Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Jul. 31, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'FIRST MIDWEST BANCORP INC | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Common Stock, Shares Outstanding | ' | 75,276,660 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0000702325 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Consolidated_Statements_of_Fin
Consolidated Statements of Financial Condition (Current Period Unaudited) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, except Share data, unless otherwise specified | ||||
Assets [Abstract] | ' | ' | ||
Cash and due from banks | $155,099 | $110,417 | ||
Interest-bearing deposits in other banks | 322,874 | 476,824 | ||
Trading securities, at fair value | 18,231 | 17,317 | ||
Securities available-for-sale, at fair value | 1,050,475 | 1,112,725 | ||
Securities held-to-maturity, at amortized cost | 26,471 | 44,322 | ||
Federal Home Loan Bank (“FHLBâ€) and Federal Reserve Bank stock, at cost | 35,588 | 35,161 | ||
Loans, excluding covered loans | 5,843,457 | 5,580,005 | ||
Covered loans | 104,867 | [1] | 134,355 | [1] |
Allowance for loan and covered loan losses | -78,326 | -85,505 | ||
Net loans | 5,869,998 | 5,628,855 | ||
Other real estate owned (“OREOâ€), excluding covered OREO | 30,331 | 32,473 | ||
Covered OREO | 9,825 | 8,863 | ||
Federal Deposit Insurance Corporation (“FDICâ€) indemnification asset | 10,276 | 16,585 | ||
Premises, furniture, and equipment | 118,305 | 120,204 | ||
Investment in bank-owned life insurance (“BOLIâ€) | 194,502 | 193,167 | ||
Goodwill and other intangible assets | 274,962 | 276,366 | ||
Accrued interest receivable and other assets | 188,310 | 180,128 | ||
Total assets | 8,305,247 | 8,253,407 | ||
Liabilities | ' | ' | ||
Noninterest-bearing deposits | 2,025,666 | 1,911,602 | ||
Interest-bearing deposits | 4,869,584 | 4,854,499 | ||
Total deposits | 6,895,250 | 6,766,101 | ||
Borrowed funds | 104,201 | 224,342 | ||
Senior and subordinated debt | 190,996 | 190,932 | ||
Accrued interest payable and other liabilities | 75,362 | 70,590 | ||
Total liabilities | 7,265,809 | 7,251,965 | ||
Stockholders’ Equity | ' | ' | ||
Common stock | 858 | 858 | ||
Additional paid-in capital | 407,895 | 414,293 | ||
Retained earnings | 878,607 | 853,740 | ||
Accumulated other comprehensive loss, net of tax | -15,271 | -26,792 | ||
Treasury stock, at cost | -232,651 | -240,657 | ||
Total stockholders’ equity | 1,039,438 | 1,001,442 | ||
Total liabilities and stockholders’ equity | $8,305,247 | $8,253,407 | ||
Per Common Share Data | ' | ' | ||
Par Value (in Dollars per share) | $0.01 | $0.01 | ||
Shares authorized, preferred stock (in shares) | 1,000,000 | 1,000,000 | ||
Shares authorized (in Shares) | 150,000,000 | 100,000,000 | ||
Shares issued (in Shares) | 85,787,000 | 85,787,000 | ||
Shares outstanding (in Shares) | 75,273,000 | 75,071,000 | ||
Treasury shares (in Shares) | 10,514,000 | 10,716,000 | ||
[1] | For information on covered loans, refer to Note 5, “Acquired Loans.†|
Consolidated_Statements_of_Inc
Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Interest Income | ' | ' | ' | ' |
Loans, excluding covered loans | $60,634 | $59,111 | $119,636 | $118,542 |
Covered loans | 2,605 | 4,151 | 4,543 | 7,600 |
Investment securities | 8,019 | 7,657 | 16,024 | 15,013 |
Other short-term investments | 745 | 834 | 1,490 | 1,643 |
Total interest income | 72,003 | 71,753 | 141,693 | 142,798 |
Interest Expense | ' | ' | ' | ' |
Deposits | 2,511 | 3,003 | 5,108 | 6,323 |
Borrowed funds | 169 | 385 | 552 | 827 |
Senior and subordinated debt | 3,016 | 3,435 | 6,031 | 6,870 |
Total interest expense | 5,696 | 6,823 | 11,691 | 14,020 |
Net interest income | 66,307 | 64,930 | 130,002 | 128,778 |
Provision for loan and covered loan losses | 5,341 | 5,813 | 6,782 | 11,487 |
Net interest income after provision for loan and covered loan losses | 60,966 | 59,117 | 123,220 | 117,291 |
Noninterest Income | ' | ' | ' | ' |
Service charges on deposit accounts | 8,973 | 9,118 | 16,993 | 17,795 |
Wealth management fees | 6,552 | 6,126 | 13,009 | 11,965 |
Card-based fees | 5,969 | 5,547 | 11,304 | 10,623 |
Mortgage banking income | 959 | 1,010 | 2,074 | 2,978 |
Other service charges, commissions, and fees | 4,555 | 4,207 | 8,677 | 8,405 |
Net securities gains | 4,517 | 216 | 5,590 | 216 |
Loss on extinguishment of debt | -2,059 | 0 | -2,059 | 0 |
Other income | 1,727 | 1,217 | 2,855 | 3,034 |
Total noninterest income | 31,193 | 27,441 | 58,443 | 55,016 |
Noninterest Expense | ' | ' | ' | ' |
Salaries and employee benefits | 34,561 | 32,921 | 68,052 | 69,490 |
Net occupancy and equipment expense | 7,672 | 7,793 | 17,063 | 15,940 |
Professional services | 6,517 | 5,595 | 11,906 | 10,813 |
Technology and related costs | 3,104 | 2,884 | 6,178 | 5,367 |
Net OREO expense | 1,569 | 1,084 | 3,125 | 2,883 |
Other expenses | 11,594 | 12,150 | 22,361 | 22,748 |
Total noninterest expense | 65,017 | 62,427 | 128,685 | 127,241 |
Income before income tax expense | 27,142 | 24,131 | 52,978 | 45,066 |
Income tax expense | 8,642 | 7,955 | 16,814 | 14,248 |
Net income | $18,500 | $16,176 | $36,164 | $30,818 |
Per Common Share Data | ' | ' | ' | ' |
Basic earnings (loss) per common share (in Dollars per share) | $0.25 | $0.22 | $0.48 | $0.41 |
Diluted earnings (loss) per common share (in Dollars per share) | $0.25 | $0.22 | $0.48 | $0.41 |
Dividends declared per common share (in Dollars per share) | $0.08 | $0.04 | $0.15 | $0.05 |
Weighted-average common shares outstanding (in Shares) | 74,322 | 74,017 | 74,235 | 73,942 |
Weighted-average diluted common shares outstanding (in Shares) | 74,333 | 74,024 | 74,247 | 73,950 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $18,500 | $16,176 | $36,164 | $30,818 |
Unrealized holding gains (losses): | ' | ' | ' | ' |
Before tax | 12,031 | 1,164 | 24,721 | -852 |
Tax effect | -4,743 | -945 | -9,779 | -158 |
Net of tax | 7,288 | 219 | 14,942 | -1,010 |
Reclassification of net gains included in net income: | ' | ' | ' | ' |
Before tax | 4,517 | 216 | 5,590 | 216 |
Tax effect | -1,847 | -88 | -2,286 | -88 |
Net of tax | 2,670 | 128 | 3,304 | 128 |
Net unrealized holding gains (losses) | 4,618 | 91 | 11,638 | -1,138 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax [Abstract] | ' | ' | ' | ' |
Before tax | -198 | 0 | -198 | 0 |
Tax effect | 81 | 0 | 81 | 0 |
Net of tax | -117 | 0 | -117 | 0 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax, [Abstract] | ' | ' | ' | ' |
Before tax | 0 | 10,997 | 0 | 10,997 |
Tax effect | 0 | -4,498 | 0 | -4,498 |
Net of tax | 0 | 6,499 | 0 | 6,499 |
Total other comprehensive income | 4,501 | 6,590 | 11,521 | 5,361 |
Total comprehensive income | $23,001 | $22,766 | $47,685 | $36,179 |
Recovered_Sheet1
Consolidated Statements Of Comprehensive Income (Loss) (Unaudited)-AOCI (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' |
Beginning Balance | ' | ' | ($26,792) | ($15,660) |
Other comprehensive income (loss) | 4,501 | 6,590 | 11,521 | 5,361 |
Ending Balance | -15,271 | -10,299 | -15,271 | -10,299 |
Accumulated Unrealized Gain (Loss) on Securities Available- for-Sale | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' |
Beginning Balance | ' | ' | -20,419 | 1,115 |
Other comprehensive income (loss) | ' | ' | 11,638 | -1,138 |
Ending Balance | -8,781 | -23 | -8,781 | -23 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' |
Beginning Balance | ' | ' | 0 | 0 |
Other comprehensive income (loss) | ' | ' | -117 | 0 |
Ending Balance | -117 | 0 | -117 | 0 |
Unrecognized Net Pension Costs | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' |
Beginning Balance | ' | ' | -6,373 | -16,775 |
Other comprehensive income (loss) | ' | ' | 0 | 6,499 |
Ending Balance | ($6,373) | ($10,276) | ($6,373) | ($10,276) |
Consolidated_Statements_Of_Cha
Consolidated Statements Of Changes In Stockholders’ Equity (Unaudited) (USD $) | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock |
In Thousands, unless otherwise specified | ||||||
Balance Beginning at Dec. 31, 2012 | $940,893 | $858 | $418,318 | $786,453 | ($15,660) | ($249,076) |
Balance Beginning (in Shares) at Dec. 31, 2012 | ' | 74,840 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Comprehensive income | 36,179 | ' | ' | 30,818 | 5,361 | ' |
Common dividends declared ($0.15 and $0.05 per common share) | -3,755 | ' | ' | -3,755 | ' | ' |
Share-based compensation expense | 2,854 | ' | 2,854 | ' | ' | ' |
Restricted stock activity | -1,522 | ' | -9,648 | ' | ' | 8,126 |
Restricted stock activity (in Shares) | ' | 224 | ' | ' | ' | ' |
Treasury stock (purchased for) issued to benefit plans | 4 | ' | -54 | ' | ' | 58 |
Treasury stock (purchased for) issued to benefit plans (in Shares) | ' | -1 | ' | ' | ' | ' |
Balance Ending at Jun. 30, 2013 | 974,653 | 858 | 411,470 | 813,516 | -10,299 | -240,892 |
Balance Ending (in Shares) at Jun. 30, 2013 | ' | 75,063 | ' | ' | ' | ' |
Balance Beginning at Dec. 31, 2013 | 1,001,442 | 858 | 414,293 | 853,740 | -26,792 | -240,657 |
Balance Beginning (in Shares) at Dec. 31, 2013 | 75,071 | 75,071 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Comprehensive income | 47,685 | ' | ' | 36,164 | 11,521 | ' |
Common dividends declared ($0.15 and $0.05 per common share) | -11,297 | ' | ' | -11,297 | ' | ' |
Share-based compensation expense | 3,226 | ' | 3,226 | ' | ' | ' |
Restricted stock activity | -1,876 | ' | -9,501 | ' | ' | 7,625 |
Restricted stock activity (in Shares) | ' | 194 | ' | ' | ' | ' |
Treasury stock (purchased for) issued to benefit plans | 258 | ' | -123 | ' | ' | 381 |
Treasury stock (purchased for) issued to benefit plans (in Shares) | ' | 8 | ' | ' | ' | ' |
Balance Ending at Jun. 30, 2014 | $1,039,438 | $858 | $407,895 | $878,607 | ($15,271) | ($232,651) |
Balance Ending (in Shares) at Jun. 30, 2014 | 75,273 | 75,273 | ' | ' | ' | ' |
Consolidated_Statements_Of_Cha1
Consolidated Statements Of Changes In Stockholders’ Equity (Unaudited) (Parentheticals) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' | ' |
Dividends declared per common share (in Dollars per share) | $0.08 | $0.04 | $0.15 | $0.05 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Statement of Cash Flows [Abstract] | ' | ' |
Net cash provided by operating activities | $56,405 | $70,414 |
Investing Activities | ' | ' |
Proceeds from maturities, prepayments, and calls of securities available-for-sale | 82,779 | 125,533 |
Proceeds from sales of securities available-for-sale | 12,838 | 19,745 |
Purchases of securities available-for-sale | -11,115 | -289,666 |
Proceeds from maturities, prepayments, and calls of securities held-to-maturity | 3,151 | 5,803 |
Purchases of securities held-to-maturity | -1,030 | -1,881 |
Net (purchases) redemption of FHLB stock | -427 | 12,071 |
Net increase in loans | -251,586 | -85,210 |
BOLI income, net of claims | -72 | -76 |
Proceeds from sales of OREO | 9,160 | 10,907 |
Proceeds from sales of premises, furniture, and equipment | 158 | 1,425 |
Purchases of premises, furniture, and equipment | -4,074 | -3,286 |
Net cash used in investing activities | -160,218 | -204,635 |
Financing Activities | ' | ' |
Net increase in deposit accounts | 129,149 | 194,492 |
Net (decrease) increase in borrowed funds | -5,591 | 10,619 |
Payment for the termination of FHLB advances | -116,609 | 0 |
Cash dividends paid | -10,530 | -1,499 |
Restricted stock activity | -2,699 | -1,588 |
Excess tax benefit related to share-based compensation | 825 | 36 |
Net cash (used in) provided by financing activities | -5,455 | 202,060 |
Net (decrease) increase in cash and cash equivalents | -109,268 | 67,839 |
Cash and cash equivalents at end of period | 477,973 | 784,105 |
Cash and cash equivalents at beginning of period | 587,241 | 716,266 |
Supplemental Disclosures of Cash Flow Information: | ' | ' |
Income taxes paid (refunded) | 4,734 | -3,498 |
Interest paid to depositors and creditors | 11,927 | 14,281 |
Dividends declared, but unpaid | 6,027 | 3,005 |
Non-cash transfers of loans to OREO | 9,339 | 11,502 |
Non-cash transfer of loans held-for-investment to loans held-for-sale | 64,881 | 1,275 |
Non-cash transfer of an investment from other assets to securities available-for-sale | $0 | $2,787 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 6 Months Ended | |
Jun. 30, 2014 | ||
Accounting Policies [Abstract] | ' | |
Summary of Significant Accounting Policies | ' | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
Basis of Presentation – The accompanying unaudited condensed consolidated interim financial statements of First Midwest Bancorp, Inc. (the “Company”), a Delaware corporation, were prepared in accordance with the rules and regulations of the Securities and Exchange Commission ("SEC") for quarterly reports on Form 10-Q and reflect all adjustments that management deems necessary for the fair presentation of the financial position and results of operations for the periods presented. The results of operations for the quarter and six month period ended June 30, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. | ||
The accounting and reporting policies of the Company and its subsidiaries conform to U.S. generally accepted accounting principles (“GAAP”) and general practices within the banking industry. The accompanying quarterly statements do not include certain information and footnote disclosures required by GAAP for complete annual financial statements. Therefore, these financial statements should be read in conjunction with the Company’s 2013 Annual Report on Form 10-K (“2013 10-K”). The Company uses the accrual basis of accounting for financial reporting purposes. Certain reclassifications were made to prior year amounts to conform to the current year presentation. | ||
Principles of Consolidation – The accompanying condensed consolidated financial statements include the financial position and results of operations of the Company and its subsidiaries after elimination of all significant intercompany accounts and transactions. Assets held in a fiduciary or agency capacity are not assets of the Company or its subsidiaries and are not included in the condensed consolidated financial statements. | ||
Use of Estimates – The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Although these estimates and assumptions are based on the best available information, actual results could differ from those estimates. | ||
The accounting policies related to loans, the allowance for credit losses, the FDIC indemnification asset, and derivative financial instruments are presented below. For a summary of all other significant accounting policies, please refer to Note 1, “Summary of Significant Accounting Policies,” in the Company’s 2013 10-K. | ||
Loans – Loans held-for-investment are loans that the Company intends to hold until they are paid in full and are carried at the principal amount outstanding, including certain net deferred loan origination fees. Interest income on loans is accrued based on principal amounts outstanding. Loan origination fees, commitment fees, and certain direct loan origination costs are deferred, and the net amount is amortized as a yield adjustment over the contractual life of the related loans or commitments and included in interest income. Fees related to standby letters of credit are amortized into fee income over the contractual life of the commitment. Other credit-related fees are recognized as fee income when earned. Loans held-for-sale are carried at the lower of aggregate cost or fair value and included in other assets in the Consolidated Statements of Financial Condition. | ||
Purchased Impaired Loans – Purchased impaired loans include acquired loans that had evidence of credit deterioration since origination and it was probable at acquisition that the Company would not collect all contractually required principal and interest payments. Evidence of credit deterioration was evaluated using various indicators, such as past due and non-accrual status. Other key considerations included past performance of the institutions' credit underwriting standards, completeness and accuracy of credit files, maintenance of risk ratings, and age of appraisals. Lease and revolving loans do not qualify to be accounted for as purchased impaired loans. No allowance for credit losses is recorded on these loans at the acquisition date. Purchased impaired loans are recorded at fair value, and are accounted for prospectively based on estimates of expected cash flows. To estimate the fair value, the Company generally aggregates purchased consumer loans and certain smaller balance commercial loans into pools of loans with common risk characteristics, such as delinquency status, credit score, and internal risk rating. The fair values of larger balance commercial loans are estimated on an individual basis. Expected future cash flows in excess of the fair value of loans at the purchase date (“accretable yield”) are recorded as interest income over the life of the loans if the timing and amount of the future cash flows can be reasonably estimated. The non-accretable yield represents the difference between contractually required payments and the cash flows expected to be collected at acquisition. | ||
Subsequent increases in cash flows are recognized as interest income prospectively. The present value of any decreases in expected cash flows is recognized by recording a charge-off through the allowance for loan and covered loan losses or establishing an allowance for loan and covered loan losses. | ||
Non-accrual Loans – Generally, corporate loans are placed on non-accrual status (i) when either principal or interest payments become 90 days or more past due unless the loan is sufficiently collateralized such that full repayment of both principal and interest is expected and is in the process of collection within a reasonable period or (ii) when an individual analysis of a borrower’s creditworthiness warrants a downgrade to non-accrual regardless of past due status. When a loan is placed on non-accrual status, unpaid interest credited to income in the current year is reversed, and unpaid interest accrued in prior years is charged against the allowance for loan losses. After the loan is placed on non-accrual, all debt service payments are applied to the principal on the loan. Future interest income may only be recorded on a cash basis after recovery of principal is reasonably assured. Non-accrual loans are returned to accrual status when the financial position of the borrower and other relevant factors indicate that the Company will collect all principal and interest. | ||
Commercial loans and loans secured by real estate are charged-off when deemed uncollectible. A loss is recorded if the net realizable value of the underlying collateral is less than the outstanding principal and interest. Consumer loans that are not secured by real estate are subject to mandatory charge-off at a specified delinquency date and are usually not classified as non-accrual prior to being charged-off. Closed-end consumer loans, which include installment, automobile, and single payment loans, are usually charged-off no later than the end of the month in which the loan becomes 120 days past due. | ||
Purchased impaired loans are generally considered accruing loans unless reasonable estimates of the timing and amount of future cash flows cannot be determined. Loans without reasonable cash flow estimates are classified as non-accrual loans, and interest income is not recognized on those loans until the timing and amount of the future cash flows can be reasonably determined. | ||
Troubled Debt Restructurings (“TDRs”) – A restructuring is considered a TDR when (i) the borrower is experiencing financial difficulties and (ii) the creditor grants a concession, such as forgiveness of principal, reduction of the interest rate, changes in payments, or extension of the maturity date. Loans are not classified as TDRs when the modification is short-term or results in an insignificant delay in payments. The Company’s TDRs are determined on a case-by-case basis. | ||
The Company does not accrue interest on a TDR unless it believes collection of all principal and interest under the modified terms is reasonably assured. For a TDR to begin accruing interest, the borrower must demonstrate both some level of past performance and the future capacity to perform under the modified terms. Generally, six months of consecutive payment performance under the restructured terms is required before a TDR is returned to accrual status. However, the period could vary depending on the individual facts and circumstances of the loan. An evaluation of the borrower’s current creditworthiness is used to assess the borrower’s capacity to repay the loan under the modified terms. This evaluation includes an estimate of expected cash flows, evidence of strong financial position, and estimates of the value of collateral, if applicable. For TDRs to be removed from TDR status in the calendar year after the restructuring, the loans must (i) have an interest rate and terms that reflect market conditions at the time of restructuring, and (ii) be in compliance with the modified terms. If the loan was restructured at below market rates and terms, it continues to be separately reported as restructured until it is paid in full or charged-off. | ||
Impaired Loans – Impaired loans consist of corporate non-accrual loans and TDRs. | ||
A loan is considered impaired when it is probable that the Company will not collect all contractual principal and interest. With the exception of accruing TDRs, impaired loans are classified as non-accrual and are exclusive of smaller homogeneous loans, such as home equity, 1-4 family mortgages, and installment loans. Impaired loans with balances under a specified threshold are not individually evaluated for impairment. For all other impaired loans, impairment is measured by comparing the estimated value of the loan to the recorded book value. The value of collateral-dependent loans is based on the fair value of the underlying collateral, less costs to sell. The value of other loans is measured using the present value of expected future cash flows discounted at the loan’s initial effective interest rate. Purchased impaired loans are not reported as impaired loans provided that estimates of the timing and amount of future cash flows can be reasonably determined. | ||
90-Days Past Due Loans –The Company’s accrual of interest on loans is discontinued at the time the loan is 90 days past due unless the credit is sufficiently collateralized and in the process of renewal or collection. | ||
Allowance for Credit Losses – The allowance for credit losses is comprised of the allowance for loan losses, the allowance for covered loan losses, and the reserve for unfunded commitments, and is maintained by management at a level believed adequate to absorb estimated losses inherent in the existing loan portfolio. Determination of the allowance for credit losses is subjective since it requires significant estimates and management judgment, including the amounts and timing of expected future cash flows on impaired loans, estimated losses on pools of homogeneous loans, consideration of current economic trends, and other factors. | ||
Loans deemed to be uncollectible are charged-off against the allowance for loan and covered loan losses, while recoveries of amounts previously charged-off are credited to the allowance for loan and covered loan losses. Additions to the allowance for loan and covered loan losses are charged to expense through the provision for loan and covered loan losses. The amount of provision depends on a number of factors, including net charge-off levels, loan growth, changes in the composition of the loan portfolio, and the Company’s assessment of the allowance for loan and covered loan losses based on the methodology discussed below. | ||
Allowance for Loan Losses – The allowance for loan losses consists of (i) specific reserves for individual loans where the recorded investment exceeds the value, (ii) an allowance based on a loss migration analysis that uses historical credit loss experience for each loan category, and (iii) and allowance based on other internal and external qualitative factors. | ||
The specific reserves component of the allowance for loan losses is based on a periodic analysis of impaired loans exceeding a fixed dollar amount. If the value of an impaired loan is less than the recorded book value, the Company either establishes a valuation allowance (i.e., a specific reserve) equal to the excess of the book value over the value of the loan as a component of the allowance for loan losses or charges off the amount if it is a confirmed loss. | ||
The general reserve component is based on a loss migration analysis, which examines actual loss experience by loan category for a rolling 8-quarter period and the related internal risk rating for corporate loans. The loss migration analysis is updated quarterly using actual loss experience. This component is then adjusted based on management’s consideration of many internal and external qualitative factors, including: | ||
• | Changes in the composition of the loan portfolio, trends in the volume of loans, and trends in delinquent and non-accrual loans that could indicate that historical trends do not reflect current conditions. | |
• | Changes in credit policies and procedures, such as underwriting standards and collection, charge-off, and recovery practices. | |
• | Changes in the experience, ability, and depth of credit management and other relevant staff. | |
• | Changes in the quality of the Company’s loan review system and Board of Directors oversight. | |
• | The effect of any concentration of credit and changes in the level of concentrations, such as loan type or risk rating. | |
• | Changes in the value of the underlying collateral for collateral-dependent loans. | |
• | Changes in the national and local economy that affect the collectability of various segments of the portfolio. | |
• | The effect of other external factors, such as competition and legal and regulatory requirements, on the Company’s loan portfolio. | |
Allowance for Covered Loan Losses – The Company’s allowance for covered loan losses reflects the difference between the carrying value and the discounted present value of the estimated cash flows of the covered purchased impaired loans. On a periodic basis, the adequacy of this allowance is determined through a re-estimation of cash flows on all of the outstanding covered purchased impaired loans using either a probability of default/loss given default (“PD/LGD”) methodology or a specific review methodology. The PD/LGD model is an expected loss model that estimates future cash flows using a probability of default curve and loss given default estimates. | ||
Reserve for Unfunded Commitments – The Company also maintains a reserve for unfunded commitments, including letters of credit, for the risk of loss inherent in these arrangements. The reserve for unfunded commitments is estimated using the loss migration analysis from the allowance for loan losses, adjusted for probabilities of future funding requirements. The reserve for unfunded commitments is included in other liabilities in the Consolidated Statements of Financial Condition. | ||
The establishment of the allowance for credit losses involves a high degree of judgment given the difficulty of assessing the factors impacting loan repayment and estimating the timing and amount of losses. While management utilizes its best judgment and information available, the adequacy of the allowance for credit losses depends on a variety of factors beyond the Company’s control, including the performance of its loan portfolio, the economy, changes in interest rates and property values, and the interpretation of loan risk classifications by regulatory authorities. | ||
FDIC Indemnification Asset – The majority of loans and OREO acquired through FDIC-assisted transactions are covered by loss share agreements with the FDIC (the “FDIC Agreements”), under which the FDIC reimburses the Company for the majority of the losses and eligible expenses related to these assets. The FDIC indemnification asset represents the present value of future expected reimbursements from the FDIC. Since the indemnified items are covered loans and covered OREO, which are initially measured at fair value, the FDIC indemnification asset is also initially measured at fair value by discounting the cash flows expected to be received from the FDIC. These cash flows are estimated by multiplying estimated losses on purchased impaired loans and OREO by the reimbursement rates in the FDIC Agreements. | ||
The balance of the FDIC indemnification asset is adjusted periodically to reflect changes in estimated cash flows. Decreases in estimated reimbursements from the FDIC are recorded prospectively through amortization and increases in estimated reimbursements from the FDIC are recognized by an increase in the carrying value of the indemnification asset. Payments from the FDIC for reimbursement of losses result in a reduction of the FDIC indemnification asset. | ||
Derivative Financial Instruments – In the ordinary course of business, the Company enters into derivative transactions as part of its overall interest rate risk management strategy to minimize significant unplanned fluctuations in earnings and cash flows caused by interest rate volatility. All derivative instruments are recorded at fair value as either other assets or other liabilities in the Consolidated Statements of Financial Condition. Subsequent changes in a derivative’s fair value are recognized in earnings unless specific hedge accounting criteria are met. | ||
On the date the Company enters into a derivative contract, the derivative is designated as a fair value hedge, a cash flow hedge, or a non-hedge derivative instrument. Fair value hedges are designed to mitigate exposure to changes in the fair value of an asset or liability attributable to a particular risk, such as interest rate risk. Cash flow hedges are designed to mitigate exposure to variability in expected future cash flows to be received or paid related to an asset, liability, or other type of forecasted transaction. The Company formally documents all relationships between hedging instruments and hedged items, including its risk management objective and strategy. | ||
At the hedge’s inception and quarterly thereafter, a formal assessment is performed to determine the effectiveness of the derivative in offsetting changes in the fair values or cash flows of the hedged items in the current period and prospectively. If a derivative instrument designated as a hedge is terminated or ceases to be highly effective, hedge accounting is discontinued prospectively, and the gain or loss is amortized into earnings. For fair value hedges, the gain or loss is amortized over the remaining life of the hedged asset or liability. For cash flow hedges, the gain or loss is amortized over the same period that the forecasted hedged transactions impact earnings. If the hedged item is disposed of, any fair value adjustments are included in the gain or loss from the disposition of the hedged item. If the forecasted transaction is no longer probable, the gain or loss is included in earnings immediately. | ||
For effective fair value hedges, changes in the fair value of the derivative instruments, as well as changes in the fair value of the hedged item, are recognized in earnings. For cash flow hedges, the effective portion of the change in fair value of the derivative instrument is reported as a component of accumulated other comprehensive loss and is reclassified to earnings when the hedged transaction is reflected in earnings. | ||
Ineffectiveness is calculated based on the change in fair value of the hedged item compared with the change in fair value of the hedging instrument. For all types of hedges, any ineffectiveness in the hedging relationship is recognized in earnings during the period the ineffectiveness occurs. |
Recent_Events
Recent Events | 6 Months Ended |
Jun. 30, 2014 | |
Recent Events [Abstract] | ' |
Recent Events | ' |
RECENT EVENTS | |
Acquisitions | |
On April 22, 2014, First Midwest Bank (the "Bank") entered into a definitive agreement to acquire the Chicago area banking operations of Banco Popular North America (doing business as Popular Community Bank), which is a subsidiary of Popular, Inc. The acquisition includes Popular Community Bank's retail banking offices and its small business and middle market commercial lending activities in the Chicago metropolitan area. As part of the transaction, the Bank will acquire twelve full-service retail branches, approximately $738 million in deposits, and approximately $561 million in loans. The Bank received regulatory approval for this acquisition from the Federal Reserve; however, the acquisition is subject to certain closing conditions and is expected to close in the third quarter of 2014. | |
Equity Matters | |
On May 21, 2014, the stockholders of the Company approved an amendment to our Restated Certificate of Incorporation. The amendment increased the Company's authorized common stock by 50,000,000 shares. Following this amendment, the Company is now authorized to issue a total of 151,000,000 shares, including 1,000,000 shares of Preferred Stock, without a par value, and 150,000,000 shares of Common Stock, $0.01 par value per share. | |
Recent Accounting Pronouncements | |
Income Taxes: In January of 2014, the Financial Accounting Standards Board ("FASB") issued guidance that requires an entity to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date or, if the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The guidance is effective for annual and interim reporting periods beginning on or after December 15, 2013, and must be applied prospectively. The adoption of this guidance on January 1, 2014 did not impact the Company's financial condition, results of operations, or liquidity. | |
Receivables - Troubled Debt Restructurings by Creditors: In January of 2014, the FASB issued guidance to clarify when an in substance repossession or foreclosure occurs and an entity is considered to have received physical possession of the residential real estate property such that a loan receivable should be derecognized and the real estate property recognized. Additionally, the guidance requires interim and annual disclosure of the amount of foreclosed residential real estate property held by the entity and the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. The guidance is effective for annual and interim periods beginning after December 15, 2014 and can be applied retrospectively or prospectively. Management does not expect the adoption of this guidance will materially impact the Company's financial condition, results of operations, or liquidity. | |
Reporting Discontinued Operations: In April of 2014, the FASB issued guidance that requires an entity to report a disposal of a component of an entity or a group of components of an entity in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results when the component of an entity or group of components of an entity (1) meets the criteria to be classified as held for sale, (2) is disposed of by sale, or (3) is disposed of other than by sale. The guidance is effective for annual and interim reporting periods beginning on or after December 15, 2014, and must be applied prospectively. Management does not expect the adoption of this guidance will materially impact the Company's financial condition, results of operations, or liquidity. | |
Revenue from Contracts with Customers: In May of 2014, the FASB issued guidance that requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance is effective for annual and interim reporting periods beginning on or after December 15, 2016, and must be applied either retrospectively or using the modified retrospective approach. Management is evaluating the new guidance, but does not expect the adoption of this guidance will materially impact the Company's financial condition, results of operations, or liquidity. | |
Transfers and Servicing: In June of 2014, the FASB issued guidance that requires repurchase-to-maturity transactions to be accounted for as secured borrowings. The guidance also requires separate accounting for a transfer of a financial asset executed contemporaneously with a repurchase agreement with the same counterparty. If the derecognition criteria are met, the initial transfer will generally be accounted for as a sale and the repurchase agreement will generally be accounted for as a secured borrowing. The guidance is effective for annual and interim reporting periods beginning after December 15, 2014. Management is evaluating the new guidance, but does not expect the adoption of this guidance will materially impact the Company's financial condition, results of operations, or liquidity. |
Securities
Securities | 6 Months Ended | |||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||||||||||
Securities | ' | |||||||||||||||||||||||||||||||
SECURITIES | ||||||||||||||||||||||||||||||||
Securities are classified as held-to-maturity, trading, or available-for-sale at the time of purchase. Securities classified as held-to-maturity are securities for which management has the positive intent and ability to hold to maturity and are stated at cost. | ||||||||||||||||||||||||||||||||
The Company’s trading securities consist of diversified investment securities reported at fair value that are held in a grantor trust under deferred compensation arrangements that allow plan participants to direct amounts into a variety of securities, including Company stock. Net trading gains represent changes in the fair value of the trading securities portfolio and are included in other noninterest income in the Condensed Consolidated Statements of Income. | ||||||||||||||||||||||||||||||||
All other securities are classified as available-for-sale and are carried at fair value with unrealized gains and losses, net of related deferred income taxes, recorded in stockholders’ equity as a separate component of accumulated other comprehensive loss. | ||||||||||||||||||||||||||||||||
A summary of the Company's securities portfolio by category and maturity is presented in the following tables. | ||||||||||||||||||||||||||||||||
Securities Portfolio | ||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized | Fair | Amortized Cost | Gross Unrealized | Fair | |||||||||||||||||||||||||||
Gains | Losses | Value | Gains | Losses | Value | |||||||||||||||||||||||||||
Securities Available-for-Sale | ||||||||||||||||||||||||||||||||
U.S. agency securities | $ | 500 | $ | 1 | $ | — | $ | 501 | $ | 500 | $ | — | $ | — | $ | 500 | ||||||||||||||||
Collateralized mortgage | 448,337 | 1,919 | (8,791 | ) | 441,465 | 490,962 | 1,427 | (16,621 | ) | 475,768 | ||||||||||||||||||||||
obligations (“CMOs”) | ||||||||||||||||||||||||||||||||
Other mortgage-backed | 123,787 | 4,429 | (724 | ) | 127,492 | 135,097 | 3,349 | (2,282 | ) | 136,164 | ||||||||||||||||||||||
securities (“MBSs”) | ||||||||||||||||||||||||||||||||
Municipal securities | 432,187 | 13,319 | (1,621 | ) | 443,885 | 457,318 | 9,673 | (5,598 | ) | 461,393 | ||||||||||||||||||||||
Trust preferred | 45,023 | — | (26,587 | ) | 18,436 | 46,532 | — | (28,223 | ) | 18,309 | ||||||||||||||||||||||
collateralized debt | ||||||||||||||||||||||||||||||||
obligations (“CDOs”) | ||||||||||||||||||||||||||||||||
Corporate debt securities | 12,995 | 2,240 | — | 15,235 | 12,999 | 1,930 | — | 14,929 | ||||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||||||||
Hedge fund investment | 298 | 518 | — | 816 | 1,208 | 1,971 | — | 3,179 | ||||||||||||||||||||||||
Other equity securities | 2,606 | 87 | (48 | ) | 2,645 | 2,498 | 75 | (90 | ) | 2,483 | ||||||||||||||||||||||
Total equity securities | 2,904 | 605 | (48 | ) | 3,461 | 3,706 | 2,046 | (90 | ) | 5,662 | ||||||||||||||||||||||
Total available- | $ | 1,065,733 | $ | 22,513 | $ | (37,771 | ) | $ | 1,050,475 | $ | 1,147,114 | $ | 18,425 | $ | (52,814 | ) | $ | 1,112,725 | ||||||||||||||
for-sale securities | ||||||||||||||||||||||||||||||||
Securities Held-to-Maturity | ||||||||||||||||||||||||||||||||
Municipal securities | $ | 26,471 | $ | 605 | $ | — | $ | 27,076 | $ | 44,322 | $ | — | $ | (935 | ) | $ | 43,387 | |||||||||||||||
Trading Securities | $ | 18,231 | $ | 17,317 | ||||||||||||||||||||||||||||
Remaining Contractual Maturity of Securities | ||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||||||||||
Available-for-Sale | Held-to-Maturity | |||||||||||||||||||||||||||||||
Amortized | Fair Value | Amortized | Fair Value | |||||||||||||||||||||||||||||
Cost | Cost | |||||||||||||||||||||||||||||||
One year or less | $ | 32,269 | $ | 31,437 | $ | 2,545 | $ | 2,603 | ||||||||||||||||||||||||
After one year to five years | 122,919 | 119,752 | 8,748 | 8,948 | ||||||||||||||||||||||||||||
After five years to ten years | 187,371 | 182,541 | 5,917 | 6,052 | ||||||||||||||||||||||||||||
After ten years | 148,146 | 144,327 | 9,261 | 9,473 | ||||||||||||||||||||||||||||
Securities that do not have a single contractual maturity date | 575,028 | 572,418 | — | — | ||||||||||||||||||||||||||||
Total | $ | 1,065,733 | $ | 1,050,475 | $ | 26,471 | $ | 27,076 | ||||||||||||||||||||||||
The carrying value of securities available-for-sale that were pledged to secure deposits or for other purposes as permitted or required by law totaled $864.6 million at June 30, 2014 and $755.3 million at December 31, 2013. No securities held-to-maturity were pledged as of June 30, 2014 or December 31, 2013. | ||||||||||||||||||||||||||||||||
Purchases and sales of securities are recognized on a trade date basis. Realized securities gains or losses are reported in net securities gains in the Condensed Consolidated Statements of Income. The cost of securities sold is based on the specific identification method. The following table presents net realized gains on securities. | ||||||||||||||||||||||||||||||||
Securities Gains (Losses) | ||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||||||||||||||||||
Quarters Ended | Six Months Ended | |||||||||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Gains on sales of securities: | ||||||||||||||||||||||||||||||||
Gross realized gains | $ | 4,517 | $ | 216 | $ | 5,618 | $ | 216 | ||||||||||||||||||||||||
Gross realized losses | — | — | — | — | ||||||||||||||||||||||||||||
Net realized gains on sales of securities | 4,517 | 216 | 5,618 | 216 | ||||||||||||||||||||||||||||
Non-cash impairment charges: | ||||||||||||||||||||||||||||||||
Other-than-temporary securities impairment ("OTTI") | — | — | (28 | ) | — | |||||||||||||||||||||||||||
Portion of OTTI recognized in other comprehensive | — | — | — | — | ||||||||||||||||||||||||||||
income (loss) | ||||||||||||||||||||||||||||||||
Net non-cash impairment charges | — | — | (28 | ) | — | |||||||||||||||||||||||||||
Net realized gains | $ | 4,517 | $ | 216 | $ | 5,590 | $ | 216 | ||||||||||||||||||||||||
Net trading gains (1) | $ | 531 | $ | 214 | $ | 722 | $ | 1,250 | ||||||||||||||||||||||||
(1) | All net trading gains relate to trading securities still held as of June 30, 2014 and June 30, 2013 and are included in other income in the Condensed Consolidated Statement of Income. | |||||||||||||||||||||||||||||||
Net realized gains on sales of securities for the second quarter and first six months of 2014 were $4.5 million and $5.6 million, respectively. During the second quarter of 2014, we sold a CDO at a gain of $3.5 million and several municipal securities at gains of $468,000. In addition, during the first and second quarters of 2014, we sold a portion of the Company's hedge fund investment at gains of $1.1 million and $518,000, respectively. | ||||||||||||||||||||||||||||||||
The non-cash impairment charges in the table above relate to OTTI charges on certain CMOs. Accounting guidance requires that the credit portion of an OTTI charge be recognized through income. If a decline in fair value below carrying value is not attributable to credit deterioration and the Company does not intend to sell the security or believe it would not be more likely than not required to sell the security prior to recovery, the Company records the non-credit related portion of the decline in fair value in other comprehensive income (loss). | ||||||||||||||||||||||||||||||||
The following table presents a rollforward of life-to-date OTTI recognized in earnings related to all available-for-sale securities held by the Company for the quarters and six months ended June 30, 2014 and 2013. The majority of the beginning and ending balance of OTTI relates to CDOs currently held by the Company. | ||||||||||||||||||||||||||||||||
Changes in OTTI Recognized in Earnings | ||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||||||||||||||||||
Quarters Ended | Six Months Ended | |||||||||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Beginning balance | $ | 32,450 | $ | 38,803 | $ | 32,422 | $ | 38,803 | ||||||||||||||||||||||||
OTTI included in earnings (1): | ||||||||||||||||||||||||||||||||
Losses on securities that previously had OTTI | — | — | 28 | — | ||||||||||||||||||||||||||||
Losses on securities that did not previously have OTTI | — | — | — | — | ||||||||||||||||||||||||||||
Reduction for sales of securities (2) | (8,570 | ) | (6,750 | ) | (8,570 | ) | (6,750 | ) | ||||||||||||||||||||||||
Ending balance | $ | 23,880 | $ | 32,053 | $ | 23,880 | $ | 32,053 | ||||||||||||||||||||||||
(1) | Included in net securities gains in the Condensed Consolidated Statements of Income. | |||||||||||||||||||||||||||||||
(2) | During the second quarter of 2014, one CDO with a carrying value of $1.3 million was sold. In addition, one CDO with a carrying value of zero was sold during the second quarter of 2013. These CDOs had OTTI of $8.6 million and $6.8 million, respectively, that were previously recognized in earnings. | |||||||||||||||||||||||||||||||
The following table presents the aggregate amount of unrealized losses and the aggregate related fair values of securities with unrealized losses as of June 30, 2014 and December 31, 2013. | ||||||||||||||||||||||||||||||||
Securities in an Unrealized Loss Position | ||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||||||||||||||||||
Less Than 12 Months | Greater Than 12 Months | Total | ||||||||||||||||||||||||||||||
Number of | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||||||||
Securities | Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||||||||
As of June 30, 2014 | ||||||||||||||||||||||||||||||||
CMOs | 54 | $ | 17,978 | $ | 158 | $ | 294,643 | $ | 8,633 | $ | 312,621 | $ | 8,791 | |||||||||||||||||||
Other MBSs | 13 | 383 | 5 | 40,986 | 719 | 41,369 | 724 | |||||||||||||||||||||||||
Municipal securities | 107 | — | — | 67,326 | 1,621 | 67,326 | 1,621 | |||||||||||||||||||||||||
CDOs | 5 | — | — | 18,436 | 26,587 | 18,436 | 26,587 | |||||||||||||||||||||||||
Equity securities | 1 | — | — | 2,232 | 48 | 2,232 | 48 | |||||||||||||||||||||||||
Total | 180 | $ | 18,361 | $ | 163 | $ | 423,623 | $ | 37,608 | $ | 441,984 | $ | 37,771 | |||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||||||
CMOs | 67 | $ | 338,064 | $ | 14,288 | $ | 57,269 | $ | 2,333 | $ | 395,333 | $ | 16,621 | |||||||||||||||||||
Other MBSs | 19 | 57,311 | 2,281 | 356 | 1 | 57,667 | 2,282 | |||||||||||||||||||||||||
Municipal securities | 154 | 65,370 | 3,245 | 27,565 | 2,353 | 92,935 | 5,598 | |||||||||||||||||||||||||
CDOs | 6 | — | — | 18,309 | 28,223 | 18,309 | 28,223 | |||||||||||||||||||||||||
Equity securities | 1 | 2,168 | 90 | — | — | 2,168 | 90 | |||||||||||||||||||||||||
Total | 247 | $ | 462,913 | $ | 19,904 | $ | 103,499 | $ | 32,910 | $ | 566,412 | $ | 52,814 | |||||||||||||||||||
Substantially all of the Company’s CMOs and other MBSs are either backed by U.S. government-owned agencies or issued by U.S. government-sponsored enterprises. Municipal securities are issued by municipal authorities, and the majority are supported by third party insurance or some other form of credit enhancement. Management does not believe any individual unrealized loss as of June 30, 2014 represents an OTTI related to credit deterioration. The unrealized losses associated with these securities are not believed to be attributed to credit quality, but rather to changes in interest rates and temporary market movements. In addition, the Company does not intend to sell the securities with unrealized losses, and it is not more likely than not that the Company will be required to sell them before recovery of their amortized cost basis, which may be at maturity. | ||||||||||||||||||||||||||||||||
The unrealized losses on CDOs as of June 30, 2014 reflect the illiquidity of these structured investment vehicles. Management does not believe these unrealized losses represent OTTI related to credit deterioration. In addition, the Company does not intend to sell the CDOs with unrealized losses within a short period of time, and the Company does not believe it is more likely than not that it will be required to sell them before recovery of their amortized cost basis, which may be at maturity. | ||||||||||||||||||||||||||||||||
Significant judgment is required to calculate the fair value of the CDOs, all of which are pooled. The Company estimates the fair value of these securities using discounted cash flow analyses with the assistance of a structured credit valuation firm. For additional discussion of the CDO valuation methodology, refer to Note 11, “Fair Value." |
Loans
Loans | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Loans and Leases Receivable Disclosure [Abstract] | ' | |||||||||||||||
Loans | ' | |||||||||||||||
LOANS | ||||||||||||||||
Loans Held-for-Investment | ||||||||||||||||
The following table presents the Company's loans held-for-investment by class. | ||||||||||||||||
Loan Portfolio | ||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||
June 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Commercial and industrial | $ | 2,073,018 | $ | 1,830,638 | ||||||||||||
Agricultural | 330,626 | 321,702 | ||||||||||||||
Commercial real estate: | ||||||||||||||||
Office, retail, and industrial | 1,312,401 | 1,353,685 | ||||||||||||||
Multi-family | 350,430 | 332,873 | ||||||||||||||
Construction | 195,109 | 186,197 | ||||||||||||||
Other commercial real estate | 798,324 | 807,071 | ||||||||||||||
Total commercial real estate | 2,656,264 | 2,679,826 | ||||||||||||||
Total corporate loans | 5,059,908 | 4,832,166 | ||||||||||||||
Home equity | 485,085 | 427,020 | ||||||||||||||
1-4 family mortgages | 241,156 | 275,992 | ||||||||||||||
Installment | 57,308 | 44,827 | ||||||||||||||
Total consumer loans | 783,549 | 747,839 | ||||||||||||||
Total loans, excluding covered loans | 5,843,457 | 5,580,005 | ||||||||||||||
Covered loans (1) | 104,867 | 134,355 | ||||||||||||||
Total loans | $ | 5,948,324 | $ | 5,714,360 | ||||||||||||
Deferred loan fees included in total loans | $ | 4,051 | $ | 4,656 | ||||||||||||
Overdrawn demand deposits included in total loans | 3,980 | 5,047 | ||||||||||||||
(1) | For information on covered loans, refer to Note 5, “Acquired Loans.” | |||||||||||||||
The Company primarily lends to community-based and mid-sized businesses, commercial real estate customers, and consumers in its markets. Within these areas, the Company diversifies its loan portfolio by loan type, industry, and borrower. | ||||||||||||||||
It is the Company’s policy to review each prospective credit to determine the appropriateness and the adequacy of security or collateral prior to making a loan. In the event of borrower default, the Company seeks recovery in compliance with state lending laws, the Company’s lending standards, and credit monitoring and remediation procedures. A discussion of risk characteristics relevant to each portfolio segment is presented in Note 4, “Loans,” in the Company’s 2013 10-K. | ||||||||||||||||
Loan Sales | ||||||||||||||||
The table below summarizes the Company's loan sales for the quarter and six months ended June 30, 2014 and 2013. | ||||||||||||||||
Loan Sales | ||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||
Quarters Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
1-4 family mortgage loans | ||||||||||||||||
Proceeds from sales | $ | 33,038 | $ | 29,084 | $ | 84,938 | $ | 85,007 | ||||||||
Less book value of loans sold: | ||||||||||||||||
Loans originated with intent to sell | 20,477 | 322 | 35,935 | 322 | ||||||||||||
Loans held-for-investment | 11,713 | 27,722 | 47,082 | 81,679 | ||||||||||||
Total book value of loans sold | 32,190 | 28,044 | 83,017 | 82,001 | ||||||||||||
Net gains on sales of 1-4 family mortgages | $ | 848 | $ | 1,040 | $ | 1,921 | $ | 3,006 | ||||||||
The Company retained servicing responsibilities for a portion of the 1-4 family mortgage loans sold and collects servicing fees equal to a percentage of the outstanding principal balance. The Company also retained limited recourse for credit losses on the sold loans. A description of the recourse obligation is presented in Note 10, “Commitments, Guarantees, and Contingent Liabilities.” |
Acquired_Loans
Acquired Loans | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Acquired Loans [Abstract] | ' | |||||||||||||||||||||||
Acquired Loans | ' | |||||||||||||||||||||||
ACQUIRED LOANS | ||||||||||||||||||||||||
Since 2009, the Company acquired the majority of the assets and assumed the deposits of four financial institutions in FDIC-assisted transactions. In three of those transactions, most loans and OREO acquired are covered by the FDIC Agreements. The significant accounting policies related to purchased impaired loans and the related FDIC indemnification asset are presented in Note 1, “Summary of Significant Accounting Policies.” | ||||||||||||||||||||||||
Acquired Loans | ||||||||||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||
Covered | Non-Covered | Total | Covered | Non-Covered | Total | |||||||||||||||||||
Purchased impaired loans | $ | 75,864 | $ | 13,914 | $ | 89,778 | $ | 103,525 | $ | 15,608 | $ | 119,133 | ||||||||||||
Other loans (1) | 29,003 | 14,075 | 43,078 | 30,830 | 17,024 | 47,854 | ||||||||||||||||||
Total acquired loans | $ | 104,867 | $ | 27,989 | $ | 132,856 | $ | 134,355 | $ | 32,632 | $ | 166,987 | ||||||||||||
(1) | These loans did not meet the criteria to be accounted for as purchased impaired loans. | |||||||||||||||||||||||
In connection with the FDIC Agreements, the Company recorded an indemnification asset. To maintain eligibility for the loss share reimbursement, the Company is required to follow certain servicing procedures as specified in the FDIC Agreements. The Company was in compliance with those requirements as of June 30, 2014 and December 31, 2013. | ||||||||||||||||||||||||
Changes in the FDIC Indemnification Asset | ||||||||||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||||||||||
Quarters Ended | Six Months Ended | |||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Beginning balance | $ | 15,537 | $ | 28,958 | $ | 16,585 | $ | 37,051 | ||||||||||||||||
Amortization | (818 | ) | (908 | ) | (2,134 | ) | (2,232 | ) | ||||||||||||||||
Change in expected reimbursements from the FDIC for changes | (629 | ) | (1,512 | ) | 532 | (2,454 | ) | |||||||||||||||||
in expected credit losses | ||||||||||||||||||||||||
Payments received from the FDIC | (3,814 | ) | (3,380 | ) | (4,707 | ) | (9,207 | ) | ||||||||||||||||
Ending balance | $ | 10,276 | $ | 23,158 | $ | 10,276 | $ | 23,158 | ||||||||||||||||
Changes in the accretable yield for purchased impaired loans were as follows. | ||||||||||||||||||||||||
Changes in Accretable Yield | ||||||||||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||||||||||
Quarters Ended | Six Months Ended | |||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Beginning balance | $ | 32,010 | $ | 45,532 | $ | 36,792 | $ | 51,498 | ||||||||||||||||
Accretion | (3,421 | ) | (4,456 | ) | (6,931 | ) | (8,342 | ) | ||||||||||||||||
Other (1) | 6,563 | 6,028 | 5,291 | 3,948 | ||||||||||||||||||||
Ending balance | $ | 35,152 | $ | 47,104 | $ | 35,152 | $ | 47,104 | ||||||||||||||||
(1) | Amount represents an increase in the estimated cash flows to be collected over the remaining estimated life of the underlying portfolio. |
Past_Due_Loans_Allowance_For_C
Past Due Loans, Allowance For Credit Losses, and Impaired Loans | 6 Months Ended | |||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Past Due Loans, Allowance for Credit Losses, And Impaired Loans | ' | |||||||||||||||||||||||||||||||||||
PAST DUE LOANS, ALLOWANCE FOR CREDIT LOSSES, IMPAIRED LOANS, AND TDRS | ||||||||||||||||||||||||||||||||||||
Past Due and Non-accrual Loans | ||||||||||||||||||||||||||||||||||||
The following table presents an aging analysis of the Company’s past due loans as of June 30, 2014 and December 31, 2013. The aging is determined without regard to accrual status. The table also presents non-performing loans, consisting of non-accrual loans (the majority of which are past due) and loans 90 days or more past due and still accruing interest, as of each balance sheet date. | ||||||||||||||||||||||||||||||||||||
Aging Analysis of Past Due Loans and Non-Performing Loans by Class | ||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||||||||||||||||||||||
Aging Analysis (Accruing and Non-accrual) | Non-performing Loans | |||||||||||||||||||||||||||||||||||
Current | 30-89 Days | 90 Days or | Total | Total | Non- | 90 Days Past Due Loans, Still Accruing Interest | ||||||||||||||||||||||||||||||
Past Due | More Past | Past Due | Loans | accrual | ||||||||||||||||||||||||||||||||
Due | Loans | |||||||||||||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 2,059,868 | $ | 8,003 | $ | 5,147 | $ | 13,150 | $ | 2,073,018 | $ | 22,629 | $ | 2,207 | ||||||||||||||||||||||
Agricultural | 330,207 | 86 | 333 | 419 | 330,626 | 363 | — | |||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||
Office, retail, and industrial | 1,293,378 | 5,459 | 13,564 | 19,023 | 1,312,401 | 16,423 | — | |||||||||||||||||||||||||||||
Multi-family | 348,353 | 625 | 1,452 | 2,077 | 350,430 | 1,572 | 231 | |||||||||||||||||||||||||||||
Construction | 187,761 | 2,271 | 5,077 | 7,348 | 195,109 | 5,077 | — | |||||||||||||||||||||||||||||
Other commercial real estate | 787,292 | 4,007 | 7,025 | 11,032 | 798,324 | 7,930 | 676 | |||||||||||||||||||||||||||||
Total commercial real | 2,616,784 | 12,362 | 27,118 | 39,480 | 2,656,264 | 31,002 | 907 | |||||||||||||||||||||||||||||
estate | ||||||||||||||||||||||||||||||||||||
Total corporate loans | 5,006,859 | 20,451 | 32,598 | 53,049 | 5,059,908 | 53,994 | 3,114 | |||||||||||||||||||||||||||||
Home equity | 476,287 | 3,646 | 5,152 | 8,798 | 485,085 | 6,580 | 91 | |||||||||||||||||||||||||||||
1-4 family mortgages | 235,829 | 2,102 | 3,225 | 5,327 | 241,156 | 4,091 | 297 | |||||||||||||||||||||||||||||
Installment | 54,840 | 382 | 2,086 | 2,468 | 57,308 | 2,063 | 31 | |||||||||||||||||||||||||||||
Total consumer loans | 766,956 | 6,130 | 10,463 | 16,593 | 783,549 | 12,734 | 419 | |||||||||||||||||||||||||||||
Total loans, excluding | 5,773,815 | 26,581 | 43,061 | 69,642 | 5,843,457 | 66,728 | 3,533 | |||||||||||||||||||||||||||||
covered loans | ||||||||||||||||||||||||||||||||||||
Covered loans | 78,725 | 6,286 | 19,856 | 26,142 | 104,867 | 13,060 | 8,464 | |||||||||||||||||||||||||||||
Total loans | $ | 5,852,540 | $ | 32,867 | $ | 62,917 | $ | 95,784 | $ | 5,948,324 | $ | 79,788 | $ | 11,997 | ||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 1,814,660 | $ | 6,872 | $ | 9,106 | $ | 15,978 | $ | 1,830,638 | $ | 11,767 | $ | 393 | ||||||||||||||||||||||
Agricultural | 321,156 | 134 | 412 | 546 | 321,702 | 519 | — | |||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||
Office, retail, and industrial | 1,335,027 | 2,620 | 16,038 | 18,658 | 1,353,685 | 17,076 | 1,315 | |||||||||||||||||||||||||||||
Multi-family | 330,960 | 318 | 1,595 | 1,913 | 332,873 | 1,848 | — | |||||||||||||||||||||||||||||
Construction | 180,083 | 23 | 6,091 | 6,114 | 186,197 | 6,297 | — | |||||||||||||||||||||||||||||
Other commercial real estate | 795,462 | 5,365 | 6,244 | 11,609 | 807,071 | 8,153 | 258 | |||||||||||||||||||||||||||||
Total commercial real | 2,641,532 | 8,326 | 29,968 | 38,294 | 2,679,826 | 33,374 | 1,573 | |||||||||||||||||||||||||||||
estate | ||||||||||||||||||||||||||||||||||||
Total corporate loans | 4,777,348 | 15,332 | 39,486 | 54,818 | 4,832,166 | 45,660 | 1,966 | |||||||||||||||||||||||||||||
Home equity | 415,791 | 4,830 | 6,399 | 11,229 | 427,020 | 6,864 | 1,102 | |||||||||||||||||||||||||||||
1-4 family mortgages | 268,912 | 2,046 | 5,034 | 7,080 | 275,992 | 5,198 | 548 | |||||||||||||||||||||||||||||
Installment | 42,350 | 330 | 2,147 | 2,477 | 44,827 | 2,076 | 92 | |||||||||||||||||||||||||||||
Total consumer loans | 727,053 | 7,206 | 13,580 | 20,786 | 747,839 | 14,138 | 1,742 | |||||||||||||||||||||||||||||
Total loans, excluding | 5,504,401 | 22,538 | 53,066 | 75,604 | 5,580,005 | 59,798 | 3,708 | |||||||||||||||||||||||||||||
covered loans | ||||||||||||||||||||||||||||||||||||
Covered loans | 94,211 | 2,232 | 37,912 | 40,144 | 134,355 | 20,942 | 18,081 | |||||||||||||||||||||||||||||
Total loans | $ | 5,598,612 | $ | 24,770 | $ | 90,978 | $ | 115,748 | $ | 5,714,360 | $ | 80,740 | $ | 21,789 | ||||||||||||||||||||||
Allowance for Credit Losses | ||||||||||||||||||||||||||||||||||||
The Company maintains an allowance for credit losses at a level deemed adequate by management to absorb probable losses inherent in the loan portfolio. Refer to Note 1, “Summary of Significant Accounting Policies,” for the accounting policy for the allowance for credit losses. A rollforward of the allowance for credit losses by portfolio segment for the quarters and six months ended June 30, 2014 and 2013 is presented in the table below. | ||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses by Portfolio Segment | ||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||||||||||||||||||||||
Commercial, | Office, | Multi- | Construction | Other | Consumer | Covered | Reserve for | Total | ||||||||||||||||||||||||||||
Industrial, | Retail, and | Family | Commercial | Loans | Unfunded | Allowance | ||||||||||||||||||||||||||||||
and | Industrial | Real Estate | Commitments | |||||||||||||||||||||||||||||||||
Agricultural | ||||||||||||||||||||||||||||||||||||
Quarter ended June 30, 2014 | ||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 27,292 | $ | 13,106 | $ | 1,968 | $ | 5,656 | $ | 9,236 | $ | 11,945 | $ | 11,429 | $ | 1,616 | $ | 82,248 | ||||||||||||||||||
Charge-offs | (2,099 | ) | (3,511 | ) | (267 | ) | (234 | ) | (561 | ) | (1,828 | ) | (279 | ) | — | (8,779 | ) | |||||||||||||||||||
Recoveries | 259 | 290 | 2 | 2 | 89 | 213 | 277 | — | 1,132 | |||||||||||||||||||||||||||
Net charge-offs | (1,840 | ) | (3,221 | ) | (265 | ) | (232 | ) | (472 | ) | (1,615 | ) | (2 | ) | — | (7,647 | ) | |||||||||||||||||||
Provision for loan | 3,742 | 1,946 | 345 | (539 | ) | (179 | ) | 2,110 | (2,084 | ) | — | 5,341 | ||||||||||||||||||||||||
and covered loan | ||||||||||||||||||||||||||||||||||||
losses and other | ||||||||||||||||||||||||||||||||||||
Ending balance | $ | 29,194 | $ | 11,831 | $ | 2,048 | $ | 4,885 | $ | 8,585 | $ | 12,440 | $ | 9,343 | $ | 1,616 | $ | 79,942 | ||||||||||||||||||
Quarter ended June 30, 2013 | ||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 36,544 | $ | 10,695 | $ | 3,704 | $ | 4,667 | $ | 17,757 | $ | 11,997 | $ | 12,227 | $ | 2,866 | $ | 100,457 | ||||||||||||||||||
Charge-offs | (3,116 | ) | (1,453 | ) | (213 | ) | (850 | ) | (547 | ) | (2,523 | ) | (1,980 | ) | — | (10,682 | ) | |||||||||||||||||||
Recoveries | 573 | 35 | 30 | 5 | 329 | 413 | 3 | — | 1,388 | |||||||||||||||||||||||||||
Net charge-offs | (2,543 | ) | (1,418 | ) | (183 | ) | (845 | ) | (218 | ) | (2,110 | ) | (1,977 | ) | — | (9,294 | ) | |||||||||||||||||||
Provision for loan | (2,259 | ) | 2,580 | (97 | ) | 348 | (1,370 | ) | 2,480 | 4,131 | — | 5,813 | ||||||||||||||||||||||||
and covered loan | ||||||||||||||||||||||||||||||||||||
losses and other | ||||||||||||||||||||||||||||||||||||
Ending balance | $ | 31,742 | $ | 11,857 | $ | 3,424 | $ | 4,170 | $ | 16,169 | $ | 12,367 | $ | 14,381 | $ | 2,866 | $ | 96,976 | ||||||||||||||||||
Six months ended June 30, 2014 | ||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 30,381 | $ | 10,405 | $ | 2,017 | $ | 6,316 | $ | 10,817 | $ | 13,010 | $ | 12,559 | $ | 1,616 | $ | 87,121 | ||||||||||||||||||
Charge-offs | (5,779 | ) | (4,594 | ) | (357 | ) | (895 | ) | (2,332 | ) | (3,856 | ) | (524 | ) | — | (18,337 | ) | |||||||||||||||||||
Recoveries | 2,419 | 348 | 3 | 160 | 233 | 351 | 862 | — | 4,376 | |||||||||||||||||||||||||||
Net charge-offs | (3,360 | ) | (4,246 | ) | (354 | ) | (735 | ) | (2,099 | ) | (3,505 | ) | 338 | — | (13,961 | ) | ||||||||||||||||||||
Provision for loan | 2,173 | 5,672 | 385 | (696 | ) | (133 | ) | 2,935 | (3,554 | ) | — | 6,782 | ||||||||||||||||||||||||
and covered loan | ||||||||||||||||||||||||||||||||||||
losses and other | ||||||||||||||||||||||||||||||||||||
Ending balance | $ | 29,194 | $ | 11,831 | $ | 2,048 | $ | 4,885 | $ | 8,585 | $ | 12,440 | $ | 9,343 | $ | 1,616 | $ | 79,942 | ||||||||||||||||||
Six months ended June 30, 2013 | ||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 36,761 | $ | 11,432 | $ | 3,575 | $ | 5,242 | $ | 17,512 | $ | 12,862 | $ | 12,062 | $ | 3,366 | $ | 102,812 | ||||||||||||||||||
Charge-offs | (6,291 | ) | (2,715 | ) | (378 | ) | (1,415 | ) | (3,082 | ) | (4,887 | ) | (2,686 | ) | — | (21,454 | ) | |||||||||||||||||||
Recoveries | 2,662 | 37 | 35 | 5 | 1,361 | 520 | 11 | — | 4,631 | |||||||||||||||||||||||||||
Net charge-offs | (3,629 | ) | (2,678 | ) | (343 | ) | (1,410 | ) | (1,721 | ) | (4,367 | ) | (2,675 | ) | — | (16,823 | ) | |||||||||||||||||||
Provision for loan | (1,390 | ) | 3,103 | 192 | 338 | 378 | 3,872 | 4,994 | (500 | ) | 10,987 | |||||||||||||||||||||||||
and covered loan | ||||||||||||||||||||||||||||||||||||
losses and other | ||||||||||||||||||||||||||||||||||||
Ending balance | $ | 31,742 | $ | 11,857 | $ | 3,424 | $ | 4,170 | $ | 16,169 | $ | 12,367 | $ | 14,381 | $ | 2,866 | $ | 96,976 | ||||||||||||||||||
The table below provides a breakdown of loans and the related allowance for credit losses by portfolio segment as of June 30, 2014 and December 31, 2013. | ||||||||||||||||||||||||||||||||||||
Loans and Related Allowance for Credit Losses by Portfolio Segment | ||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||||||||||||||||||||||
Loans | Allowance for Credit Losses | |||||||||||||||||||||||||||||||||||
Individually | Collectively | Purchased Impaired | Total | Individually | Collectively | Purchased Impaired | Total | |||||||||||||||||||||||||||||
Evaluated | Evaluated | Evaluated | Evaluated | |||||||||||||||||||||||||||||||||
for | for | for | for | |||||||||||||||||||||||||||||||||
Impairment | Impairment | Impairment | Impairment | |||||||||||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||||||||||||||
Commercial, industrial, and | $ | 21,726 | $ | 2,380,505 | $ | 1,413 | $ | 2,403,644 | $ | 2,539 | $ | 26,655 | $ | — | $ | 29,194 | ||||||||||||||||||||
agricultural | ||||||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||
Office, retail, and industrial | 15,605 | 1,296,796 | — | 1,312,401 | 1,576 | 10,255 | — | 11,831 | ||||||||||||||||||||||||||||
Multi-family | 1,169 | 349,129 | 132 | 350,430 | 176 | 1,857 | 15 | 2,048 | ||||||||||||||||||||||||||||
Construction | 4,725 | 190,384 | — | 195,109 | 373 | 4,512 | — | 4,885 | ||||||||||||||||||||||||||||
Other commercial real estate | 5,748 | 789,203 | 3,373 | 798,324 | 913 | 7,672 | — | 8,585 | ||||||||||||||||||||||||||||
Total commercial | 27,247 | 2,625,512 | 3,505 | 2,656,264 | 3,038 | 24,296 | 15 | 27,349 | ||||||||||||||||||||||||||||
real estate | ||||||||||||||||||||||||||||||||||||
Total corporate loans | 48,973 | 5,006,017 | 4,918 | 5,059,908 | 5,577 | 50,951 | 15 | 56,543 | ||||||||||||||||||||||||||||
Consumer | — | 774,553 | 8,996 | 783,549 | — | 11,887 | 553 | 12,440 | ||||||||||||||||||||||||||||
Total loans, excluding | 48,973 | 5,780,570 | 13,914 | 5,843,457 | 5,577 | 62,838 | 568 | 68,983 | ||||||||||||||||||||||||||||
covered loans | ||||||||||||||||||||||||||||||||||||
Covered loans: | ||||||||||||||||||||||||||||||||||||
Purchased impaired loans | — | — | 75,864 | 75,864 | — | — | 8,743 | 8,743 | ||||||||||||||||||||||||||||
Other loans | — | 29,003 | — | 29,003 | — | 600 | — | 600 | ||||||||||||||||||||||||||||
Total covered loans | — | 29,003 | 75,864 | 104,867 | — | 600 | 8,743 | 9,343 | ||||||||||||||||||||||||||||
Reserve for unfunded | — | — | — | — | — | 1,616 | — | 1,616 | ||||||||||||||||||||||||||||
commitments | ||||||||||||||||||||||||||||||||||||
Total loans | $ | 48,973 | $ | 5,809,573 | $ | 89,778 | $ | 5,948,324 | $ | 5,577 | $ | 65,054 | $ | 9,311 | $ | 79,942 | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Commercial, industrial, and | $ | 13,178 | $ | 2,137,440 | $ | 1,722 | $ | 2,152,340 | $ | 4,046 | $ | 26,335 | $ | — | $ | 30,381 | ||||||||||||||||||||
agricultural | ||||||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||
Office, retail, and industrial | 26,348 | 1,327,337 | — | 1,353,685 | 214 | 10,191 | — | 10,405 | ||||||||||||||||||||||||||||
Multi-family | 1,296 | 331,445 | 132 | 332,873 | 18 | 1,999 | — | 2,017 | ||||||||||||||||||||||||||||
Construction | 5,712 | 180,485 | — | 186,197 | 178 | 6,138 | — | 6,316 | ||||||||||||||||||||||||||||
Other commercial real estate | 9,298 | 793,703 | 4,070 | 807,071 | 704 | 10,113 | — | 10,817 | ||||||||||||||||||||||||||||
Total commercial | 42,654 | 2,632,970 | 4,202 | 2,679,826 | 1,114 | 28,441 | — | 29,555 | ||||||||||||||||||||||||||||
real estate | ||||||||||||||||||||||||||||||||||||
Total corporate loans | 55,832 | 4,770,410 | 5,924 | 4,832,166 | 5,160 | 54,776 | — | 59,936 | ||||||||||||||||||||||||||||
Consumer | — | 738,155 | 9,684 | 747,839 | — | 13,010 | — | 13,010 | ||||||||||||||||||||||||||||
Total loans, excluding | 55,832 | 5,508,565 | 15,608 | 5,580,005 | 5,160 | 67,786 | — | 72,946 | ||||||||||||||||||||||||||||
covered loans | ||||||||||||||||||||||||||||||||||||
Covered loans: | ||||||||||||||||||||||||||||||||||||
Purchased impaired loans | — | — | 103,525 | 103,525 | — | — | 11,857 | 11,857 | ||||||||||||||||||||||||||||
Other loans | — | 30,830 | — | 30,830 | — | 702 | — | 702 | ||||||||||||||||||||||||||||
Total covered loans | — | 30,830 | 103,525 | 134,355 | — | 702 | 11,857 | 12,559 | ||||||||||||||||||||||||||||
Reserve for unfunded | — | — | — | — | — | 1,616 | — | 1,616 | ||||||||||||||||||||||||||||
commitments | ||||||||||||||||||||||||||||||||||||
Total loans | $ | 55,832 | $ | 5,539,395 | $ | 119,133 | $ | 5,714,360 | $ | 5,160 | $ | 70,104 | $ | 11,857 | $ | 87,121 | ||||||||||||||||||||
Loans Individually Evaluated for Impairment | ||||||||||||||||||||||||||||||||||||
The following table presents loans individually evaluated for impairment by class of loan as of June 30, 2014 and December 31, 2013. Purchased impaired loans are excluded from this disclosure. | ||||||||||||||||||||||||||||||||||||
Impaired Loans Individually Evaluated by Class | ||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||||||
Recorded Investment In | Recorded Investment In | |||||||||||||||||||||||||||||||||||
Loans with | Loans with | Unpaid | Specific | Loans with | Loans with | Unpaid | Specific | |||||||||||||||||||||||||||||
No Specific | a Specific | Principal | Reserve | No Specific | a Specific | Principal | Reserve | |||||||||||||||||||||||||||||
Reserve | Reserve | Balance | Reserve | Reserve | Balance | |||||||||||||||||||||||||||||||
Commercial and industrial | $ | 3,381 | $ | 18,345 | $ | 38,524 | $ | 2,539 | $ | 10,047 | $ | 3,131 | $ | 25,887 | $ | 4,046 | ||||||||||||||||||||
Agricultural | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||
Office, retail, and industrial | 12,943 | 2,662 | 24,416 | 1,576 | 23,872 | 2,476 | 35,868 | 214 | ||||||||||||||||||||||||||||
Multi-family | 668 | 501 | 1,270 | 176 | 1,098 | 198 | 1,621 | 18 | ||||||||||||||||||||||||||||
Construction | 3,552 | 1,173 | 6,121 | 373 | 4,586 | 1,126 | 10,037 | 178 | ||||||||||||||||||||||||||||
Other commercial real estate | 2,996 | 2,752 | 8,891 | 913 | 7,553 | 1,745 | 11,335 | 704 | ||||||||||||||||||||||||||||
Total commercial real | 20,159 | 7,088 | 40,698 | 3,038 | 37,109 | 5,545 | 58,861 | 1,114 | ||||||||||||||||||||||||||||
estate | ||||||||||||||||||||||||||||||||||||
Total impaired loans | $ | 23,540 | $ | 25,433 | $ | 79,222 | $ | 5,577 | $ | 47,156 | $ | 8,676 | $ | 84,748 | $ | 5,160 | ||||||||||||||||||||
individually evaluated | ||||||||||||||||||||||||||||||||||||
for impairment | ||||||||||||||||||||||||||||||||||||
The average recorded investment and interest income recognized on impaired loans by class for the quarters and six months ended June 30, 2014 and 2013 is presented in the following table. | ||||||||||||||||||||||||||||||||||||
Average Recorded Investment and Interest Income Recognized on Impaired Loans by Class | ||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||||||||||||||||||||||
Quarters Ended June 30, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||
Average | Interest | Average | Interest | |||||||||||||||||||||||||||||||||
Recorded | Income | Recorded | Income | |||||||||||||||||||||||||||||||||
Investment | Recognized (1) | Investment | Recognized (1) | |||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 14,581 | $ | 29 | $ | 25,757 | $ | 1 | ||||||||||||||||||||||||||||
Agricultural | — | — | — | — | ||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||
Office, retail, and industrial | 20,098 | 6 | 23,662 | 6 | ||||||||||||||||||||||||||||||||
Multi-family | 1,424 | 2 | 1,009 | — | ||||||||||||||||||||||||||||||||
Construction | 4,788 | — | 6,397 | — | ||||||||||||||||||||||||||||||||
Other commercial real estate | 6,393 | 107 | 13,762 | 5 | ||||||||||||||||||||||||||||||||
Total commercial real estate | 32,703 | 115 | 44,830 | 11 | ||||||||||||||||||||||||||||||||
Total impaired loans | $ | 47,284 | $ | 144 | $ | 70,587 | $ | 12 | ||||||||||||||||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||
Average | Interest | Average | Interest | |||||||||||||||||||||||||||||||||
Recorded | Income | Recorded | Income | |||||||||||||||||||||||||||||||||
Investment | Recognized (1) | Investment | Recognized (1) | |||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 14,113 | $ | 147 | $ | 24,429 | $ | 3 | ||||||||||||||||||||||||||||
Agricultural | — | — | — | — | ||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||
Office, retail, and industrial | 22,181 | 147 | 22,316 | 10 | ||||||||||||||||||||||||||||||||
Multi-family | 1,381 | 2 | 845 | — | ||||||||||||||||||||||||||||||||
Construction | 5,096 | — | 5,850 | — | ||||||||||||||||||||||||||||||||
Other commercial real estate | 7,361 | 115 | 13,353 | 8 | ||||||||||||||||||||||||||||||||
Total commercial real estate | 36,019 | 264 | 42,364 | 18 | ||||||||||||||||||||||||||||||||
Total impaired loans | $ | 50,132 | $ | 411 | $ | 66,793 | $ | 21 | ||||||||||||||||||||||||||||
(1) | Recorded using the cash basis of accounting. | |||||||||||||||||||||||||||||||||||
Credit Quality Indicators | ||||||||||||||||||||||||||||||||||||
Corporate loans and commitments are assessed for credit risk and assigned ratings based on various characteristics, such as the borrower's cash flow, leverage, and collateral. Ratings for commercial credits are reviewed periodically. The following tables present credit quality indicators by class for corporate and consumer loans, excluding covered loans, as of June 30, 2014 and December 31, 2013. | ||||||||||||||||||||||||||||||||||||
Corporate Credit Quality Indicators by Class, Excluding Covered Loans | ||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||||||||||||||||||||||
Pass | Special | Substandard (2) (4) | Non-accrual (3) | Total | ||||||||||||||||||||||||||||||||
Mention (1) (4) | ||||||||||||||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 1,980,523 | $ | 50,036 | $ | 19,830 | $ | 22,629 | $ | 2,073,018 | ||||||||||||||||||||||||||
Agricultural | 329,965 | 298 | — | 363 | 330,626 | |||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||
Office, retail, and industrial | 1,250,914 | 24,233 | 20,831 | 16,423 | 1,312,401 | |||||||||||||||||||||||||||||||
Multi-family | 344,279 | 3,862 | 717 | 1,572 | 350,430 | |||||||||||||||||||||||||||||||
Construction | 164,789 | 8,790 | 16,453 | 5,077 | 195,109 | |||||||||||||||||||||||||||||||
Other commercial real estate | 758,821 | 16,218 | 15,355 | 7,930 | 798,324 | |||||||||||||||||||||||||||||||
Total commercial real estate | 2,518,803 | 53,103 | 53,356 | 31,002 | 2,656,264 | |||||||||||||||||||||||||||||||
Total corporate loans | $ | 4,829,291 | $ | 103,437 | $ | 73,186 | $ | 53,994 | $ | 5,059,908 | ||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 1,780,194 | $ | 23,806 | $ | 14,871 | $ | 11,767 | $ | 1,830,638 | ||||||||||||||||||||||||||
Agricultural | 320,839 | 344 | — | 519 | 321,702 | |||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||
Office, retail, and industrial | 1,284,394 | 28,677 | 23,538 | 17,076 | 1,353,685 | |||||||||||||||||||||||||||||||
Multi-family | 326,901 | 3,214 | 910 | 1,848 | 332,873 | |||||||||||||||||||||||||||||||
Construction | 153,949 | 8,309 | 17,642 | 6,297 | 186,197 | |||||||||||||||||||||||||||||||
Other commercial real estate | 761,465 | 14,877 | 22,576 | 8,153 | 807,071 | |||||||||||||||||||||||||||||||
Total commercial real estate | 2,526,709 | 55,077 | 64,666 | 33,374 | 2,679,826 | |||||||||||||||||||||||||||||||
Total corporate loans | $ | 4,627,742 | $ | 79,227 | $ | 79,537 | $ | 45,660 | $ | 4,832,166 | ||||||||||||||||||||||||||
(1) | Loans categorized as special mention exhibit potential weaknesses that require the close attention of management since these potential weaknesses may result in the deterioration of repayment prospects in the future. | |||||||||||||||||||||||||||||||||||
(2) | Loans categorized as substandard exhibit a well-defined weakness or weaknesses that may jeopardize the liquidation of the debt. These loans continue to accrue interest because they are well secured and collection of principal and interest is expected within a reasonable time. | |||||||||||||||||||||||||||||||||||
(3) | Loans categorized as non-accrual exhibit a well-defined weakness or weaknesses that may jeopardize the liquidation of the debt or result in a loss if the deficiencies are not corrected. | |||||||||||||||||||||||||||||||||||
(4) | Total special mention and substandard loans includes accruing TDRs of $3.6 million as of June 30, 2014 and $2.8 million as of December 31, 2013. | |||||||||||||||||||||||||||||||||||
Consumer Credit Quality Indicators by Class, Excluding Covered Loans | ||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||||||||||||||||||||||
Performing | Non-accrual | Total | ||||||||||||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||||||||||||||
Home equity | $ | 478,505 | $ | 6,580 | $ | 485,085 | ||||||||||||||||||||||||||||||
1-4 family mortgages | 237,065 | 4,091 | 241,156 | |||||||||||||||||||||||||||||||||
Installment | 55,245 | 2,063 | 57,308 | |||||||||||||||||||||||||||||||||
Total consumer loans | $ | 770,815 | $ | 12,734 | $ | 783,549 | ||||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Home equity | $ | 420,156 | $ | 6,864 | $ | 427,020 | ||||||||||||||||||||||||||||||
1-4 family mortgages | 270,794 | 5,198 | 275,992 | |||||||||||||||||||||||||||||||||
Installment | 42,751 | 2,076 | 44,827 | |||||||||||||||||||||||||||||||||
Total consumer loans | $ | 733,701 | $ | 14,138 | $ | 747,839 | ||||||||||||||||||||||||||||||
TDRs | ||||||||||||||||||||||||||||||||||||
TDRs are generally performed at the request of the individual borrower and may include forgiveness of principal, reduction in interest rates, changes in payments, and maturity date extensions. The table below presents TDRs by class as of June 30, 2014 and December 31, 2013. A discussion of our accounting policies for TDRs can be found in Note 1, “Summary of Significant Accounting Policies.” | ||||||||||||||||||||||||||||||||||||
TDRs by Class | ||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||||||||||||||||||||||
As of June 30, 2014 | As of December 31, 2013 | |||||||||||||||||||||||||||||||||||
Accruing | Non-accrual (1) | Total | Accruing | Non-accrual (1) | Total | |||||||||||||||||||||||||||||||
Commercial and industrial | $ | 2,724 | $ | 277 | $ | 3,001 | $ | 6,538 | $ | 2,121 | $ | 8,659 | ||||||||||||||||||||||||
Agricultural | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||
Office, retail, and industrial | 178 | — | 178 | 10,271 | — | 10,271 | ||||||||||||||||||||||||||||||
Multi-family | 620 | 242 | 862 | 1,038 | 253 | 1,291 | ||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Other commercial real estate | 448 | 188 | 636 | 4,326 | 291 | 4,617 | ||||||||||||||||||||||||||||||
Total commercial real estate | 1,246 | 430 | 1,676 | 15,635 | 544 | 16,179 | ||||||||||||||||||||||||||||||
Total corporate loans | 3,970 | 707 | 4,677 | 22,173 | 2,665 | 24,838 | ||||||||||||||||||||||||||||||
Home equity | 836 | 517 | 1,353 | 787 | 512 | 1,299 | ||||||||||||||||||||||||||||||
1-4 family mortgages | 891 | 476 | 1,367 | 810 | 906 | 1,716 | ||||||||||||||||||||||||||||||
Installment | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Total consumer loans | 1,727 | 993 | 2,720 | 1,597 | 1,418 | 3,015 | ||||||||||||||||||||||||||||||
Total loans | $ | 5,697 | $ | 1,700 | $ | 7,397 | $ | 23,770 | $ | 4,083 | $ | 27,853 | ||||||||||||||||||||||||
(1) | These TDRs are included in non-accrual loans in the preceding tables. | |||||||||||||||||||||||||||||||||||
TDRs are included in the calculation of the allowance for credit losses in the same manner as impaired loans. There were no specific reserves related to TDRs as of June 30, 2014 and there were $2.0 million in specific reserves related to TDRs as of December 31, 2013. | ||||||||||||||||||||||||||||||||||||
During the quarter and six months ended June 30, 2014, there were no material loans that were restructured. The following table presents a summary of loans that were restructured during the quarter and six months ended June 30, 2013. | ||||||||||||||||||||||||||||||||||||
Loans Restructured During the Period | ||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||||||||||||||||||||||
Number | Pre- | Funds | Interest | Charge-offs | Post- | |||||||||||||||||||||||||||||||
of | Modification | Disbursed | and Escrow | Modification | ||||||||||||||||||||||||||||||||
Loans | Recorded | Capitalized | Recorded | |||||||||||||||||||||||||||||||||
Investment | Investment | |||||||||||||||||||||||||||||||||||
Quarter ended June 30, 2013 | ||||||||||||||||||||||||||||||||||||
Commercial and industrial | 2 | $ | 13,354 | $ | — | $ | — | $ | — | $ | 13,354 | |||||||||||||||||||||||||
Office, retail, and industrial | 3 | 386 | — | — | — | 386 | ||||||||||||||||||||||||||||||
Multi-family | 5 | 1,275 | — | 57 | — | 1,332 | ||||||||||||||||||||||||||||||
Other commercial real estate | 5 | 564 | — | — | — | 564 | ||||||||||||||||||||||||||||||
Home equity | 1 | 125 | — | — | — | 125 | ||||||||||||||||||||||||||||||
Total TDRs restructured during the period | 16 | $ | 15,704 | $ | — | $ | 57 | $ | — | $ | 15,761 | |||||||||||||||||||||||||
Six months ended June 30, 2013 | ||||||||||||||||||||||||||||||||||||
Commercial and industrial | 4 | $ | 14,070 | $ | — | $ | 2 | $ | — | $ | 14,072 | |||||||||||||||||||||||||
Office, retail, and industrial | 4 | 601 | 30 | — | — | 631 | ||||||||||||||||||||||||||||||
Multi-family | 5 | 1,275 | — | 57 | — | 1,332 | ||||||||||||||||||||||||||||||
Construction | 2 | 508 | — | — | — | 508 | ||||||||||||||||||||||||||||||
Other commercial real estate | 5 | 564 | — | — | — | 564 | ||||||||||||||||||||||||||||||
Home equity | 1 | 125 | — | — | — | 125 | ||||||||||||||||||||||||||||||
1-4 family mortgages | 1 | 132 | — | 4 | — | 136 | ||||||||||||||||||||||||||||||
Total TDRs restructured during the period | 22 | $ | 17,275 | $ | 30 | $ | 63 | $ | — | $ | 17,368 | |||||||||||||||||||||||||
Accruing TDRs that do not perform in accordance with their modified terms are transferred to non-accrual. The following table presents TDRs that had payment defaults during the quarters and six months ended June 30, 2014 and 2013 where the default occurred within twelve months of the restructure date. | ||||||||||||||||||||||||||||||||||||
TDRs That Defaulted Within Twelve Months of the Restructure Date | ||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||||||||||||||||||||||
Quarters Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||
Number | Recorded | Number | Recorded | Number | Recorded | Number | Recorded | |||||||||||||||||||||||||||||
of | Investment | of | Investment | of | Investment | of | Investment | |||||||||||||||||||||||||||||
Loans | Loans | Loans | Loans | |||||||||||||||||||||||||||||||||
Commercial and industrial | — | $ | — | — | $ | — | 2 | $ | 125 | 1 | $ | 350 | ||||||||||||||||||||||||
Other commercial real estate | — | — | 1 | 198 | — | — | 3 | 354 | ||||||||||||||||||||||||||||
Total | — | $ | — | 1 | $ | 198 | 2 | $ | 125 | 4 | $ | 704 | ||||||||||||||||||||||||
A rollforward of the carrying value of TDRs for the quarters and six months ended June 30, 2014 and 2013 is presented in the following table. | ||||||||||||||||||||||||||||||||||||
TDR Rollforward | ||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||||||||||||||||||||||
Quarters Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||
Accruing | ||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 6,301 | $ | 2,587 | $ | 23,770 | $ | 6,867 | ||||||||||||||||||||||||||||
Additions | 75 | 2,091 | 75 | 3,526 | ||||||||||||||||||||||||||||||||
Net payments received | (650 | ) | (185 | ) | (1,110 | ) | (214 | ) | ||||||||||||||||||||||||||||
Returned to performing status | — | — | (18,821 | ) | (5,037 | ) | ||||||||||||||||||||||||||||||
Net transfers from non-accrual | (29 | ) | 3,794 | 1,783 | 3,145 | |||||||||||||||||||||||||||||||
Ending balance | 5,697 | 8,287 | 5,697 | 8,287 | ||||||||||||||||||||||||||||||||
Non-accrual | ||||||||||||||||||||||||||||||||||||
Beginning balance | 1,920 | 10,405 | 4,083 | 10,924 | ||||||||||||||||||||||||||||||||
Additions | — | 13,670 | — | 13,842 | ||||||||||||||||||||||||||||||||
Net payments received | (23 | ) | (40 | ) | (157 | ) | (535 | ) | ||||||||||||||||||||||||||||
Charge-offs | (152 | ) | (985 | ) | (186 | ) | (1,788 | ) | ||||||||||||||||||||||||||||
Transfers to OREO | (74 | ) | — | (257 | ) | (42 | ) | |||||||||||||||||||||||||||||
Loans sold | — | (806 | ) | — | (806 | ) | ||||||||||||||||||||||||||||||
Net transfers to accruing | 29 | (3,794 | ) | (1,783 | ) | (3,145 | ) | |||||||||||||||||||||||||||||
Ending balance | 1,700 | 18,450 | 1,700 | 18,450 | ||||||||||||||||||||||||||||||||
Total TDRs | $ | 7,397 | $ | 26,737 | $ | 7,397 | $ | 26,737 | ||||||||||||||||||||||||||||
For TDRs to be removed from TDR status in the calendar year after the restructuring, the loans must (i) have an interest rate and terms that reflect market conditions at the time of restructuring, and (ii) be in compliance with the modified terms. TDRs that were returned to performing status totaled $18.8 million and $5.0 million for the six months ended June 30, 2014 and 2013, respectively. Loans that were not restructured at market rates and terms, that are not in compliance with the modified terms, or for which there is a concern about the future ability of the borrower to meet its obligations under the modified terms, continue to be separately reported as restructured until paid in full or charged-off. | ||||||||||||||||||||||||||||||||||||
There were no material commitments to lend additional funds to borrowers with TDRs as of June 30, 2014 and December 31, 2013. |
Earnings_Per_Common_Share
Earnings Per Common Share | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings Per Common Share | ' | |||||||||||||||
EARNINGS PER COMMON SHARE | ||||||||||||||||
The table below displays the calculation of basic and diluted earnings per share. | ||||||||||||||||
Basic and Diluted Earnings per Common Share | ||||||||||||||||
(Amounts in thousands, except per share data) | ||||||||||||||||
Quarters Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net income | $ | 18,500 | $ | 16,176 | $ | 36,164 | $ | 30,818 | ||||||||
Net income applicable to non-vested restricted shares | (230 | ) | (219 | ) | (455 | ) | (431 | ) | ||||||||
Net income applicable to common shares | $ | 18,270 | $ | 15,957 | $ | 35,709 | $ | 30,387 | ||||||||
Weighted-average common shares outstanding: | ||||||||||||||||
Weighted-average common shares outstanding (basic) | 74,322 | 74,017 | 74,235 | 73,942 | ||||||||||||
Dilutive effect of common stock equivalents | 11 | 7 | 12 | 8 | ||||||||||||
Weighted-average diluted common shares outstanding | 74,333 | 74,024 | 74,247 | 73,950 | ||||||||||||
Basic earnings per common share | $ | 0.25 | $ | 0.22 | $ | 0.48 | $ | 0.41 | ||||||||
Diluted earnings per common share | $ | 0.25 | $ | 0.22 | $ | 0.48 | $ | 0.41 | ||||||||
Anti-dilutive shares not included in the computation of diluted earnings per common share (1) | 1,177 | 1,447 | 1,246 | 1,520 | ||||||||||||
(1) | This amount represents outstanding stock options for which the exercise price is greater than the average market price of the Company's common stock. |
Income_Taxes
Income Taxes | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||
Income Taxes | ' | |||||||||||||||
INCOME TAXES | ||||||||||||||||
The following table presents income tax expense and the effective income tax rate for the quarters ended June 30, 2014 and 2013. | ||||||||||||||||
Income Tax Expense | ||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||
Quarters Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Income before income tax expense | $ | 27,142 | $ | 24,131 | $ | 52,978 | $ | 45,066 | ||||||||
Income tax expense: | ||||||||||||||||
Federal income tax expense | $ | 6,727 | $ | 5,553 | $ | 13,005 | $ | 9,913 | ||||||||
State income tax expense | 1,915 | 2,402 | 3,809 | 4,335 | ||||||||||||
Total income tax expense | $ | 8,642 | $ | 7,955 | $ | 16,814 | $ | 14,248 | ||||||||
Effective income tax rate | 31.8 | % | 33 | % | 31.7 | % | 31.6 | % | ||||||||
Federal income tax expense and the related effective income tax rate are influenced primarily by the amount of tax-exempt income derived from investment securities and BOLI in relation to pre-tax income and state income taxes. State income tax expense and the related effective income tax rate are driven by the amount of state tax-exempt income in relation to pre-tax income and state tax rules related to consolidated/combined reporting and sourcing of income and expense. | ||||||||||||||||
The decrease in the effective income tax rate of 31.8% for the second quarter of 2014 compared to 33.0% for the same period in 2013 was due primarily to a decrease in state income tax expense resulting from an increase in income exempt from state taxes and a decrease in statutory rates. | ||||||||||||||||
The Company’s accounting policies for income taxes are included in Note 1, “Summary of Significant Accounting Policies,” and Note 14, “Income Taxes,” in the Company’s 2013 10-K. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||
Derivative Financial Instruments | ' | |||||||||||||||
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | ||||||||||||||||
In the ordinary course of business, the Company enters into derivative transactions as part of its overall interest rate risk management strategy. The significant accounting policies related to derivative instruments and hedging activities are presented in Note 1, "Summary of Significant Accounting Policies." | ||||||||||||||||
Fair Value Hedges | ||||||||||||||||
The Company hedges the fair value of fixed rate commercial real estate loans using interest rate swaps through which the Company pays fixed amounts and receives variable amounts. These derivative contracts are designated as fair value hedges. | ||||||||||||||||
Fair Value Hedges | ||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||
June 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Gross notional amount outstanding | $ | 14,149 | $ | 14,730 | ||||||||||||
Derivative liability fair value | (1,291 | ) | (1,472 | ) | ||||||||||||
Weighted-average interest rate received | 2.06 | % | 2.08 | % | ||||||||||||
Weighted-average interest rate paid | 6.38 | % | 6.39 | % | ||||||||||||
Weighted-average maturity (in years) | 3.27 | 3.76 | ||||||||||||||
Fair value of assets needed to settle derivative transactions (1) | $ | 1,319 | $ | 1,502 | ||||||||||||
(1) | This amount represents the fair value if credit risk related contingent features were triggered. | |||||||||||||||
Hedge ineffectiveness is recognized in other noninterest income in the Condensed Consolidated Statements of Income. For the quarters and six months ended June 30, 2014 and 2013, fair value hedge ineffectiveness was not material. | ||||||||||||||||
Cash Flow Hedges | ||||||||||||||||
During the second quarter of 2014, the Company hedged $125.0 million of certain corporate variable rate loans using interest rate swaps through which the Company receives fixed amounts and pays variable amounts. The Company also hedged $125.0 million of borrowed funds using two forward starting interest rate swaps through which the Company receives variable amounts and pays fixed amounts. The two forward starting interest rate swaps begin on June 1, 2015 and June 1, 2016 and mature on June 1, 2019. These derivative contracts are designated as cash flow hedges. | ||||||||||||||||
Cash Flow Hedges | ||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||
June 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Gross notional amount outstanding | $ | 250,000 | $ | — | ||||||||||||
Derivative asset fair value | 4 | — | ||||||||||||||
Derivative liability fair value | (202 | ) | — | |||||||||||||
Weighted-average interest rate received | 1.55 | % | — | |||||||||||||
Weighted-average interest rate paid | 0.15 | % | — | |||||||||||||
Weighted-average maturity (in years) | 4.9 | — | ||||||||||||||
The effective portion of gains or losses on cash flow hedges is recorded in accumulated other comprehensive income on an after-tax basis and is subsequently reclassified to interest income or expense in the period that the forecasted hedge impacts earnings. Hedge ineffectiveness is determined using a regression analysis at the inception of the hedge relationship and on an ongoing basis. For the quarter ended June 30, 2014, there were no gains or losses related to cash flow hedge ineffectiveness. As of June 30, 2014, the Company estimates that $1.8 million will be reclassified from accumulated other comprehensive income as an increase to interest income over the next twelve months. | ||||||||||||||||
Other Derivative Instruments | ||||||||||||||||
The Company also enters into derivative transactions with its commercial customers and simultaneously enters into an offsetting interest rate derivative transaction with a third party. This transaction allows the Company’s customers to effectively convert a variable rate loan into a fixed rate loan. Due to the offsetting nature of these transactions, the Company does not apply hedge accounting treatment. Transaction fees related to commercial customer derivative instruments of $258,000 and $462,000 were recorded in noninterest income for the quarter and six months ended June 30, 2014, respectively. There were no transaction fees recorded for the second quarter of 2013 and $522,000 was recorded for the six months ended June 30, 2013. | ||||||||||||||||
Other Derivative Instruments | ||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||
June 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Gross notional amount outstanding | $ | 350,669 | $ | 256,638 | ||||||||||||
Derivative asset fair value | 5,019 | 2,235 | ||||||||||||||
Derivative liability fair value | (5,019 | ) | (2,235 | ) | ||||||||||||
Fair value of assets needed to settle derivative transactions (1) | 5,089 | 1,305 | ||||||||||||||
(1) | This amount represents the fair value if credit risk related contingent features were triggered. | |||||||||||||||
The Company’s derivative portfolio also includes other derivative instruments that do not receive hedge accounting treatment, such as commitments to originate 1-4 family mortgage loans and foreign exchange contracts. In addition, the Company occasionally enters into risk participation agreements with counterparty banks to transfer or assume a portion of the credit risk related to customer transactions. The amounts of these instruments were not material for any periods presented. The Company had no other derivative instruments as of June 30, 2014 or December 31, 2013. The Company does not enter into derivative transactions for purely speculative purposes. | ||||||||||||||||
Credit Risk | ||||||||||||||||
Derivative instruments are inherently subject to credit risk, which represents the Company’s risk of loss when the counterparty to a derivative contract fails to perform according to the terms of the agreement. Credit risk is managed by limiting and collateralizing the aggregate amount of net unrealized losses by transaction, monitoring the size and the maturity structure of the derivatives, and applying uniform credit standards. Company policy establishes limits on credit exposure to any single counterparty. In addition, the Company established bilateral collateral agreements with derivative counterparties that provide for exchanges of marketable securities or cash to collateralize either party’s net losses above a stated minimum threshold. | ||||||||||||||||
Certain derivative instruments are subject to master netting agreements with counterparties. The Company records these transactions at their gross fair values and does not offset derivative assets and liabilities on the Consolidated Statements of Condition. The following table presents the Company's derivatives and offsetting positions as of June 30, 2014 and December 31, 2013. | ||||||||||||||||
Offsetting Derivatives | ||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||
Derivative Assets | Derivative Liabilities | |||||||||||||||
Fair Value | Fair Value | |||||||||||||||
June 30, | December 31, | June 30, | December 31, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Gross amounts recognized | $ | 5,023 | $ | 2,235 | $ | 6,512 | $ | 3,707 | ||||||||
Less: Amounts offset in the Consolidated Statements of | — | — | — | — | ||||||||||||
Financial Condition | ||||||||||||||||
Net amount presented in the Consolidated Statements of | 5,023 | 2,235 | 6,512 | 3,707 | ||||||||||||
Financial Condition (1) | ||||||||||||||||
Gross amounts not offset in the Consolidated Statements of Financial Condition | ||||||||||||||||
Offsetting derivative positions | (79 | ) | (704 | ) | (79 | ) | (704 | ) | ||||||||
Cash collateral pledged | — | — | (6,433 | ) | (3,003 | ) | ||||||||||
Net credit exposure | $ | 4,944 | $ | 1,531 | $ | — | $ | — | ||||||||
(1) | Included in other assets or other liabilities in the Consolidated Statements of Financial Condition. | |||||||||||||||
As of June 30, 2014 and December 31, 2013, the Company’s derivative instruments generally contained provisions that require the Company’s debt to remain above a certain credit rating by each of the major credit rating agencies or that the Company maintain certain capital levels. If the Company’s debt were to fall below that credit rating or the Company's capital were to fall below the required levels, it would be in violation of those provisions, and the counterparties to the derivative instruments could terminate the swap transaction and demand cash settlement of the derivative instrument in an amount equal to the derivative liability fair value. As of June 30, 2014 and December 31, 2013, the Company was not in violation of these provisions. |
Commitments_Guarantees_and_Con
Commitments, Guarantees, and Contingent Liabilities | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||
Commitments, Guarantees, and Contingent Liabilities | ' | |||||||
COMMITMENTS, GUARANTEES, AND CONTINGENT LIABILITIES | ||||||||
Credit Commitments and Guarantees | ||||||||
In the normal course of business, the Company enters into a variety of financial instruments with off-balance sheet risk to meet the financing needs of its customers and to conduct lending activities, including commitments to extend credit and standby and commercial letters of credit. These instruments involve elements of credit and interest rate risk in excess of the amount recognized in the Consolidated Statements of Financial Condition. | ||||||||
Contractual or Notional Amounts of Financial Instruments | ||||||||
(Dollar amounts in thousands) | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Commitments to extend credit: | ||||||||
Commercial, industrial, and agricultural | $ | 1,140,571 | $ | 1,077,201 | ||||
Commercial real estate | 125,437 | 133,867 | ||||||
Home equity | 283,761 | 268,311 | ||||||
Other commitments (1) | 179,969 | 181,702 | ||||||
Total commitments to extend credit | $ | 1,729,738 | $ | 1,661,081 | ||||
Standby letters of credit | $ | 110,715 | $ | 110,453 | ||||
Recourse on assets sold: | ||||||||
Unpaid principal balance of loans sold | $ | 179,981 | $ | 170,330 | ||||
Carrying value of recourse obligation (2) | 163 | 162 | ||||||
(1) | Other commitments includes installment and overdraft protection program commitments. | |||||||
(2) | Included in other liabilities in the Consolidated Statements of Financial Condition. | |||||||
Commitments to extend credit are agreements to lend funds to a customer, subject to contractual terms and covenants. Commitments generally have fixed expiration dates or other termination clauses, variable interest rates, and fee requirements, when applicable. Since many of the commitments are expected to expire without being drawn, the total commitment amounts do not necessarily represent future cash flow requirements. | ||||||||
In the event of a customer's non-performance, the Company's credit loss exposure is equal to the contractual amount of the commitments. The credit risk is essentially the same as extending loans to customers. The Company uses the same credit policies for credit commitments as its loans and minimizes exposure to credit loss through various collateral requirements. | ||||||||
Letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Standby letters of credit generally are contingent on the failure of the customer to perform according to the terms of the contract with the third party and are often issued in favor of a municipality where construction is taking place to ensure the borrower adequately completes the construction. | ||||||||
The maximum potential future payments guaranteed by the Company under standby letters of credit arrangements are equal to the contractual amount of the commitment. If a commitment is funded, the Company may seek recourse through the liquidation of the underlying collateral, including real estate, production plants and property, marketable securities, or receipt of cash. | ||||||||
As a result of the sale of certain 1-4 family mortgage loans, the Company is contractually obligated to repurchase any non-performing loans or loans that do not meet underwriting requirements at recorded value. In accordance with the sales agreements, there is no limitation to the maximum potential future payments or expiration of the Company's recourse obligation. There were no material loan repurchases during the quarters ended June 30, 2014 and 2013. | ||||||||
Legal Proceedings | ||||||||
In the ordinary course of business, there were certain legal proceedings pending against the Company and its subsidiaries at June 30, 2014. While the outcome of any legal proceeding is inherently uncertain, based on information currently available, the Company's management believes that any liabilities arising from pending legal matters are not expected to have a material adverse effect on the Company's financial position, results of operations, or cash flows. |
Fair_Value
Fair Value | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||
Fair Value | ' | |||||||||||||||||||||||
FAIR VALUE | ||||||||||||||||||||||||
Fair value represents the amount expected to be received to sell an asset or paid to transfer a liability in its principal or most advantageous market in an orderly transaction between market participants at the measurement date. In accordance with fair value accounting guidance, the Company measures, records, and reports various types of assets and liabilities at fair value on either a recurring or non-recurring basis in the Consolidated Statements of Financial Condition. Those assets and liabilities are presented below in the sections titled "Assets and Liabilities Required to be Measured at Fair Value on a Recurring Basis" and "Assets and Liabilities Required to be Measured at Fair Value on a Non-Recurring Basis." | ||||||||||||||||||||||||
Other assets and liabilities are not required to be measured at fair value in the Consolidated Statements of Financial Condition, but must be disclosed at fair value. Refer to the "Fair Value Measurements of Other Financial Instruments" section of this footnote. Any aggregation of the estimated fair values presented in this footnote does not represent the value of the Company. | ||||||||||||||||||||||||
Depending on the nature of the asset or liability, the Company uses various valuation methodologies and assumptions to estimate fair value. GAAP provides a three-tiered fair value hierarchy based on the inputs used to measure fair value. The hierarchy is defined as follows: | ||||||||||||||||||||||||
• | Level 1 - Quoted prices in active markets for identical assets or liabilities. | |||||||||||||||||||||||
• | Level 2 - Observable inputs other than level 1 prices, such as quoted prices for similar instruments, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. | |||||||||||||||||||||||
• | Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. These inputs require significant management judgment or estimation, some of which use model-based techniques and may be internally developed. | |||||||||||||||||||||||
Assets and liabilities are assigned to a level within the fair value hierarchy based on the lowest level of significant input used to measure fair value. Assets and liabilities may change levels within the fair value hierarchy due to market conditions or other circumstances. Those transfers are recognized on the date of the event that prompted the transfer. There were no transfers of assets or liabilities between levels of the fair value hierarchy during the periods presented. | ||||||||||||||||||||||||
Assets and Liabilities Required to be Measured at Fair Value on a Recurring Basis | ||||||||||||||||||||||||
The following table provides the fair value for assets and liabilities required to be measured at fair value on a recurring basis in the Consolidated Statements of Financial Condition by level in the fair value hierarchy. | ||||||||||||||||||||||||
Recurring Fair Value Measurements | ||||||||||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Trading securities: | ||||||||||||||||||||||||
Money market funds | $ | 1,369 | $ | — | $ | — | $ | 1,847 | $ | — | $ | — | ||||||||||||
Mutual funds | 16,862 | — | — | 15,470 | — | — | ||||||||||||||||||
Total trading securities | 18,231 | — | — | 17,317 | — | — | ||||||||||||||||||
Securities available-for-sale: | ||||||||||||||||||||||||
U.S. Agency securities | — | 501 | — | — | 500 | — | ||||||||||||||||||
CMOs | — | 441,465 | — | — | 475,768 | — | ||||||||||||||||||
Other MBSs | — | 127,492 | — | — | 136,164 | — | ||||||||||||||||||
Municipal securities | — | 443,885 | — | — | 461,393 | — | ||||||||||||||||||
CDOs | — | — | 18,436 | — | — | 18,309 | ||||||||||||||||||
Corporate debt securities | — | 15,235 | — | — | 14,929 | — | ||||||||||||||||||
Hedge fund investment | — | 816 | — | — | 3,179 | — | ||||||||||||||||||
Other equity securities | 44 | 2,601 | — | 44 | 2,439 | — | ||||||||||||||||||
Total securities | 44 | 1,031,995 | 18,436 | 44 | 1,094,372 | 18,309 | ||||||||||||||||||
available-for-sale | ||||||||||||||||||||||||
Mortgage servicing rights (1) | — | — | 1,885 | — | — | 1,893 | ||||||||||||||||||
Derivative assets (1) | — | 5,023 | — | — | 2,235 | — | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Derivative liabilities (2) | $ | — | $ | 6,512 | $ | — | $ | — | $ | 3,707 | $ | — | ||||||||||||
(1) | Included in other assets in the Consolidated Statements of Financial Condition. | |||||||||||||||||||||||
(2) | Included in other liabilities in the Consolidated Statements of Financial Condition. | |||||||||||||||||||||||
The following sections describe the specific valuation techniques and inputs used to measure financial assets and liabilities at fair value. | ||||||||||||||||||||||||
Trading Securities | ||||||||||||||||||||||||
The Company's trading securities consist of diversified investment securities held in a grantor trust and are invested in money market and mutual funds. The fair value of these money market and mutual funds is based on quoted market prices in active exchange markets and is classified in level 1 of the fair value hierarchy. | ||||||||||||||||||||||||
Securities Available-for-Sale | ||||||||||||||||||||||||
The Company’s available-for-sale securities are primarily fixed income instruments that are not quoted on an exchange, but may be traded in active markets. The fair values are based on quoted prices in active markets or market prices for similar securities obtained from external pricing services or dealer market participants and are classified in level 2 of the fair value hierarchy. Quarterly, the Company evaluates the methodologies used by its external pricing services to develop the fair values to determine whether the results of the valuations are representative of an exit price in the Company’s principal markets and an appropriate representation of fair value. | ||||||||||||||||||||||||
The Company’s hedge fund investment is classified in level 2 of the fair value hierarchy. The fair value is derived from monthly and annual financial statements provided by hedge fund management. The majority of the hedge fund’s investment portfolio is held in securities that are freely tradable and are listed on national securities exchanges. | ||||||||||||||||||||||||
CDOs are classified in level 3 of the fair value hierarchy. The Company estimates the fair values for each CDO using discounted cash flow analyses with the assistance of a structured credit valuation firm. This methodology relies on credit analysis and review of historical financial data for each of the issuers of the securities underlying the individual CDO (the “Issuers”) to estimate the cash flows. These estimates are highly subjective and sensitive to several significant, unobservable inputs, including prepayment assumptions, default probabilities, loss given default assumptions, and deferral cure probabilities. The cash flows for each Issuer are then discounted to present values using LIBOR plus an adjustment to reflect the higher risk inherent in these securities given their complex structures and the impact of market factors. Finally, the discounted cash flows for each Issuer are aggregated to derive the estimated fair value for the specific CDO. Information for each CDO, as well as the significant unobservable assumptions, is presented in the following table. | ||||||||||||||||||||||||
Characteristics of CDOs and Significant Unobservable Inputs | ||||||||||||||||||||||||
Used in the Valuation of CDOs as of June 30, 2014 | ||||||||||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||||||||||
CDO Number | ||||||||||||||||||||||||
1 | 2 | 3 | 4 | 5 | ||||||||||||||||||||
Characteristics: | ||||||||||||||||||||||||
Class | C-1 | C-1 | C-1 | B1 | C | |||||||||||||||||||
Original par | $ | 17,500 | $ | 15,000 | $ | 15,000 | $ | 15,000 | $ | 6,500 | ||||||||||||||
Amortized cost | 7,140 | 5,598 | 12,377 | 13,729 | 6,179 | |||||||||||||||||||
Fair value | 4,849 | 662 | 4,641 | 5,838 | 2,446 | |||||||||||||||||||
Lowest credit rating (Moody’s) | Ca | Ca | Ca | Ca | Ca | |||||||||||||||||||
Number of underlying Issuers | 43 | 54 | 57 | 58 | 75 | |||||||||||||||||||
Percent of Issuers currently | 83.7 | % | 79.6 | % | 75.4 | % | 55.2 | % | 73.3 | % | ||||||||||||||
performing | ||||||||||||||||||||||||
Current deferral and default percent (1) | 8.7 | % | 11.4 | % | 11.8 | % | 29.8 | % | 22.5 | % | ||||||||||||||
Expected future deferral and | 12.3 | % | 12 | % | 15.2 | % | 22.3 | % | 9.8 | % | ||||||||||||||
default percent (2) | ||||||||||||||||||||||||
Excess subordination percent (3) | — | % | — | % | — | % | 1.5 | % | 11.4 | % | ||||||||||||||
Discount rate risk adjustment (4) | 12.5 | % | 14.3 | % | 13.3 | % | 11.8 | % | 12.3 | % | ||||||||||||||
Significant unobservable inputs, weighted average of Issuers: | ||||||||||||||||||||||||
Probability of prepayment | 15.2 | % | 7.6 | % | 4.4 | % | 6.1 | % | 3.5 | % | ||||||||||||||
Probability of default | 18.5 | % | 23.1 | % | 21.2 | % | 28.3 | % | 28.8 | % | ||||||||||||||
Loss given default | 88.2 | % | 83.4 | % | 89.4 | % | 92.9 | % | 96.2 | % | ||||||||||||||
Probability of deferral cure | 23.2 | % | 17.7 | % | 31.3 | % | 41.1 | % | 27.6 | % | ||||||||||||||
(1) | Represents actual deferrals and defaults, net of recoveries, as a percent of the original collateral. | |||||||||||||||||||||||
(2) | Represents expected future deferrals and defaults, net of recoveries, as a percent of the remaining performing collateral. The probability of future defaults is derived for each Issuer based on a credit analysis. The associated assumed loss given default is based on historical default and recovery information provided by a nationally recognized credit rating agency and is assumed to be 90% for banks, 85% for insurance companies, and 100% for Issuers that have already defaulted. | |||||||||||||||||||||||
(3) | Represents additional defaults that the CDO can absorb before the security experiences any credit impairment. The excess subordination percentage is calculated by dividing the amount of potential additional loss that can be absorbed (before the receipt of all expected future principal and interest payments is affected) by the total balance of performing collateral. | |||||||||||||||||||||||
(4) | Cash flows are discounted at LIBOR plus this adjustment to reflect the higher risk inherent in these securities. | |||||||||||||||||||||||
Most Issuers have the right to prepay the securities on the fifth anniversary of issuance and under other limited circumstances. To estimate prepayments, a credit analysis of each Issuer is performed to estimate its ability and likelihood to fund a prepayment. If a prepayment occurs, the Company receives cash equal to the par value for the portion of the CDO associated with that Issuer. | ||||||||||||||||||||||||
The likelihood that an Issuer who is currently deferring payment on the securities will pay all deferred amounts and remain current thereafter is based on an analysis of the Issuer’s asset quality, leverage ratios, and other measures of financial viability. | ||||||||||||||||||||||||
The impact of changes in these key inputs could result in a significantly higher or lower fair value measurement for each CDO. The timing of the default, the magnitude of the default, and the timing and magnitude of the cure probability are directly interrelated. Defaults that occur sooner and/or are greater than anticipated have a negative impact on the valuation. In addition, a high cure probability assumption has a positive effect on the fair value, and, if a cure event takes place sooner than anticipated, the impact on the valuation is also favorable. | ||||||||||||||||||||||||
Management monitors the valuation results of each CDO on a quarterly basis, which includes an analysis of historical pricing trends for these types of securities, overall economic conditions (such as tracking LIBOR curves), and the performance of the Issuers’ industries. Management also reviews market activity for the same or similar tranches of the CDOs, when available. Annually, management validates significant assumptions by reviewing detailed back-testing performed by the structured credit valuation firm. | ||||||||||||||||||||||||
A rollforward of the carrying value of CDOs for the quarters and six months ended June 30, 2014 and 2013 is presented in the following table. | ||||||||||||||||||||||||
Rollforward of the Carrying Value of CDOs | ||||||||||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||||||||||
Quarters Ended | Six Months Ended | |||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Beginning balance | $ | 21,666 | $ | 12,924 | $ | 18,309 | $ | 12,129 | ||||||||||||||||
Change in other comprehensive income (loss) (1) | (1,721 | ) | 1,993 | 1,636 | 2,788 | |||||||||||||||||||
Purchases, sales, issuances, settlements, and paydowns (2) | (1,509 | ) | — | (1,509 | ) | — | ||||||||||||||||||
Ending balance | $ | 18,436 | $ | 14,917 | $ | 18,436 | $ | 14,917 | ||||||||||||||||
Change in unrealized losses recognized in earnings related to | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
securities still held at end of period | ||||||||||||||||||||||||
(1) | Included in unrealized holding gains (losses) in the Consolidated Statements of Comprehensive Income. | |||||||||||||||||||||||
(2) | During the second quarter of 2014, one CDO with a carrying value of $1.3 million was sold. In addition, one CDO with a carrying value of zero was sold during the second quarter of 2013. | |||||||||||||||||||||||
Mortgage Servicing Rights | ||||||||||||||||||||||||
The Company services loans for others totaling $219.3 million as of June 30, 2014 and $214.5 million as of December 31, 2013. These loans are owned by third parties and are not included in the Consolidated Statements of Condition. The Company estimates the fair value of mortgage servicing rights by using a discounted cash flow analysis and classifies them in level 3 of the fair value hierarchy. Additional information regarding the Company’s mortgage servicing rights can be found in Note 21, “Fair Value,” in the Company’s 2013 10-K. | ||||||||||||||||||||||||
Derivative Assets and Derivative Liabilities | ||||||||||||||||||||||||
The Company enters into interest rate swaps and derivative transactions with commercial customers. These derivative transactions are executed in the dealer market, and pricing is based on market quotes obtained from the counterparties. The market quotes were developed using market observable inputs, which primarily include LIBOR. Therefore, derivatives are classified in level 2 of the fair value hierarchy. For its derivative assets and liabilities, the Company also considers non-performance risk, including the likelihood of default by itself and its counterparties, when evaluating whether the market quotes from the counterparty are representative of an exit price. | ||||||||||||||||||||||||
Assets and Liabilities Required to be Measured at Fair Value on a Non-Recurring Basis | ||||||||||||||||||||||||
The following table provides the fair value for each class of assets and liabilities required to be measured at fair value on a non-recurring basis in the Consolidated Statements of Financial Condition by level in the fair value hierarchy. | ||||||||||||||||||||||||
Non-Recurring Fair Value Measurements | ||||||||||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Collateral-dependent impaired loans (1) | $ | — | $ | — | $ | 23,111 | $ | — | $ | — | $ | 13,103 | ||||||||||||
OREO (2) | — | — | 16,266 | — | — | 13,347 | ||||||||||||||||||
Loans held-for-sale (3) | — | — | 21,125 | — | — | 4,739 | ||||||||||||||||||
Assets held-for-sale (4) | — | — | 4,318 | — | — | 4,027 | ||||||||||||||||||
(1) | Includes impaired loans with charge-offs and impaired loans with a specific reserve during the periods presented. | |||||||||||||||||||||||
(2) | Includes OREO and covered OREO with fair value adjustments subsequent to initial transfer that occurred during the periods presented. | |||||||||||||||||||||||
(3) | Included in other assets in the Consolidated Statements of Financial Condition. | |||||||||||||||||||||||
(4) | Included in premises, furniture, and equipment in the Consolidated Statements of Financial Condition. | |||||||||||||||||||||||
Collateral-Dependent Impaired Loans | ||||||||||||||||||||||||
Certain collateral-dependent impaired loans are subject to fair value adjustments to reflect the difference between the carrying value of the loan and the value of the underlying collateral. The fair values of collateral-dependent impaired loans are primarily determined by current appraised values of the underlying collateral. Based on the age and/or type, appraisals may be adjusted in the range of 0% to 20%. In certain cases, an internal valuation may be used when the underlying collateral is located in areas where comparable sales data is limited or unavailable. Accordingly, collateral-dependent impaired loans are classified in level 3 of the fair value hierarchy. | ||||||||||||||||||||||||
Collateral-dependent impaired loans for which the fair value is greater than the recorded investment are not measured at fair value in the Consolidated Statements of Financial Condition and are not included in this disclosure. | ||||||||||||||||||||||||
OREO | ||||||||||||||||||||||||
The fair value of OREO is measured using the current appraised value of the properties. In certain circumstances, a current appraisal may not be available or may not represent an accurate measurement of the property's fair value due to outdated market information or other factors. In these cases, the fair value is determined based on the lower of the (i) most recent appraised value, (ii) broker price opinion, (iii) current listing price, or (iv) signed sales contract. Given these valuation methods, OREO is classified in level 3 of the fair value hierarchy. | ||||||||||||||||||||||||
Loans Held-for-Sale | ||||||||||||||||||||||||
As of June 30, 2014, loans held-for-sale consisted of 1-4 family mortgage loans, which were originated with the intent to sell, and one commercial real estate credit relationship, which was transferred to the held-for-sale category at the contract price. Accordingly, these loans are classified in level 3 of the fair value hierarchy. As of December 31, 2013, loans held-for-sale consists of 1-4 family mortgage loans and one commercial real estate loan. | ||||||||||||||||||||||||
Assets Held-for-Sale | ||||||||||||||||||||||||
Assets held-for-sale consist of former branches that are no longer in operation, which were transferred into the held-for-sale category at the lower of their fair value as determined by a current appraisal or their recorded investment. Based on these valuation methods, they are classified in level 3 of the fair value hierarchy. | ||||||||||||||||||||||||
Financial Instruments Not Required to be Measured at Fair Value | ||||||||||||||||||||||||
For certain financial instruments that are not required to be measured at fair value in the Consolidated Statements of Financial Condition, the Company must disclose the estimated fair values and the level within the fair value hierarchy as shown in the following table. | ||||||||||||||||||||||||
Fair Value Measurements of Other Financial Instruments | ||||||||||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||
Fair Value Hierarchy | Carrying | Fair Value | Carrying | Fair Value | ||||||||||||||||||||
Level | Amount | Amount | ||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Cash and due from banks | 1 | $ | 155,099 | $ | 155,099 | $ | 110,417 | $ | 110,417 | |||||||||||||||
Interest-bearing deposits in other banks | 2 | 322,874 | 322,874 | 476,824 | 476,824 | |||||||||||||||||||
Securities held-to-maturity | 2 | 26,471 | 27,076 | 44,322 | 43,387 | |||||||||||||||||||
FHLB and Federal Reserve Bank stock | 2 | 35,588 | 35,588 | 35,161 | 35,161 | |||||||||||||||||||
Net loans | 3 | 5,869,998 | 5,775,061 | 5,628,855 | 5,544,146 | |||||||||||||||||||
FDIC indemnification asset | 3 | 10,276 | 2,464 | 16,585 | 7,829 | |||||||||||||||||||
Investment in BOLI | 3 | 194,502 | 194,502 | 193,167 | 193,167 | |||||||||||||||||||
Accrued interest receivable | 3 | 23,633 | 23,633 | 25,735 | 25,735 | |||||||||||||||||||
Other interest earning assets | 3 | 5,117 | 5,297 | 6,550 | 6,809 | |||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Deposits | 2 | $ | 6,895,250 | $ | 6,892,876 | $ | 6,766,101 | $ | 6,765,404 | |||||||||||||||
Borrowed funds | 2 | 104,201 | 104,201 | 224,342 | 226,839 | |||||||||||||||||||
Senior and subordinated debt | 1 | 190,996 | 193,628 | 190,932 | 201,147 | |||||||||||||||||||
Accrued interest payable | 2 | 2,164 | 2,164 | 2,400 | 2,400 | |||||||||||||||||||
Management uses various methodologies and assumptions to determine the estimated fair values of the financial instruments in the table above. The fair value estimates are made at a discrete point in time based on relevant market information and consider management’s judgments regarding future expected economic conditions, loss experience, and specific risk characteristics of the financial instruments. | ||||||||||||||||||||||||
Short-Term Financial Assets and Liabilities - For financial instruments with a shorter-term or with no stated maturity, prevailing market rates, and limited credit risk, the carrying amounts approximate fair value. Those financial instruments include cash and due from banks, interest-bearing deposits in other banks, other short-term investments, accrued interest receivable, and accrued interest payable. | ||||||||||||||||||||||||
Securities Held-to-Maturity - The fair value of securities held-to-maturity is estimated using the present value of future cash flows of the remaining maturities of the securities. | ||||||||||||||||||||||||
FHLB and Federal Reserve Bank Stock - The carrying amounts approximate fair value. | ||||||||||||||||||||||||
Net Loans - The fair value of loans is estimated using the present value of the future cash flows of the remaining maturities of the loans. Prepayment assumptions that consider the Company’s historical experience and current economic and lending conditions were included. The discount rate was based on the LIBOR yield curve with adjustments for liquidity and credit risk. The primary impact of credit risk on the fair value of the loan portfolio was accommodated through the use of the allowance for loan and covered loan losses, which is believed to represent the current fair value of estimated inherent losses in the loan portfolio. | ||||||||||||||||||||||||
FDIC Indemnification Asset - The fair value of the FDIC indemnification asset is calculated by discounting the cash flows expected to be received from the FDIC. The future cash flows are estimated by multiplying expected losses on covered loans and covered OREO by the reimbursement rates in the FDIC Agreements. | ||||||||||||||||||||||||
Investment in BOLI - The fair value of the investment in BOLI approximates the carrying amount as both are based on each policy's respective cash surrender value ("CSV"), which is the amount the Company would receive from liquidation of these investments. The CSV is derived from monthly reports provided by the managing brokers and is determined using the Company's initial insurance premium and earnings of the underlying assets, offset by management fees. | ||||||||||||||||||||||||
Other Interest-Earning Assets - The fair value of other interest-earning assets is estimated using the present value of the future cash flows of the remaining maturities of the assets. | ||||||||||||||||||||||||
Deposits - The fair values disclosed for deposits, savings deposits, NOW accounts, and money market deposits are equal to the amount payable on demand at the reporting date (i.e., their carrying amounts). The fair value for fixed-rate time deposits was estimated using the future cash flows discounted based on the LIBOR yield curve, plus or minus the spread associated with current pricing. | ||||||||||||||||||||||||
Borrowed Funds - The fair value of FHLB advances is estimated by discounting the agreements based on maturities using the rates currently offered for FHLB advances of similar remaining maturities adjusted for prepayment penalties that would be incurred if the borrowings were paid off on the measurement date. The carrying amounts of securities sold under agreements to repurchase approximate their fair value due to their short-term nature. | ||||||||||||||||||||||||
Senior and Subordinated Debt - The fair value of senior and subordinated debt is determined using quoted market prices. | ||||||||||||||||||||||||
The Company estimated the fair value of lending commitments outstanding to be immaterial based on the following factors: (i) the limited interest rate exposure of the commitments outstanding due to their variable nature, (ii) the short-term nature of the commitment periods, (iii) termination clauses provided in the agreements, and (iv) the market rate of fees charged. |
Subsequent_Events_Notes
Subsequent Events (Notes) | 6 Months Ended |
Jun. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
SUBSEQUENT EVENTS | |
On July 7, 2014, the Company entered into a definitive agreement to acquire the south suburban Chicago-based Great Lakes Financial Resources, Inc., the holding company for Great Lakes Bank, National Association. As part of the acquisition, the Company will acquire eight locations, approximately $490 million in deposits, and $234 million in loans. The merger consideration will be a combination of Company stock and cash, with an overall transaction value of approximately $58.0 million, subject to certain adjustments based on the stock price of the Company prior to closing. The acquisition is subject to approval by the stockholders of Great Lakes Financial Resources, Inc., customary regulatory approvals, and certain closing conditions, and is expected to close before the end of 2014. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 6 Months Ended | |
Jun. 30, 2014 | ||
Accounting Policies [Abstract] | ' | |
Basis of Presentation | ' | |
Basis of Presentation – The accompanying unaudited condensed consolidated interim financial statements of First Midwest Bancorp, Inc. (the “Company”), a Delaware corporation, were prepared in accordance with the rules and regulations of the Securities and Exchange Commission ("SEC") for quarterly reports on Form 10-Q and reflect all adjustments that management deems necessary for the fair presentation of the financial position and results of operations for the periods presented. The results of operations for the quarter and six month period ended June 30, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. | ||
The accounting and reporting policies of the Company and its subsidiaries conform to U.S. generally accepted accounting principles (“GAAP”) and general practices within the banking industry. The accompanying quarterly statements do not include certain information and footnote disclosures required by GAAP for complete annual financial statements. Therefore, these financial statements should be read in conjunction with the Company’s 2013 Annual Report on Form 10-K (“2013 10-K”). The Company uses the accrual basis of accounting for financial reporting purposes. Certain reclassifications were made to prior year amounts to conform to the current year presentation | ||
Principles of Consolidation | ' | |
Principles of Consolidation – The accompanying condensed consolidated financial statements include the financial position and results of operations of the Company and its subsidiaries after elimination of all significant intercompany accounts and transactions. Assets held in a fiduciary or agency capacity are not assets of the Company or its subsidiaries and are not included in the condensed consolidated financial statements. | ||
Use of Estimates | ' | |
Use of Estimates – The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Although these estimates and assumptions are based on the best available information, actual results could differ from those estimates. | ||
The accounting policies related to loans, the allowance for credit losses, the FDIC indemnification asset, and derivative financial instruments are presented below. For a summary of all other significant accounting policies, please refer to Note 1, “Summary of Significant Accounting Policies,” in the Company’s 2013 10-K. | ||
Loans | ' | |
Loans – Loans held-for-investment are loans that the Company intends to hold until they are paid in full and are carried at the principal amount outstanding, including certain net deferred loan origination fees. Interest income on loans is accrued based on principal amounts outstanding. Loan origination fees, commitment fees, and certain direct loan origination costs are deferred, and the net amount is amortized as a yield adjustment over the contractual life of the related loans or commitments and included in interest income. Fees related to standby letters of credit are amortized into fee income over the contractual life of the commitment. Other credit-related fees are recognized as fee income when earned. Loans held-for-sale are carried at the lower of aggregate cost or fair value and included in other assets in the Consolidated Statements of Financial Condition. | ||
Purchased Impaired Loans | ' | |
Purchased Impaired Loans – Purchased impaired loans include acquired loans that had evidence of credit deterioration since origination and it was probable at acquisition that the Company would not collect all contractually required principal and interest payments. Evidence of credit deterioration was evaluated using various indicators, such as past due and non-accrual status. Other key considerations included past performance of the institutions' credit underwriting standards, completeness and accuracy of credit files, maintenance of risk ratings, and age of appraisals. Lease and revolving loans do not qualify to be accounted for as purchased impaired loans. No allowance for credit losses is recorded on these loans at the acquisition date. Purchased impaired loans are recorded at fair value, and are accounted for prospectively based on estimates of expected cash flows. To estimate the fair value, the Company generally aggregates purchased consumer loans and certain smaller balance commercial loans into pools of loans with common risk characteristics, such as delinquency status, credit score, and internal risk rating. The fair values of larger balance commercial loans are estimated on an individual basis. Expected future cash flows in excess of the fair value of loans at the purchase date (“accretable yield”) are recorded as interest income over the life of the loans if the timing and amount of the future cash flows can be reasonably estimated. The non-accretable yield represents the difference between contractually required payments and the cash flows expected to be collected at acquisition. | ||
Subsequent increases in cash flows are recognized as interest income prospectively. The present value of any decreases in expected cash flows is recognized by recording a charge-off through the allowance for loan and covered loan losses or establishing an allowance for loan and covered loan losses. | ||
Non-accrual Loans | ' | |
Non-accrual Loans – Generally, corporate loans are placed on non-accrual status (i) when either principal or interest payments become 90 days or more past due unless the loan is sufficiently collateralized such that full repayment of both principal and interest is expected and is in the process of collection within a reasonable period or (ii) when an individual analysis of a borrower’s creditworthiness warrants a downgrade to non-accrual regardless of past due status. When a loan is placed on non-accrual status, unpaid interest credited to income in the current year is reversed, and unpaid interest accrued in prior years is charged against the allowance for loan losses. After the loan is placed on non-accrual, all debt service payments are applied to the principal on the loan. Future interest income may only be recorded on a cash basis after recovery of principal is reasonably assured. Non-accrual loans are returned to accrual status when the financial position of the borrower and other relevant factors indicate that the Company will collect all principal and interest. | ||
Commercial loans and loans secured by real estate are charged-off when deemed uncollectible. A loss is recorded if the net realizable value of the underlying collateral is less than the outstanding principal and interest. Consumer loans that are not secured by real estate are subject to mandatory charge-off at a specified delinquency date and are usually not classified as non-accrual prior to being charged-off. Closed-end consumer loans, which include installment, automobile, and single payment loans, are usually charged-off no later than the end of the month in which the loan becomes 120 days past due. | ||
Purchased impaired loans are generally considered accruing loans unless reasonable estimates of the timing and amount of future cash flows cannot be determined. Loans without reasonable cash flow estimates are classified as non-accrual loans, and interest income is not recognized on those loans until the timing and amount of the future cash flows can be reasonably determined. | ||
Troubled Debt Restructurings (“TDRsâ€) | ' | |
Troubled Debt Restructurings (“TDRs”) – A restructuring is considered a TDR when (i) the borrower is experiencing financial difficulties and (ii) the creditor grants a concession, such as forgiveness of principal, reduction of the interest rate, changes in payments, or extension of the maturity date. Loans are not classified as TDRs when the modification is short-term or results in an insignificant delay in payments. The Company’s TDRs are determined on a case-by-case basis. | ||
The Company does not accrue interest on a TDR unless it believes collection of all principal and interest under the modified terms is reasonably assured. For a TDR to begin accruing interest, the borrower must demonstrate both some level of past performance and the future capacity to perform under the modified terms. Generally, six months of consecutive payment performance under the restructured terms is required before a TDR is returned to accrual status. However, the period could vary depending on the individual facts and circumstances of the loan. An evaluation of the borrower’s current creditworthiness is used to assess the borrower’s capacity to repay the loan under the modified terms. This evaluation includes an estimate of expected cash flows, evidence of strong financial position, and estimates of the value of collateral, if applicable. For TDRs to be removed from TDR status in the calendar year after the restructuring, the loans must (i) have an interest rate and terms that reflect market conditions at the time of restructuring, and (ii) be in compliance with the modified terms. If the loan was restructured at below market rates and terms, it continues to be separately reported as restructured until it is paid in full or charged-off. | ||
Impaired Loans | ' | |
Impaired Loans – Impaired loans consist of corporate non-accrual loans and TDRs. | ||
A loan is considered impaired when it is probable that the Company will not collect all contractual principal and interest. With the exception of accruing TDRs, impaired loans are classified as non-accrual and are exclusive of smaller homogeneous loans, such as home equity, 1-4 family mortgages, and installment loans. Impaired loans with balances under a specified threshold are not individually evaluated for impairment. For all other impaired loans, impairment is measured by comparing the estimated value of the loan to the recorded book value. The value of collateral-dependent loans is based on the fair value of the underlying collateral, less costs to sell. The value of other loans is measured using the present value of expected future cash flows discounted at the loan’s initial effective interest rate. Purchased impaired loans are not reported as impaired loans provided that estimates of the timing and amount of future cash flows can be reasonably determined. | ||
90-Days Past Due Loans | ' | |
90-Days Past Due Loans –The Company’s accrual of interest on loans is discontinued at the time the loan is 90 days past due unless the credit is sufficiently collateralized and in the process of renewal or collection. | ||
Allowance for Credit Losses | ' | |
Allowance for Credit Losses – The allowance for credit losses is comprised of the allowance for loan losses, the allowance for covered loan losses, and the reserve for unfunded commitments, and is maintained by management at a level believed adequate to absorb estimated losses inherent in the existing loan portfolio. Determination of the allowance for credit losses is subjective since it requires significant estimates and management judgment, including the amounts and timing of expected future cash flows on impaired loans, estimated losses on pools of homogeneous loans, consideration of current economic trends, and other factors. | ||
Loans deemed to be uncollectible are charged-off against the allowance for loan and covered loan losses, while recoveries of amounts previously charged-off are credited to the allowance for loan and covered loan losses. Additions to the allowance for loan and covered loan losses are charged to expense through the provision for loan and covered loan losses. The amount of provision depends on a number of factors, including net charge-off levels, loan growth, changes in the composition of the loan portfolio, and the Company’s assessment of the allowance for loan and covered loan losses based on the methodology discussed below. | ||
Allowance for Loan Losses – The allowance for loan losses consists of (i) specific reserves for individual loans where the recorded investment exceeds the value, (ii) an allowance based on a loss migration analysis that uses historical credit loss experience for each loan category, and (iii) and allowance based on other internal and external qualitative factors. | ||
The specific reserves component of the allowance for loan losses is based on a periodic analysis of impaired loans exceeding a fixed dollar amount. If the value of an impaired loan is less than the recorded book value, the Company either establishes a valuation allowance (i.e., a specific reserve) equal to the excess of the book value over the value of the loan as a component of the allowance for loan losses or charges off the amount if it is a confirmed loss. | ||
The general reserve component is based on a loss migration analysis, which examines actual loss experience by loan category for a rolling 8-quarter period and the related internal risk rating for corporate loans. The loss migration analysis is updated quarterly using actual loss experience. This component is then adjusted based on management’s consideration of many internal and external qualitative factors, including: | ||
• | Changes in the composition of the loan portfolio, trends in the volume of loans, and trends in delinquent and non-accrual loans that could indicate that historical trends do not reflect current conditions. | |
• | Changes in credit policies and procedures, such as underwriting standards and collection, charge-off, and recovery practices. | |
• | Changes in the experience, ability, and depth of credit management and other relevant staff. | |
• | Changes in the quality of the Company’s loan review system and Board of Directors oversight. | |
• | The effect of any concentration of credit and changes in the level of concentrations, such as loan type or risk rating. | |
• | Changes in the value of the underlying collateral for collateral-dependent loans. | |
• | Changes in the national and local economy that affect the collectability of various segments of the portfolio. | |
• | The effect of other external factors, such as competition and legal and regulatory requirements, on the Company’s loan portfolio. | |
Allowance for Covered Loan Losses – The Company’s allowance for covered loan losses reflects the difference between the carrying value and the discounted present value of the estimated cash flows of the covered purchased impaired loans. On a periodic basis, the adequacy of this allowance is determined through a re-estimation of cash flows on all of the outstanding covered purchased impaired loans using either a probability of default/loss given default (“PD/LGD”) methodology or a specific review methodology. The PD/LGD model is an expected loss model that estimates future cash flows using a probability of default curve and loss given default estimates. | ||
Reserve for Unfunded Commitments – The Company also maintains a reserve for unfunded commitments, including letters of credit, for the risk of loss inherent in these arrangements. The reserve for unfunded commitments is estimated using the loss migration analysis from the allowance for loan losses, adjusted for probabilities of future funding requirements. The reserve for unfunded commitments is included in other liabilities in the Consolidated Statements of Financial Condition. | ||
The establishment of the allowance for credit losses involves a high degree of judgment given the difficulty of assessing the factors impacting loan repayment and estimating the timing and amount of losses. While management utilizes its best judgment and information available, the adequacy of the allowance for credit losses depends on a variety of factors beyond the Company’s control, including the performance of its loan portfolio, the economy, changes in interest rates and property values, and the interpretation of loan risk classifications by regulatory authorities. | ||
FDIC Indemnification Asset | ' | |
FDIC Indemnification Asset – The majority of loans and OREO acquired through FDIC-assisted transactions are covered by loss share agreements with the FDIC (the “FDIC Agreements”), under which the FDIC reimburses the Company for the majority of the losses and eligible expenses related to these assets. The FDIC indemnification asset represents the present value of future expected reimbursements from the FDIC. Since the indemnified items are covered loans and covered OREO, which are initially measured at fair value, the FDIC indemnification asset is also initially measured at fair value by discounting the cash flows expected to be received from the FDIC. These cash flows are estimated by multiplying estimated losses on purchased impaired loans and OREO by the reimbursement rates in the FDIC Agreements. | ||
The balance of the FDIC indemnification asset is adjusted periodically to reflect changes in estimated cash flows. Decreases in estimated reimbursements from the FDIC are recorded prospectively through amortization and increases in estimated reimbursements from the FDIC are recognized by an increase in the carrying value of the indemnification asset. Payments from the FDIC for reimbursement of losses result in a reduction of the FDIC indemnification asset. | ||
Derivative Financial Instruments | ' | |
Derivative Financial Instruments – In the ordinary course of business, the Company enters into derivative transactions as part of its overall interest rate risk management strategy to minimize significant unplanned fluctuations in earnings and cash flows caused by interest rate volatility. All derivative instruments are recorded at fair value as either other assets or other liabilities in the Consolidated Statements of Financial Condition. Subsequent changes in a derivative’s fair value are recognized in earnings unless specific hedge accounting criteria are met. | ||
On the date the Company enters into a derivative contract, the derivative is designated as a fair value hedge, a cash flow hedge, or a non-hedge derivative instrument. Fair value hedges are designed to mitigate exposure to changes in the fair value of an asset or liability attributable to a particular risk, such as interest rate risk. Cash flow hedges are designed to mitigate exposure to variability in expected future cash flows to be received or paid related to an asset, liability, or other type of forecasted transaction. The Company formally documents all relationships between hedging instruments and hedged items, including its risk management objective and strategy. | ||
At the hedge’s inception and quarterly thereafter, a formal assessment is performed to determine the effectiveness of the derivative in offsetting changes in the fair values or cash flows of the hedged items in the current period and prospectively. If a derivative instrument designated as a hedge is terminated or ceases to be highly effective, hedge accounting is discontinued prospectively, and the gain or loss is amortized into earnings. For fair value hedges, the gain or loss is amortized over the remaining life of the hedged asset or liability. For cash flow hedges, the gain or loss is amortized over the same period that the forecasted hedged transactions impact earnings. If the hedged item is disposed of, any fair value adjustments are included in the gain or loss from the disposition of the hedged item. If the forecasted transaction is no longer probable, the gain or loss is included in earnings immediately. | ||
For effective fair value hedges, changes in the fair value of the derivative instruments, as well as changes in the fair value of the hedged item, are recognized in earnings. For cash flow hedges, the effective portion of the change in fair value of the derivative instrument is reported as a component of accumulated other comprehensive loss and is reclassified to earnings when the hedged transaction is reflected in earnings. | ||
Ineffectiveness is calculated based on the change in fair value of the hedged item compared with the change in fair value of the hedging instrument. For all types of hedges, any ineffectiveness in the hedging relationship is recognized in earnings during the period the ineffectiveness occurs. |
Securities_Tables
Securities (Tables) | 6 Months Ended | |||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||||||||||
Marketable Securities | ' | |||||||||||||||||||||||||||||||
A summary of the Company's securities portfolio by category and maturity is presented in the following tables. | ||||||||||||||||||||||||||||||||
Securities Portfolio | ||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized | Fair | Amortized Cost | Gross Unrealized | Fair | |||||||||||||||||||||||||||
Gains | Losses | Value | Gains | Losses | Value | |||||||||||||||||||||||||||
Securities Available-for-Sale | ||||||||||||||||||||||||||||||||
U.S. agency securities | $ | 500 | $ | 1 | $ | — | $ | 501 | $ | 500 | $ | — | $ | — | $ | 500 | ||||||||||||||||
Collateralized mortgage | 448,337 | 1,919 | (8,791 | ) | 441,465 | 490,962 | 1,427 | (16,621 | ) | 475,768 | ||||||||||||||||||||||
obligations (“CMOs”) | ||||||||||||||||||||||||||||||||
Other mortgage-backed | 123,787 | 4,429 | (724 | ) | 127,492 | 135,097 | 3,349 | (2,282 | ) | 136,164 | ||||||||||||||||||||||
securities (“MBSs”) | ||||||||||||||||||||||||||||||||
Municipal securities | 432,187 | 13,319 | (1,621 | ) | 443,885 | 457,318 | 9,673 | (5,598 | ) | 461,393 | ||||||||||||||||||||||
Trust preferred | 45,023 | — | (26,587 | ) | 18,436 | 46,532 | — | (28,223 | ) | 18,309 | ||||||||||||||||||||||
collateralized debt | ||||||||||||||||||||||||||||||||
obligations (“CDOs”) | ||||||||||||||||||||||||||||||||
Corporate debt securities | 12,995 | 2,240 | — | 15,235 | 12,999 | 1,930 | — | 14,929 | ||||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||||||||
Hedge fund investment | 298 | 518 | — | 816 | 1,208 | 1,971 | — | 3,179 | ||||||||||||||||||||||||
Other equity securities | 2,606 | 87 | (48 | ) | 2,645 | 2,498 | 75 | (90 | ) | 2,483 | ||||||||||||||||||||||
Total equity securities | 2,904 | 605 | (48 | ) | 3,461 | 3,706 | 2,046 | (90 | ) | 5,662 | ||||||||||||||||||||||
Total available- | $ | 1,065,733 | $ | 22,513 | $ | (37,771 | ) | $ | 1,050,475 | $ | 1,147,114 | $ | 18,425 | $ | (52,814 | ) | $ | 1,112,725 | ||||||||||||||
for-sale securities | ||||||||||||||||||||||||||||||||
Securities Held-to-Maturity | ||||||||||||||||||||||||||||||||
Municipal securities | $ | 26,471 | $ | 605 | $ | — | $ | 27,076 | $ | 44,322 | $ | — | $ | (935 | ) | $ | 43,387 | |||||||||||||||
Trading Securities | $ | 18,231 | $ | 17,317 | ||||||||||||||||||||||||||||
Investments Classified by Contractual Maturity Date | ' | |||||||||||||||||||||||||||||||
Remaining Contractual Maturity of Securities | ||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||||||||||
Available-for-Sale | Held-to-Maturity | |||||||||||||||||||||||||||||||
Amortized | Fair Value | Amortized | Fair Value | |||||||||||||||||||||||||||||
Cost | Cost | |||||||||||||||||||||||||||||||
One year or less | $ | 32,269 | $ | 31,437 | $ | 2,545 | $ | 2,603 | ||||||||||||||||||||||||
After one year to five years | 122,919 | 119,752 | 8,748 | 8,948 | ||||||||||||||||||||||||||||
After five years to ten years | 187,371 | 182,541 | 5,917 | 6,052 | ||||||||||||||||||||||||||||
After ten years | 148,146 | 144,327 | 9,261 | 9,473 | ||||||||||||||||||||||||||||
Securities that do not have a single contractual maturity date | 575,028 | 572,418 | — | — | ||||||||||||||||||||||||||||
Total | $ | 1,065,733 | $ | 1,050,475 | $ | 26,471 | $ | 27,076 | ||||||||||||||||||||||||
Realized Gain (Loss) on Investments | ' | |||||||||||||||||||||||||||||||
The following table presents net realized gains on securities. | ||||||||||||||||||||||||||||||||
Securities Gains (Losses) | ||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||||||||||||||||||
Quarters Ended | Six Months Ended | |||||||||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Gains on sales of securities: | ||||||||||||||||||||||||||||||||
Gross realized gains | $ | 4,517 | $ | 216 | $ | 5,618 | $ | 216 | ||||||||||||||||||||||||
Gross realized losses | — | — | — | — | ||||||||||||||||||||||||||||
Net realized gains on sales of securities | 4,517 | 216 | 5,618 | 216 | ||||||||||||||||||||||||||||
Non-cash impairment charges: | ||||||||||||||||||||||||||||||||
Other-than-temporary securities impairment ("OTTI") | — | — | (28 | ) | — | |||||||||||||||||||||||||||
Portion of OTTI recognized in other comprehensive | — | — | — | — | ||||||||||||||||||||||||||||
income (loss) | ||||||||||||||||||||||||||||||||
Net non-cash impairment charges | — | — | (28 | ) | — | |||||||||||||||||||||||||||
Net realized gains | $ | 4,517 | $ | 216 | $ | 5,590 | $ | 216 | ||||||||||||||||||||||||
Net trading gains (1) | $ | 531 | $ | 214 | $ | 722 | $ | 1,250 | ||||||||||||||||||||||||
(1) | All net trading gains relate to trading securities still held as of June 30, 2014 and June 30, 2013 and are included in other income in the Condensed Consolidated Statement of Income. | |||||||||||||||||||||||||||||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings | ' | |||||||||||||||||||||||||||||||
The following table presents a rollforward of life-to-date OTTI recognized in earnings related to all available-for-sale securities held by the Company for the quarters and six months ended June 30, 2014 and 2013. The majority of the beginning and ending balance of OTTI relates to CDOs currently held by the Company. | ||||||||||||||||||||||||||||||||
Changes in OTTI Recognized in Earnings | ||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||||||||||||||||||
Quarters Ended | Six Months Ended | |||||||||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Beginning balance | $ | 32,450 | $ | 38,803 | $ | 32,422 | $ | 38,803 | ||||||||||||||||||||||||
OTTI included in earnings (1): | ||||||||||||||||||||||||||||||||
Losses on securities that previously had OTTI | — | — | 28 | — | ||||||||||||||||||||||||||||
Losses on securities that did not previously have OTTI | — | — | — | — | ||||||||||||||||||||||||||||
Reduction for sales of securities (2) | (8,570 | ) | (6,750 | ) | (8,570 | ) | (6,750 | ) | ||||||||||||||||||||||||
Ending balance | $ | 23,880 | $ | 32,053 | $ | 23,880 | $ | 32,053 | ||||||||||||||||||||||||
(1) | Included in net securities gains in the Condensed Consolidated Statements of Income. | |||||||||||||||||||||||||||||||
(2) | During the second quarter of 2014, one CDO with a carrying value of $1.3 million was sold. In addition, one CDO with a carrying value of zero was sold during the second quarter of 2013. These CDOs had OTTI of $8.6 million and $6.8 million, respectively, that were previously recognized in earnings. | |||||||||||||||||||||||||||||||
Unrealized Gain (Loss) on Investments | ' | |||||||||||||||||||||||||||||||
The following table presents the aggregate amount of unrealized losses and the aggregate related fair values of securities with unrealized losses as of June 30, 2014 and December 31, 2013. | ||||||||||||||||||||||||||||||||
Securities in an Unrealized Loss Position | ||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||||||||||||||||||
Less Than 12 Months | Greater Than 12 Months | Total | ||||||||||||||||||||||||||||||
Number of | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||||||||
Securities | Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||||||||
As of June 30, 2014 | ||||||||||||||||||||||||||||||||
CMOs | 54 | $ | 17,978 | $ | 158 | $ | 294,643 | $ | 8,633 | $ | 312,621 | $ | 8,791 | |||||||||||||||||||
Other MBSs | 13 | 383 | 5 | 40,986 | 719 | 41,369 | 724 | |||||||||||||||||||||||||
Municipal securities | 107 | — | — | 67,326 | 1,621 | 67,326 | 1,621 | |||||||||||||||||||||||||
CDOs | 5 | — | — | 18,436 | 26,587 | 18,436 | 26,587 | |||||||||||||||||||||||||
Equity securities | 1 | — | — | 2,232 | 48 | 2,232 | 48 | |||||||||||||||||||||||||
Total | 180 | $ | 18,361 | $ | 163 | $ | 423,623 | $ | 37,608 | $ | 441,984 | $ | 37,771 | |||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||||||
CMOs | 67 | $ | 338,064 | $ | 14,288 | $ | 57,269 | $ | 2,333 | $ | 395,333 | $ | 16,621 | |||||||||||||||||||
Other MBSs | 19 | 57,311 | 2,281 | 356 | 1 | 57,667 | 2,282 | |||||||||||||||||||||||||
Municipal securities | 154 | 65,370 | 3,245 | 27,565 | 2,353 | 92,935 | 5,598 | |||||||||||||||||||||||||
CDOs | 6 | — | — | 18,309 | 28,223 | 18,309 | 28,223 | |||||||||||||||||||||||||
Equity securities | 1 | 2,168 | 90 | — | — | 2,168 | 90 | |||||||||||||||||||||||||
Total | 247 | $ | 462,913 | $ | 19,904 | $ | 103,499 | $ | 32,910 | $ | 566,412 | $ | 52,814 | |||||||||||||||||||
Loans_Tables
Loans (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Loans and Leases Receivable Disclosure [Abstract] | ' | |||||||||||||||
Composition Of Loan Portfolio | ' | |||||||||||||||
The following table presents the Company's loans held-for-investment by class. | ||||||||||||||||
Loan Portfolio | ||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||
June 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Commercial and industrial | $ | 2,073,018 | $ | 1,830,638 | ||||||||||||
Agricultural | 330,626 | 321,702 | ||||||||||||||
Commercial real estate: | ||||||||||||||||
Office, retail, and industrial | 1,312,401 | 1,353,685 | ||||||||||||||
Multi-family | 350,430 | 332,873 | ||||||||||||||
Construction | 195,109 | 186,197 | ||||||||||||||
Other commercial real estate | 798,324 | 807,071 | ||||||||||||||
Total commercial real estate | 2,656,264 | 2,679,826 | ||||||||||||||
Total corporate loans | 5,059,908 | 4,832,166 | ||||||||||||||
Home equity | 485,085 | 427,020 | ||||||||||||||
1-4 family mortgages | 241,156 | 275,992 | ||||||||||||||
Installment | 57,308 | 44,827 | ||||||||||||||
Total consumer loans | 783,549 | 747,839 | ||||||||||||||
Total loans, excluding covered loans | 5,843,457 | 5,580,005 | ||||||||||||||
Covered loans (1) | 104,867 | 134,355 | ||||||||||||||
Total loans | $ | 5,948,324 | $ | 5,714,360 | ||||||||||||
Deferred loan fees included in total loans | $ | 4,051 | $ | 4,656 | ||||||||||||
Overdrawn demand deposits included in total loans | 3,980 | 5,047 | ||||||||||||||
(1) | For information on covered loans, refer to Note 5, “Acquired Loans.” | |||||||||||||||
Schedule Of Loans Sold | ' | |||||||||||||||
The table below summarizes the Company's loan sales for the quarter and six months ended June 30, 2014 and 2013. | ||||||||||||||||
Loan Sales | ||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||
Quarters Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
1-4 family mortgage loans | ||||||||||||||||
Proceeds from sales | $ | 33,038 | $ | 29,084 | $ | 84,938 | $ | 85,007 | ||||||||
Less book value of loans sold: | ||||||||||||||||
Loans originated with intent to sell | 20,477 | 322 | 35,935 | 322 | ||||||||||||
Loans held-for-investment | 11,713 | 27,722 | 47,082 | 81,679 | ||||||||||||
Total book value of loans sold | 32,190 | 28,044 | 83,017 | 82,001 | ||||||||||||
Net gains on sales of 1-4 family mortgages | $ | 848 | $ | 1,040 | $ | 1,921 | $ | 3,006 | ||||||||
Acquired_Loans_Tables
Acquired Loans (Tables) | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Acquired Loans [Abstract] | ' | |||||||||||||||||||||||
Acquired Loans | ' | |||||||||||||||||||||||
Acquired Loans | ||||||||||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||
Covered | Non-Covered | Total | Covered | Non-Covered | Total | |||||||||||||||||||
Purchased impaired loans | $ | 75,864 | $ | 13,914 | $ | 89,778 | $ | 103,525 | $ | 15,608 | $ | 119,133 | ||||||||||||
Other loans (1) | 29,003 | 14,075 | 43,078 | 30,830 | 17,024 | 47,854 | ||||||||||||||||||
Total acquired loans | $ | 104,867 | $ | 27,989 | $ | 132,856 | $ | 134,355 | $ | 32,632 | $ | 166,987 | ||||||||||||
(1) | These loans did not meet the criteria to be accounted for as purchased impaired loans. | |||||||||||||||||||||||
FDIC Indemnification Asset Roll Forward | ' | |||||||||||||||||||||||
Changes in the FDIC Indemnification Asset | ||||||||||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||||||||||
Quarters Ended | Six Months Ended | |||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Beginning balance | $ | 15,537 | $ | 28,958 | $ | 16,585 | $ | 37,051 | ||||||||||||||||
Amortization | (818 | ) | (908 | ) | (2,134 | ) | (2,232 | ) | ||||||||||||||||
Change in expected reimbursements from the FDIC for changes | (629 | ) | (1,512 | ) | 532 | (2,454 | ) | |||||||||||||||||
in expected credit losses | ||||||||||||||||||||||||
Payments received from the FDIC | (3,814 | ) | (3,380 | ) | (4,707 | ) | (9,207 | ) | ||||||||||||||||
Ending balance | $ | 10,276 | $ | 23,158 | $ | 10,276 | $ | 23,158 | ||||||||||||||||
Schedule Of Changes In Accretable Yield For Purchased Credit Impaired Loans | ' | |||||||||||||||||||||||
Changes in the accretable yield for purchased impaired loans were as follows. | ||||||||||||||||||||||||
Changes in Accretable Yield | ||||||||||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||||||||||
Quarters Ended | Six Months Ended | |||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Beginning balance | $ | 32,010 | $ | 45,532 | $ | 36,792 | $ | 51,498 | ||||||||||||||||
Accretion | (3,421 | ) | (4,456 | ) | (6,931 | ) | (8,342 | ) | ||||||||||||||||
Other (1) | 6,563 | 6,028 | 5,291 | 3,948 | ||||||||||||||||||||
Ending balance | $ | 35,152 | $ | 47,104 | $ | 35,152 | $ | 47,104 | ||||||||||||||||
(1) | Amount represents an increase in the estimated cash flows to be collected over the remaining estimated life of the underlying portfolio. |
Past_Due_Loans_Allowance_For_C1
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Tables) | 6 Months Ended | |||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Past Due Financing Receivables | ' | |||||||||||||||||||||||||||||||||||
The following table presents an aging analysis of the Company’s past due loans as of June 30, 2014 and December 31, 2013. The aging is determined without regard to accrual status. The table also presents non-performing loans, consisting of non-accrual loans (the majority of which are past due) and loans 90 days or more past due and still accruing interest, as of each balance sheet date. | ||||||||||||||||||||||||||||||||||||
Aging Analysis of Past Due Loans and Non-Performing Loans by Class | ||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||||||||||||||||||||||
Aging Analysis (Accruing and Non-accrual) | Non-performing Loans | |||||||||||||||||||||||||||||||||||
Current | 30-89 Days | 90 Days or | Total | Total | Non- | 90 Days Past Due Loans, Still Accruing Interest | ||||||||||||||||||||||||||||||
Past Due | More Past | Past Due | Loans | accrual | ||||||||||||||||||||||||||||||||
Due | Loans | |||||||||||||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 2,059,868 | $ | 8,003 | $ | 5,147 | $ | 13,150 | $ | 2,073,018 | $ | 22,629 | $ | 2,207 | ||||||||||||||||||||||
Agricultural | 330,207 | 86 | 333 | 419 | 330,626 | 363 | — | |||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||
Office, retail, and industrial | 1,293,378 | 5,459 | 13,564 | 19,023 | 1,312,401 | 16,423 | — | |||||||||||||||||||||||||||||
Multi-family | 348,353 | 625 | 1,452 | 2,077 | 350,430 | 1,572 | 231 | |||||||||||||||||||||||||||||
Construction | 187,761 | 2,271 | 5,077 | 7,348 | 195,109 | 5,077 | — | |||||||||||||||||||||||||||||
Other commercial real estate | 787,292 | 4,007 | 7,025 | 11,032 | 798,324 | 7,930 | 676 | |||||||||||||||||||||||||||||
Total commercial real | 2,616,784 | 12,362 | 27,118 | 39,480 | 2,656,264 | 31,002 | 907 | |||||||||||||||||||||||||||||
estate | ||||||||||||||||||||||||||||||||||||
Total corporate loans | 5,006,859 | 20,451 | 32,598 | 53,049 | 5,059,908 | 53,994 | 3,114 | |||||||||||||||||||||||||||||
Home equity | 476,287 | 3,646 | 5,152 | 8,798 | 485,085 | 6,580 | 91 | |||||||||||||||||||||||||||||
1-4 family mortgages | 235,829 | 2,102 | 3,225 | 5,327 | 241,156 | 4,091 | 297 | |||||||||||||||||||||||||||||
Installment | 54,840 | 382 | 2,086 | 2,468 | 57,308 | 2,063 | 31 | |||||||||||||||||||||||||||||
Total consumer loans | 766,956 | 6,130 | 10,463 | 16,593 | 783,549 | 12,734 | 419 | |||||||||||||||||||||||||||||
Total loans, excluding | 5,773,815 | 26,581 | 43,061 | 69,642 | 5,843,457 | 66,728 | 3,533 | |||||||||||||||||||||||||||||
covered loans | ||||||||||||||||||||||||||||||||||||
Covered loans | 78,725 | 6,286 | 19,856 | 26,142 | 104,867 | 13,060 | 8,464 | |||||||||||||||||||||||||||||
Total loans | $ | 5,852,540 | $ | 32,867 | $ | 62,917 | $ | 95,784 | $ | 5,948,324 | $ | 79,788 | $ | 11,997 | ||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 1,814,660 | $ | 6,872 | $ | 9,106 | $ | 15,978 | $ | 1,830,638 | $ | 11,767 | $ | 393 | ||||||||||||||||||||||
Agricultural | 321,156 | 134 | 412 | 546 | 321,702 | 519 | — | |||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||
Office, retail, and industrial | 1,335,027 | 2,620 | 16,038 | 18,658 | 1,353,685 | 17,076 | 1,315 | |||||||||||||||||||||||||||||
Multi-family | 330,960 | 318 | 1,595 | 1,913 | 332,873 | 1,848 | — | |||||||||||||||||||||||||||||
Construction | 180,083 | 23 | 6,091 | 6,114 | 186,197 | 6,297 | — | |||||||||||||||||||||||||||||
Other commercial real estate | 795,462 | 5,365 | 6,244 | 11,609 | 807,071 | 8,153 | 258 | |||||||||||||||||||||||||||||
Total commercial real | 2,641,532 | 8,326 | 29,968 | 38,294 | 2,679,826 | 33,374 | 1,573 | |||||||||||||||||||||||||||||
estate | ||||||||||||||||||||||||||||||||||||
Total corporate loans | 4,777,348 | 15,332 | 39,486 | 54,818 | 4,832,166 | 45,660 | 1,966 | |||||||||||||||||||||||||||||
Home equity | 415,791 | 4,830 | 6,399 | 11,229 | 427,020 | 6,864 | 1,102 | |||||||||||||||||||||||||||||
1-4 family mortgages | 268,912 | 2,046 | 5,034 | 7,080 | 275,992 | 5,198 | 548 | |||||||||||||||||||||||||||||
Installment | 42,350 | 330 | 2,147 | 2,477 | 44,827 | 2,076 | 92 | |||||||||||||||||||||||||||||
Total consumer loans | 727,053 | 7,206 | 13,580 | 20,786 | 747,839 | 14,138 | 1,742 | |||||||||||||||||||||||||||||
Total loans, excluding | 5,504,401 | 22,538 | 53,066 | 75,604 | 5,580,005 | 59,798 | 3,708 | |||||||||||||||||||||||||||||
covered loans | ||||||||||||||||||||||||||||||||||||
Covered loans | 94,211 | 2,232 | 37,912 | 40,144 | 134,355 | 20,942 | 18,081 | |||||||||||||||||||||||||||||
Total loans | $ | 5,598,612 | $ | 24,770 | $ | 90,978 | $ | 115,748 | $ | 5,714,360 | $ | 80,740 | $ | 21,789 | ||||||||||||||||||||||
Allowance for Credit Losses on Financing Receivables | ' | |||||||||||||||||||||||||||||||||||
A rollforward of the allowance for credit losses by portfolio segment for the quarters and six months ended June 30, 2014 and 2013 is presented in the table below. | ||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses by Portfolio Segment | ||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||||||||||||||||||||||
Commercial, | Office, | Multi- | Construction | Other | Consumer | Covered | Reserve for | Total | ||||||||||||||||||||||||||||
Industrial, | Retail, and | Family | Commercial | Loans | Unfunded | Allowance | ||||||||||||||||||||||||||||||
and | Industrial | Real Estate | Commitments | |||||||||||||||||||||||||||||||||
Agricultural | ||||||||||||||||||||||||||||||||||||
Quarter ended June 30, 2014 | ||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 27,292 | $ | 13,106 | $ | 1,968 | $ | 5,656 | $ | 9,236 | $ | 11,945 | $ | 11,429 | $ | 1,616 | $ | 82,248 | ||||||||||||||||||
Charge-offs | (2,099 | ) | (3,511 | ) | (267 | ) | (234 | ) | (561 | ) | (1,828 | ) | (279 | ) | — | (8,779 | ) | |||||||||||||||||||
Recoveries | 259 | 290 | 2 | 2 | 89 | 213 | 277 | — | 1,132 | |||||||||||||||||||||||||||
Net charge-offs | (1,840 | ) | (3,221 | ) | (265 | ) | (232 | ) | (472 | ) | (1,615 | ) | (2 | ) | — | (7,647 | ) | |||||||||||||||||||
Provision for loan | 3,742 | 1,946 | 345 | (539 | ) | (179 | ) | 2,110 | (2,084 | ) | — | 5,341 | ||||||||||||||||||||||||
and covered loan | ||||||||||||||||||||||||||||||||||||
losses and other | ||||||||||||||||||||||||||||||||||||
Ending balance | $ | 29,194 | $ | 11,831 | $ | 2,048 | $ | 4,885 | $ | 8,585 | $ | 12,440 | $ | 9,343 | $ | 1,616 | $ | 79,942 | ||||||||||||||||||
Quarter ended June 30, 2013 | ||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 36,544 | $ | 10,695 | $ | 3,704 | $ | 4,667 | $ | 17,757 | $ | 11,997 | $ | 12,227 | $ | 2,866 | $ | 100,457 | ||||||||||||||||||
Charge-offs | (3,116 | ) | (1,453 | ) | (213 | ) | (850 | ) | (547 | ) | (2,523 | ) | (1,980 | ) | — | (10,682 | ) | |||||||||||||||||||
Recoveries | 573 | 35 | 30 | 5 | 329 | 413 | 3 | — | 1,388 | |||||||||||||||||||||||||||
Net charge-offs | (2,543 | ) | (1,418 | ) | (183 | ) | (845 | ) | (218 | ) | (2,110 | ) | (1,977 | ) | — | (9,294 | ) | |||||||||||||||||||
Provision for loan | (2,259 | ) | 2,580 | (97 | ) | 348 | (1,370 | ) | 2,480 | 4,131 | — | 5,813 | ||||||||||||||||||||||||
and covered loan | ||||||||||||||||||||||||||||||||||||
losses and other | ||||||||||||||||||||||||||||||||||||
Ending balance | $ | 31,742 | $ | 11,857 | $ | 3,424 | $ | 4,170 | $ | 16,169 | $ | 12,367 | $ | 14,381 | $ | 2,866 | $ | 96,976 | ||||||||||||||||||
Six months ended June 30, 2014 | ||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 30,381 | $ | 10,405 | $ | 2,017 | $ | 6,316 | $ | 10,817 | $ | 13,010 | $ | 12,559 | $ | 1,616 | $ | 87,121 | ||||||||||||||||||
Charge-offs | (5,779 | ) | (4,594 | ) | (357 | ) | (895 | ) | (2,332 | ) | (3,856 | ) | (524 | ) | — | (18,337 | ) | |||||||||||||||||||
Recoveries | 2,419 | 348 | 3 | 160 | 233 | 351 | 862 | — | 4,376 | |||||||||||||||||||||||||||
Net charge-offs | (3,360 | ) | (4,246 | ) | (354 | ) | (735 | ) | (2,099 | ) | (3,505 | ) | 338 | — | (13,961 | ) | ||||||||||||||||||||
Provision for loan | 2,173 | 5,672 | 385 | (696 | ) | (133 | ) | 2,935 | (3,554 | ) | — | 6,782 | ||||||||||||||||||||||||
and covered loan | ||||||||||||||||||||||||||||||||||||
losses and other | ||||||||||||||||||||||||||||||||||||
Ending balance | $ | 29,194 | $ | 11,831 | $ | 2,048 | $ | 4,885 | $ | 8,585 | $ | 12,440 | $ | 9,343 | $ | 1,616 | $ | 79,942 | ||||||||||||||||||
Six months ended June 30, 2013 | ||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 36,761 | $ | 11,432 | $ | 3,575 | $ | 5,242 | $ | 17,512 | $ | 12,862 | $ | 12,062 | $ | 3,366 | $ | 102,812 | ||||||||||||||||||
Charge-offs | (6,291 | ) | (2,715 | ) | (378 | ) | (1,415 | ) | (3,082 | ) | (4,887 | ) | (2,686 | ) | — | (21,454 | ) | |||||||||||||||||||
Recoveries | 2,662 | 37 | 35 | 5 | 1,361 | 520 | 11 | — | 4,631 | |||||||||||||||||||||||||||
Net charge-offs | (3,629 | ) | (2,678 | ) | (343 | ) | (1,410 | ) | (1,721 | ) | (4,367 | ) | (2,675 | ) | — | (16,823 | ) | |||||||||||||||||||
Provision for loan | (1,390 | ) | 3,103 | 192 | 338 | 378 | 3,872 | 4,994 | (500 | ) | 10,987 | |||||||||||||||||||||||||
and covered loan | ||||||||||||||||||||||||||||||||||||
losses and other | ||||||||||||||||||||||||||||||||||||
Ending balance | $ | 31,742 | $ | 11,857 | $ | 3,424 | $ | 4,170 | $ | 16,169 | $ | 12,367 | $ | 14,381 | $ | 2,866 | $ | 96,976 | ||||||||||||||||||
Schedule of Loans and The Related Allowance For Credit Losses | ' | |||||||||||||||||||||||||||||||||||
The table below provides a breakdown of loans and the related allowance for credit losses by portfolio segment as of June 30, 2014 and December 31, 2013. | ||||||||||||||||||||||||||||||||||||
Loans and Related Allowance for Credit Losses by Portfolio Segment | ||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||||||||||||||||||||||
Loans | Allowance for Credit Losses | |||||||||||||||||||||||||||||||||||
Individually | Collectively | Purchased Impaired | Total | Individually | Collectively | Purchased Impaired | Total | |||||||||||||||||||||||||||||
Evaluated | Evaluated | Evaluated | Evaluated | |||||||||||||||||||||||||||||||||
for | for | for | for | |||||||||||||||||||||||||||||||||
Impairment | Impairment | Impairment | Impairment | |||||||||||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||||||||||||||
Commercial, industrial, and | $ | 21,726 | $ | 2,380,505 | $ | 1,413 | $ | 2,403,644 | $ | 2,539 | $ | 26,655 | $ | — | $ | 29,194 | ||||||||||||||||||||
agricultural | ||||||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||
Office, retail, and industrial | 15,605 | 1,296,796 | — | 1,312,401 | 1,576 | 10,255 | — | 11,831 | ||||||||||||||||||||||||||||
Multi-family | 1,169 | 349,129 | 132 | 350,430 | 176 | 1,857 | 15 | 2,048 | ||||||||||||||||||||||||||||
Construction | 4,725 | 190,384 | — | 195,109 | 373 | 4,512 | — | 4,885 | ||||||||||||||||||||||||||||
Other commercial real estate | 5,748 | 789,203 | 3,373 | 798,324 | 913 | 7,672 | — | 8,585 | ||||||||||||||||||||||||||||
Total commercial | 27,247 | 2,625,512 | 3,505 | 2,656,264 | 3,038 | 24,296 | 15 | 27,349 | ||||||||||||||||||||||||||||
real estate | ||||||||||||||||||||||||||||||||||||
Total corporate loans | 48,973 | 5,006,017 | 4,918 | 5,059,908 | 5,577 | 50,951 | 15 | 56,543 | ||||||||||||||||||||||||||||
Consumer | — | 774,553 | 8,996 | 783,549 | — | 11,887 | 553 | 12,440 | ||||||||||||||||||||||||||||
Total loans, excluding | 48,973 | 5,780,570 | 13,914 | 5,843,457 | 5,577 | 62,838 | 568 | 68,983 | ||||||||||||||||||||||||||||
covered loans | ||||||||||||||||||||||||||||||||||||
Covered loans: | ||||||||||||||||||||||||||||||||||||
Purchased impaired loans | — | — | 75,864 | 75,864 | — | — | 8,743 | 8,743 | ||||||||||||||||||||||||||||
Other loans | — | 29,003 | — | 29,003 | — | 600 | — | 600 | ||||||||||||||||||||||||||||
Total covered loans | — | 29,003 | 75,864 | 104,867 | — | 600 | 8,743 | 9,343 | ||||||||||||||||||||||||||||
Reserve for unfunded | — | — | — | — | — | 1,616 | — | 1,616 | ||||||||||||||||||||||||||||
commitments | ||||||||||||||||||||||||||||||||||||
Total loans | $ | 48,973 | $ | 5,809,573 | $ | 89,778 | $ | 5,948,324 | $ | 5,577 | $ | 65,054 | $ | 9,311 | $ | 79,942 | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Commercial, industrial, and | $ | 13,178 | $ | 2,137,440 | $ | 1,722 | $ | 2,152,340 | $ | 4,046 | $ | 26,335 | $ | — | $ | 30,381 | ||||||||||||||||||||
agricultural | ||||||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||
Office, retail, and industrial | 26,348 | 1,327,337 | — | 1,353,685 | 214 | 10,191 | — | 10,405 | ||||||||||||||||||||||||||||
Multi-family | 1,296 | 331,445 | 132 | 332,873 | 18 | 1,999 | — | 2,017 | ||||||||||||||||||||||||||||
Construction | 5,712 | 180,485 | — | 186,197 | 178 | 6,138 | — | 6,316 | ||||||||||||||||||||||||||||
Other commercial real estate | 9,298 | 793,703 | 4,070 | 807,071 | 704 | 10,113 | — | 10,817 | ||||||||||||||||||||||||||||
Total commercial | 42,654 | 2,632,970 | 4,202 | 2,679,826 | 1,114 | 28,441 | — | 29,555 | ||||||||||||||||||||||||||||
real estate | ||||||||||||||||||||||||||||||||||||
Total corporate loans | 55,832 | 4,770,410 | 5,924 | 4,832,166 | 5,160 | 54,776 | — | 59,936 | ||||||||||||||||||||||||||||
Consumer | — | 738,155 | 9,684 | 747,839 | — | 13,010 | — | 13,010 | ||||||||||||||||||||||||||||
Total loans, excluding | 55,832 | 5,508,565 | 15,608 | 5,580,005 | 5,160 | 67,786 | — | 72,946 | ||||||||||||||||||||||||||||
covered loans | ||||||||||||||||||||||||||||||||||||
Covered loans: | ||||||||||||||||||||||||||||||||||||
Purchased impaired loans | — | — | 103,525 | 103,525 | — | — | 11,857 | 11,857 | ||||||||||||||||||||||||||||
Other loans | — | 30,830 | — | 30,830 | — | 702 | — | 702 | ||||||||||||||||||||||||||||
Total covered loans | — | 30,830 | 103,525 | 134,355 | — | 702 | 11,857 | 12,559 | ||||||||||||||||||||||||||||
Reserve for unfunded | — | — | — | — | — | 1,616 | — | 1,616 | ||||||||||||||||||||||||||||
commitments | ||||||||||||||||||||||||||||||||||||
Total loans | $ | 55,832 | $ | 5,539,395 | $ | 119,133 | $ | 5,714,360 | $ | 5,160 | $ | 70,104 | $ | 11,857 | $ | 87,121 | ||||||||||||||||||||
Impaired Financing Receivables | ' | |||||||||||||||||||||||||||||||||||
The following table presents loans individually evaluated for impairment by class of loan as of June 30, 2014 and December 31, 2013. Purchased impaired loans are excluded from this disclosure. | ||||||||||||||||||||||||||||||||||||
Impaired Loans Individually Evaluated by Class | ||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||||||
Recorded Investment In | Recorded Investment In | |||||||||||||||||||||||||||||||||||
Loans with | Loans with | Unpaid | Specific | Loans with | Loans with | Unpaid | Specific | |||||||||||||||||||||||||||||
No Specific | a Specific | Principal | Reserve | No Specific | a Specific | Principal | Reserve | |||||||||||||||||||||||||||||
Reserve | Reserve | Balance | Reserve | Reserve | Balance | |||||||||||||||||||||||||||||||
Commercial and industrial | $ | 3,381 | $ | 18,345 | $ | 38,524 | $ | 2,539 | $ | 10,047 | $ | 3,131 | $ | 25,887 | $ | 4,046 | ||||||||||||||||||||
Agricultural | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||
Office, retail, and industrial | 12,943 | 2,662 | 24,416 | 1,576 | 23,872 | 2,476 | 35,868 | 214 | ||||||||||||||||||||||||||||
Multi-family | 668 | 501 | 1,270 | 176 | 1,098 | 198 | 1,621 | 18 | ||||||||||||||||||||||||||||
Construction | 3,552 | 1,173 | 6,121 | 373 | 4,586 | 1,126 | 10,037 | 178 | ||||||||||||||||||||||||||||
Other commercial real estate | 2,996 | 2,752 | 8,891 | 913 | 7,553 | 1,745 | 11,335 | 704 | ||||||||||||||||||||||||||||
Total commercial real | 20,159 | 7,088 | 40,698 | 3,038 | 37,109 | 5,545 | 58,861 | 1,114 | ||||||||||||||||||||||||||||
estate | ||||||||||||||||||||||||||||||||||||
Total impaired loans | $ | 23,540 | $ | 25,433 | $ | 79,222 | $ | 5,577 | $ | 47,156 | $ | 8,676 | $ | 84,748 | $ | 5,160 | ||||||||||||||||||||
individually evaluated | ||||||||||||||||||||||||||||||||||||
for impairment | ||||||||||||||||||||||||||||||||||||
Impaired Financing Receivables Continued | ' | |||||||||||||||||||||||||||||||||||
The average recorded investment and interest income recognized on impaired loans by class for the quarters and six months ended June 30, 2014 and 2013 is presented in the following table. | ||||||||||||||||||||||||||||||||||||
Average Recorded Investment and Interest Income Recognized on Impaired Loans by Class | ||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||||||||||||||||||||||
Quarters Ended June 30, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||
Average | Interest | Average | Interest | |||||||||||||||||||||||||||||||||
Recorded | Income | Recorded | Income | |||||||||||||||||||||||||||||||||
Investment | Recognized (1) | Investment | Recognized (1) | |||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 14,581 | $ | 29 | $ | 25,757 | $ | 1 | ||||||||||||||||||||||||||||
Agricultural | — | — | — | — | ||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||
Office, retail, and industrial | 20,098 | 6 | 23,662 | 6 | ||||||||||||||||||||||||||||||||
Multi-family | 1,424 | 2 | 1,009 | — | ||||||||||||||||||||||||||||||||
Construction | 4,788 | — | 6,397 | — | ||||||||||||||||||||||||||||||||
Other commercial real estate | 6,393 | 107 | 13,762 | 5 | ||||||||||||||||||||||||||||||||
Total commercial real estate | 32,703 | 115 | 44,830 | 11 | ||||||||||||||||||||||||||||||||
Total impaired loans | $ | 47,284 | $ | 144 | $ | 70,587 | $ | 12 | ||||||||||||||||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||
Average | Interest | Average | Interest | |||||||||||||||||||||||||||||||||
Recorded | Income | Recorded | Income | |||||||||||||||||||||||||||||||||
Investment | Recognized (1) | Investment | Recognized (1) | |||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 14,113 | $ | 147 | $ | 24,429 | $ | 3 | ||||||||||||||||||||||||||||
Agricultural | — | — | — | — | ||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||
Office, retail, and industrial | 22,181 | 147 | 22,316 | 10 | ||||||||||||||||||||||||||||||||
Multi-family | 1,381 | 2 | 845 | — | ||||||||||||||||||||||||||||||||
Construction | 5,096 | — | 5,850 | — | ||||||||||||||||||||||||||||||||
Other commercial real estate | 7,361 | 115 | 13,353 | 8 | ||||||||||||||||||||||||||||||||
Total commercial real estate | 36,019 | 264 | 42,364 | 18 | ||||||||||||||||||||||||||||||||
Total impaired loans | $ | 50,132 | $ | 411 | $ | 66,793 | $ | 21 | ||||||||||||||||||||||||||||
(1) | Recorded using the cash basis of accounting. | |||||||||||||||||||||||||||||||||||
Financing Receivable Credit Quality Indicators | ' | |||||||||||||||||||||||||||||||||||
The following tables present credit quality indicators by class for corporate and consumer loans, excluding covered loans, as of June 30, 2014 and December 31, 2013. | ||||||||||||||||||||||||||||||||||||
Corporate Credit Quality Indicators by Class, Excluding Covered Loans | ||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||||||||||||||||||||||
Pass | Special | Substandard (2) (4) | Non-accrual (3) | Total | ||||||||||||||||||||||||||||||||
Mention (1) (4) | ||||||||||||||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 1,980,523 | $ | 50,036 | $ | 19,830 | $ | 22,629 | $ | 2,073,018 | ||||||||||||||||||||||||||
Agricultural | 329,965 | 298 | — | 363 | 330,626 | |||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||
Office, retail, and industrial | 1,250,914 | 24,233 | 20,831 | 16,423 | 1,312,401 | |||||||||||||||||||||||||||||||
Multi-family | 344,279 | 3,862 | 717 | 1,572 | 350,430 | |||||||||||||||||||||||||||||||
Construction | 164,789 | 8,790 | 16,453 | 5,077 | 195,109 | |||||||||||||||||||||||||||||||
Other commercial real estate | 758,821 | 16,218 | 15,355 | 7,930 | 798,324 | |||||||||||||||||||||||||||||||
Total commercial real estate | 2,518,803 | 53,103 | 53,356 | 31,002 | 2,656,264 | |||||||||||||||||||||||||||||||
Total corporate loans | $ | 4,829,291 | $ | 103,437 | $ | 73,186 | $ | 53,994 | $ | 5,059,908 | ||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 1,780,194 | $ | 23,806 | $ | 14,871 | $ | 11,767 | $ | 1,830,638 | ||||||||||||||||||||||||||
Agricultural | 320,839 | 344 | — | 519 | 321,702 | |||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||
Office, retail, and industrial | 1,284,394 | 28,677 | 23,538 | 17,076 | 1,353,685 | |||||||||||||||||||||||||||||||
Multi-family | 326,901 | 3,214 | 910 | 1,848 | 332,873 | |||||||||||||||||||||||||||||||
Construction | 153,949 | 8,309 | 17,642 | 6,297 | 186,197 | |||||||||||||||||||||||||||||||
Other commercial real estate | 761,465 | 14,877 | 22,576 | 8,153 | 807,071 | |||||||||||||||||||||||||||||||
Total commercial real estate | 2,526,709 | 55,077 | 64,666 | 33,374 | 2,679,826 | |||||||||||||||||||||||||||||||
Total corporate loans | $ | 4,627,742 | $ | 79,227 | $ | 79,537 | $ | 45,660 | $ | 4,832,166 | ||||||||||||||||||||||||||
(1) | Loans categorized as special mention exhibit potential weaknesses that require the close attention of management since these potential weaknesses may result in the deterioration of repayment prospects in the future. | |||||||||||||||||||||||||||||||||||
(2) | Loans categorized as substandard exhibit a well-defined weakness or weaknesses that may jeopardize the liquidation of the debt. These loans continue to accrue interest because they are well secured and collection of principal and interest is expected within a reasonable time. | |||||||||||||||||||||||||||||||||||
(3) | Loans categorized as non-accrual exhibit a well-defined weakness or weaknesses that may jeopardize the liquidation of the debt or result in a loss if the deficiencies are not corrected. | |||||||||||||||||||||||||||||||||||
(4) | Total special mention and substandard loans includes accruing TDRs of $3.6 million as of June 30, 2014 and $2.8 million as of December 31, 2013. | |||||||||||||||||||||||||||||||||||
Financing Receivable Credit Quality Indicators Continued | ' | |||||||||||||||||||||||||||||||||||
Consumer Credit Quality Indicators by Class, Excluding Covered Loans | ||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||||||||||||||||||||||
Performing | Non-accrual | Total | ||||||||||||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||||||||||||||
Home equity | $ | 478,505 | $ | 6,580 | $ | 485,085 | ||||||||||||||||||||||||||||||
1-4 family mortgages | 237,065 | 4,091 | 241,156 | |||||||||||||||||||||||||||||||||
Installment | 55,245 | 2,063 | 57,308 | |||||||||||||||||||||||||||||||||
Total consumer loans | $ | 770,815 | $ | 12,734 | $ | 783,549 | ||||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Home equity | $ | 420,156 | $ | 6,864 | $ | 427,020 | ||||||||||||||||||||||||||||||
1-4 family mortgages | 270,794 | 5,198 | 275,992 | |||||||||||||||||||||||||||||||||
Installment | 42,751 | 2,076 | 44,827 | |||||||||||||||||||||||||||||||||
Total consumer loans | $ | 733,701 | $ | 14,138 | $ | 747,839 | ||||||||||||||||||||||||||||||
Troubled Debt Restructuring by Class | ' | |||||||||||||||||||||||||||||||||||
The table below presents TDRs by class as of June 30, 2014 and December 31, 2013. A discussion of our accounting policies for TDRs can be found in Note 1, “Summary of Significant Accounting Policies.” | ||||||||||||||||||||||||||||||||||||
TDRs by Class | ||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||||||||||||||||||||||
As of June 30, 2014 | As of December 31, 2013 | |||||||||||||||||||||||||||||||||||
Accruing | Non-accrual (1) | Total | Accruing | Non-accrual (1) | Total | |||||||||||||||||||||||||||||||
Commercial and industrial | $ | 2,724 | $ | 277 | $ | 3,001 | $ | 6,538 | $ | 2,121 | $ | 8,659 | ||||||||||||||||||||||||
Agricultural | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||
Office, retail, and industrial | 178 | — | 178 | 10,271 | — | 10,271 | ||||||||||||||||||||||||||||||
Multi-family | 620 | 242 | 862 | 1,038 | 253 | 1,291 | ||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Other commercial real estate | 448 | 188 | 636 | 4,326 | 291 | 4,617 | ||||||||||||||||||||||||||||||
Total commercial real estate | 1,246 | 430 | 1,676 | 15,635 | 544 | 16,179 | ||||||||||||||||||||||||||||||
Total corporate loans | 3,970 | 707 | 4,677 | 22,173 | 2,665 | 24,838 | ||||||||||||||||||||||||||||||
Home equity | 836 | 517 | 1,353 | 787 | 512 | 1,299 | ||||||||||||||||||||||||||||||
1-4 family mortgages | 891 | 476 | 1,367 | 810 | 906 | 1,716 | ||||||||||||||||||||||||||||||
Installment | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Total consumer loans | 1,727 | 993 | 2,720 | 1,597 | 1,418 | 3,015 | ||||||||||||||||||||||||||||||
Total loans | $ | 5,697 | $ | 1,700 | $ | 7,397 | $ | 23,770 | $ | 4,083 | $ | 27,853 | ||||||||||||||||||||||||
(1) | These TDRs are included in non-accrual loans in the preceding tables. | |||||||||||||||||||||||||||||||||||
Troubled Debt Restructurings on Financing Receivables | ' | |||||||||||||||||||||||||||||||||||
The following table presents a summary of loans that were restructured during the quarter and six months ended June 30, 2013. | ||||||||||||||||||||||||||||||||||||
Loans Restructured During the Period | ||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||||||||||||||||||||||
Number | Pre- | Funds | Interest | Charge-offs | Post- | |||||||||||||||||||||||||||||||
of | Modification | Disbursed | and Escrow | Modification | ||||||||||||||||||||||||||||||||
Loans | Recorded | Capitalized | Recorded | |||||||||||||||||||||||||||||||||
Investment | Investment | |||||||||||||||||||||||||||||||||||
Quarter ended June 30, 2013 | ||||||||||||||||||||||||||||||||||||
Commercial and industrial | 2 | $ | 13,354 | $ | — | $ | — | $ | — | $ | 13,354 | |||||||||||||||||||||||||
Office, retail, and industrial | 3 | 386 | — | — | — | 386 | ||||||||||||||||||||||||||||||
Multi-family | 5 | 1,275 | — | 57 | — | 1,332 | ||||||||||||||||||||||||||||||
Other commercial real estate | 5 | 564 | — | — | — | 564 | ||||||||||||||||||||||||||||||
Home equity | 1 | 125 | — | — | — | 125 | ||||||||||||||||||||||||||||||
Total TDRs restructured during the period | 16 | $ | 15,704 | $ | — | $ | 57 | $ | — | $ | 15,761 | |||||||||||||||||||||||||
Six months ended June 30, 2013 | ||||||||||||||||||||||||||||||||||||
Commercial and industrial | 4 | $ | 14,070 | $ | — | $ | 2 | $ | — | $ | 14,072 | |||||||||||||||||||||||||
Office, retail, and industrial | 4 | 601 | 30 | — | — | 631 | ||||||||||||||||||||||||||||||
Multi-family | 5 | 1,275 | — | 57 | — | 1,332 | ||||||||||||||||||||||||||||||
Construction | 2 | 508 | — | — | — | 508 | ||||||||||||||||||||||||||||||
Other commercial real estate | 5 | 564 | — | — | — | 564 | ||||||||||||||||||||||||||||||
Home equity | 1 | 125 | — | — | — | 125 | ||||||||||||||||||||||||||||||
1-4 family mortgages | 1 | 132 | — | 4 | — | 136 | ||||||||||||||||||||||||||||||
Total TDRs restructured during the period | 22 | $ | 17,275 | $ | 30 | $ | 63 | $ | — | $ | 17,368 | |||||||||||||||||||||||||
Schedule of Troubled Debt Restructurings That Defaulted Within Twelve Months of the Restructured Date | ' | |||||||||||||||||||||||||||||||||||
The following table presents TDRs that had payment defaults during the quarters and six months ended June 30, 2014 and 2013 where the default occurred within twelve months of the restructure date. | ||||||||||||||||||||||||||||||||||||
TDRs That Defaulted Within Twelve Months of the Restructure Date | ||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||||||||||||||||||||||
Quarters Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||
Number | Recorded | Number | Recorded | Number | Recorded | Number | Recorded | |||||||||||||||||||||||||||||
of | Investment | of | Investment | of | Investment | of | Investment | |||||||||||||||||||||||||||||
Loans | Loans | Loans | Loans | |||||||||||||||||||||||||||||||||
Commercial and industrial | — | $ | — | — | $ | — | 2 | $ | 125 | 1 | $ | 350 | ||||||||||||||||||||||||
Other commercial real estate | — | — | 1 | 198 | — | — | 3 | 354 | ||||||||||||||||||||||||||||
Total | — | $ | — | 1 | $ | 198 | 2 | $ | 125 | 4 | $ | 704 | ||||||||||||||||||||||||
Troubled Debt Restructuring Activity Rollforward | ' | |||||||||||||||||||||||||||||||||||
A rollforward of the carrying value of TDRs for the quarters and six months ended June 30, 2014 and 2013 is presented in the following table. | ||||||||||||||||||||||||||||||||||||
TDR Rollforward | ||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||||||||||||||||||||||
Quarters Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||
Accruing | ||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 6,301 | $ | 2,587 | $ | 23,770 | $ | 6,867 | ||||||||||||||||||||||||||||
Additions | 75 | 2,091 | 75 | 3,526 | ||||||||||||||||||||||||||||||||
Net payments received | (650 | ) | (185 | ) | (1,110 | ) | (214 | ) | ||||||||||||||||||||||||||||
Returned to performing status | — | — | (18,821 | ) | (5,037 | ) | ||||||||||||||||||||||||||||||
Net transfers from non-accrual | (29 | ) | 3,794 | 1,783 | 3,145 | |||||||||||||||||||||||||||||||
Ending balance | 5,697 | 8,287 | 5,697 | 8,287 | ||||||||||||||||||||||||||||||||
Non-accrual | ||||||||||||||||||||||||||||||||||||
Beginning balance | 1,920 | 10,405 | 4,083 | 10,924 | ||||||||||||||||||||||||||||||||
Additions | — | 13,670 | — | 13,842 | ||||||||||||||||||||||||||||||||
Net payments received | (23 | ) | (40 | ) | (157 | ) | (535 | ) | ||||||||||||||||||||||||||||
Charge-offs | (152 | ) | (985 | ) | (186 | ) | (1,788 | ) | ||||||||||||||||||||||||||||
Transfers to OREO | (74 | ) | — | (257 | ) | (42 | ) | |||||||||||||||||||||||||||||
Loans sold | — | (806 | ) | — | (806 | ) | ||||||||||||||||||||||||||||||
Net transfers to accruing | 29 | (3,794 | ) | (1,783 | ) | (3,145 | ) | |||||||||||||||||||||||||||||
Ending balance | 1,700 | 18,450 | 1,700 | 18,450 | ||||||||||||||||||||||||||||||||
Total TDRs | $ | 7,397 | $ | 26,737 | $ | 7,397 | $ | 26,737 | ||||||||||||||||||||||||||||
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | |||||||||||||||
The table below displays the calculation of basic and diluted earnings per share. | ||||||||||||||||
Basic and Diluted Earnings per Common Share | ||||||||||||||||
(Amounts in thousands, except per share data) | ||||||||||||||||
Quarters Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net income | $ | 18,500 | $ | 16,176 | $ | 36,164 | $ | 30,818 | ||||||||
Net income applicable to non-vested restricted shares | (230 | ) | (219 | ) | (455 | ) | (431 | ) | ||||||||
Net income applicable to common shares | $ | 18,270 | $ | 15,957 | $ | 35,709 | $ | 30,387 | ||||||||
Weighted-average common shares outstanding: | ||||||||||||||||
Weighted-average common shares outstanding (basic) | 74,322 | 74,017 | 74,235 | 73,942 | ||||||||||||
Dilutive effect of common stock equivalents | 11 | 7 | 12 | 8 | ||||||||||||
Weighted-average diluted common shares outstanding | 74,333 | 74,024 | 74,247 | 73,950 | ||||||||||||
Basic earnings per common share | $ | 0.25 | $ | 0.22 | $ | 0.48 | $ | 0.41 | ||||||||
Diluted earnings per common share | $ | 0.25 | $ | 0.22 | $ | 0.48 | $ | 0.41 | ||||||||
Anti-dilutive shares not included in the computation of diluted earnings per common share (1) | 1,177 | 1,447 | 1,246 | 1,520 | ||||||||||||
(1) | This amount represents outstanding stock options for which the exercise price is greater than the average market price of the Company's common stock. |
Income_Taxes_Tables
Income Taxes (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | ' | |||||||||||||||
The following table presents income tax expense and the effective income tax rate for the quarters ended June 30, 2014 and 2013. | ||||||||||||||||
Income Tax Expense | ||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||
Quarters Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Income before income tax expense | $ | 27,142 | $ | 24,131 | $ | 52,978 | $ | 45,066 | ||||||||
Income tax expense: | ||||||||||||||||
Federal income tax expense | $ | 6,727 | $ | 5,553 | $ | 13,005 | $ | 9,913 | ||||||||
State income tax expense | 1,915 | 2,402 | 3,809 | 4,335 | ||||||||||||
Total income tax expense | $ | 8,642 | $ | 7,955 | $ | 16,814 | $ | 14,248 | ||||||||
Effective income tax rate | 31.8 | % | 33 | % | 31.7 | % | 31.6 | % |
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Interest Rate Derivatives | ' | |||||||||||||||
Fair Value Hedges | ||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||
June 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Gross notional amount outstanding | $ | 14,149 | $ | 14,730 | ||||||||||||
Derivative liability fair value | (1,291 | ) | (1,472 | ) | ||||||||||||
Weighted-average interest rate received | 2.06 | % | 2.08 | % | ||||||||||||
Weighted-average interest rate paid | 6.38 | % | 6.39 | % | ||||||||||||
Weighted-average maturity (in years) | 3.27 | 3.76 | ||||||||||||||
Fair value of assets needed to settle derivative transactions (1) | $ | 1,319 | $ | 1,502 | ||||||||||||
(1) | This amount represents the fair value if credit risk related contingent features were triggered. | |||||||||||||||
Cash Flow Hedges | ||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||
June 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Gross notional amount outstanding | $ | 250,000 | $ | — | ||||||||||||
Derivative asset fair value | 4 | — | ||||||||||||||
Derivative liability fair value | (202 | ) | — | |||||||||||||
Weighted-average interest rate received | 1.55 | % | — | |||||||||||||
Weighted-average interest rate paid | 0.15 | % | — | |||||||||||||
Weighted-average maturity (in years) | 4.9 | — | ||||||||||||||
Schedule of Derivative Instruments | ' | |||||||||||||||
Other Derivative Instruments | ||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||
June 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Gross notional amount outstanding | $ | 350,669 | $ | 256,638 | ||||||||||||
Derivative asset fair value | 5,019 | 2,235 | ||||||||||||||
Derivative liability fair value | (5,019 | ) | (2,235 | ) | ||||||||||||
Fair value of assets needed to settle derivative transactions (1) | 5,089 | 1,305 | ||||||||||||||
(1) | This amount represents the fair value if credit risk related contingent features were triggered. | |||||||||||||||
Offsetting Assets | ' | |||||||||||||||
Offsetting Derivatives | ||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||
Derivative Assets | Derivative Liabilities | |||||||||||||||
Fair Value | Fair Value | |||||||||||||||
June 30, | December 31, | June 30, | December 31, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Gross amounts recognized | $ | 5,023 | $ | 2,235 | $ | 6,512 | $ | 3,707 | ||||||||
Less: Amounts offset in the Consolidated Statements of | — | — | — | — | ||||||||||||
Financial Condition | ||||||||||||||||
Net amount presented in the Consolidated Statements of | 5,023 | 2,235 | 6,512 | 3,707 | ||||||||||||
Financial Condition (1) | ||||||||||||||||
Gross amounts not offset in the Consolidated Statements of Financial Condition | ||||||||||||||||
Offsetting derivative positions | (79 | ) | (704 | ) | (79 | ) | (704 | ) | ||||||||
Cash collateral pledged | — | — | (6,433 | ) | (3,003 | ) | ||||||||||
Net credit exposure | $ | 4,944 | $ | 1,531 | $ | — | $ | — | ||||||||
(1) | Included in other assets or other liabilities in the Consolidated Statements of Financial Condition. | |||||||||||||||
Offsetting Liabilities | ' | |||||||||||||||
Offsetting Derivatives | ||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||
Derivative Assets | Derivative Liabilities | |||||||||||||||
Fair Value | Fair Value | |||||||||||||||
June 30, | December 31, | June 30, | December 31, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Gross amounts recognized | $ | 5,023 | $ | 2,235 | $ | 6,512 | $ | 3,707 | ||||||||
Less: Amounts offset in the Consolidated Statements of | — | — | — | — | ||||||||||||
Financial Condition | ||||||||||||||||
Net amount presented in the Consolidated Statements of | 5,023 | 2,235 | 6,512 | 3,707 | ||||||||||||
Financial Condition (1) | ||||||||||||||||
Gross amounts not offset in the Consolidated Statements of Financial Condition | ||||||||||||||||
Offsetting derivative positions | (79 | ) | (704 | ) | (79 | ) | (704 | ) | ||||||||
Cash collateral pledged | — | — | (6,433 | ) | (3,003 | ) | ||||||||||
Net credit exposure | $ | 4,944 | $ | 1,531 | $ | — | $ | — | ||||||||
(1) | Included in other assets or other liabilities in the Consolidated Statements of Financial Condition. |
Commitments_Guarantees_and_Con1
Commitments, Guarantees, and Contingent Liabilities (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||
Commitments Disclosure | ' | |||||||
Contractual or Notional Amounts of Financial Instruments | ||||||||
(Dollar amounts in thousands) | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Commitments to extend credit: | ||||||||
Commercial, industrial, and agricultural | $ | 1,140,571 | $ | 1,077,201 | ||||
Commercial real estate | 125,437 | 133,867 | ||||||
Home equity | 283,761 | 268,311 | ||||||
Other commitments (1) | 179,969 | 181,702 | ||||||
Total commitments to extend credit | $ | 1,729,738 | $ | 1,661,081 | ||||
Standby letters of credit | $ | 110,715 | $ | 110,453 | ||||
Recourse on assets sold: | ||||||||
Unpaid principal balance of loans sold | $ | 179,981 | $ | 170,330 | ||||
Carrying value of recourse obligation (2) | 163 | 162 | ||||||
(1) | Other commitments includes installment and overdraft protection program commitments. | |||||||
(2) | Included in other liabilities in the Consolidated Statements of Financial Condition. |
Fair_Value_Tables
Fair Value (Tables) | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis | ' | |||||||||||||||||||||||
The following table provides the fair value for assets and liabilities required to be measured at fair value on a recurring basis in the Consolidated Statements of Financial Condition by level in the fair value hierarchy. | ||||||||||||||||||||||||
Recurring Fair Value Measurements | ||||||||||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Trading securities: | ||||||||||||||||||||||||
Money market funds | $ | 1,369 | $ | — | $ | — | $ | 1,847 | $ | — | $ | — | ||||||||||||
Mutual funds | 16,862 | — | — | 15,470 | — | — | ||||||||||||||||||
Total trading securities | 18,231 | — | — | 17,317 | — | — | ||||||||||||||||||
Securities available-for-sale: | ||||||||||||||||||||||||
U.S. Agency securities | — | 501 | — | — | 500 | — | ||||||||||||||||||
CMOs | — | 441,465 | — | — | 475,768 | — | ||||||||||||||||||
Other MBSs | — | 127,492 | — | — | 136,164 | — | ||||||||||||||||||
Municipal securities | — | 443,885 | — | — | 461,393 | — | ||||||||||||||||||
CDOs | — | — | 18,436 | — | — | 18,309 | ||||||||||||||||||
Corporate debt securities | — | 15,235 | — | — | 14,929 | — | ||||||||||||||||||
Hedge fund investment | — | 816 | — | — | 3,179 | — | ||||||||||||||||||
Other equity securities | 44 | 2,601 | — | 44 | 2,439 | — | ||||||||||||||||||
Total securities | 44 | 1,031,995 | 18,436 | 44 | 1,094,372 | 18,309 | ||||||||||||||||||
available-for-sale | ||||||||||||||||||||||||
Mortgage servicing rights (1) | — | — | 1,885 | — | — | 1,893 | ||||||||||||||||||
Derivative assets (1) | — | 5,023 | — | — | 2,235 | — | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Derivative liabilities (2) | $ | — | $ | 6,512 | $ | — | $ | — | $ | 3,707 | $ | — | ||||||||||||
(1) | Included in other assets in the Consolidated Statements of Financial Condition. | |||||||||||||||||||||||
(2) | Included in other liabilities in the Consolidated Statements of Financial Condition. | |||||||||||||||||||||||
Fair Value Inputs, Assets, Quantitative Information | ' | |||||||||||||||||||||||
Information for each CDO, as well as the significant unobservable assumptions, is presented in the following table. | ||||||||||||||||||||||||
Characteristics of CDOs and Significant Unobservable Inputs | ||||||||||||||||||||||||
Used in the Valuation of CDOs as of June 30, 2014 | ||||||||||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||||||||||
CDO Number | ||||||||||||||||||||||||
1 | 2 | 3 | 4 | 5 | ||||||||||||||||||||
Characteristics: | ||||||||||||||||||||||||
Class | C-1 | C-1 | C-1 | B1 | C | |||||||||||||||||||
Original par | $ | 17,500 | $ | 15,000 | $ | 15,000 | $ | 15,000 | $ | 6,500 | ||||||||||||||
Amortized cost | 7,140 | 5,598 | 12,377 | 13,729 | 6,179 | |||||||||||||||||||
Fair value | 4,849 | 662 | 4,641 | 5,838 | 2,446 | |||||||||||||||||||
Lowest credit rating (Moody’s) | Ca | Ca | Ca | Ca | Ca | |||||||||||||||||||
Number of underlying Issuers | 43 | 54 | 57 | 58 | 75 | |||||||||||||||||||
Percent of Issuers currently | 83.7 | % | 79.6 | % | 75.4 | % | 55.2 | % | 73.3 | % | ||||||||||||||
performing | ||||||||||||||||||||||||
Current deferral and default percent (1) | 8.7 | % | 11.4 | % | 11.8 | % | 29.8 | % | 22.5 | % | ||||||||||||||
Expected future deferral and | 12.3 | % | 12 | % | 15.2 | % | 22.3 | % | 9.8 | % | ||||||||||||||
default percent (2) | ||||||||||||||||||||||||
Excess subordination percent (3) | — | % | — | % | — | % | 1.5 | % | 11.4 | % | ||||||||||||||
Discount rate risk adjustment (4) | 12.5 | % | 14.3 | % | 13.3 | % | 11.8 | % | 12.3 | % | ||||||||||||||
Significant unobservable inputs, weighted average of Issuers: | ||||||||||||||||||||||||
Probability of prepayment | 15.2 | % | 7.6 | % | 4.4 | % | 6.1 | % | 3.5 | % | ||||||||||||||
Probability of default | 18.5 | % | 23.1 | % | 21.2 | % | 28.3 | % | 28.8 | % | ||||||||||||||
Loss given default | 88.2 | % | 83.4 | % | 89.4 | % | 92.9 | % | 96.2 | % | ||||||||||||||
Probability of deferral cure | 23.2 | % | 17.7 | % | 31.3 | % | 41.1 | % | 27.6 | % | ||||||||||||||
(1) | Represents actual deferrals and defaults, net of recoveries, as a percent of the original collateral. | |||||||||||||||||||||||
(2) | Represents expected future deferrals and defaults, net of recoveries, as a percent of the remaining performing collateral. The probability of future defaults is derived for each Issuer based on a credit analysis. The associated assumed loss given default is based on historical default and recovery information provided by a nationally recognized credit rating agency and is assumed to be 90% for banks, 85% for insurance companies, and 100% for Issuers that have already defaulted. | |||||||||||||||||||||||
(3) | Represents additional defaults that the CDO can absorb before the security experiences any credit impairment. The excess subordination percentage is calculated by dividing the amount of potential additional loss that can be absorbed (before the receipt of all expected future principal and interest payments is affected) by the total balance of performing collateral. | |||||||||||||||||||||||
(4) | Cash flows are discounted at LIBOR plus this adjustment to reflect the higher risk inherent in these securities. | |||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | ' | |||||||||||||||||||||||
A rollforward of the carrying value of CDOs for the quarters and six months ended June 30, 2014 and 2013 is presented in the following table. | ||||||||||||||||||||||||
Rollforward of the Carrying Value of CDOs | ||||||||||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||||||||||
Quarters Ended | Six Months Ended | |||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Beginning balance | $ | 21,666 | $ | 12,924 | $ | 18,309 | $ | 12,129 | ||||||||||||||||
Change in other comprehensive income (loss) (1) | (1,721 | ) | 1,993 | 1,636 | 2,788 | |||||||||||||||||||
Purchases, sales, issuances, settlements, and paydowns (2) | (1,509 | ) | — | (1,509 | ) | — | ||||||||||||||||||
Ending balance | $ | 18,436 | $ | 14,917 | $ | 18,436 | $ | 14,917 | ||||||||||||||||
Change in unrealized losses recognized in earnings related to | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
securities still held at end of period | ||||||||||||||||||||||||
(1) | Included in unrealized holding gains (losses) in the Consolidated Statements of Comprehensive Income. | |||||||||||||||||||||||
(2) | During the second quarter of 2014, one CDO with a carrying value of $1.3 million was sold. In addition, one CDO with a carrying value of zero was sold during the second quarter of 2013 | |||||||||||||||||||||||
Fair Value Measurements, Nonrecurring | ' | |||||||||||||||||||||||
The following table provides the fair value for each class of assets and liabilities required to be measured at fair value on a non-recurring basis in the Consolidated Statements of Financial Condition by level in the fair value hierarchy. | ||||||||||||||||||||||||
Non-Recurring Fair Value Measurements | ||||||||||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Collateral-dependent impaired loans (1) | $ | — | $ | — | $ | 23,111 | $ | — | $ | — | $ | 13,103 | ||||||||||||
OREO (2) | — | — | 16,266 | — | — | 13,347 | ||||||||||||||||||
Loans held-for-sale (3) | — | — | 21,125 | — | — | 4,739 | ||||||||||||||||||
Assets held-for-sale (4) | — | — | 4,318 | — | — | 4,027 | ||||||||||||||||||
(1) | Includes impaired loans with charge-offs and impaired loans with a specific reserve during the periods presented. | |||||||||||||||||||||||
(2) | Includes OREO and covered OREO with fair value adjustments subsequent to initial transfer that occurred during the periods presented. | |||||||||||||||||||||||
(3) | Included in other assets in the Consolidated Statements of Financial Condition. | |||||||||||||||||||||||
(4) | Included in premises, furniture, and equipment in the Consolidated Statements of Financial Condition. | |||||||||||||||||||||||
Fair Value, by Balance Sheet Grouping | ' | |||||||||||||||||||||||
For certain financial instruments that are not required to be measured at fair value in the Consolidated Statements of Financial Condition, the Company must disclose the estimated fair values and the level within the fair value hierarchy as shown in the following table. | ||||||||||||||||||||||||
Fair Value Measurements of Other Financial Instruments | ||||||||||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||
Fair Value Hierarchy | Carrying | Fair Value | Carrying | Fair Value | ||||||||||||||||||||
Level | Amount | Amount | ||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Cash and due from banks | 1 | $ | 155,099 | $ | 155,099 | $ | 110,417 | $ | 110,417 | |||||||||||||||
Interest-bearing deposits in other banks | 2 | 322,874 | 322,874 | 476,824 | 476,824 | |||||||||||||||||||
Securities held-to-maturity | 2 | 26,471 | 27,076 | 44,322 | 43,387 | |||||||||||||||||||
FHLB and Federal Reserve Bank stock | 2 | 35,588 | 35,588 | 35,161 | 35,161 | |||||||||||||||||||
Net loans | 3 | 5,869,998 | 5,775,061 | 5,628,855 | 5,544,146 | |||||||||||||||||||
FDIC indemnification asset | 3 | 10,276 | 2,464 | 16,585 | 7,829 | |||||||||||||||||||
Investment in BOLI | 3 | 194,502 | 194,502 | 193,167 | 193,167 | |||||||||||||||||||
Accrued interest receivable | 3 | 23,633 | 23,633 | 25,735 | 25,735 | |||||||||||||||||||
Other interest earning assets | 3 | 5,117 | 5,297 | 6,550 | 6,809 | |||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Deposits | 2 | $ | 6,895,250 | $ | 6,892,876 | $ | 6,766,101 | $ | 6,765,404 | |||||||||||||||
Borrowed funds | 2 | 104,201 | 104,201 | 224,342 | 226,839 | |||||||||||||||||||
Senior and subordinated debt | 1 | 190,996 | 193,628 | 190,932 | 201,147 | |||||||||||||||||||
Accrued interest payable | 2 | 2,164 | 2,164 | 2,400 | 2,400 | |||||||||||||||||||
Recent_Events_Recent_Events_De
Recent Events Recent Events (Details) - Acquisition (Popular Community Bank, USD $) | Apr. 22, 2014 |
In Millions, unless otherwise specified | retail_branch |
Popular Community Bank | ' |
Business Acquisition [Line Items] | ' |
Branches to be acquired | 12 |
Deposits to be acquired | $738 |
Loans to be acquired | $561 |
Recent_Events_Recent_Events_De1
Recent Events Recent Events (Details) - Equity Matters (USD $) | 0 Months Ended | |||
21-May-14 | Jun. 30, 2014 | 21-May-14 | Dec. 31, 2013 | |
Recent Events [Abstract] | ' | ' | ' | ' |
Common Stock Authorized During Period, Shares, Period Increase Decrease | 50,000,000 | ' | ' | ' |
Common And Preferred Stock Authorized | ' | ' | 151,000,000 | ' |
Shares authorized, preferred stock (in shares) | ' | 1,000,000 | 1,000,000 | 1,000,000 |
Shares authorized (in Shares) | ' | 150,000,000 | 150,000,000 | 100,000,000 |
Par Value (in Dollars per share) | ' | $0.01 | $0.01 | $0.01 |
Securities_Details
Securities (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | ||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | |
obligation | obligation | Trust-preferred collateralized debt obligations | Municipal Securities | Hedge Fund Investment | Hedge Fund Investment | ||||
Securities (Details) - Securities Portfolio [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available-for-sale Securities Pledged as Collateral | $864,600,000 | ' | $864,600,000 | ' | $755,300,000 | ' | ' | ' | ' |
Held-to-maturity Securities Pledged as Collateral | 0 | ' | 0 | ' | 0 | ' | ' | ' | ' |
Available-for-sale Securities, Gross Realized Gain (Loss), Excluding Other than Temporary Impairments | 4,517,000 | 216,000 | 5,618,000 | 216,000 | ' | 3,500,000 | 468,000 | 518,000 | 1,100,000 |
Number Of CDOs Sold | 1 | 1 | ' | ' | ' | ' | ' | ' | ' |
Carrying Value Of CDO Sold | 1,300,000 | 0 | 1,300,000 | 0 | ' | ' | ' | ' | ' |
Other Than Temporary Impairment Credit Losses Recognized in Earnings Reductions CDO Sold | $8,600,000 | $6,800,000 | ' | ' | ' | ' | ' | ' | ' |
Securities_Details_Securities_
Securities (Details) - Securities Portfolio (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Securities Available-for-Sale | ' | ' |
Cost | $1,065,733 | $1,147,114 |
Gross Unrealized Gains | 22,513 | 18,425 |
Gross Unrealized Losses | -37,771 | -52,814 |
Value | 1,050,475 | 1,112,725 |
Securities Held-to-Maturity | ' | ' |
Municipal securities, at amortized cost | 26,471 | 44,322 |
Municipal securities, Gross Unrealized Gains | 605 | 0 |
Municipal securities, Gross Unrealized Losses | 0 | -935 |
Municipal securities, Fair Value | 27,076 | 43,387 |
Trading Securities | 18,231 | 17,317 |
U.S. Agency Securities | ' | ' |
Securities Available-for-Sale | ' | ' |
Cost | 500 | 500 |
Gross Unrealized Gains | 1 | 0 |
Gross Unrealized Losses | 0 | 0 |
Value | 501 | 500 |
Collateralized Mortgage Obligations | ' | ' |
Securities Available-for-Sale | ' | ' |
Cost | 448,337 | 490,962 |
Gross Unrealized Gains | 1,919 | 1,427 |
Gross Unrealized Losses | -8,791 | -16,621 |
Value | 441,465 | 475,768 |
Other Mortgage Backed Securities | ' | ' |
Securities Available-for-Sale | ' | ' |
Cost | 123,787 | 135,097 |
Gross Unrealized Gains | 4,429 | 3,349 |
Gross Unrealized Losses | -724 | -2,282 |
Value | 127,492 | 136,164 |
Municipal Securities | ' | ' |
Securities Available-for-Sale | ' | ' |
Cost | 432,187 | 457,318 |
Gross Unrealized Gains | 13,319 | 9,673 |
Gross Unrealized Losses | -1,621 | -5,598 |
Value | 443,885 | 461,393 |
Trust-preferred collateralized debt obligations | ' | ' |
Securities Available-for-Sale | ' | ' |
Cost | 45,023 | 46,532 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | -26,587 | -28,223 |
Value | 18,436 | 18,309 |
Corporate Debt Securities | ' | ' |
Securities Available-for-Sale | ' | ' |
Cost | 12,995 | 12,999 |
Gross Unrealized Gains | 2,240 | 1,930 |
Gross Unrealized Losses | 0 | 0 |
Value | 15,235 | 14,929 |
Hedge Fund Investment | ' | ' |
Securities Available-for-Sale | ' | ' |
Cost | 298 | 1,208 |
Gross Unrealized Gains | 518 | 1,971 |
Gross Unrealized Losses | 0 | 0 |
Value | 816 | 3,179 |
Other Equity Securities | ' | ' |
Securities Available-for-Sale | ' | ' |
Cost | 2,606 | 2,498 |
Gross Unrealized Gains | 87 | 75 |
Gross Unrealized Losses | -48 | -90 |
Value | 2,645 | 2,483 |
Equity Securities | ' | ' |
Securities Available-for-Sale | ' | ' |
Cost | 2,904 | 3,706 |
Gross Unrealized Gains | 605 | 2,046 |
Gross Unrealized Losses | -48 | -90 |
Value | $3,461 | $5,662 |
Securities_Details_Remaining_C
Securities (Details) - Remaining Contractual Maturity of Securities (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Available-for-sale Securities, Amortized Cost Basis [Abstract] | ' | ' |
One year or less | $32,269 | ' |
After one year to five years | 122,919 | ' |
After five years to ten years | 187,371 | ' |
After ten years | 148,146 | ' |
Securities that do not have a single contractual maturity | 575,028 | ' |
Total | 1,065,733 | 1,147,114 |
Available-for-sale Securities, Fair Value [Abstract] | ' | ' |
One year or less | 31,437 | ' |
After one year to five years | 119,752 | ' |
After five years to ten years | 182,541 | ' |
After ten years | 144,327 | ' |
Securities that do not have a single contractual maturity | 572,418 | ' |
Total securities available-for-sale | 1,050,475 | 1,112,725 |
Held-to-maturity Securities, Amortized Cost [Abstract] | ' | ' |
One year or less | 2,545 | ' |
After one year to five years | 8,748 | ' |
After five years to ten years | 5,917 | ' |
After ten years | 9,261 | ' |
Securities that do not have a single contractual maturity | 0 | ' |
Total | 26,471 | 44,322 |
Held-to-maturity Securities, Fair Value [Abstract] | ' | ' |
One year or less | 2,603 | ' |
After one year to five years | 8,948 | ' |
After five years to ten years | 6,052 | ' |
After ten years | 9,473 | ' |
Securities that do not have a single contractual maturity | 0 | ' |
Total | $27,076 | $43,387 |
Securities_Details_Securities_1
Securities (Details) - Securities Gains (Losses) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Gains on sales of securities: | ' | ' | ' | ' | ||||
Gross realized gains | $4,517 | $216 | $5,618 | $216 | ||||
Gross realized losses | 0 | 0 | 0 | 0 | ||||
Net realized gains on sales of securities | 4,517 | 216 | 5,618 | 216 | ||||
Non-cash impairment charges: | ' | ' | ' | ' | ||||
Other-than-temporary securities impairment (OTTI) | 0 | 0 | -28 | 0 | ||||
Portion of OTTI recognized in other comprehensive income (loss) | 0 | 0 | 0 | 0 | ||||
Net non-cash impairment charges | 0 | 0 | -28 | 0 | ||||
Net realized gains | 4,517 | 216 | 5,590 | 216 | ||||
Net trading gains (losses) | $531 | [1] | $214 | [1] | $722 | [1] | $1,250 | [1] |
[1] | All net trading gains relate to trading securities still held as of June 30, 2014 and June 30, 2013 and are included in other income in the Condensed Consolidated Statement of Income. |
Securities_Details_Changes_In_
Securities (Details) - Changes In Credit Losses Recognized In Earnings (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Changes in Credit Losses Recognized in Earnings [Roll Forward] | ' | ' | ' | ' | ||||
Beginning balance | $32,450 | $38,803 | $32,422 | $38,803 | ||||
Losses on securities that previously had OTTI | 0 | [1] | 0 | [1] | 28 | [1] | 0 | [1] |
Losses on securities that did not previously have OTTI | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Reduction for sales of securities (2) | -8,570 | [2] | -6,750 | [2] | -8,570 | [2] | -6,750 | [2] |
Ending balance | $23,880 | $32,053 | $23,880 | $32,053 | ||||
[1] | Included in net securities gains in the Condensed Consolidated Statements of Income. | |||||||
[2] | During the second quarter of 2014, one CDO with a carrying value of $1.3 million was sold. In addition, one CDO with a carrying value of zero was sold during the second quarter of 2013. These CDOs had OTTI of $8.6 million and $6.8 million, respectively, that were previously recognized in earnings. |
Securities_Details_Securities_2
Securities (Details) - Securities In An Unrealized Loss Position (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
security | security | |
Collateralized Mortgage Obligations | ' | ' |
Securities (Details) - Securities In An Unrealized Loss Position [Line Items] | ' | ' |
Number of Securities (securities) | 54 | 67 |
Fair Value - Less Than 12 Months | $17,978 | $338,064 |
Unrealized Losses - Less Than 12 Months | 158 | 14,288 |
Fair Value - 12 Months or Longer | 294,643 | 57,269 |
Unrealized Losses - 12 Months or Longer | 8,633 | 2,333 |
Fair Value - Total | 312,621 | 395,333 |
Unrealized Losses - Total | 8,791 | 16,621 |
Other Mortgage Backed Securities | ' | ' |
Securities (Details) - Securities In An Unrealized Loss Position [Line Items] | ' | ' |
Number of Securities (securities) | 13 | 19 |
Fair Value - Less Than 12 Months | 383 | 57,311 |
Unrealized Losses - Less Than 12 Months | 5 | 2,281 |
Fair Value - 12 Months or Longer | 40,986 | 356 |
Unrealized Losses - 12 Months or Longer | 719 | 1 |
Fair Value - Total | 41,369 | 57,667 |
Unrealized Losses - Total | 724 | 2,282 |
Municipal Securities | ' | ' |
Securities (Details) - Securities In An Unrealized Loss Position [Line Items] | ' | ' |
Number of Securities (securities) | 107 | 154 |
Fair Value - Less Than 12 Months | 0 | 65,370 |
Unrealized Losses - Less Than 12 Months | 0 | 3,245 |
Fair Value - 12 Months or Longer | 67,326 | 27,565 |
Unrealized Losses - 12 Months or Longer | 1,621 | 2,353 |
Fair Value - Total | 67,326 | 92,935 |
Unrealized Losses - Total | 1,621 | 5,598 |
Trust-preferred collateralized debt obligations | ' | ' |
Securities (Details) - Securities In An Unrealized Loss Position [Line Items] | ' | ' |
Number of Securities (securities) | 5 | 6 |
Fair Value - Less Than 12 Months | 0 | 0 |
Unrealized Losses - Less Than 12 Months | 0 | 0 |
Fair Value - 12 Months or Longer | 18,436 | 18,309 |
Unrealized Losses - 12 Months or Longer | 26,587 | 28,223 |
Fair Value - Total | 18,436 | 18,309 |
Unrealized Losses - Total | 26,587 | 28,223 |
Equity Securities | ' | ' |
Securities (Details) - Securities In An Unrealized Loss Position [Line Items] | ' | ' |
Number of Securities (securities) | 1 | 1 |
Fair Value - Less Than 12 Months | 0 | 2,168 |
Unrealized Losses - Less Than 12 Months | 0 | 90 |
Fair Value - 12 Months or Longer | 2,232 | 0 |
Unrealized Losses - 12 Months or Longer | 48 | 0 |
Fair Value - Total | 2,232 | 2,168 |
Unrealized Losses - Total | 48 | 90 |
Unrealized Loss Position [Member] | ' | ' |
Securities (Details) - Securities In An Unrealized Loss Position [Line Items] | ' | ' |
Number of Securities (securities) | 180 | 247 |
Fair Value - Less Than 12 Months | 18,361 | 462,913 |
Unrealized Losses - Less Than 12 Months | 163 | 19,904 |
Fair Value - 12 Months or Longer | 423,623 | 103,499 |
Unrealized Losses - 12 Months or Longer | 37,608 | 32,910 |
Fair Value - Total | 441,984 | 566,412 |
Unrealized Losses - Total | $37,771 | $52,814 |
Loans_Details_Loan_Portfolio
Loans (Details) - Loan Portfolio (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Loans and Leases Receivable Disclosure [Abstract] | ' | ' | ||
Commercial and industrial | $2,073,018 | $1,830,638 | ||
Agricultural | 330,626 | 321,702 | ||
Commercial real estate: | ' | ' | ||
Office, retail, and industrial | 1,312,401 | 1,353,685 | ||
Multi-family | 350,430 | 332,873 | ||
Construction | 195,109 | 186,197 | ||
Other commercial real estate | 798,324 | 807,071 | ||
Total commercial real estate | 2,656,264 | 2,679,826 | ||
Total corporate loans | 5,059,908 | 4,832,166 | ||
Home equity | 485,085 | 427,020 | ||
1-4 family mortgages | 241,156 | 275,992 | ||
Installment | 57,308 | 44,827 | ||
Total consumer loans | 783,549 | 747,839 | ||
Total loans, excluding covered loans | 5,843,457 | 5,580,005 | ||
Covered loans | 104,867 | [1] | 134,355 | [1] |
Total Loans | 5,948,324 | 5,714,360 | ||
Deferred loan fees included in total loans | 4,051 | 4,656 | ||
Overdrawn demand deposits included in total loans | $3,980 | $5,047 | ||
[1] | For information on covered loans, refer to Note 5, “Acquired Loans.†|
Loans_Loans_Sold_Details
Loans Loans Sold (Details) (One-to-Four Family Mortgage Loan, USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
One-to-Four Family Mortgage Loan | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Proceeds from sales | $33,038 | $29,084 | $84,938 | $85,007 |
Loans originated with intent to sell | 20,477 | 322 | 35,935 | 322 |
Loans held-for-investment | 11,713 | 27,722 | 47,082 | 81,679 |
Total book value of loans sold | 32,190 | 28,044 | 83,017 | 82,001 |
Net gains on sales of 1-4 family mortgages | $848 | $1,040 | $1,921 | $3,006 |
Acquired_Loans_Details_Acquire
Acquired Loans (Details) - Acquired Loans (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Note 5 - Acquired Loans (Details) - Acquired Loans [Line Items] | ' | ' | ||
Purchased impaired loans | $89,778 | $119,133 | ||
Other loans | 43,078 | [1] | 47,854 | [1] |
Total acquired loans | 132,856 | 166,987 | ||
Covered Loan | ' | ' | ||
Note 5 - Acquired Loans (Details) - Acquired Loans [Line Items] | ' | ' | ||
Purchased impaired loans | 75,864 | 103,525 | ||
Other loans | 29,003 | [1] | 30,830 | [1] |
Total acquired loans | 104,867 | 134,355 | ||
Non-Covered Loan | ' | ' | ||
Note 5 - Acquired Loans (Details) - Acquired Loans [Line Items] | ' | ' | ||
Purchased impaired loans | 13,914 | 15,608 | ||
Other loans | 14,075 | [1] | 17,024 | [1] |
Total acquired loans | $27,989 | $32,632 | ||
[1] | These loans did not meet the criteria to be accounted for as purchased impaired loans. |
Acquired_Loans_Details_Changes
Acquired Loans (Details) - Changes in FDIC Indemnification Asset (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
FDIC Indemnification Asset [Roll Forward] | ' | ' | ' | ' |
Beginning balance | $15,537 | $28,958 | $16,585 | $37,051 |
Amortization | -818 | -908 | -2,134 | -2,232 |
Change in expected reimbursements from the FDIC for changes in expected credit losses | -629 | -1,512 | 532 | -2,454 |
Payments received from the FDIC | -3,814 | -3,380 | -4,707 | -9,207 |
Ending balance | $10,276 | $23,158 | $10,276 | $23,158 |
Acquired_Loans_Details_Changes1
Acquired Loans (Details) - Changes in Accretable Yield (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Changes in Accretable Yield [Roll Forward] | ' | ' | ' | ' | ||||
Beginning balance | $32,010 | $45,532 | $36,792 | $51,498 | ||||
Accretion | -3,421 | -4,456 | -6,931 | -8,342 | ||||
Other | 6,563 | [1] | 6,028 | [1] | 5,291 | [1] | 3,948 | [1] |
Ending balance | $35,152 | $47,104 | $35,152 | $47,104 | ||||
[1] | Amount represents an increase in the estimated cash flows to be collected over the remaining estimated life of the underlying portfolio. |
Past_Due_Loans_Allowance_For_C2
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) (USD $) | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Accruing TDRs | $5,697,000 | ' | $23,770,000 |
Valuation Allowance On Troubled Debt Restructured Loans | 0 | ' | 2,000,000 |
TDRs Returned to Performing Status | 18,800,000 | 5,000,000 | ' |
Special Mention and Substandard Loans | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Accruing TDRs | $3,600,000 | ' | $2,800,000 |
Past_Due_Loans_Allowance_For_C3
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Aging Analysis of Past Due Loans and Non-Performing Loans by Class (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | $5,852,540 | $5,598,612 |
30-89 Days Past Due | 32,867 | 24,770 |
90 Days or More Past Due | 62,917 | 90,978 |
Total Past Due | 95,784 | 115,748 |
Total Loans | 5,948,324 | 5,714,360 |
Non- accrual Loans | 79,788 | 80,740 |
90 Days Past Due Loans, Still Accruing Interest | 11,997 | 21,789 |
Commercial And Industrial | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 2,059,868 | 1,814,660 |
30-89 Days Past Due | 8,003 | 6,872 |
90 Days or More Past Due | 5,147 | 9,106 |
Total Past Due | 13,150 | 15,978 |
Total Loans | 2,073,018 | 1,830,638 |
Non- accrual Loans | 22,629 | 11,767 |
90 Days Past Due Loans, Still Accruing Interest | 2,207 | 393 |
Agricultural | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 330,207 | 321,156 |
30-89 Days Past Due | 86 | 134 |
90 Days or More Past Due | 333 | 412 |
Total Past Due | 419 | 546 |
Total Loans | 330,626 | 321,702 |
Non- accrual Loans | 363 | 519 |
90 Days Past Due Loans, Still Accruing Interest | 0 | 0 |
Office Retail And Industrial | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 1,293,378 | 1,335,027 |
30-89 Days Past Due | 5,459 | 2,620 |
90 Days or More Past Due | 13,564 | 16,038 |
Total Past Due | 19,023 | 18,658 |
Total Loans | 1,312,401 | 1,353,685 |
Non- accrual Loans | 16,423 | 17,076 |
90 Days Past Due Loans, Still Accruing Interest | 0 | 1,315 |
Multi-Family | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 348,353 | 330,960 |
30-89 Days Past Due | 625 | 318 |
90 Days or More Past Due | 1,452 | 1,595 |
Total Past Due | 2,077 | 1,913 |
Total Loans | 350,430 | 332,873 |
Non- accrual Loans | 1,572 | 1,848 |
90 Days Past Due Loans, Still Accruing Interest | 231 | 0 |
Construction | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 187,761 | 180,083 |
30-89 Days Past Due | 2,271 | 23 |
90 Days or More Past Due | 5,077 | 6,091 |
Total Past Due | 7,348 | 6,114 |
Total Loans | 195,109 | 186,197 |
Non- accrual Loans | 5,077 | 6,297 |
90 Days Past Due Loans, Still Accruing Interest | 0 | 0 |
Other Commercial Real Estate | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 787,292 | 795,462 |
30-89 Days Past Due | 4,007 | 5,365 |
90 Days or More Past Due | 7,025 | 6,244 |
Total Past Due | 11,032 | 11,609 |
Total Loans | 798,324 | 807,071 |
Non- accrual Loans | 7,930 | 8,153 |
90 Days Past Due Loans, Still Accruing Interest | 676 | 258 |
Total Commercial Real Estate | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 2,616,784 | 2,641,532 |
30-89 Days Past Due | 12,362 | 8,326 |
90 Days or More Past Due | 27,118 | 29,968 |
Total Past Due | 39,480 | 38,294 |
Total Loans | 2,656,264 | 2,679,826 |
Non- accrual Loans | 31,002 | 33,374 |
90 Days Past Due Loans, Still Accruing Interest | 907 | 1,573 |
Total Corporate Loans | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 5,006,859 | 4,777,348 |
30-89 Days Past Due | 20,451 | 15,332 |
90 Days or More Past Due | 32,598 | 39,486 |
Total Past Due | 53,049 | 54,818 |
Total Loans | 5,059,908 | 4,832,166 |
Non- accrual Loans | 53,994 | 45,660 |
90 Days Past Due Loans, Still Accruing Interest | 3,114 | 1,966 |
Home Equity Line of Credit | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 476,287 | 415,791 |
30-89 Days Past Due | 3,646 | 4,830 |
90 Days or More Past Due | 5,152 | 6,399 |
Total Past Due | 8,798 | 11,229 |
Total Loans | 485,085 | 427,020 |
Non- accrual Loans | 6,580 | 6,864 |
90 Days Past Due Loans, Still Accruing Interest | 91 | 1,102 |
1-4 family mortgages | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 235,829 | 268,912 |
30-89 Days Past Due | 2,102 | 2,046 |
90 Days or More Past Due | 3,225 | 5,034 |
Total Past Due | 5,327 | 7,080 |
Total Loans | 241,156 | 275,992 |
Non- accrual Loans | 4,091 | 5,198 |
90 Days Past Due Loans, Still Accruing Interest | 297 | 548 |
Installment Loans | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 54,840 | 42,350 |
30-89 Days Past Due | 382 | 330 |
90 Days or More Past Due | 2,086 | 2,147 |
Total Past Due | 2,468 | 2,477 |
Total Loans | 57,308 | 44,827 |
Non- accrual Loans | 2,063 | 2,076 |
90 Days Past Due Loans, Still Accruing Interest | 31 | 92 |
Total Consumer Loans | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 766,956 | 727,053 |
30-89 Days Past Due | 6,130 | 7,206 |
90 Days or More Past Due | 10,463 | 13,580 |
Total Past Due | 16,593 | 20,786 |
Total Loans | 783,549 | 747,839 |
Non- accrual Loans | 12,734 | 14,138 |
90 Days Past Due Loans, Still Accruing Interest | 419 | 1,742 |
Total Loans Excluding Covered Loans | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 5,773,815 | 5,504,401 |
30-89 Days Past Due | 26,581 | 22,538 |
90 Days or More Past Due | 43,061 | 53,066 |
Total Past Due | 69,642 | 75,604 |
Total Loans | 5,843,457 | 5,580,005 |
Non- accrual Loans | 66,728 | 59,798 |
90 Days Past Due Loans, Still Accruing Interest | 3,533 | 3,708 |
Covered Loans | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 78,725 | 94,211 |
30-89 Days Past Due | 6,286 | 2,232 |
90 Days or More Past Due | 19,856 | 37,912 |
Total Past Due | 26,142 | 40,144 |
Total Loans | 104,867 | 134,355 |
Non- accrual Loans | 13,060 | 20,942 |
90 Days Past Due Loans, Still Accruing Interest | $8,464 | $18,081 |
Past_Due_Loans_Allowance_For_C4
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Allowance for Credit Losses (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Allowance for Credit Losses by Portfolio Segment [Roll Forward] | ' | ' | ' | ' |
Beginning balance | $82,248 | $100,457 | $87,121 | $102,812 |
Charge-offs | -8,779 | -10,682 | -18,337 | -21,454 |
Recoveries | 1,132 | 1,388 | 4,376 | 4,631 |
Net charge-offs | -7,647 | -9,294 | -13,961 | -16,823 |
Provision for loan and covered loan losses and other | 5,341 | 5,813 | 6,782 | 10,987 |
Ending balance | 79,942 | 96,976 | 79,942 | 96,976 |
Commercial, Industrial, And Agricultural | ' | ' | ' | ' |
Allowance for Credit Losses by Portfolio Segment [Roll Forward] | ' | ' | ' | ' |
Beginning balance | 27,292 | 36,544 | 30,381 | 36,761 |
Charge-offs | -2,099 | -3,116 | -5,779 | -6,291 |
Recoveries | 259 | 573 | 2,419 | 2,662 |
Net charge-offs | -1,840 | -2,543 | -3,360 | -3,629 |
Provision for loan and covered loan losses and other | 3,742 | -2,259 | 2,173 | -1,390 |
Ending balance | 29,194 | 31,742 | 29,194 | 31,742 |
Office Retail And Industrial | ' | ' | ' | ' |
Allowance for Credit Losses by Portfolio Segment [Roll Forward] | ' | ' | ' | ' |
Beginning balance | 13,106 | 10,695 | 10,405 | 11,432 |
Charge-offs | -3,511 | -1,453 | -4,594 | -2,715 |
Recoveries | 290 | 35 | 348 | 37 |
Net charge-offs | -3,221 | -1,418 | -4,246 | -2,678 |
Provision for loan and covered loan losses and other | 1,946 | 2,580 | 5,672 | 3,103 |
Ending balance | 11,831 | 11,857 | 11,831 | 11,857 |
Multi-Family | ' | ' | ' | ' |
Allowance for Credit Losses by Portfolio Segment [Roll Forward] | ' | ' | ' | ' |
Beginning balance | 1,968 | 3,704 | 2,017 | 3,575 |
Charge-offs | -267 | -213 | -357 | -378 |
Recoveries | 2 | 30 | 3 | 35 |
Net charge-offs | -265 | -183 | -354 | -343 |
Provision for loan and covered loan losses and other | 345 | -97 | 385 | 192 |
Ending balance | 2,048 | 3,424 | 2,048 | 3,424 |
Construction | ' | ' | ' | ' |
Allowance for Credit Losses by Portfolio Segment [Roll Forward] | ' | ' | ' | ' |
Beginning balance | 5,656 | 4,667 | 6,316 | 5,242 |
Charge-offs | -234 | -850 | -895 | -1,415 |
Recoveries | 2 | 5 | 160 | 5 |
Net charge-offs | -232 | -845 | -735 | -1,410 |
Provision for loan and covered loan losses and other | -539 | 348 | -696 | 338 |
Ending balance | 4,885 | 4,170 | 4,885 | 4,170 |
Other Commercial Real Estate | ' | ' | ' | ' |
Allowance for Credit Losses by Portfolio Segment [Roll Forward] | ' | ' | ' | ' |
Beginning balance | 9,236 | 17,757 | 10,817 | 17,512 |
Charge-offs | -561 | -547 | -2,332 | -3,082 |
Recoveries | 89 | 329 | 233 | 1,361 |
Net charge-offs | -472 | -218 | -2,099 | -1,721 |
Provision for loan and covered loan losses and other | -179 | -1,370 | -133 | 378 |
Ending balance | 8,585 | 16,169 | 8,585 | 16,169 |
Consumer | ' | ' | ' | ' |
Allowance for Credit Losses by Portfolio Segment [Roll Forward] | ' | ' | ' | ' |
Beginning balance | 11,945 | 11,997 | 13,010 | 12,862 |
Charge-offs | -1,828 | -2,523 | -3,856 | -4,887 |
Recoveries | 213 | 413 | 351 | 520 |
Net charge-offs | -1,615 | -2,110 | -3,505 | -4,367 |
Provision for loan and covered loan losses and other | 2,110 | 2,480 | 2,935 | 3,872 |
Ending balance | 12,440 | 12,367 | 12,440 | 12,367 |
Covered Loans | ' | ' | ' | ' |
Allowance for Credit Losses by Portfolio Segment [Roll Forward] | ' | ' | ' | ' |
Beginning balance | 11,429 | 12,227 | 12,559 | 12,062 |
Charge-offs | -279 | -1,980 | -524 | -2,686 |
Recoveries | 277 | 3 | 862 | 11 |
Net charge-offs | -2 | -1,977 | 338 | -2,675 |
Provision for loan and covered loan losses and other | -2,084 | 4,131 | -3,554 | 4,994 |
Ending balance | 9,343 | 14,381 | 9,343 | 14,381 |
Reserve for Unfunded Commitments | ' | ' | ' | ' |
Allowance for Credit Losses by Portfolio Segment [Roll Forward] | ' | ' | ' | ' |
Beginning balance | 1,616 | 2,866 | 1,616 | 3,366 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Net charge-offs | 0 | 0 | 0 | 0 |
Provision for loan and covered loan losses and other | 0 | 0 | 0 | -500 |
Ending balance | $1,616 | $2,866 | $1,616 | $2,866 |
Past_Due_Loans_Allowance_For_C5
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Loans and Related Allowance for Credit Losses by Portfolio Segment (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||||
Loans [Abstract] | ' | ' | ' | ' | ' | ' |
Purchased Impaired | $89,778 | ' | $119,133 | ' | ' | ' |
Total Loans | 5,948,324 | ' | 5,714,360 | ' | ' | ' |
Allowance for Credit Losses [Abstract] | ' | ' | ' | ' | ' | ' |
Total allowance for credit losses | 79,942 | 82,248 | 87,121 | 96,976 | 100,457 | 102,812 |
Commercial Loan And Agricultural | ' | ' | ' | ' | ' | ' |
Loans [Abstract] | ' | ' | ' | ' | ' | ' |
Individually Evaluated for Impairment | 21,726 | ' | 13,178 | ' | ' | ' |
Collectively Evaluated for Impairment | 2,380,505 | ' | 2,137,440 | ' | ' | ' |
Purchased Impaired | 1,413 | ' | 1,722 | ' | ' | ' |
Total Loans | 2,403,644 | ' | 2,152,340 | ' | ' | ' |
Allowance for Credit Losses [Abstract] | ' | ' | ' | ' | ' | ' |
Individually Evaluated for Impairment | 2,539 | ' | 4,046 | ' | ' | ' |
Collectively Evaluated for Impairment | 26,655 | ' | 26,335 | ' | ' | ' |
Purchased Impaired | 0 | ' | 0 | ' | ' | ' |
Total allowance for credit losses | 29,194 | ' | 30,381 | ' | ' | ' |
Office Retail And Industrial | ' | ' | ' | ' | ' | ' |
Loans [Abstract] | ' | ' | ' | ' | ' | ' |
Individually Evaluated for Impairment | 15,605 | ' | 26,348 | ' | ' | ' |
Collectively Evaluated for Impairment | 1,296,796 | ' | 1,327,337 | ' | ' | ' |
Purchased Impaired | 0 | ' | 0 | ' | ' | ' |
Total Loans | 1,312,401 | ' | 1,353,685 | ' | ' | ' |
Allowance for Credit Losses [Abstract] | ' | ' | ' | ' | ' | ' |
Individually Evaluated for Impairment | 1,576 | ' | 214 | ' | ' | ' |
Collectively Evaluated for Impairment | 10,255 | ' | 10,191 | ' | ' | ' |
Purchased Impaired | 0 | ' | 0 | ' | ' | ' |
Total allowance for credit losses | 11,831 | ' | 10,405 | ' | ' | ' |
Multi-Family | ' | ' | ' | ' | ' | ' |
Loans [Abstract] | ' | ' | ' | ' | ' | ' |
Individually Evaluated for Impairment | 1,169 | ' | 1,296 | ' | ' | ' |
Collectively Evaluated for Impairment | 349,129 | ' | 331,445 | ' | ' | ' |
Purchased Impaired | 132 | ' | 132 | ' | ' | ' |
Total Loans | 350,430 | ' | 332,873 | ' | ' | ' |
Allowance for Credit Losses [Abstract] | ' | ' | ' | ' | ' | ' |
Individually Evaluated for Impairment | 176 | ' | 18 | ' | ' | ' |
Collectively Evaluated for Impairment | 1,857 | ' | 1,999 | ' | ' | ' |
Purchased Impaired | 15 | ' | 0 | ' | ' | ' |
Total allowance for credit losses | 2,048 | ' | 2,017 | ' | ' | ' |
Construction | ' | ' | ' | ' | ' | ' |
Loans [Abstract] | ' | ' | ' | ' | ' | ' |
Individually Evaluated for Impairment | 4,725 | ' | 5,712 | ' | ' | ' |
Collectively Evaluated for Impairment | 190,384 | ' | 180,485 | ' | ' | ' |
Purchased Impaired | 0 | ' | 0 | ' | ' | ' |
Total Loans | 195,109 | ' | 186,197 | ' | ' | ' |
Allowance for Credit Losses [Abstract] | ' | ' | ' | ' | ' | ' |
Individually Evaluated for Impairment | 373 | ' | 178 | ' | ' | ' |
Collectively Evaluated for Impairment | 4,512 | ' | 6,138 | ' | ' | ' |
Purchased Impaired | 0 | ' | 0 | ' | ' | ' |
Total allowance for credit losses | 4,885 | ' | 6,316 | ' | ' | ' |
Other Commercial Real Estate | ' | ' | ' | ' | ' | ' |
Loans [Abstract] | ' | ' | ' | ' | ' | ' |
Individually Evaluated for Impairment | 5,748 | ' | 9,298 | ' | ' | ' |
Collectively Evaluated for Impairment | 789,203 | ' | 793,703 | ' | ' | ' |
Purchased Impaired | 3,373 | ' | 4,070 | ' | ' | ' |
Total Loans | 798,324 | ' | 807,071 | ' | ' | ' |
Allowance for Credit Losses [Abstract] | ' | ' | ' | ' | ' | ' |
Individually Evaluated for Impairment | 913 | ' | 704 | ' | ' | ' |
Collectively Evaluated for Impairment | 7,672 | ' | 10,113 | ' | ' | ' |
Purchased Impaired | 0 | ' | 0 | ' | ' | ' |
Total allowance for credit losses | 8,585 | ' | 10,817 | ' | ' | ' |
Commercial Real Estate | ' | ' | ' | ' | ' | ' |
Loans [Abstract] | ' | ' | ' | ' | ' | ' |
Individually Evaluated for Impairment | 27,247 | ' | 42,654 | ' | ' | ' |
Collectively Evaluated for Impairment | 2,625,512 | ' | 2,632,970 | ' | ' | ' |
Purchased Impaired | 3,505 | ' | 4,202 | ' | ' | ' |
Total Loans | 2,656,264 | ' | 2,679,826 | ' | ' | ' |
Allowance for Credit Losses [Abstract] | ' | ' | ' | ' | ' | ' |
Individually Evaluated for Impairment | 3,038 | ' | 1,114 | ' | ' | ' |
Collectively Evaluated for Impairment | 24,296 | ' | 28,441 | ' | ' | ' |
Purchased Impaired | 15 | ' | 0 | ' | ' | ' |
Total allowance for credit losses | 27,349 | ' | 29,555 | ' | ' | ' |
Total Corporate Loans | ' | ' | ' | ' | ' | ' |
Loans [Abstract] | ' | ' | ' | ' | ' | ' |
Individually Evaluated for Impairment | 48,973 | ' | 55,832 | ' | ' | ' |
Collectively Evaluated for Impairment | 5,006,017 | ' | 4,770,410 | ' | ' | ' |
Purchased Impaired | 4,918 | ' | 5,924 | ' | ' | ' |
Total Loans | 5,059,908 | ' | 4,832,166 | ' | ' | ' |
Allowance for Credit Losses [Abstract] | ' | ' | ' | ' | ' | ' |
Individually Evaluated for Impairment | 5,577 | ' | 5,160 | ' | ' | ' |
Collectively Evaluated for Impairment | 50,951 | ' | 54,776 | ' | ' | ' |
Purchased Impaired | 15 | ' | 0 | ' | ' | ' |
Total allowance for credit losses | 56,543 | ' | 59,936 | ' | ' | ' |
Consumer | ' | ' | ' | ' | ' | ' |
Loans [Abstract] | ' | ' | ' | ' | ' | ' |
Individually Evaluated for Impairment | 0 | ' | 0 | ' | ' | ' |
Collectively Evaluated for Impairment | 774,553 | ' | 738,155 | ' | ' | ' |
Purchased Impaired | 8,996 | ' | 9,684 | ' | ' | ' |
Total Loans | 783,549 | ' | 747,839 | ' | ' | ' |
Allowance for Credit Losses [Abstract] | ' | ' | ' | ' | ' | ' |
Individually Evaluated for Impairment | 0 | ' | 0 | ' | ' | ' |
Collectively Evaluated for Impairment | 11,887 | ' | 13,010 | ' | ' | ' |
Purchased Impaired | 553 | ' | 0 | ' | ' | ' |
Total allowance for credit losses | 12,440 | ' | 13,010 | ' | ' | ' |
Total Loans Excluding Covered Loans | ' | ' | ' | ' | ' | ' |
Loans [Abstract] | ' | ' | ' | ' | ' | ' |
Individually Evaluated for Impairment | 48,973 | ' | 55,832 | ' | ' | ' |
Collectively Evaluated for Impairment | 5,780,570 | ' | 5,508,565 | ' | ' | ' |
Purchased Impaired | 13,914 | ' | 15,608 | ' | ' | ' |
Total Loans | 5,843,457 | ' | 5,580,005 | ' | ' | ' |
Allowance for Credit Losses [Abstract] | ' | ' | ' | ' | ' | ' |
Individually Evaluated for Impairment | 5,577 | ' | 5,160 | ' | ' | ' |
Collectively Evaluated for Impairment | 62,838 | ' | 67,786 | ' | ' | ' |
Purchased Impaired | 568 | ' | 0 | ' | ' | ' |
Total allowance for credit losses | 68,983 | ' | 72,946 | ' | ' | ' |
Purchased Impaired Loans | ' | ' | ' | ' | ' | ' |
Loans [Abstract] | ' | ' | ' | ' | ' | ' |
Individually Evaluated for Impairment | 0 | ' | 0 | ' | ' | ' |
Collectively Evaluated for Impairment | 0 | ' | 0 | ' | ' | ' |
Purchased Impaired | 75,864 | ' | 103,525 | ' | ' | ' |
Total Loans | 75,864 | ' | 103,525 | ' | ' | ' |
Allowance for Credit Losses [Abstract] | ' | ' | ' | ' | ' | ' |
Individually Evaluated for Impairment | 0 | ' | 0 | ' | ' | ' |
Collectively Evaluated for Impairment | 0 | ' | 0 | ' | ' | ' |
Purchased Impaired | 8,743 | ' | 11,857 | ' | ' | ' |
Total allowance for credit losses | 8,743 | ' | 11,857 | ' | ' | ' |
Other Covered Loans | ' | ' | ' | ' | ' | ' |
Loans [Abstract] | ' | ' | ' | ' | ' | ' |
Individually Evaluated for Impairment | 0 | ' | 0 | ' | ' | ' |
Collectively Evaluated for Impairment | 29,003 | ' | 30,830 | ' | ' | ' |
Purchased Impaired | 0 | ' | 0 | ' | ' | ' |
Total Loans | 29,003 | ' | 30,830 | ' | ' | ' |
Allowance for Credit Losses [Abstract] | ' | ' | ' | ' | ' | ' |
Individually Evaluated for Impairment | 0 | ' | 0 | ' | ' | ' |
Collectively Evaluated for Impairment | 600 | ' | 702 | ' | ' | ' |
Purchased Impaired | 0 | ' | 0 | ' | ' | ' |
Total allowance for credit losses | 600 | ' | 702 | ' | ' | ' |
Covered Loans | ' | ' | ' | ' | ' | ' |
Loans [Abstract] | ' | ' | ' | ' | ' | ' |
Individually Evaluated for Impairment | 0 | ' | 0 | ' | ' | ' |
Collectively Evaluated for Impairment | 29,003 | ' | 30,830 | ' | ' | ' |
Purchased Impaired | 75,864 | ' | 103,525 | ' | ' | ' |
Total Loans | 104,867 | ' | 134,355 | ' | ' | ' |
Allowance for Credit Losses [Abstract] | ' | ' | ' | ' | ' | ' |
Individually Evaluated for Impairment | 0 | ' | 0 | ' | ' | ' |
Collectively Evaluated for Impairment | 600 | ' | 702 | ' | ' | ' |
Purchased Impaired | 8,743 | ' | 11,857 | ' | ' | ' |
Total allowance for credit losses | 9,343 | ' | 12,559 | ' | ' | ' |
Reserve for Unfunded Commitments | ' | ' | ' | ' | ' | ' |
Loans [Abstract] | ' | ' | ' | ' | ' | ' |
Individually Evaluated for Impairment | 0 | ' | 0 | ' | ' | ' |
Collectively Evaluated for Impairment | 0 | ' | 0 | ' | ' | ' |
Purchased Impaired | 0 | ' | 0 | ' | ' | ' |
Total Loans | 0 | ' | 0 | ' | ' | ' |
Allowance for Credit Losses [Abstract] | ' | ' | ' | ' | ' | ' |
Individually Evaluated for Impairment | 0 | ' | 0 | ' | ' | ' |
Collectively Evaluated for Impairment | 1,616 | ' | 1,616 | ' | ' | ' |
Purchased Impaired | 0 | ' | 0 | ' | ' | ' |
Total allowance for credit losses | 1,616 | ' | 1,616 | ' | ' | ' |
Total Loans Included in Calculation of Allowance [Member] | ' | ' | ' | ' | ' | ' |
Loans [Abstract] | ' | ' | ' | ' | ' | ' |
Individually Evaluated for Impairment | 48,973 | ' | 55,832 | ' | ' | ' |
Collectively Evaluated for Impairment | 5,809,573 | ' | 5,539,395 | ' | ' | ' |
Purchased Impaired | 89,778 | ' | 119,133 | ' | ' | ' |
Total Loans | 5,948,324 | ' | 5,714,360 | ' | ' | ' |
Allowance for Credit Losses [Abstract] | ' | ' | ' | ' | ' | ' |
Individually Evaluated for Impairment | 5,577 | ' | 5,160 | ' | ' | ' |
Collectively Evaluated for Impairment | 65,054 | ' | 70,104 | ' | ' | ' |
Purchased Impaired | 9,311 | ' | 11,857 | ' | ' | ' |
Total allowance for credit losses | $79,942 | ' | $87,121 | ' | ' | ' |
Past_Due_Loans_Allowance_For_C6
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Impaired Loans Individually Evaluated by Class (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Commercial And Industrial | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded investment in loans with no specific reserve | $3,381 | $10,047 |
Recorded investment in loans with a specific reserve | 18,345 | 3,131 |
Unpaid Principal Balance | 38,524 | 25,887 |
Specific Reserve | 2,539 | 4,046 |
Agricultural | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded investment in loans with no specific reserve | 0 | 0 |
Recorded investment in loans with a specific reserve | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Specific Reserve | 0 | 0 |
Office Retail And Industrial | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded investment in loans with no specific reserve | 12,943 | 23,872 |
Recorded investment in loans with a specific reserve | 2,662 | 2,476 |
Unpaid Principal Balance | 24,416 | 35,868 |
Specific Reserve | 1,576 | 214 |
Multi-Family | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded investment in loans with no specific reserve | 668 | 1,098 |
Recorded investment in loans with a specific reserve | 501 | 198 |
Unpaid Principal Balance | 1,270 | 1,621 |
Specific Reserve | 176 | 18 |
Construction | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded investment in loans with no specific reserve | 3,552 | 4,586 |
Recorded investment in loans with a specific reserve | 1,173 | 1,126 |
Unpaid Principal Balance | 6,121 | 10,037 |
Specific Reserve | 373 | 178 |
Other Commercial Real Estate | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded investment in loans with no specific reserve | 2,996 | 7,553 |
Recorded investment in loans with a specific reserve | 2,752 | 1,745 |
Unpaid Principal Balance | 8,891 | 11,335 |
Specific Reserve | 913 | 704 |
Total Commercial Real Estate | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded investment in loans with no specific reserve | 20,159 | 37,109 |
Recorded investment in loans with a specific reserve | 7,088 | 5,545 |
Unpaid Principal Balance | 40,698 | 58,861 |
Specific Reserve | 3,038 | 1,114 |
Total Impaired Loans Individually Evaluated For Impairment | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded investment in loans with no specific reserve | 23,540 | 47,156 |
Recorded investment in loans with a specific reserve | 25,433 | 8,676 |
Unpaid Principal Balance | 79,222 | 84,748 |
Specific Reserve | $5,577 | $5,160 |
Past_Due_Loans_Allowance_For_C7
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Impaired Loans Individually Evaluated by Class (Continued) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Impaired Loans Individually Evaluated by Class (Continued) [Line Items] | ' | ' | ' | ' | ||||
Average Recorded Investment | $47,284 | $70,587 | $50,132 | $66,793 | ||||
Interest Income Recognized | 144 | [1] | 12 | [1] | 411 | [1] | 21 | [1] |
Commercial And Industrial | ' | ' | ' | ' | ||||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Impaired Loans Individually Evaluated by Class (Continued) [Line Items] | ' | ' | ' | ' | ||||
Average Recorded Investment | 14,581 | 25,757 | 14,113 | 24,429 | ||||
Interest Income Recognized | 29 | [1] | 1 | [1] | 147 | [1] | 3 | [1] |
Agricultural | ' | ' | ' | ' | ||||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Impaired Loans Individually Evaluated by Class (Continued) [Line Items] | ' | ' | ' | ' | ||||
Average Recorded Investment | 0 | 0 | 0 | 0 | ||||
Interest Income Recognized | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Office Retail And Industrial | ' | ' | ' | ' | ||||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Impaired Loans Individually Evaluated by Class (Continued) [Line Items] | ' | ' | ' | ' | ||||
Average Recorded Investment | 20,098 | 23,662 | 22,181 | 22,316 | ||||
Interest Income Recognized | 6 | [1] | 6 | [1] | 147 | [1] | 10 | [1] |
Multi-Family | ' | ' | ' | ' | ||||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Impaired Loans Individually Evaluated by Class (Continued) [Line Items] | ' | ' | ' | ' | ||||
Average Recorded Investment | 1,424 | 1,009 | 1,381 | 845 | ||||
Interest Income Recognized | 2 | [1] | 0 | [1] | 2 | [1] | 0 | [1] |
Construction | ' | ' | ' | ' | ||||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Impaired Loans Individually Evaluated by Class (Continued) [Line Items] | ' | ' | ' | ' | ||||
Average Recorded Investment | 4,788 | 6,397 | 5,096 | 5,850 | ||||
Interest Income Recognized | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Other Commercial Real Estate | ' | ' | ' | ' | ||||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Impaired Loans Individually Evaluated by Class (Continued) [Line Items] | ' | ' | ' | ' | ||||
Average Recorded Investment | 6,393 | 13,762 | 7,361 | 13,353 | ||||
Interest Income Recognized | 107 | [1] | 5 | [1] | 115 | [1] | 8 | [1] |
Total Commercial Real Estate | ' | ' | ' | ' | ||||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Impaired Loans Individually Evaluated by Class (Continued) [Line Items] | ' | ' | ' | ' | ||||
Average Recorded Investment | 32,703 | 44,830 | 36,019 | 42,364 | ||||
Interest Income Recognized | $115 | [1] | $11 | [1] | $264 | [1] | $18 | [1] |
[1] | Recorded using the cash basis of accounting. |
Past_Due_Loans_Allowance_For_C8
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Credit Quality Indicators by Class | $783,549 | $747,839 | ||
Commercial And Industrial | Pass | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Credit Quality Indicators by Class | 1,980,523 | 1,780,194 | ||
Commercial And Industrial | Special Mention | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Credit Quality Indicators by Class | 50,036 | [1],[2] | 23,806 | [1],[2] |
Commercial And Industrial | Substandard Accrual | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Credit Quality Indicators by Class | 19,830 | [1],[3] | 14,871 | [1],[3] |
Commercial And Industrial | Substandard Non-Accrual | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Credit Quality Indicators by Class | 22,629 | [4] | 11,767 | [4] |
Commercial And Industrial | Total | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Credit Quality Indicators by Class | 2,073,018 | 1,830,638 | ||
Agricultural | Pass | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Credit Quality Indicators by Class | 329,965 | 320,839 | ||
Agricultural | Special Mention | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Credit Quality Indicators by Class | 298 | [1],[2] | 344 | [1],[2] |
Agricultural | Substandard Accrual | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Credit Quality Indicators by Class | 0 | [1],[3] | 0 | [1],[3] |
Agricultural | Substandard Non-Accrual | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Credit Quality Indicators by Class | 363 | [4] | 519 | [4] |
Agricultural | Total | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Credit Quality Indicators by Class | 330,626 | 321,702 | ||
Office Retail And Industrial | Pass | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Credit Quality Indicators by Class | 1,250,914 | 1,284,394 | ||
Office Retail And Industrial | Special Mention | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Credit Quality Indicators by Class | 24,233 | [1],[2] | 28,677 | [1],[2] |
Office Retail And Industrial | Substandard Accrual | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Credit Quality Indicators by Class | 20,831 | [1],[3] | 23,538 | [1],[3] |
Office Retail And Industrial | Substandard Non-Accrual | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Credit Quality Indicators by Class | 16,423 | [4] | 17,076 | [4] |
Office Retail And Industrial | Total | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Credit Quality Indicators by Class | 1,312,401 | 1,353,685 | ||
Multi-Family | Pass | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Credit Quality Indicators by Class | 344,279 | 326,901 | ||
Multi-Family | Special Mention | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Credit Quality Indicators by Class | 3,862 | [1],[2] | 3,214 | [1],[2] |
Multi-Family | Substandard Accrual | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Credit Quality Indicators by Class | 717 | [1],[3] | 910 | [1],[3] |
Multi-Family | Substandard Non-Accrual | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Credit Quality Indicators by Class | 1,572 | [4] | 1,848 | [4] |
Multi-Family | Total | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Credit Quality Indicators by Class | 350,430 | 332,873 | ||
Construction | Pass | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Credit Quality Indicators by Class | 164,789 | 153,949 | ||
Construction | Special Mention | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Credit Quality Indicators by Class | 8,790 | [1],[2] | 8,309 | [1],[2] |
Construction | Substandard Accrual | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Credit Quality Indicators by Class | 16,453 | [1],[3] | 17,642 | [1],[3] |
Construction | Substandard Non-Accrual | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Credit Quality Indicators by Class | 5,077 | [4] | 6,297 | [4] |
Construction | Total | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Credit Quality Indicators by Class | 195,109 | 186,197 | ||
Other Commercial Real Estate | Pass | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Credit Quality Indicators by Class | 758,821 | 761,465 | ||
Other Commercial Real Estate | Special Mention | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Credit Quality Indicators by Class | 16,218 | [1],[2] | 14,877 | [1],[2] |
Other Commercial Real Estate | Substandard Accrual | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Credit Quality Indicators by Class | 15,355 | [1],[3] | 22,576 | [1],[3] |
Other Commercial Real Estate | Substandard Non-Accrual | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Credit Quality Indicators by Class | 7,930 | [4] | 8,153 | [4] |
Other Commercial Real Estate | Total | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Credit Quality Indicators by Class | 798,324 | 807,071 | ||
Total Commercial Real Estate | Pass | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Credit Quality Indicators by Class | 2,518,803 | 2,526,709 | ||
Total Commercial Real Estate | Special Mention | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Credit Quality Indicators by Class | 53,103 | [1],[2] | 55,077 | [1],[2] |
Total Commercial Real Estate | Substandard Accrual | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Credit Quality Indicators by Class | 53,356 | [1],[3] | 64,666 | [1],[3] |
Total Commercial Real Estate | Substandard Non-Accrual | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Credit Quality Indicators by Class | 31,002 | [4] | 33,374 | [4] |
Total Commercial Real Estate | Total | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Credit Quality Indicators by Class | 2,656,264 | 2,679,826 | ||
Total Corporate Loans | Pass | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Credit Quality Indicators by Class | 4,829,291 | 4,627,742 | ||
Total Corporate Loans | Special Mention | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Credit Quality Indicators by Class | 103,437 | [1],[2] | 79,227 | [1],[2] |
Total Corporate Loans | Substandard Accrual | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Credit Quality Indicators by Class | 73,186 | [1],[3] | 79,537 | [1],[3] |
Total Corporate Loans | Substandard Non-Accrual | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Credit Quality Indicators by Class | 53,994 | [4] | 45,660 | [4] |
Total Corporate Loans | Total | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Credit Quality Indicators by Class | $5,059,908 | $4,832,166 | ||
[1] | Total special mention and substandard loans includes accruing TDRs of $3.6 million as of June 30, 2014 and $2.8 million as of December 31, 2013. | |||
[2] | Loans categorized as special mention exhibit potential weaknesses that require the close attention of management since these potential weaknesses may result in the deterioration of repayment prospects in the future. | |||
[3] | Loans categorized as substandard exhibit a well-defined weakness or weaknesses that may jeopardize the liquidation of the debt. These loans continue to accrue interest because they are well secured and collection of principal and interest is expected within a reasonable time. | |||
[4] | Loans categorized as non-accrual exhibit a well-defined weakness or weaknesses that may jeopardize the liquidation of the debt or result in a loss if the deficiencies are not corrected. |
Past_Due_Loans_Allowance_For_C9
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ' | ' |
Credit Quality Indicators by Class | $783,549 | $747,839 |
Performing | ' | ' |
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ' | ' |
Credit Quality Indicators by Class | 770,815 | 733,701 |
Non-accrual | ' | ' |
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ' | ' |
Credit Quality Indicators by Class | 12,734 | 14,138 |
Home Equity Line of Credit | ' | ' |
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ' | ' |
Credit Quality Indicators by Class | 485,085 | 427,020 |
Home Equity Line of Credit | Performing | ' | ' |
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ' | ' |
Credit Quality Indicators by Class | 478,505 | 420,156 |
Home Equity Line of Credit | Non-accrual | ' | ' |
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ' | ' |
Credit Quality Indicators by Class | 6,580 | 6,864 |
1-4 family mortgages | ' | ' |
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ' | ' |
Credit Quality Indicators by Class | 241,156 | 275,992 |
1-4 family mortgages | Performing | ' | ' |
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ' | ' |
Credit Quality Indicators by Class | 237,065 | 270,794 |
1-4 family mortgages | Non-accrual | ' | ' |
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ' | ' |
Credit Quality Indicators by Class | 4,091 | 5,198 |
Installment Loans | ' | ' |
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ' | ' |
Credit Quality Indicators by Class | 57,308 | 44,827 |
Installment Loans | Performing | ' | ' |
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ' | ' |
Credit Quality Indicators by Class | 55,245 | 42,751 |
Installment Loans | Non-accrual | ' | ' |
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ' | ' |
Credit Quality Indicators by Class | $2,063 | $2,076 |
Recovered_Sheet2
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - TDRs By Class (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | ||
In Thousands, unless otherwise specified | |||||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - TDRs By Class [Line Items] | ' | ' | ' | ||
Accruing TDRs | $5,697 | $23,770 | ' | ||
Non-accrual | 1,700 | [1] | 4,083 | [1] | ' |
Total | 7,397 | 27,853 | 26,737 | ||
Commercial And Industrial | ' | ' | ' | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - TDRs By Class [Line Items] | ' | ' | ' | ||
Accruing TDRs | 2,724 | 6,538 | ' | ||
Non-accrual | 277 | [1] | 2,121 | [1] | ' |
Total | 3,001 | 8,659 | ' | ||
Agricultural | ' | ' | ' | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - TDRs By Class [Line Items] | ' | ' | ' | ||
Accruing TDRs | 0 | 0 | ' | ||
Non-accrual | 0 | [1] | 0 | [1] | ' |
Total | 0 | 0 | ' | ||
Office Retail And Industrial | ' | ' | ' | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - TDRs By Class [Line Items] | ' | ' | ' | ||
Accruing TDRs | 178 | 10,271 | ' | ||
Non-accrual | 0 | [1] | 0 | [1] | ' |
Total | 178 | 10,271 | ' | ||
Multi-Family | ' | ' | ' | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - TDRs By Class [Line Items] | ' | ' | ' | ||
Accruing TDRs | 620 | 1,038 | ' | ||
Non-accrual | 242 | [1] | 253 | [1] | ' |
Total | 862 | 1,291 | ' | ||
Construction | ' | ' | ' | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - TDRs By Class [Line Items] | ' | ' | ' | ||
Accruing TDRs | 0 | 0 | ' | ||
Non-accrual | 0 | [1] | 0 | [1] | ' |
Total | 0 | 0 | ' | ||
Other Commercial Real Estate | ' | ' | ' | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - TDRs By Class [Line Items] | ' | ' | ' | ||
Accruing TDRs | 448 | 4,326 | ' | ||
Non-accrual | 188 | [1] | 291 | [1] | ' |
Total | 636 | 4,617 | ' | ||
Total Commercial Real Estate | ' | ' | ' | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - TDRs By Class [Line Items] | ' | ' | ' | ||
Accruing TDRs | 1,246 | 15,635 | ' | ||
Non-accrual | 430 | [1] | 544 | [1] | ' |
Total | 1,676 | 16,179 | ' | ||
Total Corporate Loans | ' | ' | ' | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - TDRs By Class [Line Items] | ' | ' | ' | ||
Accruing TDRs | 3,970 | 22,173 | ' | ||
Non-accrual | 707 | [1] | 2,665 | [1] | ' |
Total | 4,677 | 24,838 | ' | ||
Home Equity Line of Credit | ' | ' | ' | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - TDRs By Class [Line Items] | ' | ' | ' | ||
Accruing TDRs | 836 | 787 | ' | ||
Non-accrual | 517 | [1] | 512 | [1] | ' |
Total | 1,353 | 1,299 | ' | ||
1-4 family mortgages | ' | ' | ' | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - TDRs By Class [Line Items] | ' | ' | ' | ||
Accruing TDRs | 891 | 810 | ' | ||
Non-accrual | 476 | [1] | 906 | [1] | ' |
Total | 1,367 | 1,716 | ' | ||
Installment Loans | ' | ' | ' | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - TDRs By Class [Line Items] | ' | ' | ' | ||
Accruing TDRs | 0 | 0 | ' | ||
Non-accrual | 0 | [1] | 0 | [1] | ' |
Total | 0 | 0 | ' | ||
Total Consumer Loans | ' | ' | ' | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - TDRs By Class [Line Items] | ' | ' | ' | ||
Accruing TDRs | 1,727 | 1,597 | ' | ||
Non-accrual | 993 | [1] | 1,418 | [1] | ' |
Total | $2,720 | $3,015 | ' | ||
[1] | These TDRs are included in non-accrual loans in the preceding tables. |
Recovered_Sheet3
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - TDRs That Were Restructured (USD $) | 3 Months Ended | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2013 |
loan | loan | |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 16 | 22 |
Pre- Modification Recorded Investment | $15,704 | $17,275 |
Funds Disbursed | 0 | 30 |
Interest and Escrow Capitalized | 57 | 63 |
Charge-offs | 0 | 0 |
Post- Modification Recorded Investment | 15,761 | 17,368 |
Commercial And Industrial | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 2 | 4 |
Pre- Modification Recorded Investment | 13,354 | 14,070 |
Funds Disbursed | 0 | 0 |
Interest and Escrow Capitalized | 0 | 2 |
Charge-offs | 0 | 0 |
Post- Modification Recorded Investment | 13,354 | 14,072 |
Office Retail And Industrial | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 3 | 4 |
Pre- Modification Recorded Investment | 386 | 601 |
Funds Disbursed | 0 | 30 |
Interest and Escrow Capitalized | 0 | 0 |
Charge-offs | 0 | 0 |
Post- Modification Recorded Investment | 386 | 631 |
Other Commercial Real Estate | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 5 | 5 |
Pre- Modification Recorded Investment | 564 | 564 |
Funds Disbursed | 0 | 0 |
Interest and Escrow Capitalized | 0 | 0 |
Charge-offs | 0 | 0 |
Post- Modification Recorded Investment | 564 | 564 |
Home Equity Line of Credit | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 1 | 1 |
Pre- Modification Recorded Investment | 125 | 125 |
Funds Disbursed | 0 | 0 |
Interest and Escrow Capitalized | 0 | 0 |
Charge-offs | 0 | 0 |
Post- Modification Recorded Investment | 125 | 125 |
1-4 family mortgages | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | ' | 1 |
Pre- Modification Recorded Investment | ' | 132 |
Funds Disbursed | ' | 0 |
Interest and Escrow Capitalized | ' | 4 |
Charge-offs | ' | 0 |
Post- Modification Recorded Investment | ' | 136 |
Multi-Family | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 5 | 5 |
Pre- Modification Recorded Investment | 1,275 | 1,275 |
Funds Disbursed | 0 | 0 |
Interest and Escrow Capitalized | 57 | 57 |
Charge-offs | 0 | 0 |
Post- Modification Recorded Investment | 1,332 | 1,332 |
Construction | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | ' | 2 |
Pre- Modification Recorded Investment | ' | 508 |
Funds Disbursed | ' | 0 |
Interest and Escrow Capitalized | ' | 0 |
Charge-offs | ' | 0 |
Post- Modification Recorded Investment | ' | $508 |
Recovered_Sheet4
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - TDRs That Defaulted Within Twelve Months of the Restructured Date (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
loan | loan | loan | loan | |
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - TDRs That Defaulted Within Twelve Months of the Restructured Date [Line Items] | ' | ' | ' | ' |
Number of Loans | 0 | 1 | 2 | 4 |
Recorded Investment | $0 | $198 | $125 | $704 |
Commercial And Industrial | ' | ' | ' | ' |
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - TDRs That Defaulted Within Twelve Months of the Restructured Date [Line Items] | ' | ' | ' | ' |
Number of Loans | 0 | 0 | 2 | 1 |
Recorded Investment | 0 | 0 | 125 | 350 |
Other Commercial Real Estate | ' | ' | ' | ' |
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - TDRs That Defaulted Within Twelve Months of the Restructured Date [Line Items] | ' | ' | ' | ' |
Number of Loans | 0 | 1 | 0 | 3 |
Recorded Investment | $0 | $198 | $0 | $354 |
Recovered_Sheet5
Past Due Loans, Allowance For Credit Losses, and Impaired Loans Past Due Loans, Allowance For Credit Losses, and Impaired Loans - TDR Rollforward (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Accruing | Accruing | Accruing | Accruing | Nonaccrual | Nonaccrual | Nonaccrual | Nonaccrual | |||||
Troubled Debt Restructuring Activity Rollforward [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Modifications, Recorded Investment, Beginning Balance | ' | ' | ' | $7,397,000 | $6,301,000 | $2,587,000 | $23,770,000 | $6,867,000 | $1,920,000 | $10,405,000 | $4,083,000 | $10,924,000 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | 15,761,000 | 17,368,000 | ' | ' | 75,000 | 2,091,000 | 75,000 | 3,526,000 | 0 | 13,670,000 | 0 | 13,842,000 |
Financing Receivable Impaired Troubled Debt Restructurings Principal Payments | ' | ' | ' | ' | -650,000 | -185,000 | -1,110,000 | -214,000 | -23,000 | -40,000 | -157,000 | -535,000 |
Financing Receivable Impaired Troubled Debt Restructuring Return To Performing Status | ' | ' | 0 | ' | 0 | 0 | -18,821,000 | -5,037,000 | ' | ' | ' | ' |
Financing Receivable Impaired Troubled Debt Restructuring Transfers From To Non Accrual | ' | ' | ' | ' | -29,000 | 3,794,000 | 1,783,000 | 3,145,000 | ' | ' | ' | ' |
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | ' | ' | ' | ' | ' | ' | ' | ' | -152,000 | -985,000 | -186,000 | -1,788,000 |
Financing Receivable Impaired Troubled Debt Restructuring Transfer to OREO | ' | ' | ' | ' | ' | ' | ' | ' | -74,000 | 0 | -257,000 | -42,000 |
Financing Receivable Impaired Troubled Debt Restructuring Loans Sold | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -806,000 | 0 | -806,000 |
Financing Receivable Impaired Troubled Debt Restructuring Transfers To From Accruing | ' | ' | ' | ' | ' | ' | ' | ' | 29,000 | -3,794,000 | -1,783,000 | -3,145,000 |
Financing Receivable, Modifications, Recorded Investment, Ending Balance | $26,737,000 | $26,737,000 | $27,853,000 | $7,397,000 | $5,697,000 | $8,287,000 | $5,697,000 | $8,287,000 | $1,700,000 | $18,450,000 | $1,700,000 | $18,450,000 |
Earnings_Per_Common_Share_Deta
Earnings Per Common Share (Details) - Basic and Diluted Earnings Per Common Share (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Earnings Per Share, Basic and Diluted [Abstract] | ' | ' | ' | ' | ||||
Net income | $18,500 | $16,176 | $36,164 | $30,818 | ||||
Net income applicable to non-vested restricted shares | -230 | -219 | -455 | -431 | ||||
Net income applicable to common shares | $18,270 | $15,957 | $35,709 | $30,387 | ||||
Weighted-average common shares outstanding (in Shares) | 74,322 | 74,017 | 74,235 | 73,942 | ||||
Dilutive effect of common stock equivalents (in Shares) | 11 | 7 | 12 | 8 | ||||
Weighted-average diluted common shares outstanding (in Shares) | 74,333 | 74,024 | 74,247 | 73,950 | ||||
Basic earnings (loss) per common share (in Dollars per share) | $0.25 | $0.22 | $0.48 | $0.41 | ||||
Diluted earnings (loss) per common share (in Dollars per share) | $0.25 | $0.22 | $0.48 | $0.41 | ||||
Anti-dilutive shares not included in the computation of diluted earnings per common share (in thousands) | 1,177 | [1] | 1,447 | [1] | 1,246 | [1] | 1,520 | [1] |
[1] | This amount represents outstanding stock options for which the exercise price is greater than the average market price of the Company's common stock. |
Income_Taxes_Details_Component
Income Taxes (Details) - Components of Income Tax Benefit (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Income before income tax expense | $27,142 | $24,131 | $52,978 | $45,066 |
Income tax expense: | ' | ' | ' | ' |
Federal income tax expense | 6,727 | 5,553 | 13,005 | 9,913 |
State income tax expense | 1,915 | 2,402 | 3,809 | 4,335 |
Total income tax expense | $8,642 | $7,955 | $16,814 | $14,248 |
Effective income tax rate (percent) | 31.80% | 33.00% | 31.70% | 31.60% |
Income_Taxes_Details
Income Taxes (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Effective income tax rate (percent) | 31.80% | 33.00% | 31.70% | 31.60% |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ' | ' | ' |
Derivative notional amount, cash flow hedge, received fixed pay variable interest rate swap | $125,000,000 | ' | $125,000,000 | ' |
Derivative notional amount, cash flow hedge, forward starting interest rate swap | 125,000,000 | ' | 125,000,000 | ' |
Interest rate cash flow hedge gain (loss) to be reclassified during the next 12 months, net | 1,800,000 | ' | 1,800,000 | ' |
Derivative Transaction Fees | $258,000 | $0 | $462,000 | $522,000 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments (Details) - Interest Rate Derivatives Portfolio (Fair Value Hedging, USD $) | 6 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 | ||
Fair Value Hedging | ' | ' | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ||
Gross notional amount outstanding | $14,149 | $14,730 | ||
Derivative liability fair value | -1,291 | -1,472 | ||
Weighted-average interest rate received (percent) | 2.06% | 2.08% | ||
Weighted-average interest rate paid (percent) | 6.38% | 6.39% | ||
Weighted-average maturity (in years) | '3 years 3 months 7 days | '3 years 9 months 5 days | ||
Fair value of assets needed to settle derivative transactions | $1,319 | [1] | $1,502 | [1] |
[1] | This amount represents the fair value if credit risk related contingent features were triggered. |
Derivative_Financial_Instrumen4
Derivative Financial Instrument (Details) - Cash Flow Hedges (Cash Flow Hedging, USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Cash Flow Hedging | ' | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' |
Gross notional amount outstanding | $250,000 | $0 |
Derivative asset fair value | 4 | 0 |
Derivative liability fair value | ($202) | $0 |
Weighted-average interest rate received | 1.55% | 0.00% |
Weighted-average interest rate paid | 0.15% | 0.00% |
Weighted-average maturity (in years) | '4 years 10 months 26 days | '0 years |
Derivative_Financial_Instrumen5
Derivative Financial Instruments (Details) - Other Derivative Instruments (Other Derivative Instruments, USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Other Derivative Instruments | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Gross notional amount outstanding | $350,669 | $256,638 | ||
Derivative asset fair value | 5,019 | 2,235 | ||
Derivative liability fair value | -5,019 | -2,235 | ||
Fair value of assets needed to settle derivative transactions | $5,089 | [1] | $1,305 | [1] |
[1] | This amount represents the fair value if credit risk related contingent features were triggered. |
Derivative_Financial_Instrumen6
Derivative Financial Instruments (Details) - Offsetting Derivatives (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Offsetting Derivative Assets [Abstract] | ' | ' | ||
Gross amounts recognized | $5,023 | $2,235 | ||
Less: Amounts offset in the Consolidated Statements of Financial Condition | 0 | 0 | ||
Net amount presented in the Consolidated Statements of Financial Condition | 5,023 | [1] | 2,235 | [1] |
Derivative, Gross Amounts Not Offset in Consolidated Statements of Financial Condition, Offsetting derivative positions | -79 | -704 | ||
Derivative, Gross Amounts Not Offset in Consolidated Statements of Financial Condition, Cash collateral pledged | 0 | 0 | ||
Derivative Asset, Net credit exposure | 4,944 | 1,531 | ||
Offsetting Derivative Liabilities [Abstract] | ' | ' | ||
Gross amounts recognized | 6,512 | 3,707 | ||
Less: Amounts offset in the Consolidated Statements of Financial Condition | 0 | 0 | ||
Net amount presented in the Consolidated Statements of Financial Condition | 6,512 | [1] | 3,707 | [1] |
Derivative, Gross Amounts Not Offset in Consolidated Statements of Financial Condition, Offsetting derivative positions | -79 | -704 | ||
Derivative, Gross Amounts Not Offset in Consolidated Statements of Financial Condition, Cash collateral pledged | -6,433 | -3,003 | ||
Derivative Liability, Net credit exposure | $0 | $0 | ||
[1] | Included in other assets or other liabilities in the Consolidated Statements of Financial Condition. |
Commitments_Guarantees_and_Con2
Commitments, Guarantees, and Contingent Liabilities (Details) - Contractual or Notional Amounts of Financial Instruments (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Recourse on assets sold: [Abstract] | ' | ' | ||
Unpaid principal balance of loans sold | $179,981 | $170,330 | ||
Carrying value of recourse obligation | 163 | [1] | 162 | [1] |
Letter of Credit | ' | ' | ||
Commitments, Guarantees, and Contingent Liabilities (Details) - Contractual or Notional Amounts of Financial Instruments [Line Items] | ' | ' | ||
Letters of Credit Outstanding, Amount | 110,715 | 110,453 | ||
Commitments to Extend Credit | ' | ' | ||
Commitments, Guarantees, and Contingent Liabilities (Details) - Contractual or Notional Amounts of Financial Instruments [Line Items] | ' | ' | ||
Commercial, industrial, and agricultural | 1,140,571 | 1,077,201 | ||
Commercial real estate | 125,437 | 133,867 | ||
Home equity | 283,761 | 268,311 | ||
Other commitments | 179,969 | [2] | 181,702 | [2] |
Total commitments to extend credit | $1,729,738 | $1,661,081 | ||
[1] | Included in other liabilities in the Consolidated Statements of Financial Condition | |||
[2] | This amount represents the fair value if credit risk related contingent features were triggered. |
Fair_Value_Details
Fair Value (Details) (USD $) | 3 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
obligation | obligation | ||
Fair Value (Details) [Line Items] | ' | ' | ' |
Number Of CDOs Sold | 1 | 1 | ' |
Carrying Value Of CDO Sold | $1,300,000 | $0 | ' |
Assumed Loss Given Default Rate For Banks Thrifts And Other Depository Institutions (percent) | 90.00% | ' | ' |
Assumed Loss Given Default Rate for Insurance Co (percent) | 85.00% | ' | ' |
Assumed Loss Given Default Rate For Issuers That Defaulted (percent) | 100.00% | ' | ' |
Total Amount of Loans Being Serviced For The Benefit Of Others At the End of The Period (in Millions) | $219,300,000 | ' | $214,500,000 |
Minimum | ' | ' | ' |
Fair Value (Details) [Line Items] | ' | ' | ' |
Appraisal Adjustment (percent) | 0.00% | ' | ' |
Maximum | ' | ' | ' |
Fair Value (Details) [Line Items] | ' | ' | ' |
Appraisal Adjustment (percent) | 20.00% | ' | ' |
Fair_Value_Details_Fair_Value_
Fair Value (Details) - Fair Value Measurements (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | |||
In Thousands, unless otherwise specified | |||||||||
Trading securities: | ' | ' | ' | ' | ' | ' | |||
Total trading securities | $18,231 | ' | $17,317 | ' | ' | ' | |||
Securities available-for-sale: | ' | ' | ' | ' | ' | ' | |||
CDOs | 18,436 | [1] | 21,666 | 18,309 | 14,917 | [1] | 12,924 | 12,129 | |
Total securities available-for-sale | 1,050,475 | ' | 1,112,725 | ' | ' | ' | |||
Level 1 | ' | ' | ' | ' | ' | ' | |||
Trading securities: | ' | ' | ' | ' | ' | ' | |||
Money market funds | 1,369 | ' | 1,847 | ' | ' | ' | |||
Mutual funds | 16,862 | ' | 15,470 | ' | ' | ' | |||
Total trading securities | 18,231 | ' | 17,317 | ' | ' | ' | |||
Securities available-for-sale: | ' | ' | ' | ' | ' | ' | |||
U.S. Agency securities | 0 | ' | 0 | ' | ' | ' | |||
CMOs | 0 | ' | 0 | ' | ' | ' | |||
Other MBSs | 0 | ' | 0 | ' | ' | ' | |||
Municipal securities | 0 | ' | 0 | ' | ' | ' | |||
CDOs | 0 | ' | 0 | ' | ' | ' | |||
Corporate debt securities | 0 | ' | 0 | ' | ' | ' | |||
Hedge fund investment | 0 | ' | 0 | ' | ' | ' | |||
Other equity securities | 44 | ' | 44 | ' | ' | ' | |||
Total securities available-for-sale | 44 | ' | 44 | ' | ' | ' | |||
Mortgage servicing rights | 0 | [2] | ' | 0 | [2] | ' | ' | ' | |
Derivative assets | 0 | [2] | ' | 0 | [2] | ' | ' | ' | |
Liabilities: | ' | ' | ' | ' | ' | ' | |||
Derivative liabilities | 0 | [3] | ' | 0 | [3] | ' | ' | ' | |
Level 2 | ' | ' | ' | ' | ' | ' | |||
Trading securities: | ' | ' | ' | ' | ' | ' | |||
Money market funds | 0 | ' | 0 | ' | ' | ' | |||
Mutual funds | 0 | ' | 0 | ' | ' | ' | |||
Total trading securities | 0 | ' | 0 | ' | ' | ' | |||
Securities available-for-sale: | ' | ' | ' | ' | ' | ' | |||
U.S. Agency securities | 501 | ' | 500 | ' | ' | ' | |||
CMOs | 441,465 | ' | 475,768 | ' | ' | ' | |||
Other MBSs | 127,492 | ' | 136,164 | ' | ' | ' | |||
Municipal securities | 443,885 | ' | 461,393 | ' | ' | ' | |||
CDOs | 0 | ' | 0 | ' | ' | ' | |||
Corporate debt securities | 15,235 | ' | 14,929 | ' | ' | ' | |||
Hedge fund investment | 816 | ' | 3,179 | ' | ' | ' | |||
Other equity securities | 2,601 | ' | 2,439 | ' | ' | ' | |||
Total securities available-for-sale | 1,031,995 | ' | 1,094,372 | ' | ' | ' | |||
Mortgage servicing rights | 0 | [2] | ' | 0 | [2] | ' | ' | ' | |
Derivative assets | 5,023 | [2] | ' | 2,235 | [2] | ' | ' | ' | |
Liabilities: | ' | ' | ' | ' | ' | ' | |||
Derivative liabilities | 6,512 | [3] | ' | 3,707 | [3] | ' | ' | ' | |
Level 3 | ' | ' | ' | ' | ' | ' | |||
Trading securities: | ' | ' | ' | ' | ' | ' | |||
Money market funds | 0 | ' | 0 | ' | ' | ' | |||
Mutual funds | 0 | ' | 0 | ' | ' | ' | |||
Total trading securities | 0 | ' | 0 | ' | ' | ' | |||
Securities available-for-sale: | ' | ' | ' | ' | ' | ' | |||
U.S. Agency securities | 0 | ' | 0 | ' | ' | ' | |||
CMOs | 0 | ' | 0 | ' | ' | ' | |||
Other MBSs | 0 | ' | 0 | ' | ' | ' | |||
Municipal securities | 0 | ' | 0 | ' | ' | ' | |||
CDOs | 18,436 | ' | 18,309 | ' | ' | ' | |||
Corporate debt securities | 0 | ' | 0 | ' | ' | ' | |||
Hedge fund investment | 0 | ' | 0 | ' | ' | ' | |||
Other equity securities | 0 | ' | 0 | ' | ' | ' | |||
Total securities available-for-sale | 18,436 | ' | 18,309 | ' | ' | ' | |||
Mortgage servicing rights | 1,885 | [2] | ' | 1,893 | [2] | ' | ' | ' | |
Derivative assets | 0 | [2] | ' | 0 | [2] | ' | ' | ' | |
Liabilities: | ' | ' | ' | ' | ' | ' | |||
Derivative liabilities | $0 | [3] | ' | $0 | [3] | ' | ' | ' | |
[1] | During the second quarter of 2014, one CDO with a carrying value of $1.3 million was sold. In addition, one CDO with a carrying value of zero was sold during the second quarter of 2013 | ||||||||
[2] | Included in other assets in the Consolidated Statements of Financial Condition. | ||||||||
[3] | Included in other liabilities in the Consolidated Statements of Financial Condition. |
Fair_Value_Details_Characteris
Fair Value (Details) - Characteristics of CDOs and Unobservable Inputs Significant to the Valuation of CDOs (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | |||||||
In Thousands, unless otherwise specified | No 1 | No 2 | No 3 | No 4 | No 5 | |||||||||||||
underlying_issuer | underlying_issuer | underlying_issuer | underlying_issuer | underlying_issuer | ||||||||||||||
Characteristics: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Class | ' | ' | ' | ' | ' | ' | 'C-1 | 'C-1 | 'C-1 | 'B1 | 'C | |||||||
Original par (in Dollars) | ' | ' | ' | ' | ' | ' | $17,500 | $15,000 | $15,000 | $15,000 | $6,500 | |||||||
Amortized cost (in Dollars) | ' | ' | ' | ' | ' | ' | 7,140 | 5,598 | 12,377 | 13,729 | 6,179 | |||||||
Fair value (in Dollars) | $18,436 | [1] | $21,666 | $18,309 | $14,917 | [1] | $12,924 | $12,129 | $4,849 | $662 | $4,641 | $5,838 | $2,446 | |||||
Lowest credit rating (Moody’s) | ' | ' | ' | ' | ' | ' | ' Ca | ' Ca | ' Ca | ' Ca | ' Ca | |||||||
Number of underlying Issuers (underlying issuers) | ' | ' | ' | ' | ' | ' | 43 | 54 | 57 | 58 | 75 | |||||||
Percent of Issuers currently performing (percent) | ' | ' | ' | ' | ' | ' | 83.70% | 79.60% | 75.40% | 55.20% | 73.30% | |||||||
Current deferral and default percent (percent) | ' | ' | ' | ' | ' | ' | 8.70% | [2] | 11.40% | [2] | 11.80% | [2] | 29.80% | [2] | 22.50% | [2] | ||
Expected future deferral and default percent (percent) | ' | ' | ' | ' | ' | ' | 12.30% | [3] | 12.00% | [3] | 15.20% | [3] | 22.30% | [3] | 9.80% | [3] | ||
Excess subordination percent (percent) | ' | ' | ' | ' | ' | ' | 0.00% | [4] | 0.00% | [4] | 0.00% | [4] | 1.50% | [4] | 11.40% | [4] | ||
Discount rate risk adjustment (percent) | ' | ' | ' | ' | ' | ' | 12.50% | [5] | 14.30% | [5] | 13.30% | [5] | 11.80% | [5] | 12.30% | [5] | ||
Significant unobservable inputs, weighted average of Issuers: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Probability of prepayment (percent) | ' | ' | ' | ' | ' | ' | 15.20% | 7.60% | 4.40% | 6.10% | 3.50% | |||||||
Probability of default (percent) | ' | ' | ' | ' | ' | ' | 18.50% | 23.10% | 21.20% | 28.30% | 28.80% | |||||||
Loss given default (percent) | ' | ' | ' | ' | ' | ' | 88.20% | 83.40% | 89.40% | 92.90% | 96.20% | |||||||
Probability of deferral cure (percent) | ' | ' | ' | ' | ' | ' | 23.20% | 17.70% | 31.30% | 41.10% | 27.60% | |||||||
[1] | During the second quarter of 2014, one CDO with a carrying value of $1.3 million was sold. In addition, one CDO with a carrying value of zero was sold during the second quarter of 2013 | |||||||||||||||||
[2] | Represents actual deferrals and defaults, net of recoveries, as a percent of the original collateral. | |||||||||||||||||
[3] | Represents expected future deferrals and defaults, net of recoveries, as a percent of the remaining performing collateral. The probability of future defaults is derived for each Issuer based on a credit analysis. The associated assumed loss given default is based on historical default and recovery information provided by a nationally recognized credit rating agency and is assumed to be 90% for banks, 85% for insurance companies, and 100% for Issuers that have already defaulted. | |||||||||||||||||
[4] | Represents additional defaults that the CDO can absorb before the security experiences any credit impairment. The excess subordination percentage is calculated by dividing the amount of potential additional loss that can be absorbed (before the receipt of all expected future principal and interest payments is affected) by the total balance of performing collateral. | |||||||||||||||||
[5] | Cash flows are discounted at LIBOR plus this adjustment to reflect the higher risk inherent in these securities. |
Fair_Value_Details_Carrying_Va
Fair Value (Details) - Carrying Value of Level 3 Securities Available-for-Sale (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Rollforward of the Carrying Value of CDOs [Roll Forward] | ' | ' | ' | ' | ||||
Beginning balance | $21,666 | $12,924 | $18,309 | $12,129 | ||||
Change in other comprehensive income (loss) | -1,721 | [1] | 1,993 | [1] | 1,636 | 2,788 | [1] | |
Purchases, sales, issuances, settlements, and paydowns | -1,509 | 0 | -1,509 | 0 | ||||
Ending balance | 18,436 | [2] | 14,917 | [2] | 18,436 | [2] | 14,917 | [2] |
Change in unrealized losses recognized in earnings related to securities still held at end of period | $0 | $0 | $0 | $0 | ||||
[1] | Included in unrealized holding gains (losses) in the Consolidated Statements of Comprehensive Income. | |||||||
[2] | During the second quarter of 2014, one CDO with a carrying value of $1.3 million was sold. In addition, one CDO with a carrying value of zero was sold during the second quarter of 2013 |
Fair_Value_Details_Assets_Meas
Fair Value (Details) - Assets Measured At Fair Value On A Non-Recurring Basis (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Level 1 | ' | ' | ||
Fair Value (Details) - Assets Measured At Fair Value On A Non-Recurring Basis [Line Items] | ' | ' | ||
Collateral-dependent impaired loans | $0 | [1] | $0 | [1] |
OREO | 0 | [2] | 0 | [2] |
Loans held-for-sale | 0 | [3] | 0 | [3] |
Assets held-for-sale | 0 | [4] | 0 | [4] |
Level 2 | ' | ' | ||
Fair Value (Details) - Assets Measured At Fair Value On A Non-Recurring Basis [Line Items] | ' | ' | ||
Collateral-dependent impaired loans | 0 | [1] | 0 | [1] |
OREO | 0 | [2] | 0 | [2] |
Loans held-for-sale | 0 | [3] | 0 | [3] |
Assets held-for-sale | 0 | [4] | 0 | [4] |
Level 3 | ' | ' | ||
Fair Value (Details) - Assets Measured At Fair Value On A Non-Recurring Basis [Line Items] | ' | ' | ||
Collateral-dependent impaired loans | 23,111 | [1] | 13,103 | [1] |
OREO | 16,266 | [2] | 13,347 | [2] |
Loans held-for-sale | 21,125 | [3] | 4,739 | [3] |
Assets held-for-sale | $4,318 | [4] | $4,027 | [4] |
[1] | Includes impaired loans with charge-offs and impaired loans with a specific reserve during the periods presented. | |||
[2] | Includes OREO and covered OREO with fair value adjustments subsequent to initial transfer that occurred during the periods presented. | |||
[3] | Included in other assets in the Consolidated Statements of Financial Condition. | |||
[4] | Included in premises, furniture, and equipment in the Consolidated Statements of Financial Condition. |
Fair_Value_Details_Financial_I
Fair Value (Details) - Financial Instruments (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||||
Assets: | ' | ' | ' | ' | ' | ' |
Cash and due from banks | $155,099 | ' | $110,417 | ' | ' | ' |
Interest-bearing deposits in other banks | 322,874 | ' | 476,824 | ' | ' | ' |
Securities held-to-maturity, at amortized cost | 26,471 | ' | 44,322 | ' | ' | ' |
FHLB and Federal Reserve Bank stock | 35,588 | ' | 35,161 | ' | ' | ' |
Net loans | 5,869,998 | ' | 5,628,855 | ' | ' | ' |
Federal Deposit Insurance Corporation (“FDICâ€) indemnification asset | 10,276 | 15,537 | 16,585 | 23,158 | 28,958 | 37,051 |
Investment in BOLI | 194,502 | ' | 193,167 | ' | ' | ' |
Liabilities: | ' | ' | ' | ' | ' | ' |
Deposits | 6,895,250 | ' | 6,766,101 | ' | ' | ' |
Borrowed funds | 104,201 | ' | 224,342 | ' | ' | ' |
Senior and subordinated debt | 190,996 | ' | 190,932 | ' | ' | ' |
Level 1 | ' | ' | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' | ' | ' |
Cash and due from banks | 155,099 | ' | 110,417 | ' | ' | ' |
Liabilities: | ' | ' | ' | ' | ' | ' |
Senior and subordinated debt | 193,628 | ' | 201,147 | ' | ' | ' |
Level 2 | ' | ' | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' | ' | ' |
Interest-bearing deposits in other banks | 322,874 | ' | 476,824 | ' | ' | ' |
Securities held-to-maturity, at amortized cost | 27,076 | ' | 43,387 | ' | ' | ' |
FHLB and Federal Reserve Bank stock | 35,588 | ' | 35,161 | ' | ' | ' |
Liabilities: | ' | ' | ' | ' | ' | ' |
Deposits | 6,892,876 | ' | 6,765,404 | ' | ' | ' |
Borrowed funds | 104,201 | ' | 226,839 | ' | ' | ' |
Accrued interest payable | 2,164 | ' | 2,400 | ' | ' | ' |
Level 3 | ' | ' | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' | ' | ' |
Net loans | 5,775,061 | ' | 5,544,146 | ' | ' | ' |
Federal Deposit Insurance Corporation (“FDICâ€) indemnification asset | 2,464 | ' | 7,829 | ' | ' | ' |
Investment in BOLI | 194,502 | ' | 193,167 | ' | ' | ' |
Accrued interest receivable | 23,633 | ' | 25,735 | ' | ' | ' |
Other interest earning assets | 5,297 | ' | 6,809 | ' | ' | ' |
Carrying Amount | Level 1 | ' | ' | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' | ' | ' |
Cash and due from banks | 155,099 | ' | 110,417 | ' | ' | ' |
Liabilities: | ' | ' | ' | ' | ' | ' |
Senior and subordinated debt | 190,996 | ' | 190,932 | ' | ' | ' |
Carrying Amount | Level 2 | ' | ' | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' | ' | ' |
Interest-bearing deposits in other banks | 322,874 | ' | 476,824 | ' | ' | ' |
Securities held-to-maturity, at amortized cost | 26,471 | ' | 44,322 | ' | ' | ' |
FHLB and Federal Reserve Bank stock | 35,588 | ' | 35,161 | ' | ' | ' |
Liabilities: | ' | ' | ' | ' | ' | ' |
Deposits | 6,895,250 | ' | 6,766,101 | ' | ' | ' |
Borrowed funds | 104,201 | ' | 224,342 | ' | ' | ' |
Accrued interest payable | 2,164 | ' | 2,400 | ' | ' | ' |
Carrying Amount | Level 3 | ' | ' | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' | ' | ' |
Net loans | 5,869,998 | ' | 5,628,855 | ' | ' | ' |
Federal Deposit Insurance Corporation (“FDICâ€) indemnification asset | 10,276 | ' | 16,585 | ' | ' | ' |
Investment in BOLI | 194,502 | ' | 193,167 | ' | ' | ' |
Accrued interest receivable | 23,633 | ' | 25,735 | ' | ' | ' |
Other interest earning assets | $5,117 | ' | $6,550 | ' | ' | ' |
Subsequent_Events_Details
Subsequent Events (Details) (Great Lakes Financial Resources Inc, Subsequent Event, USD $) | Jul. 07, 2014 |
In Millions, unless otherwise specified | |
Great Lakes Financial Resources Inc | Subsequent Event | ' |
Subsequent Event [Line Items] | ' |
Deposits to be acquired | $490 |
Loans to be acquired | 234 |
Transaction value of announced acquisition | $58 |