Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 31, 2017 | Jun. 30, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | ONB | ||
Entity Registrant Name | Old National Bancorp /IN/ | ||
Entity Central Index Key | 707,179 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 135,198,000 | ||
Entity Public Float | $ 1,657,955,950 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and due from banks | $ 209,381 | $ 91,311 |
Money market and other interest-earning investments | 46,138 | 128,507 |
Total cash and cash equivalents | 255,519 | 219,818 |
Trading securities, at fair value | 4,982 | 3,941 |
Investment securities - available-for-sale, at fair value | 2,797,174 | 2,418,221 |
Investment securities - held-to-maturity, at amortized cost (fair value $784,172 and $929,417, respectively) | 745,090 | 872,111 |
Federal Home Loan Bank/Federal Reserve Bank stock, at cost | 101,716 | 86,146 |
Loans held for sale, at fair value | 90,682 | 13,810 |
Loans, net of unearned income | 9,010,512 | 6,840,818 |
Covered loans, net of discount | 107,587 | |
Total loans | 9,010,512 | 6,948,405 |
Allowance for loan losses | (49,808) | (51,296) |
Allowance for loan losses - covered loans | (937) | |
Net loans | 8,960,704 | 6,896,172 |
FDIC indemnification asset | 9,030 | |
Premises and equipment, net | 429,622 | 196,676 |
Accrued interest receivable | 81,381 | 69,098 |
Goodwill | 655,018 | 584,634 |
Other intangible assets | 37,677 | 35,308 |
Company-owned life insurance | 352,956 | 341,294 |
Net deferred tax assets | 181,863 | 109,984 |
Loan servicing rights | 25,561 | 10,468 |
Assets held for sale | 5,970 | 5,679 |
Other real estate owned and repossessed personal property | 18,546 | 7,594 |
Other real estate owned - covered | 4,904 | |
Other assets | 115,776 | 106,639 |
Total assets | 14,860,237 | 11,991,527 |
Deposits: | ||
Noninterest-bearing demand | 3,016,093 | 2,488,855 |
Interest-bearing: | ||
NOW | 2,596,595 | 2,133,536 |
Savings | 2,954,709 | 2,201,352 |
Money market | 707,748 | 577,050 |
Time | 1,468,108 | 1,000,067 |
Total deposits | 10,743,253 | 8,400,860 |
Federal funds purchased and interbank borrowings | 213,003 | 291,090 |
Securities sold under agreements to repurchase | 367,052 | 387,409 |
Federal Home Loan Bank advances | 1,353,092 | 1,023,491 |
Other borrowings | 218,939 | 218,256 |
Accrued expenses and other liabilities | 150,481 | 179,251 |
Total liabilities | 13,045,820 | 10,500,357 |
Commitments and contingencies (Note 23) | ||
Shareholders' Equity | ||
Preferred stock, series A, 2,000 shares authorized, no shares issued or outstanding | ||
Common stock, $1.00 per share stated value, 300,000 shares authorized, 135,159 and 114,297 shares issued and outstanding, respectively | 135,159 | 114,297 |
Capital surplus | 1,348,338 | 1,087,911 |
Retained earnings | 390,292 | 323,759 |
Accumulated other comprehensive income (loss), net of tax | (59,372) | (34,797) |
Total shareholders' equity | 1,814,417 | 1,491,170 |
Total liabilities and shareholders' equity | $ 14,860,237 | $ 11,991,527 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Investment securities - held-to-maturity, fair value | $ 784,172 | $ 929,417 |
Common stock, stated value | $ 1 | $ 1 |
Authorized and unissued common shares reserved for issuance | 300,000,000 | 300,000,000 |
Common stock, shares issued | 135,159,000 | 114,297,000 |
Common stock, shares outstanding | 135,159,000 | 114,297,000 |
Series A Preferred Stock [Member] | ||
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Loans including fees: | |||
Taxable | $ 349,095,000 | $ 304,452,000 | $ 296,141,000 |
Nontaxable | 12,287,000 | 11,566,000 | 10,207,000 |
Investment securities: | |||
Taxable | 57,005,000 | 57,336,000 | 60,903,000 |
Nontaxable | 28,617,000 | 25,788,000 | 22,436,000 |
Money market and other interest-earning investments | 130,000 | 47,000 | 42,000 |
Total interest income | 447,134,000 | 399,189,000 | 389,729,000 |
Interest Expense | |||
Deposits | 17,283,000 | 14,168,000 | 13,326,000 |
Federal funds purchased and interbank borrowings | 673,000 | 265,000 | 136,000 |
Securities sold under agreements to repurchase | 1,509,000 | 1,488,000 | 1,434,000 |
Federal Home Loan Bank advances | 15,547,000 | 8,121,000 | 4,275,000 |
Other borrowings | 9,419,000 | 9,031,000 | 4,188,000 |
Total interest expense | 44,431,000 | 33,073,000 | 23,359,000 |
Net interest income | 402,703,000 | 366,116,000 | 366,370,000 |
Provision for loan losses | 960,000 | 2,923,000 | 3,097,000 |
Net interest income after provision for loan losses | 401,743,000 | 363,193,000 | 363,273,000 |
Noninterest Income | |||
Wealth management fees | 34,641,000 | 34,395,000 | 28,737,000 |
Service charges on deposit accounts | 41,578,000 | 43,372,000 | 47,433,000 |
Debit card and ATM fees | 16,769,000 | 21,340,000 | 25,835,000 |
Mortgage banking revenue | 20,240,000 | 12,540,000 | 6,017,000 |
Insurance premiums and commissions | 20,527,000 | 42,714,000 | 41,466,000 |
Investment product fees | 18,822,000 | 17,924,000 | 17,136,000 |
Company-owned life insurance | 8,479,000 | 8,604,000 | 6,924,000 |
Net securities gains | 5,848,000 | 5,718,000 | 9,830,000 |
Total other-than-temporary impairment losses | 0 | 0 | (100,000) |
Loss recognized in other comprehensive income | 0 | 0 | 0 |
Impairment losses recognized in earnings | (100,000) | ||
Recognition of deferred gain on sale leaseback transactions | 16,057,000 | 16,444,000 | 6,094,000 |
Gain on sale of ONB Insurance Group, Inc. | 41,864,000 | ||
Net gain on branch divestitures | 15,627,000 | ||
Change in FDIC indemnification asset | 233,000 | (9,034,000) | (43,162,000) |
Other income | 27,772,000 | 20,988,000 | 18,919,000 |
Total noninterest income | 252,830,000 | 230,632,000 | 165,129,000 |
Noninterest Expense | |||
Salaries and employee benefits | 252,892,000 | 243,875,000 | 219,301,000 |
Occupancy | 50,947,000 | 53,239,000 | 49,099,000 |
Equipment | 13,448,000 | 13,183,000 | 12,453,000 |
Marketing | 14,620,000 | 10,410,000 | 9,591,000 |
Data processing | 32,002,000 | 27,309,000 | 25,382,000 |
Communication | 9,959,000 | 9,586,000 | 10,476,000 |
Professional fees | 15,705,000 | 11,756,000 | 16,390,000 |
Loan expense | 7,632,000 | 6,373,000 | 6,107,000 |
Supplies | 2,865,000 | 2,275,000 | 2,958,000 |
FDIC assessment | 8,681,000 | 7,503,000 | 6,261,000 |
Other real estate owned expense | 4,195,000 | 2,703,000 | 3,101,000 |
Amortization of intangibles | 12,486,000 | 11,746,000 | 9,120,000 |
Other expense | 28,715,000 | 30,974,000 | 16,199,000 |
Total noninterest expense | 454,147,000 | 430,932,000 | 386,438,000 |
Income before income taxes | 200,426,000 | 162,893,000 | 141,964,000 |
Income tax expense | 66,162,000 | 46,177,000 | 38,297,000 |
Net income | $ 134,264,000 | $ 116,716,000 | $ 103,667,000 |
Net income per common share - basic | $ 1.05 | $ 1.01 | $ 0.96 |
Net income per common share - diluted | $ 1.05 | $ 1 | $ 0.95 |
Weighted average number of common shares outstanding - basic | 127,705 | 115,726 | 107,818 |
Weighted average number of common shares outstanding - diluted | 128,301 | 116,255 | 108,365 |
Dividends per common share | $ 0.52 | $ 0.48 | $ 0.44 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 134,264,000 | $ 116,716,000 | $ 103,667,000 |
Change in securities available-for-sale: | |||
Unrealized holding gains (losses) for the period | (49,813,000) | 1,173,000 | 42,515,000 |
Reclassification adjustment for securities gains realized in income | (5,848,000) | (5,718,000) | (9,830,000) |
Other-than-temporary-impairment on available-for-sale securities associated with credit loss realized in income | 0 | 0 | 100,000 |
Income tax effect | 20,455,000 | 1,487,000 | (12,425,000) |
Unrealized gains (losses) on available-for-sale securities | (35,206,000) | (3,058,000) | 20,360,000 |
Change in securities held-to-maturity: | |||
Amortization of fair value for securities held-to-maturity previously recognized into accumulated other comprehensive income | 1,776,000 | 1,692,000 | 1,437,000 |
Income tax effect | (606,000) | (396,000) | (446,000) |
Changes from securities held-to-maturity | 1,170,000 | 1,296,000 | 991,000 |
Cash flow hedges: | |||
Net unrealized derivative losses on cash flow hedges | (2,323,000) | (8,107,000) | (9,514,000) |
Reclassification adjustment for losses realized in net income | 6,453,000 | 2,719,000 | 248,000 |
Income tax effect | (1,569,000) | 2,047,000 | 3,521,000 |
Changes from cash flow hedges | 2,561,000 | (3,341,000) | (5,745,000) |
Defined benefit pension plans: | |||
Amortization of net (gain) loss and settlement cost recognized in income | 11,203,000 | 3,002,000 | (4,333,000) |
Income tax effect | (4,303,000) | (1,141,000) | 1,638,000 |
Changes from defined benefit pension plans | 6,900,000 | 1,861,000 | (2,695,000) |
Other comprehensive income (loss), net of tax | (24,575,000) | (3,242,000) | 12,911,000 |
Comprehensive income | $ 109,689,000 | $ 113,474,000 | $ 116,578,000 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Tower Financial Corporation [Member] | United Bancorp, Inc. [Member] | LSB Financial Corp. [Member] | Founders Financial Corporation [Member] | Anchor BanCorp Wisconsin Inc. [Member] | Common Stock [Member] | Common Stock [Member]Tower Financial Corporation [Member] | Common Stock [Member]United Bancorp, Inc. [Member] | Common Stock [Member]LSB Financial Corp. [Member] | Common Stock [Member]Founders Financial Corporation [Member] | Common Stock [Member]Anchor BanCorp Wisconsin Inc. [Member] | Capital Surplus [Member] | Capital Surplus [Member]Tower Financial Corporation [Member] | Capital Surplus [Member]United Bancorp, Inc. [Member] | Capital Surplus [Member]LSB Financial Corp. [Member] | Capital Surplus [Member]Founders Financial Corporation [Member] | Capital Surplus [Member]Anchor BanCorp Wisconsin Inc. [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Beginning Balance at Dec. 31, 2013 | $ 1,162,640 | $ 99,859 | $ 900,254 | $ 206,993 | $ (44,466) | |||||||||||||||
Net income | 103,667 | 103,667 | ||||||||||||||||||
Other comprehensive income (loss) | 12,911 | 12,911 | ||||||||||||||||||
Acquisition | $ 78,727 | $ 123,806 | $ 51,758 | $ 5,626 | $ 9,117 | $ 3,557 | $ 73,101 | $ 114,689 | $ 48,201 | |||||||||||
Dividends - common stock | (48,181) | (48,181) | ||||||||||||||||||
Common stock issued | 326 | 24 | 302 | |||||||||||||||||
Common stock repurchased | (25,830) | (1,886) | (23,944) | |||||||||||||||||
Stock based compensation expense | 4,162 | 4,162 | ||||||||||||||||||
Stock activity under incentive compensation plans | 1,778 | 550 | 1,527 | (299) | ||||||||||||||||
Ending Balance at Dec. 31, 2014 | 1,465,764 | 116,847 | 1,118,292 | 262,180 | (31,555) | |||||||||||||||
Net income | 116,716 | 116,716 | ||||||||||||||||||
Other comprehensive income (loss) | (3,242) | (3,242) | ||||||||||||||||||
Acquisition | $ 50,626 | $ 3,402 | $ 47,224 | |||||||||||||||||
Dividends - common stock | (55,552) | (55,552) | ||||||||||||||||||
Common stock issued | 391 | 29 | 362 | |||||||||||||||||
Common stock repurchased | (88,695) | (6,399) | (82,296) | |||||||||||||||||
Stock based compensation expense | 4,255 | 4,255 | ||||||||||||||||||
Stock activity under incentive compensation plans | 907 | 418 | 74 | 415 | ||||||||||||||||
Ending Balance at Dec. 31, 2015 | 1,491,170 | 114,297 | 1,087,911 | 323,759 | (34,797) | |||||||||||||||
Net income | 134,264 | 134,264 | ||||||||||||||||||
Other comprehensive income (loss) | (24,575) | (24,575) | ||||||||||||||||||
Acquisition | $ 273,565 | $ 20,415 | $ 253,150 | |||||||||||||||||
Dividends - common stock | (67,536) | (67,536) | ||||||||||||||||||
Common stock issued | 388 | 32 | 356 | |||||||||||||||||
Common stock repurchased | (2,044) | (154) | (1,890) | |||||||||||||||||
Stock based compensation expense | 7,318 | 7,318 | ||||||||||||||||||
Stock activity under incentive compensation plans | 1,867 | 569 | 1,493 | (195) | ||||||||||||||||
Ending Balance at Dec. 31, 2016 | $ 1,814,417 | $ 135,159 | $ 1,348,338 | $ 390,292 | $ (59,372) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash Flows From Operating Activities | |||
Net income | $ 134,264 | $ 116,716 | $ 103,667 |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Depreciation | 16,558 | 14,101 | 12,366 |
Amortization of other intangible assets | 12,486 | 11,746 | 9,120 |
Net premium amortization on investment securities | 18,633 | 18,609 | 15,430 |
Amortization of and net gains on termination of FDIC indemnification asset | (458) | 9,034 | 43,162 |
Stock compensation expense | 7,318 | 4,255 | 4,162 |
Provision for loan losses | 960 | 2,923 | 3,097 |
Net securities gains | (5,848) | (5,718) | (9,830) |
Impairment on available-for-sale securities | 100 | ||
Recognition of deferred gain on sale leaseback transactions | (16,057) | (16,444) | (6,094) |
Gain on sale of ONB Insurance Group, Inc. | (41,864) | ||
Net gain on branch divestitures | (15,627) | ||
Net gains on sales of loans and other assets | (4,741) | (5,232) | (3,546) |
Increase in cash surrender value of company-owned life insurance | (8,479) | (8,604) | (6,924) |
Residential real estate loans originated for sale | (637,639) | (350,846) | (148,946) |
Proceeds from sale of residential real estate loans | 578,653 | 362,157 | 147,566 |
Increase in interest receivable | (4,974) | (7,523) | (4,731) |
Decrease in other real estate owned | 11,301 | 4,538 | 7,049 |
Decrease in other assets | 46,462 | 16,079 | 19,309 |
Increase (decrease) in accrued expenses and other liabilities | (24,524) | (26,408) | 14,392 |
Total adjustments | (52,213) | 7,040 | 95,682 |
Net cash flows provided by operating activities | 82,051 | 123,756 | 199,349 |
Cash Flows From Investing Activities | |||
Cash portion of bank purchase price, net of cash acquired | (62,532) | (37,098) | (3,050) |
Proceeds from sale of ONB Insurance Group, Inc. | 91,771 | ||
Payments related to branch divestitures | (333,095) | ||
Purchases of investment securities available-for-sale | (1,625,746) | (832,419) | (568,993) |
Purchases of investment securities held-to-maturity | (74,862) | (103,299) | |
Purchases of Federal Home Loan Bank/Federal Reserve Bank stock | (10,974) | (21,872) | (6,901) |
Proceeds from maturities, prepayments, and calls of investment securities available-for-sale | 1,177,130 | 764,649 | 468,764 |
Proceeds from sales of investment securities available-for-sale | 243,312 | 343,486 | 214,912 |
Proceeds from maturities, prepayments, and calls of investment securities held-to-maturity | 120,954 | 39,799 | 16,189 |
Proceeds from sales of investment securities held-to-maturity | 855 | ||
Proceeds from sales of Federal Home Loan Bank/Federal Reserve Bank stock | 8,711 | 7,507 | |
Reimbursements under FDIC loss share agreements | 10,000 | 3,548 | 26,342 |
Net principal collected from (loans made to) loan customers | (427,686) | (285,875) | (196,287) |
Proceeds from settlements on company-owned life insurance | 4,095 | 1,224 | 371 |
Proceeds from sale of premises and equipment and other assets | 6,332 | 7,714 | 2,755 |
Purchases of premises and equipment and other assets | (224,659) | (85,661) | (20,473) |
Net cash flows used in investing activities | (698,003) | (500,896) | (162,163) |
Cash Flows From Financing Activities | |||
Deposits | 489,680 | 89,328 | (304,510) |
Federal funds purchased and interbank borrowings | (78,087) | 95,903 | 69,665 |
Securities sold under agreements to repurchase | (23,489) | (31,205) | (10,006) |
Payments for maturities on Federal Home Loan Bank advances | (594,541) | (229,109) | (211,101) |
Payments for maturities on other borrowings | (67) | (63) | (58) |
Proceeds from Federal Home Loan Bank advances | 925,000 | 575,000 | 350,000 |
Proceeds from issuance of other borrowings | 175,000 | ||
Cash dividends paid on common stock | (67,536) | (55,552) | (48,181) |
Common stock repurchased | (2,044) | (88,695) | (25,830) |
Proceeds from exercise of stock options, including tax benefit | 2,349 | 997 | 749 |
Common stock issued | 388 | 391 | 326 |
Net cash flows provided by (used in) financing activities | 651,653 | 356,995 | (3,946) |
Net increase (decrease) in cash and cash equivalents | 35,701 | (20,145) | 33,240 |
Cash and cash equivalents at beginning of period | 219,818 | 239,963 | 206,723 |
Cash and cash equivalents at end of period | $ 255,519 | $ 219,818 | $ 239,963 |
Nature of Operations
Nature of Operations | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | NATURE OF OPERATIONS Old National Bancorp, a financial holding company headquartered in Evansville, Indiana, operates primarily in Indiana, Kentucky, Michigan, and Wisconsin. Its principal subsidiary is Old National Bank. Through its bank and non-bank affiliates, Old National Bancorp provides to its clients an array of financial services including loan, deposit, wealth management, investment consulting, and investment products. |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | NOTE 1 – BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying 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 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. 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. Trading Securities Trading securities consist of mutual funds held in trusts associated with deferred compensation plans for former directors and executives. These mutual funds are recorded as trading securities at fair value. Gains and losses are included in net securities gains. Investment Securities Old National classifies investment securities as available-for-sale held-to-maturity available-for-sale held-to-maturity, available-for-sale Other-Than-Temporary Impairment Federal Home Loan Bank (“FHLB”) Stock Old National is a member of the FHLB system. Members are required to own a certain amount of stock based on the level of borrowings and other factors and may invest in additional amounts. FHLB stock is carried at cost, classified as a restricted security and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends are reported as income. Loans Held for Sale Loans that Old National has originated with a commitment to sell are classified as loans held for sale and are recorded in accordance with FASB ASC 825-10 Loans Loans that Old National intends to hold for investment purposes are classified as portfolio loans. Portfolio loans are carried at the principal balance outstanding, net of earned interest, purchase premiums or discounts, deferred loan fees and costs, and an allowance for loan losses. Interest income is accrued on the principal balances of loans outstanding. 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 a prescribed period, and future payments are reasonably assured. 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), non-accretable 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 For all loan classes, 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. Acquired loans accounted for under ASC Topic 310-30 re-estimation 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 all portfolio segments, the general component covers non-impaired Further information regarding Old National’s policies and methodology used to estimate the allowance for loan losses is presented in Note 6. Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation. Land is stated at cost. Depreciation is charged to operating expense over the useful lives of the assets, principally on the straight-line method. Useful lives for premises and equipment are as follows: buildings and building improvements – 15 to 39 years; and furniture and equipment – 3 to 10 years. Leasehold improvements are depreciated over the lesser of their useful lives or the term of the lease. Maintenance and repairs are expensed as incurred while major additions and improvements are capitalized. Interest costs on construction of qualifying assets are capitalized. Premises and equipment are reviewed for impairment when events indicate their carrying amount may not be recoverable from future undiscounted cash flows. If impaired, the assets are adjusted to fair value. Such impairments are included in other expense. Goodwill and Other Intangible Assets The excess of the cost of acquired entities over the fair value of identifiable assets acquired less liabilities assumed is recorded as goodwill. In accordance with FASB ASC 350 (SFAS No. 142, Goodwill and Other Intangible Assets Company-Owned Life Insurance Old National has purchased life insurance policies on certain key executives. Old National records company-owned life insurance at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. Company-owned life insurance totaled $353.0 million at December 31, 2016 and $341.3 million at December 31, 2015. Loan Servicing Rights When loans are sold with servicing retained, servicing rights are initially recorded at fair value with the income statement effect recorded in gain on sales of loans. Fair value is based on market prices for comparable servicing contracts, when available or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. All classes of servicing assets are subsequently measured using the amortization method which requires servicing rights to be amortized into noninterest income in proportion to, and over the period of, the estimated future net servicing income of the underlying loans. Loan servicing rights are evaluated for impairment based upon the fair value of the rights as compared to carrying amount. Impairment is determined by stratifying rights into groupings based on predominant risk characteristics, such as interest rate, loan type, term, and investor type. Impairment is recognized through a valuation allowance for an individual grouping, to the extent that fair value is less than the carrying amount. If the Company later determines that all or a portion of the impairment no longer exists for a particular grouping, a reduction of the allowance may be recorded as an increase to income. Changes in valuation allowances are reported with mortgage banking revenue on the income statement. The fair values of servicing rights are subject to significant fluctuations as a result of changes in estimated and actual prepayment speeds and default rates and losses. Servicing fee income, which is reported on the income statement as mortgage banking revenue, is recorded for fees earned for servicing loans. The fees are based on a contractual percentage of the outstanding principal, or a fixed amount per loan and are recorded as income when earned. Derivative Financial Instruments As part of Old National’s overall interest rate risk management, Old National uses derivative instruments, including To Be Announced (“TBA”) forward agreements and interest rate swaps, caps, and floors. All derivative instruments are recognized on the balance sheet at their fair value in accordance with ASC 815, as amended. At the inception of the derivative contract, Old National will designate the derivative as (1) a hedge of the fair value of a recognized asset or liability or of an unrecognized firm commitment (“fair value hedge”), (2) a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”), or (3) an instrument with no hedging designation (“stand-alone derivative”). For derivatives that are designated and qualify as a fair value hedge, the change in value of the derivative, as well as the offsetting change in value of the hedged item attributable to the hedged risk, are recognized in current earnings during the period of the change in fair values. For derivatives that are designated and qualify as a cash flow hedge, the effective portion of the change in value on the derivative is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. For all hedging relationships, changes in fair value of derivatives that are not effective in hedging the changes in fair value or expected cash flows of the hedged item are recognized immediately in current earnings during the period of the change. Similarly, the changes in the fair value of derivatives that do not qualify for hedge accounting under ASC Topic 815 are also reported currently in earnings, in noninterest income. The accrued net settlements on derivatives that qualify for hedge accounting are recorded in interest income or interest expense, consistent with the item being hedged. Old National formally documents all relationships between hedging instruments and hedged items, as well as its risk-management objective and strategy for undertaking various hedge transactions. This process includes linking all derivative instruments that are designated as fair-value or cash-flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. Old National also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. Old National discontinues hedge accounting prospectively when it is determined that (1) the derivative is no longer effective in offsetting changes in the fair value or cash flows of the hedged item; (2) the derivative expires, is sold, or terminated; (3) the derivative instrument is de-designated When hedge accounting is discontinued, the future changes in fair value of the derivative are recorded as noninterest income. When a fair value hedge is discontinued, the hedged asset or liability is no longer adjusted for changes in fair value and the existing basis adjustment is amortized or accreted over the remaining life of the asset or liability. When a cash flow hedge is discontinued but the hedged cash flows or forecasted transaction is still expected to occur, changes in value that were accumulated in other comprehensive income are amortized or accreted into earnings over the same periods which the hedged transactions will affect earnings. Old National enters into various stand-alone mortgage-banking derivatives in order to hedge the risk associated with the fluctuation of interest rates. Changes in fair value are recorded as mortgage banking revenue. Old National also enters into various stand-alone derivative contracts to provide derivative products to customers which are carried at fair value with changes in fair value recorded as other noninterest income. Old National is exposed to losses if a counterparty fails to make its payments under a contract in which Old National is in the net receiving position. Old National anticipates that the counterparties will be able to fully satisfy their obligations under the agreements. In addition, Old National obtains collateral above certain thresholds of the fair value of its hedges for each counterparty based upon their credit standing. All of the contracts to which Old National is a party settle monthly, quarterly, or semiannually. Further, Old National has netting agreements with the dealers with which it does business. Credit-Related Financial Instruments In the ordinary course of business, Old National’s affiliate bank has entered into credit-related financial instruments consisting of commitments to extend credit, commercial letters of credit, and standby letters of credit. The notional amount of these commitments is not reflected in the consolidated financial statements until they are funded. Foreclosed Assets Other assets include real estate properties acquired as a result of foreclosure and repossessed personal property and are initially recorded at the fair value of the property less estimated cost to sell. Any excess recorded investment over the fair value of the property received is charged to the allowance for loan losses. Any subsequent write-downs are charged to expense, as are the costs of operating the properties. Foreclosed assets totaled $18.5 million at December 31, 2016 and $12.5 million at December 31, 2015. Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repuchase We purchase certain securities, generally U.S. government-sponsored entity and agency securities, under agreements to resell. The amounts advanced under these agreements represent short-term secured loans and are reflected as assets in the accompanying consolidated balance sheets. We also sell certain securities under agreements to repurchase. These agreements are treated as collateralized financing transactions. These secured borrowings are reflected as liabilities in the accompanying consolidated balance sheets and are recorded at the amount of cash received in connection with the transaction. Short-term securities sold under agreements to repurchase generally mature within one to four days from the transaction date. Securities, generally U.S. government and federal agency securities, pledged as collateral under these financing arrangements can be repledged by the secured party. Additional collateral may be required based on the fair value of the underlying securities. Covered Assets, Loss Share Agreements, and Indemnification Asset On July 29, 2011, Old National acquired the banking operations of Integra in an FDIC assisted transaction. As part of the purchase and assumption agreement, Old National and the FDIC entered into loss sharing agreements (each, a “loss sharing agreement” and collectively, the “loss sharing agreements”), whereby the FDIC would cover a substantial portion of any future losses on loans (and related unfunded commitments), OREO and up to 90 days of certain accrued interest on loans. The acquired loans and OREO subject to the loss sharing agreements are referred to collectively as “covered assets.” Old National entered into an agreement with the FDIC on June 22, 2016 to terminate its loss share agreements. As a result of the termination of the loss share agreements, the remaining covered assets that were covered by the loss share arrangements were reclassified to noncovered assets effective June 22, 2016. Prior to the termination of the loss share agreements, the FDIC would have reimbursed us for 80% of expenses and valuation write-downs related to covered assets up to $275.0 million, an amount which we never reached. Loans were recorded at fair value in accordance with ASC Topic 805, Business Combinations. No allowance for loan losses related to the acquired loans was recorded on the acquisition date as the fair value of the loans acquired incorporated assumptions regarding credit risk. Loans acquired are recorded at fair value in accordance with the fair value methodology prescribed in ASC Topic 820, exclusive of the loss share agreements with the FDIC. These loans were aggregated into pools of loans based on common risk characteristics such as credit score, loan type, and date of origination. The fair value estimates associated with these pools of loans included estimates related to expected prepayments and the amount and timing of undiscounted expected principal, interest, and other cash flows. Because the FDIC would have reimbursed us for losses incurred on certain acquired loans, an indemnification asset (FDIC loss share receivable) was recorded at fair value at the acquisition date. The indemnification asset was recognized at the same time as the indemnified loans, and measured on the same basis, subject to collectibility or contractual limitations. The loss share agreements on the acquisition date reflected the reimbursements expected to be received from the FDIC, using an appropriate discount rate, which reflected counterparty credit risk and other uncertainties. Net Income per Share Basic net income per share is computed by dividing net income by the weighted-average number of common shares outstanding during each year. Diluted net income per share is computed as above and assumes the conversion of outstanding stock options and restricted stock. The following table reconciles basic and diluted net income per share for the years ended December 31. (dollars and shares in thousands, Years Ended December 31, except per share data) 2016 2015 2014 Basic Earnings Per Share Net income $ 134,264 $ 116,716 $ 103,667 Weighted average common shares outstanding 127,705 115,726 107,818 Basic Earnings Per Share $ 1.05 $ 1.01 $ 0.96 Diluted Earnings Per Share Net income $ 134,264 $ 116,716 $ 103,667 Weighted average common shares outstanding 127,705 115,726 107,818 Effect of dilutive securities: Restricted stock (1) 543 440 488 Stock options (2) 53 89 59 Weighted average shares outstanding 128,301 116,255 108,365 Diluted Earnings Per Share $ 1.05 $ 1.00 $ 0.95 (1) 3 thousand shares of restricted stock were not included in the computation of net income per diluted share at December 31, 2016 because the effect would be antidilutive. There were no shares excluded at December 31, 2015 or 2014 because the effect would be antidilutive. (2) Options to purchase 0.5 million shares, 0.7 million shares, and 1.0 million shares outstanding at December 31, 2016, 2015, and 2014, 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. Stock-Based Compensation Compensation cost is recognized for stock options and restricted stock awards and units issued to employees based on the fair value of these awards at the date of grant. A Black-Scholes model is utilized to estimate the fair value of stock options, while the market price of our common stock at the date of grant is used for restricted stock awards. A third party provider is used to value certain restricted stock units where the performance measure is based on total shareholder return. Compensation expense is recognized over the requisite service period. Income Taxes Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. We recognize a tax position as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. We recognize interest and/or penalties related to income tax matters in income tax expense. Loss Contingencies Loss contingencies, including claims and legal actions arising in the normal course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. See Note 23 to the consolidated financial statements for further disclosure. Statement of Cash Flows Data For the purpose of presentation in the accompanying consolidated statement of cash flows, cash and cash equivalents are defined as cash, due from banks, federal funds sold and resell agreements, and money market investments, which have maturities less than 90 days. The following table summarizes the supplemental cash flow information for the years ended December 31: Years Ended December 31, (dollars in thousands) 2016 2015 2014 Cash payments: Interest $ 43,698 $ 32,712 $ 21,005 Income taxes (net of refunds) 23,636 14,824 18,820 Noncash Investing and Financing Activities: Transfer of loans held for investment to loans held for sale — — 197,928 Transfer of premises and equipment to assets held for sale 4,620 9,070 3,042 The following table summarizes the common shares issued and resultant value of total shareholders’ equity associated with acquisitions for the years ended December 31: (dollars and shares in thousands) Shares of Common Stock Total 2016 Acquisition of Anchor BanCorp Wisconsin Inc. 20,415 $ 273,565 2015 Acquisition of Founders Financial Corporation 3,402 $ 50,626 2014 Acquisition of Tower Financial Corporation 5,626 $ 78,727 Acquisition of United Bancorp 9,117 123,806 Acquisition of LSB Financial Corp. 3,557 51,758 Impact of Accounting Changes FASB ASC 606 – No. 2014-09, In March 2016, the FASB issued ASU No. 2016-08, No. 2014-09 No. 2014-09. In April 2016, the FASB issued ASU No. 2016-10, No. 2014-09 No. 2014-09. In May 2016, the FASB issued ASU No. 2016-12, In December 2016, the FASB issued ASU No. 2016-20, No. 2014-09 No. 2014-09. No. 2014-09. FASB ASC 718 – No. 2014-12, In March 2016, the FASB issued ASU No. 2016-09, FASB ASC 350 – No. 2015-05, 350-40, In January 2017, the FASB issued ASU No. 2017-04, FASB ASC 944 – No. 2015-09, FASB ASC 805 No. 2015-16, In January 2017, the FASB issued ASU No. 2017-01, FASB ASC 825 No. 2016-01, 825-10): available-for-sale FASB ASC 842 – No. 2016-02, right-of-use FASB ASC 405 No. 2016-04, 405-20): FASB ASC 815 No. 2016-05, de-designation In March 2016, the FASB issued ASU No. 2016-06, FASB ASC 323 No. 2016-07, step-by-step available-for-sale FASB ASC 326 – No. 2016-13, available-for-sale one-time one-time FASB ASC 230 – No. 2016-15, No. 2016-18, FASB ASC 740 – No. 2016-16, FASB ASC 810 No. 2016-17, |
Acquisition and Divestiture Act
Acquisition and Divestiture Activity | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisition and Divestiture Activity | NOTE 2 – ACQUISITION AND DIVESTITURE ACTIVITY Acquisitions Tower Financial Corporation On September 10, 2013, Old National announced that it had entered into an agreement to acquire Tower Financial Corporation (“Tower”) through a stock and cash merger. The acquisition contemplated by this agreement was completed effective April 25, 2014 (the “Closing Date”). Tower was an Indiana bank holding company with Tower Bank & Trust Company as its wholly-owned subsidiary. Headquartered in Fort Wayne, Indiana, Tower operated seven banking centers and had approximately $556 million in trust assets under management on the Closing Date. The merger strengthened Old National’s position as one of the largest deposit holders in Indiana and Old National achieved cost savings by integrating the two companies and combining accounting, data processing, retail and lending support, and other administrative functions after the merger, which enabled Old National to achieve economies of scale in these areas. The total purchase price for Tower was $110.4 million, consisting of $31.7 million of cash and the issuance of 5.6 million shares of Old National Common Stock valued at $78.7 million. This acquisition was accounted for under the acquisition method of accounting. Accordingly, the Company recognized amounts for identifiable assets acquired and liabilities assumed at their estimated acquisition date fair values, while $5.6 million of transaction and integration costs associated with the acquisition were expensed as incurred. As of December 31, 2014, the Company finalized its valuation of all assets and liabilities acquired, resulting in no material change to purchase accounting adjustments. A summary of the final purchase price allocation is as follows (in thousands): Cash and cash equivalents $ 56,345 Investment securities 140,567 Federal Home Loan Bank stock 2,192 Loans held for sale 474 Loans 371,054 Premises and equipment 8,516 Accrued interest receivable 2,371 Other real estate owned 473 Company-owned life insurance 21,281 Other assets 15,200 Deposits (527,995 ) Securities sold under agreements to repurchase (18,898 ) Federal Home Loan Bank advances (5,500 ) Other borrowings (15,613 ) Accrued expenses and other liabilities (4,681 ) Net tangible assets acquired 45,786 Definite-lived intangible assets acquired 8,382 Goodwill 56,203 Purchase price $ 110,371 The portion of the purchase price allocated to goodwill will not be deductible for tax purposes. 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. Estimated Estimated Core deposit intangible $ 4.6 7 Trust customer relationship intangible $ 3.8 12 Acquired loan data for Tower can be found in the table below: (in thousands) Fair Value Gross Contractual Best Estimate at Acquired receivables subject to ASC 310-30 $ 12,855 $ 22,746 $ 5,826 Acquired receivables not subject to ASC 310-30 $ 358,199 $ 450,865 $ 42,302 United Bancorp, Inc. On January 8, 2014, Old National announced that it had entered into an agreement to acquire United Bancorp, Inc. (“United”) through a stock and cash merger. The acquisition contemplated by this agreement was completed effective July 31, 2014 (the “Closing Date”). United was a Michigan bank holding company with United Bank & Trust as its wholly-owned subsidiary. Headquartered in Ann Arbor, Michigan, United operated eighteen banking centers and had approximately $688 million in trust assets under management as of June 30, 2014. The merger doubled Old National’s presence in Michigan to 36 total branches and Old National achieved cost savings by integrating the two companies and combining accounting, data processing, retail and lending support, and other administrative functions after the merger, which enabled Old National to achieve economies of scale in these areas. The total purchase price for United was $157.8 million, consisting of $34.0 million of cash, the issuance of 9.1 million shares of Old National Common Stock valued at $122.0 million, and the assumption of United’s options and stock appreciation rights, valued at $1.8 million. This acquisition was accounted for under the acquisition method of accounting. Accordingly, the Company recognized amounts for identifiable assets acquired and liabilities assumed at their estimated acquisition date fair values, while $7.6 million of transaction and integration costs were expensed as incurred. As of July 31, 2015, the Company finalized its valuation of all assets and liabilities acquired, resulting in no material change to purchase accounting adjustments. A summary of the final purchase price allocation is as follows (in thousands): Cash and cash equivalents $ 16,447 Investment securities 154,885 Federal Home Loan Bank stock 2,880 Loans held for sale 1,073 Loans 632,016 Premises and equipment 7,741 Accrued interest receivable 2,614 Other real estate owned 1,676 Company-owned life insurance 14,857 Other assets 16,822 Deposits (763,681 ) Federal funds purchased (10,420 ) Federal Home Loan Bank advances (12,515 ) Accrued expenses and other liabilities (8,337 ) Net tangible assets acquired 56,058 Definite-lived intangible assets acquired 10,763 Loan servicing rights 8,983 Goodwill 81,952 Purchase price $ 157,756 The portion of the purchase price allocated to goodwill will not be deductible for tax purposes. 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. Estimated Estimated Core deposit intangible $ 5.9 7 Trust customer relationship intangible $ 4.9 12 Acquired loan data for United can be found in the table below: (in thousands) Fair Value Gross Contractual Best Estimate at Acquired receivables subject to ASC 310-30 $ 8,391 $ 15,483 $ 5,487 Acquired receivables not subject to ASC 310-30 $ 623,625 $ 798,967 $ 89,430 LSB Financial Corp. On June 3, 2014, Old National announced that it had entered into an agreement to acquire LSB Financial Corp. (“LSB”) through a stock and cash merger. The acquisition was completed effective November 1, 2014 (the “Closing Date”). LSB was a savings and loan holding company with Lafayette Savings Bank as its wholly-owned subsidiary. LSB was the largest bank headquartered in Lafayette, Indiana and operated five full-service banking centers. The merger strengthened Old National’s position as one of the largest deposit holders in Indiana and Old National achieved cost savings by integrating the two companies and combining accounting, data processing, retail and lending support, and other administrative functions after the merger, which enabled Old National to achieve economies of scale in these areas. The total purchase price for LSB was $69.6 million, consisting of $17.8 million of cash and the issuance of 3.6 million shares of Old National Common Stock valued at $51.8 million. This acquisition was accounted for under the acquisition method of accounting. Accordingly, the Company recognized amounts for identifiable assets acquired and liabilities assumed at their estimated acquisition date fair values, while $3.2 million of transaction and integration costs associated with the acquisition were expensed as incurred. As of September 30, 2015, the Company finalized its valuation of all assets and liabilities acquired, resulting in no material change to purchase accounting adjustments. A summary of the final purchase price allocation is as follows (in thousands): Cash and cash equivalents $ 7,589 Investment securities 63,684 Federal Home Loan Bank stock 3,185 Loans held for sale 1,035 Loans 235,377 Premises and equipment 6,492 Accrued interest receivable 1,044 Other real estate owned 30 Company-owned life insurance 7,438 Other assets 11,490 Deposits (292,068 ) Federal Home Loan Bank advances (15,203 ) Accrued expenses and other liabilities (4,582 ) Net tangible assets acquired 25,511 Definite-lived intangible assets acquired 2,618 Loan servicing rights 990 Goodwill 40,476 Purchase price $ 69,595 The portion of the purchase price allocated to goodwill will not be deductible for tax purposes. The estimated fair value of the core deposit intangible is $2.6 million and will be amortized over an estimated useful life of 7 years. Acquired loan data for LSB can be found in the table below: (in thousands) Fair Value of Acquired Loans Gross Contractual Best Estimate at Acquisition Date of Acquired receivables subject to ASC 310-30 $ 11,986 $ 24,493 $ 9,903 Acquired receivables not subject to ASC 310-30 $ 223,391 $ 340,832 $ 57,884 Founders Financial Corporation On July 28, 2014, Old National announced that it had entered into an agreement to acquire Grand Rapids, Michigan-based Founders Financial Corporation (“Founders”) through a stock and cash merger. The acquisition was completed effective January 1, 2015 (the “Closing Date”). Founders was a bank holding company with Founders Bank & Trust as its wholly-owned subsidiary and operated four full-service banking centers in Kent County. Old National achieved cost savings by integrating the two companies and combining accounting, data processing, retail and lending support, and other administrative functions after the merger, which enabled 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 ) Securities sold under agreements to repurchase (12,492 ) Federal Home Loan Bank advances (26,888 ) 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. 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. 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 Gross Contractual Best Estimate at Flows Not Expected 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 Anchor BanCorp Wisconsin Inc. 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. The acquisition was completed effective May 1, 2016 (the “Closing Date”). Anchor was a savings and loan holding company with AnchorBank, fsb (“AnchorBank”) as its wholly-owned subsidiary. AnchorBank operated 46 banking centers, including 32 banking centers in the Madison, Milwaukee and Fox Valley triangle. 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. 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 a maximum of 40% of the purchase price in cash. The total purchase price for Anchor was $459.8 million, consisting of $186.2 million of cash and the issuance of 20.4 million shares of Old National Common Stock valued at $273.6 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, 2016, transaction and integration costs of $15.9 million associated with the acquisition have been expensed and remaining integration costs will be expensed in future periods as incurred. Under the acquisition method of accounting, the total estimated purchase price is allocated to net tangible and intangible assets based on their current estimated fair values on the date of acquisition. Based on management’s preliminary valuation of the fair value of tangible and intangible assets acquired and liabilities assumed, which are based on assumptions that are subject to change, the purchase price for the Anchor acquisition is allocated as follows (in thousands): Cash and cash equivalents $ 123,657 Investment securities 235,240 Federal Home Loan Bank stock 4,596 Loans held for sale 9,334 Loans 1,637,806 Premises and equipment 35,721 Accrued interest receivable 7,308 Other real estate owned 17,349 Company-owned life insurance 7,278 Other assets 126,210 Deposits (1,852,713 ) Securities sold under agreements to repurchase (3,132 ) Other borrowings (123 ) Accrued expenses and other liabilities (36,957 ) Net tangible assets acquired 311,574 Definite-lived intangible assets acquired 21,559 Loan servicing rights 15,274 Goodwill 111,347 Purchase price $ 459,754 Prior to the end of the one year measurement period for finalizing the purchase price allocation, if information becomes available which would indicate adjustments are required to the purchase price allocation, such adjustments will be included in the purchase price allocation in the reporting period in which the adjustment amounts are determined. The portion of the purchase price allocated to goodwill will not be deductible for tax purposes. The estimated fair value of the core deposit intangible is $21.6 million and will be amortized over an estimated useful life of 7 years. Acquired loan data for Anchor can be found in the table below: (in thousands) Fair Value of Acquired Loans at Acquisition Date Gross Contractual Best Estimate at Acquired receivables subject to ASC 310-30 $ 20,174 $ 29,544 $ 6,153 Acquired receivables not subject to ASC 310-30 $ 1,617,632 $ 2,143,532 $ 274,155 Summary of Unaudited Pro-Forma The unaudited pro-forma pro-forma (dollars in thousands) 2016 2015 Revenue (1) $ 701,303 $ 700,500 Income before income taxes $ 241,068 $ 195,347 (1) Net interest income plus noninterest income. Supplemental pro-forma pro-forma 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. The customer business relationship intangibles were originally scheduled to 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 called for further cash consideration of approximately $0.1 million if certain operating targets were met. The fair value of these payments was booked at acquisition and added $0.2 million of customer business relationships intangibles. The customer business relationship intangibles were originally scheduled to be amortized using an accelerated method over an estimated useful life of 10 years. Divestitures On August 14, 2015, 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 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. On May 31, 2016 the Company sold its insurance operations, ONB Insurance Group, Inc. (“ONI”). The Company received approximately $91.8 million in cash resulting in a pre-tax after-tax 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”. Based on an ongoing assessment of our service and delivery network, the Company consolidated five branches during 2016 and an additional fifteen in January 2017. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | NOTE 3 – 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 years ended December 31, 2016, 2015, and 2014: (dollars in thousands) Unrealized Gains Available-for-Sale Unrealized Gains Held-to-Maturity Gains and Defined Total 2016 Balance at January 1, 2016 $ (3,806 ) $ (14,480 ) $ (9,276 ) $ (7,235 ) $ (34,797 ) Other comprehensive income (loss) before reclassifications (31,513 ) — (1,440 ) — (32,953 ) Amounts reclassified from accumulated other comprehensive income (loss) (a) (3,693 ) 1,170 4,001 6,900 8,378 Net other comprehensive income (loss) (35,206 ) 1,170 2,561 6,900 (24,575 ) Balance at December 31, 2016 $ (39,012 ) $ (13,310 ) $ (6,715 ) $ (335 ) $ (59,372 ) 2015 Balance at January 1, 2015 $ (748 ) $ (15,776 ) $ (5,935 ) $ (9,096 ) $ (31,555 ) Other comprehensive income (loss) before reclassifications 554 — (5,027 ) — (4,473 ) Amounts reclassified from accumulated other comprehensive income (loss) (a) (3,612 ) 1,296 1,686 1,861 1,231 Net other comprehensive income (loss) (3,058 ) 1,296 (3,341 ) 1,861 (3,242 ) Balance at December 31, 2015 $ (3,806 ) $ (14,480 ) $ (9,276 ) $ (7,235 ) $ (34,797 ) 2014 Balance at January 1, 2014 $ (21,108 ) $ (16,767 ) $ (190 ) $ (6,401 ) $ (44,466 ) Other comprehensive income (loss) before reclassifications 26,391 — (5,899 ) — 20,492 Amounts reclassified from accumulated other comprehensive income (loss) (a) (6,031 ) 991 154 (2,695 ) (7,581 ) Net other comprehensive income (loss) 20,360 991 (5,745 ) (2,695 ) 12,911 Balance at December 31, 2014 $ (748 ) $ (15,776 ) $ (5,935 ) $ (9,096 ) $ (31,555 ) (a) See table below for details about reclassifications. The following tables summarize the significant amounts reclassified out of each component of AOCI for the years ended December 31, 2016, 2015, and 2014: Details about AOCI Components Amount Reclassified from AOCI Affected Line Item in the Statement of Income Years Ended December 31, (dollars in thousands) 2016 2015 2014 Unrealized gains and losses on available-for-sale $ 5,848 $ 5,718 $ 9,830 Net securities gains — — (100 ) Impairment losses 5,848 5,718 9,730 Income before income taxes (2,155 ) (2,106 ) (3,699 ) Income tax (expense) benefit $ 3,693 $ 3,612 $ 6,031 Net income Unrealized gains and losses on held-to-maturity $ (1,776 ) $ (1,692 ) $ (1,437 ) Interest income/(expense) 606 396 446 Income tax (expense) benefit $ (1,170 ) $ (1,296 ) $ (991 ) Net income Gains and losses on cash flow hedges Interest rate contracts $ (6,453 ) $ (2,719 ) $ (248 ) Interest income/(expense) 2,452 1,033 94 Income tax (expense) benefit $ (4,001 ) $ (1,686 ) $ (154 ) Net income Amortization of defined benefit pension items Actuarial gains/(losses) and settlement cost $ (11,203 ) $ (3,002 ) $ 4,333 Salaries and employee benefits 4,303 1,141 (1,638 ) Income tax (expense) benefit $ (6,900 ) $ (1,861 ) $ 2,695 Net income Total reclassifications for the period $ (8,378 ) $ (1,231 ) $ 7,581 Net income |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | NOTE 4 - INVESTMENT SECURITIES The following table summarizes the amortized cost and fair value of the available-for-sale held-to-maturity (dollars in thousands) Amortized Unrealized Unrealized Fair Value 2016 Available-for-Sale U.S. Treasury $ 6,963 $ 140 $ — $ 7,103 U.S. government-sponsored entities and agencies 506,234 113 (12,391 ) 493,956 Mortgage-backed securities - Agency 1,551,465 6,923 (33,369 ) 1,525,019 States and political subdivisions 446,003 4,183 (13,502 ) 436,684 Pooled trust preferred securities 17,011 — (8,892 ) 8,119 Other securities 331,001 1,074 (5,782 ) 326,293 Total available-for-sale $ 2,858,677 $ 12,433 $ (73,936 ) $ 2,797,174 Held-to-Maturity U.S. government-sponsored entities and agencies $ 40,131 $ 427 $ — $ 40,558 Mortgage-backed securities - Agency 10,640 300 — 10,940 States and political subdivisions 694,319 38,915 (560 ) 732,674 Total held-to-maturity $ 745,090 $ 39,642 $ (560 ) $ 784,172 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 $ 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 $ 872,111 $ 57,309 $ (3 ) $ 929,417 Proceeds from sales or calls of available-for-sale (dollars in thousands) 2016 2015 2014 Proceeds from sales of available-for-sale $ 243,312 $ 343,486 $ 214,912 Proceeds from calls of available-for-sale 635,624 404,277 123,141 Total $ 878,936 $ 747,763 $ 338,053 Realized gains on sales of available-for-sale $ 5,423 $ 5,640 $ 9,938 Realized gains on calls of available-for-sale 922 605 154 Realized losses on sales of available-for-sale (450 ) (518 ) (128 ) Realized losses on calls of available-for-sale (147 ) (15 ) (471 ) Other securities gains (1) 100 6 337 Net securities gains $ 5,848 $ 5,718 $ 9,830 (1) Other securities gains includes net realized gains or losses associated with trading securities and mutual funds. During 2015, the Company sold a municipal bond that was classified as held-to-maturity Investment securities with a carrying value of $1.4 billion were pledged to secure public and other funds at December 31, 2016 and December 31, 2015. Trading securities, which consist of mutual funds held in trusts associated with deferred compensation plans for former directors and executives, are recorded at fair value and totaled $5.0 million at December 31, 2016 and $3.9 million at December 31, 2015. At December 31, 2016, Old National had a concentration of investment securities issued by certain states and their political subdivisions with the following aggregate market values: $369.4 million by Indiana, which represented 20.4% of shareholders’ equity, and $198.2 million by Texas, which represented 10.9% of shareholders’ equity. Of the Indiana municipal bonds, 97% are rated “A” or better, and the remaining 3% generally represent non-rated 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 December 31, 2016 (dollars in thousands) Maturity Amortized Fair Value Weighted Available-for-Sale Within one year $ 37,370 $ 37,431 1.72 % One to five years 320,815 318,852 2.18 Five to ten years 329,607 329,892 2.85 Beyond ten years 2,170,885 2,110,999 2.43 Total $ 2,858,677 $ 2,797,174 2.44 % Held-to-Maturity Within one year $ 10,796 $ 10,906 4.02 % One to five years 74,451 77,228 4.71 Five to ten years 129,452 135,004 4.86 Beyond ten years 530,391 561,034 5.58 Total $ 745,090 $ 784,172 5.35 % The following table summarizes the investment securities with unrealized losses at December 31 by aggregated major security type and length of time in a continuous unrealized loss position: Less than 12 months 12 months or longer Total (dollars in thousands) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized 2016 Available-for-Sale U.S. Treasury $ — $ — $ — $ — $ — $ — U.S. government-sponsored entities and agencies 432,192 (12,391 ) — — 432,192 (12,391 ) Mortgage-backed securities - Agency 1,177,093 (30,295 ) 57,636 (3,074 ) 1,234,729 (33,369 ) States and political subdivisions 286,351 (13,247 ) 4,919 (255 ) 291,270 (13,502 ) Pooled trust preferred securities — — 8,119 (8,892 ) 8,119 (8,892 ) Other securities 121,498 (2,734 ) 126,539 (3,048 ) 248,037 (5,782 ) Total available-for-sale $ 2,017,134 $ (58,667 ) $ 197,213 $ (15,269 ) $ 2,214,347 $ (73,936 ) Held-to-Maturity States and political subdivisions $ 59,481 $ (560 ) $ — $ — $ 59,481 $ (560 ) Total held-to-maturity $ 59,481 $ (560 ) $ — $ — $ 59,481 $ (560 ) 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 held-to-maturity Accounting for Certain Investments in Debt and Equity Securities non-agency 325-10 No. 99-20, 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 99-20) 325-10 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 in 2016 or 2015. Other-than-temporary impairments totaled $100 thousand in 2014. As of December 31, 2016, Old National’s securities portfolio consisted of 1,715 securities, 507 of which were in an unrealized loss position. The unrealized losses attributable to our U.S. government-sponsored entities and agencies, agency mortgage-backed securities, states and political subdivisions, and other securities are the result of fluctuations in interest rates. Our pooled trust preferred securities are discussed below. Pooled Trust Preferred Securities At December 31, 2016, our securities portfolio contained three pooled trust preferred securities with a fair value of $8.1 million and unrealized losses of $8.9 million. One of the pooled trust preferred securities in our portfolio falls within the scope of FASB ASC 325-10 99-20) Two of our pooled trust preferred securities with a fair value of $7.8 million and unrealized losses of $6.0 million at December 31, 2016 are not subject to FASB ASC 325-10. The table below summarizes the relevant characteristics of our pooled trust preferred securities as well as our single issuer trust preferred securities that are included in the “other securities” category in this footnote. Each of the pooled trust preferred securities support a more senior tranche of security holders. All three pooled trust preferred securities have experienced credit defaults. However, two of these securities have excess subordination and are not other-than-temporarily impaired as a result of their class hierarchy, which provides more loss protection. Trust preferred securities December 31, 2016 (dollars in thousands) Class Lowest Amortized Fair Unrealized Realized # of Issuers Actual Expected Excess Pooled trust preferred securities: Reg Div Funding 2004 B-2 D $ 3,111 $ 251 $ (2,860 ) $ — 21/38 34.7 % 8.4 % 0.0 % Pretsl XXVII LTD B B 4,422 2,333 (2,089 ) — 35/44 16.7 % 12.2 % 32.3 % Trapeza Ser 13A A2A BBB 9,478 5,535 (3,943 ) — 50/55 4.5 % 8.3 % 49.7 % 17,011 8,119 (8,892 ) — Single Issuer trust preferred securities: Fleet Cap Tr V (BOA) BB+ 3,397 3,045 (352 ) — JP Morgan Chase Cap XIII BBB- 4,767 4,369 (398 ) — NB-Global BB+ 786 905 119 — Chase Cap II BBB- 822 891 69 — 9,772 9,210 (562 ) — Total $ 26,783 $ 17,329 $ (9,454 ) $ — (1) Lowest rating for the security provided by any nationally recognized credit rating agency. |
Loans Held for Sale
Loans Held for Sale | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Loans Held for Sale | NOTE 5 – LOANS HELD FOR SALE Mortgage loans held for immediate sale in the secondary market were $90.7 million at December 31, 2016, compared to $13.8 million at December 31, 2015. Residential loans that Old National has originated with the intent to sell are recorded at fair value in accordance with FASB ASC 825-10 The Fair Value Option for Financial Assets and Financial Liabilities in-house 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 December 31, 2016, there were no loans held for sale under this arrangement. |
Finance Receivables and Allowan
Finance Receivables and Allowance for Credit Losses | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Finance Receivables and Allowance for Credit Losses | NOTE 6 – FINANCE RECEIVABLES 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, Michigan, and Wisconsin. Old National has no concentration of commercial or commercial real estate loans in any single industry exceeding 10% of its portfolio. The composition of loans at December 31 by lending classification was as follows: (dollars in thousands) 2016 2015 Commercial (1) $ 1,917,099 $ 1,804,615 Commercial real estate: Construction 199,509 185,449 Other 2,931,344 1,662,372 Residential real estate 2,087,530 1,644,614 Consumer credit: Home equity 476,439 359,954 Auto 1,167,737 1,050,336 Other 230,854 133,478 Covered loans — 107,587 Total loans 9,010,512 6,948,405 Allowance for loan losses (49,808 ) (51,296 ) Allowance for loan losses - covered loans — (937 ) Net loans $ 8,960,704 $ 6,896,172 (1) Includes direct finance leases of $10.8 million at December 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. In addition, management tracks the level of owner-occupied commercial real estate loans versus non-owner Included with commercial real estate are construction loans, which are underwritten utilizing independent appraisal reviews, sensitivity analysis of absorption and lease rates, financial analysis of the developers and property owners, and feasibility studies, if available. 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 on-site The acquisition of Anchor on May 1, 2016 added $926.2 million of commercial real estate loans to our portfolio. At 189%, Old National Bank’s commercial real estate loans as a percentage of its risk-based capital remained well below the regulatory guideline limit of 300% at December 31, 2016. Residential With respect to residential loans that are secured by 1-4 loan-to-value Consumer Home equity loans are typically secured by a subordinate interest in 1-4 Covered loans Old National entered into an agreement with the FDIC on June 22, 2016 to terminate its loss share agreements. As a result of the termination of the loss share agreements, the remaining loans that were covered by the loss share arrangements were reclassified to noncovered loans effective June 22, 2016. All future gains and losses associated with covered loans will be recognized entirely by Old National. Prior to the termination of the loss share agreements, certain loans acquired from the FDIC were classified as covered loans. Covered loans were subject to loss share agreements whereby Old National was indemnified against 80% of losses up to $275.0 million, an amount which we never reached. See Notes 1 and 7 to the consolidated financial statements for further details on our covered loans. Related Party Loans In the ordinary course of business, Old National grants loans to certain executive officers, directors, and significant subsidiaries (collectively referred to as “related parties”). Activity in related party loans during 2016 is presented in the following table: (dollars in thousands) 2016 Balance at January 1, $ 8,145 New loans 5,813 Repayments (5,464 ) Balance at December 31, $ 8,494 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 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. An allowance for loan losses will be established for any subsequent credit deterioration or adverse changes in expected cash flows. Old National’s activity in the allowance for loan losses for the years ended December 31, 2016, 2015, and 2014 was as follows: (dollars in thousands) Commercial Commercial Residential Consumer Unallocated Total 2016 Allowance for loan losses: Beginning balance $ 26,347 $ 15,993 $ 2,051 $ 7,842 $ — $ 52,233 Charge-offs (5,047 ) (2,632 ) (800 ) (6,131 ) — (14,610 ) Recoveries 3,102 4,763 174 3,186 — 11,225 Provision (2,921 ) 49 218 3,614 — 960 Ending balance $ 21,481 $ 18,173 $ 1,643 $ 8,511 $ — $ 49,808 2015 Allowance for loan losses: Beginning balance $ 20,670 $ 17,348 $ 2,962 $ 6,869 $ — $ 47,849 Charge-offs (3,513 ) (1,921 ) (1,039 ) (6,404 ) — (12,877 ) Recoveries 5,218 4,685 354 4,081 — 14,338 Provision 3,972 (4,119 ) (226 ) 3,296 — 2,923 Ending balance $ 26,347 $ 15,993 $ 2,051 $ 7,842 $ — $ 52,233 2014 Allowance for loan losses: Beginning balance $ 16,565 $ 22,401 $ 3,239 $ 4,940 $ — $ 47,145 Charge-offs (3,535 ) (3,647 ) (793 ) (4,675 ) — (12,650 ) Recoveries 3,125 3,871 205 3,056 — 10,257 Provision 4,515 (5,277 ) 311 3,548 — 3,097 Ending balance $ 20,670 $ 17,348 $ 2,962 $ 6,869 $ — $ 47,849 The following table provides Old National’s recorded investment in financing receivables by portfolio segment at December 31, 2016 and 2015 and other information regarding the allowance: (dollars in thousands) Commercial Commercial Residential Consumer Unallocated Total December 31, 2016 Allowance for loan losses: Individually evaluated for impairment $ 4,561 $ 3,437 $ — $ — $ — $ 7,998 Collectively evaluated for impairment 16,838 14,717 1,643 8,334 — 41,532 Loans acquired with deteriorated credit quality 82 19 — 177 — 278 Total allowance for loan losses $ 21,481 $ 18,173 $ 1,643 $ 8,511 $ — $ 49,808 Loans and leases outstanding: Individually evaluated for impairment $ 45,960 $ 57,230 $ — $ — $ — $ 103,190 Collectively evaluated for impairment 1,870,289 3,040,849 2,073,950 1,866,815 — 8,851,903 Loans acquired with deteriorated credit quality 850 32,774 13,580 8,215 — 55,419 Total loans and leases outstanding $ 1,917,099 $ 3,130,853 $ 2,087,530 $ 1,875,030 $ — $ 9,010,512 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 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 non-homogeneous 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 December 31, 2016 and 2015, the risk category of commercial and commercial real estate loans by class of loans was as follows: (dollars in thousands) Corporate Credit Exposure Credit Risk Profile by Internally Assigned Grade Commercial Commercial Real Estate - Commercial Real Estate - Other 2016 2015 (1) 2016 2015 (1) 2016 2015 (1) Grade: Pass $ 1,750,923 $ 1,672,672 $ 194,875 $ 182,701 $ 2,822,340 $ 1,508,309 Criticized 45,614 55,570 229 3,300 49,619 75,477 Classified - substandard 63,978 24,723 1,636 1,857 18,128 49,091 Classified - nonaccrual 53,062 58,469 2,769 830 32,234 39,521 Classified - doubtful 3,522 3,506 — — 9,023 7,886 Total $ 1,917,099 $ 1,814,940 $ 199,509 $ 188,688 $ 2,931,344 $ 1,680,284 (1) Includes loans previously covered by loss share agreements with the FDIC. Commercial loans as of December 31, 2016 in the table above include loans attributable to the acquisition of Anchor totaling $0.3 million in the criticized category and $0.7 million in the classified – nonaccrual category. There were no construction commercial real estate loans in the criticized or classified categories attributable to the acquisition of Anchor as of December 31, 2016. Other commercial real estate as of December 31, 2016 in the table above includes loans attributable to the acquisition of Anchor totaling $8.0 million in the criticized category, $3.6 million in the classified – substandard category, $19.9 million in the classified – nonaccrual category, and $0.7 million in the classified – doubtful category. 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 December 31, 2016 and 2015: (dollars in thousands) Consumer Residential Home Auto Other 2016 Performing $ 2,069,856 $ 472,008 $ 1,166,114 $ 223,786 Nonperforming 17,674 4,431 1,623 7,068 Total $ 2,087,530 $ 476,439 $ 1,167,737 $ 230,854 2015 (1) Performing $ 1,645,293 $ 410,243 $ 1,048,763 $ 138,031 Nonperforming 16,042 3,051 1,573 1,497 Total $ 1,661,335 $ 413,294 $ 1,050,336 $ 139,528 (1) Includes loans previously covered by loss share agreements with the FDIC. Other consumer loans as of December 31, 2016 in the table above includes loans attributable to the acquisition of Anchor totaling $5.8 million in the nonperforming category, the majority of which are student loans that are guaranteed by the government from 97% to 100%. 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 as of December 31, 2016 and 2015, respectively. Only purchased loans that have experienced subsequent impairment since the date acquired are included in the table below. (dollars in thousands) Recorded Unpaid Related December 31, 2016 With no related allowance recorded: Commercial $ 29,001 $ 29,634 $ — Commercial Real Estate - Other 30,585 32,413 — Residential 1,610 1,631 — Consumer 827 946 — With an allowance recorded: Commercial 16,959 17,283 4,561 Commercial Real Estate - Construction 467 467 107 Commercial Real Estate - Other 26,178 26,710 3,330 Residential 1,081 1,081 54 Consumer 1,924 1,924 96 Total $ 108,632 $ 112,089 $ 8,148 December 31, 2015 (1) With no related allowance recorded: Commercial $ 40,414 $ 41,212 $ — 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 (1) Does not include $4.2 million of loans that were previously covered by loss share agreements with the FDIC. The average balance of impaired loans for the years ended December 31, 2016 and 2015 are included in the table below. (dollars in thousands) 2016 2015 (1) Average Recorded Investment With no related allowance recorded: Commercial $ 34,708 $ 33,678 Commercial Real Estate - Construction — 1,085 Commercial Real Estate - Other 28,793 28,637 Residential 1,355 985 Consumer 855 943 With an allowance recorded: Commercial 16,669 11,924 Commercial Real Estate - Construction 352 168 Commercial Real Estate - Other 20,465 14,593 Residential 1,074 1,230 Consumer 2,367 2,034 Total $ 106,638 $ 95,277 (1) Does not include $4.2 million of loans that were previously covered by loss share agreements with the FDIC. The Company does not record interest on nonaccrual loans until principal is recovered. Interest income recognized on impaired loans during 2016 and 2015 was immaterial. 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 a prescribed period, and future payments are reasonably assured. Loans accounted for under FASB ASC Topic 310-30 re-estimation Old National’s past due financing receivables as of December 31 were as follows: (dollars in thousands) 30-59 Days 60-89 Days Recorded Nonaccrual Total Current December 31, 2016 Commercial $ 847 $ 279 $ 23 $ 56,585 $ 57,734 $ 1,859,365 Commercial Real Estate: Construction — — — 2,769 2,769 196,740 Other 1,652 150 — 41,257 43,059 2,888,285 Residential 17,786 3,770 2 17,674 39,232 2,048,298 Consumer: Home equity 1,511 423 — 4,431 6,365 470,074 Auto 5,903 1,037 242 1,623 8,805 1,158,932 Other 3,561 1,919 61 7,068 12,609 218,245 Total $ 31,260 $ 7,578 $ 328 $ 131,407 $ 170,573 $ 8,839,939 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: Home equity 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 $ 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 December 31, 2016, these loans totaled $424.7 million, of which $227.5 million had been sold to other financial institutions and $197.2 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 typically written down to its collateral value less selling costs. The following table presents activity in TDRs for the years ended December 31, 2016, 2015, and 2014: (dollars in thousands) Commercial Commercial Residential Consumer Total 2016 Balance at January 1, 2016 $ 23,354 $ 14,602 $ 2,693 $ 3,602 $ 44,251 (Charge-offs)/recoveries (1,982 ) 953 42 (6 ) (993 ) Payments (21,956 ) (10,157 ) (513 ) (1,381 ) (34,007 ) Additions 14,996 11,130 761 385 27,272 Interest collected on nonaccrual loans 2,390 1,799 2 2 4,193 Balance at December 31, 2016 $ 16,802 $ 18,327 $ 2,985 $ 2,602 $ 40,716 2015 Balance at January 1, 2015 $ 15,205 $ 15,226 $ 2,063 $ 2,459 $ 34,953 (Charge-offs)/recoveries 872 1,064 (64 ) 3 1,875 Payments (29,913 ) (6,273 ) (658 ) (1,168 ) (38,012 ) Additions 37,190 4,585 1,352 2,308 45,435 Balance at December 31, 2015 $ 23,354 $ 14,602 $ 2,693 $ 3,602 $ 44,251 2014 Balance at January 1, 2014 $ 22,443 $ 22,639 $ 2,344 $ 1,441 $ 48,867 (Charge-offs)/recoveries 126 795 10 (102 ) 829 Payments (18,281 ) (9,722 ) (466 ) (466 ) (28,935 ) Additions 13,696 3,554 175 1,586 19,011 Removals - subsequent restructuring (2,779 ) (2,040 ) — — (4,819 ) Balance at December 31, 2014 $ 15,205 $ 15,226 $ 2,063 $ 2,459 $ 34,953 Approximately $26.3 million of the TDRs at December 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 $4.0 million at December 31, 2016 and $2.3 million at December 31, 2015. As of December 31, 2016, Old National had committed to lend an additional $6.0 million to customers with outstanding loans that are classified as TDRs. The pre-modification (dollars in thousands) Number of Loans Pre-modification Outstanding Recorded Investment Post-modification Outstanding Recorded Investment 2016 Troubled Debt Restructuring: Commercial 20 $ 14,996 $ 14,996 Commercial Real Estate - Other 10 11,130 11,130 Residential 6 761 761 Consumer 8 385 385 Total 44 $ 27,272 $ 27,272 2015 Troubled Debt Restructuring: Commercial 42 $ 37,190 $ 37,190 Commercial Real Estate - Construction 5 1,162 1,162 Commercial Real Estate - Other 27 3,423 3,423 Residential 13 1,352 1,352 Consumer 32 2,308 2,308 Total 119 $ 45,435 $ 45,435 2014 Troubled Debt Restructuring: Commercial 32 $ 13,696 $ 13,696 Commercial Real Estate - Construction 1 484 484 Commercial Real Estate - Other 34 3,070 3,070 Residential 2 175 175 Consumer 28 1,586 1,586 Total 97 $ 19,011 $ 19,011 The TDRs that occurred during 2016 decreased the allowance for loan losses by $2.3 million due to a change in collateral position on a large commercial loan and resulted in $0.8 million of charge-offs during 2016. The TDRs that occurred during 2015 decreased the allowance for loan losses by $0.8 million and resulted in charge-offs of $0.2 million during 2015. The TDRs that occurred during 2014 increased the allowance for loan losses by $0.5 million and resulted in charge-offs of $0.1 million during 2014. A loan is considered to be in payment default once it is 90 days contractually past due under the modified terms. There were 7 commercial loans and 1 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 2016. There were 5 commercial loans and 5 commercial real estate loans totaling $1.4 million that were modified as TDRs within the preceding twelve months, and for which there was a payment default during 2015. There were no loans that were modified as TDRs during 2014 for which there was a payment default within the preceding twelve months. The terms of certain other loans were modified during 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 the delay in a payment. 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 December 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, 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, 310-40-50-2, Purchased Credit Impaired Loans (“PCI”) 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), non-accretable 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 loans that meet the criteria of ASC 310-30 December 31, (dollars in thousands) 2016 2015 (1) Commercial $ 850 $ 3,584 Commercial real estate 32,774 47,923 Residential 13,580 16,704 Consumer 8,215 12,870 Carrying amount 55,419 81,081 Allowance for loan losses (278 ) (1,359 ) Carrying amount, net of allowance $ 55,141 $ 79,722 (1) Includes loans previously covered by loss share agreements with the FDIC. The outstanding balance of loans accounted for under ASC 310-30, 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 $23.4 million during 2016 and $35.5 million during 2015. Improvement in cash flow expectations has resulted in a reclassification from nonaccretable difference to accretable yield as shown in the table below. Accretable yield of purchased credit impaired loans, or income expected to be collected, was as follows: (dollars in thousands) 2016 2015 2014 Balance at January 1, $ 45,310 $ 62,533 $ 101,502 New loans purchased 3,217 1,812 8,274 Accretion of income (23,447 ) (35,526 ) (77,929 ) Reclassifications from (to) nonaccretable difference 10,589 14,189 27,536 Disposals/other adjustments (2,066 ) 2,302 3,150 Balance at December 31, $ 33,603 $ 45,310 $ 62,533 Included in Old National’s allowance for loan losses is $0.3 million related to the purchased loans disclosed above at December 31, 2016, compared to $1.4 million at December 31, 2015. PCI loans purchased during 2016 and 2015 for which it was probable at acquisition that all contractually required payments would not be collected were as follows: (dollars in thousands) Anchor (1) Founders (2) Contractually required payments $ 29,544 $ 11,103 Nonaccretable difference (6,153 ) (2,684 ) Cash flows expected to be collected at acquisition 23,391 8,419 Accretable yield (3,217 ) (1,812 ) Fair value of acquired loans at acquisition $ 20,174 $ 6,607 (1) Old National acquired Anchor effective May 1, 2016. (2) Old National acquired Founders effective January 1, 2015. Income would not be recognized on certain purchased loans if Old National could not reasonably estimate cash flows to be collected. Old National had no purchased loans for which it could not reasonably estimate cash flows to be collected. |
Covered Loans
Covered Loans | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Covered Loans | NOTE 7 – COVERED LOANS Old National entered into an agreement with the FDIC on June 22, 2016 to terminate its loss share agreements. As a result of the termination of the loss share agreements, the remaining loans that were covered by the loss share arrangements were reclassified to noncovered loans effective June 22, 2016. All future gains and losses associated with covered loans will be recognized entirely by Old National. Prior to the termination of the loss share agreements, certain loans acquired from the FDIC were classified as covered loans. Covered loans were subject to loss share agreements. Under the early termination agreement, the FDIC made a final payment of $8.7 million to Old National as consideration for the early termination. After the elimination of the remaining FDIC indemnification asset and the payment of settlement charges, Old National realized a pre-tax The following table is a roll-forward of covered acquired impaired loans accounted for under ASC 310-30 (dollars in thousands) Contractual Nonaccretable Accretable Carrying 2016 Balance at January 1, 2016 $ 69,857 $ (4,729 ) $ (17,785 ) $ 47,343 Principal reductions and interest payments (18,195 ) (347 ) — (18,542 ) Accretion of loan discount — — 7,196 7,196 Changes in contractual and expected cash flows due to remeasurement 4,431 631 (4,927 ) 135 Removals due to foreclosure or sale (1,948 ) 136 263 (1,549 ) Loans removed from loss share coverage (54,145 ) 4,309 15,253 (34,583 ) Balance at December 31, 2016 $ — $ — $ — $ — 2015 Balance at January 1, 2015 $ 124,809 $ (12,014 ) $ (35,742 ) $ 77,053 Principal reductions and interest payments (43,792 ) (1,666 ) — (45,458 ) Accretion of loan discount — — 21,529 21,529 Changes in contractual and expected cash flows due to remeasurement (4,139 ) 8,409 (4,109 ) 161 Removals due to foreclosure or sale (1,316 ) 463 (244 ) (1,097 ) Loans removed from loss share coverage (5,705 ) 79 781 (4,845 ) Balance at December 31, 2015 $ 69,857 $ (4,729 ) $ (17,785 ) $ 47,343 (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. Prior to the termination of the loss share agreements, we estimated the 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 evaluated at each balance sheet date whether the present value of loans determined using the effective interest rates had decreased and if so, recognized a provision for loan losses. For any increases in cash flows expected to be collected, we adjusted 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 were offset as Old National would recognize a corresponding change in cash flows expected from the indemnification asset prospectively in a similar manner. The indemnification asset was adjusted over the shorter of the life of the underlying investment or the indemnification agreement. The loss share receivable represented actual incurred losses where reimbursement had not yet been received from the FDIC. The indemnification asset represented future cash flows we expected to collect from the FDIC under the loss sharing agreements and the amount related to the estimated improvements in cash flow expectations that were being amortized over the same period for which those improved cash flows were being accreted into income. The following table shows a detailed analysis of the FDIC loss sharing asset for the years ended December 31, 2016 and 2015. As a result of the termination of the loss share agreements on June 22, 2016, the table below reflects the write-off (dollars in thousands) 2016 2015 Balance at January 1, $ 9,030 $ 20,603 Adjustments not reflected in income: Cash received from the FDIC (10,000 ) (3,548 ) Other 512 1,009 Adjustments reflected in income: Amortization (816 ) (10,709 ) Higher (lower) loan loss expectations (13 ) 275 Impairment/(recovery) of value and net (gain)/loss on sales of other real estate 1,062 1,400 Gain as a result of the early termination agreement with the FDIC, effective June 22, 2016 225 — Balance at December 31, $ — $ 9,030 |
Other Real Estate Owned
Other Real Estate Owned | 12 Months Ended |
Dec. 31, 2016 | |
Banking and Thrift [Abstract] | |
Other Real Estate Owned | NOTE 8 – OTHER REAL ESTATE OWNED The following table presents activity in other real estate owned for the years ended December 31, 2016 and 2015: (dollars in thousands) Other Real Estate Other Real Estate 2016 Balance at January 1, 2016 $ 7,594 $ 4,904 Additions (2) 22,905 2,093 Sales (13,638 ) (1,454 ) (Impairment)/recovery of value (1,986 ) (1,872 ) Reclassification due to termination of the loss share agreements, effective June 22, 2016 3,671 (3,671 ) Balance at December 31, 2016 $ 18,546 $ — 2015 Balance at January 1, 2015 $ 7,241 $ 9,121 Additions 5,665 1,487 Sales (5,710 ) (5,373 ) (Impairment)/recovery of value 398 (331 ) Balance at December 31, 2015 $ 7,594 $ 4,904 (1) Includes repossessed personal property of $0.3 million at December 31, 2016 and $0.2 million at December 31, 2015. (2) Includes other real estate owned of $17.3 million acquired from Anchor in May 2016. At December 31, 2016, foreclosed residential real estate property included in the table above totaled $1.8 million. At December 31, 2016, consumer mortgage loans collateralized by residential real property that were in the process of foreclosure totaled $2.8 million. Old National entered into an agreement with the FDIC on June 22, 2016 to terminate its loss share agreements. As a result of the termination of the loss share agreements, the remaining other real estate owned that was covered by the loss share arrangements were reclassified to noncovered other real estate owned effective June 22, 2016. Prior to the termination of the loss share agreements, covered OREO expenses and valuation write-downs were recorded in the noninterest expense section of the consolidated statements of income. Under the loss sharing agreements, the FDIC would have reimbursed us for 80% of expenses and valuation write-downs related to covered assets up to $275.0 million, an amount which we never reached. The reimbursable portion of these expenses was recorded in the FDIC indemnification asset. As a result of the termination of the loss share agreements, all future gains and losses associated with covered assets will be recognized entirely by Old National since the FDIC will no longer be sharing in these gains and losses. |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | NOTE 9 – PREMISES AND EQUIPMENT The composition of premises and equipment was as follows at December 31: (dollars in thousands) 2016 2015 Land $ 71,769 $ 41,604 Buildings 322,165 111,982 Furniture, fixtures, and equipment 102,631 94,819 Leasehold improvements 28,555 33,111 Total 525,120 281,516 Accumulated depreciation (95,498 ) (84,840 ) Premises and equipment, net $ 429,622 $ 196,676 During 2016, the Company purchased certain bank properties that it had previously leased, including its executive offices, for an aggregate purchase price of $196.1 million. Also contributing to the increase in premises and equipment at December 31, 2016 were $35.7 million of assets attributable to the Anchor acquisition. Depreciation expense was $16.6 million in 2016, $14.1 million in 2015, and $12.4 million in 2014. Operating 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 sub-lease Rent expense was $25.4 million in 2016, $29.1 million in 2015, and $29.0 million in 2014. The following is a summary of future minimum lease commitments as of December 31, 2016: (dollars in thousands) 2017 $ 16,928 2018 15,918 2019 15,262 2020 14,679 2021 14,161 Thereafter 79,881 Total $ 156,829 Old National purchased 23 properties during 2016 that it had previously leased, 20 of which had deferred gains that were accelerated when the associated leases were terminated. These gains were partially offset by the recognition of deferred rent expense, cease-use Old National purchased 14 properties during 2015 that it had previously leased, all of which had deferred gains that were accelerated when the associated leases were terminated. These gains were partially offset by the recognition of deferred rent expense and other expense, resulting in a net gain of $10.8 million. Old National had deferred gains remaining associated with prior sale leaseback transactions totaling $10.3 million as of December 31, 2016 and $40.7 million as of December 31, 2015. The gains will be recognized over the remaining term of the leases. The leases had original terms ranging from five to twenty-four years. Capital Leases Old National leases a branch building and certain equipment under capital leases. See Note 16 to the consolidated financial statements for detail regarding these leases. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | NOTE 10 – GOODWILL AND OTHER INTANGIBLE ASSETS The following table shows the changes in the carrying amount of goodwill for the years ended December 31, 2016 and 2015: (dollars in thousands) 2016 2015 Balance at January 1, $ 584,634 $ 530,845 Acquisitions 111,347 57,619 Divestitures (40,963 ) (3,830 ) Balance at December 31, $ 655,018 $ 584,634 Goodwill is reviewed annually for impairment. Old National completed its most recent annual goodwill impairment test as of August 31, 2016 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. During 2016, Old National recorded $111.3 million of goodwill associated with the acquisition of Anchor. Also during 2016, Old National eliminated $41.0 million of goodwill associated with the sale of its insurance operations. See Note 2 to the consolidated financial statements for detail regarding goodwill recorded in 2015 associated with acquisitions. The gross carrying amounts and accumulated amortization of other intangible assets at December 31, 2016 and 2015 was as follows: (dollars in thousands) Gross Accumulated Net 2016 Amortized intangible assets: Core deposit $ 81,663 $ (53,214 ) $ 28,449 Customer trust relationships 16,547 (7,753 ) 8,794 Customer loan relationships 4,413 (3,979 ) 434 Total intangible assets $ 102,623 $ (64,946 ) $ 37,677 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 2016, Old National increased core deposit intangibles by $21.6 million related to the Anchor acquisition. In addition, Old National eliminated $6.7 million of customer business relationship intangibles associated with its insurance operation, which was sold May 31, 2016. 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 in 2016, 2015, or 2014. Total amortization expense associated with intangible assets was $12.5 million in 2016, $11.7 million in 2015, and $9.1 million in 2014. Estimated amortization expense for future years is as follows: (dollars in thousands) 2017 $ 11,015 2018 8,687 2019 6,737 2020 4,883 2021 3,111 Thereafter 3,244 Total $ 37,677 |
Loan Servicing Rights
Loan Servicing Rights | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Loan Servicing Rights | NOTE 11 – LOAN SERVICING RIGHTS Loan servicing rights were assumed in Old National’s acquisitions of United and LSB in 2014, Founders in 2015, and Anchor in May, 2016. See Note 2 to the consolidated financial statements for detail regarding loan servicing rights recorded associated with these acquisitions. At December 31, 2016, loan servicing rights derived from loans sold with servicing retained totaled $25.6 million, 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 $3.385 billion at December 31, 2016, compared to $1.263 billion at December 31, 2015. Approximately 99% of the loans serviced for others at December 31, 2016 were residential mortgage loans. Custodial escrow balances maintained in connection with serviced loans were $5.3 million at December 31, 2016 and $3.0 million at December 31, 2015. The following table summarizes the activity related to loan servicing rights and the related valuation allowance in 2016 and 2015: (dollars in thousands) 2016 2015 Balance at January 1, $ 10,502 $ 9,584 Additions (1) 20,280 3,187 Amortization (5,153 ) (2,269 ) Balance before valuation allowance at December 31, 25,629 10,502 Valuation allowance: Balance at January 1, (34 ) (50 ) (Additions)/recoveries (34 ) 16 Balance at December 31, (68 ) (34 ) Loan servicing rights, net $ 25,561 $ 10,468 (1) In May 2016, the Company assumed $15.3 million of loan servicing rights related to the Anchor acquisition. At December 31, 2016, the fair value of servicing rights was $26.8 million, which was determined using a discount rate of 13% and a weighted average prepayment speed of 136% 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. |
Qualified Affordable Housing Pr
Qualified Affordable Housing Projects and Other Tax Credit Investments | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Qualified Affordable Housing Projects and Other Tax Credit Investments | NOTE 12 – QUALIFIED AFFORDABLE HOUSING PROJECTS AND OTHER TAX CREDIT INVESTMENTS The Company is a limited partner in several tax-advantaged pre-tax The following table summarizes Old National’s investments in Low Income Housing Tax Credits (“LIHTC”), Federal Historic Tax Credits (“FHTC”), Federal New Market Tax Credits (“NMTC”), and Indiana Community Revitalization Enhancement District Tax Credits (“CReED”) at December 31, 2016: (dollars in thousands) Years Ended Years Ended At December 31, 2016 2016 2015 2016 2015 Investment Accounting Method Investment Unfunded Amortization Tax Benefit LIHTC and other qualifying investments Proportional amortization $ 29,110 $ 16,210 $ 804 $ 804 $ (1,125 ) $ (1,125 ) FHTC Equity 4,434 3,104 — — — — CReED Equity 1,504 1,502 — — — — NMTC Equity — — — 143 — (233 ) Total $ 35,048 $ 20,816 $ 804 $ 947 $ (1,125 ) $ (1,358 ) (1) All commitments will be paid by the Company by 2027. At December 31, 2015, the Company’s qualified affordable housing projects and other tax credit investments totaled $9.8 million, with no unfunded commitments. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2016 | |
Banking and Thrift [Abstract] | |
Deposits | NOTE 13 - DEPOSITS The aggregate amount of time deposits in denominations of $250,000 or more was $313.8 million at December 31, 2016 and $103.8 million at December 31, 2015. At December 31, 2016, the scheduled maturities of total time deposits were as follows: (dollars in thousands) Due in 2017 $ 895,033 Due in 2018 292,371 Due in 2019 108,978 Due in 2020 86,090 Due in 2021 44,005 Thereafter 41,631 Total $ 1,468,108 |
Securities Sold Under Agreement
Securities Sold Under Agreements to Repurchase | 12 Months Ended |
Dec. 31, 2016 | |
Transfers and Servicing [Abstract] | |
Securities Sold Under Agreements to Repurchase | NOTE 14 – SECURITES SOLD UNDER AGREEMENTS TO REPURCHASE Securities sold under agreements to repurchase are secured borrowings. The Company pledges investment securities to secure these borrowings. The following table presents securities sold under agreements to repurchase and related weighted-average interest rates for each of the years ended December 31: (dollars in thousands) 2016 2015 Outstanding at year-end $ 367,052 $ 387,409 Average amount outstanding 368,757 406,117 Maximum amount outstanding at any month-end 396,695 419,515 Weighted average interest rate: During year 0.41 % 0.37 % End of year 0.47 0.38 The following table presents the contractual maturity of our secured borrowings and class of collateral pledged: At December 31, 2016 Remaining Contractual Maturity of the Agreements (dollars in thousands) Overnight and Up to 30 Days 30-90 Days Greater Than Total Repurchase Agreements: U.S. Treasury and agency securities $ 317,052 $ 25,000 $ — $ 25,000 $ 367,052 Total $ 317,052 $ 25,000 $ — $ 25,000 $ 367,052 The fair value of securities pledged to secure repurchase agreements may decline. The Company has pledged securities valued at 111% of the gross outstanding balance of repurchase agreements at December 31, 2016 to manage this risk. |
Federal Home Loan Bank Advances
Federal Home Loan Bank Advances | 12 Months Ended |
Dec. 31, 2016 | |
Banking and Thrift [Abstract] | |
Federal Home Loan Bank Advances | NOTE 15 – FEDERAL HOME LOAN BANK ADVANCES The following table summarizes Old National Bank’s FHLB advances at December 31: (dollars in thousands) 2016 2015 Federal Home Loan Bank advances (fixed rates 0.56% to 6.76% and variable rates 0.99% to 1.05%) maturing January 2017 to January 2025 $ 1,353,225 $ 1,022,766 ASC 815 fair value hedge and other basis adjustments (133 ) 725 Total other borrowings $ 1,353,092 $ 1,023,491 FHLB advances had weighted-average rates of 0.94% at December 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. Contractual maturities of FHLB advances at December 31, 2016, were as follows: (dollars in thousands) Due in 2017 $ 945,544 Due in 2018 170,090 Due in 2019 2,415 Due in 2020 50,000 Due in 2021 — Thereafter 185,176 ASC 815 fair value hedge and other basis adjustments (133 ) Total $ 1,353,092 |
Other Borrowings
Other Borrowings | 12 Months Ended |
Dec. 31, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Other Borrowings | NOTE 16 – OTHER BORROWINGS The following table summarizes Old National and its subsidiaries’ other borrowings at December 31: (dollars in thousands) 2016 2015 Old National Bancorp: Senior unsecured bank notes (fixed rate 4.125%) $ 175,000 $ 175,000 maturing August 2024 Unamortized debt issuance costs related to Senior unsecured bank notes (1,182 ) (1,338 ) Junior subordinated debentures (variable rates of 2.30% to 2.74%) maturing March 2035 to September 2037 45,000 45,000 Other basis adjustments (3,971 ) (4,442 ) Old National Bank: Capital lease obligation 4,092 4,036 Total other borrowings $ 218,939 $ 218,256 Contractual maturities of other borrowings at December 31, 2016, were as follows: (dollars in thousands) Due in 2017 $ 196 Due in 2018 79 Due in 2019 85 Due in 2020 91 Due in 2021 99 Thereafter 223,542 Unamortized debt issuance costs and other basis adjustments (5,153 ) Total $ 218,939 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. Junior Subordinated Debentures Junior subordinated debentures related to trust preferred securities are classified in “other borrowings”. These securities qualify as Tier 1 capital for regulatory purposes, subject to certain limitations. In 2007, Old National acquired St. Joseph Capital Trust II in conjunction with its acquisition of St. Joseph Capital Corporation. Old National guarantees the payment of distributions on the trust preferred securities issued by St. Joseph Capital Trust II. St. Joseph Capital Trust II issued $5.0 million in preferred securities in March 2005. The preferred securities have a variable rate of interest priced at the three-month London Interbank Offered Rate (“LIBOR”) plus 175 basis points, payable quarterly and maturing on March 17, 2035. Proceeds from the issuance of these securities were used to purchase junior subordinated debentures with the same financial terms as the securities issued by St. Joseph Capital Trust II. In 2011, Old National acquired Monroe Bancorp Capital Trust I and Monroe Bancorp Statutory Trust II in conjunction with its acquisition of Monroe Bancorp. Old National guarantees the payment of distributions on the trust preferred securities issued by Monroe Bancorp Capital Trust I and Monroe Bancorp Statutory Trust II. Monroe Bancorp Capital Trust I issued $3.0 million in preferred securities in July 2006. The preferred securities have a variable rate of interest priced at the three-month LIBOR plus 160 basis points. Proceeds from the issuance of these securities were used to purchase junior subordinated debentures with the same financial terms as the securities issued by Monroe Bancorp Capital Trust I. Monroe Bancorp Statutory Trust II issued $5.0 million in preferred securities in March 2007. The preferred securities have a variable rate of interest priced at the three-month LIBOR plus 160 basis points. Proceeds from the issuance of these securities were used to purchase junior subordinated debentures with the same financial terms as the securities issued by Monroe Bancorp Statutory Trust II. In 2012, Old National acquired Home Federal Statutory Trust I in conjunction with its acquisition of Indiana Community Bancorp. Old National guarantees the payment of distributions on the trust preferred securities issued by Home Federal Statutory Trust I. Home Federal Statutory Trust I issued $15.0 million in preferred securities in September 2006. The preferred securities carry a variable rate of interest priced at the three-month LIBOR plus 165 basis points. Proceeds from the issuance of these securities were used to purchase junior subordinated debentures with the same financial terms as the securities issued by Home Federal Statutory Trust I. On April 25, 2014, Old National acquired Tower Capital Trust 2 and Tower Capital Trust 3 in conjunction with its acquisition of Tower Financial Corporation. Old National guarantees the payment of distributions on the trust preferred securities issued by Tower Capital Trust 2 and Tower Capital Trust 3. Tower Capital Trust 2 issued $8.0 million in preferred securities in December 2005. The preferred securities carry a variable rate of interest priced at the three-month LIBOR plus 134 basis points. Proceeds from the issuance of these securities were used to purchase junior subordinated debentures with the same financial terms as the securities issued by Tower Capital Trust 2. Tower Capital Trust 3 issued $9.0 million in preferred securities in December 2006. The preferred securities carry a variable rate of interest priced at the three-month LIBOR plus 169 basis points. Proceeds from the issuance of these securities were used to purchase junior subordinated debentures with the same financial terms as the securities issued by Tower Capital Trust 3. Old National, at any time, may redeem the junior subordinated debentures at par and thereby cause a redemption of the trust preferred securities in whole or in part. Capital Lease Obligation On January 1, 2004, Old National entered into a long-term capital lease obligation for a branch office building in Owensboro, Kentucky, which extends for 25 years with one renewal option for 10 years. The economic substance of this lease is that Old National is financing the acquisition of the building through the lease and accordingly, the building is recorded as an asset and the lease is recorded as a liability. The fair value of the capital lease obligation was estimated using a discounted cash flow analysis based on Old National’s current incremental borrowing rate for similar types of borrowing arrangements. On May 1, 2016, Old National acquired Anchor, assuming a five year capital lease obligation for equipment. At December 31, 2016, the future minimum lease payments under the capital lease arrangements were as follows: (dollars in thousands) 2017 $ 535 2018 410 2019 430 2020 430 2021 430 Thereafter 7,976 Total minimum lease payments 10,211 Less amounts representing interest (6,119 ) Present value of net minimum lease payments $ 4,092 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 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 statement of income for the years ended December 31: (dollars in thousands) 2016 2015 2014 Provision at statutory rate of 35% $ 70,149 $ 57,013 $ 49,688 Tax-exempt Tax-exempt (14,356 ) (13,111 ) (11,460 ) Section 291/265 interest disallowance 191 142 93 Company-owned life insurance income (2,968 ) (3,011 ) (2,423 ) Tax-exempt (17,133 ) (15,980 ) (13,790 ) Reserve for unrecognized tax benefits (1 ) (5 ) (1,076 ) State income taxes 3,461 4,173 2,676 ONB Insurance Group, Inc. nondeductible goodwill 8,328 — — Effect of Illinois branch sale — 1,835 — State statutory rate change — — 904 Other, net 1,358 (859 ) (105 ) Income tax expense $ 66,162 $ 46,177 $ 38,297 Effective tax rate 33.0 % 28.3 % 27.0 % The higher effective tax rate in 2016 when compared to 2015 is primarily the result of the sale of ONB Insurance Group, Inc. in May 2016 and the associated tax expense of $8.3 million to record a deferred tax liability relating to ONB Insurance Group, Inc.’s nondeductible goodwill. The higher effective tax rate in 2015 when compared to 2014 is the result of an increase in taxable income, as well as tax differences arising from the sale of Illinois branches in the third quarter of 2015. The provision for income taxes consisted of the following components for the years ended December 31: (dollars in thousands) 2016 2015 2014 Income taxes currently payable: Federal $ 23,735 $ 17,385 $ 8,974 State 2,242 769 581 Deferred income taxes related to: Federal 35,955 24,664 27,207 State 4,230 3,359 1,535 Deferred income tax expense 40,185 28,023 28,742 Income tax expense $ 66,162 $ 46,177 $ 38,297 Net Deferred Tax Assets Significant components of net deferred tax assets (liabilities) were as follows at December 31: (dollars in thousands) 2016 2015 Deferred Tax Assets Allowance for loan losses, net of recapture $ 19,773 $ 17,125 Benefit plan accruals 23,846 18,066 Alternative minimum tax credit 19,523 18,378 Unrealized losses on benefit plans 205 4,507 Net operating loss carryforwards 66,917 2,041 Premises and equipment — 12,735 Federal tax credits 35 422 Other-than-temporary impairment 3,606 3,558 Acquired loans 40,522 34,870 Lease exit obligation 2,060 2,626 Unrealized losses on available-for-sale 23,365 3,002 Unrealized losses on held-to-maturity 7,118 7,724 Unrealized losses on hedges 4,116 5,685 Other real estate owned 3,310 — Other, net 2,675 4,914 Total deferred tax assets 217,071 135,653 Deferred Tax Liabilities Accretion on investment securities (700 ) (599 ) Other real estate owned — (284 ) Purchase accounting (17,552 ) (16,615 ) FDIC indemnification asset — (2,565 ) Loan servicing rights (9,627 ) (3,890 ) Premises and equipment (4,800 ) — Other, net (2,529 ) (1,716 ) Total deferred tax liabilities (35,208 ) (25,669 ) Net deferred tax assets $ 181,863 $ 109,984 Net deferred tax assets increased $71.9 million from December 31, 2015 to December 31, 2016 primarily due to the acquisition of Anchor. Net deferred tax assets acquired from Anchor totaled $98.1 million, consisting primarily of deferred tax assets related to federal and state net operating loss carryforwards and acquired loans. Through the acquisition of Anchor in the second quarter of 2016 and Lafayette Savings Bank in the fourth quarter of 2014, both former thrifts, Old National Bank’s retained earnings at December 31, 2016 include base-year bad debt reserves, created for tax purposes prior to 1988, totaling $52.8 million. Of this total, $50.9 million was acquired from Anchor, and $1.9 million was acquired from Lafayette Savings Bank. Base-year reserves are subject to recapture in the unlikely event that Old National Bank (1) makes distributions in excess of current and accumulated earnings and profits, as calculated for federal income tax purposes, (2) redeems its stock, or (3) liquidates. Old National Bank has no intention of making such a nondividend distribution. Accordingly, under current accounting principles, a related deferred income tax liability of $19.8 million has not been recognized. No valuation allowance was recorded at December 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. Old National has federal net operating loss carryforwards totaling $162.9 million at December 31, 2016 and $1.3 million at December 31, 2015. This federal net operating loss was acquired from the acquisition of Indiana Community Bancorp in 2012 and Anchor in 2016. If not used, the federal net operating loss carryforwards will begin to expire in 2027. Old National has alternative minimum tax credit carryforwards totaling $19.5 million at December 31, 2016 and $18.4 million at December 31, 2015. The alternative minimum tax credit carryforward does not expire. Old National has federal tax credit carryforwards of $35 thousand at December 31, 2016 and $0.4 million at December 31, 2015. The federal tax credits consist mainly of low income housing credits and research development credits that, if not used, will expire from 2027 to 2035. Old National has state net operating loss carryforwards totaling $206.3 million at December 31, 2016 and $46.3 million at December 31, 2015. If not used, the state net operating loss carryforwards will expire from 2023 to 2035. The federal and state net operating loss carryforwards are subject to an annual limitation under Internal Revenue Code section 382. Old National believes that all of the net operating loss carryforwards will be used prior to expiration. Unrecognized Tax Benefits 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 was as follows: (dollars in thousands) 2016 2015 2014 Balance at January 1, $ 124 $ 77 $ 3,847 Additions based on tax positions related to the current year 118 51 37 Additions based on tax positions related to prior years 537 — — Reductions due to statute of limitations expiring (2 ) (4 ) (3,807 ) Balance at December 31, $ 777 $ 124 $ 77 If recognized, approximately $0.8 million of unrecognized tax benefits, net of interest, would favorably affect the effective income tax rate in future periods. It is our policy to recognize interest and penalties accrued relative to unrecognized tax benefits in their respective federal or state income tax accounts. We recorded interest and penalties in the income statement of $0.1 million in 2016, $0.4 thousand in 2015, and $1.1 million in 2014. The amount accrued for interest and penalties in the balance sheet was $0.1 million at December 31, 2016 and $11 thousand at December 31, 2015. Old National and its subsidiaries file a consolidated U.S. federal income tax return, as well as filing various state returns. The 2013 through 2016 tax years are open and subject to examination. In February 2014, the Company was notified that their 2011 federal tax return was under examination. This examination was completed in 2015 and no changes were made to the Company’s reported tax. The Company reversed $2 thousand in 2016 related to uncertain tax positions accounted for under FASB ASC 740-10 Accounting for Uncertainty in Income Taxes 740-10”). The Company reversed $4 thousand in 2015 related to uncertain tax positions accounted for under FASB ASC 740-10. The Company reversed $3.8 million in 2014 related to uncertain tax positions accounted for under ASC 740-10. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | NOTE 18 - EMPLOYEE BENEFIT PLANS Retirement Plan Old National had a funded noncontributory defined benefit plan (the “Retirement Plan”) that had been frozen since December 31, 2005. During the first quarter of 2016, the Company notified plan participants of its intent to terminate the Retirement Plan effective May 15, 2016. During October 2016, the Retirement Plan settled plan liabilities through either lump sum distributions to plan participants or annuity contracts purchased from a third-party insurance company that provided for the payment of vested benefits to those participants that did not elect the lump sum option. As of December 31, 2016, there were no remaining plan assets. Old National made contributions totaling $7.6 million, $0.1 million, and $0.3 million to the Retirement Plan during 2016, 2015, and 2014, respectively. As a result of the pension termination, unrecognized losses, which previously were recorded in accumulated other comprehensive loss on the consolidated balance sheets, were recognized as expense and the pension plan settlement loss of $9.8 million was recorded in the consolidated statements of income for the year ended December 31, 2016. Including this settlement charge, the total expense under the Retirement Plan was $11.6 million in 2016. Restoration Plan Old National 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. The Restoration Plan is unfunded. Old National uses a December 31 measurement date. The following table presents the activity of the Restoration Plan for the years ended December 31, 2016 and 2015: (dollars in thousands) 2016 2015 Change in Projected Benefit Obligation Balance at January 1, $ 1,239 $ 1,346 Interest cost 52 45 Benefits paid (39 ) (65 ) Actuarial loss (gain) 103 (87 ) Settlement (219 ) — Projected benefit obligation at December 31, $ 1,136 $ 1,239 Change in Plan Assets Fair value at January 1, — — Employer contributions 257 65 Benefits paid (39 ) (65 ) Settlement (218 ) — Fair value of plan assets at December 31, — — Funded status at December 31, $ (1,136 ) $ (1,239 ) Amounts recognized in the statement of financial position at December 31: Accrued benefit liability $ (1,136 ) $ (1,239 ) Net amount recognized $ (1,136 ) $ (1,239 ) Amounts recognized in accumulated other comprehensive income at December 31: Net actuarial loss $ 538 $ 646 Total $ 538 $ 646 The estimated net loss for the Restoration Plan that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year is $0.1 million. The accumulated benefit obligation and the projected benefit obligation were equivalent for the Restoration Plan and were $1.1 million at December 31, 2016 and $1.2 million at December 31, 2015. The net periodic benefit cost and its components were as follows for the years ended December 31: (dollars in thousands) 2016 2015 2014 Net Periodic Benefit Cost Interest cost $ 52 $ 45 $ 52 Recognized actuarial loss 108 122 102 Net periodic benefit cost $ 160 $ 167 $ 154 Settlement loss 103 — — Total net periodic benefit cost $ 263 $ 167 $ 154 Other Changes in Benefit Obligations Recognized in Other Comprehensive Income Net actuarial (gain)/loss $ 103 $ (87 ) $ 145 Amortization of net actuarial loss (108 ) (122 ) (102 ) Settlement loss (103 ) — — Total recognized in other comprehensive income $ (108 ) $ (209 ) $ 43 Total recognized in net periodic benefit cost and other comprehensive income $ 155 $ (42 ) $ 197 The weighted-average assumptions used to determine the benefit obligation as of the end of the years indicated and the net periodic benefit cost for the years indicated are presented in the table below. Because the plan is frozen, increases in compensation are not considered. 2016 2015 2014 Benefit obligations: Discount rate at the end of the period 4.00 % 4.50 % 4.00 % Net periodic benefit cost: Discount rate at the beginning of the period 4.50 % 4.00 % 4.75 % Rate of compensation increase N/A N/A N/A N/A = not applicable The discount rate used reflects the expected future cash flow based on Old National’s funding valuation assumptions and participant data as of the beginning of the plan year. The expected future cash flow is discounted by the Principal Pension Discount yield curve as of December 31, 2016. As of December 31, 2015, expected future benefit payments related to Old National’s Restoration Plan were as follows: (dollars in thousands) 2017 $ 210 2018 18 2019 230 2020 21 2021 52 Years 2022 - 2026 610 Old National expects to contribute cash of $0.2 million to the Restoration Plan in 2017. Employee Stock Ownership Plan The Employee Stock Ownership and Savings Plan (401k) (the “401(k) Plan”) permits employees to participate the first month following one month of service. Effective as of April 1, 2010, we suspended safe harbor matching contributions to the 401(k) Plan. However, we may make discretionary matching contributions to the 401(k) Plan. For 2016, 2015, and 2014, we matched 50% of employee compensation deferral contributions, up to 6% of compensation. In addition to matching contributions, Old National may contribute to the 401(k) Plan an amount designated as a profit sharing contribution in the form of Old National stock or cash. Our Board of Directors designated no discretionary profit sharing contributions in 2016, 2015, or 2014. All contributions vest immediately and plan participants may elect to redirect funds among any of the investment options provided under the 401(k) plan. The number of Old National shares in the 401(k) plan were 0.8 million at December 31, 2016 and 1.0 million at December 31, 2015. All shares owned through the 401(k) plan are included in the calculation of weighted-average shares outstanding for purposes of calculating diluted and basic earnings per share. Contribution expense under the 401(k) plan was $5.0 million in 2016, $4.6 million in 2015, and $4.3 million in 2014. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | NOTE 19 – STOCK-BASED COMPENSATION Our Amended and Restated 2008 Incentive Compensation Plan (the “ICP”), which was shareholder-approved, permits the grant of share-based awards to its employees. At December 31, 2016, 4.9 million shares were available for issuance. The granting of awards to key employees is typically in the form of restricted stock awards or units. We believe that such awards better align the interests of our employees with those of our shareholders. Total compensation cost that has been charged against income for the ICPs was $7.3 million in 2016, $4.3 million in 2015, and $4.2 million in 2014. The total income tax benefit was $2.8 million in 2016 and $1.6 million in 2015 and 2014. Restricted Stock Awards Restricted stock awards require certain service requirements and commonly have vesting periods of 3 years. 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. A summary of changes in our nonvested shares for the year follows: (shares in thousands) Shares Weighted Average Grant-Date Fair Value Nonvested balance at January 1, 2016 346 $ 13.90 Granted during the year (1) 348 12.77 Vested during the year (289 ) 13.36 Forfeited during the year (4 ) 13.26 Nonvested balance at December 31, 2016 401 $ 13.31 (1) Includes 173 thousand shares assumed in conjunction with the acquisition of Anchor in May 2016. As of December 31, 2016, there was $3.4 million of total unrecognized compensation cost related to nonvested shares granted under the ICP. The cost is expected to be recognized over a weighted-average period of 1.9 years. The total fair value of the shares vested was $3.8 million in 2016, $1.6 million in 2015, and $1.3 million in 2014. Restricted Stock Units Restricted stock units require certain performance requirements and have vesting periods of 3 years. 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. A summary of changes in our nonvested shares for the year follows: (shares in thousands) Shares Weighted Average Grant-Date Fair Value Nonvested balance at January 1, 2016 840 $ 12.56 Granted during the year 279 10.17 Vested during the year (16 ) 13.04 Forfeited during the year (295 ) 11.84 Dividend equivalents adjustment 13 11.05 Nonvested balance at December 31, 2016 821 $ 12.02 As of December 31, 2016, there was $2.7 million of total unrecognized compensation cost related to nonvested shares granted under the ICP. The cost is expected to be recognized over a weighted-average period of 1.7 years. Stock Options Option awards are generally granted with an exercise price equal to the market price of our common stock at the date of grant; these option awards have vesting periods ranging from 3 to 5 years and have 10-year Old National has not granted stock options since 2009. However, Old National did acquire stock options through prior year acquisitions. Old National recorded no incremental expense associated with the conversion of these options. A summary of the activity in the stock option plan in 2016 follows: (shares in thousands) Shares Weighted Weighted Aggregate Outstanding at January 1, 2016 1,043 $ 16.16 Exercised (191 ) 12.83 Forfeited/expired (158 ) 24.09 Outstanding at December 31, 2015 694 $ 15.27 1.33 $ 2,460.1 Options exercisable at end of year 694 $ 15.27 1.33 $ 2,460.1 Information related to the stock option plan during each year follows: (dollars in thousands) 2016 2015 2014 Intrinsic value of options exercised $ 660 $ 458 $ 432 Cash received from option exercises 2,349 997 1,002 Tax benefit realized from option exercises 264 159 97 As of December 31, 2016, all options were fully vested and all compensation costs had been expensed. 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 recorded no incremental expense associated with the conversion of these stock appreciation rights. At December 31, 2016, 0.1 million stock appreciation rights remained outstanding. Outside Director Stock Compensation Program Old National maintains a director stock compensation program covering all outside directors. Compensation shares are earned semi-annually. Beginning in 2017, any shares awarded to directors should be issued from the Amended and Restated 2008 Incentive Compensation Plan. Approximately 35,000 shares will be issued to directors in 2017. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Shareholders' Equity | NOTE 20 – SHAREHOLDERS’ EQUITY Dividend Reinvestment and Stock Purchase Plan Old National has a dividend reinvestment and stock purchase plan under which common shares issued may be either repurchased shares or authorized and previously unissued shares. A new plan became effective on August 16, 2012, with total authorized and unissued common shares reserved for issuance of 3.3 million. At December 31, 2016, 3.3 million authorized and unissued common shares were available for issuance under the plan. Employee Stock Purchase Plan Old National has an employee stock purchase plan under which eligible employees can purchase common shares at a price not less than 95% of the fair market value of the common shares on the purchase date. The amount of common shares purchased cannot exceed ten percent of the employee’s compensation. The maximum number of shares that may be purchased under this plan is 500,000 shares. In 2016, 32,000 shares were issued related to this plan with proceeds of approximately $388,000. In 2015, 29,000 shares were issued related to this plan with proceeds of approximately $391,000. |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value | NOTE 21 - FAIR VALUE FASB ASC 820-10 820-10 • 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 December 31, 2016 Using (dollars in thousands) Carrying Quoted Prices in Significant Significant (Level 3) Financial Assets Trading securities $ 4,982 $ 4,982 $ — $ — Investment securities available-for-sale: U.S. Treasury 7,103 7,103 — — U.S. government-sponsored entities and agencies 493,956 — 493,956 — Mortgage-backed securities - Agency 1,525,019 — 1,525,019 — States and political subdivisions 436,684 — 436,684 Pooled trust preferred securities 8,119 — — 8,119 Other securities 326,293 30,905 295,388 — Residential loans held for sale 90,682 — 90,682 — Derivative assets 17,701 — 17,701 — Financial Liabilities Derivative liabilities 23,574 — 23,574 — 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 year ended December 31, 2016: (dollars in thousands) Pooled Trust Available-for-Sale Balance at January 1, 2016 $ 7,900 Accretion of discount 18 Sales/payments received (327 ) Increase in fair value of securities 528 Balance at December 31, 2016 $ 8,119 The accretion of discounts on securities totaling $18 thousand in 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, 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 year ended December 31, 2015: (dollars in thousands) Pooled Trust Available-for-Sale State and Balance at January 1, 2015 $ 6,607 $ 325 Accretion of discount 18 — Sales/payments received (663 ) — Matured securities — (325 ) Increase in fair value of securities 1,938 — Balance at December 31, 2015 $ 7,900 $ — The accretion of discounts on securities totaling $18 thousand in 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, The tables below provide 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 Techniques Unobservable Input Range (Weighted Pooled trust preferred securities $ 8,119 Discounted cash flow Constant prepayment rate (a) 0.00% Additional asset defaults (b) 4.5% - 10.0% (7.9%) Expected asset recoveries (c) 0.0% - 6.1% (0.9%) (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 Fair Value Measurements at December 31, 2016 Using (dollars in thousands) Carrying Quoted Prices in Significant Significant (Level 3) Collateral Dependent Impaired Loans Commercial loans $ 6,771 $ — $ — $ 6,771 Commercial real estate loans 11,632 — — 11,632 Foreclosed Assets Commercial real estate 1,352 — — 1,352 Residential 394 — — 394 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 $26.4 million, with a valuation allowance of $8.0 million at December 31, 2016. Old National recorded provision recapture associated with these loans totaling $1.1 million in 2016. Other real estate owned and other repossessed property is measured at fair value less costs to sell and had a net carrying amount of $1.7 million at December 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 $3.0 million in 2016. Assets measured at fair value on a non-recurring Fair Value Measurements at December 31, 2015 Using (dollars in thousands) Carrying Quoted Prices in Significant Significant 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. Old National recorded provision expense associated with these loans totaling $4.7 million in 2015. Other real estate owned and other repossessed property had a net carrying amount of $2.7 million at December 31, 2015. There were write-downs of other real estate owned of $2.2 million in 2015. The tables below provide 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 Range (Weighted Collateral Dependent Impaired Loans Commercial loans $ 6,771 Fair value of Discount for type of property, age of appraisal and current status 0% - 99% (53%) Commercial real estate loans 11,632 Fair value of Discount for type of property, age of appraisal and current status 10% - 67% (36%) Foreclosed Assets Commercial real estate 1,352 Fair value of Discount for type of property, age of appraisal and current status 4% - 80% (39%) Residential 394 Fair value of Discount for type of property, age of appraisal and current status 7% - 60% (30%) (dollars in thousands) Fair Value at Valuation Unobservable 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, instrument-by 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 $0.1 million in 2016 and 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 December 31, 2016 and 2015 was as follows: (dollars in thousands) Aggregate Difference Contractual 2016 Residential loans held for sale $ 90,682 $ 133 $ 90,549 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 years ended December 31: (dollars in thousands) Other Gains and (Losses) Interest Income Interest (Expense) Total Changes in Fair Values Included in Current Period Earnings 2016 Residential loans held for sale $ (103 ) $ — $ — $ (103 ) 2015 Residential loans held for sale $ (140 ) $ — $ — $ (140 ) The carrying amounts and estimated fair values of financial instruments, not previously presented in this note, at December 31, 2016 and 2015 were as follows: Fair Value Measurements at December 31, 2016 Using (dollars in thousands) Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets Cash, due from banks, federal funds sold, and money market investments $ 255,519 $ 255,519 $ — $ — Investment securities held-to-maturity: U.S. government-sponsored entities and agencies 40,131 — 40,558 — Mortgage-backed securities—Agency 10,640 — 10,940 — State and political subdivisions 694,319 — 732,674 — Federal Home Loan Bank/Federal Reserve Bank stock 101,716 N/A N/A N/A Loans, net: Commercial 1,895,618 — — 1,971,296 Commercial real estate 3,112,680 — — 3,400,365 Residential real estate 2,085,887 — — 2,228,542 Consumer credit 1,866,519 — — 1,974,180 Accrued interest receivable 81,381 16 22,880 58,485 Financial Liabilities Deposits: Noninterest-bearing demand deposits $ 3,016,093 $ 3,016,093 $ — $ — NOW, savings, and money market deposits 6,259,052 6,259,052 — — Time deposits 1,468,108 — 1,460,778 — Federal funds purchased and interbank borrowings 213,003 213,003 Securities sold under agreements to repurchase 367,052 317,052 50,612 — Federal Home Loan Bank advances 1,353,092 — — 1,360,599 Other borrowings 218,939 — 217,647 — Accrued interest payable 5,979 — 5,979 — Standby letters of credit 315 — — 315 Off-Balance Commitments to extend credit $ — $ — $ — $ 2,527 N/A = not applicable Carrying Fair Value Measurements at December 31, 2015 Using (dollars in thousands) 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 — Federal funds purchased and interbank borrowings 291,090 291,090 — — Securities sold under agreements to repurchase 387,409 337,409 51,370 — Federal Home Loan Bank advances 1,023,491 — — 1,029,779 Other borrowings 218,256 — 201,138 — Accrued interest payable 4,859 — 4,859 — Standby letters of credit 429 — — 429 Off-Balance 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 money market investments: Investment securities: held-to-maturity Federal Home Loan Bank and Federal Reserve Bank stock: Loans Covered loans: FDIC indemnification asset: Accrued interest receivable and payable: Deposits Federal funds purchased and interbank borrowings Securities sold under agreements to repurchase Federal Home Loan Bank advances Other borrowings Standby letters of credit 460-10 Off-balance off-balance |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | NOTE 22 – 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 $660.0 million at December 31, 2016 and $761.5 million at December 31, 2015. The December 31, 2016 balances consist of $35.0 million notional amount of receive-fixed, pay-variable pay-fixed, pay-variable pay-fixed, pay-variable 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 December 31, 2016, the notional amount of the interest rate lock commitments was $40.3 million and forward commitments were $86.1 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 $582.7 million at December 31, 2016. At December 31, 2015, the notional amounts of the customer derivative instruments and the offsetting counterparty derivative instruments were $428.4 million. These derivative contracts do not qualify for hedge accounting. These instruments include interest rate swaps, caps, collars, foreign exchange forward contracts, and commodity swaps and options. 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 $6.1 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: December 31, 2016 December 31, 2015 (dollars in thousands) Asset Liability Asset Liability Derivatives Derivatives designated as hedging instruments Interest rate contracts $ 3,056 $ 11,582 $ 3,794 $ 15,554 Total derivatives designated as hedging instruments $ 3,056 $ 11,582 $ 3,794 $ 15,554 Derivatives not designated as hedging instruments Interest rate contracts $ 11,903 $ 11,992 $ 11,296 $ 11,414 Mortgage contracts 2,742 — 835 — Total derivatives not designated as hedging instruments $ 14,645 $ 11,992 $ 12,131 $ 11,414 Total $ 17,701 $ 23,574 $ 15,925 $ 26,968 The effect of derivative instruments on the consolidated statements of income for the years ended December 31 were as follows: (dollars in thousands) 2016 2015 2014 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) $ (5,446 ) $ (1,729 ) $ 1,002 Interest rate contracts (2) Other income / (expense) 126 189 275 Total $ (5,320 ) $ (1,540 ) $ 1,277 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) $ 329 $ 511 $ 246 Total $ 329 $ 511 $ 246 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) $ 28 $ 18 $ 88 Mortgage contracts Mortgage banking revenue 1,390 168 252 Total $ 1,418 $ 186 $ 340 (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 | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 23 - 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 may 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. Old National is not currently involved in any material litigation. 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 $2.354 billion and standby letters of credit of $51.7 million at December 31, 2016. At December 31, 2016, approximately $2.207 billion of the loan commitments had fixed rates and $146.5 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 $3.2 million at December 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 $13.3 million at December 31, 2016 and $14.5 million at December 31, 2015. Old National provided collateral to the unaffiliated banks to secure credit extensions totaling $12.6 million at December 31, 2016 and $13.6 million December 31, 2015. Old National did not provide collateral for the remaining credit extensions. |
Financial Guarantees
Financial Guarantees | 12 Months Ended |
Dec. 31, 2016 | |
Guarantees [Abstract] | |
Financial Guarantees | NOTE 24 – 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 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 $6.8 million at December 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 $9.9 million at December 31, 2016. |
Regulatory Restrictions
Regulatory Restrictions | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Regulatory Restrictions | NOTE 25 - REGULATORY RESTRICTIONS Restrictions on Cash and Due from Banks Old National’s affiliate bank is required to maintain reserve balances on hand and with the Federal Reserve Bank which are interest bearing and unavailable for investment purposes. The reserve balances were $85.4 million at December 31, 2016 and $68.4 million at December 31, 2015. In addition, Old National had cash and due from banks which was held as collateral for collateralized swap positions of $3.5 million at December 31, 2016 and $0.2 million at December 31, 2015. Restrictions on Transfers from Affiliate Bank Regulations limit the amount of dividends an affiliate bank can declare in any year without obtaining prior regulatory approval. Prior regulatory approval is required if dividends to be declared in any year would exceed net earnings of the current year plus retained net profits for the preceding two years. Prior regulatory approval to pay dividends was not required in 2014, 2015, or 2016 and is not currently required. Restrictions on the Payment of Dividends Old National has traditionally paid a quarterly dividend to common stockholders. The payment of dividends is subject to legal and regulatory restrictions. Any payment of dividends in the future will depend, in large part, on Old National’s earnings, capital requirements, financial condition, and other factors considered relevant by our Board of Directors. Capital Adequacy Old National and Old National Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can elicit certain mandatory actions by regulators that, if undertaken, could have a direct material effect on Old National’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, Old National and Old National Bank must meet specific capital guidelines that involve quantitative measures of assets, liabilities, and certain off-balance At December 31, 2016, Old National and Old National Bank exceeded the regulatory minimums and Old National Bank met the regulatory definition of well-capitalized based on the most recent regulatory notification. The following table summarizes capital ratios for Old National and Old National Bank as of December 31: Fully Phased-In Regulatory Well Capitalized Actual Guidelines Minimum (1) Guidelines (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio 2016 Total capital to risk- weighted assets Old National Bancorp $ 1,229,878 12.18 % $ 1,060,662 10.50 % $ N/A N/A % Old National Bank 1,240,180 12.35 1,054,305 10.50 1,004,100 10.00 Common equity Tier 1 capital to risk-weighted assets Old National Bancorp 1,162,817 11.51 707,108 7.00 N/A N/A Old National Bank 1,187,151 11.82 702,870 7.00 652,665 6.50 Tier 1 capital to risk- weighted assets Old National Bancorp 1,176,849 11.65 858,631 8.50 N/A N/A Old National Bank 1,187,151 11.82 853,485 8.50 803,280 8.00 Tier 1 capital to average assets Old National Bancorp 1,176,849 8.43 558,673 4.00 N/A N/A Old National Bank 1,187,151 8.55 555,161 4.00 693,951 5.00 2015 Total capital to risk- weighted assets Old National Bancorp $ 1,024,586 13.28 % $ 810,397 10.50 % $ N/A N/A % Old National Bank 1,079,652 14.11 803,490 10.50 765,229 10.00 Common equity Tier 1 capital to risk-weighted assets Old National Bancorp 934,497 12.11 540,265 7.00 N/A N/A Old National Bank 1,023,839 13.38 535,660 7.00 497,399 6.50 Tier 1 capital to risk- weighted assets Old National Bancorp 968,772 12.55 656,036 8.50 N/A N/A Old National Bank 1,023,839 13.38 650,445 8.50 612,183 8.00 Tier 1 capital to average assets Old National Bancorp 968,772 8.54 454,005 4.00 N/A N/A Old National Bank 1,023,839 9.11 449,791 4.00 562,239 5.00 N/A = not applicable (1) When fully phased-in |
Parent Company Financial Statem
Parent Company Financial Statements | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Parent Company Financial Statements | NOTE 26 - PARENT COMPANY FINANCIAL STATEMENTS The following are the condensed parent company only financial statements of Old National: OLD NATIONAL BANCORP (PARENT COMPANY ONLY) CONDENSED BALANCE SHEETS December 31, (dollars in thousands) 2016 2015 Assets Deposits in affiliate bank $ 91,650 $ 48,000 Trading securities - at fair value 4,982 3,941 Investment securities - available-for-sale 1,535 1,452 Investment in affiliates: Banking subsidiaries 1,862,244 1,551,924 Non-banks 11,388 49,083 Other assets 90,872 84,598 Total assets $ 2,062,671 $ 1,738,998 Liabilities and Shareholders’ Equity Other liabilities $ 33,407 $ 33,608 Other borrowings 214,847 214,220 Shareholders’ equity 1,814,417 1,491,170 Total liabilities and shareholders’ equity $ 2,062,671 $ 1,738,998 OLD NATIONAL BANCORP (PARENT COMPANY ONLY) CONDENSED STATEMENTS OF INCOME Years Ended December 31, (dollars in thousands) 2016 2015 2014 Income Dividends from affiliates $ 160,007 $ 67,717 $ 65,292 Net securities gains 100 6 170 Other income 40,841 1,892 1,554 Other income from affiliates 6 51 79 Total income 200,954 69,666 67,095 Expense Interest on borrowings 9,077 8,684 3,837 Other expenses 18,460 13,957 11,357 Total expense 27,537 22,641 15,194 Income before income taxes and equity in undistributed earnings of affiliates 173,417 47,025 51,901 Income tax expense (benefit) 11,952 (5,473 ) (4,020 ) Income before equity in undistributed earnings of affiliates 161,465 52,498 55,921 Equity in undistributed earnings of affiliates (27,201 ) 64,218 47,746 Net income $ 134,264 $ 116,716 $ 103,667 OLD NATIONAL BANCORP (PARENT COMPANY ONLY) CONDENSED STATEMENT OF CASH FLOWS Years Ended December 31, (dollars in thousands) 2016 2015 2014 Cash Flows From Operating Activities Net income $ 134,264 $ 116,716 $ 103,667 Adjustments to reconcile net income to cash provided by operating activities: Depreciation 29 20 11 Net securities gains (100 ) (6 ) (270 ) Gain on sale of ONB Insurance Group, Inc. (41,864 ) — — Stock compensation expense 7,318 4,255 4,162 (Increase) decrease in other assets (3,958 ) 6,307 20,040 Increase (decrease) in other liabilities (225 ) 1,441 286 Equity in undistributed earnings of affiliates 27,201 (64,218 ) (47,746 ) Total adjustments (11,599 ) (52,201 ) (23,517 ) Net cash flows provided by operating activities 122,665 64,515 80,150 Cash Flows From Investing Activities Net cash and cash equivalents of acquisitions (100,220 ) (41,070 ) (82,975 ) Proceeds from sale of ONB Insurance Group, Inc. 91,771 — — Purchases of investment securities (52 ) (1,053 ) (45 ) Net advances to affiliates (3,500 ) — (3,832 ) Purchases of premises and equipment (13 ) — (1,032 ) Net cash flows used in investing activities (12,014 ) (42,123 ) (87,884 ) Cash Flows From Financing Activities Proceeds from issuance of other borrowings — — 173,500 Cash dividends paid on common stock (67,536 ) (55,552 ) (48,181 ) Common stock repurchased (2,202 ) (88,695 ) (25,830 ) Proceeds from exercise of stock options, including tax benefit 2,349 997 749 Common stock issued 388 391 326 Net cash flows provided by (used in) financing activities (67,001 ) (142,859 ) 100,564 Net increase (decrease) in cash and cash equivalents 43,650 (120,467 ) 92,830 Cash and cash equivalents at beginning of period 48,000 168,467 75,637 Cash and cash equivalents at end of period $ 91,650 $ 48,000 $ 168,467 |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | NOTE 27 – SEGMENT INFORMATION During the second quarter of 2016, Old National sold its insurance operations, ONB Insurance Group, Inc. During the year ended December 31, 2015, the insurance segment’s net income was $2.1 million and its assets totaled $61.8 million at December 31, 2015. In conjunction with the divestiture, Old National re-evaluated Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Old National Bank, Old National’s bank subsidiary, is the only significant subsidiary upon which management makes decisions regarding how to allocate resources and assess performance. Each of the branches of Old National Bank provide a group of similar community banking services, including such products and services as commercial, real estate and consumer loans, time deposits, checking and savings accounts, cash management, brokerage, trust, and investment advisory services. The individual bank branches located throughout our Midwest footprint have similar operating and economic characteristics. While the chief decision maker monitors the revenue streams of the various products, services, and regional locations, operations are managed and financial performance is evaluated on a Company-wide basis. Accordingly, all of the community banking services and branch locations are considered by management to be aggregated into one reportable operating segment, community banking. |
Interim Financial Data (Unaudit
Interim Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Interim Financial Data (Unaudited) | NOTE 28 – INTERIM FINANCIAL DATA (UNAUDITED) The following table details the quarterly results of operations for the years ended December 31, 2016 and 2015. (unaudited, dollars Three Months Ended Three Months Ended 12/31/2016 9/30/2016 6/30/2016 3/31/2016 12/31/2015 9/30/2015 6/30/2015 3/31/2015 Interest income $ 121,849 $ 119,713 $ 110,243 $ 95,329 $ 94,960 $ 105,671 $ 99,964 $ 98,594 Interest expense 11,932 11,910 10,903 9,686 9,038 8,567 7,867 7,601 Net interest income 109,917 107,803 99,340 85,643 85,922 97,104 92,097 90,993 Provision for loan losses (1,756 ) 1,306 1,319 91 484 167 2,271 1 Noninterest income 62,751 47,243 93,385 49,451 60,614 59,744 54,979 55,295 Noninterest expense 126,258 108,062 121,472 98,355 102,469 102,617 109,690 116,156 Income before income taxes 48,166 45,678 69,934 36,648 43,583 54,064 35,115 30,131 Income tax expense 14,710 10,969 30,812 9,671 11,598 16,395 8,959 9,225 Net income $ 33,456 $ 34,709 $ 39,122 $ 26,977 $ 31,985 $ 37,669 $ 26,156 $ 20,906 Net income per share: Basic $ 0.25 $ 0.25 $ 0.31 $ 0.24 $ 0.28 $ 0.33 $ 0.22 $ 0.18 Diluted 0.25 0.25 0.31 0.24 0.27 0.33 0.22 0.18 Average shares: Basic 134,670 134,492 127,508 113,998 114,103 114,590 115,732 118,540 Diluted 135,383 135,011 127,973 114,563 114,716 115,153 116,223 119,076 Quarterly results, most notably interest income, noninterest income and noninterest expense, were impacted by the acquisition of Anchor in May 2016. In addition, the Company sold its insurance operations, ONB Insurance Group, Inc. on May 31, 2016. |
Basis of Presentation and Sig37
Basis of Presentation and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying 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 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. 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. |
Trading Securities | Trading Securities Trading securities consist of mutual funds held in trusts associated with deferred compensation plans for former directors and executives. These mutual funds are recorded as trading securities at fair value. Gains and losses are included in net securities gains. |
Investment Securities | Investment Securities Old National classifies investment securities as available-for-sale or held-to-maturity on the date of purchase. Securities classified as available-for-sale are recorded at fair value with the unrealized gains and losses, net of tax effect, recorded in other comprehensive income. Realized gains and losses affect income and the prior fair value adjustments are reclassified within shareholders’ equity. Securities classified as held-to-maturity, which management has the intent and ability to hold to maturity, are reported at amortized cost. Premiums and discounts are amortized on the level-yield method. Anticipated prepayments are considered when amortizing premiums and discounts on mortgage backed securities. Gains and losses on the sale of available-for-sale securities are determined using the specific-identification method. Other-Than-Temporary Impairment |
Federal Home Loan Bank (FHLB) Stock | Federal Home Loan Bank (“FHLB”) Stock Old National is a member of the FHLB system. Members are required to own a certain amount of stock based on the level of borrowings and other factors and may invest in additional amounts. FHLB stock is carried at cost, classified as a restricted security and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends are reported as income. |
Loans Held for Sale | Loans Held for Sale Loans that Old National has originated with a commitment to sell are classified as loans held for sale and are recorded in accordance with FASB ASC 825-10 (SFAS No. 159) at fair value, determined individually, as of the balance sheet date. The loan’s fair value includes the servicing value of the loans as well as any accrued interest. |
Loans | Loans Loans that Old National intends to hold for investment purposes are classified as portfolio loans. Portfolio loans are carried at the principal balance outstanding, net of earned interest, purchase premiums or discounts, deferred loan fees and costs, and an allowance for loan losses. Interest income is accrued on the principal balances of loans outstanding. 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 a prescribed period, and future payments are reasonably assured. 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. |
Allowance for Loan Losses | 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. For all loan classes, 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. Acquired loans accounted for under 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 loan loss provision or prospective yield adjustments. 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 all portfolio segments, the general component covers non-impaired loans and is based on historical loss experience adjusted for current factors. This actual loss experience is supplemented with other economic factors based on the risks present for each portfolio segment. These economic factors include consideration of the following: levels of and trends in delinquencies and impaired loans; levels of and trends in charge-offs and recoveries; trends in volume and terms of loans; effects of any changes in risk selection and underwriting standards; other changes in lending policies, procedures, and practices; experience, ability, and depth of lending management and other relevant staff; national and local economic trends and conditions; industry conditions; and effects of changes in credit concentrations. Further information regarding Old National’s policies and methodology used to estimate the allowance for loan losses is presented in Note 6. |
Premises and Equipment | Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation. Land is stated at cost. Depreciation is charged to operating expense over the useful lives of the assets, principally on the straight-line method. Useful lives for premises and equipment are as follows: buildings and building improvements – 15 to 39 years; and furniture and equipment – 3 to 10 years. Leasehold improvements are depreciated over the lesser of their useful lives or the term of the lease. Maintenance and repairs are expensed as incurred while major additions and improvements are capitalized. Interest costs on construction of qualifying assets are capitalized. Premises and equipment are reviewed for impairment when events indicate their carrying amount may not be recoverable from future undiscounted cash flows. If impaired, the assets are adjusted to fair value. Such impairments are included in other expense. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The excess of the cost of acquired entities over the fair value of identifiable assets acquired less liabilities assumed is recorded as goodwill. In accordance with FASB ASC 350 (SFAS No. 142, Goodwill and Other Intangible Assets |
Company-Owned Life Insurance | Company-Owned Life Insurance Old National has purchased life insurance policies on certain key executives. Old National records company-owned life insurance at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. Company-owned life insurance totaled $353.0 million at December 31, 2016 and $341.3 million at December 31, 2015. |
Loan Servicing Rights | Loan Servicing Rights When loans are sold with servicing retained, servicing rights are initially recorded at fair value with the income statement effect recorded in gain on sales of loans. Fair value is based on market prices for comparable servicing contracts, when available or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. All classes of servicing assets are subsequently measured using the amortization method which requires servicing rights to be amortized into noninterest income in proportion to, and over the period of, the estimated future net servicing income of the underlying loans. Loan servicing rights are evaluated for impairment based upon the fair value of the rights as compared to carrying amount. Impairment is determined by stratifying rights into groupings based on predominant risk characteristics, such as interest rate, loan type, term, and investor type. Impairment is recognized through a valuation allowance for an individual grouping, to the extent that fair value is less than the carrying amount. If the Company later determines that all or a portion of the impairment no longer exists for a particular grouping, a reduction of the allowance may be recorded as an increase to income. Changes in valuation allowances are reported with mortgage banking revenue on the income statement. The fair values of servicing rights are subject to significant fluctuations as a result of changes in estimated and actual prepayment speeds and default rates and losses. Servicing fee income, which is reported on the income statement as mortgage banking revenue, is recorded for fees earned for servicing loans. The fees are based on a contractual percentage of the outstanding principal, or a fixed amount per loan and are recorded as income when earned. |
Derivative Financial Instruments | Derivative Financial Instruments As part of Old National’s overall interest rate risk management, Old National uses derivative instruments, including To Be Announced (“TBA”) forward agreements and interest rate swaps, caps, and floors. All derivative instruments are recognized on the balance sheet at their fair value in accordance with ASC 815, as amended. At the inception of the derivative contract, Old National will designate the derivative as (1) a hedge of the fair value of a recognized asset or liability or of an unrecognized firm commitment (“fair value hedge”), (2) a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”), or (3) an instrument with no hedging designation (“stand-alone derivative”). For derivatives that are designated and qualify as a fair value hedge, the change in value of the derivative, as well as the offsetting change in value of the hedged item attributable to the hedged risk, are recognized in current earnings during the period of the change in fair values. For derivatives that are designated and qualify as a cash flow hedge, the effective portion of the change in value on the derivative is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. For all hedging relationships, changes in fair value of derivatives that are not effective in hedging the changes in fair value or expected cash flows of the hedged item are recognized immediately in current earnings during the period of the change. Similarly, the changes in the fair value of derivatives that do not qualify for hedge accounting under ASC Topic 815 are also reported currently in earnings, in noninterest income. The accrued net settlements on derivatives that qualify for hedge accounting are recorded in interest income or interest expense, consistent with the item being hedged. Old National formally documents all relationships between hedging instruments and hedged items, as well as its risk-management objective and strategy for undertaking various hedge transactions. This process includes linking all derivative instruments that are designated as fair-value or cash-flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. Old National also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. Old National discontinues hedge accounting prospectively when it is determined that (1) the derivative is no longer effective in offsetting changes in the fair value or cash flows of the hedged item; (2) the derivative expires, is sold, or terminated; (3) the derivative instrument is de-designated When hedge accounting is discontinued, the future changes in fair value of the derivative are recorded as noninterest income. When a fair value hedge is discontinued, the hedged asset or liability is no longer adjusted for changes in fair value and the existing basis adjustment is amortized or accreted over the remaining life of the asset or liability. When a cash flow hedge is discontinued but the hedged cash flows or forecasted transaction is still expected to occur, changes in value that were accumulated in other comprehensive income are amortized or accreted into earnings over the same periods which the hedged transactions will affect earnings. Old National enters into various stand-alone mortgage-banking derivatives in order to hedge the risk associated with the fluctuation of interest rates. Changes in fair value are recorded as mortgage banking revenue. Old National also enters into various stand-alone derivative contracts to provide derivative products to customers which are carried at fair value with changes in fair value recorded as other noninterest income. Old National is exposed to losses if a counterparty fails to make its payments under a contract in which Old National is in the net receiving position. Old National anticipates that the counterparties will be able to fully satisfy their obligations under the agreements. In addition, Old National obtains collateral above certain thresholds of the fair value of its hedges for each counterparty based upon their credit standing. All of the contracts to which Old National is a party settle monthly, quarterly, or semiannually. Further, Old National has netting agreements with the dealers with which it does business. |
Credit-Related Financial Instruments | Credit-Related Financial Instruments In the ordinary course of business, Old National’s affiliate bank has entered into credit-related financial instruments consisting of commitments to extend credit, commercial letters of credit, and standby letters of credit. The notional amount of these commitments is not reflected in the consolidated financial statements until they are funded. |
Foreclosed Assets | Foreclosed Assets Other assets include real estate properties acquired as a result of foreclosure and repossessed personal property and are initially recorded at the fair value of the property less estimated cost to sell. Any excess recorded investment over the fair value of the property received is charged to the allowance for loan losses. Any subsequent write-downs are charged to expense, as are the costs of operating the properties. Foreclosed assets totaled $18.5 million at December 31, 2016 and $12.5 million at December 31, 2015. |
Securities Purchased under Agreements to Resell and Securities Sold under Agreements to Repurchase | Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repuchase We purchase certain securities, generally U.S. government-sponsored entity and agency securities, under agreements to resell. The amounts advanced under these agreements represent short-term secured loans and are reflected as assets in the accompanying consolidated balance sheets. We also sell certain securities under agreements to repurchase. These agreements are treated as collateralized financing transactions. These secured borrowings are reflected as liabilities in the accompanying consolidated balance sheets and are recorded at the amount of cash received in connection with the transaction. Short-term securities sold under agreements to repurchase generally mature within one to four days from the transaction date. Securities, generally U.S. government and federal agency securities, pledged as collateral under these financing arrangements can be repledged by the secured party. Additional collateral may be required based on the fair value of the underlying securities. |
Covered Assets, Loss Share Agreements, and Indemnification Asset | Covered Assets, Loss Share Agreements, and Indemnification Asset On July 29, 2011, Old National acquired the banking operations of Integra in an FDIC assisted transaction. As part of the purchase and assumption agreement, Old National and the FDIC entered into loss sharing agreements (each, a “loss sharing agreement” and collectively, the “loss sharing agreements”), whereby the FDIC would cover a substantial portion of any future losses on loans (and related unfunded commitments), OREO and up to 90 days of certain accrued interest on loans. The acquired loans and OREO subject to the loss sharing agreements are referred to collectively as “covered assets.” Old National entered into an agreement with the FDIC on June 22, 2016 to terminate its loss share agreements. As a result of the termination of the loss share agreements, the remaining covered assets that were covered by the loss share arrangements were reclassified to noncovered assets effective June 22, 2016. Prior to the termination of the loss share agreements, the FDIC would have reimbursed us for 80% of expenses and valuation write-downs related to covered assets up to $275.0 million, an amount which we never reached. Loans were recorded at fair value in accordance with ASC Topic 805, Business Combinations. No allowance for loan losses related to the acquired loans was recorded on the acquisition date as the fair value of the loans acquired incorporated assumptions regarding credit risk. Loans acquired are recorded at fair value in accordance with the fair value methodology prescribed in ASC Topic 820, exclusive of the loss share agreements with the FDIC. These loans were aggregated into pools of loans based on common risk characteristics such as credit score, loan type, and date of origination. The fair value estimates associated with these pools of loans included estimates related to expected prepayments and the amount and timing of undiscounted expected principal, interest, and other cash flows. Because the FDIC would have reimbursed us for losses incurred on certain acquired loans, an indemnification asset (FDIC loss share receivable) was recorded at fair value at the acquisition date. The indemnification asset was recognized at the same time as the indemnified loans, and measured on the same basis, subject to collectibility or contractual limitations. The loss share agreements on the acquisition date reflected the reimbursements expected to be received from the FDIC, using an appropriate discount rate, which reflected counterparty credit risk and other uncertainties. |
Net Income per Share | Net Income per Share Basic net income per share is computed by dividing net income by the weighted-average number of common shares outstanding during each year. Diluted net income per share is computed as above and assumes the conversion of outstanding stock options and restricted stock. The following table reconciles basic and diluted net income per share for the years ended December 31. (dollars and shares in thousands, Years Ended December 31, except per share data) 2016 2015 2014 Basic Earnings Per Share Net income $ 134,264 $ 116,716 $ 103,667 Weighted average common shares outstanding 127,705 115,726 107,818 Basic Earnings Per Share $ 1.05 $ 1.01 $ 0.96 Diluted Earnings Per Share Net income $ 134,264 $ 116,716 $ 103,667 Weighted average common shares outstanding 127,705 115,726 107,818 Effect of dilutive securities: Restricted stock (1) 543 440 488 Stock options (2) 53 89 59 Weighted average shares outstanding 128,301 116,255 108,365 Diluted Earnings Per Share $ 1.05 $ 1.00 $ 0.95 (1) 3 thousand shares of restricted stock were not included in the computation of net income per diluted share at December 31, 2016 because the effect would be antidilutive. There were no shares excluded at December 31, 2015 or 2014 because the effect would be antidilutive. (2) Options to purchase 0.5 million shares, 0.7 million shares, and 1.0 million shares outstanding at December 31, 2016, 2015, and 2014, 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. |
Stock-Based Compensation | Stock-Based Compensation Compensation cost is recognized for stock options and restricted stock awards and units issued to employees based on the fair value of these awards at the date of grant. A Black-Scholes model is utilized to estimate the fair value of stock options, while the market price of our common stock at the date of grant is used for restricted stock awards. A third party provider is used to value certain restricted stock units where the performance measure is based on total shareholder return. Compensation expense is recognized over the requisite service period. |
Income Taxes | Income Taxes Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. We recognize a tax position as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. We recognize interest and/or penalties related to income tax matters in income tax expense. |
Loss Contingencies | Loss Contingencies Loss contingencies, including claims and legal actions arising in the normal course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. See Note 23 to the consolidated financial statements for further disclosure. |
Statement of Cash Flows Data | Statement of Cash Flows Data For the purpose of presentation in the accompanying consolidated statement of cash flows, cash and cash equivalents are defined as cash, due from banks, federal funds sold and resell agreements, and money market investments, which have maturities less than 90 days. The following table summarizes the supplemental cash flow information for the years ended December 31: Years Ended December 31, (dollars in thousands) 2016 2015 2014 Cash payments: Interest $ 43,698 $ 32,712 $ 21,005 Income taxes (net of refunds) 23,636 14,824 18,820 Noncash Investing and Financing Activities: Transfer of loans held for investment to loans held for sale — — 197,928 Transfer of premises and equipment to assets held for sale 4,620 9,070 3,042 |
Impact of Accounting Changes | Impact of Accounting Changes FASB ASC 606 – No. 2014-09, In March 2016, the FASB issued ASU No. 2016-08, No. 2014-09 No. 2014-09. In April 2016, the FASB issued ASU No. 2016-10, No. 2014-09 No. 2014-09. In May 2016, the FASB issued ASU No. 2016-12, In December 2016, the FASB issued ASU No. 2016-20, No. 2014-09 No. 2014-09. No. 2014-09. FASB ASC 718 – No. 2014-12, In March 2016, the FASB issued ASU No. 2016-09, FASB ASC 350 – No. 2015-05, 350-40, In January 2017, the FASB issued ASU No. 2017-04, FASB ASC 944 – No. 2015-09, FASB ASC 805 No. 2015-16, In January 2017, the FASB issued ASU No. 2017-01, FASB ASC 825 No. 2016-01, 825-10): available-for-sale FASB ASC 842 – No. 2016-02, right-of-use FASB ASC 405 No. 2016-04, 405-20): FASB ASC 815 No. 2016-05, de-designation In March 2016, the FASB issued ASU No. 2016-06, FASB ASC 323 No. 2016-07, step-by-step available-for-sale FASB ASC 326 – No. 2016-13, available-for-sale one-time one-time FASB ASC 230 – No. 2016-15, No. 2016-18, FASB ASC 740 – No. 2016-16, FASB ASC 810 No. 2016-17, |
Basis of Presentation and Sig38
Basis of Presentation and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [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 years ended December 31. (dollars and shares in thousands, Years Ended December 31, except per share data) 2016 2015 2014 Basic Earnings Per Share Net income $ 134,264 $ 116,716 $ 103,667 Weighted average common shares outstanding 127,705 115,726 107,818 Basic Earnings Per Share $ 1.05 $ 1.01 $ 0.96 Diluted Earnings Per Share Net income $ 134,264 $ 116,716 $ 103,667 Weighted average common shares outstanding 127,705 115,726 107,818 Effect of dilutive securities: Restricted stock (1) 543 440 488 Stock options (2) 53 89 59 Weighted average shares outstanding 128,301 116,255 108,365 Diluted Earnings Per Share $ 1.05 $ 1.00 $ 0.95 (1) 3 thousand shares of restricted stock were not included in the computation of net income per diluted share at December 31, 2016 because the effect would be antidilutive. There were no shares excluded at December 31, 2015 or 2014 because the effect would be antidilutive. (2) Options to purchase 0.5 million shares, 0.7 million shares, and 1.0 million shares outstanding at December 31, 2016, 2015, and 2014, 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. |
Summary of Supplemental Cash Flow Information | The following table summarizes the supplemental cash flow information for the years ended December 31: Years Ended December 31, (dollars in thousands) 2016 2015 2014 Cash payments: Interest $ 43,698 $ 32,712 $ 21,005 Income taxes (net of refunds) 23,636 14,824 18,820 Noncash Investing and Financing Activities: Transfer of loans held for investment to loans held for sale — — 197,928 Transfer of premises and equipment to assets held for sale 4,620 9,070 3,042 |
Summary of Common Shares Issued and Resultant Value of Total Shareholders' Equity | The following table summarizes the common shares issued and resultant value of total shareholders’ equity associated with acquisitions for the years ended December 31: (dollars and shares in thousands) Shares of Common Stock Total 2016 Acquisition of Anchor BanCorp Wisconsin Inc. 20,415 $ 273,565 2015 Acquisition of Founders Financial Corporation 3,402 $ 50,626 2014 Acquisition of Tower Financial Corporation 5,626 $ 78,727 Acquisition of United Bancorp 9,117 123,806 Acquisition of LSB Financial Corp. 3,557 51,758 |
Acquisition and Divestiture A39
Acquisition and Divestiture Activity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Summary of Unaudited Pro-Forma Information | The unaudited pro-forma pro-forma (dollars in thousands) 2016 2015 Revenue (1) $ 701,303 $ 700,500 Income before income taxes $ 241,068 $ 195,347 (1) Net interest income plus noninterest income. |
Tower Financial Corporation [Member] | |
Schedule of Purchase Price Allocation | A summary of the final purchase price allocation is as follows (in thousands): Cash and cash equivalents $ 56,345 Investment securities 140,567 Federal Home Loan Bank stock 2,192 Loans held for sale 474 Loans 371,054 Premises and equipment 8,516 Accrued interest receivable 2,371 Other real estate owned 473 Company-owned life insurance 21,281 Other assets 15,200 Deposits (527,995 ) Securities sold under agreements to repurchase (18,898 ) Federal Home Loan Bank advances (5,500 ) Other borrowings (15,613 ) Accrued expenses and other liabilities (4,681 ) Net tangible assets acquired 45,786 Definite-lived intangible assets acquired 8,382 Goodwill 56,203 Purchase price $ 110,371 |
Schedule of Components of Estimated Fair Value of Intangible Assets | The components of the estimated fair value of the acquired identifiable intangible assets are in the table below. Estimated Estimated Core deposit intangible $ 4.6 7 Trust customer relationship intangible $ 3.8 12 |
Summary of Acquired Loan Data | Acquired loan data for Tower can be found in the table below: (in thousands) Fair Value Gross Contractual Best Estimate at Acquired receivables subject to ASC 310-30 $ 12,855 $ 22,746 $ 5,826 Acquired receivables not subject to ASC 310-30 $ 358,199 $ 450,865 $ 42,302 |
United Bancorp, Inc. [Member] | |
Schedule of Purchase Price Allocation | A summary of the final purchase price allocation is as follows (in thousands): Cash and cash equivalents $ 16,447 Investment securities 154,885 Federal Home Loan Bank stock 2,880 Loans held for sale 1,073 Loans 632,016 Premises and equipment 7,741 Accrued interest receivable 2,614 Other real estate owned 1,676 Company-owned life insurance 14,857 Other assets 16,822 Deposits (763,681 ) Federal funds purchased (10,420 ) Federal Home Loan Bank advances (12,515 ) Accrued expenses and other liabilities (8,337 ) Net tangible assets acquired 56,058 Definite-lived intangible assets acquired 10,763 Loan servicing rights 8,983 Goodwill 81,952 Purchase price $ 157,756 |
Schedule of Components of Estimated Fair Value of Intangible Assets | The components of the estimated fair value of the acquired identifiable intangible assets are in the table below. Estimated Estimated Core deposit intangible $ 5.9 7 Trust customer relationship intangible $ 4.9 12 |
Summary of Acquired Loan Data | Acquired loan data for United can be found in the table below: (in thousands) Fair Value Gross Contractual Best Estimate at Acquired receivables subject to ASC 310-30 $ 8,391 $ 15,483 $ 5,487 Acquired receivables not subject to ASC 310-30 $ 623,625 $ 798,967 $ 89,430 |
LSB Financial Corp. [Member] | |
Schedule of Purchase Price Allocation | A summary of the final purchase price allocation is as follows (in thousands): Cash and cash equivalents $ 7,589 Investment securities 63,684 Federal Home Loan Bank stock 3,185 Loans held for sale 1,035 Loans 235,377 Premises and equipment 6,492 Accrued interest receivable 1,044 Other real estate owned 30 Company-owned life insurance 7,438 Other assets 11,490 Deposits (292,068 ) Federal Home Loan Bank advances (15,203 ) Accrued expenses and other liabilities (4,582 ) Net tangible assets acquired 25,511 Definite-lived intangible assets acquired 2,618 Loan servicing rights 990 Goodwill 40,476 Purchase price $ 69,595 |
Summary of Acquired Loan Data | Acquired loan data for LSB can be found in the table below: (in thousands) Fair Value of Acquired Loans Gross Contractual Best Estimate at Acquisition Date of Acquired receivables subject to ASC 310-30 $ 11,986 $ 24,493 $ 9,903 Acquired receivables not subject to ASC 310-30 $ 223,391 $ 340,832 $ 57,884 |
Founders Financial Corporation [Member] | |
Schedule of Purchase Price Allocation | 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 ) Securities sold under agreements to repurchase (12,492 ) Federal Home Loan Bank advances (26,888 ) Accrued expenses and other liabilities (1,307 ) Net tangible assets acquired 29,509 Definite-lived intangible assets acquired 5,515 Loan servicing rights 664 Goodwill 56,014 Purchase price $ 91,702 |
Schedule of Components of Estimated Fair Value of Intangible Assets | The components of the estimated fair value of the acquired identifiable intangible assets are in the table below. Estimated Fair Value (in millions) Estimated Useful Lives (Years) Core deposit intangible $ 2.9 7 Trust customer relationship intangible $ 2.6 12 |
Summary of Acquired Loan Data | Acquired loan data for Founders can be found in the table below: (in thousands) Fair Value Gross Contractual Best Estimate at Flows Not Expected 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 |
Anchor BanCorp Wisconsin Inc [Member] | |
Schedule of Purchase Price Allocation | Based on management’s preliminary valuation of the fair value of tangible and intangible assets acquired and liabilities assumed, which are based on assumptions that are subject to change, the purchase price for the Anchor acquisition is allocated as follows (in thousands): Cash and cash equivalents $ 123,657 Investment securities 235,240 Federal Home Loan Bank stock 4,596 Loans held for sale 9,334 Loans 1,637,806 Premises and equipment 35,721 Accrued interest receivable 7,308 Other real estate owned 17,349 Company-owned life insurance 7,278 Other assets 126,210 Deposits (1,852,713 ) Securities sold under agreements to repurchase (3,132 ) Other borrowings (123 ) Accrued expenses and other liabilities (36,957 ) Net tangible assets acquired 311,574 Definite-lived intangible assets acquired 21,559 Loan servicing rights 15,274 Goodwill 111,347 Purchase price $ 459,754 |
Summary of Acquired Loan Data | Acquired loan data for Anchor can be found in the table below: (in thousands) Fair Value of Acquired Loans at Acquisition Date Gross Contractual Best Estimate at Acquired receivables subject to ASC 310-30 $ 20,174 $ 29,544 $ 6,153 Acquired receivables not subject to ASC 310-30 $ 1,617,632 $ 2,143,532 $ 274,155 |
Accumulated Other Comprehensi40
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 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 years ended December 31, 2016, 2015, and 2014: (dollars in thousands) Unrealized Gains Available-for-Sale Unrealized Gains Held-to-Maturity Gains and Defined Total 2016 Balance at January 1, 2016 $ (3,806 ) $ (14,480 ) $ (9,276 ) $ (7,235 ) $ (34,797 ) Other comprehensive income (loss) before reclassifications (31,513 ) — (1,440 ) — (32,953 ) Amounts reclassified from accumulated other comprehensive income (loss) (a) (3,693 ) 1,170 4,001 6,900 8,378 Net other comprehensive income (loss) (35,206 ) 1,170 2,561 6,900 (24,575 ) Balance at December 31, 2016 $ (39,012 ) $ (13,310 ) $ (6,715 ) $ (335 ) $ (59,372 ) 2015 Balance at January 1, 2015 $ (748 ) $ (15,776 ) $ (5,935 ) $ (9,096 ) $ (31,555 ) Other comprehensive income (loss) before reclassifications 554 — (5,027 ) — (4,473 ) Amounts reclassified from accumulated other comprehensive income (loss) (a) (3,612 ) 1,296 1,686 1,861 1,231 Net other comprehensive income (loss) (3,058 ) 1,296 (3,341 ) 1,861 (3,242 ) Balance at December 31, 2015 $ (3,806 ) $ (14,480 ) $ (9,276 ) $ (7,235 ) $ (34,797 ) 2014 Balance at January 1, 2014 $ (21,108 ) $ (16,767 ) $ (190 ) $ (6,401 ) $ (44,466 ) Other comprehensive income (loss) before reclassifications 26,391 — (5,899 ) — 20,492 Amounts reclassified from accumulated other comprehensive income (loss) (a) (6,031 ) 991 154 (2,695 ) (7,581 ) Net other comprehensive income (loss) 20,360 991 (5,745 ) (2,695 ) 12,911 Balance at December 31, 2014 $ (748 ) $ (15,776 ) $ (5,935 ) $ (9,096 ) $ (31,555 ) (a) See table below for details about reclassifications. |
Reclassifications out of Accumulated Other Comprehensive Income (Loss) | The following tables summarize the significant amounts reclassified out of each component of AOCI for the years ended December 31, 2016, 2015, and 2014: Details about AOCI Components Amount Reclassified from AOCI Affected Line Item in the Statement of Income Years Ended December 31, (dollars in thousands) 2016 2015 2014 Unrealized gains and losses on available-for-sale $ 5,848 $ 5,718 $ 9,830 Net securities gains — — (100 ) Impairment losses 5,848 5,718 9,730 Income before income taxes (2,155 ) (2,106 ) (3,699 ) Income tax (expense) benefit $ 3,693 $ 3,612 $ 6,031 Net income Unrealized gains and losses on held-to-maturity $ (1,776 ) $ (1,692 ) $ (1,437 ) Interest income/(expense) 606 396 446 Income tax (expense) benefit $ (1,170 ) $ (1,296 ) $ (991 ) Net income Gains and losses on cash flow hedges Interest rate contracts $ (6,453 ) $ (2,719 ) $ (248 ) Interest income/(expense) 2,452 1,033 94 Income tax (expense) benefit $ (4,001 ) $ (1,686 ) $ (154 ) Net income Amortization of defined benefit pension items Actuarial gains/(losses) and settlement cost $ (11,203 ) $ (3,002 ) $ 4,333 Salaries and employee benefits 4,303 1,141 (1,638 ) Income tax (expense) benefit $ (6,900 ) $ (1,861 ) $ 2,695 Net income Total reclassifications for the period $ (8,378 ) $ (1,231 ) $ 7,581 Net income |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 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 held-to-maturity (dollars in thousands) Amortized Unrealized Unrealized Fair Value 2016 Available-for-Sale U.S. Treasury $ 6,963 $ 140 $ — $ 7,103 U.S. government-sponsored entities and agencies 506,234 113 (12,391 ) 493,956 Mortgage-backed securities - Agency 1,551,465 6,923 (33,369 ) 1,525,019 States and political subdivisions 446,003 4,183 (13,502 ) 436,684 Pooled trust preferred securities 17,011 — (8,892 ) 8,119 Other securities 331,001 1,074 (5,782 ) 326,293 Total available-for-sale $ 2,858,677 $ 12,433 $ (73,936 ) $ 2,797,174 Held-to-Maturity U.S. government-sponsored entities and agencies $ 40,131 $ 427 $ — $ 40,558 Mortgage-backed securities - Agency 10,640 300 — 10,940 States and political subdivisions 694,319 38,915 (560 ) 732,674 Total held-to-maturity $ 745,090 $ 39,642 $ (560 ) $ 784,172 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 $ 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 $ 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 (dollars in thousands) 2016 2015 2014 Proceeds from sales of available-for-sale $ 243,312 $ 343,486 $ 214,912 Proceeds from calls of available-for-sale 635,624 404,277 123,141 Total $ 878,936 $ 747,763 $ 338,053 Realized gains on sales of available-for-sale $ 5,423 $ 5,640 $ 9,938 Realized gains on calls of available-for-sale 922 605 154 Realized losses on sales of available-for-sale (450 ) (518 ) (128 ) Realized losses on calls of available-for-sale (147 ) (15 ) (471 ) Other securities gains (1) 100 6 337 Net securities gains $ 5,848 $ 5,718 $ 9,830 (1) Other securities gains 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 December 31, 2016 (dollars in thousands) Maturity Amortized Fair Value Weighted Available-for-Sale Within one year $ 37,370 $ 37,431 1.72 % One to five years 320,815 318,852 2.18 Five to ten years 329,607 329,892 2.85 Beyond ten years 2,170,885 2,110,999 2.43 Total $ 2,858,677 $ 2,797,174 2.44 % Held-to-Maturity Within one year $ 10,796 $ 10,906 4.02 % One to five years 74,451 77,228 4.71 Five to ten years 129,452 135,004 4.86 Beyond ten years 530,391 561,034 5.58 Total $ 745,090 $ 784,172 5.35 % |
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 December 31 by aggregated major security type and length of time in a continuous unrealized loss position: Less than 12 months 12 months or longer Total (dollars in thousands) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized 2016 Available-for-Sale U.S. Treasury $ — $ — $ — $ — $ — $ — U.S. government-sponsored entities and agencies 432,192 (12,391 ) — — 432,192 (12,391 ) Mortgage-backed securities - Agency 1,177,093 (30,295 ) 57,636 (3,074 ) 1,234,729 (33,369 ) States and political subdivisions 286,351 (13,247 ) 4,919 (255 ) 291,270 (13,502 ) Pooled trust preferred securities — — 8,119 (8,892 ) 8,119 (8,892 ) Other securities 121,498 (2,734 ) 126,539 (3,048 ) 248,037 (5,782 ) Total available-for-sale $ 2,017,134 $ (58,667 ) $ 197,213 $ (15,269 ) $ 2,214,347 $ (73,936 ) Held-to-Maturity States and political subdivisions $ 59,481 $ (560 ) $ — $ — $ 59,481 $ (560 ) Total held-to-maturity $ 59,481 $ (560 ) $ — $ — $ 59,481 $ (560 ) 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. Trust preferred securities December 31, 2016 (dollars in thousands) Class Lowest Amortized Fair Unrealized Realized # of Issuers Actual Expected Excess Pooled trust preferred securities: Reg Div Funding 2004 B-2 D $ 3,111 $ 251 $ (2,860 ) $ — 21/38 34.7 % 8.4 % 0.0 % Pretsl XXVII LTD B B 4,422 2,333 (2,089 ) — 35/44 16.7 % 12.2 % 32.3 % Trapeza Ser 13A A2A BBB 9,478 5,535 (3,943 ) — 50/55 4.5 % 8.3 % 49.7 % 17,011 8,119 (8,892 ) — Single Issuer trust preferred securities: Fleet Cap Tr V (BOA) BB+ 3,397 3,045 (352 ) — JP Morgan Chase Cap XIII BBB- 4,767 4,369 (398 ) — NB-Global BB+ 786 905 119 — Chase Cap II BBB- 822 891 69 — 9,772 9,210 (562 ) — Total $ 26,783 $ 17,329 $ (9,454 ) $ — (1) Lowest rating for the security provided by any nationally recognized credit rating agency. |
Finance Receivables and Allow42
Finance Receivables and Allowance for Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Schedule of Composition of Loans | The composition of loans at December 31 by lending classification was as follows: (dollars in thousands) 2016 2015 Commercial (1) $ 1,917,099 $ 1,804,615 Commercial real estate: Construction 199,509 185,449 Other 2,931,344 1,662,372 Residential real estate 2,087,530 1,644,614 Consumer credit: Home equity 476,439 359,954 Auto 1,167,737 1,050,336 Other 230,854 133,478 Covered loans — 107,587 Total loans 9,010,512 6,948,405 Allowance for loan losses (49,808 ) (51,296 ) Allowance for loan losses - covered loans — (937 ) Net loans $ 8,960,704 $ 6,896,172 (1) Includes direct finance leases of $10.8 million at December 31, 2016 and $14.4 million at December 31, 2015. |
Schedule of Activity in Related Party Loans | Activity in related party loans during 2016 is presented in the following table: (dollars in thousands) 2016 Balance at January 1, $ 8,145 New loans 5,813 Repayments (5,464 ) Balance at December 31, $ 8,494 |
Schedule of Activity in Allowance for Loan Losses | Old National’s activity in the allowance for loan losses for the years ended December 31, 2016, 2015, and 2014 was as follows: (dollars in thousands) Commercial Commercial Residential Consumer Unallocated Total 2016 Allowance for loan losses: Beginning balance $ 26,347 $ 15,993 $ 2,051 $ 7,842 $ — $ 52,233 Charge-offs (5,047 ) (2,632 ) (800 ) (6,131 ) — (14,610 ) Recoveries 3,102 4,763 174 3,186 — 11,225 Provision (2,921 ) 49 218 3,614 — 960 Ending balance $ 21,481 $ 18,173 $ 1,643 $ 8,511 $ — $ 49,808 2015 Allowance for loan losses: Beginning balance $ 20,670 $ 17,348 $ 2,962 $ 6,869 $ — $ 47,849 Charge-offs (3,513 ) (1,921 ) (1,039 ) (6,404 ) — (12,877 ) Recoveries 5,218 4,685 354 4,081 — 14,338 Provision 3,972 (4,119 ) (226 ) 3,296 — 2,923 Ending balance $ 26,347 $ 15,993 $ 2,051 $ 7,842 $ — $ 52,233 2014 Allowance for loan losses: Beginning balance $ 16,565 $ 22,401 $ 3,239 $ 4,940 $ — $ 47,145 Charge-offs (3,535 ) (3,647 ) (793 ) (4,675 ) — (12,650 ) Recoveries 3,125 3,871 205 3,056 — 10,257 Provision 4,515 (5,277 ) 311 3,548 — 3,097 Ending balance $ 20,670 $ 17,348 $ 2,962 $ 6,869 $ — $ 47,849 |
Schedule of Recorded Investment in Financing Receivables | The following table provides Old National’s recorded investment in financing receivables by portfolio segment at December 31, 2016 and 2015 and other information regarding the allowance: (dollars in thousands) Commercial Commercial Residential Consumer Unallocated Total December 31, 2016 Allowance for loan losses: Individually evaluated for impairment $ 4,561 $ 3,437 $ — $ — $ — $ 7,998 Collectively evaluated for impairment 16,838 14,717 1,643 8,334 — 41,532 Loans acquired with deteriorated credit quality 82 19 — 177 — 278 Total allowance for loan losses $ 21,481 $ 18,173 $ 1,643 $ 8,511 $ — $ 49,808 Loans and leases outstanding: Individually evaluated for impairment $ 45,960 $ 57,230 $ — $ — $ — $ 103,190 Collectively evaluated for impairment 1,870,289 3,040,849 2,073,950 1,866,815 — 8,851,903 Loans acquired with deteriorated credit quality 850 32,774 13,580 8,215 — 55,419 Total loans and leases outstanding $ 1,917,099 $ 3,130,853 $ 2,087,530 $ 1,875,030 $ — $ 9,010,512 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 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 December 31, 2016 and 2015, the risk category of commercial and commercial real estate loans by class of loans was as follows: (dollars in thousands) Corporate Credit Exposure Credit Risk Profile by Internally Assigned Grade Commercial Commercial Real Estate - Commercial Real Estate - Other 2016 2015 (1) 2016 2015 (1) 2016 2015 (1) Grade: Pass $ 1,750,923 $ 1,672,672 $ 194,875 $ 182,701 $ 2,822,340 $ 1,508,309 Criticized 45,614 55,570 229 3,300 49,619 75,477 Classified - substandard 63,978 24,723 1,636 1,857 18,128 49,091 Classified - nonaccrual 53,062 58,469 2,769 830 32,234 39,521 Classified - doubtful 3,522 3,506 — — 9,023 7,886 Total $ 1,917,099 $ 1,814,940 $ 199,509 $ 188,688 $ 2,931,344 $ 1,680,284 (1) Includes loans previously covered by loss share agreements with the FDIC. |
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 December 31, 2016 and 2015: (dollars in thousands) Consumer Residential Home Auto Other 2016 Performing $ 2,069,856 $ 472,008 $ 1,166,114 $ 223,786 Nonperforming 17,674 4,431 1,623 7,068 Total $ 2,087,530 $ 476,439 $ 1,167,737 $ 230,854 2015 (1) Performing $ 1,645,293 $ 410,243 $ 1,048,763 $ 138,031 Nonperforming 16,042 3,051 1,573 1,497 Total $ 1,661,335 $ 413,294 $ 1,050,336 $ 139,528 (1) Includes loans previously covered by loss share agreements with the FDIC. |
Schedule of Impaired Loans | The following table shows Old National’s impaired loans as of December 31, 2016 and 2015, respectively. Only purchased loans that have experienced subsequent impairment since the date acquired are included in the table below. (dollars in thousands) Recorded Unpaid Related December 31, 2016 With no related allowance recorded: Commercial $ 29,001 $ 29,634 $ — Commercial Real Estate - Other 30,585 32,413 — Residential 1,610 1,631 — Consumer 827 946 — With an allowance recorded: Commercial 16,959 17,283 4,561 Commercial Real Estate - Construction 467 467 107 Commercial Real Estate - Other 26,178 26,710 3,330 Residential 1,081 1,081 54 Consumer 1,924 1,924 96 Total $ 108,632 $ 112,089 $ 8,148 December 31, 2015 (1) With no related allowance recorded: Commercial $ 40,414 $ 41,212 $ — 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 (1) Does not include $4.2 million of loans that were previously covered by loss share agreements with the FDIC. |
Schedule of Average Balance of Impaired Loans | The average balance of impaired loans for the years ended December 31, 2016 and 2015 are included in the table below. (dollars in thousands) 2016 2015 (1) Average Recorded Investment With no related allowance recorded: Commercial $ 34,708 $ 33,678 Commercial Real Estate - Construction — 1,085 Commercial Real Estate - Other 28,793 28,637 Residential 1,355 985 Consumer 855 943 With an allowance recorded: Commercial 16,669 11,924 Commercial Real Estate - Construction 352 168 Commercial Real Estate - Other 20,465 14,593 Residential 1,074 1,230 Consumer 2,367 2,034 Total $ 106,638 $ 95,277 (1) Does not include $4.2 million of loans that were previously covered by loss share agreements with the FDIC. |
Schedule of Past Due Financing Receivables | Old National’s past due financing receivables as of December 31 were as follows: (dollars in thousands) 30-59 Days 60-89 Days Recorded Nonaccrual Total Current December 31, 2016 Commercial $ 847 $ 279 $ 23 $ 56,585 $ 57,734 $ 1,859,365 Commercial Real Estate: Construction — — — 2,769 2,769 196,740 Other 1,652 150 — 41,257 43,059 2,888,285 Residential 17,786 3,770 2 17,674 39,232 2,048,298 Consumer: Home equity 1,511 423 — 4,431 6,365 470,074 Auto 5,903 1,037 242 1,623 8,805 1,158,932 Other 3,561 1,919 61 7,068 12,609 218,245 Total $ 31,260 $ 7,578 $ 328 $ 131,407 $ 170,573 $ 8,839,939 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: Home equity 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 $ 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 years ended December 31, 2016, 2015, and 2014: (dollars in thousands) Commercial Commercial Residential Consumer Total 2016 Balance at January 1, 2016 $ 23,354 $ 14,602 $ 2,693 $ 3,602 $ 44,251 (Charge-offs)/recoveries (1,982 ) 953 42 (6 ) (993 ) Payments (21,956 ) (10,157 ) (513 ) (1,381 ) (34,007 ) Additions 14,996 11,130 761 385 27,272 Interest collected on nonaccrual loans 2,390 1,799 2 2 4,193 Balance at December 31, 2016 $ 16,802 $ 18,327 $ 2,985 $ 2,602 $ 40,716 2015 Balance at January 1, 2015 $ 15,205 $ 15,226 $ 2,063 $ 2,459 $ 34,953 (Charge-offs)/recoveries 872 1,064 (64 ) 3 1,875 Payments (29,913 ) (6,273 ) (658 ) (1,168 ) (38,012 ) Additions 37,190 4,585 1,352 2,308 45,435 Balance at December 31, 2015 $ 23,354 $ 14,602 $ 2,693 $ 3,602 $ 44,251 2014 Balance at January 1, 2014 $ 22,443 $ 22,639 $ 2,344 $ 1,441 $ 48,867 (Charge-offs)/recoveries 126 795 10 (102 ) 829 Payments (18,281 ) (9,722 ) (466 ) (466 ) (28,935 ) Additions 13,696 3,554 175 1,586 19,011 Removals - subsequent restructuring (2,779 ) (2,040 ) — — (4,819 ) Balance at December 31, 2014 $ 15,205 $ 15,226 $ 2,063 $ 2,459 $ 34,953 |
Schedule of Loans by Class Modified as Troubled Debt Restructuring | The following table presents loans by class modified as TDRs that occurred during the years ended December 31, 2016, 2015, and 2014: (dollars in thousands) Number of Loans Pre-modification Outstanding Recorded Investment Post-modification Outstanding Recorded Investment 2016 Troubled Debt Restructuring: Commercial 20 $ 14,996 $ 14,996 Commercial Real Estate - Other 10 11,130 11,130 Residential 6 761 761 Consumer 8 385 385 Total 44 $ 27,272 $ 27,272 2015 Troubled Debt Restructuring: Commercial 42 $ 37,190 $ 37,190 Commercial Real Estate - Construction 5 1,162 1,162 Commercial Real Estate - Other 27 3,423 3,423 Residential 13 1,352 1,352 Consumer 32 2,308 2,308 Total 119 $ 45,435 $ 45,435 2014 Troubled Debt Restructuring: Commercial 32 $ 13,696 $ 13,696 Commercial Real Estate - Construction 1 484 484 Commercial Real Estate - Other 34 3,070 3,070 Residential 2 175 175 Consumer 28 1,586 1,586 Total 97 $ 19,011 $ 19,011 |
Schedule of Activity of Purchased Impaired Loans | For these loans that meet the criteria of ASC 310-30 December 31, (dollars in thousands) 2016 2015 (1) Commercial $ 850 $ 3,584 Commercial real estate 32,774 47,923 Residential 13,580 16,704 Consumer 8,215 12,870 Carrying amount 55,419 81,081 Allowance for loan losses (278 ) (1,359 ) Carrying amount, net of allowance $ 55,141 $ 79,722 (1) Includes loans previously covered by loss share agreements with the FDIC. |
Schedule of Accretable Yield of Purchased Credit Impaired Loans, or Income Expected to be Collected | Accretable yield of purchased credit impaired loans, or income expected to be collected, was as follows: (dollars in thousands) 2016 2015 2014 Balance at January 1, $ 45,310 $ 62,533 $ 101,502 New loans purchased 3,217 1,812 8,274 Accretion of income (23,447 ) (35,526 ) (77,929 ) Reclassifications from (to) nonaccretable difference 10,589 14,189 27,536 Disposals/other adjustments (2,066 ) 2,302 3,150 Balance at December 31, $ 33,603 $ 45,310 $ 62,533 |
Schedule of Receivables for which Contractually Required Payments would not be Collected | PCI loans purchased during 2016 and 2015 for which it was probable at acquisition that all contractually required payments would not be collected were as follows: (dollars in thousands) Anchor (1) Founders (2) Contractually required payments $ 29,544 $ 11,103 Nonaccretable difference (6,153 ) (2,684 ) Cash flows expected to be collected at acquisition 23,391 8,419 Accretable yield (3,217 ) (1,812 ) Fair value of acquired loans at acquisition $ 20,174 $ 6,607 (1) Old National acquired Anchor effective May 1, 2016. (2) Old National acquired Founders effective January 1, 2015. |
Covered Loans (Tables)
Covered Loans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Schedule of Covered Acquired Impaired Loans | The following table is a roll-forward of covered acquired impaired loans accounted for under ASC 310-30 (dollars in thousands) Contractual Nonaccretable Accretable Carrying 2016 Balance at January 1, 2016 $ 69,857 $ (4,729 ) $ (17,785 ) $ 47,343 Principal reductions and interest payments (18,195 ) (347 ) — (18,542 ) Accretion of loan discount — — 7,196 7,196 Changes in contractual and expected cash flows due to remeasurement 4,431 631 (4,927 ) 135 Removals due to foreclosure or sale (1,948 ) 136 263 (1,549 ) Loans removed from loss share coverage (54,145 ) 4,309 15,253 (34,583 ) Balance at December 31, 2016 $ — $ — $ — $ — 2015 Balance at January 1, 2015 $ 124,809 $ (12,014 ) $ (35,742 ) $ 77,053 Principal reductions and interest payments (43,792 ) (1,666 ) — (45,458 ) Accretion of loan discount — — 21,529 21,529 Changes in contractual and expected cash flows due to remeasurement (4,139 ) 8,409 (4,109 ) 161 Removals due to foreclosure or sale (1,316 ) 463 (244 ) (1,097 ) Loans removed from loss share coverage (5,705 ) 79 781 (4,845 ) Balance at December 31, 2015 $ 69,857 $ (4,729 ) $ (17,785 ) $ 47,343 (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 years ended December 31, 2016 and 2015. As a result of the termination of the loss share agreements on June 22, 2016, the table below reflects the write-off (dollars in thousands) 2016 2015 Balance at January 1, $ 9,030 $ 20,603 Adjustments not reflected in income: Cash received from the FDIC (10,000 ) (3,548 ) Other 512 1,009 Adjustments reflected in income: Amortization (816 ) (10,709 ) Higher (lower) loan loss expectations (13 ) 275 Impairment/(recovery) of value and net (gain)/loss on sales of other real estate 1,062 1,400 Gain as a result of the early termination agreement with the FDIC, effective June 22, 2016 225 — Balance at December 31, $ — $ 9,030 |
Other Real Estate Owned (Tables
Other Real Estate Owned (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Banking and Thrift [Abstract] | |
Activity in Other Real Estate Owned | The following table presents activity in other real estate owned for the years ended December 31, 2016 and 2015: (dollars in thousands) Other Real Estate Other Real Estate 2016 Balance at January 1, 2016 $ 7,594 $ 4,904 Additions (2) 22,905 2,093 Sales (13,638 ) (1,454 ) (Impairment)/recovery of value (1,986 ) (1,872 ) Reclassification due to termination of the loss share agreements, effective June 22, 2016 3,671 (3,671 ) Balance at December 31, 2016 $ 18,546 $ — 2015 Balance at January 1, 2015 $ 7,241 $ 9,121 Additions 5,665 1,487 Sales (5,710 ) (5,373 ) (Impairment)/recovery of value 398 (331 ) Balance at December 31, 2015 $ 7,594 $ 4,904 (1) Includes repossessed personal property of $0.3 million at December 31, 2016 and $0.2 million at December 31, 2015. (2) Includes other real estate owned of $17.3 million acquired from Anchor in May 2016. |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Summary of Premises and Equipment | The composition of premises and equipment was as follows at December 31: (dollars in thousands) 2016 2015 Land $ 71,769 $ 41,604 Buildings 322,165 111,982 Furniture, fixtures, and equipment 102,631 94,819 Leasehold improvements 28,555 33,111 Total 525,120 281,516 Accumulated depreciation (95,498 ) (84,840 ) Premises and equipment, net $ 429,622 $ 196,676 |
Summary of Future Minimum Lease Commitments | The following is a summary of future minimum lease commitments as of December 31, 2016: (dollars in thousands) 2017 $ 16,928 2018 15,918 2019 15,262 2020 14,679 2021 14,161 Thereafter 79,881 Total $ 156,829 |
Goodwill and Other Intangible46
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 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 for the years ended December 31, 2016 and 2015: (dollars in thousands) 2016 2015 Balance at January 1, $ 584,634 $ 530,845 Acquisitions 111,347 57,619 Divestitures (40,963 ) (3,830 ) Balance at December 31, $ 655,018 $ 584,634 |
Schedule of Gross Carrying Amounts and Accumulated Amortization of Other Intangible Assets | The gross carrying amounts and accumulated amortization of other intangible assets at December 31, 2016 and 2015 was as follows: (dollars in thousands) Gross Accumulated Net 2016 Amortized intangible assets: Core deposit $ 81,663 $ (53,214 ) $ 28,449 Customer trust relationships 16,547 (7,753 ) 8,794 Customer loan relationships 4,413 (3,979 ) 434 Total intangible assets $ 102,623 $ (64,946 ) $ 37,677 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) 2017 $ 11,015 2018 8,687 2019 6,737 2020 4,883 2021 3,111 Thereafter 3,244 Total $ 37,677 |
Loan Servicing Rights (Tables)
Loan Servicing Rights (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Components of Loan Servicing Rights and Valuation Allowance | The following table summarizes the activity related to loan servicing rights and the related valuation allowance in 2016 and 2015: (dollars in thousands) 2016 2015 Balance at January 1, $ 10,502 $ 9,584 Additions (1) 20,280 3,187 Amortization (5,153 ) (2,269 ) Balance before valuation allowance at December 31, 25,629 10,502 Valuation allowance: Balance at January 1, (34 ) (50 ) (Additions)/recoveries (34 ) 16 Balance at December 31, (68 ) (34 ) Loan servicing rights, net $ 25,561 $ 10,468 (1) In May 2016, the Company assumed $15.3 million of loan servicing rights related to the Anchor acquisition. |
Qualified Affordable Housing 48
Qualified Affordable Housing Projects and Other Tax Credit Investments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Schedule of Qualified Affordable Housing Projects and Other Tax Credit Investments | The following table summarizes Old National’s investments in Low Income Housing Tax Credits (“LIHTC”), Federal Historic Tax Credits (“FHTC”), Federal New Market Tax Credits (“NMTC”), and Indiana Community Revitalization Enhancement District Tax Credits (“CReED”) at December 31, 2016: (dollars in thousands) Years Ended Years Ended At December 31, 2016 2016 2015 2016 2015 Investment Accounting Method Investment Unfunded Amortization Tax Benefit LIHTC and other qualifying investments Proportional amortization $ 29,110 $ 16,210 $ 804 $ 804 $ (1,125 ) $ (1,125 ) FHTC Equity 4,434 3,104 — — — — CReED Equity 1,504 1,502 — — — — NMTC Equity — — — 143 — (233 ) Total $ 35,048 $ 20,816 $ 804 $ 947 $ (1,125 ) $ (1,358 ) (1) All commitments will be paid by the Company by 2027. |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Banking and Thrift [Abstract] | |
Schedule of Maturities of Total Time Deposits | At December 31, 2016, the scheduled maturities of total time deposits were as follows: (dollars in thousands) Due in 2017 $ 895,033 Due in 2018 292,371 Due in 2019 108,978 Due in 2020 86,090 Due in 2021 44,005 Thereafter 41,631 Total $ 1,468,108 |
Securities Sold Under Agreeme50
Securities Sold Under Agreements to Repurchase (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Transfers and Servicing [Abstract] | |
Schedule of Securities Sold under Agreements to Repurchase and Related Weighted-Average Interest Rates | The following table presents securities sold under agreements to repurchase and related weighted-average interest rates for each of the years ended December 31: (dollars in thousands) 2016 2015 Outstanding at year-end $ 367,052 $ 387,409 Average amount outstanding 368,757 406,117 Maximum amount outstanding at any month-end 396,695 419,515 Weighted average interest rate: During year 0.41 % 0.37 % End of year 0.47 0.38 |
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 December 31, 2016 Remaining Contractual Maturity of the Agreements (dollars in thousands) Overnight and Up to 30 Days 30-90 Days Greater Than Total Repurchase Agreements: U.S. Treasury and agency securities $ 317,052 $ 25,000 $ — $ 25,000 $ 367,052 Total $ 317,052 $ 25,000 $ — $ 25,000 $ 367,052 |
Federal Home Loan Bank Advanc51
Federal Home Loan Bank Advances (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Banking and Thrift [Abstract] | |
Summary of FHLB Advances | The following table summarizes Old National Bank’s FHLB advances at December 31: (dollars in thousands) 2016 2015 Federal Home Loan Bank advances (fixed rates 0.56% to 6.76% and variable rates 0.99% to 1.05%) maturing January 2017 to January 2025 $ 1,353,225 $ 1,022,766 ASC 815 fair value hedge and other basis adjustments (133 ) 725 Total other borrowings $ 1,353,092 $ 1,023,491 |
Summary of Contractual Maturities of FHLB Advances | Contractual maturities of FHLB advances at December 31, 2016, were as follows: (dollars in thousands) Due in 2017 $ 945,544 Due in 2018 170,090 Due in 2019 2,415 Due in 2020 50,000 Due in 2021 — Thereafter 185,176 ASC 815 fair value hedge and other basis adjustments (133 ) Total $ 1,353,092 |
Other Borrowings (Tables)
Other Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Other Borrowings | The following table summarizes Old National and its subsidiaries’ other borrowings at December 31: (dollars in thousands) 2016 2015 Old National Bancorp: Senior unsecured bank notes (fixed rate 4.125%) $ 175,000 $ 175,000 maturing August 2024 Unamortized debt issuance costs related to Senior unsecured bank notes (1,182 ) (1,338 ) Junior subordinated debentures (variable rates of 2.30% to 2.74%) maturing March 2035 to September 2037 45,000 45,000 Other basis adjustments (3,971 ) (4,442 ) Old National Bank: Capital lease obligation 4,092 4,036 Total other borrowings $ 218,939 $ 218,256 |
Contractual Maturities of Other Borrowings | Contractual maturities of other borrowings at December 31, 2016, were as follows: (dollars in thousands) Due in 2017 $ 196 Due in 2018 79 Due in 2019 85 Due in 2020 91 Due in 2021 99 Thereafter 223,542 Unamortized debt issuance costs and other basis adjustments (5,153 ) Total $ 218,939 |
Future Minimum Lease Payments under Capital Lease Arrangements | At December 31, 2016, the future minimum lease payments under the capital lease arrangements were as follows: (dollars in thousands) 2017 $ 535 2018 410 2019 430 2020 430 2021 430 Thereafter 7,976 Total minimum lease payments 10,211 Less amounts representing interest (6,119 ) Present value of net minimum lease payments $ 4,092 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 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 statement of income for the years ended December 31: (dollars in thousands) 2016 2015 2014 Provision at statutory rate of 35% $ 70,149 $ 57,013 $ 49,688 Tax-exempt Tax-exempt (14,356 ) (13,111 ) (11,460 ) Section 291/265 interest disallowance 191 142 93 Company-owned life insurance income (2,968 ) (3,011 ) (2,423 ) Tax-exempt (17,133 ) (15,980 ) (13,790 ) Reserve for unrecognized tax benefits (1 ) (5 ) (1,076 ) State income taxes 3,461 4,173 2,676 ONB Insurance Group, Inc. nondeductible goodwill 8,328 — — Effect of Illinois branch sale — 1,835 — State statutory rate change — — 904 Other, net 1,358 (859 ) (105 ) Income tax expense $ 66,162 $ 46,177 $ 38,297 Effective tax rate 33.0 % 28.3 % 27.0 % |
Provision for Income Taxes | The provision for income taxes consisted of the following components for the years ended December 31: (dollars in thousands) 2016 2015 2014 Income taxes currently payable: Federal $ 23,735 $ 17,385 $ 8,974 State 2,242 769 581 Deferred income taxes related to: Federal 35,955 24,664 27,207 State 4,230 3,359 1,535 Deferred income tax expense 40,185 28,023 28,742 Income tax expense $ 66,162 $ 46,177 $ 38,297 |
Schedule of Significant Components of Net Deferred Tax Assets (Liabilities) | Significant components of net deferred tax assets (liabilities) were as follows at December 31: (dollars in thousands) 2016 2015 Deferred Tax Assets Allowance for loan losses, net of recapture $ 19,773 $ 17,125 Benefit plan accruals 23,846 18,066 Alternative minimum tax credit 19,523 18,378 Unrealized losses on benefit plans 205 4,507 Net operating loss carryforwards 66,917 2,041 Premises and equipment — 12,735 Federal tax credits 35 422 Other-than-temporary impairment 3,606 3,558 Acquired loans 40,522 34,870 Lease exit obligation 2,060 2,626 Unrealized losses on available-for-sale 23,365 3,002 Unrealized losses on held-to-maturity 7,118 7,724 Unrealized losses on hedges 4,116 5,685 Other real estate owned 3,310 — Other, net 2,675 4,914 Total deferred tax assets 217,071 135,653 Deferred Tax Liabilities Accretion on investment securities (700 ) (599 ) Other real estate owned — (284 ) Purchase accounting (17,552 ) (16,615 ) FDIC indemnification asset — (2,565 ) Loan servicing rights (9,627 ) (3,890 ) Premises and equipment (4,800 ) — Other, net (2,529 ) (1,716 ) Total deferred tax liabilities (35,208 ) (25,669 ) Net deferred tax assets $ 181,863 $ 109,984 |
Summary of Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits was as follows: (dollars in thousands) 2016 2015 2014 Balance at January 1, $ 124 $ 77 $ 3,847 Additions based on tax positions related to the current year 118 51 37 Additions based on tax positions related to prior years 537 — — Reductions due to statute of limitations expiring (2 ) (4 ) (3,807 ) Balance at December 31, $ 777 $ 124 $ 77 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Summary of the Activity of the Restoration Plan | The following table presents the activity of the Restoration Plan for the years ended December 31, 2016 and 2015: (dollars in thousands) 2016 2015 Change in Projected Benefit Obligation Balance at January 1, $ 1,239 $ 1,346 Interest cost 52 45 Benefits paid (39 ) (65 ) Actuarial loss (gain) 103 (87 ) Settlement (219 ) — Projected benefit obligation at December 31, $ 1,136 $ 1,239 Change in Plan Assets Fair value at January 1, — — Employer contributions 257 65 Benefits paid (39 ) (65 ) Settlement (218 ) — Fair value of plan assets at December 31, — — Funded status at December 31, $ (1,136 ) $ (1,239 ) Amounts recognized in the statement of financial position at December 31: Accrued benefit liability $ (1,136 ) $ (1,239 ) Net amount recognized $ (1,136 ) $ (1,239 ) Amounts recognized in accumulated other comprehensive income at December 31: Net actuarial loss $ 538 $ 646 Total $ 538 $ 646 |
Schedule of Net Periodic Benefit Cost | The net periodic benefit cost and its components were as follows for the years ended December 31: (dollars in thousands) 2016 2015 2014 Net Periodic Benefit Cost Interest cost $ 52 $ 45 $ 52 Recognized actuarial loss 108 122 102 Net periodic benefit cost $ 160 $ 167 $ 154 Settlement loss 103 — — Total net periodic benefit cost $ 263 $ 167 $ 154 Other Changes in Benefit Obligations Recognized in Other Comprehensive Income Net actuarial (gain)/loss $ 103 $ (87 ) $ 145 Amortization of net actuarial loss (108 ) (122 ) (102 ) Settlement loss (103 ) — — Total recognized in other comprehensive income $ (108 ) $ (209 ) $ 43 Total recognized in net periodic benefit cost and other comprehensive income $ 155 $ (42 ) $ 197 |
Schedule of Assumptions Used in Determining the Benefit Obligation and Net Periodic Benefit Cost | The weighted-average assumptions used to determine the benefit obligation as of the end of the years indicated and the net periodic benefit cost for the years indicated are presented in the table below. Because the plan is frozen, increases in compensation are not considered. 2016 2015 2014 Benefit obligations: Discount rate at the end of the period 4.00 % 4.50 % 4.00 % Net periodic benefit cost: Discount rate at the beginning of the period 4.50 % 4.00 % 4.75 % Rate of compensation increase N/A N/A N/A N/A = not applicable |
Schedule of Expected Benefit Payments | As of December 31, 2015, expected future benefit payments related to Old National’s Restoration Plan were as follows: (dollars in thousands) 2017 $ 210 2018 18 2019 230 2020 21 2021 52 Years 2022 - 2026 610 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Changes in Nonvested Restricted Stock Awards | A summary of changes in our nonvested shares for the year follows: (shares in thousands) Shares Weighted Average Grant-Date Fair Value Nonvested balance at January 1, 2016 346 $ 13.90 Granted during the year (1) 348 12.77 Vested during the year (289 ) 13.36 Forfeited during the year (4 ) 13.26 Nonvested balance at December 31, 2016 401 $ 13.31 (1) Includes 173 thousand shares assumed in conjunction with the acquisition of Anchor in May 2016. |
Summary of Changes in Nonvested Restricted Shares | A summary of changes in our nonvested shares for the year follows: (shares in thousands) Shares Weighted Average Grant-Date Fair Value Nonvested balance at January 1, 2016 840 $ 12.56 Granted during the year 279 10.17 Vested during the year (16 ) 13.04 Forfeited during the year (295 ) 11.84 Dividend equivalents adjustment 13 11.05 Nonvested balance at December 31, 2016 821 $ 12.02 |
Summary of Activity in Stock Option Plan | A summary of the activity in the stock option plan in 2016 follows: (shares in thousands) Shares Weighted Weighted Aggregate Outstanding at January 1, 2016 1,043 $ 16.16 Exercised (191 ) 12.83 Forfeited/expired (158 ) 24.09 Outstanding at December 31, 2015 694 $ 15.27 1.33 $ 2,460.1 Options exercisable at end of year 694 $ 15.27 1.33 $ 2,460.1 |
Schedule of Information Related to Stock Option Plan | Information related to the stock option plan during each year follows: (dollars in thousands) 2016 2015 2014 Intrinsic value of options exercised $ 660 $ 458 $ 432 Cash received from option exercises 2,349 997 1,002 Tax benefit realized from option exercises 264 159 97 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 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 December 31, 2016 Using (dollars in thousands) Carrying Quoted Prices in Significant Significant (Level 3) Financial Assets Trading securities $ 4,982 $ 4,982 $ — $ — Investment securities available-for-sale: U.S. Treasury 7,103 7,103 — — U.S. government-sponsored entities and agencies 493,956 — 493,956 — Mortgage-backed securities - Agency 1,525,019 — 1,525,019 — States and political subdivisions 436,684 — 436,684 Pooled trust preferred securities 8,119 — — 8,119 Other securities 326,293 30,905 295,388 — Residential loans held for sale 90,682 — 90,682 — Derivative assets 17,701 — 17,701 — Financial Liabilities Derivative liabilities 23,574 — 23,574 — 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 — |
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 year ended December 31, 2016: (dollars in thousands) Pooled Trust Available-for-Sale Balance at January 1, 2016 $ 7,900 Accretion of discount 18 Sales/payments received (327 ) Increase in fair value of securities 528 Balance at December 31, 2016 $ 8,119 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 year ended December 31, 2015: (dollars in thousands) Pooled Trust Available-for-Sale State and Balance at January 1, 2015 $ 6,607 $ 325 Accretion of discount 18 — Sales/payments received (663 ) — Matured securities — (325 ) Increase in fair value of securities 1,938 — Balance at December 31, 2015 $ 7,900 $ — |
Quantitative Information about Significant Unobservable Inputs Used in Fair Value Measurements | The tables below provide 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 Techniques Unobservable Input Range (Weighted Pooled trust preferred securities $ 8,119 Discounted cash flow Constant prepayment rate (a) 0.00% Additional asset defaults (b) 4.5% - 10.0% (7.9%) Expected asset recoveries (c) 0.0% - 6.1% (0.9%) (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 provide 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 Range (Weighted Collateral Dependent Impaired Loans Commercial loans $ 6,771 Fair value of Discount for type of property, age of appraisal and current status 0% - 99% (53%) Commercial real estate loans 11,632 Fair value of Discount for type of property, age of appraisal and current status 10% - 67% (36%) Foreclosed Assets Commercial real estate 1,352 Fair value of Discount for type of property, age of appraisal and current status 4% - 80% (39%) Residential 394 Fair value of Discount for type of property, age of appraisal and current status 7% - 60% (30%) (dollars in thousands) Fair Value at Valuation Unobservable 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 Fair Value Measurements at December 31, 2016 Using (dollars in thousands) Carrying Quoted Prices in Significant Significant (Level 3) Collateral Dependent Impaired Loans Commercial loans $ 6,771 $ — $ — $ 6,771 Commercial real estate loans 11,632 — — 11,632 Foreclosed Assets Commercial real estate 1,352 — — 1,352 Residential 394 — — 394 Assets measured at fair value on a non-recurring Fair Value Measurements at December 31, 2015 Using (dollars in thousands) Carrying Quoted Prices in Significant Significant 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 | dollars in thousands) Aggregate Difference Contractual 2016 Residential loans held for sale $ 90,682 $ 133 $ 90,549 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 years ended December 31: (dollars in thousands) Other Gains and (Losses) Interest Income Interest (Expense) Total Changes in Fair Values Included in Current Period Earnings 2016 Residential loans held for sale $ (103 ) $ — $ — $ (103 ) 2015 Residential loans held for sale $ (140 ) $ — $ — $ (140 ) |
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 December 31, 2016 and 2015 were as follows: Fair Value Measurements at December 31, 2016 Using (dollars in thousands) Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets Cash, due from banks, federal funds sold, and money market investments $ 255,519 $ 255,519 $ — $ — Investment securities held-to-maturity: U.S. government-sponsored entities and agencies 40,131 — 40,558 — Mortgage-backed securities—Agency 10,640 — 10,940 — State and political subdivisions 694,319 — 732,674 — Federal Home Loan Bank/Federal Reserve Bank stock 101,716 N/A N/A N/A Loans, net: Commercial 1,895,618 — — 1,971,296 Commercial real estate 3,112,680 — — 3,400,365 Residential real estate 2,085,887 — — 2,228,542 Consumer credit 1,866,519 — — 1,974,180 Accrued interest receivable 81,381 16 22,880 58,485 Financial Liabilities Deposits: Noninterest-bearing demand deposits $ 3,016,093 $ 3,016,093 $ — $ — NOW, savings, and money market deposits 6,259,052 6,259,052 — — Time deposits 1,468,108 — 1,460,778 — Federal funds purchased and interbank borrowings 213,003 213,003 Securities sold under agreements to repurchase 367,052 317,052 50,612 — Federal Home Loan Bank advances 1,353,092 — — 1,360,599 Other borrowings 218,939 — 217,647 — Accrued interest payable 5,979 — 5,979 — Standby letters of credit 315 — — 315 Off-Balance Commitments to extend credit $ — $ — $ — $ 2,527 N/A = not applicable Carrying Fair Value Measurements at December 31, 2015 Using (dollars in thousands) 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 — Federal funds purchased and interbank borrowings 291,090 291,090 — — Securities sold under agreements to repurchase 387,409 337,409 51,370 — Federal Home Loan Bank advances 1,023,491 — — 1,029,779 Other borrowings 218,256 — 201,138 — Accrued interest payable 4,859 — 4,859 — Standby letters of credit 429 — — 429 Off-Balance Commitments to extend credit $ — $ — $ — $ 2,364 N/A = not applicable |
Derivative Financial Instrume57
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Fair Value of Derivative Financial Instruments | The following table summarizes the fair value of derivative financial instruments utilized by Old National: December 31, 2016 December 31, 2015 (dollars in thousands) Asset Liability Asset Liability Derivatives Derivatives designated as hedging instruments Interest rate contracts $ 3,056 $ 11,582 $ 3,794 $ 15,554 Total derivatives designated as hedging instruments $ 3,056 $ 11,582 $ 3,794 $ 15,554 Derivatives not designated as hedging instruments Interest rate contracts $ 11,903 $ 11,992 $ 11,296 $ 11,414 Mortgage contracts 2,742 — 835 — Total derivatives not designated as hedging instruments $ 14,645 $ 11,992 $ 12,131 $ 11,414 Total $ 17,701 $ 23,574 $ 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 years ended December 31 were as follows: (dollars in thousands) 2016 2015 2014 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) $ (5,446 ) $ (1,729 ) $ 1,002 Interest rate contracts (2) Other income / (expense) 126 189 275 Total $ (5,320 ) $ (1,540 ) $ 1,277 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) $ 329 $ 511 $ 246 Total $ 329 $ 511 $ 246 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) $ 28 $ 18 $ 88 Mortgage contracts Mortgage banking revenue 1,390 168 252 Total $ 1,418 $ 186 $ 340 (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. |
Regulatory Restrictions (Tables
Regulatory Restrictions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Schedule of Capital Ratios | The following table summarizes capital ratios for Old National and Old National Bank as of December 31: Fully Phased-In Regulatory Well Capitalized Actual Guidelines Minimum (1) Guidelines (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio 2016 Total capital to risk- weighted assets Old National Bancorp $ 1,229,878 12.18 % $ 1,060,662 10.50 % $ N/A N/A % Old National Bank 1,240,180 12.35 1,054,305 10.50 1,004,100 10.00 Common equity Tier 1 capital to risk-weighted assets Old National Bancorp 1,162,817 11.51 707,108 7.00 N/A N/A Old National Bank 1,187,151 11.82 702,870 7.00 652,665 6.50 Tier 1 capital to risk- weighted assets Old National Bancorp 1,176,849 11.65 858,631 8.50 N/A N/A Old National Bank 1,187,151 11.82 853,485 8.50 803,280 8.00 Tier 1 capital to average assets Old National Bancorp 1,176,849 8.43 558,673 4.00 N/A N/A Old National Bank 1,187,151 8.55 555,161 4.00 693,951 5.00 2015 Total capital to risk- weighted assets Old National Bancorp $ 1,024,586 13.28 % $ 810,397 10.50 % $ N/A N/A % Old National Bank 1,079,652 14.11 803,490 10.50 765,229 10.00 Common equity Tier 1 capital to risk-weighted assets Old National Bancorp 934,497 12.11 540,265 7.00 N/A N/A Old National Bank 1,023,839 13.38 535,660 7.00 497,399 6.50 Tier 1 capital to risk- weighted assets Old National Bancorp 968,772 12.55 656,036 8.50 N/A N/A Old National Bank 1,023,839 13.38 650,445 8.50 612,183 8.00 Tier 1 capital to average assets Old National Bancorp 968,772 8.54 454,005 4.00 N/A N/A Old National Bank 1,023,839 9.11 449,791 4.00 562,239 5.00 N/A = not applicable (1) When fully phased-in |
Parent Company Financial Stat59
Parent Company Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Balance Sheets | OLD NATIONAL BANCORP (PARENT COMPANY ONLY) CONDENSED BALANCE SHEETS December 31, (dollars in thousands) 2016 2015 Assets Deposits in affiliate bank $ 91,650 $ 48,000 Trading securities - at fair value 4,982 3,941 Investment securities - available-for-sale 1,535 1,452 Investment in affiliates: Banking subsidiaries 1,862,244 1,551,924 Non-banks 11,388 49,083 Other assets 90,872 84,598 Total assets $ 2,062,671 $ 1,738,998 Liabilities and Shareholders’ Equity Other liabilities $ 33,407 $ 33,608 Other borrowings 214,847 214,220 Shareholders’ equity 1,814,417 1,491,170 Total liabilities and shareholders’ equity $ 2,062,671 $ 1,738,998 |
Condensed Statements of Income | OLD NATIONAL BANCORP (PARENT COMPANY ONLY) CONDENSED STATEMENTS OF INCOME Years Ended December 31, (dollars in thousands) 2016 2015 2014 Income Dividends from affiliates $ 160,007 $ 67,717 $ 65,292 Net securities gains 100 6 170 Other income 40,841 1,892 1,554 Other income from affiliates 6 51 79 Total income 200,954 69,666 67,095 Expense Interest on borrowings 9,077 8,684 3,837 Other expenses 18,460 13,957 11,357 Total expense 27,537 22,641 15,194 Income before income taxes and equity in undistributed earnings of affiliates 173,417 47,025 51,901 Income tax expense (benefit) 11,952 (5,473 ) (4,020 ) Income before equity in undistributed earnings of affiliates 161,465 52,498 55,921 Equity in undistributed earnings of affiliates (27,201 ) 64,218 47,746 Net income $ 134,264 $ 116,716 $ 103,667 |
Condensed Statement of Cash Flows | OLD NATIONAL BANCORP (PARENT COMPANY ONLY) CONDENSED STATEMENT OF CASH FLOWS Years Ended December 31, (dollars in thousands) 2016 2015 2014 Cash Flows From Operating Activities Net income $ 134,264 $ 116,716 $ 103,667 Adjustments to reconcile net income to cash provided by operating activities: Depreciation 29 20 11 Net securities gains (100 ) (6 ) (270 ) Gain on sale of ONB Insurance Group, Inc. (41,864 ) — — Stock compensation expense 7,318 4,255 4,162 (Increase) decrease in other assets (3,958 ) 6,307 20,040 Increase (decrease) in other liabilities (225 ) 1,441 286 Equity in undistributed earnings of affiliates 27,201 (64,218 ) (47,746 ) Total adjustments (11,599 ) (52,201 ) (23,517 ) Net cash flows provided by operating activities 122,665 64,515 80,150 Cash Flows From Investing Activities Net cash and cash equivalents of acquisitions (100,220 ) (41,070 ) (82,975 ) Proceeds from sale of ONB Insurance Group, Inc. 91,771 — — Purchases of investment securities (52 ) (1,053 ) (45 ) Net advances to affiliates (3,500 ) — (3,832 ) Purchases of premises and equipment (13 ) — (1,032 ) Net cash flows used in investing activities (12,014 ) (42,123 ) (87,884 ) Cash Flows From Financing Activities Proceeds from issuance of other borrowings — — 173,500 Cash dividends paid on common stock (67,536 ) (55,552 ) (48,181 ) Common stock repurchased (2,202 ) (88,695 ) (25,830 ) Proceeds from exercise of stock options, including tax benefit 2,349 997 749 Common stock issued 388 391 326 Net cash flows provided by (used in) financing activities (67,001 ) (142,859 ) 100,564 Net increase (decrease) in cash and cash equivalents 43,650 (120,467 ) 92,830 Cash and cash equivalents at beginning of period 48,000 168,467 75,637 Cash and cash equivalents at end of period $ 91,650 $ 48,000 $ 168,467 |
Interim Financial Data (Unaud60
Interim Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Interim Financial Data | The following table details the quarterly results of operations for the years ended December 31, 2016 and 2015. (unaudited, dollars and shares in thousands, except per share data) Three Months Ended Three Months Ended 12/31/2016 9/30/2016 6/30/2016 3/31/2016 12/31/2015 9/30/2015 6/30/2015 3/31/2015 Interest income $ 121,849 $ 119,713 $ 110,243 $ 95,329 $ 94,960 $ 105,671 $ 99,964 $ 98,594 Interest expense 11,932 11,910 10,903 9,686 9,038 8,567 7,867 7,601 Net interest income 109,917 107,803 99,340 85,643 85,922 97,104 92,097 90,993 Provision for loan losses (1,756 ) 1,306 1,319 91 484 167 2,271 1 Noninterest income 62,751 47,243 93,385 49,451 60,614 59,744 54,979 55,295 Noninterest expense 126,258 108,062 121,472 98,355 102,469 102,617 109,690 116,156 Income before income taxes 48,166 45,678 69,934 36,648 43,583 54,064 35,115 30,131 Income tax expense 14,710 10,969 30,812 9,671 11,598 16,395 8,959 9,225 Net income $ 33,456 $ 34,709 $ 39,122 $ 26,977 $ 31,985 $ 37,669 $ 26,156 $ 20,906 Net income per share: Basic $ 0.25 $ 0.25 $ 0.31 $ 0.24 $ 0.28 $ 0.33 $ 0.22 $ 0.18 Diluted 0.25 0.25 0.31 0.24 0.27 0.33 0.22 0.18 Average shares: Basic 134,670 134,492 127,508 113,998 114,103 114,590 115,732 118,540 Diluted 135,383 135,011 127,973 114,563 114,716 115,153 116,223 119,076 |
Basis of Presentation and Sig61
Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||||||||||
Loan placed on nonaccrual when past due, number of days | 90 days | ||||||||||
Days delinquent required for charge off | 90 days | ||||||||||
Company-owned life insurance | $ 352,956,000 | $ 341,294,000 | $ 352,956,000 | $ 341,294,000 | |||||||
Amount of foreclosed assets | 18,500,000 | 12,500,000 | $ 18,500,000 | 12,500,000 | |||||||
Accrued interest coverage by FDIC, number of days | 90 days | ||||||||||
Percentage of income tax examination likelihood of tax benefits | 50.00% | ||||||||||
Tax benefit recorded | 14,710,000 | $ 10,969,000 | $ 30,812,000 | $ 9,671,000 | $ 11,598,000 | $ 16,395,000 | $ 8,959,000 | $ 9,225,000 | $ 66,162,000 | $ 46,177,000 | $ 38,297,000 |
Maximum [Member] | |||||||||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||||||||||
Value of small commercial loans on nonaccrual status or 90 days or more delinquent | $ 250,000 | ||||||||||
Maturity of short-term securities sold under agreements to repurchase | 4 days | ||||||||||
Maximum [Member] | Accounting Standards Update 2016-02 [Member] | |||||||||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||||||||||
Anticipated increase in assets and liabilities | $ 100,000,000 | ||||||||||
Maximum [Member] | Other Intangible Assets [Member] | |||||||||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||||||||||
Estimated useful lives of core deposits and customer relationships | 15 years | ||||||||||
Minimum [Member] | |||||||||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||||||||||
Maturity of short-term securities sold under agreements to repurchase | 1 day | ||||||||||
Minimum [Member] | Accounting Standards Update 2016-02 [Member] | |||||||||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||||||||||
Anticipated increase in assets and liabilities | $ 80,000,000 | ||||||||||
Minimum [Member] | Other Intangible Assets [Member] | |||||||||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||||||||||
Estimated useful lives of core deposits and customer relationships | 5 years | ||||||||||
Expenses up to $275.0 [Member] | |||||||||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||||||||||
Expenses sharing reimbursement threshold | 80.00% | ||||||||||
Loss amount covered at 80% up to $275 million | $ 275,000,000 | $ 275,000,000 | |||||||||
Building and Building Improvements [Member] | Maximum [Member] | |||||||||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||||||||||
Useful lives for premises and equipment, years | 39 years | ||||||||||
Building and Building Improvements [Member] | Minimum [Member] | |||||||||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||||||||||
Useful lives for premises and equipment, years | 15 years | ||||||||||
Furniture and Equipment [Member] | Maximum [Member] | |||||||||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||||||||||
Useful lives for premises and equipment, years | 10 years | ||||||||||
Furniture and Equipment [Member] | Minimum [Member] | |||||||||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||||||||||
Useful lives for premises and equipment, years | 3 years |
Basis of Presentation and Sig62
Basis of Presentation and Significant Accounting Policies - Summary of Table Reconciling Basic and Diluted Net Income Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share [Abstract] | |||||||||||
Net income | $ 33,456 | $ 34,709 | $ 39,122 | $ 26,977 | $ 31,985 | $ 37,669 | $ 26,156 | $ 20,906 | $ 134,264 | $ 116,716 | $ 103,667 |
Basic Earnings Per Share, Weighted average common shares outstanding | 127,705 | 115,726 | 107,818 | ||||||||
Basic Earnings Per Share | $ 0.25 | $ 0.25 | $ 0.31 | $ 0.24 | $ 0.28 | $ 0.33 | $ 0.22 | $ 0.18 | $ 1.05 | $ 1.01 | $ 0.96 |
Net income | $ 33,456 | $ 34,709 | $ 39,122 | $ 26,977 | $ 31,985 | $ 37,669 | $ 26,156 | $ 20,906 | $ 134,264 | $ 116,716 | $ 103,667 |
Diluted Earnings Per Share, Weighted average common shares outstanding | 127,705 | 115,726 | 107,818 | ||||||||
Effect of dilutive securities: Restricted stock | 543 | 440 | 488 | ||||||||
Effect of dilutive securities: Stock options | 53 | 89 | 59 | ||||||||
Diluted Earnings Per Share, Weighted average shares outstanding | 135,383 | 135,011 | 127,973 | 114,563 | 114,716 | 115,153 | 116,223 | 119,076 | 128,301 | 116,255 | 108,365 |
Diluted Earnings Per Share | $ 0.25 | $ 0.25 | $ 0.31 | $ 0.24 | $ 0.27 | $ 0.33 | $ 0.22 | $ 0.18 | $ 1.05 | $ 1 | $ 0.95 |
Basis of Presentation and Sig63
Basis of Presentation and Significant Accounting Policies - Summary of Table Reconciling Basic and Diluted Net Income Per Share (Parenthetical) (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
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 | 3,000 | 0 | 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 | 500,000 | 700,000 | 1,000,000 |
Basis of Presentation and Sig64
Basis of Presentation and Significant Accounting Policies - Summary of Supplemental Cash Flow Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash payments: | |||
Interest | $ 43,698 | $ 32,712 | $ 21,005 |
Income taxes (net of refunds) | 23,636 | 14,824 | 18,820 |
Noncash Investing and Financing Activities: | |||
Transfer of loans held for investment to loans held for sale | 197,928 | ||
Transfer of premises and equipment to assets held for sale | $ 4,620 | $ 9,070 | $ 3,042 |
Basis of Presentation and Sig65
Basis of Presentation and Significant Accounting Policies - Summary of Common Shares Issued and Resultant Value of Total Shareholders' Equity (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Anchor BanCorp Wisconsin Inc [Member] | |||
Common Shares Issued and Value of Shares Holders' Equity [Line Items] | |||
Acquisition | $ 273,565 | ||
Anchor BanCorp Wisconsin Inc [Member] | Common Stock [Member] | |||
Common Shares Issued and Value of Shares Holders' Equity [Line Items] | |||
Acquisition | $ 20,415 | ||
Founders Financial Corporation [Member] | |||
Common Shares Issued and Value of Shares Holders' Equity [Line Items] | |||
Acquisition | $ 50,626 | ||
Founders Financial Corporation [Member] | Common Stock [Member] | |||
Common Shares Issued and Value of Shares Holders' Equity [Line Items] | |||
Acquisition | $ 3,402 | ||
Tower Financial Corporation [Member] | |||
Common Shares Issued and Value of Shares Holders' Equity [Line Items] | |||
Acquisition | $ 78,727 | ||
Tower Financial Corporation [Member] | Common Stock [Member] | |||
Common Shares Issued and Value of Shares Holders' Equity [Line Items] | |||
Acquisition | 5,626 | ||
United Bancorp, Inc. [Member] | |||
Common Shares Issued and Value of Shares Holders' Equity [Line Items] | |||
Acquisition | 123,806 | ||
United Bancorp, Inc. [Member] | Common Stock [Member] | |||
Common Shares Issued and Value of Shares Holders' Equity [Line Items] | |||
Acquisition | 9,117 | ||
LSB Financial Corp. [Member] | |||
Common Shares Issued and Value of Shares Holders' Equity [Line Items] | |||
Acquisition | 51,758 | ||
LSB Financial Corp. [Member] | Common Stock [Member] | |||
Common Shares Issued and Value of Shares Holders' Equity [Line Items] | |||
Acquisition | $ 3,557 |
Acquisition and Divestiture A66
Acquisition and Divestiture Activity - Additional Information (Detail) $ / shares in Units, $ in Thousands, shares in Millions | Jan. 12, 2016BankingCenters | Aug. 14, 2015USD ($)Branches | May 08, 2015USD ($) | Feb. 01, 2015USD ($) | Nov. 01, 2014BankingCenters | Jan. 31, 2017Branch | May 31, 2016USD ($) | Dec. 31, 2016USD ($)Branch$ / sharesshares | Dec. 31, 2015USD ($)Branch | Jan. 01, 2015Branch | Dec. 31, 2014USD ($) | Jul. 31, 2014Branch | Jun. 30, 2014USD ($)Branch | Apr. 25, 2014USD ($)Branch |
Business Acquisition [Line Items] | ||||||||||||||
Goodwill acquired during the period | $ 111,347 | $ 57,619 | ||||||||||||
Purchasers assumed loans | $ 193,600 | |||||||||||||
Other transaction expense related to divestitures | 900 | |||||||||||||
Deposits | $ 555,800 | |||||||||||||
Net pre-tax gain | 15,627 | |||||||||||||
Goodwill allocation | $ 655,018 | $ 584,634 | $ 530,845 | |||||||||||
Number of banking centers consolidated | Branch | 5 | 23 | ||||||||||||
Cash received in acquisition | $ 91,771 | |||||||||||||
Goodwill and intangible assets eliminated | 41,000 | |||||||||||||
Acquisition-related Costs [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Acquisition related costs incurred | 15,900 | |||||||||||||
ONB Insurance Group, Inc. [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Cash received in acquisition | $ 91,800 | |||||||||||||
Gain on sale of assets before tax | 41,900 | |||||||||||||
Gain on sale of assets after tax | 17,600 | |||||||||||||
Goodwill and intangible assets eliminated | $ 47,500 | |||||||||||||
Subsequent Event [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Number of banking centers consolidated | Branch | 15 | |||||||||||||
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 | |||||||||||||
Tower Financial Corporation [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Number of branch locations | Branch | 7 | |||||||||||||
Additional assets under management | $ 556,000 | |||||||||||||
Total purchase price of acquisition | 110,400 | |||||||||||||
Purchase price of acquisition, cash | $ 31,700 | |||||||||||||
Issuance of common stock shares for acquisitions of business | shares | 5.6 | |||||||||||||
Value of issuance common stock shares | $ 78,700 | |||||||||||||
Transaction and integration costs associated with the acquisition | 5,600 | |||||||||||||
Goodwill allocation | $ 56,203 | |||||||||||||
Tower Financial Corporation [Member] | Core Deposit [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Estimated useful life of acquired identifiable intangible assets | 7 years | |||||||||||||
Definite-lived intangible assets acquired | $ 4,600 | |||||||||||||
United Bancorp, Inc. [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Additional assets under management | $ 688,000 | |||||||||||||
Total purchase price of acquisition | 157,800 | |||||||||||||
Purchase price of acquisition, cash | $ 34,000 | |||||||||||||
Issuance of common stock shares for acquisitions of business | shares | 9.1 | |||||||||||||
Transaction and integration costs associated with the acquisition | $ 7,600 | |||||||||||||
Goodwill allocation | 81,952 | |||||||||||||
United Bancorp, Inc. [Member] | Common Stock [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Value of issuance common stock shares | 122,000 | |||||||||||||
United Bancorp, Inc. [Member] | Options and Stock Appreciation Rights [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Value of issuance common stock shares | $ 1,800 | |||||||||||||
United Bancorp, Inc. [Member] | Core Deposit [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Estimated useful life of acquired identifiable intangible assets | 7 years | |||||||||||||
Definite-lived intangible assets acquired | $ 5,900 | |||||||||||||
United Bancorp, Inc. [Member] | Michigan [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Number of branch locations | Branch | 36 | 18 | ||||||||||||
LSB Financial Corp. [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Total purchase price of acquisition | 69,600 | |||||||||||||
Purchase price of acquisition, cash | $ 17,800 | |||||||||||||
Issuance of common stock shares for acquisitions of business | shares | 3.6 | |||||||||||||
Transaction and integration costs associated with the acquisition | $ 3,200 | |||||||||||||
Number of banking centers | BankingCenters | 5 | |||||||||||||
Goodwill allocation | 40,476 | |||||||||||||
LSB Financial Corp. [Member] | Common Stock [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Value of issuance common stock shares | $ 51,800 | |||||||||||||
LSB Financial Corp. [Member] | Core Deposit [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Estimated useful life of acquired identifiable intangible assets | 7 years | |||||||||||||
Definite-lived intangible assets acquired | $ 2,600 | |||||||||||||
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 | |||||||||||||
Effective date of acquisition | Jan. 1, 2015 | |||||||||||||
Goodwill allocation | $ 56,014 | |||||||||||||
Founders Financial Corporation [Member] | Core Deposit [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Estimated useful life of acquired identifiable intangible assets | 7 years | |||||||||||||
Definite-lived intangible assets acquired | $ 2,900 | |||||||||||||
Anchor BanCorp Wisconsin Inc [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Total purchase price of acquisition | 459,800 | |||||||||||||
Purchase price of acquisition, cash | $ 186,200 | |||||||||||||
Issuance of common stock shares for acquisitions of business | shares | 20.4 | |||||||||||||
Value of issuance common stock shares | $ 273,600 | |||||||||||||
Transaction and integration costs associated with the acquisition | $ 15,900 | |||||||||||||
Number of banking centers | BankingCenters | 46 | |||||||||||||
Acquisition agreement date | Jan. 12, 2016 | |||||||||||||
Effective date of acquisition | May 1, 2016 | |||||||||||||
Portion of share received by merged entity | 3.5505 | |||||||||||||
Consideration received in cash by merged entity | $ / shares | $ 48.50 | |||||||||||||
Goodwill acquired during the period | $ 111,300 | |||||||||||||
Goodwill allocation | $ 111,347 | |||||||||||||
Anchor BanCorp Wisconsin Inc [Member] | Maximum [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Maximum percentage of purchase price in cash | 40.00% | |||||||||||||
Anchor BanCorp Wisconsin Inc [Member] | Core Deposit [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Estimated useful life of acquired identifiable intangible assets | 7 years | |||||||||||||
Definite-lived intangible assets acquired | $ 21,600 | |||||||||||||
Increase (decrease) in intangible assets | $ 21,600 | |||||||||||||
Anchor BanCorp Wisconsin Inc [Member] | Madison Milwaukee and Fox Valley Triangle [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Number of banking centers | BankingCenters | 32 | |||||||||||||
Mutual Underwriters [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Total purchase price of acquisition | $ 3,700 | |||||||||||||
Mutual Underwriters [Member] | Insurance [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Goodwill acquired during the period | 1,100 | |||||||||||||
Mutual Underwriters [Member] | Customer Business Relationships [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Estimated useful life of intangible assets | 10 years | |||||||||||||
Mutual Underwriters [Member] | Customer Business Relationships [Member] | Insurance [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] | Customer Business Relationships [Member] | Insurance [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Estimated useful life of intangible assets | 10 years | |||||||||||||
Increase (decrease) in intangible assets | $ 200 |
Acquisition and Divestiture A67
Acquisition and Divestiture Activity - Schedule of Purchase Price Allocation (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Business Acquisition [Line Items] | |||
Deposits | $ (10,743,253) | $ (8,400,860) | |
Securities sold under agreements to repurchase | (367,052) | (387,409) | |
Federal funds purchased | (213,003) | (291,090) | |
Federal Home Loan Bank advances | (1,353,092) | (1,023,491) | |
Goodwill | 655,018 | $ 584,634 | $ 530,845 |
Tower Financial Corporation [Member] | |||
Business Acquisition [Line Items] | |||
Cash and cash equivalents | 56,345 | ||
Investment securities | 140,567 | ||
Federal Home Loan Bank stock | 2,192 | ||
Loans held for sale | 474 | ||
Loans | 371,054 | ||
Premises and equipment | 8,516 | ||
Accrued interest receivable | 2,371 | ||
Other real estate owned | 473 | ||
Company-owned life insurance | 21,281 | ||
Other assets | 15,200 | ||
Deposits | (527,995) | ||
Securities sold under agreements to repurchase | (18,898) | ||
Federal Home Loan Bank advances | (5,500) | ||
Other borrowings | (15,613) | ||
Accrued expenses and other liabilities | (4,681) | ||
Net tangible assets acquired | 45,786 | ||
Definite-lived intangible assets acquired | 8,382 | ||
Goodwill | 56,203 | ||
Purchase price | 110,371 | ||
Anchor BanCorp Wisconsin Inc [Member] | |||
Business Acquisition [Line Items] | |||
Cash and cash equivalents | 123,657 | ||
Investment securities | 235,240 | ||
Federal Home Loan Bank stock | 4,596 | ||
Loans held for sale | 9,334 | ||
Loans | 1,637,806 | ||
Premises and equipment | 35,721 | ||
Accrued interest receivable | 7,308 | ||
Other real estate owned | 17,349 | ||
Company-owned life insurance | 7,278 | ||
Other assets | 126,210 | ||
Deposits | (1,852,713) | ||
Securities sold under agreements to repurchase | (3,132) | ||
Other borrowings | (123) | ||
Accrued expenses and other liabilities | (36,957) | ||
Net tangible assets acquired | 311,574 | ||
Definite-lived intangible assets acquired | 21,559 | ||
Loan servicing rights | 15,274 | ||
Goodwill | 111,347 | ||
Purchase price | 459,754 | ||
United Bancorp, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Cash and cash equivalents | 16,447 | ||
Investment securities | 154,885 | ||
Federal Home Loan Bank stock | 2,880 | ||
Loans held for sale | 1,073 | ||
Loans | 632,016 | ||
Premises and equipment | 7,741 | ||
Accrued interest receivable | 2,614 | ||
Other real estate owned | 1,676 | ||
Company-owned life insurance | 14,857 | ||
Other assets | 16,822 | ||
Deposits | (763,681) | ||
Federal funds purchased | (10,420) | ||
Federal Home Loan Bank advances | (12,515) | ||
Accrued expenses and other liabilities | (8,337) | ||
Net tangible assets acquired | 56,058 | ||
Definite-lived intangible assets acquired | 10,763 | ||
Loan servicing rights | 8,983 | ||
Goodwill | 81,952 | ||
Purchase price | 157,756 | ||
LSB Financial Corp. [Member] | |||
Business Acquisition [Line Items] | |||
Cash and cash equivalents | 7,589 | ||
Investment securities | 63,684 | ||
Federal Home Loan Bank stock | 3,185 | ||
Loans held for sale | 1,035 | ||
Loans | 235,377 | ||
Premises and equipment | 6,492 | ||
Accrued interest receivable | 1,044 | ||
Other real estate owned | 30 | ||
Company-owned life insurance | 7,438 | ||
Other assets | 11,490 | ||
Deposits | (292,068) | ||
Federal Home Loan Bank advances | (15,203) | ||
Accrued expenses and other liabilities | (4,582) | ||
Net tangible assets acquired | 25,511 | ||
Definite-lived intangible assets acquired | 2,618 | ||
Loan servicing rights | 990 | ||
Goodwill | 40,476 | ||
Purchase price | 69,595 | ||
Founders Financial Corporation [Member] | |||
Business Acquisition [Line Items] | |||
Cash and cash equivalents | 3,978 | ||
Investment securities | 75,383 | ||
Federal Home Loan Bank stock | 1,810 | ||
Loans held for sale | 3,473 | ||
Loans | 339,569 | ||
Premises and equipment | 3,604 | ||
Accrued interest receivable | 1,260 | ||
Other real estate owned | 674 | ||
Company-owned life insurance | 8,297 | ||
Other assets | 8,804 | ||
Deposits | (376,656) | ||
Securities sold under agreements to repurchase | (12,492) | ||
Federal Home Loan Bank advances | (26,888) | ||
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 A68
Acquisition and Divestiture Activity - Schedule of Components of Estimated Fair Value of Intangible Assets (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Core Deposit [Member] | Tower Financial Corporation [Member] | |
Business Acquisition [Line Items] | |
Estimated Fair Value | $ 4.6 |
Estimated Useful Lives (Years) | 7 years |
Core Deposit [Member] | United Bancorp, Inc. [Member] | |
Business Acquisition [Line Items] | |
Estimated Fair Value | $ 5.9 |
Estimated Useful Lives (Years) | 7 years |
Core Deposit [Member] | Founders Financial Corporation [Member] | |
Business Acquisition [Line Items] | |
Estimated Fair Value | $ 2.9 |
Estimated Useful Lives (Years) | 7 years |
Customer Trust Relationships [Member] | Tower Financial Corporation [Member] | |
Business Acquisition [Line Items] | |
Estimated Fair Value | $ 3.8 |
Estimated Useful Lives (Years) | 12 years |
Customer Trust Relationships [Member] | United Bancorp, Inc. [Member] | |
Business Acquisition [Line Items] | |
Estimated Fair Value | $ 4.9 |
Estimated Useful Lives (Years) | 12 years |
Customer Trust Relationships [Member] | Founders Financial Corporation [Member] | |
Business Acquisition [Line Items] | |
Estimated Fair Value | $ 2.6 |
Estimated Useful Lives (Years) | 12 years |
Acquisition and Divestiture A69
Acquisition and Divestiture Activity - Schedule of Acquired Loan Data (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Tower Financial Corporation [Member] | |
Loans at Acquisition Date [Line Items] | |
Fair Value of Acquired Loans at Acquisition Date | $ 371,054 |
Tower Financial Corporation [Member] | Acquired Receivables Subject to ASC 310-30 [Member] | |
Loans at Acquisition Date [Line Items] | |
Fair Value of Acquired Loans at Acquisition Date | 12,855 |
Gross Contractual Amounts Receivable at Acquisition Date | 22,746 |
Best Estimate at Acquisition Date of Contractual Cash Flows Not Expected to be Collected | 5,826 |
Tower Financial Corporation [Member] | Acquired Receivables Not Subject to ASC 310-30 [Member] | |
Loans at Acquisition Date [Line Items] | |
Fair Value of Acquired Loans at Acquisition Date | 358,199 |
Gross Contractual Amounts Receivable at Acquisition Date | 450,865 |
Best Estimate at Acquisition Date of Contractual Cash Flows Not Expected to be Collected | 42,302 |
LSB Financial Corp. [Member] | |
Loans at Acquisition Date [Line Items] | |
Fair Value of Acquired Loans at Acquisition Date | 235,377 |
LSB Financial Corp. [Member] | Acquired Receivables Subject to ASC 310-30 [Member] | |
Loans at Acquisition Date [Line Items] | |
Fair Value of Acquired Loans at Acquisition Date | 11,986 |
Gross Contractual Amounts Receivable at Acquisition Date | 24,493 |
Best Estimate at Acquisition Date of Contractual Cash Flows Not Expected to be Collected | 9,903 |
LSB Financial Corp. [Member] | Acquired Receivables Not Subject to ASC 310-30 [Member] | |
Loans at Acquisition Date [Line Items] | |
Fair Value of Acquired Loans at Acquisition Date | 223,391 |
Gross Contractual Amounts Receivable at Acquisition Date | 340,832 |
Best Estimate at Acquisition Date of Contractual Cash Flows Not Expected to be Collected | 57,884 |
United Bancorp, Inc. [Member] | |
Loans at Acquisition Date [Line Items] | |
Fair Value of Acquired Loans at Acquisition Date | 632,016 |
United Bancorp, Inc. [Member] | Acquired Receivables Subject to ASC 310-30 [Member] | |
Loans at Acquisition Date [Line Items] | |
Fair Value of Acquired Loans at Acquisition Date | 8,391 |
Gross Contractual Amounts Receivable at Acquisition Date | 15,483 |
Best Estimate at Acquisition Date of Contractual Cash Flows Not Expected to be Collected | 5,487 |
United Bancorp, Inc. [Member] | Acquired Receivables Not Subject to ASC 310-30 [Member] | |
Loans at Acquisition Date [Line Items] | |
Fair Value of Acquired Loans at Acquisition Date | 623,625 |
Gross Contractual Amounts Receivable at Acquisition Date | 798,967 |
Best Estimate at Acquisition Date of Contractual Cash Flows Not Expected to be Collected | 89,430 |
Founders Financial Corporation [Member] | |
Loans at Acquisition Date [Line Items] | |
Fair Value of Acquired Loans at Acquisition Date | 339,569 |
Founders Financial Corporation [Member] | Acquired Receivables Subject to ASC 310-30 [Member] | |
Loans at Acquisition Date [Line Items] | |
Fair Value of Acquired Loans at Acquisition Date | 6,607 |
Gross Contractual Amounts Receivable at Acquisition Date | 11,103 |
Best Estimate at Acquisition Date of Contractual Cash Flows Not Expected to be Collected | 2,684 |
Founders Financial Corporation [Member] | Acquired Receivables Not Subject to ASC 310-30 [Member] | |
Loans at Acquisition Date [Line Items] | |
Fair Value of Acquired Loans at Acquisition Date | 332,962 |
Gross Contractual Amounts Receivable at Acquisition Date | 439,031 |
Best Estimate at Acquisition Date of Contractual Cash Flows Not Expected to be Collected | 61,113 |
Anchor BanCorp Wisconsin Inc [Member] | |
Loans at Acquisition Date [Line Items] | |
Fair Value of Acquired Loans at Acquisition Date | 1,637,806 |
Anchor BanCorp Wisconsin Inc [Member] | Acquired Receivables Subject to ASC 310-30 [Member] | |
Loans at Acquisition Date [Line Items] | |
Fair Value of Acquired Loans at Acquisition Date | 20,174 |
Gross Contractual Amounts Receivable at Acquisition Date | 29,544 |
Best Estimate at Acquisition Date of Contractual Cash Flows Not Expected to be Collected | 6,153 |
Anchor BanCorp Wisconsin Inc [Member] | Acquired Receivables Not Subject to ASC 310-30 [Member] | |
Loans at Acquisition Date [Line Items] | |
Fair Value of Acquired Loans at Acquisition Date | 1,617,632 |
Gross Contractual Amounts Receivable at Acquisition Date | 2,143,532 |
Best Estimate at Acquisition Date of Contractual Cash Flows Not Expected to be Collected | $ 274,155 |
Acquisition and Divestiture A70
Acquisition and Divestiture Activity - Summary of Unaudited Pro-Forma Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Business Acquisition, Pro Forma Information [Abstract] | ||
Revenue | $ 701,303 | $ 700,500 |
Income before income taxes | $ 241,068 | $ 195,347 |
Accumulated Other Comprehensi71
Accumulated Other Comprehensive Income (Loss) - Schedule of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | $ (34,797) | $ (31,555) | $ (44,466) |
Other comprehensive income (loss) before reclassifications | (32,953) | (4,473) | 20,492 |
Amounts reclassified from accumulated other comprehensive income (loss) | 8,378 | 1,231 | (7,581) |
Net other comprehensive income (loss) | (24,575) | (3,242) | 12,911 |
Ending Balance | (59,372) | (34,797) | (31,555) |
Accumulated Unrealized Gains and Losses on Available-for-Sale Securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (3,806) | (748) | (21,108) |
Other comprehensive income (loss) before reclassifications | (31,513) | 554 | 26,391 |
Amounts reclassified from accumulated other comprehensive income (loss) | (3,693) | (3,612) | (6,031) |
Net other comprehensive income (loss) | (35,206) | (3,058) | 20,360 |
Ending Balance | (39,012) | (3,806) | (748) |
Accumulated Unrealized Gains and Losses on Held-to-Maturity Securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (14,480) | (15,776) | (16,767) |
Amounts reclassified from accumulated other comprehensive income (loss) | 1,170 | 1,296 | 991 |
Net other comprehensive income (loss) | 1,170 | 1,296 | 991 |
Ending Balance | (13,310) | (14,480) | (15,776) |
Accumulated Gains and Losses on Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (9,276) | (5,935) | (190) |
Other comprehensive income (loss) before reclassifications | (1,440) | (5,027) | (5,899) |
Amounts reclassified from accumulated other comprehensive income (loss) | 4,001 | 1,686 | 154 |
Net other comprehensive income (loss) | 2,561 | (3,341) | (5,745) |
Ending Balance | (6,715) | (9,276) | (5,935) |
Accumulated Defined Benefit Pension Plans [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (7,235) | (9,096) | (6,401) |
Amounts reclassified from accumulated other comprehensive income (loss) | 6,900 | 1,861 | (2,695) |
Net other comprehensive income (loss) | 6,900 | 1,861 | (2,695) |
Ending Balance | $ (335) | $ (7,235) | $ (9,096) |
Accumulated Other Comprehensi72
Accumulated Other Comprehensive Income (Loss) - Reclassifications out of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net securities gains | $ 5,848 | $ 5,718 | $ 9,830 | ||||||||
Interest income/(expense) | $ 109,917 | $ 107,803 | $ 99,340 | $ 85,643 | $ 85,922 | $ 97,104 | $ 92,097 | $ 90,993 | 402,703 | 366,116 | 366,370 |
Salaries and employee benefits, Actuarial gains/(losses) and settlement cost | 11,203 | 3,002 | (4,333) | ||||||||
Impairment losses | (100) | ||||||||||
Income before income taxes | (5,848) | (5,718) | (9,830) | ||||||||
Income tax (expense) benefit | (14,710) | (10,969) | (30,812) | (9,671) | (11,598) | (16,395) | (8,959) | (9,225) | (66,162) | (46,177) | (38,297) |
Net income | $ 33,456 | $ 34,709 | $ 39,122 | $ 26,977 | $ 31,985 | $ 37,669 | $ 26,156 | $ 20,906 | 134,264 | 116,716 | 103,667 |
Reclassifications out of Accumulated Other Comprehensive Income (Loss) [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net income | (8,378) | (1,231) | 7,581 | ||||||||
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 | 5,848 | 5,718 | 9,830 | ||||||||
Impairment losses | (100) | ||||||||||
Income before income taxes | 5,848 | 5,718 | 9,730 | ||||||||
Income tax (expense) benefit | (2,155) | (2,106) | (3,699) | ||||||||
Net income | 3,693 | 3,612 | 6,031 | ||||||||
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) | (1,776) | (1,692) | (1,437) | ||||||||
Income tax (expense) benefit | 606 | 396 | 446 | ||||||||
Net income | (1,170) | (1,296) | (991) | ||||||||
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 | 2,452 | 1,033 | 94 | ||||||||
Net income | (4,001) | (1,686) | (154) | ||||||||
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) | (6,453) | (2,719) | (248) | ||||||||
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) and settlement cost | (11,203) | (3,002) | 4,333 | ||||||||
Income tax (expense) benefit | 4,303 | 1,141 | (1,638) | ||||||||
Net income | $ (6,900) | $ (1,861) | $ 2,695 |
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 | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Available-for-Sale, Amortized Cost | $ 2,858,677 | $ 2,424,063 |
Available-for-Sale, Unrealized Gains | 12,433 | 25,766 |
Available-for-Sale, Unrealized Losses | (73,936) | (31,608) |
Available-for-Sale securities, Fair Value | 2,797,174 | 2,418,221 |
Held-to-Maturity, Amortized Cost | 745,090 | 872,111 |
Held-to-Maturity, Unrealized Gains | 39,642 | 57,309 |
Held-to-Maturity, Unrealized Losses | (560) | (3) |
Held-to-Maturity, Fair Value | 784,172 | 929,417 |
U.S. Treasury [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Available-for-Sale, Amortized Cost | 6,963 | 11,968 |
Available-for-Sale, Unrealized Gains | 140 | 190 |
Available-for-Sale, Unrealized Losses | (8) | |
Available-for-Sale securities, Fair Value | 7,103 | 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 | 506,234 | 615,578 |
Available-for-Sale, Unrealized Gains | 113 | 1,495 |
Available-for-Sale, Unrealized Losses | (12,391) | (3,523) |
Available-for-Sale securities, Fair Value | 493,956 | 613,550 |
Held-to-Maturity, Amortized Cost | 40,131 | 142,864 |
Held-to-Maturity, Unrealized Gains | 427 | 2,899 |
Held-to-Maturity, Fair Value | 40,558 | 145,763 |
Mortgage-Backed Securities - Agency [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Available-for-Sale, Amortized Cost | 1,551,465 | 1,065,936 |
Available-for-Sale, Unrealized Gains | 6,923 | 10,970 |
Available-for-Sale, Unrealized Losses | (33,369) | (10,545) |
Available-for-Sale securities, Fair Value | 1,525,019 | 1,066,361 |
Held-to-Maturity, Amortized Cost | 10,640 | 16,042 |
Held-to-Maturity, Unrealized Gains | 300 | 562 |
Held-to-Maturity, Fair Value | 10,940 | 16,604 |
States and Political Subdivisions [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Available-for-Sale, Amortized Cost | 446,003 | 375,671 |
Available-for-Sale, Unrealized Gains | 4,183 | 11,960 |
Available-for-Sale, Unrealized Losses | (13,502) | (335) |
Available-for-Sale securities, Fair Value | 436,684 | 387,296 |
Held-to-Maturity, Amortized Cost | 694,319 | 713,205 |
Held-to-Maturity, Unrealized Gains | 38,915 | 53,848 |
Held-to-Maturity, Unrealized Losses | (560) | (3) |
Held-to-Maturity, Fair Value | 732,674 | 767,050 |
Pooled Trust Preferred Securities [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Available-for-Sale, Amortized Cost | 17,011 | 17,320 |
Available-for-Sale, Unrealized Losses | (8,892) | (9,420) |
Available-for-Sale securities, Fair Value | 8,119 | 7,900 |
Other Securities [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Available-for-Sale, Amortized Cost | 331,001 | 337,590 |
Available-for-Sale, Unrealized Gains | 1,074 | 1,151 |
Available-for-Sale, Unrealized Losses | (5,782) | (7,777) |
Available-for-Sale securities, Fair Value | $ 326,293 | $ 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 | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Proceeds from sales of available-for-sale securities | $ 243,312 | $ 343,486 | $ 214,912 |
Proceeds from calls of available-for-sale securities | 1,177,130 | 764,649 | 468,764 |
Total | 878,936 | 747,763 | 338,053 |
Realized gains on sales of available-for-sale securities | 5,423 | 5,640 | 9,938 |
Realized losses on sales of available-for-sale securities | (450) | (518) | (128) |
Other securities gains | 100 | 6 | 337 |
Net securities gains | 5,848 | 5,718 | 9,830 |
Calls [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Proceeds from calls of available-for-sale securities | 635,624 | 404,277 | 123,141 |
Realized gains on calls of available-for-sale securities | 922 | 605 | 154 |
Realized losses on calls of available-for-sale securities | $ (147) | $ (15) | $ (471) |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2016USD ($)SecuritySegment | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Investment [Line Items] | |||
Proceeds from sales of investment securities held-to-maturity | $ 855,000 | ||
Net securities gains | $ 5,848,000 | 5,718,000 | $ 9,830,000 |
Securities pledged to secure public and other funds, carrying value | 1,400,000,000 | 1,400,000,000 | |
Trading securities that consist of mutual funds | $ 4,982,000 | 3,941,000 | |
Number of segments | Segment | 2 | ||
Other-than-temporary-impairment losses on securities | $ 0 | 0 | 100,000 |
Number of securities in security portfolio | Security | 1,715 | ||
Number of securities in unrealized loss position | Security | 507 | ||
Unrealized losses | $ 73,936,000 | 31,608,000 | |
Other-than-temporary-impairment losses | $ 100,000 | ||
Municipal Bonds [Member] | |||
Investment [Line Items] | |||
Proceeds from sales of investment securities held-to-maturity | 800,000 | ||
Net securities gains | 52,000 | ||
Eastern Indiana [Member] | |||
Investment [Line Items] | |||
Investment securities issued by states and political subdivisions, market value | $ 369,400,000 | ||
State and political subdivision investment, equity percentage | 20.40% | ||
Percentage of municipal bonds rated A or better | 97.00% | ||
Percentage of non rated local interest bonds | 3.00% | ||
Texas [Member] | |||
Investment [Line Items] | |||
Investment securities issued by states and political subdivisions, market value | $ 198,200,000 | ||
State and political subdivision investment, equity percentage | 10.90% | ||
Former Directors and Executives [Member] | |||
Investment [Line Items] | |||
Trading securities that consist of mutual funds | $ 5,000,000 | 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 | $ 7,800,000 | ||
Unrealized losses | $ 6,000,000 | ||
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 | $ 300,000 | ||
Unrealized losses | $ 2,900,000 | ||
Pooled Trust Preferred Securities [Member] | |||
Investment [Line Items] | |||
Number of trust preferred securities | Security | 3 | ||
Securities portfolio at fair value | $ 8,100,000 | ||
Unrealized losses | 8,900,000 | ||
Unrealized losses | 8,892,000 | 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 | Dec. 31, 2016 | Dec. 31, 2015 |
Investments, Debt and Equity Securities [Abstract] | ||
Available-for-Sale, Maturity, Within one year, Amortized Cost | $ 37,370 | |
Available-for-Sale, Maturity, One to five years, Amortized Cost | 320,815 | |
Available-for-Sale, Maturity, Five to ten years, Amortized Cost | 329,607 | |
Available-for-Sale, Maturity, Beyond ten years, Amortized Cost | 2,170,885 | |
Available-for-Sale, Amortized Cost | 2,858,677 | $ 2,424,063 |
Held-to-Maturity, Maturity, Within one year, Amortized Cost | 10,796 | |
Held-to-Maturity, Maturity, One to five years, Amortized Cost | 74,451 | |
Held-to-Maturity, Maturity, Five to ten years, Amortized Cost | 129,452 | |
Held-to-Maturity, Maturity, Beyond ten years, Amortized Cost | 530,391 | |
Held-to-Maturity, Amortized Cost | 745,090 | 872,111 |
Available-for-Sale, Maturity, Within one year, Fair Value | 37,431 | |
Available-for-Sale, Maturity, One to five years, Fair Value | 318,852 | |
Available-for-Sale, Maturity, Five to ten years, Fair Value | 329,892 | |
Available-for-Sale, Maturity, Beyond ten years, Fair Value | 2,110,999 | |
Available-for-Sale securities, Fair Value | 2,797,174 | 2,418,221 |
Held-to-Maturity, Maturity, Within one year, Fair Value | 10,906 | |
Held-to-Maturity, Maturity, One to five years, Fair Value | 77,228 | |
Held-to-Maturity, Maturity, Five to ten years, Fair Value | 135,004 | |
Held-to-Maturity, Maturity, Beyond ten years, Fair Value | 561,034 | |
Held-to-Maturity, Fair Value | $ 784,172 | $ 929,417 |
Available-for-Sale, Maturity, Within one year, Weighted Average Yield | 1.72% | |
Available-for-Sale, Maturity, One to five years, Weighted Average Yield | 2.18% | |
Available-for-Sale, Maturity, Five to ten years, Weighted Average Yield | 2.85% | |
Available-for-Sale, Maturity, Beyond ten years, Weighted Average Yield | 2.43% | |
Available-for-Sale, Weighted Average Yield | 2.44% | |
Held-to-Maturity, Maturity, Within one year, Weighted Average Yield | 4.02% | |
Held-to-Maturity, Maturity, One to five years, Weighted Average Yield | 4.71% | |
Held-to-Maturity, Maturity, Five to ten years, Weighted Average Yield | 4.86% | |
Held-to-Maturity, Maturity, Beyond ten years, Weighted Average Yield | 5.58% | |
Held-to-Maturity, Weighted Average Yield | 5.35% |
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 | Dec. 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 | $ 2,017,134 | $ 618,592 |
Available-for-Sale, Less than 12 Months, Unrealized Losses | (58,667) | (7,822) |
Available-for-Sale, 12 months or longer, Fair Value | 197,213 | 501,326 |
Available-for-Sale, 12 months or longer, Unrealized Losses | (15,269) | (23,786) |
Available-for-Sale, Fair Value | 2,214,347 | 1,119,918 |
Available-for-Sale, Unrealized Losses | (73,936) | (31,608) |
Held-to-Maturity, Less than 12 Months, Fair Value | 59,481 | 2,026 |
Held-to-Maturity, Less than 12 Months, Unrealized Losses | (560) | (3) |
Held-to-Maturity, 12 months or longer, Fair Value | 0 | 0 |
Held-to-Maturity, 12 months or longer, Unrealized Losses | 0 | 0 |
Held-to-Maturity, Fair Value | 59,481 | 2,026 |
Held-to-Maturity, Unrealized Losses | (560) | (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 | 432,192 | 160,751 |
Available-for-Sale, Less than 12 Months, Unrealized Losses | (12,391) | (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 | 432,192 | 283,332 |
Available-for-Sale, Unrealized Losses | (12,391) | (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 | 1,177,093 | 256,359 |
Available-for-Sale, Less than 12 Months, Unrealized Losses | (30,295) | (3,444) |
Available-for-Sale, 12 months or longer, Fair Value | 57,636 | 239,047 |
Available-for-Sale, 12 months or longer, Unrealized Losses | (3,074) | (7,101) |
Available-for-Sale, Fair Value | 1,234,729 | 495,406 |
Available-for-Sale, Unrealized Losses | (33,369) | (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 | 286,351 | 38,373 |
Available-for-Sale, Less than 12 Months, Unrealized Losses | (13,247) | (161) |
Available-for-Sale, 12 months or longer, Fair Value | 4,919 | 5,137 |
Available-for-Sale, 12 months or longer, Unrealized Losses | (255) | (174) |
Available-for-Sale, Fair Value | 291,270 | 43,510 |
Available-for-Sale, Unrealized Losses | (13,502) | (335) |
Held-to-Maturity, Less than 12 Months, Fair Value | 59,481 | 2,026 |
Held-to-Maturity, Less than 12 Months, Unrealized Losses | (560) | (3) |
Held-to-Maturity, 12 months or longer, Fair Value | 0 | 0 |
Held-to-Maturity, 12 months or longer, Unrealized Losses | 0 | 0 |
Held-to-Maturity, Fair Value | 59,481 | 2,026 |
Held-to-Maturity, Unrealized Losses | (560) | (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 | 8,119 | 7,900 |
Available-for-Sale, 12 months or longer, Unrealized Losses | (8,892) | (9,420) |
Available-for-Sale, Fair Value | 8,119 | 7,900 |
Available-for-Sale, Unrealized Losses | (8,892) | (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 | 121,498 | 156,604 |
Available-for-Sale, Less than 12 Months, Unrealized Losses | (2,734) | (2,717) |
Available-for-Sale, 12 months or longer, Fair Value | 126,539 | 126,661 |
Available-for-Sale, 12 months or longer, Unrealized Losses | (3,048) | (5,060) |
Available-for-Sale, Fair Value | 248,037 | 283,265 |
Available-for-Sale, Unrealized Losses | $ (5,782) | $ (7,777) |
Investment Securities - Trust P
Investment Securities - Trust Preferred Securities (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($)Item | Dec. 31, 2015USD ($) | |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Available-for-Sale securities, Fair Value | $ 2,797,174 | $ 2,418,221 |
Pooled Trust Preferred Securities One [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Amortized Cost | 17,011 | |
Available-for-Sale securities, Fair Value | 8,119 | |
Available-for-Sale, Unrealized Gain/ (Loss) | (8,892) | |
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 | $ 3,111 | |
Available-for-Sale securities, Fair Value | 251 | |
Available-for-Sale, Unrealized Gain/ (Loss) | (2,860) | |
Realized Losses 2016 | $ 0 | |
# of Issuers Currently Performing | Item | 21 | |
# of Issuers Currently Remaining | Item | 38 | |
Actual Deferrals and Defaults as a Percent of Original Collateral | 34.70% | |
Expected Defaults as a % of Remaining Performing Collateral | 8.40% | |
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 | 2,333 | |
Available-for-Sale, Unrealized Gain/ (Loss) | (2,089) | |
Realized Losses 2016 | $ 0 | |
# of Issuers Currently Performing | Item | 35 | |
# of Issuers Currently Remaining | Item | 44 | |
Actual Deferrals and Defaults as a Percent of Original Collateral | 16.70% | |
Expected Defaults as a % of Remaining Performing Collateral | 12.20% | |
Excess Subordination as a % of Current Performing Collateral | 32.30% | |
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 | $ 9,478 | |
Available-for-Sale securities, Fair Value | 5,535 | |
Available-for-Sale, Unrealized Gain/ (Loss) | (3,943) | |
Realized Losses 2016 | $ 0 | |
# of Issuers Currently Performing | Item | 50 | |
# of Issuers Currently Remaining | Item | 55 | |
Actual Deferrals and Defaults as a Percent of Original Collateral | 4.50% | |
Expected Defaults as a % of Remaining Performing Collateral | 8.30% | |
Excess Subordination as a % of Current Performing Collateral | 49.70% | |
Single Issuer Trust Preferred Securities [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Amortized Cost | $ 9,772 | |
Available-for-Sale securities, Fair Value | 9,210 | |
Available-for-Sale, Unrealized Gain/ (Loss) | (562) | |
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 | $ 3,397 | |
Available-for-Sale securities, Fair Value | 3,045 | |
Available-for-Sale, Unrealized Gain/ (Loss) | (352) | |
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 | $ 4,767 | |
Available-for-Sale securities, Fair Value | 4,369 | |
Available-for-Sale, Unrealized Gain/ (Loss) | (398) | |
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 | $ 786 | |
Available-for-Sale securities, Fair Value | 905 | |
Available-for-Sale, Unrealized Gain/ (Loss) | 119 | |
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 | $ 822 | |
Available-for-Sale securities, Fair Value | 891 | |
Available-for-Sale, Unrealized Gain/ (Loss) | 69 | |
Realized Losses 2016 | 0 | |
Trust Preferred Securities [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Amortized Cost | 26,783 | |
Available-for-Sale securities, Fair Value | 17,329 | |
Available-for-Sale, Unrealized Gain/ (Loss) | (9,454) | |
Realized Losses 2016 | $ 0 |
Loans Held for Sale - Additiona
Loans Held for Sale - Additional Information (Detail) - USD ($) | 3 Months Ended | |||
Sep. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 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 | $ 90,682,000 | $ 13,810,000 | ||
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 | $ 90,700,000 | $ 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 |
Finance Receivables and Allow80
Finance Receivables and Allowance for Credit Losses - Additional Information (Detail) | 12 Months Ended | |||
Dec. 31, 2016USD ($)SecurityLoan | Dec. 31, 2015USD ($)SecurityLoan | Dec. 31, 2014USD ($)SecurityLoan | May 01, 2016USD ($) | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | $ 9,010,512,000 | $ 6,948,405,000 | ||
Loan placed on nonaccrual when past due, number of days | 90 days | |||
Loan participations | $ 424,700,000 | |||
Loan participations sold | 227,500,000 | |||
Loan participations retained | $ 197,200,000 | |||
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 | $ 26,300,000 | 30,000,000 | ||
Financing receivable troubled debt restructurings specific reserves | 4,000,000 | 2,300,000 | ||
Unfunded commitments on TDRs | 6,000,000 | |||
Increase (decrease) in allowance for loan losses | (2,300,000) | (800,000) | $ 500,000 | |
Allowance for loan losses charge-offs | $ 800,000 | 200,000 | $ 100,000 | |
Number of days for a loan to be considered to be in payment default | 90 days | |||
Number of loans modified as TDRs | SecurityLoan | 0 | |||
Troubled debt restructurings which was a payment default | $ 300,000 | 1,400,000 | ||
Outstanding loans including principal, interest, fees and penalties | 268,000,000 | 321,500,000 | ||
Accretion recorded as loan interest income | 23,400,000 | 35,500,000 | ||
Financing receivable allowance for loan losses related to purchased loans | 300,000 | 1,400,000 | ||
Consumer [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 1,875,030,000 | 1,603,158,000 | ||
Consumer [Member] | Other [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 230,854,000 | 133,478,000 | ||
Commercial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 1,917,099,000 | 1,804,615,000 | ||
Total | 1,917,099,000 | 1,814,940,000 | ||
Commercial [Member] | Criticized [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total | 45,614,000 | 55,570,000 | ||
Commercial [Member] | Classified - Substandard [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total | 63,978,000 | 24,723,000 | ||
Commercial [Member] | Classified - Nonaccrual [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total | 53,062,000 | 58,469,000 | ||
Commercial [Member] | Classified - Doubtful [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total | 3,522,000 | 3,506,000 | ||
Commercial Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 3,130,853,000 | 1,868,972,000 | ||
Commercial Real Estate [Member] | Other [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 2,931,344,000 | 1,662,372,000 | ||
Total | 2,931,344,000 | 1,680,284,000 | ||
Commercial Real Estate [Member] | Other [Member] | Criticized [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total | 49,619,000 | 75,477,000 | ||
Commercial Real Estate [Member] | Other [Member] | Classified - Substandard [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total | 18,128,000 | 49,091,000 | ||
Commercial Real Estate [Member] | Other [Member] | Classified - Nonaccrual [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total | 32,234,000 | 39,521,000 | ||
Commercial Real Estate [Member] | Other [Member] | Classified - Doubtful [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total | 9,023,000 | 7,886,000 | ||
Commercial Real Estate [Member] | Construction [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 199,509,000 | 185,449,000 | ||
Total | 199,509,000 | 188,688,000 | ||
Commercial Real Estate [Member] | Construction [Member] | Criticized [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total | 229,000 | 3,300,000 | ||
Commercial Real Estate [Member] | Construction [Member] | Classified - Substandard [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total | 1,636,000 | 1,857,000 | ||
Commercial Real Estate [Member] | Construction [Member] | Classified - Nonaccrual [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total | 2,769,000 | 830,000 | ||
Anchor BanCorp Wisconsin Inc [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Commercial real estate | $ 926,200,000 | |||
Anchor BanCorp Wisconsin Inc [Member] | Consumer [Member] | Student Loan [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 77,100,000 | |||
Anchor BanCorp Wisconsin Inc [Member] | Commercial [Member] | Criticized [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total | 300,000 | |||
Anchor BanCorp Wisconsin Inc [Member] | Commercial [Member] | Classified - Nonaccrual [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total | 700,000 | |||
Anchor BanCorp Wisconsin Inc [Member] | Commercial [Member] | Construction [Member] | Criticized [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total | 0 | |||
Anchor BanCorp Wisconsin Inc [Member] | Commercial [Member] | Construction [Member] | Classified - Substandard [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total | 0 | |||
Anchor BanCorp Wisconsin Inc [Member] | Commercial [Member] | Construction [Member] | Classified - Nonaccrual [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total | 0 | |||
Anchor BanCorp Wisconsin Inc [Member] | Commercial [Member] | Construction [Member] | Classified - Doubtful [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total | $ 0 | |||
Anchor BanCorp Wisconsin Inc [Member] | Commercial Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Percentage of risk-based capital | 189.00% | |||
Regulatory guideline limit | 300.00% | |||
Anchor BanCorp Wisconsin Inc [Member] | Commercial Real Estate [Member] | Other [Member] | Criticized [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total | $ 8,000,000 | |||
Anchor BanCorp Wisconsin Inc [Member] | Commercial Real Estate [Member] | Other [Member] | Classified - Substandard [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total | 3,600,000 | |||
Anchor BanCorp Wisconsin Inc [Member] | Commercial Real Estate [Member] | Other [Member] | Classified - Nonaccrual [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total | 19,900,000 | |||
Anchor BanCorp Wisconsin Inc [Member] | Commercial Real Estate [Member] | Other [Member] | Classified - Doubtful [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total | 700,000 | |||
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 | |||
Maximum [Member] | Anchor BanCorp Wisconsin Inc [Member] | Consumer [Member] | Student Loan [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loan guarantee percentage | 100.00% | |||
Minimum [Member] | Anchor BanCorp Wisconsin Inc [Member] | Consumer [Member] | Student Loan [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loan guarantee percentage | 97.00% | |||
Losses up to $275.0 [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loss sharing reimbursement threshold | 80.00% | |||
Loss amount covered at 80% up to $275 million | $ 275,000,000 | |||
Commercial Loan [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | $ 1,917,099,000 | $ 1,804,615,000 | ||
Number of loans modified as TDRs | SecurityLoan | 7 | 5 | ||
Commercial Loan [Member] | Credit Concentration Risk [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Concentration of commercial or commercial real estate loans in a single industry, maximum | 10.00% | |||
Commercial Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Number of loans modified as TDRs | SecurityLoan | 1 | 5 | ||
Consumer - Other [Member] | Nonperforming Financing Receivable [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Finance receivable recorded investment, Nonperforming | $ 7,068,000 | $ 1,497,000 | ||
Consumer - Other [Member] | Anchor BanCorp Wisconsin Inc [Member] | Nonperforming Financing Receivable [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Finance receivable recorded investment, Nonperforming | $ 5,800,000 | |||
Consumer - Other [Member] | Maximum [Member] | Anchor BanCorp Wisconsin Inc [Member] | Student Loan [Member] | Nonperforming Financing Receivable [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loan guarantee percentage | 100.00% | |||
Consumer - Other [Member] | Minimum [Member] | Anchor BanCorp Wisconsin Inc [Member] | Student Loan [Member] | Nonperforming Financing Receivable [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loan guarantee percentage | 97.00% |
Finance Receivables and Allow81
Finance Receivables and Allowance for Credit Losses - Schedule of Composition of Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans by lending classification | $ 9,010,512 | $ 6,948,405 |
Allowance for loan losses | (49,808) | (51,296) |
Allowance for loan losses - covered loans | (937) | |
Net loans | 8,960,704 | 6,896,172 |
Commercial Loan [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans by lending classification | 1,917,099 | 1,804,615 |
Residential Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans by lending classification | 2,087,530 | 1,644,614 |
Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans by lending classification | 1,875,030 | 1,603,158 |
Consumer [Member] | Consumer Credit - Home Equity [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans by lending classification | 476,439 | 359,954 |
Commercial Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans by lending classification | 3,130,853 | 1,868,972 |
Construction [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans by lending classification | 199,509 | 185,449 |
Other [Member] | Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans by lending classification | 230,854 | 133,478 |
Other [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans by lending classification | 2,931,344 | 1,662,372 |
Consumer Credit - Auto [Member] | Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans by lending classification | $ 1,167,737 | 1,050,336 |
Covered Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans by lending classification | $ 107,587 |
Finance Receivables and Allow82
Finance Receivables and Allowance for Credit Losses - Schedule of Composition of Loans (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Receivables [Abstract] | ||
Direct finance leases | $ 10.8 | $ 14.4 |
Finance Receivables and Allow83
Finance Receivables and Allowance for Credit Losses - Schedule of Activity in Related Party Loans (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Receivables [Abstract] | |
Balance at January 1, | $ 8,145 |
New loans | 5,813 |
Repayments | (5,464) |
Balance at December 31, | $ 8,494 |
Finance Receivables and Allow84
Finance Receivables and Allowance for Credit Losses - Schedule of Activity in Allowance for Loan Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning balance | $ 52,233 | $ 47,849 | $ 52,233 | $ 47,849 | $ 47,145 | ||||||
Charge-offs | (14,610) | (12,877) | (12,650) | ||||||||
Recoveries | 11,225 | 14,338 | 10,257 | ||||||||
Provision | $ (1,756) | $ 1,306 | $ 1,319 | 91 | $ 484 | $ 167 | $ 2,271 | 1 | 960 | 2,923 | 3,097 |
Ending balance | 49,808 | 52,233 | 49,808 | 52,233 | 47,849 | ||||||
Commercial Loan [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning balance | 26,347 | 20,670 | 26,347 | 20,670 | 16,565 | ||||||
Charge-offs | (5,047) | (3,513) | (3,535) | ||||||||
Recoveries | 3,102 | 5,218 | 3,125 | ||||||||
Provision | (2,921) | 3,972 | 4,515 | ||||||||
Ending balance | 21,481 | 26,347 | 21,481 | 26,347 | 20,670 | ||||||
Commercial Real Estate [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning balance | 15,993 | 17,348 | 15,993 | 17,348 | 22,401 | ||||||
Charge-offs | (2,632) | (1,921) | (3,647) | ||||||||
Recoveries | 4,763 | 4,685 | 3,871 | ||||||||
Provision | 49 | (4,119) | (5,277) | ||||||||
Ending balance | 18,173 | 15,993 | 18,173 | 15,993 | 17,348 | ||||||
Residential [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning balance | 2,051 | 2,962 | 2,051 | 2,962 | 3,239 | ||||||
Charge-offs | (800) | (1,039) | (793) | ||||||||
Recoveries | 174 | 354 | 205 | ||||||||
Provision | 218 | (226) | 311 | ||||||||
Ending balance | 1,643 | 2,051 | 1,643 | 2,051 | 2,962 | ||||||
Consumer Loan [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning balance | $ 7,842 | $ 6,869 | 7,842 | 6,869 | 4,940 | ||||||
Charge-offs | (6,131) | (6,404) | (4,675) | ||||||||
Recoveries | 3,186 | 4,081 | 3,056 | ||||||||
Provision | 3,614 | 3,296 | 3,548 | ||||||||
Ending balance | $ 8,511 | $ 7,842 | $ 8,511 | $ 7,842 | $ 6,869 |
Finance Receivables and Allow85
Finance Receivables and Allowance for Credit Losses - Schedule of Recorded Investment in Financing Receivables (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Individually evaluated for impairment | $ 7,998 | $ 11,488 |
Allowance for loan losses, Collectively evaluated for impairment | 41,532 | 39,386 |
Allowance for loan losses, Loans acquired with deteriorated credit quality | 278 | 863 |
Allowance for loan losses, Covered loans acquired with deteriorated credit quality | 496 | |
Total allowance for loan losses | 49,808 | 52,233 |
Loans and leases outstanding, Individually evaluated for impairment | 103,190 | 102,946 |
Loans and leases outstanding, Collectively evaluated for impairment | 8,851,903 | 6,764,378 |
Loans and leases outstanding, Loans acquired with deteriorated credit quality | 55,419 | 33,242 |
Loans and leases outstanding, Covered loans acquired with deteriorated credit quality | 47,839 | |
Total loans | 9,010,512 | 6,948,405 |
Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Individually evaluated for impairment | 4,561 | 7,467 |
Allowance for loan losses, Collectively evaluated for impairment | 16,838 | 18,295 |
Allowance for loan losses, Loans acquired with deteriorated credit quality | 82 | 247 |
Allowance for loan losses, Covered loans acquired with deteriorated credit quality | 338 | |
Total allowance for loan losses | 21,481 | 26,347 |
Loans and leases outstanding, Individually evaluated for impairment | 45,960 | 60,959 |
Loans and leases outstanding, Collectively evaluated for impairment | 1,870,289 | 1,750,397 |
Loans and leases outstanding, Loans acquired with deteriorated credit quality | 850 | 691 |
Loans and leases outstanding, Covered loans acquired with deteriorated credit quality | 2,893 | |
Total loans | 1,917,099 | 1,804,615 |
Commercial Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Individually evaluated for impairment | 3,437 | 4,021 |
Allowance for loan losses, Collectively evaluated for impairment | 14,717 | 11,439 |
Allowance for loan losses, Loans acquired with deteriorated credit quality | 19 | 533 |
Total allowance for loan losses | 18,173 | 15,993 |
Loans and leases outstanding, Individually evaluated for impairment | 57,230 | 41,987 |
Loans and leases outstanding, Collectively evaluated for impairment | 3,040,849 | 1,779,062 |
Loans and leases outstanding, Loans acquired with deteriorated credit quality | 32,774 | 28,499 |
Loans and leases outstanding, Covered loans acquired with deteriorated credit quality | 19,424 | |
Total loans | 3,130,853 | 1,868,972 |
Residential [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Collectively evaluated for impairment | 1,643 | 2,038 |
Allowance for loan losses, Loans acquired with deteriorated credit quality | 13 | |
Total allowance for loan losses | 1,643 | 2,051 |
Loans and leases outstanding, Collectively evaluated for impairment | 2,073,950 | 1,644,631 |
Loans and leases outstanding, Loans acquired with deteriorated credit quality | 13,580 | 127 |
Loans and leases outstanding, Covered loans acquired with deteriorated credit quality | 16,577 | |
Total loans | 2,087,530 | 1,644,614 |
Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Collectively evaluated for impairment | 8,334 | 7,614 |
Allowance for loan losses, Loans acquired with deteriorated credit quality | 177 | 70 |
Allowance for loan losses, Covered loans acquired with deteriorated credit quality | 158 | |
Total allowance for loan losses | 8,511 | 7,842 |
Loans and leases outstanding, Collectively evaluated for impairment | 1,866,815 | 1,590,288 |
Loans and leases outstanding, Loans acquired with deteriorated credit quality | 8,215 | 3,925 |
Loans and leases outstanding, Covered loans acquired with deteriorated credit quality | 8,945 | |
Total loans | $ 1,875,030 | $ 1,603,158 |
Finance Receivables and Allow86
Finance Receivables and Allowance for Credit Losses - Schedule of Risk Category of Commercial and Commercial Real Estate Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Commercial [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total | $ 1,917,099 | $ 1,814,940 |
Commercial [Member] | Pass [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total | 1,750,923 | 1,672,672 |
Commercial [Member] | Criticized [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total | 45,614 | 55,570 |
Commercial [Member] | Classified - Substandard [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total | 63,978 | 24,723 |
Commercial [Member] | Classified - Nonaccrual [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total | 53,062 | 58,469 |
Commercial [Member] | Classified - Doubtful [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total | 3,522 | 3,506 |
Commercial Real Estate [Member] | Construction [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total | 199,509 | 188,688 |
Commercial Real Estate [Member] | Other [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total | 2,931,344 | 1,680,284 |
Commercial Real Estate [Member] | Pass [Member] | Construction [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total | 194,875 | 182,701 |
Commercial Real Estate [Member] | Pass [Member] | Other [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total | 2,822,340 | 1,508,309 |
Commercial Real Estate [Member] | Criticized [Member] | Construction [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total | 229 | 3,300 |
Commercial Real Estate [Member] | Criticized [Member] | Other [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total | 49,619 | 75,477 |
Commercial Real Estate [Member] | Classified - Substandard [Member] | Construction [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total | 1,636 | 1,857 |
Commercial Real Estate [Member] | Classified - Substandard [Member] | Other [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total | 18,128 | 49,091 |
Commercial Real Estate [Member] | Classified - Nonaccrual [Member] | Construction [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total | 2,769 | 830 |
Commercial Real Estate [Member] | Classified - Nonaccrual [Member] | Other [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total | 32,234 | 39,521 |
Commercial Real Estate [Member] | Classified - Doubtful [Member] | Other [Member] | ||
Risk Category Of Loans [Line Items] | ||
Total | $ 9,023 | $ 7,886 |
Finance Receivables and Allow87
Finance Receivables and Allowance for Credit Losses - Schedule of Recorded Investment in Residential and Consumer Loans Based on Payment Activity (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Consumer Home Equity [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Finance receivable recorded investment | $ 476,439 | $ 413,294 |
Consumer Home Equity [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Finance receivable recorded investment, Performing | 472,008 | 410,243 |
Consumer Home Equity [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Finance receivable recorded investment, Nonperforming | 4,431 | 3,051 |
Consumer Auto [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Finance receivable recorded investment | 1,167,737 | 1,050,336 |
Consumer Auto [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Finance receivable recorded investment, Performing | 1,166,114 | 1,048,763 |
Consumer Auto [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Finance receivable recorded investment, Nonperforming | 1,623 | 1,573 |
Consumer - Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Finance receivable recorded investment | 230,854 | 139,528 |
Consumer - Other [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Finance receivable recorded investment, Performing | 223,786 | 138,031 |
Consumer - Other [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Finance receivable recorded investment, Nonperforming | 7,068 | 1,497 |
Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Residential real estate | 2,087,530 | 1,661,335 |
Residential [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Finance receivable recorded investment, Performing | 2,069,856 | 1,645,293 |
Residential [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Finance receivable recorded investment, Nonperforming | $ 17,674 | $ 16,042 |
Finance Receivables and Allow88
Finance Receivables and Allowance for Credit Losses - Schedule of Impaired Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, Total | $ 108,632 | $ 104,872 |
Unpaid Principal Balance, Total | 112,089 | 109,235 |
Related Allowance | 8,148 | 11,307 |
Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Related Allowance | 4,561 | 7,111 |
Recorded Investment with no related allowance | 29,001 | 40,414 |
Unpaid Principal Balance with no related allowance | 29,634 | 41,212 |
Recorded Investment with related allowance | 16,959 | 16,377 |
Unpaid Principal Balance with related allowance | 17,283 | 16,483 |
Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Related Allowance | 107 | 6 |
Recorded Investment with related allowance | 467 | 237 |
Unpaid Principal Balance with related allowance | 467 | 237 |
Commercial Real Estate - Other [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Related Allowance | 3,330 | 4,015 |
Recorded Investment with no related allowance | 30,585 | 26,998 |
Unpaid Principal Balance with no related allowance | 32,413 | 30,264 |
Recorded Investment with related allowance | 26,178 | 14,752 |
Unpaid Principal Balance with related allowance | 26,710 | 14,802 |
Residential [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Related Allowance | 54 | 49 |
Recorded Investment with no related allowance | 1,610 | 1,383 |
Unpaid Principal Balance with no related allowance | 1,631 | 1,422 |
Recorded Investment with related allowance | 1,081 | 985 |
Unpaid Principal Balance with related allowance | 1,081 | 985 |
Consumer [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Related Allowance | 96 | 126 |
Recorded Investment with no related allowance | 827 | 1,201 |
Unpaid Principal Balance with no related allowance | 946 | 1,305 |
Recorded Investment with related allowance | 1,924 | 2,525 |
Unpaid Principal Balance with related allowance | $ 1,924 | $ 2,525 |
Finance Receivables and Allow89
Finance Receivables and Allowance for Credit Losses - Schedule of Impaired Loans (Parenthetical) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Receivables [Abstract] | |
Loans that were previously covered by loss share agreements with the FDIC | $ 4.2 |
Finance Receivables and Allow90
Finance Receivables and Allowance for Credit Losses - Schedule of Average Balance of Impaired Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Average Recorded Investment, Total | $ 106,638 | $ 95,277 |
Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment with no related allowance | 34,708 | 33,678 |
Average Recorded Investment with an allowance recorded | 16,669 | 11,924 |
Commercial Real Estate - Other [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment with no related allowance | 28,793 | 28,637 |
Average Recorded Investment with an allowance recorded | 20,465 | 14,593 |
Residential [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment with no related allowance | 1,355 | 985 |
Average Recorded Investment with an allowance recorded | 1,074 | 1,230 |
Consumer [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment with no related allowance | 855 | 943 |
Average Recorded Investment with an allowance recorded | 2,367 | 2,034 |
Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment with no related allowance | 1,085 | |
Average Recorded Investment with an allowance recorded | $ 352 | $ 168 |
Finance Receivables and Allow91
Finance Receivables and Allowance for Credit Losses - Schedule of Average Balance of Impaired Loans (Parenthetical) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Receivables [Abstract] | |
Loans that were previously covered by loss share agreements with the FDIC | $ 4.2 |
Finance Receivables and Allow92
Finance Receivables and Allowance for Credit Losses - Schedule of Past Due Financing Receivables (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded Investment > 90 Days and Accruing | $ 328 | $ 916 |
Nonaccrual | 131,407 | 132,373 |
Financing Receivables, Past Due | 170,573 | 153,645 |
Current | 8,839,939 | 6,794,760 |
30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivables, Past Due | 31,260 | 16,266 |
60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivables, Past Due | 7,578 | 4,090 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded Investment > 90 Days and Accruing | 23 | 565 |
Nonaccrual | 56,585 | 57,536 |
Financing Receivables, Past Due | 57,734 | 59,003 |
Current | 1,859,365 | 1,745,612 |
Commercial [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivables, Past Due | 847 | 802 |
Commercial [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivables, Past Due | 279 | 100 |
Construction [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 2,769 | 749 |
Financing Receivables, Past Due | 2,769 | 749 |
Current | 196,740 | 184,700 |
Other [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 41,257 | 46,601 |
Financing Receivables, Past Due | 43,059 | 47,174 |
Current | 2,888,285 | 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 | 1,652 | 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 | 150 | 135 |
Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded Investment > 90 Days and Accruing | 2 | 114 |
Nonaccrual | 17,674 | 14,953 |
Financing Receivables, Past Due | 39,232 | 26,613 |
Current | 2,048,298 | 1,618,001 |
Residential [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivables, Past Due | 17,786 | 9,300 |
Residential [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivables, Past Due | 3,770 | 2,246 |
Consumer Home Equity [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 4,431 | 2,369 |
Financing Receivables, Past Due | 6,365 | 3,054 |
Current | 470,074 | 356,900 |
Consumer Home Equity [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivables, Past Due | 1,511 | 283 |
Consumer Home Equity [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivables, Past Due | 423 | 402 |
Consumer Auto [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded Investment > 90 Days and Accruing | 242 | 202 |
Nonaccrual | 1,623 | 1,573 |
Financing Receivables, Past Due | 8,805 | 6,309 |
Current | 1,158,932 | 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 | 5,903 | 3,804 |
Consumer Auto [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivables, Past Due | 1,037 | 730 |
Consumer - Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded Investment > 90 Days and Accruing | 61 | 25 |
Nonaccrual | 7,068 | 1,256 |
Financing Receivables, Past Due | 12,609 | 2,276 |
Current | 218,245 | 131,202 |
Consumer - Other [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivables, Past Due | 3,561 | 830 |
Consumer - Other [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivables, Past Due | $ 1,919 | 165 |
Covered Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded Investment > 90 Days and Accruing | 10 | |
Nonaccrual | 7,336 | |
Financing Receivables, Past Due | 8,467 | |
Current | 99,120 | |
Covered Loans [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivables, Past Due | 809 | |
Covered Loans [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivables, Past Due | $ 312 |
Finance Receivables and Allow93
Finance Receivables and Allowance for Credit Losses - Schedule of Activity in Troubled Debt Restructurings (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Impaired [Line Items] | |||
Beginning balance | $ 44,251 | $ 34,953 | $ 48,867 |
(Charge-offs)/recoveries | (993) | 1,875 | 829 |
Payments | (34,007) | (38,012) | (28,935) |
Additions | 27,272 | 45,435 | 19,011 |
Interest collected on nonaccrual loans | 4,193 | ||
Removals - subsequent restructuring | (4,819) | ||
Ending balance | 40,716 | 44,251 | 34,953 |
Commercial Loan [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Beginning balance | 23,354 | 15,205 | 22,443 |
(Charge-offs)/recoveries | (1,982) | 872 | 126 |
Payments | (21,956) | (29,913) | (18,281) |
Additions | 14,996 | 37,190 | 13,696 |
Interest collected on nonaccrual loans | 2,390 | ||
Removals - subsequent restructuring | (2,779) | ||
Ending balance | 16,802 | 23,354 | 15,205 |
Commercial Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Beginning balance | 14,602 | 15,226 | 22,639 |
(Charge-offs)/recoveries | 953 | 1,064 | 795 |
Payments | (10,157) | (6,273) | (9,722) |
Additions | 11,130 | 4,585 | 3,554 |
Interest collected on nonaccrual loans | 1,799 | ||
Removals - subsequent restructuring | (2,040) | ||
Ending balance | 18,327 | 14,602 | 15,226 |
Residential [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Beginning balance | 2,693 | 2,063 | 2,344 |
(Charge-offs)/recoveries | 42 | (64) | 10 |
Payments | (513) | (658) | (466) |
Additions | 761 | 1,352 | 175 |
Interest collected on nonaccrual loans | 2 | ||
Ending balance | 2,985 | 2,693 | 2,063 |
Consumer Loan [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Beginning balance | 3,602 | 2,459 | 1,441 |
(Charge-offs)/recoveries | (6) | 3 | (102) |
Payments | (1,381) | (1,168) | (466) |
Additions | 385 | 2,308 | 1,586 |
Interest collected on nonaccrual loans | 2 | ||
Ending balance | $ 2,602 | $ 3,602 | $ 2,459 |
Finance Receivables and Allow94
Finance Receivables and Allowance for Credit Losses - Schedule of Loans by Class Modified as Troubled Debt Restructuring (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)SecurityLoan | Dec. 31, 2015USD ($)SecurityLoan | Dec. 31, 2014USD ($)SecurityLoan | |
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 44 | 119 | 97 |
Pre-modification Outstanding Recorded Investment | $ 27,272 | $ 45,435 | $ 19,011 |
Post-modification Outstanding Recorded Investment | $ 27,272 | $ 45,435 | $ 19,011 |
Commercial Loan [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 20 | 42 | 32 |
Pre-modification Outstanding Recorded Investment | $ 14,996 | $ 37,190 | $ 13,696 |
Post-modification Outstanding Recorded Investment | $ 14,996 | $ 37,190 | $ 13,696 |
Construction [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 5 | 1 | |
Pre-modification Outstanding Recorded Investment | $ 1,162 | $ 484 | |
Post-modification Outstanding Recorded Investment | $ 1,162 | $ 484 | |
Other [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 10 | 27 | 34 |
Pre-modification Outstanding Recorded Investment | $ 11,130 | $ 3,423 | $ 3,070 |
Post-modification Outstanding Recorded Investment | $ 11,130 | $ 3,423 | $ 3,070 |
Residential [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 6 | 13 | 2 |
Pre-modification Outstanding Recorded Investment | $ 761 | $ 1,352 | $ 175 |
Post-modification Outstanding Recorded Investment | $ 761 | $ 1,352 | $ 175 |
Consumer - Other [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 8 | 32 | 28 |
Pre-modification Outstanding Recorded Investment | $ 385 | $ 2,308 | $ 1,586 |
Post-modification Outstanding Recorded Investment | $ 385 | $ 2,308 | $ 1,586 |
Finance Receivables and Allow95
Finance Receivables and Allowance for Credit Losses - Schedule of Activity of Purchased Impaired Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Impaired [Line Items] | ||
Purchased impaired loans | $ 55,419 | $ 81,081 |
Allowance for loan losses | (278) | (1,359) |
Carrying amount, net of allowance | 55,141 | 79,722 |
Commercial Loan [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Purchased impaired loans | 850 | 3,584 |
Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Purchased impaired loans | 32,774 | 47,923 |
Residential [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Purchased impaired loans | 13,580 | 16,704 |
Consumer Loan [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Purchased impaired loans | $ 8,215 | $ 12,870 |
Finance Receivables and Allow96
Finance Receivables and Allowance for Credit Losses - Schedule of Accretable Yield of Noncovered Purchased Credit Impaired Loans, or Income Expected to be Collected (Detail) - Purchased Credit Impaired Loans [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance at January 1 | $ 45,310 | $ 62,533 | $ 101,502 |
New loans purchased | 3,217 | 1,812 | 8,274 |
Accretion of income | (23,447) | (35,526) | (77,929) |
Reclassifications from (to) nonaccretable difference | 10,589 | 14,189 | 27,536 |
Disposals/other adjustments | (2,066) | 2,302 | 3,150 |
Balance at December 31 | $ 33,603 | $ 45,310 | $ 62,533 |
Finance Receivables and Allow97
Finance Receivables and Allowance for Credit Losses - Schedule of Receivables for which Contractually Required Payments would not be Collected (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Anchor BanCorp Wisconsin Inc [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Contractually required payments | $ 29,544 | |
Nonaccretable difference | (6,153) | |
Cash flows expected to be collected at acquisition | 23,391 | |
Accretable yield | (3,217) | |
Fair value of acquired loans at acquisition | $ 20,174 | |
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 |
Finance Receivables and Allow98
Finance Receivables and Allowance for Credit Losses - Schedule of Receivables for which Contractually Required Payments would not be Collected (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2016 | |
Anchor BanCorp Wisconsin Inc [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Effective date of acquisition | May 1, 2016 |
Founders Financial Corporation [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Effective date of acquisition | Jan. 1, 2015 |
Covered Loans - Additional Info
Covered Loans - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2016 | |
Receivables [Abstract] | ||
Cash received from the FDIC as final payment | $ 8.7 | |
Pre-tax gain | $ 0.2 | |
Percentage of prospective yield adjustments offset | 80.00% |
Covered Loans - Schedule of Cov
Covered Loans - Schedule of Covered Acquired Impaired Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Impaired Loans By Type [Line Items] | ||
Beginning balance | $ 47,343 | $ 77,053 |
Principal reductions and interest payments | (18,542) | (45,458) |
Accretion of loan discount | 7,196 | 21,529 |
Changes in contractual and expected cash flows due to remeasurement | 135 | 161 |
Removals due to foreclosure or sale | (1,549) | (1,097) |
Loans removed from loss share coverage | (34,583) | (4,845) |
Ending balance | 47,343 | |
Contractual Cash Flows [Member] | ||
Impaired Loans By Type [Line Items] | ||
Beginning balance | 69,857 | 124,809 |
Principal reductions and interest payments | (18,195) | (43,792) |
Changes in contractual and expected cash flows due to remeasurement | 4,431 | (4,139) |
Removals due to foreclosure or sale | (1,948) | (1,316) |
Loans removed from loss share coverage | (54,145) | (5,705) |
Ending balance | 69,857 | |
Non Accretable Difference [Member] | ||
Impaired Loans By Type [Line Items] | ||
Beginning balance | (4,729) | (12,014) |
Principal reductions and interest payments | (347) | (1,666) |
Changes in contractual and expected cash flows due to remeasurement | 631 | 8,409 |
Removals due to foreclosure or sale | 136 | 463 |
Loans removed from loss share coverage | 4,309 | 79 |
Ending balance | (4,729) | |
Accretable Yield [Member] | ||
Impaired Loans By Type [Line Items] | ||
Beginning balance | (17,785) | (35,742) |
Accretion of loan discount | 7,196 | 21,529 |
Changes in contractual and expected cash flows due to remeasurement | (4,927) | (4,109) |
Removals due to foreclosure or sale | 263 | (244) |
Loans removed from loss share coverage | $ 15,253 | 781 |
Ending balance | $ (17,785) |
Covered Loans - Summary of FDIC
Covered Loans - Summary of FDIC Loss Sharing Asset (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Receivables [Abstract] | ||
Beginning balance | $ 9,030 | $ 20,603 |
Adjustments not reflected in income: | ||
Cash received from the FDIC | (10,000) | (3,548) |
Other | 512 | 1,009 |
Adjustments reflected in income: | ||
Amortization | (816) | (10,709) |
Higher (lower) loan loss expectations | (13) | 275 |
Impairment/(recovery) of value and net (gain)/loss on sales of other real estate | 1,062 | 1,400 |
Gain as a result of the early termination agreement with the FDIC, effective June 22, 2016 | $ 225 | |
Ending balance | $ 9,030 |
Other Real Estate Owned - Activ
Other Real Estate Owned - Activity in Other Real Estate Owned (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Real Estate Properties [Line Items] | ||
Beginning Balance | $ 7,594 | |
Ending balance | 18,546 | $ 7,594 |
Other Real Estate Owned [Member] | ||
Real Estate Properties [Line Items] | ||
Beginning Balance | 7,594 | 7,241 |
Additions | 22,905 | 5,665 |
Sales | (13,638) | (5,710) |
(Impairment)/recovery of value | (1,986) | 398 |
Reclassification due to termination of the loss share agreements, effective June 22, 2016 | 3,671 | |
Ending balance | 18,546 | 7,594 |
Other Real Estate Owned, Covered [Member] | ||
Real Estate Properties [Line Items] | ||
Beginning Balance | 4,904 | 9,121 |
Additions | 2,093 | 1,487 |
Sales | (1,454) | (5,373) |
(Impairment)/recovery of value | (1,872) | (331) |
Reclassification due to termination of the loss share agreements, effective June 22, 2016 | $ (3,671) | |
Ending balance | $ 4,904 |
Other Real Estate Owned - Ac103
Other Real Estate Owned - Activity in Other Real Estate Owned (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Real Estate Properties [Line Items] | |||
Repossessed personal property | $ 300 | $ 200 | |
Othe real estate | 18,546 | 7,594 | |
Other Real Estate Owned [Member] | |||
Real Estate Properties [Line Items] | |||
Othe real estate | 18,546 | $ 7,594 | $ 7,241 |
Anchor BanCorp Wisconsin Inc [Member] | Other Real Estate Owned [Member] | |||
Real Estate Properties [Line Items] | |||
Othe real estate | $ 17,300 |
Other Real Estate Owned - Addit
Other Real Estate Owned - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Real Estate Properties [Line Items] | |
Value of foreclosed residential real estate property | $ 1.8 |
Value of mortgage loans in process of foreclosure | 2.8 |
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% |
Premises and Equipment - Summar
Premises and Equipment - Summary of Premises and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Total | $ 525,120 | $ 281,516 |
Accumulated depreciation | (95,498) | (84,840) |
Premises and equipment, net | 429,622 | 196,676 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 71,769 | 41,604 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 322,165 | 111,982 |
Furniture, Fixtures, and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 102,631 | 94,819 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | $ 28,555 | $ 33,111 |
Premises and Equipment - Additi
Premises and Equipment - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)PropertyTerms | Dec. 31, 2015USD ($)Property | Dec. 31, 2014USD ($) | |
Property, Plant and Equipment [Line Items] | |||
Depreciation | $ 16,558 | $ 14,101 | $ 12,366 |
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 | ||
Rent expense | $ 25,400 | 29,100 | $ 29,000 |
Sale leaseback transaction, gain recognized over lease term | 10,300 | $ 40,700 | |
Anchor BanCorp Wisconsin Inc. [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Increase in assets due to acquisition | $ 35,700 | ||
Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Lease Term | 1 year | ||
Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Lease Term | 24 years | ||
Prior Sale Leaseback Transactions [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total purchase price of assets | $ 196,100 | ||
Number of leased properties acquired with deferred gains | Property | 20 | 14 | |
Number of leased properties acquired | Property | 23 | 14 | |
Sale leaseback transaction, gain recognized over lease term | $ 12,000 | $ 10,800 | |
Prior Sale Leaseback Transactions [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Lease Term | 5 years | ||
Prior Sale Leaseback Transactions [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Lease Term | 24 years |
Premises and Equipment - Sum107
Premises and Equipment - Summary of Future Minimum Lease Commitments (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Property, Plant and Equipment [Abstract] | |
2,017 | $ 16,928 |
2,018 | 15,918 |
2,019 | 15,262 |
2,020 | 14,679 |
2,021 | 14,161 |
Thereafter | 79,881 |
Total | $ 156,829 |
Goodwill and Other Intangibl108
Goodwill and Other Intangible Assets - Schedule of Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Beginning balance | $ 584,634 | $ 530,845 |
Acquisitions | 111,347 | 57,619 |
Divestitures | (40,963) | (3,830) |
Ending balance | $ 655,018 | $ 584,634 |
Goodwill and Other Intangibl109
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Line Items] | |||
Goodwill acquired during the period | $ 111,347,000 | $ 57,619,000 | |
Goodwill eliminated due to sale of insurance operations | 41,000,000 | ||
Amortization expense of other intangible assets | 12,486,000 | 11,746,000 | $ 9,120,000 |
Impairment charges | $ 0 | $ 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 | ||
Customer Business Relationships [Member] | |||
Goodwill [Line Items] | |||
Intangible asset eliminated due to sale of insurance operations | $ 6,700,000 | ||
Anchor BanCorp Wisconsin Inc [Member] | |||
Goodwill [Line Items] | |||
Goodwill acquired during the period | 111,300,000 | ||
Anchor BanCorp Wisconsin Inc [Member] | Core Deposit [Member] | |||
Goodwill [Line Items] | |||
Increase (decrease) in intangible assets | $ 21,600,000 |
Goodwill and Other Intangibl110
Goodwill and Other Intangible Assets - Schedule of Gross Carrying Amounts and Accumulated Amortization of Other Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 102,623 | $ 111,850 |
Accumulated Amortization and Impairment | (64,946) | (76,542) |
Net Carrying Amount | 37,677 | 35,308 |
Core Deposit [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 81,663 | 60,103 |
Accumulated Amortization and Impairment | (53,214) | (43,982) |
Net Carrying Amount | 28,449 | 16,121 |
Customer Business Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 30,787 | |
Accumulated Amortization and Impairment | (23,341) | |
Net Carrying Amount | 7,446 | |
Customer Trust Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 16,547 | 16,547 |
Accumulated Amortization and Impairment | (7,753) | (5,286) |
Net Carrying Amount | 8,794 | 11,261 |
Customer Loan Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 4,413 | 4,413 |
Accumulated Amortization and Impairment | (3,979) | (3,933) |
Net Carrying Amount | $ 434 | $ 480 |
Goodwill and Other Intangibl111
Goodwill and Other Intangible Assets - Schedule of Estimated Amortization Expense for Future Years (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2,017 | $ 11,015 | |
2,018 | 8,687 | |
2,019 | 6,737 | |
2,020 | 4,883 | |
2,021 | 3,111 | |
Thereafter | 3,244 | |
Net Carrying Amount | $ 37,677 | $ 35,308 |
Loan Servicing Rights - Additio
Loan Servicing Rights - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Transfers and Servicing [Abstract] | ||
Loan servicing rights | $ 25,561 | $ 10,468 |
Principal balance of loans serviced for others | 3,385,000 | 1,263,000 |
Funds held in escrow | $ 5,300 | 3,000 |
Percentage of mortgage loan | 99.00% | |
Fair value of servicing rights | $ 26,800 | $ 11,300 |
Fair value at discount rate | 13.00% | 11.00% |
Fair value inputs weighted average prepayment speed | 136.00% | 166.00% |
Loan Servicing Rights - Compone
Loan Servicing Rights - Components of Loan Servicing Rights and Valuation Allowance (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Transfers and Servicing [Abstract] | ||
Beginning balance | $ 10,502 | $ 9,584 |
Additions | 20,280 | 3,187 |
Amortization | (5,153) | (2,269) |
Ending balance | 25,629 | 10,502 |
Valuation allowance: | ||
Beginning balance | (34) | (50) |
(Additions)/recoveries | (34) | 16 |
Ending balance | (68) | (34) |
Loan servicing rights, net | $ 25,561 | $ 10,468 |
Loan Servicing Rights - Comp114
Loan Servicing Rights - Components of Loan Servicing Rights and Valuation Allowance (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | May 31, 2016 | Dec. 31, 2015 |
Servicing Assets And Liabilities At Fair Value [Line Items] | |||
Loan servicing rights | $ 25,561 | $ 10,468 | |
Anchor BanCorp Wisconsin Inc [Member] | |||
Servicing Assets And Liabilities At Fair Value [Line Items] | |||
Loan servicing rights | $ 15,300 |
Qualified Affordable Housing115
Qualified Affordable Housing Projects and Other Tax Credit Investments - Schedule of Qualified Affordable Housing Projects and Other Tax Credit Investments (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Investment Holdings [Line Items] | ||
Total | $ 35,048 | |
Total | 20,816 | |
Amortization Expense | 804 | $ 947 |
Tax Benefit Recognized | (1,125) | (1,358) |
LIHTC and Other Qualifying Investments [Member] | ||
Investment Holdings [Line Items] | ||
Proportional amortization method of investment | 29,110 | |
Unfunded commitment, Proportional amortization | 16,210 | |
Amortization Expense | 804 | 804 |
Tax Benefit Recognized | (1,125) | (1,125) |
FHTC [Member] | ||
Investment Holdings [Line Items] | ||
Equity method investment | 4,434 | |
Unfunded commitment, Equity | 3,104 | |
CReED [Member] | ||
Investment Holdings [Line Items] | ||
Equity method investment | 1,504 | |
Unfunded commitment, Equity | $ 1,502 | |
NMTC [Member] | ||
Investment Holdings [Line Items] | ||
Amortization Expense | 143 | |
Tax Benefit Recognized | $ (233) |
Qualified Affordable Housing116
Qualified Affordable Housing Projects and Other Tax Credit Investments - Additional Information (Detail) | Dec. 31, 2015USD ($) |
Investments in Affordable Housing Projects [Abstract] | |
Qualified affordable housing projects and other tax credit investments | $ 9,800,000 |
Unfunded commitments | $ 0 |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Maturities of Time Deposits [Abstract] | ||
Time deposits, $250,000 or more, total | $ 313.8 | $ 103.8 |
Deposits - Schedule of Maturiti
Deposits - Schedule of Maturities of Total Time Deposits (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Maturities of Time Deposits [Abstract] | ||
Due in 2017 | $ 895,033 | |
Due in 2018 | 292,371 | |
Due in 2019 | 108,978 | |
Due in 2020 | 86,090 | |
Due in 2021 | 44,005 | |
Thereafter | 41,631 | |
Total | $ 1,468,108 | $ 1,000,067 |
Securities Sold Under Agreem119
Securities Sold Under Agreements to Repurchase - Schedule of Securities Sold under Agreements to Repurchase and Related Weighted-Average Interest Rates (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Securities Sold under Agreements to Repurchase [Abstract] | ||
Outstanding at end of period | $ 367,052,000 | $ 387,409,000 |
Average amount outstanding | 368,757,000 | 406,117,000 |
Maximum amount outstanding at any month-end | $ 396,695,000 | $ 419,515,000 |
Weighted average interest rate during period | 0.41% | 0.37% |
Weighted average interest rate at end of period | 0.47% | 0.38% |
Securities Sold Under Agreem120
Securities Sold Under Agreements to Repurchase - Schedule of Remaining Contractual Maturity of Secured Borrowings and Class of Collateral Pledged Under Repurchase Agreements (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Secured borrowings and class of collateral pledged under repurchase agreements | $ 367,052 | $ 387,409 |
U.S. Treasury [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Secured borrowings and class of collateral pledged under repurchase agreements | 367,052 | |
Overnight and Continuous [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Secured borrowings and class of collateral pledged under repurchase agreements | 317,052 | |
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 | 317,052 | |
Up to 30 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Secured borrowings and class of collateral pledged under repurchase agreements | 25,000 | |
Up to 30 Days [Member] | U.S. Treasury [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Secured borrowings and class of collateral pledged under repurchase agreements | 25,000 | |
Maturity Greater than 90 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Secured borrowings and class of collateral pledged under repurchase agreements | 25,000 | |
Maturity Greater than 90 Days [Member] | U.S. Treasury [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Secured borrowings and class of collateral pledged under repurchase agreements | $ 25,000 |
Securities Sold Under Agreem121
Securities Sold Under Agreements to Repurchase - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2016 | |
Securities Sold under Agreements to Repurchase [Abstract] | |
Gross outstanding balance of repurchase agreements collateralized by securities percentage | 111.00% |
Federal Home Loan Bank Advan122
Federal Home Loan Bank Advances - Summary of FHLB Advances (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Federal Home Loan Bank, Advances [Line Items] | ||
ASC 815 fair value hedge and other basis adjustments | $ (133) | |
Total other borrowings | 1,353,092 | $ 1,023,491 |
Old National Bank [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank advances (fixed rates 0.56% to 6.76% and variable rates 0.99% to 1.05%) maturing January 2017 to January 2025 | 1,353,225 | 1,022,766 |
ASC 815 fair value hedge and other basis adjustments | $ (133) | $ 725 |
Federal Home Loan Bank Advan123
Federal Home Loan Bank Advances - Summary of FHLB Advances (Parenthetical) (Detail) - Old National Bank [Member] - Federal Home Loan Bank Advances [Member] | 12 Months Ended |
Dec. 31, 2016 | |
Federal Home Loan Bank, Advances [Line Items] | |
Maturity, Start date | Jan. 31, 2017 |
Maturity, End date | Jan. 31, 2025 |
Minimum [Member] | |
Federal Home Loan Bank, Advances [Line Items] | |
Fixed rates | 0.56% |
Variable rates | 0.99% |
Maximum [Member] | |
Federal Home Loan Bank, Advances [Line Items] | |
Fixed rates | 6.76% |
Variable rates | 1.05% |
Federal Home Loan Bank Advan124
Federal Home Loan Bank Advances - Additional Information (Detail) | Dec. 31, 2016 | Dec. 31, 2015 |
Federal Home Loan Bank, Advances [Line Items] | ||
Weighted-average rates of FHLB advances | 0.94% | 0.72% |
Federal Home Loan Bank Advances [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Percentage of borrowings collateralized by investment securities and residential real estate loans | 140.00% |
Federal Home Loan Bank Advan125
Federal Home Loan Bank Advances - Summary of Contractual Maturities of FHLB Advances (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Federal Home Loan Banks [Abstract] | ||
Due in 2017 | $ 945,544 | |
Due in 2018 | 170,090 | |
Due in 2019 | 2,415 | |
Due in 2020 | 50,000 | |
Due in 2021 | 0 | |
Thereafter | 185,176 | |
ASC 815 fair value hedge and other basis adjustments | (133) | |
Total | $ 1,353,092 | $ 1,023,491 |
Other Borrowings - Other Borrow
Other Borrowings - Other Borrowings (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Aug. 31, 2014 | |
Debt Instrument [Line Items] | |||
Total other borrowings | $ 1,353,092 | $ 1,023,491 | |
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] | |||
Other basis adjustments | (3,971) | (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 | (1,182) | (1,338) | |
Old National Bancorp [Member] | Junior Subordinated Debt [Member] | |||
Debt Instrument [Line Items] | |||
Junior subordinated debentures (variable rates of 2.30% to 2.74%) maturing March 2035 to September 2037 | 45,000 | 45,000 | |
Old National Bank [Member] | |||
Debt Instrument [Line Items] | |||
Capital lease obligation | $ 4,092 | $ 4,036 |
Other Borrowings - Other Bor127
Other Borrowings - Other Borrowings (Parenthetical) (Detail) | 12 Months Ended | |
Dec. 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 | |
Trust Preferred Securities [Member] | Old National Bancorp [Member] | Junior Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Maturity, Start date | Mar. 31, 2035 | |
Maturity, End date | Sep. 30, 2037 | |
Trust Preferred Securities [Member] | Minimum [Member] | Old National Bancorp [Member] | Junior Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Variable rates | 2.30% | |
Trust Preferred Securities [Member] | Maximum [Member] | Old National Bancorp [Member] | Junior Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Variable rates | 2.74% |
Other Borrowings - Contractual
Other Borrowings - Contractual Maturities of Other Borrowings (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Debt Disclosure [Abstract] | |
Due in 2017 | $ 196 |
Due in 2018 | 79 |
Due in 2019 | 85 |
Due in 2020 | 91 |
Due in 2021 | 99 |
Thereafter | 223,542 |
Unamortized debt issuance costs and other basis adjustments | (5,153) |
Total | $ 218,939 |
Other Borrowings - Additional I
Other Borrowings - Additional Information (Detail) $ in Millions | May 01, 2016 | Dec. 31, 2006USD ($) | Sep. 30, 2006USD ($) | Dec. 31, 2005USD ($) | Jan. 01, 2004Item | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Aug. 31, 2014USD ($) | Mar. 31, 2007USD ($) | Jul. 31, 2006USD ($) | Mar. 31, 2005USD ($) |
Debt Instrument [Line Items] | |||||||||||
Preferred securities | |||||||||||
Long-term capital lease obligation period, in years | 25 years | ||||||||||
Long-term capital lease obligation renewal period, in years | 10 years | ||||||||||
Number of renewal option for 10 years period | Item | 1 | ||||||||||
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 | ||||||||||
Anchor BanCorp Wisconsin Inc [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Capital lease obligation period | 5 years | ||||||||||
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% | ||||||||||
Senior Unsecured Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Senior unsecured notes | $ 175 | ||||||||||
Fixed rates | 4.125% | ||||||||||
Maturity date | Aug. 15, 2024 | ||||||||||
Monroe Bancorp Capital Trust I [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Preferred securities | $ 3 | ||||||||||
Reference rate of the variable interest rate for preferred securities | Three-month LIBOR plus 160 basis points | ||||||||||
Monroe Bancorp Capital Trust I [Member] | Junior Subordinated Debt [Member] | Trust Preferred Securities [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
LIBOR rate | 1.60% | ||||||||||
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% |
Other Borrowings - Future Minim
Other Borrowings - Future Minimum Lease Payments under Capital Lease Arrangements (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Debt Disclosure [Abstract] | |
2,017 | $ 535 |
2,018 | 410 |
2,019 | 430 |
2,020 | 430 |
2,021 | 430 |
Thereafter | 7,976 |
Total minimum lease payments | 10,211 |
Less amounts representing interest | (6,119) |
Present value of net minimum lease payments | $ 4,092 |
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 | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||||||||||
Provision at statutory rate of 35% | $ 70,149 | $ 57,013 | $ 49,688 | ||||||||
Tax-exempt interest | (14,356) | (13,111) | (11,460) | ||||||||
Section 291/265 interest disallowance | 191 | 142 | 93 | ||||||||
Company-owned life insurance income | (2,968) | (3,011) | (2,423) | ||||||||
Tax-exempt income | (17,133) | (15,980) | (13,790) | ||||||||
Reserve for unrecognized tax benefits | (1) | (5) | (1,076) | ||||||||
State income taxes | 3,461 | 4,173 | 2,676 | ||||||||
ONB Insurance Group, Inc. nondeductible goodwill | 8,328 | ||||||||||
Effect of Illinois branch sale | 1,835 | ||||||||||
State statutory rate change | 904 | ||||||||||
Other, net | 1,358 | (859) | (105) | ||||||||
Income tax expense | $ 14,710 | $ 10,969 | $ 30,812 | $ 9,671 | $ 11,598 | $ 16,395 | $ 8,959 | $ 9,225 | $ 66,162 | $ 46,177 | $ 38,297 |
Effective tax rate | 33.00% | 28.30% | 27.00% |
Income Taxes - Summary of Di132
Income Taxes - Summary of Differences in Taxes from Continuing Operations Computed at Statutory Rate (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Statutory rate | 35.00% | 35.00% | 35.00% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
May 31, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Line Items] | |||||||
Net deferred tax assets | $ 181,863,000 | $ 109,984,000 | |||||
Bad debt reserves, created for tax purposes | 52,800,000 | ||||||
Unrecognized deferred income tax liability | 19,800,000 | ||||||
Valuation allowance recorded | 0 | 0 | |||||
Operating loss carryforwards, federal | 162,900,000 | 1,300,000 | |||||
AMT carryforwards | 19,523,000 | 18,378,000 | |||||
Federal tax credits | 35,000 | 422,000 | |||||
Operating loss carryforwards, state | 206,300,000 | 46,300,000 | |||||
Unrecognized tax benefits, if recognized, would favorably affect the effective tax rate | 800,000 | ||||||
Interest and penalties | (100,000) | (400) | $ (1,100,000) | ||||
Interest and penalties, accrued | 100,000 | 11,000 | |||||
Uncertain tax position reversal | $ 2,000 | $ 4,000 | $ 3,800,000 | $ 2,000 | $ 4,000 | $ 3,807,000 | |
Interest portion of uncertain tax position reversal | $ 0 | ||||||
ONB Insurance Group, Inc. [Member] | |||||||
Income Taxes [Line Items] | |||||||
Additional tax expense to record deferred tax liability | $ 8,300,000 | ||||||
Federal Net Operating Loss [Member] | |||||||
Income Taxes [Line Items] | |||||||
Operating loss carryforwards, expiration date | 2,027 | ||||||
Minimum [Member] | Federal Tax Credits [Member] | |||||||
Income Taxes [Line Items] | |||||||
Operating loss carryforwards, expiration date | 2,027 | ||||||
Minimum [Member] | State Net Operating Loss [Member] | |||||||
Income Taxes [Line Items] | |||||||
Operating loss carryforwards, expiration date | 2,023 | ||||||
Maximum [Member] | Federal Tax Credits [Member] | |||||||
Income Taxes [Line Items] | |||||||
Operating loss carryforwards, expiration date | 2,035 | ||||||
Maximum [Member] | State Net Operating Loss [Member] | |||||||
Income Taxes [Line Items] | |||||||
Operating loss carryforwards, expiration date | 2,035 | ||||||
Anchor BanCorp Wisconsin Inc [Member] | |||||||
Income Taxes [Line Items] | |||||||
Net increase (decrease) in deferred tax assets | $ 71,900,000 | ||||||
Net deferred tax assets | 98,100,000 | ||||||
Bad debt reserves, created for tax purposes | 50,900,000 | ||||||
Lafayette Savings Bank [Member] | |||||||
Income Taxes [Line Items] | |||||||
Bad debt reserves, created for tax purposes | $ 1,900,000 |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||||||||||
Federal income taxes currently payable | $ 23,735 | $ 17,385 | $ 8,974 | ||||||||
State income taxes currently payable | 2,242 | 769 | 581 | ||||||||
Federal income taxes deferred | 35,955 | 24,664 | 27,207 | ||||||||
State income taxes deferred | 4,230 | 3,359 | 1,535 | ||||||||
Deferred income tax expense | 40,185 | 28,023 | 28,742 | ||||||||
Income tax expense | $ 14,710 | $ 10,969 | $ 30,812 | $ 9,671 | $ 11,598 | $ 16,395 | $ 8,959 | $ 9,225 | $ 66,162 | $ 46,177 | $ 38,297 |
Income Taxes - Schedule of Sign
Income Taxes - Schedule of Significant Components of Net Deferred Tax Assets (Liabilities) (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred Tax Assets | ||
Allowance for loan losses, net of recapture | $ 19,773 | $ 17,125 |
Benefit plan accruals | 23,846 | 18,066 |
Alternative minimum tax credit | 19,523 | 18,378 |
Unrealized losses on benefit plans | 205 | 4,507 |
Net operating loss carryforwards | 66,917 | 2,041 |
Premises and equipment | 12,735 | |
Federal tax credits | 35 | 422 |
Other-than-temporary impairment | 3,606 | 3,558 |
Acquired loans | 40,522 | 34,870 |
Lease exit obligation | 2,060 | 2,626 |
Unrealized losses on available-for-sale investment securities | 23,365 | 3,002 |
Unrealized losses on held-to-maturity investment securities | 7,118 | 7,724 |
Unrealized losses on hedges | 4,116 | 5,685 |
Other real estate owned | 3,310 | |
Other, net | 2,675 | 4,914 |
Total deferred tax assets | 217,071 | 135,653 |
Deferred Tax Liabilities | ||
Accretion on investment securities | (700) | (599) |
Other real estate owned | (284) | |
Purchase accounting | (17,552) | (16,615) |
FDIC indemnification asset | (2,565) | |
Loan servicing rights | (9,627) | (3,890) |
Premises and equipment | (4,800) | |
Other, net | (2,529) | (1,716) |
Total deferred tax liabilities | (35,208) | (25,669) |
Net deferred tax assets | $ 181,863 | $ 109,984 |
Income Taxes - Summary of Recon
Income Taxes - Summary of Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||||||
Balance at January 1, | $ 124 | $ 77 | $ 3,847 | |||
Additions based on tax positions related to the current year | 118 | 51 | 37 | |||
Additions based on tax positions related to prior years | 537 | |||||
Reductions due to statute of limitations expiring | $ (2) | $ (4) | $ (3,800) | (2) | (4) | (3,807) |
Balance at December 31, | $ 777 | $ 124 | $ 77 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) shares in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Discretionary profit sharing | $ 0 | $ 0 | $ 0 |
Settlement loss | (103,000) | ||
Benefit cost, net periodic benefit cost | 263,000 | 167,000 | 154,000 |
Estimated net loss from restoration plan, that will be amortized into periodic costs | 100,000 | ||
Accumulated benefit obligation and projected benefit obligation | 1,100,000 | $ 1,200,000 | |
Expected cash contribution | $ 200,000 | ||
Contribution plan, employer matching contribution percentage | 50.00% | ||
Defined contribution plans employee contribution percentage of eligible compensation matched by employer | 6.00% | ||
Shares allocated to the employee stock ownership plan | 0.8 | 1 | |
Contribution expense under employee stock ownership plan | $ 5,000,000 | $ 4,600,000 | 4,300,000 |
Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 0 | ||
Discretionary profit sharing | 7,600,000 | $ 100,000 | $ 300,000 |
Settlement loss | 9,800,000 | ||
Benefit cost, net periodic benefit cost | $ 11,600,000 |
Employee Benefit Plans - Summar
Employee Benefit Plans - Summary of the Activity of the Restoration Plan (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefit obligation, Beginning Balance | $ 1,200 | ||
Benefit obligation, Interest cost | 52 | $ 45 | $ 52 |
Benefit obligation, Actuarial loss (gain) | (108) | (122) | (102) |
Defined Benefit Plan, Benefit obligation, Ending Balance | 1,100 | 1,200 | |
Accrued benefit liability | (1,136) | (1,239) | |
Net amount recognized | (1,136) | (1,239) | |
Net actuarial loss | 538 | 646 | |
Amount Recognized in OCI, Total | 538 | 646 | |
Change in Projected Benefit Obligation [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefit obligation, Beginning Balance | 1,239 | 1,346 | |
Benefit obligation, Interest cost | 52 | 45 | |
Plan Assets, Benefits paid | (39) | (65) | |
Benefit obligation, Actuarial loss (gain) | 103 | (87) | |
Plan Assets, Settlement | (219) | ||
Defined Benefit Plan, Benefit obligation, Ending Balance | 1,136 | 1,239 | 1,346 |
Change in Plan Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair value of plan assets, Beginning Balance | 0 | 0 | |
Plan Assets, Employer contributions | 257 | 65 | |
Plan Assets, Benefits paid | (39) | (65) | |
Plan Assets, Settlement | (218) | ||
Defined Benefit Plan, Fair value of plan assets, Ending Balance | 0 | 0 | $ 0 |
Funded status at December 31 | $ (1,136) | $ (1,239) |
Employee Benefit Plans - Schedu
Employee Benefit Plans - Schedule of Net Periodic Benefit Cost (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |||
Benefit Cost, Interest cost | $ 52 | $ 45 | $ 52 |
Benefit Cost, Recognized actuarial loss | 108 | 122 | 102 |
Benefit Cost, Net periodic benefit cost | 160 | 167 | 154 |
Benefit Cost, Settlement loss | 103 | ||
Total net periodic benefit cost | 263 | 167 | 154 |
Other Changes, Net actuarial (gain)/loss | 103 | (87) | 145 |
Other Changes, Amortization of net actuarial loss | (108) | (122) | (102) |
Other Changes, Settlement loss | (103) | ||
Total recognized in other comprehensive income | (108) | (209) | 43 |
Total recognized in net periodic benefit cost and other comprehensive income | $ 155 | $ (42) | $ 197 |
Employee Benefit Plans - Assump
Employee Benefit Plans - Assumptions Used in Determining the Benefit Obligation and Net Periodic Benefit Expense Income (Detail) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |||
Benefit obligations, Discount rate at the end of the period | 4.00% | 4.50% | 4.00% |
Net periodic benefit cost, Discount rate at the beginning of the period | 4.50% | 4.00% | 4.75% |
Rate of compensation increase | 0.00% | 0.00% | 0.00% |
Employee Benefit Plans - Expect
Employee Benefit Plans - Expected Benefit Payments (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
2,017 | $ 210 |
2,018 | 18 |
2,019 | 230 |
2,020 | 21 |
2,021 | 52 |
Years 2022 - 2026 | $ 610 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jan. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Remaining shares available for issuance | 4,900,000 | |||
Stock based compensation expense | $ 7,300,000 | $ 4,300,000 | $ 4,200,000 | |
Total income tax benefit, stock-based compensation cost | $ 2,800,000 | $ 1,600,000 | 1,600,000 | |
Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation awards, vesting period | 3 years | |||
Unrecognized compensation expense | $ 2,700,000 | |||
Expected weighted-average period for cost recognition (in years) | 1 year 8 months 12 days | |||
Stock appreciation rights, Outstanding | 821,000 | 840,000 | ||
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Contractual term, in years | 10 years | |||
Stock Options [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation awards, vesting period | 3 years | |||
Stock Options [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation awards, vesting period | 5 years | |||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation awards, vesting period | 3 years | |||
Unrecognized compensation expense | $ 3,400,000 | |||
Expected weighted-average period for cost recognition (in years) | 1 year 10 months 24 days | |||
Total fair value of shares vested | $ 3,800,000 | $ 1,600,000 | $ 1,300,000 | |
Stock appreciation rights, Outstanding | 401,000 | 346,000 | ||
Stock Appreciation Rights (SARs) [Member] | Old National Bancorp [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock appreciation rights, Outstanding | 100,000 | |||
Incremental expense associated with conversion of stock appreciation rights | $ 0 | |||
Outside Director Stock Compensation Program [Member] | Amended and Restated 2008 Incentive Compensation Plan [Member] | Subsequent Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares, issued | 35,000 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Changes in the Nonvested Restricted Shares (Detail) - Restricted Stock [Member] shares in Thousands | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested shares, Beginning balance | shares | 346 |
Nonvested shares, Granted, Number Outstanding | shares | 348 |
Nonvested shares, Vested, Number Outstanding | shares | (289) |
Nonvested shares, Forfeited, Number Outstanding | shares | (4) |
Nonvested shares, Ending balance | shares | 401 |
Nonvested shares, Weighted Average Grant-Date Fair Value, Beginning of Period | $ / shares | $ 13.90 |
Nonvested shares, Granted, Weighted Average Grant-Date Fair Value | $ / shares | 12.77 |
Nonvested shares, Vested, Weighted Average Grant-Date Fair Value | $ / shares | 13.36 |
Nonvested shares, Forfeited, Weighted Average Grant-Date Fair Value | $ / shares | 13.26 |
Nonvested shares, Weighted Average Grant-Date Fair Value, Ending of Period | $ / shares | $ 13.31 |
Stock-Based Compensation - S144
Stock-Based Compensation - Summary of Changes in the Nonvested Restricted Shares (Parenthetical) (Detail) - Restricted Stock [Member] - shares shares in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares issuable in conjunction with acquisition | 401 | 346 |
Anchor BanCorp Wisconsin Inc [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares issuable in conjunction with acquisition | 173 |
Stock-Based Compensation - S145
Stock-Based Compensation - Summary of Changes in the Nonvested Restricted Stock Units (Detail) - Restricted Stock Units [Member] shares in Thousands | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested shares, Beginning balance | shares | 840 |
Nonvested shares, Granted, Number Outstanding | shares | 279 |
Nonvested shares, Vested, Number Outstanding | shares | (16) |
Nonvested shares, Forfeited, Number Outstanding | shares | (295) |
Nonvested Shares,dividend equivalents adjustment, Number Outstanding | shares | 13 |
Nonvested shares, Ending balance | shares | 821 |
Nonvested shares, Weighted Average Grant-Date Fair Value, Beginning of Period | $ / shares | $ 12.56 |
Nonvested shares, Granted, Weighted Average Grant-Date Fair Value | $ / shares | 10.17 |
Nonvested shares, Vested, Weighted Average Grant-Date Fair Value | $ / shares | 13.04 |
Nonvested shares, Forfeited, Weighted Average Grant-Date Fair Value | $ / shares | 11.84 |
Nonvested shares, dividend equivalents adjustment, Weighted Average Grant-Date Fair Value | $ / shares | 11.05 |
Nonvested shares, Weighted Average Grant-Date Fair Value, Ending of Period | $ / shares | $ 12.02 |
Stock-Based Compensation - S146
Stock-Based Compensation - Summary of the Activity in the Stock Option Plan (Detail) $ / shares in Units, shares in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($)$ / sharesshares | |
Stock Based Compensation [Abstract] | |
Outstanding, Shares, Beginning Balance | shares | 1,043 |
Exercised, Shares | shares | (191) |
Forfeited/expired, Shares | shares | (158) |
Outstanding, Shares, Ending Balance | shares | 694 |
Options exercisable at end of year, Shares | shares | 694 |
Weighted Average Exercise Price, Beginning of Period | $ / shares | $ 16.16 |
Exercised, Weighted Average Exercise Price | $ / shares | 12.83 |
Forfeited/expired, Weighted Average Exercise Price | $ / shares | 24.09 |
Weighted Average Exercise Price, End of Period | $ / shares | 15.27 |
Options exercisable at end of year, Weighted Average Exercise Price | $ / shares | $ 15.27 |
Weighted Average Remaining Contractual Term in Years, End of Period | 1 year 3 months 29 days |
Options exercisable at end of year, Weighted Average Remaining Contractual Terms in Years | 1 year 3 months 29 days |
Aggregate Intrinsic Value, End of Period | $ | $ 2,460,100 |
Options exercisable at end of year, Aggregate Intrinsic Value | $ | $ 2,460,100 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Information Related to the Stock Option Plan (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Stock Based Compensation [Abstract] | |||
Intrinsic value of options exercised | $ 660 | $ 458 | $ 432 |
Cash received from option exercises | 2,349 | 997 | 1,002 |
Tax benefit realized from option exercises | $ 264 | $ 159 | $ 97 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Aug. 16, 2012 | |
Shareholders' Equity [Line Items] | ||||
Authorized and unissued common shares available for issuance | 300,000,000 | 300,000,000 | ||
Common shares purchase price as percentage of fair market value | 95.00% | |||
Maximum value of shares purchased as percentage of employee compensation | 10.00% | |||
Common stock issued | $ 388,000 | $ 391,000 | $ 326,000 | |
Dividend Reinvestment and Stock Purchase Plan [Member] | ||||
Shareholders' Equity [Line Items] | ||||
Authorized and unissued common shares available for issuance | 3,300,000 | 3,300,000 | ||
Employee Stock Purchase Plan [Member] | ||||
Shareholders' Equity [Line Items] | ||||
Number of shares available for purchase, maximum | 500,000 | |||
Shares issued related to dividend reinvestment and stock purchase plan | 32,000 | 29,000 | ||
Common stock issued | $ 388,000 | $ 391,000 |
Fair Value - Schedule of Fair V
Fair Value - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Trading securities | $ 4,982 | $ 3,941 |
Investment securities available-for-sale | 2,797,174 | 2,418,221 |
Derivative assets | 17,701 | 15,925 |
Derivative liabilities | 23,574 | 26,968 |
U.S. Treasury [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment securities available-for-sale | 7,103 | 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 | 493,956 | 613,550 |
Mortgage-Backed Securities - Agency [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment securities available-for-sale | 1,525,019 | 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 | 436,684 | 387,296 |
Pooled Trust Preferred Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment securities available-for-sale | 8,119 | 7,900 |
Other Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment securities available-for-sale | 326,293 | 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 | 4,982 | 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 | 90,682 | 13,810 |
Derivative assets | 17,701 | 15,925 |
Derivative liabilities | 23,574 | 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 | 7,103 | 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 | 493,956 | 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 | 1,525,019 | 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 | 436,684 | 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 | 8,119 | 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 | 30,905 | 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 | 295,388 | 299,521 |
Carrying Value [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Trading securities | 4,982 | 3,941 |
Residential loans held for sale | 90,682 | 13,810 |
Derivative assets | 17,701 | 15,925 |
Derivative liabilities | 23,574 | 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 | 7,103 | 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 | 493,956 | 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 | 1,525,019 | 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 | 436,684 | 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 | 8,119 | 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 | $ 326,293 | $ 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 | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Accretion of discount | $ 18 | $ 18 |
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 | 18 | 18 |
Sales/payments received | (327) | (663) |
Increase in fair value of securities | 528 | 1,938 |
Ending balance | $ 8,119 | 7,900 |
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 | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Accretion of discounts on securities included in interest income | $ 18 | $ 18 |
Net carrying amount other real estate owned and other repossessed property | 2,700 | |
Other real estate owned property write-downs | $ 3,000 | 2,200 |
Past due period of mortgage loans held for sale, days | 90 days | |
Interest income for residential loans held for sale | $ 100 | 100 |
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 | 1,700 | |
Impaired Commercial and Commercial Real Estate Loans [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Principal amount of impaired commercial and commercial real estate loans | 26,400 | 36,800 |
Valuation allowance | 8,000 | 11,500 |
Recapture of provision loan | $ 1,100 | |
Provision for loan losses expensed | $ 4,700 |
Fair Value - Quantitative Infor
Fair Value - Quantitative Information about Significant Unobservable Inputs Used in Fair Value Measurements (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 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 | 13.00% | 11.00% |
Commercial Loan [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 6,771 | $ 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 | $ 11,632 | $ 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 | 10.00% | 0.00% |
Maximum [Member] | Commercial Loan [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount for type of property, age of appraisal and current status | 99.00% | 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 | 67.00% | 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 | 53.00% | 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 | 36.00% | 33.00% |
Pooled Trust Preferred Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 8,119 | $ 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 | 4.50% | 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 | 10.00% | 11.50% |
Expected asset recoveries | 6.10% | 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 | 7.90% | 8.10% |
Expected asset recoveries | 0.90% | 3.10% |
Commercial Real Estate Foreclosed Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 1,352 | $ 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 | 4.00% | 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 | 39.00% | 26.00% |
Residential Foreclosed Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 394 | $ 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 | 60.00% | 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 | 30.00% | 29.00% |
Fair Value - Quantitative In153
Fair Value - Quantitative Information about Significant Unobservable Inputs Used in Fair Value Measurements (Parenthetical) (Detail) | 12 Months Ended | |
Dec. 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 | Dec. 31, 2016 | Dec. 31, 2015 |
Commercial Loan [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 6,771 | $ 13,332 |
Commercial Real Estate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 11,632 | 11,857 |
Commercial Real Estate Foreclosed Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 1,352 | 2,526 |
Residential Foreclosed Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 394 | 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 | 6,771 | 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 | 11,632 | 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 | 1,352 | 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 | $ 394 | $ 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 | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Estimate Not Practicable, Financial Statement Captions [Line Items] | ||
Aggregate Fair Value | $ 90,682 | $ 13,810 |
Difference | 133 | 236 |
Contractual Principal | $ 90,549 | $ 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 | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||||||
Interest Income | $ 109,917 | $ 107,803 | $ 99,340 | $ 85,643 | $ 85,922 | $ 97,104 | $ 92,097 | $ 90,993 | $ 402,703 | $ 366,116 | $ 366,370 |
Interest (Expense) | $ (11,932) | $ (11,910) | $ (10,903) | $ (9,686) | $ (9,038) | $ (8,567) | $ (7,867) | $ (7,601) | (44,431) | (33,073) | $ (23,359) |
Residential Loans Held for Sale [Member] | |||||||||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||||||||||
Other Gains and (Losses) | (103) | (140) | |||||||||
Interest Income | 0 | 0 | |||||||||
Interest (Expense) | 0 | 0 | |||||||||
Total Changes in Fair Values Included in Current Period Earnings | $ (103) | $ (140) |
Fair Value - Carrying Amounts a
Fair Value - Carrying Amounts and Estimated Fair Values of Financial Instruments, Not Previously Presented (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash, due from banks, federal funds sold, and money market investments | $ 255,519 | $ 219,818 | $ 239,963 | $ 206,723 |
Investment securities - held-to-maturity | 745,090 | 872,111 | ||
Federal Home Loan Bank/Federal Reserve Bank stock | 101,716 | 86,146 | ||
FDIC indemnification asset | 9,030 | $ 20,603 | ||
Accrued interest receivable | 81,381 | 69,098 | ||
Noninterest-bearing demand deposits | 3,016,093 | 2,488,855 | ||
Time deposits | 1,468,108 | 1,000,067 | ||
Federal funds purchased and interbank borrowings | 213,003 | 291,090 | ||
Securities sold under agreements to repurchase | 367,052 | 387,409 | ||
Other borrowings | 1,353,092 | 1,023,491 | ||
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 | 255,519 | 219,818 | ||
Accrued interest receivable | 16 | 29 | ||
Noninterest-bearing demand deposits | 3,016,093 | 2,488,855 | ||
NOW, savings, and money market deposits | 6,259,052 | 4,911,938 | ||
Federal funds purchased and interbank borrowings | 213,003 | 291,090 | ||
Securities sold under agreements to repurchase | 317,052 | 337,409 | ||
Significant Other Observable Inputs (Level 2) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Accrued interest receivable | 22,880 | 22,821 | ||
Time deposits | 1,460,778 | 998,878 | ||
Securities sold under agreements to repurchase | 50,612 | 51,370 | ||
Other borrowings | 217,647 | 201,138 | ||
Accrued interest payable | 5,979 | 4,859 | ||
Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Commercial | 1,971,296 | 1,829,824 | ||
Commercial real estate | 3,400,365 | 1,946,163 | ||
Residential real estate | 2,228,542 | 1,745,248 | ||
Consumer credit | 1,974,180 | 1,587,879 | ||
FDIC indemnification asset | 5,700 | |||
Accrued interest receivable | 58,485 | 46,248 | ||
Federal Home Loan Bank advances | 1,360,599 | 1,029,779 | ||
Standby letters of credit | 315 | 429 | ||
Commitments to extend credit | 2,527 | 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 | 40,131 | 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 | 40,558 | 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 | 10,640 | 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 | 10,940 | 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 | 694,319 | 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 | 732,674 | 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 | 255,519 | 219,818 | ||
Federal Home Loan Bank/Federal Reserve Bank stock | 101,716 | 86,146 | ||
Commercial | 1,895,618 | 1,788,593 | ||
Commercial real estate | 3,112,680 | 1,852,979 | ||
Residential real estate | 2,085,887 | 1,659,284 | ||
Consumer credit | 1,866,519 | 1,595,316 | ||
FDIC indemnification asset | 9,030 | |||
Accrued interest receivable | 81,381 | 69,098 | ||
Noninterest-bearing demand deposits | 3,016,093 | 2,488,855 | ||
NOW, savings, and money market deposits | 6,259,052 | 4,911,938 | ||
Time deposits | 1,468,108 | 1,000,067 | ||
Federal funds purchased and interbank borrowings | 213,003 | 291,090 | ||
Securities sold under agreements to repurchase | 367,052 | 387,409 | ||
Federal Home Loan Bank advances | 1,353,092 | 1,023,491 | ||
Other borrowings | 218,939 | 218,256 | ||
Accrued interest payable | 5,979 | 4,859 | ||
Standby letters of credit | 315 | 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 | 40,131 | 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 | 10,640 | 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 | $ 694,319 | $ 713,205 |
Derivative Financial Instrum158
Derivative Financial Instruments - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative [Line Items] | ||||||||||||
Notional amount | $ 660,000,000 | $ 761,500,000 | $ 660,000,000 | $ 761,500,000 | ||||||||
Reclassified interest income (expense) | 109,917,000 | $ 107,803,000 | $ 99,340,000 | $ 85,643,000 | 85,922,000 | $ 97,104,000 | $ 92,097,000 | $ 90,993,000 | 402,703,000 | 366,116,000 | $ 366,370,000 | |
Scenario, Forecast [Member] | Reclassifications out of Accumulated Other Comprehensive Income (Loss) [Member] | Interest Income [Member] | ||||||||||||
Derivative [Line Items] | ||||||||||||
Reclassified interest income (expense) | $ 300,000 | |||||||||||
Scenario, Forecast [Member] | Reclassifications out of Accumulated Other Comprehensive Income (Loss) [Member] | Interest Expense [Member] | ||||||||||||
Derivative [Line Items] | ||||||||||||
Reclassified interest income (expense) | $ (6,100,000) | |||||||||||
Fixed Interest Swap [Member] | ||||||||||||
Derivative [Line Items] | ||||||||||||
Notional amount | 35,000,000 | 36,500,000 | 35,000,000 | 36,500,000 | ||||||||
Variable Interest Rate Swap [Member] | ||||||||||||
Derivative [Line Items] | ||||||||||||
Notional amount | 625,000,000 | 675,000,000 | 625,000,000 | 675,000,000 | ||||||||
Receive Fixed Pay Floating Interest Rate Swaps [Member] | ||||||||||||
Derivative [Line Items] | ||||||||||||
Notional amount | 0 | 50,000,000 | 0 | 50,000,000 | ||||||||
Interest Rate Lock Commitments [Member] | ||||||||||||
Derivative [Line Items] | ||||||||||||
Notional amount | 40,300,000 | 30,400,000 | 40,300,000 | 30,400,000 | ||||||||
Forward Commitments [Member] | ||||||||||||
Derivative [Line Items] | ||||||||||||
Notional amount | 86,100,000 | 33,300,000 | 86,100,000 | 33,300,000 | ||||||||
Customer Derivative Instrument [Member] | ||||||||||||
Derivative [Line Items] | ||||||||||||
Notional amount | 582,700,000 | 428,400,000 | 582,700,000 | 428,400,000 | ||||||||
Offsetting Counter Party Derivative Instrument [Member] | ||||||||||||
Derivative [Line Items] | ||||||||||||
Notional amount | $ 582,700,000 | $ 428,400,000 | $ 582,700,000 | $ 428,400,000 |
Derivative Financial Instrum159
Derivative Financial Instruments - Summary of Fair Value of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Derivative [Line Items] | ||
Total derivative assets | $ 17,701 | $ 15,925 |
Total derivative liabilities | 23,574 | 26,968 |
Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Total derivative assets | 3,056 | 3,794 |
Total derivative liabilities | 11,582 | 15,554 |
Designated as Hedging Instrument [Member] | Interest Rate Contracts [Member] | ||
Derivative [Line Items] | ||
Total derivative assets | 3,056 | 3,794 |
Total derivative liabilities | 11,582 | 15,554 |
Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Total derivative assets | 14,645 | 12,131 |
Total derivative liabilities | 11,992 | 11,414 |
Not Designated as Hedging Instrument [Member] | Interest Rate Contracts [Member] | ||
Derivative [Line Items] | ||
Total derivative assets | 11,903 | 11,296 |
Total derivative liabilities | 11,992 | 11,414 |
Not Designated as Hedging Instrument [Member] | Mortgage Contracts [Member] | ||
Derivative [Line Items] | ||
Total derivative assets | $ 2,742 | $ 835 |
Derivative Financial Instrum160
Derivative Financial Instruments - Schedule of Effect of Derivative Instruments on the Consolidated Statements of Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain or (Loss) Recognized in Income on Derivative | $ 1,418 | $ 186 | $ 340 |
Fair Value Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain or (Loss) Recognized in Income on Derivative | (5,320) | (1,540) | 1,277 |
Cash Flow Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain or (Loss) Recognized in Income on Derivative | 329 | 511 | 246 |
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 | (5,446) | (1,729) | 1,002 |
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 | 329 | 511 | 246 |
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 | 28 | 18 | 88 |
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 | 126 | 189 | 275 |
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 | $ 1,390 | $ 168 | $ 252 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Loan commitments | $ 2,354 | $ 1,746 |
Fixed rate loan commitment | 2,207 | |
Floating rate loan commitment | 146.5 | |
Standby letters of credit | $ 51.7 | 62.6 |
Loan commitments floating rate, minimum | 0.00% | |
Loan commitments floating rate, maximum | 25.00% | |
Allowance for unfunded loan commitments | $ 3.2 | 3.6 |
Extended credit | 13.3 | 14.5 |
Credit extensions with collateral | $ 12.6 | $ 13.6 |
Financial Guarantees - Addition
Financial Guarantees - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 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 | $ 51,700,000 | $ 62,600,000 |
Carrying value of letters of credit | 300,000 | 400,000 |
Notional amount | 660,000,000 | $ 761,500,000 |
Interest Rate Swap [Member] | 2007 Interest Rate Swap Purchase [Member] | ||
Financial Guarantees [Line Items] | ||
Notional amount | 6,800,000 | |
Interest Rate Swap [Member] | 2014 Interest Rate Swap Purchase [Member] | ||
Financial Guarantees [Line Items] | ||
Notional amount | $ 9,900,000 |
Regulatory Restrictions - Addit
Regulatory Restrictions - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Maturities of Time Deposits [Abstract] | ||
Reserve balances | $ 85.4 | $ 68.4 |
Cash and due from banks held as collateral | $ 3.5 | $ 0.2 |
Dividend approval threshold, years | 2 years |
Regulatory Restrictions - Sched
Regulatory Restrictions - Schedule of Capital Ratios (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Old National Bancorp [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total capital to risk-weighted assets Actual, Amount | $ 1,229,878 | $ 1,024,586 |
Common equity Tier 1 capital to risk-weighted assets Actual, Amount | 1,162,817 | 934,497 |
Tier 1 capital to risk-weighted assets Actual, Amount | 1,176,849 | 968,772 |
Tier 1 capital to average assets Actual, Amount | $ 1,176,849 | $ 968,772 |
Total capital to risk-weighted assets Actual, Ratio | 12.18% | 13.28% |
Common equity Tier 1 capital to risk-weighted assets Actual, Ratio | 11.51% | 12.11% |
Tier 1 capital to risk-weighted assets Actual, Ratio | 11.65% | 12.55% |
Tier 1 capital to average assets Actual, Ratio | 8.43% | 8.54% |
Total capital to risk-weighted assets Fully Phased-In Regulatory Guidelines Minimum, Amount | $ 1,060,662 | $ 810,397 |
Common equity Tier 1 capital to risk-weighted assets Fully Phased-In Regulatory Guidelines Minimum, Amount | 707,108 | 540,265 |
Tier 1 capital to risk-weighted assets Fully Phased-In Regulatory Guidelines Minimum, Amount | 858,631 | 656,036 |
Tier 1 capital to average assets Fully Phased-In Regulatory Guidelines Minimum, Amount | $ 558,673 | $ 454,005 |
Total capital to risk-weighted assets Fully Phased-In Regulatory Guidelines Minimum, Ratio | 10.50% | 10.50% |
Common equity Tier 1 capital to risk-weighted assets Fully Phased-In Regulatory Guidelines Minimum, Ratio | 7.00% | 7.00% |
Tier 1 capital to risk-weighted assets Fully Phased-In Regulatory Guidelines Minimum, Ratio | 8.50% | 8.50% |
Tier 1 capital to average assets Fully Phased-In Regulatory Guidelines Minimum, Ratio | 4.00% | 4.00% |
Old National Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total capital to risk-weighted assets Actual, Amount | $ 1,240,180 | $ 1,079,652 |
Common equity Tier 1 capital to risk-weighted assets Actual, Amount | 1,187,151 | 1,023,839 |
Tier 1 capital to risk-weighted assets Actual, Amount | 1,187,151 | 1,023,839 |
Tier 1 capital to average assets Actual, Amount | $ 1,187,151 | $ 1,023,839 |
Total capital to risk-weighted assets Actual, Ratio | 12.35% | 14.11% |
Common equity Tier 1 capital to risk-weighted assets Actual, Ratio | 11.82% | 13.38% |
Tier 1 capital to risk-weighted assets Actual, Ratio | 11.82% | 13.38% |
Tier 1 capital to average assets Actual, Ratio | 8.55% | 9.11% |
Total capital to risk-weighted assets Fully Phased-In Regulatory Guidelines Minimum, Amount | $ 1,054,305 | $ 803,490 |
Common equity Tier 1 capital to risk-weighted assets Fully Phased-In Regulatory Guidelines Minimum, Amount | 702,870 | 535,660 |
Tier 1 capital to risk-weighted assets Fully Phased-In Regulatory Guidelines Minimum, Amount | 853,485 | 650,445 |
Tier 1 capital to average assets Fully Phased-In Regulatory Guidelines Minimum, Amount | $ 555,161 | $ 449,791 |
Total capital to risk-weighted assets Fully Phased-In Regulatory Guidelines Minimum, Ratio | 10.50% | 10.50% |
Common equity Tier 1 capital to risk-weighted assets Fully Phased-In Regulatory Guidelines Minimum, Ratio | 7.00% | 7.00% |
Tier 1 capital to risk-weighted assets Fully Phased-In Regulatory Guidelines Minimum, Ratio | 8.50% | 8.50% |
Tier 1 capital to average assets Fully Phased-In Regulatory Guidelines Minimum, Ratio | 4.00% | 4.00% |
Total capital to risk-weighted assets Well Capitalized Guidelines, Amount | $ 1,004,100 | $ 765,229 |
Common equity Tier 1 capital to risk-weighted assets Well Capitalized Guidelines, Amount | 652,665 | 497,399 |
Tier 1 capital to risk-weighted assets Well Capitalized Guidelines, Amount | 803,280 | 612,183 |
Tier 1 capital to average assets Well Capitalized Guidelines, Amount | $ 693,951 | $ 562,239 |
Total capital to risk-weighted assets Well Capitalized Guidelines, Ratio | 10.00% | 10.00% |
Common equity Tier 1 capital to risk-weighted assets Well Capitalized Guidelines, Ratio | 6.50% | 6.50% |
Tier 1 capital to risk-weighted assets Well Capitalized Guidelines, Ratio | 8.00% | 8.00% |
Tier 1 capital to average assets Well Capitalized Guidelines, Ratio | 5.00% | 5.00% |
Regulatory Restrictions - Sc165
Regulatory Restrictions - Schedule of Capital Ratios (Parenthetical) (Detail) - Basel III Capital Rules [Member] | 12 Months Ended |
Dec. 31, 2016 | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |
Capital conservation buffer | 2.50% |
Capital conservation buffer | 2.50% |
Capital conservation buffer | 2.50% |
Minimum [Member] | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |
Total capital to risk-weighted assets Actual, Ratio | 8.00% |
Common equity Tier 1 capital to risk-weighted assets Actual, Ratio | 4.50% |
Tier 1 capital to risk-weighted assets Actual, Ratio | 6.00% |
Tier 1 capital to average assets Fully Phased-In Regulatory Guidelines Minimum, Ratio | 4.00% |
Parent Company Financial Sta166
Parent Company Financial Statements - Condensed Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Assets | ||||
Trading securities - at fair value | $ 4,982 | $ 3,941 | ||
Other assets | 115,776 | 106,639 | ||
Total assets | 14,860,237 | 11,991,527 | ||
Liabilities and Shareholders' Equity | ||||
Other borrowings | 218,939 | 218,256 | ||
Shareholders' equity | 1,814,417 | 1,491,170 | $ 1,465,764 | $ 1,162,640 |
Total liabilities and shareholders' equity | 14,860,237 | 11,991,527 | ||
Old National Bancorp [Member] | ||||
Assets | ||||
Deposits in affiliate bank | 91,650 | 48,000 | ||
Trading securities - at fair value | 4,982 | 3,941 | ||
Investment securities - available-for-sale | 1,535 | 1,452 | ||
Investment in affiliates, Banking subsidiaries | 1,862,244 | 1,551,924 | ||
Investment in affiliates, Non-banks | 11,388 | 49,083 | ||
Other assets | 90,872 | 84,598 | ||
Total assets | 2,062,671 | 1,738,998 | ||
Liabilities and Shareholders' Equity | ||||
Other liabilities | 33,407 | 33,608 | ||
Other borrowings | 214,847 | 214,220 | ||
Shareholders' equity | 1,814,417 | 1,491,170 | ||
Total liabilities and shareholders' equity | $ 2,062,671 | $ 1,738,998 |
Parent Company Financial Sta167
Parent Company Financial Statements - Condensed Statements of Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income | |||||||||||
Net securities gains | $ 5,848 | $ 5,718 | $ 9,830 | ||||||||
Expense | |||||||||||
Interest on borrowings | $ 11,932 | $ 11,910 | $ 10,903 | $ 9,686 | $ 9,038 | $ 8,567 | $ 7,867 | $ 7,601 | 44,431 | 33,073 | 23,359 |
Other expenses | 28,715 | 30,974 | 16,199 | ||||||||
Income before income taxes | 48,166 | 45,678 | 69,934 | 36,648 | 43,583 | 54,064 | 35,115 | 30,131 | 200,426 | 162,893 | 141,964 |
Income tax expense (benefit) | 14,710 | 10,969 | 30,812 | 9,671 | 11,598 | 16,395 | 8,959 | 9,225 | 66,162 | 46,177 | 38,297 |
Net income | $ 33,456 | $ 34,709 | $ 39,122 | $ 26,977 | $ 31,985 | $ 37,669 | $ 26,156 | $ 20,906 | 134,264 | 116,716 | 103,667 |
Old National Bancorp [Member] | |||||||||||
Income | |||||||||||
Dividends from affiliates | 160,007 | 67,717 | 65,292 | ||||||||
Net securities gains | 100 | 6 | 170 | ||||||||
Other income | 40,841 | 1,892 | 1,554 | ||||||||
Other income from affiliates | 6 | 51 | 79 | ||||||||
Total income | 200,954 | 69,666 | 67,095 | ||||||||
Expense | |||||||||||
Interest on borrowings | 9,077 | 8,684 | 3,837 | ||||||||
Other expenses | 18,460 | 13,957 | 11,357 | ||||||||
Total expense | 27,537 | 22,641 | 15,194 | ||||||||
Income before income taxes | 173,417 | 47,025 | 51,901 | ||||||||
Income tax expense (benefit) | 11,952 | (5,473) | (4,020) | ||||||||
Income before equity in undistributed earnings of affiliates | 161,465 | 52,498 | 55,921 | ||||||||
Equity in undistributed earnings of affiliates | (27,201) | 64,218 | 47,746 | ||||||||
Net income | $ 134,264 | $ 116,716 | $ 103,667 |
Parent Company Financial Sta168
Parent Company Financial Statements - Condensed Statement of Cash Flows (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash Flows From Operating Activities | |||||||||||
Net income | $ 33,456 | $ 34,709 | $ 39,122 | $ 26,977 | $ 31,985 | $ 37,669 | $ 26,156 | $ 20,906 | $ 134,264 | $ 116,716 | $ 103,667 |
Adjustments to reconcile net income to cash provided by operating activities: | |||||||||||
Depreciation | 16,558 | 14,101 | 12,366 | ||||||||
Gain on sale of ONB Insurance Group, Inc. | (41,864) | ||||||||||
Stock compensation expense | 7,318 | 4,255 | 4,162 | ||||||||
(Increase) decrease in other assets | 46,462 | 16,079 | 19,309 | ||||||||
Increase (decrease) in other liabilities | (24,524) | (26,408) | 14,392 | ||||||||
Total adjustments | (52,213) | 7,040 | 95,682 | ||||||||
Net cash flows provided by operating activities | 82,051 | 123,756 | 199,349 | ||||||||
Cash Flows From Investing Activities | |||||||||||
Proceeds from sale of ONB Insurance Group, Inc. | 91,771 | ||||||||||
Purchases of investment securities | (1,625,746) | (832,419) | (568,993) | ||||||||
Purchases of premises and equipment | (224,659) | (85,661) | (20,473) | ||||||||
Net cash flows used in investing activities | (698,003) | (500,896) | (162,163) | ||||||||
Cash Flows From Financing Activities | |||||||||||
Proceeds from issuance of other borrowings | 175,000 | ||||||||||
Cash dividends paid on common stock | (67,536) | (55,552) | (48,181) | ||||||||
Common stock repurchased | (2,044) | (88,695) | (25,830) | ||||||||
Proceeds from exercise of stock options, including tax benefit | 2,349 | 997 | 749 | ||||||||
Common stock issued | 388 | 391 | 326 | ||||||||
Net cash flows provided by (used in) financing activities | 651,653 | 356,995 | (3,946) | ||||||||
Net increase (decrease) in cash and cash equivalents | 35,701 | (20,145) | 33,240 | ||||||||
Cash and cash equivalents at beginning of period | 219,818 | 239,963 | 219,818 | 239,963 | 206,723 | ||||||
Cash and cash equivalents at end of period | 255,519 | 219,818 | 255,519 | 219,818 | 239,963 | ||||||
Old National Bancorp [Member] | |||||||||||
Cash Flows From Operating Activities | |||||||||||
Net income | 134,264 | 116,716 | 103,667 | ||||||||
Adjustments to reconcile net income to cash provided by operating activities: | |||||||||||
Depreciation | 29 | 20 | 11 | ||||||||
Net securities gains | (100) | (6) | (270) | ||||||||
Gain on sale of ONB Insurance Group, Inc. | (41,864) | ||||||||||
Stock compensation expense | 7,318 | 4,255 | 4,162 | ||||||||
(Increase) decrease in other assets | (3,958) | 6,307 | 20,040 | ||||||||
Increase (decrease) in other liabilities | (225) | 1,441 | 286 | ||||||||
Equity in undistributed earnings of affiliates | 27,201 | (64,218) | (47,746) | ||||||||
Total adjustments | (11,599) | (52,201) | (23,517) | ||||||||
Net cash flows provided by operating activities | 122,665 | 64,515 | 80,150 | ||||||||
Cash Flows From Investing Activities | |||||||||||
Net cash and cash equivalents of acquisitions | (100,220) | (41,070) | (82,975) | ||||||||
Proceeds from sale of ONB Insurance Group, Inc. | 91,771 | ||||||||||
Purchases of investment securities | (52) | (1,053) | (45) | ||||||||
Net advances to affiliates | (3,500) | (3,832) | |||||||||
Purchases of premises and equipment | (13) | (1,032) | |||||||||
Net cash flows used in investing activities | (12,014) | (42,123) | (87,884) | ||||||||
Cash Flows From Financing Activities | |||||||||||
Proceeds from issuance of other borrowings | 173,500 | ||||||||||
Cash dividends paid on common stock | (67,536) | (55,552) | (48,181) | ||||||||
Common stock repurchased | (2,202) | (88,695) | (25,830) | ||||||||
Proceeds from exercise of stock options, including tax benefit | 2,349 | 997 | 749 | ||||||||
Common stock issued | 388 | 391 | 326 | ||||||||
Net cash flows provided by (used in) financing activities | (67,001) | (142,859) | 100,564 | ||||||||
Net increase (decrease) in cash and cash equivalents | 43,650 | (120,467) | 92,830 | ||||||||
Cash and cash equivalents at beginning of period | $ 48,000 | $ 168,467 | 48,000 | 168,467 | 75,637 | ||||||
Cash and cash equivalents at end of period | $ 91,650 | $ 48,000 | $ 91,650 | $ 48,000 | $ 168,467 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($)Segment | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||
Net income | $ 33,456 | $ 34,709 | $ 39,122 | $ 26,977 | $ 31,985 | $ 37,669 | $ 26,156 | $ 20,906 | $ 134,264 | $ 116,716 | $ 103,667 |
Total assets | $ 14,860,237 | 11,991,527 | $ 14,860,237 | 11,991,527 | |||||||
Number of reportable operating segment | Segment | 2 | ||||||||||
Community Banking Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Number of reportable operating segment | Segment | 1 | ||||||||||
Insurance Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net income | 2,100 | ||||||||||
Total assets | $ 61,800 | $ 61,800 |
Interim Financial Data (Unau170
Interim Financial Data (Unaudited) - Interim Financial Data (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Data [Abstract] | |||||||||||
Interest income | $ 121,849 | $ 119,713 | $ 110,243 | $ 95,329 | $ 94,960 | $ 105,671 | $ 99,964 | $ 98,594 | $ 447,134 | $ 399,189 | $ 389,729 |
Interest expense | 11,932 | 11,910 | 10,903 | 9,686 | 9,038 | 8,567 | 7,867 | 7,601 | 44,431 | 33,073 | 23,359 |
Net interest income | 109,917 | 107,803 | 99,340 | 85,643 | 85,922 | 97,104 | 92,097 | 90,993 | 402,703 | 366,116 | 366,370 |
Provision for loan losses | (1,756) | 1,306 | 1,319 | 91 | 484 | 167 | 2,271 | 1 | 960 | 2,923 | 3,097 |
Noninterest income | 62,751 | 47,243 | 93,385 | 49,451 | 60,614 | 59,744 | 54,979 | 55,295 | 252,830 | 230,632 | 165,129 |
Noninterest expense | 126,258 | 108,062 | 121,472 | 98,355 | 102,469 | 102,617 | 109,690 | 116,156 | 454,147 | 430,932 | 386,438 |
Income before income taxes | 48,166 | 45,678 | 69,934 | 36,648 | 43,583 | 54,064 | 35,115 | 30,131 | 200,426 | 162,893 | 141,964 |
Income tax expense | 14,710 | 10,969 | 30,812 | 9,671 | 11,598 | 16,395 | 8,959 | 9,225 | 66,162 | 46,177 | 38,297 |
Net income | $ 33,456 | $ 34,709 | $ 39,122 | $ 26,977 | $ 31,985 | $ 37,669 | $ 26,156 | $ 20,906 | $ 134,264 | $ 116,716 | $ 103,667 |
Net income per share, Basic | $ 0.25 | $ 0.25 | $ 0.31 | $ 0.24 | $ 0.28 | $ 0.33 | $ 0.22 | $ 0.18 | $ 1.05 | $ 1.01 | $ 0.96 |
Net income per share, Diluted | $ 0.25 | $ 0.25 | $ 0.31 | $ 0.24 | $ 0.27 | $ 0.33 | $ 0.22 | $ 0.18 | $ 1.05 | $ 1 | $ 0.95 |
Average shares, Basic | 134,670 | 134,492 | 127,508 | 113,998 | 114,103 | 114,590 | 115,732 | 118,540 | 127,705 | 115,726 | 107,818 |
Average shares, Diluted | 135,383 | 135,011 | 127,973 | 114,563 | 114,716 | 115,153 | 116,223 | 119,076 | 128,301 | 116,255 | 108,365 |