Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2017 | Jan. 31, 2018 | Jun. 30, 2017 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | HANCOCK HOLDING CO | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 4.1 | ||
Entity Central Index Key | 750,577 | ||
Trading Symbol | hbhc | ||
Amendment Flag | false | ||
Document Type | 10-K | ||
Document Fiscal Period Focus | FY | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Common Stock, Shares Outstanding | 85,253,113 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) shares in Thousands, $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Assets: | ||
Cash and due from banks | $ 386,948 | $ 372,689 |
Interest-bearing bank deposits | 92,157 | 77,235 |
Federal funds sold | 227 | 942 |
Securities available for sale, at fair value (amortized cost of $2,949,057 and $2,562,000) | 2,910,869 | 2,516,908 |
Securities held to maturity (fair value of $2,962,010 and $2,470,117) | 2,977,511 | 2,500,220 |
Loans held for sale | 39,865 | 34,064 |
Loans | 19,004,163 | 16,752,151 |
Less: allowance for loan losses | (217,308) | (229,418) |
Loans, net | 18,786,855 | 16,522,733 |
Property and equipment, net of accumulated depreciation of $214,998 and $231,127 | 333,663 | 361,612 |
Prepaid expense | 28,015 | 18,038 |
Other real estate, net | 14,862 | 18,884 |
Accrued interest receivable | 82,191 | 65,887 |
Goodwill | 745,523 | 621,193 |
Other intangible assets, net | 90,640 | 87,757 |
Life insurance contracts | 541,081 | 480,406 |
FDIC loss share receivable | 16,219 | |
Deferred tax asset, net | 53,979 | 104,435 |
Other assets | 251,700 | 176,080 |
Total assets | 27,336,086 | 23,975,302 |
Deposits: | ||
Noninterest-bearing | 8,307,497 | 7,658,203 |
Interest-bearing | 13,945,705 | 11,766,063 |
Total deposits | 22,253,202 | 19,424,266 |
Short-term borrowings | 1,703,890 | 1,225,406 |
Long term debt | 305,513 | 436,280 |
Accrued interest payable | 8,680 | 9,574 |
Other liabilities | 179,852 | 160,008 |
Total liabilities | 24,451,137 | 21,255,534 |
Stockholders' equity: | ||
Common Stock | 292,716 | 291,358 |
Capital surplus | 1,718,117 | 1,698,253 |
Retained earnings | 1,008,518 | 850,689 |
Accumulated other comprehensive loss, net | (134,402) | (120,532) |
Total stockholders' equity | 2,884,949 | 2,719,768 |
Total liabilities and stockholders' equity | $ 27,336,086 | $ 23,975,302 |
Common shares authorized (par value of 3.33 per share) | 350,000 | 350,000 |
Common shares issued | 87,903 | 87,495 |
Common shares outstanding | 85,200 | 84,235 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Consolidated Balance Sheets [Abstract] | ||
Securities available for sale, amortized cost | $ 2,949,057 | $ 2,562,000 |
Securities held to maturity, fair value | 2,962,010 | 2,470,117 |
Property and equipment, accumulated depreciation | $ 214,998 | $ 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 | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Interest income: | |||
Loans, including fees | $ 772,030 | $ 625,023 | $ 583,751 |
Loans held for sale | 851 | 1,022 | 678 |
Securities-taxable | 102,013 | 91,099 | 90,522 |
Securities-tax exempt | 22,235 | 13,222 | 3,447 |
Short-term investments | 3,452 | 1,801 | 1,248 |
Total interest income | 900,581 | 732,167 | 679,646 |
Interest expense: | |||
Deposits | 76,546 | 48,934 | 33,876 |
Short-term borrowings | 15,735 | 4,065 | 1,078 |
Long-term debt | 15,988 | 20,052 | 19,518 |
Total interest expense | 108,269 | 73,051 | 54,472 |
Net interest income | 792,312 | 659,116 | 625,174 |
Provision for loan losses | 58,968 | 110,659 | 73,038 |
Net interest income after provision for loan losses | 733,344 | 548,457 | 552,136 |
Noninterest income: | |||
Service charges on deposit accounts | 83,166 | 74,187 | 72,813 |
Trust fees | 44,538 | 46,589 | 45,627 |
Bank card and ATM fees | 53,779 | 47,427 | 46,480 |
Investment and annuity fees | 20,529 | 18,477 | 20,669 |
Secondary mortgage market operations | 15,209 | 16,282 | 12,579 |
Insurance commissions and fees | 3,212 | 4,501 | 8,567 |
Amortization of loss share receivable | (2,427) | (5,918) | (5,747) |
Other income | 49,775 | 47,482 | 35,961 |
Securities transactions | 1,754 | 335 | |
Total noninterest income | 267,781 | 250,781 | 237,284 |
Noninterest expense: | |||
Compensation expense | 320,096 | 287,783 | 278,661 |
Employee benefits | 56,568 | 55,884 | 54,880 |
Personnel expense | 376,664 | 343,667 | 333,541 |
Net occupancy expense | 47,869 | 41,296 | 44,842 |
Equipment expense | 14,841 | 13,663 | 15,494 |
Data processing expense | 66,385 | 58,619 | 55,590 |
Professional services expense | 40,235 | 29,561 | 40,198 |
Amortization of intangibles | 22,417 | 19,781 | 24,184 |
Telecommunications and postage | 14,686 | 13,146 | 14,127 |
Deposit insurance and regulatory fees | 29,627 | 23,499 | 16,736 |
Other real estate (income) expense, net | (2,669) | (3,481) | 2,740 |
Other expense | 82,636 | 72,564 | 72,203 |
Total noninterest expense | 692,691 | 612,315 | 619,655 |
Income before income taxes | 308,434 | 186,923 | 169,765 |
Income taxes | 92,802 | 37,627 | 38,304 |
Net income | $ 215,632 | $ 149,296 | $ 131,461 |
Earnings per common share-basic | $ 2.49 | $ 1.87 | $ 1.64 |
Earnings per common share-diluted | 2.48 | 1.87 | 1.64 |
Dividends paid per share | $ 0.96 | $ 0.96 | $ 0.96 |
Weighted average shares outstanding-basic | 84,695 | 77,850 | 78,197 |
Weighted average shares outstanding-diluted | 84,963 | 77,949 | 78,307 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Consolidated Statements of Comprehensive Income [Abstract] | |||
Net income | $ 215,632 | $ 149,296 | $ 131,461 |
Other comprehensive income (loss) before income taxes: | |||
Net change in unrealized loss on available for sale securities and hedges | (425) | (57,346) | (21,270) |
Reclassification of net losses realized and included in earnings | 5,801 | 4,016 | 3,010 |
Valuation adjustment for pension plan amendment | 17,315 | ||
Other valuation adjustments for employee benefit plans | (10,929) | (12,748) | (33,971) |
Amortization of unrealized net loss on securities transferred to held to maturity | 3,786 | 3,830 | 3,530 |
Other comprehensive income (loss) before income taxes | 15,548 | (62,248) | (48,701) |
Income tax expense (benefit) | 4,088 | (22,311) | (18,180) |
Other comprehensive (income) loss net of income taxes | 11,460 | (39,937) | (30,521) |
Comprehensive income | $ 227,092 | $ 109,359 | $ 100,940 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Capital Surplus [Member] | Retained Earnings [Member] | Accumulated Other ComprehensiveLoss, Net [Member] | Total | |
Balance at Dec. 31, 2014 | $ 291,307 | $ 1,507,673 | $ 723,496 | $ (50,074) | $ 2,472,402 | |
Balance, Shares Issued at Dec. 31, 2014 | 87,480 | |||||
Net income | 131,461 | 131,461 | ||||
Other comprehensive loss, net of tax | (30,521) | (30,521) | ||||
Comprehensive income | 131,461 | (30,521) | 100,940 | |||
Cash dividends declared ($0.96 per common share) | (77,013) | (77,013) | ||||
Common stock activity, long-term incentive plan | $ 39 | 12,388 | 12,427 | |||
Common stock activity, long-term incentive plan, Shares Issued | 11 | |||||
Purchase of common stock under stock buyback program (3,305 shares) | (95,613) | (95,613) | ||||
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 | 149,296 | 149,296 | ||||
Other comprehensive loss, net of tax | (39,937) | (39,937) | ||||
Comprehensive income | 149,296 | (39,937) | 109,359 | |||
Cash dividends declared ($0.96 per common share) | (76,551) | (76,551) | ||||
Common stock activity, long-term incentive plan | $ 12 | 12,991 | 13,003 | |||
Common stock activity, long-term incentive plan, Shares Issued | 4 | |||||
Issuance of stock from dividend reinvestment and stock purchase plan | 1,515 | 1,515 | ||||
Common stock issued in public stock offering (6,325 shares) | 259,299 | 259,299 | ||||
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 | ||||
Net income | 215,632 | $ 215,632 | ||||
Other comprehensive loss, net of tax | 11,460 | 11,460 | ||||
Comprehensive income | 215,632 | 11,460 | 227,092 | |||
Reclassification of certain tax effects from accumulated other comprehensive loss | (25,330) | 25,330 | [1] | |||
Cash dividends declared ($0.96 per common share) | (83,266) | (83,266) | ||||
Common stock activity, long-term incentive plan | $ 1,358 | 16,644 | 133 | 18,135 | ||
Common stock activity, long-term incentive plan, Shares Issued | 408 | |||||
Issuance of stock from dividend reinvestment and stock purchase plan | 3,220 | 3,220 | ||||
Balance at Dec. 31, 2017 | $ 292,716 | $ 1,718,117 | $ 1,008,518 | $ (134,402) | $ 2,884,949 | |
Balance, Shares Issued at Dec. 31, 2017 | 87,903 | 87,903 | ||||
[1] | Represents the reclassification of stranded income tax effects to Retained Earnings upon adoption of ASU 2018-02. The adjustment is discussed in more detail later in this footnote. |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Repurchased of common stock shares | $ 3,305 | ||
Common stock issued in public stock offering, Shares | 6,325 | ||
Retained Earnings [Member] | |||
Cash dividends declared, per common share | $ 0.96 | $ 0.96 | $ 0.96 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 215,632 | $ 149,296 | $ 131,461 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 28,142 | 28,363 | 28,763 |
Provision for loan losses | 58,968 | 110,659 | 73,038 |
(Gain) loss on other real estate owned | (2,839) | (4,444) | 635 |
Deferred tax (benefit) expense | 49,831 | (7,839) | 16,685 |
Increase in cash surrender value of life insurance contracts | (14,959) | (11,112) | (9,789) |
Gain on the sale of loans | (3,363) | (4,414) | |
(Gain) loss on disposal of other assets | 1,587 | (5,180) | 1,815 |
Net (increase) decrease in loans held for sale | 3,317 | (14,267) | (289) |
Net amortization of securities premium/discount | 33,244 | 29,048 | 21,105 |
Amortization of intangible assets | 22,417 | 19,781 | 24,184 |
Amortization of FDIC indemnification assets | 2,427 | 5,918 | 5,747 |
Stock-based compensation expense | 17,633 | 14,266 | 12,944 |
Increase (decrease) in interest payable and other liabilities | 2,307 | 10,315 | (4,722) |
Net payments (to) from FDIC for loss share claims | 2,299 | (3,134) | 14,051 |
Decrease in FDIC loss share receivable | 8,613 | 5,667 | 6,407 |
(Increase) decrease in other assets | (9,836) | 15,197 | (94,816) |
Other, net | (4,335) | 5,795 | 8,511 |
Net cash provided by operating activities | 411,085 | 343,915 | 235,730 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Proceeds from sales of securities available for sale | 213,877 | 173,215 | 9,289 |
Proceeds from maturities of securities available for sale | 338,843 | 408,311 | 842,114 |
Purchases of securities available for sale | (742,279) | (1,071,869) | (1,323,853) |
Proceeds from maturities of securities held to maturity | 373,088 | 425,453 | 538,777 |
Purchases of securities held to maturity | (863,457) | (563,661) | (749,102) |
Net (increase) decrease in short-term investments | 351,087 | 487,378 | 237,393 |
Proceeds from sale of loans | 59,483 | 177,645 | 3,533 |
Net increase in loans | (1,051,628) | (1,331,125) | (1,868,548) |
Purchase of life insurance contracts | (50,000) | (40,000) | |
Purchases of property and equipment | (20,297) | (19,272) | (23,804) |
Proceeds from sales of property and equipment | 1,853 | 7,445 | 14,259 |
Proceeds from sales of other real estate | 24,324 | 24,624 | 47,115 |
Cash received in excess of cash paid for acquisitions | 476,609 | ||
Other, net | (6,824) | 825 | (3,604) |
Net cash used in investing activities | (895,321) | (1,321,031) | (2,276,431) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Net increase in deposits | 900,427 | 1,075,370 | 1,776,081 |
Net increase (decrease) in short-term borrowings | (118,151) | (198,238) | 272,071 |
Repayments of long-term debt | (204,111) | (21,271) | (157,933) |
Issuance of long-term debt | 165 | 6,838 | 273,565 |
Dividends paid | (83,266) | (76,551) | (77,013) |
Payroll tax remitted on net share settlement of equity awards | (11,881) | (3,178) | (3,385) |
Repurchase of common stock | (95,613) | ||
Proceeds from exercise of stock options | 12,092 | 2,147 | 347 |
Proceeds from issuance of common stock in public offering | 259,299 | ||
Proceeds from dividend reinvestment and stock purchase plan | 3,220 | 1,515 | |
Net cash provided by financing activities | 498,495 | 1,045,931 | 1,988,120 |
NET INCREASE (DECREASE) IN CASH AND DUE FROM BANKS | 14,259 | 68,815 | (52,581) |
CASH AND DUE FROM BANKS, BEGINNING | 372,689 | 303,874 | 356,455 |
CASH AND DUE FROM BANKS, ENDING | 386,948 | 372,689 | 303,874 |
SUPPLEMENTAL INFORMATION | |||
Income taxes paid | 45,092 | 30,184 | 31,896 |
Interest paid | 108,702 | 69,624 | 51,201 |
SUPPLEMENTAL INFORMATION FOR NON-CASH INVESTING AND FINANCING ACTIVITIES | |||
Assets acquired in settlement of loans | $ 19,140 | $ 16,314 | $ 15,462 |
Summary of Significant Accounti
Summary of Significant Accounting Policies and Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Significant Accounting Policies and Recent Accounting Pronouncements [Abstract] | |
Summary of Significant Accounting Policies and Recent Accounting Pronouncements | Note 1. Summary of Significant Accounting Policies and Recent Accounting Pronouncements DESCRIPTION OF BUSINESS Hancock Holding Company (Hancock or the Company) is a financial services company that provides a comprehensive network of full-service financial choices to the Gulf South region through its bank subsidiary, Whitney Bank (Whitney or the Bank), a Mississippi state bank. Whitney Bank operates under brands: “Hancock Bank” in Mississippi, Alabama and Florida and “Whitney Bank” in Louisiana and Texas. Whitney Bank operates a loan production office in Nashville, Tennessee under both the Hancock and Whitney Bank brands. Hancock was organized in 1984 as a bank holding company registered under the Bank Holding Company Act of 1956, as amended. In 2002, the Company qualified as a financial holding company, giving it broader powers. The corporate headquarters of the Company is in Gulfport, Mississippi. The Bank offers a broad range of traditional and online community banking services to commercial, small business and retail customers, providing a variety of transaction and savings deposit products, treasury management services, investment brokerage services, secured and unsecured loan products, (including revolving credit facilities), and letters of credit and similar financial guarantees. The Bank also provides trust and investment management services to retirement plans, corporations and individuals. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the U.S. (U.S. GAAP) and those generally practiced within the banking industry. Following is a summary of the more significant accounting policies. Basis of Presentation The consolidated financial statements include the accounts of the Company and all other entities in which the Company has a controlling interest. Significant intercompany transactions and balances have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the current period presentation. Use of Estimates The accounting principles the Company follows and the methods for applying these principles conform to U.S. GAAP and general practices followed by the banking industry. These accounting principles and practices 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. Fair Value Accounting U.S. GAAP requires the use of fair values in determining the carrying values of certain assets and liabilities in the financial statements, as well as for specific disclosures about certain assets and liabilities. Accounting guidance 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 (level 1) and the lowest priority to unobservable inputs such as a reporting entity’s own data or information or assumptions developed from this 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. Business Combinations Business combinations are accounted for under the purchase method of accounting. Purchased assets, including identifiable intangibles, and assumed liabilities are recorded at their respective acquisition date fair values. If the fair value of net assets purchased exceeds the consideration given, a bargain purchase gain is recognized. If the consideration given exceeds the fair value of the net assets received or if the fair value of the net liabilities assumed exceeds the consideration received, goodwill is recognized. Fair values are subject to refinement for up to one year after the closing date of an acquisition as information relative to closing date fair values becomes available. Purchased loans acquired in a business combination are recorded at estimated fair value on their purchase date with no carryover of the related allowance for loan losses. All identifiable intangible assets that are acquired in a business combination are recognized at the acquisition date fair value. Identifiable intangible assets are recognized separately if they arise from contractual or other legal rights or if they are separable (i.e., capable of being sold, transferred, licensed, rented, or exchanged separately from the entity). Cash and Due from Banks The Company considers only cash on hand, cash items in process of collection and balances due from financial institutions as cash and cash equivalents. Securities Securities are classified as trading, held to maturity or available for sale. Management determines the appropriate classification of debt and equity securities at the time of purchase and reevaluates this classification periodically as conditions change that could require reclassification. Available for sale securities are stated at fair value. Unrealized holding gains and unrealized holding losses, other than those determined to be other than temporary, are reported net of tax in other comprehensive income and in accumulated other comprehensive income (“AOCI”) until realized. Securities that the Company both positively intends and has the ability to hold to maturity are classified as securities held to maturity and are carried at amortized cost. The intent and ability to hold are not considered satisfied when a security is available to be sold in response to changes in interest rates, prepayment rates, liquidity needs or other reasons as part of an overall asset/liability management strategy. Premiums and discounts on securities, both those held to maturity and those available for sale, are amortized and accreted to income as an adjustment to the securities’ yields using the effective interest method. Realized gains and losses on securities, including declines in value judged to be other than temporary, are reported net as a component of noninterest income. The cost of securities sold is specifically identified for use in calculating realized gains and losses. Loans Loans held for investment Loans that the Company has the intent and ability to hold for the foreseeable future or until maturity or payoff are considered loans held for investment and reported as “Loans” in the Consolidated Balance Sheets and in the related footnote disclosures. Loans held for investment include loans originated for investment and loans acquired in purchase transactions. Originated loans are reported at the principal balance outstanding net of unearned income. Interest on loans and accretion of unearned income, including net deferred loan fees and costs , are computed in a manner that approximates a level yield on recorded principal. Interest on loans is recognized in income as earned. The accrual of interest on an originated loan is discontinued when, in management’s opinion, it is probable that the borrower will be unable to meet payment obligations as they become due, as well as when required by regulatory provisions. When accrual of interest is discontinued on a loan, all unpaid accrued interest is reversed and payments subsequently received are applied first to recover principal. Interest income is recognized for payments received after contractual principal has been satisfied. Loans are returned to accrual status when all the principal and interest contractually due are brought current and future payment performance is reasonably assured. Loans that are acquired in purchase transactions are recorded at estimated fair value at the acquisition date with no carryover of the related allowance for loan losses. Acquired loans are segregated between those considered to be performing (“purchased credit performing”) and those with evidence of credit deterioration (“purchased credit impaired”) based on such factors as past due status, nonaccrual status and credit risk ratings (rated substandard or worse). Purchased credit performing loans are accounted for under Accounting Standards Codification (ASC) 310-20 and purchased credit impaired loans are accounted for under ASC 310-30. Purchased credit impaired loans for which the timing and amount of future cash flows cannot be reasonably projected are accounted for using the cost recovery method. With the exception of those accounted for using the cost recovery method, t he acquired loans are further segregated into loan pools designed to facilitate the development of expected cash flows to be used in estimating fair value. The pools are based on common risk characteristics such as market area, loan type, credit risk ratings, contractual interest rate, and repayment terms. Loan types can include commercial and industrial loans not secured by real estate, construction and land development loans, commercial real estate loans, residential mortgage loans, and consumer loans, with further segregation within certain loan types as needed. Expected cash flows, both principal and interest, from each pool are estimated based on key assumptions covering such factors as prepayments, default rates, and severity of loss given a default. These assumptions are developed using both historical experience and the portfolio characteristics at acquisition as well as available market research. The fair value estimate for each pool is based on the estimate of expected cash flows from the pool discounted at prevailing market rates. The difference at the acquisition date between the fair value and the contractual amounts due for each purchased credit performing loan pool (the “fair value discount”) is accreted into income over the estimated life of the pool. Purchased credit performing loans are placed on nonaccrual status and reported as nonperforming or past due using the same criteria applied to the originated portfolio. T he excess of estimated cash flows expected to be collected from each purchased credit impaired loan pool over the pool’s carrying value is referred to as the accretable yield and is recognized in interest income using an effective yield method over the expected life of the pool. Each pool of purchased credit impaired loans is accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows. Purchased credit impaired loans in pools with an accretable yield and expected cash flows that are reasonably estimable are considered to be accruing and performing even though collection of contractual payments on loans within the pool may be in doubt. Purchased credit impaired loans accounted for in pools are generally not subject to individual evaluation for impairment and are not reported with impaired loans or troubled debt restructurings even if they would otherwise qualify for such treatment. Loans Held for Sale Residential mortgage loans originated for sale are classified as loans held for sale and carried at the lower of cost or market. Forward sales commitments on a best-efforts basis are entered into with third parties concurrently with rate lock commitments made to prospective borrowers. At times, management may decide to sell loans that were not originated for that purpose. Those loans are reclassified as held for sale when that decision is made and also carried at the lower of cost or market. Impaired Loans The Company considers a loan to be impaired when, based upon current information and events, it believes it is probable all amounts due according to the contractual terms of the loans agreement will not be collected. A loan is not considered impaired due to a delay in payment if all amounts due, including interest accrued at the contractual interest rate of the period of delay, is expected to be collected. Impaired loans include loans on nonaccrual , certain purchased credit impaired loans accounted for using the cost recovery method, and troubled debt restructurings (defined below), both performing and nonperforming. Purchased credit impaired loans accounted for in pools with an accretable yield are considered performing and excluded from impaired loans as this accounting methodology takes into consideration expected future credit losses. Troubled Debt Restructurings Troubled debt restructurings (TDRs) occur when a borrower is experiencing, or is expected to experience, financial difficulties in the near-term and a modification in loan terms is granted that would otherwise not have been considered. Troubled debt restructurings can result in loans remaining on nonaccrual, moving to nonaccrual, or continuing to accrue, depending on the individual facts and circumstances of the borrower. All loans whose terms have been modified in a TDR, including both commercial and retail loans, are initially considered “impaired.” When measuring impairment on a TDR, the loan’s value is determined by either the present value of expected cash flows calculated using the loan’s effective interest rate before the restructuring, or the loan’s observable market price or the fair value of the collateral if the loan is collateral dependent. If the value as determined is less than the recorded investment in the loan, the difference is charged off through the allowance for loan and lease losses. Modified acquired-impaired loans are not removed from their accounting pool and accounted for as a TDR even if those loans would otherwise be deemed TDRs. Allowance for Loan and Lease Losses The Allowance for Loan and Lease Losses (ALLL) is a valuation account available to absorb losses on loans. The ALLL is established and maintained at an amount sufficient to cover estimated credit losses inherent in the loan and lease portfolios of the Company as of the date of the determination. Credit losses arise not only from credit risk, but also from other risks inherent in the lending process including, but not limited to, collateral risk, operational risk, concentration risk, and economic risk. As such, all related risks of lending are considered when assessing the adequacy of the allowance for loan and lease losses. Quarterly, management estimates inherent losses in the portfolio based on a number of factors, including the Company’s past loan loss and delinquency experience, known and inherent risks in the portfolio, adverse situations that may affect the borrowers’ ability to repay, the estimated value of any underlying collateral and current economic conditions. The analysis and methodology for estimating the ALLL include two primary elements: A loss rate analysis, which incorporates a historical loss rate as updated for current conditions, is used for loans collectively evaluated for impairment; and a specific reserve analysis is used for loans individually evaluated for impairment. For the loss rate analysis, the Company segments loans into commercial non-real estate, commercial real estate – owner occupied, commercial real estate – income producing, construction and land development, residential mortgage and consumer, with further segmentation as deemed appropriate. Both quantitative and qualitative factors are applied at the detailed portfolio segments. Commercial loans (commercial non-real estate, commercial real estate – owner occupied, commercial real estate – income producing and construction and land development), are further subdivided by risk rating, while retail loans (residential mortgage and consumer) are further subdivided by delinquency. The Company uses loss emergence periods developed based on historical experience, which is currently 24 months for commercial loans and twelve to eighteen months for retail and residential mortgage loans. Historical loss rates are calculated using a weighted average of the most recent three loss emergence periods. As circumstances dictate, management will make adjustments to the overall loss rate to reflect differences in current conditions as compared to those during the historical loss period. Conditions to be considered include problem loan trends, current business and economic conditions, credit concentrations, lending policies and procedures, lending staff, collateral values, loan profiles and volumes, loan review quality, and changes in competition and regulations. When a loan is determined to be impaired, the amount of impairment is recognized by creating a specific allowance for any shortfall between the loan’s value and its recorded investment. The loan’s value is measured by either the loan’s observable market price, the fair value of the collateral of the loan (less liquidation costs) if it is collateral dependent, or by the present value of expected future cash flows discounted at the loan’ s effective interest rate. L oans individually analyzed for impairment are not incorporated into the pool analysis to avoid double counting. The Company limits the specific reserve analysis to include all impaired commercial and residential mortgage loans with relationship balances of $1 million or greater and all loans classified as troubled debt restructurings. The monitoring of credit risk also extends to unfunded credit commitments, such as unused commercial credit lines and letters of credit, and management establishes reserves as needed for its estimate of probable losses on such commitments. It is the policy of the Company to promptly charge off all commercial and residential mortgage loans, or portions of loans, when available information reasonably confirms that they are wholly or partially uncollectible. Prior to recognizing a loss, asset value is established based on an assessment of the value of the collateral securing the loan, the borrower’s and the guarantor’s ability and willingness to pay and the status of the account in bankruptcy court, if applicable. Consumer loans are generally charged down when the loan is 90 days past due for unsecured loans or 120 days past due for secured loans, unless the loan is clearly both well secured and in the process of collection. Loans are charged down to the fair value of the collateral, if any, less estimated selling costs. Loans are charged off against the allowance for loan losses with subsequent recoveries added back to the allowance. Allowance for purchased credit performing loans is evaluated at each reporting date subsequent to acquisition. An allowance is determined for each loan pool using a methodology similar to that described above for originated loans and then compared to the remaining fair value discount for that pool. If the allowance is greater than the discount, the excess is recognized as an addition to the allowance through a provision for loan losses. If the allowance is less than the discount, no additional allowance is recognized. For purchased credit impaired loans accounted for in pools , estimated cash flows expected to be collected are recast at each reporting date for each loan pool. These evaluations require the continued use and updating of key assumptions and estimates such as default rates, loss severity given default and prepayment speed assumptions, similar to those used for the initial fair value estimate. Management ’s judgment must be applied in developing these assumptions. If the present value of expected cash flows for a pool is less than its carrying value, impairment is recognized by an increase in the allowance for loan losses and a charge to the provision for loan losses. If the present value of expected cash flows for a pool is greater than its carrying value, any previously established allowance for loan losses is reversed and any remaining difference increases the accretable yield which will be taken into interest income over the remaining life of the loan pool. Property and Equipment Property and equipment are recorded at cost, less accumulated depreciation and amortization. Depreciation is charged to expense using the straight-line method over the estimated useful lives of the assets, which are up to 3 0 years for buildings and three to ten years for most furniture and equipment. Amortization expense for software is generally charged over three years, or seven years for core systems. Leasehold improvements are amortized over the terms of the respective leases or the estimated useful lives of the improvements, whichever is shorter. The Company evaluates whether events and circumstances have occurred that indicate that such long-lived assets have been impaired. Measurement of any impairment of such long-lived assets is based on their fair values. Property and equipment used in operations is considered held for sale when certain criteria are met, including when management has committed to a plan to sell the asset, the asset is available for sale in its immediate condition, and the sale is probable within one year of the reporting date. Assets held for sale are reported at the lower of cost or fair value less costs to sell. Gains and losses related to retirement or disposition of property and equipment are recorded in other income under noninterest income on the consolidated statements of income as realized . Other Real Estate Other real estate owned includes real property that has been acquired in satisfaction of loans and property no longer used in the Bank’s business. These assets are recorded at the estimated fair value less the estimated cost of disposition and carried at the lower of either cost or market. Fair value is based on independent appraisals and other relevant factors. Any initial reduction in the carrying amount of a loan to the fair value of the collateral received less selling costs is charged to the allowance for loan losses. Other real estate is revalued on an annual basis or more often if market conditions necessitate. Subsequent losses on the periodic revaluation of the property are charged to current earnings, as are revenues from and costs of operating and maintaining the properties and gains or losses recognized on their disposition. Improvements made to properties are capitalized if the expenditures are expected to be recovered upon the sale of the properties. Goodwill and Other Intangible Assets Goodwill represents the excess of consideration paid over the fair value of net assets acquired or the excess of the fair value liabilities assumed over consideration received in a business combination. Goodwill is not amortized but is assessed for impairment on an annual basis, or more often if events or circumstances indicate there may be impairment. The impairment test compares the estimated fair value of a reporting unit with its net book value. The Company has assigned all goodwill to one reporting unit that represents overall banking operations. The fair value of the reporting unit is based on valuation techniques that market participants would use in an acquisition of the whole unit, such as estimated discounted cash flows, the quoted market price of the Company’s stock, adjusted for a control premium, and observable average price-to-earnings and price-to-book multiples of competitors. If the unit’s fair value is less than its carrying value, an estimate of the implied fair value of the goodwill is compared to the goodwill’s carrying value, and any impairment recognized. Other identifiable intangible assets with finite lives, such as core deposit intangibles and trade name, are initially recorded at fair value and are generally amortized over the periods benefited. These assets are evaluated for impairment similar to long-lived assets. Life Insurance Contracts Bank-owned life insurance contracts (BOLI) are comprised of long-term life insurance contracts on the lives of certain current and past employees where the insurance policy benefits and ownership are retained by the employer. Its cash surrender value is an asset that the Company uses to partially offset the future cost of employee benefits. The cash value accumulation on BOLI is permanently tax deferred if the policy is held to the insured person’s death and certain other conditions are met. FDIC Loss Share Receivable Loans purchased in the 2009 acquisition of Peoples First Community Bank (Peoples First) were covered by two loss share agreements between the FDIC and the Company. The loss share receivable was measured separately from the related covered loans as it was not contractually embedded in the loans and was not transferrable should the loans be sold. The fair value of the loss share receivable at acquisition was estimated by discounting expected reimbursements for losses from the loans covered by the loss share agreements, including appropriate consideration of possible true-up payments to the FDIC at the expiration of the agreements. Prior to termination of the agreements in July 2017, t he loss share receivable was reviewed and updated prospectively as loss estimates related to covered loan pools changed. Increases in expected reimbursements under the loss sharing agreement led to an increase in the loss share receivable. A decrease in expected reimbursements was reflected first as a reversal of any previously recorded increase in the loss share receivable on the covered loan pool with the remainder reflected as a reduction in the loss share receivable’s accretion rate. Increases and decreases in the loss share receivable related to changes in loss estimates resulted in reductions in or additions to the provision for loan losses, which serves to offset the impact on the provision from impairments or impairment reversals recognized on the underlying covered loan pool. The excess (or shortfall) of expected claims as compared to the carrying value of the loss share receivable was accreted (amortized) into noninterest income over the shorter of the remaining life of the covered loan pool or the life of the loss share agreement. The impact on operations of a reduction in the loss share receivable’s accretion rate was associated with an increase in the accretable yield on the underlying loan pool. The loss share receivable was reduced as cash was received from the FDIC related to losses incurred on covered assets. Derivative Instruments and Hedging Activities The Company records all derivatives on the balance sheet at fair value as components of other assets and other liab ilities. 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 the change, the Company began prospectively reflecting derivative assets and liabilities net of the central clearing counterparty derivative margin account. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. For derivatives designated as hedging the exposure to changes in the fair value of an asset or liability (fair value hedge), the gain or loss is recognized in earnings in the period of the fair value change together with the offsetting loss or gain on the hedged item attributable to the risk being hedged. Earnings will be affected to the extent to which the hedge is not effective in achieving offsetting changes in fair value. For derivatives designated as hedging exposure to variable cash flows of a forecasted transaction (cash flow hedge), the effective portion of the derivative’s gain or loss is initially reported as a component of other comprehensive income and subsequently reclassified into earnings when the forecasted transaction affects earnings or in certain circumstances, when the hedge is terminated. The ineffective portion of the gain or loss is reported in earnings immediately. For derivatives that are not designated as hedging instruments, changes in the fair value of the derivatives are recognized in earnings immediately. In applying hedge accounting for derivatives, the Company establishes a method for assessing the effectiveness of the hedging derivative and a measurement approach for determining the ineffective aspect of the hedge upon the inception of the hedge. These methods are consistent with the Company’s approach to managing risk. Note 10 - Derivatives describes the derivative instruments currently used by the Company and discloses how these derivatives impact the Company’s financial position and results of operations. Stockholders’ Equity Common stock reflects shares issued at par value. Repurchase of the Company’s common stock (treasury stock) is recorded at cost as a reduction of stockholders’ equity within capital surplus in the accompanying Consolidated Balance Sheets and the Statements of Changes in Stockholders’ Equity. When treasury shares are subsequently reissued, treasury stock is reduced by the cost of such stock using the first-in-first-out method, with the difference recorded in capital surplus or retained earnings, as applicable. Income Taxes Income taxes are accounted for using the asset and liability method. Current tax liabilities or assets are recognized for the estimated income taxes payable or refundable on tax returns to be filed with respect to the current year. Deferred tax assets and liabilities are based on temporary differences between the financial statement carrying amounts and the tax bases of the Company’s assets and liabilities. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be realized or settled. Valuation allowances are established against deferred tax assets if, based on all available evidence, it is more likely than not that some or all of the assets will not be realized. The benefit of a position taken or expected to be taken in a tax return is recognized when it is more likely than not that the position will be sustained on its technical merits. The effects of changes in tax rates and laws upon deferred tax balances are recognized in the period in which the legislation is enacted. The Company makes investments that generate investment tax credits (ITC). The Company uses the deferral method of accounting which results in the investment tax credits being recognized as a reduction of the related asset. The Company also invests in projects that yield tax credits issued under the Qualified Zone Academy Bonds (QZAB), Qualified School Construction Bonds (QSCB), Federal and State New Market Tax Credit (NMTC), and Low-Income Housing Tax Credit (LIHTC) programs. Returns on these investments are generated through the receipt of federal and state tax credits. The tax credits are recorded as a reduction to the income tax provision in the year that they are earned. Tax credits from QZAB and QSCB bonds are generally earned over the life of the bonds in lieu of interest income. Credits on Federal NMTC investments are earned over the 7 year compliance period beginning with the year of investment. Credits on State NMTC investments are generally earned over a 3 to 5 year period depending upon the specific state program. Tax credits are earned over a 10 year period for Low-Income Housing investments beginning with the year in which rental activity begins. These tax credits, if not used in the tax return for the year when the credits are first available for use, can be carried forward for 20 years. For those investments where the return of the principal is not expected, the equity inve |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2017 | |
Acquisitions [Abstract] | |
Acquisitions | Note 2. Acquisitions On March 10, 2017, the Company, through its banking subsidiary, Whitney Bank, acquired certain assets and assumed certain 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 assumed select liabilities of the former FNBC, including substantially all of the transaction and savings deposits, and continued to operate its 29 branch locations. Whitney 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 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. 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 1,203,092 165,577 1,368,669 Property and equipment 11,946 8,988 20,934 Accrued interest receivable 3,143 885 4,028 Identifiable intangible assets 3,900 21,400 25,300 Deferred tax asset 856 1,364 2,220 Other assets 63 4,150 4,213 Total identifiable assets 1,225,856 956,943 2,182,799 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) 222,209 (662,360) (440,151) Consideration (Paid) Received (325,756) 641,577 315,821 Goodwill $ 103,547 $ 20,783 $ 124,330 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 $ 15.0 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 $ 24.9 million will not be accreted into income. The Company assumed approximately $6 90 million of borrowings in the transaction s , consisting of short-term and long-term Federal Home Loan Bank (“FHLB”) borrowings and securities sold under repurchase agreements . The short-term FHLB borrowings consisted of $460 million in variable rate term notes and $51 million in fixed rate term notes. The long-term FHLB borrowings included $93.1 million in fixed rate term notes. 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 $ 124.3 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 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. The following table illustrates the change in the Company’s goodwill for the year ended December 31, 2017: (in thousands) Goodwill balance at December 31, 2016 $ 621,193 Additions and adjustments: Initial goodwill recorded in FNBC I transaction 95,568 Measurement period adjustments - FNBC I transaction 7,979 Initial goodwill recorded in FNBC II transaction 23,009 Measurement period adjustments - FNBC II transaction (2,226) Goodwill balance at December 31, 2017 $ 745,523 The operating results of the Company for the year ended December 31, 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 year ended December 31, 2017 for both the FNBC I and FNBC II transactions combined. The Company does not expect to incur additional merger-related costs related to the FNBC transactions in any subsequent period . (in thousands) Personnel expense $ 3,662 Net occupancy and equipment expense 777 Professional services expense 9,681 Data processing expense 974 Other real estate (1,511) Advertising expense 1,389 Other expense 4,398 Total merger-related expenses $ 19,370 Pending Business Combination In December 2017, the Company announced that it had entered into an agreement to acquire the bank-managed high net worth individual and institutional investment management and trust business from Capital One, National Association (“Capital One”). The transaction is expected to close in the second quarter of 2018, pending regulatory approval and the satisfaction of customary and other closing conditions . |
Securities
Securities | 12 Months Ended |
Dec. 31, 2017 | |
Securities [Abstract] | |
Securities | Note 3. Securities The amortized cost and fair value of securities classified as available for sale and held to maturity follow. Securities Available for Sale December 31, 2017 December 31, 2016 Gross Gross Gross Gross Amortized Unrealized Unrealized Fair Amortized Unrealized Unrealized Fair (in thousands) Cost Gains Losses Value Cost Gains Losses Value U.S. Treasury and government agency securities $ 99,535 $ — $ 2,263 $ 97,272 $ 56,751 $ — $ 1,923 $ 54,828 Municipal obligations 245,997 1,135 3,346 243,786 253,228 113 11,186 242,155 Residential mortgage-backed securities 1,729,989 5,611 20,387 1,715,213 1,620,191 10,592 19,428 1,611,355 Commercial mortgage-backed securities 704,518 480 17,863 687,135 425,750 — 23,159 402,591 Collateralized mortgage obligations 165,518 4 1,559 163,963 202,580 490 591 202,479 Corporate debt securities 3,500 — — 3,500 3,500 — — 3,500 $ 2,949,057 $ 7,230 $ 45,418 $ 2,910,869 $ 2,562,000 $ 11,195 $ 56,287 $ 2,516,908 Securities Held to Maturity December 31, 2017 December 31, 2016 Gross Gross Gross Gross Amortized Unrealized Unrealized Fair Amortized Unrealized Unrealized Fair (in thousands) Cost Gains Losses Value Cost Gains Losses Value U.S. Treasury and government agency securities $ 50,000 $ — $ 289 $ 49,711 $ 50,000 $ — $ 44 $ 49,956 Municipal obligations 723,094 8,323 4,245 727,172 648,093 2,147 20,175 630,065 Residential mortgage-backed securities 725,748 4,175 2,690 727,233 862,162 4,329 3,068 863,423 Commercial mortgage-backed securities 317,185 40 3,915 313,310 75,739 — 4,038 71,701 Collateralized mortgage obligations 1,161,484 572 17,472 1,144,584 864,226 1,420 10,674 854,972 $ 2,977,511 $ 13,110 $ 28,611 $ 2,962,010 $ 2,500,220 $ 7,896 $ 37,999 $ 2,470,117 The following tables present the amortized cost and fair value of debt securities at December 31, 2017 by contractual maturity. Actual maturities will differ from contractual maturities because of rights to call or repay obligations with or without penalties and scheduled and unscheduled principal payments on mortgage-backed securities and collateral mortgage obligations. (in thousands) Amortized Cost Fair Value Debt Securities Available for Sale Due in one year or less $ 7,624 $ 7,658 Due after one year through five years 40,743 41,083 Due after five years through ten years 1,226,635 1,208,735 Due after ten years 1,674,055 1,653,393 Total available for sale debt securities $ 2,949,057 $ 2,910,869 (in thousands) Amortized Cost Fair Value Debt Securities Held to Maturity Due in one year or less $ 10,686 $ 10,695 Due after one year through five years 122,555 122,339 Due after five years through ten years 1,052,688 1,051,036 Due after ten years 1,791,582 1,777,940 Total held to maturity debt securities $ 2,977,511 $ 2,962,010 The Company held no securities classified as trading at December 31, 2017 or 2016 . The details for securities classified as available for sale with unrealized losses as of December 31, 2017 follow. Available for sale Losses < 12 Months Losses 12 Months or > Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized (in thousands) Value Losses Value Losses Value Losses U.S. Treasury and government agency securities $ 45,616 $ 42 $ 51,157 $ 2,221 $ 96,773 $ 2,263 Municipal obligations 2,768 11 173,530 3,335 176,298 3,346 Residential mortgage-backed securities 461,835 4,195 898,099 16,192 1,359,934 20,387 Commercial mortgage-backed securities 203,618 995 411,046 16,868 614,664 17,863 Collateralized mortgage obligations 128,174 1,076 35,488 483 163,662 1,559 $ 842,011 $ 6,319 $ 1,569,320 $ 39,099 $ 2,411,331 $ 45,418 The details for securities classified as available for sale with unrealized losses as of December 31, 2016 follow . Available for sale 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 details for securities classified as held to maturity with unrealized losses as of December 31, 2017 follow. Securities Held to M aturity 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 $ — $ — $ 49,711 $ 289 $ 49,711 $ 289 Municipal obligations 14,603 19 230,960 4,226 245,563 4,245 Residential mortgage-backed securities 8,815 99 230,277 2,591 239,092 2,690 Commercial mortgage-backed securities 174,882 744 72,499 3,171 247,381 3,915 Collateralized mortgage obligations 570,289 5,653 472,536 11,819 1,042,825 17,472 $ 768,589 $ 6,515 $ 1,055,983 $ 22,096 $ 1,824,572 $ 28,611 The details for securities classified as held to maturity with unrealized losses as of December 31, 2016 follow. Securities Held to Maturity Losses < 12 Months Losses 12 Months or > Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized ( in thousands) Value Losses Value Losses Value Losses U.S. Treasury and government agency securities $ 49,956 $ 44 $ — $ — $ 49,956 $ 44 Municipal obligations 494,470 19,706 11,750 469 506,220 20,175 Residential mortgage-backed securities 278,369 3,068 — — 278,369 3,068 Commercial mortgage-backed securities 71,701 4,038 — — 71,701 4,038 Collateralized mortgage obligations 618,739 7,296 115,375 3,378 734,114 10,674 $ 1,513,235 $ 34,152 $ 127,125 $ 3,847 $ 1,640,360 $ 37,999 The unrealized losses primarily relate to changes in market rates on fixed rate debt securities since the respective purchase date. In all cases, the indicated impairment on these debt securities would be recovered no later than the security’s maturity date or possibly earlier if the market price for the security increases with a reduction in the yield required by the market. None of the unrealized losses relate to the marketability of the securities or the 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 sales of securities were approximately $21 3.9 million in 2017 , $173.2 million in 2016 , and $9.3 million in 2015 . No gross gains or losses were recognized on sales of securities in 2017. Gross gains of approximately $2.0 million and gross losses of approximately $0.2 million were recognized on sales of securities in 2016. Securities with carrying values totaling approximately $3.3 billion at December 31, 201 7 and $3. 8 billion at December 31, 2016 were pledged primarily to secure public deposits or sold under agreements to repur chase. |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2017 | |
Loans and Allowance for Loan Losses [Abstract] | |
Loans and Allowance for Loan Losses | Note 4. Loans and Allowance for Loan Losses The Company generally makes loans in its market areas of south Mississippi, southern and central Alabama, south Louisiana, the Houston, Texas area and the northern, central and panhandle regions of Florida. Loans, net of unearned income, consisted of the follo wing at December 31, 2017 and 2016: (in thousands) 2017 2016 Commercial non-real estate $ 8,297,937 $ 7,613,917 Commercial real estate - owner occupied 2,142,439 1,906,821 Total commercial and industrial 10,440,376 9,520,738 Commercial real estate - income producing 2,384,599 2,013,890 Construction and land development 1,373,421 1,010,879 Residential mortgages 2,690,472 2,146,713 Consumer 2,115,295 2,059,931 Total loans $ 19,004,163 $ 16,752,151 The Bank makes loans in the normal course of business to directors and executive officers of the Company and the Bank and to their associates. L oans to such related parties are made on substantially the same terms, including interest rates and collateral requirements, as those prevailing at the time for comparable transactions with unrelated parties and do not involve more than normal risk of collectability when originated. Balances of loans to the Company’s directors, executive officers and their associates at December 31, 2017 and 2016 were approximately $ 33.6 million and $1 5.3 million, respectively. Related party loan activity for 201 7 includes new loans of $25 .8 million and repayments of $7. 5 million. The Bank has a line of credit with the Federal Home Loan Bank of Dallas that is secured by blanket pledges of certain qualifying loan types. The Bank had borrowings on this line of $1.1 b illion and $ 865 million at December 31, 2017 and 2016 , respectively. The following schedules show activity in the allowance for loan losses for the year ended December 31, 201 7 and 201 6 by portfolio segment , and the corresponding recorded investment in loans as of December 31, 201 7 and 201 6 . Purchased credit impaired loans accounted for using the cost recovery method that are individually evaluated for impairment are reflected as such. Commercial Non-Real Estate Commercial Real Estate- Owner Occupied Total Commercial and Industrial Commercial Real Estate- Income Producing Construction and Land Development Residential Mortgages Consumer Total (in thousands) Year Ended December 31, 2017 Allowance for loan losses: Beginning balance $ 147,052 $ 11,083 $ 158,135 $ 13,509 $ 6,271 $ 25,361 $ 26,142 $ 229,418 Purchased credit impaired activity Charge-offs — — — — (77) (297) (153) (527) Recoveries 7 453 460 1 144 24 75 704 Net provision for loan losses 79 (882) (803) (213) (301) (168) (412) (1,897) (Decrease) increase in FDIC loss share receivable (47) — (47) — — (2,344) (135) (2,526) Non-purchased credit impaired activity: — Charge-offs (51,479) (558) (52,037) (259) (619) (2,542) (31,277) (86,734) Recoveries 7,519 395 7,914 987 1,459 1,040 6,605 18,005 Net provision for loan losses 24,787 2,471 27,258 (316) 495 3,770 29,658 60,865 Ending balance $ 127,918 $ 12,962 $ 140,880 $ 13,709 $ 7,372 $ 24,844 $ 30,503 $ 217,308 Ending balance: Allowance: Individually evaluated for impairment $ 16,129 $ 793 $ 16,922 $ 1,326 $ 11 $ 189 $ 118 $ 18,566 Amounts related to purchased credit impaired loans 525 465 990 41 172 12,258 646 14,107 Collectively evaluated for impairment 111,264 11,704 122,968 12,342 7,189 12,397 29,739 184,635 Total allowance $ 127,918 $ 12,962 $ 140,880 $ 13,709 $ 7,372 $ 24,844 $ 30,503 $ 217,308 Loans: Individually evaluated for impairment $ 267,881 $ 21,491 $ 289,372 $ 15,530 $ 363 $ 10,640 $ 1,292 $ 317,197 Purchased credit impaired loans 5,941 7,294 13,235 2,742 5,829 119,553 6,178 147,537 Collectively evaluated for impairment 8,024,115 2,113,654 10,137,769 2,366,327 1,367,229 2,560,279 2,107,825 18,539,429 Total loans $ 8,297,937 $ 2,142,439 $ 10,440,376 $ 2,384,599 $ 1,373,421 $ 2,690,472 $ 2,115,295 $ 19,004,163 Commercial Non-Real Estate Commercial Real Estate- Owner Occupied Total Commercial and Industrial Commercial Real Estate- Income Producing Construction and Land Development Residential Mortgages Consumer Total (in thousands) Year Ended December 31, 2016 Allowance for loan losses: Beginning balance $ 109,428 $ 9,858 $ 119,286 $ 6,041 $ 5,642 $ 25,353 $ 24,857 $ 181,179 Purchased credit impaired activity Charge-offs — (28) (28) (1) (18) (323) (8) (378) Recoveries 115 269 384 2 361 36 189 972 Net provision for loan losses (44) (440) (484) (462) (594) 1,876 (1,740) (1,404) Increase (decrease) in FDIC loss share receivable (31) — (31) — — (4,209) 283 (3,957) Non-purchased credit impaired activity: Charge-offs (42,620) (1,819) (44,439) (346) (964) (1,040) (26,099) (72,888) Recoveries 3,969 480 4,449 989 1,725 859 5,809 13,831 Net provision for loan losses 76,235 2,763 78,998 7,286 119 2,809 22,851 112,063 Ending balance $ 147,052 $ 11,083 $ 158,135 $ 13,509 $ 6,271 $ 25,361 $ 26,142 $ 229,418 Ending balance: Allowance: Individually evaluated for impairment $ 28,187 $ 246 $ 28,433 $ 466 $ 38 $ 91 $ 267 $ 29,295 Amounts related to purchased credit impaired loans 486 894 1,380 253 406 15,043 1,271 18,353 Collectively evaluated for impairment 118,379 9,943 128,322 12,790 5,827 10,227 24,604 181,770 Total allowance $ 147,052 $ 11,083 $ 158,135 $ 13,509 $ 6,271 $ 25,361 $ 26,142 $ 229,418 Loans: Individually evaluated for impairment $ 271,262 $ 6,268 $ 277,530 $ 15,376 $ 1,938 $ 4,347 $ 2,154 $ 301,345 Purchased credit impaired loans 11,368 13,323 24,691 7,928 5,271 141,992 11,033 190,915 Collectively evaluated for impairment 7,331,287 1,887,230 9,218,517 1,990,586 1,003,670 2,000,374 2,046,744 16,259,891 Total loans $ 7,613,917 $ 1,906,821 $ 9,520,738 $ 2,013,890 $ 1,010,879 $ 2,146,713 $ 2,059,931 $ 16,752,151 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. December 31, (in thousands) 2017 2016 Commercial non-real estate $ 152,863 $ 249,037 Commercial real estate - owner occupied 25,989 14,413 Total commercial and industrial 178,852 263,450 Commercial real estate - income producing 14,574 13,954 Construction and land development 3,807 4,550 Residential mortgages 40,480 23,665 Consumer 15,087 12,351 Total loans $ 252,800 $ 317,970 Nonacc rual loans include loans modified in troubled debt restructurings (TDRs) of $99.2 million and $ 81.9 million, respectively, at December 31, 201 7 and 201 6 . Total TDRs, both accruing and nonaccruing, were $219.7 million at December 31, 201 7 and $ 121.7 million at December 31, 201 6 . The table below details the T DRs that were modified during 201 7 and 201 6 by portfolio segment. All such loans are individually evaluated for impairment. Years Ended December 31, ($ in thousands) 2017 2016 2015 Outstanding Recorded Investment Outstanding Recorded Investment Outstanding Recorded Investment Troubled Debt Restructurings: Number of Contracts Pre- Modification Post- Modification Number of Contracts Pre- Modification Post- Modification Number of Contracts Pre- Modification Post- Modification Commercial non-real estate 52 $ 162,909 $ 162,909 38 $ 128,449 $ 128,449 1 $ 4,420 $ 4,420 Commercial real estate - owner occupied 5 5,684 5,684 1 148 148 — — — Total commercial and industrial 57 168,593 168,593 39 128,597 128,597 1 4,420 4,420 Commercial real estate - income producing 5 5,625 5,625 1 2,943 2,943 1 485 482 Construction and land development — — — — — — — — — Residential mortgages 15 2,812 2,812 7 694 694 4 195 185 Consumer 1 40 40 — — — 1 20 20 Total loans 78 $ 177,070 $ 177,070 47 $ 132,234 $ 132,234 7 $ 5,120 $ 5,107 The TDRs modified during the year ended December 31, 2017 reflected in the table above include $98.1 million of loans with extended amortization terms or other payment concessions, $76.2 million of loans with significant covenant waivers and $2.8 million with other modifications. The TDRs modified during the year ended December 31, 2016 include $108.9 million of loans with extended terms or other payment concessions of $22.8 mllion of loans with significant convenant waivers, and $0.5 million with other modifications. The TDRs modified during the year ended December 31, 2015 include $5.0 million of loans with extended terms or other payment concessions and $0.1 million of other modifications. As of December 31, 2017 and 2016, the Company had unfunded commitments of approximately $7.3 million and $6.8 million, respectively, to borrowers whose loan terms had been modified in TDRs. Four commercial non-real estate loans modified in TDRs during the year ended December 31, 2016 defaulted within twelve months of modification. The loans were part of a single relationship and had an aggregate carrying balance of $20.8 million at the time of default. No TDRs modified during the years ended December 31, 2017 or 2015 subsequently defaulted within t welve months of modification . Th e tables below present loans that are individually evaluated for impairment disaggregat ed by class at December 31, 2017 and 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. December 31, 2017 (in thousands) Recorded Investment Without an Allowance Recorded Investment With an Allowance Unpaid Principal Balance Related Allowance Commercial non-real estate $ 116,682 $ 151,199 $ 285,685 $ 16,129 Commercial real estate - owner occupied 16,927 4,564 24,829 793 Total commercial and industrial 133,609 155,763 310,514 16,922 Commercial real estate - income producing 5,101 10,429 15,687 1,326 Construction and land development 100 263 363 11 Residential mortgages 8,245 2,395 13,855 189 Consumer — 1,292 1,294 118 Total loans $ 147,055 $ 170,142 $ 341,713 $ 18,566 December 31, 2016 (in thousands) Recorded Investment Without an Allowance Recorded Investment With an Allowance Unpaid 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 and 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 years ended December 31, 2017 and 2016. Interest income recognized represents interest on accruing loans modified in a TDR. Years Ended December 31, 2017 December 31, 2016 (in thousands) Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial non-real estate $ 255,710 $ 2,774 $ 211,324 $ 1,164 Commercial real estate - owner occupied 7,901 62 6,151 44 Total commercial and industrial 263,611 2,836 217,475 1,208 Commercial real estate - income producing 14,565 146 9,347 106 Construction and land development 1,018 2 6,366 1 Residential mortgages 5,784 18 2,109 10 Consumer 1,558 13 716 5 Total loans $ 286,536 $ 3,015 $ 236,013 $ 1,330 Aging Analysis The following table presents the age analysis of past due loans at December 31, 201 7 and 201 6 . Purchased credit impaired loans with an accretable yield are considered to be current in the following delinquency table: December 31, 2017 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days past due Total Past Due Current Total Loans Recorded Investment > 90 Days and Accruing (in thousands) Commercial non-real estate $ 62,766 $ 10,761 $ 92,982 $ 166,509 $ 8,131,428 $ 8,297,937 $ 21,989 Commercial real estate - owner occupied 8,493 648 15,517 24,658 2,117,781 2,142,439 2,032 Total commercial and industrial 71,259 11,409 108,499 191,167 10,249,209 10,440,376 24,021 Commercial real estate - income producing 5,315 2,165 6,081 13,561 2,371,038 2,384,599 489 Construction and land development 4,113 1,056 3,412 8,581 1,364,840 1,373,421 477 Residential mortgages 33,621 10,554 30,537 74,712 2,615,760 2,690,472 2,208 Consumer 22,959 7,816 8,553 39,328 2,075,967 2,115,295 571 Total loans $ 137,267 $ 33,000 $ 157,082 $ 327,349 $ 18,676,814 $ 19,004,163 $ 27,766 December 31, 2016 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days Past Due Total Past Due Current Total Loans Recorded Investment > 90 Days and 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 and 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 loans $ 67,482 $ 18,968 $ 108,657 $ 195,107 $ 16,557,044 $ 16,752,151 $ 3,039 Credit Quality Indicators The following table presents the credit quality indicators of the Co mpany’s various classes of loans at December 31, 2017 and December 31, 2016 . December 31, 2017 (in thousands) Commercial Non-Real Estate Commercial Real Estate - Owner Occupied Total Commercial and Industrial Commercial Real Estate - Income Producing Construction and Land Development Total Commercial Grade: Pass $ 7,190,604 $ 1,896,366 $ 9,086,970 $ 2,223,245 $ 1,291,638 $ 12,601,853 Pass-Watch 293,069 82,913 375,982 83,444 60,804 520,230 Special Mention 80,649 27,456 108,105 13,244 4,788 126,137 Substandard 733,558 135,704 869,262 64,658 16,191 950,111 Doubtful 57 — 57 8 — 65 Total $ 8,297,937 $ 2,142,439 $ 10,440,376 $ 2,384,599 $ 1,373,421 $ 14,198,396 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 December 31, 2017 December 31, 2016 (in thousands) Residential Mortgage Consumer Total Residential Mortgage Consumer Total Performing $ 2,647,784 $ 2,099,637 $ 4,747,421 $ 2,123,048 $ 2,046,757 $ 4,169,805 Nonperforming 42,688 15,658 58,346 23,665 13,174 36,839 Total $ 2,690,472 $ 2,115,295 $ 4,805,767 $ 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 an institution to sufficient risk to warrant adverse classification. · Substandard - an asset that is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral ple dged, if any. Assets so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They ar e characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. · Doubtful - an asset that has all the weaknesses inherent in one classified Substandard with the added characteristic that the weaknesses make collection nor liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. · Loss - credits classified as Loss are considered uncollectable and are charged off promptly once so classified. Residential and Consumer: · Performing - loans on which payments of principal and interest are less than 90 days past due. · Nonperforming - a nonperforming loan is a loan that is in default or close to being in default and there are good reasons to doubt that payments will be made in full. All loans rated as nonaccrual loans are also classified as nonperforming. The Company assigns risk ratings at loan origination and reviews these ratings at minimum on annual basis, or at any point management becomes aware of information that may affect a borrower’s ability to service its debt. Credit Review uses a risk-focused continuous monitoring program that provides for an independent, objective and timely review of credit risk within the Company. Purchased Credit Impaired Loans Changes in the carrying amount of purchased credit impaired loans not individually evaluated for impairment and accretable yield are presented in the following table for the years ended December 31, 201 7 and 201 6 : 2017 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 Additions 15,000 — — — Payments received, net (69,591) (7,412) (55,194) (11,024) Accretion 17,079 (17,079) 20,271 (20,271) Increase (decrease) in expected cash flows based on actual cash flow and changes in cash flow assumptions — (30,379) — 5,358 Net transfers from nonaccretable difference to accretable yield — 3,701 — 10,135 Balance at end of period $ 153,403 $ 62,517 $ 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. As of December 31, 2016, $149 million of purchased credit impaired loans were covered by the single family loss share agreement. In July 2017, the Company terminated the agreements with the FDIC on the remaining covered loan balances. The Company wrote down the indemnification asset by $6.6 million to the final settlement received of $3.2 million. The receivable arising from the loss-sharing agreements (referred to as the “FDIC loss share receivable” on our consolidated balance sheet) was measured separately from the covered loans as the agreements were not contractually part of the loans and were not transferable should the Company have d isposed of the loans. The following schedule shows activity in the FDIC loss share receiv able for the year ended December 31, 201 7 and 201 6 : (in thousands) 2017 2016 Balance, January 1 $ 16,219 $ 29,868 Amortization (2,427) (5,918) Charge-offs, write-downs and other (recoveries) (2,442) (8,264) External expenses qualifying under loss share agreement 79 1,356 Adjustments due to changes in cash flow projections (2,526) (3,957) Net payments to FDIC 934 3,134 Loss on termination of loss share agreements (6,603) — Cash received from FDIC for final settlement of agreements (3,234) — Balance, December 31 $ — $ 16,219 Residential Mortgage Loans in Process of Foreclosure Loans in process of foreclosure include those for which formal foreclosure proceedings are in process according to local requirements of the applicable jurisdiction. Included in loans are $7.5 million and $ 10.1 million of consumer loans secured by single family residential mortgage real estate that are in process of foreclosure as of December 31, 201 7 and 201 6 , respectively. In addition to the single family residential real estate loans in process of foreclosure, the Company also held $3.4 million and $ 3.1 million of foreclosed single family residential properties in other real estate owned as of December 31, 201 7 and 201 6 , respectively. As of December 31, 2016 , $4. 9 million of loans in process of foreclosure and $0. 9 million of foreclosed single family residential properties were covered by an FDIC lo ss share agreement that provided protection against losses. Loans Held for Sale Loans held for sale totaled $ 39.9 million and $ 34.1 million, respectively, at December 31, 2017 and 201 6 . Substantially all loans held for sale are residential mortgage loans originated on a best-efforts basis, whereby a commitment by a third party to purchase the loan has been received concurrent with the Bank’s commitment to the borrower to originate the loan. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Property and Equipment [Abstract] | |
Property and Equipment | Note 5. Property and Equipment Property and equipment consisted of the following as of December 31, 2017 and 2016: December 31, (in thousands) 2017 2016 Land and land improvements $ 71,061 $ 79,412 Buildings and leasehold improvements 305,277 335,566 Furniture, fixtures and equipment 92,360 96,565 Software 70,003 70,370 Assets under development 9,960 10,826 548,661 592,739 Accumulated depreciation and amortization (214,998) (231,127) Property and equipment, net $ 333,663 $ 361,612 Depreciation and amortization expense w as $28.1 million , $28.4 million and $28.8 million for t he years ended December 31, 2017 , 2016 and 2015 , respectively. Property and Equipment Held for Sale During the fourth quarter of 2017, the Company determined that certain property and equipment met the criteria to be classified as assets held for sale. The Company expects these assets to be sold within the next twelve months . The carrying value of $27.2 million has been recorded within Other Assets in the Consolidated Balance Sheet as of December 31, 2017. For more information on the Company's policy on assets held for sale , refer to Note 1 – Summary of Significant Account Policies and Recent Accounting Pronouncements. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Other Intangible Assets [Abstract] | |
Goodwill and Other Intangible Assets | Note 6. Goodwill and Other Intangible Assets Goodwill 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 in a business combination . The FNBC transactions resulted in goodwill of approximately $124.3 million during the year ended December 31, 2017. The carrying amount of goodwill was $745.5 million and $ 621.2 million at December 31, 201 7 and 2016 . The Company completed its annual goodwill impairment test as of September 30, 2017 and concluded that there was no impairment of goodwill. The Company used the discounted net present value of estimated future cash flows to measure the fair value of its goodwill at December 31, 2017 . T he valuation technique used by the Company requires significant assumptions. A ssumptions are made concerning the economic environment, expected net interest margins, growth rates, and discount rates for cash flows. Changes to these assumptions could result in significantly different results. No goodwill impairment charges were recognized during 2017 , 2016 or 201 5 . Identifiable intangible assets with finite lives are amortized over the periods benefited and are evaluated for impairment similar to other long-lived assets. The purchase and carrying value s of intangible assets subject to amortization w ere as follows : December 31, 2017 Purchase Accumulated Carrying (in thousands) Value Amortization Value Core deposit intangibles $ 215,955 $ 132,878 $ 83,077 Credit card and trust relationships 22,400 16,882 5,518 Merchant processing relationships 10,000 7,955 2,045 $ 248,355 $ 157,715 $ 90,640 December 31, 2016 Purchase Accumulated Carrying (in thousands) Value Amortization Value Core deposit intangibles $ 190,655 $ 113,436 $ 77,219 Credit card and trust relationships 22,400 14,907 7,493 Merchant processing relationships 10,000 6,955 3,045 $ 223,055 $ 135,298 $ 87,757 Years Ended December 31, (in thousands) 2017 2016 2015 Aggregate amortization expense for: Core deposit intangibles $ 19,442 $ 16,411 $ 18,031 Credit card and trust relationships 1,975 2,172 2,369 Trade name — — 2,388 Merchant processing relationships 1,000 1,198 1,396 $ 22,417 $ 19,781 $ 24,184 The weighted-average remaining life of core deposit intangibles is 9 years. The weighted-average remaining life of other identifiable intangibles is 6 years . The following table shows estimated amortization expense of other intangible assets as of December 31, 2017 for the five succeeding years and thereafter, calculated based on current amortization schedules. (in thousands) 2018 $ 21,368 2019 18,194 2020 13,766 2021 11,288 2022 8,975 Thereafter 17,049 $ 90,640 |
Time Deposits
Time Deposits | 12 Months Ended |
Dec. 31, 2017 | |
Time Deposits [Abstract] | |
Time Deposits | Note 7. Time Deposits The maturity of time deposits at December 31, 2017 follows. (in thousands) 2018 $ 1,490,062 2019 1,342,830 2020 111,201 2021 19,066 2022 20,150 Thereafter 4,199 Total time deposits $ 2,987,508 Certificates of deposit in amounts greater than $250,000 totaled approximately $732 million at De cember 31, 201 7 . |
Short-Term Borrowings
Short-Term Borrowings | 12 Months Ended |
Dec. 31, 2017 | |
Short-Term Borrowings [Abstract] | |
Short-Term Borrowings | Note 8. Short-Term Borrowings The following table presents information concerning short-term borrowing as of December 31, 2017 and 2016: December 31, (in thousands) 2017 2016 Federal funds purchased: Amount outstanding at period end $ 140,754 $ 2,275 Average amount outstanding during period 27,063 14,052 Maximum amount at any month end during period 140,754 59,475 Weighted-average interest at period end 1.00% 0.38% Weighted-average interest rate during period 1.37% 0.50% Securities sold under agreements to repurchase: Amount outstanding at period end $ 430,569 $ 358,131 Average amount outstanding during period 501,719 454,571 Maximum amount at any month end during period 587,569 579,099 Weighted-average interest at period end 0.17% 0.04% Weighted-average interest rate during period 0.12% 0.03% FHLB borrowings: Amount outstanding at period end $ 1,132,567 $ 865,000 Average amount outstanding during period 1,478,114 943,570 Maximum amount at any month end during period 2,061,652 1,175,000 Weighted-average interest at period end 1.35% 0.54% Weighted-average interest rate during period 1.00% 0.41% Federal funds purchased represent unsecured borrowings from other banks, generally on an overnight basis. Securities sold under agreements to repurchase (“repurchase agreements”) are funds borrowed on a secured basis by selling securities under agreements to repurchase, mainly in connection with treasury-management services offered to deposit customers. The customer repurchase agreements mature daily and are secured by agency securities. As the Company maintains effective control over assets sold und er agreements to repurchase, the securities continue to be carried on the consolidated statements of financial condition. Because the Company acts as borrower transferring assets to the counterparty, and the agreements mature daily, the Company’s risk is very limited. The $ 1.1 billion of FHLB borrowings at December 31, 2017 consists of six fixed rate notes totaling $22 3 million, all of which mature in 2018 , and six variable rate notes totaling $ 910 million, of which $4 50 million mature in 2020 , $200 million mature in 2025 and $ 260 million mature in 202 6 . These notes reprice monthly or quarterly and may be repaid at our option, either in whole o r in part, on any monthly repri cing date, subject to a two week advanced notice. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2017 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | Note 9 . Long- T erm Debt As of December 31, 2017 and 2016, l ong-term debt was comprised of the following: December 31, (in thousands) 2017 2016 Subordinated notes payable, maturing June 2045 $ 150,000 $ 150,000 Subordinated notes payable, maturing April 2017 — 95,511 Term note payable, maturing December 2018 89,200 107,100 Other long-term debt 71,378 89,196 Less: unamortized debt issuance costs (5,065) (5,527) Total long-term debt $ 305,513 $ 436,280 The following table sets forth unamortized debt issuance costs associated with the respective debt instruments as of December 31, 2017: Unamortized Debt Issuance (in thousands) Principal Costs Subordinated notes payable, maturing June 2045 $ 150,000 $ 4,780 Term note payable, maturing December 2018 89,200 285 Other long-term debt 71,378 — Total $ 310,578 $ 5,065 On March 9, 2015 , the Company completed the issuance of subordinated notes payable with an aggregate principal amount of $150 million, maturing on June 15, 2045 . These notes accrue interest at a fixed rate of 5.95% per annum, with quarterly interest payments which began in June 2015 . Subject to prior approval by the Federal Reserve, the Company may redeem the notes in whole or in part on any interest payment date on or after June 15, 2020 . This debt qualifies as t ier 2 capital in the calculation of certain regulatory capital ratios. The Company redeemed the remaining principal of $95.5 million of subordinated notes at their maturity in April 2017 . The notes had accrued interest at 5.875% per annum. On December 18, 2015, the Company entered into a senior unsecured single-draw term loan facility totaling $125 million, which was drawn on the closing date. Amounts borrowed under the loan facility bear variable rate interest of LIBOR plus 1.50% per annum. The loan agreement requires quarterly principal payments of $4.5 million, and outstanding borrowings may be repaid in whole or in part at any time prior to the December 18, 2018 maturity date without premium or penalty, subject to reimbursement of certain lenders’ costs. As of December 31, 2017, the remaining principal balance was $89.2 million. The Company must satisfy certain financial covenants on this term note payable and is subject to other restrictions customary in financings, none of which are expected to adversely impact the operations of the Company. Financial covenants cover, among other things, the maintenance of minimum levels for regulatory capital ratios, consolidated net worth, consolidated return on assets, and holding company liquidity and dividend capacity, and specify a maximum ratio of consolidated nonperforming assets to consolidated total loans and other real estate. The Company was in compliance with all covenants as of December 31, 2017 . Substantially all of the Company’s other long-term debt consists of borrowings associated with tax credit fund activities. Although these borrowings have indicated maturities through 2053 , each is expected to be satisfied at the end of the seven -year compliance period for the related tax credit investments. |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2017 | |
Derivatives [Abstract] | |
Derivatives | Note 10. Derivatives Risk Management Objective of Using Derivatives The Company enters into derivative financial instruments to manage risks related to differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments, currently related to select pools of variable rate loans. The Bank has also entered into interest rate derivative agreements as a service to certain qualifying customers. The Bank manages a matched book with respect to these customer derivatives in order to minimize their net risk exposure resulting from such agreements. The Bank also enters into risk participation agreements under which it may either sell or buy credit risk associated with a customer’s performance under certain interest rate derivative contracts related to loans in which participation interests have been sold to or purchased from other banks. Fair Values of Derivative Instruments on the Balance Sheet The table below presents the notional amounts and fair values of the Company’s derivative financial instruments as well as their classification in the consolidated balance sheets as of December 31, 201 7 and 201 6 . 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 the change, the Company began prospectively reflecting derivative assets and liabilities net of the central clearing counterparty derivative margin account. Fair Values (1) Notional Amounts Assets Liabilities Type of December 31, December 31, December 31, (in thousands) Hedge 2017 2016 2017 2016 2017 2016 Derivatives designated as hedging instruments: Interest rate swaps Cash Flow $ 875,000 $ 1,100,000 $ — $ — $ 14,020 $ 7,787 Interest rate swaps Fair Value 483,110 — — — 2,475 — $ 1,358,110 $ 1,100,000 $ — $ — $ 16,495 $ 7,787 Derivatives not designated as hedging instruments: Interest rate swaps (2) N/A $ 1,144,789 $ 979,391 $ 15,408 $ 18,405 $ 15,857 $ 18,362 Risk participation agreements N/A 119,951 84,732 23 50 109 105 Forward commitments to sell residential mortgage loans N/A 80,462 75,676 1,000 900 290 221 Interest rate-lock commitments on residential mortgage loans N/A 53,724 46,840 186 189 782 228 Foreign exchange forward contracts N/A 42,260 56,152 2,453 771 2,419 729 $ 1,441,186 $ 1,242,791 $ 19,070 $ 20,315 $ 19,457 $ 19,645 Total derivatives $ 2,799,296 $ 2,342,791 $ 19,070 $ 20,315 $ 35,952 $ 27,432 Less: netting adjustments (3) (4,913) — (21,563) — Total derivate assets/ liabi lities 14,157 20,315 14,389 27,432 (1) Derivative assets and liabilities are reported with other assets or other liabilities, respectively, in the consolidated balance sheets. (2) The notional amount represents both the customer accommodation agreements and offsetting agreements with unrelated financial institutions. (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 qualifying as cash flow hedges of the Company’s forecasted variable cash flows for pools of variable rate loans. For each agreement, the Company receives interest at a fixed rate and pay s at a variable rate. The swap agreements expire as follows: notional amount of $250 million in 2019 ; $200 million in 2020 ; $425 million i n 2022 . During the term 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 variable-rate interest payments affects earnings. The impact on AOCI is reflected in Note 11 – Stockholders’ Equity. There was no ineffective portion of the change in fair value of the derivative recognized directly in earnings. Fair Value Hedges of Interest Rate Risk During 2017, the Company entered into interest rate swap agreements that modify the Company’s exposure to interest rate risk by effectively converting a portion of the Company’s brokered certificates of deposit from fixed rates to variable rates. The maturities and call features of these interest rate swaps match the features of the hedged deposits. As interest rates fall, the decline in the value of the certificates of deposit is offset by the increase in the value of the interest rate swaps. Conversely, as interest rates rise, the value of the underlying hedged deposits increases, but the value of the interest rate swaps decreases, resulting 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 interest rate 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 have 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 agreement. The Bank manages its credit risk under risk participation agreements by monitoring the creditworthiness of the borrower, based on the Bank’s normal credit review process. Mortgage banking derivatives The Bank also enters into certain derivative agreements as part of their mortgage banking activities. These agreements include interest rate lock commitments on prospective residential mortgage loans and forward commitments to sell these loans to investors on a best efforts delivery basis. Customer foreign exchange forward contract derivatives The Bank enters into foreign exchange forward derivative agreements, primarily forward currency contracts, with commercial banking customers to facilitate their risk management strategies. The Bank manages its risk exposure from such transactions by entering into offsetting agreements with unrelated financial institutions. Because the foreign exchange forward contract derivatives associated with this program do not meet hedge accounting requirements, changes in the fair value of both the customer derivatives and the offsetting derivatives are recognized directly in earnings. Effect of Derivative Instruments on the Income Statement Derivative income consisting primarily of cu stomer interest rate swap fees, net of fair value adjustments, is reflected in the income statement in other noninterest income, totaling $5.9 million , $5.2 million and $2.7 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. The impact to interest income from cash flow hedges was $(0. 3) million , $2.3 million , and $2.1 million for the years ended December 31 , 2017 , 2016 , and 2015 respectively. The impact to interest income of the fair value hedge entered into in 2017 was $(0.8) million. The impact to noninterest income was minimal. Credit Risk-Related Contingent Features Certain of the Bank’s derivative instruments contain provisions allowing the financial counterparty to terminate the contracts in certain circumstances, such as the downgrade of the Bank’s credit ratings below specified levels, a default by the Bank on its indebtedness, or the failure of the Bank to maintain specified minimum regulatory capital ratios or its regulatory status as a well-capitalized institution. These derivative agreements also contain provisions regarding the posting of collateral by each party. As of December 31, 2017 , the aggregate fair value of derivative instruments with credit-risk-related contingent features that were in a net liability position was $ 1.8 million , for which the Bank had posted collateral of $ 4.1 million . Offsetting Assets and Liabilities The Bank’s derivative instruments to certain counterparties contain legally enforceable netting provisions that allow for net settlement of multiple transactions to a single amount, which may be positive, negative, or zero. Agreements with certain bilateral counterparties require both parties to maintain collateral in the event 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 derivative assets and liabilities subject to these master netting agreements at December 31, 2017 and December 31, 2016 is presented in the following tables: As of December 31, 2017 Gross Amounts Offset in the Net Amounts Presented in the Gross Amounts Not Offset in the Statement of Financial Position (in thousands) Gross Amounts Recognized Statement of Financial Position Statement of Financial Position Financial Instruments Cash Collateral Net Amount Derivative Assets $ 7,155 $ (5,007) $ 2,148 $ 2,148 $ — $ — Derivative Liabilities $ 24,015 $ (20,077) $ 3,938 $ 2,148 $ 4,099 $ (2,309) As of December 31, 2016 Gross Amounts Offset in the Net Amounts Presented in the Gross Amounts Not Offset in the Statement of Financial Position (in thousands) Gross Amounts Recognized Statement of Financial Position Statement of Financial Position Financial Instruments Cash Collateral Net Amount 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 | 12 Months Ended |
Dec. 31, 2017 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | Note 11. Stockholders’ Equity Stock Issuance On December 16, 2016, the Company completed the issuance and sale of 6.3 million shares of common stock at a purchase price of $41.00 per share for total proceeds of $259 million, net of issuance cost. A portion of the proceeds were to support the purchase of assets in the FNBC I transaction. Stock Repurchase Program On August 28, 2015 , the Company’s Board of Directors approved a stock repurchase plan that authorized the repurchase of up to 5% , or approximately 3.9 million shares of its outstanding common stock, until it expired on September 2016 . There were no s hares repurchased under this plan in 2016 and 2017. Common Shares Outstanding Shares outstanding exclude treasury shares of 1. 2 million and 1.3 million at December 31, 2017 and 2016, respectively, with a first-in-first-out cost basis of $2 5.5 million and $ 24.1 million at December 31, 2017 and 2016, respectively. Shares outstanding also exclude unvested restricted share awards of 1.5 million and 2.0 million at December 31, 2017 and 2016, respectively. Accumulated Other Comprehensive Income (Loss) A roll forward of the components of AOCI is included as follows: (in thousands) Available for Sale Securities HTM Securities Transferred from AFS Employee Benefit Plans Cash Flow Hedges Total Balance, December 31, 2014 $ 18,001 $ (19,074) $ (48,626) $ (375) $ (50,074) Net change in unrealized gain (loss) (21,581) — — 311 (21,270) Reclassification of net loss realized and included in earnings (165) — 3,175 — 3,010 Valuation adjustment for employee benefit plans — — (33,971) — (33,971) Amortization of unrealized net loss on securities transferred to held to maturity — 3,530 — — 3,530 Income tax expense (benefit) (8,013) 1,251 (11,532) 114 (18,180) Balance, December 31, 2015 $ 4,268 $ (16,795) $ (67,890) $ (178) $ (80,595) Net change in unrealized (loss) gain (49,839) — — (7,507) (57,346) Reclassification of net (gain) loss realized and included in earnings (1,912) — 5,928 — 4,016 Valuation adjustment for employee benefit plans — — (12,748) — (12,748) Amortization of unrealized net loss on securities transferred to held to maturity — 3,830 — — 3,830 Income tax expense (benefit) (18,804) 1,427 (2,209) (2,725) (22,311) Balance, December 31, 2016 $ (28,679) $ (14,392) $ (72,501) $ (4,960) $ (120,532) Net change in unrealized loss 6,903 — — (7,328) (425) Reclassification of net (gain) loss realized and included in earnings — — 5,201 600 5,801 Valuation adjustment for pension plan amendment — — 17,315 — 17,315 Other valuation adjustment for employee benefit plans — — (10,929) — (10,929) Amortization of unrealized net loss on securities transferred to held to maturity — 3,786 — — 3,786 Income tax expense (benefit) 1,067 1,393 4,228 (2,600) 4,088 Reclassification of certain tax effects (a) 6,669 2,586 13,936 2,139 25,330 Balance, December 31, 2017 $ (29,512) $ (14,585) $ (79,078) $ (11,227) $ (134,402) (a) Represents the reclassification of stranded income tax effects to Retained Earnings upon adoption of ASU 2018-02. The adjustment is discussed in more detail later in this footnote. AOCI is reported as a component of stockholders’ equity. AOCI includes unrealized gains and losses on available for sale (“AFS”) securities and unrealized losses on AFS securities that were transferred to held to maturity (“HTM”) securities in the third quarter of 2013. Such amounts on the transferred securities will be amortized over the estimated remaining life of the security as an adjustment to yield, offsetting the related amortization of the net premium created in the transfer. Subject to certain thresholds, unrealized losses on employee benefit plans will be reclassified into income as pension and post retirement costs are recognized over the remaining service period of plan participants. Accumulated gains/losses on the cash flow hedge of the variable-rate loans described in Note 10 - Derivatives will be reclassified into income over the life of the hedge. Gains (losses) in AOCI are net of deferred income taxes. The following table shows the line items in the consolidated statements of income affected by amounts reclassified from AOCI: Amount reclassified from AOCI (a) Year Ended December 31, Increase (decrease) in affected line (in thousands) 2017 2016 item in the income statement Gain on sale of AFS securities $ — $ 1,912 Securities gains Tax effect — (694) Income taxes Net of tax — 1,218 Net income Amortization of unrealized net loss on securities transferred to HTM $ (3,786) $ (3,830) Interest income Tax effect 1,393 1,427 Income taxes Net of tax (2,393) (2,403) Net income Amortization of defined benefit pension and post-retirement items (b) $ (5,201) $ (5,928) Employee benefits expense Tax effect 1,898 1,920 Income taxes Net of tax (3,303) (4,008) Net income Amortization of loss on terminated cash flow hedges (600) — Interest expense Tax effect 232 — Income taxes Net of tax (368) — Net income Total reclassifications, net of tax $ (6,064) $ (5,193) 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 b enefits expense (see footnote 16 for additional information ). Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income The Company retrospectively adopted ASU 2018-02, “ Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income .” The ASU was issued by the FASB in February 2018 to address the issue of other comprehensive income or loss that became stranded in AOCI as a result of the re-measurement of an entity’s deferred income tax assets and liabilities following the reduction of the U.S. federal corporate tax rate from 35% to 21%. In accordance with the guidance, the Company reclassified $25.3 million from Accumulated Other Comprehensive Loss to Retained Earnings. Refer to Note 1 – Summary of Significant Accounting Policies and Recent Accounting Pronouncements and Note 13 – Income Taxes for further discussion. Regulatory Capital Measures of regulatory capital are an important tool used by regulators to monitor the financial health of financial institutions. The primary quantitative measures used to gauge capital adequacy are Common equity tier 1, Tier 1 and Total regulatory capital to risk-weighted assets (risk-based capital ratios) and the Tier 1 capital to average total assets (leverage ratio). Both the Company and the Bank subsidiary are required to maintain minimum risk-based capital ratios of 8.0% total capital, 4.5% Tier 1 Common Equity, and 6.0% Tier 1 capital. The minimum leverage ratio is 3.0% for bank holding companies and banks that meet certain specified criteria, including having the highest supervisory rating. All others are required to maintain a leverage ratio of at least 4.0% . To evaluate capital adequacy, regulators compare an institution’s regulatory capital ratios with their agency guidelines, as well as with the guidelines established as part of the uniform regulatory framework for prompt corrective supervisory action toward financial institutions. The framework for prompt corrective action categorizes capital levels into one of five classifications rating from well-capitalized to critically under-capitalized. For an institution to be eligible to be classified as well capitalized its total risk-based capital ratios must be at least 10.0% for total capital, 6.5% for Tier 1 Common Equity and 8.0% for Tier 1 capital, and its leverage ratio must be at least 5.0% . In reaching an overall conclusion on capital adequacy or assigning a classification under the uniform framework, regulators also consider other subjective and quantitative measures of risk associated with an institution. The Company and the Bank were deemed to be well capitalized based upon the most recent notifications from t heir regulators. There are no conditions or events since those notifications that management believes would change the classifications. At December 31, 2017 and 2016 , the Company and the Bank were in compliance with all of their respective minimum regulatory capital requirements. Following is a summary of the actual regulatory capital amounts and ratios for the Company and the Bank together with corresponding regulatory capital requirements at December 31, 2017 and 2016 : Actual Required for Minimum Capital Adequacy Required To Be Well Capitalized ($ in thousands) Amount Ratio % Amount Ratio % Amount Ratio % At December 31, 2017 Tier 1 leverage capital Company $ 2,214,723 8.43 $ 1,051,025 4.00 $ 1,313,781 5.00 Whitney Bank 2,282,485 8.72 1,046,644 4.00 1,308,305 5.00 Common equity tier 1 (to risk weighted assets) Company $ 2,214,723 10.21 $ 976,303 4.50 $ 1,410,216 6.50 Whitney Bank 2,282,485 10.54 974,362 4.50 1,407,412 6.50 Tier 1 capital (to risk weighted assets) Company $ 2,214,723 10.21 $ 1,301,738 6.00 $ 1,735,650 8.00 Whitney Bank 2,282,485 10.54 1,299,150 6.00 1,732,200 8.00 Total capital (to risk weighted assets) Company $ 2,582,031 11.90 $ 1,735,650 8.00 $ 2,169,563 10.00 Whitney Bank 2,499,793 11.55 1,732,200 8.00 2,165,250 10.00 At December 31, 2016 Tier 1 leverage capital Company $ 2,184,812 9.56 $ 914,520 4.00 $ 1,143,150 5.00 Whitney Bank 2,011,719 8.83 911,091 4.00 1,138,864 5.00 Common equity tier 1 (to risk weighted assets) Company $ 2,184,812 11.26 $ 873,192 4.50 $ 1,261,277 6.50 Whitney Bank 2,011,719 10.39 871,361 4.50 1,258,633 6.50 Tier 1 capital (to risk weighted assets) Company $ 2,184,812 11.26 $ 1,164,256 6.00 $ 1,552,341 8.00 Whitney Bank 2,011,719 10.39 1,161,815 6.00 1,549,086 8.00 Total capital (to risk weighted assets) Company $ 2,564,230 13.21 $ 1,552,341 8.00 $ 1,940,427 10.00 Whitney Bank 2,241,137 11.57 1,549,086 8.00 1,936,358 10.00 Regulatory Restrictions on Dividends Regulatory policy statements provide that generally bank holding companies should pay dividends only out of current operating earnings and that the level of dividends must be consistent with current and expected capital requirements. Dividends received from the Bank have been the primary source of funds available to the Company for the payment of dividends to its stockholders. Federal and state banking laws and regulations restrict the amount of dividends the Bank may distribute to Hancock without prior regulatory approval, as well as the amount of loans it may make to the Company. Dividends paid by the Bank are subject to approval by the Commissioner of Banking and Consumer Finance of the State of Mississippi. |
Other Noninterest Income and Ot
Other Noninterest Income and Other Noninterest Expense | 12 Months Ended |
Dec. 31, 2017 | |
Other Noninterest Income and Other Noninterest Expense [Abstract] | |
Other Noninterest Income and Other Noninterest Expense | Note 12. Other Noninterest Income and Other Noninterest Expense The components of other noninterest income and other noninterest expense are as follows: Years Ended December 31, (in thousands) 2017 2016 2015 Other noninterest income: Income from bank-owned life insurance $ 11,473 $ 13,596 $ 10,881 Credit-related fees 11,140 9,926 11,057 Income from derivatives 5,870 5,196 2,745 Gain on sales of assets 7,478 7,814 186 Other miscellaneous income 13,814 10,950 11,092 Total other noninterest income $ 49,775 $ 47,482 $ 35,961 Other noninterest expense: Advertising $ 15,031 $ 10,938 $ 11,225 Ad valorem and franchise taxes 12,797 8,741 10,498 Printing and supplies 5,139 4,422 4,851 Travel 5,043 4,268 5,331 Entertainment and contributions 8,260 7,122 6,723 Tax credit investment amortization 4,850 4,263 8,513 Loss share agreement termination 6,603 — — Other miscellaneous expense 24,913 32,810 25,062 Total other noninterest expense $ 82,636 $ 72,564 $ 72,203 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Taxes [Abstract] | |
Income Taxes | Note 13. Income Taxes Income tax expense included in net income consisted of the following components: Years Ended December 31, (in thousands) 2017 2016 2015 Included in net income Current federal $ 38,859 $ 43,777 $ 17,378 Current state 4,112 1,689 4,241 Total current provision 42,971 45,466 21,619 Deferred federal 48,653 (6,127) 15,457 Deferred state 1,178 (1,712) 1,228 Total deferred provision 49,831 (7,839) 16,685 Total included in net income $ 92,802 $ 37,627 $ 38,304 On December 22, 2017, the Tax Cuts and Jobs Act (“Tax Act”) was signed into law. The Tax Act made significant changes to U.S. corporate income tax by, among other things, reducing the corporate federal income tax rate from 35% to 21% , eliminating or reducing certain deductions, and providing for immediate expensing of certain qualified property. U.S. GAAP requires t he effects of changes in tax rates and laws upon deferred tax balances to be recognized in the period in which the legislation is enacted. Accordingly, the Company re-measured its deferred tax assets and liabilities based upon the newly enacted U.S. statutory federal income tax rate of 21%, which is the tax rate at which these assets and liabilities are expected to reverse in the future. The re-measurement resulted in a $19.5 million charge to income tax expense for the year ended December 31, 2017, comprised of $25.3 million of expense related to certain items included within AOCI, and a provisional income tax benefit of $5.8 million related to items included in continuing operations. The provisional benefit is a reasonable estimate as the Company has not completed its analysis of the impact of the Tax Act and the related calculations that could affect the measurement of deferred tax assets and liabilities arising from items included in Company operations. The SEC’s Staff Accounting Bulletin No. 118 permits the recording of provisional amounts related to the impact of the Tax Act during a measurement period which is not to exceed one year from the enactment date of the Tax Act. Adjustments to the provisional amount may occur during the measurement period as the Company continues to collect information, finalize calculations and interpret any additional guidance provided by the IRS or other regulatory agencies. Any such adjustments may materially impact income tax expense in the period in which the adjustments are made. Except for the charge due to the re-measurement of the net deferred tax asset related to AOCI, income tax expense does not reflect the tax effects of amounts recognized in other comprehensive income and in AOCI, a separate component of stockholders’ equity. These amounts include unrealized gains and losses on securities available for sale or transferred to held to maturity, unrealized gains and losses on derivatives and hedging transactions, and valuation adjustments of defined benefit and other post-retirement benefit plans. Refer to Note 11 for additional information on stockholder’s equity and AOCI. Temporary differences arise between the tax bases of assets or liabilities and their carrying amounts for financial reporting purposes. The expected tax effects from when these differences are resolved are recorded currently as deferred tax assets or liabilities. Significant components of the Company’s deferred tax assets and liabilities were as follows: December 31, (in thousands) 2017 2016 Deferred tax assets: Allowance for loan losses $ 51,517 $ 89,120 Employee compensation and benefits 9,783 28,401 Loan purchase accounting adjustments 6,441 12,047 Tax credit carryforward 21,274 29,085 Securities 12,250 23,169 State net operating loss 1,979 1,690 Other 15,407 14,583 Gross deferred tax assets 118,651 198,095 State valuation allowance (1,979) (1,690) Subtotal valuation allowance (1,979) (1,690) Net deferred tax assets 116,672 196,405 Deferred tax liabilities: Fixed assets & intangibles (56,526) (74,518) FDIC indemnification asset — (6,293) Other (6,167) (11,159) Gross deferred tax liabilities (62,693) (91,970) Net deferred tax asset $ 53,979 $ 104,435 Reported income tax expense differed from amounts computed by applying the statutory income tax rate of 35% to earnings before income taxes. The primary differences are due to tax-exempt income , federal and state tax credits and, for 2017, excess tax benefits from stock-based compensation and tax expense due to enactment of the Tax Act . The main source of tax credits has been investments in tax-advantaged securities and tax credit projects. See the table in the income tax section of the MD&A for additional information regarding federal and state tax credits. A summary of the factors that impa cted income tax expense follows. Years Ended December 31, 2017 2016 2015 ($ in thousands) Amount % Amount % Amount % Taxes computed at statutory rate $ 107,952 35.0 % $ 65,423 35.0 % $ 59,418 35.0 % Increases (decreases) in taxes resulting from: State income taxes, net of federal income tax benefit 4,737 1.5 1,917 1.0 2,595 1.5 Tax-exempt interest (18,870) (6.1) (14,497) (7.8) (7,849) (4.6) Life insurance contracts (5,360) (1.7) (4,833) (2.6) (3,798) (2.2) Tax credits (9,374) (3.0) (10,518) (5.6) (12,495) (7.4) Employee share-based compensation (5,824) (1.9) — — — — Impact of deferred tax asset re-measurement 19,520 6.3 — — — — Other, net 21 — 135 0.1 433 0.3 Income tax expense $ 92,802 30.1 % $ 37,627 20.1 % $ 38,304 22.6 % As of December 31, 2017 , the Company had approximately $21.3 million in federal and state tax credit carryforwards that originated in the tax years from 2011 through 2017 . The federal and state carryforwards begin expiring in 203 5 and 2021 , respectively. These carryforwards are primarily from investments in federal and state NMTC projects and federal AMT credit . The Tax Act permanently repealed the corporate alternative minimum tax (“AMT”) beginning after December 31, 2017. The AMT credit carryforward can be utilized to offset the regular tax liability with any remaining carryforward refundable by 2022. As of December 31, 2017, the AMT credit carryover of $10.2 million is recorded in the deferred tax asset balance. The Company expects to recover the entire amount through a reduction of its regular tax liability. The Company had approximately $31.4 million in state net operating loss carryforwards that originated in the tax years 2004 through 2017 and that begin expiring in 2024 . A valuation allowance has been established for the state net operating loss carryforwards. The impact of this valuation allowance is immaterial to the financial statements. The tax benefit of a position taken or expected to be taken in a tax return should be recognized when it is more likely than not that the position will be sustained on its technical merits . The liability for unrecognized tax benefits was immaterial at December 31, 2017 , 2016 and 2015 . The Company does not expect the liability for unrecognized tax benefits to change significantly during 2018 . The Company recognizes interest and penalties, if any, related to income tax matters in income tax expense, and the amounts recognized during 2017 , 2016 and 2015 were insignificant . The Company and its subsidiaries file a consolidated U.S. federal income tax return, as well as filing various state returns. Generally, the returns for years prior to 201 4 are no longer subject to examination by taxing authorities. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 14. Earnings Per Share Earnings per share is calculated using the two-class method. The two-class method allocates net income to each class of common stock and participating security according to common dividends declared and participation rights in undistributed earnings. Participating securities consist of unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents. A summary of the information used in the computation of earnings per common share follows: Years Ended December 31, ($ in tho usands, except per share data ) 2017 2016 2015 Numerator: Net income to common shareholders $ 215,632 $ 149,296 $ 131,461 Net income allocated to participating securities -- basic and diluted 4,670 3,598 2,895 Net income allocated to common shareholders - basic and diluted $ 210,962 $ 145,698 $ 128,566 Denominator: Weighted-average common shares - basic 84,695 77,850 78,197 Dilutive potential common shares 268 99 110 Weighted average common shares - diluted 84,963 77,949 78,307 Earnings per common share: Basic $ 2.49 $ 1.87 $ 1.64 Diluted $ 2.48 $ 1.87 $ 1.64 Potential common shares consist of employee and director stock options, unvested performance share awards, and deferred restricted units. These potential common shares do not enter into the calculation of diluted earnings per share if the imp act would be anti-dilutive, i.e., increase earnings per share or reduce a loss per share. Weighted-average anti-dilutive potential common shares totaled 10,551 for the year ended December 31, 201 7 , 572,512 for the year ended December 31, 201 6 , and 798,623 for the year ended December 31, 201 5 . |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting | Note 15. Segment Reporting Accounting standards require that information be reported about a company’s operating segments using a “management approach.” Reportable segments are identified in these standards as those revenue-producing components for which discrete financial information is produced internally and which are subject to evaluation by the chief operating decision maker in deciding how to allocate resources to segments. On March 31, 2014, the Company combined its two state bank charters into one charter. Due to the charter change , and consistent with its stated strategy that is focused on providing a consistent package of community banking products and services across all markets, the Company has identified its overall banking operations as its only reportable segment. Because the overall banking operations comprise substantially all of the consolidated operations, no separate segment disclosures are presented. |
Retirement Benefit Plans
Retirement Benefit Plans | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefit Plans [Abstract] | |
Retirement Benefit Plans | Note 16. Retirement Benefit Plans The Company offers a qualified defined benefit pension plan, the Hancock Holding Company Pension Plan and Trust Agreement (“Pension Plan”), covering certain eligible associates. Eligibility is based on minimum age and service-related requirements. During the second quarter of 2017, 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. The Company makes contributions to this pension plan in amounts sufficient to meet funding requirements set forth in federal employee benefit and tax laws, plus such additional amounts as the Company may determine to be appropriate. The Company does not anticipate making a contribution to the pension plan during 2018. The Company also offers a defined contribution retirement benefit plan (401(k) plan), the Hancock Holding Company 401(k) Savings Plan and Trust Agreement (“401(k) Plan”), that covers substantially all associates who have been employed 60 days and meet a minimum age requirement and employment classification criteria. The Company matches 100% of the first 1% of compensation saved by a participant, and 50% of the next 5% of compensation saved. Newly eligible associates are automatically enrolled at an initial 3% savings rate unless the associate actively opts out of participation in the plan. The 401(k) Plan was also amended during the second quarter of 2017 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’s 401(k) plan matching expense totaled $8.4 million, $7.7 million and $7.4 million for the years ended December 31, 2017, 2016 and 2015 , respectively . Certain associates who were designated executive officers of Whitney Holding Company and/or Whitney National Bank before the acquisition by the Company are also covered by an unfunded nonqualified defined benefit pension plan. The benefits under this nonqualified plan were designed to supplement amounts to be paid under the defined benefit plan previously maintained for employees of Whitney Holding Company and/or Whitney National Bank (the “Whitney Pension Plan”), and are calculated using the Whitney Pension Plan’s formula, but without applying the restrictions imposed on qualified plans by certain provisions of the Internal Revenue Code. Accrued benefits under this plan were frozen as of December 31, 2012 in connection with the merger of the Whitney Pension Plan into the Company’s qualified defined benefit pension plan, and no future benefits will be accrued under this plan. The Company also sponsors defined benefit postretirement plans for certain associates. The Hancock postretirement plans are available only to associates hired by the Company prior to January 1, 2000. The Hancock plans provide health care and life insurance benefits to retiring associates who participate in medical and/or group life insurance benefit plans for active associates and have reached 55 years of age with ten years of service, at the time of retirement. The postretirement health care plan is contributory, with retiree contributions adjusted annually and subject to certain employer contribution maximums. The Whitney postretirement plans are available only to former employees of Whitney Holding Company and/or Whitney National Bank who meet the eligibility requirements, and offer health care and life insurance benefits for eligible retirees and their eligible dependents. Participant contributions are required under the health plan. These plans restrict eligibility for postretirement health benefits to retirees already receiving benefits as of the date of the plan amendments in 2007 and to those active participants who were eligible to receive benefits as of December 31, 2007 (i.e., were age 55 with ten years of credited service). Life insurance benefits are currently only available to associates who retired before December 31, 2007. The Company assumed certain trends in health care costs in the determination of the benefit obligations. At December 31, 2017 , the plans assumed a 8.0% increase in the pre- and post-Medicare age health costs for 2018 , declining over a period of ten years to a 5.0% annual rate. At December 31, 2017, the mortality assumption was based on Revised RP-2014 Employee and Healthy Annuitants Bottom Quartile Generational Mortality Table for Males and Females - Projected with Improvement Scale MP-2017 . At December 31, 2016, the mortality assumption was based on the Revised RP-2014 Employee Health Annuitants Bottom Quartile Table for Males and Females, with projected improvement MP-2016. In 2016, the post-retirement benefit plan was amended to change post-65 coverage resulting in a re-measurement of the benefit obligation. The following tables detail the changes in the benefit obligations and plan assets of the defined benefit plans for the years ended December 31, 2017 and 2016 as well as the funded status of the plans at each year end and the amounts recognized in the Company’s balance sheets. The Company uses a December 31 measurement date for all defined benefit pension plans and other postretirement benefit plans. 2017 2016 2017 2016 (in thousands) Pension Benefits Other Post- Retirement Benefits Change in benefit obligation Benefit obligation: at beginning of year $ 479,281 $ 462,819 $ 22,481 $ 22,281 Service cost 15,381 14,098 129 170 Interest cost 16,514 16,907 668 773 Plan participants' contributions — — 636 1,269 Plan amendments (17,315) — — (1,224) Net actuarial loss 39,419 16,944 993 1,844 Benefits paid (19,436) (31,487) (1,871) (2,632) Benefit obligation, end of year 513,844 479,281 23,036 22,481 Change in plan assets Fair value of plan assets: at beginning of year 515,555 491,550 — — Actual return on plan assets 68,307 40,375 — — Employer contributions 1,132 16,123 1,235 1,363 Plan participants' contributions — — 636 1,269 Benefit payments (19,436) (31,487) (1,871) (2,632) Expenses (1,193) (1,006) — — Fair value of plan assets, end of year 564,365 515,555 — — Funded status at end of year - net asset (liability) $ 50,521 $ 36,274 $ (23,036) $ (22,481) Amounts recognized in accumulated other comprehensive loss Unrecognized loss: at beginning of year $ 115,910 $ 109,565 $ (2,078) $ (2,553) Net actuarial loss (gain) (12,932) 6,345 1,346 475 Unrecognized loss at end of year $ 102,978 $ 115,910 $ (732) $ (2,078) Projected benefit obligation $ 513,844 $ 479,281 Accumulated benefit obligation 489,075 443,261 Fair value of plan assets 564,365 515,555 The net funded status of $50 . 5 million for pension benefits plans includes an excess of plan assets over the benefit obligation of $66.2 million on the defined benefit pension plan, offset by an unfunded benefit obligation of $15.7 million for the nonqualified retirement plan. The following table shows net periodic benefit cost included in expense and the changes in the amounts recognized in AOCI during 2017 , 2016 , and 2015 . Years Ended December 31, 2017 2016 2015 2017 2016 2015 ($ in thousands) Pension Benefits Other Post-Retirement Benefits Net periodic benefit cost Service cost $ 15,381 $ 14,098 $ 13,511 $ 129 $ 170 $ 117 Interest cost 16,514 16,907 18,635 668 773 891 Expected return on plan assets (37,632) (34,554) (32,833) — — — Amortization of net loss/ prior service cost 5,554 5,783 3,169 (353) 145 6 Net periodic benefit cost (183) 2,234 2,482 444 1,088 1,014 Other changes in plan assets and benefit obligations recognized in other comprehensive income, before taxes Net (loss) gain recognized during the year (5,554) (5,783) (3,169) 353 (145) (6) Net actuarial loss (gain) (7,378) 12,128 39,876 993 620 (5,905) Total recognized in other comprehensive income (12,932) 6,345 36,707 1,346 475 (5,911) Total recognized in net periodic benefit cost and other comprehensive income $ (13,115) $ 8,579 $ 39,189 $ 1,790 $ 1,563 $ (4,897) Discount rate for benefit obligations 3.57% 4.10% 4.40% 3.52% 3.95% 4.32% Discount rate for net periodic benefit cost 4.10% 4.40% 4.11% 3.95% 4.32% 4.02% Expected long-term return on plan assets 7.25% 7.25% 7.50% n/a n/a n/a Rate of compensation increase scaled * scaled * scaled * n/a n/a n/a * Graded scale, declining from 7.00% at age 20 to 2.00% at age 60 The long term rate of return on plan assets is determined by using the weighted-average of historical real returns for major asset classes based on target asset allocations. The discount rates for the benefit obligation were calculated by matching expected future cash flows to the BPSM-AA Only Pension Discount Curve for 2017 and to the Wells Fargo Pension Discount Curve Liability Index for 2016. The following shows expected plan benefit payments over the ten years following December 31, 2017: (in thousands) Pension Post-Retirement Total 2018 $ 21,143 $ 1,346 $ 22,489 2019 21,869 1,364 23,233 2020 22,882 1,350 24,232 2021 23,881 1,404 25,285 2022 24,824 1,320 26,144 2023-2027 140,214 6,394 146,608 $ 254,813 $ 13,178 $ 267,991 The expected benefit payments are estimated based on the same assumptions used to measure the Company’s benefit obligations at December 31, 2017 . The estimated amounts of actuarial loss that will be amortized from accumulated other comprehensive loss into net periodic benefit cost over the next y ear is $4.0 million. The following table illustrates the effect on the annual periodic postretirement benefit costs and postretirement benefit obligation of a 1% increase or 1% decrease in the assumed health care cost trend rates from the rates assumed at December 31, 2017 : 1% Decrease Assumed 1% Increase (in thousands) in Rates Rates in Rates Aggregated service and interest cost $ 722 $ 797 $ 889 Postretirement benefit obligation 20,964 23,036 25,564 The fair values of pension plan assets at December 31, 2017 and 2016 , by asset category, are shown in the following tables. The fair value is presented based on the Financial Accounting Standards Board’s fair value hierarchy that prioritizes inputs into the valuation techniques used to measure fair value. Level 1 uses quoted prices in active markets for identical assets, Level 2 uses significant observable inputs, and Level 3 uses significant unobservable inputs. In accordance with Subtopic 820-10 common trust funds are reported at fair value using net asset value per share (or its equivalent) as a practical expedient and are not classified in the fair value hierarchy. For all investments, the plan attempts to use quoted market prices of identical assets on active exchanges, or Level 1 measurements. Where such quoted market prices are not available, the plan will use quoted prices for similar instruments or discounted cash flows to estimate the value, reported as Level 2. December 31, 2017 Fair Value Measurements by Asset Category / Fund Level 1 Level 2 Level 3 Total (in thousands) Cash and equivalents $ 5,496 $ — $ — $ 5,496 Total cash and cash equivalents 5,496 — — 5,496 Fixed income securities — 113,169 162 113,331 Mutual fund-fixed income 31,839 — — 31,839 Total fixed income 31,839 113,169 162 145,170 Domestic and foreign stock 102,416 6 — 102,422 Mutual funds-equity 168,299 — — 168,299 Total equity 270,715 6 — 270,721 Real assets fund — — — — Total assets at fair value 308,050 113,175 162 421,387 Common trust funds (fixed income) — — — 114,068 Common trust fund (real assets) — — — 28,910 Total $ 308,050 $ 113,175 $ 162 $ 564,365 December 31, 2016 Fair Value Measurements by Asset Category / Fund Level 1 Level 2 Level 3 Total (in thousands) Cash and equivalents $ 15,568 $ — $ — $ 15,568 Total cash and cash equivalents 15,568 — — 15,568 Fixed income securities — 136,085 — 136,085 Mutual fund-fixed income 48,805 — — 48,805 Total fixed income 48,805 136,085 — 184,890 Domestic and foreign stock 104,455 6 — 104,461 Mutual funds-equity 157,630 — — 157,630 Total equity 262,085 6 — 262,091 Real assets fund 27,690 — — 27,690 Total assets at fair value 354,148 136,091 — 490,239 Common trust fund (fixed income) — — — 25,316 Total $ 354,148 $ 136,091 $ — $ 515,555 The following table presents the percentage allocation of the plan assets by asset category and corresponding target allocations at December 31, 2017 and 2016. Plan Assets Target Allocation at December 31, at December 31, Asset category 2017 2016 2017 2016 Cash and equivalents 1 % 3 % 0 - 5% 0 - 5% Fixed income securities 46 41 35 - 63% 25 - 65% Equity securities 48 51 35 - 51% 30 - 60% Real assets 5 5 0 - 12% 0 - 10% 100 % 100 % Plan assets are invested in long-term strategies and evaluated within the context of a long-term investment horizon. Plan assets will be diversified across multiple asset classes so as to minimize the risk of large losses. Short-term fluctuations in value will be considered secondary to long-term results. The Company employs a total return approach whereby a diversified mix of asset class investments are used to maximize the long-term return of plan assets for an acceptable level of risk. Risk tolerance is established through careful consideration of the plan liabilities, plan funded status and the Company’s financial condition. The investment performance of the plan is regularly monitored to ensure that appropriate risk levels are being taken and to evaluate returns versus a suitable market benchmark. The benefits investment committee meets periodically to review the policy, strategy, and performance of the plans. |
Share-Based Payment Arrangement
Share-Based Payment Arrangements | 12 Months Ended |
Dec. 31, 2017 | |
Share-Based Payment Arrangements [Abstract] | |
Share-Based Payment Arrangements | Note 17 . Share-Based Payment Arrangements The Company maintains incentive compensation plans that incorporate share-based payment arrangements for associates and directors. The current plan under which share-based awards may be granted, the 2014 Long Term Incentive Plan (the “2014 Plan”), was approved by the Company’s stockholders at the 2014 annual meeting as a successor to the Company’s 2005 Long-Term Incentive Plan (the “2005 Plan”). Certain share-based awards remain outstanding under the 2005 Plan and prior equity incentive compensation plans, but no future awards may be granted thereunder. The Compensation Committee of the Company’s Board of Directors administers the equity incentive plans, makes determinations with respect to participation by employees or directors and authorizes the share-based awards. Under the 2014 Plan, participants may be awarded stock options (including incentive stock options for associates), restricted shares, performance stock awards and stock appreciation rights, all on a stand-alone, combination or tandem basis. To date, the Committee has awarded stock options, tenure-based restricted shares and performance stock awards under the 2014 Plan and the prior equity incentive plans. During the year ended December 31, 2017, the Company’s shareholders approved a 1,200,000 increase in the aggregate number of awards that may be granted under the 2014 Plan. F uture awards may be granted for the issuance of an aggregate of 2,996,357 shares of the Company’s common stock, plus the number of any shares of the Company’s common stock for which awards under the 2005 Plan are cancelled, expired, forfeited or settled in cash. The 2014 Plan limits the number of shares for which awards may be granted to any participant during any calendar year to 100,000 shares. The Company may use authorized unissued shares or shares held in treasury to satisfy awards under the 2014 Plan. As of December 31, 2017 there were 1. 6 million shares available for future issuance under the 2014 equity compensation plan. For the years ended December 31, 2017 , 2016 and 2015 total share-based compensation recognized in income was $1 7.6 million, $1 4.3 million and $1 2.9 million, respectively. The total recognized tax benefit related to the share-based compensation was $ 13.3 million , $ 5.2 million and $4. 8 million for 2017 , 2016 and 2015 , respectively. A summary of option activity for 2017 is presented below: Options Number of Shares Weighted- Average Exercise Price ($) Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic Value ($000) Outstanding at January 1, 2017 456,258 $ 35.91 3.5 $ 3,734 Exercised (350,744) 34.65 4,304 Cancelled/Forfeited (538) 32.09 6 Expired (16,675) 68.18 — Outstanding at December 31, 2017 88,301 $ 34.84 2.8 $ 1,294 Exercisable at December 31, 2017 88,301 $ 34.84 2.8 $ 1,294 The number of shares subject to the outstanding options reflected above includes shares to be issued upon the exercise of options that were assumed by the Company in the acquisition of Whitney Holding Corporation. The exercise price for stock options is set at the closing market price of the Company’s stock on the date immediately preceding the date of grant, except for the exercise price of certain options granted to major stockholders which is set at 110% of the market price. Option awards generally vest equally over five years of continuous service and have ten -year contractual terms. The total intrinsic value of options exercised during 2017 was $ 4.3 million. The total intrinsic value of options exercised during 2016 and 2015 was $0. 5 million, and $0. 02 million, respectively. A summary of the Company’s nonvested restricted and performance shares for the year ended December 31, 2017 is presented below: Number of Shares Weighted- Average Grant-Date Fair Value ($) Nonvested at January 1, 2017 2,152,119 $ 32.12 Granted 525,258 45.71 Vested (906,944) 30.66 Cancelled/Forfeited (61,491) 32.57 Nonvested at December 31, 2017 1,708,942 $ 37.05 As of December 31, 2017 , there was $ 50.6 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. 5 years. The total fair value of shares which vested during 2017 and 2016 was $ 26.3 million and $1 1.5 million, respectively. In 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 43 regional banks. The fair value of the performance shares subject to TSR at the grant date was determined using a Monte Carlo simulated 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 will be recognized on a straight-line basis over the three -year service period. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | Note 18. Commitments and Contingencies Credit Related In the normal course of business, the Bank enters into financial instruments, such as commitments to extend credit and letters of credit, to meet the financing needs of its customers. Such instruments are not reflected in the accompanying consolidated financial statements until they are funded, although they expose the Bank to varying degrees of credit risk and interest rate risk in much the same way as funded loans. Commitments to extend credit include revolving commercial credit lines, nonrevolving loan commitments issued mainly to finance the acquisition and development or construction of real property or equipment, and credit card and personal credit lines. The availability of funds under commercial credit lines and loan commitments generally depends on whether the borrower continues to meet credit standards established in the underlying contract and has not violated other contractual conditions. Loan commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee by the borrower. Credit card and personal credit lines are generally subject to cancellation if the borrower’s credit quality deteriorates. A number of commercial and personal credit lines are used only partially or, in some cases, not at all before they expire, and the total commitment amounts do not necessarily represent future cash requirements of the Company. A substantial majority of the letters of credit are standby agreements that obligate the Bank to fulfill a customer’s financial commitments to a third party if the customer is unable to perform. The Bank issues standby letters of credit primarily to provide credit enhancement to its customers’ other commercial or public financing arrangements and to help them demonstrate financial capacity to vendors of essential goods and services. The contract amounts of these instruments reflect the Company’s exposure to credit risk. The Company undertakes the same credit evaluation in making loan commitments and assuming conditional obligations as it does for on-balance sheet instruments and may require collateral or other credit support. These off-balance sheet financial instruments are summarized below: December 31, (in thousands) 2017 2016 Commitments to extend credit $ 6,689,033 $ 5,878,290 Letters of credit 348,377 338,014 Legal Proceedings The Company is party to various legal proceedings arising in the ordinary course of business. Management does not believe that loss contingencies, if any, arising from pending litigation and regulatory matters will have a material adverse effect on the consolidated financial position or liquidity of the Company. Lease Commitments The Company currently is obligated under a number of non-cancelable operating leases for buildings and equipment. Certain of these leases have escalation clauses and renewal options. Future minimum lease payments for non-cancelable operating leases with initial terms in excess of one year were as follows at December 31, 2017 : (in thousands) Operating Leases 2018 $ 16,307 2019 15,466 2020 13,815 2021 12,317 2022 12,099 Thereafter 81,826 Total minimum lease payments $ 151,830 Rental expense approximated $17.0 million , $ 11.7 million and $ 13.3 million for the y ears ended December 31, 201 7 , 201 6 , and 2015 , respectively. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value of Financial Instruments [Abstract] | |
Fair Value of Financial Instruments | Note 19. Fair Value of Financial Instruments The FASB defines fair value as the exchange price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The FASB’s guidance also 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 Measured on a Recurring Basis The following tables present for each of the fair value hierarchy levels the Company’s financial assets and liabilities that are measured at fair value on a recurring basis in the consolidated balance sheets. December 31, 2017 (in thousands) Level 1 Level 2 Level 3 Total Assets Available for sale debt securities: U.S. Treasury and government agency securities $ — $ 97,272 $ — $ 97,272 Municipal obligations — 243,786 — 243,786 Corporate debt securities — 3,500 — 3,500 Residential mortgage-backed securities — 1,715,213 — 1,715,213 Commercial mortgage-backed securities — 687,135 — 687,135 Collateralized mortgage obligations — 163,963 — 163,963 Total available for sale securities — 2,910,869 — 2,910,869 Derivative assets (1) — 14,157 — 14,157 Total recurring fair value measurements - assets $ — $ 2,925,026 $ — $ 2,925,026 Liabilities Derivative liabilities (1) $ — $ 14,389 $ — $ 14,389 Total recurring fair value measurements - liabilities $ — $ 14,389 $ — $ 14,389 (1) For further disaggregation of derivative assets and liabilities, see Note 10 – Derivatives. December 31, 2016 (in thousands) Level 1 Level 2 Level 3 Total Assets Available for sale debt securities: U.S. Treasury and government agency securities $ — $ 54,828 $ — $ 54,828 Municipal obligations — 242,155 — 242,155 Corporate debt securities — 3,500 — 3,500 Residential mortgage-backed securities — 1,611,355 — 1,611,355 Commercial mortgage-backed securities — 402,591 — 402,591 Collateralized mortgage obligations — 202,479 — 202,479 Total available for sale securities — 2,516,908 — 2,516,908 Derivative assets (1) — 20,315 — 20,315 Total recurring fair value measurements - assets $ — 2,537,223 $ — 2,537,223 Liabilities Derivative liabilities (1) $ — $ 27,432 $ — $ 27,432 Total recurring fair value measurements - liabilities $ — $ 27,432 $ — $ 27,432 (1) For further disaggregation of derivative assets and liabilities, see Note 10 – Derivatives. The fair value measurements for investment securities are obtained quarterly from a third-party pricing service that uses industry-standard pricing models. Substantially all of the model inputs are observable in the marketplace or can be supported by observable data. The Company invests only in securities of investment grade quality with a targeted duration, for the overall portfolio, generally between two and five years . Company policies generally limit investments to agency securities and municipal securities determined to be investment grade according to an internally generated score which generally includes a rating of not less than “Baa” or its equivalent by a nationally recognized statistical rating agency. 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, 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 subject to master netting arrangements consistent with how market participants would price the net risk exposure at the measurement date. The Company also has certain derivative instruments associated with the Bank’s mortgage-banking activities. These derivative instruments include interest rate lock commitments on prospective residential mortgage loans and forward commitments to sell these loans to investors on a best efforts delivery basis. The fair value of these derivative instruments is measured using observable market prices for similar instruments and is classified as a level 2 measurement. 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 presented. 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 following table presents for each of the fair value hierarchy levels the Company’s financial assets that are measured at fair value on a nonrecurring basis: December 31, 2017 (in thousands) Level 1 Level 2 Level 3 Total Collateral dependent impaired loans $ — $ 184,205 $ — $ 184,205 Other real estate owned — — 6,928 6,928 Total nonrecurring fair value measurements $ — $ 184,205 $ 6,928 $ 191,133 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 instruments are discussed below. Cash, Short-Term Investments and Federal Funds Sold – For those 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 with 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 and interest-bearing checking and savings accounts, be assigned fair values equal to amounts payable upon demand (carrying amounts). The fair value of fixed-maturity certificates of deposit is estimated using the rates currently offered for deposits of similar remaining maturities. Securities Sold under Agreements to Repurchase, Federal Funds Purchased and Short-Term 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 December 31, 2017 and 2016 . December 31, 2017 Total Carrying (in thousands) Level 1 Level 2 Level 3 Fair Value Amount Financial assets: Cash, interest-bearing bank deposits, and federal funds sold $ 479,332 $ — $ — $ 479,332 $ 479,332 Available for sale securities — 2,910,869 — 2,910,869 2,910,869 Held to maturity securities — 2,962,010 — 2,962,010 2,977,511 Loans, net — 184,205 18,403,303 18,587,508 18,786,855 Loans held for sale — 39,865 — 39,865 39,865 Derivative financial instruments — 14,157 — 14,157 14,157 Financial liabilities: Deposits $ — $ — $ 22,238,847 $ 22,238,847 $ 22,253,202 Federal funds purchased 140,754 — — 140,754 140,754 Securities sold under agreements to repurchase 430,569 — — 430,569 430,569 Short-term FHLB Borrowings 1,132,567 — — 1,132,567 1,132,567 Long-term debt — 303,631 — 303,631 305,513 Derivative financial instruments — 14,389 — 14,389 14,389 December 31, 2016 Total Carrying (in thousands) Level 1 Level 2 Level 3 Fair 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 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 |
Condensed Parent Company Inform
Condensed Parent Company Information | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Parent Company Information [Abstract] | |
Condensed Parent Company Information | Note 20. Condensed Parent Company Information The following condensed financial statements reflect the accounts and transactions of Hancock Holding Company only: Condensed Balance Sheets December 31, (in thousands) 2017 2016 Assets: Cash $ 71,328 $ 316,457 Securities available for sale 58,521 69,210 Investment in bank subsidiaries 2,953,032 2,547,224 Investment in non-bank subsidiaries 22,670 11,204 Due from subsidiaries and other assets 14,010 27,941 Total assets $ 3,119,561 $ 2,972,036 Liabilities and Stockholders' Equity: Long term debt $ 234,135 $ 251,573 Other liabilities 477 695 Stockholders' equity 2,884,949 2,719,768 Total liabilities and stockholders’ equity $ 3,119,561 $ 2,972,036 Condensed Statements of Income Years Ended December 31, (in thousands) 2017 2016 2015 Operating Income From subsidiaries Cash dividends received from bank subsidiaries $ 90,000 $ 120,000 $ 31,000 Noncash dividend from bank subsidiaries 11,708 — — Equity in earnings of subsidiaries greater than dividends received 124,531 39,293 111,424 Total operating income 226,239 159,293 142,424 Other expense, net (16,931) (16,614) (17,297) Income tax benefit (6,324) (6,617) (6,334) Net income $ 215,632 $ 149,296 $ 131,461 Other comprehensive income (loss), net of tax 11,460 (39,937) (30,521) Comprehensive income $ 227,092 $ 109,359 $ 100,940 Condensed Statements of Cash Flows Years Ended December 31, (in thousands) 2017 2016 2015 Cash flows from operating activities - principally dividends received from subsidiaries $ 111,591 $ 122,528 $ 33,912 Net cash provided by operating activities 111,591 122,528 33,912 Cash flows from investing activities Contribution of capital to subsidiary (270,000) (21,000) (90) Proceeds from principal paydowns of securities available for sale 11,015 13,827 12,863 Other, net — — 1,629 Net cash provided by (used in) investing activities (258,985) (7,173) 14,402 Cash flows from financing activities: Proceeds from issuance of long term debt — — 269,004 Repayment of long term debt (17,900) (17,900) (149,600) Dividends paid to stockholders (83,266) (77,012) (77,474) Repurchase of common stock — — (95,613) Proceeds from issuance of common stock 15,312 262,961 347 Payroll tax remitted on net share settlement of equity awards (11,881) (3,178) (3,385) Other, net — (133) — Net cash provided by (used in) financing activities (97,735) 164,738 (56,721) Net increase (decrease) in cash (245,129) 280,093 (8,407) Cash, beginning of year 316,457 36,364 44,771 Cash, end of year $ 71,328 $ 316,457 $ 36,364 |
Summary of Significant Accoun29
Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Significant Accounting Policies and Recent Accounting Pronouncements [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements include the accounts of the Company and all other entities in which the Company has a controlling interest. Significant intercompany transactions and balances have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the current period presentation. |
Use of Estimates | Use of Estimates The accounting principles the Company follows and the methods for applying these principles conform to U.S. GAAP and general practices followed by the banking industry. These accounting principles and practices 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. |
Fair Value Accounting | Fair Value Accounting U.S. GAAP requires the use of fair values in determining the carrying values of certain assets and liabilities in the financial statements, as well as for specific disclosures about certain assets and liabilities. Accounting guidance 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 (level 1) and the lowest priority to unobservable inputs such as a reporting entity’s own data or information or assumptions developed from this 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. |
Business Combinations | Business Combinations Business combinations are accounted for under the purchase method of accounting. Purchased assets, including identifiable intangibles, and assumed liabilities are recorded at their respective acquisition date fair values. If the fair value of net assets purchased exceeds the consideration given, a bargain purchase gain is recognized. If the consideration given exceeds the fair value of the net assets received or if the fair value of the net liabilities assumed exceeds the consideration received, goodwill is recognized. Fair values are subject to refinement for up to one year after the closing date of an acquisition as information relative to closing date fair values becomes available. Purchased loans acquired in a business combination are recorded at estimated fair value on their purchase date with no carryover of the related allowance for loan losses. All identifiable intangible assets that are acquired in a business combination are recognized at the acquisition date fair value. Identifiable intangible assets are recognized separately if they arise from contractual or other legal rights or if they are separable (i.e., capable of being sold, transferred, licensed, rented, or exchanged separately from the entity). |
Cash and Due from Banks | Cash and Due from Banks The Company considers only cash on hand, cash items in process of collection and balances due from financial institutions as cash and cash equivalents. |
Securities | Securities Securities are classified as trading, held to maturity or available for sale. Management determines the appropriate classification of debt and equity securities at the time of purchase and reevaluates this classification periodically as conditions change that could require reclassification. Available for sale securities are stated at fair value. Unrealized holding gains and unrealized holding losses, other than those determined to be other than temporary, are reported net of tax in other comprehensive income and in accumulated other comprehensive income (“AOCI”) until realized. Securities that the Company both positively intends and has the ability to hold to maturity are classified as securities held to maturity and are carried at amortized cost. The intent and ability to hold are not considered satisfied when a security is available to be sold in response to changes in interest rates, prepayment rates, liquidity needs or other reasons as part of an overall asset/liability management strategy. Premiums and discounts on securities, both those held to maturity and those available for sale, are amortized and accreted to income as an adjustment to the securities’ yields using the effective interest method. Realized gains and losses on securities, including declines in value judged to be other than temporary, are reported net as a component of noninterest income. The cost of securities sold is specifically identified for use in calculating realized gains and losses. |
Loans | Loans Loans held for investment Loans that the Company has the intent and ability to hold for the foreseeable future or until maturity or payoff are considered loans held for investment and reported as “Loans” in the Consolidated Balance Sheets and in the related footnote disclosures. Loans held for investment include loans originated for investment and loans acquired in purchase transactions. Originated loans are reported at the principal balance outstanding net of unearned income. Interest on loans and accretion of unearned income, including net deferred loan fees and costs , are computed in a manner that approximates a level yield on recorded principal. Interest on loans is recognized in income as earned. The accrual of interest on an originated loan is discontinued when, in management’s opinion, it is probable that the borrower will be unable to meet payment obligations as they become due, as well as when required by regulatory provisions. When accrual of interest is discontinued on a loan, all unpaid accrued interest is reversed and payments subsequently received are applied first to recover principal. Interest income is recognized for payments received after contractual principal has been satisfied. Loans are returned to accrual status when all the principal and interest contractually due are brought current and future payment performance is reasonably assured. Loans that are acquired in purchase transactions are recorded at estimated fair value at the acquisition date with no carryover of the related allowance for loan losses. Acquired loans are segregated between those considered to be performing (“purchased credit performing”) and those with evidence of credit deterioration (“purchased credit impaired”) based on such factors as past due status, nonaccrual status and credit risk ratings (rated substandard or worse). Purchased credit performing loans are accounted for under Accounting Standards Codification (ASC) 310-20 and purchased credit impaired loans are accounted for under ASC 310-30. Purchased credit impaired loans for which the timing and amount of future cash flows cannot be reasonably projected are accounted for using the cost recovery method. With the exception of those accounted for using the cost recovery method, t he acquired loans are further segregated into loan pools designed to facilitate the development of expected cash flows to be used in estimating fair value. The pools are based on common risk characteristics such as market area, loan type, credit risk ratings, contractual interest rate, and repayment terms. Loan types can include commercial and industrial loans not secured by real estate, construction and land development loans, commercial real estate loans, residential mortgage loans, and consumer loans, with further segregation within certain loan types as needed. Expected cash flows, both principal and interest, from each pool are estimated based on key assumptions covering such factors as prepayments, default rates, and severity of loss given a default. These assumptions are developed using both historical experience and the portfolio characteristics at acquisition as well as available market research. The fair value estimate for each pool is based on the estimate of expected cash flows from the pool discounted at prevailing market rates. The difference at the acquisition date between the fair value and the contractual amounts due for each purchased credit performing loan pool (the “fair value discount”) is accreted into income over the estimated life of the pool. Purchased credit performing loans are placed on nonaccrual status and reported as nonperforming or past due using the same criteria applied to the originated portfolio. T he excess of estimated cash flows expected to be collected from each purchased credit impaired loan pool over the pool’s carrying value is referred to as the accretable yield and is recognized in interest income using an effective yield method over the expected life of the pool. Each pool of purchased credit impaired loans is accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows. Purchased credit impaired loans in pools with an accretable yield and expected cash flows that are reasonably estimable are considered to be accruing and performing even though collection of contractual payments on loans within the pool may be in doubt. Purchased credit impaired loans accounted for in pools are generally not subject to individual evaluation for impairment and are not reported with impaired loans or troubled debt restructurings even if they would otherwise qualify for such treatment. Loans Held for Sale Residential mortgage loans originated for sale are classified as loans held for sale and carried at the lower of cost or market. Forward sales commitments on a best-efforts basis are entered into with third parties concurrently with rate lock commitments made to prospective borrowers. At times, management may decide to sell loans that were not originated for that purpose. Those loans are reclassified as held for sale when that decision is made and also carried at the lower of cost or market. Impaired Loans The Company considers a loan to be impaired when, based upon current information and events, it believes it is probable all amounts due according to the contractual terms of the loans agreement will not be collected. A loan is not considered impaired due to a delay in payment if all amounts due, including interest accrued at the contractual interest rate of the period of delay, is expected to be collected. Impaired loans include loans on nonaccrual , certain purchased credit impaired loans accounted for using the cost recovery method, and troubled debt restructurings (defined below), both performing and nonperforming. Purchased credit impaired loans accounted for in pools with an accretable yield are considered performing and excluded from impaired loans as this accounting methodology takes into consideration expected future credit losses. Troubled Debt Restructurings Troubled debt restructurings (TDRs) occur when a borrower is experiencing, or is expected to experience, financial difficulties in the near-term and a modification in loan terms is granted that would otherwise not have been considered. Troubled debt restructurings can result in loans remaining on nonaccrual, moving to nonaccrual, or continuing to accrue, depending on the individual facts and circumstances of the borrower. All loans whose terms have been modified in a TDR, including both commercial and retail loans, are initially considered “impaired.” When measuring impairment on a TDR, the loan’s value is determined by either the present value of expected cash flows calculated using the loan’s effective interest rate before the restructuring, or the loan’s observable market price or the fair value of the collateral if the loan is collateral dependent. If the value as determined is less than the recorded investment in the loan, the difference is charged off through the allowance for loan and lease losses. Modified acquired-impaired loans are not removed from their accounting pool and accounted for as a TDR even if those loans would otherwise be deemed TDRs. |
Allowance for Loan and Lease Losses | Allowance for Loan and Lease Losses The Allowance for Loan and Lease Losses (ALLL) is a valuation account available to absorb losses on loans. The ALLL is established and maintained at an amount sufficient to cover estimated credit losses inherent in the loan and lease portfolios of the Company as of the date of the determination. Credit losses arise not only from credit risk, but also from other risks inherent in the lending process including, but not limited to, collateral risk, operational risk, concentration risk, and economic risk. As such, all related risks of lending are considered when assessing the adequacy of the allowance for loan and lease losses. Quarterly, management estimates inherent losses in the portfolio based on a number of factors, including the Company’s past loan loss and delinquency experience, known and inherent risks in the portfolio, adverse situations that may affect the borrowers’ ability to repay, the estimated value of any underlying collateral and current economic conditions. The analysis and methodology for estimating the ALLL include two primary elements: A loss rate analysis, which incorporates a historical loss rate as updated for current conditions, is used for loans collectively evaluated for impairment; and a specific reserve analysis is used for loans individually evaluated for impairment. For the loss rate analysis, the Company segments loans into commercial non-real estate, commercial real estate – owner occupied, commercial real estate – income producing, construction and land development, residential mortgage and consumer, with further segmentation as deemed appropriate. Both quantitative and qualitative factors are applied at the detailed portfolio segments. Commercial loans (commercial non-real estate, commercial real estate – owner occupied, commercial real estate – income producing and construction and land development), are further subdivided by risk rating, while retail loans (residential mortgage and consumer) are further subdivided by delinquency. The Company uses loss emergence periods developed based on historical experience, which is currently 24 months for commercial loans and twelve to eighteen months for retail and residential mortgage loans. Historical loss rates are calculated using a weighted average of the most recent three loss emergence periods. As circumstances dictate, management will make adjustments to the overall loss rate to reflect differences in current conditions as compared to those during the historical loss period. Conditions to be considered include problem loan trends, current business and economic conditions, credit concentrations, lending policies and procedures, lending staff, collateral values, loan profiles and volumes, loan review quality, and changes in competition and regulations. When a loan is determined to be impaired, the amount of impairment is recognized by creating a specific allowance for any shortfall between the loan’s value and its recorded investment. The loan’s value is measured by either the loan’s observable market price, the fair value of the collateral of the loan (less liquidation costs) if it is collateral dependent, or by the present value of expected future cash flows discounted at the loan’ s effective interest rate. L oans individually analyzed for impairment are not incorporated into the pool analysis to avoid double counting. The Company limits the specific reserve analysis to include all impaired commercial and residential mortgage loans with relationship balances of $1 million or greater and all loans classified as troubled debt restructurings. The monitoring of credit risk also extends to unfunded credit commitments, such as unused commercial credit lines and letters of credit, and management establishes reserves as needed for its estimate of probable losses on such commitments. It is the policy of the Company to promptly charge off all commercial and residential mortgage loans, or portions of loans, when available information reasonably confirms that they are wholly or partially uncollectible. Prior to recognizing a loss, asset value is established based on an assessment of the value of the collateral securing the loan, the borrower’s and the guarantor’s ability and willingness to pay and the status of the account in bankruptcy court, if applicable. Consumer loans are generally charged down when the loan is 90 days past due for unsecured loans or 120 days past due for secured loans, unless the loan is clearly both well secured and in the process of collection. Loans are charged down to the fair value of the collateral, if any, less estimated selling costs. Loans are charged off against the allowance for loan losses with subsequent recoveries added back to the allowance. Allowance for purchased credit performing loans is evaluated at each reporting date subsequent to acquisition. An allowance is determined for each loan pool using a methodology similar to that described above for originated loans and then compared to the remaining fair value discount for that pool. If the allowance is greater than the discount, the excess is recognized as an addition to the allowance through a provision for loan losses. If the allowance is less than the discount, no additional allowance is recognized. For purchased credit impaired loans accounted for in pools , estimated cash flows expected to be collected are recast at each reporting date for each loan pool. These evaluations require the continued use and updating of key assumptions and estimates such as default rates, loss severity given default and prepayment speed assumptions, similar to those used for the initial fair value estimate. Management ’s judgment must be applied in developing these assumptions. If the present value of expected cash flows for a pool is less than its carrying value, impairment is recognized by an increase in the allowance for loan losses and a charge to the provision for loan losses. If the present value of expected cash flows for a pool is greater than its carrying value, any previously established allowance for loan losses is reversed and any remaining difference increases the accretable yield which will be taken into interest income over the remaining life of the loan pool. |
Property and Equipment | Property and Equipment Property and equipment are recorded at cost, less accumulated depreciation and amortization. Depreciation is charged to expense using the straight-line method over the estimated useful lives of the assets, which are up to 3 0 years for buildings and three to ten years for most furniture and equipment. Amortization expense for software is generally charged over three years, or seven years for core systems. Leasehold improvements are amortized over the terms of the respective leases or the estimated useful lives of the improvements, whichever is shorter. The Company evaluates whether events and circumstances have occurred that indicate that such long-lived assets have been impaired. Measurement of any impairment of such long-lived assets is based on their fair values. Property and equipment used in operations is considered held for sale when certain criteria are met, including when management has committed to a plan to sell the asset, the asset is available for sale in its immediate condition, and the sale is probable within one year of the reporting date. Assets held for sale are reported at the lower of cost or fair value less costs to sell. Gains and losses related to retirement or disposition of property and equipment are recorded in other income under noninterest income on the consolidated statements of income as realized . |
Other Real Estate | Other Real Estate Other real estate owned includes real property that has been acquired in satisfaction of loans and property no longer used in the Bank’s business. These assets are recorded at the estimated fair value less the estimated cost of disposition and carried at the lower of either cost or market. Fair value is based on independent appraisals and other relevant factors. Any initial reduction in the carrying amount of a loan to the fair value of the collateral received less selling costs is charged to the allowance for loan losses. Other real estate is revalued on an annual basis or more often if market conditions necessitate. Subsequent losses on the periodic revaluation of the property are charged to current earnings, as are revenues from and costs of operating and maintaining the properties and gains or losses recognized on their disposition. Improvements made to properties are capitalized if the expenditures are expected to be recovered upon the sale of the properties. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill represents the excess of consideration paid over the fair value of net assets acquired or the excess of the fair value liabilities assumed over consideration received in a business combination. Goodwill is not amortized but is assessed for impairment on an annual basis, or more often if events or circumstances indicate there may be impairment. The impairment test compares the estimated fair value of a reporting unit with its net book value. The Company has assigned all goodwill to one reporting unit that represents overall banking operations. The fair value of the reporting unit is based on valuation techniques that market participants would use in an acquisition of the whole unit, such as estimated discounted cash flows, the quoted market price of the Company’s stock, adjusted for a control premium, and observable average price-to-earnings and price-to-book multiples of competitors. If the unit’s fair value is less than its carrying value, an estimate of the implied fair value of the goodwill is compared to the goodwill’s carrying value, and any impairment recognized. Other identifiable intangible assets with finite lives, such as core deposit intangibles and trade name, are initially recorded at fair value and are generally amortized over the periods benefited. These assets are evaluated for impairment similar to long-lived assets. |
Life Insurance Contracts | Life Insurance Contracts Bank-owned life insurance contracts (BOLI) are comprised of long-term life insurance contracts on the lives of certain current and past employees where the insurance policy benefits and ownership are retained by the employer. Its cash surrender value is an asset that the Company uses to partially offset the future cost of employee benefits. The cash value accumulation on BOLI is permanently tax deferred if the policy is held to the insured person’s death and certain other conditions are met. |
FDIC Loss Share Receivable | FDIC Loss Share Receivable Loans purchased in the 2009 acquisition of Peoples First Community Bank (Peoples First) were covered by two loss share agreements between the FDIC and the Company. The loss share receivable was measured separately from the related covered loans as it was not contractually embedded in the loans and was not transferrable should the loans be sold. The fair value of the loss share receivable at acquisition was estimated by discounting expected reimbursements for losses from the loans covered by the loss share agreements, including appropriate consideration of possible true-up payments to the FDIC at the expiration of the agreements. Prior to termination of the agreements in July 2017, t he loss share receivable was reviewed and updated prospectively as loss estimates related to covered loan pools changed. Increases in expected reimbursements under the loss sharing agreement led to an increase in the loss share receivable. A decrease in expected reimbursements was reflected first as a reversal of any previously recorded increase in the loss share receivable on the covered loan pool with the remainder reflected as a reduction in the loss share receivable’s accretion rate. Increases and decreases in the loss share receivable related to changes in loss estimates resulted in reductions in or additions to the provision for loan losses, which serves to offset the impact on the provision from impairments or impairment reversals recognized on the underlying covered loan pool. The excess (or shortfall) of expected claims as compared to the carrying value of the loss share receivable was accreted (amortized) into noninterest income over the shorter of the remaining life of the covered loan pool or the life of the loss share agreement. The impact on operations of a reduction in the loss share receivable’s accretion rate was associated with an increase in the accretable yield on the underlying loan pool. The loss share receivable was reduced as cash was received from the FDIC related to losses incurred on covered assets. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities The Company records all derivatives on the balance sheet at fair value as components of other assets and other liab ilities. 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 the change, the Company began prospectively reflecting derivative assets and liabilities net of the central clearing counterparty derivative margin account. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. For derivatives designated as hedging the exposure to changes in the fair value of an asset or liability (fair value hedge), the gain or loss is recognized in earnings in the period of the fair value change together with the offsetting loss or gain on the hedged item attributable to the risk being hedged. Earnings will be affected to the extent to which the hedge is not effective in achieving offsetting changes in fair value. For derivatives designated as hedging exposure to variable cash flows of a forecasted transaction (cash flow hedge), the effective portion of the derivative’s gain or loss is initially reported as a component of other comprehensive income and subsequently reclassified into earnings when the forecasted transaction affects earnings or in certain circumstances, when the hedge is terminated. The ineffective portion of the gain or loss is reported in earnings immediately. For derivatives that are not designated as hedging instruments, changes in the fair value of the derivatives are recognized in earnings immediately. In applying hedge accounting for derivatives, the Company establishes a method for assessing the effectiveness of the hedging derivative and a measurement approach for determining the ineffective aspect of the hedge upon the inception of the hedge. These methods are consistent with the Company’s approach to managing risk. Note 10 - Derivatives describes the derivative instruments currently used by the Company and discloses how these derivatives impact the Company’s financial position and results of operations. |
Stockholders' Equity | Stockholders’ Equity Common stock reflects shares issued at par value. Repurchase of the Company’s common stock (treasury stock) is recorded at cost as a reduction of stockholders’ equity within capital surplus in the accompanying Consolidated Balance Sheets and the Statements of Changes in Stockholders’ Equity. When treasury shares are subsequently reissued, treasury stock is reduced by the cost of such stock using the first-in-first-out method, with the difference recorded in capital surplus or retained earnings, as applicable. |
Income Taxes | Income Taxes Income taxes are accounted for using the asset and liability method. Current tax liabilities or assets are recognized for the estimated income taxes payable or refundable on tax returns to be filed with respect to the current year. Deferred tax assets and liabilities are based on temporary differences between the financial statement carrying amounts and the tax bases of the Company’s assets and liabilities. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be realized or settled. Valuation allowances are established against deferred tax assets if, based on all available evidence, it is more likely than not that some or all of the assets will not be realized. The benefit of a position taken or expected to be taken in a tax return is recognized when it is more likely than not that the position will be sustained on its technical merits. The effects of changes in tax rates and laws upon deferred tax balances are recognized in the period in which the legislation is enacted. The Company makes investments that generate investment tax credits (ITC). The Company uses the deferral method of accounting which results in the investment tax credits being recognized as a reduction of the related asset. The Company also invests in projects that yield tax credits issued under the Qualified Zone Academy Bonds (QZAB), Qualified School Construction Bonds (QSCB), Federal and State New Market Tax Credit (NMTC), and Low-Income Housing Tax Credit (LIHTC) programs. Returns on these investments are generated through the receipt of federal and state tax credits. The tax credits are recorded as a reduction to the income tax provision in the year that they are earned. Tax credits from QZAB and QSCB bonds are generally earned over the life of the bonds in lieu of interest income. Credits on Federal NMTC investments are earned over the 7 year compliance period beginning with the year of investment. Credits on State NMTC investments are generally earned over a 3 to 5 year period depending upon the specific state program. Tax credits are earned over a 10 year period for Low-Income Housing investments beginning with the year in which rental activity begins. These tax credits, if not used in the tax return for the year when the credits are first available for use, can be carried forward for 20 years. For those investments where the return of the principal is not expected, the equity investment is amortized over the life of the tax compliance period as a component of noninterest expense. |
Retirement Benefits | Retirement Benefits The Company sponsors defined benefit pension plans and certain other defined benefit postretirement plans for eligible employees. The amounts reported in the consolidated financial statements with respect to these plans are based on actuarial valuations that incorporate various assumptions regarding future experience under the plans. Note 16 – Retirement Benefit Plans discusses the actuarial assumptions and provides information about the liabilities or assets recognized for the funded status of the Company’s obligations under these plans, the net benefit expense charged to current operations, and the amounts recognized as a component of other comprehensive income and AOCI. |
Share-Based Payment Arrangements | Share-Based Payment Arrangements The grant date fair value of equity instruments awarded to employees and directors establishes the cost of the services received in exchange, and the cost associated with awards that are expected to vest is recognized over the requisite service period. Share-based compensation for service-based awards that contain a graded vesting schedule is recognized over on a straight-line basis over the requisite service period for the entire award. Forfeitures of unvested awards are recognized in earnings in the period in which they occur. Refer to Note 17 – Share-Based Payment Arrangements for additional information. |
Revenue Recognition | Revenue Recognition The largest source of revenue for the Company is interest revenue. Interest revenue is recognized on an accrual basis driven by written contracts, such as loan agreements or securities contracts. Loan origination fees are recognized over the life of the loan as an adjustment to yield. Other credit-related fees, including letter of credit fees, are recognized in noninterest income when earned. The Company recognizes commission revenue and brokerage, exchange and clearance fees on a trade-date basis. Other types of noninterest revenue such as service charges on deposits and trust revenues are accrued and recognized into income as services are provided and the amount of fees earned can be reasonably determined. |
Earnings Per Share | 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 the common dividends declared and participation rights in undistributed earnings. Participating securities currently consist of unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents. Basic earnings per common share is computed by dividing income applicable to common shareholders by the weighted-average number of common shares outstanding for the applicable period. Shares outstanding exclude treasury shares and unvested share-based payment awards under long-term incentive compensation plans and directors’ compensation plans. Diluted earnings per common share is computed using the weighted-average number of common shares outstanding increased by the number of shares in which employees would vest under performance-based stock awards and stock unit awards based on expected performance factors and by the number of additional shares that would have been issued if potentially dilutive stock options were exercised, each as determined using the treasury stock method. |
Reportable Segment Disclosures | Reportable Segment Disclosures Accounting standards require that information be reported about a company’s operating segments using a “management approach.” Reportable segments are identified in these standards as those revenue-producing components for which discrete financial information is produced internally and which are subject to evaluation by the chief operating decision maker in deciding how to allocate resources to segments. The Company has one state bank charter and its stated strategy is focused on providing a consistent package of community banking products and services throughout a coherent market area; as such, the Company has identified its overall banking operations as its only reportable segment. Because the overall banking operations comprise substantially all of the Company’s consolidated operations, no separate segment disclosures are presented. |
Other | Other Assets held by the Bank in a fiduciary capacity are not assets of the Bank and are not included in the Consolidated Balance Sheets. |
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS Accounting Standards Adopted in 2017 In February 2018, the FASB issued Accounting Standards Update (“ASU”) 2018-02, “Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” The ASU allows reclassification from accumulated other comprehensive income/loss to retained earnings for stranded tax effects resulting from the newly enacted federal corporate tax rate. The amendments in this update are effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption of the amendments is permitted, including adoption in any int erim period, for public business entities for reporting periods for which financial statements have not yet been issued . The amendments in this update should be applied retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act of 2017 is recognized. The Company early adopted this guidance retrospectively , which resulted in a recla ssification of $25.3 million from Accumulated Other Comprehensive Loss, Net to Retained Earnings reflected in the Company’s consolidated balance sheet as of December 31, 2017. Refer to Note 13 – Income Taxes for more information of the provisions of the Tax Cuts and Jobs Act and its impact to the Company’s financial condition and results of operations. In March 2017, the FASB issued ASU 2017-08, “Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities,” which amends the amortization period for certain purchased callable debt securities held at a premium. The amendments require the premium to be amortized to the earliest call date. The amendments do not, however, require an accounting change for securities held at a discount; instead, the discount continues to be amortized to maturity. The amendments in this ASU more closely align the amortization period of premiums and discounts to expectations incorporated in market pricing on the underlying securities. These amendments are effective for fiscal years, and for interim periods 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 began reclassifying dividends paid on forfeited shares to compensation expense from retained earnings. Classification of shares forfeited for taxes are now 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 ben efits resulted in a reduction of income tax expense of approximately $ 5.8 million for the year ended December 31, 2017, and could result in volatility of future earnings, depending on changes in the Company’s stock price. |
Accounting Standards Issued but Not Yet Adopted at December 31, 2017 | Accounting Standards Issued but Not Yet Adopted at December 31, 2017 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 expects to early adopt this guidance in 2018, using a modified retrospective transition. Adoption of this guidance will not have a material impact upon the Company’s financial condition or results of operations. In March 2017, the FASB issued ASU 2017-07, “Compensation – Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit 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 15 – Retirement Benefit Plans – for detail on the components of net periodic pension and post-retirement benefit costs. Application of this guidance applies only to presentation and will not have a material impact on the Company’s financial condition or results of operations. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credits Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” to improve financial reporting by requiring timelier recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. The ASU, more commonly referred to as Current Expected Credit Losses, or CECL, requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. Many of the loss estimation techniques 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 is not planning to early adopt this guidance. The Company has engaged a third party to assist in the development of a project roadmap and has formed a cross-functional working group comprised of individuals from various areas including credit, finance, risk management, and information technology. 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. In the first quarter of 2018, the FASB issued a targeted improvement standard that allows an additional transition method to the new lease standard by recognizing a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Consequently, an entity’s reporting for the comparative periods presented in the financial statements in which the entity adopts the new lease requirements would continue to be in accordance with current GAAP (Topic 840), including disclosures. The Company plans to elect this transition method. The Company has selected and will soon begin implementation of a third-party vendor solution. 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 as a result of the application of this guidance . 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 is effective for the Company for annual reporting periods beginning after December 15, 2017. The Company has completed its evaluation of contracts for compliance with the standard and will adopt this guidance in 2018 using the modified retrospective approach. The Company did not identify any material changes to the timing of revenue recognition. The Company will present certain underwriting costs (currently offset against Investment and Annuity Fees), as well as certain subadvisor costs (currently offset against Trust Fees) gross as noninterest expense upon adoption. Adoption of this guidance will not have a material impact on the Company’s financial condition or results of operations and there will be no cumulative effect adjustment to opening retained earnings, as such an adjustment is deemed insignificant. Additionally , the following ASUs are applicable to the Company and will be implemented in 2018 , or later as the standards become effective, but are not expected to have a significant impact on the Company’s consolidated financial statements: · ASU 2017-09, Compensation – Stock Compensation (Topic 718): Scope of Modification Accounting; · ASU 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment; · ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business; · ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other than Inventory; · ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments; and · ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Acquisitions [Abstract] | |
Schedule of Fair Value of Net Assets Acquired and Liabilities Assumed | 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 1,203,092 165,577 1,368,669 Property and equipment 11,946 8,988 20,934 Accrued interest receivable 3,143 885 4,028 Identifiable intangible assets 3,900 21,400 25,300 Deferred tax asset 856 1,364 2,220 Other assets 63 4,150 4,213 Total identifiable assets 1,225,856 956,943 2,182,799 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) 222,209 (662,360) (440,151) Consideration (Paid) Received (325,756) 641,577 315,821 Goodwill $ 103,547 $ 20,783 $ 124,330 |
Schedule of Goodwill | (in thousands) Goodwill balance at December 31, 2016 $ 621,193 Additions and adjustments: Initial goodwill recorded in FNBC I transaction 95,568 Measurement period adjustments - FNBC I transaction 7,979 Initial goodwill recorded in FNBC II transaction 23,009 Measurement period adjustments - FNBC II transaction (2,226) Goodwill balance at December 31, 2017 $ 745,523 |
Schedule of Merger-Related Expense | (in thousands) Personnel expense $ 3,662 Net occupancy and equipment expense 777 Professional services expense 9,681 Data processing expense 974 Other real estate (1,511) Advertising expense 1,389 Other expense 4,398 Total merger-related expenses $ 19,370 |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Gain (Loss) on Investments [Line Items] | |
Amortized Cost and Fair Value of Securities Available for Sale | Securities Available for Sale December 31, 2017 December 31, 2016 Gross Gross Gross Gross Amortized Unrealized Unrealized Fair Amortized Unrealized Unrealized Fair (in thousands) Cost Gains Losses Value Cost Gains Losses Value U.S. Treasury and government agency securities $ 99,535 $ — $ 2,263 $ 97,272 $ 56,751 $ — $ 1,923 $ 54,828 Municipal obligations 245,997 1,135 3,346 243,786 253,228 113 11,186 242,155 Residential mortgage-backed securities 1,729,989 5,611 20,387 1,715,213 1,620,191 10,592 19,428 1,611,355 Commercial mortgage-backed securities 704,518 480 17,863 687,135 425,750 — 23,159 402,591 Collateralized mortgage obligations 165,518 4 1,559 163,963 202,580 490 591 202,479 Corporate debt securities 3,500 — — 3,500 3,500 — — 3,500 $ 2,949,057 $ 7,230 $ 45,418 $ 2,910,869 $ 2,562,000 $ 11,195 $ 56,287 $ 2,516,908 |
Amortized Cost and Fair Value of Securities Held to Maturity | Securities Held to Maturity December 31, 2017 December 31, 2016 Gross Gross Gross Gross Amortized Unrealized Unrealized Fair Amortized Unrealized Unrealized Fair (in thousands) Cost Gains Losses Value Cost Gains Losses Value U.S. Treasury and government agency securities $ 50,000 $ — $ 289 $ 49,711 $ 50,000 $ — $ 44 $ 49,956 Municipal obligations 723,094 8,323 4,245 727,172 648,093 2,147 20,175 630,065 Residential mortgage-backed securities 725,748 4,175 2,690 727,233 862,162 4,329 3,068 863,423 Commercial mortgage-backed securities 317,185 40 3,915 313,310 75,739 — 4,038 71,701 Collateralized mortgage obligations 1,161,484 572 17,472 1,144,584 864,226 1,420 10,674 854,972 $ 2,977,511 $ 13,110 $ 28,611 $ 2,962,010 $ 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 Cost Fair Value Debt Securities Available for Sale Due in one year or less $ 7,624 $ 7,658 Due after one year through five years 40,743 41,083 Due after five years through ten years 1,226,635 1,208,735 Due after ten years 1,674,055 1,653,393 Total available for sale debt securities $ 2,949,057 $ 2,910,869 |
Securities with Unrealized Losses | The details for securities classified as available for sale with unrealized losses as of December 31, 2017 follow. Available for sale Losses < 12 Months Losses 12 Months or > Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized (in thousands) Value Losses Value Losses Value Losses U.S. Treasury and government agency securities $ 45,616 $ 42 $ 51,157 $ 2,221 $ 96,773 $ 2,263 Municipal obligations 2,768 11 173,530 3,335 176,298 3,346 Residential mortgage-backed securities 461,835 4,195 898,099 16,192 1,359,934 20,387 Commercial mortgage-backed securities 203,618 995 411,046 16,868 614,664 17,863 Collateralized mortgage obligations 128,174 1,076 35,488 483 163,662 1,559 $ 842,011 $ 6,319 $ 1,569,320 $ 39,099 $ 2,411,331 $ 45,418 The details for securities classified as available for sale with unrealized losses as of December 31, 2016 follow . Available for sale 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 | (in thousands) Amortized Cost Fair Value Debt Securities Held to Maturity Due in one year or less $ 10,686 $ 10,695 Due after one year through five years 122,555 122,339 Due after five years through ten years 1,052,688 1,051,036 Due after ten years 1,791,582 1,777,940 Total held to maturity debt securities $ 2,977,511 $ 2,962,010 |
Securities with Unrealized Losses | The details for securities classified as held to maturity with unrealized losses as of December 31, 2017 follow. Securities Held to M aturity 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 $ — $ — $ 49,711 $ 289 $ 49,711 $ 289 Municipal obligations 14,603 19 230,960 4,226 245,563 4,245 Residential mortgage-backed securities 8,815 99 230,277 2,591 239,092 2,690 Commercial mortgage-backed securities 174,882 744 72,499 3,171 247,381 3,915 Collateralized mortgage obligations 570,289 5,653 472,536 11,819 1,042,825 17,472 $ 768,589 $ 6,515 $ 1,055,983 $ 22,096 $ 1,824,572 $ 28,611 The details for securities classified as held to maturity with unrealized losses as of December 31, 2016 follow. Securities Held to Maturity 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 32
Loans and Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans, Net of Unearned Income | (in thousands) 2017 2016 Commercial non-real estate $ 8,297,937 $ 7,613,917 Commercial real estate - owner occupied 2,142,439 1,906,821 Total commercial and industrial 10,440,376 9,520,738 Commercial real estate - income producing 2,384,599 2,013,890 Construction and land development 1,373,421 1,010,879 Residential mortgages 2,690,472 2,146,713 Consumer 2,115,295 2,059,931 Total loans $ 19,004,163 $ 16,752,151 |
Allowance for Loan Losses by Portfolio Class | Commercial Non-Real Estate Commercial Real Estate- Owner Occupied Total Commercial and Industrial Commercial Real Estate- Income Producing Construction and Land Development Residential Mortgages Consumer Total (in thousands) Year Ended December 31, 2017 Allowance for loan losses: Beginning balance $ 147,052 $ 11,083 $ 158,135 $ 13,509 $ 6,271 $ 25,361 $ 26,142 $ 229,418 Purchased credit impaired activity Charge-offs — — — — (77) (297) (153) (527) Recoveries 7 453 460 1 144 24 75 704 Net provision for loan losses 79 (882) (803) (213) (301) (168) (412) (1,897) (Decrease) increase in FDIC loss share receivable (47) — (47) — — (2,344) (135) (2,526) Non-purchased credit impaired activity: — Charge-offs (51,479) (558) (52,037) (259) (619) (2,542) (31,277) (86,734) Recoveries 7,519 395 7,914 987 1,459 1,040 6,605 18,005 Net provision for loan losses 24,787 2,471 27,258 (316) 495 3,770 29,658 60,865 Ending balance $ 127,918 $ 12,962 $ 140,880 $ 13,709 $ 7,372 $ 24,844 $ 30,503 $ 217,308 Ending balance: Allowance: Individually evaluated for impairment $ 16,129 $ 793 $ 16,922 $ 1,326 $ 11 $ 189 $ 118 $ 18,566 Amounts related to purchased credit impaired loans 525 465 990 41 172 12,258 646 14,107 Collectively evaluated for impairment 111,264 11,704 122,968 12,342 7,189 12,397 29,739 184,635 Total allowance $ 127,918 $ 12,962 $ 140,880 $ 13,709 $ 7,372 $ 24,844 $ 30,503 $ 217,308 Loans: Individually evaluated for impairment $ 267,881 $ 21,491 $ 289,372 $ 15,530 $ 363 $ 10,640 $ 1,292 $ 317,197 Purchased credit impaired loans 5,941 7,294 13,235 2,742 5,829 119,553 6,178 147,537 Collectively evaluated for impairment 8,024,115 2,113,654 10,137,769 2,366,327 1,367,229 2,560,279 2,107,825 18,539,429 Total loans $ 8,297,937 $ 2,142,439 $ 10,440,376 $ 2,384,599 $ 1,373,421 $ 2,690,472 $ 2,115,295 $ 19,004,163 Commercial Non-Real Estate Commercial Real Estate- Owner Occupied Total Commercial and Industrial Commercial Real Estate- Income Producing Construction and Land Development Residential Mortgages Consumer Total (in thousands) Year Ended December 31, 2016 Allowance for loan losses: Beginning balance $ 109,428 $ 9,858 $ 119,286 $ 6,041 $ 5,642 $ 25,353 $ 24,857 $ 181,179 Purchased credit impaired activity Charge-offs — (28) (28) (1) (18) (323) (8) (378) Recoveries 115 269 384 2 361 36 189 972 Net provision for loan losses (44) (440) (484) (462) (594) 1,876 (1,740) (1,404) Increase (decrease) in FDIC loss share receivable (31) — (31) — — (4,209) 283 (3,957) Non-purchased credit impaired activity: Charge-offs (42,620) (1,819) (44,439) (346) (964) (1,040) (26,099) (72,888) Recoveries 3,969 480 4,449 989 1,725 859 5,809 13,831 Net provision for loan losses 76,235 2,763 78,998 7,286 119 2,809 22,851 112,063 Ending balance $ 147,052 $ 11,083 $ 158,135 $ 13,509 $ 6,271 $ 25,361 $ 26,142 $ 229,418 Ending balance: Allowance: Individually evaluated for impairment $ 28,187 $ 246 $ 28,433 $ 466 $ 38 $ 91 $ 267 $ 29,295 Amounts related to purchased credit impaired loans 486 894 1,380 253 406 15,043 1,271 18,353 Collectively evaluated for impairment 118,379 9,943 128,322 12,790 5,827 10,227 24,604 181,770 Total allowance $ 147,052 $ 11,083 $ 158,135 $ 13,509 $ 6,271 $ 25,361 $ 26,142 $ 229,418 Loans: Individually evaluated for impairment $ 271,262 $ 6,268 $ 277,530 $ 15,376 $ 1,938 $ 4,347 $ 2,154 $ 301,345 Purchased credit impaired loans 11,368 13,323 24,691 7,928 5,271 141,992 11,033 190,915 Collectively evaluated for impairment 7,331,287 1,887,230 9,218,517 1,990,586 1,003,670 2,000,374 2,046,744 16,259,891 Total loans $ 7,613,917 $ 1,906,821 $ 9,520,738 $ 2,013,890 $ 1,010,879 $ 2,146,713 $ 2,059,931 $ 16,752,151 |
Composition of Nonaccrual Loans by Portfolio Class | December 31, (in thousands) 2017 2016 Commercial non-real estate $ 152,863 $ 249,037 Commercial real estate - owner occupied 25,989 14,413 Total commercial and industrial 178,852 263,450 Commercial real estate - income producing 14,574 13,954 Construction and land development 3,807 4,550 Residential mortgages 40,480 23,665 Consumer 15,087 12,351 Total loans $ 252,800 $ 317,970 |
Troubled Debt Restructurings Modified by Portfolio Class | Years Ended December 31, ($ in thousands) 2017 2016 2015 Outstanding Recorded Investment Outstanding Recorded Investment Outstanding Recorded Investment Troubled Debt Restructurings: Number of Contracts Pre- Modification Post- Modification Number of Contracts Pre- Modification Post- Modification Number of Contracts Pre- Modification Post- Modification Commercial non-real estate 52 $ 162,909 $ 162,909 38 $ 128,449 $ 128,449 1 $ 4,420 $ 4,420 Commercial real estate - owner occupied 5 5,684 5,684 1 148 148 — — — Total commercial and industrial 57 168,593 168,593 39 128,597 128,597 1 4,420 4,420 Commercial real estate - income producing 5 5,625 5,625 1 2,943 2,943 1 485 482 Construction and land development — — — — — — — — — Residential mortgages 15 2,812 2,812 7 694 694 4 195 185 Consumer 1 40 40 — — — 1 20 20 Total loans 78 $ 177,070 $ 177,070 47 $ 132,234 $ 132,234 7 $ 5,120 $ 5,107 |
Loans Individually Evaluated for Impairment Disaggregated by Portfolio Class | December 31, 2017 (in thousands) Recorded Investment Without an Allowance Recorded Investment With an Allowance Unpaid Principal Balance Related Allowance Commercial non-real estate $ 116,682 $ 151,199 $ 285,685 $ 16,129 Commercial real estate - owner occupied 16,927 4,564 24,829 793 Total commercial and industrial 133,609 155,763 310,514 16,922 Commercial real estate - income producing 5,101 10,429 15,687 1,326 Construction and land development 100 263 363 11 Residential mortgages 8,245 2,395 13,855 189 Consumer — 1,292 1,294 118 Total loans $ 147,055 $ 170,142 $ 341,713 $ 18,566 December 31, 2016 (in thousands) Recorded Investment Without an Allowance Recorded Investment With an Allowance Unpaid 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 and 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 years ended December 31, 2017 and 2016. Interest income recognized represents interest on accruing loans modified in a TDR. Years Ended December 31, 2017 December 31, 2016 (in thousands) Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial non-real estate $ 255,710 $ 2,774 $ 211,324 $ 1,164 Commercial real estate - owner occupied 7,901 62 6,151 44 Total commercial and industrial 263,611 2,836 217,475 1,208 Commercial real estate - income producing 14,565 146 9,347 106 Construction and land development 1,018 2 6,366 1 Residential mortgages 5,784 18 2,109 10 Consumer 1,558 13 716 5 Total loans $ 286,536 $ 3,015 $ 236,013 $ 1,330 |
Age Analysis of Past Due Loans by Portfolio Class | December 31, 2017 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days past due Total Past Due Current Total Loans Recorded Investment > 90 Days and Accruing (in thousands) Commercial non-real estate $ 62,766 $ 10,761 $ 92,982 $ 166,509 $ 8,131,428 $ 8,297,937 $ 21,989 Commercial real estate - owner occupied 8,493 648 15,517 24,658 2,117,781 2,142,439 2,032 Total commercial and industrial 71,259 11,409 108,499 191,167 10,249,209 10,440,376 24,021 Commercial real estate - income producing 5,315 2,165 6,081 13,561 2,371,038 2,384,599 489 Construction and land development 4,113 1,056 3,412 8,581 1,364,840 1,373,421 477 Residential mortgages 33,621 10,554 30,537 74,712 2,615,760 2,690,472 2,208 Consumer 22,959 7,816 8,553 39,328 2,075,967 2,115,295 571 Total loans $ 137,267 $ 33,000 $ 157,082 $ 327,349 $ 18,676,814 $ 19,004,163 $ 27,766 December 31, 2016 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days Past Due Total Past Due Current Total Loans Recorded Investment > 90 Days and 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 and 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 loans $ 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 | 2017 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 Additions 15,000 — — — Payments received, net (69,591) (7,412) (55,194) (11,024) Accretion 17,079 (17,079) 20,271 (20,271) Increase (decrease) in expected cash flows based on actual cash flow and changes in cash flow assumptions — (30,379) — 5,358 Net transfers from nonaccretable difference to accretable yield — 3,701 — 10,135 Balance at end of period $ 153,403 $ 62,517 $ 190,915 $ 113,686 |
Activity in Loss Share Receivable | (in thousands) 2017 2016 Balance, January 1 $ 16,219 $ 29,868 Amortization (2,427) (5,918) Charge-offs, write-downs and other (recoveries) (2,442) (8,264) External expenses qualifying under loss share agreement 79 1,356 Adjustments due to changes in cash flow projections (2,526) (3,957) Net payments to FDIC 934 3,134 Loss on termination of loss share agreements (6,603) — Cash received from FDIC for final settlement of agreements (3,234) — Balance, December 31 $ — $ 16,219 |
Total Commercial [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Credit Quality Indicators by Segments and Portfolio Class | December 31, 2017 (in thousands) Commercial Non-Real Estate Commercial Real Estate - Owner Occupied Total Commercial and Industrial Commercial Real Estate - Income Producing Construction and Land Development Total Commercial Grade: Pass $ 7,190,604 $ 1,896,366 $ 9,086,970 $ 2,223,245 $ 1,291,638 $ 12,601,853 Pass-Watch 293,069 82,913 375,982 83,444 60,804 520,230 Special Mention 80,649 27,456 108,105 13,244 4,788 126,137 Substandard 733,558 135,704 869,262 64,658 16,191 950,111 Doubtful 57 — 57 8 — 65 Total $ 8,297,937 $ 2,142,439 $ 10,440,376 $ 2,384,599 $ 1,373,421 $ 14,198,396 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 | December 31, 2017 December 31, 2016 (in thousands) Residential Mortgage Consumer Total Residential Mortgage Consumer Total Performing $ 2,647,784 $ 2,099,637 $ 4,747,421 $ 2,123,048 $ 2,046,757 $ 4,169,805 Nonperforming 42,688 15,658 58,346 23,665 13,174 36,839 Total $ 2,690,472 $ 2,115,295 $ 4,805,767 $ 2,146,713 $ 2,059,931 $ 4,206,644 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property and Equipment [Abstract] | |
Property and Equipment | December 31, (in thousands) 2017 2016 Land and land improvements $ 71,061 $ 79,412 Buildings and leasehold improvements 305,277 335,566 Furniture, fixtures and equipment 92,360 96,565 Software 70,003 70,370 Assets under development 9,960 10,826 548,661 592,739 Accumulated depreciation and amortization (214,998) (231,127) Property and equipment, net $ 333,663 $ 361,612 |
Goodwill and Other Intangible34
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Other Intangible Assets [Abstract] | |
Carrying Value of Intangible Assets Subject to Amortization | December 31, 2017 Purchase Accumulated Carrying (in thousands) Value Amortization Value Core deposit intangibles $ 215,955 $ 132,878 $ 83,077 Credit card and trust relationships 22,400 16,882 5,518 Merchant processing relationships 10,000 7,955 2,045 $ 248,355 $ 157,715 $ 90,640 December 31, 2016 Purchase Accumulated Carrying (in thousands) Value Amortization Value Core deposit intangibles $ 190,655 $ 113,436 $ 77,219 Credit card and trust relationships 22,400 14,907 7,493 Merchant processing relationships 10,000 6,955 3,045 $ 223,055 $ 135,298 $ 87,757 |
Aggregate Amortization Expense | Years Ended December 31, (in thousands) 2017 2016 2015 Aggregate amortization expense for: Core deposit intangibles $ 19,442 $ 16,411 $ 18,031 Credit card and trust relationships 1,975 2,172 2,369 Trade name — — 2,388 Merchant processing relationships 1,000 1,198 1,396 $ 22,417 $ 19,781 $ 24,184 |
Estimated Amortization Expense of Other Intangible Assets | (in thousands) 2018 $ 21,368 2019 18,194 2020 13,766 2021 11,288 2022 8,975 Thereafter 17,049 $ 90,640 |
Time Deposits (Tables)
Time Deposits (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Time Deposits [Abstract] | |
Maturity of Time Deposits | (in thousands) 2018 $ 1,490,062 2019 1,342,830 2020 111,201 2021 19,066 2022 20,150 Thereafter 4,199 Total time deposits $ 2,987,508 |
Short-Term Borrowings (Tables)
Short-Term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Short-Term Borrowings [Abstract] | |
Short-Term Borrowings | December 31, (in thousands) 2017 2016 Federal funds purchased: Amount outstanding at period end $ 140,754 $ 2,275 Average amount outstanding during period 27,063 14,052 Maximum amount at any month end during period 140,754 59,475 Weighted-average interest at period end 1.00% 0.38% Weighted-average interest rate during period 1.37% 0.50% Securities sold under agreements to repurchase: Amount outstanding at period end $ 430,569 $ 358,131 Average amount outstanding during period 501,719 454,571 Maximum amount at any month end during period 587,569 579,099 Weighted-average interest at period end 0.17% 0.04% Weighted-average interest rate during period 0.12% 0.03% FHLB borrowings: Amount outstanding at period end $ 1,132,567 $ 865,000 Average amount outstanding during period 1,478,114 943,570 Maximum amount at any month end during period 2,061,652 1,175,000 Weighted-average interest at period end 1.35% 0.54% Weighted-average interest rate during period 1.00% 0.41% |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | December 31, (in thousands) 2017 2016 Subordinated notes payable, maturing June 2045 $ 150,000 $ 150,000 Subordinated notes payable, maturing April 2017 — 95,511 Term note payable, maturing December 2018 89,200 107,100 Other long-term debt 71,378 89,196 Less: unamortized debt issuance costs (5,065) (5,527) Total long-term debt $ 305,513 $ 436,280 |
Long-Term Debt with Related Unamortized Debt Issuance Cost | Unamortized Debt Issuance (in thousands) Principal Costs Subordinated notes payable, maturing June 2045 $ 150,000 $ 4,780 Term note payable, maturing December 2018 89,200 285 Other long-term debt 71,378 — Total $ 310,578 $ 5,065 |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Derivatives [Abstract] | |
Fair Values of Derivative Financial Instruments | Fair Values (1) Notional Amounts Assets Liabilities Type of December 31, December 31, December 31, (in thousands) Hedge 2017 2016 2017 2016 2017 2016 Derivatives designated as hedging instruments: Interest rate swaps Cash Flow $ 875,000 $ 1,100,000 $ — $ — $ 14,020 $ 7,787 Interest rate swaps Fair Value 483,110 — — — 2,475 — $ 1,358,110 $ 1,100,000 $ — $ — $ 16,495 $ 7,787 Derivatives not designated as hedging instruments: Interest rate swaps (2) N/A $ 1,144,789 $ 979,391 $ 15,408 $ 18,405 $ 15,857 $ 18,362 Risk participation agreements N/A 119,951 84,732 23 50 109 105 Forward commitments to sell residential mortgage loans N/A 80,462 75,676 1,000 900 290 221 Interest rate-lock commitments on residential mortgage loans N/A 53,724 46,840 186 189 782 228 Foreign exchange forward contracts N/A 42,260 56,152 2,453 771 2,419 729 $ 1,441,186 $ 1,242,791 $ 19,070 $ 20,315 $ 19,457 $ 19,645 Total derivatives $ 2,799,296 $ 2,342,791 $ 19,070 $ 20,315 $ 35,952 $ 27,432 Less: netting adjustments (3) (4,913) — (21,563) — Total derivate assets/ liabi lities 14,157 20,315 14,389 27,432 (1) Derivative assets and liabilities are reported with other assets or other liabilities, respectively, in the consolidated balance sheets. (2) The notional amount represents both the customer accommodation agreements and offsetting agreements with unrelated financial institutions. (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 | As of December 31, 2017 Gross Amounts Offset in the Net Amounts Presented in the Gross Amounts Not Offset in the Statement of Financial Position (in thousands) Gross Amounts Recognized Statement of Financial Position Statement of Financial Position Financial Instruments Cash Collateral Net Amount Derivative Assets $ 7,155 $ (5,007) $ 2,148 $ 2,148 $ — $ — Derivative Liabilities $ 24,015 $ (20,077) $ 3,938 $ 2,148 $ 4,099 $ (2,309) As of December 31, 2016 Gross Amounts Offset in the Net Amounts Presented in the Gross Amounts Not Offset in the Statement of Financial Position (in thousands) Gross Amounts Recognized Statement of Financial Position Statement of Financial Position Financial Instruments Cash Collateral Net Amount 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) | 12 Months Ended |
Dec. 31, 2017 | |
Stockholders' Equity [Abstract] | |
Components of Accumulated Other Comprehensive Income (Loss) | (in thousands) Available for Sale Securities HTM Securities Transferred from AFS Employee Benefit Plans Cash Flow Hedges Total Balance, December 31, 2014 $ 18,001 $ (19,074) $ (48,626) $ (375) $ (50,074) Net change in unrealized gain (loss) (21,581) — — 311 (21,270) Reclassification of net loss realized and included in earnings (165) — 3,175 — 3,010 Valuation adjustment for employee benefit plans — — (33,971) — (33,971) Amortization of unrealized net loss on securities transferred to held to maturity — 3,530 — — 3,530 Income tax expense (benefit) (8,013) 1,251 (11,532) 114 (18,180) Balance, December 31, 2015 $ 4,268 $ (16,795) $ (67,890) $ (178) $ (80,595) Net change in unrealized (loss) gain (49,839) — — (7,507) (57,346) Reclassification of net (gain) loss realized and included in earnings (1,912) — 5,928 — 4,016 Valuation adjustment for employee benefit plans — — (12,748) — (12,748) Amortization of unrealized net loss on securities transferred to held to maturity — 3,830 — — 3,830 Income tax expense (benefit) (18,804) 1,427 (2,209) (2,725) (22,311) Balance, December 31, 2016 $ (28,679) $ (14,392) $ (72,501) $ (4,960) $ (120,532) Net change in unrealized loss 6,903 — — (7,328) (425) Reclassification of net (gain) loss realized and included in earnings — — 5,201 600 5,801 Valuation adjustment for pension plan amendment — — 17,315 — 17,315 Other valuation adjustment for employee benefit plans — — (10,929) — (10,929) Amortization of unrealized net loss on securities transferred to held to maturity — 3,786 — — 3,786 Income tax expense (benefit) 1,067 1,393 4,228 (2,600) 4,088 Reclassification of certain tax effects (a) 6,669 2,586 13,936 2,139 25,330 Balance, December 31, 2017 $ (29,512) $ (14,585) $ (79,078) $ (11,227) $ (134,402) (a) Represents the reclassification of stranded income tax effects to Retained Earnings upon adoption of ASU 2018-02. The adjustment is discussed in more detail later in this footnote. |
Line Items in Consolidated Income Statements Affected by Amounts Reclassified from Accumulated Other Comprehensive Income | Amount reclassified from AOCI (a) Year Ended December 31, Increase (decrease) in affected line (in thousands) 2017 2016 item in the income statement Gain on sale of AFS securities $ — $ 1,912 Securities gains Tax effect — (694) Income taxes Net of tax — 1,218 Net income Amortization of unrealized net loss on securities transferred to HTM $ (3,786) $ (3,830) Interest income Tax effect 1,393 1,427 Income taxes Net of tax (2,393) (2,403) Net income Amortization of defined benefit pension and post-retirement items (b) $ (5,201) $ (5,928) Employee benefits expense Tax effect 1,898 1,920 Income taxes Net of tax (3,303) (4,008) Net income Amortization of loss on terminated cash flow hedges (600) — Interest expense Tax effect 232 — Income taxes Net of tax (368) — Net income Total reclassifications, net of tax $ (6,064) $ (5,193) 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 b enefits expense (see footnote 16 for additional information ). |
Compliance with Regulatory Capital Requirements | Actual Required for Minimum Capital Adequacy Required To Be Well Capitalized ($ in thousands) Amount Ratio % Amount Ratio % Amount Ratio % At December 31, 2017 Tier 1 leverage capital Company $ 2,214,723 8.43 $ 1,051,025 4.00 $ 1,313,781 5.00 Whitney Bank 2,282,485 8.72 1,046,644 4.00 1,308,305 5.00 Common equity tier 1 (to risk weighted assets) Company $ 2,214,723 10.21 $ 976,303 4.50 $ 1,410,216 6.50 Whitney Bank 2,282,485 10.54 974,362 4.50 1,407,412 6.50 Tier 1 capital (to risk weighted assets) Company $ 2,214,723 10.21 $ 1,301,738 6.00 $ 1,735,650 8.00 Whitney Bank 2,282,485 10.54 1,299,150 6.00 1,732,200 8.00 Total capital (to risk weighted assets) Company $ 2,582,031 11.90 $ 1,735,650 8.00 $ 2,169,563 10.00 Whitney Bank 2,499,793 11.55 1,732,200 8.00 2,165,250 10.00 At December 31, 2016 Tier 1 leverage capital Company $ 2,184,812 9.56 $ 914,520 4.00 $ 1,143,150 5.00 Whitney Bank 2,011,719 8.83 911,091 4.00 1,138,864 5.00 Common equity tier 1 (to risk weighted assets) Company $ 2,184,812 11.26 $ 873,192 4.50 $ 1,261,277 6.50 Whitney Bank 2,011,719 10.39 871,361 4.50 1,258,633 6.50 Tier 1 capital (to risk weighted assets) Company $ 2,184,812 11.26 $ 1,164,256 6.00 $ 1,552,341 8.00 Whitney Bank 2,011,719 10.39 1,161,815 6.00 1,549,086 8.00 Total capital (to risk weighted assets) Company $ 2,564,230 13.21 $ 1,552,341 8.00 $ 1,940,427 10.00 Whitney Bank 2,241,137 11.57 1,549,086 8.00 1,936,358 10.00 |
Other Noninterest Income and 40
Other Noninterest Income and Other Noninterest Expense (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Noninterest Income and Other Noninterest Expense [Abstract] | |
Components of Other Noninterest Income and Other Noninterest Expense | Years Ended December 31, (in thousands) 2017 2016 2015 Other noninterest income: Income from bank-owned life insurance $ 11,473 $ 13,596 $ 10,881 Credit-related fees 11,140 9,926 11,057 Income from derivatives 5,870 5,196 2,745 Gain on sales of assets 7,478 7,814 186 Other miscellaneous income 13,814 10,950 11,092 Total other noninterest income $ 49,775 $ 47,482 $ 35,961 Other noninterest expense: Advertising $ 15,031 $ 10,938 $ 11,225 Ad valorem and franchise taxes 12,797 8,741 10,498 Printing and supplies 5,139 4,422 4,851 Travel 5,043 4,268 5,331 Entertainment and contributions 8,260 7,122 6,723 Tax credit investment amortization 4,850 4,263 8,513 Loss share agreement termination 6,603 — — Other miscellaneous expense 24,913 32,810 25,062 Total other noninterest expense $ 82,636 $ 72,564 $ 72,203 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Taxes [Abstract] | |
Income Tax Expense | Years Ended December 31, (in thousands) 2017 2016 2015 Included in net income Current federal $ 38,859 $ 43,777 $ 17,378 Current state 4,112 1,689 4,241 Total current provision 42,971 45,466 21,619 Deferred federal 48,653 (6,127) 15,457 Deferred state 1,178 (1,712) 1,228 Total deferred provision 49,831 (7,839) 16,685 Total included in net income $ 92,802 $ 37,627 $ 38,304 |
Deferred Tax Assets and Liabilities | December 31, (in thousands) 2017 2016 Deferred tax assets: Allowance for loan losses $ 51,517 $ 89,120 Employee compensation and benefits 9,783 28,401 Loan purchase accounting adjustments 6,441 12,047 Tax credit carryforward 21,274 29,085 Securities 12,250 23,169 State net operating loss 1,979 1,690 Other 15,407 14,583 Gross deferred tax assets 118,651 198,095 State valuation allowance (1,979) (1,690) Subtotal valuation allowance (1,979) (1,690) Net deferred tax assets 116,672 196,405 Deferred tax liabilities: Fixed assets & intangibles (56,526) (74,518) FDIC indemnification asset — (6,293) Other (6,167) (11,159) Gross deferred tax liabilities (62,693) (91,970) Net deferred tax asset $ 53,979 $ 104,435 |
Effective Income Tax Rate Reconciliation | Years Ended December 31, 2017 2016 2015 ($ in thousands) Amount % Amount % Amount % Taxes computed at statutory rate $ 107,952 35.0 % $ 65,423 35.0 % $ 59,418 35.0 % Increases (decreases) in taxes resulting from: State income taxes, net of federal income tax benefit 4,737 1.5 1,917 1.0 2,595 1.5 Tax-exempt interest (18,870) (6.1) (14,497) (7.8) (7,849) (4.6) Life insurance contracts (5,360) (1.7) (4,833) (2.6) (3,798) (2.2) Tax credits (9,374) (3.0) (10,518) (5.6) (12,495) (7.4) Employee share-based compensation (5,824) (1.9) — — — — Impact of deferred tax asset re-measurement 19,520 6.3 — — — — Other, net 21 — 135 0.1 433 0.3 Income tax expense $ 92,802 30.1 % $ 37,627 20.1 % $ 38,304 22.6 % |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Computation of Earnings Per Common Share | Years Ended December 31, ($ in tho usands, except per share data ) 2017 2016 2015 Numerator: Net income to common shareholders $ 215,632 $ 149,296 $ 131,461 Net income allocated to participating securities -- basic and diluted 4,670 3,598 2,895 Net income allocated to common shareholders - basic and diluted $ 210,962 $ 145,698 $ 128,566 Denominator: Weighted-average common shares - basic 84,695 77,850 78,197 Dilutive potential common shares 268 99 110 Weighted average common shares - diluted 84,963 77,949 78,307 Earnings per common share: Basic $ 2.49 $ 1.87 $ 1.64 Diluted $ 2.48 $ 1.87 $ 1.64 |
Retirement Benefit Plans (Table
Retirement Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefit Plans [Abstract] | |
Changes in Benefit Obligations and Plan Assets | 2017 2016 2017 2016 (in thousands) Pension Benefits Other Post- Retirement Benefits Change in benefit obligation Benefit obligation: at beginning of year $ 479,281 $ 462,819 $ 22,481 $ 22,281 Service cost 15,381 14,098 129 170 Interest cost 16,514 16,907 668 773 Plan participants' contributions — — 636 1,269 Plan amendments (17,315) — — (1,224) Net actuarial loss 39,419 16,944 993 1,844 Benefits paid (19,436) (31,487) (1,871) (2,632) Benefit obligation, end of year 513,844 479,281 23,036 22,481 Change in plan assets Fair value of plan assets: at beginning of year 515,555 491,550 — — Actual return on plan assets 68,307 40,375 — — Employer contributions 1,132 16,123 1,235 1,363 Plan participants' contributions — — 636 1,269 Benefit payments (19,436) (31,487) (1,871) (2,632) Expenses (1,193) (1,006) — — Fair value of plan assets, end of year 564,365 515,555 — — Funded status at end of year - net asset (liability) $ 50,521 $ 36,274 $ (23,036) $ (22,481) Amounts recognized in accumulated other comprehensive loss Unrecognized loss: at beginning of year $ 115,910 $ 109,565 $ (2,078) $ (2,553) Net actuarial loss (gain) (12,932) 6,345 1,346 475 Unrecognized loss at end of year $ 102,978 $ 115,910 $ (732) $ (2,078) Projected benefit obligation $ 513,844 $ 479,281 Accumulated benefit obligation 489,075 443,261 Fair value of plan assets 564,365 515,555 |
Components of Net Periodic Benefits Cost | Years Ended December 31, 2017 2016 2015 2017 2016 2015 ($ in thousands) Pension Benefits Other Post-Retirement Benefits Net periodic benefit cost Service cost $ 15,381 $ 14,098 $ 13,511 $ 129 $ 170 $ 117 Interest cost 16,514 16,907 18,635 668 773 891 Expected return on plan assets (37,632) (34,554) (32,833) — — — Amortization of net loss/ prior service cost 5,554 5,783 3,169 (353) 145 6 Net periodic benefit cost (183) 2,234 2,482 444 1,088 1,014 Other changes in plan assets and benefit obligations recognized in other comprehensive income, before taxes Net (loss) gain recognized during the year (5,554) (5,783) (3,169) 353 (145) (6) Net actuarial loss (gain) (7,378) 12,128 39,876 993 620 (5,905) Total recognized in other comprehensive income (12,932) 6,345 36,707 1,346 475 (5,911) Total recognized in net periodic benefit cost and other comprehensive income $ (13,115) $ 8,579 $ 39,189 $ 1,790 $ 1,563 $ (4,897) Discount rate for benefit obligations 3.57% 4.10% 4.40% 3.52% 3.95% 4.32% Discount rate for net periodic benefit cost 4.10% 4.40% 4.11% 3.95% 4.32% 4.02% Expected long-term return on plan assets 7.25% 7.25% 7.50% n/a n/a n/a Rate of compensation increase scaled * scaled * scaled * n/a n/a n/a * Graded scale, declining from 7.00% at age 20 to 2.00% at age 60 |
Expected Plan Benefit Payments | (in thousands) Pension Post-Retirement Total 2018 $ 21,143 $ 1,346 $ 22,489 2019 21,869 1,364 23,233 2020 22,882 1,350 24,232 2021 23,881 1,404 25,285 2022 24,824 1,320 26,144 2023-2027 140,214 6,394 146,608 $ 254,813 $ 13,178 $ 267,991 |
Assumed Health Care Cost Trend Rates | 1% Decrease Assumed 1% Increase (in thousands) in Rates Rates in Rates Aggregated service and interest cost $ 722 $ 797 $ 889 Postretirement benefit obligation 20,964 23,036 25,564 |
Fair Values of Pension Plan Assets | December 31, 2017 Fair Value Measurements by Asset Category / Fund Level 1 Level 2 Level 3 Total (in thousands) Cash and equivalents $ 5,496 $ — $ — $ 5,496 Total cash and cash equivalents 5,496 — — 5,496 Fixed income securities — 113,169 162 113,331 Mutual fund-fixed income 31,839 — — 31,839 Total fixed income 31,839 113,169 162 145,170 Domestic and foreign stock 102,416 6 — 102,422 Mutual funds-equity 168,299 — — 168,299 Total equity 270,715 6 — 270,721 Real assets fund — — — — Total assets at fair value 308,050 113,175 162 421,387 Common trust funds (fixed income) — — — 114,068 Common trust fund (real assets) — — — 28,910 Total $ 308,050 $ 113,175 $ 162 $ 564,365 December 31, 2016 Fair Value Measurements by Asset Category / Fund Level 1 Level 2 Level 3 Total (in thousands) Cash and equivalents $ 15,568 $ — $ — $ 15,568 Total cash and cash equivalents 15,568 — — 15,568 Fixed income securities — 136,085 — 136,085 Mutual fund-fixed income 48,805 — — 48,805 Total fixed income 48,805 136,085 — 184,890 Domestic and foreign stock 104,455 6 — 104,461 Mutual funds-equity 157,630 — — 157,630 Total equity 262,085 6 — 262,091 Real assets fund 27,690 — — 27,690 Total assets at fair value 354,148 136,091 — 490,239 Common trust fund (fixed income) — — — 25,316 Total $ 354,148 $ 136,091 $ — $ 515,555 |
Percentage and Target Allocations | Plan Assets Target Allocation at December 31, at December 31, Asset category 2017 2016 2017 2016 Cash and equivalents 1 % 3 % 0 - 5% 0 - 5% Fixed income securities 46 41 35 - 63% 25 - 65% Equity securities 48 51 35 - 51% 30 - 60% Real assets 5 5 0 - 12% 0 - 10% 100 % 100 % |
Share-Based Payment Arrangeme44
Share-Based Payment Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Share-Based Payment Arrangements [Abstract] | |
Summary of Option Activity | Options Number of Shares Weighted- Average Exercise Price ($) Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic Value ($000) Outstanding at January 1, 2017 456,258 $ 35.91 3.5 $ 3,734 Exercised (350,744) 34.65 4,304 Cancelled/Forfeited (538) 32.09 6 Expired (16,675) 68.18 — Outstanding at December 31, 2017 88,301 $ 34.84 2.8 $ 1,294 Exercisable at December 31, 2017 88,301 $ 34.84 2.8 $ 1,294 |
Summary of Nonvested Restricted and Performance Shares | Number of Shares Weighted- Average Grant-Date Fair Value ($) Nonvested at January 1, 2017 2,152,119 $ 32.12 Granted 525,258 45.71 Vested (906,944) 30.66 Cancelled/Forfeited (61,491) 32.57 Nonvested at December 31, 2017 1,708,942 $ 37.05 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies [Abstract] | |
Off-Balance Sheet Financial Instruments | December 31, (in thousands) 2017 2016 Commitments to extend credit $ 6,689,033 $ 5,878,290 Letters of credit 348,377 338,014 |
Future Minimum Lease Payments for Non-Cancelable Operating Leases | (in thousands) Operating Leases 2018 $ 16,307 2019 15,466 2020 13,815 2021 12,317 2022 12,099 Thereafter 81,826 Total minimum lease payments $ 151,830 |
Fair Value of Financial Instr46
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value of Financial Instruments [Abstract] | |
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | December 31, 2017 (in thousands) Level 1 Level 2 Level 3 Total Assets Available for sale debt securities: U.S. Treasury and government agency securities $ — $ 97,272 $ — $ 97,272 Municipal obligations — 243,786 — 243,786 Corporate debt securities — 3,500 — 3,500 Residential mortgage-backed securities — 1,715,213 — 1,715,213 Commercial mortgage-backed securities — 687,135 — 687,135 Collateralized mortgage obligations — 163,963 — 163,963 Total available for sale securities — 2,910,869 — 2,910,869 Derivative assets (1) — 14,157 — 14,157 Total recurring fair value measurements - assets $ — $ 2,925,026 $ — $ 2,925,026 Liabilities Derivative liabilities (1) $ — $ 14,389 $ — $ 14,389 Total recurring fair value measurements - liabilities $ — $ 14,389 $ — $ 14,389 (1) For further disaggregation of derivative assets and liabilities, see Note 10 – Derivatives. December 31, 2016 (in thousands) Level 1 Level 2 Level 3 Total Assets Available for sale debt securities: U.S. Treasury and government agency securities $ — $ 54,828 $ — $ 54,828 Municipal obligations — 242,155 — 242,155 Corporate debt securities — 3,500 — 3,500 Residential mortgage-backed securities — 1,611,355 — 1,611,355 Commercial mortgage-backed securities — 402,591 — 402,591 Collateralized mortgage obligations — 202,479 — 202,479 Total available for sale securities — 2,516,908 — 2,516,908 Derivative assets (1) — 20,315 — 20,315 Total recurring fair value measurements - assets $ — 2,537,223 $ — 2,537,223 Liabilities Derivative liabilities (1) $ — $ 27,432 $ — $ 27,432 Total recurring fair value measurements - liabilities $ — $ 27,432 $ — $ 27,432 (1) For further disaggregation of derivative assets and liabilities, see Note 10 – Derivatives. |
Financial Assets Measured at Fair Value on Nonrecurring Basis | December 31, 2017 (in thousands) Level 1 Level 2 Level 3 Total Collateral dependent impaired loans $ — $ 184,205 $ — $ 184,205 Other real estate owned — — 6,928 6,928 Total nonrecurring fair value measurements $ — $ 184,205 $ 6,928 $ 191,133 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 | December 31, 2017 Total Carrying (in thousands) Level 1 Level 2 Level 3 Fair Value Amount Financial assets: Cash, interest-bearing bank deposits, and federal funds sold $ 479,332 $ — $ — $ 479,332 $ 479,332 Available for sale securities — 2,910,869 — 2,910,869 2,910,869 Held to maturity securities — 2,962,010 — 2,962,010 2,977,511 Loans, net — 184,205 18,403,303 18,587,508 18,786,855 Loans held for sale — 39,865 — 39,865 39,865 Derivative financial instruments — 14,157 — 14,157 14,157 Financial liabilities: Deposits $ — $ — $ 22,238,847 $ 22,238,847 $ 22,253,202 Federal funds purchased 140,754 — — 140,754 140,754 Securities sold under agreements to repurchase 430,569 — — 430,569 430,569 Short-term FHLB Borrowings 1,132,567 — — 1,132,567 1,132,567 Long-term debt — 303,631 — 303,631 305,513 Derivative financial instruments — 14,389 — 14,389 14,389 December 31, 2016 Total Carrying (in thousands) Level 1 Level 2 Level 3 Fair 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 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 |
Condensed Parent Company Info47
Condensed Parent Company Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Parent Company Information [Abstract] | |
Condensed Balance Sheets | December 31, (in thousands) 2017 2016 Assets: Cash $ 71,328 $ 316,457 Securities available for sale 58,521 69,210 Investment in bank subsidiaries 2,953,032 2,547,224 Investment in non-bank subsidiaries 22,670 11,204 Due from subsidiaries and other assets 14,010 27,941 Total assets $ 3,119,561 $ 2,972,036 Liabilities and Stockholders' Equity: Long term debt $ 234,135 $ 251,573 Other liabilities 477 695 Stockholders' equity 2,884,949 2,719,768 Total liabilities and stockholders’ equity $ 3,119,561 $ 2,972,036 |
Condensed Statements of Income | Years Ended December 31, (in thousands) 2017 2016 2015 Operating Income From subsidiaries Cash dividends received from bank subsidiaries $ 90,000 $ 120,000 $ 31,000 Noncash dividend from bank subsidiaries 11,708 — — Equity in earnings of subsidiaries greater than dividends received 124,531 39,293 111,424 Total operating income 226,239 159,293 142,424 Other expense, net (16,931) (16,614) (17,297) Income tax benefit (6,324) (6,617) (6,334) Net income $ 215,632 $ 149,296 $ 131,461 Other comprehensive income (loss), net of tax 11,460 (39,937) (30,521) Comprehensive income $ 227,092 $ 109,359 $ 100,940 |
Condensed Statements of Cash Flows | Years Ended December 31, (in thousands) 2017 2016 2015 Cash flows from operating activities - principally dividends received from subsidiaries $ 111,591 $ 122,528 $ 33,912 Net cash provided by operating activities 111,591 122,528 33,912 Cash flows from investing activities Contribution of capital to subsidiary (270,000) (21,000) (90) Proceeds from principal paydowns of securities available for sale 11,015 13,827 12,863 Other, net — — 1,629 Net cash provided by (used in) investing activities (258,985) (7,173) 14,402 Cash flows from financing activities: Proceeds from issuance of long term debt — — 269,004 Repayment of long term debt (17,900) (17,900) (149,600) Dividends paid to stockholders (83,266) (77,012) (77,474) Repurchase of common stock — — (95,613) Proceeds from issuance of common stock 15,312 262,961 347 Payroll tax remitted on net share settlement of equity awards (11,881) (3,178) (3,385) Other, net — (133) — Net cash provided by (used in) financing activities (97,735) 164,738 (56,721) Net increase (decrease) in cash (245,129) 280,093 (8,407) Cash, beginning of year 316,457 36,364 44,771 Cash, end of year $ 71,328 $ 316,457 $ 36,364 |
Summary of Significant Accoun48
Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |||
Maximum refinement period of fair values after closing date of acquisition | 1 year | ||
Loan minimum balance included in specific reseve analysis | $ 1,000 | ||
Tax credit carry forward period | 20 years | ||
Income tax benefit | $ 92,802 | $ 37,627 | $ 38,304 |
Reclassification of certain tax effects from accumulated other comprehensive loss | |||
Accounting Standards Update 2016-09 [Member] | |||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |||
Income tax benefit | $ (5,800) | ||
Federal NMTC Investment [Member] | |||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |||
Tax credit earning period | 7 years | ||
State NMTC Investment [Member] | Minimum [Member] | |||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |||
Tax credit earning period | 3 years | ||
State NMTC Investment [Member] | Maximum [Member] | |||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |||
Tax credit earning period | 5 years | ||
Low Income Housing Credit Investments [Member] | |||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |||
Tax credit earning period | 10 years | ||
Buildings [Member] | |||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |||
Estimated useful lives of assets | 30 years | ||
Furniture, Fixtures and Equipment [Member] | Minimum [Member] | |||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |||
Estimated useful lives of assets | 3 years | ||
Furniture, Fixtures and Equipment [Member] | Maximum [Member] | |||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |||
Estimated useful lives of assets | 10 years | ||
Software [Member] | |||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |||
Amortization Expense Charged Off Period | 3 years | ||
Core Systems [Member] | |||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |||
Amortization Expense Charged Off Period | 7 years | ||
Commercial Loans [Member] | |||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |||
Loss emergence periods | 24 months | ||
Retail Loans [Member] | Minimum [Member] | |||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |||
Loss emergence periods | 12 months | ||
Residential Mortgages Loans [Member] | Maximum [Member] | |||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |||
Loss emergence periods | 18 months |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) $ in Thousands | Apr. 28, 2017USD ($)entity | Mar. 10, 2017USD ($)entity | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Apr. 29, 2017entity |
Business Acquisition [Line Items] | ||||||
Short-term borrowings | $ 1,703,890 | $ 1,225,406 | ||||
Long-term borrowings | 305,513 | 436,280 | ||||
Goodwill | 745,523 | 621,193 | ||||
Revenue | 792,312 | 659,116 | $ 625,174 | |||
Professional Fees | 40,235 | 29,561 | 40,198 | |||
Other expense | 82,636 | 72,564 | 72,203 | |||
Loan expected to be uncollectible | 217,308 | 229,418 | $ 181,179 | |||
Unpaid principal balance | 341,713 | 327,722 | ||||
Recorded investment with an allowance | 170,142 | 132,004 | ||||
Recorded investment without an allowance | 147,055 | 169,341 | ||||
Hancock Holding Company [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Long-term borrowings | 234,135 | 251,573 | ||||
Whitney Bank [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Net of cash acquired | $ 323,000 | |||||
Cash consideration | 326,000 | |||||
Cash acquired | 3,000 | |||||
Acquisition, Premium amount to pay | 41,600 | |||||
FHLB Borrowings [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Short-term borrowings | 1,132,567 | $ 865,000 | ||||
$450 Debt Due 2020 [Member] | Variable-rate Term Notes [Member] | FHLB Borrowings [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Short-term borrowings | $ 450,000 | |||||
Maturity year | 2,020 | |||||
$200 Debt Due 2025 [Member] | Variable-rate Term Notes [Member] | FHLB Borrowings [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Short-term borrowings | $ 200,000 | |||||
Maturity year | 2,025 | |||||
$260 Debt Due 2026 [Member] | Variable-rate Term Notes [Member] | FHLB Borrowings [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Short-term borrowings | $ 260,000 | |||||
Maturity year | 2,026 | |||||
FNBC Transaction [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Acquisition, debt assumed | $ 93,120 | |||||
Identifiable intangible assets | 25,300 | |||||
Goodwill | 124,330 | |||||
Fair value discount | 41,000 | |||||
Acquisition, debt assumed | 4,686 | |||||
Total Loans | 1,368,669 | |||||
Unpaid principal balance of the loans acquired | 1,400,000 | |||||
Liabilities assumed | 2,622,950 | |||||
Estimated uncollectible amount | 31,700 | |||||
Unpaid principal balance | 39,900 | |||||
Recorded investment with an allowance | 15,000 | |||||
Recorded investment without an allowance | $ 24,900 | |||||
FNBC I [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Acquisition, debt assumed | 93,120 | |||||
Identifiable intangible assets | 3,900 | |||||
Goodwill | 103,547 | |||||
Acquisition, debt assumed | 1,607 | |||||
Total Loans | 1,203,092 | |||||
Useful life | 8 years | |||||
Liabilities assumed | $ 1,003,647 | |||||
FNBC I [Member] | Whitney Bank [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Number of branches | entity | 9 | |||||
FNBC I [Member] | FHLB Borrowings [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Liabilities assumed | $ 690,000 | |||||
FNBC I [Member] | Variable-rate Term Notes [Member] | FHLB Borrowings [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Short-term borrowings | 460,000 | |||||
FNBC I [Member] | Fixed-rate Term Notes [Member] | FHLB Borrowings [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Long-term borrowings | 93,100 | |||||
FNBC I [Member] | Fixed-rate Term Notes [Member] | FHLB Borrowings [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Short-term borrowings | $ 51,000 | |||||
FNBC II [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Identifiable intangible assets | $ 21,400 | |||||
Goodwill | 20,783 | |||||
Acquisition, debt assumed | 3,079 | |||||
Total Loans | 165,577 | |||||
Useful life | 11 years | |||||
Liabilities assumed | $ 1,619,303 | |||||
FNBC II [Member] | Whitney Bank [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Number of branches | entity | 29 | |||||
Cash received | $ 800,000 | |||||
Cash acquired | 158,000 | |||||
Number of branches exercised | entity | 7 | |||||
Premium payment | 35,000 | |||||
Unpaid principal balance of the loans acquired, Net liabilities assumed | $ 642,000 |
Acquisitions (Schedule of Fair
Acquisitions (Schedule of Fair Value of Net Assets Acquired Acquired and Liabilities Assumed) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Apr. 28, 2017 | Mar. 10, 2017 | Dec. 31, 2016 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 745,523 | $ 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 | 1,368,669 | |||
Property and equipment | 20,934 | |||
Accrued interest receivable | 4,028 | |||
Identifiable intangible assets | 25,300 | |||
Deferred tax asset | 2,220 | |||
Other assets | 4,213 | |||
Total identifiable assets | 2,182,799 | |||
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) | (440,151) | |||
Consideration (Paid) Received | 315,821 | |||
Goodwill | $ 124,330 | |||
FNBC I [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash and due from banks | $ 2,856 | |||
Total Loans | 1,203,092 | |||
Property and equipment | 11,946 | |||
Accrued interest receivable | 3,143 | |||
Identifiable intangible assets | 3,900 | |||
Deferred tax asset | 856 | |||
Other assets | 63 | |||
Total identifiable assets | 1,225,856 | |||
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) | 222,209 | |||
Consideration (Paid) Received | (325,756) | |||
Goodwill | $ 103,547 | |||
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 | |||
Deferred tax asset | 1,364 | |||
Other assets | 4,150 | |||
Total identifiable assets | 956,943 | |||
Deposits | 1,530,338 | |||
Short-term borrowings | 85,886 | |||
Other liabilities | 3,079 | |||
Total liabilities | 1,619,303 | |||
Net identifiable assets acquired (liabilities assumed) | (662,360) | |||
Consideration (Paid) Received | 641,577 | |||
Goodwill | $ 20,783 |
Acquisitions (Schedule of Goodw
Acquisitions (Schedule of Goodwill) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Business Acquisition [Line Items] | |
Goodwill, Beginning Balance | $ 621,193 |
Goodwill, Ending Balance | 745,523 |
FNBC Transaction [Member] | |
Business Acquisition [Line Items] | |
Goodwill, Ending Balance | 124,330 |
FNBC I [Member] | |
Business Acquisition [Line Items] | |
Goodiwill, Initial goodwill recorded | 95,568 |
Goodwill, Measurement period adjustments | 7,979 |
FNBC II [Member] | |
Business Acquisition [Line Items] | |
Goodiwill, Initial goodwill recorded | 23,009 |
Goodwill, Measurement period adjustments | $ (2,226) |
Acquisitions (Schedule of Merge
Acquisitions (Schedule of Merger-Related Expense) (Details) - FNBC Transaction [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Business Acquisition [Line Items] | |
Personnel expense | $ 3,662 |
Net occupancy and equipment expense | 777 |
Professional services expense | 9,681 |
Data processing expense | 974 |
Other real estate | (1,511) |
Advertising expense | 1,389 |
Other expense | 4,398 |
Total merger-related expenses | $ 19,370 |
Securities (Narrative) (Details
Securities (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Securities [Abstract] | |||
Securities classified as trading | $ 0 | $ 0 | |
Proceeds from sales of securities available for sale | 213,877,000 | 173,215,000 | $ 9,289,000 |
Realized gain | 0 | 2,000,000 | |
Realized loss | 0 | 200,000 | |
Securities pledged as collateral | $ 3,300,000,000 | $ 3,800,000,000 |
Securities (Amortized Cost and
Securities (Amortized Cost and Fair Value of Securities Available for Sale) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | $ 2,949,057 | $ 2,562,000 |
Securities Available for Sale, Gross Unrealized Gains | 7,230 | 11,195 |
Securities Available for Sale, Gross Unrealized Losses | 45,418 | 56,287 |
Securities Available for Sale, Fair Value | 2,910,869 | 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 | 99,535 | 56,751 |
Securities Available for Sale, Gross Unrealized Losses | 2,263 | 1,923 |
Securities Available for Sale, Fair Value | 97,272 | 54,828 |
Municipal Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 245,997 | 253,228 |
Securities Available for Sale, Gross Unrealized Gains | 1,135 | 113 |
Securities Available for Sale, Gross Unrealized Losses | 3,346 | 11,186 |
Securities Available for Sale, Fair Value | 243,786 | 242,155 |
Residential Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 1,729,989 | 1,620,191 |
Securities Available for Sale, Gross Unrealized Gains | 5,611 | 10,592 |
Securities Available for Sale, Gross Unrealized Losses | 20,387 | 19,428 |
Securities Available for Sale, Fair Value | 1,715,213 | 1,611,355 |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 704,518 | 425,750 |
Securities Available for Sale, Gross Unrealized Gains | 480 | |
Securities Available for Sale, Gross Unrealized Losses | 17,863 | 23,159 |
Securities Available for Sale, Fair Value | 687,135 | 402,591 |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 165,518 | 202,580 |
Securities Available for Sale, Gross Unrealized Gains | 4 | 490 |
Securities Available for Sale, Gross Unrealized Losses | 1,559 | 591 |
Securities Available for Sale, Fair Value | 163,963 | 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 an55
Securities (Amortized Cost and Fair Value of Securities Held to Maturity) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities Held to Maturity, Amortized Cost | $ 2,977,511 | $ 2,500,220 |
Securities Held to Maturity, Gross Unrealized Gains | 13,110 | 7,896 |
Securities Held to Maturity, Gross Unrealized Losses | 28,611 | 37,999 |
Securities Held to Maturity, Fair Value | 2,962,010 | 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 | 289 | 44 |
Securities Held to Maturity, Fair Value | 49,711 | 49,956 |
Municipal Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities Held to Maturity, Amortized Cost | 723,094 | 648,093 |
Securities Held to Maturity, Gross Unrealized Gains | 8,323 | 2,147 |
Securities Held to Maturity, Gross Unrealized Losses | 4,245 | 20,175 |
Securities Held to Maturity, Fair Value | 727,172 | 630,065 |
Residential Mortgage-Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities Held to Maturity, Amortized Cost | 725,748 | 862,162 |
Securities Held to Maturity, Gross Unrealized Gains | 4,175 | 4,329 |
Securities Held to Maturity, Gross Unrealized Losses | 2,690 | 3,068 |
Securities Held to Maturity, Fair Value | 727,233 | 863,423 |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities Held to Maturity, Amortized Cost | 317,185 | 75,739 |
Securities Held to Maturity, Gross Unrealized Gains | 40 | |
Securities Held to Maturity, Gross Unrealized Losses | 3,915 | 4,038 |
Securities Held to Maturity, Fair Value | 313,310 | 71,701 |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities Held to Maturity, Amortized Cost | 1,161,484 | 864,226 |
Securities Held to Maturity, Gross Unrealized Gains | 572 | 1,420 |
Securities Held to Maturity, Gross Unrealized Losses | 17,472 | 10,674 |
Securities Held to Maturity, Fair Value | $ 1,144,584 | $ 854,972 |
Securities (Amortized Cost an56
Securities (Amortized Cost and Fair Value of Debt Securities by Contractual Maturity) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Securities [Abstract] | ||
Debt Securities Available for Sale, Due in one year or less, Amortized Cost | $ 7,624 | |
Debt Securities Available for Sale, Due after one year through five years, Amortized Cost | 40,743 | |
Debt Securities Available for Sale, Due after five years through ten years, Amortized Cost | 1,226,635 | |
Debt Securities Available for Sale, Due after ten years, Amortized Cost | 1,674,055 | |
Total available for sale debt securities, Amortized Cost | 2,949,057 | |
Debt Securities Available for Sale, Due in one year or less, Fair Value | 7,658 | |
Debt Securities Available for Sale, Due after one year through five years, Fair Value | 41,083 | |
Debt Securities Available for Sale, Due after five years through ten years, Fair Value | 1,208,735 | |
Debt Securities Available for Sale, Due after ten years, Fair Value | 1,653,393 | |
Total available for sale debt securities, Fair Value | 2,910,869 | |
Debt Securities Held to Maturity, Due in one year or less, Amortized Cost | 10,686 | |
Debt Securities Held to Maturity, Due after one year through five years, Amortized Cost | 122,555 | |
Debt Securities Held to Maturity, Due after five years through ten years, Amortized Cost | 1,052,688 | |
Debt Securities Held to Maturity, Due after ten years, Amortized Cost | 1,791,582 | |
Total held to maturity debt securities, Amortized Cost | 2,977,511 | $ 2,500,220 |
Debt Securities Held to Maturity, Due in one year or less, Fair Value | 10,695 | |
Debt Securities Held to Maturity, Due after one year through five years, Fair Value | 122,339 | |
Debt Securities Held to Maturity, Due after five years through ten years, Fair Value | 1,051,036 | |
Debt Securities Held to Maturity, Due after ten years, Fair Value | 1,777,940 | |
Total held to maturity debt securities, Fair Value | $ 2,962,010 | $ 2,470,117 |
Securities (Securities Availabl
Securities (Securities Available for Sale with Unrealized Losses) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Losses less than 12 months, Fair Value | $ 842,011 | $ 1,857,312 |
Available for sale, Losses less than 12 months, Gross Unrealized Losses | 6,319 | 56,218 |
Available for sale, Losses 12 months or longer, Fair Value | 1,569,320 | 3,738 |
Available for sale, Losses 12 months or longer, Gross Unrealized Losses | 39,099 | 69 |
Available for sale, Total, Fair Value | 2,411,331 | 1,861,050 |
Available for sale, Total, Gross Unrealized Losses | 45,418 | 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 | 45,616 | 54,788 |
Available for sale, Losses less than 12 months, Gross Unrealized Losses | 42 | 1,923 |
Available for sale, Losses 12 months or longer, Fair Value | 51,157 | |
Available for sale, Losses 12 months or longer, Gross Unrealized Losses | 2,221 | |
Available for sale, Total, Fair Value | 96,773 | 54,788 |
Available for sale, Total, Gross Unrealized Losses | 2,263 | 1,923 |
Municipal Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Losses less than 12 months, Fair Value | 2,768 | 228,588 |
Available for sale, Losses less than 12 months, Gross Unrealized Losses | 11 | 11,186 |
Available for sale, Losses 12 months or longer, Fair Value | 173,530 | |
Available for sale, Losses 12 months or longer, Gross Unrealized Losses | 3,335 | |
Available for sale, Total, Fair Value | 176,298 | 228,588 |
Available for sale, Total, Gross Unrealized Losses | 3,346 | 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 | 461,835 | 1,087,644 |
Available for sale, Losses less than 12 months, Gross Unrealized Losses | 4,195 | 19,359 |
Available for sale, Losses 12 months or longer, Fair Value | 898,099 | 3,738 |
Available for sale, Losses 12 months or longer, Gross Unrealized Losses | 16,192 | 69 |
Available for sale, Total, Fair Value | 1,359,934 | 1,091,382 |
Available for sale, Total, Gross Unrealized Losses | 20,387 | 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 | 203,618 | 402,591 |
Available for sale, Losses less than 12 months, Gross Unrealized Losses | 995 | 23,159 |
Available for sale, Losses 12 months or longer, Fair Value | 411,046 | |
Available for sale, Losses 12 months or longer, Gross Unrealized Losses | 16,868 | |
Available for sale, Total, Fair Value | 614,664 | 402,591 |
Available for sale, Total, Gross Unrealized Losses | 17,863 | 23,159 |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Losses less than 12 months, Fair Value | 128,174 | 83,701 |
Available for sale, Losses less than 12 months, Gross Unrealized Losses | 1,076 | 591 |
Available for sale, Losses 12 months or longer, Fair Value | 35,488 | |
Available for sale, Losses 12 months or longer, Gross Unrealized Losses | 483 | |
Available for sale, Total, Fair Value | 163,662 | 83,701 |
Available for sale, Total, Gross Unrealized Losses | $ 1,559 | $ 591 |
Securities (Securities Held to
Securities (Securities Held to Maturity with Unrealized Losses) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, Losses less than 12 months, Fair Value | $ 768,589 | $ 1,513,235 |
Held to maturity, Losses less than 12 months, Gross Unrealized Losses | 6,515 | 34,152 |
Held to maturity, Losses 12 months or longer, Fair Value | 1,055,983 | 127,125 |
Held to maturity, Losses 12 months or longer, Gross Unrealized Losses | 22,096 | 3,847 |
Held to maturity, Total, Fair Value | 1,824,572 | 1,640,360 |
Held to maturity, Total, Gross Unrealized Losses | 28,611 | 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 | 49,956 | |
Held to maturity, Losses less than 12 months, Gross Unrealized Losses | 44 | |
Held to maturity, Losses 12 months or longer, Fair Value | 49,711 | |
Held to maturity, Losses 12 months or longer, Gross Unrealized Losses | 289 | |
Held to maturity, Total, Fair Value | 49,711 | 49,956 |
Held to maturity, Total, Gross Unrealized Losses | 289 | 44 |
Municipal Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, Losses less than 12 months, Fair Value | 14,603 | 494,470 |
Held to maturity, Losses less than 12 months, Gross Unrealized Losses | 19 | 19,706 |
Held to maturity, Losses 12 months or longer, Fair Value | 230,960 | 11,750 |
Held to maturity, Losses 12 months or longer, Gross Unrealized Losses | 4,226 | 469 |
Held to maturity, Total, Fair Value | 245,563 | 506,220 |
Held to maturity, Total, Gross Unrealized Losses | 4,245 | 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 | 8,815 | 278,369 |
Held to maturity, Losses less than 12 months, Gross Unrealized Losses | 99 | 3,068 |
Held to maturity, Losses 12 months or longer, Fair Value | 230,277 | |
Held to maturity, Losses 12 months or longer, Gross Unrealized Losses | 2,591 | |
Held to maturity, Total, Fair Value | 239,092 | 278,369 |
Held to maturity, Total, Gross Unrealized Losses | 2,690 | 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 | 174,882 | 71,701 |
Held to maturity, Losses less than 12 months, Gross Unrealized Losses | 744 | 4,038 |
Held to maturity, Losses 12 months or longer, Fair Value | 72,499 | |
Held to maturity, Losses 12 months or longer, Gross Unrealized Losses | 3,171 | |
Held to maturity, Total, Fair Value | 247,381 | 71,701 |
Held to maturity, Total, Gross Unrealized Losses | 3,915 | 4,038 |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, Losses less than 12 months, Fair Value | 570,289 | 618,739 |
Held to maturity, Losses less than 12 months, Gross Unrealized Losses | 5,653 | 7,296 |
Held to maturity, Losses 12 months or longer, Fair Value | 472,536 | 115,375 |
Held to maturity, Losses 12 months or longer, Gross Unrealized Losses | 11,819 | 3,378 |
Held to maturity, Total, Fair Value | 1,042,825 | 734,114 |
Held to maturity, Total, Gross Unrealized Losses | $ 17,472 | $ 10,674 |
Loans and Allowance for Loan 59
Loans and Allowance for Loan Losses (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)agreementloan | Dec. 31, 2016USD ($)loan | Dec. 31, 2015USD ($)loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccrual loans | $ 252,800 | $ 317,970 | |
TDRs both accruing and nonaccruing | 219,700 | 121,700 | |
Post-Modification outstanding recorded investment | $ 177,070 | $ 132,234 | $ 5,107 |
Number of TDRs subsequently defaulted | loan | 0 | 4 | 0 |
Recorded investment | $ 20,800 | ||
Unfunded commitment to borrowers related to modified TDR | $ 7,300 | 6,800 | |
TDRs and loans impaired with minimum aggregate relationship balances | 1,000 | ||
Loans covered by loss share agreement | 149,000 | ||
Related party balances of loans | 33,600 | 15,300 | |
Related party new loans | 25,800 | ||
Related party repayments | 7,500 | ||
Loss on termination of loss share agreements | (6,603) | ||
Cash received from FDIC for final settlement of agreements | (3,234) | ||
Loans held for sale | 39,865 | 34,064 | |
Short-term borrowings | 1,703,890 | 1,225,406 | |
FHLB Borrowings [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Short-term borrowings | 1,132,567 | 865,000 | |
Troubled Debt Restructurings [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccrual loans | 99,200 | 81,900 | |
Troubled Debt Restructurings [Member] | Loans With Extended Amortization Terms Or Other Payment Concessions [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Post-Modification outstanding recorded investment | 98,100 | 108,900 | $ 5,000 |
Troubled Debt Restructurings [Member] | Loans With Significant Covenant Waivers [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Convenant waivers | 76,200 | 22,800 | |
Troubled Debt Restructurings [Member] | Loans With Other Modifications [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Other modifications | $ 2,800 | 500 | 100 |
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 | $ 15,087 | 12,351 | |
Post-Modification outstanding recorded investment | 40 | $ 20 | |
Real estate in process of foreclosure | 7,500 | 10,100 | |
Real estate acquired through foreclosure | $ 3,400 | 3,100 | |
Consumer [Member] | FDIC Loss Share Agreement [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Real estate in process of foreclosure | 4,900 | ||
Real estate acquired through foreclosure | $ 900 |
Loans and Allowance for Loan 60
Loans and Allowance for Loan Losses (Loans, Net of Unearned Income) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 19,004,163 | $ 16,752,151 |
Residential Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 2,690,472 | 2,146,713 |
Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 2,115,295 | 2,059,931 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 2,384,599 | 2,013,890 |
Construction and Land Development [Member] | Total Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 1,373,421 | 1,010,879 |
Total Commercial And Industrial [Member] | Total Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 10,440,376 | 9,520,738 |
Total Commercial And Industrial [Member] | Commercial Non-Real Estate [Member] | Total Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 8,297,937 | 7,613,917 |
Total Commercial And Industrial [Member] | Commercial Real Estate - Owner Occupied [Member] | Total Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 2,142,439 | $ 1,906,821 |
Loans and Allowance for Loan 61
Loans and Allowance for Loan Losses (Allowance for Loan Losses by Portfolio Class) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | 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 | 58,968 | 110,659 | $ 73,038 |
Allowance for loan losses: (Decrease) increase in FDIC loss share receivable | (2,526) | (3,957) | |
Allowance for loan losses: Ending balance | 217,308 | 229,418 | 181,179 |
Allowance for loan losses: Individually evaluated for impairment | 18,566 | 29,295 | |
Allowance for loan losses: Amounts related to purchased credit impaired loans | 14,107 | 18,353 | |
Allowance for loan losses: Collectively evaluated for impairment | 184,635 | 181,770 | |
Loans: Individually evaluated for impairment | 317,197 | 301,345 | |
Loans: Purchased credit impaired loans | 147,537 | 190,915 | |
Loans: Collectively evaluated for impairment | 18,539,429 | 16,259,891 | |
Loans receivable | 19,004,163 | 16,752,151 | |
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses: Beginning balance | 13,509 | 6,041 | |
Allowance for loan losses: Ending balance | 13,709 | 13,509 | 6,041 |
Allowance for loan losses: Individually evaluated for impairment | 1,326 | 466 | |
Allowance for loan losses: Amounts related to purchased credit impaired loans | 41 | 253 | |
Allowance for loan losses: Collectively evaluated for impairment | 12,342 | 12,790 | |
Loans: Individually evaluated for impairment | 15,530 | 15,376 | |
Loans: Purchased credit impaired loans | 2,742 | 7,928 | |
Loans: Collectively evaluated for impairment | 2,366,327 | 1,990,586 | |
Loans receivable | 2,384,599 | 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 | 7,372 | 6,271 | 5,642 |
Allowance for loan losses: Individually evaluated for impairment | 11 | 38 | |
Allowance for loan losses: Amounts related to purchased credit impaired loans | 172 | 406 | |
Allowance for loan losses: Collectively evaluated for impairment | 7,189 | 5,827 | |
Loans: Individually evaluated for impairment | 363 | 1,938 | |
Loans: Purchased credit impaired loans | 5,829 | 5,271 | |
Loans: Collectively evaluated for impairment | 1,367,229 | 1,003,670 | |
Loans receivable | 1,373,421 | 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 | 24,844 | 25,361 | 25,353 |
Allowance for loan losses: Individually evaluated for impairment | 189 | 91 | |
Allowance for loan losses: Amounts related to purchased credit impaired loans | 12,258 | 15,043 | |
Allowance for loan losses: Collectively evaluated for impairment | 12,397 | 10,227 | |
Loans: Individually evaluated for impairment | 10,640 | 4,347 | |
Loans: Purchased credit impaired loans | 119,553 | 141,992 | |
Loans: Collectively evaluated for impairment | 2,560,279 | 2,000,374 | |
Loans receivable | 2,690,472 | 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 | 30,503 | 26,142 | 24,857 |
Allowance for loan losses: Individually evaluated for impairment | 118 | 267 | |
Allowance for loan losses: Amounts related to purchased credit impaired loans | 646 | 1,271 | |
Allowance for loan losses: Collectively evaluated for impairment | 29,739 | 24,604 | |
Loans: Individually evaluated for impairment | 1,292 | 2,154 | |
Loans: Purchased credit impaired loans | 6,178 | 11,033 | |
Loans: Collectively evaluated for impairment | 2,107,825 | 2,046,744 | |
Loans receivable | 2,115,295 | 2,059,931 | |
Purchased Credit Impaired Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses: Charge-offs | (527) | (378) | |
Allowance for loan losses: Recoveries | 704 | 972 | |
Allowance for loan losses: Net provision for loan losses | (1,897) | (1,404) | |
Allowance for loan losses: (Decrease) increase in FDIC loss share receivable | (2,526) | (3,957) | |
Purchased Credit Impaired Loans [Member] | Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses: Charge-offs | (1) | ||
Allowance for loan losses: Recoveries | 1 | 2 | |
Allowance for loan losses: Net provision for loan losses | (213) | (462) | |
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 | 144 | 361 | |
Allowance for loan losses: Net provision for loan losses | (301) | (594) | |
Purchased Credit Impaired Loans [Member] | Residential Mortgages [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses: Charge-offs | (297) | (323) | |
Allowance for loan losses: Recoveries | 24 | 36 | |
Allowance for loan losses: Net provision for loan losses | (168) | 1,876 | |
Allowance for loan losses: (Decrease) increase in FDIC loss share receivable | (2,344) | (4,209) | |
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 | 75 | 189 | |
Allowance for loan losses: Net provision for loan losses | (412) | (1,740) | |
Allowance for loan losses: (Decrease) increase in FDIC loss share receivable | (135) | 283 | |
Non-Purchased Credit Impaired Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses: Charge-offs | (86,734) | (72,888) | |
Allowance for loan losses: Recoveries | 18,005 | 13,831 | |
Allowance for loan losses: Net provision for loan losses | 60,865 | 112,063 | |
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 | (259) | (346) | |
Allowance for loan losses: Recoveries | 987 | 989 | |
Allowance for loan losses: Net provision for loan losses | (316) | 7,286 | |
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 | (619) | (964) | |
Allowance for loan losses: Recoveries | 1,459 | 1,725 | |
Allowance for loan losses: Net provision for loan losses | 495 | 119 | |
Non-Purchased Credit Impaired Loans [Member] | Residential Mortgages [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses: Charge-offs | (2,542) | (1,040) | |
Allowance for loan losses: Recoveries | 1,040 | 859 | |
Allowance for loan losses: Net provision for loan losses | 3,770 | 2,809 | |
Non-Purchased Credit Impaired Loans [Member] | Consumer [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses: Charge-offs | (31,277) | (26,099) | |
Allowance for loan losses: Recoveries | 6,605 | 5,809 | |
Allowance for loan losses: Net provision for loan losses | 29,658 | 22,851 | |
Total Commercial And 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 | 140,880 | 158,135 | 119,286 |
Allowance for loan losses: Individually evaluated for impairment | 16,922 | 28,433 | |
Allowance for loan losses: Amounts related to purchased credit impaired loans | 990 | 1,380 | |
Allowance for loan losses: Collectively evaluated for impairment | 122,968 | 128,322 | |
Loans: Individually evaluated for impairment | 289,372 | 277,530 | |
Loans: Purchased credit impaired loans | 13,235 | 24,691 | |
Loans: Collectively evaluated for impairment | 10,137,769 | 9,218,517 | |
Loans receivable | 10,440,376 | 9,520,738 | |
Total Commercial And 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 | 127,918 | 147,052 | 109,428 |
Allowance for loan losses: Individually evaluated for impairment | 16,129 | 28,187 | |
Allowance for loan losses: Amounts related to purchased credit impaired loans | 525 | 486 | |
Allowance for loan losses: Collectively evaluated for impairment | 111,264 | 118,379 | |
Loans: Individually evaluated for impairment | 267,881 | 271,262 | |
Loans: Purchased credit impaired loans | 5,941 | 11,368 | |
Loans: Collectively evaluated for impairment | 8,024,115 | 7,331,287 | |
Loans receivable | 8,297,937 | 7,613,917 | |
Total Commercial And 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 | 12,962 | 11,083 | $ 9,858 |
Allowance for loan losses: Individually evaluated for impairment | 793 | 246 | |
Allowance for loan losses: Amounts related to purchased credit impaired loans | 465 | 894 | |
Allowance for loan losses: Collectively evaluated for impairment | 11,704 | 9,943 | |
Loans: Individually evaluated for impairment | 21,491 | 6,268 | |
Loans: Purchased credit impaired loans | 7,294 | 13,323 | |
Loans: Collectively evaluated for impairment | 2,113,654 | 1,887,230 | |
Loans receivable | 2,142,439 | 1,906,821 | |
Total Commercial And 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 | 460 | 384 | |
Allowance for loan losses: Net provision for loan losses | (803) | (484) | |
Allowance for loan losses: (Decrease) increase in FDIC loss share receivable | (47) | (31) | |
Total Commercial And 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: Recoveries | 7 | 115 | |
Allowance for loan losses: Net provision for loan losses | 79 | (44) | |
Allowance for loan losses: (Decrease) increase in FDIC loss share receivable | (47) | (31) | |
Total Commercial And 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 | 453 | 269 | |
Allowance for loan losses: Net provision for loan losses | (882) | (440) | |
Total Commercial And 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 | (52,037) | (44,439) | |
Allowance for loan losses: Recoveries | 7,914 | 4,449 | |
Allowance for loan losses: Net provision for loan losses | 27,258 | 78,998 | |
Total Commercial And 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 | (51,479) | (42,620) | |
Allowance for loan losses: Recoveries | 7,519 | 3,969 | |
Allowance for loan losses: Net provision for loan losses | 24,787 | 76,235 | |
Total Commercial And 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 | (558) | (1,819) | |
Allowance for loan losses: Recoveries | 395 | 480 | |
Allowance for loan losses: Net provision for loan losses | $ 2,471 | $ 2,763 |
Loans and Allowance for Loan 62
Loans and Allowance for Loan Losses (Composition of Nonaccrual Loans by Portfolio Class) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | $ 252,800 | $ 317,970 |
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 14,574 | 13,954 |
Total Commercial [Member] | Construction and Land Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 3,807 | 4,550 |
Residential Mortgages [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 40,480 | 23,665 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 15,087 | 12,351 |
Total Commercial And Industrial [Member] | Total Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 178,852 | 263,450 |
Total Commercial And Industrial [Member] | Total Commercial [Member] | Commercial Non-Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 152,863 | 249,037 |
Total Commercial And Industrial [Member] | Total Commercial [Member] | Commercial Real Estate - Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | $ 25,989 | $ 14,413 |
Loans and Allowance for Loan 63
Loans and Allowance for Loan Losses (Troubled Debt Restructurings Modified by Portfolio Class) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)contract | Dec. 31, 2016USD ($)contract | Dec. 31, 2015USD ($)contract | |
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | contract | 78 | 47 | 7 |
Pre-Modification Outstanding Recorded Investment | $ 177,070 | $ 132,234 | $ 5,120 |
Post-Modification Outstanding Recorded Investment | $ 177,070 | $ 132,234 | $ 5,107 |
Total Commercial [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | contract | 57 | 39 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 168,593 | $ 128,597 | $ 4,420 |
Post-Modification Outstanding Recorded Investment | $ 168,593 | $ 128,597 | $ 4,420 |
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | contract | 5 | 1 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 5,625 | $ 2,943 | $ 485 |
Post-Modification Outstanding Recorded Investment | $ 5,625 | $ 2,943 | $ 482 |
Residential Mortgages [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | contract | 15 | 7 | 4 |
Pre-Modification Outstanding Recorded Investment | $ 2,812 | $ 694 | $ 195 |
Post-Modification Outstanding Recorded Investment | $ 2,812 | $ 694 | $ 185 |
Consumer [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | contract | 1 | 1 | |
Pre-Modification Outstanding Recorded Investment | $ 40 | $ 20 | |
Post-Modification Outstanding Recorded Investment | $ 40 | $ 20 | |
Total Commercial And Industrial [Member] | Total Commercial [Member] | Commercial Non-Real Estate [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | contract | 52 | 38 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 162,909 | $ 128,449 | $ 4,420 |
Post-Modification Outstanding Recorded Investment | $ 162,909 | $ 128,449 | $ 4,420 |
Total Commercial And Industrial [Member] | Total Commercial [Member] | Commercial Real Estate - Owner Occupied [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | contract | 5 | 1 | |
Pre-Modification Outstanding Recorded Investment | $ 5,684 | $ 148 | |
Post-Modification Outstanding Recorded Investment | $ 5,684 | $ 148 |
Loans and Allowance for Loan 64
Loans and Allowance for Loan Losses (Loans Individually Evaluated for Impairment Disaggregated by Portfolio Class) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Financing Receivable, Impaired [Line Items] | ||
Recorded investment without an allowance | $ 147,055 | $ 169,341 |
Recorded investment with an allowance | 170,142 | 132,004 |
Unpaid principal balance | 341,713 | 327,722 |
Related allowance | 18,566 | 29,295 |
Average recorded investment | 286,536 | 236,013 |
Interest income recognized | 3,015 | 1,330 |
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment without an allowance | 5,101 | 10,447 |
Recorded investment with an allowance | 10,429 | 4,929 |
Unpaid principal balance | 15,687 | 15,708 |
Related allowance | 1,326 | 466 |
Average recorded investment | 14,565 | 9,347 |
Interest income recognized | 146 | 106 |
Total Commercial [Member] | Construction and Land Development [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment without an allowance | 100 | 1,106 |
Recorded investment with an allowance | 263 | 832 |
Unpaid principal balance | 363 | 2,903 |
Related allowance | 11 | 38 |
Average recorded investment | 1,018 | 6,366 |
Interest income recognized | 2 | 1 |
Residential Mortgages [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment without an allowance | 8,245 | 2,877 |
Recorded investment with an allowance | 2,395 | 1,470 |
Unpaid principal balance | 13,855 | 4,865 |
Related allowance | 189 | 91 |
Average recorded investment | 5,784 | 2,109 |
Interest income recognized | 18 | 10 |
Consumer [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment with an allowance | 1,292 | 2,154 |
Unpaid principal balance | 1,294 | 2,155 |
Related allowance | 118 | 267 |
Average recorded investment | 1,558 | 716 |
Interest income recognized | 13 | 5 |
Total Commercial And Industrial [Member] | Total Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment without an allowance | 133,609 | 154,911 |
Recorded investment with an allowance | 155,763 | 122,619 |
Unpaid principal balance | 310,514 | 302,091 |
Related allowance | 16,922 | 28,433 |
Average recorded investment | 263,611 | 217,475 |
Interest income recognized | 2,836 | 1,208 |
Total Commercial And Industrial [Member] | Total Commercial [Member] | Commercial Non-Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment without an allowance | 116,682 | 150,650 |
Recorded investment with an allowance | 151,199 | 120,612 |
Unpaid principal balance | 285,685 | 295,445 |
Related allowance | 16,129 | 28,187 |
Average recorded investment | 255,710 | 211,324 |
Interest income recognized | 2,774 | 1,164 |
Total Commercial And Industrial [Member] | Total Commercial [Member] | Commercial Real Estate - Owner Occupied [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment without an allowance | 16,927 | 4,261 |
Recorded investment with an allowance | 4,564 | 2,007 |
Unpaid principal balance | 24,829 | 6,646 |
Related allowance | 793 | 246 |
Average recorded investment | 7,901 | 6,151 |
Interest income recognized | $ 62 | $ 44 |
Loans and Allowance for Loan 65
Loans and Allowance for Loan Losses (Age Analysis of Past Due Loans by Portfolio Class) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 327,349 | $ 195,107 |
Current | 18,676,814 | 16,557,044 |
Total loans | 19,004,163 | 16,752,151 |
Recorded Investment > 90 Days and Accruing | 27,766 | 3,039 |
30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 137,267 | 67,482 |
60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 33,000 | 18,968 |
Greater Than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 157,082 | 108,657 |
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 13,561 | 5,914 |
Current | 2,371,038 | 2,007,976 |
Total loans | 2,384,599 | 2,013,890 |
Recorded Investment > 90 Days and Accruing | 489 | 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 | 5,315 | 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 | 2,165 | 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 | 6,081 | 5,026 |
Total Commercial [Member] | Construction and Land Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 8,581 | 6,165 |
Current | 1,364,840 | 1,004,714 |
Total loans | 1,373,421 | 1,010,879 |
Recorded Investment > 90 Days and Accruing | 477 | 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 | 4,113 | 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 | 1,056 | 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 | 3,412 | 5,300 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 191,167 | 100,035 |
Current | 10,249,209 | 9,420,703 |
Total loans | 10,440,376 | 9,520,738 |
Recorded Investment > 90 Days and Accruing | 24,021 | 436 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 71,259 | 22,730 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 11,409 | 2,490 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Greater Than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 108,499 | 74,815 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Non-Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 166,509 | 90,136 |
Current | 8,131,428 | 7,523,781 |
Total loans | 8,297,937 | 7,613,917 |
Recorded Investment > 90 Days and Accruing | 21,989 | 384 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Non-Real Estate [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 62,766 | 19,722 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Non-Real Estate [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 10,761 | 1,909 |
Total Commercial [Member] | Total Commercial And 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 | 92,982 | 68,505 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Real Estate - Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 24,658 | 9,899 |
Current | 2,117,781 | 1,896,922 |
Total loans | 2,142,439 | 1,906,821 |
Recorded Investment > 90 Days and Accruing | 2,032 | 52 |
Total Commercial [Member] | Total Commercial And 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 | 8,493 | 3,008 |
Total Commercial [Member] | Total Commercial And 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 | 648 | 581 |
Total Commercial [Member] | Total Commercial And 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 | 15,517 | 6,310 |
Residential Mortgages [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 74,712 | 47,784 |
Current | 2,615,760 | 2,098,929 |
Total loans | 2,690,472 | 2,146,713 |
Recorded Investment > 90 Days and Accruing | 2,208 | 1 |
Residential Mortgages [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 33,621 | 24,599 |
Residential Mortgages [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 10,554 | 8,816 |
Residential Mortgages [Member] | Greater Than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 30,537 | 14,369 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 39,328 | 35,209 |
Current | 2,075,967 | 2,024,722 |
Total loans | 2,115,295 | 2,059,931 |
Recorded Investment > 90 Days and Accruing | 571 | 823 |
Consumer [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 22,959 | 18,621 |
Consumer [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 7,816 | 7,441 |
Consumer [Member] | Greater Than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 8,553 | $ 9,147 |
Loans and Allowance for Loan 66
Loans and Allowance for Loan Losses (Credit Quality Indicators by Segments and Portfolio Class) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Total Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 14,198,396 | $ 12,545,507 |
Total Commercial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 12,601,853 | 10,925,611 |
Total Commercial [Member] | Pass-Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 520,230 | 351,888 |
Total Commercial [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 126,137 | 248,696 |
Total Commercial [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 950,111 | 1,001,599 |
Total Commercial [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 65 | 17,713 |
Residential Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,690,472 | 2,146,713 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,115,295 | 2,059,931 |
Residential Mortgage and Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 4,805,767 | 4,206,644 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,384,599 | 2,013,890 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,223,245 | 1,873,644 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | Pass-Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 83,444 | 78,309 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 13,244 | 22,492 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 64,658 | 39,434 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 8 | 11 |
Construction and Land Development [Member] | Total Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,373,421 | 1,010,879 |
Construction and Land Development [Member] | Total Commercial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,291,638 | 968,505 |
Construction and Land Development [Member] | Total Commercial [Member] | Pass-Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 60,804 | 22,592 |
Construction and Land Development [Member] | Total Commercial [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 4,788 | 4,142 |
Construction and Land Development [Member] | Total Commercial [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 16,191 | 15,640 |
Total Commercial And Industrial [Member] | Total Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 10,440,376 | 9,520,738 |
Total Commercial And Industrial [Member] | Total Commercial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 9,086,970 | 8,083,462 |
Total Commercial And Industrial [Member] | Total Commercial [Member] | Pass-Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 375,982 | 250,987 |
Total Commercial And Industrial [Member] | Total Commercial [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 108,105 | 222,062 |
Total Commercial And Industrial [Member] | Total Commercial [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 869,262 | 946,525 |
Total Commercial And Industrial [Member] | Total Commercial [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 57 | 17,702 |
Total Commercial And Industrial [Member] | Commercial Non-Real Estate [Member] | Total Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 8,297,937 | 7,613,917 |
Total Commercial And Industrial [Member] | Commercial Non-Real Estate [Member] | Total Commercial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 7,190,604 | 6,364,348 |
Total Commercial And Industrial [Member] | Commercial Non-Real Estate [Member] | Total Commercial [Member] | Pass-Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 293,069 | 203,311 |
Total Commercial And Industrial [Member] | Commercial Non-Real Estate [Member] | Total Commercial [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 80,649 | 181,763 |
Total Commercial And Industrial [Member] | Commercial Non-Real Estate [Member] | Total Commercial [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 733,558 | 846,793 |
Total Commercial And Industrial [Member] | Commercial Non-Real Estate [Member] | Total Commercial [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 57 | 17,702 |
Total Commercial And Industrial [Member] | Commercial Real Estate - Owner Occupied [Member] | Total Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,142,439 | 1,906,821 |
Total Commercial And Industrial [Member] | Commercial Real Estate - Owner Occupied [Member] | Total Commercial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,896,366 | 1,719,114 |
Total Commercial And Industrial [Member] | Commercial Real Estate - Owner Occupied [Member] | Total Commercial [Member] | Pass-Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 82,913 | 47,676 |
Total Commercial And Industrial [Member] | Commercial Real Estate - Owner Occupied [Member] | Total Commercial [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 27,456 | 40,299 |
Total Commercial And Industrial [Member] | Commercial Real Estate - Owner Occupied [Member] | Total Commercial [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 135,704 | 99,732 |
Performing [Member] | Residential Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,647,784 | 2,123,048 |
Performing [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,099,637 | 2,046,757 |
Performing [Member] | Residential Mortgage and Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 4,747,421 | 4,169,805 |
Nonperforming [Member] | Residential Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 42,688 | 23,665 |
Nonperforming [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 15,658 | 13,174 |
Nonperforming [Member] | Residential Mortgage and Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 58,346 | $ 36,839 |
Loans and Allowance for Loan 67
Loans and Allowance for Loan Losses (Changes in Carrying Amount of Purchased Credit Impaired Loans and Related Accretable Yield) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Loans and Allowance for Loan Losses [Abstract] | ||
Carrying Amount of Loans, Balance at beginning of period | $ 190,915 | |
Carrying Amount of Loans, Balance at beginning of period | 190,915 | $ 225,838 |
Carrying Amount of Loans, Payments received, net | (69,591) | (55,194) |
Carrying Amount of Loans, Accretion | 17,079 | 20,271 |
Carrying Amount of Loans, Balance at end of period | 153,403 | 190,915 |
Accretable Yield, Balance at beginning of period | 113,686 | 129,488 |
Accretable Yield, Payments received, net | (7,412) | (11,024) |
Accretable Yield, Accretion | (17,079) | (20,271) |
Accretable Yield, Increase (decrease) in expected cash flows based on actual cash flow and changes in cash flow assumptions | (30,379) | 5,358 |
Accretable Yield, Net transfers from nonaccretable difference to accretable yield | 3,701 | 10,135 |
Accretable Yield, Balance at end of period | $ 62,517 | $ 113,686 |
Loans and Allowance for Loan 68
Loans and Allowance for Loan Losses (Activity in Loss Share Receivable) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Loans and Allowance for Loan Losses [Abstract] | |||
Beginning balance | $ 16,219 | $ 29,868 | |
Amortization | (2,427) | (5,918) | $ (5,747) |
Charge-offs, write-downs and other (recoveries) losses | (2,442) | (8,264) | |
External expenses qualifying under loss share agreement | 79 | 1,356 | |
Adjustment due to changes in cash flow projections | (2,526) | (3,957) | |
Net payments to FDIC | 934 | 3,134 | |
Loss on termination of loss share agreements | (6,603) | ||
Cash received from FDIC for final settlement of agreements | $ (3,234) | ||
Ending balance | $ 16,219 | $ 29,868 |
Property and Equipment (Narrati
Property and Equipment (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property and Equipment [Abstract] | |||
Depreciation and amortization | $ 28,142 | $ 28,363 | $ 28,763 |
Property and equipment, held for sale | $ 27,200 |
Property and Equipment (Propert
Property and Equipment (Property and Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 548,661 | $ 592,739 |
Accumulated depreciation and amortization | (214,998) | (231,127) |
Property and equipment, net | 333,663 | 361,612 |
Land and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 71,061 | 79,412 |
Buildings and Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 305,277 | 335,566 |
Furniture, Fixtures and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 92,360 | 96,565 |
Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 70,003 | 70,370 |
Assets Under Development [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 9,960 | $ 10,826 |
Goodwill and Other Intangible71
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | $ 745,523 | $ 621,193 | |
Goodwill impairment charges | $ 0 | $ 0 | $ 0 |
Core Deposit Intangibles [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted-average remaining life | 9 years | ||
Other Identifiable Intangibles [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted-average remaining life | 6 years | ||
FNBC Transaction [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | $ 124,330 |
Goodwill and Other Intangible72
Goodwill and Other Intangible Assets (Carrying Value of Intangible Assets Subject to Amortization) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Finite-Lived Intangible Assets [Line Items] | ||
Purchase Value | $ 248,355 | $ 223,055 |
Accumulated Amortization | 157,715 | 135,298 |
Carrying Value | 90,640 | 87,757 |
Core Deposit Intangibles [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Purchase Value | 215,955 | 190,655 |
Accumulated Amortization | 132,878 | 113,436 |
Carrying Value | 83,077 | 77,219 |
Credit Card and Trust Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Purchase Value | 22,400 | 22,400 |
Accumulated Amortization | 16,882 | 14,907 |
Carrying Value | 5,518 | 7,493 |
Merchant Processing Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Purchase Value | 10,000 | 10,000 |
Accumulated Amortization | 7,955 | 6,955 |
Carrying Value | $ 2,045 | $ 3,045 |
Goodwill and Other Intangible73
Goodwill and Other Intangible Assets (Aggregate Amortization Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | |||
Aggregate amortization expense | $ 22,417 | $ 19,781 | $ 24,184 |
Core Deposit Intangibles [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Aggregate amortization expense | 19,442 | 16,411 | 18,031 |
Credit Card and Trust Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Aggregate amortization expense | 1,975 | 2,172 | 2,369 |
Trade Name [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Aggregate amortization expense | 2,388 | ||
Merchant Processing Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Aggregate amortization expense | $ 1,000 | $ 1,198 | $ 1,396 |
Goodwill and Other Intangible74
Goodwill and Other Intangible Assets (Estimated Amortization Expense of Other Intangible Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill and Other Intangible Assets [Abstract] | ||
2,018 | $ 21,368 | |
2,019 | 18,194 | |
2,020 | 13,766 | |
2,021 | 11,288 | |
2,022 | 8,975 | |
Thereafter | 17,049 | |
Carrying Value | $ 90,640 | $ 87,757 |
Estimated amortization expense succeeding period | 5 years |
Time Deposits (Maturity of Time
Time Deposits (Maturity of Time Deposits) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Time Deposits [Abstract] | |
2,018 | $ 1,490,062 |
2,019 | 1,342,830 |
2,020 | 111,201 |
2,021 | 19,066 |
2,022 | 20,150 |
Thereafter | 4,199 |
Total time deposits | 2,987,508 |
Certificates of deposits more than $250,000 | $ 732,000 |
Short-Term Borrowings (Narrativ
Short-Term Borrowings (Narrative) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($)loanitem | Dec. 31, 2016USD ($) | |
Short-term Debt [Line Items] | ||
Short-term borrowings | $ 1,703,890 | $ 1,225,406 |
FHLB Borrowings [Member] | ||
Short-term Debt [Line Items] | ||
Short-term borrowings | 1,132,567 | $ 865,000 |
FHLB Borrowings [Member] | $450 Debt Due 2020 [Member] | Variable-rate Term Notes [Member] | ||
Short-term Debt [Line Items] | ||
Short-term borrowings | $ 450,000 | |
Short-term maturity year | 2,020 | |
FHLB Borrowings [Member] | $200 Debt Due 2025 [Member] | Variable-rate Term Notes [Member] | ||
Short-term Debt [Line Items] | ||
Short-term borrowings | $ 200,000 | |
Short-term maturity year | 2,025 | |
FHLB Borrowings [Member] | $260 Debt Due 2026 [Member] | Variable-rate Term Notes [Member] | ||
Short-term Debt [Line Items] | ||
Short-term borrowings | $ 260,000 | |
Short-term maturity year | 2,026 | |
FHLB Borrowings [Member] | FHLB Borrowings, 6 Fixed Rate Notes [Member] | Fixed-rate Term Notes [Member] | ||
Short-term Debt [Line Items] | ||
Number of fixed rate short-term borrowings | item | 6 | |
Short-term borrowings | $ 223,000 | |
Short-term maturity year | 2,018 | |
FHLB Borrowings [Member] | FHLB Borrowings, 6 Variable Rate Notes [Member] | Variable-rate Term Notes [Member] | ||
Short-term Debt [Line Items] | ||
Number of variable rate short-term borrowings | loan | 6 | |
Short-term borrowings | $ 910,000 |
Short-Term Borrowings (Short-Te
Short-Term Borrowings (Short-Term Borrowings) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Short-term Debt [Line Items] | ||
Amount outstanding at period end | $ 1,703,890 | $ 1,225,406 |
Federal Funds Purchased [Member] | ||
Short-term Debt [Line Items] | ||
Amount outstanding at period end | 140,754 | 2,275 |
Average amount outstanding during period | 27,063 | 14,052 |
Maximum amount at any month end during period | $ 140,754 | $ 59,475 |
Weighted-average interest at period end | 1.00% | 0.38% |
Weighted-average interest rate during period | 1.37% | 0.50% |
Securities Sold Under Agreements to Repurchase [Member] | ||
Short-term Debt [Line Items] | ||
Amount outstanding at period end | $ 430,569 | $ 358,131 |
Average amount outstanding during period | 501,719 | 454,571 |
Maximum amount at any month end during period | $ 587,569 | $ 579,099 |
Weighted-average interest at period end | 0.17% | 0.04% |
Weighted-average interest rate during period | 0.12% | 0.03% |
FHLB Borrowings [Member] | ||
Short-term Debt [Line Items] | ||
Amount outstanding at period end | $ 1,132,567 | $ 865,000 |
Average amount outstanding during period | 1,478,114 | 943,570 |
Maximum amount at any month end during period | $ 2,061,652 | $ 1,175,000 |
Weighted-average interest at period end | 1.35% | 0.54% |
Weighted-average interest rate during period | 1.00% | 0.41% |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) - USD ($) $ in Thousands | Dec. 18, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 09, 2015 |
Debt Instrument [Line Items] | ||||
Notes payable aggregate principal amount | $ 310,578 | |||
Other long-term debt maturity year | 2,053 | |||
Subordinated Notes [Member] | Subordinated Notes Payable, Maturing June 2045 [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes payable issuance date | Mar. 9, 2015 | |||
Notes payable aggregate principal amount | $ 150,000 | $ 150,000 | $ 150,000 | |
Notes payable maturity date | Jun. 15, 2045 | |||
Notes payable interest rate | 5.95% | |||
Notes payable beginning payment date | Jun. 1, 2015 | |||
Notes payable redemption date | Jun. 15, 2020 | |||
Subordinated Notes [Member] | Subordinated Notes Payable, Maturing April 2017 [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes payable maturity date | Apr. 1, 2017 | |||
Notes payable interest rate | 5.875% | |||
Subordinated Notes [Member] | Subordinated Notes Payable Maturing On April 2017 [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes payable aggregate principal amount | 95,511 | |||
Term Note [Member] | Term Note Payable, Maturing December 2018 [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes payable aggregate principal amount | $ 125,000 | $ 89,200 | 107,100 | |
Notes payable maturity date | Dec. 18, 2018 | |||
Notes payable reference for variable rate | LIBOR+1.50% | |||
Percentage points added to reference rate | 1.50% | |||
Principal payment of term loan | $ 4,500 | |||
Other Long-Term Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes payable aggregate principal amount | $ 71,378 | $ 89,196 | ||
Notes payable agreement period | 7 years |
Long-Term Debt (Long-Term Debt)
Long-Term Debt (Long-Term Debt) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 18, 2015 | Mar. 09, 2015 | |
Debt Instrument [Line Items] | ||||
Gross long-term debt | $ 310,578 | |||
Less unamortized debt issuance costs | (5,065) | $ (5,527) | ||
Total long-term debt | 305,513 | 436,280 | ||
Subordinated Notes [Member] | Subordinated Notes Payable, Maturing June 2045 [Member] | ||||
Debt Instrument [Line Items] | ||||
Gross long-term debt | 150,000 | 150,000 | $ 150,000 | |
Less unamortized debt issuance costs | $ (4,780) | |||
Notes payable maturity date | Jun. 15, 2045 | |||
Subordinated Notes [Member] | Subordinated Notes Payable Maturing On April 2017 [Member] | ||||
Debt Instrument [Line Items] | ||||
Gross long-term debt | 95,511 | |||
Term Note [Member] | Term Note Payable, Maturing December 2018 [Member] | ||||
Debt Instrument [Line Items] | ||||
Gross long-term debt | $ 89,200 | 107,100 | $ 125,000 | |
Less unamortized debt issuance costs | $ (285) | |||
Notes payable maturity date | Dec. 18, 2018 | |||
Other Long-Term Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Gross long-term debt | $ 71,378 | $ 89,196 |
Long-Term Debt (Long-Term Debt
Long-Term Debt (Long-Term Debt with Related Unamortized Debt Issuance Cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 18, 2015 | Mar. 09, 2015 | |
Debt Instrument [Line Items] | ||||
Principal | $ 310,578 | |||
Unamortized Debt Issuance Costs | 5,065 | $ 5,527 | ||
Subordinated Notes [Member] | Subordinated Notes Payable, Maturing June 2045 [Member] | ||||
Debt Instrument [Line Items] | ||||
Principal | 150,000 | 150,000 | $ 150,000 | |
Unamortized Debt Issuance Costs | $ 4,780 | |||
Notes payable maturity date | Jun. 15, 2045 | |||
Term Note [Member] | Term Note Payable, Maturing December 2018 [Member] | ||||
Debt Instrument [Line Items] | ||||
Principal | $ 89,200 | 107,100 | $ 125,000 | |
Unamortized Debt Issuance Costs | $ 285 | |||
Notes payable maturity date | Dec. 18, 2018 | |||
Other Long-Term Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Principal | $ 71,378 | $ 89,196 |
Derivatives (Narrative) (Detail
Derivatives (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative [Line Items] | |||
Notional amount of derivatives | $ 2,799,296 | $ 2,342,791 | |
Ineffective portion of change in derivative fair value | 0 | ||
Aggregate fair value of derivatives in a net liability position | 1,800 | ||
Collateral obligations for derivative counterparties | 4,100 | ||
Deposits | 76,546 | 48,934 | $ 33,876 |
Cash Flow Hedge [Member] | |||
Derivative [Line Items] | |||
Impact to interest income from cash flow hedges | (300) | 2,300 | 2,100 |
Fair Value Hedging [Member] | |||
Derivative [Line Items] | |||
Impact to interest income of the fair value hedges | (800) | ||
Derivatives Designated as Hedging Instruments [Member] | |||
Derivative [Line Items] | |||
Notional amount of derivatives | 1,358,110 | 1,100,000 | |
Interest Rate Swaps [Member] | |||
Derivative [Line Items] | |||
Derivative income reflected in income statement | 5,900 | 5,200 | $ 2,700 |
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedge [Member] | |||
Derivative [Line Items] | |||
Notional amount of derivatives | 875,000 | $ 1,100,000 | |
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedge [Member] | Swap Agreement 1, Expires 2019 [Member] | |||
Derivative [Line Items] | |||
Notional amount of derivatives | $ 250,000 | ||
Derivative maturity expiration year | 2,019 | ||
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedge [Member] | Swap Agreement 2, Expires 2020 [Member] | |||
Derivative [Line Items] | |||
Notional amount of derivatives | $ 200,000 | ||
Derivative maturity expiration year | 2,020 | ||
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedge [Member] | Swap Agreement 3, Expires 2022 [Member] | |||
Derivative [Line Items] | |||
Notional amount of derivatives | $ 425,000 | ||
Derivative maturity expiration year | 2,022 | ||
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments [Member] | Fair Value Hedging [Member] | |||
Derivative [Line Items] | |||
Notional amount of derivatives | $ 483,110 |
Derivatives (Fair Values of Der
Derivatives (Fair Values of Derivative Financial Instruments) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | ||
Derivatives, Fair Value [Line Items] | |||
Notional or Contractual Amount | $ 2,799,296 | $ 2,342,791 | |
Fair Values, Assets | 2,148 | 4,788 | |
Fair Values, Liabilities | 3,938 | 26,846 | |
Less: netting adjustment, Assets | [1],[2] | (4,913) | |
Less: netting adjustment, Liabilities | [1],[2] | (21,563) | |
Derivatives Designated as Hedging Instruments [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional or Contractual Amount | 1,358,110 | 1,100,000 | |
Fair Values, Liabilities | [1] | 16,495 | 7,787 |
Derivatives Not Designated as Hedging Instruments [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional or Contractual Amount | 1,441,186 | 1,242,791 | |
Derivatives Not Designated as Hedging Instruments [Member] | Interest Rate Swaps [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional or Contractual Amount | [3] | 1,144,789 | 979,391 |
Fair Values, Assets | [1],[3] | 15,408 | 18,405 |
Fair Values, Liabilities | [1],[3] | 15,857 | 18,362 |
Derivatives Not Designated as Hedging Instruments [Member] | Risk Participation Agreements [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional or Contractual Amount | 119,951 | 84,732 | |
Fair Values, Assets | [1] | 23 | 50 |
Fair Values, Liabilities | [1] | 109 | 105 |
Derivatives Not Designated as Hedging Instruments [Member] | Forward Commitments to Sell Residential Mortgage Loans [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional or Contractual Amount | 80,462 | 75,676 | |
Fair Values, Assets | [1] | 1,000 | 900 |
Fair Values, Liabilities | [1] | 290 | 221 |
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 | 53,724 | 46,840 | |
Fair Values, Assets | [1] | 186 | 189 |
Fair Values, Liabilities | [1] | 782 | 228 |
Derivatives Not Designated as Hedging Instruments [Member] | Foreign Exchange Forward Contracts [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional or Contractual Amount | 42,260 | 56,152 | |
Fair Values, Assets | [1] | 2,453 | 771 |
Fair Values, Liabilities | [1] | 2,419 | 729 |
Other Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair Values, Assets | [1] | 19,070 | 20,315 |
Total derivative assets/liabilities | [1] | 14,157 | 20,315 |
Other Assets [Member] | Derivatives Not Designated as Hedging Instruments [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair Values, Assets | [1] | 19,070 | 20,315 |
Other Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair Values, Liabilities | [1] | 35,952 | 27,432 |
Total derivative assets/liabilities | [1] | 14,389 | 27,432 |
Other Liabilities [Member] | Derivatives Not Designated as Hedging Instruments [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair Values, Liabilities | [1] | 19,457 | 19,645 |
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 | |
Fair Values, Liabilities | [1] | 14,020 | $ 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 | 483,110 | ||
Fair Values, Liabilities | [1] | $ 2,475 | |
[1] | Derivative assets and liabilities are reported with 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.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. |
Derivatives (Offsetting Derivat
Derivatives (Offsetting Derivative Assets and Liabilities Subject to Master Netting Arrangements) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Derivatives [Abstract] | ||
Gross Amounts Recognized, Derivative Assets | $ 7,155 | $ 4,788 |
Gross Amounts Offset in the Statement of Financial Position, Derivative Assets | (5,007) | |
Net Amounts Presented in the Statement of Financial Position, Derivative Assets | 2,148 | 4,788 |
Gross Amounts Not Offset in the Statement of Financial Position - Financial Instruments, Derivative Assets | 2,148 | 4,788 |
Gross Amounts Not offset in the Statement of Financial Position - Cash Collateral, Derivative Assets | ||
Net Amounts Presented in the Statement of Financial Position, Derivative Assets | ||
Gross Amounts Recognized, Derivative Liabilities | 24,015 | 26,846 |
Gross Amounts Offset in the Statement of Financial Position, Derivative Liabilities | (20,077) | |
Net Amounts Presented in the Statement of Financial Position, Derivative Liabilities | 3,938 | 26,846 |
Gross Amounts Not Offset in the Statement of Financial Position - Financial Instruments, Derivative Liabilities | 2,148 | 4,788 |
Gross Amounts Not offset in the Statement of Financial Position -Cash Collateral, Derivative Liabilities | 4,099 | 19,095 |
Net Amounts Presented in the Statement of Financial Position, Derivative Liabilities | $ 2,963 | |
Net Amount, Derivative Liabilities | $ (2,309) |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 16, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Aug. 28, 2015 |
Equity, Class of Treasury Stock [Line Items] | ||||||
Proceeds from issuance of common stock | $ 259,000 | $ 259,299 | ||||
Treasury stock shares | 1,200,000 | 1,300,000 | ||||
Treasury stock, Carry basis | $ 25,500 | $ 24,100 | ||||
Tax computed at statutory rate | 35.00% | 35.00% | 35.00% | |||
Reclassification of certain tax effects | ||||||
Restricted Stock [Member] | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Number of shares nonvested | 1,500,000 | 2,000,000 | ||||
2015 Stock Repurchase Plan [Member] | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Shares authorized for repurchase | 5.00% | |||||
Number of shares authorized for repurchase | 3,900,000 | |||||
Stock repurchase plan expiration date | Sep. 1, 2016 | |||||
Repurchased common stock shares | 0 | 0 | ||||
Common Stock [Member] | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Shares sold, price per share | $ 41 | |||||
Shares sold | 6,300,000 | |||||
Reclassification of certain tax effects | ||||||
Hancock Holding Company [Member] | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Proceeds from issuance of common stock | $ 15,312 | $ 262,961 | $ 347 | |||
Minimum risk-based capital ratio | 8.00% | 8.00% | ||||
Minimum Tier 1 capital ratio | 6.00% | 6.00% | ||||
Minimum Tier 1 leverage capital ratio | 4.00% | 4.00% | ||||
Minimum Tier 1 common equity | 4.50% | 4.50% | ||||
Well capitalized total risk based capital ratio | 10.00% | 10.00% | ||||
Well capitalized Tier 1 risk-based capital ratio | 8.00% | 8.00% | ||||
Well capitalized Tier 1 leverage capital ratio | 5.00% | 5.00% | ||||
Well capitalized Tier 1 common equity | 6.50% | 6.50% | ||||
Bank Holding Companies and Banks that Meet Certain Criteria [Member] | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Minimum Tier 1 leverage capital ratio | 3.00% | |||||
Scenario, Plan [Member] | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Tax computed at statutory rate | 21.00% |
Stockholders' Equity (Component
Stockholders' Equity (Components of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | $ (120,532) | |||
Net change in unrealized gain (loss) | (425) | $ (57,346) | $ (21,270) | |
Reclassification of net (gain) loss realized and included in earnings | 5,801 | 4,016 | 3,010 | |
Valuation adjustment for pension plan amendment | 17,315 | |||
Other valuation adjustments for employee benefit plans | (10,929) | (12,748) | (33,971) | |
Amortization of unrealized net loss on securities transferred to held to maturity | 3,786 | 3,830 | 3,530 | |
Income tax expense (benefit) | (4,088) | 22,311 | 18,180 | |
Reclassification of certain tax effects | ||||
Ending Balance | (134,402) | (120,532) | ||
Available for Sale Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (28,679) | 4,268 | 18,001 | |
Net change in unrealized gain (loss) | 6,903 | (49,839) | (21,581) | |
Reclassification of net (gain) loss realized and included in earnings | (1,912) | (165) | ||
Valuation adjustment for pension plan amendment | ||||
Valuation adjustment for employee benefit plans | ||||
Other valuation adjustments for employee benefit plans | ||||
Amortization of unrealized net loss on securities transferred to held to maturity | ||||
Income tax expense (benefit) | 1,067 | (18,804) | (8,013) | |
Reclassification of certain tax effects | [1] | (6,669) | ||
Ending Balance | (29,512) | (28,679) | 4,268 | |
HTM Securities Transferred from AFS [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (14,392) | (16,795) | (19,074) | |
Net change in unrealized gain (loss) | ||||
Reclassification of net (gain) loss realized and included in earnings | ||||
Valuation adjustment for pension plan amendment | ||||
Valuation adjustment for employee benefit plans | ||||
Other valuation adjustments for employee benefit plans | ||||
Amortization of unrealized net loss on securities transferred to held to maturity | 3,786 | 3,830 | 3,530 | |
Income tax expense (benefit) | 1,393 | 1,427 | 1,251 | |
Reclassification of certain tax effects | [1] | (2,586) | ||
Ending Balance | (14,585) | (14,392) | (16,795) | |
Employee Benefit Plans [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (72,501) | (67,890) | (48,626) | |
Net change in unrealized gain (loss) | ||||
Reclassification of net (gain) loss realized and included in earnings | 5,201 | 5,928 | 3,175 | |
Valuation adjustment for pension plan amendment | (17,315) | |||
Valuation adjustment for employee benefit plans | (12,748) | (33,971) | ||
Other valuation adjustments for employee benefit plans | (10,929) | |||
Amortization of unrealized net loss on securities transferred to held to maturity | ||||
Income tax expense (benefit) | 4,228 | (2,209) | (11,532) | |
Reclassification of certain tax effects | [1] | (13,936) | ||
Ending Balance | (79,078) | (72,501) | (67,890) | |
Cash Flow Hedges [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (4,960) | (178) | (375) | |
Net change in unrealized gain (loss) | (7,328) | (7,507) | 311 | |
Reclassification of net (gain) loss realized and included in earnings | 600 | |||
Valuation adjustment for pension plan amendment | ||||
Valuation adjustment for employee benefit plans | ||||
Other valuation adjustments for employee benefit plans | ||||
Amortization of unrealized net loss on securities transferred to held to maturity | ||||
Income tax expense (benefit) | (2,600) | (2,725) | 114 | |
Reclassification of certain tax effects | [1] | (2,139) | ||
Ending Balance | (11,227) | (4,960) | (178) | |
Accumulated Other ComprehensiveLoss, Net [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (120,532) | (80,595) | (50,074) | |
Net change in unrealized gain (loss) | (425) | (57,346) | (21,270) | |
Reclassification of net (gain) loss realized and included in earnings | 5,801 | 4,016 | 3,010 | |
Valuation adjustment for pension plan amendment | (17,315) | |||
Valuation adjustment for employee benefit plans | (12,748) | (33,971) | ||
Other valuation adjustments for employee benefit plans | (10,929) | |||
Amortization of unrealized net loss on securities transferred to held to maturity | 3,786 | 3,830 | 3,530 | |
Income tax expense (benefit) | 4,088 | (22,311) | (18,180) | |
Reclassification of certain tax effects | [1] | (25,330) | ||
Ending Balance | (134,402) | (120,532) | $ (80,595) | |
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] | $ (5,201) | $ (5,928) | |
[1] | Represents the reclassification of stranded income tax effects to Retained Earnings upon adoption of ASU 2018-02. The adjustment is discussed in more detail later in this footnote. | |||
[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 footnote 16 for additional information). |
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 | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Amortization of defined benefit pension and post-retirement items | $ 17,315 | ||
Available for Sale Securities [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Amortization of defined benefit pension and post-retirement items | |||
HTM Securities Transferred from AFS [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Amortization of defined benefit pension and post-retirement items | |||
Employee Benefit Plans [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Amortization of defined benefit pension and post-retirement items | (17,315) | ||
Cash Flow Hedges [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Amortization of defined benefit pension and post-retirement items | |||
Amount Reclassified from Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Total reclassifications, net of tax | [1] | (6,064) | $ (5,193) |
Amount Reclassified from Accumulated Other Comprehensive Income [Member] | Available for Sale Securities [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Gain on sale of AFS securities | [1] | 1,912 | |
Tax effect | [1] | (694) | |
Net of tax | [1] | 1,218 | |
Amount Reclassified from Accumulated Other Comprehensive Income [Member] | HTM Securities Transferred from AFS [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Amortization of unrealized net loss on securities transferred to HTM | [1] | (3,786) | (3,830) |
Tax effect | [1] | 1,393 | 1,427 |
Net of tax | [1] | (2,393) | (2,403) |
Amount Reclassified from Accumulated Other Comprehensive Income [Member] | Employee Benefit Plans [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Amortization of defined benefit pension and post-retirement items | [1],[2] | (5,201) | (5,928) |
Tax effect | [1] | 1,898 | 1,920 |
Net of tax | [1] | (3,303) | $ (4,008) |
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 | [1] | (600) | |
Tax effect | [1] | 232 | |
Net of tax | [1] | $ (368) | |
[1] | Amounts in parenthesis indicate reduction in net income. | ||
[2] | These AOCI components are included in the computation of net periodic pension and post-retirement cost that is reported with employee benefits expense (see footnote 16 for additional information). |
Stockholders' Equity (Complianc
Stockholders' Equity (Compliance with Regulatory Capital Requirements) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Hancock Holding Company [Member] | ||
Tier 1 leverage capital, Actual, Amount | $ 2,214,723 | $ 2,184,812 |
Common equity tier 1 (to risk weighted assets), Actual, Amount | 2,214,723 | 2,184,812 |
Tier 1 capital (to risk weighted assets), Actual, Amount | 2,214,723 | 2,184,812 |
Total capital (to risk weighted assets), Actual, Amount | $ 2,582,031 | $ 2,564,230 |
Tier 1 leverage capital, Actual, Ratio % | 8.43% | 9.56% |
Common equity tier 1 (to risk weighted assets), Actual, Ratio % | 10.21% | 11.26% |
Tier 1 capital (to risk weighted assets), Actual, Ratio % | 10.21% | 11.26% |
Total capital (to risk weighted assets), Actual, Ratio % | 11.90% | 13.21% |
Tier 1 leverage capital, Required for Minimum Capital Adequacy, Amount | $ 1,051,025 | $ 914,520 |
Common equity tier 1 (to risk weighted assets), Required for Minimum Capital Adequacy, Amount | 976,303 | 873,192 |
Tier 1 capital (to risk weighted assets), Required for Minimum Capital Adequacy, Amount | 1,301,738 | 1,164,256 |
Total capital (to risk weighted assets), Required for Minimum Capital Adequacy, Amount | $ 1,735,650 | $ 1,552,341 |
Tier 1 leverage capital, Required for Minimum Capital Adequacy, Ratio % | 4.00% | 4.00% |
Common equity tier 1 (to risk weighted assets), Required for Minimum Capital Adequacy, Ratio % | 4.50% | 4.50% |
Tier 1 capital (to risk weighted assets), Required for Minimum Capital Adequacy, Ratio % | 6.00% | 6.00% |
Total capital (to risk weighted assets), Required for Minimum Capital Adequacy, Ratio % | 8.00% | 8.00% |
Tier 1 leverage capital, Required To Be Well Capitalized, Amount | $ 1,313,781 | $ 1,143,150 |
Common equity tier 1 (to risk weighted assets), Required To Be Well Capitalized, Amount | 1,410,216 | 1,261,277 |
Tier 1 capital (to risk weighted assets), Required To Be Well Capitalized, Amount | 1,735,650 | 1,552,341 |
Total capital (to risk weighted assets), Required To Be Well Capitalized, Amount | $ 2,169,563 | $ 1,940,427 |
Tier 1 leverage capital, Required To Be Well Capitalized, Ratio % | 5.00% | 5.00% |
Common equity tier 1 (to risk weighted assets), Required To Be Well Capitalized, Ratio % | 6.50% | 6.50% |
Tier 1 capital (to risk weighted assets), Required To Be Well Capitalized, Ratio % | 8.00% | 8.00% |
Total capital (to risk weighted assets), Required To Be Well Capitalized, Ratio % | 10.00% | 10.00% |
Whitney Bank [Member] | ||
Tier 1 leverage capital, Actual, Amount | $ 2,282,485 | $ 2,011,719 |
Common equity tier 1 (to risk weighted assets), Actual, Amount | 2,282,485 | 2,011,719 |
Tier 1 capital (to risk weighted assets), Actual, Amount | 2,282,485 | 2,011,719 |
Total capital (to risk weighted assets), Actual, Amount | $ 2,499,793 | $ 2,241,137 |
Tier 1 leverage capital, Actual, Ratio % | 8.72% | 8.83% |
Common equity tier 1 (to risk weighted assets), Actual, Ratio % | 10.54% | 10.39% |
Tier 1 capital (to risk weighted assets), Actual, Ratio % | 10.54% | 10.39% |
Total capital (to risk weighted assets), Actual, Ratio % | 11.55% | 11.57% |
Tier 1 leverage capital, Required for Minimum Capital Adequacy, Amount | $ 1,046,644 | $ 911,091 |
Common equity tier 1 (to risk weighted assets), Required for Minimum Capital Adequacy, Amount | 974,362 | 871,361 |
Tier 1 capital (to risk weighted assets), Required for Minimum Capital Adequacy, Amount | 1,299,150 | 1,161,815 |
Total capital (to risk weighted assets), Required for Minimum Capital Adequacy, Amount | $ 1,732,200 | $ 1,549,086 |
Tier 1 leverage capital, Required for Minimum Capital Adequacy, Ratio % | 4.00% | 4.00% |
Common equity tier 1 (to risk weighted assets), Required for Minimum Capital Adequacy, Ratio % | 4.50% | 4.50% |
Tier 1 capital (to risk weighted assets), Required for Minimum Capital Adequacy, Ratio % | 6.00% | 6.00% |
Total capital (to risk weighted assets), Required for Minimum Capital Adequacy, Ratio % | 8.00% | 8.00% |
Tier 1 leverage capital, Required To Be Well Capitalized, Amount | $ 1,308,305 | $ 1,138,864 |
Common equity tier 1 (to risk weighted assets), Required To Be Well Capitalized, Amount | 1,407,412 | 1,258,633 |
Tier 1 capital (to risk weighted assets), Required To Be Well Capitalized, Amount | 1,732,200 | 1,549,086 |
Total capital (to risk weighted assets), Required To Be Well Capitalized, Amount | $ 2,165,250 | $ 1,936,358 |
Tier 1 leverage capital, Required To Be Well Capitalized, Ratio % | 5.00% | 5.00% |
Common equity tier 1 (to risk weighted assets), Required To Be Well Capitalized, Ratio % | 6.50% | 6.50% |
Tier 1 capital (to risk weighted assets), Required To Be Well Capitalized, Ratio % | 8.00% | 8.00% |
Total capital (to risk weighted assets), Required To Be Well Capitalized, Ratio % | 10.00% | 10.00% |
Other Noninterest Income and 88
Other Noninterest Income and Other Noninterest Expense (Components of Other Noninterest Income and Other Noninterest Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Other noninterest income: | |||
Income from bank-owned life insurance | $ 11,473 | $ 13,596 | $ 10,881 |
Credit-related fees | 11,140 | 9,926 | 11,057 |
Income from derivatives | 5,870 | 5,196 | 2,745 |
Gain on sales of assets | 7,478 | 7,814 | 186 |
Other miscellaneous income | 13,814 | 10,950 | 11,092 |
Total other noninterest income | 49,775 | 47,482 | 35,961 |
Other noninterest expense: | |||
Advertising | 15,031 | 10,938 | 11,225 |
Ad valorem and franchise taxes | 12,797 | 8,741 | 10,498 |
Printing and supplies | 5,139 | 4,422 | 4,851 |
Travel | 5,043 | 4,268 | 5,331 |
Entertainment and contributions | 8,260 | 7,122 | 6,723 |
Tax credit investment amortization | 4,850 | 4,263 | 8,513 |
Loss share agreement termination | 6,603 | ||
Other miscellaneous expense | 24,913 | 32,810 | 25,062 |
Total other noninterest expense | $ 82,636 | $ 72,564 | $ 72,203 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax [Line Items] | ||||
Tax computed at statutory rate | 35.00% | 35.00% | 35.00% | |
Tax year audited | 2,014 | |||
Reclassification of certain tax effects from accumulated other comprehensive loss | ||||
Change in provisional tax benefit | 5.8 | |||
Re-measurement to income tax expense | 19.5 | |||
Income tax benefit from AMT credit carryover | 10.2 | |||
Scenario, Plan [Member] | ||||
Income Tax [Line Items] | ||||
Tax computed at statutory rate | 21.00% | |||
State [Member] | 2004 Through 2017 Tax Years [Member] | ||||
Income Tax [Line Items] | ||||
Net operating loss carryforwards | $ 31.4 | |||
Operating loss carryforwards, originated tax years | 2004 through 2017 | |||
Net operating loss carryforwards, expiration date | Dec. 31, 2024 | |||
Federal And State [Member] | From 2011 Through 2017 Tax Years [Member] | ||||
Income Tax [Line Items] | ||||
Tax credit carryforwards | $ 21.3 | |||
Tax credit carryforwards, originated tax years | 2011 through 2017 | |||
Minimum [Member] | Federal And State [Member] | From 2011 Through 2017 Tax Years [Member] | ||||
Income Tax [Line Items] | ||||
Tax credit carryforwards, expiration date | Dec. 31, 2021 | |||
Maximum [Member] | Federal And State [Member] | From 2011 Through 2017 Tax Years [Member] | ||||
Income Tax [Line Items] | ||||
Tax credit carryforwards, expiration date | Dec. 31, 2035 |
Income Taxes (Income Tax Expens
Income Taxes (Income Tax Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes [Abstract] | |||
Current federal | $ 38,859 | $ 43,777 | $ 17,378 |
Current state | 4,112 | 1,689 | 4,241 |
Total current provision | 42,971 | 45,466 | 21,619 |
Deferred federal | 48,653 | (6,127) | 15,457 |
Deferred state | 1,178 | (1,712) | 1,228 |
Total deferred provision | 49,831 | (7,839) | 16,685 |
Total included in net income | $ 92,802 | $ 37,627 | $ 38,304 |
Income Taxes (Deferred Tax Asse
Income Taxes (Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Income Taxes [Abstract] | ||
Allowance for loan losses | $ 51,517 | $ 89,120 |
Employee compensation and benefits | 9,783 | 28,401 |
Loan purchase accounting adjustments | 6,441 | 12,047 |
Tax credit carryforward | 21,274 | 29,085 |
Securities | 12,250 | 23,169 |
State net operating loss | 1,979 | 1,690 |
Other | 15,407 | 14,583 |
Gross deferred tax assets | 118,651 | 198,095 |
State valuation allowance | (1,979) | (1,690) |
Subtotal valuation allowance | (1,979) | (1,690) |
Net deferred tax assets | 116,672 | 196,405 |
Fixed assets & intangibles | (56,526) | (74,518) |
FDIC indemnification asset | (6,293) | |
Other | (6,167) | (11,159) |
Gross deferred tax liabilities | (62,693) | (91,970) |
Net deferred tax asset | $ 53,979 | $ 104,435 |
Income Taxes (Effective Income
Income Taxes (Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Taxes computed at statutory rate, amount | $ 107,952 | $ 65,423 | $ 59,418 |
State income taxes, net of federal income tax benefit, amount | 4,737 | 1,917 | 2,595 |
Tax-exempt interest, amount | (18,870) | (14,497) | (7,849) |
Life insurance contracts | (5,360) | (4,833) | (3,798) |
Tax credits, amount | (9,374) | (10,518) | (12,495) |
Employee share-based compensation | (5,824) | ||
Impact of deferred tax asset re-measurement | 19,520 | ||
Other, net, amount | 21 | 135 | 433 |
Total included in net income | $ 92,802 | $ 37,627 | $ 38,304 |
Taxes computed at statutory rate | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal income tax benefit | 1.50% | 1.00% | 1.50% |
Tax-exempt interest | (6.10%) | (7.80%) | (4.60%) |
Life insurance contracts | (1.70%) | (2.60%) | (2.20%) |
Tax credits | (3.00%) | (5.60%) | (7.40%) |
Employee share-based compensation | (1.90%) | ||
Impact of deferred tax asset re-measurement | 6.30% | ||
Other, net | 0.10% | 0.30% | |
Income tax expense | 30.10% | 20.10% | 22.60% |
Hancock Holding Company [Member] | |||
Total included in net income | $ (6,324) | $ (6,617) | $ (6,334) |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |||
Weighted-average anti-dilutive potential common shares | 10,551 | 572,512 | 798,623 |
Earnings Per Share (Computation
Earnings Per Share (Computation of Earnings Per Common Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net income to common shareholders | $ 215,632 | $ 149,296 | $ 131,461 |
Net income allocated to participating securities - basic and diluted | 4,670 | 3,598 | 2,895 |
Net income allocated to common shareholders - basic and diluted | $ 210,962 | $ 145,698 | $ 128,566 |
Weighted-average common shares - basic | 84,695 | 77,850 | 78,197 |
Dilutive potential common shares | 268 | 99 | 110 |
Weighted-average common shares - diluted | 84,963 | 77,949 | 78,307 |
Earnings per common share: Basic | $ 2.49 | $ 1.87 | $ 1.64 |
Earnings per common share: Diluted | $ 2.48 | $ 1.87 | $ 1.64 |
Hancock Holding Company [Member] | |||
Net income to common shareholders | $ 215,632 | $ 149,296 | $ 131,461 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) - segment | Mar. 31, 2014 | Dec. 31, 2017 |
Segment Reporting [Abstract] | ||
Number of bank charters | 2 | 1 |
Retirement Benefit Plans (Narra
Retirement Benefit Plans (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Newly eligible associates initial savings rate | 3.00% | |||
Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contributions | $ 1,132 | $ 16,123 | ||
Funded status at end of year-net asset (liability) | 50,521 | 36,274 | ||
Excess of plan assets over the benefit obligation | 66,200 | |||
Unfunded benefit obligation | 15,700 | |||
Estimated amounts of actuarial loss that will be amortized from AOCI into net periodic benefit cost over the next year | 4,000 | |||
Pension assets | 564,365 | 515,555 | $ 491,550 | |
Benefit obligation | $ 513,844 | 479,281 | 462,819 | |
Hancock Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Minimum age for increase in per capita cost of health care benefit | 55 years | |||
Years of credited service reaching 55 years of age | 10 years | |||
Increase (decrease) in pre- and post-medicare age health costs rate | 8.00% | |||
Period of assumed health rate decline | 10 years | |||
Decrease in ultimate rate over a period of time | 5.00% | |||
Whitney 401K Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contributions | $ 8,400 | $ 7,700 | $ 7,400 | |
Minimum age for increase in per capita cost of health care benefit | 55 years | |||
Years of credited service reaching 55 years of age | 10 years | |||
Amended Hancock Pension Plan And 401K Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Benefit obligation decreased | $ 17,300 | |||
Amended Hancock 401K Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Period of employment for eligibility | 3 years | |||
Additional matching percentage | 2.00% | |||
First 1% Of Contribution Saved [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Matching percentage | 100.00% | |||
Percentage of compensation saved | 1.00% | |||
Next 5% Of Contribution Saved [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Matching percentage | 50.00% | |||
Percentage of compensation saved | 5.00% | |||
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 Benefit Plans (Chang
Retirement Benefit Plans (Changes in Benefit Obligations and Plan Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | |
Pension Benefits [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Benefit obligation: at beginning of year | $ 479,281 | $ 462,819 | |||
Service cost | 15,381 | 14,098 | $ 13,511 | ||
Interest cost | 16,514 | 16,907 | 18,635 | ||
Plan participants' contributions | |||||
Plan amendments | (17,315) | ||||
Net actuarial (gain) loss | 39,419 | 16,944 | |||
Benefits paid | (19,436) | (31,487) | |||
Benefit obligation, end of year | 513,844 | 479,281 | 462,819 | ||
Fair value of plan assets: at beginning of year | 515,555 | 491,550 | |||
Actual return on plan assets | 68,307 | 40,375 | |||
Employer contributions | 1,132 | 16,123 | |||
Benefit payments | (19,436) | (31,487) | |||
Expenses | (1,193) | (1,006) | |||
Fair value of plan assets, end of year | 564,365 | 515,555 | 491,550 | ||
Funded status at end of year-net asset (liability) | $ 50,521 | $ 36,274 | |||
Unrecognized loss: at beginning of year | 115,910 | 109,565 | |||
Net actuarial loss (gain) | (12,932) | 6,345 | |||
Unrecognized loss at end of year | 102,978 | 115,910 | 109,565 | ||
Projected benefit obligation | 479,281 | 462,819 | 462,819 | 513,844 | 479,281 |
Accumulated benefit obligation | 489,075 | 443,261 | |||
Fair value of plan assets | 515,555 | 491,550 | 491,550 | 564,365 | 515,555 |
Other Post-Retirement Benefits [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Benefit obligation: at beginning of year | 22,481 | 22,281 | |||
Service cost | 129 | 170 | 117 | ||
Interest cost | 668 | 773 | 891 | ||
Plan participants' contributions | 636 | 1,269 | |||
Plan amendments | (1,224) | ||||
Net actuarial (gain) loss | 993 | 1,844 | |||
Benefits paid | (1,871) | (2,632) | |||
Benefit obligation, end of year | 23,036 | 22,481 | 22,281 | ||
Fair value of plan assets: at beginning of year | |||||
Actual return on plan assets | |||||
Employer contributions | 1,235 | 1,363 | |||
Benefit payments | (1,871) | (2,632) | |||
Expenses | |||||
Fair value of plan assets, end of year | |||||
Funded status at end of year-net asset (liability) | (23,036) | (22,481) | |||
Unrecognized loss: at beginning of year | (2,078) | (2,553) | |||
Net actuarial loss (gain) | 1,346 | 475 | |||
Unrecognized loss at end of year | (732) | (2,078) | (2,553) | ||
Projected benefit obligation | 22,481 | 22,281 | 22,281 | 23,036 | 22,481 |
Fair value of plan assets |
Retirement Benefit Plans (Compo
Retirement Benefit Plans (Components of Net Periodic Benefits Cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 15,381 | $ 14,098 | $ 13,511 | |
Interest cost | 16,514 | 16,907 | 18,635 | |
Expected return on plan assets | (37,632) | (34,554) | (32,833) | |
Amortization of net loss/ prior service cost | 5,554 | 5,783 | 3,169 | |
Net periodic benefit cost | (183) | 2,234 | 2,482 | |
Net (loss) gain recognized during the year | (5,554) | (5,783) | (3,169) | |
Net actuarial loss (gain) | (7,378) | 12,128 | 39,876 | |
Total recognized in other comprehensive income | (12,932) | 6,345 | 36,707 | |
Total recognized in net periodic benefit cost and other comprehensive income | $ (13,115) | $ 8,579 | $ 39,189 | |
Discount rate for benefit obligations | 3.57% | 4.10% | 4.40% | |
Discount rate for net periodic benefit cost | 4.10% | 4.40% | 4.11% | |
Expected long-term return on plan assets | 7.25% | 7.25% | 7.50% | |
Rate of compensation increase | [1] | |||
Pension Benefits [Member] | Graded Scale, At Age 20 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Rate of compensation increase | 7.00% | 7.00% | 7.00% | |
Pension Benefits [Member] | Graded Scale, At Age 60 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Rate of compensation increase | 2.00% | 2.00% | 2.00% | |
Other Post-Retirement Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 129 | $ 170 | $ 117 | |
Interest cost | 668 | 773 | 891 | |
Amortization of net loss/ prior service cost | (353) | 145 | 6 | |
Net periodic benefit cost | 444 | 1,088 | 1,014 | |
Net (loss) gain recognized during the year | 353 | (145) | (6) | |
Net actuarial loss (gain) | 993 | 620 | (5,905) | |
Total recognized in other comprehensive income | 1,346 | 475 | (5,911) | |
Total recognized in net periodic benefit cost and other comprehensive income | $ 1,790 | $ 1,563 | $ (4,897) | |
Discount rate for benefit obligations | 3.52% | 3.95% | 4.32% | |
Discount rate for net periodic benefit cost | 3.95% | 4.32% | 4.02% | |
[1] | Graded scale, declining from 7.00% at age 20 to 2.00% at age 60 |
Retirement Benefit Plans (Expec
Retirement Benefit Plans (Expected Plan Benefit Payments) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2,018 | $ 22,489 |
2,019 | 23,233 |
2,020 | 24,232 |
2,021 | 25,285 |
2,022 | 26,144 |
2023-2027 | 146,608 |
Total | 267,991 |
Pension Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,018 | 21,143 |
2,019 | 21,869 |
2,020 | 22,882 |
2,021 | 23,881 |
2,022 | 24,824 |
2023-2027 | 140,214 |
Total | 254,813 |
Other Post-Retirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,018 | 1,346 |
2,019 | 1,364 |
2,020 | 1,350 |
2,021 | 1,404 |
2,022 | 1,320 |
2023-2027 | 6,394 |
Total | $ 13,178 |
Retirement Benefit Plans (Assum
Retirement Benefit Plans (Assumed Health Care Cost Trend Rates) (Details) - Other Post-Retirement Benefits [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Aggregated service and interest cost, 1% Decrease in Rates | $ 722 |
Postretirement benefit obligation, 1% Decrease in Rates | 20,964 |
Aggregated service and interest cost, Assumed Rates | 797 |
Postretirement benefit obligation, Assumed Rates | 23,036 |
Aggregated service and interest cost, 1% Increase in Rates | 889 |
Postretirement benefit obligation, 1% Increase in Rates | $ 25,564 |
Retirement Benefit Plans (Fair
Retirement Benefit Plans (Fair Values of Pension Plan Assets) (Details) - Pension Benefits [Member] - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 564,365 | $ 515,555 | $ 491,550 |
Cash And Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 5,496 | 15,568 | |
Total Cash and Cash-Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 5,496 | 15,568 | |
Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 113,331 | 136,085 | |
Mutual Fund-Fixed Income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 31,839 | 48,805 | |
Total Fixed Income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 145,170 | 184,890 | |
Domestic And Foreign Stock [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 102,422 | 104,461 | |
Mutual Funds-Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 168,299 | 157,630 | |
Total Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 270,721 | 262,091 | |
Real Assets Fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 27,690 | ||
Total Real Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 421,387 | 490,239 | |
Common Trust Fund (Fixed Income) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 114,068 | 25,316 | |
Common Trust Fund (Real Assets) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 28,910 | ||
Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 308,050 | 354,148 | |
Level 1 [Member] | Cash And Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 5,496 | 15,568 | |
Level 1 [Member] | Total Cash and Cash-Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 5,496 | 15,568 | |
Level 1 [Member] | Mutual Fund-Fixed Income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 31,839 | 48,805 | |
Level 1 [Member] | Total Fixed Income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 31,839 | 48,805 | |
Level 1 [Member] | Domestic And Foreign Stock [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 102,416 | 104,455 | |
Level 1 [Member] | Mutual Funds-Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 168,299 | 157,630 | |
Level 1 [Member] | Total Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 270,715 | 262,085 | |
Level 1 [Member] | Real Assets Fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 27,690 | ||
Level 1 [Member] | Total Real Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 308,050 | 354,148 | |
Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 113,175 | 136,091 | |
Level 2 [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 113,169 | 136,085 | |
Level 2 [Member] | Total Fixed Income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 113,169 | 136,085 | |
Level 2 [Member] | Domestic And Foreign Stock [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 6 | 6 | |
Level 2 [Member] | Total Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 6 | 6 | |
Level 2 [Member] | Total Real Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 113,175 | $ 136,091 | |
Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 162 | ||
Level 3 [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 162 | ||
Level 3 [Member] | Total Fixed Income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 162 | ||
Level 3 [Member] | Total Real Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 162 |
Retirement Benefit Plans (Perce
Retirement Benefit Plans (Percentage and Target Allocations) (Details) | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plan Disclosure [Line Items] | ||
Plan Assets | 100.00% | 100.00% |
Cash And Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan Assets | 1.00% | 3.00% |
Cash And Equivalents [Member] | Minimum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 0.00% | 0.00% |
Cash And Equivalents [Member] | Maximum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 5.00% | 5.00% |
Fixed Income Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan Assets | 46.00% | 41.00% |
Fixed Income Securities [Member] | Minimum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 35.00% | 25.00% |
Fixed Income Securities [Member] | Maximum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 63.00% | 65.00% |
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan Assets | 48.00% | 51.00% |
Equity Securities [Member] | Minimum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 35.00% | 30.00% |
Equity Securities [Member] | Maximum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 51.00% | 60.00% |
Real Assets Fund [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan Assets | 5.00% | 5.00% |
Real Assets Fund [Member] | Minimum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 0.00% | 0.00% |
Real Assets Fund [Member] | Maximum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 12.00% | 10.00% |
Share-Based Payment Arrangem103
Share-Based Payment Arrangements (Narrative) (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)entity$ / sharesshares | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation recognized | $ | $ 17,600 | $ 14,300 | $ 12,900 |
Recognized tax benefit related to share-based compensation | $ | $ 13,300 | 5,200 | 4,800 |
Percentage where an option price is equal to market price | 110.00% | ||
Service period | 5 years | ||
Term of option award vest, contractual term | 10 years | ||
2014 Long Term Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Aggregate awards authorized for grant | 1,200,000 | ||
Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Intrinsic value of options exercised | $ | $ 4,300 | 500 | $ 20 |
Options [Member] | 2014 Long Term Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Aggregate awards authorized for grant | 2,996,357 | ||
Maximum number of shares which may be granted to participant | 100,000 | ||
Shares available for future issuance | 1,600,000 | ||
Restricted and Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total unrecognized compensation expense | $ | $ 50,600 | ||
Weighted-average period | 3 years 6 months | ||
Total fair value of shares vested | $ | $ 26,300 | $ 11,500 | |
Shares granted | 525,258 | ||
Grant date fair value per share | $ / shares | $ 45.71 | ||
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 | 23,489 | ||
Grant date fair value per share | $ / shares | $ 42.92 | ||
Vesting performance period | 3 years | ||
Number of peer group regional banks | entity | 43 | ||
Executive Management [Member] | Performance Shares [Member] | Core Earnings Per Share [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted | 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] | Total Shareholder Return [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of maximum number of shares vested | 200.00% |
Share-Based Payment Arrangem104
Share-Based Payment Arrangements (Summary of Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Aggregate Intrinsic Value, Outstanding at Beginning | $ 3,734 | |
Aggregate Intrinsic Value, Outstanding at Ending | $ 3,734 | |
Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Shares, Outstanding at Beginning | 456,258 | |
Number of Shares, Exercised | (350,744) | |
Number of Shares, Cancelled/Forfeited | (538) | |
Number of Shares, Expired | (16,675) | |
Number of Shares, Outstanding at Ending | 88,301 | 456,258 |
Number of Shares, Exercisable at Ending | 88,301 | |
Weighted Average Exercise Price, Outstanding at Beginning | $ 35.91 | |
Weighted Average Exercise Price, Exercised | 34.65 | |
Weighted Average Exercise Price, Cancelled/Forfeited | 32.09 | |
Weighted Average Exercise Price, Expired | 68.18 | |
Weighted Average Exercise Price, Outstanding at Ending | 34.84 | $ 35.91 |
Weighted Average Exercise Price, Exercisable at Ending | $ 34.84 | |
Weighted Average Remaining Contractual Term (Years) | 2 years 9 months 18 days | 3 years 6 months |
Weighted Average Remaining Contractual Term (Years), Exercisable at Ending | 2 years 9 months 18 days | |
Aggregate Intrinsic Value, Exercised | $ 4,304 | |
Aggregate Intrinsic Value, Cancelled/Forfeited | 6 | |
Aggregate Intrinsic Value, Outstanding at Ending | 1,294 | |
Aggregate Intrinsic Value, Exercisable at Ending | $ 1,294 |
Share-Based Payment Arrangem105
Share-Based Payment Arrangements (Summary of Nonvested Restricted and Performance Shares) (Details) - Restricted and Performance Shares [Member] | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares, Nonvested at Beginning | shares | 2,152,119 |
Number of Shares, Granted | shares | 525,258 |
Number of Shares, Vested | shares | (906,944) |
Number of Shares, Cancelled/Forfeited | shares | (61,491) |
Number of Shares, Nonvested at Ending | shares | 1,708,942 |
Weighted Average Grant Date Fair Value, Nonvested at Beginning | $ / shares | $ 32.12 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 45.71 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 30.66 |
Weighted Average Grant Date Fair Value, Cancelled/Forfeited | $ / shares | 32.57 |
Weighted Average Grant Date Fair Value, Nonvested at Ending | $ / shares | $ 37.05 |
Commitments and Contingencie106
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Commitments and Contingencies [Abstract] | |||
Rental expense | $ 17 | $ 11.7 | $ 13.3 |
Commitments and Contingencie107
Commitments and Contingencies (Off-Balance Sheet Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Commitments to Extend Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Contract amounts | $ 6,689,033 | $ 5,878,290 |
Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Contract amounts | $ 348,377 | $ 338,014 |
Commitments and Contingencie108
Commitments and Contingencies (Future Minimum Lease Payments for Non-Cancelable Operating Leases) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Commitments and Contingencies [Abstract] | |
2,018 | $ 16,307 |
2,019 | 15,466 |
2,020 | 13,815 |
2,021 | 12,317 |
2,022 | 12,099 |
Thereafter | 81,826 |
Total minimum lease payments | $ 151,830 |
Fair Value of Financial Inst109
Fair Value of Financial Instruments (Narrative) (Details) - Recurring [Member] | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Transfers of assets and liabilities between level 1 and 2 | $ 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 of Financial Inst110
Fair Value of Financial Instruments (Financial Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | $ 2,910,869 | $ 2,516,908 | |
Derivative assets | 2,148 | 4,788 | |
Derivative liabilities | 3,938 | 26,846 | |
Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 2,910,869 | 2,516,908 | |
Derivative assets | 14,157 | 20,315 | |
Derivative liabilities | 14,389 | 27,432 | |
Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 2,910,869 | 2,516,908 | |
Derivative assets | [1] | 14,157 | 20,315 |
Total recurring fair value measurements - assets | 2,925,026 | 2,537,223 | |
Derivative liabilities | [1] | 14,389 | 27,432 |
Total recurring fair value measurements - liabilities | 14,389 | 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 | 2,910,869 | 2,516,908 | |
Derivative assets | [1] | 14,157 | 20,315 |
Total recurring fair value measurements - assets | 2,925,026 | 2,537,223 | |
Derivative liabilities | [1] | 14,389 | 27,432 |
Total recurring fair value measurements - liabilities | 14,389 | 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 | 97,272 | 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 | 97,272 | 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 | 243,786 | 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 | 243,786 | 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 | 1,715,213 | 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 | 1,715,213 | 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 | 687,135 | 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 | 687,135 | 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 | 163,963 | 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 | $ 163,963 | $ 202,479 | |
[1] | For further disaggregation of derivative assets and liabilities, see Note 10 - Derivatives. |
Fair Value of Financial Inst111
Fair Value of Financial Instruments (Financial Assets Measured at Fair Value on Nonrecurring Basis (Details) - Nonrecurring [Member] - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent impaired loans | $ 184,205 | $ 169,888 |
Other real estate owned | 6,928 | 13,968 |
Total nonrecurring fair value measurements | 191,133 | 183,856 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent impaired loans | 184,205 | 169,888 |
Total nonrecurring fair value measurements | 184,205 | 169,888 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | 6,928 | 13,968 |
Total nonrecurring fair value measurements | $ 6,928 | $ 13,968 |
Fair Value of Financial Inst112
Fair Value of Financial Instruments (Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities | $ 2,910,869 | $ 2,516,908 |
Held to maturity securities | 2,977,511 | 2,500,220 |
Derivative financial instruments | 2,148 | 4,788 |
Derivative financial instruments | 3,938 | 26,846 |
Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash, interest-bearing bank deposits, and federal funds sold | 479,332 | 450,866 |
Federal funds purchased | 140,754 | 2,275 |
Securities sold under agreements to repurchase | 430,569 | 358,131 |
Short-term FHLB Borrowings | 1,132,567 | 865,000 |
Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities | 2,910,869 | 2,516,908 |
Held to maturity securities | 2,962,010 | 2,470,117 |
Loans, net | 184,205 | 169,888 |
Loans held for sale | 39,865 | 34,064 |
Derivative financial instruments | 14,157 | 20,315 |
Long-term debt | 303,631 | 435,747 |
Derivative financial instruments | 14,389 | 27,432 |
Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans, net | 18,403,303 | 16,326,961 |
Deposits | 22,238,847 | 19,430,939 |
Total Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash, interest-bearing bank deposits, and federal funds sold | 479,332 | 450,866 |
Available for sale debt securities | 2,910,869 | 2,516,908 |
Held to maturity securities | 2,962,010 | 2,470,117 |
Loans, net | 18,587,508 | 16,496,849 |
Loans held for sale | 39,865 | 34,064 |
Derivative financial instruments | 14,157 | 20,315 |
Deposits | 22,238,847 | 19,430,939 |
Federal funds purchased | 140,754 | 2,275 |
Securities sold under agreements to repurchase | 430,569 | 358,131 |
Short-term FHLB Borrowings | 1,132,567 | 865,000 |
Long-term debt | 303,631 | 435,747 |
Derivative financial instruments | 14,389 | 27,432 |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash, interest-bearing bank deposits, and federal funds sold | 479,332 | 450,866 |
Available for sale debt securities | 2,910,869 | 2,516,908 |
Held to maturity securities | 2,977,511 | 2,500,220 |
Loans, net | 18,786,855 | 16,522,733 |
Loans held for sale | 39,865 | 34,064 |
Derivative financial instruments | 14,157 | 20,315 |
Deposits | 22,253,202 | 19,424,266 |
Federal funds purchased | 140,754 | 2,275 |
Securities sold under agreements to repurchase | 430,569 | 358,131 |
Short-term FHLB Borrowings | 1,132,567 | 865,000 |
Long-term debt | 305,513 | 436,280 |
Derivative financial instruments | $ 14,389 | $ 27,432 |
Condensed Parent Company Inf113
Condensed Parent Company Information (Condensed Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Securities available for sale | $ 2,910,869 | $ 2,516,908 | ||
Total assets | 27,336,086 | 23,975,302 | ||
Long term debt | 305,513 | 436,280 | ||
Other liabilities | 179,852 | 160,008 | ||
Stockholders' equity | 2,884,949 | 2,719,768 | $ 2,413,143 | $ 2,472,402 |
Total liabilities and stockholders' equity | 27,336,086 | 23,975,302 | ||
Hancock Holding Company [Member] | ||||
Cash | 71,328 | 316,457 | ||
Securities available for sale | 58,521 | 69,210 | ||
Investment in bank subsidiaries | 2,953,032 | 2,547,224 | ||
Investment in non-bank subsidiaries | 22,670 | 11,204 | ||
Due from subsidiaries and other assets | 14,010 | 27,941 | ||
Total assets | 3,119,561 | 2,972,036 | ||
Long term debt | 234,135 | 251,573 | ||
Other liabilities | 477 | 695 | ||
Stockholders' equity | 2,884,949 | 2,719,768 | ||
Total liabilities and stockholders' equity | $ 3,119,561 | $ 2,972,036 |
Condensed Parent Company Inf114
Condensed Parent Company Information (Condensed Statements of Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income tax benefit | $ 92,802 | $ 37,627 | $ 38,304 |
Net income | 215,632 | 149,296 | 131,461 |
Other comprehensive (income) loss net of income taxes | 11,460 | (39,937) | (30,521) |
Comprehensive income | 227,092 | 109,359 | 100,940 |
Hancock Holding Company [Member] | |||
Cash dividends received from bank subsidiaries | 90,000 | 120,000 | 31,000 |
Noncash dividend from bank subsidiaries | 11,708 | ||
Equity in earnings of subsidiaries greater than dividends received | 124,531 | 39,293 | 111,424 |
Total operating income | 226,239 | 159,293 | 142,424 |
Other expense, net | (16,931) | (16,614) | (17,297) |
Income tax benefit | (6,324) | (6,617) | (6,334) |
Net income | 215,632 | 149,296 | 131,461 |
Other comprehensive (income) loss net of income taxes | 11,460 | (39,937) | (30,521) |
Comprehensive income | $ 227,092 | $ 109,359 | $ 100,940 |
Condensed Parent Company Inf115
Condensed Parent Company Information (Condensed Statements of Cash Flows) (Details) - USD ($) $ in Thousands | Dec. 16, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Net cash provided by operating activities | $ 411,085 | $ 343,915 | $ 235,730 | |
Proceeds from principal paydowns of securities available for sale | 213,877 | 173,215 | 9,289 | |
Other, net | (6,824) | 825 | (3,604) | |
Net cash used in investing activities | (895,321) | (1,321,031) | (2,276,431) | |
Proceeds from issuance of long term debt | 165 | 6,838 | 273,565 | |
Repayments of long term debt | (204,111) | (21,271) | (157,933) | |
Dividends paid to stockholders | (83,266) | (76,551) | (77,013) | |
Repurchase of common stock | (95,613) | |||
Proceeds from issuance of common stock | $ 259,000 | 259,299 | ||
Payroll tax remitted on net share settlement of equity awards | (11,881) | (3,178) | (3,385) | |
Net cash provided by financing activities | 498,495 | 1,045,931 | 1,988,120 | |
NET INCREASE (DECREASE) IN CASH AND DUE FROM BANKS | 14,259 | 68,815 | (52,581) | |
CASH AND DUE FROM BANKS, BEGINNING | 372,689 | 303,874 | 356,455 | |
CASH AND DUE FROM BANKS, ENDING | 386,948 | 372,689 | 303,874 | |
Hancock Holding Company [Member] | ||||
Cash flows from operating activities - principally dividends received from subsidiaries | 111,591 | 122,528 | 33,912 | |
Net cash provided by operating activities | 111,591 | 122,528 | 33,912 | |
Contribution of capital to subsidiary | (270,000) | (21,000) | (90) | |
Proceeds from principal paydowns of securities available for sale | 11,015 | 13,827 | 12,863 | |
Other, net | 1,629 | |||
Net cash used in investing activities | (258,985) | (7,173) | 14,402 | |
Proceeds from issuance of long term debt | 269,004 | |||
Repayments of long term debt | (17,900) | (17,900) | (149,600) | |
Dividends paid to stockholders | (83,266) | (77,012) | (77,474) | |
Repurchase of common stock | (95,613) | |||
Proceeds from issuance of common stock | 15,312 | 262,961 | 347 | |
Payroll tax remitted on net share settlement of equity awards | (11,881) | (3,178) | (3,385) | |
Other, net | (133) | |||
Net cash provided by financing activities | (97,735) | 164,738 | (56,721) | |
NET INCREASE (DECREASE) IN CASH AND DUE FROM BANKS | (245,129) | 280,093 | (8,407) | |
CASH AND DUE FROM BANKS, BEGINNING | 316,457 | 36,364 | 44,771 | |
CASH AND DUE FROM BANKS, ENDING | $ 71,328 | $ 316,457 | $ 36,364 |