Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Nov. 03, 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 | Q3 | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 85,180,800 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) shares in Thousands, $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Assets: | ||
Cash and due from banks | $ 333,775 | $ 372,689 |
Interest-bearing bank deposits | 105,428 | 77,235 |
Federal funds sold | 6,297 | 942 |
Securities available for sale, at fair value (amortized cost of $2,879,343 and $2,562,000) | 2,855,278 | 2,516,908 |
Securities held to maturity (fair value of $2,768,148 and $2,470,117) | 2,769,274 | 2,500,220 |
Loans held for sale | 23,236 | 34,064 |
Loans | 18,786,285 | 16,752,151 |
Less: allowance for loan losses | (223,122) | (229,418) |
Loans, net | 18,563,163 | 16,522,733 |
Property and equipment, net of accumulated depreciation of $226,410 and $231,127 | 365,145 | 361,612 |
Prepaid expenses | 25,084 | 18,038 |
Other real estate, net | 21,154 | 18,884 |
Accrued interest receivable | 78,011 | 65,887 |
Goodwill | 739,403 | 621,193 |
Other intangible assets, net | 96,525 | 87,757 |
Life insurance contracts | 539,232 | 480,406 |
FDIC loss share receivable | 16,219 | |
Deferred tax asset, net | 83,615 | 104,435 |
Other assets | 212,135 | 176,080 |
Total assets | 26,816,755 | 23,975,302 |
Deposits: | ||
Noninterest-bearing | 7,896,384 | 7,658,203 |
Interest-bearing | 13,637,475 | 11,766,063 |
Total deposits | 21,533,859 | 19,424,266 |
Short-term borrowings | 1,737,151 | 1,225,406 |
Long-term debt | 331,179 | 436,280 |
Accrued interest payable | 9,014 | 9,574 |
Other liabilities | 342,277 | 160,008 |
Total liabilities | 23,953,480 | 21,255,534 |
Stockholders' equity: | ||
Common Stock | 291,358 | 291,358 |
Capital surplus | 1,721,477 | 1,698,253 |
Retained earnings | 948,591 | 850,689 |
Accumulated other comprehensive loss, net | (98,151) | (120,532) |
Total stockholders' equity | 2,863,275 | 2,719,768 |
Total liabilities and stockholders' equity | $ 26,816,755 | $ 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 | 84,767 | 84,235 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Consolidated Balance Sheets [Abstract] | ||
Securities available for sale, amortized cost | $ 2,879,343 | $ 2,562,000 |
Securities held to maturity, fair value | 2,768,148 | 2,470,117 |
Property and equipment, accumulated depreciation | $ 226,410 | $ 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 | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Interest income: | ||||
Loans, including fees | $ 199,702 | $ 155,761 | $ 566,663 | $ 466,591 |
Loans held for sale | 216 | 323 | 669 | 731 |
Securities-taxable | 26,616 | 21,782 | 74,385 | 68,788 |
Securities-tax exempt | 5,608 | 3,780 | 16,643 | 8,593 |
Short-term investments | 574 | 507 | 3,048 | 1,597 |
Total interest income | 232,716 | 182,153 | 661,408 | 546,300 |
Interest expense: | ||||
Deposits | 21,789 | 12,590 | 52,972 | 36,926 |
Short-term borrowings | 4,425 | 1,040 | 11,598 | 2,942 |
Long-term debt | 3,645 | 5,010 | 12,573 | 15,114 |
Total interest expense | 29,859 | 18,640 | 77,143 | 54,982 |
Net interest income | 202,857 | 163,513 | 584,265 | 491,318 |
Provision for loan losses | 13,040 | 18,972 | 43,982 | 96,204 |
Net interest income after provision for loan losses | 189,817 | 144,541 | 540,283 | 395,114 |
Noninterest income: | ||||
Service charges on deposit accounts | 21,444 | 18,716 | 60,711 | 55,493 |
Trust fees | 10,742 | 11,512 | 33,459 | 34,825 |
Bank card and ATM fees | 13,390 | 11,808 | 39,545 | 35,110 |
Investment and annuity fees | 5,570 | 4,289 | 15,440 | 14,265 |
Secondary mortgage market operations | 4,157 | 4,917 | 11,965 | 12,005 |
Insurance commissions and fees | 660 | 1,088 | 2,499 | 3,635 |
Amortization of FDIC loss share receivable | (1,539) | (2,427) | (4,678) | |
Other income | 11,152 | 11,866 | 36,901 | 32,768 |
Securities transactions | 351 | 1,465 | ||
Total noninterest income | 67,115 | 63,008 | 198,093 | 184,888 |
Noninterest expense: | ||||
Compensation expense | 82,242 | 70,290 | 237,486 | 213,524 |
Employee benefits | 12,499 | 12,873 | 44,019 | 42,591 |
Personnel expense | 94,741 | 83,163 | 281,505 | 256,115 |
Net occupancy expense | 12,448 | 10,068 | 36,285 | 30,818 |
Equipment expense | 3,779 | 3,349 | 11,457 | 10,203 |
Data processing expense | 16,798 | 14,590 | 48,993 | 43,167 |
Professional services expense | 10,062 | 6,584 | 31,691 | 21,917 |
Amortization of intangibles | 6,070 | 4,886 | 16,532 | 15,015 |
Telecommunications and postage | 3,876 | 3,284 | 11,081 | 9,917 |
Deposit insurance and regulatory fees | 7,883 | 5,969 | 21,356 | 17,415 |
Other real estate (income) expense, net | 199 | (5,214) | (2,329) | (4,096) |
Other expense | 21,760 | 22,379 | 68,057 | 55,561 |
Total noninterest expense | 177,616 | 149,058 | 524,628 | 456,032 |
Income before income taxes | 79,316 | 58,491 | 213,748 | 123,970 |
Income taxes | 20,414 | 11,772 | 53,565 | 26,505 |
Net income | $ 58,902 | $ 46,719 | $ 160,183 | $ 97,465 |
Earnings per common share-basic | $ 0.68 | $ 0.59 | $ 1.85 | $ 1.23 |
Earnings per common share-diluted | 0.68 | 0.59 | 1.85 | 1.23 |
Dividends paid per share | $ 0.24 | $ 0.24 | $ 0.72 | $ 0.72 |
Weighted average shares outstanding-basic | 84,749 | 77,550 | 84,577 | 77,525 |
Weighted average shares outstanding-diluted | 84,980 | 77,677 | 84,818 | 77,653 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | ||
Consolidated Statements of Comprehensive Income [Abstract] | |||||
Net income | $ 58,902 | $ 46,719 | $ 160,183 | $ 97,465 | |
Other comprehensive income: | |||||
Net change in unrealized gain/loss on securities available for sale and hedges | 5,949 | (5,604) | 19,794 | 39,997 | |
Reclassification of net losses realized and included in earnings | 1,374 | 1,158 | 4,479 | 2,960 | |
Valuation adjustment for pension plan amendment | [1] | 17,315 | |||
Other valuation adjustments for employee benefit plans | 1,597 | (6,347) | (9,185) | (6,347) | |
Amortization of unrealized net loss on securities transferred to held to maturity | 977 | 1,108 | 2,726 | 2,736 | |
Other comprehensive income/loss before income taxes | 9,897 | (9,685) | 35,129 | 39,346 | |
Income tax expense (benefit) | 3,609 | (3,537) | 12,748 | 14,440 | |
Other comprehensive income/loss net of income taxes | 6,288 | (6,148) | 22,381 | 24,906 | |
Comprehensive income | $ 65,190 | $ 40,571 | $ 182,564 | $ 122,371 | |
[1] | For further discussion of the pension plan amendment, see Note 11 - Retirement Plans. |
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 | 97,465 | 97,465 | |||
Other comprehensive income | 24,906 | 24,906 | |||
Comprehensive income | 97,465 | 24,906 | 122,371 | ||
Cash dividends declared ($0.72 per common share) | (57,349) | (57,349) | |||
Common stock activity, long-term incentive plan | $ 6 | 10,135 | 10,141 | ||
Common stock activity, long-term incentive plan, Shares issued | 2 | ||||
Issuance of stock from dividend reinvestment and stock purchase plan | 821 | 821 | |||
Balance at Sep. 30, 2016 | $ 291,352 | 1,435,404 | 818,060 | (55,689) | 2,489,127 |
Balance, Shares Issued at Sep. 30, 2016 | 87,493 | ||||
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 | 160,183 | $ 160,183 | |||
Other comprehensive income | 22,381 | 22,381 | |||
Comprehensive income | 160,183 | 22,381 | 182,564 | ||
Cash dividends declared ($0.72 per common share) | (62,400) | (62,400) | |||
Common stock activity, long-term incentive plan | 20,910 | 119 | 21,029 | ||
Issuance of stock from dividend reinvestment and stock purchase plan | 2,314 | 2,314 | |||
Balance at Sep. 30, 2017 | $ 291,358 | $ 1,721,477 | $ 948,591 | $ (98,151) | $ 2,863,275 |
Balance, Shares Issued at Sep. 30, 2017 | 87,495 | 87,495,000 |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Retained Earnings [Member] | ||
Cash dividends declared, per common share | $ 0.72 | $ 0.72 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 160,183 | $ 97,465 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 20,942 | 21,350 |
Provision for loan losses | 43,982 | 96,204 |
Gain on other real estate owned | (1,865) | (5,145) |
Deferred tax expense (benefit) | 8,072 | (14,713) |
Increase in cash surrender value of life insurance contracts | (10,855) | (8,807) |
(Gain) loss on disposal of other assets | 1,662 | (6,014) |
Net (increase) decrease in loans held for sale | 11,583 | (21,698) |
Net amortization of securities premium/discount | 24,119 | 20,836 |
Amortization of intangible assets | 16,532 | 15,015 |
Amortization of FDIC indemnification asset | 2,427 | 4,678 |
Stock-based compensation expense | 12,370 | 10,555 |
Increase (decrease) in interest payable and other liabilities | (5,038) | 8,946 |
Net cash receipts from (payments to) FDIC for loss share claims | 2,300 | (436) |
Decrease in FDIC loss share receivable | 8,613 | 3,487 |
Increase in payable to FDIC for loan servicing | 180,882 | |
Decrease in other assets | 11,446 | 40,693 |
Other, net | 17,723 | 6,572 |
Net cash provided by operating activities | 505,078 | 268,988 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from sales of securities available for sale | 213,877 | 141,716 |
Proceeds from maturities of securities available for sale | 249,270 | 298,810 |
Purchases of securities available for sale | (578,690) | (720,241) |
Proceeds from maturities of securities held to maturity | 276,073 | 307,633 |
Purchases of securities held to maturity | (554,442) | (371,657) |
Net decrease in short-term investments | 331,746 | 436,635 |
Proceeds from sales of loans | 166,922 | |
Net increase in loans | (725,228) | (591,696) |
Purchase of life insurance contracts | (50,000) | (40,000) |
Purchases of property and equipment | (16,086) | (10,817) |
Proceeds from sales of property and equipment | 389 | 677 |
Proceeds from sales of other real estate | 15,357 | 20,709 |
Net of cash paid for FNBC I acquisition | (322,708) | |
Net cash received for FNBC II acquisition | 799,509 | |
Other, net | (28,976) | (3,651) |
Net cash used in investing activities | (389,909) | (364,960) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net increase in deposits | 181,084 | 536,581 |
Net decrease in short-term borrowings | (84,890) | (347,688) |
Repayments of long-term debt | (198,690) | (16,796) |
Net proceeds from issuance of long-term debt | 124 | 6,796 |
Dividends paid | (62,400) | (57,349) |
Taxes paid related to nets share settlement of equity awards | (3,235) | (444) |
Proceeds from exercise of stock options | 11,610 | 49 |
Proceeds from dividend reinvestment and stock purchase plan | 2,314 | 821 |
Net cash provided by (used in) financing activities | (154,083) | 121,970 |
NET (DECREASE) INCREASE IN CASH AND DUE FROM BANKS | (38,914) | 25,998 |
CASH AND DUE FROM BANKS, BEGINNING | 372,689 | 303,874 |
CASH AND DUE FROM BANKS, ENDING | 333,775 | 329,872 |
SUPPLEMENTAL INFORMATION FOR NON-CASH INVESTING AND FINANCING ACTIVITIES | ||
Assets acquired in settlement of loans | $ 4,770 | $ 12,012 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2017 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | HANCOCK HOLDING COMPANY AND SUBSIDIARIES NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS 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 fairly state 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 date of the filing of this Quarterly Report on 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 Quarterly Report on 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. 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 counterparty 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 to GAAP and 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 during the reporting period 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. Refer to Note 14 – Recent Accounting Pronouncements for a discussion of accounting standards adopted in 2017. |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2017 | |
Acquisitions [Abstract] | |
Acquisitions | 2. Acquisitions 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”), referred to as the FNBC I transaction. 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. On April 28, 2017, the Louisiana Office of Financial Institutions (“OFI”) closed FNBC and appointed the FDIC as receiver. Whitney entered into a purchase and assumption agreement with the FDIC , referred to as the FNBC II transaction . Pursuant to the agreement, Whitney acquired selected assets and liabilities of the former FNBC , including substantially all of the transaction and savings deposits, and con tinued to operate its 29 branch locations ( 24 in Louisiana and five in Florida). Whitney also had the option to purchase (or assume the leases for) the branch and non-branch locations, including furniture, fixtures, and equipment subsequent to the date of the transaction. This option was exercised for seven branch locations. Whitney paid a premium of $35 million to the FDIC for the earnings stream acquired and received approximately $ 800 million in cash ( $64 2 million from the FDIC for the net liabilities assumed and $158 million in branch cash acquired). The FNBC I and FNBC II transactions were accounted for as business combinations and therefore, assets acquired and liabilities assumed were recorded at estimated fair values on the acquisition dates. The following table sets forth the preliminary acquisition date fair value of the assets acquired and liabilities assumed, the consideration paid or received, and the resulting goodwill recorded in each of the FNBC I and FNBC II transactions, and in the aggregate. The Company recorded certain p urchase accounting adjustments and a cash settlement with the FDIC during the third quarter of 2017. The Company expects to finalize acquisition date fair values and the resulting goodwill in the fourth quarter of 2017. FNBC I FNBC II (in thousands) March 10, 2017 April 28, 2017 Total ASSETS Cash and due from banks $ 2,856 $ 157,932 $ 160,788 Interest-bearing time deposits with other banks — 382,622 382,622 Fed funds sold and other short-term investments — 148 148 Securities — 213,877 213,877 Total loans 1,211,523 165,577 1,377,100 Property and equipment 11,837 8,988 20,825 Accrued interest receivable 2,969 885 3,854 Identifiable intangible assets 3,900 21,400 25,300 Other assets 63 4,150 4,213 Total identifiable assets 1,233,148 955,579 2,188,727 LIABILITIES Deposits 398,171 1,530,338 1,928,509 Short-term borrowings 510,749 85,886 596,635 Long-term debt 93,120 — 93,120 Other liabilities 1,607 3,079 4,686 Total liabilities 1,003,647 1,619,303 2,622,950 Net identifiable assets acquired (liabilities assumed) 229,501 (663,724) (434,223) Consideration (Paid) Received (325,564) 641,577 316,013 Goodwill $ 96,063 $ 22,147 $ 118,210 The loans acquired were recorded at estimated fair value at the acquisition dates with no carryover of the related allowance for loan losses. Substantially all of the loans acquired were considered to be performing (“purchased credit performing”) based on such factors as past due status and nonaccrual status, and were accounted for under Accounting Standards Codification (“ASC”) 310-20. The unpaid principal balance of the performing loans acquired totaled $1. 4 billion , of which $ 31.7 million is not expected to be collected. The difference at the acquisition dates between the fair value and the contractual amounts due (the “fair value discount”) of $ 41.0 million will be accreted into income over the estimated lives of the loan pools established in the valuation. Loans with an unpaid principal balance of $39.9 million and a fair value of $23.4 million were considered to be purchased credit impaired and were accounted for under ASC 310-30 using the cost recovery method; as such, the related fair value discount of $16.5 million will not be accreted into income . The Company assumed approximately $604 million of borrowings in the FNBC I transaction, consisting of both short-term and long-term Federal Home Loan Bank (“FHLB”) borrowings. The short-term borrowings consisted of $460 million in variable rate term notes, of which $200 million mature in 2025 and $260 million mature in 2026 . These notes reprice quarterly and may be repaid at the Company’s option, either in full or in part, on any quarterly repricing date. Also included in short-term borrowings are $51 million in fixed rate term notes. The long-term borrowings include $93.1 million in fixed rate term notes, of which $88 million mature in 2018 , $3.2 million mature in 2019 , and $1.9 million mature in 2023 . Short-term borrowings assumed in the FNBC II transaction consisted of securities sold under repurchase agreements. No long-term borrowings were assumed in the FNBC II transaction. Identifiable intangible assets consist of core deposit intangibles totaling $ 2 5.3 million that are being amortized using sum of years’ digits over the asset’s life of eight years for the FNBC I transaction and eleven years for the FNBC II transaction. Goodwill totaling $ 11 8 million represents the excess of the consideration paid over the fair value of the net assets acquired, or the excess of the fair value of the net liabilities assumed over the consideration received. It is comprised of estimated future economic benefits arising from these transactions that cannot not be individually identified or do not qualify for separate recognition. These benefits include increased market share in the Greater New Orleans and Florida Panhandle market areas, expected earnings streams, and operational efficiencies that the Company believes will result from these business combinations . The tax basis of the goodwill generated from these transactions is expected to be deductible for federal income tax purposes. Goodwill balance at December 31, 2016 $ 621,193 Additions: Initial goodwill recorded in FNBC I transaction 95,568 Measurement period adjustments - FNBC I transaction 495 Initial goodwill recorded in FNBC II transaction 23,009 Measurement period adjustments - FNBC II transaction (862) Goodwill balance at September 30, 2017 $ 739,403 The operating results of the Company for the three and nine months ended September 30, 2017 include the results from the operations acquired in the FNBC transactions since the respective acquisition dates. Estimating reliable historical financial information is impracticable as only selected components of the businesses, as historically operated, were acquired. A number of post-acquisition events, including the consolidation of certain branch locations and the integration of operations, cash and investments acquired make quantifying discrete earnings contributions of the businesses acquired impracticable. As such, neither supplemental pro forma financial information of the combined entity, nor revenue and earnings contributed by the businesses acquired since the dates of acquisition are presented. The Company incurred merger-related costs in connection with the FNBC I and FNBC II transactions. The following table reflects the merger-related costs for the three and nine months ended September 30, 2017 for both the FNBC I and FNBC II transactions combined. The Company does not expect to incur any additional merger-related costs related to the FNBC transactions in any subsequent period . (in thousands) Three Months Ended September 30, 2017 Nine Months Ended September 30, 2017 Personnel expense $ 2,120 $ 3,662 Net occupancy and equipment expense 500 777 Professional services expense 2,854 9,681 Data processing expense 929 974 Other real estate - (1,511) Advertising expense 358 1,389 Other expense 2,132 4,398 Total merger-related expenses $ 8,893 $ 19,370 |
Securities
Securities | 9 Months Ended |
Sep. 30, 2017 | |
Securities [Abstract] | |
Securities | 3 . Securities The amortized cost , gross unrealized gains and losses, and estimated fair value of securities classified as available for sale and held to maturity follow. Securities Available for Sale (in thousands) September 30, 2017 December 31, 2016 Gross Gross Gross Gross Amortized Unrealized Unrealized Fair Amortized Unrealized Unrealized Fair Cost Gains Losses Value Cost Gains Losses Value U.S. Treasury and government agency securities $ 75,019 $ 29 $ 1,606 $ 73,442 $ 56,751 $ — $ 1,923 $ 54,828 Municipal obligations 246,805 534 4,661 242,678 253,228 113 11,186 242,155 Residential mortgage-backed securities 1,795,397 9,701 11,672 1,793,426 1,620,191 10,592 19,428 1,611,355 Commercial mortgage-backed securities 584,503 569 16,719 568,353 425,750 — 23,159 402,591 Collateralized mortgage obligations 174,119 114 354 173,879 202,580 490 591 202,479 Corporate debt securities 3,500 — — 3,500 3,500 — — 3,500 $ 2,879,343 $ 10,947 $ 35,012 $ 2,855,278 $ 2,562,000 $ 11,195 $ 56,287 $ 2,516,908 Securities Held to Maturity (in thousands) September 30, 2017 December 31, 2016 Gross Gross Gross Gross Amortized Unrealized Unrealized Fair Amortized Unrealized Unrealized Fair Cost Gains Losses Value Cost Gains Losses Value U.S. Treasury and government agency securities $ 50,000 $ — $ 63 $ 49,937 $ 50,000 $ — $ 44 $ 49,956 Municipal obligations 725,484 7,677 7,396 725,765 648,093 2,147 20,175 630,065 Residential mortgage-backed securities 760,158 8,896 776 768,278 862,162 4,329 3,068 863,423 Commercial mortgage-backed securities 75,688 — 2,592 73,096 75,739 — 4,038 71,701 Collateralized mortgage obligations 1,157,944 2,476 9,348 1,151,072 864,226 1,420 10,674 854,972 $ 2,769,274 $ 19,049 $ 20,175 $ 2,768,148 $ 2,500,220 $ 7,896 $ 37,999 $ 2,470,117 The following table presents the amortized cost and estimated fair value of debt securities available for sale and held to maturity at September 30, 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 $ 5,392 $ 5,425 Due after one year through five years 46,852 47,394 Due after five years through ten years 1,097,850 1,082,709 Due after ten years 1,729,249 1,719,750 Total available for sale debt securities $ 2,879,343 $ 2,855,278 Amortized Fair Debt Securities Held to Maturity Cost Value Due in one year or less $ 10,081 $ 10,123 Due after one year through five years 108,164 108,726 Due after five years through ten years 837,353 833,465 Due after ten years 1,813,676 1,815,834 Total held to maturity debt securities $ 2,769,274 $ 2,768,148 The Company held no securities c lassified as trading at September 30 , 2017 or December 31, 2016. The fair value and gross unrealized losses for securities classified as available for sale with unrealized losses for the periods indicated follow. Available for Sale September 30, 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 U.S. Treasury and government agency securities $ 52,866 1,606 $ — $ — $ 52,866 $ 1,606 Municipal obligations 145,441 2,286 66,640 2,375 212,081 4,661 Residential mortgage-backed securities 1,255,266 11,514 5,360 158 1,260,626 11,672 Commercial mortgage-backed securities 465,596 15,366 30,151 1,353 495,747 16,719 Collateralized mortgage obligations 66,149 201 5,565 153 71,714 354 $ 1,985,318 $ 30,973 $ 107,716 $ 4,039 $ 2,093,034 $ 35,012 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 U.S. 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 fair value and gross unrealized losses for securities classified as held to maturity with unrealized losses for the periods indicated follow. Held to maturity September 30, 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 U.S. Treasury and government agency securities $ 49,938 $ 63 $ — $ — $ 49,938 $ 63 Municipal obligations 275,874 2,975 98,976 4,421 374,850 7,396 Residential mortgage-backed securities 254,743 776 — — 254,743 776 Commercial mortgage-backed securities 73,096 2,592 — — 73,096 2,592 Collateralized mortgage obligations 559,859 3,852 232,697 5,496 792,556 9,348 $ 1,213,510 $ 10,258 $ 331,673 $ 9,917 $ 1,545,183 $ 20,175 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 c hanges 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 o f the securities or the issuers’ abilities to meet contractual obligations. The Company believes it has adequate liquidity and, therefore, does not plan to and, more likely than not, will not be required to sell these securities before recovery of the indicated impairment. Accordingly, the unrealized losses on these securities have been determined to be temporary. Proceeds from the sales of securities were approximately $ 213.9 million with no gross gain or loss and $ 141.7 million with a gross gain of $ 1.5 million and no loss for the nine months ended September 30, 2 017 and 2016 , respectively . Securities with carrying values totaling $ 3.6 billion and $3.8 billion at September 30, 2017 and December 31, 2016, respectively, 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 | 9 Months Ended |
Sep. 30, 2017 | |
Loans and Allowance for Loan Losses [Abstract] | |
Loans and Allowance for Loan Losses | 4. Loans and Allowance for Loan Losses The Company generally makes loans in its market areas of south Mississippi, southern and central Alabama, south Lou isiana, the Houston, Texas area and the northern, central and panhandle regions of Florida. Loans, net of unearned income, by portfolio are p resented in the table below. September 30, December 31, (in thousands) 2017 2016 Commercial non-real estate $ 8,129,429 $ 7,613,917 Commercial real estate - owner occupied 2,076,014 1,906,821 Total commercial & industrial 10,205,443 9,520,738 Commercial real estate - income producing 2,511,808 2,013,890 Construction and land development 1,373,048 1,010,879 Residential mortgages 2,596,692 2,146,713 Consumer 2,099,294 2,059,931 Total loans $ 18,786,285 $ 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 consumer 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 nine months ended September 30, 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 Nine Months Ended September 30, 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 — — — — (77) (102) (153) (332) Recoveries 5 110 115 — 49 23 72 259 Net provision for loan losses (27) (220) (247) (54) (124) 175 (192) (442) Decrease in FDIC loss share receivable (47) — (47) — — (2,344) (135) (2,526) Non-purchased credit impaired activity: Charge-offs (35,247) (527) (35,774) (160) (593) (2,383) (22,691) (61,601) Recoveries 6,437 337 6,774 655 1,001 316 5,176 13,922 Net provision for loan losses 15,922 2,776 18,698 540 54 3,988 21,144 44,424 Ending balance $ 134,095 $ 13,559 $ 147,654 $ 14,490 $ 6,581 $ 25,034 $ 29,363 $ 223,122 Ending balance: Allowance: Individually evaluated for impairment $ 20,880 $ 477 $ 21,357 $ 1,321 $ 1 $ 406 $ 405 $ 23,490 Amounts related to purchased credit impaired loans 417 784 1,201 199 254 12,795 863 15,312 Collectively evaluated for impairment 112,798 12,298 125,096 12,970 6,326 11,833 28,095 184,320 Total allowance $ 134,095 $ 13,559 $ 147,654 $ 14,490 $ 6,581 $ 25,034 $ 29,363 $ 223,122 Loans: Individually evaluated for impairment $ 271,024 $ 6,351 $ 277,375 $ 14,295 $ 480 $ 8,942 $ 1,306 $ 302,397 Purchased credit impaired loans 20,186 13,021 33,207 5,353 6,670 123,244 7,637 176,111 Collectively evaluated for impairment 7,838,219 2,056,642 9,894,861 2,492,160 1,365,898 2,464,506 2,090,351 18,307,777 Total loans $ 8,129,429 $ 2,076,014 $ 10,205,443 $ 2,511,808 $ 1,373,048 $ 2,596,692 $ 2,099,294 $ 18,786,285 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 Nine Months Ended September 30, 2016 Allowance for loan losses: Beginning balance $ 109,428 $ 9,858 $ 119,286 $ 6,041 $ 5,642 $ 25,353 $ 24,857 $ 181,179 Purchased credit impaired activity: Charge-offs — (28) (28) (1) (18) (91) (8) (146) Recoveries 76 163 239 2 98 33 112 484 Net provision for loan losses 54 (140) (86) (436) (253) 1,685 (1,633) (723) (Decrease) increase in FDIC loss share receivable (2) — (2) — — (3,341) 316 (3,027) Non-purchased credit impaired activity: Charge-offs (27,504) (1,660) (29,164) (191) (827) (908) (17,403) (48,493) Recoveries 2,709 287 2,996 673 1,422 497 4,272 9,860 Net provision for loan losses 74,500 2,303 76,803 4,862 (216) 964 14,514 96,927 Ending balance $ 159,261 $ 10,783 $ 170,044 $ 10,950 $ 5,848 $ 24,192 $ 25,027 $ 236,061 Ending balance: Allowance: Individually evaluated for impairment $ 20,665 $ 223 $ 20,888 $ 57 $ 6 $ 94 $ 85 $ 21,130 Amounts related to purchased credit impaired loans 574 1,088 1,662 279 484 15,949 1,334 19,708 Collectively evaluated for impairment 138,022 9,472 147,494 10,614 5,358 8,149 23,608 195,223 Total allowance $ 159,261 $ 10,783 $ 170,044 $ 10,950 $ 5,848 $ 24,192 $ 25,027 $ 236,061 Loans: Individually evaluated for impairment $ 235,039 $ 6,458 $ 241,497 $ 7,655 $ 2,062 $ 3,864 $ 1,485 $ 256,563 Purchased credit impaired loans 11,534 16,417 27,951 8,087 8,436 145,273 12,045 201,792 Collectively evaluated for impairment 6,887,355 1,878,950 8,766,305 1,974,567 936,094 1,888,025 2,047,475 15,612,466 Total loans $ 7,133,928 $ 1,901,825 $ 9,035,753 $ 1,990,309 $ 946,592 $ 2,037,162 $ 2,061,005 $ 16,070,821 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. September 30, December 31, (in thousands) 2017 2016 Commercial non-real estate $ 188,982 $ 249,037 Commercial real estate - owner occupied 14,305 14,413 Total commercial & industrial 203,287 263,450 Commercial real estate - income producing 14,360 13,954 Construction and land development 3,292 4,550 Residential mortgages 34,674 23,665 Consumer 14,063 12,351 Total loans $ 269,676 $ 317,970 Nonaccrual loans include nonaccruing loans modified in troubled debt restructurings (“TDRs”) of $ 119.3 million and $81.9 million at September 30, 2017 and December 31, 2016, respectively. Total TDRs, both accruing and nonaccruing, were $ 216.0 million as of September 30, 2017 and $121.7 million at December 31, 2016. All TDRs are individually evaluated for impairment. The table below details by portfolio class TDRs that were modified during the nine months ended September 30, 2017 and 2016 . Nine Months Ended ($ in thousands) September 30, 2017 September 30, 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 50 $ 135,926 $ 135,926 17 $ 57,915 $ 57,915 Commercial real estate - owner occupied 4 3,734 3,734 — — — Total commercial & industrial 54 139,660 139,660 17 57,915 57,915 Commercial real estate - income producing 5 5,684 5,684 — — — Construction and land development — — — — — — Residential mortgages 13 2,068 2,068 6 532 532 Consumer 1 40 42 — — — Total loans 73 $ 147,452 $ 147,454 23 $ 58,447 $ 58,447 The TDRs modified during the nine months ended September 30, 2017 reflected in the table above include $ 96.1 million of loans with extended amortization terms or other payment concessions, $ 50.1 million of loans with significant covenant waivers and $ 1.3 million with other modifications. The TDRs modified during the nine months ended September 30, 2016 include $43.4 million of loans with extended amortization terms or other payment concessions , $14.7 million of loans with significant covenant waivers and $ 0.4 million of other modifications. No TDRs recorded during the nine months ended September 30, 2017 and 2016 subsequently defaulted within twelve months of modification. The tables below present loans that are individually evaluated for impairment disaggregated by portfolio class at September 30, 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. September 30, 2017 Recorded investment Recorded investment Unpaid (in thousands) without an allowance with an allowance principal balance Related allowance Commercial non-real estate $ 92,583 $ 178,441 $ 276,879 $ 20,880 Commercial real estate - owner occupied 3,599 2,752 6,353 477 Total commercial & industrial 96,182 181,193 283,232 21,357 Commercial real estate - income producing 5,160 9,135 14,451 1,321 Construction and land development 464 16 1,445 1 Residential mortgages 6,311 2,630 11,961 406 Consumer 1 1,305 1,308 405 Total loans $ 108,118 $ 194,279 $ 312,397 $ 23,490 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 The tables below present the average balances and interest income for total impaired loans for the three and nine months ended September 30, 2017 and 2016. Interest income recognized represents interest on accruing loans modified in a TDR. Three Months Ended September 30, 2017 September 30, 2016 Average Interest Average Interest recorded income recorded income (in thousands) investment recognized investment recognized Commercial non-real estate $ 260,640 $ 872 $ 233,913 $ 155 Commercial real estate - owner occupied 6,916 24 6,374 10 Total commercial & industrial 267,556 896 240,287 165 Commercial real estate - income producing 14,604 35 7,729 24 Construction and land development 663 1 1,655 — Residential mortgages 6,204 7 2,466 3 Consumer 1,179 4 826 2 Total loans $ 290,206 $ 943 $ 252,963 $ 194 Nine Months Ended September 30, 2017 September 30, 2016 Average Interest Average Interest recorded income recorded income (in thousands) investment recognized investment recognized Commercial non-real estate $ 251,129 $ 1,806 $ 197,382 $ 1,002 Commercial real estate - owner occupied 5,895 46 6,015 39 Total commercial & industrial 257,024 1,852 203,397 1,041 Commercial real estate - income producing 14,449 112 8,624 67 Construction and land development 1,216 1 7,821 — Residential mortgages 4,449 12 1,444 7 Consumer 1,644 9 348 4 Total loans $ 278,782 $ 1,986 $ 221,634 $ 1,119 Aging Analysis The tables below present the age analysis of past due loans by portfolio class at September 30, 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 September 30, 2017 past due past due past due past due Current Loans still accruing (in thousands) Commercial non-real estate $ 31,634 $ 3,880 $ 104,334 $ 139,848 $ 7,989,581 $ 8,129,429 $ 24,400 Commercial real estate - owner occupied 18,579 303 8,950 27,832 2,048,182 2,076,014 767 Total commercial & industrial 50,213 4,183 113,284 167,680 10,037,763 10,205,443 25,167 Commercial real estate - income producing 1,540 3,731 5,676 10,947 2,500,861 2,511,808 2,907 Construction and land development 5,018 1,031 2,861 8,910 1,364,138 1,373,048 417 Residential mortgages 39,081 10,575 24,415 74,071 2,522,621 2,596,692 41 Consumer 15,574 7,426 7,710 30,710 2,068,584 2,099,294 318 Total $ 111,426 $ 26,946 $ 153,946 $ 292,318 $ 18,493,967 $ 18,786,285 $ 28,850 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 September 30, 2017 and December 31, 2016. September 30, 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 $ 6,941,591 $ 1,840,553 $ 8,782,144 $ 2,327,685 $ 1,278,648 $ 12,388,477 Pass-Watch 345,073 83,808 428,881 107,568 73,538 609,987 Special Mention 122,023 41,270 163,293 12,802 7,484 183,579 Substandard 717,436 110,383 827,819 63,744 13,378 904,941 Doubtful 3,306 — 3,306 9 — 3,315 Total $ 8,129,429 $ 2,076,014 $ 10,205,443 $ 2,511,808 $ 1,373,048 $ 14,090,299 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 September 30, 2017 December 31, 2016 (in thousands) Residential mortgage Consumer Total Residential mortgage Consumer Total Performing $ 2,561,977 $ 2,084,913 $ 4,646,890 $ 2,123,048 $ 2,046,757 $ 4,169,805 Nonperforming 34,715 14,381 49,096 23,665 13,174 36,839 Total $ 2,596,692 $ 2,099,294 $ 4,695,986 $ 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 or 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 nine months ended September 30, 2017 and the year ended December 31, 2016. September 30, 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 Addition of cost recovery loans 23,431 — — — Payments received, net (51,040) (6,651) (55,194) (11,024) Accretion 12,805 (12,805) 20,271 (20,271) Increase in expected cash flows based on actual cash flows and changes in cash flow assumptions — 4,149 — 5,358 Net transfers from nonaccretable difference to accretable yield — 8,095 — 10,135 Balance at end of period $ 176,111 $ 106,474 $ 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. In the third quarter of 2017, the Company terminated the agreement s with the FDIC on the remaining covered loan balances totaling $154 million at June 30, 2017. The indemnification asset was written down to the final settlement amount of $3.2 million in the second quarter of 2017. The final cash settlement was received from the FDIC in July 2017. The following schedule shows activity in the FDIC loss share receivable for the nine months ended September 30, 2017 and 2016 . September 30, September 30, (in thousands) 2017 2016 Beginning Balance $ 16,219 $ 29,868 Amortization (2,427) (4,678) Charge-offs, write-downs and other recoveries (2,442) (5,569) External expenses qualifying under loss share agreements 79 1,000 Adjustment due to changes in cash flow projections (2,526) (3,027) Net payments to FDIC 934 436 Write-down for termination of loss share agreements (6,603) — Cash received from FDIC for final settlement of agreements (3,234) — Ending balance $ — $ 18,030 Residential Mortgage Loans in Process of Foreclosure Included in loans are $8 .0 million and $10. 1 million of consumer loans secured by single family residential real estate that are in process of foreclosure as of September 30, 2017 and December 31, 2016, respectively. 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 forec is losure, the Company also held $ 2. 5 million and $3.1 million of foreclosed single family residential properties in other real estate owned as of September 30, 2017 and December 31, 2016, respectively. |
Securities Sold under Agreement
Securities Sold under Agreements to Repurchase | 9 Months Ended |
Sep. 30, 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 are customer securities sold under agreements to repurchase (“repurchase agreements”) that mature daily and are secured by U.S. agency securities totaling $ 512.0 million and $358.1 million at September 30, 2017 and December 31, 2016, respectively . 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 | 9 Months Ended |
Sep. 30, 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 also enters 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 or contractual amounts and fair values of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of September 30, 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. September 30, 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 $ 875,000 $ — $ 7,924 $ 1,100,000 $ — $ 7,787 Interest rate swaps Fair Value 363,000 — 823 — — — $ 1,238,000 $ — $ 8,747 $ 1,100,000 $ — $ 7,787 Derivatives not designated as hedging instruments: Interest rate swaps (2) N/A $ 1,172,752 $ 16,855 $ 17,420 $ 979,391 $ 18,405 $ 18,362 Risk participation agreements N/A 109,556 34 108 84,732 50 105 Forward commitments to sell residential mortgage loans N/A 93,809 91 669 75,676 900 221 Interest rate-lock commitments on residential mortgage loans N/A 71,786 534 71 46,840 189 228 Foreign exchange forward contracts N/A 55,081 2,465 2,423 56,152 771 729 1,502,984 19,979 20,691 1,242,791 20,315 19,645 Total derivatives $ 2,740,984 $ 19,979 $ 29,438 $ 2,342,791 $ 20,315 $ 27,432 Less: netting adjustment (3) (2,780) (16,747) — — Total derivative assets/liabilities $ 17,199 $ 12,691 $ 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 pools of variable rate loans. For each agreement, the Company receives interest at a fixed rate and pays at a variable rate. The notional amounts of the swap agreements at September 30, 2017 expire as follows: $250 million in 2019 ; $200 million in 2020 ; and $425 million in 2022 . 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- Shareholders’ Equity. There was virtually no ineffective portion of the change in fair value of the derivative s recognized directly in earnings during the three or nine months ended September 30, 2017 and 2016 . 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 hedged deposits increases, but the value of the interest rate swaps decrease s , 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 in 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 its 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 foreign 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 instrument 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 $ 1.3 million and $ 4.4 million for the three and nine months ended September 30, 2017, respectively, and $ 1.3 million and $ 1.7 million for the three and nine months ended September 30, 2016, respectively. The impact to interest income from cash flow hedges was ($0.1) million and ($0.2) million for the three and nine months ended September 30, 2017, respectively and $0.7 million and $1. 7 million for the three and nine months ended September 30, 2016, respectively. For the three and nine months ended September 30, 2017, the fair value hedges entered into during the period reduced interest expense on deposits by $0. 2 million and $0.6 million, respectively, and had minimal impact on noninterest income due to ineffectiveness . Credit Risk-R elated Contingent Features Certain of the Bank’s derivative instruments contain provisions allowing the financial institution counterparty to terminate the contracts in ce rtain circumstances, such as a 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 September 30, 2017 , the aggregate fair value of derivative instruments with credit risk-related contingent features that were in a net liability position was $ 16.6 million . Offsetting Assets and Liabilities The Bank’s derivative instruments with 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 that 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 Income. Offsetting information in regards to all derivative assets and liabilities , including accrued interest, subject to these master netting agreements at September 30, 2017 and Decemb er 31, 2016 is presented in the following tables. (in thousands) Gross Amounts Net Amounts Gross Amounts Not Offset in the Statement of Income Description Gross Amounts Recognized Offset in the Statement of Income Presented in the Statement of Income Financial Instruments Cash Collateral Net Amount As of September 30, 2017 Derivative Assets $ 5,271 $ (3,942) $ 1,329 $ 1,329 $ — $ — Derivative Liabilities $ 21,889 $ (16,322) $ 5,567 $ 1,329 $ 7,318 $ (3,080) (in thousands) Gross Amounts Net Amounts Gross Amounts Not Offset in the Statement of Income Description Gross Amounts Recognized Offset in the Statement of Income Presented in the Statement of Income 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 | 9 Months Ended |
Sep. 30, 2017 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | 7 . Stockholders’ Equity The present ation of the components of stock holders’ equity was modified from prior filings to consolidate treasury stock into surplus in the C onsolidated B alance S heets an d Statements of Changes in Stock holders’ E quity in order to simplify the presentation. Additional information on treasury s tock is reflected in the common shares outstanding section below. Common Shares Outstanding Common shares outstanding excludes treasury sha res of 1.0 m illion and 1.3 million at September 30 , 2017 and December 31, 2016, respectively, with a first-in-first-out cost basi s of $17. 6 mill ion and $24.1 m illion at September 30, 2017 and December 31, 2016, respectively. Shares outstanding also exclude s unvested restricted share awards of 1. 7 m illion and 2.0 million at September 30, 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 (loss) before income taxes: Net change in unrealized gain 38,835 — — 1,162 39,997 Reclassification of net (gain) loss realized and included in earnings (1,435) — 4,395 — 2,960 Valuation adjustment for employee benefit plans — — (6,347) — (6,347) Amortization of unrealized net loss on securities transferred to HTM — 2,736 — — 2,736 Income tax expense (benefit) 13,701 1,029 (714) 424 14,440 Balance, September 30, 2016 $ 27,967 $ (15,088) $ (69,128) $ 560 $ (55,689) Balance, December 31, 2016 $ (28,679) $ (14,392) $ (72,501) $ (4,960) $ (120,532) Other comprehensive income (loss) before income taxes: Net change in unrealized gain (loss) 21,026 — — (1,232) 19,794 Reclassification of net losses realized and included in earnings — — 4,144 335 4,479 Valuation adjustment for pension plan amendment (a) — — 17,315 — 17,315 Other valuation adjustments for employee benefit plan — — (9,185) — (9,185) Amortization of unrealized net loss on securities transferred to HTM — 2,726 — — 2,726 Income tax expense (benefit) 7,649 1,012 4,416 (329) 12,748 Balance, September 30, 2017 $ (15,302) $ (12,678) $ (64,643) $ (5,528) $ (98,151) (a) For further discussion of the pension plan amendment, see Note 11 – Retirement Plans. 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 describe d 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 of the consolidated statements of income affected by amounts reclassified from AOCI . Nine Months Ended Amount reclassified from AOCI (a) September 30, Affected line item on (in thousands) 2017 2016 the statement of income Gain on sale of AFS securities $ — $ 1,435 Securities transactions Tax effect — (502) Income taxes Net of tax — 933 Net income Amortization of unrealized net loss on securities transferred to HTM (2,726) (2,736) Interest income Tax effect 1,012 1,029 Income taxes Net of tax (1,714) (1,707) Net income Amortization of defined benefit pension and post-retirement items (4,144) (4,395) Employee benefits expense (b) Tax effect 1,491 1,538 Income taxes Net of tax (2,653) (2,857) Net income Amortization of loss on terminated cash flow hedges (335) — Interest income Tax effect 123 — Income taxes Net of tax (212) — Net income Total reclassifications, net of tax $ (4,579) $ (3,631) Net income (a) Amounts in parenthesis indicate reduction in net income. (b) These AOCI components are included in the computation of net periodic pension and post-retirement cost that is reported with employee benefits expense (see Note 11 – Retirement Plans for additional details). |
Other Noninterest Income
Other Noninterest Income | 9 Months Ended |
Sep. 30, 2017 | |
Other Noninterest Income [Abstract] | |
Other Noninterest Income | 8 . Other Noninterest Income Components of other no ninterest income are as follows: Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2017 2016 2017 2016 Income from bank-owned life insurance $ 3,097 $ 4,097 $ 8,632 $ 11,148 Credit related fees 2,521 2,685 8,297 7,309 Derivative income 1,339 1,347 4,484 1,741 Net gain on sale of assets 400 991 4,465 4,557 Safety deposit box income 424 424 1,264 1,315 Other miscellaneous 3,371 2,322 9,759 6,698 Total other noninterest income $ 11,152 $ 11,866 $ 36,901 $ 32,768 |
Other Noninterest Expense
Other Noninterest Expense | 9 Months Ended |
Sep. 30, 2017 | |
Other Noninterest Expense [Abstract] | |
Other Noninterest Expense | 9 . Other Noninterest Expense Components of other non interest expense are as follows: Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2017 2016 2017 2016 Advertising $ 3,910 $ 2,859 $ 11,971 $ 7,909 Ad valorem and franchise taxes 3,387 2,268 9,942 6,911 Printing and supplies 1,421 1,134 3,929 3,310 Insurance expense 671 803 2,295 2,467 Travel expense 1,226 1,022 3,635 3,050 Entertainment and contributions 2,322 1,686 6,087 5,319 Tax credit investment amortization 1,212 861 3,637 4,437 Loss share termination — — 6,603 — Other miscellaneous 7,611 11,746 19,958 22,158 Total other noninterest expense $ 21,760 $ 22,379 $ 68,057 $ 55,561 |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 10 . Earnings Per Share The Company 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 secur ities 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 Nine Months Ended September 30, September 30, (in thousands, except per share data) 2017 2016 2017 2016 Numerator: Net income to common shareholders $ 58,902 $ 46,719 $ 160,183 $ 97,465 Net income allocated to participating securities - basic and diluted 1,244 1,101 3,566 2,334 Net income allocated to common shareholders - basic and diluted $ 57,658 $ 45,618 $ 156,617 $ 95,131 Denominator: Weighted-average common shares - basic $ 84,749 $ 77,550 $ 84,577 $ 77,525 Dilutive potential common shares 231 127 241 128 Weighted-average common shares - diluted $ 84,980 $ 77,677 $ 84,818 $ 77,653 Earnings per common share: Basic $ 0.68 $ 0.59 $ 1.85 $ 1.23 Diluted $ 0.68 $ 0.59 $ 1.85 $ 1.23 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 redu ce a loss per share. Weighted average anti-dilutive potential common shares totaled 1 ,380 and 11,057 , respectively , for the three and nine months ended September 30, 2017. Weighted-average anti-dilutive potential common shares totaled 317,893 and 578, 863 , respectively, for the three and nine months ended September 30, 2016. |
Retirement Plans
Retirement Plans | 9 Months Ended |
Sep. 30, 2017 | |
Retirement Plans [Abstract] | |
Retirement Plans | 11 . Retirement Plans During the second quarter of 2017, the Company amended both the Hancock Holding Company Pension Plan and Trust Agreement (“Pension Plan”), a qualified defined benefit plan, and the Hancock Holding Company 401(k) Savings Plan and Trust Agreement (“401(k) Plan”), a defined contribution plan. The Pension Plan was amended to exclude any individual hired or rehired by the Company after June 30, 2017 from eligibility to participate. The Pension Plan amendment further provides that the accrued benefits of each participant in the Pension Plan whose combined age plus years of service as of January 1, 2018 totals less than 55 will be frozen as of January 1, 2018 and will not thereafter increase. As a result of the plan amendments, pension assets and the benefit obligations were re-measured as of June 30, 2017. The impact of the amendment to the benefit obligation was a reduction of $17.3 million. As of June 30, 2017, pension assets totaled $537.6 million and the benefit obligation totaled $476.9 million. The 401(k) Plan was amended for participants whose benefits are frozen under the Pension Plan, to add an enhanced Company contribution beginning January 1, 2018, in the amount of 2% , 4% or 6% of such participant’s eligible compensation, based on the participant’s age and years of service with the Company. The 401(k) Plan’s amendment further provides that the Company will contribute to the benefit of those associates of the Company hired or rehired after June 30, 2017 and those associates of the Company never enrolled in the Pension Plan an additional basic contribution in an amount equal to 2% of the associate’s eligible compensation beginning January 1, 2018. Participants will vest in the new basic and enhanced Company contributions upon completion of three years of service. The Company also has a nonqualified defined benefit plan covering certa in legacy Whitney employees that was frozen as of December 31, 2012 and no future benefits are accrued under this plan . The Company 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 September 30, 2017 2017 2016 2017 2016 Service cost $ 3,769 $ 3,611 $ 17 $ 45 Interest cost 4,056 4,022 155 204 Expected return on plan assets (9,652) (8,554) — — Amortization of net loss and prior service costs 1,167 1,426 (128) 53 Net periodic benefit cost (reduction of cost) $ (660) $ 505 $ 44 $ 302 Nine months ended September 30, 2017 Service cost $ 11,612 $ 10,487 $ 112 $ 119 Interest cost 12,470 13,033 514 613 Expected return on plan assets (27,978) (25,999) — — Amortization of net loss and prior service costs 4,368 4,320 (224) 75 Net periodic benefit cost $ 472 $ 1,841 $ 402 $ 807 No contribution to the pension plans is required in 2017 to meet minimum funding requirements, and the Company has no plans to make a contribution in the current year. |
Share-Based Payment Arrangement
Share-Based Payment Arrangements | 9 Months Ended |
Sep. 30, 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 nine months ended September 30 , 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 (335,758) 34.58 — 4,111 Cancelled/Forfeited (538) 32.09 — 6 Expired (16,675) 68.18 — — Outstanding at September 30, 2017 103,287 $ 35.06 2.92 $ 1,383 Exercisable at September 30, 2017 103,287 $ 35.06 2.92 $ 1,383 The total intrins ic value of options exercised for the nine months ended September 30, 2017 was $4.1 million. There was minimal intrinsic value of options exercised for the nine months ended September 30, 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 September 30, 2017 and changes during the nine months ended September 30, 2017 , is presented in the following table. Weighted Average Number of Grant Date Shares Fair Value Nonvested at January 1, 2017 2,152,119 $ 32.15 Granted 63,127 42.16 Vested (209,440) 30.23 Forfeited (54,493) 32.36 Nonvested at September 30, 2017 1,951,313 $ 32.67 As of September 30, 2017 , there was $ 40.1 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 years . The total fair value of shares which vested during the nine months ended September 30, 2017 and 2016 was $10.1 million and $2. 2 million , respectively. During the nine months ended September 30, 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 | 9 Months Ended |
Sep. 30, 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 partici pants on the measurement date. The FASB’s guid ance also establishes 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. September 30, 2017 (in thousands) Level 1 Level 2 Level 3 Total Assets Available for sale debt securities: U.S. Treasury and government agency securities $ — $ 73,442 $ — $ 73,442 Municipal obligations — 242,678 — 242,678 Corporate debt securities — 3,500 — 3,500 Residential mortgage-backed securities — 1,793,426 — 1,793,426 Commercial mortgage-backed securities — 568,353 — 568,353 Collateralized mortgage obligations — 173,879 — 173,879 Total available for sale securities — 2,855,278 — 2,855,278 Derivative assets (1) — 17,199 — 17,199 Total recurring fair value measurements - assets $ — $ 2,872,477 $ — $ 2,872,477 Liabilities Derivative liabilities (1) $ — $ 12,691 $ — $ 12,691 Total recurring fair value measurements - liabilities $ — $ 12,691 $ — $ 12,691 (1) For further disaggregation of derivative as sets 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 as sets 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 munic ipal 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 U.S. 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. 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 asso ciated 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. The Company’s policy is to recognize transfers between valuation hierarchy levels as of the end of a reporting period. There were no transfers between levels during the periods shown. 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. September 30, 2017 (in thousands) Level 1 Level 2 Level 3 Total Collateral-dependent impaired loans $ — $ 129,230 $ — $ 129,230 Other real estate owned — — 6,810 6,810 Total nonrecurring fair value measurements $ — $ 129,230 $ 6,810 $ 136,040 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 amou nts”). 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 September 30, 2017 and December 31, 2016 . September 30, 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 $ 445,500 $ — $ — $ 445,500 $ 445,500 Available for sale securities — 2,855,278 — 2,855,278 2,855,278 Held to maturity securities — 2,768,148 — 2,768,148 2,769,274 Loans, net — 129,230 18,300,747 18,429,977 18,563,163 Loans held for sale — 23,236 — 23,236 23,236 Derivative financial instruments — 17,199 — 17,199 17,199 Financial liabilities: Deposits $ — $ — $ 21,523,649 $ 21,523,649 $ 21,533,859 Federal funds purchased 1,150 — — 1,150 1,150 Securities sold under agreements to repurchase 512,001 — — 512,001 512,001 FHLB short-term borrowings 1,224,000 — — 1,224,000 1,224,000 Long-term debt — 330,909 — 330,909 331,179 Derivative financial instruments — 12,691 — 12,691 12,691 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 | 9 Months Ended |
Sep. 30, 2017 | |
Recent Accounting Pronouncements [Abstract] | |
Recent Accounting Pronouncements | 14. Recent Accounting Pronouncements Accounting Standards Adopted in 2017 In March 2017, the FASB issued Accounting Standards Update (“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 s within those fiscal years, beginning after December 15, 2018. The Company early adopted this amendment in the second quarter of 2017 and, in accordance with the standards, the Company began amortizing the premium for certain purchased callable debt securities to the earliest call date. The adoption of this guidance did not have a material impact on the Company’s financial condition or results of operations. In March 2016, the FASB issued ASU 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting,” to improve the accounting for employee share-based payments. Several aspects of the accounting for share-based payment award transactions are simplified, including income tax consequences; classification of awards as either equity or liabilities; and classification on the statement of cash flows. The amendments were effective for public business entities for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The Company 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 reclassify 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 in income (rather than in equity) on a prospective basis. Adoption of this guidance did not have a material impact on the Company’s financial condition or results of operations; however, the prospective change in treatment of excess tax benefits resulted in a reduction in income tax expense of approximately $0.2 million and $2.0 million for the three and nine months periods ended September 30, 2017, respectively, and could result in volatility of future earnings, depending on changes in the Company’s stock price. Issued but Not Yet Adopted Accounting Standards In August 2017, the FASB issued ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities,” with the objective of improving financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements. The update provides changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. The amendments in this update are effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early application is permitted in any interim period after issuance of the update. All transition requirements and elections are to be applied to hedging relationships existing on the date of adoption, and the effect of the adoption should be reflected as of the beginning of the fiscal year of adoption. The Company is currently assessing all potential impacts of adoption of this update and is considering early adoption effective January 1, 2018. In May 2017, the FASB issued ASU 2017-09, “Compensation – Stock Compensation (Topic 718): Scope of Modification Accounting,” which seeks to provide clarity, reduce diversity in practice, and reduce complexity when applying the guidance regarding a change to the terms of conditions of a share-based payment award. Specifically, an entity is to account for the effects of a modification, unless all of the following are satisfied: (1) the fair value (or calculated value or intrinsic value, if such an alternative measurement method is used) of the modified award is the same as the fair value (or calculated value or intrinsic value, if such an alternative measurement is used) of the original award immediately before the original award is modified; (2) the vesting conditions of the modified award are the same as the vesting conditions of the original award immediately before the original award is modified; and (3) the classification of the modified award as an equity instrument or as a liability instrument is the same as the classification of the original award immediately before the original award is modified. The amendments are effective for annual periods, and for interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted, including adoption in any interim period, for reporting periods for which financial statements have not yet been issued. The Company does not expect the adoption of this guidance to have a material impact on its 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 Costs,” 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. 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. Refer to Note 11 – Retirement Plans – for detail on the components of net periodic pension and post-retirement benefit costs. Application of this guidance 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. Application of this guidance 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) qualifies 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. Adoption of this guidance is not expected to have a material impact on the Company’s financial condition or results of operations. 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. 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. Adoption of this guidance will not have a material impact on the Company’s financial condition or results of operations, and the Company does not expect a material impact to the presentation of its Statement of Cash Flows. 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 currently applied 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 are required to 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 its consolidated results of operations. In January 2016, the FASB issued 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 will adopt this guidance on January 1, 2018 and plans to use the modified retrospective approach. The Company has inventoried its contracts with customers and has evaluated a material portion of those contracts for compliance with the standard. The Company has not yet identified any material changes to the timing of revenue recognition. Based on the analysis performed to date, adoption of this guidance is not expected to have a material impact on its financial condition or results of operations. The Company is continuing to evaluate disaggregation for select categories of revenue in the scope of the guidance. Upon adoption, the Company will provide qualitative disclosures of its performance obligations related to revenue recognition. |
Basis of Presentation23
Basis of Presentation | 9 Months Ended |
Sep. 30, 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 fairly state 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 date of the filing of this Quarterly Report on 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 Quarterly Report on 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. 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 counterparty 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 to GAAP and 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 during the reporting period 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. Refer to Note 14 – Recent Accounting Pronouncements for a discussion of accounting standards adopted in 2017. |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Acquisitions [Abstract] | |
Schedule of Fair Value of Net Assets Acquired | FNBC I FNBC II (in thousands) March 10, 2017 April 28, 2017 Total ASSETS Cash and due from banks $ 2,856 $ 157,932 $ 160,788 Interest-bearing time deposits with other banks — 382,622 382,622 Fed funds sold and other short-term investments — 148 148 Securities — 213,877 213,877 Total loans 1,211,523 165,577 1,377,100 Property and equipment 11,837 8,988 20,825 Accrued interest receivable 2,969 885 3,854 Identifiable intangible assets 3,900 21,400 25,300 Other assets 63 4,150 4,213 Total identifiable assets 1,233,148 955,579 2,188,727 LIABILITIES Deposits 398,171 1,530,338 1,928,509 Short-term borrowings 510,749 85,886 596,635 Long-term debt 93,120 — 93,120 Other liabilities 1,607 3,079 4,686 Total liabilities 1,003,647 1,619,303 2,622,950 Net identifiable assets acquired (liabilities assumed) 229,501 (663,724) (434,223) Consideration (Paid) Received (325,564) 641,577 316,013 Goodwill $ 96,063 $ 22,147 $ 118,210 |
Schedule of Goodwill | Goodwill balance at December 31, 2016 $ 621,193 Additions: Initial goodwill recorded in FNBC I transaction 95,568 Measurement period adjustments - FNBC I transaction 495 Initial goodwill recorded in FNBC II transaction 23,009 Measurement period adjustments - FNBC II transaction (862) Goodwill balance at September 30, 2017 $ 739,403 |
Schedule of Merger-Related Expense | (in thousands) Three Months Ended September 30, 2017 Nine Months Ended September 30, 2017 Personnel expense $ 2,120 $ 3,662 Net occupancy and equipment expense 500 777 Professional services expense 2,854 9,681 Data processing expense 929 974 Other real estate - (1,511) Advertising expense 358 1,389 Other expense 2,132 4,398 Total merger-related expenses $ 8,893 $ 19,370 |
Securities (Tables)
Securities (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Gain (Loss) on Investments [Line Items] | |
Amortized Cost and Fair Value of Securities Available for Sale | Securities Available for Sale (in thousands) September 30, 2017 December 31, 2016 Gross Gross Gross Gross Amortized Unrealized Unrealized Fair Amortized Unrealized Unrealized Fair Cost Gains Losses Value Cost Gains Losses Value U.S. Treasury and government agency securities $ 75,019 $ 29 $ 1,606 $ 73,442 $ 56,751 $ — $ 1,923 $ 54,828 Municipal obligations 246,805 534 4,661 242,678 253,228 113 11,186 242,155 Residential mortgage-backed securities 1,795,397 9,701 11,672 1,793,426 1,620,191 10,592 19,428 1,611,355 Commercial mortgage-backed securities 584,503 569 16,719 568,353 425,750 — 23,159 402,591 Collateralized mortgage obligations 174,119 114 354 173,879 202,580 490 591 202,479 Corporate debt securities 3,500 — — 3,500 3,500 — — 3,500 $ 2,879,343 $ 10,947 $ 35,012 $ 2,855,278 $ 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) September 30, 2017 December 31, 2016 Gross Gross Gross Gross Amortized Unrealized Unrealized Fair Amortized Unrealized Unrealized Fair Cost Gains Losses Value Cost Gains Losses Value U.S. Treasury and government agency securities $ 50,000 $ — $ 63 $ 49,937 $ 50,000 $ — $ 44 $ 49,956 Municipal obligations 725,484 7,677 7,396 725,765 648,093 2,147 20,175 630,065 Residential mortgage-backed securities 760,158 8,896 776 768,278 862,162 4,329 3,068 863,423 Commercial mortgage-backed securities 75,688 — 2,592 73,096 75,739 — 4,038 71,701 Collateralized mortgage obligations 1,157,944 2,476 9,348 1,151,072 864,226 1,420 10,674 854,972 $ 2,769,274 $ 19,049 $ 20,175 $ 2,768,148 $ 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 $ 5,392 $ 5,425 Due after one year through five years 46,852 47,394 Due after five years through ten years 1,097,850 1,082,709 Due after ten years 1,729,249 1,719,750 Total available for sale debt securities $ 2,879,343 $ 2,855,278 |
Securities with Unrealized Losses | Available for Sale September 30, 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 U.S. Treasury and government agency securities $ 52,866 1,606 $ — $ — $ 52,866 $ 1,606 Municipal obligations 145,441 2,286 66,640 2,375 212,081 4,661 Residential mortgage-backed securities 1,255,266 11,514 5,360 158 1,260,626 11,672 Commercial mortgage-backed securities 465,596 15,366 30,151 1,353 495,747 16,719 Collateralized mortgage obligations 66,149 201 5,565 153 71,714 354 $ 1,985,318 $ 30,973 $ 107,716 $ 4,039 $ 2,093,034 $ 35,012 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 U.S. 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 $ 10,081 $ 10,123 Due after one year through five years 108,164 108,726 Due after five years through ten years 837,353 833,465 Due after ten years 1,813,676 1,815,834 Total held to maturity debt securities $ 2,769,274 $ 2,768,148 |
Securities with Unrealized Losses | Held to maturity September 30, 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 U.S. Treasury and government agency securities $ 49,938 $ 63 $ — $ — $ 49,938 $ 63 Municipal obligations 275,874 2,975 98,976 4,421 374,850 7,396 Residential mortgage-backed securities 254,743 776 — — 254,743 776 Commercial mortgage-backed securities 73,096 2,592 — — 73,096 2,592 Collateralized mortgage obligations 559,859 3,852 232,697 5,496 792,556 9,348 $ 1,213,510 $ 10,258 $ 331,673 $ 9,917 $ 1,545,183 $ 20,175 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 26
Loans and Allowance for Loan Losses (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans, Net of Unearned Income | September 30, December 31, (in thousands) 2017 2016 Commercial non-real estate $ 8,129,429 $ 7,613,917 Commercial real estate - owner occupied 2,076,014 1,906,821 Total commercial & industrial 10,205,443 9,520,738 Commercial real estate - income producing 2,511,808 2,013,890 Construction and land development 1,373,048 1,010,879 Residential mortgages 2,596,692 2,146,713 Consumer 2,099,294 2,059,931 Total loans $ 18,786,285 $ 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 Nine Months Ended September 30, 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 — — — — (77) (102) (153) (332) Recoveries 5 110 115 — 49 23 72 259 Net provision for loan losses (27) (220) (247) (54) (124) 175 (192) (442) Decrease in FDIC loss share receivable (47) — (47) — — (2,344) (135) (2,526) Non-purchased credit impaired activity: Charge-offs (35,247) (527) (35,774) (160) (593) (2,383) (22,691) (61,601) Recoveries 6,437 337 6,774 655 1,001 316 5,176 13,922 Net provision for loan losses 15,922 2,776 18,698 540 54 3,988 21,144 44,424 Ending balance $ 134,095 $ 13,559 $ 147,654 $ 14,490 $ 6,581 $ 25,034 $ 29,363 $ 223,122 Ending balance: Allowance: Individually evaluated for impairment $ 20,880 $ 477 $ 21,357 $ 1,321 $ 1 $ 406 $ 405 $ 23,490 Amounts related to purchased credit impaired loans 417 784 1,201 199 254 12,795 863 15,312 Collectively evaluated for impairment 112,798 12,298 125,096 12,970 6,326 11,833 28,095 184,320 Total allowance $ 134,095 $ 13,559 $ 147,654 $ 14,490 $ 6,581 $ 25,034 $ 29,363 $ 223,122 Loans: Individually evaluated for impairment $ 271,024 $ 6,351 $ 277,375 $ 14,295 $ 480 $ 8,942 $ 1,306 $ 302,397 Purchased credit impaired loans 20,186 13,021 33,207 5,353 6,670 123,244 7,637 176,111 Collectively evaluated for impairment 7,838,219 2,056,642 9,894,861 2,492,160 1,365,898 2,464,506 2,090,351 18,307,777 Total loans $ 8,129,429 $ 2,076,014 $ 10,205,443 $ 2,511,808 $ 1,373,048 $ 2,596,692 $ 2,099,294 $ 18,786,285 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 Nine Months Ended September 30, 2016 Allowance for loan losses: Beginning balance $ 109,428 $ 9,858 $ 119,286 $ 6,041 $ 5,642 $ 25,353 $ 24,857 $ 181,179 Purchased credit impaired activity: Charge-offs — (28) (28) (1) (18) (91) (8) (146) Recoveries 76 163 239 2 98 33 112 484 Net provision for loan losses 54 (140) (86) (436) (253) 1,685 (1,633) (723) (Decrease) increase in FDIC loss share receivable (2) — (2) — — (3,341) 316 (3,027) Non-purchased credit impaired activity: Charge-offs (27,504) (1,660) (29,164) (191) (827) (908) (17,403) (48,493) Recoveries 2,709 287 2,996 673 1,422 497 4,272 9,860 Net provision for loan losses 74,500 2,303 76,803 4,862 (216) 964 14,514 96,927 Ending balance $ 159,261 $ 10,783 $ 170,044 $ 10,950 $ 5,848 $ 24,192 $ 25,027 $ 236,061 Ending balance: Allowance: Individually evaluated for impairment $ 20,665 $ 223 $ 20,888 $ 57 $ 6 $ 94 $ 85 $ 21,130 Amounts related to purchased credit impaired loans 574 1,088 1,662 279 484 15,949 1,334 19,708 Collectively evaluated for impairment 138,022 9,472 147,494 10,614 5,358 8,149 23,608 195,223 Total allowance $ 159,261 $ 10,783 $ 170,044 $ 10,950 $ 5,848 $ 24,192 $ 25,027 $ 236,061 Loans: Individually evaluated for impairment $ 235,039 $ 6,458 $ 241,497 $ 7,655 $ 2,062 $ 3,864 $ 1,485 $ 256,563 Purchased credit impaired loans 11,534 16,417 27,951 8,087 8,436 145,273 12,045 201,792 Collectively evaluated for impairment 6,887,355 1,878,950 8,766,305 1,974,567 936,094 1,888,025 2,047,475 15,612,466 Total loans $ 7,133,928 $ 1,901,825 $ 9,035,753 $ 1,990,309 $ 946,592 $ 2,037,162 $ 2,061,005 $ 16,070,821 |
Composition of Nonaccrual Loans by Portfolio Class | September 30, December 31, (in thousands) 2017 2016 Commercial non-real estate $ 188,982 $ 249,037 Commercial real estate - owner occupied 14,305 14,413 Total commercial & industrial 203,287 263,450 Commercial real estate - income producing 14,360 13,954 Construction and land development 3,292 4,550 Residential mortgages 34,674 23,665 Consumer 14,063 12,351 Total loans $ 269,676 $ 317,970 |
Troubled Debt Restructurings Modified by Portfolio Class | Nine Months Ended ($ in thousands) September 30, 2017 September 30, 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 50 $ 135,926 $ 135,926 17 $ 57,915 $ 57,915 Commercial real estate - owner occupied 4 3,734 3,734 — — — Total commercial & industrial 54 139,660 139,660 17 57,915 57,915 Commercial real estate - income producing 5 5,684 5,684 — — — Construction and land development — — — — — — Residential mortgages 13 2,068 2,068 6 532 532 Consumer 1 40 42 — — — Total loans 73 $ 147,452 $ 147,454 23 $ 58,447 $ 58,447 |
Loans Individually Evaluated for Impairment Disaggregated by Portfolio Class | September 30, 2017 Recorded investment Recorded investment Unpaid (in thousands) without an allowance with an allowance principal balance Related allowance Commercial non-real estate $ 92,583 $ 178,441 $ 276,879 $ 20,880 Commercial real estate - owner occupied 3,599 2,752 6,353 477 Total commercial & industrial 96,182 181,193 283,232 21,357 Commercial real estate - income producing 5,160 9,135 14,451 1,321 Construction and land development 464 16 1,445 1 Residential mortgages 6,311 2,630 11,961 406 Consumer 1 1,305 1,308 405 Total loans $ 108,118 $ 194,279 $ 312,397 $ 23,490 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 The tables below present the average balances and interest income for total impaired loans for the three and nine months ended September 30, 2017 and 2016. Interest income recognized represents interest on accruing loans modified in a TDR. Three Months Ended September 30, 2017 September 30, 2016 Average Interest Average Interest recorded income recorded income (in thousands) investment recognized investment recognized Commercial non-real estate $ 260,640 $ 872 $ 233,913 $ 155 Commercial real estate - owner occupied 6,916 24 6,374 10 Total commercial & industrial 267,556 896 240,287 165 Commercial real estate - income producing 14,604 35 7,729 24 Construction and land development 663 1 1,655 — Residential mortgages 6,204 7 2,466 3 Consumer 1,179 4 826 2 Total loans $ 290,206 $ 943 $ 252,963 $ 194 Nine Months Ended September 30, 2017 September 30, 2016 Average Interest Average Interest recorded income recorded income (in thousands) investment recognized investment recognized Commercial non-real estate $ 251,129 $ 1,806 $ 197,382 $ 1,002 Commercial real estate - owner occupied 5,895 46 6,015 39 Total commercial & industrial 257,024 1,852 203,397 1,041 Commercial real estate - income producing 14,449 112 8,624 67 Construction and land development 1,216 1 7,821 — Residential mortgages 4,449 12 1,444 7 Consumer 1,644 9 348 4 Total loans $ 278,782 $ 1,986 $ 221,634 $ 1,119 |
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 September 30, 2017 past due past due past due past due Current Loans still accruing (in thousands) Commercial non-real estate $ 31,634 $ 3,880 $ 104,334 $ 139,848 $ 7,989,581 $ 8,129,429 $ 24,400 Commercial real estate - owner occupied 18,579 303 8,950 27,832 2,048,182 2,076,014 767 Total commercial & industrial 50,213 4,183 113,284 167,680 10,037,763 10,205,443 25,167 Commercial real estate - income producing 1,540 3,731 5,676 10,947 2,500,861 2,511,808 2,907 Construction and land development 5,018 1,031 2,861 8,910 1,364,138 1,373,048 417 Residential mortgages 39,081 10,575 24,415 74,071 2,522,621 2,596,692 41 Consumer 15,574 7,426 7,710 30,710 2,068,584 2,099,294 318 Total $ 111,426 $ 26,946 $ 153,946 $ 292,318 $ 18,493,967 $ 18,786,285 $ 28,850 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 | September 30, 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 Addition of cost recovery loans 23,431 — — — Payments received, net (51,040) (6,651) (55,194) (11,024) Accretion 12,805 (12,805) 20,271 (20,271) Increase in expected cash flows based on actual cash flows and changes in cash flow assumptions — 4,149 — 5,358 Net transfers from nonaccretable difference to accretable yield — 8,095 — 10,135 Balance at end of period $ 176,111 $ 106,474 $ 190,915 $ 113,686 |
Activity in Loss Share Receivable | September 30, September 30, (in thousands) 2017 2016 Beginning Balance $ 16,219 $ 29,868 Amortization (2,427) (4,678) Charge-offs, write-downs and other recoveries (2,442) (5,569) External expenses qualifying under loss share agreements 79 1,000 Adjustment due to changes in cash flow projections (2,526) (3,027) Net payments to FDIC 934 436 Write-down for termination of loss share agreements (6,603) — Cash received from FDIC for final settlement of agreements (3,234) — Ending balance $ — $ 18,030 |
Total Commercial [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Credit Quality Indicators by Segments and Portfolio Class | September 30, 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 $ 6,941,591 $ 1,840,553 $ 8,782,144 $ 2,327,685 $ 1,278,648 $ 12,388,477 Pass-Watch 345,073 83,808 428,881 107,568 73,538 609,987 Special Mention 122,023 41,270 163,293 12,802 7,484 183,579 Substandard 717,436 110,383 827,819 63,744 13,378 904,941 Doubtful 3,306 — 3,306 9 — 3,315 Total $ 8,129,429 $ 2,076,014 $ 10,205,443 $ 2,511,808 $ 1,373,048 $ 14,090,299 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 | September 30, 2017 December 31, 2016 (in thousands) Residential mortgage Consumer Total Residential mortgage Consumer Total Performing $ 2,561,977 $ 2,084,913 $ 4,646,890 $ 2,123,048 $ 2,046,757 $ 4,169,805 Nonperforming 34,715 14,381 49,096 23,665 13,174 36,839 Total $ 2,596,692 $ 2,099,294 $ 4,695,986 $ 2,146,713 $ 2,059,931 $ 4,206,644 |
Derivatives (Tables)
Derivatives (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Derivatives [Abstract] | |
Fair Values of Derivative Financial Instruments | September 30, 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 $ 875,000 $ — $ 7,924 $ 1,100,000 $ — $ 7,787 Interest rate swaps Fair Value 363,000 — 823 — — — $ 1,238,000 $ — $ 8,747 $ 1,100,000 $ — $ 7,787 Derivatives not designated as hedging instruments: Interest rate swaps (2) N/A $ 1,172,752 $ 16,855 $ 17,420 $ 979,391 $ 18,405 $ 18,362 Risk participation agreements N/A 109,556 34 108 84,732 50 105 Forward commitments to sell residential mortgage loans N/A 93,809 91 669 75,676 900 221 Interest rate-lock commitments on residential mortgage loans N/A 71,786 534 71 46,840 189 228 Foreign exchange forward contracts N/A 55,081 2,465 2,423 56,152 771 729 1,502,984 19,979 20,691 1,242,791 20,315 19,645 Total derivatives $ 2,740,984 $ 19,979 $ 29,438 $ 2,342,791 $ 20,315 $ 27,432 Less: netting adjustment (3) (2,780) (16,747) — — Total derivative assets/liabilities $ 17,199 $ 12,691 $ 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 Net Amounts Gross Amounts Not Offset in the Statement of Income Description Gross Amounts Recognized Offset in the Statement of Income Presented in the Statement of Income Financial Instruments Cash Collateral Net Amount As of September 30, 2017 Derivative Assets $ 5,271 $ (3,942) $ 1,329 $ 1,329 $ — $ — Derivative Liabilities $ 21,889 $ (16,322) $ 5,567 $ 1,329 $ 7,318 $ (3,080) (in thousands) Gross Amounts Net Amounts Gross Amounts Not Offset in the Statement of Income Description Gross Amounts Recognized Offset in the Statement of Income Presented in the Statement of Income 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) | 9 Months Ended |
Sep. 30, 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 (loss) before income taxes: Net change in unrealized gain 38,835 — — 1,162 39,997 Reclassification of net (gain) loss realized and included in earnings (1,435) — 4,395 — 2,960 Valuation adjustment for employee benefit plans — — (6,347) — (6,347) Amortization of unrealized net loss on securities transferred to HTM — 2,736 — — 2,736 Income tax expense (benefit) 13,701 1,029 (714) 424 14,440 Balance, September 30, 2016 $ 27,967 $ (15,088) $ (69,128) $ 560 $ (55,689) Balance, December 31, 2016 $ (28,679) $ (14,392) $ (72,501) $ (4,960) $ (120,532) Other comprehensive income (loss) before income taxes: Net change in unrealized gain (loss) 21,026 — — (1,232) 19,794 Reclassification of net losses realized and included in earnings — — 4,144 335 4,479 Valuation adjustment for pension plan amendment (a) — — 17,315 — 17,315 Other valuation adjustments for employee benefit plan — — (9,185) — (9,185) Amortization of unrealized net loss on securities transferred to HTM — 2,726 — — 2,726 Income tax expense (benefit) 7,649 1,012 4,416 (329) 12,748 Balance, September 30, 2017 $ (15,302) $ (12,678) $ (64,643) $ (5,528) $ (98,151) (a) For further discussion of the pension plan amendment, see Note 11 – Retirement Plans. |
Line Items in Consolidated Income Statements Affected by Amounts Reclassified from Accumulated Other Comprehensive Income | Nine Months Ended Amount reclassified from AOCI (a) September 30, Affected line item on (in thousands) 2017 2016 the statement of income Gain on sale of AFS securities $ — $ 1,435 Securities transactions Tax effect — (502) Income taxes Net of tax — 933 Net income Amortization of unrealized net loss on securities transferred to HTM (2,726) (2,736) Interest income Tax effect 1,012 1,029 Income taxes Net of tax (1,714) (1,707) Net income Amortization of defined benefit pension and post-retirement items (4,144) (4,395) Employee benefits expense (b) Tax effect 1,491 1,538 Income taxes Net of tax (2,653) (2,857) Net income Amortization of loss on terminated cash flow hedges (335) — Interest income Tax effect 123 — Income taxes Net of tax (212) — Net income Total reclassifications, net of tax $ (4,579) $ (3,631) Net income (a) Amounts in parenthesis indicate reduction in net income. (b) These AOCI components are included in the computation of net periodic pension and post-retirement cost that is reported with employee benefits expense (see Note 11 – Retirement Plans for additional details). |
Other Noninterest Income (Table
Other Noninterest Income (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Other Noninterest Income [Abstract] | |
Components of Other Noninterest Income | Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2017 2016 2017 2016 Income from bank-owned life insurance $ 3,097 $ 4,097 $ 8,632 $ 11,148 Credit related fees 2,521 2,685 8,297 7,309 Derivative income 1,339 1,347 4,484 1,741 Net gain on sale of assets 400 991 4,465 4,557 Safety deposit box income 424 424 1,264 1,315 Other miscellaneous 3,371 2,322 9,759 6,698 Total other noninterest income $ 11,152 $ 11,866 $ 36,901 $ 32,768 |
Other Noninterest Expense (Tabl
Other Noninterest Expense (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Other Noninterest Expense [Abstract] | |
Components of Other Noninterest Expense | Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2017 2016 2017 2016 Advertising $ 3,910 $ 2,859 $ 11,971 $ 7,909 Ad valorem and franchise taxes 3,387 2,268 9,942 6,911 Printing and supplies 1,421 1,134 3,929 3,310 Insurance expense 671 803 2,295 2,467 Travel expense 1,226 1,022 3,635 3,050 Entertainment and contributions 2,322 1,686 6,087 5,319 Tax credit investment amortization 1,212 861 3,637 4,437 Loss share termination — — 6,603 — Other miscellaneous 7,611 11,746 19,958 22,158 Total other noninterest expense $ 21,760 $ 22,379 $ 68,057 $ 55,561 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Computation of Earnings Per Common Share | Three Months Ended Nine Months Ended September 30, September 30, (in thousands, except per share data) 2017 2016 2017 2016 Numerator: Net income to common shareholders $ 58,902 $ 46,719 $ 160,183 $ 97,465 Net income allocated to participating securities - basic and diluted 1,244 1,101 3,566 2,334 Net income allocated to common shareholders - basic and diluted $ 57,658 $ 45,618 $ 156,617 $ 95,131 Denominator: Weighted-average common shares - basic $ 84,749 $ 77,550 $ 84,577 $ 77,525 Dilutive potential common shares 231 127 241 128 Weighted-average common shares - diluted $ 84,980 $ 77,677 $ 84,818 $ 77,653 Earnings per common share: Basic $ 0.68 $ 0.59 $ 1.85 $ 1.23 Diluted $ 0.68 $ 0.59 $ 1.85 $ 1.23 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Retirement Plans [Abstract] | |
Components of Net Periodic Benefits Cost | Other Post- (in thousands) Pension Benefits retirement Benefits Three months Ended September 30, 2017 2017 2016 2017 2016 Service cost $ 3,769 $ 3,611 $ 17 $ 45 Interest cost 4,056 4,022 155 204 Expected return on plan assets (9,652) (8,554) — — Amortization of net loss and prior service costs 1,167 1,426 (128) 53 Net periodic benefit cost (reduction of cost) $ (660) $ 505 $ 44 $ 302 Nine months ended September 30, 2017 Service cost $ 11,612 $ 10,487 $ 112 $ 119 Interest cost 12,470 13,033 514 613 Expected return on plan assets (27,978) (25,999) — — Amortization of net loss and prior service costs 4,368 4,320 (224) 75 Net periodic benefit cost $ 472 $ 1,841 $ 402 $ 807 |
Share-Based Payment Arrangeme33
Share-Based Payment Arrangements (Tables) | 9 Months Ended |
Sep. 30, 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 (335,758) 34.58 — 4,111 Cancelled/Forfeited (538) 32.09 — 6 Expired (16,675) 68.18 — — Outstanding at September 30, 2017 103,287 $ 35.06 2.92 $ 1,383 Exercisable at September 30, 2017 103,287 $ 35.06 2.92 $ 1,383 |
Summary of Nonvested Restricted and Performance Shares | Weighted Average Number of Grant Date Shares Fair Value Nonvested at January 1, 2017 2,152,119 $ 32.15 Granted 63,127 42.16 Vested (209,440) 30.23 Forfeited (54,493) 32.36 Nonvested at September 30, 2017 1,951,313 $ 32.67 |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value [Abstract] | |
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | September 30, 2017 (in thousands) Level 1 Level 2 Level 3 Total Assets Available for sale debt securities: U.S. Treasury and government agency securities $ — $ 73,442 $ — $ 73,442 Municipal obligations — 242,678 — 242,678 Corporate debt securities — 3,500 — 3,500 Residential mortgage-backed securities — 1,793,426 — 1,793,426 Commercial mortgage-backed securities — 568,353 — 568,353 Collateralized mortgage obligations — 173,879 — 173,879 Total available for sale securities — 2,855,278 — 2,855,278 Derivative assets (1) — 17,199 — 17,199 Total recurring fair value measurements - assets $ — $ 2,872,477 $ — $ 2,872,477 Liabilities Derivative liabilities (1) $ — $ 12,691 $ — $ 12,691 Total recurring fair value measurements - liabilities $ — $ 12,691 $ — $ 12,691 (1) For further disaggregation of derivative as sets 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 as sets and liabilities, see Note 6 - Derivatives . |
Financial Assets Measured at Fair Value on Nonrecurring Basis | September 30, 2017 (in thousands) Level 1 Level 2 Level 3 Total Collateral-dependent impaired loans $ — $ 129,230 $ — $ 129,230 Other real estate owned — — 6,810 6,810 Total nonrecurring fair value measurements $ — $ 129,230 $ 6,810 $ 136,040 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 | September 30, 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 $ 445,500 $ — $ — $ 445,500 $ 445,500 Available for sale securities — 2,855,278 — 2,855,278 2,855,278 Held to maturity securities — 2,768,148 — 2,768,148 2,769,274 Loans, net — 129,230 18,300,747 18,429,977 18,563,163 Loans held for sale — 23,236 — 23,236 23,236 Derivative financial instruments — 17,199 — 17,199 17,199 Financial liabilities: Deposits $ — $ — $ 21,523,649 $ 21,523,649 $ 21,533,859 Federal funds purchased 1,150 — — 1,150 1,150 Securities sold under agreements to repurchase 512,001 — — 512,001 512,001 FHLB short-term borrowings 1,224,000 — — 1,224,000 1,224,000 Long-term debt — 330,909 — 330,909 331,179 Derivative financial instruments — 12,691 — 12,691 12,691 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 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) | Apr. 28, 2017USD ($)entity | Mar. 10, 2017USD ($)entity | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Business Acquisition [Line Items] | ||||||||
Short-term borrowings | $ 1,737,151,000 | $ 1,737,151,000 | $ 1,225,406,000 | |||||
Long-term borrowings | 331,179,000 | 331,179,000 | 436,280,000 | |||||
Goodwill | 739,403,000 | 739,403,000 | 621,193,000 | |||||
Revenue | 202,857,000 | $ 163,513,000 | 584,265,000 | $ 491,318,000 | ||||
Professional Fees | 10,062,000 | 6,584,000 | 31,691,000 | 21,917,000 | ||||
Other expense | 21,760,000 | 22,379,000 | 68,057,000 | 55,561,000 | ||||
Loan expected to be uncollectible | 223,122,000 | $ 236,061,000 | 223,122,000 | $ 236,061,000 | 229,418,000 | $ 181,179,000 | ||
Unpaid principal balance | 312,397,000 | 312,397,000 | 327,722,000 | |||||
Recorded investment with an allowance | 194,279,000 | 194,279,000 | 132,004,000 | |||||
Recorded investment without an allowance | 108,118,000 | 108,118,000 | $ 169,341,000 | |||||
Whitney Bank [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Number of branches | entity | 9 | |||||||
Net of cash acquired | $ 323,000,000 | |||||||
Cash consideration | 326,000,000 | |||||||
Cash acquired | 3,000,000 | |||||||
Acquisition, Premium amount to pay | 41,600,000 | |||||||
FNBC Transaction [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Acquisition, debt assumed | 93,120,000 | 93,120,000 | ||||||
Identifiable intangible assets | 25,300,000 | 25,300,000 | ||||||
Goodwill | 118,210,000 | 118,210,000 | ||||||
Fair value discount | 41,000,000 | |||||||
Acquisition, debt assumed | 4,686,000 | 4,686,000 | ||||||
Total Loans | 1,377,100,000 | 1,377,100,000 | ||||||
Unpaid principal balance of the loans acquired | 1,400,000,000 | 1,400,000,000 | ||||||
Liabilities assumed | 2,622,950,000 | 2,622,950,000 | ||||||
Estimated uncollectible amount | 31,700,000 | 31,700,000 | ||||||
Unpaid principal balance | 39,900,000 | 39,900,000 | ||||||
Recorded investment with an allowance | 23,400,000 | 23,400,000 | ||||||
Recorded investment without an allowance | 16,500,000 | $ 16,500,000 | ||||||
FNBC I [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Acquisition, debt assumed | 93,120,000 | |||||||
Identifiable intangible assets | 3,900,000 | |||||||
Goodwill | 96,063,000 | |||||||
Acquisition, debt assumed | 1,607,000 | |||||||
Total Loans | 1,211,523,000 | |||||||
Useful life | 8 years | |||||||
Liabilities assumed | 1,003,647,000 | |||||||
FNBC I [Member] | FHLB Borrowings [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Liabilities assumed | $ 604,000,000 | |||||||
FNBC I [Member] | Variable-rate Term Notes [Member] | FHLB Borrowings [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Short-term borrowings | 460,000,000 | $ 460,000,000 | ||||||
FNBC I [Member] | Fixed-rate Term Notes [Member] | FHLB Borrowings [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Short-term borrowings | 51,000,000 | 51,000,000 | ||||||
Long-term borrowings | 93,100,000 | 93,100,000 | ||||||
FNBC I [Member] | $200 Debt Due 2025 [Member] | Variable-rate Term Notes [Member] | FHLB Borrowings [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Short-term borrowings | 200,000,000 | $ 200,000,000 | ||||||
Maturity year | 2,025 | |||||||
FNBC I [Member] | $260 Debt Due 2026 [Member] | Variable-rate Term Notes [Member] | FHLB Borrowings [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Short-term borrowings | 260,000,000 | $ 260,000,000 | ||||||
Maturity year | 2,026 | |||||||
FNBC I [Member] | $88 Debt Due 2018 [Member] | Fixed-rate Term Notes [Member] | FHLB Borrowings [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Maturity year | 2,018 | |||||||
Long-term borrowings | 88,000,000 | $ 88,000,000 | ||||||
FNBC I [Member] | $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 | 3,200,000 | $ 3,200,000 | ||||||
FNBC I [Member] | $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 | 1,900,000 | $ 1,900,000 | ||||||
FNBC II [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Long-term borrowings | $ 0 | $ 0 | ||||||
Identifiable intangible assets | $ 21,400,000 | |||||||
Goodwill | 22,147,000 | |||||||
Acquisition, debt assumed | 3,079,000 | |||||||
Total Loans | 165,577,000 | |||||||
Useful life | 11 years | |||||||
Liabilities assumed | $ 1,619,303,000 | |||||||
FNBC II [Member] | Whitney Bank [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Number of branches | entity | 29 | |||||||
Cash received | $ 800,000,000 | |||||||
Cash acquired | 158,000,000 | |||||||
Premium payment | 35,000,000 | |||||||
Unpaid principal balance of the loans acquired, Net liabilities assumed | $ 642,000,000 | |||||||
FNBC II [Member] | Louisiana [Member] | Whitney Bank [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Number of branches | entity | 24 | |||||||
FNBC II [Member] | Florida [Member] | Whitney Bank [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Number of branches | entity | 5 |
Acquisitions (Schedule of Fair
Acquisitions (Schedule of Fair Value of Net Assets Acquired) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Apr. 28, 2017 | Mar. 10, 2017 | Dec. 31, 2016 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 739,403 | $ 621,193 | ||
FNBC Transaction [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash and due from banks | 160,788 | |||
Interest-bearing time deposits with other banks | 382,622 | |||
Fed funds sold and other short-term investments | 148 | |||
Securities | 213,877 | |||
Total Loans | 1,377,100 | |||
Property and equipment | 20,825 | |||
Accrued interest receivable | 3,854 | |||
Identifiable intangible assets | 25,300 | |||
Other assets | 4,213 | |||
Total identifiable assets | 2,188,727 | |||
Deposits | 1,928,509 | |||
Short-term borrowings | 596,635 | |||
Long-term debt | 93,120 | |||
Other liabilities | 4,686 | |||
Total liabilities | 2,622,950 | |||
Net identifiable assets acquired (liabilities assumed) | (434,223) | |||
Consideration (Paid) Received | 316,013 | |||
Goodwill | $ 118,210 | |||
FNBC I [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash and due from banks | $ 2,856 | |||
Total Loans | 1,211,523 | |||
Property and equipment | 11,837 | |||
Accrued interest receivable | 2,969 | |||
Identifiable intangible assets | 3,900 | |||
Other assets | 63 | |||
Total identifiable assets | 1,233,148 | |||
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 (liabilities assumed) | 229,501 | |||
Consideration (Paid) Received | (325,564) | |||
Goodwill | $ 96,063 | |||
FNBC II [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash and due from banks | $ 157,932 | |||
Interest-bearing time deposits with other banks | 382,622 | |||
Fed funds sold and other short-term investments | 148 | |||
Securities | 213,877 | |||
Total Loans | 165,577 | |||
Property and equipment | 8,988 | |||
Accrued interest receivable | 885 | |||
Identifiable intangible assets | 21,400 | |||
Other assets | 4,150 | |||
Total identifiable assets | 955,579 | |||
Deposits | 1,530,338 | |||
Short-term borrowings | 85,886 | |||
Other liabilities | 3,079 | |||
Total liabilities | 1,619,303 | |||
Net identifiable assets acquired (liabilities assumed) | (663,724) | |||
Consideration (Paid) Received | 641,577 | |||
Goodwill | $ 22,147 |
Acquisitions (Schedule of Goodw
Acquisitions (Schedule of Goodwill) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Business Acquisition [Line Items] | |
Goodwill, Beginning Balance | $ 621,193 |
Goodwill, Ending Balance | 739,403 |
FNBC Transaction [Member] | |
Business Acquisition [Line Items] | |
Goodwill, Ending Balance | 118,210 |
FNBC I [Member] | |
Business Acquisition [Line Items] | |
Goodiwll, Initial good will recorded | 95,568 |
Goodwill, Measurement period adjustments | 495 |
FNBC II [Member] | |
Business Acquisition [Line Items] | |
Goodiwll, Initial good will recorded | 23,009 |
Goodwill, Measurement period adjustments | $ (862) |
Acquisitions (Schedule of Merge
Acquisitions (Schedule of Merger-Related Expense) (Details) - FNBC Transaction [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2017 | Sep. 30, 2017 | |
Personnel expense | $ 2,120 | $ 3,662 |
Net occupancy and equipment expense | 500 | 777 |
Professional services expense | 2,854 | 9,681 |
Data processing expense | 929 | 974 |
Other real estate | (1,511) | |
Advertising expense | 358 | 1,389 |
Other expense | 2,132 | 4,398 |
Total merger-related expenses | $ 8,893 | $ 19,370 |
Securities (Narrative) (Details
Securities (Narrative) (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Securities [Abstract] | |||
Securities classified as trading | $ 0 | $ 0 | |
Proceeds from sales of securities available for sale | 213,877,000 | $ 141,716,000 | |
Realized gain | 0 | 1,500,000 | |
Realized loss | 0 | $ 0 | |
Securities pledged as collateral | $ 3,600,000,000 | $ 3,800,000,000 |
Securities (Amortized Cost and
Securities (Amortized Cost and Fair Value of Securities Available for Sale) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | $ 2,879,343 | $ 2,562,000 |
Securities Available for Sale, Gross Unrealized Gains | 10,947 | 11,195 |
Securities Available for Sale, Gross Unrealized Losses | 35,012 | 56,287 |
Securities Available for Sale, Fair Value | 2,855,278 | 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 | 75,019 | 56,751 |
Securities Available for Sale, Gross Unrealized Gains | 29 | |
Securities Available for Sale, Gross Unrealized Losses | 1,606 | 1,923 |
Securities Available for Sale, Fair Value | 73,442 | 54,828 |
Municipal Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 246,805 | 253,228 |
Securities Available for Sale, Gross Unrealized Gains | 534 | 113 |
Securities Available for Sale, Gross Unrealized Losses | 4,661 | 11,186 |
Securities Available for Sale, Fair Value | 242,678 | 242,155 |
Residential Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 1,795,397 | 1,620,191 |
Securities Available for Sale, Gross Unrealized Gains | 9,701 | 10,592 |
Securities Available for Sale, Gross Unrealized Losses | 11,672 | 19,428 |
Securities Available for Sale, Fair Value | 1,793,426 | 1,611,355 |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 584,503 | 425,750 |
Securities Available for Sale, Gross Unrealized Gains | 569 | |
Securities Available for Sale, Gross Unrealized Losses | 16,719 | 23,159 |
Securities Available for Sale, Fair Value | 568,353 | 402,591 |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 174,119 | 202,580 |
Securities Available for Sale, Gross Unrealized Gains | 114 | 490 |
Securities Available for Sale, Gross Unrealized Losses | 354 | 591 |
Securities Available for Sale, Fair Value | 173,879 | 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 an41
Securities (Amortized Cost and Fair Value of Securities Held to Maturity) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities Held to Maturity, Amortized Cost | $ 2,769,274 | $ 2,500,220 |
Securities Held to Maturity, Gross Unrealized Gains | 19,049 | 7,896 |
Securities Held to Maturity, Gross Unrealized Losses | 20,175 | 37,999 |
Securities Held to Maturity, Fair Value | 2,768,148 | 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 | 63 | 44 |
Securities Held to Maturity, Fair Value | 49,937 | 49,956 |
Municipal Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities Held to Maturity, Amortized Cost | 725,484 | 648,093 |
Securities Held to Maturity, Gross Unrealized Gains | 7,677 | 2,147 |
Securities Held to Maturity, Gross Unrealized Losses | 7,396 | 20,175 |
Securities Held to Maturity, Fair Value | 725,765 | 630,065 |
Residential Mortgage-Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities Held to Maturity, Amortized Cost | 760,158 | 862,162 |
Securities Held to Maturity, Gross Unrealized Gains | 8,896 | 4,329 |
Securities Held to Maturity, Gross Unrealized Losses | 776 | 3,068 |
Securities Held to Maturity, Fair Value | 768,278 | 863,423 |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities Held to Maturity, Amortized Cost | 75,688 | 75,739 |
Securities Held to Maturity, Gross Unrealized Losses | 2,592 | 4,038 |
Securities Held to Maturity, Fair Value | 73,096 | 71,701 |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities Held to Maturity, Amortized Cost | 1,157,944 | 864,226 |
Securities Held to Maturity, Gross Unrealized Gains | 2,476 | 1,420 |
Securities Held to Maturity, Gross Unrealized Losses | 9,348 | 10,674 |
Securities Held to Maturity, Fair Value | $ 1,151,072 | $ 854,972 |
Securities (Amortized Cost an42
Securities (Amortized Cost and Fair Value of Debt Securities by Contractual Maturity) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Securities [Abstract] | ||
Debt Securities Available for Sale, Due in one year or less, Amortized Cost | $ 5,392 | |
Debt Securities Available for Sale, Due after one year through five years, Amortized Cost | 46,852 | |
Debt Securities Available for Sale, Due after five years through ten years, Amortized Cost | 1,097,850 | |
Debt Securities Available for Sale, Due after ten years, Amortized Cost | 1,729,249 | |
Total available for sale debt securities, Amortized Cost | 2,879,343 | |
Debt Securities Available for Sale, Due in one year or less, Fair Value | 5,425 | |
Debt Securities Available for Sale, Due after one year through five years, Fair Value | 47,394 | |
Debt Securities Available for Sale, Due after five years through ten years, Fair Value | 1,082,709 | |
Debt Securities Available for Sale, Due after ten years, Fair Value | 1,719,750 | |
Total available for sale debt securities, Fair Value | 2,855,278 | |
Debt Securities Held to Maturity, Due in one year or less, Amortized Cost | 10,081 | |
Debt Securities Held to Maturity, Due after one year through five years, Amortized Cost | 108,164 | |
Debt Securities Held to Maturity, Due after five years through ten years, Amortized Cost | 837,353 | |
Debt Securities Held to Maturity, Due after ten years, Amortized Cost | 1,813,676 | |
Total held to maturity debt securities, Amortized Cost | 2,769,274 | $ 2,500,220 |
Debt Securities Held to Maturity, Due in one year or less, Fair Value | 10,123 | |
Debt Securities Held to Maturity, Due after one year through five years, Fair Value | 108,726 | |
Debt Securities Held to Maturity, Due after five years through ten years, Fair Value | 833,465 | |
Debt Securities Held to Maturity, Due after ten years, Fair Value | 1,815,834 | |
Total held to maturity debt securities, Fair Value | $ 2,768,148 | $ 2,470,117 |
Securities (Securities Availabl
Securities (Securities Available for Sale with Unrealized Losses) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available for Sale, Losses less than 12 months, Fair Value | $ 1,985,318 | $ 1,857,312 |
Available for Sale, Losses less than 12 months, Gross Unrealized Losses | 30,973 | 56,218 |
Available for Sale, Losses 12 months or longer, Fair Value | 107,716 | 3,738 |
Available for Sale, Losses 12 months or longer, Gross Unrealized Losses | 4,039 | 69 |
Available for Sale, Total, Fair Value | 2,093,034 | 1,861,050 |
Available for Sale, Total, Gross Unrealized Losses | 35,012 | 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 | 52,866 | 54,788 |
Available for Sale, Losses less than 12 months, Gross Unrealized Losses | 1,606 | 1,923 |
Available for Sale, Total, Fair Value | 52,866 | 54,788 |
Available for Sale, Total, Gross Unrealized Losses | 1,606 | 1,923 |
Municipal Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for Sale, Losses less than 12 months, Fair Value | 145,441 | 228,588 |
Available for Sale, Losses less than 12 months, Gross Unrealized Losses | 2,286 | 11,186 |
Available for Sale, Losses 12 months or longer, Fair Value | 66,640 | |
Available for Sale, Losses 12 months or longer, Gross Unrealized Losses | 2,375 | |
Available for Sale, Total, Fair Value | 212,081 | 228,588 |
Available for Sale, Total, Gross Unrealized Losses | 4,661 | 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 | 1,255,266 | 1,087,644 |
Available for Sale, Losses less than 12 months, Gross Unrealized Losses | 11,514 | 19,359 |
Available for Sale, Losses 12 months or longer, Fair Value | 5,360 | 3,738 |
Available for Sale, Losses 12 months or longer, Gross Unrealized Losses | 158 | 69 |
Available for Sale, Total, Fair Value | 1,260,626 | 1,091,382 |
Available for Sale, Total, Gross Unrealized Losses | 11,672 | 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 | 465,596 | 402,591 |
Available for Sale, Losses less than 12 months, Gross Unrealized Losses | 15,366 | 23,159 |
Available for Sale, Losses 12 months or longer, Fair Value | 30,151 | |
Available for Sale, Losses 12 months or longer, Gross Unrealized Losses | 1,353 | |
Available for Sale, Total, Fair Value | 495,747 | 402,591 |
Available for Sale, Total, Gross Unrealized Losses | 16,719 | 23,159 |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for Sale, Losses less than 12 months, Fair Value | 66,149 | 83,701 |
Available for Sale, Losses less than 12 months, Gross Unrealized Losses | 201 | 591 |
Available for Sale, Losses 12 months or longer, Fair Value | 5,565 | |
Available for Sale, Losses 12 months or longer, Gross Unrealized Losses | 153 | |
Available for Sale, Total, Fair Value | 71,714 | 83,701 |
Available for Sale, Total, Gross Unrealized Losses | $ 354 | $ 591 |
Securities (Securities Held to
Securities (Securities Held to Maturity with Unrealized Losses) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, Losses less than 12 months, Fair Value | $ 1,213,510 | $ 1,513,235 |
Held to maturity, Losses less than 12 months, Gross Unrealized Losses | 10,258 | 34,152 |
Held to maturity, Losses 12 months or longer, Fair Value | 331,673 | 127,125 |
Held to maturity, Losses 12 months or longer, Gross Unrealized Losses | 9,917 | 3,847 |
Held to maturity, Total, Fair Value | 1,545,183 | 1,640,360 |
Held to maturity, Total, Gross Unrealized Losses | 20,175 | 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 | 49,938 | 49,956 |
Held to maturity, Losses less than 12 months, Gross Unrealized Losses | 63 | 44 |
Held to maturity, Total, Fair Value | 49,938 | 49,956 |
Held to maturity, Total, Gross Unrealized Losses | 63 | 44 |
Municipal Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, Losses less than 12 months, Fair Value | 275,874 | 494,470 |
Held to maturity, Losses less than 12 months, Gross Unrealized Losses | 2,975 | 19,706 |
Held to maturity, Losses 12 months or longer, Fair Value | 98,976 | 11,750 |
Held to maturity, Losses 12 months or longer, Gross Unrealized Losses | 4,421 | 469 |
Held to maturity, Total, Fair Value | 374,850 | 506,220 |
Held to maturity, Total, Gross Unrealized Losses | 7,396 | 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 | 254,743 | 278,369 |
Held to maturity, Losses less than 12 months, Gross Unrealized Losses | 776 | 3,068 |
Held to maturity, Total, Fair Value | 254,743 | 278,369 |
Held to maturity, Total, Gross Unrealized Losses | 776 | 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 | 73,096 | 71,701 |
Held to maturity, Losses less than 12 months, Gross Unrealized Losses | 2,592 | 4,038 |
Held to maturity, Total, Fair Value | 73,096 | 71,701 |
Held to maturity, Total, Gross Unrealized Losses | 2,592 | 4,038 |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, Losses less than 12 months, Fair Value | 559,859 | 618,739 |
Held to maturity, Losses less than 12 months, Gross Unrealized Losses | 3,852 | 7,296 |
Held to maturity, Losses 12 months or longer, Fair Value | 232,697 | 115,375 |
Held to maturity, Losses 12 months or longer, Gross Unrealized Losses | 5,496 | 3,378 |
Held to maturity, Total, Fair Value | 792,556 | 734,114 |
Held to maturity, Total, Gross Unrealized Losses | $ 9,348 | $ 10,674 |
Loans and Allowance for Loan 45
Loans and Allowance for Loan Losses (Narrative) (Details) $ in Thousands | 9 Months Ended | |||
Sep. 30, 2017USD ($)contractagreement | Sep. 30, 2016USD ($)contract | Jun. 30, 2017USD ($) | Dec. 31, 2016USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Nonaccrual loans | $ 269,676 | $ 317,970 | ||
TDRs both accruing and nonaccruing | 216,000 | 121,700 | ||
Post-Modification outstanding recorded investment | $ 147,454 | $ 58,447 | ||
Number of TDRs subsequently defaulted | contract | 0 | 0 | ||
TDRs and loans impaired with minimum aggregate relationship balances | $ 1,000 | |||
Loans receivable | $ 154,000 | |||
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 | $ 119,300 | 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 | 96,100 | $ 43,400 | ||
Troubled Debt Restructurings [Member] | Loans With Significant Covenant Waivers [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Convenant waivers | 50,100 | 14,700 | ||
Troubled Debt Restructurings [Member] | Loans With Other Modifications [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Post-Modification outstanding recorded investment | $ 1,300 | |||
Other Modifications | $ 400 | |||
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 | $ 14,063 | 12,351 | ||
Post-Modification outstanding recorded investment | 42 | |||
Real estate in process of foreclosure | 8,000 | 10,100 | ||
Real estate acquired through foreclosure | $ 2,500 | $ 3,100 |
Loans and Allowance for Loan 46
Loans and Allowance for Loan Losses (Loans, Net of Unearned Income) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | $ 18,786,285 | $ 16,752,151 | $ 16,070,821 |
Total Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 14,090,299 | 12,545,507 | |
Residential Mortgages [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 2,596,692 | 2,146,713 | 2,037,162 |
Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 2,099,294 | 2,059,931 | 2,061,005 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 2,511,808 | 2,013,890 | 1,990,309 |
Construction and Land Development [Member] | Total Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 1,373,048 | 1,010,879 | 946,592 |
Total Commercial & Industrial [Member] | Total Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 10,205,443 | 9,520,738 | 9,035,753 |
Total Commercial & Industrial [Member] | Commercial Non-Real Estate [Member] | Total Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 8,129,429 | 7,613,917 | 7,133,928 |
Total Commercial & Industrial [Member] | Commercial Real Estate - Owner Occupied [Member] | Total Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | $ 2,076,014 | $ 1,906,821 | $ 1,901,825 |
Loans and Allowance for Loan 47
Loans and Allowance for Loan Losses (Allowance for Loan Losses by Portfolio Class) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 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 | $ 13,040 | $ 18,972 | 43,982 | 96,204 | ||
Allowance for loan losses: Decrease in FDIC loss share receivable | (2,526) | (3,027) | ||||
Allowance for loan losses: Ending balance | 223,122 | 236,061 | 223,122 | 236,061 | ||
Allowance for loan losses: Individually evaluated for impairment | 23,490 | 21,130 | 23,490 | 21,130 | ||
Allowance for loan losses: Amounts related to purchased credit impaired loans | 15,312 | 19,708 | 15,312 | 19,708 | ||
Allowance for loan losses: Collectively evaluated for impairment | 184,320 | 195,223 | 184,320 | 195,223 | ||
Loans: Individually evaluated for impairment | 302,397 | 256,563 | 302,397 | 256,563 | ||
Loans: Purchased credit impaired loans | 176,111 | 201,792 | 176,111 | 201,792 | $ 190,915 | $ 225,838 |
Loans: Collectively evaluated for impairment | 18,307,777 | 15,612,466 | 18,307,777 | 15,612,466 | ||
Loans receivable | 18,786,285 | 16,070,821 | 18,786,285 | 16,070,821 | 16,752,151 | |
Total Commercial [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Loans receivable | 14,090,299 | 14,090,299 | 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 | 14,490 | 10,950 | 14,490 | 10,950 | ||
Allowance for loan losses: Individually evaluated for impairment | 1,321 | 57 | 1,321 | 57 | ||
Allowance for loan losses: Amounts related to purchased credit impaired loans | 199 | 279 | 199 | 279 | ||
Allowance for loan losses: Collectively evaluated for impairment | 12,970 | 10,614 | 12,970 | 10,614 | ||
Loans: Individually evaluated for impairment | 14,295 | 7,655 | 14,295 | 7,655 | ||
Loans: Purchased credit impaired loans | 5,353 | 8,087 | 5,353 | 8,087 | ||
Loans: Collectively evaluated for impairment | 2,492,160 | 1,974,567 | 2,492,160 | 1,974,567 | ||
Loans receivable | 2,511,808 | 1,990,309 | 2,511,808 | 1,990,309 | 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 | 6,581 | 5,848 | 6,581 | 5,848 | ||
Allowance for loan losses: Individually evaluated for impairment | 1 | 6 | 1 | 6 | ||
Allowance for loan losses: Amounts related to purchased credit impaired loans | 254 | 484 | 254 | 484 | ||
Allowance for loan losses: Collectively evaluated for impairment | 6,326 | 5,358 | 6,326 | 5,358 | ||
Loans: Individually evaluated for impairment | 480 | 2,062 | 480 | 2,062 | ||
Loans: Purchased credit impaired loans | 6,670 | 8,436 | 6,670 | 8,436 | ||
Loans: Collectively evaluated for impairment | 1,365,898 | 936,094 | 1,365,898 | 936,094 | ||
Loans receivable | 1,373,048 | 946,592 | 1,373,048 | 946,592 | 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 | 25,034 | 24,192 | 25,034 | 24,192 | ||
Allowance for loan losses: Individually evaluated for impairment | 406 | 94 | 406 | 94 | ||
Allowance for loan losses: Amounts related to purchased credit impaired loans | 12,795 | 15,949 | 12,795 | 15,949 | ||
Allowance for loan losses: Collectively evaluated for impairment | 11,833 | 8,149 | 11,833 | 8,149 | ||
Loans: Individually evaluated for impairment | 8,942 | 3,864 | 8,942 | 3,864 | ||
Loans: Purchased credit impaired loans | 123,244 | 145,273 | 123,244 | 145,273 | ||
Loans: Collectively evaluated for impairment | 2,464,506 | 1,888,025 | 2,464,506 | 1,888,025 | ||
Loans receivable | 2,596,692 | 2,037,162 | 2,596,692 | 2,037,162 | 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 | 29,363 | 25,027 | 29,363 | 25,027 | ||
Allowance for loan losses: Individually evaluated for impairment | 405 | 85 | 405 | 85 | ||
Allowance for loan losses: Amounts related to purchased credit impaired loans | 863 | 1,334 | 863 | 1,334 | ||
Allowance for loan losses: Collectively evaluated for impairment | 28,095 | 23,608 | 28,095 | 23,608 | ||
Loans: Individually evaluated for impairment | 1,306 | 1,485 | 1,306 | 1,485 | ||
Loans: Purchased credit impaired loans | 7,637 | 12,045 | 7,637 | 12,045 | ||
Loans: Collectively evaluated for impairment | 2,090,351 | 2,047,475 | 2,090,351 | 2,047,475 | ||
Loans receivable | 2,099,294 | 2,061,005 | 2,099,294 | 2,061,005 | 2,059,931 | |
Purchased Credit Impaired Loans [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses: Charge-offs | (332) | (146) | ||||
Allowance for loan losses: Recoveries | 259 | 484 | ||||
Allowance for loan losses: Net provision for loan losses | (442) | (723) | ||||
Allowance for loan losses: Decrease in FDIC loss share receivable | (2,526) | (3,027) | ||||
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 | 2 | |||||
Allowance for loan losses: Net provision for loan losses | (54) | (436) | ||||
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 | (77) | (18) | ||||
Allowance for loan losses: Recoveries | 49 | 98 | ||||
Allowance for loan losses: Net provision for loan losses | (124) | (253) | ||||
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 | (102) | (91) | ||||
Allowance for loan losses: Recoveries | 23 | 33 | ||||
Allowance for loan losses: Net provision for loan losses | 175 | 1,685 | ||||
Allowance for loan losses: Decrease in FDIC loss share receivable | (2,344) | (3,341) | ||||
Purchased Credit Impaired Loans [Member] | Consumer [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses: Charge-offs | (153) | (8) | ||||
Allowance for loan losses: Recoveries | 72 | 112 | ||||
Allowance for loan losses: Net provision for loan losses | (192) | (1,633) | ||||
Allowance for loan losses: Decrease in FDIC loss share receivable | (135) | 316 | ||||
Non-Purchased Credit Impaired Loans [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses: Charge-offs | (61,601) | (48,493) | ||||
Allowance for loan losses: Recoveries | 13,922 | 9,860 | ||||
Allowance for loan losses: Net provision for loan losses | 44,424 | 96,927 | ||||
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 | (160) | (191) | ||||
Allowance for loan losses: Recoveries | 655 | 673 | ||||
Allowance for loan losses: Net provision for loan losses | 540 | 4,862 | ||||
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 | (593) | (827) | ||||
Allowance for loan losses: Recoveries | 1,001 | 1,422 | ||||
Allowance for loan losses: Net provision for loan losses | 54 | (216) | ||||
Non-Purchased Credit Impaired Loans [Member] | Residential Mortgages [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses: Charge-offs | (2,383) | (908) | ||||
Allowance for loan losses: Recoveries | 316 | 497 | ||||
Allowance for loan losses: Net provision for loan losses | 3,988 | 964 | ||||
Non-Purchased Credit Impaired Loans [Member] | Consumer [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses: Charge-offs | (22,691) | (17,403) | ||||
Allowance for loan losses: Recoveries | 5,176 | 4,272 | ||||
Allowance for loan losses: Net provision for loan losses | 21,144 | 14,514 | ||||
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 | 147,654 | 170,044 | 147,654 | 170,044 | ||
Allowance for loan losses: Individually evaluated for impairment | 21,357 | 20,888 | 21,357 | 20,888 | ||
Allowance for loan losses: Amounts related to purchased credit impaired loans | 1,201 | 1,662 | 1,201 | 1,662 | ||
Allowance for loan losses: Collectively evaluated for impairment | 125,096 | 147,494 | 125,096 | 147,494 | ||
Loans: Individually evaluated for impairment | 277,375 | 241,497 | 277,375 | 241,497 | ||
Loans: Purchased credit impaired loans | 33,207 | 27,951 | 33,207 | 27,951 | ||
Loans: Collectively evaluated for impairment | 9,894,861 | 8,766,305 | 9,894,861 | 8,766,305 | ||
Loans receivable | 10,205,443 | 9,035,753 | 10,205,443 | 9,035,753 | 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 | 134,095 | 159,261 | 134,095 | 159,261 | ||
Allowance for loan losses: Individually evaluated for impairment | 20,880 | 20,665 | 20,880 | 20,665 | ||
Allowance for loan losses: Amounts related to purchased credit impaired loans | 417 | 574 | 417 | 574 | ||
Allowance for loan losses: Collectively evaluated for impairment | 112,798 | 138,022 | 112,798 | 138,022 | ||
Loans: Individually evaluated for impairment | 271,024 | 235,039 | 271,024 | 235,039 | ||
Loans: Purchased credit impaired loans | 20,186 | 11,534 | 20,186 | 11,534 | ||
Loans: Collectively evaluated for impairment | 7,838,219 | 6,887,355 | 7,838,219 | 6,887,355 | ||
Loans receivable | 8,129,429 | 7,133,928 | 8,129,429 | 7,133,928 | 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 | 13,559 | 10,783 | 13,559 | 10,783 | ||
Allowance for loan losses: Individually evaluated for impairment | 477 | 223 | 477 | 223 | ||
Allowance for loan losses: Amounts related to purchased credit impaired loans | 784 | 1,088 | 784 | 1,088 | ||
Allowance for loan losses: Collectively evaluated for impairment | 12,298 | 9,472 | 12,298 | 9,472 | ||
Loans: Individually evaluated for impairment | 6,351 | 6,458 | 6,351 | 6,458 | ||
Loans: Purchased credit impaired loans | 13,021 | 16,417 | 13,021 | 16,417 | ||
Loans: Collectively evaluated for impairment | 2,056,642 | 1,878,950 | 2,056,642 | 1,878,950 | ||
Loans receivable | $ 2,076,014 | $ 1,901,825 | 2,076,014 | 1,901,825 | $ 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 | 115 | 239 | ||||
Allowance for loan losses: Net provision for loan losses | (247) | (86) | ||||
Allowance for loan losses: Decrease in FDIC loss share receivable | (47) | (2) | ||||
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 | 5 | 76 | ||||
Allowance for loan losses: Net provision for loan losses | (27) | 54 | ||||
Allowance for loan losses: Decrease in FDIC loss share receivable | (47) | (2) | ||||
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 | 110 | 163 | ||||
Allowance for loan losses: Net provision for loan losses | (220) | (140) | ||||
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 | (35,774) | (29,164) | ||||
Allowance for loan losses: Recoveries | 6,774 | 2,996 | ||||
Allowance for loan losses: Net provision for loan losses | 18,698 | 76,803 | ||||
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 | (35,247) | (27,504) | ||||
Allowance for loan losses: Recoveries | 6,437 | 2,709 | ||||
Allowance for loan losses: Net provision for loan losses | 15,922 | 74,500 | ||||
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 | (527) | (1,660) | ||||
Allowance for loan losses: Recoveries | 337 | 287 | ||||
Allowance for loan losses: Net provision for loan losses | $ 2,776 | $ 2,303 |
Loans and Allowance for Loan 48
Loans and Allowance for Loan Losses (Composition of Nonaccrual Loans by Portfolio Class) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | $ 269,676 | $ 317,970 |
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 14,360 | 13,954 |
Total Commercial [Member] | Construction and Land Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 3,292 | 4,550 |
Residential Mortgages [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 34,674 | 23,665 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 14,063 | 12,351 |
Total Commercial & Industrial [Member] | Total Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 203,287 | 263,450 |
Total Commercial & Industrial [Member] | Total Commercial [Member] | Commercial Non-Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 188,982 | 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 | $ 14,305 | $ 14,413 |
Loans and Allowance for Loan 49
Loans and Allowance for Loan Losses (Troubled Debt Restructurings Modified by Portfolio Class) (Details) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017USD ($)contract | Sep. 30, 2016USD ($)contract | |
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 73 | 23 |
Pre-Modification Outstanding Recorded Investment | $ 147,452 | $ 58,447 |
Post-Modification Outstanding Recorded Investment | $ 147,454 | $ 58,447 |
Total Commercial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 54 | 17 |
Pre-Modification Outstanding Recorded Investment | $ 139,660 | $ 57,915 |
Post-Modification Outstanding Recorded Investment | $ 139,660 | $ 57,915 |
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 5 | |
Pre-Modification Outstanding Recorded Investment | $ 5,684 | |
Post-Modification Outstanding Recorded Investment | $ 5,684 | |
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 | 13 | 6 |
Pre-Modification Outstanding Recorded Investment | $ 2,068 | $ 532 |
Post-Modification Outstanding Recorded Investment | $ 2,068 | $ 532 |
Consumer [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 1 | |
Pre-Modification Outstanding Recorded Investment | $ 40 | |
Post-Modification Outstanding Recorded Investment | $ 42 | |
Total Commercial & Industrial [Member] | Total Commercial [Member] | Commercial Non-Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 50 | 17 |
Pre-Modification Outstanding Recorded Investment | $ 135,926 | $ 57,915 |
Post-Modification Outstanding Recorded Investment | $ 135,926 | $ 57,915 |
Total Commercial & Industrial [Member] | Total Commercial [Member] | Commercial Real Estate - Owner Occupied [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 4 | |
Pre-Modification Outstanding Recorded Investment | $ 3,734 | |
Post-Modification Outstanding Recorded Investment | $ 3,734 |
Loans and Allowance for Loan 50
Loans and Allowance for Loan Losses (Loans Individually Evaluated for Impairment Disaggregated by Portfolio Class) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment without an allowance | $ 108,118 | $ 108,118 | $ 169,341 | ||
Recorded investment with an allowance | 194,279 | 194,279 | 132,004 | ||
Unpaid principal balance | 312,397 | 312,397 | 327,722 | ||
Related allowance | 23,490 | 23,490 | 29,295 | ||
Average recorded investment | 290,206 | $ 252,963 | 278,782 | $ 221,634 | |
Interest income recognized | 943 | 194 | 1,986 | 1,119 | |
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment without an allowance | 5,160 | 5,160 | 10,447 | ||
Recorded investment with an allowance | 9,135 | 9,135 | 4,929 | ||
Unpaid principal balance | 14,451 | 14,451 | 15,708 | ||
Related allowance | 1,321 | 1,321 | 466 | ||
Average recorded investment | 14,604 | 7,729 | 14,449 | 8,624 | |
Interest income recognized | 35 | 24 | 112 | 67 | |
Total Commercial [Member] | Construction and Land Development [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment without an allowance | 464 | 464 | 1,106 | ||
Recorded investment with an allowance | 16 | 16 | 832 | ||
Unpaid principal balance | 1,445 | 1,445 | 2,903 | ||
Related allowance | 1 | 1 | 38 | ||
Average recorded investment | 663 | 1,655 | 1,216 | 7,821 | |
Interest income recognized | 1 | 1 | |||
Residential Mortgages [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment without an allowance | 6,311 | 6,311 | 2,877 | ||
Recorded investment with an allowance | 2,630 | 2,630 | 1,470 | ||
Unpaid principal balance | 11,961 | 11,961 | 4,865 | ||
Related allowance | 406 | 406 | 91 | ||
Average recorded investment | 6,204 | 2,466 | 4,449 | 1,444 | |
Interest income recognized | 7 | 3 | 12 | 7 | |
Consumer [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment without an allowance | 1 | 1 | |||
Recorded investment with an allowance | 1,305 | 1,305 | 2,154 | ||
Unpaid principal balance | 1,308 | 1,308 | 2,155 | ||
Related allowance | 405 | 405 | 267 | ||
Average recorded investment | 1,179 | 826 | 1,644 | 348 | |
Interest income recognized | 4 | 2 | 9 | 4 | |
Total Commercial & Industrial [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Average recorded investment | 257,024 | 203,397 | |||
Interest income recognized | 1,852 | 1,041 | |||
Total Commercial & Industrial [Member] | Commercial Non-Real Estate [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Average recorded investment | 251,129 | 197,382 | |||
Interest income recognized | 1,806 | 1,002 | |||
Total Commercial & Industrial [Member] | Commercial Real Estate - Owner Occupied [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Average recorded investment | 5,895 | 6,015 | |||
Interest income recognized | 46 | $ 39 | |||
Total Commercial & Industrial [Member] | Total Commercial [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment without an allowance | 96,182 | 96,182 | 154,911 | ||
Recorded investment with an allowance | 181,193 | 181,193 | 122,619 | ||
Unpaid principal balance | 283,232 | 283,232 | 302,091 | ||
Related allowance | 21,357 | 21,357 | 28,433 | ||
Average recorded investment | 267,556 | 240,287 | |||
Interest income recognized | 896 | 165 | |||
Total Commercial & Industrial [Member] | Total Commercial [Member] | Commercial Non-Real Estate [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment without an allowance | 92,583 | 92,583 | 150,650 | ||
Recorded investment with an allowance | 178,441 | 178,441 | 120,612 | ||
Unpaid principal balance | 276,879 | 276,879 | 295,445 | ||
Related allowance | 20,880 | 20,880 | 28,187 | ||
Average recorded investment | 260,640 | 233,913 | |||
Interest income recognized | 872 | 155 | |||
Total Commercial & Industrial [Member] | Total Commercial [Member] | Commercial Real Estate - Owner Occupied [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment without an allowance | 3,599 | 3,599 | 4,261 | ||
Recorded investment with an allowance | 2,752 | 2,752 | 2,007 | ||
Unpaid principal balance | 6,353 | 6,353 | 6,646 | ||
Related allowance | 477 | $ 477 | $ 246 | ||
Average recorded investment | 6,916 | 6,374 | |||
Interest income recognized | $ 24 | $ 10 |
Loans and Allowance for Loan 51
Loans and Allowance for Loan Losses (Age Analysis of Past Due Loans by Portfolio Class) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | $ 292,318 | $ 195,107 | |
Current | 18,493,967 | 16,557,044 | |
Total loans | 18,786,285 | 16,752,151 | $ 16,070,821 |
Recorded investment > 90 days and still accruing | 28,850 | 3,039 | |
30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 111,426 | 67,482 | |
60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 26,946 | 18,968 | |
Greater Than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 153,946 | 108,657 | |
Total Commercial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 14,090,299 | 12,545,507 | |
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 10,947 | 5,914 | |
Current | 2,500,861 | 2,007,976 | |
Total loans | 2,511,808 | 2,013,890 | 1,990,309 |
Recorded investment > 90 days and still accruing | 2,907 | 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 | 1,540 | 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 | 3,731 | 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 | 5,676 | 5,026 | |
Total Commercial [Member] | Construction and Land Development [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 8,910 | 6,165 | |
Current | 1,364,138 | 1,004,714 | |
Total loans | 1,373,048 | 1,010,879 | 946,592 |
Recorded investment > 90 days and still accruing | 417 | 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 | 5,018 | 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 | 1,031 | 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 | 2,861 | 5,300 | |
Total Commercial [Member] | Total Commercial & Industrial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 167,680 | 100,035 | |
Current | 10,037,763 | 9,420,703 | |
Total loans | 10,205,443 | 9,520,738 | 9,035,753 |
Recorded investment > 90 days and still accruing | 25,167 | 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 | 50,213 | 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 | 4,183 | 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 | 113,284 | 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 | 139,848 | 90,136 | |
Current | 7,989,581 | 7,523,781 | |
Total loans | 8,129,429 | 7,613,917 | 7,133,928 |
Recorded investment > 90 days and still accruing | 24,400 | 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 | 31,634 | 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 | 3,880 | 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 | 104,334 | 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 | 27,832 | 9,899 | |
Current | 2,048,182 | 1,896,922 | |
Total loans | 2,076,014 | 1,906,821 | 1,901,825 |
Recorded investment > 90 days and still accruing | 767 | 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 | 18,579 | 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 | 303 | 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 | 8,950 | 6,310 | |
Residential Mortgages [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 74,071 | 47,784 | |
Current | 2,522,621 | 2,098,929 | |
Total loans | 2,596,692 | 2,146,713 | 2,037,162 |
Recorded investment > 90 days and still accruing | 41 | 1 | |
Residential Mortgages [Member] | 30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 39,081 | 24,599 | |
Residential Mortgages [Member] | 60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 10,575 | 8,816 | |
Residential Mortgages [Member] | Greater Than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 24,415 | 14,369 | |
Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 30,710 | 35,209 | |
Current | 2,068,584 | 2,024,722 | |
Total loans | 2,099,294 | 2,059,931 | $ 2,061,005 |
Recorded investment > 90 days and still accruing | 318 | 823 | |
Consumer [Member] | 30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 15,574 | 18,621 | |
Consumer [Member] | 60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 7,426 | 7,441 | |
Consumer [Member] | Greater Than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | $ 7,710 | $ 9,147 |
Loans and Allowance for Loan 52
Loans and Allowance for Loan Losses (Credit Quality Indicators by Segments and Portfolio Class) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 |
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | $ 18,786,285 | $ 16,752,151 | $ 16,070,821 |
Total Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 14,090,299 | 12,545,507 | |
Total Commercial [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 12,388,477 | 10,925,611 | |
Total Commercial [Member] | Pass-Watch [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 609,987 | 351,888 | |
Total Commercial [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 183,579 | 248,696 | |
Total Commercial [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 904,941 | 1,001,599 | |
Total Commercial [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 3,315 | 17,713 | |
Residential Mortgages [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 2,596,692 | 2,146,713 | 2,037,162 |
Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 2,099,294 | 2,059,931 | 2,061,005 |
Residential Mortgage and Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 4,695,986 | 4,206,644 | |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 2,511,808 | 2,013,890 | 1,990,309 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 2,327,685 | 1,873,644 | |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | Pass-Watch [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 107,568 | 78,309 | |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 12,802 | 22,492 | |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 63,744 | 39,434 | |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 9 | 11 | |
Construction and Land Development [Member] | Total Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,373,048 | 1,010,879 | 946,592 |
Construction and Land Development [Member] | Total Commercial [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,278,648 | 968,505 | |
Construction and Land Development [Member] | Total Commercial [Member] | Pass-Watch [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 73,538 | 22,592 | |
Construction and Land Development [Member] | Total Commercial [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 7,484 | 4,142 | |
Construction and Land Development [Member] | Total Commercial [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 13,378 | 15,640 | |
Total Commercial & Industrial [Member] | Total Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 10,205,443 | 9,520,738 | 9,035,753 |
Total Commercial & Industrial [Member] | Total Commercial [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 8,782,144 | 8,083,462 | |
Total Commercial & Industrial [Member] | Total Commercial [Member] | Pass-Watch [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 428,881 | 250,987 | |
Total Commercial & Industrial [Member] | Total Commercial [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 163,293 | 222,062 | |
Total Commercial & Industrial [Member] | Total Commercial [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 827,819 | 946,525 | |
Total Commercial & Industrial [Member] | Total Commercial [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 3,306 | 17,702 | |
Total Commercial & Industrial [Member] | Commercial Non-Real Estate [Member] | Total Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 8,129,429 | 7,613,917 | 7,133,928 |
Total Commercial & Industrial [Member] | Commercial Non-Real Estate [Member] | Total Commercial [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 6,941,591 | 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 | 345,073 | 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 | 122,023 | 181,763 | |
Total Commercial & Industrial [Member] | Commercial Non-Real Estate [Member] | Total Commercial [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 717,436 | 846,793 | |
Total Commercial & Industrial [Member] | Commercial Non-Real Estate [Member] | Total Commercial [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 3,306 | 17,702 | |
Total Commercial & Industrial [Member] | Commercial Real Estate - Owner Occupied [Member] | Total Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 2,076,014 | 1,906,821 | $ 1,901,825 |
Total Commercial & Industrial [Member] | Commercial Real Estate - Owner Occupied [Member] | Total Commercial [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,840,553 | 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 | 83,808 | 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 | 41,270 | 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 | 110,383 | 99,732 | |
Performing [Member] | Residential Mortgages [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 2,561,977 | 2,123,048 | |
Performing [Member] | Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 2,084,913 | 2,046,757 | |
Performing [Member] | Residential Mortgage and Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 4,646,890 | 4,169,805 | |
Nonperforming [Member] | Residential Mortgages [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 34,715 | 23,665 | |
Nonperforming [Member] | Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 14,381 | 13,174 | |
Nonperforming [Member] | Residential Mortgage and Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | $ 49,096 | $ 36,839 |
Loans and Allowance for Loan 53
Loans and Allowance for Loan Losses (Changes in Carrying Amount of Purchased Credit Impaired Loans and Related Accretable Yield) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 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, Addition of cost recovery loans | 23,431 | |
Carrying Amount of Loans, Payments received, net | (51,040) | (55,194) |
Carrying Amount of Loans, Accretion | 12,805 | 20,271 |
Carrying Amount of Loans, Balance at end of period | 176,111 | 190,915 |
Accretable Yield, Balance at beginning of period | 113,686 | 129,488 |
Accretable Yield, Addition of cost recovery loans | ||
Accretable Yield, Payments received, net | (6,651) | (11,024) |
Accretable Yield, Accretion | (12,805) | (20,271) |
Accretable Yield, Increase in expected cash flows based on actual cash flow and changes in cash flow assumptions | 4,149 | 5,358 |
Accretable Yield, Net transfers from nonaccretable difference to accretable yield | 8,095 | 10,135 |
Accretable Yield, Balance at end of period | $ 106,474 | $ 113,686 |
Loans and Allowance for Loan 54
Loans and Allowance for Loan Losses (Activity in Loss Share Receivable) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Loans and Allowance for Loan Losses [Abstract] | |||
Beginning balance | $ 16,219 | $ 29,868 | |
Amortization | $ (1,539) | (2,427) | (4,678) |
Charge-offs, write-downs and other recoveries | (2,442) | (5,569) | |
External expenses qualifying under loss share agreement | 79 | 1,000 | |
Adjustment due to changes in cash flow projections | (2,526) | (3,027) | |
Net payments to FDIC | 934 | 436 | |
Write-down for termination of loss share agreement | 6,603 | ||
Cash received from FDIC for final settlement of agreements | (3,234) | ||
Ending balance | $ 18,030 | $ 18,030 |
Securities Sold under Agreeme55
Securities Sold under Agreements to Repurchase (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Securities Sold under Agreements to Repurchase [Abstract] | ||
Securities sold under agreements to repurchase | $ 512 | $ 358.1 |
Derivatives (Narrative) (Detail
Derivatives (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Derivative [Line Items] | |||||
Notional amount of derivatives | $ 2,740,984 | $ 2,740,984 | $ 2,342,791 | ||
Ineffective portion of change in derivative fair value | 0 | $ 0 | 0 | $ 0 | |
Derivative income reflected in the income statement | 1,300 | 1,300 | 4,400 | 1,700 | |
Impact to interest income from cash flow hedges | (100) | 700 | (200) | 1,700 | |
Aggregate fair value of derivatives in a net liability position | 16,600 | 16,600 | |||
Deposits | 21,789 | $ 12,590 | 52,972 | $ 36,926 | |
Derivatives Designated as Hedging Instruments [Member] | |||||
Derivative [Line Items] | |||||
Notional amount of derivatives | 1,238,000 | 1,238,000 | 1,100,000 | ||
Interest Rate Swaps [Member] | |||||
Derivative [Line Items] | |||||
Deposits | 200 | 600 | |||
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedge [Member] | |||||
Derivative [Line Items] | |||||
Notional amount of derivatives | 875,000 | 875,000 | $ 1,100,000 | ||
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedge [Member] | Date One [Member] | Swap Agreement 3, Expires 2019 [Member] | |||||
Derivative [Line Items] | |||||
Notional amount of derivatives | 250,000 | $ 250,000 | |||
Derivative maturity expiration year | 2,019 | ||||
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedge [Member] | Date Two [Member] | Swap Agreement 4, Expires 2020 [Member] | |||||
Derivative [Line Items] | |||||
Notional amount of derivatives | 200,000 | $ 200,000 | |||
Derivative maturity expiration year | 2,020 | ||||
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedge [Member] | Date Three [Member] | Swap Agreement 5, Expires 2022 [Member] | |||||
Derivative [Line Items] | |||||
Notional amount of derivatives | $ 425,000 | $ 425,000 | |||
Derivative maturity expiration year | 2,022 |
Derivatives (Fair Values of Der
Derivatives (Fair Values of Derivative Financial Instruments) (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2017 | Dec. 31, 2016 | ||
Derivatives, Fair Value [Line Items] | |||
Notional or Contractual Amount | $ 2,740,984 | $ 2,342,791 | |
Fair Values, Assets | 1,329 | 4,788 | |
Fair Values, Liabilities | 5,567 | 26,846 | |
Less: Netting Adjustment, Assets | [1],[2] | (2,780) | |
Less: Netting Adjustment, Liabilities | [1],[2] | (16,747) | |
Derivatives Designated as Hedging Instruments [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional or Contractual Amount | 1,238,000 | 1,100,000 | |
Derivatives Not Designated as Hedging Instruments [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional or Contractual Amount | 1,502,984 | 1,242,791 | |
Derivatives Not Designated as Hedging Instruments [Member] | Interest Rate Swaps [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional or Contractual Amount | [3] | 1,172,752 | 979,391 |
Derivatives Not Designated as Hedging Instruments [Member] | Risk Participation Agreements [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional or Contractual Amount | 109,556 | 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 | 93,809 | 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 | 71,786 | 46,840 | |
Derivatives Not Designated as Hedging Instruments [Member] | Foreign Exchange Forward Contracts [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional or Contractual Amount | 55,081 | 56,152 | |
Other Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair Values, Assets | [1] | 19,979 | 20,315 |
Total derivative assets/liabilities | [1] | 17,199 | 20,315 |
Other Assets [Member] | Derivatives Not Designated as Hedging Instruments [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair Values, Assets | [1] | 19,979 | 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] | 16,855 | 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] | 34 | 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] | 91 | 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] | 534 | 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] | 2,465 | 771 |
Other Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair Values, Liabilities | [1] | 29,438 | 27,432 |
Total derivative assets/liabilities | [1] | 12,691 | 27,432 |
Other Liabilities [Member] | Derivatives Designated as Hedging Instruments [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair Values, Liabilities | [1] | 8,747 | 7,787 |
Other Liabilities [Member] | Derivatives Not Designated as Hedging Instruments [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair Values, Liabilities | [1] | 20,691 | 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] | 17,420 | 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] | 108 | 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] | 669 | 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] | 71 | 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] | 2,423 | 729 |
Cash Flow Hedge [Member] | Derivatives Designated as Hedging Instruments [Member] | Interest Rate Swaps [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional or Contractual Amount | 875,000 | 1,100,000 | |
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] | 7,924 | $ 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 | 363,000 | ||
Fair Values, Liabilities | [1] | $ 823 | |
[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 | Sep. 30, 2017 | Dec. 31, 2016 |
Derivatives [Abstract] | ||
Gross Amounts Recognized, Derivative Assets | $ 5,271 | $ 4,788 |
Gross Amounts Offset in the Statement of Income, Derivative Assets | (3,942) | |
Net Amounts Presented in the Statement of Income, Derivative Assets | 1,329 | 4,788 |
Gross Amounts Not Offset in the Statement of Income - Financial Instruments, Derivative Assets | 1,329 | 4,788 |
Gross Amounts Not offset in the Statement of Income -Cash Collateral, Derivative Assets | ||
Net Amounts Presented in the Statement of Income, Derivative Assets | ||
Gross Amounts Recognized, Derivative Liabilities | 21,889 | 26,846 |
Gross Amounts Offset in the Statement of Income, Derivative Liabilities | (16,322) | |
Net Amounts Presented in the Statement of Income, Derivative Liabilities | 5,567 | 26,846 |
Gross Amounts Not Offset in the Statement of Income - Financial Instruments, Derivative Liabilities | 1,329 | 4,788 |
Gross Amounts Not offset in the Statement of Income -Cash Collateral, Derivative Liabilities | 7,318 | 19,095 |
Net Amounts Presented in the Statement of Income, Derivative Liabilities | $ 2,963 | |
Net Amount, Derivative Liabilities | $ (3,080) |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) shares in Millions, $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Equity, Class of Treasury Stock [Line Items] | ||
Treasury stock shares | 1 | 1.3 |
Treasury stock, Carry basis | $ 17.6 | $ 24.1 |
Restricted Stock [Member] | ||
Equity, Class of Treasury Stock [Line Items] | ||
Number of shares nonvested | 1.7 | 2 |
Stockholders' Equity (Component
Stockholders' Equity (Components of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | $ (120,532) | $ (80,595) | |||
Net change in unrealized gain (loss) | $ 5,949 | $ (5,604) | 19,794 | 39,997 | |
Reclassification of net (gain) loss realized and included in earnings | 1,374 | 1,158 | 4,479 | 2,960 | |
Valuation adjustment for pension plan amendment | [1] | 17,315 | |||
Valuation adjustment for employee benefit plans | 1,597 | (6,347) | (9,185) | (6,347) | |
Amortization of unrealized net loss on securities transferred to HTM | 977 | 1,108 | 2,726 | 2,736 | |
Income tax expense (benefit) | 3,609 | (3,537) | 12,748 | 14,440 | |
Ending Balance | (98,151) | (55,689) | (98,151) | (55,689) | |
Available for Sale Securities [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | (28,679) | 4,268 | |||
Net change in unrealized gain (loss) | 21,026 | 38,835 | |||
Reclassification of net (gain) loss realized and included in earnings | (1,435) | ||||
Income tax expense (benefit) | 7,649 | 13,701 | |||
Ending Balance | (15,302) | 27,967 | (15,302) | 27,967 | |
HTM Securities Transferred from AFS [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | (14,392) | (16,795) | |||
Amortization of unrealized net loss on securities transferred to HTM | 2,726 | 2,736 | |||
Income tax expense (benefit) | 1,012 | 1,029 | |||
Ending Balance | (12,678) | (15,088) | (12,678) | (15,088) | |
Employee Benefit Plans [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | (72,501) | (67,890) | |||
Reclassification of net (gain) loss realized and included in earnings | 4,144 | 4,395 | |||
Valuation adjustment for pension plan amendment | [1] | 17,315 | |||
Valuation adjustment for employee benefit plans | (9,185) | (6,347) | |||
Income tax expense (benefit) | 4,416 | (714) | |||
Ending Balance | (64,643) | (69,128) | (64,643) | (69,128) | |
Cash Flow Hedges [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | (4,960) | (178) | |||
Net change in unrealized gain (loss) | (1,232) | 1,162 | |||
Reclassification of net (gain) loss realized and included in earnings | 335 | ||||
Income tax expense (benefit) | (329) | 424 | |||
Ending Balance | $ (5,528) | $ 560 | (5,528) | 560 | |
Amount Reclassified from Accumulated Other Comprehensive Income [Member] | Employee Benefit Plans [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Valuation adjustment for pension plan amendment | [2],[3] | $ (4,144) | $ (4,395) | ||
[1] | For further discussion of the pension plan amendment, see Note 11 - Retirement Plans. | ||||
[2] | Amounts in parenthesis indicate reduction in net income. | ||||
[3] | These AOCI components are included in the computation of net periodic pension and post-retirement cost that is reported with employee benefits expense (see Note 11 - Retirement Plans for additional details). |
Stockholders' Equity (Line Item
Stockholders' Equity (Line Items in Consolidated Income Statements Affected by Amounts Reclassified from Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Amortization of defined benefit pension and post-retirement items | [1] | $ 17,315 | |
Employee Benefit Plans [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Amortization of defined benefit pension and post-retirement items | [1] | 17,315 | |
Amount Reclassified from Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Total reclassifications, net of tax | [2] | (4,579) | $ (3,631) |
Amount Reclassified from Accumulated Other Comprehensive Income [Member] | Available for Sale Securities [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Gain on sale of AFS securities | [2] | 1,435 | |
Tax effect | [2] | (502) | |
Net of tax | [2] | 933 | |
Amount Reclassified from Accumulated Other Comprehensive Income [Member] | HTM Securities Transferred from AFS [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Amortization of unrealized net loss on securities transferred to HTM | [2] | (2,726) | (2,736) |
Tax effect | [2] | 1,012 | 1,029 |
Net of tax | [2] | (1,714) | (1,707) |
Amount Reclassified from Accumulated Other Comprehensive Income [Member] | Employee Benefit Plans [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Amortization of defined benefit pension and post-retirement items | [2],[3] | (4,144) | (4,395) |
Tax effect | [2] | 1,491 | 1,538 |
Net of tax | [2] | (2,653) | $ (2,857) |
Amount Reclassified from Accumulated Other Comprehensive Income [Member] | Cash Flow Hedges [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Amortization of loss on terminated cash flash hedges | [2] | (335) | |
Tax effect | [2] | 123 | |
Net of tax | [2] | $ (212) | |
[1] | For further discussion of the pension plan amendment, see Note 11 - Retirement Plans. | ||
[2] | Amounts in parenthesis indicate reduction in net income. | ||
[3] | These AOCI components are included in the computation of net periodic pension and post-retirement cost that is reported with employee benefits expense (see Note 11 - Retirement Plans for additional details). |
Other Noninterest Income (Detai
Other Noninterest Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Other Noninterest Income [Abstract] | ||||
Income from bank-owned life insurance | $ 3,097 | $ 4,097 | $ 8,632 | $ 11,148 |
Credit related fees | 2,521 | 2,685 | 8,297 | 7,309 |
Derivative income | 1,339 | 1,347 | 4,484 | 1,741 |
Net gain on sale of assets | 400 | 991 | 4,465 | 4,557 |
Safety deposit box income | 424 | 424 | 1,264 | 1,315 |
Other miscellaneous | 3,371 | 2,322 | 9,759 | 6,698 |
Total other noninterest income | $ 11,152 | $ 11,866 | $ 36,901 | $ 32,768 |
Other Noninterest Expense (Deta
Other Noninterest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Other Noninterest Expense [Abstract] | ||||
Advertising | $ 3,910 | $ 2,859 | $ 11,971 | $ 7,909 |
Ad valorem and franchise taxes | 3,387 | 2,268 | 9,942 | 6,911 |
Printing and supplies | 1,421 | 1,134 | 3,929 | 3,310 |
Insurance expense | 671 | 803 | 2,295 | 2,467 |
Travel expense | 1,226 | 1,022 | 3,635 | 3,050 |
Entertainment and contributions | 2,322 | 1,686 | 6,087 | 5,319 |
Tax credit investment amortization | 1,212 | 861 | 3,637 | 4,437 |
Loss share termination | 6,603 | |||
Other miscellaneous | 7,611 | 11,746 | 19,958 | 22,158 |
Total other noninterest expense | $ 21,760 | $ 22,379 | $ 68,057 | $ 55,561 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Weighted-average anti-dilutive potential common shares | 1,380 | 317,893 | 11,057 | 578,863 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Net income to common shareholders | $ 58,902 | $ 46,719 | $ 160,183 | $ 97,465 |
Net income allocated to participating securities - basic and diluted | 1,244 | 1,101 | 3,566 | 2,334 |
Net income allocated to common shareholders - basic and diluted | $ 57,658 | $ 45,618 | $ 156,617 | $ 95,131 |
Weighted-average common shares - basic | 84,749 | 77,550 | 84,577 | 77,525 |
Dilutive potential common shares | 231 | 127 | 241 | 128 |
Weighted-average common shares - diluted | 84,980 | 77,677 | 84,818 | 77,653 |
Earnings per common share: Basic | $ 0.68 | $ 0.59 | $ 1.85 | $ 1.23 |
Earnings per common share: Diluted | $ 0.68 | $ 0.59 | $ 1.85 | $ 1.23 |
Retirement Plans (Narrative) (D
Retirement Plans (Narrative) (Details) | 3 Months Ended | 9 Months Ended |
Jun. 30, 2017USD ($) | Sep. 30, 2017USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | ||
Contributed to pension plan | $ 0 | |
Estimated contribution in the current year | $ 0 | |
Amended Hancock Pension Plan And 401K Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension assets | $ 537,600,000 | |
Benefit obligation | 476,900,000 | |
Benefit obligation decreased | $ (17,300,000) | |
Amended Hancock 401K Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Period of employment for eligibility | 3 years | |
Additional matching percentage | 2 | |
2% Of Contribution [Member] | Amended Hancock 401K Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Matching percentage | 2.00% | |
4% Of Contribution [Member] | Amended Hancock 401K Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Matching percentage | 4.00% | |
6% Of Contribution [Member] | Amended Hancock 401K Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Matching percentage | 6.00% |
Retirement Plans (Components of
Retirement Plans (Components of Net Periodic Benefits Cost) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 3,769 | $ 3,611 | $ 11,612 | $ 10,487 |
Interest cost | 4,056 | 4,022 | 12,470 | 13,033 |
Expected return on plan assets | (9,652) | (8,554) | (27,978) | (25,999) |
Amortization of net loss and prior service costs | 1,167 | 1,426 | 4,368 | 4,320 |
Net periodic benefit cost (reduction of cost) | (660) | 505 | 472 | 1,841 |
Other Post-Retirement Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 17 | 45 | 112 | 119 |
Interest cost | 155 | 204 | 514 | 613 |
Amortization of net loss and prior service costs | (128) | 53 | (224) | 75 |
Net periodic benefit cost (reduction of cost) | $ 44 | $ 302 | $ 402 | $ 807 |
Share-Based Payment Arrangeme68
Share-Based Payment Arrangements (Narrative) (Details) $ / shares in Units, $ in Millions | 9 Months Ended | |
Sep. 30, 2017USD ($)entity$ / sharesshares | Sep. 30, 2016USD ($) | |
Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Intrinsic value of options exercised | $ | $ 4.1 | |
Restricted and Performance Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total unrecognized compensation expense | $ | $ 40.1 | |
Weighted-average period | 3 years | |
Total fair value of shares vested | $ | $ 10.1 | $ 2.2 |
Shares granted | shares | 63,127 | |
Grant date fair value per share | $ / shares | $ 42.16 | |
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 Arrangeme69
Share-Based Payment Arrangements (Summary of Option Activity) (Details) $ / shares in Units, $ in Thousands | 9 Months Ended |
Sep. 30, 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 | $ | 4,111 |
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 | (335,758) |
Number of Shares, Cancelled/Forfeited | shares | (538) |
Number of Shares, Expired | shares | (16,675) |
Number of Shares, Outstanding at Ending | shares | 103,287 |
Number of Shares, Exercisable at Ending | shares | 103,287 |
Weighted Average Exercise Price, Outstanding at Beginning | $ / shares | $ 35.91 |
Weighted Average Exercise Price, Exercised/Released | $ / shares | 34.58 |
Weighted Average Exercise Price, Cancelled/Forfeited | $ / shares | 32.09 |
Weighted Average Exercise Price, Expired | $ / shares | 68.18 |
Weighted Average Exercise Price, Outstanding at Ending | $ / shares | 35.06 |
Weighted Average Exercise Price, Exercisable at Ending | $ / shares | $ 35.06 |
Weighted Average Remaining Contractual Term (Years), Outstanding at Ending | 2 years 11 months 1 day |
Weighted Average Remaining Contractual Term (Years), Exercisable at Ending | 2 years 11 months 1 day |
Aggregate Intrinsic Value, Outstanding at Ending | $ | $ 1,383 |
Aggregate Intrinsic Value, Exercisable at Ending | $ | $ 1,383 |
Share-Based Payment Arrangeme70
Share-Based Payment Arrangements (Summary of Nonvested Restricted and Performance Shares) (Details) - Restricted and Performance Shares [Member] | 9 Months Ended |
Sep. 30, 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 | 63,127 |
Number of Shares, Vested | shares | (209,440) |
Number of Shares, Forfeited | shares | (54,493) |
Number of Shares, Nonvested at Ending | shares | 1,951,313 |
Weighted Average Grant Date Fair Value, Nonvested at Beginning | $ / shares | $ 32.15 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 42.16 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 30.23 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 32.36 |
Weighted Average Grant Date Fair Value, Nonvested at Ending | $ / shares | $ 32.67 |
Fair Value (Narrative) (Details
Fair Value (Narrative) (Details) - Recurring [Member] | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Transfers of assets and liabilities between level 1, 2, 3 | $ 0 |
Investment Securities [Member] | Minimum [Member] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Targeted duration | 2 years |
Investment Securities [Member] | 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 | Sep. 30, 2017 | Dec. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | $ 2,855,278 | $ 2,516,908 | |
Derivative assets | 1,329 | 4,788 | |
Derivative liabilities | 5,567 | 26,846 | |
Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 2,855,278 | 2,516,908 | |
Derivative assets | [1] | 17,199 | 20,315 |
Total recurring fair value measurements - assets | 2,872,477 | 2,537,223 | |
Derivative liabilities | [1] | 12,691 | 27,432 |
Total recurring fair value measurements - liabilities | 12,691 | 27,432 | |
Recurring [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 2,855,278 | 2,516,908 | |
Derivative assets | [1] | 17,199 | 20,315 |
Total recurring fair value measurements - assets | 2,872,477 | 2,537,223 | |
Derivative liabilities | [1] | 12,691 | 27,432 |
Total recurring fair value measurements - liabilities | 12,691 | 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 debt securities | 73,442 | 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 debt securities | 73,442 | 54,828 | |
Recurring [Member] | Municipal Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 242,678 | 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 debt securities | 242,678 | 242,155 | |
Recurring [Member] | Corporate Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt 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 debt 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 debt securities | 1,793,426 | 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 debt securities | 1,793,426 | 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 debt securities | 568,353 | 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 debt securities | 568,353 | 402,591 | |
Recurring [Member] | Collateralized Mortgage Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 173,879 | 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 debt securities | $ 173,879 | $ 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 | Sep. 30, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent impaired loans | $ 129,230 | $ 169,888 |
Other real estate owned | 6,810 | 13,968 |
Total nonrecurring fair value measurements | 136,040 | 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 | 129,230 | 169,888 |
Total nonrecurring fair value measurements | 129,230 | 169,888 |
Nonrecurring [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | 6,810 | 13,968 |
Total nonrecurring fair value measurements | $ 6,810 | $ 13,968 |
Fair Value (Estimated Fair Valu
Fair Value (Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | $ 2,855,278 | $ 2,516,908 | |
Held to maturity securities | 2,769,274 | 2,500,220 | |
Loans, net | 18,786,285 | 16,752,151 | $ 16,070,821 |
Derivative financial instruments | 1,329 | 4,788 | |
Derivative financial instruments | 5,567 | 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 | 445,500 | 450,866 | |
Available for sale debt securities | 2,855,278 | 2,516,908 | |
Held to maturity securities | 2,768,148 | 2,470,117 | |
Loans, net | 18,429,977 | 16,496,849 | |
Loans held for sale | 23,236 | 34,064 | |
Derivative financial instruments | 17,199 | 20,315 | |
Deposits | 21,523,649 | 19,430,939 | |
Federal funds purchased | 1,150 | 2,275 | |
Securities sold under agreements to repurchase | 512,001 | 358,131 | |
FHLB short-term borrowings | 1,224,000 | 865,000 | |
Long-term debt | 330,909 | 435,747 | |
Derivative financial instruments | 12,691 | 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 | 445,500 | 450,866 | |
Federal funds purchased | 1,150 | 2,275 | |
Securities sold under agreements to repurchase | 512,001 | 358,131 | |
FHLB short-term borrowings | 1,224,000 | 865,000 | |
Total Fair Value [Member] | Level 2 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 2,855,278 | 2,516,908 | |
Held to maturity securities | 2,768,148 | 2,470,117 | |
Loans, net | 129,230 | 169,888 | |
Loans held for sale | 23,236 | 34,064 | |
Derivative financial instruments | 17,199 | 20,315 | |
Long-term debt | 330,909 | 435,747 | |
Derivative financial instruments | 12,691 | 27,432 | |
Total Fair Value [Member] | Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Loans, net | 18,300,747 | 16,326,961 | |
Deposits | 21,523,649 | 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 | 445,500 | 450,866 | |
Available for sale debt securities | 2,855,278 | 2,516,908 | |
Held to maturity securities | 2,769,274 | 2,500,220 | |
Loans, net | 18,563,163 | 16,522,733 | |
Loans held for sale | 23,236 | 34,064 | |
Derivative financial instruments | 17,199 | 20,315 | |
Deposits | 21,533,859 | 19,424,266 | |
Federal funds purchased | 1,150 | 2,275 | |
Securities sold under agreements to repurchase | 512,001 | 358,131 | |
FHLB short-term borrowings | 1,224,000 | 865,000 | |
Long-term debt | 331,179 | 436,280 | |
Derivative financial instruments | $ 12,691 | $ 27,432 |
Recent Accounting Pronounceme75
Recent Accounting Pronouncements (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2017 | Sep. 30, 2017 | |
Recent Accounting Pronouncements [Abstract] | ||
Possible income tax expense reduction | $ 0.2 | $ 2 |