Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | Apr. 30, 2018 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | HANCOCK HOLDING CO | |
Entity Filer Category | Large Accelerated Filer | |
Entity Central Index Key | 750,577 | |
Trading Symbol | hbhc | |
Amendment Flag | false | |
Document Type | 10-Q | |
Document Fiscal Period Focus | Q1 | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 85,287,037 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) shares in Thousands, $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Assets: | ||
Cash and due from banks | $ 253,860 | $ 386,948 |
Interest-bearing bank deposits | 61,288 | 92,157 |
Federal funds sold | 253 | 227 |
Securities available for sale, at fair value (amortized cost of $3,008,951 and $2,949,057) | 2,915,648 | 2,910,869 |
Securities held to maturity (fair value of $2,952,295 and $2,962,010) | 3,014,428 | 2,977,511 |
Loans held for sale | 21,827 | 39,865 |
Loans | 19,092,504 | 19,004,163 |
Less: allowance for loan losses | (210,713) | (217,308) |
Loans, net | 18,881,791 | 18,786,855 |
Property and equipment, net of accumulated depreciation of $218,540 and $214,998 | 334,254 | 333,663 |
Prepaid expense | 29,669 | 28,015 |
Other real estate, net | 13,963 | 14,862 |
Accrued interest receivable | 80,812 | 82,191 |
Goodwill | 745,523 | 745,523 |
Other intangible assets, net | 85,021 | 90,640 |
Life insurance contracts | 544,427 | 541,081 |
Deferred tax asset, net | 52,735 | 53,979 |
Other assets | 261,838 | 251,700 |
Total assets | 27,297,337 | 27,336,086 |
Deposits | ||
Noninterest-bearing | 8,230,060 | 8,307,497 |
Interest-bearing | 14,255,662 | 13,945,705 |
Total deposits | 22,485,722 | 22,253,202 |
Short-term borrowings | 1,452,097 | 1,703,890 |
Long-term debt | 300,443 | 305,513 |
Accrued interest payable | 11,801 | 8,680 |
Other liabilities | 151,236 | 179,852 |
Total liabilities | 24,401,299 | 24,451,137 |
Stockholders' equity: | ||
Common Stock | 292,716 | 292,716 |
Capital surplus | 1,723,689 | 1,718,117 |
Retained earnings | 1,060,182 | 1,008,518 |
Accumulated other comprehensive loss, net | (180,549) | (134,402) |
Total stockholders' equity | 2,896,038 | 2,884,949 |
Total liabilities and stockholders' equity | $ 27,297,337 | $ 27,336,086 |
Common shares authorized (par value of 3.33 per share) | 350,000 | 350,000 |
Common shares issued | 87,903 | 87,903 |
Common shares outstanding | 85,285 | 85,200 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Consolidated Balance Sheets [Abstract] | ||
Securities available for sale, amortized cost | $ 3,008,951 | $ 2,949,057 |
Securities held to maturity, fair value | 2,952,295 | 2,962,010 |
Property and equipment, accumulated depreciation | $ 218,540 | $ 214,998 |
Common stock, par value per share | $ 3.33 | $ 3.33 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Interest income: | ||
Loans, including fees | $ 205,847 | $ 172,781 |
Loans held for sale | 221 | 217 |
Securities-taxable | 29,301 | 23,367 |
Securities-tax exempt | 5,537 | 5,407 |
Short-term investments | 489 | 743 |
Total interest income | 241,395 | 202,515 |
Interest expense: | ||
Deposits | 26,959 | 12,819 |
Short-term borrowings | 5,351 | 2,941 |
Long-term debt | 3,421 | 5,064 |
Total interest expense | 35,731 | 20,824 |
Net interest income | 205,664 | 181,691 |
Provision for loan losses | 12,253 | 15,991 |
Net interest income after provision for loan losses | 193,411 | 165,700 |
Noninterest income: | ||
Service charges on deposit accounts | 21,448 | 19,206 |
Trust fees | 11,335 | 11,211 |
Bank card and ATM fees | 14,458 | 12,468 |
Investment and annuity fees and insurance commissions | 6,125 | 5,264 |
Secondary mortgage market operations | 3,401 | 3,567 |
Other income | 9,485 | 11,775 |
Total noninterest income | 66,252 | 63,491 |
Noninterest expense: | ||
Compensation expense | 80,100 | 73,099 |
Employee benefits | 19,874 | 19,080 |
Personnel expense | 99,974 | 92,179 |
Net occupancy expense | 11,010 | 10,757 |
Equipment expense | 3,546 | 3,714 |
Data processing expense | 16,449 | 15,397 |
Professional services expense | 9,255 | 11,276 |
Amortization of intangibles | 5,618 | 4,705 |
Telecommunications and postage | 3,850 | 3,467 |
Deposit insurance and regulatory fees | 7,948 | 6,490 |
Other real estate (income) expense, net | 210 | (13) |
Other expense | 12,931 | 15,570 |
Total noninterest expense | 170,791 | 163,542 |
Income before income taxes | 88,872 | 65,649 |
Income taxes | 16,397 | 16,635 |
Net income | $ 72,475 | $ 49,014 |
Earnings per common share-basic | $ 0.83 | $ 0.57 |
Earnings per common share-diluted | 0.83 | 0.57 |
Dividends paid per share | $ 0.24 | $ 0.24 |
Weighted average shares outstanding-basic | 85,241 | 84,365 |
Weighted average shares outstanding-diluted | 85,423 | 84,624 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Consolidated Statements of Comprehensive Income [Abstract] | ||
Net income | $ 72,475 | $ 49,014 |
Other comprehensive income before income taxes: | ||
Net change in unrealized gain/loss on available for sale securities and hedges | (62,244) | 1,184 |
Reclassification of net losses realized and included in earnings | 1,796 | 1,387 |
Amortization of unrealized net loss on securities transferred to held to maturity | 755 | 650 |
Other comprehensive income/loss before income taxes | (59,693) | 3,221 |
Income tax expense (benefit) | (13,546) | 1,201 |
Other comprehensive income/loss net of income taxes | (46,147) | 2,020 |
Comprehensive income | $ 26,328 | $ 51,034 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Capital Surplus [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss), Net [Member] | Total |
Balance at Dec. 31, 2016 | $ 291,358 | $ 1,698,253 | $ 850,689 | $ (120,532) | $ 2,719,768 |
Balance, Shares Issued at Dec. 31, 2016 | 87,495 | ||||
Net income | 49,014 | 49,014 | |||
Other comprehensive income | 2,020 | 2,020 | |||
Comprehensive income | 49,014 | 2,020 | 51,034 | ||
Cash dividends declared ($0.24 per common share) | (20,793) | (20,793) | |||
Common stock activity, long-term incentive plan | 12,815 | 43 | 12,858 | ||
Issuance of stock from dividend reinvestment and stock repurchase plans | 755 | 755 | |||
Balance at Mar. 31, 2017 | $ 291,358 | 1,711,823 | 878,953 | (118,512) | 2,763,622 |
Balance, Shares Issued at Mar. 31, 2017 | 87,495 | ||||
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 | 87,903,000 | |||
Net income | 72,475 | $ 72,475 | |||
Other comprehensive income | (46,147) | (46,147) | |||
Comprehensive income | 72,475 | (46,147) | 26,328 | ||
Cash dividends declared ($0.24 per common share) | (20,881) | (20,881) | |||
Common stock activity, long-term incentive plan | 4,735 | 70 | 4,805 | ||
Issuance of stock from dividend reinvestment and stock repurchase plans | 837 | 837 | |||
Balance at Mar. 31, 2018 | $ 292,716 | $ 1,723,689 | $ 1,060,182 | $ (180,549) | $ 2,896,038 |
Balance, Shares Issued at Mar. 31, 2018 | 87,903 | 87,903,000 |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Retained Earnings [Member] | ||
Cash dividends declared, per common share | $ 0.24 | $ 0.24 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 72,475 | $ 49,014 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 6,551 | 6,915 |
Provision for loan losses | 12,253 | 15,991 |
(Gain) loss on other real estate owned | 210 | (54) |
Deferred tax expense | 14,790 | 7,156 |
Increase in cash surrender value of life insurance contracts | (3,346) | (3,636) |
Loss on disposal of other assets | 73 | 229 |
Loss on sale of business | 1,145 | |
Net decrease in loans held for sale | 18,172 | 13,966 |
Net amortization of securities premium/discount | 8,453 | 7,323 |
Amortization of intangible assets | 5,618 | 4,705 |
Amortization of FDIC indemnification assets | 1,100 | |
Stock-based compensation expense | 4,883 | 4,209 |
Decrease in interest payable and other liabilities | (32,568) | (33,323) |
Net payments to FDIC for loss share claims | (1,131) | |
Decrease in FDIC loss share receivable | 902 | |
Decrease in payable to FDIC for loan servicing | (11,107) | |
Decrease in other assets | 6,821 | 21,362 |
Other, net | 71 | 1,600 |
Net cash provided by operating activities | 104,494 | 96,328 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from maturities of securities available for sale | 80,155 | 81,116 |
Purchases of securities available for sale | (142,052) | (60,484) |
Proceeds from maturities of securities held to maturity | 93,408 | 92,684 |
Purchases of securities held to maturity | (134,020) | (87,847) |
Net decrease in short-term investments | 30,843 | 9,428 |
Proceeds from sale of loans | 12,211 | 33,279 |
Net increase in loans | (196,328) | (306,745) |
Purchases of property and equipment | (7,904) | (7,329) |
Proceeds from sales of property and equipment | 42 | 17 |
Proceeds from sales of other real estate | 1,641 | 3,099 |
Cash paid for acquisition, net of cash received | (322,708) | |
Proceeds from the sale of business, net of cash sold | 77,081 | |
Other, net | (8,915) | (39,588) |
Net cash used in investing activities | (193,838) | (605,078) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net increase in deposits | 232,638 | 99,583 |
Net increase (decrease) in short-term borrowings | (251,793) | 385,777 |
Repayments of long-term debt | (5,268) | (4,475) |
Net proceeds from issuance of long-term debt | 83 | 41 |
Dividends paid | (20,881) | (20,793) |
Payroll tax remitted on net share settlement of equity awards | (142) | (163) |
Proceeds from exercise of stock options | 782 | 8,650 |
Proceeds from dividend reinvestment and stock purchase plans | 837 | 755 |
Net cash provided by (used in) financing activities | (43,744) | 469,375 |
NET DECREASE IN CASH AND DUE FROM BANKS | (133,088) | (39,375) |
CASH AND DUE FROM BANKS, BEGINNING | 386,948 | 372,689 |
CASH AND DUE FROM BANKS, ENDING | 253,860 | 333,314 |
SUPPLEMENTAL INFORMATION FOR NON-CASH INVESTING AND FINANCING ACTIVITIES | ||
Assets acquired in settlement of loans | $ 1,305 | $ 1,031 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2018 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | HANCOCK HOLDING COMPANY AND SUBSIDIARIES NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS 1. Basis of Presentation The consolidated financial statements include the accounts of Hancock Holding Company and all other entities in which it has a controlling interest (the “Company”). The financial statements include all adjustments that are, in the opinion of management, necessary to fairly state the Company’s financial condition, results of operations, changes in stockholders’ equity and cash flows for the interim periods presented. The Company has also evaluated all subsequent events for potential recognition and disclosure through the date of the filing of this Quarterly Report on Form 10-Q. Some financial information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) have been condensed or omitted in this Quarterly Report on Form 10-Q pursuant to Securities and Exchange Commission rules and regulations. These financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 . Financial information reported in these financial statements is not necessarily indicative of the Company’s financial condition, results of operations, or cash flows for any other interim or annual period. Certain prior period amounts have been reclassified to conform to the current period presentation. These changes in presentation did not have a material impact on the Company’s financial condition or operating results. Use of Estimates The accounting principles the Company follows and the methods for applying these principles conform to GAAP and general practices followed by the banking industry. These accounting principles require management to make estimates and assumptions about future events that affect the amounts reported in the consolidated financial statements and the accompanying notes. Actual results could differ from those estimates. Critical Accounting Policies and Estimates There were no material changes or developments during the reporting period with respect to methodologies that the Company uses when applying what management believes are critical accounting policies and developing critical accounting estimates as disclosed in its Annual Report on Form 10-K for the year ended December 31, 2017. Refer to Note 15 – Recent Accounting Pronouncements for a discussion of accounting standards adopted during the quarter ended March 31, 2018. |
Acquisitions and Divestiture
Acquisitions and Divestiture | 3 Months Ended |
Mar. 31, 2018 | |
Acquisitions and Divestiture [Abstract] | |
Acquisitions and Divestiture | 2. Acquisitions and Divestiture On March 10, 2017, the Company , through its banking subsidiary, Whitney Bank (“Whitney”), 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 selected liabilities of the former FNBC , including substantially all of the transaction and savings deposits. 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 terms of the a greement require the FDIC to indemnify Whitney against certain liabilities of FNBC and its affiliates not assumed or otherwise purchased by Whitney. Neither the Company nor Whitney Bank acquired any assets, common stock, preferred stock or debt, or assume d any other obligations, of First NBC Bank Holding Company. Pending Business Combination In December 2017, the Company announced entry 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 early third quarter 2018, pending regulatory approval and the satisfaction of customary and other closing conditions. Divestiture On March 9, 2018, the Company sold its consumer finance subsidiary, Harrison Finance Company (“HFC”). The Company recorded a loss on the sale of $1.1 million based on the preliminary cash settlement of $78.3 million, with a final cash settlement expected to occur in the second quarter of 2018. |
Securities
Securities | 3 Months Ended |
Mar. 31, 2018 | |
Securities [Abstract] | |
Securities | 3 . Securities The amortized cost , gross unrealized gains and losses, and estimated fair value of securities classified as available for sale and held to maturity follow. Securities Available for Sale (in thousands) March 31, 2018 December 31, 2017 Gross Gross Gross Gross Amortized Unrealized Unrealized Fair Amortized Unrealized Unrealized Fair Cost Gains Losses Value Cost Gains Losses Value U.S. Treasury and government agency securities $ 97,431 — 3,547 93,884 $ 99,535 $ — $ 2,263 $ 97,272 Municipal obligations 245,164 211 8,084 237,291 245,997 1,135 3,346 243,786 Residential mortgage-backed securities 1,787,382 3,552 47,391 1,743,543 1,729,989 5,611 20,387 1,715,213 Commercial mortgage-backed securities 715,360 — 35,088 680,272 704,518 480 17,863 687,135 Collateralized mortgage obligations 158,114 — 2,956 155,158 165,518 4 1,559 163,963 Corporate debt securities 5,500 — — 5,500 3,500 — — 3,500 $ 3,008,951 $ 3,763 $ 97,066 $ 2,915,648 $ 2,949,057 $ 7,230 $ 45,418 $ 2,910,869 Securities Held to Maturity (in thousands) March 31, 2018 December 31, 2017 Gross Gross Gross Gross Amortized Unrealized Unrealized Fair Amortized Unrealized Unrealized Fair Cost Gains Losses Value Cost Gains Losses Value U.S. Treasury and government agency securities $ 50,000 — 576 49,424 $ 50,000 $ — $ 289 $ 49,711 Municipal obligations 707,581 1,315 13,453 695,443 723,094 8,323 4,245 727,172 Residential mortgage-backed securities 695,655 721 10,624 685,752 725,748 4,175 2,690 727,233 Commercial mortgage-backed securities 316,966 — 11,400 305,566 317,185 40 3,915 313,310 Collateralized mortgage obligations 1,244,226 391 28,507 1,216,110 1,161,484 572 17,472 1,144,584 $ 3,014,428 $ 2,427 $ 64,560 $ 2,952,295 $ 2,977,511 $ 13,110 $ 28,611 $ 2,962,010 The following table presents the amortized cost and estimated fair value of debt securities available for sale and held to maturity at March 31, 2018 by contractual maturity. Actual maturities will differ from contractual maturities because of rights to call or repay obligations with or without penalties and scheduled and unscheduled principal payments on mortgage-backed securities and collateralized mortgage obligations. Debt Securities Available for Sale Amortized Fair (in thousands) Cost Value Due in one year or less $ 7,388 $ 7,408 Due after one year through five years 45,623 45,740 Due after five years through ten years 1,249,127 1,202,997 Due after ten years 1,706,813 1,659,503 Total available for sale debt securities $ 3,008,951 $ 2,915,648 Debt Securities Held to Maturity Amortized Fair (in thousands) Cost Value Due in one year or less $ 4,190 $ 4,205 Due after one year through five years 132,047 131,197 Due after five years through ten years 1,478,419 1,446,343 Due after ten years 1,399,772 1,370,550 Total held to maturity securities $ 3,014,428 $ 2,952,295 The Company held no securities c lassified as trading at March 31, 2018 or December 31, 2017 . The fair value and gross unrealized losses for securities classified as available for sale with unrealized losses for the periods indicated follow. Available for Sale March 31, 2018 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 $ 43,521 1,214 50,362 2,333 $ 93,883 $ 3,547 Municipal obligations 54,330 948 169,119 7,136 223,449 8,084 Residential mortgage-backed securities 654,990 14,667 850,853 32,724 1,505,843 47,391 Commercial mortgage-backed securities 279,631 8,091 400,641 26,997 680,272 35,088 Collateralized mortgage obligations 122,186 2,324 32,972 632 155,158 2,956 $ 1,154,658 $ 27,244 $ 1,503,947 $ 69,822 $ 2,658,605 $ 97,066 Available for Sale December 31, 2017 Losses < 12 months Losses 12 months or > Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized (in thousands) Value Losses Value Losses Value Losses 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 fair value and gross unrealized losses for securities classified as held to maturity with unrealized losses for the periods indicated follow. Held to maturity March 31, 2018 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 $ — — 49,424 576 $ 49,424 $ 576 Municipal obligations 341,011 4,530 221,438 8,923 562,449 13,453 Residential mortgage-backed securities 403,985 4,090 224,200 6,534 628,185 10,624 Commercial mortgage-backed securities 234,468 6,845 71,098 4,555 305,566 11,400 Collateralized mortgage obligations 672,660 12,567 441,866 15,940 1,114,526 28,507 $ 1,652,124 $ 28,032 $ 1,008,026 $ 36,528 $ 2,660,150 $ 64,560 Held to maturity December 31, 2017 Losses < 12 months Losses 12 months or > Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized (in thousands) Value Losses Value Losses Value Losses 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 unrealized losses primarily relate to c hanges in market rates on fixed rate debt securities since the respective purchase dates. In all cases, the indicated impairment on these debt securities would be recovered no later than the security’s maturity date or possibly earlier if the market price for the security increases with a reduction in the yield required by the market. None of the unrealized losses relate to the marketability o f the securities or the issuers’ abilities to meet contractual obligations. The Company believes it has adequate liquidity and, therefore, does not plan to and, more likely than not, will not be required to sell these securities before recovery of the indicated impairment. Accordingly, the unrealized losses on these securities have been determined to be temporary. There were no sales of securities during either of the three months ended March 31, 2018 or 2017. Securities with carrying values totaling $ 3.4 billion and $3.3 billion at March 31, 2018 and December 31, 2017, respectively, were pledged as collateral , primarily to secure public deposits or sec urities sold under agreements to repurchase. |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2018 | |
Loans and Allowance for Loan Losses [Abstract] | |
Loans and Allowance for Loan Losses | 4. Loans and Allowance for Loan Losses The Company generally makes loans in its market areas of south Mississippi, southern and central Alabama, south Louisiana, the Houston, Texas area and the northern, central and panhandle regions of Florida. Loans, net of unearned income, by portfolio are presented in the table below. March 31, December 31, (in thousands) 2018 2017 Commercial non-real estate $ 8,336,222 $ 8,297,937 Commercial real estate - owner occupied 2,185,543 2,142,439 Total commercial & industrial 10,521,765 10,440,376 Commercial real estate - income producing 2,394,862 2,384,599 Construction and land development 1,413,878 1,373,421 Residential mortgages 2,732,821 2,690,472 Consumer 2,029,178 2,115,295 Total loans $ 19,092,504 $ 19,004,163 The following briefly describes the composition of each loan category. Commercial and industrial Commercial and industrial loans are made available to businesses for working capital (including financing of inventory and receivables), business expansion, to facilitate the acquisition of a business, and the purchase of equipment and machinery, including equipment leasing. These loans are primarily made based on the identified cash flows of the borrower and, when secured, have the added strength of the underlying collateral. Commercial non-real estate loans may be secured by the assets being financed or other tangible or intangible business assets such as accounts receivable, inventory, ownership , enterprise value or commodity interests, and may incorporate a personal or corporate guarantee; however, some short-term loans may be made on an unsecured basis, including a small portfolio of corporate credit cards, generally issued as a part of overall customer relationships. Commercial real estate – owner occupied loans consist of commercial mortgages on properties where repayment is generally dependent on the cash flow from the ongoing operations and activities of the borrower. Like commercial non-real estate, these loans are primarily made based on the identified cash flows of the borrower, but also have the added strength of the value of underlying real estate collateral. Commercial real estate – income producing Commercial real estate – income producing loans consist of loans secured by commercial mortgages on properties where the loan is made to real estate developers or investors and repayment is dependent on the sale, refinance, or income generated from the operation of the property. Properties financed include retail, office, multifamily, senior housing, hotel/motel, skilled nursing facilities and other commercial properties. Construction and land development C onstruction and land development loans are made to facilitate t he acquisition, development, improvement and construction of both commercial and residential-purpose properties. Such loans are made to builders and investors where repayment is expected to be made from the sale, refinance or operation of the property or to businesses to be used in their business operations. This portfolio also includes a small amount of residential construction loans and loans secured by raw land not yet under development. Residential m ortgages Residential mortgages consist of closed-end loans secured by first liens on 1- 4 family residential properties. The portfolio includes both fixed and adjustable rate loans, although most longer term, fixed rate loans originated are sold in the secondary mortgage market . Consumer Consumer loans include second lien mortgage home loans, home equity lines of credit and nonresidential consumer purpose loans. Nonresidential consumer loans include both direct and indirect loans. Direct nonresidential consumer loans are made to finance the purchase of personal property, including automobiles, recreational vehicles and boats, and for other personal purposes (secured and unsecured), and deposit account secured loans. Indirect nonresidential consumer loans include automobile financing provided to the consumer through an agreement with automobile dealerships. Consumer loans also include a small portfolio of credit card receivables issued on the basis of applications received through referrals from the Bank’s branches, online and other marketing efforts. Allowance for Loan Losses The following tables show activity in the allowance for loan losses by portfolio class for the three months ended March 31, 2018 and 2017, as well as the corresponding recorded investment in loans at the end of each period. Charge-off, recovery and provision activity in the purchased credit impaired portfolio previously segregated has been collapsed into the remainder of the portfolio’s activity as it is no longer material, and the respective reclassifications have been made to the prior period to conform to the current presentation. Commercial Commercial Commercial real estate- Total real estate- Construction non-real owner commercial & income and land Residential (in thousands) estate occupied industrial producing development mortgages Consumer Total Three Months Ended March 31, 2018 Allowance for loan losses: Beginning balance $ 127,918 $ 12,962 $ 140,880 $ 13,709 $ 7,372 $ 24,844 $ 30,503 $ 217,308 Charge-offs (9,335) (851) (10,186) — (10) (192) (8,048) (18,436) Recoveries 4,146 88 4,234 63 29 116 1,794 6,236 Net provision for loan losses 3,877 1,421 5,298 (787) 2,533 150 5,059 12,253 Reduction as a result of sale of subsidiary — — — — — — (6,648) (6,648) Ending balance $ 126,606 $ 13,620 $ 140,226 $ 12,985 $ 9,924 $ 24,918 $ 22,660 $ 210,713 Allowance at end of period : Individually evaluated for impairment $ 20,356 $ 2,475 $ 22,831 $ 1,261 $ 1 $ 276 $ 232 $ 24,601 Amounts related to purchased credit impaired loans 471 495 966 576 173 11,720 612 14,047 Collectively evaluated for impairment 105,779 10,650 116,429 11,148 9,750 12,922 21,816 172,065 Total allowance $ 126,606 $ 13,620 $ 140,226 $ 12,985 $ 9,924 $ 24,918 $ 22,660 $ 210,713 Loans at end of period : Individually evaluated for impairment $ 323,913 $ 30,318 $ 354,231 $ 14,071 $ 113 $ 8,338 $ 617 $ 377,370 Purchased credit impaired loans 8,510 8,384 16,894 4,361 5,843 116,409 5,876 149,383 Collectively evaluated for impairment 8,003,799 2,146,841 10,150,640 2,376,430 1,407,922 2,608,074 2,022,685 18,565,751 Total loans $ 8,336,222 $ 2,185,543 $ 10,521,765 $ 2,394,862 $ 1,413,878 $ 2,732,821 $ 2,029,178 $ 19,092,504 Commercial Commercial Commercial real estate- Total real estate- Construction non-real owner commercial & income and land Residential (in thousands) estate occupied industrial producing development mortgages Consumer Total Three Months Ended March 31, 2017 Allowance for loan losses: Beginning balance $ 147,052 $ 11,083 $ 158,135 $ 13,509 $ 6,271 $ 25,361 $ 26,142 $ 229,418 Charge-offs (24,791) (29) (24,820) (7) (91) (348) (8,678) (33,944) Recoveries 938 275 1,213 375 471 113 1,743 3,915 Net provision for loan losses 8,101 193 8,294 (266) 69 376 7,518 15,991 Decrease in FDIC loss share receivable (31) — (31) — — (1,696) (103) (1,830) Ending balance $ 131,269 $ 11,522 $ 142,791 $ 13,611 $ 6,720 $ 23,806 $ 26,622 $ 213,550 Allowance at end of period : Individually evaluated for impairment $ 15,017 $ 76 $ 15,093 $ 1,114 $ 1 $ 94 $ 199 $ 16,501 Amounts related to purchased credit impaired loans 411 787 1,198 213 283 13,286 1,019 15,999 Collectively evaluated for impairment 115,841 10,659 126,500 12,284 6,436 10,426 25,404 181,050 Total allowance $ 131,269 $ 11,522 $ 142,791 $ 13,611 $ 6,720 $ 23,806 $ 26,622 $ 213,550 Loans at end of period : Individually evaluated for impairment $ 231,988 $ 3,894 $ 235,882 $ 13,599 $ 1,592 $ 3,236 $ 2,149 $ 256,458 Purchased credit impaired loans 6,693 12,468 19,161 7,669 4,326 138,260 9,951 179,367 Collectively evaluated for impairment 7,835,606 2,031,089 9,866,695 2,483,836 1,246,749 2,124,767 2,046,996 17,769,043 Total loans $ 8,074,287 $ 2,047,451 $ 10,121,738 $ 2,505,104 $ 1,252,667 $ 2,266,263 $ 2,059,096 $ 18,204,868 Impaired Loans The following table shows the composition of nonaccrual loans by portfolio class. Purchased credit impaired loans accounted for in pools with an accretable yield are considered to be performing and are excluded from the table. March 31, December 31, (in thousands) 2018 2017 Commercial non-real estate $ 179,203 $ 152,863 Commercial real estate - owner occupied 27,387 25,989 Total commercial & industrial 206,590 178,852 Commercial real estate - income producing 15,633 14,574 Construction and land development 3,724 3,807 Residential mortgages 35,069 40,480 Consumer 14,163 15,087 Total loans $ 275,179 $ 252,800 Nonaccrual loans include nonaccruing loans modified in troubled debt restructurings (“TDRs”) of $ 118.0 million and $ 99.2 million at March 31, 2018 and December 31, 2017, respectively. Total TDRs, both accruing and nonaccruing, were $ 284.5 million at March 31, 2018 and $ 219.7 million at December 31, 2017. All TDRs are individually evaluated for impairment. At March 31, 2018 and December 31, 2017, the Company had unfunded commitments of $8.5 million and $7.3 million, respectively, to borrowers whose loan terms have been modified in a TDR. The table below details by portfolio class TDRs that were modified during the three months ended March 31, 2018 and 2017: Three Months Ended ($ in thousands) March 31, 2018 March 31, 2017 Pre-Modification Post-Modification Pre-Modification Post-Modification Outstanding Outstanding Outstanding Outstanding Number of Recorded Recorded Number of Recorded Recorded Troubled Debt Restructurings: Contracts Investment Investment Contracts Investment Investment Commercial non-real estate 13 $ 55,482 $ 55,482 9 $ 38,659 $ 38,659 Commercial real estate - owner occupied 1 5,909 5,909 1 656 656 Total commercial & industrial 14 61,391 61,391 10 39,315 39,315 Commercial real estate - income producing 1 1,564 1,564 2 5,527 5,527 Construction and land development 1 43 43 — — — Residential mortgages — — — 1 250 250 Consumer 1 222 222 — — — Total loans 17 $ 63,220 $ 63,220 13 $ 45,092 $ 45,092 The TDRs modified during the three months ended March 31, 2018 reflected in the table above include $ 48.4 million of loans with extended amortization terms or other payment concessions, $ 14.6 million with significant covenant waivers and $ 0.2 million with other modifications. The TDRs modified during the three months ended March 31, 2017 include $ 27.4 million of loans with extended amortization terms or other payment concessions, $ 10.7 million with significant covenant waivers and $ 6.9 million with other modifications. For the three month periods ended March 31, 2018 and 2017, there were no loans modified in a TDR within the previous twelve months that subsequently defaulted during the respective periods. The tables below present loans that are individually evaluated for impairment disaggregated by portfolio class at March 31, 2018 and December 31, 2017. Loans individually evaluated for impairment include TDRs and loans that are determined to be impaired and have aggregate relationship balances of $1 million or more. March 31, 2018 Recorded investment Recorded investment Unpaid (in thousands) without an allowance with an allowance principal balance Related allowance Commercial non-real estate $ 108,898 $ 215,015 $ 335,178 $ 20,356 Commercial real estate - owner occupied 6,064 24,254 30,997 2,475 Total commercial & industrial 114,962 239,269 366,175 22,831 Commercial real estate - income producing 6,055 8,016 14,269 1,261 Construction and land development 100 13 114 1 Residential mortgages 5,861 2,477 11,682 276 Consumer 14 603 718 232 Total loans $ 126,992 $ 250,378 $ 392,958 $ 24,601 December 31, 2017 Recorded investment Recorded investment Unpaid (in thousands) without an allowance with an allowance 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 & 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 The tables below present the average balances and interest income for total impaired loans for the three months ended March 31, 2018 and 2017. Interest income recognized represents interest on accruing loans modified in a TDR. Three Months Ended March 31, 2018 March 31, 2017 Average Interest Average Interest recorded income recorded income (in thousands) investment recognized investment recognized Commercial non-real estate $ 295,897 $ 1,586 $ 251,625 $ 337 Commercial real estate - owner occupied 25,905 66 5,081 4 Total commercial & industrial 321,802 1,652 256,706 341 Commercial real estate - income producing 14,801 25 14,487 43 Construction and land development 238 — 1,766 — Residential mortgages 9,489 5 3,792 2 Consumer 955 9 2,152 2 Total loans $ 347,285 $ 1,691 $ 278,903 $ 388 Aging Analysis The tables below present the age analysis of past due loans by portfolio class at March 31, 2018 and December 31, 2017. Purchased credit impaired loans accounted for in pools with an accretable yield are considered to be current. Recorded Greater than investment 30-59 days 60-89 days 90 days Total Total > 90 days and March 31, 2018 past due past due past due past due Current Loans still accruing (in thousands) Commercial non-real estate $ 45,309 $ 18,497 $ 130,360 $ 194,166 $ 8,142,056 $ 8,336,222 $ 20,330 Commercial real estate - owner occupied 7,464 115 22,138 29,717 2,155,826 2,185,543 1,360 Total commercial & industrial 52,773 18,612 152,498 223,883 10,297,882 10,521,765 21,690 Commercial real estate - income producing 928 1,954 8,419 11,301 2,383,561 2,394,862 2,771 Construction and land development 6,537 416 3,115 10,068 1,403,810 1,413,878 259 Residential mortgages 32,815 4,496 20,122 57,433 2,675,388 2,732,821 1,170 Consumer 16,083 5,124 7,542 28,749 2,000,429 2,029,178 573 Total $ 109,136 $ 30,602 $ 191,696 $ 331,434 $ 18,761,070 $ 19,092,504 $ 26,463 Recorded Greater than investment 30-59 days 60-89 days 90 days Total Total > 90 days and December 31, 2017 past due past due past due past due Current Loans still 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 & 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 $ 137,267 $ 33,000 $ 157,082 $ 327,349 $ 18,676,814 $ 19,004,163 $ 27,766 Credit Quality Indicators The following tables present the credit quality indicators by segments and portfolio class of loans at March 31, 2018 and December 31, 2017. March 31, 2018 (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 $ 7,250,715 $ 1,954,384 $ 9,205,099 $ 2,268,358 $ 1,334,456 $ 12,807,913 Pass-Watch 269,657 51,856 321,513 58,092 59,208 438,813 Special Mention 100,005 35,971 135,976 9,344 6,279 151,599 Substandard 715,827 143,332 859,159 59,068 13,935 932,162 Doubtful 18 — 18 — — 18 Total $ 8,336,222 $ 2,185,543 $ 10,521,765 $ 2,394,862 $ 1,413,878 $ 14,330,505 December 31, 2017 (in thousands) Commercial non-real estate Commercial real estate - owner-occupied Total commercial & industrial Commercial real estate - income producing Construction and land development Total commercial Grade: Pass $ 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 March 31, 2018 December 31, 2017 (in thousands) Residential mortgage Consumer Total Residential mortgage Consumer Total Performing $ 2,696,582 $ 2,014,442 $ 4,711,024 $ 2,647,784 $ 2,099,637 $ 4,747,421 Nonperforming 36,239 14,736 50,975 42,688 15,658 58,346 Total $ 2,732,821 $ 2,029,178 $ 4,761,999 $ 2,690,472 $ 2,115,295 $ 4,805,767 Below are the definitions of the Company’s internally assigned grades: Commercial : · Pass – loans properly approved, documented, collateralized, and performing which do not reflect an abnormal credit risk. · Pass-Watch – credits in this category are of sufficient risk to cause concern. This category is reserved for credits that display negative performance trends. The “Watch” grade should be regarded as a transition category. · Special Mention – a criticized asset category defined as having potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may, at some future date, result in the deterioration of the repayment prospects for the credit or the institution’s credit position. Special mention credits are not considered part of the Classified credit categories and do not expose the institution to sufficient risk to warrant adverse classification. · Substandard – an asset that is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. · Doubtful – an asset that has all the weaknesses inherent in one classified Substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. · Loss – credits classified as Loss are considered uncollectable and are charged off promptly once so classified. Residential and Consumer: · Performing – loans on which payments of principal and interest are less than 90 days past due. · Nonperforming – a nonperforming loan is a loan that is in default or close to being in default and there are good reasons to doubt that payments will be made in full. All loans rated as nonaccrual loans are also classified as nonperforming. Purchased Credit Impaired Loans Changes in the carrying amount of purchased credit impaired loans and related accretable yield are presented in the following table for the three months ended March 31, 2018 and the year ended December 31, 2017. March 31, 2018 December 31, 2017 Carrying Carrying Amount Accretable Amount Accretable (in thousands) of Loans Yield of Loans Yield Balance at beginning of period $ 153,403 $ 62,517 $ 190,915 $ 113,686 Addition of cost recovery loans - FNBC I — — 15,000 — Payments received, net (8,288) (1,703) (69,591) (7,412) Accretion 4,268 (4,268) 17,079 (17,079) Increase in expected cash flows based on actual cash flows and changes in cash flow assumptions — (956) — (30,379) Net transfers from nonaccretable difference to accretable yield — — — 3,701 Balance at end of period $ 149,383 $ 55,590 $ 153,403 $ 62,517 During the three months ended March 31, 2017, certain of the Company’s purchased credit impaired loans were covered by two loss share agreements with the FDIC. The Company had a receivable representing an indemnification asset arising from the agreements. The receivable was accounted for separately from the covered loans as the agreements were not contractually part of the loans and were not transferrable should the Company have disposed of the loans. The agreements were terminated by the Company during the third quarter of 2017. Residential Mortgage Loans in Process of Foreclosure Included in loans are $ 7.8 million and $ 7.5 million of consumer loans secured by single family residential real estate that are in process of foreclosure as of March 31, 2018 and December 31, 2017, respectively. Loans in process of foreclosure include those for which formal foreclosure proceedings are in process according to local requirements of the applicable jurisdiction. In addition to the single family residential real estate loans in process of foreclosure, the Company also held $ 3.7 million and $3. 4 million of foreclosed single family residential properties in other real estate owned as of March 31, 2018 and December 31, 2017, respectively. |
Securities Sold under Agreement
Securities Sold under Agreements to Repurchase | 3 Months Ended |
Mar. 31, 2018 | |
Securities Sold under Agreements to Repurchase [Abstract] | |
Securities Sold under Agreements to Repurchase | 5. Securities Sold under Agreements to Repurchase Included in short-term borrowings are customer securities sold under agreements to repurchase (“repurchase agreements”) that mature daily and are secured by U.S. agency securities totaling $ 443.2 million and $430.6 million at March 31, 2018 and December 31, 2017, respectively . The Company borrows funds on a secured basis by selling securities under agreements to repurchase, mainly in connection with treasury management services offered to its deposit customers. As the Company maintains effective control over assets sold under agreements to repurchase, the securities continue to be carried on the consolidated statements of financial condition. Because the Company acts as borrower transferring assets to the counterparty, and the agreements mature daily, the Company’s risk is limited. |
Derivatives
Derivatives | 3 Months Ended |
Mar. 31, 2018 | |
Derivatives [Abstract] | |
Derivatives | 6. Derivatives On January 1, 2018, the Company adopted the provisions of Accounting Standards Update (ASU) 2017-12, “Derivatives and Hedging,” using the modified retrospective transition approach . As a result of adoption of the u pdate, the Company is making certain adjustments to its existing designation documentation for active hedging relationships to take advantage of sp ecific provisions of the update. Adoption of this guidance did not have a material impact on the Company’s financial condition or results of operations. Following is a discussion of the provisions of the guidance relevant to the Company: Ineffectiveness measurement and presentation The provisions of the update eliminate the concept of ineffectiveness from an accounting perspective. The guidance provides that, as long as a hedging instrument is designated and the results of the effectiveness testing support that the instrument qualifies for hedge accounting treatment, there will be no periodic measurement or recognition of ineffectiveness. Rather, the full impact of hedge gains and losses will be recognized in the period in which the hedged transactions impact the entity’s earnings. Presentation of r eclassifications from Accumulated Other Comprehensive Income Amounts in Accumulated Other Comprehensive Income that are included in the assessment of effectiveness should be reclassified into earnings in the same period in which the hedged forecasted transactions impact earnings. As such, the Company will recognize all reclassifications out of Other Comprehensive Income in the same statement of income line item in which the earnings effect of the hedged item is presented. Changes to hedged risk The update also states that if the designated hedged risk changes during the life of the hedging relationship, an entity may continue to apply hedge accounting as long as the hedging instrument is highly effective at achieving offsetting cash flows attributable to the revised hedged risk. Regardless of the description of the hedged transactions contained in the initial designation documentation, the Company intends to utilize this provision in the updated guidance to the extent possible. Risk component hedging in fair value hedges The update allows an entity to make a one-time transition election regarding the fair value measurement methodology applied to fair value hedges in place at adoption. The Company did not elect either of the one-time transition options; rather, it will continue to measure the hedged items as documented in the initial hedge documentation. Risk Management Objective of Using Derivatives The Company enters into derivative financial instruments to manage risks related to differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments, currently related to select pools of variable rate loans and fixed rate brokered deposits. The Bank also enters into interest rate derivative agreements as a service to certain qualifying customers. The Bank manages a matched book with respect to these customer derivatives in order to minimize its net risk exposure resulting from such agreements. The Bank also enters into risk participation agreements under which it may either sell or buy credit risk associated with a customer’s performance under certain interest rate derivative contracts related to loans in which participation interests have been sold to or purchased from other banks. Fair Values of Derivative Instruments on the Balance Sheet The table below presents the notional or contractual amounts and fair values of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of March 31, 2018 and December 31, 2017. March 31, 2018 December 31, 2017 Derivative (1) Derivative (1) (in thousands) Type of Hedge Notional or Contractual Amount Assets Liabilities Notional or Contractual Amount Assets Liabilities Derivatives designated as hedging instruments: Interest rate swaps Cash Flow $ 875,000 $ 1,752 $ 12,667 $ 875,000 $ — $ 14,020 Interest rate swaps Fair Value 483,110 — 3,948 483,110 — 2,475 $ 1,358,110 $ 1,752 $ 16,615 $ 1,358,110 $ — $ 16,495 Derivatives not designated as hedging instruments: Interest rate swaps (2) N/A $ 1,184,109 $ 20,680 $ 20,710 $ 1,144,789 $ 15,408 $ 15,857 Risk participation agreements N/A 121,479 13 61 119,951 23 109 Forward commitments to sell residential mortgage loans N/A 81,326 847 454 80,462 1,000 290 Interest rate-lock commitments on residential mortgage loans N/A 61,904 376 789 53,724 186 782 Foreign exchange forward contracts N/A 42,815 3,096 3,062 42,260 2,453 2,419 1,491,633 25,012 25,076 1,441,186 19,070 19,457 Total derivatives $ 2,849,743 $ 26,764 $ 41,691 $ 2,799,296 $ 19,070 $ 35,952 Less: netting adjustment (3) (14,081) (19,162) (4,913) (21,563) Total derivative assets/liabilities $ 12,683 $ 22,529 $ 14,157 $ 14,389 (1) Derivative assets and liabilities are reported at fair value in other assets or other liabilities, respectively, in the consolidated balance sheets. (2) The notional amount represents both the customer accommodation agreements and offsetting agreements with unrelated financial institutions. (3) Represents balance sheet netting of derivative assets and liabilities for variation margin collateral held or placed with the same central clearing counterparty. See offsetting assets and liabilities for further information. Cash Flow Hedges of Interest Rate Risk The Company is party to various interest rate swap agreements designated and qualify ing as cash flow hedges of the Company’s forec asted variable cash flows for pools of variable rate loans. For each agreement, the Company receives interest at a fixed rate and pays at a variable rate. During the three months ended March 31, 2018, the Company terminated five of its shorter-term swap agreements with notional amounts totaling $450 million and entered into five longer-term agreements with notional amounts totaling $450 million. The Company paid termination fees of approximately $10.6 million to settle the interest rate swap liabilities, and the resulting accumulated other comprehensive loss will be amortized over the remaining maturities of the designated instruments. Amortization of other comprehensive loss on terminated cash flow hedges totaled $1.0 million for the three months ended March 31, 2018. The notional amounts of the swap agreements in place at March 31, 2018 expire as follows: $ 425 million in 20 22 ; $ 350 million in 202 3 ; and $ 100 million in 202 4 . Fair Value Hedges of Interest Rate Risk During 2017, the Company entered into interest rate swap agreements that modify the Company’s exposure to interest rate risk by effectively converting a portion of the Company’s brokered certificates of deposit from fixed rates to variable rates. The maturities and call features of these interest rate swaps match the features of the hedged deposits. As interest rates fall, the decline in the value of the certificates of deposit is offset by the increase in the value of the interest rate swaps. Conversely, as interest rates rise, the value of the underlying hedged deposits increases, but the value of the interest rate swaps decrease s , resu lting in no impact on earnings. Interest expense is adjusted by the difference between the fixed and floating rates for the period the swaps are in effect. Derivatives Not Designated as Hedges Customer interest rate derivative program The Bank enters into interest rate derivative agreements, primarily rate swaps, with commercial banking customers to facilitate their risk management strategies. The Bank enters into offsetting agreements with unrelated financial institutions, thereby mitigating its net risk exposure resulting from such transactions. Because the interest rate derivatives associated with this program do not meet hedge accounting requirements, changes in the fair value of both the customer derivatives and the offsetting derivatives are recognized directly in earnings. Risk participation agreements The Bank also enters into risk participation agreements under which it may either assume or sell credit risk associated with a borrower’s performance under certain interest rate derivative contracts. In those instances where the Bank has assumed credit risk, it is not a direct counterparty to the derivative contract with the borrower and has entered into the risk participation agreement because it is a party to the related loan agreement with the borrower. In those instances in which the Bank has sold credit risk, it is the sole counterparty to the derivative contract with the borrower and has entered into the risk participation agreement because other banks participate in the related loan ag reement. The Bank manages its credit risk under risk participation agreements by monitoring the creditworthine ss of the borrower, based on the Bank’s normal credit review process. Mortgage banking derivatives The Bank also enters into certain deri vative agreements as part of its mortgage banking activities. These agreements include interest rate lock commitments on prospective residential mortgage loans and forward commitments to sell these loans to investors on a best efforts delivery basis. Customer foreign exchange forward contract derivatives The Bank enters into foreign exchange forward derivative agreements, primarily forward foreign currency contracts, with commercial ban king customers to facilitate their risk management strategies. The Bank manages its risk exposure from such transactions by entering into offsetting agreements with unrelated financial institutions. Because the foreign exchange forward contract derivatives associated with this program do not meet hedge accounting requirements, changes in the fair value of both the customer derivatives and the offsetting derivatives are recognized directly in earnings. Effect of Derivative Instruments on the Income Statement Derivative instrument income consisting primarily of customer interest rate swap fees, net of fair value adjustments, is reflected in the income statement in other noninterest income, totaling $ 1.5 million and $ 0.5 million for the three months ended March 31, 2018 and 2017 , respectively . The impact to interest income from cash flow hedges, including amortization of comprehensive loss on terminated cash flow hedges, was $(0.6) million and $0. 1 million for the three months ended March 31, 2018 and 2017, respectively. Interest expense as a result of mark to market adjustments of fair value hedges was $0.1 million and $(0.1) million for the three months ended March 31, 2018 and 2017. Credit Risk-R elated Contingent Features Certain of the Bank’s derivative instruments contain provisions allowing the financial institution counterparty to terminate the contracts in ce rtain circumstances, such as a downgrade of the Bank’s credit ratings below specified levels, a default by the Bank on its indebtedness, or the failure of the Bank to maintain specified minimum regulatory capital ratios or its regulatory status as a well-capitalized institution. These derivative agreements also contain provisions regarding the posting of collateral by each party. Offsetting Assets and Liabilities The Bank’s derivative instruments with certain counterparties contain legally enforceable netting provisions that allow for net settlement of multiple transactions to a single amount, which may be positive, negative, or zero. Agreements with certain bilateral counterparties require both parties to maintain collateral in the event that the fair values of derivative instruments exceed established exposure thresholds. For centrally cleared derivatives, the Company is subject to initial margin posting and daily variation margin exchange with the central clearinghouses. Offsetting information in regards to all derivative assets and liabilities , including accrued interest, subject to these master netting agreements at March 31, 2018 and December 31, 2017 is presented in the following tables. (in thousands) Gross Amounts Net Amounts Gross Amounts Not Offset in the Statement of Income Description Gross Amounts Recognized Offset in the Statement of Income Presented in the Statement of Income Financial Instruments Cash Collateral Net Amount As of March 31, 2018 Derivative Assets $ 18,822 $ (14,314) $ 4,508 $ 1,517 $ — $ 2,991 Derivative Liabilities $ 18,081 $ (16,497) $ 1,584 $ 1,517 $ 4,770 $ (4,703) (in thousands) Gross Amounts Net Amounts Gross Amounts Not Offset in the Statement of Income Description Gross Amounts Recognized Offset in the Statement of Income Presented in the Statement of Income Financial Instruments Cash Collateral Net Amount As of December 31, 2017 Derivative Assets $ 7,155 $ (5,007) $ 2,148 $ 2,148 $ — $ — Derivative Liabilities $ 24,015 $ (20,077) $ 3,938 $ 2,148 $ 4,099 $ (2,309) The Company has excess collateral compared to total exposure due to initial margin requirements for day-to-day rate volatility. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2018 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | 7 . Stockholders’ Equity Common Shares Outstanding Common shares outstanding excludes treasury shares totaling 1.1 million and 1.2 million at March 31, 2018 and December 31, 2017 , respectively, with a first-in-first-out cost basi s of $24.4 million and $25.5 m illion at March 31, 2018 and December 31, 2017 , respectively. Shares outstanding also exclude s unvested restricted share awards totaling 1. 5 million at March 31, 2018 and December 31, 2017. A ccumulated Other Comprehensive Income (Loss) T he components of Accumulated Other Comprehensive Loss and changes in those components are presented in the following table. Available HTM Securities for Sale Transferred Employee Cash (in thousands) Securities from AFS Benefit Plans Flow Hedges Total Balance, December 31, 2016 $ (28,679) $ (14,392) $ (72,501) $ (4,960) $ (120,532) Other comprehensive income (loss) before income taxes: Net change in unrealized gain 2,319 — — (1,135) 1,184 Reclassification of net (gain) loss realized and included in earnings — — 1,387 — 1,387 Amortization of unrealized net loss on securities transferred to HTM — 650 — — 650 Income tax expense (benefit) 843 266 504 (412) 1,201 Balance, March 31, 2017 $ (27,203) $ (14,008) $ (71,618) $ (5,683) $ (118,512) Balance, December 31, 2017 $ (29,512) $ (14,585) $ (79,078) $ (11,227) $ (134,402) Other comprehensive income (loss) before income taxes: Net change in unrealized gain (loss) (55,114) — — (7,130) (62,244) Reclassification of net losses realized and included in earnings — — 1,177 619 1,796 Other valuation adjustments for employee benefit plan — — — — Amortization of unrealized net loss on securities transferred to HTM — 755 — — 755 Income tax expense (benefit) (12,508) 171 267 (1,476) (13,546) Balance, March 31, 2018 $ (72,118) $ (14,001) $ (78,168) $ (16,262) $ (180,549) AOCI is reported as a component of stockholders’ equity. AOCI can include, among other items, unrealized holding gains and losses on securities available for sale (“AFS”), gains and losses associa ted with pension or other post- retirement benefits that are not recognized immediately as a component of net periodic benefit cost, and gains and losses on derivative instruments that are designated as, and qualify as, cash flow hedges. Net unrealized gains/losses on AFS securities reclassified as securities held to maturity (“HTM”) also continue to be reported as a component of AOCI and will be amortized over the estimated remaining life of the securities as an adjustment to interest income. Subject to certain thresholds, unrealized losses on employee benefit plans will be reclassified into income as pension and post-retirement costs are recognized over the remaining service period of plan participants. Accumulated gains/losses on the cash flow hedge of the variable rate loans described in Note 6 will be reclassified into inco me over the life of the hedge. Accumulated other comprehensive loss resulting from the terminated interest rate swaps will be amortized over the remaining maturities of the designated instruments. Gains (losses) in AOCI are net of deferred income taxes. The following table shows the line items of the consolidated statements of income affected by amounts reclassified from AOCI . Three Months Ended Amount reclassified from AOCI (a) March 31, Affected line item on (in thousands) 2018 2017 the statement of income Amortization of unrealized net loss on securities transferred to HTM (755) (650) Interest income Tax effect 171 266 Income taxes Net of tax (584) (384) Net income Amortization of defined benefit pension and post-retirement items (1,177) (1,387) Other noninterest expense (b) Tax effect 267 504 Income taxes Net of tax (910) (883) Net income Reclassification of unrealized gain on cash flow hedges 336 — Interest income Tax effect (76) — Income taxes Net of tax 260 Net income Amortization of loss on terminated cash flow hedges (954) — Interest income Tax effect 216 — Income taxes Net of tax (738) — Net income Total reclassifications, net of tax $ (1,972) $ (1,267) Net income (a) Amounts in parenthesis indicate reduction in net income. (b) These AOCI components are included in the computation of net periodic pension and post-retirement cost that is reported with employee benefits expense (see Note 1 2 – Retirement Plans for additional details). |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2018 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | 8. Revenue Recognition Effective January 1, 2018, the Company adopted the amended provisions of the Financial Accounting Standards Codification Topic 606, “Revenue from Contracts with Customers,” using the modified retrospective approach. The standard applies to most of the Company’s noninterest income, with a significant portion of the Company’s revenue excluded from the scope of the standard, including interest and loan origination fees associated with financial instruments, gains and losses on investment securities, derivatives and sales of financial instruments. The Company’s evaluation of contracts for compliance with the standard did not identify any material changes to the timing of revenue recognition as the standard was largely consistent with the existing guidance and current practices . Therefore, the adoption of this guidance did not have a material impact on the Company’s financial condition or results of operations and there was no cumulative effect adjustment to opening retained earnings. However, upon adoption the Company has begun presenting certain underwriting costs (previously offset against Investment and Annuity Fees), as well as certain subadvisor costs (previously offset against Trust Fees) gross as noninterest expense, neither of which are material to operating results. Due to the nature of the Company’s primary sources of revenue , there are no significant receivables, contract assets or contract liabilities not otherwise disclosed. The Company has assessed that its current disclosures are consistent with the requirements of the standard to present revenue disaggregated in to categories that depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. The following provides additional qualitative disclosures about the Company’s noninterest income and revenue recognition policies. Service Charges on Deposit Accounts Service charges on deposit accounts include transaction based fees for non-sufficient funds , account analysis fees, and other service charges on deposits, including monthly account service fees. Non-sufficient funds fees are recognized at the time when the account overdraft occurs in accordance with regulatory guidelines. Account analysis fees consist of fees charged on certain business deposit accounts based upon account activity as well as other monthly account fees, are recorded under the accrual method of accounting as services are performed. Other service charges are earned by providing depositors safeguard and remittance of funds as well as by providing other elective services for depositors that are performed upon the depositor’s request. Charges for deposit services for the safeguard and remittance of funds are recognized at the end of the statement cycle, after services are provided , as the customer retains funds in the account. Revenue for other elective services is earned at the point in time the customer uses the service. Trust Fees Trust fee income represents revenue generated from asset management services provided to individuals, businesses, and institutions. The Company has a fiduciary responsibility to the beneficiary of the trust to perform agreed upon services which can include investing assets, periodic reporting, and providing tax information regarding the trust. In exchange for these trust and custodial services, the Company collects fee income from beneficiaries as contractually determined via fee schedules. The Company’s performance obligation is primarily satisfied over time as the services are performed and provided to the customer. These fees are recorded under the accrual method of accounting as the services are performed. The Company generally acts as the principal in these transactions and records revenue and expenses on a gross basis. Bank Card and Automated Teller Machine (“ATM”) Fees Bank card and ATM fees include credit card, debit card and ATM transaction revenue. The majority of this revenue is card interchange fees earned through a third party network. Performance obligations are satisfied for each transaction when the card is used and the funds are remitted. The network establishes interchange fees that the merchant remits for each transaction, and costs are incurred from the network for facilitating the interchange with the merchant. Card fees also include merchant services fees earned for providing merchants with card processing capabilities. ATM income is generated from allowing customers to withdraw funds from other banks’ machines and from allowing a non-customer cardholder to withdraw funds from the Company’s machines. The Company satisfies its performance obligations for each transaction at the point in time that the withdrawal is processed. Bank card and ATM fee income is recorded on accrual basis as services are provided with the related expense reflected in data processing expense. Investment and Annuity Fees and Insurance Commissions Investment and annuity services fee income represents income earned from investment and advisory services. The Company provides its customers with access to investment products through the use of third party carriers to meet their financial needs and investment objectives. Upon selection of an investment product, the customer enters into a policy with the carrier. The performance obligation is satisfied by fulfilling its responsibility to acquire the investment for which a commission fee is earned from the carrier based on agreed-upon fee percentages on a trade date basis. The Company has a contractual relationship with a third party broker dealer to provide full service brokerage and investment advisory activities. As the agent in the arrangement, the Company recognizes the investment services commissions on a net basis. Investment revenue also includes portfolio management fees, which represent monthly fees charged on a contractual basis to customers for the management of their investment portfolios and are recorded under the accrual method of accounting on a gross basis, with expenses recorded in the appropriate expense line item. This revenue line item includes investment banking income, which includes fees for services arising from securities offerings or placements in which the Company acts as a principal. Revenue is recognized at the time the underwriting is completed and the revenue is reasonably determinable. Insurance commission revenue is recognized, net of cost, as of the effective date of the insurance policy as the Company’s performance obligation is connecting the customer to the insurance products. The Company also receives contingent commissions from insurance companies as additional incentive for achieving specified premium volume goals and/or the loss experience of the insurance placed. Contingent commissions from insurance companies are recognized when determinable, which is generally when such commissions are received or when we receive data from the insurance companies that allows the reasonable estimation of these amounts. Secondary Mortgage Market Operations Secondary mortgage market operations revenue is primarily comprised of service release premiums earned on the sale of closed-end mortgage loans to other financial institutions or government agencies that are recognized in revenue as each sales transaction occurs. Income from Bank-Owned Life Insurance Bank-owned life insurance income primarily represents income earned from the appreciation of cash surrender value of insurance contracts held and the proceeds of insurance benefits. Revenue from the proceeds of insurance benefits is recognized at the time a claim is confirmed. Credit Related Fee Income Credit-related fee income includes letters of credit fees and unused commercial commitment fees. Revenue for letters of credit fees is recognized over time. Revenue for unused commercial commitment fees are recognized based on contractual terms, generally when collected. Income from Derivatives Income from derivatives consists primarily of interest rate swap fees, net of fair value adjustments for customer derivatives and the related offsetting agreements with unrelated financial institutions for which the derivative instruments are not designated as hedges. This line item also includes the resulting gain or loss from ineffectiveness on derivatives that are designated as hedged items. Gain (Loss) on Sales of Assets Gain (loss) on sales of assets reflects the excess (deficiency) of proceeds received over the carrying amount assets sold plus cost to sell for various assets other than foreclosed real estate. Gain or loss on the sale of assets are recognized as each transaction occurs. Other Miscellaneous Income Other miscellaneous income represents a variety of revenue streams, including safe deposit box income, wire transfer fees, syndication fees and any other income not reflected above. Income is recorded once the performance obligation is satisfied, generally on the accrual basis or on a cash basis if not material and/or considered constrained. |
Other Noninterest Income
Other Noninterest Income | 3 Months Ended |
Mar. 31, 2018 | |
Other Noninterest Income [Abstract] | |
Other Noninterest Income | 9 . Other Noninterest Income Components of other no ninterest income are as follows: Three Months Ended March 31, (in thousands) 2018 2017 Income from bank-owned life insurance $ 3,070 $ 2,652 Credit related fees 2,722 2,878 Income from derivatives 1,523 465 Gain (loss) on sales of assets (1,207) 4,125 Amortization of FDIC loss share receivable — (1,100) Other miscellaneous 3,377 2,755 Total other noninterest income $ 9,485 $ 11,775 |
Other Noninterest Expense
Other Noninterest Expense | 3 Months Ended |
Mar. 31, 2018 | |
Other Noninterest Expense [Abstract] | |
Other Noninterest Expense | 10 . Other Noninterest Expense Components of other non interest expense are as follows: Three Months Ended March 31, (in thousands) 2018 2017 Advertising $ 2,526 $ 3,077 Corporate value and franchise taxes 3,440 3,036 Printing and supplies 1,286 1,178 Travel expense 1,066 1,059 Entertainment and contributions 2,518 1,783 Tax credit investment amortization 874 1,212 Other retirement expense (4,463) (3,060) Other miscellaneous 5,684 7,285 Total other noninterest expense $ 12,931 $ 15,570 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 11 . Earnings Per Share The Company calculates earnings per share using the two-class method. The two-class method allocates net income to each class of common stock and participating security according to common dividends declared and participation rights in undistributed earnings. Participating secur ities consist of nonvested 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. Three Months Ended March 31, (in thousands, except per share data) 2018 2017 Numerator: Net income to common shareholders $ 72,475 $ 49,014 Net income allocated to participating securities - basic and diluted 1,366 1,156 Net income allocated to common shareholders - basic and diluted $ 71,109 $ 47,858 Denominator: Weighted-average common shares - basic $ 85,241 $ 84,365 Dilutive potential common shares 182 259 Weighted-average common shares - diluted $ 85,423 $ 84,624 Earnings per common share: Basic $ 0.83 $ 0.57 Diluted $ 0.83 $ 0.57 Potential common shares consist of stock options, nonvested performance - based awards, and nonvested restricted share awards deferred under the Company’s nonqualified deferred compensation plan. These potential co mmon shares do not enter into the calculation of diluted earnings per share if the impact would be anti-dilutive, i.e., increase earnings per share or redu ce a loss per share. There were no anti-dilutive potential common shares excluded from the calculation of diluted earnings per share for the three months ended March 31, 2018. Weighted average anti-dilutive potential common shares totaled 15,986 for the three months ended March 31, 2017. |
Retirement Plans
Retirement Plans | 3 Months Ended |
Mar. 31, 2018 | |
Retirement Plans [Abstract] | |
Retirement Plans | 12. Retirement Plans The Company sponsors 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 provided 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 were to be frozen as of January 1, 2018 and therefore not increase. The Company makes contributions to the 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 was not required to make a contribution to the Pension Plan in 2017, and does not anticipate making a contribution in 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 sponsors a nonqualified defined benefit plan covering certain legacy Whitney employees that was frozen as of December 31, 2012 and no future benefits are accrued under this plan . The Company sponsors defined benefit postretirement plans for both legacy Hancock and legacy Whitney employees that provide health care and life insurance benefits. Benefits under the Hancock plan are not available to employees hired on or after January 1, 2000. Benefits under the Whitney plan are restricted to retirees who were already receiving benefits at the time of plan amendments in 2007 or active participants who were eligible to receive benefits as of December 31, 2007. The following tables show the components of net periodic benefits cost included in expense for the plans for the periods indicated. Other Post- (in thousands) Pension Benefits Retirement Benefits Three months Ended March 31, 2018 2017 2018 2017 Service cost $ 2,925 $ 3,750 $ 35 $ 48 Interest cost 3,923 4,123 137 180 Expected return on plan assets (9,700) (8,750) — — Amortization of net loss and prior service costs 1,326 1,435 (149) (48) Net periodic benefit cost (reduction of cost) $ (1,526) $ 558 $ 23 $ 180 Effective January 1, 2018, the Company adopted ASU 2017-07, “Compensation – Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Costs.” In accordance with the Update, only the service component of net periodic benefit cost is included in the Employee Benefits line item on the Company’s Consolidated Statement s of Income. All other components have been included in Other Noninterest Expense. Prior period amounts have been reclassified to conform to current presentation. |
Share-Based Payment Arrangement
Share-Based Payment Arrangements | 3 Months Ended |
Mar. 31, 2018 | |
Share-Based Payment Arrangements [Abstract] | |
Share-Based Payment Arrangements | 13 . Share-Based Payment Arrangements Hancock maintains incentive compensation plans that provide for awards of share-based compensation to employees and directors. These plans have been approved by the Company’s shareholders. Detailed descriptions of these plans were included in Note 17 to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 . A summary of stock option activity for the three months ended March 31, 2018 is presented below: Weighted Average Weighted Remaining Average Contractual Aggregate Number of Exercise Term Intrinsic Options Shares Price (Years) Value ($000) Outstanding at January 1, 2018 88,301 $ 34.84 2.8 $ 1,294 Exercised/Released (24,793) 35.12 495 Cancelled/Forfeited — — — Expired — — — Outstanding at March 31, 2018 63,508 $ 34.73 2.6 $ 1,078 Exercisable at March 31, 2018 63,508 $ 34.73 2.6 $ 1,078 The total intrins ic value of options exercised for the three months ended March 31, 2018 and 2017 was $ 0.5 million and $3.3 million, respectively. The Company’s restricted and performance-based share awards to certain employees and directors are subject to service requirements . A summary of the status of the Company’s nonvested restricted and performance -based share awards as of March 31, 2018 and changes during the three months ended March 31, 2018 , is presented in the following table. Weighted Average Number of Grant Date Shares Fair Value Nonvested at January 1, 2018 1,708,942 $ 37.05 Granted 54,710 48.22 Vested (9,587) 35.90 Forfeited (30,376) 35.25 Nonvested at March 31, 2018 1,723,689 $ 37.44 As of March 31, 2018 , there was $ 47.5 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 3.3 years. T he total fair value of shares which vested during three months ended March 31, 2018 and 2017 was $0.3 million and $0.5 million , respectively. During the three months ended March 31, 2018, the Company granted 2 6,147 performance share awards subject to a total shareholder return (“TSR”) performance metric with a grant date fair value of $ 51.13 per share and 2 6,147 performance shares subject to an operating earnings per share performance metric with a grant date fair value of $ 44.84 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 4 3 regional banks. The fair value of the performance shares subject to TSR at the grant date was determined using a Monte Carlo simulation method. The number of performance shares subject to core earnings per share that ultimately vest will be based on the Company’s attainment of certain core earnings per share goals over the two -year performance period. The maximum number of performance shares that could vest is 200% of the target award. Compensation expense for these performance shares is recognized on a straight line basis over the three -year service period. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | 14 . Fair Value Measurements The Financial Accounting Standards Board (“FASB”) defines fair value as the exchange price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market partici pants on the measurement date. The FASB’s guid ance also establishes a fair value hierarchy that prioritizes the inputs to these valuation techniques used to measure fair value, giving preference to quoted prices in active markets for identical assets or liabilities (“level 1”) and the lowest priority to unobservable inputs such as a reporting entity’s own data (“level 3”). Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical assets or liabilities in markets that are not active, observable inputs other than quoted prices, such as interest rates and yield curves, and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Fair Value of Assets and Liabilities Measured on a Recurring Basis The following tables present for each of the fair value hierarchy levels the Company’s assets and liabilities that are measured at fair value on a recurring basis in the consolidated balance sheets. March 31, 2018 (in thousands) Level 1 Level 2 Level 3 Total Assets Available for sale debt securities: U.S. Treasury and government agency securities $ — $ 93,884 $ — $ 93,884 Municipal obligations — 237,291 — 237,291 Corporate debt securities — 5,500 — 5,500 Residential mortgage-backed securities — 1,743,543 — 1,743,543 Commercial mortgage-backed securities — 680,272 — 680,272 Collateralized mortgage obligations — 155,158 — 155,158 Total available for sale securities — 2,915,648 — 2,915,648 Derivative assets (1) — 12,682 — 12,682 Total recurring fair value measurements - assets $ — $ 2,928,330 $ — $ 2,928,330 Liabilities Derivative liabilities (1) $ — $ 22,529 $ — $ 22,529 Total recurring fair value measurements - liabilities $ — $ 22,529 $ — $ 22,529 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 6 - Derivatives. Securities classified as level 2 include obligations of U.S. Government agencies and U.S. Government-sponsored agencies, residential mortgage-backed securities and collateralized mortgage obligations that are issued or guaranteed by U.S. government agencies, and state and munic ipal bonds. The level 2 fair value measurements for investment securities are obtained quarterly from a third-party pricing service that uses industry-standard pricing models. Substantially all of the model inputs are observable in the marketplace or can be supported by observable data. The Company invests only in securities of investment grade quality with a targeted duration, for the overall portfolio, generally between two and five years . Company policies generally limit investments to U.S. agency securities and municipal securities determined to be investment grade according to an internally generated score which generally includes a rating of not less than “Baa” or its equivalent by a nationally recognized statistical rating agency. The fair value of derivative financial instruments, which are predominantly customer interest rate swaps, is obtained from a third-party pricing service that uses an industry-standard discounted cash flow model that relies on inputs, LIBOR swap curves and Overnight Index swap rate curves, observable in the marketplace. To comply with the accounting guidance, credit valuation adjustments are incorporated in the fair values to appropriately reflect nonperformance risk for both the Company and the counterparties. Although the Company has determined that the majority of the inputs used to value the derivative instruments fall within level 2 of the fair value hierarchy, the credit value adjustments utilize level 3 inputs, such as estimates of current credit spreads. The Company has determined that the impact of the credit valuation adjustments is not significant to the overall valuation of these derivatives. As a result, the Company has classified its derivative valuations in their entirety in level 2 of the fair value hierarchy. The Company’s policy is to measure counterparty credit risk quarterly for all derivative instruments, including those subject to master netting arrangements consistent with how market participants would price the net risk exposure at the measurement date. The Company also has certain derivative instruments asso ciated with the Bank’s mortgage banking activities. These derivative instruments include interest rate lock commitments on prospective residential mortgage loans and forward commitments to sell these loans to investors on a best efforts delivery basis. The fair value of these derivative instruments is measured using observable market prices for similar instruments and is classified as a level 2 measurement. The Company’s policy is to recognize transfers between valuation hierarchy levels as of the end of a reporting period. There were no transfers between levels during the periods 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 fair value information presented below is not as of the period-end, rather it was as of the date the fair value adjustment was recorded during the twelve months for each of the dates presented below, and excludes nonrecurring fair value measurements of assets no longer on the balance sheet. The following tables present the Company’s financial assets that are measured at fair value on a nonrecurring basis for each of the fair value hierarchy levels. March 31, 2018 (in thousands) Level 1 Level 2 Level 3 Total Collateral-dependent impaired loans $ — $ 205,945 $ — $ 205,945 Other real estate owned — — 5,493 5,493 Total nonrecurring fair value measurements $ — $ 205,945 $ 5,493 $ 211,438 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 Accounting guidance from the FASB requires the disclosure of estimated fair value information about certain on- and off-balance sheet financial instruments, including those financial instruments that are not measured and reported at fair value on a recurring basis. The significant methods and assumptions used by the Company to estimate the fair value of financial i nstruments are discussed below. Cash, Short ‑Term Investments and Federal Funds Sold – For these short ‑term instruments, the carrying amount is a reasonable estimate of fair value. Securities – The fair value measurement for securities available for sale was discussed earlier in the note. The same measurement techniques were applied to the valuation of securities held to maturity. Loans, Net – The fair value measurement for certain impaired loans was discussed earlier in the note. For the remaining portfolio, fair values were generally determined by discounting scheduled cash flows using discount rates determined with reference to current market rates at which loans with similar terms would be made to borrowers of similar credit quality. Loans Held for Sale – These loans are recorded at fair value and carried at the lower of cost or market. The carrying amount is considered a reasonable estimate of fair value. Deposits – The accounting guidance requires that the fair value of deposits with no stated maturity, such as noninterest-bearing demand deposits, interest-bearing checking and savings accounts, be assigned fair values equal to amounts payable upon demand (“carrying amou nts”). The fair value of fixed maturity certificates of deposit is estimated using the rates currently offered for deposits of similar remaining maturities. Securities Sold under Agreements to Repurchase, Federal Funds Purchased, and FHLB Borrowings – For these short-term liabilities, the carrying amount is a reasonable estimate of fair value. Long-Term Debt – The fair value is estimated by discounting the future contractual cash flows using current market rates at which debt with similar terms could be obtained. Derivative Financial Instruments – The fair value measurement for derivative financial instruments was discussed earlier in the note. The following tables present the estimated fair values of the Company’s financial instruments by fair value hierarchy levels and the corresponding carrying amount at March 31, 2018 and December 31, 2017 . March 31, 2018 Total Fair Carrying (in thousands) Level 1 Level 2 Level 3 Value Amount Financial assets: Cash, interest-bearing bank deposits, and federal funds sold $ 315,401 $ — $ — $ 315,401 $ 315,401 Available for sale securities — 2,915,648 — 2,915,648 2,915,648 Held to maturity securities — 2,952,295 — 2,952,295 3,014,428 Loans, net — 205,945 18,337,770 18,543,715 18,881,791 Loans held for sale — 21,827 — 21,827 21,827 Derivative financial instruments — 12,682 — 12,682 12,682 Financial liabilities: Deposits $ — $ — $ 22,438,772 $ 22,438,772 $ 22,485,722 Federal funds purchased 25,967 — — 25,967 25,967 Securities sold under agreements to repurchase 443,151 — — 443,151 443,151 FHLB short-term borrowings 982,979 — — 982,979 982,979 Long-term debt — 297,555 — 297,555 300,443 Derivative financial instruments — 22,529 — 22,529 22,529 December 31, 2017 Total Fair Carrying (in thousands) Level 1 Level 2 Level 3 Value Amount Financial assets: Cash, interest-bearing bank deposits, and federal funds sold $ 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 FHLB short-term 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 |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2018 | |
Recent Accounting Pronouncements [Abstract] | |
Recent Accounting Pronouncements | 15. Recent Accounting Pronouncements Accounting Standards Adopted in 2018 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 early adopted this standard effective January 1, 2018 and has made certain adjustments to its existing designation documentation for active hedging relationships in order to take advantage of specific provisions in the new guidance and to fully align its documentation with the ASU. The adoption of this standard did not have a material impact on its financial condition or results of operations. See further discussion in Note 6 – Derivatives. 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 Company adopted the standard effective January 1, 2018 and the amendments were applied retrospectively for the presentation of the service cost component and the other components of net periodic pension and postretirement benefit costs in the statement of income. Refer to Note 12 – Retirement Plans – for detail on the components of net periodic pension and post-retirement benefit costs that were reclassified for each reporting period. The provisions of this update apply only to presentation and therefore did not have a material impact on the Company’s financial condition or results of operations. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606),” affecting any entity that enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. The core principle of this standard is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Most revenue associated with financial instruments, including interest and loan origination fees, is outside the scope of the guidance. Gains and losses on investment securities, derivatives, and sales of financial instruments are also excluded from the scope. Subsequent to issuance of the revenue recognition guidance, the FASB has issued several updates that deferred by one year the effective date for revenue recognition guidance; clarified its guidance for performing the principal-versus-agent analysis; clarified guidance for identifying performance obligations allowing entities to ignore immaterial promised goods and services in the context of a contract with a customer and other clarifying guidance and technical corrections. Entities could elect to adopt the guidance either on a full or modified retrospective basis. The standard was effective and the Company adopted this guidance on January 1, 2018, using the modified retrospective approach. The Company inventoried and evaluated its contracts with customers for compliance with the standard. The Company did not identify material changes to the timing of revenue recognition and the adoption of this guidance did not have a material impact on its financial condition or results of operations. See Note 8 - Revenue Recognition for additional information regarding the implementation of this standard. Additionally, the following ASUs were applicable to the Company January 1, 2018, but did not have a significant impact on the Company’s consolidated financial statements: · ASU 2018-05, Income Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 (SEC Update); · ASU 2018-03,Technical Corrections and Improvements to Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities; · ASU 2017-09, Compensation – Stock Compensation (Topic 718): Scope of Modification Accounting; · 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 Issued but Not Yet Adopted Accounting Standards In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credits Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” to improve financial reporting by requiring timelier recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. The ASU, more commonly referred to as Current Expected Credit Losses, or CECL, requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. Many of the loss estimation techniques 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 begun the implementation process by engaging a third party consultant and forming a cross-functional working group comprised of individuals from various areas including credit, finance, risk management and information technology. Three work streams have been created to complete balance sheet scoping, execute system implementation, and develop the expected credit loss models. While the Company has not yet quantified the financial impact of adoption, the expectation is that application of this guidance will result in an increase in the allowance for loan losses given the change in methodology from covering losses inherent in the portfolio to covering losses over the remaining expected life of the portfolio, and the reclassification of nonaccretable difference on purchased credit impaired loans to allowance (offset by an increase in the carrying value of the related loans). Application of the guidance is also expected to 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. With the exception of short-term leases, lessees will be required to recognize a lease liability representing the lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis, and a right-of-use asset representing the lessee’s right to use, or control the use of, a specified asset for the lease term. Consequently, lessees will no longer be able to utilize leases a source of off-balance sheet financing. Lessor accounting is largely unchanged under the new guidance, except for clarification of the definition of initial direct costs which may impact the timing of recognition of those costs. 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 begun its review of existing lease and service contracts that may include embedded leases. The Company also begun the process of upgrading its existing third-party leasing software that will be used for implementation, with a targeted completion date in the fourth quarter of 2018. 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. |
Basis of Presentation24
Basis of Presentation | 3 Months Ended |
Mar. 31, 2018 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements include the accounts of Hancock Holding Company and all other entities in which it has a controlling interest (the “Company”). The financial statements include all adjustments that are, in the opinion of management, necessary to fairly state the Company’s financial condition, results of operations, changes in stockholders’ equity and cash flows for the interim periods presented. The Company has also evaluated all subsequent events for potential recognition and disclosure through the date of the filing of this Quarterly Report on Form 10-Q. Some financial information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) have been condensed or omitted in this Quarterly Report on Form 10-Q pursuant to Securities and Exchange Commission rules and regulations. These financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 . Financial information reported in these financial statements is not necessarily indicative of the Company’s financial condition, results of operations, or cash flows for any other interim or annual period. Certain prior period amounts have been reclassified to conform to the current period presentation. These changes in presentation did not have a material impact on the Company’s financial condition or operating results. |
Use of Estimates | Use of Estimates The accounting principles the Company follows and the methods for applying these principles conform to GAAP and general practices followed by the banking industry. These accounting principles require management to make estimates and assumptions about future events that affect the amounts reported in the consolidated financial statements and the accompanying notes. Actual results could differ from those estimates. |
Critical Accounting Policies and Estimates | Critical Accounting Policies and Estimates There were no material changes or developments during the reporting period with respect to methodologies that the Company uses when applying what management believes are critical accounting policies and developing critical accounting estimates as disclosed in its Annual Report on Form 10-K for the year ended December 31, 2017. Refer to Note 15 – Recent Accounting Pronouncements for a discussion of accounting standards adopted during the quarter ended March 31, 2018. |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Gain (Loss) on Investments [Line Items] | |
Amortized Cost and Fair Value of Securities Available for Sale | Securities Available for Sale (in thousands) March 31, 2018 December 31, 2017 Gross Gross Gross Gross Amortized Unrealized Unrealized Fair Amortized Unrealized Unrealized Fair Cost Gains Losses Value Cost Gains Losses Value U.S. Treasury and government agency securities $ 97,431 — 3,547 93,884 $ 99,535 $ — $ 2,263 $ 97,272 Municipal obligations 245,164 211 8,084 237,291 245,997 1,135 3,346 243,786 Residential mortgage-backed securities 1,787,382 3,552 47,391 1,743,543 1,729,989 5,611 20,387 1,715,213 Commercial mortgage-backed securities 715,360 — 35,088 680,272 704,518 480 17,863 687,135 Collateralized mortgage obligations 158,114 — 2,956 155,158 165,518 4 1,559 163,963 Corporate debt securities 5,500 — — 5,500 3,500 — — 3,500 $ 3,008,951 $ 3,763 $ 97,066 $ 2,915,648 $ 2,949,057 $ 7,230 $ 45,418 $ 2,910,869 |
Amortized Cost and Fair Value of Securities Held to Maturity | Securities Held to Maturity (in thousands) March 31, 2018 December 31, 2017 Gross Gross Gross Gross Amortized Unrealized Unrealized Fair Amortized Unrealized Unrealized Fair Cost Gains Losses Value Cost Gains Losses Value U.S. Treasury and government agency securities $ 50,000 — 576 49,424 $ 50,000 $ — $ 289 $ 49,711 Municipal obligations 707,581 1,315 13,453 695,443 723,094 8,323 4,245 727,172 Residential mortgage-backed securities 695,655 721 10,624 685,752 725,748 4,175 2,690 727,233 Commercial mortgage-backed securities 316,966 — 11,400 305,566 317,185 40 3,915 313,310 Collateralized mortgage obligations 1,244,226 391 28,507 1,216,110 1,161,484 572 17,472 1,144,584 $ 3,014,428 $ 2,427 $ 64,560 $ 2,952,295 $ 2,977,511 $ 13,110 $ 28,611 $ 2,962,010 |
Available for Sale [Member] | |
Gain (Loss) on Investments [Line Items] | |
Amortized Cost and Fair Value of Debt Securities by Contractual Maturity | Debt Securities Available for Sale Amortized Fair (in thousands) Cost Value Due in one year or less $ 7,388 $ 7,408 Due after one year through five years 45,623 45,740 Due after five years through ten years 1,249,127 1,202,997 Due after ten years 1,706,813 1,659,503 Total available for sale debt securities $ 3,008,951 $ 2,915,648 |
Securities with Unrealized Losses | Available for Sale March 31, 2018 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 $ 43,521 1,214 50,362 2,333 $ 93,883 $ 3,547 Municipal obligations 54,330 948 169,119 7,136 223,449 8,084 Residential mortgage-backed securities 654,990 14,667 850,853 32,724 1,505,843 47,391 Commercial mortgage-backed securities 279,631 8,091 400,641 26,997 680,272 35,088 Collateralized mortgage obligations 122,186 2,324 32,972 632 155,158 2,956 $ 1,154,658 $ 27,244 $ 1,503,947 $ 69,822 $ 2,658,605 $ 97,066 Available for Sale December 31, 2017 Losses < 12 months Losses 12 months or > Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized (in thousands) Value Losses Value Losses Value Losses 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 |
Held to Maturity [Member] | |
Gain (Loss) on Investments [Line Items] | |
Amortized Cost and Fair Value of Debt Securities by Contractual Maturity | Debt Securities Held to Maturity Amortized Fair (in thousands) Cost Value Due in one year or less $ 4,190 $ 4,205 Due after one year through five years 132,047 131,197 Due after five years through ten years 1,478,419 1,446,343 Due after ten years 1,399,772 1,370,550 Total held to maturity securities $ 3,014,428 $ 2,952,295 |
Securities with Unrealized Losses | Held to maturity March 31, 2018 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 $ — — 49,424 576 $ 49,424 $ 576 Municipal obligations 341,011 4,530 221,438 8,923 562,449 13,453 Residential mortgage-backed securities 403,985 4,090 224,200 6,534 628,185 10,624 Commercial mortgage-backed securities 234,468 6,845 71,098 4,555 305,566 11,400 Collateralized mortgage obligations 672,660 12,567 441,866 15,940 1,114,526 28,507 $ 1,652,124 $ 28,032 $ 1,008,026 $ 36,528 $ 2,660,150 $ 64,560 Held to maturity December 31, 2017 Losses < 12 months Losses 12 months or > Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized (in thousands) Value Losses Value Losses Value Losses 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 |
Loans and Allowance for Loan 26
Loans and Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans, Net of Unearned Income | March 31, December 31, (in thousands) 2018 2017 Commercial non-real estate $ 8,336,222 $ 8,297,937 Commercial real estate - owner occupied 2,185,543 2,142,439 Total commercial & industrial 10,521,765 10,440,376 Commercial real estate - income producing 2,394,862 2,384,599 Construction and land development 1,413,878 1,373,421 Residential mortgages 2,732,821 2,690,472 Consumer 2,029,178 2,115,295 Total loans $ 19,092,504 $ 19,004,163 |
Allowance for Loan Losses by Portfolio Class | Commercial Commercial Commercial real estate- Total real estate- Construction non-real owner commercial & income and land Residential (in thousands) estate occupied industrial producing development mortgages Consumer Total Three Months Ended March 31, 2018 Allowance for loan losses: Beginning balance $ 127,918 $ 12,962 $ 140,880 $ 13,709 $ 7,372 $ 24,844 $ 30,503 $ 217,308 Charge-offs (9,335) (851) (10,186) — (10) (192) (8,048) (18,436) Recoveries 4,146 88 4,234 63 29 116 1,794 6,236 Net provision for loan losses 3,877 1,421 5,298 (787) 2,533 150 5,059 12,253 Reduction as a result of sale of subsidiary — — — — — — (6,648) (6,648) Ending balance $ 126,606 $ 13,620 $ 140,226 $ 12,985 $ 9,924 $ 24,918 $ 22,660 $ 210,713 Allowance at end of period : Individually evaluated for impairment $ 20,356 $ 2,475 $ 22,831 $ 1,261 $ 1 $ 276 $ 232 $ 24,601 Amounts related to purchased credit impaired loans 471 495 966 576 173 11,720 612 14,047 Collectively evaluated for impairment 105,779 10,650 116,429 11,148 9,750 12,922 21,816 172,065 Total allowance $ 126,606 $ 13,620 $ 140,226 $ 12,985 $ 9,924 $ 24,918 $ 22,660 $ 210,713 Loans at end of period : Individually evaluated for impairment $ 323,913 $ 30,318 $ 354,231 $ 14,071 $ 113 $ 8,338 $ 617 $ 377,370 Purchased credit impaired loans 8,510 8,384 16,894 4,361 5,843 116,409 5,876 149,383 Collectively evaluated for impairment 8,003,799 2,146,841 10,150,640 2,376,430 1,407,922 2,608,074 2,022,685 18,565,751 Total loans $ 8,336,222 $ 2,185,543 $ 10,521,765 $ 2,394,862 $ 1,413,878 $ 2,732,821 $ 2,029,178 $ 19,092,504 Commercial Commercial Commercial real estate- Total real estate- Construction non-real owner commercial & income and land Residential (in thousands) estate occupied industrial producing development mortgages Consumer Total Three Months Ended March 31, 2017 Allowance for loan losses: Beginning balance $ 147,052 $ 11,083 $ 158,135 $ 13,509 $ 6,271 $ 25,361 $ 26,142 $ 229,418 Charge-offs (24,791) (29) (24,820) (7) (91) (348) (8,678) (33,944) Recoveries 938 275 1,213 375 471 113 1,743 3,915 Net provision for loan losses 8,101 193 8,294 (266) 69 376 7,518 15,991 Decrease in FDIC loss share receivable (31) — (31) — — (1,696) (103) (1,830) Ending balance $ 131,269 $ 11,522 $ 142,791 $ 13,611 $ 6,720 $ 23,806 $ 26,622 $ 213,550 Allowance at end of period : Individually evaluated for impairment $ 15,017 $ 76 $ 15,093 $ 1,114 $ 1 $ 94 $ 199 $ 16,501 Amounts related to purchased credit impaired loans 411 787 1,198 213 283 13,286 1,019 15,999 Collectively evaluated for impairment 115,841 10,659 126,500 12,284 6,436 10,426 25,404 181,050 Total allowance $ 131,269 $ 11,522 $ 142,791 $ 13,611 $ 6,720 $ 23,806 $ 26,622 $ 213,550 Loans at end of period : Individually evaluated for impairment $ 231,988 $ 3,894 $ 235,882 $ 13,599 $ 1,592 $ 3,236 $ 2,149 $ 256,458 Purchased credit impaired loans 6,693 12,468 19,161 7,669 4,326 138,260 9,951 179,367 Collectively evaluated for impairment 7,835,606 2,031,089 9,866,695 2,483,836 1,246,749 2,124,767 2,046,996 17,769,043 Total loans $ 8,074,287 $ 2,047,451 $ 10,121,738 $ 2,505,104 $ 1,252,667 $ 2,266,263 $ 2,059,096 $ 18,204,868 |
Composition of Nonaccrual Loans by Portfolio Class | March 31, December 31, (in thousands) 2018 2017 Commercial non-real estate $ 179,203 $ 152,863 Commercial real estate - owner occupied 27,387 25,989 Total commercial & industrial 206,590 178,852 Commercial real estate - income producing 15,633 14,574 Construction and land development 3,724 3,807 Residential mortgages 35,069 40,480 Consumer 14,163 15,087 Total loans $ 275,179 $ 252,800 |
Troubled Debt Restructurings Modified by Portfolio Class | Three Months Ended ($ in thousands) March 31, 2018 March 31, 2017 Pre-Modification Post-Modification Pre-Modification Post-Modification Outstanding Outstanding Outstanding Outstanding Number of Recorded Recorded Number of Recorded Recorded Troubled Debt Restructurings: Contracts Investment Investment Contracts Investment Investment Commercial non-real estate 13 $ 55,482 $ 55,482 9 $ 38,659 $ 38,659 Commercial real estate - owner occupied 1 5,909 5,909 1 656 656 Total commercial & industrial 14 61,391 61,391 10 39,315 39,315 Commercial real estate - income producing 1 1,564 1,564 2 5,527 5,527 Construction and land development 1 43 43 — — — Residential mortgages — — — 1 250 250 Consumer 1 222 222 — — — Total loans 17 $ 63,220 $ 63,220 13 $ 45,092 $ 45,092 |
Loans Individually Evaluated for Impairment Disaggregated by Portfolio Class | March 31, 2018 Recorded investment Recorded investment Unpaid (in thousands) without an allowance with an allowance principal balance Related allowance Commercial non-real estate $ 108,898 $ 215,015 $ 335,178 $ 20,356 Commercial real estate - owner occupied 6,064 24,254 30,997 2,475 Total commercial & industrial 114,962 239,269 366,175 22,831 Commercial real estate - income producing 6,055 8,016 14,269 1,261 Construction and land development 100 13 114 1 Residential mortgages 5,861 2,477 11,682 276 Consumer 14 603 718 232 Total loans $ 126,992 $ 250,378 $ 392,958 $ 24,601 December 31, 2017 Recorded investment Recorded investment Unpaid (in thousands) without an allowance with an allowance 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 & 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 The tables below present the average balances and interest income for total impaired loans for the three months ended March 31, 2018 and 2017. Interest income recognized represents interest on accruing loans modified in a TDR. Three Months Ended March 31, 2018 March 31, 2017 Average Interest Average Interest recorded income recorded income (in thousands) investment recognized investment recognized Commercial non-real estate $ 295,897 $ 1,586 $ 251,625 $ 337 Commercial real estate - owner occupied 25,905 66 5,081 4 Total commercial & industrial 321,802 1,652 256,706 341 Commercial real estate - income producing 14,801 25 14,487 43 Construction and land development 238 — 1,766 — Residential mortgages 9,489 5 3,792 2 Consumer 955 9 2,152 2 Total loans $ 347,285 $ 1,691 $ 278,903 $ 388 |
Age Analysis of Past Due Loans by Portfolio Class | Recorded Greater than investment 30-59 days 60-89 days 90 days Total Total > 90 days and March 31, 2018 past due past due past due past due Current Loans still accruing (in thousands) Commercial non-real estate $ 45,309 $ 18,497 $ 130,360 $ 194,166 $ 8,142,056 $ 8,336,222 $ 20,330 Commercial real estate - owner occupied 7,464 115 22,138 29,717 2,155,826 2,185,543 1,360 Total commercial & industrial 52,773 18,612 152,498 223,883 10,297,882 10,521,765 21,690 Commercial real estate - income producing 928 1,954 8,419 11,301 2,383,561 2,394,862 2,771 Construction and land development 6,537 416 3,115 10,068 1,403,810 1,413,878 259 Residential mortgages 32,815 4,496 20,122 57,433 2,675,388 2,732,821 1,170 Consumer 16,083 5,124 7,542 28,749 2,000,429 2,029,178 573 Total $ 109,136 $ 30,602 $ 191,696 $ 331,434 $ 18,761,070 $ 19,092,504 $ 26,463 Recorded Greater than investment 30-59 days 60-89 days 90 days Total Total > 90 days and December 31, 2017 past due past due past due past due Current Loans still 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 & 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 $ 137,267 $ 33,000 $ 157,082 $ 327,349 $ 18,676,814 $ 19,004,163 $ 27,766 |
Changes in Carrying Amount of Purchased Credit Impaired Loans and Related Accretable Yield | March 31, 2018 December 31, 2017 Carrying Carrying Amount Accretable Amount Accretable (in thousands) of Loans Yield of Loans Yield Balance at beginning of period $ 153,403 $ 62,517 $ 190,915 $ 113,686 Addition of cost recovery loans - FNBC I — — 15,000 — Payments received, net (8,288) (1,703) (69,591) (7,412) Accretion 4,268 (4,268) 17,079 (17,079) Increase in expected cash flows based on actual cash flows and changes in cash flow assumptions — (956) — (30,379) Net transfers from nonaccretable difference to accretable yield — — — 3,701 Balance at end of period $ 149,383 $ 55,590 $ 153,403 $ 62,517 |
Total Commercial [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Credit Quality Indicators by Segments and Portfolio Class | March 31, 2018 (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 $ 7,250,715 $ 1,954,384 $ 9,205,099 $ 2,268,358 $ 1,334,456 $ 12,807,913 Pass-Watch 269,657 51,856 321,513 58,092 59,208 438,813 Special Mention 100,005 35,971 135,976 9,344 6,279 151,599 Substandard 715,827 143,332 859,159 59,068 13,935 932,162 Doubtful 18 — 18 — — 18 Total $ 8,336,222 $ 2,185,543 $ 10,521,765 $ 2,394,862 $ 1,413,878 $ 14,330,505 December 31, 2017 (in thousands) Commercial non-real estate Commercial real estate - owner-occupied Total commercial & industrial Commercial real estate - income producing Construction and land development Total commercial Grade: Pass $ 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 |
Residential Mortgage and Consumer [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Credit Quality Indicators by Segments and Portfolio Class | March 31, 2018 December 31, 2017 (in thousands) Residential mortgage Consumer Total Residential mortgage Consumer Total Performing $ 2,696,582 $ 2,014,442 $ 4,711,024 $ 2,647,784 $ 2,099,637 $ 4,747,421 Nonperforming 36,239 14,736 50,975 42,688 15,658 58,346 Total $ 2,732,821 $ 2,029,178 $ 4,761,999 $ 2,690,472 $ 2,115,295 $ 4,805,767 |
Derivatives (Tables)
Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Derivatives [Abstract] | |
Fair Values of Derivative Financial Instruments | March 31, 2018 December 31, 2017 Derivative (1) Derivative (1) (in thousands) Type of Hedge Notional or Contractual Amount Assets Liabilities Notional or Contractual Amount Assets Liabilities Derivatives designated as hedging instruments: Interest rate swaps Cash Flow $ 875,000 $ 1,752 $ 12,667 $ 875,000 $ — $ 14,020 Interest rate swaps Fair Value 483,110 — 3,948 483,110 — 2,475 $ 1,358,110 $ 1,752 $ 16,615 $ 1,358,110 $ — $ 16,495 Derivatives not designated as hedging instruments: Interest rate swaps (2) N/A $ 1,184,109 $ 20,680 $ 20,710 $ 1,144,789 $ 15,408 $ 15,857 Risk participation agreements N/A 121,479 13 61 119,951 23 109 Forward commitments to sell residential mortgage loans N/A 81,326 847 454 80,462 1,000 290 Interest rate-lock commitments on residential mortgage loans N/A 61,904 376 789 53,724 186 782 Foreign exchange forward contracts N/A 42,815 3,096 3,062 42,260 2,453 2,419 1,491,633 25,012 25,076 1,441,186 19,070 19,457 Total derivatives $ 2,849,743 $ 26,764 $ 41,691 $ 2,799,296 $ 19,070 $ 35,952 Less: netting adjustment (3) (14,081) (19,162) (4,913) (21,563) Total derivative assets/liabilities $ 12,683 $ 22,529 $ 14,157 $ 14,389 (1) Derivative assets and liabilities are reported at fair value in other assets or other liabilities, respectively, in the consolidated balance sheets. (2) The notional amount represents both the customer accommodation agreements and offsetting agreements with unrelated financial institutions. (3) Represents balance sheet netting of derivative assets and liabilities for variation margin collateral held or placed with the same central clearing counterparty. See offsetting assets and liabilities for further information. |
Offsetting Derivative Assets and Liabilities Subject to Master Netting Arrangements | (in thousands) Gross Amounts Net Amounts Gross Amounts Not Offset in the Statement of Income Description Gross Amounts Recognized Offset in the Statement of Income Presented in the Statement of Income Financial Instruments Cash Collateral Net Amount As of March 31, 2018 Derivative Assets $ 18,822 $ (14,314) $ 4,508 $ 1,517 $ — $ 2,991 Derivative Liabilities $ 18,081 $ (16,497) $ 1,584 $ 1,517 $ 4,770 $ (4,703) (in thousands) Gross Amounts Net Amounts Gross Amounts Not Offset in the Statement of Income Description Gross Amounts Recognized Offset in the Statement of Income Presented in the Statement of Income Financial Instruments Cash Collateral Net Amount As of December 31, 2017 Derivative Assets $ 7,155 $ (5,007) $ 2,148 $ 2,148 $ — $ — Derivative Liabilities $ 24,015 $ (20,077) $ 3,938 $ 2,148 $ 4,099 $ (2,309) |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Stockholders' Equity [Abstract] | |
Components of Accumulated Other Comprehensive Income (Loss) | Available HTM Securities for Sale Transferred Employee Cash (in thousands) Securities from AFS Benefit Plans Flow Hedges Total Balance, December 31, 2016 $ (28,679) $ (14,392) $ (72,501) $ (4,960) $ (120,532) Other comprehensive income (loss) before income taxes: Net change in unrealized gain 2,319 — — (1,135) 1,184 Reclassification of net (gain) loss realized and included in earnings — — 1,387 — 1,387 Amortization of unrealized net loss on securities transferred to HTM — 650 — — 650 Income tax expense (benefit) 843 266 504 (412) 1,201 Balance, March 31, 2017 $ (27,203) $ (14,008) $ (71,618) $ (5,683) $ (118,512) Balance, December 31, 2017 $ (29,512) $ (14,585) $ (79,078) $ (11,227) $ (134,402) Other comprehensive income (loss) before income taxes: Net change in unrealized gain (loss) (55,114) — — (7,130) (62,244) Reclassification of net losses realized and included in earnings — — 1,177 619 1,796 Other valuation adjustments for employee benefit plan — — — — Amortization of unrealized net loss on securities transferred to HTM — 755 — — 755 Income tax expense (benefit) (12,508) 171 267 (1,476) (13,546) Balance, March 31, 2018 $ (72,118) $ (14,001) $ (78,168) $ (16,262) $ (180,549) |
Line Items in Consolidated Income Statements Affected by Amounts Reclassified from Accumulated Other Comprehensive Income | Three Months Ended Amount reclassified from AOCI (a) March 31, Affected line item on (in thousands) 2018 2017 the statement of income Amortization of unrealized net loss on securities transferred to HTM (755) (650) Interest income Tax effect 171 266 Income taxes Net of tax (584) (384) Net income Amortization of defined benefit pension and post-retirement items (1,177) (1,387) Other noninterest expense (b) Tax effect 267 504 Income taxes Net of tax (910) (883) Net income Reclassification of unrealized gain on cash flow hedges 336 — Interest income Tax effect (76) — Income taxes Net of tax 260 Net income Amortization of loss on terminated cash flow hedges (954) — Interest income Tax effect 216 — Income taxes Net of tax (738) — Net income Total reclassifications, net of tax $ (1,972) $ (1,267) Net income (a) Amounts in parenthesis indicate reduction in net income. (b) These AOCI components are included in the computation of net periodic pension and post-retirement cost that is reported with employee benefits expense (see Note 1 2 – Retirement Plans for additional details). |
Other Noninterest Income (Table
Other Noninterest Income (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Other Noninterest Income [Abstract] | |
Components of Other Noninterest Income | Three Months Ended March 31, (in thousands) 2018 2017 Income from bank-owned life insurance $ 3,070 $ 2,652 Credit related fees 2,722 2,878 Income from derivatives 1,523 465 Gain (loss) on sales of assets (1,207) 4,125 Amortization of FDIC loss share receivable — (1,100) Other miscellaneous 3,377 2,755 Total other noninterest income $ 9,485 $ 11,775 |
Other Noninterest Expense (Tabl
Other Noninterest Expense (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Other Noninterest Expense [Abstract] | |
Components of Other Noninterest Expense | Three Months Ended March 31, (in thousands) 2018 2017 Advertising $ 2,526 $ 3,077 Corporate value and franchise taxes 3,440 3,036 Printing and supplies 1,286 1,178 Travel expense 1,066 1,059 Entertainment and contributions 2,518 1,783 Tax credit investment amortization 874 1,212 Other retirement expense (4,463) (3,060) Other miscellaneous 5,684 7,285 Total other noninterest expense $ 12,931 $ 15,570 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Computation of Earnings Per Common Share | Three Months Ended March 31, (in thousands, except per share data) 2018 2017 Numerator: Net income to common shareholders $ 72,475 $ 49,014 Net income allocated to participating securities - basic and diluted 1,366 1,156 Net income allocated to common shareholders - basic and diluted $ 71,109 $ 47,858 Denominator: Weighted-average common shares - basic $ 85,241 $ 84,365 Dilutive potential common shares 182 259 Weighted-average common shares - diluted $ 85,423 $ 84,624 Earnings per common share: Basic $ 0.83 $ 0.57 Diluted $ 0.83 $ 0.57 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Retirement Plans [Abstract] | |
Components of Net Periodic Benefits Cost | Other Post- (in thousands) Pension Benefits Retirement Benefits Three months Ended March 31, 2018 2017 2018 2017 Service cost $ 2,925 $ 3,750 $ 35 $ 48 Interest cost 3,923 4,123 137 180 Expected return on plan assets (9,700) (8,750) — — Amortization of net loss and prior service costs 1,326 1,435 (149) (48) Net periodic benefit cost (reduction of cost) $ (1,526) $ 558 $ 23 $ 180 |
Share-Based Payment Arrangeme33
Share-Based Payment Arrangements (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Share-Based Payment Arrangements [Abstract] | |
Summary of Option Activity | Weighted Average Weighted Remaining Average Contractual Aggregate Number of Exercise Term Intrinsic Options Shares Price (Years) Value ($000) Outstanding at January 1, 2018 88,301 $ 34.84 2.8 $ 1,294 Exercised/Released (24,793) 35.12 495 Cancelled/Forfeited — — — Expired — — — Outstanding at March 31, 2018 63,508 $ 34.73 2.6 $ 1,078 Exercisable at March 31, 2018 63,508 $ 34.73 2.6 $ 1,078 |
Summary of Nonvested Restricted and Performance Shares | Weighted Average Number of Grant Date Shares Fair Value Nonvested at January 1, 2018 1,708,942 $ 37.05 Granted 54,710 48.22 Vested (9,587) 35.90 Forfeited (30,376) 35.25 Nonvested at March 31, 2018 1,723,689 $ 37.44 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Measurements [Abstract] | |
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | March 31, 2018 (in thousands) Level 1 Level 2 Level 3 Total Assets Available for sale debt securities: U.S. Treasury and government agency securities $ — $ 93,884 $ — $ 93,884 Municipal obligations — 237,291 — 237,291 Corporate debt securities — 5,500 — 5,500 Residential mortgage-backed securities — 1,743,543 — 1,743,543 Commercial mortgage-backed securities — 680,272 — 680,272 Collateralized mortgage obligations — 155,158 — 155,158 Total available for sale securities — 2,915,648 — 2,915,648 Derivative assets (1) — 12,682 — 12,682 Total recurring fair value measurements - assets $ — $ 2,928,330 $ — $ 2,928,330 Liabilities Derivative liabilities (1) $ — $ 22,529 $ — $ 22,529 Total recurring fair value measurements - liabilities $ — $ 22,529 $ — $ 22,529 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 6 - Derivatives. |
Financial Assets Measured at Fair Value on Nonrecurring Basis | March 31, 2018 (in thousands) Level 1 Level 2 Level 3 Total Collateral-dependent impaired loans $ — $ 205,945 $ — $ 205,945 Other real estate owned — — 5,493 5,493 Total nonrecurring fair value measurements $ — $ 205,945 $ 5,493 $ 211,438 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 |
Estimated Fair Values of Financial Instruments | March 31, 2018 Total Fair Carrying (in thousands) Level 1 Level 2 Level 3 Value Amount Financial assets: Cash, interest-bearing bank deposits, and federal funds sold $ 315,401 $ — $ — $ 315,401 $ 315,401 Available for sale securities — 2,915,648 — 2,915,648 2,915,648 Held to maturity securities — 2,952,295 — 2,952,295 3,014,428 Loans, net — 205,945 18,337,770 18,543,715 18,881,791 Loans held for sale — 21,827 — 21,827 21,827 Derivative financial instruments — 12,682 — 12,682 12,682 Financial liabilities: Deposits $ — $ — $ 22,438,772 $ 22,438,772 $ 22,485,722 Federal funds purchased 25,967 — — 25,967 25,967 Securities sold under agreements to repurchase 443,151 — — 443,151 443,151 FHLB short-term borrowings 982,979 — — 982,979 982,979 Long-term debt — 297,555 — 297,555 300,443 Derivative financial instruments — 22,529 — 22,529 22,529 December 31, 2017 Total Fair Carrying (in thousands) Level 1 Level 2 Level 3 Value Amount Financial assets: Cash, interest-bearing bank deposits, and federal funds sold $ 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 FHLB short-term 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 |
Acquisitions and Divestiture (N
Acquisitions and Divestiture (Narrative) (Details) $ in Millions | Mar. 09, 2018USD ($) | Apr. 28, 2017USD ($) | Mar. 10, 2017USD ($)entity |
Harrison Finance Company [Member] | |||
Business Acquisition [Line Items] | |||
Loss from sale of consumer finance subsidiary | $ 1.1 | ||
Proceeds from sale of finance subsidiary | $ 78.3 | ||
FNBC I [Member] | Whitney Bank [Member] | |||
Business Acquisition [Line Items] | |||
Number of branches | entity | 9 | ||
Net of cash acquired | $ 323 | ||
Cash consideration | 326 | ||
Cash acquired | 3 | ||
Acquisition, Premium amount to pay | $ 41.6 | ||
FNBC II [Member] | Whitney Bank [Member] | |||
Business Acquisition [Line Items] | |||
Cash received | $ 800 | ||
Cash acquired | 158 | ||
Premium payment | 35 | ||
Unpaid principal balance of the loans acquired, Net liabilities assumed | $ 642 |
Securities (Narrative) (Details
Securities (Narrative) (Details) $ in Billions | 3 Months Ended | ||
Mar. 31, 2018USD ($)item | Mar. 31, 2017item | Dec. 31, 2017USD ($) | |
Securities [Abstract] | |||
Securities classified as trading | $ 0 | $ 0 | |
Securities pledged as collateral | $ 3.4 | $ 3.3 | |
Sale of securities | item | 0 | 0 |
Securities (Amortized Cost and
Securities (Amortized Cost and Fair Value of Securities Available for Sale) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | $ 3,008,951 | $ 2,949,057 |
Securities Available for Sale, Gross Unrealized Gains | 3,763 | 7,230 |
Securities Available for Sale, Gross Unrealized Losses | 97,066 | 45,418 |
Securities Available for Sale, Fair Value | 2,915,648 | 2,910,869 |
U.S. Treasury And Government Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 97,431 | 99,535 |
Securities Available for Sale, Gross Unrealized Losses | 3,547 | 2,263 |
Securities Available for Sale, Fair Value | 93,884 | 97,272 |
Municipal Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 245,164 | 245,997 |
Securities Available for Sale, Gross Unrealized Gains | 211 | 1,135 |
Securities Available for Sale, Gross Unrealized Losses | 8,084 | 3,346 |
Securities Available for Sale, Fair Value | 237,291 | 243,786 |
Residential Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 1,787,382 | 1,729,989 |
Securities Available for Sale, Gross Unrealized Gains | 3,552 | 5,611 |
Securities Available for Sale, Gross Unrealized Losses | 47,391 | 20,387 |
Securities Available for Sale, Fair Value | 1,743,543 | 1,715,213 |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 715,360 | 704,518 |
Securities Available for Sale, Gross Unrealized Gains | 480 | |
Securities Available for Sale, Gross Unrealized Losses | 35,088 | 17,863 |
Securities Available for Sale, Fair Value | 680,272 | 687,135 |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 158,114 | 165,518 |
Securities Available for Sale, Gross Unrealized Gains | 4 | |
Securities Available for Sale, Gross Unrealized Losses | 2,956 | 1,559 |
Securities Available for Sale, Fair Value | 155,158 | 163,963 |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 5,500 | 3,500 |
Securities Available for Sale, Fair Value | $ 5,500 | $ 3,500 |
Securities (Amortized Cost an38
Securities (Amortized Cost and Fair Value of Securities Held to Maturity) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities Held to Maturity, Amortized Cost | $ 3,014,428 | $ 2,977,511 |
Securities Held to Maturity, Gross Unrealized Gains | 2,427 | 13,110 |
Securities Held to Maturity, Gross Unrealized Losses | 64,560 | 28,611 |
Securities Held to Maturity, Fair Value | 2,952,295 | 2,962,010 |
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 | 576 | 289 |
Securities Held to Maturity, Fair Value | 49,424 | 49,711 |
Municipal Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities Held to Maturity, Amortized Cost | 707,581 | 723,094 |
Securities Held to Maturity, Gross Unrealized Gains | 1,315 | 8,323 |
Securities Held to Maturity, Gross Unrealized Losses | 13,453 | 4,245 |
Securities Held to Maturity, Fair Value | 695,443 | 727,172 |
Residential Mortgage-Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities Held to Maturity, Amortized Cost | 695,655 | 725,748 |
Securities Held to Maturity, Gross Unrealized Gains | 721 | 4,175 |
Securities Held to Maturity, Gross Unrealized Losses | 10,624 | 2,690 |
Securities Held to Maturity, Fair Value | 685,752 | 727,233 |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities Held to Maturity, Amortized Cost | 316,966 | 317,185 |
Securities Held to Maturity, Gross Unrealized Gains | 40 | |
Securities Held to Maturity, Gross Unrealized Losses | 11,400 | 3,915 |
Securities Held to Maturity, Fair Value | 305,566 | 313,310 |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities Held to Maturity, Amortized Cost | 1,244,226 | 1,161,484 |
Securities Held to Maturity, Gross Unrealized Gains | 391 | 572 |
Securities Held to Maturity, Gross Unrealized Losses | 28,507 | 17,472 |
Securities Held to Maturity, Fair Value | $ 1,216,110 | $ 1,144,584 |
Securities (Amortized Cost an39
Securities (Amortized Cost and Fair Value of Debt Securities by Contractual Maturity) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Securities [Abstract] | ||
Debt Securities Available for Sale, Due in one year or less, Amortized Cost | $ 7,388 | |
Debt Securities Available for Sale, Due after one year through five years, Amortized Cost | 45,623 | |
Debt Securities Available for Sale, Due after five years through ten years, Amortized Cost | 1,249,127 | |
Debt Securities Available for Sale, Due after ten years, Amortized Cost | 1,706,813 | |
Total available for sale debt securities, Amortized Cost | 3,008,951 | |
Debt Securities Available for Sale, Due in one year or less, Fair Value | 7,408 | |
Debt Securities Available for Sale, Due after one year through five years, Fair Value | 45,740 | |
Debt Securities Available for Sale, Due after five years through ten years, Fair Value | 1,202,997 | |
Debt Securities Available for Sale, Due after ten years, Fair Value | 1,659,503 | |
Total available for sale debt securities, Fair Value | 2,915,648 | |
Debt Securities Held to Maturity, Due in one year or less, Amortized Cost | 4,190 | |
Debt Securities Held to Maturity, Due after one year through five years, Amortized Cost | 132,047 | |
Debt Securities Held to Maturity, Due after five years through ten years, Amortized Cost | 1,478,419 | |
Debt Securities Held to Maturity, Due after ten years, Amortized Cost | 1,399,772 | |
Total held to maturity debt securities, Amortized Cost | 3,014,428 | $ 2,977,511 |
Debt Securities Held to Maturity, Due in one year or less, Fair Value | 4,205 | |
Debt Securities Held to Maturity, Due after one year through five years, Fair Value | 131,197 | |
Debt Securities Held to Maturity, Due after five years through ten years, Fair Value | 1,446,343 | |
Debt Securities Held to Maturity, Due after ten years, Fair Value | 1,370,550 | |
Total held to maturity debt securities, Fair Value | $ 2,952,295 | $ 2,962,010 |
Securities (Securities Availabl
Securities (Securities Available for Sale with Unrealized Losses) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Losses less than 12 months, Fair Value | $ 1,154,658 | $ 842,011 |
Available for sale, Losses less than 12 months, Gross Unrealized Losses | 27,244 | 6,319 |
Available for sale, Losses 12 months or longer, Fair Value | 1,503,947 | 1,569,320 |
Available for sale, Losses 12 months or longer, Gross Unrealized Losses | 69,822 | 39,099 |
Available for sale, Total, Fair Value | 2,658,605 | 2,411,331 |
Available for sale, Total, Gross Unrealized Losses | 97,066 | 45,418 |
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 | 43,521 | 45,616 |
Available for sale, Losses less than 12 months, Gross Unrealized Losses | 1,214 | 42 |
Available for sale, Losses 12 months or longer, Fair Value | 50,362 | 51,157 |
Available for sale, Losses 12 months or longer, Gross Unrealized Losses | 2,333 | 2,221 |
Available for sale, Total, Fair Value | 93,883 | 96,773 |
Available for sale, Total, Gross Unrealized Losses | 3,547 | 2,263 |
Municipal Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Losses less than 12 months, Fair Value | 54,330 | 2,768 |
Available for sale, Losses less than 12 months, Gross Unrealized Losses | 948 | 11 |
Available for sale, Losses 12 months or longer, Fair Value | 169,119 | 173,530 |
Available for sale, Losses 12 months or longer, Gross Unrealized Losses | 7,136 | 3,335 |
Available for sale, Total, Fair Value | 223,449 | 176,298 |
Available for sale, Total, Gross Unrealized Losses | 8,084 | 3,346 |
Residential Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Losses less than 12 months, Fair Value | 654,990 | 461,835 |
Available for sale, Losses less than 12 months, Gross Unrealized Losses | 14,667 | 4,195 |
Available for sale, Losses 12 months or longer, Fair Value | 850,853 | 898,099 |
Available for sale, Losses 12 months or longer, Gross Unrealized Losses | 32,724 | 16,192 |
Available for sale, Total, Fair Value | 1,505,843 | 1,359,934 |
Available for sale, Total, Gross Unrealized Losses | 47,391 | 20,387 |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Losses less than 12 months, Fair Value | 279,631 | 203,618 |
Available for sale, Losses less than 12 months, Gross Unrealized Losses | 8,091 | 995 |
Available for sale, Losses 12 months or longer, Fair Value | 400,641 | 411,046 |
Available for sale, Losses 12 months or longer, Gross Unrealized Losses | 26,997 | 16,868 |
Available for sale, Total, Fair Value | 680,272 | 614,664 |
Available for sale, Total, Gross Unrealized Losses | 35,088 | 17,863 |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Losses less than 12 months, Fair Value | 122,186 | 128,174 |
Available for sale, Losses less than 12 months, Gross Unrealized Losses | 2,324 | 1,076 |
Available for sale, Losses 12 months or longer, Fair Value | 32,972 | 35,488 |
Available for sale, Losses 12 months or longer, Gross Unrealized Losses | 632 | 483 |
Available for sale, Total, Fair Value | 155,158 | 163,662 |
Available for sale, Total, Gross Unrealized Losses | $ 2,956 | $ 1,559 |
Securities (Securities Held to
Securities (Securities Held to Maturity with Unrealized Losses) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, Losses less than 12 months, Fair Value | $ 1,652,124 | $ 768,589 |
Held to maturity, Losses less than 12 months, Gross Unrealized Losses | 28,032 | 6,515 |
Held to maturity, Losses 12 months or longer, Fair Value | 1,008,026 | 1,055,983 |
Held to maturity, Losses 12 months or longer, Gross Unrealized Losses | 36,528 | 22,096 |
Held to maturity, Total, Fair Value | 2,660,150 | 1,824,572 |
Held to maturity, Total, Gross Unrealized Losses | 64,560 | 28,611 |
U.S. Treasury And Government Agency Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, Losses 12 months or longer, Fair Value | 49,424 | 49,711 |
Held to maturity, Losses 12 months or longer, Gross Unrealized Losses | 576 | 289 |
Held to maturity, Total, Fair Value | 49,424 | 49,711 |
Held to maturity, Total, Gross Unrealized Losses | 576 | 289 |
Municipal Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, Losses less than 12 months, Fair Value | 341,011 | 14,603 |
Held to maturity, Losses less than 12 months, Gross Unrealized Losses | 4,530 | 19 |
Held to maturity, Losses 12 months or longer, Fair Value | 221,438 | 230,960 |
Held to maturity, Losses 12 months or longer, Gross Unrealized Losses | 8,923 | 4,226 |
Held to maturity, Total, Fair Value | 562,449 | 245,563 |
Held to maturity, Total, Gross Unrealized Losses | 13,453 | 4,245 |
Residential Mortgage-Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, Losses less than 12 months, Fair Value | 403,985 | 8,815 |
Held to maturity, Losses less than 12 months, Gross Unrealized Losses | 4,090 | 99 |
Held to maturity, Losses 12 months or longer, Fair Value | 224,200 | 230,277 |
Held to maturity, Losses 12 months or longer, Gross Unrealized Losses | 6,534 | 2,591 |
Held to maturity, Total, Fair Value | 628,185 | 239,092 |
Held to maturity, Total, Gross Unrealized Losses | 10,624 | 2,690 |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, Losses less than 12 months, Fair Value | 234,468 | 174,882 |
Held to maturity, Losses less than 12 months, Gross Unrealized Losses | 6,845 | 744 |
Held to maturity, Losses 12 months or longer, Fair Value | 71,098 | 72,499 |
Held to maturity, Losses 12 months or longer, Gross Unrealized Losses | 4,555 | 3,171 |
Held to maturity, Total, Fair Value | 305,566 | 247,381 |
Held to maturity, Total, Gross Unrealized Losses | 11,400 | 3,915 |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, Losses less than 12 months, Fair Value | 672,660 | 570,289 |
Held to maturity, Losses less than 12 months, Gross Unrealized Losses | 12,567 | 5,653 |
Held to maturity, Losses 12 months or longer, Fair Value | 441,866 | 472,536 |
Held to maturity, Losses 12 months or longer, Gross Unrealized Losses | 15,940 | 11,819 |
Held to maturity, Total, Fair Value | 1,114,526 | 1,042,825 |
Held to maturity, Total, Gross Unrealized Losses | $ 28,507 | $ 17,472 |
Loans and Allowance for Loan 42
Loans and Allowance for Loan Losses (Narrative) (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018USD ($)loanagreement | Mar. 31, 2017USD ($)loan | Dec. 31, 2017USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccrual loans | $ 275,179 | $ 252,800 | |
TDRs both accruing and nonaccruing | 284,500 | 219,700 | |
Post-Modification outstanding recorded investment | $ 63,220 | $ 45,092 | |
Number of TDRs subsequently defaulted | loan | 0 | 0 | |
Unfunded commitment to borrowers related to modified TDR | $ 8,500 | 7,300 | |
TDRs and loans impaired with minimum aggregate relationship balances | $ 1,000 | ||
Performing [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Period for which payments of principal and interest are past due | less than 90 days | ||
Troubled Debt Restructurings [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccrual loans | $ 118,000 | 99,200 | |
Troubled Debt Restructurings [Member] | Loans With Extended Amortization Terms Or Other Payment Concessions [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Extended terms and other payment concessions | 48,400 | $ 27,400 | |
Troubled Debt Restructurings [Member] | Loans With Significant Covenant Waivers [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Convenant waivers | 14,600 | 10,700 | |
Troubled Debt Restructurings [Member] | Loans With Other Modifications [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Post-Modification outstanding recorded investment | $ 200 | ||
Other modifications | $ 6,900 | ||
FDIC Loss Share Agreement [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of loss share agreements | agreement | 2 | ||
Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccrual loans | $ 14,163 | 15,087 | |
Post-Modification outstanding recorded investment | 222 | ||
Real estate in process of foreclosure | 7,800 | 7,500 | |
Real estate acquired through foreclosure | $ 3,700 | $ 3,400 |
Loans and Allowance for Loan 43
Loans and Allowance for Loan Losses (Loans, Net of Unearned Income) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | $ 19,092,504 | $ 19,004,163 | $ 18,204,868 |
Residential Mortgages [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 2,732,821 | 2,690,472 | 2,266,263 |
Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 2,029,178 | 2,115,295 | 2,059,096 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 2,394,862 | 2,384,599 | 2,505,104 |
Construction and Land Development [Member] | Total Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 1,413,878 | 1,373,421 | 1,252,667 |
Total Commercial And Industrial [Member] | Total Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 10,521,765 | 10,440,376 | 10,121,738 |
Total Commercial And Industrial [Member] | Commercial Non-Real Estate [Member] | Total Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 8,336,222 | 8,297,937 | 8,074,287 |
Total Commercial And Industrial [Member] | Commercial Real Estate - Owner Occupied [Member] | Total Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | $ 2,185,543 | $ 2,142,439 | $ 2,047,451 |
Loans and Allowance for Loan 44
Loans and Allowance for Loan Losses (Allowance for Loan Losses by Portfolio Class) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses: Beginning balance | $ 217,308 | $ 229,418 | |
Allowance for loan losses: Net provision for loan losses | 12,253 | 15,991 | |
Allowance for loan losses: Decrease in FDIC loss share receivable | (1,830) | ||
Allowance for loan losses: Ending balance | 210,713 | 213,550 | |
Allowance for loan losses: Individually evaluated for impairment | 24,601 | 16,501 | |
Allowance for loan losses: Amounts related to purchased credit impaired loans | 14,047 | 15,999 | |
Allowance for loan losses: Collectively evaluated for impairment | 172,065 | 181,050 | |
Loans: Individually evaluated for impairment | 377,370 | 256,458 | |
Loans: Purchased credit impaired loans | 149,383 | 179,367 | |
Loans: Collectively evaluated for impairment | 18,565,751 | 17,769,043 | |
Loans receivable | 19,092,504 | 18,204,868 | $ 19,004,163 |
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses: Beginning balance | 13,709 | 13,509 | |
Allowance for loan losses: Decrease in FDIC loss share receivable | |||
Allowance for loan losses: Ending balance | 12,985 | 13,611 | |
Allowance for loan losses: Individually evaluated for impairment | 1,261 | 1,114 | |
Allowance for loan losses: Amounts related to purchased credit impaired loans | 576 | 213 | |
Allowance for loan losses: Collectively evaluated for impairment | 11,148 | 12,284 | |
Loans: Individually evaluated for impairment | 14,071 | 13,599 | |
Loans: Purchased credit impaired loans | 4,361 | 7,669 | |
Loans: Collectively evaluated for impairment | 2,376,430 | 2,483,836 | |
Loans receivable | 2,394,862 | 2,505,104 | 2,384,599 |
Total Commercial [Member] | Construction and Land Development [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses: Beginning balance | 7,372 | 6,271 | |
Allowance for loan losses: Decrease in FDIC loss share receivable | |||
Allowance for loan losses: Ending balance | 9,924 | 6,720 | |
Allowance for loan losses: Individually evaluated for impairment | 1 | 1 | |
Allowance for loan losses: Amounts related to purchased credit impaired loans | 173 | 283 | |
Allowance for loan losses: Collectively evaluated for impairment | 9,750 | 6,436 | |
Loans: Individually evaluated for impairment | 113 | 1,592 | |
Loans: Purchased credit impaired loans | 5,843 | 4,326 | |
Loans: Collectively evaluated for impairment | 1,407,922 | 1,246,749 | |
Loans receivable | 1,413,878 | 1,252,667 | 1,373,421 |
Residential Mortgages [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses: Beginning balance | 24,844 | 25,361 | |
Allowance for loan losses: Decrease in FDIC loss share receivable | (1,696) | ||
Allowance for loan losses: Ending balance | 24,918 | 23,806 | |
Allowance for loan losses: Individually evaluated for impairment | 276 | 94 | |
Allowance for loan losses: Amounts related to purchased credit impaired loans | 11,720 | 13,286 | |
Allowance for loan losses: Collectively evaluated for impairment | 12,922 | 10,426 | |
Loans: Individually evaluated for impairment | 8,338 | 3,236 | |
Loans: Purchased credit impaired loans | 116,409 | 138,260 | |
Loans: Collectively evaluated for impairment | 2,608,074 | 2,124,767 | |
Loans receivable | 2,732,821 | 2,266,263 | 2,690,472 |
Consumer [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses: Beginning balance | 30,503 | 26,142 | |
Allowance for loan losses: Decrease in FDIC loss share receivable | (103) | ||
Allowance for loan losses: Ending balance | 22,660 | 26,622 | |
Allowance for loan losses: Individually evaluated for impairment | 232 | 199 | |
Allowance for loan losses: Amounts related to purchased credit impaired loans | 612 | 1,019 | |
Allowance for loan losses: Collectively evaluated for impairment | 21,816 | 25,404 | |
Loans: Individually evaluated for impairment | 617 | 2,149 | |
Loans: Purchased credit impaired loans | 5,876 | 9,951 | |
Loans: Collectively evaluated for impairment | 2,022,685 | 2,046,996 | |
Loans receivable | 2,029,178 | 2,059,096 | 2,115,295 |
Non-Purchased Credit Impaired Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses: Charge-offs | (18,436) | (33,944) | |
Allowance for loan losses: Recoveries | 6,236 | 3,915 | |
Allowance for loan losses: Net provision for loan losses | 12,253 | 15,991 | |
Non-Purchased Credit Impaired Loans [Member] | Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses: Charge-offs | (7) | ||
Allowance for loan losses: Recoveries | 63 | 375 | |
Allowance for loan losses: Net provision for loan losses | (787) | (266) | |
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 | (10) | (91) | |
Allowance for loan losses: Recoveries | 29 | 471 | |
Allowance for loan losses: Net provision for loan losses | 2,533 | 69 | |
Non-Purchased Credit Impaired Loans [Member] | Residential Mortgages [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses: Charge-offs | (192) | (348) | |
Allowance for loan losses: Recoveries | 116 | 113 | |
Allowance for loan losses: Net provision for loan losses | 150 | 376 | |
Non-Purchased Credit Impaired Loans [Member] | Consumer [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses: Charge-offs | (8,048) | (8,678) | |
Allowance for loan losses: Recoveries | 1,794 | 1,743 | |
Allowance for loan losses: Net provision for loan losses | 5,059 | 7,518 | |
Total Commercial And Industrial [Member] | Total Commercial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses: Beginning balance | 140,880 | 158,135 | |
Allowance for loan losses: Decrease in FDIC loss share receivable | (31) | ||
Allowance for loan losses: Ending balance | 140,226 | 142,791 | |
Allowance for loan losses: Individually evaluated for impairment | 22,831 | 15,093 | |
Allowance for loan losses: Amounts related to purchased credit impaired loans | 966 | 1,198 | |
Allowance for loan losses: Collectively evaluated for impairment | 116,429 | 126,500 | |
Loans: Individually evaluated for impairment | 354,231 | 235,882 | |
Loans: Purchased credit impaired loans | 16,894 | 19,161 | |
Loans: Collectively evaluated for impairment | 10,150,640 | 9,866,695 | |
Loans receivable | 10,521,765 | 10,121,738 | 10,440,376 |
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 | 127,918 | 147,052 | |
Allowance for loan losses: Decrease in FDIC loss share receivable | (31) | ||
Allowance for loan losses: Ending balance | 126,606 | 131,269 | |
Allowance for loan losses: Individually evaluated for impairment | 20,356 | 15,017 | |
Allowance for loan losses: Amounts related to purchased credit impaired loans | 471 | 411 | |
Allowance for loan losses: Collectively evaluated for impairment | 105,779 | 115,841 | |
Loans: Individually evaluated for impairment | 323,913 | 231,988 | |
Loans: Purchased credit impaired loans | 8,510 | 6,693 | |
Loans: Collectively evaluated for impairment | 8,003,799 | 7,835,606 | |
Loans receivable | 8,336,222 | 8,074,287 | 8,297,937 |
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 | 12,962 | 11,083 | |
Allowance for loan losses: Decrease in FDIC loss share receivable | |||
Allowance for loan losses: Ending balance | 13,620 | 11,522 | |
Allowance for loan losses: Individually evaluated for impairment | 2,475 | 76 | |
Allowance for loan losses: Amounts related to purchased credit impaired loans | 495 | 787 | |
Allowance for loan losses: Collectively evaluated for impairment | 10,650 | 10,659 | |
Loans: Individually evaluated for impairment | 30,318 | 3,894 | |
Loans: Purchased credit impaired loans | 8,384 | 12,468 | |
Loans: Collectively evaluated for impairment | 2,146,841 | 2,031,089 | |
Loans receivable | 2,185,543 | 2,047,451 | $ 2,142,439 |
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 | (10,186) | (24,820) | |
Allowance for loan losses: Recoveries | 4,234 | 1,213 | |
Allowance for loan losses: Net provision for loan losses | 5,298 | 8,294 | |
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 | (9,335) | (24,791) | |
Allowance for loan losses: Recoveries | 4,146 | 938 | |
Allowance for loan losses: Net provision for loan losses | 3,877 | 8,101 | |
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 | (851) | (29) | |
Allowance for loan losses: Recoveries | 88 | 275 | |
Allowance for loan losses: Net provision for loan losses | $ 1,421 | $ 193 |
Loans and Allowance for Loan 45
Loans and Allowance for Loan Losses (Composition of Nonaccrual Loans by Portfolio Class) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | $ 275,179 | $ 252,800 |
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 15,633 | 14,574 |
Total Commercial [Member] | Construction and Land Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 3,724 | 3,807 |
Residential Mortgages [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 35,069 | 40,480 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 14,163 | 15,087 |
Total Commercial And Industrial [Member] | Total Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 206,590 | 178,852 |
Total Commercial And Industrial [Member] | Total Commercial [Member] | Commercial Non-Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 179,203 | 152,863 |
Total Commercial And Industrial [Member] | Total Commercial [Member] | Commercial Real Estate - Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | $ 27,387 | $ 25,989 |
Loans and Allowance for Loan 46
Loans and Allowance for Loan Losses (Troubled Debt Restructurings Modified by Portfolio Class) (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018USD ($)contract | Mar. 31, 2017USD ($)contract | |
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 17 | 13 |
Pre-Modification Outstanding Recorded Investment | $ 63,220 | $ 45,092 |
Post-Modification Outstanding Recorded Investment | $ 63,220 | $ 45,092 |
Total Commercial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 14 | 10 |
Pre-Modification Outstanding Recorded Investment | $ 61,391 | $ 39,315 |
Post-Modification Outstanding Recorded Investment | $ 61,391 | $ 39,315 |
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 1 | 2 |
Pre-Modification Outstanding Recorded Investment | $ 1,564 | $ 5,527 |
Post-Modification Outstanding Recorded Investment | $ 1,564 | $ 5,527 |
Total Commercial [Member] | Construction and Land Development [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 1 | |
Pre-Modification Outstanding Recorded Investment | $ 43 | |
Post-Modification Outstanding Recorded Investment | $ 43 | |
Residential Mortgages [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 1 | |
Pre-Modification Outstanding Recorded Investment | $ 250 | |
Post-Modification Outstanding Recorded Investment | $ 250 | |
Consumer [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 1 | |
Pre-Modification Outstanding Recorded Investment | $ 222 | |
Post-Modification Outstanding Recorded Investment | $ 222 | |
Total Commercial And Industrial [Member] | Total Commercial [Member] | Commercial Non-Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 13 | 9 |
Pre-Modification Outstanding Recorded Investment | $ 55,482 | $ 38,659 |
Post-Modification Outstanding Recorded Investment | $ 55,482 | $ 38,659 |
Total Commercial And Industrial [Member] | Total Commercial [Member] | Commercial Real Estate - Owner Occupied [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 1 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 5,909 | $ 656 |
Post-Modification Outstanding Recorded Investment | $ 5,909 | $ 656 |
Loans and Allowance for Loan 47
Loans and Allowance for Loan Losses (Loans Individually Evaluated for Impairment Disaggregated by Portfolio Class) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Financing Receivable, Impaired [Line Items] | |||
Recorded investment without an allowance | $ 126,992 | $ 147,055 | |
Recorded investment with an allowance | 250,378 | 170,142 | |
Unpaid principal balance | 392,958 | 341,713 | |
Related allowance | 24,601 | 18,566 | |
Average recorded investment | 347,285 | $ 278,903 | |
Interest income recognized | 1,691 | 388 | |
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment without an allowance | 6,055 | 5,101 | |
Recorded investment with an allowance | 8,016 | 10,429 | |
Unpaid principal balance | 14,269 | 15,687 | |
Related allowance | 1,261 | 1,326 | |
Average recorded investment | 14,801 | 14,487 | |
Interest income recognized | 25 | 43 | |
Total Commercial [Member] | Construction and Land Development [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment without an allowance | 100 | 100 | |
Recorded investment with an allowance | 13 | 263 | |
Unpaid principal balance | 114 | 363 | |
Related allowance | 1 | 11 | |
Average recorded investment | 238 | 1,766 | |
Interest income recognized | |||
Residential Mortgages [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment without an allowance | 5,861 | 8,245 | |
Recorded investment with an allowance | 2,477 | 2,395 | |
Unpaid principal balance | 11,682 | 13,855 | |
Related allowance | 276 | 189 | |
Average recorded investment | 9,489 | 3,792 | |
Interest income recognized | 5 | 2 | |
Consumer [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment without an allowance | 14 | ||
Recorded investment with an allowance | 603 | 1,292 | |
Unpaid principal balance | 718 | 1,294 | |
Related allowance | 232 | 118 | |
Average recorded investment | 955 | 2,152 | |
Interest income recognized | 9 | 2 | |
Total Commercial And Industrial [Member] | Total Commercial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment without an allowance | 114,962 | 133,609 | |
Recorded investment with an allowance | 239,269 | 155,763 | |
Unpaid principal balance | 366,175 | 310,514 | |
Related allowance | 22,831 | 16,922 | |
Average recorded investment | 321,802 | 256,706 | |
Interest income recognized | 1,652 | 341 | |
Total Commercial And Industrial [Member] | Total Commercial [Member] | Commercial Non-Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment without an allowance | 108,898 | 116,682 | |
Recorded investment with an allowance | 215,015 | 151,199 | |
Unpaid principal balance | 335,178 | 285,685 | |
Related allowance | 20,356 | 16,129 | |
Average recorded investment | 295,897 | 251,625 | |
Interest income recognized | 1,586 | 337 | |
Total Commercial And Industrial [Member] | Total Commercial [Member] | Commercial Real Estate - Owner Occupied [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment without an allowance | 6,064 | 16,927 | |
Recorded investment with an allowance | 24,254 | 4,564 | |
Unpaid principal balance | 30,997 | 24,829 | |
Related allowance | 2,475 | $ 793 | |
Average recorded investment | 25,905 | 5,081 | |
Interest income recognized | $ 66 | $ 4 |
Loans and Allowance for Loan 48
Loans and Allowance for Loan Losses (Age Analysis of Past Due Loans by Portfolio Class) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | $ 331,434 | $ 327,349 | |
Current | 18,761,070 | 18,676,814 | |
Total loans | 19,092,504 | 19,004,163 | $ 18,204,868 |
Recorded Investment > 90 Days and Accruing | 26,463 | 27,766 | |
30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 109,136 | 137,267 | |
60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 30,602 | 33,000 | |
Greater Than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 191,696 | 157,082 | |
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 11,301 | 13,561 | |
Current | 2,383,561 | 2,371,038 | |
Total loans | 2,394,862 | 2,384,599 | 2,505,104 |
Recorded Investment > 90 Days and Accruing | 2,771 | 489 | |
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 | 928 | 5,315 | |
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | 60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,954 | 2,165 | |
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 | 8,419 | 6,081 | |
Total Commercial [Member] | Construction and Land Development [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 10,068 | 8,581 | |
Current | 1,403,810 | 1,364,840 | |
Total loans | 1,413,878 | 1,373,421 | 1,252,667 |
Recorded Investment > 90 Days and Accruing | 259 | 477 | |
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 | 6,537 | 4,113 | |
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 | 416 | 1,056 | |
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 | 3,115 | 3,412 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 223,883 | 191,167 | |
Current | 10,297,882 | 10,249,209 | |
Total loans | 10,521,765 | 10,440,376 | 10,121,738 |
Recorded Investment > 90 Days and Accruing | 21,690 | 24,021 | |
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 | 52,773 | 71,259 | |
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 | 18,612 | 11,409 | |
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 | 152,498 | 108,499 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Non-Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 194,166 | 166,509 | |
Current | 8,142,056 | 8,131,428 | |
Total loans | 8,336,222 | 8,297,937 | 8,074,287 |
Recorded Investment > 90 Days and Accruing | 20,330 | 21,989 | |
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 | 45,309 | 62,766 | |
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 | 18,497 | 10,761 | |
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 | 130,360 | 92,982 | |
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 | 29,717 | 24,658 | |
Current | 2,155,826 | 2,117,781 | |
Total loans | 2,185,543 | 2,142,439 | 2,047,451 |
Recorded Investment > 90 Days and Accruing | 1,360 | 2,032 | |
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 | 7,464 | 8,493 | |
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 | 115 | 648 | |
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 | 22,138 | 15,517 | |
Residential Mortgages [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 57,433 | 74,712 | |
Current | 2,675,388 | 2,615,760 | |
Total loans | 2,732,821 | 2,690,472 | 2,266,263 |
Recorded Investment > 90 Days and Accruing | 1,170 | 2,208 | |
Residential Mortgages [Member] | 30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 32,815 | 33,621 | |
Residential Mortgages [Member] | 60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 4,496 | 10,554 | |
Residential Mortgages [Member] | Greater Than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 20,122 | 30,537 | |
Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 28,749 | 39,328 | |
Current | 2,000,429 | 2,075,967 | |
Total loans | 2,029,178 | 2,115,295 | $ 2,059,096 |
Recorded Investment > 90 Days and Accruing | 573 | 571 | |
Consumer [Member] | 30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 16,083 | 22,959 | |
Consumer [Member] | 60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 5,124 | 7,816 | |
Consumer [Member] | Greater Than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | $ 7,542 | $ 8,553 |
Loans and Allowance for Loan 49
Loans and Allowance for Loan Losses (Credit Quality Indicators by Segments and Portfolio Class) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Total Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 14,330,505 | $ 14,198,396 |
Total Commercial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 12,807,913 | 12,601,853 |
Total Commercial [Member] | Pass-Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 438,813 | 520,230 |
Total Commercial [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 151,599 | 126,137 |
Total Commercial [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 932,162 | 950,111 |
Total Commercial [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 18 | 65 |
Residential Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,732,821 | 2,690,472 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,029,178 | 2,115,295 |
Residential Mortgage and Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 4,761,999 | 4,805,767 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,394,862 | 2,384,599 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,268,358 | 2,223,245 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | Pass-Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 58,092 | 83,444 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 9,344 | 13,244 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 59,068 | 64,658 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 8 | |
Construction and Land Development [Member] | Total Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,413,878 | 1,373,421 |
Construction and Land Development [Member] | Total Commercial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,334,456 | 1,291,638 |
Construction and Land Development [Member] | Total Commercial [Member] | Pass-Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 59,208 | 60,804 |
Construction and Land Development [Member] | Total Commercial [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 6,279 | 4,788 |
Construction and Land Development [Member] | Total Commercial [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 13,935 | 16,191 |
Total Commercial And Industrial [Member] | Total Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 10,521,765 | 10,440,376 |
Total Commercial And Industrial [Member] | Total Commercial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 9,205,099 | 9,086,970 |
Total Commercial And Industrial [Member] | Total Commercial [Member] | Pass-Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 321,513 | 375,982 |
Total Commercial And Industrial [Member] | Total Commercial [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 135,976 | 108,105 |
Total Commercial And Industrial [Member] | Total Commercial [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 859,159 | 869,262 |
Total Commercial And Industrial [Member] | Total Commercial [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 18 | 57 |
Total Commercial And Industrial [Member] | Commercial Non-Real Estate [Member] | Total Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 8,336,222 | 8,297,937 |
Total Commercial And Industrial [Member] | Commercial Non-Real Estate [Member] | Total Commercial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 7,250,715 | 7,190,604 |
Total Commercial And Industrial [Member] | Commercial Non-Real Estate [Member] | Total Commercial [Member] | Pass-Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 269,657 | 293,069 |
Total Commercial And Industrial [Member] | Commercial Non-Real Estate [Member] | Total Commercial [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 100,005 | 80,649 |
Total Commercial And Industrial [Member] | Commercial Non-Real Estate [Member] | Total Commercial [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 715,827 | 733,558 |
Total Commercial And Industrial [Member] | Commercial Non-Real Estate [Member] | Total Commercial [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 18 | 57 |
Total Commercial And Industrial [Member] | Commercial Real Estate - Owner Occupied [Member] | Total Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,185,543 | 2,142,439 |
Total Commercial And Industrial [Member] | Commercial Real Estate - Owner Occupied [Member] | Total Commercial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,954,384 | 1,896,366 |
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 | 51,856 | 82,913 |
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 | 35,971 | 27,456 |
Total Commercial And Industrial [Member] | Commercial Real Estate - Owner Occupied [Member] | Total Commercial [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 143,332 | 135,704 |
Performing [Member] | Residential Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,696,582 | 2,647,784 |
Performing [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,014,442 | 2,099,637 |
Performing [Member] | Residential Mortgage and Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 4,711,024 | 4,747,421 |
Nonperforming [Member] | Residential Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 36,239 | 42,688 |
Nonperforming [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 14,736 | 15,658 |
Nonperforming [Member] | Residential Mortgage and Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 50,975 | $ 58,346 |
Loans and Allowance for Loan 50
Loans and Allowance for Loan Losses (Changes in Carrying Amount of Purchased Credit Impaired Loans and Related Accretable Yield) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Loans and Allowance for Loan Losses [Abstract] | ||
Carrying Amount of Loans, Balance at beginning of period | $ 153,403 | $ 190,915 |
Carrying Amount of Loans, Payments received, net | (8,288) | (69,591) |
Carrying Amount of Loans, Accretion | 4,268 | 17,079 |
Carrying Amount of Loans, Balance at end of period | 149,383 | 153,403 |
Accretable Yield, Balance at beginning of period | 62,517 | 113,686 |
Accretable Yield, Payments received, net | (1,703) | (7,412) |
Accretable Yield, Accretion | (4,268) | (17,079) |
Accretable Yield, Increase (decrease) in expected cash flows based on actual cash flow and changes in cash flow assumptions | (956) | (30,379) |
Accretable Yield, Net transfers from nonaccretable difference to accretable yield | 3,701 | |
Accretable Yield, Balance at end of period | $ 55,590 | $ 62,517 |
Securities Sold under Agreeme51
Securities Sold under Agreements to Repurchase (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Securities Sold under Agreements to Repurchase [Abstract] | ||
Securities sold under agreements to repurchase | $ 443.2 | $ 430.6 |
Derivatives (Narrative) (Detail
Derivatives (Narrative) (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018USD ($)item | Mar. 31, 2017USD ($) | Dec. 31, 2017USD ($) | |
Derivative [Line Items] | |||
Notional amount of derivatives | $ 2,849,743 | $ 2,799,296 | |
Deposits | 26,959 | $ 12,819 | |
Cash Flow Hedge [Member] | |||
Derivative [Line Items] | |||
Impact to interest income from cash flow hedges | (600) | 100 | |
Fair Value Hedging [Member] | |||
Derivative [Line Items] | |||
Impact to interest income of the fair value hedges | 100 | (100) | |
Derivatives Designated as Hedging Instruments [Member] | |||
Derivative [Line Items] | |||
Notional amount of derivatives | 1,358,110 | 1,358,110 | |
Interest Rate Swaps [Member] | |||
Derivative [Line Items] | |||
Derivative income reflected in income statement | 1,500 | $ 500 | |
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedge [Member] | |||
Derivative [Line Items] | |||
Notional amount of derivatives | 875,000 | 875,000 | |
Termination fees | 10,600 | ||
Amortization of accumulated other comprehensive loss on terminated cash flow hedges | $ 1,000 | ||
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedge [Member] | Swap Agreement One To Five [Member] | |||
Derivative [Line Items] | |||
Number of interest rate swap agreements | item | 5 | ||
Number of interest rate swap terminated | item | 5 | ||
Notional amount of derivatives | $ 450,000 | ||
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedge [Member] | Date One [Member] | Swap Agreement 1, 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] | Cash Flow Hedge [Member] | Date Two [Member] | Swap Agreement 2, Expires 2023 [Member] | |||
Derivative [Line Items] | |||
Notional amount of derivatives | $ 350,000 | ||
Derivative maturity expiration year | 2,023 | ||
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedge [Member] | Date Three [Member] | Swap Agreement 3, Expires 2024 [Member] | |||
Derivative [Line Items] | |||
Notional amount of derivatives | $ 100,000 | ||
Derivative maturity expiration year | 2,024 | ||
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments [Member] | Fair Value Hedging [Member] | |||
Derivative [Line Items] | |||
Notional amount of derivatives | $ 483,110 | $ 483,110 |
Derivatives (Fair Values of Der
Derivatives (Fair Values of Derivative Financial Instruments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2018 | Dec. 31, 2017 | |||
Derivatives, Fair Value [Line Items] | ||||
Notional or Contractual Amount | $ 2,849,743 | $ 2,799,296 | ||
Fair Values, Assets | 4,508 | 2,148 | ||
Fair Values, Liabilities | 1,584 | 3,938 | ||
Less: netting adjustment, Assets | [1] | (14,081) | (4,913) | |
Less: netting adjustment, Liabilities | [1] | (19,162) | [2] | (21,563) |
Derivatives Designated as Hedging Instruments [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional or Contractual Amount | 1,358,110 | 1,358,110 | ||
Derivatives Not Designated as Hedging Instruments [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional or Contractual Amount | 1,491,633 | 1,441,186 | ||
Derivatives Not Designated as Hedging Instruments [Member] | Interest Rate Swaps [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional or Contractual Amount | [3] | 1,184,109 | 1,144,789 | |
Derivatives Not Designated as Hedging Instruments [Member] | Risk Participation Agreements [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional or Contractual Amount | 121,479 | 119,951 | ||
Derivatives Not Designated as Hedging Instruments [Member] | Forward Commitments to Sell Residential Mortgage Loans [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional or Contractual Amount | 81,326 | 80,462 | ||
Derivatives Not Designated as Hedging Instruments [Member] | Interest Rate-Lock Commitments on Residential Mortgage Loans [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional or Contractual Amount | 61,904 | 53,724 | ||
Derivatives Not Designated as Hedging Instruments [Member] | Foreign Exchange Forward Contracts [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional or Contractual Amount | 42,815 | 42,260 | ||
Other Assets [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Fair Values, Assets | 26,764 | 19,070 | ||
Total derivative assets/liabilities | 12,683 | 14,157 | ||
Other Assets [Member] | Derivatives Designated as Hedging Instruments [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Fair Values, Assets | 1,752 | |||
Other Assets [Member] | Derivatives Not Designated as Hedging Instruments [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Fair Values, Assets | 25,012 | 19,070 | ||
Other Assets [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Interest Rate Swaps [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Fair Values, Assets | [3] | 20,680 | 15,408 | |
Other Assets [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Risk Participation Agreements [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Fair Values, Assets | 13 | 23 | ||
Other Assets [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Forward Commitments to Sell Residential Mortgage Loans [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Fair Values, Assets | 847 | 1,000 | ||
Other Assets [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Interest Rate-Lock Commitments on Residential Mortgage Loans [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Fair Values, Assets | 376 | 186 | ||
Other Assets [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Foreign Exchange Forward Contracts [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Fair Values, Assets | 3,096 | 2,453 | ||
Other Liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Fair Values, Liabilities | 41,691 | [2] | 35,952 | |
Total derivative assets/liabilities | 22,529 | [2] | 14,389 | |
Other Liabilities [Member] | Derivatives Designated as Hedging Instruments [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Fair Values, Liabilities | 16,615 | [2] | 16,495 | |
Other Liabilities [Member] | Derivatives Not Designated as Hedging Instruments [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Fair Values, Liabilities | 25,076 | [2] | 19,457 | |
Other Liabilities [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Interest Rate Swaps [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Fair Values, Liabilities | [3] | 20,710 | [2] | 15,857 |
Other Liabilities [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Risk Participation Agreements [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Fair Values, Liabilities | 61 | [2] | 109 | |
Other Liabilities [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Forward Commitments to Sell Residential Mortgage Loans [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Fair Values, Liabilities | 454 | [2] | 290 | |
Other Liabilities [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Interest Rate-Lock Commitments on Residential Mortgage Loans [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Fair Values, Liabilities | 789 | [2] | 782 | |
Other Liabilities [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Foreign Exchange Forward Contracts [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Fair Values, Liabilities | 3,062 | [2] | 2,419 | |
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 | 875,000 | ||
Cash Flow Hedge [Member] | Other Assets [Member] | Derivatives Designated as Hedging Instruments [Member] | Interest Rate Swaps [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Fair Values, Assets | 1,752 | |||
Cash Flow Hedge [Member] | Other Liabilities [Member] | Derivatives Designated as Hedging Instruments [Member] | Interest Rate Swaps [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Fair Values, Liabilities | 12,667 | [2] | 14,020 | |
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 | 483,110 | ||
Fair Values, Liabilities | $ 3,948 | [2] | $ 2,475 | |
[1] | 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. | |||
[2] | March 31, 2018December 31, 2017Derivative (1)Derivative (1)(in thousands)Type of HedgeNotional or Contractual AmountAssetsLiabilitiesNotional or Contractual AmountAssetsLiabilitiesDerivatives designated as hedging instruments:Interest rate swapsCash Flow$ 875,000 $ 1,752 $ 12,667 $ 875,000 $ -$ 14,020 Interest rate swapsFair Value 483,110 - 3,948 483,110 - 2,475 $ 1,358,110 $ 1,752 $ 16,615 $ 1,358,110 $ -$ 16,495 Derivatives not designated as hedging instruments:Interest rate swaps (2)N/A$ 1,184,109 $ 20,680 $ 20,710 $ 1,144,789 $ 15,408 $ 15,857 Risk participation agreementsN/A 121,479 13 61 119,951 23 109 Forward commitments to sell residential mortgage loansN/A 81,326 847 454 80,462 1,000 290 Interest rate-lock commitments on residential mortgage loansN/A 61,904 376 789 53,724 186 782 Foreign exchange forward contractsN/A 42,815 3,096 3,062 42,260 2,453 2,419 1,491,633 25,012 25,076 1,441,186 19,070 19,457 Total derivatives$ 2,849,743 $ 26,764 $ 41,691 $ 2,799,296 $ 19,070 $ 35,952 Less: netting adjustment (3) (14,081) (19,162) (4,913) (21,563)Total derivative assets/liabilities$ 12,683 $ 22,529 $ 14,157 $ 14,389 Derivative assets and liabilities are reported at fair value in other assets or other liabilities, respectively, in the consolidated balance sheets. | |||
[3] | The notional amount represents both the customer accommodation agreements and offsetting agreements with unrelated financial institutions. |
Derivatives (Offsetting Derivat
Derivatives (Offsetting Derivative Assets and Liabilities Subject to Master Netting Arrangements) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Derivatives [Abstract] | ||
Gross Amounts Recognized, Derivative Assets | $ 18,822 | $ 7,155 |
Gross Amounts Offset in the Statement of Income, Derivative Assets | (14,314) | (5,007) |
Net Amounts Presented in the Statement of Income, Derivative Assets | 4,508 | 2,148 |
Gross Amounts Not Offset in the Statement of Income - Financial Instruments, Derivative Assets | 1,517 | 2,148 |
Gross Amounts Not offset in the Statement of Income - Cash Collateral, Derivative Assets | ||
Net Amounts Presented in the Statement of Income, Derivative Assets | 2,991 | |
Gross Amounts Recognized, Derivative Liabilities | 18,081 | 24,015 |
Gross Amounts Offset in the Statement of Income, Derivative Liabilities | (16,497) | (20,077) |
Net Amounts Presented in the Statement of Income, Derivative Liabilities | 1,584 | 3,938 |
Gross Amounts Not Offset in the Statement of Income - Financial Instruments, Derivative Liabilities | 1,517 | 2,148 |
Gross Amounts Not offset in the Statement of Income - Cash Collateral, Derivative Liabilities | 4,770 | 4,099 |
Net Amounts Presented in the Statement of Income, Derivative Liabilities | $ (4,703) | $ (2,309) |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) shares in Millions, $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Equity, Class of Treasury Stock [Line Items] | ||
Treasury stock shares | 1.1 | 1.2 |
Treasury stock, Cost basis | $ 24.4 | $ 25.5 |
Restricted Stock [Member] | ||
Equity, Class of Treasury Stock [Line Items] | ||
Number of shares nonvested | 1.5 | 1.5 |
Stockholders' Equity (Component
Stockholders' Equity (Components of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | $ (134,402) | $ (120,532) | |
Net change in unrealized gain (loss) | (62,244) | 1,184 | |
Reclassification of net (gain) loss realized and included in earnings | 1,796 | 1,387 | |
Amortization of unrealized net loss on securities transferred to HTM | 755 | 650 | |
Income tax expense (benefit) | (13,546) | 1,201 | |
Ending Balance | (180,549) | (118,512) | |
Available for Sale Securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (29,512) | (28,679) | |
Net change in unrealized gain (loss) | (55,114) | 2,319 | |
Income tax expense (benefit) | (12,508) | 843 | |
Ending Balance | (72,118) | (27,203) | |
HTM Securities Transferred from AFS [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (14,585) | (14,392) | |
Amortization of unrealized net loss on securities transferred to HTM | 755 | 650 | |
Income tax expense (benefit) | 171 | 266 | |
Ending Balance | (14,001) | (14,008) | |
Employee Benefit Plans [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (79,078) | (72,501) | |
Reclassification of net (gain) loss realized and included in earnings | 1,177 | 1,387 | |
Income tax expense (benefit) | 267 | 504 | |
Ending Balance | (78,168) | (71,618) | |
Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (11,227) | (4,960) | |
Net change in unrealized gain (loss) | (7,130) | (1,135) | |
Reclassification of net (gain) loss realized and included in earnings | 619 | ||
Income tax expense (benefit) | (1,476) | (412) | |
Ending Balance | (16,262) | (5,683) | |
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 | [1],[2] | $ (1,177) | $ (1,387) |
[1] | These AOCI components are included in the computation of net periodic pension and post-retirement cost that is reported with employee benefits expense (see Note 12 - Retirement Plans for additional details). | ||
[2] | Three Months EndedAmount reclassified from AOCI (a) March 31,Affected line item on(in thousands)20182017the statement of incomeAmortization of unrealized net loss on securities transferred to HTM (755) (650)Interest incomeTax effect 171 266Income taxesNet of tax (584) (384)Net incomeAmortization of defined benefit pension and post-retirement items (1,177) (1,387)Other noninterest expense (b)Tax effect 267 504Income taxesNet of tax (910) (883)Net incomeReclassification of unrealized gain on cash flow hedges 336 -Interest incomeTax effect (76) -Income taxesNet of tax 260Net incomeAmortization of loss on terminated cash flow hedges (954) -Interest incomeTax effect 216 -Income taxesNet of tax (738) -Net incomeTotal reclassifications, net of tax$ (1,972)$ (1,267)Net incomeAmounts in parenthesis indicate reduction in net income. |
Stockholders' Equity (Line Item
Stockholders' Equity (Line Items in Consolidated Income Statements Affected by Amounts Reclassified from Accumulated Other Comprehensive Income) (Details) - Amount Reclassified from Accumulated Other Comprehensive Income [Member] - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Total reclassifications, net of tax | [1] | $ (1,972) | $ (1,267) |
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] | (755) | (650) |
Tax effect | [1] | 171 | 266 |
Net of tax | [1] | (584) | (384) |
Employee Benefit Plans [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Amortization of defined benefit pension and post-retirement items | [1],[2] | (1,177) | (1,387) |
Tax effect | [1] | 267 | 504 |
Net of tax | [1] | (910) | $ (883) |
Cash Flow Hedges [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Reclassification of unrealized gain on cash flow hedges | [1] | 336 | |
Tax effect | [1] | (76) | |
Net of tax | [1] | 260 | |
Amortization of loss on terminated cash flash hedges | [1] | (954) | |
Tax effect | [1] | 216 | |
Net of tax | [1] | $ (738) | |
[1] | Three Months EndedAmount reclassified from AOCI (a) March 31,Affected line item on(in thousands)20182017the statement of incomeAmortization of unrealized net loss on securities transferred to HTM (755) (650)Interest incomeTax effect 171 266Income taxesNet of tax (584) (384)Net incomeAmortization of defined benefit pension and post-retirement items (1,177) (1,387)Other noninterest expense (b)Tax effect 267 504Income taxesNet of tax (910) (883)Net incomeReclassification of unrealized gain on cash flow hedges 336 -Interest incomeTax effect (76) -Income taxesNet of tax 260Net incomeAmortization of loss on terminated cash flow hedges (954) -Interest incomeTax effect 216 -Income taxesNet of tax (738) -Net incomeTotal reclassifications, net of tax$ (1,972)$ (1,267)Net incomeAmounts 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 Note 12 - Retirement Plans for additional details). |
Other Noninterest Income (Detai
Other Noninterest Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Other Noninterest Income [Abstract] | ||
Income from bank-owned life insurance | $ 3,070 | $ 2,652 |
Credit-related fees | 2,722 | 2,878 |
Income from derivatives | 1,523 | 465 |
Gain (loss) on sale of assets | (1,207) | 4,125 |
Amortization of loss share receivable | (1,100) | |
Other miscellaneous | 3,377 | 2,755 |
Total other noninterest income | $ 9,485 | $ 11,775 |
Other Noninterest Expense (Deta
Other Noninterest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Other Noninterest Expense [Abstract] | ||
Advertising | $ 2,526 | $ 3,077 |
Corporate value and franchise taxes | 3,440 | 3,036 |
Printing and supplies | 1,286 | 1,178 |
Travel expense | 1,066 | 1,059 |
Entertainment and contributions | 2,518 | 1,783 |
Tax credit investment amortization | 874 | 1,212 |
Other retirement expense | (4,463) | (3,060) |
Other miscellaneous | 5,684 | 7,285 |
Total other noninterest expense | $ 12,931 | $ 15,570 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Earnings Per Share [Abstract] | ||
Weighted-average anti-dilutive potential common shares | 0 | 15,986 |
Earnings Per Share (Computation
Earnings Per Share (Computation of Earnings Per Common Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Earnings Per Share [Abstract] | ||
Net income to common shareholders | $ 72,475 | $ 49,014 |
Net income allocated to participating securities - basic and diluted | 1,366 | 1,156 |
Net income allocated to common shareholders - basic and diluted | $ 71,109 | $ 47,858 |
Weighted-average common shares - basic | 85,241 | 84,365 |
Dilutive potential common shares | 182 | 259 |
Weighted-average common shares - diluted | 85,423 | 84,624 |
Earnings per common share: Basic | $ 0.83 | $ 0.57 |
Earnings per common share: Diluted | $ 0.83 | $ 0.57 |
Retirement Plans (Narrative) (D
Retirement Plans (Narrative) (Details) | 3 Months Ended | |
Mar. 31, 2018 | Jun. 30, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Newly eligible associates initial savings rate | 3.00% | |
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 Plans (Components of
Retirement Plans (Components of Net Periodic Benefits Cost) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 2,925 | $ 3,750 |
Interest cost | 3,923 | 4,123 |
Expected return on plan assets | (9,700) | (8,750) |
Amortization of net loss/ prior service cost | 1,326 | 1,435 |
Net periodic benefit cost | (1,526) | 558 |
Other Post-Retirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 35 | 48 |
Interest cost | 137 | 180 |
Amortization of net loss/ prior service cost | (149) | (48) |
Net periodic benefit cost | $ 23 | $ 180 |
Share-Based Payment Arrangeme64
Share-Based Payment Arrangements (Narrative) (Details) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2018USD ($)entity$ / sharesshares | Mar. 31, 2017USD ($) | |
Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Intrinsic value of options exercised | $ | $ 0.5 | $ 3.3 |
Restricted and Performance Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total unrecognized compensation expense | $ | $ 47.5 | |
Weighted-average period | 3 years 3 months 18 days | |
Total fair value of shares vested | $ | $ 0.3 | $ 0.5 |
Shares granted | shares | 54,710 | |
Grant date fair value per share | $ / shares | $ 48.22 | |
Executive Management [Member] | Performance Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Service period | 3 years | |
Executive Management [Member] | Performance Shares [Member] | Total Shareholder Return [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares granted | shares | 26,147 | |
Grant date fair value per share | $ / shares | $ 51.13 | |
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 | shares | 26,147 | |
Grant date fair value per share | $ / shares | $ 44.84 | |
Vesting performance period | 2 years | |
Executive Management [Member] | Tranche One [Member] | Performance Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage of maximum number of shares vested | 200.00% |
Share-Based Payment Arrangeme65
Share-Based Payment Arrangements (Summary of Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Aggregate Intrinsic Value, Cancelled/Forfeited | ||
Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Shares, Outstanding at Beginning | 88,301 | |
Number of Shares, Exercised/Released | (24,793) | |
Number of Shares, Cancelled/Forfeited | ||
Number of Shares, Expired | ||
Number of Shares, Outstanding at Ending | 63,508 | 88,301 |
Number of Shares, Exercisable at Ending | 63,508 | |
Weighted Average Exercise Price, Outstanding at Beginning | $ 34.84 | |
Weighted Average Exercise Price, Exercised/Released | 35.12 | |
Weighted Average Exercise Price, Cancelled/Forfeited | ||
Weighted Average Exercise Price, Expired | ||
Weighted Average Exercise Price, Outstanding at Ending | 34.73 | $ 34.84 |
Weighted Average Exercise Price, Exercisable at Ending | $ 34.73 | |
Weighted Average Remaining Contractual Term (Years) | 2 years 7 months 6 days | 2 years 9 months 18 days |
Weighted Average Remaining Contractual Term (Years), Exercisable at Ending | 2 years 7 months 6 days | |
Aggregate Intrinsic Value, Outstanding at Beginning | $ 1,294 | |
Aggregate Intrinsic Value, Exercised/Released | 495 | |
Aggregate Intrinsic Value, Outstanding at Ending | 1,078 | $ 1,294 |
Aggregate Intrinsic Value, Exercisable at Ending | $ 1,078 |
Share-Based Payment Arrangeme66
Share-Based Payment Arrangements (Summary of Nonvested Restricted and Performance Shares) (Details) - Restricted and Performance Shares [Member] | 3 Months Ended |
Mar. 31, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares, Nonvested at Beginning | shares | 1,708,942 |
Number of Shares, Granted | shares | 54,710 |
Number of Shares, Vested | shares | (9,587) |
Number of Shares, Forfeited | shares | (30,376) |
Number of Shares, Nonvested at Ending | shares | 1,723,689 |
Weighted Average Grant Date Fair Value, Nonvested at Beginning | $ / shares | $ 37.05 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 48.22 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 35.90 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 35.25 |
Weighted Average Grant Date Fair Value, Nonvested at Ending | $ / shares | $ 37.44 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - Recurring [Member] - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Transfers of assets and liabilities between level 1, 2, 3 | $ 0 | $ 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 Measurements (Financ
Fair Value Measurements (Financial Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities | $ 2,915,648 | $ 2,910,869 |
Derivative assets | 4,508 | 2,148 |
Derivative liabilities | 1,584 | 3,938 |
Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities | 2,915,648 | 2,910,869 |
Derivative assets | 12,682 | 14,157 |
Total recurring fair value measurements - assets | 2,928,330 | 2,925,026 |
Derivative liabilities | 22,529 | 14,389 |
Total recurring fair value measurements - liabilities | 22,529 | 14,389 |
Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities | 2,915,648 | 2,910,869 |
Derivative assets | 12,682 | 14,157 |
Total recurring fair value measurements - assets | 2,928,330 | 2,925,026 |
Derivative liabilities | 22,529 | 14,389 |
Total recurring fair value measurements - liabilities | 22,529 | 14,389 |
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 | 93,884 | 97,272 |
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 | 93,884 | 97,272 |
Recurring [Member] | Municipal Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities | 237,291 | 243,786 |
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 | 237,291 | 243,786 |
Recurring [Member] | Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities | 5,500 | 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 | 5,500 | 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 | 1,743,543 | 1,715,213 |
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 | 1,743,543 | 1,715,213 |
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 | 680,272 | 687,135 |
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 | 680,272 | 687,135 |
Recurring [Member] | Collateralized Mortgage Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt securities | 155,158 | 163,963 |
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 | $ 155,158 | $ 163,963 |
Fair Value Measurements (Fina69
Fair Value Measurements (Financial Assets Measured at Fair Value on Nonrecurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent impaired loans | $ 205,945 | $ 184,205 |
Other real estate owned | 5,493 | 6,928 |
Total nonrecurring fair value measurements | 211,438 | 191,133 |
Nonrecurring [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent impaired loans | ||
Other real estate owned | ||
Total nonrecurring fair value measurements | ||
Nonrecurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent impaired loans | 205,945 | 184,205 |
Total nonrecurring fair value measurements | 205,945 | 184,205 |
Nonrecurring [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | 5,493 | 6,928 |
Total nonrecurring fair value measurements | $ 5,493 | $ 6,928 |
Fair Value Measurements (Estima
Fair Value Measurements (Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities | $ 2,915,648 | $ 2,910,869 |
Held to maturity securities | 3,014,428 | 2,977,511 |
Derivative financial instruments | 4,508 | 2,148 |
Derivative financial instruments | 1,584 | 3,938 |
Total Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash, interest-bearing bank deposits, and federal funds sold | 315,401 | 479,332 |
Available for sale debt securities | 2,915,648 | 2,910,869 |
Held to maturity securities | 2,952,295 | 2,962,010 |
Loans, net | 18,543,715 | 18,587,508 |
Loans held for sale | 21,827 | 39,865 |
Derivative financial instruments | 12,682 | 14,157 |
Deposits | 22,438,772 | 22,238,847 |
Federal funds purchased | 25,967 | 140,754 |
Securities sold under agreements to repurchase | 443,151 | 430,569 |
Short-term FHLB Borrowings | 982,979 | 1,132,567 |
Long-term debt | 297,555 | 303,631 |
Derivative financial instruments | 22,529 | 14,389 |
Total Fair Value [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash, interest-bearing bank deposits, and federal funds sold | 315,401 | 479,332 |
Federal funds purchased | 25,967 | 140,754 |
Securities sold under agreements to repurchase | 443,151 | 430,569 |
Short-term FHLB Borrowings | 982,979 | 1,132,567 |
Total Fair Value [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities | 2,915,648 | 2,910,869 |
Held to maturity securities | 2,952,295 | 2,962,010 |
Loans, net | 205,945 | 184,205 |
Loans held for sale | 21,827 | 39,865 |
Derivative financial instruments | 12,682 | 14,157 |
Long-term debt | 297,555 | 303,631 |
Derivative financial instruments | 22,529 | 14,389 |
Total Fair Value [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans, net | 18,337,770 | 18,403,303 |
Deposits | 22,438,772 | 22,238,847 |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash, interest-bearing bank deposits, and federal funds sold | 315,401 | 479,332 |
Available for sale debt securities | 2,915,648 | 2,910,869 |
Held to maturity securities | 3,014,428 | 2,977,511 |
Loans, net | 18,881,791 | 18,786,855 |
Loans held for sale | 21,827 | 39,865 |
Derivative financial instruments | 12,682 | 14,157 |
Deposits | 22,485,722 | 22,253,202 |
Federal funds purchased | 25,967 | 140,754 |
Securities sold under agreements to repurchase | 443,151 | 430,569 |
Short-term FHLB Borrowings | 982,979 | 1,132,567 |
Long-term debt | 300,443 | 305,513 |
Derivative financial instruments | $ 22,529 | $ 14,389 |