Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | May 01, 2017 | |
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 | Q1 | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 84,519,088 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) shares in Thousands, $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Assets: | ||
Cash and due from banks | $ 333,314 | $ 372,689 |
Interest-bearing bank deposits | 50,452 | 77,235 |
Federal funds sold | 821 | 942 |
Securities available for sale, at fair value (amortized cost of $2,541,535 and $2,562,000) | 2,498,761 | 2,516,908 |
Securities held to maturity (fair value of $2,477,420 and $2,470,117) | 2,502,512 | 2,500,220 |
Loans held for sale | 20,883 | 34,064 |
Loans | 18,204,868 | 16,752,151 |
Less: allowance for loan losses | (213,550) | (229,418) |
Loans, net | 17,991,318 | 16,522,733 |
Property and equipment, net of accumulated depreciation of $236,166 and $231,127 | 374,112 | 361,612 |
Prepaid expenses | 22,033 | 18,038 |
Other real estate, net | 17,068 | 18,884 |
Accrued interest receivable | 70,975 | 65,887 |
Goodwill | 716,761 | 621,193 |
Other intangible assets, net | 86,952 | 87,757 |
Life insurance contracts | 484,042 | 480,406 |
FDIC loss share receivable | 13,320 | 16,219 |
Deferred tax asset, net | 96,078 | 104,435 |
Other assets | 205,624 | 176,080 |
Total assets | 25,485,026 | 23,975,302 |
Deposits: | ||
Noninterest-bearing | 7,722,279 | 7,658,203 |
Interest-bearing | 12,199,741 | 11,766,063 |
Total deposits | 19,922,020 | 19,424,266 |
Short-term borrowings | 2,121,932 | 1,225,406 |
Long-term debt | 525,082 | 436,280 |
Accrued interest payable | 10,476 | 9,574 |
Other liabilities | 141,894 | 160,008 |
Total liabilities | 22,721,404 | 21,255,534 |
Stockholders' equity: | ||
Common Stock | 291,358 | 291,358 |
Capital surplus | 1,711,823 | 1,698,253 |
Retained earnings | 878,953 | 850,689 |
Accumulated other comprehensive loss, net | (118,512) | (120,532) |
Total stockholders' equity | 2,763,622 | 2,719,768 |
Total liabilities and stockholders' equity | $ 25,485,026 | $ 23,975,302 |
Common shares authorized (par value of 3.33 per share) | 350,000 | 350,000 |
Common shares issued | 87,495 | 87,495 |
Common shares outstanding | 84,517 | 84,235 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Consolidated Balance Sheets [Abstract] | ||
Securities available for sale, amortized cost | $ 2,541,535 | $ 2,562,000 |
Securities held to maturity, fair value | 2,477,420 | 2,470,117 |
Property and equipment, accumulated depreciation | $ 236,166 | $ 231,127 |
Common stock, par value per share | $ 3.33 | $ 3.33 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Interest income: | ||
Loans, including fees | $ 172,781 | $ 154,113 |
Loans held for sale | 217 | 159 |
Securities-taxable | 23,367 | 23,957 |
Securities-tax exempt | 5,407 | 1,802 |
Short-term investments | 743 | 610 |
Total interest income | 202,515 | 180,641 |
Interest expense: | ||
Deposits | 12,819 | 11,733 |
Short-term borrowings | 2,941 | 993 |
Long-term debt | 5,064 | 5,079 |
Total interest expense | 20,824 | 17,805 |
Net interest income | 181,691 | 162,836 |
Provision for loan losses | 15,991 | 60,036 |
Net interest income after provision for loan losses | 165,700 | 102,800 |
Noninterest income: | ||
Service charges on deposit accounts | 19,206 | 18,383 |
Trust fees | 11,211 | 11,224 |
Bank card and ATM fees | 12,468 | 11,348 |
Investment and annuity fees | 4,599 | 4,933 |
Secondary mortgage market operations | 3,567 | 2,912 |
Insurance commissions and fees | 665 | 1,307 |
Amortization of loss share receivable | (1,100) | (1,613) |
Other income | 12,875 | 9,346 |
Securities transactions | 346 | |
Total noninterest income | 63,491 | 58,186 |
Noninterest expense: | ||
Compensation expense | 73,099 | 73,001 |
Employee benefits | 16,020 | 15,714 |
Personnel expense | 89,119 | 88,715 |
Net occupancy expense | 10,757 | 10,356 |
Equipment expense | 3,714 | 3,774 |
Data processing expense | 15,397 | 14,207 |
Professional services expense | 11,276 | 7,621 |
Amortization of intangibles | 4,705 | 5,124 |
Telecommunications and postage | 3,467 | 3,361 |
Deposit insurance and regulatory fees | 6,490 | 5,397 |
Other real estate expense, net | (13) | 768 |
Other expense | 18,630 | 16,709 |
Total noninterest expense | 163,542 | 156,032 |
Income before income taxes | 65,649 | 4,954 |
Income taxes | 16,635 | 1,115 |
Net income | $ 49,014 | $ 3,839 |
Earnings per common share-basic | $ 0.57 | $ 0.05 |
Earnings per common share-diluted | 0.57 | 0.05 |
Dividends paid per share | $ 0.24 | $ 0.24 |
Weighted average shares outstanding-basic | 84,365 | 77,501 |
Weighted average shares outstanding-diluted | 84,624 | 77,672 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Consolidated Statements of Comprehensive Income [Abstract] | ||
Net income | $ 49,014 | $ 3,839 |
Other comprehensive income: | ||
Net change in unrealized gain on securities available for sale and hedges | 1,184 | 28,972 |
Reclassification of net losses realized and included in earnings | 1,387 | 1,091 |
Amortization of unrealized net gain on securities transferred to held to maturity | 650 | 798 |
Other comprehensive income before income taxes | 3,221 | 30,861 |
Income tax expense | 1,201 | 11,332 |
Other comprehensive income net of income taxes | 2,020 | 19,529 |
Comprehensive income | $ 51,034 | $ 23,368 |
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] | Total |
Balance at Dec. 31, 2015 | $ 291,346 | $ 1,424,448 | $ 777,944 | $ (80,595) | $ 2,413,143 |
Balance, Shares issued at Dec. 31, 2015 | 87,491 | ||||
Net income | 3,839 | 3,839 | |||
Other comprehensive income | 19,529 | 19,529 | |||
Comprehensive income | 3,839 | 19,529 | 23,368 | ||
Cash dividends declared ($0.24 per common share) | (19,131) | (19,131) | |||
Common stock activity, long-term incentive plan | 3,660 | 3,660 | |||
Balance at Mar. 31, 2016 | $ 291,346 | 1,428,108 | 762,652 | (61,066) | 2,421,040 |
Balance, Shares Issued at Mar. 31, 2016 | 87,491 | ||||
Balance at Dec. 31, 2016 | $ 291,358 | 1,698,253 | 850,689 | (120,532) | $ 2,719,768 |
Balance, Shares issued at Dec. 31, 2016 | 87,495 | 87,495,000 | |||
Net income | 49,014 | $ 49,014 | |||
Other comprehensive income | 2,020 | 2,020 | |||
Comprehensive income | 49,014 | 2,020 | 51,034 | ||
Cash dividends declared ($0.24 per common share) | (20,793) | (20,793) | |||
Common stock activity, long-term incentive plan | 12,815 | 43 | 12,858 | ||
Issuance of stock from dividend reinvestment and stock purchase plan | 755 | 755 | |||
Balance at Mar. 31, 2017 | $ 291,358 | $ 1,711,823 | $ 878,953 | $ (118,512) | $ 2,763,622 |
Balance, Shares Issued at Mar. 31, 2017 | 87,495 | 87,495,000 |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Retained Earnings [Member] | ||
Cash dividends declared, per common share | $ 0.24 | $ 0.24 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 49,014 | $ 3,839 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 6,915 | 7,199 |
Provision for loan losses | 15,991 | 60,036 |
(Gain) loss on other real estate owned | (54) | 416 |
Deferred tax expense (benefit) | 7,156 | (8,041) |
Increase in cash surrender value of life insurance contracts | (3,636) | (1,208) |
Loss (gain) on disposal of other assets | 229 | (2,111) |
Net decrease (increase) in loans held for sale | 13,966 | (3,308) |
Net amortization of securities premium/discount | 7,323 | 5,799 |
Amortization of intangible assets | 4,705 | 5,124 |
Amortization of FDIC loss share receivable | 1,100 | 1,613 |
Stock-based compensation expense | 4,209 | 4,050 |
Decrease in interest payable and other liabilities | (33,323) | (8,438) |
Net payments to FDIC for loss share claims | (1,131) | (302) |
Decrease in FDIC loss share receivable | 902 | 557 |
Decrease in other assets | 21,362 | 27,488 |
Other, net | 1,600 | 143 |
Net cash provided by operating activities | 96,328 | 92,856 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from sales of securities available for sale | 47,774 | |
Proceeds from maturities of securities available for sale | 81,116 | 86,966 |
Purchases of securities available for sale | (60,484) | (167,419) |
Proceeds from maturities of securities held to maturity | 92,684 | 86,632 |
Purchases of securities held to maturity | (87,847) | (236,117) |
Net decrease in short-term investments | 9,428 | 414,004 |
Net increase in loans | (273,466) | (289,324) |
Purchases of property and equipment | (7,329) | (1,550) |
Proceeds from sales of property and equipment | 17 | |
Proceeds from sales of other real estate | 3,099 | 4,316 |
Cash paid for acquisition, net of cash received | (322,708) | |
Other, net | (39,588) | 3,567 |
Net cash used in investing activities | (605,078) | (51,151) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net increase in deposits | 99,583 | 307,254 |
Net increase (decrease) in short-term borrowings | 385,777 | (322,857) |
Repayments of long-term debt | (4,475) | (19,551) |
Issuance of long-term debt | 41 | 66 |
Dividends paid | (20,793) | (19,131) |
Cash paid for taxes with forfeited shares of stock | (163) | (127) |
Proceeds from exercise of stock options | 8,650 | |
Proceeds from dividend reinvestment and stock purchase plan | 755 | |
Other, net | (134) | |
Net cash provided (used in) by financing activities | 469,375 | (54,480) |
NET DECREASE IN CASH AND DUE FROM BANKS | (39,375) | (12,775) |
CASH AND DUE FROM BANKS, BEGINNING | 372,689 | 303,874 |
CASH AND DUE FROM BANKS, ENDING | 333,314 | 291,099 |
SUPPLEMENTAL INFORMATION FOR NON-CASH INVESTING AND FINANCING ACTIVITIES | ||
Assets acquired in settlement of loans | $ 1,031 | $ 1,662 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2017 | |
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. The Company has also evaluated all subsequent events for potential recognition and disclosure through the filing of this Form 10-Q. 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, 2016. 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. The presentation of loan disclosures has been modified from prior filings as discussed in Note 4 – Loans and Allowance for Lo an Losses. Select Stockholders’ Equity line items in the Consolidated Balance Sheets and Statements of Changes in Stockholders’ Equity have been modified to simplify the presentation as discussed in Note 7 – Stockholders’ Equity. Presentation of derivatives contracts cleared through a central clearing cou nterparty has been revised prospectively to reflect netting of variation margin as settlements to the derivative assets and liabilities rather than collateral, effective January 3, 2017, as discussed in Note 6 – Derivatives. These changes in presentation 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, 2016. |
Acquisition
Acquisition | 3 Months Ended |
Mar. 31, 2017 | |
Acquisition [Abstract] | |
Acquisition | 2. Acquisition On March 10, 2017, the Company , through its banking subsidiary, Whitney Bank (“Whitney”), completed the acquisition of certain assets and liabilities, including nine branches, from First NBC Bank (“FNBC”). This in-market transaction strengthens our position in the Greater New Orleans area. Whitney paid approximately $323 million in cash consideration ( $326 million cash paid net of $3 million in branch cash acquired), including a $41.6 million transaction premium for the earnings stream acquired. The transaction was accounted for as a business combination and therefore, assets acquired and liabilities assumed were recorded at estimated fair values on the acquisition date. The following table provides the assets purchased and liabilities assumed. Fair value of net assets acquired at date of acquisition - March 10, 2017 (in thousands) ASSETS Cash and due from banks $ 2,856 Total loans 1,211,523 Property and equipment 12,332 Accrued interest receivable 2,969 Identifiable intangible assets 3,900 Other assets 63 Total identifiable assets $ 1,233,643 LIABILITIES Deposits $ 398,171 Short-term borrowings 510,749 Long-term debt 93,120 Other liabilities 1,607 Total liabilities $ 1,003,647 Net identifiable assets acquired 229,996 Goodwill 95,568 Net assets acquired $ 325,564 The loans were recorded at estimated fair value at the acquisition date with no carryover of the related allowance for loan losses. The acquired loans were considered to be performing (“purchased credit performing”) based on such factors as past due status, nonaccrual status and are accounted for under Accounting Standards Codification (“ASC”) 310-20. The difference at the acquisition date between the fair value and the contractual amounts due (the “fair value discount”) of $52.7 million will be accreted into income over the estimated lives of the loan pools established in the valuation. The Company assumed approximately $604 million borrowings in the acquisition, consisting of both short-term and long-term Federal Home Loan Bank (“FHLB”) borrowings. The short-term borrowings consist of $460 million in variable-rate term notes; $200 million matures in 2025 and $260 million matures in 2026 . These notes re-price quarterly and may be re-paid at the Company’s option, either in whole or in-part, on any quarterly re-pricing date. Also included in short-term borrowings are $51 million in fixed-rate term notes that mature in 2017 . The long-term borrowings include $93.1 million in fixed-rate term notes: $88 million that mature in 2018 , $3.2 million that mature in 2019 , and $1.9 million that mature in 2023 . Identifiable intangible assets consist of core deposit intangibles totaling $3.9 million that will be amortized using sum of years’ digits over the asset’s life of eight years. Goodwill totaling $95.6 million represents the excess of the consideration paid over the fair value of the net assets acquired and is expected to be deductible for federal income tax purposes. There were no other changes to goodwill during the reporting period. The operating results of the Company for the three months ended March 31, 2017 include the results from the operations acquired in the FNBC transaction since March 10, 2017. FNBC’s operations contributed approximately $5.1 million in revenue, net of interest expense, and an estimated $2.9 million in net income for the period from the acquisition date, excluding the impact of merger related expense noted below. Merger-related charges of $6.5 million associated with the FNBC acquisition are included in noninterest expense for 2017. These expenses were primarily for professional fees, totaling $4.6 million, and $1.5 million in costs related to branch and office consolidations, in addition to marketing and promotion expenses, and retention and severance costs. The Company expects to incur additional merger-related expense in the second quarter of 2017 with branch consolidation and operations conversion. |
Securities
Securities | 3 Months Ended |
Mar. 31, 2017 | |
Securities [Abstract] | |
Securities | 3 . Securities The amortized cost and estimated fair value of securities classified as available for sale and held to maturity follow. Securities Available for Sale (in thousands) March 31, 2017 December 31, 2016 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 $ 76,049 $ — $ 1,553 $ 74,496 $ 56,751 $ — $ 1,923 $ 54,828 Municipal obligations 251,416 157 10,537 241,036 253,228 113 11,186 242,155 Residential mortgage-backed securities 1,568,001 10,377 18,961 1,559,417 1,620,191 10,592 19,428 1,611,355 Commercial mortgage-backed securities 450,197 211 22,360 428,048 425,750 — 23,159 402,591 Collateralized mortgage obligations 192,372 491 599 192,264 202,580 490 591 202,479 Corporate debt securities 3,500 — — 3,500 3,500 — — 3,500 $ 2,541,535 $ 11,236 $ 54,010 $ 2,498,761 $ 2,562,000 $ 11,195 $ 56,287 $ 2,516,908 Securities Held to Maturity (in thousands) March 31, 2017 December 31, 2016 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 $ — $ 55 $ 49,945 $ 50,000 $ — $ 44 $ 49,956 Municipal obligations 734,075 3,345 17,604 719,816 648,093 2,147 20,175 630,065 Residential mortgage-backed securities 830,522 3,481 1,980 832,023 862,162 4,329 3,068 863,423 Commercial mortgage-backed securities 75,722 — 4,348 71,374 75,739 — 4,038 71,701 Collateralized mortgage obligations 812,193 1,588 9,519 804,262 864,226 1,420 10,674 854,972 $ 2,502,512 $ 8,414 $ 33,506 $ 2,477,420 $ 2,500,220 $ 7,896 $ 37,999 $ 2,470,117 The following table presents the amortized cost and estimated fair value of debt securities at March 31, 2017 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 $ 4,711 $ 4,735 Due after one year through five years 40,658 41,205 Due after five years through ten years 1,025,204 999,011 Due after ten years 1,470,962 1,453,810 Total available for sale debt securities $ 2,541,535 $ 2,498,761 Amortized Fair Debt Securities Held to Maturity Cost Value Due in one year or less $ 10,520 $ 10,624 Due after one year through five years 124,250 125,558 Due after five years through ten years 838,244 817,979 Due after ten years 1,529,498 1,523,259 Total held to maturity securities $ 2,502,512 $ 2,477,420 The Company held no securities classified as trading at March 31, 2017 or December 31, 2016. The details for securities classified as available for sale with unrealized losses for the periods indicated follow. Available for Sale March 31, 2017 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 $ 74,460 1,553 $ — $ — $ 74,460 $ 1,553 Municipal obligations 228,433 10,537 — — 228,433 10,537 Residential mortgage-backed securities 1,051,706 18,885 3,110 76 1,054,816 18,961 Commercial mortgage-backed securities 403,123 22,360 — — 403,123 22,360 Collateralized mortgage obligations 78,217 599 — — 78,217 599 $ 1,835,939 $ 53,934 $ 3,110 $ 76 $ 1,839,049 $ 54,010 Available for Sale December 31, 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 $ 54,788 $ 1,923 $ — $ — $ 54,788 $ 1,923 Municipal obligations 228,588 11,186 — — 228,588 11,186 Residential mortgage-backed securities 1,087,644 19,359 3,738 69 1,091,382 19,428 Commercial mortgage-backed securities 402,591 23,159 — — 402,591 23,159 Collateralized mortgage obligations 83,701 591 — — 83,701 591 $ 1,857,312 $ 56,218 $ 3,738 $ 69 $ 1,861,050 $ 56,287 The details for securities classified as held to maturity with unrealized losses for the periods indicated follow. Held to maturity March 31, 2017 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 $ 49,946 $ 55 $ — $ — $ 49,946 $ 55 Municipal obligations 454,266 17,331 7,269 273 461,535 17,604 Residential mortgage-backed securities 279,443 1,980 — — 279,443 1,980 Commercial mortgage-backed securities 71,373 4,348 — — 71,373 4,348 Collateralized mortgage obligations 506,593 6,343 104,011 3,176 610,604 9,519 $ 1,361,621 $ 30,057 $ 111,280 $ 3,449 $ 1,472,901 $ 33,506 Held to maturity December 31, 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 U.S. Treasury and government agency securities $ 49,956 $ 44 $ — $ — $ 49,956 $ 44 Municipal obligations 494,470 19,706 11,750 469 506,220 20,175 Residential mortgage-backed securities 278,369 3,068 — — 278,369 3,068 Commercial mortgage-backed securities 71,701 4,038 — — 71,701 4,038 Collateralized mortgage obligations 618,739 7,296 115,375 3,378 734,114 10,674 $ 1,513,235 $ 34,152 $ 127,125 $ 3,847 $ 1,640,360 $ 37,999 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. There were no sales of securities for the three months ended March 31, 2017. Proceeds from the sales of securities were approximately $ 47.8 million with a gross gain of $0.3 million for the three months ended March 31, 2 016 , respectively . Securities with carrying values totaling $ 4.0 billion at March 31, 2017 and $ 3. 8 billion at December 31, 2016 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 | 3 Months Ended |
Mar. 31, 2017 | |
Loans and Allowance for Loan Losses [Abstract] | |
Loans and Allowance for Loan Losses | 4. 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. The Company generally makes loans in its market areas of south Mississippi, southern and central Alabama, south Louisiana, the Houston, Texas areas and the northern, central and panhandle regions of Florida. Loans, net of unearned income, by portfolio are presented in the table below. March 31, December 31, (in thousands) 2017 2016 Commercial non-real estate $ 8,074,287 $ 7,613,917 Commercial real estate - owner occupied 2,047,451 1,906,821 Total commercial & industrial 10,121,738 9,520,738 Commercial real estate - income producing 2,505,104 2,013,890 Construction and land development 1,252,667 1,010,879 Residential mortgages 2,266,263 2,146,713 Consumer 2,059,096 2,059,931 Total loans $ 18,204,868 $ 16,752,151 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, when secured, have the added strength of 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 three months ended March 31, 2017 and 2016, 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 Three months ended March 31, 2017 Allowance for loan losses: Beginning balance $ 147,052 $ 11,083 $ 158,135 $ 13,509 $ 6,271 $ 25,361 $ 26,142 $ 229,418 Purchased credit impaired activity: Charge-offs — — — — (54) (59) (139) (252) Recoveries 2 75 77 — 23 5 29 134 Net provision for loan losses (46) (182) (228) (40) (92) (7) (39) (406) Decrease in FDIC loss share receivable (31) — (31) — — (1,696) (103) (1,830) Non-purchased credit impaired activity: Charge-offs (24,791) (29) (24,820) (7) (37) (289) (8,539) (33,692) Recoveries 936 200 1,136 375 448 108 1,714 3,781 Net provision for loan losses 8,147 375 8,522 (226) 161 383 7,557 16,397 Ending balance $ 131,269 $ 11,522 $ 142,791 $ 13,611 $ 6,720 $ 23,806 $ 26,622 $ 213,550 Ending balance: Allowance: Individually evaluated for impairment $ 15,017 $ 76 $ 15,093 $ 1,114 $ 1 $ 94 $ 199 $ 16,501 Amounts related to purchased credit impaired loans 411 787 1,198 213 283 13,286 1,019 15,999 Collectively evaluated for impairment 115,841 10,659 126,500 12,284 6,436 10,426 25,404 181,050 Total allowance $ 131,269 $ 11,522 $ 142,791 $ 13,611 $ 6,720 $ 23,806 $ 26,622 $ 213,550 Loans: Individually evaluated for impairment $ 231,988 $ 3,894 $ 235,882 $ 13,599 $ 1,592 $ 3,236 $ 2,149 $ 256,458 Purchased credit impaired loans 6,693 12,468 19,161 7,669 4,326 138,260 9,951 179,367 Collectively evaluated for impairment 7,835,606 2,031,089 9,866,695 2,483,836 1,246,749 2,124,767 2,046,996 17,769,043 Total loans $ 8,074,287 $ 2,047,451 $ 10,121,738 $ 2,505,104 $ 1,252,667 $ 2,266,263 $ 2,059,096 $ 18,204,868 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 Three months ended March 31, 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) — — (47) Recoveries 3 35 38 1 35 1 39 114 Net provision for loan losses 7 (194) (187) (109) (151) 1,130 (1,179) (496) Decrease in FDIC loss share receivable (17) — (17) — — (2,153) (19) (2,189) Non-purchased credit impaired activity: Charge-offs (17,667) (783) (18,450) (115) (110) (175) (5,843) (24,693) Recoveries 809 41 850 144 605 301 1,494 3,394 Net provision for loan losses 52,096 5,667 57,763 1,632 (1,627) 235 2,529 60,532 Ending balance $ 144,659 $ 14,596 $ 159,255 $ 7,593 $ 4,376 $ 24,692 $ 21,878 $ 217,794 Ending balance: Allowance: Individually evaluated for impairment $ 26,502 $ 67 $ 26,569 $ 1,272 $ 185 $ 125 $ 16 $ 28,167 Amounts related to purchased credit impaired loans 439 906 1,345 605 523 16,641 1,388 20,502 Collectively evaluated for impairment 117,718 13,623 131,341 5,716 3,668 7,926 20,474 169,125 Total allowance $ 144,659 $ 14,596 $ 159,255 $ 7,593 $ 4,376 $ 24,692 $ 21,878 $ 217,794 Loans: Individually evaluated for impairment $ 201,029 $ 6,018 $ 207,047 $ 8,681 $ 14,072 $ 883 $ 58 $ 230,741 Purchased credit impaired loans 12,659 15,864 28,523 11,185 8,930 161,078 12,177 221,893 Collectively evaluated for impairment 6,931,718 1,901,465 8,833,183 1,732,879 1,072,412 1,839,006 2,048,010 15,525,490 Total loans $ 7,145,406 $ 1,923,347 $ 9,068,753 $ 1,752,745 $ 1,095,414 $ 2,000,967 $ 2,060,245 $ 15,978,124 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. March 31, December 31, (in thousands) 2017 2016 Commercial non-real estate $ 198,137 $ 249,037 Commercial real estate - owner occupied 11,167 14,413 Total commercial & industrial 209,304 263,450 Commercial real estate - income producing 13,348 13,954 Construction and land development 3,561 4,550 Residential mortgages 23,012 23,665 Consumer 13,424 12,351 Total loans $ 262,649 $ 317,970 Nonaccrual loans include loans modified in troubled debt restructurings (“TDRs”) of $112.6 million and $81.9 million at March 31, 2017 and December 31, 2016, respectively. Total TDRs, both accruing and nonaccruing, were $159.9 million as of March 31, 2017 and $121.7 million at December 31, 2016. All TDRs are individually evaluated for impairment. The table below details TDRs that were modified during the three months ended March 31, 2017 and March 31, 2016 by portfolio class. Three months Ended ($ in thousands) March 31, 2017 March 31, 2016 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 9 $ 38,659 $ 38,659 11 $ 51,246 $ 51,246 Commercial real estate - owner occupied 1 656 656 — — — Total commercial & industrial 10 39,315 39,315 11 51,246 51,246 Commercial real estate - income producing 2 5,527 5,527 — — — Construction and land development — — — — — — Residential mortgages 1 250 250 — — — Consumer — — — — — — Total loans 13 $ 45,092 $ 45,092 11 $ 51,246 $ 51,246 The TDRs during the three months ended March 31, 2017 reflected in the table above include $27.4 million of loans with extended amortization terms or other payment concessions, $10.7 million of loans with significant covenant waivers and $6.9 million with other modifications. The TDRs during the three months ended March 31, 2016 include $26.8 million of loans with extended terms or other payment concessions and $24.6 million of other modifications. No TDRs that subsequently defaulted within twelve months of modification were recorded in the three months ended March 31, 2017 or 2016. The tables below present loans that are individually evaluated for impairment disaggregated by portfolio class at March 31, 2017 and December 31, 2016. 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. March 31, 2017 Recorded investment Recorded investment Unpaid (in thousands) without an allowance with an allowance principal balance Related allowance Commercial non-real estate $ 120,166 $ 111,822 $ 244,153 $ 15,017 Commercial real estate - owner occupied 2,801 1,093 4,265 76 Total commercial & industrial 122,967 112,915 248,418 15,093 Commercial real estate - income producing 5,740 7,859 13,934 1,114 Construction and land development 1,576 16 2,556 1 Residential mortgages 2,158 1,078 3,761 94 Consumer 1,243 906 2,149 199 Total loans $ 133,684 $ 122,774 $ 270,818 $ 16,501 December 31, 2016 Recorded investment Recorded investment Unpaid (in thousands) without an allowance with an allowance principal balance Related allowance Commercial non-real estate $ 150,650 $ 120,612 $ 295,445 $ 28,187 Commercial real estate - owner occupied 4,261 2,007 6,646 246 Total commercial & industrial 154,911 122,619 302,091 28,433 Commercial real estate - income producing 10,447 4,929 15,708 466 Construction and land development 1,106 832 2,903 38 Residential mortgages 2,877 1,470 4,865 91 Consumer — 2,154 2,155 267 Total loans $ 169,341 $ 132,004 $ 327,722 $ 29,295 Three Months Ended March 31, 2017 March 31, 2016 Average Interest Average Interest recorded income recorded income (in thousands) investment recognized investment recognized Commercial non-real estate $ 251,625 $ 337 $ 141,326 $ 182 Commercial real estate - owner occupied 5,081 4 5,713 14 Total commercial & industrial 256,706 341 147,039 196 Commercial real estate - income producing 14,487 43 9,902 22 Construction and land development 1,766 — 14,149 — Residential mortgages 3,792 2 889 2 Consumer 2,152 2 105 1 Total loans $ 278,903 $ 388 $ 172,084 $ 221 Aging Analysis The tables below present the age analysis of past due loans by portfolio class at March 31, 2017 and December 31, 2016. 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 March 31, 2017 past due past due past due past due Current Loans still accruing (in thousands) Commercial non-real estate $ 52,677 $ 15,530 $ 60,536 $ 128,743 $ 7,945,544 $ 8,074,287 $ 245 Commercial real estate - owner occupied 3,907 1,726 5,578 11,211 2,036,240 2,047,451 35 Total commercial & industrial 56,584 17,256 66,114 139,954 9,981,784 10,121,738 280 Commercial real estate - income producing 4,365 1,688 4,814 10,867 2,494,237 2,505,104 185 Construction and land development 14,845 343 2,944 18,132 1,234,535 1,252,667 25 Residential mortgages 18,104 5,104 15,655 38,863 2,227,400 2,266,263 — Consumer 16,446 5,537 7,736 29,719 2,029,377 2,059,096 100 Total $ 110,344 $ 29,928 $ 97,263 $ 237,535 $ 17,967,333 $ 18,204,868 $ 590 Recorded Greater than investment 30-59 days 60-89 days 90 days Total Total > 90 days and December 31, 2016 past due past due past due past due Current Loans still accruing (in thousands) Commercial non-real estate $ 19,722 $ 1,909 $ 68,505 $ 90,136 $ 7,523,781 $ 7,613,917 $ 384 Commercial real estate - owner occupied 3,008 581 6,310 9,899 1,896,922 1,906,821 52 Total commercial & industrial 22,730 2,490 74,815 100,035 9,420,703 9,520,738 436 Commercial real estate - income producing 838 50 5,026 5,914 2,007,976 2,013,890 216 Construction and land development 694 171 5,300 6,165 1,004,714 1,010,879 1,563 Residential mortgages 24,599 8,816 14,369 47,784 2,098,929 2,146,713 1 Consumer 18,621 7,441 9,147 35,209 2,024,722 2,059,931 823 Total $ 67,482 $ 18,968 $ 108,657 $ 195,107 $ 16,557,044 $ 16,752,151 $ 3,039 Credit Quality Indicators The following tables present the credit quality indicators by segments and portfolio class of loans at March 31, 2017 and December 31, 2016. March 31, 2017 (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 $ 6,839,049 $ 1,840,799 $ 8,679,848 $ 2,292,057 $ 1,139,772 $ 12,111,677 Pass-Watch 296,914 46,048 342,962 141,063 93,309 577,334 Special Mention 182,128 55,919 238,047 30,360 8,311 276,718 Substandard 744,326 104,685 849,011 41,614 11,275 901,900 Doubtful 11,870 — 11,870 10 — 11,880 Total $ 8,074,287 $ 2,047,451 $ 10,121,738 $ 2,505,104 $ 1,252,667 $ 13,879,509 December 31, 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 $ 6,364,348 $ 1,719,114 $ 8,083,462 $ 1,873,644 $ 968,505 $ 10,925,611 Pass-Watch 203,311 47,676 250,987 78,309 22,592 351,888 Special Mention 181,763 40,299 222,062 22,492 4,142 248,696 Substandard 846,793 99,732 946,525 39,434 15,640 1,001,599 Doubtful 17,702 — 17,702 11 — 17,713 Total $ 7,613,917 $ 1,906,821 $ 9,520,738 $ 2,013,890 $ 1,010,879 $ 12,545,507 March 31, 2017 December 31, 2016 (in thousands) Residential mortgage Consumer Total Residential mortgage Consumer Total Performing $ 2,243,251 $ 2,045,572 $ 4,288,823 $ 2,123,048 $ 2,046,757 $ 4,169,805 Nonperforming 23,012 13,524 36,536 23,665 13,174 36,839 Total $ 2,266,263 $ 2,059,096 $ 4,325,359 $ 2,146,713 $ 2,059,931 $ 4,206,644 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 are of sufficient risk to cause concern. This category is reserved for credits that display negative performance trends. 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 the 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 Changes in the carrying amount of purchased credit impaired loans and related accretable yield are presented in the following table for the three months ended March 31, 2017 and the year ended December 31, 2016. March 31, 2017 December 31, 2016 Carrying Carrying Amount Accretable Amount Accretable (in thousands) of Loans Yield of Loans Yield Balance at beginning of period $ 190,915 $ 113,686 $ 225,838 $ 129,488 Payments received, net (16,422) (1,477) (55,194) (11,024) Accretion 4,874 (4,874) 20,271 (20,271) Increase (decrease) in expected cash flows based on actual cash flows and changes in cash flow assumptions — 4,318 — 5,358 Net transfers to (from) nonaccretable difference to accretable yield — 3,422 — 10,135 Balance at end of period $ 179,367 $ 115,075 $ 190,915 $ 113,686 Loans Acquired in an FDIC-Assisted Transaction and the Related FDIC Loss Share Receivable Loans purchased in the 2009 acquisition of Peoples First Community Bank 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 March 31, 2017 and March 31, 2016, loans totaling $143.8 million and $168.1 million, respectively, were covered by the single family loss share agreement, providing considerable protection against credit risk. 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 three months ended March 31, 2017 and 2016 . Three months Ended March 31, March 31, (in thousands) 2017 2016 Beginning Balance $ 16,219 $ 29,868 Amortization (1,100) (1,613) Charge-offs, write-downs and other recoveries (1,231) (1,005) External expenses qualifying under loss share agreement 131 465 Changes due to changes in cash flow projections (1,830) (2,189) Net payments to FDIC 1,131 302 Ending balance $ 13,320 $ 25,828 Residential Mortgage Loans in Process of Foreclosure Included in loans are $7.5 million and $10. 1 million of consumer loans secured by single family residential real estate that are in process of foreclosure as of March 31, 2017 and December 31, 2016, respectively. Of these loans, $3.7 million and $4.9 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 $3.1 million of foreclosed single family residential properties in other real estate owned as of March 31, 2017 and December 31, 2016. Of these foreclosed properties, $0.7 million and $ 0. 9 million as of March 31, 2017 and December 31, 2016, respectively, are also covered by the FDIC loss share agreement. |
Securities Sold under Agreement
Securities Sold under Agreements to Repurchase | 3 Months Ended |
Mar. 31, 2017 | |
Securities Sold under Agreements to Repurchase [Abstract] | |
Securities Sold under Agreements to Repurchase | 5. Securities Sold under Agreements to Repurchase Included in short-term borrowings at March 31, 2017 was $444.8 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, mainly 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 limited. |
Derivatives
Derivatives | 3 Months Ended |
Mar. 31, 2017 | |
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 and fixed-rate brokered deposits . 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 its net risk exposure resulting from such agreements. The Bank also enters into risk participation agreements under which it 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 March 31, 2017 and December 31, 2016. Effective January 3, 2017, the Company’s central clearing counterparty amended its rulebook to legally characterize variation margin accounts as settlements, rather than being reflected separately as collateral. As a result of that change, the Company began prospectively reflecting derivative assets and liabilities net of the central clearing counterparty derivative margin account. March 31, 2017 December 31, 2016 Derivative (1) Derivative (1) (in thousands) Type of Hedge Notional or Contractual Amount Assets Liabilities Notional or Contractual Amount Assets Liabilities Derivatives designated as hedging instruments: Interest rate swaps Cash Flow $ 850,000 $ 37 $ 8,958 $ 1,100,000 $ — $ 7,787 Interest rate swaps Fair Value 138,000 — 397 — — — $ 988,000 $ 37 $ 9,355 $ 1,100,000 $ — $ 7,787 Derivatives not designated as hedging instruments: Interest rate swaps (2) N/A $ 970,658 $ 16,679 $ 16,901 $ 979,391 $ 18,405 $ 18,362 Risk participation agreements N/A 100,777 41 105 84,732 50 105 Forward commitments to sell residential mortgage loans N/A 78,398 207 1,183 75,676 900 221 Interest rate-lock commitments on residential mortgage loans N/A 61,655 1,020 188 46,840 189 228 Foreign exchange forward contracts N/A 54,666 651 610 56,152 771 729 $ 1,266,154 $ 18,598 $ 18,987 $ 1,242,791 $ 20,315 $ 19,645 Total derivatives $ 2,254,154 $ 18,635 $ 28,342 $ 2,342,791 $ 20,315 $ 27,432 Less: netting adjustment (3) (3,676) (15,465) — — Total derivative assets/liabilities $ 14,959 $ 12,877 $ 20,315 $ 27,432 (1) Derivative assets and liabilities are reported at fair value in 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. (3) Represents balance sheet netting of derivative assets and liabilities for variation margin collateral held or placed with the same central clearing counterparty. See offsetting assets and liabilities for further information. Cash Flow Hedges of Interest Rate Risk The Company is party to various 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 p ays at a variable rate. The swap agreements expire as follows: notional amount of $200 million expires in 2017 ; $200 million expire in 2018 ; $250 million expire in 2019 ; and $200 million expires in 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. Fair Value Hedges of Interest Rate Risk During 2017, the Company entered into interest rate swap agreements that modify the Company’s exposure to interest rate risk by effectively converting a portion of the Company’s brokered certificates of deposit from fixed rates to variable rates. The maturities and call features of these interest rate swaps match the features of the hedged deposits. As interest rates fall, the decline in the value of the certificates of deposit is offset by the increase in the value of the interest rate swaps. Conversely, as interest rates rise, the value of the underlying deposits increase, but the value of the interest rate swaps decrease, resu lting in no impact on earnings. Interest expense is adjusted by the difference between the fixed and floating rates for the period the swaps are in effect. Hedge ineffectiveness on these transactions results in an increase or decrease of noninterest income. 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 $0.5 million and ($0.1) million for the three months ended March 31, 2017 and 2016 , respectively. The impact to interest income from cash flow hedges was $0.1 million and $0.3 million for the three months ended March 31, 2017 and 2016, respectively. The fair value hedge reduced interest expense on deposits by $141,000 and reduced noninterest income by $15,000 due to ineffectiveness. 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 March 31, 2017 , the aggregate fair value of derivative instruments with credit risk-related contingent features that were in a net liability position was $21.2 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. Agreements with certain bilateral counterparties require both parties to maintain collateral in the event the fair values of derivative instruments exceed established exposure thresholds. For centrally cleared derivatives, the Company is subject to initial margin posting and daily variation margin exchange with the central clearinghouses. As noted above, effective January 3, 2017, the Company began to reflect its derivative assets and liabilities net of the central clearing party variation margin account in the statement of financial position. Offsetting information in regards to all derivative assets and liabilities , including accrued interest, subject to these master netting agreements at March 31, 2017 and Decemb er 31, 2016 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 March 31, 2017 Derivative Assets $ 5,498 $ (3,639) $ 1,859 $ 1,859 $ — $ — Derivative Liabilities $ 21,162 $ (15,499) $ 5,663 $ 1,859 $ 5,620 $ (1,816) (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, 2016 Derivative Assets $ 4,788 $ — $ 4,788 $ 4,788 $ — $ — Derivative Liabilities $ 26,846 $ — $ 26,846 $ 4,788 $ 19,095 $ 2,963 The Company has excess collateral compared to total exposure due to initial margin requirements for day-to-day rate volatility. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2017 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | 7 . Stockholders’ Equity The presentation of the components of shareholders’ equity was modified from prior filings to consolidate treasury stock into surplus in the consolidated balance sheets and statements of changes in shareholders’ equity in order to simplify the presentation. Additional information on treasury stock is reflected in the commons shares outstanding section below. Common Shares Outstanding Shares outstanding exclude treasury shares of 1.0 million and 1.3 million at March 31, 2017 and December 31, 2016, respectively, with a first-in-first-out cost basis of $17.3 million and $24.1 mi llion at March 31, 2017 and December 31, 2016 , respectively. Shares outstanding also exclude unvested restricted share awards of 1.9 million and 2.0 million at March 31, 2017 and December 31, 2016, respectively. A ccumulated Other Comprehensive Income (Loss) T he components of AOCI and changes in those components are presented in the following table. Available HTM Securities for Sale Transferred Employee Cash (in thousands) Securities from AFS Benefit Plans Flow Hedges Total Balance, December 31, 2015 $ 4,268 $ (16,795) $ (67,890) $ (178) $ (80,595) Other comprehensive income before income taxes: Net change in unrealized gain 26,882 — — 2,090 28,972 Reclassification of net (gain) losses realized and included in earnings (346) — 1,437 — 1,091 Amortization of unrealized net loss on securities transferred to HTM — 798 — — 798 Income tax expense 9,751 292 525 764 11,332 Balance, March 31, 2016 $ 21,053 $ (16,289) $ (66,978) $ 1,148 $ (61,066) Balance, December 31, 2016 $ (28,679) $ (14,392) $ (72,501) $ (4,960) $ (120,532) Other comprehensive income before income taxes: Net change in unrealized gain (loss) 2,319 — — (1,135) 1,184 Reclassification of net losses realized and included in earnings — — 1,387 — 1,387 Amortization of unrealized net loss on securities transferred to HTM — 650 — — 650 Income tax expense (benefit) 843 266 504 (412) 1,201 Balance, March 31, 2017 $ (27,203) $ (14,008) $ (71,618) $ (5,683) $ (118,512) 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 associa ted 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. Subject to certain thresholds, unrealized losses on employee benefit plans will be reclassified into income as pension and post-retirement costs are recognized over the remaining service period of plan participants. Accumulated gains/losses on the cash flow hedge of the variable-rate loans described in Note 6 will be reclassified into income over the life of the hedge. Gains (losses) in AOCI are net of deferred income taxes. The following table shows the line items in the consolidated income statements affected by amounts reclassified from AOCI . Three months ended Amount reclassified from AOCI (a) March 31, Affected line item on (in thousands) 2017 2016 the income statement Gain on sale of AFS securities $ — $ 346 Securities transactions Tax effect — (127) Income taxes Net of tax — 219 Net income Amortization of unrealized net loss on securities transferred to HTM (650) (798) Interest income Tax effect 266 292 Income taxes Net of tax (384) (506) Net income Amortization of defined benefit pension and post-retirement items (1,387) (1,437) Employee benefits expense (b) Tax effect 504 525 Income taxes Net of tax (883) (912) Net income Total reclassifications, net of tax $ (1,267) $ (1,199) 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 | 3 Months Ended |
Mar. 31, 2017 | |
Other Noninterest Income [Abstract] | |
Other Noninterest Income | 8 . Other Noninterest Income Components of other noninterest income are as follows. Three months Ended March 31, (in thousands) 2017 2016 Income from bank-owned life insurance $ 2,652 $ 2,550 Credit related fees 2,878 2,357 Derivative income 465 (139) Net gain on sale of assets 4,125 1,766 Safety deposit box income 449 478 Other miscellaneous 2,306 2,334 Total other noninterest income $ 12,875 $ 9,346 |
Other Noninterest Expense
Other Noninterest Expense | 3 Months Ended |
Mar. 31, 2017 | |
Other Noninterest Expense [Abstract] | |
Other Noninterest Expense | 9 . Other Noninterest Expense Components of other noninterest expense are as follows. Three months Ended March 31, (in thousands) 2017 2016 Advertising $ 3,077 $ 2,357 Ad valorem and franchise taxes 3,036 2,303 Printing and supplies 1,178 1,111 Insurance expense 817 835 Travel expense 1,059 949 Entertainment and contributions 1,783 1,632 Tax credit investment amortization 1,212 1,743 Other miscellaneous 6,468 5,779 Total other noninterest expense $ 18,630 $ 16,709 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, (in thousands, except per share data) 2017 2016 Numerator: Net income to common shareholders $ 49,014 $ 3,839 Net income allocated to participating securities - basic and diluted 1,156 97 Net income allocated to common shareholders - basic and diluted $ 47,858 $ 3,742 Denominator: Weighted-average common shares - basic $ 84,365 $ 77,501 Dilutive potential common shares 259 171 Weighted-average common shares - diluted $ 84,624 $ 77,672 Earnings per common share: Basic $ 0.57 $ 0.05 Diluted $ 0.57 $ 0.05 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 15,986 and 656,623 , respectively , for the three months ended March 31, 2017 and March 31, 2016 . |
Retirement Plans
Retirement Plans | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017 2016 2017 2016 Service cost $ 3,750 $ 3,265 $ 48 $ 29 Interest cost 4,123 4,988 180 206 Expected return on plan assets (8,750) (8,891) — — Amortization of net loss 1,435 1,468 (48) (31) Net periodic benefit cost $ 558 $ 830 $ 180 $ 204 No contribution is required in 2017 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 | 3 Months Ended |
Mar. 31, 2017 | |
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, 2016 . Effective January 1, 2017, the Company prospectively adopted accounting guidance intended to improve the accounting for employee share-based payments. The Company elected to account for forfeitures as they occur. The adoption of this guidance did not have a material impact on the Company’s financial condition or results of operations. A summary of option activity for the three months ended March 31 , 201 7 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, 2017 456,258 $ 35.91 $ 3,734 Exercised/Released (256,611) 33.71 3,270 Cancelled/Forfeited (538) 32.09 6 Expired (689) 44.91 Outstanding at March 31, 2017 198,420 $ 38.74 2.91 $ 1,728 Exercisable at March 31, 2017 177,151 $ 39.83 2.64 $ 1,392 The total intrins ic value of options exercised for the three months ended March 31, 2017 was $3.3 million. There was no total intrinsic value of options exercised for the three months ended March 31, 2016 . 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 March 31, 2017 and changes during the three months ended March 31, 2017 , is presented in the following table. Weighted Average Number of Grant Date Shares Fair Value Nonvested at January 1, 2017 2,152,119 $ 32.12 Granted 49,558 40.82 Vested (9,607) 31.81 Forfeited (20,446) 32.51 Nonvested at March 31, 2017 2,171,624 $ 32.32 As of March 31, 2017 , there was $52.7 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 3.4 years . The total fair value of shares which vested during the three months ended March 31, 2017 and 2016 was $0.5 million and $0.9 million , respectively. During the three months ended March 31, 2017 , the Company granted 23,489 performance shares subject to a total shareholder return (“TSR”) performance metric with a grant date fair value of $42.92 per share and 23,489 performance shares subject to a core earnings per share performance metric with a grant date fair value of $38.26 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 | 3 Months Ended |
Mar. 31, 2017 | |
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. March 31, 2017 (in thousands) Level 1 Level 2 Level 3 Total Assets Available for sale debt securities: U.S. Treasury and government agency securities $ — $ 74,496 $ — $ 74,496 Municipal obligations — 241,036 — 241,036 Corporate debt securities — 3,500 — 3,500 Residential mortgage-backed securities — 1,559,417 — 1,559,417 Commercial mortgage-backed securities — 428,048 — 428,048 Collateralized mortgage obligations — 192,264 — 192,264 Total available for sale securities — 2,498,761 — 2,498,761 Derivative assets (1) — 14,959 — 14,959 Total recurring fair value measurements - assets $ — $ 2,513,720 $ — $ 2,513,720 Liabilities Derivative liabilities (1) $ — $ 12,877 $ — $ 12,877 Total recurring fair value measurements - liabilities $ — $ 12,877 $ — $ 12,877 (1) For further disaggregation of derivative assets and liabilities, see Note 6 - Derivatives. December 31, 2016 (in thousands) Level 1 Level 2 Level 3 Total Assets Available for sale debt securities: U.S. Treasury and government agency securities $ — $ 54,828 $ — $ 54,828 Municipal obligations — 242,155 — 242,155 Corporate debt securities — 3,500 — 3,500 Residential mortgage-backed securities — 1,611,355 — 1,611,355 Commercial mortgage-backed securities — 402,591 — 402,591 Collateralized mortgage obligations — 202,479 — 202,479 Total available for sale securities — 2,516,908 — 2,516,908 Derivative assets (1) — 20,315 — 20,315 Total recurring fair value measurements - assets $ — $ 2,537,223 $ — $ 2,537,223 Liabilities Derivative liabilities (1) $ — $ 27,432 $ — $ 27,432 Total recurring fair value measurements - liabilities $ — $ 27,432 $ — $ 27,432 (1) For further disaggregation of derivative assets and liabilities, see Note 6 - Derivatives. Securities classified as level 2 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 years . 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. March 31, 2017 (in thousands) Level 1 Level 2 Level 3 Total Collateral-dependent impaired loans $ — $ 143,327 $ — $ 143,327 Other real estate owned — — 9,295 9,295 Total nonrecurring fair value measurements $ — $ 143,327 $ 9,295 $ 152,622 December 31, 2016 (in thousands) Level 1 Level 2 Level 3 Total Collateral-dependent impaired loans $ — $ 169,888 $ — $ 169,888 Other real estate owned — — 13,968 13,968 Total nonrecurring fair value measurements $ — $ 169,888 $ 13,968 $ 183,856 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 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 March 31, 2017 and December 31, 2016 . March 31, 2017 Total Fair Carrying (in thousands) Level 1 Level 2 Level 3 Value Amount Financial assets: Cash, interest-bearing bank deposits, and federal funds sold $ 384,587 $ — $ — $ 384,587 $ 384,587 Available for sale securities — 2,498,761 — 2,498,761 2,498,761 Held to maturity securities — 2,477,420 — 2,477,420 2,502,512 Loans, net — 143,327 17,580,123 17,723,450 17,991,318 Loans held for sale — 20,883 — 20,883 20,883 Derivative financial instruments — 14,959 — 14,959 14,959 Financial liabilities: Deposits $ — $ — $ 19,927,363 $ 19,927,363 $ 19,922,020 Federal funds purchased 16,321 — — 16,321 16,321 Securities sold under agreements to repurchase 444,788 — — 444,788 444,788 FHLB short-term borrowings 1,660,823 — — 1,660,823 1,660,823 Long-term debt — 524,039 — 524,039 525,082 Derivative financial instruments — 12,877 — 12,877 12,877 December 31, 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 $ 450,866 $ — $ — $ 450,866 $ 450,866 Available for sale securities — 2,516,908 — 2,516,908 2,516,908 Held to maturity securities — 2,470,117 — 2,470,117 2,500,220 Loans, net — 169,888 16,326,961 16,496,849 16,522,733 Loans held for sale — 34,064 — 34,064 34,064 Derivative financial instruments — 20,315 — 20,315 20,315 Financial liabilities: Deposits $ — $ — $ 19,430,939 $ 19,430,939 $ 19,424,266 Federal funds purchased 2,275 — — 2,275 2,275 Securities sold under agreements to repurchase 358,131 — — 358,131 358,131 FHLB short-term borrowings 865,000 — — 865,000 865,000 Long-term debt — 435,747 — 435,747 436,280 Derivative financial instruments — 27,432 — 27,432 27,432 |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2017 | |
Recent Accounting Pronouncements [Abstract] | |
Recent Accounting Pronouncements | 14 . Recent Accounting Pronouncements Accounting Standards Adopted in 2017 In March 2016, the FASB issued Accounting Standards Update (“ 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 were effective for public business entities for annual periods beginning after December 15, 2016, and interim periods within those annual periods and we adopted the guidance effective January 1, 2017. In accordance with the standard, the Company elected to account for forfeitures of stock-based compensation as they occur and will now reclass dividends paid on forfeited shares to compensation expense from retained earnings. Classification of shares forfeited for taxes are reflected in the statement of cash flows as a financing rather than operating activity, with all historical periods restated. In addition, the Company began recognizing excess tax benefits and tax deficiencies during the period to income (rather than in equity) on a prospective basis. Our adoption of this guidance did not have a material impact on the Company’s financial condition or results of operations , however, the change in treatment of excess tax benefits and tax deficiencies could result in volatility of future earnings, depending on changes in stock prices . Issued but Not Yet Adopted Accounting Standards In March 2017, the FASB issued ASU 2017-08, “Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities,” which amends the amortization period for certain purchased callable debt securities held at a premium. The amendments require the premium to be amortized to the earliest call date. The amendments do not, however, require an accounting change for securities held at a discount; instead, the discount continues to be amortized to maturity. The amendments in this ASU more closely align the amortization period of premiums and discounts to expectations incorporated in market pricing on the underlying securities. These amendments are effective for fiscal years, and for interim period within those fiscal years, beginning after December 15, 2018. Early adoption is permitted, including adoption in an interim period. If adopted in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. The amendments should be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retain earnings as of the beginning of the period of adoption. The Company is currently assessing this pronouncement and is considering early adoption, but it is not expected to have a material impact on the Company’s financial condition or results of operations. In March 2017, the FASB issued ASU 2017-07, “Compensation – Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost” to improve the presentation of net periodic pension cost and net periodic postretirement benefit cost. The amendments require that an employer report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations, if one is presented. The amendments also allow only the service cost component to be eligible for capitalization when applicable. These amendments are effective for public business entities for annual periods beginning after December 15, 2017, including interim periods within those annual periods. Early adoption is permitted as of the beginning of an annual period for which financial statements (interim or annual) have not been issued or made available for issuance, meaning early adoption should be within the first interim period if an employer issues interim financial statements. Disclosures of the nature of and reason for the change in accounting principle are required in the first interim and annual periods of adoption. The amendments should be applied retrospectively for the presentation of the service cost component and the other components of net periodic pension cost and net periodic postretirement benefit cost in the income statement and prospectively, on and after the effective date, for the capitalization of the service cost component of net periodic pension cost and net periodic postretirement benefit in assets. The Company is currently assessing this pronouncement and the impact of adoption , but it is not expected to have a material impact on the Company’s financial condition or results of operations. In January 2017, the FASB issued ASU 2017-04, “Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment,” which simplifies the manner in which an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Under the amendments in this ASU, an entity should (1) perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount, and (2) recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, with the understanding that the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, ASU No. 2017-04 removes the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails such qualitative test, to perform Step 2 of the goodwill impairment test. This ASU is effective for public business entities that are SEC filers for fiscal years beginning after December 15, 2019, and for interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The ASU should be applied using a prospective method. The Company is currently assessing this pronouncement and is considering early adoption, but it is not expected to have a material impact on the Company’s financial condition or results of operations. In January 2017, the FASB issued ASU 2017-01, “Business Combinations (Topic 805) – Clarifying the Definition of a Business,” which addresses stakeholders’ concerns that the current definition of a business is applied too broadly and analyzing transactions under the current definition is difficult and costly. Under the amended guidance, a transaction is initially subject to a screening process to determine whether a “set” (i.e. an integrated set of assets and activities) does not qualify as a business. Under the screen, if substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or in a group of similar identifiable assets, the set is deemed not to be a business. Further evaluation is required only if the transferred set does not meet the screen. Under the further evaluation, to be considered a business, a set must include, at a minimum, an input and a substantive process that, together, significantly contribute to the ability to create output. The amendment also narrows the definition of the term “output” so that it is consistent with the manner in which outputs are described in Topic 606, Revenue from Contracts with Customers. The amendments are effective for annual periods beginning after December 15, 2017, including interim periods within those periods. Early application is permitted under certain circumstances. The amendments should be applied prospectively on or after the effective date. The Company is currently assessing this pronouncement and the impact of adoption. In October 2016, the FASB issued ASU No. 2016-16, “Income Taxes (Topic 740) – Intra-Entity Transfers of Assets Other than Inventory,” which addresses stakeholders’ concerns that the limited amount of authoritative guidance has led to diversity in practice and is a source of complexity in financial reporting and results in an unfaithful representation of the economics of an intra-entity asset transfer. The amendment eliminates the exception to the United States generally accepted accounting principle (“U.S. GAAP”) of comprehensive recognition of current and deferred income taxes that prohibits recognizing current and deferred income tax consequences for an intra-equity asset transfer (excluding the transfer of inventory) until the asset has been sold to an outside party. The amendments are effective for annual reporting periods beginning after December 15, 2017, including interim periods within those annual reporting periods. Early adoption is permitted, including adoption in an interim period. The amendments should be applied using a retrospective transition method to each period presented. The Company is currently assessing this pronouncement and the impact of adoption; however, the adoption of this guidance is not expected to have a material impact on the Company’s financial condition or results of operations. In August 2016, the FASB issued ASU 2016-15, “Statement of Cash flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments,” to address diversity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The amendments provide guidance on eight specific cash flow issues, including debt prepayment or extinguishment costs, settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate-owned life insurance policies (including bank-owned), life insurance policies, distributions received from equity method investees, beneficial interests in securitization transactions, and separately identifiable cash flows and application of the predominance principle. The amendments are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The amendments should be applied using a retrospective transition method to each period presented. This guidance is not expected to have a material impact on the Company’s financial condition or results of operations. 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 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, with a cumulative-effect adjustment to retained earnings as of the beginning of the year of adoption. Early application is permitted for all organizations for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company has begun the process of implementation and currently is not planning to early adopt. The Company expects the guidance will result in an increase in the allowance for loan losses given the change from covering losses inherent in the portfolio to covering losses over the remaining expected life of the portfolio and the nonaccretable difference on purchased credit impaired loans moving to an allowance (offset by an increase in the carrying value of the related loans). The guidance will also result in the establishment of an allowance for credit loss on held to maturity debt securities. The amount of the increase in these allowances will be impacted by the portfolio composition and quality at the adoption date as well as economic conditions and forecasts at that time. 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 by reviewing its existing lease contracts and service contracts that may include embedded leases. The Company expects a gross-up of its Consolidated Balance Sheets as a result of recognizing lease liabilities and right of use assets; the extent of such is under evaluation. The Company does not expect material changes to the recognition of operating lease expense in its consolidated results of operations. 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; however, the 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)” 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; clarified guidance for identifying performance obligations allowing entities to ignore immaterial promised goods and services in the context of a contract with a customer and other clarifying guidance and technical corrections. 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 December 15, 2017. The Company is still in process of gathering an inventory and evaluating all contracts with customers and does not plan to early adopt the guidance. The Company is also in the process of evaluating the transition method election and the impact of the guidance to noninterest income and on presentation and disclosures. The preliminary analysis suggests this guidance is not expected to have a material impact on the Company’s financial condition or results of operations. |
Subsequent Event
Subsequent Event | 3 Months Ended |
Mar. 31, 2017 | |
Subsequent Event [Abstract] | |
Subsequent Event | 15. Subsequent Event On April 28, 2017, the Company announced that its banking subsidiary, Whitney Bank , entered into a purchase and assumption agreement with the FDIC (“Agreement”), which acted as the receiver for the Louisiana Office of Financial Institutions ( “ OFI ” ) following the OFI 's determination to close F NBC. Pursuant to the Agreement, Whitney Bank acquired selected assets and liabilities of FNBC from the FDIC. Under the A greement, Whitney acquired approximately $1.6 billion in deposits, which were primarily in the form of transaction and savings accounts, and purchased approximately $1.0 billion in cash, securities, loans, and other assets, primarily at book value, for a transaction premium of $35 million. The FDIC made a payment to Whitney Bank of $655 million for the net liabilities assumed. These am ounts are subject to adjustment based upon final settlement with the FDIC pursuant to the A greement. Whitney will continue to operate the former FNBC banking premises for a period of time. Whitney will h ave the right for a 90- day period to purchase at fa ir market value any owned F NBC banking premises (and purchase at fair market value certain related assets) a nd will have the right for a 60- day period to assume the leases for any leased premises (and purchase at fair market value certain related assets). The terms of the A greement require the FDIC to indemnify Whitney against certain liabilities of FNBC and its affiliates not assumed or otherwise purchased by Whitney. Neither the Company nor Whitney Bank acquired any assets, common stock, preferred stock or debt, or assumed any ot her obligations, of F NBC Bank Holding Company or FNBC . |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
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. The Company has also evaluated all subsequent events for potential recognition and disclosure through the filing of this Form 10-Q. 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, 2016. 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. The presentation of loan disclosures has been modified from prior filings as discussed in Note 4 – Loans and Allowance for Lo an Losses. Select Stockholders’ Equity line items in the Consolidated Balance Sheets and Statements of Changes in Stockholders’ Equity have been modified to simplify the presentation as discussed in Note 7 – Stockholders’ Equity. Presentation of derivatives contracts cleared through a central clearing cou nterparty has been revised prospectively to reflect netting of variation margin as settlements to the derivative assets and liabilities rather than collateral, effective January 3, 2017, as discussed in Note 6 – Derivatives. These changes in presentation 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, 2016. |
Acquisition (Tables)
Acquisition (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Acquisition [Abstract] | |
Schedule of Fair Value of Net Assets Acquired | (in thousands) ASSETS Cash and due from banks $ 2,856 Total loans 1,211,523 Property and equipment 12,332 Accrued interest receivable 2,969 Identifiable intangible assets 3,900 Other assets 63 Total identifiable assets $ 1,233,643 LIABILITIES Deposits $ 398,171 Short-term borrowings 510,749 Long-term debt 93,120 Other liabilities 1,607 Total liabilities $ 1,003,647 Net identifiable assets acquired 229,996 Goodwill 95,568 Net assets acquired $ 325,564 |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Gain (Loss) on Investments [Line Items] | |
Amortized Cost and Fair Value of Securities Available for Sale | Securities Available for Sale (in thousands) March 31, 2017 December 31, 2016 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 $ 76,049 $ — $ 1,553 $ 74,496 $ 56,751 $ — $ 1,923 $ 54,828 Municipal obligations 251,416 157 10,537 241,036 253,228 113 11,186 242,155 Residential mortgage-backed securities 1,568,001 10,377 18,961 1,559,417 1,620,191 10,592 19,428 1,611,355 Commercial mortgage-backed securities 450,197 211 22,360 428,048 425,750 — 23,159 402,591 Collateralized mortgage obligations 192,372 491 599 192,264 202,580 490 591 202,479 Corporate debt securities 3,500 — — 3,500 3,500 — — 3,500 $ 2,541,535 $ 11,236 $ 54,010 $ 2,498,761 $ 2,562,000 $ 11,195 $ 56,287 $ 2,516,908 |
Amortized Cost and Fair Value of Securities Held to Maturity | Securities Held to Maturity (in thousands) March 31, 2017 December 31, 2016 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 $ — $ 55 $ 49,945 $ 50,000 $ — $ 44 $ 49,956 Municipal obligations 734,075 3,345 17,604 719,816 648,093 2,147 20,175 630,065 Residential mortgage-backed securities 830,522 3,481 1,980 832,023 862,162 4,329 3,068 863,423 Commercial mortgage-backed securities 75,722 — 4,348 71,374 75,739 — 4,038 71,701 Collateralized mortgage obligations 812,193 1,588 9,519 804,262 864,226 1,420 10,674 854,972 $ 2,502,512 $ 8,414 $ 33,506 $ 2,477,420 $ 2,500,220 $ 7,896 $ 37,999 $ 2,470,117 |
Available for Sale [Member] | |
Gain (Loss) on Investments [Line Items] | |
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 $ 4,711 $ 4,735 Due after one year through five years 40,658 41,205 Due after five years through ten years 1,025,204 999,011 Due after ten years 1,470,962 1,453,810 Total available for sale debt securities $ 2,541,535 $ 2,498,761 |
Securities with Unrealized Losses | Available for Sale March 31, 2017 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 $ 74,460 1,553 $ — $ — $ 74,460 $ 1,553 Municipal obligations 228,433 10,537 — — 228,433 10,537 Residential mortgage-backed securities 1,051,706 18,885 3,110 76 1,054,816 18,961 Commercial mortgage-backed securities 403,123 22,360 — — 403,123 22,360 Collateralized mortgage obligations 78,217 599 — — 78,217 599 $ 1,835,939 $ 53,934 $ 3,110 $ 76 $ 1,839,049 $ 54,010 Available for Sale December 31, 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 $ 54,788 $ 1,923 $ — $ — $ 54,788 $ 1,923 Municipal obligations 228,588 11,186 — — 228,588 11,186 Residential mortgage-backed securities 1,087,644 19,359 3,738 69 1,091,382 19,428 Commercial mortgage-backed securities 402,591 23,159 — — 402,591 23,159 Collateralized mortgage obligations 83,701 591 — — 83,701 591 $ 1,857,312 $ 56,218 $ 3,738 $ 69 $ 1,861,050 $ 56,287 |
Held to Maturity [Member] | |
Gain (Loss) on Investments [Line Items] | |
Amortized Cost and Fair Value of Debt Securities by Contractual Maturity | Amortized Fair Debt Securities Held to Maturity Cost Value Due in one year or less $ 10,520 $ 10,624 Due after one year through five years 124,250 125,558 Due after five years through ten years 838,244 817,979 Due after ten years 1,529,498 1,523,259 Total held to maturity securities $ 2,502,512 $ 2,477,420 |
Securities with Unrealized Losses | Held to maturity March 31, 2017 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 $ 49,946 $ 55 $ — $ — $ 49,946 $ 55 Municipal obligations 454,266 17,331 7,269 273 461,535 17,604 Residential mortgage-backed securities 279,443 1,980 — — 279,443 1,980 Commercial mortgage-backed securities 71,373 4,348 — — 71,373 4,348 Collateralized mortgage obligations 506,593 6,343 104,011 3,176 610,604 9,519 $ 1,361,621 $ 30,057 $ 111,280 $ 3,449 $ 1,472,901 $ 33,506 Held to maturity December 31, 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 U.S. Treasury and government agency securities $ 49,956 $ 44 $ — $ — $ 49,956 $ 44 Municipal obligations 494,470 19,706 11,750 469 506,220 20,175 Residential mortgage-backed securities 278,369 3,068 — — 278,369 3,068 Commercial mortgage-backed securities 71,701 4,038 — — 71,701 4,038 Collateralized mortgage obligations 618,739 7,296 115,375 3,378 734,114 10,674 $ 1,513,235 $ 34,152 $ 127,125 $ 3,847 $ 1,640,360 $ 37,999 |
Loans and Allowance for Loan 27
Loans and Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans, Net of Unearned Income | March 31, December 31, (in thousands) 2017 2016 Commercial non-real estate $ 8,074,287 $ 7,613,917 Commercial real estate - owner occupied 2,047,451 1,906,821 Total commercial & industrial 10,121,738 9,520,738 Commercial real estate - income producing 2,505,104 2,013,890 Construction and land development 1,252,667 1,010,879 Residential mortgages 2,266,263 2,146,713 Consumer 2,059,096 2,059,931 Total loans $ 18,204,868 $ 16,752,151 |
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 Three months ended March 31, 2017 Allowance for loan losses: Beginning balance $ 147,052 $ 11,083 $ 158,135 $ 13,509 $ 6,271 $ 25,361 $ 26,142 $ 229,418 Purchased credit impaired activity: Charge-offs — — — — (54) (59) (139) (252) Recoveries 2 75 77 — 23 5 29 134 Net provision for loan losses (46) (182) (228) (40) (92) (7) (39) (406) Decrease in FDIC loss share receivable (31) — (31) — — (1,696) (103) (1,830) Non-purchased credit impaired activity: Charge-offs (24,791) (29) (24,820) (7) (37) (289) (8,539) (33,692) Recoveries 936 200 1,136 375 448 108 1,714 3,781 Net provision for loan losses 8,147 375 8,522 (226) 161 383 7,557 16,397 Ending balance $ 131,269 $ 11,522 $ 142,791 $ 13,611 $ 6,720 $ 23,806 $ 26,622 $ 213,550 Ending balance: Allowance: Individually evaluated for impairment $ 15,017 $ 76 $ 15,093 $ 1,114 $ 1 $ 94 $ 199 $ 16,501 Amounts related to purchased credit impaired loans 411 787 1,198 213 283 13,286 1,019 15,999 Collectively evaluated for impairment 115,841 10,659 126,500 12,284 6,436 10,426 25,404 181,050 Total allowance $ 131,269 $ 11,522 $ 142,791 $ 13,611 $ 6,720 $ 23,806 $ 26,622 $ 213,550 Loans: Individually evaluated for impairment $ 231,988 $ 3,894 $ 235,882 $ 13,599 $ 1,592 $ 3,236 $ 2,149 $ 256,458 Purchased credit impaired loans 6,693 12,468 19,161 7,669 4,326 138,260 9,951 179,367 Collectively evaluated for impairment 7,835,606 2,031,089 9,866,695 2,483,836 1,246,749 2,124,767 2,046,996 17,769,043 Total loans $ 8,074,287 $ 2,047,451 $ 10,121,738 $ 2,505,104 $ 1,252,667 $ 2,266,263 $ 2,059,096 $ 18,204,868 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 Three months ended March 31, 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) — — (47) Recoveries 3 35 38 1 35 1 39 114 Net provision for loan losses 7 (194) (187) (109) (151) 1,130 (1,179) (496) Decrease in FDIC loss share receivable (17) — (17) — — (2,153) (19) (2,189) Non-purchased credit impaired activity: Charge-offs (17,667) (783) (18,450) (115) (110) (175) (5,843) (24,693) Recoveries 809 41 850 144 605 301 1,494 3,394 Net provision for loan losses 52,096 5,667 57,763 1,632 (1,627) 235 2,529 60,532 Ending balance $ 144,659 $ 14,596 $ 159,255 $ 7,593 $ 4,376 $ 24,692 $ 21,878 $ 217,794 Ending balance: Allowance: Individually evaluated for impairment $ 26,502 $ 67 $ 26,569 $ 1,272 $ 185 $ 125 $ 16 $ 28,167 Amounts related to purchased credit impaired loans 439 906 1,345 605 523 16,641 1,388 20,502 Collectively evaluated for impairment 117,718 13,623 131,341 5,716 3,668 7,926 20,474 169,125 Total allowance $ 144,659 $ 14,596 $ 159,255 $ 7,593 $ 4,376 $ 24,692 $ 21,878 $ 217,794 Loans: Individually evaluated for impairment $ 201,029 $ 6,018 $ 207,047 $ 8,681 $ 14,072 $ 883 $ 58 $ 230,741 Purchased credit impaired loans 12,659 15,864 28,523 11,185 8,930 161,078 12,177 221,893 Collectively evaluated for impairment 6,931,718 1,901,465 8,833,183 1,732,879 1,072,412 1,839,006 2,048,010 15,525,490 Total loans $ 7,145,406 $ 1,923,347 $ 9,068,753 $ 1,752,745 $ 1,095,414 $ 2,000,967 $ 2,060,245 $ 15,978,124 |
Composition of Nonaccrual Loans by Portfolio Class | March 31, December 31, (in thousands) 2017 2016 Commercial non-real estate $ 198,137 $ 249,037 Commercial real estate - owner occupied 11,167 14,413 Total commercial & industrial 209,304 263,450 Commercial real estate - income producing 13,348 13,954 Construction and land development 3,561 4,550 Residential mortgages 23,012 23,665 Consumer 13,424 12,351 Total loans $ 262,649 $ 317,970 |
Troubled Debt Restructurings Modified by Portfolio Class | Three months Ended ($ in thousands) March 31, 2017 March 31, 2016 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 9 $ 38,659 $ 38,659 11 $ 51,246 $ 51,246 Commercial real estate - owner occupied 1 656 656 — — — Total commercial & industrial 10 39,315 39,315 11 51,246 51,246 Commercial real estate - income producing 2 5,527 5,527 — — — Construction and land development — — — — — — Residential mortgages 1 250 250 — — — Consumer — — — — — — Total loans 13 $ 45,092 $ 45,092 11 $ 51,246 $ 51,246 |
Loans Individually Evaluated for Impairment Disaggregated by Portfolio Class | March 31, 2017 Recorded investment Recorded investment Unpaid (in thousands) without an allowance with an allowance principal balance Related allowance Commercial non-real estate $ 120,166 $ 111,822 $ 244,153 $ 15,017 Commercial real estate - owner occupied 2,801 1,093 4,265 76 Total commercial & industrial 122,967 112,915 248,418 15,093 Commercial real estate - income producing 5,740 7,859 13,934 1,114 Construction and land development 1,576 16 2,556 1 Residential mortgages 2,158 1,078 3,761 94 Consumer 1,243 906 2,149 199 Total loans $ 133,684 $ 122,774 $ 270,818 $ 16,501 December 31, 2016 Recorded investment Recorded investment Unpaid (in thousands) without an allowance with an allowance principal balance Related allowance Commercial non-real estate $ 150,650 $ 120,612 $ 295,445 $ 28,187 Commercial real estate - owner occupied 4,261 2,007 6,646 246 Total commercial & industrial 154,911 122,619 302,091 28,433 Commercial real estate - income producing 10,447 4,929 15,708 466 Construction and land development 1,106 832 2,903 38 Residential mortgages 2,877 1,470 4,865 91 Consumer — 2,154 2,155 267 Total loans $ 169,341 $ 132,004 $ 327,722 $ 29,295 Three Months Ended March 31, 2017 March 31, 2016 Average Interest Average Interest recorded income recorded income (in thousands) investment recognized investment recognized Commercial non-real estate $ 251,625 $ 337 $ 141,326 $ 182 Commercial real estate - owner occupied 5,081 4 5,713 14 Total commercial & industrial 256,706 341 147,039 196 Commercial real estate - income producing 14,487 43 9,902 22 Construction and land development 1,766 — 14,149 — Residential mortgages 3,792 2 889 2 Consumer 2,152 2 105 1 Total loans $ 278,903 $ 388 $ 172,084 $ 221 |
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 March 31, 2017 past due past due past due past due Current Loans still accruing (in thousands) Commercial non-real estate $ 52,677 $ 15,530 $ 60,536 $ 128,743 $ 7,945,544 $ 8,074,287 $ 245 Commercial real estate - owner occupied 3,907 1,726 5,578 11,211 2,036,240 2,047,451 35 Total commercial & industrial 56,584 17,256 66,114 139,954 9,981,784 10,121,738 280 Commercial real estate - income producing 4,365 1,688 4,814 10,867 2,494,237 2,505,104 185 Construction and land development 14,845 343 2,944 18,132 1,234,535 1,252,667 25 Residential mortgages 18,104 5,104 15,655 38,863 2,227,400 2,266,263 — Consumer 16,446 5,537 7,736 29,719 2,029,377 2,059,096 100 Total $ 110,344 $ 29,928 $ 97,263 $ 237,535 $ 17,967,333 $ 18,204,868 $ 590 Recorded Greater than investment 30-59 days 60-89 days 90 days Total Total > 90 days and December 31, 2016 past due past due past due past due Current Loans still accruing (in thousands) Commercial non-real estate $ 19,722 $ 1,909 $ 68,505 $ 90,136 $ 7,523,781 $ 7,613,917 $ 384 Commercial real estate - owner occupied 3,008 581 6,310 9,899 1,896,922 1,906,821 52 Total commercial & industrial 22,730 2,490 74,815 100,035 9,420,703 9,520,738 436 Commercial real estate - income producing 838 50 5,026 5,914 2,007,976 2,013,890 216 Construction and land development 694 171 5,300 6,165 1,004,714 1,010,879 1,563 Residential mortgages 24,599 8,816 14,369 47,784 2,098,929 2,146,713 1 Consumer 18,621 7,441 9,147 35,209 2,024,722 2,059,931 823 Total $ 67,482 $ 18,968 $ 108,657 $ 195,107 $ 16,557,044 $ 16,752,151 $ 3,039 |
Changes in Carrying Amount of Purchased Credit Impaired Loans and Related Accretable Yield | March 31, 2017 December 31, 2016 Carrying Carrying Amount Accretable Amount Accretable (in thousands) of Loans Yield of Loans Yield Balance at beginning of period $ 190,915 $ 113,686 $ 225,838 $ 129,488 Payments received, net (16,422) (1,477) (55,194) (11,024) Accretion 4,874 (4,874) 20,271 (20,271) Increase (decrease) in expected cash flows based on actual cash flows and changes in cash flow assumptions — 4,318 — 5,358 Net transfers to (from) nonaccretable difference to accretable yield — 3,422 — 10,135 Balance at end of period $ 179,367 $ 115,075 $ 190,915 $ 113,686 |
Activity in Loss Share Receivable | Three months Ended March 31, March 31, (in thousands) 2017 2016 Beginning Balance $ 16,219 $ 29,868 Amortization (1,100) (1,613) Charge-offs, write-downs and other recoveries (1,231) (1,005) External expenses qualifying under loss share agreement 131 465 Changes due to changes in cash flow projections (1,830) (2,189) Net payments to FDIC 1,131 302 Ending balance $ 13,320 $ 25,828 |
Total Commercial [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Credit Quality Indicators by Segments and Portfolio Class | March 31, 2017 (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 $ 6,839,049 $ 1,840,799 $ 8,679,848 $ 2,292,057 $ 1,139,772 $ 12,111,677 Pass-Watch 296,914 46,048 342,962 141,063 93,309 577,334 Special Mention 182,128 55,919 238,047 30,360 8,311 276,718 Substandard 744,326 104,685 849,011 41,614 11,275 901,900 Doubtful 11,870 — 11,870 10 — 11,880 Total $ 8,074,287 $ 2,047,451 $ 10,121,738 $ 2,505,104 $ 1,252,667 $ 13,879,509 December 31, 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 $ 6,364,348 $ 1,719,114 $ 8,083,462 $ 1,873,644 $ 968,505 $ 10,925,611 Pass-Watch 203,311 47,676 250,987 78,309 22,592 351,888 Special Mention 181,763 40,299 222,062 22,492 4,142 248,696 Substandard 846,793 99,732 946,525 39,434 15,640 1,001,599 Doubtful 17,702 — 17,702 11 — 17,713 Total $ 7,613,917 $ 1,906,821 $ 9,520,738 $ 2,013,890 $ 1,010,879 $ 12,545,507 |
Residential Mortgage and Consumer [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Credit Quality Indicators by Segments and Portfolio Class | March 31, 2017 December 31, 2016 (in thousands) Residential mortgage Consumer Total Residential mortgage Consumer Total Performing $ 2,243,251 $ 2,045,572 $ 4,288,823 $ 2,123,048 $ 2,046,757 $ 4,169,805 Nonperforming 23,012 13,524 36,536 23,665 13,174 36,839 Total $ 2,266,263 $ 2,059,096 $ 4,325,359 $ 2,146,713 $ 2,059,931 $ 4,206,644 |
Derivatives (Tables)
Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Derivatives [Abstract] | |
Fair Values of Derivative Financial Instruments | March 31, 2017 December 31, 2016 Derivative (1) Derivative (1) (in thousands) Type of Hedge Notional or Contractual Amount Assets Liabilities Notional or Contractual Amount Assets Liabilities Derivatives designated as hedging instruments: Interest rate swaps Cash Flow $ 850,000 $ 37 $ 8,958 $ 1,100,000 $ — $ 7,787 Interest rate swaps Fair Value 138,000 — 397 — — — $ 988,000 $ 37 $ 9,355 $ 1,100,000 $ — $ 7,787 Derivatives not designated as hedging instruments: Interest rate swaps (2) N/A $ 970,658 $ 16,679 $ 16,901 $ 979,391 $ 18,405 $ 18,362 Risk participation agreements N/A 100,777 41 105 84,732 50 105 Forward commitments to sell residential mortgage loans N/A 78,398 207 1,183 75,676 900 221 Interest rate-lock commitments on residential mortgage loans N/A 61,655 1,020 188 46,840 189 228 Foreign exchange forward contracts N/A 54,666 651 610 56,152 771 729 $ 1,266,154 $ 18,598 $ 18,987 $ 1,242,791 $ 20,315 $ 19,645 Total derivatives $ 2,254,154 $ 18,635 $ 28,342 $ 2,342,791 $ 20,315 $ 27,432 Less: netting adjustment (3) (3,676) (15,465) — — Total derivative assets/liabilities $ 14,959 $ 12,877 $ 20,315 $ 27,432 (1) Derivative assets and liabilities are reported at fair value in 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. (3) Represents balance sheet netting of derivative assets and liabilities for variation margin collateral held or placed with the same central clearing counterparty. See offsetting assets and liabilities for further information. |
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 March 31, 2017 Derivative Assets $ 5,498 $ (3,639) $ 1,859 $ 1,859 $ — $ — Derivative Liabilities $ 21,162 $ (15,499) $ 5,663 $ 1,859 $ 5,620 $ (1,816) (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, 2016 Derivative Assets $ 4,788 $ — $ 4,788 $ 4,788 $ — $ — Derivative Liabilities $ 26,846 $ — $ 26,846 $ 4,788 $ 19,095 $ 2,963 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Stockholders' Equity [Abstract] | |
Components of Accumulated Other Comprehensive Income (Loss) | Available HTM Securities for Sale Transferred Employee Cash (in thousands) Securities from AFS Benefit Plans Flow Hedges Total Balance, December 31, 2015 $ 4,268 $ (16,795) $ (67,890) $ (178) $ (80,595) Other comprehensive income before income taxes: Net change in unrealized gain 26,882 — — 2,090 28,972 Reclassification of net (gain) losses realized and included in earnings (346) — 1,437 — 1,091 Amortization of unrealized net loss on securities transferred to HTM — 798 — — 798 Income tax expense 9,751 292 525 764 11,332 Balance, March 31, 2016 $ 21,053 $ (16,289) $ (66,978) $ 1,148 $ (61,066) Balance, December 31, 2016 $ (28,679) $ (14,392) $ (72,501) $ (4,960) $ (120,532) Other comprehensive income before income taxes: Net change in unrealized gain (loss) 2,319 — — (1,135) 1,184 Reclassification of net losses realized and included in earnings — — 1,387 — 1,387 Amortization of unrealized net loss on securities transferred to HTM — 650 — — 650 Income tax expense (benefit) 843 266 504 (412) 1,201 Balance, March 31, 2017 $ (27,203) $ (14,008) $ (71,618) $ (5,683) $ (118,512) |
Line Items in Consolidated Income Statements Affected by Amounts Reclassified from Accumulated Other Comprehensive Income | Three months ended Amount reclassified from AOCI (a) March 31, Affected line item on (in thousands) 2017 2016 the income statement Gain on sale of AFS securities $ — $ 346 Securities transactions Tax effect — (127) Income taxes Net of tax — 219 Net income Amortization of unrealized net loss on securities transferred to HTM (650) (798) Interest income Tax effect 266 292 Income taxes Net of tax (384) (506) Net income Amortization of defined benefit pension and post-retirement items (1,387) (1,437) Employee benefits expense (b) Tax effect 504 525 Income taxes Net of tax (883) (912) Net income Total reclassifications, net of tax $ (1,267) $ (1,199) 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) | 3 Months Ended |
Mar. 31, 2017 | |
Other Noninterest Income [Abstract] | |
Components of Other Noninterest Income | Three months Ended March 31, (in thousands) 2017 2016 Income from bank-owned life insurance $ 2,652 $ 2,550 Credit related fees 2,878 2,357 Derivative income 465 (139) Net gain on sale of assets 4,125 1,766 Safety deposit box income 449 478 Other miscellaneous 2,306 2,334 Total other noninterest income $ 12,875 $ 9,346 |
Other Noninterest Expense (Tabl
Other Noninterest Expense (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Other Noninterest Expense [Abstract] | |
Components of Other Noninterest Expense | Three months Ended March 31, (in thousands) 2017 2016 Advertising $ 3,077 $ 2,357 Ad valorem and franchise taxes 3,036 2,303 Printing and supplies 1,178 1,111 Insurance expense 817 835 Travel expense 1,059 949 Entertainment and contributions 1,783 1,632 Tax credit investment amortization 1,212 1,743 Other miscellaneous 6,468 5,779 Total other noninterest expense $ 18,630 $ 16,709 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Computation of Earnings Per Common Share | Three months Ended March 31, (in thousands, except per share data) 2017 2016 Numerator: Net income to common shareholders $ 49,014 $ 3,839 Net income allocated to participating securities - basic and diluted 1,156 97 Net income allocated to common shareholders - basic and diluted $ 47,858 $ 3,742 Denominator: Weighted-average common shares - basic $ 84,365 $ 77,501 Dilutive potential common shares 259 171 Weighted-average common shares - diluted $ 84,624 $ 77,672 Earnings per common share: Basic $ 0.57 $ 0.05 Diluted $ 0.57 $ 0.05 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Retirement Plans [Abstract] | |
Components of Net Periodic Benefits Cost | Other Post- (in thousands) Pension Benefits retirement Benefits Three Months Ended March 31, 2017 2016 2017 2016 Service cost $ 3,750 $ 3,265 $ 48 $ 29 Interest cost 4,123 4,988 180 206 Expected return on plan assets (8,750) (8,891) — — Amortization of net loss 1,435 1,468 (48) (31) Net periodic benefit cost $ 558 $ 830 $ 180 $ 204 |
Share-Based Payment Arrangeme34
Share-Based Payment Arrangements (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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, 2017 456,258 $ 35.91 $ 3,734 Exercised/Released (256,611) 33.71 3,270 Cancelled/Forfeited (538) 32.09 6 Expired (689) 44.91 Outstanding at March 31, 2017 198,420 $ 38.74 2.91 $ 1,728 Exercisable at March 31, 2017 177,151 $ 39.83 2.64 $ 1,392 |
Summary of Nonvested Restricted and Performance Shares | Weighted Average Number of Grant Date Shares Fair Value Nonvested at January 1, 2017 2,152,119 $ 32.12 Granted 49,558 40.82 Vested (9,607) 31.81 Forfeited (20,446) 32.51 Nonvested at March 31, 2017 2,171,624 $ 32.32 |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value [Abstract] | |
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | March 31, 2017 (in thousands) Level 1 Level 2 Level 3 Total Assets Available for sale debt securities: U.S. Treasury and government agency securities $ — $ 74,496 $ — $ 74,496 Municipal obligations — 241,036 — 241,036 Corporate debt securities — 3,500 — 3,500 Residential mortgage-backed securities — 1,559,417 — 1,559,417 Commercial mortgage-backed securities — 428,048 — 428,048 Collateralized mortgage obligations — 192,264 — 192,264 Total available for sale securities — 2,498,761 — 2,498,761 Derivative assets (1) — 14,959 — 14,959 Total recurring fair value measurements - assets $ — $ 2,513,720 $ — $ 2,513,720 Liabilities Derivative liabilities (1) $ — $ 12,877 $ — $ 12,877 Total recurring fair value measurements - liabilities $ — $ 12,877 $ — $ 12,877 (1) For further disaggregation of derivative assets and liabilities, see Note 6 - Derivatives. December 31, 2016 (in thousands) Level 1 Level 2 Level 3 Total Assets Available for sale debt securities: U.S. Treasury and government agency securities $ — $ 54,828 $ — $ 54,828 Municipal obligations — 242,155 — 242,155 Corporate debt securities — 3,500 — 3,500 Residential mortgage-backed securities — 1,611,355 — 1,611,355 Commercial mortgage-backed securities — 402,591 — 402,591 Collateralized mortgage obligations — 202,479 — 202,479 Total available for sale securities — 2,516,908 — 2,516,908 Derivative assets (1) — 20,315 — 20,315 Total recurring fair value measurements - assets $ — $ 2,537,223 $ — $ 2,537,223 Liabilities Derivative liabilities (1) $ — $ 27,432 $ — $ 27,432 Total recurring fair value measurements - liabilities $ — $ 27,432 $ — $ 27,432 (1) For further disaggregation of derivative assets and liabilities, see Note 6 - Derivatives. |
Financial Assets Measured at Fair Value on Nonrecurring Basis | March 31, 2017 (in thousands) Level 1 Level 2 Level 3 Total Collateral-dependent impaired loans $ — $ 143,327 $ — $ 143,327 Other real estate owned — — 9,295 9,295 Total nonrecurring fair value measurements $ — $ 143,327 $ 9,295 $ 152,622 December 31, 2016 (in thousands) Level 1 Level 2 Level 3 Total Collateral-dependent impaired loans $ — $ 169,888 $ — $ 169,888 Other real estate owned — — 13,968 13,968 Total nonrecurring fair value measurements $ — $ 169,888 $ 13,968 $ 183,856 |
Estimated Fair Values of Financial Instruments | March 31, 2017 Total Fair Carrying (in thousands) Level 1 Level 2 Level 3 Value Amount Financial assets: Cash, interest-bearing bank deposits, and federal funds sold $ 384,587 $ — $ — $ 384,587 $ 384,587 Available for sale securities — 2,498,761 — 2,498,761 2,498,761 Held to maturity securities — 2,477,420 — 2,477,420 2,502,512 Loans, net — 143,327 17,580,123 17,723,450 17,991,318 Loans held for sale — 20,883 — 20,883 20,883 Derivative financial instruments — 14,959 — 14,959 14,959 Financial liabilities: Deposits $ — $ — $ 19,927,363 $ 19,927,363 $ 19,922,020 Federal funds purchased 16,321 — — 16,321 16,321 Securities sold under agreements to repurchase 444,788 — — 444,788 444,788 FHLB short-term borrowings 1,660,823 — — 1,660,823 1,660,823 Long-term debt — 524,039 — 524,039 525,082 Derivative financial instruments — 12,877 — 12,877 12,877 December 31, 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 $ 450,866 $ — $ — $ 450,866 $ 450,866 Available for sale securities — 2,516,908 — 2,516,908 2,516,908 Held to maturity securities — 2,470,117 — 2,470,117 2,500,220 Loans, net — 169,888 16,326,961 16,496,849 16,522,733 Loans held for sale — 34,064 — 34,064 34,064 Derivative financial instruments — 20,315 — 20,315 20,315 Financial liabilities: Deposits $ — $ — $ 19,430,939 $ 19,430,939 $ 19,424,266 Federal funds purchased 2,275 — — 2,275 2,275 Securities sold under agreements to repurchase 358,131 — — 358,131 358,131 FHLB short-term borrowings 865,000 — — 865,000 865,000 Long-term debt — 435,747 — 435,747 436,280 Derivative financial instruments — 27,432 — 27,432 27,432 |
Acquisition (Narrative) (Detail
Acquisition (Narrative) (Detail) $ in Thousands | Mar. 10, 2017USD ($)entity | Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($) |
Business Acquisition [Line Items] | ||||
Acquisition, debt assumed | $ 93,120 | |||
Short-term borrowings | $ 2,121,932 | $ 1,225,406 | ||
Long-term borrowings | 525,082 | 436,280 | ||
Identifiable intangible assets | 3,900 | |||
Goodwill | 95,568 | 716,761 | $ 621,193 | |
Revenue | 181,691 | $ 162,836 | ||
Merger-related charges | 6,500 | |||
Professional Fees | 11,276 | 7,621 | ||
Other expense | 18,630 | $ 16,709 | ||
Fair value discount | 52,700 | |||
Acquisition, debt assumed | $ 1,607 | |||
Whitney Bank [Member] | ||||
Business Acquisition [Line Items] | ||||
Number of branches | entity | 9 | |||
Net of cash acquired | $ 323,000 | |||
Cash consideration | 326,000 | |||
Cash acquired | 3,000 | |||
Acquisition, Premium amount to pay | 41,600 | |||
FHLB Borrowings [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquisition, debt assumed | $ 604,000 | |||
Variable-rate Term Notes [Member] | FHLB Borrowings [Member] | ||||
Business Acquisition [Line Items] | ||||
Short-term borrowings | 460,000 | |||
Fixed-rate Term Notes [Member] | FHLB Borrowings [Member] | ||||
Business Acquisition [Line Items] | ||||
Short-term borrowings | $ 51,000 | |||
Maturity year | 2,017 | |||
Long-term borrowings | $ 93,100 | |||
FNBC [Member] | ||||
Business Acquisition [Line Items] | ||||
Revenue | 5,100 | |||
Estimated net income | 2,900 | |||
Professional Fees | 4,600 | |||
Other expense | 1,500 | |||
$200 Debt Due 2025 [Member] | Variable-rate Term Notes [Member] | FHLB Borrowings [Member] | ||||
Business Acquisition [Line Items] | ||||
Short-term borrowings | $ 200,000 | |||
Maturity year | 2,025 | |||
$260 Debt Due 2026 [Member] | Variable-rate Term Notes [Member] | FHLB Borrowings [Member] | ||||
Business Acquisition [Line Items] | ||||
Short-term borrowings | $ 260,000 | |||
Maturity year | 2,026 | |||
$88 Debt Due 2018 [Member] | Fixed-rate Term Notes [Member] | FHLB Borrowings [Member] | ||||
Business Acquisition [Line Items] | ||||
Maturity year | 2,018 | |||
Long-term borrowings | $ 88,000 | |||
$3.2 Debt Due 2019 [Member] | Fixed-rate Term Notes [Member] | FHLB Borrowings [Member] | ||||
Business Acquisition [Line Items] | ||||
Maturity year | 2,019 | |||
Long-term borrowings | $ 3,200 | |||
$1.9 Debt Due 2023 [Member] | Fixed-rate Term Notes [Member] | FHLB Borrowings [Member] | ||||
Business Acquisition [Line Items] | ||||
Maturity year | 2,023 | |||
Long-term borrowings | $ 1,900 |
Acquisition (Schedule of Fair V
Acquisition (Schedule of Fair Value of Net Assets Acquired) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 10, 2017 | Dec. 31, 2016 |
Acquisition [Abstract] | |||
Cash and due from banks | $ 2,856 | ||
Loans | 1,211,523 | ||
Property and equipment | 12,332 | ||
Accrued interest receivable | 2,969 | ||
Identifiable intangible assets | 3,900 | ||
Other assets | 63 | ||
Total identifiable assets | 1,233,643 | ||
Deposits | 398,171 | ||
Short-term borrowings | 510,749 | ||
Long-term debt | 93,120 | ||
Other liabilities | 1,607 | ||
Total liabilities | 1,003,647 | ||
Net identifiable assets acquired | 229,996 | ||
Goodwill | $ 716,761 | 95,568 | $ 621,193 |
Net assets acquired | $ 325,564 |
Securities (Narrative) (Details
Securities (Narrative) (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017USD ($)item | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($) | |
Securities [Abstract] | |||
Securities classified as trading | $ 0 | $ 0 | |
Proceeds from sales of securities available for sale | $ 47,774 | ||
Realized gain | 300 | ||
Securities pledged as collateral | $ 4,000,000 | $ 3,800,000 | |
Sale of securities | item | 0 |
Securities (Amortized Cost and
Securities (Amortized Cost and Fair Value of Securities Available for Sale) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | $ 2,541,535 | $ 2,562,000 |
Securities Available for Sale, Gross Unrealized Gains | 11,236 | 11,195 |
Securities Available for Sale, Gross Unrealized Losses | 54,010 | 56,287 |
Securities Available for Sale, Fair Value | 2,498,761 | 2,516,908 |
U.S. Treasury And Government Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 76,049 | 56,751 |
Securities Available for Sale, Gross Unrealized Losses | 1,553 | 1,923 |
Securities Available for Sale, Fair Value | 74,496 | 54,828 |
Municipal Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 251,416 | 253,228 |
Securities Available for Sale, Gross Unrealized Gains | 157 | 113 |
Securities Available for Sale, Gross Unrealized Losses | 10,537 | 11,186 |
Securities Available for Sale, Fair Value | 241,036 | 242,155 |
Residential Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 1,568,001 | 1,620,191 |
Securities Available for Sale, Gross Unrealized Gains | 10,377 | 10,592 |
Securities Available for Sale, Gross Unrealized Losses | 18,961 | 19,428 |
Securities Available for Sale, Fair Value | 1,559,417 | 1,611,355 |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 450,197 | 425,750 |
Securities Available for Sale, Gross Unrealized Gains | 211 | |
Securities Available for Sale, Gross Unrealized Losses | 22,360 | 23,159 |
Securities Available for Sale, Fair Value | 428,048 | 402,591 |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 192,372 | 202,580 |
Securities Available for Sale, Gross Unrealized Gains | 491 | 490 |
Securities Available for Sale, Gross Unrealized Losses | 599 | 591 |
Securities Available for Sale, Fair Value | 192,264 | 202,479 |
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 |
Securities (Amortized Cost an40
Securities (Amortized Cost and Fair Value of Securities Held to Maturity) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities Held to Maturity, Amortized Cost | $ 2,502,512 | $ 2,500,220 |
Securities Held to Maturity, Gross Unrealized Gains | 8,414 | 7,896 |
Securities Held to Maturity, Gross Unrealized Losses | 33,506 | 37,999 |
Securities Held to Maturity, Fair Value | 2,477,420 | 2,470,117 |
U.S. Treasury And Government Agency Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities Held to Maturity, Amortized Cost | 50,000 | 50,000 |
Securities Held to Maturity, Gross Unrealized Losses | 55 | 44 |
Securities Held to Maturity, Fair Value | 49,945 | 49,956 |
Municipal Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities Held to Maturity, Amortized Cost | 734,075 | 648,093 |
Securities Held to Maturity, Gross Unrealized Gains | 3,345 | 2,147 |
Securities Held to Maturity, Gross Unrealized Losses | 17,604 | 20,175 |
Securities Held to Maturity, Fair Value | 719,816 | 630,065 |
Residential Mortgage-Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities Held to Maturity, Amortized Cost | 830,522 | 862,162 |
Securities Held to Maturity, Gross Unrealized Gains | 3,481 | 4,329 |
Securities Held to Maturity, Gross Unrealized Losses | 1,980 | 3,068 |
Securities Held to Maturity, Fair Value | 832,023 | 863,423 |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities Held to Maturity, Amortized Cost | 75,722 | 75,739 |
Securities Held to Maturity, Gross Unrealized Losses | 4,348 | 4,038 |
Securities Held to Maturity, Fair Value | 71,374 | 71,701 |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities Held to Maturity, Amortized Cost | 812,193 | 864,226 |
Securities Held to Maturity, Gross Unrealized Gains | 1,588 | 1,420 |
Securities Held to Maturity, Gross Unrealized Losses | 9,519 | 10,674 |
Securities Held to Maturity, Fair Value | $ 804,262 | $ 854,972 |
Securities (Amortized Cost an41
Securities (Amortized Cost and Fair Value of Debt Securities by Contractual Maturity) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Securities [Abstract] | ||
Debt Securities Available for Sale, Due in one year or less, Amortized Cost | $ 4,711 | |
Debt Securities Available for Sale, Due after one year through five years, Amortized Cost | 40,658 | |
Debt Securities Available for Sale, Due after five years through ten years, Amortized Cost | 1,025,204 | |
Debt Securities Available for Sale, Due after ten years, Amortized Cost | 1,470,962 | |
Total available for sale debt securities, Amortized Cost | 2,541,535 | |
Debt Securities Available for Sale, Due in one year or less, Fair Value | 4,735 | |
Debt Securities Available for Sale, Due after one year through five years, Fair Value | 41,205 | |
Debt Securities Available for Sale, Due after five years through ten years, Fair Value | 999,011 | |
Debt Securities Available for Sale, Due after ten years, Fair Value | 1,453,810 | |
Total available for sale debt securities, Fair Value | 2,498,761 | |
Debt Securities Held to Maturity, Due in one year or less, Amortized Cost | 10,520 | |
Debt Securities Held to Maturity, Due after one year through five years, Amortized Cost | 124,250 | |
Debt Securities Held to Maturity, Due after five years through ten years, Amortized Cost | 838,244 | |
Debt Securities Held to Maturity, Due after ten years, Amortized Cost | 1,529,498 | |
Securities Held to Maturity, Amortized Cost | 2,502,512 | $ 2,500,220 |
Debt Securities Held to Maturity, Due in one year or less, Fair Value | 10,624 | |
Debt Securities Held to Maturity, Due after one year through five years, Fair Value | 125,558 | |
Debt Securities Held to Maturity, Due after five years through ten years, Fair Value | 817,979 | |
Debt Securities Held to Maturity, Due after ten years, Fair Value | 1,523,259 | |
Total held to maturity securities, Fair Value | $ 2,477,420 | $ 2,470,117 |
Securities (Securities Availabl
Securities (Securities Available for Sale with Unrealized Losses) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available for Sale, Losses less than 12 months, Fair Value | $ 1,835,939 | $ 1,857,312 |
Available for Sale, Losses less than 12 months, Gross Unrealized Losses | 53,934 | 56,218 |
Available for Sale, Losses 12 months or longer, Fair Value | 3,110 | 3,738 |
Available for Sale, Losses 12 months or longer, Gross Unrealized Losses | 76 | 69 |
Available for Sale, Total, Fair Value | 1,839,049 | 1,861,050 |
Available for Sale, Total, Gross Unrealized Losses | 54,010 | 56,287 |
U.S. Treasury And Government Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for Sale, Losses less than 12 months, Fair Value | 74,460 | 54,788 |
Available for Sale, Losses less than 12 months, Gross Unrealized Losses | 1,553 | 1,923 |
Available for Sale, Total, Fair Value | 74,460 | 54,788 |
Available for Sale, Total, Gross Unrealized Losses | 1,553 | 1,923 |
Municipal Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for Sale, Losses less than 12 months, Fair Value | 228,433 | 228,588 |
Available for Sale, Losses less than 12 months, Gross Unrealized Losses | 10,537 | 11,186 |
Available for Sale, Total, Fair Value | 228,433 | 228,588 |
Available for Sale, Total, Gross Unrealized Losses | 10,537 | 11,186 |
Residential Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for Sale, Losses less than 12 months, Fair Value | 1,051,706 | 1,087,644 |
Available for Sale, Losses less than 12 months, Gross Unrealized Losses | 18,885 | 19,359 |
Available for Sale, Losses 12 months or longer, Fair Value | 3,110 | 3,738 |
Available for Sale, Losses 12 months or longer, Gross Unrealized Losses | 76 | 69 |
Available for Sale, Total, Fair Value | 1,054,816 | 1,091,382 |
Available for Sale, Total, Gross Unrealized Losses | 18,961 | 19,428 |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for Sale, Losses less than 12 months, Fair Value | 403,123 | 402,591 |
Available for Sale, Losses less than 12 months, Gross Unrealized Losses | 22,360 | 23,159 |
Available for Sale, Total, Fair Value | 403,123 | 402,591 |
Available for Sale, Total, Gross Unrealized Losses | 22,360 | 23,159 |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for Sale, Losses less than 12 months, Fair Value | 78,217 | 83,701 |
Available for Sale, Losses less than 12 months, Gross Unrealized Losses | 599 | 591 |
Available for Sale, Total, Fair Value | 78,217 | 83,701 |
Available for Sale, Total, Gross Unrealized Losses | $ 599 | $ 591 |
Securities (Securities Held to
Securities (Securities Held to Maturity with Unrealized Losses) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, Losses less than 12 months, Fair Value | $ 1,361,621 | $ 1,513,235 |
Held to maturity, Losses less than 12 months, Gross Unrealized Losses | 30,057 | 34,152 |
Held to maturity, Losses 12 months or longer, Fair Value | 111,280 | 127,125 |
Held to maturity, Losses 12 months or longer, Gross Unrealized Losses | 3,449 | 3,847 |
Held to maturity, Total, Fair Value | 1,472,901 | 1,640,360 |
Held to maturity, Total, Gross Unrealized Losses | 33,506 | 37,999 |
U.S. Treasury And Government Agency Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, Losses less than 12 months, Fair Value | 49,946 | 49,956 |
Held to maturity, Losses less than 12 months, Gross Unrealized Losses | 55 | 44 |
Held to maturity, Total, Fair Value | 49,946 | 49,956 |
Held to maturity, Total, Gross Unrealized Losses | 55 | 44 |
Municipal Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, Losses less than 12 months, Fair Value | 454,266 | 494,470 |
Held to maturity, Losses less than 12 months, Gross Unrealized Losses | 17,331 | 19,706 |
Held to maturity, Losses 12 months or longer, Fair Value | 7,269 | 11,750 |
Held to maturity, Losses 12 months or longer, Gross Unrealized Losses | 273 | 469 |
Held to maturity, Total, Fair Value | 461,535 | 506,220 |
Held to maturity, Total, Gross Unrealized Losses | 17,604 | 20,175 |
Residential Mortgage-Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, Losses less than 12 months, Fair Value | 279,443 | 278,369 |
Held to maturity, Losses less than 12 months, Gross Unrealized Losses | 1,980 | 3,068 |
Held to maturity, Total, Fair Value | 279,443 | 278,369 |
Held to maturity, Total, Gross Unrealized Losses | 1,980 | 3,068 |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, Losses less than 12 months, Fair Value | 71,373 | 71,701 |
Held to maturity, Losses less than 12 months, Gross Unrealized Losses | 4,348 | 4,038 |
Held to maturity, Total, Fair Value | 71,373 | 71,701 |
Held to maturity, Total, Gross Unrealized Losses | 4,348 | 4,038 |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, Losses less than 12 months, Fair Value | 506,593 | 618,739 |
Held to maturity, Losses less than 12 months, Gross Unrealized Losses | 6,343 | 7,296 |
Held to maturity, Losses 12 months or longer, Fair Value | 104,011 | 115,375 |
Held to maturity, Losses 12 months or longer, Gross Unrealized Losses | 3,176 | 3,378 |
Held to maturity, Total, Fair Value | 610,604 | 734,114 |
Held to maturity, Total, Gross Unrealized Losses | $ 9,519 | $ 10,674 |
Loans and Allowance for Loan 44
Loans and Allowance for Loan Losses (Narrative) (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017USD ($)contractagreement | Mar. 31, 2016USD ($)contract | Dec. 31, 2016USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccrual loans | $ 262,649 | $ 317,970 | |
TDRs both accruing and nonaccruing | 159,900 | 121,700 | |
Post-Modification outstanding recorded investment | $ 45,092 | $ 51,246 | |
Number of TDRs subsequently defaulted | contract | 0 | 0 | |
TDRs and loans impaired with minimum aggregate relationship balances | $ 1,000 | ||
Real estate acquired through foreclosure | 17,068 | 18,884 | |
Loans held for sale | 20,883 | 34,064 | |
Short-term borrowings | $ 2,121,932 | 1,225,406 | |
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 | $ 112,600 | 81,900 | |
Troubled Debt Restructurings [Member] | Loans With Extended Amortization Terms Or Other Payment Concessions [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Extended terms and other payment concessions | 27,400 | $ 26,800 | |
Troubled Debt Restructurings [Member] | Loans With Significant Covenant Waivers [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Convenant waivers | 10,700 | ||
Troubled Debt Restructurings [Member] | Loans With Other Modifications [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Post-Modification outstanding recorded investment | $ 6,900 | ||
Other Modifications | 24,600 | ||
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 | $ 13,424 | 12,351 | |
Real estate in process of foreclosure | 7,500 | 10,100 | |
Real estate acquired through foreclosure | 3,100 | ||
Consumer [Member] | FDIC Loss Share Agreement [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Real estate in process of foreclosure | 3,700 | 4,900 | |
Real estate acquired through foreclosure | $ 700 | $ 900 | |
Non-Single Family Portfolio [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 Portfolio [Member] | FDIC Loss Share Agreement [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans covered by loss share agreement | $ 143,800 | $ 168,100 |
Loans and Allowance for Loan 45
Loans and Allowance for Loan Losses (Loans, Net of Unearned Income) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | $ 18,204,868 | $ 16,752,151 | $ 15,978,124 |
Total Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 13,879,509 | 12,545,507 | |
Residential Mortgages [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 2,266,263 | 2,146,713 | 2,000,967 |
Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 2,059,096 | 2,059,931 | 2,060,245 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 2,505,104 | 2,013,890 | 1,752,745 |
Construction and Land Development [Member] | Total Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 1,252,667 | 1,010,879 | 1,095,414 |
Total Commercial & Industrial [Member] | Total Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 10,121,738 | 9,520,738 | 9,068,753 |
Total Commercial & Industrial [Member] | Commercial Non-Real Estate [Member] | Total Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 8,074,287 | 7,613,917 | 7,145,406 |
Total Commercial & Industrial [Member] | Commercial Real Estate - Owner Occupied [Member] | Total Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | $ 2,047,451 | $ 1,906,821 | $ 1,923,347 |
Loans and Allowance for Loan 46
Loans and Allowance for Loan Losses (Allowance for Loan Losses by Portfolio Class) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses: Beginning balance | $ 229,418 | $ 181,179 | ||
Allowance for loan losses: Net provision for loan losses | 15,991 | 60,036 | ||
Allowance for loan losses: Decrease in FDIC loss share receivable | (1,830) | (2,189) | ||
Allowance for loan losses: Ending balance | 213,550 | 217,794 | ||
Allowance for loan losses: Individually evaluated for impairment | 16,501 | 28,167 | ||
Allowance for loan losses: Amounts related to purchased credit impaired loans | 15,999 | 20,502 | ||
Allowance for loan losses: Collectively evaluated for impairment | 181,050 | 169,125 | ||
Loans: Individually evaluated for impairment | 256,458 | 230,741 | ||
Loans: Purchased credit impaired loans | 179,367 | 221,893 | $ 190,915 | $ 225,838 |
Loans: Collectively evaluated for impairment | 17,769,043 | 15,525,490 | ||
Loans: Total loans | 18,204,868 | 15,978,124 | 16,752,151 | |
Total Commercial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans: Total loans | 13,879,509 | 12,545,507 | ||
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses: Beginning balance | 13,509 | 6,041 | ||
Allowance for loan losses: Ending balance | 13,611 | 7,593 | ||
Allowance for loan losses: Individually evaluated for impairment | 1,114 | 1,272 | ||
Allowance for loan losses: Amounts related to purchased credit impaired loans | 213 | 605 | ||
Allowance for loan losses: Collectively evaluated for impairment | 12,284 | 5,716 | ||
Loans: Individually evaluated for impairment | 13,599 | 8,681 | ||
Loans: Purchased credit impaired loans | 7,669 | 11,185 | ||
Loans: Collectively evaluated for impairment | 2,483,836 | 1,732,879 | ||
Loans: Total loans | 2,505,104 | 1,752,745 | 2,013,890 | |
Total Commercial [Member] | Construction and Land Development [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses: Beginning balance | 6,271 | 5,642 | ||
Allowance for loan losses: Ending balance | 6,720 | 4,376 | ||
Allowance for loan losses: Individually evaluated for impairment | 1 | 185 | ||
Allowance for loan losses: Amounts related to purchased credit impaired loans | 283 | 523 | ||
Allowance for loan losses: Collectively evaluated for impairment | 6,436 | 3,668 | ||
Loans: Individually evaluated for impairment | 1,592 | 14,072 | ||
Loans: Purchased credit impaired loans | 4,326 | 8,930 | ||
Loans: Collectively evaluated for impairment | 1,246,749 | 1,072,412 | ||
Loans: Total loans | 1,252,667 | 1,095,414 | 1,010,879 | |
Residential Mortgages [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses: Beginning balance | 25,361 | 25,353 | ||
Allowance for loan losses: Ending balance | 23,806 | 24,692 | ||
Allowance for loan losses: Individually evaluated for impairment | 94 | 125 | ||
Allowance for loan losses: Amounts related to purchased credit impaired loans | 13,286 | 16,641 | ||
Allowance for loan losses: Collectively evaluated for impairment | 10,426 | 7,926 | ||
Loans: Individually evaluated for impairment | 3,236 | 883 | ||
Loans: Purchased credit impaired loans | 138,260 | 161,078 | ||
Loans: Collectively evaluated for impairment | 2,124,767 | 1,839,006 | ||
Loans: Total loans | 2,266,263 | 2,000,967 | 2,146,713 | |
Consumer [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses: Beginning balance | 26,142 | 24,857 | ||
Allowance for loan losses: Ending balance | 26,622 | 21,878 | ||
Allowance for loan losses: Individually evaluated for impairment | 199 | 16 | ||
Allowance for loan losses: Amounts related to purchased credit impaired loans | 1,019 | 1,388 | ||
Allowance for loan losses: Collectively evaluated for impairment | 25,404 | 20,474 | ||
Loans: Individually evaluated for impairment | 2,149 | 58 | ||
Loans: Purchased credit impaired loans | 9,951 | 12,177 | ||
Loans: Collectively evaluated for impairment | 2,046,996 | 2,048,010 | ||
Loans: Total loans | 2,059,096 | 2,060,245 | 2,059,931 | |
Purchased Credit Impaired Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses: Charge-offs | (252) | (47) | ||
Allowance for loan losses: Recoveries | 134 | 114 | ||
Allowance for loan losses: Net provision for loan losses | (406) | (496) | ||
Allowance for loan losses: Decrease in FDIC loss share receivable | (1,830) | (2,189) | ||
Purchased Credit Impaired Loans [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) | |||
Allowance for loan losses: Recoveries | 1 | |||
Allowance for loan losses: Net provision for loan losses | (40) | (109) | ||
Allowance for loan losses: Decrease in FDIC loss share receivable | ||||
Purchased Credit Impaired Loans [Member] | Total Commercial [Member] | Construction and Land Development [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses: Charge-offs | (54) | (18) | ||
Allowance for loan losses: Recoveries | 23 | 35 | ||
Allowance for loan losses: Net provision for loan losses | (92) | (151) | ||
Allowance for loan losses: Decrease in FDIC loss share receivable | ||||
Purchased Credit Impaired Loans [Member] | Residential Mortgages [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses: Charge-offs | (59) | |||
Allowance for loan losses: Recoveries | 5 | 1 | ||
Allowance for loan losses: Net provision for loan losses | (7) | 1,130 | ||
Allowance for loan losses: Decrease in FDIC loss share receivable | (1,696) | (2,153) | ||
Purchased Credit Impaired Loans [Member] | Consumer [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses: Charge-offs | (139) | |||
Allowance for loan losses: Recoveries | 29 | 39 | ||
Allowance for loan losses: Net provision for loan losses | (39) | (1,179) | ||
Allowance for loan losses: Decrease in FDIC loss share receivable | (103) | (19) | ||
Non-Purchased Credit Impaired Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses: Charge-offs | (33,692) | (24,693) | ||
Allowance for loan losses: Recoveries | 3,781 | 3,394 | ||
Allowance for loan losses: Net provision for loan losses | 16,397 | 60,532 | ||
Non-Purchased Credit Impaired Loans [Member] | Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses: Charge-offs | (7) | (115) | ||
Allowance for loan losses: Recoveries | 375 | 144 | ||
Allowance for loan losses: Net provision for loan losses | (226) | 1,632 | ||
Non-Purchased Credit Impaired Loans [Member] | Total Commercial [Member] | Construction and Land Development [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses: Charge-offs | (37) | (110) | ||
Allowance for loan losses: Recoveries | 448 | 605 | ||
Allowance for loan losses: Net provision for loan losses | 161 | (1,627) | ||
Non-Purchased Credit Impaired Loans [Member] | Residential Mortgages [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses: Charge-offs | (289) | (175) | ||
Allowance for loan losses: Recoveries | 108 | 301 | ||
Allowance for loan losses: Net provision for loan losses | 383 | 235 | ||
Non-Purchased Credit Impaired Loans [Member] | Consumer [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses: Charge-offs | (8,539) | (5,843) | ||
Allowance for loan losses: Recoveries | 1,714 | 1,494 | ||
Allowance for loan losses: Net provision for loan losses | 7,557 | 2,529 | ||
Total Commercial & Industrial [Member] | Total Commercial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses: Beginning balance | 158,135 | 119,286 | ||
Allowance for loan losses: Ending balance | 142,791 | 159,255 | ||
Allowance for loan losses: Individually evaluated for impairment | 15,093 | 26,569 | ||
Allowance for loan losses: Amounts related to purchased credit impaired loans | 1,198 | 1,345 | ||
Allowance for loan losses: Collectively evaluated for impairment | 126,500 | 131,341 | ||
Loans: Individually evaluated for impairment | 235,882 | 207,047 | ||
Loans: Purchased credit impaired loans | 19,161 | 28,523 | ||
Loans: Collectively evaluated for impairment | 9,866,695 | 8,833,183 | ||
Loans: Total loans | 10,121,738 | 9,068,753 | 9,520,738 | |
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 | 147,052 | 109,428 | ||
Allowance for loan losses: Ending balance | 131,269 | 144,659 | ||
Allowance for loan losses: Individually evaluated for impairment | 15,017 | 26,502 | ||
Allowance for loan losses: Amounts related to purchased credit impaired loans | 411 | 439 | ||
Allowance for loan losses: Collectively evaluated for impairment | 115,841 | 117,718 | ||
Loans: Individually evaluated for impairment | 231,988 | 201,029 | ||
Loans: Purchased credit impaired loans | 6,693 | 12,659 | ||
Loans: Collectively evaluated for impairment | 7,835,606 | 6,931,718 | ||
Loans: Total loans | 8,074,287 | 7,145,406 | 7,613,917 | |
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 | 11,083 | 9,858 | ||
Allowance for loan losses: Ending balance | 11,522 | 14,596 | ||
Allowance for loan losses: Individually evaluated for impairment | 76 | 67 | ||
Allowance for loan losses: Amounts related to purchased credit impaired loans | 787 | 906 | ||
Allowance for loan losses: Collectively evaluated for impairment | 10,659 | 13,623 | ||
Loans: Individually evaluated for impairment | 3,894 | 6,018 | ||
Loans: Purchased credit impaired loans | 12,468 | 15,864 | ||
Loans: Collectively evaluated for impairment | 2,031,089 | 1,901,465 | ||
Loans: Total loans | 2,047,451 | 1,923,347 | $ 1,906,821 | |
Total Commercial & Industrial [Member] | Purchased Credit Impaired Loans [Member] | Total Commercial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses: Charge-offs | (28) | |||
Allowance for loan losses: Recoveries | 77 | 38 | ||
Allowance for loan losses: Net provision for loan losses | (228) | (187) | ||
Allowance for loan losses: Decrease in FDIC loss share receivable | (31) | (17) | ||
Total Commercial & Industrial [Member] | Purchased Credit Impaired Loans [Member] | Total Commercial [Member] | Commercial Non-Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses: Charge-offs | ||||
Allowance for loan losses: Recoveries | 2 | 3 | ||
Allowance for loan losses: Net provision for loan losses | (46) | 7 | ||
Allowance for loan losses: Decrease in FDIC loss share receivable | (31) | (17) | ||
Total Commercial & Industrial [Member] | Purchased Credit Impaired Loans [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) | |||
Allowance for loan losses: Recoveries | 75 | 35 | ||
Allowance for loan losses: Net provision for loan losses | (182) | (194) | ||
Allowance for loan losses: Decrease in FDIC loss share receivable | ||||
Total Commercial & Industrial [Member] | Non-Purchased Credit Impaired Loans [Member] | Total Commercial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses: Charge-offs | (24,820) | (18,450) | ||
Allowance for loan losses: Recoveries | 1,136 | 850 | ||
Allowance for loan losses: Net provision for loan losses | 8,522 | 57,763 | ||
Total Commercial & Industrial [Member] | Non-Purchased Credit Impaired Loans [Member] | Total Commercial [Member] | Commercial Non-Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses: Charge-offs | (24,791) | (17,667) | ||
Allowance for loan losses: Recoveries | 936 | 809 | ||
Allowance for loan losses: Net provision for loan losses | 8,147 | 52,096 | ||
Total Commercial & Industrial [Member] | Non-Purchased Credit Impaired Loans [Member] | Total Commercial [Member] | Commercial Real Estate - Owner Occupied [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses: Charge-offs | (29) | (783) | ||
Allowance for loan losses: Recoveries | 200 | 41 | ||
Allowance for loan losses: Net provision for loan losses | $ 375 | $ 5,667 |
Loans and Allowance for Loan 47
Loans and Allowance for Loan Losses (Composition of Nonaccrual Loans by Portfolio Class) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | $ 262,649 | $ 317,970 |
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 13,348 | 13,954 |
Total Commercial [Member] | Construction and Land Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 3,561 | 4,550 |
Residential Mortgages [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 23,012 | 23,665 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 13,424 | 12,351 |
Total Commercial & Industrial [Member] | Total Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 209,304 | 263,450 |
Total Commercial & Industrial [Member] | Total Commercial [Member] | Commercial Non-Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 198,137 | 249,037 |
Total Commercial & Industrial [Member] | Total Commercial [Member] | Commercial Real Estate - Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | $ 11,167 | $ 14,413 |
Loans and Allowance for Loan 48
Loans and Allowance for Loan Losses (Troubled Debt Restructurings Modified by Portfolio Class) (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017USD ($)contract | Mar. 31, 2016USD ($)contract | |
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 13 | 11 |
Pre-Modification Outstanding Recorded Investment | $ 45,092 | $ 51,246 |
Post-Modification Outstanding Recorded Investment | $ 45,092 | $ 51,246 |
Total Commercial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 10 | 11 |
Pre-Modification Outstanding Recorded Investment | $ 39,315 | $ 51,246 |
Post-Modification Outstanding Recorded Investment | $ 39,315 | $ 51,246 |
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 2 | |
Pre-Modification Outstanding Recorded Investment | $ 5,527 | |
Post-Modification Outstanding Recorded Investment | $ 5,527 | |
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 | 1 | |
Pre-Modification Outstanding Recorded Investment | $ 250 | |
Post-Modification Outstanding Recorded Investment | $ 250 | |
Total Commercial & Industrial [Member] | Total Commercial [Member] | Commercial Non-Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 9 | 11 |
Pre-Modification Outstanding Recorded Investment | $ 38,659 | $ 51,246 |
Post-Modification Outstanding Recorded Investment | $ 38,659 | $ 51,246 |
Total Commercial & Industrial [Member] | Total Commercial [Member] | Commercial Real Estate - Owner Occupied [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 1 | |
Pre-Modification Outstanding Recorded Investment | $ 656 | |
Post-Modification Outstanding Recorded Investment | $ 656 |
Loans and Allowance for Loan 49
Loans and Allowance for Loan Losses (Loans Individually Evaluated for Impairment Disaggregated by Portfolio Class) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Financing Receivable, Impaired [Line Items] | |||
Recorded investment without an allowance | $ 133,684 | $ 169,341 | |
Recorded investment with an allowance | 122,774 | 132,004 | |
Unpaid principal balance | 270,818 | 327,722 | |
Related allowance | 16,501 | 29,295 | |
Average recorded investment | 278,903 | $ 172,084 | |
Interest income recognized | 388 | 221 | |
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment without an allowance | 5,740 | 10,447 | |
Recorded investment with an allowance | 7,859 | 4,929 | |
Unpaid principal balance | 13,934 | 15,708 | |
Related allowance | 1,114 | 466 | |
Average recorded investment | 14,487 | 9,902 | |
Interest income recognized | 43 | 22 | |
Total Commercial [Member] | Construction and Land Development [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment without an allowance | 1,576 | 1,106 | |
Recorded investment with an allowance | 16 | 832 | |
Unpaid principal balance | 2,556 | 2,903 | |
Related allowance | 1 | 38 | |
Average recorded investment | 1,766 | 14,149 | |
Interest income recognized | |||
Residential Mortgages [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment without an allowance | 2,158 | 2,877 | |
Recorded investment with an allowance | 1,078 | 1,470 | |
Unpaid principal balance | 3,761 | 4,865 | |
Related allowance | 94 | 91 | |
Average recorded investment | 3,792 | 889 | |
Interest income recognized | 2 | 2 | |
Consumer [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment without an allowance | 1,243 | ||
Recorded investment with an allowance | 906 | 2,154 | |
Unpaid principal balance | 2,149 | 2,155 | |
Related allowance | 199 | 267 | |
Average recorded investment | 2,152 | 105 | |
Interest income recognized | 2 | 1 | |
Total Commercial & Industrial [Member] | Total Commercial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment without an allowance | 122,967 | 154,911 | |
Recorded investment with an allowance | 112,915 | 122,619 | |
Unpaid principal balance | 248,418 | 302,091 | |
Related allowance | 15,093 | 28,433 | |
Average recorded investment | 256,706 | 147,039 | |
Interest income recognized | 341 | 196 | |
Total Commercial & Industrial [Member] | Total Commercial [Member] | Commercial Non-Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment without an allowance | 120,166 | 150,650 | |
Recorded investment with an allowance | 111,822 | 120,612 | |
Unpaid principal balance | 244,153 | 295,445 | |
Related allowance | 15,017 | 28,187 | |
Average recorded investment | 251,625 | 141,326 | |
Interest income recognized | 337 | 182 | |
Total Commercial & Industrial [Member] | Total Commercial [Member] | Commercial Real Estate - Owner Occupied [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment without an allowance | 2,801 | 4,261 | |
Recorded investment with an allowance | 1,093 | 2,007 | |
Unpaid principal balance | 4,265 | 6,646 | |
Related allowance | 76 | $ 246 | |
Average recorded investment | 5,081 | 5,713 | |
Interest income recognized | $ 4 | $ 14 |
Loans and Allowance for Loan 50
Loans and Allowance for Loan Losses (Age Analysis of Past Due Loans by Portfolio Class) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | $ 237,535 | $ 195,107 | |
Current | 17,967,333 | 16,557,044 | |
Total loans | 18,204,868 | 16,752,151 | $ 15,978,124 |
Recorded investment > 90 days and accruing | 590 | 3,039 | |
30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 110,344 | 67,482 | |
60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 29,928 | 18,968 | |
Greater Than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 97,263 | 108,657 | |
Total Commercial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 13,879,509 | 12,545,507 | |
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 10,867 | 5,914 | |
Current | 2,494,237 | 2,007,976 | |
Total loans | 2,505,104 | 2,013,890 | 1,752,745 |
Recorded investment > 90 days and accruing | 185 | 216 | |
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 | 4,365 | 838 | |
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 | 1,688 | 50 | |
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 | 4,814 | 5,026 | |
Total Commercial [Member] | Construction and Land Development [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 18,132 | 6,165 | |
Current | 1,234,535 | 1,004,714 | |
Total loans | 1,252,667 | 1,010,879 | 1,095,414 |
Recorded investment > 90 days and accruing | 25 | 1,563 | |
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 | 14,845 | 694 | |
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 | 343 | 171 | |
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 | 2,944 | 5,300 | |
Total Commercial [Member] | Total Commercial & Industrial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 139,954 | 100,035 | |
Current | 9,981,784 | 9,420,703 | |
Total loans | 10,121,738 | 9,520,738 | 9,068,753 |
Recorded investment > 90 days and accruing | 280 | 436 | |
Total Commercial [Member] | Total Commercial & Industrial [Member] | 30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 56,584 | 22,730 | |
Total Commercial [Member] | Total Commercial & Industrial [Member] | 60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 17,256 | 2,490 | |
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 | 66,114 | 74,815 | |
Total Commercial [Member] | Total Commercial & Industrial [Member] | Commercial Non-Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 128,743 | 90,136 | |
Current | 7,945,544 | 7,523,781 | |
Total loans | 8,074,287 | 7,613,917 | 7,145,406 |
Recorded investment > 90 days and accruing | 245 | 384 | |
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 | 52,677 | 19,722 | |
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 | 15,530 | 1,909 | |
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 | 60,536 | 68,505 | |
Total Commercial [Member] | Total Commercial & Industrial [Member] | Commercial Real Estate - Owner Occupied [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 11,211 | 9,899 | |
Current | 2,036,240 | 1,896,922 | |
Total loans | 2,047,451 | 1,906,821 | 1,923,347 |
Recorded investment > 90 days and accruing | 35 | 52 | |
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 | 3,907 | 3,008 | |
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 | 1,726 | 581 | |
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 | 5,578 | 6,310 | |
Residential Mortgages [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 38,863 | 47,784 | |
Current | 2,227,400 | 2,098,929 | |
Total loans | 2,266,263 | 2,146,713 | 2,000,967 |
Recorded investment > 90 days and accruing | 1 | ||
Residential Mortgages [Member] | 30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 18,104 | 24,599 | |
Residential Mortgages [Member] | 60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 5,104 | 8,816 | |
Residential Mortgages [Member] | Greater Than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 15,655 | 14,369 | |
Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 29,719 | 35,209 | |
Current | 2,029,377 | 2,024,722 | |
Total loans | 2,059,096 | 2,059,931 | $ 2,060,245 |
Recorded investment > 90 days and accruing | 100 | 823 | |
Consumer [Member] | 30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 16,446 | 18,621 | |
Consumer [Member] | 60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 5,537 | 7,441 | |
Consumer [Member] | Greater Than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | $ 7,736 | $ 9,147 |
Loans and Allowance for Loan 51
Loans and Allowance for Loan Losses (Credit Quality Indicators by Segments and Portfolio Class) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 |
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | $ 18,204,868 | $ 16,752,151 | $ 15,978,124 |
Total Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 13,879,509 | 12,545,507 | |
Total Commercial [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 12,111,677 | 10,925,611 | |
Total Commercial [Member] | Pass-Watch [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 577,334 | 351,888 | |
Total Commercial [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 276,718 | 248,696 | |
Total Commercial [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 901,900 | 1,001,599 | |
Total Commercial [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 11,880 | 17,713 | |
Residential Mortgages [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 2,266,263 | 2,146,713 | 2,000,967 |
Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 2,059,096 | 2,059,931 | 2,060,245 |
Residential Mortgage and Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 4,325,359 | 4,206,644 | |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 2,505,104 | 2,013,890 | 1,752,745 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 2,292,057 | 1,873,644 | |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | Pass-Watch [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 141,063 | 78,309 | |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 30,360 | 22,492 | |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 41,614 | 39,434 | |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 10 | 11 | |
Construction and Land Development [Member] | Total Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,252,667 | 1,010,879 | 1,095,414 |
Construction and Land Development [Member] | Total Commercial [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,139,772 | 968,505 | |
Construction and Land Development [Member] | Total Commercial [Member] | Pass-Watch [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 93,309 | 22,592 | |
Construction and Land Development [Member] | Total Commercial [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 8,311 | 4,142 | |
Construction and Land Development [Member] | Total Commercial [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 11,275 | 15,640 | |
Total Commercial & Industrial [Member] | Total Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 10,121,738 | 9,520,738 | 9,068,753 |
Total Commercial & Industrial [Member] | Total Commercial [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 8,679,848 | 8,083,462 | |
Total Commercial & Industrial [Member] | Total Commercial [Member] | Pass-Watch [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 342,962 | 250,987 | |
Total Commercial & Industrial [Member] | Total Commercial [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 238,047 | 222,062 | |
Total Commercial & Industrial [Member] | Total Commercial [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 849,011 | 946,525 | |
Total Commercial & Industrial [Member] | Total Commercial [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 11,870 | 17,702 | |
Total Commercial & Industrial [Member] | Commercial Non-Real Estate [Member] | Total Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 8,074,287 | 7,613,917 | 7,145,406 |
Total Commercial & Industrial [Member] | Commercial Non-Real Estate [Member] | Total Commercial [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 6,839,049 | 6,364,348 | |
Total Commercial & Industrial [Member] | Commercial Non-Real Estate [Member] | Total Commercial [Member] | Pass-Watch [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 296,914 | 203,311 | |
Total Commercial & Industrial [Member] | Commercial Non-Real Estate [Member] | Total Commercial [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 182,128 | 181,763 | |
Total Commercial & Industrial [Member] | Commercial Non-Real Estate [Member] | Total Commercial [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 744,326 | 846,793 | |
Total Commercial & Industrial [Member] | Commercial Non-Real Estate [Member] | Total Commercial [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 11,870 | 17,702 | |
Total Commercial & Industrial [Member] | Commercial Real Estate - Owner Occupied [Member] | Total Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 2,047,451 | 1,906,821 | $ 1,923,347 |
Total Commercial & Industrial [Member] | Commercial Real Estate - Owner Occupied [Member] | Total Commercial [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,840,799 | 1,719,114 | |
Total Commercial & Industrial [Member] | Commercial Real Estate - Owner Occupied [Member] | Total Commercial [Member] | Pass-Watch [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 46,048 | 47,676 | |
Total Commercial & Industrial [Member] | Commercial Real Estate - Owner Occupied [Member] | Total Commercial [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 55,919 | 40,299 | |
Total Commercial & Industrial [Member] | Commercial Real Estate - Owner Occupied [Member] | Total Commercial [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 104,685 | 99,732 | |
Performing [Member] | Residential Mortgages [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 2,243,251 | 2,123,048 | |
Performing [Member] | Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 2,045,572 | 2,046,757 | |
Performing [Member] | Residential Mortgage and Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 4,288,823 | 4,169,805 | |
Nonperforming [Member] | Residential Mortgages [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 23,012 | 23,665 | |
Nonperforming [Member] | Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 13,524 | 13,174 | |
Nonperforming [Member] | Residential Mortgage and Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | $ 36,536 | $ 36,839 |
Loans and Allowance for Loan 52
Loans and Allowance for Loan Losses (Changes in Carrying Amount of Purchased Credit Impaired Loans and Related Accretable Yield) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Loans and Allowance for Loan Losses [Abstract] | ||
Carrying Amount of Loans, Balance at beginning of period | $ 190,915 | $ 225,838 |
Carrying Amount of Loans, Payments received, net | (16,422) | (55,194) |
Carrying Amount of Loans, Accretion | 4,874 | 20,271 |
Carrying Amount of Loans, Balance at end of period | 179,367 | 190,915 |
Accretable Yield, Balance at beginning of period | 113,686 | 129,488 |
Accretable Yield, Payments received, net | (1,477) | (11,024) |
Accretable Yield, Accretion | (4,874) | (20,271) |
Accretable Yield, Increase (decrease) in expected cash flows based on actual cash flow and changes in cash flow assumptions | 4,318 | 5,358 |
Accretable Yield, Net transfers from nonaccretable difference to accretable yield | 3,422 | 10,135 |
Accretable Yield, Balance at end of period | $ 115,075 | $ 113,686 |
Loans and Allowance for Loan 53
Loans and Allowance for Loan Losses (Activity in Loss Share Receivable) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Loans and Allowance for Loan Losses [Abstract] | ||
Beginning balance | $ 16,219 | $ 29,868 |
Amortization | (1,100) | (1,613) |
Charge-offs, write-downs and other recoveries | (1,231) | (1,005) |
External expenses qualifying under loss share agreement | 131 | 465 |
Changes due to changes in cash flow projections | (1,830) | (2,189) |
Net payments to FDIC | 1,131 | 302 |
Ending balance | $ 13,320 | $ 25,828 |
Securities Sold under Agreeme54
Securities Sold under Agreements to Repurchase (Details) $ in Millions | Mar. 31, 2017USD ($) |
Securities Sold under Agreements to Repurchase [Abstract] | |
Securities sold under agreements to repurchase | $ 444.8 |
Derivatives (Narrative) (Detail
Derivatives (Narrative) (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Derivative [Line Items] | |||
Notional amount of derivatives | $ 2,254,154,000 | $ 2,342,791,000 | |
Ineffective portion of change in derivative fair value | 0 | ||
Derivative income reflected in income statement | 500,000 | $ (100,000) | |
Impact to interest income from cash flow hedges | 100,000 | 300,000 | |
Aggregate fair value of derivatives in a net liability position | 21,200,000 | ||
Noninterest income | 63,491,000 | 58,186,000 | |
Deposits | 12,819,000 | $ 11,733,000 | |
Derivatives Designated as Hedging Instruments [Member] | |||
Derivative [Line Items] | |||
Notional amount of derivatives | 988,000,000 | 1,100,000,000 | |
Interest Rate Swaps [Member] | |||
Derivative [Line Items] | |||
Noninterest income | 15,000 | ||
Deposits | 141,000 | ||
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedge [Member] | |||
Derivative [Line Items] | |||
Notional amount of derivatives | 850,000,000 | $ 1,100,000,000 | |
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedge [Member] | Swap Agreement 1, Expires 2017 [Member] | |||
Derivative [Line Items] | |||
Notional amount of derivatives | $ 200,000,000 | ||
Derivative maturity expiration year | 2,017 | ||
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedge [Member] | Swap Agreement 2, Expires 2018 [Member] | |||
Derivative [Line Items] | |||
Notional amount of derivatives | $ 200,000,000 | ||
Derivative maturity expiration year | 2,018 | ||
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedge [Member] | Swap Agreement 3, Expires 2019 [Member] | |||
Derivative [Line Items] | |||
Notional amount of derivatives | $ 250,000,000 | ||
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedge [Member] | Swap Agreement 4, Expires 2020 [Member] | |||
Derivative [Line Items] | |||
Notional amount of derivatives | $ 200,000,000 | ||
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedge [Member] | Date Two [Member] | Swap Agreement 3, Expires 2019 [Member] | |||
Derivative [Line Items] | |||
Derivative maturity expiration year | 2,019 | ||
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedge [Member] | Date Three [Member] | Swap Agreement 4, Expires 2020 [Member] | |||
Derivative [Line Items] | |||
Derivative maturity expiration year | 2,020 |
Derivatives (Fair Values of Der
Derivatives (Fair Values of Derivative Financial Instruments) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Dec. 31, 2016 | ||
Derivatives, Fair Value [Line Items] | |||
Notional or Contractual Amount | $ 2,254,154 | $ 2,342,791 | |
Fair Values, Assets | 1,859 | 4,788 | |
Fair Values, Liabilities | 5,663 | 26,846 | |
Less: Netting Adjustment, Assets | [1],[2] | (3,676) | |
Less: Netting Adjustment, Liabilities | [1],[2] | (15,465) | |
Derivatives Designated as Hedging Instruments [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional or Contractual Amount | 988,000 | 1,100,000 | |
Derivatives Not Designated as Hedging Instruments [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional or Contractual Amount | 1,266,154 | 1,242,791 | |
Derivatives Not Designated as Hedging Instruments [Member] | Interest Rate Swaps [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional or Contractual Amount | [3] | 970,658 | 979,391 |
Derivatives Not Designated as Hedging Instruments [Member] | Risk Participation Agreements [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional or Contractual Amount | 100,777 | 84,732 | |
Derivatives Not Designated as Hedging Instruments [Member] | Forward Commitments to Sell Residential Mortgage Loans [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional or Contractual Amount | 78,398 | 75,676 | |
Derivatives Not Designated as Hedging Instruments [Member] | Interest Rate-Lock Commitments on Residential Mortgage Loans [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional or Contractual Amount | 61,655 | 46,840 | |
Derivatives Not Designated as Hedging Instruments [Member] | Foreign Exchange Forward Contracts [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional or Contractual Amount | 54,666 | 56,152 | |
Other Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair Values, Assets | [1] | 18,635 | 20,315 |
Total derivative assets/liabilities | [1] | 14,959 | 20,315 |
Other Assets [Member] | Derivatives Designated as Hedging Instruments [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair Values, Assets | [1] | 37 | |
Other Assets [Member] | Derivatives Not Designated as Hedging Instruments [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair Values, Assets | [1] | 18,598 | 20,315 |
Other Assets [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Interest Rate Swaps [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair Values, Assets | [1],[3] | 16,679 | 18,405 |
Other Assets [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Risk Participation Agreements [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair Values, Assets | [1] | 41 | 50 |
Other Assets [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Forward Commitments to Sell Residential Mortgage Loans [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair Values, Assets | [1] | 207 | 900 |
Other Assets [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Interest Rate-Lock Commitments on Residential Mortgage Loans [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair Values, Assets | [1] | 1,020 | 189 |
Other Assets [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Foreign Exchange Forward Contracts [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair Values, Assets | [1] | 651 | 771 |
Other Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair Values, Liabilities | [1] | 28,342 | 27,432 |
Total derivative assets/liabilities | [1] | 12,877 | 27,432 |
Other Liabilities [Member] | Derivatives Designated as Hedging Instruments [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair Values, Liabilities | [1] | 9,355 | 7,787 |
Other Liabilities [Member] | Derivatives Not Designated as Hedging Instruments [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair Values, Liabilities | [1] | 18,987 | 19,645 |
Other Liabilities [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Interest Rate Swaps [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair Values, Liabilities | [1],[3] | 16,901 | 18,362 |
Other Liabilities [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Risk Participation Agreements [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair Values, Liabilities | [1] | 105 | 105 |
Other Liabilities [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Forward Commitments to Sell Residential Mortgage Loans [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair Values, Liabilities | [1] | 1,183 | 221 |
Other Liabilities [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Interest Rate-Lock Commitments on Residential Mortgage Loans [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair Values, Liabilities | [1] | 188 | 228 |
Other Liabilities [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Foreign Exchange Forward Contracts [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair Values, Liabilities | [1] | 610 | 729 |
Cash Flow Hedge [Member] | Derivatives Designated as Hedging Instruments [Member] | Interest Rate Swaps [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional or Contractual Amount | 850,000 | 1,100,000 | |
Cash Flow Hedge [Member] | Other Assets [Member] | Derivatives Designated as Hedging Instruments [Member] | Interest Rate Swaps [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair Values, Assets | [1] | 37 | |
Cash Flow Hedge [Member] | Other Liabilities [Member] | Derivatives Designated as Hedging Instruments [Member] | Interest Rate Swaps [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair Values, Liabilities | [1] | 8,958 | $ 7,787 |
Fair Value Hedging [Member] | Derivatives Designated as Hedging Instruments [Member] | Interest Rate Swaps [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional or Contractual Amount | 138,000 | ||
Fair Value Hedging [Member] | Other Liabilities [Member] | Derivatives Designated as Hedging Instruments [Member] | Interest Rate Swaps [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair Values, Liabilities | [1] | $ 397 | |
[1] | Derivative assets and liabilities are reported at fair value in other assets or other liabilities, respectively, in the consolidated balance sheets. | ||
[2] | Represents balance sheet netting of derivative assets and liabilities for variation margin collateral held or placed with the same central clearing counterparty. See offsetting assets and liabilities for further information. | ||
[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 | Mar. 31, 2017 | Dec. 31, 2016 |
Derivatives [Abstract] | ||
Gross Amounts Recognized, Derivative Assets | $ 5,498 | $ 4,788 |
Gross Amounts Offset in the Statement of Financial Position, Derivative Assets | (3,639) | |
Net Amounts Presented in the Statement of Financial Position, Derivative Assets | 1,859 | 4,788 |
Gross Amounts Not Offset in the Statement of Financial Position - Financial Instruments, Derivative Assets | 1,859 | 4,788 |
Gross Amounts Not offset in the Statement of Financial Position -Cash Collateral, Derivative Assets | ||
Net Amounts Presented in the Statement of Financial Position, Derivative Assets | ||
Gross Amounts Recognized, Derivative Liabilities | 21,162 | 26,846 |
Gross Amounts Offset in the Statement of Financial Position, Derivative Liabilities | (15,499) | |
Net Amounts Presented in the Statement of Financial Position, Derivative Liabilities | 5,663 | 26,846 |
Gross Amounts Not Offset in the Statement of Financial Position - Financial Instruments, Derivative Liabilities | 1,859 | 4,788 |
Gross Amounts Not offset in the Statement of Financial Position -Cash Collateral, Derivative Liabilities | 5,620 | 19,095 |
Net Amounts Presented in the Statement of Financial Position, Derivative Liabilities | $ (1,816) | |
Net Amount, Derivative Liabilities | $ 2,963 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) shares in Millions, $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Equity, Class of Treasury Stock [Line Items] | ||
Treasury stock shares | 1 | 1.3 |
Treasury stock, Carry basis | $ 17.3 | $ 24.1 |
Restricted Stock [Member] | ||
Equity, Class of Treasury Stock [Line Items] | ||
Number of shares nonvested | 1.9 | 2 |
Stockholders' Equity (Component
Stockholders' Equity (Components of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | $ (120,532) | $ (80,595) |
Net change in unrealized gain (loss) | 1,184 | 28,972 |
Reclassification of net (gain) loss realized and included in earnings | 1,387 | 1,091 |
Amortization of unrealized net loss (gain) on securities transferred to HTM | 650 | 798 |
Income tax expense (benefit) | 1,201 | 11,332 |
Ending Balance | (118,512) | (61,066) |
Available for Sale Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (28,679) | 4,268 |
Net change in unrealized gain (loss) | 2,319 | 26,882 |
Reclassification of net (gain) loss realized and included in earnings | (346) | |
Amortization of unrealized net loss (gain) on securities transferred to HTM | ||
Income tax expense (benefit) | 843 | 9,751 |
Ending Balance | (27,203) | 21,053 |
HTM Securities Transferred from AFS [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (14,392) | (16,795) |
Net change in unrealized gain (loss) | ||
Reclassification of net (gain) loss realized and included in earnings | ||
Amortization of unrealized net loss (gain) on securities transferred to HTM | 650 | 798 |
Income tax expense (benefit) | 266 | 292 |
Ending Balance | (14,008) | (16,289) |
Employee Benefit Plans [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (72,501) | (67,890) |
Net change in unrealized gain (loss) | ||
Reclassification of net (gain) loss realized and included in earnings | 1,387 | 1,437 |
Amortization of unrealized net loss (gain) on securities transferred to HTM | ||
Income tax expense (benefit) | 504 | 525 |
Ending Balance | (71,618) | (66,978) |
Cash Flow Hedges [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (4,960) | (178) |
Net change in unrealized gain (loss) | (1,135) | 2,090 |
Reclassification of net (gain) loss realized and included in earnings | ||
Amortization of unrealized net loss (gain) on securities transferred to HTM | ||
Income tax expense (benefit) | (412) | 764 |
Ending Balance | $ (5,683) | $ 1,148 |
Stockholders' Equity (Line Item
Stockholders' Equity (Line Items in Consolidated Income Statements Affected by Amounts Reclassified from Accumulated Other Comprehensive Income) (Details) - Amount Reclassified from Accumulated Other Comprehensive Income [Member] - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Total reclassifications, net of tax | [1] | $ (1,267) | $ (1,199) |
Available for Sale Securities [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Gain on sale of AFS securities | [1] | 346 | |
Tax effect | [1] | (127) | |
Net of tax | [1] | 219 | |
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] | (650) | (798) |
Tax effect | [1] | 266 | 292 |
Net of tax | [1] | (384) | (506) |
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] | (1,387) | (1,437) |
Tax effect | [1] | 504 | 525 |
Net of tax | [1] | $ (883) | $ (912) |
[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 | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Other Noninterest Income [Abstract] | ||
Income from bank-owned life insurance | $ 2,652 | $ 2,550 |
Credit related fees | 2,878 | 2,357 |
Derivative income | 465 | (139) |
Net gain on sale of assets | 4,125 | 1,766 |
Safety deposit box income | 449 | 478 |
Other miscellaneous | 2,306 | 2,334 |
Total other noninterest income | $ 12,875 | $ 9,346 |
Other Noninterest Expense (Deta
Other Noninterest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Other Noninterest Expense [Abstract] | ||
Advertising | $ 3,077 | $ 2,357 |
Ad valorem and franchise taxes | 3,036 | 2,303 |
Printing and supplies | 1,178 | 1,111 |
Insurance expense | 817 | 835 |
Travel expense | 1,059 | 949 |
Entertainment and contributions | 1,783 | 1,632 |
Tax credit investment amortization | 1,212 | 1,743 |
Other miscellaneous | 6,468 | 5,779 |
Total other noninterest expense | $ 18,630 | $ 16,709 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Earnings Per Share [Abstract] | ||
Net income to common shareholders | $ 49,014 | $ 3,839 |
Net income allocated to participating securities - basic and diluted | 1,156 | 97 |
Net income allocated to common shareholders - basic and diluted | $ 47,858 | $ 3,742 |
Weighted-average common shares - basic | 84,365,000 | 77,501,000 |
Dilutive potential common shares | 259,000 | 171,000 |
Weighted-average common shares - diluted | 84,624,000 | 77,672,000 |
Earnings per common share: Basic | $ 0.57 | $ 0.05 |
Earnings per common share: Diluted | $ 0.57 | $ 0.05 |
Weighted-average anti-dilutive potential common shares | 15,986 | 656,623 |
Retirement Plans (Narrative) (D
Retirement Plans (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Contributed to pension plan | $ 0 |
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 | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 3,750 | $ 3,265 |
Interest cost | 4,123 | 4,988 |
Expected return on plan assets | (8,750) | (8,891) |
Amortization of net loss | 1,435 | 1,468 |
Net periodic benefit cost | 558 | 830 |
Other Post-Retirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 48 | 29 |
Interest cost | 180 | 206 |
Amortization of net loss | (48) | (31) |
Net periodic benefit cost | $ 180 | $ 204 |
Share-Based Payment Arrangeme66
Share-Based Payment Arrangements (Narrative) (Details) | 3 Months Ended | |
Mar. 31, 2017USD ($)entity$ / sharesshares | Mar. 31, 2016USD ($) | |
Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Intrinsic value of options exercised | $ | $ 3,300,000 | $ 0 |
Restricted and Performance Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total unrecognized compensation expense | $ | $ 52,700,000 | |
Weighted-average period | 3 years 4 months 24 days | |
Total fair value of shares vested | $ | $ 500,000 | $ 900,000 |
Shares granted | shares | 49,558 | |
Grant date fair value per share | $ / shares | $ 40.82 | |
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 | 23,489 | |
Grant date fair value per share | $ / shares | $ 42.92 | |
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 | 23,489 | |
Grant date fair value per share | $ / shares | $ 38.26 | |
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 Arrangeme67
Share-Based Payment Arrangements (Summary of Option Activity) (Details) $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Aggregate Intrinsic Value, Outstanding at Beginning | $ | $ 3,734 |
Aggregate Intrinsic Value, Exercised/Released | $ | 3,270 |
Aggregate Intrinsic Value, Cancelled/Forfeited | $ | $ 6 |
Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares, Outstanding at Beginning | shares | 456,258 |
Number of Shares, Exercised/Released | shares | (256,611) |
Number of Shares, Cancelled/Forfeited | shares | (538) |
Number of Shares, Expired | shares | (689) |
Number of Shares, Outstanding at Ending | shares | 198,420 |
Number of Shares, Exercisable at Ending | shares | 177,151 |
Weighted Average Exercise Price, Outstanding at Beginning | $ / shares | $ 35.91 |
Weighted Average Exercise Price, Exercised/Released | $ / shares | 33.71 |
Weighted Average Exercise Price, Cancelled/Forfeited | $ / shares | 32.09 |
Weighted Average Exercise Price, Expired | $ / shares | 44.91 |
Weighted Average Exercise Price, Outstanding at Ending | $ / shares | 38.74 |
Weighted Average Exercise Price, Exercisable at Ending | $ / shares | $ 39.83 |
Weighted Average Remaining Contractual Term (Years), Outstanding at Ending | 2 years 10 months 28 days |
Weighted Average Remaining Contractual Term (Years), Exercisable at Ending | 2 years 7 months 21 days |
Aggregate Intrinsic Value, Outstanding at Ending | $ | $ 1,728 |
Aggregate Intrinsic Value, Exercisable at Ending | $ | $ 1,392 |
Share-Based Payment Arrangeme68
Share-Based Payment Arrangements (Summary of Nonvested Restricted and Performance Shares) (Details) - Restricted and Performance Shares [Member] | 3 Months Ended |
Mar. 31, 2017$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares, Nonvested at Beginning | shares | 2,152,119 |
Number of Shares, Granted | shares | 49,558 |
Number of Shares, Vested | shares | (9,607) |
Number of Shares, Cancelled/Forfeited | shares | (20,446) |
Number of Shares, Nonvested at Ending | shares | 2,171,624 |
Weighted Average Grant Date Fair Value, Nonvested at Beginning | $ / shares | $ 32.12 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 40.82 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 31.81 |
Weighted Average Grant Date Fair Value, Cancelled/Forfeited | $ / shares | 32.51 |
Weighted Average Grant Date Fair Value, Nonvested at Ending | $ / shares | $ 32.32 |
Fair Value (Narrative) (Details
Fair Value (Narrative) (Details) - Investment Securities [Member] - Recurring [Member] | 3 Months Ended |
Mar. 31, 2017 | |
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 | Mar. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale securities | $ 2,498,761 | $ 2,516,908 | |
Derivative assets | 1,859 | 4,788 | |
Derivative liabilities | 5,663 | 26,846 | |
Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale securities | 2,498,761 | 2,516,908 | |
Derivative assets | [1] | 14,959 | 20,315 |
Total recurring fair value measurements - assets | 2,513,720 | 2,537,223 | |
Derivative liabilities | [1] | 12,877 | 27,432 |
Total recurring fair value measurements - liabilities | 12,877 | 27,432 | |
Recurring [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale securities | 2,498,761 | 2,516,908 | |
Derivative assets | [1] | 14,959 | 20,315 |
Total recurring fair value measurements - assets | 2,513,720 | 2,537,223 | |
Derivative liabilities | [1] | 12,877 | 27,432 |
Total recurring fair value measurements - liabilities | 12,877 | 27,432 | |
Recurring [Member] | U.S. Treasury And Government Agency Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale securities | 74,496 | 54,828 | |
Recurring [Member] | U.S. 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 | 74,496 | 54,828 | |
Recurring [Member] | Municipal Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale securities | 241,036 | 242,155 | |
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 | 241,036 | 242,155 | |
Recurring [Member] | 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 | |
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] | Residential Mortgage-Backed Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale securities | 1,559,417 | 1,611,355 | |
Recurring [Member] | Residential Mortgage-Backed Securities [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale securities | 1,559,417 | 1,611,355 | |
Recurring [Member] | Commercial Mortgage-Backed Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale securities | 428,048 | 402,591 | |
Recurring [Member] | Commercial Mortgage-Backed Securities [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale securities | 428,048 | 402,591 | |
Recurring [Member] | Collateralized Mortgage Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale securities | 192,264 | 202,479 | |
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 | $ 192,264 | $ 202,479 | |
[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 | Mar. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent impaired loans | $ 143,327 | $ 169,888 |
Other real estate owned | 9,295 | 13,968 |
Total nonrecurring fair value measurements | 152,622 | 183,856 |
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 | 143,327 | 169,888 |
Total nonrecurring fair value measurements | 143,327 | 169,888 |
Nonrecurring [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | 9,295 | 13,968 |
Total nonrecurring fair value measurements | $ 9,295 | $ 13,968 |
Fair Value (Estimated Fair Valu
Fair Value (Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale securities | $ 2,498,761 | $ 2,516,908 |
Held to maturity securities | 2,502,512 | 2,500,220 |
Derivative financial instruments | 1,859 | 4,788 |
Derivative financial instruments | 5,663 | 26,846 |
Total Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash, interest-bearing bank deposits, and federal funds sold | 384,587 | 450,866 |
Available for sale securities | 2,498,761 | 2,516,908 |
Held to maturity securities | 2,477,420 | 2,470,117 |
Loans, net | 17,723,450 | 16,496,849 |
Loans held for sale | 20,883 | 34,064 |
Derivative financial instruments | 14,959 | 20,315 |
Deposits | 19,927,363 | 19,430,939 |
Federal funds purchased | 16,321 | 2,275 |
Securities sold under agreements to repurchase | 444,788 | 358,131 |
FHLB short-term borrowings | 1,660,823 | 865,000 |
Long-term debt | 524,039 | 435,747 |
Derivative financial instruments | 12,877 | 27,432 |
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 | 384,587 | 450,866 |
Federal funds purchased | 16,321 | 2,275 |
Securities sold under agreements to repurchase | 444,788 | 358,131 |
FHLB short-term borrowings | 1,660,823 | 865,000 |
Total Fair Value [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale securities | 2,498,761 | 2,516,908 |
Held to maturity securities | 2,477,420 | 2,470,117 |
Loans, net | 143,327 | 169,888 |
Loans held for sale | 20,883 | 34,064 |
Derivative financial instruments | 14,959 | 20,315 |
Long-term debt | 524,039 | 435,747 |
Derivative financial instruments | 12,877 | 27,432 |
Total Fair Value [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans, net | 17,580,123 | 16,326,961 |
Deposits | 19,927,363 | 19,430,939 |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash, interest-bearing bank deposits, and federal funds sold | 384,587 | 450,866 |
Available for sale securities | 2,498,761 | 2,516,908 |
Held to maturity securities | 2,502,512 | 2,500,220 |
Loans, net | 17,991,318 | 16,522,733 |
Loans held for sale | 20,883 | 34,064 |
Derivative financial instruments | 14,959 | 20,315 |
Deposits | 19,922,020 | 19,424,266 |
Federal funds purchased | 16,321 | 2,275 |
Securities sold under agreements to repurchase | 444,788 | 358,131 |
FHLB short-term borrowings | 1,660,823 | 865,000 |
Long-term debt | 525,082 | 436,280 |
Derivative financial instruments | $ 12,877 | $ 27,432 |
Subsequent Event (Details)
Subsequent Event (Details) - USD ($) $ in Thousands | Apr. 28, 2017 | Mar. 10, 2017 |
Subsequent Event [Line Items] | ||
Acquisition, assets assumed | $ 1,233,643 | |
Whitney Bank [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Acquisition, cash | $ 655,000 | |
Transaction premium | 35,000 | |
Whitney Bank [Member] | Subsequent Event [Member] | Deposits [Member] | ||
Subsequent Event [Line Items] | ||
Acquisition, assets assumed | 1,600,000 | |
Whitney Bank [Member] | Subsequent Event [Member] | Cash, Securities, Consumer And Residential Mortgage Loans [Member] | ||
Subsequent Event [Line Items] | ||
Acquisition, assets assumed | $ 1,000,000 |