Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 26, 2015 | Jun. 30, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | FIRST MIDWEST BANCORP INC | ||
Entity Central Index Key | 702325 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | FALSE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $1,226,970,577 | ||
Entity Common Stock, Shares Outstanding | 77,958,815 |
Consolidated_Statements_of_Fin
Consolidated Statements of Financial Condition (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ||
Cash and due from banks | $117,315 | $110,417 |
Interest-bearing deposits in other banks | 488,947 | 476,824 |
Trading securities, at fair value | 17,460 | 17,317 |
Securities available-for-sale, at fair value | 1,187,009 | 1,112,725 |
Securities held-to-maturity, at amortized cost (fair value 2014 – $27,670; 2013 – $43,387) | 26,555 | 44,322 |
Federal Home Loan Bank (FHLB) and Federal Reserve Bank (FRB) stock, at cost | 37,558 | 35,161 |
Loans, excluding covered loans | 6,657,418 | 5,580,005 |
Covered loans | 79,435 | 134,355 |
Allowance for loan and covered loan losses | -72,694 | -85,505 |
Net loans | 6,664,159 | 5,628,855 |
Other real estate owned (OREO), excluding covered OREO | 26,898 | 32,473 |
Covered OREO | 8,068 | 8,863 |
Federal Deposit Insurance Corporation (FDIC) indemnification asset | 8,452 | 16,585 |
Premises, furniture, and equipment, net | 131,109 | 120,204 |
Investment in bank-owned life insurance (BOLI) | 206,498 | 193,167 |
Goodwill and other intangible assets | 334,199 | 276,366 |
Accrued interest receivable and other assets | 190,912 | 180,128 |
Total assets | 9,445,139 | 8,253,407 |
Liabilities | ||
Noninterest-bearing deposits | 2,301,757 | 1,911,602 |
Interest-bearing deposits | 5,586,001 | 4,854,499 |
Total deposits | 7,887,758 | 6,766,101 |
Borrowed funds | 137,994 | 224,342 |
Senior and subordinated debt | 200,869 | 190,932 |
Accrued interest payable and other liabilities | 117,743 | 70,590 |
Total liabilities | 8,344,364 | 7,251,965 |
Stockholders’ Equity | ||
Common stock | 882 | 858 |
Additional paid-in capital | 449,798 | 414,293 |
Retained earnings | 899,516 | 853,740 |
Accumulated other comprehensive loss, net of tax | -15,855 | -26,792 |
Treasury stock, at cost | -233,566 | -240,657 |
Total stockholders' equity | 1,100,775 | 1,001,442 |
Total liabilities and stockholders' equity | $9,445,139 | $8,253,407 |
Consolidated_Statements_of_Fin1
Consolidated Statements of Financial Condition (Parentheticals) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Held-to-maturity, fair value 2014 and 2013 (in Dollars) | $27,670 | $43,387 |
Common stock, par value (in Dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 150,000,000 | 100,000,000 |
Common stock, shares issued | 88,228,000 | 85,787,000 |
Common stock, shares outstanding | 77,695,000 | 75,071,000 |
Preferred Stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Treasury stock, shares | 10,533,000 | 10,716,000 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Interest Income | |||
Loans, excluding covered loans | $256,842 | $239,224 | $248,752 |
Covered loans | 8,659 | 13,804 | 15,873 |
Investment securities – taxable | 14,516 | 12,249 | 12,670 |
Investment securities – tax-exempt | 16,716 | 18,644 | 20,253 |
Other short-term investments | 3,131 | 3,326 | 3,021 |
Total interest income | 299,864 | 287,247 | 300,569 |
Interest Expense | |||
Deposits | 10,377 | 11,901 | 18,052 |
Borrowed funds | 573 | 1,607 | 2,009 |
Senior and subordinated debt | 12,062 | 13,607 | 14,840 |
Total interest expense | 23,012 | 27,115 | 34,901 |
Net interest income | 276,852 | 260,132 | 265,668 |
Provision for loan and covered loan losses | 19,168 | 16,257 | 158,052 |
Net interest income after provision for loan and covered loan losses | 257,684 | 243,875 | 107,616 |
Noninterest Income | |||
Service charges on deposit accounts | 36,910 | 36,526 | 36,699 |
Wealth management fees | 26,474 | 24,185 | 21,791 |
Card-based fees | 24,340 | 21,649 | 20,852 |
Merchant servicing fees | 11,260 | 10,953 | 10,806 |
Mortgage banking income | 4,011 | 5,306 | 2,689 |
Other service charges, commissions, and fees | 8,086 | 7,663 | 4,486 |
Net securities gains (losses) | 8,097 | 34,164 | -921 |
BOLI income (loss) | 2,873 | -11,844 | 1,307 |
Other income | 4,567 | 4,452 | 7,086 |
Gain on termination of FHLB forward commitments | 0 | 7,829 | 0 |
Gain on bulk loan sales | 0 | 0 | 5,153 |
Total noninterest income | 126,618 | 140,883 | 109,948 |
Noninterest Expense | |||
Salaries and wages | 116,578 | 112,631 | 105,231 |
Retirement and other employee benefits | 27,245 | 26,119 | 25,524 |
Net occupancy and equipment expense | 35,181 | 31,832 | 32,699 |
Professional services | 23,436 | 21,922 | 29,614 |
Technology and related costs | 12,875 | 11,335 | 11,846 |
Merchant card expense | 9,195 | 8,780 | 8,584 |
Advertising and promotions | 8,159 | 7,754 | 5,073 |
Net OREO expense | 7,075 | 8,547 | 10,521 |
FDIC premiums | 5,824 | 6,438 | 6,926 |
Other expenses | 24,386 | 19,879 | 24,777 |
Acquisition and integration related expenses | 13,872 | 0 | 0 |
Adjusted amortization of FDIC indemnification asset | 0 | 1,500 | 6,705 |
Total noninterest expense | 283,826 | 256,737 | 267,500 |
Income (loss) before income tax expense (benefit) | 100,476 | 128,021 | -49,936 |
Income tax expense (benefit) | 31,170 | 48,715 | -28,882 |
Net income (loss) | $69,306 | $79,306 | ($21,054) |
Per Common Share Data | |||
Basic earnings (loss) per common share (in Dollars per share) | $0.92 | $1.06 | ($0.28) |
Diluted earnings (loss) per common share (in Dollars per share) | $0.92 | $1.06 | ($0.28) |
Weighted-average common shares outstanding (in Shares) | 74,484 | 73,984 | 73,665 |
Weighted-average diluted common shares outstanding (in Shares) | 74,496 | 73,994 | 73,666 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net income (loss) | $69,306 | $79,306 | ($21,054) |
Unrealized holding gains (losses): | |||
Before tax | 37,173 | -2,054 | 1,513 |
Tax effect | -14,918 | 711 | -588 |
Net of tax | 22,255 | -1,343 | 925 |
Reclassification of net gains (losses) included in net income (loss): | |||
Before tax | 8,097 | 34,164 | -921 |
Tax effect | -3,311 | -13,973 | 377 |
Net of tax | 4,786 | 20,191 | -544 |
Net unrealized holding gains (losses) | 17,469 | -21,534 | 1,469 |
Derivative instruments | |||
Before tax | -1,930 | 0 | 0 |
Tax effect | 792 | 0 | 0 |
Net of tax | -1,138 | 0 | 0 |
Unrealized holding (losses) gains: | |||
Before tax | -9,127 | 17,600 | -6,520 |
Tax effect | 3,733 | -7,198 | 2,667 |
Net of tax | -5,394 | 10,402 | -3,853 |
Total other comprehensive income (loss) | 10,937 | -11,132 | -2,384 |
Total comprehensive income (loss) | $80,243 | $68,174 | ($23,438) |
Recovered_Sheet1
Consolidated Statements Of Comprehensive Income (Loss) - AOCI (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Accumulated other comprehensive (Loss) Income, Beginning Balance | ($26,792) | ($15,660) | ($13,276) |
Other comprehensive income (loss) | 10,937 | -11,132 | -2,384 |
Accumulated other comprehensive (Loss) Income, Ending Balance | -15,855 | -26,792 | -15,660 |
Accumulated Unrealized (Loss) Gain on Securities Available- for-Sale | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Accumulated other comprehensive (Loss) Income, Beginning Balance | -20,419 | 1,115 | -354 |
Other comprehensive income (loss) | 17,469 | -21,534 | 1,469 |
Accumulated other comprehensive (Loss) Income, Ending Balance | -2,950 | -20,419 | 1,115 |
Accumulated Unrealized Loss on Derivative Instruments | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Accumulated other comprehensive (Loss) Income, Beginning Balance | 0 | 0 | 0 |
Other comprehensive income (loss) | -1,138 | 0 | 0 |
Accumulated other comprehensive (Loss) Income, Ending Balance | -1,138 | 0 | 0 |
Unrecognized Net Pension Costs | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Accumulated other comprehensive (Loss) Income, Beginning Balance | -6,373 | -16,775 | -12,922 |
Other comprehensive income (loss) | -5,394 | 10,402 | -3,853 |
Accumulated other comprehensive (Loss) Income, Ending Balance | ($11,767) | ($6,373) | ($16,775) |
Consolidated_Statements_Of_Cha
Consolidated Statements Of Changes In Stockholders’ Equity (USD $) | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock |
In Thousands, except Share data, unless otherwise specified | ||||||
Balance Beginning at Dec. 31, 2011 | $962,587 | $858 | $428,001 | $810,487 | ($13,276) | ($263,483) |
Balance at Beginning (in Shares) at Dec. 31, 2011 | 74,435,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Comprehensive income | -23,438 | -21,054 | -2,384 | |||
Common dividends declared ($0.04, $0.16 and $0.31) | -2,980 | -2,980 | ||||
Common stock issued, net of issuance costs | 0 | |||||
Share-based compensation expense | 6,004 | 6,004 | ||||
Restricted stock activity | -1,320 | -15,604 | 14,284 | |||
Restricted stock activity (in Shares) | 408,000 | |||||
Treasury stock activity | 40 | -83 | 123 | |||
Treasury stock (purchased for) issued to benefit plans (in Shares) | -3,000 | |||||
Balance Ending at Dec. 31, 2012 | 940,893 | 858 | 418,318 | 786,453 | -15,660 | -249,076 |
Balance Ending (in Shares) at Dec. 31, 2012 | 74,840,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Comprehensive income | 68,174 | 79,306 | -11,132 | |||
Common dividends declared ($0.04, $0.16 and $0.31) | -12,019 | -12,019 | ||||
Common stock issued, net of issuance costs | 0 | |||||
Share-based compensation expense | 5,903 | 5,903 | ||||
Restricted stock activity | -1,538 | -9,814 | 8,276 | |||
Restricted stock activity (in Shares) | 234,000 | |||||
Treasury stock activity | 29 | -114 | 143 | |||
Treasury stock (purchased for) issued to benefit plans (in Shares) | -3,000 | |||||
Balance Ending at Dec. 31, 2013 | 1,001,442 | 858 | 414,293 | 853,740 | -26,792 | -240,657 |
Balance Ending (in Shares) at Dec. 31, 2013 | 75,071,000 | 75,071,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Comprehensive income | 80,243 | 69,306 | 10,937 | |||
Common dividends declared ($0.04, $0.16 and $0.31) | -23,530 | -23,530 | ||||
Common stock issued, net of issuance costs (in Shares) | 2,441,000 | |||||
Common stock issued, net of issuance costs | 38,300 | 24 | 38,276 | |||
Share-based compensation expense | 5,926 | 5,926 | ||||
Restricted stock activity | -1,975 | -8,560 | 6,585 | |||
Restricted stock activity (in Shares) | 176,000 | |||||
Treasury stock activity | 369 | -137 | 506 | |||
Treasury stock (purchased for) issued to benefit plans (in Shares) | 7,000 | |||||
Balance Ending at Dec. 31, 2014 | $1,100,775 | $882 | $449,798 | $899,516 | ($15,855) | ($233,566) |
Balance Ending (in Shares) at Dec. 31, 2014 | 77,695,000 | 77,695,000 |
Consolidated_Statements_Of_Cha1
Consolidated Statements Of Changes In Stockholders’ Equity (Parentheticals) (USD $) | 3 Months Ended | 12 Months Ended | 15 Months Ended | ||||
Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | |
Common dividends declared per common share | $0.08 | $0.07 | $0.04 | $0.31 | $0.16 | $0.04 | $0.01 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Operating Activities | ||||||
Net income (loss) | $69,306 | $79,306 | ($21,054) | |||
Adjustments to reconcile net income (loss) to net cash provided by operating activities | ||||||
Provision for loan and covered loan losses | 19,168 | 16,257 | 158,052 | |||
Depreciation of premises, furniture, and equipment | 12,224 | 11,038 | 10,874 | |||
Net amortization of premium on securities | 8,218 | 9,174 | 22,433 | |||
Net securities (gains) losses | -8,097 | -34,164 | 921 | |||
Gains on loan sales | -3,771 | [1] | -4,717 | [1] | -7,422 | [1] |
Gain on termination of FHLB forward commitments | 0 | -7,829 | 0 | |||
Gain on FDIC-assisted transaction | 0 | 0 | -3,289 | |||
Net losses on early extinguishment of debt | 2,059 | 1,034 | 558 | |||
Net losses on sales and valuation adjustments of OREO | 3,325 | 3,908 | 4,886 | |||
Net (gains) losses on sales and valuation adjustments of premises, furniture, and equipment | -3,277 | -79 | 2,695 | |||
BOLI (income) loss | -2,873 | 11,844 | -1,307 | |||
Net pension (income) cost | -959 | 2,169 | 2,813 | |||
Share-based compensation expense | 5,926 | 5,903 | 6,004 | |||
Tax (expense) benefit related to share-based compensation | -106 | -10 | 170 | |||
Net decrease (increase) in net deferred tax assets | 8,851 | 33,467 | -29,279 | |||
Amortization of other intangible assets | 2,889 | 3,278 | 3,372 | |||
Originations of mortgage loans held-for-sale | -97,535 | -40,681 | 0 | |||
Proceeds from sales of mortgage loans held-for-sale | 96,006 | 37,788 | 0 | |||
Net (increase) decrease in trading securities | -143 | -3,155 | 307 | |||
Net decrease (increase) in other assets | -10,651 | 30,696 | 10,117 | |||
Net increase (decrease) in accrued interest payable and other liabilities | 22,367 | -21,859 | 8,973 | |||
Net cash provided by operating activities | 122,927 | 133,368 | 169,824 | |||
Investing Activities | ||||||
Proceeds from maturities, repayments, and calls of securities available-for-sale | 172,001 | 219,458 | 362,481 | |||
Proceeds from sales of securities available-for-sale | 27,805 | 78,636 | 153,668 | |||
Purchases of securities available-for-sale | -25,856 | -335,442 | -588,429 | |||
Proceeds from maturities, repayments, and calls of securities held-to-maturity | 4,675 | 7,043 | 66,215 | |||
Purchases of securities held-to-maturity | -2,638 | -17,070 | -48,999 | |||
Net (purchases) redemption of FHLB stock | -427 | 12,071 | 11,918 | |||
Proceeds from bulk loan sales | 0 | 0 | 94,470 | |||
Net increase in loans | -276,637 | -351,616 | -272,618 | |||
Premiums paid for BOLI, net of claims | -85 | 1,394 | 1,137 | |||
Proceeds from sales of OREO | 22,368 | 25,797 | 50,566 | |||
Proceeds from sales of premises, furniture, and equipment | 3,906 | 1,463 | 6,768 | |||
Purchases of premises, furniture, and equipment | -14,085 | -11,030 | -8,764 | |||
Cash received from acquisitions, net of cash paid | 200,645 | 0 | 0 | |||
Cash received in FDIC-assisted transactions | 0 | 0 | 26,980 | |||
Net cash provided by (used in) investing activities | 111,672 | -369,296 | -144,607 | |||
Financing Activities | ||||||
Net (decrease) increase in deposit accounts | -73,244 | 93,846 | 120,362 | |||
Net (decrease) increase in borrowed funds | -1,288 | 38,358 | -29,343 | |||
Payments for the retirement of subordinated debt | 0 | -24,094 | -37,033 | |||
(Payment for) proceeds from the termination of FHLB advances and forward commitments | -116,609 | 7,829 | 0 | |||
Cash dividends paid | -22,568 | -7,508 | -2,977 | |||
Restricted stock activity | -2,781 | -1,607 | -1,469 | |||
Excess tax benefit (expense) related to share-based compensation | 912 | 79 | -21 | |||
Net cash (used in) provided by financing activities | -215,578 | 106,903 | 49,519 | |||
Net increase (decrease) in cash and cash equivalents | 19,021 | -129,025 | 74,736 | |||
Cash and cash equivalents at beginning of year | 587,241 | 716,266 | 641,530 | |||
Cash and cash equivalents at end of year | 606,262 | 587,241 | 716,266 | |||
Supplemental Disclosures: [Abstract] | ||||||
Income taxes paid (refunded) | 16,375 | 4,945 | -6,845 | |||
Interest paid to depositors and creditors | 23,088 | 27,599 | 36,036 | |||
Dividends declared, but unpaid | 6,222 | 5,260 | 749 | |||
Common stock issued for acquisitions, net of issuance costs | 38,300 | 0 | 0 | |||
Non-cash transfers of loans to OREO | 18,079 | 17,965 | 47,628 | |||
Non-cash transfers of loans held-for-investment to loans held-for-sale | 71,272 | 1,925 | 93,714 | |||
Non-cash transfers of loans held-for-sale to loans held-for-investment | 0 | 0 | 1,957 | |||
Non-cash transfer of an investment from other assets to securities available-for-sale | 0 | 2,787 | 0 | |||
Non-cash transfers of premises, furniture, and equipment to OREO | $0 | $0 | $1,833 | |||
[1] | The net gains on the bulk loan sales represent gains realized subsequent to the transfer to held-for-sale and are included as a separate component of noninterest income in the Consolidated Statements of Income. Net gains on mortgage loan sales are included in mortgage banking income in the Consolidated Statements of Income. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Nature of Operations – First Midwest Bancorp, Inc. (the "Company") is a bank holding company that was incorporated in Delaware in 1982 and began operations on March 31, 1983. The Company is headquartered in Itasca, Illinois and has operations located primarily throughout the greater Chicago metropolitan area, as well as central and western Illinois, eastern Iowa, and northwestern Indiana. The Company operates three wholly owned subsidiaries: First Midwest Bank (the "Bank"), Catalyst Asset Holdings, LLC ("Catalyst"), and Parasol Investment Management, LLC ("Parasol"). The Bank conducts the majority of the Company's operations. Catalyst manages a portion of the Company's non-performing assets. Parasol serves in an advisory capacity to certain wealth management accounts with the Bank. | ||
The Company is engaged in commercial and retail banking and offers a comprehensive selection of financial products and services, including lending, depository, wealth management, and other related financial services tailored to the needs of its individual, business, institutional, and governmental customers. | ||
Principles of Consolidation – The accompanying 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 consolidated financial statements. | ||
Basis of Presentation – The accounting and reporting policies of the Company and its subsidiaries conform to U.S. generally accepted accounting principles ("GAAP") and general practice within the banking industry. 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. | ||
In the third quarter of 2014, the Bank acquired assets and assumed liabilities in two separate transactions. The fair values assigned to these assets and liabilities were preliminary and subject to refinement after the acquisition date as new information related to acquisition date fair values became available. During the fourth quarter of 2014, the Bank obtained specific information relating to the acquisition date fair values of certain assets which required a retrospective adjustment. These adjustments were recognized as if they had happened as of the acquisition date in accordance with accounting guidance applicable to business combinations. See Note 3, "Acquisitions" for additional discussion related to these fair value adjustments. | ||
Use of Estimates – The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the 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. | ||
Segment Disclosures – The Company has one reportable segment. The Company's chief operating decision maker evaluates the operations of the Company using consolidated information for purposes of allocating resources and assessing performance. Therefore, segment disclosures are not required. | ||
The following is a summary of the Company's significant accounting policies. | ||
Business Combinations – Business combinations are accounted for under the acquisition method of accounting. Assets acquired and liabilities assumed are recorded at their estimated fair values as of the date of acquisition, with any excess of the purchase price of the acquisition over the fair value of the net tangible and intangible assets acquired recorded as goodwill. Alternatively, a gain is recorded if the fair value of assets purchased exceeds the fair value of liabilities assumed and consideration paid. The results of operations of the acquired business are included in the Consolidated Statements of Income from the effective date of the acquisition. | ||
Cash and Cash Equivalents – For purposes of the Consolidated Statements of Cash Flows, management defines cash and cash equivalents to include cash and due from banks, interest-bearing deposits in other banks, and other short-term investments, if any, such as federal funds sold and securities purchased under agreements to resell. | ||
Securities – Securities are classified as held-to-maturity, trading, or available-for-sale at the time of purchase. | ||
Securities Held-to-Maturity – Securities classified as held-to-maturity are securities for which management has the positive intent and ability to hold to maturity. These securities are stated at cost and adjusted for amortization of premiums and accretion of discounts over the estimated lives of the securities using the effective interest method. | ||
Trading Securities – The Company's trading securities consist of diversified investment securities held in a grantor trust under deferred compensation arrangements in which plan participants may direct amounts earned to be invested in securities other than Company stock. The accounts of the grantor trust are consolidated with the accounts of the Company in its consolidated financial statements. Trading securities are reported at fair value. Net trading gains (losses) represent changes in the fair value of the trading securities portfolio and are included in other noninterest income in the Consolidated Statements of Income. The corresponding deferred compensation obligation is also reported at fair value with unrealized gains and losses recognized as a component of compensation expense. Other than the securities held in the grantor trust, the Company does not carry any securities for trading purposes. | ||
Securities Available-for-Sale – All other securities are classified as available-for-sale. Securities available-for-sale 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. | ||
The historical cost of debt securities is adjusted for amortization of premiums and accretion of discounts over the estimated life of the security using the effective interest method. Amortization of premiums and accretion of discounts are included in interest income. | ||
Purchases and sales of securities are recognized on a trade date basis. Realized securities gains or losses are reported in net securities gains (losses) in the Consolidated Statements of Income. The cost of securities sold is based on the specific identification method. On a quarterly basis, the Company individually assesses securities with unrealized losses to determine whether there were any events or circumstances indicating that an other-than-temporary impairment ("OTTI") has occurred. In evaluating OTTI, the Company considers many factors, including (i) the severity and duration of the impairment, (ii) the financial condition and near-term prospects of the issuer, including external credit ratings and recent downgrades for debt securities, (iii) its intent to hold the security until its value recovers, and (iv) the likelihood that it will be required to sell the security before a recovery in value, which may be at maturity. If management intends to sell the security or believes it is more likely than not that it will be required to sell the security prior to full recovery, an OTTI charge will be recognized through income as a realized loss and included in net securities gains (losses) in the Consolidated Statements of Income. If management does not expect to sell the security or believes it is not more likely than not that it will be required to sell the security prior to full recovery, the OTTI is separated into the amount related to credit deterioration, which is recognized through income as a realized loss, and the amount resulting from other factors, which is recognized in other comprehensive income (loss). | ||
FHLB and FRB Stock – The Company, as a member of the FHLB and FRB, is required to maintain an investment in the capital stock of the FHLB and FRB. No ready market exists for these stocks, and they have no quoted market values. The stock is redeemable at par by the FRB and FHLB and is, therefore, carried at cost and periodically evaluated for impairment. | ||
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. | ||
Acquired and Covered Loans – Covered loans consist of loans acquired by the Company in FDIC-assisted transactions, the majority of which 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. Acquired loans consist of all other loans that were acquired in business combinations that are not covered by FDIC Agreements. No allowance for credit losses is recorded on acquired and covered loans at the acquisition date since business combination accounting requires that they are recorded at fair value. | ||
Acquired and covered loans are separated into (i) non-purchased credit impaired ("Non-PCI") and (ii) purchased credit impaired ("PCI") loans. Non-PCI loans include loans that did not have evidence of credit deterioration since origination at the acquisition date. PCI loans include loans that had evidence of credit deterioration since origination and for which 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. Leases and revolving loans do not qualify to be accounted for as PCI loans. | ||
The acquisition adjustment related to Non-PCI loans is amortized into interest income over the contractual life of the related loans. As the acquisition adjustment is accreted into income over future periods, an allowance for credit losses will be established as necessary to reflect credit deterioration since the acquisition date. | ||
PCI loans are accounted for prospectively based on estimates of expected future 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 expected future cash flows can be reasonably estimated. The non-accretable yield represents the difference between contractually required payments and the expected future cash flows determined at acquisition. Subsequent increases in expected future cash flows are recognized as interest income prospectively. The present value of any decreases in expected future cash flows is recognized by recording a charge-off through the allowance for loan and covered loan losses or providing an allowance for loan and covered loan losses. | ||
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. | ||
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 credit is sufficiently collateralized and in the process of renewal or collection 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. | ||
PCI loans are generally considered accruing loans unless reasonable estimates of the timing and amount of expected 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 expected 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 future 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. | ||
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 expected future cash flows of the covered PCI loans. On a periodic basis, the adequacy of this allowance is determined through a re-estimation of expected future cash flows on all of the outstanding covered PCI loans using either a probability of default/loss given default ("PD/LGD") methodology or a specific review methodology. The PD/LGD model is a loss model that estimates expected 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. | ||
OREO – OREO consists of properties acquired through foreclosure in partial or total satisfaction of defaulted loans. At initial transfer into OREO, properties are recorded at fair value, less estimated selling costs. Subsequently, OREO is carried at the lower of the cost basis or fair value, less estimated selling costs. OREO also includes excess properties that the Company no longer intends to utilize. Those properties are transferred to OREO at the lower of their historical cost, less accumulated depreciation, or fair value, which represents the current appraised value of the properties, less selling costs. OREO write-downs occurring at the transfer date are charged against the allowance for loan and covered loan losses. Subsequent to the initial transfer, the carrying values of OREO may be adjusted to reflect reductions in value resulting from new appraisals, new list prices, changes in market conditions, or changes in disposition strategies. These valuation adjustments, along with expenses related to maintenance of the properties, are included in net OREO expense in the Consolidated Statements of Income. | ||
FDIC Indemnification Asset – The majority of loans and OREO acquired through FDIC-assisted transactions are covered by the FDIC Agreements, under which the FDIC reimburses the Company for the majority of the losses and eligible expenses related to these assets during the indemnification period. The FDIC indemnification asset represents the present value of expected future 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 expected future cash flows to be received from the FDIC. These expected future cash flows are estimated by multiplying estimated losses on covered PCI loans and covered OREO by the reimbursement rates in the FDIC Agreements. | ||
The balance of the FDIC indemnification asset is adjusted periodically to reflect changes in expected future 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. | ||
Depreciable Assets – Premises, furniture, and equipment are stated at cost, less accumulated depreciation. Depreciation expense is determined by the straight-line method over the estimated useful lives of the assets. Useful lives range from 3 to 10 years for furniture and equipment and 25 to 40 years for premises. Leasehold improvements are amortized over the shorter of the life of the asset or the lease term. Gains on dispositions are included in other noninterest income, and losses on dispositions are included in other noninterest expense in the Consolidated Statements of Income. Maintenance and repairs are charged to operating expenses as incurred, while improvements that extend the useful life of assets are capitalized and depreciated over the estimated remaining life. | ||
Long-lived depreciable assets are evaluated periodically for impairment when events or changes in circumstances indicate the carrying amount may not be recoverable. Impairment exists when the undiscounted expected future cash flows of a long-lived asset are less than its carrying value. In that event, the Company recognizes a loss for the difference between the carrying amount and the estimated fair value of the asset based on a quoted market price, if applicable, or a discounted cash flow analysis. Impairment losses are recorded in other noninterest expense in the Consolidated Statements of Income. | ||
BOLI – BOLI represents life insurance policies on the lives of certain Company directors and officers for which the Company is the sole owner and beneficiary. These policies are recorded as an asset in the Consolidated Statements of Financial Condition at their cash surrender value ("CSV") or the current amount that could be realized if settled. The change in CSV and insurance proceeds received are included as a component of noninterest income in the Consolidated Statements of Income. | ||
Goodwill and Other Intangible Assets – Goodwill represents the excess of the purchase price of the acquisition over the fair value of the net tangible and intangible assets acquired using the acquisition method of accounting. Goodwill is not amortized. Instead, impairment testing is conducted annually or more often if events or circumstances between annual tests indicate that there may be impairment. | ||
Impairment testing is performed using a two-step quantitative approach. In the first step, management compares its estimate of the fair value of a reporting unit, which is based on a discounted cash flow analysis, with its carrying amount, including goodwill. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is not impaired and the second step is not required. If necessary, the second step compares the implied fair value of the reporting unit goodwill with the carrying amount of that goodwill. The implied fair value of goodwill is determined by assigning the value of a reporting unit to all of the assets and liabilities of that unit, including any other identifiable intangible assets. An impairment loss is recognized if the carrying amount of the reporting unit goodwill exceeds the implied fair value of that goodwill. | ||
Other intangible assets represent purchased assets that lack physical substance, but can be distinguished from goodwill because of contractual or other legal rights or because the asset is capable of being sold or exchanged either on its own or in combination with a related contract, asset, or liability. Identified intangible assets that have a finite useful life are amortized over that life in a manner that reflects the estimated decline in the economic value of the identified intangible asset. All of the Company's other intangible assets have finite lives and are amortized over varying periods not exceeding 13 years. | ||
Intangible assets are reviewed at least annually to determine whether there were any events or circumstances that indicate the recorded amount is not recoverable from projected undiscounted net operating cash flows. If the projected undiscounted net operating cash flows are less than the carrying amount, a loss is recognized to reduce the carrying amount to fair value and the amortization period may also be reduced. Unamortized intangible assets associated with disposed assets are included in the determination of the gain or loss on the sale of the disposed assets. | ||
Wealth Management – Assets held in a fiduciary or agency capacity for customers are not included in the consolidated financial statements as they are not assets of the Company or its subsidiaries. Fee income is recognized on an accrual basis and is included as a component of noninterest income in the Consolidated Statements of Income. | ||
Derivative Financial Instruments – To provide derivative products to customers and 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 expected future 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 inception. | ||
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 expected future 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 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. | ||
Comprehensive Income (Loss) – Comprehensive income (loss) is the total of reported net income (loss) and other comprehensive income (loss) ("OCI"). OCI includes all other revenues, expenses, gains, and losses that are not reported in net income under GAAP. The Company includes the following items, net of tax, in other comprehensive income (loss) in the Consolidated Statements of Comprehensive Income: (i) changes in unrealized gains or losses on securities available-for-sale, (ii) changes in the fair value of derivatives designated as cash flow hedges, and (iii) changes in unrecognized net pension costs related to the Company's pension plan. | ||
Treasury Stock – Treasury stock acquired is recorded at cost and is carried as a reduction of stockholders' equity in the Consolidated Statements of Financial Condition. Treasury stock issued is valued based on the "last in, first out" inventory method. The difference between the consideration received on issuance and the carrying value is charged or credited to additional paid-in capital. | ||
Share-Based Compensation – The Company recognizes share-based compensation expense based on the estimated fair value of the award at the grant or modification date over the period during which an employee is required to provide service in exchange for such award. Share-based compensation expense is included in salaries and wages in the Consolidated Statements of Income. | ||
Income Taxes – The Company files U.S. federal income tax returns and state income tax returns in various states. The provision for income taxes is based on income in the consolidated financial statements, rather than amounts reported on the Company's income tax return. | ||
Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using the enacted tax rates that are expected to apply to taxable income in years in which those temporary differences are expected to be recovered or settled. A valuation allowance is established for any deferred tax asset for which recovery or settlement is not more likely than not. The effect of a change in tax rates on deferred tax assets and liabilities is recognized as income or expense in the period that includes the enactment date. | ||
Earnings per Common Share ("EPS") – EPS is computed using the two-class method. Basic EPS is computed by dividing net income (loss) applicable to common shares by the weighted-average number of common shares outstanding during the applicable period, excluding outstanding participating securities. Participating securities include non-vested restricted stock awards and restricted stock units, which contain nonforfeitable rights to dividends or dividend equivalents. Diluted earnings per common share is computed using the weighted-average number of shares determined for the basic earnings per common share computation plus the dilutive effect of stock compensation using the treasury stock method. |
Recent_accounting_pronouncemen
Recent accounting pronouncements | 12 Months Ended |
Dec. 31, 2014 | |
Recent Events | |
Recent accounting pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS |
Adopted Accounting Guidance | |
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 adoption of this guidance on January 1, 2014 did not materially impact the Company's financial condition, results of operations, or liquidity. | |
Recently Issued Accounting Guidance | |
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 (i) meets the criteria to be classified as held for sale, (ii) is disposed of by sale, or (iii) 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 as outlined in the guidance, 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. | |
Receivables - Troubled Debt Restructurings by Creditors: In August of 2014, the FASB issued guidance that requires an entity to derecognize a mortgage loan and recognize a separate other receivable upon foreclosure if (i) the loan has a government guarantee that is not separable from the loan before foreclosure, (ii) at the time of foreclosure, the creditor has the intent to convey the real estate property to the guarantor and make a claim on that guarantee, and the creditor has the ability to recover under that claim, and (iii) at the time of foreclosure, any amount of the claim that is determined on the basis of the fair value of the real estate is fixed. The separate other receivable is to be measured based on the amount of the loan balance (principal and interest) expected to be recovered from the guarantor. 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. | |
Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern: In August of 2014, the FASB issued guidance that requires management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued. The guidance is effective for the annual period ending after December 15, 2016, and for annual and interim periods thereafter. Management does not expect the adoption of this guidance will materially impact the Company's financial condition, results of operations, or liquidity. |
Acquisitions
Acquisitions | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Business Combinations [Abstract] | |||||||||
Acquisitions | ACQUISITIONS | ||||||||
2014 Acquisitions | |||||||||
Popular Community Bank | |||||||||
On August 8, 2014, the Bank completed the acquisition of the Chicago area banking operations of Banco Popular North America ("Popular"), doing business as Popular Community Bank, which is a subsidiary of Popular, Inc. The acquisition included Popular’s twelve full-service retail banking offices and its small business and middle market commercial lending activities in the Chicago metropolitan area at a purchase price of $19.0 million paid in cash. The Company recorded goodwill of $32.2 million associated with the acquisition. | |||||||||
The assets acquired and liabilities assumed, both intangible and tangible, were recorded at their estimated fair values as of the August 8, 2014 acquisition date and have been accounted for under the acquisition method of accounting. During the fourth quarter of 2014, the Company identified differences in the book and tax basis of certain categories of intangibles which required a retrospective adjustment of $4.7 million to reduce goodwill and increase deferred tax assets, a component of other assets. Other retrospective adjustments may be deemed necessary as the Company continues to finalize the fair values of loans and intangible assets and liabilities. As a result, the fair value adjustments associated with these accounts and goodwill are preliminary and may change. | |||||||||
Great Lakes Financial Resources, Inc. | |||||||||
On December 2, 2014, the Company completed the acquisition of the south suburban Chicago-based Great Lakes Financial Resources, Inc. ("Great Lakes"), the holding company for Great Lakes Bank, National Association. The Company acquired all assets and assumed all liabilities of Great Lakes, which included seven full-service retail banking offices and one drive-up location, at a purchase price of approximately $55.8 million. Consideration consisted of $38.3 million in Company common stock and $17.5 million in cash. The Company recorded goodwill of $10.3 million associated with the acquisition. | |||||||||
The assets acquired and liabilities assumed, both intangible and tangible, were recorded at their estimated fair values as of the December 2, 2014 acquisition date and have been accounted for under the acquisition method of accounting. The Company is finalizing the fair values of the assets and liabilities acquired. As a result, the fair value adjustments associated with these accounts and goodwill are preliminary and may change. | |||||||||
The following table presents the assets acquired and liabilities assumed, net of the fair value adjustments, in the Popular and Great Lakes transactions as of the acquisition date. | |||||||||
Acquisition Activity | |||||||||
(Dollar amounts in thousands) | |||||||||
Popular | Great Lakes | ||||||||
8-Aug-14 | 2-Dec-14 | ||||||||
Assets | |||||||||
Cash and due from banks and | $ | 161,276 | $ | 78,609 | |||||
interest-bearing deposits in other banks | |||||||||
Securities available-for-sale | — | 219,279 | |||||||
FHLB and FRB stock | — | 1,970 | |||||||
Loans | 549,386 | 223,169 | |||||||
OREO | — | 1,244 | |||||||
Investment in BOLI | — | 10,373 | |||||||
Goodwill | 32,181 | 10,339 | |||||||
Other intangible assets | 8,003 | 6,192 | |||||||
Premises, furniture, and equipment | 4,647 | 5,011 | |||||||
Accrued interest receivable and other assets | 6,574 | 10,059 | |||||||
Total assets | $ | 762,067 | $ | 566,245 | |||||
Liabilities | |||||||||
Deposits: | |||||||||
Noninterest-bearing deposits | $ | 163,299 | $ | 110,885 | |||||
Interest-bearing deposits | 568,573 | 353,424 | |||||||
Total deposits | 731,872 | 464,309 | |||||||
Intangible liabilities | 10,631 | — | |||||||
Borrowed funds | — | 29,490 | |||||||
Senior and subordinated debt | — | 9,809 | |||||||
Accrued interest payable and other liabilities | 564 | 6,887 | |||||||
Total liabilities | 743,067 | 510,495 | |||||||
Consideration Paid | |||||||||
Common stock (2,440,754 shares issued at $15.737 per share), | — | 38,300 | |||||||
net of $110,000 in issuance costs | |||||||||
Cash paid | 19,000 | 17,450 | |||||||
Total consideration paid | 19,000 | 55,750 | |||||||
$ | 762,067 | $ | 566,245 | ||||||
National Machine Tool Financial Corporation | |||||||||
On September 26, 2014, the Bank completed the acquisition of National Machine Tool Financial Corporation ("National Machine Tool"), now known as First Midwest Equipment Finance Co., which provides equipment leasing and commercial financing alternatives to traditional bank financing. On the date of acquisition, the Bank acquired approximately $5.9 million in assets, excluding goodwill, which primarily consisted of direct financing leases, lease loans, and other assets, at a purchase price of $3.1 million paid in cash. Goodwill recorded as a result of the acquisition totaled $4.0 million. | |||||||||
The assets acquired and liabilities assumed, both intangible and tangible, were recorded at their estimated fair values as of the September 26, 2014 acquisition date and have been accounted for under the acquisition method of accounting. During the fourth quarter of 2014, the Company obtained specific information relating to the acquisition date fair value of certain acquired assets which required a retrospective adjustment of $572,000 to increase goodwill and reduce other assets. Other retrospective adjustments may be deemed necessary as the Company continues to finalize the fair values of assets and liabilities acquired. As a result, the fair value adjustments associated with these accounts and goodwill are preliminary and may change. | |||||||||
Expenses related to the acquisition and integration of the Popular, Great Lakes, and National Machine Tool transactions totaled $13.9 million during the year ended December 31, 2014, and are reported as a separate component within noninterest expense. These acquisitions were not considered material to the Company’s financial statements; therefore, pro forma financial data and related disclosures are not included. | |||||||||
2012 Acquisition | |||||||||
On August 3, 2012, the Company acquired substantially all of the assets of the former Waukegan Savings Bank in an FDIC-assisted transaction generating a pre-tax gain of $3.3 million. The $46.3 million of acquired loans are not subject to FDIC Agreements. The transaction also included $72.7 million in deposits, which were comprised of $41.5 million in core deposits and $31.2 million in time deposits. As a result of the transaction, the Company recorded $781,000 in core deposit intangibles. |
Securities
Securities | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||
Securities | 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) | |||||||||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Amortized | Gross Unrealized | Fair | Amortized | Gross Unrealized | Fair | ||||||||||||||||||||||||||||
Cost | Gains | Losses | Value | Cost | Gains | Losses | Value | ||||||||||||||||||||||||||
Securities Available-for-Sale | |||||||||||||||||||||||||||||||||
U.S. agency securities | $ | 30,297 | $ | 144 | $ | (10 | ) | $ | 30,431 | $ | 500 | $ | — | $ | — | $ | 500 | ||||||||||||||||
Collateralized mortgage | 538,882 | 2,256 | (6,982 | ) | 534,156 | 490,962 | 1,427 | (16,621 | ) | 475,768 | |||||||||||||||||||||||
obligations ("CMOs") | |||||||||||||||||||||||||||||||||
Other mortgage-backed | 155,443 | 4,632 | (310 | ) | 159,765 | 135,097 | 3,349 | (2,282 | ) | 136,164 | |||||||||||||||||||||||
securities ("MBSs") | |||||||||||||||||||||||||||||||||
Municipal securities | 414,255 | 10,583 | (1,018 | ) | 423,820 | 457,318 | 9,673 | (5,598 | ) | 461,393 | |||||||||||||||||||||||
Trust preferred | 48,502 | 152 | (14,880 | ) | 33,774 | 46,532 | — | (28,223 | ) | 18,309 | |||||||||||||||||||||||
collateralized debt | |||||||||||||||||||||||||||||||||
obligations ("CDOs") | |||||||||||||||||||||||||||||||||
Corporate debt securities | 1,719 | 83 | — | 1,802 | 12,999 | 1,930 | — | 14,929 | |||||||||||||||||||||||||
Equity securities | 3,224 | 72 | (35 | ) | 3,261 | 3,706 | 2,046 | (90 | ) | 5,662 | |||||||||||||||||||||||
Total available- | $ | 1,192,322 | $ | 17,922 | $ | (23,235 | ) | $ | 1,187,009 | $ | 1,147,114 | $ | 18,425 | $ | (52,814 | ) | $ | 1,112,725 | |||||||||||||||
for-sale securities | |||||||||||||||||||||||||||||||||
Securities Held-to-Maturity | |||||||||||||||||||||||||||||||||
Municipal securities | $ | 26,555 | $ | 1,115 | $ | — | $ | 27,670 | $ | 44,322 | $ | — | $ | (935 | ) | $ | 43,387 | ||||||||||||||||
Trading Securities | $ | 17,460 | $ | 17,317 | |||||||||||||||||||||||||||||
Remaining Contractual Maturity of Securities | |||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | |||||||||||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||||||||
Available-for-Sale | Held-to-Maturity | ||||||||||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | ||||||||||||||||||||||||||||||
Cost | Value | Cost | Value | ||||||||||||||||||||||||||||||
One year or less | $ | 67,900 | $ | 67,221 | $ | 3,504 | $ | 3,651 | |||||||||||||||||||||||||
After one year to five years | 78,132 | 77,351 | 8,727 | 9,093 | |||||||||||||||||||||||||||||
After five years to ten years | 214,007 | 211,868 | 5,404 | 5,631 | |||||||||||||||||||||||||||||
After ten years | 134,734 | 133,387 | 8,920 | 9,295 | |||||||||||||||||||||||||||||
Securities that do not have a single contractual maturity date | 697,549 | 697,182 | — | — | |||||||||||||||||||||||||||||
Total | $ | 1,192,322 | $ | 1,187,009 | $ | 26,555 | $ | 27,670 | |||||||||||||||||||||||||
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 $779.4 million at December 31, 2014 and $755.3 million at December 31, 2013. No securities held-to-maturity were pledged as of December 31, 2014 or 2013. | |||||||||||||||||||||||||||||||||
Excluding securities issued or backed by the U.S. government and its agencies and U.S. government-sponsored enterprises, there were no investments in securities from one issuer that exceeded 10% of total stockholders' equity as of December 31, 2014 or 2013. | |||||||||||||||||||||||||||||||||
The following table presents net realized gains (losses) on securities. | |||||||||||||||||||||||||||||||||
Securities Gains (Losses) | |||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | |||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Gains (losses) on sales of securities: | |||||||||||||||||||||||||||||||||
Gross realized gains | $ | 8,188 | $ | 34,572 | $ | 3,045 | |||||||||||||||||||||||||||
Gross realized losses | (63 | ) | — | (297 | ) | ||||||||||||||||||||||||||||
Net realized gains on sales of securities | 8,125 | 34,572 | 2,748 | ||||||||||||||||||||||||||||||
Non-cash impairment charges: | |||||||||||||||||||||||||||||||||
OTTI | (28 | ) | (408 | ) | (3,728 | ) | |||||||||||||||||||||||||||
Portion of OTTI recognized in other comprehensive income (loss) | — | — | 59 | ||||||||||||||||||||||||||||||
Net non-cash impairment charges | (28 | ) | (408 | ) | (3,669 | ) | |||||||||||||||||||||||||||
Net realized gains (losses) | $ | 8,097 | $ | 34,164 | $ | (921 | ) | ||||||||||||||||||||||||||
Net trading gains (1) | $ | 677 | $ | 3,189 | $ | 1,627 | |||||||||||||||||||||||||||
Net non-cash impairment charges: | |||||||||||||||||||||||||||||||||
CMOs | $ | 28 | $ | 6 | $ | 1,443 | |||||||||||||||||||||||||||
Municipal securities | — | 402 | — | ||||||||||||||||||||||||||||||
CDOs | — | — | 2,226 | ||||||||||||||||||||||||||||||
Total | $ | 28 | $ | 408 | $ | 3,669 | |||||||||||||||||||||||||||
(1) | All net trading gains relate to trading securities still held as of December 31, 2014, 2013, and 2012 and are included in other income in the Consolidated Statements of Income. | ||||||||||||||||||||||||||||||||
Net gains realized on securities sales for the years ended December 31, 2014, 2013, and 2012 were $8.1 million, $34.6 million, and $2.7 million, respectively. During 2014, net securities gains consisted of the sale of a non-accrual CDO at a gain of $3.5 million, sales of corporate bonds at gains of $2.0 million, sales of municipal securities at gains of $468,000, and sales of certain other investments at gains of $2.1 million. In addition, four CDOs totaling $2.9 million acquired in the Great Lakes transaction were sold during the fourth quarter of 2014. These securities were recorded at fair value at the acquisition date, therefore, no gain or loss was recognized on the sale. During 2013, the Company sold its investment in an equity security which resulted in a $34.0 million gain. | |||||||||||||||||||||||||||||||||
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 years ended December 31, 2014, 2013, and 2012. 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) | |||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Beginning balance | $ | 32,422 | $ | 38,803 | $ | 36,525 | |||||||||||||||||||||||||||
OTTI included in earnings (1): | |||||||||||||||||||||||||||||||||
Losses on securities that previously had OTTI | 28 | — | 2,278 | ||||||||||||||||||||||||||||||
Losses on securities that did not previously have OTTI | — | 408 | 1,391 | ||||||||||||||||||||||||||||||
Reduction for securities sales (2) | (8,570 | ) | (6,789 | ) | (1,391 | ) | |||||||||||||||||||||||||||
Ending balance | $ | 23,880 | $ | 32,422 | $ | 38,803 | |||||||||||||||||||||||||||
(1) | Included in net securities gains (losses) in the Consolidated Statements of Income. | ||||||||||||||||||||||||||||||||
(2) | During the year ended December 31, 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 year ended December 31, 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 December 31, 2014 and 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 December 31, 2014 | |||||||||||||||||||||||||||||||||
U.S. agency securities | 1 | $ | 1,943 | $ | 10 | $ | — | $ | — | $ | 1,943 | $ | 10 | ||||||||||||||||||||
CMOs | 87 | 61,321 | 559 | 284,327 | 6,423 | 345,648 | 6,982 | ||||||||||||||||||||||||||
Other MBSs | 11 | 1,113 | 1 | 39,043 | 309 | 40,156 | 310 | ||||||||||||||||||||||||||
Municipal securities | 91 | 1,317 | 9 | 53,987 | 1,009 | 55,304 | 1,018 | ||||||||||||||||||||||||||
CDOs | 4 | — | — | 22,791 | 14,880 | 22,791 | 14,880 | ||||||||||||||||||||||||||
Equity securities | 1 | — | — | 2,270 | 35 | 2,270 | 35 | ||||||||||||||||||||||||||
Total | 195 | $ | 65,694 | $ | 579 | $ | 402,418 | $ | 22,656 | $ | 468,112 | $ | 23,235 | ||||||||||||||||||||
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 December 31, 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 December 31, 2014 reflect changes in market activity for these securities. 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. For a detailed discussion of the CDO valuation methodology, see Note 22, "Fair Value." |
Loans
Loans | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Receivables [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) | |||||||||||||||||
As of December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Commercial and industrial | $ | 2,253,556 | $ | 1,830,638 | |||||||||||||
Agricultural | 358,249 | 321,702 | |||||||||||||||
Commercial real estate: | |||||||||||||||||
Office, retail, and industrial | 1,478,379 | 1,353,685 | |||||||||||||||
Multi-family | 564,421 | 332,873 | |||||||||||||||
Construction | 204,236 | 186,197 | |||||||||||||||
Other commercial real estate | 887,897 | 807,071 | |||||||||||||||
Total commercial real estate | 3,134,933 | 2,679,826 | |||||||||||||||
Total corporate loans | 5,746,738 | 4,832,166 | |||||||||||||||
Home equity | 543,185 | 427,020 | |||||||||||||||
1-4 family mortgages | 291,463 | 275,992 | |||||||||||||||
Installment | 76,032 | 44,827 | |||||||||||||||
Total consumer loans | 910,680 | 747,839 | |||||||||||||||
Total loans, excluding covered loans | 6,657,418 | 5,580,005 | |||||||||||||||
Covered loans (1) | 79,435 | 134,355 | |||||||||||||||
Total loans | $ | 6,736,853 | $ | 5,714,360 | |||||||||||||
Deferred loan fees included in total loans | $ | 3,922 | $ | 4,656 | |||||||||||||
Overdrawn demand deposits included in total loans | 3,438 | 5,047 | |||||||||||||||
(1) | For information on covered loans, see Note 6, "Acquired and Covered 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. | |||||||||||||||||
Commercial and industrial loans are underwritten after evaluating and understanding the borrower's ability to operate its business. As part of the underwriting process, the Company examines current and expected future cash flows to determine the ability of the borrower to repay its obligation. Commercial and industrial loans are primarily made based on the identified cash flows of the borrower and secondarily on the underlying collateral provided by the borrower. The cash flows of the borrower may not be as expected, and the collateral securing these loans may fluctuate in value due to economic or other factors. Most commercial and industrial loans are secured by the assets being financed or other business assets, such as accounts receivable or inventory, and may incorporate a personal guarantee. Some short-term loans may be made on an unsecured basis. In the case of loans secured by accounts receivable, the availability of funds for the repayment of these loans substantially depend on the ability of the borrower to collect amounts due from its customers. | |||||||||||||||||
Agricultural loans are generally provided to meet seasonal production, equipment, and farm real estate borrowing needs of individual and corporate crop and livestock producers. As part of the underwriting process, the Company examines expected future cash flows, financial statement stability, and the value of the underlying collateral. Seasonal crop production loans are repaid by the liquidation of the financed crop that is typically covered by crop insurance. Equipment and real estate term loans are repaid through cash flows of the farming operation. | |||||||||||||||||
Commercial real estate loans are subject to underwriting standards and processes similar to commercial and industrial loans. The repayment of commercial real estate loans depends on the successful operation of the property securing the loan or the business conducted on the property securing the loan. This category of loans may be more adversely affected by conditions in the real estate market. Management monitors and evaluates commercial real estate loans based on cash flow, collateral, geography, and risk rating criteria. The mix of properties securing the loans in our commercial real estate portfolio are further classified into owner-occupied and investor categories and are diverse in terms of type and geographic location within the Company's markets. | |||||||||||||||||
Construction loans are underwritten utilizing feasibility studies, independent appraisal reviews, sensitivity analyses of absorption and lease rates, and financial analyses of the developers and property owners. Construction loans are generally based on estimates of costs and value associated with the completed project. Sources of repayment for these loans may be permanent loans from long-term lenders, sales of developed property, or an interim loan commitment until permanent financing is obtained. Generally, construction loans have a higher risk profile than other real estate loans since repayment is impacted by real estate values, interest rate changes, governmental regulation of real property, demand and supply of alternative real estate, the availability of long-term financing, and changes in general economic conditions. | |||||||||||||||||
Consumer loans are centrally underwritten using a credit scoring model developed by the Fair Isaac Corporation ("FICO"). It uses a risk-based system to determine the probability that a borrower may default on financial obligations to the lender. Underwriting standards for home equity loans are heavily influenced by statutory requirements, which include loan-to-value and affordability ratios, risk-based pricing strategies, and documentation requirements. The home equity category consists mainly of revolving lines of credit secured by junior liens on owner-occupied real estate. Loan-to-value ratios on home equity loans and 1-4 family mortgages are based on the current appraised value of the collateral. | |||||||||||||||||
The carrying value of loans that were pledged to secure liabilities as of December 31, 2014 and 2013 are presented below. | |||||||||||||||||
Carrying Value of Loans Pledged | |||||||||||||||||
(Dollar amounts in thousands) | |||||||||||||||||
As of December 31 | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Loans pledged to secure: | |||||||||||||||||
FHLB advances | $ | 1,952,736 | $ | 1,632,069 | |||||||||||||
FRB's Discount Window Primary Credit Program | 845,974 | 766,870 | |||||||||||||||
Total | $ | 2,798,710 | $ | 2,398,939 | |||||||||||||
Loan Sales | |||||||||||||||||
The following table presents loan sales for the years ended December 31, 2014, 2013, and 2012. | |||||||||||||||||
Loan Sales | |||||||||||||||||
(Dollar amounts in thousands) | |||||||||||||||||
Proceeds | Book Value | Charge-offs (1) | Net Gains (2) | ||||||||||||||
Loan sales in 2014 | |||||||||||||||||
Mortgage loans | $ | 148,680 | $ | 144,909 | $ | — | $ | 3,771 | |||||||||
Non-performing loans | 17,750 | 21,200 | (3,450 | ) | — | ||||||||||||
Total loan sales in 2014 | $ | 166,430 | $ | 166,109 | $ | (3,450 | ) | $ | 3,771 | ||||||||
Loan sales in 2013 | |||||||||||||||||
Mortgage loans | $ | 152,130 | $ | 147,413 | $ | — | $ | 4,717 | |||||||||
Non-performing loans | 1,275 | 2,835 | (1,560 | ) | — | ||||||||||||
Total loan sales in 2013 | $ | 153,405 | $ | 150,248 | $ | (1,560 | ) | $ | 4,717 | ||||||||
Loan sales in 2012 | |||||||||||||||||
Bulk loan sales | $ | 94,470 | $ | 169,577 | $ | (80,260 | ) | $ | 5,153 | ||||||||
Mortgage loans | 52,595 | 50,326 | — | 2,269 | |||||||||||||
Non-performing loans | 4,200 | 6,587 | (2,387 | ) | — | ||||||||||||
Total loan sales in 2012 | $ | 151,265 | $ | 226,490 | $ | (82,647 | ) | $ | 7,422 | ||||||||
(1) | Amount represents charge-offs to the allowance for loan and covered loan losses at the time the loans were identified for sale. | ||||||||||||||||
(2) | The net gains on the bulk loan sales represent gains realized subsequent to the transfer to held-for-sale and are included as a separate component of noninterest income in the Consolidated Statements of Income. Net gains on mortgage loan sales are included in mortgage banking income in the Consolidated Statements of Income. | ||||||||||||||||
Mortgage Loan Sales | |||||||||||||||||
During the year ended December 31, 2014, a gain of $3.8 million was recognized on the sale of $144.9 million of mortgage loans, of which $92.5 million were originated with the intent to sell. For the year ended December 31, 2013, the Company sold $147.4 million of mortgage loans, resulting in a gain of $4.7 million. The Company retained servicing responsibilities on the majority of mortgages sold and collects servicing fees equal to a percentage of the outstanding principal balance of the loans being serviced. The Company also retained limited recourse for credit losses on the sold loans. A description of the recourse obligation is presented in Note 21, "Commitments, Guarantees, and Contingent Liabilities." | |||||||||||||||||
Bulk Loan Sales | |||||||||||||||||
During the third quarter of 2012, the Company identified certain non-performing and performing potential problem loans for accelerated disposition through bulk loan sales and transferred them into the held-for-sale category at the lower of the recorded investment or the estimated fair value, which resulted in charge-offs of $80.3 million and a provision for loan and covered loan losses of $62.3 million. The fair value was determined by the estimated bid price of the potential sale. The bulk loan sales were completed in the fourth quarter of 2012, and net gains realized on the sales are included as a separate component of noninterest income in the Consolidated Statements of Income. |
Acquired_Loans_and_Covered_Loa
Acquired Loans and Covered Loans | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Acquired Loans [Abstract] | |||||||||||||||||||||||||
Acquired Loans | ACQUIRED AND COVERED LOANS | ||||||||||||||||||||||||
Acquired loans consist primarily of loans that were acquired in business combinations that are not covered by the FDIC Agreements. These loans are included in loans, excluding covered loans, in the Consolidated Statements of Financial Condition. Covered loans consist of loans acquired by the Company in multiple FDIC-assisted transactions. Most loans and OREO acquired in those transactions are covered by the FDIC Agreements. The significant accounting policies related to acquired and covered loans, which are classified as PCI and Non-PCI, and the related FDIC indemnification asset are presented in Note 1, "Summary of Significant Accounting Policies." | |||||||||||||||||||||||||
Effective January 1, 2015, the losses on non-residential mortgage loans and OREO related to one FDIC-assisted transaction will no longer be covered under the FDIC Agreements. These non-residential loans and OREO totaled $10.1 million at December 31, 2014. The losses on residential mortgage loans and OREO will continue to be covered under the FDIC Agreements through December 31, 2019. Losses related to non-residential mortgage loans and OREO in two other FDIC-assisted transactions will no longer be covered under the FDIC Agreements effective on July 1, 2015 and October 1, 2015, and residential mortgage loans and OREO will continue to be covered through June 30, 2020 and September 30, 2020. | |||||||||||||||||||||||||
The following table presents PCI and Non-PCI loans as of December 31, 2014 and 2013. | |||||||||||||||||||||||||
Acquired and Covered Loans | |||||||||||||||||||||||||
(Dollar amounts in thousands) | |||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
PCI | Non-PCI | Total | PCI | Non-PCI | Total | ||||||||||||||||||||
Acquired loans | $ | 28,712 | $ | 714,836 | $ | 743,548 | $ | 15,608 | $ | 17,024 | $ | 32,632 | |||||||||||||
Covered loans | 54,682 | 24,753 | 79,435 | 103,525 | 30,830 | 134,355 | |||||||||||||||||||
Total acquired and covered loans | $ | 83,394 | $ | 739,589 | $ | 822,983 | $ | 119,133 | $ | 47,854 | $ | 166,987 | |||||||||||||
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 December 31, 2014, 2013, and 2012. | |||||||||||||||||||||||||
A rollforward of the carrying value of the FDIC indemnification asset for the years ended December 31, 2014, 2013, and 2012 is presented in the following table. | |||||||||||||||||||||||||
Changes in the FDIC Indemnification Asset | |||||||||||||||||||||||||
(Dollar amounts in thousands) | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Beginning balance | $ | 16,585 | $ | 37,051 | $ | 65,609 | |||||||||||||||||||
Amortization | (3,315 | ) | (2,984 | ) | (14,098 | ) | |||||||||||||||||||
Change in expected reimbursements from the FDIC for changes in | (481 | ) | (1,242 | ) | 3,338 | ||||||||||||||||||||
expected credit losses | |||||||||||||||||||||||||
Payments received from the FDIC | (4,337 | ) | (16,240 | ) | (17,798 | ) | |||||||||||||||||||
Ending balance | $ | 8,452 | $ | 16,585 | $ | 37,051 | |||||||||||||||||||
Changes in the accretable yield for acquired and covered PCI loans were as follows. | |||||||||||||||||||||||||
Changes in Accretable Yield | |||||||||||||||||||||||||
(Dollar amounts in thousands) | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Beginning balance | $ | 36,792 | $ | 51,498 | $ | 52,147 | |||||||||||||||||||
Additions | 3,517 | — | 7,224 | ||||||||||||||||||||||
Accretion | (12,535 | ) | (15,016 | ) | (20,632 | ) | |||||||||||||||||||
Other (1) | 470 | 310 | 12,759 | ||||||||||||||||||||||
Ending balance | $ | 28,244 | $ | 36,792 | $ | 51,498 | |||||||||||||||||||
(1) | Increases represent a rise in the expected future cash flows to be collected over the remaining estimated life of the underlying portfolio. |
Past_Due_Loans_Allowances_For_
Past Due Loans, Allowances For Credit Losses, Impaired Loans, and TDRs | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||
Past Due Loans, Allowances For Credit Losses, Impaired Loans, and TDRs | 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 December 31, 2014 and 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-accrual | 90 Days Past Due Loans, Still Accruing Interest | |||||||||||||||||||||||||||||||
Past Due | More Past | Past Due | Loans | Loans | |||||||||||||||||||||||||||||||||
Due | |||||||||||||||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 2,230,947 | $ | 19,505 | $ | 3,104 | $ | 22,609 | $ | 2,253,556 | $ | 22,693 | $ | 205 | |||||||||||||||||||||||
Agricultural | 355,982 | 1,934 | 333 | 2,267 | 358,249 | 360 | — | ||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||
Office, retail, and industrial | 1,463,724 | 2,340 | 12,315 | 14,655 | 1,478,379 | 12,939 | 76 | ||||||||||||||||||||||||||||||
Multi-family | 562,625 | 1,261 | 535 | 1,796 | 564,421 | 754 | 83 | ||||||||||||||||||||||||||||||
Construction | 197,255 | — | 6,981 | 6,981 | 204,236 | 6,981 | — | ||||||||||||||||||||||||||||||
Other commercial real estate | 876,609 | 5,412 | 5,876 | 11,288 | 887,897 | 6,970 | 438 | ||||||||||||||||||||||||||||||
Total commercial real | 3,100,213 | 9,013 | 25,707 | 34,720 | 3,134,933 | 27,644 | 597 | ||||||||||||||||||||||||||||||
estate | |||||||||||||||||||||||||||||||||||||
Total corporate loans | 5,687,142 | 30,452 | 29,144 | 59,596 | 5,746,738 | 50,697 | 802 | ||||||||||||||||||||||||||||||
Home equity | 535,587 | 3,216 | 4,382 | 7,598 | 543,185 | 6,290 | 145 | ||||||||||||||||||||||||||||||
1-4 family mortgages | 287,892 | 2,246 | 1,325 | 3,571 | 291,463 | 2,941 | 166 | ||||||||||||||||||||||||||||||
Installment | 75,428 | 506 | 98 | 604 | 76,032 | 43 | 60 | ||||||||||||||||||||||||||||||
Total consumer loans | 898,907 | 5,968 | 5,805 | 11,773 | 910,680 | 9,274 | 371 | ||||||||||||||||||||||||||||||
Total loans, excluding | 6,586,049 | 36,420 | 34,949 | 71,369 | 6,657,418 | 59,971 | 1,173 | ||||||||||||||||||||||||||||||
covered loans | |||||||||||||||||||||||||||||||||||||
Covered loans | 66,331 | 2,714 | 10,390 | 13,104 | 79,435 | 6,186 | 5,002 | ||||||||||||||||||||||||||||||
Total loans | $ | 6,652,380 | $ | 39,134 | $ | 45,339 | $ | 84,473 | $ | 6,736,853 | $ | 66,157 | $ | 6,175 | |||||||||||||||||||||||
As of 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. See 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 years ended December 31, 2014, 2013, and 2012 is presented in the table below. | |||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses by Portfolio Segment | |||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | |||||||||||||||||||||||||||||||||||||
Commercial, Industrial, and Agricultural | Office, Retail, and Industrial | Multi-family | Construction | Other Commercial Real Estate | Consumer | Covered Loans | Reserve for Unfunded Commitments | Total Allowance | |||||||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 30,381 | $ | 10,405 | $ | 2,017 | $ | 6,316 | $ | 10,817 | $ | 13,010 | $ | 12,559 | $ | 1,616 | $ | 87,121 | |||||||||||||||||||
Charge-offs | (17,424 | ) | (7,345 | ) | (943 | ) | (1,052 | ) | (4,834 | ) | (7,574 | ) | (1,012 | ) | — | (40,184 | ) | ||||||||||||||||||||
Recoveries | 3,800 | 497 | 87 | 166 | 1,727 | 729 | 1,199 | — | 8,205 | ||||||||||||||||||||||||||||
Net charge-offs | (13,624 | ) | (6,848 | ) | (856 | ) | (886 | ) | (3,107 | ) | (6,845 | ) | 187 | — | (31,979 | ) | |||||||||||||||||||||
Provision for loan | 12,701 | 7,435 | 1,088 | (3,133 | ) | 617 | 5,980 | (5,520 | ) | 200 | 19,368 | ||||||||||||||||||||||||||
and covered loan | |||||||||||||||||||||||||||||||||||||
losses and other | |||||||||||||||||||||||||||||||||||||
Ending Balance | $ | 29,458 | $ | 10,992 | $ | 2,249 | $ | 2,297 | $ | 8,327 | $ | 12,145 | $ | 7,226 | $ | 1,816 | $ | 74,510 | |||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 36,761 | $ | 11,432 | $ | 3,575 | $ | 9,223 | $ | 13,531 | $ | 12,862 | $ | 12,062 | $ | 3,366 | $ | 102,812 | |||||||||||||||||||
Charge-offs | (12,094 | ) | (4,744 | ) | (1,029 | ) | (1,916 | ) | (4,784 | ) | (9,414 | ) | (4,599 | ) | — | (38,580 | ) | ||||||||||||||||||||
Recoveries | 3,797 | 228 | 584 | 1,032 | 1,646 | 1,071 | 24 | — | 8,382 | ||||||||||||||||||||||||||||
Net charge-offs | (8,297 | ) | (4,516 | ) | (445 | ) | (884 | ) | (3,138 | ) | (8,343 | ) | (4,575 | ) | — | (30,198 | ) | ||||||||||||||||||||
Provision for loan | 1,917 | 3,489 | (1,113 | ) | (2,023 | ) | 424 | 8,491 | 5,072 | (1,750 | ) | 14,507 | |||||||||||||||||||||||||
and covered loan | |||||||||||||||||||||||||||||||||||||
losses and other | |||||||||||||||||||||||||||||||||||||
Ending balance | $ | 30,381 | $ | 10,405 | $ | 2,017 | $ | 6,316 | $ | 10,817 | $ | 13,010 | $ | 12,559 | $ | 1,616 | $ | 87,121 | |||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 46,017 | $ | 16,012 | $ | 5,067 | $ | 17,795 | $ | 19,451 | $ | 14,131 | $ | 989 | $ | 2,500 | $ | 121,962 | |||||||||||||||||||
Charge-offs | (64,668 | ) | (34,968 | ) | (3,361 | ) | (27,811 | ) | (36,474 | ) | (10,910 | ) | (4,615 | ) | — | (182,807 | ) | ||||||||||||||||||||
Recoveries | 3,393 | 577 | 275 | 451 | 125 | 784 | — | — | 5,605 | ||||||||||||||||||||||||||||
Net charge-offs | (61,275 | ) | (34,391 | ) | (3,086 | ) | (27,360 | ) | (36,349 | ) | (10,126 | ) | (4,615 | ) | — | (177,202 | ) | ||||||||||||||||||||
Provision for loan | 52,019 | 29,811 | 1,594 | 18,788 | 30,429 | 8,857 | 15,688 | 866 | 158,052 | ||||||||||||||||||||||||||||
and covered loan | |||||||||||||||||||||||||||||||||||||
losses and other | |||||||||||||||||||||||||||||||||||||
Ending balance | $ | 36,761 | $ | 11,432 | $ | 3,575 | $ | 9,223 | $ | 13,531 | $ | 12,862 | $ | 12,062 | $ | 3,366 | $ | 102,812 | |||||||||||||||||||
The table below provides a breakdown of loans and the related allowance for credit losses by portfolio segment. | |||||||||||||||||||||||||||||||||||||
Loans and Related Allowance for Credit Losses by Portfolio Segment | |||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | |||||||||||||||||||||||||||||||||||||
Loans | Allowance for Credit Losses | ||||||||||||||||||||||||||||||||||||
Individually | Collectively | PCI | Total | Individually | Collectively | PCI | Total | ||||||||||||||||||||||||||||||
Evaluated for | Evaluated for | Evaluated for | Evaluated for | ||||||||||||||||||||||||||||||||||
Impairment | Impairment | Impairment | Impairment | ||||||||||||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||||||||||||
Commercial, industrial, and | $ | 19,796 | $ | 2,588,141 | $ | 3,868 | $ | 2,611,805 | $ | 2,249 | $ | 27,209 | $ | — | $ | 29,458 | |||||||||||||||||||||
agricultural | |||||||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||
Office, retail, and industrial | 12,332 | 1,458,918 | 7,129 | 1,478,379 | 271 | 10,721 | — | 10,992 | |||||||||||||||||||||||||||||
Multi-family | 939 | 561,400 | 2,082 | 564,421 | — | 2,249 | — | 2,249 | |||||||||||||||||||||||||||||
Construction | 6,671 | 195,094 | 2,471 | 204,236 | — | 2,297 | — | 2,297 | |||||||||||||||||||||||||||||
Other commercial real estate | 3,266 | 880,087 | 4,544 | 887,897 | 11 | 8,316 | — | 8,327 | |||||||||||||||||||||||||||||
Total commercial | 23,208 | 3,095,499 | 16,226 | 3,134,933 | 282 | 23,583 | — | 23,865 | |||||||||||||||||||||||||||||
real estate | |||||||||||||||||||||||||||||||||||||
Total corporate loans | 43,004 | 5,683,640 | 20,094 | 5,746,738 | 2,531 | 50,792 | — | 53,323 | |||||||||||||||||||||||||||||
Consumer | — | 902,062 | 8,618 | 910,680 | — | 11,822 | 323 | 12,145 | |||||||||||||||||||||||||||||
Total loans, excluding | 43,004 | 6,585,702 | 28,712 | 6,657,418 | 2,531 | 62,614 | 323 | 65,468 | |||||||||||||||||||||||||||||
covered loans | |||||||||||||||||||||||||||||||||||||
Covered loans | — | 24,753 | 54,682 | 79,435 | — | 488 | 6,738 | 7,226 | |||||||||||||||||||||||||||||
Reserve for unfunded | — | — | — | — | — | 1,816 | — | 1,816 | |||||||||||||||||||||||||||||
commitments | |||||||||||||||||||||||||||||||||||||
Total loans | $ | 43,004 | $ | 6,610,455 | $ | 83,394 | $ | 6,736,853 | $ | 2,531 | $ | 64,918 | $ | 7,061 | $ | 74,510 | |||||||||||||||||||||
As of 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 | — | 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 December 31, 2014 and 2013. PCI loans are excluded from this disclosure. | |||||||||||||||||||||||||||||||||||||
Impaired Loans Individually Evaluated by Class | |||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | |||||||||||||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||
Recorded Investment In | Recorded Investment In | ||||||||||||||||||||||||||||||||||||
Loans with | Loans | Unpaid | Specific | Loans with | Loans | Unpaid | Specific | ||||||||||||||||||||||||||||||
No Specific | with | Principal | Reserve | No | with | Principal | Reserve | ||||||||||||||||||||||||||||||
Reserve | a Specific | Balance | Specific | a Specific | Balance | ||||||||||||||||||||||||||||||||
Reserve | Reserve | Reserve | |||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 666 | $ | 19,130 | $ | 35,457 | $ | 2,249 | $ | 10,047 | $ | 3,131 | $ | 25,887 | $ | 4,046 | |||||||||||||||||||||
Agricultural | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||
Office, retail, and industrial | 9,623 | 2,709 | 18,340 | 271 | 23,872 | 2,476 | 35,868 | 214 | |||||||||||||||||||||||||||||
Multi-family | 939 | — | 1,024 | — | 1,098 | 198 | 1,621 | 18 | |||||||||||||||||||||||||||||
Construction | 6,671 | — | 7,731 | — | 4,586 | 1,126 | 10,037 | 178 | |||||||||||||||||||||||||||||
Other commercial real estate | 2,752 | 514 | 4,490 | 11 | 7,553 | 1,745 | 11,335 | 704 | |||||||||||||||||||||||||||||
Total commercial real | 19,985 | 3,223 | 31,585 | 282 | 37,109 | 5,545 | 58,861 | 1,114 | |||||||||||||||||||||||||||||
estate | |||||||||||||||||||||||||||||||||||||
Total impaired loans | $ | 20,651 | $ | 22,353 | $ | 67,042 | $ | 2,531 | $ | 47,156 | $ | 8,676 | $ | 84,748 | $ | 5,160 | |||||||||||||||||||||
individually evaluated | |||||||||||||||||||||||||||||||||||||
for impairment | |||||||||||||||||||||||||||||||||||||
The following table presents the average recorded investment and interest income recognized on impaired loans by class for the years ended December 31, 2014, 2013, and 2012. PCI loans are excluded from this disclosure. | |||||||||||||||||||||||||||||||||||||
Average Recorded Investment and Interest Income Recognized on Impaired Loans by Class | |||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | |||||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Average | Interest | Average | Interest | Average | Interest | ||||||||||||||||||||||||||||||||
Recorded | Income | Recorded | Income | Recorded | Income | ||||||||||||||||||||||||||||||||
Balance | Recognized (1) | Balance | Recognized (1) | Balance | Recognized (1) | ||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 16,137 | $ | 371 | $ | 20,925 | $ | 205 | $ | 45,101 | $ | 94 | |||||||||||||||||||||||||
Agricultural | — | — | — | — | 1,138 | — | |||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||
Office, retail, and industrial | 19,003 | 245 | 24,802 | 18 | 32,439 | 2 | |||||||||||||||||||||||||||||||
Multi-family | 1,245 | 5 | 1,116 | 8 | 6,226 | — | |||||||||||||||||||||||||||||||
Construction | 5,764 | — | 5,932 | — | 31,202 | 1 | |||||||||||||||||||||||||||||||
Other commercial real estate | 6,014 | 138 | 13,141 | 31 | 35,715 | 38 | |||||||||||||||||||||||||||||||
Total commercial real estate | 32,026 | 388 | 44,991 | 57 | 105,582 | 41 | |||||||||||||||||||||||||||||||
Total impaired loans | $ | 48,163 | $ | 759 | $ | 65,916 | $ | 262 | $ | 151,821 | $ | 135 | |||||||||||||||||||||||||
(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 December 31, 2014 and 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) | |||||||||||||||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 2,115,170 | $ | 84,615 | $ | 31,078 | $ | 22,693 | $ | 2,253,556 | |||||||||||||||||||||||||||
Agricultural | 357,595 | 294 | — | 360 | 358,249 | ||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||
Office, retail, and industrial | 1,393,885 | 38,891 | 32,664 | 12,939 | 1,478,379 | ||||||||||||||||||||||||||||||||
Multi-family | 553,255 | 6,363 | 4,049 | 754 | 564,421 | ||||||||||||||||||||||||||||||||
Construction | 178,992 | 5,776 | 12,487 | 6,981 | 204,236 | ||||||||||||||||||||||||||||||||
Other commercial real estate | 829,003 | 32,517 | 19,407 | 6,970 | 887,897 | ||||||||||||||||||||||||||||||||
Total commercial real estate | 2,955,135 | 83,547 | 68,607 | 27,644 | 3,134,933 | ||||||||||||||||||||||||||||||||
Total corporate loans | $ | 5,427,900 | $ | 168,456 | $ | 99,685 | $ | 50,697 | $ | 5,746,738 | |||||||||||||||||||||||||||
As of 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 $1.8 million as of December 31, 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 | |||||||||||||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||||||||||||
Home equity | $ | 536,895 | $ | 6,290 | $ | 543,185 | |||||||||||||||||||||||||||||||
1-4 family mortgages | 288,522 | 2,941 | 291,463 | ||||||||||||||||||||||||||||||||||
Installment | 75,989 | 43 | 76,032 | ||||||||||||||||||||||||||||||||||
Total consumer loans | $ | 901,406 | $ | 9,274 | $ | 910,680 | |||||||||||||||||||||||||||||||
As of 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 December 31, 2014 and 2013. See Note 1, "Summary of Significant Accounting Policies," for the accounting policy for TDRs. | |||||||||||||||||||||||||||||||||||||
TDRs by Class | |||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | |||||||||||||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||
Accruing | Non-accrual (1) | Total | Accruing | Non-accrual (1) | Total | ||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 269 | $ | 18,799 | $ | 19,068 | $ | 6,538 | $ | 2,121 | $ | 8,659 | |||||||||||||||||||||||||
Agricultural | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||
Office, retail, and industrial | 586 | — | 586 | 10,271 | — | 10,271 | |||||||||||||||||||||||||||||||
Multi-family | 887 | 232 | 1,119 | 1,038 | 253 | 1,291 | |||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Other commercial real estate | 433 | 183 | 616 | 4,326 | 291 | 4,617 | |||||||||||||||||||||||||||||||
Total commercial real estate | 1,906 | 415 | 2,321 | 15,635 | 544 | 16,179 | |||||||||||||||||||||||||||||||
Total corporate loans | 2,175 | 19,214 | 21,389 | 22,173 | 2,665 | 24,838 | |||||||||||||||||||||||||||||||
Home equity | 651 | 506 | 1,157 | 787 | 512 | 1,299 | |||||||||||||||||||||||||||||||
1-4 family mortgages | 878 | 184 | 1,062 | 810 | 906 | 1,716 | |||||||||||||||||||||||||||||||
Installment | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Total consumer loans | 1,529 | 690 | 2,219 | 1,597 | 1,418 | 3,015 | |||||||||||||||||||||||||||||||
Total loans | $ | 3,704 | $ | 19,904 | $ | 23,608 | $ | 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 $1.8 million in specific reserves related to TDRs as of December 31, 2014, and there were $2.0 million in specific reserves related to TDRs as of December 31, 2013. | |||||||||||||||||||||||||||||||||||||
The following table presents a summary of loans that were restructured during the years ended December 31, 2014, 2013, and 2012. | |||||||||||||||||||||||||||||||||||||
Loans Restructured During the Period | |||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | |||||||||||||||||||||||||||||||||||||
Number | Pre-Modification | Funds | Interest | Charge-offs | Post-Modification | ||||||||||||||||||||||||||||||||
of | Recorded | Disbursed | and Escrow | Recorded | |||||||||||||||||||||||||||||||||
Loans | Investment | Capitalized | Investment | ||||||||||||||||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||||||||||||||||||
Commercial and industrial | 7 | $ | 23,852 | $ | — | $ | — | $ | — | $ | 23,852 | ||||||||||||||||||||||||||
Office, retail, and industrial | 1 | 417 | — | — | — | 417 | |||||||||||||||||||||||||||||||
Multi-family | 1 | 275 | — | — | — | 275 | |||||||||||||||||||||||||||||||
Home equity | 1 | 75 | — | — | — | 75 | |||||||||||||||||||||||||||||||
Total TDRs restructured during the period | 10 | $ | 24,619 | $ | — | $ | — | $ | — | $ | 24,619 | ||||||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||
Commercial and industrial | 7 | $ | 14,439 | $ | — | $ | 2 | $ | — | $ | 14,441 | ||||||||||||||||||||||||||
Office, retail, and industrial | 6 | 2,275 | 30 | — | — | 2,305 | |||||||||||||||||||||||||||||||
Multi-family | 5 | 1,274 | — | 57 | — | 1,331 | |||||||||||||||||||||||||||||||
Construction | 2 | 508 | — | — | — | 508 | |||||||||||||||||||||||||||||||
Other commercial real estate | 5 | 526 | — | — | — | 526 | |||||||||||||||||||||||||||||||
Home equity | 13 | 1,189 | — | — | — | 1,189 | |||||||||||||||||||||||||||||||
1-4 family mortgages | 1 | 132 | — | 4 | — | 136 | |||||||||||||||||||||||||||||||
Total TDRs restructured during the period | 39 | $ | 20,343 | $ | 30 | $ | 63 | $ | — | $ | 20,436 | ||||||||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||
Commercial and industrial | 5 | $ | 3,277 | $ | — | $ | — | $ | 170 | $ | 3,107 | ||||||||||||||||||||||||||
Office, retail, and industrial | 2 | 2,416 | — | — | — | 2,416 | |||||||||||||||||||||||||||||||
Other commercial real estate | 5 | 1,070 | — | — | 125 | 945 | |||||||||||||||||||||||||||||||
Home equity | 1 | 19 | — | — | — | 19 | |||||||||||||||||||||||||||||||
1-4 family mortgages | 4 | 563 | — | 4 | — | 567 | |||||||||||||||||||||||||||||||
Total TDRs restructured during the period | 17 | $ | 7,345 | $ | — | $ | 4 | $ | 295 | $ | 7,054 | ||||||||||||||||||||||||||
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 years ended December 31, 2014, 2013, and 2012 where the default occurred within twelve months of the restructure date. | |||||||||||||||||||||||||||||||||||||
TDRs That Defaulted Within Twelve Months of the Restructured Date | |||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | |||||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Number | Recorded | Number | Recorded | Number | Recorded | ||||||||||||||||||||||||||||||||
of | Investment | of | Investment | of | Investment | ||||||||||||||||||||||||||||||||
Loans | Loans | Loans | |||||||||||||||||||||||||||||||||||
Commercial and industrial | 2 | $ | 125 | 1 | $ | 350 | — | $ | — | ||||||||||||||||||||||||||||
Office, retail, and industrial | — | — | — | — | 2 | 837 | |||||||||||||||||||||||||||||||
Other commercial real estate | — | — | 3 | 354 | 2 | 717 | |||||||||||||||||||||||||||||||
Home equity | 1 | 77 | — | — | — | — | |||||||||||||||||||||||||||||||
1-4 family mortgages | — | — | — | — | 1 | 62 | |||||||||||||||||||||||||||||||
Total | 3 | $ | 202 | 4 | $ | 704 | 5 | $ | 1,616 | ||||||||||||||||||||||||||||
A rollforward of the carrying value of TDRs for the years ended December 31, 2014, 2013, and 2012 is presented in the following table. | |||||||||||||||||||||||||||||||||||||
TDR Rollforward | |||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | |||||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 23,770 | $ | 6,867 | $ | 17,864 | |||||||||||||||||||||||||||||||
Additions | 804 | 4,847 | 2,504 | ||||||||||||||||||||||||||||||||||
Net payments | (1,440 | ) | (723 | ) | (205 | ) | |||||||||||||||||||||||||||||||
Returned to performing status | (20,656 | ) | (5,529 | ) | (16,619 | ) | |||||||||||||||||||||||||||||||
Net transfers from non-accrual | 1,226 | 18,308 | 3,323 | ||||||||||||||||||||||||||||||||||
Ending balance | 3,704 | 23,770 | 6,867 | ||||||||||||||||||||||||||||||||||
Non-accrual | |||||||||||||||||||||||||||||||||||||
Beginning balance | 4,083 | 10,924 | 29,842 | ||||||||||||||||||||||||||||||||||
Additions | 23,815 | 15,589 | 4,550 | ||||||||||||||||||||||||||||||||||
Net advances (payments) | 1,991 | (1,359 | ) | (1,761 | ) | ||||||||||||||||||||||||||||||||
Charge-offs | (8,457 | ) | (1,880 | ) | (10,003 | ) | |||||||||||||||||||||||||||||||
Transfers to OREO | (302 | ) | (77 | ) | (6,778 | ) | |||||||||||||||||||||||||||||||
Loans sold | — | (806 | ) | (1,603 | ) | ||||||||||||||||||||||||||||||||
Net transfers to accruing | (1,226 | ) | (18,308 | ) | (3,323 | ) | |||||||||||||||||||||||||||||||
Ending balance | 19,904 | 4,083 | 10,924 | ||||||||||||||||||||||||||||||||||
Total TDRs | $ | 23,608 | $ | 27,853 | $ | 17,791 | |||||||||||||||||||||||||||||||
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 $20.7 million, $5.5 million and $16.6 million for the years ended December 31, 2014, 2013, and 2012, 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 $666,000 and $180,000 in commitments to lend additional funds to borrowers with TDRs as of December 31, 2014 and 2013, respectively. |
Premises_Furniture_and_Equipme
Premises, Furniture, and Equipment | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||
Premises, Furniture, and Equipment | PREMISES, FURNITURE, AND EQUIPMENT | ||||||||||||
The following table summarizes the Company's premises, furniture, and equipment by category. | |||||||||||||
Premises, Furniture, and Equipment | |||||||||||||
(Dollar amounts in thousands) | |||||||||||||
As of December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Land | $ | 51,104 | $ | 48,590 | |||||||||
Premises | 148,963 | 139,336 | |||||||||||
Furniture and equipment | 85,489 | 81,002 | |||||||||||
Total cost | 285,556 | 268,928 | |||||||||||
Accumulated depreciation | (156,473 | ) | (152,751 | ) | |||||||||
Net book value of premises, furniture, and equipment | 129,083 | 116,177 | |||||||||||
Assets held-for-sale | 2,026 | 4,027 | |||||||||||
Total premises, furniture, and equipment | $ | 131,109 | $ | 120,204 | |||||||||
Depreciation on premises, furniture, and equipment totaled $12.2 million in 2014, $11.0 million in 2013, and $10.9 million in 2012. | |||||||||||||
Operating Leases | |||||||||||||
As of December 31, 2014, the Company was obligated to utilize certain premises and equipment under certain non-cancelable operating leases, which expire at various dates through the year ended December 31, 2030. Many of these leases contain renewal options and certain leases provide options to purchase the leased property during or at the expiration of the lease period at specific prices. Some leases contain escalation clauses calling for rentals to be adjusted for increased real estate taxes and other operating expenses or proportionately adjusted for increases in consumer or other price indices. The following summary reflects the future minimum payments by year required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year as of December 31, 2014. | |||||||||||||
Future Minimum Operating Lease Payments | |||||||||||||
(Dollar amounts in thousands) | |||||||||||||
Total | |||||||||||||
Year ending December 31, | |||||||||||||
2015 | $ | 5,071 | |||||||||||
2016 | 4,697 | ||||||||||||
2017 | 4,592 | ||||||||||||
2018 | 3,873 | ||||||||||||
2019 | 2,082 | ||||||||||||
2020 and thereafter | 13,031 | ||||||||||||
Total minimum lease payments | $ | 33,346 | |||||||||||
As part of the Popular acquisition, the Company assumed certain operating leases related to various branches. On the date of acquisition, an intangible liability of $10.6 million was recorded as the cash flows of the leases exceeded the fair market value. This intangible liability will be accreted into income as a reduction to net occupancy and equipment expense using the straight line method over the initial term of each lease, which expire between 2018 to 2030. The intangible liability is included in accrued interest and other liabilities in the Consolidated Statements of Financial Condition. | |||||||||||||
The following table presents the remaining scheduled accretion of the intangible liability by year. | |||||||||||||
Scheduled Accretion of Operating Lease Intangible | |||||||||||||
(Dollar amounts in thousands) | |||||||||||||
Total | |||||||||||||
Year ending December 31, | |||||||||||||
2015 | $ | 1,144 | |||||||||||
2016 | 1,144 | ||||||||||||
2017 | 1,144 | ||||||||||||
2018 | 900 | ||||||||||||
2019 | 651 | ||||||||||||
2020 and thereafter | 5,195 | ||||||||||||
Total accretion | $ | 10,178 | |||||||||||
The following table presents net operating lease expense for the years ended December 31, 2014, 2013, and 2012. | |||||||||||||
Net Operating Lease Expense | |||||||||||||
(Dollar amounts in thousands) | |||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Lease expense charged to operations (1) | $ | 4,216 | $ | 3,123 | $ | 3,379 | |||||||
Rental income from premises leased to others (2) | 541 | 531 | 931 | ||||||||||
Net operating lease expense | $ | 3,675 | $ | 2,592 | $ | 2,448 | |||||||
(1) | Includes amounts paid under short-term cancelable leases and included in net occupancy and equipment expense in the Consolidated Statements of Income. As of December 31, 2014, lease expense is net of $453,000 in accretion related to the intangible liability. | ||||||||||||
(2) | Included as a reduction to net occupancy and equipment expense in the Consolidated Statements of Income. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS | ||||||||||||||||||||||||||||||||||||
The Company's annual goodwill impairment test was performed as of October 1, 2014. It was determined that no impairment existed as of that date. Goodwill is tested for impairment at the reporting unit level. All of our goodwill is allocated to First Midwest Bancorp, Inc., which is the Company's only applicable reporting unit for purposes of testing goodwill impairment. For a discussion of the accounting policies for goodwill and other intangible assets, see Note 1, "Summary of Significant Accounting Policies." | |||||||||||||||||||||||||||||||||||||
The following table presents changes in the carrying amount of goodwill for the years ended December 31, 2014, 2013, and 2012. | |||||||||||||||||||||||||||||||||||||
Changes in the Carrying Amount of Goodwill | |||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | |||||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Beginning balance | $ | 264,062 | $ | 265,477 | $ | 265,477 | |||||||||||||||||||||||||||||||
Acquisitions | 46,527 | — | — | ||||||||||||||||||||||||||||||||||
Sale of equity method investment | — | (1,415 | ) | — | |||||||||||||||||||||||||||||||||
Ending balance | $ | 310,589 | $ | 264,062 | $ | 265,477 | |||||||||||||||||||||||||||||||
During the year ended December 31, 2014, the increase in goodwill resulted from the Popular, Great Lakes, and National Machine Tool acquisitions. See Note 3, "Acquisitions," for additional detail regarding these transactions. | |||||||||||||||||||||||||||||||||||||
The Company's other intangible assets are core deposit intangibles, which are being amortized over their estimated useful lives. The Company's annual impairment testing was performed as of November 30, 2014 by comparing the carrying value of other intangible assets with our anticipated discounted expected future cash flows, and it was determined that no impairment existed as of that date. | |||||||||||||||||||||||||||||||||||||
Other Intangible Assets | |||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | |||||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||||||||||||
Amortization | Amortization | Amortization | |||||||||||||||||||||||||||||||||||
Beginning balance | $ | 33,775 | $ | 21,471 | $ | 12,304 | $ | 33,775 | $ | 18,193 | $ | 15,582 | $ | 34,318 | $ | 16,145 | $ | 18,173 | |||||||||||||||||||
Additions | 14,195 | — | 14,195 | — | — | — | 781 | — | 781 | ||||||||||||||||||||||||||||
Amortization expense | — | 2,889 | (2,889 | ) | — | 3,278 | (3,278 | ) | — | 3,372 | (3,372 | ) | |||||||||||||||||||||||||
Fully amortized assets | — | — | — | — | — | — | (1,324 | ) | (1,324 | ) | — | ||||||||||||||||||||||||||
Ending balance | $ | 47,970 | $ | 24,360 | $ | 23,610 | $ | 33,775 | $ | 21,471 | $ | 12,304 | $ | 33,775 | $ | 18,193 | $ | 15,582 | |||||||||||||||||||
Weighted-average remaining life (in years) | 8 | 5.9 | 6.4 | ||||||||||||||||||||||||||||||||||
Estimated remaining useful lives (in years) | 0.3 to 10.3 | 0.2 to 11.3 | 0.7 to 12.3 | ||||||||||||||||||||||||||||||||||
Scheduled Amortization of Other Intangible Assets | |||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | |||||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||||
Year ending December 31, | |||||||||||||||||||||||||||||||||||||
2015 | $ | 3,920 | |||||||||||||||||||||||||||||||||||
2016 | 3,843 | ||||||||||||||||||||||||||||||||||||
2017 | 3,063 | ||||||||||||||||||||||||||||||||||||
2018 | 2,138 | ||||||||||||||||||||||||||||||||||||
2019 | 2,073 | ||||||||||||||||||||||||||||||||||||
2020 and thereafter | 8,573 | ||||||||||||||||||||||||||||||||||||
Total | $ | 23,610 | |||||||||||||||||||||||||||||||||||
Deposits
Deposits | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Deposits [Abstract] | |||||||||
Deposits | DEPOSITS | ||||||||
The following table presents the Company's deposits by type. | |||||||||
Summary of Deposits | |||||||||
(Dollar amounts in thousands) | |||||||||
As of December 31, | |||||||||
2014 | 2013 | ||||||||
Demand deposits | $ | 2,301,757 | $ | 1,911,602 | |||||
Savings deposits | 1,391,444 | 1,135,155 | |||||||
NOW accounts | 1,413,973 | 1,220,693 | |||||||
Money market deposits | 1,509,026 | 1,290,868 | |||||||
Time deposits less than $100,000 | 859,441 | 820,925 | |||||||
Time deposits greater than $100,000 | 412,117 | 386,858 | |||||||
Total deposits | $ | 7,887,758 | $ | 6,766,101 | |||||
The following table provides maturity information related to the Company's time deposits. | |||||||||
Scheduled Maturities of Time Deposits | |||||||||
(Dollar amounts in thousands) | |||||||||
Total | |||||||||
Year ending December 31, | |||||||||
2015 | $ | 865,149 | |||||||
2016 | 211,496 | ||||||||
2017 | 89,061 | ||||||||
2018 | 38,623 | ||||||||
2019 | 66,961 | ||||||||
2020 and thereafter | 268 | ||||||||
Total | $ | 1,271,558 | |||||||
Borrowed_Funds
Borrowed Funds | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Borrowed Funds | BORROWED FUNDS | ||||||||
The following table summarizes the Company's borrowed funds by funding source. | |||||||||
Summary of Borrowed Funds | |||||||||
(Dollar amounts in thousands) | |||||||||
As of December 31, | |||||||||
2014 | 2013 | ||||||||
Securities sold under agreements to repurchase | $ | 137,994 | $ | 109,792 | |||||
FHLB advances | — | 114,550 | |||||||
Total borrowed funds | $ | 137,994 | $ | 224,342 | |||||
Securities sold under agreements to repurchase are treated as financings and the obligations to repurchase securities sold are included as a liability in the Consolidated Statements of Financial Condition. Repurchase agreements are secured by the Treasury and U.S. agency securities and are held in third party pledge accounts, if required. The securities underlying the agreements remain in the respective asset accounts. As of December 31, 2014, the Company did not have amounts at risk under repurchase agreements with any individual counterparty or group of counterparties that exceeded 10% of stockholders' equity. | |||||||||
The Bank is a member of the FHLB and has access to term financing from the FHLB. These advances are secured by designated assets that may include qualifying residential and multi-family mortgages, home equity loans, and municipal and mortgage-backed securities. During 2014, the Company prepaid $114.6 million of FHLB advances. This transaction resulted in a $2.1 million pre-tax loss on the early extinguishment of debt and is included in other noninterest income in the Consolidated Statements of Income. At December 31, 2013, FHLB advances totaled $114.6 million with a weighted average interest rate of 1.34%. | |||||||||
The following table presents short-term credit lines available for use, for which the Company did not have an outstanding balance as of December 31, 2014 and 2013. | |||||||||
Short-Term Credit Lines Available for Use | |||||||||
(Dollar amounts in thousands) | |||||||||
As of December 31, | |||||||||
2014 | 2013 | ||||||||
Available federal funds lines | $ | 685,500 | $ | 681,100 | |||||
FRBs Discount Window Primary Credit Program | 675,507 | 632,498 | |||||||
Correspondent bank line of credit | 35,000 | — | |||||||
None of the Company's borrowings have any related compensating balance requirements that restrict the use of Company assets. At December 31, 2014, the Company had a $35.0 million short-term, unsecured revolving line of credit with a correspondent bank that it allowed to expire on January 20, 2015. |
Senior_and_Subordinated_Debt
Senior and Subordinated Debt | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Debt Disclosure [Abstract] | |||||||||||
Senior and Subordinated Debt | SENIOR AND SUBORDINATED DEBT | ||||||||||
The following table presents the Company's senior and subordinated debt by issuance. | |||||||||||
Senior and Subordinated Debt | |||||||||||
(Dollar amounts in thousands) | |||||||||||
As of December 31, | |||||||||||
Interest Rate | 2014 | 2013 | |||||||||
Senior notes due in 2016 | 5.88% | $ | 114,768 | $ | 114,645 | ||||||
Subordinated notes due in 2016 | 5.85% | 38,495 | 38,491 | ||||||||
Junior subordinated debentures: | |||||||||||
First Midwest Capital Trust I ("FMCT") due in 2033 | 6.95% | 37,797 | 37,796 | ||||||||
Great Lakes Statutory Trust II ("GLST II") due in 2035 | 3 month LIBOR + 1.400% | 4,202 | — | ||||||||
Great Lakes Statutory Trust III ("GLST III") due in 2037 | 3 month LIBOR + 1.700% | 5,607 | — | ||||||||
Total junior subordinated debentures | 47,606 | 37,796 | |||||||||
Total senior and subordinated debt | $ | 200,869 | $ | 190,932 | |||||||
Junior Subordinated Debentures | |||||||||||
FMCT is a Delaware statutory business trust that was formed in 2003. During the fourth quarter of 2014, the Company acquired two Delaware statutory business trusts, GLST II and GLST III, in the Great Lakes transaction. These trusts were established for the purpose of issuing trust-preferred securities and lending the proceeds to the Company in return for junior subordinated debentures of the Company. The Company guarantees payments of distributions on the trust-preferred securities and payments on redemption of the trust-preferred securities on a limited basis. The statutory trusts qualify as variable interest entities for which the Company is not the primary beneficiary. Consequently, the accounts of those entities are not consolidated in the Company's financial statements. | |||||||||||
Debt Retirement | |||||||||||
The Company repurchased and retired $24.0 million of junior subordinated debentures at a premium of 3.5% during 2013. This transaction resulted in the recognition of a pre-tax loss of $1.0 million and is included in other noninterest income in the Consolidated Statements of Income. |
Material_Transactions_Affectin
Material Transactions Affecting Stockholders' Equity | 12 Months Ended |
Dec. 31, 2014 | |
Equity [Abstract] | |
Material Transactions Affecting Stockholders' Equity | MATERIAL TRANSACTIONS AFFECTING STOCKHOLDERS' EQUITY |
Issued Common Stock | |
On December 2, 2014, the Company issued 2,440,754 shares of its $0.01 par value common stock at a price of $15.737 as part of the consideration in the Great Lakes acquisition. Additional information regarding the acquisition is presented in Note 3, "Acquisitions." | |
Authorized Common Stock | |
On May 21, 2014, the stockholders of the Company approved an amendment to the Company's 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. | |
Quarterly Dividend on Common Shares | |
The Board of Directors of First Midwest Bancorp, Inc. ("the Board") declared quarterly stock dividends of $0.01 per share from 2012 through the first quarter of 2013. The Company increased the quarterly dividend to $0.04 per share during the second quarter of 2013, to $0.07 per share during the fourth quarter of 2013, and to $0.08 per share during the second quarter of 2014. | |
There were no additional material transactions that affected stockholders' equity during the three years ended December 31, 2014. | |
STOCKHOLDER RIGHTS PLAN | |
On February 15, 1989, the Board adopted a Stockholder Rights Plan. Pursuant to that plan, the Company declared a dividend, paid March 1, 1989, of one right ("Right") for each outstanding share of Company common stock held on record on March 1, 1989 pursuant to a Rights Agreement dated February 15, 1989. The Rights Agreement was amended and restated on November 15, 1995 and again on June 18, 1997 to exclude an acquisition. The Rights Agreement was further amended on December 9, 2008 to clarify certain items. As amended, each Right entitles the registered holder to purchase from the Company 1/100 of a share of Series A Preferred Stock for a price of $150, subject to adjustment. The Rights will be exercisable only if a person or group acquires, or announces the intention to acquire, 10% or more of the Company's outstanding shares of common stock. The Company is entitled to redeem each Right for $0.01, subject to adjustment, at any time prior to the earlier of the tenth business day following the acquisition by any person or group of 10% or more of the outstanding shares of the common stock or the expiration date of the Rights. The Rights Agreement will expire on November 15, 2015. | |
As a result of the Rights Agreement, 600,000 of the 1,000,000 shares of authorized preferred stock were reserved for issuance as Series A Preferred Stock. |
Earnings_Per_Common_Share
Earnings Per Common Share | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Earnings Per Common Share | EARNINGS PER COMMON SHARE | ||||||||||||
The table below displays the calculation of basic and diluted earnings (loss) per share. | |||||||||||||
Basic and Diluted Earnings (Loss) per Common Share | |||||||||||||
(Amounts in thousands, except per share data) | |||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net income (loss) | $ | 69,306 | $ | 79,306 | $ | (21,054 | ) | ||||||
Net (income) loss applicable to non-vested restricted shares | (836 | ) | (1,107 | ) | 306 | ||||||||
Net income (loss) applicable to common shares | $ | 68,470 | $ | 78,199 | $ | (20,748 | ) | ||||||
Weighted-average common shares outstanding: | |||||||||||||
Weighted-average common shares outstanding (basic) | 74,484 | 73,984 | 73,665 | ||||||||||
Dilutive effect of common stock equivalents | 12 | 10 | 1 | ||||||||||
Weighted-average diluted common shares outstanding | 74,496 | 73,994 | 73,666 | ||||||||||
Basic earnings (loss) per common share | $ | 0.92 | $ | 1.06 | $ | (0.28 | ) | ||||||
Diluted earnings (loss) per common share | 0.92 | 1.06 | (0.28 | ) | |||||||||
Anti-dilutive shares not included in the computation of | 1,198 | 1,462 | 1,759 | ||||||||||
diluted earnings per common share (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
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | INCOME TAXES | ||||||||||||
Components of Income Tax Expense (Benefit) | |||||||||||||
(Dollar amounts in thousands) | |||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current income tax expense: | |||||||||||||
Federal | $ | 16,343 | $ | 4,744 | $ | — | |||||||
State | (1,388 | ) | 10,504 | 1 | |||||||||
Total | 14,955 | 15,248 | 1 | ||||||||||
Deferred income tax expense (benefit): | |||||||||||||
Federal | 7,901 | 31,572 | (23,728 | ) | |||||||||
State | 8,314 | 1,895 | (5,155 | ) | |||||||||
Total | 16,215 | 33,467 | (28,883 | ) | |||||||||
Total income expense (benefit) | $ | 31,170 | $ | 48,715 | $ | (28,882 | ) | ||||||
Federal income tax expense (benefit) and the related effective income tax rate are influenced by the amount of tax-exempt income derived from investment securities and BOLI in relation to pre-tax income (loss) and state income taxes. State income tax expense (benefit) and the related effective income tax rate are driven by the amount of state tax-exempt income in relation to pre-tax income (loss) and state tax rules for consolidated/combined reporting and sourcing of income and expense. | |||||||||||||
Income tax expense totaled $31.2 million for the year ended December 31, 2014 compared to income tax expense of $48.7 million for the year ended December 31, 2013 and an income tax benefit of $28.9 million for the year ended December 31, 2012. The decrease in income tax expense in 2014 was driven primarily by a decrease in income subject to tax at statutory rates. The increase in income tax expense from 2012 to 2013 was the result of an increase in income subject to tax at statutory rates and to a non-deductible BOLI modification loss recorded in 2013. | |||||||||||||
Differences between the amounts reported in the consolidated financial statements and the tax basis of assets and liabilities result in temporary differences for which deferred tax assets and liabilities were recorded. | |||||||||||||
Deferred Tax Assets and Liabilities | |||||||||||||
(Dollar amounts in thousands) | |||||||||||||
As of December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets: | |||||||||||||
Alternative minimum tax ("AMT") and other credit carryforwards | $ | 29,007 | $ | 19,184 | |||||||||
Federal net operating loss ("NOL") carryforwards | — | 14,579 | |||||||||||
Allowance for credit losses | 26,078 | 30,492 | |||||||||||
Unrealized losses on securities | 18,527 | 21,374 | |||||||||||
OREO | 3,480 | 6,541 | |||||||||||
State NOL carryforwards | 11,917 | 15,859 | |||||||||||
Other | 18,390 | 19,049 | |||||||||||
Total deferred tax assets | 107,399 | 127,078 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Purchase accounting adjustments and intangibles | (11,181 | ) | (16,977 | ) | |||||||||
Accrued retirement benefits | (6,732 | ) | (7,095 | ) | |||||||||
Depreciation | (845 | ) | (2,111 | ) | |||||||||
Cancellation of indebtedness income | (4,272 | ) | (5,340 | ) | |||||||||
Other | (3,978 | ) | (6,313 | ) | |||||||||
Total deferred tax liabilities | (27,008 | ) | (37,836 | ) | |||||||||
Deferred tax valuation allowance | — | — | |||||||||||
Net deferred tax assets | 80,391 | 89,242 | |||||||||||
Tax effect of adjustments related to other comprehensive income (loss) | 11,294 | 18,382 | |||||||||||
Net deferred tax assets including adjustments | $ | 91,685 | $ | 107,624 | |||||||||
Net operating loss carryforwards available to offset future taxable income: | |||||||||||||
Federal gross NOL carryforwards, begin to expire in 2032 | $ | — | $ | 41,654 | |||||||||
Illinois gross NOL carryforwards, begin to expire in 2021 | 232,834 | 290,076 | |||||||||||
Indiana gross NOL carryforwards, begin to expire in 2022 | 17,192 | 16,112 | |||||||||||
Alternative minimum tax credits | 25,739 | 16,090 | |||||||||||
Other credits, begin to expire in 2028 | 3,268 | 3,094 | |||||||||||
Included in the net deferred tax assets balance at December 31, 2014 are $7.4 million of net deferred tax assets acquired from the Popular, National Machine Tool, and Great Lakes transactions. | |||||||||||||
Net deferred tax assets are included in other assets in the accompanying Consolidated Statements of Financial Condition. Management believes that it is more likely than not that net deferred tax assets will be fully realized and no valuation allowance is required. | |||||||||||||
Components of Effective Tax Rate | |||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Statutory federal income tax rate | 35 | % | 35 | % | 35 | % | |||||||
Tax-exempt income, net of interest expense disallowance | (7.5 | )% | (6.2 | )% | 16.8 | % | |||||||
State income tax, net of federal income tax effect | 4.5 | % | 6.4 | % | 7 | % | |||||||
Net other | (1.0 | )% | 2.9 | % | (1.0 | )% | |||||||
Effective tax rate | 31 | % | 38.1 | % | 57.8 | % | |||||||
The change in effective tax rate from the year ended December 31, 2013 to the year ended December 31, 2014 was the result of a decrease in income subject to tax at statutory rates. The change in effective tax rate from the year ended December 31, 2012 to the year ended December 31, 2013 was the result of an increase in income subject to tax at statutory rates and a non-deductible BOLI modification loss recorded in 2013. | |||||||||||||
As of December 31, 2014, 2013, and 2012, the Company's retained earnings included an appropriation for an acquired thrift's tax bad debt reserves of approximately $2.5 million for which no provision for federal or state income taxes has been made. If, in the future, this portion of retained earnings were distributed as a result of the liquidation of the Company or its subsidiaries, federal and state income taxes would be imposed at the then applicable rates. | |||||||||||||
Uncertainty in Income Taxes | |||||||||||||
The Company files a U.S. federal income tax return and state income tax returns in various states. In 2012, the Internal Revenue Service completed audits of the Company's 2006-2010 federal income tax returns and Illinois completed audits of the Company's 2008-2009 Illinois income tax returns. No significant adjustments were proposed in these audits. | |||||||||||||
Federal income tax returns filed by the Company are no longer subject to examination by federal income tax authorities for years prior to 2011. The Company is no longer subject to examination by Illinois, Indiana, Iowa and Wisconsin tax authorities for years prior to 2011. | |||||||||||||
Rollforward of Unrecognized Tax Benefits | |||||||||||||
(Dollar amounts in thousands) | |||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Beginning balance | $ | 279 | $ | — | $ | 368 | |||||||
Additions for tax positions relating to the current year | 635 | 279 | — | ||||||||||
Reductions for tax positions relating to prior years | (2 | ) | — | — | |||||||||
Reductions for settlements with taxing authorities | — | — | (368 | ) | |||||||||
Ending balance | $ | 912 | $ | 279 | $ | — | |||||||
Interest and penalties not included above (1): | |||||||||||||
Interest (benefit) expense, net of tax effect, and penalties | $ | 4 | $ | — | $ | (52 | ) | ||||||
Accrued interest and penalties, net of tax effect, at end of year | 4 | — | — | ||||||||||
(1) | Included in income tax expense (benefit) in the Consolidated Statements of Income. | ||||||||||||
The Company does not anticipate that the amount of uncertain tax positions will significantly increase or decrease in the next 12 months. Included in the balance at December 31, 2014 and 2013 are tax positions totaling $597,000 and $181,000, respectively, that would favorably affect the Company's effective tax rate if recognized in future periods. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||
Employee Benefit Plans | EMPLOYEE BENEFIT PLANS | ||||||||||||
Profit Sharing Plan | |||||||||||||
The Company has a defined contribution retirement savings plan (the "Profit Sharing Plan") that covers qualified employees who meet certain eligibility requirements. During 2014, the Profit Sharing Plan was amended to give qualified employees the option to increase contributions from 45% (15% for certain highly compensated employees) to 100% (including certain highly compensated employees) of their pre-tax base salary through salary deductions under Section 401(k) of the Internal Revenue Code. At the employees' direction, employee contributions are invested among a variety of investment alternatives. The amendment also increased the Company’s matching contribution from a maximum of 2% to 4% of the eligible employee's compensation. In addition, pursuant to the amendment, the Company makes certain automatic and transition contributions. On an annual basis, the Company automatically contributes 2% of the employee's eligible compensation regardless of voluntary contributions made by the employee. Transition contributions of up to 4% will be made through December 31, 2015 for certain employees who were active participants in the defined benefit retirement plan (the "Pension Plan"), which was frozen in 2013. The amendment did not change the discretionary profit sharing component of the Profit Sharing Plan, which permits the Company to distribute up to 15% of the employee's compensation. The Company's matching and transition contributions vest immediately, while the automatic and discretionary components vest over six years. | |||||||||||||
Profit Sharing Plan | |||||||||||||
(Dollar amounts in thousands) | |||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Profit sharing expense (1) | $ | 6,354 | $ | 2,914 | $ | 2,532 | |||||||
Company dividends received by the Profit Sharing Plan | $ | 428 | $ | 159 | $ | 71 | |||||||
Company shares held by the Profit Sharing Plan at the end of the year: | |||||||||||||
Number of shares | 1,364,558 | 1,426,708 | 1,743,085 | ||||||||||
Fair value | $ | 23,348 | $ | 25,010 | $ | 21,823 | |||||||
(1) | Included in retirement and other employee benefits in the Consolidated Statements of Income. | ||||||||||||
Pension Plan | |||||||||||||
The Company sponsors the Pension Plan which provides for retirement benefits based on years of service and compensation levels of the participants. The Pension Plan covers employees who met certain eligibility requirements and were hired before April 1, 2007, the date it was amended to eliminate new enrollment of new participants. During 2013, the Board of Directors approved an amendment to freeze benefit accruals under the Pension Plan effective on January 1, 2014. Based on December 31, 2013 actuarial assumptions, the amendment decreased the pension obligation by $9.9 million and increased other comprehensive income (loss) by $5.9 million, after tax. These actions reduced 2013 pension expense by approximately $1.0 million. | |||||||||||||
Actuarially determined pension costs are charged to current operations and included in retirement and other employee benefits in the Consolidated Statements of Income. The Company's funding policy is to contribute amounts to the Pension Plan that are sufficient to meet the minimum funding requirements of the Employee Retirement Income Security Act of 1974 plus additional amounts as the Company deems appropriate. | |||||||||||||
Pension Plan Cost and Obligations | |||||||||||||
(Dollar amounts in thousands) | |||||||||||||
As of December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Accumulated benefit obligation | $ | 67,283 | $ | 61,292 | |||||||||
Change in projected benefit obligation: | |||||||||||||
Beginning balance | $ | 61,292 | $ | 72,855 | |||||||||
Service cost | — | 2,600 | |||||||||||
Interest cost | 2,346 | 2,414 | |||||||||||
Curtailment | — | (9,947 | ) | ||||||||||
Settlements | (6,502 | ) | — | ||||||||||
Actuarial loss (gain) | 10,508 | (1,494 | ) | ||||||||||
Benefits paid | (361 | ) | (5,136 | ) | |||||||||
Ending balance | $ | 67,283 | $ | 61,292 | |||||||||
Change in fair value of plan assets: | |||||||||||||
Beginning balance | $ | 74,370 | $ | 63,501 | |||||||||
Actual return on plan assets | 4,686 | 9,005 | |||||||||||
Benefits paid | (361 | ) | (5,136 | ) | |||||||||
Employer contributions | — | 7,000 | |||||||||||
Settlements | (6,502 | ) | — | ||||||||||
Ending balance | $ | 72,193 | $ | 74,370 | |||||||||
Funded status recognized in the Consolidated Statements of Financial Condition: | |||||||||||||
Noncurrent asset | $ | 4,910 | $ | 13,078 | |||||||||
Amounts recognized in accumulated other comprehensive loss: | |||||||||||||
Prior service cost | $ | — | $ | — | |||||||||
Net loss | 19,911 | 10,784 | |||||||||||
Net amount recognized | $ | 19,911 | $ | 10,784 | |||||||||
Actuarial losses included in accumulated other comprehensive loss as a percent of: | |||||||||||||
Accumulated benefit obligation | 29.6 | % | 17.6 | % | |||||||||
Fair value of plan assets | 27.6 | % | 14.5 | % | |||||||||
Amounts expected to be amortized from accumulated other comprehensive loss | |||||||||||||
into net periodic benefit cost in the next fiscal year: | |||||||||||||
Prior service cost | $ | — | $ | — | |||||||||
Net loss | 401 | 215 | |||||||||||
Net amount expected to be recognized | $ | 401 | $ | 215 | |||||||||
Weighted-average assumptions at the end of the year used to determine the | |||||||||||||
actuarial present value of the projected benefit obligation: | |||||||||||||
Discount rate | 3.6 | % | 4.3 | % | |||||||||
Rate of compensation increase (1) | N/A | N/A | |||||||||||
N/A – Not applicable. | |||||||||||||
(1) | The rate of compensation increase is no longer applicable in determining the present value of the projected benefit obligation due to the amendment to freeze benefit accruals, which is discussed above. | ||||||||||||
Expected amortization of net actuarial losses – To the extent the cumulative actuarial losses included in accumulated other comprehensive loss exceed 10% of the greater of the accumulated benefit obligation or the market-related value of the Pension Plan assets, it is the Company's policy to amortize the Pension Plan's net actuarial losses into income over the future working life of the Pension Plan participants. In connection with the freeze of benefit accruals under the Pension Plan in 2013, the Company changed its policy to amortize net actuarial losses into income over the average remaining life expectancy of the Pension Plan participants. Actuarial losses included in accumulated other comprehensive loss as of December 31, 2014 exceeded 10% of the accumulated benefit obligation and the fair value of Pension Plan assets. The amortization of net actuarial losses is a component of the net periodic benefit cost. Amortization of the net actuarial losses and prior service cost included in other comprehensive income (loss) is not expected to have a material impact on the Company's future results of operations, financial position, or liquidity. | |||||||||||||
Net Periodic Benefit Pension Cost | |||||||||||||
(Dollar amounts in thousands) | |||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Components of net periodic benefit cost: | |||||||||||||
Service cost | $ | — | $ | 2,600 | $ | 2,862 | |||||||
Interest cost | 2,346 | 2,414 | 2,720 | ||||||||||
Expected return on plan assets | (4,931 | ) | (4,299 | ) | (4,456 | ) | |||||||
Recognized net actuarial loss | 249 | 1,453 | 1,684 | ||||||||||
Amortization of prior service cost | — | 1 | 3 | ||||||||||
Recognized settlement loss | 1,377 | — | — | ||||||||||
Net periodic (income) cost | (959 | ) | 2,169 | 2,813 | |||||||||
Other changes in plan assets and benefit obligations recognized as | |||||||||||||
a charge to other comprehensive income (loss): | |||||||||||||
Net (loss) gain for the period | (10,752 | ) | 16,146 | (8,207 | ) | ||||||||
Amortization of prior service cost | — | 1 | 4 | ||||||||||
Amortization of net loss | 1,625 | 1,453 | 1,683 | ||||||||||
Total unrealized (loss) gain | (9,127 | ) | 17,600 | (6,520 | ) | ||||||||
Total recognized in net periodic pension cost and other | $ | (8,168 | ) | $ | 15,431 | $ | (9,333 | ) | |||||
comprehensive income (loss) | |||||||||||||
Weighted-average assumptions used to determine the net periodic | |||||||||||||
cost: | |||||||||||||
Discount rate | 4.3 | % | 3.4 | % | 4.4 | % | |||||||
Expected return on plan assets | 7.25 | % | 7.25 | % | 7.25 | % | |||||||
Rate of compensation increase | N/A | (1) | 2.5 | % | 2.5 | % | |||||||
N/A – Not applicable. | |||||||||||||
(1) | The rate of compensation increase is no longer applicable in determining the net periodic cost due to the amendment to freeze benefit accruals, which is discussed above. | ||||||||||||
Pension Plan Asset Allocation | |||||||||||||
(Dollar amounts in thousands) | |||||||||||||
Percentage of Plan Assets | |||||||||||||
Target Allocation | Fair Value of Plan Assets (1) | as of December 31, | |||||||||||
2014 | 2013 | ||||||||||||
Asset Category: | |||||||||||||
Equity securities | 50 - 60% | $ | 42,826 | 59 | % | 63 | % | ||||||
Fixed income | 30 - 48% | 25,832 | 36 | % | 30 | % | |||||||
Cash equivalents | 2 - 10% | 3,535 | 5 | % | 7 | % | |||||||
Total | $ | 72,193 | 100 | % | 100 | % | |||||||
(1) | Additional information regarding the fair value of Pension Plan assets at December 31, 2014 can be found in Note 22, "Fair Value." | ||||||||||||
Expected long-term rate of return – The expected long-term rate of return on Pension Plan assets represents the average rate of return expected to be earned over the period the benefits included in the benefit obligation are to be paid. In developing the expected rate of return, the Company considers long-term returns of historical market data and projections of future returns for each asset category, as well as historical actual returns on the Pension Plan assets with the assistance of its independent actuarial consultant. Using this reference data, the Company develops a forward-looking return expectation for each asset category and a weighted-average expected long-term rate of return based on the target asset allocation. | |||||||||||||
Investment policy and strategy – The investment objective of the Pension Plan is to maximize the return on Pension Plan assets over a long-term horizon to satisfy the Pension Plan obligations. In establishing its investment policies and asset allocation strategies, the Company considers expected returns and the volatility associated with different strategies. The policy established by the Company's Retirement Plan Committee provides for growth of capital with a moderate level of volatility by investing assets according to the target allocations stated above and reallocating those assets as needed to stay within those allocations. Investments are weighted toward publicly traded securities. Investment strategies that include alternative asset classes, such as private equity hedge funds and real estate, are generally avoided. Under the advisement of a certified investment advisor, the Committee reviews the investment policy on a quarterly basis to determine if any adjustments to the policy or investment strategy are necessary. | |||||||||||||
Estimated future pension benefit payments for fiscal years ending December 31, 2015 through 2024 are as follows. | |||||||||||||
Estimated Future Pension Benefit Payments | |||||||||||||
(Dollar amounts in thousands) | |||||||||||||
Total | |||||||||||||
Year ending December 31, | |||||||||||||
2015 | $ | 5,298 | |||||||||||
2016 | 5,397 | ||||||||||||
2017 | 4,886 | ||||||||||||
2018 | 4,324 | ||||||||||||
2019 | 4,085 | ||||||||||||
2020-2024 | 17,518 | ||||||||||||
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||
Share-Based Compensation | SHARE-BASED COMPENSATION | ||||||||||||||
Share-Based Plans | |||||||||||||||
Omnibus Stock and Incentive Plan (the "Omnibus Plan") – In 1989, the Board adopted the Omnibus Plan, which allows for the grant of both incentive and non-statutory ("nonqualified") stock options, stock appreciation rights, restricted stock, restricted stock units, performance units, and performance shares to certain key employees. | |||||||||||||||
From the inception of the Omnibus Plan through the end of 2008, certain key employees were granted nonqualified stock options. The option exercise price is the average of the high and low price of the Company's common stock on the grant date. All options have a term of ten years from the grant date, include reload features, and are non-transferable except to immediate family members, family trusts, or partnerships. | |||||||||||||||
Since 2008, the Company has granted restricted stock and restricted stock unit awards instead of nonqualified stock options to certain key employees. Both restricted stock and restricted stock unit awards vest over three years, with 50% vesting on the second anniversary of the grant date and the remaining 50% vesting on the third anniversary of the grant date, provided the employee remains employed by the Company during this period (subject to accelerated vesting in the event of a change-in-control or upon certain terminations of employment, as set forth in the applicable award agreement). The fair value of the awards is determined based on the average of the high and low price of the Company's common stock on the grant date. | |||||||||||||||
Since 2013, the Company has also granted performance shares to certain key employees. Recipients will earn performance shares totaling between 0% and 200% of the number of performance shares granted based on achieving certain performance metrics. Performance shares may be earned based on achieving an internal metric (core return on average tangible common equity) and an external metric (relative total shareholder return) over a three year period. Each metric is weighted at 50% of the total award opportunity. If earned, and assuming continued employment, the performance shares vest one-third at the completion of the three-year performance period and one-third at the end of the first and second years thereafter. The fair value of the performance shares that are dependent on the internal metric is determined based on the average of the high and low stock price on the grant date. An estimate is made as to the number of shares expected to vest as a result of actual performance against the internal metric to determine the amount of compensation expense to be recognized, which is re-evaluated quarterly. The fair value of the performance shares that are dependent on the external metric is determined using a Monte Carlo simulation model on the grant date assuming 100% of the shares are earned and issued. | |||||||||||||||
Nonemployee Directors Stock Plan (the "Directors Plan") – In 1997, the Board adopted the Directors Plan, which provides for the grant of equity awards to non-management Board members. Until 2008, only nonqualified stock options were issued under the Directors Plan. The exercise price of the options is equal to the average of the high and low price of the Company's common stock on the grant date. All options have a term of 10 years from the grant date. | |||||||||||||||
In 2008, the Company amended the Directors Plan to allow for the grant of restricted stock awards, among other items. The awards are restricted as to transfer, but are not restricted as to voting rights. Dividends accrue and are paid at the vesting date. Both the options and the restricted stock awards vest one year from the grant date subject to accelerated vesting in the event of retirement, death, disability, or change-in-control, as defined in the Directors Plan. | |||||||||||||||
Both the Omnibus Plan and the Directors Plan, and material amendments, were submitted to and approved by the stockholders of the Company. The Company issues treasury shares to satisfy stock option exercises and the vesting of restricted stock, restricted stock units, and performance share awards. | |||||||||||||||
Shares of Common Stock Available Under Share-Based Plans | |||||||||||||||
As of December 31, 2014 | |||||||||||||||
Shares | Shares Available | ||||||||||||||
Authorized | For Grant | ||||||||||||||
Omnibus Plan | 8,631,641 | 2,237,337 | |||||||||||||
Directors Plan | 481,250 | 75,294 | |||||||||||||
Salary Stock Awards – The Company also periodically issues salary stock awards to certain executive officers. This stock is fully vested as of the grant date. The issuance of salary stock awards is included in share-based compensation expense, but does not reduce the number of shares issued and outstanding under the Omnibus Plan as the issuance is not considered part of the share-based plans referenced above. | |||||||||||||||
Salary Stock Awards Granted | |||||||||||||||
Years ended December 31, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Shares granted | — | 8,693 | 10,983 | ||||||||||||
Weighted-average price | $ | — | $ | 14.3 | $ | 11.51 | |||||||||
Stock Options | |||||||||||||||
Nonqualified Stock Option Transactions | |||||||||||||||
(Amounts in thousands, except per share data) | |||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||
Number of Options | Weighted Average | Weighted | Aggregate | ||||||||||||
Exercise | Average | Intrinsic | |||||||||||||
Price | Remaining | Value (2) | |||||||||||||
Contractual | |||||||||||||||
Term (1) | |||||||||||||||
Options outstanding beginning balance | 1,436 | $ | 32.99 | ||||||||||||
Expired | (283 | ) | 33.23 | ||||||||||||
Options outstanding ending balance | 1,153 | $ | 32.93 | 1.62 | $ | 215 | |||||||||
Exercisable at the end of the year | 1,153 | $ | 32.93 | 1.62 | $ | 215 | |||||||||
(1) | Represents the average remaining contractual life in years. | ||||||||||||||
(2) | Aggregate intrinsic value represents the total pre-tax intrinsic value that would have been received by the option holders if they had exercised their options on December 31, 2014. Intrinsic value equals the difference between the Company's average of the high and low stock price on the last trading day of the year and the option exercise price, multiplied by the number of shares. This amount will fluctuate with changes in the fair value of the Company's common stock. | ||||||||||||||
Stock Option Valuation Assumptions – The Company estimates the fair value of stock options at the grant date using a Black-Scholes option-pricing model. No stock options were granted or exercised and no stock option award modifications were made during the three years ended December 31, 2014. | |||||||||||||||
Restricted Stock, Restricted Stock Unit, and Performance Share Awards | |||||||||||||||
Restricted Stock, Restricted Stock Unit, and Performance Share Award Transactions | |||||||||||||||
(Amounts in thousands, except per share data) | |||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||
Restricted Stock/Unit Awards | Performance Shares | ||||||||||||||
Number of | Weighted | Number of | Weighted | ||||||||||||
Shares/Units | Average | Shares | Average | ||||||||||||
Grant Date | Grant Date | ||||||||||||||
Fair Value | Fair Value | ||||||||||||||
Non-vested awards beginning balance | 1,123 | $ | 12.1 | 127 | $ | 12.68 | |||||||||
Granted | 417 | 16.13 | 118 | 16.13 | |||||||||||
Vested | (474 | ) | 11.79 | — | 11.79 | ||||||||||
Forfeited | (69 | ) | 13.53 | (7 | ) | 13.53 | |||||||||
Non-vested awards ending balance | 997 | $ | 13.79 | 238 | $ | 14.36 | |||||||||
Other Restricted Stock, Restricted Stock Unit, and Performance Share Award Information | |||||||||||||||
(Amounts in thousands, except per share data) | |||||||||||||||
Years Ended December 31, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Weighted-average grant date fair value of restricted stock, restricted stock unit, and | $ | 16.13 | $ | 13.01 | $ | 11.35 | |||||||||
performance share awards granted during the year | |||||||||||||||
Total fair value of restricted stock and restricted stock unit awards vested during | 7,546 | 4,917 | 4,921 | ||||||||||||
the year | |||||||||||||||
Income tax benefit realized from the vesting/release of restricted stock and | 2,939 | 1,966 | 1,884 | ||||||||||||
restricted stock unit awards | |||||||||||||||
There were no performance shares that vested during the periods presented. No restricted stock, restricted stock unit, and performance share award modifications were made during the periods presented. | |||||||||||||||
Compensation Expense | |||||||||||||||
The Company recognizes share-based compensation expense based on the estimated fair value of the option or award at the grant or modification date. Share-based compensation expense is included in salaries and wages in the Consolidated Statements of Income. | |||||||||||||||
Effect of Recording Share-Based Compensation Expense | |||||||||||||||
(Dollar amounts in thousands) | |||||||||||||||
Years ended December 31, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Restricted stock, restricted unit, and performance share | $ | 5,926 | $ | 5,779 | $ | 5,877 | |||||||||
award expense | |||||||||||||||
Salary stock award expense | — | 124 | 127 | ||||||||||||
Total share-based compensation expense | 5,926 | 5,903 | 6,004 | ||||||||||||
Income tax benefit | 2,424 | 2,414 | 2,456 | ||||||||||||
Share-based compensation expense, net of tax | $ | 3,502 | $ | 3,489 | $ | 3,548 | |||||||||
Unrecognized compensation expense | $ | 6,937 | $ | 6,327 | $ | 5,674 | |||||||||
Weighted-average amortization period remaining (in years) | 1.3 | 1.2 | 1.1 | ||||||||||||
Stockholder_Rights_Plan
Stockholder Rights Plan | 12 Months Ended |
Dec. 31, 2014 | |
Equity [Abstract] | |
Stockholder Rights Plan | MATERIAL TRANSACTIONS AFFECTING STOCKHOLDERS' EQUITY |
Issued Common Stock | |
On December 2, 2014, the Company issued 2,440,754 shares of its $0.01 par value common stock at a price of $15.737 as part of the consideration in the Great Lakes acquisition. Additional information regarding the acquisition is presented in Note 3, "Acquisitions." | |
Authorized Common Stock | |
On May 21, 2014, the stockholders of the Company approved an amendment to the Company's 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. | |
Quarterly Dividend on Common Shares | |
The Board of Directors of First Midwest Bancorp, Inc. ("the Board") declared quarterly stock dividends of $0.01 per share from 2012 through the first quarter of 2013. The Company increased the quarterly dividend to $0.04 per share during the second quarter of 2013, to $0.07 per share during the fourth quarter of 2013, and to $0.08 per share during the second quarter of 2014. | |
There were no additional material transactions that affected stockholders' equity during the three years ended December 31, 2014. | |
STOCKHOLDER RIGHTS PLAN | |
On February 15, 1989, the Board adopted a Stockholder Rights Plan. Pursuant to that plan, the Company declared a dividend, paid March 1, 1989, of one right ("Right") for each outstanding share of Company common stock held on record on March 1, 1989 pursuant to a Rights Agreement dated February 15, 1989. The Rights Agreement was amended and restated on November 15, 1995 and again on June 18, 1997 to exclude an acquisition. The Rights Agreement was further amended on December 9, 2008 to clarify certain items. As amended, each Right entitles the registered holder to purchase from the Company 1/100 of a share of Series A Preferred Stock for a price of $150, subject to adjustment. The Rights will be exercisable only if a person or group acquires, or announces the intention to acquire, 10% or more of the Company's outstanding shares of common stock. The Company is entitled to redeem each Right for $0.01, subject to adjustment, at any time prior to the earlier of the tenth business day following the acquisition by any person or group of 10% or more of the outstanding shares of the common stock or the expiration date of the Rights. The Rights Agreement will expire on November 15, 2015. | |
As a result of the Rights Agreement, 600,000 of the 1,000,000 shares of authorized preferred stock were reserved for issuance as Series A Preferred Stock. |
Regulatory_and_Capital_Matters
Regulatory and Capital Matters | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||
Regulatory and Capital Matters | REGULATORY AND CAPITAL MATTERS | ||||||||||||||||||
The Company and its subsidiaries are subject to various regulatory requirements that impose restrictions on cash, loans or advances, and dividends. The Bank is also required to maintain reserves against deposits. Reserves are held either in the form of vault cash or noninterest-bearing balances maintained with the FRB and are based on the average daily balances and statutory reserve ratios prescribed by the type of deposit account. Reserve balances totaling $60.0 million at December 31, 2014 and $68.7 million at December 31, 2013 were maintained in accordance with these requirements. | |||||||||||||||||||
Under current Federal Reserve regulations, the Bank is limited in the amount it may loan or advance to First Midwest Bancorp, Inc. on an unconsolidated basis (the "Parent Company") and its non-bank subsidiaries. Loans or advances to a single subsidiary may not exceed 10%, and loans to all subsidiaries may not exceed 20% of the Bank's capital stock and surplus, as defined. Loans from subsidiary banks to non-bank subsidiaries, including the Parent Company, are also required to be collateralized. | |||||||||||||||||||
The principal source of cash flow for the Parent Company is dividends from the Bank. Various federal and state banking regulations and capital guidelines limit the amount of dividends that the Bank may pay to the Parent Company. Without prior regulatory approval and while maintaining its well-capitalized status, the Bank can initiate aggregate dividend payments in 2015 of $61.2 million plus its net profits for 2015, as defined by statute, up to the date of any such dividend declaration. Future payment of dividends by the Bank depends on individual regulatory capital requirements and levels of profitability. | |||||||||||||||||||
The Company and the Bank are also subject to various capital requirements set up and administered by federal banking agencies. Under capital adequacy guidelines, the Company and the Bank must meet specific guidelines that involve quantitative measures given the risk levels of assets and certain off-balance sheet items calculated under regulatory accounting practices ("risk-weighted assets"). The capital amounts and classification are also subject to qualitative judgments by the regulators regarding components of capital and assets, risk weightings, and other factors. | |||||||||||||||||||
The Federal Reserve, the primary regulator of the Company and the Bank, establishes minimum capital requirements that must be met by member institutions. As defined in the regulations, quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios of total and Tier 1 capital to risk-weighted assets and of Tier 1 capital to adjusted average assets. Failure to meet minimum capital requirements could result in actions by regulators that could have a material adverse effect on the Company's financial statements. | |||||||||||||||||||
As of December 31, 2014, the Company and the Bank met all capital adequacy requirements. As of December 31, 2014, the most recent regulatory notification classified the Bank as "well-capitalized" under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes would change the Bank's classification. | |||||||||||||||||||
The following table outlines the Company's and the Bank's measures of capital as of the dates presented and the capital guidelines established by the Federal Reserve for the Company and the Bank to be categorized as adequately capitalized and the Bank to be categorized as "well-capitalized." | |||||||||||||||||||
Summary of Capital Ratios | |||||||||||||||||||
(Dollar amounts in thousands) | |||||||||||||||||||
Actual | Adequately | To Be Well-Capitalized Under Prompt Corrective Action Provisions | |||||||||||||||||
Capitalized | |||||||||||||||||||
Capital | Ratio % | Capital | Ratio % | Capital | Ratio % | ||||||||||||||
As of December 31, 2014 | |||||||||||||||||||
Total capital (to risk-weighted assets): | |||||||||||||||||||
First Midwest Bancorp, Inc. | $ | 884,692 | 11.23 | $ | 630,140 | 8 | N/A | N/A | |||||||||||
First Midwest Bank | 931,829 | 12.3 | 606,038 | 8 | $ | 757,547 | 10 | ||||||||||||
Tier 1 capital (to risk-weighted assets): | |||||||||||||||||||
First Midwest Bancorp, Inc. | 802,483 | 10.19 | 315,070 | 4 | N/A | N/A | |||||||||||||
First Midwest Bank | 857,362 | 11.32 | 303,019 | 4 | 454,528 | 6 | |||||||||||||
Tier 1 leverage (to average assets): | |||||||||||||||||||
First Midwest Bancorp, Inc. | 802,483 | 9.03 | 355,362 | 4 | N/A | N/A | |||||||||||||
First Midwest Bank | 857,362 | 9.76 | 351,222 | 4 | 439,028 | 5 | |||||||||||||
As of December 31, 2013 | |||||||||||||||||||
Total capital (to risk-weighted assets): | |||||||||||||||||||
First Midwest Bancorp, Inc. | $ | 841,787 | 12.39 | $ | 543,573 | 8 | N/A | N/A | |||||||||||
First Midwest Bank | 897,255 | 13.86 | 517,721 | 8 | $ | 647,152 | 10 | ||||||||||||
Tier 1 capital (to risk-weighted assets): | |||||||||||||||||||
First Midwest Bancorp, Inc. | 741,414 | 10.91 | 271,787 | 4 | N/A | N/A | |||||||||||||
First Midwest Bank | 816,286 | 12.61 | 258,861 | 4 | 388,291 | 6 | |||||||||||||
Tier 1 leverage (to average assets): | |||||||||||||||||||
First Midwest Bancorp, Inc. | 741,414 | 9.18 | 242,277 | 4 | N/A | N/A | |||||||||||||
First Midwest Bank | 816,286 | 10.24 | 239,065 | 4 | 398,442 | 5 | |||||||||||||
In July of 2013, the Federal Reserve published final rules (the "Basel III Capital Rules") that revise the regulatory capital rules to incorporate certain revisions by the Basel Committee on Banking Supervision. The phase-in period for the final rules began for the Company on January 1, 2015, with full compliance with the final rules entire requirement phased in on January 1, 2019. | |||||||||||||||||||
The Basel III Capital Rules (i) introduce a new capital measure called "Common Equity Tier 1" ("CET1"), (ii) specify that Tier 1 capital consists of CET1 and "Additional Tier 1 Capital" instruments meeting specified requirements, (iii) narrowly define CET1 by requiring that most deductions/adjustments to regulatory capital measures be made to CET1 and not to the other components of capital, and (iv) expand the scope of the deductions/adjustments compared to existing regulations. Bank holding companies with less than $15 billion in consolidated assets as of December 31, 2009, such as the Company, are permitted to include trust-preferred securities in Additional Tier 1 Capital on a permanent basis and without any phase-out. As of December 31, 2014, the Company had $50.7 million of trust-preferred securities included in Tier 1 capital. | |||||||||||||||||||
When fully phased in on January 1, 2019, the Basel III Capital Rules will require the Company and the Bank to maintain the following: | |||||||||||||||||||
• | A minimum ratio of CET1 to risk-weighted assets of at least 4.5%, plus a 2.5% "capital conservation buffer" (resulting in a minimum ratio of CET1 to risk-weighted assets of at least 7% upon full implementation). | ||||||||||||||||||
• | A minimum ratio of Tier 1 capital to risk-weighted assets of at least 6.0%, plus the capital conservation buffer (resulting in a minimum Tier 1 capital ratio of 8.5% upon full implementation). | ||||||||||||||||||
• | A minimum ratio of total capital (Tier 1 capital plus Tier 2 capital) to risk-weighted assets of at least 8.0%, plus the capital conservation buffer (resulting in a minimum total capital ratio of 10.5% upon full implementation). | ||||||||||||||||||
• | A minimum leverage ratio of 4%, calculated as the ratio of Tier 1 capital to average assets. | ||||||||||||||||||
The Basel III Capital Rules also provide for a number of deductions from and adjustments to CET1 to be phased-in over a four-year period through January 1, 2019 (beginning at 40% on January 1, 2015 and an additional 20% per year thereafter). Examples of these include the requirement that mortgage servicing rights, deferred tax assets depending on future taxable income, and significant investments in non-consolidated financial entities be deducted from CET1 to the extent that any one such category exceeds 10% of CET1 or all such categories in the aggregate exceed 15% of CET1. Under current capital standards, the effects of accumulated other comprehensive income items included in capital are excluded for the purposes of determining regulatory capital ratios. Under the Basel III Capital Rules, the effects of certain accumulated other comprehensive items are not excluded; however, the Company and the Bank, may make a one-time permanent election to continue to exclude these items, and the Company and the Bank expect to make such an election. | |||||||||||||||||||
Finally, the Basel III Capital Rules prescribe a standardized approach for risk weightings that expand the risk-weighting categories from the current four Basel I-derived categories (0%, 20%, 50%, and 100%) to a much larger and more risk-sensitive number of categories depending on the nature of the assets, generally ranging from 0% for U.S. government and agency securities to 600% for certain equity exposures, resulting in higher risk weights for a variety of asset categories. | |||||||||||||||||||
The Company and the Bank believe they would meet all capital adequacy requirements under the Basel III Capital Rules on a fully phased-in basis as if such requirements were currently in effect as of December 31, 2014. |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||
Derivative Instruments and Hedging Activities | 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) | ||||||||||||||||
As of December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Gross notional amount outstanding | $ | 12,793 | $ | 14,730 | ||||||||||||
Derivative liability fair value | (1,032 | ) | (1,472 | ) | ||||||||||||
Weighted-average interest rate received | 2.07 | % | 2.08 | % | ||||||||||||
Weighted-average interest rate paid | 6.37 | % | 6.39 | % | ||||||||||||
Weighted-average maturity (in years) | 2.95 | 3.76 | ||||||||||||||
Fair value of assets needed to settle derivative transactions (1) | 1,057 | 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 Consolidated Statements of Income. For the years ended December 31, 2014, 2013, and 2012, gains or losses related to fair value hedge ineffectiveness were not material. | ||||||||||||||||
Cash Flow Hedges | ||||||||||||||||
During the year ended December 31, 2014, the Company hedged $325.0 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 $325.0 million of borrowed funds using four forward starting interest rate swaps through which the Company receives variable amounts and pays fixed amounts. The four forward starting interest rate swaps begin in 2015 and 2016 and mature in 2019. These derivative contracts are designated as cash flow hedges. | ||||||||||||||||
Cash Flow Hedges | ||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||
As of December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Gross notional amount outstanding | $ | 650,000 | $ | — | ||||||||||||
Derivative asset fair value | 1,166 | — | ||||||||||||||
Derivative liability fair value | (3,096 | ) | — | |||||||||||||
Weighted-average interest rate received | 1.63 | % | — | |||||||||||||
Weighted-average interest rate paid | 0.16 | % | — | |||||||||||||
Weighted-average maturity (in years) | 4.52 | — | ||||||||||||||
The effective portion of gains or losses on cash flow hedges is recorded in accumulated other comprehensive loss 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 year ended December 31, 2014, there were no gains or losses related to cash flow hedge ineffectiveness. As of December 31, 2014, the Company estimates that $5.0 million will be reclassified from accumulated other comprehensive loss 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 $2.2 million and $2.8 million were recorded in noninterest income for the years ended December 31, 2014 and 2013, respectively. There were no transaction fees related to commercial customer derivative instruments for the year ended December 31, 2012. | ||||||||||||||||
Other Derivative Instruments | ||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||
As of December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Gross notional amount outstanding | $ | 527,893 | $ | 256,638 | ||||||||||||
Derivative asset fair value | 7,852 | 2,235 | ||||||||||||||
Derivative liability fair value | (7,852 | ) | (2,235 | ) | ||||||||||||
Fair value of assets needed to settle derivative transactions (1) | 8,130 | 1,305 | ||||||||||||||
(1) | This amount represents the fair value if credit risk related contingent factors were triggered. | |||||||||||||||
The Company’s derivative portfolio also includes other derivative instruments that do not receive hedge accounting treatment consisting of 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 period presented. The Company had no other derivative instruments as of December 31, 2014 and 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. At December 31, 2014 and 2013, these collateral agreements covered 100% of the fair value of the Company’s outstanding fair value hedges. Derivative assets and liabilities are presented gross, rather than net, of pledged collateral amounts. | ||||||||||||||||
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 in the Consolidated Statements of Financial Condition. The following table presents the fair value of the Company's derivatives and offsetting positions as of December 31, 2014 and 2013. | ||||||||||||||||
Offsetting Derivatives | ||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||
Derivative Assets | Derivative Liabilities | |||||||||||||||
As of December 31, | As of December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Gross amounts recognized | $ | 9,018 | $ | 2,235 | $ | 11,980 | $ | 3,707 | ||||||||
Less: amounts offset in the Consolidated Statements of | — | — | — | — | ||||||||||||
Financial Condition | ||||||||||||||||
Net amount presented in the Consolidated Statements of | 9,018 | 2,235 | 11,980 | 3,707 | ||||||||||||
Financial Condition (1) | ||||||||||||||||
Gross amounts not offset in the Consolidated Statements of Financial Condition | ||||||||||||||||
Offsetting derivative positions | (1,195 | ) | (704 | ) | (1,195 | ) | (704 | ) | ||||||||
Cash collateral pledged | — | — | (10,785 | ) | (3,003 | ) | ||||||||||
Net credit exposure | $ | 7,823 | $ | 1,531 | $ | — | $ | — | ||||||||
(1) | Included in other assets or other liabilities in the Consolidated Statements of Financial Condition. | |||||||||||||||
As of December 31, 2014 and 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 December 31, 2014 and 2013, the Company was not in violation of these provisions. |
Commitments_Guarantees_and_Con
Commitments, Guarantees, and Contingent Liabilities | 12 Months Ended | ||||||||
Dec. 31, 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) | |||||||||
As of December 31, | |||||||||
2014 | 2013 | ||||||||
Commitments to extend credit: | |||||||||
Commercial, industrial, and agricultural | $ | 1,299,683 | $ | 1,077,201 | |||||
Commercial real estate | 170,573 | 133,867 | |||||||
Home equity | 317,783 | 268,311 | |||||||
Other commitments (1) | 194,556 | 181,702 | |||||||
Total commitments to extend credit | $ | 1,982,595 | $ | 1,661,081 | |||||
Standby letters of credit | $ | 110,639 | $ | 110,453 | |||||
Recourse on assets sold: | |||||||||
Unpaid principal balance of loans sold | $ | 185,910 | $ | 170,330 | |||||
Carrying value of recourse obligation (2) | 155 | 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 years ended December 31, 2014 or 2013. | |||||||||
During 2012, the Company entered into two forward commitments with the FHLB to borrow $250 million for a five year period beginning in 2014 at a weighted average interest rate of 2.0%. The Company terminated these forward commitments during 2013, resulting in a gain of $7.8 million recorded as a component of noninterest income in the Consolidated Statement of Income. | |||||||||
Legal Proceedings | |||||||||
In the ordinary course of business, there were certain legal proceedings pending against the Company and its subsidiaries at December 31, 2014. While the outcome of any legal proceeding is inherently uncertain, based on information currently available, the Company's management does not expect that any liabilities arising from pending legal matters will not have a material adverse effect on the Company's financial position, results of operations, or cash flows. |
Fair_Value
Fair Value | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 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) | |||||||||||||||||||||||||
As of December 31, 2014 | As of December 31, 2013 | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Trading securities: | |||||||||||||||||||||||||
Money market funds | $ | 1,725 | $ | — | $ | — | $ | 1,847 | $ | — | $ | — | |||||||||||||
Mutual funds | 15,735 | — | — | 15,470 | — | — | |||||||||||||||||||
Total trading securities | 17,460 | — | — | 17,317 | — | — | |||||||||||||||||||
Securities available-for-sale: | |||||||||||||||||||||||||
U.S. Agency securities | — | 30,431 | — | — | 500 | — | |||||||||||||||||||
CMOs | — | 534,156 | — | — | 475,768 | — | |||||||||||||||||||
Other MBSs | — | 159,765 | — | — | 136,164 | — | |||||||||||||||||||
Municipal securities | — | 423,820 | — | — | 461,393 | — | |||||||||||||||||||
CDOs | — | — | 33,774 | — | — | 18,309 | |||||||||||||||||||
Corporate debt securities | — | 1,802 | — | — | 14,929 | — | |||||||||||||||||||
Equity securities | — | 3,261 | — | 44 | 5,618 | — | |||||||||||||||||||
Total securities available-for- | — | 1,153,235 | 33,774 | 44 | 1,094,372 | 18,309 | |||||||||||||||||||
sale | |||||||||||||||||||||||||
Mortgage servicing rights (1) | — | — | 1,728 | — | — | 1,893 | |||||||||||||||||||
Derivative assets (1) | — | 9,018 | — | — | 2,235 | — | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||
Derivative liabilities (2) | $ | — | $ | 11,980 | $ | — | $ | — | $ | 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 in the fair value hierarchy. Quarterly, the Company evaluates the methodologies used by its external pricing services to estimate the fair value of these securities to determine whether the valuations represent an exit price in the Company’s principal markets. | |||||||||||||||||||||||||
CDOs are classified in level 3 in 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 is based on a credit analysis and historical financial data for each of the issuers underlying the CDOs (the "Issuers"). These estimates are highly subjective and sensitive to several significant, unobservable inputs. The cash flows for each Issuer are then discounted to present values using LIBOR plus an adjustment to reflect 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. The following table presents the ranges of unobservable inputs used by the Company as of December 31, 2014. | |||||||||||||||||||||||||
Unobservable Inputs Used in the Valuation of CDOs | |||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||
Probability of prepayment | 2.9% - 15.2% | ||||||||||||||||||||||||
Probability of default | 18.4% - 57.7% | ||||||||||||||||||||||||
Loss given default | 83.8% - 97.0% | ||||||||||||||||||||||||
Probability of deferral cure | 6.7% - 75.0% | ||||||||||||||||||||||||
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. | |||||||||||||||||||||||||
Changes in any of these key inputs could result in a significantly higher or lower estimate of fair value 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. | |||||||||||||||||||||||||
During the year ended December 31, 2014, the Company observed market activity for similar CDO securities. This increase in market activity allowed the Company to obtain market prices from dealer market participants that were used in management's valuation process as of December 31, 2014. | |||||||||||||||||||||||||
Management monitors the valuation results of each CDO on a quarterly basis, which includes an analysis of historical pricing trends and market activity for similar securities, consideration of overall economic conditions (such as movements in LIBOR curves), and the performance in the Issuers' industries. 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 three years ended December 31, 2014 is presented in the following table. | |||||||||||||||||||||||||
Rollforward of Carrying Value of CDOs | |||||||||||||||||||||||||
(Dollar amounts in thousands) | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Beginning balance | $ | 18,309 | $ | 12,129 | $ | 13,394 | |||||||||||||||||||
Additions | 6,549 | — | — | ||||||||||||||||||||||
Total income (loss): | |||||||||||||||||||||||||
OTTI included in earnings (1) | — | — | (2,226 | ) | |||||||||||||||||||||
Change in other comprehensive income (loss) (2) | 13,495 | 6,180 | 961 | ||||||||||||||||||||||
Sales and paydowns (3) | (4,579 | ) | — | — | |||||||||||||||||||||
Ending balance | $ | 33,774 | $ | 18,309 | $ | 12,129 | |||||||||||||||||||
Change in unrealized losses recognized in earnings related to securities still | $ | — | $ | — | $ | (2,226 | ) | ||||||||||||||||||
held at end of period | |||||||||||||||||||||||||
(1) | Included in net securities gains (losses) in the Consolidated Statements of Income and related to securities still held at the end of the period. | ||||||||||||||||||||||||
(2) | Included in unrealized holding gains (losses) in the Consolidated Statements of Comprehensive Income. | ||||||||||||||||||||||||
(3) | During the year ended December 31, 2014, one CDO with a carrying value of $1.3 million and four CDOs totaling $2.9 million, which were acquired in the Great Lakes transaction, were sold. In addition, one CDO with a carrying value of zero was sold during the year ended December 31, 2013. | ||||||||||||||||||||||||
Mortgage Servicing Rights | |||||||||||||||||||||||||
The Company services mortgage loans owned by third parties and collects servicing fees equal to a percentage of the outstanding principal balance of the loans being serviced. Mortgage servicing rights are recorded at fair value and are included in other assets in the Consolidated Statements of Financial Condition. Therefore, the Company determines the fair value of mortgage servicing rights by estimating the present value of expected future cash flows associated with the mortgage loans being serviced. Key economic assumptions used in measuring the fair value of mortgage servicing rights at December 31, 2014 included prepayment speeds, maturities, and discount rates. While market-based data is used to determine the assumptions, the Company incorporates its own estimates of the assumptions market participants would use in determining the fair value of mortgage servicing rights, which results in a level 3 classification in the fair value hierarchy. | |||||||||||||||||||||||||
A rollforward of the carrying value of mortgage servicing rights for the three years ended December 31, 2014 is presented in the following table. | |||||||||||||||||||||||||
Carrying Value of Mortgage Servicing Rights | |||||||||||||||||||||||||
(Dollar amounts in thousands) | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Beginning balance | $ | 1,893 | $ | 985 | $ | 929 | |||||||||||||||||||
New mortgage servicing rights | 315 | 1,060 | 347 | ||||||||||||||||||||||
Total (losses) gains included in earnings (1): | |||||||||||||||||||||||||
Changes in valuation inputs and assumptions | (480 | ) | 63 | (72 | ) | ||||||||||||||||||||
Other changes in fair value (2) | — | (215 | ) | (219 | ) | ||||||||||||||||||||
Ending balance | $ | 1,728 | $ | 1,893 | $ | 985 | |||||||||||||||||||
Contractual servicing fees earned during the year (1) | $ | 520 | $ | 418 | $ | 209 | |||||||||||||||||||
Total amount of loans being serviced for the benefit of | 220,372 | 214,458 | 109,730 | ||||||||||||||||||||||
others at the end of the year | |||||||||||||||||||||||||
(1) | Included in mortgage banking income in the Consolidated Statements of Income and relate to assets still held at the end of the year. | ||||||||||||||||||||||||
(2) | Primarily represents changes in expected future cash flows over time due to payoffs and paydowns. | ||||||||||||||||||||||||
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 counterparties are representative of an exit price. | |||||||||||||||||||||||||
Pension Plan Assets | |||||||||||||||||||||||||
Although Pension Plan assets are not consolidated in the Company's Consolidated Statements of Financial Condition, they are required to be measured at fair value on an annual basis. The fair value of Pension Plan assets is presented in the following table by level in the fair value hierarchy. | |||||||||||||||||||||||||
Annual Fair Value Measurements for Pension Plan Assets | |||||||||||||||||||||||||
(Dollar amounts in thousands) | |||||||||||||||||||||||||
As of December 31, 2014 | As of December 31, 2013 | ||||||||||||||||||||||||
Level 1 | Level 2 | Total | Level 1 | Level 2 | Total | ||||||||||||||||||||
Pension plan assets: | |||||||||||||||||||||||||
Mutual funds (1) | $ | 25,499 | $ | — | $ | 25,499 | $ | 23,896 | $ | — | $ | 23,896 | |||||||||||||
U.S. government and government | 7,879 | 8,063 | 15,942 | 7,261 | 8,930 | 16,191 | |||||||||||||||||||
agency securities | |||||||||||||||||||||||||
Corporate bonds | — | 6,599 | 6,599 | — | 5,984 | 5,984 | |||||||||||||||||||
Common stocks | 14,149 | — | 14,149 | 17,261 | — | 17,261 | |||||||||||||||||||
Common trust funds | — | 10,004 | 10,004 | — | 11,038 | 11,038 | |||||||||||||||||||
Total pension plan assets | $ | 47,527 | $ | 24,666 | $ | 72,193 | $ | 48,418 | $ | 25,952 | $ | 74,370 | |||||||||||||
(1) | Includes mutual funds, money market funds, cash, cash equivalents, and accrued interest. | ||||||||||||||||||||||||
Mutual funds, certain U.S. government agency securities, and common stocks are based on quoted market prices in active exchange markets and classified in level 1 of the fair value hierarchy. Corporate bonds, certain U.S. government agency, and U.S. Treasury securities are valued at quoted prices from independent sources that are based on observable market trades or observable prices for similar bonds where a price for the identical bond is not observable and, therefore, are classified in level 2 of the fair value hierarchy. Common trust funds are valued at quoted redemption values on the last business day of the Pension Plan's year end and are classified in level 2 of the fair value hierarchy. There were no Pension Plan assets classified in level 3 of the fair value hierarchy. | |||||||||||||||||||||||||
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) | |||||||||||||||||||||||||
As of December 31, 2014 | As of December 31, 2013 | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Collateral-dependent impaired loans (1) | $ | — | $ | — | $ | 23,799 | $ | — | $ | — | $ | 13,103 | |||||||||||||
OREO (2) | — | — | 22,760 | — | — | 13,347 | |||||||||||||||||||
Loans held-for-sale (3) | — | — | 9,459 | — | — | 4,739 | |||||||||||||||||||
Assets held-for-sale (4) | — | — | 2,026 | — | — | 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% - 15%. 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 | |||||||||||||||||||||||||
Loans held-for-sale consisted of 1-4 family mortgage loans, which were originated with the intent to sell, and one commercial real estate loan as of both December 31, 2014 and 2013. These loans were transferred to the held-for-sale category at the contract price and, accordingly, are classified in level 3 of the fair value hierarchy. | |||||||||||||||||||||||||
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. | |||||||||||||||||||||||||
Goodwill and Other Intangible Assets | |||||||||||||||||||||||||
Goodwill and other intangible assets are subject to annual impairment testing, which requires a significant degree of management judgment and the use of significant unobservable inputs. As discussed in Note 9, "Goodwill and Other Intangible Assets," the annual impairment tests indicated no impairment existed. | |||||||||||||||||||||||||
If the testing had resulted in impairment, the Company would have classified goodwill and other intangible assets as a level 3 non-recurring fair value measurement. Additional information regarding goodwill, other intangible assets, and impairment policies can be found in Note 1, "Summary of Significant Accounting Policies," and Note 9, "Goodwill and Other Intangible Assets." | |||||||||||||||||||||||||
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) | |||||||||||||||||||||||||
As of December 31, 2014 | As of December 31, 2013 | ||||||||||||||||||||||||
Fair Value Hierarchy | Carrying | Fair Value | Carrying | Fair Value | |||||||||||||||||||||
Level | Amount | Amount | |||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Cash and due from banks | 1 | $ | 117,315 | $ | 117,315 | $ | 110,417 | $ | 110,417 | ||||||||||||||||
Interest-bearing deposits in other banks | 2 | 488,947 | 488,947 | 476,824 | 476,824 | ||||||||||||||||||||
Securities held-to-maturity | 2 | 26,555 | 27,670 | 44,322 | 43,387 | ||||||||||||||||||||
FHLB and FRB stock | 2 | 37,558 | 37,558 | 35,161 | 35,161 | ||||||||||||||||||||
Net loans | 3 | 6,664,159 | 6,532,622 | 5,628,855 | 5,544,146 | ||||||||||||||||||||
FDIC indemnification asset | 3 | 8,452 | 3,626 | 16,585 | 7,829 | ||||||||||||||||||||
Investment in BOLI | 3 | 206,498 | 206,498 | 193,167 | 193,167 | ||||||||||||||||||||
Accrued interest receivable | 3 | 27,506 | 27,506 | 25,735 | 25,735 | ||||||||||||||||||||
Other interest-earning assets | 3 | 3,799 | 3,904 | 6,550 | 6,809 | ||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||
Deposits | 2 | $ | 7,887,758 | $ | 7,879,413 | $ | 6,766,101 | $ | 6,765,404 | ||||||||||||||||
Borrowed funds | 2 | 137,994 | 137,994 | 224,342 | 226,839 | ||||||||||||||||||||
Senior and subordinated debt | 1 | 200,869 | 199,226 | 190,932 | 201,147 | ||||||||||||||||||||
Accrued interest payable | 2 | 2,324 | 2,324 | 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 expected future cash flows of the remaining maturities of the securities. | |||||||||||||||||||||||||
FHLB and FRB Stock – The carrying amounts approximate fair value as the stock is non-marketable. | |||||||||||||||||||||||||
Net Loans – Net loans includes loans held-for-investment, acquired loans, covered loans, and the allowance for loan and covered loan losses. The fair value of loans is estimated using the present value of the expected 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 inherent in the loans. | |||||||||||||||||||||||||
The fair value of the covered loan portfolio is determined by discounting the expected future cash flows at a market interest rate, which is derived from LIBOR swap rates over the life of those loans. The expected future cash flows are derived from the contractual terms of the covered loans, net of any projected credit losses. For valuation purposes, these loans are placed into groups with similar characteristics and risk factors, where appropriate. The timing and amount of credit losses for each group are estimated using historical default and loss experience, current collateral valuations, borrower credit scores, and internal risk ratings. For individually significant loans or credit relationships, the estimated fair value is determined by a specific loan level review utilizing appraised values for collateral and projections of the timing and amount of expected future cash flows. | |||||||||||||||||||||||||
FDIC Indemnification Asset – The fair value of the FDIC indemnification asset is calculated by discounting the expected future cash flows to be received from the FDIC. The expected future cash flows are estimated by multiplying anticipated losses on covered loans and covered OREO by the reimbursement rates in the FDIC Agreements. | |||||||||||||||||||||||||
Investment in BOLI – The fair value of BOLI approximates the carrying amount as both are based on each policy's respective 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 expected future cash flows of the remaining maturities of the assets. | |||||||||||||||||||||||||
Deposits – The fair values disclosed for demand 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 expected 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 was determined using quoted market prices. | |||||||||||||||||||||||||
Commitments to Extend Credit and Letters of Credit – The Company estimated the fair value of lending commitments outstanding to be immaterial based on (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. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS |
The Company, through the Bank, makes loans and has transactions with certain of its directors and executive officers. All of these loans and transactions were made in the ordinary course of business on substantially the same terms, including interest rates and collateral requirements, for comparable transactions with unrelated persons and did not involve more than the normal risk of collectability or present unfavorable features. For the years ended December 31, 2014 and 2013, loans to directors and executive officers totaled $31.8 million and $27.6 million, respectively, and were not greater than 5% of stockholders' equity. |
Condensed_Parent_Company_Finan
Condensed Parent Company Financial Statements | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||
Condensed Parent Company Financial Statements | CONDENSED PARENT COMPANY FINANCIAL STATEMENTS | ||||||||||||
The following represents the condensed financial statements of First Midwest Bancorp, Inc., the Parent Company. | |||||||||||||
Statements of Financial Condition | |||||||||||||
(Parent Company only) | |||||||||||||
(Dollar amounts in thousands) | |||||||||||||
As of December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Assets | |||||||||||||
Cash and interest-bearing deposits | $ | 43,546 | $ | 13,071 | |||||||||
Investments in and advances to subsidiaries | 1,211,244 | 1,120,745 | |||||||||||
Goodwill | 13,625 | 8,943 | |||||||||||
Other assets | 79,468 | 77,948 | |||||||||||
Total assets | $ | 1,347,883 | $ | 1,220,707 | |||||||||
Liabilities and Stockholders' Equity | |||||||||||||
Senior and subordinated debt | $ | 200,869 | $ | 190,932 | |||||||||
Accrued expenses and other liabilities | 46,239 | 28,333 | |||||||||||
Stockholders' equity | 1,100,775 | 1,001,442 | |||||||||||
Total liabilities and stockholders' equity | $ | 1,347,883 | $ | 1,220,707 | |||||||||
Statements of Income | |||||||||||||
(Parent Company only) | |||||||||||||
(Dollar amounts in thousands) | |||||||||||||
Years ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Income | |||||||||||||
Dividends from subsidiaries | $ | 56,881 | $ | 54,200 | $ | 38,000 | |||||||
Interest income | 1,502 | 1,067 | 619 | ||||||||||
Net losses on early extinguishment of debt | — | (1,034 | ) | (558 | ) | ||||||||
Securities transactions and other | 6,451 | 37,485 | 1,982 | ||||||||||
Total income | 64,834 | 91,718 | 40,043 | ||||||||||
Expenses | |||||||||||||
Interest expense | 12,062 | 13,607 | 14,840 | ||||||||||
Salaries and employee benefits | 12,589 | 15,198 | 13,232 | ||||||||||
Other expenses | 5,867 | 5,792 | 5,740 | ||||||||||
Total expenses | 30,518 | 34,597 | 33,812 | ||||||||||
Income before income tax benefit (expense) and equity in undistributed | 34,316 | 57,121 | 6,231 | ||||||||||
income (loss) of subsidiaries | |||||||||||||
Income tax benefit (expense) | 8,710 | (962 | ) | 13,070 | |||||||||
Income before undistributed income (loss) of subsidiaries | 43,026 | 56,159 | 19,301 | ||||||||||
Equity in undistributed income (loss) of subsidiaries | 26,280 | 23,147 | (40,355 | ) | |||||||||
Net income (loss) | 69,306 | 79,306 | (21,054 | ) | |||||||||
Net (income) loss applicable to non-vested restricted shares | (836 | ) | (1,107 | ) | 306 | ||||||||
Net income (loss) applicable to common shares | $ | 68,470 | $ | 78,199 | $ | (20,748 | ) | ||||||
Statements of Cash Flows | |||||||||||||
(Parent Company only) | |||||||||||||
(Dollar amounts in thousands) | |||||||||||||
Years ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Operating Activities | |||||||||||||
Net income (loss) | $ | 69,306 | $ | 79,306 | $ | (21,054 | ) | ||||||
Adjustments to reconcile net income (loss) income to net cash provided | |||||||||||||
by operating activities: | |||||||||||||
Equity in undistributed (income) loss of subsidiaries | (26,280 | ) | (23,147 | ) | 40,355 | ||||||||
Depreciation of premises, furniture, and equipment | 6 | 7 | 6 | ||||||||||
Net gains on sales of securities | (5,702 | ) | (34,119 | ) | — | ||||||||
Net losses on early extinguishment of debt | — | 1,034 | 558 | ||||||||||
Share-based compensation expense | 5,926 | 5,903 | 6,004 | ||||||||||
Tax (expense) benefit related to share-based compensation | (106 | ) | (10 | ) | 170 | ||||||||
Net decrease (increase) in other assets | 4,599 | 1,084 | (6,207 | ) | |||||||||
Net increase (decrease) in other liabilities | 14,063 | (1,624 | ) | 1,366 | |||||||||
Net cash provided by operating activities | 61,812 | 28,434 | 21,198 | ||||||||||
Investing Activities | |||||||||||||
Purchases of securities available-for-sale | — | (46,532 | ) | (5,811 | ) | ||||||||
Proceeds from sales and maturities of securities available-for-sale | 8,540 | 43,329 | — | ||||||||||
Purchase of premises, furniture, and equipment | — | — | (18 | ) | |||||||||
Cash received from acquisitions, net of cash paid | (15,809 | ) | — | — | |||||||||
Net cash used in investing activities | (7,269 | ) | (3,203 | ) | (5,829 | ) | |||||||
Financing Activities | |||||||||||||
Payments for retirement of subordinated debt | — | (24,094 | ) | (37,033 | ) | ||||||||
Treasury stock activity | 369 | — | — | ||||||||||
Cash dividends paid | (22,568 | ) | (7,508 | ) | (2,977 | ) | |||||||
Restricted stock activity | (2,781 | ) | (1,607 | ) | (1,469 | ) | |||||||
Excess tax benefit (expense) related to share-based compensation | 912 | 79 | (21 | ) | |||||||||
Net cash used in financing activities | (24,068 | ) | (33,130 | ) | (41,500 | ) | |||||||
Net increase (decrease) in cash and cash equivalents | 30,475 | (7,899 | ) | (26,131 | ) | ||||||||
Cash and cash equivalents at beginning of year | 13,071 | 20,970 | 47,101 | ||||||||||
Cash and cash equivalents at end of year | $ | 43,546 | $ | 13,071 | $ | 20,970 | |||||||
Supplemental Disclosures of Cash Flow Information: | |||||||||||||
Common stock issued for acquisitions, net of issuance costs | $ | 38,300 | $ | — | $ | — | |||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Nature of Operations, Principles of Consolidation, and Basis of Presentation | Nature of Operations – First Midwest Bancorp, Inc. (the "Company") is a bank holding company that was incorporated in Delaware in 1982 and began operations on March 31, 1983. The Company is headquartered in Itasca, Illinois and has operations located primarily throughout the greater Chicago metropolitan area, as well as central and western Illinois, eastern Iowa, and northwestern Indiana. The Company operates three wholly owned subsidiaries: First Midwest Bank (the "Bank"), Catalyst Asset Holdings, LLC ("Catalyst"), and Parasol Investment Management, LLC ("Parasol"). The Bank conducts the majority of the Company's operations. Catalyst manages a portion of the Company's non-performing assets. Parasol serves in an advisory capacity to certain wealth management accounts with the Bank. | |
The Company is engaged in commercial and retail banking and offers a comprehensive selection of financial products and services, including lending, depository, wealth management, and other related financial services tailored to the needs of its individual, business, institutional, and governmental customers. | ||
Principles of Consolidation – The accompanying 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 consolidated financial statements. | ||
Basis of Presentation – The accounting and reporting policies of the Company and its subsidiaries conform to U.S. generally accepted accounting principles ("GAAP") and general practice within the banking industry. 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. | ||
In the third quarter of 2014, the Bank acquired assets and assumed liabilities in two separate transactions. The fair values assigned to these assets and liabilities were preliminary and subject to refinement after the acquisition date as new information related to acquisition date fair values became available. During the fourth quarter of 2014, the Bank obtained specific information relating to the acquisition date fair values of certain assets which required a retrospective adjustment. These adjustments were recognized as if they had happened as of the acquisition date in accordance with accounting guidance applicable to business combinations. See Note 3, "Acquisitions" for additional discussion related to these fair value adjustments. | ||
Use of Estimates | Use of Estimates – The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the 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. | |
Segment Disclosures | Segment Disclosures – The Company has one reportable segment. The Company's chief operating decision maker evaluates the operations of the Company using consolidated information for purposes of allocating resources and assessing performance. Therefore, segment disclosures are not required. | |
Business Combinations | Business Combinations – Business combinations are accounted for under the acquisition method of accounting. Assets acquired and liabilities assumed are recorded at their estimated fair values as of the date of acquisition, with any excess of the purchase price of the acquisition over the fair value of the net tangible and intangible assets acquired recorded as goodwill. Alternatively, a gain is recorded if the fair value of assets purchased exceeds the fair value of liabilities assumed and consideration paid. The results of operations of the acquired business are included in the Consolidated Statements of Income from the effective date of the acquisition. | |
Cash and Cash Equivalents | Cash and Cash Equivalents – For purposes of the Consolidated Statements of Cash Flows, management defines cash and cash equivalents to include cash and due from banks, interest-bearing deposits in other banks, and other short-term investments, if any, such as federal funds sold and securities purchased under agreements to resell. | |
Securities | Securities – Securities are classified as held-to-maturity, trading, or available-for-sale at the time of purchase. | |
Securities Held-to-Maturity | Securities Held-to-Maturity – Securities classified as held-to-maturity are securities for which management has the positive intent and ability to hold to maturity. These securities are stated at cost and adjusted for amortization of premiums and accretion of discounts over the estimated lives of the securities using the effective interest method. | |
Trading Securities | Trading Securities – The Company's trading securities consist of diversified investment securities held in a grantor trust under deferred compensation arrangements in which plan participants may direct amounts earned to be invested in securities other than Company stock. The accounts of the grantor trust are consolidated with the accounts of the Company in its consolidated financial statements. Trading securities are reported at fair value. Net trading gains (losses) represent changes in the fair value of the trading securities portfolio and are included in other noninterest income in the Consolidated Statements of Income. The corresponding deferred compensation obligation is also reported at fair value with unrealized gains and losses recognized as a component of compensation expense. Other than the securities held in the grantor trust, the Company does not carry any securities for trading purposes. | |
Securities Available-for-Sale | Securities Available-for-Sale – All other securities are classified as available-for-sale. Securities available-for-sale 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. | |
The historical cost of debt securities is adjusted for amortization of premiums and accretion of discounts over the estimated life of the security using the effective interest method. Amortization of premiums and accretion of discounts are included in interest income. | ||
Purchases and sales of securities are recognized on a trade date basis. Realized securities gains or losses are reported in net securities gains (losses) in the Consolidated Statements of Income. The cost of securities sold is based on the specific identification method. On a quarterly basis, the Company individually assesses securities with unrealized losses to determine whether there were any events or circumstances indicating that an other-than-temporary impairment ("OTTI") has occurred. In evaluating OTTI, the Company considers many factors, including (i) the severity and duration of the impairment, (ii) the financial condition and near-term prospects of the issuer, including external credit ratings and recent downgrades for debt securities, (iii) its intent to hold the security until its value recovers, and (iv) the likelihood that it will be required to sell the security before a recovery in value, which may be at maturity. If management intends to sell the security or believes it is more likely than not that it will be required to sell the security prior to full recovery, an OTTI charge will be recognized through income as a realized loss and included in net securities gains (losses) in the Consolidated Statements of Income. If management does not expect to sell the security or believes it is not more likely than not that it will be required to sell the security prior to full recovery, the OTTI is separated into the amount related to credit deterioration, which is recognized through income as a realized loss, and the amount resulting from other factors, which is recognized in other comprehensive income (loss). | ||
FHLB and Federal Reserve Bank Stock | FHLB and FRB Stock – The Company, as a member of the FHLB and FRB, is required to maintain an investment in the capital stock of the FHLB and FRB. No ready market exists for these stocks, and they have no quoted market values. The stock is redeemable at par by the FRB and FHLB and is, therefore, carried at cost and periodically evaluated for impairment. | |
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. | |
Acquired and Covered Loans | Acquired and Covered Loans – Covered loans consist of loans acquired by the Company in FDIC-assisted transactions, the majority of which 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. Acquired loans consist of all other loans that were acquired in business combinations that are not covered by FDIC Agreements. No allowance for credit losses is recorded on acquired and covered loans at the acquisition date since business combination accounting requires that they are recorded at fair value. | |
Acquired and covered loans are separated into (i) non-purchased credit impaired ("Non-PCI") and (ii) purchased credit impaired ("PCI") loans. Non-PCI loans include loans that did not have evidence of credit deterioration since origination at the acquisition date. PCI loans include loans that had evidence of credit deterioration since origination and for which 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. Leases and revolving loans do not qualify to be accounted for as PCI loans. | ||
The acquisition adjustment related to Non-PCI loans is amortized into interest income over the contractual life of the related loans. As the acquisition adjustment is accreted into income over future periods, an allowance for credit losses will be established as necessary to reflect credit deterioration since the acquisition date. | ||
PCI loans are accounted for prospectively based on estimates of expected future 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 expected future cash flows can be reasonably estimated. The non-accretable yield represents the difference between contractually required payments and the expected future cash flows determined at acquisition. Subsequent increases in expected future cash flows are recognized as interest income prospectively. The present value of any decreases in expected future cash flows is recognized by recording a charge-off through the allowance for loan and covered loan losses or providing an allowance for loan and covered loan losses. | ||
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. | |
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 credit is sufficiently collateralized and in the process of renewal or collection 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. | ||
PCI loans are generally considered accruing loans unless reasonable estimates of the timing and amount of expected 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 expected future cash flows can be reasonably determined. | ||
Troubled Debt Restructurings (TDRs) | 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 future 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. | ||
Allowance for Loan 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 expected future cash flows of the covered PCI loans. On a periodic basis, the adequacy of this allowance is determined through a re-estimation of expected future cash flows on all of the outstanding covered PCI loans using either a probability of default/loss given default ("PD/LGD") methodology or a specific review methodology. The PD/LGD model is a loss model that estimates expected 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. | ||
OREO | OREO – OREO consists of properties acquired through foreclosure in partial or total satisfaction of defaulted loans. At initial transfer into OREO, properties are recorded at fair value, less estimated selling costs. Subsequently, OREO is carried at the lower of the cost basis or fair value, less estimated selling costs. OREO also includes excess properties that the Company no longer intends to utilize. Those properties are transferred to OREO at the lower of their historical cost, less accumulated depreciation, or fair value, which represents the current appraised value of the properties, less selling costs. OREO write-downs occurring at the transfer date are charged against the allowance for loan and covered loan losses. Subsequent to the initial transfer, the carrying values of OREO may be adjusted to reflect reductions in value resulting from new appraisals, new list prices, changes in market conditions, or changes in disposition strategies. These valuation adjustments, along with expenses related to maintenance of the properties, are included in net OREO expense in the Consolidated Statements of Income. | |
FDIC Indemnification Asset | FDIC Indemnification Asset – The majority of loans and OREO acquired through FDIC-assisted transactions are covered by the FDIC Agreements, under which the FDIC reimburses the Company for the majority of the losses and eligible expenses related to these assets during the indemnification period. The FDIC indemnification asset represents the present value of expected future 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 expected future cash flows to be received from the FDIC. These expected future cash flows are estimated by multiplying estimated losses on covered PCI loans and covered OREO by the reimbursement rates in the FDIC Agreements. | |
The balance of the FDIC indemnification asset is adjusted periodically to reflect changes in expected future 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. | ||
Depreciable Assets | Depreciable Assets – Premises, furniture, and equipment are stated at cost, less accumulated depreciation. Depreciation expense is determined by the straight-line method over the estimated useful lives of the assets. Useful lives range from 3 to 10 years for furniture and equipment and 25 to 40 years for premises. Leasehold improvements are amortized over the shorter of the life of the asset or the lease term. Gains on dispositions are included in other noninterest income, and losses on dispositions are included in other noninterest expense in the Consolidated Statements of Income. Maintenance and repairs are charged to operating expenses as incurred, while improvements that extend the useful life of assets are capitalized and depreciated over the estimated remaining life. | |
Long-lived depreciable assets are evaluated periodically for impairment when events or changes in circumstances indicate the carrying amount may not be recoverable. Impairment exists when the undiscounted expected future cash flows of a long-lived asset are less than its carrying value. In that event, the Company recognizes a loss for the difference between the carrying amount and the estimated fair value of the asset based on a quoted market price, if applicable, or a discounted cash flow analysis. Impairment losses are recorded in other noninterest expense in the Consolidated Statements of Income. | ||
BOLI | BOLI – BOLI represents life insurance policies on the lives of certain Company directors and officers for which the Company is the sole owner and beneficiary. These policies are recorded as an asset in the Consolidated Statements of Financial Condition at their cash surrender value ("CSV") or the current amount that could be realized if settled. The change in CSV and insurance proceeds received are included as a component of noninterest income in the Consolidated Statements of Income. | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets – Goodwill represents the excess of the purchase price of the acquisition over the fair value of the net tangible and intangible assets acquired using the acquisition method of accounting. Goodwill is not amortized. Instead, impairment testing is conducted annually or more often if events or circumstances between annual tests indicate that there may be impairment. | |
Impairment testing is performed using a two-step quantitative approach. In the first step, management compares its estimate of the fair value of a reporting unit, which is based on a discounted cash flow analysis, with its carrying amount, including goodwill. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is not impaired and the second step is not required. If necessary, the second step compares the implied fair value of the reporting unit goodwill with the carrying amount of that goodwill. The implied fair value of goodwill is determined by assigning the value of a reporting unit to all of the assets and liabilities of that unit, including any other identifiable intangible assets. An impairment loss is recognized if the carrying amount of the reporting unit goodwill exceeds the implied fair value of that goodwill. | ||
Other intangible assets represent purchased assets that lack physical substance, but can be distinguished from goodwill because of contractual or other legal rights or because the asset is capable of being sold or exchanged either on its own or in combination with a related contract, asset, or liability. Identified intangible assets that have a finite useful life are amortized over that life in a manner that reflects the estimated decline in the economic value of the identified intangible asset. All of the Company's other intangible assets have finite lives and are amortized over varying periods not exceeding 13 years. | ||
Intangible assets are reviewed at least annually to determine whether there were any events or circumstances that indicate the recorded amount is not recoverable from projected undiscounted net operating cash flows. If the projected undiscounted net operating cash flows are less than the carrying amount, a loss is recognized to reduce the carrying amount to fair value and the amortization period may also be reduced. Unamortized intangible assets associated with disposed assets are included in the determination of the gain or loss on the sale of the disposed assets. | ||
Wealth Management | Wealth Management – Assets held in a fiduciary or agency capacity for customers are not included in the consolidated financial statements as they are not assets of the Company or its subsidiaries. Fee income is recognized on an accrual basis and is included as a component of noninterest income in the Consolidated Statements of Income. | |
Derivative Financial Instruments | Derivative Financial Instruments – To provide derivative products to customers and 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 expected future 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 inception. | ||
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 expected future 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 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. | ||
Comprehensive Income (Loss) | Comprehensive Income (Loss) – Comprehensive income (loss) is the total of reported net income (loss) and other comprehensive income (loss) ("OCI"). OCI includes all other revenues, expenses, gains, and losses that are not reported in net income under GAAP. The Company includes the following items, net of tax, in other comprehensive income (loss) in the Consolidated Statements of Comprehensive Income: (i) changes in unrealized gains or losses on securities available-for-sale, (ii) changes in the fair value of derivatives designated as cash flow hedges, and (iii) changes in unrecognized net pension costs related to the Company's pension plan. | |
Treasury Stock | Treasury Stock – Treasury stock acquired is recorded at cost and is carried as a reduction of stockholders' equity in the Consolidated Statements of Financial Condition. Treasury stock issued is valued based on the "last in, first out" inventory method. The difference between the consideration received on issuance and the carrying value is charged or credited to additional paid-in capital. | |
Share-based Compensation | Share-Based Compensation – The Company recognizes share-based compensation expense based on the estimated fair value of the award at the grant or modification date over the period during which an employee is required to provide service in exchange for such award. Share-based compensation expense is included in salaries and wages in the Consolidated Statements of Income. | |
Income Taxes | Income Taxes – The Company files U.S. federal income tax returns and state income tax returns in various states. The provision for income taxes is based on income in the consolidated financial statements, rather than amounts reported on the Company's income tax return. | |
Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using the enacted tax rates that are expected to apply to taxable income in years in which those temporary differences are expected to be recovered or settled. A valuation allowance is established for any deferred tax asset for which recovery or settlement is not more likely than not. The effect of a change in tax rates on deferred tax assets and liabilities is recognized as income or expense in the period that includes the enactment date. | ||
Earnings per Common Share (EPS) | Earnings per Common Share ("EPS") – EPS is computed using the two-class method. Basic EPS is computed by dividing net income (loss) applicable to common shares by the weighted-average number of common shares outstanding during the applicable period, excluding outstanding participating securities. Participating securities include non-vested restricted stock awards and restricted stock units, which contain nonforfeitable rights to dividends or dividend equivalents. Diluted earnings per common share is computed using the weighted-average number of shares determined for the basic earnings per common share computation plus the dilutive effect of stock compensation using the treasury stock method. | |
Recent accounting pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS | |
Adopted Accounting Guidance | ||
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 adoption of this guidance on January 1, 2014 did not materially impact the Company's financial condition, results of operations, or liquidity. | ||
Recently Issued Accounting Guidance | ||
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 (i) meets the criteria to be classified as held for sale, (ii) is disposed of by sale, or (iii) 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 as outlined in the guidance, 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. | ||
Receivables - Troubled Debt Restructurings by Creditors: In August of 2014, the FASB issued guidance that requires an entity to derecognize a mortgage loan and recognize a separate other receivable upon foreclosure if (i) the loan has a government guarantee that is not separable from the loan before foreclosure, (ii) at the time of foreclosure, the creditor has the intent to convey the real estate property to the guarantor and make a claim on that guarantee, and the creditor has the ability to recover under that claim, and (iii) at the time of foreclosure, any amount of the claim that is determined on the basis of the fair value of the real estate is fixed. The separate other receivable is to be measured based on the amount of the loan balance (principal and interest) expected to be recovered from the guarantor. 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. | ||
Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern: In August of 2014, the FASB issued guidance that requires management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued. The guidance is effective for the annual period ending after December 15, 2016, and for annual and interim periods thereafter. Management does not expect the adoption of this guidance will materially impact the Company's financial condition, results of operations, or liquidity. |
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Business Combinations [Abstract] | |||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table presents the assets acquired and liabilities assumed, net of the fair value adjustments, in the Popular and Great Lakes transactions as of the acquisition date. | ||||||||
Acquisition Activity | |||||||||
(Dollar amounts in thousands) | |||||||||
Popular | Great Lakes | ||||||||
8-Aug-14 | 2-Dec-14 | ||||||||
Assets | |||||||||
Cash and due from banks and | $ | 161,276 | $ | 78,609 | |||||
interest-bearing deposits in other banks | |||||||||
Securities available-for-sale | — | 219,279 | |||||||
FHLB and FRB stock | — | 1,970 | |||||||
Loans | 549,386 | 223,169 | |||||||
OREO | — | 1,244 | |||||||
Investment in BOLI | — | 10,373 | |||||||
Goodwill | 32,181 | 10,339 | |||||||
Other intangible assets | 8,003 | 6,192 | |||||||
Premises, furniture, and equipment | 4,647 | 5,011 | |||||||
Accrued interest receivable and other assets | 6,574 | 10,059 | |||||||
Total assets | $ | 762,067 | $ | 566,245 | |||||
Liabilities | |||||||||
Deposits: | |||||||||
Noninterest-bearing deposits | $ | 163,299 | $ | 110,885 | |||||
Interest-bearing deposits | 568,573 | 353,424 | |||||||
Total deposits | 731,872 | 464,309 | |||||||
Intangible liabilities | 10,631 | — | |||||||
Borrowed funds | — | 29,490 | |||||||
Senior and subordinated debt | — | 9,809 | |||||||
Accrued interest payable and other liabilities | 564 | 6,887 | |||||||
Total liabilities | 743,067 | 510,495 | |||||||
Consideration Paid | |||||||||
Common stock (2,440,754 shares issued at $15.737 per share), | — | 38,300 | |||||||
net of $110,000 in issuance costs | |||||||||
Cash paid | 19,000 | 17,450 | |||||||
Total consideration paid | 19,000 | 55,750 | |||||||
$ | 762,067 | $ | 566,245 | ||||||
Securities_Tables
Securities (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 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) | |||||||||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Amortized | Gross Unrealized | Fair | Amortized | Gross Unrealized | Fair | ||||||||||||||||||||||||||||
Cost | Gains | Losses | Value | Cost | Gains | Losses | Value | ||||||||||||||||||||||||||
Securities Available-for-Sale | |||||||||||||||||||||||||||||||||
U.S. agency securities | $ | 30,297 | $ | 144 | $ | (10 | ) | $ | 30,431 | $ | 500 | $ | — | $ | — | $ | 500 | ||||||||||||||||
Collateralized mortgage | 538,882 | 2,256 | (6,982 | ) | 534,156 | 490,962 | 1,427 | (16,621 | ) | 475,768 | |||||||||||||||||||||||
obligations ("CMOs") | |||||||||||||||||||||||||||||||||
Other mortgage-backed | 155,443 | 4,632 | (310 | ) | 159,765 | 135,097 | 3,349 | (2,282 | ) | 136,164 | |||||||||||||||||||||||
securities ("MBSs") | |||||||||||||||||||||||||||||||||
Municipal securities | 414,255 | 10,583 | (1,018 | ) | 423,820 | 457,318 | 9,673 | (5,598 | ) | 461,393 | |||||||||||||||||||||||
Trust preferred | 48,502 | 152 | (14,880 | ) | 33,774 | 46,532 | — | (28,223 | ) | 18,309 | |||||||||||||||||||||||
collateralized debt | |||||||||||||||||||||||||||||||||
obligations ("CDOs") | |||||||||||||||||||||||||||||||||
Corporate debt securities | 1,719 | 83 | — | 1,802 | 12,999 | 1,930 | — | 14,929 | |||||||||||||||||||||||||
Equity securities | 3,224 | 72 | (35 | ) | 3,261 | 3,706 | 2,046 | (90 | ) | 5,662 | |||||||||||||||||||||||
Total available- | $ | 1,192,322 | $ | 17,922 | $ | (23,235 | ) | $ | 1,187,009 | $ | 1,147,114 | $ | 18,425 | $ | (52,814 | ) | $ | 1,112,725 | |||||||||||||||
for-sale securities | |||||||||||||||||||||||||||||||||
Securities Held-to-Maturity | |||||||||||||||||||||||||||||||||
Municipal securities | $ | 26,555 | $ | 1,115 | $ | — | $ | 27,670 | $ | 44,322 | $ | — | $ | (935 | ) | $ | 43,387 | ||||||||||||||||
Trading Securities | $ | 17,460 | $ | 17,317 | |||||||||||||||||||||||||||||
Investments Classified by Contractual Maturity Date | Remaining Contractual Maturity of Securities | ||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | |||||||||||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||||||||
Available-for-Sale | Held-to-Maturity | ||||||||||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | ||||||||||||||||||||||||||||||
Cost | Value | Cost | Value | ||||||||||||||||||||||||||||||
One year or less | $ | 67,900 | $ | 67,221 | $ | 3,504 | $ | 3,651 | |||||||||||||||||||||||||
After one year to five years | 78,132 | 77,351 | 8,727 | 9,093 | |||||||||||||||||||||||||||||
After five years to ten years | 214,007 | 211,868 | 5,404 | 5,631 | |||||||||||||||||||||||||||||
After ten years | 134,734 | 133,387 | 8,920 | 9,295 | |||||||||||||||||||||||||||||
Securities that do not have a single contractual maturity date | 697,549 | 697,182 | — | — | |||||||||||||||||||||||||||||
Total | $ | 1,192,322 | $ | 1,187,009 | $ | 26,555 | $ | 27,670 | |||||||||||||||||||||||||
Realized Gain (Loss) on Investments | The following table presents net realized gains (losses) on securities. | ||||||||||||||||||||||||||||||||
Securities Gains (Losses) | |||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | |||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Gains (losses) on sales of securities: | |||||||||||||||||||||||||||||||||
Gross realized gains | $ | 8,188 | $ | 34,572 | $ | 3,045 | |||||||||||||||||||||||||||
Gross realized losses | (63 | ) | — | (297 | ) | ||||||||||||||||||||||||||||
Net realized gains on sales of securities | 8,125 | 34,572 | 2,748 | ||||||||||||||||||||||||||||||
Non-cash impairment charges: | |||||||||||||||||||||||||||||||||
OTTI | (28 | ) | (408 | ) | (3,728 | ) | |||||||||||||||||||||||||||
Portion of OTTI recognized in other comprehensive income (loss) | — | — | 59 | ||||||||||||||||||||||||||||||
Net non-cash impairment charges | (28 | ) | (408 | ) | (3,669 | ) | |||||||||||||||||||||||||||
Net realized gains (losses) | $ | 8,097 | $ | 34,164 | $ | (921 | ) | ||||||||||||||||||||||||||
Net trading gains (1) | $ | 677 | $ | 3,189 | $ | 1,627 | |||||||||||||||||||||||||||
Net non-cash impairment charges: | |||||||||||||||||||||||||||||||||
CMOs | $ | 28 | $ | 6 | $ | 1,443 | |||||||||||||||||||||||||||
Municipal securities | — | 402 | — | ||||||||||||||||||||||||||||||
CDOs | — | — | 2,226 | ||||||||||||||||||||||||||||||
Total | $ | 28 | $ | 408 | $ | 3,669 | |||||||||||||||||||||||||||
(1) | All net trading gains relate to trading securities still held as of December 31, 2014, 2013, and 2012 and are included in other income in the Consolidated Statements 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 years ended December 31, 2014, 2013, and 2012. 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) | |||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Beginning balance | $ | 32,422 | $ | 38,803 | $ | 36,525 | |||||||||||||||||||||||||||
OTTI included in earnings (1): | |||||||||||||||||||||||||||||||||
Losses on securities that previously had OTTI | 28 | — | 2,278 | ||||||||||||||||||||||||||||||
Losses on securities that did not previously have OTTI | — | 408 | 1,391 | ||||||||||||||||||||||||||||||
Reduction for securities sales (2) | (8,570 | ) | (6,789 | ) | (1,391 | ) | |||||||||||||||||||||||||||
Ending balance | $ | 23,880 | $ | 32,422 | $ | 38,803 | |||||||||||||||||||||||||||
(1) | Included in net securities gains (losses) in the Consolidated Statements of Income. | ||||||||||||||||||||||||||||||||
(2) | During the year ended December 31, 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 year ended December 31, 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 December 31, 2014 and 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 December 31, 2014 | |||||||||||||||||||||||||||||||||
U.S. agency securities | 1 | $ | 1,943 | $ | 10 | $ | — | $ | — | $ | 1,943 | $ | 10 | ||||||||||||||||||||
CMOs | 87 | 61,321 | 559 | 284,327 | 6,423 | 345,648 | 6,982 | ||||||||||||||||||||||||||
Other MBSs | 11 | 1,113 | 1 | 39,043 | 309 | 40,156 | 310 | ||||||||||||||||||||||||||
Municipal securities | 91 | 1,317 | 9 | 53,987 | 1,009 | 55,304 | 1,018 | ||||||||||||||||||||||||||
CDOs | 4 | — | — | 22,791 | 14,880 | 22,791 | 14,880 | ||||||||||||||||||||||||||
Equity securities | 1 | — | — | 2,270 | 35 | 2,270 | 35 | ||||||||||||||||||||||||||
Total | 195 | $ | 65,694 | $ | 579 | $ | 402,418 | $ | 22,656 | $ | 468,112 | $ | 23,235 | ||||||||||||||||||||
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) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Receivables [Abstract] | |||||||||||||||||
Composition Of Loan Portfolio | The following table presents the Company's loans held-for-investment by class. | ||||||||||||||||
Loan Portfolio | |||||||||||||||||
(Dollar amounts in thousands) | |||||||||||||||||
As of December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Commercial and industrial | $ | 2,253,556 | $ | 1,830,638 | |||||||||||||
Agricultural | 358,249 | 321,702 | |||||||||||||||
Commercial real estate: | |||||||||||||||||
Office, retail, and industrial | 1,478,379 | 1,353,685 | |||||||||||||||
Multi-family | 564,421 | 332,873 | |||||||||||||||
Construction | 204,236 | 186,197 | |||||||||||||||
Other commercial real estate | 887,897 | 807,071 | |||||||||||||||
Total commercial real estate | 3,134,933 | 2,679,826 | |||||||||||||||
Total corporate loans | 5,746,738 | 4,832,166 | |||||||||||||||
Home equity | 543,185 | 427,020 | |||||||||||||||
1-4 family mortgages | 291,463 | 275,992 | |||||||||||||||
Installment | 76,032 | 44,827 | |||||||||||||||
Total consumer loans | 910,680 | 747,839 | |||||||||||||||
Total loans, excluding covered loans | 6,657,418 | 5,580,005 | |||||||||||||||
Covered loans (1) | 79,435 | 134,355 | |||||||||||||||
Total loans | $ | 6,736,853 | $ | 5,714,360 | |||||||||||||
Deferred loan fees included in total loans | $ | 3,922 | $ | 4,656 | |||||||||||||
Overdrawn demand deposits included in total loans | 3,438 | 5,047 | |||||||||||||||
(1) | For information on covered loans, see Note 6, "Acquired and Covered Loans." | ||||||||||||||||
Schedule of Financial Instruments Owned and Pledged as Collateral | The carrying value of loans that were pledged to secure liabilities as of December 31, 2014 and 2013 are presented below. | ||||||||||||||||
Carrying Value of Loans Pledged | |||||||||||||||||
(Dollar amounts in thousands) | |||||||||||||||||
As of December 31 | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Loans pledged to secure: | |||||||||||||||||
FHLB advances | $ | 1,952,736 | $ | 1,632,069 | |||||||||||||
FRB's Discount Window Primary Credit Program | 845,974 | 766,870 | |||||||||||||||
Total | $ | 2,798,710 | $ | 2,398,939 | |||||||||||||
Schedule of Loans Sold | The following table presents loan sales for the years ended December 31, 2014, 2013, and 2012. | ||||||||||||||||
Loan Sales | |||||||||||||||||
(Dollar amounts in thousands) | |||||||||||||||||
Proceeds | Book Value | Charge-offs (1) | Net Gains (2) | ||||||||||||||
Loan sales in 2014 | |||||||||||||||||
Mortgage loans | $ | 148,680 | $ | 144,909 | $ | — | $ | 3,771 | |||||||||
Non-performing loans | 17,750 | 21,200 | (3,450 | ) | — | ||||||||||||
Total loan sales in 2014 | $ | 166,430 | $ | 166,109 | $ | (3,450 | ) | $ | 3,771 | ||||||||
Loan sales in 2013 | |||||||||||||||||
Mortgage loans | $ | 152,130 | $ | 147,413 | $ | — | $ | 4,717 | |||||||||
Non-performing loans | 1,275 | 2,835 | (1,560 | ) | — | ||||||||||||
Total loan sales in 2013 | $ | 153,405 | $ | 150,248 | $ | (1,560 | ) | $ | 4,717 | ||||||||
Loan sales in 2012 | |||||||||||||||||
Bulk loan sales | $ | 94,470 | $ | 169,577 | $ | (80,260 | ) | $ | 5,153 | ||||||||
Mortgage loans | 52,595 | 50,326 | — | 2,269 | |||||||||||||
Non-performing loans | 4,200 | 6,587 | (2,387 | ) | — | ||||||||||||
Total loan sales in 2012 | $ | 151,265 | $ | 226,490 | $ | (82,647 | ) | $ | 7,422 | ||||||||
(1) | Amount represents charge-offs to the allowance for loan and covered loan losses at the time the loans were identified for sale. | ||||||||||||||||
(2) | The net gains on the bulk loan sales represent gains realized subsequent to the transfer to held-for-sale and are included as a separate component of noninterest income in the Consolidated Statements of Income. Net gains on mortgage loan sales are included in mortgage banking income in the Consolidated Statements of Income. |
Acquired_Loans_and_Covered_Loa1
Acquired Loans and Covered Loans (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Acquired Loans [Abstract] | |||||||||||||||||||||||||
Acquired Loans | The following table presents PCI and Non-PCI loans as of December 31, 2014 and 2013. | ||||||||||||||||||||||||
Acquired and Covered Loans | |||||||||||||||||||||||||
(Dollar amounts in thousands) | |||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
PCI | Non-PCI | Total | PCI | Non-PCI | Total | ||||||||||||||||||||
Acquired loans | $ | 28,712 | $ | 714,836 | $ | 743,548 | $ | 15,608 | $ | 17,024 | $ | 32,632 | |||||||||||||
Covered loans | 54,682 | 24,753 | 79,435 | 103,525 | 30,830 | 134,355 | |||||||||||||||||||
Total acquired and covered loans | $ | 83,394 | $ | 739,589 | $ | 822,983 | $ | 119,133 | $ | 47,854 | $ | 166,987 | |||||||||||||
FDIC Indemnification Asset Roll Forward | A rollforward of the carrying value of the FDIC indemnification asset for the years ended December 31, 2014, 2013, and 2012 is presented in the following table. | ||||||||||||||||||||||||
Changes in the FDIC Indemnification Asset | |||||||||||||||||||||||||
(Dollar amounts in thousands) | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Beginning balance | $ | 16,585 | $ | 37,051 | $ | 65,609 | |||||||||||||||||||
Amortization | (3,315 | ) | (2,984 | ) | (14,098 | ) | |||||||||||||||||||
Change in expected reimbursements from the FDIC for changes in | (481 | ) | (1,242 | ) | 3,338 | ||||||||||||||||||||
expected credit losses | |||||||||||||||||||||||||
Payments received from the FDIC | (4,337 | ) | (16,240 | ) | (17,798 | ) | |||||||||||||||||||
Ending balance | $ | 8,452 | $ | 16,585 | $ | 37,051 | |||||||||||||||||||
Schedule Of Changes In Accretable Yield For Purchased Credit Impaired Loans | Changes in the accretable yield for acquired and covered PCI loans were as follows. | ||||||||||||||||||||||||
Changes in Accretable Yield | |||||||||||||||||||||||||
(Dollar amounts in thousands) | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Beginning balance | $ | 36,792 | $ | 51,498 | $ | 52,147 | |||||||||||||||||||
Additions | 3,517 | — | 7,224 | ||||||||||||||||||||||
Accretion | (12,535 | ) | (15,016 | ) | (20,632 | ) | |||||||||||||||||||
Other (1) | 470 | 310 | 12,759 | ||||||||||||||||||||||
Ending balance | $ | 28,244 | $ | 36,792 | $ | 51,498 | |||||||||||||||||||
(1) | Increases represent a rise in the expected future cash flows to be collected over the remaining estimated life of the underlying portfolio. |
Past_Due_Loans_Allowances_For_1
Past Due Loans, Allowances For Credit Losses, Impaired Loans, and TDRs (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||
Past Due Financing Receivables | The following table presents an aging analysis of the Company's past due loans as of December 31, 2014 and 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-accrual | 90 Days Past Due Loans, Still Accruing Interest | |||||||||||||||||||||||||||||||
Past Due | More Past | Past Due | Loans | Loans | |||||||||||||||||||||||||||||||||
Due | |||||||||||||||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 2,230,947 | $ | 19,505 | $ | 3,104 | $ | 22,609 | $ | 2,253,556 | $ | 22,693 | $ | 205 | |||||||||||||||||||||||
Agricultural | 355,982 | 1,934 | 333 | 2,267 | 358,249 | 360 | — | ||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||
Office, retail, and industrial | 1,463,724 | 2,340 | 12,315 | 14,655 | 1,478,379 | 12,939 | 76 | ||||||||||||||||||||||||||||||
Multi-family | 562,625 | 1,261 | 535 | 1,796 | 564,421 | 754 | 83 | ||||||||||||||||||||||||||||||
Construction | 197,255 | — | 6,981 | 6,981 | 204,236 | 6,981 | — | ||||||||||||||||||||||||||||||
Other commercial real estate | 876,609 | 5,412 | 5,876 | 11,288 | 887,897 | 6,970 | 438 | ||||||||||||||||||||||||||||||
Total commercial real | 3,100,213 | 9,013 | 25,707 | 34,720 | 3,134,933 | 27,644 | 597 | ||||||||||||||||||||||||||||||
estate | |||||||||||||||||||||||||||||||||||||
Total corporate loans | 5,687,142 | 30,452 | 29,144 | 59,596 | 5,746,738 | 50,697 | 802 | ||||||||||||||||||||||||||||||
Home equity | 535,587 | 3,216 | 4,382 | 7,598 | 543,185 | 6,290 | 145 | ||||||||||||||||||||||||||||||
1-4 family mortgages | 287,892 | 2,246 | 1,325 | 3,571 | 291,463 | 2,941 | 166 | ||||||||||||||||||||||||||||||
Installment | 75,428 | 506 | 98 | 604 | 76,032 | 43 | 60 | ||||||||||||||||||||||||||||||
Total consumer loans | 898,907 | 5,968 | 5,805 | 11,773 | 910,680 | 9,274 | 371 | ||||||||||||||||||||||||||||||
Total loans, excluding | 6,586,049 | 36,420 | 34,949 | 71,369 | 6,657,418 | 59,971 | 1,173 | ||||||||||||||||||||||||||||||
covered loans | |||||||||||||||||||||||||||||||||||||
Covered loans | 66,331 | 2,714 | 10,390 | 13,104 | 79,435 | 6,186 | 5,002 | ||||||||||||||||||||||||||||||
Total loans | $ | 6,652,380 | $ | 39,134 | $ | 45,339 | $ | 84,473 | $ | 6,736,853 | $ | 66,157 | $ | 6,175 | |||||||||||||||||||||||
As of 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 by Segment | A rollforward of the allowance for credit losses by portfolio segment for the years ended December 31, 2014, 2013, and 2012 is presented in the table below. | ||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses by Portfolio Segment | |||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | |||||||||||||||||||||||||||||||||||||
Commercial, Industrial, and Agricultural | Office, Retail, and Industrial | Multi-family | Construction | Other Commercial Real Estate | Consumer | Covered Loans | Reserve for Unfunded Commitments | Total Allowance | |||||||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 30,381 | $ | 10,405 | $ | 2,017 | $ | 6,316 | $ | 10,817 | $ | 13,010 | $ | 12,559 | $ | 1,616 | $ | 87,121 | |||||||||||||||||||
Charge-offs | (17,424 | ) | (7,345 | ) | (943 | ) | (1,052 | ) | (4,834 | ) | (7,574 | ) | (1,012 | ) | — | (40,184 | ) | ||||||||||||||||||||
Recoveries | 3,800 | 497 | 87 | 166 | 1,727 | 729 | 1,199 | — | 8,205 | ||||||||||||||||||||||||||||
Net charge-offs | (13,624 | ) | (6,848 | ) | (856 | ) | (886 | ) | (3,107 | ) | (6,845 | ) | 187 | — | (31,979 | ) | |||||||||||||||||||||
Provision for loan | 12,701 | 7,435 | 1,088 | (3,133 | ) | 617 | 5,980 | (5,520 | ) | 200 | 19,368 | ||||||||||||||||||||||||||
and covered loan | |||||||||||||||||||||||||||||||||||||
losses and other | |||||||||||||||||||||||||||||||||||||
Ending Balance | $ | 29,458 | $ | 10,992 | $ | 2,249 | $ | 2,297 | $ | 8,327 | $ | 12,145 | $ | 7,226 | $ | 1,816 | $ | 74,510 | |||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 36,761 | $ | 11,432 | $ | 3,575 | $ | 9,223 | $ | 13,531 | $ | 12,862 | $ | 12,062 | $ | 3,366 | $ | 102,812 | |||||||||||||||||||
Charge-offs | (12,094 | ) | (4,744 | ) | (1,029 | ) | (1,916 | ) | (4,784 | ) | (9,414 | ) | (4,599 | ) | — | (38,580 | ) | ||||||||||||||||||||
Recoveries | 3,797 | 228 | 584 | 1,032 | 1,646 | 1,071 | 24 | — | 8,382 | ||||||||||||||||||||||||||||
Net charge-offs | (8,297 | ) | (4,516 | ) | (445 | ) | (884 | ) | (3,138 | ) | (8,343 | ) | (4,575 | ) | — | (30,198 | ) | ||||||||||||||||||||
Provision for loan | 1,917 | 3,489 | (1,113 | ) | (2,023 | ) | 424 | 8,491 | 5,072 | (1,750 | ) | 14,507 | |||||||||||||||||||||||||
and covered loan | |||||||||||||||||||||||||||||||||||||
losses and other | |||||||||||||||||||||||||||||||||||||
Ending balance | $ | 30,381 | $ | 10,405 | $ | 2,017 | $ | 6,316 | $ | 10,817 | $ | 13,010 | $ | 12,559 | $ | 1,616 | $ | 87,121 | |||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 46,017 | $ | 16,012 | $ | 5,067 | $ | 17,795 | $ | 19,451 | $ | 14,131 | $ | 989 | $ | 2,500 | $ | 121,962 | |||||||||||||||||||
Charge-offs | (64,668 | ) | (34,968 | ) | (3,361 | ) | (27,811 | ) | (36,474 | ) | (10,910 | ) | (4,615 | ) | — | (182,807 | ) | ||||||||||||||||||||
Recoveries | 3,393 | 577 | 275 | 451 | 125 | 784 | — | — | 5,605 | ||||||||||||||||||||||||||||
Net charge-offs | (61,275 | ) | (34,391 | ) | (3,086 | ) | (27,360 | ) | (36,349 | ) | (10,126 | ) | (4,615 | ) | — | (177,202 | ) | ||||||||||||||||||||
Provision for loan | 52,019 | 29,811 | 1,594 | 18,788 | 30,429 | 8,857 | 15,688 | 866 | 158,052 | ||||||||||||||||||||||||||||
and covered loan | |||||||||||||||||||||||||||||||||||||
losses and other | |||||||||||||||||||||||||||||||||||||
Ending balance | $ | 36,761 | $ | 11,432 | $ | 3,575 | $ | 9,223 | $ | 13,531 | $ | 12,862 | $ | 12,062 | $ | 3,366 | $ | 102,812 | |||||||||||||||||||
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. | ||||||||||||||||||||||||||||||||||||
Loans and Related Allowance for Credit Losses by Portfolio Segment | |||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | |||||||||||||||||||||||||||||||||||||
Loans | Allowance for Credit Losses | ||||||||||||||||||||||||||||||||||||
Individually | Collectively | PCI | Total | Individually | Collectively | PCI | Total | ||||||||||||||||||||||||||||||
Evaluated for | Evaluated for | Evaluated for | Evaluated for | ||||||||||||||||||||||||||||||||||
Impairment | Impairment | Impairment | Impairment | ||||||||||||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||||||||||||
Commercial, industrial, and | $ | 19,796 | $ | 2,588,141 | $ | 3,868 | $ | 2,611,805 | $ | 2,249 | $ | 27,209 | $ | — | $ | 29,458 | |||||||||||||||||||||
agricultural | |||||||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||
Office, retail, and industrial | 12,332 | 1,458,918 | 7,129 | 1,478,379 | 271 | 10,721 | — | 10,992 | |||||||||||||||||||||||||||||
Multi-family | 939 | 561,400 | 2,082 | 564,421 | — | 2,249 | — | 2,249 | |||||||||||||||||||||||||||||
Construction | 6,671 | 195,094 | 2,471 | 204,236 | — | 2,297 | — | 2,297 | |||||||||||||||||||||||||||||
Other commercial real estate | 3,266 | 880,087 | 4,544 | 887,897 | 11 | 8,316 | — | 8,327 | |||||||||||||||||||||||||||||
Total commercial | 23,208 | 3,095,499 | 16,226 | 3,134,933 | 282 | 23,583 | — | 23,865 | |||||||||||||||||||||||||||||
real estate | |||||||||||||||||||||||||||||||||||||
Total corporate loans | 43,004 | 5,683,640 | 20,094 | 5,746,738 | 2,531 | 50,792 | — | 53,323 | |||||||||||||||||||||||||||||
Consumer | — | 902,062 | 8,618 | 910,680 | — | 11,822 | 323 | 12,145 | |||||||||||||||||||||||||||||
Total loans, excluding | 43,004 | 6,585,702 | 28,712 | 6,657,418 | 2,531 | 62,614 | 323 | 65,468 | |||||||||||||||||||||||||||||
covered loans | |||||||||||||||||||||||||||||||||||||
Covered loans | — | 24,753 | 54,682 | 79,435 | — | 488 | 6,738 | 7,226 | |||||||||||||||||||||||||||||
Reserve for unfunded | — | — | — | — | — | 1,816 | — | 1,816 | |||||||||||||||||||||||||||||
commitments | |||||||||||||||||||||||||||||||||||||
Total loans | $ | 43,004 | $ | 6,610,455 | $ | 83,394 | $ | 6,736,853 | $ | 2,531 | $ | 64,918 | $ | 7,061 | $ | 74,510 | |||||||||||||||||||||
As of 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 | — | 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 Receivable | The following table presents loans individually evaluated for impairment by class of loan as of December 31, 2014 and 2013. PCI loans are excluded from this disclosure. | ||||||||||||||||||||||||||||||||||||
Impaired Loans Individually Evaluated by Class | |||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | |||||||||||||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||
Recorded Investment In | Recorded Investment In | ||||||||||||||||||||||||||||||||||||
Loans with | Loans | Unpaid | Specific | Loans with | Loans | Unpaid | Specific | ||||||||||||||||||||||||||||||
No Specific | with | Principal | Reserve | No | with | Principal | Reserve | ||||||||||||||||||||||||||||||
Reserve | a Specific | Balance | Specific | a Specific | Balance | ||||||||||||||||||||||||||||||||
Reserve | Reserve | Reserve | |||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 666 | $ | 19,130 | $ | 35,457 | $ | 2,249 | $ | 10,047 | $ | 3,131 | $ | 25,887 | $ | 4,046 | |||||||||||||||||||||
Agricultural | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||
Office, retail, and industrial | 9,623 | 2,709 | 18,340 | 271 | 23,872 | 2,476 | 35,868 | 214 | |||||||||||||||||||||||||||||
Multi-family | 939 | — | 1,024 | — | 1,098 | 198 | 1,621 | 18 | |||||||||||||||||||||||||||||
Construction | 6,671 | — | 7,731 | — | 4,586 | 1,126 | 10,037 | 178 | |||||||||||||||||||||||||||||
Other commercial real estate | 2,752 | 514 | 4,490 | 11 | 7,553 | 1,745 | 11,335 | 704 | |||||||||||||||||||||||||||||
Total commercial real | 19,985 | 3,223 | 31,585 | 282 | 37,109 | 5,545 | 58,861 | 1,114 | |||||||||||||||||||||||||||||
estate | |||||||||||||||||||||||||||||||||||||
Total impaired loans | $ | 20,651 | $ | 22,353 | $ | 67,042 | $ | 2,531 | $ | 47,156 | $ | 8,676 | $ | 84,748 | $ | 5,160 | |||||||||||||||||||||
individually evaluated | |||||||||||||||||||||||||||||||||||||
for impairment | |||||||||||||||||||||||||||||||||||||
Impaired Financing Receivables Continued | The following table presents the average recorded investment and interest income recognized on impaired loans by class for the years ended December 31, 2014, 2013, and 2012. PCI loans are excluded from this disclosure. | ||||||||||||||||||||||||||||||||||||
Average Recorded Investment and Interest Income Recognized on Impaired Loans by Class | |||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | |||||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Average | Interest | Average | Interest | Average | Interest | ||||||||||||||||||||||||||||||||
Recorded | Income | Recorded | Income | Recorded | Income | ||||||||||||||||||||||||||||||||
Balance | Recognized (1) | Balance | Recognized (1) | Balance | Recognized (1) | ||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 16,137 | $ | 371 | $ | 20,925 | $ | 205 | $ | 45,101 | $ | 94 | |||||||||||||||||||||||||
Agricultural | — | — | — | — | 1,138 | — | |||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||
Office, retail, and industrial | 19,003 | 245 | 24,802 | 18 | 32,439 | 2 | |||||||||||||||||||||||||||||||
Multi-family | 1,245 | 5 | 1,116 | 8 | 6,226 | — | |||||||||||||||||||||||||||||||
Construction | 5,764 | — | 5,932 | — | 31,202 | 1 | |||||||||||||||||||||||||||||||
Other commercial real estate | 6,014 | 138 | 13,141 | 31 | 35,715 | 38 | |||||||||||||||||||||||||||||||
Total commercial real estate | 32,026 | 388 | 44,991 | 57 | 105,582 | 41 | |||||||||||||||||||||||||||||||
Total impaired loans | $ | 48,163 | $ | 759 | $ | 65,916 | $ | 262 | $ | 151,821 | $ | 135 | |||||||||||||||||||||||||
(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 December 31, 2014 and 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) | |||||||||||||||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 2,115,170 | $ | 84,615 | $ | 31,078 | $ | 22,693 | $ | 2,253,556 | |||||||||||||||||||||||||||
Agricultural | 357,595 | 294 | — | 360 | 358,249 | ||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||
Office, retail, and industrial | 1,393,885 | 38,891 | 32,664 | 12,939 | 1,478,379 | ||||||||||||||||||||||||||||||||
Multi-family | 553,255 | 6,363 | 4,049 | 754 | 564,421 | ||||||||||||||||||||||||||||||||
Construction | 178,992 | 5,776 | 12,487 | 6,981 | 204,236 | ||||||||||||||||||||||||||||||||
Other commercial real estate | 829,003 | 32,517 | 19,407 | 6,970 | 887,897 | ||||||||||||||||||||||||||||||||
Total commercial real estate | 2,955,135 | 83,547 | 68,607 | 27,644 | 3,134,933 | ||||||||||||||||||||||||||||||||
Total corporate loans | $ | 5,427,900 | $ | 168,456 | $ | 99,685 | $ | 50,697 | $ | 5,746,738 | |||||||||||||||||||||||||||
As of 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 $1.8 million as of December 31, 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 | |||||||||||||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||||||||||||
Home equity | $ | 536,895 | $ | 6,290 | $ | 543,185 | |||||||||||||||||||||||||||||||
1-4 family mortgages | 288,522 | 2,941 | 291,463 | ||||||||||||||||||||||||||||||||||
Installment | 75,989 | 43 | 76,032 | ||||||||||||||||||||||||||||||||||
Total consumer loans | $ | 901,406 | $ | 9,274 | $ | 910,680 | |||||||||||||||||||||||||||||||
As of 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 December 31, 2014 and 2013. See Note 1, "Summary of Significant Accounting Policies," for the accounting policy for TDRs. | ||||||||||||||||||||||||||||||||||||
TDRs by Class | |||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | |||||||||||||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||
Accruing | Non-accrual (1) | Total | Accruing | Non-accrual (1) | Total | ||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 269 | $ | 18,799 | $ | 19,068 | $ | 6,538 | $ | 2,121 | $ | 8,659 | |||||||||||||||||||||||||
Agricultural | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||
Office, retail, and industrial | 586 | — | 586 | 10,271 | — | 10,271 | |||||||||||||||||||||||||||||||
Multi-family | 887 | 232 | 1,119 | 1,038 | 253 | 1,291 | |||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Other commercial real estate | 433 | 183 | 616 | 4,326 | 291 | 4,617 | |||||||||||||||||||||||||||||||
Total commercial real estate | 1,906 | 415 | 2,321 | 15,635 | 544 | 16,179 | |||||||||||||||||||||||||||||||
Total corporate loans | 2,175 | 19,214 | 21,389 | 22,173 | 2,665 | 24,838 | |||||||||||||||||||||||||||||||
Home equity | 651 | 506 | 1,157 | 787 | 512 | 1,299 | |||||||||||||||||||||||||||||||
1-4 family mortgages | 878 | 184 | 1,062 | 810 | 906 | 1,716 | |||||||||||||||||||||||||||||||
Installment | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Total consumer loans | 1,529 | 690 | 2,219 | 1,597 | 1,418 | 3,015 | |||||||||||||||||||||||||||||||
Total loans | $ | 3,704 | $ | 19,904 | $ | 23,608 | $ | 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 years ended December 31, 2014, 2013, and 2012. | ||||||||||||||||||||||||||||||||||||
Loans Restructured During the Period | |||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | |||||||||||||||||||||||||||||||||||||
Number | Pre-Modification | Funds | Interest | Charge-offs | Post-Modification | ||||||||||||||||||||||||||||||||
of | Recorded | Disbursed | and Escrow | Recorded | |||||||||||||||||||||||||||||||||
Loans | Investment | Capitalized | Investment | ||||||||||||||||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||||||||||||||||||
Commercial and industrial | 7 | $ | 23,852 | $ | — | $ | — | $ | — | $ | 23,852 | ||||||||||||||||||||||||||
Office, retail, and industrial | 1 | 417 | — | — | — | 417 | |||||||||||||||||||||||||||||||
Multi-family | 1 | 275 | — | — | — | 275 | |||||||||||||||||||||||||||||||
Home equity | 1 | 75 | — | — | — | 75 | |||||||||||||||||||||||||||||||
Total TDRs restructured during the period | 10 | $ | 24,619 | $ | — | $ | — | $ | — | $ | 24,619 | ||||||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||
Commercial and industrial | 7 | $ | 14,439 | $ | — | $ | 2 | $ | — | $ | 14,441 | ||||||||||||||||||||||||||
Office, retail, and industrial | 6 | 2,275 | 30 | — | — | 2,305 | |||||||||||||||||||||||||||||||
Multi-family | 5 | 1,274 | — | 57 | — | 1,331 | |||||||||||||||||||||||||||||||
Construction | 2 | 508 | — | — | — | 508 | |||||||||||||||||||||||||||||||
Other commercial real estate | 5 | 526 | — | — | — | 526 | |||||||||||||||||||||||||||||||
Home equity | 13 | 1,189 | — | — | — | 1,189 | |||||||||||||||||||||||||||||||
1-4 family mortgages | 1 | 132 | — | 4 | — | 136 | |||||||||||||||||||||||||||||||
Total TDRs restructured during the period | 39 | $ | 20,343 | $ | 30 | $ | 63 | $ | — | $ | 20,436 | ||||||||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||
Commercial and industrial | 5 | $ | 3,277 | $ | — | $ | — | $ | 170 | $ | 3,107 | ||||||||||||||||||||||||||
Office, retail, and industrial | 2 | 2,416 | — | — | — | 2,416 | |||||||||||||||||||||||||||||||
Other commercial real estate | 5 | 1,070 | — | — | 125 | 945 | |||||||||||||||||||||||||||||||
Home equity | 1 | 19 | — | — | — | 19 | |||||||||||||||||||||||||||||||
1-4 family mortgages | 4 | 563 | — | 4 | — | 567 | |||||||||||||||||||||||||||||||
Total TDRs restructured during the period | 17 | $ | 7,345 | $ | — | $ | 4 | $ | 295 | $ | 7,054 | ||||||||||||||||||||||||||
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 years ended December 31, 2014, 2013, and 2012 where the default occurred within twelve months of the restructure date. | ||||||||||||||||||||||||||||||||||||
TDRs That Defaulted Within Twelve Months of the Restructured Date | |||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | |||||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Number | Recorded | Number | Recorded | Number | Recorded | ||||||||||||||||||||||||||||||||
of | Investment | of | Investment | of | Investment | ||||||||||||||||||||||||||||||||
Loans | Loans | Loans | |||||||||||||||||||||||||||||||||||
Commercial and industrial | 2 | $ | 125 | 1 | $ | 350 | — | $ | — | ||||||||||||||||||||||||||||
Office, retail, and industrial | — | — | — | — | 2 | 837 | |||||||||||||||||||||||||||||||
Other commercial real estate | — | — | 3 | 354 | 2 | 717 | |||||||||||||||||||||||||||||||
Home equity | 1 | 77 | — | — | — | — | |||||||||||||||||||||||||||||||
1-4 family mortgages | — | — | — | — | 1 | 62 | |||||||||||||||||||||||||||||||
Total | 3 | $ | 202 | 4 | $ | 704 | 5 | $ | 1,616 | ||||||||||||||||||||||||||||
Troubled Debt Restructuring Activity Rollforward | A rollforward of the carrying value of TDRs for the years ended December 31, 2014, 2013, and 2012 is presented in the following table. | ||||||||||||||||||||||||||||||||||||
TDR Rollforward | |||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | |||||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 23,770 | $ | 6,867 | $ | 17,864 | |||||||||||||||||||||||||||||||
Additions | 804 | 4,847 | 2,504 | ||||||||||||||||||||||||||||||||||
Net payments | (1,440 | ) | (723 | ) | (205 | ) | |||||||||||||||||||||||||||||||
Returned to performing status | (20,656 | ) | (5,529 | ) | (16,619 | ) | |||||||||||||||||||||||||||||||
Net transfers from non-accrual | 1,226 | 18,308 | 3,323 | ||||||||||||||||||||||||||||||||||
Ending balance | 3,704 | 23,770 | 6,867 | ||||||||||||||||||||||||||||||||||
Non-accrual | |||||||||||||||||||||||||||||||||||||
Beginning balance | 4,083 | 10,924 | 29,842 | ||||||||||||||||||||||||||||||||||
Additions | 23,815 | 15,589 | 4,550 | ||||||||||||||||||||||||||||||||||
Net advances (payments) | 1,991 | (1,359 | ) | (1,761 | ) | ||||||||||||||||||||||||||||||||
Charge-offs | (8,457 | ) | (1,880 | ) | (10,003 | ) | |||||||||||||||||||||||||||||||
Transfers to OREO | (302 | ) | (77 | ) | (6,778 | ) | |||||||||||||||||||||||||||||||
Loans sold | — | (806 | ) | (1,603 | ) | ||||||||||||||||||||||||||||||||
Net transfers to accruing | (1,226 | ) | (18,308 | ) | (3,323 | ) | |||||||||||||||||||||||||||||||
Ending balance | 19,904 | 4,083 | 10,924 | ||||||||||||||||||||||||||||||||||
Total TDRs | $ | 23,608 | $ | 27,853 | $ | 17,791 | |||||||||||||||||||||||||||||||
Premises_Furniture_and_Equipme1
Premises, Furniture, and Equipment (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||
Property, Plant and Equipment | The following table summarizes the Company's premises, furniture, and equipment by category. | ||||||||||||
Premises, Furniture, and Equipment | |||||||||||||
(Dollar amounts in thousands) | |||||||||||||
As of December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Land | $ | 51,104 | $ | 48,590 | |||||||||
Premises | 148,963 | 139,336 | |||||||||||
Furniture and equipment | 85,489 | 81,002 | |||||||||||
Total cost | 285,556 | 268,928 | |||||||||||
Accumulated depreciation | (156,473 | ) | (152,751 | ) | |||||||||
Net book value of premises, furniture, and equipment | 129,083 | 116,177 | |||||||||||
Assets held-for-sale | 2,026 | 4,027 | |||||||||||
Total premises, furniture, and equipment | $ | 131,109 | $ | 120,204 | |||||||||
Schedule of Future Minimum Lease Payments for Capital Leases | Future Minimum Operating Lease Payments | ||||||||||||
(Dollar amounts in thousands) | |||||||||||||
Total | |||||||||||||
Year ending December 31, | |||||||||||||
2015 | $ | 5,071 | |||||||||||
2016 | 4,697 | ||||||||||||
2017 | 4,592 | ||||||||||||
2018 | 3,873 | ||||||||||||
2019 | 2,082 | ||||||||||||
2020 and thereafter | 13,031 | ||||||||||||
Total minimum lease payments | $ | 33,346 | |||||||||||
Scheduled Accretion of Operating Leases | Scheduled Accretion of Operating Lease Intangible | ||||||||||||
(Dollar amounts in thousands) | |||||||||||||
Total | |||||||||||||
Year ending December 31, | |||||||||||||
2015 | $ | 1,144 | |||||||||||
2016 | 1,144 | ||||||||||||
2017 | 1,144 | ||||||||||||
2018 | 900 | ||||||||||||
2019 | 651 | ||||||||||||
2020 and thereafter | 5,195 | ||||||||||||
Total accretion | $ | 10,178 | |||||||||||
Schedule Of Rental Expense And Income | The following table presents net operating lease expense for the years ended December 31, 2014, 2013, and 2012. | ||||||||||||
Net Operating Lease Expense | |||||||||||||
(Dollar amounts in thousands) | |||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Lease expense charged to operations (1) | $ | 4,216 | $ | 3,123 | $ | 3,379 | |||||||
Rental income from premises leased to others (2) | 541 | 531 | 931 | ||||||||||
Net operating lease expense | $ | 3,675 | $ | 2,592 | $ | 2,448 | |||||||
(1) | Includes amounts paid under short-term cancelable leases and included in net occupancy and equipment expense in the Consolidated Statements of Income. As of December 31, 2014, lease expense is net of $453,000 in accretion related to the intangible liability. | ||||||||||||
(2) | Included as a reduction to net occupancy and equipment expense in the Consolidated Statements of Income. |
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||
Schedule of Goodwill | The following table presents changes in the carrying amount of goodwill for the years ended December 31, 2014, 2013, and 2012. | ||||||||||||||||||||||||||||||||||||
Changes in the Carrying Amount of Goodwill | |||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | |||||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Beginning balance | $ | 264,062 | $ | 265,477 | $ | 265,477 | |||||||||||||||||||||||||||||||
Acquisitions | 46,527 | — | — | ||||||||||||||||||||||||||||||||||
Sale of equity method investment | — | (1,415 | ) | — | |||||||||||||||||||||||||||||||||
Ending balance | $ | 310,589 | $ | 264,062 | $ | 265,477 | |||||||||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets | Other Intangible Assets | ||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | |||||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||||||||||||
Amortization | Amortization | Amortization | |||||||||||||||||||||||||||||||||||
Beginning balance | $ | 33,775 | $ | 21,471 | $ | 12,304 | $ | 33,775 | $ | 18,193 | $ | 15,582 | $ | 34,318 | $ | 16,145 | $ | 18,173 | |||||||||||||||||||
Additions | 14,195 | — | 14,195 | — | — | — | 781 | — | 781 | ||||||||||||||||||||||||||||
Amortization expense | — | 2,889 | (2,889 | ) | — | 3,278 | (3,278 | ) | — | 3,372 | (3,372 | ) | |||||||||||||||||||||||||
Fully amortized assets | — | — | — | — | — | — | (1,324 | ) | (1,324 | ) | — | ||||||||||||||||||||||||||
Ending balance | $ | 47,970 | $ | 24,360 | $ | 23,610 | $ | 33,775 | $ | 21,471 | $ | 12,304 | $ | 33,775 | $ | 18,193 | $ | 15,582 | |||||||||||||||||||
Weighted-average remaining life (in years) | 8 | 5.9 | 6.4 | ||||||||||||||||||||||||||||||||||
Estimated remaining useful lives (in years) | 0.3 to 10.3 | 0.2 to 11.3 | 0.7 to 12.3 | ||||||||||||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Scheduled Amortization of Other Intangible Assets | ||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | |||||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||||
Year ending December 31, | |||||||||||||||||||||||||||||||||||||
2015 | $ | 3,920 | |||||||||||||||||||||||||||||||||||
2016 | 3,843 | ||||||||||||||||||||||||||||||||||||
2017 | 3,063 | ||||||||||||||||||||||||||||||||||||
2018 | 2,138 | ||||||||||||||||||||||||||||||||||||
2019 | 2,073 | ||||||||||||||||||||||||||||||||||||
2020 and thereafter | 8,573 | ||||||||||||||||||||||||||||||||||||
Total | $ | 23,610 | |||||||||||||||||||||||||||||||||||
Deposits_Tables
Deposits (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Deposits [Abstract] | |||||||||
Schedule of Deposits | The following table presents the Company's deposits by type. | ||||||||
Summary of Deposits | |||||||||
(Dollar amounts in thousands) | |||||||||
As of December 31, | |||||||||
2014 | 2013 | ||||||||
Demand deposits | $ | 2,301,757 | $ | 1,911,602 | |||||
Savings deposits | 1,391,444 | 1,135,155 | |||||||
NOW accounts | 1,413,973 | 1,220,693 | |||||||
Money market deposits | 1,509,026 | 1,290,868 | |||||||
Time deposits less than $100,000 | 859,441 | 820,925 | |||||||
Time deposits greater than $100,000 | 412,117 | 386,858 | |||||||
Total deposits | $ | 7,887,758 | $ | 6,766,101 | |||||
Schedule of Maturities of Time Deposits | The following table provides maturity information related to the Company's time deposits. | ||||||||
Scheduled Maturities of Time Deposits | |||||||||
(Dollar amounts in thousands) | |||||||||
Total | |||||||||
Year ending December 31, | |||||||||
2015 | $ | 865,149 | |||||||
2016 | 211,496 | ||||||||
2017 | 89,061 | ||||||||
2018 | 38,623 | ||||||||
2019 | 66,961 | ||||||||
2020 and thereafter | 268 | ||||||||
Total | $ | 1,271,558 | |||||||
Borrowed_Funds_Tables
Borrowed Funds (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Schedule of Debt | The following table summarizes the Company's borrowed funds by funding source. | ||||||||
Summary of Borrowed Funds | |||||||||
(Dollar amounts in thousands) | |||||||||
As of December 31, | |||||||||
2014 | 2013 | ||||||||
Securities sold under agreements to repurchase | $ | 137,994 | $ | 109,792 | |||||
FHLB advances | — | 114,550 | |||||||
Total borrowed funds | $ | 137,994 | $ | 224,342 | |||||
Unused Short-Term Credit Lines Available for Use [Table Text Block] | The following table presents short-term credit lines available for use, for which the Company did not have an outstanding balance as of December 31, 2014 and 2013. | ||||||||
Short-Term Credit Lines Available for Use | |||||||||
(Dollar amounts in thousands) | |||||||||
As of December 31, | |||||||||
2014 | 2013 | ||||||||
Available federal funds lines | $ | 685,500 | $ | 681,100 | |||||
FRBs Discount Window Primary Credit Program | 675,507 | 632,498 | |||||||
Correspondent bank line of credit | 35,000 | — | |||||||
Senior_and_Subordinated_Debt_T
Senior and Subordinated Debt (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Debt Disclosure [Abstract] | |||||||||||
Schedule of Long-term Debt Instruments | The following table presents the Company's senior and subordinated debt by issuance. | ||||||||||
Senior and Subordinated Debt | |||||||||||
(Dollar amounts in thousands) | |||||||||||
As of December 31, | |||||||||||
Interest Rate | 2014 | 2013 | |||||||||
Senior notes due in 2016 | 5.88% | $ | 114,768 | $ | 114,645 | ||||||
Subordinated notes due in 2016 | 5.85% | 38,495 | 38,491 | ||||||||
Junior subordinated debentures: | |||||||||||
First Midwest Capital Trust I ("FMCT") due in 2033 | 6.95% | 37,797 | 37,796 | ||||||||
Great Lakes Statutory Trust II ("GLST II") due in 2035 | 3 month LIBOR + 1.400% | 4,202 | — | ||||||||
Great Lakes Statutory Trust III ("GLST III") due in 2037 | 3 month LIBOR + 1.700% | 5,607 | — | ||||||||
Total junior subordinated debentures | 47,606 | 37,796 | |||||||||
Total senior and subordinated debt | $ | 200,869 | $ | 190,932 | |||||||
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The table below displays the calculation of basic and diluted earnings (loss) per share. | ||||||||||||
Basic and Diluted Earnings (Loss) per Common Share | |||||||||||||
(Amounts in thousands, except per share data) | |||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net income (loss) | $ | 69,306 | $ | 79,306 | $ | (21,054 | ) | ||||||
Net (income) loss applicable to non-vested restricted shares | (836 | ) | (1,107 | ) | 306 | ||||||||
Net income (loss) applicable to common shares | $ | 68,470 | $ | 78,199 | $ | (20,748 | ) | ||||||
Weighted-average common shares outstanding: | |||||||||||||
Weighted-average common shares outstanding (basic) | 74,484 | 73,984 | 73,665 | ||||||||||
Dilutive effect of common stock equivalents | 12 | 10 | 1 | ||||||||||
Weighted-average diluted common shares outstanding | 74,496 | 73,994 | 73,666 | ||||||||||
Basic earnings (loss) per common share | $ | 0.92 | $ | 1.06 | $ | (0.28 | ) | ||||||
Diluted earnings (loss) per common share | 0.92 | 1.06 | (0.28 | ) | |||||||||
Anti-dilutive shares not included in the computation of | 1,198 | 1,462 | 1,759 | ||||||||||
diluted earnings per common share (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_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | Components of Income Tax Expense (Benefit) | ||||||||||||
(Dollar amounts in thousands) | |||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current income tax expense: | |||||||||||||
Federal | $ | 16,343 | $ | 4,744 | $ | — | |||||||
State | (1,388 | ) | 10,504 | 1 | |||||||||
Total | 14,955 | 15,248 | 1 | ||||||||||
Deferred income tax expense (benefit): | |||||||||||||
Federal | 7,901 | 31,572 | (23,728 | ) | |||||||||
State | 8,314 | 1,895 | (5,155 | ) | |||||||||
Total | 16,215 | 33,467 | (28,883 | ) | |||||||||
Total income expense (benefit) | $ | 31,170 | $ | 48,715 | $ | (28,882 | ) | ||||||
Schedule of Deferred Tax Assets and Liabilities | Deferred Tax Assets and Liabilities | ||||||||||||
(Dollar amounts in thousands) | |||||||||||||
As of December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets: | |||||||||||||
Alternative minimum tax ("AMT") and other credit carryforwards | $ | 29,007 | $ | 19,184 | |||||||||
Federal net operating loss ("NOL") carryforwards | — | 14,579 | |||||||||||
Allowance for credit losses | 26,078 | 30,492 | |||||||||||
Unrealized losses on securities | 18,527 | 21,374 | |||||||||||
OREO | 3,480 | 6,541 | |||||||||||
State NOL carryforwards | 11,917 | 15,859 | |||||||||||
Other | 18,390 | 19,049 | |||||||||||
Total deferred tax assets | 107,399 | 127,078 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Purchase accounting adjustments and intangibles | (11,181 | ) | (16,977 | ) | |||||||||
Accrued retirement benefits | (6,732 | ) | (7,095 | ) | |||||||||
Depreciation | (845 | ) | (2,111 | ) | |||||||||
Cancellation of indebtedness income | (4,272 | ) | (5,340 | ) | |||||||||
Other | (3,978 | ) | (6,313 | ) | |||||||||
Total deferred tax liabilities | (27,008 | ) | (37,836 | ) | |||||||||
Deferred tax valuation allowance | — | — | |||||||||||
Net deferred tax assets | 80,391 | 89,242 | |||||||||||
Tax effect of adjustments related to other comprehensive income (loss) | 11,294 | 18,382 | |||||||||||
Net deferred tax assets including adjustments | $ | 91,685 | $ | 107,624 | |||||||||
Net operating loss carryforwards available to offset future taxable income: | |||||||||||||
Federal gross NOL carryforwards, begin to expire in 2032 | $ | — | $ | 41,654 | |||||||||
Illinois gross NOL carryforwards, begin to expire in 2021 | 232,834 | 290,076 | |||||||||||
Indiana gross NOL carryforwards, begin to expire in 2022 | 17,192 | 16,112 | |||||||||||
Alternative minimum tax credits | 25,739 | 16,090 | |||||||||||
Other credits, begin to expire in 2028 | 3,268 | 3,094 | |||||||||||
Schedule of Effective Income Tax Rate Reconciliation | Components of Effective Tax Rate | ||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Statutory federal income tax rate | 35 | % | 35 | % | 35 | % | |||||||
Tax-exempt income, net of interest expense disallowance | (7.5 | )% | (6.2 | )% | 16.8 | % | |||||||
State income tax, net of federal income tax effect | 4.5 | % | 6.4 | % | 7 | % | |||||||
Net other | (1.0 | )% | 2.9 | % | (1.0 | )% | |||||||
Effective tax rate | 31 | % | 38.1 | % | 57.8 | % | |||||||
Summary of Income Tax Contingencies | Rollforward of Unrecognized Tax Benefits | ||||||||||||
(Dollar amounts in thousands) | |||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Beginning balance | $ | 279 | $ | — | $ | 368 | |||||||
Additions for tax positions relating to the current year | 635 | 279 | — | ||||||||||
Reductions for tax positions relating to prior years | (2 | ) | — | — | |||||||||
Reductions for settlements with taxing authorities | — | — | (368 | ) | |||||||||
Ending balance | $ | 912 | $ | 279 | $ | — | |||||||
Interest and penalties not included above (1): | |||||||||||||
Interest (benefit) expense, net of tax effect, and penalties | $ | 4 | $ | — | $ | (52 | ) | ||||||
Accrued interest and penalties, net of tax effect, at end of year | 4 | — | — | ||||||||||
(1) | Included in income tax expense (benefit) in the Consolidated Statements of Income. |
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||
Savings and Profit Sharing Plan | Profit Sharing Plan | ||||||||||||
(Dollar amounts in thousands) | |||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Profit sharing expense (1) | $ | 6,354 | $ | 2,914 | $ | 2,532 | |||||||
Company dividends received by the Profit Sharing Plan | $ | 428 | $ | 159 | $ | 71 | |||||||
Company shares held by the Profit Sharing Plan at the end of the year: | |||||||||||||
Number of shares | 1,364,558 | 1,426,708 | 1,743,085 | ||||||||||
Fair value | $ | 23,348 | $ | 25,010 | $ | 21,823 | |||||||
(1) | Included in retirement and other employee benefits in the Consolidated Statements of Income. | ||||||||||||
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets | Pension Plan Cost and Obligations | ||||||||||||
(Dollar amounts in thousands) | |||||||||||||
As of December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Accumulated benefit obligation | $ | 67,283 | $ | 61,292 | |||||||||
Change in projected benefit obligation: | |||||||||||||
Beginning balance | $ | 61,292 | $ | 72,855 | |||||||||
Service cost | — | 2,600 | |||||||||||
Interest cost | 2,346 | 2,414 | |||||||||||
Curtailment | — | (9,947 | ) | ||||||||||
Settlements | (6,502 | ) | — | ||||||||||
Actuarial loss (gain) | 10,508 | (1,494 | ) | ||||||||||
Benefits paid | (361 | ) | (5,136 | ) | |||||||||
Ending balance | $ | 67,283 | $ | 61,292 | |||||||||
Change in fair value of plan assets: | |||||||||||||
Beginning balance | $ | 74,370 | $ | 63,501 | |||||||||
Actual return on plan assets | 4,686 | 9,005 | |||||||||||
Benefits paid | (361 | ) | (5,136 | ) | |||||||||
Employer contributions | — | 7,000 | |||||||||||
Settlements | (6,502 | ) | — | ||||||||||
Ending balance | $ | 72,193 | $ | 74,370 | |||||||||
Funded status recognized in the Consolidated Statements of Financial Condition: | |||||||||||||
Noncurrent asset | $ | 4,910 | $ | 13,078 | |||||||||
Amounts recognized in accumulated other comprehensive loss: | |||||||||||||
Prior service cost | $ | — | $ | — | |||||||||
Net loss | 19,911 | 10,784 | |||||||||||
Net amount recognized | $ | 19,911 | $ | 10,784 | |||||||||
Actuarial losses included in accumulated other comprehensive loss as a percent of: | |||||||||||||
Accumulated benefit obligation | 29.6 | % | 17.6 | % | |||||||||
Fair value of plan assets | 27.6 | % | 14.5 | % | |||||||||
Amounts expected to be amortized from accumulated other comprehensive loss | |||||||||||||
into net periodic benefit cost in the next fiscal year: | |||||||||||||
Prior service cost | $ | — | $ | — | |||||||||
Net loss | 401 | 215 | |||||||||||
Net amount expected to be recognized | $ | 401 | $ | 215 | |||||||||
Weighted-average assumptions at the end of the year used to determine the | |||||||||||||
actuarial present value of the projected benefit obligation: | |||||||||||||
Discount rate | 3.6 | % | 4.3 | % | |||||||||
Rate of compensation increase (1) | N/A | N/A | |||||||||||
N/A – Not applicable. | |||||||||||||
(1) | The rate of compensation increase is no longer applicable in determining the present value of the projected benefit obligation due to the amendment to freeze benefit accruals, which is discussed above. | ||||||||||||
Schedule of Net Benefit Costs | Net Periodic Benefit Pension Cost | ||||||||||||
(Dollar amounts in thousands) | |||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Components of net periodic benefit cost: | |||||||||||||
Service cost | $ | — | $ | 2,600 | $ | 2,862 | |||||||
Interest cost | 2,346 | 2,414 | 2,720 | ||||||||||
Expected return on plan assets | (4,931 | ) | (4,299 | ) | (4,456 | ) | |||||||
Recognized net actuarial loss | 249 | 1,453 | 1,684 | ||||||||||
Amortization of prior service cost | — | 1 | 3 | ||||||||||
Recognized settlement loss | 1,377 | — | — | ||||||||||
Net periodic (income) cost | (959 | ) | 2,169 | 2,813 | |||||||||
Other changes in plan assets and benefit obligations recognized as | |||||||||||||
a charge to other comprehensive income (loss): | |||||||||||||
Net (loss) gain for the period | (10,752 | ) | 16,146 | (8,207 | ) | ||||||||
Amortization of prior service cost | — | 1 | 4 | ||||||||||
Amortization of net loss | 1,625 | 1,453 | 1,683 | ||||||||||
Total unrealized (loss) gain | (9,127 | ) | 17,600 | (6,520 | ) | ||||||||
Total recognized in net periodic pension cost and other | $ | (8,168 | ) | $ | 15,431 | $ | (9,333 | ) | |||||
comprehensive income (loss) | |||||||||||||
Weighted-average assumptions used to determine the net periodic | |||||||||||||
cost: | |||||||||||||
Discount rate | 4.3 | % | 3.4 | % | 4.4 | % | |||||||
Expected return on plan assets | 7.25 | % | 7.25 | % | 7.25 | % | |||||||
Rate of compensation increase | N/A | (1) | 2.5 | % | 2.5 | % | |||||||
N/A – Not applicable. | |||||||||||||
(1) | The rate of compensation increase is no longer applicable in determining the net periodic cost due to the amendment to freeze benefit accruals, which is discussed above. | ||||||||||||
Schedule of Allocation of Plan Assets | Pension Plan Asset Allocation | ||||||||||||
(Dollar amounts in thousands) | |||||||||||||
Percentage of Plan Assets | |||||||||||||
Target Allocation | Fair Value of Plan Assets (1) | as of December 31, | |||||||||||
2014 | 2013 | ||||||||||||
Asset Category: | |||||||||||||
Equity securities | 50 - 60% | $ | 42,826 | 59 | % | 63 | % | ||||||
Fixed income | 30 - 48% | 25,832 | 36 | % | 30 | % | |||||||
Cash equivalents | 2 - 10% | 3,535 | 5 | % | 7 | % | |||||||
Total | $ | 72,193 | 100 | % | 100 | % | |||||||
(1) | Additional information regarding the fair value of Pension Plan assets at December 31, 2014 can be found in Note 22, "Fair Value." | ||||||||||||
Schedule of Expected Benefit Payments | Estimated future pension benefit payments for fiscal years ending December 31, 2015 through 2024 are as follows. | ||||||||||||
Estimated Future Pension Benefit Payments | |||||||||||||
(Dollar amounts in thousands) | |||||||||||||
Total | |||||||||||||
Year ending December 31, | |||||||||||||
2015 | $ | 5,298 | |||||||||||
2016 | 5,397 | ||||||||||||
2017 | 4,886 | ||||||||||||
2018 | 4,324 | ||||||||||||
2019 | 4,085 | ||||||||||||
2020-2024 | 17,518 | ||||||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Shares of Company Common Stock Available Under Share-Based Plans | Shares of Common Stock Available Under Share-Based Plans | ||||||||||||||
As of December 31, 2014 | |||||||||||||||
Shares | Shares Available | ||||||||||||||
Authorized | For Grant | ||||||||||||||
Omnibus Plan | 8,631,641 | 2,237,337 | |||||||||||||
Directors Plan | 481,250 | 75,294 | |||||||||||||
Schedule of Other Share-based Compensation, Activity | Salary Stock Awards Granted | ||||||||||||||
Years ended December 31, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Shares granted | — | 8,693 | 10,983 | ||||||||||||
Weighted-average price | $ | — | $ | 14.3 | $ | 11.51 | |||||||||
Schedule of Share-based Compensation, Stock Options, Activity | Nonqualified Stock Option Transactions | ||||||||||||||
(Amounts in thousands, except per share data) | |||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||
Number of Options | Weighted Average | Weighted | Aggregate | ||||||||||||
Exercise | Average | Intrinsic | |||||||||||||
Price | Remaining | Value (2) | |||||||||||||
Contractual | |||||||||||||||
Term (1) | |||||||||||||||
Options outstanding beginning balance | 1,436 | $ | 32.99 | ||||||||||||
Expired | (283 | ) | 33.23 | ||||||||||||
Options outstanding ending balance | 1,153 | $ | 32.93 | 1.62 | $ | 215 | |||||||||
Exercisable at the end of the year | 1,153 | $ | 32.93 | 1.62 | $ | 215 | |||||||||
(1) | Represents the average remaining contractual life in years. | ||||||||||||||
(2) | Aggregate intrinsic value represents the total pre-tax intrinsic value that would have been received by the option holders if they had exercised their options on December 31, 2014. Intrinsic value equals the difference between the Company's average of the high and low stock price on the last trading day of the year and the option exercise price, multiplied by the number of shares. This amount will fluctuate with changes in the fair value of the Company's common stock. | ||||||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | Restricted Stock, Restricted Stock Unit, and Performance Share Award Transactions | ||||||||||||||
(Amounts in thousands, except per share data) | |||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||
Restricted Stock/Unit Awards | Performance Shares | ||||||||||||||
Number of | Weighted | Number of | Weighted | ||||||||||||
Shares/Units | Average | Shares | Average | ||||||||||||
Grant Date | Grant Date | ||||||||||||||
Fair Value | Fair Value | ||||||||||||||
Non-vested awards beginning balance | 1,123 | $ | 12.1 | 127 | $ | 12.68 | |||||||||
Granted | 417 | 16.13 | 118 | 16.13 | |||||||||||
Vested | (474 | ) | 11.79 | — | 11.79 | ||||||||||
Forfeited | (69 | ) | 13.53 | (7 | ) | 13.53 | |||||||||
Non-vested awards ending balance | 997 | $ | 13.79 | 238 | $ | 14.36 | |||||||||
Schedule of Share-based Compensation, Activity | Effect of Recording Share-Based Compensation Expense | ||||||||||||||
(Dollar amounts in thousands) | |||||||||||||||
Years ended December 31, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Restricted stock, restricted unit, and performance share | $ | 5,926 | $ | 5,779 | $ | 5,877 | |||||||||
award expense | |||||||||||||||
Salary stock award expense | — | 124 | 127 | ||||||||||||
Total share-based compensation expense | 5,926 | 5,903 | 6,004 | ||||||||||||
Income tax benefit | 2,424 | 2,414 | 2,456 | ||||||||||||
Share-based compensation expense, net of tax | $ | 3,502 | $ | 3,489 | $ | 3,548 | |||||||||
Unrecognized compensation expense | $ | 6,937 | $ | 6,327 | $ | 5,674 | |||||||||
Weighted-average amortization period remaining (in years) | 1.3 | 1.2 | 1.1 | ||||||||||||
Restricted Stock | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Schedule of Other Share-based Compensation, Activity | Other Restricted Stock, Restricted Stock Unit, and Performance Share Award Information | ||||||||||||||
(Amounts in thousands, except per share data) | |||||||||||||||
Years Ended December 31, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Weighted-average grant date fair value of restricted stock, restricted stock unit, and | $ | 16.13 | $ | 13.01 | $ | 11.35 | |||||||||
performance share awards granted during the year | |||||||||||||||
Total fair value of restricted stock and restricted stock unit awards vested during | 7,546 | 4,917 | 4,921 | ||||||||||||
the year | |||||||||||||||
Income tax benefit realized from the vesting/release of restricted stock and | 2,939 | 1,966 | 1,884 | ||||||||||||
restricted stock unit awards |
Regulatory_and_Capital_Matters1
Regulatory and Capital Matters (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | The following table outlines the Company's and the Bank's measures of capital as of the dates presented and the capital guidelines established by the Federal Reserve for the Company and the Bank to be categorized as adequately capitalized and the Bank to be categorized as "well-capitalized." | ||||||||||||||||||
Summary of Capital Ratios | |||||||||||||||||||
(Dollar amounts in thousands) | |||||||||||||||||||
Actual | Adequately | To Be Well-Capitalized Under Prompt Corrective Action Provisions | |||||||||||||||||
Capitalized | |||||||||||||||||||
Capital | Ratio % | Capital | Ratio % | Capital | Ratio % | ||||||||||||||
As of December 31, 2014 | |||||||||||||||||||
Total capital (to risk-weighted assets): | |||||||||||||||||||
First Midwest Bancorp, Inc. | $ | 884,692 | 11.23 | $ | 630,140 | 8 | N/A | N/A | |||||||||||
First Midwest Bank | 931,829 | 12.3 | 606,038 | 8 | $ | 757,547 | 10 | ||||||||||||
Tier 1 capital (to risk-weighted assets): | |||||||||||||||||||
First Midwest Bancorp, Inc. | 802,483 | 10.19 | 315,070 | 4 | N/A | N/A | |||||||||||||
First Midwest Bank | 857,362 | 11.32 | 303,019 | 4 | 454,528 | 6 | |||||||||||||
Tier 1 leverage (to average assets): | |||||||||||||||||||
First Midwest Bancorp, Inc. | 802,483 | 9.03 | 355,362 | 4 | N/A | N/A | |||||||||||||
First Midwest Bank | 857,362 | 9.76 | 351,222 | 4 | 439,028 | 5 | |||||||||||||
As of December 31, 2013 | |||||||||||||||||||
Total capital (to risk-weighted assets): | |||||||||||||||||||
First Midwest Bancorp, Inc. | $ | 841,787 | 12.39 | $ | 543,573 | 8 | N/A | N/A | |||||||||||
First Midwest Bank | 897,255 | 13.86 | 517,721 | 8 | $ | 647,152 | 10 | ||||||||||||
Tier 1 capital (to risk-weighted assets): | |||||||||||||||||||
First Midwest Bancorp, Inc. | 741,414 | 10.91 | 271,787 | 4 | N/A | N/A | |||||||||||||
First Midwest Bank | 816,286 | 12.61 | 258,861 | 4 | 388,291 | 6 | |||||||||||||
Tier 1 leverage (to average assets): | |||||||||||||||||||
First Midwest Bancorp, Inc. | 741,414 | 9.18 | 242,277 | 4 | N/A | N/A | |||||||||||||
First Midwest Bank | 816,286 | 10.24 | 239,065 | 4 | 398,442 | 5 | |||||||||||||
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||
Schedule of Interest Rate Derivatives | Cash Flow Hedges | |||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||
As of December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Gross notional amount outstanding | $ | 650,000 | $ | — | ||||||||||||
Derivative asset fair value | 1,166 | — | ||||||||||||||
Derivative liability fair value | (3,096 | ) | — | |||||||||||||
Weighted-average interest rate received | 1.63 | % | — | |||||||||||||
Weighted-average interest rate paid | 0.16 | % | — | |||||||||||||
Weighted-average maturity (in years) | 4.52 | — | ||||||||||||||
Fair Value Hedges | ||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||
As of December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Gross notional amount outstanding | $ | 12,793 | $ | 14,730 | ||||||||||||
Derivative liability fair value | (1,032 | ) | (1,472 | ) | ||||||||||||
Weighted-average interest rate received | 2.07 | % | 2.08 | % | ||||||||||||
Weighted-average interest rate paid | 6.37 | % | 6.39 | % | ||||||||||||
Weighted-average maturity (in years) | 2.95 | 3.76 | ||||||||||||||
Fair value of assets needed to settle derivative transactions (1) | 1,057 | 1,502 | ||||||||||||||
(1) | This amount represents the fair value if credit risk related contingent features were triggered. | |||||||||||||||
Schedule of Derivative Instruments | Other Derivative Instruments | |||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||
As of December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Gross notional amount outstanding | $ | 527,893 | $ | 256,638 | ||||||||||||
Derivative asset fair value | 7,852 | 2,235 | ||||||||||||||
Derivative liability fair value | (7,852 | ) | (2,235 | ) | ||||||||||||
Fair value of assets needed to settle derivative transactions (1) | 8,130 | 1,305 | ||||||||||||||
(1) | This amount represents the fair value if credit risk related contingent factors were triggered. | |||||||||||||||
Offsetting Assets | The following table presents the fair value of the Company's derivatives and offsetting positions as of December 31, 2014 and 2013. | |||||||||||||||
Offsetting Derivatives | ||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||
Derivative Assets | Derivative Liabilities | |||||||||||||||
As of December 31, | As of December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Gross amounts recognized | $ | 9,018 | $ | 2,235 | $ | 11,980 | $ | 3,707 | ||||||||
Less: amounts offset in the Consolidated Statements of | — | — | — | — | ||||||||||||
Financial Condition | ||||||||||||||||
Net amount presented in the Consolidated Statements of | 9,018 | 2,235 | 11,980 | 3,707 | ||||||||||||
Financial Condition (1) | ||||||||||||||||
Gross amounts not offset in the Consolidated Statements of Financial Condition | ||||||||||||||||
Offsetting derivative positions | (1,195 | ) | (704 | ) | (1,195 | ) | (704 | ) | ||||||||
Cash collateral pledged | — | — | (10,785 | ) | (3,003 | ) | ||||||||||
Net credit exposure | $ | 7,823 | $ | 1,531 | $ | — | $ | — | ||||||||
(1) | Included in other assets or other liabilities in the Consolidated Statements of Financial Condition. | |||||||||||||||
Offsetting Liabilities | The following table presents the fair value of the Company's derivatives and offsetting positions as of December 31, 2014 and 2013. | |||||||||||||||
Offsetting Derivatives | ||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||
Derivative Assets | Derivative Liabilities | |||||||||||||||
As of December 31, | As of December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Gross amounts recognized | $ | 9,018 | $ | 2,235 | $ | 11,980 | $ | 3,707 | ||||||||
Less: amounts offset in the Consolidated Statements of | — | — | — | — | ||||||||||||
Financial Condition | ||||||||||||||||
Net amount presented in the Consolidated Statements of | 9,018 | 2,235 | 11,980 | 3,707 | ||||||||||||
Financial Condition (1) | ||||||||||||||||
Gross amounts not offset in the Consolidated Statements of Financial Condition | ||||||||||||||||
Offsetting derivative positions | (1,195 | ) | (704 | ) | (1,195 | ) | (704 | ) | ||||||||
Cash collateral pledged | — | — | (10,785 | ) | (3,003 | ) | ||||||||||
Net credit exposure | $ | 7,823 | $ | 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) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||
Commitments Disclosure | Contractual or Notional Amounts of Financial Instruments | ||||||||
(Dollar amounts in thousands) | |||||||||
As of December 31, | |||||||||
2014 | 2013 | ||||||||
Commitments to extend credit: | |||||||||
Commercial, industrial, and agricultural | $ | 1,299,683 | $ | 1,077,201 | |||||
Commercial real estate | 170,573 | 133,867 | |||||||
Home equity | 317,783 | 268,311 | |||||||
Other commitments (1) | 194,556 | 181,702 | |||||||
Total commitments to extend credit | $ | 1,982,595 | $ | 1,661,081 | |||||
Standby letters of credit | $ | 110,639 | $ | 110,453 | |||||
Recourse on assets sold: | |||||||||
Unpaid principal balance of loans sold | $ | 185,910 | $ | 170,330 | |||||
Carrying value of recourse obligation (2) | 155 | 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) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 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) | |||||||||||||||||||||||||
As of December 31, 2014 | As of December 31, 2013 | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Trading securities: | |||||||||||||||||||||||||
Money market funds | $ | 1,725 | $ | — | $ | — | $ | 1,847 | $ | — | $ | — | |||||||||||||
Mutual funds | 15,735 | — | — | 15,470 | — | — | |||||||||||||||||||
Total trading securities | 17,460 | — | — | 17,317 | — | — | |||||||||||||||||||
Securities available-for-sale: | |||||||||||||||||||||||||
U.S. Agency securities | — | 30,431 | — | — | 500 | — | |||||||||||||||||||
CMOs | — | 534,156 | — | — | 475,768 | — | |||||||||||||||||||
Other MBSs | — | 159,765 | — | — | 136,164 | — | |||||||||||||||||||
Municipal securities | — | 423,820 | — | — | 461,393 | — | |||||||||||||||||||
CDOs | — | — | 33,774 | — | — | 18,309 | |||||||||||||||||||
Corporate debt securities | — | 1,802 | — | — | 14,929 | — | |||||||||||||||||||
Equity securities | — | 3,261 | — | 44 | 5,618 | — | |||||||||||||||||||
Total securities available-for- | — | 1,153,235 | 33,774 | 44 | 1,094,372 | 18,309 | |||||||||||||||||||
sale | |||||||||||||||||||||||||
Mortgage servicing rights (1) | — | — | 1,728 | — | — | 1,893 | |||||||||||||||||||
Derivative assets (1) | — | 9,018 | — | — | 2,235 | — | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||
Derivative liabilities (2) | $ | — | $ | 11,980 | $ | — | $ | — | $ | 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. | ||||||||||||||||||||||||
Unobservable Inputs Used In The Valuation Of CDOs | Unobservable Inputs Used in the Valuation of CDOs | ||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||
Probability of prepayment | 2.9% - 15.2% | ||||||||||||||||||||||||
Probability of default | 18.4% - 57.7% | ||||||||||||||||||||||||
Loss given default | 83.8% - 97.0% | ||||||||||||||||||||||||
Probability of deferral cure | 6.7% - 75.0% | ||||||||||||||||||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | A rollforward of the carrying value of CDOs for the three years ended December 31, 2014 is presented in the following table. | ||||||||||||||||||||||||
Rollforward of Carrying Value of CDOs | |||||||||||||||||||||||||
(Dollar amounts in thousands) | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Beginning balance | $ | 18,309 | $ | 12,129 | $ | 13,394 | |||||||||||||||||||
Additions | 6,549 | — | — | ||||||||||||||||||||||
Total income (loss): | |||||||||||||||||||||||||
OTTI included in earnings (1) | — | — | (2,226 | ) | |||||||||||||||||||||
Change in other comprehensive income (loss) (2) | 13,495 | 6,180 | 961 | ||||||||||||||||||||||
Sales and paydowns (3) | (4,579 | ) | — | — | |||||||||||||||||||||
Ending balance | $ | 33,774 | $ | 18,309 | $ | 12,129 | |||||||||||||||||||
Change in unrealized losses recognized in earnings related to securities still | $ | — | $ | — | $ | (2,226 | ) | ||||||||||||||||||
held at end of period | |||||||||||||||||||||||||
(1) | Included in net securities gains (losses) in the Consolidated Statements of Income and related to securities still held at the end of the period. | ||||||||||||||||||||||||
(2) | Included in unrealized holding gains (losses) in the Consolidated Statements of Comprehensive Income. | ||||||||||||||||||||||||
(3) | During the year ended December 31, 2014, one CDO with a carrying value of $1.3 million and four CDOs totaling $2.9 million, which were acquired in the Great Lakes transaction, were sold. In addition, one CDO with a carrying value of zero was sold during the year ended December 31, 2013. | ||||||||||||||||||||||||
Fair Value Inputs Mortgage Servicing Assets Quantitative Information | A rollforward of the carrying value of mortgage servicing rights for the three years ended December 31, 2014 is presented in the following table. | ||||||||||||||||||||||||
Carrying Value of Mortgage Servicing Rights | |||||||||||||||||||||||||
(Dollar amounts in thousands) | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Beginning balance | $ | 1,893 | $ | 985 | $ | 929 | |||||||||||||||||||
New mortgage servicing rights | 315 | 1,060 | 347 | ||||||||||||||||||||||
Total (losses) gains included in earnings (1): | |||||||||||||||||||||||||
Changes in valuation inputs and assumptions | (480 | ) | 63 | (72 | ) | ||||||||||||||||||||
Other changes in fair value (2) | — | (215 | ) | (219 | ) | ||||||||||||||||||||
Ending balance | $ | 1,728 | $ | 1,893 | $ | 985 | |||||||||||||||||||
Contractual servicing fees earned during the year (1) | $ | 520 | $ | 418 | $ | 209 | |||||||||||||||||||
Total amount of loans being serviced for the benefit of | 220,372 | 214,458 | 109,730 | ||||||||||||||||||||||
others at the end of the year | |||||||||||||||||||||||||
(1) | Included in mortgage banking income in the Consolidated Statements of Income and relate to assets still held at the end of the year. | ||||||||||||||||||||||||
(2) | Primarily represents changes in expected future cash flows over time due to payoffs and paydowns. | ||||||||||||||||||||||||
Fair Value Assets Measured On Annual Basis | The fair value of Pension Plan assets is presented in the following table by level in the fair value hierarchy. | ||||||||||||||||||||||||
Annual Fair Value Measurements for Pension Plan Assets | |||||||||||||||||||||||||
(Dollar amounts in thousands) | |||||||||||||||||||||||||
As of December 31, 2014 | As of December 31, 2013 | ||||||||||||||||||||||||
Level 1 | Level 2 | Total | Level 1 | Level 2 | Total | ||||||||||||||||||||
Pension plan assets: | |||||||||||||||||||||||||
Mutual funds (1) | $ | 25,499 | $ | — | $ | 25,499 | $ | 23,896 | $ | — | $ | 23,896 | |||||||||||||
U.S. government and government | 7,879 | 8,063 | 15,942 | 7,261 | 8,930 | 16,191 | |||||||||||||||||||
agency securities | |||||||||||||||||||||||||
Corporate bonds | — | 6,599 | 6,599 | — | 5,984 | 5,984 | |||||||||||||||||||
Common stocks | 14,149 | — | 14,149 | 17,261 | — | 17,261 | |||||||||||||||||||
Common trust funds | — | 10,004 | 10,004 | — | 11,038 | 11,038 | |||||||||||||||||||
Total pension plan assets | $ | 47,527 | $ | 24,666 | $ | 72,193 | $ | 48,418 | $ | 25,952 | $ | 74,370 | |||||||||||||
(1) | Includes mutual funds, money market funds, cash, cash equivalents, and accrued interest. | ||||||||||||||||||||||||
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) | |||||||||||||||||||||||||
As of December 31, 2014 | As of December 31, 2013 | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Collateral-dependent impaired loans (1) | $ | — | $ | — | $ | 23,799 | $ | — | $ | — | $ | 13,103 | |||||||||||||
OREO (2) | — | — | 22,760 | — | — | 13,347 | |||||||||||||||||||
Loans held-for-sale (3) | — | — | 9,459 | — | — | 4,739 | |||||||||||||||||||
Assets held-for-sale (4) | — | — | 2,026 | — | — | 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) | |||||||||||||||||||||||||
As of December 31, 2014 | As of December 31, 2013 | ||||||||||||||||||||||||
Fair Value Hierarchy | Carrying | Fair Value | Carrying | Fair Value | |||||||||||||||||||||
Level | Amount | Amount | |||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Cash and due from banks | 1 | $ | 117,315 | $ | 117,315 | $ | 110,417 | $ | 110,417 | ||||||||||||||||
Interest-bearing deposits in other banks | 2 | 488,947 | 488,947 | 476,824 | 476,824 | ||||||||||||||||||||
Securities held-to-maturity | 2 | 26,555 | 27,670 | 44,322 | 43,387 | ||||||||||||||||||||
FHLB and FRB stock | 2 | 37,558 | 37,558 | 35,161 | 35,161 | ||||||||||||||||||||
Net loans | 3 | 6,664,159 | 6,532,622 | 5,628,855 | 5,544,146 | ||||||||||||||||||||
FDIC indemnification asset | 3 | 8,452 | 3,626 | 16,585 | 7,829 | ||||||||||||||||||||
Investment in BOLI | 3 | 206,498 | 206,498 | 193,167 | 193,167 | ||||||||||||||||||||
Accrued interest receivable | 3 | 27,506 | 27,506 | 25,735 | 25,735 | ||||||||||||||||||||
Other interest-earning assets | 3 | 3,799 | 3,904 | 6,550 | 6,809 | ||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||
Deposits | 2 | $ | 7,887,758 | $ | 7,879,413 | $ | 6,766,101 | $ | 6,765,404 | ||||||||||||||||
Borrowed funds | 2 | 137,994 | 137,994 | 224,342 | 226,839 | ||||||||||||||||||||
Senior and subordinated debt | 1 | 200,869 | 199,226 | 190,932 | 201,147 | ||||||||||||||||||||
Accrued interest payable | 2 | 2,324 | 2,324 | 2,400 | 2,400 | ||||||||||||||||||||
Condensed_Parent_Company_Finan1
Condensed Parent Company Financial Statements (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||
Statements of Financial Condition - Parent Company Only | The following represents the condensed financial statements of First Midwest Bancorp, Inc., the Parent Company. | ||||||||||||
Statements of Financial Condition | |||||||||||||
(Parent Company only) | |||||||||||||
(Dollar amounts in thousands) | |||||||||||||
As of December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Assets | |||||||||||||
Cash and interest-bearing deposits | $ | 43,546 | $ | 13,071 | |||||||||
Investments in and advances to subsidiaries | 1,211,244 | 1,120,745 | |||||||||||
Goodwill | 13,625 | 8,943 | |||||||||||
Other assets | 79,468 | 77,948 | |||||||||||
Total assets | $ | 1,347,883 | $ | 1,220,707 | |||||||||
Liabilities and Stockholders' Equity | |||||||||||||
Senior and subordinated debt | $ | 200,869 | $ | 190,932 | |||||||||
Accrued expenses and other liabilities | 46,239 | 28,333 | |||||||||||
Stockholders' equity | 1,100,775 | 1,001,442 | |||||||||||
Total liabilities and stockholders' equity | $ | 1,347,883 | $ | 1,220,707 | |||||||||
Statements of Income - Parent Company Only | Statements of Income | ||||||||||||
(Parent Company only) | |||||||||||||
(Dollar amounts in thousands) | |||||||||||||
Years ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Income | |||||||||||||
Dividends from subsidiaries | $ | 56,881 | $ | 54,200 | $ | 38,000 | |||||||
Interest income | 1,502 | 1,067 | 619 | ||||||||||
Net losses on early extinguishment of debt | — | (1,034 | ) | (558 | ) | ||||||||
Securities transactions and other | 6,451 | 37,485 | 1,982 | ||||||||||
Total income | 64,834 | 91,718 | 40,043 | ||||||||||
Expenses | |||||||||||||
Interest expense | 12,062 | 13,607 | 14,840 | ||||||||||
Salaries and employee benefits | 12,589 | 15,198 | 13,232 | ||||||||||
Other expenses | 5,867 | 5,792 | 5,740 | ||||||||||
Total expenses | 30,518 | 34,597 | 33,812 | ||||||||||
Income before income tax benefit (expense) and equity in undistributed | 34,316 | 57,121 | 6,231 | ||||||||||
income (loss) of subsidiaries | |||||||||||||
Income tax benefit (expense) | 8,710 | (962 | ) | 13,070 | |||||||||
Income before undistributed income (loss) of subsidiaries | 43,026 | 56,159 | 19,301 | ||||||||||
Equity in undistributed income (loss) of subsidiaries | 26,280 | 23,147 | (40,355 | ) | |||||||||
Net income (loss) | 69,306 | 79,306 | (21,054 | ) | |||||||||
Net (income) loss applicable to non-vested restricted shares | (836 | ) | (1,107 | ) | 306 | ||||||||
Net income (loss) applicable to common shares | $ | 68,470 | $ | 78,199 | $ | (20,748 | ) | ||||||
Statements of Cash Flows - Parent Company Only | Statements of Cash Flows | ||||||||||||
(Parent Company only) | |||||||||||||
(Dollar amounts in thousands) | |||||||||||||
Years ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Operating Activities | |||||||||||||
Net income (loss) | $ | 69,306 | $ | 79,306 | $ | (21,054 | ) | ||||||
Adjustments to reconcile net income (loss) income to net cash provided | |||||||||||||
by operating activities: | |||||||||||||
Equity in undistributed (income) loss of subsidiaries | (26,280 | ) | (23,147 | ) | 40,355 | ||||||||
Depreciation of premises, furniture, and equipment | 6 | 7 | 6 | ||||||||||
Net gains on sales of securities | (5,702 | ) | (34,119 | ) | — | ||||||||
Net losses on early extinguishment of debt | — | 1,034 | 558 | ||||||||||
Share-based compensation expense | 5,926 | 5,903 | 6,004 | ||||||||||
Tax (expense) benefit related to share-based compensation | (106 | ) | (10 | ) | 170 | ||||||||
Net decrease (increase) in other assets | 4,599 | 1,084 | (6,207 | ) | |||||||||
Net increase (decrease) in other liabilities | 14,063 | (1,624 | ) | 1,366 | |||||||||
Net cash provided by operating activities | 61,812 | 28,434 | 21,198 | ||||||||||
Investing Activities | |||||||||||||
Purchases of securities available-for-sale | — | (46,532 | ) | (5,811 | ) | ||||||||
Proceeds from sales and maturities of securities available-for-sale | 8,540 | 43,329 | — | ||||||||||
Purchase of premises, furniture, and equipment | — | — | (18 | ) | |||||||||
Cash received from acquisitions, net of cash paid | (15,809 | ) | — | — | |||||||||
Net cash used in investing activities | (7,269 | ) | (3,203 | ) | (5,829 | ) | |||||||
Financing Activities | |||||||||||||
Payments for retirement of subordinated debt | — | (24,094 | ) | (37,033 | ) | ||||||||
Treasury stock activity | 369 | — | — | ||||||||||
Cash dividends paid | (22,568 | ) | (7,508 | ) | (2,977 | ) | |||||||
Restricted stock activity | (2,781 | ) | (1,607 | ) | (1,469 | ) | |||||||
Excess tax benefit (expense) related to share-based compensation | 912 | 79 | (21 | ) | |||||||||
Net cash used in financing activities | (24,068 | ) | (33,130 | ) | (41,500 | ) | |||||||
Net increase (decrease) in cash and cash equivalents | 30,475 | (7,899 | ) | (26,131 | ) | ||||||||
Cash and cash equivalents at beginning of year | 13,071 | 20,970 | 47,101 | ||||||||||
Cash and cash equivalents at end of year | $ | 43,546 | $ | 13,071 | $ | 20,970 | |||||||
Supplemental Disclosures of Cash Flow Information: | |||||||||||||
Common stock issued for acquisitions, net of issuance costs | $ | 38,300 | $ | — | $ | — | |||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
segment | |
Property, Plant and Equipment [Line Items] | |
Number of segments | 1 |
Finite-lived intangible assets amortization period | 13 years |
Furniture And Equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life | 3 years |
Furniture And Equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life | 10 years |
Premises | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life | 25 years |
Premises | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life | 40 years |
Acquisitions_Additional_Inform
Acquisitions Additional Information (Details) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 08, 2014 | Dec. 31, 2014 | Sep. 26, 2014 | Dec. 02, 2014 | Aug. 03, 2012 | Dec. 31, 2011 | |
Business Acquisition [Line Items] | |||||||||
Goodwill | $310,589,000 | $264,062,000 | $265,477,000 | $310,589,000 | $265,477,000 | ||||
Bargain purchase, gain recognized | 0 | 0 | 3,289,000 | ||||||
Popular Community Bank | |||||||||
Business Acquisition [Line Items] | |||||||||
Business combination, number of retail branches acquired | 12 | ||||||||
Payments to acquire business | 19,000,000 | ||||||||
Business Combination, adjustment, intangibles | -4,700,000 | ||||||||
Business combination, consideration transferred | 19,000,000 | ||||||||
Business combination, assets | 762,067,000 | ||||||||
Goodwill | 32,181,000 | ||||||||
Business Combination, consideration transferred, common stock | 0 | ||||||||
Deposits | 731,872,000 | ||||||||
Core intangible deposits | 8,003,000 | ||||||||
National Machine Tool Financial Corporation | |||||||||
Business Acquisition [Line Items] | |||||||||
Payments to acquire business | 3,100,000 | ||||||||
Business Combination, adjustment, intangibles | 572,000 | ||||||||
Business combination, assets | 5,900,000 | ||||||||
Goodwill | 4,000,000 | ||||||||
Popular, National Machine Tool, and Great Lake Acquisitions | |||||||||
Business Acquisition [Line Items] | |||||||||
Acquisition and integration related expenses | 13,900,000 | ||||||||
Great Lakes Financial Resources Inc | |||||||||
Business Acquisition [Line Items] | |||||||||
Business combination, number of retail branches acquired | 7 | ||||||||
Payments to acquire business | 17,450,000 | ||||||||
Number of drive-up locations acquired | 1 | ||||||||
Business combination, consideration transferred | 55,750,000 | ||||||||
Business combination, assets | 566,245,000 | ||||||||
Goodwill | 10,339,000 | ||||||||
Business Combination, consideration transferred, common stock | 38,300,000 | ||||||||
Deposits | 464,309,000 | ||||||||
Core intangible deposits | 6,192,000 | ||||||||
Waukegan Savings Bank | |||||||||
Business Acquisition [Line Items] | |||||||||
Bargain purchase, gain recognized | 3,300,000 | ||||||||
Acquired loans | 46,300,000 | ||||||||
Deposits | 72,700,000 | ||||||||
Transactional Deposits | 41,500,000 | ||||||||
Time Deposits | 31,200,000 | ||||||||
Core intangible deposits | $781,000 |
Acquisitions_Schedule_of_Recog
Acquisitions Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) (USD $) | 0 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Aug. 08, 2014 | Dec. 02, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Assets | ||||||
Goodwill | $310,589 | $264,062 | $265,477 | $265,477 | ||
Deposits: | ||||||
Intangible liabilities | 10,178 | |||||
Popular Community Bank | ||||||
Assets | ||||||
Cash and due from banks | 161,276 | |||||
Securities available-for-sale | 0 | |||||
FHLB and FRB stock | 0 | |||||
Loans | 549,386 | |||||
OREO | 0 | |||||
Investment in BOLI | 0 | |||||
Goodwill | 32,181 | |||||
Intangible assets | 8,003 | |||||
Premises, furniture, and equipment | 4,647 | |||||
Accrued interest receivable and other assets | 6,574 | |||||
Total assets | 762,067 | |||||
Deposits: | ||||||
Noninterest-bearing deposits | 163,299 | |||||
Interest-bearing deposits | 568,573 | |||||
Total deposits | 731,872 | |||||
Intangible liabilities | 10,631 | |||||
Borrowed funds | 0 | |||||
Senior and subordinated debt | 0 | |||||
Accrued interest payable and other liabilities | 564 | |||||
Total liabilities | 743,067 | |||||
Common stock (2,440,754 shares issued at $15.737 per share), net of $110,000 in issuance costs | 0 | |||||
Cash paid | 19,000 | |||||
Total consideration paid | 19,000 | |||||
Great Lakes Financial Resources Inc | ||||||
Assets | ||||||
Cash and due from banks | 78,609 | |||||
Securities available-for-sale | 219,279 | |||||
FHLB and FRB stock | 1,970 | |||||
Loans | 223,169 | |||||
OREO | 1,244 | |||||
Investment in BOLI | 10,373 | |||||
Goodwill | 10,339 | |||||
Intangible assets | 6,192 | |||||
Premises, furniture, and equipment | 5,011 | |||||
Accrued interest receivable and other assets | 10,059 | |||||
Total assets | 566,245 | |||||
Deposits: | ||||||
Noninterest-bearing deposits | 110,885 | |||||
Interest-bearing deposits | 353,424 | |||||
Total deposits | 464,309 | |||||
Intangible liabilities | 0 | |||||
Borrowed funds | 29,490 | |||||
Senior and subordinated debt | 9,809 | |||||
Accrued interest payable and other liabilities | 6,887 | |||||
Total liabilities | 510,495 | |||||
Common stock (2,440,754 shares issued at $15.737 per share), net of $110,000 in issuance costs | 38,300 | |||||
Cash paid | 17,450 | |||||
Total consideration paid | 55,750 | |||||
Common stock, shares issued | 2,440,754 | |||||
Shares issued (dollars per share) | $15.74 | |||||
Issuance costs | $110 |
Securities_Detail
Securities (Detail) (USD $) | 12 Months Ended | 3 Months Ended | ||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 02, 2014 | ||||
security | security | security | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Available-for-sale Securities Pledged as Collateral | $779,400,000 | $755,300,000 | $779,400,000 | |||||
Held-to-maturity Securities pledged as collateral | 0 | 0 | 0 | |||||
Available-for-sale Securities, Gross Realized Gain (Loss), Excluding Other than Temporary Impairments | 8,125,000 | 34,572,000 | 2,748,000 | |||||
Cost-method Investments, Realized Gain (Loss) | 34,000,000 | |||||||
Number of CDOs Sold | 1 | 1 | ||||||
Carrying value of CDO sold | 1,300,000 | 0 | 1,300,000 | |||||
Other Than Temporary Impairment Credit Losses Recognized in Earnings Reductions CDO Sold | 8,600,000 | |||||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Securities Sold | 8,570,000 | [1] | 6,789,000 | [1] | 1,391,000 | [1] | ||
Trust-preferred Collateralized Debt Obligations | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Available-for-sale Securities, Gross Realized Gain (Loss), Excluding Other than Temporary Impairments | 3,500,000 | |||||||
Corporate Bond Securities | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Available-for-sale Securities, Gross Realized Gain (Loss), Excluding Other than Temporary Impairments | 2,000,000 | |||||||
Municipal Securities | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Available-for-sale Securities, Gross Realized Gain (Loss), Excluding Other than Temporary Impairments | 468,000 | |||||||
Other Investments | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Available-for-sale Securities, Gross Realized Gain (Loss), Excluding Other than Temporary Impairments | 2,100,000 | |||||||
Great Lakes Financial Resources Inc | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Securities available-for-sale | 219,279,000 | |||||||
Great Lakes Financial Resources Inc | Trust-preferred Collateralized Debt Obligations | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Available-for-sale Securities, Gross Realized Gain (Loss), Excluding Other than Temporary Impairments | 0 | |||||||
Number of Collateralized Debt Obligations Acquired | 4 | |||||||
Securities available-for-sale | $2,900,000 | $2,900,000 | ||||||
[1] | During the year ended December 31, 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 year ended December 31, 2013. These CDOs had OTTI of $8.6 million and $6.8 million, respectively, that were previously recognized in earnings. |
Securities_Detail_Securities_P
Securities (Detail) - Securities Portfolio (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Securities Available-for-Sale | ||
Amortized Cost | $1,192,322 | |
Fair Value | 1,187,009 | 1,112,725 |
Securities Held-to-Maturity | ||
Municipal securities, at amortized cost | 26,555 | 44,322 |
Municipal securities, Unrealized Holding Gains | 1,115 | 0 |
Municipal securities, Unrecognized Holding Losses | 0 | -935 |
Municipal securities, Fair Value | 27,670 | 43,387 |
Trading Securities | 17,460 | 17,317 |
U.S. Agency Securities | ||
Securities Available-for-Sale | ||
Amortized Cost | 30,297 | 500 |
Gross Unrealized Gains | 144 | 0 |
Gross Unrealized Losses | -10 | 0 |
Fair Value | 30,431 | 500 |
Collateralized Mortgage Obligations | ||
Securities Available-for-Sale | ||
Amortized Cost | 538,882 | 490,962 |
Gross Unrealized Gains | 2,256 | 1,427 |
Gross Unrealized Losses | -6,982 | -16,621 |
Fair Value | 534,156 | 475,768 |
Other Mortgage Backed Securities | ||
Securities Available-for-Sale | ||
Amortized Cost | 155,443 | 135,097 |
Gross Unrealized Gains | 4,632 | 3,349 |
Gross Unrealized Losses | -310 | -2,282 |
Fair Value | 159,765 | 136,164 |
Municipal Securities | ||
Securities Available-for-Sale | ||
Amortized Cost | 414,255 | 457,318 |
Gross Unrealized Gains | 10,583 | 9,673 |
Gross Unrealized Losses | -1,018 | -5,598 |
Fair Value | 423,820 | 461,393 |
Trust-preferred Collateralized Debt Obligations | ||
Securities Available-for-Sale | ||
Amortized Cost | 48,502 | 46,532 |
Gross Unrealized Gains | 152 | 0 |
Gross Unrealized Losses | -14,880 | -28,223 |
Fair Value | 33,774 | 18,309 |
Corporate Debt Securities | ||
Securities Available-for-Sale | ||
Amortized Cost | 1,719 | 12,999 |
Gross Unrealized Gains | 83 | 1,930 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 1,802 | 14,929 |
Equity Securities | ||
Securities Available-for-Sale | ||
Amortized Cost | 3,224 | 3,706 |
Gross Unrealized Gains | 72 | 2,046 |
Gross Unrealized Losses | -35 | -90 |
Fair Value | 3,261 | 5,662 |
Total | ||
Securities Available-for-Sale | ||
Amortized Cost | 1,192,322 | 1,147,114 |
Gross Unrealized Gains | 17,922 | 18,425 |
Gross Unrealized Losses | -23,235 | -52,814 |
Fair Value | $1,187,009 | $1,112,725 |
Securities_Detail_Remaining_Co
Securities (Detail) - Remaining Contractual Maturity of Securities (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
One year or less | $67,900 | |
After one year to five years | 78,132 | |
After five years to ten years | 214,007 | |
After ten years | 134,734 | |
Securities that do not have a single contractual maturity date | 697,549 | |
Total | 1,192,322 | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
One year or less | 67,221 | |
After one year to five years | 77,351 | |
After five years to ten years | 211,868 | |
After ten years | 133,387 | |
Securities that do not have a single contractual maturity date | 697,182 | |
Total | 1,187,009 | 1,112,725 |
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount [Abstract] | ||
One year or less | 3,504 | |
After one year to five years | 8,727 | |
After five years to ten years | 5,404 | |
After ten years | 8,920 | |
Securities that do not have a single contractual maturity date | 0 | |
Total | 26,555 | 44,322 |
Held-to-maturity Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
One year or less | 3,651 | |
After one year to five years | 9,093 | |
After five years to ten years | 5,631 | |
After ten years | 9,295 | |
Securities that do not have a single contractual maturity date | 0 | |
Total | $27,670 | $43,387 |
Securities_Detail_Securities_G
Securities (Detail) - Securities Gains (Losses) (USD $) | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Gains (losses) on sales of securities: | ||||||
Gross realized gains | $8,188,000 | $34,572,000 | $3,045,000 | |||
Gross realized losses | -63,000 | 0 | -297,000 | |||
Net realized gains on sales of securities | 8,125,000 | 34,572,000 | 2,748,000 | |||
Non-cash impairment charges: | ||||||
OTTI | -28,000 | -408,000 | -3,728,000 | |||
Portion of OTTI recognized in other comprehensive income (loss) | 0 | 0 | 59,000 | |||
Net non-cash impairment charges | -28,000 | -408,000 | -3,669,000 | |||
Net realized gains (losses) | 8,097,000 | 34,164,000 | -921,000 | |||
Net trading gains (losses) | 677,000 | [1] | 3,189,000 | [1] | 1,627,000 | [1] |
Net non-cash impairment charges: | ||||||
Net non-cash impairment charges | 28,000 | 408,000 | 3,669,000 | |||
Other Mortgage-Backed Securities | ||||||
Non-cash impairment charges: | ||||||
Net non-cash impairment charges | -28,000 | -6,000 | -1,443,000 | |||
Net non-cash impairment charges: | ||||||
Net non-cash impairment charges | 28,000 | 6,000 | 1,443,000 | |||
Municipal Securities | ||||||
Non-cash impairment charges: | ||||||
Net non-cash impairment charges | 0 | -402,000 | 0 | |||
Net non-cash impairment charges: | ||||||
Net non-cash impairment charges | 0 | 402,000 | 0 | |||
Trust-preferred Collateralized Debt Obligations | ||||||
Non-cash impairment charges: | ||||||
Net non-cash impairment charges | 0 | 0 | -2,226,000 | |||
Net non-cash impairment charges: | ||||||
Net non-cash impairment charges | 0 | 0 | 2,226,000 | |||
Total | ||||||
Non-cash impairment charges: | ||||||
Net non-cash impairment charges | -28,000 | -408,000 | -3,669,000 | |||
Net non-cash impairment charges: | ||||||
Net non-cash impairment charges | $28,000 | $408,000 | $3,669,000 | |||
[1] | All net trading gains relate to trading securities still held as of December 31, 2014, 2013, and 2012 and are included in other income in the Consolidated Statements of Income. |
Securities_Detail_Changes_In_C
Securities (Detail) - Changes In Credit Losses Recognized In Earnings (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||||||
Cumulative amount recognized at the beginning of the year | $32,422 | $38,803 | $36,525 | |||
OTTI included in earnings | ||||||
Losses on securities that previously had OTTI | 28 | [1] | 0 | [1] | 2,278 | [1] |
Losses on securities that did not previously have OTTI | 0 | [1] | 408 | [1] | 1,391 | [1] |
Reduction for securities sold during the year | -8,570 | [2] | -6,789 | [2] | -1,391 | [2] |
Cumulative amount recognized at the end of the year | $23,880 | $32,422 | $38,803 | |||
[1] | Included in net securities gains (losses) in the Consolidated Statements of Income. | |||||
[2] | During the year ended December 31, 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 year ended December 31, 2013. These CDOs had OTTI of $8.6 million and $6.8 million, respectively, that were previously recognized in earnings. |
Securities_Detail_Securities_I
Securities (Detail) - Securities In An Unrealized Loss Position (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
security | security | |
U.S. Agency Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of Securities | 1 | |
Fair Value - Less Than 12 Months | $1,943 | |
Unrealized Losses - Less Than 12 Months | 10 | |
Fair Value - 12 Months or Longer | 0 | |
Unrealized Losses - 12 Months or Longer | 0 | |
Fair Value - Total | 1,943 | |
Unrealized Losses - Total | 10 | |
Collateralized Mortgage Obligations | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of Securities | 87 | 67 |
Fair Value - Less Than 12 Months | 61,321 | 338,064 |
Unrealized Losses - Less Than 12 Months | 559 | 14,288 |
Fair Value - 12 Months or Longer | 284,327 | 57,269 |
Unrealized Losses - 12 Months or Longer | 6,423 | 2,333 |
Fair Value - Total | 345,648 | 395,333 |
Unrealized Losses - Total | 6,982 | 16,621 |
Other Mortgage Backed Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of Securities | 11 | 19 |
Fair Value - Less Than 12 Months | 1,113 | 57,311 |
Unrealized Losses - Less Than 12 Months | 1 | 2,281 |
Fair Value - 12 Months or Longer | 39,043 | 356 |
Unrealized Losses - 12 Months or Longer | 309 | 1 |
Fair Value - Total | 40,156 | 57,667 |
Unrealized Losses - Total | 310 | 2,282 |
Municipal Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of Securities | 91 | 154 |
Fair Value - Less Than 12 Months | 1,317 | 65,370 |
Unrealized Losses - Less Than 12 Months | 9 | 3,245 |
Fair Value - 12 Months or Longer | 53,987 | 27,565 |
Unrealized Losses - 12 Months or Longer | 1,009 | 2,353 |
Fair Value - Total | 55,304 | 92,935 |
Unrealized Losses - Total | 1,018 | 5,598 |
Trust-preferred Collateralized Debt Obligations | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of Securities | 4 | 6 |
Fair Value - Less Than 12 Months | 0 | 0 |
Unrealized Losses - Less Than 12 Months | 0 | 0 |
Fair Value - 12 Months or Longer | 22,791 | 18,309 |
Unrealized Losses - 12 Months or Longer | 14,880 | 28,223 |
Fair Value - Total | 22,791 | 18,309 |
Unrealized Losses - Total | 14,880 | 28,223 |
Equity Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of 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 | 2,270 | 0 |
Unrealized Losses - 12 Months or Longer | 35 | 0 |
Fair Value - Total | 2,270 | 2,168 |
Unrealized Losses - Total | 35 | 90 |
Unrealized Loss Position | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of Securities | 195 | 247 |
Fair Value - Less Than 12 Months | 65,694 | 462,913 |
Unrealized Losses - Less Than 12 Months | 579 | 19,904 |
Fair Value - 12 Months or Longer | 402,418 | 103,499 |
Unrealized Losses - 12 Months or Longer | 22,656 | 32,910 |
Fair Value - Total | 468,112 | 566,412 |
Unrealized Losses - Total | $23,235 | $52,814 |
Loans_Detail
Loans (Detail) (USD $) | 12 Months Ended | 3 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans Gains Losses | $3,771 | [1] | $4,717 | [1] | $7,422 | [1] | |
Carrying Amount of Loans Sold | 166,109 | 150,248 | 226,490 | ||||
Loans held-for-sale | 3,450 | [2] | 1,560 | [2] | 82,647 | [2] | |
Provision for loan and covered loan losses | 19,168 | 16,257 | 158,052 | ||||
Bulk Sales Of Loan Pools | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans Gains Losses | 5,153 | [1] | |||||
Carrying Amount of Loans Sold | 169,577 | ||||||
Loans held-for-sale | 80,260 | [2] | 80,300 | ||||
Provision for loan and covered loan losses | 62,300 | ||||||
Mortgage Loan Sales | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans Gains Losses | 3,771 | [1] | 4,717 | [1] | 2,269 | [1] | |
Carrying Amount of Loans Sold | 144,909 | 147,413 | 50,326 | ||||
Loans held-for-sale | $0 | [2] | $0 | [2] | $0 | [2] | |
[1] | The net gains on the bulk loan sales represent gains realized subsequent to the transfer to held-for-sale and are included as a separate component of noninterest income in the Consolidated Statements of Income. Net gains on mortgage loan sales are included in mortgage banking income in the Consolidated Statements of Income. | ||||||
[2] | Amount represents charge-offs to the allowance for loan and covered loan losses at the time the loans were identified for sale |
Loans_Detail_Loan_Portfolio
Loans (Detail) - Loan Portfolio (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Receivables [Abstract] | ||||
Commercial and industrial | $2,253,556 | $1,830,638 | ||
Agricultural | 358,249 | 321,702 | ||
Commercial real estate: | ||||
Office, retail, and industrial | 1,478,379 | 1,353,685 | ||
Multi-family | 564,421 | 332,873 | ||
Construction | 204,236 | 186,197 | ||
Other commercial real estate | 887,897 | 807,071 | ||
Total commercial real estate | 3,134,933 | 2,679,826 | ||
Total corporate loans | 5,746,738 | 4,832,166 | ||
Home equity | 543,185 | 427,020 | ||
1-4 family mortgages | 291,463 | 275,992 | ||
Installment | 76,032 | 44,827 | ||
Total consumer loans | 910,680 | 747,839 | ||
Total loans, excluding covered loans | 6,657,418 | 5,580,005 | ||
Covered loans | 79,435 | [1] | 134,355 | [1] |
Total loans | 6,736,853 | 5,714,360 | ||
Deferred loan fees included in total loans | 3,922 | 4,656 | ||
Overdrawn demand deposits included in total loans | $3,438 | $5,047 | ||
[1] | For information on covered loans, see Note 6, "Acquired and Covered Loans." |
Loans_Detail_Book_Value_of_Loa
Loans (Detail) - Book Value of Loans Pledged (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Loans pledged to secure: | ||
FHLB advances | $1,952,736 | $1,632,069 |
FRB's Discount Window Primary Credit Program | 845,974 | 766,870 |
Total | $2,798,710 | $2,398,939 |
Loans_Detail_Loans_Sold
Loans (Detail) - Loans Sold (USD $) | 12 Months Ended | 3 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | ||||
Loan sales | |||||||
Proceeds | $166,430,000 | $153,405,000 | $151,265,000 | ||||
Book Value | 166,109,000 | 150,248,000 | 226,490,000 | ||||
Financing receivable amount of loans held for sale sold | 92,500,000 | ||||||
Charge-offs | -3,450,000 | [1] | -1,560,000 | [1] | -82,647,000 | [1] | |
Gains (Losses) on Sales | 3,771,000 | [2] | 4,717,000 | [2] | 7,422,000 | [2] | |
Bulk Sales Of Loan Pools | |||||||
Loan sales | |||||||
Proceeds | 94,470,000 | ||||||
Book Value | 169,577,000 | ||||||
Charge-offs | -80,260,000 | [1] | -80,300,000 | ||||
Gains (Losses) on Sales | 5,153,000 | [2] | |||||
Mortgage Loan Sales | |||||||
Loan sales | |||||||
Proceeds | 148,680,000 | 152,130,000 | 52,595,000 | ||||
Book Value | 144,909,000 | 147,413,000 | 50,326,000 | ||||
Charge-offs | 0 | [1] | 0 | [1] | 0 | [1] | |
Gains (Losses) on Sales | 3,771,000 | [2] | 4,717,000 | [2] | 2,269,000 | [2] | |
Other Non-Performing Loans Sold | |||||||
Loan sales | |||||||
Proceeds | 17,750,000 | 1,275,000 | 4,200,000 | ||||
Book Value | 21,200,000 | 2,835,000 | 6,587,000 | ||||
Charge-offs | -3,450,000 | [1] | -1,560,000 | [1] | -2,387,000 | [1] | |
Gains (Losses) on Sales | $0 | [2] | $0 | [2] | $0 | [2] | |
[1] | Amount represents charge-offs to the allowance for loan and covered loan losses at the time the loans were identified for sale | ||||||
[2] | The net gains on the bulk loan sales represent gains realized subsequent to the transfer to held-for-sale and are included as a separate component of noninterest income in the Consolidated Statements of Income. Net gains on mortgage loan sales are included in mortgage banking income in the Consolidated Statements of Income. |
Acquired_Loans_and_Covered_Loa2
Acquired Loans and Covered Loans (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Acquired Loans [Line Items] | ||
Purchased impaired loans | $83,394,000 | $119,133,000 |
Non-purchased impaired loans | 739,589,000 | 47,854,000 |
Total | 822,983,000 | 166,987,000 |
Non Covered Loan | ||
Acquired Loans [Line Items] | ||
Purchased impaired loans | 28,712,000 | 15,608,000 |
Non-purchased impaired loans | 714,836,000 | 17,024,000 |
Total | 743,548,000 | 32,632,000 |
Covered Loan | ||
Acquired Loans [Line Items] | ||
Purchased impaired loans | 54,682,000 | 103,525,000 |
Non-purchased impaired loans | 24,753,000 | 30,830,000 |
Total | 79,435,000 | 134,355,000 |
1-Jan-15 | ||
Acquired Loans [Line Items] | ||
Number of FDIC assisted transactions no longer covered | 1 | |
Financing receivables and OREO, cumulative losses, anticipated FDIC coverage loss | $10,100,000 | |
July 1, 2015 and October 1, 2015 | ||
Acquired Loans [Line Items] | ||
Number of FDIC assisted transactions no longer covered | 2 |
Acquired_Loans_and_Covered_Loa3
Acquired Loans and Covered Loans (Detail) - Changes in FDIC Indemnification Asset (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
FDIC Indemnification Asset [Roll Forward] | |||
Balance at the beginning of the year | $16,585 | $37,051 | $65,609 |
Amortization | -3,315 | -2,984 | -14,098 |
Change in expected reimbursements from the FDIC for changes in expected credit losses | -481 | -1,242 | 3,338 |
Payments received from the FDIC | -4,337 | -16,240 | -17,798 |
Balance at the end of the year | $8,452 | $16,585 | $37,051 |
Acquired_Loans_and_Covered_Loa4
Acquired Loans and Covered Loans (Detail) - Changes in Accretable Yield (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||||||
Balance at the beginning of the year | $36,792 | $51,498 | $52,147 | |||
Additions | 3,517 | 0 | 7,224 | |||
Accretion | -12,535 | -15,016 | -20,632 | |||
Other | 470 | [1] | 310 | [1] | 12,759 | [1] |
Balance at the end of the year | $28,244 | $36,792 | $51,498 | |||
[1] | ncreases represent a rise in the expected future cash flows to be collected over the remaining estimated life of the underlying portfolio. |
Past_Due_Loans_Allowances_For_2
Past Due Loans, Allowances For Credit Losses, Impaired Loans, and TDRs (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Financing Receivable, Modifications [Line Items] | |||
TDRs Restructured Loans, valuation allowance | $1,800,000 | $2,000,000 | |
Commitments to lend additional funds TDRs | 666,000 | 180,000 | |
Special Mention and Substandard Loans | |||
Financing Receivable, Modifications [Line Items] | |||
Accruing | 1,800,000 | 2,800,000 | |
Accruing | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable Impaired Troubled Debt Restructuring Return To Performing Status | $20,656,000 | $5,529,000 | $16,619,000 |
Past_Due_Loans_Allowances_For_3
Past Due Loans, Allowances For Credit Losses, Impaired Loans, and TDRs (Detail) - Aging Analysis of Past Due Loans and Non-Performing Loans by Class (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | $6,736,853 | $5,714,360 |
Commercial And Industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 2,230,947 | 1,814,660 |
30-89 Days Past Due | 19,505 | 6,872 |
90 Days or More Past Due | 3,104 | 9,106 |
Total Past Due | 22,609 | 15,978 |
Total loans | 2,253,556 | 1,830,638 |
Non-accrual Loans | 22,693 | 11,767 |
90 Days Past Due Loans, Still Accruing Interest | 205 | 393 |
Agricultural | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 355,982 | 321,156 |
30-89 Days Past Due | 1,934 | 134 |
90 Days or More Past Due | 333 | 412 |
Total Past Due | 2,267 | 546 |
Total loans | 358,249 | 321,702 |
Non-accrual Loans | 360 | 519 |
90 Days Past Due Loans, Still Accruing Interest | 0 | 0 |
Office Retail And Industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 1,463,724 | 1,335,027 |
30-89 Days Past Due | 2,340 | 2,620 |
90 Days or More Past Due | 12,315 | 16,038 |
Total Past Due | 14,655 | 18,658 |
Total loans | 1,478,379 | 1,353,685 |
Non-accrual Loans | 12,939 | 17,076 |
90 Days Past Due Loans, Still Accruing Interest | 76 | 1,315 |
Multi-Family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 562,625 | 330,960 |
30-89 Days Past Due | 1,261 | 318 |
90 Days or More Past Due | 535 | 1,595 |
Total Past Due | 1,796 | 1,913 |
Total loans | 564,421 | 332,873 |
Non-accrual Loans | 754 | 1,848 |
90 Days Past Due Loans, Still Accruing Interest | 83 | 0 |
Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 197,255 | 180,083 |
30-89 Days Past Due | 0 | 23 |
90 Days or More Past Due | 6,981 | 6,091 |
Total Past Due | 6,981 | 6,114 |
Total loans | 204,236 | 186,197 |
Non-accrual Loans | 6,981 | 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 | 876,609 | 795,462 |
30-89 Days Past Due | 5,412 | 5,365 |
90 Days or More Past Due | 5,876 | 6,244 |
Total Past Due | 11,288 | 11,609 |
Total loans | 887,897 | 807,071 |
Non-accrual Loans | 6,970 | 8,153 |
90 Days Past Due Loans, Still Accruing Interest | 438 | 258 |
Total Commercial Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 3,100,213 | 2,641,532 |
30-89 Days Past Due | 9,013 | 8,326 |
90 Days or More Past Due | 25,707 | 29,968 |
Total Past Due | 34,720 | 38,294 |
Total loans | 3,134,933 | 2,679,826 |
Non-accrual Loans | 27,644 | 33,374 |
90 Days Past Due Loans, Still Accruing Interest | 597 | 1,573 |
Total Corporate Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 5,687,142 | 4,777,348 |
30-89 Days Past Due | 30,452 | 15,332 |
90 Days or More Past Due | 29,144 | 39,486 |
Total Past Due | 59,596 | 54,818 |
Total loans | 5,746,738 | 4,832,166 |
Non-accrual Loans | 50,697 | 45,660 |
90 Days Past Due Loans, Still Accruing Interest | 802 | 1,966 |
Home equity | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 535,587 | 415,791 |
30-89 Days Past Due | 3,216 | 4,830 |
90 Days or More Past Due | 4,382 | 6,399 |
Total Past Due | 7,598 | 11,229 |
Total loans | 543,185 | 427,020 |
Non-accrual Loans | 6,290 | 6,864 |
90 Days Past Due Loans, Still Accruing Interest | 145 | 1,102 |
1-4 family mortgages | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 287,892 | 268,912 |
30-89 Days Past Due | 2,246 | 2,046 |
90 Days or More Past Due | 1,325 | 5,034 |
Total Past Due | 3,571 | 7,080 |
Total loans | 291,463 | 275,992 |
Non-accrual Loans | 2,941 | 5,198 |
90 Days Past Due Loans, Still Accruing Interest | 166 | 548 |
Installment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 75,428 | 42,350 |
30-89 Days Past Due | 506 | 330 |
90 Days or More Past Due | 98 | 2,147 |
Total Past Due | 604 | 2,477 |
Total loans | 76,032 | 44,827 |
Non-accrual Loans | 43 | 2,076 |
90 Days Past Due Loans, Still Accruing Interest | 60 | 92 |
Total consumer loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 898,907 | 727,053 |
30-89 Days Past Due | 5,968 | 7,206 |
90 Days or More Past Due | 5,805 | 13,580 |
Total Past Due | 11,773 | 20,786 |
Total loans | 910,680 | 747,839 |
Non-accrual Loans | 9,274 | 14,138 |
90 Days Past Due Loans, Still Accruing Interest | 371 | 1,742 |
Total Loans Excluding Covered Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 6,586,049 | 5,504,401 |
30-89 Days Past Due | 36,420 | 22,538 |
90 Days or More Past Due | 34,949 | 53,066 |
Total Past Due | 71,369 | 75,604 |
Total loans | 6,657,418 | 5,580,005 |
Non-accrual Loans | 59,971 | 59,798 |
90 Days Past Due Loans, Still Accruing Interest | 1,173 | 3,708 |
Covered Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 66,331 | 94,211 |
30-89 Days Past Due | 2,714 | 2,232 |
90 Days or More Past Due | 10,390 | 37,912 |
Total Past Due | 13,104 | 40,144 |
Total loans | 79,435 | 134,355 |
Non-accrual Loans | 6,186 | 20,942 |
90 Days Past Due Loans, Still Accruing Interest | 5,002 | 18,081 |
Loans Total | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 6,652,380 | 5,598,612 |
30-89 Days Past Due | 39,134 | 24,770 |
90 Days or More Past Due | 45,339 | 90,978 |
Total Past Due | 84,473 | 115,748 |
Total loans | 6,736,853 | 5,714,360 |
Non-accrual Loans | 66,157 | 80,740 |
90 Days Past Due Loans, Still Accruing Interest | $6,175 | $21,789 |
Past_Due_Loans_Allowances_For_4
Past Due Loans, Allowances For Credit Losses, Impaired Loans, and TDRs (Detail) - Allowance for Credit Losses (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at the beginning of the year | $87,121 | $102,812 | $121,962 |
Charge-offs | -40,184 | -38,580 | -182,807 |
Recoveries | 8,205 | 8,382 | 5,605 |
Net charge-offs | -31,979 | -30,198 | -177,202 |
Provision for loan and covered loan losses | 19,368 | 14,507 | 158,052 |
Balance at the end of the year | 74,510 | 87,121 | 102,812 |
Commercial Industrial And Agricultural | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at the beginning of the year | 30,381 | 36,761 | 46,017 |
Charge-offs | -17,424 | -12,094 | -64,668 |
Recoveries | 3,800 | 3,797 | 3,393 |
Net charge-offs | -13,624 | -8,297 | -61,275 |
Provision for loan and covered loan losses | 12,701 | 1,917 | 52,019 |
Balance at the end of the year | 29,458 | 30,381 | 36,761 |
Office Retail And Industrial | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at the beginning of the year | 10,405 | 11,432 | 16,012 |
Charge-offs | -7,345 | -4,744 | -34,968 |
Recoveries | 497 | 228 | 577 |
Net charge-offs | -6,848 | -4,516 | -34,391 |
Provision for loan and covered loan losses | 7,435 | 3,489 | 29,811 |
Balance at the end of the year | 10,992 | 10,405 | 11,432 |
Multi-Family | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at the beginning of the year | 2,017 | 3,575 | 5,067 |
Charge-offs | -943 | -1,029 | -3,361 |
Recoveries | 87 | 584 | 275 |
Net charge-offs | -856 | -445 | -3,086 |
Provision for loan and covered loan losses | 1,088 | -1,113 | 1,594 |
Balance at the end of the year | 2,249 | 2,017 | 3,575 |
Construction | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at the beginning of the year | 6,316 | 9,223 | 17,795 |
Charge-offs | -1,052 | -1,916 | -27,811 |
Recoveries | 166 | 1,032 | 451 |
Net charge-offs | -886 | -884 | -27,360 |
Provision for loan and covered loan losses | -3,133 | -2,023 | 18,788 |
Balance at the end of the year | 2,297 | 6,316 | 9,223 |
Other Commerical Real Estate | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at the beginning of the year | 10,817 | 13,531 | 19,451 |
Charge-offs | -4,834 | -4,784 | -36,474 |
Recoveries | 1,727 | 1,646 | 125 |
Net charge-offs | -3,107 | -3,138 | -36,349 |
Provision for loan and covered loan losses | 617 | 424 | 30,429 |
Balance at the end of the year | 8,327 | 10,817 | 13,531 |
Consumer | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at the beginning of the year | 13,010 | 12,862 | 14,131 |
Charge-offs | -7,574 | -9,414 | -10,910 |
Recoveries | 729 | 1,071 | 784 |
Net charge-offs | -6,845 | -8,343 | -10,126 |
Provision for loan and covered loan losses | 5,980 | 8,491 | 8,857 |
Balance at the end of the year | 12,145 | 13,010 | 12,862 |
Covered Loans | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at the beginning of the year | 12,559 | 12,062 | 989 |
Charge-offs | -1,012 | -4,599 | -4,615 |
Recoveries | 1,199 | 24 | 0 |
Net charge-offs | 187 | -4,575 | -4,615 |
Provision for loan and covered loan losses | -5,520 | 5,072 | 15,688 |
Balance at the end of the year | 7,226 | 12,559 | 12,062 |
Reservefor Unfunded Commitments | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at the beginning of the year | 1,616 | 3,366 | 2,500 |
Charge-offs | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 |
Net charge-offs | 0 | 0 | 0 |
Provision for loan and covered loan losses | 200 | -1,750 | 866 |
Balance at the end of the year | $1,816 | $1,616 | $3,366 |
Past_Due_Loans_Allowances_For_5
Past Due Loans, Allowances For Credit Losses, Impaired Loans, and TDRs (Detail) - Loans and Related Allowance for Credit Losses by Portfolio Segment (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans Purchased impaired loans | $83,394 | $119,133 | ||
Total loans | 6,736,853 | 5,714,360 | ||
Total Allowance for Credit Losses | 74,510 | 87,121 | 102,812 | 121,962 |
Commercial Industrial And Agricultural | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans Individually Evaluated for Impairment | 19,796 | 13,178 | ||
Loans Collectively Evaluated for Impairment | 2,588,141 | 2,137,440 | ||
Loans Purchased impaired loans | 3,868 | 1,722 | ||
Total loans | 2,611,805 | 2,152,340 | ||
Allowance for Credit Losses Individually Evaluated for Impairment | 2,249 | 4,046 | ||
Allowance for Credit Losses Collectively Evaluated for Impairment | 27,209 | 26,335 | ||
Allowance for Credit Losses Purchased Impaired | 0 | 0 | ||
Total Allowance for Credit Losses | 29,458 | 30,381 | ||
Office Retail And Industrial | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans Individually Evaluated for Impairment | 12,332 | 26,348 | ||
Loans Collectively Evaluated for Impairment | 1,458,918 | 1,327,337 | ||
Loans Purchased impaired loans | 7,129 | 0 | ||
Total loans | 1,478,379 | 1,353,685 | ||
Allowance for Credit Losses Individually Evaluated for Impairment | 271 | 214 | ||
Allowance for Credit Losses Collectively Evaluated for Impairment | 10,721 | 10,191 | ||
Allowance for Credit Losses Purchased Impaired | 0 | 0 | ||
Total Allowance for Credit Losses | 10,992 | 10,405 | ||
Multi-Family | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans Individually Evaluated for Impairment | 939 | 1,296 | ||
Loans Collectively Evaluated for Impairment | 561,400 | 331,445 | ||
Loans Purchased impaired loans | 2,082 | 132 | ||
Total loans | 564,421 | 332,873 | ||
Allowance for Credit Losses Individually Evaluated for Impairment | 0 | 18 | ||
Allowance for Credit Losses Collectively Evaluated for Impairment | 2,249 | 1,999 | ||
Allowance for Credit Losses Purchased Impaired | 0 | 0 | ||
Total Allowance for Credit Losses | 2,249 | 2,017 | ||
Construction | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans Individually Evaluated for Impairment | 6,671 | 5,712 | ||
Loans Collectively Evaluated for Impairment | 195,094 | 180,485 | ||
Loans Purchased impaired loans | 2,471 | 0 | ||
Total loans | 204,236 | 186,197 | ||
Allowance for Credit Losses Individually Evaluated for Impairment | 0 | 178 | ||
Allowance for Credit Losses Collectively Evaluated for Impairment | 2,297 | 6,138 | ||
Allowance for Credit Losses Purchased Impaired | 0 | 0 | ||
Total Allowance for Credit Losses | 2,297 | 6,316 | ||
Other Commercial Real Estate | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans Individually Evaluated for Impairment | 3,266 | 9,298 | ||
Loans Collectively Evaluated for Impairment | 880,087 | 793,703 | ||
Loans Purchased impaired loans | 4,544 | 4,070 | ||
Total loans | 887,897 | 807,071 | ||
Allowance for Credit Losses Individually Evaluated for Impairment | 11 | 704 | ||
Allowance for Credit Losses Collectively Evaluated for Impairment | 8,316 | 10,113 | ||
Allowance for Credit Losses Purchased Impaired | 0 | 0 | ||
Total Allowance for Credit Losses | 8,327 | 10,817 | ||
Total Commercial Real Estate | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans Individually Evaluated for Impairment | 23,208 | 42,654 | ||
Loans Collectively Evaluated for Impairment | 3,095,499 | 2,632,970 | ||
Loans Purchased impaired loans | 16,226 | 4,202 | ||
Total loans | 3,134,933 | 2,679,826 | ||
Allowance for Credit Losses Individually Evaluated for Impairment | 282 | 1,114 | ||
Allowance for Credit Losses Collectively Evaluated for Impairment | 23,583 | 28,441 | ||
Allowance for Credit Losses Purchased Impaired | 0 | 0 | ||
Total Allowance for Credit Losses | 23,865 | 29,555 | ||
Total Corporate Loans | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans Individually Evaluated for Impairment | 43,004 | 55,832 | ||
Loans Collectively Evaluated for Impairment | 5,683,640 | 4,770,410 | ||
Loans Purchased impaired loans | 20,094 | 5,924 | ||
Total loans | 5,746,738 | 4,832,166 | ||
Allowance for Credit Losses Individually Evaluated for Impairment | 2,531 | 5,160 | ||
Allowance for Credit Losses Collectively Evaluated for Impairment | 50,792 | 54,776 | ||
Allowance for Credit Losses Purchased Impaired | 0 | |||
Total Allowance for Credit Losses | 53,323 | 59,936 | ||
Consumer | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans Individually Evaluated for Impairment | 0 | 0 | ||
Loans Collectively Evaluated for Impairment | 902,062 | 738,155 | ||
Loans Purchased impaired loans | 8,618 | 9,684 | ||
Total loans | 910,680 | 747,839 | ||
Allowance for Credit Losses Individually Evaluated for Impairment | 0 | 0 | ||
Allowance for Credit Losses Collectively Evaluated for Impairment | 11,822 | 13,010 | ||
Allowance for Credit Losses Purchased Impaired | 323 | 0 | ||
Total Allowance for Credit Losses | 12,145 | 13,010 | ||
Total Loans Excluding Covered Loans | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans Individually Evaluated for Impairment | 43,004 | 55,832 | ||
Loans Collectively Evaluated for Impairment | 6,585,702 | 5,508,565 | ||
Loans Purchased impaired loans | 28,712 | 15,608 | ||
Total loans | 6,657,418 | 5,580,005 | ||
Allowance for Credit Losses Individually Evaluated for Impairment | 2,531 | 5,160 | ||
Allowance for Credit Losses Collectively Evaluated for Impairment | 62,614 | 67,786 | ||
Allowance for Credit Losses Purchased Impaired | 323 | 0 | ||
Total Allowance for Credit Losses | 65,468 | 72,946 | ||
Covered Loans | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans Individually Evaluated for Impairment | 0 | 0 | ||
Loans Collectively Evaluated for Impairment | 24,753 | 30,830 | ||
Loans Purchased impaired loans | 54,682 | 103,525 | ||
Total loans | 79,435 | 134,355 | ||
Allowance for Credit Losses Individually Evaluated for Impairment | 0 | 0 | ||
Allowance for Credit Losses Collectively Evaluated for Impairment | 488 | 702 | ||
Allowance for Credit Losses Purchased Impaired | 6,738 | 11,857 | ||
Total Allowance for Credit Losses | 7,226 | 12,559 | ||
Reservefor Unfunded Commitments | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans Individually Evaluated for Impairment | 0 | 0 | ||
Loans Collectively Evaluated for Impairment | 0 | 0 | ||
Loans Purchased impaired loans | 0 | 0 | ||
Total loans | 0 | 0 | ||
Allowance for Credit Losses Individually Evaluated for Impairment | 0 | 0 | ||
Allowance for Credit Losses Collectively Evaluated for Impairment | 1,816 | 1,616 | ||
Allowance for Credit Losses Purchased Impaired | 0 | 0 | ||
Total Allowance for Credit Losses | 1,816 | 1,616 | ||
Total Loans Included in Calculation of Allowance | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans Individually Evaluated for Impairment | 43,004 | 55,832 | ||
Loans Collectively Evaluated for Impairment | 6,610,455 | 5,539,395 | ||
Loans Purchased impaired loans | 83,394 | 119,133 | ||
Total loans | 6,736,853 | 5,714,360 | ||
Allowance for Credit Losses Individually Evaluated for Impairment | 2,531 | 5,160 | ||
Allowance for Credit Losses Collectively Evaluated for Impairment | 64,918 | 70,104 | ||
Allowance for Credit Losses Purchased Impaired | 7,061 | 11,857 | ||
Total Allowance for Credit Losses | $74,510 | $87,121 |
Past_Due_Loans_Allowances_For_6
Past Due Loans, Allowances For Credit Losses, Impaired Loans, and TDRs (Detail) - Impaired Loans Individually Evaluated by Class (USD $) | Dec. 31, 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 | $666 | $10,047 |
Recorded investment in loans with a specific reserve | 19,130 | 3,131 |
Unpaid principal balance | 35,457 | 25,887 |
Specific reserve | 2,249 | 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 | |
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 | 9,623 | 23,872 |
Recorded investment in loans with a specific reserve | 2,709 | 2,476 |
Unpaid principal balance | 18,340 | 35,868 |
Specific reserve | 271 | 214 |
Multi-Family | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment in loans with no specific reserve | 939 | 1,098 |
Recorded investment in loans with a specific reserve | 0 | 198 |
Unpaid principal balance | 1,024 | 1,621 |
Specific reserve | 0 | 18 |
Construction | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment in loans with no specific reserve | 6,671 | 4,586 |
Recorded investment in loans with a specific reserve | 0 | 1,126 |
Unpaid principal balance | 7,731 | 10,037 |
Specific reserve | 0 | 178 |
Other Commercial Real Estate | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment in loans with no specific reserve | 2,752 | 7,553 |
Recorded investment in loans with a specific reserve | 514 | 1,745 |
Unpaid principal balance | 4,490 | 11,335 |
Specific reserve | 11 | 704 |
Total Commercial Real Estate | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment in loans with no specific reserve | 19,985 | 37,109 |
Recorded investment in loans with a specific reserve | 3,223 | 5,545 |
Unpaid principal balance | 31,585 | 58,861 |
Specific reserve | 282 | 1,114 |
Total Impaired Loans Individually Evaluated For Impairment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment in loans with no specific reserve | 20,651 | 47,156 |
Recorded investment in loans with a specific reserve | 22,353 | 8,676 |
Unpaid principal balance | 67,042 | 84,748 |
Specific reserve | $2,531 | $5,160 |
Past_Due_Loans_Allowances_For_7
Past Due Loans, Allowances For Credit Losses, Impaired Loans, and TDRs (Detail) - Impaired Loans Individually Evaluated by Class (Continued) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Financing Receivable, Impaired [Line Items] | ||||||
Average Recorded Balance | $48,163 | $65,916 | $151,821 | |||
Interest income recognized | 759 | [1] | 262 | [1] | 135 | [1] |
Commercial And Industrial | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Average Recorded Balance | 16,137 | 20,925 | 45,101 | |||
Interest income recognized | 371 | [1] | 205 | [1] | 94 | [1] |
Agricultural | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Average Recorded Balance | 0 | 0 | 1,138 | |||
Interest income recognized | 0 | [1] | 0 | [1] | 0 | [1] |
Office Retail And Industrial | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Average Recorded Balance | 19,003 | 24,802 | 32,439 | |||
Interest income recognized | 245 | [1] | 18 | [1] | 2 | [1] |
Multi-Family | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Average Recorded Balance | 1,245 | 1,116 | 6,226 | |||
Interest income recognized | 5 | [1] | 8 | [1] | 0 | [1] |
Construction | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Average Recorded Balance | 5,764 | 5,932 | 31,202 | |||
Interest income recognized | 0 | [1] | 0 | [1] | 1 | [1] |
Other Commercial Real Estate | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Average Recorded Balance | 6,014 | 13,141 | 35,715 | |||
Interest income recognized | 138 | [1] | 31 | [1] | 38 | [1] |
Total Commercial Real Estate | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Average Recorded Balance | 32,026 | 44,991 | 105,582 | |||
Interest income recognized | $388 | [1] | $57 | [1] | $41 | [1] |
[1] | Recorded using the cash basis of accounting. |
Past_Due_Loans_Allowances_For_8
Past Due Loans, Allowances For Credit Losses, Impaired Loans, and TDRs (Detail) - Credit Quality Indicators by Class, Excluding Covered Loans (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Commercial And Industrial | Pass | ||||
Credit Quality Indicators by Class, Excluding Covered Loans [Line Items] | ||||
Credit Quality Indicators by Class | $2,115,170 | $1,780,194 | ||
Commercial And Industrial | Special Mention | ||||
Credit Quality Indicators by Class, Excluding Covered Loans [Line Items] | ||||
Credit Quality Indicators by Class | 84,615 | [1],[2] | 23,806 | [1],[2] |
Commercial And Industrial | Substandard | ||||
Credit Quality Indicators by Class, Excluding Covered Loans [Line Items] | ||||
Credit Quality Indicators by Class | 31,078 | [1],[3] | 14,871 | [1],[3] |
Commercial And Industrial | Non Accrual | ||||
Credit Quality Indicators by Class, Excluding Covered Loans [Line Items] | ||||
Credit Quality Indicators by Class | 22,693 | 11,767 | [4] | |
Commercial And Industrial | Total | ||||
Credit Quality Indicators by Class, Excluding Covered Loans [Line Items] | ||||
Credit Quality Indicators by Class | 2,253,556 | 1,830,638 | ||
Agricultural | Pass | ||||
Credit Quality Indicators by Class, Excluding Covered Loans [Line Items] | ||||
Credit Quality Indicators by Class | 357,595 | 320,839 | ||
Agricultural | Special Mention | ||||
Credit Quality Indicators by Class, Excluding Covered Loans [Line Items] | ||||
Credit Quality Indicators by Class | 294 | [1],[2] | 344 | [1],[2] |
Agricultural | Substandard | ||||
Credit Quality Indicators by Class, Excluding Covered Loans [Line Items] | ||||
Credit Quality Indicators by Class | 0 | [1],[3] | 0 | [1],[3] |
Agricultural | Non Accrual | ||||
Credit Quality Indicators by Class, Excluding Covered Loans [Line Items] | ||||
Credit Quality Indicators by Class | 360 | 519 | [4] | |
Agricultural | Total | ||||
Credit Quality Indicators by Class, Excluding Covered Loans [Line Items] | ||||
Credit Quality Indicators by Class | 358,249 | 321,702 | ||
Office Retail And Industrial | Pass | ||||
Credit Quality Indicators by Class, Excluding Covered Loans [Line Items] | ||||
Credit Quality Indicators by Class | 1,393,885 | 1,284,394 | ||
Office Retail And Industrial | Special Mention | ||||
Credit Quality Indicators by Class, Excluding Covered Loans [Line Items] | ||||
Credit Quality Indicators by Class | 38,891 | [1],[2] | 28,677 | [1],[2] |
Office Retail And Industrial | Substandard | ||||
Credit Quality Indicators by Class, Excluding Covered Loans [Line Items] | ||||
Credit Quality Indicators by Class | 32,664 | [1],[3] | 23,538 | [1],[3] |
Office Retail And Industrial | Non Accrual | ||||
Credit Quality Indicators by Class, Excluding Covered Loans [Line Items] | ||||
Credit Quality Indicators by Class | 12,939 | 17,076 | [4] | |
Office Retail And Industrial | Total | ||||
Credit Quality Indicators by Class, Excluding Covered Loans [Line Items] | ||||
Credit Quality Indicators by Class | 1,478,379 | 1,353,685 | ||
Multi-Family | Pass | ||||
Credit Quality Indicators by Class, Excluding Covered Loans [Line Items] | ||||
Credit Quality Indicators by Class | 553,255 | 326,901 | ||
Multi-Family | Special Mention | ||||
Credit Quality Indicators by Class, Excluding Covered Loans [Line Items] | ||||
Credit Quality Indicators by Class | 6,363 | [1],[2] | 3,214 | [1],[2] |
Multi-Family | Substandard | ||||
Credit Quality Indicators by Class, Excluding Covered Loans [Line Items] | ||||
Credit Quality Indicators by Class | 4,049 | [1],[3] | 910 | [1],[3] |
Multi-Family | Non Accrual | ||||
Credit Quality Indicators by Class, Excluding Covered Loans [Line Items] | ||||
Credit Quality Indicators by Class | 754 | 1,848 | [4] | |
Multi-Family | Total | ||||
Credit Quality Indicators by Class, Excluding Covered Loans [Line Items] | ||||
Credit Quality Indicators by Class | 564,421 | 332,873 | ||
Construction | Pass | ||||
Credit Quality Indicators by Class, Excluding Covered Loans [Line Items] | ||||
Credit Quality Indicators by Class | 178,992 | 153,949 | ||
Construction | Special Mention | ||||
Credit Quality Indicators by Class, Excluding Covered Loans [Line Items] | ||||
Credit Quality Indicators by Class | 5,776 | [1],[2] | 8,309 | [1],[2] |
Construction | Substandard | ||||
Credit Quality Indicators by Class, Excluding Covered Loans [Line Items] | ||||
Credit Quality Indicators by Class | 12,487 | [1],[3] | 17,642 | [1],[3] |
Construction | Non Accrual | ||||
Credit Quality Indicators by Class, Excluding Covered Loans [Line Items] | ||||
Credit Quality Indicators by Class | 6,981 | 6,297 | [4] | |
Construction | Total | ||||
Credit Quality Indicators by Class, Excluding Covered Loans [Line Items] | ||||
Credit Quality Indicators by Class | 204,236 | 186,197 | ||
Other Commerical Real Estate | Pass | ||||
Credit Quality Indicators by Class, Excluding Covered Loans [Line Items] | ||||
Credit Quality Indicators by Class | 829,003 | 761,465 | ||
Other Commerical Real Estate | Special Mention | ||||
Credit Quality Indicators by Class, Excluding Covered Loans [Line Items] | ||||
Credit Quality Indicators by Class | 32,517 | [1],[2] | 14,877 | [1],[2] |
Other Commerical Real Estate | Substandard | ||||
Credit Quality Indicators by Class, Excluding Covered Loans [Line Items] | ||||
Credit Quality Indicators by Class | 19,407 | [1],[3] | 22,576 | [1],[3] |
Other Commerical Real Estate | Non Accrual | ||||
Credit Quality Indicators by Class, Excluding Covered Loans [Line Items] | ||||
Credit Quality Indicators by Class | 6,970 | 8,153 | [4] | |
Other Commerical Real Estate | Total | ||||
Credit Quality Indicators by Class, Excluding Covered Loans [Line Items] | ||||
Credit Quality Indicators by Class | 887,897 | 807,071 | ||
Total Commercial Real Estate | Pass | ||||
Credit Quality Indicators by Class, Excluding Covered Loans [Line Items] | ||||
Credit Quality Indicators by Class | 2,955,135 | 2,526,709 | ||
Total Commercial Real Estate | Special Mention | ||||
Credit Quality Indicators by Class, Excluding Covered Loans [Line Items] | ||||
Credit Quality Indicators by Class | 83,547 | [1],[2] | 55,077 | [1],[2] |
Total Commercial Real Estate | Substandard | ||||
Credit Quality Indicators by Class, Excluding Covered Loans [Line Items] | ||||
Credit Quality Indicators by Class | 68,607 | [1],[3] | 64,666 | [1],[3] |
Total Commercial Real Estate | Non Accrual | ||||
Credit Quality Indicators by Class, Excluding Covered Loans [Line Items] | ||||
Credit Quality Indicators by Class | 27,644 | [4] | 33,374 | [4] |
Total Commercial Real Estate | Total | ||||
Credit Quality Indicators by Class, Excluding Covered Loans [Line Items] | ||||
Credit Quality Indicators by Class | 3,134,933 | 2,679,826 | ||
Total Corporate Loans | Pass | ||||
Credit Quality Indicators by Class, Excluding Covered Loans [Line Items] | ||||
Credit Quality Indicators by Class | 5,427,900 | 4,627,742 | ||
Total Corporate Loans | Special Mention | ||||
Credit Quality Indicators by Class, Excluding Covered Loans [Line Items] | ||||
Credit Quality Indicators by Class | 168,456 | [1],[2] | 79,227 | [1],[2] |
Total Corporate Loans | Substandard | ||||
Credit Quality Indicators by Class, Excluding Covered Loans [Line Items] | ||||
Credit Quality Indicators by Class | 99,685 | [1],[3] | 79,537 | [1],[3] |
Total Corporate Loans | Non Accrual | ||||
Credit Quality Indicators by Class, Excluding Covered Loans [Line Items] | ||||
Credit Quality Indicators by Class | 50,697 | [4] | 45,660 | [4] |
Total Corporate Loans | Total | ||||
Credit Quality Indicators by Class, Excluding Covered Loans [Line Items] | ||||
Credit Quality Indicators by Class | $5,746,738 | $4,832,166 | ||
[1] | (4) Total special mention and substandard loans includes accruing TDRs of $1.8 million as of December 31, 2014 and $2.8 million as of December 31, 2013. | |||
[2] | 1)Â 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] | 2)Â 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] | (3)Â 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_Allowances_For_9
Past Due Loans, Allowances For Credit Losses, Impaired Loans, and TDRs (Detail) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Home equity | ||
Credit Quality Indicators by Class, Excluding Covered Loans [Line Items] | ||
Credit Quality Indicators by Class | $543,185 | $427,020 |
1-4 family mortgages | ||
Credit Quality Indicators by Class, Excluding Covered Loans [Line Items] | ||
Credit Quality Indicators by Class | 291,463 | 275,992 |
Installment | ||
Credit Quality Indicators by Class, Excluding Covered Loans [Line Items] | ||
Credit Quality Indicators by Class | 76,032 | 44,827 |
Total consumer loans | ||
Credit Quality Indicators by Class, Excluding Covered Loans [Line Items] | ||
Credit Quality Indicators by Class | 910,680 | 747,839 |
Performing | Home equity | ||
Credit Quality Indicators by Class, Excluding Covered Loans [Line Items] | ||
Credit Quality Indicators by Class | 536,895 | 420,156 |
Performing | 1-4 family mortgages | ||
Credit Quality Indicators by Class, Excluding Covered Loans [Line Items] | ||
Credit Quality Indicators by Class | 288,522 | 270,794 |
Performing | Installment | ||
Credit Quality Indicators by Class, Excluding Covered Loans [Line Items] | ||
Credit Quality Indicators by Class | 75,989 | 42,751 |
Performing | Total consumer loans | ||
Credit Quality Indicators by Class, Excluding Covered Loans [Line Items] | ||
Credit Quality Indicators by Class | 901,406 | 733,701 |
Non-accrual | Home equity | ||
Credit Quality Indicators by Class, Excluding Covered Loans [Line Items] | ||
Credit Quality Indicators by Class | 6,290 | 6,864 |
Non-accrual | 1-4 family mortgages | ||
Credit Quality Indicators by Class, Excluding Covered Loans [Line Items] | ||
Credit Quality Indicators by Class | 2,941 | 5,198 |
Non-accrual | Installment | ||
Credit Quality Indicators by Class, Excluding Covered Loans [Line Items] | ||
Credit Quality Indicators by Class | 43 | 2,076 |
Non-accrual | Total consumer loans | ||
Credit Quality Indicators by Class, Excluding Covered Loans [Line Items] | ||
Credit Quality Indicators by Class | $9,274 | $14,138 |
Recovered_Sheet2
Past Due Loans, Allowances For Credit Losses, Impaired Loans, and TDRs (Detail) - TDRs By Class (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | |||||
Schedule of TDRs by Class [Line Items] | |||||
Total | $23,608 | $27,853 | $17,791 | ||
Commercial And Industrial | |||||
Schedule of TDRs by Class [Line Items] | |||||
Accruing | 269 | 6,538 | |||
Non-accrual | 18,799 | [1] | 2,121 | [1] | |
Total | 19,068 | 8,659 | |||
Agricultural | |||||
Schedule of TDRs by Class [Line Items] | |||||
Accruing | 0 | 0 | |||
Non-accrual | 0 | [1] | 0 | [1] | |
Total | 0 | 0 | |||
Office Retail And Industrial | |||||
Schedule of TDRs by Class [Line Items] | |||||
Accruing | 586 | 10,271 | |||
Non-accrual | 0 | [1] | 0 | [1] | |
Total | 586 | 10,271 | |||
Multi-Family | |||||
Schedule of TDRs by Class [Line Items] | |||||
Accruing | 887 | 1,038 | |||
Non-accrual | 232 | [1] | 253 | [1] | |
Total | 1,119 | 1,291 | |||
Construction | |||||
Schedule of TDRs by Class [Line Items] | |||||
Accruing | 0 | 0 | |||
Non-accrual | 0 | [1] | 0 | [1] | |
Total | 0 | 0 | |||
Other Commercial Real Estate | |||||
Schedule of TDRs by Class [Line Items] | |||||
Accruing | 433 | 4,326 | |||
Non-accrual | 183 | [1] | 291 | [1] | |
Total | 616 | 4,617 | |||
Total Commercial Real Estate | |||||
Schedule of TDRs by Class [Line Items] | |||||
Accruing | 1,906 | 15,635 | |||
Non-accrual | 415 | [1] | 544 | [1] | |
Total | 2,321 | 16,179 | |||
Total Corporate Loans | |||||
Schedule of TDRs by Class [Line Items] | |||||
Accruing | 2,175 | 22,173 | |||
Non-accrual | 19,214 | [1] | 2,665 | [1] | |
Total | 21,389 | 24,838 | |||
Home equity | |||||
Schedule of TDRs by Class [Line Items] | |||||
Accruing | 651 | 787 | |||
Non-accrual | 506 | [1] | 512 | [1] | |
Total | 1,157 | 1,299 | |||
1-4 family mortgages | |||||
Schedule of TDRs by Class [Line Items] | |||||
Accruing | 878 | 810 | |||
Non-accrual | 184 | [1] | 906 | [1] | |
Total | 1,062 | 1,716 | |||
Installment | |||||
Schedule of TDRs by Class [Line Items] | |||||
Accruing | 0 | 0 | |||
Non-accrual | 0 | [1] | 0 | [1] | |
Total | 0 | 0 | |||
Total consumer loans | |||||
Schedule of TDRs by Class [Line Items] | |||||
Accruing | 1,529 | 1,597 | |||
Non-accrual | 690 | [1] | 1,418 | [1] | |
Total | 2,219 | 3,015 | |||
Total Loans | |||||
Schedule of TDRs by Class [Line Items] | |||||
Accruing | 3,704 | 23,770 | |||
Non-accrual | 19,904 | [1] | 4,083 | [1] | |
Total | $23,608 | $27,853 | |||
[1] | These TDRs are included in non-accrual loans in the preceding tables. |
Recovered_Sheet3
Past Due Loans, Allowances For Credit Losses, Impaired Loans, and TDRs (Detail) - TDRs That Were Restructured (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
loan | loan | loan | |
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | 10 | 39 | 17 |
Pre-Modification Recorded Investment | $24,619 | $20,343 | $7,345 |
Funds Disbursed | 0 | 30 | 0 |
Interest and Escrow Capitalized | 0 | 63 | 4 |
Charge-offs | 0 | 0 | 295 |
Post-Modification Recorded Investment | 24,619 | 20,436 | 7,054 |
Commercial And Industrial | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | 7 | 7 | 5 |
Pre-Modification Recorded Investment | 23,852 | 14,439 | 3,277 |
Funds Disbursed | 0 | 0 | 0 |
Interest and Escrow Capitalized | 0 | 2 | 0 |
Charge-offs | 0 | 0 | 170 |
Post-Modification Recorded Investment | 23,852 | 14,441 | 3,107 |
Office Retail And Industrial | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | 1 | 6 | 2 |
Pre-Modification Recorded Investment | 417 | 2,275 | 2,416 |
Funds Disbursed | 0 | 30 | 0 |
Interest and Escrow Capitalized | 0 | 0 | 0 |
Charge-offs | 0 | 0 | 0 |
Post-Modification Recorded Investment | 417 | 2,305 | 2,416 |
Multi-Family | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | 1 | 5 | |
Pre-Modification Recorded Investment | 275 | 1,274 | |
Funds Disbursed | 0 | 0 | |
Interest and Escrow Capitalized | 0 | 57 | |
Charge-offs | 0 | 0 | |
Post-Modification Recorded Investment | 275 | 1,331 | |
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 | ||
Other Commercial Real Estate | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | 5 | 5 | |
Pre-Modification Recorded Investment | 526 | 1,070 | |
Funds Disbursed | 0 | 0 | |
Interest and Escrow Capitalized | 0 | 0 | |
Charge-offs | 0 | 125 | |
Post-Modification Recorded Investment | 526 | 945 | |
Home equity | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | 1 | 13 | 1 |
Pre-Modification Recorded Investment | 75 | 1,189 | 19 |
Funds Disbursed | 0 | 0 | 0 |
Interest and Escrow Capitalized | 0 | 0 | 0 |
Charge-offs | 0 | 0 | 0 |
Post-Modification Recorded Investment | 75 | 1,189 | 19 |
1-4 family mortgages | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | 1 | 4 | |
Pre-Modification Recorded Investment | 132 | 563 | |
Funds Disbursed | 0 | 0 | |
Interest and Escrow Capitalized | 4 | 4 | |
Charge-offs | 0 | 0 | |
Post-Modification Recorded Investment | $136 | $567 |
Recovered_Sheet4
Past Due Loans, Allowances For Credit Losses, Impaired Loans, and TDRs (Detail) - TDRs That Defaulted Within Twelve Months of the Restructured Date (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
loan | loan | loan | |
Number of loans | 3 | 4 | 5 |
Recorded investment (in Dollars) | $202 | $704 | $1,616 |
Commercial And Industrial | |||
Number of loans | 2 | 1 | 0 |
Recorded investment (in Dollars) | 125 | 350 | 0 |
Office Retail And Industrial | |||
Number of loans | 0 | 0 | 2 |
Recorded investment (in Dollars) | 0 | 0 | 837 |
Other Commercial Real Estate | |||
Number of loans | 0 | 3 | 2 |
Recorded investment (in Dollars) | 0 | 354 | 717 |
Home Equity 1 | |||
Number of loans | 1 | 0 | 0 |
Recorded investment (in Dollars) | 77 | 0 | 0 |
1-4 family mortgages | |||
Number of loans | 0 | 0 | 1 |
Recorded investment (in Dollars) | $0 | $0 | $62 |
Recovered_Sheet5
Past Due Loans, Allowances For Credit Losses, Impaired Loans, and TDRs Past Due Loans, Allowances For Credit Losses, Impaired Loans, and TDRs (Detail) - TDR Rollforward (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Troubled Debt Restructuring Activity Rollforward [Line Items] | |||
Beginning Balance | $27,853 | $17,791 | |
Additions | 24,619 | 20,436 | 7,054 |
Ending Balance | 23,608 | 27,853 | 17,791 |
Accruing | |||
Troubled Debt Restructuring Activity Rollforward [Line Items] | |||
Beginning Balance | 23,770 | 6,867 | 17,864 |
Additions | 804 | 4,847 | 2,504 |
Net payments | -1,440 | -723 | -205 |
Returned to performing status | -20,656 | -5,529 | -16,619 |
Net transfers from non-accrual | 1,226 | 18,308 | 3,323 |
Ending Balance | 3,704 | 23,770 | 6,867 |
Non-Accrual | |||
Troubled Debt Restructuring Activity Rollforward [Line Items] | |||
Beginning Balance | 4,083 | 10,924 | 29,842 |
Additions | 23,815 | 15,589 | 4,550 |
Net payments | 1,991 | -1,359 | -1,761 |
Charge-offs | -8,457 | -1,880 | -10,003 |
Transfers to OREO | -302 | -77 | -6,778 |
Loans sold | 0 | -806 | -1,603 |
Net transfers to accruing | -1,226 | -18,308 | -3,323 |
Ending Balance | $19,904 | $4,083 | $10,924 |
Premises_Furniture_and_Equipme2
Premises, Furniture, and Equipment (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 08, 2014 |
Property, Plant and Equipment [Line Items] | ||||
Depreciation expense on premises, furniture, and equipment | $12,224 | $11,038 | $10,874 | |
Intangible liabilities | 10,178 | |||
Amortization of below market lease | 453,000 | |||
Popular Community Bank | ||||
Property, Plant and Equipment [Line Items] | ||||
Intangible liabilities | $10,631 |
Premises_Furniture_and_Equipme3
Premises, Furniture, and Equipment (Detail) - Premises, Furniture, and Equipment (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | $285,556 | $268,928 |
Accumulated depreciation | -156,473 | -152,751 |
Net book value of premises, furniture, and equipment | 129,083 | 116,177 |
Assets held-for-sale | 2,026 | 4,027 |
Total premises, furniture, and equipment | 131,109 | 120,204 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Land | 51,104 | 48,590 |
Premises | ||
Property, Plant and Equipment [Line Items] | ||
Premises | 148,963 | 139,336 |
Furniture And Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Furniture and equipment | $85,489 | $81,002 |
Premises_Furniture_and_Equipme4
Premises, Furniture, and Equipment (Detail) - Operating Leases (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Property, Plant and Equipment [Abstract] | |
2015 | $5,071 |
2016 | 4,697 |
2017 | 4,592 |
2018 | 3,873 |
2019 | 2,082 |
2020 and thereafter | 13,031 |
Total minimum lease payments | $33,346 |
Premises_Furniture_and_Equipme5
Premises, Furniture, and Equipment (Detail) - Accretion of Operating Leases (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Property, Plant and Equipment [Abstract] | |
2015 | $1,144 |
2016 | 1,144 |
2017 | 1,144 |
2018 | 900 |
2019 | 651 |
2020 and thereafter | 5,195 |
Total accretion | $10,178 |
Premises_Furniture_and_Equipme6
Premises, Furniture, and Equipment (Detail) - Rental Expense (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Property, Plant and Equipment [Abstract] | ||||
Rental expense charged to operations | $4,216 | [1] | $3,123 | $3,379 |
Rental income from premises leased to others | 541 | [2] | 531 | 931 |
Net operating lease expense | $3,675 | $2,592 | $2,448 | |
[1] | Includes amounts paid under short-term cancelable leases and included in net occupancy and equipment expense in the Consolidated Statements of Income. | |||
[2] | Included as a reduction to net occupancy and equipment expense in the Consolidated Statements of Income. |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Beginning balance | $264,062 | $265,477 | $265,477 |
Acquisitions | 46,527 | 0 | 0 |
Sale of equity method investment | 0 | -1,415 | 0 |
Ending balance | $310,589 | $264,062 | $265,477 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets (Detail) - Core Deposit Intangibles (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Finite-lived Intangible Assets [Roll Forward] | |||
Balance at the beginning of the year, gross | $33,775 | $33,775 | $34,318 |
Balance at the beginning of the year, accumulated amortization | 21,471 | 18,193 | 16,145 |
Balance at the beginning of the year, net | 12,304 | 15,582 | 18,173 |
Additions | 14,195 | 0 | 781 |
Amortization expense | -2,889 | -3,278 | -3,372 |
Fully amortized assets, gross | 0 | 0 | -1,324 |
Fully amortized assets, net | 0 | 0 | -1,324 |
Balance at the end of the year, gross | 47,970 | 33,775 | 33,775 |
Balance at the end of the year, accumulated amortization | 24,360 | 21,471 | 18,193 |
Balance at the end of the year, net | $23,610 | $12,304 | $15,582 |
Weighted-average remaining life (in years) | 8 years | 5 years 10 months 24 days | 6 years 4 months 24 days |
Minimum | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Estimated useful lives (in years) | 3 months 18 days | 2 months 12 days | 8 months 12 days |
Maximum | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Estimated useful lives (in years) | 10 years 3 months 18 days | 11 years 3 months 18 days | 12 years 3 months 18 days |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets (Detail) - Amortization of Other Intangible Assets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
2015 | $3,920 | |||
2016 | 3,843 | |||
2017 | 3,063 | |||
2018 | 2,138 | |||
2019 | 2,073 | |||
2020 and thereafter | 8,573 | |||
Total | $23,610 | $12,304 | $15,582 | $18,173 |
Deposits_Detail_Summary_of_Dep
Deposits (Detail) - Summary of Deposits (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deposits [Abstract] | ||
Demand deposits | $2,301,757 | $1,911,602 |
Savings deposits | 1,391,444 | 1,135,155 |
NOW accounts | 1,413,973 | 1,220,693 |
Money market deposits | 1,509,026 | 1,290,868 |
Time deposits less than $100,000 | 859,441 | 820,925 |
Time deposits greater than $100,000 | 412,117 | 386,858 |
Total deposits | $7,887,758 | $6,766,101 |
Deposits_Detail_Maturities_of_
Deposits (Detail) - Maturities of Time Deposits (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Deposits [Abstract] | |
2015 | $865,149 |
2016 | 211,496 |
2017 | 89,061 |
2018 | 38,623 |
2019 | 66,961 |
2020 and thereafter | 268 |
Total | $1,271,558 |
Borrowed_Funds_Detail
Borrowed Funds (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Debt Instrument [Line Items] | |||
Repayments of debt | $114,600,000 | ||
Net losses on early extinguishment of debt | 2,059,000 | 1,034,000 | 558,000 |
Advance Amount (in Dollars) | 0 | 114,550,000 | |
Rate (%) | 1.34% | ||
Notes Payable to Banks | |||
Debt Instrument [Line Items] | |||
Line of credit facility, remaining borrowing capacity | 35,000,000 | ||
Federal Home Loan Bank Advances | |||
Debt Instrument [Line Items] | |||
Net losses on early extinguishment of debt | $2,100,000 |
Borrowed_Funds_Detail_Summary_
Borrowed Funds (Detail) - Summary of Borrowed Funds (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ||
Securities sold under agreements to repurchase | $137,994 | $109,792 |
FHLB advances | 0 | 114,550 |
Total borrowed funds | $137,994 | $224,342 |
Borrowed_Funds_Detail_Unused_S
Borrowed Funds (Detail) - Unused Short-Term Credit Lines Available for Use (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Short-term Debt [Line Items] | ||
Available federal funds lines | $685,500 | $681,100 |
FRBs Discount Window Primary Credit Program | 675,507 | 632,498 |
Notes Payable to Banks | ||
Short-term Debt [Line Items] | ||
Correspondent bank line of credit | $35,000 |
Senior_and_Subordinated_Debt_D
Senior and Subordinated Debt (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
trust | ||||
Senior and Subordinated Debt [Line Items] | ||||
Number of business trusts acquired | 2 | |||
Loss on extinguishment of debt | ($2,059,000) | ($1,034,000) | ($558,000) | |
First Midwest Capital Trust I | 6.95% Junior Subordinated Debentures Due in 2033 | ||||
Senior and Subordinated Debt [Line Items] | ||||
Repayments of Subordinated Debt | 24,000,000 | |||
Premium on retirement of debt | 3.50% | |||
Loss on extinguishment of debt | ($1,034,000) |
Senior_and_Subordinated_Debt_D1
Senior and Subordinated Debt (Detail) - Senior and Subordinated Debt (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Senior and Subordinated Debt [Line Items] | |||
Total junior subordinated debentures | $47,606 | $37,796 | |
Total senior and subordinated debt | 200,869 | 190,932 | |
Debt Instrument, Interest Rate, Stated Percentage | 2.00% | ||
5.875% Senior Notes Due 2016 | |||
Senior and Subordinated Debt [Line Items] | |||
Senior notes due in 2016 | 114,768 | 114,645 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.88% | ||
5.85% Subordinated Notes Due in 2016 | |||
Senior and Subordinated Debt [Line Items] | |||
Subordinated notes due in 2016 | 38,495 | 38,491 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.85% | ||
First Midwest Capital Trust I | 6.95% Junior Subordinated Debentures Due in 2033 | |||
Senior and Subordinated Debt [Line Items] | |||
Total junior subordinated debentures | 37,797 | 37,796 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.95% | ||
Great Lakes Statutory Trust II | 3 month LIBOR plus 1.40% Junior Subordinated Debentures Due in 2035 | |||
Senior and Subordinated Debt [Line Items] | |||
Total junior subordinated debentures | 4,202 | 0 | |
Debt instrument, basis spread on variable rate (percent) | 1.40% | ||
Great Lakes Statutory Trust III | 3 month LIBOR plus 1.70% Junior Subordinated Debentures Due in 2037 | |||
Senior and Subordinated Debt [Line Items] | |||
Total junior subordinated debentures | $5,607 | $0 | |
Debt instrument, basis spread on variable rate (percent) | 1.70% |
Material_Transactions_Affectin1
Material Transactions Affecting Stockholders' Equity (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 15 Months Ended | 0 Months Ended | ||||
21-May-14 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Dec. 02, 2014 | |
Class of Stock [Line Items] | |||||||||
Common stock, par value (in Dollars per share) | $0.01 | $0.01 | $0.01 | $0.01 | |||||
Common stock, increase shares authorized | 50,000,000 | ||||||||
Common dividends declared per common share | $0.08 | $0.07 | $0.04 | $0.31 | $0.16 | $0.04 | $0.01 | ||
Common Stock and Preferred Stock, shares authorized | 151,000,000 | ||||||||
Preferred Stock, shares authorized | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | |||||
Common stock, shares authorized | 150,000,000 | 100,000,000 | 150,000,000 | 100,000,000 | |||||
Great Lakes Financial Resources Inc | |||||||||
Class of Stock [Line Items] | |||||||||
Common stock, shares issued | 2,440,754 | ||||||||
Shares issued (dollars per share) | $15.74 |
Earnings_Per_Common_Share_Deta
Earnings Per Common Share (Detail) - Basic and Diluted Earnings Per Common Share (USD $) | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Earnings Per Share [Abstract] | ||||||
Net income (loss) | $69,306 | $79,306 | ($21,054) | |||
Net (income) loss applicable to non-vested restricted shares | -836 | -1,107 | 306 | |||
Net income (loss) applicable to common shares | $68,470 | $78,199 | ($20,748) | |||
Weighted-average common shares outstanding: | ||||||
Weighted-average common shares outstanding (basic) | 74,484 | 73,984 | 73,665 | |||
Dilutive effect of common stock equivalents | 12 | 10 | 1 | |||
Weighted-average diluted common shares outstanding | 74,496 | 73,994 | 73,666 | |||
Basic earnings (loss) per common share (in Dollars per share) | $0.92 | $1.06 | ($0.28) | |||
Diluted earnings (loss) per common share (in Dollars per share) | $0.92 | $1.06 | ($0.28) | |||
Anti-dilutive shares not included in the computation of diluted earnings per common share (2) (in Shares) | 1,198 | [1] | 1,462 | [1] | 1,759 | [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_Detail
Income Taxes (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Taxes [Line Items] | |||
Income tax expense (benefit) | $31,170,000 | $48,715,000 | ($28,882,000) |
Deferred tax assets, net | 91,685,000 | 107,624,000 | |
Acquired receivables estimated uncollectable | 2,500,000 | 2,500,000 | 2,500,000 |
Unrecognized tax benefit that would affect effective tax rate | 597,000,000 | 181,000,000 | |
Income Tax Expense Benefit | |||
Income Taxes [Line Items] | |||
Income tax expense (benefit) | 31,170,000 | 48,715,000 | -28,882,000 |
Popular, National Machine Tool, and Great Lake Acquisitions | |||
Income Taxes [Line Items] | |||
Deferred tax assets, net | $7,400,000 |
Income_Taxes_Detail_Components
Income Taxes (Detail) - Components of Income Tax Benefit (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current income tax expense: | |||
Federal | $16,343 | $4,744 | $0 |
State | -1,388 | 10,504 | 1 |
Total | 14,955 | 15,248 | 1 |
Deferred income tax expense (benefit): | |||
Federal | 7,901 | 31,572 | -23,728 |
State | 8,314 | 1,895 | -5,155 |
Total | 16,215 | 33,467 | -28,883 |
Total income expense (benefit) | $31,170 | $48,715 | ($28,882) |
Income_Taxes_Detail_Deferred_T
Income Taxes (Detail) - Deferred Tax Assets And Liabilities (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Deferred Tax Assets and Liabilities [Line Items] | ||
Deferred Tax Assets, Tax Credit Carryforwards | $29,007 | $19,184 |
Deferred tax assets: | ||
Federal net operating loss (NOL) carryforwards | 0 | 14,579 |
Allowance for credit losses | 26,078 | 30,492 |
Unrealized losses on securities | 18,527 | 21,374 |
OREO | 3,480 | 6,541 |
State NOL carryforwards | 11,917 | 15,859 |
Other | 18,390 | 19,049 |
Total deferred tax assets | 107,399 | 127,078 |
Deferred tax liabilities: | ||
Purchase accounting adjustments and intangibles | -11,181 | -16,977 |
Accrued retirement benefits | -6,732 | -7,095 |
Depreciation | -845 | -2,111 |
Cancellation of indebtedness income | -4,272 | -5,340 |
Other | -3,978 | -6,313 |
Total deferred tax liabilities | -27,008 | -37,836 |
Deferred tax valuation allowance | 0 | 0 |
Net deferred tax assets | 80,391 | 89,242 |
Tax effect of adjustments related to other comprehensive income (loss) | 11,294 | 18,382 |
Net deferred tax assets including adjustments | 91,685 | 107,624 |
Internal Revenue Service (IRS) | ||
Net operating loss carryforwards available to offset future taxable income: | ||
Gross NOL Carryforwards | 0 | 41,654 |
Illinois | ||
Net operating loss carryforwards available to offset future taxable income: | ||
Gross NOL Carryforwards | 232,834 | 290,076 |
Indiana | ||
Net operating loss carryforwards available to offset future taxable income: | ||
Gross NOL Carryforwards | 17,192 | 16,112 |
Alternative minimum tax credits | ||
Net operating loss carryforwards available to offset future taxable income: | ||
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax | 25,739 | 16,090 |
Other credits, begin to expire in 2028 | ||
Net operating loss carryforwards available to offset future taxable income: | ||
Deferred Tax Assets, Tax Credit Carryforwards, Other | $3,268 | $3,094 |
Income_Taxes_Detail_Components1
Income Taxes (Detail) - Components of Effective Tax Rate | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
Statutory federal income tax rate | 35.00% | 35.00% | 35.00% |
Tax-exempt income, net of interest expense disallowance | -7.50% | -6.20% | 16.80% |
State income tax, net of federal income tax effect | 4.50% | 6.40% | 7.00% |
Net other | -1.00% | 2.90% | -1.00% |
Effective tax rate | 31.00% | 38.10% | 57.80% |
Income_Taxes_Detail_Rollforwar
Income Taxes (Detail) - Rollforward of Unrecognized Tax Benefits (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||||||
Beginning balance | $279 | $0 | $368 | |||
Additions for tax positions relating to the current year | 635 | 279 | 0 | |||
Reductions for tax positions relating to prior years | -2 | 0 | 0 | |||
Reductions for settlements with taxing authorities | 0 | 0 | -368 | |||
Ending balance | 912 | 279 | 0 | |||
Interest and penalties not included above | ||||||
Interest (benefit) expense, net of tax effect, and penalties | 4 | [1] | 0 | [1] | -52 | [1] |
Accrued interest and penalties, net of tax effect, at end of year | $4 | [1] | $0 | [1] | $0 | [1] |
[1] | Included in income tax expense (benefit) in the Consolidated Statements of Income. |
Employee_Benefit_Plans_Detail
Employee Benefit Plans (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Defined Contribution Plan, employer matching contribution percent of employee's compensation | 4.00% | 2.00% | |
Defined contribution plan, transition contribution in next fiscal year (percent) | 4.00% | ||
Pension Obligation Decrease | ($9,127,000) | $17,600,000 | ($6,520,000) |
Changes in comprehensive income | -5,394,000 | 10,402,000 | -3,853,000 |
Estimated changes in pension expense | 1,000,000 | ||
Defined contribution plan, discretionary contribution vesting period | 6 years | ||
Contributions | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Defined contribution plan, employee contribution limit, percentage of compensation | 100.00% | 45.00% | |
Certain Highly Compensated Employees | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Defined contribution plan, employee contribution limit, percentage of compensation | 15.00% | ||
Voluntary 401K Plans | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Deferred contribution plan, employer contribution limit (percent) | 2.00% | ||
Deferred Profit Sharing | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Deferred contribution plan, employer contribution limit (percent) | 15.00% | ||
Defined Benefit Retirement Plan | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Pension Obligation Decrease | 9,900,000 | ||
Changes in comprehensive income | $5,900,000 |
Employee_Benefit_Plans_Detail_
Employee Benefit Plans (Detail) - Savings and Profit Sharing Plan (USD $) | 12 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Profit Sharing Plan [Line Items] | ||||||
Profit sharing expense | $27,245 | $26,119 | $25,524 | |||
Company dividends received by the Profit Sharing Plan | 428 | 159 | 71 | |||
Company shares held by the Profit Sharing Plan at the end of the year: | ||||||
Number of shares | 1,364,558 | 1,426,708 | 1,743,085 | |||
Fair value | 23,348 | 25,010 | 21,823 | |||
Profit Sharing Expense | ||||||
Profit Sharing Plan [Line Items] | ||||||
Profit sharing expense | $6,354 | [1] | $2,914 | [1] | $2,532 | [1] |
[1] | Included in retirement and other employee benefits in the Consolidated Statements of Income |
Employee_Benefit_Plans_Detail_1
Employee Benefit Plans (Detail) - Pension Plan's Cost and Obligations (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Compensation and Retirement Disclosure [Abstract] | |||
Accumulated benefit obligation | $67,283 | $61,292 | |
Change in projected benefit obligation: | |||
Projected benefit obligation at the beginning of the year | 61,292 | 72,855 | |
Service cost | 0 | 2,600 | 2,862 |
Interest cost | 2,346 | 2,414 | 2,720 |
Curtailment | 0 | -9,947 | |
Settlements | -6,502 | 0 | |
Actuarial loss (gain) | 10,508 | -1,494 | |
Benefits paid | -361 | -5,136 | |
Projected benefit obligation at the end of the year | 67,283 | 61,292 | 72,855 |
Change in fair value of plan assets: | |||
Fair value of plan assets at the beginning of the year | 74,370 | 63,501 | |
Actual return on plan assets | 4,686 | 9,005 | |
Benefits paid | -361 | -5,136 | |
Employer contributions | 0 | 7,000 | |
Settlements | -6,502 | 0 | |
Fair value of plan assets at the end of the year | 72,193 | 74,370 | 63,501 |
Funded status recognized in the Consolidated Statements of Financial Condition: | |||
Noncurrent asset | 4,910 | 13,078 | |
Amounts recognized in accumulated other comprehensive loss: | |||
Prior service cost | 0 | 0 | |
Net loss | 19,911 | 10,784 | |
Net amount recognized | 19,911 | 10,784 | |
Actuarial losses included in accumulated other comprehensive loss as a percent of: | |||
Accumulated benefit obligation | 29.60% | 17.60% | |
Fair value of plan assets | 27.60% | 14.50% | |
Amounts expected to be amortized from accumulated other comprehensive loss into net periodic benefit cost in the next fiscal year: | |||
Prior service cost | 0 | 0 | |
Net loss | 401 | 215 | |
Net amount expected to be recognized | $401 | $215 | |
Weighted-average assumptions at the end of the year used to determine the actuarial present value of the projected benefit obligation: | |||
Discount rate | 3.60% | 4.30% |
Employee_Benefit_Plans_Detail_2
Employee Benefit Plans (Detail) - Net Periodic Benefit Pension Expense (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Components of net periodic benefit cost: | |||
Service cost | $0 | $2,600 | $2,862 |
Interest cost | 2,346 | 2,414 | 2,720 |
Expected return on plan assets | -4,931 | -4,299 | -4,456 |
Recognized net actuarial loss | 249 | 1,453 | 1,684 |
Amortization of prior service cost | 0 | 1 | 3 |
Recognized settlement loss | 1,377 | 0 | 0 |
Net periodic (income) cost | -959 | 2,169 | 2,813 |
Other changes in plan assets and benefit obligations recognized as a charge to other comprehensive income (loss): | |||
Amortization of prior service cost | 0 | 1 | 4 |
Amortization of net loss | 1,625 | 1,453 | 1,683 |
Total unrealized (loss) gain | -9,127 | 17,600 | -6,520 |
Total recognized in net periodic pension cost and other comprehensive income (loss) | -8,168 | 15,431 | -9,333 |
Weighted-average assumptions used to determine the net periodic cost: | |||
Discount rate | 4.30% | 3.40% | 4.40% |
Expected return on plan assets | 7.25% | 7.25% | 7.25% |
Change In Plan | |||
Other changes in plan assets and benefit obligations recognized as a charge to other comprehensive income (loss): | |||
Net (loss) gain for the period | ($10,752) | $16,146 | ($8,207) |
Periodic Cost | |||
Weighted-average assumptions used to determine the net periodic cost: | |||
Rate of compensation increase | 2.50% | 2.50% |
Employee_Benefit_Plans_Detail_3
Employee Benefit Plans (Detail) - Pension Plan Asset Allocation (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Asset Category: | ||||
Fair Value of Plan Assets (in Dollars) | $72,193 | $74,370 | $63,501 | |
Equity Securities | ||||
Asset Category: | ||||
Target Plan Asset Allocations, minimum | 50.00% | |||
Target Plan Asset Allocations, maximum | 60.00% | |||
Fair Value of Plan Assets (in Dollars) | 42,826 | [1] | ||
Percentage of Plan Assets | 59.00% | 63.00% | ||
Fixed Income Securities | ||||
Asset Category: | ||||
Target Plan Asset Allocations, minimum | 30.00% | |||
Target Plan Asset Allocations, maximum | 48.00% | |||
Fair Value of Plan Assets (in Dollars) | 25,832 | [1] | ||
Percentage of Plan Assets | 36.00% | 30.00% | ||
Cash Equivalents | ||||
Asset Category: | ||||
Target Plan Asset Allocations, minimum | 20.00% | |||
Target Plan Asset Allocations, maximum | 10.00% | |||
Fair Value of Plan Assets (in Dollars) | 3,535 | [1] | ||
Percentage of Plan Assets | 5.00% | 7.00% | ||
Total | ||||
Asset Category: | ||||
Fair Value of Plan Assets (in Dollars) | $72,193 | [1] | ||
Percentage of Plan Assets | 100.00% | 100.00% | ||
[1] | Additional information regarding the fair value of Pension Plan assets at December 31, 2014 can be found in Note 22, "Fair Value." |
Employee_Benefit_Plans_Detail_4
Employee Benefit Plans (Detail) - Estimated Future Pension Benefit Payments (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Compensation and Retirement Disclosure [Abstract] | |
2015 | $5,298 |
2016 | 5,397 |
2017 | 4,886 |
2018 | 4,324 |
2019 | 4,085 |
2020-2024 | $17,518 |
ShareBased_Compensation_Detail
Share-Based Compensation (Detail) | 12 Months Ended | 84 Months Ended | 132 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2007 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options, Grants in Period (in shares) | 0 | 0 | |||
Options, Exercises in Period (in shares) | 0 | 0 | 0 | ||
Nonemployee Directors Stock Plan | Accelerated Grant Date | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period | 1 year | ||||
Restricted Stock And Restricted Stock Unit Awards | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period | 3 years | ||||
Restricted Stock And Restricted Stock Unit Awards | Vesting After Two Years | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award Vesting Rights, Percentage | 50.00% | ||||
Restricted Stock And Restricted Stock Unit Awards | Vesting After Three Years | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award Vesting Rights, Percentage | 50.00% | ||||
Performance Shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
ShareBasedCompensationArrangementSharesEarnedBasedOnPerformanceMetrics | 3 years | ||||
Share-based compensation arrangement, metric weighting | 50.00% | ||||
Performance Shares | Vesting After Three Years | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award Vesting Rights, Percentage | 33.00% | ||||
Performance Shares | Vesting After Fourth and Fifth Years | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award Vesting Rights, Percentage | 33.00% | ||||
Employee Stock Option | Omnibus Stock and Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Expiration period | 10 years | ||||
Employee Stock Option | Nonemployee Directors Stock Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Expiration period | 10 years | ||||
Minimum | Performance Shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Shares Earned Based On Three Year Period | 0.00% | ||||
Maximum | Performance Shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Shares Earned Based On Three Year Period | 200.00% |
ShareBased_Compensation_Detail1
Share-Based Compensation (Detail) - Shares of Company Common Stock Available Under Share-Based Plans | Dec. 31, 2014 |
Omnibus Stock and Incentive Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Authorized | 8,631,641,000 |
Shares Available For Grant | 2,237,337,000 |
Nonemployee Directors Stock Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Authorized | 481,250,000 |
Shares Available For Grant | 75,294,000 |
ShareBased_Compensation_Detail2
Share-Based Compensation (Detail) - Salary Stock Awards Granted (Salary Stock Awards, USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Salary Stock Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted | 0 | 8,693,000 | 10,983,000 |
Weighted-average price (in Dollars per share) | $0 | $14.30 | $11.51 |
ShareBased_Compensation_Detail3
Share-Based Compensation (Detail) - Nonqualified Stock Option Transactions (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Options outstanding beginning balance | 1,436 | |
Expired | -283 | |
Options outstanding ending balance | 1,153 | |
Exercisable at the end of the year | 1,153 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price [Abstract] | ||
Options outstanding beginning balance (in Dollars per share) | $32.99 | |
Expired (in Dollars per share) | $33.23 | |
Options outstanding ending balance (in Dollars per share) | $32.93 | |
Exercisable at the end of the year (in Dollars per share) | $32.93 | |
Options outstanding ending balance (in years) | 1 year 7 months 13 days | [1] |
Exercisable at the end of the year (in years) | 1 year 7 months 13 days | [1] |
Options outstanding at the end of the year (in Dollars) | $215 | [2] |
Exercisable at the end of the year (in Dollars) | $215 | [2] |
[1] | Represents the average remaining contractual life in years. | |
[2] | Aggregate intrinsic value represents the total pre-tax intrinsic value that would have been received by the option holders if they had exercised their options on December 31, 2014. Intrinsic value equals the difference between the Company's average of the high and low stock price on the last trading day of the year and the option exercise price, multiplied by the number of shares. This amount will fluctuate with changes in the fair value of the Company's common stock. |
ShareBased_Compensation_Detail4
Share-Based Compensation (Detail) - Restricted Stock Award Transactions (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 |
Restricted Stock And Restricted Stock Unit Awards | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Non-vested awards at beginning of year | 1,123 |
Granted | 417 |
Vested | -474 |
Forfeited | -69 |
Non-vested awards at end of year | 997 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Non-vested awards at beginning of year (in Dollars per share) | $12.10 |
Granted (in Dollars per share) | $16.13 |
Vested (in Dollars per share) | $11.79 |
Forfeited (in Dollars per share) | $13.53 |
Non-vested awards at end of year (in Dollars per share) | $13.79 |
Performance Shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Non-vested awards at beginning of year | 127 |
Granted | 118 |
Vested | 0 |
Forfeited | -7 |
Non-vested awards at end of year | 238 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Non-vested awards at beginning of year (in Dollars per share) | $12.68 |
Granted (in Dollars per share) | $16.13 |
Vested (in Dollars per share) | $11.79 |
Forfeited (in Dollars per share) | $13.53 |
Non-vested awards at end of year (in Dollars per share) | $14.36 |
ShareBased_Compensation_Detail5
Share-Based Compensation (Detail) - Other Restricted Stock Award/Unit Information (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Income tax benefit realized from the vesting/release of restricted stock and restricted stock unit awards | $2,424 | $2,414 | $2,456 |
Restricted Stock Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average grant date fair value of restricted stock, restricted stock unit, and performance share awards granted during the year | $16.13 | $13.01 | $11.35 |
Restricted Stock And Restricted Stock Unit Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average grant date fair value of restricted stock, restricted stock unit, and performance share awards granted during the year | $16.13 | ||
Total fair value of restricted stock and restricted stock unit awards vested during the year | 7,546 | 4,917 | 4,921 |
Income tax benefit realized from the vesting/release of restricted stock and restricted stock unit awards | $2,939 | $1,966 | $1,884 |
ShareBased_Compensation_Detail6
Share-Based Compensation (Detail) - Effect of Recording Share-Based Compensation Expense (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Restricted stock, restricted unit, and performance share award expense | $5,926 | $5,779 | $5,877 |
Salary stock award expense | 0 | 124 | 127 |
Total share-based compensation expense | 5,926 | 5,903 | 6,004 |
Income tax benefit | 2,424 | 2,414 | 2,456 |
Share-based compensation expense, net of tax | 3,502 | 3,489 | 3,548 |
Unrecognized compensation expense | $6,937 | $6,327 | $5,674 |
Weighted-average amortization period remaining (in years) | 1 year 4 months 0 days | 1 year 2 months 12 days | 1 year 1 month 6 days |
Stockholder_Rights_Plan_Detail
Stockholder Rights Plan (Detail) (USD $) | Dec. 31, 2014 | 21-May-14 | Dec. 31, 2013 | Dec. 09, 2008 |
Targeted or Tracking Stock, Stock [Line Items] | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per Item) | $150 | |||
Class of Warrant or Rights, Minimum Percentage Required to Exercise Rights | 10.00% | |||
Preferred Stock, Redemption Price Per Share (in Dollars per share) | $0.01 | |||
Preferred Stock, Capital Shares Reserved for Future Issuance | 600,000 | |||
Preferred Stock, shares authorized | 1,000,000 | 1,000,000 | 1,000,000 | |
Series A Preferred Stock | ||||
Targeted or Tracking Stock, Stock [Line Items] | ||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 0.01 |
Regulatory_and_Capital_Matters2
Regulatory and Capital Matters (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Cash Reserve Balance | $60,000,000 | $68,700,000 |
Adjustment To Dividends Available | 61,200,000 | |
Regulatory capital requirements under banking regulations, inclusion of trust-preferred securities in Tier One capital calculation | 15,000,000,000 | |
Trust-preferred securities included in Tier 1 capital | $50,700,000 | |
Tier 1 risk based capital conservation buffer initial requirements phasing duration | 4 years | |
Implementation of deductions and other adjustments to CET1, percentage | 40.00% | |
Implementation to deductions and other adjustments to CET1 additional, percentage | 20.00% | |
Risk weighted threshold of items deducted from CET1 capital | 10.00% | |
Aggregate risk weighted threshold of items deducted from CET1 | 15.00% | |
U.S. Agency Securities | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Minimum ratio of Total capital to risk-weighted assets | 0.00% | |
Certain Equity Exposures | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Minimum ratio of Total capital to risk-weighted assets | 600.00% | |
Jan-19 | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Minimum ratio of CET1 to risk-weighted assets | 4.50% | |
Capital conservation buffer | 2.50% | |
Common Equity Tier One Risk Based Capital To Risk Weighted Assets Including Conservation Buffer | 7.00% | |
Minimum ratio of Tier 1 capital to risk-weighted assets | 6.00% | |
Minimum ratio of Tier 1 capital to risk-weighted assets, adjusted | 8.50% | |
Minimum ratio of Total capital to risk-weighted assets | 8.00% | |
Minimum ratio of Total capital to risk-weighted assets, adjusted | 10.50% | |
Minimum leverage ratio | 4.00% |
Regulatory_and_Capital_Matters3
Regulatory and Capital Matters (Detail) - Summary of Capital Ratios (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Capital To Risk Weighted Assets | Actual Capital | First Midwest Bancorp, Inc. | ||
Capital [Abstract] | ||
Actual Capital (in Dollars) | $884,692 | $841,787 |
Actual Ratio | 11.23% | 12.39% |
Capital To Risk Weighted Assets | Actual Capital | First Midwest Bank | ||
Capital [Abstract] | ||
Actual Capital (in Dollars) | 931,829 | 897,255 |
Actual Ratio | 12.30% | 13.86% |
Capital To Risk Weighted Assets | Adequately Capitalized Capital | First Midwest Bancorp, Inc. | ||
Capital [Abstract] | ||
Adequately Capitalized Capital (in Dollars) | 630,140 | 543,573 |
Adequately Capitalized Ratio | 8.00% | 8.00% |
Capital To Risk Weighted Assets | Adequately Capitalized Capital | First Midwest Bank | ||
Capital [Abstract] | ||
Adequately Capitalized Capital (in Dollars) | 606,038 | 517,721 |
Adequately Capitalized Ratio | 8.00% | 8.00% |
Capital To Risk Weighted Assets | FDICIA Capital | First Midwest Bank | ||
Capital [Abstract] | ||
Well-Capitalized for FDICIA Capital (in Dollars) | 757,547 | 647,152 |
Well-Capitalized for FDICIA Ratio | 10.00% | 10.00% |
Tier One Captal To Risk Weighted Assets | Actual Capital | First Midwest Bancorp, Inc. | ||
Tier One Risk Based Capital [Abstract] | ||
Actual Capital (in Dollars) | 802,483 | 741,414 |
Actual Ratio | 10.19% | 10.91% |
Tier One Captal To Risk Weighted Assets | Actual Capital | First Midwest Bank | ||
Tier One Risk Based Capital [Abstract] | ||
Actual Capital (in Dollars) | 857,362 | 816,286 |
Actual Ratio | 11.32% | 12.61% |
Tier One Captal To Risk Weighted Assets | Adequately Capitalized Capital | First Midwest Bancorp, Inc. | ||
Tier One Risk Based Capital [Abstract] | ||
Adequately Capitalized Capital (in Dollars) | 315,070 | 271,787 |
Adequately Capitalized Ratio | 4.00% | 4.00% |
Tier One Captal To Risk Weighted Assets | Adequately Capitalized Capital | First Midwest Bank | ||
Tier One Risk Based Capital [Abstract] | ||
Adequately Capitalized Capital (in Dollars) | 303,019 | 258,861 |
Adequately Capitalized Ratio | 4.00% | 4.00% |
Tier One Captal To Risk Weighted Assets | FDICIA Capital | First Midwest Bank | ||
Tier One Risk Based Capital [Abstract] | ||
Well-Capitalized for FDICIA Capital (in Dollars) | 454,528 | 388,291 |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 6.00% | 6.00% |
Tier One Leverage To Average Assets | Actual Capital | First Midwest Bancorp, Inc. | ||
Tier One Leverage Capital [Abstract] | ||
Actual Capital (in Dollars) | 802,483 | 741,414 |
Actual Ratio | 9.03% | 9.18% |
Tier One Leverage To Average Assets | Actual Capital | First Midwest Bank | ||
Tier One Leverage Capital [Abstract] | ||
Actual Capital (in Dollars) | 857,362 | 816,286 |
Actual Ratio | 9.76% | 10.24% |
Tier One Leverage To Average Assets | Adequately Capitalized Capital | First Midwest Bancorp, Inc. | ||
Tier One Leverage Capital [Abstract] | ||
Adequately Capitalized Capital (in Dollars) | 355,362 | 242,277 |
Adequately Capitalized Ratio | 4.00% | 4.00% |
Tier One Leverage To Average Assets | Adequately Capitalized Capital | First Midwest Bank | ||
Tier One Leverage Capital [Abstract] | ||
Adequately Capitalized Capital (in Dollars) | 351,222 | 239,065 |
Adequately Capitalized Ratio | 4.00% | 4.00% |
Tier One Leverage To Average Assets | FDICIA Capital | First Midwest Bank | ||
Tier One Leverage Capital [Abstract] | ||
Well-Capitalized for FDICIA Capital (in Dollars) | $439,028 | $398,442 |
Well-Capitalized for FDICIA Ratio | 5.00% | 5.00% |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
swap | |||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Derivative notional amount, cash flow hedge, forward starting interest rate swap | $325,000,000 | ||
Derivative, number of instruments held | 4 | ||
Interest rate cash flow hedge gain (loss) to be reclassified during the next 12 months, net | 5,000,000 | ||
Derivative Transaction Fees | $2,200,000 | $2,800,000 | $0 |
Portion of fair value outstanding, interest rate swaps covered by collateral agreements (percent) | 100.00% | 100.00% |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities (Details) - Interest Rate Derivatives Portfolio (Fair Value Hedging, USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Fair Value Hedging | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Gross notional amount outstanding | $12,793 | $14,730 | ||
Derivative liability fair value | -1,032 | -1,472 | ||
Weighted-average interest rate received | 2.07% | 2.08% | ||
Weighted-average interest rate paid (percent) | 6.37% | 6.39% | ||
Weighted-average maturity (in years) | 2 years 11 months 11 days | 3 years 9 months 3 days | ||
Fair value of assets needed to settle derivative transactions | $1,057 | [1] | $1,502 | [1] |
[1] | This amount represents the fair value if credit risk related contingent features were triggered. |
Derivative_Instruments_and_Hed4
Derivative Instruments and Hedging Activities (Details) - Cash Flow Hedges (Cash Flow Hedging, USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Cash Flow Hedging | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Gross notional amount outstanding | $650,000 | $0 |
Derivative asset fair value | 1,166 | 0 |
Derivative liability fair value | ($3,096) | $0 |
Weighted-average interest rate received | 1.63% | 0.00% |
Weighted-average interest rate paid | 0.16% | 0.00% |
Weighted-average maturity (in years) | 4 years 6 months 8 days | 0 years |
Derivative_Instruments_and_Hed5
Derivative Instruments and Hedging Activities (Details) - Other Derivative Instruments (Other Derivative Instruments, USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Other Derivative Instruments | ||||
Derivative [Line Items] | ||||
Gross notional amount outstanding | $527,893 | $256,638 | ||
Derivative asset fair value | 7,852 | 2,235 | ||
Derivative liability fair value | -7,852 | -2,235 | ||
Fair value of assets needed to settle derivative transactions | $8,130 | [1] | $1,305 | [1] |
[1] | This amount represents the fair value if credit risk related contingent factors were triggered. |
Derivative_Instruments_and_Hed6
Derivative Instruments and Hedging Activities (Details) - Offsetting Derivatives (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Offsetting Derivative Assets [Abstract] | ||||
Gross amounts recognized | $9,018 | $2,235 | ||
Less: amounts offset in the Consolidated Statements of Financial Condition | 0 | 0 | ||
Net amount presented in the Consolidated Statements of Financial Condition | 9,018 | [1] | 2,235 | [1] |
Offsetting derivative positions | -1,195 | -704 | ||
Cash collateral pledged | 0 | 0 | ||
Derivative Asset, Net credit exposure | 7,823 | 1,531 | ||
Offsetting Derivative Liabilities [Abstract] | ||||
Gross amounts recognized | 11,980 | 3,707 | ||
Less: amounts offset in the Consolidated Statements of Financial Condition | 0 | 0 | ||
Net amount presented in the Consolidated Statements of Financial Condition | 11,980 | [1] | 3,707 | [1] |
Offsetting derivative positions | -1,195 | -704 | ||
Cash collateral pledged | -10,785 | -3,003 | ||
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 (Detail) - Contractual or Notional Amounts of Financial Instruments (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Commitments to extend credit: | ||||
Commercial, industrial, and agricultural | $1,299,683 | $1,077,201 | ||
Commercial real estate | 170,573 | 133,867 | ||
Home equity | 317,783 | 268,311 | ||
Other commitments | 194,556 | [1] | 181,702 | [1] |
Total commitments to extend credit | 1,982,595 | 1,661,081 | ||
Letters of Credit Outstanding, Amount | 110,639 | 110,453 | ||
Recourse on assets securitized: | ||||
Unpaid principal balance of loans sold | 185,910 | 170,330 | ||
Carrying value of recourse obligation | $155 | [2] | $162 | [2] |
[1] | Other commitments | |||
[2] | Included in other liabilities in the Consolidated Statements of Financial Condition. |
Commitments_Guarantees_and_Con3
Commitments, Guarantees, and Contingent Liabilities (Detail) - FHLB Advances (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
contract | ||
Commitments and Contingencies Disclosure [Abstract] | ||
Forward commitments | 2 | |
Forward Committed Advance With FHLB | $250,000,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 2.00% | |
Gain on Termination of FHLB Forward Commitments | $7,800,000 | |
Forward commitment contract period | 5 years |
Fair_Value_Detail
Fair Value (Detail) (USD $) | 12 Months Ended | 3 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 02, 2014 | |
security | security | security | ||
Fair Value [Line Items] | ||||
Number of CDOs Sold | 1 | 1 | ||
Carrying value of CDO sold | $1,300,000 | $0 | $1,300,000 | |
1-4 family mortgages | ||||
Fair Value [Line Items] | ||||
Type of loans held-for-sale | 1 | 1 | ||
Commercial Real Estate | ||||
Fair Value [Line Items] | ||||
Type of loans held-for-sale | 1 | 1 | ||
Great Lakes Financial Resources Inc | ||||
Fair Value [Line Items] | ||||
Securities available-for-sale | 219,279,000 | |||
Trust-preferred Collateralized Debt Obligations | Great Lakes Financial Resources Inc | ||||
Fair Value [Line Items] | ||||
Number of Collateralized Debt Obligations Acquired | 4 | |||
Securities available-for-sale | $2,900,000 | $2,900,000 | ||
Minimum | ||||
Fair Value [Line Items] | ||||
Appraisal adjustment | 0.00% | 0.00% | ||
Maximum | ||||
Fair Value [Line Items] | ||||
Appraisal adjustment | 15.00% | 15.00% |
Fair_Value_Detail_Fair_Value_M
Fair Value (Detail) - Fair Value Measurements (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
In Thousands, unless otherwise specified | ||||||
Trading securities | ||||||
Total trading securities | $17,460 | $17,317 | ||||
Securities available-for-sale | ||||||
CDOs | 33,774 | 18,309 | 12,129 | 13,394 | ||
Total | 1,187,009 | 1,112,725 | ||||
Mortgage servicing rights | 1,728 | 1,893 | 985 | 929 | ||
Fair Value, Inputs, Level 1 | ||||||
Trading securities | ||||||
Money market funds | 1,725 | 1,847 | ||||
Mutual funds | 15,735 | 15,470 | ||||
Total trading securities | 17,460 | 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 | ||||
Equity securities | 0 | 44 | ||||
Total | 0 | 44 | ||||
Mortgage servicing rights | 0 | [1] | 0 | [1] | ||
Derivative asset fair value | 0 | [1] | 0 | [1] | ||
Liabilities | ||||||
Derivative liabilities | 0 | [2] | 0 | [2] | ||
Fair Value, Inputs, 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 | 30,431 | 500 | ||||
CMOs | 534,156 | 475,768 | ||||
Other MBSs | 159,765 | 136,164 | ||||
Municipal securities | 423,820 | 461,393 | ||||
CDOs | 0 | |||||
Corporate debt securities | 1,802 | 14,929 | ||||
Equity securities | 3,261 | 5,618 | ||||
Total | 1,153,235 | 1,094,372 | ||||
Mortgage servicing rights | 0 | [1] | 0 | [1] | ||
Derivative asset fair value | 9,018 | [1] | 2,235 | [1] | ||
Liabilities | ||||||
Derivative liabilities | 11,980 | [2] | 3,707 | [2] | ||
Fair Value, Inputs, 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 | 33,774 | 18,309 | ||||
Corporate debt securities | 0 | 0 | ||||
Equity securities | 0 | 0 | ||||
Total | 33,774 | 18,309 | ||||
Mortgage servicing rights | 1,728 | [1] | 1,893 | [1] | ||
Derivative asset fair value | 0 | [1] | 0 | [1] | ||
Liabilities | ||||||
Derivative liabilities | $0 | [2] | ||||
[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_Detail_Unobservable
Fair Value (Detail) - Unobservable Inputs Used In The Valuation of CDOs | 12 Months Ended |
Dec. 31, 2014 | |
Minimum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Probability of prepayment | 2.90% |
Probability of default | 18.40% |
Loss given default | 83.80% |
Probability of deferral cure | 6.70% |
Maximum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Probability of prepayment | 15.20% |
Probability of default | 57.70% |
Loss given default | 97.00% |
Probability of deferral cure | 75.00% |
Fair_Value_Detail_Carrying_Val
Fair Value (Detail) - Carrying Value of Level 3 Securities Available-for-Sale (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Balance at beginning of year | $18,309 | $12,129 | $13,394 | |||
Additions | 6,549 | 0 | 0 | |||
OTTI included in earnings | 0 | [1] | 0 | [1] | -2,226 | [1] |
Change in other comprehensive income (loss) | 13,495 | [2] | 6,180 | [2] | 961 | [2] |
Sales and paydowns | -4,579 | [3] | 0 | [3] | 0 | [3] |
Balance at end of year | 33,774 | 18,309 | 12,129 | |||
Change in unrealized losses recognized in earnings related to securities still held at end of period | $0 | $0 | $2,226 | |||
[1] | Included in net securities gains (losses) in the Consolidated Statements of Income and related to securities still held at the end of the period. | |||||
[2] | Included in unrealized holding gains (losses) in the Consolidated Statements of Comprehensive Income. | |||||
[3] | During the year ended December 31, 2014, one CDO with a carrying value of $1.3 million and four CDOs totaling $2.9 million, which were acquired in the Great Lakes transaction, were sold. In addition, one CDO with a carrying value of zero was sold during the year ended December 31, 2013. |
Fair_Value_Detail_Carrying_Val1
Fair Value (Detail) - Carrying Value of Mortgage Servicing Rights (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||||||
Beginning Balance | $1,893 | $985 | $929 | |||
New mortgage servicing rights | 315 | 1,060 | 347 | |||
Changes in valuation inputs and assumptions | -480 | [1] | 63 | [1] | -72 | [1] |
Other changes in fair value | 0 | [1],[2] | -215 | [1],[2] | -219 | [1],[2] |
Ending Balance | 1,728 | 1,893 | 985 | |||
Contractual servicing fees earned during the year | 520 | [1] | 418 | [1] | 209 | [1] |
Total amount of loans being serviced for the benefit of others at the end of the year | $220,372 | $214,458 | $109,730 | |||
[1] | Included in mortgage banking income in the Consolidated Statements of Income and relate to assets still held at the end of the year. | |||||
[2] | Primarily represents changes in expected future cash flows over time due to payoffs and paydowns. |
Fair_Value_Detail_Fair_Values_
Fair Value (Detail) - Fair Values of our Defined Benefit Pension Plan Assets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | |||||
Fair Value [Line Items] | |||||
Pension plan assets | $72,193 | $74,370 | $63,501 | ||
Fair Value, Inputs, Level 1 | |||||
Fair Value [Line Items] | |||||
Pension plan assets | 47,527 | 48,418 | |||
Fair Value, Inputs, Level 2 | |||||
Fair Value [Line Items] | |||||
Pension plan assets | 24,666 | 25,952 | |||
Estimate of Fair Value Measurement | |||||
Fair Value [Line Items] | |||||
Pension plan assets | 72,193 | 74,370 | |||
Mutual Funds | Fair Value, Inputs, Level 1 | |||||
Fair Value [Line Items] | |||||
Pension plan assets | 25,499 | [1] | 23,896 | [1] | |
Mutual Funds | Fair Value, Inputs, Level 2 | |||||
Fair Value [Line Items] | |||||
Pension plan assets | 0 | [1] | 0 | [1] | |
Mutual Funds | Estimate of Fair Value Measurement | |||||
Fair Value [Line Items] | |||||
Pension plan assets | 25,499 | [1] | 23,896 | [1] | |
U.S. Agency Securities | Fair Value, Inputs, Level 1 | |||||
Fair Value [Line Items] | |||||
Pension plan assets | 7,879 | 7,261 | |||
U.S. Agency Securities | Fair Value, Inputs, Level 2 | |||||
Fair Value [Line Items] | |||||
Pension plan assets | 8,063 | 8,930 | |||
U.S. Agency Securities | Estimate of Fair Value Measurement | |||||
Fair Value [Line Items] | |||||
Pension plan assets | 15,942 | 16,191 | |||
Corporate Bonds | Fair Value, Inputs, Level 1 | |||||
Fair Value [Line Items] | |||||
Pension plan assets | 0 | 0 | |||
Corporate Bonds | Fair Value, Inputs, Level 2 | |||||
Fair Value [Line Items] | |||||
Pension plan assets | 6,599 | 5,984 | |||
Corporate Bonds | Estimate of Fair Value Measurement | |||||
Fair Value [Line Items] | |||||
Pension plan assets | 6,599 | 5,984 | |||
Common Stock | Fair Value, Inputs, Level 1 | |||||
Fair Value [Line Items] | |||||
Pension plan assets | 14,149 | 17,261 | |||
Common Stock | Fair Value, Inputs, Level 2 | |||||
Fair Value [Line Items] | |||||
Pension plan assets | 0 | 0 | |||
Common Stock | Estimate of Fair Value Measurement | |||||
Fair Value [Line Items] | |||||
Pension plan assets | 14,149 | 17,261 | |||
Common Trust Funds | Fair Value, Inputs, Level 1 | |||||
Fair Value [Line Items] | |||||
Pension plan assets | 0 | 0 | |||
Common Trust Funds | Fair Value, Inputs, Level 2 | |||||
Fair Value [Line Items] | |||||
Pension plan assets | 10,004 | 11,038 | |||
Common Trust Funds | Estimate of Fair Value Measurement | |||||
Fair Value [Line Items] | |||||
Pension plan assets | $10,004 | $11,038 | |||
[1] | (1)Â Includes mutual funds, money market funds, cash, cash equivalents, and accrued interest. |
Fair_Value_Detail_Assets_Measu
Fair Value (Detail) - Assets Measured At Fair Value On A Non-Recurring Basis (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Fair Value [Line Items] | ||||
Assets held-for-sale | $2,026 | $4,027 | ||
Fair Value, Inputs, Level 1 | ||||
Fair Value [Line Items] | ||||
Collateral-dependent impaired loans (1) | 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] |
Fair Value, Inputs, Level 2 | ||||
Fair Value [Line Items] | ||||
Collateral-dependent impaired loans (1) | 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] |
Fair Value, Inputs, Level 3 | ||||
Fair Value [Line Items] | ||||
Collateral-dependent impaired loans (1) | 23,799 | [1] | 13,103 | [1] |
OREO | 22,760 | [2] | 13,347 | [2] |
Loans held-for-sale | 9,459 | [3] | 4,739 | [3] |
Assets held-for-sale | $2,026 | [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 premises, furniture, and equipment 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 |
Fair_Value_Detail_Financial_In
Fair Value (Detail) - Financial Instruments (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Assets | ||||
Cash and due from banks | $117,315 | $110,417 | ||
Interest-bearing deposits in other banks | 488,947 | 476,824 | ||
Securities held-to-maturity | 26,555 | 44,322 | ||
FHLB and FRB stock | 37,558 | 35,161 | ||
Net loans | 6,664,159 | 5,628,855 | ||
FDIC indemnification asset | 8,452 | 16,585 | 37,051 | 65,609 |
Investment in BOLI | 206,498 | 193,167 | ||
Liabilities | ||||
Deposits | 7,887,758 | 6,766,101 | ||
Borrowed funds | 137,994 | 224,342 | ||
Senior and subordinated debt | 200,869 | 190,932 | ||
Fair Value, Inputs, Level 1 | ||||
Assets | ||||
Cash and due from banks | 117,315 | 110,417 | ||
Liabilities | ||||
Senior and subordinated debt | 199,226 | 201,147 | ||
Fair Value, Inputs, Level 2 | ||||
Assets | ||||
Interest-bearing deposits in other banks | 488,947 | 476,824 | ||
Securities held-to-maturity | 27,670 | 43,387 | ||
FHLB and FRB stock | 37,558 | 35,161 | ||
Liabilities | ||||
Deposits | 7,879,413 | 6,765,404 | ||
Borrowed funds | 137,994 | 226,839 | ||
Accrued interest payable | 2,324 | 2,400 | ||
Fair Value, Inputs, Level 3 | ||||
Assets | ||||
Net loans | 6,532,622 | 5,544,146 | ||
FDIC indemnification asset | 3,626 | 7,829 | ||
Investment in BOLI | 206,498 | 193,167 | ||
Accrued interest receivable | 27,506 | 25,735 | ||
Other interest-earning assets | 3,904 | 6,809 | ||
Carrying Amount | Fair Value, Inputs, Level 1 | ||||
Assets | ||||
Cash and due from banks | 117,315 | 110,417 | ||
Liabilities | ||||
Senior and subordinated debt | 200,869 | 190,932 | ||
Carrying Amount | Fair Value, Inputs, Level 2 | ||||
Assets | ||||
Interest-bearing deposits in other banks | 488,947 | 476,824 | ||
Securities held-to-maturity | 26,555 | 44,322 | ||
FHLB and FRB stock | 37,558 | 35,161 | ||
Liabilities | ||||
Deposits | 7,887,758 | 6,766,101 | ||
Borrowed funds | 137,994 | 224,342 | ||
Accrued interest payable | 2,324 | 2,400 | ||
Carrying Amount | Fair Value, Inputs, Level 3 | ||||
Assets | ||||
Net loans | 6,664,159 | 5,628,855 | ||
FDIC indemnification asset | 8,452 | 16,585 | ||
Investment in BOLI | 206,498 | 193,167 | ||
Accrued interest receivable | 27,506 | 25,735 | ||
Other interest-earning assets | $3,799 | $6,550 |
Related_Party_Transactions_Det
Related Party Transactions (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Due to Related Parties | 31.8 | $27.60 |
Stockholders' Equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Concentration risk (percentage) | 5.00% |
Condensed_Parent_Company_Finan2
Condensed Parent Company Financial Statements (Detail) - Statements of Financial Condition (Parent Company Only) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Assets | ||||
Cash and interest-bearing deposits | $606,262 | $587,241 | $716,266 | $641,530 |
Goodwill | 310,589 | 264,062 | 265,477 | 265,477 |
Other assets | 190,912 | 180,128 | ||
Total assets | 9,445,139 | 8,253,407 | ||
Liabilities and Stockholders’ Equity | ||||
Senior and subordinated debt | 200,869 | 190,932 | ||
Accrued expenses and other liabilities | 117,743 | 70,590 | ||
Stockholders' equity | 1,100,775 | 1,001,442 | 940,893 | 962,587 |
Total liabilities and stockholders' equity | 9,445,139 | 8,253,407 | ||
Parent Company | ||||
Assets | ||||
Cash and interest-bearing deposits | 43,546 | 13,071 | 20,970 | 47,101 |
Investments in and advances to subsidiaries | 1,211,244 | 1,120,745 | ||
Goodwill | 13,625 | 8,943 | ||
Other assets | 79,468 | 77,948 | ||
Total assets | 1,347,883 | 1,220,707 | ||
Liabilities and Stockholders’ Equity | ||||
Senior and subordinated debt | 200,869 | 190,932 | ||
Accrued expenses and other liabilities | 46,239 | 28,333 | ||
Stockholders' equity | 1,100,775 | 1,001,442 | ||
Total liabilities and stockholders' equity | $1,347,883 | $1,220,707 |
Condensed_Parent_Company_Finan3
Condensed Parent Company Financial Statements (Detail) - Statements of Income (Parent Company Only) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income | |||
Interest income | $299,864 | $287,247 | $300,569 |
Net losses on early extinguishment of debt | -2,059 | -1,034 | -558 |
Securities transactions and other | 4,567 | 4,452 | 7,086 |
Expenses | |||
Interest expense | 23,012 | 27,115 | 34,901 |
Other expenses | 24,386 | 19,879 | 24,777 |
Income (loss) before income tax expense (benefit) | 100,476 | 128,021 | -49,936 |
Income tax benefit (expense) | -31,170 | -48,715 | 28,882 |
Net income (loss) | 69,306 | 79,306 | -21,054 |
Net (income) loss applicable to non-vested restricted shares | -836 | -1,107 | 306 |
Net income (loss) applicable to common shares | 68,470 | 78,199 | -20,748 |
Parent Company | |||
Income | |||
Dividends from subsidiaries | 56,881 | 54,200 | 38,000 |
Interest income | 1,502 | 1,067 | 619 |
Net losses on early extinguishment of debt | 0 | -1,034 | -558 |
Securities transactions and other | 6,451 | 37,485 | 1,982 |
Total income | 64,834 | 91,718 | 40,043 |
Expenses | |||
Interest expense | 12,062 | 13,607 | 14,840 |
Salaries and employee benefits | 12,589 | 15,198 | 13,232 |
Other expenses | 5,867 | 5,792 | 5,740 |
Total expenses | 30,518 | 34,597 | 33,812 |
Income (loss) before income tax expense (benefit) | 34,316 | 57,121 | 6,231 |
Income tax benefit (expense) | 8,710 | -962 | 13,070 |
Income before undistributed income (loss) of subsidiaries | 43,026 | 56,159 | 19,301 |
Equity in undistributed income (loss) of subsidiaries | 26,280 | 23,147 | -40,355 |
Net income (loss) | 69,306 | 79,306 | -21,054 |
Net (income) loss applicable to non-vested restricted shares | -836 | -1,107 | 306 |
Net income (loss) applicable to common shares | $68,470 | $78,199 | ($20,748) |
Condensed_Parent_Company_Finan4
Condensed Parent Company Financial Statements (Detail) - Statements of Cash Flows (Parent Company Only) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating Activities | |||
Net income (loss) | $69,306 | $79,306 | ($21,054) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation of premises, furniture, and equipment | 12,224 | 11,038 | 10,874 |
Net securities (gains) losses | -8,097 | -34,164 | 921 |
Net losses on early extinguishment of debt | 2,059 | 1,034 | 558 |
Share-based compensation expense | 5,926 | 5,903 | 6,004 |
Tax (expense) benefit related to share-based compensation | -106 | -10 | 170 |
Net decrease (increase) in other assets | -10,651 | 30,696 | 10,117 |
Net increase (decrease) in other liabilities | 22,367 | -21,859 | 8,973 |
Net cash provided by operating activities | 122,927 | 133,368 | 169,824 |
Investing Activities | |||
Purchases of securities available-for-sale | -25,856 | -335,442 | -588,429 |
Purchases of premises, furniture, and equipment | -14,085 | -11,030 | -8,764 |
Cash received from acquisitions, net of cash paid | 200,645 | 0 | 0 |
Net cash provided by (used in) investing activities | 111,672 | -369,296 | -144,607 |
Financing Activities | |||
Payments for retirement of subordinated debt | 0 | -24,094 | -37,033 |
Treasury stock activity | -369 | -29 | -40 |
Cash dividends paid | -22,568 | -7,508 | -2,977 |
Restricted stock activity | -2,781 | -1,607 | -1,469 |
Excess tax benefit (expense) related to share-based compensation | 912 | 79 | -21 |
Net cash (used in) provided by financing activities | -215,578 | 106,903 | 49,519 |
Net increase (decrease) in cash and cash equivalents | 19,021 | -129,025 | 74,736 |
Cash and cash equivalents at beginning of year | 587,241 | 716,266 | 641,530 |
Cash and cash equivalents at end of year | 606,262 | 587,241 | 716,266 |
Common stock issued for acquisitions, net of issuance costs | 38,300 | 0 | 0 |
Parent Company | |||
Operating Activities | |||
Net income (loss) | 69,306 | 79,306 | -21,054 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Equity in undistributed (income) loss of subsidiaries | -26,280 | -23,147 | 40,355 |
Depreciation of premises, furniture, and equipment | 6 | 7 | 6 |
Net securities (gains) losses | -5,702 | -34,119 | 0 |
Net losses on early extinguishment of debt | 0 | 1,034 | 558 |
Share-based compensation expense | 5,926 | 5,903 | 6,004 |
Tax (expense) benefit related to share-based compensation | -106 | -10 | 170 |
Net decrease (increase) in other assets | 4,599 | 1,084 | -6,207 |
Net increase (decrease) in other liabilities | 14,063 | -1,624 | 1,366 |
Net cash provided by operating activities | 61,812 | 28,434 | 21,198 |
Investing Activities | |||
Purchases of securities available-for-sale | 0 | -46,532 | -5,811 |
Proceeds from sales and maturities of securities available-for-sale | 8,540 | 43,329 | 0 |
Purchases of premises, furniture, and equipment | 0 | 0 | -18 |
Cash received from acquisitions, net of cash paid | -15,809 | 0 | 0 |
Net cash provided by (used in) investing activities | -7,269 | -3,203 | -5,829 |
Financing Activities | |||
Payments for retirement of subordinated debt | 0 | -24,094 | -37,033 |
Treasury stock activity | 369 | 0 | 0 |
Cash dividends paid | -22,568 | -7,508 | -2,977 |
Restricted stock activity | -2,781 | -1,607 | -1,469 |
Excess tax benefit (expense) related to share-based compensation | 912 | 79 | -21 |
Net cash (used in) provided by financing activities | -24,068 | -33,130 | -41,500 |
Net increase (decrease) in cash and cash equivalents | 30,475 | -7,899 | -26,131 |
Cash and cash equivalents at beginning of year | 13,071 | 20,970 | 47,101 |
Cash and cash equivalents at end of year | 43,546 | 13,071 | 20,970 |
Common stock issued for acquisitions, net of issuance costs | $38,300 | $0 | $0 |