs, Weighted Average Life | 10 years 7 months 6 days | 10 years 7 months 25 days | |
Fair Value Inputs, Cumulative Loss | 0.38% | 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 | 2.99% | 3.00% | |
Fair Value Unobservable Input, Loss Severity | 9.84% | 9.43% | |
Fair Value Inputs, Prepayment Rate | 8.34% | 7.41% | |
Fair Value Inputs, Probability of Default | 0.29% | 0.32% | |
Fair Value Inputs, Weighted Average Life | 8 years 2 months 21 days | 8 years 8 months 19 days | |
Fair Value Inputs, Cumulative Loss | 0.03% | 0.04% | |
Discounted Cash Flow [Member] | 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 | $ 940,656 | $ 649,711 | |
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% | 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% | 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] | 76.75% | 71.11% |
Discounted Cash Flow [Member] | Other Assets [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 | $ 578 | $ 212 | |
[1] | (1)The carrying value of loans held for sale excludes $1,389,353 and $1,271,893 in loans measured at fair value on a recurring basis as of March 31, 2017 and December 31, 2016, respectively. | ||
[2] | (1)Other assets represent the net position of extended written loan commitments for which the Company has elected the fair value option of accounting. As of March 31, 2017 and December 31, 2016, the Company had outstanding commitments of $51,490 and $58,157, respectively, related to these extended loan commitments. | ||
[3] | (2)The range represents the highest and lowest values for all asset pools that are used in the valuation process. | ||
[4] | (1)The range represents the highest and lowest loan closing rates used in the valuation process. The range includes the closing ratio for rate locks unclosed at the end of the period, as well as the closing ratio for loans which have settled during the period. |
Fair Value Measurements Fair 82
Fair Value Measurements Fair Value Option Quantitative Disclosures (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Loans Held-for-sale, Fair Value Disclosure | $ 1,389,353 | $ 1,271,893 | |
Aggregate Unpaid Principal Balance Under Fair Value Option [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Loans Held-for-sale, Fair Value Disclosure | 1,360,959 | 1,261,650 | |
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 | 28,394 | 10,243 | |
Fair Value, Measurements, Recurring [Member] | Aggregate Fair Value Under Fair Value Option [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Loans Held-for-sale, Fair Value Disclosure | 1,389,353 | 1,271,893 | |
Nonperforming Financial Instruments [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Loans Held-for-sale, Fair Value Disclosure | $ 139 | 140 | |
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 | immaterial | |
Fair Value, Option, Changes in Fair Value, Gain (Loss) | $ 524 | $ 168 | |
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 | immaterial | |
Fair Value, Option, Changes in Fair Value, Gain (Loss) | $ 19,908 | $ 33,319 | |
Loans Held for Sale [Member] | Fair Value, Measurements, Recurring [Member] | Aggregate Fair Value Under Fair Value Option [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Loans Held-for-sale, Fair Value Disclosure | $ 1,389,353 | $ 1,271,893 |
Fair Value Measurements Nonrecu
Fair Value Measurements Nonrecurring (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans Held-for-sale, Fair Value Disclosure | $ 1,389,353 | $ 1,271,893 | |
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] | 0 | 0 |
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] | 50,761 | 171,428 |
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 | [2] | 0 | 0 |
Other Real Estate Owned, Fair Value Disclosure | [2],[3] | 0 | 0 |
Mortgage servicing rights | [4] | 0 | 0 |
Loans Held-for-sale, Fair Value Disclosure | 0 | ||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Collateral dependent loans | [2] | 0 | 0 |
Other Real Estate Owned, Fair Value Disclosure | [2],[3] | 0 | 0 |
Mortgage servicing rights | [4] | 0 | 0 |
Loans Held-for-sale, Fair Value Disclosure | 0 | ||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Collateral dependent loans | [2] | 32,576 | 101,006 |
Other Real Estate Owned, Fair Value Disclosure | [2],[3] | 5,797 | 7,847 |
Mortgage servicing rights | [4] | 280,508 | 260,054 |
Loans Held-for-sale, Fair Value Disclosure | 40,696 | ||
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 | [2] | 32,576 | 101,006 |
Other Real Estate Owned, Fair Value Disclosure | [2],[3] | 5,797 | 7,847 |
Mortgage servicing rights | [4] | 280,508 | 260,054 |
Loans Held-for-sale, Fair Value Disclosure | 40,696 | ||
Loans Individually Evaluated for Impairment [Member] | Changes Measurement [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loss (Gain) due to non-recurring fair value measurements | [2] | 12,192 | 22,153 |
Other Assets [Member] | Changes Measurement [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loss (Gain) due to non-recurring fair value measurements | [2],[3] | 1,058 | 969 |
Mortgage Servicing Rights [Member] | Changes Measurement [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loss (Gain) due to non-recurring fair value measurements | [4] | $ (22,644) | 61,392 |
Loans Held for Sale [Member] | Changes Measurement [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loss (Gain) due to non-recurring fair value measurements | $ 619 | ||
[1] | (1)The carrying value of loans held for sale excludes $1,389,353 and $1,271,893 in loans measured at fair value on a recurring basis as of March 31, 2017 and December 31, 2016, respectively. | ||
[2] | (1)The Company performs its lower of cost or market value analysis when an asset becomes impaired or when a loan is transferred to OREO. Subsequent valuations are performed periodically and usually occur throughout the reporting period. The table above discloses the fair value of the investment at the end of the period using the most recent asset valuation. | ||
[3] | (2)Gains and losses resulting from subsequent measurement of OREO are included in the condensed consolidated statements of income as general and administrative expense. OREO is included in other assets in the condensed consolidated balance sheets. | ||
[4] | (3)The fair value for MSR represents the value of the strata with impairment or recoveries on previous valuation allowances. |
Fair Value Measurements Nonre84
Fair Value Measurements Nonrecurring Quantitative Disclosures (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Loans Held-for-sale, Fair Value Disclosure | $ 1,389,353 | $ 1,271,893 | |
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] | 9.77% | 10.18% |
Fair Value Inputs, Discount Rate | [2] | 9.47% | 9.46% |
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] | 15.05% | 16.14% |
Fair Value Inputs, Discount Rate | [2] | 9.74% | 9.73% |
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] | 11.72% | 13.08% |
Fair Value Inputs, Discount Rate | [2] | 9.63% | 9.62% |
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 | 5.73% | ||
Fair Value Inputs, Discount Rate | 3.95% | ||
Fair Value Inputs, Probability of Default | 3.48% | ||
Fair Value Inputs, Weighted Average Life | 3 years 5 months 9 days | ||
Fair Value Inputs, Cumulative Loss | 0.03% | ||
Fair Value Inputs, Loss Severity | 0.25% | ||
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 | 6.01% | ||
Fair Value Inputs, Discount Rate | 4.21% | ||
Fair Value Inputs, Probability of Default | 4.80% | ||
Fair Value Inputs, Weighted Average Life | 5 years 4 months 7 days | ||
Fair Value Inputs, Cumulative Loss | 0.05% | ||
Fair Value Inputs, Loss Severity | 0.25% | ||
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 | 5.89% | ||
Fair Value Inputs, Discount Rate | 4.17% | ||
Fair Value Inputs, Probability of Default | 3.75% | ||
Fair Value Inputs, Weighted Average Life | 5 years 21 days | ||
Fair Value Inputs, Cumulative Loss | 0.05% | ||
Fair Value Inputs, Loss Severity | 0.25% | ||
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Loans Held-for-sale, Fair Value Disclosure | [3] | $ 50,761 | $ 171,428 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Collateral Dependent Loans, Fair Value Disclosure | [4] | 32,576 | 101,006 |
Servicing Asset at Fair Value, Amount | [5] | 280,508 | 260,054 |
Other Real Estate Owned, Fair Value Disclosure | [4],[6] | 5,797 | 7,847 |
Loans Held-for-sale, Fair Value Disclosure | 40,696 | ||
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 | 32,576 | 101,006 | |
Other Real Estate Owned, Fair Value Disclosure | 5,797 | 7,847 | |
Fair Value, Inputs, Level 3 [Member] | Mortgage Servicing Rights [Member] | Discounted Cash Flow [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Servicing Asset at Fair Value, Amount | $ 280,508 | 260,054 | |
Fair Value, Inputs, Level 3 [Member] | Loans Held for Sale [Member] | Discounted Cash Flow [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Loans Held-for-sale, Fair Value Disclosure | $ 40,696 | ||
[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 impairment or recoveries on previous valuation allowances. | ||
[3] | (1)The carrying value of loans held for sale excludes $1,389,353 and $1,271,893 in loans measured at fair value on a recurring basis as of March 31, 2017 and December 31, 2016, respectively. | ||
[4] | (1)The Company performs its lower of cost or market value analysis when an asset becomes impaired or when a loan is transferred to OREO. Subsequent valuations are performed periodically and usually occur throughout the reporting period. The table above discloses the fair value of the investment at the end of the period using the most recent asset valuation. | ||
[5] | (3)The fair value for MSR represents the value of the strata with impairment or recoveries on previous valuation allowances. | ||
[6] | (2)Gains and losses resulting from subsequent measurement of OREO are included in the condensed consolidated statements of income as general and administrative expense. OREO is included in other assets in the condensed consolidated balance sheets. |
Fair Value Measurements Fair 85
Fair Value Measurements Fair Value by Balance Sheet Grouping (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Held-to-maturity Securities | $ 92,472 | $ 89,457 | |
Held to maturity securities at fair value | 93,403 | 90,038 | |
Loans held for sale | 1,440,114 | 1,443,263 | |
Loans Held-for-sale, Fair Value Disclosure | 1,389,353 | 1,271,893 | |
Other borrowings | 5,756,000 | 5,506,000 | |
Loans Receivable, Allowance | 74,102 | 83,409 | |
Loans and Leases Receivable, Net Amount | 23,305,834 | 23,453,673 | |
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 | 0 | |
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Held to maturity securities at fair value | 93,403 | 90,038 | |
Loans Held-for-sale, Fair Value Disclosure | [1] | 0 | 0 |
Loans Receivable, Fair Value Disclosure | [2] | 0 | 0 |
Time deposits, Fair value disclosure | 7,265,764 | 7,206,514 | |
Other borrowings, Fair Value Disclosure | 5,763,807 | 5,518,081 | |
Trust preferred securities and subordinated notes payable, Fair Value Disclosure | 276,386 | 267,643 | |
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] | 50,761 | 171,428 |
Loans Receivable, Fair Value Disclosure | [2] | 21,004,041 | 21,358,990 |
Time deposits, Fair value disclosure | 0 | 0 | |
Other borrowings, Fair Value Disclosure | 0 | 0 | |
Trust preferred securities and subordinated notes payable, Fair Value Disclosure | 82,817 | 82,421 | |
Estimate of Fair Value Measurement [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Held to maturity securities at fair value | 90,038 | ||
Loans Held-for-sale, Fair Value Disclosure | [1] | 50,761 | 171,428 |
Loans Receivable, Fair Value Disclosure | [2] | 21,004,041 | 21,358,990 |
Time deposits, Fair value disclosure | 7,265,764 | 7,206,514 | |
Other borrowings, Fair Value Disclosure | 5,763,807 | 5,518,081 | |
Trust preferred securities and subordinated notes payable, Fair Value Disclosure | 359,203 | 350,064 | |
Reported Value Measurement [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Held-to-maturity Securities | 92,472 | 89,457 | |
Loans held for sale | [1] | 50,761 | 171,370 |
Loans held for investment | [2] | 21,199,711 | 21,389,229 |
Time deposits | 7,258,613 | 7,193,221 | |
Other borrowings | 5,756,000 | 5,506,000 | |
Trust preferred securities and subordinated notes payable | 360,378 | 360,278 | |
Finance Leases Portfolio Segment [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Loans and Leases Receivable, Net Amount | 2,106,123 | 2,064,444 | |
Aggregate Fair Value Under Fair Value Option [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Loans held for sale | 1,271,893 | ||
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 | 1,389,353 | 1,271,893 | |
Loans Held for Sale [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Loans Held-for-sale, Fair Value Disclosure | 0 | 0 | |
Loans Held for Sale [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Loans Held-for-sale, Fair Value Disclosure | 448,697 | 622,182 | |
Loans Held for Sale [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Loans Held-for-sale, Fair Value Disclosure | 940,656 | 649,711 | |
Loans Held for Sale [Member] | 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 | $ 1,389,353 | $ 1,271,893 | |
[1] | (1)The carrying value of loans held for sale excludes $1,389,353 and $1,271,893 in loans measured at fair value on a recurring basis as of March 31, 2017 and December 31, 2016, respectively. | ||
[2] | (2)The carrying value of loans held for investment is net of the allowance for loan loss of $74,102 and $83,409 as of March 31, 2017 and December 31, 2016, respectively. In addition, the carrying values exclude $2,106,123 and $2,064,444 of lease financing receivables, net of allowance for lease loss, within the equipment financing receivables portfolio as of March 31, 2017 and December 31, 2016, respectively. |
Commitments and Contingencies U
Commitments and Contingencies Unfunded Credit Extension Commitments (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | |
Unfunded Commitments to Extend Credit [Line Items] | |||
Unfunded Commitments to Extend Credit | $ 3,574,253 | $ 3,203,549 | |
Commercial and Commercial Real Estate [Member] | |||
Unfunded Commitments to Extend Credit [Line Items] | |||
Unfunded Commitments to Extend Credit | [1] | 3,022,702 | 2,652,441 |
Home Equity Line of Credit [Member] | |||
Unfunded Commitments to Extend Credit [Line Items] | |||
Unfunded Commitments to Extend Credit | 508,290 | 506,375 | |
Credit Card Receivable [Member] | |||
Unfunded Commitments to Extend Credit [Line Items] | |||
Unfunded Commitments to Extend Credit | 25,905 | 25,810 | |
Standby Letters of Credit [Member] | |||
Unfunded Commitments to Extend Credit [Line Items] | |||
Unfunded Commitments to Extend Credit | 17,356 | 18,923 | |
Commercial Loan [Member] | Cancellable [Member] | |||
Unfunded Commitments to Extend Credit [Line Items] | |||
Unfunded Commitments to Extend Credit | $ 1,712,739 | $ 1,307,517 | |
[1] | (1) Of the outstanding unfunded commercial and commercial real estate commitments, $1,712,739 and $1,307,517 were cancellable by the Company at March 31, 2017 and December 31, 2016, respectively. |
Commitments and Contingencies87
Commitments and Contingencies Unfunded Commitments Pipeline (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Loss Contingencies [Line Items] | ||
Commitments to lend in loans held for investment pipeline | $ 1,215,116 | $ 1,176,069 |
Residential Mortgage [Member] | ||
Loss Contingencies [Line Items] | ||
Commitments to lend in loans held for investment pipeline | 319,012 | 154,093 |
Commercial and Commercial Real Estate [Member] | ||
Loss Contingencies [Line Items] | ||
Commitments to lend in loans held for investment pipeline | 509,205 | 698,559 |
Leasing [Member] | ||
Loss Contingencies [Line Items] | ||
Commitments to lend in loans held for investment pipeline | 323,209 | 287,210 |
Home Equity Line of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Commitments to lend in loans held for investment pipeline | $ 63,690 | $ 36,207 |
Commitments and Contingencies F
Commitments and Contingencies Forward-Dated FHLB Borrowing Agreements (Details) - September 2017 [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($) | |
June 2015 [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% |
February 2017 [Member] | September 2019 [Member] | |
Debt Instrument [Line Items] | |
FHLB Forward-Dated Borrowing Agreement | $ 100,000 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 1.80% |
February 2017 [Member] | October 2019 [Member] | |
Debt Instrument [Line Items] | |
FHLB Forward-Dated Borrowing Agreement | $ 100,000 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 1.79% |
Commitments and Contingencies89
Commitments and Contingencies Unfunded Commitments to Extend Credit Textual (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Other Commitments [Line Items] | ||
Letters of Credit Outstanding, Amount | $ 158,732 | $ 158,732 |
Other Commitment | 35,433 | |
Other Commitment, Due in Next Twelve Months | $ 3,927 | |
Other Commitment Percentage Increase | 3.00% |
Commitments and Contingencies G
Commitments and Contingencies Guarantees - Textual (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
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 | $ 48,374,773 | ||
Obligation to Repurchase Receivables Sold [Member] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency, Estimate of Possible Loss | 3,264 | ||
Loss Contingency Accrual, Provision | 381 | $ 544 | |
Recourse Related To Servicing Receivables [Member] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency, Estimate of Possible Loss | 141 | ||
Mortgage Servicing Rights [Member] | Residential Mortgage [Member] | |||
Loss Contingencies [Line Items] | |||
Unpaid Principal Balance, Loans Originated and Serviced, with MSR Basis | $ 30,382,000 | $ 30,359,000 |
Commitments and Contingencies91
Commitments and Contingencies Federal Reserve Requirement - Textual (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Commitments and Contingencies Disclosure [Abstract] | ||
Cash Reserve Deposit Required and Made | $ 216,557 | $ 79,917 |
Commitments and Contingencies L
Commitments and Contingencies Legal Actions - Textual (Details) - OCC [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Loss Contingencies [Line Items] | |
Litigation Settlement, Amount | $ 1,000 |
Loss Contingency Accrual | $ 1,877 |
Commitments and Contingencies T
Commitments and Contingencies TIAA Merger (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Aug. 07, 2016 |
Other Commitment | $ 35,433 | |
TIAA [Member] | ||
Other Commitment | $ 19,500 |
Variable Interest Entities (Det
Variable Interest Entities (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Variable Interest, Not Primary Beneficiary Commercial Loans Originated to Variable Interest Entities [Member] | ||
Noncontrolling Interest [Line Items] | ||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets | $ 12,465 | $ 12,909 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 12,465 | 12,909 |
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 | 507,894 | 543,195 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | $ 507,894 | $ 543,195 |
Segment Information Textual (De
Segment Information Textual (Details) | 3 Months Ended |
Mar. 31, 2017 | |
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 | ||||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |||
Segment Reporting Information [Line Items] | |||||
Net interest income (expense) | $ 179,345 | $ 173,781 | |||
Income before income taxes | 60,796 | 45,185 | |||
Total Assets | 27,776,579 | $ 27,838,086 | |||
Mortgage Servicing Rights (MSR) Impairment (Recovery) | (22,644) | 22,542 | |||
Consumer Banking Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income (expense) | 108,556 | 97,520 | |||
Total net revenue | 150,424 | [1] | 113,099 | [2] | |
Depreciation and amortization | 1,804 | 2,158 | |||
Income before income taxes | 63,150 | [1] | 21,692 | [2] | |
Total Assets | 17,696,696 | 16,294,379 | |||
Mortgage Servicing Rights (MSR) Impairment (Recovery) | 22,644 | 22,542 | |||
Commercial Banking Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income (expense) | 75,756 | 80,568 | |||
Total net revenue | 84,002 | 94,603 | |||
Depreciation and amortization | 2,022 | 2,602 | |||
Income before income taxes | 35,424 | 56,032 | |||
Total Assets | 10,299,803 | 10,486,284 | |||
Corporate Services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income (expense) | (4,967) | (4,307) | |||
Total net revenue | (4,824) | (4,168) | |||
Depreciation and amortization | 2,035 | 1,898 | |||
Income before income taxes | (37,778) | (32,539) | |||
Total Assets | 283,505 | 298,701 | |||
Segment Reconciling Items [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income (expense) | 0 | 0 | |||
Total net revenue | 0 | 0 | |||
Depreciation and amortization | 0 | 0 | |||
Income before income taxes | 0 | 0 | |||
Total Assets | (503,425) | (437,965) | |||
Consolidated [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income (expense) | 179,345 | 173,781 | |||
Total net revenue | 229,602 | 203,534 | |||
Depreciation and amortization | 5,861 | 6,658 | |||
Income before income taxes | 60,796 | 45,185 | |||
Total Assets | 27,776,579 | 26,641,399 | |||
Intersegment Eliminations [Member] | Consumer Banking Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total net revenue | 17,775 | 14,148 | |||
Intersegment Eliminations [Member] | Commercial Banking Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total net revenue | (17,775) | (14,148) | |||
Intersegment Eliminations [Member] | Corporate Services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total net revenue | 0 | 0 | |||
Intersegment Eliminations [Member] | Segment Reconciling Items [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total net revenue | 0 | 0 | |||
Intersegment Eliminations [Member] | Consolidated [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total net revenue | $ 0 | $ 0 | |||
[1] | (1) Segment earnings in the Consumer Banking segment included a $22,644 charge for MSR recovery for the three months ended March 31, 2017 | ||||
[2] | 2) Segment earnings in the Consumer Banking segment included a $22,542 charge for MSR impairment for the three months ended March 31, 2016 |