Document and Entity Information
Document and Entity Information | 9 Months Ended |
Sep. 30, 2015shares | |
Document And Entity Information [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Sep. 30, 2015 |
Document Fiscal Year Focus | 2,015 |
Document Fiscal Period Focus | Q3 |
Trading Symbol | ONB |
Entity Registrant Name | Old National Bancorp /IN/ |
Entity Central Index Key | 707,179 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 114,523,000 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Assets | |||
Cash and due from banks | $ 157,919 | $ 207,871 | $ 205,853 |
Money market and other interest-earning investments | 15,491 | 32,092 | 25,599 |
Total cash and cash equivalents | 173,410 | 239,963 | 231,452 |
Trading securities - at fair value | 3,827 | 3,881 | 3,839 |
Investment securities - available-for-sale, at fair value: | |||
Total investment securities - available-for-sale | 2,519,893 | 2,627,831 | 2,485,586 |
Investment securities - held-to-maturity, at amortized cost (fair value $902,176, $903,935 and $901,717, respectively) | 851,051 | 844,054 | 848,033 |
Federal Home Loan Bank/Federal Reserve Bank stock, at cost | 86,146 | 71,175 | 70,531 |
Loans held for sale ($18,783, $15,562, and $12,875, respectively at fair value) | 18,783 | 213,490 | 12,875 |
Loans: | |||
Commercial | 1,740,394 | 1,629,600 | 1,647,889 |
Commercial real estate | 1,845,889 | 1,711,110 | 1,614,563 |
Residential real estate | 1,640,289 | 1,519,156 | 1,546,939 |
Consumer credit, net of unearned income | 1,507,287 | 1,310,627 | 1,274,699 |
Covered loans, net of discount | 114,039 | 147,708 | 158,345 |
Total loans | 6,847,898 | 6,318,201 | 6,242,435 |
Allowance for loan losses | (49,515) | (44,297) | (44,693) |
Allowance for loan losses - covered loans | (1,711) | (3,552) | (3,586) |
Net loans | 6,796,672 | 6,270,352 | 6,194,156 |
FDIC indemnification asset | 8,905 | 20,603 | 28,000 |
Premises and equipment, net | 130,341 | 135,892 | 130,229 |
Accrued interest receivable | 65,485 | 60,966 | 56,961 |
Goodwill | 584,634 | 530,845 | 491,407 |
Other intangible assets | 38,124 | 38,694 | 39,043 |
Company-owned life insurance | 339,352 | 325,617 | 316,198 |
Assets held for sale | 4,744 | 9,127 | 8,705 |
Other real estate owned and repossessed personal property | 9,282 | 7,241 | 8,173 |
Other real estate owned - covered | 4,423 | 9,121 | 9,454 |
Other assets | 280,091 | 238,699 | 245,110 |
Total assets | 11,915,163 | 11,647,551 | 11,179,752 |
Deposits: | |||
Noninterest-bearing demand | 2,388,854 | 2,427,748 | 2,371,049 |
Interest-bearing: | |||
NOW | 2,001,077 | 2,176,879 | 2,069,507 |
Savings | 2,201,066 | 2,222,557 | 2,178,094 |
Money market | 1,043,135 | 574,462 | 547,069 |
Time | 987,193 | 1,089,018 | 1,041,583 |
Total deposits | 8,621,325 | 8,490,664 | 8,207,302 |
Short-term borrowings | 474,894 | 551,309 | 495,262 |
Other borrowings | 1,120,326 | 920,102 | 871,716 |
Accrued expenses and other liabilities | 222,616 | 219,712 | 198,292 |
Total liabilities | $ 10,439,161 | $ 10,181,787 | $ 9,772,572 |
Shareholders' Equity | |||
Preferred stock, 2,000 shares authorized, no shares issued or outstanding | |||
Common stock, $1.00 per share stated value, 150,000 shares authorized, 114,523, 116,847 and 113,984 shares issued and outstanding, respectively | $ 114,523 | $ 116,847 | $ 113,984 |
Capital surplus | 1,090,381 | 1,118,292 | 1,077,939 |
Retained earnings | 305,478 | 262,180 | 245,874 |
Accumulated other comprehensive income (loss), net of tax | (34,380) | (31,555) | (30,617) |
Total shareholders' equity | 1,476,002 | 1,465,764 | 1,407,180 |
Total liabilities and shareholders' equity | 11,915,163 | 11,647,551 | 11,179,752 |
U.S. Treasury [Member] | |||
Investment securities - available-for-sale, at fair value: | |||
Total investment securities - available-for-sale | 12,239 | 15,166 | 11,140 |
U.S. Government-Sponsored Entities and Agencies [Member] | |||
Investment securities - available-for-sale, at fair value: | |||
Total investment securities - available-for-sale | 641,780 | 685,951 | 628,331 |
Mortgage-Backed Securities - Agency [Member] | |||
Investment securities - available-for-sale, at fair value: | |||
Total investment securities - available-for-sale | 1,136,352 | 1,241,662 | 1,226,476 |
States and Political Subdivisions [Member] | |||
Investment securities - available-for-sale, at fair value: | |||
Total investment securities - available-for-sale | 390,103 | 314,541 | 273,568 |
Other Debt Securities Including Pooled Trust Preferred Securities [Member] | |||
Investment securities - available-for-sale, at fair value: | |||
Total investment securities - available-for-sale | $ 339,419 | $ 370,511 | $ 346,071 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Statement of Financial Position [Abstract] | |||
Investment securities - held-to-maturity, fair value | $ 902,176 | $ 903,935 | $ 901,717 |
Loans held-for-sale, fair value | $ 18,783 | $ 15,562 | $ 12,875 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | 0 | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 | 0 |
Common stock, stated value | $ 1 | $ 1 | $ 1 |
Authorized and unissued common shares reserved for issuance | 150,000,000 | 150,000,000 | 150,000,000 |
Common stock, shares issued | 114,523,000 | 116,847,000 | 113,984,000 |
Common stock, shares outstanding | 114,523,000 | 116,847,000 | 113,984,000 |
Consolidated Statements of Inco
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 | |
Loans including fees: | ||||
Taxable | $ 81,881 | $ 91,080 | $ 233,419 | $ 221,929 |
Nontaxable | 2,832 | 2,608 | 8,593 | 7,647 |
Investment securities: | ||||
Taxable | 14,293 | 14,923 | 43,311 | 46,139 |
Nontaxable | 6,661 | 6,001 | 18,888 | 16,674 |
Money market and other interest-earning investments | 4 | 6 | 18 | 22 |
Total interest income | 105,671 | 114,618 | 304,229 | 292,411 |
Interest Expense | ||||
Deposits | 3,474 | 3,321 | 10,568 | 9,946 |
Short-term borrowings | 141 | 76 | 349 | 226 |
Other borrowings | 4,952 | 2,854 | 13,118 | 5,912 |
Total interest expense | 8,567 | 6,251 | 24,035 | 16,084 |
Net interest income | 97,104 | 108,367 | 280,194 | 276,327 |
Provision for loan losses | 167 | 2,591 | 2,439 | 2,228 |
Net interest income after provision for loan losses | 96,937 | 105,776 | 277,755 | 274,099 |
Noninterest Income | ||||
Wealth management fees | 8,290 | 7,190 | 26,253 | 20,486 |
Service charges on deposit accounts | 11,010 | 12,481 | 33,333 | 35,436 |
Debit card and ATM fees | 3,887 | 6,805 | 17,694 | 19,017 |
Mortgage banking revenue | 3,170 | 1,735 | 10,395 | 3,627 |
Insurance premiums and commissions | 9,938 | 9,761 | 32,223 | 31,534 |
Investment product fees | 4,427 | 4,684 | 13,549 | 12,669 |
Company-owned life insurance | 2,195 | 1,832 | 6,540 | 4,942 |
Net securities gains | 861 | 2,713 | 4,056 | 4,961 |
Total other-than-temporary impairment losses | 0 | (100) | ||
Loss recognized in other comprehensive income | 0 | 0 | 0 | 0 |
Impairment losses recognized in earnings | (100) | |||
Recognition of deferred gain on sale leaseback transactions | 1,417 | 1,524 | 4,409 | 4,571 |
Net gain on branch divestitures | 15,355 | 15,355 | ||
Change in FDIC indemnification asset | (6,582) | (19,103) | (9,091) | (36,916) |
Other income | 5,776 | 4,796 | 15,302 | 14,407 |
Total noninterest income | 59,744 | 34,418 | 170,018 | 114,634 |
Noninterest Expense | ||||
Salaries and employee benefits | 58,151 | 54,634 | 187,093 | 161,064 |
Occupancy | 13,009 | 12,723 | 41,443 | 36,377 |
Equipment | 2,977 | 3,330 | 10,327 | 9,520 |
Marketing | 2,727 | 2,382 | 8,641 | 7,001 |
Data processing | 6,622 | 6,401 | 21,289 | 18,464 |
Communication | 2,301 | 2,615 | 7,480 | 7,569 |
Professional fees | 2,435 | 5,332 | 8,948 | 12,657 |
Loan expense | 1,420 | 1,653 | 4,562 | 4,411 |
Supplies | 445 | 793 | 1,710 | 2,270 |
FDIC assessment | 1,733 | 1,671 | 5,590 | 4,557 |
Other real estate owned expense | 584 | 758 | 2,221 | 2,771 |
Amortization of intangibles | 2,872 | 2,519 | 8,930 | 6,359 |
Other expense | 7,341 | 5,154 | 20,229 | 13,301 |
Total noninterest expense | 102,617 | 99,965 | 328,463 | 286,321 |
Income before income taxes | 54,064 | 40,229 | 119,310 | 102,412 |
Income tax expense | 16,395 | 11,095 | 34,579 | 27,995 |
Net income | $ 37,669 | $ 29,134 | $ 84,731 | $ 74,417 |
Net income per common share - basic | $ 0.33 | $ 0.26 | $ 0.73 | $ 0.71 |
Net income per common share - diluted | $ 0.33 | $ 0.26 | $ 0.73 | $ 0.70 |
Weighted average number of common shares outstanding - basic | 114,590 | 111,428 | 116,272 | 105,086 |
Weighted average number of common shares outstanding - diluted | 115,153 | 111,947 | 116,800 | 105,559 |
Dividends per common share | $ 0.12 | $ 0.11 | $ 0.36 | $ 0.33 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (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 | $ 37,669 | $ 29,134 | $ 84,731 | $ 74,417 |
Change in securities available-for-sale: | ||||
Unrealized holding gains (losses) for the period | 14,509 | 5,772 | 6,581 | 29,274 |
Reclassification adjustment for securities gains realized in income | (861) | (2,713) | (4,056) | (4,961) |
Other-than-temporary-impairment on available-for-sale securities associated with credit loss realized in income | 0 | 100 | ||
Income tax effect | (5,021) | (1,222) | (1,101) | (9,312) |
Unrealized gains on available-for-sale securities | 8,627 | 1,837 | 1,424 | 15,101 |
Change in securities held-to-maturity: | ||||
Amortization of fair value for securities held-to-maturity previously recognized into accumulated other comprehensive income | 455 | 395 | 1,222 | 1,017 |
Income tax effect | (155) | (126) | (236) | (311) |
Changes from securities held-to-maturity | 300 | 269 | 986 | 706 |
Cash flow hedges: | ||||
Net unrealized derivative gains (losses) on cash flow hedges | (10,278) | 987 | (12,349) | (4,134) |
Reclassification adjustment for (gains) losses realized in net income | 902 | 103 | 1,527 | 141 |
Income tax effect | 3,563 | (676) | 4,112 | 1,256 |
Changes from cash flow hedges | (5,813) | 414 | (6,710) | (2,737) |
Defined benefit pension plans: | ||||
Amortization of net loss recognized in income | 917 | 329 | 2,380 | 1,272 |
Income tax effect | (349) | (125) | (905) | (493) |
Changes from defined benefit pension plans | 568 | 204 | 1,475 | 779 |
Other comprehensive income (loss), net of tax | 3,682 | 2,724 | (2,825) | 13,849 |
Comprehensive income | $ 41,351 | $ 31,858 | $ 81,906 | $ 88,266 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (unaudited) - USD ($) $ in Thousands | Total | Tower Financial Corporation [Member] | Founders Financial Corporation [Member] | United Bancorp, Inc. [Member] | Common Stock [Member] | Common Stock [Member]Tower Financial Corporation [Member] | Common Stock [Member]Founders Financial Corporation [Member] | Common Stock [Member]United Bancorp, Inc. [Member] | Capital Surplus [Member] | Capital Surplus [Member]Tower Financial Corporation [Member] | Capital Surplus [Member]Founders Financial Corporation [Member] | Capital Surplus [Member]United Bancorp, Inc. [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Beginning Balance at Dec. 31, 2013 | $ 1,162,640 | $ 99,859 | $ 900,254 | $ 206,993 | $ (44,466) | |||||||||
Net income | 74,417 | 74,417 | ||||||||||||
Other comprehensive income (loss) | 13,849 | 13,849 | ||||||||||||
Acquisition | $ 78,727 | $ 123,806 | $ 5,626 | $ 9,117 | $ 73,101 | $ 114,689 | ||||||||
Dividends - common stock | (35,266) | (35,266) | ||||||||||||
Common stock issued | 237 | 17 | 220 | |||||||||||
Common stock repurchased | (15,284) | (1,147) | (14,137) | |||||||||||
Stock based compensation expense | 2,698 | 2,698 | ||||||||||||
Stock activity under incentive compensation plans | 1,356 | 512 | 1,114 | (270) | ||||||||||
Ending Balance at Sep. 30, 2014 | 1,407,180 | 113,984 | 1,077,939 | 245,874 | (30,617) | |||||||||
Beginning Balance at Dec. 31, 2014 | 1,465,764 | 116,847 | 1,118,292 | 262,180 | (31,555) | |||||||||
Net income | 84,731 | 84,731 | ||||||||||||
Other comprehensive income (loss) | (2,825) | (2,825) | ||||||||||||
Acquisition | $ 50,626 | $ 3,402 | $ 47,224 | |||||||||||
Dividends - common stock | (41,817) | (41,817) | ||||||||||||
Common stock issued | 292 | 21 | 271 | |||||||||||
Common stock repurchased | (84,245) | (6,080) | (78,165) | |||||||||||
Stock based compensation expense | 3,517 | 3,517 | ||||||||||||
Stock activity under incentive compensation plans | (41) | 333 | (758) | 384 | ||||||||||
Ending Balance at Sep. 30, 2015 | $ 1,476,002 | $ 114,523 | $ 1,090,381 | $ 305,478 | $ (34,380) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash Flows From Operating Activities | ||
Net income | $ 84,731 | $ 74,417 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Depreciation | 10,865 | 9,023 |
Amortization of other intangible assets | 8,930 | 6,359 |
Net premium amortization on investment securities | 14,023 | 10,872 |
Amortization of FDIC indemnification asset | 9,091 | 36,916 |
Stock compensation expense | 3,517 | 2,698 |
Provision for loan losses | 2,439 | 2,228 |
Net securities gains | (4,056) | (4,961) |
Impairment on available-for-sale securities | 100 | |
Recognition of deferred gain on sale leaseback transactions | (4,409) | (4,571) |
Net gain on branch divestitures | (15,355) | |
Net gains on sales of other assets | (5,021) | (1,935) |
Increase in cash surrender value of company-owned life insurance | (5,438) | (4,939) |
Residential real estate loans originated for sale | (278,850) | (106,596) |
Proceeds from sale of residential real estate loans | 283,971 | 105,257 |
Increase in interest receivable | (3,910) | (1,770) |
Decrease in other real estate owned | 3,331 | 5,754 |
(Increase) decrease in other assets | (35,009) | 4,384 |
Increase (decrease) in accrued expenses and other liabilities | (1,416) | 1,636 |
Total adjustments | (17,297) | 60,455 |
Net cash flows provided by operating activities | 67,434 | 134,872 |
Cash Flows From Investing Activities | ||
Net cash and cash equivalents of acquired banks | (37,098) | 7,198 |
Payments related to branch divestitures | (333,095) | |
Purchases of investment securities available-for-sale | (716,510) | (289,757) |
Purchases of investment securities held-to-maturity | (44,479) | (103,299) |
Purchases of Federal Home Loan Bank/Federal Reserve Bank stock | (21,872) | (1,935) |
Proceeds from maturities, prepayments and calls of investment securities available-for-sale | 601,586 | 316,532 |
Proceeds from sales of investment securities available-for-sale | 296,841 | 155,876 |
Proceeds from maturities, prepayments and calls of investment securities held-to-maturity | 32,049 | 13,762 |
Proceeds from sales of investment securities held-to-maturity | 855 | |
Proceeds from sales of Federal Home Loan Bank/Federal Reserve Bank stock | 8,711 | |
Reimbursements under FDIC loss share agreements | 3,555 | 24,814 |
Net principal collected from (loans made to) loan customers | (185,891) | (157,764) |
Proceeds from sale of premises and equipment and other assets | 7,709 | 118 |
Purchases of premises and equipment and other assets | (14,259) | (15,130) |
Net cash flows used in investing activities | (401,898) | (49,585) |
Cash Flows From Financing Activities | ||
Deposits | 309,793 | (295,804) |
Short-term borrowings | (88,907) | 3,612 |
Payments for maturities on other borrowings | (227,503) | (193,600) |
Proceeds from issuance of other borrowings | 400,000 | 475,000 |
Cash dividends paid on common stock | (41,817) | (35,266) |
Common stock repurchased | (84,245) | (15,284) |
Proceeds from exercise of stock options, including tax benefit | 298 | 547 |
Common stock issued | 292 | 237 |
Net cash flows provided by (used in) financing activities | 267,911 | (60,558) |
Net increase (decrease) in cash and cash equivalents | (66,553) | 24,729 |
Cash and cash equivalents at beginning of period | 239,963 | 206,723 |
Cash and cash equivalents at end of period | 173,410 | 231,452 |
Supplemental cash flow information: | ||
Total interest paid | 25,470 | 15,425 |
Total taxes paid (net of refunds) | $ 8,784 | $ 14,405 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | NOTE 1 – BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements include the accounts of Old National Bancorp and its wholly-owned affiliates (hereinafter collectively referred to as “Old National”) and have been prepared in conformity with accounting principles generally accepted in the United States of America and prevailing practices within the banking industry. Such principles require management to make estimates and assumptions that affect the reported amounts of assets, liabilities and the disclosures of contingent assets and liabilities at the date of the financial statements and amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. In the opinion of management, the consolidated financial statements contain all the normal and recurring adjustments necessary for a fair statement of the financial position of Old National as of September 30, 2015 and 2014, and December 31, 2014, and the results of its operations for the three and nine months ended September 30, 2015 and 2014. Interim results do not necessarily represent annual results. These financial statements should be read in conjunction with Old National’s Annual Report for the year ended December 31, 2014. All significant intercompany transactions and balances have been eliminated. Certain prior year amounts have been reclassified to conform to the 2015 presentation. Such reclassifications had no effect on net income or shareholders’ equity and were insignificant amounts. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | NOTE 2 – RECENT ACCOUNTING PRONOUNCEMENTS FASB ASC 323 – FASB ASC 310 – FASB ASC 205 and 360 – FASB ASC 606 – FASB ASC 860 – FASB ASC 718 – FASB ASC 310 – FASB ASC 835 – The guidance of ASU No. 2015-03 did not address presentation or subsequent measurement of debt issuance costs related to line-of-credit arrangements. Given the absence of authoritative guidance for debt issuance costs related to line-of-credit arrangements within the update, in August 2015, the SEC staff stated that they would not object to any entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. FASB ASC 350 – FASB ASC 944 – FASB ASC 805 |
Acquisition and Divestiture Act
Acquisition and Divestiture Activity | 9 Months Ended |
Sep. 30, 2015 | |
Business Combinations [Abstract] | |
Acquisition and Divestiture Activity | NOTE 3 – ACQUISITION AND DIVESTITURE ACTIVITY Acquisitions Tower Financial Corporation On September 10, 2013, Old National announced that it had entered into an agreement to acquire Tower Financial Corporation (“Tower”) through a stock and cash merger. The acquisition contemplated by this agreement was completed effective April 25, 2014 (the “Closing Date”). Tower was an Indiana bank holding company with Tower Bank & Trust Company as its wholly-owned subsidiary. Headquartered in Fort Wayne, Indiana, Tower operated seven banking centers and had approximately $556 million in trust assets under management on the Closing Date. The merger strengthened Old National’s position as one of the largest deposit holders in Indiana and Old National believes that it will be able to achieve cost savings by integrating the two companies and combining accounting, data processing, retail and lending support, and other administrative functions after the merger, which will enable Old National to achieve economies of scale in these areas. The total purchase price for Tower was $110.4 million, consisting of $31.7 million of cash and the issuance of 5.6 million shares of Old National Common Stock valued at $78.7 million. This acquisition was accounted for under the acquisition method of accounting. Accordingly, the Company recognized amounts for identifiable assets acquired and liabilities assumed at their estimated acquisition date fair values, while $5.6 million of transaction and integration costs associated with the acquisition were expensed as incurred. As of December 31, 2014, the Company finalized its valuation of all assets and liabilities acquired, resulting in no material change to purchase accounting adjustments. A summary of the final purchase price allocation is as follows (in thousands): Cash and cash equivalents $ 56,345 Investment securities 140,567 Federal Home Loan Bank stock 2,192 Loans held for sale 474 Loans 371,054 Premises and equipment 8,516 Accrued interest receivable 2,371 Other real estate owned 473 Company-owned life insurance 21,281 Other assets 15,200 Deposits (527,995 ) Short-term borrowings (18,898 ) Other borrowings (21,113 ) Accrued expenses and other liabilities (4,681 ) Net tangible assets acquired 45,786 Definite-lived intangible assets acquired 8,382 Goodwill 56,203 Purchase price $ 110,371 The portion of the purchase price allocated to goodwill will not be deductible for tax purposes and is included in the “Banking” segment, as described in Note 21 of these consolidated financial statement footnotes. The components of the estimated fair value of the acquired identifiable intangible assets are in the table below. These intangible assets will be amortized on an accelerated basis over their estimated lives and are included in the “Banking” segment, as described in Note 21 of these consolidated financial statement footnotes. Estimated Fair Value (in millions) Estimated Useful Lives (Years) Core deposit intangible $ 4.6 7 Trust customer relationship intangible $ 3.8 12 Acquired loan data for Tower can be found in the table below: (in thousands) Fair Value of Acquired Loans at Acquisition Date Gross Contractual Amounts Receivable at Acquisition Date Best Estimate at Acquisition Date of Contractual Cash Flows Not Expected to be Collected Acquired receivables subject to ASC 310-30 $ 12,855 $ 22,746 $ 5,826 Acquired receivables not subject to ASC 310-30 $ 358,199 $ 450,865 $ 42,302 United Bancorp, Inc. On January 8, 2014, Old National announced that it had entered into an agreement to acquire United Bancorp, Inc. (“United”) through a stock and cash merger. The acquisition contemplated by this agreement was completed effective July 31, 2014 (the “Closing Date”). United was a Michigan bank holding company with United Bank & Trust as its wholly-owned subsidiary. Headquartered in Ann Arbor, Michigan, United operated eighteen banking centers and had approximately $688 million in trust assets under management as of June 30, 2014. The merger doubled Old National’s presence in Michigan to 36 total branches and Old National believes that it will be able to achieve cost savings by integrating the two companies and combining accounting, data processing, retail and lending support, and other administrative functions after the merger, which will enable Old National to achieve economies of scale in these areas. The total purchase price for United was $157.8 million, consisting of $34.0 million of cash, the issuance of 9.1 million shares of Old National Common Stock valued at $122.0 million, and the assumption of United’s options and stock appreciation rights, valued at $1.8 million. This acquisition was accounted for under the acquisition method of accounting. Accordingly, the Company recognized amounts for identifiable assets acquired and liabilities assumed at their estimated acquisition date fair values, while $7.6 million of transaction and integration costs were expensed as incurred. As of July 31, 2015, the Company finalized its valuation of all assets and liabilities acquired, resulting in no material change to purchase accounting adjustments. A summary of the final purchase price allocation is as follows (in thousands): Cash and cash equivalents $ 16,447 Investment securities 154,885 Federal Home Loan Bank stock 2,880 Loans held for sale 1,073 Loans 632,016 Premises and equipment 7,741 Accrued interest receivable 2,614 Other real estate owned 1,676 Company-owned life insurance 14,857 Other assets 16,822 Deposits (763,681 ) Short-term borrowings (10,420 ) Other borrowings (12,515 ) Accrued expenses and other liabilities (8,337 ) Net tangible assets acquired 56,058 Definite-lived intangible assets acquired 10,763 Loan servicing rights 8,983 Goodwill 81,952 Purchase price $ 157,756 The portion of the purchase price allocated to goodwill will not be deductible for tax purposes and is included in the “Banking” segment, as described in Note 21 of these consolidated financial statement footnotes. The components of the estimated fair value of the acquired identifiable intangible assets are in the table below. These intangible assets will be amortized on an accelerated basis over their estimated lives and are included in the “Banking” segment, as described in Note 21 of these consolidated financial statement footnotes. Estimated Fair Value (in millions) Estimated Useful Lives (Years) Core deposit intangible $ 5.9 7 Trust customer relationship intangible $ 4.9 12 Acquired loan data for United can be found in the table below: (in thousands) Fair Value of Acquired Loans at Acquisition Date Gross Contractual Amounts Receivable at Acquisition Date Best Estimate at Acquisition Date of Contractual Cash Flows Not Expected to be Collected Acquired receivables subject to ASC 310-30 $ 8,391 $ 15,483 $ 5,487 Acquired receivables not subject to ASC 310-30 $ 623,625 $ 798,967 $ 89,430 LSB Financial Corp. On June 3, 2014, Old National announced that it had entered into an agreement to acquire LSB Financial Corp. (“LSB”) through a stock and cash merger. The acquisition was completed effective November 1, 2014 (the “Closing Date”). LSB was a savings and loan holding company with Lafayette Savings Bank as its wholly-owned subsidiary. LSB was the largest bank headquartered in Lafayette, Indiana and operated five full-service banking centers. The merger strengthened Old National’s position as one of the largest deposit holders in Indiana and Old National believes that it will be able to achieve cost savings by integrating the two companies and combining accounting, data processing, retail and lending support, and other administrative functions after the merger, which will enable Old National to achieve economies of scale in these areas. The total purchase price for LSB was $69.6 million, consisting of $17.8 million of cash and the issuance of 3.6 million shares of Old National Common Stock valued at $51.8 million. This acquisition was accounted for under the acquisition method of accounting. Accordingly, the Company recognized amounts for identifiable assets acquired and liabilities assumed at their estimated acquisition date fair values, while $3.2 million of transaction and integration costs associated with the acquisition were expensed as incurred. As of September 30, 2015, the Company finalized its valuation of all assets and liabilities acquired, resulting in no material change to purchase accounting adjustments. A summary of the final purchase price allocation is as follows (in thousands): Cash and cash equivalents $ 7,589 Investment securities 63,684 Federal Home Loan Bank stock 3,185 Loans held for sale 1,035 Loans 235,377 Premises and equipment 6,492 Accrued interest receivable 1,044 Other real estate owned 30 Company-owned life insurance 7,438 Other assets 11,490 Deposits (292,068 ) Other borrowings (15,203 ) Accrued expenses and other liabilities (4,582 ) Net tangible assets acquired 25,511 Definite-lived intangible assets acquired 2,618 Loan servicing rights 990 Goodwill 40,476 Purchase price $ 69,595 The portion of the purchase price allocated to goodwill will not be deductible for tax purposes and is included in the “Banking” segment, as described in Note 21 of these consolidated financial statement footnotes. The acquired identifiable intangible asset is core deposit intangible and the estimated fair value is $2.6 million. The core deposit intangible asset will be amortized over an estimated useful life of 7 years and is included in the “Banking” segment, as described in Note 21 of these consolidated financial statement footnotes. Acquired loan data for LSB can be found in the table below: (in thousands) Fair Value of Acquired Loans at Acquisition Date Gross Contractual Amounts Receivable at Acquisition Date Best Estimate at Acquisition Date of Contractual Cash Flows Not Expected to be Collected Acquired receivables subject to ASC 310-30 $ 11,986 $ 24,493 $ 9,903 Acquired receivables not subject to ASC 310-30 $ 223,391 $ 340,832 $ 57,884 Founders Financial Corporation On July 28, 2014, Old National announced that it had entered into an agreement to acquire Grand Rapids, Michigan-based Founders Financial Corporation (“Founders”) through a stock and cash merger. The acquisition was completed effective January 1, 2015 (the “Closing Date”). Founders was a bank holding company with Founders Bank & Trust as its wholly-owned subsidiary and operated four full-service banking centers in Kent County. Old National believes that it will be able to achieve cost savings by integrating the two companies and combining accounting, data processing, retail and lending support, and other administrative functions after the merger, which will enable Old National to achieve economies of scale in these areas. The total purchase price for Founders was $91.7 million, consisting of $41.0 million of cash and the issuance of 3.4 million shares of Old National Common Stock valued at $50.6 million. This acquisition was accounted for under the acquisition method of accounting. Accordingly, the Company recognized amounts for identifiable assets acquired and liabilities assumed at their estimated acquisition date fair values. To date, transaction and integration costs of $4.9 million associated with the acquisition have been expensed and remaining integration costs will be expensed in future quarters as incurred. Under the acquisition method of accounting, the total estimated purchase price is allocated to net tangible and intangible assets based on their current estimated fair values on the date of acquisition. Based on management’s preliminary valuation of the fair value of tangible and intangible assets acquired and liabilities assumed, which are based on assumptions that are subject to change, the purchase price for the Founders acquisition is allocated as follows (in thousands): Cash and cash equivalents $ 3,978 Investment securities 75,383 Federal Home Loan Bank stock 1,810 Loans held for sale 3,473 Loans 339,569 Premises and equipment 3,604 Accrued interest receivable 1,260 Other real estate owned 674 Company-owned life insurance 8,297 Other assets 8,804 Deposits (376,656 ) Other borrowings (39,380 ) Accrued expenses and other liabilities (1,307 ) Net tangible assets acquired 29,509 Definite-lived intangible assets acquired 5,515 Loan servicing rights 664 Goodwill 56,014 Purchase price $ 91,702 Prior to the end of the one year measurement period for finalizing the purchase price allocation, if information becomes available which would indicate adjustments are required to the purchase price allocation, such adjustments will be included in the purchase price allocation retrospectively. During the second quarter of 2015, immaterial adjustments were made to the purchase price allocations that affected the amounts allocated to goodwill, other assets, and accrued expenses and other liabilities. The portion of the purchase price allocated to goodwill will not be deductible for tax purposes and is included in the “Banking” segment, as described in Note 21 of these consolidated financial statement footnotes. The components of the estimated fair value of the acquired identifiable intangible assets are in the table below. These intangible assets will be amortized on an accelerated basis over their estimated lives and are included in the “Banking” segment, as described in Note 21 of these consolidated financial statement footnotes. Estimated Fair Value (in millions) Estimated Useful Lives (Years) Core deposit intangible $ 2.9 7 Trust customer relationship intangible $ 2.6 12 Acquired loan data for Founders can be found in the table below: (in thousands) Fair Value of Acquired Loans at Acquisition Date Gross Contractual Amounts Receivable at Acquisition Date Best Estimate at Acquisition Date of Contractual Cash Flows Not Expected to be Collected Acquired receivables subject to ASC 310-30 $ 6,607 $ 11,103 $ 2,684 Acquired receivables not subject to ASC 310-30 $ 332,962 $ 439,031 $ 61,113 Insurance Acquisitions Effective February 1, 2015, Old National acquired certain assets from Mutual Underwriters Insurance (“Mutual Underwriters”). The total purchase price of the assets was $3.7 million, consisting of $2.6 million of customer business relationship intangibles and $1.1 million of goodwill, both of which are included in our “Insurance” segment. The customer business relationship intangibles will be amortized using an accelerated method over an estimated useful life of 10 years. On May 8, 2015, the Company issued cash consideration of $0.1 million to purchase a book of business. The acquisition terms call for further cash consideration of approximately $0.1 million if certain operating targets are met. The fair value of these payments was booked at acquisition and added $0.2 million of customer business relationships intangibles, which is included in the “Insurance” segment. The customer business relationship intangibles will be amortized using an accelerated method over an estimated useful life of 10 years. Divestitures On August 14, 2015, the Company completed its previously announced branch sales. The Company divested of its southern Illinois region (twelve branches) along with four branches in eastern Indiana and one in Ohio. At closing, the purchasers assumed loans of $193.6 million and deposits of $555.8 million. The Company recorded a net pre-tax gain of $15.4 million in connection with the divestitures, which included a deposit premium of $19.3 million, goodwill allocation of $3.8 million, and $0.1 million of transaction expenses. See Note 17 to the consolidated financial statements for discussion on the change to deferred tax assets due to the reduction of our presence in Illinois. In addition, the Company has consolidated 19 branches throughout the Old National franchise during 2015 based on an ongoing assessment of our service and delivery network and on our goal to continue to move our franchise into stronger growth markets. Four additional branches will be consolidated during the fourth quarter of 2015. |
Net Income Per Share
Net Income Per Share | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | NOTE 4 – NET INCOME PER SHARE The following table reconciles basic and diluted net income per share for the three and nine months ended September 30: Three Months Ended September 30, Nine Months Ended September 30, (dollars and shares in thousands, except per share data) 2015 2014 2015 2014 Basic Earnings Per Share Net income $ 37,669 $ 29,134 $ 84,731 $ 74,417 Weighted average common shares outstanding 114,590 111,428 116,272 105,086 Basic Earnings Per Share $ 0.33 $ 0.26 $ 0.73 $ 0.71 Diluted Earnings Per Share Net income $ 37,669 $ 29,134 $ 84,731 $ 74,417 Weighted average common shares outstanding 114,590 111,428 116,272 105,086 Effect of dilutive securities: Restricted stock 477 446 435 428 Stock options (1) 86 73 93 45 Weighted average shares outstanding 115,153 111,947 116,800 105,559 Diluted Earnings Per Share $ 0.33 $ 0.26 $ 0.73 $ 0.70 (1) Options to purchase 891 thousand shares and 988 thousand shares outstanding at September 30, 2015 and 2014, respectively, were not included in the computation of net income per diluted share for the three months ended September 30, 2015 and 2014, respectively, because the exercise price of these options was greater than the average market price of the common shares and, therefore, the effect would be antidilutive. Options to purchase 891 thousand shares and 976 thousand shares outstanding at September 30, 2015 and 2014, respectively, were not included in the computation of net income per diluted share for the nine months ended September 30, 2015 and 2014, respectively, because the exercise price of these options was greater than the average market price of the common shares and, therefore, the effect would be antidilutive. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | NOTE 5 – ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following table summarizes the changes within each classification of accumulated other comprehensive income (loss) (“AOCI”) net of tax: (dollars in thousands) Unrealized Gains and Losses on Available-for-Sale Securities Unrealized Gains and Losses on Held-to-Maturity Securities Gains and Losses on Cash Flow Hedges Defined Benefit Pension Plans Total Three Months Ended September 30, 2015 Balance at July 1, 2015 $ (7,951 ) $ (15,090 ) $ (6,832 ) $ (8,189 ) $ (38,062 ) Other comprehensive income (loss) before reclassifications 9,171 — (6,373 ) — 2,798 Amounts reclassified from accumulated other comprehensive income (loss) (a) (544 ) 300 560 568 884 Net other comprehensive income (loss) 8,627 300 (5,813 ) 568 3,682 Balance at September 30, 2015 $ 676 $ (14,790 ) $ (12,645 ) $ (7,621 ) $ (34,380 ) Three Months Ended September 30, 2014 Balance at July 1, 2014 $ (7,844 ) $ (16,330 ) $ (3,341 ) $ (5,826 ) $ (33,341 ) Other comprehensive income (loss) before reclassifications 3,466 — 350 — 3,816 Amounts reclassified from accumulated other comprehensive income (loss) (a) (1,629 ) 269 64 204 (1,092 ) Net other comprehensive income (loss) 1,837 269 414 204 2,724 Balance at September 30, 2014 $ (6,007 ) $ (16,061 ) $ (2,927 ) $ (5,622 ) $ (30,617 ) Nine Months Ended September 30, 2015 Balance at January 1, 2015 $ (748 ) $ (15,776 ) $ (5,935 ) $ (9,096 ) $ (31,555 ) Other comprehensive income (loss) before reclassifications 3,982 — (7,657 ) — (3,675 ) Amounts reclassified from accumulated other comprehensive income (loss) (a) (2,558 ) 986 947 1,475 850 Net other comprehensive income (loss) 1,424 986 (6,710 ) 1,475 (2,825 ) Balance at September 30, 2015 $ 676 $ (14,790 ) $ (12,645 ) $ (7,621 ) $ (34,380 ) Nine Months Ended September 30, 2014 Balance at January 1, 2014 $ (21,108 ) $ (16,767 ) $ (190 ) $ (6,401 ) $ (44,466 ) Other comprehensive income (loss) before reclassifications 18,117 — (2,824 ) — 15,293 Amounts reclassified from accumulated other comprehensive income (loss) (a) (3,016 ) 706 87 779 (1,444 ) Net other comprehensive income (loss) 15,101 706 (2,737 ) 779 13,849 Balance at September 30, 2014 $ (6,007 ) $ (16,061 ) $ (2,927 ) $ (5,622 ) $ (30,617 ) (a) See tables below for details about reclassifications. The following table summarize the significant amounts reclassified out of each component of AOCI for the three months ended September 30, 2015 and 2014: Details about AOCI Components Amount Reclassified from AOCI Affected Line Item in the Statement Where Net Income is Presented Three Months Ended September 30, (dollars in thousands) 2015 2014 Unrealized gains and losses on available-for-sale securities $ 861 $ 2,713 Net securities gains — — Impairment losses 861 2,713 Total before tax (317 ) (1,084 ) Tax (expense) or benefit $ 544 $ 1,629 Net of tax Unrealized gains and losses on held-to-maturity securities $ (455 ) $ (395 ) Interest income/(expense) 155 126 Tax (expense) or benefit $ (300 ) $ (269 ) Net of tax Gains and losses on cash flow hedges Interest rate contracts $ (902 ) $ (103 ) Interest income/(expense) 342 39 Tax (expense) or benefit $ (560 ) $ (64 ) Net of tax Amortization of defined benefit pension items Actuarial gains/(losses) $ (917 ) $ (329 ) Salaries and employee benefits 349 125 Tax (expense) or benefit $ (568 ) $ (204 ) Net of tax Total reclassifications for the period $ (884 ) $ 1,092 Net of tax The following table summarize the significant amounts reclassified out of each component of AOCI for the nine months ended September 30, 2015 and 2014: Details about AOCI Components Amount Reclassified from AOCI Affected Line Item in the Statement Where Net Income is Presented Nine Months Ended (dollars in thousands) 2015 2014 Unrealized gains and losses on available-for-sale securities $ 4,056 $ 4,961 Net securities gains — (100 ) Impairment losses 4,056 4,861 Total before tax (1,498 ) (1,845 ) Tax (expense) or benefit $ 2,558 $ 3,016 Net of tax Unrealized gains and losses on held-to-maturity securities $ (1,222 ) $ (1,017 ) Interest income/(expense) 236 311 Tax (expense) or benefit $ (986 ) $ (706 ) Net of tax Gains and losses on cash flow hedges Interest rate contracts $ (1,527 ) $ (141 ) Interest income/(expense) 580 54 Tax (expense) or benefit $ (947 ) $ (87 ) Net of tax Amortization of defined benefit pension items Actuarial gains/(losses) $ (2,380 ) $ (1,272 ) Salaries and employee benefits 905 493 Tax (expense) or benefit $ (1,475 ) $ (779 ) Net of tax Total reclassifications for the period $ (850 ) $ 1,444 Net of tax |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | NOTE 6 – INVESTMENT SECURITIES The following table summarizes the amortized cost and fair value of the available-for-sale and held-to-maturity investment securities portfolio at September 30, 2015 and December 31, 2014 and the corresponding amounts of unrealized gains and losses therein: (dollars in thousands) Amortized Cost Unrealized Gains Unrealized Losses Fair Value September 30, 2015 Available-for-Sale U.S. Treasury $ 11,971 $ 268 $ — $ 12,239 U.S. government-sponsored entities and agencies 642,681 2,350 (3,251 ) 641,780 Mortgage-backed securities - Agency 1,127,175 15,617 (6,440 ) 1,136,352 States and political subdivisions 383,001 9,133 (2,031 ) 390,103 Pooled trust preferred securities 17,443 — (10,812 ) 6,631 Other securities 336,394 1,854 (5,460 ) 332,788 Total available-for-sale securities $ 2,518,665 $ 29,222 $ (27,994 ) $ 2,519,893 Held-to-Maturity U.S. government-sponsored entities and agencies $ 143,694 $ 4,161 $ — $ 147,855 Mortgage-backed securities - Agency 17,782 724 — 18,506 States and political subdivisions 689,575 46,299 (59 ) 735,815 Total held-to-maturity securities $ 851,051 $ 51,184 $ (59 ) $ 902,176 December 31, 2014 Available-for-Sale U.S. Treasury $ 14,978 $ 196 $ (8 ) $ 15,166 U.S. government-sponsored entities and agencies 692,704 1,533 (8,286 ) 685,951 Mortgage-backed securities - Agency 1,233,811 18,219 (10,368 ) 1,241,662 States and political subdivisions 304,435 11,023 (917 ) 314,541 Pooled trust preferred securities 17,965 — (11,358 ) 6,607 Other securities 365,235 2,338 (3,669 ) 363,904 Total available-for-sale securities $ 2,629,128 $ 33,309 $ (34,606 ) $ 2,627,831 Held-to-Maturity U.S. government-sponsored entities and agencies $ 167,207 $ 6,279 $ — $ 173,486 Mortgage-backed securities - Agency 23,648 926 — 24,574 States and political subdivisions 653,199 52,753 (77 ) 705,875 Total held-to-maturity securities $ 844,054 $ 59,958 $ (77 ) $ 903,935 Proceeds from sales or calls of available-for-sale investment securities, the resulting realized gains and realized losses, and other securities gains or losses were as follows for the three and nine months ended September 30, 2015 and 2014: Three Months Ended Nine Months Ended (dollars in thousands) 2015 2014 2015 2014 Proceeds from sales of available-for-sale securities $ 100,257 $ 79,581 $ 296,841 $ 155,876 Proceeds from calls of available-for-sale securities 108,790 43,236 321,792 67,776 Total $ 209,047 $ 122,817 $ 618,633 $ 223,652 Realized gains on sales of available-for-sale securities $ 1,315 $ 2,666 $ 4,112 $ 5,015 Realized gains on calls of available-for-sale securities 99 151 479 151 Realized losses on sales of available-for-sale securities (373 ) (6 ) (420 ) (43 ) Realized losses on calls of available-for-sale securities — (201 ) (15 ) (468 ) Other securities gains (losses) (1) (180 ) 103 (100 ) 306 Net securities gains $ 861 $ 2,713 $ 4,056 $ 4,961 (1) Other securities gains (losses) includes net realized gains or losses associated with trading securities and mutual funds. Trading securities, which consist of mutual funds held in a trust associated with deferred compensation plans for former Monroe Bancorp directors and executives, are recorded at fair value and totaled $3.8 million at September 30, 2015 and $3.9 million at December 31, 2014. All of the mortgage-backed securities in the investment portfolio are residential mortgage-backed securities. The amortized cost and fair value of the investment securities portfolio are shown by expected maturity. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Weighted average yield is based on amortized cost. September 30, 2015 Weighted (dollars in thousands) Amortized Fair Average Maturity Cost Value Yield Available-for-Sale Within one year $ 38,653 $ 38,826 2.53 % One to five years 491,482 494,542 1.79 Five to ten years 475,672 477,916 2.41 Beyond ten years 1,512,858 1,508,609 2.54 Total $ 2,518,665 $ 2,519,893 2.37 % Held-to-Maturity Within one year $ 10,392 $ 10,743 6.53 % One to five years 29,175 30,530 3.95 Five to ten years 200,190 207,483 3.55 Beyond ten years 611,294 653,420 5.49 Total $ 851,051 $ 902,176 4.99 % The following table summarizes the investment securities with unrealized losses at September 30, 2015 and December 31, 2014 by aggregated major security type and length of time in a continuous unrealized loss position: Less than 12 months 12 months or longer Total (dollars in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses September 30, 2015 Available-for-Sale U.S. government-sponsored entities and agencies $ 98,681 $ (1,203 ) $ 122,560 $ (2,048 ) $ 221,241 $ (3,251 ) Mortgage-backed securities - Agency 188,275 (1,443 ) 256,905 (4,997 ) 445,180 (6,440 ) States and political subdivisions 101,370 (1,756 ) 5,503 (275 ) 106,873 (2,031 ) Pooled trust preferred securities — — 6,631 (10,812 ) 6,631 (10,812 ) Other securities 104,254 (1,317 ) 128,376 (4,143 ) 232,630 (5,460 ) Total available-for-sale $ 492,580 $ (5,719 ) $ 519,975 $ (22,275 ) $ 1,012,555 $ (27,994 ) Held-to-Maturity States and political subdivisions $ 15,367 $ (59 ) $ — $ — $ 15,367 $ (59 ) Total held-to-maturity $ 15,367 $ (59 ) $ — $ — $ 15,367 $ (59 ) December 31, 2014 Available-for-Sale U.S. Treasury $ 9,524 $ (8 ) $ — $ — $ 9,524 $ (8 ) U.S. government-sponsored entities and agencies 180,488 (563 ) 257,914 (7,723 ) 438,402 (8,286 ) Mortgage-backed securities - Agency 31,304 (122 ) 386,788 (10,246 ) 418,092 (10,368 ) States and political subdivisions 41,481 (288 ) 9,534 (629 ) 51,015 (917 ) Pooled trust preferred securities — — 6,607 (11,358 ) 6,607 (11,358 ) Other securities 115,973 (906 ) 95,344 (2,763 ) 211,317 (3,669 ) Total available-for-sale $ 378,770 $ (1,887 ) $ 756,187 $ (32,719 ) $ 1,134,957 $ (34,606 ) Held-to-Maturity States and political subdivisions $ 6,171 $ (77 ) $ — $ — $ 6,171 $ (77 ) Total held-to-maturity $ 6,171 $ (77 ) $ — $ — $ 6,171 $ (77 ) Management evaluates securities for other-than-temporary impairment (“OTTI”) at least on a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. The investment securities portfolio is evaluated for OTTI by segregating the portfolio into two general segments and applying the appropriate OTTI model. Investment securities classified as available-for-sale or held-to-maturity are generally evaluated for OTTI under FASB ASC 320 (SFAS No. 115, Accounting for Certain Investments in Debt and Equity Securities Recognition of Interest Income and Impairment on Purchased Beneficial Interests and Beneficial Interests that Continue to be Held by a Transfer in Securitized Financial Assets . In determining OTTI under the FASB ASC 320 (SFAS No. 115) model, management considers many factors, including: (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, (3) whether the market decline was affected by macroeconomic conditions, and (4) whether the entity has the intent to sell the debt security or more likely than not will be required to sell the debt security before its anticipated recovery. The assessment of whether an other-than-temporary decline exists involves a high degree of subjectivity and judgment and is based on the information available to management at a point in time. The second segment of the portfolio uses the OTTI guidance provided by FASB ASC 325-10 (EITF 99-20) that is specific to purchased beneficial interests that, on the purchase date, were rated below AA. Under the FASB ASC 325-10 model, we compare the present value of the remaining cash flows as estimated at the preceding evaluation date to the current expected remaining cash flows. An OTTI is deemed to have occurred if there has been an adverse change in the remaining expected future cash flows. When other-than-temporary-impairment occurs under either model, the amount of the other-than-temporary-impairment recognized in earnings depends on whether an entity intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis less any current-period credit loss. If an entity intends to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis less any current-period credit loss, the other-than-temporary-impairment shall be recognized in earnings equal to the entire difference between the investment’s amortized cost basis and its fair value at the balance sheet date. Otherwise, the other-than-temporary-impairment shall be separated into the amount representing the credit loss and the amount related to all other factors. The amount of the total other-than-temporary-impairment related to the credit loss is determined based on the present value of cash flows expected to be collected and is recognized in earnings. The amount of the total other-than-temporary-impairment related to other factors shall be recognized in other comprehensive income, net of applicable taxes. The previous amortized cost basis less the other-than-temporary-impairment recognized in earnings shall become the new amortized cost basis of the investment. We did not record other-than-temporary-impairments during the nine months ended September 30, 2015. Other-than-temporary-impairments totaled $100 thousand during the nine months ended September 30, 2014. As of September 30, 2015, Old National’s securities portfolio consisted of 1,742 securities, 216 of which were in an unrealized loss position. The unrealized losses attributable to our U.S. government-sponsored entities and agencies, our agency mortgage-backed securities, and our other securities are the result of fluctuations in interest rates. Our pooled trust preferred securities are discussed below. Pooled Trust Preferred Securities At September 30, 2015, our securities portfolio contained three pooled trust preferred securities with a fair value of $6.6 million and unrealized losses of $10.8 million. One of the pooled trust preferred securities in our portfolio falls within the scope of FASB ASC 325-10 (EITF 99-20) and has a fair value of $0.2 million with an unrealized loss of $3.3 million at September 30, 2015. This security was rated A3 at inception, but is rated D at September 30, 2015. The issuers in this security are banks. We use the OTTI evaluation model to compare the present value of expected cash flows to the previous estimate to determine whether an adverse change in cash flows has occurred during the quarter. The OTTI model considers the structure and term of the collateralized debt obligation (“CDO”) and the financial condition of the underlying issuers. Specifically, the model details interest rates, principal balances of note classes and underlying issuers, the timing and amount of interest and principal payments of the underlying issuers, and the allocation of the payments to the note classes. The current estimate of expected cash flows is based on the most recent trustee reports and any other relevant market information including announcements of interest payment deferrals or defaults of underlying trust preferred securities. Assumptions used in the model include expected future default rates and prepayments. We assume no recoveries on defaults and a limited number of recoveries on current or projected interest payment deferrals. In addition, we use the model to “stress” this CDO, or make assumptions more severe than expected activity, to determine the degree to which assumptions could deteriorate before the CDO could no longer fully support repayment of Old National’s note class. For the nine months ended September 30, 2015 and 2014, our model indicated no other-than-temporary-impairment losses on this security. At September 30, 2015, we have no intent to sell any securities that are in an unrealized loss position nor is it expected that we would be required to sell any securities. Two of our pooled trust preferred securities with a fair value of $6.4 million and unrealized losses of $7.5 million at September 30, 2015 are not subject to FASB ASC 325-10. These securities are evaluated using collateral-specific assumptions to estimate the expected future interest and principal cash flows. For the nine months ended September 30, 2015 and 2014, our analysis indicated no other-than-temporary-impairment on these securities. The table below summarizes the relevant characteristics of our pooled trust preferred securities as well as our single issuer trust preferred securities that are included in the “other securities” category in this footnote. Each of the pooled trust preferred securities support a more senior tranche of security holders. All three pooled trust preferred securities have experienced credit defaults. However, two of these securities have excess subordination and are not other-than-temporarily-impaired as a result of their class hierarchy, which provides more loss protection. Trust preferred securities Class Lowest Amortized Fair Unrealized Realized # of Issuers Actual Expected Excess Pooled trust preferred securities: Reg Div Funding 2004 B-2 D $ 3,541 $ 223 $ (3,318 ) $ — 25/41 33.3 % 7.5 % 0.0 % Pretsl XXVII LTD B B 4,446 2,517 (1,929 ) — 34/45 20.5 % 4.2 % 41.6 % Trapeza Ser 13A A2A BB+ 9,456 3,891 (5,565 ) — 50/59 12.1 % 5.1 % 52.1 % 17,443 6,631 (10,812 ) — Single Issuer trust preferred securities: Fleet Cap Tr V (BOA) BB+ 3,386 3,238 (148 ) — JP Morgan Chase Cap XIII BBB- 4,753 4,275 (478 ) — NB-Global BB+ 764 925 161 — Chase Cap II BBB- 804 862 58 — 9,707 9,300 (407 ) — Total $ 27,150 $ 15,931 $ (11,219 ) $ — (1) Lowest rating for the security provided by any nationally recognized credit rating agency. On July 19, 2010, financial regulatory reform legislation entitled the “Dodd-Frank Wall Street Reform and Consumer Protection Act” (the “Dodd-Frank Act”) was signed into law. The Dodd-Frank Act contains provisions (the “Volcker Rule”) prohibiting certain investments which can be held by a bank holding company. Old National has a limited partnership that falls under these restrictions and has to be divested by July 2017. The estimated sales proceeds for this security would be less than the amortized cost of the security, and an other-than-temporary-impairment charge of $100 thousand was recorded for this security in the first quarter of 2014. The following table details the remaining securities with other-than-temporary-impairment, their credit rating at September 30, 2015, and the related life-to-date credit losses recognized in earnings: Amount of other-than-temporary (dollars in thousands) Vintage Lowest Credit Rating (1) Amortized Cost Nine Months Ended September 30, Life-to date 2015 2014 Reg Div Funding 2004 D $ 3,541 $ — $ — $ 5,685 Limited partnership 765 — 100 100 Total $ 4,306 $ — $ 100 $ 5,785 (1) Lowest rating for the security provided by any nationally recognized credit rating agency. |
Loans Held for Sale
Loans Held for Sale | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Loans Held for Sale | NOTE 7 – LOANS HELD FOR SALE Loans held for sale were $18.8 million at September 30, 2015, compared to $213.5 million at December 31, 2014. Included in loans held for sale at September 30, 2015 were $18.8 million of mortgage loans held for immediate sale in the secondary market, compared to $15.6 million at December 31, 2014. Residential loans that Old National has originated with a commitment to sell are recorded at fair value in accordance with FASB ASC 825-10 (SFAS No. 159 – The Fair Value Option for Financial Assets and Financial Liabilities The following table summarizes loans held for sale that were reclassified from loans held for investment at September 30, 2015 and December 31, 2014: (dollars in thousands) September 30, December 31, Commercial $ — $ 45,500 Commercial real estate — 30,690 Residential real estate — 71,680 Consumer credit — 50,058 Total $ — $ 197,928 During the fourth quarter of 2014, $197.9 million of loans were reclassified to loans held for sale at the lower of cost or fair value. In connection with our branch divestitures, these loans were sold during the third quarter of 2015 for $193.6 million, resulting in a gain of $0.1 million. At September 30, 2015, there were no loans held for sale under this arrangement. |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 9 Months Ended |
Sep. 30, 2015 | |
Text Block [Abstract] | |
Loans and Allowance for Credit Losses | NOTE 8 – LOANS AND ALLOWANCE FOR CREDIT LOSSES Old National’s finance receivables consist primarily of loans made to consumers and commercial clients in various industries including manufacturing, agribusiness, transportation, mining, wholesaling, and retailing. Most of Old National’s lending activity occurs within our principal geographic markets of Indiana, western Kentucky and Louisville, east central Illinois, and central and western Michigan. Old National has no concentration of commercial loans in any single industry exceeding 10% of its portfolio. The composition of loans by lending classification was as follows: (dollars in thousands) September 30, December 31, Commercial (1) $ 1,740,394 $ 1,629,600 Commercial real estate: Construction 164,247 134,552 Other 1,681,642 1,576,558 Residential real estate 1,640,289 1,519,156 Consumer credit: Heloc 362,055 360,320 Auto 1,004,989 846,969 Other 140,243 103,338 Covered loans 114,039 147,708 Total loans 6,847,898 6,318,201 Allowance for loan losses (49,515 ) (44,297 ) Allowance for loan losses - covered loans (1,711 ) (3,552 ) Net loans $ 6,796,672 $ 6,270,352 (1) Includes direct finance leases of $15.5 million at September 30, 2015 and $19.3 million at December 31, 2014. The risk characteristics of each loan portfolio segment are as follows: Commercial Commercial loans are primarily based on the identified cash flows of the borrower and secondarily on the underlying collateral provided by the borrower. The cash flows of borrowers, however, may not be as expected and the collateral securing these loans may fluctuate in value. Most commercial loans are secured by the assets being financed or other business assets such as accounts receivable or inventory and may incorporate a personal guarantee; however, some short-term loans may be made on an unsecured basis. In the case of loans secured by accounts receivable, the availability of funds for the repayment of these loans may be substantially dependent on the ability of the borrower to collect amounts due from its customers. Commercial real estate These loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Commercial real estate lending typically involves higher loan principal amounts, and the repayment of these loans is generally dependent on the successful operation of the property securing the loan or the business conducted on the property securing the loan. Commercial real estate loans may be adversely affected by conditions in the real estate markets or in the general economy. The properties securing Old National’s commercial real estate portfolio are diverse in terms of type and geographic location. Management monitors and evaluates commercial real estate loans based on collateral, geography and risk grade criteria. As a general rule, Old National avoids financing single purpose projects unless other underwriting factors are present to help mitigate risk. In addition, management tracks the level of owner-occupied commercial real estate loans versus non-owner occupied loans. Included with commercial real estate are construction loans, which are underwritten utilizing feasibility studies, independent appraisal reviews, sensitivity analysis of absorption and lease rates, and financial analysis of the developers and property owners. Construction loans are generally based on estimates of costs and value associated with the complete project. These estimates may be inaccurate. Construction loans often involve the disbursement of substantial funds with repayment substantially dependent on the success of the ultimate project. Sources of repayment for these types of loans may be pre-committed permanent loans from approved long-term lenders, sales of developed property or an interim loan commitment from Old National until permanent financing is obtained. These loans are closely monitored by on-site inspections and are considered to have higher risks than other real estate loans due to their ultimate repayment being sensitive to interest rate changes, governmental regulation of real property, general economic conditions, and the availability of long-term financing. Residential With respect to residential loans that are secured by 1-4 family residences and are generally owner occupied, Old National typically establishes a maximum loan-to-value ratio and requires private mortgage insurance if that ratio is exceeded. Repayment of these loans is primarily dependent on the personal income of the borrowers, which can be impacted by economic conditions in their market areas such as unemployment levels. Repayment can also be impacted by changes in residential property values. Risk is mitigated by the fact that the loans are of smaller individual amounts and spread over a large number of borrowers. Consumer Home equity loans are typically secured by a subordinate interest in 1-4 family residences, and consumer loans are secured by consumer assets such as automobiles or recreational vehicles. Some consumer loans are unsecured such as small installment loans and certain lines of credit. Repayment of these loans is primarily dependent on the personal income of the borrowers, which can be impacted by economic conditions in their market areas such as unemployment levels. Repayment can also be impacted by changes in residential property values. Risk is mitigated by the fact that the loans are of smaller individual amounts and spread over a large number of borrowers. Covered loans Covered loans represent loans acquired from the FDIC that are subject to loss share agreements whereby Old National is indemnified against 80% of losses up to $275.0 million, losses in excess of $275.0 million up to $467.2 million at 0% reimbursement, and 80% of losses in excess of $467.2 million. As of September 30, 2015, we do not expect losses to exceed $275.0 million. See Note 9 to the consolidated financial statements for further details on our covered loans. Allowance for loan losses The allowance for loan losses is maintained at a level believed adequate by management to absorb probable losses incurred in the consolidated loan portfolio. Management’s evaluation of the adequacy of the allowance is an estimate based on reviews of individual loans, pools of homogeneous loans, assessments of the impact of current and anticipated economic conditions on the portfolio, and historical loss experience. The allowance is increased through a provision charged to operating expense. Loans deemed to be uncollectible are charged to the allowance. Recoveries of loans previously charged-off are added to the allowance. Effective January 1, 2015, we began using a probability of default (“PD”)/loss given default (“LGD”) model as a tool to determine the adequacy of the allowance for loan losses for performing commercial and commercial real estate loans. The PD is forecast using a transition matrix to determine the likelihood of a customer’s asset quality rating (“AQR”) migrating from its current AQR to any other status within the time horizon. Transition rates are measured using Old National’s own historical experience. The model assumes that recent historical transition rates will continue into the future. The LGD is defined as credit loss incurred when an obligor of the bank defaults. The sum of all net charge-offs for a particular portfolio segment are divided by all loans that have defaulted over a given period of time. The expected loss derived from the model considers the PD, LGD, and exposure at default. Additionally, qualitative factors, such as changes in lending policies or procedures, and economic business conditions are also considered. We adopted the probability of default and loss given default model for commercial loans because we believe this approach has a tendency to react more quickly to credit cycle shifts (both positive and negative). Switching from migration analysis to the probability of default and loss given default model for our performing commercial and commercial real estate loans did not have a material effect on our allowance for loan losses at the date of adoption. Prior to January 1, 2015, we used migration analysis as a tool to determine the adequacy of the allowance for loan losses for performing commercial and commercial real estate loans. Migration analysis is a statistical technique that attempts to estimate probable losses for existing pools of loans by matching actual losses incurred on loans back to their origination. Judgment is used to select and weight the historical periods which are most representative of the current environment. We calculated migration analysis using several different scenarios based on varying assumptions to evaluate the widest range of possible outcomes. The migration-derived historical commercial loan loss rates were applied to the current commercial loan pools to arrive at an estimate of probable losses for the loans existing at the time of analysis. The amounts determined by migration analysis were adjusted for management’s best estimate of the effects of current economic conditions, loan quality trends, results from internal and external review examinations, loan volume trends, credit concentrations, and various other factors. We continue to use historic loss ratios adjusted for economic conditions to determine the appropriate level of allowance for residential real estate and consumer loans. No allowance was brought forward on any of the acquired loans as any credit deterioration evident in the loans was included in the determination of the fair value of the loans at the acquisition date. Purchased credit impaired (“PCI”) loans are not considered impaired until after the point at which there has been a degradation of cash flows below our expected cash flows at acquisition. Impairment on PCI loans would be recognized in the current period as provision expense. Old National’s activity in the allowance for loan losses for the three and nine months ended September 30, 2015 and 2014 is as follows: (dollars in thousands) Commercial Commercial Residential Consumer Unallocated Total Three Months Ended September 30, 2015 Balance at July 1, 2015 $ 23,434 $ 16,325 $ 2,581 $ 7,851 $ — $ 50,191 Charge-offs (251 ) (665 ) (313 ) (1,239 ) — (2,468 ) Recoveries 1,116 1,354 74 792 — 3,336 Provision 1,219 (950 ) (317 ) 215 — 167 Balance at September 30, 2015 $ 25,518 $ 16,064 $ 2,025 $ 7,619 $ — $ 51,226 Three Months Ended September 30, 2014 Balance at July 1, 2014 $ 18,826 $ 17,764 $ 3,573 $ 5,989 $ — $ 46,152 Charge-offs (452 ) (401 ) (192 ) (1,085 ) — (2,130 ) Recoveries 610 445 41 570 — 1,666 Provision 819 776 201 795 — 2,591 Balance at September 30, 2014 $ 19,803 $ 18,584 $ 3,623 $ 6,269 $ — $ 48,279 Nine Months Ended September 30, 2015 Balance at January 1, 2015 $ 20,670 $ 17,348 $ 2,962 $ 6,869 $ — $ 47,849 Charge-offs (2,053 ) (220 ) (709 ) (4,337 ) — (7,319 ) Recoveries 3,061 2,281 161 2,754 — 8,257 Provision 3,840 (3,345 ) (389 ) 2,333 — 2,439 Balance at September 30, 2015 $ 25,518 $ 16,064 $ 2,025 $ 7,619 $ — $ 51,226 Nine Months Ended September 30, 2014 Balance at January 1, 2014 $ 16,565 $ 22,401 $ 3,239 $ 4,940 $ — $ 47,145 Charge-offs (2,525 ) (1,608 ) (391 ) (3,168 ) — (7,692 ) Recoveries 2,196 2,020 150 2,232 — 6,598 Provision 3,567 (4,229 ) 625 2,265 — 2,228 Balance at September 30, 2014 $ 19,803 $ 18,584 $ 3,623 $ 6,269 $ — $ 48,279 The following table provides Old National’s recorded investment in financing receivables by portfolio segment at September 30, 2015 and December 31, 2014 and other information regarding the allowance: (dollars in thousands) Commercial Commercial Residential Consumer Unallocated Total September 30, 2015 Allowance for loan losses: Individually evaluated for impairment $ 7,978 $ 3,402 $ — $ — $ — $ 11,380 Collectively evaluated for impairment 16,817 12,089 2,005 7,350 — 38,261 Noncovered loans acquired with deteriorated credit quality 355 573 13 69 — 1,010 Covered loans acquired with deteriorated credit quality 368 — 7 200 — 575 Total allowance for loan losses $ 25,518 $ 16,064 $ 2,025 $ 7,619 $ — $ 51,226 Loans and leases outstanding: Individually evaluated for impairment $ 61,739 $ 45,268 $ — $ — $ — $ 107,007 Collectively evaluated for impairment 1,683,685 1,772,904 1,640,307 1,554,695 — 6,651,591 Loans acquired with deteriorated credit quality 1,944 29,587 128 4,337 — 35,996 Covered loans acquired with deteriorated credit quality 3,441 22,410 17,805 9,648 — 53,304 Total loans and leases outstanding $ 1,750,809 $ 1,870,169 $ 1,658,240 $ 1,568,680 $ — $ 6,847,898 December 31, 2014 Allowance for loan losses: Individually evaluated for impairment $ 7,280 $ 2,945 $ — $ — $ — $ 10,225 Collectively evaluated for impairment 12,163 13,354 2,945 6,519 — 34,981 Noncovered loans acquired with deteriorated credit quality 406 1,049 17 67 — 1,539 Covered loans acquired with deteriorated credit quality 821 — — 283 — 1,104 Total allowance for loan losses $ 20,670 $ 17,348 $ 2,962 $ 6,869 $ — $ 47,849 Loans and leases outstanding: Individually evaluated for impairment $ 38,485 $ 45,335 $ — $ — $ — $ 83,820 Collectively evaluated for impairment 1,598,352 1,631,794 1,519,171 1,359,537 — 6,108,854 Loans acquired with deteriorated credit quality 2,770 37,394 133 7,073 — 47,370 Covered loans acquired with deteriorated credit quality 7,160 37,384 21,106 12,507 — 78,157 Total loans and leases outstanding $ 1,646,767 $ 1,751,907 $ 1,540,410 $ 1,379,117 $ — $ 6,318,201 Credit Quality Old National’s management monitors the credit quality of its financing receivables in an on-going manner. Internally, management assigns a credit quality grade to each non-homogeneous commercial and commercial real estate loan in the portfolio. The primary determinants of the credit quality grade are based upon the reliability of the primary source of repayment and the past, present, and projected financial condition of the borrower. The credit quality rating also reflects current economic and industry conditions. Major factors used in determining the grade can vary based on the nature of the loan, but commonly include factors such as debt service coverage, internal cash flow, liquidity, leverage, operating performance, debt burden, FICO scores, occupancy, interest rate sensitivity, and expense burden. Old National uses the following definitions for risk ratings: Criticized Classified – Substandard Classified – Nonaccrual Classified – Doubtful Pass rated loans are those loans that are other than criticized, classified – substandard, classified - nonaccrual or classified – doubtful. As of September 30, 2015 and December 31, 2014, the risk category of commercial and commercial real estate loans, excluding covered loans, by class of loans is as follows: (dollars in thousands) Commercial Commercial Corporate Credit Exposure Credit Risk Profile by Commercial Real Estate - Construction Real Estate - Other September 30, December 31, September 30, December 31, September 30, December 31, Grade: Pass $ 1,584,973 $ 1,442,904 $ 155,134 $ 119,958 $ 1,491,759 $ 1,374,191 Criticized 51,645 89,775 3,738 2,229 84,082 102,805 Classified - substandard 46,273 58,461 2,817 5,866 55,050 38,659 Classified - nonaccrual 54,931 38,003 2,558 6,499 49,721 59,771 Classified - doubtful 2,572 457 — — 1,030 1,132 Total $ 1,740,394 $ 1,629,600 $ 164,247 $ 134,552 $ 1,681,642 $ 1,576,558 Old National considers the performance of the loan portfolio and its impact on the allowance for loan losses. For residential and consumer loan classes, Old National also evaluates credit quality based on the aging status of the loan and by payment activity. The following table presents the recorded investment in residential and consumer loans based on payment activity as of September 30, 2015 and December 31, 2014, excluding covered loans: (dollars in thousands) Residential Consumer Heloc Auto Other September 30, 2015 Performing $ 1,624,740 $ 359,315 $ 1,003,594 $ 138,757 Nonperforming 15,549 2,740 1,395 1,486 Total $ 1,640,289 $ 362,055 $ 1,004,989 $ 140,243 December 31, 2014 Performing $ 1,505,188 $ 357,205 $ 845,708 $ 101,811 Nonperforming 13,968 3,115 1,261 1,527 Total $ 1,519,156 $ 360,320 $ 846,969 $ 103,338 Impaired Loans Large commercial credits are subject to individual evaluation for impairment. Retail credits and other small balance credits that are part of a homogeneous group are not tested for individual impairment unless they are modified as a troubled debt restructuring. A loan is considered impaired when it is probable that contractual interest and principal payments will not be collected either for the amounts or by the dates as scheduled in the loan agreement. If a loan is impaired, a portion of the allowance is allocated so that the loan is reported net, at the present value of estimated cash flows using the loan’s existing rate or at the fair value of collateral if repayment is expected solely from the collateral. Old National’s policy, for all but purchased credit impaired loans, is to recognize interest income on impaired loans unless the loan is placed on nonaccrual status. The following table shows Old National’s impaired loans, excluding covered loans, which are individually evaluated as of September 30, 2015 and December 31, 2014, respectively. Of the loans purchased without FDIC loss share coverage, only those that have experienced subsequent impairment since the date acquired are included in the table below. (dollars in thousands) Recorded Unpaid Related September 30, 2015 With no related allowance recorded: Commercial $ 32,592 $ 33,564 $ — Commercial Real Estate - Construction 781 781 — Commercial Real Estate - Other 32,460 35,736 — Residential 1,159 1,180 — Consumer 770 875 — With an allowance recorded: Commercial 24,707 24,724 7,141 Commercial Real Estate - Construction 243 243 1 Commercial Real Estate - Other 11,785 11,835 3,402 Residential 1,053 1,053 53 Consumer 2,229 2,229 111 Total Loans $ 107,779 $ 112,220 $ 10,708 December 31, 2014 With no related allowance recorded: Commercial $ 25,483 $ 25,854 $ — Commercial Real Estate - Construction 2,168 1,397 — Commercial Real Estate - Other 28,637 30,723 — Residential 588 658 — Consumer 685 748 — With an allowance recorded: Commercial 7,471 10,488 4,883 Commercial Real Estate - Construction 98 98 11 Commercial Real Estate - Other 14,432 16,503 2,934 Residential 1,476 1,476 74 Consumer 1,543 1,543 77 Total Loans $ 82,581 $ 89,488 $ 7,979 The average balance of impaired loans, excluding covered loans, and interest income recognized on impaired loans during the three months ended September 30, 2015 and 2014 are included in the table below. (dollars in thousands) Average Interest Three Months Ended September 30, 2015 With no related allowance recorded: Commercial $ 33,128 $ 105 Commercial Real Estate - Construction 1,122 7 Commercial Real Estate - Other 33,235 240 Residential 999 — Consumer 836 5 With an allowance recorded: Commercial 29,978 (39 ) Commercial Real Estate - Construction 331 — Commercial Real Estate - Other 12,656 25 Residential 1,330 11 Consumer 1,775 15 Total Loans $ 115,390 $ 369 Three Months Ended September 30, 2014 With no related allowance recorded: Commercial $ 16,456 $ 227 Commercial Real Estate - Construction 914 (15 ) Commercial Real Estate - Other 21,212 308 Residential 98 — Consumer 349 2 With an allowance recorded: Commercial 11,782 152 Commercial Real Estate - Construction 467 15 Commercial Real Estate - Other 16,313 119 Residential 2,215 6 Consumer 1,426 16 Total Loans $ 71,232 $ 830 (1) The Company does not record interest on nonaccrual loans until principal is recovered. The average balance of impaired loans, excluding covered loans, and interest income recognized on impaired loans during the nine months ended September 30, 2015 and 2014 are included in the table below. (dollars in thousands) Average Interest Nine Months Ended September 30, 2015 With no related allowance recorded: Commercial $ 29,878 $ 232 Commercial Real Estate - Construction 1,475 10 Commercial Real Estate - Other 32,440 514 Residential 873 2 Consumer 728 7 With an allowance recorded: Commercial 16,090 364 Commercial Real Estate - Construction 171 1 Commercial Real Estate - Other 13,109 147 Residential 1,264 37 Consumer 1,886 64 Total Loans $ 97,914 $ 1,378 Nine Months Ended September 30, 2014 With no related allowance recorded: Commercial $ 26,740 $ 261 Commercial Real Estate - Construction 526 — Commercial Real Estate - Other 28,037 468 Residential 102 — Consumer 330 6 With an allowance recorded: Commercial 10,917 260 Commercial Real Estate - Construction 467 15 Commercial Real Estate - Other 16,501 283 Residential 2,146 47 Consumer 1,133 42 Total Loans $ 86,899 $ 1,382 (1) The Company does not record interest on nonaccrual loans until principal is recovered. For all loan classes, a loan is generally placed on nonaccrual status when principal or interest becomes 90 days past due unless it is well secured and in the process of collection, or earlier when concern exists as to the ultimate collectibility of principal or interest. Interest accrued during the current year on such loans is reversed against earnings. Interest accrued in the prior year, if any, is charged to the allowance for loan losses. Cash interest received on these loans is applied to the principal balance until the principal is recovered or until the loan returns to accrual status. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current, remain current for six months and future payments are reasonably assured. Loans accounted for under FASB ASC Topic 310-30 accrue interest, even though they may be contractually past due, as any nonpayment of contractual principal or interest is considered in the periodic re-estimation of expected cash flows and is included in the resulting recognition of current period covered loan loss provision or prospective yield adjustments. Similar to noncovered loans, covered loans accounted for outside FASB ASC Topic 310-30 are classified as nonaccrual when, in the opinion of management, collection of principal or interest is doubtful. Information for covered loans accounted for both under and outside FASB ASC Topic 310-30 is included in the table below in the row labeled covered loans. Old National’s past due financing receivables as of September 30, 2015 and December 31, 2014 are as follows: (dollars in thousands) 30-59 Days 60-89 Days Recorded Nonaccrual Total Current September 30, 2015 Commercial $ 815 $ 373 $ 114 $ 57,503 $ 58,805 $ 1,681,589 Commercial Real Estate: Construction 531 92 — 2,558 3,181 161,066 Other 1,546 3,953 54 50,751 56,304 1,625,338 Residential 10,578 1,846 172 15,549 28,145 1,612,144 Consumer: Heloc 735 430 19 2,740 3,924 358,131 Auto 3,254 694 197 1,395 5,540 999,449 Other 913 167 13 1,486 2,579 137,664 Covered loans 855 472 — 8,682 10,009 104,030 Total loans $ 19,227 $ 8,027 $ 569 $ 140,664 $ 168,487 $ 6,679,411 December 31, 2014 Commercial $ 649 $ 813 $ 33 $ 38,460 $ 39,955 $ 1,589,645 Commercial Real Estate: Construction — — — 6,499 6,499 128,053 Other 3,834 1,468 138 60,903 66,343 1,510,215 Residential 11,606 3,959 1 13,968 29,534 1,489,622 Consumer: Heloc 577 376 — 3,115 4,068 356,252 Auto 3,349 695 203 1,261 5,508 841,461 Other 969 129 83 1,527 2,708 100,630 Covered loans 1,477 584 — 15,124 17,185 130,523 Total loans $ 22,461 $ 8,024 $ 458 $ 140,857 $ 171,800 $ 6,146,401 Loan Participations Old National has loan participations, which qualify as participating interests, with other financial institutions. At September 30, 2015, these loans totaled $317.8 million, of which $171.4 million had been sold to other financial institutions and $146.4 million was retained by Old National. The loan participations convey proportionate ownership rights with equal priority to each participating interest holder, involve no recourse (other than ordinary representations and warranties) to, or subordination by, any participating interest holder, all cash flows are divided among the participating interest holders in proportion to each holder’s share of ownership and no holder has the right to pledge the entire financial asset unless all participating interest holders agree. Troubled Debt Restructurings Old National may choose to restructure the contractual terms of certain loans. The decision to restructure a loan, versus aggressively enforcing the collection of the loan, may benefit Old National by increasing the ultimate probability of collection. Any loans that are modified are reviewed by Old National to identify if a troubled debt restructuring (“TDR”) has occurred, which is when for economic or legal reasons related to a borrower’s financial difficulties, the Bank grants a concession to the borrower that it would not otherwise consider. Terms may be modified to fit the ability of the borrower to repay in line with its current financial status. The modification of the terms of such loans include one or a combination of the following: a reduction of the stated interest rate of the loan, an extension of the maturity date at a stated rate of interest lower than the current market rate of new debt with similar risk, or a permanent reduction of the recorded investment of the loan. Loans modified in a TDR are typically placed on nonaccrual status until we determine the future collection of principal and interest is reasonably assured, which generally requires that the borrower demonstrate a period of performance according to the restructured terms for six months. If we are unable to resolve a nonperforming loan issue, the credit will be charged off when it is apparent there will be a loss. For large commercial type loans, each relationship is individually analyzed for evidence of apparent loss based on quantitative benchmarks or subjectively based upon certain events or particular circumstances. It is Old National’s policy to charge off small commercial loans scored through our small business credit center with contractual balances under $250,000 that have been placed on nonaccrual status or became 90 days or more delinquent, without regard to the collateral position. For residential and consumer loans, a charge off is recorded at the time foreclosure is initiated or when the loan becomes 120 to 180 days past due, whichever is earlier. For commercial TDRs, an allocated reserve is established within the allowance for loan losses for the difference between the carrying value of the loan and its computed value. To determine the value of the loan, one of the following methods is selected: (1) the present value of expected cash flows discounted at the loan’s original effective interest rate, (2) the loan’s observable market price, or (3) the fair value of the collateral value, if the loan is collateral dependent. The allocated reserve is established as the difference between the carrying value of the loan and the collectable value. If there are significant changes in the amount or timing of the loan’s expected future cash flows, impairment is recalculated and the valuation allowance is adjusted accordingly. When a residential or consumer loan is identified as a troubled debt restructuring, the loan is written down to its collateral value less selling costs. The following table presents activity in TDRs for the nine months ended September 30, 2015 and 2014: (dollars in thousands) Commercial Commercial Residential Consumer Total Nine Months Ended September 30, 2015 Balance at January 1, 2015 $ 15,205 $ 15,226 $ 2,063 $ 2,459 $ 34,953 (Charge-offs)/recoveries 89 825 (40 ) (6 ) 868 Payments (13,064 ) (4,709 ) (614 ) (1,035 ) (19,422 ) Additions 29,956 3,774 792 1,797 36,319 Balance at September 30, 2015 $ 32,186 $ 15,116 $ 2,201 $ 3,215 $ 52,718 Nine Months Ended September 30, 2014 Balance at January 1, 2014 $ 22,443 $ 22,639 $ 2,344 $ 1,441 $ 48,867 (Charge-offs)/recoveries (172 ) (266 ) 3 (83 ) (518 ) Payments (12,998 ) (5,200 ) (370 ) (390 ) (18,958 ) Additions 11,695 2,704 175 1,034 15,608 Balance at September 30, 2014 $ 20,968 $ 19,877 $ 2,152 $ 2,002 $ 44,999 Approximately $38.6 million of the TDRs at September 30, 2015 were included with nonaccrual loans, compared to $22.1 million at December 31, 2014. Old National has allocated specific reserves to customers whose loan terms have been modified in TDRs totaling $3.8 million at September 30, 2015 and $2.8 million at December 31, 2014. As of September 30, 2015, Old National had committed to lend an additional $2.5 million to customers with outstanding loans that are classified as TDRs. The pre-modification and post-modification outstanding recorded investments of loans modified as TDRs during the nine months ended September 30, 2015 and 2014 are the same since the loan modifications did not involve the forgiveness of principal. Old National did not record any charge-offs at the modification date. The following table presents loans by class modified as TDRs that occurred during the nine months ended September 30, 2015: (dollars in thousands) Number Pre-modification Post-modification Troubled Debt Restructuring: Commercial 25 $ 29,956 $ 29,956 Commercial Real Estate - Construction 5 1,162 1,162 Commercial Real Estate - Other 21 2,612 2,612 Residential 8 792 792 Consumer 26 1,797 1,797 Total 85 $ 36,319 $ 36,319 The TDRs described above increased the allowance for loan losses by $0.6 million and resulted in immaterial charge-offs during the nine months ended September 30, 2015. The following table presents loans by class modified as TDRs that occurred during the nine months ended September 30, 2014: (dollars in thousands) Number Pre-modification Post-modification Troubled Debt Restructuring: Commercial 27 $ 11,695 $ 11,695 Commercial Real Estate - Construction 1 484 484 Commercial Real Estate - Other 22 2,221 2,221 Residential 2 175 175 Consumer 21 1,033 1,033 Total 73 $ 15,608 $ 15,608 The TDRs described above increased the allowance for loan losses by $0.4 million and resulted in immaterial charge-offs during the nine months ended September 30, 2014. A loan is considered to be in payment default once it is 90 days contractually past due under the modified terms. There were three commercial loans and six commercial real estate loans totaling $2.1 million that were modified as TDRs within the preceding twelve months, and for which there was a payment default during the nine months ended September 30, 2015. There was one commercial real estate loan that was modified as a TDR during the nine months ended September 30, 2014 for which there was a payment default within the last twelve months. The impact of the default was immaterial. The terms of certain other loans were modified during the nine months ended September 30, 2015 that did not meet the definition of a TDR. It is our process to review all classified and criticized loans that, during the period, have been renewed, have entered into a forbearance agreement, have gone from principal and interest to interest only, or have extended the maturity date. In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed of the probability that the borrower will be in payment default on its debt in the foreseeable future without the modification. The evaluation is performed under our internal underwriting policy. We also evaluate whether a concession has been granted or if we were adequately compensated through a market interest rate, additional collateral or a bona fide guarantee. We also consider whether the modification was insignificant relative to the other terms of the agreement or if the delay in a payment was 90 days or less. PCI loans are not considered impaired until after the point at which there has been a degradation of cash flows below our expected cash flows at acquisition. If a PCI loan is subsequently modified, and meets the definition of a TDR, it will be removed from PCI accounting and accounted for as a TDR only if the PCI loan was being accounted for individually. If the purchased credit impaired loan is being accounted for as part of a pool, it will not be removed from the pool. As of September 30, 2015, it has not been necessary to remove any loans from PCI accounting. In general, once a modified loan is considered a TDR, the loan will always be considered a TDR, and therefore impaired, until it is paid in full, otherwise settled, sold or charged off. However, recent guidance also permits for loans to be removed from TDR status under these circumstances: (1) at the time of the subsequent restructuring, the borrower is not experiencing financial difficulties, and this is documented by a current credit evaluation at the time of the restructuring, (2) under the terms |
Covered Loans
Covered Loans | 9 Months Ended |
Sep. 30, 2015 | |
Text Block [Abstract] | |
Covered Loans | NOTE 9 – COVERED LOANS Covered loans represent loans acquired from the FDIC that are subject to loss share agreements. The carrying amount of covered loans was $114.0 million at September 30, 2015, compared to $147.7 million at December 31, 2014. The composition of covered loans by lending classification was as follows: At September 30, 2015 (dollars in thousands) Loans Accounted for Under ASC 310-30 (Purchased Credit Impaired) Loans Excluded from ASC 310-30 (1) (Not Purchased Credit Impaired) Total Covered Purchased Loans Commercial $ 3,441 $ 6,974 $ 10,415 Commercial real estate 22,410 1,870 24,280 Residential 17,805 146 17,951 Consumer 9,648 51,745 61,393 Covered loans 53,304 60,735 114,039 Allowance for loan losses (575 ) (1,136 ) (1,711 ) Covered loans, net $ 52,729 $ 59,599 $ 112,328 (1) Includes loans with revolving privileges which are scoped out of FASB ASC 310-30 and certain loans which Old National elected to treat under the cost recovery method of accounting. Loans were recorded at fair value in accordance with FASB ASC 805, Business Combinations. No allowance for loan losses related to the acquired loans is recorded on the acquisition date as the fair value of the loans acquired incorporates assumptions regarding credit risk. Loans acquired are recorded at fair value in accordance with the fair value methodology prescribed in FASB ASC 820, exclusive of the loss share agreements with the FDIC. The fair value estimates associated with the loans include estimates related to expected prepayments and the amount and timing of undiscounted expected principal, interest, and other cash flows. The outstanding balance of covered loans accounted for under ASC 310-30, including contractual principal, interest, fees and penalties, was $201.7 million at September 30, 2015 and $241.9 million at December 31, 2014. The following table is a roll-forward of acquired impaired loans accounted for under ASC 310-30 for the nine months ended September 30, 2015 and 2014: (dollars in thousands) Contractual Nonaccretable Accretable Carrying Nine Months Ended September 30, 2015 Balance at January 1, 2015 $ 124,809 $ (12,014 ) $ (35,742 ) $ 77,053 Principal reductions and interest payments (34,842 ) (1,430 ) — (36,272 ) Accretion of loan discount — — 17,850 17,850 Changes in contractual and expected cash flows due to remeasurement (4,218 ) 6,821 (2,505 ) 98 Removals due to foreclosure or sale (1,020 ) 376 (182 ) (826 ) Loans removed from loss share coverage (6,027 ) 236 618 (5,173 ) Balance at September 30, 2015 $ 78,702 $ (6,011 ) $ (19,961 ) $ 52,730 Nine Months Ended September 30, 2014 Balance at January 1, 2014 $ 251,042 $ (46,793 ) $ (73,211 ) $ 131,038 Principal reductions and interest payments (93,095 ) (1,931 ) (940 ) (95,966 ) Accretion of loan discount — — 53,424 53,424 Changes in contractual and expected cash flows due to remeasurement (9,112 ) 30,142 (18,223 ) 2,807 Removals due to foreclosure or sale (6,949 ) 2,183 (1,451 ) (6,217 ) Balance at September 30, 2014 $ 141,886 $ (16,399 ) $ (40,401 ) $ 85,086 (1) The balance of contractual cash flows includes future contractual interest and is net of amounts charged off and interest collected on nonaccrual loans. (2) Carrying amount for this table is net of allowance for loan losses. Over the life of the acquired loans, we continue to estimate cash flows expected to be collected on individual loans or on pools of loans sharing common risk characteristics which were treated in the aggregate when applying various valuation techniques. We evaluate at each balance sheet date whether the present value of loans determined using the effective interest rates has decreased and if so, recognize a provision for loan losses. For any increases in cash flows expected to be collected, we adjust the amount of accretable yield recognized on a prospective basis over the loan’s or pool’s remaining life. Eighty percent of the prospective yield adjustments are offset as Old National will recognize a corresponding decrease in cash flows expected from the indemnification asset prospectively in a similar manner. The indemnification asset is adjusted over the shorter of the life of the underlying investment or the indemnification agreement. Accretable yield, or income expected to be collected on the covered loans accounted for under ASC 310-30, is as follows: (dollars in thousands) 2015 2014 Balance at January 1, $ 35,742 $ 73,211 Accretion of income (17,850 ) (53,424 ) Reclassifications from (to) nonaccretable difference 2,505 18,223 Loans removed from loss share coverage (618 ) — Disposals/other adjustments 182 2,391 Balance at September 30, $ 19,961 $ 40,401 At September 30, 2015, the $8.9 million loss sharing asset is comprised of a $7.5 million FDIC indemnification asset and a $1.4 million FDIC loss share receivable. The loss share receivable represents actual incurred losses where reimbursement has not yet been received from the FDIC. The indemnification asset represents future cash flows we expect to collect from the FDIC under the loss sharing agreements and the amount related to the estimated improvements in cash flow expectations that are being amortized over the same period for which those improved cash flows are being accreted into income. At September 30, 2015, $7.0 million of the FDIC indemnification asset is related to expected indemnification payments and $0.5 million is expected to be amortized and reported in noninterest income as an offset to future accreted interest income. At September 30, 2014, $12.3 million of the FDIC indemnification asset was related to expected indemnification payments and $13.4 million was expected to be amortized and reported in noninterest income as an offset to future accreted interest income. For covered loans, we remeasure contractual and expected cash flows on a quarterly basis. When the quarterly re-measurement process results in a decrease in expected cash flows due to an increase in expected credit losses, impairment is recorded. As a result of this impairment, the indemnification asset is increased to reflect anticipated future cash flows to be received from the FDIC. Consistent with the loss sharing agreements between Old National and the FDIC, the amount of the increase to the indemnification asset is measured at 80% of the resulting impairment. Alternatively, when the quarterly re-measurement results in an increase in expected future cash flows due to a decrease in expected credit losses, the nonaccretable difference decreases and the effective yield of the related loan portfolio is increased. As a result of the improved expected cash flows, the indemnification asset would be reduced first by the amount of any impairment previously recorded and, second, by increased amortization over the remaining life of the related loss sharing agreements or the remaining life of the indemnified asset, whichever is shorter. The following table shows a detailed analysis of the FDIC loss sharing asset for the nine months ended September 30, 2015 and 2014: (dollars in thousands) 2015 2014 Balance at January 1, $ 20,603 $ 88,513 Adjustments not reflected in income: Cash received from FDIC (3,555 ) (24,814 ) Other 948 1,217 Adjustments reflected in income: (Amortization) accretion (10,587 ) (35,269 ) Higher (lower) loan loss expectations 109 (13 ) Write-downs/(gain) on sale of other real estate 1,387 (1,634 ) Balance at September 30, $ 8,905 $ 28,000 |
Other Real Estate Owned
Other Real Estate Owned | 9 Months Ended |
Sep. 30, 2015 | |
Banking and Thrift [Abstract] | |
Other Real Estate Owned | NOTE 10 – OTHER REAL ESTATE OWNED The following table presents activity in other real estate owned for the nine months ended September 30, 2015 and 2014: (dollars in thousands) Other Real Estate Other Real Estate Nine Months Ended September 30, 2015 Balance at January 1, 2015 $ 7,241 $ 9,121 Additions 5,665 880 Sales (2,807 ) (5,291 ) Gains (losses)/Write-downs (817 ) (287 ) Balance at September 30, 2015 $ 9,282 $ 4,423 Nine Months Ended September 30, 2014 Balance at January 1, 2014 $ 7,562 $ 13,670 Additions 5,651 8,303 Sales (3,804 ) (10,593 ) Gains (losses)/Write-downs (1,236 ) (1,926 ) Balance at September 30, 2014 $ 8,173 $ 9,454 (1) Includes repossessed personal property of $0.2 million at September 30, 2015 and $0.3 million at September 30, 2014. At September 30, 2015, foreclosed residential real estate property included in the table above totaled $0.9 million. At September 30, 2015, consumer mortgage loans collateralized by residential real property that were in the process of foreclosure totaled $8.2 million. Covered OREO expenses and valuation write-downs are recorded in the noninterest expense section of the consolidated statements of income. Under the loss sharing agreements, the FDIC will reimburse us for 80% of expenses and valuation write-downs related to covered assets up to $275.0 million, losses in excess of $275.0 million up to $467.2 million at 0%, and 80% of losses in excess of $467.2 million. As of September 30, 2015, we do not expect losses to exceed $275.0 million. The reimbursable portion of these expenses is recorded in the FDIC indemnification asset. Changes in the FDIC indemnification asset are recorded in the noninterest income section of the consolidated statements of income. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | NOTE 11 - GOODWILL AND OTHER INTANGIBLE ASSETS The following table shows the changes in the carrying amount of goodwill by segment for the nine months ended September 30, 2015 and 2014: (dollars in thousands) Banking Insurance Total Nine Months Ended September 30, 2015 Balance at January 1, 2015 $ 490,972 $ 39,873 $ 530,845 Acquisitions and divestitures, net 52,699 1,090 53,789 Balance at September 30, 2015 $ 543,671 $ 40,963 $ 584,634 Nine Months Ended September 30, 2014 Balance at January 1, 2014 $ 312,856 $ 39,873 $ 352,729 Acquisitions 138,678 — 138,678 Balance at September 30, 2014 $ 451,534 $ 39,873 $ 491,407 Goodwill is reviewed annually for impairment. Old National completed its most recent annual goodwill impairment test as of August 31, 2015 and concluded that, based on current events and circumstances, it is not more likely than not that the carrying value of goodwill exceeds fair value. Additionally, the Company evaluated the impact of the sale of its southern Illinois franchise in August of 2015 and concluded that no impairment charge was necessary. See Note 3 to the consolidated financial statements for detail regarding goodwill associated with this divestiture. During the first half of 2015, Old National recorded $56.0 million of goodwill associated with the acquisition of Founders that was allocated to the “Banking” segment. Also during the first half of 2015, Old National recorded a $0.5 million increase to goodwill associated with the acquisition of LSB that was allocated to the “Banking” segment and an increase of $1.1 million of goodwill associated with the acquisition of Mutual Underwriters that was allocated to the “Insurance” segment. See Note 3 to the consolidated financial statements for detail regarding goodwill recorded in 2014 associated with acquisitions. The gross carrying amount and accumulated amortization of other intangible assets at September 30, 2015 and December 31, 2014 was as follows: (dollars in thousands) Gross Carrying Amount Accumulated Amortization and Impairment Net Carrying Amount September 30, 2015 Amortized intangible assets: Core deposit $ 60,103 $ (42,320 ) $ 17,783 Customer business relationships 30,787 (22,872 ) 7,915 Customer trust relationships 16,548 (4,835 ) 11,713 Customer loan relationships 4,413 (3,700 ) 713 Total intangible assets $ 111,851 $ (73,727 ) $ 38,124 December 31, 2014 Amortized intangible assets: Core deposit $ 57,149 $ (36,950 ) $ 20,199 Customer business relationships 27,942 (21,438 ) 6,504 Customer trust relationships 13,986 (3,232 ) 10,754 Customer loan relationships 4,413 (3,176 ) 1,237 Total intangible assets $ 103,490 $ (64,796 ) $ 38,694 Other intangible assets consist of core deposit intangibles and customer relationship intangibles and are being amortized primarily on an accelerated basis over their estimated useful lives, generally over a period of 5 to 15 years. During the first quarter of 2015, Old National increased core deposit intangibles by $2.9 million and customer trust relationships by $2.6 million related to the Founders acquisition that is included in the “Banking” segment. Also during the first quarter of 2015, Old National increased customer business relationships intangibles by $2.6 million related to the Mutual Underwriters acquisition that is included in the “Insurance” segment. During the second quarter of 2015, Old National increased customer business relationships intangibles by $0.2 million related to the purchase of an insurance book of business, which is included in the “Insurance” segment. See Note 21 to the consolidated financial statements for a description of the Company’s operating segments. Old National reviews other intangible assets for possible impairment whenever events or changes in circumstances indicate that carrying amounts may not be recoverable. No impairment charges were recorded during the nine months ended September 30, 2015 or 2014. Total amortization expense associated with intangible assets was $8.9 million for the nine months ended September 30, 2015 and $6.4 million for the nine months ended September 30, 2014. Estimated amortization expense for future years is as follows: (dollars in thousands) 2015 remaining $ 2,816 2016 9,913 2017 7,635 2018 5,844 2019 4,353 Thereafter 7,563 Total $ 38,124 |
Loan Servicing Rights
Loan Servicing Rights | 9 Months Ended |
Sep. 30, 2015 | |
Text Block [Abstract] | |
Loan Servicing Rights | NOTE 12 – LOAN SERVICING RIGHTS Loan servicing rights were assumed in Old National’s acquisitions of United on July 31, 2014 and Founders on January 1, 2015. See Note 3 to the consolidated financial statements for detail regarding loan servicing rights recorded associated with these acquisitions. At September 30, 2015, loan servicing rights derived from loans sold with servicing retained totaled $10.3 million and were included in other assets in the consolidated balance sheet, compared to $9.5 million at December 31, 2014. Loans serviced for others are not reported as assets. The principal balance of loans serviced for others was $1.240 billion at September 30, 2015, compared to $1.124 billion at December 31, 2014. Approximately 96% of the loans serviced for others at September 30, 2015 were residential mortgage loans. Custodial escrow balances maintained in connection with serviced loans were $4.6 million at September 30, 2015 and $16.5 million at December 31, 2014. The following table summarizes the activity related to loan servicing rights and the related valuation allowance for the nine months ended September 30, 2015 and 2014: (dollars in thousands) 2015 2014 Balance at January 1, $ 9,584 $ — Additions 2,553 9,066 Amortization (1,804 ) (278 ) Balance before valuation allowance at September 30, 10,333 8,788 Valuation allowance: Balance at January 1, (50 ) — (Additions)/recoveries — — Balance at September 30, (50 ) — Loan servicing rights, net $ 10,283 $ 8,788 At September 30, 2015, the fair value of servicing rights was $10.9 million, which was determined using a discount rate of 11% and a weighted average prepayment speed of 177% PSA. At December 31, 2014, the fair value of servicing rights was $9.5 million, which was determined using a discount rate of 12% and a weighted average prepayment speed of 192% PSA. |
Short-Term Borrowings
Short-Term Borrowings | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Short-Term Borrowings | NOTE 13 – SHORT-TERM BORROWINGS The following table presents the distribution of Old National’s short-term borrowings and related weighted-average interest rates as of September 30, 2015: (dollars in thousands) Federal Repurchase Total 2015 Outstanding at September 30, 2015 $ 109,188 $ 365,706 $ 474,894 Average amount outstanding 130,151 352,925 483,076 Maximum amount outstanding at any month-end 247,716 369,915 Weighted average interest rate: During the nine months ended September 30, 2015 0.19 % 0.10 % 0.10 % At September 30, 2015 0.17 0.07 0.09 The following table presents the contractual maturity of our secured borrowings and class of collateral pledged: At September 30, 2015 Remaining Contractual Maturity of the Agreements (dollars in thousands) Overnight and Continuous Up to 30 Days 30-90 Days Greater Than 90 days Total Repurchase Agreements: U.S. Treasury and agency securities $ 365,137 $ — $ 569 $ — $ 365,706 Total $ 365,137 $ — $ 569 $ — $ 365,706 |
Financing Activities
Financing Activities | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Financing Activities | NOTE 14 - FINANCING ACTIVITIES The following table summarizes Old National’s and its subsidiaries’ other borrowings at September 30, 2015 and December 31, 2014: (dollars in thousands) September 30, December 31, Old National Bancorp: Senior unsecured bank notes (fixed rate 4.125%) maturing August 2024 $ 175,000 $ 175,000 Junior subordinated debentures (variable rates of 1.67% to 2.08%) maturing March 2035 to June 2037 45,000 45,000 ASC 815 fair value hedge and other basis adjustments (4,555 ) (4,884 ) Old National Bank: Securities sold under agreements to repurchase (fixed rates 2.47% to 2.50%) maturing January 2017 to January 2018 50,000 50,000 Federal Home Loan Bank advances (fixed rates 0.32% to 6.76% and variable rates 0.40% to 0.47%) maturing October 2015 to January 2025 849,419 649,987 Capital lease obligation 4,052 4,099 ASC 815 fair value hedge and other basis adjustments 1,410 900 Total other borrowings $ 1,120,326 $ 920,102 Contractual maturities of other borrowings at September 30, 2015 were as follows: (dollars in thousands) Due in 2015 $ 200,016 Due in 2016 217,355 Due in 2017 95,853 Due in 2018 145,400 Due in 2019 2,935 Thereafter 461,912 ASC 815 fair value hedge and other basis adjustments (3,145 ) Total $ 1,120,326 SENIOR NOTES In August 2014, Old National issued $175.0 million of senior unsecured notes with a 4.125% interest rate. These notes pay interest on February 15 and August 15. The notes mature on August 15, 2024. FEDERAL HOME LOAN BANK Federal Home Loan Bank (“FHLB”) advances had weighted-average rates of 0.76% at September 30, 2015 and 0.77% at December 31, 2014. These borrowings are collateralized by investment securities and residential real estate loans up to 144% of outstanding debt. JUNIOR SUBORDINATED DEBENTURES Junior subordinated debentures related to trust preferred securities are classified in “other borrowings”. These securities qualify as Tier 1 capital for regulatory purposes, subject to certain limitations. In 2007, Old National acquired St. Joseph Capital Trust II in conjunction with its acquisition of St. Joseph Capital Corporation. Old National guarantees the payment of distributions on the trust preferred securities issued by St. Joseph Capital Trust II. St. Joseph Capital Trust II issued $5.0 million in preferred securities in March 2005. The preferred securities have a variable rate of interest priced at the three-month London Interbank Offered Rate (“LIBOR”) plus 175 basis points, payable quarterly and maturing on March 17, 2035. Proceeds from the issuance of these securities were used to purchase junior subordinated debentures with the same financial terms as the securities issued by St. Joseph Capital Trust II. In 2011, Old National acquired Monroe Bancorp Capital Trust I and Monroe Bancorp Statutory Trust II in conjunction with its acquisition of Monroe Bancorp. Old National guarantees the payment of distributions on the trust preferred securities issued by Monroe Bancorp Capital Trust I and Monroe Bancorp Statutory Trust II. Monroe Bancorp Capital Trust I issued $3.0 million in preferred securities in July 2006. The preferred securities have a variable rate of interest priced at the three-month LIBOR plus 160 basis points. Proceeds from the issuance of these securities were used to purchase junior subordinated debentures with the same financial terms as the securities issued by Monroe Bancorp Capital Trust I. Monroe Bancorp Statutory Trust II issued $5.0 million in preferred securities in March 2007. The preferred securities have a variable rate of interest priced at the three-month LIBOR plus 160 basis points. Proceeds from the issuance of these securities were used to purchase junior subordinated debentures with the same financial terms as the securities issued by Monroe Bancorp Statutory Trust II. In 2012, Old National acquired Home Federal Statutory Trust I in conjunction with its acquisition of Indiana Community Bancorp. Old National guarantees the payment of distributions on the trust preferred securities issued by Home Federal Statutory Trust I. Home Federal Statutory Trust I issued $15.0 million in preferred securities in September 2006. The preferred securities carry a variable rate of interest priced at the three-month LIBOR plus 165 basis points. Proceeds from the issuance of these securities were used to purchase junior subordinated debentures with the same financial terms as the securities issued by Home Federal Statutory Trust I. On April 25, 2014, Old National acquired Tower Capital Trust 2 and Tower Capital Trust 3 in conjunction with its acquisition of Tower Financial Corporation. Old National guarantees the payment of distributions on the trust preferred securities issued by Tower Capital Trust 2 and Tower Capital Trust 3. Tower Capital Trust 2 issued $8.0 million in preferred securities in December 2005. The preferred securities carry a variable rate of interest priced at the three-month LIBOR plus 134 basis points. Proceeds from the issuance of these securities were used to purchase junior subordinated debentures with the same financial terms as the securities issued by Tower Capital Trust 2. Tower Capital Trust 3 issued $9.0 million in preferred securities in December 2006. The preferred securities carry a variable rate of interest priced at the three-month LIBOR plus 169 basis points. Proceeds from the issuance of these securities were used to purchase junior subordinated debentures with the same financial terms as the securities issued by Tower Capital Trust 3. Old National, at any time, may redeem the junior subordinated debentures at par and thereby cause a redemption of the trust preferred securities in whole or in part. CAPITAL LEASE OBLIGATION On January 1, 2004, Old National entered into a long-term capital lease obligation for a branch office building in Owensboro, Kentucky, which extends for 25 years with one renewal option for 10 years. The economic substance of this lease is that Old National is financing the acquisition of the building through the lease and accordingly, the building is recorded as an asset and the lease is recorded as a liability. The fair value of the capital lease obligation was estimated using a discounted cash flow analysis based on Old National’s current incremental borrowing rate for similar types of borrowing arrangements. At September 30, 2015, the future minimum lease payments under the capital lease were as follows: (dollars in thousands) 2015 remaining $ 102 2016 410 2017 410 2018 410 2019 430 Thereafter 8,836 Total minimum lease payments 10,598 Less amounts representing interest 6,546 Present value of net minimum lease payments $ 4,052 |
Employee Benefit Plans
Employee Benefit Plans | 9 Months Ended |
Sep. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | NOTE 15 – EMPLOYEE BENEFIT PLANS RETIREMENT PLAN Old National maintains a funded noncontributory defined benefit plan (the “Retirement Plan”) that was frozen as of December 31, 2005. Retirement benefits are based on years of service and compensation during the highest paid five years of employment. The freezing of the plan provides that future salary increases will not be considered. Old National’s policy is to contribute at least the minimum funding requirement determined by the plan’s actuary. Old National expects to contribute approximately $136 thousand to the Retirement Plan in 2015. Old National also maintains an unfunded pension restoration plan (the “Restoration Plan”) which provides benefits for eligible employees that are in excess of the limits under Section 415 of the Internal Revenue Code of 1986, as amended, that apply to the Retirement Plan. The Restoration Plan is designed to comply with the requirements of ERISA. The entire cost of the plan, which was also frozen as of December 31, 2005, is supported by contributions from the Company. Old National contributed $54 thousand to cover benefit payments from the Restoration Plan during the nine months ended September 30, 2015. Old National expects to contribute an additional $11 thousand to cover benefit payments from the Restoration Plan during the remainder of 2015. The net periodic benefit cost and its components were as follows for the three and nine months ended September 30: Three Months Ended September 30, Nine Months Ended September 30, (dollars in thousands) 2015 2014 2015 2014 Interest cost $ 415 $ 438 $ 1,245 $ 1,315 Expected return on plan assets (512 ) (560 ) (1,535 ) (1,680 ) Recognized actuarial loss 531 329 1,593 987 Settlement loss 386 — 787 285 Net periodic benefit cost $ 820 $ 207 $ 2,090 $ 907 |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | NOTE 16 - STOCK-BASED COMPENSATION At September 30, 2015, Old National had 4.9 million shares remaining available for issuance under the Company’s Amended and Restated 2008 Incentive Compensation Plan. The granting of awards to key employees is typically in the form of restricted stock awards or units. Restricted Stock Awards The Company granted 195 thousand time-based restricted stock awards to certain key officers during the nine months ended September 30, 2015, with shares vesting over a thirty-six month period. Compensation expense is recognized on a straight-line basis over the vesting period. Shares are subject to certain restrictions and risk of forfeiture by the participants. As of September 30, 2015, unrecognized compensation expense was estimated to be $3.6 million for unvested restricted stock awards. Old National recorded expense of $0.9 million, net of tax, during the nine months ended September 30, 2015, compared to $0.7 million, net of tax, during the nine months ended September 30, 2014 related to the vesting of restricted stock awards. Restricted Stock Units The Company granted 279 thousand shares of performance based restricted stock units to certain key officers during the nine months ended September 30, 2015, with shares vesting at the end of a thirty-six month period based on the achievement of certain targets. For certain awards, the level of performance could increase or decrease the percentage of shares earned. Compensation expense is recognized on a straight-line basis over the vesting period. Shares are subject to certain restrictions and risk of forfeiture by the participants. As of September 30, 2015, unrecognized compensation expense was estimated to be $4.3 million. Old National recorded stock based compensation expense, net of tax, related to restricted stock units of $1.3 million during the nine months ended September 30, 2015 and $1.0 million during the nine months ended September 30, 2014. Included in the nine months ended September 30, 2014 is the reversal of $0.7 million of expense associated with certain performance based restricted stock grants. Stock Options Old National has not granted stock options since 2009. However, Old National did acquire stock options through prior year acquisitions. Old National did not record any stock based compensation expense related to these stock options during the nine months ended September 30, 2015 or 2014. Stock Appreciation Rights Old National has never granted stock appreciation rights. However, Old National did acquire stock appreciation rights through a prior year acquisition. Old National did not record any stock-based compensation expense related to these stock appreciation rights during the nine months ended September 30, 2015 or 2014. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 17 – INCOME TAXES Following is a summary of the major items comprising the differences in taxes from continuing operations computed at the federal statutory rate and as recorded in the consolidated statements of income for the three and nine months ended September 30: Three Months Ended Nine Months Ended (dollars in thousands) 2015 2014 2015 2014 Provision at statutory rate of 35% $ 18,922 $ 14,080 $ 41,758 $ 35,844 Tax-exempt income (4,056 ) (3,640 ) (11,839 ) (10,199 ) Reserve for unrecognized tax benefits — (1,076 ) — (1,076 ) State income taxes 1,483 1,196 3,280 2,021 Interim period effective rate adjustment (1,492 ) 451 329 576 State statutory rate change — — — 904 Effect of Illinois branch sale 1,832 — 1,832 — Other, net (294 ) 84 (781 ) (75 ) Income tax expense $ 16,395 $ 11,095 $ 34,579 $ 27,995 Effective tax rate 30.3 % 27.6 % 29.0 % 27.3 % In accordance with ASC 740-270, Accounting for Interim Reporting, the provision for income taxes was recorded at September 30, 2015 and 2014 based on the current estimate of the effective annual rate. The higher effective tax rate during the three and nine months ended September 30, 2015 when compared to the same periods in 2014 is the result of an increase in taxable income, as well as tax differences arising from the sale of Illinois branches in the third quarter of 2015. In addition, in the first quarter of 2015, the valuation of the state deferred tax asset was reduced due to a change in state apportionment estimates related to the acquisition of Founders, resulting in an increase to state income tax expense. No valuation allowance was recorded at September 30, 2015 or 2014 because, based on current expectations, Old National believes it will generate sufficient income in future years to realize deferred tax assets. Unrecognized Tax Benefits The Company and its subsidiaries file a consolidated U.S. federal income tax return, as well as filing various state returns. Unrecognized state income tax benefits are reported net of their related deferred federal income tax benefit. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: (dollars in thousands) 2015 2014 Balance at January 1, $ 77 $ 3,847 Additions (reductions) based on tax positions related to the current year 39 30 Reductions due to statute of limitations expiring (4 ) (3,807 ) Balance at September 30, $ 112 $ 70 If recognized, approximately $0.1 million of unrecognized tax benefits, net of interest, would favorably affect the effective income tax rate in future periods. |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | NOTE 18 – DERIVATIVE FINANCIAL INSTRUMENTS As part of our overall interest rate risk management, Old National uses derivative instruments, including interest rate swaps, caps and floors. The notional amount of these derivative instruments was $713.0 million at September 30, 2015 and $608.0 million at December 31, 2014. The September 30, 2015 balances consist of $38.0 million notional amount of receive-fixed, pay-variable interest rate swaps on certain of its FHLB advances and $675.0 million notional amount of pay-fixed, receive-variable interest rate swaps on certain of its FHLB advances. During the third quarter of 2015, $45.0 million notional amount of receive-fixed, pay-variable interest rate swaps on certain commercial loans was terminated resulting in an immaterial gain. The December 31, 2014 balances consist of $38.0 million notional amount of receive-fixed, pay-variable interest rate swaps on certain of its FHLB advances, $525.0 million notional amount of pay-fixed, receive-variable interest rate swaps on certain of its FHLB advances and $45.0 million notional amount of receive-fixed, pay-variable interest rate swaps on certain of its commercial loans. These hedges were entered into to manage interest rate risk. Derivative instruments are recognized on the balance sheet at their fair value and are not reported on a net basis. In addition, commitments to fund certain mortgage loans (interest rate lock commitments) and forward commitments for the future delivery of mortgage loans to third party investors are considered derivatives. At September 30, 2015, the notional amount of the interest rate lock commitments was $45.1 million and forward commitments were $47.2 million. At December 31, 2014, the notional amount of the interest rate lock commitments was $19.7 million and forward commitments were $29.1 million. It is our practice to enter into forward commitments for the future delivery of residential mortgage loans to third party investors when interest rate lock commitments are entered into in order to economically hedge the effect of changes in interest rates resulting from our commitment to fund the loans. Old National also enters into derivative instruments for the benefit of its customers. The notional amounts of these customer derivative instruments and the offsetting counterparty derivative instruments were $415.5 million and $415.5 million, respectively, at September 30, 2015. At December 31, 2014, the notional amounts of the customer derivative instruments and the offsetting counterparty derivative instruments were $435.6 million and $435.6 million, respectively. These derivative contracts do not qualify for hedge accounting. These instruments include interest rate swaps, caps and collars. Commonly, Old National will economically hedge significant exposures related to these derivative contracts entered into for the benefit of customers by entering into offsetting contracts with approved, reputable, independent counterparties with substantially matching terms. Credit risk arises from the possible inability of counterparties to meet the terms of their contracts. Old National’s exposure is limited to the replacement value of the contracts rather than the notional, principal or contract amounts. There are provisions in our agreements with the counterparties that allow for certain unsecured credit exposure up to an agreed threshold. Exposures in excess of the agreed thresholds are collateralized. In addition, we minimize credit risk through credit approvals, limits, and monitoring procedures. Amounts reported in AOCI related to cash flow hedges will be reclassified to interest income or interest expense as interest payments are received or paid on the Company’s derivative instruments. During the next 12 months, the Company estimates that $0.1 million will be reclassified to interest income and $6.3 million will be reclassified to interest expense. Asset derivatives are included in other assets and liability derivatives are included in other liabilities on the balance sheet. The following table summarizes the fair value of derivative financial instruments utilized by Old National: September 30, 2015 December 31, 2014 (dollars in thousands) Asset Derivatives Liability Derivatives Asset Derivatives Liability Derivatives Derivatives designated as hedging instruments Interest rate contracts $ 4,456 $ 21,001 $ 4,278 $ 9,951 Total derivatives designated as hedging instruments $ 4,456 $ 21,001 $ 4,278 $ 9,951 Derivatives not designated as hedging instruments Interest rate contracts $ 14,925 $ 15,034 $ 13,780 $ 13,917 Mortgage contracts 1,346 260 514 — Total derivatives not designated as hedging instruments $ 16,271 $ 15,294 $ 14,294 $ 13,917 Total $ 20,727 $ 36,295 $ 18,572 $ 23,868 The effect of derivative instruments on the consolidated statements of income for the three and nine months ended September 30, 2015 and 2014 are as follows: Three Months Ended September 30, (dollars in thousands) 2015 2014 Derivatives in Fair Value Hedging Relationships Location of Gain or (Loss) Recognized in Income on Derivative Amount of Gain or (Loss) Recognized in Income on Derivative Interest rate contracts (1) Interest income / (expense) $ (634 ) $ 215 Interest rate contracts (2) Other income / (expense) 63 45 Total $ (571 ) $ 260 Derivatives Not Designated as Hedging Instruments Location of Gain or (Loss) Recognized in Income on Derivative Amount of Gain or (Loss) Recognized in Income on Derivative Interest rate contracts (3) Other income / (expense) $ 8 $ (4 ) Mortgage contracts Mortgage banking revenue (731 ) 108 Total $ (723 ) $ 104 Nine Months Ended September 30, (dollars in thousands) 2015 2014 Derivatives in Fair Value Hedging Relationships Location of Gain or (Loss) Recognized in Income on Derivative Amount of Gain or (Loss) Recognized in Income on Derivative Interest rate contracts (1) Interest income / (expense) $ (823 ) $ 913 Interest rate contracts (2) Other income / (expense) 145 226 Total $ (678 ) $ 1,139 Derivatives Not Designated as Hedging Instruments Location of Gain or (Loss) Recognized in Income on Derivative Amount of Gain or (Loss) Recognized in Income on Derivative Interest rate contracts (3) Other income / (expense) $ 27 $ 65 Mortgage contracts Mortgage banking revenue 418 230 Total $ 445 $ 295 (1) Amounts represent the net interest payments as stated in the contractual agreements. (2) Amounts represent ineffectiveness on derivatives designated as fair value hedges. (3) Includes the valuation differences between the customer and offsetting counterparty swaps. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 19 – COMMITMENTS AND CONTINGENCIES LITIGATION In the normal course of business, Old National Bancorp and its subsidiaries have been named, from time to time, as defendants in various legal actions. Certain of the actual or threatened legal actions include claims for substantial compensatory and/or punitive damages or claims for indeterminate amounts of damages. Old National contests liability and/or the amount of damages as appropriate in each pending matter. In view of the inherent difficulty of predicting the outcome of such matters, particularly in cases where claimants seek substantial or indeterminate damages or where investigations and proceedings are in the early stages, Old National cannot predict with certainty the loss or range of loss, if any, related to such matters, how or if such matters will be resolved, when they will ultimately be resolved, or what the eventual settlement, or other relief, if any, might be. Subject to the foregoing, Old National believes, based on current knowledge and after consultation with counsel, that the outcome of such pending matters will not have a material adverse effect on the consolidated financial condition of Old National, although the outcome of such matters could be material to Old National’s operating results and cash flows for a particular future period, depending on, among other things, the level of Old National’s revenues or income for such period. Old National will accrue for a loss contingency if (1) it is probable that a future event will occur and confirm the loss and (2) the amount of the loss can be reasonably estimated. In November 2010, Old National was named in a class action lawsuit in Vanderburgh Circuit Court challenging our checking account practices associated with the assessment of overdraft fees. The theory set forth by plaintiffs in this case is similar to other class action complaints filed against other financial institutions in recent years and settled for substantial amounts. On May 1, 2012, the plaintiff was granted permission to file a First Amended Complaint which named additional plaintiffs and amended certain claims. The plaintiffs seek damages, and other relief, including treble damages, attorneys’ fees and costs pursuant to the Indiana Crime Victim’s Relief Act. On June 13, 2012, Old National filed a motion to dismiss the First Amended Complaint, which was subsequently denied by the Court. On September 7, 2012, the plaintiffs filed a motion for class certification, which was granted on March 20, 2013, and provides for a class of “All Old National Bank customers in the State of Indiana who had one or more consumer accounts and who, within the applicable statutes of limitation through August 15, 2010, incurred an overdraft fee as a result of Old National Bank’s practice of sequencing debit card and ATM transactions from highest to lowest.” Old National sought an interlocutory appeal on the issue of class certification on April 2, 2013, which was subsequently denied. On June 11, 2013, Old National moved for summary judgment asserting the law as applied to the material facts not in dispute should result in judgment in favor of Old National. On September 16, 2013, a hearing was held on the summary judgment motion and the Motion was denied by the Circuit Court on April 14, 2014. Subsequently, Old National sought and was granted leave to appeal the denial of its Motion for Summary Judgment. On July 11, 2014, the Indiana Court of Appeals accepted the appeal and the parties fully briefed the matter as of February 23, 2015. On April 23, 2015, the Court of Appeals affirmed in part and reversed in part the Circuit Court’s denial of Old National’s Motion for Summary Judgment and remanded the case to the Circuit Court for further proceedings. Specifically, the Court of Appeals rejected Old National’s contention that all of plaintiffs’ claims were preempted by federal law but did agree that plaintiffs’ state law claims of conversion, unconscionability and unjust enrichment were unsupported under Indiana law. The dismissal of these claims removes any claims which would entitle plaintiffs to treble damages. The Court of Appeals determined Old National had not negated plaintiffs’ state law claim for breach of a duty of good faith and fair dealing as to the deposit account agreement and remanded that claim back to the Circuit Court. On May 22, 2015, Old National filed a Petition to Transfer the Case to the Indiana Supreme Court in which it asked the Court to accept an appeal of the remaining count. On July 23, 2015, the Indiana Supreme Court declined to accept transfer of the case. The case has returned to the trial court for further proceedings on the sole remaining count. A bench trial has been set for May 9, 2016 through May 13, 2016. At this phase of the litigation, it is not possible for management of Old National to determine the probability of a material adverse outcome or reasonably estimate the amount of any loss. LEASES Old National rents certain premises and equipment under operating leases, which expire at various dates. Many of these leases require the payment of property taxes, insurance premiums, maintenance, and other costs. In some cases, rentals are subject to increase in relation to a cost-of-living index. The leases have original terms ranging from less than one year to twenty-four years, and Old National has the right, at its option, to extend the terms of certain leases for four additional successive terms of five years. Old National does not have any material sub-lease agreements. Old National had deferred gains remaining associated with prior sale leaseback transactions totaling $59.5 million as of September 30, 2015 and $68.3 million as of December 31, 2014. The leases had original terms ranging from five to twenty-four years. These gains will be recognized over the remaining term of the leases. See Note 23 to the consolidated financial statements for further information regarding these leases. CREDIT-RELATED FINANCIAL INSTRUMENTS In the normal course of business, Old National’s banking affiliates have entered into various agreements to extend credit, including loan commitments of $1.730 billion and standby letters of credit of $63.2 million at September 30, 2015. At September 30, 2015, approximately $1.653 billion of the loan commitments had fixed rates and $77.4 million had floating rates, with the floating interest rates ranging from 0% to 25%. At December 31, 2014, loan commitments were $1.584 billion and standby letters of credit were $65.3 million. These commitments are not reflected in the consolidated financial statements. The allowance for unfunded loan commitments totaled $3.3 million at September 30, 2015 and $4.4 million at December 31, 2014. Old National had credit extensions with various unaffiliated banks related to letter of credit commitments issued on behalf of Old National’s clients totaling $17.1 million at September 30, 2015 and $13.0 million at December 31, 2014. Old National provided collateral to the unaffiliated banks to secure credit extensions totaling $16.2 million at September 30, 2015 and $11.5 million December 31, 2014. Old National did not provide collateral for the remaining credit extensions. |
Financial Guarantees
Financial Guarantees | 9 Months Ended |
Sep. 30, 2015 | |
Guarantees [Abstract] | |
Financial Guarantees | NOTE 20 - FINANCIAL GUARANTEES Old National holds instruments, in the normal course of business with clients, that are considered financial guarantees in accordance with FASB ASC 460-10 (FIN 45, Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness of Others , Old National entered into a risk participation in an interest rate swap during the second quarter of 2007, which had a notional amount of $7.6 million at September 30, 2015. Old National entered into an additional risk participation in an interest rate swap during the third quarter of 2014, which had a notional amount of $12.5 million at September 30, 2015. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Information | NOTE 21 – SEGMENT INFORMATION Our business segments are defined as Banking, Insurance, and Other and are described below: Banking The banking segment provides a wide range of financial products and services to consumers and businesses. Loan products include commercial, commercial real estate, mortgage, and other consumer loans. Deposit products include checking, savings, and time deposit accounts. This segment also provides cash management, private banking, brokerage, trust and investment advisory services. Products and services are delivered to customers in the states of Indiana, Kentucky, Illinois, and Michigan through our branch locations, ATMs, on-line banking services, 24-hour telephone banking, client care call center, and a mobile banking service. Insurance The insurance segment offers full-service insurance brokerage services including commercial property and casualty, surety, loss control services, employee benefits consulting and administration, and personal insurance. Our agencies offer products that are issued and underwritten by various insurance companies not affiliated with us. In addition, we have two affiliated third party claims management companies that handle service claims for self-insured clients. Other Other Corporate Administrative units such as Human Resources or Finance, provide a wide-range of support to our other income earning segments. Expenses incurred by these support units are charged to the business segments through an internal cost allocation process, which may not be comparable to that of other companies. The other segment includes the unallocated portion of other corporate support functions, the elimination of intercompany transactions and our Corporate Treasury unit. Corporate Treasury activities consist of corporate asset and liability management. This unit’s assets and liabilities (and related interest income and expense) consist of investment securities, corporate-owned life insurance, and certain borrowings. Selected business segment financial information is shown in the following table for the three and nine months ended September 30: (dollars in thousands) Banking Insurance Other Total Three months ended September 30, 2015 Net interest income $ 99,225 $ 2 $ (2,123 ) $ 97,104 Noninterest income 49,591 9,946 207 59,744 Noncash items: Depreciation and software amortization 3,633 37 159 3,829 Provision for loan losses 167 — — 167 Amortization of intangibles 2,401 471 — 2,872 Income tax expense (benefit) 19,990 143 (3,738 ) 16,395 Segment profit 39,522 252 (2,105 ) 37,669 Segment assets 11,766,994 60,776 87,393 11,915,163 Three months ended September 30, 2014 Net interest income $ 109,620 $ 2 $ (1,255 ) $ 108,367 Noninterest income 24,265 9,721 432 34,418 Noncash items: Depreciation and software amortization 3,561 34 138 3,733 Provision for loan losses 2,591 — — 2,591 Amortization of intangibles 2,102 417 — 2,519 Income tax expense (benefit) 15,925 216 (5,046 ) 11,095 Segment profit 27,326 261 1,547 29,134 Segment assets 11,035,009 62,956 81,787 11,179,752 Nine months ended September 30, 2015 Net interest income $ 286,517 $ 7 $ (6,330 ) $ 280,194 Noninterest income 136,730 32,130 1,158 170,018 Noncash items: Depreciation and software amortization 12,415 105 475 12,995 Provision for loan losses 2,439 — — 2,439 Amortization of intangibles 7,497 1,433 — 8,930 Income tax expense (benefit) 39,693 971 (6,085 ) 34,579 Segment profit 93,154 1,534 (9,957 ) 84,731 Segment assets 11,766,994 60,776 87,393 11,915,163 Nine months ended September 30, 2014 Net interest income $ 277,910 $ 8 $ (1,591 ) $ 276,327 Noninterest income 81,953 31,485 1,196 114,634 Noncash items: Depreciation and software amortization 10,148 104 394 10,646 Provision for loan losses 2,228 — — 2,228 Amortization of intangibles 5,122 1,237 — 6,359 Income tax expense (benefit) 34,111 1,184 (7,300 ) 27,995 Segment profit 73,149 2,374 (1,106 ) 74,417 Segment assets 11,035,009 62,956 81,787 11,179,752 Noninterest income in the banking segment increased for the three and nine months ended September 30, 2015 when compared to the same periods in 2014 due to a favorable variance in adjustments to the FDIC indemnification asset and a $15.4 million gain on branch divestitures in the third quarter of 2015. In addition, banking segment noninterest income increased for the nine months ended September 30, 2015 when compared to the same period in 2014 primarily due to fee income associated with the acquisitions of Tower in April 2014, United in July 2014, LSB in November 2014, and Founders in January 2015. Banking segment assets increased at September 30, 2015 when compared to September 30, 2014 primarily due to the acquisitions of LSB and Founders. |
Fair Value
Fair Value | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value | NOTE 22 – FAIR VALUE FASB ASC 820-10 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. FASB ASC 820-10 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair values: • Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. • Level 2 – Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. • Level 3 – Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. Old National used the following methods and significant assumptions to estimate the fair value of each type of financial instrument: Investment securities Residential loans held for sale Derivative financial instruments Assets and liabilities measured at fair value on a recurring basis, including financial assets and liabilities for which we have elected the fair value option, are summarized below: Fair Value Measurements at September 30, 2015 Using (dollars in thousands) Carrying Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets Trading securities $ 3,827 $ 3,827 $ — $ — Investment securities available-for-sale: U.S. Treasury 12,239 12,239 — — U.S. government-sponsored entities and agencies 641,780 — 641,780 — Mortgage-backed securities - Agency 1,136,352 — 1,136,352 — States and political subdivisions 390,103 — 390,103 — Pooled trust preferred securities 6,631 — — 6,631 Other securities 332,788 31,676 301,112 — Residential loans held for sale 18,783 — 18,783 — Derivative assets 20,727 — 20,727 — Financial Liabilities Derivative liabilities 36,295 — 36,295 — Fair Value Measurements at December 31, 2014 Using (dollars in thousands) Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets Trading securities $ 3,881 $ 3,881 $ — $ — Investment securities available-for-sale: U.S. Treasury 15,166 15,166 — — U.S. government-sponsored entities and agencies 685,951 — 685,951 — Mortgage-backed securities - Agency 1,241,662 — 1,241,662 — States and political subdivisions 314,541 — 314,216 325 Pooled trust preferred securities 6,607 — — 6,607 Other securities 363,904 31,648 332,256 — Residential loans held for sale 15,562 — 15,562 — Derivative assets 18,572 — 18,572 — Financial Liabilities Derivative liabilities 23,868 — 23,868 — The table below presents a reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the nine months ended September 30, 2015: (dollars in thousands) Pooled Trust Preferred Securities Available-for-Sale State and Political Subdivisions Balance at January 1, 2015 $ 6,607 $ 325 Accretion/(amortization) of discount or premium 14 — Sales/payments received (536 ) — Matured securities — (325 ) Increase/(decrease) in fair value of securities 546 — Balance at September 30, 2015 $ 6,631 $ — Included in the income statement for the nine months ended September 30, 2015 is $14 thousand of income included in interest income from the accretion of discounts on securities. The increase in fair value is reflected in the balance sheet as an increase in the fair value of investment securities available-for-sale, an increase in accumulated other comprehensive income, which is included in shareholders’ equity, and a decrease in other assets related to the tax impact. The table below presents a reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the nine months ended September 30, 2014: (dollars in thousands) Pooled Trust Preferred Securities Available-for-Sale State and Political Subdivisions Balance at January 1, 2014 $ 8,037 $ 669 Accretion/(amortization) of discount or premium 13 1 Payments received (1,054 ) (11 ) Matured securities — (335 ) Increase/(decrease) in fair value of securities 149 — Balance at September 30, 2014 $ 7,145 $ 324 Included in the income statement for the nine months ended September 30, 2014 is $14 thousand of income included in interest income from the accretion of discounts on securities. The increase in fair value is reflected in the balance sheet as an increase in the fair value of investment securities available-for sale, an increase in accumulated other comprehensive income, which is included in shareholders’ equity, and a decrease in other assets related to the tax impact. The tables below provides quantitative information about significant unobservable inputs used in fair value measurements within Level 3 of the fair value hierarchy as of September 30, 2015 and December 31, 2014: (dollars in thousands) Fair Value at Sept. 30, 2015 Valuation Techniques Unobservable Input Range (Weighted Average) Pooled trust preferred securities $ 6,631 Discounted cash flow Constant prepayment rate (a) 0.00% Additional asset defaults (b) 3.3% - 4.4% (4.1%) Expected asset recoveries (c) 0.0% - 15.6% (4.1%) (a) Assuming no prepayments. (b) Each currently performing pool asset is assigned a default probability based on the banking environment, which is adjusted for specific issuer evaluation, of 0%, 50% or 100%. (c) Each currently defaulted pool asset is assigned a recovery probability based on specific issuer evaluation of 0%, 25% or 100%. (dollars in thousands) Fair Value at Dec. 31, 2014 Valuation Techniques Unobservable Input Range (Weighted Average) Pooled trust preferred securities $ 6,607 Discounted cash flow Constant prepayment rate (a) 0.00% Additional asset defaults (b) 4.4% - 11.2% (8.2%) Expected asset recoveries (c) 0.7% - 7.0% (1.8%) State and political subdivision securities 325 Discounted cash flow No unobservable inputs N/A Illiquid local municipality issuance Old National owns 100% Carried at par (a) Assuming no prepayments. (b) Each currently performing pool asset is assigned a default probability based on the banking environment, which is adjusted for specific issuer evaluation, of 0%, 50% or 100%. (c) Each currently defaulted pool asset is assigned a recovery probability based on specific issuer evaluation of 0%, 25% or 100%. The significant unobservable inputs used in the fair value measurement for pooled trust preferred securities are prepayment rates, assumed additional pool asset defaults, and expected return to performing status of defaulted pool assets. Significant changes in any of the inputs in isolation would result in a significant change to the fair value measurement. The pooled trust preferred securities Old National owns are subordinate note classes that rely on an ongoing cash flow stream to support their values. The senior note classes receive the benefit of prepayments to the detriment of subordinate note classes since the ongoing interest cash flow stream is reduced by the early redemption. Generally, a change in prepayment rates or additional pool asset defaults has an impact that is directionally opposite from a change in the expected recovery of a defaulted pool asset. Assets measured at fair value on a non-recurring basis at September 30, 2015 are summarized below: Fair Value Measurements at September 30, 2015 Using (dollars in thousands) Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Collateral Dependent Impaired Loans Commercial loans $ 22,519 $ — $ — $ 22,519 Commercial real estate loans 17,913 — — 17,913 Foreclosed Assets Commercial real estate 2,619 — — 2,619 Residential 108 — — 108 Impaired commercial and commercial real estate loans that are deemed collateral dependent are valued based on the fair value of the underlying collateral. These estimates are based on the most recently available appraisals with certain adjustments made based on the type of property, age of appraisal, current status of the property, and other related factors to estimate the current value of the collateral. These impaired commercial and commercial real estate loans had a principal amount of $51.8 million, with a valuation allowance of $11.4 million at September 30, 2015. Old National recorded provision recapture associated with these loans totaling $3.6 million for the three months ended September 30, 2015 and provision expense of $4.0 million for the nine months ended September 30, 2015. Old National recorded provision expense associated with these loans totaling $2.8 million for the three months ended September 30, 2014 and provision expense of $5.4 million for the nine months ended September 30, 2014. Other real estate owned and other repossessed property is measured at fair value less costs to sell and had a net carrying amount of $2.7 million at September 30, 2015. The estimates of fair value are based on the most recently available appraisals with certain adjustments made based on the type of property, age of appraisal, current status of the property and other related factors to estimate the current value of the collateral. There were write-downs of other real estate owned of $0.3 million for the three months ended September 30, 2015 and $1.8 million for the nine months ended September 30, 2015. There were write-downs of other real estate owned of $0.6 million for the three months ended September 30, 2014 and $2.4 million for the nine months ended September 30, 2014. Assets measured at fair value on a non-recurring basis at December 31, 2014 are summarized below: Fair Value Measurements at December 31, 2014 Using (dollars in thousands) Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Collateral Dependent Impaired Loans Commercial loans $ 6,816 $ — $ — $ 6,816 Commercial real estate loans 13,011 — — 13,011 Foreclosed Assets Commercial real estate 6,146 — — 6,146 Residential 254 — — 254 As of December 31, 2014, impaired commercial and commercial real estate loans had a principal amount of $30.0 million, with a valuation allowance of $10.2 million. Other real estate owned and other repossessed property is measured at fair value less costs to sell and had a net carrying amount of $6.4 million at December 31, 2014. The tables below provides quantitative information about significant unobservable inputs used in fair value measurements within Level 3 of the fair value hierarchy: (dollars in thousands) Fair Value at Sept. 30, 2015 Valuation Techniques Unobservable Input Range (Weighted Average) Collateral Dependent Impaired Loans Commercial loans $ 22,519 Fair value of collateral Discount for type of property, age of appraisal and current status 0% - 86% (30%) Commercial real estate loans 17,913 Fair value of collateral Discount for type of property, age of appraisal and current status 10% - 74% (31%) Foreclosed Assets Commercial real estate 2,619 Fair value of collateral Discount for type of property, age of appraisal and current status 2% - 80% (29%) Residential 108 Fair value of collateral Discount for type of property, age of appraisal and current status 22% - 37% (31%) (dollars in thousands) Fair Value at Dec. 31, 2014 Valuation Techniques Unobservable Input Range (Weighted Average) Collateral Dependent Impaired Loans Commercial loans $ 6,816 Fair value of collateral Discount for type of property, age of appraisal and current status 0% - 94% (24%) Commercial real estate loans 13,011 Fair value of collateral Discount for type of property, age of appraisal and current status 0% - 50% (29%) Foreclosed Assets Commercial real estate 6,146 Fair value of collateral Discount for type of property, age of appraisal and current status 2% - 93% (30%) Residential 254 Fair value of collateral Discount for type of property, age of appraisal and current status 8% - 81% (45%) Collateral dependent loans, other real estate owned and other repossessed property are valued based on the most recently available appraisals with certain adjustments made based on the type of property, age of appraisal, current status of the property, and other related factors to estimate the current value of the collateral. These appraisals are discounted depending on the type of property and the type of appraisal (market value vs. liquidation value). Financial instruments recorded using fair value option Under FASB ASC 825-10, we may elect to report most financial instruments and certain other items at fair value on an instrument-by instrument basis with changes in fair value reported in net income. After the initial adoption, the election is made at the acquisition of an eligible financial asset, financial liability or firm commitment or when certain specified reconsideration events occur. The fair value election may not be revoked once an election is made. We have elected the fair value option for residential loans held for sale. For these loans, interest income is recorded in the consolidated statements of income based on the contractual amount of interest income earned on the financial assets (except any that are on nonaccrual status). None of these loans are 90 days or more past due, nor are any on nonaccrual status. Included in the income statement is interest income for loans held for sale totaling $33 thousand for the three months ended September 30, 2015 and $118 thousand for the nine months ended September 30, 2015. Included in the income statement is interest income for loans held for sale totaling $143 thousand for the three months ended September 30, 2014 and $268 thousand for the nine months ended September 30, 2014. Residential loans held for sale Old National has elected the fair value option for newly originated conforming fixed-rate and adjustable-rate first mortgage loans held for sale. These loans are intended for sale and are hedged with derivative instruments. Old National has elected the fair value option to mitigate accounting mismatches in cases where hedge accounting is complex and to achieve operational simplification. The fair value option was not elected for loans held for investment. The difference between the aggregate fair value and the aggregate remaining principal balance for loans for which the fair value option has been elected as of September 30, 2015 and December 31, 2014 is as follows: (dollars in thousands) Aggregate Fair Value Difference Contractual Principal September 30, 2015 Residential loans held for sale $ 18,783 $ 511 $ 18,272 December 31, 2014 Residential loans held for sale $ 15,562 $ 375 $ 15,187 Accrued interest at period end is included in the fair value of the instruments. The following table presents the amount of gains and losses from fair value changes included in income before income taxes for financial assets carried at fair value for the three and nine months ended September 30: (dollars in thousands) Other Gains and (Losses) Interest Income Interest (Expense) Total Changes in Fair Values Included in Current Period Earnings Three months ended September 30, 2015 Residential loans held for sale $ 350 $ (1 ) $ — $ 349 Three months ended September 30, 2014 Residential loans held for sale $ 32 $ 4 $ — $ 36 Nine months ended September 30, 2015 Residential loans held for sale $ 137 $ (1 ) $ — $ 136 Nine months ended September 30, 2014 Residential loans held for sale $ 305 $ 5 $ — $ 310 The carrying amounts and estimated fair values of financial instruments, not previously presented in this note, at September 30, 2015 and December 31, 2014 are as follows: Fair Value Measurements at September 30, 2015 Using (dollars in thousands) Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets Cash, due from banks, federal funds sold and money market investments $ 173,410 $ 173,410 $ — $ — Investment securities held-to-maturity: U.S. government-sponsored entities and agencies 143,694 — 147,855 — Mortgage-backed securities - Agency 17,782 — 18,506 — State and political subdivisions 689,575 — 735,815 — Federal Home Loan Bank/Federal Reserve Bank stock 86,146 — 86,146 — Loans, net (including covered loans): Commercial 1,725,291 — — 1,776,187 Commercial real estate 1,854,105 — — 1,959,627 Residential real estate 1,656,215 — — 1,750,510 Consumer credit 1,561,061 — — 1,561,905 FDIC indemnification asset 8,905 — — 7,130 Accrued interest receivable 65,485 75 21,713 43,697 Financial Liabilities Deposits: Noninterest-bearing demand deposits $ 2,388,854 $ 2,388,854 $ — $ — NOW, savings and money market deposits 5,245,278 5,245,278 — — Time deposits 987,193 — 991,415 — Short-term borrowings: Federal funds purchased 109,188 109,188 — — Repurchase agreements 365,706 365,706 — — Other borrowings: Senior unsecured bank notes 175,000 — 165,370 — Junior subordinated debentures 45,000 — 33,037 — Repurchase agreements 50,000 — 51,848 — Federal Home Loan Bank advances 849,419 — — 857,890 Capital lease obligation 4,052 — 5,421 — Accrued interest payable 3,064 — 3,064 — Standby letters of credit 386 — — 386 Off-Balance Sheet Financial Instruments Commitments to extend credit $ — $ — $ — $ 3,003 Fair Value Measurements at December 31, 2014 Using (dollars in thousands) Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets Cash, due from banks, federal funds sold and money market investments $ 239,963 $ 239,963 $ — $ — Investment securities held-to-maturity: U.S. government-sponsored entities and agencies 167,207 — 173,486 — Mortgage-backed securities - Agency 23,648 — 24,574 — State and political subdivisions 653,199 — 705,875 — Federal Home Loan Bank/Federal Reserve Bank stock 71,175 — 71,175 — Loans held for sale (a) 197,928 — 197,928 — Loans, net (including covered loans): Commercial 1,626,097 — — 1,646,144 Commercial real estate 1,734,559 — — 1,744,126 Residential real estate 1,537,448 — — 1,615,588 Consumer credit 1,372,248 — — 1,380,835 FDIC indemnification asset 20,603 — — 11,358 Accrued interest receivable 60,966 29 21,633 39,304 Financial Liabilities Deposits: Noninterest-bearing demand deposits $ 2,427,748 $ 2,427,748 $ — $ — NOW, savings and money market deposits 4,973,898 4,973,898 — — Time deposits 1,089,018 — 1,092,969 — Short-term borrowings: Federal funds purchased 195,188 195,188 — — Repurchase agreements 356,121 356,120 — — Other borrowings: Senior unsecured bank notes 175,000 — 179,792 — Junior subordinated debentures 45,000 — 32,754 — Repurchase agreements 50,000 — 51,994 — Federal Home Loan Bank advances 649,987 — — 658,506 Capital lease obligation 4,099 — 5,515 — Accrued interest payable 4,564 — 4,564 — Standby letters of credit 358 — — 358 Off-Balance Sheet Financial Instruments Commitments to extend credit $ — $ — $ — $ 2,030 (a) Includes loans held for sale associated with branch sales. Excludes $15.6 million of residential loans held for sale measured at fair value on a recurring basis. The following methods and assumptions were used to estimate the fair value of each type of financial instrument. Cash, due from banks, federal funds sold and resell agreements, and money market investments: Investment securities: Federal Home Loan Bank and Federal Reserve Bank stock: Loans held for sale Loans Covered loans: FDIC indemnification asset: Accrued interest receivable and payable: Deposits Short-term borrowings Other borrowings Standby letters of credit Off-balance sheet financial instruments |
Subsequent Event
Subsequent Event | 9 Months Ended |
Sep. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Event | NOTE 23 – SUBSEQUENT EVENT Subsequent to quarter end, Old National entered into purchase agreements to acquire fourteen bank properties that it currently leases for an aggregate purchase price of approximately $66.2 million. Old National Bank entered into these agreements to purchase the subject bank properties in order to (i) provide greater control of these properties through ownership, (ii) report these properties as assets on its balance sheet which may be required under proposed GAAP changes, and (iii) further its initiative of becoming a more efficient bank. As a condition to closing, the parties have agreed to enter into lease termination agreements, at close, to terminate the existing lease agreements. The termination of these lease agreements, at closing, is expected to result in the recognition of approximately $12 million of pre-tax deferred gains. Subject to the fulfillment of closing conditions, Old National expects that these acquisitions will close in the fourth quarter of 2015. |
Acquisition and Divestiture A31
Acquisition and Divestiture Activity (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Tower Financial Corporation [Member] | |
Schedule of Purchase Price Allocation | A summary of the final purchase price allocation is as follows (in thousands): Cash and cash equivalents $ 56,345 Investment securities 140,567 Federal Home Loan Bank stock 2,192 Loans held for sale 474 Loans 371,054 Premises and equipment 8,516 Accrued interest receivable 2,371 Other real estate owned 473 Company-owned life insurance 21,281 Other assets 15,200 Deposits (527,995 ) Short-term borrowings (18,898 ) Other borrowings (21,113 ) Accrued expenses and other liabilities (4,681 ) Net tangible assets acquired 45,786 Definite-lived intangible assets acquired 8,382 Goodwill 56,203 Purchase price $ 110,371 |
Schedule of Components of Estimated Fair Value of Intangible Assets | The components of the estimated fair value of the acquired identifiable intangible assets are in the table below. Estimated Fair Value (in millions) Estimated Useful Lives (Years) Core deposit intangible $ 4.6 7 Trust customer relationship intangible $ 3.8 12 |
Summary of Acquired Loan Data | Acquired loan data for Tower can be found in the table below: (in thousands) Fair Value of Acquired Loans at Acquisition Date Gross Contractual Amounts Receivable at Acquisition Date Best Estimate at Acquisition Date of Contractual Cash Flows Not Expected to be Collected Acquired receivables subject to ASC 310-30 $ 12,855 $ 22,746 $ 5,826 Acquired receivables not subject to ASC 310-30 $ 358,199 $ 450,865 $ 42,302 |
United Bancorp, Inc. [Member] | |
Schedule of Purchase Price Allocation | A summary of the final purchase price allocation is as follows (in thousands): Cash and cash equivalents $ 16,447 Investment securities 154,885 Federal Home Loan Bank stock 2,880 Loans held for sale 1,073 Loans 632,016 Premises and equipment 7,741 Accrued interest receivable 2,614 Other real estate owned 1,676 Company-owned life insurance 14,857 Other assets 16,822 Deposits (763,681 ) Short-term borrowings (10,420 ) Other borrowings (12,515 ) Accrued expenses and other liabilities (8,337 ) Net tangible assets acquired 56,058 Definite-lived intangible assets acquired 10,763 Loan servicing rights 8,983 Goodwill 81,952 Purchase price $ 157,756 |
Schedule of Components of Estimated Fair Value of Intangible Assets | The components of the estimated fair value of the acquired identifiable intangible assets are in the table below. Estimated Fair Value (in millions) Estimated Useful Lives (Years) Core deposit intangible $ 5.9 7 Trust customer relationship intangible $ 4.9 12 |
Summary of Acquired Loan Data | Acquired loan data for United can be found in the table below: (in thousands) Fair Value of Acquired Loans at Acquisition Date Gross Contractual Amounts Receivable at Acquisition Date Best Estimate at Acquisition Date of Contractual Cash Flows Not Expected to be Collected Acquired receivables subject to ASC 310-30 $ 8,391 $ 15,483 $ 5,487 Acquired receivables not subject to ASC 310-30 $ 623,625 $ 798,967 $ 89,430 |
LSB Financial Corp. [Member] | |
Schedule of Purchase Price Allocation | A summary of the final purchase price allocation is as follows (in thousands): Cash and cash equivalents $ 7,589 Investment securities 63,684 Federal Home Loan Bank stock 3,185 Loans held for sale 1,035 Loans 235,377 Premises and equipment 6,492 Accrued interest receivable 1,044 Other real estate owned 30 Company-owned life insurance 7,438 Other assets 11,490 Deposits (292,068 ) Other borrowings (15,203 ) Accrued expenses and other liabilities (4,582 ) Net tangible assets acquired 25,511 Definite-lived intangible assets acquired 2,618 Loan servicing rights 990 Goodwill 40,476 Purchase price $ 69,595 |
Summary of Acquired Loan Data | Acquired loan data for LSB can be found in the table below: (in thousands) Fair Value of Acquired Loans at Acquisition Date Gross Contractual Amounts Receivable at Acquisition Date Best Estimate at Acquisition Date of Contractual Cash Flows Not Expected to be Collected Acquired receivables subject to ASC 310-30 $ 11,986 $ 24,493 $ 9,903 Acquired receivables not subject to ASC 310-30 $ 223,391 $ 340,832 $ 57,884 |
Founders Financial Corporation [Member] | |
Schedule of Purchase Price Allocation | Based on management’s preliminary valuation of the fair value of tangible and intangible assets acquired and liabilities assumed, which are based on assumptions that are subject to change, the purchase price for the Founders acquisition is allocated as follows (in thousands): Cash and cash equivalents $ 3,978 Investment securities 75,383 Federal Home Loan Bank stock 1,810 Loans held for sale 3,473 Loans 339,569 Premises and equipment 3,604 Accrued interest receivable 1,260 Other real estate owned 674 Company-owned life insurance 8,297 Other assets 8,804 Deposits (376,656 ) Other borrowings (39,380 ) Accrued expenses and other liabilities (1,307 ) Net tangible assets acquired 29,509 Definite-lived intangible assets acquired 5,515 Loan servicing rights 664 Goodwill 56,014 Purchase price $ 91,702 |
Schedule of Components of Estimated Fair Value of Intangible Assets | The components of the estimated fair value of the acquired identifiable intangible assets are in the table below. Estimated Fair Value (in millions) Estimated Useful Lives (Years) Core deposit intangible $ 2.9 7 Trust customer relationship intangible $ 2.6 12 |
Summary of Acquired Loan Data | Acquired loan data for Founders can be found in the table below: (in thousands) Fair Value of Acquired Loans at Acquisition Date Gross Contractual Amounts Receivable at Acquisition Date Best Estimate at Acquisition Date of Contractual Cash Flows Not Expected to be Collected Acquired receivables subject to ASC 310-30 $ 6,607 $ 11,103 $ 2,684 Acquired receivables not subject to ASC 310-30 $ 332,962 $ 439,031 $ 61,113 |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Summary of Table Reconciling Basic and Diluted Net Income Per Share | The following table reconciles basic and diluted net income per share for the three and nine months ended September 30: Three Months Ended September 30, Nine Months Ended September 30, (dollars and shares in thousands, except per share data) 2015 2014 2015 2014 Basic Earnings Per Share Net income $ 37,669 $ 29,134 $ 84,731 $ 74,417 Weighted average common shares outstanding 114,590 111,428 116,272 105,086 Basic Earnings Per Share $ 0.33 $ 0.26 $ 0.73 $ 0.71 Diluted Earnings Per Share Net income $ 37,669 $ 29,134 $ 84,731 $ 74,417 Weighted average common shares outstanding 114,590 111,428 116,272 105,086 Effect of dilutive securities: Restricted stock 477 446 435 428 Stock options (1) 86 73 93 45 Weighted average shares outstanding 115,153 111,947 116,800 105,559 Diluted Earnings Per Share $ 0.33 $ 0.26 $ 0.73 $ 0.70 (1) Options to purchase 891 thousand shares and 988 thousand shares outstanding at September 30, 2015 and 2014, respectively, were not included in the computation of net income per diluted share for the three months ended September 30, 2015 and 2014, respectively, because the exercise price of these options was greater than the average market price of the common shares and, therefore, the effect would be antidilutive. Options to purchase 891 thousand shares and 976 thousand shares outstanding at September 30, 2015 and 2014, respectively, were not included in the computation of net income per diluted share for the nine months ended September 30, 2015 and 2014, respectively, because the exercise price of these options was greater than the average market price of the common shares and, therefore, the effect would be antidilutive. |
Accumulated Other Comprehensi33
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table summarizes the changes within each classification of accumulated other comprehensive income (loss) (“AOCI”) net of tax: (dollars in thousands) Unrealized Gains and Losses on Available-for-Sale Securities Unrealized Gains and Losses on Held-to-Maturity Securities Gains and Losses on Cash Flow Hedges Defined Benefit Pension Plans Total Three Months Ended September 30, 2015 Balance at July 1, 2015 $ (7,951 ) $ (15,090 ) $ (6,832 ) $ (8,189 ) $ (38,062 ) Other comprehensive income (loss) before reclassifications 9,171 — (6,373 ) — 2,798 Amounts reclassified from accumulated other comprehensive income (loss) (a) (544 ) 300 560 568 884 Net other comprehensive income (loss) 8,627 300 (5,813 ) 568 3,682 Balance at September 30, 2015 $ 676 $ (14,790 ) $ (12,645 ) $ (7,621 ) $ (34,380 ) Three Months Ended September 30, 2014 Balance at July 1, 2014 $ (7,844 ) $ (16,330 ) $ (3,341 ) $ (5,826 ) $ (33,341 ) Other comprehensive income (loss) before reclassifications 3,466 — 350 — 3,816 Amounts reclassified from accumulated other comprehensive income (loss) (a) (1,629 ) 269 64 204 (1,092 ) Net other comprehensive income (loss) 1,837 269 414 204 2,724 Balance at September 30, 2014 $ (6,007 ) $ (16,061 ) $ (2,927 ) $ (5,622 ) $ (30,617 ) Nine Months Ended September 30, 2015 Balance at January 1, 2015 $ (748 ) $ (15,776 ) $ (5,935 ) $ (9,096 ) $ (31,555 ) Other comprehensive income (loss) before reclassifications 3,982 — (7,657 ) — (3,675 ) Amounts reclassified from accumulated other comprehensive income (loss) (a) (2,558 ) 986 947 1,475 850 Net other comprehensive income (loss) 1,424 986 (6,710 ) 1,475 (2,825 ) Balance at September 30, 2015 $ 676 $ (14,790 ) $ (12,645 ) $ (7,621 ) $ (34,380 ) Nine Months Ended September 30, 2014 Balance at January 1, 2014 $ (21,108 ) $ (16,767 ) $ (190 ) $ (6,401 ) $ (44,466 ) Other comprehensive income (loss) before reclassifications 18,117 — (2,824 ) — 15,293 Amounts reclassified from accumulated other comprehensive income (loss) (a) (3,016 ) 706 87 779 (1,444 ) Net other comprehensive income (loss) 15,101 706 (2,737 ) 779 13,849 Balance at September 30, 2014 $ (6,007 ) $ (16,061 ) $ (2,927 ) $ (5,622 ) $ (30,617 ) (a) See tables below for details about reclassifications. |
Reclassifications out of Accumulated Other Comprehensive Income (Loss) | The following table summarize the significant amounts reclassified out of each component of AOCI for the three months ended September 30, 2015 and 2014: Details about AOCI Components Amount Reclassified from AOCI Affected Line Item in the Statement Where Net Income is Presented Three Months Ended September 30, (dollars in thousands) 2015 2014 Unrealized gains and losses on available-for-sale securities $ 861 $ 2,713 Net securities gains — — Impairment losses 861 2,713 Total before tax (317 ) (1,084 ) Tax (expense) or benefit $ 544 $ 1,629 Net of tax Unrealized gains and losses on held-to-maturity securities $ (455 ) $ (395 ) Interest income/(expense) 155 126 Tax (expense) or benefit $ (300 ) $ (269 ) Net of tax Gains and losses on cash flow hedges Interest rate contracts $ (902 ) $ (103 ) Interest income/(expense) 342 39 Tax (expense) or benefit $ (560 ) $ (64 ) Net of tax Amortization of defined benefit pension items Actuarial gains/(losses) $ (917 ) $ (329 ) Salaries and employee benefits 349 125 Tax (expense) or benefit $ (568 ) $ (204 ) Net of tax Total reclassifications for the period $ (884 ) $ 1,092 Net of tax The following table summarize the significant amounts reclassified out of each component of AOCI for the nine months ended September 30, 2015 and 2014: Details about AOCI Components Amount Reclassified from AOCI Affected Line Item in the Statement Where Net Income is Presented Nine Months Ended (dollars in thousands) 2015 2014 Unrealized gains and losses on available-for-sale securities $ 4,056 $ 4,961 Net securities gains — (100 ) Impairment losses 4,056 4,861 Total before tax (1,498 ) (1,845 ) Tax (expense) or benefit $ 2,558 $ 3,016 Net of tax Unrealized gains and losses on held-to-maturity securities $ (1,222 ) $ (1,017 ) Interest income/(expense) 236 311 Tax (expense) or benefit $ (986 ) $ (706 ) Net of tax Gains and losses on cash flow hedges Interest rate contracts $ (1,527 ) $ (141 ) Interest income/(expense) 580 54 Tax (expense) or benefit $ (947 ) $ (87 ) Net of tax Amortization of defined benefit pension items Actuarial gains/(losses) $ (2,380 ) $ (1,272 ) Salaries and employee benefits 905 493 Tax (expense) or benefit $ (1,475 ) $ (779 ) Net of tax Total reclassifications for the period $ (850 ) $ 1,444 Net of tax |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Amortized Cost and Fair Value of Available-for-Sale and Held-to-Maturity Investment Securities Portfolio | The following table summarizes the amortized cost and fair value of the available-for-sale and held-to-maturity investment securities portfolio at September 30, 2015 and December 31, 2014 and the corresponding amounts of unrealized gains and losses therein: (dollars in thousands) Amortized Cost Unrealized Gains Unrealized Losses Fair Value September 30, 2015 Available-for-Sale U.S. Treasury $ 11,971 $ 268 $ — $ 12,239 U.S. government-sponsored entities and agencies 642,681 2,350 (3,251 ) 641,780 Mortgage-backed securities - Agency 1,127,175 15,617 (6,440 ) 1,136,352 States and political subdivisions 383,001 9,133 (2,031 ) 390,103 Pooled trust preferred securities 17,443 — (10,812 ) 6,631 Other securities 336,394 1,854 (5,460 ) 332,788 Total available-for-sale securities $ 2,518,665 $ 29,222 $ (27,994 ) $ 2,519,893 Held-to-Maturity U.S. government-sponsored entities and agencies $ 143,694 $ 4,161 $ — $ 147,855 Mortgage-backed securities - Agency 17,782 724 — 18,506 States and political subdivisions 689,575 46,299 (59 ) 735,815 Total held-to-maturity securities $ 851,051 $ 51,184 $ (59 ) $ 902,176 December 31, 2014 Available-for-Sale U.S. Treasury $ 14,978 $ 196 $ (8 ) $ 15,166 U.S. government-sponsored entities and agencies 692,704 1,533 (8,286 ) 685,951 Mortgage-backed securities - Agency 1,233,811 18,219 (10,368 ) 1,241,662 States and political subdivisions 304,435 11,023 (917 ) 314,541 Pooled trust preferred securities 17,965 — (11,358 ) 6,607 Other securities 365,235 2,338 (3,669 ) 363,904 Total available-for-sale securities $ 2,629,128 $ 33,309 $ (34,606 ) $ 2,627,831 Held-to-Maturity U.S. government-sponsored entities and agencies $ 167,207 $ 6,279 $ — $ 173,486 Mortgage-backed securities - Agency 23,648 926 — 24,574 States and political subdivisions 653,199 52,753 (77 ) 705,875 Total held-to-maturity securities $ 844,054 $ 59,958 $ (77 ) $ 903,935 |
Schedule of Proceeds from Sales or Calls and Realized Gain and Losses of Available-for-Sale Investment Securities and Other Securities | Proceeds from sales or calls of available-for-sale investment securities, the resulting realized gains and realized losses, and other securities gains or losses were as follows for the three and nine months ended September 30, 2015 and 2014: Three Months Ended Nine Months Ended (dollars in thousands) 2015 2014 2015 2014 Proceeds from sales of available-for-sale securities $ 100,257 $ 79,581 $ 296,841 $ 155,876 Proceeds from calls of available-for-sale securities 108,790 43,236 321,792 67,776 Total $ 209,047 $ 122,817 $ 618,633 $ 223,652 Realized gains on sales of available-for-sale securities $ 1,315 $ 2,666 $ 4,112 $ 5,015 Realized gains on calls of available-for-sale securities 99 151 479 151 Realized losses on sales of available-for-sale securities (373 ) (6 ) (420 ) (43 ) Realized losses on calls of available-for-sale securities — (201 ) (15 ) (468 ) Other securities gains (losses) (1) (180 ) 103 (100 ) 306 Net securities gains $ 861 $ 2,713 $ 4,056 $ 4,961 (1) Other securities gains (losses) includes net realized gains or losses associated with trading securities and mutual funds. |
Expected Maturities of Investment Securities Portfolio | Weighted average yield is based on amortized cost. September 30, 2015 Weighted (dollars in thousands) Amortized Fair Average Maturity Cost Value Yield Available-for-Sale Within one year $ 38,653 $ 38,826 2.53 % One to five years 491,482 494,542 1.79 Five to ten years 475,672 477,916 2.41 Beyond ten years 1,512,858 1,508,609 2.54 Total $ 2,518,665 $ 2,519,893 2.37 % Held-to-Maturity Within one year $ 10,392 $ 10,743 6.53 % One to five years 29,175 30,530 3.95 Five to ten years 200,190 207,483 3.55 Beyond ten years 611,294 653,420 5.49 Total $ 851,051 $ 902,176 4.99 % |
Investment Securities with Unrealized Losses by Aggregated Major Security Type and Length of Time in Continuous Unrealized Loss Position | The following table summarizes the investment securities with unrealized losses at September 30, 2015 and December 31, 2014 by aggregated major security type and length of time in a continuous unrealized loss position: Less than 12 months 12 months or longer Total (dollars in thousands) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized September 30, 2015 Available-for-Sale U.S. government-sponsored entities and agencies $ 98,681 $ (1,203 ) $ 122,560 $ (2,048 ) $ 221,241 $ (3,251 ) Mortgage-backed securities - Agency 188,275 (1,443 ) 256,905 (4,997 ) 445,180 (6,440 ) States and political subdivisions 101,370 (1,756 ) 5,503 (275 ) 106,873 (2,031 ) Pooled trust preferred securities — — 6,631 (10,812 ) 6,631 (10,812 ) Other securities 104,254 (1,317 ) 128,376 (4,143 ) 232,630 (5,460 ) Total available-for-sale $ 492,580 $ (5,719 ) $ 519,975 $ (22,275 ) $ 1,012,555 $ (27,994 ) Held-to-Maturity States and political subdivisions $ 15,367 $ (59 ) $ — $ — $ 15,367 $ (59 ) Total held-to-maturity $ 15,367 $ (59 ) $ — $ — $ 15,367 $ (59 ) December 31, 2014 Available-for-Sale U.S. Treasury $ 9,524 $ (8 ) $ — $ — $ 9,524 $ (8 ) U.S. government-sponsored entities and agencies 180,488 (563 ) 257,914 (7,723 ) 438,402 (8,286 ) Mortgage-backed securities - Agency 31,304 (122 ) 386,788 (10,246 ) 418,092 (10,368 ) States and political subdivisions 41,481 (288 ) 9,534 (629 ) 51,015 (917 ) Pooled trust preferred securities — — 6,607 (11,358 ) 6,607 (11,358 ) Other securities 115,973 (906 ) 95,344 (2,763 ) 211,317 (3,669 ) Total available-for-sale $ 378,770 $ (1,887 ) $ 756,187 $ (32,719 ) $ 1,134,957 $ (34,606 ) Held-to-Maturity States and political subdivisions $ 6,171 $ (77 ) $ — $ — $ 6,171 $ (77 ) Total held-to-maturity $ 6,171 $ (77 ) $ — $ — $ 6,171 $ (77 ) |
Trust Preferred Securities | The table below summarizes the relevant characteristics of our pooled trust preferred securities as well as our single issuer trust preferred securities that are included in the “other securities” category in this footnote. Each of the pooled trust preferred securities support a more senior tranche of security holders. All three pooled trust preferred securities have experienced credit defaults. However, two of these securities have excess subordination and are not other-than-temporarily-impaired as a result of their class hierarchy, which provides more loss protection. Trust preferred securities Class Lowest Amortized Fair Unrealized Realized # of Issuers Actual Expected Excess Pooled trust preferred securities: Reg Div Funding 2004 B-2 D $ 3,541 $ 223 $ (3,318 ) $ — 25/41 33.3 % 7.5 % 0.0 % Pretsl XXVII LTD B B 4,446 2,517 (1,929 ) — 34/45 20.5 % 4.2 % 41.6 % Trapeza Ser 13A A2A BB+ 9,456 3,891 (5,565 ) — 50/59 12.1 % 5.1 % 52.1 % 17,443 6,631 (10,812 ) — Single Issuer trust preferred securities: Fleet Cap Tr V (BOA) BB+ 3,386 3,238 (148 ) — JP Morgan Chase Cap XIII BBB- 4,753 4,275 (478 ) — NB-Global BB+ 764 925 161 — Chase Cap II BBB- 804 862 58 — 9,707 9,300 (407 ) — Total $ 27,150 $ 15,931 $ (11,219 ) $ — (1) Lowest rating for the security provided by any nationally recognized credit rating agency. |
Securities with Other-than-Temporary-Impairment | The following table details the remaining securities with other-than-temporary-impairment, their credit rating at September 30, 2015, and the related life-to-date credit losses recognized in earnings: Amount of other-than-temporary (dollars in thousands) Vintage Lowest Credit Rating (1) Amortized Cost Nine Months Ended September 30, Life-to date 2015 2014 Reg Div Funding 2004 D $ 3,541 $ — $ — $ 5,685 Limited partnership 765 — 100 100 Total $ 4,306 $ — $ 100 $ 5,785 (1) Lowest rating for the security provided by any nationally recognized credit rating agency. |
Loans Held for Sale (Tables)
Loans Held for Sale (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Summary of Loans Held for Sale | The following table summarizes loans held for sale that were reclassified from loans held for investment at September 30, 2015 and December 31, 2014: (dollars in thousands) September 30, December 31, Commercial $ — $ 45,500 Commercial real estate — 30,690 Residential real estate — 71,680 Consumer credit — 50,058 Total $ — $ 197,928 |
Loans and Allowance for Credi36
Loans and Allowance for Credit Losses (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Text Block [Abstract] | |
Schedule of Composition of Loans | The composition of loans by lending classification was as follows: (dollars in thousands) September 30, December 31, Commercial (1) $ 1,740,394 $ 1,629,600 Commercial real estate: Construction 164,247 134,552 Other 1,681,642 1,576,558 Residential real estate 1,640,289 1,519,156 Consumer credit: Heloc 362,055 360,320 Auto 1,004,989 846,969 Other 140,243 103,338 Covered loans 114,039 147,708 Total loans 6,847,898 6,318,201 Allowance for loan losses (49,515 ) (44,297 ) Allowance for loan losses - covered loans (1,711 ) (3,552 ) Net loans $ 6,796,672 $ 6,270,352 (1) Includes direct finance leases of $15.5 million at September 30, 2015 and $19.3 million at December 31, 2014. |
Schedule of Activity in Allowance for Loan Losses | Old National’s activity in the allowance for loan losses for the three and nine months ended September 30, 2015 and 2014 is as follows: (dollars in thousands) Commercial Commercial Residential Consumer Unallocated Total Three Months Ended September 30, 2015 Balance at July 1, 2015 $ 23,434 $ 16,325 $ 2,581 $ 7,851 $ — $ 50,191 Charge-offs (251 ) (665 ) (313 ) (1,239 ) — (2,468 ) Recoveries 1,116 1,354 74 792 — 3,336 Provision 1,219 (950 ) (317 ) 215 — 167 Balance at September 30, 2015 $ 25,518 $ 16,064 $ 2,025 $ 7,619 $ — $ 51,226 Three Months Ended September 30, 2014 Balance at July 1, 2014 $ 18,826 $ 17,764 $ 3,573 $ 5,989 $ — $ 46,152 Charge-offs (452 ) (401 ) (192 ) (1,085 ) — (2,130 ) Recoveries 610 445 41 570 — 1,666 Provision 819 776 201 795 — 2,591 Balance at September 30, 2014 $ 19,803 $ 18,584 $ 3,623 $ 6,269 $ — $ 48,279 Nine Months Ended September 30, 2015 Balance at January 1, 2015 $ 20,670 $ 17,348 $ 2,962 $ 6,869 $ — $ 47,849 Charge-offs (2,053 ) (220 ) (709 ) (4,337 ) — (7,319 ) Recoveries 3,061 2,281 161 2,754 — 8,257 Provision 3,840 (3,345 ) (389 ) 2,333 — 2,439 Balance at September 30, 2015 $ 25,518 $ 16,064 $ 2,025 $ 7,619 $ — $ 51,226 Nine Months Ended September 30, 2014 Balance at January 1, 2014 $ 16,565 $ 22,401 $ 3,239 $ 4,940 $ — $ 47,145 Charge-offs (2,525 ) (1,608 ) (391 ) (3,168 ) — (7,692 ) Recoveries 2,196 2,020 150 2,232 — 6,598 Provision 3,567 (4,229 ) 625 2,265 — 2,228 Balance at September 30, 2014 $ 19,803 $ 18,584 $ 3,623 $ 6,269 $ — $ 48,279 |
Schedule of Recorded Investment in Financing Receivables | The following table provides Old National’s recorded investment in financing receivables by portfolio segment at September 30, 2015 and December 31, 2014 and other information regarding the allowance: (dollars in thousands) Commercial Commercial Residential Consumer Unallocated Total September 30, 2015 Allowance for loan losses: Individually evaluated for impairment $ 7,978 $ 3,402 $ — $ — $ — $ 11,380 Collectively evaluated for impairment 16,817 12,089 2,005 7,350 — 38,261 Noncovered loans acquired with deteriorated credit quality 355 573 13 69 — 1,010 Covered loans acquired with deteriorated credit quality 368 — 7 200 — 575 Total allowance for loan losses $ 25,518 $ 16,064 $ 2,025 $ 7,619 $ — $ 51,226 Loans and leases outstanding: Individually evaluated for impairment $ 61,739 $ 45,268 $ — $ — $ — $ 107,007 Collectively evaluated for impairment 1,683,685 1,772,904 1,640,307 1,554,695 — 6,651,591 Loans acquired with deteriorated credit quality 1,944 29,587 128 4,337 — 35,996 Covered loans acquired with deteriorated credit quality 3,441 22,410 17,805 9,648 — 53,304 Total loans and leases outstanding $ 1,750,809 $ 1,870,169 $ 1,658,240 $ 1,568,680 $ — $ 6,847,898 December 31, 2014 Allowance for loan losses: Individually evaluated for impairment $ 7,280 $ 2,945 $ — $ — $ — $ 10,225 Collectively evaluated for impairment 12,163 13,354 2,945 6,519 — 34,981 Noncovered loans acquired with deteriorated credit quality 406 1,049 17 67 — 1,539 Covered loans acquired with deteriorated credit quality 821 — — 283 — 1,104 Total allowance for loan losses $ 20,670 $ 17,348 $ 2,962 $ 6,869 $ — $ 47,849 Loans and leases outstanding: Individually evaluated for impairment $ 38,485 $ 45,335 $ — $ — $ — $ 83,820 Collectively evaluated for impairment 1,598,352 1,631,794 1,519,171 1,359,537 — 6,108,854 Loans acquired with deteriorated credit quality 2,770 37,394 133 7,073 — 47,370 Covered loans acquired with deteriorated credit quality 7,160 37,384 21,106 12,507 — 78,157 Total loans and leases outstanding $ 1,646,767 $ 1,751,907 $ 1,540,410 $ 1,379,117 $ — $ 6,318,201 |
Schedule of Risk Category of Commercial and Commercial Real Estate Loans | As of September 30, 2015 and December 31, 2014, the risk category of commercial and commercial real estate loans, excluding covered loans, by class of loans is as follows: (dollars in thousands) Commercial Commercial Corporate Credit Exposure Credit Risk Profile by Commercial Real Estate - Construction Real Estate - Other September 30, December 31, September 30, December 31, September 30, December 31, Grade: Pass $ 1,584,973 $ 1,442,904 $ 155,134 $ 119,958 $ 1,491,759 $ 1,374,191 Criticized 51,645 89,775 3,738 2,229 84,082 102,805 Classified - substandard 46,273 58,461 2,817 5,866 55,050 38,659 Classified - nonaccrual 54,931 38,003 2,558 6,499 49,721 59,771 Classified - doubtful 2,572 457 — — 1,030 1,132 Total $ 1,740,394 $ 1,629,600 $ 164,247 $ 134,552 $ 1,681,642 $ 1,576,558 |
Schedule of Recorded Investment in Residential and Consumer Loans Based on Payment Activity | The following table presents the recorded investment in residential and consumer loans based on payment activity as of September 30, 2015 and December 31, 2014, excluding covered loans: (dollars in thousands) Residential Consumer Heloc Auto Other September 30, 2015 Performing $ 1,624,740 $ 359,315 $ 1,003,594 $ 138,757 Nonperforming 15,549 2,740 1,395 1,486 Total $ 1,640,289 $ 362,055 $ 1,004,989 $ 140,243 December 31, 2014 Performing $ 1,505,188 $ 357,205 $ 845,708 $ 101,811 Nonperforming 13,968 3,115 1,261 1,527 Total $ 1,519,156 $ 360,320 $ 846,969 $ 103,338 |
Schedule of Impaired Loans that are Individually Evaluated | The following table shows Old National’s impaired loans, excluding covered loans, which are individually evaluated as of September 30, 2015 and December 31, 2014, respectively. Of the loans purchased without FDIC loss share coverage, only those that have experienced subsequent impairment since the date acquired are included in the table below. (dollars in thousands) Recorded Unpaid Related September 30, 2015 With no related allowance recorded: Commercial $ 32,592 $ 33,564 $ — Commercial Real Estate - Construction 781 781 — Commercial Real Estate - Other 32,460 35,736 — Residential 1,159 1,180 — Consumer 770 875 — With an allowance recorded: Commercial 24,707 24,724 7,141 Commercial Real Estate - Construction 243 243 1 Commercial Real Estate - Other 11,785 11,835 3,402 Residential 1,053 1,053 53 Consumer 2,229 2,229 111 Total Loans $ 107,779 $ 112,220 $ 10,708 December 31, 2014 With no related allowance recorded: Commercial $ 25,483 $ 25,854 $ — Commercial Real Estate - Construction 2,168 1,397 — Commercial Real Estate - Other 28,637 30,723 — Residential 588 658 — Consumer 685 748 — With an allowance recorded: Commercial 7,471 10,488 4,883 Commercial Real Estate - Construction 98 98 11 Commercial Real Estate - Other 14,432 16,503 2,934 Residential 1,476 1,476 74 Consumer 1,543 1,543 77 Total Loans $ 82,581 $ 89,488 $ 7,979 |
Schedule of Average Balance and Interest Income Recognized on Impaired Loans | The average balance of impaired loans, excluding covered loans, and interest income recognized on impaired loans during the three months ended September 30, 2015 and 2014 are included in the table below. (dollars in thousands) Average Interest Three Months Ended September 30, 2015 With no related allowance recorded: Commercial $ 33,128 $ 105 Commercial Real Estate - Construction 1,122 7 Commercial Real Estate - Other 33,235 240 Residential 999 — Consumer 836 5 With an allowance recorded: Commercial 29,978 (39 ) Commercial Real Estate - Construction 331 — Commercial Real Estate - Other 12,656 25 Residential 1,330 11 Consumer 1,775 15 Total Loans $ 115,390 $ 369 Three Months Ended September 30, 2014 With no related allowance recorded: Commercial $ 16,456 $ 227 Commercial Real Estate - Construction 914 (15 ) Commercial Real Estate - Other 21,212 308 Residential 98 — Consumer 349 2 With an allowance recorded: Commercial 11,782 152 Commercial Real Estate - Construction 467 15 Commercial Real Estate - Other 16,313 119 Residential 2,215 6 Consumer 1,426 16 Total Loans $ 71,232 $ 830 (1) The Company does not record interest on nonaccrual loans until principal is recovered. The average balance of impaired loans, excluding covered loans, and interest income recognized on impaired loans during the nine months ended September 30, 2015 and 2014 are included in the table below. (dollars in thousands) Average Interest Nine Months Ended September 30, 2015 With no related allowance recorded: Commercial $ 29,878 $ 232 Commercial Real Estate - Construction 1,475 10 Commercial Real Estate - Other 32,440 514 Residential 873 2 Consumer 728 7 With an allowance recorded: Commercial 16,090 364 Commercial Real Estate - Construction 171 1 Commercial Real Estate - Other 13,109 147 Residential 1,264 37 Consumer 1,886 64 Total Loans $ 97,914 $ 1,378 Nine Months Ended September 30, 2014 With no related allowance recorded: Commercial $ 26,740 $ 261 Commercial Real Estate - Construction 526 — Commercial Real Estate - Other 28,037 468 Residential 102 — Consumer 330 6 With an allowance recorded: Commercial 10,917 260 Commercial Real Estate - Construction 467 15 Commercial Real Estate - Other 16,501 283 Residential 2,146 47 Consumer 1,133 42 Total Loans $ 86,899 $ 1,382 (1) The Company does not record interest on nonaccrual loans until principal is recovered. |
Schedule of Past Due Financing Receivables | Old National’s past due financing receivables as of September 30, 2015 and December 31, 2014 are as follows: (dollars in thousands) 30-59 Days 60-89 Days Recorded Nonaccrual Total Current September 30, 2015 Commercial $ 815 $ 373 $ 114 $ 57,503 $ 58,805 $ 1,681,589 Commercial Real Estate: Construction 531 92 — 2,558 3,181 161,066 Other 1,546 3,953 54 50,751 56,304 1,625,338 Residential 10,578 1,846 172 15,549 28,145 1,612,144 Consumer: Heloc 735 430 19 2,740 3,924 358,131 Auto 3,254 694 197 1,395 5,540 999,449 Other 913 167 13 1,486 2,579 137,664 Covered loans 855 472 — 8,682 10,009 104,030 Total loans $ 19,227 $ 8,027 $ 569 $ 140,664 $ 168,487 $ 6,679,411 December 31, 2014 Commercial $ 649 $ 813 $ 33 $ 38,460 $ 39,955 $ 1,589,645 Commercial Real Estate: Construction — — — 6,499 6,499 128,053 Other 3,834 1,468 138 60,903 66,343 1,510,215 Residential 11,606 3,959 1 13,968 29,534 1,489,622 Consumer: Heloc 577 376 — 3,115 4,068 356,252 Auto 3,349 695 203 1,261 5,508 841,461 Other 969 129 83 1,527 2,708 100,630 Covered loans 1,477 584 — 15,124 17,185 130,523 Total loans $ 22,461 $ 8,024 $ 458 $ 140,857 $ 171,800 $ 6,146,401 |
Schedule of Activity in Trouble Debt Restructurings | The following table presents activity in TDRs for the nine months ended September 30, 2015 and 2014: (dollars in thousands) Commercial Commercial Residential Consumer Total Nine Months Ended September 30, 2015 Balance at January 1, 2015 $ 15,205 $ 15,226 $ 2,063 $ 2,459 $ 34,953 (Charge-offs)/recoveries 89 825 (40 ) (6 ) 868 Payments (13,064 ) (4,709 ) (614 ) (1,035 ) (19,422 ) Additions 29,956 3,774 792 1,797 36,319 Balance at September 30, 2015 $ 32,186 $ 15,116 $ 2,201 $ 3,215 $ 52,718 Nine Months Ended September 30, 2014 Balance at January 1, 2014 $ 22,443 $ 22,639 $ 2,344 $ 1,441 $ 48,867 (Charge-offs)/recoveries (172 ) (266 ) 3 (83 ) (518 ) Payments (12,998 ) (5,200 ) (370 ) (390 ) (18,958 ) Additions 11,695 2,704 175 1,034 15,608 Balance at September 30, 2014 $ 20,968 $ 19,877 $ 2,152 $ 2,002 $ 44,999 |
Schedule of Loans by Class Modified as Troubled Debt Restructuring | The following table presents loans by class modified as TDRs that occurred during the nine months ended September 30, 2015: (dollars in thousands) Number Pre-modification Post-modification Troubled Debt Restructuring: Commercial 25 $ 29,956 $ 29,956 Commercial Real Estate - Construction 5 1,162 1,162 Commercial Real Estate - Other 21 2,612 2,612 Residential 8 792 792 Consumer 26 1,797 1,797 Total 85 $ 36,319 $ 36,319 The following table presents loans by class modified as TDRs that occurred during the nine months ended September 30, 2014: (dollars in thousands) Number Pre-modification Post-modification Troubled Debt Restructuring: Commercial 27 $ 11,695 $ 11,695 Commercial Real Estate - Construction 1 484 484 Commercial Real Estate - Other 22 2,221 2,221 Residential 2 175 175 Consumer 21 1,033 1,033 Total 73 $ 15,608 $ 15,608 |
Schedule of Activity of Purchased Impaired Loans | For these noncovered loans that meet the criteria of ASC 310-30 treatment, the carrying amount is as follows: (dollars in thousands) September 30, December 31, Commercial $ 1,944 $ 2,770 Commercial real estate 29,587 37,394 Residential 128 133 Consumer 4,337 7,073 Carrying amount 35,996 47,370 Allowance for loan losses (1,010 ) (1,539 ) Carrying amount, net of allowance $ 34,986 $ 45,831 |
Schedule of Accretable Yield of Noncovered Purchased Credit Impaired Loans, or Income Expected to be Collected | Accretable yield of noncovered purchased credit impaired loans, or income expected to be collected, is as follows: (dollars in thousands) Monroe Integra IBT Tower United LSB Founders Total Balance at January 1, 2015 $ 3,564 $ 1,389 $ 13,354 $ 4,559 $ 1,516 $ 2,409 $ — $ 26,791 New loans purchased — — — — — — 1,812 1,812 Accretion of income (1,744 ) (406 ) (5,269 ) (1,442 ) (716 ) (952 ) (458 ) (10,987 ) Reclassifications from (to) nonaccretable difference (222 ) 135 897 418 1,415 3,545 1,232 7,420 Disposals/other adjustments 505 515 969 140 271 — — 2,400 Balance at September 30, 2015 $ 2,103 $ 1,633 $ 9,951 $ 3,675 $ 2,486 $ 5,002 $ 2,586 $ 27,436 |
Schedule of Receivables for which Contractually Required Payments would not be Collected | At acquisition, purchased loans, both covered and noncovered, for which it was probable at acquisition that all contractually required payments would not be collected were as follows: (dollars in thousands) Monroe Integra IBT Tower United LSB Founders Contractually required payments $ 94,714 $ 921,856 $ 118,535 $ 22,746 $ 15,483 $ 24,493 $ 11,103 Nonaccretable difference (45,157 ) (226,426 ) (53,165 ) (5,826 ) (5,487 ) (9,903 ) (2,684 ) Cash flows expected to be collected at acquisition 49,557 695,430 65,370 16,920 9,996 14,590 8,419 Accretable yield (6,971 ) (98,487 ) (11,945 ) (4,065 ) (1,605 ) (2,604 ) (1,812 ) Fair value of acquired loans at acquisition $ 42,586 $ 596,943 $ 53,425 $ 12,855 $ 8,391 $ 11,986 $ 6,607 (1) Includes covered and noncovered. |
Covered Loans (Tables)
Covered Loans (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Text Block [Abstract] | |
Composition of Covered Loans by Lending Classification | The composition of covered loans by lending classification was as follows: At September 30, 2015 (dollars in thousands) Loans Accounted for Under ASC 310-30 (Purchased Credit Impaired) Loans Excluded from ASC 310-30 (1) (Not Purchased Credit Impaired) Total Covered Purchased Loans Commercial $ 3,441 $ 6,974 $ 10,415 Commercial real estate 22,410 1,870 24,280 Residential 17,805 146 17,951 Consumer 9,648 51,745 61,393 Covered loans 53,304 60,735 114,039 Allowance for loan losses (575 ) (1,136 ) (1,711 ) Covered loans, net $ 52,729 $ 59,599 $ 112,328 (1) Includes loans with revolving privileges which are scoped out of FASB ASC 310-30 and certain loans which Old National elected to treat under the cost recovery method of accounting. |
Schedule of Acquired Impaired Loans | The following table is a roll-forward of acquired impaired loans accounted for under ASC 310-30 for the nine months ended September 30, 2015 and 2014: (dollars in thousands) Contractual Nonaccretable Accretable Carrying Nine Months Ended September 30, 2015 Balance at January 1, 2015 $ 124,809 $ (12,014 ) $ (35,742 ) $ 77,053 Principal reductions and interest payments (34,842 ) (1,430 ) — (36,272 ) Accretion of loan discount — — 17,850 17,850 Changes in contractual and expected cash flows due to remeasurement (4,218 ) 6,821 (2,505 ) 98 Removals due to foreclosure or sale (1,020 ) 376 (182 ) (826 ) Loans removed from loss share coverage (6,027 ) 236 618 (5,173 ) Balance at September 30, 2015 $ 78,702 $ (6,011 ) $ (19,961 ) $ 52,730 Nine Months Ended September 30, 2014 Balance at January 1, 2014 $ 251,042 $ (46,793 ) $ (73,211 ) $ 131,038 Principal reductions and interest payments (93,095 ) (1,931 ) (940 ) (95,966 ) Accretion of loan discount — — 53,424 53,424 Changes in contractual and expected cash flows due to remeasurement (9,112 ) 30,142 (18,223 ) 2,807 Removals due to foreclosure or sale (6,949 ) 2,183 (1,451 ) (6,217 ) Balance at September 30, 2014 $ 141,886 $ (16,399 ) $ (40,401 ) $ 85,086 (1) The balance of contractual cash flows includes future contractual interest and is net of amounts charged off and interest collected on nonaccrual loans. (2) Carrying amount for this table is net of allowance for loan losses. |
Schedule of Accretable Yield, or Income Expected to be Collected | Accretable yield, or income expected to be collected on the covered loans accounted for under ASC 310-30, is as follows: (dollars in thousands) 2015 2014 Balance at January 1, $ 35,742 $ 73,211 Accretion of income (17,850 ) (53,424 ) Reclassifications from (to) nonaccretable difference 2,505 18,223 Loans removed from loss share coverage (618 ) — Disposals/other adjustments 182 2,391 Balance at September 30, $ 19,961 $ 40,401 |
Summary of FDIC Loss Sharing Asset | The following table shows a detailed analysis of the FDIC loss sharing asset for the nine months ended September 30, 2015 and 2014: (dollars in thousands) 2015 2014 Balance at January 1, $ 20,603 $ 88,513 Adjustments not reflected in income: Cash received from FDIC (3,555 ) (24,814 ) Other 948 1,217 Adjustments reflected in income: (Amortization) accretion (10,587 ) (35,269 ) Higher (lower) loan loss expectations 109 (13 ) Write-downs/(gain) on sale of other real estate 1,387 (1,634 ) Balance at September 30, $ 8,905 $ 28,000 |
Other Real Estate Owned (Tables
Other Real Estate Owned (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Banking and Thrift [Abstract] | |
Activity in Other Real Estate Owned | The following table presents activity in other real estate owned for the nine months ended September 30, 2015 and 2014: (dollars in thousands) Other Real Estate Other Real Estate Nine Months Ended September 30, 2015 Balance at January 1, 2015 $ 7,241 $ 9,121 Additions 5,665 880 Sales (2,807 ) (5,291 ) Gains (losses)/Write-downs (817 ) (287 ) Balance at September 30, 2015 $ 9,282 $ 4,423 Nine Months Ended September 30, 2014 Balance at January 1, 2014 $ 7,562 $ 13,670 Additions 5,651 8,303 Sales (3,804 ) (10,593 ) Gains (losses)/Write-downs (1,236 ) (1,926 ) Balance at September 30, 2014 $ 8,173 $ 9,454 (1) Includes repossessed personal property of $0.2 million at September 30, 2015 and $0.3 million at September 30, 2014. |
Goodwill and Other Intangible39
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in Carrying Amount of Goodwill | The following table shows the changes in the carrying amount of goodwill by segment for the nine months ended September 30, 2015 and 2014: (dollars in thousands) Banking Insurance Total Nine Months Ended September 30, 2015 Balance at January 1, 2015 $ 490,972 $ 39,873 $ 530,845 Acquisitions and divestitures, net 52,699 1,090 53,789 Balance at September 30, 2015 $ 543,671 $ 40,963 $ 584,634 Nine Months Ended September 30, 2014 Balance at January 1, 2014 $ 312,856 $ 39,873 $ 352,729 Acquisitions 138,678 — 138,678 Balance at September 30, 2014 $ 451,534 $ 39,873 $ 491,407 |
Schedule of Gross Carrying Amount and Accumulated Amortization of Other Intangible Assets | The gross carrying amount and accumulated amortization of other intangible assets at September 30, 2015 and December 31, 2014 was as follows: (dollars in thousands) Gross Carrying Amount Accumulated Amortization and Impairment Net Carrying Amount September 30, 2015 Amortized intangible assets: Core deposit $ 60,103 $ (42,320 ) $ 17,783 Customer business relationships 30,787 (22,872 ) 7,915 Customer trust relationships 16,548 (4,835 ) 11,713 Customer loan relationships 4,413 (3,700 ) 713 Total intangible assets $ 111,851 $ (73,727 ) $ 38,124 December 31, 2014 Amortized intangible assets: Core deposit $ 57,149 $ (36,950 ) $ 20,199 Customer business relationships 27,942 (21,438 ) 6,504 Customer trust relationships 13,986 (3,232 ) 10,754 Customer loan relationships 4,413 (3,176 ) 1,237 Total intangible assets $ 103,490 $ (64,796 ) $ 38,694 |
Schedule of Estimated Amortization Expense for Future Years | Estimated amortization expense for future years is as follows: (dollars in thousands) 2015 remaining $ 2,816 2016 9,913 2017 7,635 2018 5,844 2019 4,353 Thereafter 7,563 Total $ 38,124 |
Loan Servicing Rights (Tables)
Loan Servicing Rights (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Text Block [Abstract] | |
Components of Loan Servicing Rights and Valuation Allowance | The following table summarizes the activity related to loan servicing rights and the related valuation allowance for the nine months ended September 30, 2015 and 2014: (dollars in thousands) 2015 2014 Balance at January 1, $ 9,584 $ — Additions 2,553 9,066 Amortization (1,804 ) (278 ) Balance before valuation allowance at September 30, 10,333 8,788 Valuation allowance: Balance at January 1, (50 ) — (Additions)/recoveries — — Balance at September 30, (50 ) — Loan servicing rights, net $ 10,283 $ 8,788 |
Short-Term Borrowings (Tables)
Short-Term Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Short-Term Borrowings and Weighted-Average Interest Rates | The following table presents the distribution of Old National’s short-term borrowings and related weighted-average interest rates as of September 30, 2015: (dollars in thousands) Federal Repurchase Total 2015 Outstanding at September 30, 2015 $ 109,188 $ 365,706 $ 474,894 Average amount outstanding 130,151 352,925 483,076 Maximum amount outstanding at any month-end 247,716 369,915 Weighted average interest rate: During the nine months ended September 30, 2015 0.19 % 0.10 % 0.10 % At September 30, 2015 0.17 0.07 0.09 |
Schedule of Remaining Contractual Maturity of Secured Borrowings and Class of Collateral Pledged Under Repurchase Agreements | The following table presents the contractual maturity of our secured borrowings and class of collateral pledged: At September 30, 2015 Remaining Contractual Maturity of the Agreements (dollars in thousands) Overnight and Continuous Up to 30 Days 30-90 Days Greater Than 90 days Total Repurchase Agreements: U.S. Treasury and agency securities $ 365,137 $ — $ 569 $ — $ 365,706 Total $ 365,137 $ — $ 569 $ — $ 365,706 |
Financing Activities (Tables)
Financing Activities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Other Borrowings | The following table summarizes Old National’s and its subsidiaries’ other borrowings at September 30, 2015 and December 31, 2014: (dollars in thousands) September 30, December 31, Old National Bancorp: Senior unsecured bank notes (fixed rate 4.125%) maturing August 2024 $ 175,000 $ 175,000 Junior subordinated debentures (variable rates of 1.67% to 2.08%) maturing March 2035 to June 2037 45,000 45,000 ASC 815 fair value hedge and other basis adjustments (4,555 ) (4,884 ) Old National Bank: Securities sold under agreements to repurchase (fixed rates 2.47% to 2.50%) maturing January 2017 to January 2018 50,000 50,000 Federal Home Loan Bank advances (fixed rates 0.32% to 6.76% and variable rates 0.40% to 0.47%) maturing October 2015 to January 2025 849,419 649,987 Capital lease obligation 4,052 4,099 ASC 815 fair value hedge and other basis adjustments 1,410 900 Total other borrowings $ 1,120,326 $ 920,102 |
Contractual Maturities of Long-Term Debt | Contractual maturities of other borrowings at September 30, 2015 were as follows: (dollars in thousands) Due in 2015 $ 200,016 Due in 2016 217,355 Due in 2017 95,853 Due in 2018 145,400 Due in 2019 2,935 Thereafter 461,912 ASC 815 fair value hedge and other basis adjustments (3,145 ) Total $ 1,120,326 |
Future Minimum Lease Payments under Capital Lease | At September 30, 2015, the future minimum lease payments under the capital lease were as follows: (dollars in thousands) 2015 remaining $ 102 2016 410 2017 410 2018 410 2019 430 Thereafter 8,836 Total minimum lease payments 10,598 Less amounts representing interest 6,546 Present value of net minimum lease payments $ 4,052 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Net Periodic Benefit Cost | The net periodic benefit cost and its components were as follows for the three and nine months ended September 30: Three Months Ended September 30, Nine Months Ended September 30, (dollars in thousands) 2015 2014 2015 2014 Interest cost $ 415 $ 438 $ 1,245 $ 1,315 Expected return on plan assets (512 ) (560 ) (1,535 ) (1,680 ) Recognized actuarial loss 531 329 1,593 987 Settlement loss 386 — 787 285 Net periodic benefit cost $ 820 $ 207 $ 2,090 $ 907 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Summary of Differences in Taxes from Continuing Operations Computed at Statutory Rate | Following is a summary of the major items comprising the differences in taxes from continuing operations computed at the federal statutory rate and as recorded in the consolidated statements of income for the three and nine months ended September 30: Three Months Ended Nine Months Ended (dollars in thousands) 2015 2014 2015 2014 Provision at statutory rate of 35% $ 18,922 $ 14,080 $ 41,758 $ 35,844 Tax-exempt income (4,056 ) (3,640 ) (11,839 ) (10,199 ) Reserve for unrecognized tax benefits — (1,076 ) — (1,076 ) State income taxes 1,483 1,196 3,280 2,021 Interim period effective rate adjustment (1,492 ) 451 329 576 State statutory rate change — — — 904 Effect of Illinois branch sale 1,832 — 1,832 — Other, net (294 ) 84 (781 ) (75 ) Income tax expense $ 16,395 $ 11,095 $ 34,579 $ 27,995 Effective tax rate 30.3 % 27.6 % 29.0 % 27.3 % |
Summary of Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: (dollars in thousands) 2015 2014 Balance at January 1, $ 77 $ 3,847 Additions (reductions) based on tax positions related to the current year 39 30 Reductions due to statute of limitations expiring (4 ) (3,807 ) Balance at September 30, $ 112 $ 70 |
Derivative Financial Instrume45
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Fair Value of Derivative Financial Instruments | Asset derivatives are included in other assets and liability derivatives are included in other liabilities on the balance sheet. The following table summarizes the fair value of derivative financial instruments utilized by Old National: September 30, 2015 December 31, 2014 (dollars in thousands) Asset Derivatives Liability Derivatives Asset Derivatives Liability Derivatives Derivatives designated as hedging instruments Interest rate contracts $ 4,456 $ 21,001 $ 4,278 $ 9,951 Total derivatives designated as hedging instruments $ 4,456 $ 21,001 $ 4,278 $ 9,951 Derivatives not designated as hedging instruments Interest rate contracts $ 14,925 $ 15,034 $ 13,780 $ 13,917 Mortgage contracts 1,346 260 514 — Total derivatives not designated as hedging instruments $ 16,271 $ 15,294 $ 14,294 $ 13,917 Total $ 20,727 $ 36,295 $ 18,572 $ 23,868 |
Schedule of Effect of Derivative Instruments on the Consolidated Statements of Income | The effect of derivative instruments on the consolidated statements of income for the three and nine months ended September 30, 2015 and 2014 are as follows: Three Months Ended September 30, (dollars in thousands) 2015 2014 Derivatives in Fair Value Hedging Relationships Location of Gain or (Loss) Recognized in Income on Derivative Amount of Gain or (Loss) Recognized in Income on Derivative Interest rate contracts (1) Interest income / (expense) $ (634 ) $ 215 Interest rate contracts (2) Other income / (expense) 63 45 Total $ (571 ) $ 260 Derivatives Not Designated as Hedging Instruments Location of Gain or (Loss) Recognized in Income on Derivative Amount of Gain or (Loss) Recognized in Income on Derivative Interest rate contracts (3) Other income / (expense) $ 8 $ (4 ) Mortgage contracts Mortgage banking revenue (731 ) 108 Total $ (723 ) $ 104 Nine Months Ended September 30, (dollars in thousands) 2015 2014 Derivatives in Fair Value Hedging Relationships Location of Gain or (Loss) Recognized in Income on Derivative Amount of Gain or (Loss) Recognized in Income on Derivative Interest rate contracts (1) Interest income / (expense) $ (823 ) $ 913 Interest rate contracts (2) Other income / (expense) 145 226 Total $ (678 ) $ 1,139 Derivatives Not Designated as Hedging Instruments Location of Gain or (Loss) Recognized in Income on Derivative Amount of Gain or (Loss) Recognized in Income on Derivative Interest rate contracts (3) Other income / (expense) $ 27 $ 65 Mortgage contracts Mortgage banking revenue 418 230 Total $ 445 $ 295 (1) Amounts represent the net interest payments as stated in the contractual agreements. (2) Amounts represent ineffectiveness on derivatives designated as fair value hedges. (3) Includes the valuation differences between the customer and offsetting counterparty swaps. |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Financial Information Concerning Segments | Selected business segment financial information is shown in the following table for the three and nine months ended September 30: (dollars in thousands) Banking Insurance Other Total Three months ended September 30, 2015 Net interest income $ 99,225 $ 2 $ (2,123 ) $ 97,104 Noninterest income 49,591 9,946 207 59,744 Noncash items: Depreciation and software amortization 3,633 37 159 3,829 Provision for loan losses 167 — — 167 Amortization of intangibles 2,401 471 — 2,872 Income tax expense (benefit) 19,990 143 (3,738 ) 16,395 Segment profit 39,522 252 (2,105 ) 37,669 Segment assets 11,766,994 60,776 87,393 11,915,163 Three months ended September 30, 2014 Net interest income $ 109,620 $ 2 $ (1,255 ) $ 108,367 Noninterest income 24,265 9,721 432 34,418 Noncash items: Depreciation and software amortization 3,561 34 138 3,733 Provision for loan losses 2,591 — — 2,591 Amortization of intangibles 2,102 417 — 2,519 Income tax expense (benefit) 15,925 216 (5,046 ) 11,095 Segment profit 27,326 261 1,547 29,134 Segment assets 11,035,009 62,956 81,787 11,179,752 Nine months ended September 30, 2015 Net interest income $ 286,517 $ 7 $ (6,330 ) $ 280,194 Noninterest income 136,730 32,130 1,158 170,018 Noncash items: Depreciation and software amortization 12,415 105 475 12,995 Provision for loan losses 2,439 — — 2,439 Amortization of intangibles 7,497 1,433 — 8,930 Income tax expense (benefit) 39,693 971 (6,085 ) 34,579 Segment profit 93,154 1,534 (9,957 ) 84,731 Segment assets 11,766,994 60,776 87,393 11,915,163 Nine months ended September 30, 2014 Net interest income $ 277,910 $ 8 $ (1,591 ) $ 276,327 Noninterest income 81,953 31,485 1,196 114,634 Noncash items: Depreciation and software amortization 10,148 104 394 10,646 Provision for loan losses 2,228 — — 2,228 Amortization of intangibles 5,122 1,237 — 6,359 Income tax expense (benefit) 34,111 1,184 (7,300 ) 27,995 Segment profit 73,149 2,374 (1,106 ) 74,417 Segment assets 11,035,009 62,956 81,787 11,179,752 |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis | Assets and liabilities measured at fair value on a recurring basis, including financial assets and liabilities for which we have elected the fair value option, are summarized below: Fair Value Measurements at September 30, 2015 Using (dollars in thousands) Carrying Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets Trading securities $ 3,827 $ 3,827 $ — $ — Investment securities available-for-sale: U.S. Treasury 12,239 12,239 — — U.S. government-sponsored entities and agencies 641,780 — 641,780 — Mortgage-backed securities - Agency 1,136,352 — 1,136,352 — States and political subdivisions 390,103 — 390,103 — Pooled trust preferred securities 6,631 — — 6,631 Other securities 332,788 31,676 301,112 — Residential loans held for sale 18,783 — 18,783 — Derivative assets 20,727 — 20,727 — Financial Liabilities Derivative liabilities 36,295 — 36,295 — Fair Value Measurements at December 31, 2014 Using (dollars in thousands) Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets Trading securities $ 3,881 $ 3,881 $ — $ — Investment securities available-for-sale: U.S. Treasury 15,166 15,166 — — U.S. government-sponsored entities and agencies 685,951 — 685,951 — Mortgage-backed securities - Agency 1,241,662 — 1,241,662 — States and political subdivisions 314,541 — 314,216 325 Pooled trust preferred securities 6,607 — — 6,607 Other securities 363,904 31,648 332,256 — Residential loans held for sale 15,562 — 15,562 — Derivative assets 18,572 — 18,572 — Financial Liabilities Derivative liabilities 23,868 — 23,868 — |
Reconciliation of All Assets Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) | The table below presents a reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the nine months ended September 30, 2015: (dollars in thousands) Pooled Trust Preferred Securities Available-for-Sale State and Political Subdivisions Balance at January 1, 2015 $ 6,607 $ 325 Accretion/(amortization) of discount or premium 14 — Sales/payments received (536 ) — Matured securities — (325 ) Increase/(decrease) in fair value of securities 546 — Balance at September 30, 2015 $ 6,631 $ — The table below presents a reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the nine months ended September 30, 2014: (dollars in thousands) Pooled Trust Preferred Securities Available-for-Sale State and Political Subdivisions Balance at January 1, 2014 $ 8,037 $ 669 Accretion/(amortization) of discount or premium 13 1 Payments received (1,054 ) (11 ) Matured securities — (335 ) Increase/(decrease) in fair value of securities 149 — Balance at September 30, 2014 $ 7,145 $ 324 |
Quantitative Information about Significant Unobservable Inputs Used in Fair Value Measurements | The tables below provides quantitative information about significant unobservable inputs used in fair value measurements within Level 3 of the fair value hierarchy as of September 30, 2015 and December 31, 2014: (dollars in thousands) Fair Value at Sept. 30, 2015 Valuation Techniques Unobservable Input Range (Weighted Average) Pooled trust preferred securities $ 6,631 Discounted cash flow Constant prepayment rate (a) 0.00% Additional asset defaults (b) 3.3% - 4.4% (4.1%) Expected asset recoveries (c) 0.0% - 15.6% (4.1%) (a) Assuming no prepayments. (b) Each currently performing pool asset is assigned a default probability based on the banking environment, which is adjusted for specific issuer evaluation, of 0%, 50% or 100%. (c) Each currently defaulted pool asset is assigned a recovery probability based on specific issuer evaluation of 0%, 25% or 100%. (dollars in thousands) Fair Value at Dec. 31, 2014 Valuation Techniques Unobservable Input Range (Weighted Average) Pooled trust preferred securities $ 6,607 Discounted cash flow Constant prepayment rate (a) 0.00% Additional asset defaults (b) 4.4% - 11.2% (8.2%) Expected asset recoveries (c) 0.7% - 7.0% (1.8%) State and political subdivision securities 325 Discounted cash flow No unobservable inputs N/A Illiquid local municipality issuance Old National owns 100% Carried at par (a) Assuming no prepayments. (b) Each currently performing pool asset is assigned a default probability based on the banking environment, which is adjusted for specific issuer evaluation, of 0%, 50% or 100%. (c) Each currently defaulted pool asset is assigned a recovery probability based on specific issuer evaluation of 0%, 25% or 100%. The tables below provides quantitative information about significant unobservable inputs used in fair value measurements within Level 3 of the fair value hierarchy: (dollars in thousands) Fair Value at Sept. 30, 2015 Valuation Techniques Unobservable Input Range (Weighted Average) Collateral Dependent Impaired Loans Commercial loans $ 22,519 Fair value of collateral Discount for type of property, age of appraisal and current status 0% - 86% (30%) Commercial real estate loans 17,913 Fair value of collateral Discount for type of property, age of appraisal and current status 10% - 74% (31%) Foreclosed Assets Commercial real estate 2,619 Fair value of collateral Discount for type of property, age of appraisal and current status 2% - 80% (29%) Residential 108 Fair value of collateral Discount for type of property, age of appraisal and current status 22% - 37% (31%) (dollars in thousands) Fair Value at Dec. 31, 2014 Valuation Techniques Unobservable Input Range (Weighted Average) Collateral Dependent Impaired Loans Commercial loans $ 6,816 Fair value of collateral Discount for type of property, age of appraisal and current status 0% - 94% (24%) Commercial real estate loans 13,011 Fair value of collateral Discount for type of property, age of appraisal and current status 0% - 50% (29%) Foreclosed Assets Commercial real estate 6,146 Fair value of collateral Discount for type of property, age of appraisal and current status 2% - 93% (30%) Residential 254 Fair value of collateral Discount for type of property, age of appraisal and current status 8% - 81% (45%) |
Assets Measured at Fair Value on a Non-Recurring Basis | Assets measured at fair value on a non-recurring basis at September 30, 2015 are summarized below: Fair Value Measurements at September 30, 2015 Using (dollars in thousands) Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Collateral Dependent Impaired Loans Commercial loans $ 22,519 $ — $ — $ 22,519 Commercial real estate loans 17,913 — — 17,913 Foreclosed Assets Commercial real estate 2,619 — — 2,619 Residential 108 — — 108 Assets measured at fair value on a non-recurring basis at December 31, 2014 are summarized below: Fair Value Measurements at December 31, 2014 Using (dollars in thousands) Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Collateral Dependent Impaired Loans Commercial loans $ 6,816 $ — $ — $ 6,816 Commercial real estate loans 13,011 — — 13,011 Foreclosed Assets Commercial real estate 6,146 — — 6,146 Residential 254 — — 254 |
Schedule of Difference Between the Aggregate Fair Value and the Aggregate Remaining Principal Balance | The difference between the aggregate fair value and the aggregate remaining principal balance for loans for which the fair value option has been elected as of September 30, 2015 and December 31, 2014 is as follows: (dollars in thousands) Aggregate Fair Value Difference Contractual Principal September 30, 2015 Residential loans held for sale $ 18,783 $ 511 $ 18,272 December 31, 2014 Residential loans held for sale $ 15,562 $ 375 $ 15,187 The following table presents the amount of gains and losses from fair value changes included in income before income taxes for financial assets carried at fair value for the three and nine months ended September 30: (dollars in thousands) Other Gains and (Losses) Interest Income Interest (Expense) Total Changes in Fair Values Included in Current Period Earnings Three months ended September 30, 2015 Residential loans held for sale $ 350 $ (1 ) $ — $ 349 Three months ended September 30, 2014 Residential loans held for sale $ 32 $ 4 $ — $ 36 Nine months ended September 30, 2015 Residential loans held for sale $ 137 $ (1 ) $ — $ 136 Nine months ended September 30, 2014 Residential loans held for sale $ 305 $ 5 $ — $ 310 |
Carrying Amounts and Estimated Fair Values of Financial Instruments, Not Previously Presented | The carrying amounts and estimated fair values of financial instruments, not previously presented in this note, at September 30, 2015 and December 31, 2014 are as follows: Fair Value Measurements at September 30, 2015 Using (dollars in thousands) Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets Cash, due from banks, federal funds sold and money market investments $ 173,410 $ 173,410 $ — $ — Investment securities held-to-maturity: U.S. government-sponsored entities and agencies 143,694 — 147,855 — Mortgage-backed securities - Agency 17,782 — 18,506 — State and political subdivisions 689,575 — 735,815 — Federal Home Loan Bank/Federal Reserve Bank stock 86,146 — 86,146 — Loans, net (including covered loans): Commercial 1,725,291 — — 1,776,187 Commercial real estate 1,854,105 — — 1,959,627 Residential real estate 1,656,215 — — 1,750,510 Consumer credit 1,561,061 — — 1,561,905 FDIC indemnification asset 8,905 — — 7,130 Accrued interest receivable 65,485 75 21,713 43,697 Financial Liabilities Deposits: Noninterest-bearing demand deposits $ 2,388,854 $ 2,388,854 $ — $ — NOW, savings and money market deposits 5,245,278 5,245,278 — — Time deposits 987,193 — 991,415 — Short-term borrowings: Federal funds purchased 109,188 109,188 — — Repurchase agreements 365,706 365,706 — — Other borrowings: Senior unsecured bank notes 175,000 — 165,370 — Junior subordinated debentures 45,000 — 33,037 — Repurchase agreements 50,000 — 51,848 — Federal Home Loan Bank advances 849,419 — — 857,890 Capital lease obligation 4,052 — 5,421 — Accrued interest payable 3,064 — 3,064 — Standby letters of credit 386 — — 386 Off-Balance Sheet Financial Instruments Commitments to extend credit $ — $ — $ — $ 3,003 Fair Value Measurements at December 31, 2014 Using (dollars in thousands) Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets Cash, due from banks, federal funds sold and money market investments $ 239,963 $ 239,963 $ — $ — Investment securities held-to-maturity: U.S. government-sponsored entities and agencies 167,207 — 173,486 — Mortgage-backed securities - Agency 23,648 — 24,574 — State and political subdivisions 653,199 — 705,875 — Federal Home Loan Bank/Federal Reserve Bank stock 71,175 — 71,175 — Loans held for sale (a) 197,928 — 197,928 — Loans, net (including covered loans): Commercial 1,626,097 — — 1,646,144 Commercial real estate 1,734,559 — — 1,744,126 Residential real estate 1,537,448 — — 1,615,588 Consumer credit 1,372,248 — — 1,380,835 FDIC indemnification asset 20,603 — — 11,358 Accrued interest receivable 60,966 29 21,633 39,304 Financial Liabilities Deposits: Noninterest-bearing demand deposits $ 2,427,748 $ 2,427,748 $ — $ — NOW, savings and money market deposits 4,973,898 4,973,898 — — Time deposits 1,089,018 — 1,092,969 — Short-term borrowings: Federal funds purchased 195,188 195,188 — — Repurchase agreements 356,121 356,120 — — Other borrowings: Senior unsecured bank notes 175,000 — 179,792 — Junior subordinated debentures 45,000 — 32,754 — Repurchase agreements 50,000 — 51,994 — Federal Home Loan Bank advances 649,987 — — 658,506 Capital lease obligation 4,099 — 5,515 — Accrued interest payable 4,564 — 4,564 — Standby letters of credit 358 — — 358 Off-Balance Sheet Financial Instruments Commitments to extend credit $ — $ — $ — $ 2,030 (a) Includes loans held for sale associated with branch sales. Excludes $15.6 million of residential loans held for sale measured at fair value on a recurring basis. |
Acquisition and Divestiture A48
Acquisition and Divestiture Activity - Additional Information (Detail) $ in Thousands, shares in Millions | Aug. 14, 2015USD ($)Branches | May. 08, 2015USD ($) | Feb. 01, 2015USD ($) | Nov. 01, 2014BankingCenters | Sep. 30, 2015USD ($)Branch | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Jun. 30, 2015USD ($) | Sep. 30, 2015USD ($)Branchshares | Sep. 30, 2014USD ($) | Jan. 01, 2015Branch | Dec. 31, 2014USD ($) | Jul. 31, 2014Branch | Jun. 30, 2014USD ($)Branch | Apr. 25, 2014USD ($)Branch | Dec. 31, 2013USD ($) |
Business Acquisition [Line Items] | ||||||||||||||||
Goodwill acquired during the period | $ 53,789 | $ 138,678 | ||||||||||||||
Purchasers assumed loans | $ 193,600 | |||||||||||||||
Transaction expense related to divestitures | 100 | |||||||||||||||
Deposits | $ 555,800 | |||||||||||||||
Net pre-tax gain | $ 15,355 | 15,355 | ||||||||||||||
Goodwill allocation | $ 584,634 | $ 584,634 | 491,407 | $ 530,845 | $ 352,729 | |||||||||||
Number of banking centers consolidated | Branch | 19 | |||||||||||||||
Number of additional branches to be consolidated in remainder of fiscal year | Branch | 4 | 4 | ||||||||||||||
Banking [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Goodwill acquired during the period | $ 52,699 | 138,678 | ||||||||||||||
Goodwill allocation | $ 543,671 | 543,671 | 451,534 | 490,972 | 312,856 | |||||||||||
Insurance [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Goodwill acquired during the period | 1,090 | |||||||||||||||
Goodwill allocation | 40,963 | 40,963 | $ 39,873 | $ 39,873 | $ 39,873 | |||||||||||
Southern Illinois [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Number of banking centers | Branches | 12 | |||||||||||||||
Eastern Indiana [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Number of banking centers | Branches | 4 | |||||||||||||||
Ohio [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Number of banking centers | Branches | 1 | |||||||||||||||
Southern Illinois Franchise [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Net pre-tax gain | $ 15,400 | |||||||||||||||
Deposit premium | 19,300 | |||||||||||||||
Goodwill allocation | $ 3,800 | |||||||||||||||
Tower Financial Corporation [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Additional assets under management | $ 556,000 | |||||||||||||||
Number of branch locations | Branch | 7 | |||||||||||||||
Total purchase price of acquisition | 110,400 | 110,400 | ||||||||||||||
Purchase price of acquisition, cash | $ 31,700 | |||||||||||||||
Issuance of common stock shares for acquisitions of business | shares | 5.6 | |||||||||||||||
Options and stock appreciation rights, value | 78,700 | $ 78,700 | ||||||||||||||
Transaction and integration costs associated with the acquisition | 5,600 | |||||||||||||||
Goodwill allocation | 56,203 | $ 56,203 | ||||||||||||||
Tower Financial Corporation [Member] | Core Deposit Intangible [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Estimated useful life of acquired identifiable intangible assets | 7 years | |||||||||||||||
Definite-lived intangible assets acquired | $ 4,600 | |||||||||||||||
LSB Financial Corp. [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Total purchase price of acquisition | 69,600 | 69,600 | ||||||||||||||
Purchase price of acquisition, cash | $ 17,800 | |||||||||||||||
Issuance of common stock shares for acquisitions of business | shares | 3.6 | |||||||||||||||
Transaction and integration costs associated with the acquisition | $ 3,200 | |||||||||||||||
Number of banking centers | BankingCenters | 5 | |||||||||||||||
Goodwill allocation | 40,476 | 40,476 | ||||||||||||||
LSB Financial Corp. [Member] | Core Deposit Intangible [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Definite-lived intangible assets acquired | $ 2,600 | |||||||||||||||
LSB Financial Corp. [Member] | Banking [Member] | Core Deposit Intangible [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Estimated useful life of acquired identifiable intangible assets | 7 years | |||||||||||||||
LSB Financial Corp. [Member] | Common Stock [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Options and stock appreciation rights, value | 51,800 | $ 51,800 | ||||||||||||||
Founders Financial Corporation [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Number of branch locations | Branch | 4 | |||||||||||||||
Total purchase price of acquisition | 91,700 | 91,700 | ||||||||||||||
Purchase price of acquisition, cash | $ 41,000 | |||||||||||||||
Issuance of common stock shares for acquisitions of business | shares | 3.4 | |||||||||||||||
Options and stock appreciation rights, value | 50,600 | $ 50,600 | ||||||||||||||
Transaction and integration costs associated with the acquisition | 4,900 | |||||||||||||||
Goodwill allocation | 56,014 | $ 56,014 | ||||||||||||||
Founders Financial Corporation [Member] | Core Deposit Intangible [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Estimated useful life of acquired identifiable intangible assets | 7 years | |||||||||||||||
Definite-lived intangible assets acquired | $ 2,900 | |||||||||||||||
Founders Financial Corporation [Member] | Banking [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Goodwill acquired during the period | $ 56,000 | |||||||||||||||
Increase (decrease) in intangible assets | $ 2,900 | |||||||||||||||
United Bancorp, Inc. [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Additional assets under management | $ 688,000 | |||||||||||||||
Total purchase price of acquisition | 157,800 | 157,800 | ||||||||||||||
Purchase price of acquisition, cash | $ 34,000 | |||||||||||||||
Issuance of common stock shares for acquisitions of business | shares | 9.1 | |||||||||||||||
Transaction and integration costs associated with the acquisition | $ 7,600 | |||||||||||||||
Goodwill allocation | 81,952 | $ 81,952 | ||||||||||||||
United Bancorp, Inc. [Member] | Core Deposit Intangible [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Estimated useful life of acquired identifiable intangible assets | 7 years | |||||||||||||||
Definite-lived intangible assets acquired | $ 5,900 | |||||||||||||||
United Bancorp, Inc. [Member] | Common Stock [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Options and stock appreciation rights, value | 122,000 | 122,000 | ||||||||||||||
United Bancorp, Inc. [Member] | Options and Stock Appreciation Rights [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Options and stock appreciation rights, value | $ 1,800 | $ 1,800 | ||||||||||||||
United Bancorp, Inc. [Member] | Michigan [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Number of branch locations | Branch | 36 | 18 | ||||||||||||||
Mutual Underwriters [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Total purchase price of acquisition | $ 3,700 | |||||||||||||||
Mutual Underwriters [Member] | Customer Business Relationships [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Estimated useful life of intangible assets | 10 years | |||||||||||||||
Mutual Underwriters [Member] | Insurance [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Goodwill acquired during the period | 1,100 | |||||||||||||||
Mutual Underwriters [Member] | Insurance [Member] | Customer Business Relationships [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Customer business relationship intangibles acquired | $ 2,600 | |||||||||||||||
Increase (decrease) in intangible assets | $ 2,600 | |||||||||||||||
Insurance Book of Business [Member] | Insurance [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Purchase price of acquisition, cash | $ 100 | |||||||||||||||
Additional consideration upon operation targets | 100 | |||||||||||||||
Insurance Book of Business [Member] | Insurance [Member] | Customer Business Relationships [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Estimated useful life of intangible assets | 10 years | |||||||||||||||
Increase (decrease) in intangible assets | $ 200 | $ 200 |
Acquisition and Divestiture A49
Acquisition and Divestiture Activity - Schedule of Purchase Price Allocation (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
Business Acquisition [Line Items] | ||||
Deposits | $ (8,621,325) | $ (8,490,664) | $ (8,207,302) | |
Goodwill | 584,634 | $ 530,845 | $ 491,407 | $ 352,729 |
Tower Financial Corporation [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash and cash equivalents | 56,345 | |||
Investment securities | 140,567 | |||
Federal Home Loan Bank stock | 2,192 | |||
Loans held for sale | 474 | |||
Loans | 371,054 | |||
Premises and equipment | 8,516 | |||
Accrued interest receivable | 2,371 | |||
Other real estate owned | 473 | |||
Company-owned life insurance | 21,281 | |||
Other assets | 15,200 | |||
Deposits | (527,995) | |||
Short-term borrowings | (18,898) | |||
Other borrowings | (21,113) | |||
Accrued expenses and other liabilities | (4,681) | |||
Net tangible assets acquired | 45,786 | |||
Definite-lived intangible assets acquired | 8,382 | |||
Goodwill | 56,203 | |||
Purchase price | 110,371 | |||
United Bancorp, Inc. [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash and cash equivalents | 16,447 | |||
Investment securities | 154,885 | |||
Federal Home Loan Bank stock | 2,880 | |||
Loans held for sale | 1,073 | |||
Loans | 632,016 | |||
Premises and equipment | 7,741 | |||
Accrued interest receivable | 2,614 | |||
Other real estate owned | 1,676 | |||
Company-owned life insurance | 14,857 | |||
Other assets | 16,822 | |||
Deposits | (763,681) | |||
Short-term borrowings | (10,420) | |||
Other borrowings | (12,515) | |||
Accrued expenses and other liabilities | (8,337) | |||
Net tangible assets acquired | 56,058 | |||
Definite-lived intangible assets acquired | 10,763 | |||
Loan servicing rights | 8,983 | |||
Goodwill | 81,952 | |||
Purchase price | 157,756 | |||
LSB Financial Corp. [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash and cash equivalents | 7,589 | |||
Investment securities | 63,684 | |||
Federal Home Loan Bank stock | 3,185 | |||
Loans held for sale | 1,035 | |||
Loans | 235,377 | |||
Premises and equipment | 6,492 | |||
Accrued interest receivable | 1,044 | |||
Other real estate owned | 30 | |||
Company-owned life insurance | 7,438 | |||
Other assets | 11,490 | |||
Deposits | (292,068) | |||
Other borrowings | (15,203) | |||
Accrued expenses and other liabilities | (4,582) | |||
Net tangible assets acquired | 25,511 | |||
Definite-lived intangible assets acquired | 2,618 | |||
Loan servicing rights | 990 | |||
Goodwill | 40,476 | |||
Purchase price | 69,595 | |||
Founders Financial Corporation [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash and cash equivalents | 3,978 | |||
Investment securities | 75,383 | |||
Federal Home Loan Bank stock | 1,810 | |||
Loans held for sale | 3,473 | |||
Loans | 339,569 | |||
Premises and equipment | 3,604 | |||
Accrued interest receivable | 1,260 | |||
Other real estate owned | 674 | |||
Company-owned life insurance | 8,297 | |||
Other assets | 8,804 | |||
Deposits | (376,656) | |||
Other borrowings | (39,380) | |||
Accrued expenses and other liabilities | (1,307) | |||
Net tangible assets acquired | 29,509 | |||
Definite-lived intangible assets acquired | 5,515 | |||
Loan servicing rights | 664 | |||
Goodwill | 56,014 | |||
Purchase price | $ 91,702 |
Acquisition and Divestiture A50
Acquisition and Divestiture Activity - Schedule of Components of Estimated Fair Value of Intangible Assets (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Core Deposit Intangible [Member] | Tower Financial Corporation [Member] | |
Business Acquisition [Line Items] | |
Estimated Fair Value | $ 4.6 |
Estimated Useful Lives (Years) | 7 years |
Core Deposit Intangible [Member] | United Bancorp, Inc. [Member] | |
Business Acquisition [Line Items] | |
Estimated Fair Value | $ 5.9 |
Estimated Useful Lives (Years) | 7 years |
Core Deposit Intangible [Member] | Founders Financial Corporation [Member] | |
Business Acquisition [Line Items] | |
Estimated Fair Value | $ 2.9 |
Estimated Useful Lives (Years) | 7 years |
Trust Customer Relationship Intangible [Member] | Tower Financial Corporation [Member] | |
Business Acquisition [Line Items] | |
Estimated Fair Value | $ 3.8 |
Estimated Useful Lives (Years) | 12 years |
Trust Customer Relationship Intangible [Member] | United Bancorp, Inc. [Member] | |
Business Acquisition [Line Items] | |
Estimated Fair Value | $ 4.9 |
Estimated Useful Lives (Years) | 12 years |
Trust Customer Relationship Intangible [Member] | Founders Financial Corporation [Member] | |
Business Acquisition [Line Items] | |
Estimated Fair Value | $ 2.6 |
Estimated Useful Lives (Years) | 12 years |
Acquisition and Divestiture A51
Acquisition and Divestiture Activity - Schedule of Acquired Loan Data (Detail) $ in Thousands | Sep. 30, 2015USD ($) |
Tower Financial Corporation [Member] | |
Loans at Acquisition Date [Line Items] | |
Fair Value of Acquired Loans at Acquisition Date | $ 371,054 |
Tower Financial Corporation [Member] | Acquired Receivables Subject to ASC 310-30 [Member] | |
Loans at Acquisition Date [Line Items] | |
Fair Value of Acquired Loans at Acquisition Date | 12,855 |
Gross Contractual Amounts Receivable at Acquisition Date | 22,746 |
Best Estimate at Acquisition Date of Contractual Cash Flows Not Expected to be Collected | 5,826 |
Tower Financial Corporation [Member] | Acquired Receivables Not Subject to ASC 310-30 [Member] | |
Loans at Acquisition Date [Line Items] | |
Fair Value of Acquired Loans at Acquisition Date | 358,199 |
Gross Contractual Amounts Receivable at Acquisition Date | 450,865 |
Best Estimate at Acquisition Date of Contractual Cash Flows Not Expected to be Collected | 42,302 |
LSB Financial Corp. [Member] | |
Loans at Acquisition Date [Line Items] | |
Fair Value of Acquired Loans at Acquisition Date | 235,377 |
LSB Financial Corp. [Member] | Acquired Receivables Subject to ASC 310-30 [Member] | |
Loans at Acquisition Date [Line Items] | |
Fair Value of Acquired Loans at Acquisition Date | 11,986 |
Gross Contractual Amounts Receivable at Acquisition Date | 24,493 |
Best Estimate at Acquisition Date of Contractual Cash Flows Not Expected to be Collected | 9,903 |
LSB Financial Corp. [Member] | Acquired Receivables Not Subject to ASC 310-30 [Member] | |
Loans at Acquisition Date [Line Items] | |
Fair Value of Acquired Loans at Acquisition Date | 223,391 |
Gross Contractual Amounts Receivable at Acquisition Date | 340,832 |
Best Estimate at Acquisition Date of Contractual Cash Flows Not Expected to be Collected | 57,884 |
United Bancorp, Inc. [Member] | |
Loans at Acquisition Date [Line Items] | |
Fair Value of Acquired Loans at Acquisition Date | 632,016 |
United Bancorp, Inc. [Member] | Acquired Receivables Subject to ASC 310-30 [Member] | |
Loans at Acquisition Date [Line Items] | |
Fair Value of Acquired Loans at Acquisition Date | 8,391 |
Gross Contractual Amounts Receivable at Acquisition Date | 15,483 |
Best Estimate at Acquisition Date of Contractual Cash Flows Not Expected to be Collected | 5,487 |
United Bancorp, Inc. [Member] | Acquired Receivables Not Subject to ASC 310-30 [Member] | |
Loans at Acquisition Date [Line Items] | |
Fair Value of Acquired Loans at Acquisition Date | 623,625 |
Gross Contractual Amounts Receivable at Acquisition Date | 798,967 |
Best Estimate at Acquisition Date of Contractual Cash Flows Not Expected to be Collected | 89,430 |
Founders Financial Corporation [Member] | |
Loans at Acquisition Date [Line Items] | |
Fair Value of Acquired Loans at Acquisition Date | 339,569 |
Founders Financial Corporation [Member] | Acquired Receivables Subject to ASC 310-30 [Member] | |
Loans at Acquisition Date [Line Items] | |
Fair Value of Acquired Loans at Acquisition Date | 6,607 |
Gross Contractual Amounts Receivable at Acquisition Date | 11,103 |
Best Estimate at Acquisition Date of Contractual Cash Flows Not Expected to be Collected | 2,684 |
Founders Financial Corporation [Member] | Acquired Receivables Not Subject to ASC 310-30 [Member] | |
Loans at Acquisition Date [Line Items] | |
Fair Value of Acquired Loans at Acquisition Date | 332,962 |
Gross Contractual Amounts Receivable at Acquisition Date | 439,031 |
Best Estimate at Acquisition Date of Contractual Cash Flows Not Expected to be Collected | $ 61,113 |
Net Income Per Share - Summary
Net Income Per Share - Summary of Table Reconciling Basic and Diluted Net Income Per Share (Detail) - 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 [Abstract] | ||||
Net income | $ 37,669 | $ 29,134 | $ 84,731 | $ 74,417 |
Basic Earnings Per Share, Weighted average common shares outstanding | 114,590 | 111,428 | 116,272 | 105,086 |
Basic Earnings Per Share | $ 0.33 | $ 0.26 | $ 0.73 | $ 0.71 |
Effect of dilutive securities: Restricted stock | 477 | 446 | 435 | 428 |
Effect of dilutive securities: Stock options | 86 | 73 | 93 | 45 |
Diluted Earnings Per Share, Weighted average shares outstanding | 115,153 | 111,947 | 116,800 | 105,559 |
Diluted earnings per share | $ 0.33 | $ 0.26 | $ 0.73 | $ 0.70 |
Net Income Per Share - Summar53
Net Income Per Share - Summary of Table Reconciling Basic and Diluted Net Income Per Share (Parenthetical) (Detail) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Stock Options [Member] | ||||
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities were not included in the computation of net income per diluted share | 891 | 988 | 891 | 976 |
Accumulated Other Comprehensi54
Accumulated Other Comprehensive Income (Loss) - Schedule of Accumulated Other Comprehensive Income (Loss) (Detail) - 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) [Line Items] | ||||
Beginning Balance | $ (38,062) | $ (33,341) | $ (31,555) | $ (44,466) |
Other comprehensive income (loss) before reclassifications | 2,798 | 3,816 | (3,675) | 15,293 |
Amounts reclassified from accumulated other comprehensive income (loss) | 884 | (1,092) | 850 | (1,444) |
Other comprehensive income (loss), net of tax | 3,682 | 2,724 | (2,825) | 13,849 |
Ending Balance | (34,380) | (30,617) | (34,380) | (30,617) |
Accumulated Unrealized Gains and Losses on Available-for-Sale Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (7,951) | (7,844) | (748) | (21,108) |
Other comprehensive income (loss) before reclassifications | 9,171 | 3,466 | 3,982 | 18,117 |
Amounts reclassified from accumulated other comprehensive income (loss) | (544) | (1,629) | (2,558) | (3,016) |
Other comprehensive income (loss), net of tax | 8,627 | 1,837 | 1,424 | 15,101 |
Ending Balance | 676 | (6,007) | 676 | (6,007) |
Accumulated Unrealized Gains and Losses on Held-to-Maturity Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (15,090) | (16,330) | (15,776) | (16,767) |
Amounts reclassified from accumulated other comprehensive income (loss) | 300 | 269 | 986 | 706 |
Other comprehensive income (loss), net of tax | 300 | 269 | 986 | 706 |
Ending Balance | (14,790) | (16,061) | (14,790) | (16,061) |
Accumulated Gains and Losses on Cash Flow Hedges [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (6,832) | (3,341) | (5,935) | (190) |
Other comprehensive income (loss) before reclassifications | (6,373) | 350 | (7,657) | (2,824) |
Amounts reclassified from accumulated other comprehensive income (loss) | 560 | 64 | 947 | 87 |
Other comprehensive income (loss), net of tax | (5,813) | 414 | (6,710) | (2,737) |
Ending Balance | (12,645) | (2,927) | (12,645) | (2,927) |
Accumulated Defined Benefit Pension Plans [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (8,189) | (5,826) | (9,096) | (6,401) |
Amounts reclassified from accumulated other comprehensive income (loss) | 568 | 204 | 1,475 | 779 |
Other comprehensive income (loss), net of tax | 568 | 204 | 1,475 | 779 |
Ending Balance | $ (7,621) | $ (5,622) | $ (7,621) | $ (5,622) |
Accumulated Other Comprehensi55
Accumulated Other Comprehensive Income (Loss) - Reclassifications out of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net securities gains | $ 861 | $ 2,713 | $ 4,056 | $ 4,961 |
Interest income/(expense) | 97,104 | 108,367 | 280,194 | 276,327 |
Salaries and employee benefits | 917 | 329 | 2,380 | 1,272 |
Impairment losses | (100) | |||
Total before tax | (861) | (2,713) | (4,056) | (4,961) |
Tax (expense) or benefit | (16,395) | (11,095) | (34,579) | (27,995) |
Net income | 37,669 | 29,134 | 84,731 | 74,417 |
Reclassifications out of Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net income | (884) | 1,092 | (850) | 1,444 |
Reclassifications out of Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Unrealized Gains and Losses on Available-for-Sale Securities [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net securities gains | 861 | 2,713 | 4,056 | 4,961 |
Impairment losses | (100) | |||
Total before tax | 861 | 2,713 | 4,056 | 4,861 |
Tax (expense) or benefit | (317) | (1,084) | (1,498) | (1,845) |
Net income | 544 | 1,629 | 2,558 | 3,016 |
Reclassifications out of Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Unrealized Gains and Losses on Held-to-Maturity Securities [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest income/(expense) | (455) | (395) | (1,222) | (1,017) |
Tax (expense) or benefit | 155 | 126 | 236 | 311 |
Net income | (300) | (269) | (986) | (706) |
Reclassifications out of Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Gains and Losses on Cash Flow Hedges [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Tax (expense) or benefit | 342 | 39 | 580 | 54 |
Net income | (560) | (64) | (947) | (87) |
Reclassifications out of Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Gains and Losses on Cash Flow Hedges [Member] | Interest Rate Contracts [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest income/(expense) | (902) | (103) | (1,527) | (141) |
Reclassifications out of Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Defined Benefit Pension Plans [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Salaries and employee benefits | (917) | (329) | (2,380) | (1,272) |
Tax (expense) or benefit | 349 | 125 | 905 | 493 |
Net income | $ (568) | $ (204) | $ (1,475) | $ (779) |
Investment Securities - Amortiz
Investment Securities - Amortized Cost and Fair Value of Available-for-Sale and Held-to-Maturity Investment Securities Portfolio (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Available-for-Sale, Amortized Cost | $ 2,518,665 | $ 2,629,128 | |
Available-for-Sale, Unrealized Gains | 29,222 | 33,309 | |
Available-for-Sale, Unrealized Losses | (27,994) | (34,606) | |
Available-for-Sale securities, Fair Value | 2,519,893 | 2,627,831 | $ 2,485,586 |
Held-to-Maturity, Amortized Cost | 851,051 | 844,054 | 848,033 |
Held-to-Maturity, Unrealized Gains | 51,184 | 59,958 | |
Held-to-Maturity, Unrealized Losses | (59) | (77) | |
Held-to-Maturity, Fair Value | 902,176 | 903,935 | $ 901,717 |
U.S. Treasury [Member] | |||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Available-for-Sale, Amortized Cost | 11,971 | 14,978 | |
Available-for-Sale, Unrealized Gains | 268 | 196 | |
Available-for-Sale, Unrealized Losses | (8) | ||
Available-for-Sale securities, Fair Value | 12,239 | 15,166 | |
U.S. Government-Sponsored Entities and Agencies [Member] | |||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Available-for-Sale, Amortized Cost | 642,681 | 692,704 | |
Available-for-Sale, Unrealized Gains | 2,350 | 1,533 | |
Available-for-Sale, Unrealized Losses | (3,251) | (8,286) | |
Available-for-Sale securities, Fair Value | 641,780 | 685,951 | |
Held-to-Maturity, Amortized Cost | 143,694 | 167,207 | |
Held-to-Maturity, Unrealized Gains | 4,161 | 6,279 | |
Held-to-Maturity, Fair Value | 147,855 | 173,486 | |
Mortgage-Backed Securities - Agency [Member] | |||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Available-for-Sale, Amortized Cost | 1,127,175 | 1,233,811 | |
Available-for-Sale, Unrealized Gains | 15,617 | 18,219 | |
Available-for-Sale, Unrealized Losses | (6,440) | (10,368) | |
Available-for-Sale securities, Fair Value | 1,136,352 | 1,241,662 | |
Held-to-Maturity, Amortized Cost | 17,782 | 23,648 | |
Held-to-Maturity, Unrealized Gains | 724 | 926 | |
Held-to-Maturity, Fair Value | 18,506 | 24,574 | |
States and Political Subdivisions [Member] | |||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Available-for-Sale, Amortized Cost | 383,001 | 304,435 | |
Available-for-Sale, Unrealized Gains | 9,133 | 11,023 | |
Available-for-Sale, Unrealized Losses | (2,031) | (917) | |
Available-for-Sale securities, Fair Value | 390,103 | 314,541 | |
Held-to-Maturity, Amortized Cost | 689,575 | 653,199 | |
Held-to-Maturity, Unrealized Gains | 46,299 | 52,753 | |
Held-to-Maturity, Unrealized Losses | (59) | (77) | |
Held-to-Maturity, Fair Value | 735,815 | 705,875 | |
Pooled Trust Preferred Securities [Member] | |||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Available-for-Sale, Amortized Cost | 17,443 | 17,965 | |
Available-for-Sale, Unrealized Losses | (10,812) | (11,358) | |
Available-for-Sale securities, Fair Value | 6,631 | 6,607 | |
Other Securities [Member] | |||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Available-for-Sale, Amortized Cost | 336,394 | 365,235 | |
Available-for-Sale, Unrealized Gains | 1,854 | 2,338 | |
Available-for-Sale, Unrealized Losses | (5,460) | (3,669) | |
Available-for-Sale securities, Fair Value | $ 332,788 | $ 363,904 |
Investment Securities - Schedul
Investment Securities - Schedule of Proceeds from Sales or Calls and Realized Gain and Losses of Available-for-sale Investment Securities and Other Securities (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Proceeds from sales of available-for-sale securities | $ 100,257 | $ 79,581 | $ 296,841 | $ 155,876 |
Proceeds from calls of available-for-sale securities | 601,586 | 316,532 | ||
Total | 209,047 | 122,817 | 618,633 | 223,652 |
Realized gains on sales of available-for-sale securities | 1,315 | 2,666 | 4,112 | 5,015 |
Realized losses on sales of available-for-sale securities | (373) | (6) | (420) | (43) |
Other securities gains (losses) | (180) | 103 | (100) | 306 |
Net securities gains | 861 | 2,713 | 4,056 | 4,961 |
Calls [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Proceeds from calls of available-for-sale securities | 108,790 | 43,236 | 321,792 | 67,776 |
Realized gains on calls of available-for-sale securities | $ 99 | 151 | 479 | 151 |
Realized losses on calls of available-for-sale securities | $ (201) | $ (15) | $ (468) |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) | 9 Months Ended | ||
Sep. 30, 2015USD ($)SecuritySegment | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($) | |
Investment [Line Items] | |||
Trading securities that consist of mutual funds | $ 3,827,000 | $ 3,839,000 | $ 3,881,000 |
Number of segments | Segment | 2 | ||
Other-than-temporary-impairment losses on securities | $ 0 | 100,000 | |
Number of securities in security portfolio | Security | 1,742 | ||
Number of securities in unrealized loss position | Security | 216 | ||
Unrealized losses | $ 27,994,000 | 34,606,000 | |
Other-than-temporary-impairment losses | 100,000 | ||
Other-than-temporary-impairment losses on pooled trust preferred securities | 100,000 | ||
Former Directors and Executives of Monroe Bancorp [Member] | |||
Investment [Line Items] | |||
Trading securities that consist of mutual funds | $ 3,800,000 | 3,900,000 | |
Pooled Trust Preferred Securities, Not Subject to FASB ASC 325-10 [Member] | |||
Investment [Line Items] | |||
Number of trust preferred securities | Security | 2 | ||
Securities portfolio at fair value | $ 6,400,000 | ||
Unrealized losses | $ 7,500,000 | ||
Pooled Trust Preferred Securities, Subject To FASB ASC 325-10 [Member] | |||
Investment [Line Items] | |||
Number of trust preferred securities | Security | 1 | ||
Securities portfolio at fair value | $ 200,000 | ||
Unrealized losses | $ 3,300,000 | ||
Pooled Trust Preferred Securities [Member] | |||
Investment [Line Items] | |||
Number of trust preferred securities | Security | 3 | ||
Securities portfolio at fair value | $ 6,600,000 | ||
Unrealized losses | 10,800,000 | ||
Unrealized losses | 10,812,000 | $ 11,358,000 | |
Other-than-temporary-impairment losses | $ 0 | $ 0 |
Investment Securities - Expecte
Investment Securities - Expected Maturities of Investment Securities Portfolio (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Investments, Debt and Equity Securities [Abstract] | |||
Available-for-Sale, Maturity, Within one year, Amortized Cost | $ 38,653 | ||
Available-for-Sale, Maturity, One to five years, Amortized Cost | 491,482 | ||
Available-for-Sale, Maturity, Five to ten years, Amortized Cost | 475,672 | ||
Available-for-Sale, Maturity, Beyond ten years, Amortized Cost | 1,512,858 | ||
Available-for-Sale, Amortized Cost | 2,518,665 | $ 2,629,128 | |
Held-to-Maturity, Maturity, Within one year, Amortized Cost | 10,392 | ||
Held-to-Maturity, Maturity, One to five years, Amortized Cost | 29,175 | ||
Held-to-Maturity, Maturity, Five to ten years, Amortized Cost | 200,190 | ||
Held-to-Maturity, Maturity, Beyond ten years, Amortized Cost | 611,294 | ||
Held-to-Maturity, Amortized Cost | 851,051 | 844,054 | $ 848,033 |
Available-for-Sale, Maturity, Within one year, Fair Value | 38,826 | ||
Available-for-Sale, Maturity, One to five years, Fair Value | 494,542 | ||
Available-for-Sale, Maturity, Five to ten years, Fair Value | 477,916 | ||
Available-for-Sale, Maturity, Beyond ten years, Fair Value | 1,508,609 | ||
Available-for-Sale securities, Fair Value | 2,519,893 | 2,627,831 | 2,485,586 |
Held-to-Maturity, Maturity, Within one year, Fair Value | 10,743 | ||
Held-to-Maturity, Maturity, One to five years, Fair Value | 30,530 | ||
Held-to-Maturity, Maturity, Five to ten years, Fair Value | 207,483 | ||
Held-to-Maturity, Maturity, Beyond ten years, Fair Value | 653,420 | ||
Held-to-Maturity, Fair Value | $ 902,176 | $ 903,935 | $ 901,717 |
Available-for-Sale, Maturity, Within one year, Weighted Average Yield | 2.53% | ||
Available-for-Sale, Maturity, One to five years, Weighted Average Yield | 1.79% | ||
Available-for-Sale, Maturity, Five to ten years, Weighted Average Yield | 2.41% | ||
Available-for-Sale, Maturity, Beyond ten years, Weighted Average Yield | 2.54% | ||
Available-for-Sale, Weighted Average Yield | 2.37% | ||
Held-to-Maturity, Maturity, Within one year, Weighted Average Yield | 6.53% | ||
Held-to-Maturity, Maturity, One to five years, Weighted Average Yield | 3.95% | ||
Held-to-Maturity, Maturity, Five to ten years, Weighted Average Yield | 3.55% | ||
Held-to-Maturity, Maturity, Beyond ten years, Weighted Average Yield | 5.49% | ||
Held-to-Maturity, Weighted Average Yield | 4.99% |
Investment Securities - Investm
Investment Securities - Investment Securities with Unrealized Losses by Aggregated Major Security Type and Length of Time in Continuous Unrealized Loss Position (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Available-for-Sale, Less than 12 Months, Fair Value | $ 492,580 | $ 378,770 |
Available-for-Sale, Less than 12 Months, Unrealized Losses | (5,719) | (1,887) |
Available-for-Sale, 12 months or longer, Fair Value | 519,975 | 756,187 |
Available-for-Sale, 12 months or longer, Unrealized Losses | (22,275) | (32,719) |
Available-for-Sale, Fair Value | 1,012,555 | 1,134,957 |
Available-for-Sale, Unrealized Losses | (27,994) | (34,606) |
Held-to-Maturity, Less than 12 Months, Fair Value | 15,367 | 6,171 |
Held-to-Maturity, Less than 12 Months, Unrealized Losses | (59) | (77) |
Held-to-Maturity, 12 months or longer, Fair Value | 0 | 0 |
Held-to-Maturity, 12 months or longer, Unrealized Losses | 0 | 0 |
Held-to-Maturity, Fair Value | 15,367 | 6,171 |
Held-to-Maturity, Unrealized Losses | (59) | (77) |
U.S. Treasury [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Available-for-Sale, Less than 12 Months, Fair Value | 9,524 | |
Available-for-Sale, Less than 12 Months, Unrealized Losses | (8) | |
Available-for-Sale, Fair Value | 9,524 | |
Available-for-Sale, Unrealized Losses | (8) | |
U.S. Government-Sponsored Entities and Agencies [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Available-for-Sale, Less than 12 Months, Fair Value | 98,681 | 180,488 |
Available-for-Sale, Less than 12 Months, Unrealized Losses | (1,203) | (563) |
Available-for-Sale, 12 months or longer, Fair Value | 122,560 | 257,914 |
Available-for-Sale, 12 months or longer, Unrealized Losses | (2,048) | (7,723) |
Available-for-Sale, Fair Value | 221,241 | 438,402 |
Available-for-Sale, Unrealized Losses | (3,251) | (8,286) |
Mortgage-Backed Securities - Agency [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Available-for-Sale, Less than 12 Months, Fair Value | 188,275 | 31,304 |
Available-for-Sale, Less than 12 Months, Unrealized Losses | (1,443) | (122) |
Available-for-Sale, 12 months or longer, Fair Value | 256,905 | 386,788 |
Available-for-Sale, 12 months or longer, Unrealized Losses | (4,997) | (10,246) |
Available-for-Sale, Fair Value | 445,180 | 418,092 |
Available-for-Sale, Unrealized Losses | (6,440) | (10,368) |
States and Political Subdivisions [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Available-for-Sale, Less than 12 Months, Fair Value | 101,370 | 41,481 |
Available-for-Sale, Less than 12 Months, Unrealized Losses | (1,756) | (288) |
Available-for-Sale, 12 months or longer, Fair Value | 5,503 | 9,534 |
Available-for-Sale, 12 months or longer, Unrealized Losses | (275) | (629) |
Available-for-Sale, Fair Value | 106,873 | 51,015 |
Available-for-Sale, Unrealized Losses | (2,031) | (917) |
Held-to-Maturity, Less than 12 Months, Fair Value | 15,367 | 6,171 |
Held-to-Maturity, Less than 12 Months, Unrealized Losses | (59) | (77) |
Held-to-Maturity, 12 months or longer, Fair Value | 0 | 0 |
Held-to-Maturity, 12 months or longer, Unrealized Losses | 0 | 0 |
Held-to-Maturity, Fair Value | 15,367 | 6,171 |
Held-to-Maturity, Unrealized Losses | (59) | (77) |
Pooled Trust Preferred Securities [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Available-for-Sale, 12 months or longer, Fair Value | 6,631 | 6,607 |
Available-for-Sale, 12 months or longer, Unrealized Losses | (10,812) | (11,358) |
Available-for-Sale, Fair Value | 6,631 | 6,607 |
Available-for-Sale, Unrealized Losses | (10,812) | (11,358) |
Other Securities [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Available-for-Sale, Less than 12 Months, Fair Value | 104,254 | 115,973 |
Available-for-Sale, Less than 12 Months, Unrealized Losses | (1,317) | (906) |
Available-for-Sale, 12 months or longer, Fair Value | 128,376 | 95,344 |
Available-for-Sale, 12 months or longer, Unrealized Losses | (4,143) | (2,763) |
Available-for-Sale, Fair Value | 232,630 | 211,317 |
Available-for-Sale, Unrealized Losses | $ (5,460) | $ (3,669) |
Investment Securities - Trust P
Investment Securities - Trust Preferred Securities (Detail) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2015USD ($)Item | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Amortized Cost | $ 4,306 | ||
Available-for-Sale securities, Fair Value | $ 2,519,893 | $ 2,627,831 | $ 2,485,586 |
Reg Div Funding 2004 [Member] | |||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Lowest Credit Rating | D | ||
Amortized Cost | $ 3,541 | ||
Pooled Trust Preferred Securities One [Member] | |||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Amortized Cost | 17,443 | ||
Available-for-Sale securities, Fair Value | 6,631 | ||
Available-for-Sale, Unrealized Gain/ (Loss) | (10,812) | ||
Realized Losses 2015 | $ 0 | ||
Pooled Trust Preferred Securities One [Member] | Reg Div Funding 2004 [Member] | |||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Pooled trust preferred securities, Class | B2 | ||
Lowest Credit Rating | D | ||
Amortized Cost | $ 3,541 | ||
Available-for-Sale securities, Fair Value | 223 | ||
Available-for-Sale, Unrealized Gain/ (Loss) | (3,318) | ||
Realized Losses 2015 | $ 0 | ||
# of Issuers Currently Performing | Item | 25 | ||
# of Issuers Currently Remaining | Item | 41 | ||
Actual Deferrals and Defaults as a Percent of Original Collateral | 33.30% | ||
Expected Defaults as a % of Remaining Performing Collateral | 7.50% | ||
Excess Subordination as a % of Current Performing Collateral | 0.00% | ||
Pooled Trust Preferred Securities One [Member] | Pretsl XXVII LTD [Member] | |||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Pooled trust preferred securities, Class | B | ||
Lowest Credit Rating | B | ||
Amortized Cost | $ 4,446 | ||
Available-for-Sale securities, Fair Value | 2,517 | ||
Available-for-Sale, Unrealized Gain/ (Loss) | (1,929) | ||
Realized Losses 2015 | $ 0 | ||
# of Issuers Currently Performing | Item | 34 | ||
# of Issuers Currently Remaining | Item | 45 | ||
Actual Deferrals and Defaults as a Percent of Original Collateral | 20.50% | ||
Expected Defaults as a % of Remaining Performing Collateral | 4.20% | ||
Excess Subordination as a % of Current Performing Collateral | 41.60% | ||
Pooled Trust Preferred Securities One [Member] | Trapeza Ser 13A [Member] | |||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Pooled trust preferred securities, Class | A2A | ||
Lowest Credit Rating | BB+ | ||
Amortized Cost | $ 9,456 | ||
Available-for-Sale securities, Fair Value | 3,891 | ||
Available-for-Sale, Unrealized Gain/ (Loss) | (5,565) | ||
Realized Losses 2015 | $ 0 | ||
# of Issuers Currently Performing | Item | 50 | ||
# of Issuers Currently Remaining | Item | 59 | ||
Actual Deferrals and Defaults as a Percent of Original Collateral | 12.10% | ||
Expected Defaults as a % of Remaining Performing Collateral | 5.10% | ||
Excess Subordination as a % of Current Performing Collateral | 52.10% | ||
Single Issuer Trust Preferred Securities [Member] | |||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Amortized Cost | $ 9,707 | ||
Available-for-Sale securities, Fair Value | 9,300 | ||
Available-for-Sale, Unrealized Gain/ (Loss) | (407) | ||
Realized Losses 2015 | $ 0 | ||
Single Issuer Trust Preferred Securities [Member] | Fleet Cap Tr V (BOA) [Member] | |||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Lowest Credit Rating | BB+ | ||
Amortized Cost | $ 3,386 | ||
Available-for-Sale securities, Fair Value | 3,238 | ||
Available-for-Sale, Unrealized Gain/ (Loss) | (148) | ||
Realized Losses 2015 | $ 0 | ||
Single Issuer Trust Preferred Securities [Member] | J P Morgan Chase Cap XIII [Member] | |||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Lowest Credit Rating | BBB- | ||
Amortized Cost | $ 4,753 | ||
Available-for-Sale securities, Fair Value | 4,275 | ||
Available-for-Sale, Unrealized Gain/ (Loss) | (478) | ||
Realized Losses 2015 | $ 0 | ||
Single Issuer Trust Preferred Securities [Member] | NB-Global [Member] | |||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Lowest Credit Rating | BB+ | ||
Amortized Cost | $ 764 | ||
Available-for-Sale securities, Fair Value | 925 | ||
Available-for-Sale, Unrealized Gain/ (Loss) | 161 | ||
Realized Losses 2015 | $ 0 | ||
Single Issuer Trust Preferred Securities [Member] | Chase Cap II [Member] | |||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Lowest Credit Rating | BBB- | ||
Amortized Cost | $ 804 | ||
Available-for-Sale securities, Fair Value | 862 | ||
Available-for-Sale, Unrealized Gain/ (Loss) | 58 | ||
Realized Losses 2015 | 0 | ||
Trust Preferred Securities [Member] | |||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Amortized Cost | 27,150 | ||
Available-for-Sale securities, Fair Value | 15,931 | ||
Available-for-Sale, Unrealized Gain/ (Loss) | (11,219) | ||
Realized Losses 2015 | $ 0 |
Investment Securities - Securit
Investment Securities - Securities with Other-than-Temporary-Impairment (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Amortized Cost | $ 4,306 | |
Amount of other-than-temporary-impairment recognized in earnings | $ 100 | |
Life-to date | $ 5,785 | |
Reg Div Funding 2004 [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Vintage | 2,004 | |
Lowest Credit Rating | D | |
Amortized Cost | $ 3,541 | |
Life-to date | 5,685 | |
Limited Partnership [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Amortized Cost | 765 | |
Amount of other-than-temporary-impairment recognized in earnings | $ 100 | |
Life-to date | $ 100 |
Loans Held for Sale - Additiona
Loans Held for Sale - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | |
Servicing Assets at Fair Value [Line Items] | |||
Loans held for sale | $ 18,783 | $ 213,490 | $ 12,875 |
Loans reclassified to loans held for sale | 197,900 | ||
Loans held for sale sold | 193,600 | ||
Gain loss on loans held for sale | 100 | ||
Southern Illinois Franchise [Member] | |||
Servicing Assets at Fair Value [Line Items] | |||
Loans held for sale | 0 | ||
Residential Real Estate [Member] | |||
Servicing Assets at Fair Value [Line Items] | |||
Mortgage loans held for sale | $ 18,800 | $ 15,600 |
Loans Held for Sale - Summary o
Loans Held for Sale - Summary of Loans Held for Sale (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Loans Held For Sale [Line Items] | |||
Loans held for sale | $ 18,783 | $ 213,490 | $ 12,875 |
Reclassified From Loans held For Investment [Member] | |||
Loans Held For Sale [Line Items] | |||
Loans held for sale | 197,928 | ||
Commercial Loan [Member] | Reclassified From Loans held For Investment [Member] | |||
Loans Held For Sale [Line Items] | |||
Loans held for sale | 45,500 | ||
Commercial Real Estate [Member] | Reclassified From Loans held For Investment [Member] | |||
Loans Held For Sale [Line Items] | |||
Loans held for sale | 30,690 | ||
Residential Real Estate [Member] | Reclassified From Loans held For Investment [Member] | |||
Loans Held For Sale [Line Items] | |||
Loans held for sale | 71,680 | ||
Consumer Loan [Member] | Reclassified From Loans held For Investment [Member] | |||
Loans Held For Sale [Line Items] | |||
Loans held for sale | $ 50,058 |
Loans and Allowance for Credi65
Loans and Allowance for Credit Losses - Additional Information (Detail) | 9 Months Ended | ||
Sep. 30, 2015USD ($)SecurityLoan | Sep. 30, 2014USD ($)SecurityLoan | Dec. 31, 2014USD ($) | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Percentage covered up to $467.2 million | 0.00% | ||
Loan placed on nonaccrual when past due, number of days | 90 days | ||
Number of months required for loan to return to accrual status | 6 months | ||
Loan participations | $ 317,800,000 | ||
Loan participations sold | 171,400,000 | ||
Loan participations retained | $ 146,400,000 | ||
Troubled debt restructuring term | 6 months | ||
Minimum number of days for loan charge off to be recorded | 120 days | ||
Maximum number of days for loan charge off to be recorded | 180 days | ||
Nonaccrual period for loans | 90 days | ||
Financing receivable TDR's included with non-accrual loans | $ 38,600,000 | $ 22,100,000 | |
Financing receivable troubled debt restructurings specific reserves | 3,800,000 | 2,800,000 | |
Unfunded commitments on TDRs | 2,500,000 | ||
Increase in allowance for loan losses | $ 600,000 | $ 400,000 | |
Number of days for a loan to be considered to be in payment default | 90 days | ||
Troubled debt restructurings which was a payment default | $ 2,100,000 | ||
Troubled debt restructuring modification payment delay | 90 days | ||
Outstanding noncovered loans including principal, interest, fees and penalties | $ 102,300,000 | 135,900,000 | |
Accretion recorded as loan interest income | 11,000,000 | $ 12,300,000 | |
Financing receivable allowance for loan losses related to purchased loans | 1,000,000 | $ 1,500,000 | |
Maximum [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Value of small commercial loans on nonaccrual status or 90 days or more delinquent | $ 250,000 | ||
Credit Concentration Risk [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Concentration of commercial loans in a single industry, maximum | 10.00% | ||
Losses up to $275.0 [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loss amount covered at 80% up to $467.2 million | 80.00% | ||
Loss amount covered at 80% up to $275 million | $ 275,000,000 | ||
Losses in Excess of $467.2 [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loss amount covered at 80% up to $467.2 million | 80.00% | ||
Loss amount covered at 80% up to $275 million | $ 467,200,000 | ||
Commercial Loan [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Number of loans modified as TDRs | SecurityLoan | 3 | ||
Commercial Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Number of loans modified as TDRs | SecurityLoan | 6 | 1 |
Loans and Allowance for Credi66
Loans and Allowance for Credit Losses - Schedule of Composition of Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans by lending classification | $ 6,847,898 | $ 6,318,201 | $ 6,242,435 |
Allowance for loan losses | (49,515) | (44,297) | (44,693) |
Allowance for loan losses - covered loans | (1,711) | (3,552) | (3,586) |
Net loans | 6,796,672 | 6,270,352 | $ 6,194,156 |
Commercial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans by lending classification | 1,740,394 | 1,629,600 | |
Residential Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans by lending classification | 1,640,289 | 1,519,156 | |
Consumer Loan [Member] | Consumer Credit - Heloc [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans by lending classification | 362,055 | 360,320 | |
Construction [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans by lending classification | 164,247 | 134,552 | |
Other [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans by lending classification | 1,681,642 | 1,576,558 | |
Other [Member] | Consumer Loan [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans by lending classification | 140,243 | 103,338 | |
Consumer Credit - Auto [Member] | Consumer Loan [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans by lending classification | 1,004,989 | 846,969 | |
Covered Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans by lending classification | $ 114,039 | $ 147,708 |
Loans and Allowance for Credi67
Loans and Allowance for Credit Losses - Schedule of Composition of Loans (Parenthetical) (Detail) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Receivables [Abstract] | ||
Direct finance leases | $ 15.5 | $ 19.3 |
Loans and Allowance for Credi68
Loans and Allowance for Credit Losses - Schedule of Activity in Allowance for Loan Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | $ 50,191 | $ 46,152 | $ 47,849 | $ 47,145 |
Charge-offs | (2,468) | (2,130) | (7,319) | (7,692) |
Recoveries | 3,336 | 1,666 | 8,257 | 6,598 |
Provision | 167 | 2,591 | 2,439 | 2,228 |
Ending balance | 51,226 | 48,279 | 51,226 | 48,279 |
Commercial Loan [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 23,434 | 18,826 | 20,670 | 16,565 |
Charge-offs | (251) | (452) | (2,053) | (2,525) |
Recoveries | 1,116 | 610 | 3,061 | 2,196 |
Provision | 1,219 | 819 | 3,840 | 3,567 |
Ending balance | 25,518 | 19,803 | 25,518 | 19,803 |
Commercial Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 16,325 | 17,764 | 17,348 | 22,401 |
Charge-offs | (665) | (401) | (220) | (1,608) |
Recoveries | 1,354 | 445 | 2,281 | 2,020 |
Provision | (950) | 776 | (3,345) | (4,229) |
Ending balance | 16,064 | 18,584 | 16,064 | 18,584 |
Residential [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 2,581 | 3,573 | 2,962 | 3,239 |
Charge-offs | (313) | (192) | (709) | (391) |
Recoveries | 74 | 41 | 161 | 150 |
Provision | (317) | 201 | (389) | 625 |
Ending balance | 2,025 | 3,623 | 2,025 | 3,623 |
Consumer Loan [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 7,851 | 5,989 | 6,869 | 4,940 |
Charge-offs | (1,239) | (1,085) | (4,337) | (3,168) |
Recoveries | 792 | 570 | 2,754 | 2,232 |
Provision | 215 | 795 | 2,333 | 2,265 |
Ending balance | $ 7,619 | $ 6,269 | $ 7,619 | $ 6,269 |
Loans and Allowance for Credi69
Loans and Allowance for Credit Losses - Schedule of Recorded Investment in Financing Receivables (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses, Individually evaluated for impairment | $ 11,380 | $ 10,225 | |
Allowance for loan losses, Collectively evaluated for impairment | 38,261 | 34,981 | |
Allowance for loan losses, Noncovered loans acquired with deteriorated credit quality | 1,010 | 1,539 | |
Allowance for loan losses, Covered loans acquired with deteriorated credit quality | 575 | 1,104 | |
Total allowance for loan losses | 51,226 | 47,849 | |
Loans and leases outstanding, Individually evaluated for impairment | 107,007 | 83,820 | |
Loans and leases outstanding, Collectively evaluated for impairment | 6,651,591 | 6,108,854 | |
Loans and leases outstanding, Loans acquired with deteriorated credit quality | 35,996 | 47,370 | |
Loans and leases outstanding, Covered loans acquired with deteriorated credit quality | 53,304 | 78,157 | |
Total loans | 6,847,898 | 6,318,201 | $ 6,242,435 |
Commercial Loan [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses, Individually evaluated for impairment | 7,978 | 7,280 | |
Allowance for loan losses, Collectively evaluated for impairment | 16,817 | 12,163 | |
Allowance for loan losses, Noncovered loans acquired with deteriorated credit quality | 355 | 406 | |
Allowance for loan losses, Covered loans acquired with deteriorated credit quality | 368 | 821 | |
Total allowance for loan losses | 25,518 | 20,670 | |
Loans and leases outstanding, Individually evaluated for impairment | 61,739 | 38,485 | |
Loans and leases outstanding, Collectively evaluated for impairment | 1,683,685 | 1,598,352 | |
Loans and leases outstanding, Loans acquired with deteriorated credit quality | 1,944 | 2,770 | |
Loans and leases outstanding, Covered loans acquired with deteriorated credit quality | 3,441 | 7,160 | |
Total loans | 1,750,809 | 1,646,767 | |
Commercial Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses, Individually evaluated for impairment | 3,402 | 2,945 | |
Allowance for loan losses, Collectively evaluated for impairment | 12,089 | 13,354 | |
Allowance for loan losses, Noncovered loans acquired with deteriorated credit quality | 573 | 1,049 | |
Total allowance for loan losses | 16,064 | 17,348 | |
Loans and leases outstanding, Individually evaluated for impairment | 45,268 | 45,335 | |
Loans and leases outstanding, Collectively evaluated for impairment | 1,772,904 | 1,631,794 | |
Loans and leases outstanding, Loans acquired with deteriorated credit quality | 29,587 | 37,394 | |
Loans and leases outstanding, Covered loans acquired with deteriorated credit quality | 22,410 | 37,384 | |
Total loans | 1,870,169 | 1,751,907 | |
Residential [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses, Collectively evaluated for impairment | 2,005 | 2,945 | |
Allowance for loan losses, Noncovered loans acquired with deteriorated credit quality | 13 | 17 | |
Allowance for loan losses, Covered loans acquired with deteriorated credit quality | 7 | ||
Total allowance for loan losses | 2,025 | 2,962 | |
Loans and leases outstanding, Collectively evaluated for impairment | 1,640,307 | 1,519,171 | |
Loans and leases outstanding, Loans acquired with deteriorated credit quality | 128 | 133 | |
Loans and leases outstanding, Covered loans acquired with deteriorated credit quality | 17,805 | 21,106 | |
Total loans | 1,658,240 | 1,540,410 | |
Consumer Loan [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses, Collectively evaluated for impairment | 7,350 | 6,519 | |
Allowance for loan losses, Noncovered loans acquired with deteriorated credit quality | 69 | 67 | |
Allowance for loan losses, Covered loans acquired with deteriorated credit quality | 200 | 283 | |
Total allowance for loan losses | 7,619 | 6,869 | |
Loans and leases outstanding, Collectively evaluated for impairment | 1,554,695 | 1,359,537 | |
Loans and leases outstanding, Loans acquired with deteriorated credit quality | 4,337 | 7,073 | |
Loans and leases outstanding, Covered loans acquired with deteriorated credit quality | 9,648 | 12,507 | |
Total loans | $ 1,568,680 | $ 1,379,117 |
Loans and Allowance for Credi70
Loans and Allowance for Credit Losses - Schedule of Risk Category of Commercial and Commercial Real Estate Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Commercial [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total | $ 1,740,394 | $ 1,629,600 |
Commercial [Member] | Pass [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total | 1,584,973 | 1,442,904 |
Commercial [Member] | Criticized [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total | 51,645 | 89,775 |
Commercial [Member] | Classified - Substandard [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total | 46,273 | 58,461 |
Commercial [Member] | Classified - Nonaccrual [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total | 54,931 | 38,003 |
Commercial [Member] | Classified - Doubtful [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total | 2,572 | 457 |
Commercial Real Estate [Member] | Construction [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total | 164,247 | 134,552 |
Commercial Real Estate [Member] | Other [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total | 1,681,642 | 1,576,558 |
Commercial Real Estate [Member] | Pass [Member] | Construction [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total | 155,134 | 119,958 |
Commercial Real Estate [Member] | Pass [Member] | Other [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total | 1,491,759 | 1,374,191 |
Commercial Real Estate [Member] | Criticized [Member] | Construction [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total | 3,738 | 2,229 |
Commercial Real Estate [Member] | Criticized [Member] | Other [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total | 84,082 | 102,805 |
Commercial Real Estate [Member] | Classified - Substandard [Member] | Construction [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total | 2,817 | 5,866 |
Commercial Real Estate [Member] | Classified - Substandard [Member] | Other [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total | 55,050 | 38,659 |
Commercial Real Estate [Member] | Classified - Nonaccrual [Member] | Construction [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total | 2,558 | 6,499 |
Commercial Real Estate [Member] | Classified - Nonaccrual [Member] | Other [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total | 49,721 | 59,771 |
Commercial Real Estate [Member] | Classified - Doubtful [Member] | Other [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total | $ 1,030 | $ 1,132 |
Loans and Allowance for Credi71
Loans and Allowance for Credit Losses - Schedule of Recorded Investment in Residential and Consumer Loans Based on Payment Activity (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Finance receivable recorded investment | $ 1,507,287 | $ 1,310,627 | $ 1,274,699 |
Residential real estate | 1,640,289 | 1,519,156 | $ 1,546,939 |
Consumer Heloc [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Finance receivable recorded investment | 362,055 | 360,320 | |
Consumer Heloc [Member] | Performing Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Finance receivable recorded investment, Performing | 359,315 | 357,205 | |
Consumer Heloc [Member] | Nonperforming Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Finance receivable recorded investment, Nonperforming | 2,740 | 3,115 | |
Consumer Auto [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Finance receivable recorded investment | 1,004,989 | 846,969 | |
Consumer Auto [Member] | Performing Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Finance receivable recorded investment, Performing | 1,003,594 | 845,708 | |
Consumer Auto [Member] | Nonperforming Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Finance receivable recorded investment, Nonperforming | 1,395 | 1,261 | |
Consumer - Other [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Finance receivable recorded investment | 140,243 | 103,338 | |
Consumer - Other [Member] | Performing Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Finance receivable recorded investment, Performing | 138,757 | 101,811 | |
Consumer - Other [Member] | Nonperforming Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Finance receivable recorded investment, Nonperforming | 1,486 | 1,527 | |
Residential [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Residential real estate | 1,640,289 | 1,519,156 | |
Residential [Member] | Performing Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Finance receivable recorded investment, Performing | 1,624,740 | 1,505,188 | |
Residential [Member] | Nonperforming Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Finance receivable recorded investment, Nonperforming | $ 15,549 | $ 13,968 |
Loans and Allowance for Credi72
Loans and Allowance for Credit Losses - Schedule of Impaired Loans that are Individually Evaluated (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, Total Loans | $ 107,779 | $ 82,581 |
Unpaid Principal Balance, Total Loans | 112,220 | 89,488 |
Related Allowance | 10,708 | 7,979 |
Commercial Loan [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment with no related allowance | 32,592 | 25,483 |
Unpaid Principal Balance with no related allowance | 33,564 | 25,854 |
Recorded Investment with related allowance | 24,707 | 7,471 |
Unpaid Principal Balance with related allowance | 24,724 | 10,488 |
Related Allowance | 7,141 | 4,883 |
Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment with no related allowance | 781 | 2,168 |
Unpaid Principal Balance with no related allowance | 781 | 1,397 |
Recorded Investment with related allowance | 243 | 98 |
Unpaid Principal Balance with related allowance | 243 | 98 |
Related Allowance | 1 | 11 |
Consumer Loan [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment with no related allowance | 770 | 685 |
Unpaid Principal Balance with no related allowance | 875 | 748 |
Recorded Investment with related allowance | 2,229 | 1,543 |
Unpaid Principal Balance with related allowance | 2,229 | 1,543 |
Related Allowance | 111 | 77 |
Commercial Real Estate - Other [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment with no related allowance | 32,460 | 28,637 |
Unpaid Principal Balance with no related allowance | 35,736 | 30,723 |
Recorded Investment with related allowance | 11,785 | 14,432 |
Unpaid Principal Balance with related allowance | 11,835 | 16,503 |
Related Allowance | 3,402 | 2,934 |
Residential [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment with no related allowance | 1,159 | 588 |
Unpaid Principal Balance with no related allowance | 1,180 | 658 |
Recorded Investment with related allowance | 1,053 | 1,476 |
Unpaid Principal Balance with related allowance | 1,053 | 1,476 |
Related Allowance | $ 53 | $ 74 |
Loans and Allowance for Credi73
Loans and Allowance for Credit Losses - Schedule of Average Balance and Interest Income Recognized on Impaired Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, Average Recorded Investment, Total | $ 115,390 | $ 71,232 | $ 97,914 | $ 86,899 |
Interest Income Recognized | 369 | 830 | 1,378 | 1,382 |
Commercial Loan [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment with no related allowance | 33,128 | 16,456 | 29,878 | 26,740 |
Interest Income Recognized with no related allowance | 105 | 227 | 232 | 261 |
Average Recorded Investment with an allowance recorded | 29,978 | 11,782 | 16,090 | 10,917 |
Interest Income Recognized with an allowance recorded | (39) | 152 | 364 | 260 |
Consumer Loan [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment with no related allowance | 836 | 349 | 728 | 330 |
Interest Income Recognized with no related allowance | 5 | 2 | 7 | 6 |
Average Recorded Investment with an allowance recorded | 1,775 | 1,426 | 1,886 | 1,133 |
Interest Income Recognized with an allowance recorded | 15 | 16 | 64 | 42 |
Commercial Real Estate [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment with no related allowance | 1,122 | 914 | 1,475 | 526 |
Interest Income Recognized with no related allowance | 7 | (15) | 10 | |
Average Recorded Investment with an allowance recorded | 331 | 467 | 171 | 467 |
Interest Income Recognized with an allowance recorded | 15 | 1 | 15 | |
Commercial [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment with no related allowance | 33,235 | 21,212 | 32,440 | 28,037 |
Interest Income Recognized with no related allowance | 240 | 308 | 514 | 468 |
Average Recorded Investment with an allowance recorded | 12,656 | 16,313 | 13,109 | 16,501 |
Interest Income Recognized with an allowance recorded | 25 | 119 | 147 | 283 |
Residential [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment with no related allowance | 999 | 98 | 873 | 102 |
Interest Income Recognized with no related allowance | 2 | |||
Average Recorded Investment with an allowance recorded | 1,330 | 2,215 | 1,264 | 2,146 |
Interest Income Recognized with an allowance recorded | $ 11 | $ 6 | $ 37 | $ 47 |
Loans and Allowance for Credi74
Loans and Allowance for Credit Losses - Schedule of Past Due Financing Receivables (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded Investment > 90 Days and Accruing | $ 569 | $ 458 |
Nonaccrual | 140,664 | 140,857 |
Financing Receivables, Past Due | 168,487 | 171,800 |
Current | 6,679,411 | 6,146,401 |
30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivables, Past Due | 19,227 | 22,461 |
60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivables, Past Due | 8,027 | 8,024 |
Commercial Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded Investment > 90 Days and Accruing | 114 | 33 |
Nonaccrual | 57,503 | 38,460 |
Financing Receivables, Past Due | 58,805 | 39,955 |
Current | 1,681,589 | 1,589,645 |
Commercial Loan [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivables, Past Due | 815 | 649 |
Commercial Loan [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivables, Past Due | 373 | 813 |
Construction [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 2,558 | 6,499 |
Financing Receivables, Past Due | 3,181 | 6,499 |
Current | 161,066 | 128,053 |
Construction [Member] | Commercial Real Estate [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivables, Past Due | 531 | |
Construction [Member] | Commercial Real Estate [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivables, Past Due | 92 | |
Other [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded Investment > 90 Days and Accruing | 54 | 138 |
Nonaccrual | 50,751 | 60,903 |
Financing Receivables, Past Due | 56,304 | 66,343 |
Current | 1,625,338 | 1,510,215 |
Other [Member] | Commercial Real Estate [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivables, Past Due | 1,546 | 3,834 |
Other [Member] | Commercial Real Estate [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivables, Past Due | 3,953 | 1,468 |
Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded Investment > 90 Days and Accruing | 172 | 1 |
Nonaccrual | 15,549 | 13,968 |
Financing Receivables, Past Due | 28,145 | 29,534 |
Current | 1,612,144 | 1,489,622 |
Residential [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivables, Past Due | 10,578 | 11,606 |
Residential [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivables, Past Due | 1,846 | 3,959 |
Consumer Heloc [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded Investment > 90 Days and Accruing | 19 | |
Nonaccrual | 2,740 | 3,115 |
Financing Receivables, Past Due | 3,924 | 4,068 |
Current | 358,131 | 356,252 |
Consumer Heloc [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivables, Past Due | 735 | 577 |
Consumer Heloc [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivables, Past Due | 430 | 376 |
Consumer Auto [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded Investment > 90 Days and Accruing | 197 | 203 |
Nonaccrual | 1,395 | 1,261 |
Financing Receivables, Past Due | 5,540 | 5,508 |
Current | 999,449 | 841,461 |
Consumer Auto [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivables, Past Due | 3,254 | 3,349 |
Consumer Auto [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivables, Past Due | 694 | 695 |
Consumer - Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded Investment > 90 Days and Accruing | 13 | 83 |
Nonaccrual | 1,486 | 1,527 |
Financing Receivables, Past Due | 2,579 | 2,708 |
Current | 137,664 | 100,630 |
Consumer - Other [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivables, Past Due | 913 | 969 |
Consumer - Other [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivables, Past Due | 167 | 129 |
Covered Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 8,682 | 15,124 |
Financing Receivables, Past Due | 10,009 | 17,185 |
Current | 104,030 | 130,523 |
Covered Loans [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivables, Past Due | 855 | 1,477 |
Covered Loans [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivables, Past Due | $ 472 | $ 584 |
Loans and Allowance for Credi75
Loans and Allowance for Credit Losses - Schedule of Activity in Troubled Debt Restructurings (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Financing Receivable, Impaired [Line Items] | ||
Beginning balance | $ 34,953 | $ 48,867 |
(Charge-offs)/recoveries | 868 | (518) |
Payments | (19,422) | (18,958) |
Additions | 36,319 | 15,608 |
Ending balance | 52,718 | 44,999 |
Commercial Loan [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Beginning balance | 15,205 | 22,443 |
(Charge-offs)/recoveries | 89 | (172) |
Payments | (13,064) | (12,998) |
Additions | 29,956 | 11,695 |
Ending balance | 32,186 | 20,968 |
Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Beginning balance | 15,226 | 22,639 |
(Charge-offs)/recoveries | 825 | (266) |
Payments | (4,709) | (5,200) |
Additions | 3,774 | 2,704 |
Ending balance | 15,116 | 19,877 |
Residential [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Beginning balance | 2,063 | 2,344 |
(Charge-offs)/recoveries | (40) | 3 |
Payments | (614) | (370) |
Additions | 792 | 175 |
Ending balance | 2,201 | 2,152 |
Consumer Loan [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Beginning balance | 2,459 | 1,441 |
(Charge-offs)/recoveries | (6) | (83) |
Payments | (1,035) | (390) |
Additions | 1,797 | 1,034 |
Ending balance | $ 3,215 | $ 2,002 |
Loans and Allowance for Credi76
Loans and Allowance for Credit Losses - Schedule of Loans by Class Modified as Troubled Debt Restructuring (Detail) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015USD ($)SecurityLoan | Sep. 30, 2014USD ($)SecurityLoan | |
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | SecurityLoan | 85 | 73 |
Pre-modification Outstanding Recorded Investment | $ 36,319 | $ 15,608 |
Post-modification Outstanding Recorded Investment | $ 36,319 | $ 15,608 |
Commercial Loan [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | SecurityLoan | 25 | 27 |
Pre-modification Outstanding Recorded Investment | $ 29,956 | $ 11,695 |
Post-modification Outstanding Recorded Investment | $ 29,956 | $ 11,695 |
Construction [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | SecurityLoan | 5 | 1 |
Pre-modification Outstanding Recorded Investment | $ 1,162 | $ 484 |
Post-modification Outstanding Recorded Investment | $ 1,162 | $ 484 |
Other [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | SecurityLoan | 21 | 22 |
Pre-modification Outstanding Recorded Investment | $ 2,612 | $ 2,221 |
Post-modification Outstanding Recorded Investment | $ 2,612 | $ 2,221 |
Residential [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | SecurityLoan | 8 | 2 |
Pre-modification Outstanding Recorded Investment | $ 792 | $ 175 |
Post-modification Outstanding Recorded Investment | $ 792 | $ 175 |
Consumer - Other [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | SecurityLoan | 26 | 21 |
Pre-modification Outstanding Recorded Investment | $ 1,797 | $ 1,033 |
Post-modification Outstanding Recorded Investment | $ 1,797 | $ 1,033 |
Loans and Allowance for Credi77
Loans and Allowance for Credit Losses - Schedule of Activity of Purchased Impaired Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Impaired [Line Items] | ||
Purchased impaired loans | $ 35,996 | $ 47,370 |
Allowance for loan losses | (1,010) | (1,539) |
Carrying amount, net of allowance | 34,986 | 45,831 |
Commercial Loan [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Purchased impaired loans | 1,944 | 2,770 |
Allowance for loan losses | (355) | (406) |
Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Purchased impaired loans | 29,587 | 37,394 |
Allowance for loan losses | (573) | (1,049) |
Residential [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Purchased impaired loans | 128 | 133 |
Allowance for loan losses | (13) | (17) |
Consumer Loan [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Purchased impaired loans | 4,337 | 7,073 |
Allowance for loan losses | $ (69) | $ (67) |
Loans and Allowance for Credi78
Loans and Allowance for Credit Losses - Schedule of Accretable Yield of Noncovered Purchased Credit Impaired Loans, or Income Expected to be Collected (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Non Covered Purchased Credit Impaired Loans [Member] | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Balance at January 1 | $ 26,791 |
New loans purchased | 1,812 |
Accretion of income | (10,987) |
Reclassifications from (to) nonaccretable difference | 7,420 |
Disposals/other adjustments | 2,400 |
Balance at September 30 | 27,436 |
Monroe [Member] | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Balance at September 30 | 6,971 |
Monroe [Member] | Non Covered Purchased Credit Impaired Loans [Member] | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Balance at January 1 | 3,564 |
Accretion of income | (1,744) |
Reclassifications from (to) nonaccretable difference | (222) |
Disposals/other adjustments | 505 |
Balance at September 30 | 2,103 |
Integra Noncovered [Member] | Non Covered Purchased Credit Impaired Loans [Member] | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Balance at January 1 | 1,389 |
Accretion of income | (406) |
Reclassifications from (to) nonaccretable difference | 135 |
Disposals/other adjustments | 515 |
Balance at September 30 | 1,633 |
IBT [Member] | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Balance at September 30 | 11,945 |
IBT [Member] | Non Covered Purchased Credit Impaired Loans [Member] | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Balance at January 1 | 13,354 |
Accretion of income | (5,269) |
Reclassifications from (to) nonaccretable difference | 897 |
Disposals/other adjustments | 969 |
Balance at September 30 | 9,951 |
Tower [Member] | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Balance at September 30 | 4,065 |
Tower [Member] | Non Covered Purchased Credit Impaired Loans [Member] | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Balance at January 1 | 4,559 |
Accretion of income | (1,442) |
Reclassifications from (to) nonaccretable difference | 418 |
Disposals/other adjustments | 140 |
Balance at September 30 | 3,675 |
United [Member] | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Balance at September 30 | 1,605 |
United [Member] | Non Covered Purchased Credit Impaired Loans [Member] | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Balance at January 1 | 1,516 |
Accretion of income | (716) |
Reclassifications from (to) nonaccretable difference | 1,415 |
Disposals/other adjustments | 271 |
Balance at September 30 | 2,486 |
LSB [Member] | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Balance at September 30 | 2,604 |
LSB [Member] | Non Covered Purchased Credit Impaired Loans [Member] | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Balance at January 1 | 2,409 |
Accretion of income | (952) |
Reclassifications from (to) nonaccretable difference | 3,545 |
Balance at September 30 | 5,002 |
Founders Financial Corporation [Member] | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Balance at September 30 | 1,812 |
Founders Financial Corporation [Member] | Non Covered Purchased Credit Impaired Loans [Member] | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
New loans purchased | 1,812 |
Accretion of income | (458) |
Reclassifications from (to) nonaccretable difference | 1,232 |
Balance at September 30 | $ 2,586 |
Loans and Allowance for Credi79
Loans and Allowance for Credit Losses - Schedule of Receivables for which Contractually Required Payments would not be Collected (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Monroe [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Contractually required payments | $ 94,714 |
Nonaccretable difference | (45,157) |
Cash flows expected to be collected at acquisition | 49,557 |
Accretable yield | (6,971) |
Fair value of acquired loans at acquisition | 42,586 |
Integra Bank [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Contractually required payments | 921,856 |
Nonaccretable difference | (226,426) |
Cash flows expected to be collected at acquisition | 695,430 |
Accretable yield | (98,487) |
Fair value of acquired loans at acquisition | 596,943 |
IBT [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Contractually required payments | 118,535 |
Nonaccretable difference | (53,165) |
Cash flows expected to be collected at acquisition | 65,370 |
Accretable yield | (11,945) |
Fair value of acquired loans at acquisition | 53,425 |
Tower [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Contractually required payments | 22,746 |
Nonaccretable difference | (5,826) |
Cash flows expected to be collected at acquisition | 16,920 |
Accretable yield | (4,065) |
Fair value of acquired loans at acquisition | 12,855 |
United [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Contractually required payments | 15,483 |
Nonaccretable difference | (5,487) |
Cash flows expected to be collected at acquisition | 9,996 |
Accretable yield | (1,605) |
Fair value of acquired loans at acquisition | 8,391 |
LSB [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Contractually required payments | 24,493 |
Nonaccretable difference | (9,903) |
Cash flows expected to be collected at acquisition | 14,590 |
Accretable yield | (2,604) |
Fair value of acquired loans at acquisition | 11,986 |
Founders Financial Corporation [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Contractually required payments | 11,103 |
Nonaccretable difference | (2,684) |
Cash flows expected to be collected at acquisition | 8,419 |
Accretable yield | (1,812) |
Fair value of acquired loans at acquisition | $ 6,607 |
Covered Loans - Additional Info
Covered Loans - Additional Information (Detail) - USD ($) | 9 Months Ended | |||
Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | |
Covered Loans [Line Items] | ||||
Covered loans | $ 114,039,000 | $ 147,708,000 | $ 158,345,000 | |
Allowance for loan losses related to the acquired loans | $ 0 | |||
Percentage of prospective yield adjustments offset | 80.00% | |||
Loss sharing asset | $ 8,905,000 | 20,603,000 | 28,000,000 | $ 88,513,000 |
Loss sharing asset, FDIC indemnification asset | 7,500,000 | |||
Loss sharing asset, loss share receivable | $ 1,400,000 | |||
Percentage of increase in indemnification asset measured as a result of impairment | 80.00% | |||
Receivables Acquired with Deteriorated Credit Quality [Member] | ||||
Covered Loans [Line Items] | ||||
Outstanding covered loans including principal, interest, fees and penalties | $ 201,700,000 | $ 241,900,000 | ||
Expected Indemnification Payments [Member] | ||||
Covered Loans [Line Items] | ||||
Loss sharing asset, FDIC indemnification asset | 7,000,000 | 12,300,000 | ||
To Be Amortized Against Future Accreted Interest Income [Member] | ||||
Covered Loans [Line Items] | ||||
Loss sharing asset, FDIC indemnification asset | $ 500,000 | $ 13,400,000 |
Covered Loans - Composition of
Covered Loans - Composition of Covered Loans by Lending Classification (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Covered Loans [Line Items] | |||
Covered loans | $ 114,039 | $ 147,708 | $ 158,345 |
Allowance for loan losses | (1,711) | $ (3,552) | $ (3,586) |
Covered loans, net | 112,328 | ||
Commercial Loan [Member] | |||
Covered Loans [Line Items] | |||
Covered loans | 10,415 | ||
Commercial Real Estate [Member] | |||
Covered Loans [Line Items] | |||
Covered loans | 24,280 | ||
Consumer Loan [Member] | |||
Covered Loans [Line Items] | |||
Covered loans | 61,393 | ||
Residential [Member] | |||
Covered Loans [Line Items] | |||
Covered loans | 17,951 | ||
Loans Accounted for Under ASC 310-30 (Purchased Credit Impaired) [Member] | |||
Covered Loans [Line Items] | |||
Covered loans | 53,304 | ||
Allowance for loan losses | (575) | ||
Covered loans, net | 52,729 | ||
Loans Accounted for Under ASC 310-30 (Purchased Credit Impaired) [Member] | Commercial Loan [Member] | |||
Covered Loans [Line Items] | |||
Covered loans | 3,441 | ||
Loans Accounted for Under ASC 310-30 (Purchased Credit Impaired) [Member] | Commercial Real Estate [Member] | |||
Covered Loans [Line Items] | |||
Covered loans | 22,410 | ||
Loans Accounted for Under ASC 310-30 (Purchased Credit Impaired) [Member] | Consumer Loan [Member] | |||
Covered Loans [Line Items] | |||
Covered loans | 9,648 | ||
Loans Accounted for Under ASC 310-30 (Purchased Credit Impaired) [Member] | Residential [Member] | |||
Covered Loans [Line Items] | |||
Covered loans | 17,805 | ||
Loans Excluded from ASC 310-30 (1) (Not Purchased Credit Impaired) [Member] | |||
Covered Loans [Line Items] | |||
Covered loans | 60,735 | ||
Allowance for loan losses | (1,136) | ||
Covered loans, net | 59,599 | ||
Loans Excluded from ASC 310-30 (1) (Not Purchased Credit Impaired) [Member] | Commercial Loan [Member] | |||
Covered Loans [Line Items] | |||
Covered loans | 6,974 | ||
Loans Excluded from ASC 310-30 (1) (Not Purchased Credit Impaired) [Member] | Commercial Real Estate [Member] | |||
Covered Loans [Line Items] | |||
Covered loans | 1,870 | ||
Loans Excluded from ASC 310-30 (1) (Not Purchased Credit Impaired) [Member] | Consumer Loan [Member] | |||
Covered Loans [Line Items] | |||
Covered loans | 51,745 | ||
Loans Excluded from ASC 310-30 (1) (Not Purchased Credit Impaired) [Member] | Residential [Member] | |||
Covered Loans [Line Items] | |||
Covered loans | $ 146 |
Covered Loans - Schedule of Acq
Covered Loans - Schedule of Acquired Impaired Loans (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Impaired Loans By Type [Line Items] | ||
Beginning balance | $ 77,053 | $ 131,038 |
Principal reductions and interest payments | (36,272) | (95,966) |
Accretion of loan discount | 17,850 | 53,424 |
Changes in contractual and expected cash flows due to remeasurement | 98 | 2,807 |
Removals due to foreclosure or sale | (826) | (6,217) |
Loans removed from loss share coverage | (5,173) | |
Ending balance | 52,730 | 85,086 |
Contractual Cash Flows [Member] | ||
Impaired Loans By Type [Line Items] | ||
Beginning balance | 124,809 | 251,042 |
Principal reductions and interest payments | (34,842) | (93,095) |
Changes in contractual and expected cash flows due to remeasurement | (4,218) | (9,112) |
Removals due to foreclosure or sale | (1,020) | (6,949) |
Loans removed from loss share coverage | (6,027) | |
Ending balance | 78,702 | 141,886 |
Non Accretable Difference [Member] | ||
Impaired Loans By Type [Line Items] | ||
Beginning balance | (12,014) | (46,793) |
Principal reductions and interest payments | (1,430) | (1,931) |
Changes in contractual and expected cash flows due to remeasurement | 6,821 | 30,142 |
Removals due to foreclosure or sale | 376 | 2,183 |
Loans removed from loss share coverage | 236 | |
Ending balance | (6,011) | (16,399) |
Accretable Yield [Member] | ||
Impaired Loans By Type [Line Items] | ||
Beginning balance | (35,742) | (73,211) |
Principal reductions and interest payments | (940) | |
Accretion of loan discount | 17,850 | 53,424 |
Changes in contractual and expected cash flows due to remeasurement | (2,505) | (18,223) |
Removals due to foreclosure or sale | (182) | (1,451) |
Loans removed from loss share coverage | 618 | |
Ending balance | $ (19,961) | $ (40,401) |
Covered Loans - Schedule of Acc
Covered Loans - Schedule of Accretable Yield, or Income Expected to be Collected (Detail) - Covered Loans [Member] - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Covered Loans [Line Items] | ||
Balance at January 1 | $ 35,742 | $ 73,211 |
Accretion of income | (17,850) | (53,424) |
Reclassifications from (to) nonaccretable difference | 2,505 | 18,223 |
Loans removed from loss share coverage | (618) | |
Disposals/other adjustments | 182 | 2,391 |
Balance at September 30 | $ 19,961 | $ 40,401 |
Covered Loans - Summary of FDIC
Covered Loans - Summary of FDIC Loss Sharing Asset (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Receivables [Abstract] | ||
Beginning balance | $ 20,603 | $ 88,513 |
Adjustments not reflected in income: | ||
Cash received from FDIC | (3,555) | (24,814) |
Other | 948 | 1,217 |
Adjustments reflected in income: | ||
(Amortization) accretion | (10,587) | (35,269) |
Higher (lower) loan loss expectations | 109 | (13) |
Write-downs/(gain) on sale of other real estate | 1,387 | (1,634) |
Ending balance | $ 8,905 | $ 28,000 |
Other Real Estate Owned - Activ
Other Real Estate Owned - Activity in Other Real Estate Owned (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Real Estate Properties [Line Items] | ||
Beginning Balance | $ 7,241 | |
Ending balance | 9,282 | $ 8,173 |
Other Real Estate Owned [Member] | ||
Real Estate Properties [Line Items] | ||
Beginning Balance | 7,241 | 7,562 |
Additions | 5,665 | 5,651 |
Sales | (2,807) | (3,804) |
Gains (losses)/Write-downs | (817) | (1,236) |
Ending balance | 9,282 | 8,173 |
Other Real Estate Owned, Covered [Member] | ||
Real Estate Properties [Line Items] | ||
Beginning Balance | 9,121 | 13,670 |
Additions | 880 | 8,303 |
Sales | (5,291) | (10,593) |
Gains (losses)/Write-downs | (287) | (1,926) |
Ending balance | $ 4,423 | $ 9,454 |
Other Real Estate Owned - Act86
Other Real Estate Owned - Activity in Other Real Estate Owned (Parenthetical) (Detail) - USD ($) $ in Millions | Sep. 30, 2015 | Sep. 30, 2014 |
Regulatory Assets [Abstract] | ||
Repossessed personal property | $ 0.2 | $ 0.3 |
Other Real Estate Owned - Addit
Other Real Estate Owned - Additional Information (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Real Estate Properties [Line Items] | |
Value of foreclosed residential real estate property | $ 0.9 |
Value of mortgage loans in process of foreclosure | $ 8.2 |
Percentage covered up to $467.2 million | 0.00% |
Losses up to $275.0 [Member] | |
Real Estate Properties [Line Items] | |
Loss sharing agreements amount, 80% on assets acquired | $ 275 |
Loss sharing reimbursement threshold | 80.00% |
Losses in Excess of $275.0 up to $467.2 [Member] | |
Real Estate Properties [Line Items] | |
Zero percent for losses on acquisition | $ 467.2 |
Losses in Excess of $467.2 [Member] | |
Real Estate Properties [Line Items] | |
Loss sharing agreements amount, 80% on assets acquired | $ 467.2 |
Loss sharing reimbursement threshold | 80.00% |
Goodwill and Other Intangible88
Goodwill and Other Intangible Assets - Schedule of Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Goodwill [Line Items] | ||
Beginning balance | $ 530,845 | $ 352,729 |
Acquisitions and divestitures, net | 53,789 | 138,678 |
Ending balance | 584,634 | 491,407 |
Banking [Member] | ||
Goodwill [Line Items] | ||
Beginning balance | 490,972 | 312,856 |
Acquisitions and divestitures, net | 52,699 | 138,678 |
Ending balance | 543,671 | 451,534 |
Insurance [Member] | ||
Goodwill [Line Items] | ||
Beginning balance | 39,873 | 39,873 |
Acquisitions and divestitures, net | 1,090 | |
Ending balance | $ 40,963 | $ 39,873 |
Goodwill and Other Intangible89
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) | May. 08, 2015 | Feb. 01, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Jun. 30, 2015 | Sep. 30, 2015 | Sep. 30, 2014 |
Goodwill [Line Items] | |||||||||
Goodwill acquired during the period | $ 53,789,000 | $ 138,678,000 | |||||||
Amortization expense of other intangible assets | $ 2,872,000 | $ 2,519,000 | 8,930,000 | 6,359,000 | |||||
Impairment charges | $ 0 | 0 | |||||||
Core Deposits and Other Intangible Assets [Member] | Minimum [Member] | |||||||||
Goodwill [Line Items] | |||||||||
Estimated useful lives of core deposits and customer relationships | 5 years | ||||||||
Core Deposits and Other Intangible Assets [Member] | Maximum [Member] | |||||||||
Goodwill [Line Items] | |||||||||
Estimated useful lives of core deposits and customer relationships | 15 years | ||||||||
Banking [Member] | |||||||||
Goodwill [Line Items] | |||||||||
Goodwill acquired during the period | $ 52,699,000 | 138,678,000 | |||||||
Amortization expense of other intangible assets | 2,401,000 | 2,102,000 | 7,497,000 | 5,122,000 | |||||
Insurance [Member] | |||||||||
Goodwill [Line Items] | |||||||||
Goodwill acquired during the period | 1,090,000 | ||||||||
Amortization expense of other intangible assets | $ 471,000 | $ 417,000 | $ 1,433,000 | $ 1,237,000 | |||||
LSB Financial Corp. [Member] | Banking [Member] | |||||||||
Goodwill [Line Items] | |||||||||
Increase (decrease) to goodwill | $ 500,000 | ||||||||
Founders Financial Corporation [Member] | Banking [Member] | |||||||||
Goodwill [Line Items] | |||||||||
Goodwill acquired during the period | 56,000,000 | ||||||||
Increase (decrease) in intangible assets | $ 2,900,000 | ||||||||
Founders Financial Corporation [Member] | Banking [Member] | Trust Customer Relationship Intangible [Member] | |||||||||
Goodwill [Line Items] | |||||||||
Increase (decrease) in intangible assets | 2,600,000 | ||||||||
Mutual Underwriters [Member] | Customer Business Relationships [Member] | |||||||||
Goodwill [Line Items] | |||||||||
Estimated useful lives of core deposits and customer relationships | 10 years | ||||||||
Mutual Underwriters [Member] | Insurance [Member] | |||||||||
Goodwill [Line Items] | |||||||||
Goodwill acquired during the period | $ 1,100,000 | ||||||||
Increase (decrease) to goodwill | $ 1,100,000 | ||||||||
Mutual Underwriters [Member] | Insurance [Member] | Customer Business Relationships [Member] | |||||||||
Goodwill [Line Items] | |||||||||
Increase (decrease) in intangible assets | $ 2,600,000 | ||||||||
Insurance Book of Business [Member] | Insurance [Member] | Customer Business Relationships [Member] | |||||||||
Goodwill [Line Items] | |||||||||
Estimated useful lives of core deposits and customer relationships | 10 years | ||||||||
Increase (decrease) in intangible assets | $ 200,000 | $ 200,000 |
Goodwill and Other Intangible90
Goodwill and Other Intangible Assets - Schedule of Gross Carrying Amount and Accumulated Amortization of Other Intangible Assets (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 111,851 | $ 103,490 | |
Accumulated Amortization and Impairment | (73,727) | (64,796) | |
Net Carrying Amount | 38,124 | 38,694 | $ 39,043 |
Core Deposit Intangible [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 60,103 | 57,149 | |
Accumulated Amortization and Impairment | (42,320) | (36,950) | |
Net Carrying Amount | 17,783 | 20,199 | |
Customer Business Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 30,787 | 27,942 | |
Accumulated Amortization and Impairment | (22,872) | (21,438) | |
Net Carrying Amount | 7,915 | 6,504 | |
Trust Customer Relationship Intangible [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 16,548 | 13,986 | |
Accumulated Amortization and Impairment | (4,835) | (3,232) | |
Net Carrying Amount | 11,713 | 10,754 | |
Customer Loan Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 4,413 | 4,413 | |
Accumulated Amortization and Impairment | (3,700) | (3,176) | |
Net Carrying Amount | $ 713 | $ 1,237 |
Goodwill and Other Intangible91
Goodwill and Other Intangible Assets - Schedule of Estimated Amortization Expense for Future Years (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
2015 remaining | $ 2,816 | ||
2,016 | 9,913 | ||
2,017 | 7,635 | ||
2,018 | 5,844 | ||
2,019 | 4,353 | ||
Thereafter | 7,563 | ||
Net Carrying Amount | $ 38,124 | $ 38,694 | $ 39,043 |
Loan Servicing Rights - Additio
Loan Servicing Rights - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | |
Transfers and Servicing [Abstract] | |||
Loan servicing rights | $ 10,283 | $ 9,500 | $ 8,788 |
Principal balance of loans serviced for others | 1,240,000 | 1,124,000 | |
Funds held in escrow | $ 4,600 | 16,500 | |
Percentage of mortgage loan | 96.00% | ||
Fair value of servicing rights | $ 10,900 | $ 9,500 | |
Fair value at discount rate | 11.00% | 12.00% | |
Fair value inputs weighted average prepayment speed | 177.00% | 192.00% |
Loan Servicing Rights - Compone
Loan Servicing Rights - Components of Loan Servicing Rights and Valuation Allowance (Detail) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Transfers and Servicing [Abstract] | |||
Beginning balance | $ 9,584 | ||
Additions | 2,553 | $ 9,066 | |
Amortization | (1,804) | (278) | |
Ending balance | 10,333 | 8,788 | |
Valuation allowance: | |||
Beginning balance | (50) | ||
(Additions)/recoveries | 0 | 0 | |
Ending balance | (50) | ||
Loan servicing rights, net | $ 10,283 | $ 8,788 | $ 9,500 |
Short-Term Borrowings - Schedul
Short-Term Borrowings - Schedule of Short-Term Borrowings and Weighted-Average Interest Rates (Detail) - USD ($) | 9 Months Ended | ||
Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | |
Short-term Debt [Line Items] | |||
Outstanding at end of period | $ 474,894,000 | $ 551,309,000 | $ 495,262,000 |
Average amount outstanding | $ 483,076,000 | ||
Weighted average interest rate during period | 0.10% | ||
Weighted average interest rate at end of period | 0.09% | ||
Federal Funds Purchased [Member] | |||
Short-term Debt [Line Items] | |||
Outstanding at end of period | $ 109,188,000 | ||
Average amount outstanding | 130,151,000 | ||
Maximum amount outstanding at any month-end | $ 247,716,000 | ||
Weighted average interest rate during period | 0.19% | ||
Weighted average interest rate at end of period | 0.17% | ||
Repurchase Agreements / Sweeps [Member] | |||
Short-term Debt [Line Items] | |||
Outstanding at end of period | $ 365,706,000 | ||
Average amount outstanding | 352,925,000 | ||
Maximum amount outstanding at any month-end | $ 369,915,000 | ||
Weighted average interest rate during period | 0.10% | ||
Weighted average interest rate at end of period | 0.07% |
Short-Term Borrowings - Sched95
Short-Term Borrowings - Schedule of Remaining Contractual Maturity of Secured Borrowings and Class of Collateral Pledged Under Repurchase Agreements (Detail) $ in Thousands | Sep. 30, 2015USD ($) |
Assets Sold under Agreements to Repurchase [Line Items] | |
Secured borrowings and class of collateral pledged under repurchase agreements | $ 365,706 |
U.S. Treasury [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Secured borrowings and class of collateral pledged under repurchase agreements | 365,706 |
Overnight and Continuous [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Secured borrowings and class of collateral pledged under repurchase agreements | 365,137 |
Overnight and Continuous [Member] | U.S. Treasury [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Secured borrowings and class of collateral pledged under repurchase agreements | 365,137 |
30 to 90 Days [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Secured borrowings and class of collateral pledged under repurchase agreements | 569 |
30 to 90 Days [Member] | U.S. Treasury [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Secured borrowings and class of collateral pledged under repurchase agreements | $ 569 |
Financing Activities - Other Bo
Financing Activities - Other Borrowings (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Aug. 31, 2014 | |
Debt Instrument [Line Items] | ||||
Securities sold under agreements to repurchase (fixed rates 2.47% to 2.50%) maturing January 2017 to January 2018 | $ 365,706 | |||
ASC 815 fair value hedge and other basis adjustments | (3,145) | |||
Total other borrowings | 1,120,326 | $ 920,102 | $ 871,716 | |
Senior Unsecured Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured bank notes (fixed rate 4.125%) maturing August 2024 | $ 175,000 | |||
Old National Bancorp [Member] | ||||
Debt Instrument [Line Items] | ||||
ASC 815 fair value hedge and other basis adjustments | (4,555) | (4,884) | ||
Old National Bancorp [Member] | Senior Unsecured Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured bank notes (fixed rate 4.125%) maturing August 2024 | 175,000 | 175,000 | ||
Old National Bancorp [Member] | Junior Subordinated Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Junior subordinated debentures (variable rates of 1.67% to 2.08%) maturing March 2035 to June 2037 | 45,000 | 45,000 | ||
Old National Bank [Member] | ||||
Debt Instrument [Line Items] | ||||
Securities sold under agreements to repurchase (fixed rates 2.47% to 2.50%) maturing January 2017 to January 2018 | 50,000 | 50,000 | ||
Federal Home Loan Bank advances (fixed rates 0.32% to 6.76% and variable rates 0.40% to 0.47%) maturing October 2015 to January 2025 | 849,419 | 649,987 | ||
Capital lease obligation | 4,052 | 4,099 | ||
ASC 815 fair value hedge and other basis adjustments | $ 1,410 | $ 900 |
Financing Activities - Other 97
Financing Activities - Other Borrowings (Parenthetical) (Detail) | 9 Months Ended | |
Sep. 30, 2015 | Aug. 31, 2014 | |
Senior Unsecured Notes [Member] | ||
Debt Instrument [Line Items] | ||
Fixed rates | 4.125% | |
Maturity date | Aug. 15, 2024 | |
Old National Bancorp [Member] | Senior Unsecured Notes [Member] | ||
Debt Instrument [Line Items] | ||
Fixed rates | 4.125% | |
Maturity date | Aug. 15, 2024 | |
Old National Bancorp [Member] | Minimum [Member] | Junior Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Variable rates | 1.67% | |
Old National Bancorp [Member] | Maximum [Member] | Junior Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Variable rates | 2.08% | |
Old National Bank [Member] | Repurchase Agreements / Sweeps [Member] | ||
Debt Instrument [Line Items] | ||
Maturity, Start date | Jan. 1, 2017 | |
Maturity, End date | Jan. 1, 2018 | |
Old National Bank [Member] | Federal Home Loan Bank Advances [Member] | ||
Debt Instrument [Line Items] | ||
Maturity, Start date | Oct. 1, 2015 | |
Maturity, End date | Jan. 1, 2025 | |
Old National Bank [Member] | Minimum [Member] | Repurchase Agreements / Sweeps [Member] | ||
Debt Instrument [Line Items] | ||
Fixed rates | 2.47% | |
Old National Bank [Member] | Minimum [Member] | Federal Home Loan Bank Advances [Member] | ||
Debt Instrument [Line Items] | ||
Fixed rates | 0.32% | |
Variable rates | 0.40% | |
Old National Bank [Member] | Maximum [Member] | Repurchase Agreements / Sweeps [Member] | ||
Debt Instrument [Line Items] | ||
Fixed rates | 2.50% | |
Old National Bank [Member] | Maximum [Member] | Federal Home Loan Bank Advances [Member] | ||
Debt Instrument [Line Items] | ||
Fixed rates | 6.76% | |
Variable rates | 0.47% | |
Trust Preferred Securities [Member] | Old National Bancorp [Member] | Junior Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Maturity, Start date | Mar. 1, 2035 | |
Maturity, End date | Jun. 1, 2037 |
Financing Activities - Contract
Financing Activities - Contractual Maturities of Long-Term Debt (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Debt Disclosure [Abstract] | |
Due in 2015 | $ 200,016 |
Due in 2016 | 217,355 |
Due in 2017 | 95,853 |
Due in 2018 | 145,400 |
Due in 2019 | 2,935 |
Thereafter | 461,912 |
ASC 815 fair value hedge and other basis adjustments | (3,145) |
Total | $ 1,120,326 |
Financing Activities - Addition
Financing Activities - Additional Information (Detail) $ in Thousands | Dec. 31, 2006USD ($) | Sep. 30, 2006USD ($) | Dec. 31, 2005USD ($) | Sep. 30, 2015USD ($)Item | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Aug. 31, 2014USD ($) | Mar. 31, 2007USD ($) | Jul. 31, 2006USD ($) | Mar. 31, 2005USD ($) |
Debt Instrument [Line Items] | ||||||||||
Weighted-average rates of Federal Home Loan Bank advances | 0.76% | 0.77% | ||||||||
Preferred securities | ||||||||||
Long-term capital lease obligation period, in years | 25 years | |||||||||
Long-term capital lease obligation renewal period, in years | 10 years | |||||||||
Number of renewal option for 10 years period | Item | 1 | |||||||||
Senior Unsecured Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Senior unsecured notes | $ 175,000 | |||||||||
Fixed rate | 4.125% | |||||||||
Maturity date | Aug. 15, 2024 | |||||||||
Federal Home Loan Bank Advances [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Percentage of borrowings collateralized by investment securities and residential real estate loans | 144.00% | |||||||||
St Joseph Capital Trust II [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Preferred securities | $ 5,000 | |||||||||
Reference rate of the variable interest rate for preferred securities | Three-month London Interbank Offered Rate ("LIBOR") plus 175 basis points | |||||||||
St Joseph Capital Trust II [Member] | Junior Subordinated Debt [Member] | Trust Preferred Securities [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maturity date | Mar. 17, 2035 | |||||||||
LIBOR rate | 1.75% | |||||||||
Monroe Bancorp Capital Trust I [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Preferred securities | $ 3,000 | |||||||||
Monroe Bancorp Statutory Trust II [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Preferred securities | $ 5,000 | |||||||||
Reference rate of the variable interest rate for preferred securities | Three-month LIBOR plus 160 basis points | |||||||||
Monroe Bancorp Statutory Trust II [Member] | Junior Subordinated Debt [Member] | Trust Preferred Securities [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
LIBOR rate | 1.60% | |||||||||
Home Federal Statutory Trust I [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Preferred securities | $ 15,000 | |||||||||
Reference rate of the variable interest rate for preferred securities | Three-month LIBOR plus 165 basis points | |||||||||
Home Federal Statutory Trust I [Member] | Junior Subordinated Debt [Member] | Trust Preferred Securities [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
LIBOR rate | 1.65% | |||||||||
Tower Capital Trust 2 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Preferred securities | $ 8,000 | |||||||||
Reference rate of the variable interest rate for preferred securities | Three-month LIBOR plus 134 basis points | |||||||||
Tower Capital Trust 2 [Member] | Junior Subordinated Debt [Member] | Trust Preferred Securities [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
LIBOR rate | 1.34% | |||||||||
Tower Capital Trust 3 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Preferred securities | $ 9,000 | |||||||||
Reference rate of the variable interest rate for preferred securities | Three-month LIBOR plus 169 basis points | |||||||||
Tower Capital Trust 3 [Member] | Junior Subordinated Debt [Member] | Trust Preferred Securities [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
LIBOR rate | 1.69% |
Financing Activities - Future M
Financing Activities - Future Minimum Lease Payments under Capital Lease (Detail) $ in Thousands | Sep. 30, 2015USD ($) |
Debt Disclosure [Abstract] | |
2015 remaining | $ 102 |
2,016 | 410 |
2,017 | 410 |
2,018 | 410 |
2,019 | 430 |
Thereafter | 8,836 |
Total minimum lease payments | 10,598 |
Less amounts representing interest | 6,546 |
Present value of net minimum lease payments | $ 4,052 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Compensation and Retirement Disclosure [Abstract] | |
Retirement benefits based on years of service and compensation | 5 years |
Expected cash contribution in current fiscal year | $ 136 |
Benefit payments from Restoration Plan | 54 |
Defined benefit plan, expected additional contribution during remainder of the year | $ 11 |
Employee Benefit Plans - Schedu
Employee Benefit Plans - Schedule of Net Periodic Benefit Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Compensation and Retirement Disclosure [Abstract] | ||||
Benefit Cost, Interest cost | $ 415 | $ 438 | $ 1,245 | $ 1,315 |
Benefit Cost, Expected return on plan assets | (512) | (560) | (1,535) | (1,680) |
Benefit Cost, Recognized actuarial loss | 531 | 329 | 1,593 | 987 |
Benefit Cost, Settlement loss | 386 | 787 | 285 | |
Net periodic benefit cost | $ 820 | $ 207 | $ 2,090 | $ 907 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) shares in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Remaining shares available for issuance | 4,900 | |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares granted during period | 195 | |
Share-based compensation awards, vesting period | 36 months | |
Unrecognized compensation expense | $ 3,600,000 | |
Stock-based compensation expense | $ 900,000 | $ 700,000 |
Restricted Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares granted during period | 279 | |
Share-based compensation awards, vesting period | 36 months | |
Unrecognized compensation expense | $ 4,300,000 | |
Stock-based compensation expense | 1,300,000 | 1,000,000 |
Reversal of compensation expense | 700,000 | |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | 0 | 0 |
Stock Appreciation Rights (SARs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 0 | $ 0 |
Income Taxes - Summary of Diffe
Income Taxes - Summary of Differences in Taxes from Continuing Operations Computed at Statutory Rate (Detail) - 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] | ||||
Provision at statutory rate of 35% | $ 18,922 | $ 14,080 | $ 41,758 | $ 35,844 |
Tax-exempt income | (4,056) | (3,640) | (11,839) | (10,199) |
Reserve for unrecognized tax benefits | (1,076) | (1,076) | ||
State income taxes | 1,483 | 1,196 | 3,280 | 2,021 |
Interim period effective rate adjustment | (1,492) | 451 | 329 | 576 |
State statutory rate change | 904 | |||
Effect of Illinois branch sale | 1,832 | 1,832 | ||
Other, net | (294) | 84 | (781) | (75) |
Income tax expense | $ 16,395 | $ 11,095 | $ 34,579 | $ 27,995 |
Effective tax rate | 30.30% | 27.60% | 29.00% | 27.30% |
Income Taxes - Summary of Di105
Income Taxes - Summary of Differences in Taxes from Continuing Operations Computed at Statutory Rate (Parenthetical) (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | ||||
Statutory rate | 35.00% | 35.00% | 35.00% | 35.00% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | Sep. 30, 2015 | Sep. 30, 2014 |
Income Tax Disclosure [Abstract] | ||
Valuation allowance recorded | $ 0 | $ 0 |
Unrecognized tax benefits, if recognized, would favorably affect the effective tax rate | $ 100,000 |
Income Taxes - Summary of Recon
Income Taxes - Summary of Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | ||
Balance at January 1, | $ 77 | $ 3,847 |
Additions (reductions) based on tax positions related to the current year | 39 | 30 |
Reductions due to statute of limitations expiring | (4) | (3,807) |
Balance at September 30, | $ 112 | $ 70 |
Derivative Financial Instrum108
Derivative Financial Instruments - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Derivative [Line Items] | |||||
Notional amount | $ 713,000,000 | $ 713,000,000 | $ 608,000,000 | ||
Reclassified interest income (expense) | 97,104,000 | $ 108,367,000 | 280,194,000 | $ 276,327,000 | |
Fixed Interest Swap [Member] | |||||
Derivative [Line Items] | |||||
Notional amount | 38,000,000 | 38,000,000 | 38,000,000 | ||
Variable Interest Rate Swap [Member] | |||||
Derivative [Line Items] | |||||
Notional amount | 675,000,000 | 675,000,000 | 525,000,000 | ||
Interest Rate Lock Commitments [Member] | |||||
Derivative [Line Items] | |||||
Notional amount | 45,100,000 | 45,100,000 | 19,700,000 | ||
Forward Commitments [Member] | |||||
Derivative [Line Items] | |||||
Notional amount | 47,200,000 | 47,200,000 | 29,100,000 | ||
Customer Derivative Instrument [Member] | |||||
Derivative [Line Items] | |||||
Notional amount | 415,500,000 | 415,500,000 | 435,600,000 | ||
Offsetting Counter Party Derivative Instrument [Member] | |||||
Derivative [Line Items] | |||||
Notional amount | 415,500,000 | 415,500,000 | 435,600,000 | ||
Receive Fixed Pay Floating Interest Rate Swaps [Member] | |||||
Derivative [Line Items] | |||||
Notional amount | $ 45,000,000 | ||||
Notional amount terminated, immaterial gain | $ 45,000,000 | ||||
Reclassifications out of Accumulated Other Comprehensive Income (Loss) [Member] | Interest Income [Member] | |||||
Derivative [Line Items] | |||||
Reclassified interest income (expense) | 100,000 | ||||
Reclassifications out of Accumulated Other Comprehensive Income (Loss) [Member] | Interest Expense [Member] | |||||
Derivative [Line Items] | |||||
Reclassified interest income (expense) | $ 6,300,000 |
Derivative Financial Instrum109
Derivative Financial Instruments - Summary of Fair Value of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Derivative [Line Items] | ||
Total derivative assets | $ 20,727 | $ 18,572 |
Total derivative liabilities | 36,295 | 23,868 |
Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Total derivative assets | 4,456 | 4,278 |
Total derivative liabilities | 21,001 | 9,951 |
Designated as Hedging Instrument [Member] | Interest Rate Contracts [Member] | ||
Derivative [Line Items] | ||
Total derivative assets | 4,456 | 4,278 |
Total derivative liabilities | 21,001 | 9,951 |
Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Total derivative assets | 16,271 | 14,294 |
Total derivative liabilities | 15,294 | 13,917 |
Not Designated as Hedging Instrument [Member] | Interest Rate Contracts [Member] | ||
Derivative [Line Items] | ||
Total derivative assets | 14,925 | 13,780 |
Total derivative liabilities | 15,034 | 13,917 |
Not Designated as Hedging Instrument [Member] | Mortgage Contracts [Member] | ||
Derivative [Line Items] | ||
Total derivative assets | 1,346 | $ 514 |
Total derivative liabilities | $ 260 |
Derivative Financial Instrum110
Derivative Financial Instruments - Schedule of Effect of Derivative Instruments on the Consolidated Statements of Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain or (Loss) Recognized in Income on Derivative | $ (723) | $ 104 | $ 445 | $ 295 |
Fair Value Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain or (Loss) Recognized in Income on Derivative | (571) | 260 | (678) | 1,139 |
Interest Rate Contracts [Member] | Interest Income / (Expense) [Member] | Fair Value Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain or (Loss) Recognized in Income on Derivative | (634) | 215 | (823) | 913 |
Interest Rate Contracts [Member] | Other Income / (Expense) [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain or (Loss) Recognized in Income on Derivative | 8 | (4) | 27 | 65 |
Interest Rate Contracts [Member] | Other Income / (Expense) [Member] | Fair Value Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain or (Loss) Recognized in Income on Derivative | 63 | 45 | 145 | 226 |
Mortgage Contracts [Member] | Mortgage Banking Revenue [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain or (Loss) Recognized in Income on Derivative | $ (731) | $ 108 | $ 418 | $ 230 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Millions | 9 Months Ended | |
Sep. 30, 2015USD ($)Terms | Dec. 31, 2014USD ($) | |
Commitments And Contingencies [Line Items] | ||
Number of additional successive terms extendable at the option | Terms | 4 | |
Period of extendable lease term, in years | 5 years | |
Lease term, description | Less than one year | |
Sale leaseback transaction, gain recognized over lease term | $ 59.5 | $ 68.3 |
Loan commitments | 1,730 | 1,584 |
Fixed rate loan commitment | 1,653 | |
Floating rate loan commitment | 77.4 | |
Standby letters of credit | $ 63.2 | 65.3 |
Loan commitments floating rate, minimum | 0.00% | |
Loan commitments floating rate, maximum | 25.00% | |
Allowance for unfunded loan commitments | $ 3.3 | 4.4 |
Extended credit | 17.1 | 13 |
Credit extensions with collateral | $ 16.2 | $ 11.5 |
Minimum [Member] | ||
Commitments And Contingencies [Line Items] | ||
Lease Term | 1 year | |
Minimum [Member] | Prior Sale Leaseback Transactions [Member] | ||
Commitments And Contingencies [Line Items] | ||
Lease Term | 5 years | |
Maximum [Member] | ||
Commitments And Contingencies [Line Items] | ||
Lease Term | 24 years | |
Maximum [Member] | Prior Sale Leaseback Transactions [Member] | ||
Commitments And Contingencies [Line Items] | ||
Lease Term | 24 years |
Financial Guarantees - Addition
Financial Guarantees - Additional Information (Detail) - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Financial Guarantees [Line Items] | ||
Term of standby letters of credit, years | 1 year | |
Notional amount of standby letters of credit | $ 63,200,000 | $ 65,300,000 |
Carrying value of letters of credit | 400,000 | 400,000 |
Interest rate swap, notional amount | 713,000,000 | $ 608,000,000 |
Interest Rate Swap [Member] | ||
Financial Guarantees [Line Items] | ||
Interest rate swap, notional amount | 7,600,000 | |
Interest Rate Swap [Member] | Additional Risk Participation [Member] | ||
Financial Guarantees [Line Items] | ||
Interest rate swap, notional amount | $ 12,500,000 |
Segment Information - Schedule
Segment Information - Schedule of Financial Information Concerning Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||
Net interest income | $ 97,104 | $ 108,367 | $ 280,194 | $ 276,327 | |
Noninterest income | 59,744 | 34,418 | 170,018 | 114,634 | |
Noncash items: | |||||
Depreciation and software amortization | 3,829 | 3,733 | 12,995 | 10,646 | |
Provision for loan losses | 167 | 2,591 | 2,439 | 2,228 | |
Amortization of intangibles | 2,872 | 2,519 | 8,930 | 6,359 | |
Income tax expense (benefit) | 16,395 | 11,095 | 34,579 | 27,995 | |
Segment profit (Loss) | 37,669 | 29,134 | 84,731 | 74,417 | |
Segment assets | 11,915,163 | 11,179,752 | 11,915,163 | 11,179,752 | $ 11,647,551 |
Banking [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 99,225 | 109,620 | 286,517 | 277,910 | |
Noninterest income | 49,591 | 24,265 | 136,730 | 81,953 | |
Noncash items: | |||||
Depreciation and software amortization | 3,633 | 3,561 | 12,415 | 10,148 | |
Provision for loan losses | 167 | 2,591 | 2,439 | 2,228 | |
Amortization of intangibles | 2,401 | 2,102 | 7,497 | 5,122 | |
Income tax expense (benefit) | 19,990 | 15,925 | 39,693 | 34,111 | |
Segment profit (Loss) | 39,522 | 27,326 | 93,154 | 73,149 | |
Segment assets | 11,766,994 | 11,035,009 | 11,766,994 | 11,035,009 | |
Insurance [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 2 | 2 | 7 | 8 | |
Noninterest income | 9,946 | 9,721 | 32,130 | 31,485 | |
Noncash items: | |||||
Depreciation and software amortization | 37 | 34 | 105 | 104 | |
Amortization of intangibles | 471 | 417 | 1,433 | 1,237 | |
Income tax expense (benefit) | 143 | 216 | 971 | 1,184 | |
Segment profit (Loss) | 252 | 261 | 1,534 | 2,374 | |
Segment assets | 60,776 | 62,956 | 60,776 | 62,956 | |
Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | (2,123) | (1,255) | (6,330) | (1,591) | |
Noninterest income | 207 | 432 | 1,158 | 1,196 | |
Noncash items: | |||||
Depreciation and software amortization | 159 | 138 | 475 | 394 | |
Income tax expense (benefit) | (3,738) | (5,046) | (6,085) | (7,300) | |
Segment profit (Loss) | (2,105) | 1,547 | (9,957) | (1,106) | |
Segment assets | $ 87,393 | $ 81,787 | $ 87,393 | $ 81,787 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2015 | Sep. 30, 2015 | |
Segment Reporting [Abstract] | ||
Gain on branch divestitures | $ 15,355 | $ 15,355 |
Fair Value - Schedule of Fair V
Fair Value - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Trading securities | $ 3,827 | $ 3,881 | $ 3,839 |
Investment securities available-for-sale | 2,519,893 | 2,627,831 | $ 2,485,586 |
Derivative assets | 20,727 | 18,572 | |
Derivative liabilities | 36,295 | 23,868 | |
U.S. Treasury [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Investment securities available-for-sale | 12,239 | 15,166 | |
U.S. Government-Sponsored Entities and Agencies [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Investment securities available-for-sale | 641,780 | 685,951 | |
Mortgage-Backed Securities - Agency [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Investment securities available-for-sale | 1,136,352 | 1,241,662 | |
States and Political Subdivisions [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Investment securities available-for-sale | 390,103 | 314,541 | |
Pooled Trust Preferred Securities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Investment securities available-for-sale | 6,631 | 6,607 | |
Other Securities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Investment securities available-for-sale | 332,788 | 363,904 | |
Estimate of Fair Value Measurement [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Trading securities | 3,827 | 3,881 | |
Estimate of Fair Value Measurement [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Residential loans held for sale | 18,783 | 15,562 | |
Derivative assets | 20,727 | 18,572 | |
Derivative liabilities | 36,295 | 23,868 | |
Estimate of Fair Value Measurement [Member] | U.S. Treasury [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Investment securities available-for-sale | 12,239 | 15,166 | |
Estimate of Fair Value Measurement [Member] | U.S. Government-Sponsored Entities and Agencies [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Investment securities available-for-sale | 641,780 | 685,951 | |
Estimate of Fair Value Measurement [Member] | Mortgage-Backed Securities - Agency [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Investment securities available-for-sale | 1,136,352 | 1,241,662 | |
Estimate of Fair Value Measurement [Member] | States and Political Subdivisions [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Investment securities available-for-sale | 390,103 | 314,216 | |
Estimate of Fair Value Measurement [Member] | States and Political Subdivisions [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Investment securities available-for-sale | 325 | ||
Estimate of Fair Value Measurement [Member] | Pooled Trust Preferred Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Investment securities available-for-sale | 6,631 | 6,607 | |
Estimate of Fair Value Measurement [Member] | Other Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Investment securities available-for-sale | 31,676 | 31,648 | |
Estimate of Fair Value Measurement [Member] | Other Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Investment securities available-for-sale | 301,112 | 332,256 | |
Carrying Value [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Trading securities | 3,827 | 3,881 | |
Residential loans held for sale | 18,783 | 15,562 | |
Derivative assets | 20,727 | 18,572 | |
Derivative liabilities | 36,295 | 23,868 | |
Carrying Value [Member] | U.S. Treasury [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Investment securities available-for-sale | 12,239 | 15,166 | |
Carrying Value [Member] | U.S. Government-Sponsored Entities and Agencies [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Investment securities available-for-sale | 641,780 | 685,951 | |
Carrying Value [Member] | Mortgage-Backed Securities - Agency [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Investment securities available-for-sale | 1,136,352 | 1,241,662 | |
Carrying Value [Member] | States and Political Subdivisions [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Investment securities available-for-sale | 390,103 | 314,541 | |
Carrying Value [Member] | Pooled Trust Preferred Securities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Investment securities available-for-sale | 6,631 | 6,607 | |
Carrying Value [Member] | Other Securities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Investment securities available-for-sale | $ 332,788 | $ 363,904 |
Fair Value - Reconciliation of
Fair Value - Reconciliation of All Assets Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Accretion/(amortization) of discount or premium | $ 14 | $ 14 |
Significant Unobservable Inputs (Level 3) [Member] | Pooled Trust Preferred Securities Available-for-Sale [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | 6,607 | 8,037 |
Accretion/(amortization) of discount or premium | 14 | 13 |
Sales/payments received | (536) | (1,054) |
Increase/(decrease) in fair value of securities | 546 | 149 |
Ending balance | 6,631 | 7,145 |
Significant Unobservable Inputs (Level 3) [Member] | States and Political Subdivisions [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | 325 | 669 |
Accretion/(amortization) of discount or premium | 1 | |
Sales/payments received | (11) | |
Matured securities | $ (325) | (335) |
Ending balance | $ 324 |
Fair Value - Additional Informa
Fair Value - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Accretion of discounts on securities included in interest income | $ 14 | $ 14 | ||||
Provision for loan losses expensed | $ (3,600) | $ 2,800 | 4,000 | 5,400 | ||
Net carrying amount other real estate owned and other repossessed property | $ 6,400 | |||||
Other real estate owned property write-downs | 300 | 600 | 1,800 | 2,400 | ||
Past due period of mortgage loans held for sale, days | 90 days | |||||
Interest income for residential loans held for sale | 33 | $ 143 | 118 | $ 268 | ||
Valuation Allowance, Real Estate Owned [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Net carrying amount other real estate owned and other repossessed property | 2,700 | 2,700 | ||||
Impaired Commercial and Commercial Real Estate Loans [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Principal amount of impaired commercial and commercial real estate loans | 51,800 | 51,800 | 30,000 | |||
Valuation allowance | $ 11,400 | $ 11,400 | $ 10,200 |
Fair Value - Quantitative Infor
Fair Value - Quantitative Information about Significant Unobservable Inputs Used in Fair Value Measurements (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount for type of property, age of appraisal and current status | 11.00% | 12.00% |
Percentage of illiquid local municipality issuance owned carried at par | 100.00% | |
Commercial Loan [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 22,519 | $ 6,816 |
Valuation Techniques | Fair value of collateral | Fair value of collateral |
Commercial Real Estate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 17,913 | $ 13,011 |
Valuation Techniques | Fair value of collateral | Fair value of collateral |
Minimum [Member] | Commercial Loan [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount for type of property, age of appraisal and current status | 0.00% | 0.00% |
Minimum [Member] | Commercial Real Estate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount for type of property, age of appraisal and current status | 10.00% | 0.00% |
Maximum [Member] | Commercial Loan [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount for type of property, age of appraisal and current status | 86.00% | 94.00% |
Maximum [Member] | Commercial Real Estate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount for type of property, age of appraisal and current status | 74.00% | 50.00% |
Weighted Average [Member] | Commercial Loan [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount for type of property, age of appraisal and current status | 30.00% | 24.00% |
Weighted Average [Member] | Commercial Real Estate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount for type of property, age of appraisal and current status | 31.00% | 29.00% |
Pooled Trust Preferred Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 6,631 | $ 6,607 |
Valuation Techniques | Discounted cash flow | Discounted cash flow |
Pooled Trust Preferred Securities [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Additional asset defaults | 3.30% | 4.40% |
Expected asset recoveries | 0.00% | 0.70% |
Pooled Trust Preferred Securities [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Additional asset defaults | 4.40% | 11.20% |
Expected asset recoveries | 15.60% | 7.00% |
Pooled Trust Preferred Securities [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Additional asset defaults | 4.10% | 8.20% |
Expected asset recoveries | 4.10% | 1.80% |
States and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 325 | |
Valuation Techniques | Discounted cash flow | |
Commercial Real Estate Foreclosed Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 2,619 | $ 6,146 |
Valuation Techniques | Fair value of collateral | Fair value of collateral |
Commercial Real Estate Foreclosed Assets [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount for type of property, age of appraisal and current status | 2.00% | 2.00% |
Commercial Real Estate Foreclosed Assets [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount for type of property, age of appraisal and current status | 80.00% | 93.00% |
Commercial Real Estate Foreclosed Assets [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount for type of property, age of appraisal and current status | 29.00% | 30.00% |
Residential Foreclosed Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 108 | $ 254 |
Valuation Techniques | Fair value of collateral | Fair value of collateral |
Residential Foreclosed Assets [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount for type of property, age of appraisal and current status | 22.00% | 8.00% |
Residential Foreclosed Assets [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount for type of property, age of appraisal and current status | 37.00% | 81.00% |
Residential Foreclosed Assets [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount for type of property, age of appraisal and current status | 31.00% | 45.00% |
Fair Value - Quantitative In119
Fair Value - Quantitative Information about Significant Unobservable Inputs Used in Fair Value Measurements (Parenthetical) (Detail) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Percentage of adjusted specific issuer evaluation defaults | 100.00% | 100.00% |
Percentage of adjusted specific issuer evaluation recoveries | 100.00% | 100.00% |
Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Percentage of adjusted specific issuer evaluation defaults | 0.00% | 0.00% |
Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Percentage of adjusted specific issuer evaluation defaults | 50.00% | 50.00% |
Pooled Trust Preferred Securities [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Percentage of adjusted specific issuer evaluation recoveries | 0.00% | 0.00% |
Pooled Trust Preferred Securities [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Percentage of adjusted specific issuer evaluation recoveries | 25.00% | 25.00% |
Fair Value - Assets Measured at
Fair Value - Assets Measured at Fair Value on a Non-Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Commercial Loan [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 22,519 | $ 6,816 |
Commercial Real Estate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 17,913 | 13,011 |
Commercial Real Estate Foreclosed Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 2,619 | 6,146 |
Residential Foreclosed Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 108 | 254 |
Significant Unobservable Inputs (Level 3) [Member] | Commercial Loan [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 22,519 | 6,816 |
Significant Unobservable Inputs (Level 3) [Member] | Commercial Real Estate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 17,913 | 13,011 |
Significant Unobservable Inputs (Level 3) [Member] | Commercial Real Estate Foreclosed Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 2,619 | 6,146 |
Significant Unobservable Inputs (Level 3) [Member] | Residential Foreclosed Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 108 | $ 254 |
Fair Value - Schedule of Differ
Fair Value - Schedule of Difference between the Aggregate Fair Value and the Aggregate Remaining Principal Balance (Detail) - Residential Loans Held for Sale [Member] - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value, Estimate Not Practicable, Financial Statement Captions [Line Items] | ||
Aggregate Fair Value | $ 18,783 | $ 15,562 |
Difference | 511 | 375 |
Contractual Principal | $ 18,272 | $ 15,187 |
Fair Value - Changes in Fair Va
Fair Value - Changes in Fair Value for Items Measured at Fair Value Pursuant to Election of the Fair Value (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Interest (Expense) | $ (8,567) | $ (6,251) | $ (24,035) | $ (16,084) |
Residential Loans Held for Sale [Member] | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Other Gains and (Losses) | 350 | 32 | 137 | 305 |
Interest Income | (1) | 4 | (1) | 5 |
Interest (Expense) | 0 | 0 | 0 | 0 |
Total Changes in Fair Values Included in Current Period Earnings | $ 349 | $ 36 | $ 136 | $ 310 |
Fair Value - Carrying Amounts a
Fair Value - Carrying Amounts and Estimated Fair Values of Financial Instruments, Not Previously Presented (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Aug. 14, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment securities - held-to-maturity | $ 851,051 | $ 844,054 | $ 848,033 | ||
Federal Home Loan Bank/Federal Reserve Bank stock | 86,146 | 71,175 | 70,531 | ||
Loans held for sale | $ 193,600 | ||||
Commercial | 1,740,394 | 1,629,600 | 1,647,889 | ||
Commercial real estate | 1,845,889 | 1,711,110 | 1,614,563 | ||
Residential real estate | 1,640,289 | 1,519,156 | 1,546,939 | ||
Consumer credit | 1,507,287 | 1,310,627 | 1,274,699 | ||
FDIC indemnification asset | 8,905 | 20,603 | 28,000 | $ 88,513 | |
Accrued interest receivable | 65,485 | 60,966 | 56,961 | ||
Noninterest-bearing demand deposits | 2,388,854 | 2,427,748 | 2,371,049 | ||
Time deposits | 987,193 | 1,089,018 | 1,041,583 | ||
Repurchase agreements | 474,894 | 551,309 | $ 495,262 | ||
Repurchase agreements | 365,706 | ||||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Cash, due from banks, federal funds sold and money market investments | 173,410 | 239,963 | |||
Accrued interest receivable | 75 | 29 | |||
Noninterest-bearing demand deposits | 2,388,854 | 2,427,748 | |||
NOW, savings and money market deposits | 5,245,278 | 4,973,898 | |||
Federal funds purchased | 109,188 | 195,188 | |||
Repurchase agreements | 365,706 | 356,120 | |||
Significant Other Observable Inputs (Level 2) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Federal Home Loan Bank/Federal Reserve Bank stock | 86,146 | 71,175 | |||
Loans held for sale | 197,928 | ||||
Accrued interest receivable | 21,713 | 21,633 | |||
Time deposits | 991,415 | 1,092,969 | |||
Senior unsecured bank notes | 165,370 | 179,792 | |||
Junior subordinated debentures | 33,037 | 32,754 | |||
Repurchase agreements | 51,848 | 51,994 | |||
Capital lease obligation | 5,421 | 5,515 | |||
Accrued interest payable | 3,064 | 4,564 | |||
Significant Unobservable Inputs (Level 3) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Commercial | 1,776,187 | 1,646,144 | |||
Commercial real estate | 1,959,627 | 1,744,126 | |||
Residential real estate | 1,750,510 | 1,615,588 | |||
Consumer credit | 1,561,905 | 1,380,835 | |||
FDIC indemnification asset | 7,130 | 11,358 | |||
Accrued interest receivable | 43,697 | 39,304 | |||
Federal Home Loan Bank advances | 857,890 | 658,506 | |||
Standby letters of credit | 386 | 358 | |||
Commitments to extend credit | 3,003 | 2,030 | |||
U.S. Government-Sponsored Entities and Agencies [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment securities - held-to-maturity | 143,694 | 167,207 | |||
U.S. Government-Sponsored Entities and Agencies [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment securities - held-to-maturity | 147,855 | 173,486 | |||
Mortgage-Backed Securities - Agency [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment securities - held-to-maturity | 17,782 | 23,648 | |||
Mortgage-Backed Securities - Agency [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment securities - held-to-maturity | 18,506 | 24,574 | |||
States and Political Subdivisions [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment securities - held-to-maturity | 689,575 | 653,199 | |||
States and Political Subdivisions [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment securities - held-to-maturity | 735,815 | 705,875 | |||
Carrying Value [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Cash, due from banks, federal funds sold and money market investments | 173,410 | 239,963 | |||
Federal Home Loan Bank/Federal Reserve Bank stock | 86,146 | 71,175 | |||
Loans held for sale | 197,928 | ||||
Commercial | 1,725,291 | 1,626,097 | |||
Commercial real estate | 1,854,105 | 1,734,559 | |||
Residential real estate | 1,656,215 | 1,537,448 | |||
Consumer credit | 1,561,061 | 1,372,248 | |||
FDIC indemnification asset | 8,905 | 20,603 | |||
Accrued interest receivable | 65,485 | 60,966 | |||
Noninterest-bearing demand deposits | 2,388,854 | 2,427,748 | |||
NOW, savings and money market deposits | 5,245,278 | 4,973,898 | |||
Time deposits | 987,193 | 1,089,018 | |||
Federal funds purchased | 109,188 | 195,188 | |||
Repurchase agreements | 365,706 | 356,121 | |||
Senior unsecured bank notes | 175,000 | 175,000 | |||
Junior subordinated debentures | 45,000 | 45,000 | |||
Repurchase agreements | 50,000 | 50,000 | |||
Federal Home Loan Bank advances | 849,419 | 649,987 | |||
Capital lease obligation | 4,052 | 4,099 | |||
Accrued interest payable | 3,064 | 4,564 | |||
Standby letters of credit | 386 | 358 | |||
Carrying Value [Member] | U.S. Government-Sponsored Entities and Agencies [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment securities - held-to-maturity | 143,694 | 167,207 | |||
Carrying Value [Member] | Mortgage-Backed Securities - Agency [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment securities - held-to-maturity | 17,782 | 23,648 | |||
Carrying Value [Member] | States and Political Subdivisions [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment securities - held-to-maturity | $ 689,575 | $ 653,199 |
Fair Value - Carrying Amount124
Fair Value - Carrying Amounts and Estimated Fair Values of Financial Instruments, Not Previously Presented (Parenthetical) (Detail) $ in Millions | Dec. 31, 2014USD ($) |
Fair Value, Measurements, Recurring [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Residential loans held for sale | $ 15.6 |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Detail) $ in Millions | Oct. 30, 2015USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2014USD ($) |
Subsequent Event [Line Items] | |||
Sale leaseback transaction, gain recognized over lease term | $ 59.5 | $ 68.3 | |
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Number of bank properties acquired | 14 | ||
Total purchase price of acquisition | $ 66.2 | ||
Sale leaseback transaction, gain recognized over lease term | $ 12 |