Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 30, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | FIRST MIDWEST BANCORP INC | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 77,949,334 | |
Amendment Flag | false | |
Entity Central Index Key | 702,325 | |
Entity Filer Category | Large Accelerated Filer | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | |
Assets [Abstract] | |||
Cash and due from banks | $ 125,279 | $ 117,315 | |
Interest-bearing deposits in other banks | 822,264 | 488,947 | |
Trading securities, at fair value | 17,038 | 17,460 | |
Securities available-for-sale, at fair value | 1,151,418 | 1,187,009 | |
Securities held-to-maturity, at amortized cost | 23,723 | 26,555 | |
Federal Home Loan Bank (FHLB) and Federal Reserve Bank (FRB) stock, at cost | 38,748 | 37,558 | |
Loans, excluding covered loans | 6,874,480 | 6,657,418 | |
Covered loans | [1] | 51,219 | 79,435 |
Allowance for loan and covered loan losses | (72,500) | (72,694) | |
Net loans | 6,853,199 | 6,664,159 | |
Other real estate owned (OREO), excluding covered OREO | 31,129 | 26,898 | |
Covered OREO | 906 | 8,068 | |
Federal Deposit Insurance Corporation (FDIC) indemnification asset | 6,106 | 8,452 | |
Premises, furniture, and equipment, net | 127,443 | 131,109 | |
Investment in bank-owned life insurance (BOLI) | 208,666 | 206,498 | |
Goodwill and other intangible assets | 331,250 | 334,199 | |
Accrued interest receivable and other assets | 197,877 | 190,912 | |
Total assets | 9,935,046 | 9,445,139 | |
Liabilities | |||
Noninterest-bearing deposits | 2,671,793 | 2,301,757 | |
Interest-bearing deposits | 5,624,657 | 5,586,001 | |
Total deposits | 8,296,450 | 7,887,758 | |
Borrowed funds | 169,943 | 137,994 | |
Senior and subordinated debt | 201,123 | 200,869 | |
Accrued interest payable and other liabilities | 119,861 | 117,743 | |
Total liabilities | 8,787,377 | 8,344,364 | |
Stockholders' Equity | |||
Common stock | 882 | 882 | |
Additional paid-in capital | 445,037 | 449,798 | |
Retained earnings | 944,209 | 899,516 | |
Accumulated other comprehensive loss, net of tax | (15,818) | (15,855) | |
Treasury stock, at cost | (226,641) | (233,566) | |
Total stockholders' equity | 1,147,669 | 1,100,775 | |
Total liabilities and stockholders' equity | $ 9,935,046 | $ 9,445,139 | |
Share Data | |||
Par Value (in Dollars per share) | $ 0.01 | $ 0.01 | |
Shares authorized, preferred stock (in Shares) | 1,000,000 | 1,000,000 | |
Shares authorized (in Shares) | 150,000,000 | 150,000,000 | |
Shares issued (in Shares) | 88,228,000 | 88,228,000 | |
Shares outstanding (in Shares) | 77,942,000 | 77,695,000 | |
Treasury shares (in Shares) | 10,286,000 | 10,533,000 | |
[1] | For information on covered loans, see Note 6, "Acquired and Covered Loans." |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Interest Income | ||||
Loans | $ 75,522 | $ 68,713 | $ 224,739 | $ 192,892 |
Investment securities | 7,723 | 7,465 | 23,839 | 23,489 |
Other short-term investments | 1,047 | 684 | 2,739 | 2,174 |
Total interest income | 84,292 | 76,862 | 251,317 | 218,555 |
Interest Expense | ||||
Deposits | 2,329 | 2,806 | 7,256 | 7,914 |
Borrowed funds | 928 | 9 | 1,064 | 561 |
Senior and subordinated debt | 3,133 | 3,016 | 9,411 | 9,047 |
Total interest expense | 6,390 | 5,831 | 17,731 | 17,522 |
Net interest income | 77,902 | 71,031 | 233,586 | 201,033 |
Provision for loan and covered loan losses | 4,100 | 10,727 | 16,652 | 17,509 |
Net interest income after provision for loan and covered loan losses | 73,802 | 60,304 | 216,934 | 183,524 |
Noninterest Income | ||||
Service charges on deposit accounts | 10,519 | 9,902 | 29,676 | 26,895 |
Wealth management fees | 7,222 | 6,721 | 21,669 | 19,730 |
Card-based fees | 6,868 | 6,646 | 20,223 | 17,950 |
Mortgage banking income | 1,402 | 1,125 | 3,964 | 3,199 |
Other service charges, commissions, and fees | 7,107 | 5,266 | 17,800 | 13,943 |
Other income | 1,372 | 923 | 5,220 | 3,778 |
Net securities gains | 524 | 2,570 | 1,551 | 8,160 |
Gains on sales of properties | 0 | 3,954 | 0 | 3,954 |
Loss on early extinguishment of debt | 0 | 0 | 0 | (2,059) |
Total noninterest income | 35,014 | 37,107 | 100,103 | 95,550 |
Noninterest Expense | ||||
Salaries and employee benefits | 41,361 | 35,471 | 122,371 | 103,523 |
Net occupancy and equipment expense | 9,406 | 8,639 | 29,464 | 25,702 |
Professional services | 6,172 | 5,692 | 16,603 | 16,772 |
Technology and related costs | 3,673 | 3,253 | 10,887 | 9,431 |
Net OREO expense | 1,290 | 1,406 | 4,355 | 4,531 |
Other expenses | 12,463 | 12,104 | 36,793 | 34,461 |
Acquisition and integration related expenses | 0 | 3,748 | 0 | 4,578 |
Total noninterest expense | 74,365 | 70,313 | 220,473 | 198,998 |
Income before income tax expense | 34,451 | 27,098 | 96,564 | 80,076 |
Income tax expense | 11,167 | 8,549 | 30,824 | 25,363 |
Net income | $ 23,284 | $ 18,549 | $ 65,740 | $ 54,713 |
Per Common Share Data | ||||
Basic earnings per common share (in Dollars per share) | $ 0.30 | $ 0.25 | $ 0.84 | $ 0.73 |
Diluted earnings per common share (in Dollars per share) | 0.30 | 0.25 | 0.84 | 0.73 |
Dividends declared per common share (in Dollars per share) | $ 0.09 | $ 0.08 | $ 0.27 | $ 0.23 |
Weighted-average common shares outstanding (in Shares) | 77,106 | 74,341 | 77,038 | 74,270 |
Weighted-average diluted common shares outstanding (in Shares) | 77,119 | 74,352 | 77,051 | 74,282 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 23,284 | $ 18,549 | $ 65,740 | $ 54,713 |
Unrealized holding gains (losses): | ||||
Before tax | 6,126 | (2,693) | 748 | 22,028 |
Tax effect | (2,454) | 1,003 | (312) | (8,776) |
Net of tax | 3,672 | (1,690) | 436 | 13,252 |
Reclassification of net gains included in net income: | ||||
Before tax | 524 | 2,570 | 1,551 | 8,160 |
Tax effect | (214) | (1,051) | (634) | (3,337) |
Net of tax | 310 | 1,519 | 917 | 4,823 |
Net unrealized holding gains (losses) | 3,362 | (3,209) | (481) | 8,429 |
Derivative instruments | ||||
Before tax | 3,420 | (629) | 870 | (827) |
Tax effect | (1,368) | 257 | (352) | 338 |
Net of tax | 2,052 | (372) | 518 | (489) |
Total other comprehensive income (loss) | 5,414 | (3,581) | 37 | 7,940 |
Total comprehensive income | $ 28,698 | $ 14,968 | $ 65,777 | $ 62,653 |
Consolidated Statements of Com5
Consolidated Statements of Comprehensive Income (Unaudited) - AOCI - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning Balance | $ (15,855) | $ (26,792) | ||
Other comprehensive income (loss) | $ 5,414 | $ (3,581) | 37 | 7,940 |
Ending Balance | (15,818) | (18,852) | (15,818) | (18,852) |
Accumulated Unrealized Loss on Securities Available- for-Sale | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning Balance | (2,950) | (20,419) | ||
Other comprehensive income (loss) | (481) | 8,429 | ||
Ending Balance | (3,431) | (11,990) | (3,431) | (11,990) |
Accumulated Unrealized Loss on Derivative Instruments | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning Balance | (1,138) | 0 | ||
Other comprehensive income (loss) | 518 | (489) | ||
Ending Balance | (620) | (489) | (620) | (489) |
Unrecognized Net Pension Costs | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning Balance | (11,767) | (6,373) | ||
Other comprehensive income (loss) | 0 | 0 | ||
Ending Balance | $ (11,767) | $ (6,373) | $ (11,767) | $ (6,373) |
Consolidated Statements of Chan
Consolidated Statements of Changes In Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock |
Balance Beginning at Dec. 31, 2013 | $ 1,001,442 | $ 858 | $ 414,293 | $ 853,740 | $ (26,792) | $ (240,657) |
Balance Beginning (in Shares) at Dec. 31, 2013 | 75,071 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Comprehensive income | 62,653 | 54,713 | 7,940 | |||
Common dividends declared ($0.23 and $0.27 per common share) | (17,324) | (17,324) | ||||
Share-based compensation expense | 4,461 | 4,461 | ||||
Restricted stock activity | (1,895) | (9,833) | 7,938 | |||
Restricted stock activity (in Shares) | 215 | |||||
Treasury stock issued to benefit plans | 339 | (132) | 471 | |||
Treasury stock issued to benefit plans (in Shares) | (9) | |||||
Balance Ending at Sep. 30, 2014 | 1,049,676 | $ 858 | 408,789 | 891,129 | (18,852) | (232,248) |
Balance Ending (in Shares) at Sep. 30, 2014 | 75,295 | |||||
Balance Beginning at Dec. 31, 2014 | $ 1,100,775 | $ 882 | 449,798 | 899,516 | (15,855) | (233,566) |
Balance Beginning (in Shares) at Dec. 31, 2014 | 77,695 | 77,695 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Comprehensive income | $ 65,777 | 65,740 | 37 | |||
Common dividends declared ($0.23 and $0.27 per common share) | (21,047) | (21,047) | ||||
Purchase of treasury stock (in Shares) | (7) | |||||
Purchase of treasury stock | (120) | (120) | ||||
Share-based compensation expense | 12,223 | 5,459 | 6,764 | |||
Restricted stock activity | (10,108) | (10,108) | 0 | |||
Restricted stock activity (in Shares) | 255 | |||||
Treasury stock issued to benefit plans | 169 | (112) | 281 | |||
Treasury stock issued to benefit plans (in Shares) | (1) | |||||
Balance Ending at Sep. 30, 2015 | $ 1,147,669 | $ 882 | $ 445,037 | $ 944,209 | $ (15,818) | $ (226,641) |
Balance Ending (in Shares) at Sep. 30, 2015 | 77,942 | 77,942 |
Consolidated Statements of Cha7
Consolidated Statements of Changes In Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Stockholders' Equity [Abstract] | ||||
Dividends declared per common share (in Dollars per share) | $ 0.09 | $ 0.08 | $ 0.27 | $ 0.23 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Cash Flows [Abstract] | ||
Net cash provided by operating activities | $ 94,292 | $ 88,575 |
Investing Activities | ||
Proceeds from maturities, repayments, and calls of securities available-for-sale | 216,900 | 125,244 |
Proceeds from sales of securities available-for-sale | 57,255 | 24,947 |
Purchases of securities available-for-sale | (241,300) | (16,411) |
Proceeds from maturities, repayments, and calls of securities held-to-maturity | 4,016 | 3,814 |
Purchases of securities held-to-maturity | (1,184) | (1,998) |
Net purchases of FHLB stock | (1,190) | (427) |
Net increase in loans | (214,357) | (291,561) |
Premiums paid for BOLI, net of claims | 1,095 | (73) |
Proceeds from sales of OREO | 13,820 | 14,293 |
Proceeds from sales of premises, furniture, and equipment | 195 | 3,893 |
Purchases of premises, furniture, and equipment | (6,591) | (7,885) |
Cash received from acquisitions, net of cash paid | 0 | 139,486 |
Net cash used in investing activities | (171,341) | (6,678) |
Financing Activities | ||
Net increase in deposit accounts | 408,692 | 119,440 |
Net increase in borrowed funds | 31,949 | 23,085 |
Purchase of treasury stock | (120) | 0 |
Payment for the termination of FHLB advances | 0 | (116,609) |
Cash dividends paid | (20,132) | (16,556) |
Restricted stock activity | (2,853) | (2,739) |
Excess tax benefit related to share-based compensation | 794 | 824 |
Net cash provided by financing activities | 418,330 | 7,445 |
Net increase in cash and cash equivalents | 341,281 | 89,342 |
Cash and cash equivalents at beginning of period | 606,262 | 587,241 |
Cash and cash equivalents at end of period | 947,543 | 676,583 |
Supplemental Disclosures of Cash Flow Information: | ||
Income taxes paid | 12,787 | 7,262 |
Interest paid to depositors and creditors | 14,931 | 14,714 |
Dividends declared, but unpaid | 7,137 | 6,028 |
Non-cash transfers of loans to OREO | 11,956 | 13,277 |
Non-cash transfer of loans held-for-investment to loans held-for-sale | $ 15,068 | $ 70,183 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation – The accompanying unaudited condensed consolidated interim financial statements ("consolidated financial statements") of First Midwest Bancorp, Inc. (the "Company"), a Delaware corporation, were prepared in accordance with the rules and regulations of the Securities and Exchange Commission ("SEC") for quarterly reports on Form 10-Q and reflect all adjustments that management deems necessary for the fair presentation of the financial position and results of operations for the periods presented. The results of operations for the quarter and nine months ended September 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015 . The accounting and reporting policies of the Company and its subsidiaries conform to U.S. generally accepted accounting principles ("GAAP") and general practices within the banking industry. The accompanying consolidated financial statements do not include certain information and note disclosures required by GAAP for complete annual financial statements. Therefore, these financial statements should be read in conjunction with the Company's 2014 Annual Report on Form 10-K (" 2014 10-K"). The Company uses the accrual basis of accounting for financial reporting purposes. Certain reclassifications were made to prior year amounts to conform to the current year presentation. Principles of Consolidation – The accompanying 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. 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. The accounting policies related to business combinations, loans, the allowance for credit losses, the FDIC indemnification asset, and derivative financial instruments are presented below. For a summary of all other significant accounting policies, see Note 1, "Summary of Significant Accounting Policies," in the Company's 2014 10-K. 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 identifiable 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 Condensed Consolidated Statements of Income from the effective date of the acquisition. 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 consists 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 during the coverage period. Acquired loans consist of all other loans that were acquired in business combinations that are not covered by FDIC Agreements. Covered loans are reported separately in the financial statements and acquired loans are included within loans held-for-investment. 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. Leases and revolving loans do not qualify to be accounted for as PCI loans and are accounted for as Non-PCI loans. The acquisition adjustment related to Non-PCI loans is amortized into interest income over the contractual life of the related loans. If an acquired non-PCI loan is renewed subsequent to the acquisition date, any remaining acquisition adjustment is accreted into interest income and the loan is considered a new loan that is no longer classified as an acquired loan. PCI loans are accounted for 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 ratings. 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 offset against the allowance for credit losses to the extent an allowance has been established or otherwise 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 future 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 identifies restructured loans as TDRs 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 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) an 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 primarily 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. The allowance for loan losses also consists of an allowance on acquired Non-PCI and PCI loans. No allowance for loan losses is recorded on acquired loans at the acquisition date. An allowance for credit losses is established as necessary to reflect credit deterioration since the acquisition date. The Non-PCI allowance is based on management's evaluation of the acquired Non-PCI loan portfolio giving consideration to the current portfolio balance including the remaining acquisition adjustments, maturity dates, and overall credit quality. The allowance on acquired PCI loans is determined in the same manner as the allowance for covered loan losses, which is discussed below. Non-PCI acquired loans that have renewed subsequent to the respective acquisition dates are no longer classified as acquired loans. Instead, they are included with our general loan population and allocated an allowance based on a loss migration analysis. Allowance for Covered Loan Losses – The allowance for covered loan losses consists of an allowance on covered Non-PCI and PCI loans. The allowance for covered Non-PCI loans is calculated in the same manner as the general reserve component based on a loss migration analysis as discussed above. The covered PCI allowance 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 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. 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 future expected reimbursements from the FDIC. Since the indemnified items are covered loans and covered OREO, which are initially measured at fair value, the FDIC indemnification asset is also initially measured at fair value by discounting the 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. 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. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS Adopted Accounting Pronouncements Receivables - Troubled Debt Restructurings by Creditors: In January of 2014, the Financial Accounting Standards Board ("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. The adoption of this guidance on January 1, 2015 did not 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. The adoption of this guidance on January 1, 2015 did not materially impact the Company's financial condition, results of operations, or liquidity. Accounting Pronouncements Pending Adoption 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 was initially effective for annual and interim reporting periods beginning on or after December 15, 2016. In August of 2015, the FASB issued guidance that defers the effective date by one year. The deferral causes the guidance to be effective for annual and interim reporting periods beginning on or after December 15, 2017, and must be applied either retrospectively or using the modified retrospective approach. Early adoption is permitted, but not before the original effective date. 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 annual and interim periods beginning after December 15, 2016. Management does not expect the adoption of this guidance will materially impact the Company's financial condition, results of operations, or liquidity. Simplifying the Presentation of Debt Issuance Costs: In April of 2015, the FASB issued guidance to clarify the presentation of debt issuance costs within the balance sheet. Additionally, the guidance requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by this amendment. The guidance is effective for annual and interim periods beginning after December 15, 2015. Management does not expect the adoption of this guidance will materially impact the Company's financial condition, results of operations, or liquidity. Amendments to Consolidation Analysis: In February 2015, the FASB issued guidance that updates current accounting for the consolidation of certain legal entities. This guidance modifies the evaluation of whether limited partnerships and similar legal entities are variable interest entities ("VIEs") or voting interest entities, eliminates the presumption that a general partner should consolidate a limited partnership, affects the consolidation analysis of reporting entities that are involved with VIEs, and provides certain exceptions from consolidation guidance for certain reporting entities. This guidance is effective for annual and interim periods beginning after December 15, 2015. Management does not expect the adoption of this guidance will materially impact the Company's financial condition, results of operations, or liquidity. Simplifying the Accounting for Measurement-Period Adjustments: In September of 2015, the FASB issued guidance to simplify the recognition of measurement-period adjustments related to a business combination. This guidance eliminates the requirement for an acquirer in a business combination to account for measurement-period adjustments retrospectively. Instead, acquirers must recognize measurement-period adjustments during the reporting period in which the adjustment amounts are determined. In addition, the effect of the adjustments on the income statement must be calculated as if the accounting had been completed at the acquisition date. The guidance is effective for annual and interim periods beginning after December 15, 2015. Early adoption of this guidance is permitted. Management does not expect the adoption of this guidance will materially impact the Company's financial condition, results of operations, or liquidity. |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | ACQUISITIONS Completed 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. The fair value adjustments associated with this transaction were finalized during the second quarter of 2015 and there were no retrospective adjustments. 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. 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. The fair value adjustments associated with this transaction were finalized during the third quarter of 2015 and there were no retrospective adjustments. Pending Acquisitions The Peoples' Bank of Arlington Heights On September 21, 2015, the Company entered into a definitive agreement to acquire Peoples Bancorp, Inc. and its wholly owned banking subsidiary, The Peoples' Bank of Arlington Heights ("Peoples' Bank"). As part of the acquisition, the Company will acquire two locations in Arlington Heights, Illinois and approximately $57 million in loans and will assume approximately $95 million in deposits. The acquisition is expected to close before the end of 2015, subject to customary regulatory approvals, approval by the stockholders of Peoples Bancorp, Inc., and certain closing conditions. |
Securities
Securities | 9 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | SECURITIES Securities are classified as held-to-maturity, trading, or available-for-sale at the time of purchase. Securities classified as held-to-maturity are securities for which management has the intent and ability to hold to maturity and are stated at cost. The Company's trading securities consist of diversified investment securities reported at fair value that are held in a grantor trust under deferred compensation arrangements in which plan participants may direct amounts earned to be invested in securities other than Company stock. All other securities are classified as available-for-sale and are carried at fair value with unrealized gains and losses, net of related deferred income taxes, recorded in stockholders' equity as a separate component of accumulated other comprehensive loss. A summary of the Company's securities portfolio by category and maturity is presented in the following tables. Securities Portfolio (Dollar amounts in thousands) As of September 30, 2015 As of December 31, 2014 Amortized Cost Gross Unrealized Fair Value Amortized Cost Gross Unrealized Fair Value Gains Losses Gains Losses Securities Available-for-Sale U.S. treasury securities $ 1,999 $ — $ — $ 1,999 $ — $ — $ — $ — U.S. agency securities 18,289 337 (3 ) 18,623 30,297 144 (10 ) 30,431 Collateralized mortgage obligations ("CMOs") 545,992 3,765 (3,282 ) 546,475 538,882 2,256 (6,982 ) 534,156 Other mortgage-backed securities ("MBSs") 164,326 3,290 (235 ) 167,381 155,443 4,632 (310 ) 159,765 Municipal securities 375,323 6,880 (649 ) 381,554 414,255 10,583 (1,018 ) 423,820 Trust preferred collateralized debt obligations ("CDOs") 48,159 37 (16,326 ) 31,870 48,502 152 (14,880 ) 33,774 Corporate debt securities — — — — 1,719 83 — 1,802 Equity securities 3,446 93 (23 ) 3,516 3,224 72 (35 ) 3,261 Total available- for-sale securities $ 1,157,534 $ 14,402 $ (20,518 ) $ 1,151,418 $ 1,192,322 $ 17,922 $ (23,235 ) $ 1,187,009 Securities Held-to-Maturity Municipal securities $ 23,723 $ — $ (15 ) $ 23,708 $ 26,555 $ 1,115 $ — $ 27,670 Trading Securities $ 17,038 $ 17,460 Remaining Contractual Maturity of Securities (Dollar amounts in thousands) As of September 30, 2015 Available-for-Sale Held-to-Maturity Amortized Cost Fair Value Amortized Cost Fair Value One year or less $ 135,762 $ 132,787 $ 2,223 $ 2,222 After one year to five years 246,191 240,797 8,727 8,721 After five years to ten years 13,658 13,358 4,476 4,473 After ten years 48,159 47,104 8,297 8,292 Securities that do not have a single contractual maturity date 713,764 717,372 — — Total $ 1,157,534 $ 1,151,418 $ 23,723 $ 23,708 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 $1.0 billion at September 30, 2015 and $779.4 million at December 31, 2014 . No securities held-to-maturity were pledged as of September 30, 2015 or December 31, 2014 . Purchases and sales of securities are recognized on a trade date basis. Realized securities gains or losses are reported in net securities gains in the Condensed Consolidated Statements of Income. The cost of securities sold is based on the specific identification method. During the quarters and nine months ended September 30, 2015 and 2014 there were no material gross trading gains (losses). The following table presents net realized gains on available-for-sale securities for the quarters and nine months ended September 30, 2015 and 2014 . Available-for-Sale Securities Gains (Losses) (Dollar amounts in thousands) Quarters Ended Nine Months Ended 2015 2014 2015 2014 Gains (losses) on sales of securities: Gross realized gains $ 524 $ 2,570 $ 1,689 $ 8,188 Gross realized losses — — (138 ) — Net realized gains on sales of securities 524 2,570 1,551 8,188 Non-cash impairment charges: Other-than-temporary securities impairment ("OTTI") — — — (28 ) Net realized gains $ 524 $ 2,570 $ 1,551 $ 8,160 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. The following table presents a rollforward of life-to-date OTTI recognized in earnings related to all available-for-sale securities held by the Company for the quarters and nine months ended September 30, 2015 and 2014 . The majority of the beginning and ending balance of OTTI relates to CDOs currently held by the Company. Changes in OTTI Recognized in Earnings (Dollar amounts in thousands) Quarters Ended Nine Months Ended 2015 2014 2015 2014 Beginning balance $ 23,709 $ 23,880 $ 23,880 $ 32,422 OTTI included in earnings (1) : Losses on securities that previously had OTTI — — — 28 Reduction for sales of securities (2) — — (171 ) (8,570 ) Ending balance $ 23,709 $ 23,880 $ 23,709 $ 23,880 (1) Included in net securities gains in the Condensed Consolidated Statements of Income. (2) During the nine months ended September 30, 2015, the Company sold one CMO with a carrying value of $1.3 million that had OTTI of $171,000 that was previously recognized in earnings. The Company sold one CDO with a carrying value of $1.3 million during the nine months ended September 30, 2014 that had OTTI of $8.6 million that was 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 September 30, 2015 and December 31, 2014 . Securities in an Unrealized Loss Position (Dollar amounts in thousands) Less Than 12 Months Greater Than 12 Months Total Number of Securities Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses As of September 30, 2015 U.S. agency securities 1 $ 2,037 $ 3 $ — $ — $ 2,037 $ 3 CMOs 53 38,105 156 197,119 3,126 235,224 3,282 MBSs 6 20,003 64 9,699 171 29,702 235 Municipal securities 109 11,540 96 43,657 553 55,197 649 CDOs 8 1,693 172 28,444 16,154 30,137 16,326 Equity securities 1 — — 2,319 23 2,319 23 Total 178 $ 73,378 $ 491 $ 281,238 $ 20,027 $ 354,616 $ 20,518 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 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 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 of these securities with unrealized losses as of September 30, 2015 represent OTTI related to credit deterioration. These unrealized losses are attributed to changes in interest rates and temporary market movements. The Company does not intend to sell these securities 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 September 30, 2015 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 12 , "Fair Value." |
Loans
Loans | 9 Months Ended |
Sep. 30, 2015 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Loans | LOANS Loans Held-for-Investment The following table presents the Company's loans held-for-investment by class. Loan Portfolio (Dollar amounts in thousands) As of September 30, December 31, Commercial and industrial $ 2,392,860 $ 2,253,556 Agricultural 393,732 358,249 Commercial real estate: Office, retail, and industrial 1,414,077 1,478,379 Multi-family 539,308 564,421 Construction 192,086 204,236 Other commercial real estate 869,748 887,897 Total commercial real estate 3,015,219 3,134,933 Total corporate loans 5,801,811 5,746,738 Home equity 647,223 543,185 1-4 family mortgages 294,261 291,463 Installment 131,185 76,032 Total consumer loans 1,072,669 910,680 Total loans, excluding covered loans 6,874,480 6,657,418 Covered loans (1) 51,219 79,435 Total loans $ 6,925,699 $ 6,736,853 Deferred loan fees included in total loans $ 3,846 $ 3,922 Overdrawn demand deposits included in total loans 4,962 3,438 (1) For information on covered loans, see Note 6 , " Acquired and Covered Loans ." The Company lends primarily to community-based and mid-sized businesses, commercial real estate customers, and consumers in its markets. Within these areas, the Company diversifies its loan portfolio by loan type, industry, and borrower. It is the Company's policy to review each prospective credit to determine the appropriateness and the adequacy of security or collateral prior to making a loan. In the event of borrower default, the Company seeks recovery in compliance with state lending laws, the Company's lending standards, and credit monitoring and remediation procedures. A discussion of risk characteristics relevant to each portfolio segment is presented in Note 5 , "Loans" to the Consolidated Financial Statements in the Company's 2014 10-K. Loan Sales The table below summarizes the Company's loan sales for the quarters and nine months ended September 30, 2015 and 2014 . Loan Sales (Dollar amounts in thousands) Quarters Ended Nine Months Ended 2015 2014 2015 2014 Corporate loans Proceeds from sales $ — $ — $ 945 $ 650 Less book value of loans sold — — 945 650 Net gains on sales of corporate loans — — — — 1-4 family mortgage loans Proceeds from sales 43,340 32,611 132,367 117,549 Less book value of loans sold: Loans originated with intent to sell 42,069 26,384 113,566 62,319 Loans held-for-investment 120 5,302 15,068 52,384 Total book value of loans sold 42,189 31,686 128,634 114,703 Net gains on sales of 1-4 family mortgages 1,151 925 3,733 2,846 Total net gains on loan sales $ 1,151 $ 925 $ 3,733 $ 2,846 The Company retained servicing responsibilities for a portion of the 1-4 family mortgage loans sold and collects servicing fees equal to a percentage of the outstanding principal balance. The Company also retained limited recourse for credit losses on the sold loans. A description of the recourse obligation is presented in Note 11 , "Commitments, Guarantees, and Contingent Liabilities." |
Acquired and Covered Loans
Acquired and Covered Loans | 9 Months Ended |
Sep. 30, 2015 | |
Acquired Loans [Abstract] | |
Acquired and Covered Loans | ACQUIRED AND COVERED LOANS 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 ." The following table presents acquired and covered PCI and Non-PCI loans as of September 30, 2015 and December 31, 2014 . Acquired and Covered Loans (Dollar amounts in thousands) As of September 30, 2015 As of December 31, 2014 PCI Non-PCI Total PCI Non-PCI Total Acquired loans $ 32,942 $ 541,461 $ 574,403 $ 28,712 $ 714,836 $ 743,548 Covered loans 28,971 22,248 51,219 54,682 24,753 79,435 Total acquired and covered loans $ 61,913 $ 563,709 $ 625,622 $ 83,394 $ 739,589 $ 822,983 Non-PCI acquired loans that are renewed are no longer classified as acquired loans. These loans totaled $59.2 million at September 30, 2015. 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 September 30, 2015 and December 31, 2014 . Rollforwards of the carrying value of the FDIC indemnification asset for the quarters and nine months ended September 30, 2015 and 2014 are presented in the following table. Changes in the FDIC Indemnification Asset (Dollar amounts in thousands) Quarters Ended Nine Months Ended 2015 2014 2015 2014 Beginning balance $ 7,335 $ 10,276 $ 8,452 $ 16,585 Amortization (321 ) (650 ) (1,174 ) (2,784 ) Change in expected reimbursements from the FDIC for changes in expected credit losses 487 (857 ) 2,207 (325 ) Payments received from the FDIC (1,395 ) (70 ) (3,379 ) (4,777 ) Ending balance $ 6,106 $ 8,699 $ 6,106 $ 8,699 Changes in the accretable yield for acquired and covered PCI loans were as follows. Changes in Accretable Yield (Dollar amounts in thousands) Quarters Ended Nine Months Ended 2015 2014 2015 2014 Beginning balances $ 20,658 $ 35,152 $ 28,244 $ 36,792 Additions — 1,265 — 1,265 Accretion (2,366 ) (3,346 ) (9,364 ) (10,277 ) Other (1) 336 (5,215 ) (252 ) 76 Ending balance $ 18,628 $ 27,856 $ 18,628 $ 27,856 (1) Increases represent a rise in the expected future cash flows to be collected over the remaining estimated life of the underlying portfolio while decreases result from the resolution of certain loans occurring earlier than anticipated. |
Past Due Loans, Allowance For C
Past Due Loans, Allowance For Credit Losses, Impaired Loans and TDRS | 9 Months Ended |
Sep. 30, 2015 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
Past Due Loans, Allowance 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 September 30, 2015 and December 31, 2014 . 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 Past Due 90 Days or More Past Due Total Past Due Total Loans Non- accrual Loans 90 Days Past Due Loans, Still Accruing Interest As of September 30, 2015 Commercial and industrial $ 2,380,931 $ 6,937 $ 4,992 $ 11,929 $ 2,392,860 $ 6,438 $ 900 Agricultural 393,574 71 87 158 393,732 112 — Commercial real estate: Office, retail, and industrial 1,398,173 9,642 6,262 15,904 1,414,077 6,961 — Multi-family 535,085 1,100 3,123 4,223 539,308 1,046 2,269 Construction 188,561 467 3,058 3,525 192,086 3,332 — Other commercial real estate 858,597 5,867 5,284 11,151 869,748 5,898 897 Total commercial real estate 2,980,416 17,076 17,727 34,803 3,015,219 17,237 3,166 Total corporate loans 5,754,921 24,084 22,806 46,890 5,801,811 23,787 4,066 Home equity 640,783 3,464 2,976 6,440 647,223 5,201 214 1-4 family mortgages 290,066 2,643 1,552 4,195 294,261 3,320 152 Installment 130,292 766 127 893 131,185 — 127 Total consumer loans 1,061,141 6,873 4,655 11,528 1,072,669 8,521 493 Total loans, excluding covered loans 6,816,062 30,957 27,461 58,418 6,874,480 32,308 4,559 Covered loans 48,743 250 2,226 2,476 51,219 1,303 1,372 Total loans $ 6,864,805 $ 31,207 $ 29,687 $ 60,894 $ 6,925,699 $ 33,611 $ 5,931 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 estate 3,100,213 9,013 25,707 34,720 3,134,933 27,644 597 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 covered loans 6,586,049 36,420 34,949 71,369 6,657,418 59,971 1,173 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 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 quarters and nine months ended September 30, 2015 and 2014 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 Quarter ended September 30, 2015 Beginning balance $ 33,729 $ 11,345 $ 2,451 $ 1,890 $ 6,367 $ 10,820 $ 4,861 $ 1,816 $ 73,279 Charge-offs (1,948 ) (563 ) (68 ) — (598 ) (1,172 ) (8 ) — (4,357 ) Recoveries 347 106 1 114 506 213 7 — 1,294 Net charge-offs (1,601 ) (457 ) (67 ) 114 (92 ) (959 ) (1 ) — (3,063 ) Provision for loan and covered loan losses and other 3,247 967 226 (559 ) (181 ) 1,144 (744 ) (591 ) 3,509 Ending balance $ 35,375 $ 11,855 $ 2,610 $ 1,445 $ 6,094 $ 11,005 $ 4,116 $ 1,225 $ 73,725 Quarter ended September 30, 2014 Beginning balance $ 29,194 $ 11,831 $ 2,048 $ 4,885 $ 8,585 $ 12,440 $ 9,343 $ 1,616 $ 79,942 Charge-offs (9,763 ) (2,514 ) (26 ) (157 ) (1,363 ) (3,148 ) (135 ) — (17,106 ) Recoveries 716 55 — — 108 150 130 — 1,159 Net charge-offs (9,047 ) (2,459 ) (26 ) (157 ) (1,255 ) (2,998 ) (5 ) — (15,947 ) Provision for loan and covered loan losses and other 10,458 265 (65 ) (3,130 ) 189 3,699 (689 ) — 10,727 Ending balance $ 30,605 $ 9,637 $ 1,957 $ 1,598 $ 7,519 $ 13,141 $ 8,649 $ 1,616 $ 74,722 Nine months ended September 30, 2015 Beginning balance $ 29,458 $ 10,992 $ 2,249 $ 2,297 $ 8,327 $ 12,145 $ 7,226 $ 1,816 $ 74,510 Charge-offs (13,524 ) (2,613 ) (565 ) (15 ) (2,442 ) (2,723 ) (634 ) — (22,516 ) Recoveries 1,993 460 8 334 1,902 853 120 — 5,670 Net charge-offs (11,531 ) (2,153 ) (557 ) 319 (540 ) (1,870 ) (514 ) — (16,846 ) Provision for loan and covered loan losses and other 17,448 3,016 918 (1,171 ) (1,693 ) 730 (2,596 ) (591 ) 16,061 Ending balance $ 35,375 $ 11,855 $ 2,610 $ 1,445 $ 6,094 $ 11,005 $ 4,116 $ 1,225 $ 73,725 Nine months ended September 30, 2014 Beginning balance $ 30,381 $ 10,405 $ 2,017 $ 6,316 $ 10,817 $ 13,010 $ 12,559 $ 1,616 $ 87,121 Charge-offs (15,542 ) (7,108 ) (383 ) (1,052 ) (3,695 ) (7,005 ) (659 ) — (35,444 ) Recoveries 3,135 403 3 160 341 502 992 — 5,536 Net charge-offs (12,407 ) (6,705 ) (380 ) (892 ) (3,354 ) (6,503 ) 333 — (29,908 ) Provision for loan and covered loan losses and other 12,631 5,937 320 (3,826 ) 56 6,634 (4,243 ) — 17,509 Ending balance $ 30,605 $ 9,637 $ 1,957 $ 1,598 $ 7,519 $ 13,141 $ 8,649 $ 1,616 $ 74,722 The table below provides a breakdown of loans and the related allowance for credit losses by portfolio segment as of September 30, 2015 and December 31, 2014 . Loans and Related Allowance for Credit Losses by Portfolio Segment (Dollar amounts in thousands) Loans Allowance for Credit Losses Individually Evaluated for Impairment Collectively Evaluated for Impairment PCI Total Individually Evaluated for Impairment Collectively Evaluated for Impairment PCI Total As of September 30, 2015 Commercial, industrial, and agricultural $ 3,480 $ 2,777,887 $ 5,225 $ 2,786,592 $ 926 $ 33,913 $ 536 $ 35,375 Commercial real estate: Office, retail, and industrial 5,923 1,403,781 4,373 1,414,077 648 11,177 30 11,855 Multi-family 802 535,649 2,857 539,308 — 2,581 29 2,610 Construction 1,872 185,984 4,230 192,086 — 1,033 412 1,445 Other commercial real estate 3,976 859,138 6,634 869,748 — 5,850 244 6,094 Total commercial real estate 12,573 2,984,552 18,094 3,015,219 648 20,641 715 22,004 Total corporate loans 16,053 5,762,439 23,319 5,801,811 1,574 54,554 1,251 57,379 Consumer — 1,063,046 9,623 1,072,669 — 10,767 238 11,005 Total loans, excluding covered loans 16,053 6,825,485 32,942 6,874,480 1,574 65,321 1,489 68,384 Covered loans — 22,248 28,971 51,219 — 298 3,818 4,116 Reserve for unfunded commitments — — — — — 1,225 — 1,225 Total loans $ 16,053 $ 6,847,733 $ 61,913 $ 6,925,699 $ 1,574 $ 66,844 $ 5,307 $ 73,725 As of December 31, 2014 Commercial, industrial, and agricultural $ 19,796 $ 2,588,141 $ 3,868 $ 2,611,805 $ 2,249 $ 27,209 $ — $ 29,458 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 real estate 23,208 3,095,499 16,226 3,134,933 282 23,583 — 23,865 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 covered loans 43,004 6,585,702 28,712 6,657,418 2,531 62,614 323 65,468 Covered loans — 24,753 54,682 79,435 — 488 6,738 7,226 Reserve for unfunded commitments — — — — — 1,816 — 1,816 Total loans $ 43,004 $ 6,610,455 $ 83,394 $ 6,736,853 $ 2,531 $ 64,918 $ 7,061 $ 74,510 Loans Individually Evaluated for Impairment The following table presents loans individually evaluated for impairment by class of loan as of September 30, 2015 and December 31, 2014 . PCI loans are excluded from this disclosure. Impaired Loans Individually Evaluated by Class (Dollar amounts in thousands) As of September 30, 2015 As of December 31, 2014 Recorded Investment In Recorded Investment In Loans with No Specific Reserve Loans with a Specific Reserve Unpaid Principal Balance Specific Reserve Loans with No Specific Reserve Loans with a Specific Reserve Unpaid Principal Balance Specific Reserve Commercial and industrial $ 2,244 $ 1,236 $ 4,281 $ 926 $ 666 $ 19,130 $ 35,457 $ 2,249 Agricultural — — — — — — — — Commercial real estate: Office, retail, and industrial 4,415 1,508 11,421 648 9,623 2,709 18,340 271 Multi-family 802 — 942 — 939 — 1,024 — Construction 1,872 — 1,979 — 6,671 — 7,731 — Other commercial real estate 3,976 — 4,695 — 2,752 514 4,490 11 Total commercial real estate 11,065 1,508 19,037 648 19,985 3,223 31,585 282 Total impaired loans individually evaluated for impairment $ 13,309 $ 2,744 $ 23,318 $ 1,574 $ 20,651 $ 22,353 $ 67,042 $ 2,531 The following table presents the average recorded investment and interest income recognized on impaired loans by class for the quarters and nine months ended September 30, 2015 and 2014 . PCI loans are excluded from this disclosure. Average Recorded Investment and Interest Income Recognized on Impaired Loans by Class (Dollar amounts in thousands) Quarters Ended September 30, 2015 2014 Average Recorded Balance Interest Income Recognized (1) Average Recorded Balance Interest Income Recognized (1) Commercial and industrial $ 5,968 $ 37 $ 20,137 $ 57 Agricultural — — — — Commercial real estate: Office, retail, and industrial 8,814 4 15,873 3 Multi-family 925 12 1,155 — Construction 2,995 118 5,792 — Other commercial real estate 3,442 15 5,234 22 Total commercial real estate 16,176 149 28,054 25 Total impaired loans $ 22,144 $ 186 $ 48,191 $ 82 Nine Months Ended September 30, 2015 2014 Average Interest (1) Average Interest (1) Commercial and industrial $ 10,457 $ 113 $ 15,222 $ 204 Agricultural — — — — Commercial real estate: Office, retail, and industrial 10,158 37 20,671 150 Multi-family 868 13 1,321 — Construction 4,833 118 5,537 — Other commercial real estate 3,222 34 6,701 137 Total commercial real estate 19,081 202 34,230 287 Total impaired loans $ 29,538 $ 315 $ 49,452 $ 491 (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 September 30, 2015 and December 31, 2014 . Corporate Credit Quality Indicators by Class, Excluding Covered Loans (Dollar amounts in thousands) Pass Special Mention (1) (4) Substandard (2) (4) Non-accrual (3) Total As of September 30, 2015 Commercial and industrial $ 2,247,010 $ 90,414 $ 48,998 $ 6,438 $ 2,392,860 Agricultural 388,034 — 5,586 112 393,732 Commercial real estate: Office, retail, and industrial 1,335,648 37,420 34,048 6,961 1,414,077 Multi-family 527,520 6,147 4,595 1,046 539,308 Construction 173,821 5,181 9,752 3,332 192,086 Other commercial real estate 829,347 24,140 10,363 5,898 869,748 Total commercial real estate 2,866,336 72,888 58,758 17,237 3,015,219 Total corporate loans $ 5,501,380 $ 163,302 $ 113,342 $ 23,787 $ 5,801,811 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 (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 $870,000 as of September 30, 2015 and $1.8 million as of December 31, 2014 . Consumer Credit Quality Indicators by Class, Excluding Covered Loans (Dollar amounts in thousands) Performing Non-accrual Total As of September 30, 2015 Home equity $ 642,022 $ 5,201 $ 647,223 1-4 family mortgages 290,941 3,320 294,261 Installment 131,185 — 131,185 Total consumer loans $ 1,064,148 $ 8,521 $ 1,072,669 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 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 September 30, 2015 and December 31, 2014 . See Note 1, "Summary of Significant Accounting Policies," for the accounting policy for TDRs. TDRs by Class (Dollar amounts in thousands) As of September 30, 2015 As of December 31, 2014 Accruing Non-accrual (1) Total Accruing Non-accrual (1) Total Commercial and industrial $ 297 $ 1,063 $ 1,360 $ 269 $ 18,799 $ 19,068 Commercial real estate: Office, retail, and industrial 166 — 166 586 — 586 Multi-family 601 192 793 887 232 1,119 Other commercial real estate 346 — 346 433 183 616 Total commercial real estate 1,113 192 1,305 1,906 415 2,321 Total corporate loans 1,410 1,255 2,665 2,175 19,214 21,389 Home equity 501 681 1,182 651 506 1,157 1-4 family mortgages 860 430 1,290 878 184 1,062 Total consumer loans 1,361 1,111 2,472 1,529 690 2,219 Total loans $ 2,771 $ 2,366 $ 5,137 $ 3,704 $ 19,904 $ 23,608 (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 $769,000 in specific reserves related to TDRs as of September 30, 2015 and there were $1.8 million in specific reserves related to TDRs as of December 31, 2014 . The following table presents a summary of loans that were restructured during the quarters and nine months ended September 30, 2015 , and 2014 . Loans Restructured During the Period (Dollar amounts in thousands) Number of Loans Pre- Modification Recorded Investment Funds Disbursed Interest and Escrow Capitalized Charge-offs Post- Modification Recorded Investment Quarter ended September 30, 2015 Home equity 1 $ 120 $ — $ — $ — $ 120 1-4 family mortgages 2 325 — — — 325 Total loans restructured during the period 3 $ 445 $ — $ — $ — $ 445 Quarter ended September 30, 2014 Commercial and industrial 5 $ 23,015 $ — $ — $ — $ 23,015 Office, retail, and industrial 1 417 — — — 417 Total loans restructured during the period 6 $ 23,432 $ — $ — $ — $ 23,432 Nine months ended September 30, 2015 Home equity 1 $ 120 $ — $ — $ — $ 120 1-4 family mortgages 2 325 — — — 325 Total loans restructured during the period 3 $ 445 $ — $ — $ — $ 445 Nine months ended September 30, 2014 Commercial and industrial 5 $ 23,015 $ — $ — $ — $ 23,015 Office, retail, and industrial 1 417 — — — 417 Home equity 1 75 — — — 75 Total loans restructured during the period 7 $ 23,507 $ — $ — $ — $ 23,507 Accruing TDRs that do not perform in accordance with their modified terms are transferred to non-accrual. No material loans defaulted within twelve months of the restructure date during the quarters and nine months ended September 30, 2015 and 2014 . A rollforward of the carrying value of TDRs for the quarters and nine months ended September 30, 2015 and 2014 is presented in the following table. TDR Rollforward (Dollar amounts in thousands) Quarters Ended Nine Months Ended 2015 2014 2015 2014 Accruing Beginning balance $ 3,067 $ 5,697 $ 3,704 $ 23,770 Additions 120 417 120 492 Net payments received (355 ) (109 ) (746 ) (1,219 ) Returned to performing status — — — (18,821 ) Net transfers from non-accrual (61 ) (556 ) (307 ) 1,227 Ending balance 2,771 5,449 2,771 5,449 Non-accrual Beginning balance 2,070 1,700 19,904 4,083 Additions 325 23,015 325 23,015 Net payments received (29 ) (135 ) (15,483 ) (292 ) Charge-offs (61 ) (8,159 ) (2,687 ) (8,345 ) Transfers to OREO — — — (257 ) Net transfers to accruing 61 556 307 (1,227 ) Ending balance 2,366 16,977 2,366 16,977 Total TDRs $ 5,137 $ 22,426 $ 5,137 $ 22,426 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. Loans that were not restructured at market rates and terms, that are not in compliance with the modified terms, or for which there is a concern about the future ability of the borrower to meet its obligations under the modified terms, continue to be separately reported as restructured until paid in full or charged-off. There were no material commitments to lend additional funds to borrowers with TDRs as of September 30, 2015 and there were $666,000 in commitments as of December 31, 2014 . |
Earnings Per Common Share
Earnings Per Common Share | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | EARNINGS PER COMMON SHARE The table below displays the calculation of basic and diluted earnings per share. Basic and Diluted Earnings per Common Share (Amounts in thousands, except per share data) Quarters Ended Nine Months Ended 2015 2014 2015 2014 Net income $ 23,284 $ 18,549 $ 65,740 $ 54,713 Net income applicable to non-vested restricted shares (226 ) (242 ) (703 ) (697 ) Net income applicable to common shares $ 23,058 $ 18,307 $ 65,037 $ 54,016 Weighted-average common shares outstanding: Weighted-average common shares outstanding (basic) 77,106 74,341 77,038 74,270 Dilutive effect of common stock equivalents 13 11 13 12 Weighted-average diluted common shares outstanding 77,119 74,352 77,051 74,282 Basic earnings per common share ("EPS") $ 0.30 $ 0.25 $ 0.84 $ 0.73 Diluted EPS $ 0.30 $ 0.25 $ 0.84 $ 0.73 Anti-dilutive shares not included in the computation of diluted earnings per common share (1) 751 1,155 822 1,215 (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 | 9 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The following table presents income tax expense and the effective income tax rate for the quarters and nine months ended September 30, 2015 and 2014 . Income Tax Expense (Dollar amounts in thousands) Quarters Ended Nine Months Ended 2015 2014 2015 2014 Income before income tax expense $ 34,451 $ 27,098 $ 96,564 $ 80,076 Income tax expense: Federal income tax expense $ 9,036 $ 6,714 $ 24,956 $ 19,719 State income tax expense 2,131 1,835 5,868 5,644 Total income tax expense $ 11,167 $ 8,549 $ 30,824 $ 25,363 Effective income tax rate 32.4 % 31.5 % 31.9 % 31.7 % Federal income tax expense 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 and state income taxes. State income tax expense and the related effective tax rate are driven by the amount of state tax-exempt income in relation to pre-tax income and state tax rules related to consolidated/combined reporting and sourcing of income and expense. The increase in total income tax expense resulted primarily from higher levels of income subject to tax at statutory rates, partly offset by decreases in state statutory rates. The Company's accounting policies for the recognition of income taxes in the Consolidated Statements of Financial Condition and Income are included in Note 1, "Summary of Significant Accounting Policies" and Note 15 , "Income Taxes" to the Consolidated Financial Statements in the Company's 2014 10-K. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 9 Months Ended |
Sep. 30, 2015 | |
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 September 30, 2015 December 31, 2014 Gross notional amount outstanding $ 11,918 $ 12,793 Derivative liability fair value (819 ) (1,032 ) Weighted-average interest rate received 2.11 % 2.07 % Weighted-average interest rate paid 6.36 % 6.37 % Weighted-average maturity (in years) 2.21 2.95 Fair value of assets needed to settle derivative transactions (1) $ 841 $ 1,057 (1) This amount represents the fair value if credit risk related contingent features were triggered. Hedge ineffectiveness is recognized in other noninterest income in the Condensed Consolidated Statements of Income. For the quarters and nine months ended September 30, 2015 and 2014 gains or losses related to fair value hedge ineffectiveness were not material. Cash Flow Hedges As of September 30, 2015, the Company hedged $710.0 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 $510.0 million of borrowed funds using forward starting interest rate swaps through which the Company receives variable amounts and pays fixed amounts. These transactions allow the Company to add stability to net interest income and manage its exposure to interest rate movements. The forward starting interest rate swaps begin at various dates between June 2015 and March 2018 and mature between June 2019 and March 2020. Forward starting interest rate swaps of $62.5 million and $200.0 million began during the second and third quarters of 2015, respectively. These derivative contracts are designated as cash flow hedges. Cash Flow Hedges (Dollar amounts in thousands) As of September 30, 2015 December 31, 2014 Gross notional amount outstanding $ 1,220,000 $ 650,000 Derivative asset fair value 12,784 1,166 Derivative liability fair value (13,844 ) (3,096 ) Weighted-average interest rate received 1.23 % 1.63 % Weighted-average interest rate paid 0.72 % 0.16 % Weighted-average maturity (in years) 4.16 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 effectiveness is determined using a regression analysis at the inception of the hedge relationship and on an ongoing basis. For the quarter and nine months ended September 30, 2015 , there were no material gains or losses related to cash flow hedge ineffectiveness. As of September 30, 2015 , the Company estimates that $5.2 million will be reclassified from accumulated other comprehensive income as an increase to interest income over the next twelve months. Other Derivative Instruments The Company also enters into derivative transactions with its commercial customers and simultaneously enters into an offsetting interest rate derivative transaction with a third party. This transaction allows the Company's customers to effectively convert a variable rate loan into a fixed rate loan. Due to the offsetting nature of these transactions, the Company does not apply hedge accounting treatment. The Company's credit exposure on these derivative transactions results primarily from counterparty credit risk. The credit valuation adjustment ("CVA") is a fair value adjustment to the derivative to account for this risk. As of September 30, 2015 and December 31, 2014, the CVA was not material. Transaction fees related to commercial customer derivative instruments of $1.2 million and $2.7 million were recorded in noninterest income for the quarter and nine months ended September 30, 2015 , respectively. There were $874,000 and $1.3 million of transaction fees recorded for the quarter and nine months ended September 30, 2014 , respectively. Other Derivative Instruments (Dollar amounts in thousands) As of September 30, 2015 December 31, 2014 Gross notional amount outstanding $ 685,270 $ 527,893 Derivative asset fair value 13,367 7,852 Derivative liability fair value (13,367 ) (7,852 ) Fair value of assets needed to settle derivative transactions (1) 13,764 8,130 (1) This amount represents the fair value if credit risk related contingent features were triggered. The Company occasionally enters into risk participation agreements with counterparty banks to transfer or assume a portion of the credit risk related to customer transactions. The amounts of these instruments were not material for any periods presented. The Company had no other derivative instruments as of September 30, 2015 or December 31, 2014 . 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 September 30, 2015 and December 31, 2014 , 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 September 30, 2015 and December 31, 2014 . Fair Value of Offsetting Derivatives (Dollar amounts in thousands) As of September 30, 2015 As of December 31, 2014 Assets Liabilities Assets Liabilities Gross amounts recognized $ 26,151 $ 28,030 $ 9,018 $ 11,980 Less: amounts offset in the Consolidated Statements of Financial Condition — — — — Net amount presented in the Consolidated Statements of Financial Condition (1) 26,151 28,030 9,018 11,980 Gross amounts not offset in the Consolidated Statements of Financial Condition: Offsetting derivative positions (12,788 ) (12,788 ) (1,195 ) (1,195 ) Cash collateral pledged — (15,242 ) — (10,785 ) Net credit exposure $ 13,363 $ — $ 7,823 $ — (1) Included in other assets or other liabilities in the Consolidated Statements of Financial Condition. As of September 30, 2015 and December 31, 2014 , 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 September 30, 2015 and December 31, 2014 the Company was not in violation of these provisions. |
Commitments, Guarantees, and Co
Commitments, Guarantees, and Contingent Liabilities | 9 Months Ended |
Sep. 30, 2015 | |
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 September 30, December 31, Commitments to extend credit: Commercial, industrial, and agricultural $ 1,253,880 $ 1,299,683 Commercial real estate 288,930 170,573 Home equity 336,786 317,783 Other commitments (1) 201,646 194,556 Total commitments to extend credit $ 2,081,242 $ 1,982,595 Standby letters of credit $ 102,996 $ 110,639 Recourse on assets sold: Unpaid principal balance of loans sold $ 199,748 $ 185,910 Carrying value of recourse obligation (2) 76 155 (1) Other commitments includes installment and overdraft protection program commitments. (2) Included in other liabilities in the Consolidated Statements of Financial Condition. Commitments to extend credit are agreements to lend funds to a customer, subject to contractual terms and covenants. Commitments generally have fixed expiration dates or other termination clauses, variable interest rates, and fee requirements, when applicable. Since many of the commitments are expected to expire without being drawn, the total commitment amounts do not necessarily represent future cash flow requirements. In the event of a customer's non-performance, the Company's credit loss exposure is equal to the contractual amount of the commitments. The credit risk is essentially the same as extending loans to customers. The Company uses the same credit policies for credit commitments as its loans and minimizes exposure to credit loss through various collateral requirements. Letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Standby letters of credit generally are contingent on the failure of the customer to perform according to the terms of the contract with the third party and are often issued in favor of a municipality where construction is taking place to ensure the borrower adequately completes the construction. The maximum potential future payments guaranteed by the Company under standby letters of credit arrangements are equal to the contractual amount of the commitment. If a commitment is funded, the Company may seek recourse through the liquidation of the underlying collateral, including real estate, production plants and property, marketable securities, or receipt of cash. As a result of the sale of certain 1-4 family mortgage loans, the Company is contractually obligated to repurchase any non-performing loans or loans that do not meet underwriting requirements at recorded value. In accordance with the sales agreements, there is no limitation to the maximum potential future payments or expiration of the Company's recourse obligation. There were no material loan repurchases during the quarters and nine months ended September 30, 2015 and 2014 . Legal Proceedings In the ordinary course of business, there were certain legal proceedings pending against the Company and its subsidiaries at September 30, 2015 . 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 have a material adverse effect on the Company's financial position, results of operations, or cash flows. |
Fair Value
Fair Value | 9 Months Ended |
Sep. 30, 2015 | |
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. See the "Fair Value Measurements of Other Financial Instruments" section of this note. Any aggregation of the estimated fair values presented in this note 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 September 30, 2015 As of December 31, 2014 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets: Trading securities: Money market funds $ 2,366 $ — $ — $ 1,725 $ — $ — Mutual funds 14,672 — — 15,735 — — Total trading securities 17,038 — — 17,460 — — Securities available-for-sale: U.S. treasury securities — 1,999 — — — — U.S. agency securities — 18,623 — — 30,431 — CMOs — 546,475 — — 534,156 — MBSs — 167,381 — — 159,765 — Municipal securities — 381,554 — — 423,820 — CDOs — — 31,870 — — 33,774 Corporate debt securities — — — — 1,802 — Equity securities — 3,516 — — 3,261 — Total available-for-sale securities — 1,119,548 31,870 — 1,153,235 33,774 Mortgage servicing rights (1) — — 1,798 — — 1,728 Derivative assets (1) — 26,151 — — 9,018 — Liabilities: Derivative liabilities (2) $ — $ 28,030 $ — $ — $ 11,980 $ — (1) Included in other assets in the Consolidated Statements of Financial Condition. (2) Included in other liabilities in the Consolidated Statements of Financial Condition. The following sections describe the specific valuation techniques and inputs used to measure financial assets and liabilities at fair value. Trading Securities The Company's trading securities consist of diversified investment securities held in a grantor trust and are invested in money market and mutual funds. The fair value of these money market and mutual funds is based on quoted market prices in active exchange markets and is classified in level 1 of the fair value hierarchy. Securities Available-for-Sale The Company's available-for-sale securities are primarily fixed income instruments that are not quoted on an exchange, but may be traded in active markets. The fair values are based on quoted prices in active markets or market prices for similar securities obtained from external pricing services or dealer market participants and are classified in level 2 of the fair value hierarchy. Quarterly, the Company evaluates the methodologies used by its external pricing services to 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 of the fair value hierarchy. The Company estimates the fair values for each CDO using discounted cash flow analyses with the assistance of a structured credit valuation firm. This methodology is based on 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 significant, unobservable inputs calculated using the weighted average of the Issuers used by the Company as of September 30, 2015 . Significant Unobservable Inputs Used in the Valuation of CDOs As of Probability of prepayment 2.4% - 15.4% Probability of default 17.7% - 54.8% Loss given default 88.2% - 96.5% Probability of deferral cure 21.7% - 56.8% Most Issuers have the right to prepay the securities on the fifth anniversary of issuance and under other limited circumstances. To estimate prepayments, a credit analysis of each Issuer is performed to estimate its ability and likelihood to fund a prepayment. If a prepayment occurs, the Company receives cash equal to the par value for the portion of the CDO associated with that Issuer. The likelihood that an Issuer who is currently deferring payment on the securities will pay all deferred amounts and remain current thereafter is based on an analysis of the Issuer's asset quality, leverage ratios, and other measures of financial viability. The impact of changes in these key inputs could result in a significantly higher or lower fair value measurement for each CDO. The timing of the default, the magnitude of the default, and the timing and magnitude of the cure probability are directly interrelated. Defaults that occur sooner and/or are greater than anticipated have a negative impact on the valuation. In addition, a high cure probability assumption has a positive effect on the fair value, and, if a cure event takes place sooner than anticipated, the impact on the valuation is also favorable. Management monitors the valuation results of each CDO on a semi-annual basis, which includes an analysis of historical pricing trends for these types of securities, overall economic conditions (such as tracking LIBOR curves), and the performance of the Issuers' industries. Annually, management validates significant assumptions by reviewing detailed back-testing performed by the structured credit valuation firm. A rollforward of the carrying value of CDOs for the quarters and nine months ended September 30, 2015 and 2014 is presented in the following table. Rollforward of the Carrying Value of CDOs (Dollar amounts in thousands) Quarters Ended Nine Months Ended 2015 2014 2015 2014 Beginning balance $ 32,004 $ 18,436 $ 33,774 $ 18,309 Change in other comprehensive loss (1) (62 ) (65 ) (1,560 ) 1,571 Paydowns (72 ) (2 ) (344 ) (1,511 ) Ending balance $ 31,870 $ 18,369 $ 31,870 $ 18,369 (1) Included in unrealized holding gains in the Consolidated Statements of Comprehensive Income. Mortgage Servicing Rights The Company services loans for others totaling $232.2 million as of September 30, 2015 and $220.4 million as of December 31, 2014 . These loans are owned by third parties and are not included in the Consolidated Statements of Financial Condition. 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 and classifies them in level 3 of the fair value hierarchy. Additional information regarding the Company's mortgage servicing rights can be found in Note 22 , "Fair Value," to the Consolidated Financial Statements in the Company's 2014 10-K. Derivative Assets and Derivative Liabilities The Company enters into interest rate swaps and derivative transactions with commercial customers. These derivative transactions are executed in the dealer market, and pricing is based on market quotes obtained from the counterparties. The market quotes were developed using market observable inputs, which primarily include LIBOR. Therefore, derivatives are classified in level 2 of the fair value hierarchy. For its derivative assets and liabilities, the Company also considers non-performance risk, including the likelihood of default by itself and its counterparties, when evaluating whether the market quotes from the counterparty are representative of an exit price. Assets and Liabilities Required to be Measured at Fair Value on a Non-Recurring Basis The following table provides the fair value for each class of assets and liabilities required to be measured at fair value on a non-recurring basis in the Consolidated Statements of Financial Condition by level in the fair value hierarchy. Non-Recurring Fair Value Measurements (Dollar amounts in thousands) As of September 30, 2015 As of December 31, 2014 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Collateral-dependent impaired loans (1) $ — $ — $ 5,773 $ — $ — $ 23,799 OREO (2) — — 7,477 — — 22,760 Loans held-for-sale (3) — — 19,439 — — 9,459 Assets held-for-sale (4) — — 2,026 — — 2,026 (1) Includes impaired loans with charge-offs and impaired loans with a specific reserve during the periods presented. (2) Includes OREO and covered OREO with fair value adjustments subsequent to initial transfer that occurred during the periods presented. (3) Included in other assets in the Consolidated Statements of Financial Condition. (4) Included in premises, furniture, and equipment in the Consolidated Statements of Financial Condition. Collateral-Dependent Impaired Loans Certain collateral-dependent impaired loans are subject to fair value adjustments to reflect the difference between the carrying value of the loan and the value of the underlying collateral. The fair values of collateral-dependent impaired loans are primarily determined by current appraised values of the underlying collateral. Based on the age and/or type, appraisals may be adjusted in the range of 0% to 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 As of September 30, 2015 , loans held-for-sale consists of 1-4 family mortgage loans, which were originated with the intent to sell. These loans were recorded in the held-for-sale category at the contract price and, accordingly, are classified in level 3 of the fair value hierarchy. As of December 31, 2014 , loans held-for-sale consists of 1-4 family mortgage loans, which were originated with the intent to sell, and a commercial real estate loan. Assets Held-for-Sale Assets held-for-sale consists of former branches that are no longer in operation and are being actively marketed. These branches were transferred into the held-for-sale category at the lower of their fair value as determined by a current appraisal or their recorded investment. Based on these valuation methods, they are classified in level 3 of the fair value hierarchy. Financial Instruments Not Required to be Measured at Fair Value For certain financial instruments that are not required to be measured at fair value in the Consolidated Statements of Financial Condition, the Company must disclose the estimated fair values and the level within the fair value hierarchy as shown in the following table. Fair Value Measurements of Other Financial Instruments (Dollar amounts in thousands) As of September 30, 2015 December 31, 2014 Fair Value Hierarchy Level Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash and due from banks 1 $ 125,279 $ 125,279 $ 117,315 $ 117,315 Interest-bearing deposits in other banks 2 822,264 822,264 488,947 488,947 Securities held-to-maturity 2 23,723 23,708 26,555 27,670 FHLB and FRB stock 2 38,748 38,748 37,558 37,558 Loans 3 6,859,305 6,770,861 6,672,611 6,536,248 Investment in BOLI 3 208,666 208,666 206,498 206,498 Accrued interest receivable 3 27,897 27,897 27,506 27,506 Other interest-earning assets 3 2,357 2,357 3,799 3,799 Liabilities: Deposits 2 $ 8,296,450 $ 8,295,488 $ 7,887,758 $ 7,879,413 Borrowed funds 2 169,943 169,942 137,994 137,994 Senior and subordinated debt 1 201,123 207,045 200,869 209,035 Accrued interest payable 2 5,124 5,124 2,324 2,324 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, 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. Loans - Loans includes the FDIC indemnification asset and net loans, which consists of 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. Investment in BOLI - The fair value of BOLI approximates the carrying amount as both are based on each policy's respective cash surrender value ("CSV"), which is the amount the Company would receive from liquidation of these investments. The CSV is derived from monthly reports provided by the managing brokers and is determined using the Company's initial insurance premium and earnings of the underlying assets, offset by management fees. Other Interest-Earning Assets - The fair value of other interest-earning assets is estimated using the present value of the 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 is 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. |
Summary of Significant Accoun21
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation – The accompanying unaudited condensed consolidated interim financial statements ("consolidated financial statements") of First Midwest Bancorp, Inc. (the "Company"), a Delaware corporation, were prepared in accordance with the rules and regulations of the Securities and Exchange Commission ("SEC") for quarterly reports on Form 10-Q and reflect all adjustments that management deems necessary for the fair presentation of the financial position and results of operations for the periods presented. The results of operations for the quarter and nine months ended September 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015 . The accounting and reporting policies of the Company and its subsidiaries conform to U.S. generally accepted accounting principles ("GAAP") and general practices within the banking industry. The accompanying consolidated financial statements do not include certain information and note disclosures required by GAAP for complete annual financial statements. Therefore, these financial statements should be read in conjunction with the Company's 2014 Annual Report on Form 10-K (" 2014 10-K"). The Company uses the accrual basis of accounting for financial reporting purposes. Certain reclassifications were made to prior year amounts to conform to the current year presentation. |
Principles of Consolidation | Principles of Consolidation – The accompanying 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. |
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. The accounting policies related to business combinations, loans, the allowance for credit losses, the FDIC indemnification asset, and derivative financial instruments are presented below. For a summary of all other significant accounting policies, see Note 1, "Summary of Significant Accounting Policies," in the Company's 2014 10-K. |
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 identifiable 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 Condensed Consolidated Statements of Income from the effective date of the acquisition. |
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 consists 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 during the coverage period. Acquired loans consist of all other loans that were acquired in business combinations that are not covered by FDIC Agreements. Covered loans are reported separately in the financial statements and acquired loans are included within loans held-for-investment. 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. Leases and revolving loans do not qualify to be accounted for as PCI loans and are accounted for as Non-PCI loans. The acquisition adjustment related to Non-PCI loans is amortized into interest income over the contractual life of the related loans. If an acquired non-PCI loan is renewed subsequent to the acquisition date, any remaining acquisition adjustment is accreted into interest income and the loan is considered a new loan that is no longer classified as an acquired loan. PCI loans are accounted for 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 ratings. 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 offset against the allowance for credit losses to the extent an allowance has been established or otherwise 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 future 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 identifies restructured loans as TDRs 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 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 Credit Losses | Allowance for Credit Losses – The allowance for credit losses is comprised of the allowance for loan losses, the allowance for covered loan losses, and the reserve for unfunded commitments, and is maintained by management at a level believed adequate to absorb estimated losses inherent in the existing loan portfolio. Determination of the allowance for credit losses is subjective since it requires significant estimates and management judgment, including the amounts and timing of expected future cash flows on impaired loans, estimated losses on pools of homogeneous loans, consideration of current economic trends, and other factors. Loans deemed to be uncollectible are charged-off against the allowance for loan and covered loan losses, while recoveries of amounts previously charged-off are credited to the allowance for loan and covered loan losses. Additions to the allowance for loan and covered loan losses are charged to expense through the provision for loan and covered loan losses. The amount of provision depends on a number of factors, including net charge-off levels, loan growth, changes in the composition of the loan portfolio, and the Company's assessment of the allowance for loan and covered loan losses based on the methodology discussed below. Allowance for Loan Losses – The allowance for loan losses consists of (i) specific reserves for individual loans where the recorded investment exceeds the value, (ii) an allowance based on a loss migration analysis that uses historical credit loss experience for each loan category, and (iii) an 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 primarily 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. The allowance for loan losses also consists of an allowance on acquired Non-PCI and PCI loans. No allowance for loan losses is recorded on acquired loans at the acquisition date. An allowance for credit losses is established as necessary to reflect credit deterioration since the acquisition date. The Non-PCI allowance is based on management's evaluation of the acquired Non-PCI loan portfolio giving consideration to the current portfolio balance including the remaining acquisition adjustments, maturity dates, and overall credit quality. The allowance on acquired PCI loans is determined in the same manner as the allowance for covered loan losses, which is discussed below. Non-PCI acquired loans that have renewed subsequent to the respective acquisition dates are no longer classified as acquired loans. Instead, they are included with our general loan population and allocated an allowance based on a loss migration analysis. Allowance for Covered Loan Losses – The allowance for covered loan losses consists of an allowance on covered Non-PCI and PCI loans. The allowance for covered Non-PCI loans is calculated in the same manner as the general reserve component based on a loss migration analysis as discussed above. The covered PCI allowance 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 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. |
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 future expected reimbursements from the FDIC. Since the indemnified items are covered loans and covered OREO, which are initially measured at fair value, the FDIC indemnification asset is also initially measured at fair value by discounting the 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. |
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. |
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS Adopted Accounting Pronouncements Receivables - Troubled Debt Restructurings by Creditors: In January of 2014, the Financial Accounting Standards Board ("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. The adoption of this guidance on January 1, 2015 did not 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. The adoption of this guidance on January 1, 2015 did not materially impact the Company's financial condition, results of operations, or liquidity. Accounting Pronouncements Pending Adoption 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 was initially effective for annual and interim reporting periods beginning on or after December 15, 2016. In August of 2015, the FASB issued guidance that defers the effective date by one year. The deferral causes the guidance to be effective for annual and interim reporting periods beginning on or after December 15, 2017, and must be applied either retrospectively or using the modified retrospective approach. Early adoption is permitted, but not before the original effective date. 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 annual and interim periods beginning after December 15, 2016. Management does not expect the adoption of this guidance will materially impact the Company's financial condition, results of operations, or liquidity. Simplifying the Presentation of Debt Issuance Costs: In April of 2015, the FASB issued guidance to clarify the presentation of debt issuance costs within the balance sheet. Additionally, the guidance requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by this amendment. The guidance is effective for annual and interim periods beginning after December 15, 2015. Management does not expect the adoption of this guidance will materially impact the Company's financial condition, results of operations, or liquidity. Amendments to Consolidation Analysis: In February 2015, the FASB issued guidance that updates current accounting for the consolidation of certain legal entities. This guidance modifies the evaluation of whether limited partnerships and similar legal entities are variable interest entities ("VIEs") or voting interest entities, eliminates the presumption that a general partner should consolidate a limited partnership, affects the consolidation analysis of reporting entities that are involved with VIEs, and provides certain exceptions from consolidation guidance for certain reporting entities. This guidance is effective for annual and interim periods beginning after December 15, 2015. Management does not expect the adoption of this guidance will materially impact the Company's financial condition, results of operations, or liquidity. Simplifying the Accounting for Measurement-Period Adjustments: In September of 2015, the FASB issued guidance to simplify the recognition of measurement-period adjustments related to a business combination. This guidance eliminates the requirement for an acquirer in a business combination to account for measurement-period adjustments retrospectively. Instead, acquirers must recognize measurement-period adjustments during the reporting period in which the adjustment amounts are determined. In addition, the effect of the adjustments on the income statement must be calculated as if the accounting had been completed at the acquisition date. The guidance is effective for annual and interim periods beginning after December 15, 2015. Early adoption of this guidance is permitted. Management does not expect the adoption of this guidance will materially impact the Company's financial condition, results of operations, or liquidity. |
Securities (Tables)
Securities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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 September 30, 2015 As of December 31, 2014 Amortized Cost Gross Unrealized Fair Value Amortized Cost Gross Unrealized Fair Value Gains Losses Gains Losses Securities Available-for-Sale U.S. treasury securities $ 1,999 $ — $ — $ 1,999 $ — $ — $ — $ — U.S. agency securities 18,289 337 (3 ) 18,623 30,297 144 (10 ) 30,431 Collateralized mortgage obligations ("CMOs") 545,992 3,765 (3,282 ) 546,475 538,882 2,256 (6,982 ) 534,156 Other mortgage-backed securities ("MBSs") 164,326 3,290 (235 ) 167,381 155,443 4,632 (310 ) 159,765 Municipal securities 375,323 6,880 (649 ) 381,554 414,255 10,583 (1,018 ) 423,820 Trust preferred collateralized debt obligations ("CDOs") 48,159 37 (16,326 ) 31,870 48,502 152 (14,880 ) 33,774 Corporate debt securities — — — — 1,719 83 — 1,802 Equity securities 3,446 93 (23 ) 3,516 3,224 72 (35 ) 3,261 Total available- for-sale securities $ 1,157,534 $ 14,402 $ (20,518 ) $ 1,151,418 $ 1,192,322 $ 17,922 $ (23,235 ) $ 1,187,009 Securities Held-to-Maturity Municipal securities $ 23,723 $ — $ (15 ) $ 23,708 $ 26,555 $ 1,115 $ — $ 27,670 Trading Securities $ 17,038 $ 17,460 |
Investments Classified by Contractual Maturity Date | Remaining Contractual Maturity of Securities (Dollar amounts in thousands) As of September 30, 2015 Available-for-Sale Held-to-Maturity Amortized Cost Fair Value Amortized Cost Fair Value One year or less $ 135,762 $ 132,787 $ 2,223 $ 2,222 After one year to five years 246,191 240,797 8,727 8,721 After five years to ten years 13,658 13,358 4,476 4,473 After ten years 48,159 47,104 8,297 8,292 Securities that do not have a single contractual maturity date 713,764 717,372 — — Total $ 1,157,534 $ 1,151,418 $ 23,723 $ 23,708 |
Realized Gain (Loss) on Investments | The following table presents net realized gains on available-for-sale securities for the quarters and nine months ended September 30, 2015 and 2014 . Available-for-Sale Securities Gains (Losses) (Dollar amounts in thousands) Quarters Ended Nine Months Ended 2015 2014 2015 2014 Gains (losses) on sales of securities: Gross realized gains $ 524 $ 2,570 $ 1,689 $ 8,188 Gross realized losses — — (138 ) — Net realized gains on sales of securities 524 2,570 1,551 8,188 Non-cash impairment charges: Other-than-temporary securities impairment ("OTTI") — — — (28 ) Net realized gains $ 524 $ 2,570 $ 1,551 $ 8,160 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings | The following table presents a rollforward of life-to-date OTTI recognized in earnings related to all available-for-sale securities held by the Company for the quarters and nine months ended September 30, 2015 and 2014 . The majority of the beginning and ending balance of OTTI relates to CDOs currently held by the Company. Changes in OTTI Recognized in Earnings (Dollar amounts in thousands) Quarters Ended Nine Months Ended 2015 2014 2015 2014 Beginning balance $ 23,709 $ 23,880 $ 23,880 $ 32,422 OTTI included in earnings (1) : Losses on securities that previously had OTTI — — — 28 Reduction for sales of securities (2) — — (171 ) (8,570 ) Ending balance $ 23,709 $ 23,880 $ 23,709 $ 23,880 (1) Included in net securities gains in the Condensed Consolidated Statements of Income. (2) During the nine months ended September 30, 2015, the Company sold one CMO with a carrying value of $1.3 million that had OTTI of $171,000 that was previously recognized in earnings. The Company sold one CDO with a carrying value of $1.3 million during the nine months ended September 30, 2014 that had OTTI of $8.6 million that was 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 September 30, 2015 and December 31, 2014 . Securities in an Unrealized Loss Position (Dollar amounts in thousands) Less Than 12 Months Greater Than 12 Months Total Number of Securities Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses As of September 30, 2015 U.S. agency securities 1 $ 2,037 $ 3 $ — $ — $ 2,037 $ 3 CMOs 53 38,105 156 197,119 3,126 235,224 3,282 MBSs 6 20,003 64 9,699 171 29,702 235 Municipal securities 109 11,540 96 43,657 553 55,197 649 CDOs 8 1,693 172 28,444 16,154 30,137 16,326 Equity securities 1 — — 2,319 23 2,319 23 Total 178 $ 73,378 $ 491 $ 281,238 $ 20,027 $ 354,616 $ 20,518 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 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 |
Loans (Tables)
Loans (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Composition Of Loan Portfolio | The following table presents the Company's loans held-for-investment by class. Loan Portfolio (Dollar amounts in thousands) As of September 30, December 31, Commercial and industrial $ 2,392,860 $ 2,253,556 Agricultural 393,732 358,249 Commercial real estate: Office, retail, and industrial 1,414,077 1,478,379 Multi-family 539,308 564,421 Construction 192,086 204,236 Other commercial real estate 869,748 887,897 Total commercial real estate 3,015,219 3,134,933 Total corporate loans 5,801,811 5,746,738 Home equity 647,223 543,185 1-4 family mortgages 294,261 291,463 Installment 131,185 76,032 Total consumer loans 1,072,669 910,680 Total loans, excluding covered loans 6,874,480 6,657,418 Covered loans (1) 51,219 79,435 Total loans $ 6,925,699 $ 6,736,853 Deferred loan fees included in total loans $ 3,846 $ 3,922 Overdrawn demand deposits included in total loans 4,962 3,438 (1) For information on covered loans, see Note 6 , " Acquired and Covered Loans ." |
Schedule Of Loans Sold | The table below summarizes the Company's loan sales for the quarters and nine months ended September 30, 2015 and 2014 . Loan Sales (Dollar amounts in thousands) Quarters Ended Nine Months Ended 2015 2014 2015 2014 Corporate loans Proceeds from sales $ — $ — $ 945 $ 650 Less book value of loans sold — — 945 650 Net gains on sales of corporate loans — — — — 1-4 family mortgage loans Proceeds from sales 43,340 32,611 132,367 117,549 Less book value of loans sold: Loans originated with intent to sell 42,069 26,384 113,566 62,319 Loans held-for-investment 120 5,302 15,068 52,384 Total book value of loans sold 42,189 31,686 128,634 114,703 Net gains on sales of 1-4 family mortgages 1,151 925 3,733 2,846 Total net gains on loan sales $ 1,151 $ 925 $ 3,733 $ 2,846 |
Acquired and Covered Loans (Tab
Acquired and Covered Loans (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Acquired Loans [Abstract] | |
Acquired Loans | The following table presents acquired and covered PCI and Non-PCI loans as of September 30, 2015 and December 31, 2014 . Acquired and Covered Loans (Dollar amounts in thousands) As of September 30, 2015 As of December 31, 2014 PCI Non-PCI Total PCI Non-PCI Total Acquired loans $ 32,942 $ 541,461 $ 574,403 $ 28,712 $ 714,836 $ 743,548 Covered loans 28,971 22,248 51,219 54,682 24,753 79,435 Total acquired and covered loans $ 61,913 $ 563,709 $ 625,622 $ 83,394 $ 739,589 $ 822,983 |
FDIC Indemnification Asset Roll Forward | Rollforwards of the carrying value of the FDIC indemnification asset for the quarters and nine months ended September 30, 2015 and 2014 are presented in the following table. Changes in the FDIC Indemnification Asset (Dollar amounts in thousands) Quarters Ended Nine Months Ended 2015 2014 2015 2014 Beginning balance $ 7,335 $ 10,276 $ 8,452 $ 16,585 Amortization (321 ) (650 ) (1,174 ) (2,784 ) Change in expected reimbursements from the FDIC for changes in expected credit losses 487 (857 ) 2,207 (325 ) Payments received from the FDIC (1,395 ) (70 ) (3,379 ) (4,777 ) Ending balance $ 6,106 $ 8,699 $ 6,106 $ 8,699 |
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) Quarters Ended Nine Months Ended 2015 2014 2015 2014 Beginning balances $ 20,658 $ 35,152 $ 28,244 $ 36,792 Additions — 1,265 — 1,265 Accretion (2,366 ) (3,346 ) (9,364 ) (10,277 ) Other (1) 336 (5,215 ) (252 ) 76 Ending balance $ 18,628 $ 27,856 $ 18,628 $ 27,856 (1) Increases represent a rise in the expected future cash flows to be collected over the remaining estimated life of the underlying portfolio while decreases result from the resolution of certain loans occurring earlier than anticipated. |
Past Due Loans, Allowance For25
Past Due Loans, Allowance For Credit Losses, Impaired Loans and TDRS (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
Past Due Financing Receivables | The following table presents an aging analysis of the Company's past due loans as of September 30, 2015 and December 31, 2014 . 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 Past Due 90 Days or More Past Due Total Past Due Total Loans Non- accrual Loans 90 Days Past Due Loans, Still Accruing Interest As of September 30, 2015 Commercial and industrial $ 2,380,931 $ 6,937 $ 4,992 $ 11,929 $ 2,392,860 $ 6,438 $ 900 Agricultural 393,574 71 87 158 393,732 112 — Commercial real estate: Office, retail, and industrial 1,398,173 9,642 6,262 15,904 1,414,077 6,961 — Multi-family 535,085 1,100 3,123 4,223 539,308 1,046 2,269 Construction 188,561 467 3,058 3,525 192,086 3,332 — Other commercial real estate 858,597 5,867 5,284 11,151 869,748 5,898 897 Total commercial real estate 2,980,416 17,076 17,727 34,803 3,015,219 17,237 3,166 Total corporate loans 5,754,921 24,084 22,806 46,890 5,801,811 23,787 4,066 Home equity 640,783 3,464 2,976 6,440 647,223 5,201 214 1-4 family mortgages 290,066 2,643 1,552 4,195 294,261 3,320 152 Installment 130,292 766 127 893 131,185 — 127 Total consumer loans 1,061,141 6,873 4,655 11,528 1,072,669 8,521 493 Total loans, excluding covered loans 6,816,062 30,957 27,461 58,418 6,874,480 32,308 4,559 Covered loans 48,743 250 2,226 2,476 51,219 1,303 1,372 Total loans $ 6,864,805 $ 31,207 $ 29,687 $ 60,894 $ 6,925,699 $ 33,611 $ 5,931 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 estate 3,100,213 9,013 25,707 34,720 3,134,933 27,644 597 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 covered loans 6,586,049 36,420 34,949 71,369 6,657,418 59,971 1,173 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 |
Allowance for Credit Losses on Financing Receivables | A rollforward of the allowance for credit losses by portfolio segment for the quarters and nine months ended September 30, 2015 and 2014 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 Quarter ended September 30, 2015 Beginning balance $ 33,729 $ 11,345 $ 2,451 $ 1,890 $ 6,367 $ 10,820 $ 4,861 $ 1,816 $ 73,279 Charge-offs (1,948 ) (563 ) (68 ) — (598 ) (1,172 ) (8 ) — (4,357 ) Recoveries 347 106 1 114 506 213 7 — 1,294 Net charge-offs (1,601 ) (457 ) (67 ) 114 (92 ) (959 ) (1 ) — (3,063 ) Provision for loan and covered loan losses and other 3,247 967 226 (559 ) (181 ) 1,144 (744 ) (591 ) 3,509 Ending balance $ 35,375 $ 11,855 $ 2,610 $ 1,445 $ 6,094 $ 11,005 $ 4,116 $ 1,225 $ 73,725 Quarter ended September 30, 2014 Beginning balance $ 29,194 $ 11,831 $ 2,048 $ 4,885 $ 8,585 $ 12,440 $ 9,343 $ 1,616 $ 79,942 Charge-offs (9,763 ) (2,514 ) (26 ) (157 ) (1,363 ) (3,148 ) (135 ) — (17,106 ) Recoveries 716 55 — — 108 150 130 — 1,159 Net charge-offs (9,047 ) (2,459 ) (26 ) (157 ) (1,255 ) (2,998 ) (5 ) — (15,947 ) Provision for loan and covered loan losses and other 10,458 265 (65 ) (3,130 ) 189 3,699 (689 ) — 10,727 Ending balance $ 30,605 $ 9,637 $ 1,957 $ 1,598 $ 7,519 $ 13,141 $ 8,649 $ 1,616 $ 74,722 Nine months ended September 30, 2015 Beginning balance $ 29,458 $ 10,992 $ 2,249 $ 2,297 $ 8,327 $ 12,145 $ 7,226 $ 1,816 $ 74,510 Charge-offs (13,524 ) (2,613 ) (565 ) (15 ) (2,442 ) (2,723 ) (634 ) — (22,516 ) Recoveries 1,993 460 8 334 1,902 853 120 — 5,670 Net charge-offs (11,531 ) (2,153 ) (557 ) 319 (540 ) (1,870 ) (514 ) — (16,846 ) Provision for loan and covered loan losses and other 17,448 3,016 918 (1,171 ) (1,693 ) 730 (2,596 ) (591 ) 16,061 Ending balance $ 35,375 $ 11,855 $ 2,610 $ 1,445 $ 6,094 $ 11,005 $ 4,116 $ 1,225 $ 73,725 Nine months ended September 30, 2014 Beginning balance $ 30,381 $ 10,405 $ 2,017 $ 6,316 $ 10,817 $ 13,010 $ 12,559 $ 1,616 $ 87,121 Charge-offs (15,542 ) (7,108 ) (383 ) (1,052 ) (3,695 ) (7,005 ) (659 ) — (35,444 ) Recoveries 3,135 403 3 160 341 502 992 — 5,536 Net charge-offs (12,407 ) (6,705 ) (380 ) (892 ) (3,354 ) (6,503 ) 333 — (29,908 ) Provision for loan and covered loan losses and other 12,631 5,937 320 (3,826 ) 56 6,634 (4,243 ) — 17,509 Ending balance $ 30,605 $ 9,637 $ 1,957 $ 1,598 $ 7,519 $ 13,141 $ 8,649 $ 1,616 $ 74,722 |
Schedule of Loans and The Related Allowance For Credit Losses | The table below provides a breakdown of loans and the related allowance for credit losses by portfolio segment as of September 30, 2015 and December 31, 2014 . Loans and Related Allowance for Credit Losses by Portfolio Segment (Dollar amounts in thousands) Loans Allowance for Credit Losses Individually Evaluated for Impairment Collectively Evaluated for Impairment PCI Total Individually Evaluated for Impairment Collectively Evaluated for Impairment PCI Total As of September 30, 2015 Commercial, industrial, and agricultural $ 3,480 $ 2,777,887 $ 5,225 $ 2,786,592 $ 926 $ 33,913 $ 536 $ 35,375 Commercial real estate: Office, retail, and industrial 5,923 1,403,781 4,373 1,414,077 648 11,177 30 11,855 Multi-family 802 535,649 2,857 539,308 — 2,581 29 2,610 Construction 1,872 185,984 4,230 192,086 — 1,033 412 1,445 Other commercial real estate 3,976 859,138 6,634 869,748 — 5,850 244 6,094 Total commercial real estate 12,573 2,984,552 18,094 3,015,219 648 20,641 715 22,004 Total corporate loans 16,053 5,762,439 23,319 5,801,811 1,574 54,554 1,251 57,379 Consumer — 1,063,046 9,623 1,072,669 — 10,767 238 11,005 Total loans, excluding covered loans 16,053 6,825,485 32,942 6,874,480 1,574 65,321 1,489 68,384 Covered loans — 22,248 28,971 51,219 — 298 3,818 4,116 Reserve for unfunded commitments — — — — — 1,225 — 1,225 Total loans $ 16,053 $ 6,847,733 $ 61,913 $ 6,925,699 $ 1,574 $ 66,844 $ 5,307 $ 73,725 As of December 31, 2014 Commercial, industrial, and agricultural $ 19,796 $ 2,588,141 $ 3,868 $ 2,611,805 $ 2,249 $ 27,209 $ — $ 29,458 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 real estate 23,208 3,095,499 16,226 3,134,933 282 23,583 — 23,865 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 covered loans 43,004 6,585,702 28,712 6,657,418 2,531 62,614 323 65,468 Covered loans — 24,753 54,682 79,435 — 488 6,738 7,226 Reserve for unfunded commitments — — — — — 1,816 — 1,816 Total loans $ 43,004 $ 6,610,455 $ 83,394 $ 6,736,853 $ 2,531 $ 64,918 $ 7,061 $ 74,510 |
Impaired Financing Receivables | The following table presents loans individually evaluated for impairment by class of loan as of September 30, 2015 and December 31, 2014 . PCI loans are excluded from this disclosure. Impaired Loans Individually Evaluated by Class (Dollar amounts in thousands) As of September 30, 2015 As of December 31, 2014 Recorded Investment In Recorded Investment In Loans with No Specific Reserve Loans with a Specific Reserve Unpaid Principal Balance Specific Reserve Loans with No Specific Reserve Loans with a Specific Reserve Unpaid Principal Balance Specific Reserve Commercial and industrial $ 2,244 $ 1,236 $ 4,281 $ 926 $ 666 $ 19,130 $ 35,457 $ 2,249 Agricultural — — — — — — — — Commercial real estate: Office, retail, and industrial 4,415 1,508 11,421 648 9,623 2,709 18,340 271 Multi-family 802 — 942 — 939 — 1,024 — Construction 1,872 — 1,979 — 6,671 — 7,731 — Other commercial real estate 3,976 — 4,695 — 2,752 514 4,490 11 Total commercial real estate 11,065 1,508 19,037 648 19,985 3,223 31,585 282 Total impaired loans individually evaluated for impairment $ 13,309 $ 2,744 $ 23,318 $ 1,574 $ 20,651 $ 22,353 $ 67,042 $ 2,531 |
Impaired Financing Receivables Continued | The following table presents the average recorded investment and interest income recognized on impaired loans by class for the quarters and nine months ended September 30, 2015 and 2014 . PCI loans are excluded from this disclosure. Average Recorded Investment and Interest Income Recognized on Impaired Loans by Class (Dollar amounts in thousands) Quarters Ended September 30, 2015 2014 Average Recorded Balance Interest Income Recognized (1) Average Recorded Balance Interest Income Recognized (1) Commercial and industrial $ 5,968 $ 37 $ 20,137 $ 57 Agricultural — — — — Commercial real estate: Office, retail, and industrial 8,814 4 15,873 3 Multi-family 925 12 1,155 — Construction 2,995 118 5,792 — Other commercial real estate 3,442 15 5,234 22 Total commercial real estate 16,176 149 28,054 25 Total impaired loans $ 22,144 $ 186 $ 48,191 $ 82 Nine Months Ended September 30, 2015 2014 Average Interest (1) Average Interest (1) Commercial and industrial $ 10,457 $ 113 $ 15,222 $ 204 Agricultural — — — — Commercial real estate: Office, retail, and industrial 10,158 37 20,671 150 Multi-family 868 13 1,321 — Construction 4,833 118 5,537 — Other commercial real estate 3,222 34 6,701 137 Total commercial real estate 19,081 202 34,230 287 Total impaired loans $ 29,538 $ 315 $ 49,452 $ 491 (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 September 30, 2015 and December 31, 2014 . Corporate Credit Quality Indicators by Class, Excluding Covered Loans (Dollar amounts in thousands) Pass Special Mention (1) (4) Substandard (2) (4) Non-accrual (3) Total As of September 30, 2015 Commercial and industrial $ 2,247,010 $ 90,414 $ 48,998 $ 6,438 $ 2,392,860 Agricultural 388,034 — 5,586 112 393,732 Commercial real estate: Office, retail, and industrial 1,335,648 37,420 34,048 6,961 1,414,077 Multi-family 527,520 6,147 4,595 1,046 539,308 Construction 173,821 5,181 9,752 3,332 192,086 Other commercial real estate 829,347 24,140 10,363 5,898 869,748 Total commercial real estate 2,866,336 72,888 58,758 17,237 3,015,219 Total corporate loans $ 5,501,380 $ 163,302 $ 113,342 $ 23,787 $ 5,801,811 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 (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 $870,000 as of September 30, 2015 and $1.8 million as of December 31, 2014 . |
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 September 30, 2015 Home equity $ 642,022 $ 5,201 $ 647,223 1-4 family mortgages 290,941 3,320 294,261 Installment 131,185 — 131,185 Total consumer loans $ 1,064,148 $ 8,521 $ 1,072,669 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 |
Troubled Debt Restructuring by Class | The table below presents TDRs by class as of September 30, 2015 and December 31, 2014 . See Note 1, "Summary of Significant Accounting Policies," for the accounting policy for TDRs. TDRs by Class (Dollar amounts in thousands) As of September 30, 2015 As of December 31, 2014 Accruing Non-accrual (1) Total Accruing Non-accrual (1) Total Commercial and industrial $ 297 $ 1,063 $ 1,360 $ 269 $ 18,799 $ 19,068 Commercial real estate: Office, retail, and industrial 166 — 166 586 — 586 Multi-family 601 192 793 887 232 1,119 Other commercial real estate 346 — 346 433 183 616 Total commercial real estate 1,113 192 1,305 1,906 415 2,321 Total corporate loans 1,410 1,255 2,665 2,175 19,214 21,389 Home equity 501 681 1,182 651 506 1,157 1-4 family mortgages 860 430 1,290 878 184 1,062 Total consumer loans 1,361 1,111 2,472 1,529 690 2,219 Total loans $ 2,771 $ 2,366 $ 5,137 $ 3,704 $ 19,904 $ 23,608 (1) These TDRs are included in non-accrual loans in the preceding tables. |
Loans Restructured During the Period | The following table presents a summary of loans that were restructured during the quarters and nine months ended September 30, 2015 , and 2014 . Loans Restructured During the Period (Dollar amounts in thousands) Number of Loans Pre- Modification Recorded Investment Funds Disbursed Interest and Escrow Capitalized Charge-offs Post- Modification Recorded Investment Quarter ended September 30, 2015 Home equity 1 $ 120 $ — $ — $ — $ 120 1-4 family mortgages 2 325 — — — 325 Total loans restructured during the period 3 $ 445 $ — $ — $ — $ 445 Quarter ended September 30, 2014 Commercial and industrial 5 $ 23,015 $ — $ — $ — $ 23,015 Office, retail, and industrial 1 417 — — — 417 Total loans restructured during the period 6 $ 23,432 $ — $ — $ — $ 23,432 Nine months ended September 30, 2015 Home equity 1 $ 120 $ — $ — $ — $ 120 1-4 family mortgages 2 325 — — — 325 Total loans restructured during the period 3 $ 445 $ — $ — $ — $ 445 Nine months ended September 30, 2014 Commercial and industrial 5 $ 23,015 $ — $ — $ — $ 23,015 Office, retail, and industrial 1 417 — — — 417 Home equity 1 75 — — — 75 Total loans restructured during the period 7 $ 23,507 $ — $ — $ — $ 23,507 |
Troubled Debt Restructuring Activity Rollforward | A rollforward of the carrying value of TDRs for the quarters and nine months ended September 30, 2015 and 2014 is presented in the following table. TDR Rollforward (Dollar amounts in thousands) Quarters Ended Nine Months Ended 2015 2014 2015 2014 Accruing Beginning balance $ 3,067 $ 5,697 $ 3,704 $ 23,770 Additions 120 417 120 492 Net payments received (355 ) (109 ) (746 ) (1,219 ) Returned to performing status — — — (18,821 ) Net transfers from non-accrual (61 ) (556 ) (307 ) 1,227 Ending balance 2,771 5,449 2,771 5,449 Non-accrual Beginning balance 2,070 1,700 19,904 4,083 Additions 325 23,015 325 23,015 Net payments received (29 ) (135 ) (15,483 ) (292 ) Charge-offs (61 ) (8,159 ) (2,687 ) (8,345 ) Transfers to OREO — — — (257 ) Net transfers to accruing 61 556 307 (1,227 ) Ending balance 2,366 16,977 2,366 16,977 Total TDRs $ 5,137 $ 22,426 $ 5,137 $ 22,426 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The table below displays the calculation of basic and diluted earnings per share. Basic and Diluted Earnings per Common Share (Amounts in thousands, except per share data) Quarters Ended Nine Months Ended 2015 2014 2015 2014 Net income $ 23,284 $ 18,549 $ 65,740 $ 54,713 Net income applicable to non-vested restricted shares (226 ) (242 ) (703 ) (697 ) Net income applicable to common shares $ 23,058 $ 18,307 $ 65,037 $ 54,016 Weighted-average common shares outstanding: Weighted-average common shares outstanding (basic) 77,106 74,341 77,038 74,270 Dilutive effect of common stock equivalents 13 11 13 12 Weighted-average diluted common shares outstanding 77,119 74,352 77,051 74,282 Basic earnings per common share ("EPS") $ 0.30 $ 0.25 $ 0.84 $ 0.73 Diluted EPS $ 0.30 $ 0.25 $ 0.84 $ 0.73 Anti-dilutive shares not included in the computation of diluted earnings per common share (1) 751 1,155 822 1,215 (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) | 9 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Expense | The following table presents income tax expense and the effective income tax rate for the quarters and nine months ended September 30, 2015 and 2014 . Income Tax Expense (Dollar amounts in thousands) Quarters Ended Nine Months Ended 2015 2014 2015 2014 Income before income tax expense $ 34,451 $ 27,098 $ 96,564 $ 80,076 Income tax expense: Federal income tax expense $ 9,036 $ 6,714 $ 24,956 $ 19,719 State income tax expense 2,131 1,835 5,868 5,644 Total income tax expense $ 11,167 $ 8,549 $ 30,824 $ 25,363 Effective income tax rate 32.4 % 31.5 % 31.9 % 31.7 % |
Derivative Instruments and He28
Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Interest Rate Derivatives | Cash Flow Hedges (Dollar amounts in thousands) As of September 30, 2015 December 31, 2014 Gross notional amount outstanding $ 1,220,000 $ 650,000 Derivative asset fair value 12,784 1,166 Derivative liability fair value (13,844 ) (3,096 ) Weighted-average interest rate received 1.23 % 1.63 % Weighted-average interest rate paid 0.72 % 0.16 % Weighted-average maturity (in years) 4.16 4.52 Fair Value Hedges (Dollar amounts in thousands) As of September 30, 2015 December 31, 2014 Gross notional amount outstanding $ 11,918 $ 12,793 Derivative liability fair value (819 ) (1,032 ) Weighted-average interest rate received 2.11 % 2.07 % Weighted-average interest rate paid 6.36 % 6.37 % Weighted-average maturity (in years) 2.21 2.95 Fair value of assets needed to settle derivative transactions (1) $ 841 $ 1,057 (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 September 30, 2015 December 31, 2014 Gross notional amount outstanding $ 685,270 $ 527,893 Derivative asset fair value 13,367 7,852 Derivative liability fair value (13,367 ) (7,852 ) Fair value of assets needed to settle derivative transactions (1) 13,764 8,130 (1) This amount represents the fair value if credit risk related contingent features were triggered. |
Offsetting Assets | The following table presents the fair value of the Company's derivatives and offsetting positions as of September 30, 2015 and December 31, 2014 . Fair Value of Offsetting Derivatives (Dollar amounts in thousands) As of September 30, 2015 As of December 31, 2014 Assets Liabilities Assets Liabilities Gross amounts recognized $ 26,151 $ 28,030 $ 9,018 $ 11,980 Less: amounts offset in the Consolidated Statements of Financial Condition — — — — Net amount presented in the Consolidated Statements of Financial Condition (1) 26,151 28,030 9,018 11,980 Gross amounts not offset in the Consolidated Statements of Financial Condition: Offsetting derivative positions (12,788 ) (12,788 ) (1,195 ) (1,195 ) Cash collateral pledged — (15,242 ) — (10,785 ) Net credit exposure $ 13,363 $ — $ 7,823 $ — (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 September 30, 2015 and December 31, 2014 . Fair Value of Offsetting Derivatives (Dollar amounts in thousands) As of September 30, 2015 As of December 31, 2014 Assets Liabilities Assets Liabilities Gross amounts recognized $ 26,151 $ 28,030 $ 9,018 $ 11,980 Less: amounts offset in the Consolidated Statements of Financial Condition — — — — Net amount presented in the Consolidated Statements of Financial Condition (1) 26,151 28,030 9,018 11,980 Gross amounts not offset in the Consolidated Statements of Financial Condition: Offsetting derivative positions (12,788 ) (12,788 ) (1,195 ) (1,195 ) Cash collateral pledged — (15,242 ) — (10,785 ) Net credit exposure $ 13,363 $ — $ 7,823 $ — (1) Included in other assets or other liabilities in the Consolidated Statements of Financial Condition. |
Commitments, Guarantees, and 29
Commitments, Guarantees, and Contingent Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments Disclosure | Contractual or Notional Amounts of Financial Instruments (Dollar amounts in thousands) As of September 30, December 31, Commitments to extend credit: Commercial, industrial, and agricultural $ 1,253,880 $ 1,299,683 Commercial real estate 288,930 170,573 Home equity 336,786 317,783 Other commitments (1) 201,646 194,556 Total commitments to extend credit $ 2,081,242 $ 1,982,595 Standby letters of credit $ 102,996 $ 110,639 Recourse on assets sold: Unpaid principal balance of loans sold $ 199,748 $ 185,910 Carrying value of recourse obligation (2) 76 155 (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) | 9 Months Ended |
Sep. 30, 2015 | |
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 September 30, 2015 As of December 31, 2014 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets: Trading securities: Money market funds $ 2,366 $ — $ — $ 1,725 $ — $ — Mutual funds 14,672 — — 15,735 — — Total trading securities 17,038 — — 17,460 — — Securities available-for-sale: U.S. treasury securities — 1,999 — — — — U.S. agency securities — 18,623 — — 30,431 — CMOs — 546,475 — — 534,156 — MBSs — 167,381 — — 159,765 — Municipal securities — 381,554 — — 423,820 — CDOs — — 31,870 — — 33,774 Corporate debt securities — — — — 1,802 — Equity securities — 3,516 — — 3,261 — Total available-for-sale securities — 1,119,548 31,870 — 1,153,235 33,774 Mortgage servicing rights (1) — — 1,798 — — 1,728 Derivative assets (1) — 26,151 — — 9,018 — Liabilities: Derivative liabilities (2) $ — $ 28,030 $ — $ — $ 11,980 $ — (1) Included in other assets in the Consolidated Statements of Financial Condition. (2) Included in other liabilities in the Consolidated Statements of Financial Condition. |
Fair Value Inputs, Assets, Quantitative Information | Significant Unobservable Inputs Used in the Valuation of CDOs As of Probability of prepayment 2.4% - 15.4% Probability of default 17.7% - 54.8% Loss given default 88.2% - 96.5% Probability of deferral cure 21.7% - 56.8% |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | A rollforward of the carrying value of CDOs for the quarters and nine months ended September 30, 2015 and 2014 is presented in the following table. Rollforward of the Carrying Value of CDOs (Dollar amounts in thousands) Quarters Ended Nine Months Ended 2015 2014 2015 2014 Beginning balance $ 32,004 $ 18,436 $ 33,774 $ 18,309 Change in other comprehensive loss (1) (62 ) (65 ) (1,560 ) 1,571 Paydowns (72 ) (2 ) (344 ) (1,511 ) Ending balance $ 31,870 $ 18,369 $ 31,870 $ 18,369 (1) Included in unrealized holding gains in the Consolidated Statements of Comprehensive Income. |
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 September 30, 2015 As of December 31, 2014 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Collateral-dependent impaired loans (1) $ — $ — $ 5,773 $ — $ — $ 23,799 OREO (2) — — 7,477 — — 22,760 Loans held-for-sale (3) — — 19,439 — — 9,459 Assets held-for-sale (4) — — 2,026 — — 2,026 (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 September 30, 2015 December 31, 2014 Fair Value Hierarchy Level Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash and due from banks 1 $ 125,279 $ 125,279 $ 117,315 $ 117,315 Interest-bearing deposits in other banks 2 822,264 822,264 488,947 488,947 Securities held-to-maturity 2 23,723 23,708 26,555 27,670 FHLB and FRB stock 2 38,748 38,748 37,558 37,558 Loans 3 6,859,305 6,770,861 6,672,611 6,536,248 Investment in BOLI 3 208,666 208,666 206,498 206,498 Accrued interest receivable 3 27,897 27,897 27,506 27,506 Other interest-earning assets 3 2,357 2,357 3,799 3,799 Liabilities: Deposits 2 $ 8,296,450 $ 8,295,488 $ 7,887,758 $ 7,879,413 Borrowed funds 2 169,943 169,942 137,994 137,994 Senior and subordinated debt 1 201,123 207,045 200,869 209,035 Accrued interest payable 2 5,124 5,124 2,324 2,324 |
Acquisitions (Details)
Acquisitions (Details) $ in Millions | Dec. 02, 2014USD ($)location | Sep. 26, 2014USD ($) | Aug. 08, 2014USD ($)retail_branch | Sep. 21, 2015USD ($)location |
Banco Popular North America | ||||
Business Acquisition [Line Items] | ||||
Business combination, number of retail branches acquired | retail_branch | 12 | |||
Payments to acquire business | $ 19 | |||
Goodwill | $ 32.2 | |||
Great Lakes Financial Resources Inc | ||||
Business Acquisition [Line Items] | ||||
Business combination, number of retail branches acquired | location | 7 | |||
Payments to acquire business | $ 17.5 | |||
Goodwill | 10.3 | |||
Transaction value of acquisition | 55.8 | |||
Business combination, consideration transferred, equity interests issued | $ 38.3 | |||
Business combination, number of drive-up locations acquired | location | 1 | |||
National Machine Tool Financial Corporation | ||||
Business Acquisition [Line Items] | ||||
Payments to acquire business | $ 3.1 | |||
Goodwill | 4 | |||
Business combination, recognized identifiable assets acquired and liabilities assumed, assets | $ 5.9 | |||
Peoples Bancorp, Inc. | ||||
Business Acquisition [Line Items] | ||||
Locations to be acquired | location | 2 | |||
Announced loans to be acquired | $ 57 | |||
Announced deposits to be acquired | $ 95 |
Securities (Details)
Securities (Details) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)security | Sep. 30, 2014USD ($)security | Dec. 31, 2014USD ($) | ||
Securities (Details) - Securities Portfolio [Line Items] | ||||||
Available-for-sale securities pledged as collateral | $ 1,000,000,000 | $ 1,000,000,000 | $ 779,400,000 | |||
Held-to-maturity securities pledged as collateral | 0 | 0 | $ 0 | |||
Reduction for sales of securities | [1],[2] | $ 0 | $ 0 | $ (171,000) | $ (8,570,000) | |
Collateralized Mortgage Obligations | ||||||
Securities (Details) - Securities Portfolio [Line Items] | ||||||
Number of securities sold that previously had other than temporary impairment | security | 1 | |||||
Carrying value of securities sold that previously had other than temporary impairment | $ 1,300,000 | |||||
Trust-preferred collateralized debt obligations | ||||||
Securities (Details) - Securities Portfolio [Line Items] | ||||||
Number of securities sold that previously had other than temporary impairment | security | 1 | |||||
Carrying value of securities sold that previously had other than temporary impairment | $ 1,300,000 | |||||
[1] | During the nine months ended September 30, 2015, the Company sold one CMO with a carrying value of $1.3 million that had OTTI of $171,000 that was previously recognized in earnings. The Company sold one CDO with a carrying value of $1.3 million during the nine months ended September 30, 2014 that had OTTI of $8.6 million that was previously recognized in earnings | |||||
[2] | Included in net securities gains in the Condensed Consolidated Statements of Income. |
Securities (Details) - Securiti
Securities (Details) - Securities Portfolio - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Securities Available-for-Sale | ||
Amortized Cost | $ 1,157,534 | $ 1,192,322 |
Gross Unrealized Gains | 14,402 | 17,922 |
Gross Unrealized Losses | (20,518) | (23,235) |
Fair Value | 1,151,418 | 1,187,009 |
Securities Held-to-Maturity | ||
Amortized Cost | 23,723 | 26,555 |
Municipal securities, Gross Unrealized Gains | 0 | 1,115 |
Municipal securities, Gross Unrealized Losses | (15) | 0 |
Municipal securities, Fair Value | 23,708 | 27,670 |
Trading Securities | 17,038 | 17,460 |
US Treasury Securities | ||
Securities Available-for-Sale | ||
Amortized Cost | 1,999 | 0 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 1,999 | 0 |
U.S. Agency Securities | ||
Securities Available-for-Sale | ||
Amortized Cost | 18,289 | 30,297 |
Gross Unrealized Gains | 337 | 144 |
Gross Unrealized Losses | (3) | (10) |
Fair Value | 18,623 | 30,431 |
Collateralized Mortgage Obligations | ||
Securities Available-for-Sale | ||
Amortized Cost | 545,992 | 538,882 |
Gross Unrealized Gains | 3,765 | 2,256 |
Gross Unrealized Losses | (3,282) | (6,982) |
Fair Value | 546,475 | 534,156 |
Other Mortgage Backed Securities | ||
Securities Available-for-Sale | ||
Amortized Cost | 164,326 | 155,443 |
Gross Unrealized Gains | 3,290 | 4,632 |
Gross Unrealized Losses | (235) | (310) |
Fair Value | 167,381 | 159,765 |
Municipal Securities | ||
Securities Available-for-Sale | ||
Amortized Cost | 375,323 | 414,255 |
Gross Unrealized Gains | 6,880 | 10,583 |
Gross Unrealized Losses | (649) | (1,018) |
Fair Value | 381,554 | 423,820 |
Trust-preferred collateralized debt obligations | ||
Securities Available-for-Sale | ||
Amortized Cost | 48,159 | 48,502 |
Gross Unrealized Gains | 37 | 152 |
Gross Unrealized Losses | (16,326) | (14,880) |
Fair Value | 31,870 | 33,774 |
Corporate Debt Securities | ||
Securities Available-for-Sale | ||
Amortized Cost | 0 | 1,719 |
Gross Unrealized Gains | 0 | 83 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 0 | 1,802 |
Equity Securities | ||
Securities Available-for-Sale | ||
Amortized Cost | 3,446 | 3,224 |
Gross Unrealized Gains | 93 | 72 |
Gross Unrealized Losses | (23) | (35) |
Fair Value | $ 3,516 | $ 3,261 |
Securities (Details) - Remainin
Securities (Details) - Remaining Contractual Maturity of Securities - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
One year or less | $ 135,762 | |
After one year to five years | 246,191 | |
After five years to ten years | 13,658 | |
After ten years | 48,159 | |
Securities that do not have a single contractual maturity date | 713,764 | |
Amortized Cost | 1,157,534 | $ 1,192,322 |
Available-for-sale Securities, Fair Value [Abstract] | ||
One year or less | 132,787 | |
After one year to five years | 240,797 | |
After five years to ten years | 13,358 | |
After ten years | 47,104 | |
Securities that do not have a single contractual maturity date | 717,372 | |
Total available-for-sale securities | 1,151,418 | 1,187,009 |
Held-to-maturity Securities, Amortized Cost [Abstract] | ||
One year or less | 2,223 | |
After one year to five years | 8,727 | |
After five years to ten years | 4,476 | |
After ten years | 8,297 | |
Securities that do not have a single contractual maturity date | 0 | |
Amortized Cost | 23,723 | 26,555 |
Held-to-maturity Securities, Fair Value [Abstract] | ||
One year or less | 2,222 | |
After one year to five years | 8,721 | |
After five years to ten years | 4,473 | |
After ten years | 8,292 | |
Securities that do not have a single contractual maturity date | 0 | |
Total | $ 23,708 | $ 27,670 |
Securities (Details) - Securi35
Securities (Details) - Securities Gains (Losses) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Gains (losses) on sales of securities: | ||||
Gross realized gains | $ 524 | $ 2,570 | $ 1,689 | $ 8,188 |
Gross realized losses | 0 | 0 | (138) | 0 |
Net realized gains on sales of securities | 524 | 2,570 | 1,551 | 8,188 |
Non-cash impairment charges: | ||||
Other-than-temporary securities impairment (OTTI) | 0 | 0 | 0 | (28) |
Net realized gains | $ 524 | $ 2,570 | $ 1,551 | $ 8,160 |
Securities (Details) - Changes
Securities (Details) - Changes In Credit Losses Recognized In Earnings - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Changes in Credit Losses Recognized in Earnings [Roll Forward] | |||||
Beginning balance | $ 23,709 | $ 23,880 | $ 23,880 | $ 32,422 | |
Losses on securities that previously had OTTI | [1] | 0 | 0 | 0 | 28 |
Reduction for sales of securities | [1],[2] | 0 | 0 | (171) | (8,570) |
Ending balance | $ 23,709 | $ 23,880 | $ 23,709 | $ 23,880 | |
[1] | Included in net securities gains in the Condensed Consolidated Statements of Income. | ||||
[2] | During the nine months ended September 30, 2015, the Company sold one CMO with a carrying value of $1.3 million that had OTTI of $171,000 that was previously recognized in earnings. The Company sold one CDO with a carrying value of $1.3 million during the nine months ended September 30, 2014 that had OTTI of $8.6 million that was previously recognized in earnings |
Securities (Details) - Securi37
Securities (Details) - Securities In An Unrealized Loss Position $ in Thousands | Sep. 30, 2015USD ($)security | Dec. 31, 2014USD ($)security |
Securities (Details) - Securities In An Unrealized Loss Position [Line Items] | ||
Number of Securities (securities) | security | 178 | 195 |
Fair Value - Less Than 12 Months | $ 73,378 | $ 65,694 |
Unrealized Losses - Less Than 12 Months | 491 | 579 |
Fair Value - 12 Months or Longer | 281,238 | 402,418 |
Unrealized Losses - 12 Months or Longer | 20,027 | 22,656 |
Fair Value - Total | 354,616 | 468,112 |
Unrealized Losses - Total | $ 20,518 | $ 23,235 |
U.S. Agency Securities | ||
Securities (Details) - Securities In An Unrealized Loss Position [Line Items] | ||
Number of Securities (securities) | security | 1 | 1 |
Fair Value - Less Than 12 Months | $ 2,037 | $ 1,943 |
Unrealized Losses - Less Than 12 Months | 3 | 10 |
Fair Value - 12 Months or Longer | 0 | 0 |
Unrealized Losses - 12 Months or Longer | 0 | 0 |
Fair Value - Total | 2,037 | 1,943 |
Unrealized Losses - Total | $ 3 | $ 10 |
Collateralized Mortgage Obligations | ||
Securities (Details) - Securities In An Unrealized Loss Position [Line Items] | ||
Number of Securities (securities) | security | 53 | 87 |
Fair Value - Less Than 12 Months | $ 38,105 | $ 61,321 |
Unrealized Losses - Less Than 12 Months | 156 | 559 |
Fair Value - 12 Months or Longer | 197,119 | 284,327 |
Unrealized Losses - 12 Months or Longer | 3,126 | 6,423 |
Fair Value - Total | 235,224 | 345,648 |
Unrealized Losses - Total | $ 3,282 | $ 6,982 |
Other Mortgage Backed Securities | ||
Securities (Details) - Securities In An Unrealized Loss Position [Line Items] | ||
Number of Securities (securities) | security | 6 | 11 |
Fair Value - Less Than 12 Months | $ 20,003 | $ 1,113 |
Unrealized Losses - Less Than 12 Months | 64 | 1 |
Fair Value - 12 Months or Longer | 9,699 | 39,043 |
Unrealized Losses - 12 Months or Longer | 171 | 309 |
Fair Value - Total | 29,702 | 40,156 |
Unrealized Losses - Total | $ 235 | $ 310 |
Municipal Securities | ||
Securities (Details) - Securities In An Unrealized Loss Position [Line Items] | ||
Number of Securities (securities) | security | 109 | 91 |
Fair Value - Less Than 12 Months | $ 11,540 | $ 1,317 |
Unrealized Losses - Less Than 12 Months | 96 | 9 |
Fair Value - 12 Months or Longer | 43,657 | 53,987 |
Unrealized Losses - 12 Months or Longer | 553 | 1,009 |
Fair Value - Total | 55,197 | 55,304 |
Unrealized Losses - Total | $ 649 | $ 1,018 |
Trust-preferred collateralized debt obligations | ||
Securities (Details) - Securities In An Unrealized Loss Position [Line Items] | ||
Number of Securities (securities) | security | 8 | 4 |
Fair Value - Less Than 12 Months | $ 1,693 | $ 0 |
Unrealized Losses - Less Than 12 Months | 172 | 0 |
Fair Value - 12 Months or Longer | 28,444 | 22,791 |
Unrealized Losses - 12 Months or Longer | 16,154 | 14,880 |
Fair Value - Total | 30,137 | 22,791 |
Unrealized Losses - Total | $ 16,326 | $ 14,880 |
Equity Securities | ||
Securities (Details) - Securities In An Unrealized Loss Position [Line Items] | ||
Number of Securities (securities) | security | 1 | 1 |
Fair Value - Less Than 12 Months | $ 0 | $ 0 |
Unrealized Losses - Less Than 12 Months | 0 | 0 |
Fair Value - 12 Months or Longer | 2,319 | 2,270 |
Unrealized Losses - 12 Months or Longer | 23 | 35 |
Fair Value - Total | 2,319 | 2,270 |
Unrealized Losses - Total | $ 23 | $ 35 |
Loans (Details) - Loan Portfoli
Loans (Details) - Loan Portfolio - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | |
Loans and Leases Receivable Disclosure [Abstract] | |||
Commercial and industrial | $ 2,392,860 | $ 2,253,556 | |
Agricultural | 393,732 | 358,249 | |
Commercial real estate: | |||
Office, retail, and industrial | 1,414,077 | 1,478,379 | |
Multi-family | 539,308 | 564,421 | |
Construction | 192,086 | 204,236 | |
Other commercial real estate | 869,748 | 887,897 | |
Total commercial real estate | 3,015,219 | 3,134,933 | |
Total corporate loans | 5,801,811 | 5,746,738 | |
Home equity | 647,223 | 543,185 | |
1-4 family mortgages | 294,261 | 291,463 | |
Installment | 131,185 | 76,032 | |
Total consumer loans | 1,072,669 | 910,680 | |
Total loans, excluding covered loans | 6,874,480 | 6,657,418 | |
Covered loans | [1] | 51,219 | 79,435 |
Total Loans | 6,925,699 | 6,736,853 | |
Deferred loan fees included in total loans | 3,846 | 3,922 | |
Overdrawn demand deposits included in total loans | $ 4,962 | $ 3,438 | |
[1] | For information on covered loans, see Note 6, "Acquired and Covered Loans." |
Loans (Details) - Loans Sold
Loans (Details) - Loans Sold - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total net gains on loan sales | $ 1,151 | $ 925 | $ 3,733 | $ 2,846 |
Corporate Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Proceeds from sales | 0 | 0 | 945 | 650 |
Total book value of loans sold | 0 | 0 | 945 | 650 |
Total net gains on loan sales | 0 | 0 | 0 | 0 |
1-4 family mortgage loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Proceeds from sales | 43,340 | 32,611 | 132,367 | 117,549 |
Loans originated with intent to sell | 42,069 | 26,384 | 113,566 | 62,319 |
Loans held-for-investment | 120 | 5,302 | 15,068 | 52,384 |
Total book value of loans sold | 42,189 | 31,686 | 128,634 | 114,703 |
Total net gains on loan sales | $ 1,151 | $ 925 | $ 3,733 | $ 2,846 |
Acquired and Covered Loans (Det
Acquired and Covered Loans (Details) - Acquired Loans - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Note 5 - Acquired Loans (Details) - Acquired Loans [Line Items] | ||
PCI | $ 61,913 | $ 83,394 |
Non-Purchased impaired loans | 563,709 | 739,589 |
Total | 625,622 | 822,983 |
Renewed non-purchased credit impaired loans | 59,200 | |
Acquired loans | ||
Note 5 - Acquired Loans (Details) - Acquired Loans [Line Items] | ||
PCI | 32,942 | 28,712 |
Non-Purchased impaired loans | 541,461 | 714,836 |
Total | 574,403 | 743,548 |
Covered Loans | ||
Note 5 - Acquired Loans (Details) - Acquired Loans [Line Items] | ||
PCI | 28,971 | 54,682 |
Non-Purchased impaired loans | 22,248 | 24,753 |
Total | $ 51,219 | $ 79,435 |
Acquired and Covered Loans (D41
Acquired and Covered Loans (Details) - Changes in FDIC Indemnification Asset - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
FDIC Indemnification Asset [Roll Forward] | ||||
Beginning balance | $ 7,335 | $ 10,276 | $ 8,452 | $ 16,585 |
Amortization | (321) | (650) | (1,174) | (2,784) |
Change in expected reimbursements from the FDIC for changes in expected credit losses | 487 | (857) | 2,207 | (325) |
Payments received from the FDIC | (1,395) | (70) | (3,379) | (4,777) |
Ending balance | $ 6,106 | $ 8,699 | $ 6,106 | $ 8,699 |
Acquired and Covered Loans (D42
Acquired and Covered Loans (Details) - Changes in Accretable Yield - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Changes in Accretable Yield [Roll Forward] | |||||
Beginning balances | $ 20,658 | $ 35,152 | $ 28,244 | $ 36,792 | |
Additions | 0 | 1,265 | 0 | 1,265 | |
Accretion | (2,366) | (3,346) | (9,364) | (10,277) | |
Other | [1] | 336 | (5,215) | (252) | 76 |
Ending balance | $ 18,628 | $ 27,856 | $ 18,628 | $ 27,856 | |
[1] | Increases represent a rise in the expected future cash flows to be collected over the remaining estimated life of the underlying portfolio while decreases result from the resolution of certain loans occurring earlier than anticipated. |
Past Due Loans, Allowance For43
Past Due Loans, Allowance For Credit Losses, Impaired Loans and TDRS (Details) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Modifications [Line Items] | ||
Accruing TDRs | $ 2,771,000 | $ 3,704,000 |
Valuation allowance on TDR loans | 769,000 | 1,800,000 |
Commitments To Lend Additional Funds TDRs | 0 | 666,000 |
Special Mention and Substandard Loans | ||
Financing Receivable, Modifications [Line Items] | ||
Accruing TDRs | $ 870,000 | $ 1,800,000 |
Past Due Loans, Allowance For44
Past Due Loans, Allowance For Credit Losses, Impaired Loans and TDRS (Details) - Aging Analysis of Past Due Loans and Non-Performing Loans by Class - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | $ 6,925,699 | $ 6,736,853 |
Commercial And Industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 2,380,931 | 2,230,947 |
30-89 Days Past Due | 6,937 | 19,505 |
90 Days or More Past Due | 4,992 | 3,104 |
Total Past Due | 11,929 | 22,609 |
Total Loans | 2,392,860 | 2,253,556 |
Non- accrual Loans | 6,438 | 22,693 |
90 Days Past Due Loans, Still Accruing Interest | 900 | 205 |
Agricultural | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 393,574 | 355,982 |
30-89 Days Past Due | 71 | 1,934 |
90 Days or More Past Due | 87 | 333 |
Total Past Due | 158 | 2,267 |
Total Loans | 393,732 | 358,249 |
Non- accrual Loans | 112 | 360 |
90 Days Past Due Loans, Still Accruing Interest | 0 | 0 |
Office Retail and Industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 1,398,173 | 1,463,724 |
30-89 Days Past Due | 9,642 | 2,340 |
90 Days or More Past Due | 6,262 | 12,315 |
Total Past Due | 15,904 | 14,655 |
Total Loans | 1,414,077 | 1,478,379 |
Non- accrual Loans | 6,961 | 12,939 |
90 Days Past Due Loans, Still Accruing Interest | 0 | 76 |
Multi-Family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 535,085 | 562,625 |
30-89 Days Past Due | 1,100 | 1,261 |
90 Days or More Past Due | 3,123 | 535 |
Total Past Due | 4,223 | 1,796 |
Total Loans | 539,308 | 564,421 |
Non- accrual Loans | 1,046 | 754 |
90 Days Past Due Loans, Still Accruing Interest | 2,269 | 83 |
Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 188,561 | 197,255 |
30-89 Days Past Due | 467 | 0 |
90 Days or More Past Due | 3,058 | 6,981 |
Total Past Due | 3,525 | 6,981 |
Total Loans | 192,086 | 204,236 |
Non- accrual Loans | 3,332 | 6,981 |
90 Days Past Due Loans, Still Accruing Interest | 0 | 0 |
Other Commercial Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 858,597 | 876,609 |
30-89 Days Past Due | 5,867 | 5,412 |
90 Days or More Past Due | 5,284 | 5,876 |
Total Past Due | 11,151 | 11,288 |
Total Loans | 869,748 | 887,897 |
Non- accrual Loans | 5,898 | 6,970 |
90 Days Past Due Loans, Still Accruing Interest | 897 | 438 |
Total Commercial Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 2,980,416 | 3,100,213 |
30-89 Days Past Due | 17,076 | 9,013 |
90 Days or More Past Due | 17,727 | 25,707 |
Total Past Due | 34,803 | 34,720 |
Total Loans | 3,015,219 | 3,134,933 |
Non- accrual Loans | 17,237 | 27,644 |
90 Days Past Due Loans, Still Accruing Interest | 3,166 | 597 |
Total Corporate Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 5,754,921 | 5,687,142 |
30-89 Days Past Due | 24,084 | 30,452 |
90 Days or More Past Due | 22,806 | 29,144 |
Total Past Due | 46,890 | 59,596 |
Total Loans | 5,801,811 | 5,746,738 |
Non- accrual Loans | 23,787 | 50,697 |
90 Days Past Due Loans, Still Accruing Interest | 4,066 | 802 |
Home equity | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 640,783 | 535,587 |
30-89 Days Past Due | 3,464 | 3,216 |
90 Days or More Past Due | 2,976 | 4,382 |
Total Past Due | 6,440 | 7,598 |
Total Loans | 647,223 | 543,185 |
Non- accrual Loans | 5,201 | 6,290 |
90 Days Past Due Loans, Still Accruing Interest | 214 | 145 |
1-4 family mortgage loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 290,066 | 287,892 |
30-89 Days Past Due | 2,643 | 2,246 |
90 Days or More Past Due | 1,552 | 1,325 |
Total Past Due | 4,195 | 3,571 |
Total Loans | 294,261 | 291,463 |
Non- accrual Loans | 3,320 | 2,941 |
90 Days Past Due Loans, Still Accruing Interest | 152 | 166 |
Installment Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 130,292 | 75,428 |
30-89 Days Past Due | 766 | 506 |
90 Days or More Past Due | 127 | 98 |
Total Past Due | 893 | 604 |
Total Loans | 131,185 | 76,032 |
Non- accrual Loans | 0 | 43 |
90 Days Past Due Loans, Still Accruing Interest | 127 | 60 |
Total Consumer Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 1,061,141 | 898,907 |
30-89 Days Past Due | 6,873 | 5,968 |
90 Days or More Past Due | 4,655 | 5,805 |
Total Past Due | 11,528 | 11,773 |
Total Loans | 1,072,669 | 910,680 |
Non- accrual Loans | 8,521 | 9,274 |
90 Days Past Due Loans, Still Accruing Interest | 493 | 371 |
Total Loans Excluding Covered Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 6,816,062 | 6,586,049 |
30-89 Days Past Due | 30,957 | 36,420 |
90 Days or More Past Due | 27,461 | 34,949 |
Total Past Due | 58,418 | 71,369 |
Total Loans | 6,874,480 | 6,657,418 |
Non- accrual Loans | 32,308 | 59,971 |
90 Days Past Due Loans, Still Accruing Interest | 4,559 | 1,173 |
Covered Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 48,743 | 66,331 |
30-89 Days Past Due | 250 | 2,714 |
90 Days or More Past Due | 2,226 | 10,390 |
Total Past Due | 2,476 | 13,104 |
Total Loans | 51,219 | 79,435 |
Non- accrual Loans | 1,303 | 6,186 |
90 Days Past Due Loans, Still Accruing Interest | 1,372 | 5,002 |
Loans Total | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 6,864,805 | 6,652,380 |
30-89 Days Past Due | 31,207 | 39,134 |
90 Days or More Past Due | 29,687 | 45,339 |
Total Past Due | 60,894 | 84,473 |
Total Loans | 6,925,699 | 6,736,853 |
Non- accrual Loans | 33,611 | 66,157 |
90 Days Past Due Loans, Still Accruing Interest | $ 5,931 | $ 6,175 |
Past Due Loans, Allowance For45
Past Due Loans, Allowance For Credit Losses, Impaired Loans and TDRS (Details) - Allowance for Credit Losses - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Allowance for Credit Losses by Portfolio Segment [Roll Forward] | ||||
Beginning balance | $ 73,279 | $ 79,942 | $ 74,510 | $ 87,121 |
Charge-offs | (4,357) | (17,106) | (22,516) | (35,444) |
Recoveries | 1,294 | 1,159 | 5,670 | 5,536 |
Net charge-offs | (3,063) | (15,947) | (16,846) | (29,908) |
Provision for loan and covered loan losses and other | 3,509 | 10,727 | 16,061 | 17,509 |
Ending balance | 73,725 | 74,722 | 73,725 | 74,722 |
Commercial, Industrial, and Agricultural | ||||
Allowance for Credit Losses by Portfolio Segment [Roll Forward] | ||||
Beginning balance | 33,729 | 29,194 | 29,458 | 30,381 |
Charge-offs | (1,948) | (9,763) | (13,524) | (15,542) |
Recoveries | 347 | 716 | 1,993 | 3,135 |
Net charge-offs | (1,601) | (9,047) | (11,531) | (12,407) |
Provision for loan and covered loan losses and other | 3,247 | 10,458 | 17,448 | 12,631 |
Ending balance | 35,375 | 30,605 | 35,375 | 30,605 |
Office Retail and Industrial | ||||
Allowance for Credit Losses by Portfolio Segment [Roll Forward] | ||||
Beginning balance | 11,345 | 11,831 | 10,992 | 10,405 |
Charge-offs | (563) | (2,514) | (2,613) | (7,108) |
Recoveries | 106 | 55 | 460 | 403 |
Net charge-offs | (457) | (2,459) | (2,153) | (6,705) |
Provision for loan and covered loan losses and other | 967 | 265 | 3,016 | 5,937 |
Ending balance | 11,855 | 9,637 | 11,855 | 9,637 |
Multi-Family | ||||
Allowance for Credit Losses by Portfolio Segment [Roll Forward] | ||||
Beginning balance | 2,451 | 2,048 | 2,249 | 2,017 |
Charge-offs | (68) | (26) | (565) | (383) |
Recoveries | 1 | 0 | 8 | 3 |
Net charge-offs | (67) | (26) | (557) | (380) |
Provision for loan and covered loan losses and other | 226 | (65) | 918 | 320 |
Ending balance | 2,610 | 1,957 | 2,610 | 1,957 |
Construction | ||||
Allowance for Credit Losses by Portfolio Segment [Roll Forward] | ||||
Beginning balance | 1,890 | 4,885 | 2,297 | 6,316 |
Charge-offs | 0 | (157) | (15) | (1,052) |
Recoveries | 114 | 0 | 334 | 160 |
Net charge-offs | 114 | (157) | 319 | (892) |
Provision for loan and covered loan losses and other | (559) | (3,130) | (1,171) | (3,826) |
Ending balance | 1,445 | 1,598 | 1,445 | 1,598 |
Other Commercial Real Estate | ||||
Allowance for Credit Losses by Portfolio Segment [Roll Forward] | ||||
Beginning balance | 6,367 | 8,585 | 8,327 | 10,817 |
Charge-offs | (598) | (1,363) | (2,442) | (3,695) |
Recoveries | 506 | 108 | 1,902 | 341 |
Net charge-offs | (92) | (1,255) | (540) | (3,354) |
Provision for loan and covered loan losses and other | (181) | 189 | (1,693) | 56 |
Ending balance | 6,094 | 7,519 | 6,094 | 7,519 |
Total Consumer Loans | ||||
Allowance for Credit Losses by Portfolio Segment [Roll Forward] | ||||
Beginning balance | 10,820 | 12,440 | 12,145 | 13,010 |
Charge-offs | (1,172) | (3,148) | (2,723) | (7,005) |
Recoveries | 213 | 150 | 853 | 502 |
Net charge-offs | (959) | (2,998) | (1,870) | (6,503) |
Provision for loan and covered loan losses and other | 1,144 | 3,699 | 730 | 6,634 |
Ending balance | 11,005 | 13,141 | 11,005 | 13,141 |
Covered Loans | ||||
Allowance for Credit Losses by Portfolio Segment [Roll Forward] | ||||
Beginning balance | 4,861 | 9,343 | 7,226 | 12,559 |
Charge-offs | (8) | (135) | (634) | (659) |
Recoveries | 7 | 130 | 120 | 992 |
Net charge-offs | (1) | (5) | (514) | 333 |
Provision for loan and covered loan losses and other | (744) | (689) | (2,596) | (4,243) |
Ending balance | 4,116 | 8,649 | 4,116 | 8,649 |
Reserve for Unfunded Commitments | ||||
Allowance for Credit Losses by Portfolio Segment [Roll Forward] | ||||
Beginning balance | 1,816 | 1,616 | 1,816 | 1,616 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Net charge-offs | 0 | 0 | 0 | 0 |
Provision for loan and covered loan losses and other | (591) | 0 | (591) | 0 |
Ending balance | $ 1,225 | $ 1,616 | $ 1,225 | $ 1,616 |
Past Due Loans, Allowance For46
Past Due Loans, Allowance For Credit Losses, Impaired Loans and TDRS (Details) - Loans and Related Allowance for Credit Losses by Portfolio Segment - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Loans [Abstract] | ||||||
Individually Evaluated for Impairment | $ 16,053 | $ 43,004 | ||||
Collectively Evaluated for Impairment | 6,847,733 | 6,610,455 | ||||
PCI | 61,913 | 83,394 | ||||
Total Loans | 6,925,699 | 6,736,853 | ||||
Allowance for Credit Losses [Abstract] | ||||||
Individually Evaluated for Impairment | 1,574 | 2,531 | ||||
Collectively Evaluated for Impairment | 66,844 | 64,918 | ||||
PCI | 5,307 | 7,061 | ||||
Total allowance for credit losses | 73,725 | $ 73,279 | 74,510 | $ 74,722 | $ 79,942 | $ 87,121 |
Commercial, Industrial, and Agricultural | ||||||
Loans [Abstract] | ||||||
Individually Evaluated for Impairment | 3,480 | 19,796 | ||||
Collectively Evaluated for Impairment | 2,777,887 | 2,588,141 | ||||
PCI | 5,225 | 3,868 | ||||
Total Loans | 2,786,592 | 2,611,805 | ||||
Allowance for Credit Losses [Abstract] | ||||||
Individually Evaluated for Impairment | 926 | 2,249 | ||||
Collectively Evaluated for Impairment | 33,913 | 27,209 | ||||
PCI | 536 | 0 | ||||
Total allowance for credit losses | 35,375 | 29,458 | ||||
Office Retail and Industrial | ||||||
Loans [Abstract] | ||||||
Individually Evaluated for Impairment | 5,923 | 12,332 | ||||
Collectively Evaluated for Impairment | 1,403,781 | 1,458,918 | ||||
PCI | 4,373 | 7,129 | ||||
Total Loans | 1,414,077 | 1,478,379 | ||||
Allowance for Credit Losses [Abstract] | ||||||
Individually Evaluated for Impairment | 648 | 271 | ||||
Collectively Evaluated for Impairment | 11,177 | 10,721 | ||||
PCI | 30 | 0 | ||||
Total allowance for credit losses | 11,855 | 10,992 | ||||
Multi-Family | ||||||
Loans [Abstract] | ||||||
Individually Evaluated for Impairment | 802 | 939 | ||||
Collectively Evaluated for Impairment | 535,649 | 561,400 | ||||
PCI | 2,857 | 2,082 | ||||
Total Loans | 539,308 | 564,421 | ||||
Allowance for Credit Losses [Abstract] | ||||||
Individually Evaluated for Impairment | 0 | 0 | ||||
Collectively Evaluated for Impairment | 2,581 | 2,249 | ||||
PCI | 29 | 0 | ||||
Total allowance for credit losses | 2,610 | 2,249 | ||||
Construction | ||||||
Loans [Abstract] | ||||||
Individually Evaluated for Impairment | 1,872 | 6,671 | ||||
Collectively Evaluated for Impairment | 185,984 | 195,094 | ||||
PCI | 4,230 | 2,471 | ||||
Total Loans | 192,086 | 204,236 | ||||
Allowance for Credit Losses [Abstract] | ||||||
Individually Evaluated for Impairment | 0 | 0 | ||||
Collectively Evaluated for Impairment | 1,033 | 2,297 | ||||
PCI | 412 | 0 | ||||
Total allowance for credit losses | 1,445 | 2,297 | ||||
Other Commercial Real Estate | ||||||
Loans [Abstract] | ||||||
Individually Evaluated for Impairment | 3,976 | 3,266 | ||||
Collectively Evaluated for Impairment | 859,138 | 880,087 | ||||
PCI | 6,634 | 4,544 | ||||
Total Loans | 869,748 | 887,897 | ||||
Allowance for Credit Losses [Abstract] | ||||||
Individually Evaluated for Impairment | 0 | 11 | ||||
Collectively Evaluated for Impairment | 5,850 | 8,316 | ||||
PCI | 244 | 0 | ||||
Total allowance for credit losses | 6,094 | 8,327 | ||||
Total Commercial Real Estate | ||||||
Loans [Abstract] | ||||||
Individually Evaluated for Impairment | 12,573 | 23,208 | ||||
Collectively Evaluated for Impairment | 2,984,552 | 3,095,499 | ||||
PCI | 18,094 | 16,226 | ||||
Total Loans | 3,015,219 | 3,134,933 | ||||
Allowance for Credit Losses [Abstract] | ||||||
Individually Evaluated for Impairment | 648 | 282 | ||||
Collectively Evaluated for Impairment | 20,641 | 23,583 | ||||
PCI | 715 | 0 | ||||
Total allowance for credit losses | 22,004 | 23,865 | ||||
Total Corporate Loans | ||||||
Loans [Abstract] | ||||||
Individually Evaluated for Impairment | 16,053 | 43,004 | ||||
Collectively Evaluated for Impairment | 5,762,439 | 5,683,640 | ||||
PCI | 23,319 | 20,094 | ||||
Total Loans | 5,801,811 | 5,746,738 | ||||
Allowance for Credit Losses [Abstract] | ||||||
Individually Evaluated for Impairment | 1,574 | 2,531 | ||||
Collectively Evaluated for Impairment | 54,554 | 50,792 | ||||
PCI | 1,251 | 0 | ||||
Total allowance for credit losses | 57,379 | 53,323 | ||||
Total Consumer Loans | ||||||
Loans [Abstract] | ||||||
Individually Evaluated for Impairment | 0 | 0 | ||||
Collectively Evaluated for Impairment | 1,063,046 | 902,062 | ||||
PCI | 9,623 | 8,618 | ||||
Total Loans | 1,072,669 | 910,680 | ||||
Allowance for Credit Losses [Abstract] | ||||||
Individually Evaluated for Impairment | 0 | 0 | ||||
Collectively Evaluated for Impairment | 10,767 | 11,822 | ||||
PCI | 238 | 323 | ||||
Total allowance for credit losses | 11,005 | 12,145 | ||||
Total Loans Excluding Covered Loans | ||||||
Loans [Abstract] | ||||||
Individually Evaluated for Impairment | 16,053 | 43,004 | ||||
Collectively Evaluated for Impairment | 6,825,485 | 6,585,702 | ||||
PCI | 32,942 | 28,712 | ||||
Total Loans | 6,874,480 | 6,657,418 | ||||
Allowance for Credit Losses [Abstract] | ||||||
Individually Evaluated for Impairment | 1,574 | 2,531 | ||||
Collectively Evaluated for Impairment | 65,321 | 62,614 | ||||
PCI | 1,489 | 323 | ||||
Total allowance for credit losses | 68,384 | 65,468 | ||||
Covered Loans | ||||||
Loans [Abstract] | ||||||
Individually Evaluated for Impairment | 0 | 0 | ||||
Collectively Evaluated for Impairment | 22,248 | 24,753 | ||||
PCI | 28,971 | 54,682 | ||||
Total Loans | 51,219 | 79,435 | ||||
Allowance for Credit Losses [Abstract] | ||||||
Individually Evaluated for Impairment | 0 | 0 | ||||
Collectively Evaluated for Impairment | 298 | 488 | ||||
PCI | 3,818 | 6,738 | ||||
Total allowance for credit losses | 4,116 | 7,226 | ||||
Reserve for Unfunded Commitments | ||||||
Loans [Abstract] | ||||||
Individually Evaluated for Impairment | 0 | 0 | ||||
Collectively Evaluated for Impairment | 0 | 0 | ||||
PCI | 0 | 0 | ||||
Total Loans | 0 | 0 | ||||
Allowance for Credit Losses [Abstract] | ||||||
Individually Evaluated for Impairment | 0 | 0 | ||||
Collectively Evaluated for Impairment | 1,225 | 1,816 | ||||
PCI | 0 | 0 | ||||
Total allowance for credit losses | $ 1,225 | $ 1,816 |
Past Due Loans, Allowance For47
Past Due Loans, Allowance For Credit Losses, Impaired Loans and TDRS (Details) - Impaired Loans Individually Evaluated by Class - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Commercial And Industrial | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment in loans with no specific reserve | $ 2,244 | $ 666 |
Recorded investment in loans with a specific reserve | 1,236 | 19,130 |
Unpaid Principal Balance | 4,281 | 35,457 |
Specific Reserve | 926 | 2,249 |
Agricultural | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment in loans with no specific reserve | 0 | 0 |
Recorded investment in loans with a specific reserve | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Specific Reserve | 0 | 0 |
Office Retail and Industrial | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment in loans with no specific reserve | 4,415 | 9,623 |
Recorded investment in loans with a specific reserve | 1,508 | 2,709 |
Unpaid Principal Balance | 11,421 | 18,340 |
Specific Reserve | 648 | 271 |
Multi-Family | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment in loans with no specific reserve | 802 | 939 |
Recorded investment in loans with a specific reserve | 0 | 0 |
Unpaid Principal Balance | 942 | 1,024 |
Specific Reserve | 0 | 0 |
Construction | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment in loans with no specific reserve | 1,872 | 6,671 |
Recorded investment in loans with a specific reserve | 0 | 0 |
Unpaid Principal Balance | 1,979 | 7,731 |
Specific Reserve | 0 | 0 |
Other Commercial Real Estate | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment in loans with no specific reserve | 3,976 | 2,752 |
Recorded investment in loans with a specific reserve | 0 | 514 |
Unpaid Principal Balance | 4,695 | 4,490 |
Specific Reserve | 0 | 11 |
Total Commercial Real Estate | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment in loans with no specific reserve | 11,065 | 19,985 |
Recorded investment in loans with a specific reserve | 1,508 | 3,223 |
Unpaid Principal Balance | 19,037 | 31,585 |
Specific Reserve | 648 | 282 |
Total Impaired Loans Individually Evaluated For Impairment | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment in loans with no specific reserve | 13,309 | 20,651 |
Recorded investment in loans with a specific reserve | 2,744 | 22,353 |
Unpaid Principal Balance | 23,318 | 67,042 |
Specific Reserve | $ 1,574 | $ 2,531 |
Past Due Loans, Allowance For48
Past Due Loans, Allowance For Credit Losses, Impaired Loans and TDRS (Details) - Impaired Loans Individually Evaluated by Class (Continued) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Impaired Loans Individually Evaluated by Class (Continued) [Line Items] | |||||
Average Recorded Balance | $ 22,144 | $ 48,191 | $ 29,538 | $ 49,452 | |
Interest Income Recognized | [1] | 186 | 82 | 315 | 491 |
Commercial And Industrial | |||||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Impaired Loans Individually Evaluated by Class (Continued) [Line Items] | |||||
Average Recorded Balance | 5,968 | 20,137 | 10,457 | 15,222 | |
Interest Income Recognized | [1] | 37 | 57 | 113 | 204 |
Agricultural | |||||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Impaired Loans Individually Evaluated by Class (Continued) [Line Items] | |||||
Average Recorded Balance | 0 | 0 | 0 | 0 | |
Interest Income Recognized | [1] | 0 | 0 | 0 | 0 |
Office Retail and Industrial | |||||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Impaired Loans Individually Evaluated by Class (Continued) [Line Items] | |||||
Average Recorded Balance | 8,814 | 15,873 | 10,158 | 20,671 | |
Interest Income Recognized | [1] | 4 | 3 | 37 | 150 |
Multi-Family | |||||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Impaired Loans Individually Evaluated by Class (Continued) [Line Items] | |||||
Average Recorded Balance | 925 | 1,155 | 868 | 1,321 | |
Interest Income Recognized | [1] | 12 | 0 | 13 | 0 |
Construction | |||||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Impaired Loans Individually Evaluated by Class (Continued) [Line Items] | |||||
Average Recorded Balance | 2,995 | 5,792 | 4,833 | 5,537 | |
Interest Income Recognized | [1] | 118 | 0 | 118 | 0 |
Other Commercial Real Estate | |||||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Impaired Loans Individually Evaluated by Class (Continued) [Line Items] | |||||
Average Recorded Balance | 3,442 | 5,234 | 3,222 | 6,701 | |
Interest Income Recognized | [1] | 15 | 22 | 34 | 137 |
Total Commercial Real Estate | |||||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Impaired Loans Individually Evaluated by Class (Continued) [Line Items] | |||||
Average Recorded Balance | 16,176 | 28,054 | 19,081 | 34,230 | |
Interest Income Recognized | [1] | $ 149 | $ 25 | $ 202 | $ 287 |
[1] | Recorded using the cash basis of accounting. |
Past Due Loans, Allowance For49
Past Due Loans, Allowance For Credit Losses, Impaired Loans and TDRS (Details) - Credit Quality Indicators by Class, Excluding Covered Loans - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | ||
Commercial And Industrial | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Credit Quality Indicators by Class | $ 2,392,860 | $ 2,253,556 | ||
Commercial And Industrial | Pass | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Credit Quality Indicators by Class | 2,247,010 | 2,115,170 | ||
Commercial And Industrial | Special Mention | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Credit Quality Indicators by Class | [1],[2] | 90,414 | 84,615 | |
Commercial And Industrial | Substandard Accrual | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Credit Quality Indicators by Class | [2],[3] | 48,998 | 31,078 | |
Commercial And Industrial | Substandard Non-Accrual | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Credit Quality Indicators by Class | 6,438 | 22,693 | [4] | |
Agricultural | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Credit Quality Indicators by Class | 393,732 | 358,249 | ||
Agricultural | Pass | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Credit Quality Indicators by Class | 388,034 | 357,595 | ||
Agricultural | Special Mention | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Credit Quality Indicators by Class | [1],[2] | 0 | 294 | |
Agricultural | Substandard Accrual | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Credit Quality Indicators by Class | [2],[3] | 5,586 | 0 | |
Agricultural | Substandard Non-Accrual | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Credit Quality Indicators by Class | 112 | 360 | [4] | |
Office Retail and Industrial | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Credit Quality Indicators by Class | 1,414,077 | 1,478,379 | ||
Office Retail and Industrial | Pass | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Credit Quality Indicators by Class | 1,335,648 | 1,393,885 | ||
Office Retail and Industrial | Special Mention | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Credit Quality Indicators by Class | [1],[2] | 37,420 | 38,891 | |
Office Retail and Industrial | Substandard Accrual | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Credit Quality Indicators by Class | [2],[3] | 34,048 | 32,664 | |
Office Retail and Industrial | Substandard Non-Accrual | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Credit Quality Indicators by Class | 6,961 | 12,939 | [4] | |
Multi-Family | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Credit Quality Indicators by Class | 539,308 | 564,421 | ||
Multi-Family | Pass | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Credit Quality Indicators by Class | 527,520 | 553,255 | ||
Multi-Family | Special Mention | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Credit Quality Indicators by Class | [1],[2] | 6,147 | 6,363 | |
Multi-Family | Substandard Accrual | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Credit Quality Indicators by Class | [2],[3] | 4,595 | 4,049 | |
Multi-Family | Substandard Non-Accrual | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Credit Quality Indicators by Class | 1,046 | 754 | [4] | |
Construction | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Credit Quality Indicators by Class | 192,086 | 204,236 | ||
Construction | Pass | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Credit Quality Indicators by Class | 173,821 | 178,992 | ||
Construction | Special Mention | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Credit Quality Indicators by Class | [1],[2] | 5,181 | 5,776 | |
Construction | Substandard Accrual | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Credit Quality Indicators by Class | [2],[3] | 9,752 | 12,487 | |
Construction | Substandard Non-Accrual | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Credit Quality Indicators by Class | 3,332 | 6,981 | [4] | |
Other Commercial Real Estate | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Credit Quality Indicators by Class | 869,748 | 887,897 | ||
Other Commercial Real Estate | Pass | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Credit Quality Indicators by Class | 829,347 | 829,003 | ||
Other Commercial Real Estate | Special Mention | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Credit Quality Indicators by Class | [1],[2] | 24,140 | 32,517 | |
Other Commercial Real Estate | Substandard Accrual | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Credit Quality Indicators by Class | [2],[3] | 10,363 | 19,407 | |
Other Commercial Real Estate | Substandard Non-Accrual | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Credit Quality Indicators by Class | 5,898 | 6,970 | [4] | |
Total Commercial Real Estate | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Credit Quality Indicators by Class | 3,015,219 | 3,134,933 | ||
Total Commercial Real Estate | Pass | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Credit Quality Indicators by Class | 2,866,336 | 2,955,135 | ||
Total Commercial Real Estate | Special Mention | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Credit Quality Indicators by Class | [1],[2] | 72,888 | 83,547 | |
Total Commercial Real Estate | Substandard Accrual | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Credit Quality Indicators by Class | [2],[3] | 58,758 | 68,607 | |
Total Commercial Real Estate | Substandard Non-Accrual | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Credit Quality Indicators by Class | [4] | 17,237 | 27,644 | |
Total Corporate Loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Credit Quality Indicators by Class | 5,801,811 | 5,746,738 | ||
Total Corporate Loans | Pass | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Credit Quality Indicators by Class | 5,501,380 | 5,427,900 | ||
Total Corporate Loans | Special Mention | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Credit Quality Indicators by Class | [1],[2] | 163,302 | 168,456 | |
Total Corporate Loans | Substandard Accrual | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Credit Quality Indicators by Class | [2],[3] | 113,342 | 99,685 | |
Total Corporate Loans | Substandard Non-Accrual | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Credit Quality Indicators by Class | [4] | $ 23,787 | $ 50,697 | |
[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] | Total special mention and substandard loans includes accruing TDRs of $870,000 as of September 30, 2015 and $1.8 million as of December 31, 2014. | |||
[3] | Loans categorized as substandard exhibit a well-defined weakness or weaknesses that may jeopardize the liquidation of the debt. These loans continue to accrue interest because they are well secured and collection of principal and interest is expected within a reasonable time. | |||
[4] | Loans categorized as non-accrual exhibit a well-defined weakness or weaknesses that may jeopardize the liquidation of the debt or result in a loss if the deficiencies are not corrected. |
Past Due Loans, Allowance For50
Past Due Loans, Allowance For Credit Losses, Impaired Loans and TDRS (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Home equity | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ||
Credit Quality Indicators by Class | $ 647,223 | $ 543,185 |
Home equity | Performing | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ||
Credit Quality Indicators by Class | 642,022 | 536,895 |
Home equity | Non-accrual | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ||
Credit Quality Indicators by Class | 5,201 | 6,290 |
1-4 family mortgage loans | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ||
Credit Quality Indicators by Class | 294,261 | 291,463 |
1-4 family mortgage loans | Performing | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ||
Credit Quality Indicators by Class | 290,941 | 288,522 |
1-4 family mortgage loans | Non-accrual | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ||
Credit Quality Indicators by Class | 3,320 | 2,941 |
Installment Loans | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ||
Credit Quality Indicators by Class | 131,185 | 76,032 |
Installment Loans | Performing | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ||
Credit Quality Indicators by Class | 131,185 | 75,989 |
Installment Loans | Non-accrual | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ||
Credit Quality Indicators by Class | 0 | 43 |
Total Consumer Loans | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ||
Credit Quality Indicators by Class | 1,072,669 | 910,680 |
Total Consumer Loans | Performing | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ||
Credit Quality Indicators by Class | 1,064,148 | 901,406 |
Total Consumer Loans | Non-accrual | ||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - Credit Quality Indicators by Class, Excluding Covered Loans (Continued) [Line Items] | ||
Credit Quality Indicators by Class | $ 8,521 | $ 9,274 |
Past Due Loans, Allowance For51
Past Due Loans, Allowance For Credit Losses, Impaired Loans and TDRS (Details) - TDRs By Class - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | |
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - TDRs By Class [Line Items] | ||||
Accruing | $ 2,771 | $ 3,704 | ||
Non-accrual | [1] | 2,366 | 19,904 | |
Total | 5,137 | 23,608 | $ 22,426 | |
Commercial And Industrial | ||||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - TDRs By Class [Line Items] | ||||
Accruing | 297 | 269 | ||
Non-accrual | [1] | 1,063 | 18,799 | |
Total | 1,360 | 19,068 | ||
Office Retail and Industrial | ||||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - TDRs By Class [Line Items] | ||||
Accruing | 166 | 586 | ||
Non-accrual | [1] | 0 | 0 | |
Total | 166 | 586 | ||
Multi-Family | ||||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - TDRs By Class [Line Items] | ||||
Accruing | 601 | 887 | ||
Non-accrual | [1] | 192 | 232 | |
Total | 793 | 1,119 | ||
Other Commercial Real Estate | ||||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - TDRs By Class [Line Items] | ||||
Accruing | 346 | 433 | ||
Non-accrual | [1] | 0 | 183 | |
Total | 346 | 616 | ||
Total Commercial Real Estate | ||||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - TDRs By Class [Line Items] | ||||
Accruing | 1,113 | 1,906 | ||
Non-accrual | [1] | 192 | 415 | |
Total | 1,305 | 2,321 | ||
Total Corporate Loans | ||||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - TDRs By Class [Line Items] | ||||
Accruing | 1,410 | 2,175 | ||
Non-accrual | [1] | 1,255 | 19,214 | |
Total | 2,665 | 21,389 | ||
Home equity | ||||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - TDRs By Class [Line Items] | ||||
Accruing | 501 | 651 | ||
Non-accrual | [1] | 681 | 506 | |
Total | 1,182 | 1,157 | ||
1-4 family mortgage loans | ||||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - TDRs By Class [Line Items] | ||||
Accruing | 860 | 878 | ||
Non-accrual | [1] | 430 | 184 | |
Total | 1,290 | 1,062 | ||
Total Consumer Loans | ||||
Past Due Loans, Allowance For Credit Losses, and Impaired Loans (Details) - TDRs By Class [Line Items] | ||||
Accruing | 1,361 | 1,529 | ||
Non-accrual | [1] | 1,111 | 690 | |
Total | $ 2,472 | $ 2,219 | ||
[1] | These TDRs are included in non-accrual loans in the preceding tables. |
Past Due Loans, Allowance For52
Past Due Loans, Allowance For Credit Losses, Impaired Loans and TDRS Past Due Loans, Allowance for Credit Losses, Impaired Loans, and TDRs (Details) - Loans Restructured During the Period $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015USD ($)loan | Sep. 30, 2014USD ($)loan | Sep. 30, 2015USD ($)loan | Sep. 30, 2014USD ($)loan | |
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loan | 3 | 6 | 3 | 7 |
Pre-Modification Recorded Investment | $ 445 | $ 23,432 | $ 445 | $ 23,507 |
Funds Disbursed | 0 | 0 | 0 | 0 |
Interest and Escrow Capitalized | 0 | 0 | 0 | 0 |
Charge-offs | 0 | 0 | 0 | 0 |
Post-Modification Recorded Investment | $ 445 | $ 23,432 | $ 445 | $ 23,507 |
Home equity | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loan | 1 | 1 | 1 | |
Pre-Modification Recorded Investment | $ 120 | $ 120 | $ 75 | |
Funds Disbursed | 0 | 0 | 0 | |
Interest and Escrow Capitalized | 0 | 0 | 0 | |
Charge-offs | 0 | 0 | 0 | |
Post-Modification Recorded Investment | $ 120 | $ 120 | $ 75 | |
1-4 family mortgage loans | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loan | 2 | 2 | ||
Pre-Modification Recorded Investment | $ 325 | $ 325 | ||
Funds Disbursed | 0 | 0 | ||
Interest and Escrow Capitalized | 0 | 0 | ||
Charge-offs | 0 | 0 | ||
Post-Modification Recorded Investment | $ 325 | $ 325 | ||
Commercial And Industrial | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loan | 5 | 5 | ||
Pre-Modification Recorded Investment | $ 23,015 | $ 23,015 | ||
Funds Disbursed | 0 | 0 | ||
Interest and Escrow Capitalized | 0 | 0 | ||
Charge-offs | 0 | 0 | ||
Post-Modification Recorded Investment | $ 23,015 | $ 23,015 | ||
Office Retail and Industrial | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | loan | 1 | 1 | ||
Pre-Modification Recorded Investment | $ 417 | $ 417 | ||
Funds Disbursed | 0 | 0 | ||
Interest and Escrow Capitalized | 0 | 0 | ||
Charge-offs | 0 | 0 | ||
Post-Modification Recorded Investment | $ 417 | $ 417 |
Past Due Loans, Allowance For53
Past Due Loans, Allowance For Credit Losses, Impaired Loans and TDRS Past Due Loans, Allowance For Credit Losses, Impaired Loans and TDRS (Details) - TDR Rollforward - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Troubled Debt Restructuring Activity Rollforward [Roll Forward] | ||||
Beginning balance | $ 23,608 | |||
Additions | $ 445 | $ 23,432 | 445 | $ 23,507 |
Ending balance | 5,137 | 22,426 | 5,137 | 22,426 |
Accruing | ||||
Troubled Debt Restructuring Activity Rollforward [Roll Forward] | ||||
Beginning balance | 3,067 | 5,697 | 3,704 | 23,770 |
Additions | 120 | 417 | 120 | 492 |
Net payments received | (355) | (109) | (746) | (1,219) |
Returned to performing status | 0 | 0 | 0 | (18,821) |
Net transfers from non-accrual | (61) | (556) | (307) | 1,227 |
Ending balance | 2,771 | 5,449 | 2,771 | 5,449 |
Nonaccrual | ||||
Troubled Debt Restructuring Activity Rollforward [Roll Forward] | ||||
Beginning balance | 2,070 | 1,700 | 19,904 | 4,083 |
Additions | 325 | 23,015 | 325 | 23,015 |
Net payments received | (29) | (135) | (15,483) | (292) |
Charge-offs | (61) | (8,159) | (2,687) | (8,345) |
Transfers to OREO | 0 | 0 | 0 | (257) |
Net transfers to accruing | 61 | 556 | 307 | (1,227) |
Ending balance | $ 2,366 | $ 16,977 | $ 2,366 | $ 16,977 |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - Basic and Diluted Earnings Per Common Share - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Earnings Per Share, Basic and Diluted [Abstract] | |||||
Net income | $ 23,284 | $ 18,549 | $ 65,740 | $ 54,713 | |
Net income applicable to non-vested restricted shares | (226) | (242) | (703) | (697) | |
Net income applicable to common shares | $ 23,058 | $ 18,307 | $ 65,037 | $ 54,016 | |
Weighted-average common shares outstanding (in Shares) | 77,106 | 74,341 | 77,038 | 74,270 | |
Dilutive effect of common stock equivalents (in Shares) | 13 | 11 | 13 | 12 | |
Weighted-average diluted common shares outstanding (in Shares) | 77,119 | 74,352 | 77,051 | 74,282 | |
Basic earnings per common share (in Dollars per share) | $ 0.30 | $ 0.25 | $ 0.84 | $ 0.73 | |
Diluted earnings per common share (in Dollars per share) | $ 0.30 | $ 0.25 | $ 0.84 | $ 0.73 | |
Anti-dilutive shares not included in the computation of diluted earnings per common share (in thousands) | [1] | 751 | 1,155 | 822 | 1,215 |
[1] | This amount represents outstanding stock options for which the exercise price is greater than the average market price of the Company's common stock. |
Income Taxes (Details) - Compon
Income Taxes (Details) - Components of Income Tax Benefit - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | ||||
Income before income tax expense | $ 34,451 | $ 27,098 | $ 96,564 | $ 80,076 |
Income tax expense: | ||||
Federal income tax expense | 9,036 | 6,714 | 24,956 | 19,719 |
State income tax expense | 2,131 | 1,835 | 5,868 | 5,644 |
Total income tax expense | $ 11,167 | $ 8,549 | $ 30,824 | $ 25,363 |
Effective income tax rate (percent) | 32.40% | 31.50% | 31.90% | 31.70% |
Derivative Instruments and He56
Derivative Instruments and Hedging Activities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2015 | Dec. 31, 2014 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||
Derivative notional amount, cash flow hedge, received fixed pay variable interest rate swap | $ 710,000 | $ 710,000 | ||||
Derivative notional amount, cash flow hedge, forward starting interest rate swap | 510,000 | 510,000 | ||||
Derivative notional amount of cash flow hedge received, variable pay fixed interest rate swap | 200,000 | 200,000 | $ 62,500 | |||
Interest rate cash flow hedge gain (loss) to be reclassified during the next 12 months, net | 5,200 | 5,200 | ||||
Derivative transaction fees | $ 1,200 | $ 874 | $ 2,700 | $ 1,300 | ||
Portion of fair value of outstanding interest rate swaps covered by collateral agreements (percent) | 100.00% | 100.00% | 100.00% |
Derivative Instruments and He57
Derivative Instruments and Hedging Activities (Details) - Interest Rate Derivatives Portfolio - Fair Value Hedging - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Gross notional amount outstanding | $ 11,918 | $ 12,793 | |
Derivative liability fair value | $ (819) | $ (1,032) | |
Weighted-average interest rate received | 2.11% | 2.07% | |
Weighted-average interest rate paid | 6.36% | 6.37% | |
Weighted-average maturity (in years) | 2 years 2 months 15 days | 2 years 11 months 11 days | |
Fair value of assets needed to settle derivative transactions | [1] | $ 841 | $ 1,057 |
[1] | This amount represents the fair value if credit risk related contingent features were triggered. |
Derivative Instruments and He58
Derivative Instruments and Hedging Activities (Details) - Cash Flow Hedges - Cash Flow Hedging - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Gross notional amount outstanding | $ 1,220,000 | $ 650,000 |
Derivative asset fair value | 12,784 | 1,166 |
Derivative liability fair value | $ (13,844) | $ (3,096) |
Weighted-average interest rate received | 1.23% | 1.63% |
Weighted-average interest rate paid | 0.72% | 0.16% |
Weighted-average maturity (in years) | 4 years 1 month 28 days | 4 years 6 months 8 days |
Derivative Instruments and He59
Derivative Instruments and Hedging Activities (Details) - Other Derivative Instruments - Other Derivative Instruments - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | |
Derivative [Line Items] | |||
Gross notional amount outstanding | $ 685,270 | $ 527,893 | |
Derivative asset fair value | 13,367 | 7,852 | |
Derivative liability fair value | (13,367) | (7,852) | |
Fair value of assets needed to settle derivative transactions | [1] | $ 13,764 | $ 8,130 |
[1] | This amount represents the fair value if credit risk related contingent features were triggered. |
Derivative Instruments and He60
Derivative Instruments and Hedging Activities(Details) - Offsetting Derivatives - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | |
Offsetting Derivative Assets [Abstract] | |||
Gross amounts recognized | $ 26,151 | $ 9,018 | |
Less: amounts offset in the Consolidated Statements of Financial Condition | 0 | 0 | |
Net amount presented in the Consolidated Statements of Financial Condition | [1] | 26,151 | 9,018 |
Offsetting derivative positions | (12,788) | (1,195) | |
Cash collateral pledged | 0 | 0 | |
Derivative Asset, Net credit exposure | 13,363 | 7,823 | |
Offsetting Derivative Liabilities [Abstract] | |||
Gross amounts recognized | 28,030 | 11,980 | |
Less: amounts offset in the Consolidated Statements of Financial Condition | 0 | 0 | |
Net amount presented in the Consolidated Statements of Financial Condition | [1] | 28,030 | 11,980 |
Offsetting derivative positions | (12,788) | (1,195) | |
Cash collateral pledged | (15,242) | (10,785) | |
Derivative Liability, Net credit exposure | $ 0 | $ 0 | |
[1] | Included in other assets or other liabilities in the Consolidated Statements of Financial Condition. |
Commitments, Guarantees, and 61
Commitments, Guarantees, and Contingent Liabilities (Details) - Contractual or Notional Amounts of Financial Instruments - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | |
Recourse on assets sold: [Abstract] | |||
Unpaid principal balance of loans sold | $ 199,748 | $ 185,910 | |
Carrying value of recourse obligation | [1] | 76 | 155 |
Letter of Credit | |||
Commitments, Guarantees, and Contingent Liabilities (Details) - Contractual or Notional Amounts of Financial Instruments [Line Items] | |||
Standby letters of credit | 102,996 | 110,639 | |
Commitments to Extend Credit | |||
Commitments, Guarantees, and Contingent Liabilities (Details) - Contractual or Notional Amounts of Financial Instruments [Line Items] | |||
Commercial, industrial, and agricultural | 1,253,880 | 1,299,683 | |
Commercial real estate | 288,930 | 170,573 | |
Home equity | 336,786 | 317,783 | |
Other commitments | [2] | 201,646 | 194,556 |
Total commitments to extend credit | $ 2,081,242 | $ 1,982,595 | |
[1] | Included in other liabilities in the Consolidated Statements of Financial Condition | ||
[2] | Other commitments includes installment and overdraft protection program commitments. |
Fair Value (Details)
Fair Value (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value (Details) [Line Items] | ||
Total amount of loans being serviced for the benefit of others at the end of the period | $ 232.2 | $ 220.4 |
Minimum | ||
Fair Value (Details) [Line Items] | ||
Appraisal adjustment (percent) | 0.00% | |
Maximum | ||
Fair Value (Details) [Line Items] | ||
Appraisal adjustment (percent) | 15.00% |
Fair Value (Details) - Fair Val
Fair Value (Details) - Fair Value Measurements - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | |
Trading securities: | |||||||
Total trading securities | $ 17,038 | $ 17,460 | |||||
Securities available-for-sale: | |||||||
CDOs | 31,870 | $ 32,004 | 33,774 | $ 18,369 | $ 18,436 | $ 18,309 | |
Total available-for-sale securities | 1,151,418 | 1,187,009 | |||||
Level 1 | |||||||
Trading securities: | |||||||
Money market funds | 2,366 | 1,725 | |||||
Mutual funds | 14,672 | 15,735 | |||||
Total trading securities | 17,038 | 17,460 | |||||
Securities available-for-sale: | |||||||
U.S. treasury securities | 0 | 0 | |||||
U.S. agency securities | 0 | 0 | |||||
CMOs | 0 | 0 | |||||
MBSs | 0 | 0 | |||||
Municipal securities | 0 | 0 | |||||
CDOs | 0 | 0 | |||||
Corporate debt securities | 0 | 0 | |||||
Equity securities | 0 | 0 | |||||
Total available-for-sale securities | 0 | 0 | |||||
Mortgage servicing rights | [1] | 0 | 0 | ||||
Derivative assets | [1] | 0 | 0 | ||||
Liabilities: | |||||||
Derivative liabilities | [2] | 0 | 0 | ||||
Level 2 | |||||||
Trading securities: | |||||||
Money market funds | 0 | 0 | |||||
Mutual funds | 0 | 0 | |||||
Total trading securities | 0 | 0 | |||||
Securities available-for-sale: | |||||||
U.S. treasury securities | 1,999 | 0 | |||||
U.S. agency securities | 18,623 | 30,431 | |||||
CMOs | 546,475 | 534,156 | |||||
MBSs | 167,381 | 159,765 | |||||
Municipal securities | 381,554 | 423,820 | |||||
CDOs | 0 | 0 | |||||
Corporate debt securities | 0 | 1,802 | |||||
Equity securities | 3,516 | 3,261 | |||||
Total available-for-sale securities | 1,119,548 | 1,153,235 | |||||
Mortgage servicing rights | [1] | 0 | 0 | ||||
Derivative assets | [1] | 26,151 | 9,018 | ||||
Liabilities: | |||||||
Derivative liabilities | [2] | 28,030 | 11,980 | ||||
Level 3 | |||||||
Trading securities: | |||||||
Money market funds | 0 | 0 | |||||
Mutual funds | 0 | 0 | |||||
Total trading securities | 0 | 0 | |||||
Securities available-for-sale: | |||||||
U.S. treasury securities | 0 | 0 | |||||
U.S. agency securities | 0 | 0 | |||||
CMOs | 0 | 0 | |||||
MBSs | 0 | 0 | |||||
Municipal securities | 0 | 0 | |||||
CDOs | 31,870 | 33,774 | |||||
Corporate debt securities | 0 | 0 | |||||
Equity securities | 0 | 0 | |||||
Total available-for-sale securities | 31,870 | 33,774 | |||||
Mortgage servicing rights | [1] | 1,798 | 1,728 | ||||
Derivative assets | [1] | 0 | 0 | ||||
Liabilities: | |||||||
Derivative liabilities | [2] | $ 0 | $ 0 | ||||
[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 (Details) - Unobserv
Fair Value (Details) - Unobservable Inputs Used In The Valuation of CDOs | 9 Months Ended |
Sep. 30, 2015 | |
Minimum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Probability of prepayment | 2.40% |
Probability of default | 17.70% |
Loss given default | 88.20% |
Probability of deferral cure | 21.70% |
Maximum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Probability of prepayment | 15.40% |
Probability of default | 54.80% |
Loss given default | 96.50% |
Probability of deferral cure | 56.80% |
Fair Value (Details) - Carrying
Fair Value (Details) - Carrying Value of Level 3 Securities Available-for-Sale - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Rollforward of the Carrying Value of CDOs [Roll Forward] | |||||
Beginning balance | $ 32,004 | $ 18,436 | $ 33,774 | $ 18,309 | |
Change in other comprehensive income (loss) | [1] | (62) | (65) | (1,560) | 1,571 |
Paydowns | (72) | (2) | (344) | (1,511) | |
Ending balance | $ 31,870 | $ 18,369 | $ 31,870 | $ 18,369 | |
[1] | Included in unrealized holding gains in the Consolidated Statements of Comprehensive Income. |
Fair Value (Details) - Assets M
Fair Value (Details) - Assets Measured At Fair Value On A Non-Recurring Basis - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | |
Level 1 | |||
Fair Value (Details) - Assets Measured At Fair Value On A Non-Recurring Basis [Line Items] | |||
Collateral-dependent impaired loans | [1] | $ 0 | $ 0 |
OREO | [2] | 0 | 0 |
Loans held-for-sale | [3] | 0 | 0 |
Assets held-for-sale | [4] | 0 | 0 |
Level 2 | |||
Fair Value (Details) - Assets Measured At Fair Value On A Non-Recurring Basis [Line Items] | |||
Collateral-dependent impaired loans | [1] | 0 | 0 |
OREO | [2] | 0 | 0 |
Loans held-for-sale | [3] | 0 | 0 |
Assets held-for-sale | [4] | 0 | 0 |
Level 3 | |||
Fair Value (Details) - Assets Measured At Fair Value On A Non-Recurring Basis [Line Items] | |||
Collateral-dependent impaired loans | [1] | 5,773 | 23,799 |
OREO | [2] | 7,477 | 22,760 |
Loans held-for-sale | [3] | 19,439 | 9,459 |
Assets held-for-sale | [4] | $ 2,026 | $ 2,026 |
[1] | Includes impaired loans with charge-offs and impaired loans with a specific reserve during the periods presented. | ||
[2] | Includes OREO and covered OREO with fair value adjustments subsequent to initial transfer that occurred during the periods presented. | ||
[3] | Included in other assets in the Consolidated Statements of Financial Condition. | ||
[4] | Included in premises, furniture, and equipment in the Consolidated Statements of Financial Condition. |
Fair Value (Details) - Financia
Fair Value (Details) - Financial Instruments - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Assets: | ||
Cash and due from banks | $ 125,279 | $ 117,315 |
Interest-bearing deposits in other banks | 822,264 | 488,947 |
Securities held-to-maturity, at amortized cost | 23,723 | 26,555 |
FHLB and FRB stock | 38,748 | 37,558 |
Loans | 6,853,199 | 6,664,159 |
Investment in BOLI | 208,666 | 206,498 |
Liabilities: | ||
Deposits | 8,296,450 | 7,887,758 |
Borrowed funds | 169,943 | 137,994 |
Senior and subordinated debt | 201,123 | 200,869 |
Level 1 | ||
Assets: | ||
Cash and due from banks | 125,279 | 117,315 |
Liabilities: | ||
Senior and subordinated debt | 207,045 | 209,035 |
Level 2 | ||
Assets: | ||
Interest-bearing deposits in other banks | 822,264 | 488,947 |
Securities held-to-maturity, at amortized cost | 23,708 | 27,670 |
FHLB and FRB stock | 38,748 | 37,558 |
Liabilities: | ||
Deposits | 8,295,488 | 7,879,413 |
Borrowed funds | 169,942 | 137,994 |
Accrued interest payable | 5,124 | 2,324 |
Level 3 | ||
Assets: | ||
Loans | 6,770,861 | 6,536,248 |
Investment in BOLI | 208,666 | 206,498 |
Accrued interest receivable | 27,897 | 27,506 |
Other interest-earning assets | 2,357 | 3,799 |
Carrying Amount | Level 1 | ||
Assets: | ||
Cash and due from banks | 125,279 | 117,315 |
Liabilities: | ||
Senior and subordinated debt | 201,123 | 200,869 |
Carrying Amount | Level 2 | ||
Assets: | ||
Interest-bearing deposits in other banks | 822,264 | 488,947 |
Securities held-to-maturity, at amortized cost | 23,723 | 26,555 |
FHLB and FRB stock | 38,748 | 37,558 |
Liabilities: | ||
Deposits | 8,296,450 | 7,887,758 |
Borrowed funds | 169,943 | 137,994 |
Accrued interest payable | 5,124 | 2,324 |
Carrying Amount | Level 3 | ||
Assets: | ||
Loans | 6,859,305 | 6,672,611 |
Investment in BOLI | 208,666 | 206,498 |
Accrued interest receivable | 27,897 | 27,506 |
Other interest-earning assets | $ 2,357 | $ 3,799 |