Document and Entity Information
Document and Entity Information | 3 Months Ended |
Mar. 31, 2016shares | |
Document And Entity Information [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Mar. 31, 2016 |
Document Fiscal Year Focus | 2,016 |
Document Fiscal Period Focus | Q1 |
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 | 114,352,000 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Assets | |||
Cash and due from banks | $ 153,259 | $ 91,311 | $ 195,970 |
Money market and other interest-earning investments | 22,299 | 128,507 | 19,343 |
Total cash and cash equivalents | 175,558 | 219,818 | 215,313 |
Trading securities - at fair value | 3,699 | 3,941 | 3,964 |
Investment securities - available-for-sale, at fair value: | |||
Total investment securities - available-for-sale | 2,348,443 | 2,418,221 | 2,545,470 |
Investment securities - held-to-maturity, at amortized cost (fair value $932,590; $929,417; and $899,653, respectively) | 869,012 | 872,111 | 836,038 |
Federal Home Loan Bank/Federal Reserve Bank stock, at cost | 86,146 | 86,146 | 75,068 |
Loans held for sale ($22,546; $13,810; and $24,344, respectively at fair value) | 22,546 | 13,810 | 210,513 |
Loans: | |||
Commercial | 1,784,970 | 1,804,615 | 1,668,275 |
Commercial real estate | 1,907,834 | 1,847,821 | 1,813,579 |
Residential real estate | 1,634,132 | 1,644,614 | 1,625,354 |
Consumer credit, net of unearned income | 1,584,735 | 1,543,768 | 1,408,491 |
Covered loans, net of discount | 95,403 | 107,587 | 136,840 |
Total loans | 7,007,074 | 6,948,405 | 6,652,539 |
Allowance for loan losses | (49,856) | (51,296) | (46,675) |
Allowance for loan losses - covered loans | (844) | (937) | (2,203) |
Net loans | 6,956,374 | 6,896,172 | 6,603,661 |
FDIC indemnification asset | 7,703 | 9,030 | 20,024 |
Premises and equipment, net | 198,065 | 196,676 | 132,101 |
Accrued interest receivable | 68,641 | 69,098 | 62,503 |
Goodwill | 584,634 | 584,634 | 587,904 |
Other intangible assets | 32,443 | 35,308 | 43,738 |
Company-owned life insurance | 342,292 | 341,294 | 335,976 |
Assets held for sale | 2,038 | 5,679 | 14,636 |
Other real estate owned and repossessed personal property | 7,019 | 7,594 | 8,482 |
Other real estate owned - covered | 6,503 | 4,904 | 7,084 |
Other assets | 221,210 | 227,091 | 247,375 |
Total assets | 11,932,326 | 11,991,527 | 11,949,850 |
Deposits: | |||
Noninterest-bearing demand | 2,491,767 | 2,488,855 | 2,553,801 |
Interest-bearing: | |||
NOW | 2,178,690 | 2,133,536 | 2,218,243 |
Savings | 2,271,341 | 2,201,352 | 2,384,502 |
Money market | 561,250 | 577,050 | 636,933 |
Time | 1,085,847 | 1,000,067 | 1,134,041 |
Total deposits | 8,588,895 | 8,400,860 | 8,927,520 |
Short-term borrowings | 494,380 | 628,499 | 463,007 |
Other borrowings | 1,167,811 | 1,291,747 | 869,123 |
Accrued expenses and other liabilities | 172,597 | 179,251 | 206,929 |
Total liabilities | $ 10,423,683 | $ 10,500,357 | $ 10,466,579 |
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, 114,352; 114,297; and 116,983 shares issued and outstanding, respectively | $ 114,352 | $ 114,297 | $ 116,983 |
Capital surplus | 1,088,037 | 1,087,911 | 1,121,594 |
Retained earnings | 335,839 | 323,759 | 268,936 |
Accumulated other comprehensive income (loss), net of tax | (29,585) | (34,797) | (24,242) |
Total shareholders' equity | 1,508,643 | 1,491,170 | 1,483,271 |
Total liabilities and shareholders' equity | 11,932,326 | 11,991,527 | 11,949,850 |
U.S. Treasury [Member] | |||
Investment securities - available-for-sale, at fair value: | |||
Total investment securities - available-for-sale | 12,243 | 12,150 | 25,178 |
U.S. Government-Sponsored Entities and Agencies [Member] | |||
Investment securities - available-for-sale, at fair value: | |||
Total investment securities - available-for-sale | 603,457 | 613,550 | 709,379 |
Mortgage-Backed Securities - Agency [Member] | |||
Investment securities - available-for-sale, at fair value: | |||
Total investment securities - available-for-sale | 990,984 | 1,066,361 | 1,090,731 |
States and Political Subdivisions [Member] | |||
Investment securities - available-for-sale, at fair value: | |||
Total investment securities - available-for-sale | 400,236 | 387,296 | 340,630 |
Other Debt Securities Including Pooled Trust Preferred Securities [Member] | |||
Investment securities - available-for-sale, at fair value: | |||
Total investment securities - available-for-sale | $ 341,523 | $ 338,864 | $ 379,552 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Statement of Financial Position [Abstract] | |||
Investment securities - held-to-maturity, fair value | $ 932,590 | $ 929,417 | $ 899,653 |
Loans held-for-sale, fair value | $ 22,546 | $ 13,810 | $ 24,344 |
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 | 114,352,000 | 114,297,000 | 116,983,000 |
Common stock, shares outstanding | 114,352,000 | 114,297,000 | 116,983,000 |
Consolidated Statements of Inco
Consolidated Statements of Income (unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Loans including fees: | ||
Taxable | $ 71,572 | $ 74,959 |
Nontaxable | 3,004 | 2,943 |
Investment securities: | ||
Taxable | 13,722 | 14,726 |
Nontaxable | 6,982 | 5,960 |
Money market and other interest-earning investments | 49 | 6 |
Total interest income | 95,329 | 98,594 |
Interest Expense | ||
Deposits | 3,493 | 3,563 |
Short-term borrowings | 182 | 96 |
Other borrowings | 6,011 | 3,942 |
Total interest expense | 9,686 | 7,601 |
Net interest income | 85,643 | 90,993 |
Provision for loan losses | 91 | 1 |
Net interest income after provision for loan losses | 85,552 | 90,992 |
Noninterest Income | ||
Wealth management fees | 8,121 | 8,520 |
Service charges on deposit accounts | 9,639 | 11,045 |
Debit card and ATM fees | 3,785 | 6,732 |
Mortgage banking revenue | 2,920 | 2,963 |
Insurance premiums and commissions | 13,121 | 12,113 |
Investment product fees | 3,905 | 4,403 |
Company-owned life insurance | 2,038 | 2,152 |
Net securities gains | 1,106 | 2,683 |
Recognition of deferred gain on sale leaseback transactions | 1,052 | 1,524 |
Change in FDIC indemnification asset | (655) | (968) |
Other income | 4,419 | 4,128 |
Total noninterest income | 49,451 | 55,295 |
Noninterest Expense | ||
Salaries and employee benefits | 56,972 | 69,694 |
Occupancy | 12,844 | 14,293 |
Equipment | 2,893 | 3,904 |
Marketing | 2,486 | 2,236 |
Data processing | 7,123 | 6,590 |
Communication | 1,864 | 2,744 |
Professional fees | 3,368 | 3,132 |
Loan expense | 1,333 | 1,326 |
Supplies | 583 | 684 |
FDIC assessment | 1,919 | 1,885 |
Other real estate owned expense | 424 | 1,161 |
Amortization of intangibles | 2,647 | 3,081 |
Other expense | 3,899 | 5,426 |
Total noninterest expense | 98,355 | 116,156 |
Income before income taxes | 36,648 | 30,131 |
Income tax expense | 9,671 | 9,225 |
Net income | $ 26,977 | $ 20,906 |
Net income per common share - basic | $ 0.24 | $ 0.18 |
Net income per common share - diluted | $ 0.24 | $ 0.18 |
Weighted average number of common shares outstanding - basic | 113,998 | 118,540 |
Weighted average number of common shares outstanding - diluted | 114,563 | 119,076 |
Dividends per common share | $ 0.13 | $ 0.12 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 26,977 | $ 20,906 |
Change in securities available-for-sale: | ||
Unrealized holding gains for the period | 17,857 | 18,306 |
Reclassification adjustment for securities gains realized in income | (1,106) | (2,683) |
Income tax effect | (6,168) | (5,796) |
Unrealized gains on available-for-sale securities | 10,583 | 9,827 |
Change in securities held-to-maturity: | ||
Amortization of fair value for securities held-to-maturity previously recognized into accumulated other comprehensive income | 465 | 337 |
Income tax effect | (159) | 66 |
Changes from securities held-to-maturity | 306 | 403 |
Cash flow hedges: | ||
Net unrealized derivative losses on cash flow hedges | (11,130) | (5,628) |
Reclassification adjustment for losses realized in net income | 1,273 | 186 |
Income tax effect | 3,746 | 2,068 |
Changes from cash flow hedges | (6,111) | (3,374) |
Defined benefit pension plans: | ||
Amortization of net loss recognized in income | 700 | 738 |
Income tax effect | (266) | (281) |
Changes from defined benefit pension plans | 434 | 457 |
Other comprehensive income, net of tax | 5,212 | 7,313 |
Comprehensive income | $ 32,189 | $ 28,219 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (unaudited) - USD ($) $ in Thousands | Total | Founders Financial Corporation [Member] | Common Stock [Member] | Common Stock [Member]Founders Financial Corporation [Member] | Capital Surplus [Member] | Capital Surplus [Member]Founders Financial Corporation [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Beginning Balance at Dec. 31, 2014 | $ 1,465,764 | $ 116,847 | $ 1,118,292 | $ 262,180 | $ (31,555) | |||
Net income | 20,906 | 20,906 | ||||||
Other comprehensive income | 7,313 | 7,313 | ||||||
Acquisition | $ 50,626 | $ 3,402 | $ 47,224 | |||||
Dividends - common stock | (14,238) | (14,238) | ||||||
Common stock issued | 97 | 7 | 90 | |||||
Common stock repurchased | (48,203) | (3,468) | (44,735) | |||||
Stock based compensation expense | 1,204 | 1,204 | ||||||
Stock activity under incentive compensation plans | (198) | 195 | (481) | 88 | ||||
Ending Balance at Mar. 31, 2015 | 1,483,271 | 116,983 | 1,121,594 | 268,936 | (24,242) | |||
Beginning Balance at Dec. 31, 2015 | 1,491,170 | 114,297 | 1,087,911 | 323,759 | (34,797) | |||
Net income | 26,977 | 26,977 | ||||||
Other comprehensive income | 5,212 | 5,212 | ||||||
Dividends - common stock | (14,865) | (14,865) | ||||||
Common stock issued | 104 | 8 | 96 | |||||
Common stock repurchased | (492) | (41) | (451) | |||||
Stock based compensation expense | 1,268 | 1,268 | ||||||
Stock activity under incentive compensation plans | (731) | 88 | (787) | (32) | ||||
Ending Balance at Mar. 31, 2016 | $ 1,508,643 | $ 114,352 | $ 1,088,037 | $ 335,839 | $ (29,585) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash Flows From Operating Activities | ||
Net income | $ 26,977 | $ 20,906 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Depreciation | 3,527 | 4,140 |
Amortization of other intangible assets | 2,647 | 3,081 |
Net premium amortization on investment securities | 4,412 | 4,792 |
Amortization of FDIC indemnification asset | 655 | 968 |
Stock compensation expense | 1,268 | 1,204 |
Provision for loan losses | 91 | 1 |
Net securities gains | (1,106) | (2,683) |
Recognition of deferred gain on sale leaseback transactions | (1,052) | (1,524) |
Net gains on sales of other assets | (792) | (52) |
Increase in cash surrender value of company-owned life insurance | (998) | (2,062) |
Residential real estate loans originated for sale | (70,754) | (78,224) |
Proceeds from sale of residential real estate loans | 62,795 | 73,968 |
(Increase) decrease in interest receivable | 457 | (277) |
(Increase) decrease in other real estate owned | (1,024) | 1,470 |
(Increase) decrease in other assets | 3,460 | (4,516) |
Decrease in accrued expenses and other liabilities | (14,802) | (18,072) |
Total adjustments | (11,216) | (17,786) |
Net cash flows provided by operating activities | 15,761 | 3,120 |
Cash Flows From Investing Activities | ||
Net cash and cash equivalents of acquired banks | (37,098) | |
Purchases of investment securities available-for-sale | (289,184) | (129,563) |
Purchases of Federal Home Loan Bank/Federal Reserve Bank stock | (2,083) | |
Proceeds from maturities, prepayments, and calls of investment securities available-for-sale | 298,147 | 132,471 |
Proceeds from sales of investment securities available-for-sale | 76,650 | 170,265 |
Proceeds from maturities, prepayments, and calls of investment securities held-to-maturity | 1,439 | 5,609 |
Proceeds from sales of investment securities held-to-maturity | 855 | |
Reimbursements under FDIC loss share agreements | 877 | |
Net principal collected from (loans made to) loan customers | (60,293) | 18,424 |
Proceeds from sale of premises and equipment and other assets | 3,656 | 4 |
Purchases of premises and equipment and other assets | (4,928) | (6,959) |
Net cash flows provided by investing activities | 26,364 | 151,925 |
Cash Flows From Financing Activities | ||
Deposits | 188,035 | 60,200 |
Short-term borrowings | (134,119) | (100,794) |
Payments for maturities on other borrowings | (475,138) | (227,017) |
Proceeds from issuance of other borrowings | 350,000 | 150,000 |
Cash dividends paid on common stock | (14,865) | (14,238) |
Common stock repurchased | (492) | (48,203) |
Proceeds from exercise of stock options, including tax benefit | 90 | 260 |
Common stock issued | 104 | 97 |
Net cash flows used in financing activities | (86,385) | (179,695) |
Net decrease in cash and cash equivalents | (44,260) | (24,650) |
Cash and cash equivalents at beginning of period | 219,818 | 239,963 |
Cash and cash equivalents at end of period | 175,558 | 215,313 |
Supplemental cash flow information: | ||
Total interest paid | 11,265 | 9,374 |
Total taxes paid (net of refunds) | $ 2,000 | $ (49) |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 and 2015, and December 31, 2015, and the results of its operations for the three months ended March 31, 2016 and 2015. 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, 2015. All significant intercompany transactions and balances have been eliminated. Certain prior year amounts have been reclassified to conform to the 2016 presentation. Such reclassifications had no effect on net income or shareholders’ equity and were insignificant amounts. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | NOTE 2 – RECENT ACCOUNTING PRONOUNCEMENTS FASB ASC 606 – FASB ASC 718 – FASB ASC 350 – FASB ASC 944 – FASB ASC 805 FASB ASC 825 FASB ASC 842 – FASB ASC 405 FASB ASC 815 In March 2016, the FASB issued ASU No. 2016-06, Derivatives and Hedging (Topic 815): Contingent Put and Call Options in Debt Instruments. The amendments apply to all entities that are issuers of or investors in debt instruments (or hybrid financial instruments that are determined to have a debt host) with embedded call (put) options. Topic 815, Derivatives and Hedging, requires that embedded derivatives be separated from the host contract and accounted for separately as derivatives if certain criteria are met. One of those criteria is that the economic characteristics and risks of the embedded derivatives are not clearly and closely related to the economic characteristics and risks of the host contract. The amendments clarify what steps are required when assessing “clearly and closely related”. The amendments in this update become effective for annual periods and interim periods within those annual periods beginning after December 15, 2016. We are currently evaluating the impact of adopting the new guidance on the consolidated financial statements, but it is not expected to have a material impact. FASB ASC 323 FASB ASC 606 In April 2016, the FASB issued ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing. The amendments clarify the following two aspects of Topic 606: identifying performance obligations, and the licensing implementation guidance. Before an entity can identify its performance obligations in a contract with a customer, the entity first identifies the promised goods or services in the contract. The amendments in this update are expected to reduce the cost and complexity of applying the guidance on identifying promised goods or services. To identify performance obligations in a contract, an entity evaluates whether promised goods and services are distinct. Topic 606 includes two criteria for assessing whether promises to transfer goods or services are distinct. One of those criteria is that the promises are separately identifiable. This update will improve the guidance on assessing that criterion. Topic 606 also includes implementation guidance on determining whether as entity’s promise to grant a license provides a customer with either a right to use the entity’s intellectual property, which is satisfied at a point in time, or a right to access the entity’s intellectual property, which is satisfied over time. The amendments in this update are intended to improve the operability and understandability of the licensing implementation guidance. The amendments in this update affect the guidance in ASU No. 2014-09 above, which is not yet effective. The effective date will be the same as the effective date of ASU No. 2014-09. We are currently evaluating the impact of adopting the new guidance on the consolidated financial statements, but it is not expected to have a material impact. FASB ASC 718 |
Acquisition and Divestiture Act
Acquisition and Divestiture Activity | 3 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisition and Divestiture Activity | NOTE 3 – ACQUISITION AND DIVESTITURE ACTIVITY Acquisitions 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. Through December 31, 2015, transaction and integration costs of $4.9 million associated with the acquisition had been expensed. As of December 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 $ 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 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. Estimated Estimated 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 Gross Contractual Best Estimate at 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 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 $15.6 million in connection with the divestitures, which included a deposit premium of $19.3 million, goodwill allocation of $3.8 million, and $0.9 million of other transaction expenses. In addition, the Company consolidated 23 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. Pending Acquisitions at March 31, 2016 On January 12, 2016, Old National announced that it had entered into an agreement to acquire Madison, Wisconsin-based Anchor BanCorp Wisconsin Inc. (“Anchor”) through a stock and cash merger. Anchor is a savings and loan holding company with AnchorBank, fsb (“AnchorBank”) as its wholly-owned subsidiary. AnchorBank operates 46 banking centers, including 32 banking centers in the Madison, Milwaukee and Fox Valley triangle. At March 31, 2016, AnchorBank reported total assets of $2.231 billion and $1.816 billion of deposit liabilities. Pursuant to the merger agreement, shareholders of Anchor could elect to receive either 3.5505 shares of Old National common stock or $48.50 in cash for each share of Anchor they held, subject to no more than 40% of the outstanding shares of Anchor could receive cash. The transaction closed on May 1, 2016. Based on Old National’s closing share price of $13.40 on May 1, 2016, this represents a total transaction value of approximately $460 million. Due to the timing of the acquisition, the Company is continuing to determine the preliminary fair values of the assets and liabilities assumed and the purchase price allocation. The Company expects to finalize the analysis of the acquired assets and liabilities over the next few months and within one year of the acquisition. |
Net Income Per Share
Net Income Per Share | 3 Months Ended |
Mar. 31, 2016 | |
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 months ended March 31, 2016 and 2015: Three Months Ended March 31, (dollars and shares in thousands, except per share data) 2016 2015 Basic Earnings Per Share Net income $ 26,977 $ 20,906 Weighted average common shares outstanding 113,998 118,540 Basic Earnings Per Share $ 0.24 $ 0.18 Diluted Earnings Per Share Net income $ 26,977 $ 20,906 Weighted average common shares outstanding 113,998 118,540 Effect of dilutive securities: Restricted stock (1) 526 438 Stock options (2) 39 98 Weighted average shares outstanding 114,563 119,076 Diluted Earnings Per Share $ 0.24 $ 0.18 (1) 4 thousand shares of restricted stock and restricted stock units at March 31, 2016 were not included in the computation of net income per diluted share because the effect would be antidilutive. There were no antidilutive shares excluded from the computation at March 31, 2015. (2) Options to purchase 0.8 million shares and 0.9 million shares outstanding at March 31, 2016 and 2015, respectively, were not included in the computation of net income per diluted share 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) | 3 Months Ended |
Mar. 31, 2016 | |
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 for the three months ended March 31, 2016 and 2015: Unrealized Gains Available-for-Sale Unrealized Gains Held-to-Maturity Gains and Defined (dollars in thousands) Securities Securities Hedges Plans Total Three Months Ended March 31, 2016 Balance at January 1, 2016 $ (3,806 ) $ (14,480 ) $ (9,276 ) $ (7,235 ) $ (34,797 ) Other comprehensive income (loss) before reclassifications 11,282 — (6,900 ) — 4,382 Amounts reclassified from accumulated other comprehensive income (loss) (a) (699 ) 306 789 434 830 Net other comprehensive income (loss) 10,583 306 (6,111 ) 434 5,212 Balance at March 31, 2016 $ 6,777 $ (14,174 ) $ (15,387 ) $ (6,801 ) $ (29,585 ) Three Months Ended March 31, 2015 Balance at January 1, 2015 $ (748 ) $ (15,776 ) $ (5,935 ) $ (9,096 ) $ (31,555 ) Other comprehensive income (loss) before reclassifications 11,515 — (3,489 ) — 8,026 Amounts reclassified from accumulated other comprehensive income (loss) (a) (1,688 ) 403 115 457 (713 ) Net other comprehensive income (loss) 9,827 403 (3,374 ) 457 7,313 Balance at March 31, 2015 $ 9,079 $ (15,373 ) $ (9,309 ) $ (8,639 ) $ (24,242 ) (a) See table below for details about reclassifications. The following table summarize the significant amounts reclassified out of each component of AOCI for the three months ended March 31, 2016 and 2015: Amount Reclassified Affected Line Item in the Details about AOCI Components from AOCI Statement of Income Three Months Ended March 31, (dollars in thousands) 2016 2015 Unrealized gains and losses on available-for-sale securities $ 1,106 $ 2,683 Net securities gains (407 ) (995 ) Income tax (expense) benefit $ 699 $ 1,688 Net income Unrealized gains and losses on held-to-maturity securities $ (465 ) $ (337 ) Interest income/(expense) 159 (66 ) Income tax (expense) benefit $ (306 ) $ (403 ) Net income Gains and losses on cash flow hedges Interest rate contracts $ (1,273 ) $ (186 ) Interest income/(expense) 484 71 Income tax (expense) benefit $ (789 ) $ (115 ) Net income Amortization of defined benefit pension items Actuarial gains/(losses) $ (700 ) $ (738 ) Salaries and employee benefits 266 281 Income tax (expense) benefit $ (434 ) $ (457 ) Net income Total reclassifications for the period $ (830 ) $ 713 Net income |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 and December 31, 2015 and the corresponding amounts of unrealized gains and losses therein: Amortized Unrealized Unrealized Fair (dollars in thousands) Cost Gains Losses Value March 31, 2016 Available-for-Sale U.S. Treasury $ 11,966 $ 277 $ — $ 12,243 U.S. government-sponsored entities and agencies 600,938 2,578 (59 ) 603,457 Mortgage-backed securities - Agency 980,374 13,812 (3,202 ) 990,984 States and political subdivisions 387,916 12,931 (611 ) 400,236 Pooled trust preferred securities 17,192 — (9,205 ) 7,987 Other securities 339,148 2,481 (8,093 ) 333,536 Total available-for-sale securities $ 2,337,534 $ 32,079 $ (21,170 ) $ 2,348,443 Held-to-Maturity U.S. government-sponsored entities and agencies $ 142,045 $ 2,455 $ — $ 144,500 Mortgage-backed securities - Agency 14,604 578 — 15,182 States and political subdivisions 712,363 60,545 — 772,908 Total held-to-maturity securities $ 869,012 $ 63,578 $ — $ 932,590 December 31, 2015 Available-for-Sale U.S. Treasury $ 11,968 $ 190 $ (8 ) $ 12,150 U.S. government-sponsored entities and agencies 615,578 1,495 (3,523 ) 613,550 Mortgage-backed securities - Agency 1,065,936 10,970 (10,545 ) 1,066,361 States and political subdivisions 375,671 11,960 (335 ) 387,296 Pooled trust preferred securities 17,320 — (9,420 ) 7,900 Other securities 337,590 1,151 (7,777 ) 330,964 Total available-for-sale securities $ 2,424,063 $ 25,766 $ (31,608 ) $ 2,418,221 Held-to-Maturity U.S. government-sponsored entities and agencies $ 142,864 $ 2,899 $ — $ 145,763 Mortgage-backed securities - Agency 16,042 562 — 16,604 States and political subdivisions 713,205 53,848 (3 ) 767,050 Total held-to-maturity securities $ 872,111 $ 57,309 $ (3 ) $ 929,417 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 months ended March 31, 2016 and 2015: Three Months Ended March 31, (dollars in thousands) 2016 2015 Proceeds from sales of available-for-sale securities $ 76,650 $ 170,265 Proceeds from calls of available-for-sale securities 124,311 51,594 Total $ 200,961 $ 221,859 Realized gains on sales of available-for-sale securities $ 1,660 $ 2,481 Realized gains on calls of available-for-sale securities 244 168 Realized losses on sales of available-for-sale securities (446 ) (25 ) Realized losses on calls of available-for-sale securities (87 ) (3 ) Other securities gains (losses) (1) (265 ) 62 Net securities gains $ 1,106 $ 2,683 (1) Other securities gains (losses) includes net realized gains or losses associated with trading securities and mutual funds. During the three months ended March 31, 2015, the Company sold a municipal bond that was classified as held-to-maturity due to credit deterioration. Proceeds from the sale were $0.8 million and resulted in a gain of $52 thousand. 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 $3.7 million at March 31, 2016 and $3.9 million at December 31, 2015. 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. At March 31, 2016 (dollars in thousands) Weighted Amortized Fair Average Maturity Cost Value Yield Available-for-Sale Within one year $ 28,446 $ 28,505 1.58 % One to five years 508,313 512,104 1.78 Five to ten years 344,286 339,730 2.61 Beyond ten years 1,456,489 1,468,104 2.60 Total $ 2,337,534 $ 2,348,443 2.41 % Held-to-Maturity Within one year $ 11,984 $ 12,154 6.29 % One to five years 32,840 34,392 4.14 Five to ten years 214,165 222,378 3.67 Beyond ten years 610,023 663,666 5.48 Total $ 869,012 $ 932,590 5.00 % The following table summarizes the investment securities with unrealized losses at March 31, 2016 and December 31, 2015 by aggregated major security type and length of time in a continuous unrealized loss position: Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized (dollars in thousands) Value Losses Value Losses Value Losses March 31, 2016 Available-for-Sale U.S. government-sponsored entities and agencies $ 38,400 $ (59 ) $ — $ — $ 38,400 $ (59 ) Mortgage-backed securities - Agency 151,882 (357 ) 162,982 (2,845 ) 314,864 (3,202 ) States and political subdivisions 44,889 (458 ) 5,151 (153 ) 50,040 (611 ) Pooled trust preferred securities — — 7,987 (9,205 ) 7,987 (9,205 ) Other securities 96,543 (1,865 ) 111,346 (6,228 ) 207,889 (8,093 ) Total available-for-sale $ 331,714 $ (2,739 ) $ 287,466 $ (18,431 ) $ 619,180 $ (21,170 ) December 31, 2015 Available-for-Sale U.S. Treasury $ 6,505 $ (8 ) $ — $ — $ 6,505 $ (8 ) U.S. government-sponsored entities and agencies 160,751 (1,492 ) 122,581 (2,031 ) 283,332 (3,523 ) Mortgage-backed securities - Agency 256,359 (3,444 ) 239,047 (7,101 ) 495,406 (10,545 ) States and political subdivisions 38,373 (161 ) 5,137 (174 ) 43,510 (335 ) Pooled trust preferred securities — — 7,900 (9,420 ) 7,900 (9,420 ) Other securities 156,604 (2,717 ) 126,661 (5,060 ) 283,265 (7,777 ) Total available-for-sale $ 618,592 $ (7,822 ) $ 501,326 $ (23,786 ) $ 1,119,918 $ (31,608 ) Held-to-Maturity States and political subdivisions $ 2,026 $ (3 ) $ — $ — $ 2,026 $ (3 ) Total held-to-maturity $ 2,026 $ (3 ) $ — $ — $ 2,026 $ (3 ) 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 three months ended March 31, 2016 or 2015. As of March 31, 2016, Old National’s securities portfolio consisted of 1,719 securities, 132 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 March 31, 2016, our securities portfolio contained three pooled trust preferred securities with a fair value of $8.0 million and unrealized losses of $9.2 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 $3.1 million at March 31, 2016. This security was rated A3 at inception, but is rated D at March 31, 2016. 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 three months ended March 31, 2016 and 2015, our model indicated no other-than-temporary-impairment losses on this security. At March 31, 2016, we had no intent to sell any securities that were 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 $7.7 million and unrealized losses of $6.1 million at March 31, 2016 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 three months ended March 31, 2016 and 2015, our analysis indicated no OTTI 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. Actual Expected Excess Deferrals Defaults as Subordination # of Issuers and Defaults a % of as a % of Trust preferred securities Lowest Unrealized Realized Currently as a % of Remaining Current March 31, 2016 Credit Amortized Fair Gain/ Losses Performing/ Original Performing Performing (dollars in thousands) Class Rating (1) Cost Value (Loss) 2016 Remaining Collateral Collateral Collateral Pooled trust preferred securities: Reg Div Funding 2004 B-2 D $ 3,305 $ 244 $ (3,061 ) $ — 23/39 33.3 % 7.5 % 0.0 % Pretsl XXVII LTD B B 4,422 2,304 (2,118 ) — 34/45 20.4 % 3.5 % 51.6 % Trapeza Ser 13A A2A BBB 9,465 5,439 (4,026 ) — 50/57 8.9 % 5.0 % 47.4 % 17,192 7,987 (9,205 ) — Single Issuer trust preferred securities: Fleet Cap Tr V (BOA) BB+ 3,391 2,713 (678 ) — JP Morgan Chase Cap XIII BBB- 4,759 3,940 (819 ) — NB-Global BB+ 772 780 8 — Chase Cap II BBB- 811 775 (36 ) — 9,733 8,208 (1,525 ) — Total $ 26,925 $ 16,195 $ (10,730 ) $ — (1) Lowest rating for the security provided by any nationally recognized credit rating agency. The following table details the remaining securities with other-than-temporary-impairment, their credit rating at March 31, 2016, and the related life-to-date credit losses recognized in earnings: Amount of OTTI recognized in earnings Lowest Three Months Ended Credit Amortized March 31, Life-to (dollars in thousands) Vintage Rating (1) Cost 2016 2015 date Reg Div Funding 2004 D $ 3,305 $ — $ — $ 5,685 (1) Lowest rating for the security provided by any nationally recognized credit rating agency. |
Loans Held for Sale
Loans Held for Sale | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Loans Held for Sale | NOTE 7 – LOANS HELD FOR SALE Mortgage loans held for immediate sale in the secondary market were $22.5 million at March 31, 2016, compared to $13.8 million at December 31, 2015. 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 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. When the branch divestitures closed during the third quarter of 2015, these loans were valued at $193.6 million, resulting in a gain of $0.1 million. At March 31, 2016, there were no loans held for sale under this arrangement. |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2016 | |
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, Kentucky, and 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: March 31, December 31, (dollars in thousands) 2016 2015 Commercial (1) $ 1,784,970 $ 1,804,615 Commercial real estate: Construction 202,278 185,449 Other 1,705,556 1,662,372 Residential real estate 1,634,132 1,644,614 Consumer credit: Heloc 347,776 359,954 Auto 1,109,883 1,050,336 Other 127,076 133,478 Covered loans 95,403 107,587 Total loans 7,007,074 6,948,405 Allowance for loan losses (49,856 ) (51,296 ) Allowance for loan losses - covered loans (844 ) (937 ) Net loans $ 6,956,374 $ 6,896,172 (1) Includes direct finance leases of $13.4 million at March 31, 2016 and $14.4 million at December 31, 2015. 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 or other collateral 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. Our losses will not 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. We utilize a probability of default (“PD”) and 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 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 months ended March 31, 2016 and 2015 is as follows: Commercial (dollars in thousands) Commercial Real Estate Residential Consumer Unallocated Total Three Months Ended March 31, 2016 Balance at January 1, 2016 $ 26,347 $ 15,993 $ 2,051 $ 7,842 $ — $ 52,233 Charge-offs (1,527 ) (279 ) (140 ) (1,996 ) — (3,942 ) Recoveries 818 840 26 634 — 2,318 Provision (517 ) (783 ) (188 ) 1,579 — 91 Balance at March 31, 2016 $ 25,121 $ 15,771 $ 1,749 $ 8,059 $ — $ 50,700 Three Months Ended March 31, 2015 Balance at January 1, 2015 $ 20,670 $ 17,348 $ 2,962 $ 6,869 $ — $ 47,849 Charge-offs (548 ) 413 (374 ) (1,604 ) — (2,113 ) Recoveries 1,774 464 28 875 — 3,141 Provision 2,807 (4,418 ) 303 1,309 — 1 Balance at March 31, 2015 $ 24,703 $ 13,807 $ 2,919 $ 7,449 $ — $ 48,878 The following table provides Old National’s recorded investment in financing receivables by portfolio segment at March 31, 2016 and December 31, 2015 and other information regarding the allowance: Commercial (dollars in thousands) Commercial Real Estate Residential Consumer Unallocated Total March 31, 2016 Allowance for loan losses: Individually evaluated for impairment $ 7,016 $ 3,468 $ — $ — $ — $ 10,484 Collectively evaluated for impairment 17,523 12,110 1,729 7,846 — 39,208 Noncovered loans acquired with deteriorated credit quality 192 193 13 77 — 475 Covered loans acquired with deteriorated credit quality 390 — 7 136 — 533 Total allowance for loan losses $ 25,121 $ 15,771 $ 1,749 $ 8,059 $ — $ 50,700 Loans and leases outstanding: Individually evaluated for impairment $ 53,022 $ 41,022 $ — $ — $ — $ 94,044 Collectively evaluated for impairment 1,737,377 1,843,821 1,634,184 1,629,730 — 6,845,112 Loans acquired with deteriorated credit quality 674 24,431 86 3,564 — 28,755 Covered loans acquired with deteriorated credit quality 1,915 13,480 15,726 8,042 — 39,163 Total loans and leases outstanding $ 1,792,988 $ 1,922,754 $ 1,649,996 $ 1,641,336 $ — $ 7,007,074 December 31, 2015 Allowance for loan losses: Individually evaluated for impairment $ 7,467 $ 4,021 $ — $ — $ — $ 11,488 Collectively evaluated for impairment 18,295 11,439 2,038 7,614 — 39,386 Noncovered loans acquired with deteriorated credit quality 247 533 13 70 — 863 Covered loans acquired with deteriorated credit quality 338 — — 158 — 496 Total allowance for loan losses $ 26,347 $ 15,993 $ 2,051 $ 7,842 $ — $ 52,233 Loans and leases outstanding: Individually evaluated for impairment $ 60,959 $ 41,987 $ — $ — $ — $ 102,946 Collectively evaluated for impairment 1,750,397 1,779,062 1,644,631 1,590,288 — 6,764,378 Loans acquired with deteriorated credit quality 691 28,499 127 3,925 — 33,242 Covered loans acquired with deteriorated credit quality 2,893 19,424 16,577 8,945 — 47,839 Total loans and leases outstanding $ 1,814,940 $ 1,868,972 $ 1,661,335 $ 1,603,158 $ — $ 6,948,405 Credit Quality Old National’s management monitors the credit quality of its financing receivables in an on-going manner. Internally, management assigns an asset quality rating (“AQR”) to each non-homogeneous commercial and commercial real estate loan in the portfolio. The primary determinants of the AQR are based upon the reliability of the primary source of repayment and the past, present, and projected financial condition of the borrower. The AQR also reflects current economic and industry conditions. Major factors used in determining the AQR 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 March 31, 2016 and December 31, 2015, 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 Real Estate - Real Estate - Corporate Credit Exposure Commercial Construction Other Credit Risk Profile by March 31, December 31, March 31, December 31, March 31, December 31, Internally Assigned Grade 2016 2015 2016 2015 2016 2015 Grade: Pass $ 1,656,554 $ 1,668,667 $ 196,052 $ 179,543 $ 1,540,250 $ 1,491,750 Criticized 54,746 54,606 3,251 3,300 72,951 74,992 Classified - substandard 24,004 23,806 2,293 1,857 49,347 49,029 Classified - nonaccrual 47,774 55,067 682 749 34,044 39,164 Classified - doubtful 1,892 2,469 — — 8,964 7,437 Total $ 1,784,970 $ 1,804,615 $ 202,278 $ 185,449 $ 1,705,556 $ 1,662,372 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 March 31, 2016 and December 31, 2015, excluding covered loans: (dollars in thousands) Residential Consumer Heloc Auto Other March 31, 2016 Performing $ 1,619,917 $ 345,630 $ 1,108,568 $ 126,106 Nonperforming 14,215 2,146 1,315 970 Total $ 1,634,132 $ 347,776 $ 1,109,883 $ 127,076 December 31, 2015 Performing $ 1,629,661 $ 357,585 $ 1,048,763 $ 132,222 Nonperforming 14,953 2,369 1,573 1,256 Total $ 1,644,614 $ 359,954 $ 1,050,336 $ 133,478 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, as of March 31, 2016 and December 31, 2015, 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. Unpaid Recorded Principal Related (dollars in thousands) Investment Balance Allowance March 31, 2016 With no related allowance recorded: Commercial $ 28,921 $ 30,140 $ — Commercial Real Estate - Construction — — — Commercial Real Estate - Other 27,351 30,593 — Residential 1,342 1,363 — Consumer 838 998 — With an allowance recorded: Commercial 20,188 20,198 6,784 Commercial Real Estate - Construction 231 231 1 Commercial Real Estate - Other 13,441 13,523 3,467 Residential 1,016 1,016 51 Consumer 2,776 2,776 139 Total $ 96,104 $ 100,838 $ 10,442 December 31, 2015 With no related allowance recorded: Commercial $ 40,414 $ 41,212 $ — Commercial Real Estate - Construction — — — Commercial Real Estate - Other 26,998 30,264 — Residential 1,383 1,422 — Consumer 1,201 1,305 — With an allowance recorded: Commercial 16,377 16,483 7,111 Commercial Real Estate - Construction 237 237 6 Commercial Real Estate - Other 14,752 14,802 4,015 Residential 985 985 49 Consumer 2,525 2,525 126 Total $ 104,872 $ 109,235 $ 11,307 The average balance of impaired loans, excluding covered loans, and interest income recognized on impaired loans during the three months ended March 31, 2016 and 2015 are included in the table below. Average Interest Recorded Income (dollars in thousands) Investment Recognized (1) Three Months Ended March 31, 2016 With no related allowance recorded: Commercial $ 34,085 $ 28 Commercial Real Estate - Construction — — Commercial Real Estate - Other 27,149 95 Residential 1,362 — Consumer 1,019 2 With an allowance recorded: Commercial 18,283 13 Commercial Real Estate - Construction 234 — Commercial Real Estate - Other 14,097 48 Residential 1,001 38 Consumer 2,651 38 Total $ 99,881 $ 262 Three Months Ended March 31, 2015 With no related allowance recorded: Commercial $ 26,849 $ 42 Commercial Real Estate - Construction 2,250 3 Commercial Real Estate - Other 38,801 85 Residential 747 — Consumer 731 1 With an allowance recorded: Commercial 11,516 48 Commercial Real Estate - Construction 166 — Commercial Real Estate - Other 10,728 1 Residential 1,475 61 Consumer 1,492 20 Total $ 94,755 $ 261 (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 may be 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 March 31, 2016 and December 31, 2015 are as follows: Recorded Investment > 30-59 Days 60-89 Days 90 Days and Total (dollars in thousands) Past Due Past Due Accruing Nonaccrual Past Due Current March 31, 2016 Commercial $ 1,625 $ 58 $ — $ 49,666 $ 51,349 $ 1,733,621 Commercial Real Estate: Construction 693 — — 682 1,375 200,903 Other 4,231 27 80 43,008 47,346 1,658,210 Residential 8,608 40 150 14,215 23,013 1,611,119 Consumer: Heloc 1,093 75 — 2,146 3,314 344,462 Auto 2,792 372 100 1,315 4,579 1,105,304 Other 495 99 27 970 1,591 125,485 Covered loans 734 — — 5,864 6,598 88,805 Total loans $ 20,271 $ 671 $ 357 $ 117,866 $ 139,165 $ 6,867,909 December 31, 2015 Commercial $ 802 $ 100 $ 565 $ 57,536 $ 59,003 $ 1,745,612 Commercial Real Estate: Construction — — — 749 749 184,700 Other 438 135 — 46,601 47,174 1,615,198 Residential 9,300 2,246 114 14,953 26,613 1,618,001 Consumer: Heloc 283 402 — 2,369 3,054 356,900 Auto 3,804 730 202 1,573 6,309 1,044,027 Other 830 165 25 1,256 2,276 131,202 Covered loans 809 312 10 7,336 8,467 99,120 Total loans $ 16,266 $ 4,090 $ 916 $ 132,373 $ 153,645 $ 6,794,760 Loan Participations Old National has loan participations, which qualify as participating interests, with other financial institutions. At March 31, 2016, these loans totaled $314.5 million, of which $173.8 million had been sold to other financial institutions and $140.7 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. Old National charges 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 three months ended March 31, 2016 and 2015: Commercial (dollars in thousands) Commercial Real Estate Residential Consumer Total Three Months Ended March 31, 2016 Balance at January 1, 2016 $ 23,354 $ 14,602 $ 2,693 $ 3,602 $ 44,251 (Charge-offs)/recoveries (826 ) 62 32 (18 ) (750 ) Payments (3,565 ) (1,106 ) (348 ) (309 ) (5,328 ) Additions 1,542 9,476 133 385 11,536 Balance at March 31, 2016 $ 20,505 $ 23,034 $ 2,510 $ 3,660 $ 49,709 Three Months Ended March 31, 2015 Balance at January 1, 2015 $ 15,205 $ 15,226 $ 2,063 $ 2,459 $ 34,953 (Charge-offs)/recoveries 586 248 (15 ) (11 ) 808 Payments (2,198 ) (1,608 ) (33 ) (164 ) (4,003 ) Additions 1,741 1,573 352 174 3,840 Balance at March 31, 2015 $ 15,334 $ 15,439 $ 2,367 $ 2,458 $ 35,598 Approximately $35.7 million of the TDRs at March 31, 2016 were included with nonaccrual loans, compared to $30.0 million at December 31, 2015. Old National has allocated specific reserves to customers whose loan terms have been modified in TDRs totaling $4.4 million at March 31, 2016 and $2.3 million at December 31, 2015. As of March 31, 2016, Old National had committed to lend an additional $2.8 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 three months ended March 31, 2016 and 2015 are the same except for when the loan modifications involve the forgiveness of principal. The following table presents loans by class modified as TDRs that occurred during the three months ended March 31, 2016: Pre-modification Post-modification Number Outstanding Recorded Outstanding Recorded (dollars in thousands) of Loans Investment Investment Troubled Debt Restructuring: Commercial 10 $ 1,542 $ 990 Commercial Real Estate - Other 7 9,476 9,476 Residential 1 133 133 Consumer 8 385 385 Total 26 $ 11,536 $ 10,984 The TDRs described above increased the allowance for loan losses by $0.2 million and resulted in $0.6 million of charge-offs during the three months ended March 31, 2016. The following table presents loans by class modified as TDRs that occurred during the three months ended March 31, 2015: Pre-modification Post-modification Number Outstanding Recorded Outstanding Recorded (dollars in thousands) of Loans Investment Investment Troubled Debt Restructuring: Commercial 11 $ 1,741 $ 1,741 Commercial Real Estate - Construction 5 1,187 1,187 Commercial Real Estate - Other 5 385 385 Residential 2 366 366 Consumer 6 161 161 Total 29 $ 3,840 $ 3,840 The TDRs described above resulted in immaterial changes in the allowance for loan losses and charge-offs during the three months ended March 31, 2015. A loan is considered to be in payment default once it is 90 days contractually past due under the modified terms. There were four commercial loans and three commercial real estate loans totaling $0.6 million that were modified as TDRs within the preceding twelve months, and for which there was a payment default during the three months ended March 31, 2016. There were three commercial loans and one commercial real estate loan totaling $0.3 million that were modified as TDRs within the preceding twelve months, and for which there was a payment default during the three months ended March 31, 2015. The terms of certain other loans were modified during the three months ended March 31, 2016 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 March 31, 2016, 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 when subsequently restructured 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 of the subsequent restructuring agreement, the institution has granted no concession to the borrower; and (3) the subsequent restructuring agreement includes market terms that are no less favorable than those that would be offered for a comparable new loan. For loans subsequently restructured that have cumulative principal forgiveness, the loan should continue to be measured in accordance with ASC 310-10, “Receivables – Overall”. However, consistent with ASC 310-40-50-2, “Troubled Debt Restructurings by Creditors, Creditor Disclosure of Troubled Debt Restructurings,” the loan would not be required to be reported in the years following the restructuring if the subsequent restructuring meets both of these criteria: (1) has an interest rate at the time of the subsequent restructuring that is not less than a market interest rate; and (2) is performing in compliance with its modified terms after the subsequent restructuring. Purchased Impaired Loans (noncovered loans) Purchased loans acquired in a business combination are recorded at estimated fair value on their purchase date with no carryover of the related allowance for loan and lease losses. In determining the estimated fair value of purchased loans, management considers a number of factors including, among others, the remaining life of the acquired loans, estimated prepayments, estimated loss ratios, estimated value of the underlying collateral, and net present value of cash flows expected to be received. Purchased loans are accounted for in accordance with guidance for certain loans acquired in a transfer (ASC 310-30), when the loans have evidence of credit deterioration since origination and it is probable at the date of acquisition that the acquirer will not collect all contractually required principal and interest payments. The difference between contractually required payments and the cash flows expected to be collected at acquisition is referred to as the non-accretable difference. Subsequent decreases to the expected cash flows will generally result in a provision for loan and lease losses. Subsequent increases in expected cash flows will result in a reversal of the provision for loan losses to the extent of prior charges and then an adjustment to accretable yield, which would have a positive impact on interest income. Old National has purchased loans for which there was, at acquisition, evidence of deterioration of credit quality since origination and it was probable, at acquisition, that all contractually required payments would not be collected. For these noncovered loans that meet the criteria of ASC 310-30 treatment, the carrying amount is as follows: March 31, December 31, (dollars in thousands) 2016 2015 Commercial $ 674 $ 691 Commercial real estate 24,431 28,499 Residential 86 127 Consumer 3,564 3,925 Carrying amount 28,755 33,242 Allowance for loan losses (475 ) (863 ) Carrying amount, net of allowance $ 28,280 $ 32,379 The outstanding balance of noncovered loans accounted for under ASC 310-30, including contractual principal, interest, fees and penalties, was $105.0 million at March 31, 2016 and $107.1 million at December 31, 2015. The accretable difference on purchased loans acquired in a business combination is the difference between the expected cash flows and the net present value of expected cash flows with such difference accreted into earnings using the effective yield method over the term of the loans. Accretion recorded as loan interest income totaled $2.5 million during the three months ended March 31, 2016 and $2.9 million dur |
Covered Loans
Covered Loans | 3 Months Ended |
Mar. 31, 2016 | |
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 $95.4 million at March 31, 2016, compared to $107.6 million at December 31, 2015. The composition of covered loans by lending classification was as follows: At March 31, 2016 Loans Accounted for Loans Excluded from Under ASC 310-30 ASC 310-30 (1) (Purchased Credit (Not Purchased Total Covered (dollars in thousands) Impaired) Credit Impaired) Purchased Loans Commercial $ 1,915 $ 6,103 $ 8,018 Commercial real estate 13,480 1,440 14,920 Residential 15,726 138 15,864 Consumer 8,042 48,559 56,601 Covered loans 39,163 56,240 95,403 Allowance for loan losses (533 ) (311 ) (844 ) Covered loans, net $ 38,630 $ 55,929 $ 94,559 (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 $202.4 million at March 31, 2016 and $214.4 million at December 31, 2015. The following table is a roll-forward of acquired impaired loans accounted for under ASC 310-30 for the three months ended March 31, 2016 and 2015: Contractual Nonaccretable Accretable Carrying (dollars in thousands) Cash Flows (1) Difference Yield Amount (2) Three Months Ended March 31, 2016 Balance at January 1, 2016 $ 69,857 $ (4,729 ) $ (17,785 ) $ 47,343 Principal reductions and interest payments (13,403 ) (270 ) — (13,673 ) Accretion of loan discount — — 6,186 6,186 Changes in contractual and expected cash flows due to remeasurement 1,305 334 (1,777 ) (138 ) Removals due to foreclosure or sale (1,944 ) 135 270 (1,539 ) Loans removed from loss share coverage 323 (6 ) 134 451 Balance at March 31, 2016 $ 56,138 $ (4,536 ) $ (12,972 ) $ 38,630 Three Months Ended March 31, 2015 Balance at January 1, 2015 $ 124,809 $ (12,014 ) $ (35,742 ) $ 77,053 Principal reductions and interest payments (9,566 ) (702 ) — (10,268 ) Accretion of loan discount — — 3,344 3,344 Changes in contractual and expected cash flows due to remeasurement (498 ) 3,695 (3,132 ) 65 Removals due to foreclosure or sale (433 ) 133 (129 ) (429 ) Balance at March 31, 2015 $ 114,312 $ (8,888 ) $ (35,659 ) $ 69,765 (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 change 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. At March 31, 2016, the $7.7 million loss sharing asset is comprised of a $6.2 million FDIC indemnification asset and a $1.5 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 March 31, 2016, $4.3 million of the FDIC indemnification asset is related to expected indemnification payments and $1.9 million is expected to be amortized and reported in noninterest income as an offset to future accreted interest income. At March 31, 2015, $8.1 million of the FDIC indemnification asset was related to expected indemnification payments and $8.5 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 three months ended March 31, 2016 and 2015: (dollars in thousands) 2016 2015 Balance at January 1, $ 9,030 $ 20,603 Adjustments not reflected in income: Cash received from the FDIC (877 ) — Other 205 389 Adjustments reflected in income: (Amortization) accretion (497 ) (1,986 ) Higher (lower) loan loss expectations (33 ) — Impairment/(recovery) of value and net (gain)/loss on sales of other real estate (125 ) 1,018 Balance at March 31, $ 7,703 $ 20,024 Old National has applied with the FDIC to terminate its loss sharing agreements. If agreed upon, the termination of the agreements would result in the elimination of the FDIC indemnification asset and all future gains and losses associated with the covered assets would then be recognized entirely by Old National since the FDIC would no longer be sharing in these gains and losses. |
Other Real Estate Owned
Other Real Estate Owned | 3 Months Ended |
Mar. 31, 2016 | |
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 three months ended March 31, 2016 and 2015: Other Real Estate Other Real Estate (dollars in thousands) Owned (1) Owned, Covered Three Months Ended March 31, 2016 Balance at January 1, 2016 $ 7,594 $ 4,904 Additions 736 1,830 Sales (1,125 ) (81 ) (Impairment)/recovery of value (186 ) (150 ) Balance at March 31, 2016 $ 7,019 $ 6,503 Three Months Ended March 31, 2015 Balance at January 1, 2015 $ 7,241 $ 9,121 Additions 1,906 360 Sales (428 ) (2,556 ) (Impairment)/recovery of value (237 ) 159 Balance at March 31, 2015 $ 8,482 $ 7,084 (1) Includes repossessed personal property of $0.3 million at March 31, 2016 and $0.2 million at March 31, 2015. At March 31, 2016, foreclosed residential real estate property included in the table above totaled $0.9 million. At March 31, 2016, consumer mortgage loans collateralized by residential real property that were in the process of foreclosure totaled $5.2 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. Our losses will not 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 | 3 Months Ended |
Mar. 31, 2016 | |
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 three months ended March 31, 2016 and 2015: (dollars in thousands) Banking Insurance Total Three Months Ended March 31, 2016 Balance at January 1, 2016 $ 543,671 $ 40,963 $ 584,634 Goodwill acquired during the period — — — Balance at March 31, 2016 $ 543,671 $ 40,963 $ 584,634 Three Months Ended March 31, 2015 Balance at January 1, 2015 $ 490,972 $ 39,873 $ 530,845 Goodwill acquired during the period 55,969 1,090 57,059 Balance at March 31, 2015 $ 546,941 $ 40,963 $ 587,904 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. See Note 3 to the consolidated financial statements for detail regarding goodwill recorded in 2015 associated with acquisitions. The gross carrying amount and accumulated amortization of other intangible assets at March 31, 2016 and December 31, 2015 were as follows: Gross Accumulated Net Carrying Amortization Carrying (dollars in thousands) Amount and Impairment Amount March 31, 2016 Amortized intangible assets: Core deposit $ 60,103 $ (45,502 ) $ 14,601 Customer business relationships 30,570 (23,800 ) 6,770 Customer trust relationships 16,547 (6,210 ) 10,337 Customer loan relationships 4,413 (3,678 ) 735 Total intangible assets $ 111,633 $ (79,190 ) $ 32,443 December 31, 2015 Amortized intangible assets: Core deposit $ 60,103 $ (43,982 ) $ 16,121 Customer business relationships 30,787 (23,341 ) 7,446 Customer trust relationships 16,547 (5,286 ) 11,261 Customer loan relationships 4,413 (3,933 ) 480 Total intangible assets $ 111,850 $ (76,542 ) $ 35,308 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 2016, Old National decreased customer business relationships by $0.2 million. These adjustments related to final contingency payments on acquired insurance books of business that occurred in prior years. The adjustments are 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 three months ended March 31, 2016 or 2015. Total amortization expense associated with intangible assets was $2.6 million for the three months ended March 31, 2016 and $3.1 million for the three months ended March 31, 2015. Estimated amortization expense for future years is as follows: (dollars in thousands) 2016 remaining $ 7,232 2017 7,581 2018 5,799 2019 4,317 2020 3,036 Thereafter 4,478 Total $ 32,443 |
Loan Servicing Rights
Loan Servicing Rights | 3 Months Ended |
Mar. 31, 2016 | |
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, LSB on November 1, 2014, and Founders on January 1, 2015. At March 31, 2016, loan servicing rights derived from loans sold with servicing retained totaled $10.5 million and were included in other assets in the consolidated balance sheet, compared to $10.5 million at December 31, 2015. Loans serviced for others are not reported as assets. The principal balance of loans serviced for others was $1.270 billion at March 31, 2016, compared to $1.263 billion at December 31, 2015. Approximately 96% of the loans serviced for others at March 31, 2016 were residential mortgage loans. Custodial escrow balances maintained in connection with serviced loans were $6.4 million at March 31, 2016 and $3.0 million at December 31, 2015. The following table summarizes the carrying values and activity related to loan servicing rights and the related valuation allowance for the three months ended March 31, 2016 and 2015: (dollars in thousands) 2016 2015 Balance at January 1, $ 10,502 $ 9,584 Additions 481 956 Amortization (447 ) (518 ) Balance before valuation allowance at March 31, 10,536 10,022 Valuation allowance: Balance at January 1, (34 ) (50 ) (Additions)/recoveries 32 (437 ) Balance at March 31, (2 ) (487 ) Loan servicing rights, net $ 10,534 $ 9,535 At March 31, 2016, the fair value of servicing rights was $11.0 million, which was determined using a discount rate of 11% and a weighted average prepayment speed of 175% PSA. At December 31, 2015, the fair value of servicing rights was $11.3 million, which was determined using a discount rate of 11% and a weighted average prepayment speed of 166% PSA. |
Short-Term Borrowings
Short-Term Borrowings | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016: American Federal Repurchase Financial Funds Agreements / Exchange (dollars in thousands) Purchased Sweeps Borrowings (1) Total 2016 Outstanding at March 31, 2016 $ 155,320 $ 329,060 $ 10,000 $ 494,380 Average amount outstanding 104,774 336,044 5,604 446,422 Maximum amount outstanding at any month-end 155,320 346,695 20,000 Weighted average interest rate: During the three months ended March 31, 2016 0.43 % 0.07 % 0.81 % 0.16 % At March 31, 2016 0.49 0.07 0.57 0.21 (1) In 2015, the Company joined the American Financial Exchange, which is an overnight source of borrowings. No collateral was pledged on these funds. The following table presents the contractual maturity of our secured borrowings and class of collateral pledged: At March 31, 2016 Remaining Contractual Maturity of the Agreements Overnight and Up to Greater Than (dollars in thousands) Continuous 30 Days 30-90 Days 90 days Total Repurchase Agreements: U.S. Treasury and agency securities $ 329,060 $ — $ — $ — $ 329,060 Total $ 329,060 $ — $ — $ — $ 329,060 The fair value of securities pledged to secure repurchase agreements may decline. The Company has pledged securities valued at 108% of the gross outstanding balance of repurchase agreements at March 31, 2016 to manage this risk. REVOLVING LOAN Subsequent to quarter end, the Company entered into a $75.0 million revolving line of credit agreement. The 364 day revolving loan has a variable rate of interest priced at the one-month LIBOR plus 200 basis points. Currently, $50.0 million is outstanding on the loan. |
Financing Activities
Financing Activities | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Financing Activities | NOTE 14 – FINANCING ACTIVITIES The following table summarizes Old National’s and its subsidiaries’ other borrowings at March 31, 2016 and December 31, 2015: March 31, December 31, (dollars in thousands) 2016 2015 Old National Bancorp: Senior unsecured bank notes (fixed rate 4.125%) maturing August 2024 $ 175,000 $ 175,000 Unamortized debt issuance costs related to Senior unsecured bank notes (1,299 ) (1,338 ) Junior subordinated debentures (variable rates of 1.97% to 2.39%) maturing March 2035 to June 2037 45,000 45,000 ASC 815 fair value hedge and other basis adjustments (4,327 ) (4,442 ) 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 0.56% to 6.76% and variable rates 0.70% to 0.78%) maturing April 2016 to January 2025 897,645 1,022,766 Capital lease obligation 4,019 4,036 ASC 815 fair value hedge and other basis adjustments 1,773 725 Total other borrowings $ 1,167,811 $ 1,291,747 Contractual maturities of other borrowings at March 31, 2016 were as follows: (dollars in thousands) Due in 2016 $ 417,338 Due in 2017 95,744 Due in 2018 195,308 Due in 2019 2,867 Due in 2020 50,091 Thereafter 410,316 ASC 815 fair value hedge, unamortized debt issuance costs, and other basis adjustments (3,853 ) Total $ 1,167,811 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 0.96% at March 31, 2016 and 0.72% at December 31, 2015. These borrowings are collateralized by investment securities and residential real estate loans up to 140% 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. SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE Securities sold under agreements to repurchase are secured borrowings. The Company pledges investment securities to secure these borrowings. The fair value of securities pledged to secure repurchase agreements may decline. The Company has pledged securities valued at 118% of the gross outstanding balance of repurchase agreements at March 31, 2016 to manage this risk. 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 March 31, 2016, the future minimum lease payments under the capital lease were as follows: (dollars in thousands) 2016 remaining $ 307 2017 410 2018 410 2019 430 2020 430 Thereafter 8,406 Total minimum lease payments 10,393 Less amounts representing interest 6,374 Present value of net minimum lease payments $ 4,019 |
Employee Benefit Plans
Employee Benefit Plans | 3 Months Ended |
Mar. 31, 2016 | |
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 does not expect to contribute cash payments to the Retirement Plan in 2016. 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 $10 thousand to cover benefit payments from the Restoration Plan during the three months ended March 31, 2016. Old National expects to contribute an additional $29 thousand to cover benefit payments from the Restoration Plan during the remainder of 2016. The net periodic benefit cost and its components were as follows for the three months ended March 31: Three Months Ended March 31, (dollars in thousands) 2016 2015 Interest cost $ 440 $ 415 Expected return on plan assets (442 ) (512 ) Recognized actuarial loss 494 531 Settlement loss 206 206 Net periodic benefit cost $ 698 $ 640 In March 2016, we sent to participants and beneficiaries a Notice of Intent to Terminate the Employee Retirement Plan effective May 15, 2016. The complete distribution of the trust fund during the fourth quarter of 2016 is expected to result in a pre-tax charge of $11 million to $14 million and relieve Old National of all future obligations and expense. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | NOTE 16 – STOCK-BASED COMPENSATION At March 31, 2016, Old National had 5.0 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 67 thousand time-based restricted stock awards to certain key officers during the three months ended March 31, 2016, 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 March 31, 2016, unrecognized compensation expense was estimated to be $3.4 million for unvested restricted stock awards. Old National recorded expense of $0.3 million, net of tax, during the three months ended March 31, 2016, compared to $0.2 million, net of tax, during the three months ended March 31, 2015 related to the vesting of restricted stock awards. Restricted Stock Units The Company granted 270 thousand shares of performance based restricted stock units to certain key officers during the three months ended March 31, 2016, 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 March 31, 2016, unrecognized compensation expense was estimated to be $5.3 million. Old National recorded stock based compensation expense, net of tax, related to restricted stock units of $0.5 million during the three months ended March 31, 2016 and 2015. 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 three months ended March 31, 2016 or 2015. 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 incremental expense associated with the conversion of these stock appreciation rights. At March 31, 2016, 81 thousand stock appreciation rights remained outstanding. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2016 | |
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 months ended March 31: Three Months Ended March 31, (dollars in thousands) 2016 2015 Provision at statutory rate of 35% $ 12,827 $ 10,546 Tax-exempt income (4,168 ) (3,852 ) State income taxes 583 1,277 Interim period effective rate adjustment (148 ) 1,506 Other, net 577 (252 ) Income tax expense $ 9,671 $ 9,225 Effective tax rate 26.4 % 30.6 % In accordance with ASC 740-270, Accounting for Interim Reporting, the provision for income taxes was recorded at March 31, 2016 and 2015 based on the current estimate of the effective annual rate. The lower effective tax rate during the three months ended March 31, 2016 when compared to the three months ended March 31, 2015 is the result of a decrease in the forecasted effective tax rate for 2016 as compared to 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 a higher state income tax expense in 2015. No valuation allowance was recorded at March 31, 2016 or 2015 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) 2016 2015 Balance at January 1, $ 124 $ 77 Additions based on tax positions related to the current year 14 11 Balance at March 31, $ 138 $ 88 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 | 3 Months Ended |
Mar. 31, 2016 | |
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 $761.5 million at March 31, 2016 and December 31, 2015. The March 31, 2016 balances consist of $36.5 million notional amount of receive-fixed, pay-variable interest rate swaps on certain of its FHLB advances and $725.0 million notional amount of pay-fixed, receive-variable interest rate swaps on certain of its FHLB advances. During the first quarter of 2016, $50.0 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, 2015 balances consist of consist of $36.5 million notional amount of receive-fixed, pay-variable interest rate swaps on certain of its FHLB advances, $675.0 million notional amount of pay-fixed, receive-variable interest rate swaps on certain of its FHLB advances and $50.0 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 March 31, 2016, the notional amount of the interest rate lock commitments was $49.1 million and forward commitments were $59.5 million. At December 31, 2015, the notional amount of the interest rate lock commitments was $30.4 million and forward commitments were $33.3 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 $437.4 million and $437.4 million, respectively, at March 31, 2016. At December 31, 2015, the notional amounts of the customer derivative instruments and the offsetting counterparty derivative instruments were $428.4 million and $428.4 million, respectively. These derivative contracts do not qualify for hedge accounting. These instruments include interest rate swaps, caps and collars. 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 $0.3 million will be reclassified to interest income and $7.6 million will be reclassified to interest expense. On the balance sheet, asset derivatives are included in other assets, and liability derivatives are included in other liabilities. The following table summarizes the fair value of derivative financial instruments utilized by Old National: March 31, 2016 December 31, 2015 Asset Liability Asset Liability (dollars in thousands) Derivatives Derivatives Derivatives Derivatives Derivatives designated as hedging instruments Interest rate contracts $ 4,858 $ 25,720 $ 3,794 $ 15,554 Total derivatives designated as hedging instruments $ 4,858 $ 25,720 $ 3,794 $ 15,554 Derivatives not designated as hedging instruments Interest rate contracts $ 16,817 $ 16,938 $ 11,296 $ 11,414 Mortgage contracts 1,390 94 835 — Total derivatives not designated as hedging instruments $ 18,207 $ 17,032 $ 12,131 $ 11,414 Total $ 23,065 $ 42,752 $ 15,925 $ 26,968 The effect of derivative instruments on the consolidated statements of income for the three months ended March 31, 2016 and 2015 are as follows: Three Months Ended March 31, (dollars in thousands) 2016 2015 Derivatives in Fair Value Hedging Relationships Location of Gain or (Loss) Recognized in Income on Derivative Amount of Gain or (Loss) Interest rate contracts (1) Interest income / (expense) $ (1,043 ) $ 23 Interest rate contracts (2) Other income / (expense) 50 59 Total $ (993 ) $ 82 Derivatives in Cash Flow Hedging Relationships Location of Gain or (Loss) Recognized in Income on Derivative Amount of Gain or (Loss) Interest rate contracts (1) Interest income / (expense) $ 86 $ 166 Total $ 86 $ 166 Derivatives Not Designated as Hedging Instruments Location of Gain or (Loss) Recognized in Income on Derivative Amount of Gain or (Loss) Interest rate contracts (3) Other income / (expense) $ (3 ) $ — Mortgage contracts Mortgage banking revenue 461 788 Total $ 458 $ 788 (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 | 3 Months Ended |
Mar. 31, 2016 | |
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. Thereafter, the case returned to the trial court for further proceedings on the sole remaining count. The trial court set the case for trial on May 9, 2016 along with various other case management deadlines. On January 11, 2016, Old National filed its second Motion for Summary Judgment addressing the issues discussed in the Court of Appeals opinion. Simultaneously, other deadlines relating to, among other things, witness and exhibit disclosures and expert disclosures were approaching which presented the parties an opportunity to evaluate the pending case. On April 5, 2016, Old National entered into a settlement agreement with plaintiffs providing for a cash payment from Old National in the amount of $4,750,000 in exchange for a full release and dismissal of plaintiffs’ complaint. By entering into the settlement agreement, Old National has not admitted any liability with respect to the lawsuit. The settlement amount had previously been accrued for in the December 31, 2015 financial statements. On April 14, 2016, the Circuit Court preliminarily approved the settlement agreement, entered an order authorizing notice of the settlement to the class participants, and vacated the May 9, 2016 trial date. Following notice of the settlement to the class participants, the settlement agreement will be subject to final Circuit Court approval which is scheduled for June 13, 2016. Although Old National cannot guarantee that the Circuit Court will approve the settlement agreement, Old National believes it is reasonably likely that the settlement agreement will be approved. In the event that the settlement agreement is not approved by the Circuit Court or is otherwise rejected, the Circuit Court will reissue a new trial date in 2017. 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 $39.6 million as of March 31, 2016 and $40.7 million as of December 31, 2015. The gains are being recognized over the remaining term of the leases. The leases had original terms ranging from five to twenty-four years. New accounting guidance has been issued for leases, and it is possible that this accounting treatment could change in the future. 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 $1.770 billion and standby letters of credit of $59.2 million at March 31, 2016. At March 31, 2016, approximately $1.686 billion of the loan commitments had fixed rates and $84.0 million had floating rates, with the floating interest rates ranging from 0% to 25%. At December 31, 2015, loan commitments totaled $1.746 billion and standby letters of credit totaled $62.6 million. These commitments are not reflected in the consolidated financial statements. The allowance for unfunded loan commitments totaled $4.0 million at March 31, 2016 and $3.6 million at December 31, 2015. Old National had credit extensions with various unaffiliated banks related to letter of credit commitments issued on behalf of Old National’s clients totaling $14.5 million at March 31, 2016 and December 31, 2015. Old National provided collateral to the unaffiliated banks to secure credit extensions totaling $13.6 million at March 31, 2016 and December 31, 2015. Old National did not provide collateral for the remaining credit extensions. |
Financial Guarantees
Financial Guarantees | 3 Months Ended |
Mar. 31, 2016 | |
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 $7.2 million at March 31, 2016. 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 $11.4 million at March 31, 2016. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2016 | |
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, 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 months ended March 31: (dollars in thousands) Banking Insurance Other Total Three months ended March 31, 2016 Net interest income $ 87,795 $ 1 $ (2,153 ) $ 85,643 Noninterest income 36,158 13,108 185 49,451 Noncash items: Depreciation and software amortization 4,137 44 161 4,342 Provision for loan losses 91 — — 91 Amortization of intangibles 2,188 459 — 2,647 Income tax expense (benefit) 10,830 1,204 (2,363 ) 9,671 Segment profit (loss) 27,222 1,925 (2,170 ) 26,977 Segment assets 11,790,789 61,416 80,121 11,932,326 Three months ended March 31, 2015 Net interest income $ 93,078 $ 2 $ (2,087 ) $ 90,993 Noninterest income 42,839 11,987 469 55,295 Noncash items: Depreciation and software amortization 4,656 34 158 4,848 Provision for loan losses 1 — — 1 Amortization of intangibles 2,605 476 — 3,081 Income tax expense (benefit) 9,297 615 (687 ) 9,225 Segment profit (loss) 24,783 964 (4,841 ) 20,906 Segment assets 11,804,609 60,700 84,541 11,949,850 Noninterest income in the banking segment decreased for the three months ended March 31, 2016 when compared to the same period in 2015 primarily due to lower debit card and ATM fees, service charges on deposit accounts, and net securities gains. Debit card and ATM fees decreased for the three months ended March 31, 2016 when compared to the three months ended March 31, 2015 as the Durbin Amendment, which limits interchange fees on debit card transactions for banks with $10 billion or more in assets became effective for us on July 1, 2015. |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 Using (dollars in thousands) Carrying Quoted Prices in Significant Significant (Level 3) Financial Assets Trading securities $ 3,699 $ 3,699 $ — $ — Investment securities available-for-sale: U.S. Treasury 12,243 12,243 — — U.S. government-sponsored entities and agencies 603,457 — 603,457 — Mortgage-backed securities - Agency 990,984 — 990,984 — States and political subdivisions 400,236 — 400,236 — Pooled trust preferred securities 7,987 — — 7,987 Other securities 333,536 31,941 301,595 — Residential loans held for sale 22,546 — 22,546 — Derivative assets 23,065 — 23,065 — Financial Liabilities Derivative liabilities 42,752 — 42,752 — Fair Value Measurements at December 31, 2015 Using (dollars in thousands) Carrying Quoted Prices in Significant Significant (Level 3) Financial Assets Trading securities $ 3,941 $ 3,941 $ — $ — Investment securities available-for-sale: U.S. Treasury 12,150 12,150 — — U.S. government-sponsored entities and agencies 613,550 — 613,550 — Mortgage-backed securities - Agency 1,066,361 — 1,066,361 — States and political subdivisions 387,296 — 387,296 — Pooled trust preferred securities 7,900 — — 7,900 Other securities 330,964 31,443 299,521 — Residential loans held for sale 13,810 — 13,810 — Derivative assets 15,925 — 15,925 — Financial Liabilities Derivative liabilities 26,968 — 26,968 — 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 three months ended March 31, 2016: (dollars in thousands) Pooled Trust Balance at January 1, 2016 $ 7,900 Accretion of discount 5 Sales/payments received (133 ) Increase in fair value of securities 215 Balance at March 31, 2016 $ 7,987 The accretion of discounts on securities totaling $5 thousand for the three months ended March 31, 2016 is included in interest income. 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 (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 three months ended March 31, 2015: (dollars in thousands) Pooled Trust State and Balance at January 1, 2015 $ 6,607 $ 325 Accretion of discount 5 — Sales/payments received (264 ) — Matured securities — (325 ) Increase in fair value of securities 205 — Balance at March 31, 2015 $ 6,553 $ — The accretion of discounts on securities totaling $5 thousand for the three months ended March 31, 2015 is included in interest income. 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 (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 March 31, 2016 and December 31, 2015: (dollars in thousands) Fair Value at Valuation Techniques Unobservable Input Range (Weighted Pooled trust preferred securities $ 7,987 Discounted cash flow Constant prepayment rate (a) 0.00% Additional asset defaults (b) 2.8% - 4.5% (4.0%) Expected asset recoveries (c) 0.0% - 16.0% (4.3%) (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 Valuation Techniques Unobservable Input Range (Weighted Pooled trust preferred securities $ 7,900 Discounted cash flow Constant prepayment rate (a) 0.00% Additional asset defaults (b) 4.1% - 11.5% (8.1%) Expected asset recoveries (c) 0.0% -11.5% (3.1%) (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%. Significant changes in any of the unobservable inputs used in the fair value measurement 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 March 31, 2016 are summarized below: Fair Value Measurements at March 31, 2016 Using (dollars in thousands) Carrying Quoted Prices in Significant Significant (Level 3) Collateral Dependent Impaired Loans Commercial loans $ 17,301 $ — $ — $ 17,301 Commercial real estate loans 11,002 — — 11,002 Foreclosed Assets Commercial real estate 2,616 — — 2,616 Residential 235 — — 235 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 $38.8 million, with a valuation allowance of $10.5 million at March 31, 2016. Old National recorded provision expense associated with these loans totaling $2.2 million for the three months ended March 31, 2016. Old National recorded provision expense associated with impaired commercial and commercial real estate loans that were deemed collateral dependent totaling $4.8 million for the three months ended March 31, 2015. Other real estate owned and other repossessed property is measured at fair value less costs to sell and had a net carrying amount of $2.9 million at March 31, 2016. 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 $0.4 million for the three months ended March 31, 2016 and $1.1 million for the three months ended March 31, 2015. Assets measured at fair value on a non-recurring basis at December 31, 2015 are summarized below: Fair Value Measurements at December 31, 2015 Using (dollars in thousands) Carrying Quoted Prices in Significant Significant (Level 3) Collateral Dependent Impaired Loans Commercial loans $ 13,332 $ — $ — $ 13,332 Commercial real estate loans 11,857 — — 11,857 Foreclosed Assets Commercial real estate 2,526 — — 2,526 Residential 203 — — 203 As of December 31, 2015, impaired commercial and commercial real estate loans had a principal amount of $36.8 million, with a valuation allowance of $11.5 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 $2.7 million at December 31, 2015. 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 Valuation Unobservable Input Range (Weighted Collateral Dependent Impaired Loans Commercial loans $ 17,301 Fair value of Discount for type of property, age of appraisal, and current status 0% - 98% (51%) Commercial real estate loans 11,002 Fair value of Discount for type of property, age of appraisal and current status 20% - 61% (34%) Foreclosed Assets Commercial real estate 2,616 Fair value of Discount for type of property, age of appraisal, and current status 0% - 80% (27%) Residential 235 Fair value of Discount for type of property, age of appraisal, and current status 7% - 41% (24%) (dollars in thousands) Fair Value at Valuation Unobservable Input Range (Weighted Collateral Dependent Impaired Loans Commercial loans $ 13,332 Fair value of Discount for type of property, age of appraisal, and current status 0% - 86% (28%) Commercial real estate loans 11,857 Fair value of Discount for type of property, age of appraisal, and current status 0% - 61% (33%) Foreclosed Assets Commercial real estate 2,526 Fair value of Discount for type of property, age of appraisal, and current status 3% - 80% (26%) Residential 203 Fair value of Discount for type of property, age of appraisal, and current status 7% - 53% (29%) 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 $22 thousand for the three months ended March 31, 2016 and $39 thousand for the three months ended March 31, 2015. 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 March 31, 2016 and December 31, 2015 is as follows: (dollars in thousands) Aggregate Difference Contractual March 31, 2016 Residential loans held for sale $ 22,546 $ 606 $ 21,940 December 31, 2015 Residential loans held for sale $ 13,810 $ 236 $ 13,574 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 months ended March 31: (dollars in thousands) Other Interest Interest Total Changes Three months ended March 31, 2016 Residential loans held for sale $ 371 $ 1 $ — $ 372 Three months ended March 31, 2015 Residential loans held for sale $ 217 $ — $ — $ 217 The carrying amounts and estimated fair values of financial instruments, not previously presented in this note, at March 31, 2016 and December 31, 2015 are as follows: Fair Value Measurements at March 31, 2016 Using (dollars in thousands) Carrying Quoted Prices in Significant Significant (Level 3) Financial Assets Cash, due from banks, federal funds sold, and money market investments $ 175,558 $ 175,558 $ — $ — Investment securities held-to-maturity: U.S. government-sponsored entities and agencies 142,045 — 144,500 — Mortgage-backed securities - Agency 14,604 — 15,182 — State and political subdivisions 712,363 — 772,908 — Federal Home Loan Bank/Federal Reserve Bank stock 86,146 N/A N/A N/A Loans, net (including covered loans): Commercial 1,767,867 — — 1,826,069 Commercial real estate 1,906,983 — — 2,019,514 Residential real estate 1,648,247 — — 1,744,732 Consumer credit 1,633,277 — — 1,623,643 FDIC indemnification asset 7,703 — — 5,097 Accrued interest receivable 68,641 75 21,443 47,123 Financial Liabilities Deposits: Noninterest-bearing demand deposits $ 2,491,767 $ 2,491,767 $ — $ — NOW, savings, and money market deposits 5,011,281 5,011,281 — — Time deposits 1,085,847 — 1,088,976 — Short-term borrowings: Federal funds purchased 155,320 155,320 — — Repurchase agreements 329,060 329,060 — — Other short-term borrowings 10,000 10,000 — — Other borrowings: Senior unsecured bank notes 173,701 — 164,216 — Junior subordinated debentures 40,673 — 33,467 — Repurchase agreements 50,000 — 51,701 — Federal Home Loan Bank advances 899,418 — — 902,920 Capital lease obligation 4,019 — 5,453 — Accrued interest payable 3,281 — 3,281 — Standby letters of credit 402 — — 402 Off-Balance Sheet Financial Instruments Commitments to extend credit $ — $ — $ — $ 3,012 N/A = not applicable Fair Value Measurements at December 31, 2015 Using (dollars in thousands) Carrying Quoted Prices in Significant Significant (Level 3) Financial Assets Cash, due from banks, federal funds sold, and money market investments $ 219,818 $ 219,818 $ — $ — Investment securities held-to-maturity: U.S. government-sponsored entities and agencies 142,864 — 145,763 — Mortgage-backed securities - Agency 16,042 — 16,604 — State and political subdivisions 713,205 — 767,050 — Federal Home Loan Bank/Federal Reserve Bank stock 86,146 N/A N/A N/A Loans, net (including covered loans): Commercial 1,788,593 — — 1,829,824 Commercial real estate 1,852,979 — — 1,946,163 Residential real estate 1,659,284 — — 1,745,248 Consumer credit 1,595,316 — — 1,587,879 FDIC indemnification asset 9,030 — — 5,700 Accrued interest receivable 69,098 29 22,821 46,248 Financial Liabilities Deposits: Noninterest-bearing demand deposits $ 2,488,855 $ 2,488,855 $ — $ — NOW, savings, and money market deposits 4,911,938 4,911,938 — — Time deposits 1,000,067 — 998,878 — Short-term borrowings: Federal funds purchased 241,090 241,090 — — Repurchase agreements 337,409 337,409 — — Other short-term borrowings 50,000 50,000 — — Other borrowings: Senior unsecured bank notes 173,662 — 162,445 — Junior subordinated debentures 40,558 — 33,318 — Repurchase agreements 50,000 — 51,370 — Federal Home Loan Bank advances 1,023,491 — — 1,029,779 Capital lease obligation 4,036 — 5,375 — Accrued interest payable 4,859 — 4,859 — Standby letters of credit 429 — — 429 Off-Balance Sheet Financial Instruments Commitments to extend credit $ — $ — $ — $ 2,364 N/A = not applicable 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 | 3 Months Ended |
Mar. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Event | NOTE 23 – SUBSEQUENT EVENT On April 30, 2016 the Company entered into an agreement with Prime Risk Partners Inc. to sell its insurance operations, ONB Insurance Group, Inc. (“ONI”). The sale is expected to close during the second quarter of 2016 and we expect to receive approximately $93.0 million in cash resulting in an after-tax gain of approximately $16 million to $18 million. Based on March 31, 2016, reported results, goodwill and intangible assets of approximately $47.7 million will be eliminated as part of this transaction, which is subject to customary closing conditions. ONI is an ancillary business and does not meet the criteria to be treated as a discontinued operation as defined in Accounting Standards Update 2014-08 “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity”. |
Acquisition and Divestiture A31
Acquisition and Divestiture Activity (Tables) - Founders Financial Corporation [Member] | 3 Months Ended |
Mar. 31, 2016 | |
Schedule of Purchase Price Allocation | A summary of the final purchase price allocation is 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 Estimated 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 Gross Contractual Best Estimate at 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) | 3 Months Ended |
Mar. 31, 2016 | |
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 months ended March 31, 2016 and 2015: Three Months Ended March 31, (dollars and shares in thousands, except per share data) 2016 2015 Basic Earnings Per Share Net income $ 26,977 $ 20,906 Weighted average common shares outstanding 113,998 118,540 Basic Earnings Per Share $ 0.24 $ 0.18 Diluted Earnings Per Share Net income $ 26,977 $ 20,906 Weighted average common shares outstanding 113,998 118,540 Effect of dilutive securities: Restricted stock (1) 526 438 Stock options (2) 39 98 Weighted average shares outstanding 114,563 119,076 Diluted Earnings Per Share $ 0.24 $ 0.18 (1) 4 thousand shares of restricted stock and restricted stock units at March 31, 2016 were not included in the computation of net income per diluted share because the effect would be antidilutive. There were no antidilutive shares excluded from the computation at March 31, 2015. (2) Options to purchase 0.8 million shares and 0.9 million shares outstanding at March 31, 2016 and 2015, respectively, were not included in the computation of net income per diluted share 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) | 3 Months Ended |
Mar. 31, 2016 | |
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 for the three months ended March 31, 2016 and 2015: Unrealized Gains Available-for-Sale Unrealized Gains Held-to-Maturity Gains and Defined (dollars in thousands) Securities Securities Hedges Plans Total Three Months Ended March 31, 2016 Balance at January 1, 2016 $ (3,806 ) $ (14,480 ) $ (9,276 ) $ (7,235 ) $ (34,797 ) Other comprehensive income (loss) before reclassifications 11,282 — (6,900 ) — 4,382 Amounts reclassified from accumulated other comprehensive income (loss) (a) (699 ) 306 789 434 830 Net other comprehensive income (loss) 10,583 306 (6,111 ) 434 5,212 Balance at March 31, 2016 $ 6,777 $ (14,174 ) $ (15,387 ) $ (6,801 ) $ (29,585 ) Three Months Ended March 31, 2015 Balance at January 1, 2015 $ (748 ) $ (15,776 ) $ (5,935 ) $ (9,096 ) $ (31,555 ) Other comprehensive income (loss) before reclassifications 11,515 — (3,489 ) — 8,026 Amounts reclassified from accumulated other comprehensive income (loss) (a) (1,688 ) 403 115 457 (713 ) Net other comprehensive income (loss) 9,827 403 (3,374 ) 457 7,313 Balance at March 31, 2015 $ 9,079 $ (15,373 ) $ (9,309 ) $ (8,639 ) $ (24,242 ) (a) See table 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 March 31, 2016 and 2015: Amount Reclassified Affected Line Item in the Details about AOCI Components from AOCI Statement of Income Three Months Ended March 31, (dollars in thousands) 2016 2015 Unrealized gains and losses on available-for-sale securities $ 1,106 $ 2,683 Net securities gains (407 ) (995 ) Income tax (expense) benefit $ 699 $ 1,688 Net income Unrealized gains and losses on held-to-maturity securities $ (465 ) $ (337 ) Interest income/(expense) 159 (66 ) Income tax (expense) benefit $ (306 ) $ (403 ) Net income Gains and losses on cash flow hedges Interest rate contracts $ (1,273 ) $ (186 ) Interest income/(expense) 484 71 Income tax (expense) benefit $ (789 ) $ (115 ) Net income Amortization of defined benefit pension items Actuarial gains/(losses) $ (700 ) $ (738 ) Salaries and employee benefits 266 281 Income tax (expense) benefit $ (434 ) $ (457 ) Net income Total reclassifications for the period $ (830 ) $ 713 Net income |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 and December 31, 2015 and the corresponding amounts of unrealized gains and losses therein: Amortized Unrealized Unrealized Fair (dollars in thousands) Cost Gains Losses Value March 31, 2016 Available-for-Sale U.S. Treasury $ 11,966 $ 277 $ — $ 12,243 U.S. government-sponsored entities and agencies 600,938 2,578 (59 ) 603,457 Mortgage-backed securities - Agency 980,374 13,812 (3,202 ) 990,984 States and political subdivisions 387,916 12,931 (611 ) 400,236 Pooled trust preferred securities 17,192 — (9,205 ) 7,987 Other securities 339,148 2,481 (8,093 ) 333,536 Total available-for-sale securities $ 2,337,534 $ 32,079 $ (21,170 ) $ 2,348,443 Held-to-Maturity U.S. government-sponsored entities and agencies $ 142,045 $ 2,455 $ — $ 144,500 Mortgage-backed securities - Agency 14,604 578 — 15,182 States and political subdivisions 712,363 60,545 — 772,908 Total held-to-maturity securities $ 869,012 $ 63,578 $ — $ 932,590 December 31, 2015 Available-for-Sale U.S. Treasury $ 11,968 $ 190 $ (8 ) $ 12,150 U.S. government-sponsored entities and agencies 615,578 1,495 (3,523 ) 613,550 Mortgage-backed securities - Agency 1,065,936 10,970 (10,545 ) 1,066,361 States and political subdivisions 375,671 11,960 (335 ) 387,296 Pooled trust preferred securities 17,320 — (9,420 ) 7,900 Other securities 337,590 1,151 (7,777 ) 330,964 Total available-for-sale securities $ 2,424,063 $ 25,766 $ (31,608 ) $ 2,418,221 Held-to-Maturity U.S. government-sponsored entities and agencies $ 142,864 $ 2,899 $ — $ 145,763 Mortgage-backed securities - Agency 16,042 562 — 16,604 States and political subdivisions 713,205 53,848 (3 ) 767,050 Total held-to-maturity securities $ 872,111 $ 57,309 $ (3 ) $ 929,417 |
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 months ended March 31, 2016 and 2015: Three Months Ended March 31, (dollars in thousands) 2016 2015 Proceeds from sales of available-for-sale securities $ 76,650 $ 170,265 Proceeds from calls of available-for-sale securities 124,311 51,594 Total $ 200,961 $ 221,859 Realized gains on sales of available-for-sale securities $ 1,660 $ 2,481 Realized gains on calls of available-for-sale securities 244 168 Realized losses on sales of available-for-sale securities (446 ) (25 ) Realized losses on calls of available-for-sale securities (87 ) (3 ) Other securities gains (losses) (1) (265 ) 62 Net securities gains $ 1,106 $ 2,683 (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. At March 31, 2016 (dollars in thousands) Weighted Amortized Fair Average Maturity Cost Value Yield Available-for-Sale Within one year $ 28,446 $ 28,505 1.58 % One to five years 508,313 512,104 1.78 Five to ten years 344,286 339,730 2.61 Beyond ten years 1,456,489 1,468,104 2.60 Total $ 2,337,534 $ 2,348,443 2.41 % Held-to-Maturity Within one year $ 11,984 $ 12,154 6.29 % One to five years 32,840 34,392 4.14 Five to ten years 214,165 222,378 3.67 Beyond ten years 610,023 663,666 5.48 Total $ 869,012 $ 932,590 5.00 % |
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 March 31, 2016 and December 31, 2015 by aggregated major security type and length of time in a continuous unrealized loss position: Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized (dollars in thousands) Value Losses Value Losses Value Losses March 31, 2016 Available-for-Sale U.S. government-sponsored entities and agencies $ 38,400 $ (59 ) $ — $ — $ 38,400 $ (59 ) Mortgage-backed securities - Agency 151,882 (357 ) 162,982 (2,845 ) 314,864 (3,202 ) States and political subdivisions 44,889 (458 ) 5,151 (153 ) 50,040 (611 ) Pooled trust preferred securities — — 7,987 (9,205 ) 7,987 (9,205 ) Other securities 96,543 (1,865 ) 111,346 (6,228 ) 207,889 (8,093 ) Total available-for-sale $ 331,714 $ (2,739 ) $ 287,466 $ (18,431 ) $ 619,180 $ (21,170 ) December 31, 2015 Available-for-Sale U.S. Treasury $ 6,505 $ (8 ) $ — $ — $ 6,505 $ (8 ) U.S. government-sponsored entities and agencies 160,751 (1,492 ) 122,581 (2,031 ) 283,332 (3,523 ) Mortgage-backed securities - Agency 256,359 (3,444 ) 239,047 (7,101 ) 495,406 (10,545 ) States and political subdivisions 38,373 (161 ) 5,137 (174 ) 43,510 (335 ) Pooled trust preferred securities — — 7,900 (9,420 ) 7,900 (9,420 ) Other securities 156,604 (2,717 ) 126,661 (5,060 ) 283,265 (7,777 ) Total available-for-sale $ 618,592 $ (7,822 ) $ 501,326 $ (23,786 ) $ 1,119,918 $ (31,608 ) Held-to-Maturity States and political subdivisions $ 2,026 $ (3 ) $ — $ — $ 2,026 $ (3 ) Total held-to-maturity $ 2,026 $ (3 ) $ — $ — $ 2,026 $ (3 ) |
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. Actual Expected Excess Deferrals Defaults as Subordination # of Issuers and Defaults a % of as a % of Trust preferred securities Lowest Unrealized Realized Currently as a % of Remaining Current March 31, 2016 Credit Amortized Fair Gain/ Losses Performing/ Original Performing Performing (dollars in thousands) Class Rating (1) Cost Value (Loss) 2016 Remaining Collateral Collateral Collateral Pooled trust preferred securities: Reg Div Funding 2004 B-2 D $ 3,305 $ 244 $ (3,061 ) $ — 23/39 33.3 % 7.5 % 0.0 % Pretsl XXVII LTD B B 4,422 2,304 (2,118 ) — 34/45 20.4 % 3.5 % 51.6 % Trapeza Ser 13A A2A BBB 9,465 5,439 (4,026 ) — 50/57 8.9 % 5.0 % 47.4 % 17,192 7,987 (9,205 ) — Single Issuer trust preferred securities: Fleet Cap Tr V (BOA) BB+ 3,391 2,713 (678 ) — JP Morgan Chase Cap XIII BBB- 4,759 3,940 (819 ) — NB-Global BB+ 772 780 8 — Chase Cap II BBB- 811 775 (36 ) — 9,733 8,208 (1,525 ) — Total $ 26,925 $ 16,195 $ (10,730 ) $ — (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 March 31, 2016, and the related life-to-date credit losses recognized in earnings: Amount of OTTI recognized in earnings Lowest Three Months Ended Credit Amortized March 31, Life-to (dollars in thousands) Vintage Rating (1) Cost 2016 2015 date Reg Div Funding 2004 D $ 3,305 $ — $ — $ 5,685 (1) Lowest rating for the security provided by any nationally recognized credit rating agency. |
Loans and Allowance for Credi35
Loans and Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Text Block [Abstract] | |
Schedule of Composition of Loans | The composition of loans by lending classification was as follows: March 31, December 31, (dollars in thousands) 2016 2015 Commercial (1) $ 1,784,970 $ 1,804,615 Commercial real estate: Construction 202,278 185,449 Other 1,705,556 1,662,372 Residential real estate 1,634,132 1,644,614 Consumer credit: Heloc 347,776 359,954 Auto 1,109,883 1,050,336 Other 127,076 133,478 Covered loans 95,403 107,587 Total loans 7,007,074 6,948,405 Allowance for loan losses (49,856 ) (51,296 ) Allowance for loan losses - covered loans (844 ) (937 ) Net loans $ 6,956,374 $ 6,896,172 (1) Includes direct finance leases of $13.4 million at March 31, 2016 and $14.4 million at December 31, 2015. |
Schedule of Activity in Allowance for Loan Losses | Old National’s activity in the allowance for loan losses for the three months ended March 31, 2016 and 2015 is as follows: Commercial (dollars in thousands) Commercial Real Estate Residential Consumer Unallocated Total Three Months Ended March 31, 2016 Balance at January 1, 2016 $ 26,347 $ 15,993 $ 2,051 $ 7,842 $ — $ 52,233 Charge-offs (1,527 ) (279 ) (140 ) (1,996 ) — (3,942 ) Recoveries 818 840 26 634 — 2,318 Provision (517 ) (783 ) (188 ) 1,579 — 91 Balance at March 31, 2016 $ 25,121 $ 15,771 $ 1,749 $ 8,059 $ — $ 50,700 Three Months Ended March 31, 2015 Balance at January 1, 2015 $ 20,670 $ 17,348 $ 2,962 $ 6,869 $ — $ 47,849 Charge-offs (548 ) 413 (374 ) (1,604 ) — (2,113 ) Recoveries 1,774 464 28 875 — 3,141 Provision 2,807 (4,418 ) 303 1,309 — 1 Balance at March 31, 2015 $ 24,703 $ 13,807 $ 2,919 $ 7,449 $ — $ 48,878 |
Schedule of Recorded Investment in Financing Receivables | The following table provides Old National’s recorded investment in financing receivables by portfolio segment at March 31, 2016 and December 31, 2015 and other information regarding the allowance: Commercial (dollars in thousands) Commercial Real Estate Residential Consumer Unallocated Total March 31, 2016 Allowance for loan losses: Individually evaluated for impairment $ 7,016 $ 3,468 $ — $ — $ — $ 10,484 Collectively evaluated for impairment 17,523 12,110 1,729 7,846 — 39,208 Noncovered loans acquired with deteriorated credit quality 192 193 13 77 — 475 Covered loans acquired with deteriorated credit quality 390 — 7 136 — 533 Total allowance for loan losses $ 25,121 $ 15,771 $ 1,749 $ 8,059 $ — $ 50,700 Loans and leases outstanding: Individually evaluated for impairment $ 53,022 $ 41,022 $ — $ — $ — $ 94,044 Collectively evaluated for impairment 1,737,377 1,843,821 1,634,184 1,629,730 — 6,845,112 Loans acquired with deteriorated credit quality 674 24,431 86 3,564 — 28,755 Covered loans acquired with deteriorated credit quality 1,915 13,480 15,726 8,042 — 39,163 Total loans and leases outstanding $ 1,792,988 $ 1,922,754 $ 1,649,996 $ 1,641,336 $ — $ 7,007,074 December 31, 2015 Allowance for loan losses: Individually evaluated for impairment $ 7,467 $ 4,021 $ — $ — $ — $ 11,488 Collectively evaluated for impairment 18,295 11,439 2,038 7,614 — 39,386 Noncovered loans acquired with deteriorated credit quality 247 533 13 70 — 863 Covered loans acquired with deteriorated credit quality 338 — — 158 — 496 Total allowance for loan losses $ 26,347 $ 15,993 $ 2,051 $ 7,842 $ — $ 52,233 Loans and leases outstanding: Individually evaluated for impairment $ 60,959 $ 41,987 $ — $ — $ — $ 102,946 Collectively evaluated for impairment 1,750,397 1,779,062 1,644,631 1,590,288 — 6,764,378 Loans acquired with deteriorated credit quality 691 28,499 127 3,925 — 33,242 Covered loans acquired with deteriorated credit quality 2,893 19,424 16,577 8,945 — 47,839 Total loans and leases outstanding $ 1,814,940 $ 1,868,972 $ 1,661,335 $ 1,603,158 $ — $ 6,948,405 |
Schedule of Risk Category of Commercial and Commercial Real Estate Loans | As of March 31, 2016 and December 31, 2015, 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 Real Estate - Real Estate - Corporate Credit Exposure Commercial Construction Other Credit Risk Profile by March 31, December 31, March 31, December 31, March 31, December 31, Internally Assigned Grade 2016 2015 2016 2015 2016 2015 Grade: Pass $ 1,656,554 $ 1,668,667 $ 196,052 $ 179,543 $ 1,540,250 $ 1,491,750 Criticized 54,746 54,606 3,251 3,300 72,951 74,992 Classified - substandard 24,004 23,806 2,293 1,857 49,347 49,029 Classified - nonaccrual 47,774 55,067 682 749 34,044 39,164 Classified - doubtful 1,892 2,469 — — 8,964 7,437 Total $ 1,784,970 $ 1,804,615 $ 202,278 $ 185,449 $ 1,705,556 $ 1,662,372 |
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 March 31, 2016 and December 31, 2015, excluding covered loans: (dollars in thousands) Residential Consumer Heloc Auto Other March 31, 2016 Performing $ 1,619,917 $ 345,630 $ 1,108,568 $ 126,106 Nonperforming 14,215 2,146 1,315 970 Total $ 1,634,132 $ 347,776 $ 1,109,883 $ 127,076 December 31, 2015 Performing $ 1,629,661 $ 357,585 $ 1,048,763 $ 132,222 Nonperforming 14,953 2,369 1,573 1,256 Total $ 1,644,614 $ 359,954 $ 1,050,336 $ 133,478 |
Schedule of Impaired Loans | The following table shows Old National’s impaired loans, excluding covered loans, as of March 31, 2016 and December 31, 2015, 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. Unpaid Recorded Principal Related (dollars in thousands) Investment Balance Allowance March 31, 2016 With no related allowance recorded: Commercial $ 28,921 $ 30,140 $ — Commercial Real Estate - Construction — — — Commercial Real Estate - Other 27,351 30,593 — Residential 1,342 1,363 — Consumer 838 998 — With an allowance recorded: Commercial 20,188 20,198 6,784 Commercial Real Estate - Construction 231 231 1 Commercial Real Estate - Other 13,441 13,523 3,467 Residential 1,016 1,016 51 Consumer 2,776 2,776 139 Total $ 96,104 $ 100,838 $ 10,442 December 31, 2015 With no related allowance recorded: Commercial $ 40,414 $ 41,212 $ — Commercial Real Estate - Construction — — — Commercial Real Estate - Other 26,998 30,264 — Residential 1,383 1,422 — Consumer 1,201 1,305 — With an allowance recorded: Commercial 16,377 16,483 7,111 Commercial Real Estate - Construction 237 237 6 Commercial Real Estate - Other 14,752 14,802 4,015 Residential 985 985 49 Consumer 2,525 2,525 126 Total $ 104,872 $ 109,235 $ 11,307 |
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 March 31, 2016 and 2015 are included in the table below. Average Interest Recorded Income (dollars in thousands) Investment Recognized (1) Three Months Ended March 31, 2016 With no related allowance recorded: Commercial $ 34,085 $ 28 Commercial Real Estate - Construction — — Commercial Real Estate - Other 27,149 95 Residential 1,362 — Consumer 1,019 2 With an allowance recorded: Commercial 18,283 13 Commercial Real Estate - Construction 234 — Commercial Real Estate - Other 14,097 48 Residential 1,001 38 Consumer 2,651 38 Total $ 99,881 $ 262 Three Months Ended March 31, 2015 With no related allowance recorded: Commercial $ 26,849 $ 42 Commercial Real Estate - Construction 2,250 3 Commercial Real Estate - Other 38,801 85 Residential 747 — Consumer 731 1 With an allowance recorded: Commercial 11,516 48 Commercial Real Estate - Construction 166 — Commercial Real Estate - Other 10,728 1 Residential 1,475 61 Consumer 1,492 20 Total $ 94,755 $ 261 (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 March 31, 2016 and December 31, 2015 are as follows: Recorded Investment > 30-59 Days 60-89 Days 90 Days and Total (dollars in thousands) Past Due Past Due Accruing Nonaccrual Past Due Current March 31, 2016 Commercial $ 1,625 $ 58 $ — $ 49,666 $ 51,349 $ 1,733,621 Commercial Real Estate: Construction 693 — — 682 1,375 200,903 Other 4,231 27 80 43,008 47,346 1,658,210 Residential 8,608 40 150 14,215 23,013 1,611,119 Consumer: Heloc 1,093 75 — 2,146 3,314 344,462 Auto 2,792 372 100 1,315 4,579 1,105,304 Other 495 99 27 970 1,591 125,485 Covered loans 734 — — 5,864 6,598 88,805 Total loans $ 20,271 $ 671 $ 357 $ 117,866 $ 139,165 $ 6,867,909 December 31, 2015 Commercial $ 802 $ 100 $ 565 $ 57,536 $ 59,003 $ 1,745,612 Commercial Real Estate: Construction — — — 749 749 184,700 Other 438 135 — 46,601 47,174 1,615,198 Residential 9,300 2,246 114 14,953 26,613 1,618,001 Consumer: Heloc 283 402 — 2,369 3,054 356,900 Auto 3,804 730 202 1,573 6,309 1,044,027 Other 830 165 25 1,256 2,276 131,202 Covered loans 809 312 10 7,336 8,467 99,120 Total loans $ 16,266 $ 4,090 $ 916 $ 132,373 $ 153,645 $ 6,794,760 |
Schedule of Activity in Trouble Debt Restructurings | The following table presents activity in TDRs for the three months ended March 31, 2016 and 2015: Commercial (dollars in thousands) Commercial Real Estate Residential Consumer Total Three Months Ended March 31, 2016 Balance at January 1, 2016 $ 23,354 $ 14,602 $ 2,693 $ 3,602 $ 44,251 (Charge-offs)/recoveries (826 ) 62 32 (18 ) (750 ) Payments (3,565 ) (1,106 ) (348 ) (309 ) (5,328 ) Additions 1,542 9,476 133 385 11,536 Balance at March 31, 2016 $ 20,505 $ 23,034 $ 2,510 $ 3,660 $ 49,709 Three Months Ended March 31, 2015 Balance at January 1, 2015 $ 15,205 $ 15,226 $ 2,063 $ 2,459 $ 34,953 (Charge-offs)/recoveries 586 248 (15 ) (11 ) 808 Payments (2,198 ) (1,608 ) (33 ) (164 ) (4,003 ) Additions 1,741 1,573 352 174 3,840 Balance at March 31, 2015 $ 15,334 $ 15,439 $ 2,367 $ 2,458 $ 35,598 |
Schedule of Loans by Class Modified as Troubled Debt Restructuring | The following table presents loans by class modified as TDRs that occurred during the three months ended March 31, 2016: Pre-modification Post-modification Number Outstanding Recorded Outstanding Recorded (dollars in thousands) of Loans Investment Investment Troubled Debt Restructuring: Commercial 10 $ 1,542 $ 990 Commercial Real Estate - Other 7 9,476 9,476 Residential 1 133 133 Consumer 8 385 385 Total 26 $ 11,536 $ 10,984 The TDRs described above increased the allowance for loan losses by $0.2 million and resulted in $0.6 million of charge-offs during the three months ended March 31, 2016. The following table presents loans by class modified as TDRs that occurred during the three months ended March 31, 2015: Pre-modification Post-modification Number Outstanding Recorded Outstanding Recorded (dollars in thousands) of Loans Investment Investment Troubled Debt Restructuring: Commercial 11 $ 1,741 $ 1,741 Commercial Real Estate - Construction 5 1,187 1,187 Commercial Real Estate - Other 5 385 385 Residential 2 366 366 Consumer 6 161 161 Total 29 $ 3,840 $ 3,840 The TDRs described above resulted in immaterial changes in the allowance for loan losses and charge-offs during the three months ended March 31, 2015. |
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: March 31, December 31, (dollars in thousands) 2016 2015 Commercial $ 674 $ 691 Commercial real estate 24,431 28,499 Residential 86 127 Consumer 3,564 3,925 Carrying amount 28,755 33,242 Allowance for loan losses (475 ) (863 ) Carrying amount, net of allowance $ 28,280 $ 32,379 |
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: Integra (dollars in thousands) Monroe Noncovered IBT Tower United LSB Founders Total Balance at January 1, 2016 $ 2,023 $ 1,708 $ 9,486 $ 3,713 $ 2,812 $ 4,971 $ 2,812 $ 27,525 Accretion of income (563 ) (99 ) (737 ) (209 ) (242 ) (229 ) (396 ) (2,475 ) Reclassifications from (to) nonaccretable difference (511 ) 47 270 347 196 333 411 1,093 Disposals/other adjustments 627 126 8 — 10 — — 771 Balance at March 31, 2016 $ 1,576 $ 1,782 $ 9,027 $ 3,851 $ 2,776 $ 5,075 $ 2,827 $ 26,914 |
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: Integra (dollars in thousands) Monroe Bank (1) 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) | 3 Months Ended |
Mar. 31, 2016 | |
Text Block [Abstract] | |
Composition of Covered Loans by Lending Classification | The composition of covered loans by lending classification was as follows: At March 31, 2016 Loans Accounted for Loans Excluded from Under ASC 310-30 ASC 310-30 (1) (Purchased Credit (Not Purchased Total Covered (dollars in thousands) Impaired) Credit Impaired) Purchased Loans Commercial $ 1,915 $ 6,103 $ 8,018 Commercial real estate 13,480 1,440 14,920 Residential 15,726 138 15,864 Consumer 8,042 48,559 56,601 Covered loans 39,163 56,240 95,403 Allowance for loan losses (533 ) (311 ) (844 ) Covered loans, net $ 38,630 $ 55,929 $ 94,559 (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 three months ended March 31, 2016 and 2015: Contractual Nonaccretable Accretable Carrying (dollars in thousands) Cash Flows (1) Difference Yield Amount (2) Three Months Ended March 31, 2016 Balance at January 1, 2016 $ 69,857 $ (4,729 ) $ (17,785 ) $ 47,343 Principal reductions and interest payments (13,403 ) (270 ) — (13,673 ) Accretion of loan discount — — 6,186 6,186 Changes in contractual and expected cash flows due to remeasurement 1,305 334 (1,777 ) (138 ) Removals due to foreclosure or sale (1,944 ) 135 270 (1,539 ) Loans removed from loss share coverage 323 (6 ) 134 451 Balance at March 31, 2016 $ 56,138 $ (4,536 ) $ (12,972 ) $ 38,630 Three Months Ended March 31, 2015 Balance at January 1, 2015 $ 124,809 $ (12,014 ) $ (35,742 ) $ 77,053 Principal reductions and interest payments (9,566 ) (702 ) — (10,268 ) Accretion of loan discount — — 3,344 3,344 Changes in contractual and expected cash flows due to remeasurement (498 ) 3,695 (3,132 ) 65 Removals due to foreclosure or sale (433 ) 133 (129 ) (429 ) Balance at March 31, 2015 $ 114,312 $ (8,888 ) $ (35,659 ) $ 69,765 (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. |
Summary of FDIC Loss Sharing Asset | The following table shows a detailed analysis of the FDIC loss sharing asset for the three months ended March 31, 2016 and 2015: (dollars in thousands) 2016 2015 Balance at January 1, $ 9,030 $ 20,603 Adjustments not reflected in income: Cash received from the FDIC (877 ) — Other 205 389 Adjustments reflected in income: (Amortization) accretion (497 ) (1,986 ) Higher (lower) loan loss expectations (33 ) — Impairment/(recovery) of value and net (gain)/loss on sales of other real estate (125 ) 1,018 Balance at March 31, $ 7,703 $ 20,024 |
Other Real Estate Owned (Tables
Other Real Estate Owned (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Banking and Thrift [Abstract] | |
Activity in Other Real Estate Owned | The following table presents activity in other real estate owned for the three months ended March 31, 2016 and 2015: Other Real Estate Other Real Estate (dollars in thousands) Owned (1) Owned, Covered Three Months Ended March 31, 2016 Balance at January 1, 2016 $ 7,594 $ 4,904 Additions 736 1,830 Sales (1,125 ) (81 ) (Impairment)/recovery of value (186 ) (150 ) Balance at March 31, 2016 $ 7,019 $ 6,503 Three Months Ended March 31, 2015 Balance at January 1, 2015 $ 7,241 $ 9,121 Additions 1,906 360 Sales (428 ) (2,556 ) (Impairment)/recovery of value (237 ) 159 Balance at March 31, 2015 $ 8,482 $ 7,084 (1) Includes repossessed personal property of $0.3 million at March 31, 2016 and $0.2 million at March 31, 2015. |
Goodwill and Other Intangible38
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 three months ended March 31, 2016 and 2015: (dollars in thousands) Banking Insurance Total Three Months Ended March 31, 2016 Balance at January 1, 2016 $ 543,671 $ 40,963 $ 584,634 Goodwill acquired during the period — — — Balance at March 31, 2016 $ 543,671 $ 40,963 $ 584,634 Three Months Ended March 31, 2015 Balance at January 1, 2015 $ 490,972 $ 39,873 $ 530,845 Goodwill acquired during the period 55,969 1,090 57,059 Balance at March 31, 2015 $ 546,941 $ 40,963 $ 587,904 |
Schedule of Gross Carrying Amount and Accumulated Amortization of Other Intangible Assets | The gross carrying amount and accumulated amortization of other intangible assets at March 31, 2016 and December 31, 2015 were as follows: Gross Accumulated Net Carrying Amortization Carrying (dollars in thousands) Amount and Impairment Amount March 31, 2016 Amortized intangible assets: Core deposit $ 60,103 $ (45,502 ) $ 14,601 Customer business relationships 30,570 (23,800 ) 6,770 Customer trust relationships 16,547 (6,210 ) 10,337 Customer loan relationships 4,413 (3,678 ) 735 Total intangible assets $ 111,633 $ (79,190 ) $ 32,443 December 31, 2015 Amortized intangible assets: Core deposit $ 60,103 $ (43,982 ) $ 16,121 Customer business relationships 30,787 (23,341 ) 7,446 Customer trust relationships 16,547 (5,286 ) 11,261 Customer loan relationships 4,413 (3,933 ) 480 Total intangible assets $ 111,850 $ (76,542 ) $ 35,308 |
Schedule of Estimated Amortization Expense for Future Years | Estimated amortization expense for future years is as follows: (dollars in thousands) 2016 remaining $ 7,232 2017 7,581 2018 5,799 2019 4,317 2020 3,036 Thereafter 4,478 Total $ 32,443 |
Loan Servicing Rights (Tables)
Loan Servicing Rights (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Text Block [Abstract] | |
Components of Loan Servicing Rights and Valuation Allowance | The following table summarizes the carrying values and activity related to loan servicing rights and the related valuation allowance for the three months ended March 31, 2016 and 2015: (dollars in thousands) 2016 2015 Balance at January 1, $ 10,502 $ 9,584 Additions 481 956 Amortization (447 ) (518 ) Balance before valuation allowance at March 31, 10,536 10,022 Valuation allowance: Balance at January 1, (34 ) (50 ) (Additions)/recoveries 32 (437 ) Balance at March 31, (2 ) (487 ) Loan servicing rights, net $ 10,534 $ 9,535 |
Short-Term Borrowings (Tables)
Short-Term Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016: American Federal Repurchase Financial Funds Agreements / Exchange (dollars in thousands) Purchased Sweeps Borrowings (1) Total 2016 Outstanding at March 31, 2016 $ 155,320 $ 329,060 $ 10,000 $ 494,380 Average amount outstanding 104,774 336,044 5,604 446,422 Maximum amount outstanding at any month-end 155,320 346,695 20,000 Weighted average interest rate: During the three months ended March 31, 2016 0.43 % 0.07 % 0.81 % 0.16 % At March 31, 2016 0.49 0.07 0.57 0.21 (1) In 2015, the Company joined the American Financial Exchange, which is an overnight source of borrowings. No collateral was pledged on these funds. |
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 March 31, 2016 Remaining Contractual Maturity of the Agreements Overnight and Up to Greater Than (dollars in thousands) Continuous 30 Days 30-90 Days 90 days Total Repurchase Agreements: U.S. Treasury and agency securities $ 329,060 $ — $ — $ — $ 329,060 Total $ 329,060 $ — $ — $ — $ 329,060 |
Financing Activities (Tables)
Financing Activities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Other Borrowings | The following table summarizes Old National’s and its subsidiaries’ other borrowings at March 31, 2016 and December 31, 2015: March 31, December 31, (dollars in thousands) 2016 2015 Old National Bancorp: Senior unsecured bank notes (fixed rate 4.125%) maturing August 2024 $ 175,000 $ 175,000 Unamortized debt issuance costs related to Senior unsecured bank notes (1,299 ) (1,338 ) Junior subordinated debentures (variable rates of 1.97% to 2.39%) maturing March 2035 to June 2037 45,000 45,000 ASC 815 fair value hedge and other basis adjustments (4,327 ) (4,442 ) 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 0.56% to 6.76% and variable rates 0.70% to 0.78%) maturing April 2016 to January 2025 897,645 1,022,766 Capital lease obligation 4,019 4,036 ASC 815 fair value hedge and other basis adjustments 1,773 725 Total other borrowings $ 1,167,811 $ 1,291,747 |
Contractual Maturities of Long-Term Debt | Contractual maturities of other borrowings at March 31, 2016 were as follows: (dollars in thousands) Due in 2016 $ 417,338 Due in 2017 95,744 Due in 2018 195,308 Due in 2019 2,867 Due in 2020 50,091 Thereafter 410,316 ASC 815 fair value hedge, unamortized debt issuance costs, and other basis adjustments (3,853 ) Total $ 1,167,811 |
Future Minimum Lease Payments under Capital Lease | At March 31, 2016, the future minimum lease payments under the capital lease were as follows: (dollars in thousands) 2016 remaining $ 307 2017 410 2018 410 2019 430 2020 430 Thereafter 8,406 Total minimum lease payments 10,393 Less amounts representing interest 6,374 Present value of net minimum lease payments $ 4,019 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 months ended March 31: Three Months Ended March 31, (dollars in thousands) 2016 2015 Interest cost $ 440 $ 415 Expected return on plan assets (442 ) (512 ) Recognized actuarial loss 494 531 Settlement loss 206 206 Net periodic benefit cost $ 698 $ 640 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 months ended March 31: Three Months Ended March 31, (dollars in thousands) 2016 2015 Provision at statutory rate of 35% $ 12,827 $ 10,546 Tax-exempt income (4,168 ) (3,852 ) State income taxes 583 1,277 Interim period effective rate adjustment (148 ) 1,506 Other, net 577 (252 ) Income tax expense $ 9,671 $ 9,225 Effective tax rate 26.4 % 30.6 % |
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) 2016 2015 Balance at January 1, $ 124 $ 77 Additions based on tax positions related to the current year 14 11 Balance at March 31, $ 138 $ 88 |
Derivative Financial Instrume44
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Fair Value of Derivative Financial Instruments | On the balance sheet, asset derivatives are included in other assets, and liability derivatives are included in other liabilities. The following table summarizes the fair value of derivative financial instruments utilized by Old National: March 31, 2016 December 31, 2015 Asset Liability Asset Liability (dollars in thousands) Derivatives Derivatives Derivatives Derivatives Derivatives designated as hedging instruments Interest rate contracts $ 4,858 $ 25,720 $ 3,794 $ 15,554 Total derivatives designated as hedging instruments $ 4,858 $ 25,720 $ 3,794 $ 15,554 Derivatives not designated as hedging instruments Interest rate contracts $ 16,817 $ 16,938 $ 11,296 $ 11,414 Mortgage contracts 1,390 94 835 — Total derivatives not designated as hedging instruments $ 18,207 $ 17,032 $ 12,131 $ 11,414 Total $ 23,065 $ 42,752 $ 15,925 $ 26,968 |
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 months ended March 31, 2016 and 2015 are as follows: Three Months Ended March 31, (dollars in thousands) 2016 2015 Derivatives in Fair Value Hedging Relationships Location of Gain or (Loss) Recognized in Income on Derivative Amount of Gain or (Loss) Interest rate contracts (1) Interest income / (expense) $ (1,043 ) $ 23 Interest rate contracts (2) Other income / (expense) 50 59 Total $ (993 ) $ 82 Derivatives in Cash Flow Hedging Relationships Location of Gain or (Loss) Recognized in Income on Derivative Amount of Gain or (Loss) Interest rate contracts (1) Interest income / (expense) $ 86 $ 166 Total $ 86 $ 166 Derivatives Not Designated as Hedging Instruments Location of Gain or (Loss) Recognized in Income on Derivative Amount of Gain or (Loss) Interest rate contracts (3) Other income / (expense) $ (3 ) $ — Mortgage contracts Mortgage banking revenue 461 788 Total $ 458 $ 788 (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) | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Financial Information Concerning Segments | Selected business segment financial information is shown in the following table for the three months ended March 31: (dollars in thousands) Banking Insurance Other Total Three months ended March 31, 2016 Net interest income $ 87,795 $ 1 $ (2,153 ) $ 85,643 Noninterest income 36,158 13,108 185 49,451 Noncash items: Depreciation and software amortization 4,137 44 161 4,342 Provision for loan losses 91 — — 91 Amortization of intangibles 2,188 459 — 2,647 Income tax expense (benefit) 10,830 1,204 (2,363 ) 9,671 Segment profit (loss) 27,222 1,925 (2,170 ) 26,977 Segment assets 11,790,789 61,416 80,121 11,932,326 Three months ended March 31, 2015 Net interest income $ 93,078 $ 2 $ (2,087 ) $ 90,993 Noninterest income 42,839 11,987 469 55,295 Noncash items: Depreciation and software amortization 4,656 34 158 4,848 Provision for loan losses 1 — — 1 Amortization of intangibles 2,605 476 — 3,081 Income tax expense (benefit) 9,297 615 (687 ) 9,225 Segment profit (loss) 24,783 964 (4,841 ) 20,906 Segment assets 11,804,609 60,700 84,541 11,949,850 |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 Using (dollars in thousands) Carrying Quoted Prices in Identical Assets Significant Significant Financial Assets Trading securities $ 3,699 $ 3,699 $ — $ — Investment securities available-for-sale: U.S. Treasury 12,243 12,243 — — U.S. government-sponsored entities and agencies 603,457 — 603,457 — Mortgage-backed securities - Agency 990,984 — 990,984 — States and political subdivisions 400,236 — 400,236 — Pooled trust preferred securities 7,987 — — 7,987 Other securities 333,536 31,941 301,595 — Residential loans held for sale 22,546 — 22,546 — Derivative assets 23,065 — 23,065 — Financial Liabilities Derivative liabilities 42,752 — 42,752 — Fair Value Measurements at December 31, 2015 Using (dollars in thousands) Carrying Quoted Prices in Significant (Level 2) Significant (Level 3) Financial Assets Trading securities $ 3,941 $ 3,941 $ — $ — Investment securities available-for-sale: U.S. Treasury 12,150 12,150 — — U.S. government-sponsored entities and agencies 613,550 — 613,550 — Mortgage-backed securities - Agency 1,066,361 — 1,066,361 — States and political subdivisions 387,296 — 387,296 — Pooled trust preferred securities 7,900 — — 7,900 Other securities 330,964 31,443 299,521 — Residential loans held for sale 13,810 — 13,810 — Derivative assets 15,925 — 15,925 — Financial Liabilities Derivative liabilities 26,968 — 26,968 — |
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 three months ended March 31, 2016: (dollars in thousands) Pooled Trust Balance at January 1, 2016 $ 7,900 Accretion of discount 5 Sales/payments received (133 ) Increase in fair value of securities 215 Balance at March 31, 2016 $ 7,987 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 three months ended March 31, 2015: (dollars in thousands) Pooled Trust State and Balance at January 1, 2015 $ 6,607 $ 325 Accretion of discount 5 — Sales/payments received (264 ) — Matured securities — (325 ) Increase in fair value of securities 205 — Balance at March 31, 2015 $ 6,553 $ — |
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 March 31, 2016 and December 31, 2015: (dollars in thousands) Fair Value at Valuation Techniques Unobservable Input Range (Weighted Pooled trust preferred securities $ 7,987 Discounted cash flow Constant prepayment rate (a) 0.00% Additional asset defaults (b) 2.8% - 4.5% (4.0%) Expected asset recoveries (c) 0.0% - 16.0% (4.3%) (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 Valuation Techniques Unobservable Input Range (Weighted Pooled trust preferred securities $ 7,900 Discounted cash flow Constant prepayment rate (a) 0.00% Additional asset defaults (b) 4.1% - 11.5% (8.1%) Expected asset recoveries (c) 0.0% -11.5% (3.1%) (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%. 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 Valuation Unobservable Input Range (Weighted Collateral Dependent Impaired Loans Commercial loans $ 17,301 Fair value of Discount for type of property, age of appraisal, and current status 0% - 98% (51%) Commercial real estate loans 11,002 Fair value of Discount for type of property, age of appraisal and current status 20% - 61% (34%) Foreclosed Assets Commercial real estate 2,616 Fair value of Discount for type of property, age of appraisal, and current status 0% - 80% (27%) Residential 235 Fair value of Discount for type of property, age of appraisal, and current status 7% - 41% (24%) (dollars in thousands) Fair Value at Valuation Unobservable Input Range (Weighted Collateral Dependent Impaired Loans Commercial loans $ 13,332 Fair value of Discount for type of property, age of appraisal, and current status 0% - 86% (28%) Commercial real estate loans 11,857 Fair value of Discount for type of property, age of appraisal, and current status 0% - 61% (33%) Foreclosed Assets Commercial real estate 2,526 Fair value of Discount for type of property, age of appraisal, and current status 3% - 80% (26%) Residential 203 Fair value of Discount for type of property, age of appraisal, and current status 7% - 53% (29%) |
Assets Measured at Fair Value on a Non-Recurring Basis | Assets measured at fair value on a non-recurring basis at March 31, 2016 are summarized below: Fair Value Measurements at March 31, 2016 Using (dollars in thousands) Carrying Quoted Prices in (Level 1) Significant Significant (Level 3) Collateral Dependent Impaired Loans Commercial loans $ 17,301 $ — $ — $ 17,301 Commercial real estate loans 11,002 — — 11,002 Foreclosed Assets Commercial real estate 2,616 — — 2,616 Residential 235 — — 235 Fair Value Measurements at December 31, 2015 Using (dollars in thousands) Carrying Quoted Prices in (Level 1) Significant Significant (Level 3) Collateral Dependent Impaired Loans Commercial loans $ 13,332 $ — $ — $ 13,332 Commercial real estate loans 11,857 — — 11,857 Foreclosed Assets Commercial real estate 2,526 — — 2,526 Residential 203 — — 203 |
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 March 31, 2016 and December 31, 2015 is as follows: (dollars in thousands) Aggregate Difference Contractual March 31, 2016 Residential loans held for sale $ 22,546 $ 606 $ 21,940 December 31, 2015 Residential loans held for sale $ 13,810 $ 236 $ 13,574 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 months ended March 31: (dollars in thousands) Other Interest Interest Total Changes Three months ended March 31, 2016 Residential loans held for sale $ 371 $ 1 $ — $ 372 Three months ended March 31, 2015 Residential loans held for sale $ 217 $ — $ — $ 217 |
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 March 31, 2016 and December 31, 2015 are as follows: Fair Value Measurements at March 31, 2016 Using (dollars in thousands) Carrying Quoted Prices in Significant Significant (Level 3) Financial Assets Cash, due from banks, federal funds sold, and money market investments $ 175,558 $ 175,558 $ — $ — Investment securities held-to-maturity: U.S. government-sponsored entities and agencies 142,045 — 144,500 — Mortgage-backed securities - Agency 14,604 — 15,182 — State and political subdivisions 712,363 — 772,908 — Federal Home Loan Bank/Federal Reserve Bank stock 86,146 N/A N/A N/A Loans, net (including covered loans): Commercial 1,767,867 — — 1,826,069 Commercial real estate 1,906,983 — — 2,019,514 Residential real estate 1,648,247 — — 1,744,732 Consumer credit 1,633,277 — — 1,623,643 FDIC indemnification asset 7,703 — — 5,097 Accrued interest receivable 68,641 75 21,443 47,123 Financial Liabilities Deposits: Noninterest-bearing demand deposits $ 2,491,767 $ 2,491,767 $ — $ — NOW, savings, and money market deposits 5,011,281 5,011,281 — — Time deposits 1,085,847 — 1,088,976 — Short-term borrowings: Federal funds purchased 155,320 155,320 — — Repurchase agreements 329,060 329,060 — — Other short-term borrowings 10,000 10,000 — — Other borrowings: Senior unsecured bank notes 173,701 — 164,216 — Junior subordinated debentures 40,673 — 33,467 — Repurchase agreements 50,000 — 51,701 — Federal Home Loan Bank advances 899,418 — — 902,920 Capital lease obligation 4,019 — 5,453 — Accrued interest payable 3,281 — 3,281 — Standby letters of credit 402 — — 402 Off-Balance Sheet Financial Instruments Commitments to extend credit $ — $ — $ — $ 3,012 N/A = not applicable Fair Value Measurements at December 31, 2015 Using (dollars in thousands) Carrying Quoted Prices in Significant Significant (Level 3) Financial Assets Cash, due from banks, federal funds sold, and money market investments $ 219,818 $ 219,818 $ — $ — Investment securities held-to-maturity: U.S. government-sponsored entities and agencies 142,864 — 145,763 — Mortgage-backed securities - Agency 16,042 — 16,604 — State and political subdivisions 713,205 — 767,050 — Federal Home Loan Bank/Federal Reserve Bank stock 86,146 N/A N/A N/A Loans, net (including covered loans): Commercial 1,788,593 — — 1,829,824 Commercial real estate 1,852,979 — — 1,946,163 Residential real estate 1,659,284 — — 1,745,248 Consumer credit 1,595,316 — — 1,587,879 FDIC indemnification asset 9,030 — — 5,700 Accrued interest receivable 69,098 29 22,821 46,248 Financial Liabilities Deposits: Noninterest-bearing demand deposits $ 2,488,855 $ 2,488,855 $ — $ — NOW, savings, and money market deposits 4,911,938 4,911,938 — — Time deposits 1,000,067 — 998,878 — Short-term borrowings: Federal funds purchased 241,090 241,090 — — Repurchase agreements 337,409 337,409 — — Other short-term borrowings 50,000 50,000 — — Other borrowings: Senior unsecured bank notes 173,662 — 162,445 — Junior subordinated debentures 40,558 — 33,318 — Repurchase agreements 50,000 — 51,370 — Federal Home Loan Bank advances 1,023,491 — — 1,029,779 Capital lease obligation 4,036 — 5,375 — Accrued interest payable 4,859 — 4,859 — Standby letters of credit 429 — — 429 Off-Balance Sheet Financial Instruments Commitments to extend credit $ — $ — $ — $ 2,364 N/A = not applicable |
Acquisition and Divestiture A47
Acquisition and Divestiture Activity - Additional Information (Detail) $ / shares in Units, $ in Thousands, shares in Millions | Jan. 12, 2016USD ($)BankingCenters$ / shares | Aug. 14, 2015USD ($)Branches | May. 08, 2015USD ($) | Feb. 01, 2015USD ($) | Mar. 31, 2016USD ($)shares | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($)Branch | Jan. 01, 2015Branch | Dec. 31, 2014USD ($) |
Business Acquisition [Line Items] | |||||||||
Goodwill acquired during the period | $ 57,059 | ||||||||
Purchasers assumed loans | $ 193,600 | ||||||||
Other transaction expense related to divestitures | 900 | ||||||||
Deposits | $ 555,800 | ||||||||
Goodwill allocation | $ 584,634 | 587,904 | $ 584,634 | $ 530,845 | |||||
Number of banking centers consolidated | Branch | 23 | ||||||||
Insurance [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Goodwill acquired during the period | 1,090 | ||||||||
Goodwill allocation | 40,963 | $ 40,963 | $ 40,963 | $ 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 | $ 15,600 | ||||||||
Deposit premium | 19,300 | ||||||||
Goodwill allocation | $ 3,800 | ||||||||
Founders Financial Corporation [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Number of branch locations | Branch | 4 | ||||||||
Total purchase price of acquisition | 91,700 | ||||||||
Purchase price of acquisition, cash | $ 41,000 | ||||||||
Issuance of common stock shares for acquisitions of business | shares | 3.4 | ||||||||
Value of issuance common stock shares | $ 50,600 | ||||||||
Transaction and integration costs associated with the acquisition | $ 4,900 | ||||||||
Goodwill allocation | $ 56,014 | ||||||||
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 | ||||||||
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) | |||||||
Anchor BanCorp Wisconsin Inc [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Value of issuance common stock shares | $ 460,000 | ||||||||
Number of banking centers | BankingCenters | 46 | ||||||||
Amount of assets acquired | 2,231,000 | ||||||||
Amount of liabilities acquired | $ 1,816,000 | ||||||||
Portion of share received by merged entity | 3.5505 | ||||||||
Consideration received in cash by merged entity | $ / shares | $ 48.50 | ||||||||
Business acquisition closing share price | $ / shares | $ 13.40 | ||||||||
Anchor BanCorp Wisconsin Inc [Member] | Maximum [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Maximum percentage of outstanding shares receive in cash | 40.00% | ||||||||
Anchor BanCorp Wisconsin Inc [Member] | Madison Milwaukee and Fox Valley Triangle [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Number of banking centers | BankingCenters | 32 |
Acquisition and Divestiture A48
Acquisition and Divestiture Activity - Schedule of Purchase Price Allocation (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Business Acquisition [Line Items] | ||||
Deposits | $ (8,588,895) | $ (8,400,860) | $ (8,927,520) | |
Goodwill | $ 584,634 | 584,634 | $ 587,904 | $ 530,845 |
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 A49
Acquisition and Divestiture Activity - Schedule of Components of Estimated Fair Value of Intangible Assets (Detail) - Founders Financial Corporation [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Core Deposit [Member] | |
Business Acquisition [Line Items] | |
Estimated Fair Value | $ 2.9 |
Estimated Useful Lives (Years) | 7 years |
Customer Trust Relationships [Member] | |
Business Acquisition [Line Items] | |
Estimated Fair Value | $ 2.6 |
Estimated Useful Lives (Years) | 12 years |
Acquisition and Divestiture A50
Acquisition and Divestiture Activity - Schedule of Acquired Loan Data (Detail) - Founders Financial Corporation [Member] - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Loans at Acquisition Date [Line Items] | ||
Fair Value of Acquired Loans at Acquisition Date | $ 339,569 | |
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 | |
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 | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings Per Share [Abstract] | ||
Net income | $ 26,977 | $ 20,906 |
Basic Earnings Per Share, Weighted average common shares outstanding | 113,998 | 118,540 |
Basic Earnings Per Share | $ 0.24 | $ 0.18 |
Net income | $ 26,977 | $ 20,906 |
Diluted Earnings Per Share, Weighted average common shares outstanding | 113,998 | 118,540 |
Effect of dilutive securities: Restricted stock | 526 | 438 |
Effect of dilutive securities: Stock options | 39 | 98 |
Diluted Earnings Per Share, Weighted average shares outstanding | 114,563 | 119,076 |
Diluted Earnings Per Share | $ 0.24 | $ 0.18 |
Net Income Per Share - Summar52
Net Income Per Share - Summary of Table Reconciling Basic and Diluted Net Income Per Share (Parenthetical) (Detail) - shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Restricted Stock Units [Member] | ||
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items] | ||
Antidilutive securities not included in the computation of net income per diluted share | 4,000 | 0 |
Restricted Stock [Member] | ||
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items] | ||
Antidilutive securities not included in the computation of net income per diluted share | 4,000 | 0 |
Stock Options [Member] | ||
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items] | ||
Antidilutive securities not included in the computation of net income per diluted share | 800,000 | 900,000 |
Accumulated Other Comprehensi53
Accumulated Other Comprehensive Income (Loss) - Schedule of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | $ (34,797) | $ (31,555) |
Other comprehensive income (loss) before reclassifications | 4,382 | 8,026 |
Amounts reclassified from accumulated other comprehensive income (loss) | 830 | (713) |
Net other comprehensive income (loss) | 5,212 | 7,313 |
Ending Balance | (29,585) | (24,242) |
Accumulated Unrealized Gains and Losses on Available-for-Sale Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (3,806) | (748) |
Other comprehensive income (loss) before reclassifications | 11,282 | 11,515 |
Amounts reclassified from accumulated other comprehensive income (loss) | (699) | (1,688) |
Net other comprehensive income (loss) | 10,583 | 9,827 |
Ending Balance | 6,777 | 9,079 |
Accumulated Unrealized Gains and Losses on Held-to-Maturity Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (14,480) | (15,776) |
Amounts reclassified from accumulated other comprehensive income (loss) | 306 | 403 |
Net other comprehensive income (loss) | 306 | 403 |
Ending Balance | (14,174) | (15,373) |
Accumulated Gains and Losses on Cash Flow Hedges [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (9,276) | (5,935) |
Other comprehensive income (loss) before reclassifications | (6,900) | (3,489) |
Amounts reclassified from accumulated other comprehensive income (loss) | 789 | 115 |
Net other comprehensive income (loss) | (6,111) | (3,374) |
Ending Balance | (15,387) | (9,309) |
Accumulated Defined Benefit Pension Plans [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (7,235) | (9,096) |
Amounts reclassified from accumulated other comprehensive income (loss) | 434 | 457 |
Net other comprehensive income (loss) | 434 | 457 |
Ending Balance | $ (6,801) | $ (8,639) |
Accumulated Other Comprehensi54
Accumulated Other Comprehensive Income (Loss) - Reclassifications out of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net securities gains | $ 1,106 | $ 2,683 |
Interest income/(expense) | 85,643 | 90,993 |
Salaries and employee benefits, Actuarial gains/(losses) | 700 | 738 |
Income tax (expense) benefit | (9,671) | (9,225) |
Net income | 26,977 | 20,906 |
Reclassifications out of Accumulated Other Comprehensive Income (Loss) [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net income | (830) | 713 |
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 | 1,106 | 2,683 |
Income tax (expense) benefit | (407) | (995) |
Net income | 699 | 1,688 |
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) | (465) | (337) |
Income tax (expense) benefit | 159 | (66) |
Net income | (306) | (403) |
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] | ||
Income tax (expense) benefit | 484 | 71 |
Net income | (789) | (115) |
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) | (1,273) | (186) |
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, Actuarial gains/(losses) | (700) | (738) |
Income tax (expense) benefit | 266 | 281 |
Net income | $ (434) | $ (457) |
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 | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Available-for-Sale, Amortized Cost | $ 2,337,534 | $ 2,424,063 | |
Available-for-Sale, Unrealized Gains | 32,079 | 25,766 | |
Available-for-Sale, Unrealized Losses | (21,170) | (31,608) | |
Available-for-Sale securities, Fair Value | 2,348,443 | 2,418,221 | $ 2,545,470 |
Held-to-Maturity, Amortized Cost | 869,012 | 872,111 | 836,038 |
Held-to-Maturity, Unrealized Gains | 63,578 | 57,309 | |
Held-to-Maturity, Unrealized Losses | (3) | ||
Held-to-Maturity, Fair Value | 932,590 | 929,417 | $ 899,653 |
U.S. Treasury [Member] | |||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Available-for-Sale, Amortized Cost | 11,966 | 11,968 | |
Available-for-Sale, Unrealized Gains | 277 | 190 | |
Available-for-Sale, Unrealized Losses | (8) | ||
Available-for-Sale securities, Fair Value | 12,243 | 12,150 | |
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 | 600,938 | 615,578 | |
Available-for-Sale, Unrealized Gains | 2,578 | 1,495 | |
Available-for-Sale, Unrealized Losses | (59) | (3,523) | |
Available-for-Sale securities, Fair Value | 603,457 | 613,550 | |
Held-to-Maturity, Amortized Cost | 142,045 | 142,864 | |
Held-to-Maturity, Unrealized Gains | 2,455 | 2,899 | |
Held-to-Maturity, Fair Value | 144,500 | 145,763 | |
Mortgage-Backed Securities - Agency [Member] | |||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Available-for-Sale, Amortized Cost | 980,374 | 1,065,936 | |
Available-for-Sale, Unrealized Gains | 13,812 | 10,970 | |
Available-for-Sale, Unrealized Losses | (3,202) | (10,545) | |
Available-for-Sale securities, Fair Value | 990,984 | 1,066,361 | |
Held-to-Maturity, Amortized Cost | 14,604 | 16,042 | |
Held-to-Maturity, Unrealized Gains | 578 | 562 | |
Held-to-Maturity, Fair Value | 15,182 | 16,604 | |
States and Political Subdivisions [Member] | |||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Available-for-Sale, Amortized Cost | 387,916 | 375,671 | |
Available-for-Sale, Unrealized Gains | 12,931 | 11,960 | |
Available-for-Sale, Unrealized Losses | (611) | (335) | |
Available-for-Sale securities, Fair Value | 400,236 | 387,296 | |
Held-to-Maturity, Amortized Cost | 712,363 | 713,205 | |
Held-to-Maturity, Unrealized Gains | 60,545 | 53,848 | |
Held-to-Maturity, Unrealized Losses | (3) | ||
Held-to-Maturity, Fair Value | 772,908 | 767,050 | |
Pooled Trust Preferred Securities [Member] | |||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Available-for-Sale, Amortized Cost | 17,192 | 17,320 | |
Available-for-Sale, Unrealized Losses | (9,205) | (9,420) | |
Available-for-Sale securities, Fair Value | 7,987 | 7,900 | |
Other Securities [Member] | |||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Available-for-Sale, Amortized Cost | 339,148 | 337,590 | |
Available-for-Sale, Unrealized Gains | 2,481 | 1,151 | |
Available-for-Sale, Unrealized Losses | (8,093) | (7,777) | |
Available-for-Sale securities, Fair Value | $ 333,536 | $ 330,964 |
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 | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Proceeds from sales of available-for-sale securities | $ 76,650 | $ 170,265 |
Proceeds from calls of available-for-sale securities | 298,147 | 132,471 |
Total | 200,961 | 221,859 |
Realized gains on sales of available-for-sale securities | 1,660 | 2,481 |
Realized losses on sales of available-for-sale securities | (446) | (25) |
Other securities gains (losses) | (265) | 62 |
Net securities gains | 1,106 | 2,683 |
Calls [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Proceeds from calls of available-for-sale securities | 124,311 | 51,594 |
Realized gains on calls of available-for-sale securities | 244 | 168 |
Realized losses on calls of available-for-sale securities | $ (87) | $ (3) |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) | 3 Months Ended | ||
Mar. 31, 2016USD ($)SecuritySegment | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($) | |
Investment [Line Items] | |||
Proceeds from sales of investment securities held-to-maturity | $ 855,000 | ||
Net securities gains | $ 1,106,000 | 2,683,000 | |
Trading securities that consist of mutual funds | $ 3,699,000 | 3,964,000 | $ 3,941,000 |
Number of segments | Segment | 2 | ||
Other-than-temporary-impairment losses on securities | $ 0 | 0 | |
Number of securities in security portfolio | Security | 1,719 | ||
Number of securities in unrealized loss position | Security | 132 | ||
Unrealized losses | $ 21,170,000 | 31,608,000 | |
Municipal Bonds [Member] | |||
Investment [Line Items] | |||
Proceeds from sales of investment securities held-to-maturity | 800,000 | ||
Net securities gains | 52,000 | ||
Former Directors and Executives of Monroe Bancorp [Member] | |||
Investment [Line Items] | |||
Trading securities that consist of mutual funds | $ 3,700,000 | 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 | $ 7,700,000 | ||
Unrealized losses | $ 6,100,000 | ||
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 | $ 3,100,000 | ||
Pooled Trust Preferred Securities [Member] | |||
Investment [Line Items] | |||
Number of trust preferred securities | Security | 3 | ||
Securities portfolio at fair value | $ 8,000,000 | ||
Unrealized losses | 9,200,000 | ||
Unrealized losses | 9,205,000 | $ 9,420,000 | |
Other-than-temporary-impairment losses | $ 0 | $ 0 |
Investment Securities - Expecte
Investment Securities - Expected Maturities of Investment Securities Portfolio (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Investments, Debt and Equity Securities [Abstract] | |||
Available-for-Sale, Maturity, Within one year, Amortized Cost | $ 28,446 | ||
Available-for-Sale, Maturity, One to five years, Amortized Cost | 508,313 | ||
Available-for-Sale, Maturity, Five to ten years, Amortized Cost | 344,286 | ||
Available-for-Sale, Maturity, Beyond ten years, Amortized Cost | 1,456,489 | ||
Available-for-Sale, Amortized Cost | 2,337,534 | $ 2,424,063 | |
Held-to-Maturity, Maturity, Within one year, Amortized Cost | 11,984 | ||
Held-to-Maturity, Maturity, One to five years, Amortized Cost | 32,840 | ||
Held-to-Maturity, Maturity, Five to ten years, Amortized Cost | 214,165 | ||
Held-to-Maturity, Maturity, Beyond ten years, Amortized Cost | 610,023 | ||
Held-to-Maturity, Amortized Cost | 869,012 | 872,111 | $ 836,038 |
Available-for-Sale, Maturity, Within one year, Fair Value | 28,505 | ||
Available-for-Sale, Maturity, One to five years, Fair Value | 512,104 | ||
Available-for-Sale, Maturity, Five to ten years, Fair Value | 339,730 | ||
Available-for-Sale, Maturity, Beyond ten years, Fair Value | 1,468,104 | ||
Available-for-Sale securities, Fair Value | 2,348,443 | 2,418,221 | 2,545,470 |
Held-to-Maturity, Maturity, Within one year, Fair Value | 12,154 | ||
Held-to-Maturity, Maturity, One to five years, Fair Value | 34,392 | ||
Held-to-Maturity, Maturity, Five to ten years, Fair Value | 222,378 | ||
Held-to-Maturity, Maturity, Beyond ten years, Fair Value | 663,666 | ||
Held-to-Maturity, Fair Value | $ 932,590 | $ 929,417 | $ 899,653 |
Available-for-Sale, Maturity, Within one year, Weighted Average Yield | 1.58% | ||
Available-for-Sale, Maturity, One to five years, Weighted Average Yield | 1.78% | ||
Available-for-Sale, Maturity, Five to ten years, Weighted Average Yield | 2.61% | ||
Available-for-Sale, Maturity, Beyond ten years, Weighted Average Yield | 2.60% | ||
Available-for-Sale, Weighted Average Yield | 2.41% | ||
Held-to-Maturity, Maturity, Within one year, Weighted Average Yield | 6.29% | ||
Held-to-Maturity, Maturity, One to five years, Weighted Average Yield | 4.14% | ||
Held-to-Maturity, Maturity, Five to ten years, Weighted Average Yield | 3.67% | ||
Held-to-Maturity, Maturity, Beyond ten years, Weighted Average Yield | 5.48% | ||
Held-to-Maturity, Weighted Average Yield | 5.00% |
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 | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Available-for-Sale, Less than 12 Months, Fair Value | $ 331,714 | $ 618,592 |
Available-for-Sale, Less than 12 Months, Unrealized Losses | (2,739) | (7,822) |
Available-for-Sale, 12 months or longer, Fair Value | 287,466 | 501,326 |
Available-for-Sale, 12 months or longer, Unrealized Losses | (18,431) | (23,786) |
Available-for-Sale, Fair Value | 619,180 | 1,119,918 |
Available-for-Sale, Unrealized Losses | (21,170) | (31,608) |
Held-to-Maturity, Less than 12 Months, Fair Value | 2,026 | |
Held-to-Maturity, Less than 12 Months, Unrealized Losses | (3) | |
Held-to-Maturity, 12 months or longer, Fair Value | 0 | |
Held-to-Maturity, 12 months or longer, Unrealized Losses | 0 | |
Held-to-Maturity, Fair Value | 2,026 | |
Held-to-Maturity, Unrealized Losses | (3) | |
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 | 6,505 | |
Available-for-Sale, Less than 12 Months, Unrealized Losses | (8) | |
Available-for-Sale, Fair Value | 6,505 | |
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 | 38,400 | 160,751 |
Available-for-Sale, Less than 12 Months, Unrealized Losses | (59) | (1,492) |
Available-for-Sale, 12 months or longer, Fair Value | 122,581 | |
Available-for-Sale, 12 months or longer, Unrealized Losses | (2,031) | |
Available-for-Sale, Fair Value | 38,400 | 283,332 |
Available-for-Sale, Unrealized Losses | (59) | (3,523) |
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 | 151,882 | 256,359 |
Available-for-Sale, Less than 12 Months, Unrealized Losses | (357) | (3,444) |
Available-for-Sale, 12 months or longer, Fair Value | 162,982 | 239,047 |
Available-for-Sale, 12 months or longer, Unrealized Losses | (2,845) | (7,101) |
Available-for-Sale, Fair Value | 314,864 | 495,406 |
Available-for-Sale, Unrealized Losses | (3,202) | (10,545) |
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 | 44,889 | 38,373 |
Available-for-Sale, Less than 12 Months, Unrealized Losses | (458) | (161) |
Available-for-Sale, 12 months or longer, Fair Value | 5,151 | 5,137 |
Available-for-Sale, 12 months or longer, Unrealized Losses | (153) | (174) |
Available-for-Sale, Fair Value | 50,040 | 43,510 |
Available-for-Sale, Unrealized Losses | (611) | (335) |
Held-to-Maturity, Less than 12 Months, Fair Value | 2,026 | |
Held-to-Maturity, Less than 12 Months, Unrealized Losses | (3) | |
Held-to-Maturity, 12 months or longer, Fair Value | 0 | |
Held-to-Maturity, 12 months or longer, Unrealized Losses | 0 | |
Held-to-Maturity, Fair Value | 2,026 | |
Held-to-Maturity, Unrealized Losses | (3) | |
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 | 7,987 | 7,900 |
Available-for-Sale, 12 months or longer, Unrealized Losses | (9,205) | (9,420) |
Available-for-Sale, Fair Value | 7,987 | 7,900 |
Available-for-Sale, Unrealized Losses | (9,205) | (9,420) |
Other Securities [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Available-for-Sale, Less than 12 Months, Fair Value | 96,543 | 156,604 |
Available-for-Sale, Less than 12 Months, Unrealized Losses | (1,865) | (2,717) |
Available-for-Sale, 12 months or longer, Fair Value | 111,346 | 126,661 |
Available-for-Sale, 12 months or longer, Unrealized Losses | (6,228) | (5,060) |
Available-for-Sale, Fair Value | 207,889 | 283,265 |
Available-for-Sale, Unrealized Losses | $ (8,093) | $ (7,777) |
Investment Securities - Trust P
Investment Securities - Trust Preferred Securities (Detail) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016USD ($)Item | Dec. 31, 2015USD ($) | Mar. 31, 2015USD ($) | |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Available-for-Sale securities, Fair Value | $ 2,348,443 | $ 2,418,221 | $ 2,545,470 |
Reg Div Funding 2004 [Member] | |||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Lowest Credit Rating | D | ||
Amortized Cost | $ 3,305 | ||
Pooled Trust Preferred Securities One [Member] | |||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Amortized Cost | 17,192 | ||
Available-for-Sale securities, Fair Value | 7,987 | ||
Available-for-Sale, Unrealized Gain/ (Loss) | (9,205) | ||
Realized Losses 2016 | $ 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 | $ 3,305 | ||
Available-for-Sale securities, Fair Value | 244 | ||
Available-for-Sale, Unrealized Gain/ (Loss) | (3,061) | ||
Realized Losses 2016 | $ 0 | ||
# of Issuers Currently Performing | Item | 23 | ||
# of Issuers Currently Remaining | Item | 39 | ||
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 | $ 4,422 | ||
Available-for-Sale securities, Fair Value | 2,304 | ||
Available-for-Sale, Unrealized Gain/ (Loss) | (2,118) | ||
Realized Losses 2016 | $ 0 | ||
# of Issuers Currently Performing | Item | 34 | ||
# of Issuers Currently Remaining | Item | 45 | ||
Actual Deferrals and Defaults as a Percent of Original Collateral | 20.40% | ||
Expected Defaults as a % of Remaining Performing Collateral | 3.50% | ||
Excess Subordination as a % of Current Performing Collateral | 51.60% | ||
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 | BBB | ||
Amortized Cost | $ 9,465 | ||
Available-for-Sale securities, Fair Value | 5,439 | ||
Available-for-Sale, Unrealized Gain/ (Loss) | (4,026) | ||
Realized Losses 2016 | $ 0 | ||
# of Issuers Currently Performing | Item | 50 | ||
# of Issuers Currently Remaining | Item | 57 | ||
Actual Deferrals and Defaults as a Percent of Original Collateral | 8.90% | ||
Expected Defaults as a % of Remaining Performing Collateral | 5.00% | ||
Excess Subordination as a % of Current Performing Collateral | 47.40% | ||
Single Issuer Trust Preferred Securities [Member] | |||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Amortized Cost | $ 9,733 | ||
Available-for-Sale securities, Fair Value | 8,208 | ||
Available-for-Sale, Unrealized Gain/ (Loss) | (1,525) | ||
Realized Losses 2016 | $ 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 | $ 3,391 | ||
Available-for-Sale securities, Fair Value | 2,713 | ||
Available-for-Sale, Unrealized Gain/ (Loss) | (678) | ||
Realized Losses 2016 | $ 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 | $ 4,759 | ||
Available-for-Sale securities, Fair Value | 3,940 | ||
Available-for-Sale, Unrealized Gain/ (Loss) | (819) | ||
Realized Losses 2016 | $ 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 | $ 772 | ||
Available-for-Sale securities, Fair Value | 780 | ||
Available-for-Sale, Unrealized Gain/ (Loss) | 8 | ||
Realized Losses 2016 | $ 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 | $ 811 | ||
Available-for-Sale securities, Fair Value | 775 | ||
Available-for-Sale, Unrealized Gain/ (Loss) | (36) | ||
Realized Losses 2016 | 0 | ||
Trust Preferred Securities [Member] | |||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Amortized Cost | 26,925 | ||
Available-for-Sale securities, Fair Value | 16,195 | ||
Available-for-Sale, Unrealized Gain/ (Loss) | (10,730) | ||
Realized Losses 2016 | $ 0 |
Investment Securities - Securit
Investment Securities - Securities with Other-than-Temporary-Impairment (Detail) - Reg Div Funding 2004 [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Vintage | 2,004 | |
Lowest Credit Rating | D | |
Amortized Cost | $ 3,305 | |
Amount of other-than-temporary-impairment recognized in earnings | 0 | $ 0 |
Life-to date | $ 5,685 |
Loans Held for Sale - Additiona
Loans Held for Sale - Additional Information (Detail) - USD ($) | 3 Months Ended | ||||
Sep. 30, 2015 | Dec. 31, 2014 | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | |
Servicing Assets at Fair Value [Line Items] | |||||
Loans held for sale sold | $ 193,600,000 | ||||
Gain loss on loans held for sale | $ 100,000 | ||||
Loans held for sale under branch divestitures | $ 22,546,000 | $ 13,810,000 | $ 210,513,000 | ||
Southern Illinois Franchise [Member] | |||||
Servicing Assets at Fair Value [Line Items] | |||||
Loans held for sale under branch divestitures | 0 | ||||
Residential Mortgage Loans [Member] | |||||
Servicing Assets at Fair Value [Line Items] | |||||
Mortgage loans held for sale | $ 22,500,000 | $ 13,800,000 | |||
Commercial Real Estate [Member] | |||||
Servicing Assets at Fair Value [Line Items] | |||||
Loans reclassified from held for investment to held for sale | $ 197,900,000 |
Loans and Allowance for Credi63
Loans and Allowance for Credit Losses - Additional Information (Detail) | 3 Months Ended | ||
Mar. 31, 2016USD ($)SecurityLoan | Mar. 31, 2015USD ($)SecurityLoan | Dec. 31, 2015USD ($) | |
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 current loans to return to accrual status | 6 months | ||
Loan participations | $ 314,500,000 | ||
Loan participations sold | 173,800,000 | ||
Loan participations retained | $ 140,700,000 | ||
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 | $ 35,700,000 | $ 30,000,000 | |
Financing receivable troubled debt restructurings specific reserves | 4,400,000 | 2,300,000 | |
Unfunded commitments on TDRs | 2,800,000 | ||
Increase (decrease) in allowance for loan losses | 200,000 | ||
Allowance for loan losses charge-offs | $ 600,000 | ||
Number of days for a loan to be considered to be in payment default | 90 days | ||
Troubled debt restructurings which was a payment default | $ 600,000 | $ 300,000 | |
Troubled debt restructuring modification payment delay | 90 days | ||
Outstanding noncovered loans including principal, interest, fees and penalties | $ 105,000,000 | 107,100,000 | |
Accretion recorded as loan interest income | 2,500,000 | $ 2,900,000 | |
Financing receivable allowance for loan losses related to purchased loans | 500,000 | $ 900,000 | |
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 | ||
Commercial Loan [Member] | 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 | 4 | 3 | |
Commercial Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Number of loans modified as TDRs | SecurityLoan | 3 | 1 |
Loans and Allowance for Credi64
Loans and Allowance for Credit Losses - Schedule of Composition of Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans by lending classification | $ 7,007,074 | $ 6,948,405 | $ 6,652,539 |
Allowance for loan losses | (49,856) | (51,296) | (46,675) |
Allowance for loan losses - covered loans | (844) | (937) | (2,203) |
Net loans | 6,956,374 | 6,896,172 | $ 6,603,661 |
Commercial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans by lending classification | 1,784,970 | 1,804,615 | |
Residential Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans by lending classification | 1,634,132 | 1,644,614 | |
Consumer Loan [Member] | Consumer Credit - Heloc [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans by lending classification | 347,776 | 359,954 | |
Construction [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans by lending classification | 202,278 | 185,449 | |
Other [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans by lending classification | 1,705,556 | 1,662,372 | |
Other [Member] | Consumer Loan [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans by lending classification | 127,076 | 133,478 | |
Consumer Credit - Auto [Member] | Consumer Loan [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans by lending classification | 1,109,883 | 1,050,336 | |
Covered Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans by lending classification | $ 95,403 | $ 107,587 |
Loans and Allowance for Credi65
Loans and Allowance for Credit Losses - Schedule of Composition of Loans (Parenthetical) (Detail) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Receivables [Abstract] | ||
Direct finance leases | $ 13.4 | $ 14.4 |
Loans and Allowance for Credi66
Loans and Allowance for Credit Losses - Schedule of Activity in Allowance for Loan Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | $ 52,233 | $ 47,849 |
Charge-offs | (3,942) | (2,113) |
Recoveries | 2,318 | 3,141 |
Provision | 91 | 1 |
Ending balance | 50,700 | 48,878 |
Commercial Loan [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | 26,347 | 20,670 |
Charge-offs | (1,527) | (548) |
Recoveries | 818 | 1,774 |
Provision | (517) | 2,807 |
Ending balance | 25,121 | 24,703 |
Commercial Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | 15,993 | 17,348 |
Charge-offs | (279) | 413 |
Recoveries | 840 | 464 |
Provision | (783) | (4,418) |
Ending balance | 15,771 | 13,807 |
Residential [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | 2,051 | 2,962 |
Charge-offs | (140) | (374) |
Recoveries | 26 | 28 |
Provision | (188) | 303 |
Ending balance | 1,749 | 2,919 |
Consumer Loan [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | 7,842 | 6,869 |
Charge-offs | (1,996) | (1,604) |
Recoveries | 634 | 875 |
Provision | 1,579 | 1,309 |
Ending balance | $ 8,059 | $ 7,449 |
Loans and Allowance for Credi67
Loans and Allowance for Credit Losses - Schedule of Recorded Investment in Financing Receivables (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses, Individually evaluated for impairment | $ 10,484 | $ 11,488 | |
Allowance for loan losses, Collectively evaluated for impairment | 39,208 | 39,386 | |
Allowance for loan losses, Noncovered loans acquired with deteriorated credit quality | 475 | 863 | |
Allowance for loan losses, Covered loans acquired with deteriorated credit quality | 533 | 496 | |
Total allowance for loan losses | 50,700 | 52,233 | |
Loans and leases outstanding, Individually evaluated for impairment | 94,044 | 102,946 | |
Loans and leases outstanding, Collectively evaluated for impairment | 6,845,112 | 6,764,378 | |
Loans and leases outstanding, Loans acquired with deteriorated credit quality | 28,755 | 33,242 | |
Loans and leases outstanding, Covered loans acquired with deteriorated credit quality | 39,163 | 47,839 | |
Total loans | 7,007,074 | 6,948,405 | $ 6,652,539 |
Commercial Loan [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses, Individually evaluated for impairment | 7,016 | 7,467 | |
Allowance for loan losses, Collectively evaluated for impairment | 17,523 | 18,295 | |
Allowance for loan losses, Noncovered loans acquired with deteriorated credit quality | 192 | 247 | |
Allowance for loan losses, Covered loans acquired with deteriorated credit quality | 390 | 338 | |
Total allowance for loan losses | 25,121 | 26,347 | |
Loans and leases outstanding, Individually evaluated for impairment | 53,022 | 60,959 | |
Loans and leases outstanding, Collectively evaluated for impairment | 1,737,377 | 1,750,397 | |
Loans and leases outstanding, Loans acquired with deteriorated credit quality | 674 | 691 | |
Loans and leases outstanding, Covered loans acquired with deteriorated credit quality | 1,915 | 2,893 | |
Total loans | 1,792,988 | 1,814,940 | |
Commercial Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses, Individually evaluated for impairment | 3,468 | 4,021 | |
Allowance for loan losses, Collectively evaluated for impairment | 12,110 | 11,439 | |
Allowance for loan losses, Noncovered loans acquired with deteriorated credit quality | 193 | 533 | |
Total allowance for loan losses | 15,771 | 15,993 | |
Loans and leases outstanding, Individually evaluated for impairment | 41,022 | 41,987 | |
Loans and leases outstanding, Collectively evaluated for impairment | 1,843,821 | 1,779,062 | |
Loans and leases outstanding, Loans acquired with deteriorated credit quality | 24,431 | 28,499 | |
Loans and leases outstanding, Covered loans acquired with deteriorated credit quality | 13,480 | 19,424 | |
Total loans | 1,922,754 | 1,868,972 | |
Residential [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses, Collectively evaluated for impairment | 1,729 | 2,038 | |
Allowance for loan losses, Noncovered loans acquired with deteriorated credit quality | 13 | 13 | |
Allowance for loan losses, Covered loans acquired with deteriorated credit quality | 7 | ||
Total allowance for loan losses | 1,749 | 2,051 | |
Loans and leases outstanding, Collectively evaluated for impairment | 1,634,184 | 1,644,631 | |
Loans and leases outstanding, Loans acquired with deteriorated credit quality | 86 | 127 | |
Loans and leases outstanding, Covered loans acquired with deteriorated credit quality | 15,726 | 16,577 | |
Total loans | 1,649,996 | 1,661,335 | |
Consumer Loan [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses, Collectively evaluated for impairment | 7,846 | 7,614 | |
Allowance for loan losses, Noncovered loans acquired with deteriorated credit quality | 77 | 70 | |
Allowance for loan losses, Covered loans acquired with deteriorated credit quality | 136 | 158 | |
Total allowance for loan losses | 8,059 | 7,842 | |
Loans and leases outstanding, Collectively evaluated for impairment | 1,629,730 | 1,590,288 | |
Loans and leases outstanding, Loans acquired with deteriorated credit quality | 3,564 | 3,925 | |
Loans and leases outstanding, Covered loans acquired with deteriorated credit quality | 8,042 | 8,945 | |
Total loans | $ 1,641,336 | $ 1,603,158 |
Loans and Allowance for Credi68
Loans and Allowance for Credit Losses - Schedule of Risk Category of Commercial and Commercial Real Estate Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Risk Category Of Loans [Line Items] | |||
Total | $ 1,784,970 | $ 1,804,615 | $ 1,668,275 |
Total | 7,007,074 | 6,948,405 | $ 6,652,539 |
Commercial [Member] | |||
Risk Category Of Loans [Line Items] | |||
Total | 1,784,970 | 1,804,615 | |
Commercial [Member] | Pass [Member] | |||
Risk Category Of Loans [Line Items] | |||
Total | 1,656,554 | 1,668,667 | |
Commercial [Member] | Criticized [Member] | |||
Risk Category Of Loans [Line Items] | |||
Total | 54,746 | 54,606 | |
Commercial [Member] | Classified - Substandard [Member] | |||
Risk Category Of Loans [Line Items] | |||
Total | 24,004 | 23,806 | |
Commercial [Member] | Classified - Nonaccrual [Member] | |||
Risk Category Of Loans [Line Items] | |||
Total | 47,774 | 55,067 | |
Commercial [Member] | Classified - Doubtful [Member] | |||
Risk Category Of Loans [Line Items] | |||
Total | 1,892 | 2,469 | |
Commercial Real Estate [Member] | Construction [Member] | |||
Risk Category Of Loans [Line Items] | |||
Total | 202,278 | 185,449 | |
Commercial Real Estate [Member] | Other [Member] | |||
Risk Category Of Loans [Line Items] | |||
Total | 1,705,556 | 1,662,372 | |
Commercial Real Estate [Member] | Pass [Member] | Construction [Member] | |||
Risk Category Of Loans [Line Items] | |||
Total | 196,052 | 179,543 | |
Commercial Real Estate [Member] | Pass [Member] | Other [Member] | |||
Risk Category Of Loans [Line Items] | |||
Total | 1,540,250 | 1,491,750 | |
Commercial Real Estate [Member] | Criticized [Member] | Construction [Member] | |||
Risk Category Of Loans [Line Items] | |||
Total | 3,251 | 3,300 | |
Commercial Real Estate [Member] | Criticized [Member] | Other [Member] | |||
Risk Category Of Loans [Line Items] | |||
Total | 72,951 | 74,992 | |
Commercial Real Estate [Member] | Classified - Substandard [Member] | Construction [Member] | |||
Risk Category Of Loans [Line Items] | |||
Total | 2,293 | 1,857 | |
Commercial Real Estate [Member] | Classified - Substandard [Member] | Other [Member] | |||
Risk Category Of Loans [Line Items] | |||
Total | 49,347 | 49,029 | |
Commercial Real Estate [Member] | Classified - Nonaccrual [Member] | Construction [Member] | |||
Risk Category Of Loans [Line Items] | |||
Total | 682 | 749 | |
Commercial Real Estate [Member] | Classified - Nonaccrual [Member] | Other [Member] | |||
Risk Category Of Loans [Line Items] | |||
Total | 34,044 | 39,164 | |
Commercial Real Estate [Member] | Classified - Doubtful [Member] | Other [Member] | |||
Risk Category Of Loans [Line Items] | |||
Total | $ 8,964 | $ 7,437 |
Loans and Allowance for Credi69
Loans and Allowance for Credit Losses - Schedule of Recorded Investment in Residential and Consumer Loans Based on Payment Activity (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Finance receivable recorded investment | $ 1,584,735 | $ 1,543,768 | $ 1,408,491 |
Residential real estate | 1,634,132 | 1,644,614 | $ 1,625,354 |
Consumer Heloc [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Finance receivable recorded investment | 347,776 | 359,954 | |
Consumer Heloc [Member] | Performing Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Finance receivable recorded investment, Performing | 345,630 | 357,585 | |
Consumer Heloc [Member] | Nonperforming Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Finance receivable recorded investment, Nonperforming | 2,146 | 2,369 | |
Consumer Auto [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Finance receivable recorded investment | 1,109,883 | 1,050,336 | |
Consumer Auto [Member] | Performing Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Finance receivable recorded investment, Performing | 1,108,568 | 1,048,763 | |
Consumer Auto [Member] | Nonperforming Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Finance receivable recorded investment, Nonperforming | 1,315 | 1,573 | |
Consumer - Other [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Finance receivable recorded investment | 127,076 | 133,478 | |
Consumer - Other [Member] | Performing Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Finance receivable recorded investment, Performing | 126,106 | 132,222 | |
Consumer - Other [Member] | Nonperforming Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Finance receivable recorded investment, Nonperforming | 970 | 1,256 | |
Residential [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Residential real estate | 1,634,132 | 1,644,614 | |
Residential [Member] | Performing Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Finance receivable recorded investment, Performing | 1,619,917 | 1,629,661 | |
Residential [Member] | Nonperforming Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Finance receivable recorded investment, Nonperforming | $ 14,215 | $ 14,953 |
Loans and Allowance for Credi70
Loans and Allowance for Credit Losses - Schedule of Impaired Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, Total | $ 96,104 | $ 104,872 |
Unpaid Principal Balance, Total | 100,838 | 109,235 |
Related Allowance | 10,442 | 11,307 |
Commercial Loan [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment with no related allowance | 28,921 | 40,414 |
Unpaid Principal Balance with no related allowance | 30,140 | 41,212 |
Recorded Investment with related allowance | 20,188 | 16,377 |
Unpaid Principal Balance with related allowance | 20,198 | 16,483 |
Related Allowance | 6,784 | 7,111 |
Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment with related allowance | 231 | 237 |
Unpaid Principal Balance with related allowance | 231 | 237 |
Related Allowance | 1 | 6 |
Consumer Loan [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment with no related allowance | 838 | 1,201 |
Unpaid Principal Balance with no related allowance | 998 | 1,305 |
Recorded Investment with related allowance | 2,776 | 2,525 |
Unpaid Principal Balance with related allowance | 2,776 | 2,525 |
Related Allowance | 139 | 126 |
Commercial Real Estate - Other [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment with no related allowance | 27,351 | 26,998 |
Unpaid Principal Balance with no related allowance | 30,593 | 30,264 |
Recorded Investment with related allowance | 13,441 | 14,752 |
Unpaid Principal Balance with related allowance | 13,523 | 14,802 |
Related Allowance | 3,467 | 4,015 |
Residential [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment with no related allowance | 1,342 | 1,383 |
Unpaid Principal Balance with no related allowance | 1,363 | 1,422 |
Recorded Investment with related allowance | 1,016 | 985 |
Unpaid Principal Balance with related allowance | 1,016 | 985 |
Related Allowance | $ 51 | $ 49 |
Loans and Allowance for Credi71
Loans and Allowance for Credit Losses - Schedule of Average Balance and Interest Income Recognized on Impaired Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Average Recorded Investment, Total | $ 99,881 | $ 94,755 |
Interest Income Recognized | 262 | 261 |
Commercial Loan [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment with no related allowance | 34,085 | 26,849 |
Interest Income Recognized with no related allowance | 28 | 42 |
Average Recorded Investment with an allowance recorded | 18,283 | 11,516 |
Interest Income Recognized with an allowance recorded | 13 | 48 |
Consumer Loan [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment with no related allowance | 1,019 | 731 |
Interest Income Recognized with no related allowance | 2 | 1 |
Average Recorded Investment with an allowance recorded | 2,651 | 1,492 |
Interest Income Recognized with an allowance recorded | 38 | 20 |
Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment with no related allowance | 2,250 | |
Interest Income Recognized with no related allowance | 3 | |
Average Recorded Investment with an allowance recorded | 234 | 166 |
Commercial Real Estate - Other [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment with no related allowance | 27,149 | 38,801 |
Interest Income Recognized with no related allowance | 95 | 85 |
Average Recorded Investment with an allowance recorded | 14,097 | 10,728 |
Interest Income Recognized with an allowance recorded | 48 | 1 |
Residential [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment with no related allowance | 1,362 | 747 |
Average Recorded Investment with an allowance recorded | 1,001 | 1,475 |
Interest Income Recognized with an allowance recorded | $ 38 | $ 61 |
Loans and Allowance for Credi72
Loans and Allowance for Credit Losses - Schedule of Past Due Financing Receivables (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded Investment > 90 Days and Accruing | $ 357 | $ 916 |
Nonaccrual | 117,866 | 132,373 |
Financing Receivables, Past Due | 139,165 | 153,645 |
Current | 6,867,909 | 6,794,760 |
30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivables, Past Due | 20,271 | 16,266 |
60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivables, Past Due | 671 | 4,090 |
Commercial Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded Investment > 90 Days and Accruing | 565 | |
Nonaccrual | 49,666 | 57,536 |
Financing Receivables, Past Due | 51,349 | 59,003 |
Current | 1,733,621 | 1,745,612 |
Commercial Loan [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivables, Past Due | 1,625 | 802 |
Commercial Loan [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivables, Past Due | 58 | 100 |
Construction [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 682 | 749 |
Financing Receivables, Past Due | 1,375 | 749 |
Current | 200,903 | 184,700 |
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 | 693 | |
Other [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded Investment > 90 Days and Accruing | 80 | |
Nonaccrual | 43,008 | 46,601 |
Financing Receivables, Past Due | 47,346 | 47,174 |
Current | 1,658,210 | 1,615,198 |
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 | 4,231 | 438 |
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 | 27 | 135 |
Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded Investment > 90 Days and Accruing | 150 | 114 |
Nonaccrual | 14,215 | 14,953 |
Financing Receivables, Past Due | 23,013 | 26,613 |
Current | 1,611,119 | 1,618,001 |
Residential [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivables, Past Due | 8,608 | 9,300 |
Residential [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivables, Past Due | 40 | 2,246 |
Consumer Heloc [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 2,146 | 2,369 |
Financing Receivables, Past Due | 3,314 | 3,054 |
Current | 344,462 | 356,900 |
Consumer Heloc [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivables, Past Due | 1,093 | 283 |
Consumer Heloc [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivables, Past Due | 75 | 402 |
Consumer Auto [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded Investment > 90 Days and Accruing | 100 | 202 |
Nonaccrual | 1,315 | 1,573 |
Financing Receivables, Past Due | 4,579 | 6,309 |
Current | 1,105,304 | 1,044,027 |
Consumer Auto [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivables, Past Due | 2,792 | 3,804 |
Consumer Auto [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivables, Past Due | 372 | 730 |
Consumer - Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded Investment > 90 Days and Accruing | 27 | 25 |
Nonaccrual | 970 | 1,256 |
Financing Receivables, Past Due | 1,591 | 2,276 |
Current | 125,485 | 131,202 |
Consumer - Other [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivables, Past Due | 495 | 830 |
Consumer - Other [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivables, Past Due | 99 | 165 |
Covered Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded Investment > 90 Days and Accruing | 10 | |
Nonaccrual | 5,864 | 7,336 |
Financing Receivables, Past Due | 6,598 | 8,467 |
Current | 88,805 | 99,120 |
Covered Loans [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivables, Past Due | $ 734 | 809 |
Covered Loans [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivables, Past Due | $ 312 |
Loans and Allowance for Credi73
Loans and Allowance for Credit Losses - Schedule of Activity in Troubled Debt Restructurings (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Financing Receivable, Impaired [Line Items] | ||
Beginning balance | $ 44,251 | $ 34,953 |
(Charge-offs)/recoveries | (750) | 808 |
Payments | (5,328) | (4,003) |
Additions | 11,536 | 3,840 |
Ending balance | 49,709 | 35,598 |
Commercial Loan [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Beginning balance | 23,354 | 15,205 |
(Charge-offs)/recoveries | (826) | 586 |
Payments | (3,565) | (2,198) |
Additions | 1,542 | 1,741 |
Ending balance | 20,505 | 15,334 |
Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Beginning balance | 14,602 | 15,226 |
(Charge-offs)/recoveries | 62 | 248 |
Payments | (1,106) | (1,608) |
Additions | 9,476 | 1,573 |
Ending balance | 23,034 | 15,439 |
Residential [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Beginning balance | 2,693 | 2,063 |
(Charge-offs)/recoveries | 32 | (15) |
Payments | (348) | (33) |
Additions | 133 | 352 |
Ending balance | 2,510 | 2,367 |
Consumer Loan [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Beginning balance | 3,602 | 2,459 |
(Charge-offs)/recoveries | (18) | (11) |
Payments | (309) | (164) |
Additions | 385 | 174 |
Ending balance | $ 3,660 | $ 2,458 |
Loans and Allowance for Credi74
Loans and Allowance for Credit Losses - Schedule of Loans by Class Modified as Troubled Debt Restructuring (Detail) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016USD ($)SecurityLoan | Mar. 31, 2015USD ($)SecurityLoan | |
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | SecurityLoan | 26 | 29 |
Pre-modification Outstanding Recorded Investment | $ 11,536 | $ 3,840 |
Post-modification Outstanding Recorded Investment | $ 10,984 | $ 3,840 |
Commercial Loan [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | SecurityLoan | 10 | 11 |
Pre-modification Outstanding Recorded Investment | $ 1,542 | $ 1,741 |
Post-modification Outstanding Recorded Investment | $ 990 | $ 1,741 |
Construction [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | SecurityLoan | 5 | |
Pre-modification Outstanding Recorded Investment | $ 1,187 | |
Post-modification Outstanding Recorded Investment | $ 1,187 | |
Other [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | SecurityLoan | 7 | 5 |
Pre-modification Outstanding Recorded Investment | $ 9,476 | $ 385 |
Post-modification Outstanding Recorded Investment | $ 9,476 | $ 385 |
Residential [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | SecurityLoan | 1 | 2 |
Pre-modification Outstanding Recorded Investment | $ 133 | $ 366 |
Post-modification Outstanding Recorded Investment | $ 133 | $ 366 |
Consumer - Other [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | SecurityLoan | 8 | 6 |
Pre-modification Outstanding Recorded Investment | $ 385 | $ 161 |
Post-modification Outstanding Recorded Investment | $ 385 | $ 161 |
Loans and Allowance for Credi75
Loans and Allowance for Credit Losses - Schedule of Activity of Purchased Impaired Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Impaired [Line Items] | ||
Purchased impaired loans | $ 28,755 | $ 33,242 |
Allowance for loan losses | (475) | (863) |
Carrying amount, net of allowance | 28,280 | 32,379 |
Commercial Loan [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Purchased impaired loans | 674 | 691 |
Allowance for loan losses | (192) | (247) |
Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Purchased impaired loans | 24,431 | 28,499 |
Allowance for loan losses | (193) | (533) |
Residential [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Purchased impaired loans | 86 | 127 |
Allowance for loan losses | (13) | (13) |
Consumer Loan [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Purchased impaired loans | 3,564 | 3,925 |
Allowance for loan losses | $ (77) | $ (70) |
Loans and Allowance for Credi76
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 | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Non Covered Purchased Credit Impaired Loans [Member] | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Balance at January 1 | $ 27,525 |
Accretion of income | (2,475) |
Reclassifications from (to) nonaccretable difference | 1,093 |
Disposals/other adjustments | 771 |
Balance at March 31 | 26,914 |
Monroe [Member] | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Balance at March 31 | 6,971 |
Monroe [Member] | Non Covered Purchased Credit Impaired Loans [Member] | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Balance at January 1 | 2,023 |
Accretion of income | (563) |
Reclassifications from (to) nonaccretable difference | (511) |
Disposals/other adjustments | 627 |
Balance at March 31 | 1,576 |
Integra Noncovered [Member] | Non Covered Purchased Credit Impaired Loans [Member] | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Balance at January 1 | 1,708 |
Accretion of income | (99) |
Reclassifications from (to) nonaccretable difference | 47 |
Disposals/other adjustments | 126 |
Balance at March 31 | 1,782 |
IBT [Member] | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Balance at March 31 | 11,945 |
IBT [Member] | Non Covered Purchased Credit Impaired Loans [Member] | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Balance at January 1 | 9,486 |
Accretion of income | (737) |
Reclassifications from (to) nonaccretable difference | 270 |
Disposals/other adjustments | 8 |
Balance at March 31 | 9,027 |
Tower [Member] | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Balance at March 31 | 4,065 |
Tower [Member] | Non Covered Purchased Credit Impaired Loans [Member] | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Balance at January 1 | 3,713 |
Accretion of income | (209) |
Reclassifications from (to) nonaccretable difference | 347 |
Balance at March 31 | 3,851 |
United [Member] | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Balance at March 31 | 1,605 |
United [Member] | Non Covered Purchased Credit Impaired Loans [Member] | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Balance at January 1 | 2,812 |
Accretion of income | (242) |
Reclassifications from (to) nonaccretable difference | 196 |
Disposals/other adjustments | 10 |
Balance at March 31 | 2,776 |
LSB [Member] | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Balance at March 31 | 2,604 |
LSB [Member] | Non Covered Purchased Credit Impaired Loans [Member] | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Balance at January 1 | 4,971 |
Accretion of income | (229) |
Reclassifications from (to) nonaccretable difference | 333 |
Balance at March 31 | 5,075 |
Founders Financial Corporation [Member] | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Balance at March 31 | 1,812 |
Founders Financial Corporation [Member] | Non Covered Purchased Credit Impaired Loans [Member] | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Balance at January 1 | 2,812 |
Accretion of income | (396) |
Reclassifications from (to) nonaccretable difference | 411 |
Balance at March 31 | $ 2,827 |
Loans and Allowance for Credi77
Loans and Allowance for Credit Losses - Schedule of Receivables for which Contractually Required Payments would not be Collected (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
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 ($) | 3 Months Ended | |||
Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | |
Covered Loans [Line Items] | ||||
Covered loans | $ 95,403,000 | $ 107,587,000 | $ 136,840,000 | |
Allowance for loan losses related to the acquired loans | $ 0 | |||
Percentage of prospective yield adjustments offset | 80.00% | |||
Loss sharing asset | $ 7,703,000 | 9,030,000 | 20,024,000 | $ 20,603,000 |
Loss sharing asset, FDIC indemnification asset | 6,200,000 | |||
Loss sharing asset, loss share receivable | $ 1,500,000 | |||
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 | $ 202,400,000 | $ 214,400,000 | ||
Expected Indemnification Payments [Member] | ||||
Covered Loans [Line Items] | ||||
Loss sharing asset, FDIC indemnification asset | 4,300,000 | 8,100,000 | ||
To Be Amortized Against Future Accreted Interest Income [Member] | ||||
Covered Loans [Line Items] | ||||
Loss sharing asset, FDIC indemnification asset | $ 1,900,000 | $ 8,500,000 |
Covered Loans - Composition of
Covered Loans - Composition of Covered Loans by Lending Classification (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Covered Loans [Line Items] | |||
Covered loans | $ 95,403 | $ 107,587 | $ 136,840 |
Allowance for loan losses | (844) | $ (937) | $ (2,203) |
Covered loans, net | 94,559 | ||
Commercial Loan [Member] | |||
Covered Loans [Line Items] | |||
Covered loans | 8,018 | ||
Commercial Real Estate [Member] | |||
Covered Loans [Line Items] | |||
Covered loans | 14,920 | ||
Consumer Loan [Member] | |||
Covered Loans [Line Items] | |||
Covered loans | 56,601 | ||
Residential [Member] | |||
Covered Loans [Line Items] | |||
Covered loans | 15,864 | ||
Loans Accounted for Under ASC 310-30 (Purchased Credit Impaired) [Member] | |||
Covered Loans [Line Items] | |||
Covered loans | 39,163 | ||
Allowance for loan losses | (533) | ||
Covered loans, net | 38,630 | ||
Loans Accounted for Under ASC 310-30 (Purchased Credit Impaired) [Member] | Commercial Loan [Member] | |||
Covered Loans [Line Items] | |||
Covered loans | 1,915 | ||
Loans Accounted for Under ASC 310-30 (Purchased Credit Impaired) [Member] | Commercial Real Estate [Member] | |||
Covered Loans [Line Items] | |||
Covered loans | 13,480 | ||
Loans Accounted for Under ASC 310-30 (Purchased Credit Impaired) [Member] | Consumer Loan [Member] | |||
Covered Loans [Line Items] | |||
Covered loans | 8,042 | ||
Loans Accounted for Under ASC 310-30 (Purchased Credit Impaired) [Member] | Residential [Member] | |||
Covered Loans [Line Items] | |||
Covered loans | 15,726 | ||
Loans Excluded from ASC 310-30 (1) (Not Purchased Credit Impaired) [Member] | |||
Covered Loans [Line Items] | |||
Covered loans | 56,240 | ||
Allowance for loan losses | (311) | ||
Covered loans, net | 55,929 | ||
Loans Excluded from ASC 310-30 (1) (Not Purchased Credit Impaired) [Member] | Commercial Loan [Member] | |||
Covered Loans [Line Items] | |||
Covered loans | 6,103 | ||
Loans Excluded from ASC 310-30 (1) (Not Purchased Credit Impaired) [Member] | Commercial Real Estate [Member] | |||
Covered Loans [Line Items] | |||
Covered loans | 1,440 | ||
Loans Excluded from ASC 310-30 (1) (Not Purchased Credit Impaired) [Member] | Consumer Loan [Member] | |||
Covered Loans [Line Items] | |||
Covered loans | 48,559 | ||
Loans Excluded from ASC 310-30 (1) (Not Purchased Credit Impaired) [Member] | Residential [Member] | |||
Covered Loans [Line Items] | |||
Covered loans | $ 138 |
Covered Loans - Schedule of Acq
Covered Loans - Schedule of Acquired Impaired Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Impaired Loans By Type [Line Items] | ||
Beginning balance | $ 47,343 | $ 77,053 |
Principal reductions and interest payments | (13,673) | (10,268) |
Accretion of loan discount | 6,186 | 3,344 |
Changes in contractual and expected cash flows due to remeasurement | (138) | 65 |
Removals due to foreclosure or sale | (1,539) | (429) |
Loans removed from loss share coverage | 451 | |
Ending balance | 38,630 | 69,765 |
Contractual Cash Flows [Member] | ||
Impaired Loans By Type [Line Items] | ||
Beginning balance | 69,857 | 124,809 |
Principal reductions and interest payments | (13,403) | (9,566) |
Changes in contractual and expected cash flows due to remeasurement | 1,305 | (498) |
Removals due to foreclosure or sale | (1,944) | (433) |
Loans removed from loss share coverage | 323 | |
Ending balance | 56,138 | 114,312 |
Non Accretable Difference [Member] | ||
Impaired Loans By Type [Line Items] | ||
Beginning balance | (4,729) | (12,014) |
Principal reductions and interest payments | (270) | (702) |
Changes in contractual and expected cash flows due to remeasurement | 334 | 3,695 |
Removals due to foreclosure or sale | 135 | 133 |
Loans removed from loss share coverage | (6) | |
Ending balance | (4,536) | (8,888) |
Accretable Yield [Member] | ||
Impaired Loans By Type [Line Items] | ||
Beginning balance | (17,785) | (35,742) |
Accretion of loan discount | 6,186 | 3,344 |
Changes in contractual and expected cash flows due to remeasurement | (1,777) | (3,132) |
Removals due to foreclosure or sale | 270 | (129) |
Loans removed from loss share coverage | 134 | |
Ending balance | $ (12,972) | $ (35,659) |
Covered Loans - Summary of FDIC
Covered Loans - Summary of FDIC Loss Sharing Asset (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Receivables [Abstract] | ||
Beginning balance | $ 9,030 | $ 20,603 |
Adjustments not reflected in income: | ||
Cash received from the FDIC | (877) | |
Other | 205 | 389 |
Adjustments reflected in income: | ||
(Amortization) accretion | (497) | (1,986) |
Higher (lower) loan loss expectations | (33) | |
Impairment/(recovery) of value and net (gain)/loss on sales of other real estate | (125) | 1,018 |
Ending balance | $ 7,703 | $ 20,024 |
Other Real Estate Owned - Activ
Other Real Estate Owned - Activity in Other Real Estate Owned (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Real Estate Properties [Line Items] | ||
Beginning Balance | $ 7,594 | |
Ending balance | 7,019 | $ 8,482 |
Other Real Estate Owned [Member] | ||
Real Estate Properties [Line Items] | ||
Beginning Balance | 7,594 | 7,241 |
Additions | 736 | 1,906 |
Sales | (1,125) | (428) |
(Impairment)/recovery of value | (186) | (237) |
Ending balance | 7,019 | 8,482 |
Other Real Estate Owned, Covered [Member] | ||
Real Estate Properties [Line Items] | ||
Beginning Balance | 4,904 | 9,121 |
Additions | 1,830 | 360 |
Sales | (81) | (2,556) |
(Impairment)/recovery of value | (150) | 159 |
Ending balance | $ 6,503 | $ 7,084 |
Other Real Estate Owned - Act83
Other Real Estate Owned - Activity in Other Real Estate Owned (Parenthetical) (Detail) - USD ($) $ in Millions | Mar. 31, 2016 | Mar. 31, 2015 |
Regulatory Assets [Abstract] | ||
Repossessed personal property | $ 0.3 | $ 0.2 |
Other Real Estate Owned - Addit
Other Real Estate Owned - Additional Information (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Real Estate Properties [Line Items] | |
Value of foreclosed residential real estate property | $ 0.9 |
Value of mortgage loans in process of foreclosure | $ 5.2 |
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 Intangible85
Goodwill and Other Intangible Assets - Schedule of Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Goodwill [Line Items] | ||
Beginning balance | $ 584,634 | $ 530,845 |
Goodwill acquired during the period | 57,059 | |
Ending balance | $ 584,634 | 587,904 |
Banking [Member] | ||
Goodwill [Line Items] | ||
Beginning balance | 543,671 | 490,972 |
Goodwill acquired during the period | 55,969 | |
Ending balance | 543,671 | 546,941 |
Insurance [Member] | ||
Goodwill [Line Items] | ||
Beginning balance | 40,963 | 39,873 |
Goodwill acquired during the period | 1,090 | |
Ending balance | $ 40,963 | $ 40,963 |
Goodwill and Other Intangible86
Goodwill and Other Intangible Assets - Schedule of Gross Carrying Amount and Accumulated Amortization of Other Intangible Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 111,633 | $ 111,850 | |
Accumulated Amortization and Impairment | (79,190) | (76,542) | |
Net Carrying Amount | 32,443 | $ 35,308 | 43,738 |
Core Deposit [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 60,103 | 60,103 | |
Accumulated Amortization and Impairment | (45,502) | (43,982) | |
Net Carrying Amount | 14,601 | 16,121 | |
Customer Business Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 30,570 | 30,787 | |
Accumulated Amortization and Impairment | (23,800) | (23,341) | |
Net Carrying Amount | 6,770 | 7,446 | |
Customer Trust Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 16,547 | 16,547 | |
Accumulated Amortization and Impairment | (6,210) | (5,286) | |
Net Carrying Amount | 10,337 | 11,261 | |
Customer Loan Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 4,413 | 4,413 | |
Accumulated Amortization and Impairment | (3,678) | (3,933) | |
Net Carrying Amount | $ 735 | $ 480 |
Goodwill and Other Intangible87
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) | May. 08, 2015 | Mar. 31, 2016 | Mar. 31, 2015 |
Goodwill [Line Items] | |||
Amortization expense of other intangible assets | $ 2,647,000 | $ 3,081,000 | |
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 | ||
Insurance [Member] | |||
Goodwill [Line Items] | |||
Amortization expense of other intangible assets | $ 459,000 | $ 476,000 | |
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 Intangible88
Goodwill and Other Intangible Assets - Schedule of Estimated Amortization Expense for Future Years (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
2016 remaining | $ 7,232 | ||
2,017 | 7,581 | ||
2,018 | 5,799 | ||
2,019 | 4,317 | ||
2,020 | 3,036 | ||
Thereafter | 4,478 | ||
Net Carrying Amount | $ 32,443 | $ 35,308 | $ 43,738 |
Loan Servicing Rights - Additio
Loan Servicing Rights - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | |
Transfers and Servicing [Abstract] | |||
Loan servicing rights | $ 10,534 | $ 10,500 | $ 9,535 |
Principal balance of loans serviced for others | 1,270,000 | 1,263,000 | |
Funds held in escrow | $ 6,400 | 3,000 | |
Percentage of mortgage loan | 96.00% | ||
Fair value of servicing rights | $ 11,000 | $ 11,300 | |
Fair value at discount rate | 11.00% | 11.00% | |
Fair value inputs weighted average prepayment speed | 175.00% | 166.00% |
Loan Servicing Rights - Compone
Loan Servicing Rights - Components of Loan Servicing Rights and Valuation Allowance (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Transfers and Servicing [Abstract] | |||
Beginning balance | $ 10,502 | $ 9,584 | |
Additions | 481 | 956 | |
Amortization | (447) | (518) | |
Ending balance | 10,536 | 10,022 | |
Valuation allowance: | |||
Beginning balance | (34) | (50) | |
(Additions)/recoveries | 32 | (437) | |
Ending balance | (2) | (487) | |
Loan servicing rights, net | $ 10,534 | $ 9,535 | $ 10,500 |
Short-Term Borrowings - Schedul
Short-Term Borrowings - Schedule of Short-Term Borrowings and Weighted-Average Interest Rates (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | |
Short-term Debt [Line Items] | |||
Outstanding at end of period | $ 494,380,000 | $ 628,499,000 | $ 463,007,000 |
Average amount outstanding | $ 446,422,000 | ||
Weighted average interest rate during period | 0.16% | ||
Weighted average interest rate at end of period | 0.21% | ||
Federal Funds Purchased [Member] | |||
Short-term Debt [Line Items] | |||
Outstanding at end of period | $ 155,320,000 | ||
Average amount outstanding | 104,774,000 | ||
Maximum amount outstanding at any month-end | $ 155,320,000 | ||
Weighted average interest rate during period | 0.43% | ||
Weighted average interest rate at end of period | 0.49% | ||
Repurchase Agreements / Sweeps [Member] | |||
Short-term Debt [Line Items] | |||
Outstanding at end of period | $ 329,060,000 | ||
Average amount outstanding | 336,044,000 | ||
Maximum amount outstanding at any month-end | $ 346,695,000 | ||
Weighted average interest rate during period | 0.07% | ||
Weighted average interest rate at end of period | 0.07% | ||
American Financial Exchange Borrowings [Member] | |||
Short-term Debt [Line Items] | |||
Outstanding at end of period | $ 10,000,000 | ||
Average amount outstanding | 5,604,000 | ||
Maximum amount outstanding at any month-end | $ 20,000,000 | ||
Weighted average interest rate during period | 0.81% | ||
Weighted average interest rate at end of period | 0.57% |
Short-Term Borrowings - Sched92
Short-Term Borrowings - Schedule of Remaining Contractual Maturity of Secured Borrowings and Class of Collateral Pledged Under Repurchase Agreements (Detail) $ in Thousands | Mar. 31, 2016USD ($) |
Assets Sold under Agreements to Repurchase [Line Items] | |
Secured borrowings and class of collateral pledged under repurchase agreements | $ 329,060 |
U.S. Treasury [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Secured borrowings and class of collateral pledged under repurchase agreements | 329,060 |
Overnight and Continuous [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Secured borrowings and class of collateral pledged under repurchase agreements | 329,060 |
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 | $ 329,060 |
Short-Term Borrowings - Additio
Short-Term Borrowings - Additional Information (Detail) - USD ($) $ in Thousands | Apr. 01, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Short-term Debt [Line Items] | ||||
Gross outstanding balance of repurchase agreements collateralized by securities percentage | 108.00% | |||
Revolving line of credit | $ 494,380 | $ 628,499 | $ 463,007 | |
Revolving Credit Facility [Member] | ||||
Short-term Debt [Line Items] | ||||
Revolving line of credit | $ 50,000 | |||
Subsequent Event [Member] | Revolving Credit Facility [Member] | ||||
Short-term Debt [Line Items] | ||||
Revolving line of credit | $ 75,000 | |||
Revolving loan term | 364 days | |||
Debt instrument variable rate | 2.00% | |||
Subsequent Event [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Short-term Debt [Line Items] | ||||
Debt instrument description | One-month LIBOR plus 200 basis points |
Financing Activities - Other Bo
Financing Activities - Other Borrowings (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | 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 | $ 329,060 | |||
Total other borrowings | 1,167,811 | $ 1,291,747 | $ 869,123 | |
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 | (4,327) | (4,442) | ||
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 | ||
Unamortized debt issuance costs related to Senior unsecured bank notes | (1,299) | (1,338) | ||
Old National Bancorp [Member] | Junior Subordinated Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Junior subordinated debentures (variable rates of 1.97% to 2.39%) 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 0.56% to 6.76% and variable rates 0.70% to 0.78%) maturing April 2016 to January 2025 | 897,645 | 1,022,766 | ||
Capital lease obligation | 4,019 | 4,036 | ||
ASC 815 fair value hedge and other basis adjustments | $ 1,773 | $ 725 |
Financing Activities - Other 95
Financing Activities - Other Borrowings (Parenthetical) (Detail) | 3 Months Ended | |
Mar. 31, 2016 | 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 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 | Apr. 1, 2016 | |
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 | 0.56% | |
Variable rates | 0.70% | |
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 | 0.78% | |
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 | |
Trust Preferred Securities [Member] | Old National Bancorp [Member] | Minimum [Member] | Junior Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Variable rates | 1.97% | |
Trust Preferred Securities [Member] | Old National Bancorp [Member] | Maximum [Member] | Junior Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Variable rates | 2.39% |
Financing Activities - Contract
Financing Activities - Contractual Maturities of Long-Term Debt (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Debt Disclosure [Abstract] | |
Due in 2016 | $ 417,338 |
Due in 2017 | 95,744 |
Due in 2018 | 195,308 |
Due in 2019 | 2,867 |
Due in 2020 | 50,091 |
Thereafter | 410,316 |
ASC 815 fair value hedge, unamortized debt issuance costs, and other basis adjustments | (3,853) |
Total | $ 1,167,811 |
Financing Activities - Addition
Financing Activities - Additional Information (Detail) $ in Millions | Dec. 31, 2006USD ($) | Sep. 30, 2006USD ($) | Dec. 31, 2005USD ($) | Mar. 31, 2016USD ($)Item | Dec. 31, 2015USD ($) | Mar. 31, 2015USD ($) | Aug. 31, 2014USD ($) | Mar. 31, 2007USD ($) | Jul. 31, 2006USD ($) | Mar. 31, 2005USD ($) |
Debt Instrument [Line Items] | ||||||||||
Weighted-average rates of FHLB advances | 0.96% | 0.72% | ||||||||
Preferred securities | ||||||||||
Gross outstanding balance of long-term repurchase agreements collateralized by securities percentage | 118.00% | |||||||||
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 | |||||||||
St Joseph Capital Trust II [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Preferred securities | $ 5 | |||||||||
Reference rate of the variable interest rate for preferred securities | Three-month London Interbank Offered Rate ("LIBOR") plus 175 basis points | |||||||||
Home Federal Statutory Trust I [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Preferred securities | $ 15 | |||||||||
Reference rate of the variable interest rate for preferred securities | Three-month LIBOR plus 165 basis points | |||||||||
Tower Capital Trust 2 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Preferred securities | $ 8 | |||||||||
Reference rate of the variable interest rate for preferred securities | Three-month LIBOR plus 134 basis points | |||||||||
Tower Capital Trust 3 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Preferred securities | $ 9 | |||||||||
Reference rate of the variable interest rate for preferred securities | Three-month LIBOR plus 169 basis points | |||||||||
Senior Unsecured Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Senior unsecured notes | $ 175 | |||||||||
Fixed rates | 4.125% | |||||||||
Maturity date | Aug. 15, 2024 | |||||||||
Junior Subordinated Debt [Member] | St Joseph Capital Trust II [Member] | Trust Preferred Securities [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maturity date | Mar. 17, 2035 | |||||||||
LIBOR rate | 1.75% | |||||||||
Junior Subordinated Debt [Member] | Home Federal Statutory Trust I [Member] | Trust Preferred Securities [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
LIBOR rate | 1.65% | |||||||||
Junior Subordinated Debt [Member] | Tower Capital Trust 2 [Member] | Trust Preferred Securities [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
LIBOR rate | 1.34% | |||||||||
Junior Subordinated Debt [Member] | Tower Capital Trust 3 [Member] | Trust Preferred Securities [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
LIBOR rate | 1.69% | |||||||||
Federal Home Loan Bank Advances [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Percentage of borrowings collateralized by investment securities and residential real estate loans | 140.00% | |||||||||
Monroe Bancorp Capital Trust I [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Preferred securities | $ 3 | |||||||||
Monroe Bancorp Statutory Trust II [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Preferred securities | $ 5 | |||||||||
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% |
Financing Activities - Future M
Financing Activities - Future Minimum Lease Payments under Capital Lease (Detail) $ in Thousands | Mar. 31, 2016USD ($) |
Debt Disclosure [Abstract] | |
2016 remaining | $ 307 |
2,017 | 410 |
2,018 | 410 |
2,019 | 430 |
2,020 | 430 |
Thereafter | 8,406 |
Total minimum lease payments | 10,393 |
Less amounts representing interest | 6,374 |
Present value of net minimum lease payments | $ 4,019 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Retirement benefits based on years of service and compensation | 5 years | |
Benefit payments from Restoration Plan | $ 10,000 | |
Defined benefit plan, expected additional contribution during remainder of the year | 29,000 | |
Actuarial (gain) loss | (494,000) | $ (531,000) |
Minimum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actuarial (gain) loss | 11,000,000 | |
Maximum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actuarial (gain) loss | $ 14,000,000 |
Employee Benefit Plans - Schedu
Employee Benefit Plans - Schedule of Net Periodic Benefit Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | ||
Benefit Cost, Interest cost | $ 440 | $ 415 |
Benefit Cost, Expected return on plan assets | (442) | (512) |
Benefit Cost, Recognized actuarial loss | 494 | 531 |
Benefit Cost, Settlement loss | 206 | 206 |
Net periodic benefit cost | $ 698 | $ 640 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) shares in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Remaining shares available for issuance | 5,000 | |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation expense | $ 3,400,000 | |
Shares granted during period | 67 | |
Share-based compensation awards, vesting period | 36 months | |
Stock-based compensation expense | $ 300,000 | $ 200,000 |
Restricted Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation expense | $ 5,300,000 | |
Shares granted during period | 270 | |
Share-based compensation awards, vesting period | 36 months | |
Stock-based compensation expense | $ 500,000 | 500,000 |
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] | ||
Incremental expense | $ 0 | |
Share appreciation rights outstanding | 81 |
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 | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
Provision at statutory rate of 35% | $ 12,827 | $ 10,546 |
Tax-exempt income | (4,168) | (3,852) |
State income taxes | 583 | 1,277 |
Interim period effective rate adjustment | (148) | 1,506 |
Other, net | 577 | (252) |
Income tax expense | $ 9,671 | $ 9,225 |
Effective tax rate | 26.40% | 30.60% |
Income Taxes - Summary of Di103
Income Taxes - Summary of Differences in Taxes from Continuing Operations Computed at Statutory Rate (Parenthetical) (Detail) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
Statutory rate | 35.00% | 35.00% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 |
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 | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
Balance at January 1, | $ 124 | $ 77 |
Additions based on tax positions related to the current year | 14 | 11 |
Balance at March 31, | $ 138 | $ 88 |
Derivative Financial Instrum106
Derivative Financial Instruments - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Derivative [Line Items] | |||
Notional amount | $ 761,500,000 | $ 761,500,000 | |
Reclassified interest income (expense) | 85,643,000 | $ 90,993,000 | |
Reclassifications out of Accumulated Other Comprehensive Income (Loss) [Member] | Interest Income [Member] | |||
Derivative [Line Items] | |||
Reclassified interest income (expense) | 300,000 | ||
Reclassifications out of Accumulated Other Comprehensive Income (Loss) [Member] | Interest Expense [Member] | |||
Derivative [Line Items] | |||
Reclassified interest income (expense) | (7,600,000) | ||
Fixed Interest Swap [Member] | |||
Derivative [Line Items] | |||
Notional amount | 36,500,000 | 36,500,000 | |
Variable Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Notional amount | 725,000,000 | 675,000,000 | |
Receive Fixed Pay Floating Interest Rate Swaps [Member] | |||
Derivative [Line Items] | |||
Notional amount | 50,000,000 | 50,000,000 | |
Interest Rate Lock Commitments [Member] | |||
Derivative [Line Items] | |||
Notional amount | 49,100,000 | 30,400,000 | |
Forward Commitments [Member] | |||
Derivative [Line Items] | |||
Notional amount | 59,500,000 | 33,300,000 | |
Customer Derivative Instrument [Member] | |||
Derivative [Line Items] | |||
Notional amount | 437,400,000 | 428,400,000 | |
Offsetting Counter Party Derivative Instrument [Member] | |||
Derivative [Line Items] | |||
Notional amount | $ 437,400,000 | $ 428,400,000 |
Derivative Financial Instrum107
Derivative Financial Instruments - Summary of Fair Value of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Derivative [Line Items] | ||
Total derivative assets | $ 23,065 | $ 15,925 |
Total derivative liabilities | 42,752 | 26,968 |
Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Total derivative assets | 4,858 | 3,794 |
Total derivative liabilities | 25,720 | 15,554 |
Designated as Hedging Instrument [Member] | Interest Rate Contracts [Member] | ||
Derivative [Line Items] | ||
Total derivative assets | 4,858 | 3,794 |
Total derivative liabilities | 25,720 | 15,554 |
Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Total derivative assets | 18,207 | 12,131 |
Total derivative liabilities | 17,032 | 11,414 |
Not Designated as Hedging Instrument [Member] | Interest Rate Contracts [Member] | ||
Derivative [Line Items] | ||
Total derivative assets | 16,817 | 11,296 |
Total derivative liabilities | 16,938 | 11,414 |
Not Designated as Hedging Instrument [Member] | Mortgage Contracts [Member] | ||
Derivative [Line Items] | ||
Total derivative assets | 1,390 | $ 835 |
Total derivative liabilities | $ 94 |
Derivative Financial Instrum108
Derivative Financial Instruments - Schedule of Effect of Derivative Instruments on the Consolidated Statements of Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Not Designated as Hedging Instrument [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain or (Loss) Recognized in Income on Derivative | $ 458 | $ 788 |
Fair Value Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain or (Loss) Recognized in Income on Derivative | (993) | 82 |
Cash Flow Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain or (Loss) Recognized in Income on Derivative | 86 | 166 |
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 | (1,043) | 23 |
Interest Rate Contracts [Member] | Interest Income / (Expense) [Member] | Cash Flow Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain or (Loss) Recognized in Income on Derivative | 86 | 166 |
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 | (3) | |
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 | 50 | 59 |
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 | $ 461 | $ 788 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | Apr. 05, 2016USD ($) | Mar. 31, 2016USD ($)Terms | Dec. 31, 2015USD ($) |
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 | $ 39,600,000 | $ 40,700,000 | |
Loan commitments | 1,770,000,000 | 1,746,000,000 | |
Fixed rate loan commitment | 1,686,000,000 | ||
Floating rate loan commitment | 84,000,000 | ||
Standby letters of credit | $ 59,200,000 | 62,600,000 | |
Loan commitments floating rate, minimum | 0.00% | ||
Loan commitments floating rate, maximum | 25.00% | ||
Allowance for unfunded loan commitments | $ 4,000,000 | 3,600,000 | |
Extended credit | 14,500,000 | 14,500,000 | |
Credit extensions with collateral | $ 13,600,000 | $ 13,600,000 | |
Subsequent Event [Member] | |||
Commitments And Contingencies [Line Items] | |||
Settlement costs | $ 4,750,000 | ||
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 ($) | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Financial Guarantees [Line Items] | ||
Term of standby letters of credit, years | 1 year | |
Notional amount of standby letters of credit | $ 59,200,000 | $ 62,600,000 |
Carrying value of letters of credit | 400,000 | 400,000 |
Notional amount | 761,500,000 | $ 761,500,000 |
Interest Rate Swap [Member] | ||
Financial Guarantees [Line Items] | ||
Notional amount | 7,200,000 | |
Interest Rate Swap [Member] | Additional Risk Participation [Member] | ||
Financial Guarantees [Line Items] | ||
Notional amount | $ 11,400,000 |
Segment Information - Schedule
Segment Information - Schedule of Financial Information Concerning Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Net interest income | $ 85,643 | $ 90,993 | |
Noninterest income | 49,451 | 55,295 | |
Noncash items: | |||
Depreciation and software amortization | 4,342 | 4,848 | |
Provision for loan losses | 91 | 1 | |
Amortization of intangibles | 2,647 | 3,081 | |
Income tax expense (benefit) | 9,671 | 9,225 | |
Segment profit (loss) | 26,977 | 20,906 | |
Segment assets | 11,932,326 | 11,949,850 | $ 11,991,527 |
Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 87,795 | 93,078 | |
Noninterest income | 36,158 | 42,839 | |
Noncash items: | |||
Depreciation and software amortization | 4,137 | 4,656 | |
Provision for loan losses | 91 | 1 | |
Amortization of intangibles | 2,188 | 2,605 | |
Income tax expense (benefit) | 10,830 | 9,297 | |
Segment profit (loss) | 27,222 | 24,783 | |
Segment assets | 11,790,789 | 11,804,609 | |
Insurance [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 1 | 2 | |
Noninterest income | 13,108 | 11,987 | |
Noncash items: | |||
Depreciation and software amortization | 44 | 34 | |
Amortization of intangibles | 459 | 476 | |
Income tax expense (benefit) | 1,204 | 615 | |
Segment profit (loss) | 1,925 | 964 | |
Segment assets | 61,416 | 60,700 | |
Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | (2,153) | (2,087) | |
Noninterest income | 185 | 469 | |
Noncash items: | |||
Depreciation and software amortization | 161 | 158 | |
Income tax expense (benefit) | (2,363) | (687) | |
Segment profit (loss) | (2,170) | (4,841) | |
Segment assets | $ 80,121 | $ 84,541 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) $ in Billions | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Segment Reporting [Abstract] | |
Interchange fees on debit card | $ 10 |
Fair Value - Schedule of Fair V
Fair Value - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Trading securities | $ 3,699 | $ 3,941 | $ 3,964 |
Investment securities available-for-sale | 2,348,443 | 2,418,221 | $ 2,545,470 |
Derivative assets | 23,065 | 15,925 | |
Derivative liabilities | 42,752 | 26,968 | |
U.S. Treasury [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Investment securities available-for-sale | 12,243 | 12,150 | |
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 | 603,457 | 613,550 | |
Mortgage-Backed Securities - Agency [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Investment securities available-for-sale | 990,984 | 1,066,361 | |
States and Political Subdivisions [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Investment securities available-for-sale | 400,236 | 387,296 | |
Pooled Trust Preferred Securities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Investment securities available-for-sale | 7,987 | 7,900 | |
Other Securities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Investment securities available-for-sale | 333,536 | 330,964 | |
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 | 3,699 | 3,941 | |
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 | 22,546 | 13,810 | |
Derivative assets | 23,065 | 15,925 | |
Derivative liabilities | 42,752 | 26,968 | |
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 | 12,243 | 12,150 | |
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 | 603,457 | 613,550 | |
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 | 990,984 | 1,066,361 | |
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 | 400,236 | 387,296 | |
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 | 7,987 | 7,900 | |
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 | 31,941 | 31,443 | |
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 | 301,595 | 299,521 | |
Carrying Value [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Trading securities | 3,699 | 3,941 | |
Residential loans held for sale | 22,546 | 13,810 | |
Derivative assets | 23,065 | 15,925 | |
Derivative liabilities | 42,752 | 26,968 | |
Carrying Value [Member] | U.S. Treasury [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Investment securities available-for-sale | 12,243 | 12,150 | |
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 | 603,457 | 613,550 | |
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 | 990,984 | 1,066,361 | |
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 | 400,236 | 387,296 | |
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 | 7,987 | 7,900 | |
Carrying Value [Member] | Other Securities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Investment securities available-for-sale | $ 333,536 | $ 330,964 |
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 | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Accretion of discount | $ 5 | $ 5 |
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 | 7,900 | 6,607 |
Accretion of discount | 5 | 5 |
Sales/payments received | (133) | (264) |
Increase in fair value of securities | 215 | 205 |
Ending balance | $ 7,987 | 6,553 |
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 | |
Matured securities | $ (325) |
Fair Value - Additional Informa
Fair Value - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Accretion of discounts on securities included in interest income | $ 5 | $ 5 | |
Provision for loan losses expensed | 2,200 | 4,800 | |
Net carrying amount other real estate owned and other repossessed property | $ 2,700 | ||
Other real estate owned property write-downs | $ 400 | 1,100 | |
Past due period of mortgage loans held for sale, days | 90 days | ||
Interest income for residential loans held for sale | $ 22 | $ 39 | |
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 | 2,900 | ||
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 | 38,800 | 36,800 | |
Valuation allowance | $ 10,500 | $ 11,500 |
Fair Value - Quantitative Infor
Fair Value - Quantitative Information about Significant Unobservable Inputs Used in Fair Value Measurements (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
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% | 11.00% |
Commercial Loan [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 17,301 | $ 13,332 |
Valuation Techniques | Fair value of collateral | |
Commercial Real Estate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 11,002 | $ 11,857 |
Valuation Techniques | 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 | 20.00% | 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 | 98.00% | 86.00% |
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 | 61.00% | 61.00% |
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 | 51.00% | 28.00% |
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 | 34.00% | 33.00% |
Pooled Trust Preferred Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 7,987 | $ 7,900 |
Valuation Techniques | 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 | 2.80% | 4.10% |
Expected asset 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] | ||
Additional asset defaults | 4.50% | 11.50% |
Expected asset recoveries | 16.00% | 11.50% |
Pooled Trust Preferred Securities [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Additional asset defaults | 4.00% | 8.10% |
Expected asset recoveries | 4.30% | 3.10% |
Commercial Real Estate Foreclosed Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 2,616 | $ 2,526 |
Valuation Techniques | 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 | 0.00% | 3.00% |
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% | 80.00% |
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 | 27.00% | 26.00% |
Residential Foreclosed Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 235 | $ 203 |
Valuation Techniques | 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 | 7.00% | 7.00% |
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 | 41.00% | 53.00% |
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 | 24.00% | 29.00% |
Fair Value - Quantitative In117
Fair Value - Quantitative Information about Significant Unobservable Inputs Used in Fair Value Measurements (Parenthetical) (Detail) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
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 | Mar. 31, 2016 | Dec. 31, 2015 |
Commercial Loan [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 17,301 | $ 13,332 |
Commercial Real Estate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 11,002 | 11,857 |
Commercial Real Estate Foreclosed Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 2,616 | 2,526 |
Residential Foreclosed Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 235 | 203 |
Significant Unobservable Inputs (Level 3) [Member] | Commercial Loan [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 17,301 | 13,332 |
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 | 11,002 | 11,857 |
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 | 2,616 | 2,526 |
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 | $ 235 | $ 203 |
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 | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value, Estimate Not Practicable, Financial Statement Captions [Line Items] | ||
Aggregate Fair Value | $ 22,546 | $ 13,810 |
Difference | 606 | 236 |
Contractual Principal | $ 21,940 | $ 13,574 |
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 | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Interest (Expense) | $ (9,686) | $ (7,601) |
Residential Loans Held for Sale [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Other Gains and (Losses) | 371 | 217 |
Interest Income | 1 | |
Interest (Expense) | 0 | 0 |
Total Changes in Fair Values Included in Current Period Earnings | $ 372 | $ 217 |
Fair Value - Carrying Amounts a
Fair Value - Carrying Amounts and Estimated Fair Values of Financial Instruments, Not Previously Presented (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash, due from banks, federal funds sold, and money market investments | $ 175,558 | $ 219,818 | $ 215,313 | $ 239,963 |
Investment securities - held-to-maturity | 869,012 | 872,111 | 836,038 | |
Federal Home Loan Bank/Federal Reserve Bank stock | 86,146 | 86,146 | 75,068 | |
Commercial | 1,784,970 | 1,804,615 | 1,668,275 | |
Commercial real estate | 1,907,834 | 1,847,821 | 1,813,579 | |
Residential real estate | 1,634,132 | 1,644,614 | 1,625,354 | |
Consumer credit | 1,584,735 | 1,543,768 | 1,408,491 | |
FDIC indemnification asset | 7,703 | 9,030 | 20,024 | $ 20,603 |
Accrued interest receivable | 68,641 | 69,098 | 62,503 | |
Noninterest-bearing demand deposits | 2,491,767 | 2,488,855 | 2,553,801 | |
Time deposits | 1,085,847 | 1,000,067 | 1,134,041 | |
Repurchase agreements | 494,380 | 628,499 | $ 463,007 | |
Repurchase agreements | 329,060 | |||
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 | 175,558 | 219,818 | ||
Accrued interest receivable | 75 | 29 | ||
Noninterest-bearing demand deposits | 2,491,767 | 2,488,855 | ||
NOW, savings, and money market deposits | 5,011,281 | 4,911,938 | ||
Federal funds purchased | 155,320 | 241,090 | ||
Repurchase agreements | 329,060 | 337,409 | ||
Other short-term borrowings | 10,000 | 50,000 | ||
Significant Other Observable Inputs (Level 2) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Accrued interest receivable | 21,443 | 22,821 | ||
Time deposits | 1,088,976 | 998,878 | ||
Senior unsecured bank notes | 164,216 | 162,445 | ||
Junior subordinated debentures | 33,467 | 33,318 | ||
Repurchase agreements | 51,701 | 51,370 | ||
Federal Home Loan Bank advances | 0 | |||
Capital lease obligation | 5,453 | 5,375 | ||
Accrued interest payable | 3,281 | 4,859 | ||
Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Commercial | 1,826,069 | 1,829,824 | ||
Commercial real estate | 2,019,514 | 1,946,163 | ||
Residential real estate | 1,744,732 | 1,745,248 | ||
Consumer credit | 1,623,643 | 1,587,879 | ||
FDIC indemnification asset | 5,097 | 5,700 | ||
Accrued interest receivable | 47,123 | 46,248 | ||
Federal Home Loan Bank advances | 902,920 | 1,029,779 | ||
Standby letters of credit | 402 | 429 | ||
Commitments to extend credit | 3,012 | 2,364 | ||
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 | 142,045 | 142,864 | ||
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 | 144,500 | 145,763 | ||
Mortgage-Backed Securities - Agency [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment securities - held-to-maturity | 14,604 | 16,042 | ||
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 | 15,182 | 16,604 | ||
States and Political Subdivisions [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment securities - held-to-maturity | 712,363 | 713,205 | ||
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 | 772,908 | 767,050 | ||
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 | 175,558 | 219,818 | ||
Federal Home Loan Bank/Federal Reserve Bank stock | 86,146 | 86,146 | ||
Commercial | 1,767,867 | 1,788,593 | ||
Commercial real estate | 1,906,983 | 1,852,979 | ||
Residential real estate | 1,648,247 | 1,659,284 | ||
Consumer credit | 1,633,277 | 1,595,316 | ||
FDIC indemnification asset | 7,703 | 9,030 | ||
Accrued interest receivable | 68,641 | 69,098 | ||
Noninterest-bearing demand deposits | 2,491,767 | 2,488,855 | ||
NOW, savings, and money market deposits | 5,011,281 | 4,911,938 | ||
Time deposits | 1,085,847 | 1,000,067 | ||
Federal funds purchased | 155,320 | 241,090 | ||
Repurchase agreements | 329,060 | 337,409 | ||
Other short-term borrowings | 10,000 | 50,000 | ||
Senior unsecured bank notes | 173,701 | 173,662 | ||
Junior subordinated debentures | 40,673 | 40,558 | ||
Repurchase agreements | 50,000 | 50,000 | ||
Federal Home Loan Bank advances | 899,418 | 1,023,491 | ||
Capital lease obligation | 4,019 | 4,036 | ||
Accrued interest payable | 3,281 | 4,859 | ||
Standby letters of credit | 402 | 429 | ||
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 | 142,045 | 142,864 | ||
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 | 14,604 | 16,042 | ||
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 | $ 712,363 | $ 713,205 |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Detail) - Subsequent Event [Member] - Prime Risk Partners Inc [Member] $ in Millions | 1 Months Ended |
Apr. 30, 2016USD ($) | |
Subsequent Event [Line Items] | |
Expected cash acquired in acquisition | $ 93 |
Goodwill and intangible assets eliminated | 47.7 |
Minimum [Member] | |
Subsequent Event [Line Items] | |
Gain on sale of assets | 16 |
Maximum [Member] | |
Subsequent Event [Line Items] | |
Gain on sale of assets | $ 18 |