Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Aug. 01, 2016 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | HANCOCK HOLDING CO | |
Entity Filer Category | Large Accelerated Filer | |
Entity Central Index Key | 750,577 | |
Trading Symbol | hbhc | |
Amendment Flag | false | |
Document Type | 10-Q | |
Document Fiscal Period Focus | Q2 | |
Document Period End Date | Jun. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 77,543,990 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and due from banks | $ 313,428 | $ 303,874 |
Interest-bearing bank deposits | 152,417 | 564,671 |
Federal funds sold | 742 | 884 |
Securities available for sale, at fair value (amortized cost of $2,261,278 and $2,086,745) | 2,308,812 | 2,093,404 |
Securities held to maturity (fair value of $2,569,084 and $2,375,851) | 2,497,558 | 2,370,388 |
Loans held for sale | 42,297 | 20,434 |
Loans | 16,035,796 | 15,703,314 |
Less: allowance for loan losses | (226,086) | (181,179) |
Loans, net | 15,809,710 | 15,522,135 |
Property and equipment, net of accumulated depreciation of $223,046 and $209,763 | 366,402 | 377,015 |
Prepaid expenses | 19,165 | 17,560 |
Other real estate, net | 22,641 | 26,256 |
Accrued interest receivable | 57,605 | 54,068 |
Goodwill | 621,193 | 621,193 |
Other intangible assets, net | 97,409 | 107,538 |
Life insurance contracts | 477,051 | 434,550 |
FDIC loss share receivable | 21,075 | 29,868 |
Deferred tax asset, net | 68,107 | 75,830 |
Other assets | 188,178 | 213,937 |
Total assets | 23,063,790 | 22,833,605 |
Deposits: | ||
Noninterest-bearing | 7,151,416 | 7,276,127 |
Interest-bearing | 11,665,453 | 11,072,785 |
Total deposits | 18,816,869 | 18,348,912 |
Short-term borrowings | 1,095,107 | 1,423,644 |
Long-term debt | 468,028 | 490,145 |
Accrued interest payable | 8,640 | 6,609 |
Other liabilities | 211,781 | 151,152 |
Total liabilities | 20,600,425 | 20,420,462 |
Stockholders' equity | ||
Common Stock - $3.33 par value per share; 350,000,000 shares authorized, 77,538,260 and 77,496,429 outstanding | 258,202 | 258,063 |
Capital surplus | 1,693,667 | 1,684,101 |
Treasury shares at cost - 9,277,251 and 9,319,082 shares | (229,415) | (226,370) |
Retained earnings | 790,452 | 777,944 |
Accumulated other comprehensive loss, net | (49,541) | (80,595) |
Total stockholders' equity | 2,463,365 | 2,413,143 |
Total liabilities and stockholders' equity | $ 23,063,790 | $ 22,833,605 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Consolidated Balance Sheets [Abstract] | ||
Securities available for sale, amortized cost | $ 2,261,278 | $ 2,086,745 |
Securities held to maturity, fair value | 2,569,084 | 2,375,851 |
Property and equipment, accumulated depreciation | $ 223,046 | $ 209,763 |
Common stock, par value per share | $ 3.33 | $ 3.33 |
Common stock, shares authorized | 350,000,000 | 350,000,000 |
Common stock, shares outstanding | 77,538,260 | 77,496,429 |
Treasury shares at cost, shares | 9,277,251 | 9,319,082 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Interest income: | ||||
Loans, including fees | $ 156,717 | $ 141,905 | $ 310,830 | $ 288,872 |
Loans held for sale | 249 | 222 | 408 | 318 |
Securities-taxable | 23,049 | 21,674 | 47,006 | 42,464 |
Securities-tax exempt | 3,011 | 845 | 4,813 | 1,725 |
Short-term investments | 480 | 274 | 1,090 | 628 |
Total interest income | 183,506 | 164,920 | 364,147 | 334,007 |
Interest expense: | ||||
Deposits | 12,603 | 7,621 | 24,336 | 14,747 |
Short-term borrowings | 909 | 186 | 1,902 | 358 |
Long-term debt | 5,025 | 5,322 | 10,104 | 8,953 |
Total interest expense | 18,537 | 13,129 | 36,342 | 24,058 |
Net interest income | 164,969 | 151,791 | 327,805 | 309,949 |
Provision for loan losses | 17,196 | 6,608 | 77,232 | 12,762 |
Net interest income after provision for loan losses | 147,773 | 145,183 | 250,573 | 297,187 |
Noninterest income: | ||||
Service charges on deposit accounts | 18,394 | 17,908 | 36,777 | 35,223 |
Trust fees | 12,089 | 11,795 | 23,313 | 22,995 |
Bank card and ATM fees | 11,954 | 11,868 | 23,302 | 23,051 |
Investment and annuity fees | 5,043 | 4,838 | 9,976 | 9,888 |
Secondary mortgage market operations | 4,176 | 3,618 | 7,088 | 6,282 |
Insurance commissions and fees | 1,240 | 2,595 | 2,547 | 4,349 |
Amortization of FDIC loss share receivable | (1,526) | (1,273) | (3,139) | (2,470) |
Securities transactions | 768 | 1,114 | 333 | |
Other income | 11,556 | 9,525 | 20,902 | 17,769 |
Total noninterest income | 63,694 | 60,874 | 121,880 | 117,420 |
Noninterest expense: | ||||
Compensation expense | 70,233 | 70,550 | 143,234 | 135,567 |
Employee benefits | 14,004 | 12,870 | 29,718 | 28,504 |
Personnel expense | 84,237 | 83,420 | 172,952 | 164,071 |
Net occupancy expense | 10,394 | 11,804 | 20,750 | 22,981 |
Equipment expense | 3,080 | 4,090 | 6,854 | 8,025 |
Data processing expense | 14,370 | 14,012 | 28,577 | 27,568 |
Professional services expense | 7,712 | 8,952 | 15,333 | 24,322 |
Amortization of intangibles | 5,005 | 6,148 | 10,129 | 12,466 |
Telecommunications and postage | 3,272 | 3,471 | 6,633 | 7,122 |
Deposit insurance and regulatory fees | 6,049 | 4,213 | 11,446 | 7,808 |
Other real estate expense, net | 350 | 501 | 1,118 | 957 |
Other expense | 16,473 | 22,306 | 33,182 | 37,112 |
Total noninterest expense | 150,942 | 158,917 | 306,974 | 312,432 |
Income before income taxes | 60,525 | 47,140 | 65,479 | 102,175 |
Income taxes | 13,618 | 12,311 | 14,733 | 27,187 |
Net income | $ 46,907 | $ 34,829 | $ 50,746 | $ 74,988 |
Earnings per common share-basic | $ 0.59 | $ 0.44 | $ 0.64 | $ 0.93 |
Earnings per common share-diluted | 0.59 | 0.44 | 0.64 | 0.93 |
Dividends paid per share | $ 0.24 | $ 0.24 | $ 0.48 | $ 0.48 |
Weighted average shares outstanding-basic | 77,523 | 77,951 | 77,512 | 78,719 |
Weighted average shares outstanding-diluted | 77,680 | 78,115 | 77,676 | 78,881 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Consolidated Statements of Comprehensive Income [Abstract] | ||||
Net income | $ 46,907 | $ 34,829 | $ 50,746 | $ 74,988 |
Other comprehensive income: | ||||
Net change in unrealized gain (loss) | 16,629 | (18,370) | 45,601 | (12,957) |
Reclassification adjustment for net losses realized and included in earnings | 711 | 801 | 1,802 | 1,406 |
Valuation adjustment for employee benefit plans | (5,922) | (5,922) | ||
Amortization of unrealized net gain on securities transferred to held to maturity | 830 | 939 | 1,628 | 1,586 |
Other comprehensive income (loss) before income taxes | 18,170 | (22,552) | 49,031 | (15,887) |
Income tax | 6,645 | (8,237) | 17,977 | (5,877) |
Other comprehensive income (loss) net of income taxes | 11,525 | (14,315) | 31,054 | (10,010) |
Comprehensive income | $ 58,432 | $ 20,514 | $ 81,800 | $ 64,978 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Capital Surplus [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss), Net [Member] | Treasury Stock [Member] | Total |
Balance at Dec. 31, 2014 | $ 267,820 | $ 1,689,291 | $ 723,496 | $ (50,074) | $ (158,131) | $ 2,472,402 |
Balance, Shares at Dec. 31, 2014 | 80,426,485 | |||||
Net income | 74,988 | 74,988 | ||||
Other comprehensive income | (10,010) | (10,010) | ||||
Comprehensive income | 74,988 | (10,010) | 64,978 | |||
Cash dividends declared ($0.48 per common share) | (38,704) | (38,704) | ||||
Common stock activity, long-term incentive plan | $ 769 | 16,240 | (10,375) | 6,634 | ||
Common stock activity, long-term incentive plan, Shares | 230,851 | |||||
Purchase of common stock under stock buyback program | $ (8,537) | (66,733) | (75,270) | |||
Purchase of common stock under stock buyback program, Shares | (2,563,607) | |||||
Balance at Jun. 30, 2015 | $ 260,052 | 1,705,531 | 759,780 | (60,084) | (235,239) | 2,430,040 |
Balance, Shares at Jun. 30, 2015 | 78,093,729 | |||||
Balance at Dec. 31, 2015 | $ 258,063 | 1,684,101 | 777,944 | (80,595) | (226,370) | $ 2,413,143 |
Balance, Shares at Dec. 31, 2015 | 77,496,429 | 77,496,429 | ||||
Net income | 50,746 | $ 50,746 | ||||
Other comprehensive income | 31,054 | 31,054 | ||||
Comprehensive income | 50,746 | 31,054 | 81,800 | |||
Cash dividends declared ($0.48 per common share) | (38,238) | (38,238) | ||||
Common stock activity, long-term incentive plan | $ 134 | 9,584 | (3,094) | 6,624 | ||
Common stock activity, long-term incentive plan, Shares | 40,392 | |||||
Issuance of stock from dividend reinvestment | $ 5 | (18) | 49 | 36 | ||
Issuance of stock from dividend reinvestment, Shares | 1,439 | |||||
Balance at Jun. 30, 2016 | $ 258,202 | $ 1,693,667 | $ 790,452 | $ (49,541) | $ (229,415) | $ 2,463,365 |
Balance, Shares at Jun. 30, 2016 | 77,538,260 | 77,538,260 |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Retained Earnings [Member] | ||
Cash dividends declared, per common share | $ 0.48 | $ 0.48 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 50,746 | $ 74,988 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 14,344 | 14,399 |
Provision for loan losses | 77,232 | 12,762 |
Loss (gain) on other real estate owned | 127 | (374) |
Deferred tax (benefit) expense | (10,663) | 10,838 |
Increase in cash surrender value of life insurance contracts | (5,384) | (5,336) |
(Gain) loss on disposal of other assets | (4,690) | 1,694 |
Net increase in loans held for sale | (21,170) | (2,995) |
Net amortization of securities premium/discount | 12,905 | 9,741 |
Amortization of intangible assets | 10,129 | 12,466 |
Amortization of FDIC indemnification asset | 3,139 | 2,470 |
Stock-based compensation expense | 7,164 | 6,353 |
Increase (decrease) in interest payable and other liabilities | (3,063) | (6,310) |
Net payments (to) from FDIC for loss share claims | (159) | 14,153 |
Decrease in FDIC loss share receivable | 7,426 | 5,147 |
Decrease (increase) in other assets | 37,117 | (16,925) |
Other, net | 2,525 | (2,338) |
Net cash provided by operating activities | 177,725 | 130,733 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from sales of securities | 102,335 | 9,230 |
Proceeds from maturities of securities available for sale | 186,790 | 562,162 |
Purchases of securities available for sale | (461,139) | (1,083,192) |
Proceeds from maturities of securities held to maturity | 190,721 | 187,864 |
Purchases of securities held to maturity | (282,190) | (266,759) |
Net decrease in short-term investments | 412,396 | 204,493 |
Proceeds from sales of loans | 106,660 | |
Net increase in loans | (470,732) | (463,593) |
Purchase of life insurance contracts | (40,000) | |
Purchases of property and equipment | (3,950) | (13,896) |
Proceeds from sales of property and equipment | 671 | 12,168 |
Proceeds from sales of other real estate | 8,995 | 31,953 |
Other, net | 2,989 | (8,656) |
Net cash used in investing activities | (246,454) | (828,226) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net increase in deposits | 467,973 | 728,957 |
Net decrease in short-term borrowings | (328,537) | (72,380) |
Repayments of long-term debt | (28,836) | (17,600) |
Net proceeds from issuance of long-term debt | 5,885 | 145,296 |
Dividends paid | (38,238) | (38,704) |
Purchase of common stock under stock buyback program | (75,270) | |
Proceeds from exercise of stock options | 347 | |
Issuance of stock from dividend reinvestment | 36 | |
Net cash provided by financing activities | 78,283 | 670,646 |
NET INCREASE (DECREASE) IN CASH AND DUE FROM BANKS | 9,554 | (26,847) |
CASH AND DUE FROM BANKS, BEGINNING | 303,874 | 356,455 |
CASH AND DUE FROM BANKS, ENDING | 313,428 | 329,608 |
SUPPLEMENTAL INFORMATION FOR NON-CASH INVESTING AND FINANCING ACTIVITIES | ||
Assets acquired in settlement of loans | $ 10,526 | $ 10,390 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2016 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | 1. Basis of Presentation The consolidated financial statements include the accounts of Hancock Holding Company and all other entities in which it has a controlling interest (the “Company”). The financial statements include all adjustments that are, in the opinion of management, necessary to present fairly the Company’s financial condition, results of operations, changes in stockholders’ equity and cash flows for the interim periods presented. Some financial information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) have been condensed or omitted in this Form 10-Q pursuant to Securities and Exchange Commission rules and regulations. These financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. Financial information reported in these financial statements is not necessarily indicative of the Company’s financial condition, results of operations, or cash flows for any other interim or annual period. Certain prior period amounts have been reclassified to conform to the current period presentation. Effective this quarter, the presentation of loan disclosures has been modified from prior filings as discussed in Note 3 – Loans and Allowance for Loan Losses. Effective January 1, 2016, the Company retrospectively adopted accounting guidance intended to simplify the presentation of debt issuance costs by requiring that costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. Historically, debt issuance costs were reported in the “Other Assets” line items in the Consolidated Balance Sheets and Statements of Cash Flows. All historical periods have been restated to reflect the revised presentation and new required disclosures. The adoption of this guidance did not have a material impact on the Company’s financial condition or operating results. Use of Estimates The accounting principles the Company follows and the methods for applying these principles conform with GAAP and with general practices followed by the banking industry. These accounting principles require management to make estimates and assumptions about future events that affect the amounts reported in the consolidated financial statements and the accompanying notes. Actual results could differ from those estimates. Critical Accounting Policies and Estimates There were no material changes or developments with respect to methodologies that the Company uses when applying what management believes are critical accounting policies and developing critical accounting estimates as disclosed in its Annual Report on Form 10-K for the year ended December 31, 2015. |
Securities
Securities | 6 Months Ended |
Jun. 30, 2016 | |
Securities [Abstract] | |
Securities | 2. Securities The amortized cost and fair value of securities classified as available for sale and held to maturity follow. Securities Available for Sale (in thousands) June 30, 2016 December 31, 2015 Gross Gross Gross Gross Amortized Unrealized Unrealized Fair Amortized Unrealized Unrealized Fair Cost Gains Losses Value Cost Gains Losses Value US Treasury and government agency securities $ 116 $ — $ — $ 116 $ 135 $ — $ 1 $ 134 Municipal obligations 151,557 4,735 — 156,292 39,410 235 38 39,607 Mortgage-backed securities 1,867,063 39,413 130 1,906,346 1,750,168 19,387 11,182 1,758,373 Collateralized mortgage obligations 238,165 3,181 — 241,346 291,085 140 2,192 289,033 Corporate debt securities 3,500 — — 3,500 3,500 — — 3,500 Equity securities 877 335 — 1,212 2,447 358 48 2,757 $ 2,261,278 $ 47,664 $ 130 $ 2,308,812 $ 2,086,745 $ 20,120 $ 13,461 $ 2,093,404 Securities Held to Maturity (in thousands) June 30, 2016 December 31, 2015 Gross Gross Gross Gross Amortized Unrealized Unrealized Fair Amortized Unrealized Unrealized Fair Cost Gains Losses Value Cost Gains Losses Value US Treasury and government agency securities $ 50,000 $ 1,047 $ — $ 51,047 $ 50,000 $ — $ 410 $ 49,590 Municipal obligations 496,999 18,158 372 514,785 185,890 3,475 1,166 188,199 Mortgage-backed securities 946,722 40,068 — 986,790 1,014,135 15,585 1,589 1,028,131 Collateralized mortgage obligations 1,003,837 13,543 918 1,016,462 1,120,363 2,244 12,676 1,109,931 $ 2,497,558 $ 72,816 $ 1,290 $ 2,569,084 $ 2,370,388 $ 21,304 $ 15,841 $ 2,375,851 The following table presents the amortized cost and fair value of debt securities at June 30 , 2016 by contractual maturity. Actual maturities will differ from contractual maturities because of rights to call or repay obligations with or without penalties and scheduled and unscheduled principal payments on mortgage-backed securities and collateralized mortgage obligations. (in thousands) Amortized Fair Debt Securities Available for Sale Cost Value Due in one year or less $ 6,825 $ 6,839 Due after one year through five years 53,816 54,914 Due after five years through ten years 391,388 405,008 Due after ten years 1,808,372 1,840,839 Total available for sale debt securities $ 2,260,401 $ 2,307,600 Amortized Fair Debt Securities Held to Maturity Cost Value Due in one year or less $ 15,700 $ 15,779 Due after one year through five years 136,327 140,424 Due after five years through ten years 403,112 416,795 Due after ten years 1,942,419 1,996,086 Total held to maturity securities $ 2,497,558 $ 2,569,084 The Company held no securities c lassified as trading at June 30 , 2016 or December 31, 2015. The details for securities classified as available for sale with unrealized losses for the periods indicated follow. Available for Sale June 30, 2016 Losses < 12 months Losses 12 months or > Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized (in thousands) Value Losses Value Losses Value Losses US Treasury and government agency securities $ — — $ 70 $ — $ 70 $ — Mortgage-backed securities 13,310 90 7,929 40 21,239 130 $ 13,310 $ 90 $ 7,999 $ 40 $ 21,309 $ 130 Available for Sale December 31, 2015 Losses < 12 months Losses 12 months or > Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized (in thousands) Value Losses Value Losses Value Losses US Treasury and government agency securities $ — $ — $ 82 $ 1 $ 82 $ 1 Municipal obligations 8,296 38 — — 8,296 38 Mortgage-backed securities 831,156 8,257 116,126 2,925 947,282 11,182 Collateralized mortgage obligations 208,397 1,257 33,138 935 241,535 2,192 Equity securities 20 1 1,473 47 1,493 48 $ 1,047,869 $ 9,553 $ 150,819 $ 3,908 $ 1,198,688 $ 13,461 The details for securities classified as held to maturity with unrealized losses for the periods indicated follow. Held to maturity June 30, 2016 Losses < 12 months Losses 12 months or > Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized (in thousands) Value Losses Value Losses Value Losses Municipal obligations $ — $ — $ 12,476 $ 372 $ 12,476 $ 372 Collateralized mortgage obligations 1,392 2 149,600 916 150,992 918 $ 1,392 $ 2 $ 162,076 $ 1,288 $ 163,468 $ 1,290 Held to maturity December 31, 2015 Losses < 12 months Losses 12 months or > Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized (in thousands) Value Losses Value Losses Value Losses U.S. Treasury and government agency securities $ 45,590 $ 410 $ — $ — $ 45,590 $ 410 Municipal obligations 22,652 301 48,727 865 71,379 1,166 Mortgage-backed securities 349,635 1,589 — — 349,635 1,589 Collateralized mortgage obligations 516,330 2,894 370,756 9,782 887,086 12,676 $ 934,207 $ 5,194 $ 419,483 $ 10,647 $ 1,353,690 $ 15,841 The unrealized losses primarily relate to changes in market rates on fixed-rate debt securities since the respective purchase dates. In all cases, the indicated impairment on these debt securities would be recovered no later than the security’s maturity date or possibly earlier if the market price for the security increases with a reduction in the yield required by the market. None of the unrealized losses relate to the marketability of the securities or the issuer’s ability to meet contractual obligations. The Company believes it has adequate liquidity and, therefore, does not plan to and, more likely than not, will not be required to sell these securities before recovery of the indicated impairment. Accordingly, the unrealized losses on these securities have been determined to be temporary. Proceeds from the sales of securities were approximately $102.3 million with an associated realized gain of $1.1 million and $9.2 million with an associated gain of $0.3 million for th e six months ended June 30, 2016 and 2015 , respectively. Securities with carrying values totaling $3.4 billion at June 30, 2016 and $3 . 5 billion at December 31, 2015 were pledged as collateral primarily to secure public deposits or securities sold under agreements to repurchase. |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 6 Months Ended |
Jun. 30, 2016 | |
Loans and Allowance for Loan Losses [Abstract] | |
Loans and Allowance for Loan Losses | 3. Loans and Allowance for Loan Losses The presentation of loan disclosures has been modified from prior filings to eliminate segmentation of Acquired (2011 Whitney Holding Corporation transaction) and FDIC Acquired (2009 Peoples First Community Bank transaction) due to the significantly reduced size of these portfolios. The revised presentation reflects purchased credit impaired (“PCI”) loan information in select tables. PCI loans include the total FDIC Acquired portfolio and the portion of the Acquired portfolio deemed credit impaired at acquisition. In addition, the revised presentation includes further segmentation of the commercial real estate portfolio between owner occupied and income producing loans due to the significant differences in risk characteristics of these loans and to conform more closely to regulatory concentration segments and general industry practices. All prior period information has been reclassified to conform to the current period presentation. Loans, net of unearned income, by portfolio are presented in the table below . June 30, December 31, (in thousands) 2016 2015 Commercial non-real estate $ 7,132,519 $ 6,995,824 Commercial real estate - owner occupied 1,916,200 1,859,469 Total commercial & industrial 9,048,719 8,855,293 Commercial real estate - income producing 2,024,471 1,553,082 Construction and land development 880,588 1,151,950 Residential mortgages 2,017,650 2,049,524 Consumer 2,064,368 2,093,465 Total loans $ 16,035,796 $ 15,703,314 The following briefly describes the composition of each loan category. Commercial and industrial Commercial and industrial loans are made available to businesses for working capital (including financing of inventory and receivables), business expansion, to facilitate the acquisition of a business, and the purchase of equipment and machinery, including equipment leasing. These loans are primarily made based on the identified cash flows of the borrower and, if secured, on the underlying collateral. Commercial non-real estate loans may be secured by the assets being financed or other business assets such as accounts receivable, inventory, ownership or commodity interests, and may incorporate a personal or corporate guarantee; however, some short-term loans may be made on an unsecured basis, including a small portfolio of corporate credit cards, generally issued as a part of overall customer relationships. Commercial real estate – owner occupied loans consist of commercial mortgages on properties where repayment is generally dependent on the cash flow from the ongoing operations and activities of the borrower. Like commercial non-real estate, these loans are primarily made based on the identified cash flows of the borrower, but also have the added strength of the value of underlying real estate collateral. Commercial real estate – income producing Commercial real estate – income producing loans consist of loans secured by commercial mortgages on properties where the loan is made to real estate developers or investors and repayment is dependent on the sale, refinance, or income generated from the operation of the property. Properties financed include retail, office, multifamily, senior housing, hotel/motel, skilled nursing facilities and other commercial properties. Construction and land development C onstruction and land development loans are made to facilitate t he acquisition, development, improvement and construction of both commercial and residential-purpose properties. Such loans are made to builders and investors where repayment is expected to be made from the sale, refinance or operation of the property or to businesses to be used in their business operations. This portfolio also includes a small amount of residential construction loans and loans secured by raw land not yet under development. Residential Mortgages Residential mortgages consist of closed-end loans secured by first liens on 1- 4 family residential properties. The portfolio includes both fixed and adjustable rate loans, although most longer-term, fixed-rate loans originated are sold in the secondary mortgage market . Consumer Consumer loans include second lien mortgage home loans, home equity lines of credit and nonresidential consumer purpose loans. Nonresidential consumer loans include both direct and indirect loans. Direct nonresidential consumer loans are made to finance the purchase of personal property, including automobiles, recreational vehicles and boats, and for other personal purposes (secured and unsecured), and deposit account secured loans. Indirect nonresidential loans include automobile financing provided to the consumer through an agreement with automobile dealerships. Consumer loans also include a small portfolio of credit card receivables issued on the basis of applications received through referrals from the Bank’s branches, online and other marketing efforts. Allowance for Loan Losses The following schedule shows activity in the allowance for loan losses by portfolio class for the six months ended June 30, 2016 and 2015, as well as the corresponding recorded investment in loans at the end of each period. Commercial Commercial Commercial real estate- Total real estate- Construction non-real owner commercial & income and land Residential (in thousands) estate occupied industrial producing development mortgages Consumer Total Six Months Ended June 30, 2016 Allowance for loan losses: Beginning balance $ 109,428 $ 9,858 $ 119,286 $ 6,041 $ 5,642 $ 25,353 $ 24,857 $ 181,179 Purchased credit impaired activity: Charge-offs — (28) (28) (1) (18) (23) (8) (78) Recoveries 8 120 128 2 53 3 106 292 Net provision for loan losses 79 (170) (91) 26 (117) 1,165 (1,290) (307) Increase (decrease) in FDIC loss share receivable 39 — 39 — — (3,378) (98) (3,437) Non-purchased credit impaired activity: Charge-offs (22,212) (1,199) (23,411) (191) (592) (592) (11,268) (36,054) Recoveries 1,802 238 2,040 268 1,125 480 3,039 6,952 Net provision for loan losses 61,628 1,857 63,485 6,654 (1,087) 466 8,021 77,539 Ending balance $ 150,772 $ 10,676 $ 161,448 $ 12,799 $ 5,006 $ 23,474 $ 23,359 $ 226,086 Ending balance: Allowance: Individually evaluated for impairment $ 12,885 $ 183 $ 13,068 $ 72 $ 1 $ 167 $ 41 $ 13,349 Amounts related to purchased credit impaired loans 572 1,015 1,587 741 575 15,430 1,257 19,590 Collectively evaluated for impairment 137,315 9,478 146,793 11,986 4,430 7,877 22,061 193,147 Total allowance $ 150,772 $ 10,676 $ 161,448 $ 12,799 $ 5,006 $ 23,474 $ 23,359 $ 226,086 Loans: Individually evaluated for impairment $ 232,785 $ 5,898 $ 238,683 $ 7,803 $ 1,247 $ 1,068 $ 166 $ 248,967 Purchased credit impaired loans 10,483 15,428 25,911 10,752 8,761 151,674 12,826 209,924 Collectively evaluated for impairment 6,889,251 1,894,874 8,784,125 2,005,916 870,580 1,864,908 2,051,376 15,576,905 Total loans $ 7,132,519 $ 1,916,200 9,048,719 $ 2,024,471 $ 880,588 $ 2,017,650 $ 2,064,368 $ 16,035,796 Commercial Commercial Commercial real estate- Total real estate- Construction non-real owner commercial & income and land Residential (in thousands) estate occupied industrial producing development mortgages Consumer Total Six Months ended June 30, 2015 Allowance for loan losses: Beginning balance $ 51,169 $ 13,536 $ 64,705 $ 7,546 $ 6,421 $ 28,660 $ 21,430 $ 128,762 Purchased credit impaired activity: Charge-offs (1,099) (15) (1,114) (2,353) (285) (168) (140) (4,060) Recoveries 14 465 479 — 406 2 136 1,023 Net provision for loan losses 470 (1,171) (701) 1,102 (733) 272 (889) (949) Increase (decrease) in FDIC loss share receivable 347 (396) (49) 919 (6) (3,296) (104) (2,536) Non-purchased credit impaired activity: Charge-offs (2,215) (378) (2,593) (147) (828) (1,292) (6,729) (11,589) Recoveries 2,051 135 2,186 291 1,308 449 2,491 6,725 Net provision for loan losses 9,586 2,812 12,398 (1,858) (982) 62 4,091 13,711 Ending balance $ 60,323 $ 14,988 $ 75,311 $ 5,500 $ 5,301 $ 24,689 $ 20,286 $ 131,087 Ending balance: Allowance: Individually evaluated for impairment $ 2,903 $ 2,189 $ 5,092 $ 228 $ 73 $ 163 $ 6 $ 5,562 Amounts related to purchased credit impaired loans 643 1,639 2,282 973 390 17,419 2,998 24,062 Collectively evaluated for impairment 56,777 11,160 67,937 4,299 4,838 7,107 17,282 101,463 Total allowance $ 60,323 $ 14,988 $ 75,311 $ 5,500 $ 5,301 $ 24,689 $ 20,286 $ 131,087 Loans: Individually evaluated for impairment $ 32,379 $ 21,701 $ 54,080 $ 12,682 $ 4,360 $ 1,369 $ 116 $ 72,607 Purchased credit impaired loans 13,667 24,775 38,442 15,563 19,465 171,107 14,860 259,437 Collectively evaluated for impairment 6,139,638 1,714,266 7,853,904 1,423,846 1,097,122 1,783,361 1,854,475 14,012,708 Total loans $ 6,185,684 $ 1,760,742 7,946,426 $ 1,452,091 $ 1,120,947 $ 1,955,837 $ 1,869,451 $ 14,344,752 Impaired Loans The following table shows the composition of nonaccrual loans by portfolio class. Purchased credit impaired loans accounted for in pools with an accretable yield are considered to be performing and are excluded from the table. June 30, December 31, (in thousands) 2016 2015 Commercial non-real estate $ 209,362 $ 88,743 Commercial real estate - owner occupied 11,761 10,001 Total commercial & industrial 221,123 98,744 Commercial real estate - income producing 9,011 10,815 Construction and land development 4,173 17,294 Residential mortgages 22,874 23,799 Consumer 8,541 9,061 Total loans $ 265,722 $ 159,713 Nonaccrual loans include loans modified in troubled debt restructurings (“TDRs”) of $34.8 million and $8.8 million at June 30 , 2016 and December 31, 2015, respectively. Total TDRs, both accruing and nonaccruing, were $70.8 million as of June 30 , 2016 and $13.1 million at December 31, 2015. The table below details TDRs that were modified during the six months ended June 30, 2016 and June 30, 2015 by portfolio class . The TDRs during the six months ended June 30, 2016 and 2015 were extended amortization, other modification of payment terms, or covenant violations. All are individually evaluated for impairment. Six Months Ended ($ in thousands) June 30, 2016 June 30, 2015 Pre-Modification Post-Modification Pre-Modification Post-Modification Outstanding Outstanding Outstanding Outstanding Number of Recorded Recorded Number of Recorded Recorded Troubled Debt Restructurings: Contracts Investment Investment Contracts Investment Investment Commercial non-real estate 17 $ 57,915 $ 57,915 — $ — $ — Commercial real estate - owner occupied — — — — — — Total commercial & industrial 17 57,915 57,915 — — — Commercial real estate - income producing — — — 1 482 482 Construction and land development — — — — — — Residential mortgages 4 432 432 2 68 68 Consumer — — — 1 20 20 Total loans 21 $ 58,347 $ 58,347 4 $ 570 $ 570 No TDRs that subsequently defaulted within twelve months of modification were recorded in the six months ended June 30, 2016 or 2015. The tables below present loans that are individually evaluated for impairment disaggregated by portfolio class at June 30, 2016 and December 31, 2015 . Loans individually evaluated for impairment include TDRs and loans that are determined to be impaired and have aggregate relationship balances of $1 million or more. June 30, 2016 Recorded investment Recorded investment Unpaid (in thousands) without an allowance with an allowance principal balance Related allowance Commercial non-real estate $ 101,481 $ 131,304 $ 244,928 $ 12,885 Commercial real estate - owner occupied 3,323 2,575 6,285 183 Total commercial & industrial 104,804 133,879 251,213 13,068 Commercial real estate - income producing 5,265 2,538 8,034 72 Construction and land development 1,228 19 2,089 1 Residential mortgages — 1,068 1,709 167 Consumer — 166 166 41 Total loans $ 111,297 $ 137,670 $ 263,211 $ 13,349 December 31, 2015 Recorded investment Recorded investment Unpaid (in thousands) without an allowance with an allowance principal balance Related allowance Commercial non-real estate $ 34,788 $ 46,834 $ 84,988 $ 19,031 Commercial real estate - owner occupied 4,747 661 5,931 23 Total commercial & industrial 39,535 47,495 90,919 19,054 Commercial real estate - income producing 3,038 8,085 11,363 1,382 Construction and land development 12,461 1,765 14,784 392 Residential mortgages — 895 1,405 127 Consumer — 152 152 33 Total loans $ 55,034 $ 58,392 $ 118,623 $ 20,988 Three Months Ended June 30, 2016 June 30, 2015 Average Interest Average Interest recorded income recorded income (in thousands) investment recognized investment recognized Commercial non-real estate $ 216,907 $ 493 $ 23,473 $ 1 Commercial real estate - owner occupied 5,959 14 14,565 12 Total commercial & industrial 222,866 507 38,038 13 Commercial real estate - income producing 8,242 22 12,521 26 Construction and land development 7,660 — 4,371 27 Residential mortgages 976 2 1,896 7 Consumer 112 1 119 1 Total loans $ 239,856 $ 532 $ 56,945 $ 74 Six Months Ended June 30, 2016 June 30, 2015 Average Interest Average Interest recorded income recorded income (in thousands) investment recognized investment recognized Commercial non-real estate $ 179,117 $ 847 $ 16,977 $ 3 Commercial real estate - owner occupied 5,836 29 12,628 23 Total commercial & industrial 184,953 876 29,605 26 Commercial real estate - income producing 9,072 43 10,366 41 Construction and land development 10,905 — 5,664 59 Residential mortgages 932 4 2,149 20 Consumer 109 2 81 3 Total loans $ 205,971 $ 925 $ 47,865 $ 149 Aging Analysis The tables below present the age analysis of past due loans by portfolio class at June 30, 2016 and December 31, 2015 . Purchased credit impaired loans accounted for in pools with an accretable yield are considered to be current. Recorded Greater than investment 30-59 days 60-89 days 90 days Total Total > 90 days and June 30, 2016 past due past due past due past due Current Loans still accruing (in thousands) Commercial non-real estate $ 47,859 $ 28,591 $ 29,000 $ 105,450 $ 7,027,069 $ 7,132,519 $ 567 Commercial real estate - owner occupied 2,451 2,106 7,149 11,706 1,904,494 1,916,200 1,495 Total commercial & industrial 50,310 30,697 36,149 117,156 8,931,563 9,048,719 2,062 Commercial real estate - income producing 2,583 467 2,777 5,827 2,018,644 2,024,471 194 Construction and land development 1,386 938 7,647 9,971 870,617 880,588 4,759 Residential mortgages 15,108 7,293 12,549 34,950 1,982,700 2,017,650 143 Consumer 12,012 4,459 6,107 22,578 2,041,790 2,064,368 824 Total $ 81,399 $ 43,854 $ 65,229 $ 190,482 $ 15,845,314 $ 16,035,796 $ 7,982 Recorded Greater than investment 30-59 days 60-89 days 90 days Total Total > 90 days and December 31, 2015 past due past due past due past due Current Loans still accruing (in thousands) Commercial non-real estate $ 17,406 $ 1,468 $ 25,007 $ 43,881 $ 6,951,943 $ 6,995,824 $ 3,060 Commercial real estate - owner occupied 5,898 802 6,646 13,346 1,846,123 1,859,469 535 Total commercial & industrial 23,304 2,270 31,653 57,227 8,798,066 8,855,293 3,595 Commercial real estate - income producing 871 603 6,382 7,856 1,545,226 1,553,082 499 Construction and land development 19,886 436 4,043 24,365 1,127,585 1,151,950 1,230 Residential mortgages 18,657 4,360 11,840 34,857 2,014,667 2,049,524 163 Consumer 16,309 4,432 8,645 29,386 2,064,079 2,093,465 2,166 Total $ 79,027 $ 12,101 $ 62,563 $ 153,691 $ 15,549,623 $ 15,703,314 $ 7,653 Credit Quality Indicators The following tables present the credit quality indicators by segments and portfolio class of loans at June 30, 2016 and December 31, 2015 . June 30, 2016 (in thousands) Commercial non-real estate Commercial real estate - owner-occupied Total commercial & industrial Commercial real estate - income producing Construction and land development Total commercial Grade: Pass $ 5,968,194 $ 1,743,672 $ 7,711,866 $ 1,961,653 $ 847,229 $ 10,520,748 Pass-Watch 252,605 39,586 292,191 15,764 16,355 324,310 Special Mention 250,226 37,151 287,377 8,412 537 296,326 Substandard 659,381 95,791 755,172 38,629 16,467 810,268 Doubtful 2,113 — 2,113 13 — 2,126 Total $ 7,132,519 $ 1,916,200 $ 9,048,719 $ 2,024,471 $ 880,588 $ 11,953,778 December 31, 2015 (in thousands) Commercial non-real estate Commercial real estate - owner-occupied Total commercial & industrial Commercial real estate - income producing Construction and land development Total commercial Grade: Pass $ 6,260,863 $ 1,718,725 $ 7,979,588 $ 1,502,484 $ 1,095,296 $ 10,577,368 Pass-Watch 168,589 31,764 200,353 14,717 6,841 221,911 Special Mention 211,230 41,147 252,377 5,905 12,297 270,579 Substandard 355,098 67,833 422,931 29,960 37,516 490,407 Doubtful 44 — 44 16 — 60 Total $ 6,995,824 $ 1,859,469 $ 8,855,293 $ 1,553,082 $ 1,151,950 $ 11,560,325 June 30, 2016 December 31, 2015 (in thousands) Residential mortgage Consumer Total Residential mortgage Consumer Total Performing $ 1,994,633 $ 2,055,003 $ 4,049,636 $ 2,025,563 $ 2,082,238 $ 4,107,801 Nonperforming 23,017 9,365 32,382 23,961 11,227 35,188 Total $ 2,017,650 $ 2,064,368 $ 4,082,018 $ 2,049,524 $ 2,093,465 $ 4,142,989 Below are the definitions of the Company’s internally assigned grades: Commercial : · Pass – loans properly approved, documented, collateralized, and performing which do not reflect an abnormal credit risk. · Pass-Watch – credits in this category have heightened risk factors that warrant additional monitoring; however, these risk factors have not manifested themselves as potential weaknesses. The “Watch” grade should be regarded as a transition · category. · Special Mention – a criticized asset category defined as having potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may, at some future date, result in the deterioration of the repayment prospects for the credit or the institution’s credit position. Special mention credits are not considered part of the Classified credit categories and do not expose an institution to sufficient risk to warrant adverse classification. · Substandard – an asset that is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. · Doubtful – an asset that has all the weaknesses inherent in one classified Substandard with the added characteristic that the weaknesses make collection nor liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. · Loss – credits classified as Loss are considered uncollectable and are charged off promptly once so classified. Residential and Consumer: · Performing – loans on which payments of principal and interest are less than 90 days past due. · Nonperforming – a nonperforming loan is a loan that is in default or close to being in default and there are good reasons to doubt that payments will be made in full. All loans rated as nonaccrual loans are also classified as nonperforming. Purchased credit impaired loans and the related FDIC loss share receivable Loans purchased in the 2009 acquisition of Peoples First Community Bank (“Peoples First”) were covered by two loss share agreements between the FDIC and the Company. The loss share agreement covering the non-single family portfolio expired in December 2014 and is now in a three year recovery period where 80% of recoveries on reimbursed losses are due to the FDIC. The loss share agreement covering the single family portfolio expires in December 2019. As of June 30, 2016 and June 30, 2015, loans totaling $160.0 million and $170.1 million, respectively, remain covered by the single family loss share agreement. The receivable arising from the loss share agreements (referred to as the “FDIC loss share receivable” on our consolidated statements of financial condition) is measured separately from the covered loans because the agreements are not contractually part of the loans and are not transferable should the Company choose to dispose of the loans. The following schedule shows activity in the loss share receivable for the six months ended June 30, 2016 and 201 5 . Six Months Ended June 30, June 30, (in thousands) 2016 2015 Beginning Balance $ 29,868 $ 60,272 Amortization (3,139) (2,470) Charge-offs, write-downs and other recoveries (2,683) (4,667) External expenses qualifying under loss share agreement 307 482 Changes due to changes in cash flow projections (3,437) (2,536) FDIC resolution of denied claims — (1,854) Net payments to (from) FDIC 159 (14,153) Ending balance $ 21,075 $ 35,074 Changes in the carrying amount of purchased credit impaired loans and related accretable yield are presented in the following table for the six months ended June 30, 2016 and the year ended December 31, 2015 . June 30, 2016 December 31, 2015 Carrying Carrying Amount Accretable Amount Accretable (in thousands) of Loans Yield of Loans Yield Balance at beginning of period $ 225,838 $ 129,488 $ 313,685 $ 187,456 Payments received, net (26,541) (6,581) (115,847) (21,978) Accretion 10,627 (10,627) 28,000 (28,000) Increase (decrease) in expected cash flows based on actual cash flows and changes in cash flow assumptions — 5,107 — (4,238) Net transfers from nonaccretable Net transfers to (from) nonaccretable difference to accretable yield — 8,997 — (3,752) Balance at end of period $ 209,924 $ 126,384 $ 225,838 $ 129,488 Residential Mortgage Loans in Process of Foreclosure Included in loans are $7.1 million and $7.4 million of consumer loans secured by single family residential real estate that are in process of foreclosure as of June 30, 2016 and December 31, 2015, respectively. Of these loans, $3.6 million and $4.1 million, respectively, are covered by the FDIC loss share agreement. Loans in process of foreclosure include those for which formal foreclosure proceedings are in process according to local requirements of the applicable jurisdiction. In addition to the single family residential real estate loans in process of foreclosure, the Company also held $5.9 million and $9.3 million of foreclosed single family residential properties in other real estate owned as of June 30, 2016 and December 31, 2015 , respectively. Of these foreclosed properties, $0.7 million and $1.6 million as of June 30, 2016 and December 31, 2015 , respectively, are also covered by the FDIC loss share agreement. |
Securities Sold under Agreement
Securities Sold under Agreements to Repurchase | 6 Months Ended |
Jun. 30, 2016 | |
Securities Sold under Agreements to Repurchase [Abstract] | |
Securities Sold under Agreements to Repurchase | 4. Securities Sold under Agreements to Repurchase Included in short - term borrowings at June 30, 2016 was $409.5 million of customer securities sold under agreements to repurchase (“repurchase agreements”) that mature daily and were secured by agency securities. The Company borrows funds on a secured basis by selling securities under agreements to repurchase, mai nly in connection with treasury management services offered to its deposit customers. As the Company maintains effective control over assets sold under agreements to repurchase, the securities continue to be carried on the consolidated statements of financial condition. Because the Company acts as borrower transferring assets to the counterparty, and the agreements mature daily, the Company’s risk is very limited. |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2016 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | 5. Long-Term Debt Effective January 1, 2016, the Company retrospectively adopted accounting guidance intended to simplify the presentation of debt issuance costs by requiring that costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. Historically, debt issuance costs were reported in the “Other Assets” line items in the Consolidated Balance Sheets and Statements of Cash Flows. All historical periods have been restated to reflect the revised presentation and new required disclosures are reflected below. The adoption of this guidance did not have a material impact on the Company’s financial condition or operating results. Long-term debt consisted of the following: June 30, December 31, (in thousands) 2016 2015 Subordinated notes payable, maturing June 2045 $ 150,000 $ 150,000 Subordinated notes payable, maturing April 2017 95,511 98,011 Term note payable, maturing December 2018 116,050 125,000 Other long-term debt 112,224 122,988 Less unamortized debt issuance costs (5,757) (5,854) Total long-term debt less unamortized debt issuance costs $ 468,028 $ 490,145 Long-term debt with its related unamortized debt issuance cost at June 30, 2016 is presented in the following table: Long-term debt at June 30, 2016, consisted of the following: Unamortized Debt Issuance (in thousands) Principal Costs Subordinated notes payable, maturing June 2045 $ 150,000 $ 5,044 Subordinated notes payable, maturing April 2017 95,511 - Term note payable, maturing December 2018 116,050 713 Other long-term debt 112,224 - Total $ 473,785 5,757 |
Derivatives
Derivatives | 6 Months Ended |
Jun. 30, 2016 | |
Derivatives [Abstract] | |
Derivatives | 6. Derivatives Risk Management Objective of Using Derivatives The Company enters into derivative financial instruments to manage risks related to differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments, currently related to select pools of variable rate loans . The Bank has also entered into interest rate derivative agreements as a service to certain qualifying customers. The Bank manages a matched book with respect to these customer derivatives in order to minimize their net risk exposure resulting from such agreements. The Bank also enters into risk participation agreements under which they may either sell or buy credit risk associated with a customer’s performance under certain interest rate derivative contracts related to loans in which participation interests have been sold to or purchased from other banks. Fair Values of Derivative Instruments on the Balance Sheet The table below presents the notional amounts and fair values of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of June 30, 2016 and December 31, 2015 . Fair Values (1) Notional Amounts Assets Liabilities Type of June 30, December 31, June 30, December 31, June 30, December 31, (in thousands) Hedge 2016 2015 2016 2015 2016 2015 Derivatives designated as hedging instruments: Interest rate swaps Cash Flow $ 800,000 $ 500,000 $ 3,330 $ — $ — $ 281 $ 800,000 $ 500,000 $ 3,330 $ — $ — $ 281 Derivatives not designated as hedging instruments: Interest rate swaps (2) N/A $ 856,332 $ 780,871 $ 38,389 $ 20,622 $ 40,202 $ 21,007 Risk participation agreements N/A 88,946 83,430 114 83 243 162 Forward commitments to sell residential mortgage loans N/A 105,357 55,128 23 263 1,404 336 Interest rate-lock commitments on residential mortgage loans N/A 62,622 38,853 703 243 12 167 Foreign exchange forward contracts N/A 35,022 44,068 1,344 2,040 1,323 2,015 $ 1,148,279 $ 1,002,350 $ 40,573 $ 23,251 $ 43,184 $ 23,687 (1) Derivative assets and liabilities are reported with other assets or other liabilities, respectively, in the consolidated balance sheets. (2) The notional amount represents both the customer accommodation agreements and offsetting agreements with unrelated financial institutions. Cash Flow Hedges of Interest Rate Risk The Company is party to five interest rate swap agreements designated and qualify ing as cash flow hedges of the Company’s forec asted variable cash flows for pool s of variable rate loans. For each agreement, the Company receives interest at a fixed rate and pays at a variable rate. The five swap agreements expire as follows: notional amount of $300 million expires in January 2017 ; n otional amount of $200 million expires in June 2017 ; and three contracts each with notional amounts of $100 million expire in April 2018 , 2019 , and 2020 . During the terms of the swap agreements, the effective portion of changes in the fair value of the derivative instruments are recorded in Accumulated Other Comprehensive Income (“AOCI”) and subsequently reclassified into earnings in the periods that the hedged forecasted variabl e-rate interest payments affect earnings . The impact on AOCI is reflected in Note 7. There was no ineffective portion of the change in fair value of the derivative recognized directly in earnings. Derivatives Not Designated as Hedges Customer interest rate derivative program The Bank enters into interest rate derivative agreements, primarily rate swaps, with commercial banking customers to facilitate their risk management strategies. The Bank enters into offsetting agreements with unrelated financial institutions, thereby mitigating its net risk exposure resulting from such transactions. Because the interest rate derivatives associated with this program do not meet hedge accounting requirements, changes in the fair value of both the customer derivatives and the offsetting derivatives are recognized directly in earnings. Risk participation agreements The Bank also enters into risk participation agreements under which it may either assume or sell credit risk associated with a borrower’s performance under certain interest rate derivative contracts. In those instances where the Bank has assumed credit risk, it is not a direct counterparty to the derivative contract with the borrower and has entered into the risk participation agreement because it is a party to the related loan agreement with the borrower. In those instances in which the Bank has sold credit risk, it is the sole counterparty to the derivative contract with the borrower and has entered into the risk participation agreement because other banks participate in the related loan ag reement. The Bank manages its credit risk under risk participation agreements by monitoring the creditworthine ss of the borrower, based on the Bank’s normal credit review process. Mortgage banking derivatives The Bank also enters into certain deri vative agreements as part of their mortgage banking activities. These agreements include interest rate lock commitments on prospective residential mortgage loans and forward commitments to sell these loans to investors on a best efforts delivery basis. Customer foreign exchange forward contract derivatives The Bank enters into foreign exchange forward derivative agreements, primarily forward currency contracts, with commercial ban king customers to facilitate their risk management strategies. The Bank manages its risk exposure from such transactions by entering into offsetting agreements with unrelated financial institutions. Because the foreign exchange forward contract derivatives associated with this program do not meet hedge accounting requirements, changes in the fair value of both the customer derivatives and the offsetting derivatives are recognized directly in earnings. Effect of Derivative Instruments on the Income Statement Derivative income consisting primarily of customer interest rate swap fees, net of fair value adjustments, is reflected in the income statement in other noninterest income, totaling $0.4 million and $1.4 million for the six months ended June 30, 2016 and 2015, respectively. The impact to interest income from cash flow hedges was $1.0 million and $0.8 million for the six months ended June 30, 2016 and 2015, respectively. Credit risk-related Contingent Features Certain of the Bank’s derivative instruments contain provisions allowing the financial institution counterparty to terminate the contracts in certain circumstances, such as the downgrade of the Bank’s credit ratings below specified levels, a default by the Bank on its indebtedness, or the failure of the Bank to maintain specified minimum regulatory capital ratios or its regulatory status as a well-capitalized institution. These derivative agreements also contain provisions regarding the posting of collateral by each party. As of June 30, 2016 , the aggregate fair value of derivative instruments with credit risk-related contingent features that were in a net liability position was $40.7 million, for which the Bank had posted collateral of $40.2 million . Offsetting Assets and Liabilities The Bank’s derivative instruments to certain counterparties contain legally enforceable netting provisions that allow for net settlement of multiple transactions to a single amount, which may be positive, negative, or zero. Offsetting information in regards to derivative assets and liabilities subject to these master netting agreements at June 30, 2016 and Decemb er 31, 2015 is presented in the following tables. (in thousands) Gross Amounts Offset in Net Amounts Presented in Gross Amounts Not Offset in the Statement of Financial Position Description Gross Amounts Recognized the Statement of Financial Position the Statement of Financial Position Financial Instruments Cash Collateral Net Amount As of June 30, 2016 Derivative Assets $ 3,579 $ — $ 3,579 $ 3,579 $ — $ — Derivative Liabilities $ 40,699 $ — $ 40,699 $ 3,579 $ 40,202 $ (3,082) (in thousands) Gross Amounts Offset in Net Amounts Presented in Gross Amounts Not Offset in the Statement of Financial Position Description Gross Amounts Recognized the Statement of Financial Position the Statement of Financial Position Financial Instruments Cash Collateral Net Amount As of December 31, 2015 Derivative Assets $ 224 $ — $ 224 $ 224 $ — $ — Derivative Liabilities $ 21,034 $ — $ 21,034 $ 224 $ 23,482 $ (2,672) The Company has excess collateral compared to total exposure due to initial margin requirements for day-to-day rate volatility. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2016 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | 7. Stockholders’ Equity Stock Repurchase Program On August 28, 2015, the Company’s board of directors approved a stock repurchase plan that authorizes the repurchase of up to 5% , or approximately 3.9 million shares of its outstanding common stock. The approved plan allows the Company to repurchase its common shares either in the open market in compliance with Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended, or in privately negotiated transactions with non-affiliated sellers or as otherwise determined by the Company from time to time until September 30, 2016 . Under this plan, the Company has repurchased 741,393 shares of its common stock at an average price of $27. 44 per share through June 30, 2016. There were no shares of common stock repurchased during the first half of 2016. Accumulated Other Comprehensive Income (Loss) AOCI is reported as a component of stockholders’ equity. AOCI can include, among other items, unrealized holding gains and losses on securities available for sale (“AFS”), gains and losses associated with pension or other post retirement benefits that are not recognized immediately as a component of net periodic benefit cost, and gains and losses on derivative instruments that are designated as, and qualify as, cash flow hedges. Net unrealized gains/losses on AFS securities reclassified as securities held to maturity (“HTM”) also continue to be reported as a component of AOCI and will be amortized over the estimated remaining life of the securities as an adjustment to interest income. The components of AOCI are reported net of related tax effects. The components of AOCI and changes in those components are presented in the following table. Available HTM Securities Loss on for Sale Transferred Employee Effective Cash (in thousands) Securities from AFS Benefit Plans Flow Hedges Total Balance, December 31, 2014 $ 18,001 $ (19,074) $ (48,626) $ (375) $ (50,074) Other comprehensive income before income taxes: Net change in unrealized (loss) gain (13,962) — — 1,005 (12,957) Reclassification of net (gain) losses realized and included in earnings (165) — 1,571 — 1,406 Valuation adjustment for employee benefit plans — — (5,922) — (5,922) Amortization of unrealized net loss on securities transferred to HTM — 1,586 — — 1,586 Income tax (benefit) expense (5,249) 580 (1,574) 366 (5,877) Balance, June 30, 2015 $ 9,123 $ (18,068) $ (51,403) $ 264 $ (60,084) Balance, December 31, 2015 $ 4,268 $ (16,795) $ (67,890) $ (178) $ (80,595) Other comprehensive income before income taxes: Net change in unrealized gain 41,990 — — 3,611 45,601 Reclassification of net (gain) losses realized and included in earnings (1,114) — 2,916 — 1,802 Amortization of unrealized net loss on securities transferred to HTM — 1,628 — — 1,628 Income tax expense 14,970 625 1,066 1,316 17,977 Balance, June 30, 2016 $ 30,174 $ (15,792) $ (66,040) $ 2,117 $ (49,541) The following table shows the line items in the consolidated income statements affected by amounts reclassified from accumulated other comprehensive income. Six Months Ended Amount reclassified from AOCI (a) June 30, Affected line item on (in thousands) 2016 2015 the income statement Gain on sale of AFS securities $ 1,114 $ 165 Securities transactions Tax effect (390) (58) Income taxes Net of tax 724 107 Net income Amortization of unrealized net loss on securities transferred to HTM (1,628) (1,586) Interest income Tax effect 625 580 Income taxes Net of tax (1,003) (1,006) Net income Amortization of defined benefit pension and post-retirement items (2,916) (1,571) Employee benefits expense (b) Tax effect 1,066 550 Income taxes Net of tax (1,850) (1,021) Net income Total reclassifications, net of tax $ (2,129) $ (1,920) Net income (a) Amounts in parenthesis indicate reduction in net income. (b) These accumulated other comprehensive income components are included in the computation of net periodic pension and post-retirement cost that is reported with employee benefits expense (see Note 11 for additional details). |
Other Noninterest Income
Other Noninterest Income | 6 Months Ended |
Jun. 30, 2016 | |
Other Noninterest Income [Abstract] | |
Other Noninterest Income | 8. Other Noninterest Income Components of other noninterest income are as follows. Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2016 2015 2016 2015 Income from bank-owned life insurance $ 4,501 $ 2,671 $ 7,051 $ 5,337 Credit related fees 2,267 2,611 4,624 5,068 Derivative income 533 1,464 394 1,412 Net gain (loss) on sale of assets 1,801 (62) 3,566 (55) Safety deposit box income 413 429 891 915 Other miscellaneous 2,041 2,412 4,376 5,092 Total other noninterest income $ 11,556 $ 9,525 $ 20,902 $ 17,769 |
Other Noninterest Expense
Other Noninterest Expense | 6 Months Ended |
Jun. 30, 2016 | |
Other Noninterest Expense [Abstract] | |
Other Noninterest Expense | 9. Other Noninterest Expense Components of other noninterest expense are as follows. Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2016 2015 2016 2015 Advertising $ 2,693 $ 2,133 $ 5,050 $ 4,298 Ad valorem and franchise taxes 2,340 2,736 4,643 5,451 Printing and supplies 1,065 1,158 2,176 2,375 Insurance expense 829 928 1,664 1,850 Travel expense 1,079 1,308 2,028 2,527 Entertainment and contributions 2,001 1,736 3,633 3,375 Tax credit investment amortization 1,833 2,096 3,576 4,191 Other miscellaneous 4,633 10,211 10,412 13,045 Total other noninterest expense $ 16,473 $ 22,306 $ 33,182 $ 37,112 |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 10. Earnings Per Share Hancock calculates earnings per share using the two-class method. The two-class method allocates net income to each class of common stock and participating security according to common dividends declared and participation rights in undistributed earnings. Participating securities consist of unvested stock-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents. A summary of the information used in the computation of earnings per common share follows. Three Months Ended Six Months Ended June 30, June 30, (in thousands, except per share data) 2016 2015 2016 2015 Numerator: Net income to common shareholders $ 46,907 $ 34,829 $ 50,746 $ 74,988 Net income allocated to participating securities - basic and diluted 1,136 766 1,233 1,701 Net income allocated to common shareholders - basic and diluted $ 45,771 $ 34,063 $ 49,513 $ 73,287 Denominator: Weighted-average common shares - basic $ 77,523 $ 77,951 $ 77,512 $ 78,719 Dilutive potential common shares 157 164 164 162 Weighted-average common shares - diluted $ 77,680 $ 78,115 $ 77,676 $ 78,881 Earnings per common share: Basic $ 0.59 $ 0.44 $ 0.64 $ 0.93 Diluted $ 0.59 $ 0.44 $ 0.64 $ 0.93 Potential common shares consist of employee and director stock options. These potential common shares do not enter into the calculation of diluted earnings per share if the impact would be anti-dilutive, i.e., increase earnings per share or reduce a loss per share. Weighted-average anti-dilutive potential common shares totaled 548,821 and 574,037 , respectively, for the three months ended June 30, 2016 and June 30 , 2015. Weighted-average anti-dilutive potential common shares totaled 602,809 and 843,544 , respectively , for the six months ended June 30, 2016 and June 30, 2015. |
Retirement Plans
Retirement Plans | 6 Months Ended |
Jun. 30, 2016 | |
Retirement Plans [Abstract] | |
Retirement Plans | 11. Retirement Plans The Company has a qualified defined benefit pension plan covering all eligible employees. Eligibility is based on minimum age-related and service-related requirements as well as job classification. Accrued benefits under a nonqualified plan covering certain legacy Whitney employees were frozen as of December 31, 2012 and no future benefits will be accrued under this plan. The Company also sponsors defined benefit postretirement plans for both legacy Hancock and legacy Whitney employees that provide health care and life insurance benefits. Benefits under the Hancock plan are not available to employees hired on or after January 1, 2000. Benefits under the Whitney plan are restricted to retirees who were already receiving benefits at the time of plan amendments in 2007 or active participants who were eligible to receive benefits as of December 31, 2007. The following tables show the components of net periodic benefits cost included in expense for the plans for the periods indicated. Other Post- (in thousands) Pension Benefits retirement Benefits Three Months Ended June 30, 2016 2016 2015 2016 2015 Service cost $ 3,611 $ 3,382 $ 45 $ 22 Interest cost 4,023 4,672 203 174 Expected return on plan assets (8,554) (8,206) — — Amortization of net loss 1,426 842 53 (40) Net periodic benefit cost $ 506 $ 690 $ 301 $ 156 Six Months Ended June 30, 2016 Service cost $ 6,876 $ 6,745 $ 74 $ 72 Interest cost 9,011 9,291 409 543 Expected return on plan assets (17,445) (16,419) — — Amortization of net loss 2,894 1,486 22 85 Net periodic benefit cost $ 1,336 $ 1,103 $ 505 $ 700 N o contribution is required in 201 6 to meet minimum funding requirements, and the Company has no plans to make a contribution in the current year . The Company also provides a defined contribution 401(k) retirement benefit plan. Under the plan, the Company matches 100% of the first 1% of compensation saved by a participant, and 50% of the next 5% of compensation saved. |
Share-Based Payment Arrangement
Share-Based Payment Arrangements | 6 Months Ended |
Jun. 30, 2016 | |
Share-Based Payment Arrangements [Abstract] | |
Share-Based Payment Arrangements | 12. Share-Based Payment Arrangements Hancock maintains incentive compensation plans that provide for awards of share-based compensation to employees and directors. These plans have been approved by the Company’s shareholders. Detailed descriptions of these plans were included in Note 16 to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 . A summary of option activity for the six months ended June 30 , 201 6 is presented below. Weighted Average Weighted Remaining Average Contractual Aggregate Number of Exercise Term Intrinsic Options Shares Price (Years) Value ($000) Outstanding at January 1, 2016 745,806 $ 37.55 Cancelled/Forfeited (60,377) 35.04 Expired (150,847) 46.06 Outstanding at June 30, 2016 534,582 $ 35.43 4.06 $ — Exercisable at June 30, 2016 490,827 $ 35.92 3.92 $ — The re was no total intrinsic value of options exercised at June 30, 2016 compared to $0.2 million a t June 30, 2015 . The restricted and performance shares in the table below are subject to service requirements. A summary of the status of the Company’s nonvested restricted and performance shares as of June 30, 2016 and changes during the six months ended June 30, 2016 , is presented in the following table. Weighted Average Number of Grant Date Shares Fair Value Nonvested at January 1, 2016 2,196,145 $ 30.97 Granted 85,004 23.83 Vested (64,112) 31.15 Forfeited (185,249) 30.84 Nonvested at June 30, 2016 2,031,788 $ 30.64 As of June 30, 2016 , there were $37.0 million of total unrecognized compensation expense related to nonvested restricted and performance shares expected to vest. This compensation is expected to be recognized in expense over a weighted average period of 3.2 years. The total fair value of shares which vested during the six months ended June 30, 2016 and 2015 was $2.0 million and $7.5 million, respectively. During the six months ended June 30, 2016 , the Company granted 35,587 performance shares subject to a total shareholder return ( “ TSR ” ) performance metric with a grant date fair value of $24.42 per share and 35,587 performance shares subject to a core earnings per share performance metric with a grant date fair value of $22.58 per share to key members of executive management. The number of performance shares subject to TSR that ultimately vest at the end of the three -year performance period, if any, will be based on the relative rank of the Company’s three -year TSR among the TSRs of a peer group of 44 regional banks. The fair value of the performance shares subject to TSR at the grant date was determined using a Monte Carlo simulation method. The number of performance shares subject to core earnings per share that ultimately vest will be based on the Company’s attainment of certain core earnings per share goals over the two -year performance period. The maximum number of performance shares that could vest is 200% of the target award. Compensation expense for these performance shares is recognized on a straight-line basis over the three -year service period. |
Fair Value
Fair Value | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value [Abstract] | |
Fair Value | 13. Fair Value The Financial Accounting Standards Board (“FASB”) defines fair value as the exchange price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The FASB’s guidance also established a fair value hierarchy that prioritizes the inputs to these valuation techniques used to measure fair value, giving preference to quoted prices in active markets for identical assets or liabilities (“level 1”) and the lowest priority to unobservable inputs such as a reporting entity’s own data (“level 3”). Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical assets or liabilities in markets that are not active, observable inputs other than quoted prices, such as interest rates and yield curves, and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Fair Value of Assets and Liabilities Measured on a Recurring Basis The following tables present for each of the fair value hierarchy levels the Company’s assets and liabilities that are measured at fair value on a recurring basis in the consolidated balance sheets. June 30, 2016 (in thousands) Level 1 Level 2 Total Assets Available for sale debt securities: U.S. Treasury and government agency securities $ — $ 116 $ 116 Municipal obligations — 156,292 156,292 Corporate debt securities — 3,500 3,500 Mortgage-backed securities — 1,906,346 1,906,346 Collateralized mortgage obligations — 241,346 241,346 Equity securities 1,212 — 1,212 Total available for sale securities 1,212 2,307,600 2,308,812 Derivative assets (1) — 43,903 43,903 Total recurring fair value measurements - assets $ 1,212 $ 2,351,503 $ 2,352,715 Liabilities Derivative liabilities (1) $ — $ 43,184 $ 43,184 Total recurring fair value measurements - liabilities $ — $ 43,184 $ 43,184 (1) For further disaggregation of derivative assets and liabilities, see Note 6 - Derivatives. December 31, 2015 (in thousands) Level 1 Level 2 Total Assets Available for sale debt securities: U.S. Treasury and government agency securities $ — $ 134 $ 134 Municipal obligations — 39,607 39,607 Corporate debt securities — 3,500 3,500 Mortgage-backed securities — 1,758,373 1,758,373 Collateralized mortgage obligations — 289,033 289,033 Equity securities 2,757 — 2,757 Total available for sale securities 2,757 2,090,647 2,093,404 Derivative assets (1) — 23,251 23,251 Total recurring fair value measurements - assets $ 2,757 $ 2,113,898 $ 2,116,655 Liabilities Derivative liabilities (1) $ — $ 23,968 $ 23,968 Total recurring fair value measurements - liabilities $ — $ 23,968 $ 23,968 (1) For further disaggregation of derivative assets and liabilities, see Note 6 - Derivatives. Securities classified as level 1 within the valuation hierarchy include U.S. Treasury securities and certain other debt and equity securities. Level 2 classified securities include obligations of U.S. Government agencies and U.S. Government-sponsored agencies, residential mortgage-backed securities and collateralized mortgage obligations that are issued or guaranteed by U.S. government agencies, and state and municipal bonds. The level 2 fair value measurements for investment securities are obtained quarterly from a third-party pricing service that uses industry-standard pricing models. Substantially all of the model inputs are observable in the marketplace or can be supported by observable data. The Company invests only in securities of investment grade quality with a targeted duration, for the overall portfolio, generally between two and five . Company policies generally limit investments to agency securities and municipal securities determined to be investment grade according to an internally generated score which generally includes a rating of not less than “Baa” or its equivalent by a nationally recognized statistical rating agency. There were no transfers between valuation hierarchy levels during the periods shown. The fair value of derivative financial instruments, which are predominantly customer interest rate swaps, is obtained from a third-party pricing service that uses an industry-standard discounted cash flow model that relies on inputs, LIBOR swap curves and Overnight Index swap rate curves, observable in the marketplace. To comply with the accounting guidance, credit valuation adjustments are incorporated in the fair values to appropriately reflect nonperformance risk for both the Company and the counterparties. Although the Company has determined that the majority of the inputs used to value the derivative instruments fall within level 2 of the fair value hierarchy, the credit value adjustments utilize level 3 inputs, such as estimates of current credit spreads. The Company has determined that the impact of the credit valuation adjustments is not significant to the overall valuation of these derivatives. As a result, the Company has classified its derivative valuations in their entirety in level 2 of the fair value hierarchy. The Company’s policy is to measure counterparty credit risk quarterly for all derivative instruments, including those subject to master netting arrangements consistent with how market participants would price the net risk exposure at the measurement date. The Company also has certain derivative instruments associated with the Bank’s mortgage-banking activities. These derivative instruments include interest rate lock commitments on prospective residential mortgage loans and forward commitments to sell these loans to investors on a best efforts delivery basis. The fair value of these derivative instruments is measured using observable market prices for similar instruments and is classified as a level 2 measurement. Fair Value of Assets Measured on a Nonrecurring Basis Certain assets and liabilities are measured at fair value on a nonrecurring basis. Collateral-dependent impaired loans are level 2 assets measured at the fair value of the underlying collateral based on independent third-party appraisals that take into consideration market-based information such as recent sales activity for similar assets in the property’s market. Other real estate owned, including both foreclosed property and surplus banking property, are level 3 assets that are adjusted to fair value, less estimated selling costs, upon transfer to other real estate owned. Subsequently, other real estate owned is carried at the lower of carrying value or fair value less estimated selling costs. Fair values are determined by sales agreement or third-party appraisals as discounted for estimated selling costs, information from comparable sales, and marketability of the property. The fair value information presented below is not as of the period-end, rather it was as of the date the fair value adjustment was recorded during the twelve months for each of the dates presented below, and excludes nonrecurring fair value measurements of assets no longer on the balance sheet. The following tables present the Company’s financial assets that are measured at fair value on a nonrecurring basis for each of the fair value hierarchy levels. June 30, 2016 (in thousands) Level 1 Level 2 Level 3 Total Collateral-dependent impaired loans $ — $ 116,516 $ — $ 116,516 Other real estate owned — — 14,053 14,053 Total nonrecurring fair value measurements $ — $ 116,516 $ 14,053 $ 130,569 December 31, 2015 (in thousands) Level 1 Level 2 Level 3 Total Collateral-dependent impaired loans $ — $ 93,602 $ — $ 93,602 Other real estate owned — — 17,206 17,206 Total nonrecurring fair value measurements $ — $ 93,602 $ 17,206 $ 110,808 Accounting guidance from the FASB requires the disclosure of estimated fair value information about certain on- and off-balance sheet financial instruments, including those financial instruments that are not measured and reported at fair value on a recurring basis. The significant methods and assumptions used by the Company to estimate the fair value of financial i nstruments are discussed below. Cash, Short ‑Term Investments and Federal Funds Sold - For these short ‑term instruments, the carrying amount is a reasonable estimate of fair value. Securities – The fair value measurement for securities available for sale was discussed earlier in the note. The same measurement techniques were applied to the valuation of securities held to maturity. Loans, Net - The fair value measurement for certain impaired loans was discussed earlier in the note. For the remaining portfolio, fair values were generally determined by discounting scheduled cash flows using discount rates determined with reference to current market rates at which loans with similar terms would be made to borrowers of similar credit quality. Loans Held for Sale – These loans are recorded at fair value and carried at the lower of cost or market. The carrying amount is considered a reasonable estimate of fair value. Deposits - The accounting guidance requires that the fair value of deposits with no stated maturity, such as noninterest-bearing demand deposits, interest-bearing checking and savings accounts, be assigned fair values equal to amounts payable upon demand (“carrying amounts”). The fair value of fixed-maturity certificates of deposit is estimated using the rates currently offered for deposits of similar remaining maturities. Securities Sold under Agreements to Repurchase, Federal Funds Purchased, and Federal Home Loan Bank (“FHLB”) Borrowings - For these short-term liabilities, the carrying amount is a reasonable estimate of fair value. Long-Term Debt - The fair value is estimated by discounting the future contractual cash flows using current market rates at which debt with similar terms could be obtained. Derivative Financial Instruments – The fair value measurement for derivative financial instruments was discussed earlier in the note. The following tables present the estimated fair values of the Company’s financial instruments by fair value hierarchy levels and the corresponding carrying amount at June 30, 2016 and December 31, 2015 . June 30, 2016 Total Fair Carrying (in thousands) Level 1 Level 2 Level 3 Value Amount Financial assets: Cash, interest-bearing bank deposits, and federal funds sold $ 466,587 $ — $ — $ 466,587 $ 466,587 Available for sale securities 1,212 2,307,600 — 2,308,812 2,308,812 Held to maturity securities — 2,569,084 — 2,569,084 2,497,558 Loans, net — 116,516 16,058,354 16,174,870 15,809,710 Loans held for sale — 42,297 — 42,297 42,297 Derivative financial instruments — 43,903 — 43,903 43,903 Financial liabilities: Deposits $ — $ — $ 18,837,146 $ 18,837,146 $ 18,816,869 Federal funds purchased 10,575 — — 10,575 10,575 Securities sold under agreements to repurchase 409,532 — — 409,532 409,532 FHLB borrowings 675,000 — — 675,000 675,000 Long-term debt — 474,888 — 474,888 468,028 Derivative financial instruments — 43,184 — 43,184 43,184 December 31, 2015 Total Fair Carrying (in thousands) Level 1 Level 2 Level 3 Value Amount Financial assets: Cash, interest-bearing bank deposits, and federal funds sold $ 869,429 $ — $ — $ 869,429 $ 869,429 Available for sale securities 2,757 2,090,647 — 2,093,404 2,093,404 Held to maturity securities — 2,375,851 — 2,375,851 2,370,388 Loans, net — 93,602 15,334,201 15,427,803 15,522,135 Loans held for sale — 20,434 — 20,434 20,434 Derivative financial instruments — 23,251 — 23,251 23,251 Financial liabilities: Deposits $ — $ — $ 18,327,425 $ 18,327,425 $ 18,348,912 Federal funds purchased 10,100 — — 10,100 10,100 Securities sold under agreements to repurchase 513,544 — — 513,544 513,544 FHLB borrowings 900,000 — — 900,000 900,000 Long-term debt — 488,711 — 488,711 490,145 Derivative financial instruments — 23,968 — 23,968 23,968 |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2016 | |
Recent Accounting Pronouncements [Abstract] | |
Recent Accounting Pronouncements | 14. Recent Accounting Pronouncements Accounting Standards Adopted in 2016 In February 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-02 “Consolidation (Topic 810): Amendments to the Consolidation Analysis” that changed the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. The amendments in this ASU (1) modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities (VIEs) or voting interest entities; (2) eliminate the presumption that a general partner should consolidate a limited partnership; (3) affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships; and (4) provide a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. The amendments in this update were effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. The Company performed the consolidation analysis using the new guidelines effective as of January 1, 2016. The adoption of this guidance did not have a material impact on the Company’s financial condition or results of operations. In April 2015, the FASB issued ASU 2015-03, “Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs to simplify presentation of debt issuance costs by requiring that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The guidance in this ASU does not address presentation or subsequent measurement of debt issuance costs related to line-of-credit arrangements. Therefore, the FASB issued ASU 2015-15, “Interest—Imputation of Interest (Subtopic 835-30) - Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting)” to clarify the SEC staff position that they would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. We adopted ASU 2015-03 and ASU 2015-15 on the first day of 2016 as required by the guidance and applied it retrospectively to the first day of 2012. Our adoption of this guidance did not have a material impact on the Company’s financial condition or results of operations. We retrospectively adjusted the balance sheet, statement of cash flows, long-term debt note and selected financial data. The effect of the change on the financial statement line items of Other Assets and Long-term Debt was immaterial (See Note 5). In April 2015, the FASB issued ASU 2015-05, Subtopic 350-40 “Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement” that provides guidance to customers about how to account for a cloud computing arrangement depending on whether or not it includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The guidance did not change GAAP for a customer’s accounting for service contracts. For public business entities, the amendments are effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2015. The Company elected to adopt this guidance prospectively to all arrangements entered into or materially modified on or after the first day of 2016, as required by the guidance. The adoption of this guidance did not have a material impact on the Company’s financial condition or results of operations. In May 2015, the FASB issued ASU 2015-07, “Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)” that removed the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient and remove the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value per share practical expedient. The amendments in this update are effective for public business entities for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The Company early adopted this guidance with the issuance of its benefit plan financials and it did not have a material impact on the Company’s financial condition or results of operations. In September 2015, the FASB issued ASU 2015-16 “Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments” that eliminates the requirement to restate prior period financial statements for measurement period adjustments. The new guidance requires that the cumulative impact of a measurement period adjustment (including the impact on prior periods) be recognized in the reporting period in which the adjustment is identified. The new standard should be applied prospectively to measurement period adjustments that occur after the effective date. The amendments in this update are effective for public business entities for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The adoption of this guidance did not have a material impact on the Company’s financial condition or results of operations. Issued but Not Yet Adopted Accounting Standards In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credits Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” to improve financial reporting by requiring timelier recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. The ASU, more commonly referred to as Current Expected Credit Losses, or CECL, requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. Organizations will continue to use judgment to determine which loss estimation method is appropriate for their circumstances. In addition, the ASU amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. The ASU is effective for SEC filers for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early application is permitted for all organizations for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company is currently assessing this pronouncement and the impact of adoption. In March 2016, the FASB issued ASU 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” to improve the accounting for employee share-based payments. Several aspects of the accounting for share-based payment award transactions are simplified, including income tax consequences; classification of awards as either equity or liabilities; and classification on the statement of cash flows. The amendments are effective for public business entities for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted for any interim or annual period. The Company is currently assessing this pronouncement and the impact of adoption. In March 2016, the FASB issued ASU 2016-07 “Investments —Equity Method and Joint Ventures (Topic 323)” that simplifies the transition to the equity method of accounting. The amendments affect all entities that have an investment that becomes qualified for the equity method of accounting as a result of an increase in the level of ownership interest or degree of influence. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. Therefore, upon qualifying for the equity method of accounting, no retroactive adjustment of the investment is required. The amendments require that an entity that has an available for sale equity security that becomes qualified for the equity method of accounting recognize through earnings the unrealized holding gain or loss in accumulated other comprehensive income at the date the investment becomes qualified for use of the equity method. The amendments are effective for all entities for fiscal years beginning after December 15, 2016. The Company is currently assessing this pronouncement and the adoption of this guidance is not expected to have a material impact on the Company’s financial condition or results of operations. In March 2016, the FASB issued ASU 2016-06 “Derivatives and Hedging (Topic 815): Contingent Put and Call Options in Debt Instruments” that requires embedded derivatives to be separated from the host contract and accounted for separately as derivatives if certain criteria are met. The amendments apply to all entities that are issuers of or investors in debt instruments (or hybrid financial instruments that are determined to have a debt host) with embedded call (put) options. The amendments clarify what steps are required when assessing whether the economic characteristics and risks or call (put) options are clearly and closely related to the economic characteristics and risks of their debt hosts, which is one of the criteria for bifurcating an embedded derivative. Consequently, when a call (put) option is contingently exercisable, an entity does not have to assess whether the event that triggers the ability to exercise a call (put) option is related to interest rates or credits risks. Public business entities must apply the new requirements for fiscal years beginning after December 15, 2016 and interim periods within those fiscal years. Early adoption is permitted. The Company is currently assessing this pronouncement and the adoption of this guidance is not expected to have a material impact on the Company’s financial condition or results of operations. In March 2016, the FASB issued ASU 2016-05 “Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships” that clarifies that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument does not, in and of itself, require dedesignation of that hedging relationship. The amendments apply to all reporting entities for which there is a change in the counterparty to a derivative instrument that has been designated as a hedging instrument. The amendments are effective for public business entities for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. The amendments may be applied on either a prospective basis or a modified retrospective basis. The Company is currently assessing this pronouncement and t he adoption of this guidance is not expected to have a material impact on the Company’s financial condition or results of operations. In February 2016, the FASB issued ASU 2016-02 “Leases (Topic 842)” that provides new lease accounting guidance. Under the guidance, lessees (with the exception of short-term leases) will be required to recognize a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Lessor accounting is largely unchanged. Lessees will need to recognize almost all leases on their balance sheet as a right-of-use asset and a lease liability. Lessees will no longer be provided with a source of off-balance sheet financing. Public business entities should apply the amendments for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is currently assessing this pronouncement and the impact of adoption. In January 2016, the FASB issued an ASU 2016-01 “Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities” that improves the recognition and measurement of financial instruments through targeted changes to existing GAAP. It requires equity investments (except those that are accounted for under the equity method of accounting or result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. It also requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. The amendments in this update are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company is currently assessing this pronouncement and adoption of this guidance is not expected to have a material impact on the Company’s financial condition or results of operations. In May 2014, the FASB issued ASU 2014-09 “Revenue from Contracts with Customers (Topic 606)” regarding revenue from contracts with customers affecting any entity that enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. The core principle of this standard is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Most revenue associated with financial instruments, including interest and loan origination fees, is outside the scope of the guidance. Gains and losses on investment securities, derivatives, and sales of financial instruments are also excluded from the scope. Subsequent to issuance of the revenue recognition guidance, the FASB has issued several updates that deferred by one year the effective date for revenue recognition guidance; clarified its guidance for performing the principal-versus-agent analysis; and clarified guidance for identifying performance obligations allowing entities to ignore immaterial promised goods and services in the context of a contract with a customer. Entities can elect to adopt the guidance either on a full or modified retrospective basis. Full retrospective adoption will require a cumulative effect adjustment to retained earnings as of the beginning of the earliest comparative period presented. Modified retrospective adoption will require a cumulative effect adjustment to retained earnings as of the beginning of the reporting period in which the entity first applies the new guidance. The standard will be effective for the Company for annual reporting periods beginning after Dece mber 15, 2017. The Company is cu rrently assessing this pronouncement and the adoption of this guidance is not expected to have a material impact on the Company’s financial condition or results of operations. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements include the accounts of Hancock Holding Company and all other entities in which it has a controlling interest (the “Company”). The financial statements include all adjustments that are, in the opinion of management, necessary to present fairly the Company’s financial condition, results of operations, changes in stockholders’ equity and cash flows for the interim periods presented. Some financial information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) have been condensed or omitted in this Form 10-Q pursuant to Securities and Exchange Commission rules and regulations. These financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. Financial information reported in these financial statements is not necessarily indicative of the Company’s financial condition, results of operations, or cash flows for any other interim or annual period. Certain prior period amounts have been reclassified to conform to the current period presentation. Effective this quarter, the presentation of loan disclosures has been modified from prior filings as discussed in Note 3 – Loans and Allowance for Loan Losses. Effective January 1, 2016, the Company retrospectively adopted accounting guidance intended to simplify the presentation of debt issuance costs by requiring that costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. Historically, debt issuance costs were reported in the “Other Assets” line items in the Consolidated Balance Sheets and Statements of Cash Flows. All historical periods have been restated to reflect the revised presentation and new required disclosures. The adoption of this guidance did not have a material impact on the Company’s financial condition or operating results. |
Use of Estimates | Use of Estimates The accounting principles the Company follows and the methods for applying these principles conform with GAAP and with general practices followed by the banking industry. These accounting principles require management to make estimates and assumptions about future events that affect the amounts reported in the consolidated financial statements and the accompanying notes. Actual results could differ from those estimates. |
Critical Accounting Policies and Estimates | Critical Accounting Policies and Estimates There were no material changes or developments with respect to methodologies that the Company uses when applying what management believes are critical accounting policies and developing critical accounting estimates as disclosed in its Annual Report on Form 10-K for the year ended December 31, 2015. |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Gain (Loss) on Investments [Line Items] | |
Amortized Cost and Fair Value of Securities Available for Sale | Securities Available for Sale (in thousands) June 30, 2016 December 31, 2015 Gross Gross Gross Gross Amortized Unrealized Unrealized Fair Amortized Unrealized Unrealized Fair Cost Gains Losses Value Cost Gains Losses Value US Treasury and government agency securities $ 116 $ — $ — $ 116 $ 135 $ — $ 1 $ 134 Municipal obligations 151,557 4,735 — 156,292 39,410 235 38 39,607 Mortgage-backed securities 1,867,063 39,413 130 1,906,346 1,750,168 19,387 11,182 1,758,373 Collateralized mortgage obligations 238,165 3,181 — 241,346 291,085 140 2,192 289,033 Corporate debt securities 3,500 — — 3,500 3,500 — — 3,500 Equity securities 877 335 — 1,212 2,447 358 48 2,757 $ 2,261,278 $ 47,664 $ 130 $ 2,308,812 $ 2,086,745 $ 20,120 $ 13,461 $ 2,093,404 |
Amortized Cost and Fair Value of Securities Held to Maturity | Securities Held to Maturity (in thousands) June 30, 2016 December 31, 2015 Gross Gross Gross Gross Amortized Unrealized Unrealized Fair Amortized Unrealized Unrealized Fair Cost Gains Losses Value Cost Gains Losses Value US Treasury and government agency securities $ 50,000 $ 1,047 $ — $ 51,047 $ 50,000 $ — $ 410 $ 49,590 Municipal obligations 496,999 18,158 372 514,785 185,890 3,475 1,166 188,199 Mortgage-backed securities 946,722 40,068 — 986,790 1,014,135 15,585 1,589 1,028,131 Collateralized mortgage obligations 1,003,837 13,543 918 1,016,462 1,120,363 2,244 12,676 1,109,931 $ 2,497,558 $ 72,816 $ 1,290 $ 2,569,084 $ 2,370,388 $ 21,304 $ 15,841 $ 2,375,851 |
Amortized Cost and Fair Value of Debt Securities by Contractual Maturity | (in thousands) Amortized Fair Debt Securities Available for Sale Cost Value Due in one year or less $ 6,825 $ 6,839 Due after one year through five years 53,816 54,914 Due after five years through ten years 391,388 405,008 Due after ten years 1,808,372 1,840,839 Total available for sale debt securities $ 2,260,401 $ 2,307,600 Amortized Fair Debt Securities Held to Maturity Cost Value Due in one year or less $ 15,700 $ 15,779 Due after one year through five years 136,327 140,424 Due after five years through ten years 403,112 416,795 Due after ten years 1,942,419 1,996,086 Total held to maturity securities $ 2,497,558 $ 2,569,084 |
Available for Sale [Member] | |
Gain (Loss) on Investments [Line Items] | |
Securities with Unrealized Losses | Available for Sale June 30, 2016 Losses < 12 months Losses 12 months or > Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized (in thousands) Value Losses Value Losses Value Losses US Treasury and government agency securities $ — — $ 70 $ — $ 70 $ — Mortgage-backed securities 13,310 90 7,929 40 21,239 130 $ 13,310 $ 90 $ 7,999 $ 40 $ 21,309 $ 130 Available for Sale December 31, 2015 Losses < 12 months Losses 12 months or > Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized (in thousands) Value Losses Value Losses Value Losses US Treasury and government agency securities $ — $ — $ 82 $ 1 $ 82 $ 1 Municipal obligations 8,296 38 — — 8,296 38 Mortgage-backed securities 831,156 8,257 116,126 2,925 947,282 11,182 Collateralized mortgage obligations 208,397 1,257 33,138 935 241,535 2,192 Equity securities 20 1 1,473 47 1,493 48 $ 1,047,869 $ 9,553 $ 150,819 $ 3,908 $ 1,198,688 $ 13,461 |
Held to Maturity [Member] | |
Gain (Loss) on Investments [Line Items] | |
Securities with Unrealized Losses | Held to maturity June 30, 2016 Losses < 12 months Losses 12 months or > Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized (in thousands) Value Losses Value Losses Value Losses Municipal obligations $ — $ — $ 12,476 $ 372 $ 12,476 $ 372 Collateralized mortgage obligations 1,392 2 149,600 916 150,992 918 $ 1,392 $ 2 $ 162,076 $ 1,288 $ 163,468 $ 1,290 Held to maturity December 31, 2015 Losses < 12 months Losses 12 months or > Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized (in thousands) Value Losses Value Losses Value Losses U.S. Treasury and government agency securities $ 45,590 $ 410 $ — $ — $ 45,590 $ 410 Municipal obligations 22,652 301 48,727 865 71,379 1,166 Mortgage-backed securities 349,635 1,589 — — 349,635 1,589 Collateralized mortgage obligations 516,330 2,894 370,756 9,782 887,086 12,676 $ 934,207 $ 5,194 $ 419,483 $ 10,647 $ 1,353,690 $ 15,841 |
Loans and Allowance for Loan 25
Loans and Allowance for Loan Losses (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans, Net of Unearned Income | June 30, December 31, (in thousands) 2016 2015 Commercial non-real estate $ 7,132,519 $ 6,995,824 Commercial real estate - owner occupied 1,916,200 1,859,469 Total commercial & industrial 9,048,719 8,855,293 Commercial real estate - income producing 2,024,471 1,553,082 Construction and land development 880,588 1,151,950 Residential mortgages 2,017,650 2,049,524 Consumer 2,064,368 2,093,465 Total loans $ 16,035,796 $ 15,703,314 |
Allowance for Loan Losses by Portfolio Class | Commercial Commercial Commercial real estate- Total real estate- Construction non-real owner commercial & income and land Residential (in thousands) estate occupied industrial producing development mortgages Consumer Total Six Months Ended June 30, 2016 Allowance for loan losses: Beginning balance $ 109,428 $ 9,858 $ 119,286 $ 6,041 $ 5,642 $ 25,353 $ 24,857 $ 181,179 Purchased credit impaired activity: Charge-offs — (28) (28) (1) (18) (23) (8) (78) Recoveries 8 120 128 2 53 3 106 292 Net provision for loan losses 79 (170) (91) 26 (117) 1,165 (1,290) (307) Increase (decrease) in FDIC loss share receivable 39 — 39 — — (3,378) (98) (3,437) Non-purchased credit impaired activity: Charge-offs (22,212) (1,199) (23,411) (191) (592) (592) (11,268) (36,054) Recoveries 1,802 238 2,040 268 1,125 480 3,039 6,952 Net provision for loan losses 61,628 1,857 63,485 6,654 (1,087) 466 8,021 77,539 Ending balance $ 150,772 $ 10,676 $ 161,448 $ 12,799 $ 5,006 $ 23,474 $ 23,359 $ 226,086 Ending balance: Allowance: Individually evaluated for impairment $ 12,885 $ 183 $ 13,068 $ 72 $ 1 $ 167 $ 41 $ 13,349 Amounts related to purchased credit impaired loans 572 1,015 1,587 741 575 15,430 1,257 19,590 Collectively evaluated for impairment 137,315 9,478 146,793 11,986 4,430 7,877 22,061 193,147 Total allowance $ 150,772 $ 10,676 $ 161,448 $ 12,799 $ 5,006 $ 23,474 $ 23,359 $ 226,086 Loans: Individually evaluated for impairment $ 232,785 $ 5,898 $ 238,683 $ 7,803 $ 1,247 $ 1,068 $ 166 $ 248,967 Purchased credit impaired loans 10,483 15,428 25,911 10,752 8,761 151,674 12,826 209,924 Collectively evaluated for impairment 6,889,251 1,894,874 8,784,125 2,005,916 870,580 1,864,908 2,051,376 15,576,905 Total loans $ 7,132,519 $ 1,916,200 9,048,719 $ 2,024,471 $ 880,588 $ 2,017,650 $ 2,064,368 $ 16,035,796 Commercial Commercial Commercial real estate- Total real estate- Construction non-real owner commercial & income and land Residential (in thousands) estate occupied industrial producing development mortgages Consumer Total Six Months ended June 30, 2015 Allowance for loan losses: Beginning balance $ 51,169 $ 13,536 $ 64,705 $ 7,546 $ 6,421 $ 28,660 $ 21,430 $ 128,762 Purchased credit impaired activity: Charge-offs (1,099) (15) (1,114) (2,353) (285) (168) (140) (4,060) Recoveries 14 465 479 — 406 2 136 1,023 Net provision for loan losses 470 (1,171) (701) 1,102 (733) 272 (889) (949) Increase (decrease) in FDIC loss share receivable 347 (396) (49) 919 (6) (3,296) (104) (2,536) Non-purchased credit impaired activity: Charge-offs (2,215) (378) (2,593) (147) (828) (1,292) (6,729) (11,589) Recoveries 2,051 135 2,186 291 1,308 449 2,491 6,725 Net provision for loan losses 9,586 2,812 12,398 (1,858) (982) 62 4,091 13,711 Ending balance $ 60,323 $ 14,988 $ 75,311 $ 5,500 $ 5,301 $ 24,689 $ 20,286 $ 131,087 Ending balance: Allowance: Individually evaluated for impairment $ 2,903 $ 2,189 $ 5,092 $ 228 $ 73 $ 163 $ 6 $ 5,562 Amounts related to purchased credit impaired loans 643 1,639 2,282 973 390 17,419 2,998 24,062 Collectively evaluated for impairment 56,777 11,160 67,937 4,299 4,838 7,107 17,282 101,463 Total allowance $ 60,323 $ 14,988 $ 75,311 $ 5,500 $ 5,301 $ 24,689 $ 20,286 $ 131,087 Loans: Individually evaluated for impairment $ 32,379 $ 21,701 $ 54,080 $ 12,682 $ 4,360 $ 1,369 $ 116 $ 72,607 Purchased credit impaired loans 13,667 24,775 38,442 15,563 19,465 171,107 14,860 259,437 Collectively evaluated for impairment 6,139,638 1,714,266 7,853,904 1,423,846 1,097,122 1,783,361 1,854,475 14,012,708 Total loans $ 6,185,684 $ 1,760,742 7,946,426 $ 1,452,091 $ 1,120,947 $ 1,955,837 $ 1,869,451 $ 14,344,752 |
Composition of Nonaccrual Loans by Portfolio Class | June 30, December 31, (in thousands) 2016 2015 Commercial non-real estate $ 209,362 $ 88,743 Commercial real estate - owner occupied 11,761 10,001 Total commercial & industrial 221,123 98,744 Commercial real estate - income producing 9,011 10,815 Construction and land development 4,173 17,294 Residential mortgages 22,874 23,799 Consumer 8,541 9,061 Total loans $ 265,722 $ 159,713 |
Troubled Debt Restructurings Modified by Portfolio Class | Six Months Ended ($ in thousands) June 30, 2016 June 30, 2015 Pre-Modification Post-Modification Pre-Modification Post-Modification Outstanding Outstanding Outstanding Outstanding Number of Recorded Recorded Number of Recorded Recorded Troubled Debt Restructurings: Contracts Investment Investment Contracts Investment Investment Commercial non-real estate 17 $ 57,915 $ 57,915 — $ — $ — Commercial real estate - owner occupied — — — — — — Total commercial & industrial 17 57,915 57,915 — — — Commercial real estate - income producing — — — 1 482 482 Construction and land development — — — — — — Residential mortgages 4 432 432 2 68 68 Consumer — — — 1 20 20 Total loans 21 $ 58,347 $ 58,347 4 $ 570 $ 570 |
Loans Individually Evaluated for Impairment Disaggregated by Portfolio Class | June 30, 2016 Recorded investment Recorded investment Unpaid (in thousands) without an allowance with an allowance principal balance Related allowance Commercial non-real estate $ 101,481 $ 131,304 $ 244,928 $ 12,885 Commercial real estate - owner occupied 3,323 2,575 6,285 183 Total commercial & industrial 104,804 133,879 251,213 13,068 Commercial real estate - income producing 5,265 2,538 8,034 72 Construction and land development 1,228 19 2,089 1 Residential mortgages — 1,068 1,709 167 Consumer — 166 166 41 Total loans $ 111,297 $ 137,670 $ 263,211 $ 13,349 December 31, 2015 Recorded investment Recorded investment Unpaid (in thousands) without an allowance with an allowance principal balance Related allowance Commercial non-real estate $ 34,788 $ 46,834 $ 84,988 $ 19,031 Commercial real estate - owner occupied 4,747 661 5,931 23 Total commercial & industrial 39,535 47,495 90,919 19,054 Commercial real estate - income producing 3,038 8,085 11,363 1,382 Construction and land development 12,461 1,765 14,784 392 Residential mortgages — 895 1,405 127 Consumer — 152 152 33 Total loans $ 55,034 $ 58,392 $ 118,623 $ 20,988 Three Months Ended June 30, 2016 June 30, 2015 Average Interest Average Interest recorded income recorded income (in thousands) investment recognized investment recognized Commercial non-real estate $ 216,907 $ 493 $ 23,473 $ 1 Commercial real estate - owner occupied 5,959 14 14,565 12 Total commercial & industrial 222,866 507 38,038 13 Commercial real estate - income producing 8,242 22 12,521 26 Construction and land development 7,660 — 4,371 27 Residential mortgages 976 2 1,896 7 Consumer 112 1 119 1 Total loans $ 239,856 $ 532 $ 56,945 $ 74 Six Months Ended June 30, 2016 June 30, 2015 Average Interest Average Interest recorded income recorded income (in thousands) investment recognized investment recognized Commercial non-real estate $ 179,117 $ 847 $ 16,977 $ 3 Commercial real estate - owner occupied 5,836 29 12,628 23 Total commercial & industrial 184,953 876 29,605 26 Commercial real estate - income producing 9,072 43 10,366 41 Construction and land development 10,905 — 5,664 59 Residential mortgages 932 4 2,149 20 Consumer 109 2 81 3 Total loans $ 205,971 $ 925 $ 47,865 $ 149 |
Age Analysis of Past Due Loans by Portfolio Class | Recorded Greater than investment 30-59 days 60-89 days 90 days Total Total > 90 days and June 30, 2016 past due past due past due past due Current Loans still accruing (in thousands) Commercial non-real estate $ 47,859 $ 28,591 $ 29,000 $ 105,450 $ 7,027,069 $ 7,132,519 $ 567 Commercial real estate - owner occupied 2,451 2,106 7,149 11,706 1,904,494 1,916,200 1,495 Total commercial & industrial 50,310 30,697 36,149 117,156 8,931,563 9,048,719 2,062 Commercial real estate - income producing 2,583 467 2,777 5,827 2,018,644 2,024,471 194 Construction and land development 1,386 938 7,647 9,971 870,617 880,588 4,759 Residential mortgages 15,108 7,293 12,549 34,950 1,982,700 2,017,650 143 Consumer 12,012 4,459 6,107 22,578 2,041,790 2,064,368 824 Total $ 81,399 $ 43,854 $ 65,229 $ 190,482 $ 15,845,314 $ 16,035,796 $ 7,982 Recorded Greater than investment 30-59 days 60-89 days 90 days Total Total > 90 days and December 31, 2015 past due past due past due past due Current Loans still accruing (in thousands) Commercial non-real estate $ 17,406 $ 1,468 $ 25,007 $ 43,881 $ 6,951,943 $ 6,995,824 $ 3,060 Commercial real estate - owner occupied 5,898 802 6,646 13,346 1,846,123 1,859,469 535 Total commercial & industrial 23,304 2,270 31,653 57,227 8,798,066 8,855,293 3,595 Commercial real estate - income producing 871 603 6,382 7,856 1,545,226 1,553,082 499 Construction and land development 19,886 436 4,043 24,365 1,127,585 1,151,950 1,230 Residential mortgages 18,657 4,360 11,840 34,857 2,014,667 2,049,524 163 Consumer 16,309 4,432 8,645 29,386 2,064,079 2,093,465 2,166 Total $ 79,027 $ 12,101 $ 62,563 $ 153,691 $ 15,549,623 $ 15,703,314 $ 7,653 |
Activity in Loss Share Receivable | Six Months Ended June 30, June 30, (in thousands) 2016 2015 Beginning Balance $ 29,868 $ 60,272 Amortization (3,139) (2,470) Charge-offs, write-downs and other recoveries (2,683) (4,667) External expenses qualifying under loss share agreement 307 482 Changes due to changes in cash flow projections (3,437) (2,536) FDIC resolution of denied claims — (1,854) Net payments to (from) FDIC 159 (14,153) Ending balance $ 21,075 $ 35,074 |
Changes in Carrying Amount of Purchased Credit Impaired Loans and Related Accretable Yield | June 30, 2016 December 31, 2015 Carrying Carrying Amount Accretable Amount Accretable (in thousands) of Loans Yield of Loans Yield Balance at beginning of period $ 225,838 $ 129,488 $ 313,685 $ 187,456 Payments received, net (26,541) (6,581) (115,847) (21,978) Accretion 10,627 (10,627) 28,000 (28,000) Increase (decrease) in expected cash flows based on actual cash flows and changes in cash flow assumptions — 5,107 — (4,238) Net transfers from nonaccretable Net transfers to (from) nonaccretable difference to accretable yield — 8,997 — (3,752) Balance at end of period $ 209,924 $ 126,384 $ 225,838 $ 129,488 |
Total Commercial [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Credit Quality Indicators by Segments and Portfolio Class | June 30, 2016 (in thousands) Commercial non-real estate Commercial real estate - owner-occupied Total commercial & industrial Commercial real estate - income producing Construction and land development Total commercial Grade: Pass $ 5,968,194 $ 1,743,672 $ 7,711,866 $ 1,961,653 $ 847,229 $ 10,520,748 Pass-Watch 252,605 39,586 292,191 15,764 16,355 324,310 Special Mention 250,226 37,151 287,377 8,412 537 296,326 Substandard 659,381 95,791 755,172 38,629 16,467 810,268 Doubtful 2,113 — 2,113 13 — 2,126 Total $ 7,132,519 $ 1,916,200 $ 9,048,719 $ 2,024,471 $ 880,588 $ 11,953,778 December 31, 2015 (in thousands) Commercial non-real estate Commercial real estate - owner-occupied Total commercial & industrial Commercial real estate - income producing Construction and land development Total commercial Grade: Pass $ 6,260,863 $ 1,718,725 $ 7,979,588 $ 1,502,484 $ 1,095,296 $ 10,577,368 Pass-Watch 168,589 31,764 200,353 14,717 6,841 221,911 Special Mention 211,230 41,147 252,377 5,905 12,297 270,579 Substandard 355,098 67,833 422,931 29,960 37,516 490,407 Doubtful 44 — 44 16 — 60 Total $ 6,995,824 $ 1,859,469 $ 8,855,293 $ 1,553,082 $ 1,151,950 $ 11,560,325 |
Residential Mortgages and Consumer [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Credit Quality Indicators by Segments and Portfolio Class | June 30, 2016 December 31, 2015 (in thousands) Residential mortgage Consumer Total Residential mortgage Consumer Total Performing $ 1,994,633 $ 2,055,003 $ 4,049,636 $ 2,025,563 $ 2,082,238 $ 4,107,801 Nonperforming 23,017 9,365 32,382 23,961 11,227 35,188 Total $ 2,017,650 $ 2,064,368 $ 4,082,018 $ 2,049,524 $ 2,093,465 $ 4,142,989 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | Long-term debt consisted of the following: June 30, December 31, (in thousands) 2016 2015 Subordinated notes payable, maturing June 2045 $ 150,000 $ 150,000 Subordinated notes payable, maturing April 2017 95,511 98,011 Term note payable, maturing December 2018 116,050 125,000 Other long-term debt 112,224 122,988 Less unamortized debt issuance costs (5,757) (5,854) Total long-term debt less unamortized debt issuance costs $ 468,028 $ 490,145 Long-term debt with its related unamortized debt issuance cost at June 30, 2016 is presented in the following table: Long-term debt at June 30, 2016, consisted of the following: Unamortized Debt Issuance (in thousands) Principal Costs Subordinated notes payable, maturing June 2045 $ 150,000 $ 5,044 Subordinated notes payable, maturing April 2017 95,511 - Term note payable, maturing December 2018 116,050 713 Other long-term debt 112,224 - Total $ 473,785 5,757 |
Derivatives (Tables)
Derivatives (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Derivatives [Abstract] | |
Fair Values of Derivative Financial Instruments | Fair Values (1) Notional Amounts Assets Liabilities Type of June 30, December 31, June 30, December 31, June 30, December 31, (in thousands) Hedge 2016 2015 2016 2015 2016 2015 Derivatives designated as hedging instruments: Interest rate swaps Cash Flow $ 800,000 $ 500,000 $ 3,330 $ — $ — $ 281 $ 800,000 $ 500,000 $ 3,330 $ — $ — $ 281 Derivatives not designated as hedging instruments: Interest rate swaps (2) N/A $ 856,332 $ 780,871 $ 38,389 $ 20,622 $ 40,202 $ 21,007 Risk participation agreements N/A 88,946 83,430 114 83 243 162 Forward commitments to sell residential mortgage loans N/A 105,357 55,128 23 263 1,404 336 Interest rate-lock commitments on residential mortgage loans N/A 62,622 38,853 703 243 12 167 Foreign exchange forward contracts N/A 35,022 44,068 1,344 2,040 1,323 2,015 $ 1,148,279 $ 1,002,350 $ 40,573 $ 23,251 $ 43,184 $ 23,687 (1) Derivative assets and liabilities are reported with other assets or other liabilities, respectively, in the consolidated balance sheets. (2) The notional amount represents both the customer accommodation agreements and offsetting agreements with unrelated financial institutions. |
Offsetting Derivative Assets and Liabilities Subject to Master Netting Arrangements | (in thousands) Gross Amounts Offset in Net Amounts Presented in Gross Amounts Not Offset in the Statement of Financial Position Description Gross Amounts Recognized the Statement of Financial Position the Statement of Financial Position Financial Instruments Cash Collateral Net Amount As of June 30, 2016 Derivative Assets $ 3,579 $ — $ 3,579 $ 3,579 $ — $ — Derivative Liabilities $ 40,699 $ — $ 40,699 $ 3,579 $ 40,202 $ (3,082) (in thousands) Gross Amounts Offset in Net Amounts Presented in Gross Amounts Not Offset in the Statement of Financial Position Description Gross Amounts Recognized the Statement of Financial Position the Statement of Financial Position Financial Instruments Cash Collateral Net Amount As of December 31, 2015 Derivative Assets $ 224 $ — $ 224 $ 224 $ — $ — Derivative Liabilities $ 21,034 $ — $ 21,034 $ 224 $ 23,482 $ (2,672) |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Stockholders' Equity [Abstract] | |
Components of Accumulated Other Comprehensive Income (Loss) | Available HTM Securities Loss on for Sale Transferred Employee Effective Cash (in thousands) Securities from AFS Benefit Plans Flow Hedges Total Balance, December 31, 2014 $ 18,001 $ (19,074) $ (48,626) $ (375) $ (50,074) Other comprehensive income before income taxes: Net change in unrealized (loss) gain (13,962) — — 1,005 (12,957) Reclassification of net (gain) losses realized and included in earnings (165) — 1,571 — 1,406 Valuation adjustment for employee benefit plans — — (5,922) — (5,922) Amortization of unrealized net loss on securities transferred to HTM — 1,586 — — 1,586 Income tax (benefit) expense (5,249) 580 (1,574) 366 (5,877) Balance, June 30, 2015 $ 9,123 $ (18,068) $ (51,403) $ 264 $ (60,084) Balance, December 31, 2015 $ 4,268 $ (16,795) $ (67,890) $ (178) $ (80,595) Other comprehensive income before income taxes: Net change in unrealized gain 41,990 — — 3,611 45,601 Reclassification of net (gain) losses realized and included in earnings (1,114) — 2,916 — 1,802 Amortization of unrealized net loss on securities transferred to HTM — 1,628 — — 1,628 Income tax expense 14,970 625 1,066 1,316 17,977 Balance, June 30, 2016 $ 30,174 $ (15,792) $ (66,040) $ 2,117 $ (49,541) |
Line Items in Consolidated Income Statements Affected by Amounts Reclassified from Accumulated Other Comprehensive Income | Six Months Ended Amount reclassified from AOCI (a) June 30, Affected line item on (in thousands) 2016 2015 the income statement Gain on sale of AFS securities $ 1,114 $ 165 Securities transactions Tax effect (390) (58) Income taxes Net of tax 724 107 Net income Amortization of unrealized net loss on securities transferred to HTM (1,628) (1,586) Interest income Tax effect 625 580 Income taxes Net of tax (1,003) (1,006) Net income Amortization of defined benefit pension and post-retirement items (2,916) (1,571) Employee benefits expense (b) Tax effect 1,066 550 Income taxes Net of tax (1,850) (1,021) Net income Total reclassifications, net of tax $ (2,129) $ (1,920) Net income (a) Amounts in parenthesis indicate reduction in net income. (b) These accumulated other comprehensive income components are included in the computation of net periodic pension and post-retirement cost that is reported with employee benefits expense (see Note 11 for additional details). |
Other Noninterest Income (Table
Other Noninterest Income (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Other Noninterest Income [Abstract] | |
Components of Other Noninterest Income | Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2016 2015 2016 2015 Income from bank-owned life insurance $ 4,501 $ 2,671 $ 7,051 $ 5,337 Credit related fees 2,267 2,611 4,624 5,068 Derivative income 533 1,464 394 1,412 Net gain (loss) on sale of assets 1,801 (62) 3,566 (55) Safety deposit box income 413 429 891 915 Other miscellaneous 2,041 2,412 4,376 5,092 Total other noninterest income $ 11,556 $ 9,525 $ 20,902 $ 17,769 |
Other Noninterest Expense (Tabl
Other Noninterest Expense (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Other Noninterest Expense [Abstract] | |
Components of Other Noninterest Expense | Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2016 2015 2016 2015 Advertising $ 2,693 $ 2,133 $ 5,050 $ 4,298 Ad valorem and franchise taxes 2,340 2,736 4,643 5,451 Printing and supplies 1,065 1,158 2,176 2,375 Insurance expense 829 928 1,664 1,850 Travel expense 1,079 1,308 2,028 2,527 Entertainment and contributions 2,001 1,736 3,633 3,375 Tax credit investment amortization 1,833 2,096 3,576 4,191 Other miscellaneous 4,633 10,211 10,412 13,045 Total other noninterest expense $ 16,473 $ 22,306 $ 33,182 $ 37,112 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Computation of Earnings Per Common Share | Three Months Ended Six Months Ended June 30, June 30, (in thousands, except per share data) 2016 2015 2016 2015 Numerator: Net income to common shareholders $ 46,907 $ 34,829 $ 50,746 $ 74,988 Net income allocated to participating securities - basic and diluted 1,136 766 1,233 1,701 Net income allocated to common shareholders - basic and diluted $ 45,771 $ 34,063 $ 49,513 $ 73,287 Denominator: Weighted-average common shares - basic $ 77,523 $ 77,951 $ 77,512 $ 78,719 Dilutive potential common shares 157 164 164 162 Weighted-average common shares - diluted $ 77,680 $ 78,115 $ 77,676 $ 78,881 Earnings per common share: Basic $ 0.59 $ 0.44 $ 0.64 $ 0.93 Diluted $ 0.59 $ 0.44 $ 0.64 $ 0.93 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Retirement Plans [Abstract] | |
Components of Net Periodic Benefits Cost | Other Post- (in thousands) Pension Benefits retirement Benefits Three Months Ended June 30, 2016 2016 2015 2016 2015 Service cost $ 3,611 $ 3,382 $ 45 $ 22 Interest cost 4,023 4,672 203 174 Expected return on plan assets (8,554) (8,206) — — Amortization of net loss 1,426 842 53 (40) Net periodic benefit cost $ 506 $ 690 $ 301 $ 156 Six Months Ended June 30, 2016 Service cost $ 6,876 $ 6,745 $ 74 $ 72 Interest cost 9,011 9,291 409 543 Expected return on plan assets (17,445) (16,419) — — Amortization of net loss 2,894 1,486 22 85 Net periodic benefit cost $ 1,336 $ 1,103 $ 505 $ 700 |
Share-Based Payment Arrangeme33
Share-Based Payment Arrangements (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Share-Based Payment Arrangements [Abstract] | |
Summary of Option Activity | Weighted Average Weighted Remaining Average Contractual Aggregate Number of Exercise Term Intrinsic Options Shares Price (Years) Value ($000) Outstanding at January 1, 2016 745,806 $ 37.55 Cancelled/Forfeited (60,377) 35.04 Expired (150,847) 46.06 Outstanding at June 30, 2016 534,582 $ 35.43 4.06 $ — Exercisable at June 30, 2016 490,827 $ 35.92 3.92 $ — |
Summary of Nonvested Restricted and Performance Shares | Weighted Average Number of Grant Date Shares Fair Value Nonvested at January 1, 2016 2,196,145 $ 30.97 Granted 85,004 23.83 Vested (64,112) 31.15 Forfeited (185,249) 30.84 Nonvested at June 30, 2016 2,031,788 $ 30.64 |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value [Abstract] | |
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | June 30, 2016 (in thousands) Level 1 Level 2 Total Assets Available for sale debt securities: U.S. Treasury and government agency securities $ — $ 116 $ 116 Municipal obligations — 156,292 156,292 Corporate debt securities — 3,500 3,500 Mortgage-backed securities — 1,906,346 1,906,346 Collateralized mortgage obligations — 241,346 241,346 Equity securities 1,212 — 1,212 Total available for sale securities 1,212 2,307,600 2,308,812 Derivative assets (1) — 43,903 43,903 Total recurring fair value measurements - assets $ 1,212 $ 2,351,503 $ 2,352,715 Liabilities Derivative liabilities (1) $ — $ 43,184 $ 43,184 Total recurring fair value measurements - liabilities $ — $ 43,184 $ 43,184 (1) For further disaggregation of derivative assets and liabilities, see Note 6 - Derivatives. December 31, 2015 (in thousands) Level 1 Level 2 Total Assets Available for sale debt securities: U.S. Treasury and government agency securities $ — $ 134 $ 134 Municipal obligations — 39,607 39,607 Corporate debt securities — 3,500 3,500 Mortgage-backed securities — 1,758,373 1,758,373 Collateralized mortgage obligations — 289,033 289,033 Equity securities 2,757 — 2,757 Total available for sale securities 2,757 2,090,647 2,093,404 Derivative assets (1) — 23,251 23,251 Total recurring fair value measurements - assets $ 2,757 $ 2,113,898 $ 2,116,655 Liabilities Derivative liabilities (1) $ — $ 23,968 $ 23,968 Total recurring fair value measurements - liabilities $ — $ 23,968 $ 23,968 (1) For further disaggregation of derivative assets and liabilities, see Note 6 - Derivatives. |
Financial Assets Measured at Fair Value on Nonrecurring Basis | June 30, 2016 (in thousands) Level 1 Level 2 Level 3 Total Collateral-dependent impaired loans $ — $ 116,516 $ — $ 116,516 Other real estate owned — — 14,053 14,053 Total nonrecurring fair value measurements $ — $ 116,516 $ 14,053 $ 130,569 December 31, 2015 (in thousands) Level 1 Level 2 Level 3 Total Collateral-dependent impaired loans $ — $ 93,602 $ — $ 93,602 Other real estate owned — — 17,206 17,206 Total nonrecurring fair value measurements $ — $ 93,602 $ 17,206 $ 110,808 |
Estimated Fair Values of Financial Instruments | June 30, 2016 Total Fair Carrying (in thousands) Level 1 Level 2 Level 3 Value Amount Financial assets: Cash, interest-bearing bank deposits, and federal funds sold $ 466,587 $ — $ — $ 466,587 $ 466,587 Available for sale securities 1,212 2,307,600 — 2,308,812 2,308,812 Held to maturity securities — 2,569,084 — 2,569,084 2,497,558 Loans, net — 116,516 16,058,354 16,174,870 15,809,710 Loans held for sale — 42,297 — 42,297 42,297 Derivative financial instruments — 43,903 — 43,903 43,903 Financial liabilities: Deposits $ — $ — $ 18,837,146 $ 18,837,146 $ 18,816,869 Federal funds purchased 10,575 — — 10,575 10,575 Securities sold under agreements to repurchase 409,532 — — 409,532 409,532 FHLB borrowings 675,000 — — 675,000 675,000 Long-term debt — 474,888 — 474,888 468,028 Derivative financial instruments — 43,184 — 43,184 43,184 December 31, 2015 Total Fair Carrying (in thousands) Level 1 Level 2 Level 3 Value Amount Financial assets: Cash, interest-bearing bank deposits, and federal funds sold $ 869,429 $ — $ — $ 869,429 $ 869,429 Available for sale securities 2,757 2,090,647 — 2,093,404 2,093,404 Held to maturity securities — 2,375,851 — 2,375,851 2,370,388 Loans, net — 93,602 15,334,201 15,427,803 15,522,135 Loans held for sale — 20,434 — 20,434 20,434 Derivative financial instruments — 23,251 — 23,251 23,251 Financial liabilities: Deposits $ — $ — $ 18,327,425 $ 18,327,425 $ 18,348,912 Federal funds purchased 10,100 — — 10,100 10,100 Securities sold under agreements to repurchase 513,544 — — 513,544 513,544 FHLB borrowings 900,000 — — 900,000 900,000 Long-term debt — 488,711 — 488,711 490,145 Derivative financial instruments — 23,968 — 23,968 23,968 |
Securities (Narrative) (Details
Securities (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Securities [Abstract] | ||||
Securities classified as trading | $ 0 | $ 0 | $ 0 | |
Proceeds from sales of securities | 102,335 | $ 9,230 | ||
Realized gain | 768 | 1,114 | $ 333 | |
Securities pledged as collateral | $ 3,400,000 | $ 3,400,000 | $ 3,500,000 |
Securities (Amortized Cost and
Securities (Amortized Cost and Fair Value of Securities Available for Sale) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | $ 2,261,278 | $ 2,086,745 |
Securities Available for Sale, Gross Unrealized Gains | 47,664 | 20,120 |
Securities Available for Sale, Gross Unrealized Losses | 130 | 13,461 |
Securities Available for Sale, Fair Value | 2,308,812 | 2,093,404 |
US Treasury and Government Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 116 | 135 |
Securities Available for Sale, Gross Unrealized Losses | 1 | |
Securities Available for Sale, Fair Value | 116 | 134 |
Municipal Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 151,557 | 39,410 |
Securities Available for Sale, Gross Unrealized Gains | 4,735 | 235 |
Securities Available for Sale, Gross Unrealized Losses | 38 | |
Securities Available for Sale, Fair Value | 156,292 | 39,607 |
Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 1,867,063 | 1,750,168 |
Securities Available for Sale, Gross Unrealized Gains | 39,413 | 19,387 |
Securities Available for Sale, Gross Unrealized Losses | 130 | 11,182 |
Securities Available for Sale, Fair Value | 1,906,346 | 1,758,373 |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 238,165 | 291,085 |
Securities Available for Sale, Gross Unrealized Gains | 3,181 | 140 |
Securities Available for Sale, Gross Unrealized Losses | 2,192 | |
Securities Available for Sale, Fair Value | 241,346 | 289,033 |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 3,500 | 3,500 |
Securities Available for Sale, Fair Value | 3,500 | 3,500 |
Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 877 | 2,447 |
Securities Available for Sale, Gross Unrealized Gains | 335 | 358 |
Securities Available for Sale, Gross Unrealized Losses | 48 | |
Securities Available for Sale, Fair Value | $ 1,212 | $ 2,757 |
Securities (Amortized Cost an37
Securities (Amortized Cost and Fair Value of Securities Held to Maturity) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Total held to maturity securities, Amortized Cost | $ 2,497,558 | $ 2,370,388 |
Securities Held to Maturity, Gross Unrealized Gains | 72,816 | 21,304 |
Securities Held to Maturity, Gross Unrealized Losses | 1,290 | 15,841 |
Securities Held to Maturity, Fair Value | 2,569,084 | 2,375,851 |
US Treasury and Government Agency Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Total held to maturity securities, Amortized Cost | 50,000 | 50,000 |
Securities Held to Maturity, Gross Unrealized Gains | 1,047 | |
Securities Held to Maturity, Gross Unrealized Losses | 410 | |
Securities Held to Maturity, Fair Value | 51,047 | 49,590 |
Municipal Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Total held to maturity securities, Amortized Cost | 496,999 | 185,890 |
Securities Held to Maturity, Gross Unrealized Gains | 18,158 | 3,475 |
Securities Held to Maturity, Gross Unrealized Losses | 372 | 1,166 |
Securities Held to Maturity, Fair Value | 514,785 | 188,199 |
Mortgage-Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Total held to maturity securities, Amortized Cost | 946,722 | 1,014,135 |
Securities Held to Maturity, Gross Unrealized Gains | 40,068 | 15,585 |
Securities Held to Maturity, Gross Unrealized Losses | 1,589 | |
Securities Held to Maturity, Fair Value | 986,790 | 1,028,131 |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Total held to maturity securities, Amortized Cost | 1,003,837 | 1,120,363 |
Securities Held to Maturity, Gross Unrealized Gains | 13,543 | 2,244 |
Securities Held to Maturity, Gross Unrealized Losses | 918 | 12,676 |
Securities Held to Maturity, Fair Value | $ 1,016,462 | $ 1,109,931 |
Securities (Amortized Cost an38
Securities (Amortized Cost and Fair Value of Debt Securities by Contractual Maturity) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Securities [Abstract] | ||
Debt Securities Available for Sale, Due in one year or less, Amortized Cost | $ 6,825 | |
Debt Securities Available for Sale, Due after one year through five years, Amortized Cost | 53,816 | |
Debt Securities Available for Sale, Due after five years through ten years, Amortized Cost | 391,388 | |
Debt Securities Available for Sale, Due after ten years, Amortized Cost | 1,808,372 | |
Total available for sale debt securities, Amortized Cost | 2,260,401 | |
Debt Securities Available for Sale, Due in one year or less, Fair Value | 6,839 | |
Debt Securities Available for Sale, Due after one year through five years, Fair Value | 54,914 | |
Debt Securities Available for Sale, Due after five years through ten years, Fair Value | 405,008 | |
Debt Securities Available for Sale, Due after ten years, Fair Value | 1,840,839 | |
Total available for sale debt securities, Fair Value | 2,307,600 | |
Debt Securities Held to Maturity, Due in one year or less, Amortized Cost | 15,700 | |
Debt Securities Held to Maturity, Due after one year through five years, Amortized Cost | 136,327 | |
Debt Securities Held to Maturity, Due after five years through ten years, Amortized Cost | 403,112 | |
Debt Securities Held to Maturity, Due after ten years, Amortized Cost | 1,942,419 | |
Total held to maturity securities, Amortized Cost | 2,497,558 | $ 2,370,388 |
Debt Securities Held to Maturity, Due in one year or less, Fair Value | 15,779 | |
Debt Securities Held to Maturity, Due after one year through five years, Fair Value | 140,424 | |
Debt Securities Held to Maturity, Due after five years through ten years, Fair Value | 416,795 | |
Debt Securities Held to Maturity, Due after ten years, Fair Value | 1,996,086 | |
Total held to maturity securities, Fair Value | $ 2,569,084 | $ 2,375,851 |
Securities (Securities Availabl
Securities (Securities Available for Sale with Unrealized Losses) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available for Sale, Losses less than 12 months, Fair Value | $ 13,310 | $ 1,047,869 |
Available for Sale, Losses less than 12 months, Gross Unrealized Losses | 90 | 9,553 |
Available for Sale, Losses 12 months or longer, Fair Value | 7,999 | 150,819 |
Available for Sale, Losses 12 months or longer, Gross Unrealized Losses | 40 | 3,908 |
Available for Sale, Total, Fair Value | 21,309 | 1,198,688 |
Available for Sale, Total, Gross Unrealized Losses | 130 | 13,461 |
US Treasury and Government Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for Sale, Losses less than 12 months, Fair Value | ||
Available for Sale, Losses less than 12 months, Gross Unrealized Losses | ||
Available for Sale, Losses 12 months or longer, Fair Value | 70 | 82 |
Available for Sale, Losses 12 months or longer, Gross Unrealized Losses | 1 | |
Available for Sale, Total, Fair Value | 70 | 82 |
Available for Sale, Total, Gross Unrealized Losses | 1 | |
Municipal Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for Sale, Losses less than 12 months, Fair Value | 8,296 | |
Available for Sale, Losses less than 12 months, Gross Unrealized Losses | 38 | |
Available for Sale, Total, Fair Value | 8,296 | |
Available for Sale, Total, Gross Unrealized Losses | 38 | |
Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for Sale, Losses less than 12 months, Fair Value | 13,310 | 831,156 |
Available for Sale, Losses less than 12 months, Gross Unrealized Losses | 90 | 8,257 |
Available for Sale, Losses 12 months or longer, Fair Value | 7,929 | 116,126 |
Available for Sale, Losses 12 months or longer, Gross Unrealized Losses | 40 | 2,925 |
Available for Sale, Total, Fair Value | 21,239 | 947,282 |
Available for Sale, Total, Gross Unrealized Losses | $ 130 | 11,182 |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for Sale, Losses less than 12 months, Fair Value | 208,397 | |
Available for Sale, Losses less than 12 months, Gross Unrealized Losses | 1,257 | |
Available for Sale, Losses 12 months or longer, Fair Value | 33,138 | |
Available for Sale, Losses 12 months or longer, Gross Unrealized Losses | 935 | |
Available for Sale, Total, Fair Value | 241,535 | |
Available for Sale, Total, Gross Unrealized Losses | 2,192 | |
Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for Sale, Losses less than 12 months, Fair Value | 20 | |
Available for Sale, Losses less than 12 months, Gross Unrealized Losses | 1 | |
Available for Sale, Losses 12 months or longer, Fair Value | 1,473 | |
Available for Sale, Losses 12 months or longer, Gross Unrealized Losses | 47 | |
Available for Sale, Total, Fair Value | 1,493 | |
Available for Sale, Total, Gross Unrealized Losses | $ 48 |
Securities (Securities Held to
Securities (Securities Held to Maturity with Unrealized Losses) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, Losses less than 12 months, Fair Value | $ 1,392 | $ 934,207 |
Held to maturity, Losses less than 12 months, Gross Unrealized Losses | 2 | 5,194 |
Held to maturity, Losses 12 months or longer, Fair Value | 162,076 | 419,483 |
Held to maturity, Losses 12 months or longer, Gross Unrealized Losses | 1,288 | 10,647 |
Held to maturity, Total, Fair Value | 163,468 | 1,353,690 |
Held to maturity, Total, Gross Unrealized Losses | 1,290 | 15,841 |
US Treasury and Government Agency Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, Losses less than 12 months, Fair Value | 45,590 | |
Held to maturity, Losses less than 12 months, Gross Unrealized Losses | 410 | |
Held to maturity, Total, Fair Value | 45,590 | |
Held to maturity, Total, Gross Unrealized Losses | 410 | |
Municipal Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, Losses less than 12 months, Fair Value | 22,652 | |
Held to maturity, Losses less than 12 months, Gross Unrealized Losses | 301 | |
Held to maturity, Losses 12 months or longer, Fair Value | 12,476 | 48,727 |
Held to maturity, Losses 12 months or longer, Gross Unrealized Losses | 372 | 865 |
Held to maturity, Total, Fair Value | 12,476 | 71,379 |
Held to maturity, Total, Gross Unrealized Losses | 372 | 1,166 |
Mortgage-Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, Losses less than 12 months, Fair Value | 349,635 | |
Held to maturity, Losses less than 12 months, Gross Unrealized Losses | 1,589 | |
Held to maturity, Total, Fair Value | 349,635 | |
Held to maturity, Total, Gross Unrealized Losses | 1,589 | |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, Losses less than 12 months, Fair Value | 1,392 | 516,330 |
Held to maturity, Losses less than 12 months, Gross Unrealized Losses | 2 | 2,894 |
Held to maturity, Losses 12 months or longer, Fair Value | 149,600 | 370,756 |
Held to maturity, Losses 12 months or longer, Gross Unrealized Losses | 916 | 9,782 |
Held to maturity, Total, Fair Value | 150,992 | 887,086 |
Held to maturity, Total, Gross Unrealized Losses | $ 918 | $ 12,676 |
Loans and Allowance for Loan 41
Loans and Allowance for Loan Losses (Narrative) (Details) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2016USD ($)contractagreement | Jun. 30, 2015USD ($)contract | Dec. 31, 2015USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccrual loans | $ 265,722 | $ 159,713 | |
TDRs both accruing and nonaccruing | $ 70,800 | 13,100 | |
Number of TDRs subsequently defaulted | contract | 0 | 0 | |
TDRs and loans impaired with minimum aggregate relationship balances | $ 1,000 | ||
Total loans | 16,035,796 | $ 14,344,752 | 15,703,314 |
Real estate acquired through foreclosure | $ 22,641 | 26,256 | |
Performing [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Period for which payments of principal and interest are past due | less than 90 days | ||
Troubled Debt Restructurings [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccrual loans | $ 34,800 | 8,800 | |
FDIC Loss Share Agreement [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of loss share agreements | agreement | 2 | ||
Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccrual loans | $ 8,541 | 9,061 | |
Total loans | 2,064,368 | $ 1,869,451 | 2,093,465 |
Real estate in process of foreclosure | 7,100 | 7,400 | |
Real estate acquired through foreclosure | 5,900 | 9,300 | |
Consumer [Member] | Performing [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 2,055,003 | 2,082,238 | |
Consumer [Member] | FDIC Loss Share Agreement [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Real estate in process of foreclosure | 3,600 | 4,100 | |
Real estate acquired through foreclosure | $ 700 | 1,600 | |
Non-Single Family [Member] | FDIC Loss Share Agreement [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Recovery period | 3 years | ||
Percentage of recoveries on reimbursed losses due to FDIC | 80.00% | ||
Single Family [Member] | FDIC Loss Share Agreement [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | $ 160,000 | $ 170,100 |
Loans and Allowance for Loan 42
Loans and Allowance for Loan Losses (Loans, Net of Unearned Income) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | $ 16,035,796 | $ 15,703,314 | $ 14,344,752 |
Total Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 11,953,778 | 11,560,325 | |
Residential Mortgages [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 2,017,650 | 2,049,524 | 1,955,837 |
Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 2,064,368 | 2,093,465 | 1,869,451 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 2,024,471 | 1,553,082 | 1,452,091 |
Construction and Land Development [Member] | Total Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 880,588 | 1,151,950 | 1,120,947 |
Total Commercial & Industrial [Member] | Total Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 9,048,719 | 8,855,293 | 7,946,426 |
Total Commercial & Industrial [Member] | Commercial Non-Real Estate [Member] | Total Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 7,132,519 | 6,995,824 | 6,185,684 |
Total Commercial & Industrial [Member] | Commercial Real Estate - Owner Occupied [Member] | Total Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | $ 1,916,200 | $ 1,859,469 | $ 1,760,742 |
Loans and Allowance for Loan 43
Loans and Allowance for Loan Losses (Allowance for Loan Losses by Portfolio Class) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses: Beginning balance | $ 181,179 | $ 128,762 | ||||
Allowance for loan losses: Net provision for loan losses | $ 17,196 | $ 6,608 | 77,232 | 12,762 | ||
Allowance for loan losses: Increase (decrease) in FDIC loss share receivable | (3,437) | (2,536) | ||||
Allowance for loan losses: Ending balance | 226,086 | 131,087 | 226,086 | 131,087 | ||
Allowance for loan losses: Individually evaluated for impairment | 13,349 | 5,562 | 13,349 | 5,562 | ||
Allowance for loan losses: Amounts related to purchased credit impaired loans | 19,590 | 24,062 | 19,590 | 24,062 | ||
Allowance for loan losses: Collectively evaluated for impairment | 193,147 | 101,463 | 193,147 | 101,463 | ||
Loans: Individually evaluated for impairment | 248,967 | 72,607 | 248,967 | 72,607 | ||
Loans: Purchased credit impaired loans | 209,924 | 259,437 | 209,924 | 259,437 | $ 225,838 | $ 313,685 |
Loans: Collectively evaluated for impairment | 15,576,905 | 14,012,708 | 15,576,905 | 14,012,708 | ||
Loans: Total loans | 16,035,796 | 14,344,752 | 16,035,796 | 14,344,752 | 15,703,314 | |
Total Commercial [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Loans: Total loans | 11,953,778 | 11,953,778 | 11,560,325 | |||
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses: Beginning balance | 6,041 | 7,546 | ||||
Allowance for loan losses: Ending balance | 12,799 | 5,500 | 12,799 | 5,500 | ||
Allowance for loan losses: Individually evaluated for impairment | 72 | 228 | 72 | 228 | ||
Allowance for loan losses: Amounts related to purchased credit impaired loans | 741 | 973 | 741 | 973 | ||
Allowance for loan losses: Collectively evaluated for impairment | 11,986 | 4,299 | 11,986 | 4,299 | ||
Loans: Individually evaluated for impairment | 7,803 | 12,682 | 7,803 | 12,682 | ||
Loans: Purchased credit impaired loans | 10,752 | 15,563 | 10,752 | 15,563 | ||
Loans: Collectively evaluated for impairment | 2,005,916 | 1,423,846 | 2,005,916 | 1,423,846 | ||
Loans: Total loans | 2,024,471 | 1,452,091 | 2,024,471 | 1,452,091 | 1,553,082 | |
Total Commercial [Member] | Construction and Land Development [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses: Beginning balance | 5,642 | 6,421 | ||||
Allowance for loan losses: Ending balance | 5,006 | 5,301 | 5,006 | 5,301 | ||
Allowance for loan losses: Individually evaluated for impairment | 1 | 73 | 1 | 73 | ||
Allowance for loan losses: Amounts related to purchased credit impaired loans | 575 | 390 | 575 | 390 | ||
Allowance for loan losses: Collectively evaluated for impairment | 4,430 | 4,838 | 4,430 | 4,838 | ||
Loans: Individually evaluated for impairment | 1,247 | 4,360 | 1,247 | 4,360 | ||
Loans: Purchased credit impaired loans | 8,761 | 19,465 | 8,761 | 19,465 | ||
Loans: Collectively evaluated for impairment | 870,580 | 1,097,122 | 870,580 | 1,097,122 | ||
Loans: Total loans | 880,588 | 1,120,947 | 880,588 | 1,120,947 | 1,151,950 | |
Residential Mortgages [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses: Beginning balance | 25,353 | 28,660 | ||||
Allowance for loan losses: Ending balance | 23,474 | 24,689 | 23,474 | 24,689 | ||
Allowance for loan losses: Individually evaluated for impairment | 167 | 163 | 167 | 163 | ||
Allowance for loan losses: Amounts related to purchased credit impaired loans | 15,430 | 17,419 | 15,430 | 17,419 | ||
Allowance for loan losses: Collectively evaluated for impairment | 7,877 | 7,107 | 7,877 | 7,107 | ||
Loans: Individually evaluated for impairment | 1,068 | 1,369 | 1,068 | 1,369 | ||
Loans: Purchased credit impaired loans | 151,674 | 171,107 | 151,674 | 171,107 | ||
Loans: Collectively evaluated for impairment | 1,864,908 | 1,783,361 | 1,864,908 | 1,783,361 | ||
Loans: Total loans | 2,017,650 | 1,955,837 | 2,017,650 | 1,955,837 | 2,049,524 | |
Consumer [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses: Beginning balance | 24,857 | 21,430 | ||||
Allowance for loan losses: Ending balance | 23,359 | 20,286 | 23,359 | 20,286 | ||
Allowance for loan losses: Individually evaluated for impairment | 41 | 6 | 41 | 6 | ||
Allowance for loan losses: Amounts related to purchased credit impaired loans | 1,257 | 2,998 | 1,257 | 2,998 | ||
Allowance for loan losses: Collectively evaluated for impairment | 22,061 | 17,282 | 22,061 | 17,282 | ||
Loans: Individually evaluated for impairment | 166 | 116 | 166 | 116 | ||
Loans: Purchased credit impaired loans | 12,826 | 14,860 | 12,826 | 14,860 | ||
Loans: Collectively evaluated for impairment | 2,051,376 | 1,854,475 | 2,051,376 | 1,854,475 | ||
Loans: Total loans | 2,064,368 | 1,869,451 | 2,064,368 | 1,869,451 | 2,093,465 | |
Purchased Credit Impaired [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses: Charge-offs | (78) | (4,060) | ||||
Allowance for loan losses: Recoveries | 292 | 1,023 | ||||
Allowance for loan losses: Net provision for loan losses | (307) | (949) | ||||
Allowance for loan losses: Increase (decrease) in FDIC loss share receivable | (3,437) | (2,536) | ||||
Purchased Credit Impaired [Member] | Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses: Charge-offs | (1) | (2,353) | ||||
Allowance for loan losses: Recoveries | 2 | |||||
Allowance for loan losses: Net provision for loan losses | 26 | 1,102 | ||||
Allowance for loan losses: Increase (decrease) in FDIC loss share receivable | 919 | |||||
Purchased Credit Impaired [Member] | Total Commercial [Member] | Construction and Land Development [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses: Charge-offs | (18) | (285) | ||||
Allowance for loan losses: Recoveries | 53 | 406 | ||||
Allowance for loan losses: Net provision for loan losses | (117) | (733) | ||||
Allowance for loan losses: Increase (decrease) in FDIC loss share receivable | (6) | |||||
Purchased Credit Impaired [Member] | Residential Mortgages [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses: Charge-offs | (23) | (168) | ||||
Allowance for loan losses: Recoveries | 3 | 2 | ||||
Allowance for loan losses: Net provision for loan losses | 1,165 | 272 | ||||
Allowance for loan losses: Increase (decrease) in FDIC loss share receivable | (3,378) | (3,296) | ||||
Purchased Credit Impaired [Member] | Consumer [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses: Charge-offs | (8) | (140) | ||||
Allowance for loan losses: Recoveries | 106 | 136 | ||||
Allowance for loan losses: Net provision for loan losses | (1,290) | (889) | ||||
Allowance for loan losses: Increase (decrease) in FDIC loss share receivable | (98) | (104) | ||||
Non-Purchased Credit Impaired [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses: Charge-offs | (36,054) | (11,589) | ||||
Allowance for loan losses: Recoveries | 6,952 | 6,725 | ||||
Allowance for loan losses: Net provision for loan losses | 77,539 | 13,711 | ||||
Non-Purchased Credit Impaired [Member] | Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses: Charge-offs | (191) | (147) | ||||
Allowance for loan losses: Recoveries | 268 | 291 | ||||
Allowance for loan losses: Net provision for loan losses | 6,654 | (1,858) | ||||
Non-Purchased Credit Impaired [Member] | Total Commercial [Member] | Construction and Land Development [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses: Charge-offs | (592) | (828) | ||||
Allowance for loan losses: Recoveries | 1,125 | 1,308 | ||||
Allowance for loan losses: Net provision for loan losses | (1,087) | (982) | ||||
Non-Purchased Credit Impaired [Member] | Residential Mortgages [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses: Charge-offs | (592) | (1,292) | ||||
Allowance for loan losses: Recoveries | 480 | 449 | ||||
Allowance for loan losses: Net provision for loan losses | 466 | 62 | ||||
Non-Purchased Credit Impaired [Member] | Consumer [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses: Charge-offs | (11,268) | (6,729) | ||||
Allowance for loan losses: Recoveries | 3,039 | 2,491 | ||||
Allowance for loan losses: Net provision for loan losses | 8,021 | 4,091 | ||||
Total Commercial & Industrial [Member] | Total Commercial [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses: Beginning balance | 119,286 | 64,705 | ||||
Allowance for loan losses: Ending balance | 161,448 | 75,311 | 161,448 | 75,311 | ||
Allowance for loan losses: Individually evaluated for impairment | 13,068 | 5,092 | 13,068 | 5,092 | ||
Allowance for loan losses: Amounts related to purchased credit impaired loans | 1,587 | 2,282 | 1,587 | 2,282 | ||
Allowance for loan losses: Collectively evaluated for impairment | 146,793 | 67,937 | 146,793 | 67,937 | ||
Loans: Individually evaluated for impairment | 238,683 | 54,080 | 238,683 | 54,080 | ||
Loans: Purchased credit impaired loans | 25,911 | 38,442 | 25,911 | 38,442 | ||
Loans: Collectively evaluated for impairment | 8,784,125 | 7,853,904 | 8,784,125 | 7,853,904 | ||
Loans: Total loans | 9,048,719 | 7,946,426 | 9,048,719 | 7,946,426 | 8,855,293 | |
Total Commercial & Industrial [Member] | Total Commercial [Member] | Commercial Non-Real Estate [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses: Beginning balance | 109,428 | 51,169 | ||||
Allowance for loan losses: Ending balance | 150,772 | 60,323 | 150,772 | 60,323 | ||
Allowance for loan losses: Individually evaluated for impairment | 12,885 | 2,903 | 12,885 | 2,903 | ||
Allowance for loan losses: Amounts related to purchased credit impaired loans | 572 | 643 | 572 | 643 | ||
Allowance for loan losses: Collectively evaluated for impairment | 137,315 | 56,777 | 137,315 | 56,777 | ||
Loans: Individually evaluated for impairment | 232,785 | 32,379 | 232,785 | 32,379 | ||
Loans: Purchased credit impaired loans | 10,483 | 13,667 | 10,483 | 13,667 | ||
Loans: Collectively evaluated for impairment | 6,889,251 | 6,139,638 | 6,889,251 | 6,139,638 | ||
Loans: Total loans | 7,132,519 | 6,185,684 | 7,132,519 | 6,185,684 | 6,995,824 | |
Total Commercial & Industrial [Member] | Total Commercial [Member] | Commercial Real Estate - Owner Occupied [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses: Beginning balance | 9,858 | 13,536 | ||||
Allowance for loan losses: Ending balance | 10,676 | 14,988 | 10,676 | 14,988 | ||
Allowance for loan losses: Individually evaluated for impairment | 183 | 2,189 | 183 | 2,189 | ||
Allowance for loan losses: Amounts related to purchased credit impaired loans | 1,015 | 1,639 | 1,015 | 1,639 | ||
Allowance for loan losses: Collectively evaluated for impairment | 9,478 | 11,160 | 9,478 | 11,160 | ||
Loans: Individually evaluated for impairment | 5,898 | 21,701 | 5,898 | 21,701 | ||
Loans: Purchased credit impaired loans | 15,428 | 24,775 | 15,428 | 24,775 | ||
Loans: Collectively evaluated for impairment | 1,894,874 | 1,714,266 | 1,894,874 | 1,714,266 | ||
Loans: Total loans | $ 1,916,200 | $ 1,760,742 | 1,916,200 | 1,760,742 | $ 1,859,469 | |
Total Commercial & Industrial [Member] | Purchased Credit Impaired [Member] | Total Commercial [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses: Charge-offs | (28) | (1,114) | ||||
Allowance for loan losses: Recoveries | 128 | 479 | ||||
Allowance for loan losses: Net provision for loan losses | (91) | (701) | ||||
Allowance for loan losses: Increase (decrease) in FDIC loss share receivable | 39 | (49) | ||||
Total Commercial & Industrial [Member] | Purchased Credit Impaired [Member] | Total Commercial [Member] | Commercial Non-Real Estate [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses: Charge-offs | (1,099) | |||||
Allowance for loan losses: Recoveries | 8 | 14 | ||||
Allowance for loan losses: Net provision for loan losses | 79 | 470 | ||||
Allowance for loan losses: Increase (decrease) in FDIC loss share receivable | 39 | 347 | ||||
Total Commercial & Industrial [Member] | Purchased Credit Impaired [Member] | Total Commercial [Member] | Commercial Real Estate - Owner Occupied [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses: Charge-offs | (28) | (15) | ||||
Allowance for loan losses: Recoveries | 120 | 465 | ||||
Allowance for loan losses: Net provision for loan losses | (170) | (1,171) | ||||
Allowance for loan losses: Increase (decrease) in FDIC loss share receivable | (396) | |||||
Total Commercial & Industrial [Member] | Non-Purchased Credit Impaired [Member] | Total Commercial [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses: Charge-offs | (23,411) | (2,593) | ||||
Allowance for loan losses: Recoveries | 2,040 | 2,186 | ||||
Allowance for loan losses: Net provision for loan losses | 63,485 | 12,398 | ||||
Total Commercial & Industrial [Member] | Non-Purchased Credit Impaired [Member] | Total Commercial [Member] | Commercial Non-Real Estate [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses: Charge-offs | (22,212) | (2,215) | ||||
Allowance for loan losses: Recoveries | 1,802 | 2,051 | ||||
Allowance for loan losses: Net provision for loan losses | 61,628 | 9,586 | ||||
Total Commercial & Industrial [Member] | Non-Purchased Credit Impaired [Member] | Total Commercial [Member] | Commercial Real Estate - Owner Occupied [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses: Charge-offs | (1,199) | (378) | ||||
Allowance for loan losses: Recoveries | 238 | 135 | ||||
Allowance for loan losses: Net provision for loan losses | $ 1,857 | $ 2,812 |
Loans and Allowance for Loan 44
Loans and Allowance for Loan Losses (Composition of Nonaccrual Loans by Portfolio Class) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | $ 265,722 | $ 159,713 |
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 9,011 | 10,815 |
Total Commercial [Member] | Construction and Land Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 4,173 | 17,294 |
Residential Mortgages [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 22,874 | 23,799 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 8,541 | 9,061 |
Total Commercial & Industrial [Member] | Total Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 221,123 | 98,744 |
Total Commercial & Industrial [Member] | Total Commercial [Member] | Commercial Non-Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 209,362 | 88,743 |
Total Commercial & Industrial [Member] | Total Commercial [Member] | Commercial Real Estate - Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | $ 11,761 | $ 10,001 |
Loans and Allowance for Loan 45
Loans and Allowance for Loan Losses (Troubled Debt Restructurings Modified by Portfolio Class) (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016USD ($)contract | Jun. 30, 2015USD ($)contract | |
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 21 | 4 |
Pre-Modification Outstanding Recorded Investment | $ 58,347 | $ 570 |
Post-Modification Outstanding Recorded Investment | $ 58,347 | $ 570 |
Total Commercial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 17 | |
Pre-Modification Outstanding Recorded Investment | $ 57,915 | |
Post-Modification Outstanding Recorded Investment | $ 57,915 | |
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 1 | |
Pre-Modification Outstanding Recorded Investment | $ 482 | |
Post-Modification Outstanding Recorded Investment | $ 482 | |
Total Commercial [Member] | Construction and Land Development [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | ||
Pre-Modification Outstanding Recorded Investment | ||
Post-Modification Outstanding Recorded Investment | ||
Residential Mortgages [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 4 | 2 |
Pre-Modification Outstanding Recorded Investment | $ 432 | $ 68 |
Post-Modification Outstanding Recorded Investment | $ 432 | $ 68 |
Consumer [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 1 | |
Pre-Modification Outstanding Recorded Investment | $ 20 | |
Post-Modification Outstanding Recorded Investment | $ 20 | |
Total Commercial & Industrial [Member] | Total Commercial [Member] | Commercial Non-Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 17 | |
Pre-Modification Outstanding Recorded Investment | $ 57,915 | |
Post-Modification Outstanding Recorded Investment | $ 57,915 | |
Total Commercial & Industrial [Member] | Total Commercial [Member] | Commercial Real Estate - Owner Occupied [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | ||
Pre-Modification Outstanding Recorded Investment | ||
Post-Modification Outstanding Recorded Investment |
Loans and Allowance for Loan 46
Loans and Allowance for Loan Losses (Loans Individually Evaluated for Impairment Disaggregated by Portfolio Class) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment without an allowance | $ 111,297 | $ 111,297 | $ 55,034 | ||
Recorded investment with an allowance | 137,670 | 137,670 | 58,392 | ||
Unpaid principal balance | 263,211 | 263,211 | 118,623 | ||
Related allowance | 13,349 | 13,349 | 20,988 | ||
Average recorded investment | 239,856 | $ 56,945 | 205,971 | $ 47,865 | |
Interest income recognized | 532 | 74 | 925 | 149 | |
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment without an allowance | 5,265 | 5,265 | 3,038 | ||
Recorded investment with an allowance | 2,538 | 2,538 | 8,085 | ||
Unpaid principal balance | 8,034 | 8,034 | 11,363 | ||
Related allowance | 72 | 72 | 1,382 | ||
Average recorded investment | 8,242 | 12,521 | 9,072 | 10,366 | |
Interest income recognized | 22 | 26 | 43 | 41 | |
Total Commercial [Member] | Construction and Land Development [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment without an allowance | 1,228 | 1,228 | 12,461 | ||
Recorded investment with an allowance | 19 | 19 | 1,765 | ||
Unpaid principal balance | 2,089 | 2,089 | 14,784 | ||
Related allowance | 1 | 1 | 392 | ||
Average recorded investment | 7,660 | 4,371 | 10,905 | 5,664 | |
Interest income recognized | 27 | 59 | |||
Residential Mortgages [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment with an allowance | 1,068 | 1,068 | 895 | ||
Unpaid principal balance | 1,709 | 1,709 | 1,405 | ||
Related allowance | 167 | 167 | 127 | ||
Average recorded investment | 976 | 1,896 | 932 | 2,149 | |
Interest income recognized | 2 | 7 | 4 | 20 | |
Consumer [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment with an allowance | 166 | 166 | 152 | ||
Unpaid principal balance | 166 | 166 | 152 | ||
Related allowance | 41 | 41 | 33 | ||
Average recorded investment | 112 | 119 | 109 | 81 | |
Interest income recognized | 1 | 1 | 2 | 3 | |
Total Commercial & Industrial [Member] | Total Commercial [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment without an allowance | 104,804 | 104,804 | 39,535 | ||
Recorded investment with an allowance | 133,879 | 133,879 | 47,495 | ||
Unpaid principal balance | 251,213 | 251,213 | 90,919 | ||
Related allowance | 13,068 | 13,068 | 19,054 | ||
Average recorded investment | 222,866 | 38,038 | 184,953 | 29,605 | |
Interest income recognized | 507 | 13 | 876 | 26 | |
Total Commercial & Industrial [Member] | Total Commercial [Member] | Commercial Non-Real Estate [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment without an allowance | 101,481 | 101,481 | 34,788 | ||
Recorded investment with an allowance | 131,304 | 131,304 | 46,834 | ||
Unpaid principal balance | 244,928 | 244,928 | 84,988 | ||
Related allowance | 12,885 | 12,885 | 19,031 | ||
Average recorded investment | 216,907 | 23,473 | 179,117 | 16,977 | |
Interest income recognized | 493 | 1 | 847 | 3 | |
Total Commercial & Industrial [Member] | Total Commercial [Member] | Commercial Real Estate - Owner Occupied [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment without an allowance | 3,323 | 3,323 | 4,747 | ||
Recorded investment with an allowance | 2,575 | 2,575 | 661 | ||
Unpaid principal balance | 6,285 | 6,285 | 5,931 | ||
Related allowance | 183 | 183 | $ 23 | ||
Average recorded investment | 5,959 | 14,565 | 5,836 | 12,628 | |
Interest income recognized | $ 14 | $ 12 | $ 29 | $ 23 |
Loans and Allowance for Loan 47
Loans and Allowance for Loan Losses (Age Analysis of Past Due Loans by Portfolio Class) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | $ 190,482 | $ 153,691 | |
Current | 15,845,314 | 15,549,623 | |
Total loans | 16,035,796 | 15,703,314 | $ 14,344,752 |
Recorded investment > 90 days and still accruing | 7,982 | 7,653 | |
30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 81,399 | 79,027 | |
60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 43,854 | 12,101 | |
Greater Than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 65,229 | 62,563 | |
Total Commercial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 11,953,778 | 11,560,325 | |
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 5,827 | 7,856 | |
Current | 2,018,644 | 1,545,226 | |
Total loans | 2,024,471 | 1,553,082 | 1,452,091 |
Recorded investment > 90 days and still accruing | 194 | 499 | |
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | 30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 2,583 | 871 | |
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | 60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 467 | 603 | |
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | Greater Than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 2,777 | 6,382 | |
Total Commercial [Member] | Construction and Land Development [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 9,971 | 24,365 | |
Current | 870,617 | 1,127,585 | |
Total loans | 880,588 | 1,151,950 | 1,120,947 |
Recorded investment > 90 days and still accruing | 4,759 | 1,230 | |
Total Commercial [Member] | Construction and Land Development [Member] | 30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 1,386 | 19,886 | |
Total Commercial [Member] | Construction and Land Development [Member] | 60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 938 | 436 | |
Total Commercial [Member] | Construction and Land Development [Member] | Greater Than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 7,647 | 4,043 | |
Total Commercial [Member] | Total Commercial & Industrial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 117,156 | 57,227 | |
Current | 8,931,563 | 8,798,066 | |
Total loans | 9,048,719 | 8,855,293 | 7,946,426 |
Recorded investment > 90 days and still accruing | 2,062 | 3,595 | |
Total Commercial [Member] | Total Commercial & Industrial [Member] | 30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 50,310 | 23,304 | |
Total Commercial [Member] | Total Commercial & Industrial [Member] | 60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 30,697 | 2,270 | |
Total Commercial [Member] | Total Commercial & Industrial [Member] | Greater Than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 36,149 | 31,653 | |
Total Commercial [Member] | Total Commercial & Industrial [Member] | Commercial Non-Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 105,450 | 43,881 | |
Current | 7,027,069 | 6,951,943 | |
Total loans | 7,132,519 | 6,995,824 | 6,185,684 |
Recorded investment > 90 days and still accruing | 567 | 3,060 | |
Total Commercial [Member] | Total Commercial & Industrial [Member] | Commercial Non-Real Estate [Member] | 30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 47,859 | 17,406 | |
Total Commercial [Member] | Total Commercial & Industrial [Member] | Commercial Non-Real Estate [Member] | 60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 28,591 | 1,468 | |
Total Commercial [Member] | Total Commercial & Industrial [Member] | Commercial Non-Real Estate [Member] | Greater Than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 29,000 | 25,007 | |
Total Commercial [Member] | Total Commercial & Industrial [Member] | Commercial Real Estate - Owner Occupied [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 11,706 | 13,346 | |
Current | 1,904,494 | 1,846,123 | |
Total loans | 1,916,200 | 1,859,469 | 1,760,742 |
Recorded investment > 90 days and still accruing | 1,495 | 535 | |
Total Commercial [Member] | Total Commercial & Industrial [Member] | Commercial Real Estate - Owner Occupied [Member] | 30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 2,451 | 5,898 | |
Total Commercial [Member] | Total Commercial & Industrial [Member] | Commercial Real Estate - Owner Occupied [Member] | 60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 2,106 | 802 | |
Total Commercial [Member] | Total Commercial & Industrial [Member] | Commercial Real Estate - Owner Occupied [Member] | Greater Than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 7,149 | 6,646 | |
Residential Mortgages [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 34,950 | 34,857 | |
Current | 1,982,700 | 2,014,667 | |
Total loans | 2,017,650 | 2,049,524 | 1,955,837 |
Recorded investment > 90 days and still accruing | 143 | 163 | |
Residential Mortgages [Member] | 30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 15,108 | 18,657 | |
Residential Mortgages [Member] | 60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 7,293 | 4,360 | |
Residential Mortgages [Member] | Greater Than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 12,549 | 11,840 | |
Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 22,578 | 29,386 | |
Current | 2,041,790 | 2,064,079 | |
Total loans | 2,064,368 | 2,093,465 | $ 1,869,451 |
Recorded investment > 90 days and still accruing | 824 | 2,166 | |
Consumer [Member] | 30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 12,012 | 16,309 | |
Consumer [Member] | 60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 4,459 | 4,432 | |
Consumer [Member] | Greater Than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | $ 6,107 | $ 8,645 |
Loans and Allowance for Loan 48
Loans and Allowance for Loan Losses (Credit Quality Indicators by Segments and Portfolio Class) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 |
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | $ 16,035,796 | $ 15,703,314 | $ 14,344,752 |
Total Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 11,953,778 | 11,560,325 | |
Total Commercial [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 10,520,748 | 10,577,368 | |
Total Commercial [Member] | Pass-Watch [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 324,310 | 221,911 | |
Total Commercial [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 296,326 | 270,579 | |
Total Commercial [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 810,268 | 490,407 | |
Total Commercial [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 2,126 | 60 | |
Residential Mortgages [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 2,017,650 | 2,049,524 | 1,955,837 |
Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 2,064,368 | 2,093,465 | 1,869,451 |
Residential Mortgages and Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 4,082,018 | 4,142,989 | |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 2,024,471 | 1,553,082 | 1,452,091 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,961,653 | 1,502,484 | |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | Pass-Watch [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 15,764 | 14,717 | |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 8,412 | 5,905 | |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 38,629 | 29,960 | |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 13 | 16 | |
Construction and Land Development [Member] | Total Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 880,588 | 1,151,950 | 1,120,947 |
Construction and Land Development [Member] | Total Commercial [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 847,229 | 1,095,296 | |
Construction and Land Development [Member] | Total Commercial [Member] | Pass-Watch [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 16,355 | 6,841 | |
Construction and Land Development [Member] | Total Commercial [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 537 | 12,297 | |
Construction and Land Development [Member] | Total Commercial [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 16,467 | 37,516 | |
Total Commercial & Industrial [Member] | Total Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 9,048,719 | 8,855,293 | 7,946,426 |
Total Commercial & Industrial [Member] | Total Commercial [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 7,711,866 | 7,979,588 | |
Total Commercial & Industrial [Member] | Total Commercial [Member] | Pass-Watch [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 292,191 | 200,353 | |
Total Commercial & Industrial [Member] | Total Commercial [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 287,377 | 252,377 | |
Total Commercial & Industrial [Member] | Total Commercial [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 755,172 | 422,931 | |
Total Commercial & Industrial [Member] | Total Commercial [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 2,113 | 44 | |
Total Commercial & Industrial [Member] | Commercial Non-Real Estate [Member] | Total Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 7,132,519 | 6,995,824 | 6,185,684 |
Total Commercial & Industrial [Member] | Commercial Non-Real Estate [Member] | Total Commercial [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 5,968,194 | 6,260,863 | |
Total Commercial & Industrial [Member] | Commercial Non-Real Estate [Member] | Total Commercial [Member] | Pass-Watch [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 252,605 | 168,589 | |
Total Commercial & Industrial [Member] | Commercial Non-Real Estate [Member] | Total Commercial [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 250,226 | 211,230 | |
Total Commercial & Industrial [Member] | Commercial Non-Real Estate [Member] | Total Commercial [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 659,381 | 355,098 | |
Total Commercial & Industrial [Member] | Commercial Non-Real Estate [Member] | Total Commercial [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 2,113 | 44 | |
Total Commercial & Industrial [Member] | Commercial Real Estate - Owner Occupied [Member] | Total Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,916,200 | 1,859,469 | $ 1,760,742 |
Total Commercial & Industrial [Member] | Commercial Real Estate - Owner Occupied [Member] | Total Commercial [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,743,672 | 1,718,725 | |
Total Commercial & Industrial [Member] | Commercial Real Estate - Owner Occupied [Member] | Total Commercial [Member] | Pass-Watch [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 39,586 | 31,764 | |
Total Commercial & Industrial [Member] | Commercial Real Estate - Owner Occupied [Member] | Total Commercial [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 37,151 | 41,147 | |
Total Commercial & Industrial [Member] | Commercial Real Estate - Owner Occupied [Member] | Total Commercial [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 95,791 | 67,833 | |
Performing [Member] | Residential Mortgages [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,994,633 | 2,025,563 | |
Performing [Member] | Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 2,055,003 | 2,082,238 | |
Performing [Member] | Residential Mortgages and Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 4,049,636 | 4,107,801 | |
Nonperforming [Member] | Residential Mortgages [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 23,017 | 23,961 | |
Nonperforming [Member] | Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 9,365 | 11,227 | |
Nonperforming [Member] | Residential Mortgages and Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | $ 32,382 | $ 35,188 |
Loans and Allowance for Loan 49
Loans and Allowance for Loan Losses (Activity in Loss Share Receivable) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Loans and Allowance for Loan Losses [Abstract] | ||||
Beginning balance | $ 29,868 | $ 60,272 | ||
Amortization | $ (1,526) | $ (1,273) | (3,139) | (2,470) |
Charge-offs, write-downs and other recoveries | (2,683) | (4,667) | ||
External expenses qualifying under loss share agreement | 307 | 482 | ||
Changes due to changes in cash flow projections | (3,437) | (2,536) | ||
FDIC resolution of denied claims | (1,854) | |||
Net payments to (from) FDIC | 159 | (14,153) | ||
Ending balance | $ 21,075 | $ 35,074 | $ 21,075 | $ 35,074 |
Loans and Allowance for Loan 50
Loans and Allowance for Loan Losses (Changes in Carrying Amount of Purchased Credit Impaired Loans and Related Accretable Yield) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Loans and Allowance for Loan Losses [Abstract] | ||
Carrying Amount of Loans, Balance at beginning of period | $ 225,838 | $ 313,685 |
Carrying Amount of Loans, Payments received, net | (26,541) | (115,847) |
Carrying Amount of Loans, Accretion | 10,627 | 28,000 |
Carrying Amount of Loans, Balance at end of period | 209,924 | 225,838 |
Accretable Yield, Balance at beginning of period | 129,488 | 187,456 |
Accretable Yield, Payments received, net | (6,581) | (21,978) |
Accretable Yield, Accretion | (10,627) | (28,000) |
Accretable Yield, Increase (decrease) in expected cash flows based on actual cash flows and changes in cash flow assumptions | 5,107 | (4,238) |
Accretable Yield, Net transfers to (from) nonaccretable difference to accretable yield | 8,997 | (3,752) |
Accretable Yield, Balance at end of period | $ 126,384 | $ 129,488 |
Securities Sold under Agreeme51
Securities Sold under Agreements to Repurchase (Details) $ in Millions | Jun. 30, 2016USD ($) |
Securities Sold under Agreements to Repurchase [Abstract] | |
Securities sold under agreements to repurchase | $ 409.5 |
Long-Term Debt (Long-Term Debt)
Long-Term Debt (Long-Term Debt) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||
Gross long-term debt | $ 473,785 | |
Less unamortized debt issuance costs | (5,757) | $ (5,854) |
Total long-term debt less unamortized debt issuance costs | 468,028 | 490,145 |
Subordinated Notes [Member] | Subordinated Notes Payable Maturing June 2045 [Member] | ||
Debt Instrument [Line Items] | ||
Gross long-term debt | 150,000 | 150,000 |
Less unamortized debt issuance costs | $ (5,044) | |
Notes payable maturity date | Jun. 15, 2045 | |
Subordinated Notes [Member] | Subordinated Notes Payable Maturing April 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Gross long-term debt | $ 95,511 | 98,011 |
Notes payable maturity date | Apr. 1, 2017 | |
Term Note [Member] | Term Note Payable Maturing December 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Gross long-term debt | $ 116,050 | 125,000 |
Less unamortized debt issuance costs | $ (713) | |
Notes payable maturity date | Dec. 18, 2018 | |
Other Long-Term Debt [Member] | ||
Debt Instrument [Line Items] | ||
Gross long-term debt | $ 112,224 | $ 122,988 |
Long-Term Debt (Long-Term Debt
Long-Term Debt (Long-Term Debt with Related Unamortized Debt Issuance Cost) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||
Principal | $ 473,785 | |
Unamortized Debt Issuance Costs | 5,757 | $ 5,854 |
Subordinated Notes [Member] | Subordinated Notes Payable Maturing June 2045 [Member] | ||
Debt Instrument [Line Items] | ||
Principal | 150,000 | 150,000 |
Unamortized Debt Issuance Costs | $ 5,044 | |
Notes payable maturity date | Jun. 15, 2045 | |
Subordinated Notes [Member] | Subordinated Notes Payable Maturing April 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Principal | $ 95,511 | 98,011 |
Notes payable maturity date | Apr. 1, 2017 | |
Term Note [Member] | Term Note Payable Maturing December 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Principal | $ 116,050 | 125,000 |
Unamortized Debt Issuance Costs | $ 713 | |
Notes payable maturity date | Dec. 18, 2018 | |
Other Long-Term Debt [Member] | ||
Debt Instrument [Line Items] | ||
Principal | $ 112,224 | $ 122,988 |
Derivatives (Narrative) (Detail
Derivatives (Narrative) (Details) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2016USD ($)agreement | Jun. 30, 2015USD ($) | Dec. 31, 2015USD ($) | |
Derivative [Line Items] | |||
Ineffective portion of change in derivative fair value | $ 0 | ||
Derivative income reflected in income statement | 400 | $ 1,400 | |
Impact to interest income from cash flow hedges | 1,000 | $ 800 | |
Aggregate fair value of derivatives in a net liability position | (40,700) | ||
Collateral obligations for derivative counterparties | 40,200 | ||
Derivatives Designated as Hedging Instruments [Member] | |||
Derivative [Line Items] | |||
Notional amount of derivatives | $ 800,000 | $ 500,000 | |
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedge [Member] | |||
Derivative [Line Items] | |||
Number of interest rate swap agreements | agreement | 5 | ||
Notional amount of derivatives | $ 800,000 | $ 500,000 | |
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedge [Member] | $300 Million Swap Agreement [Member] | |||
Derivative [Line Items] | |||
Notional amount of derivatives | $ 300,000 | ||
Swap agreement expiration date | Jan. 1, 2017 | ||
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedge [Member] | $200 Million Swap Agreement [Member] | |||
Derivative [Line Items] | |||
Notional amount of derivatives | $ 200,000 | ||
Swap agreement expiration date | Jun. 1, 2017 | ||
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedge [Member] | $100 Million Swap Agreement [Member] | |||
Derivative [Line Items] | |||
Number of interest rate swap agreements | agreement | 3 | ||
Notional amount of derivatives | $ 100,000 | ||
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedge [Member] | Date One [Member] | $100 Million Swap Agreement [Member] | |||
Derivative [Line Items] | |||
Swap agreement expiration date | Apr. 1, 2018 | ||
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedge [Member] | Date Two [Member] | $100 Million Swap Agreement [Member] | |||
Derivative [Line Items] | |||
Swap agreement expiration date | Apr. 1, 2019 | ||
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedge [Member] | Date Three [Member] | $100 Million Swap Agreement [Member] | |||
Derivative [Line Items] | |||
Swap agreement expiration date | Apr. 1, 2020 |
Derivatives (Fair Values of Der
Derivatives (Fair Values of Derivative Financial Instruments) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | |
Derivatives, Fair Value [Line Items] | |||
Fair Values, Assets | [1] | $ 43,903 | $ 23,251 |
Fair Values, Liabilities | [1] | 43,184 | 23,968 |
Derivatives Designated as Hedging Instruments [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amounts | 800,000 | 500,000 | |
Fair Values, Assets | [2] | 3,330 | |
Fair Values, Liabilities | [2] | 281 | |
Derivatives Not Designated as Hedging Instruments [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amounts | 1,148,279 | 1,002,350 | |
Fair Values, Assets | [2] | 40,573 | 23,251 |
Fair Values, Liabilities | [2] | 43,184 | 23,687 |
Derivatives Not Designated as Hedging Instruments [Member] | Interest Rate Swaps [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amounts | [3] | 856,332 | 780,871 |
Fair Values, Assets | [2],[3] | 38,389 | 20,622 |
Fair Values, Liabilities | [2],[3] | 40,202 | 21,007 |
Derivatives Not Designated as Hedging Instruments [Member] | Risk Participation Agreements [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amounts | 88,946 | 83,430 | |
Fair Values, Assets | [2] | 114 | 83 |
Fair Values, Liabilities | [2] | 243 | 162 |
Derivatives Not Designated as Hedging Instruments [Member] | Forward Commitments to Sell Residential Mortgage Loans [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amounts | 105,357 | 55,128 | |
Fair Values, Assets | [2] | 23 | 263 |
Fair Values, Liabilities | [2] | 1,404 | 336 |
Derivatives Not Designated as Hedging Instruments [Member] | Interest Rate-Lock Commitments on Residential Mortgage Loans [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amounts | 62,622 | 38,853 | |
Fair Values, Assets | [2] | 703 | 243 |
Fair Values, Liabilities | [2] | 12 | 167 |
Derivatives Not Designated as Hedging Instruments [Member] | Foreign Exchange Forward Contracts [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amounts | 35,022 | 44,068 | |
Fair Values, Assets | [2] | 1,344 | 2,040 |
Fair Values, Liabilities | [2] | 1,323 | 2,015 |
Cash Flow Hedge [Member] | Derivatives Designated as Hedging Instruments [Member] | Interest Rate Swaps [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amounts | 800,000 | 500,000 | |
Fair Values, Assets | [2] | $ 3,330 | |
Fair Values, Liabilities | [2] | $ 281 | |
[1] | For further disaggregation of derivative assets and liabilities, see Note 6 - Derivatives. | ||
[2] | Derivative assets and liabilities are reported with other assets or other liabilities, respectively, in the consolidated balance sheets. | ||
[3] | The notional amount represents both the customer accommodation agreements and offsetting agreements with unrelated financial institutions. |
Derivatives (Offsetting Derivat
Derivatives (Offsetting Derivative Assets and Liabilities Subject to Master Netting Arrangements) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Derivatives [Abstract] | ||
Gross Amounts Recognized, Derivative Assets | $ 3,579 | $ 224 |
Gross Amounts Offset in the Statement of Financial Position, Derivative Assets | ||
Net Amounts Presented in the Statement of Financial Position, Derivative Assets | 3,579 | 224 |
Gross Amounts Not Offset in the Statement of Financial Position - Financial Instruments, Derivative Assets | 3,579 | 224 |
Gross Amounts Not offset in the Statement of Financial Position -Cash Collateral, Derivative Assets | ||
Net Amount, Derivative Assets | ||
Gross Amounts Recognized, Derivative Liabilities | 40,699 | 21,034 |
Gross Amounts Offset in the Statement of Financial Position, Derivative Liabilities | ||
Net Amounts Presented in the Statement of Financial Position, Derivative Liabilities | 40,699 | 21,034 |
Gross Amounts Not Offset in the Statement of Financial Position - Financial Instruments, Derivative Liabilities | 3,579 | 224 |
Gross Amounts Not offset in the Statement of Financial Position -Cash Collateral, Derivative Liabilities | 40,202 | 23,482 |
Net Amount, Derivative Liabilities | $ (3,082) | $ (2,672) |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - $ / shares | Aug. 28, 2015 | Jun. 30, 2016 | Jun. 30, 2016 |
Shares authorized for repurchase | 5.00% | ||
Number of shares authorized for repurchase | 3,900,000 | ||
Expiration date | Sep. 30, 2016 | ||
Treasury Stock [Member] | |||
Repurchased common stock shares | 741,393 | ||
Shares repurchased price per share | $ 27.44 |
Stockholders' Equity (Component
Stockholders' Equity (Components of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | $ (80,595) | $ (50,074) | ||
Net change in unrealized (loss) gain | $ 16,629 | $ (18,370) | 45,601 | (12,957) |
Reclassification of net (gain) losses realized and included in earnings | 711 | 801 | 1,802 | 1,406 |
Valuation adjustment for employee benefit plans | (5,922) | (5,922) | ||
Amortization of unrealized net loss on securities transferred to HTM | 830 | 939 | 1,628 | 1,586 |
Income tax (benefit) expense | 6,645 | (8,237) | 17,977 | (5,877) |
Ending Balance | (49,541) | (60,084) | (49,541) | (60,084) |
Available for Sale Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | 4,268 | 18,001 | ||
Net change in unrealized (loss) gain | 41,990 | (13,962) | ||
Reclassification of net (gain) losses realized and included in earnings | (1,114) | (165) | ||
Valuation adjustment for employee benefit plans | ||||
Amortization of unrealized net loss on securities transferred to HTM | ||||
Income tax (benefit) expense | 14,970 | (5,249) | ||
Ending Balance | 30,174 | 9,123 | 30,174 | 9,123 |
HTM Securities Transferred from AFS [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (16,795) | (19,074) | ||
Net change in unrealized (loss) gain | ||||
Reclassification of net (gain) losses realized and included in earnings | ||||
Valuation adjustment for employee benefit plans | ||||
Amortization of unrealized net loss on securities transferred to HTM | 1,628 | 1,586 | ||
Income tax (benefit) expense | 625 | 580 | ||
Ending Balance | (15,792) | (18,068) | (15,792) | (18,068) |
Employee Benefit Plans [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (67,890) | (48,626) | ||
Net change in unrealized (loss) gain | ||||
Reclassification of net (gain) losses realized and included in earnings | 2,916 | 1,571 | ||
Valuation adjustment for employee benefit plans | (5,922) | |||
Amortization of unrealized net loss on securities transferred to HTM | ||||
Income tax (benefit) expense | 1,066 | (1,574) | ||
Ending Balance | (66,040) | (51,403) | (66,040) | (51,403) |
Loss on Effective Cash Flow Hedges [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (178) | (375) | ||
Net change in unrealized (loss) gain | 3,611 | 1,005 | ||
Reclassification of net (gain) losses realized and included in earnings | ||||
Valuation adjustment for employee benefit plans | ||||
Amortization of unrealized net loss on securities transferred to HTM | ||||
Income tax (benefit) expense | 1,316 | 366 | ||
Ending Balance | $ 2,117 | $ 264 | $ 2,117 | $ 264 |
Stockholders' Equity (Line Item
Stockholders' Equity (Line Items in Consolidated Income Statements Affected by Amounts Reclassified from Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Amortization of defined benefit pension and post-retirement items | $ (14,004) | $ (12,870) | $ (29,718) | $ (28,504) | |
Tax effect | (13,618) | (12,311) | (14,733) | (27,187) | |
Net income | $ 46,907 | $ 34,829 | 50,746 | 74,988 | |
Amount Reclassified from Accumulated Other Comprehensive Income [Member] | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Net income | [1] | (2,129) | (1,920) | ||
Amount Reclassified from Accumulated Other Comprehensive Income [Member] | Available for Sale Securities [Member] | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Gain on sale of AFS securities | [1] | 1,114 | 165 | ||
Tax effect | [1] | (390) | (58) | ||
Net income | [1] | 724 | 107 | ||
Amount Reclassified from Accumulated Other Comprehensive Income [Member] | HTM Securities Transferred from AFS [Member] | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Amortization of unrealized net loss on securities transferred to HTM | [1] | (1,628) | (1,586) | ||
Tax effect | [1] | 625 | 580 | ||
Net income | [1] | (1,003) | (1,006) | ||
Amount Reclassified from Accumulated Other Comprehensive Income [Member] | Employee Benefit Plans [Member] | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Amortization of defined benefit pension and post-retirement items | [1],[2] | (2,916) | (1,571) | ||
Tax effect | [1] | 1,066 | 550 | ||
Net income | [1] | $ (1,850) | $ (1,021) | ||
[1] | Amounts in parenthesis indicate reduction in net income. | ||||
[2] | These accumulated other comprehensive income components are included in the computation of net periodic pension and post-retirement cost that is reported with employee benefits expense (see Note 11 for additional details). |
Other Noninterest Income (Detai
Other Noninterest Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Other Noninterest Income [Abstract] | ||||
Income from bank-owned life insurance | $ 4,501 | $ 2,671 | $ 7,051 | $ 5,337 |
Credit related fees | 2,267 | 2,611 | 4,624 | 5,068 |
Derivative income | 533 | 1,464 | 394 | 1,412 |
Net gain (loss) on sale of assets | 1,801 | (62) | 3,566 | (55) |
Safety deposit box income | 413 | 429 | 891 | 915 |
Other miscellaneous | 2,041 | 2,412 | 4,376 | 5,092 |
Total other noninterest income | $ 11,556 | $ 9,525 | $ 20,902 | $ 17,769 |
Other Noninterest Expense (Deta
Other Noninterest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Other Noninterest Expense [Abstract] | ||||
Advertising | $ 2,693 | $ 2,133 | $ 5,050 | $ 4,298 |
Ad valorem and franchise taxes | 2,340 | 2,736 | 4,643 | 5,451 |
Printing and supplies | 1,065 | 1,158 | 2,176 | 2,375 |
Insurance expense | 829 | 928 | 1,664 | 1,850 |
Travel expense | 1,079 | 1,308 | 2,028 | 2,527 |
Entertainment and contributions | 2,001 | 1,736 | 3,633 | 3,375 |
Tax credit investment amortization | 1,833 | 2,096 | 3,576 | 4,191 |
Other miscellaneous | 4,633 | 10,211 | 10,412 | 13,045 |
Total other noninterest expense | $ 16,473 | $ 22,306 | $ 33,182 | $ 37,112 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Earnings Per Share [Abstract] | ||||
Net income to common shareholders | $ 46,907 | $ 34,829 | $ 50,746 | $ 74,988 |
Net income allocated to participating securities - basic and diluted | 1,136 | 766 | 1,233 | 1,701 |
Net income allocated to common shareholders - basic and diluted | $ 45,771 | $ 34,063 | $ 49,513 | $ 73,287 |
Weighted-average common shares - basic | 77,523,000 | 77,951,000 | 77,512,000 | 78,719,000 |
Dilutive potential common shares | 157,000 | 164,000 | 164,000 | 162,000 |
Weighted-average common shares - diluted | 77,680,000 | 78,115,000 | 77,676,000 | 78,881,000 |
Earnings per common share: Basic | $ 0.59 | $ 0.44 | $ 0.64 | $ 0.93 |
Earnings per common share: Diluted | $ 0.59 | $ 0.44 | $ 0.64 | $ 0.93 |
Weighted-average anti-dilutive potential common shares | 548,821 | 574,037 | 602,809 | 843,544 |
Retirement Plans (Narrative) (D
Retirement Plans (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Estimated contribution in the current year | $ 0 |
First 1% Of Contribution Saved [Member] | Other Post-Retirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Matching percentage | 100.00% |
Percentage of compensation saved | 1.00% |
Next 5% Of Contribution Saved [Member] | Other Post-Retirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Matching percentage | 50.00% |
Percentage of compensation saved | 5.00% |
Retirement Plans (Components of
Retirement Plans (Components of Net Periodic Benefits Cost) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 3,611 | $ 3,382 | $ 6,876 | $ 6,745 |
Interest cost | 4,023 | 4,672 | 9,011 | 9,291 |
Expected return on plan assets | (8,554) | (8,206) | (17,445) | (16,419) |
Amortization of net loss | 1,426 | 842 | 2,894 | 1,486 |
Net periodic benefit cost | 506 | 690 | 1,336 | 1,103 |
Other Post-Retirement Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 45 | 22 | 74 | 72 |
Interest cost | 203 | 174 | 409 | 543 |
Amortization of net loss | 53 | (40) | 22 | 85 |
Net periodic benefit cost | $ 301 | $ 156 | $ 505 | $ 700 |
Share-Based Payment Arrangeme65
Share-Based Payment Arrangements (Narrative) (Details) $ / shares in Units, $ in Millions | 6 Months Ended | |
Jun. 30, 2016USD ($)entity$ / sharesshares | Jun. 30, 2015USD ($) | |
Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Intrinsic value of options exercised | $ | $ 0 | $ 0.2 |
Restricted and Performance Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total unrecognized compensation expense | $ | $ 37 | |
Weighted-average period | 3 years 2 months 12 days | |
Total fair value of shares vested | $ | $ 2 | $ 7.5 |
Shares granted | shares | 85,004 | |
Grant date fair value per share | $ / shares | $ 23.83 | |
Executive Management [Member] | Performance Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Service period | 3 years | |
Executive Management [Member] | Performance Shares [Member] | Total Shareholder Return [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares granted | shares | 35,587 | |
Grant date fair value per share | $ / shares | $ 24.42 | |
Vesting performance period | 3 years | |
Number of peer group regional banks | entity | 44 | |
Executive Management [Member] | Performance Shares [Member] | Core Earnings Per Share [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares granted | shares | 35,587 | |
Grant date fair value per share | $ / shares | $ 22.58 | |
Vesting performance period | 2 years | |
Executive Management [Member] | Tranche One [Member] | Performance Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage of maximum number of shares vested | 200.00% |
Share-Based Payment Arrangeme66
Share-Based Payment Arrangements (Summary of Option Activity) (Details) - Options [Member] | 6 Months Ended |
Jun. 30, 2016USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares, Outstanding at Beginning | shares | 745,806 |
Number of Shares, Cancelled/Forfeited | shares | (60,377) |
Number of Shares, Expired | shares | (150,847) |
Number of Shares, Outstanding at Ending | shares | 534,582 |
Number of Shares, Exercisable at Ending | shares | 490,827 |
Weighted Average Exercise Price, Outstanding at Beginning | $ / shares | $ 37.55 |
Weighted Average Exercise Price, Cancelled/Forfeited | $ / shares | 35.04 |
Weighted Average Exercise Price, Expired | $ / shares | 46.06 |
Weighted Average Exercise Price, Outstanding at Ending | $ / shares | 35.43 |
Weighted Average Exercise Price, Exercisable at Ending | $ / shares | $ 35.92 |
Weighted Average Remaining Contractual Term (Years), Outstanding at Ending | 4 years 22 days |
Weighted Average Remaining Contractual Term (Years), Exercisable at Ending | 3 years 11 months 1 day |
Aggregate Intrinsic Value, Outstanding at Ending | $ | |
Aggregate Intrinsic Value, Exercisable at Ending | $ |
Share-Based Payment Arrangeme67
Share-Based Payment Arrangements (Summary of Nonvested Restricted and Performance Shares) (Details) - Restricted and Performance Shares [Member] | 6 Months Ended |
Jun. 30, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares, Nonvested at Beginning | shares | 2,196,145 |
Number of Shares, Granted | shares | 85,004 |
Number of Shares, Vested | shares | (64,112) |
Number of Shares, Forfeited | shares | (185,249) |
Number of Shares, Nonvested at Ending | shares | 2,031,788 |
Weighted Average Grant Date Fair Value, Nonvested at Beginning | $ / shares | $ 30.97 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 23.83 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 31.15 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 30.84 |
Weighted Average Grant Date Fair Value, Nonvested at Ending | $ / shares | $ 30.64 |
Fair Value (Narrative) (Details
Fair Value (Narrative) (Details) - Investment Securities [Member] - Recurring [Member] | 6 Months Ended |
Jun. 30, 2016 | |
Minimum [Member] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Targeted duration | 2 years |
Maximum [Member] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Targeted duration | 5 years |
Fair Value (Financial Assets an
Fair Value (Financial Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale securities | $ 2,308,812 | $ 2,093,404 | |
Derivative assets | [1] | 43,903 | 23,251 |
Total recurring fair value measurements - assets | 2,352,715 | 2,116,655 | |
Derivative liabilities | [1] | 43,184 | 23,968 |
Total recurring fair value measurements - liabilities | 43,184 | 23,968 | |
US Treasury and Government Agency Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale securities | 116 | 134 | |
Municipal Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale securities | 156,292 | 39,607 | |
Corporate Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale securities | 3,500 | 3,500 | |
Mortgage-Backed Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale securities | 1,906,346 | 1,758,373 | |
Collateralized Mortgage Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale securities | 241,346 | 289,033 | |
Equity Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale securities | 1,212 | 2,757 | |
Recurring [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale securities | 1,212 | 2,757 | |
Total recurring fair value measurements - assets | 1,212 | 2,757 | |
Recurring [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale securities | 2,307,600 | 2,090,647 | |
Derivative assets | [1] | 43,903 | 23,251 |
Total recurring fair value measurements - assets | 2,351,503 | 2,113,898 | |
Derivative liabilities | [1] | 43,184 | 23,968 |
Total recurring fair value measurements - liabilities | 43,184 | 23,968 | |
Recurring [Member] | US Treasury and Government Agency Securities [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale securities | 116 | 134 | |
Recurring [Member] | Municipal Obligations [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale securities | 156,292 | 39,607 | |
Recurring [Member] | Corporate Debt Securities [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale securities | 3,500 | 3,500 | |
Recurring [Member] | Mortgage-Backed Securities [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale securities | 1,906,346 | 1,758,373 | |
Recurring [Member] | Collateralized Mortgage Obligations [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale securities | 241,346 | 289,033 | |
Recurring [Member] | Equity Securities [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale securities | $ 1,212 | $ 2,757 | |
[1] | For further disaggregation of derivative assets and liabilities, see Note 6 - Derivatives. |
Fair Value (Financial Assets Me
Fair Value (Financial Assets Measured at Fair Value on Nonrecurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent impaired loans | $ 116,516 | $ 93,602 |
Other real estate owned | 14,053 | 17,206 |
Total nonrecurring fair value measurements | 130,569 | 110,808 |
Nonrecurring [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent impaired loans | ||
Other real estate owned | ||
Total nonrecurring fair value measurements | ||
Nonrecurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent impaired loans | 116,516 | 93,602 |
Total nonrecurring fair value measurements | 116,516 | 93,602 |
Nonrecurring [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | 14,053 | 17,206 |
Total nonrecurring fair value measurements | $ 14,053 | $ 17,206 |
Fair Value (Estimated Fair Valu
Fair Value (Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale securities | $ 2,308,812 | $ 2,093,404 | |
Held to maturity securities | 2,497,558 | 2,370,388 | |
Derivative financial instruments | [1] | 43,903 | 23,251 |
Derivative financial instruments | [1] | 43,184 | 23,968 |
Total Fair Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash, interest-bearing bank deposits, and federal funds sold | 466,587 | 869,429 | |
Available for sale securities | 2,308,812 | 2,093,404 | |
Held to maturity securities | 2,569,084 | 2,375,851 | |
Loans, net | 16,174,870 | 15,427,803 | |
Loans held for sale | 42,297 | 20,434 | |
Derivative financial instruments | 43,903 | 23,251 | |
Deposits | 18,837,146 | 18,327,425 | |
Federal funds purchased | 10,575 | 10,100 | |
Securities sold under agreements to repurchase | 409,532 | 513,544 | |
FHLB borrowings | 675,000 | 900,000 | |
Long-term debt | 474,888 | 488,711 | |
Derivative financial instruments | 43,184 | 23,968 | |
Total Fair Value [Member] | Level 1 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash, interest-bearing bank deposits, and federal funds sold | 466,587 | 869,429 | |
Available for sale securities | 1,212 | 2,757 | |
Federal funds purchased | 10,575 | 10,100 | |
Securities sold under agreements to repurchase | 409,532 | 513,544 | |
FHLB borrowings | 675,000 | 900,000 | |
Total Fair Value [Member] | Level 2 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale securities | 2,307,600 | 2,090,647 | |
Held to maturity securities | 2,569,084 | 2,375,851 | |
Loans, net | 116,516 | 93,602 | |
Loans held for sale | 42,297 | 20,434 | |
Derivative financial instruments | 43,903 | 23,251 | |
Long-term debt | 474,888 | 488,711 | |
Derivative financial instruments | 43,184 | 23,968 | |
Total Fair Value [Member] | Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Loans, net | 16,058,354 | 15,334,201 | |
Deposits | 18,837,146 | 18,327,425 | |
Carrying Amount [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash, interest-bearing bank deposits, and federal funds sold | 466,587 | 869,429 | |
Available for sale securities | 2,308,812 | 2,093,404 | |
Held to maturity securities | 2,497,558 | 2,370,388 | |
Loans, net | 15,809,710 | 15,522,135 | |
Loans held for sale | 42,297 | 20,434 | |
Derivative financial instruments | 43,903 | 23,251 | |
Deposits | 18,816,869 | 18,348,912 | |
Federal funds purchased | 10,575 | 10,100 | |
Securities sold under agreements to repurchase | 409,532 | 513,544 | |
FHLB borrowings | 675,000 | 900,000 | |
Long-term debt | 468,028 | 490,145 | |
Derivative financial instruments | $ 43,184 | $ 23,968 | |
[1] | For further disaggregation of derivative assets and liabilities, see Note 6 - Derivatives. |