Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 29, 2014 | |
Document and Entity Information | ' | ' |
Entity Registrant Name | 'INTERNATIONAL BANCSHARES CORP | ' |
Entity Central Index Key | '0000315709 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 66,967,298 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Consolidated_Statements_of_Con
Consolidated Statements of Condition (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and cash equivalents | $351,287 | $274,785 |
Investment securities: | ' | ' |
Held-to-maturity (Market value of $2,400 on March 31, 2014 and $2,400 on December 31, 2013) | 2,400 | 2,400 |
Available-for-sale (Amortized cost of $5,259,440 on March 31, 2014 and $5,372,594 on December 31, 2013) | 5,222,557 | 5,304,579 |
Total investment securities | 5,224,957 | 5,306,979 |
Loans | 5,286,500 | 5,199,235 |
Less allowance for probable loan losses | -70,408 | -70,161 |
Net loans | 5,216,092 | 5,129,074 |
Bank premises and equipment, net | 510,583 | 504,842 |
Accrued interest receivable | 28,309 | 30,654 |
Other investments | 382,072 | 388,563 |
Identified intangible assets, net | 2,205 | 3,186 |
Goodwill | 282,532 | 282,532 |
Other assets | 146,148 | 158,862 |
Total assets | 12,144,185 | 12,079,477 |
Deposits: | ' | ' |
Demand - non-interest bearing | 2,829,995 | 2,666,510 |
Savings and interest bearing demand | 2,966,062 | 2,925,612 |
Time | 2,640,186 | 2,651,303 |
Total deposits | 8,436,243 | 8,243,425 |
Securities sold under repurchase agreements | 837,170 | 957,381 |
Other borrowed funds | 1,148,403 | 1,223,950 |
Junior subordinated deferrable interest debentures | 180,416 | 190,726 |
Other liabilities | 76,037 | 39,587 |
Total liabilities | 10,678,269 | 10,655,069 |
Shareholders' equity: | ' | ' |
Common shares of $1.00 par value. Authorized 275,000,000 shares; issued 95,751,991 shares on March 31, 2014 and 95,743,592 shares on December 31, 2013 | 95,752 | 95,744 |
Surplus | 164,220 | 163,947 |
Retained earnings | 1,493,904 | 1,467,000 |
Accumulated other comprehensive loss (including $(5,567) and $(5,646) of comprehensive loss related to other-than-temporary impairment for non-credit related issues) | -23,696 | -43,774 |
Total shareholders' equity before treasury stock | 1,730,180 | 1,682,917 |
Less cost of shares in treasury, 28,787,389 shares on March 31, 2014 and 28,537,180 December 31, 2013 | -264,264 | -258,509 |
Total shareholders' equity | 1,465,916 | 1,424,408 |
Total liabilities and shareholders' equity | $12,144,185 | $12,079,477 |
Consolidated_Statements_of_Con1
Consolidated Statements of Condition (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Consolidated Statements of Condition | ' | ' |
Held to maturity, Market value (in dollars) | $2,400 | $2,400 |
Available for sale, Amortized cost (in dollars) | 5,259,440 | 5,372,594 |
Common shares, par value (in dollars per share) | $1 | $1 |
Common shares, Authorized shares | 275,000,000 | 275,000,000 |
Common shares, issued shares | 95,751,991 | 95,743,592 |
Accumulated other comprehensive income, comprehensive loss related to other-than-temporary impairment for non-credit related issues (in dollars) | ($5,567) | ($5,646) |
Treasury, shares | 28,787,389 | 28,537,180 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Interest income: | ' | ' |
Loans, including fees | $67,872 | $63,534 |
Investment securities: | ' | ' |
Taxable | 26,179 | 20,519 |
Tax-exempt | 3,523 | 3,036 |
Other interest income | 63 | 21 |
Total interest income | 97,637 | 87,110 |
Interest expense: | ' | ' |
Savings deposits | 871 | 1,011 |
Time deposits | 3,120 | 4,445 |
Securities sold under repurchase agreements | 6,236 | 7,568 |
Other borrowings | 556 | 290 |
Junior subordinated interest deferrable debentures | 1,090 | 1,164 |
Total interest expense | 11,873 | 14,478 |
Net interest income | 85,764 | 72,632 |
Provision for probable loan losses | 2,078 | 7,419 |
Net interest income after provision for probable loan losses | 83,686 | 65,213 |
Non-interest income: | ' | ' |
Service charges on deposit accounts | 22,062 | 23,830 |
Other service charges, commissions and fees | ' | ' |
Banking | 10,820 | 9,983 |
Non-banking | 1,899 | 1,061 |
Investment securities transactions, net | 8,108 | 9,601 |
Other investments, net | 9,058 | 6,997 |
Other income | 6,239 | 1,780 |
Total non-interest income | 58,186 | 53,252 |
Non-interest expense: | ' | ' |
Employee compensation and benefits | 30,245 | 30,211 |
Occupancy | 7,008 | 7,812 |
Depreciation of bank premises and equipment | 6,092 | 6,625 |
Professional fees | 3,612 | 3,723 |
Deposit insurance assessments | 1,439 | 1,616 |
Net expense, other real estate owned | 929 | 1,789 |
Amortization of identified intangible assets | 981 | 1,137 |
Advertising | 1,830 | 1,846 |
Early termination fee - securities sold under repurchase agreements | 11,000 | 9,885 |
Impairment charges (Total other-than-temporary impairment charges, $32 net of $(122), and $968, net of $658, included in other comprehensive loss) | 90 | 310 |
Other | 14,470 | 15,907 |
Total non-interest expense | 77,696 | 80,861 |
Income before income taxes | 64,176 | 37,604 |
Provision for income taxes | 20,530 | 9,535 |
Net income | $43,646 | $28,069 |
Basic earnings per common share: | ' | ' |
Weighted average number of shares outstanding: (in shares) | 67,130,971 | 67,187,583 |
Net income (in dollars per share) | $0.65 | $0.42 |
Fully diluted earnings per common share: | ' | ' |
Weighted average number of shares outstanding: (in shares) | 67,272,299 | 67,279,981 |
Net income (in dollars per share) | $0.65 | $0.42 |
Consolidated_Statements_of_Inc1
Consolidated Statements of Income (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Consolidated Statements of Income | ' | ' |
Impairment charges, other-than-temporary impairment charges | $32 | $968 |
Impairment charges, other comprehensive (loss) income | ($122) | $658 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Consolidated Statements of Comprehensive Income | ' | ' |
Net income | $43,646 | $28,069 |
Other comprehensive income, net of tax: | ' | ' |
Net unrealized holding gains (losses) on securities available for sale arising during period (tax effects of $13,616 and $(5,143)) | 25,289 | -9,552 |
Reclassification adjustment for gains on securities available for sale included in net income (tax effects of $(2,838) and $(3,360)) | -5,270 | -6,241 |
Reclassification adjustment for impairment charges on available for sale securities included in net income (tax effects of $31 and $108) | 59 | 202 |
Other comprehensive income (loss), net of tax | 20,078 | -15,591 |
Comprehensive income | $63,724 | $12,478 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Consolidated Statements of Comprehensive Income | ' | ' |
Net unrealized holding gains (losses) on securities available for sale arising during period, tax effects | $13,616 | ($5,143) |
Reclassification adjustment for gains on securities available for sale included in net income, tax effects | -2,838 | -3,360 |
Reclassification adjustment for impairment charges on available for sale securities included in net income, tax effects | $31 | $108 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Operating activities: | ' | ' |
Net income | $43,646 | $28,069 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Provision for probable loan losses | 2,078 | 7,419 |
Specific reserve, other real estate owned | 138 | -70 |
Depreciation of bank premises and equipment | 6,092 | 6,625 |
Gain on sale of bank premises and equipment | -2,956 | -21 |
Gain on sale of other real estate owned | -233 | -39 |
Accretion of investment securities discounts | -1,274 | -894 |
Amortization of investment securities premiums | 6,765 | 11,204 |
Investment securities transactions, net | -8,108 | -9,601 |
Impairment charges on available-for-sale investment securities | 90 | 310 |
Amortization of identified intangible assets | 981 | 1,137 |
Stock based compensation expense | 161 | 114 |
Earnings from affiliates and other investments | -3,109 | -4,702 |
Deferred tax benefit | -1,666 | -2,098 |
Decrease in accrued interest receivable | 2,345 | 2,650 |
Net (increase) decrease in other assets | -365 | 8,926 |
Net increase in other liabilities | 16,630 | 4,404 |
Net cash provided by operating activities | 61,215 | 53,433 |
Investing activities: | ' | ' |
Proceeds from sales and calls of available for sale securities | 258,277 | 178,124 |
Purchases of available for sale securities | -310,921 | -217,214 |
Principal collected on mortgage-backed securities | 171,405 | 396,105 |
Net increase in loans | -88,610 | -59,937 |
Purchases of other investments | -681 | -512 |
Distributions from other investments | 10,281 | 9,878 |
Purchases of bank premises and equipment | -14,436 | -6,166 |
Proceeds from sales of other real estate owned | 5,559 | 4,410 |
Proceeds from sale of bank premises and equipment | 3,298 | 21 |
Net cash provided by investing activities | 34,172 | 304,709 |
Financing activities: | ' | ' |
Net increase in non-interest bearing demand deposits | 163,485 | 146,577 |
Net increase in savings and interest bearing demand deposits | 40,450 | 1,413 |
Net decrease in time deposits | -11,117 | -118,660 |
Net decrease in securities sold under repurchase agreements | -120,211 | -74,092 |
Net decrease in other borrowed funds | -75,547 | -361,534 |
Redemption of long-term debt | -10,310 | ' |
Purchases of treasury stock | -5,755 | ' |
Proceeds from stock transactions | 120 | 13 |
Net cash used in financing activities | -18,885 | -406,283 |
Increase (decrease) in cash and cash equivalents | 76,502 | -48,141 |
Cash and cash equivalents at beginning of period | 274,785 | 283,100 |
Cash and cash equivalents at end of period | 351,287 | 234,959 |
Supplemental cash flow information: | ' | ' |
Interest paid | 12,594 | 15,590 |
Income taxes paid | 5,652 | 5,000 |
Non-cash investing and financing activities: | ' | ' |
Dividends declared, not yet paid | 16,741 | 13,439 |
Net transfer from loans to other real estate owned | 486 | 5,788 |
Purchases of available-for-sale securities not yet settled | $3,079 | $37,545 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2014 | |
Basis of Presentation | ' |
Basis of Presentation | ' |
Note 1 - Basis of Presentation | |
The accounting and reporting policies of International Bancshares Corporation (“Corporation”) and Subsidiaries (the Corporation and Subsidiaries collectively referred to herein as the “Company”) conform to accounting principles generally accepted in the United States of America and to general practices within the banking industry. The consolidated financial statements include the accounts of the Corporation and its wholly-owned subsidiaries, International Bank of Commerce, Laredo (“IBC”), Commerce Bank, International Bank of Commerce, Zapata, International Bank of Commerce, Brownsville and the Corporation’s wholly-owned non-bank subsidiaries, IBC Subsidiary Corporation, IBC Life Insurance Company, IBC Trading Company, IBC Capital Corporation and Premier Tierra Holdings, Inc. All significant inter-company balances and transactions have been eliminated in consolidation. The consolidated financial statements are unaudited, but include all adjustments, which, in the opinion of management, are necessary for a fair presentation of the results of the periods presented. All such adjustments were of a normal and recurring nature. It is suggested that these financial statements be read in conjunction with the financial statements and the notes thereto in the Company’s latest Annual Report on Form 10-K. The consolidated statement of condition at December 31, 2013 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. Certain reclassifications have been made to make prior periods comparable. | |
The Company operates as one segment. The operating information used by the Company’s chief executive officer for purposes of assessing performance and making operating decisions about the Company is the consolidated statements presented in this report. The Company has four active operating subsidiaries, namely, the bank subsidiaries, otherwise known as International Bank of Commerce, Laredo, Commerce Bank, International Bank of Commerce, Zapata and International Bank of Commerce, Brownsville. The Company applies the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), FASB ASC 280, “Segment Reporting”, in determining its reportable segments and related disclosures. | |
The Company has evaluated all events or transactions that occurred through the date the Company issued these financial statements. During this period, the Company did not have any material recognizable or non-recognizable subsequent events. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
Note 2 — Fair Value Measurements | |||||||||||||||||
ASC Topic 820, “Fair Value Measurements and Disclosures” (“ASC 820”) defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. ASC 820 applies to all financial instruments that are being measured and reported on a fair value basis. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; it also establishes a fair value hierarchy that prioritizes the inputs used in valuation methodologies into the following three levels: | |||||||||||||||||
· Level 1 Inputs — Unadjusted quoted prices in active markets for identical assets or liabilities. | |||||||||||||||||
· Level 2 Inputs — Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | |||||||||||||||||
· Level 3 Inputs — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or other valuation techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. | |||||||||||||||||
A description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy is set forth below. | |||||||||||||||||
The following table represents assets and liabilities reported on the consolidated balance sheets at their fair value as of March 31, 2014 by level within the fair value measurement hierarchy: | |||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||
Assets/Liabilities | Quoted Prices | Significant Other | Significant | ||||||||||||||
Measured at Fair | in Active | Observable | Unobservable | ||||||||||||||
Value | Markets for | Inputs | Inputs | ||||||||||||||
Identical | |||||||||||||||||
Assets | |||||||||||||||||
March 31, 2014 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Measured on a recurring basis: | |||||||||||||||||
Assets: | |||||||||||||||||
Available for sale securities | |||||||||||||||||
Residential mortgage-backed securities | $ | 4,932,505 | $ | — | $ | 4,905,549 | $ | 26,956 | |||||||||
States and political subdivisions | 261,125 | — | 261,125 | — | |||||||||||||
Other | 28,927 | 28,927 | — | — | |||||||||||||
$ | 5,222,557 | $ | 28,927 | $ | 5,166,674 | $ | 26,956 | ||||||||||
The following table represents assets and liabilities reported on the consolidated balance sheets at their fair value as of December 31, 2013 by level within the fair value measurement hierarchy: | |||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||
Assets/Liabilities | Quoted Prices | Significant Other | Significant | ||||||||||||||
Measured at | in Active | Observable | Unobservable | ||||||||||||||
Fair Value | Markets for | Inputs | Inputs | ||||||||||||||
December 31, | Identical | (Level 2) | (Level 3) | ||||||||||||||
2013 | Assets | ||||||||||||||||
(Level 1) | |||||||||||||||||
Measured on a recurring basis: | |||||||||||||||||
Assets: | |||||||||||||||||
Available for sale securities | |||||||||||||||||
Residential mortgage-backed securities | $ | 5,027,701 | $ | — | $ | 4,999,849 | $ | 27,852 | |||||||||
States and political subdivisions | 248,410 | — | 248,410 | — | |||||||||||||
Other | 28,468 | 28,468 | — | — | |||||||||||||
$ | 5,304,579 | $ | 28,468 | $ | 5,248,259 | $ | 27,852 | ||||||||||
Investment securities available-for-sale are classified within level 2 and level 3 of the valuation hierarchy, with the exception of certain equity investments that are classified within level 1. For investments classified as level 2 in the fair value hierarchy, the Company obtains fair value measurements for investment securities from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond’s terms and conditions, among other things. Investment securities classified as level 3 are non-agency mortgage-backed securities. The non-agency mortgage-backed securities held by the Company are traded in inactive markets and markets that have experienced significant decreases in volume and level of activity, as evidenced by few recent transactions, a significant decline or absence of new issuances, price quotations that are not based on comparable securities transactions and wide bid-ask spreads among other factors. As a result of the inability to use quoted market prices to determine fair value for these securities, the Company determined that fair value, as determined by level 3 inputs in the fair value hierarchy, is more appropriate for financial reporting and more consistent with the expected performance of the investments. For the investments classified within level 3 of the fair value hierarchy, the Company used a discounted cash flow model to determine fair value. Inputs in the model included both historical performance and expected future performance based on information currently available. | |||||||||||||||||
Assumptions used in the discounted cash flow model as of March 31, 2014 and December 31, 2013, were applied separately to those portions of the bond where the underlying residential mortgage loans had been performing under original contract terms for at least the prior 24 months and those where the underlying residential mortgages had not been meeting the original contractual obligation for the same period. Unobservable inputs included in the model are estimates on future principal prepayment rates, and default and loss severity rates. For that portion of the bond where the underlying residential mortgage had been meeting the original contract terms for at least 24 months, the Company used the following estimates in the model: (i) a voluntary prepayment rate of 7%, (ii) a 1% default rate, (iii) a loss severity rate of 25%, and (iv) a discount rate of 13%. The assumptions used in the model for the rest of the bond included the following estimates: (i) a voluntary prepayment rate of 2 %, (ii) a default rate of 4.5%, (iii) a loss severity rate that started at 60% for the first year (2012) then declines by 5% for the following five years (2013, 2014, 2015, 2016 and 2017) and remains at 25% thereafter (2018 and beyond), and (iv) a discount rate of 13%. The estimates used in the model to determine fair value are based on observable historical data of the underlying collateral. The model anticipates that the housing market will gradually improve and that the underlying collateral will eventually all perform in accordance with the original contract terms on the bond. Should the number of loans in the underlying collateral that default and go into foreclosure or the severity of the losses in the underlying collateral significantly change, the results of the model would be impacted. The Company will continue to evaluate the actual historical performance of the underlying collateral and will modify the assumptions used in the model as necessary. | |||||||||||||||||
The following table presents a reconciliation of activity for such mortgage-backed securities on a net basis (Dollars in Thousands): | |||||||||||||||||
Balance at December 31, 2013 | $ | 27,852 | |||||||||||||||
Principal paydowns | (928 | ) | |||||||||||||||
Total unrealized gains included in: | |||||||||||||||||
Other comprehensive loss | 122 | ||||||||||||||||
Impairment realized | (90 | ) | |||||||||||||||
Balance at March 31, 2014 | $ | 26,956 | |||||||||||||||
Certain financial assets and financial liabilities are measured at fair value on a nonrecurring basis. The instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). | |||||||||||||||||
The following table represents financial instruments measured at fair value on a non-recurring basis as of March 31, 2014 by level within the fair value measurement hierarchy: | |||||||||||||||||
Fair Value Measurements at Reporting Date | |||||||||||||||||
Using | |||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||
Assets/Liabilities | Quoted | Significant | Significant | Net Provision | |||||||||||||
Measured at Fair | Prices in | Other | Unobservable | During | |||||||||||||
Value | Active | Observable | Inputs | Three Month | |||||||||||||
March 31, 2014 | Markets for | Inputs | (Level 3) | Period | |||||||||||||
Identical | (Level 2) | ||||||||||||||||
Assets | |||||||||||||||||
(Level 1) | |||||||||||||||||
Measured on a non-recurring basis: | |||||||||||||||||
Assets: | |||||||||||||||||
Impaired loans | $ | 21,419 | $ | — | $ | — | $ | 21,419 | $ | 5,208 | |||||||
Other real estate owned | 5,152 | — | — | 5,152 | 138 | ||||||||||||
The following table represents financial instruments measured at fair value on a non-recurring basis as of December 31, 2013 by level within the fair value measurement hierarchy: | |||||||||||||||||
Fair Value Measurements at Reporting Date | |||||||||||||||||
Using | |||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||
Assets/Liabilities | Quoted | Significant | Significant | Net | |||||||||||||
Measured at Fair | Prices in | Other | Unobservable | Provision | |||||||||||||
Value | Active | Observable | Inputs | During | |||||||||||||
December 31, | Markets for | Inputs | (Level 3) | Twelve Month | |||||||||||||
2013 | Identical | (Level 2) | Period | ||||||||||||||
Assets | |||||||||||||||||
(Level 1) | |||||||||||||||||
Measured on a non-recurring basis: | |||||||||||||||||
Assets: | |||||||||||||||||
Impaired loans | $ | 28,391 | $ | — | $ | — | $ | 28,391 | $ | 13,229 | |||||||
Other real estate owned | 16,329 | — | — | 16,329 | 1,204 | ||||||||||||
The Company’s assets measured at fair value on a non-recurring basis are limited to impaired loans and other real estate owned. Impaired loans are classified within level 3 of the valuation hierarchy. The fair value of impaired loans is derived in accordance with FASB ASC 310, “Receivables”. Impaired loans are primarily comprised of collateral-dependent commercial loans. The fair value of impaired loans is based on the fair value of the collateral, as determined through either an appraisal or evaluation process. The basis for the Company’s appraisal and appraisal review process is based on regulatory guidelines and strives to comply with all regulatory appraisal laws, regulations and the Uniform Standards of Professional Appraisal Practice. Understanding that as the primary sources of loan repayments decline, the secondary repayment source comes into play and correctly evaluating the fair value of that secondary source, the collateral, becomes even more important. As part of the weekly credit quality meetings and the determination of the loan loss provision, obsolete appraisals are identified. Appraisals are considered for each type of impaired collateral dependent loan and new or updated appraisals may be obtained as warranted after evaluation of any material deterioration in the performance of the project or changes in project specifications, the economic conditions for the geographic area where the property is located, a change in the use of the property, differences between the current property conditions and the conditions assumed in prior appraisals or evaluations, or, if it’s an income producing property, changes in the cash flow on the property. All appraisals and evaluations are “as is” (the property’s highest and best use) valuations based on the current conditions of the property/project at that point in time. The determination of the fair value of the collateral is based on the net realizable value, which is the appraised value less any closing costs, when applicable. Impaired loans are remeasured and reported at fair value through a specific valuation allowance allocation of the allowance for probable loan losses based upon the fair value of the underlying collateral. As of March 31, 2014, the Company had $65,436,000 of impaired commercial collateral dependent loans, of which $43,571,000 had an appraisal or evaluation performed within the immediately preceding twelve months. As of December 31, 2013, the Company had $64,585,000 of impaired commercial collateral dependent loans, of which $50,346,000 had an appraisal or evaluation performed within the immediately preceding twelve months. | |||||||||||||||||
Other real estate owned is comprised of real estate acquired by foreclosure and deeds in lieu of foreclosure. Other real estate owned is carried at the lower of the recorded investment in the property or its fair value less estimated costs to sell such property (as determined by independent appraisal) within level 3 of the fair value hierarchy. Prior to foreclosure, the value of the underlying loan is written down to the fair value of the real estate to be acquired by a charge to the allowance for probable loan losses, if necessary. The fair value is reviewed periodically and subsequent write downs are made accordingly through a charge to operations. Other real estate owned is included in other assets on the consolidated financial statements. For the three months ended March 31, 2014 and the twelve months ended December 31, 2013, respectively the Company recorded $37,000 and $402,000 in charges to the allowance for probable loan losses in connection with loans transferred to other real estate owned. For the three months ended March 31, 2014 and twelve months ended December 31, 2013, respectively, the Company recorded $138,000 and $1,204,000 in adjustments to fair value in connection with other real estate owned. | |||||||||||||||||
The fair value estimates, methods, and assumptions for the Company’s financial instruments at March 31, 2014 and December 31, 2013 are outlined below. | |||||||||||||||||
Cash and Due From Banks and Federal Funds Sold | |||||||||||||||||
For these short-term instruments, the carrying amount is a reasonable estimate of fair value. | |||||||||||||||||
Time Deposits with Banks | |||||||||||||||||
The carrying amounts of time deposits with banks approximate fair value. | |||||||||||||||||
Investment Securities Held-to-Maturity | |||||||||||||||||
The carrying amounts of investments held-to-maturity approximate fair value. | |||||||||||||||||
Investment Securities | |||||||||||||||||
For investment securities, which include U.S. Treasury securities, obligations of other U.S. government agencies, obligations of states and political subdivisions and mortgage pass through and related securities, fair values are from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond’s terms and conditions, among other things. See disclosures of fair value of investment securities in Note 6. | |||||||||||||||||
Loans | |||||||||||||||||
Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type such as commercial, real estate and consumer loans as outlined by regulatory reporting guidelines. Each category is segmented into fixed and variable interest rate terms and by performing and non-performing categories. | |||||||||||||||||
For variable rate performing loans, the carrying amount approximates the fair value. For fixed rate performing loans, except residential mortgage loans, the fair value is calculated by discounting scheduled cash flows through the estimated maturity using estimated market discount rates that reflect the credit and interest rate risk inherent in the loan. For performing residential mortgage loans, fair value is estimated by discounting contractual cash flows adjusted for prepayment estimates using discount rates based on secondary market sources or the primary origination market. Fixed rate performing loans are within Level 3 of the fair value hierarchy. At March 31, 2014, and December 31, 2013, the carrying amount of fixed rate performing loans was $1,254,640,000 and $1,243,252,000 respectively, and the estimated fair value was $1,206,449,000 and $1,196,916,000, respectively. | |||||||||||||||||
Accrued Interest | |||||||||||||||||
The carrying amounts of accrued interest approximate fair value. | |||||||||||||||||
Deposits | |||||||||||||||||
The fair value of deposits with no stated maturity, such as non-interest bearing demand deposit accounts, savings accounts and interest bearing demand deposit accounts, was equal to the amount payable on demand as of March 31, 2014 and December 31, 2013. The fair value of time deposits is based on the discounted value of contractual cash flows. The discount rate is based on currently offered rates. Time deposits are within Level 3 of the fair value hierarchy. At March 31, 2014 and December 31, 2013, the carrying amount of time deposits was $2,640,186,000 and $2,651,303,000, respectively, and the estimated fair value was $2,638,519,000 and $2,648,452,000, respectively. | |||||||||||||||||
Securities Sold Under Repurchase Agreements | |||||||||||||||||
Securities sold under repurchase agreements include both short and long-term maturities. Due to the contractual terms of the short-term instruments, the carrying amounts approximated fair value at March 31, 2014 and December 31, 2013. The fair value of the long-term instruments is based on established market spreads using option adjusted spread methodology. Long-term repurchase agreements are within level 3 of the fair value hierarchy. At March 31, 2014 and December 31, 2013, respectively, the carrying amount of long-term repurchase agreements was $610,000,000 and $710,000,000 and the estimated fair value was $674,938,000 and $792,215,500, respectively. | |||||||||||||||||
Junior Subordinated Deferrable Interest Debentures | |||||||||||||||||
The Company currently has floating rate junior subordinated deferrable interest debentures outstanding. Due to the contractual terms of the floating rate junior subordinated deferrable interest debentures, the carrying amounts approximated fair value at March 31, 2014 and December 31, 2013. | |||||||||||||||||
Other Borrowed Funds | |||||||||||||||||
The company currently has short and long-term borrowings issued from the Federal Home Loan Bank (“FHLB”). Due to the contractual terms of the short-term borrowings, the carrying amounts approximated fair value at March 31, 2014 and December 31, 2013. The fair value of the long-term borrowings is based on established market spreads for similar types of borrowings. The long-term borrowings are included in Level 2 of the fair value hierarchy. At March 31, 2014 and December 31, 2013, the carrying amount of the long-term FHLB borrowings was $8,903,000, and $8,951,000, respectively, and the estimated fair value was $8,911,000 and $8,950,000, respectively. | |||||||||||||||||
Commitments to Extend Credit and Letters of Credit | |||||||||||||||||
Commitments to extend credit and fund letters of credit are principally at current interest rates, and, therefore, the carrying amount approximates fair value. | |||||||||||||||||
Limitations | |||||||||||||||||
Fair value estimates are made at a point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Because no market exists for a significant portion of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. | |||||||||||||||||
Fair value estimates are based on existing on-and off-statement of condition financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Other significant assets and liabilities that are not considered financial assets or liabilities include the bank premises and equipment and core deposit value. In addition, the tax ramifications related to the effect of fair value estimates have not been considered in the above estimates. |
Loans
Loans | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Loans | ' | |||||||
Loans | ' | |||||||
Note 3— Loans | ||||||||
A summary of loans, by loan type at March 31, 2014 and December 31, 2013 is as follows: | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
(Dollars in Thousands) | ||||||||
Commercial, financial and agricultural | $ | 2,924,592 | $ | 2,894,779 | ||||
Real estate — mortgage | 840,165 | 847,692 | ||||||
Real estate — construction | 1,279,003 | 1,208,508 | ||||||
Consumer | 63,430 | 66,414 | ||||||
Foreign | 179,310 | 181,842 | ||||||
Total loans | $ | 5,286,500 | $ | 5,199,235 |
Allowance_for_Probable_Loan_Lo
Allowance for Probable Loan Losses | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||
Allowance for Probable Loan Losses | ' | ||||||||||||||||||||||||||||
Allowance for Probable Loan Losses | ' | ||||||||||||||||||||||||||||
Note 4 - Allowance for Probable Loan Losses | |||||||||||||||||||||||||||||
The allowance for probable loan losses primarily consists of the aggregate loan loss allowances of the bank subsidiaries. The allowances are established through charges to operations in the form of provisions for probable loan losses. Loan losses or recoveries are charged or credited directly to the allowances. The allowance for probable loan losses of each bank subsidiary is maintained at a level considered appropriate by management, based on estimated probable losses in the loan portfolio. The allowance for probable loan losses is derived from the following elements: (i) allowances established on specific impaired loans, which are based on a review of the individual characteristics of each loan, including the customer’s ability to repay the loan, the underlying collateral values, and the industry in which the customer operates, (ii) allowances based on actual historical loss experience for similar types of loans in the Company’s loan portfolio, and (iii) allowances based on general economic conditions, changes in the mix of loans, company resources, border risk and credit quality indicators, among other things. All segments of the loan portfolio continue to be impacted by the prolonged economic downturn. Loans secured by real estate could be impacted negatively by the continued economic environment and resulting decrease in collateral values. Consumer loans may be impacted by continued and prolonged unemployment rates. | |||||||||||||||||||||||||||||
The Company’s management continually reviews the allowance for loan losses of the bank subsidiaries using the amounts determined from the allowances established on specific impaired loans, the allowance established on quantitative historical loss percentages, and the allowance based on qualitative data to establish an appropriate amount to maintain in the Company’s allowance for loan losses. Should any of the factors considered by management in evaluating the adequacy of the allowance for probable loan losses change, the Company’s estimate of probable loan losses could also change, which could affect the level of future provisions for probable loan losses. While the calculation of the allowance for probable loan losses utilizes management’s best judgment and all information available, the adequacy of the allowance is dependent on a variety of factors beyond the Company’s control, including, among other things, the performance of the entire loan portfolio, the economy, changes in interest rates and the view of regulatory authorities towards loan classifications. | |||||||||||||||||||||||||||||
The loan loss provision is determined using the following methods. On a weekly basis, loan past due reports are reviewed by the credit quality committee to determine if a loan has any potential problems and if a loan should be placed on the Company’s internal classified report. Additionally, the Company’s credit department reviews the majority of the Company’s loans for proper internal classification purposes regardless of whether they are past due and segregates any loans with potential problems for further review. The credit department will discuss the potential problem loans with the servicing loan officers to determine any relevant issues that were not discovered in the evaluation. Also, an analysis of loans that is provided through examinations by regulatory authorities is considered in the review process. After the above analysis is completed, the Company will determine if a loan should be placed on an internal classified report because of issues related to the analysis of the credit, credit documents, collateral and/or payment history. | |||||||||||||||||||||||||||||
A summary of the transactions in the allowance for probable loan losses by loan class is as follows: | |||||||||||||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||||||||||
Domestic | Foreign | ||||||||||||||||||||||||||||
Commercial | Commercial | Commercial | Commercial | Residential: | Residential: | Consumer | Foreign | Total | |||||||||||||||||||||
real estate: | real estate: | real estate: | first lien | junior lien | |||||||||||||||||||||||||
other | farmland & | multifamily | |||||||||||||||||||||||||||
construction & | commercial | ||||||||||||||||||||||||||||
land | |||||||||||||||||||||||||||||
development | |||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 22,433 | $ | 12,541 | $ | 24,467 | $ | 776 | $ | 3,812 | $ | 4,249 | $ | 750 | $ | 1,133 | $ | 70,161 | |||||||||||
Losses charge to allowance | (2,481 | ) | — | — | — | (27 | ) | (146 | ) | (187 | ) | (3 | ) | (2,844 | ) | ||||||||||||||
Recoveries credited to allowance | 796 | 31 | 23 | — | 4 | 33 | 80 | 46 | 1,013 | ||||||||||||||||||||
Net losses charged to allowance | (1,685 | ) | 31 | 23 | — | (23 | ) | (113 | ) | (107 | ) | 43 | (1,831 | ) | |||||||||||||||
Provision charged to operations | 7,175 | 903 | (5,556 | ) | 43 | (265 | ) | (168 | ) | 105 | (159 | ) | 2,078 | ||||||||||||||||
Balance at March 31, 2014 | $ | 27,923 | $ | 13,475 | $ | 18,934 | $ | 819 | $ | 3,524 | $ | 3,968 | $ | 748 | $ | 1,017 | $ | 70,408 | |||||||||||
Three Months Ended March 31, 2013 | |||||||||||||||||||||||||||||
Domestic | Foreign | ||||||||||||||||||||||||||||
Commercial | Commercial | Commercial | Commercial | Residential: | Residential: | Consumer | Foreign | Total | |||||||||||||||||||||
real estate: | real estate: | real estate: | first lien | junior lien | |||||||||||||||||||||||||
other | farmland & | multifamily | |||||||||||||||||||||||||||
construction & | commercial | ||||||||||||||||||||||||||||
land | |||||||||||||||||||||||||||||
development | |||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 11,632 | $ | 12,720 | $ | 21,880 | $ | 694 | $ | 4,390 | $ | 4,448 | $ | 1,289 | $ | 1,140 | $ | 58,193 | |||||||||||
Losses charge to allowance | (2,663 | ) | (128 | ) | (60 | ) | — | (172 | ) | (255 | ) | (211 | ) | (20 | ) | (3,509 | ) | ||||||||||||
Recoveries credited to allowance | 694 | 13 | 13 | — | 5 | 94 | 46 | — | 865 | ||||||||||||||||||||
Net losses charged to allowance | (1,969 | ) | (115 | ) | (47 | ) | — | (167 | ) | (161 | ) | (165 | ) | (20 | ) | (2,644 | ) | ||||||||||||
Provision charged to operations | 11,263 | (1,552 | ) | (1,182 | ) | (85 | ) | (355 | ) | (276 | ) | (304 | ) | (90 | ) | 7,419 | |||||||||||||
Balance at March 31, 2013 | $ | 20,926 | $ | 11,053 | $ | 20,651 | $ | 609 | $ | 3,868 | $ | 4,011 | $ | 820 | $ | 1,030 | $ | 62,968 | |||||||||||
The allowance for probable loan losses is a reserve established through a provision for probable loan losses charged to expense, which represents management’s best estimate of probable loan losses when evaluating loans (i) individually or (ii) collectively. | |||||||||||||||||||||||||||||
The table below provides additional information on the balance of loans individually or collectively evaluated for impairment and their related allowance, by loan class as of March 31, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||||||
Loans individually evaluated | Loans collectively evaluated | ||||||||||||||||||||||||||||
for impairment | for impairment | ||||||||||||||||||||||||||||
Recorded | Allowance | Recorded | Allowance | ||||||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||
Domestic | |||||||||||||||||||||||||||||
Commercial | $ | 35,539 | $ | 17,424 | $ | 1,059,024 | $ | 10,499 | |||||||||||||||||||||
Commercial real estate: other construction & land development | 13,558 | 852 | 1,265,445 | 12,623 | |||||||||||||||||||||||||
Commercial real estate: farmland & commercial | 15,607 | 2,666 | 1,706,316 | 16,268 | |||||||||||||||||||||||||
Commercial real estate: multifamily | 280 | — | 107,826 | 819 | |||||||||||||||||||||||||
Residential: first lien | 6,273 | — | 414,736 | 3,524 | |||||||||||||||||||||||||
Residential: junior lien | 3,123 | — | 416,033 | 3,968 | |||||||||||||||||||||||||
Consumer | 1,453 | — | 61,977 | 748 | |||||||||||||||||||||||||
Foreign | 430 | — | 178,880 | 1,017 | |||||||||||||||||||||||||
Total | $ | 76,263 | $ | 20,942 | $ | 5,210,237 | $ | 49,466 | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
Loans individually evaluated | Loans collectively evaluated | ||||||||||||||||||||||||||||
for impairment | for impairment | ||||||||||||||||||||||||||||
Recorded | Allowance | Recorded | Allowance | ||||||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||
Domestic | |||||||||||||||||||||||||||||
Commercial | $ | 34,183 | $ | 12,234 | $ | 1,008,459 | $ | 10,199 | |||||||||||||||||||||
Commercial real estate: other construction & land development | 13,976 | 852 | 1,194,532 | 11,689 | |||||||||||||||||||||||||
Commercial real estate: farmland & commercial | 16,038 | 2,916 | 1,734,001 | 21,551 | |||||||||||||||||||||||||
Commercial real estate: multifamily | 295 | — | 101,803 | 776 | |||||||||||||||||||||||||
Residential: first lien | 6,153 | — | 432,309 | 3,812 | |||||||||||||||||||||||||
Residential: junior lien | 3,206 | — | 406,024 | 4,249 | |||||||||||||||||||||||||
Consumer | 1,606 | — | 64,808 | 750 | |||||||||||||||||||||||||
Foreign | 436 | — | 181,406 | 1,133 | |||||||||||||||||||||||||
Total | $ | 75,893 | $ | 16,002 | $ | 5,123,342 | $ | 54,159 | |||||||||||||||||||||
The table below provides additional information on loans accounted for on a non-accrual basis by loan class at March 31, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||
Domestic | |||||||||||||||||||||||||||||
Commercial | $ | 35,476 | $ | 34,110 | |||||||||||||||||||||||||
Commercial real estate: other construction & land development | 11,307 | 11,726 | |||||||||||||||||||||||||||
Commercial real estate: farmland & commercial | 13,344 | 13,775 | |||||||||||||||||||||||||||
Commercial real estate: multifamily | 280 | 295 | |||||||||||||||||||||||||||
Residential: first lien | 1,259 | 1,266 | |||||||||||||||||||||||||||
Residential: junior lien | 1,555 | 1,576 | |||||||||||||||||||||||||||
Consumer | 45 | 75 | |||||||||||||||||||||||||||
Total non-accrual loans | $ | 63,266 | $ | 62,823 | |||||||||||||||||||||||||
Impaired loans are those loans where it is probable that all amounts due according to contractual terms of the loan agreement will not be collected. The Company has identified these loans through its normal loan review procedures. Impaired loans are measured based on (1) the present value of expected future cash flows discounted at the loan’s effective interest rate; (2) the loan’s observable market price; or (3) the fair value of the collateral if the loan is collateral dependent. Substantially all of the Company’s impaired loans are measured at the fair value of the collateral. In limited cases the Company may use other methods to determine the level of impairment of a loan if such loan is not collateral dependent. | |||||||||||||||||||||||||||||
The following tables detail key information regarding the Company’s impaired loans by loan class at March 31, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | |||||||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Recognized | |||||||||||||||||||||||||
Balance | Investment | ||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||
Loans with Related Allowance | |||||||||||||||||||||||||||||
Domestic | |||||||||||||||||||||||||||||
Commercial | $ | 17,684 | $ | 17,674 | $ | 17,424 | $ | 17,287 | $ | — | |||||||||||||||||||
Commercial real estate: other construction & land development | 6,898 | 6,906 | 852 | 6,898 | — | ||||||||||||||||||||||||
Commercial real estate: farmland & commercial | 6,615 | 6,963 | 2,666 | 6,624 | 23 | ||||||||||||||||||||||||
Total impaired loans with related allowance | $ | 31,197 | $ | 31,553 | $ | 20,942 | $ | 30,809 | $ | 23 | |||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||||||
Recorded | Unpaid Principal | Average | Interest | ||||||||||||||||||||||||||
Investment | Balance | Recorded | Recognized | ||||||||||||||||||||||||||
Investment | |||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||
Loans with No Related Allowance | |||||||||||||||||||||||||||||
Domestic | |||||||||||||||||||||||||||||
Commercial | $ | 17,855 | $ | 17,876 | $ | 17,060 | $ | 1 | |||||||||||||||||||||
Commercial real estate: other construction & land development | 6,660 | 6,704 | 6,801 | 18 | |||||||||||||||||||||||||
Commercial real estate: farmland & commercial | 8,992 | 10,310 | 8,656 | — | |||||||||||||||||||||||||
Commercial real estate: multifamily | 280 | 280 | 285 | — | |||||||||||||||||||||||||
Residential: first lien | 6,273 | 6,337 | 6,287 | 63 | |||||||||||||||||||||||||
Residential: junior lien | 3,123 | 3,142 | 3,133 | 24 | |||||||||||||||||||||||||
Consumer | 1,453 | 1,460 | 1,444 | 1 | |||||||||||||||||||||||||
Foreign | 430 | 430 | 432 | 5 | |||||||||||||||||||||||||
Total impaired loans with no related allowance | $ | 45,066 | $ | 46,539 | $ | 44,098 | $ | 112 | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | |||||||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Recognized | |||||||||||||||||||||||||
Balance | Investment | ||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||
Loans with Related Allowance | |||||||||||||||||||||||||||||
Domestic | |||||||||||||||||||||||||||||
Commercial | $ | 17,178 | $ | 17,177 | $ | 12,234 | $ | 18,019 | $ | 38 | |||||||||||||||||||
Commercial real estate: other construction & land development | 6,818 | 6,825 | 852 | 6,058 | — | ||||||||||||||||||||||||
Commercial real estate: farmland & commercial | 7,259 | 10,697 | 2,916 | 7,167 | 92 | ||||||||||||||||||||||||
Total impaired loans with related allowance | $ | 31,255 | $ | 34,699 | $ | 16,002 | $ | 31,244 | $ | 130 | |||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
Recorded | Unpaid Principal | Average | Interest | ||||||||||||||||||||||||||
Investment | Balance | Recorded | Recognized | ||||||||||||||||||||||||||
Investment | |||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||
Loans with No Related Allowance | |||||||||||||||||||||||||||||
Domestic | |||||||||||||||||||||||||||||
Commercial | $ | 17,005 | $ | 17,023 | $ | 16,778 | $ | 2 | |||||||||||||||||||||
Commercial real estate: other construction & land development | 7,158 | 7,187 | 18,164 | 74 | |||||||||||||||||||||||||
Commercial real estate: farmland & commercial | 8,779 | 9,949 | 7,313 | — | |||||||||||||||||||||||||
Commercial real estate: multifamily | 295 | 295 | 322 | — | |||||||||||||||||||||||||
Residential: first lien | 6,153 | 6,258 | 4,860 | 179 | |||||||||||||||||||||||||
Residential: junior lien | 3,206 | 3,226 | 2,347 | 99 | |||||||||||||||||||||||||
Consumer | 1,606 | 1,612 | 1,380 | 1 | |||||||||||||||||||||||||
Foreign | 436 | 436 | 452 | 19 | |||||||||||||||||||||||||
Total impaired loans with no related allowance | $ | 44,638 | $ | 45,986 | $ | 51,616 | $ | 374 | |||||||||||||||||||||
A portion of the impaired loans have adequate collateral and credit enhancements not requiring a related allowance for loan loss. The level of impaired loans is reflective of the economic weakness that has been created by the financial crisis and the subsequent economic downturn. Management is confident the Company’s loss exposure regarding these credits will be significantly reduced due to the Company’s long-standing practices that emphasize secured lending with strong collateral positions and guarantor support. Management is likewise confident the reserve for probable loan losses is adequate. The Company has no direct exposure to sub-prime loans in its loan portfolio, but the sub-prime crisis has affected the credit markets on a national level, and as a result, the Company has experienced an increasing amount of impaired loans; however, management’s decision to place loans in this category does not necessarily mean that the Company will experience significant losses from these loans or significant increases in impaired loans from these levels. | |||||||||||||||||||||||||||||
Management of the Company recognizes the risks associated with these impaired loans. However, management’s decision to place loans in this category does not necessarily mean that losses will occur. In the current environment, troubled loan management can be protracted because of the legal and process problems that delay the collection of an otherwise collectable loan. Additionally, management believes that the collateral related to these impaired loans and/or the secondary support from guarantors mitigates the potential for losses from impaired loans. It is also important to note that even though the economic conditions in Texas and Oklahoma are weakened, we believe these markets are continuing to improve and continue to be in a position to recover better than many other areas of the country. Loans accounted for as “troubled debt restructuring,” which are included in impaired loans, were not significant and totaled $19,148,000 and $20,358,000 as of March 31, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||||||||||
The bank subsidiaries charge off that portion of any loan which management considers to represent a loss as well as that portion of any other loan which is classified as a “loss” by bank examiners. Commercial and industrial or real estate loans are generally considered by management to represent a loss, in whole or part, when an exposure beyond any collateral coverage is apparent and when no further collection of the loss portion is anticipated based on the borrower’s financial condition and general economic conditions in the borrower’s industry. Generally, unsecured consumer loans are charged-off when 90 days past due. | |||||||||||||||||||||||||||||
While management of the Company considers that it is generally able to identify borrowers with financial problems reasonably early and to monitor credit extended to such borrowers carefully, there is no precise method of predicting loan losses. The determination that a loan is likely to be uncollectible and that it should be wholly or partially charged-off as a loss is an exercise of judgment. Similarly, the determination of the adequacy of the allowance for probable loan losses can be made only on a subjective basis. It is the judgment of the Company’s management that the allowance for probable loan losses at March 31, 2014 was adequate to absorb probable losses from loans in the portfolio at that date. | |||||||||||||||||||||||||||||
The following table presents information regarding the aging of past due loans by loan class at March 31, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||||||
30 – 59 | 60 – 89 | 90 | 90 Days | Total | Current | Total | |||||||||||||||||||||||
Days | Days | Days or | or | Past | Portfolio | ||||||||||||||||||||||||
Greater | greater | due | |||||||||||||||||||||||||||
& still | |||||||||||||||||||||||||||||
accruing | |||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||
Domestic | |||||||||||||||||||||||||||||
Commercial | $ | 4,622 | $ | 1,477 | $ | 35,819 | $ | 2,225 | $ | 41,918 | $ | 1,052,645 | $ | 1,094,563 | |||||||||||||||
Commercial real estate: other construction & land development | 642 | 309 | 10,537 | 68 | 11,488 | 1,267,515 | 1,279,003 | ||||||||||||||||||||||
Commercial real estate: farmland & commercial | 4,988 | 2,861 | 7,327 | 1,099 | 15,176 | 1,706,747 | 1,721,923 | ||||||||||||||||||||||
Commercial real estate: multifamily | 343 | 217 | 280 | — | 840 | 107,266 | 108,106 | ||||||||||||||||||||||
Residential: first lien | 5,211 | 1,005 | 2,613 | 1,588 | 8,829 | 412,180 | 421,009 | ||||||||||||||||||||||
Residential: junior lien | 855 | 96 | 1,708 | 183 | 2,659 | 416,497 | 419,156 | ||||||||||||||||||||||
Consumer | 1,119 | 489 | 884 | 842 | 2,492 | 60,938 | 63,430 | ||||||||||||||||||||||
Foreign | 2,016 | 10 | 329 | 329 | 2,355 | 176,955 | 179,310 | ||||||||||||||||||||||
Total past due loans | $ | 19,796 | $ | 6,464 | $ | 59,497 | $ | 6,334 | $ | 85,757 | $ | 5,200,743 | $ | 5,286,500 | |||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
30 – 59 | 60 – 89 | 90 Days or | 90 Days | Total | Current | Total | |||||||||||||||||||||||
Days | Days | Greater | or | Past | Portfolio | ||||||||||||||||||||||||
greater | due | ||||||||||||||||||||||||||||
& still | |||||||||||||||||||||||||||||
accruing | |||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||
Domestic | |||||||||||||||||||||||||||||
Commercial | $ | 4,240 | $ | 538 | $ | 36,066 | $ | 2,051 | $ | 40,844 | $ | 1,001,798 | $ | 1,042,642 | |||||||||||||||
Commercial real estate: other construction & land development | 1,042 | — | 9,942 | 62 | 10,984 | 1,197,524 | 1,208,508 | ||||||||||||||||||||||
Commercial real estate: farmland & commercial | 6,216 | 520 | 6,990 | 417 | 13,726 | 1,736,313 | 1,750,039 | ||||||||||||||||||||||
Commercial real estate: multifamily | 39 | 142 | 295 | — | 476 | 101,622 | 102,098 | ||||||||||||||||||||||
Residential: first lien | 4,758 | 3,046 | 4,541 | 3,518 | 12,345 | 426,117 | 438,462 | ||||||||||||||||||||||
Residential: junior lien | 606 | 198 | 1,900 | 368 | 2,704 | 406,526 | 409,230 | ||||||||||||||||||||||
Consumer | 1,523 | 469 | 803 | 781 | 2,795 | 63,619 | 66,414 | ||||||||||||||||||||||
Foreign | 1,467 | 417 | — | — | 1,884 | 179,958 | 181,842 | ||||||||||||||||||||||
Total past due loans | $ | 19,891 | $ | 5,330 | $ | 60,537 | $ | 7,197 | $ | 85,758 | $ | 5,113,477 | $ | 5,199,235 | |||||||||||||||
The Company’s internal classified report is segregated into the following categories: (i) “Special Review Credits,” (ii) “Watch List - Pass Credits,” or (iii) “Watch List - Substandard Credits.” The loans placed in the “Special Review Credits” category reflect the Company’s opinion that the loans reflect potential weakness which require monitoring on a more frequent basis. The “Special Review Credits” are reviewed and discussed on a regular basis with the credit department and the lending staff to determine if a change in category is warranted. The loans placed in the “Watch List - Pass Credits” category reflect the Company’s opinion that the credit contains weaknesses which represent a greater degree of risk, which warrant “extra attention.” The “Watch List — Pass Credits” are reviewed and discussed on a regular basis with the credit department and the lending staff to determine if a change in category is warranted. The loans placed in the “Watch List — Substandard Credits” classification are considered to be potentially inadequately protected by the current sound worth and debt service capacity of the borrower or of any pledged collateral. These credit obligations, even if apparently protected by collateral value, have shown defined weaknesses related to adverse financial, managerial, economic, market or political conditions which may jeopardize repayment of principal and interest. Furthermore, there is the possibility that some future loss could be sustained by the Company if such weaknesses are not corrected. For loans that are classified as impaired, management evaluates these credits ASC 310-10, “Receivables,” and, if deemed necessary, a specific reserve is allocated to the credit. The specific reserve allocated under ASC 310-10, is based on (i) the present value of expected future cash flows discounted at the loan’s effective interest rate; (ii) the loan’s observable market price; or (iii) the fair value of the collateral if the loan is collateral dependent. Substantially all of the Company’s loans evaluated as impaired under ASC 310-10 are measured using the fair value of collateral method. In limited cases, the Company may use other methods to determine the specific reserve of a loan under ASC 310-10 if such loan is not collateral dependent. | |||||||||||||||||||||||||||||
The allowance based on historical loss experience on the Company’s remaining loan portfolio, which includes the “Special Review Credits,” “Watch List - Pass Credits,” and “Watch List - Substandard Credits” is determined by segregating the remaining loan portfolio into certain categories such as commercial loans, installment loans, international loans, loan concentrations and overdrafts. Installment loans are then further segregated by number of days past due. A historical loss percentage, adjusted for (i) management’s evaluation of changes in lending policies and procedures, (ii) current economic conditions in the market area served by the Company, (iii) other risk factors, (iv) the effectiveness of the internal loan review function, (v) changes in loan portfolios, and (vi) the composition and concentration of credit volume is applied to each category. Each category is then added together to determine the allowance allocated under ASC 450-20. | |||||||||||||||||||||||||||||
A summary of the loan portfolio by credit quality indicator by loan class at March 31, 2014 and December 31, 2013 is as follows: | |||||||||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||||||
Pass | Special | Watch List | Watch List - | Watch List - | |||||||||||||||||||||||||
Review | - Pass | Substandard | Impaired | ||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||
Domestic | |||||||||||||||||||||||||||||
Commercial | $ | 1,001,514 | $ | 7,213 | $ | 4,887 | $ | 45,410 | $ | 35,539 | |||||||||||||||||||
Commercial real estate: other construction & land development | 1,242,189 | 6,296 | 8,577 | 8,383 | 13,558 | ||||||||||||||||||||||||
Commercial real estate: farmland & commercial | 1,608,212 | 61,709 | 22,371 | 14,024 | 15,607 | ||||||||||||||||||||||||
Commercial real estate: multifamily | 106,984 | — | — | 842 | 280 | ||||||||||||||||||||||||
Residential: first lien | 414,523 | 118 | — | 95 | 6,273 | ||||||||||||||||||||||||
Residential: junior lien | 415,575 | — | — | 458 | 3,123 | ||||||||||||||||||||||||
Consumer | 61,977 | — | — | — | 1,453 | ||||||||||||||||||||||||
Foreign | 178,542 | — | — | 338 | 430 | ||||||||||||||||||||||||
Total | $ | 5,029,516 | $ | 75,336 | $ | 35,835 | $ | 69,550 | $ | 76,263 | |||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
Pass | Special | Watch List | Watch List - | Watch List - | |||||||||||||||||||||||||
Review | - Pass | Substandard | Impaired | ||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||
Domestic | |||||||||||||||||||||||||||||
Commercial | $ | 955,522 | $ | 2,270 | $ | 4,389 | $ | 46,278 | $ | 34,183 | |||||||||||||||||||
Commercial real estate: other construction & land development | 1,167,295 | 14,247 | 9,318 | 3,672 | 13,976 | ||||||||||||||||||||||||
Commercial real estate: farmland & commercial | 1,635,179 | 56,438 | 21,912 | 20,472 | 16,038 | ||||||||||||||||||||||||
Commercial real estate: multifamily | 100,948 | — | — | 855 | 295 | ||||||||||||||||||||||||
Residential: first lien | 432,067 | 122 | — | 120 | 6,153 | ||||||||||||||||||||||||
Residential: junior lien | 405,731 | — | — | 293 | 3,206 | ||||||||||||||||||||||||
Consumer | 64,808 | — | — | — | 1,606 | ||||||||||||||||||||||||
Foreign | 180,837 | — | — | 569 | 436 | ||||||||||||||||||||||||
Total | $ | 4,942,387 | $ | 73,077 | $ | 35,619 | $ | 72,259 | $ | 75,893 |
Stock_Options
Stock Options | 3 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Stock Options | ' | ||||||||||
Stock Options | ' | ||||||||||
Note 5 — Stock Options | |||||||||||
On April 5, 2012, the Board of Directors adopted the 2012 International Bancshares Corporation Stock Option Plan (the “2012 Plan”). There are 800,000 shares available for stock option grants under the 2012 Plan. Under the 2012 Plan, both qualified incentive stock options (“ISOs”) and non-qualified stock options (“NQSOs”) may be granted. Options granted may be exercisable for a period of up to 10 years from the date of grant, excluding ISOs granted to 10% shareholders, which may be exercisable for a period of up to only five years. As of March 31, 2014, 199,250 shares were available for future grants under the 2012 Plan. | |||||||||||
A summary of option activity under the stock option plan for the three months ended March 31, 2014 is as follows: | |||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||
options | average | average | intrinsic | ||||||||
exercise price | remaining | value ($) | |||||||||
contractual term | |||||||||||
(years) | |||||||||||
(Dollars in Thousands) | |||||||||||
Options outstanding at December 31, 2013 | 515,143 | $ | 15.98 | ||||||||
Plus: Options granted | 549,750 | 21.42 | |||||||||
Less: | |||||||||||
Options exercised | 8,399 | 14.23 | |||||||||
Options expired | — | — | |||||||||
Options forfeited | 500 | 10.4 | |||||||||
Options outstanding at March 31, 2014 | 1,055,994 | 18.83 | 6 | 6,711 | |||||||
Options fully vested and exercisable at March 31, 2014 | 222,942 | 18.43 | 2.42 | 1,593 | |||||||
Stock-based compensation expense included in the consolidated statements of income for the three months ended March 31, 2014 and March 31, 2013 was approximately $161,000 and $114,000, respectively. As of March 31, 2014, there was approximately $4,831,000 of total unrecognized stock-based compensation cost related to non-vested options granted under the Company plans that will be recognized over a weighted average period of 2.6 years. |
Investment_Securities
Investment Securities | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Investment Securities | ' | |||||||||||||||||||
Investment Securities | ' | |||||||||||||||||||
Note 6 - Investment Securities | ||||||||||||||||||||
The Company classifies debt and equity securities into one of three categories: held-to maturity, available-for-sale, or trading. Such securities are reassessed for appropriate classification at each reporting date. Securities classified as “held-to-maturity” are carried at amortized cost for financial statement reporting, while securities classified as “available-for-sale” and “trading” are carried at their fair value. Unrealized holding gains and losses are included in net income for those securities classified as “trading”, while unrealized holding gains and losses related to those securities classified as “available-for-sale” are excluded from net income and reported net of tax as other comprehensive income (loss) and accumulated other comprehensive income (loss) until realized, or in the case of losses, when deemed other than temporary. | ||||||||||||||||||||
The amortized cost and estimated fair value by type of investment security at March 31, 2014 are as follows: | ||||||||||||||||||||
Held to Maturity | ||||||||||||||||||||
Amortized | Gross | Gross | Estimated | Carrying | ||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | Value | ||||||||||||||||
Gains | Losses | |||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||
Other securities | $ | 2,400 | $ | — | $ | — | $ | 2,400 | $ | 2,400 | ||||||||||
Total investment securities | $ | 2,400 | $ | — | $ | — | $ | 2,400 | $ | 2,400 | ||||||||||
Available for Sale | ||||||||||||||||||||
Amortized | Gross | Gross | Estimated | Carrying | ||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | Value (1) | ||||||||||||||||
Gains | Losses | |||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||
Residential mortgage-backed securities | $ | 4,976,280 | $ | 52,022 | $ | (95,797 | ) | $ | 4,932,505 | $ | 4,932,505 | |||||||||
Obligations of states and political subdivisions | 255,085 | 12,780 | (6,740 | ) | 261,125 | 261,125 | ||||||||||||||
Equity securities | 28,075 | 1,243 | (391 | ) | 28,927 | 28,927 | ||||||||||||||
Total investment securities | $ | 5,259,440 | $ | 66,045 | $ | (102,928 | ) | $ | 5,222,557 | $ | 5,222,557 | |||||||||
(1) Included in the carrying value of residential mortgage-backed securities are $ 1,639,116,000 of mortgage-backed securities issued by Ginnie Mae, $3,266,433,000, of mortgage-backed securities issued by Fannie Mae and Freddie Mac and $26,956,000 issued by non-government entities | ||||||||||||||||||||
The amortized cost and estimated fair value by type of investment security at December 31, 2013 are as follows: | ||||||||||||||||||||
Held to Maturity | ||||||||||||||||||||
Amortized | Gross | Gross | Estimated | Carrying | ||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | Value | ||||||||||||||||
Gains | Losses | |||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||
Other securities | $ | 2,400 | $ | — | $ | — | $ | 2,400 | $ | 2,400 | ||||||||||
Total investment securities | $ | 2,400 | $ | — | $ | — | $ | 2,400 | $ | 2,400 | ||||||||||
Available for Sale | ||||||||||||||||||||
Amortized | Gross | Gross | Estimated | Carrying | ||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | Value (1) | ||||||||||||||||
Gains | Losses | |||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||
Residential mortgage-backed securities | $ | 5,096,165 | $ | 56,110 | $ | (124,574 | ) | $ | 5,027,701 | $ | 5,027,701 | |||||||||
Obligations of states and political subdivisions | 248,354 | 8,063 | (8,007 | ) | 248,410 | 248,410 | ||||||||||||||
Equity securities | 28,075 | 931 | (538 | ) | 28,468 | 28,468 | ||||||||||||||
Total investment securities | $ | 5,372,594 | $ | 65,104 | $ | (133,119 | ) | $ | 5,304,579 | $ | 5,304,579 | |||||||||
(1) Included in the carrying value of residential mortgage-backed securities are $1,799,807 of mortgage-backed securities issued by Ginnie Mae, $3,200,042 of mortgage-backed securities issued by Fannie Mae and Freddie Mac and $27,852 issued by non-government entities | ||||||||||||||||||||
The amortized cost and estimated fair value of investment securities at March 31, 2014, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to prepay obligations with or without prepayment penalties. | ||||||||||||||||||||
Held to Maturity | Available for Sale | |||||||||||||||||||
Amortized | Estimated | Amortized | Estimated | |||||||||||||||||
Cost | Fair Value | Cost | Fair Value | |||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||
Due in one year or less | $ | 1,200 | $ | 1,200 | $ | — | $ | — | ||||||||||||
Due after one year through five years | 1,200 | 1,200 | — | — | ||||||||||||||||
Due after five years through ten years | — | — | 712 | 777 | ||||||||||||||||
Due after ten years | — | — | 254,373 | 260,348 | ||||||||||||||||
Residential mortgage-backed securities | — | — | 4,976,280 | 4,932,505 | ||||||||||||||||
Equity securities | — | — | 28,075 | 28,927 | ||||||||||||||||
Total investment securities | $ | 2,400 | $ | 2,400 | $ | 5,259,440 | $ | 5,222,557 | ||||||||||||
Residential mortgage-backed securities are securities issued by Freddie Mac, Fannie Mae, Ginnie Mae or non-government entities. Investments in residential mortgage-backed securities issued by Ginnie Mae are fully guaranteed by the U.S. Government. Investments in mortgage-backed securities issued by Freddie Mac and Fannie Mae are not fully guaranteed by the U.S. Government, however, the Company believes that the quality of the bonds is similar to other AAA rated bonds with limited credit risk, particularly given the placement of Fannie Mae and Freddie Mac into conservatorship by the federal government in early September 2008 and because securities issued by others that are collateralized by residential mortgage-backed securities issued by Fannie Mae or Freddie Mac are rated consistently as AAA rated securities. | ||||||||||||||||||||
The amortized cost and fair value of available for sale investment securities pledged to qualify for fiduciary powers, to secure public monies as required by law, repurchase agreements and short-term fixed borrowings was $2,643,050,000 and $2,640,974,000, respectively, at March 31, 2014. | ||||||||||||||||||||
Proceeds from the sale of securities available-for-sale were $258,277,000 for the three months ended March 31, 2014, which included $257,621,000 of mortgage-backed securities. Gross gains of $8,108,000 and gross losses of $0 were realized on the sales for the three months ended March 31, 2014. Proceeds from the sale of securities available-for-sale were $178,124,000 for the three months ended March 31, 2013, which included $177,623,000 of mortgage-backed securities. Gross gains of $9,601,000 and gross losses of $0 were realized on the sales for the three months ended March 31, 2013. | ||||||||||||||||||||
Gross unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2014, were as follows: | ||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||
Losses | Losses | Losses | ||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||
Available for sale: | ||||||||||||||||||||
Residential mortgage-backed securities | $ | 1,028,459 | $ | (22,666 | ) | $ | 1,747,859 | $ | (73,131 | ) | $ | 2,776,318 | $ | (95,797 | ) | |||||
Obligations of states and political subdivisions | 35,096 | (1,166 | ) | 22,377 | (5,574 | ) | 57,473 | (6,740 | ) | |||||||||||
Other equity securities | 14,816 | (184 | ) | 4,042 | (207 | ) | 18,858 | (391 | ) | |||||||||||
$ | 1,078,371 | $ | (24,016 | ) | $ | 1,774,278 | $ | (78,912 | ) | $ | 2,852,649 | $ | (102,928 | ) | ||||||
Gross unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2013 were as follows: | ||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||
Losses | Losses | Losses | ||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||
Available for sale: | ||||||||||||||||||||
Residential mortgage-backed securities | $ | 2,459,565 | $ | (98,022 | ) | $ | 420,262 | $ | (26,552 | ) | $ | 2,879,827 | $ | (124,574 | ) | |||||
Obligations of states and political subdivisions | 55,327 | (3,025 | ) | 14,292 | (4,982 | ) | 69,619 | (8,007 | ) | |||||||||||
Equity securities | 19,462 | (538 | ) | — | — | 19,462 | (538 | ) | ||||||||||||
$ | 2,534,354 | $ | (101,585 | ) | $ | 434,554 | $ | (31,534 | ) | $ | 2,968,908 | $ | (133,119 | ) | ||||||
The unrealized losses on investments in residential mortgage-backed securities are primarily caused by changes in market interest rates. Residential mortgage-backed securities are primarily securities issued by Freddie Mac, Fannie Mae and Ginnie Mae. The contractual cash obligations of the securities issued by Ginnie Mae are fully guaranteed by the U.S. Government. The contractual cash obligations of the securities issued by Freddie Mac and Fannie Mae are not fully guaranteed by the U.S. Government; however, the Company believes that the quality of the bonds is similar to other AAA rated bonds with limited credit risk, particularly given the placement of Fannie Mae and Freddie Mac into conservatorship by the federal government in early September 2008 and because securities issued by others that are collateralized by residential mortgage-backed securities issued by Fannie Mae and Freddie Mac are rated consistently as AAA rated securities. The decrease in fair value on residential mortgage-backed securities issued by Freddie Mac, Fannie Mae and Ginnie Mae is due to market interest rates. The Company has no intent to sell and will more than likely not be required to sell before a market price recovery or maturity of the securities; therefore, it is the conclusion of the Company that the investments in residential mortgage-backed securities issued by Freddie Mac, Fannie Mae and Ginnie Mae are not considered other-than-temporarily impaired. In addition, the Company has a small investment in non-agency residential mortgage-backed securities that have strong credit backgrounds and include additional credit enhancements to protect the Company from losses arising from high foreclosure rates. These securities have additional market volatility beyond economically induced interest rate events. It is the conclusion of the Company that the investments in non-agency residential mortgage-backed securities are other-than-temporarily impaired due to both credit and other than credit issues. Impairment charges of $90,000 ($58,500, after tax) and $310,000 ($201,500, after tax) were recorded for the quarters ended March 31, 2014 and 2013, respectively. The impairment charge represents the credit related impairment on the securities. | ||||||||||||||||||||
The unrealized losses on investments in other securities are caused by fluctuations in market interest rates. The underlying cash obligations of the securities are guaranteed by the entity underwriting the debt instrument. It is the belief of the Company that the entity issuing the debt will honor its interest payment schedule, as well as the full debt at maturity. The securities are purchased by the Company for their economic value. The decrease in fair value is primarily due to market interest rates and not other factors, and because the Company has no intent to sell and will more than likely not be required to sell before a market price recovery or maturity of the securities, it is the conclusion of the Company that the investments are not considered other-than-temporarily impaired. | ||||||||||||||||||||
The following table presents a reconciliation of credit-related impairment charges on available-for-sale investments recognized in earnings for the three months ended March 31, 2014 and 2013, respectively (Dollars in Thousands): | ||||||||||||||||||||
Balance at December 31, 2013 | $ | 11,806 | ||||||||||||||||||
Impairment charges recognized in earnings during period | 90 | |||||||||||||||||||
Balance at March 31, 2014 | $ | 11,896 | ||||||||||||||||||
Balance at December 31, 2012 | $ | 10,432 | ||||||||||||||||||
Impairment charges recognized in earnings during period | 310 | |||||||||||||||||||
Balance at March 31, 2013 | $ | 10,742 |
Other_Borrowed_Funds
Other Borrowed Funds | 3 Months Ended |
Mar. 31, 2014 | |
Other Borrowed Funds | ' |
Other Borrowed Funds | ' |
Note 7 — Other Borrowed Funds | |
Other borrowed funds include Federal Home Loan Bank borrowings, which are short-term and long-term borrowings issued by the FHLB of Dallas at the market price offered at the time of funding. These borrowings are secured by residential mortgage-backed investment securities and a portion of the Company’s loan portfolio. At March 31, 2014, other borrowed funds totaled $1,148,403,000, a decrease of 6.2% from $1,223,950,000 at December 31, 2013. The decrease in other borrowed funds can be attributed to the use of funds generated from the sale of mortgage-backed securities to facilitate a re-positioning of the Company’s investment portfolio. |
Junior_Subordinated_Interest_D
Junior Subordinated Interest Deferrable Debentures | 3 Months Ended | ||||||||||||||
Mar. 31, 2014 | |||||||||||||||
Junior Subordinated Interest Deferrable Debentures | ' | ||||||||||||||
Junior Subordinated Interest Deferrable Debentures | ' | ||||||||||||||
Note 8 — Junior Subordinated Interest Deferrable Debentures | |||||||||||||||
The Company has formed seven statutory business trusts under the laws of the State of Delaware, for the purpose of issuing trust preferred securities. The seven statutory business trusts formed by the Company (the “Trusts”) have each issued Capital and Common Securities and invested the proceeds thereof in an equivalent amount of junior subordinated debentures (the “Debentures”) issued by the Company. As of March 31, 2014 and December 31, 2013, the principal amount of debentures outstanding totaled $180,416,000 and $190,726,000, respectively. On February 11, 2014, the Company bought back the capital securities of IB Capital Trust VII from the holder of the securities for a price that reflected an approximate 6 percent discount from the redemption price of the securities and thereby retired the $10,310,000 of related Junior Subordinated Deferrable Interest Debentures related to IB Capital Trust VII. | |||||||||||||||
The Debentures are subordinated and junior in right of payment to all present and future senior indebtedness (as defined in the respective indentures) of the Company, and are pari passu with one another. The interest rate payable on, and the payment terms of the Debentures are the same as the distribution rate and payment terms of the respective issues of Capital and Common Securities issued by the Trusts. The Company has fully and unconditionally guaranteed the obligations of each of the Trusts with respect to the Capital and Common Securities. The Company has the right, unless an Event of Default (as defined in the Indentures) has occurred and is continuing, to defer payment of interest on the Debentures for up to twenty consecutive quarterly periods on Trusts VI, VIII, IX, X, XI and XII. If interest payments on any of the Debentures are deferred, distributions on both the Capital and Common Securities related to that Debenture would also be deferred. The redemption prior to maturity of any of the Debentures may require the prior approval of the Federal Reserve and/or other regulatory bodies. In February 2014, the Company redeemed all of the outstanding Capital and Common Securities issued by Trust VII. | |||||||||||||||
For financial reporting purposes, the Trusts are treated as investments of the Company and not consolidated in the consolidated financial statements. Although the Capital Securities issued by each of the Trusts are not included as a component of shareholders’ equity on the consolidated statement of condition, the Capital Securities are treated as capital for regulatory purposes. Specifically, under applicable regulatory guidelines, the Capital Securities issued by the Trusts qualify as Tier 1 capital up to a maximum of 25% of Tier 1 capital on an aggregate basis. Any amount that exceeds the 25% threshold would qualify as Tier 2 capital. At March 31, 2014 and December 31, 2013, the total $180,416,000 and $190,726,000, respectively, of the Capital Securities outstanding qualified as Tier 1 capital. | |||||||||||||||
The following table illustrates key information about each of the Capital and Common Securities and their interest rate at March 31, 2014: | |||||||||||||||
Junior | Repricing | Interest Rate | Interest Rate | Maturity Date | Optional | ||||||||||
Subordinated | Frequency | Index | Redemption | ||||||||||||
Deferrable | Date(1) | ||||||||||||||
Interest | |||||||||||||||
Debentures | |||||||||||||||
(Dollars in Thousands) | |||||||||||||||
Trust VI | $ | 25,774 | Quarterly | 3.69 | % | LIBOR + 3.45 | November 2032 | February 2008 | |||||||
Trust VIII | 25,774 | Quarterly | 3.29 | % | LIBOR + 3.05 | October 2033 | October 2008 | ||||||||
Trust IX | 41,238 | Quarterly | 1.87 | % | LIBOR + 1.62 | October 2036 | October 2011 | ||||||||
Trust X | 34,021 | Quarterly | 1.89 | % | LIBOR + 1.65 | February 2037 | February 2012 | ||||||||
Trust XI | 32,990 | Quarterly | 1.87 | % | LIBOR + 1.62 | July 2037 | July 2012 | ||||||||
Trust XII | 20,619 | Quarterly | 1.69 | % | LIBOR + 1.45 | September 2037 | September 2012 | ||||||||
$ | 180,416 | ||||||||||||||
(1) The Capital Securities may be redeemed in whole or in part on any interest payment date after the Optional Redemption Date. |
Common_Stock_and_Dividends
Common Stock and Dividends | 3 Months Ended |
Mar. 31, 2014 | |
Common Stock and Dividends | ' |
Common Stock and Dividends | ' |
Note 9 — Common Stock and Dividends | |
The Company had outstanding 216,000 shares of Series A cumulative perpetual preferred stock (the “Senior Preferred Stock”), issued to the US Treasury under the Company’s participation in the Troubled Asset Relief Program Capital Purchase Program (the “TARP Capital Purchase Program”). The Company redeemed all of the Senior Preferred Stock in 2012. In conjunction with the purchase of the Senior Preferred Stock, the US Treasury received a warrant (the “Warrant”) to purchase 1,326,238 shares of the Company’s common stock (the “Warrant Shares”) at $24.43 per share, which would represent an aggregate common stock investment in the Company on exercise of the warrant in full equal to 15% of the Senior Preferred Stock investment. The term of the Warrant is ten years and was immediately exercisable. The Warrant is included as a component of Tier 1 capital. On June 12, 2013, the U.S. Treasury sold the Warrant to a third party. As of March 31, 2014, the Warrant is still outstanding, but expires on December 23, 2018 with no value if not exercised before that date. | |
The Company paid cash dividends to the common shareholders of $.25 per share on April 18, 2014 to all holders of record on April 1, 2014. The Company paid cash dividends to the common shareholders of $.20 per share on April 20, 2013 to all holders of record on April 1, 2013 and $.23 per share on October 15, 2013 to all holders of record on September 30, 2013, respectively. | |
In April 2009, following receipt of the Treasury Department’s consent, the Board of Directors re-established a formal stock repurchase program that authorized the repurchase of up to $40 million of common stock within the following twelve months and on March 7, 2014, the Board of Directors extended the repurchase program and again authorized the repurchase of up to $40 million of common stock during the twelve month period commencing on April 9, 2014, which repurchase cap the Board is inclined to increase over time. Stock repurchases may be made from time to time, on the open market or through private transactions. Shares repurchased in this program will be held in treasury for reissue for various corporate purposes, including employee stock option plans. As of April 29, 2014, a total of 8,093,502 shares had been repurchased under all programs at a cost of $264,264,000. |
Commitments_and_Contingent_Lia
Commitments and Contingent Liabilities | 3 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingent Liabilities | ' |
Commitments and Contingent Liabilities | ' |
Note 10 - Commitments and Contingent Liabilities | |
The Company is involved in various legal proceedings that are in various stages of litigation. Some of these actions allege “lender liability” claims on a variety of theories and claim substantial actual and punitive damages. The Company has determined, based on discussions with its counsel that any material loss in such actions, individually or in the aggregate, is remote or the damages sought, even if fully recovered, would not be considered material to the consolidated financial position or results of operations of the Company. However, many of these matters are in various stages of proceedings and further developments could cause management to revise its assessment of these matters. |
Capital_Ratios
Capital Ratios | 3 Months Ended |
Mar. 31, 2014 | |
Capital Ratios | ' |
Capital Ratios | ' |
Note 11 — Capital Ratios | |
The Company had a Tier 1 capital to average total asset (leverage) ratio of 11.72% and 11.61%, risk-weighted Tier 1 capital ratio of 19.22% and 19.33% and risk-weighted total capital ratio of 20.24% and 20.36% at March 31, 2014 and December 31, 2013, respectively. The identified intangibles and goodwill of $284,737,000 as of March 31, 2014, recorded in connection with the acquisitions made by the Company, are deducted from the sum of core capital elements when determining the capital ratios of the Company. Under applicable regulatory guidelines, the Capital Securities issued by the Trusts qualify as Tier 1 capital up to a maximum of 25% of tier 1 capital on an aggregate basis. Any amount that exceeds the 25% threshold qualifies as Tier 2 capital. As of March 31, 2014, the total of $180,416,000 of the Capital Securities outstanding qualified as Tier 1 capital. The Company actively monitors the regulatory capital ratios to ensure that the Company’s bank subsidiaries are well capitalized under the regulatory framework. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis | ' | ||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||
Assets/Liabilities | Quoted Prices | Significant Other | Significant | ||||||||||||||
Measured at Fair | in Active | Observable | Unobservable | ||||||||||||||
Value | Markets for | Inputs | Inputs | ||||||||||||||
Identical | |||||||||||||||||
Assets | |||||||||||||||||
March 31, 2014 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Measured on a recurring basis: | |||||||||||||||||
Assets: | |||||||||||||||||
Available for sale securities | |||||||||||||||||
Residential mortgage-backed securities | $ | 4,932,505 | $ | — | $ | 4,905,549 | $ | 26,956 | |||||||||
States and political subdivisions | 261,125 | — | 261,125 | — | |||||||||||||
Other | 28,927 | 28,927 | — | — | |||||||||||||
$ | 5,222,557 | $ | 28,927 | $ | 5,166,674 | $ | 26,956 | ||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||
Assets/Liabilities | Quoted Prices | Significant Other | Significant | ||||||||||||||
Measured at | in Active | Observable | Unobservable | ||||||||||||||
Fair Value | Markets for | Inputs | Inputs | ||||||||||||||
December 31, | Identical | (Level 2) | (Level 3) | ||||||||||||||
2013 | Assets | ||||||||||||||||
(Level 1) | |||||||||||||||||
Measured on a recurring basis: | |||||||||||||||||
Assets: | |||||||||||||||||
Available for sale securities | |||||||||||||||||
Residential mortgage-backed securities | $ | 5,027,701 | $ | — | $ | 4,999,849 | $ | 27,852 | |||||||||
States and political subdivisions | 248,410 | — | 248,410 | — | |||||||||||||
Other | 28,468 | 28,468 | — | — | |||||||||||||
$ | 5,304,579 | $ | 28,468 | $ | 5,248,259 | $ | 27,852 | ||||||||||
Reconciliation of activity for mortgage-backed securities on a net basis | ' | ||||||||||||||||
The following table presents a reconciliation of activity for such mortgage-backed securities on a net basis (Dollars in Thousands): | |||||||||||||||||
Balance at December 31, 2013 | $ | 27,852 | |||||||||||||||
Principal paydowns | (928 | ) | |||||||||||||||
Total unrealized gains included in: | |||||||||||||||||
Other comprehensive loss | 122 | ||||||||||||||||
Impairment realized | (90 | ) | |||||||||||||||
Balance at March 31, 2014 | $ | 26,956 | |||||||||||||||
Financial instruments measured at fair value on a non-recurring basis | ' | ||||||||||||||||
Fair Value Measurements at Reporting Date | |||||||||||||||||
Using | |||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||
Assets/Liabilities | Quoted | Significant | Significant | Net Provision | |||||||||||||
Measured at Fair | Prices in | Other | Unobservable | During | |||||||||||||
Value | Active | Observable | Inputs | Three Month | |||||||||||||
March 31, 2014 | Markets for | Inputs | (Level 3) | Period | |||||||||||||
Identical | (Level 2) | ||||||||||||||||
Assets | |||||||||||||||||
(Level 1) | |||||||||||||||||
Measured on a non-recurring basis: | |||||||||||||||||
Assets: | |||||||||||||||||
Impaired loans | $ | 21,419 | $ | — | $ | — | $ | 21,419 | $ | 5,208 | |||||||
Other real estate owned | 5,152 | — | — | 5,152 | 138 | ||||||||||||
Fair Value Measurements at Reporting Date | |||||||||||||||||
Using | |||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||
Assets/Liabilities | Quoted | Significant | Significant | Net | |||||||||||||
Measured at Fair | Prices in | Other | Unobservable | Provision | |||||||||||||
Value | Active | Observable | Inputs | During | |||||||||||||
December 31, | Markets for | Inputs | (Level 3) | Twelve Month | |||||||||||||
2013 | Identical | (Level 2) | Period | ||||||||||||||
Assets | |||||||||||||||||
(Level 1) | |||||||||||||||||
Measured on a non-recurring basis: | |||||||||||||||||
Assets: | |||||||||||||||||
Impaired loans | $ | 28,391 | $ | — | $ | — | $ | 28,391 | $ | 13,229 | |||||||
Other real estate owned | 16,329 | — | — | 16,329 | 1,204 | ||||||||||||
Loans_Tables
Loans (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Loans | ' | |||||||
Summary of loans, by loan type | ' | |||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
(Dollars in Thousands) | ||||||||
Commercial, financial and agricultural | $ | 2,924,592 | $ | 2,894,779 | ||||
Real estate — mortgage | 840,165 | 847,692 | ||||||
Real estate — construction | 1,279,003 | 1,208,508 | ||||||
Consumer | 63,430 | 66,414 | ||||||
Foreign | 179,310 | 181,842 | ||||||
Total loans | $ | 5,286,500 | $ | 5,199,235 |
Allowance_for_Probable_Loan_Lo1
Allowance for Probable Loan Losses (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||
Allowance for Probable Loan Losses | ' | ||||||||||||||||||||||||||||
Summary of the transactions in the allowance for probable loan losses by loan class | ' | ||||||||||||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||||||||||
Domestic | Foreign | ||||||||||||||||||||||||||||
Commercial | Commercial | Commercial | Commercial | Residential: | Residential: | Consumer | Foreign | Total | |||||||||||||||||||||
real estate: | real estate: | real estate: | first lien | junior lien | |||||||||||||||||||||||||
other | farmland & | multifamily | |||||||||||||||||||||||||||
construction & | commercial | ||||||||||||||||||||||||||||
land | |||||||||||||||||||||||||||||
development | |||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 22,433 | $ | 12,541 | $ | 24,467 | $ | 776 | $ | 3,812 | $ | 4,249 | $ | 750 | $ | 1,133 | $ | 70,161 | |||||||||||
Losses charge to allowance | (2,481 | ) | — | — | — | (27 | ) | (146 | ) | (187 | ) | (3 | ) | (2,844 | ) | ||||||||||||||
Recoveries credited to allowance | 796 | 31 | 23 | — | 4 | 33 | 80 | 46 | 1,013 | ||||||||||||||||||||
Net losses charged to allowance | (1,685 | ) | 31 | 23 | — | (23 | ) | (113 | ) | (107 | ) | 43 | (1,831 | ) | |||||||||||||||
Provision charged to operations | 7,175 | 903 | (5,556 | ) | 43 | (265 | ) | (168 | ) | 105 | (159 | ) | 2,078 | ||||||||||||||||
Balance at March 31, 2014 | $ | 27,923 | $ | 13,475 | $ | 18,934 | $ | 819 | $ | 3,524 | $ | 3,968 | $ | 748 | $ | 1,017 | $ | 70,408 | |||||||||||
Three Months Ended March 31, 2013 | |||||||||||||||||||||||||||||
Domestic | Foreign | ||||||||||||||||||||||||||||
Commercial | Commercial | Commercial | Commercial | Residential: | Residential: | Consumer | Foreign | Total | |||||||||||||||||||||
real estate: | real estate: | real estate: | first lien | junior lien | |||||||||||||||||||||||||
other | farmland & | multifamily | |||||||||||||||||||||||||||
construction & | commercial | ||||||||||||||||||||||||||||
land | |||||||||||||||||||||||||||||
development | |||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 11,632 | $ | 12,720 | $ | 21,880 | $ | 694 | $ | 4,390 | $ | 4,448 | $ | 1,289 | $ | 1,140 | $ | 58,193 | |||||||||||
Losses charge to allowance | (2,663 | ) | (128 | ) | (60 | ) | — | (172 | ) | (255 | ) | (211 | ) | (20 | ) | (3,509 | ) | ||||||||||||
Recoveries credited to allowance | 694 | 13 | 13 | — | 5 | 94 | 46 | — | 865 | ||||||||||||||||||||
Net losses charged to allowance | (1,969 | ) | (115 | ) | (47 | ) | — | (167 | ) | (161 | ) | (165 | ) | (20 | ) | (2,644 | ) | ||||||||||||
Provision charged to operations | 11,263 | (1,552 | ) | (1,182 | ) | (85 | ) | (355 | ) | (276 | ) | (304 | ) | (90 | ) | 7,419 | |||||||||||||
Balance at March 31, 2013 | $ | 20,926 | $ | 11,053 | $ | 20,651 | $ | 609 | $ | 3,868 | $ | 4,011 | $ | 820 | $ | 1,030 | $ | 62,968 | |||||||||||
Loans individually or collectively evaluated for impairment and related allowance, by loan class | ' | ||||||||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||||||
Loans individually evaluated | Loans collectively evaluated | ||||||||||||||||||||||||||||
for impairment | for impairment | ||||||||||||||||||||||||||||
Recorded | Allowance | Recorded | Allowance | ||||||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||
Domestic | |||||||||||||||||||||||||||||
Commercial | $ | 35,539 | $ | 17,424 | $ | 1,059,024 | $ | 10,499 | |||||||||||||||||||||
Commercial real estate: other construction & land development | 13,558 | 852 | 1,265,445 | 12,623 | |||||||||||||||||||||||||
Commercial real estate: farmland & commercial | 15,607 | 2,666 | 1,706,316 | 16,268 | |||||||||||||||||||||||||
Commercial real estate: multifamily | 280 | — | 107,826 | 819 | |||||||||||||||||||||||||
Residential: first lien | 6,273 | — | 414,736 | 3,524 | |||||||||||||||||||||||||
Residential: junior lien | 3,123 | — | 416,033 | 3,968 | |||||||||||||||||||||||||
Consumer | 1,453 | — | 61,977 | 748 | |||||||||||||||||||||||||
Foreign | 430 | — | 178,880 | 1,017 | |||||||||||||||||||||||||
Total | $ | 76,263 | $ | 20,942 | $ | 5,210,237 | $ | 49,466 | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
Loans individually evaluated | Loans collectively evaluated | ||||||||||||||||||||||||||||
for impairment | for impairment | ||||||||||||||||||||||||||||
Recorded | Allowance | Recorded | Allowance | ||||||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||
Domestic | |||||||||||||||||||||||||||||
Commercial | $ | 34,183 | $ | 12,234 | $ | 1,008,459 | $ | 10,199 | |||||||||||||||||||||
Commercial real estate: other construction & land development | 13,976 | 852 | 1,194,532 | 11,689 | |||||||||||||||||||||||||
Commercial real estate: farmland & commercial | 16,038 | 2,916 | 1,734,001 | 21,551 | |||||||||||||||||||||||||
Commercial real estate: multifamily | 295 | — | 101,803 | 776 | |||||||||||||||||||||||||
Residential: first lien | 6,153 | — | 432,309 | 3,812 | |||||||||||||||||||||||||
Residential: junior lien | 3,206 | — | 406,024 | 4,249 | |||||||||||||||||||||||||
Consumer | 1,606 | — | 64,808 | 750 | |||||||||||||||||||||||||
Foreign | 436 | — | 181,406 | 1,133 | |||||||||||||||||||||||||
Total | $ | 75,893 | $ | 16,002 | $ | 5,123,342 | $ | 54,159 | |||||||||||||||||||||
Loans accounted on non-accrual basis, by loan class | ' | ||||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||
Domestic | |||||||||||||||||||||||||||||
Commercial | $ | 35,476 | $ | 34,110 | |||||||||||||||||||||||||
Commercial real estate: other construction & land development | 11,307 | 11,726 | |||||||||||||||||||||||||||
Commercial real estate: farmland & commercial | 13,344 | 13,775 | |||||||||||||||||||||||||||
Commercial real estate: multifamily | 280 | 295 | |||||||||||||||||||||||||||
Residential: first lien | 1,259 | 1,266 | |||||||||||||||||||||||||||
Residential: junior lien | 1,555 | 1,576 | |||||||||||||||||||||||||||
Consumer | 45 | 75 | |||||||||||||||||||||||||||
Total non-accrual loans | $ | 63,266 | $ | 62,823 | |||||||||||||||||||||||||
Impaired loans, by loan class | ' | ||||||||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | |||||||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Recognized | |||||||||||||||||||||||||
Balance | Investment | ||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||
Loans with Related Allowance | |||||||||||||||||||||||||||||
Domestic | |||||||||||||||||||||||||||||
Commercial | $ | 17,684 | $ | 17,674 | $ | 17,424 | $ | 17,287 | $ | — | |||||||||||||||||||
Commercial real estate: other construction & land development | 6,898 | 6,906 | 852 | 6,898 | — | ||||||||||||||||||||||||
Commercial real estate: farmland & commercial | 6,615 | 6,963 | 2,666 | 6,624 | 23 | ||||||||||||||||||||||||
Total impaired loans with related allowance | $ | 31,197 | $ | 31,553 | $ | 20,942 | $ | 30,809 | $ | 23 | |||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||||||
Recorded | Unpaid Principal | Average | Interest | ||||||||||||||||||||||||||
Investment | Balance | Recorded | Recognized | ||||||||||||||||||||||||||
Investment | |||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||
Loans with No Related Allowance | |||||||||||||||||||||||||||||
Domestic | |||||||||||||||||||||||||||||
Commercial | $ | 17,855 | $ | 17,876 | $ | 17,060 | $ | 1 | |||||||||||||||||||||
Commercial real estate: other construction & land development | 6,660 | 6,704 | 6,801 | 18 | |||||||||||||||||||||||||
Commercial real estate: farmland & commercial | 8,992 | 10,310 | 8,656 | — | |||||||||||||||||||||||||
Commercial real estate: multifamily | 280 | 280 | 285 | — | |||||||||||||||||||||||||
Residential: first lien | 6,273 | 6,337 | 6,287 | 63 | |||||||||||||||||||||||||
Residential: junior lien | 3,123 | 3,142 | 3,133 | 24 | |||||||||||||||||||||||||
Consumer | 1,453 | 1,460 | 1,444 | 1 | |||||||||||||||||||||||||
Foreign | 430 | 430 | 432 | 5 | |||||||||||||||||||||||||
Total impaired loans with no related allowance | $ | 45,066 | $ | 46,539 | $ | 44,098 | $ | 112 | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | |||||||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Recognized | |||||||||||||||||||||||||
Balance | Investment | ||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||
Loans with Related Allowance | |||||||||||||||||||||||||||||
Domestic | |||||||||||||||||||||||||||||
Commercial | $ | 17,178 | $ | 17,177 | $ | 12,234 | $ | 18,019 | $ | 38 | |||||||||||||||||||
Commercial real estate: other construction & land development | 6,818 | 6,825 | 852 | 6,058 | — | ||||||||||||||||||||||||
Commercial real estate: farmland & commercial | 7,259 | 10,697 | 2,916 | 7,167 | 92 | ||||||||||||||||||||||||
Total impaired loans with related allowance | $ | 31,255 | $ | 34,699 | $ | 16,002 | $ | 31,244 | $ | 130 | |||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
Recorded | Unpaid Principal | Average | Interest | ||||||||||||||||||||||||||
Investment | Balance | Recorded | Recognized | ||||||||||||||||||||||||||
Investment | |||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||
Loans with No Related Allowance | |||||||||||||||||||||||||||||
Domestic | |||||||||||||||||||||||||||||
Commercial | $ | 17,005 | $ | 17,023 | $ | 16,778 | $ | 2 | |||||||||||||||||||||
Commercial real estate: other construction & land development | 7,158 | 7,187 | 18,164 | 74 | |||||||||||||||||||||||||
Commercial real estate: farmland & commercial | 8,779 | 9,949 | 7,313 | — | |||||||||||||||||||||||||
Commercial real estate: multifamily | 295 | 295 | 322 | — | |||||||||||||||||||||||||
Residential: first lien | 6,153 | 6,258 | 4,860 | 179 | |||||||||||||||||||||||||
Residential: junior lien | 3,206 | 3,226 | 2,347 | 99 | |||||||||||||||||||||||||
Consumer | 1,606 | 1,612 | 1,380 | 1 | |||||||||||||||||||||||||
Foreign | 436 | 436 | 452 | 19 | |||||||||||||||||||||||||
Total impaired loans with no related allowance | $ | 44,638 | $ | 45,986 | $ | 51,616 | $ | 374 | |||||||||||||||||||||
Information regarding the aging of past due loans, by loan class | ' | ||||||||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||||||
30 – 59 | 60 – 89 | 90 | 90 Days | Total | Current | Total | |||||||||||||||||||||||
Days | Days | Days or | or | Past | Portfolio | ||||||||||||||||||||||||
Greater | greater | due | |||||||||||||||||||||||||||
& still | |||||||||||||||||||||||||||||
accruing | |||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||
Domestic | |||||||||||||||||||||||||||||
Commercial | $ | 4,622 | $ | 1,477 | $ | 35,819 | $ | 2,225 | $ | 41,918 | $ | 1,052,645 | $ | 1,094,563 | |||||||||||||||
Commercial real estate: other construction & land development | 642 | 309 | 10,537 | 68 | 11,488 | 1,267,515 | 1,279,003 | ||||||||||||||||||||||
Commercial real estate: farmland & commercial | 4,988 | 2,861 | 7,327 | 1,099 | 15,176 | 1,706,747 | 1,721,923 | ||||||||||||||||||||||
Commercial real estate: multifamily | 343 | 217 | 280 | — | 840 | 107,266 | 108,106 | ||||||||||||||||||||||
Residential: first lien | 5,211 | 1,005 | 2,613 | 1,588 | 8,829 | 412,180 | 421,009 | ||||||||||||||||||||||
Residential: junior lien | 855 | 96 | 1,708 | 183 | 2,659 | 416,497 | 419,156 | ||||||||||||||||||||||
Consumer | 1,119 | 489 | 884 | 842 | 2,492 | 60,938 | 63,430 | ||||||||||||||||||||||
Foreign | 2,016 | 10 | 329 | 329 | 2,355 | 176,955 | 179,310 | ||||||||||||||||||||||
Total past due loans | $ | 19,796 | $ | 6,464 | $ | 59,497 | $ | 6,334 | $ | 85,757 | $ | 5,200,743 | $ | 5,286,500 | |||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
30 – 59 | 60 – 89 | 90 Days or | 90 Days | Total | Current | Total | |||||||||||||||||||||||
Days | Days | Greater | or | Past | Portfolio | ||||||||||||||||||||||||
greater | due | ||||||||||||||||||||||||||||
& still | |||||||||||||||||||||||||||||
accruing | |||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||
Domestic | |||||||||||||||||||||||||||||
Commercial | $ | 4,240 | $ | 538 | $ | 36,066 | $ | 2,051 | $ | 40,844 | $ | 1,001,798 | $ | 1,042,642 | |||||||||||||||
Commercial real estate: other construction & land development | 1,042 | — | 9,942 | 62 | 10,984 | 1,197,524 | 1,208,508 | ||||||||||||||||||||||
Commercial real estate: farmland & commercial | 6,216 | 520 | 6,990 | 417 | 13,726 | 1,736,313 | 1,750,039 | ||||||||||||||||||||||
Commercial real estate: multifamily | 39 | 142 | 295 | — | 476 | 101,622 | 102,098 | ||||||||||||||||||||||
Residential: first lien | 4,758 | 3,046 | 4,541 | 3,518 | 12,345 | 426,117 | 438,462 | ||||||||||||||||||||||
Residential: junior lien | 606 | 198 | 1,900 | 368 | 2,704 | 406,526 | 409,230 | ||||||||||||||||||||||
Consumer | 1,523 | 469 | 803 | 781 | 2,795 | 63,619 | 66,414 | ||||||||||||||||||||||
Foreign | 1,467 | 417 | — | — | 1,884 | 179,958 | 181,842 | ||||||||||||||||||||||
Total past due loans | $ | 19,891 | $ | 5,330 | $ | 60,537 | $ | 7,197 | $ | 85,758 | $ | 5,113,477 | $ | 5,199,235 | |||||||||||||||
Summary of the loan portfolio by credit quality indicator, by loan class | ' | ||||||||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||||||
Pass | Special | Watch List | Watch List - | Watch List - | |||||||||||||||||||||||||
Review | - Pass | Substandard | Impaired | ||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||
Domestic | |||||||||||||||||||||||||||||
Commercial | $ | 1,001,514 | $ | 7,213 | $ | 4,887 | $ | 45,410 | $ | 35,539 | |||||||||||||||||||
Commercial real estate: other construction & land development | 1,242,189 | 6,296 | 8,577 | 8,383 | 13,558 | ||||||||||||||||||||||||
Commercial real estate: farmland & commercial | 1,608,212 | 61,709 | 22,371 | 14,024 | 15,607 | ||||||||||||||||||||||||
Commercial real estate: multifamily | 106,984 | — | — | 842 | 280 | ||||||||||||||||||||||||
Residential: first lien | 414,523 | 118 | — | 95 | 6,273 | ||||||||||||||||||||||||
Residential: junior lien | 415,575 | — | — | 458 | 3,123 | ||||||||||||||||||||||||
Consumer | 61,977 | — | — | — | 1,453 | ||||||||||||||||||||||||
Foreign | 178,542 | — | — | 338 | 430 | ||||||||||||||||||||||||
Total | $ | 5,029,516 | $ | 75,336 | $ | 35,835 | $ | 69,550 | $ | 76,263 | |||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
Pass | Special | Watch List | Watch List - | Watch List - | |||||||||||||||||||||||||
Review | - Pass | Substandard | Impaired | ||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||
Domestic | |||||||||||||||||||||||||||||
Commercial | $ | 955,522 | $ | 2,270 | $ | 4,389 | $ | 46,278 | $ | 34,183 | |||||||||||||||||||
Commercial real estate: other construction & land development | 1,167,295 | 14,247 | 9,318 | 3,672 | 13,976 | ||||||||||||||||||||||||
Commercial real estate: farmland & commercial | 1,635,179 | 56,438 | 21,912 | 20,472 | 16,038 | ||||||||||||||||||||||||
Commercial real estate: multifamily | 100,948 | — | — | 855 | 295 | ||||||||||||||||||||||||
Residential: first lien | 432,067 | 122 | — | 120 | 6,153 | ||||||||||||||||||||||||
Residential: junior lien | 405,731 | — | — | 293 | 3,206 | ||||||||||||||||||||||||
Consumer | 64,808 | — | — | — | 1,606 | ||||||||||||||||||||||||
Foreign | 180,837 | — | — | 569 | 436 | ||||||||||||||||||||||||
Total | $ | 4,942,387 | $ | 73,077 | $ | 35,619 | $ | 72,259 | $ | 75,893 |
Stock_Options_Tables
Stock Options (Tables) | 3 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Stock Options | ' | ||||||||||
Summary of option activity under stock option plan | ' | ||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||
options | average | average | intrinsic | ||||||||
exercise price | remaining | value ($) | |||||||||
contractual term | |||||||||||
(years) | |||||||||||
(Dollars in Thousands) | |||||||||||
Options outstanding at December 31, 2013 | 515,143 | $ | 15.98 | ||||||||
Plus: Options granted | 549,750 | 21.42 | |||||||||
Less: | |||||||||||
Options exercised | 8,399 | 14.23 | |||||||||
Options expired | — | — | |||||||||
Options forfeited | 500 | 10.4 | |||||||||
Options outstanding at March 31, 2014 | 1,055,994 | 18.83 | 6 | 6,711 | |||||||
Options fully vested and exercisable at March 31, 2014 | 222,942 | 18.43 | 2.42 | 1,593 | |||||||
Investment_Securities_Tables
Investment Securities (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Investment Securities | ' | |||||||||||||||||||
Amortized cost and estimated fair value by type of investment security | ' | |||||||||||||||||||
The amortized cost and estimated fair value by type of investment security at March 31, 2014 are as follows: | ||||||||||||||||||||
Held to Maturity | ||||||||||||||||||||
Amortized | Gross | Gross | Estimated | Carrying | ||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | Value | ||||||||||||||||
Gains | Losses | |||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||
Other securities | $ | 2,400 | $ | — | $ | — | $ | 2,400 | $ | 2,400 | ||||||||||
Total investment securities | $ | 2,400 | $ | — | $ | — | $ | 2,400 | $ | 2,400 | ||||||||||
Available for Sale | ||||||||||||||||||||
Amortized | Gross | Gross | Estimated | Carrying | ||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | Value (1) | ||||||||||||||||
Gains | Losses | |||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||
Residential mortgage-backed securities | $ | 4,976,280 | $ | 52,022 | $ | (95,797 | ) | $ | 4,932,505 | $ | 4,932,505 | |||||||||
Obligations of states and political subdivisions | 255,085 | 12,780 | (6,740 | ) | 261,125 | 261,125 | ||||||||||||||
Equity securities | 28,075 | 1,243 | (391 | ) | 28,927 | 28,927 | ||||||||||||||
Total investment securities | $ | 5,259,440 | $ | 66,045 | $ | (102,928 | ) | $ | 5,222,557 | $ | 5,222,557 | |||||||||
(1) Included in the carrying value of residential mortgage-backed securities are $ 1,639,116,000 of mortgage-backed securities issued by Ginnie Mae, $3,266,433,000, of mortgage-backed securities issued by Fannie Mae and Freddie Mac and $26,956,000 issued by non-government entities | ||||||||||||||||||||
The amortized cost and estimated fair value by type of investment security at December 31, 2013 are as follows: | ||||||||||||||||||||
Held to Maturity | ||||||||||||||||||||
Amortized | Gross | Gross | Estimated | Carrying | ||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | Value | ||||||||||||||||
Gains | Losses | |||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||
Other securities | $ | 2,400 | $ | — | $ | — | $ | 2,400 | $ | 2,400 | ||||||||||
Total investment securities | $ | 2,400 | $ | — | $ | — | $ | 2,400 | $ | 2,400 | ||||||||||
Available for Sale | ||||||||||||||||||||
Amortized | Gross | Gross | Estimated | Carrying | ||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | Value (1) | ||||||||||||||||
Gains | Losses | |||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||
Residential mortgage-backed securities | $ | 5,096,165 | $ | 56,110 | $ | (124,574 | ) | $ | 5,027,701 | $ | 5,027,701 | |||||||||
Obligations of states and political subdivisions | 248,354 | 8,063 | (8,007 | ) | 248,410 | 248,410 | ||||||||||||||
Equity securities | 28,075 | 931 | (538 | ) | 28,468 | 28,468 | ||||||||||||||
Total investment securities | $ | 5,372,594 | $ | 65,104 | $ | (133,119 | ) | $ | 5,304,579 | $ | 5,304,579 | |||||||||
(1) Included in the carrying value of residential mortgage-backed securities are $1,799,807 of mortgage-backed securities issued by Ginnie Mae, $3,200,042 of mortgage-backed securities issued by Fannie Mae and Freddie Mac and $27,852 issued by non-government entities | ||||||||||||||||||||
Amortized cost and fair value of investment securities, by contractual maturity | ' | |||||||||||||||||||
The amortized cost and estimated fair value of investment securities at March 31, 2014, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to prepay obligations with or without prepayment penalties. | ||||||||||||||||||||
Held to Maturity | Available for Sale | |||||||||||||||||||
Amortized | Estimated | Amortized | Estimated | |||||||||||||||||
Cost | Fair Value | Cost | Fair Value | |||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||
Due in one year or less | $ | 1,200 | $ | 1,200 | $ | — | $ | — | ||||||||||||
Due after one year through five years | 1,200 | 1,200 | — | — | ||||||||||||||||
Due after five years through ten years | — | — | 712 | 777 | ||||||||||||||||
Due after ten years | — | — | 254,373 | 260,348 | ||||||||||||||||
Residential mortgage-backed securities | — | — | 4,976,280 | 4,932,505 | ||||||||||||||||
Equity securities | — | — | 28,075 | 28,927 | ||||||||||||||||
Total investment securities | $ | 2,400 | $ | 2,400 | $ | 5,259,440 | $ | 5,222,557 | ||||||||||||
Gross unrealized losses on investment securities and the related fair value | ' | |||||||||||||||||||
Gross unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2014, were as follows: | ||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||
Losses | Losses | Losses | ||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||
Available for sale: | ||||||||||||||||||||
Residential mortgage-backed securities | $ | 1,028,459 | $ | (22,666 | ) | $ | 1,747,859 | $ | (73,131 | ) | $ | 2,776,318 | $ | (95,797 | ) | |||||
Obligations of states and political subdivisions | 35,096 | (1,166 | ) | 22,377 | (5,574 | ) | 57,473 | (6,740 | ) | |||||||||||
Other equity securities | 14,816 | (184 | ) | 4,042 | (207 | ) | 18,858 | (391 | ) | |||||||||||
$ | 1,078,371 | $ | (24,016 | ) | $ | 1,774,278 | $ | (78,912 | ) | $ | 2,852,649 | $ | (102,928 | ) | ||||||
Gross unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2013 were as follows: | ||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||
Losses | Losses | Losses | ||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||
Available for sale: | ||||||||||||||||||||
Residential mortgage-backed securities | $ | 2,459,565 | $ | (98,022 | ) | $ | 420,262 | $ | (26,552 | ) | $ | 2,879,827 | $ | (124,574 | ) | |||||
Obligations of states and political subdivisions | 55,327 | (3,025 | ) | 14,292 | (4,982 | ) | 69,619 | (8,007 | ) | |||||||||||
Equity securities | 19,462 | (538 | ) | — | — | 19,462 | (538 | ) | ||||||||||||
$ | 2,534,354 | $ | (101,585 | ) | $ | 434,554 | $ | (31,534 | ) | $ | 2,968,908 | $ | (133,119 | ) | ||||||
Reconciliation of credit-related impairment charges on available-for-sale investment | ' | |||||||||||||||||||
The following table presents a reconciliation of credit-related impairment charges on available-for-sale investments recognized in earnings for the three months ended March 31, 2014 and 2013, respectively (Dollars in Thousands): | ||||||||||||||||||||
Balance at December 31, 2013 | $ | 11,806 | ||||||||||||||||||
Impairment charges recognized in earnings during period | 90 | |||||||||||||||||||
Balance at March 31, 2014 | $ | 11,896 | ||||||||||||||||||
Balance at December 31, 2012 | $ | 10,432 | ||||||||||||||||||
Impairment charges recognized in earnings during period | 310 | |||||||||||||||||||
Balance at March 31, 2013 | $ | 10,742 |
Junior_Subordinated_Interest_D1
Junior Subordinated Interest Deferrable Debentures (Tables) | 3 Months Ended | ||||||||||||||
Mar. 31, 2014 | |||||||||||||||
Junior Subordinated Interest Deferrable Debentures | ' | ||||||||||||||
Junior subordinated deferrable interest debentures, major types of business trusts | ' | ||||||||||||||
The following table illustrates key information about each of the Capital and Common Securities and their interest rate at March 31, 2014: | |||||||||||||||
Junior | Repricing | Interest Rate | Interest Rate | Maturity Date | Optional | ||||||||||
Subordinated | Frequency | Index | Redemption | ||||||||||||
Deferrable | Date(1) | ||||||||||||||
Interest | |||||||||||||||
Debentures | |||||||||||||||
(Dollars in Thousands) | |||||||||||||||
Trust VI | $ | 25,774 | Quarterly | 3.69 | % | LIBOR + 3.45 | November 2032 | February 2008 | |||||||
Trust VIII | 25,774 | Quarterly | 3.29 | % | LIBOR + 3.05 | October 2033 | October 2008 | ||||||||
Trust IX | 41,238 | Quarterly | 1.87 | % | LIBOR + 1.62 | October 2036 | October 2011 | ||||||||
Trust X | 34,021 | Quarterly | 1.89 | % | LIBOR + 1.65 | February 2037 | February 2012 | ||||||||
Trust XI | 32,990 | Quarterly | 1.87 | % | LIBOR + 1.62 | July 2037 | July 2012 | ||||||||
Trust XII | 20,619 | Quarterly | 1.69 | % | LIBOR + 1.45 | September 2037 | September 2012 | ||||||||
$ | 180,416 | ||||||||||||||
(1) The Capital Securities may be redeemed in whole or in part on any interest payment date after the Optional Redemption Date. |
Basis_of_Presentation_Details
Basis of Presentation (Details) | 3 Months Ended |
Mar. 31, 2014 | |
item | |
Basis of Presentation | ' |
Number of operating segments | 1 |
Number of active operating bank subsidiaries | 4 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Assets: | ' | ' |
Available for sale securities | $5,222,557,000 | $5,304,579,000 |
Assets/Liabilities Measured at Fair Value | ' | ' |
Assets: | ' | ' |
Available for sale securities | 5,222,557,000 | ' |
Measured on a recurring basis: | Assets/Liabilities Measured at Fair Value | ' | ' |
Assets: | ' | ' |
Available for sale securities | 5,222,557,000 | 5,304,579,000 |
Measured on a recurring basis: | Assets/Liabilities Measured at Fair Value | Residential mortgage-backed securities | ' | ' |
Assets: | ' | ' |
Available for sale securities | 4,932,505,000 | 5,027,701,000 |
Measured on a recurring basis: | Assets/Liabilities Measured at Fair Value | States and political subdivisions | ' | ' |
Assets: | ' | ' |
Available for sale securities | 261,125,000 | 248,410,000 |
Measured on a recurring basis: | Assets/Liabilities Measured at Fair Value | Other | ' | ' |
Assets: | ' | ' |
Available for sale securities | 28,927,000 | 28,468,000 |
Measured on a recurring basis: | Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' |
Assets: | ' | ' |
Available for sale securities | 28,927,000 | 28,468,000 |
Measured on a recurring basis: | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other | ' | ' |
Assets: | ' | ' |
Available for sale securities | 28,927,000 | 28,468,000 |
Measured on a recurring basis: | Significant Other Observable Inputs (Level 2) | ' | ' |
Assets: | ' | ' |
Available for sale securities | 5,166,674,000 | 5,248,259,000 |
Measured on a recurring basis: | Significant Other Observable Inputs (Level 2) | Residential mortgage-backed securities | ' | ' |
Assets: | ' | ' |
Available for sale securities | 4,905,549,000 | 4,999,849,000 |
Measured on a recurring basis: | Significant Other Observable Inputs (Level 2) | States and political subdivisions | ' | ' |
Assets: | ' | ' |
Available for sale securities | 261,125,000 | 248,410,000 |
Measured on a recurring basis: | Significant Unobservable Inputs (Level 3) | ' | ' |
Assets: | ' | ' |
Available for sale securities | 26,956,000 | 27,852,000 |
Measured on a recurring basis: | Significant Unobservable Inputs (Level 3) | Residential mortgage-backed securities | ' | ' |
Assets: | ' | ' |
Available for sale securities | $26,956,000 | $27,852,000 |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 2) (Residential mortgage-backed securities, USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Residential mortgage-backed securities | ' |
Reconciliation of activity for mortgage-backed securities on a net basis | ' |
Balance at the beginning of the period | $27,852 |
Principal paydowns | -928 |
Total unrealized gains included in: | ' |
Other comprehensive loss | 122 |
Impairment realized | -90 |
Balance at the end of the period | $26,956 |
Fair_Value_Measurements_Detail2
Fair Value Measurements (Details 3) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Assets: | ' | ' |
Impaired Loans | $65,436,000 | $64,585,000 |
Assumptions used in discounted cash flow model to determine fair value of investments classified within level 3 | ' | ' |
Charges to allowance for probable loan losses in connection with other real estate owned | 37,000 | 402,000 |
Adjustment to fair value in connection with other real estate owned | 138,000 | 1,204,000 |
Impaired commercial collateral dependent loans | 65,436,000 | 64,585,000 |
Impaired commercial collateral dependent receivables appraisals to determine fair value within immediately preceding twelve months | 43,571,000 | 50,346,000 |
Significant Unobservable Inputs (Level 3) | Bond meeting the original contract terms | ' | ' |
Assumptions used in discounted cash flow model to determine fair value of investments classified within level 3 | ' | ' |
Minimum period of residential mortgage loan performance under original contract terms | '24 months | '24 months |
Estimated future principal prepayment rate assumption, low end of range (as a percent) | 7.00% | 7.00% |
Default rate assumptions (as a percent) | 1.00% | 1.00% |
Loss severity rate assumptions, first year (as a percent) | 25.00% | 25.00% |
Estimated future principal prepayment rate assumption, discount rate (as a percent) | 13.00% | 13.00% |
Significant Unobservable Inputs (Level 3) | Bond not meeting the original contract terms | ' | ' |
Assumptions used in discounted cash flow model to determine fair value of investments classified within level 3 | ' | ' |
Estimated future principal prepayment rate assumption, low end of range (as a percent) | 2.00% | 2.00% |
Default rate assumptions (as a percent) | 4.50% | 4.50% |
Loss severity rate assumptions, first year (as a percent) | 60.00% | 60.00% |
Decrease in loss severity rates, following five years (as a percent) | 5.00% | 5.00% |
Loss severity rate, thereafter (as a percent) | 25.00% | 25.00% |
Estimated future principal prepayment rate assumption, discount rate (as a percent) | 13.00% | 13.00% |
Measured on a non-recurring basis: | ' | ' |
Assumptions used in discounted cash flow model to determine fair value of investments classified within level 3 | ' | ' |
Change in net provision, impaired loans | 5,208,000 | 13,229,000 |
Change in net provision, other real estate owned | 138,000 | 1,204,000 |
Measured on a non-recurring basis: | Assets/Liabilities Measured at Fair Value | ' | ' |
Assets: | ' | ' |
Impaired Loans | 21,419,000 | 28,391,000 |
Non-financial assets: | ' | ' |
Other real estate owned | 5,152,000 | 16,329,000 |
Assumptions used in discounted cash flow model to determine fair value of investments classified within level 3 | ' | ' |
Impaired commercial collateral dependent loans | 21,419,000 | 28,391,000 |
Measured on a non-recurring basis: | Significant Unobservable Inputs (Level 3) | ' | ' |
Assets: | ' | ' |
Impaired Loans | 21,419,000 | 28,391,000 |
Non-financial assets: | ' | ' |
Other real estate owned | 5,152,000 | 16,329,000 |
Assumptions used in discounted cash flow model to determine fair value of investments classified within level 3 | ' | ' |
Impaired commercial collateral dependent loans | $21,419,000 | $28,391,000 |
Fair_Value_Measurements_Detail3
Fair Value Measurements (Details 4) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Deposits | ' | ' |
Carrying amount of time deposits | $2,640,186,000 | $2,651,303,000 |
Significant Other Observable Inputs (Level 2) | ' | ' |
Other borrowed funds | ' | ' |
Carrying amount of the long-term FHLB borrowings | 8,903,000 | 8,951,000 |
Estimated fair value of long-term FHLB borrowings | 8,911,000 | 8,950,000 |
Significant Unobservable Inputs (Level 3) | ' | ' |
Loans | ' | ' |
Carrying amount of fixed rate performing loans | 1,254,640,000 | 1,243,252,000 |
Estimated fair value of fixed rate performing loans | 1,206,449,000 | 1,196,916,000 |
Deposits | ' | ' |
Carrying amount of time deposits | 2,640,186,000 | 2,651,303,000 |
Estimated fair value of time deposits | 2,638,519,000 | 2,648,452,000 |
Securities Sold Under Repurchase Agreements | ' | ' |
Carrying amount of long-term repurchase agreements | 610,000,000 | 710,000,000 |
Estimated fair value of long-term repurchase agreements | $674,938,000 | $792,215,500 |
Loans_Details
Loans (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Summary of loans, by loan type | ' | ' |
Total loans | $5,286,500 | $5,199,235 |
Commercial, financial and agricultural | ' | ' |
Summary of loans, by loan type | ' | ' |
Total loans | 2,924,592 | 2,894,779 |
Real estate - mortgage | ' | ' |
Summary of loans, by loan type | ' | ' |
Total loans | 840,165 | 847,692 |
Real estate - construction | ' | ' |
Summary of loans, by loan type | ' | ' |
Total loans | 1,279,003 | 1,208,508 |
Consumer | ' | ' |
Summary of loans, by loan type | ' | ' |
Total loans | 63,430 | 66,414 |
Foreign | ' | ' |
Summary of loans, by loan type | ' | ' |
Total loans | $179,310 | $181,842 |
Allowance_for_Probable_Loan_Lo2
Allowance for Probable Loan Losses (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Allowance for probable loan losses | ' | ' |
Balance at the beginning of the period | $70,161 | $58,193 |
Losses charged to allowance | -2,844 | -3,509 |
Recoveries credited to allowance | 1,013 | 865 |
Net losses charged to allowance | -1,831 | -2,644 |
Provision charged to operations | 2,078 | 7,419 |
Balance at the end of the period | 70,408 | 62,968 |
Commercial | ' | ' |
Allowance for probable loan losses | ' | ' |
Balance at the beginning of the period | 22,433 | 11,632 |
Losses charged to allowance | -2,481 | -2,663 |
Recoveries credited to allowance | 796 | 694 |
Net losses charged to allowance | -1,685 | -1,969 |
Provision charged to operations | 7,175 | 11,263 |
Balance at the end of the period | 27,923 | 20,926 |
Commercial real estate: other construction and land development | ' | ' |
Allowance for probable loan losses | ' | ' |
Balance at the beginning of the period | 12,541 | 12,720 |
Losses charged to allowance | ' | -128 |
Recoveries credited to allowance | 31 | 13 |
Net losses charged to allowance | 31 | -115 |
Provision charged to operations | 903 | -1,552 |
Balance at the end of the period | 13,475 | 11,053 |
Commercial real estate: farmland and commercial | ' | ' |
Allowance for probable loan losses | ' | ' |
Balance at the beginning of the period | 24,467 | 21,880 |
Losses charged to allowance | ' | -60 |
Recoveries credited to allowance | 23 | 13 |
Net losses charged to allowance | 23 | -47 |
Provision charged to operations | -5,556 | -1,182 |
Balance at the end of the period | 18,934 | 20,651 |
Commercial real estate: multifamily | ' | ' |
Allowance for probable loan losses | ' | ' |
Balance at the beginning of the period | 776 | 694 |
Provision charged to operations | 43 | -85 |
Balance at the end of the period | 819 | 609 |
Residential: first lien | ' | ' |
Allowance for probable loan losses | ' | ' |
Balance at the beginning of the period | 3,812 | 4,390 |
Losses charged to allowance | -27 | -172 |
Recoveries credited to allowance | 4 | 5 |
Net losses charged to allowance | -23 | -167 |
Provision charged to operations | -265 | -355 |
Balance at the end of the period | 3,524 | 3,868 |
Residential: junior lien | ' | ' |
Allowance for probable loan losses | ' | ' |
Balance at the beginning of the period | 4,249 | 4,448 |
Losses charged to allowance | -146 | -255 |
Recoveries credited to allowance | 33 | 94 |
Net losses charged to allowance | -113 | -161 |
Provision charged to operations | -168 | -276 |
Balance at the end of the period | 3,968 | 4,011 |
Consumer | ' | ' |
Allowance for probable loan losses | ' | ' |
Balance at the beginning of the period | 750 | 1,289 |
Losses charged to allowance | -187 | -211 |
Recoveries credited to allowance | 80 | 46 |
Net losses charged to allowance | -107 | -165 |
Provision charged to operations | 105 | -304 |
Balance at the end of the period | 748 | 820 |
Foreign | ' | ' |
Allowance for probable loan losses | ' | ' |
Balance at the beginning of the period | 1,133 | 1,140 |
Losses charged to allowance | -3 | -20 |
Recoveries credited to allowance | 46 | ' |
Net losses charged to allowance | 43 | -20 |
Provision charged to operations | -159 | -90 |
Balance at the end of the period | $1,017 | $1,030 |
Allowance_for_Probable_Loan_Lo3
Allowance for Probable Loan Losses (Details 2) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Loan loss allowances, impaired financing receivable, evaluated individually or collectively | ' | ' |
Loans individually evaluated for impairment, Recorded Investment | $76,263 | $75,893 |
Loans individually evaluated for impairment, Allowance | 20,942 | 16,002 |
Loans collectively evaluated for impairment, Recorded Investment | 5,210,237 | 5,123,342 |
Loans collectively evaluated for impairment, Allowance | 49,466 | 54,159 |
Commercial | ' | ' |
Loan loss allowances, impaired financing receivable, evaluated individually or collectively | ' | ' |
Loans individually evaluated for impairment, Recorded Investment | 35,539 | 34,183 |
Loans individually evaluated for impairment, Allowance | 17,424 | 12,234 |
Loans collectively evaluated for impairment, Recorded Investment | 1,059,024 | 1,008,459 |
Loans collectively evaluated for impairment, Allowance | 10,499 | 10,199 |
Commercial real estate: other construction and land development | ' | ' |
Loan loss allowances, impaired financing receivable, evaluated individually or collectively | ' | ' |
Loans individually evaluated for impairment, Recorded Investment | 13,558 | 13,976 |
Loans individually evaluated for impairment, Allowance | 852 | 852 |
Loans collectively evaluated for impairment, Recorded Investment | 1,265,445 | 1,194,532 |
Loans collectively evaluated for impairment, Allowance | 12,623 | 11,689 |
Commercial real estate: farmland and commercial | ' | ' |
Loan loss allowances, impaired financing receivable, evaluated individually or collectively | ' | ' |
Loans individually evaluated for impairment, Recorded Investment | 15,607 | 16,038 |
Loans individually evaluated for impairment, Allowance | 2,666 | 2,916 |
Loans collectively evaluated for impairment, Recorded Investment | 1,706,316 | 1,734,001 |
Loans collectively evaluated for impairment, Allowance | 16,268 | 21,551 |
Commercial real estate: multifamily | ' | ' |
Loan loss allowances, impaired financing receivable, evaluated individually or collectively | ' | ' |
Loans individually evaluated for impairment, Recorded Investment | 280 | 295 |
Loans collectively evaluated for impairment, Recorded Investment | 107,826 | 101,803 |
Loans collectively evaluated for impairment, Allowance | 819 | 776 |
Residential: first lien | ' | ' |
Loan loss allowances, impaired financing receivable, evaluated individually or collectively | ' | ' |
Loans individually evaluated for impairment, Recorded Investment | 6,273 | 6,153 |
Loans collectively evaluated for impairment, Recorded Investment | 414,736 | 432,309 |
Loans collectively evaluated for impairment, Allowance | 3,524 | 3,812 |
Residential: junior lien | ' | ' |
Loan loss allowances, impaired financing receivable, evaluated individually or collectively | ' | ' |
Loans individually evaluated for impairment, Recorded Investment | 3,123 | 3,206 |
Loans collectively evaluated for impairment, Recorded Investment | 416,033 | 406,024 |
Loans collectively evaluated for impairment, Allowance | 3,968 | 4,249 |
Consumer | ' | ' |
Loan loss allowances, impaired financing receivable, evaluated individually or collectively | ' | ' |
Loans individually evaluated for impairment, Recorded Investment | 1,453 | 1,606 |
Loans collectively evaluated for impairment, Recorded Investment | 61,977 | 64,808 |
Loans collectively evaluated for impairment, Allowance | 748 | 750 |
Foreign | ' | ' |
Loan loss allowances, impaired financing receivable, evaluated individually or collectively | ' | ' |
Loans individually evaluated for impairment, Recorded Investment | 430 | 436 |
Loans collectively evaluated for impairment, Recorded Investment | 178,880 | 181,406 |
Loans collectively evaluated for impairment, Allowance | $1,017 | $1,133 |
Allowance_for_Probable_Loan_Lo4
Allowance for Probable Loan Losses (Details 3) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Loan loss allowances, financing receivable past due | ' | ' |
Non-accrual loans, total | $63,266 | $62,823 |
Commercial | ' | ' |
Loan loss allowances, financing receivable past due | ' | ' |
Non-accrual loans, total | 35,476 | 34,110 |
Commercial real estate: other construction and land development | ' | ' |
Loan loss allowances, financing receivable past due | ' | ' |
Non-accrual loans, total | 11,307 | 11,726 |
Commercial real estate: farmland and commercial | ' | ' |
Loan loss allowances, financing receivable past due | ' | ' |
Non-accrual loans, total | 13,344 | 13,775 |
Commercial real estate: multifamily | ' | ' |
Loan loss allowances, financing receivable past due | ' | ' |
Non-accrual loans, total | 280 | 295 |
Residential: first lien | ' | ' |
Loan loss allowances, financing receivable past due | ' | ' |
Non-accrual loans, total | 1,259 | 1,266 |
Residential: junior lien | ' | ' |
Loan loss allowances, financing receivable past due | ' | ' |
Non-accrual loans, total | 1,555 | 1,576 |
Consumer | ' | ' |
Loan loss allowances, financing receivable past due | ' | ' |
Non-accrual loans, total | $45 | $75 |
Allowance_for_Probable_Loan_Lo5
Allowance for Probable Loan Losses (Details 4) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Interest Recognized | ' | ' |
Loans accounted for as troubled debt restructuring | $19,148,000 | $20,358,000 |
Period of charge off for past due unsecured commercial loans | '90 days | ' |
Class of financing receivable | ' | ' |
Recorded investment: | ' | ' |
Total impaired loans with related allowance | 31,197,000 | 31,255,000 |
Total impaired loans with no related allowance | 45,066,000 | 44,638,000 |
Unpaid principal balance: | ' | ' |
Total impaired loans with an allowance recorded | 31,553,000 | 34,699,000 |
Total impaired loans with no related allowance recorded | 46,539,000 | 45,986,000 |
Related Allowance | 20,942,000 | 16,002,000 |
Average recorded investment: | ' | ' |
Total impaired loans with an allowance recorded | 30,809,000 | 31,244,000 |
Total impaired loans with no related allowance recorded | 44,098,000 | 51,616,000 |
Interest Recognized | ' | ' |
Total impaired loans with an allowance recorded | 23,000 | 130,000 |
Total impaired loans with no related allowance recorded | 112,000 | 374,000 |
Commercial | Class of financing receivable | ' | ' |
Recorded investment: | ' | ' |
Total impaired loans with related allowance | 17,684,000 | 17,178,000 |
Total impaired loans with no related allowance | 17,855,000 | 17,005,000 |
Unpaid principal balance: | ' | ' |
Total impaired loans with an allowance recorded | 17,674,000 | 17,177,000 |
Total impaired loans with no related allowance recorded | 17,876,000 | 17,023,000 |
Related Allowance | 17,424,000 | 12,234,000 |
Average recorded investment: | ' | ' |
Total impaired loans with an allowance recorded | 17,287,000 | 18,019,000 |
Total impaired loans with no related allowance recorded | 17,060,000 | 16,778,000 |
Interest Recognized | ' | ' |
Total impaired loans with an allowance recorded | ' | 38,000 |
Total impaired loans with no related allowance recorded | 1,000 | 2,000 |
Commercial real estate: other construction and land development | Class of financing receivable | ' | ' |
Recorded investment: | ' | ' |
Total impaired loans with related allowance | 6,898,000 | 6,818,000 |
Total impaired loans with no related allowance | 6,660,000 | 7,158,000 |
Unpaid principal balance: | ' | ' |
Total impaired loans with an allowance recorded | 6,906,000 | 6,825,000 |
Total impaired loans with no related allowance recorded | 6,704,000 | 7,187,000 |
Related Allowance | 852,000 | 852,000 |
Average recorded investment: | ' | ' |
Total impaired loans with an allowance recorded | 6,898,000 | 6,058,000 |
Total impaired loans with no related allowance recorded | 6,801,000 | 18,164,000 |
Interest Recognized | ' | ' |
Total impaired loans with no related allowance recorded | 18,000 | 74,000 |
Commercial real estate: farmland and commercial | Class of financing receivable | ' | ' |
Recorded investment: | ' | ' |
Total impaired loans with related allowance | 6,615,000 | 7,259,000 |
Total impaired loans with no related allowance | 8,992,000 | 8,779,000 |
Unpaid principal balance: | ' | ' |
Total impaired loans with an allowance recorded | 6,963,000 | 10,697,000 |
Total impaired loans with no related allowance recorded | 10,310,000 | 9,949,000 |
Related Allowance | 2,666,000 | 2,916,000 |
Average recorded investment: | ' | ' |
Total impaired loans with an allowance recorded | 6,624,000 | 7,167,000 |
Total impaired loans with no related allowance recorded | 8,656,000 | 7,313,000 |
Interest Recognized | ' | ' |
Total impaired loans with an allowance recorded | 23,000 | 92,000 |
Commercial real estate: multifamily | Class of financing receivable | ' | ' |
Recorded investment: | ' | ' |
Total impaired loans with no related allowance | 280,000 | 295,000 |
Unpaid principal balance: | ' | ' |
Total impaired loans with no related allowance recorded | 280,000 | 295,000 |
Average recorded investment: | ' | ' |
Total impaired loans with no related allowance recorded | 285,000 | 322,000 |
Residential: first lien | Class of financing receivable | ' | ' |
Recorded investment: | ' | ' |
Total impaired loans with no related allowance | 6,273,000 | 6,153,000 |
Unpaid principal balance: | ' | ' |
Total impaired loans with no related allowance recorded | 6,337,000 | 6,258,000 |
Average recorded investment: | ' | ' |
Total impaired loans with no related allowance recorded | 6,287,000 | 4,860,000 |
Interest Recognized | ' | ' |
Total impaired loans with no related allowance recorded | 63,000 | 179,000 |
Residential: junior lien | Class of financing receivable | ' | ' |
Recorded investment: | ' | ' |
Total impaired loans with no related allowance | 3,123,000 | 3,206,000 |
Unpaid principal balance: | ' | ' |
Total impaired loans with no related allowance recorded | 3,142,000 | 3,226,000 |
Average recorded investment: | ' | ' |
Total impaired loans with no related allowance recorded | 3,133,000 | 2,347,000 |
Interest Recognized | ' | ' |
Total impaired loans with no related allowance recorded | 24,000 | 99,000 |
Consumer | Class of financing receivable | ' | ' |
Recorded investment: | ' | ' |
Total impaired loans with no related allowance | 1,453,000 | 1,606,000 |
Unpaid principal balance: | ' | ' |
Total impaired loans with no related allowance recorded | 1,460,000 | 1,612,000 |
Average recorded investment: | ' | ' |
Total impaired loans with no related allowance recorded | 1,444,000 | 1,380,000 |
Interest Recognized | ' | ' |
Total impaired loans with no related allowance recorded | 1,000 | 1,000 |
Foreign | Class of financing receivable | ' | ' |
Recorded investment: | ' | ' |
Total impaired loans with no related allowance | 430,000 | 436,000 |
Unpaid principal balance: | ' | ' |
Total impaired loans with no related allowance recorded | 430,000 | 436,000 |
Average recorded investment: | ' | ' |
Total impaired loans with no related allowance recorded | 432,000 | 452,000 |
Interest Recognized | ' | ' |
Total impaired loans with no related allowance recorded | $5,000 | $19,000 |
Allowance_for_Probable_Loan_Lo6
Allowance for Probable Loan Losses (Details 5) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing receivable recorded investment | ' | ' |
Past due 30-59 days | $19,796 | $19,891 |
Past due 60-89 days | 6,464 | 5,330 |
Past due 90 days or greater | 59,497 | 60,537 |
Past due 90 days or greater and still accruing | 6,334 | 7,197 |
Past due, total | 85,757 | 85,758 |
Loans, current | 5,200,743 | 5,113,477 |
Total loans | 5,286,500 | 5,199,235 |
Commercial | ' | ' |
Financing receivable recorded investment | ' | ' |
Past due 30-59 days | 4,622 | 4,240 |
Past due 60-89 days | 1,477 | 538 |
Past due 90 days or greater | 35,819 | 36,066 |
Past due 90 days or greater and still accruing | 2,225 | 2,051 |
Past due, total | 41,918 | 40,844 |
Loans, current | 1,052,645 | 1,001,798 |
Total loans | 1,094,563 | 1,042,642 |
Commercial real estate: other construction and land development | ' | ' |
Financing receivable recorded investment | ' | ' |
Past due 30-59 days | 642 | 1,042 |
Past due 60-89 days | 309 | ' |
Past due 90 days or greater | 10,537 | 9,942 |
Past due 90 days or greater and still accruing | 68 | 62 |
Past due, total | 11,488 | 10,984 |
Loans, current | 1,267,515 | 1,197,524 |
Total loans | 1,279,003 | 1,208,508 |
Commercial real estate: farmland and commercial | ' | ' |
Financing receivable recorded investment | ' | ' |
Past due 30-59 days | 4,988 | 6,216 |
Past due 60-89 days | 2,861 | 520 |
Past due 90 days or greater | 7,327 | 6,990 |
Past due 90 days or greater and still accruing | 1,099 | 417 |
Past due, total | 15,176 | 13,726 |
Loans, current | 1,706,747 | 1,736,313 |
Total loans | 1,721,923 | 1,750,039 |
Commercial real estate: multifamily | ' | ' |
Financing receivable recorded investment | ' | ' |
Past due 30-59 days | 343 | 39 |
Past due 60-89 days | 217 | 142 |
Past due 90 days or greater | 280 | 295 |
Past due, total | 840 | 476 |
Loans, current | 107,266 | 101,622 |
Total loans | 108,106 | 102,098 |
Residential: first lien | ' | ' |
Financing receivable recorded investment | ' | ' |
Past due 30-59 days | 5,211 | 4,758 |
Past due 60-89 days | 1,005 | 3,046 |
Past due 90 days or greater | 2,613 | 4,541 |
Past due 90 days or greater and still accruing | 1,588 | 3,518 |
Past due, total | 8,829 | 12,345 |
Loans, current | 412,180 | 426,117 |
Total loans | 421,009 | 438,462 |
Residential: junior lien | ' | ' |
Financing receivable recorded investment | ' | ' |
Past due 30-59 days | 855 | 606 |
Past due 60-89 days | 96 | 198 |
Past due 90 days or greater | 1,708 | 1,900 |
Past due 90 days or greater and still accruing | 183 | 368 |
Past due, total | 2,659 | 2,704 |
Loans, current | 416,497 | 406,526 |
Total loans | 419,156 | 409,230 |
Consumer | ' | ' |
Financing receivable recorded investment | ' | ' |
Past due 30-59 days | 1,119 | 1,523 |
Past due 60-89 days | 489 | 469 |
Past due 90 days or greater | 884 | 803 |
Past due 90 days or greater and still accruing | 842 | 781 |
Past due, total | 2,492 | 2,795 |
Loans, current | 60,938 | 63,619 |
Total loans | 63,430 | 66,414 |
Foreign | ' | ' |
Financing receivable recorded investment | ' | ' |
Past due 30-59 days | 2,016 | 1,467 |
Past due 60-89 days | 10 | 417 |
Past due 90 days or greater | 329 | ' |
Past due 90 days or greater and still accruing | 329 | ' |
Past due, total | 2,355 | 1,884 |
Loans, current | 176,955 | 179,958 |
Total loans | $179,310 | $181,842 |
Allowance_for_Probable_Loan_Lo7
Allowance for Probable Loan Losses (Details 6) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Loan portfolio by credit quality indicator | ' | ' |
Portfolio, total | $5,286,500 | $5,199,235 |
Pass | ' | ' |
Loan portfolio by credit quality indicator | ' | ' |
Portfolio, total | 5,029,516 | 4,942,387 |
Special Review | ' | ' |
Loan portfolio by credit quality indicator | ' | ' |
Portfolio, total | 75,336 | 73,077 |
Watch List - Pass | ' | ' |
Loan portfolio by credit quality indicator | ' | ' |
Portfolio, total | 35,835 | 35,619 |
Watch List - Substandard | ' | ' |
Loan portfolio by credit quality indicator | ' | ' |
Portfolio, total | 69,550 | 72,259 |
Watch List - Impaired | ' | ' |
Loan portfolio by credit quality indicator | ' | ' |
Portfolio, total | 76,263 | 75,893 |
Commercial | ' | ' |
Loan portfolio by credit quality indicator | ' | ' |
Portfolio, total | 1,094,563 | 1,042,642 |
Commercial | Pass | ' | ' |
Loan portfolio by credit quality indicator | ' | ' |
Portfolio, total | 1,001,514 | 955,522 |
Commercial | Special Review | ' | ' |
Loan portfolio by credit quality indicator | ' | ' |
Portfolio, total | 7,213 | 2,270 |
Commercial | Watch List - Pass | ' | ' |
Loan portfolio by credit quality indicator | ' | ' |
Portfolio, total | 4,887 | 4,389 |
Commercial | Watch List - Substandard | ' | ' |
Loan portfolio by credit quality indicator | ' | ' |
Portfolio, total | 45,410 | 46,278 |
Commercial | Watch List - Impaired | ' | ' |
Loan portfolio by credit quality indicator | ' | ' |
Portfolio, total | 35,539 | 34,183 |
Commercial real estate: other construction and land development | ' | ' |
Loan portfolio by credit quality indicator | ' | ' |
Portfolio, total | 1,279,003 | 1,208,508 |
Commercial real estate: other construction and land development | Pass | ' | ' |
Loan portfolio by credit quality indicator | ' | ' |
Portfolio, total | 1,242,189 | 1,167,295 |
Commercial real estate: other construction and land development | Special Review | ' | ' |
Loan portfolio by credit quality indicator | ' | ' |
Portfolio, total | 6,296 | 14,247 |
Commercial real estate: other construction and land development | Watch List - Pass | ' | ' |
Loan portfolio by credit quality indicator | ' | ' |
Portfolio, total | 8,577 | 9,318 |
Commercial real estate: other construction and land development | Watch List - Substandard | ' | ' |
Loan portfolio by credit quality indicator | ' | ' |
Portfolio, total | 8,383 | 3,672 |
Commercial real estate: other construction and land development | Watch List - Impaired | ' | ' |
Loan portfolio by credit quality indicator | ' | ' |
Portfolio, total | 13,558 | 13,976 |
Commercial real estate: farmland and commercial | ' | ' |
Loan portfolio by credit quality indicator | ' | ' |
Portfolio, total | 1,721,923 | 1,750,039 |
Commercial real estate: farmland and commercial | Pass | ' | ' |
Loan portfolio by credit quality indicator | ' | ' |
Portfolio, total | 1,608,212 | 1,635,179 |
Commercial real estate: farmland and commercial | Special Review | ' | ' |
Loan portfolio by credit quality indicator | ' | ' |
Portfolio, total | 61,709 | 56,438 |
Commercial real estate: farmland and commercial | Watch List - Pass | ' | ' |
Loan portfolio by credit quality indicator | ' | ' |
Portfolio, total | 22,371 | 21,912 |
Commercial real estate: farmland and commercial | Watch List - Substandard | ' | ' |
Loan portfolio by credit quality indicator | ' | ' |
Portfolio, total | 14,024 | 20,472 |
Commercial real estate: farmland and commercial | Watch List - Impaired | ' | ' |
Loan portfolio by credit quality indicator | ' | ' |
Portfolio, total | 15,607 | 16,038 |
Commercial real estate: multifamily | ' | ' |
Loan portfolio by credit quality indicator | ' | ' |
Portfolio, total | 108,106 | 102,098 |
Commercial real estate: multifamily | Pass | ' | ' |
Loan portfolio by credit quality indicator | ' | ' |
Portfolio, total | 106,984 | 100,948 |
Commercial real estate: multifamily | Watch List - Substandard | ' | ' |
Loan portfolio by credit quality indicator | ' | ' |
Portfolio, total | 842 | 855 |
Commercial real estate: multifamily | Watch List - Impaired | ' | ' |
Loan portfolio by credit quality indicator | ' | ' |
Portfolio, total | 280 | 295 |
Residential: first lien | ' | ' |
Loan portfolio by credit quality indicator | ' | ' |
Portfolio, total | 421,009 | 438,462 |
Residential: first lien | Pass | ' | ' |
Loan portfolio by credit quality indicator | ' | ' |
Portfolio, total | 414,523 | 432,067 |
Residential: first lien | Special Review | ' | ' |
Loan portfolio by credit quality indicator | ' | ' |
Portfolio, total | 118 | 122 |
Residential: first lien | Watch List - Substandard | ' | ' |
Loan portfolio by credit quality indicator | ' | ' |
Portfolio, total | 95 | 120 |
Residential: first lien | Watch List - Impaired | ' | ' |
Loan portfolio by credit quality indicator | ' | ' |
Portfolio, total | 6,273 | 6,153 |
Residential: junior lien | ' | ' |
Loan portfolio by credit quality indicator | ' | ' |
Portfolio, total | 419,156 | 409,230 |
Residential: junior lien | Pass | ' | ' |
Loan portfolio by credit quality indicator | ' | ' |
Portfolio, total | 415,575 | 405,731 |
Residential: junior lien | Watch List - Substandard | ' | ' |
Loan portfolio by credit quality indicator | ' | ' |
Portfolio, total | 458 | 293 |
Residential: junior lien | Watch List - Impaired | ' | ' |
Loan portfolio by credit quality indicator | ' | ' |
Portfolio, total | 3,123 | 3,206 |
Consumer | ' | ' |
Loan portfolio by credit quality indicator | ' | ' |
Portfolio, total | 63,430 | 66,414 |
Consumer | Pass | ' | ' |
Loan portfolio by credit quality indicator | ' | ' |
Portfolio, total | 61,977 | 64,808 |
Consumer | Watch List - Impaired | ' | ' |
Loan portfolio by credit quality indicator | ' | ' |
Portfolio, total | 1,453 | 1,606 |
Foreign | ' | ' |
Loan portfolio by credit quality indicator | ' | ' |
Portfolio, total | 179,310 | 181,842 |
Foreign | Pass | ' | ' |
Loan portfolio by credit quality indicator | ' | ' |
Portfolio, total | 178,542 | 180,837 |
Foreign | Watch List - Substandard | ' | ' |
Loan portfolio by credit quality indicator | ' | ' |
Portfolio, total | 338 | 569 |
Foreign | Watch List - Impaired | ' | ' |
Loan portfolio by credit quality indicator | ' | ' |
Portfolio, total | $430 | $436 |
Stock_Options_Details
Stock Options (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Apr. 05, 2012 | |
Stock options under 2012 Plan | ' | ' | ' |
Stock option details | ' | ' | ' |
Shares available for future grants | 199,250 | ' | 800,000 |
Maximum exercisable period for options granted | '10 years | ' | ' |
Stock option activity | ' | ' | ' |
Options outstanding at the beginning of the period (in shares) | 515,143 | ' | ' |
Plus: Options granted (in shares) | 549,750 | ' | ' |
Less: | ' | ' | ' |
Options exercised (in shares) | 8,399 | ' | ' |
Options forfeited (in shares) | 500 | ' | ' |
Options outstanding at the end of the period (in shares) | 1,055,994 | ' | ' |
Options fully vested and exercisable at the end of the period (in shares) | 222,942 | ' | ' |
Stock options, weighted average exercise price | ' | ' | ' |
Options outstanding at the beginning, weighted average exercise price (in dollars per share) | $15.98 | ' | ' |
Plus: Options granted, weighted average exercise price (in dollars per share) | $21.42 | ' | ' |
Less: | ' | ' | ' |
Options exercised, weighted average exercise price (in dollars per share) | $14.23 | ' | ' |
Options forfeited, weighted average exercise price (in dollars per share) | $10.40 | ' | ' |
Options outstanding at the end, weighted average exercise price (in dollars per share) | $18.83 | ' | ' |
Options fully vested and exercisable at the end, weighted average exercise price (in dollars per share) | $18.43 | ' | ' |
Stock options, weighted average remaining contractual term | ' | ' | ' |
Options outstanding at the end, weighted average remaining contractual term | '6 years | ' | ' |
Options fully vested and exercisable at the end, weighted average remaining contractual term | '2 years 5 months 1 day | ' | ' |
Stock options, aggregate intrinsic value | ' | ' | ' |
Options outstanding at the end, aggregate intrinsic value | $6,711,000 | ' | ' |
Options fully vested and exercisable at the end, aggregate intrinsic value | 1,593,000 | ' | ' |
Stock-based compensation expense | 161,000 | 114,000 | ' |
Stock-based compensation cost, unrecognized, related to non-vested options | $4,831,000 | ' | ' |
Stock-based compensation cost, unrecognized, related to non-vested options, weighted-average period of recognition | '2 years 7 months 6 days | ' | ' |
Incentive stock options granted to 10% shareholders | ' | ' | ' |
Stock option details | ' | ' | ' |
Maximum exercisable period for options granted | '5 years | ' | ' |
Investment_Securities_Details
Investment Securities (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Held-to-maturity securities | ' | ' |
Amortized Cost | $2,400,000 | $2,400,000 |
Estimated Fair Value | 2,400,000 | 2,400,000 |
Carrying Value | 2,400,000 | 2,400,000 |
Available-for-sale securities | ' | ' |
Amortized Cost | 5,259,440,000 | 5,372,594,000 |
Gross Unrealized Gains | 66,045,000 | 65,104,000 |
Gross Unrealized Losses | -102,928,000 | -133,119,000 |
Total investment securities | 5,222,557,000 | 5,304,579,000 |
Estimated Fair Value | ' | ' |
Available-for-sale securities | ' | ' |
Total investment securities | 5,222,557,000 | 5,304,579,000 |
Carrying Value | ' | ' |
Available-for-sale securities | ' | ' |
Total investment securities | 5,222,557,000 | 5,304,579,000 |
Other securities | ' | ' |
Held-to-maturity securities | ' | ' |
Amortized Cost | 2,400,000 | 2,400,000 |
Estimated Fair Value | 2,400,000 | 2,400,000 |
Carrying Value | 2,400,000 | 2,400,000 |
Residential mortgage-backed securities | ' | ' |
Available-for-sale securities | ' | ' |
Amortized Cost | 4,976,280,000 | 5,096,165,000 |
Gross Unrealized Gains | 52,022,000 | 56,110,000 |
Gross Unrealized Losses | -95,797,000 | -124,574,000 |
Residential mortgage-backed securities | Estimated Fair Value | ' | ' |
Available-for-sale securities | ' | ' |
Total investment securities | 4,932,505,000 | 5,027,701,000 |
Residential mortgage-backed securities | Carrying Value | ' | ' |
Available-for-sale securities | ' | ' |
Total investment securities | 4,932,505,000 | 5,027,701,000 |
Mortgage-backed securities by Ginnie Mae | ' | ' |
Available-for-sale securities | ' | ' |
Total investment securities | 1,639,116,000 | 1,799,807,000 |
Mortgage-backed securities by Fannie Mae and Freddie Mac | ' | ' |
Available-for-sale securities | ' | ' |
Total investment securities | 3,266,433,000 | 3,200,042,000 |
Mortgage-backed securities by non-government entities | ' | ' |
Available-for-sale securities | ' | ' |
Total investment securities | 26,956,000 | 27,852,000 |
Obligations of states and political subdivisions | ' | ' |
Available-for-sale securities | ' | ' |
Amortized Cost | 255,085,000 | 248,354,000 |
Gross Unrealized Gains | 12,780,000 | 8,063,000 |
Gross Unrealized Losses | -6,740,000 | -8,007,000 |
Obligations of states and political subdivisions | Estimated Fair Value | ' | ' |
Available-for-sale securities | ' | ' |
Total investment securities | 261,125,000 | 248,410,000 |
Obligations of states and political subdivisions | Carrying Value | ' | ' |
Available-for-sale securities | ' | ' |
Total investment securities | 261,125,000 | 248,410,000 |
Equity Securities | ' | ' |
Available-for-sale securities | ' | ' |
Amortized Cost | 28,075,000 | 28,075,000 |
Gross Unrealized Gains | 1,243,000 | 931,000 |
Gross Unrealized Losses | -391,000 | -538,000 |
Equity Securities | Estimated Fair Value | ' | ' |
Available-for-sale securities | ' | ' |
Total investment securities | 28,927,000 | 28,468,000 |
Equity Securities | Carrying Value | ' | ' |
Available-for-sale securities | ' | ' |
Total investment securities | $28,927,000 | $28,468,000 |
Investment_Securities_Details_
Investment Securities (Details 2) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Held-to-maturity debt securities amortized cost disclosures | ' | ' | ' |
Due in one year or less, held-to-maturity debt securities amortized cost | $1,200,000 | ' | ' |
Due after one year through five years, held-to-maturity debt securities amortized cost | 1,200,000 | ' | ' |
Amortized cost, held-to-maturity debt securities | 2,400,000 | ' | 2,400,000 |
Held-to-maturity debt securities, Estimated fair value disclosures | ' | ' | ' |
Due in one year or less, held-to-maturity debt securities, Estimated fair value | 1,200,000 | ' | ' |
Due after one year through five years, held-to-maturity debt securities, Estimated fair value | 1,200,000 | ' | ' |
Estimated Fair Value | 2,400,000 | ' | 2,400,000 |
Available-for-sale debt securities amortized cost disclosures | ' | ' | ' |
Due after five years through ten years, available-for-sale debt securities amortized cost | 712,000 | ' | ' |
Due after ten years, available-for-sale debt securities amortized cost | 254,373,000 | ' | ' |
Residential mortgage-backed securities, amortized cost | 4,976,280,000 | ' | ' |
Equity securities, amortized cost | 28,075,000 | ' | ' |
Amortized cost, Available for sale securities | 5,259,440,000 | ' | 5,372,594,000 |
Available for sale debt securities, Estimated Fair Value Disclosures | ' | ' | ' |
Due after five years through ten years, available-for-sale debt securities, Estimated Fair Value | 777,000 | ' | ' |
Due after ten years, available-for-sale debt securities, Estimated Fair Value | 260,348,000 | ' | ' |
Residential mortgage-backed securities, Estimated Fair Value | 4,932,505,000 | ' | ' |
Equity securities, Estimated Fair Value | 28,927,000 | ' | ' |
Estimated fair value, Available for sale securities | 5,222,557,000 | ' | 5,304,579,000 |
Amortized cost of available for sale investment securities pledged | 2,643,050,000 | ' | ' |
Fair value of available for sale investment securities pledged | 2,640,974,000 | ' | ' |
Proceeds from sales and calls of available for sale securities | 258,277,000 | 178,124,000 | ' |
Proceeds from sales of mortgage-backed securities | 257,621,000 | 177,623,000 | ' |
Gross gains realized on sales | 8,108,000 | 9,601,000 | ' |
Gross losses realized on sales | 0 | 0 | ' |
Impairment charges on available for sale securities | 90,000 | 310,000 | ' |
Impairment charges on available-for-sale investment securities, after tax | $58,500 | $201,500 | ' |
Investment_Securities_Details_1
Investment Securities (Details 3) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Available for sale: | ' | ' |
Fair value, less than 12 months | $1,078,371 | $2,534,354 |
Unrealized losses, less than 12 months | -24,016 | -101,585 |
Fair value, 12 months or more | 1,774,278 | 434,554 |
Unrealized losses, 12 months or more | -78,912 | -31,534 |
Fair value, total | 2,852,649 | 2,968,908 |
Unrealized losses, total | -102,928 | -133,119 |
Residential mortgage-backed securities | ' | ' |
Available for sale: | ' | ' |
Fair value, less than 12 months | 1,028,459 | 2,459,565 |
Unrealized losses, less than 12 months | -22,666 | -98,022 |
Fair value, 12 months or more | 1,747,859 | 420,262 |
Unrealized losses, 12 months or more | -73,131 | -26,552 |
Fair value, total | 2,776,318 | 2,879,827 |
Unrealized losses, total | -95,797 | -124,574 |
Obligations of states and political subdivisions | ' | ' |
Available for sale: | ' | ' |
Fair value, less than 12 months | 35,096 | 55,327 |
Unrealized losses, less than 12 months | -1,166 | -3,025 |
Fair value, 12 months or more | 22,377 | 14,292 |
Unrealized losses, 12 months or more | -5,574 | -4,982 |
Fair value, total | 57,473 | 69,619 |
Unrealized losses, total | -6,740 | -8,007 |
Equity Securities | ' | ' |
Available for sale: | ' | ' |
Fair value, less than 12 months | 14,816 | 19,462 |
Unrealized losses, less than 12 months | -184 | -538 |
Fair value, 12 months or more | 4,042 | ' |
Unrealized losses, 12 months or more | -207 | ' |
Fair value, total | 18,858 | 19,462 |
Unrealized losses, total | ($391) | ($538) |
Investment_Securities_Details_2
Investment Securities (Details 4) (Available for sale investments, USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Available for sale investments | ' | ' |
Reconciliation of credit-related impairment charges on investments recognized in earnings | ' | ' |
Balance at the beginning | $11,806 | $10,432 |
Impairment charges recognized in earnings during period | 90 | 310 |
Balance at the end | $11,896 | $10,742 |
Other_Borrowed_Funds_Details
Other Borrowed Funds (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Other Borrowed Funds | ' | ' |
Other borrowed funds | $1,148,403 | $1,223,950 |
Percentage of decrease in other borrowed funds | -6.20% | ' |
Junior_Subordinated_Interest_D2
Junior Subordinated Interest Deferrable Debentures (Details) (USD $) | 3 Months Ended | 0 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2013 | Feb. 11, 2014 | |
item | IB Capital Trust VII | ||
Junior Subordinated Interest Deferrable Debentures | ' | ' | ' |
Number of statutory business trusts issuing trust preferred securities | 7 | ' | ' |
Junior subordinated deferrable interest debentures | $180,416,000 | $190,726,000 | ' |
Junior subordinated deferrable interest debentures, major types of business trusts | ' | ' | ' |
Redemption price discount (as a percent) | ' | ' | 6.00% |
Retirement of capital securities | ' | ' | 10,310,000 |
Maximum number of consecutive quarterly period available for deferral of interest payment on Trusts VI, VII, VIII, IX, X, XI and XII | 20 | ' | ' |
Percentage of capital securities issued by trust qualifying as Tier I capital, maximum | 25.00% | ' | ' |
Percentage of capital securities issued by trust qualifying as Tier II capital, minimum | 25.00% | ' | ' |
Capital securities issued by the trust, qualifying as Tier I capital | $180,416,000 | $190,726,000 | ' |
Junior_Subordinated_Interest_D3
Junior Subordinated Interest Deferrable Debentures (Details 2) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | Trust VI | Trust VIII | Trust IX | Trust X | Trust XI | Trust XII | ||
Junior subordinated deferrable interest debentures, major types of business trusts | ' | ' | ' | ' | ' | ' | ' | ' |
Junior subordinated deferrable interest debentures | $180,416 | $190,726 | $25,774 | $25,774 | $41,238 | $34,021 | $32,990 | $20,619 |
Interest rate (as a percent) | ' | ' | 3.69% | 3.29% | 1.87% | 1.89% | 1.87% | 1.69% |
Interest rate index | ' | ' | 'LIBOR | 'LIBOR | 'LIBOR | 'LIBOR | 'LIBOR | 'LIBOR |
Spread on interest rate index (as a percent) | ' | ' | 3.45% | 3.05% | 1.62% | 1.65% | 1.62% | 1.45% |
Common_Stock_and_Dividends_Det
Common Stock and Dividends (Details) (USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended | |||||
Apr. 18, 2014 | Apr. 09, 2014 | Mar. 07, 2014 | Oct. 15, 2013 | Apr. 20, 2013 | Apr. 30, 2009 | Mar. 31, 2014 | Apr. 29, 2014 | |
Common Stock and Dividends | ' | ' | ' | ' | ' | ' | ' | ' |
Series A cumulative perpetual preferred shares, outstanding | ' | ' | ' | ' | ' | ' | 216,000 | ' |
Warrants to purchase entity's common stock (in shares) | ' | ' | ' | ' | ' | ' | 1,326,238 | ' |
Warrants, exercise price (in dollars per share) | ' | ' | ' | ' | ' | ' | $24.43 | ' |
Percentage of aggregate common stock investment on exercise of warrant to Senior Preferred Stock investment | ' | ' | ' | ' | ' | ' | 15.00% | ' |
Warrants, term | ' | ' | ' | ' | ' | ' | '10 years | ' |
Cash dividends paid to common shareholders (in dollars per share) | $0.25 | ' | ' | $0.23 | $0.20 | ' | ' | ' |
Repurchase of common stock, authorized amount | ' | ' | $40,000,000 | ' | ' | $40,000,000 | ' | ' |
Period of repurchase of common stock | ' | '12 months | ' | ' | ' | '12 months | ' | ' |
Cumulative number of shares repurchased under all stock repurchase programs | ' | ' | ' | ' | ' | ' | ' | 8,093,502 |
Cumulative cost of shares repurchased under all stock repurchase programs | ' | ' | ' | ' | ' | ' | ' | $264,264,000 |
Capital_Ratios_Details
Capital Ratios (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2013 | |
Capital Ratios | ' | ' |
Tier 1 Capital (to Average Assets), Actual Ratio (as a percent) | 11.72% | 11.61% |
Tier 1 Capital (to Risk Weighted Assets), Actual Ratio (as a percent) | 19.22% | 19.33% |
Total Capital (to Risk Weighted Assets), Actual Ratio (as a percent) | 20.24% | 20.36% |
Identified intangibles and goodwill | $284,737,000 | ' |
Percentage of capital securities issued by trust qualifying as Tier I capital, maximum | 25.00% | ' |
Percentage of capital securities issued by trust qualifying as Tier II capital, minimum | 25.00% | ' |
Capital securities issued by the trust, qualifying as Tier I capital | $180,416,000 | $190,726,000 |